Financial targets

During 2015, Duni carried out a series of activities which have primarily contributed to organic growth.

SALES GROWTH, 5%

Duni’s target is to achieve average organic growth in sales in excess of 5% per year over a business cycle. In addition, Duni may consider acquisitions in order to access new growth markets or strengthen its position on existing markets.

The currency-adjusted organic rate of growth in the core business was 1.3% (excluding acquisitions and the hygiene products business), which is somewhat lower than last year. Growth was, however, in line with the market as a whole.

Sales growth

OPERATING MARGIN, 10%

Duni’s target is an operating margin of 10% or more. Profitability is to be increased through sales growth, continued focus on premium products and continued improvements within purchasing and production.

The operating margin target was exceeded and ended up at a historically high 12.6%. Structural effects achieved through the closure of the hygiene products business and the acquisition of Paper+Design contributed to the strengthened margin.

Operating margin

DIVIDEND, 40 % OF INCOME AFTER TAX

It is the Board’s intention that, in the long term, dividend shall amount to at least 40% of income after tax.

Strong earnings and cash flow continued to be generated and thus the Board proposes a dividend of SEK 5.0 per share, i.e. it is proposed that the dividend for 2015 shall equal 67% of income after tax.

Distribution of income after tax, %