Financial targets

Our financial objectives remained unchanged in 2015

Long-term targets

Development in 2015

EBIT margin 10% (reported) Margin improved towards our long-term target while profitability is relatively sensitive to the level of restructuring measures. Our operating margin (EBIT) excluding one-off items rose to 10.3% (9.9). Due to restructuring measures to drive industrialization in service deliveries, reported margin was 8.6% (4.0).
Annual increase in dividends in absolute terms (payout ratio at minimum 50% of net results) In 2015, the proposed dividend is up by 10% to EUR 1.10 (1.00) and additionally, an extra dividend of EUR 0.25 is proposed. Dividend yield is 5.5% and payout ratio 110%, including extra dividend.
Net debt/EBITDA ratio: upper limit at 1.5 in the long run. Our capital structure remained strong and net debt/EBITDA was 0.1. The proposal to pay extra dividend addresses our objective to achieve a level close to 1. Tieto will maintain its capacity to invest in future growth both organically and inorganically after dividends.