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Ferronordic AB: Interim Report January - June 2021

07:30 / 12 August 2021 Ferronordic Press release

Record operating result

  • Revenue increased by 32% to SEK 1,590m (SEK 1,203m)
  • Operating profit increased by 37% to SEK 144m (SEK 105m)
  • Operating margin increased to 9.0% (8.7%)
  • The result for the period increased by 13% to SEK 86m (SEK 76m)
  • Basic earnings per share amounted to SEK 5.94 (SEK 5.24)
  • Cash flows from operating activities amounted to SEK 120m (SEK 312m)
  • Revenue increased by 23% to SEK 2,856m (SEK 2,321m)
  • Operating profit increased by 44% to SEK 224m (SEK 156m)
  • Operating margin increased to 7.8% (6.7%)
  • The result for the period increased by 47% to SEK 142m (SEK 96m)
  • Basic earnings per share amounted to SEK 9.79 (SEK 6.64)
  • Cash flows from operating activities amounted to SEK 211m (SEK 413m)

SEK M Q2 Q2 % 6M 6M %
2021 2020 2021 2020
Revenue 1 590 1 203 32% 2 856 2 321 23%
Operating profit 144 105 37% 224 156 44%
Result for the period 86 76 13% 142 96 47%
Earnings per share 5.94 5.24 13% 9.79 6.64 47%

Gross margin 18.0% 17.2% 17.5% 16.8%
Operating margin 9.0% 8.7% 7.8% 6.7%

Return on capital employed 23% 23% 23% 23%
Working capital / Revenue 3% 10% 3% 10%
Net debt / (cash) 143 230 143 230

Lars Corneliusson, CEO, comments: "The second quarter of 2021 was another strong quarter for Ferronordic. We performed well across business areas and we recorded our best operating profit in a single quarter to date. In Russia/CIS, the market for construction equipment grew by 74% on a combination of pent-up demand, stronger commodity prices and increased infrastructure spending. Our new machine sales in units increased by 26%, as product groups where our market share is lower grew more strongly in the quarter. Customer activity increased and aftermarket sales grew by 14% in SEK, despite an 18% depreciation of the ruble. In contracting services, we reached planned capacity in Norilsk and expanded our operations in Irkutsk. We also started  work as dealer for Sandvik mobile crushers and screens in Russia. Total revenue in Russia/CIS grew by 54% in local currency and 31% in SEK. The operating margin was strong at 12.5% and Russia/CIS achieved a record operating result for a single quarter. In Germany, we completed the acquisitions of two workshops and continued our work to expand, improve and integrate our service network. The German truck market grew by 20% as business activity continued to recover. Our new trucks sales increased by 47% in units and we gained market share. Our used trucks business made a good contribution and aftermarket sales continued to grow, partly due to our acquisitions. As a result of higher revenue and gross margin, the operating result improved. For the Group, revenue was up 32% and the operating profit increased by 37% to SEK 144m. We expect our markets to continue to recover as economies open up and as a result of pent-up demand. Current uncertainty mainly regards continued supply chain constraints. In a longer perspective, we see strong underlying fundamentals and business opportunities in our markets."

About Ferronordic

Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer of Volvo Construction Equipment and certain other brands in all of Russia and Kazakhstan, aftermarket partner of Volvo Trucks and Renault Trucks in part of Russia, and dealer of Volvo Trucks and Renault Trucks in part of Germany. The company also offers contracting services where it owns and operates equipment to carry out works for customers. Ferronordic began its operations in 2010 and now has approx. 100 outlets and approx. 1,700 employees. Ferronordic's vision is to be regarded as the leading service and sales company in its markets.  The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm.

Financial Calendar 2021/2022

Interim report January-September 2021                      12 November 2021

Year-end report January-December 2021                   18 February 2022

For more information, please contact:

For investors and analysts:

Erik Danemar, CFO, Tel: +46 73 660 72 31, or email: 

For media and journalists:

Ceren Wende, Head of Marketing and Communications, Tel: +46 73 658 59 80, or email: 

Ferronordic AB (publ)

Nybrogatan 6

114 34 Stockholm

Corporate ID no. 556748-7953

Phone:   +46 8 5090 7280

This information is information that Ferronordic AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act (2007:528). The information was submitted for publication on 12 August 2021, 07:30 CET.

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