Q1 Presentation 2013
19 April, 2013
Q1 Presentation 2013 19 April, 2013 Disclaimer This presentation - - PDF document
Q1 Presentation 2013 19 April, 2013 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
19 April, 2013
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furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any
agree to be bound by the following limitations.
defined under Regulation S promulgated under the Securities Act of 1933, as amended.
to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and
differ materially from those expressed or implied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company
subject to change without notice.
accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
conditions in South – Although continuous weak market in South Region, improvements visible in several markets. – Profit negatively influenced by strong Swedish krona. – Traditional restaurants weakest trend within HoReCa, further utilization on take-away trend accelerated.
contracts
– Sales growth driven by two large contracts. – Increased geographical width initiated in the quarter e.g. France and Poland.
phase out decision. – Production output clearly higher compared to last year, influenced by circumstances around phase out decision.
but negatively influenced by new accounting principles around pension debt (IAS 19)
(856)
income SEK 55 m (60)
margin 6.4% (7.0%)
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line or slightly above GDP.
– Mixed signals from numerous markets, but main markets indicate zero growth. – Higher growth in take-away, catering and fast restaurants.
indicate real GDP growth on par or slightly better than 2012
– Consumer confidence still pessimistic, but with more positive outlook for Northern Europe.
Energy prices normalized after low levels in 2012.
clearly higher than last year.
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Germany 2012
Source: destatis
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+1,5% in volume in Feb and +3,4% in value.
Sweden (Feb 2012 – Feb 2013)
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–Strong SEK continue to weight on the quarter
Sales and EBIT 1)
500 1 000 1 500 2 000 2 500 3 000 2009 2010 2011 2012 LTM 2013
SEK m illio ns
0% 5% 10% 15%
Sales EBIT Margin
1) Excluding non-recurring costs and market valuation of derivatives
stable.
Geographical split – sales Q1 2013
626 10 99 377 140 Q1 2012 3.2% 6.4% 586 TOTAL 0.0% 0.0% 10 Rest of the World 1.0% 5.1% 94 South & East Europe 4.2% 8.5% 345 Central Europe 2.1% 2.1% 137 Nordic
Growth at fixed exchange rates
Growth Q1 2013 Net sales Professional
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– Growth within all major regions
Sales and EBIT 1)
200 400 600 800 1 000 2009 2010 2011 2012 LTM 2013
SEK m illio ns8% 6% 4% 2% 0% 2% 4% 6% Sales EBIT Margin
Geographical split - sales Q1 2013
label sector.
Concept well received and reviewed for further expansion. 127 4 108 15 Q1 2012 15.0% 10.2% 140 TOTAL 0.0% 0.0% Rest of the World 75.0% 75.0% 1 South & East Europe 11.1% 6.5% 115 Central Europe 60.0% 60.0% 24 Nordic
Growth at fixed exchange rates
Growth Q1 2013 Net sales Consumer
1) Excluding non-recurring costs and market valuation of derivatives
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– Temporary increase in production output
Internal 52% External 48%
Sales m ix Q1 2013
circumstances around decision to close hygiene business.
Sales and EBIT
100 200 300 400 500 600 2009 2010 2011 2012 LTM 2013 0% 2% 4% 6% 8% 10% 12% 14%
Sa les EBIT Ma r gin
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Significant FX effects
2.67 126 79 25 9.3% 342 113 229 77 26 176 438 25.8% 945 3 669
FY 2012
0.77 36 13 6 6.4% 55 55 6 5 39 115 25.7% 219 852
Q1 2013
2.65 0.78 Earnings per share 125 37 Net income 78 13 Taxes 24 7 Financial net 9.2% 7.0% Operating margin (underlying) 336 60 Operating income (underlying) 110 3 Nonrecurring items1) 227 57 Operating income (reported) 85 2 Other operating net 23 8 R&D expenses 172 42 Administrative expenses 431 122 Selling expenses 25.6% 26.5% Gross margin 938 227 Gross profit 3 665 856 Net sales
Q1 LTM 2013 Q1 2012 SEKm
1) Restructuring costs and market valuation of derivatives Comparison figures for 2012 recalculated in accordance with IAS19R
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Increased Sales in Consumer & Tissue
7.0% 60 856 0.2% 104 0.9% 1 127 9.8% 61 626
Q1 2012
6.4% 55 852 3.2% 4 126 1.8% 3 140 9.1% 53 586
Q1 2013
Duni Tissue Consumer Professional
SEKm
Operating margin Operating income1) Net sales Operating margin Operating income1) Net sales Operating margin Operating income1) Net sales Operating margin Operating income1) Net sales 9.3% 9.2% 342 336 3 669 3 665 0.2% 0.6% 1 3 436 459 1.0% 0.7% 6 4 551 564 12.6% 12.5% 337 329 2 682 2 642
FY 2012 Q1 LTM 2013
1) Excluding non-recurring cost and market valuation of derivates Comparison figures for 2012 recalculated in accordance with IAS19R
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33 16 60 15 75 16 39 88
Q1 2012
21 49 7 11 53 14 84
Q1 2013
402 40 40 15 44 29 88 450
Q1 LTM 2013
414 73 20 7 20 66 113 454
FY 2012
Operating cash flow Change in working capital Other operating working capital Accounts payable Accounts receivable Change in; Inventory Capital expenditure EBITDA1)
SEKm
1) Excluding non-recurring costs and market valuation of derivatives Comparison figures for 2012 recalculated in accordance with IAS19R
Seasonally Strong Cash Flow: Low Capex
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Pension Debt Impact from new IAS standard
1.4 30% 27% 14% 2 635 2 027 608 2 635 272 282 590 432 206 762 1 199
Q1 2013
638 786 Net debt 1 988 2 082 Equity 2 626 2 868 Equity and net debt 14% 15% ROCE2) 28% 28% ROCE2) w/o Goodwill 32% 34% Net debt / Equity 1.4 1.5 Net debt / EBITDA2) 2 626 2 868 Net assets 285 242 Other operating assets and liabilities3) 301 287 Accounts payable 624 584 Accounts receivable 387 485 Inventories 207 230 Net financial assets1) 795 899 Tangible and intangible fixed assets 1 199 1 199 Goodwill
FY 2012 Q1 2012 SEKm
1) Deferred tax assets and liabilities + Income tax receivables and payables 2) Excluding non-recurring costs and market valuation of derivatives 3) Including restructuring provision and derivatives Comparison figures for 2012 recalculated in accordance with IAS19R
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business cycle
new markets or to strengthen current market positions
sourcing and logistics
Sales growth > 5% EBIT margin > 10%
Underlying
Dividend payout ratio 40+%
(at fixed exchange rates)
9.2%
Q1 LTM 20 13
3.50 SEK per share (proposal)
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