Brief: Cloetta Withdraws Dividend Proposal And Provides Update On Effects From COVID-19

Cloetta AB

22/03/2020 19:06

March 22 (Reuters) - Cloetta AB  CLOEb.ST :
    * CLOETTA WITHDRAWS DIVIDEND PROPOSAL AND PROVIDES UPDATE ON
EFFECTS FROM COVID-19
    * CLOETTA- BOARD TO WITHDRAW PREVIOUSLY COMMUNICATED
PROPOSAL TO
AGM 2020 REGARDING DIVIDEND OF SEK 1 PER SHARE
    * ASSESSES THAT RISK OF NEGATIVE FINANCIAL IMPACT FROM END
OF
MARCH HAS INCREASED SIGNIFICANTLY
    * CLOETTA NOW EXPECTS CUSTOMER DEMAND FOR PICK & MIX TO
TEMPORARILY BE SIGNIFICANTLY REDUCED
    * CLOETTA EXPECTS A NEGATIVE IMPACT FROM SALES CHANNELS SUCH
AS
ENTERTAINMENT AND TRAVEL RETAIL CLOSING DOWN TEMPORARILY
    * TO DATE, CO'S "SUPPLY CHAIN IS STILL WORKING WELL"
    * PRODUCTION IS NOW STEERED TOWARDS BRANDED PACKAGED
PRODUCTS
FOLLOWING AN EXPECTED LOWER CUSTOMER DEMAND FOR PICK & MIX
    * IT IS NOT AT THIS POINT POSSIBLE TO PREDICT FULL POTENTIAL
IMPACT ON CO'S BUSINESS OF VIRUS OUTBREAK

Source text for Eikon:  ID:nWkr8ML3sJ 
Further company coverage:  CLOEb.ST 

 ((Reuters.Briefs@thomsonreuters.com;))