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Financial objectives

Borregaard announced the following updated financial objectives at the Capital Markets Day in September 2016:

  • Return on capital employed1 (ROCE) above 15% pre-tax over a business cycle
  • Internal rate of return (IRR) above 15% pre-tax for expansion investments
  • Average net working capital at 20% of operating revenues
  • Replacement investments at depreciation level
  • Leverage ratio1 between 1.0 and 2.0 over time to maintain "investment grade" credit quality

1Non-GAAP measure, see Annual Report for 2016 page 103 for definition