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Interim Report for Duni AB (publ) 1 January – 30 June 2016

13 Jul 2016
Organic growth and stronger earnings in the second quarter

1 April – 30 June

  • Net sales for continuing operations amounted to SEK 1,013 m (1,002). Adjusted for exchange rate changes, net sales increased by 2.8%.
  • Earnings per share, for continuing operations, after dilution amounted to SEK 1.54 (1.44)
  • Increase in earnings driven primarily by Meal Service business area.
  • On 4 July, Duni signed an agreement to acquire 60% of the shares in Terinex Siam, Thailand.

1 January – 30 June 2016

  • Net sales amounted to SEK 1,973 m (1,987). Adjusted for exchange rate changes, net sales increased by 0.6%.
  • Earnings per share, for continuing operations, after dilution amounted to SEK 2.69 (2.94).

Key financials 1)

SEK m3 months
April- June
3 months
April- June
6 months


6 months


12 months
July- June
12 months
January- December
Net sales1 0131 0021 9731 9874 1864 200
Operating income 2)108104194211511528
Operating margin 2)10.6%10.3%9.8%10.6%12.2%12.6%
Income after financial items9490167185441459
Net income 7268127138335346

1) For continuing operations.

2) For bridge to EBIT, see the section entitled “Operating income - Non-recurring items”.

CEO’s comments

“Organic growth and stronger earnings were achieved in the second quarter compared to last year. Sales and earnings were negatively impacted by currency effects, but conversely also by a somewhat more advantageous calendar effect. Organic growth strengthened and reached 3%, among other things, thanks to an improved trend in Central Europe. Net sales in continuing operations increased to SEK 1,013 m (1,002) and operating income increased to SEK 108 m (104).

During the second quarter, negotiations were completed to acquire the converting company, Terinex Siam, in Bangkok. The transaction was communicated to the market on July 4th and amounts to approximately SEK 110 m. The takeover of 60% of the shares will take place during the middle of August. Terinex is one of Thailand’s leading producers of Table Top products. The acquisition constitutes an important element in New Market’s growth strategy and, through Terinex, we are expanding our customer offering and strengthening our competitiveness through local production in the prioritized Southeast Asia market.

The previously announced investment in production capacity in Rexcell is now complete. Both of the tissue lines have been upgraded and the work was carried out without any significant disruptions in production. The increase in capacity will be implemented gradually during the coming quarters.

The Table Top business area increased its sales in the quarter by 1%. Central Europe and the Nordic region have stabilized compared with previous quarters, while Southern and Western Europe retain their stable growth. Net sales increased to SEK 566 m (563) and operating income reached SEK 87 m (87).

The Meal Service business area continues to grow stronger than the market, and recorded growth of 11% during the quarter. Central Europe (Germany in particular) made the largest contribution to the increase in sales, but all regions contributed to growth. Net sales amounted to SEK 180 m (163) and operating income was SEK 19 m (13).

The Consumer business area achieved sales in line with last year. The negative impact of the termination of contracts in 2015 has now tapered off. Sales revenues amounted to SEK 213 m (212) and operating income was SEK -1 m (-1).

Within New Markets, sales in a couple of prioritized regions were weak during the quarter and, in some cases, declined. Among other things, we are witnessing reduced demand in the Middle East and from certain markets in South America. Russia has stabilized and we are seeing a tendency towards an improvement in both sales and earnings. Net sales for the quarter amounted to SEK 42 m (55) and operating income was SEK 2 m (4).

Following a weak start to the year, the second quarter shows more stable growth on our main markets. It is also pleasing that we have concluded an agreement regarding the acquisition of Terinex Siam, which will strengthen our competitiveness in the prioritized Asian market”, says Thomas Gustafsson, President and CEO, Duni.

Contact us

Katja Margell
Investor Relations and Communications Director