Financial goals

Cloetta’s proximity to customers and consumers, and knowledge of local and regional market conditions – combined with strong local brands, efficient production and innovativeness – represent key competitive factors for continued growth. 

Organic sales growthSales

Cloetta’s long-term target is to increase organic sales at least in line with market growth.

Comments on the outcome 2015

Historically, total annual growth in the markets where Cloetta is active has been around 1–2 per cent. In 2015 Cloetta achieved sales growth of 6.8 per cent, of which organic growth accounted for 1.5 per cent.

 

 

 

EBIT margin

EBITEBIT margin

Cloetta’s target is an EBIT margin, adjusted, of at least 14 per cent.

Comments on the outcome 2015

In 2015 the EBIT margin improved from 10.9 per cent to 11.8 per cent as a result of higher efficiency in the factories and lower restructuring costs compared to 2014. The EBIT margin, adjusted, was 12.2 per cent (11.9).

 

 

 

Net debt

Net debt/EBITDACloetta’s long-term target is a net debt/EBITDA ratio of around 2.5.

Comments on the outcome 2015

In the past year Cloetta reduced its net debt/EBITDA ratio from 3.97x to 3.03x, despite acquisitions and one-off restructuring costs.

Dividend policy

Cloetta’s long-term intention is a dividend payout of 40–60 per cent of profit after tax.

Comments on the outcome 2015

The net debt/EBITDA ratio has decreased markedly in the past few years and is nearing the targeted net debt/EBITDA ratio of 2.5x. In view of the strong cash flow and improved EBITDA, the Board proposes a dividend of SEK 0.50 for 2015, which corresponds to 37 per cent of profit after tax. The ambition is to continue using future cash flows for repayment of debt and share dividends, but also to create financial flexibility for complementary acquisitions. No transfer of value to the shareholders took place during 2015.

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