Financial targets
and dividend policy

Relais Group’s long-term financial targets:

• Double-digit EBITA growth rate annually, on average over a business cycle
• Return on capital employed (ROCE) above 13%

Dividend policy:

Relais Group’s dividend policy is to target annual dividends of 30 percent of the fully diluted earnings per share of the Group, on average over a business cycle.

In proposing the dividend, the Group’s equity, acquisition opportunities and related financing needs, liquidity position, long-term financing and investment needs, growth plans, applicable legal requirements, the Groups solvency and other factors considered relevant to the Board of Directors are taken into account.