Good profitability in a more stable market
- Net sales amounted to
SEK 1,971 m (1,974), corresponding to a 0.2% decrease in sales. At fixed exchange rates, net sales decrea- sed by 4.9%. -
The gross profit amounted to
SEK 523 m (401), an increase of 31% in absolute terms compared with the same period last year. -
Operating income amounted to
SEK 191 m (153), corresponding to an increase of 24.7% compared with the same period last year. -
One-off effects of approximately
SEK 20 m linked to product launches and acquisition costs result in higher indirect costs. -
The business areas have been given descriptive names to avoid confusion with the Group's brand names. The business area Duni has been renamed Dining solutions and the business area
BioPak has been renamed Food packaging solutions.
- Net sales amounted to
SEK 7,718 m (6,976), corresponding to a 10.6% increase in sales. At fixed exchange rates, net sales increased by 5.2%. -
The gross margin amounted to 23.9% (18.9%) and the operating profit amounted to
SEK 716 m (450), with an operating margin of 9.3% (6.4%). -
The Board of Directors proposes a dividend of
SEK 5.00 (3.00) per share to be divided into two partial payments.
Key financials SEK m |
3 months Oct-Dec 2023 |
3 months Oct-Dec 2022 |
12 months Jan-Dec 2023 |
12 months Jan-Dec 2022 |
Net sales | 1,971 | 1,974 | 7,718 | 6,976 |
Organic growth1) | -4.9% | 19.1% | 5.2% | 30.9% |
Operating income1) | 191 | 153 | 716 | 450 |
Operating margin1) | 9.7% | 7.8% | 9.3% | 6.4% |
EBIT | 172 | 100 | 648 | 326 |
EBIT margin | 8.7% | 5.1% | 8.4% | 4.7% |
Income after financial items | 164 | 91 | 593 | 283 |
Income after tax | 83 | 59 | 443 | 201 |
Earnings per share attributable to equity holders of the Parent Company | 1.65 | 1.28 | 8.30 | 4.25 |
Return on capital employed, excluding goodwill | 31.5% | 16.6% | 31.5% | 16.6% |
1) For reconciliation of alternative key financials, definition of key financials and glossary, see page 26-27.
CEO's comment
Growth and increased profitability during the year
The year has been characterized by a more stable market, resulting in increased growth and profitability. The focus has been on managing the relationship between price and costs in an environment of rising and then partially falling inflation. At the same time, the level of activity has been high, with many new product launches and continued sustainability investments, especially in production and logistics.
Despite a turbulent environment, which has resulted in tigh- ter household finances for many consumers, people have continued to eat out. This behavior also reflects the long- term trend of changing consumption patterns that have developed, especially in urban environments. However, growth has now slowed down in relation to the previous two years, due to the sharp increase in demand that arose in con- nection with the pandemic.
Stable fourth quarter
The Group's sales in the fourth quarter were in line with the same period last year, amounting to
Profitability and expansion in the business areas
The ongoing efficiency improvements in the vertically inte- grated production chain in the Business area Dining solutions has resulted in increased profitability as volumes have retur- ned after the pandemic. Combined with cost-compensating price adjustments, this has resulted in a record year. The ope- rating profit was strengthened in all quarters compared with the same period last year, which also comprises historically strong quarters.
The Business area Food packaging solutions' sales and operating profit for the full year were in line with the previous year. Looking ahead, we see the packaging market actively deve- loping with new, innovative materials and circular solutions. As more and more countries demand reusable serving items in restaurants,
Strong financial position
Despite continued geopolitical instability and economic chal- lenges for many consumers, we look forward to 2024 with confidence.
Robert Dackeskog,
President and CEO,
For additional information please contact
+46 (0)40-10 62 00
magnus.carlsson@duni.com
+46 (0)76-819 83 26
katja.margell@duni.com
Box 237
SE-201 22 Malmö
Phone: +46 (0)40-10 62 00
www.dunigroup.com
Company registration number: 556536-7488
https://news.cision.com/duni-group/r/year-end-report-january-1---december-31--2023,c3925473
https://mb.cision.com/Main/295/3925473/2593393.pdf
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