TOP 10 SHAREHOLDERS

Shareholders 31 December 2018	Number of shares	Percentage
Mellby Gård Investerings AB	14,094,500	29.99%
Polaris Capital Management LLC	4,356,064	9.27%
Carnegie fonder	4,250,000	9.04%
Lannebo fonder	2,926,539	6.23%
VERDIPAPIRFOND ODIN SVERIGE	2,196,246	4.67%
FJÄRDE AP-FONDEN	2,042,896	4.35%
State Street Bank & Trust Com., Boston	1,954,501	4.16%
BNY MELLON NA	1,781,633	3.79%
Swedbank Robur fonder	1,753,414	3.73%
Handelsbanken fonder	1,140,358	2.43%

SHAREHOLDER DISTRIBUTION

Shareholder	Number of shares	Percentage
Sweden	33,577,810	71%
USA	7,553,136	16%
Other countries	5,868,086	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 2017, Duni carried out a series of activities that have contributed to growth, both organically and through acquisitions..

Read Annual Report 2017

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 long-term intention for dividends to amount to at least 40% of income after tax.

Target fulfillment in 2017: Despite several major investments and acquisitions, Duni remains in a good financial position. The Board therefore decided on a dividend of SEK 5.00 per share, i.e. the dividend for 2017 equals 72% of income after tax.