Christoph Michalski, President and CEO:

"The year 2020 was an extraordinary period in which the COVID-19 pandemic threatened people's health, lives and livelihoods around the world. Our hearts go out to all those who have been affected by serous illness, the passing of loved ones or financial hardship".
Net Sales, SEK bn

Net sales split

Net sales split Per cent
Product area Board 57
Product area Paper 32
Solutions and Other 11

EBITDA split*

EBITDA split* Per cent
Product area Board 64
Product area Paper 36

*The Group’s EBITDA excluding EBITDA for Solutions & Other and for currency hedging etc

The packaging solutions of the future need to be climate-smart along the whole value chain – from raw material extraction to recycling. As we continue working towards our mission, we are in no doubt that wider society’s focus on sustainability boosts our competitiveness. Read more about external trends.

Our targets

To support BillerudKorsnäs’ target for profitable growth and a good return for shareholders, the company has established five financial targets, and highlights three targets related to sustainable development.

The long-term growth target is 3–4% per year. For 2020 the target was not reached, mainly due to challenging market conditions. net sales declined by 2%. Currency effects did not have material impact. 

Year Percent
2018: 6% 6
2019: 3% 3
2020: -2% -2
Target 3-4%
Outcome -2%

The EBITDA margin target of 17% has not been achieved during the last three years. During this period earnings have been negatively affected by the new board machine at Gruvön. In 2020 the profitability was also impacted by lower market prices. 

Year Percent
2018: 12% 12
2019: 12% 12
2020: 11% 11
Target >17%
Outcome 11%

Return on capital employed (ROCE) should exceed 13%. The target has not been reached during the last three years, primarly due to large investments at the Gruvön mill. 

Year Percent
2018: 7% 7
2019: 4% 4
2020: 3% 3
Target >13%
Outcome 3%

Interest-bearing net debt to adjusted EBITDA shall be less than 2.5. The target was reached in 2020. The sale of Bergvik Skog Öst in 2019 strengthened the financial position substantially.

Yeae Interest-bearing net debt/EBITDA
2018: 3,2 3.2
2019: 1,9 1.9
2020: 2,0 2.0
Target < 2.5
Outcome 2.0

The dividend shall amount to 50% of the net profit. For 2020 a dividend that is exceeding this target is proposed. The proposed dividend of SEK 4.30 per share is the same amount as the dividends for 2018 and 2019.

Year Percent
2018: 86% 86
2019: 13% 13
2020: 135% 135
Target 50%
Outcome 135%

The target is to decrease the emissions of greenhouse gases (Scope 1 and 2) by 59% to 2030. The emissions have decreased by 10% since the base year 2016.

In 2020, the long-term injury frequency rate (LTIFR) for employees was 6.1 and the target for the year was not reached. During 2021 work continues to decrease the amount of accidents.

The target is that over 77% of customers should consider that BillerudKorsnäs’ work on sustainability creates value. The target was reached in 2019 and the customer survey is carried out bi-annually.

Key events

Streamlined organisation

A new organisational structure was introduced to pave the way for increased efficiency. The new organisation follows the new business flow.

Christoph Michalski new President and CEO

In November, Christoph Michalski took over as the new President and CEO of BillerudKorsnäs.

Significant progress for the new machine at Gruvön

BillerudKorsnäs’ new board machine in Gruvön, with its annual capacity of 550 000 tonnes, began producing coated material during the year.

Recognition for sustainability

BillerudKorsnäs maintained its leading position in the Dow Jones Sustainability Index for the third year in a row.


Strategy for profitable growth

Global trends show that our mission to challenge conventional packaging for a sustainable future is highly relevant. The focus over the next few years is on improving profitability and delivering on our initiatives for profitable growth.

Product Area Overview

Product Area Board

The Board product area includes liquid packaging board, cartonboard and containerboard, which are mainly used to produce packaging for liquid food, consumer products and fragile industrial products and food.
Net sales, SEKm

Product Area Paper

The Paper product area includes premium quality kraft and sack paper, which is mainly used in packaging for medical applications, dry food and the construction industry.
Net sales, SEKm

Innovative packaging solutions

Our expertise in functional and sustainable packaging solutions makes us well equipped to create value further up the value chain, enabling us to meet brand owners’ demands for innovative packaging solutions and custom, full-service solutions.

Managed Packaging – custom solutions for global brands

Through Managed Packaging, BillerudKorsnäs offers custom packaging solutions, based on our own materials and those of others, plus ancillary services to global brand owners and retail chains with production in Asia. Our packaging expertise is an enormous asset as we optimise solutions for lower resource consumption or apply our design know-how to the creation process.

Recyclable Flow Wrap – new packaging standard for confectionery

BillerudKorsnäs is breaking new ground with the launch of a Recyclable Flow Wrap that enables a switch from plastic to barrier-coated paper when packaging confectionery products. The packaging solution offers medium to high barrier performance, as well as meeting the needs of brand owners and legislators under pressure to reduce waste and increase recycling.

Paper-based bottles

Another of our investment companies is Paboco®, a joint venture between BillerudKorsnäs and the bottle manufacturer ALPLA. Paboco’s remit is to develop and commercialise a sustainable and recyclable paper bottle, and the brands Coca-Cola, Absolut, Carlsberg and L’Oréal have joined us on the development journey.

Venture - Investments in future solutions

Through BillerudKorsnäs Venture, we invest in promising start-ups with a focus on sustainable packaging solutions, in order to create value and increase knowledge about solutions further up the value chain. We invest with a long-term perspective and work actively on the companies’ development.


A circular and sustainable society is our driving vision. Demand for sustainable packaging solutions that not only minimise the carbon footprint, but also fit into a circular economy, is increasing.

Our focus areas

The three focus areas – safety first, climate impact and materials for the future – are all strategically crucial to our future competitiveness and our capacity to make a real difference. The focus areas are supported by ongoing work on sustainability which encompasses a number of fundamental sustainability issues that we need to tackle, follow up and report on in all manner of ways.

A sustainable and responsible value chain

A circular and sustainable society is the driving vision of BillerudKorsnäs. Working proactively on sustainability throughout the value chain and manufacturing packaging materials and solutions that are climate-efficient and recyclable means that we are constantly improving our capacity to challenge conventional packaging.
BillerudKorsnäs’ Annual General Meeting 2021 will be held on 5 May. In view of the continuing coronavirus pandemic, the AGM will be conducted in accordance with a postal voting procedure. Read more in the linked text.
Annual General Meeting 2021