Duni Ab · OMXSTO:DUNI
Duni Ab — Q1 2009 Earnings Presentation
22 slides from Duni Ab's earnings presentation, Apr 24, 2009
Slide 1: Q1 2009 Presentation
Q1 2009 Presentation www.duni.com 1
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: Contents
Contents 2009 Q1 highlights Business areas Financials 3
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
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 ∙
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
Slide 7: Horeca Market in Germany
Horeca Market in Germany - January 2009 7
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:
Slide 9: Hotel Sector Sweden
Hotel Sector Sweden - 2001 to January 2009 (annual % change) 9
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
Slide 11: Business Areas
Business Areas 11
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
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
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
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,
Slide 16: Financials
Financials 16
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%
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
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
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
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
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