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20 apr 2018
Result on par with last year, despite high pulp prices

1 January – 31 March

  • Net sales amounted to SEK 1,080 m (1,004). Adjusted for exchange rate movements, net sales increased by 4.4%.
  • Earnings per share after dilution amounted to SEK 1.22 (1.22).
  • Underlying growth in all business areas.
  • Record-high pulp prices exerted pressure on gross margins in the Table Top and Consumer business areas.
  • Price increase compensation was a central activity during the quarter.
  • Acquisition of Biopac UK Ltd, which as from February has been consolidated in the Meal Service business area.


SEK m 3 months Jan-Mar
3 months Jan-Mar2017 12 months Apr-Mar2017/2018 12 monthsJan-Dec 2017
Net sales 1,080 1,004 4,517 4,441
Operating income1) 90 89 492 491
Operating margin1) 8.4% 8.9% 10.9% 11.1%
Income after financial items 78 78 439 439
Net income 59 58 334 334

1) For key financials and reconciliation of alternative key financials, see pages 27-28.

CEO’s comments

”Sales in Q1 2018 amounted to SEK 1,080 m (1,004). Just over 2 percentage points of the increase can be attributed to the acquisition of Sharp Serviettes in New Zealand, which took place in Q2 2017, and of Biopac in UK this year. More than 3 percentage points of the increase is a result of positive currency effects. The underlying organic, currency-adjusted growth was, in other words, around 2% in the quarter, despite fewer sales days.

Operating income was SEK 90 m (89). The income was affected negatively by the record-high pulp prices. The already announced price increases will compensate for these increased costs in primarily Q2. The income for the quarter was affected positively by currency effects.

Pulp prices have continued to rise during the quarter. We follow the development closely and evaluate the ongoing need for further price adjustments.

Net debt at the end of the quarter amounted to SEK 987 m (887). Since Duni's net debt is mainly raised in foreign currency, the consolidated amount is affected by the weak Swedish krona.

The Table Top business area reported net sales of SEK 534 m (511) and operating income of SEK 62 m (64). Sales increased in all significant markets, except in the Nordic region. The growth is driven by Duni's premium napkins, which continue to develop positively. The somewhat weaker result is mainly related to the high paper pulp prices. During the quarter, Table Top initiated a marketing concept for napkins to make it easier for the customer to find the right product for their specific occasion.

The Meal Service business area increased its sales to SEK 178 m (162) and its operating income to SEK 6 m (2). The relatively high growth is driven by the acquisition of Biopac in the UK and the growth in Duni's ecoecho® environmentally-profiled range. The improvement in result from the previous year is a consequence of higher sales, and was also affected positively by improved procurement terms.

The Consumer business area's sales increased to SEK 265 m (247), while its operating income increased to SEK 18 m (16). The period was affected positively by a successful campaign in Germany.

The New Markets business area increased its net sales to SEK 81 m (70), while its operating income fell to SEK 4 m (7). The sales increase was mainly related to the acquisitions in New Zealand and Thailand. The business area achieved several market investments and organizational improvements, to ensure continued strong organic growth. These investments explain the lower operating income during the quarter.

Overall, a stable result showing some growth but with strong negative impacts seen in high raw material prices and yet, positive currency effects,”says Johan Sundelin, President and CEO, Duni.

Contact us

Katja Margell
Investor Relations and Communications Director