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Interim report for Duni AB (publ) January 1–September 30, 2019

18 okt 2019
Improved operating margin and continuing growth in sustainable packaging solutions

Improved operating margin and continuing growth in sustainable packaging solutions


  • Net sales amounted to SEK 1,377 m (1,190), corresponding to a 15.7% increase in sales. Adjusted for exchange rate movements, net sales increased by 11.7%.
  • Earnings per share after dilution amounted to SEK 1.71 (1.39).
  • The implemented price increases and continuing decline of raw material prices contributes positively to the strong cash flow. The improvement in operating income takes place successively as the lower raw material prices affect the inventory revaluation.


  • Net sales amounted to SEK 3,990 m (3,467), corresponding to a 15.1% increase in sales. Adjusted for exchange rate movements, net sales increased by 11.8%.
  • Earnings per share after dilution amounted to SEK 4.20 (4.00).
  • Prices increases, cost controls and BioPak in Australia made a positive contribution.
  • The raw material impact remains negative due to inventory revaluation effects.


SEK m 3 months Jul-Sep
3 months Jul-Sep 2018 9 months
9 months
Jan-Sep 2018
12 months Oct-Sep 2018/2019 12 months Jan-Dec 2018
Net sales 1,377 1,190 3,990 3,467 5,450 4,927
Organic growth 0.2% 0.8% -0.5% 1.6% -0.1% 1.5%
Organic pro forma growth 1) 3.1% 1.4% 2.4% 1.9% 2.9% 2.5%
Operating income 2,3) 130 107 334 293 471 430
Operating margin 2,3) 9.5% 9.0% 8.4% 8.5% 8.6% 8.7%
Income after financial items 106 90 258 254 332 328
Income after tax 81 66 200 191 259 249

1) Currency-adjusted growth including acquisitions, which are compared with the previous year’s pro forma figures.

2) For key financials, definitions and reconciliation of alternative key financials, see pages 26-27.
3) For the impact of the new leases standard as of January 1, 2019, see Note 1.

CEO’s comments

Stronger operating margin
“The operating margin increased in the quarter to 9.5% (9.0%) and the operating income was SEK 130 m (107). The main reasons for the 21% increase in income are the implemented price increases, the continuing decline in pulp prices and effective cost controls. Income was impacted negatively by higher logistics costs and inventory revaluation effects related to lower pulp prices.

A more sustainable Duni driving growth
Net sales increased by 11.7% at fixed exchange rates. This increase mainly stems from our acquisitions, which continue to perform well. Organic pro forma growth1) for the quarter amounted to 3.1%. The trend from previous quarters continued, with growth being driven primarily by sustainable packaging solutions but also premium napkins. The table cover market continues to decline while the sustainable packaging market is experiencing strong growth.

Duni’s goal is to build BioPak into a global brand, and the brand was launched in Singapore during the quarter along with the first parts of the product range in Europe. On October 1, we also completed a complementary acquisition of the Australian company Horizons, which further strengthens our existing position as a market leader in sustainable packaging in Australia.

Performance of our business areas
The Meal Service and New Markets business areas performed well in terms of both sales and operating income. Table Top experienced slightly positive sales growth and margin improvements while Consumer reported a decrease in both sales and operating income. In line with the retail market, the Consumer business area experienced a continued negative income performance, and we have now initiated a program to further strengthen synergies within the business area.

Stable pulp prices
We observed that pulp prices were down further in the third quarter but this decline is now expected to come to a stop. Taken as a whole, this should have a positive impact on income in the fourth quarter,” says Johan Sundelin, President and CEO, Duni.


For more information, please contact:
Johan Sundelin, President and CEO, +46 (0)40 10 62 00
Mats Lindroth, CFO, +46 (0)40 10 62 00
Helena Haglund, Group Accounting Manager, +46 (0)734 19 63 04

Duni AB (publ)
Box 237
SE-201 22 Malmö
Phone: +46 (0) 40 10 62 00
Company registration no.: 556536-7488


Duni is a leading supplier of attractive and functional products for table setting and take-away. The Duni brand name is sold in more than 40 markets and enjoys a number one position in Central and Northern Europe. Duni has around 2,400 employees in 24 countries, its headquarters in Malmö and production units in Sweden, Germany, Poland, New Zealand and Thailand. Duni is listed on the 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 submitted for publication, through the agency of the contact person set out above, at 07:45 CET on October 18, 2019.

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Katja Margell
Investor Relations and Communications Director