At the Capital Markets Day on 21 June 2022, Gränges presented a new long-term plan for sustainable growth. As a result of the new strategy, Gränges also updated its financial targets for profit growth, profitability, capital structure and dividend.
Average yearly operating profit growth above 10 per cent.
Outcome: In 2022, operating profit increased by 14 percent primarily driven by higher prices towards customers. The increase in operating profit was partly offset by continued high inflationary pressure on operating costs as well as lower volumes.
Return on capital employed above 15 per cent.
Outcome: In 2022, return on capital employed decreased by 0.6 percentage points to 9.4 per cent. The increase in adjusted operating profit was negatively offset by higher capital tie-up, following the ongoing expansion investments and higher working capital due to increased metal prices.
Financial net debt normally between 1–2 times adjusted EBITDA.
Outcome: In 2022, financial net debt increased by SEK 823 million to SEK 3,882 million, corresponding to 1.9 times adjusted EBITDA. High metal prices and continuing expansion investments, with yet limited returns contributed to the increase in financial net debt.
Dividend between 30–50 per cent of profit for the year.
Outcome: The Board of Directors proposes a dividend of SEK 2.50 (2.25) per share for the 2022 fiscal year, corresponding to 38 per cent (40) of the profit for the year.
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