|Long-term financial targets||Target level||2009||2010||2011||2012||2013||2014||2015||2016|
|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**|
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.