Interim Report for Duni AB (publ) 1 January – 30 June 2013

Strong second-quarter in an economy which continues to be a challenge
1 April – 30 June 2013

  · Net sales amounted to SEK 914 m (934). Adjusted for exchange rate changes,
net sales increased by 1.0%.
  · Earnings per share, after dilution, amounted to SEK 1.41 (1.19).
  · Seasonally, a historically strong operating margin of 10.0%.
  · On 17 June, Duni entered into an agreement for the acquisition of the assets
in Song Seng Associates, the leading supplier of single-use packaging for food
and beverages in Singapore with a growing export market in Southeast Asia.

1 January – 30 June 2013

  · Net sales amounted to SEK 1,766 m (1,790). Adjusted for exchange rate
changes, net sales increased by 1.7%.
  · Earnings per share, after dilution, amounted to SEK 2.18 (1.97).
  · Stability despite a somewhat declining European market.

Key financials

SEK   m          3 month  3 month  6 months  6 months  12      12 months
                 s        s                            months  January –December
                 April-   April    January   January   July –  2012
                 June     -        –June     –June     June
                 2013     June     2013      2012      12/13
                          2012
Net   sales      914      934      1 766     1 790     3 645   3 669
Operating        91       90       146       150       338     342
income1) 2)
Operating        10.0%    9.6%     8.3%      8.4%      9.3%    9,3%
margin1) 2)
Income   after   88       77       137       128       213     204
financial items
2)
Net   income2)   66       56       103       93        136     126

1)  Underlying operating income; for link to reported operating income, see the
section entitled "Non-recurring items".
2) Comparison figures for 2012 recalculated in accordance with IAS19R; see
further in Note 2.

CEO’s comments

“The growth from the first quarter of the year was maintained into the second
quarter and, despite low growth figures, it is pleasing that the pace exceeds
the market in general. Sales during the second quarter amounted to SEK 914 m
(934) which, measured at fixed exchange rates corresponds to an increase of 1.0%
compared with last year. Operating income before non-recurring items was SEK 91
m (90) and the operating margin was 10.0% which is strong, for the second
quarter, even from a historical perspective. The results were particularly good
within Meal Service, which is a part of Professional, and in our markets outside
of Europe. The growth trend is stable in markets such as Russia and the Middle
East, and the export markets grew during the quarter by 28%. Within Europe,
demand continues to be weak and industry statistics generally show either demand
on par with last year or a decrease of a few percentage points. Within the
segments, we see continued growth in easily accessible concepts such as Fast
Food and take-away which, on most markets, occurs at the expense of growth via
traditional restaurants.

During the quarter, we decided to carry out organizational changes within each
category. In order to increase the degree of specialization and strengthen the
focus on prioritized customer segments, the sales organization is being
integrated into each business area. The change, which is a natural step in the
reorganization which was commenced during 2012, is creating the conditions for
more efficient use of resources and improved integration between marketing and
sales activities. The organizational change is being implemented in stages and
it is anticipated that it will be fully implemented at the end of the first
quarter of 2014.

As a part of our increased focus on growth markets, the acquisition of Song Seng
in Singapore was announced during the quarter. Song Seng has successfully
conducted the purchase and sale of single-use products on the rapidly growing
take-away market in Southeast Asia since 1984. In recent years, the company has
increased its market presence significantly and invested in a structure which
renders possible future growth. The acquisition creates a platform for the
immediate launch of Duni's products while the business itself is both profitable
and growing strongly.

Professional reports at fixed exchange rates a marginal increase in sales during
the quarter with strong earnings. Good cost controls and positive effects from
purchasing, among other things, generated an operating margin for the quarter of
13.8% (12.9%). Developments in southern Europe continue to be a challenge while
our primary markets are developing on par with last year. Customer-oriented work
is at a high level but, as a consequence of poor demand, competition is
increasing. The premium range is developing better than the range as a whole and
efforts in Evolin® and other premium products continues. Sales for the quarter
amounted to SEK 699 m (689) which, measured at fixed exchange rates, corresponds
to a sales increase of 0.9%. Net income for the period comes in at SEK 94 m
(90).

Due to lower level of promotions, Consumer sales during the quarter were lower
than last year. Net sales amounted to SEK 119 m (126) which, measured at fixed
exchange rates, corresponds to a decrease in sales of 1.6%. The business climate
in the Consumer business area is challenging and, despite the fact that several
new customer contracts were implemented, sales came in at below last year's
level. Viewed over two quarters and measured at fixed exchange rates, the
business area grew by 6.7% but further measures must be taken in order to
achieve stability. Operating income amounted to SEK -5 m (0) and was primarily
affected by lower gross profits. The business operations within the Tissue
business area follow the plan established in conjunction with the decision to
leave the hygiene products market.

All in all, and given the market situation, we are satisfied with the income for
the quarter. It is pleasing that underlying growth persists and we have segments
and markets reporting high growth. In addition, two important activities have
been implemented with the acquisition of Song Seng and the change in the sales
organization, initiatives which create opportunities for both enhanced
profitability and faster growth,” says Thomas Gustafsson, President and CEO,
Duni.
Additional information is provided by:

Thomas Gustafsson, 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
Duni is a leading supplier of attractive and convenient products for table
setting and takeaway. The Duni brand is sold in more than 40 markets and enjoys
a number one position in Central and Northern Europe. Duni has some 1,900
employees in 18 countries, headquarters in Malmö and production units in Sweden,
Germany and Poland. Duni is listed on NASDAQ OMX Stockholm under the ticker name
“DUNI”. ISIN-code is SE 0000616716.