TOP 10 SHAREHOLDERS

Shareholders 31 March 2018	Number of shares	Percentage
Mellby Gård Investerings AB	14,094,500	29.99%
Swedbank Robur fonder	4,174,844	8.88%
Carnegie fonder	4,000,000	8.51%
Polaris Capital Management LLC	3,639,197	7.74%
Lannebo fonder	2,673,097	5.69%
VERDIPAPIRFOND ODIN SVERIGE	1,890,042	4.02%
FJÄRDE AP-FONDEN	1,636,985	3.48%
1. State Street Bank & Trust Com., Boston	1,570,649	3.34%
JPM Chase NA	990,363	2.11%
2. State Street Bank & Trust Com., Boston	852,230	1.81%

SHAREHOLDER DISTRIBUTION

Shareholder	Number of shares	Percentage
Sweden	34,451,857	73%
USA	6,932,324	15%
Other countries	5,614,851	12%

analysts

ABG Sundal Collier

Andreas Lundberg

+46 8 566 286 51

andreas.lundberg@abgsc.se

Handelsbanken Capital Markets

Karri Rinta

+46 8 701 3636

kari05@handelsbanken.se

Financial targets

During 2016, Duni carried out a series of activities that have contributed to growth, both organically and through acquisitions..

Read Annual Report 2016

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 2017: The currency-adjusted organic growth was 0.9%. Duni demonstrated a growth rate in line with the preceding year. The market is estimated to have grown by approximately 1%.

OPERATING MARGIN, 10%

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 2017: The operating margin target was exceeded and resulted at 11.1%. Structural effects and acquisitions in recent years positively contributed to the operating margin.

DIVIDEND, 40% OF INCOME AFTER TAX

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 2016: Thanks to continued positive income generation and a strong cash flow, the Board proposes a dividend of SEK 5.00 per share, i.e. it is proposed that the dividend for 2016 shall equal 71% of income after tax.