Gränges' interim report January-March 2015

Improved earnings and higher volume in first quarter

First quarter 2015

• Sales volume reached 42.7 ktonnes (41.3).

• Net sales totalled SEK 1,456 million (1,157), an increase of 25.8%.

• Adjusted operating profit increased by 24.7% to SEK 155 million (124), corresponding to an adjusted operating margin of 10.6% (10.7).

• Operating profit increased to SEK 155 million (120).

• Profit for the period was SEK 111 million (85). Earnings per share amounted to SEK 1.49 (1.14).

• Gränges has a solid financial position. At 31 March 2015, the equity/assets ratio amounted to 52.3% and net debt was 1.1 times adjusted EBITDA (on a rolling 12-month basis).

Comments by the CEO Johan Menckel:
”We have the pleasure to present another quarter with improved earnings and increased sales volume. Adjusted operating profit rose to SEK 155 million, corresponding to a margin of 10.6%, which is our best result so far in a single quarter. We continued to have support from favourable foreign exchange rates during the first months of 2015, which was partly offset by higher costs and slightly lower conversion prices.”, says Johan Menckel.

Webcasted telephone conference 
On Monday 4 May 2015 at 10.00 CET, CEO Johan Menckel and CFO Oskar Hellström will present Gränges’ interim report for the period January-March 2015 via a webcasted telephone conference. The webcast can be accessed on Gränges website www.granges.com/investors. To take part in the telephone conference, please call +46 856642661 (Sweden), +44 2031940544 (United Kingdom) or +1 8552692604 (USA). Please call a few minutes before the telephone conference starts. The presentation will be made in English. 

For additional information, please contact: 
Pernilla Grennfelt, Director Communications & IR
pernilla.grennfelt@granges.com
Telefon +46 (0) 702 90 99 55

The information in this interim report is such that Gränges must disclose pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication on Monday 4 May 2015 at 07.30 CET. 

About Gränges
Gränges is a leading global supplier of rolled products for producers of brazed aluminum heat exchangers. The Company develops, produces and markets highly advanced materials that enhance both the production economy of the customer manufacturing process as well as the performance of the final product, the brazed heat exchanger. Gränges has its headquarters in Stockholm, Sweden and operates in three geographical regions: Europe, Asia and the Americas. The Company operates production, research and development facilities in Finspång and Shanghai with total annual capacity of approximately 220,000 metric tonnes. The Company was originally founded in 1896, and the current operation was started in 1972 when the Company started to develop brazed heat exchanger material. Gränges has approximately 950 employees, and in 2014 the Company had net sales of SEK 4,748 million. For more information about Gränges, please visit www.granges.com.

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About Us

Gränges is a global leader in aluminium engineering, manufacturing and innovation. We focus on rolled aluminium products for heat exchangers and selected niche applications. In materials for brazed heat exchangers, Gränges is the global leader with a market share of approximately 20%. Its production facilities are located in Sweden, China and the United States, and have a combined annual capacity of 420,000 metric tonnes. Gränges has some 1,600 employees and net sales of more than SEK 11 billion. The share is listed on Nasdaq Stockholm. More information on Gränges is available at granges.com.

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Quotes

We have the pleasure to present another quarter with improved earnings and increased sales volume. Adjusted operating profit rose to SEK 155 million, corresponding to a margin of 10.6%, which is our best result so far in a single quarter. We continued to have support from favourable foreign exchange rates during the first months of 2015, which was partly offset by higher costs and slightly lower conversion prices.
Johan Menckel, CEO of Gränges