|Long-term financial targets||Target level||2009||2010||2011||2012||2013||2014||2015||2016||2017|
|Equity ratio, %||35–45||41.4||45.7||37.0||41.3||37.2||42.2||39.5||41.0||38.5|
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.
Outlook for 2018
In 2018, Sanoma expects that the Group’s consolidated net sales adjusted for structural changes will be slightly below 2017, and operational EBIT margin will be around 14%.
The outlook is based on an assumption of the consumer confidence and advertising markets in the Netherlands and Finland being in line with that of 2017.