Cloetta AB (publ)

Good morning, and thank you for joining us on the Q4 conference call for Cloetta. My name is Nathalie Rebmo, and I'm Head of Investor Relations. With me here today are Henri de Sauvage, CEO of Cloetta, and Fianz Rubin, CFO. Henri and Fianz will take you through our fourth quarter and four-year results, and we will then move on to a Q&A session. I will now hand over to you, Henri.

Thank you, Nathalie. Quarter four was a quarter which... On one hand, it gave us the consequences of the second wave and the associated lockdowns. On the other hand, we kept the progress in the execution of our strategic agenda. If we look at the key things which happened over there, we can, of course, see that the business had to slow down in Q4 2020.

It's also fair to say it was much less of a slowdown than the second wave, in particular, where the effect in that quarter was nearly double. We see the same pattern, so in food retail, the candy bag business is really up again. But the branded business and all the channels went down, and we also saw, again, as I said, a negative trend in Big Amix, although all fixtures remained open. What we also decided to do for you to get a better view of the different effects is that we disclosed the total EBIT for Pick and Mix in 2020. being a negative 135 million. That, of course, is not only the Swedish business, but due to the volume loss we've seen in most of the other markets, we can see that the fixed cost of both the merchandising and the fixtures was not Yeah, adjustable to completely compensate for the fall in volume and the volatility in it, which has led to this fall. So we'll come back to that later, because, of course, it's an integrated system. And integrated P&Ls, also all the cost allocations, et cetera, are in here as well.