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Duni Q2'FY14 net sales hike 7.1%
11
Jul '14
Duni AB announces Interim report for Duni AB (publ) 1 January – 30 June 2014.
 
1 April – 30 June 2014
-Net sales amounted to SEK 1 017 m (914). Adjusted for exchange rate changes, net sales increased by 7.1%.
-Earnings per share, after dilution, amounted to SEK 1.54 (1.41).
-Growth in all prioritized business areas.
-As from the middle of June, the acquisition of Paper+Design is reported within the Consumer business area.
 
1 January – 30 June 2014
-Net sales amounted to SEK 1 937 m (1 766). Adjusted for exchange rate changes, net sales increased by 6.2%.
-Earnings per share, after dilution, amounted to SEK 2.64 (2.18).
-Demand strengthened somewhat in pace with an improved economic climate.
 
CEO’s comments, “Growth of 11% was recorded in the quarter, with all business areas except Materials & Services increasing their sales compared with last year. Net invoicing, amounting to SEK 1,017 m (914), was driven by increased market shares, a weaker Swedish krona and, to a certain extent, also by the acquisition of Paper+Design. It is worth noting that, excluding acquisitions and the hygiene products business (which is being phased out), we are achieving the growth target of 5% at fixed exchange rates.
 
Operating income amounts to SEK 101 m (91) with an unchanged operating margin of 10.0%. Internal efficiency measures are continuing to contribute to a stronger EBIT. However, during the quarter non-recurring acquisition and marketing costs were incurred, and somewhat decreased efficiency was experienced within logistics due to the fact that full productivity has not yet been reached following the systems and structural changes of the past year. Net debt increased to SEK 1,164 m (793). The increase in indebtedness is entirely due to the acquisition of Paper+Design.
 
On 11 June 2014, Duni acquired all of the shares in Paper+Design. The company's operations are located in Wolkenstein in eastern Germany and the company is a leader within design-printed napkins, focused on the specialty goods trade. This market position well complements Duni’s strong presence within the retail grocery trade. Thus, a consolidation creates conditions for both product and efficiency initiatives in which the companies focus on two separate distribution channels. Paper+Design has sales in some 80 countries and approximately half of total sales are within central Europe. Last year, external sales amounted to EUR 38 m, with an operating margin of approximately 20%.


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