Duni Ab · OMXSTO:DUNI
Duni Ab — Q4 2012 Earnings Presentation
17 slides from Duni Ab's earnings presentation, Feb 14, 2013
Slide 1: Q4 Presentation 2012
Q4 Presentation 2012 14 February, 2013
Slide 2: Disclaimer
Disclaimer • This presentation has been prepared by Duni AB (the “Company”) solely for use at this investor presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. By attending the meeting where this prese
Slide 3: 2012 Q4 Highlights
2012 Q4 Highlights • Net sales SEK 1 031 m (1 063) • Professional – underlying demand stabilized – Sales almost on par with last year in comparable currency rates. • Underlying operating – Maintained focus on inventory reduction with negative absorption effects as a consequence. income SEK 128 m • C
Slide 4: Market Outlook
Market Outlook • HORECA market long-term growing in line or slightly above GDP. – Positive eating out trend. – Higher growth in take-away sector. • Macro statistics stabilizing, but growth not to be expected in short to mid term. – Economic crisis creates uncertainty in consumer confidence, influenc
Slide 5: HoReCa Sales Development
HoReCa Sales Development Germany (Nov 2012) Source: destatis 5
Slide 6: Restaurant Sales Development
Restaurant Sales Development Sweden (Dec 2011 – Dec 2012) +2,7% in volume in Dec and +2,6% in value. 6
Slide 7: Business Areas
Business Areas
Slide 8: Professional
Professional –Lower sales and EBIT mainly impacted by currency Sales and EBIT 1) Geographical split – sales Q4 2012 Net sales Q4 2012 Q4 2011 Growth Growth at Professional fixed exchange 3 000 15% rates 2 500 SEK millions 2 000 10% Nordic 173 179 3.4% 3.4% 1 500 Central 1 000 5% Europe 424 446 4.
Slide 9: Consumer
Consumer – Improvement in sales trend Sales and EBIT 1) Geographical split - sales Q4 2012 Net sales Q4 2012 Q4 2011 Growth Growth at Consumer fixed exchange rates 1 000 6% 4% Nordic 28 25 12.0% 12.0% 800 2% Central Europe 161 177 9.0% 6.2% SEK millions 600 0% South & East 2% Europe 8 6 33.3% 50.
Slide 10: Tissue
Tissue – Low capacity utilization Sales and EBIT Sales mix Q4 2012 External 600 14% 47% 500 12% 10% 400 8% 300 Internal 6% 200 4% 53% 100 2% 0 0% 2008 2009 2010 2011 2012 • Decision to initiate closing of hygiene business. • Restructuring cost of 83 MSEK. Sa les EBIT Ma r g in • Insignificant effect
Slide 11: Financials
Financials 11
Slide 12: Operating Margin (underlying) 12.4% - Significant Restructuring cost
Operating Margin (underlying) 12.4% - Significant Restructuring cost Q4 Q4 FY FY SEKm 2012 2011 2012 2011 Net sales 1 031 1 063 3 669 3 807 Gross profit 267 315 945 1 031 Gross margin 25.9% 29.7% 25.8% 27.1% Selling expenses 111 109 438 441 Administrative expenses 56 45 177 172 R&D expenses
Slide 13: Lower Capacity Utilization in Q4 and FY 2012
Lower Capacity Utilization in Q4 and FY 2012 Q4 Q4 FY FY SEKm 2012 2011 2012 2011 Professional Net sales 722 750 2 682 2 766 Operating income1) 108 121 336 357 Operating margin 14.9% 16.1% 12.5% 12.9% Consumer Net sales 197 209 551 612 Operating income1) 19 24 5 21 Operating margin 9.4% 11.7% 0.9% 3
Slide 14: Continued strong Cash Flow
Continued strong Cash Flow Q4 Q4 FY FY SEKm 2012 2011 2012 2011 EBITDA1) 156 177 452 511 Capital expenditure 26 200 113 377 Change in; Inventory 90 55 66 37 Accounts receivable 9 13 20 36 Accounts payable 26 4 7 8 Other operating working capital 16 22 17 23 Change in working capital 91
Slide 15: Net Debt at all time low
Net Debt at all time low SEKm 2012 2011 2010 Goodwill 1 199 1 199 1 199 Tangible and intangible fixed assets 795 888 632 Net financial assets1) 185 210 253 Inventories 387 470 437 Accounts receivable 624 663 634 Accounts payable 301 302 315 Other operating assets and liabilities3) 282 300 266
Slide 16: Financial Targets
Financial Targets 2012 • Organic growth of 5% over a -1.6% Sales growth > 5% business cycle (at fixed exchange rates) • Consider acquisitions to reach new markets or to strengthen current market positions • Top line growth – premium focus 9.3% EBIT margin > 10% Underlying • Improvements in manufactu
Slide 17: Thank you!
Thank you! 17