Duni Ab · OMXSTO:DUNI

Duni Ab — Q3 2010 Earnings Presentation

16 slides from Duni Ab's earnings presentation, Oct 27, 2010

  1. Slide 1: Q3 Presentation 2010

    Q3 Presentation 2010 27 October , 2010

  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: 2010 Q3 Highlights

    2010 Q3 Highlights • Net sales declined by 7,6% to SEK 943 m (1,021) 1) • Underlying operating income amounted to SEK 103 m (113) 1) 2) • Underlying operating margin amounted to 11.0% (11,0%) 1) 2) • Price increases executed in the quarter, partly compensating for higher raw material costs • Busines

  4. 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

  5. Slide 5: HORECA Sales Development, Germany (H1 2010)

    HORECA Sales Development, Germany (H1 2010) July figure indicate further increase of 0.4% in fixed prices 5 27/10/2010

  6. Slide 6: Restaurant Sales Development, Sweden (Aug 2009 – Aug 2010)

    Restaurant Sales Development, Sweden (Aug 2009 – Aug 2010) Source: SCB + 3,8% in volume, August + 6,8% in value, August 6 27/10/2010

  7. Slide 7: Business Areas

    Business Areas

  8. Slide 8: Professional – Continued Growth

    Professional – Continued Growth Sales and EBIT 1 Geographical split – sales Q3 2010 Net sales Q3 2010 Q3 2009 Growth Growth at Professional fixed 3 000 16% exchange rates 14% 2 500 12% Nordic 152 153 ­0.7% ­0.7% 2 000 Central SEK millions 10% Europe 412 432 ­4.6% 3.9% 1 500 8% South & East 6% Europe

  9. Slide 9: Retail – Tough Market Environment

    Retail – Tough Market Environment Sales and EBIT 1 Geographical split – sales Q3 2010 900 6% Net sales Q3 2010 Q3 2009 Growth Growth at Retail fixed exchange 800 4% rates 700 2% Nordic 18 22 ­18.2% ­18.2% 600 Central SEK millions 500 0% Europe 108 132 ­18.2% ­11.4% South & East 400 ­2% Europe 12 6 1

  10. Slide 10: Tissue

    Tissue Sales and EBIT Sales mix Q3 2010 600 14% External 47% 500 12% 10% SEK millions 400 8% 300 Internal 6% 53% 200 4% 100 2% 0 0% • Business interruption due to fire main explanation of 2007 2008 2009 LTM 2010 volume drop • Expected normalization in Q4 Sales EBIT Margin 10 27/10/2010

  11. Slide 11: Financials

    Financials

  12. Slide 12: Income Statement

    Income Statement SEKm Q3 Q3 YTD YTD LTM FY 2010 2009 2010 2009 2009 Net sales 943 1 021 2 873 3 063 4 031 4 220 Gross profit 245 287 739 809 1 097 1 166 Gross margin 26,0 % 28,1 % 25,7 % 26,4 % 27,2 % 27,6 % Selling expenses ­99 ­109 ­327 ­354 ­456 ­482 Administrative expenses ­43 ­45 ­129 ­141 ­172

  13. Slide 13: Stable Operating Margin

    Stable Operating Margin SEKm Q3 Q3 YTD YTD LTM FY 2010 2009 2010 2009 2009 Professional Net sales 681 708 2 025 2 119 2 791 2 885 Operating income1) 97 104 260 265 397 402 Operating margin 14.3% 14.7% 12.8% 12.5% 14.2% 13.9% Retail Net sales 138 161 458 535 715 792 Operating income1) ­1 0 ­1 ­8 25 1

  14. Slide 14: Simplified Cash Flow Profile

    Simplified Cash Flow Profile SEKm Q3 Q3 YTD YTD LTM FY 2010 2009 2010 2009 2009 EBITDA1) 130 139 351 345 544 539 Capital expenditure ­45 ­27 ­178 ­81 ­218 ­121 Change in; Inventory ­66 ­15 ­150 76 ­80 146 Accounts receivable 17 14 ­41 20 ­2 58 Accounts payable ­1 31 ­41 ­48 11 3 Other operating work

  15. Slide 15: Solid Financial Position

    Solid Financial Position SEKm Q3 Q3 FY 2010 2009 2009 Goodwill 1 199 1 199 1 199 Tangible and intangible fixed assets 603 522 540 Net financial assets1) 290 344 327 Inventories 506 448 382 Accounts receivable 610 670 640 Accounts payable ­270 ­285 ­344 Other operating assets and liabilities3) ­280 ­

  16. Slide 16: Financial Targets

    Financial Targets 2010-09 LTM • Organic growth of 5% over a -4.2% 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

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