Strong sales volume and earnings in the second quarter
Second quarter 2016
• Sales volume reached all time high at 46.5 ktonnes (43.4), an increase of 7.0% compared to previous year.
• Net sales totalled SEK 1,442 million (1,506), a decrease of 4.2% compared to previous year due to lower aluminium prices.
• Adjusted operating profit increased by 13.6% to SEK 179 million (158), corresponding to an adjusted operating margin of 12.4% (10.5).
• Operating profit amounted to SEK 154 million (158), including costs for M&A acitivies of SEK 25 million.
• Profit for the period was SEK 114 million (115). Earnings per share, basic, was SEK 1.53 (1.54) and diluted, SEK 1.52 (1.54).
• Cash flow before financing activities was SEK 157 million (175).
First half-year 2016
• Sales volume reached 91.6 ktonnes (86.1), an increase of 6.4% compared to previous year.
• Net sales totalled SEK 2,802 million (2,962), a decrease of 5.4%.
• Adjusted operating profit increased by 7.0% to SEK 335 million (313), corresponding to an adjusted operating margin of 11.9% (10.6).
• Operating profit amounted to SEK 309 million (313).
• Profit for the period was SEK 208 million (226). Earnin¬gs per share, basic and diluted, amounted to SEK 2.78 (3.03).
• Gränges has a solid financial position. At 30 June 2016, the equity to assets ratio amounted to 58.0% and net debt corresponded to 0.4 times adjusted EBITDA (on a rolling 12-month basis).
“The positive trend we saw in the beginning of 2016 continued in the second quarter. Sales volume increased by 7.0% driven by the recovery in Asia and continued strong development in Europe and the Americas. This means that we had a better growth rate than the market. The adjusted operating profit improved by 13.6% to SEK 179 million (158), as a result of higher sales volume and good productivity”, says CEO Johan Menckel.
Webcasted telephone conference
On Thursday 21 July 2016 at 10.00 CET, CEO Johan Menckel and CFO Oskar Hellström will present Gränges’ Half-year report for January-July 2016 at a webcasted telephone conference. The webcast can be accessed on www.granges.com/investors.
To take part in the telephone conference, please call +46 856642661 (Sweden), +44 2031940544 (United Kingdom) or +1 8552692604 (USA). Call a few minutes before the conference call begins.
For further information, please contact:
Pernilla Grennfelt, Director Communications and IR of Gränges
pernilla.grennfelt@granges.com, tel: +46 702 90 99 55
The information in this Half-year report is such that Gränges must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on Thursday, 21 July, 2016, at 07.30 CET.
About Gränges
Gränges is a leading global supplier of rolled products for brazed aluminium heat exchangers. The company develops, produces and markets advanced materials that enhance efficiency in the customer manufacturing process and the performance of the final products; brazed heat exchangers. The company’s geographical markets are Europe, Asia and the Americas. Its production facilities are located in Finspång, Sweden, and Shanghai, China, and have a combined annual capacity of 220,000 metric tonnes. Gränges has some 950 employees and net sales in 2015 totalled SEK 5,494 million. Its shares have been listed on Nasdaq Stockholm since October 2014. More information on Gränges is available at granges.com.
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