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Financial targets

​​​​​​​All Stora Enso's five divisions have financial targets set in order to support the Group in attaining its strategic goal.

Stora Enso has defined clear strategic targets for each division. The targets will enable the markets to better follow each division’s performance, while guiding the divisions in the implementation of the Group’s strategy – as it transforms itself from a traditional paper and board producer to a global renewable materials growth company. As Stora Enso’s divisions operate in very distinct business environments, the targets will vary between the divisions.


The key divisional financial target is the Operational Return on Operating Capital (Operational ROOC) percentage – with the exception of the Paper division, which has Cash flow after investing activities to Sales, because its target focuses on the division’s cash flow generation. The targets are defined to be ambitious but reachable within a 5 year planning horizon.



​KPI​Target​Outcome 2017Outcome 2016​Outcome 2015
Payout ratio, %​To distribute 50% of net income over the cycle​52%​63%​32%
ROCE, %​
Sales growth excl. Paper​​To grow faster than the relevant market​8.5%​3.1%​4.6%
Net Debt /
last 12 months'  Operational EBITDA
​Fixed Costs to sales<20%​​25.1%​25.3%25.0%
Debt/equity ratio​​<0.8​​​0.38​0.470.60​




​Division​KPI​Target           Outcome 2017
Consumer Board​​Operational ROOC​​>20%            14.6%
Packaging Solutions​Operational ​ROOC​>20%            19.6%
Biomaterials​​Operational ROOC​>15%            10.5%
Wood Products​​Operational ROOC​>20%            20.5%
Paper​​Cash flow after investing activities to Sales​>7%               5.5%