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Interim Report for Duni AB (publ) 1 January – 30 September 2017

20 okt 2017
Slightly lower growth rate, continuing high raw material costs

1 July – 30 September

  • Net sales amounted to SEK 1,082 m (1,064). Adjusted for exchange rate movements, net sales increased by 2.0%.
  • Earnings per share after dilution amounted to SEK 1.68 (1.99).
  • Continuing growth in Table Top business area.
  • Meal Service business area impacted by high raw material costs.

1 January – 30 September

  • Net sales amounted to SEK 3,188 m (3,037). Adjusted for exchange rate movements, net sales increased by 3.5%.
  • Earnings per share after dilution amounted to SEK 4.44 (4.68).
  • SEK 55 m investment in a logistics property in Germany.
  • Acquisition of Sharp Serviettes in New Zealand.

Key financials

SEK m 3 months
3 months
July- September
9 months
January- September
9 months
January- September
12 months


12 months


Net sales 1,082 1,064 3,188 3,037 4,422 4,271
Operating income 1) 123 136 322 331 493 502
Operating margin 1) 11.4% 12.8% 10.1% 10.9% 11.5% 11.8%
Income after financial items 108 126 284 293 432 441
Net income 80 94 212 220 326 334

1) For bridge to EBIT, see the section entitled “Operating income”.

CEO’s comments

“Sales for the quarter increased by 2% in comparison to last year with continuing strong growth in the Table Top business area. However, growth in Meal Service and New Markets fell short of the previous quarters.

Net sales reached SEK 1,082 m (1,064) and operating income fell to SEK 123 m (136). The main cause of the decrease in income is the continuing high raw material prices, which have not yet been fully compensated with price increases. The gross margin for the quarter decreased by 1.3 percentage points in comparison to last year. Net debt at the end of the quarter amounted to SEK 1,032 m (982).

The production units delivered a stable quarter without any substantial divergences from past performance and we now head into the peak season with slightly better inventory levels and delivery readiness than last year.

The Table Top business area reported net sales of SEK 581 m (579) and operating income of SEK 96 m (97). The important German market continues to perform well, riding a positive trend that has been clearly observable since fall 2016. However, we saw demand weaken slightly in other central European markets during the quarter.

For several years, the Meal Service business area has maintained an average annual growth rate of around 8% driven by sales investments and ongoing customer offering improvements. Growth reached 1.5% in the quarter, combining with a lower gross margin to reduce operating income to SEK 7 m (13). The quarter was impacted negatively by lower standard product sales, an area experiencing rising price competition. However, the business area is in the midst of an intensive product renewal phase where these standard products are being phased out and replaced with a more environmentally conscious assortment. The price increases announced will be fully implemented in the fourth quarter.

The Consumer business area’s sales decreased to SEK 235 m (247). Sales were impacted by minor loss of customers but also by phase effects in the delivery flow in comparison to last year. Operating income decreased to SEK 14 m (18). The decrease is related to lower volumes, negative exchange rate movements linked to the pound sterling and temporarily higher logistics costs.

The New Markets business area’s sales increased to SEK 78 m (59). The business area’s operations in Asia exhibited satisfactory growth while our distribution markets experienced weaker sales in the quarter. Operating income fell to SEK 5 m (7) and was impacted by costs related to investments and organizational improvements in several markets, and weaker income for the quarter in Russia and Singapore.

The time has now come for me to say goodbye after five years as CEO. I will remember this intensive, exciting and incredibly fun time for the rest of my life. I am pleased to pass the CEO baton to Johan Sundelin. I am exceedingly confident that Duni’s dedicated employees, along with Johan at the help, position Duni perfectly for continued strong development.

I would also like to extend my gratitude to our shareholders, the Board and all Duni employees for their support, energy and dedication over the past years. I wish you all the best for the future!”, says Thomas Gustafsson, resigning President and CEO, Duni.


Additional information is provided by:
Johan Sundelin, President and CEO, +46 40 10 62 00
Mats Lindroth, CFO, +46 40 10 62 00
Helena Haglund, Group Accounting Manager, +46 734 19 63 04

Contact us

Katja Margell
Investor Relations and Communications Director