Net sales growth

Karnov expects to achieve an annual organic growth of between 3–5 per cent in the medium term, supplemented by selective acquisitions.

Adjusted EBITA margin

Karnov expects to increase margins in the medium term.

Capital structure

Karnov aims to have a ratio of Net debt to Adjusted EBITDA of no more than 3.0.  This level may temporarily be exceeded, for example as a result of acquisitions.

When adopting the financial targets, the board of directors has specifically considered the underlying market development, the effects of the integration of Norstedts Juridik and the effect from the ongoing shift from offline to online services. The board of directors believes that there is a reasonable basis to assume that the sales growth over the medium term will be in the upper end of the financial target range, and in the shorter term be at the lower end of the financial target range.

Dividend policy

Karnov’s objective is to distribute 30–50 per cent of the purchase price allocation (PPA) adjusted net profit. Proposals on dividends shall take Karnov’s investment opportunities and financial position into consideration.

There are several risks that may affect the company’s earnings and there is no guarantee that the company will be able to present results that enable distribution of dividend to the shareholders in the future.