Duni Ab · OMXSTO:DUNI

Duni Ab — Q1 2009 Earnings Presentation

22 slides from Duni Ab's earnings presentation, Apr 24, 2009

  1. Slide 1: Q1 2009 Presentation

    Q1 2009 Presentation www.duni.com 1

  2. 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

  3. Slide 3: Contents

    Contents  2009 Q1 highlights  Business areas  Financials 3

  4. Slide 4: 2009 Q1 Highlights

    2009 Q1 Highlights • Net sales increased with 3.9% to SEK 1007 m • Underlying operating profit¹ amounted to SEK 73 m (83) • Underlying operating margin¹ amounted to 7.2% (8.6%) • Softer volumes and operating profit in Professional • Recession impacting sales in Eastern Europe • Growth in Duni FoodSo

  5. Slide 5: Duni – the European Market Leader for Table Top Solutions

    Duni – the European Market Leader for Table Top Solutions Duni* Key financials Table Top Full year 2008 Tissue 13% ∙ Sales: SEK 4.1 billion (+2.9%) Professional Retail 68% 19% ∙ EBIT: SEK 414 million (395) ¹ ∙ EBIT margin: 10.1% (9.9%) ¹ Manufactured Jan – March 2009 Napkins Plates Table coverings ∙

  6. Slide 6: Market Outlook

    Market Outlook HORECA market growing in line or slightly above GDP • Positive eating out trend • Continued strong growth in take-away sector Retail growth in line with GDP • Private label over-represented in our category • Discount stores and private label more in focus in a weaker economy Higher un

  7. Slide 7: Horeca Market in Germany

    Horeca Market in Germany - January 2009 7

  8. Slide 8: Hotel Sector France

    Hotel Sector France - January to February 2009 Accumulated data February 4* 3* 2 * (class of hotel) Occupation rate 2009 52,3 % 53,5 % 57 % Var./n-1 -12,8 % -7,1 % -4,8 % Average revenue 2009 196 € 95 € 62 € Var./n-1 -9,5 % 0,7 % 4,7 % RevPAR 2009 102 € 51 € 35 € Var./n-1 -21 % -6,5 % -0,3 % Source:

  9. Slide 9: Hotel Sector Sweden

    Hotel Sector Sweden - 2001 to January 2009 (annual % change) 9

  10. Slide 10: Number of Meals 2000-2007 (million), Commercial Food Service

    Number of Meals 2000-2007 (million)1), Commercial Food Service* 7 000 5845 2000 6 000 5588 2007 5 000 4688 3946 4 000 3500 3071 3 000 2 000 1504 1321 1 000 601 679 0 FR DE NL SE UK CAG (Annual Average 1.89% 0.64% 1.87% 1.77% 2.49% Rate of Change) 1) Foodservice Annual Count and Expenditures Tracking

  11. Slide 11: Business Areas

    Business Areas 11

  12. Slide 12: Professional – Stable Development

    Professional – Stable Development Sales Sales and EBIT 11 and EBIT Geographical Geographical split split –– sales sales Q1 Q1 2009² 2009² MSEK 3,000 14% Net Sales - Professional Q1 2009 Q1 2008 Growth 12% 2,500 Nordic region 144 152 -5,3% 10% Central Europe 418 367 13,9% 2,000 Southern & Eastern Eur

  13. Slide 13: Retail – Turnaround

    Retail – Turnaround Sales Sales and EBIT 11 and EBIT Geographical Geographical split split –– sales sales Q1 Q1 2009² 2009² MSEK 900 -+6% Net Sales - Retail Q1 2009 Q1 2008 Growth -+4% 850 Nordic region 27 34 -20,6% +2% Central Europe 175 155 12,9% 800 Southern & Eastern Europe 3 4 -25,0% -0% Rest o

  14. Slide 14: Tissue

    Tissue Sales Sales and EBIT 11 and EBIT Sales Sales mix mix Q1 Q1 2009 2009 MSEK 650 14% 12% 600 Internal 10% 49% 550 External 51% 8% 500 6% 450 4% 400 2% Tissue Tissue In-house In-house creates creates competitive competitive advantage advantage 350 0% 2005 2006 2007 2008 Sales EBIT margin Q1 Q1 im

  15. Slide 15: Focus 2009

    Focus 2009  Control and monitoring of cost saving initiatives • Continue to rationalize and optimize manufacturing footprint • Further improve on logistic costs • Indirect cost structure • Procurement opportunities  Capitalize on new product launches • Premium Table Top: Improved Dunilin, Sensia,

  16. Slide 16: Financials

    Financials 16

  17. Slide 17: Tougher Market Impacting Volumes

    Tougher Market Impacting Volumes LTM LTM Sales Sales Sales Sales growth growth MSEK MSEK 2008 2009 2006 2007 2008 Q1 Q1 4 100 1 150 4 050 1 100 Professional 5.7% 6.3% 4.9% 5.3% 6.5% 1 050 4 000 Retail -6.2% 4.2% -2.9% -1.3% 6.0% 1 000 3 950 950 Tissue 4.5% 6.9% 1.3% 12.7% -9.5% 3 900 900 Total 2.9%

  18. Slide 18: Margins Slightly Down

    Margins Slightly Down Operating Operating profit profit (MSEK) (MSEK) Operating Operating margin margin MSEK 2008 2009 2006¹ 2007² 2008² 400 10% Q1² Q1² 9% 350 Professional 11.7% 12.9% 13.3% 10.6% 9.7% 8% 300 -7% Retail -0.9% 0.6% 1.5% 1.7% 1.3% 250 6% 200 5% Tissue 8.5% 8.9% 6.3% 9.3% 3.8% 4% 150 N

  19. Slide 19: Income Statement

    Income Statement 2006 2007 2008 Last 12-months Net sales 3,762 3,985 4,099 4,137 Cost of goods sold -2,812 -2,948 -3,020 -3,069 Gross profit 950 1,037 1,079 1,068 Gross margin 25.3% 26.0% 26.3% 25,8% Selling expenses -459 -446 -465 -466 Adminstrative expenses -219 -208 -198 -197 Research and develop

  20. Slide 20: Balance Sheet

    Balance Sheet (SEK in millions) 31/03/2009 31/03/2009 Intangible assets 1,222 Shareholders’ equity 1,563 Tangible assets 505 Interest bearing debt 1,045 Financial fixed assets 361 Pension liabilities 200 Inventory 528 Other long term liabilities 28 Accounts receivable 726 Accounts payable 274 Other

  21. Slide 21: Simplified Cash Flow Profile

    Simplified Cash Flow Profile 2008 2009 (SEK million) 2006 2007 2008 Q1 Q1 Operating profit ¹) 327 395 414 83 73 Depreciation 82 90 97 25 25 Change in trading capital2) -106 -28 -75 -65 -77 Inventory 26 -24 -3 -58 13 Accounts receivable 8 14 -114³) 20 4 Accounts payable -66 30 15 -4 -81 Other operati

  22. Slide 22: Financial Targets

    Financial Targets Last 12-months ∙ Organic growth of 5% over a business cycle 2.7% Sales Sales growth growth >> 5% 5% ∙ Consider acquisitions to reach new markets or to - strengthen current market positions ∙ Top-line growth – premium focus EBIT 9.7% EBIT margin margin >> 10% 10% ∙ Improvements in m

Duni — Q1 2009 Earnings Presentation on 6ix