TOP 10 SHAREHOLDERS

Shareholders 31 March 2019	Number of shares	Percentage
Mellby Gård Investerings AB	14,094,500	29.99%
Polaris Capital Management LLC	4,395,671	9.35%
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	1,877,501	3.99%
Swedbank Robur fonder	1,753,414	3.73%
BNY MELLON NA	1,668,900	3.55%
Handelsbanken fonder	1,099,732	2.34%

SHAREHOLDER DISTRIBUTION

Shareholder	Number of shares	Percentage
Sweden	33,982,476	72%
USA	7,216,409	15%
Other countries	5,800,147	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

SEB

Gustav Sandström

+46 771 621 000

gustav.sandstrom@seb.se

Financial targets

During 2018, Duni carried out a series of activities that have contributed to growth, both organically and through acquisitions..

Read Annual Report 2018

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 2018: The currency-adjusted organic growth was 1.5 %. It is believed that the market as a whole grew on average 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 2018: The operating margin was 8.7%. As a result of the substantial increases in input material prices, the financial target of an operating margin over 10% could not be achieved.

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 2018: In spite of restructuring costs, investments and major acquisitions in 2018, Duni has a financial position that allows for a dividend in line with the previous year. The Board proposes a dividend of SEK 5.00 per share, i.e. it is proposed that the dividend for 2018 shall equal 96% of income after tax.