Financial goals

The Group’s long-term financial goals were defined in connection with the stock exchange listing in 2006. They have been revised from 2017 and onwards.

The financial goals should direct and support the Group to deliver on its strategy. As the Group now shifts its focus from margin recovery to profitable growth, new financial targets have been set for 2017 and onwards.

Regarding the financial targets valid for 2015, dividend and capital structure targets were reached in 2015. The operating margin, excluding items affecting comparability, improved to 8,2 percent from 7,2 percent, despite significant margin dilution due to changes in exchange rates. 

New financial targets from 2017

As communicated in September 2016, the Group’s new financial targets come into effect in 2017. Following the focus on and successful execution of the margin improvement in recent years, stronger emphasis will be placed on profitable growth. The Group aims to grow 1 to 2 percentage points more than the annual long-term market growth rate, which is estimated to be 2 to 3 percent. This target excludes the Consumer Brands Division, which will continue to have margin improvement as its first priority. The new financial targets, that are average over the coming years, and valid as of 2017, are:

≥3–5 %

Between 3 and 5 percent annual currency adjusted organic net sales growth, excluding the Consumer Brands Division.

≤10 %

Operating margin of at least 10 percent.

25 %

Operating working capital in relation to net sales of a maximum 25 percent. 

Long-term financial goals valid up to 2016:

Operating margin

  • Operating margin of more than 10% over the course of a business cycle.

Capital structure

  • Capital structure should meet criteria for long-term credit rating corresponding to at least BBB. This is considered to require that seasonally adjusted net debt in relation to EBITDA should not exceed a multiple of 2,5 in the long term.


  • The dividend shall normally exceed 40% of income for the year.

Goal achievement 2015

Operating margin

  • Operating margin, excluding items affecting comparability, amounted to 8.2% in 2015.
  • Average operating margin was 6.5% 2011-2015, and 7.6% 2006-2015, excluding items affecting comparability.

Capital structure

  • Seasonally adjusted net debt/EBITDA was 1.7 at year-end 2015.


  • The Board proposes a dividend for 2015 of SEK 1.65.
  • The payout ratio for 2015 corresponds to 50% of income for the year.

Related information

Operating margin

Capital structure