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Regulatory press release 24 Oct 2023 07:45

Strong quarter in volatile market

July 1 – September 30

  • Net sales amounted to SEK 1,935 m (1,834), corresponding to a 5.5% increase in sales. At fixed exchange rates, net sales decreased by 2.2%.
  • The gross profit amounted to SEK 492 m (364), an increase of 35% in absolute terms compared with the same period last year, and the gross margin is once more at the same level as before the pandemic.
  • Operating income amounted to SEK 225 m (154), corresponding to an increase of 46.3% compared with the same period last year.
  • Good cost control and a decreasing rate of inflation are the main reasons for the improvement in income.
  • Strong cash flow and lower net debt provides increased room for maneuver.

Key financials

3 months Jul-Sep 2023 3 months Jul-Sep 2022 9 months Jan-Sep 2023 9 months Jan-Sep 2022 12 months Oct-Sep 22/23 12 months Jan-Dec2022
Net sales 1,935 1,834 5,747 5,002 7,721 6,976
Organic growth 1) -2.2% 19.2% 8.5% 36.2% 11.1% 30.9%
Operating income 1) 225 154 525 296 678 450
Operating margin 1) 11.6% 8.4% 9.1 % 5.9% 8.8% 6.4%
EBIT 211 132 476 226 577 326
EBIT margin 10.9 % 7.2% 8.3% 4.5% 7.5% 4.7%
Income after financial items 191 120 428 192 520 283
Income after tax 150 87 360 142 419 201
Earnings per share attributable to equity holders of the Parent Com-
pany 2.80 1.84 6.65 2.97 7.93 4.25
Return on capital employed, excluding goodwill 26.8% 16.1% 26.8% 16.1% 26.8% 16.6%

1) For reconciliation of alternative key financials, definition of key financials and glossary, see page 28.

CEO's comment

“The third quarter shows strong financial figures for the Duni Group, even though we saw a slowdown in demand towards the end of the quarter.”

Good demand in the market
The third quarter of the year showed consistently strong financial figures for the Group’s sales, margins and income. We believe that demand in the market continues to be good, even though we saw a slowdown towards the end of the quarter. This is being counteracted at the same time by the basic needs that people have to meet and socialize, prefera- bly in connection with food. Group sales during the quarter amounted to SEK 1,935 m (1,834), corresponding to a sales increase of 5.5%. The quarter is a record-breaking one in terms of sales, and in absolute terms the best quarter in the Group’s history. At the same time, we saw a slightly decrease in volumes compared with the previous year. Compensatory measures implemented for inflation-based cost increases as well as foreign exchange effects continued to have a signifi- cant positive effect on net sales.

High activity in the business areas
The Duni business area, which focuses on solutions for the set table, grew its sales during the quarter by SEK 146 m to SEK 1,189 m (1,043) compared with the same period of the previous year. Sustainable table covers were launched within the Bio Dunicel® range during the quarter in several new for- mats, colors and designs. In addition to maintaining quality, Bio Dunicel® also reduces CO2 emissions by 28% compared with the previous standard Dunicel® version. During the quarter, we initiated an upgrade of the drying unit in our paper mill with a new cylinder and a new cover. This enables energy efficiency improvements in production and will fur- ther reduce the Group’s CO2 emissions.
The BioPak business area, which focuses on food packaging, reduced its sales by SEK 46 m to SEK 746 m (791) compared with the same period of the previous year. This is mainly due to unusually high comparative figures, with high demand for take-away during the pandemic and with most new contracts during the third quarter last year. During the third quarter of the year, the Group began its launch of a reusable range of mugs, plates and cutlery that will comply with the legislation being introduced in Sweden on January 1, 2024, but also in certain other countries in Europe. This requires larger restau- rants and restaurant chains to offer reusable serving items for seated customers instead of single-use products.

New, sustainable transport solutions were introduced during the quarter in Switzerland and Austria. With rail transport and hydrogen-based fuel, the aim is to further reduce CO2 emis- sions. These competitive improvements benefit distribution for both business areas.

Trend shift for the margin
The operating margin increased to 11.6% (8.4%), which is a change of trend after several quarters below 10%. As a per- centage, the operating margin has recovered in recent quar- ters, while still being below historical levels. Although the cost profile for input products and energy remains signifi- cantly higher than before the pandemic, inflationary pressure in recent quarters has eased and, for certain raw materials, has even started to decline. Profitability is also being impro- ved by the ongoing cost efficiency improvements being implemented in production, primarily at our conversion plants in the Duni business area, but also on the basis of reduced inventories within the BioPak business area. This gives us operating income of SEK 225 m (154) and is a significant improvement compared with the same period of the previous year – which was also a strong quarter historically. Further- more, the Group’s strong cash flow and lower net debt provi- des room for maneuver.
All in all, I am proud of the Group’s sustainability work, as well as the company’s ability to manage a volatile market, while at the same time increasing both efficiency and trend sensitivity towards customers.

Robert Dackeskog,
President and CEO, Duni Group

For additional information please contact:

Magnus Carlsson, EVP Finance/CFO
+46 (0)40-10 62 00

Katja Margell, IR and Communications Director
+46 (0)76-819 83 26

Duni AB (publ)
Box 237

SE-201 22 Malmö
Phone: +46 (0)40–10 62 00
Company registration number: 556536-7488

The Duni Group is a market leader in sustainable solutions for table setting and food packaging for the restaurant market. The Group markets and sells its products under the brands Duni, BioPak and Paper+Design, which are represented in more than 40 markets. The Duni Group has around 2,300 employees in 21 countries, with its headquarters in Malmö and production units in Sweden, Germany, Poland, New Zealand and Thailand. The Duni Group is listed on NASDAQ Stockholm under the ticker name “DUNI”. Its ISIN code is SE0000616716. This information is information that Duni AB is obligated to make public pursuant to the EU Market Abuse Regulation. The information was provided, through the contact person, for publication on October 24, 2023 at 07:45 CET.