Q3 Presentation 2013
23 October, 2013
Q3 Presentation 2013 23 October, 2013 Disclaimer This - - PDF document
Q3 Presentation 2013 23 October, 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
23 October, 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
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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.
by acquisition of Song Seng. – Weak development in Southern Europe, Benelux and UK. Stability in mature markets. – Product area Meal Service continue to show growth; stability in the traditional restaurant sector.
improvement. – New customer contracts driving sales development.
temporary higher demand. – Quarter significantly influenced by higher capacity utilization as a consequence of the planned closure
(849)
income SEK 88 m (63)
margin 9.4% (7.4%)
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– 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.
development still fragile.
– Retail area more volatile than HoReCa which is also influencing the business climate for Business Areas Consumer and Professional. – Retail sector; a negative trend since 2008 due to volume- and price pressure. Recent stabilization in some markets but still to early to constitute a better market pace.
high levels with cost pressure on traded goods.
against EUR.
insignificant transaction effects.
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– Stable to Positive development in Nordics. Sweden still utilize on VAT reduction in restaurant sector which mainly generated growth in café and bakery sector.
– Stability or small decrease throughout 2013. Signs of recent stabilization and in some cases improvements.
– South negative influenced by the financial debt crisis resulting in a long term downward trend. However, latest statistics indicate a positive tourist season for parts of the Mediterranean area, in particular Spain. – Eating out a relatively new tradition with low share of disposable
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–Strong SEK continue to weight on the quarter
Sales and EBIT 1)
1 000 2 000 3 000 2009 2010 2011 2012 LTM 2013
S E K m illio n s
0% 5% 10% 15%
Sales EBIT Margin
1) Excluding non-recurring costs and market valuation of derivatives
the quarter with some temporary effects on delivery performance.
Geographical split – sales Q3 2013
635 9 111 375 140 Q3 2012 4.4% 5.7% 671 TOTAL 266.70% 266.70% 33 Rest of the World 9.9% 10.8% 123 South & East Europe
370 Central Europe 3.6% 3.6% 145 Nordic
Growth at fixed exchange rates
Growth Q3 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 millio ns0% 2% 4% 6% Sales EBIT Margin
Geographical split - sales Q3 2013
EBIT improvement in the third quarter.
unique and attractive assortment. 101 2 84 15 Q3 2012 20.8% 21.8% 123 TOTAL 0.0% 0.0% Rest of the World 50% 50% 3 South & East Europe 14.3% 15.5% 97 Central Europe 46.7% 46.7% 22 Nordic
Growth at fixed exchange rates
Growth Q3 2013 Net sales Consumer
1) Excluding non-recurring costs and market valuation of derivatives
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– Temporary increase in production output
Internal 51% External 49%
Sales m ix Q3 2013
increase in demand.
improved productivity development.
Sales and EBIT
100 200 300 400 500 600 2009 2010 2011 2012 LTM 2013
SEK m illio ns
0% 2% 4% 6% 8% 10% 12% 14%
Sa les EBIT Ma r gin
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Substantial improvement vs. weak Q3 2012
3.43 161
8.6% 234
228
25.8% 697 2 701
YTD 2013
2.98 140
8.1% 212
207
25.7% 678 2 638
YTD 2012
2.67 126
9.3% 342
229
25.8% 945 3 669
FY 2012
1.25 59
9.4% 88
83
25.5% 239 936
Q3 2013
3.12 1.01 Earnings per share 147 47 Net income
Taxes
Financial net 9.7% 7.4% Operating margin (underlying) 363 63 Operating income (underlying)
Non-recurring items1) 251 62 Operating income (reported)
Other operating net
R&D expenses
Administrative expenses
Selling expenses 25.8% 24.3% Gross margin 964 207 Gross profit 3 733 849 Net sales
LTM 2013 Q3 2012 SEKm
1) Restructuring costs and market valuation of derivatives Comparison figures for 2012 recalculated in accordance with IAS19R
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8.6% 234 2 701 4.0% 15 381
383 11.8% 229 1 938
YTD 2013
8.1% 212 2 638
325
354 11.6% 228 1 959
YTD 2012
7.4% 63 849
112
101 12.1% 77 635
Q3 2012
9.4% 88 936 6.4% 9 141
123 12.2% 82 671
Q3 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% 9.7% 342 363 3 669 3 733
3.4%
17 436 493 1.0% 1.4% 6 8 551 580 12.6% 12.7% 337 338 2 682 2 660
FY 2012 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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241
79
2
322
YTD 2013
194
29
296
YTD 2012
84 15 27
11
90
Q3 2012
167 63 40 16 43
118
Q3 2013
461 50 60 3
480
LTM 2013
414 73
7 20 66
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
Cash flow improved vs. strong 2012
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Net debt seasonally low
1.4 32% 28% 14% 2 623 1 985 638 2 623
624 387 205 795 1 199
December 2012
1.4 34% 30% 15% 2 671 1 998 673 2 671
632 488 192 750 1 270
September 2013
819 Net debt 2 008 Equity 2 827 Equity and net debt 14% ROCE2) 26% ROCE2) w/o Goodwill 41% Net debt / Equity 1.7 Net debt / EBITDA2) 2 827 Net assets
Other operating assets and liabilities3)
Accounts payable 604 Accounts receivable 481 Inventories 231 Net financial assets1) 870 Tangible and intangible fixed assets 1 199 Goodwill
September 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+% Q3 LTM 20 13
3.50 SEK per share (2012) 2.2%
Organic growth
(at fixed exchange rates)
9.7%
16Thank you!