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Ferronordic AB: Moving forward

07:30 / 17 February 2023 Ferronordic Press release

  • Revenue increased 48% to SEK 705m (475)
  • Operating profit increased 47% to SEK -13m (-25)
  • Adjusted1 operating profit increased 47% to
SEK -13m (-25)
  • Adjusted1 operating margin increased to -1.9% (-5.4)
  • The result for the period decreased by 123% to
SEK-21m (88)
  • Basic earnings per share2 amounted to SEK -1.42 (6.06)
  • Cash flows from operating activities amounted to

SEK -48m (-81)      

  • Revenue increased by 31% to SEK 1,973m (1,511)
  • Operating profit increased 321% to SEK 247m (-112)
  • Adjusted1 operating profit increased by 34% to
SEK-74m (-112)
  • Adjusted1 operating margin increased to -3.8% (-7.4)
  • The result for the period increased 30% to SEK440m(339)
  • Basic earnings per share2 amounted to SEK 30.28(23.33)
  • Cash flows from operating activities amounted to SEK215m (457)

SEK m (or as 2022 2021 % 2022 2021 %
stated) Q4 Q4 12M 12M
Revenue 705 475 48% 1,973 1,511 31%
Gross profit 97 57 70% 250 174 44%
Operating profit -13 -25 47% 247 -112 321%
Operating profit -13 -25 47% -74 -112 34%
Result from 49 -21 332% 197 -109 280%
Result for the -21 88 -123% 440 339 30%
Earnings per -1.42 6.06 -123% 30.28 23.33 30%
ordinary share,
Cash flow from -48 -81 215 457
Net debt (cash) -957 198 -957 198

Gross margin, % 13.8% 12.0% 1.7pp 12.7% 11.5% 1.2pp
Operating margin, -1.9% -5.4% 3.4pp 12.5% -7.4% 19.9pp
Operating margin -1.9% -5.4% 3.4pp -3.8% -7.4% 3.6pp
adjusted[1], %
Working 11% 2% 8.7pp 11% 2% 8.7pp
Revenue, %
Equity/total 58% 28% 30.5pp 58% 28% 30.5pp
assets, %
Return on capital 11% 29% -18.6pp 11% 29% -18.6pp
employed, LTM %
Return on equity, 30% 36% -6.0pp 30% 36% -6.0pp

1 "Adjusted" here and in the rest of this report means excluding the effect of the compensation payment from Volvo of SEK 321m.

2 Before dilution.

      Lars Corneliusson, President and CEO, comments: "2022 was a challenging year for Ferronordic. As a result of the conflict in Ukraine, it became impossible for us to continue business in Russia. Despite significant difficulties, we managed to sell our Russian subsidiaries in December for a price close to net asset value. This was an achievement and the best way forward. All our time and energy can now be spent on developing our businesses in Germany and Kazakhstan and focusing on new opportunities. As a result of the sale, we received a net cash inflow of SEK 1,097m. At the end of 2022, Ferronordic's net cash position amounted to SEK 957m. The Board proposes a dividend of SEK7.5/share.           

      We continued to develop our businesses in Germany and Kazakhstan in 2022. We became distributor for Sandvik mobile crushers and screens in both countries. In Germany, we continued to expand our service network and increased our mobile service fleet. We work closely with Volvo Trucks and Renault Trucks to bring electric transport to market. In Kazakhstan, we expanded our organisation and look for opportunities to develop our contracting services business.

      In Q4 2022, we opened a new used truck centre and workshop in Coswig and opened our newly built service and sales hub in Hanover, Germany. Our new trucks sales in units increased by 43% while the market declined by 1%. Our total revenue grew by 38% to SEK 616m. The operating result improved by 62% to SEK -5m. Supported by strong sales, we hit breakeven pace in the end of the quarter and expect to reach a positive operating result and operating cash flow in 2023. Total revenue in Kazakhstan increased by 197% in Swedish krona to SEK 89m in Q4 2022. The operating result increased to SEK 5m.

      Following the sale of the Russian business, we look into the future with renewed optimism. In Germany, we continue to see strong demand for service and trucks. We also see growing interest in electric trucks and sustainable transport solutions. Our operations in Kazakhstan continue to develop and we actively seek opportunities to grow our business. In a longer perspective, we believe that the underlying conditions and business opportunities in the German and Kazakh markets are strong."

About Ferronordic

Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is dealer of Volvo Trucks, Renault Trucks and Sandvik mobile crushers and screens in Germany and dealer of Volvo Construction Equipment, Sandvik mobile crushers and screens and Mecalac in Kazakhstan. Ferronordic began its operations in 2010 and currently has 28 outlets and approx. 450 employees. Ferronordic's vision is to be the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm.

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 17 February 2023, 07:30 CET.

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