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Outlook & Targets

2016 Guidance Medium-Term Targets
Organic Revenue


5-6% per annum
EBITDA before Special Items margin 35%-36% High 30s (%)
Capex Capex will be affected by e.g. investment in new data centre and, henc, expected to be at an elevated level of around 10 % of net revenue
Target normalised Capex in the range of 6-8% of net revenue from 2017 onwards
Special Items DKK 630 million, of which approx. DKK 290 million are IPO-related
2017 special items are expected at DKK 120 MM; in addition, IPO related retention costs expected at DKK 60 MM for 2017 and 2018 (in total)
Capital structure At or below 3.4x
Medium-term target net interest bearing debt / EBITDA before special items of 2.0x-2.5x assuming no M&A