Financial goals

Going towards 2020

It is our ambition to generate revenue at the level of DKK 2.0 billion in 2020 through continued organic growth combined with minor acquisitions (“buy and build” strategy). To attain this end, we need to achieve annual Growth (CAGR) of approx. 9% per annum in the period 2016-2020, corresponding to the annual growth rate realised in the period 2011-2015. In 2016, we realised 15.1% growth.

By increasing the ratio of own products of total sales, continuing our internationalisation efforts, further enhancing efficiency and investing massively in new technology and people, it is our ambition to increase the EBITDA margin to 14-15% from the 12% realised in 2015. In 2016, the EBITDA margin totalled 13.4%.

To be able to do so, the markets we operate in need to be well-working in general.

In the long term, profit before tax and non-controlling interests is expected to increase gradually to approx. 8-10% of revenue, as the ratio of own products and state-of-the-art solutions is expected to increase more than the rest of revenue in relative terms. In respect of sub-supplier tasks, the goal is still to generate profit before tax and non-controlling interests corresponding to 5% of revenue.

It is Management’s goal to realise a ratio of net interest-bearing debt to EBITDA of 2-4 and to maintain this level as long as the interest rate level is historical low. This goal leaves room for more activities than planned. SP Group will continue to reduce its net interest-bearing debt by strengthening cash flows from operating activities and by selling non-value-creating assets in order to free capital.

The equity ratio (including non-controlling interests’ share of equity) will be maintained at 25-45%. Should the equity ratio decrease due to a higher level of activity, the Company will consider asking the shareholders for additional capital. If, on the other hand, the equity ratio increases, any excess capital is expected to be transferred back to the shareholders.

SP Group aims at providing its shareholders with a fair return through increases in the share price. Ambitions are that earnings per share (EPS) should increase by 20% per annum on average over a 5-year period, corresponding to the growth rate achieved in the period 2010-2015. In 2016, EPS grew by 44.0%.

In recent years, dividends distributed have totalled 15-20% of the profit for the year. Every year before the annual general meeting, Management assesses if the current level is adequate.

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