The Board of Directors of CTEK AB (publ) (”CTEK” or the ”Company”) has, prior to the proposed rights issue, reviewed the financial targets and decided to revise the profitability target to 20 percent adjusted EBITA margin from the previous target of over 25 percent.
The updated financial target for profitability is as follows:
- Profitability: CTEK’s target is to achieve an adjusted EBITA margin of 20 percent in the medium term. (Previous target: Achieving an adjusted EBITA margin of more than 25 percent in the medium term. Growth in the Energy & Facilities division may have a negative impact in the short term.)
The Company's other financial targets and dividend policy remain intact and unchanged, as follows:
- Sales growth: CTEK's target is to achieve net sales of SEK 2 billion on an annual basis in the medium term, with the majority of sales expected to be electric vehicle chargers and accessories.
- Capital structure: Net debt must be less than 3.0x adjusted EBITDA on a rolling twelvemonth basis. Strategic decisions such as acquisitions can have a temporary impact on the Company's indebtedness.
- Dividend policy: CTEK invests its resources in growth and business development. In addition, CTEK's objective is to distribute 30 percent of the year's profit to shareholders.
The Board of Directors of CTEK AB (publ)
Before its publication, this information was inside information and is such that CTEK AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on 8 February 2023 at 07:20 CET.