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.
Operating margin of more than 10% over the course of a business cycle.
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.
The dividend shall normally exceed 40% of income for the year.
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.
Seasonally adjusted net debt/EBITDA was 2.8 at year-end 2013.
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.