Outlook

Financial Guidance 2020

• EBITDA: Organic growth >2%
• Free cash flow before acquisitions: ~ DKK 850 million

Financial ambitions
Scandinavian Tobacco Group’ s financial ambition is to deliver strong financial performance.

• We aim to continuously deliver average annual organic EBITDA growth of 3-5%.
• It is our ambition to achieve annual average growth in free cash flow before acquisitions and sizeable investments.
• The objective is to deliver annual growth in ordinary dividend payments.