Financial goals

The Group’s long-term financial goals were defined in connection with the stock exchange listing in 2006.

Dividend and capital structure targets were met in 2014. The operating margin improved to 7.2 percent from 5.3 percent, moving closer to the target of 10 percent. As a consequence of the medium-term priority to focus on improving the operating margin, the sales growth target was removed in 2013. 

Financial goals

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.

Dividend

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

Goal achievement

Operating margin

  • Operating margin exckluding items affecting comparability amounted to 7.2%, in 2014.
  • Average operating margin was 6.5% 2010-2014, and 7.8% 2005-2014, excluding items affecting comparability.

Capital structure

  • Seasonally adjusted net debt/EBITDA was 2.0 at year-end 2014.

Dividend

  • The Board proposes a dividend for 2014 of SEK 1.65.
  • The payout ratio for 2014 corresponds to 114% of income for the year. Excluding impairment of goodwill, the payout ratio corresponds to 59% of income for the year.

Operating margin

Capital structure

Dividend