Financial targets and dividend policy

The Board of Directors has adopted the following financial targets and dividend policy for the Group:

• Net sales growth – Munters’ objective is to achieve an annual organic sales growth of  5 percent, supplemented by selective acquisitions.
• Adjusted EBITA Margin – Munters’ objective in the medium-term is to have an Adjusted EBITA Margin of 14 percent.
• Capital structure – Munters aims to maintain a ratio of Net Debt to Adjusted EBITDA of 1.5x to 2.5x, and may temporarily exceed this level (e.g., as a result of acquisitions)
• Dividend policy – Munters aims to pay an annual dividend corresponding to 30–50 percent of its consolidated income for the period. The pay-out decision will be based on the Company’s financial position, investment needs, acquisitions and liquidity position. There can be no assurances, however, that in any given year a dividend will be proposed or declared.