Financial targets

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

The long-term target is for growth of 3–4% per year. For 2019 the target was reached. Net sales grew by 3% as a result of positive currency effects and higher prices. 

Yeat Percent
2017: 3% 3
2018: 6% 6
2019: 3% 3
3
Target 3-4%
6
Outcome 6%

The EBITDA margin should exceed 17%. The target was not achieved for 2019 due to higher raw material costs and negative effects from the start-up of the new board machine at Gruvön. 

Year Percent
2017: 17% 17
2018: 12% 12
2019: 12% 12
17
Target >17%
12
Outcome 12%

Return on capital employed (ROCE) should exceed 13%. The target was not reached for 2019, primarly due to the major investment in the new board machine at Gruvön. 

Year Percent
2017: 12% 12
2018: 7% 7
2019: 4% 4
13
Target >13%
7
Outcome 7%

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

Yeae Interest-bearing net debt/EBITDA
2017: 1,5 1.5
2018: 3,2 3.2
2019: 1,9 1.9
2.5
Target < 2.5
3.2
Outcome 3.2

The dividend shall amount to 50% of net profit. For 2019 the Board has proposed a dividend of SEK 4.30 per share, corresponding to 13% of the net profit. 

Year Percent
2017: 54% 54
2018: 86% 86
2019: 13% 13