The Duni Share


Shareholders March 31, 2016 Number of shares Percentage
Mellby Gård Investerings AB 14,094,500 29.99%
Polaris Capital Management LLC 5,873,947 12.50%
Swedbank Robur fonder 4,215,486 8.97%
Carnegie fonder 3,210,082 6.83%
Lannebo fonder 2,515,313 5.35%
1. State Street Bank & Trust Com., Boston 2,027,733 4.31%
Handelsbanken Fonder AB 1,862,775 3.96%
JPM Chase NA 1,611,112 3.43%
Fjärde AP-Fonden 1,151,052 2.45%
2. State Street Bank & Trust Com., Boston 930,584 1.98%


Shareholder Number of shares Percentage
Sweden 31,900,791 67.88%
USA 8,265,764 17.59%
Other countries 6,832,477 14.54%


Financial targets

During 2015, Duni carried out a series of activities which have primarily contributed to organic growth.

Sales growth 5%

Duni’s target is to achieve average organic growth in sales in excess of 5% per year over a business cycle. In addition, Duni may consider acquisitions in order to access new growth markets or strengthen its position on existing markets.

Target fulfillment in 2015: The core business (excluding acquisitions and the hygiene product business) achieved currency-adjusted organic growth of 1.3%. Continued growth but on a lower level than previous year. Growth, however, is in line with the market as a whole.


Duni’s target is an operating margin of 10% or more. Profitability is to be increased through sales growth, continued focus on premium products, and continued improvements within purchasing and production.

Target fulfillment in 2015: The operating margin target was exceeded and reached historical 12.6%. The strengthened margin is largely due to structural effects from the closure of hygiene production and the acquistion of Paper+Design.


It is the Board’s intention that, in the long term, dividends shall amount to at least 40% of income after tax.

Target fulfillment in 2015: Solid earnings and cash flow continue to be generated and thus the Board proposes a dividend of SEK 5.00, i.e. dividends for 2015 shall equal 67% of income after tax.