2018 was the year when BillerudKorsnäs laid the foundation for the future, with focus on safety, stability and organisation. We are now accelerating the pace of innovation.

Petra Einarsson
President and CEO
Read CEO's statement (pdf)
Net sales, SEK bn

Net sales by divison

Nettoomsättning per division Procent
Division Board, 54
Division Paper, 36
Division Solutions, 4
Others, 6

EBITDA split by division

Fördelning EBITDA per division Procent
Division Board, 62
Division Paper, 38
Division Solutions, 0

Our targets

To support BillerudKorsnäs’ target for profitable growth and a good return for shareholders, the company has established five financial targets, as well as a number of sustainability targets within its respective commitments.

Long-term target for growth of 3–4% per year. The full year 2018 saw strong growth and the target was achieved due to higher selling prices and a positive currency impact.

Yeat Percent
2016: 0% 0
2017: 3% 3
2018: 6% 6
Target 3-4%
Outcome 6%

The EBITDA margin should exceed 17%. The target was not achieved for the full year 2018 mainly due to higher raw material costs. If adjusted EBITDA is used the margin would be 15%.

Year Percent
2016: 17% 17
2017: 17% 17
2018: 12% 12
Target >17%
Outcome 12%

Return on capital employed (ROCE) should exceed 13%. The target was not achieved for the full year 2018 due to higher raw material costs and large investments, mainly related to the new board machine KM7.

Year Percent
2016: 12% 12
2017: 12% 12
2018: 7% 7
Target >13%
Outcome 7%

Long-term interest-bearing net debt in relation to EBITDA should be less than a multiple of 2.5. At the end of 2018 this multiple was 3.17, if adjusted EBITDA is used the number would be 2.68 (note 6).The multiple has increased mainly due to increased debt related to investments in the new board machine in Gruvön.

Yeae Interest-bearing net debt/EBITDA
2016: 1,1 1.1
2017: 1,5 1.5
2018: 3,2 3.2
Target < 2.5
Outcome 3.2

The dividend should amount to 50% of net profit. The Board’s proposed dividend of SEK 4.30 per share for 2018 entails fulfilment of the dividend target through paying out 86% of net income as dividend, and 56% using adjusted net profit.

Year Percent
2016: 59% 59
2017: 54% 54
2018: 86% 86
Target 50%
Outcome 86%

BillerudKorsnäs’ sustainability work is all about taking responsibility through the entire value chain, creating greater customer value and contributing to the transition to a sustainable and bio-based society. Each of these three areas is coupled with a number of tangible, goal-oriented commitments to effectively drive our work on sustainability.

All our sustainability targets

Key events

World-class paper machine in Skärblacka begins production

Spring 2018 saw the launch of production on PM10, the new MG paper machine in Skärblacka.

Gruvön ready for launch

Our biggest investment ever, is ready to come on stream in March–April 2019.

Acquisition to secure stable wood flow

To secure our future wood supply a binding agreement for the acquisition of Bergvis Skog Öst AB was signed.

New organisation into divisions

October saw the introduction of a new organisation, with three divisions that have full responsibility for their financial results.

Industry leader in Dow Jones Sustainability Index

BillerudKorsnäs was named industry leader in the Containers & Packaging category.

New organisation

Division Board

Division Board manufactures liquid packaging board and cartonboard, plus fluting and liner. All its customers demand high quality and expect materials and service solutions that add value.
Growth target
Net sales, SEKm

Division Paper

Division Paper manufactures and sells high-performance, premium-grade kraft and sack paper to selected segments in the manufacturing, medical equipment and consumer segments. The division also sells surplus paper pulp on the open market.
Growth target
Net sales, SEKm

Division Solutions

Division Solutions meets brand owners’ growing demand for sustainable and effective packaging solutions and systems. The division’s business is growing in three areas, the largest of which is currently Managed Packaging, which offers tailored packaging solutions and services to global brand owners.
Growth target, million
Net sales, SEKm


Strategy for sustainable solutions and profitable growth

In order to deliver profitable growth of 3–4% annually, goal-oriented and intensive work is being undertaken in four strategic areas: position, innovation, sustainability and efficiency. Maintaining a customer focus at all times, BillerudKorsnäs’ 4 500 employees are the people driving the change that is needed to realise the strategy and achieve our ultimate purpose – a sustainable future.


Innovative packaging solutions that help to solve global challenges are not just a strategically important question for us but for our whole planet.

Challenge from a paper bottle

In 2015 BillerudKorsnäs began a collaborative project with the vision of creating a 100% bio-based and recyclable paper bottle for carbonated drinks and other contents. Now the project has been expanded and different variants of the paper bottle have been developed in close partnership with leading brand owners in a range of segments. Collaboration with internal and external actors that possess a variety of expertise is t

A paper battery – important steps towards commercial manufacture

Cheap, bio-based paper batteries may emerge from a unique collaboration between BillerudKorsnäs and one of Sweden’s foremost research groups at Uppsala University. Together they have produced a solution in which electrodes based on cellulose from primary fibre enable energy to be stored in paper, thus also enabling recycling and the production of new packaging and a new battery.


Strategy for driving a faster transition

BillerudKorsnäs’ strategic approach to sustainability is crystal clear; our ambition is to drive proactive work on sustainability in every way, increasing our capacity to minimise our negative impact while further maximising our positive impact.

Responsibility and influence throughout the value chain

We work actively to maximise positive and minimise negative impacts along the value chain. Collaboration with business partners and other stakeholders is essential to drive change where it makes the biggest difference.

Our work on Agenda 2030

The 17 Sustainable Development Goals adopted by the Member States of the UN in September 2015 guide efforts towards ensuring that global development will be sustainable in the long term. The goals that BillerudKorsnäs is best placed to influence are SDGs 8, 12, 13, 14 and 15.

2018 highlights

WHAT IF the oceans were full of plankton. Not plastic.