Future development of NORMA Group SE

The forecast for the key financial figures and the most important non-financial figures is summarized in the following table.

Forecast for the fiscal year 20191
Group sales growthOrganic growth of around -1% to 1%, additionally around EUR 13 million from acquisitions
Group sales growth EMEAModerate organic growth
Group sales growth AmericasModerate organic decrease
Group sales growth APACModerate organic growth
Group sales growth DSModerate growth
Group sales growth EJTNoticable decrease
Adjusted cost of materials ratioRoughly at the same level as in previous years
Adjusted personnel cost ratioModerate increase
Investments in R&D (in relation to EJT sales)Around 5% of EJT sales
Adjusted EBITA marginOf more than 13%
NOVABetween EUR 30 million and EUR 40 million
Financial resultUp to EUR – 15 million
Tax rateAround 25% to 27%
Adjusted earnings per shareStrong decrease
Investment rate (without acquisitions)Operative investments of around 5% of Group sales
Net operating cash flowAround EUR 90 million
Dividend/dividend ratioApprox. 30% to 35% of adjusted net profit for the period
Number of invention applicationsMore than 20
Number of defective parts (parts per million/PPM)Below 202
Number of quality-related complaints per monthBelow 82

1 – Changes in key figures resulting from the first-time application of IFRS 16 are not taken into account in the forecast.

2 – Targets until 2020.


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