Interim Report for Duni AB (publ) 1 January - 30 September 2010
Stable operating margin
1 January - 30 September 2010
· Net sales amounted to SEK 2,873 m (3,063). Adjusted for exchange
rate changes, net sales decreased by 0.2%.
· Earnings per share for continuing operations amounted, after
dilution, to SEK 4.02 (4.36).
1 July - 30 September 2010
· Net sales amounted to SEK 943 m (1,021). Adjusted for exchange rate
changes, net sales decreased by 1.9%.
· Earnings per share for continuing operations amounted, after
dilution, to SEK 1.54 (2.12).
· The fire at a production plant in June is assessed to have affected
total sales in the quarter by just over 3%. Identified costs relating to
the disruption in operations have been compensated by anticipated
insurance indemnification.
Key financials
9 months 9 months 3
months July - September 3 months July - September 12 months
12 months
January-September January-September
October-September
January-December
SEK m 2010 2009 2010
2009 09/10
2009
Net sales 2 873 3 063 943
1 021 4 031 4
220
Operating income1) 272 269 103
113 439
436
Operating margin1) 9.5% 8.8%
11.0% 11.0% 10.9%
10.3%
Income after financial items 255 279 99
134 421
444
Net income2) 189 205 72
100 320
336
1. Underlying operating income; for link to reported operating income,
see the section entitled "Non-recurring items".
2. With respect to continuing operations.
CEO's comments
"During the third quarter, Duni reached the same EBIT margin of 11% as
for the last year despite somewhat lower sales, mainly related to
changed exchange rates. Retail showed a continued weak trend and Tissue
reported significantly lower sales - compared, however, with an
unusually strong quarter last year. The fire which broke out at a
production plant in June has negatively affected sales for the quarter:
by almost 2% for Professional, approximately 15% for Tissue and only
marginally for Retail.
Taking into account the fire Professional achieved an underlying volume
growth in the quarter of just over 2%. The big picture is largely the
same as in the preceding quarter and industry data signals an improved
market trend in general, which will support continued positive volume
development.
In principal all planned price increases were carried out during the
quarter. This has given support to the gross margin, albeit the full
effect will not be reached until the next quarter. It can also be noted
that, as far as Duni is concerned, increasing costs for raw materials
and traded goods have had additional impact during the third quarter.
From this perspective it is satisfying that we have been able to
maintain an operating margin of 11%. We achieved an operating income of
SEK 103 m for the quarter, which is at fixed exchange rates at the same
level as last year.
Finally, we believe that the recovery will continue on Duni's main
markets, a factor which creates conditions for volume growth within
Professional. As regards the Retail business area, we anticipate a more
stable volume development during the final quarter of the year," says
Fredrik von Oelreich, President and CEO, Duni.
Additional information is provided by:
Fredrik von Oelreich, President and CEO, +46 40 10 62 00
Mats Lindroth, CFO, +46 40 10 62 00
Fredrik Wahrolén, Marketing and Communications Manager, +46 734 19 62 07
Interim Report for Duni AB (publ) 1 January - 30 September 2010
| Source: DUNI AB
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