Duni Ab · OMXSTO:DUNI

Duni Ab — Q2 2011 Earnings Presentation

16 slides from Duni Ab's earnings presentation, Jul 15, 2011

  1. Slide 1: Q2 Presentation 2011

    Q2 Presentation 2011 15 July, 2011

  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: 2011 Q2 Highlights

    2011 Q2 Highlights • Net sales declined by 1,0% to SEK 960 m (970) 1) • Underlying operating income amounted to SEK 88 m (91) 1) 2) • Underlying operating margin amounted to 9.1% (9,4%) 1) 2) • Improving growth rates and operating margin within Professional – Improved growth figures for key mature m

  4. Slide 4: Market Outlook

    Market Outlook • HORECA market long-term growing in line or slightly above GDP – Positive eating out trend. – Higher growth in take-away sector. • Retail growth in line with GDP over time – Continuous weak retail markets in Western Europe, albeit improving compared to last year. – Even though privat

  5. Slide 5: HORECA Sales Development, Germany (Q1 2011)

    HORECA Sales Development, Germany (Q1 2011) HoReCa total 5 15/07/2011

  6. Slide 6: Restaurant Sales Development, Sweden (May 2010 – May 2011)

    Restaurant Sales Development, Sweden (May 2010 – May 2011)  May 2011: +5,8% volume, 9,0% value  2010: +2,4% volume, 5,6% value 6 15/07/2011

  7. Slide 7: Business Areas

    Business Areas

  8. Slide 8: Professional – Improving Sales Trend

    Professional – Improving Sales Trend Sales and EBIT 1 Geographical split – sales Q2 2011 Net sales Q2 2011 Q2 2010 Growth Growth at Professional fixed 3 000 16% exchange 14% rates 2 500 12% 2 000 Nordic 162 166 ­2.4% ­2.4% SEK millions 10% Central 1 500 8% Europe 418 414 1.0% 7.2% 1 000 6% South & E

  9. Slide 9: Retail – Healthy Top Line

    Retail – Healthy Top Line Sales and EBIT 1 Geographical split – sales Q2 2011 900 6% Net sales Q2 2011 Q2 2010 Growth Growth at Retail fixed 800 exchange 4% rates 700 2% Nordic 21 22 ­4.5% 0.0% 600 SEK millions Central 0% 500 Europe 104 105 ­1.0% 4.8% 400 ­2% South & East Europe 9 9 0.0% 0.0% 300 ­4

  10. Slide 10: Tissue – Low Capacity Utilization

    Tissue – Low Capacity Utilization Sales and EBIT Sales mix Q2 2011 600 14% 12% External 500 43% 10% SEK millions 400 8% 300 Internal 57 % 6% 200 4% 100 2% 0 0% 2007 2008 2009 2010 LTM • Increased share of internal sales due to seasonally low Sales EBIT Margin demand on hygienic products. • Stock dec

  11. Slide 11: Financials

    Financials 11 15/07/2011

  12. Slide 12: Income Statement

    Income Statement SEKm Q2 Q2 YTD YTD LTM FY 2011 2010 2011 2010 2010 Net sales 960 970 1 827 1 930 3 868 3 971 Gross profit 241 246 468 494 1 025 1 052 Gross margin 25.1% 25.4% 25.6% 25.6% 26.5% 26.5% Selling expenses ­110 ­107 ­227 ­228 ­434 ­434 Administrative expenses ­43 ­42 ­85 ­87 ­172 ­174 R&D

  13. Slide 13: Retail LTM Operating Margin at 4.9%

    Retail LTM Operating Margin at 4.9% SEKm Q2 Q2 YTD YTD LTM FY 2011 2010 2011 2010 2010 Professional Net sales 717 710 1 320 1 344 2 759 2 783 Operating income1) 91 94 144 163 366 384 Operating margin 12.7% 13.2% 10.9% 12.1% 13.3% 13.8% Retail Net sales 135 136 293 320 662 689 Operating income1) ­4 ­

  14. Slide 14: Improved Cash Flow driven by Inventory Reduction

    Improved Cash Flow driven by Inventory Reduction SEKm Q2 Q2 YTD YTD LTM FY 2011 2010 2011 2010 2010 EBITDA1) 114 117 208 221 525 537 Capital expenditure ­81 ­88 ­119 ­132 ­222 ­236 Change in; Inventory 29 ­42 ­26 ­84 ­26 ­83 Accounts receivable ­87 ­35 ­61 ­58 ­77 ­74 Accounts payable 61 9 ­8 ­41 40

  15. Slide 15: Financial Position Remains Solid

    Financial Position Remains Solid SEKm Q2 2011 Q2 2010 FY 2010 Goodwill 1 199 1 199 1 199 Tangible and intangible fixed assets 703 592 632 Net financial assets1) 248 299 253 Inventories 467 449 437 Accounts receivable 704 651 634 Accounts payable ­311 ­283 ­315 Other operating assets and liabilities3

  16. Slide 16: Financial Targets

    Financial Targets 2011-06 LTM • Organic growth of 5% over a -0.01% Sales growth > 5% business cycle (at fixed exchange rates) • Consider acquisitions to reach new markets or to strengthen current market positions 10.9% EBIT margin > 10% • Top line growth – premium focus • Improvements in manufacturi

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