Financial targets and framework

Our financial targets and framework have been adopted by the Board of Directors and communicated in connection with the Capital Markets Day on 3 May, 2018.


  • Sales will increase organically an average of 5% annually over a five-year period.

    • Sales per customer to increase
    • Sales per square metre to increase
    • Online sales to at least double every other year


  • Operating margin will amount to 6–8 per cent within a five-year period.

    • Proprietary brands will increase as a share of sales
    • The organisation and retail space will be streamlined
    • Development of product range, purchasing and logistics will be systematised

During the 2018/19 and 2019/20 financial years, approximately 1-2% of the underlying operating margin is expected to be invested in strategic initiatives.*

Capital structure

  • Net debt in relation to EBITDA to fall below two (2) times.*

    • Investments are being planned as regards financial position, cash flow and strategic activities.

Dividend policy

  • The dividend is to comprise at least 50% of earnings per share after tax, taking into consideration the company’s financial position.

    • Over the first two years, 2018/19 and 2019/20, the ambition is that the dividend will be maintained on a level with the 2016/17 financial year, in absolute terms.

* To continue to link the earnings trend for the 2019/20 financial year to the established financial targets, operating margin and net debt/EBITDA are also stated excluding the effects of IFRS 16.

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