Financial goals

Going towards 2020

Based on the results realised in the period 2010-2015, we drafted our 2020 ambition, which was revenue of approx. DKK 2 billion and an EBITDA margin in the range of 14-15% in 2020. Profit before tax should reach 8-10% of revenue up from the 6.1% realised in 2015.

The results in 2017 (revenue of DKK 1.9 billion, an EBITDA margin of 14.6% and profit before tax and non-controlling interests of 9.3% of revenue) take us closer to our 2020 goals, which we believe we can meet as soon as in 2018.

Up to 2022, it is our ambition to generate revenue in the range of DKK 3.3-4.0 billion through continued customer focus and organic growth combined with acquisitions ("buy and build" strategy). To attain this, we need to achieve annual growth (CAGR of 12-16%) in the period 2018-2022. In the period 2010-2017, we grew 12% p.a., and in the period 2014-2017, we grew 16%.

The organic growth has been somewhat constant at 6-7% in recent years. We believe that we can achieve similar growth rates in the future if our markets are well-working in general.

By increasing the share of own products in total sales from the current 21.6% to 25-30% in 2022, continuing the internationalisation and increasing efficiency further as well as by making massive investments in new Technologies and people, it is our ambition to improve the EBITDA margin to 16-17% by 2022 and increase profit before tax and non-controlling interests to 10-12% of revenue, as the share of own products and advanced solutions are expected to increase more relative to the rest of revenue.

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 therefore our ambition to increase profit before tax and non-controlling interests to approx. DKK 400 million by 2022 (12% of DKK 3.3 billion or 10% of DKK 4.0 billion as high growth in connection with acquisitions is expected to reduce the margin).

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

It is Management's goal to realise a ratio of net interest-bearing debt to EBITDA of 2-3.5 and to maintain this level as long as the interest rate level is historical low. This goal leaves room for increased expansion of activities compared to current plans up to 2022. 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 release 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% p.a. on average over a 5-year period. In 2016, EPS grew by 44.0%. In 2017, EPS grew by 41.6%.

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

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