|Objectives||Target level||Realisation in 2015||Realisation in 2014|
|Return on capital employed*||14%||11.7%||9.9%|
|Return on equity*||12%||8.2%||7.6%|
|Interest-bearing net debt/EBITDA||< 2.5||-1.4||-0.3|
|Kesko's dividend policy: Kesko Corporation distributes at least 50% of its comparable earnings per share as dividends, taking into account, however, the Company’s financial position and operating strategy.|
ROCE and ROE, comparable, %
Capital expenditure, €m
In the future, Kesko will operate more strongly as a unified K-Group, which will enable us to offer customers ever better services and to operate efficiently.
The strategic objective is to strengthen the customer experience for consumers and businesses at both stores and on digital channels. The key focus areas include the renewal of the chain concepts, building the best digital services in the sector and revising the K-Plussa customer loyalty system.
In order to ensure competitiveness and improve profitability, Kesko's strategic objective is to implement cost savings of at least €50 million in fixed assets by the end of 2016.
Kesko estimates that in the strategy period 2015–2017, its capital expenditure in its business operations will be around €750 million, excluding possible acquisitions.