March 22, 2020 / 7:09 PM / 13 days ago

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

March 22 (Reuters) - Cloetta AB:

* 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: Further company coverage:

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