Long-term targets

Long-term financial targets Target level   2009 2010 2011 2012 2013 2014 2015
Net debt/EBITDA* <3.5   2.8 2.5 4.3 3.6 4.7 4.1 4.7
Equity ratio, % 35–45   41.4 45.7 37.0 41.3 37.2 42.2 39.5
Gearing, % <100   79.4 63.8 105.7 78.7 95.7 66.7 77.8
Dividend, %** Over half of Group result for the period excl. non-recurring items distributed in dividends   92.2 117.4 69.4 76.9 22.7 61.5 79.2
* 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 31 October 2013: One-time investments and costs associated with the transformation of its business require Sanoma to pursue a prudent dividend policy in the near-term implying lower than historical dividend payout.