Financial goals
The Group's long-term financial goals were defined in connection with the listing in 2006 and are have not been revised except for the dividend. The dividend policy was revised in 2011.
Financial goals
Net sales
Annual organic growth of approximately 5% over the course of a business cycle.
Additional growth through complementary acquisitions.
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 dividens shall normally exceed 40% of income for the year.
Goal achievement
Net sales
Adjusted for changes in exchange rates and acquisitions, net sales increased 2% in 2011.
Average annual organic sales growth was -3.4% 2007-2011, and 1.4% 2002-2011.
Operating margin
Operating margin exckluding items affecting comparability amounted to 5.3%, in 2011.
Average operating margin was 5.7% 2007-2011, and 9.0% 2002-2011.
Capital structure
Seasonally adjusted net debt/EBITDA was 2.9 at year-end 2011.
Dividend
The Board proposes a dividend for 2011 of SEK 1.50.
The pay-out ratio for 2011 corresponds to 87% of income for the year.
