Greater focus on growth and innovation

By focusing on developing and strengthening our leading, global position in aluminium heat exchanger materials, Gränges expects to achieve growth in all geographical regions, with sustained and sustainable profitability.

Financial Targets

Gränges’ long-term financial targets state that Gränges should grow at least in line with the market, generate a return on capital employed of between 15–20 per cent, have a net debt in the range of one to two times EBITDA, and pay a dividend of between 30–50 per cent of the profit for the year.

Increase sales volume at least in line with the company’s end-markets.



Comment: Noranda was consolidated into Gränges’ accounts from August 2016, which greatly increased sales for the full year of 2017. The organic sales volume increased by 4,6 per cent in 2017, which was higher than the growth in end markets.

Net debt should normally be between 1–2 times EBITDA over a 12-month period.



Comment: In 2017 net debt was reduced by SEK 430 million to SEK 2,292 million, after a rise in 2016 with the acquisition of Noranda, which was entirely financed with loans. On December 31, 2017, net debt amounted to 1.8 times adjusted EBITDA and has returned to the target range faster than expected.

Target is to generate a return on capital employed of 15–20 percent over time.



Comment: Return on capital employed decreased by 0.8 percentage points to 16.7 per cent in 2017. Higher capital employed, as a result of the acquisition of Noranda in August 2016, was offset by a strongly improved adjusted operating profit.

Target is to pay a dividend of between 30–50 per cent of the profit for the year over time. Decisions on dividends will reflect the company’s financial position, cash flow, and outlook.



Comment: A dividend of SEK 3.00 per share was decided at the AGM 2018. This is an increase of 25 per cent on the previous year, and corresponds to 35 per cent of the profit for the period in 2017.


By offering customized products with a high technical content, Gränges aims to grow significantly above market rate in the coming years, with sustained and sustainable profitability.

By 2020, Gränges shall be the market leader in all geographical regions within rolled aluminium heat exchanger materials.

Strategy 2020

Gränges’ 2020 strategy has four pillars:

Gränges wants to lead the development of heat exchanger materials and advanced aluminium solutions and to be the customers’ preferred choice.

Gränges strives to minimize the environmental impacts of its operations, uphold ethical business practices and provide a safe and good work environment.

Gränges aims to increase productivity, process stability and energy efficiency and to reduce waste in our operations.

Gränges plans to invest in production capacity and capabilities, and to expand into adjacent markets.