Arctic Blue Beverages AB: Year-End Report, JAN-DEC 2022

20 February 2023 - 08:00


  • Total revenues (Jan - Dec): SEK 10,894 thousand (SEK 11,892 thousand on corresponding period 2021), net sales SEK 9,441 thousand (SEK 8,749 thousand) 
  • EBITDA: SEK -35,904 thousand (SEK -14,369 thousand) 
  • Profit declined mainly due to higher marketing activities and one-off expenses related to group re-organization (Swedish TopCo) and share issue costs 
  • EBIT: SEK -37,767 thousand (SEK -15,404 thousand) 
  • Net result: SEK -37,949 thousand (SEK –15,390 thousand) 
  • Earnings per share (EPS) -2,22 SEK / share 
  • Cash and cash equivalents: SEK 1,633 thousand (31 December 2022) 


  • Revenues (Oct - Dec): SEK 2,717 thousand (SEK 4,602 thousand on corresponding period 2021 which was positively affected by high overseas deliveries) 
  • EBITDA: SEK -6,929 thousand (SEK -5,003 thousand) 
  • EBIT: SEK –7,472 thousand (SEK –5,262 thousand) 
  • Net result: SEK -7,462 thousand (SEK –5,258) 
  • Earnings per share (EPS) -0.44 SEK / share 


  • Listing Company products at the major retail chain Calgary Co-op Wine & Spirits and in the premium retail store Prestige Wine & Spirits in Edmonton, Canada 
  • Growth of distribution footprint to cover over 150 stores with Company’s products in all of Australia’s six states 
  • Arctic Blue Legacy Gin purchase right sales campaign utilizing NFT technology 
  • Distribution agreement for the Finnish market with Norex Selected Brands Oy 
  • Proceeds of approx. SEK 1.6 million before issue costs of exercising series TO1 warrants 
  • Proceeds of a fully secured rights issue approx. SEK 5.2 million before issue related costs 
  • EGM at the end of December (composition of the board, new auditor) 


  • No significant events after reporting period 


The big change in the way we distribute our products in Finland and in Nordic Travel Retail has been under planning during the second half of 2022. During the fourth quarter we were able to release the first phase of the change that will streamline and enhance our sales and distribution operations. This was the signing of a distribution agreement for the Finnish market, and an agent agreement for the Nordic travel retail with Norex Selected Brands Oy on November 28th, 2022. For us, this agreement is important since both Finland and the Nordic travel retail belongs to the Company’s home markets. The new collaboration enables us to concentrate many channels into one experienced sales organization, and thus ensure a consistent brand image and competitive product portfolio in all our important channels. 

In the fourth quarter 2022 our sales revenue decreased by 43% compared to the same period last year. The main reason for the decrease was exceptional high overseas deliveries in the fourth quarter 2021 which were not taking place in the fourth quarter 2022. Finland represented over 50% of the total sales in the fourth quarter 2022 and it was 11% less than corresponding period last year. This was following the market trend when the total alcohol sales from Alko monopoly in 2022 was down by 10%. However, we saw good development in the other markets. Total sales revenue in the fourth quarter 2022 went up by 13% compared to the previous quarter driven mainly by first shipments to Japan and Taiwan. Also, existing clients from Germany and Norway are placing orders again after the pandemic. Total sales in Finland decreased by 6%, although the Alko monopoly sales was up to +23% due to seasonal peak in December. 

Challenging world- and the economic situation continued throughout the fourth quarter 2022, and it also impacted to our business. Progress in new markets and expansion in current markets has been slower than expected, and therefore we have adjusted our operations and activities to suit the prevailing situation and to be able to progress in accordance with our strategy. Going in to the first quarter of the year 2023 I am looking forward to getting our renewed distribution model in Finland and in Nordic travel retail up and running. This will be a major enhancement of our sales and distribution operations. Additionally, closing the prolonged negotiations with our potential new distributor ID Shoji and to get our collaboration started Japan.”, says Valtteri Eroma, CEO of Arctic Blue Beverages

Find the report from here.

Provided by: MFN
Nasdaq First North GM Stockholm (Sweden)
Arctic Blue Beverages AB
Arctic Blue Beverages is a Nordic beverage company whose most famous products are the award-winning Arctic Blue Gin, Arctic Blue Gin Navy Strength and the world's first milk-free gin-based oat liqueur, Arctic Blue Oat....
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