Long-term targets

Long-term financial targets Target level   2009 2010 2011 2012 2013 2014 2015 2016
Net debt/adj.EBITDA* <2.5   2.8 2.5 4.3 3.6 4.7 4.8 5.1 3.2
Equity ratio, % 35–45   41.4 45.7 37.0 41.3 37.2 42.2 39.5 41.0
Gearing, % N/A (earlier <100)   79.4 63.8 105.7 78.7 95.7 66.7 77.8 78.4
Dividend, %** Sanoma aims to pay increasing dividend, equal to 40-60% of annual cash flow from operations less capital expenditure**                
* EBITDA excl. non-recurring items, where acquired operations are included and divested operations excluded, and where programming rights and prepublication rights have been raised above EBITDA.
** Communicated on 7 February 2017:

When proposing a dividend to the AGM, the Board of Directors will look at the general macro-economic environment, Sanoma’s current and target capital structure, Sanoma’s future business plans and investment needs as well as both previous year’s cash flows and expected future cash flows affecting capital structure.