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Financial targets

Cary Group’s board of directors has adopted the following financial targets:

  • Revenue growth: Cary Group’s target is to achieve an average total revenue growth exceeding 15 percent per annum in the medium term, of which at least half, shall be organic.1
  • Profitability: Cary Group’s target is to achieve an adjusted EBITA margin2 of 20 percent in the medium term.
  • Capital structure: Cary Group’s capital structure shall enable a high degree of financial flexibility and allow for acquisitions. Cary Group’s target is to have a maximum net indebtedness in relation to adj. EBITDA3 of 2.5x. However, the ratio may temporarily exceed 2.5x, in connection with acquisitions.
  • Dividend policy: Cary Group strives to pay dividends of at least 20 percent of net income. Decisions on dividends shall take Cary Group’s investment opportunities and financial position into consideration.
  1. In constant currency. Growth excluding acquired revenue, which is defined as revenue during the first twelve months after consolidation of the respective acquired entities / workshops.
  2. Adjusted EBITA, Operating profit before amortization of intangible assets adjusted for items affecting comparability.
  3. In the last twelve months. Adjusted EBITDA, Operating profit before depreciation and amortization adjusted for items affecting comparability.