Financial targets and dividend policy

Both financial and sustainability goals benefit our strategy for profitable, cashflow-generating growth. A responsible business with stable finances and efficient resource use is essential for Munters to carry out its strategy.

Mid-term financial targets (as of 2019) 

Net sales growth

Annual organic, currency adjusted net sales growth of 5 percent, supplemented by selected add-on acquisitions.

In 2020 net sales grew +1% (+6%) currency adjusted.

Adjusted EBITA-margin

An adjusted EBITA margin of 14 percent in the medium term.

In 2020 the adjusted EBITA-margin was 12.9% (12.2).

Capital structure

A ratio of consolidated net debt to adjusted EBITDA of 1.5x to 2.5x, which may temporarily exceed the target level (e.g., in connection with acquisitions).

In 2020 the ratio of consolidated net debt to adjusted EBITDA was at 1.9x (2.9x).

Dividend policy

According to the dividend policy adopted by the Board of Directors, Munters’ aim is to pay an annual dividend correspon-ding to 30–50 percent of net income for the year. The pay-out decision will be based on the company’s financial position, investment needs, acquisitions and liquidity position. There can be no assurances whether in any given year a dividend will be proposed or declared, however.

The Board of Directors is proposing a dividend for 2020 of SEK 0.70 (0) per share. This represents 30 percent of net income for 2020.