Duni Ab · OMXSTO:DUNI
Duni Ab — Q4 2015 Earnings Presentation
23 slides from Duni Ab's earnings presentation, Feb 12, 2016
Slide 1: Q4 Presentation 2015
12 February 2016 Q4 Presentation 2015 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: 2015 Q4 Highlights
2015 Q4 Highlights • Modest organic growth with exception of • Net sales SEK 1 170 m Meal Service which accelerated its growth (1 134) rate in Q4. • Operating income SEK 171 m • Majority of the markets in Business Area (164) Table Top with growth, but Germany • Operating margin 14.6% behind last yea
Slide 4: 11 consecutive quarters with increased operating income (LTM)
11 consecutive quarters with increased operating income (LTM) 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 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2
Slide 5: Market Outlook
Market Outlook
Slide 6: Market Outlook
Market Outlook • HoReCa market long-term growing in line or slightly above GDP. − Higher growth in take-away, catering and fast food restaurants compared to traditional full service restaurants. − Minor growth of 1% (real) for restaurant sector in Germany, but slightly higher for hotel sector. Impro
Slide 7: Business Areas
Business Areas Eng US
Slide 8: Table Top
Table Top Growth in the majority of the markets, but Germany still behind.
Slide 9: Table Top
Q4, 2015 Table Top • UK & Benelux with healthy growth levels, but Germany S A L E S & O P E R AT I N G M A R G I N 1) and Norway falling behind. • Table cover segment in Germany main explanation NET SALES, SEK m for decrease in Germany. 2 300 2 266 Premium Napkins with 2 200 2 179 positive developme
Slide 10: Meal Service
Meal Service Accelerated growth in the fourth quarter. 10
Slide 11: Meal Service
Q4, 2015 • Growth above 10%, in most Meal Service markets. • Contrary to Table Top, Meal S A L E S & O P E R AT I N G M A R G I N 1) Service is growing NET SALES, SEK m significantly in Germany. 1000 • With exception for Norway, 509 555 616 Nordic Region is growing in 500 spite of fierce competition
Slide 12: Consumer
Consumer Modest growth, but with improved profitability.
Slide 13: Consumer
Q4, 2015 Consumer • Germany unchanged compared to previous S A L E S & O P E R AT I N G M A R G I N 1) year despite weak NET SALES, SEK m Christmas season. 2000 • With the exception of 1063 1000 603 889 Finland, Nordic 0 experienced a weak 1 quarter as a result from 2013 2014 2015 lost contracts. OP
Slide 14: New Markets
New Markets Positive development even though Russia remains challenging. 14
Slide 15: New Markets
New Markets • Operating margin strengthened due to less S A L E S & O P E R AT I N G negative effects from weakening Russian M A R G I N 1) Ruble seen in Q4 2014. 250 • Russian Ruble continues to deteriorate and 200 now on record weak levels. 150 100 150 195 207 • Asia and Middle East continue to gr
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: Operating margin FY 2015 12.6%
Operating margin FY 2015 12.6% SEK m Q4 2015 Q4 2014 FY 2015 FY 2014 Continuing operations Net sales 1 170 1 134 4 200 3 870 Gross profit 358 353 1 241 1 134 Gross margin 30,6% 31,1% 29,6% 29,3% Selling expenses -123 -122 -476 -456 Administrative expenses -64 -57 -240 -211 R & D expenses -3 -2 -10 -
Slide 19: Strong improvements in New Markets
Strong improvements in New Markets SEK m Q4 2015 Q4 2014 FY 2015 FY 2014 Table Top Net Sales 612 604 2 266 2 179 Operating income 1) 118 126 392 373 Operating margin 19.2% 20.8% 17.3% 17.1% Meal Service Net Sales 162 144 616 555 Operating income 1) 8 6 33 19 Operating margin 4.7% 3.9% 5.3% 3.5% Cons
Slide 20: Solid Cash Flow performance
Solid Cash Flow performance SEK m Q4 2015 Q4 2014 FY 2015 FY 2014 Continuing operations EBITDA from continuing operations 1) 205 197 656 572 Capital expenditure -56 -35 -161 -87 Change in; Inventory 60 68 -23 -17 Accounts receivable 42 20 18 -12 Accounts payable 54 6 51 -16 Other operating working c
Slide 21: Ratios on par with historically strongest levels
Ratios on par with historically strongest levels SEK m December 2015 December 2014 Goodwill 1 455 1 463 Tangible and intangible fixed assets 1 132 1 163 Net financial assets 1) -72 -1 Inventories 500 503 Accounts receivable 660 743 Accounts payable -352 -341 Other operating assets and liabilities 3)
Slide 22: Sales growth, operating margin, dividend payout ratio targets
Sales growth Organic growth of 5% over a 2015 business cycle > 5% Consider acquisitions to reach new markets or to strengthen 1.3% current market positions at fixed exchange rates, excluding hygiene business1) Operating margin 2015 Top line growth – premium focus > 10% Improvements in 12.6% manufact
Slide 23: Thank you!
Thank you!