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Strategy and financial targets

The forest is our roots. ​​​It is sustainable and renewable, and provides considerable value to our customers and their end customers.
Stora Enso is transforming from a traditional paper and board producer to a customer-focused renewable materials growth company. Our focus is on​​​ packaging solutions, consumer board, biomaterials and wood construction. While the paper business is declining, it also contributes to the other businesses based on long term customer relationships, R&D investments, production processes and raw material expertise.​Fibre-based packaging, plantation-based pulp, innovation in biomaterials and sustainable building solutions are key building blocks. ​ 
Fibre-based packaging
Fibre-based packaging, including high quality paperboards and recyclable products, offers stable long-term growth in most segments and has great innovation potential.
Plantation-based pulp​
Plantation-based pulp allows us to secure low-cost fibre for production.
I​nnovation in biomaterials ​
In biomaterials, we are developing environmentally-friendly products and solutions which can replace non-renewable materials, as well as innovative products for new markets.
Bu​ilding solutions
Our high quality building solutions meet growing population and urbanisation trends as well as bring environmental benefits.
​TargetOutcome 2014Outcome 2013Outcome 2012
​DividendTo distribute 50% of net income over the cycle ​0.30​0.30​0.30​
​Operational ROCE, %
Net Sales growth excl. Paper​To grow faster than the relevant market
​Net Debt / Operational EBITDA<3.0x​
​Fixed Costs / Sales ratio<20%​
​Debt/Equity ratio


Consumer Board​ROOC​​>20%
​Packaging SolutionsROOC​>20%​
​Wood Products​ROOC​>18%
​PaperFree Cash Flow to Net Sales​​>7%
 *The targets are defined to be ambitious but reachable within a 5 year planning horizon.