Kvartalsrapport Q1 2024

Automatiskt nyckeltalsindex

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===== SIDA 1 =====

Interim report 1 January – 31 March 2024 
 
 
1 
 
 Q1 2024: A strong start in the US   
Summary of the first quarter, January – March 2024 
Group:  
• First full quarter with consolidation of 
Ferronordic’s US operations. 
• 86% revenue growth driven by the US. 
• Operating result increased to SEK 21m 
on strong contribution from the US. 
• Net profit increased to SEK 70m, partly 
as a result of exchange rate gains. 
• Net debt of SEK 1,542m after acquisition 
and consolidation of balance sheet in 
US operations. 
USA: 
• Lower but still strong market.  
• Growth in unit sales with new machine 
sales and rental conversions totaled 104 
units. 
• SEK 699m revenue contribution. 
• Operating result of SEK 60m. 
• Operating margin of 8.6%.  
Germany:  
• New truck sales in units decreased by 36% 
off a high base in 2023. 
• Aftermarket sales increased by 9%. 
• Total revenue decreased by 20% to 
SEK 439m.  
• Operating result decreased to SEK -12m.  
• Implementation of cost reduction program 
continued. 
• Inventory levels remained high. 
Central Asia (CA):  
• Both new and used unit sales decreased.  
• Total revenue decreased by 60% to 
SEK 34m. 
• Operating result declined to SEK -3m.  
86% 
Revenue growth 
21m 
Operating profit, SEK m 
 
1.8% 
Operating margin 
 
4.83 
Earnings per share, SEK 
 
 
Selected key group ratios 
SEK m (or as stated) 
2024 
Q1 
2023 
Q1 % FY2023 
Revenue 1,172 631 86% 2,863 
Gross profit 231 85 173% 377 
Operating profit 21 -14 247% -115 
Result for the period 70 7 939% -107 
Earnings per share, SEK1 4.83 0.46 939% -7.39 
Cash flow from operations 124 -126   -27 
Net debt (cash) 1,542 -681   1,349 
               
Gross margin, % 19.7% 13.4% 6.3pp 13.2% 
Operating margin, % 1.8% -2.2% 4.0pp -4.0% 
Working capital/LTM Revenue, % 20% 23% -3.4pp 20% 
Equity/total assets, % 33% 59% -25.4pp 34% 
Return on capital employed, % -2% 11% -12.9pp -3% 
Return on equity, % -2% 26% -28.3pp -6% 
 
1 Before dilution.  
 
All amounts are stated in millions of SEK unless stated otherwise. Rounding differences when summing up can occur with +/- SEK 1m. In cases 
where an underlying number is rounded off to SEK 0m, this is written as 0.  Definitions and purposes of the key ratios are presented on pages 20 
and 22. 
 
 
 
 
 
 
Interim report 1 January – 31 March 2024

===== SIDA 2 =====

Interim report 1 January – 31 March 2024 
 
 
2 
 
A strong start in the US 
 
The first quarter of 2024 was our first full quarter with Rudd 
Equipment Company, a leading construction equipment 
dealer that we acquired at the end of November 2023. 
Headquartered in Louisville, Kentucky, Rudd is operating in all 
or parts of nine states in the US Midwest.   
Our expansion to the US has started well. During the first 
quarter, revenue amounted to SEK 699m with an operating 
profit of SEK 60m, corresponding to an operating margin of 
8.6%. The market for larger construction equipment (GPE) 
was indeed 8% lower than in the first quarter of last year, but 
that was a very strong comparative quarter and demand has 
remained strong. At the same time, we gained market share, 
especially in the important segment of articulated haulers, 
boding well for future sales of service and spare parts. 
 
During the first quarter, we spent more time with our new 
colleagues and learned more about their operations. After four 
months in the US, we are even more optimistic about the 
future opportunities. We believe that demand for machinery in 
our sales area in the Midwest will remain high, partly due to 
the large programs in place to support the renovation and 
upgrading of roads, bridges, and other infrastructure. 
Additionally, a number of large construction projects involving 
data centers and major battery plants are underway or 
expected to begin within our territory. Rudd is already a well-
managed and profitable company, but we see opportunities to 
both grow and improve profitability by, in the long term, 
gaining market share, increasing machine population and 
capturing a larger share of potential aftermarket sales. Rudd 
also provides a solid base for potential further expansion in 
North America, if opportunities arise. 
 
