Financial targets

Profitability

Achieve an operating margin of over 40 per cent in the medium term horizon by leveraging our operational scale advantages. In 2015 EBIT margin amounted to 30 per cent. By ensuring the right balance between growth, profitability and capital efficiency, we aim to achieve a 20 per cent return on equity in the medium-term horizon. In 2015 return on equity amounted to 13 per cent.

Capital structure

A CET1 ratio in excess of 12 per cent – though we may temporarily fall short of this level due to major portfolio acquisitions or goodwill effects when acquiring businesses. As per 31 December the CET1-ratio amounted to 12.3%.

Dividend policy and dividend

As we continue to foresee substantial acquisition opportunities in our markets we will initially aim to distribute around 25-30% of our net profit as dividend over the medium term. Given the historically strong cash flow generation of our business, our long term aim is to distribute around 50% of the annual net profit as dividend. The AGM held on 29 April 2016 approved the proposed shareholder dividend of SEK 0.75 per share, in total SEK 59,000,000, corresponding to 26% of net profit 2015.