Interim report 1 January - 31 March 2009

Interim report 1 January - 31 March 2009

Operating margin 7.2% in a softer market

1 January - 31 March 2009

- Net sales increased by 3.9% to SEK 1 007 m (969).
- Earnings per share for continuing operations amounted, after dilution, to SEK
0.79 (0.96).

Key financials

	                           Jan - Mar	Jan - Mar		FY	LTM
	                           2009	2008		2008	2008/2009
Net sales, SEK m	                  1 007	969		4 099	4 137
Operating income 1), SEK m	         73	83		414	403
Operating margin 1), %	         7.2%	8.6%		10.1%	9.7%
Income after financial items, SEK m	50	67		251	233
Net income 2), SEK m	         37	45		191	182

1)	Before an unrealized valuation effect of derivatives of SEK -2 m (3) due to
the non-application of hedge accounting.
2)	With respect to continuing operations.

CEO's comments"The economy continued to weaken in general during the first quarter of the
year. For Duni's customer groups, the downturn is most noticeable in the hotel
and catering sectors, while the restaurant industry and, to greater degree, the
grocery retail trade are coping somewhat better. 

In other words, sales slowed down further during the first quarter and we note a
decline in sales volumes of 5-6% within both the Retail and Professional
segments. The greatest impact of the recession is still evident in Southern
Europe, primarily Spain, and on the Eastern European markets. In Eastern Europe,
weakened currencies have also had a negative effect. 

The weak Swedish Krona, however, implies that we can report an increase in
turnover of 3.9%. For business area Professional sales increased by 6.5%.
Central Europe with the main market Germany continues to deliver healthy sales
numbers in a weakening market.

Sales in Retail increased with 6.2%. We can also in the first quarter note a
gradual improvement of the profitability. The results from the markets improved
compared to last year and it is very positive that the UK displays a much better
result.

For the Tissue business area the development was rather weak. Nevertheless, we
still foresee that volumes will pick-up in the second half of the year.
The depth of the recession in which we now find ourselves is something that
hardly anyone could have foreseen a year ago. Duni has, however, rapidly adapted
to the weaker market. We have cut back on production and succeeded in reducing
inventories despite a declining market. This has affected gross margins to a
certain extent, but it is a priority to keep inventories under control and focus
on cash flow. 

As I pointed out earlier, 2009 will be a tough year and we expect a volume
development in line with that of the first quarter for the rest of the year. In
the coming quarters we will enjoy larger positive effects of falling purchase
prices and of the previously announced structural measures," says Fredrik von
Oelreich, President and CEO, Duni.


Fredrik von Oelreich, President and CEO, +46 40 10 62 00
Johan L. Malmqvist, CFO, +46 40 10 62 00
Fredrik Wahrolén, Marketing and Communications Manager, +46 734 19 62 07

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 2,000
employees in 17 countries, headquarters in Malmö and production units in Sweden,
Germany and Poland. Duni is listed on NASDAQ OMX Nordic Stockholm under the
ticker name “DUNI”. ISIN-code is SE 0000616716. 
www.duni.com