In Germany, the situation remains challenging. Demand is 
weak and customers are delaying fleet renewals. Our sales of 
new trucks in units decreased by approx. one-third during the 
quarter. Activity in our workshops, however, remained high 
and aftermarket sales increased by 9%.  
The work to reduce costs and create a leaner organisation 
continued. This is a difficult and time-consuming process, but 
we must make our operations in Germany more efficient and 
resilient. Cost reductions are expected to result in savings of 
approx. SEK 60m per year from the end of the second quarter 
2024. We will however continue to develop our aftermarket 
business.  
Both inventory and our diesel rental fleet decreased during 
the quarter. Due to decreased demand and weaker pricing, 
inventory and working capital in Germany however remain too 
high. Work to normalise inventory in Germany will continue 
throughout the year.  
     We continue to invest in electric trucks and sustainable 
transportation. During the first quarter, we sold 6 battery-
electric trucks. Meanwhile, our business for sustainable 
transport solutions has grown its rental fleet to 40 electric 
trucks, for which we have received government subsidies. 
This rental fleet is expected to grow in the future.  
     Overall, revenue in Germany decreased by 20% to 
SEK 439m. Operating profit decreased to SEK -12m. 
  
 
 
 
 
 
"We are optimistic about the opportunities in the US" 
 
The first quarter was also challenging in Kazakhstan. 
Although the country's economy continued to grow, the 
market for construction equipment declined. Our sales of new 
machines, measured in units, decreased from 23 to 5. The 
aftermarket was more stable, but its contribution was not 
enough to cover the costs. As a result of slow sales, the 
inventory remains too high in Kazakhstan as well. We expect 
the market to pick up and our inventory position to normalise 
during 2024.  
Revenue in Kazakhstan decreased to SEK 34m, or 3% of 
the Group’s turnover. The operating result decreased to  
SEK -3m. 
 
For the Group, revenue increased by 86% to SEK 1,172m, 
mainly due to the consolidation of the American operations. 
Thanks to the strong contribution from the American 
operations, the operating result for the Group amounted to 
SEK 21m. The net result was positively impacted by the 
depreciation of the Swedish krona against the dollar and the 
euro. The Group's net debt of increased to SEK 1,542m, 
mainly as a result of the acquisition of the American 
operations.  
 
Outlook 
We are optimistic about our expansion into the US and the 
opportunities there. The US is the world's second-largest 
market for construction equipment. Demand is supported by a 
dynamic economy and extensive support programs for 
infrastructure investment. The German economy appears 
weak, and the truck market is expected to decrease in 2024. 
We are taking actions to adapt our organisation and cost 
structure to a weaker market. We however believe in 
continued strong demand in the aftermarket business and we 
remain optimistic about the long-term potential in the German 
market and the opportunities in e-mobility and sustainable 
transport solutions. The operations in Kazakhstan continue to 
develop, although it will represent a relatively small part of the 
Group's operations in the future. 
 
Lars Corneliusson 
President and CEO

===== SIDA 3 =====

Interim report 1 January – 31 March 2024 
 
3 
Group 
Revenue by segment  
 
 
 
 
 
Operating profit and operating 
margin (adjusted*) 
 
 
 
 
 
EPS and net margin 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 Revenue 
In Q1 2024, the revenue of the Group increased by 86% to SEK 1,172m 
(631). Sales of equipment and trucks increased by 62% and aftermarket 
sales increased by 134%. Other revenue, mainly consisting of rental sales, 
increased by 197%. The increase in sales is mainly related to the addition of 
sales in Ferronordic’s US operations from December 2023. Excluding the 
revenue contribution from Ferronordic’s US operations, total revenue 
decreased by 25% to SEK 473m.   
Gross profit and operating result 
In Q1 2024, the gross margin for the Group increased to 19.7% (13.4%). As 
a result of higher revenue and higher gross margin, gross profit increased by 
173% to SEK 231m (85).  
As a percentage of revenue, selling, general and administrative expenses 
increased in Q1 2024 to 18.7% (15.7). The operating result for Q1 2024 
increased by 247% to SEK 21m (-14). The operating margin during the 
quarter increased from -2.2% to 1.8%.  
Net income 
In Q1 2024, finance costs (net) amounted to SEK -27m (-2), as finance costs 
increased on higher interest rates. Funding the acquisition of Rudd also 
increased debt and finance costs. Foreign exchange gains (net) amounted to 
SEK 95m in Q1 2024, compared to gains (net) of SEK 23m in Q1 2023, 
mainly as the Swedish krona weakened against the US dollar and the euro.  
The result before income tax for Q1 2024 increased to  
SEK 89m (8). The result for Q1 2024 increased to SEK 70m (7).    
Earnings per share 
Basic and diluted earnings per share in Q1 2024 amounted to                
SEK 4.83 (0.46). 
Cash flows 
In Q1 2024, cash flows from operating activities increased to SEK 124m  
(-126). Working capital at the end of Q1 2024 was SEK 1,062m, almost 
unchanged compared to the end of Q4 2023 at SEK 1,063m. As a 
percentage of revenue, working capital was 20% in Q1 2024, the same as in 
Q4 2023.  
 
