Net sales growth

Karnov’s target is to achieve an annual organic net sales growth of 4-6 percent, in the medium term.

Adjusted EBITA margin

Karnov aims to achieve an annual adjusted EBITA margin in excess of 25 percent in the medium term and an annual adjusted EBITA margin in excess of 30 percent in the long term.

Capital structure

The objective is that net debt, excluding leasing liabilities, relative to LTM Adjusted EBITDA shall be less than 3.0. The ratio may temporarily be exceeded, for example as a result of acquisitions.

Dividend policy

Karnov intends to distribute available cash flow after consideration has been given to the Company’s indebtedness and future growth opportunities, including acquisitions. The target is to distribute 30-50 percent of the Company’s annual net profit.

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.