Slide 1: Interim Report Q3 2024
Interim Report Q3 2024 Strong quarter meets high comparison numbers Robert Dackeskog, President and CEO Magnus Carlsson, CFO 1
Slide 2: Disclaimer
Disclaimer – This presentation has been prepared by Duni AB (the “Company”) solely looking statements involve known and unknown risks, uncertainties and for use at this investor presentation and is furnished to you solely for your other factors, which are in some cases beyond the Company’s control i
Slide 3: Agenda
Agenda – Highlights – Market outlook – Q3 summary – Business areas – Innovations – Sustainability – Financials – Summary – Q&A 3
Slide 4: Highlights
Highlights – Strong quarter facing historically high comparison numbers – Continued low net debt and strong financial position – Acquisition of Slovenian company Seti – Partnership investment to modernize logistical set-up announced 4
Slide 5: Market Outlook
Open table Germany Market Outlook – The HoReCa market is expected to continue to have a gradual but potentially volatile recovery mid-term and a stable recovery long-term. – Mixed signals and uncertainty for the coming quarters. – The Group’s good financial position enables addressing profitable lon
Slide 6: Q3 2024 Key Financials
Q3 2024 Key Financials N E T SA L E S OP E R A T I NG I NC OME OP E R A T I NG MA RG I N SEK 1,910 m SEK 151 m 7.9% Net sales amounted to Operating income amounted to Operating margin was SEK 1,910 m (1,935) SEK 151 m (225) 7.9% (11.6) 6
Slide 7: Q3 Comments
Q3 Comments N E T SA L E S - 1 . 3 % OP E R A T I NG I NC OME - 3 2 . 7 % – Total sales decrease -1.3% in fixed currencies – Operating income remains above pre-pandemic levels although week market – During the quarter acquired companies contribute with 73 MSEK and organic growth is at -5% – Exceptio
Slide 8: BA Dining Solutions
BA Dining Solutions N E T SA L E S OP E R A T I NG I NC OME OP E R A T I NG MA RG I N SEK 1,102 m SEK 125 m 11.3% Net sales amounted to Operating income amounted to Operating margin was SEK 1,102 m (1,189) SEK 125 m (170) 11.3% (14.3) 8
Slide 9: Dining Solutions Q3 2024
Dining Solutions Q UARTER 1,400 NE T S AL ES LTM 5,000 Q3 2024 1,200 1,000 800 600 4,000 3,000 2,000 400 1,000 200 0 0 NE T S AL ES , S EK M NE T S AL ES LA ST 12 MONTHS (LTM) , SEK M – Total volumes in line with last year, but demand from HoReCa is Q UARTER O PE RATING INCO ME LTM lower while sales
Slide 10: BA Food Packaging Solutions
BA Food Packaging Solutions N E T SA L E S OP E R A T I NG I NC OME OP E R A T I NG MA RG I N SEK 808 m SEK 27 m 3.3% Net Sales amounted to Operating Income Operating Margin was SEK 808 m (746) SEK 27 m (55) 3.3% (7.4) 10
Slide 11: Food Packaging Solutions Q3 2024
Food Packaging Q UARTER 1,000 NE T S AL ES LTM 3,500 Solutions Q3 2024 800 600 400 2,800 2,100 1,400 200 700 0 0 NE T S AL ES , S EK M NE T S AL ES LA ST 12 MONTHS (LTM) , SEK M – Net growth with increasing volumes outside of Europe while Q UARTER O PE RATING INCO ME LTM volumes in Europe decrease 6
Slide 12: Acquisitions in 2024
Acquisitions in 2024 DINING SOLUTIONS • Seti was consolidated in September Seti is a Slovenian tabletop company expanding the Group’s reach to southeast Europe. The company has annual net sales of approximately SEK 100 m with profitability in line with business area Dining Solutions. FOOD PACKAGING
Slide 13: Trusted Sustainability Leader in our Industry
Trusted Sustainability Leader in our Industry Engaging in sustainable and circular innovations LA B C O O P E R A T IO NS P A RT NE R S HI P S (minority investments) S T A R T UP P RO JE C T S Bio Dunisoft® OrganoClick Bûmerang Relevo Bio Dunicel® BicyCompost Notpla Liplid 13
Slide 14: Our Decade of Action 2030
Our Decade of Action 2030 Our sustainability initiatives B E CO MI N G C I RC U L A R A T S C AL E GO I NG NE T Z E R O L I V I N G T H E CH A NG E 100% 0 CO2 #1 Circular target Net Zero carbon emissions for A trusted sustainability leader Scope 1 and 2 14
Slide 15: Becoming Circular at Scale
Becoming Going Net Living the Circular at Zero Change Scale A C T IV I T I E S I N T H E Q UA R T E R A C T IV I T I E S I N T H E Q UA R T E R A C T IV I T I E S I N T H E Q UA R T E R Improved products in the packaging New drying system deployed at Rexcell The policy book, including Code-of- portf
Slide 16: Financials
Financials 16
Slide 17: Income Statement
Income Statement LTM / SEK m Q3 / 2024 Q3 / 2023 YTD / 2024 YTD / 2023 FY / 2023 2023-24 Net sales 1,910 1,935 5,521 5,747 7,492 7,718 Gross profit 326 492 1,214 1,323 1,737 1,846 Gross margin1) 17.1% 25.5% 22.0% 23.0% 23.2% 23.9% Selling expenses -187 -177 -566 -509 -756 -699 Administrative expense
Slide 18: Business Area Financials
Business Area Financials LTM / SEK m Q3 / 2024 Q3 / 2023 YTD / 2024 YTD / 2023 FY / 2023 2023-24 Dining Solutions Net sales 1,102 1,189 3,202 3,467 4,416 4,681 Operating income1) 125 170 328 425 502 600 Operating margin 11.3% 14.3% 10.2% 12.3% 11.4% 12.8% Food Packaging Net sales 808 746 2,319 2,280
Slide 19: Operating Cash Flow
Operating Cash Flow LTM / SEK m Q3 / 2024 Q3 / 2023 YTD / 2024 YTD / 2023 FY / 2023 2023-24 Operating EBITDA1) 187 260 528 632 756 860 Capital expenditure -51 -62 -118 -99 -174 -157 Change in; Inventory 15 103 -98 419 -47 469 Accounts receivable 34 -6 20 -75 99 5 Accounts payable 14 -16 -94 -276 64
Slide 20: Financial Position
Financial Position SEK m September 2024 December 2023 September 2023 Goodwill 2,361 2,110 2,137 Tangible and intangible fixed assets 1,648 1,500 1,521 Net financial assets1) 72 -36 -9 Inventories 1,464 1,251 1,337 Accounts receivable 1,176 1,125 1,234 Accounts payable -676 -719 -577 Other operating
Slide 21: Financial Targets
Financial Targets S A L E S GR OW T H OP E R A T I NG M A RG I N D I V I DE N D P A Y OU T R AT I O > 5% > 10% 40+% Organic growth of 5% over a business cycle Top line growth – premium focus Target at least 40% of net profit LTM 2 023/24 LTM 2 023/24 202 3 -5.6% at fixed exchange rates 8.2% 5.00 SEK
Slide 22: Summary Q3 2024
Summary Q3 2024 – Strong quarter facing historically high comparison numbers – Continued low net debt and strong financial positions – Acquisition of Slovenian company Seti – Partnership investment to modernize logistical set-up announced 22
Slide 23: The Architects of Dining
The Architects of Dining GROUP DUNI