Gränges will report a positive tax effect of approximately SEK 139 million in the third quarter of 2016 as a result of Gränges been classified as a High Technology Enterprise in China for the period 2013-2015. The classification means that Gränges has been approved to pay 15% income tax in China instead of 25% over a three-year period.
The positive tax effect will impact the profit for the period with the same amount, but has no effect on the cash flow.
Gränges will publish its report for the third quarter 2016 on Thursday, 27 October, 2016, at 07.30 CET.
For further information, please contact:
Pernilla Grennfelt, Director Communications and IR of Gränges
email@example.com, tel: +46 702 90 99 55
The information in this press release 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 Wednesday, 28 September, 2016, at 08.45 CET.
Gränges is a leading global supplier of rolled aluminium products for heat exchanger applications and other niche markets. In materials for brazed heat exchangers Gränges is the global leader with a market share of approximately 20%. 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 Sweden, China and the United States, and have a combined annual capacity of 400,000 metric tonnes. Gränges has some 1,500 employees and net sales of more than SEK 10 billion. The share is listed on Nasdaq Stockholm. More information on Gränges is available at granges.com.