Duni Ab · OMXSTO:DUNI
Duni Ab — Q4 2013 Earnings Presentation
16 slides from Duni Ab's earnings presentation, Feb 13, 2014
Slide 1: Q4 Presentation 2013
Q4 Presentation 2013 13 February, 2014
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: 2013 Q4 Highlights
2013 Q4 Highlights • Net sales SEK 1 102 m • Growth in all areas. Positive absorption (1 031) effects are the most important • Underlying operating explanation for EBIT improvement. income SEK 152 m • Professional – still challenging HoReCa market, but small signs of (130) improvement. – Mature regi
Slide 4: Market Outlook
Market Outlook • HORECA market long-term growing in line or slightly above GDP. – Minor improvement in the latest macro indicators, but still weak HoReCa statistics. – Higher growth in take-away, catering and fast food restaurants. • Uncertainty of macro development in short- and mid term perspectiv
Slide 5: HoReCa Sales Development
HoReCa Sales Development • Professional Northern Europe: – Stable to Positive development in Nordics. Sweden still utilize on VAT reduction in restaurant sector which mainly generated growth in café and bakery sector. • Professional Central Europe: – Stability or small decrease throughout 2013. Sign
Slide 6: Business Areas
Business Areas
Slide 7: Professional
Professional –Strong SEK continue to weight on the quarter Sales and EBIT 1) Geographical split – sales Q4 2013 Net sales Q4 2013 Q4 2012 Growth Growth at Professional fixed exchange rates 3 000 15% SEK millions 2 000 10% Nordic 175 173 1.2% 1.2% 1 000 5% Central Europe 429 423 1.4% 0.0% 0 0% South
Slide 8: Consumer
Consumer – Growth within all major regions Sales and EBIT 1) Geographical split - sales Q4 2013 Net Sales Q4 2013 Q4 2012 Growth Growth at Consumer fixed exchange rates 1 000 6% 4% Nordic 35 28 38.7% 25.0% 800 2% Central Europe 173 161 4.6% 7.5% SEK millions 600 0% South & East -2% 400 Europe 12 8 1
Slide 9: Tissue
Tissue – Temporary increase in production output Sales and EBIT Sales mix Q4 2013 600 14% External 500 12% 46% 400 10% 8% 300 6% 200 4% Internal 100 2% 54% 0 0% 2009 2010 2011 2012 2013 • Slightly lower volume compared to previous quarters, Sa les EBIT Ma r g in but still above last year. • Conseque
Slide 10: Financials
Financials 10
Slide 11: Profit margin >10%
Profit margin >10% Q4 Q4 FY FY SEKm 2013 2012 2013 2012 Net sales 1 102 1 031 3 803 3 669 Gross profit 308 267 1 005 945 Gross margin 28.0% 25.9% 26.4% 25.8% Selling expenses -117 -111 -437 -438 Administrative expenses -48 -54 -173 -176 R&D expenses -5 -5 -19 -26 Other operating net 1 -75 -8 -77 Ope
Slide 12: Improvements in all segments
Improvements in all segments Q4 Q4 FY FY SEKm 2013 2012 2013 2012 Net sales 764 722 2 702 2 682 Professional Operating income1) 127 109 356 337 Operating margin 16.6% 15.1% 13.2% 12.6% Net sales 221 197 603 551 Consumer Operating income1) 23 19 12 6 Operating margin 10.6% 9.6% 2.1% 1.0% Net sales 11
Slide 13: Two consecutive years of strong cash flow
Two consecutive years of strong cash flow Q4 Q4 FY FY SEKm 2013 2012 2013 2012 EBITDA1) 181 158 503 454 Capital expenditure -39 -26 -82 -113 Change in; Inventory 61 90 -35 66 Accounts receivable -6 -9 -4 20 Accounts payable 53 26 30 7 Other operating working capital -20 -16 60 -20 Change in working
Slide 14: Continued strengthening of financial position
Continued strengthening of financial position December December December SEKm 2013 2012 2011 Goodwill 1 249 1 199 1 199 Tangible and intangible fixed assets 802 795 888 Net financial assets1) 166 205 210 Inventories 434 387 470 Accounts receivable 658 624 663 Accounts payable -348 -301 -302 Other op
Slide 15: Financial Targets
Financial Targets 2013 • Organic growth of 5% over a business cycle 3.3% Sales growth > 5% (at fixed • Consider acquisitions to reach exchange rates) new markets or to strengthen current market positions • Top line growth – premium focus EBIT margin > 10% 10.1% Underlying • Improvements in manufactu
Slide 16: Thank you!
Thank you! 16