Financial goals

Medium-term, initiatives to improve the Group's operating margin will have higher priority than sales growth. As a consequence, the sales growth target was taken away in 2013. The Group now has three long-term financial goals.

Financial goals

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 dividend shall normally exceed 40% of income for the year.

Goal achievement

Operating margin

Operating margin exckluding items affecting comparability amounted to 5.3%, in 2013.

Average operating margin was 6.2% 2009-2013, and 8.1% 2004-2013, excluding items affecting comparability.

Capital structure

Seasonally adjusted net debt/EBITDA was 2.8 at year-end 2013.

Dividend

The Board proposes a dividend for 2013 of SEK 1.50.

The pay-out ratio for 2013 corresponds to 94% of income for the year.

Operating margin

Dividend

Capital structure