Cash flow from investing activities in Q1 2024 amounted to  
SEK -233m (-6). The change in cash flow is mainly related to purchase of 
rental fleet in Ferronordic’s US operations. 
Financial position 
On 31 March 2024, cash and cash equivalents amounted to SEK 217m, a 
decrease of SEK 210m compared to the end of 2023. The cash decreased 
mainly as a result of repayment of loans and purchase of machines to 
Ferronordic’s rental business.  
At the end of Q1 2024, interest-bearing liabilities (including lease liabilities 
and effects of IFRS-16) amounted to SEK 1,759m, a decrease of SEK 17m 
compared to the end of 2023. The net debt increased from SEK 1,349m at 
the end of Q4 2023 to SEK 1,542m at the end of Q1 2024. 
On 31 March 2024, property, plant and equipment (PP&E) amounted to 
SEK 2,099m, an increase of SEK 271m from SEK 1,828m at the end of 
0
500
1,000
1,500
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
CA (SEKm) Germany (SEKm) US (SEKm)
-7%
-4%
-1%
2%
-70
-60
-50
-40
-30
-20
-10
0
10
20
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-7
-5
-3
-1
1
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Diluted earnings per share (SEK)
Net margin (%)

===== SIDA 4 =====

Interim report 1 January – 31 March 2024 
 
4 
Net working capital and  
% LTM revenue 
 
 
 
 
 
Operating cash flow per quarter 
and over LTM 
 
 
 
 
Property, plant and equipment 
and capital expenditures 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023. The increase is mainly related to the increase in the rental fleet in the 
US operations.   
On 31 March 2024, equity amounted to SEK 1,698m, an increase of 
SEK 76m compared to the end of 2023. The increase was mainly due to the 
positive result, which in turn was partly a result of currency effects. 
Parent company 
In Q1 2024, the revenue of the Parent Company decreased to SEK 6m (8). 
Administrative expenses decreased by 36% to SEK 23m (36). The operating 
result increased to SEK -20m in Q1 2024 from SEK -38m in Q1 2023. The 
result for the quarter increased to SEK 76m (-8) mainly due to higher finance 
income from subsidiaries and higher foreign exchange gains.  
Foreign exchange rates 
The following foreign exchange rates have been used to translate the 
Q1 2024 (Q1 2023) results to the presentation currency: 
• Average rates of SEK/EUR 11.28 (0.7% vs 11.20) and SEK/USD 10.39 
have been used to translate the income statements. 
• End of period rates of SEK/EUR 11.53 (2% vs 11.28) and SEK/USD 10.66 
have been used to translate the balance sheet. 
The Group’s currency exposure is mainly to the US dollar and the euro, from 
its US and German operations respectively. The Group also has exposure to 
the Kazakh tenge.  
 
Employees 
At the end of Q1 2024, the number of full-time equivalent employees in the 
Group was 828 (464), of which 356 (-) related to the US, 402 (388) to 
Germany, 51 (55) to Kazakhstan and 19 (18) occupied group functions. 
Sustainability 
In Q1 2024, Ferronordic continued work to build institutional capacity to 
measure, report and follow-up on its sustainability targets internally and as 
required by the CSRD and the ESRS. In October 2023, a Sustainability 
Committee was instituted on the Board of Directors to supervise 
Ferronordic’s sustainability strategy and to measure the Group’s progress 
towards its objectives.    
Risks and uncertainties 
Ferronordic is exposed to a number of operational and financial risks. The 
Group currently operates in the US, Germany and Kazakhstan, which means 
that the Group has business in two developed markets and in one emerging 
market. In developed markets, competitive, labour and regulatory pressure 
can be strong. In an emerging market, the institutional and regulatory 
frameworks can be unstable. The tax and judicial systems are not always 
transparent or consistent. Corruption can be a problem. Access to funding 
can be limited, monetary policy unpredictable and the currency unstable. 
Counterparty and insurance risks are often greater and instruments to 
manage such risks are either less effective or more expensive. In its position 
as a service and sales company, between suppliers and customers, 
Ferronordic is exposed to both supply and demand disruptions and to 
changes in macroeconomic activity. For more on risks and uncertainties, 
please refer to Ferronordic’s annual report. 
German efficiency enhancement program 
In Q4 2023, Ferronordic launched an efficiency enhancement program in 
Germany. The program serves to make Ferronordic’s organisation leaner 
and more resilient by reducing both horizontal and vertical administrative 
units, while increasing the efficiency of the productive organisation. 
Ferronordic has thus reduced the number of regions in its sales area from 
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Net working capital (SEKm)
Net working capital as % of LTM revenue
-250
-50
150
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
0%
10%
20%
30%
40%
50%
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
0
500
1,000
1,500
2,000
2,500
Property plant and equipment (SEKm)
CAPEX LTM/PPE, %

