2019 was an eventful and challenging year. We sold a majority share of Bergvik Skog Öst and the new board machine at Gruvön was commissioned and started delivering material to customers.

Lennart Holm
Acting President and CEO
Read CEO's statement (pdf)
Net sales, SEK bn

Net sales by divison

Nettoomsättning per division Procent
Division Board, 56
Division Paper, 33
Division Solutions, 4
Others, 7

EBITDA split by division

Fördelning EBITDA per division Procent
Division Board, 61
Division Paper, 37
Division Solutions, 2

Demand for packaging is rising as a consequence of urbanisation and digitalisation. At the same time, sustainability is a strong driver, which means future packaging will need to be designed so that it does not impact our climate. Read more about external trends.

Our targets

To support BillerudKorsnäs’ target for profitable growth and a good return for shareholders, the company has established five financial targets, and highlights three targets related to sustainable development.

Our long-term target is for growth of 3–4% per year. The target was reached for 2019. Net sales rose by 3% as a result of positive currency effects and higher prices. 1 For comparable units.

Yeat Percent
2017: 3% 3
2018: 6% 6
2019: 3% 3
Target 3-4%
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
Target >17%
Outcome 12%

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

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

Interest-bearing net debt to adjusted 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
Target < 2.5
Outcome 3.2

The dividend shall amount to 50% of the net profit. The proposed dividend for 2019 is SEK 4.30. This corresponds to 13% of the net profit, which was positively affected by the sale of Bergvik Skog Öst.

Year Percent
2017: 54% 54
2018: 86% 86
2019: 13% 13
Target 50%
Outcome 86%

The target is to reduce the total greenhouse gas emissions from production and sourced energy by 59% until 2030. For 2019 the outcome remained at 3%. In 2020 we continue to analyse measures and investments that need to be made until 2030.

The number of accidents resulting in absence per million hours worked (LTIFR) shall decrease. In 2019 the outcome worsened marginally compared with the previous year. Safety work has been stepped up and is given the highest priority.

The target is for new products to make up 15% of net sales (NPR). The target could not be achieved in 2019 due to certain delayed product launches.

Key events

Sale of Bergvik Skog Öst

On 24 June, BillerudKorsnäs announced that it had agreed to sell 89.9% of Bergvik Skog Öst to the pension company AMF

Production begins on KM7 in Gruvön

After several years of intensive work, summer 2019 saw the start of production with the new board machine KM7 at Gruvön.

Joint venture to develop a paper bottle

BillerudKorsnäs and ALPLA, a bottle manufacturer, formed a joint venture called Paboco® with a view to combining resources and know-how

Industry leader in sustainability

During 2019, Dow Jones declared BillerudKorsnäs industry leader in the Containers & Packaging category for the second year in succession.


Strategy for sustainable solutions and profitable growth

Our purpose - to challenge conventional packaging for a sustainable future - clearly sets out why we exist and how we view our role in society. Favourable megatrends and regulatory changes increase demand for our products and services. With sustainability and quality as the foundation, we will capitalise on the potential for growth and create value for customers, shareholders and other stakeholders.

Division Overview

Division Board

Division Board develops, manufactures and sells liquid packaging board and cartonboard, plus fluting and liner. The size and requirements of customers vary, but they all demand high quality and expect materials and service solutions that add value.
Growth target
Net sales, SEKm

Division Paper

Division Paper develops, manufactures and sells high-performance, premium-grade kraft and sack paper to selected segments in the manufacturing, medical equipment and consumer sectors. Surplus paper pulp is sold 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. Managed Packaging offers services relating to custom packaging solutions, while other Solutions focuses on sales of innovative packaging solutions with a strong knowledge component. Division Solutions’ customers are primarily brand owners.
Growth target, million
Net sales, SEKm


Innovativa packaging solutions that solve global challenges is not only a strategic priority for us but for our entire planet. We are working in close collaboration with customers and partners to develop innovative solutions that improve the use of the earth’s resources.

Sustainable barriers

Bio-based barriers have the potential to revolutionise the market, replacing plastic and aluminium barriers in packaging for food, drinks and medical products. “Bio-barriers for liquid packaging board” is for example one of our flagship projects, in which we are working with customers to develop the next generation of board packaging for drinks.

Lighter and stronger materials

A further flagship project focuses on developing board properties with the help of microfibrillated cellulose (MFC), aimed at achieving the same strength and durability with less material consumption. Our involvement in the national research platform Treesearch offers opportunities for further innovations based on microfibrillated cellulose.


A circular and sustainable society is our driving vision. Demand for sustainable packaging solutions that not only minimise the carbon footprint, but also fit into a circular economy, is increasing.

Our focus areas

To succeed in implementing our strategy and to increase our ability to make a real difference, we have identified a number of focus areas that steer the direction of our sustainability work. The focus areas are supported by ongoing work on sustainability which encompasses a number of fundamental issues that we need to tackle, follow up and report on in all manner of ways.

A sustainable and responsible value chain

Demand for sustainable packaging solutions that not only minimise the carbon footprint, but also fit into a circular economy, is increaseing. We are working purposefully at an even faster pace to develop innovative solutions that improve the use of the earth’s resources along our value chain.