Duni Ab · OMXSTO:DUNI
Duni Ab — Q1 2016 Earnings Presentation
23 slides from Duni Ab's earnings presentation, Apr 21, 2016
Slide 1: Q1 Presentation 2016
21 April 2016 Q1 Presentation 2016 Eng US
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: 2016 Q1 Highlights
2016 Q1 Highlights • Q1 sales on par with previous year • Net sales SEK 959 m corrected for calendar & currency effects. (985) • Sales decrease in Consumer Business Area • Operating income SEK 87 m hampered overall sales which in many (107) areas developed positively; e.g. Meal • Operating margin 9.
Slide 4: LTM operating income development
LTM operating income development 550 525 500 475 MSEK 450 425 400 375 350 325 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 20
Slide 5: Market Outlook
en. Ve MarketOutlook
Slide 6: Market Outlook
Market Outlook • HoReCa market long-term growing in line with or slightly above GDP. − Higher growth in take-away, catering and fast food restaurants compared to traditional full service restaurants. − Restaurant sector in Germany with flat levels since Q4 2015, but modest growth for Hotels and rela
Slide 7: Business Areas
Business Areas Eng US
Slide 8: Table Top
Table Top Flat development in sales and headwind from FX rates.
Slide 9: Table Top Q1, 2016
Q1, 2016 Table Top • South & East with solid sales development in the quarter S A L E S & O P E R AT I N G M A R G I N 1) >10%, but decrease in mature markets like Germany & NET SALES, SEK m Nordics. 2 300 2 266 2 256 • Table cover segment continue 2 250 to decrease its relative share 2 200 2 179 of
Slide 10: Meal Service
Meal Service Growth close to 10%. 10
Slide 11: Meal Service Q1, 2016
Meal Service Q1, 2016 • Broad increase with growth S A L E S & O P E R AT I N G M A R G I N 1) >5% in almost all markets. NET SALES, SEK m • Germany now second biggest 700 market with growth level 616 628 close to 20%. 600 555 • Norway, an important market, 500 influenced by weak currency. 2014 2015
Slide 12: Consumer
Consumer Sales drop from lost contracts in Nordics and Central Europe.
Slide 13: Consumer Q1, 2016
Consumer Q1, 2016 • Some volume campaigns in S A L E S & O P E R AT I N G M A R G I N 1) Germany in Q1 2015 not NET SALES, SEK m replaced in 2016. • Easter season with less 1 200 1 063 1 035 importance and lower sales. 1 000 • Paper+Design solid 889 800 performance and with positive contribution to
Slide 14: New Markets
New Markets Good development in many markets and stabilization in Russia. 14
Slide 15: New Markets
New Markets • Operative margin continue to strengthen S A L E S & O P E R AT I N G as a result from activity program in Russia M A R G I N 1) and sales growth in distributor managed 250 markets. 200 207 • Duni premium products with stable 150 100 195 207 development in Singapore, but still on 50 mod
Slide 16: Materials & Services
Materials & Services • Hygiene is no longer included in Materials & Services, but reported as discontinued operations below net profit. • Remaining businesses are mainly external sales of tissue and airlaid plus some external services. 16
Slide 17: Financials
Financials Eng US
Slide 18: Currency and calendar effects impact profit
Currency and calendar effects impact profit SEK m Q1 2016 Q1 2015 LTM FY 2015 Continuing operations 2015/2016 Net sales 959 985 4 174 4 200 Gross profit 273 287 1 226 1 241 Gross margin 28.4% 29.1% 29.4% 29.5% Selling expenses -126 -125 -476 -476 Administrative expenses -57 -58 -239 -240 R & D expen
Slide 19: Strong momentum in Meal Service
Strong momentum in Meal Service SEK m Q1 2016 Q1 2015 LTM FY 2015 2015/2016 Table Top Net Sales 503 513 2 256 2 266 Operating income 1) 60 78 374 392 Operating margin 12.0% 15.2% 16.6% 17.3% Meal Service Net Sales 148 136 628 616 Operating income 1) 3 2 33 33 Operating margin 1.8% 1.8% 5.2% 5.3% Con
Slide 20: Increased capex
Increased capex SEK m Q1 2016 Q1 2015 LTM FY 2015 Continuing operations 2015/2016 EBITDA from continuing operations 1) 118 139 635 656 Capital expenditure -33 -19 -175 -161 Change in; Inventory -34 -35 -23 -23 Accounts receivable 51 11 58 18 Accounts payable -54 2 -5 51 Other operating working capit
Slide 21: Improved financial position vs Q1 2015
Improved financial position vs Q1 2015 SEK m March 2016 December 2015 March 2015 Goodwill 1 459 1 455 1 462 Tangible and intangible fixed assets 1 135 1 132 1 128 Net financial assets 1) -29 -72 -4 Inventories 538 500 536 Accounts receivable 612 660 710 Accounts payable -301 -352 -341 Other operatin
Slide 22: Sales growth, operating margin, dividend payout ratio targets
Sales growth Organic growth of 5% over a LTM business cycle > 5% Consider acquisitions to reach new markets or to strengthen 0.3% current market positions at fixed exchange rates, excluding hygiene business1) Operating margin LTM Top line growth – premium focus > 10% Improvements in 12.1% manufactur
Slide 23: Thank you!
und Thank you!