Duni Ab · OMXSTO:DUNI
Duni Ab — Q4 2010 Earnings Presentation
16 slides from Duni Ab's earnings presentation, Feb 16, 2011
Slide 1: Q4 Presentation 2010
Q4 Presentation 2010 16 February, 2011
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: 2010 Q4 Highlights
2010 Q4 Highlights • Net sales declined by 5.2% to SEK 1,097 m (1,157) 1) • Underlying operating income amounted to SEK 163 m (167) 1) 2) • Underlying operating margin amounted to 14.8% (14.4%) 1) 2) • Raw material costs stabilized on a high level • Continued stable volume growth in Professional – U
Slide 4: Market Outlook
Market Outlook • HORECA market long-term growing in line or slightly above GDP – Positive eating out trend – Continued strong growth in take-away sector • Retail growth in line with GDP – Even though private-label over-represented in category, competitive pressure remains fierce • Improved GDP stati
Slide 5: HORECA Sales Development, Germany (Q3 2010)
HORECA Sales Development, Germany (Q3 2010) 5 16/02/2011
Slide 6: Restaurant Sales Development, Sweden (Dec 2009 – Dec 2010)
Restaurant Sales Development, Sweden (Dec 2009 – Dec 2010) +3.8% in volume in Dec and +6.5% in value +2.4% in volume YTD and +5.6% in value 6 16/02/2011
Slide 7: Business Areas
Business Areas
Slide 8: Professional – Continued Growth
Professional – Continued Growth Sales and EBIT 1 Geographical split – sales Q4 2010 Net sales Q4 2010 Q4 2009 Growth Growth at Professional fixed 3 000 16% exchange rates 14% 2 500 12% Nordic 182 177 2.8% 2.8% 2 000 SEK millions 10% Central Europe 451 464 2.8% 7.1% 1 500 8% South & East 6% 1 000 Eu
Slide 9: Retail – Tough Market Environment
Retail – Tough Market Environment Sales and EBIT 1 Geographical split – sales Q4 2010 Net sales Q4 2010 Q4 2009 Growth Growth at 900 6% Retail fixed exchange 800 4% rates 700 2% Nordic 28 39 28.2% 28.2% 600 Central SEK millions 0% 500 Europe 180 200 10.0% 1.0% 400 2% South & East Europe 22 19 1
Slide 10: Tissue
Tissue Sales and EBIT Sales mix Q4 2010 600 14% 500 12% External 10% 37 % SEK millions 400 Internal 6 3 % 8% 300 6% 200 4% 100 2% 0 0% 2007 2008 2009 2010 • Lower volumes in hygiene sector Sales EBIT Margin 10 16/02/2011
Slide 11: Financials
Financials
Slide 12: Income Statement
Income Statement SEKm Q4 Q4 YTD YTD 2010 2009 2010 2009 Net sales 1 097 1 157 3 971 4 220 Gross profit 312 357 1 052 1 166 Gross margin 28,4% 30,8% 26,5% 27,6% Selling expenses 107 128 434 482 Administrative expenses 45 43 174 184 R&D expenses 9 10 25 29 Other operating net 18 3 17 17 O
Slide 13: Positive Margin Development
Positive Margin Development SEKm Q4 Q4 YTD YTD 2010 2009 2010 2009 Professional Net sales 758 766 2 783 2 885 Operating income1) 124 137 384 402 Operating margin 16.4% 17.8% 13.8% 13.9% Retail Net sales 231 257 689 792 Operating income1) 33 26 32 18 Operating margin 14.1% 10.1% 4.6% 2.2% Tissue Net
Slide 14: Seasonally Strong Cash Flow
Seasonally Strong Cash Flow SEKm Q4 Q4 YTD YTD 2010 2009 2010 2009 EBITDA1) 186 193 537 539 Capital expenditure 58 40 236 121 Change in; Inventory 67 70 83 146 Accounts receivable 33 39 74 58 Accounts payable 49 52 7 3 Other operating working capital 6 29 26 56 Change in working capital 77
Slide 15: Solid Financial Position
Solid Financial Position SEKm 2010 2009 Goodwill 1 199 1 199 Tangible and intangible fixed assets 632 540 Net financial assets1) 253 327 Inventories 437 382 Accounts receivable 634 640 Accounts payable 315 344 Other operating assets and liabilities3) 266 324 Net assets 2 573 2 420 Net debt 582 6
Slide 16: Financial Targets 2010-12
Financial Targets 2010-12 LTM • Organic growth of 5% over a -5.9% Sales growth > 5% business cycle • Consider acquisitions to reach new markets or to strengthen current market positions 10.9% EBIT margin > 10% • Top line growth – premium focus • Improvements in manufacturing, sourcing and logistics