Gränges Interim report January-September 2015
Good growth in Europe and North America. Market remains weak in China
Third quarter 2015
• Sales volume reached 38.9 ktonnes (39.3), a decrease of 0.9% compared to previous year.
• Net sales totalled SEK 1,281 million (1,198), an increase of 6.9%.
• Adjusted operating profit increased by 6.2% to SEK 112 million (106), corresponding to an adjusted operatingmargin of 8.8% (8.8).
• Operating profit increased to SEK 97 million (81).
• Profit for the period was SEK 69 million (55). Earnings per share, basic and diluted, increased to SEK 0.93 (0.73).
• Sales volume reached 125.0 ktonnes (122.3), an increase of 2.2% compared to previous year.
• Net sales totalled SEK 4,243 million (3,531), an increase of 20.1%.
• Adjusted operating profit increased by 18.0% to SEK 425 million (360), corresponding to an adjusted operating margin of 10.0% (10.2).
• Operating profit increased to SEK 410 million (326).
• Profit for the period was SEK 295 million (230). Basic earnings per share amounted to SEK 3.96 (3.08) and diluted earnings per share to SEK 3.95 (3.08).
• Net debt reduced by SEK 323 million to SEK 442 million, corresponding to 0.6 times adjusted EBITDA (on a rolling 12-month basis).
Comments by the CEO Johan Menckel:
”We continued to improve profits during the third quarter, despite lower sales volume compared with previous year. In Europe and North America demand continued to be good while the weaker automotive market in China resulted in a negative development in Asia as a whole. Adjusted operating profit improved by 6.2 percent to SEK 112 million, corresponding to a margin of 8.8 percent. Favourable exchange rates continued to make a positive contribution to profits while the downturn in the aluminium premium meant an unfavourable price lag between the premiums we pay and the premiums we receive”, says Johan Menckel.
Webcasted telephone conference
On Friday 23 October 2015 at 10.00 CET, CEO Johan Menckel and CFO Oskar Hellström will present Gränges’ interim report for the period January-September 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 856642701 (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
email@example.com, telephone +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 Friday 23 October, 2015, at 07.30 CET.
Gränges is a leading global supplier of rolled products for the brazed aluminium heat exchanger industry. The company develops, produces and markets advanced materials that enhance production economy in the customer manufacturing process and the performance of the final products; the brazed heat exchangers. The company’s geographical markets are Europe, Asia and the Americas. The production facilities are located in Sweden and in China and have a combined annual capacity of 220,000 metric tonnes. Gränges has some 950 employees and net sales in 2014 totalled SEK 4 748 million. The shares have been listed on Nasdaq Stockholm since October 2014. More information about Gränges is available on granges.com.