Duni Ab · OMXSTO:DUNI
Duni Ab — Q3 2013 Earnings Presentation
16 slides from Duni Ab's earnings presentation, Oct 23, 2013
Slide 1: Q3 Presentation 2013
Q3 Presentation 2013 23 October, 2013
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: 2013 Q3 Highlights
2013 Q3 Highlights • Net sales SEK 936 m • Professional – growth mainly explained (849) by acquisition of Song Seng. – Weak development in Southern • Underlying operating Europe, Benelux and UK. Stability income SEK 88 m (63) in mature markets. – Product area Meal Service continue • Underlying opera
Slide 4: Market Outlook
Market Outlook • HORECA market long-term growing in line or slightly above GDP. – Minor improvement to be seen in the latest macro indicators, but still weak HoReCa statistics. – Higher growth in take-away, catering and fast food restaurants. • Improvement to be seen at the horizon, but development
Slide 5: HoReCa Sales Development
HoReCa Sales Development • Professional Northern Europe: – Stable to Positive development in Nordics. Sweden still utilize on VAT reduction in restaurant sector which mainly generated growth in café and bakery sector. • Professional Central Europe: – Stability or small decrease throughout 2013. Sign
Slide 6: Business Areas
Business Areas
Slide 7: Professional
Professional –Strong SEK continue to weight on the quarter Sales and EBIT 1) Geographical split – sales Q3 2013 Net sales Q3 2013 Q3 2012 Growth Growth at Professional fixed exchange 3 000 15% rates SE K millio ns 2 000 10% Nordic 145 140 3.6% 3.6% 1 000 5% Central Europe 370 375 -1.3% -2.9% 0 0% So
Slide 8: Consumer
Consumer – Growth within all major regions Sales and EBIT 1) Geographical split - sales Q3 2013 Net sales Q3 2013 Q3 2012 Growth Growth at Consumer fixed exchange rates 1 000 6% 4% Nordic 22 15 46.7% 46.7% 800 2% Central Europe 97 84 15.5% 14.3% SEK millions 600 0% South & East 400 -2% Europe 3 2 50
Slide 9: Tissue
Tissue – Temporary increase in production output Sales and EBIT Sales mix Q3 2013 External 600 14% 49% 500 12% 10% SEK millions 400 8% 300 6% 200 4% Internal 100 2% 51% 0 0% 2009 2010 2011 2012 LTM 2013 • Higher capacity utilization as a result of a temporary increase in demand. Sa les EBIT Ma r g i
Slide 10: Financials
Financials 10
Slide 11: Substantial improvement vs. weak Q3 2012
Substantial improvement vs. weak Q3 2012 Q3 Q3 YTD YTD LTM FY 2013 2012 2013 2012 2013 2012 SEKm Net sales 936 849 2 701 2 638 3 733 3 669 Gross profit 239 207 697 678 964 945 Gross margin 25.5% 24.3% 25.8% 25.7% 25.8% 25.8% Selling expenses -103 -97 -320 -327 -431 -438 Administrative expenses -45 -
Slide 12: Improvement in all segments
Improvement in all segments Q3 Q3 YTD YTD LTM FY SEKm 2013 2012 2013 2012 2013 2012 Professional Net sales 671 635 1 938 1 959 2 660 2 682 Operating income1) 82 77 229 228 338 337 Operating margin 12.2% 12.1% 11.8% 11.6% 12.7% 12.6% Consumer Net sales 123 101 383 354 580 551 Operating income1) -3 -1
Slide 13: Cash flow improved vs. strong 2012
Cash flow improved vs. strong 2012 Q3 Q3 YTD YTD LTM FY SEKm 2013 2012 2013 2012 2013 2012 EBITDA1) 118 90 322 296 480 454 Capital expenditure -14 -21 -43 -87 -69 -113 Change in; Inventory -36 -20 -96 -24 -6 66 Accounts receivable 43 11 2 29 -7 20 Accounts payable 16 -3 -23 -19 3 7 Other operating w
Slide 14: Net debt seasonally low
Net debt seasonally low September December September SEKm 2013 2012 2012 Goodwill 1 270 1 199 1 199 Tangible and intangible fixed assets 750 795 870 Net financial assets1) 192 205 231 Inventories 488 387 481 Accounts receivable 632 624 604 Accounts payable -285 -301 -288 Other operating assets and l
Slide 15: Financial Targets
Financial Targets Q3 LTM 2013 • Organic growth of 5% over a 2.2% Sales growth > 5% business cycle Organic growth • Consider acquisitions to reach (at fixed exchange rates) new markets or to strengthen current market positions • Top line growth – premium focus EBIT margin > 10% 9.7% Underlying • Impr
Slide 16: Thank you!
Thank you! 16