Annual report 2018

2018 theme


What will Goodfoodmood® mean in 2023?
What trends will influence us then?
And what customer needs will determine how Duni shapes its offering?


Duni’s strategy for 2019–2023 will strengthen the company and our market position, in both the short and long term. To ensure its success, our customers must be at the heart of everything we do.

We will get even better at picking up on and understanding – and meeting – their needs during various phases of the customer journey. This will be reflected in the overall themes of our annual reports – Explore 2018, Experience 2019 and Expand 2020.

Our goal is to shape our business to make us the hands-down partner in a world where customer customization, environmental issues and digitalization are becoming increasingly important.

This year’s theme, Explore, means that we will really make an effort to understand how we can inspire our customers and help them make sustainable choices that are good for the environment.

This will be an exciting journey.

This is Duni

CEO’s comments

“In a challenging world around us, we have received confirmation that Duni is on the right track, with both a strong organization and offering.”

They deliver what’s good


Table Top

Meal Service


New Markets


A new strategy and
key acquisitions

BioPak Pty Ltd. in Australia was acquired and consolidated into New Markets. The company’s environmentally sound disposable packaging will be crucial for Duni’s continuing expansion in Asia and Oceania.

Marielle Noble was appointed Customer Experience Director as a part of the new strategy’s increased customer focus.

Magnus Carlson succeeded Thomas Lööb as Corporate Development Director.

The acquisition of Biopac UK Ltd. in the UK strengthens Meal Service and Duni’s sustainable disposable packaging offering in Europe.

Three major initiatives to improve margins were launched to improve income and meet the challenge posed by high pulp prices.

The investment in increased production capacity for the crucial airlaid material has been completed. This material is used for product groups including Dunilin® and Dunisoft®.

A new strategy was launched as a platform for growth, aiming to make Duni even more customer-focused and sustainable.

Duni is expanding its already broad spectrum of plastic-free and sustainable alternatives under its ecoecho® brand.

In order to strengthen Duni’s diversity efforts, the company initiated a collaboration with Mitt Liv, a social enterprise that strives to achieve an inclusive society.

Operating margin


The operating margin was 8.7 (11.1) percent

Net sales

SEK 4,927 m

Net sales increased to SEK 4,927 m (4,441)

Operating income

SEK 430 m

Operating income was SEK 430 m (491)


SEK 5.00

The Board of Directors proposes a dividend of SEK 5.00 (5.00) per share


2018 2017 2016 2015 2014
Net sales 4,927 4,441 4,271 4,200 3,870
Operating income*, SEK m 430 491 502 528 452
Operating EBITDA* 583 630 632 656 572
EBIT 351 456 463 493 433
EBITDA 546 629 622 622 556
Net income before tax 328 439 441 459 414
Net income for the year 249 334 334 346 302
Proposed dividend, SEK/Share 5.00 5.00 5.00 5.00 4.50
Equity 2,616 2,594 2,486 2,345 2,193
Return on equity, % 9.5 12.9 13.4 14.8 13.8
Return on capital employed, % 10.6 14.4 15.8 18.6 15.4
Number of employees 2,477 2,362 2,279 2,082 2,092


* Operating income and operating EBITDA are alternative key ratios that Duni uses to guide its operations. It relates to EBIT less amortization of intangible assets identified at acquisition, restructuring costs and fair value allocations.
1) Relates to continuing operations for 2015 and back in time. The discontinued hygiene products business has been recalculated and, in accordance with IFRS, is reported on a line after the net income for the period for continuing operations.
2) Key ratios for 2016 and onwards include non-controlling interests.

Net sales and operating income, SEK m