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 growth

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

Comments on the outcome 2017

Historically, total annual growth in the markets where Cloetta is active has been around 1–2 per cent. In 2017 organic growth accounted for –1.2 per cent, mainly due to specific challenges in a few markets.

EBIT margin

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

Comments on the outcome 2017

The EBIT-margin, adjusted, decreased during the year, mainly due to the acquisition of Candyking, which before synergies had substantially lower margins,
but also due to lower production volumes and sales.

Net debt

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

Comments on the outcome 2017

Cloetta met the long-term target for net debt in 2017 for the second year in a row. Net debt/EBITDA reached 2.39x, which is slightly better than the target of 2.5x.

Dividend policy

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

Comments on the outcome 2017

Cloetta met its long-term target of a net debt/EBITDA ratio of around 2.5x for the second year in row. Due to a decreased profit compared to the previous year, the Board of Directors proposes an unchanged dividend of SEK 0.75 per share for 2017, which corresponds to 54 per cent of the profit for the period excluding impact of impairment loss discontinued operation including income tax effects and other items affecting comparability. In addition, the Board of Directors, due to the consideration from the divestment of Cloetta Italy, is proposing a special dividend of SEK 0.75 per share.

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