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Financial targets

To support BillerudKorsnäs’ target for profitable growth and a good return for shareholders, the company has established four financial targets.

The long-term growth target is 3–4% per year. For 2020 the target was not reached, mainly due to challenging market conditions. Net sales declined by 2%. Currency effects did not have material impact. 

Year Percent
2018: 6% 6
2019: 3% 3
2020: -2% -2
3
Target 3-4%
-2
Outcome -2%

The EBITDA margin target of 17% has not been achieved during the last three years. During this period earnings have been negatively affected by the new board machine at Gruvön. In 2020 the profitability was also impacted by lower market prices. 

Year Percent
2018: 12% 12
2019: 12% 12
2020: 11% 11
17
Target >17%
11
Outcome 11%

Interest-bearing net debt to EBITDA shall be less than 2.5. The target was reached in 2020. The sale of Bergvik Skog Öst in 2019 strengthened the financial position substantially. 

Yeae Interest-bearing net debt/EBITDA
2018: 3,2 3.2
2019: 1,9 1.9
2020: 2,0 2.0
2.5
Target < 2.5
2.0
Outcome 2.0

The dividend policy states dividends of at least 50% of net profit. For 2020 the dividend amounted to SEK 4.30 per share, corresponding to 135% of the net profit.  

Year Percent
2018: 86% 86
2019: 13% 13
2020: 135% 135
50
Target 50%
135
Outcome: 135%