===== SIDA 5 =====

Interim report 1 January – 31 March 2024 
 
5 
 
Net debt and net debt/EBITDA 
 
 
 
 
 
 
 
 
 
 
Currency index last 5 quarters 
(indexed 1 Jan 2023) 
 
four to two and has reduced a number of middle management roles. The 
German management team has been reorganised to include Group 
Executives with operational functions in the German business, including 
Group Commercial Director, Group HR Director and Group CEO. 
Ferronordic has also analysed its cost structure across all functional areas to 
identify opportunities to reduce costs without negatively impacting – and 
where possible improving – the productivity of the service and sales areas. 
One key objective of the program is to increase Ferronordic’s absorption 
level in Germany, which is how much of its fixed costs are covered by the 
gross profit from its aftermarket business. Work on the implementation of the 
program is ongoing. As a result of the cost reduction program, Ferronordic 
expects to save approx. SEK 60m annually, starting from the end of 
Q2 2024.          
Events after the reporting period 
Other than as mentioned above, there were no significant events after the 
end of the reporting period.  
 
 
 
 
 
 
- 250.0
- 150.0
- 50.0
 50.0
 150.0
 250.0
-1,000
-500
0
500
1,000
1,500
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Net debt (SEKm)
Net debt / EBITDA (%)
90
95
100
105
110
Q1
2023
Q1
2023
Q3
2023
Q3
2023
Q4
2023
Q1
2024
SEK/EUR SEK/100 KZT
SEK/USD

===== SIDA 6 =====

Interim report 1 January – 31 March 2024 
 
6 
Segments 
 
From Q4 2023 Ferronordic recognises three separate 
reportable segments: USA, Germany and Central Asia (CA) 
(see also note 5 on page 17). In the US, trucks and 
equipment sales include sales of new and used 
construction equipment from Volvo, Hitachi, Sandvik, Link-
Belt Cranes and Bergmann. In Germany, trucks and 
equipment sales include sales of new Volvo Trucks and 
Renault Trucks, Sandvik’s mobile crushers and screens, 
Renault light commercial vehicles and used trucks. In 
Central Asia (CA), trucks and equipment sales include 
sales of new and used construction equipment, Sandvik’s 
mobile crushers and 
screens, used trucks and attachments. Aftermarket sales 
include sales of service and parts. Other revenue consists 
mainly of rental revenue. Contracting services include only 
revenue from contracting services operations. Currently, 
there are no contracting services operations. To show the 
underlying performance of the operating segments, 
Ferronordic shows unallocated Group costs and assets 
separately. These are costs that are incurred and assets 
that are held for the benefit of the Group as a whole. 
 
    US Germany CA 
Unallocated 
Group costs Total 
SEK m (or as stated) 
  Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 
  2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue   699 - 439 548 34 83     1,172 631 
Equipment and truck sales   439 - 261 375 19 68     719 443 
Aftermarket sales   207 - 162 149 15 15     384 164 
Other revenue   53 - 17 23 0 0     69 23 
Gross profit   169 - 57 68 6 17     231 85 
EBITDA   108 - 4 24 -2 8 -24 -26 86 6 
Operating profit   60 - -12 5 -3 7     45 12 
Group costs   0 - 0 0 0 0 -24 -26 -24 -26 
Operating profit   60 - -12 5 -3 7 -24 -26 21 -14 
Finance items (net)                   68 22 
Profit(loss) before tax                    89 8 
Result from continued operations                 70 7 
Gross margin, %   24.1%   12.9% 12.3% 17.1% 20.4%     19.7% 13.4% 
Operating margin, %   8.6% - -2.7% 0.8% -10.2% 8.7%     1.8% -2.2% 
 
 
 
31 March 2024 
 
SEK m US Germany CA 
Group 
assets Total 
Non-current assets 1 636 836 9 7 2 488 
Total assets 2 922 1 655 321 178 5 076 
 
31 December 2023 
 
SEK m US Germany CA 
Group 
assets Total 
Non-current assets 1 360 823 9 7 2 199 
Total assets 2 412 1 693 308 292 4 705

===== SIDA 7 =====

Interim report 1 January – 31 March 2024 
 
7 
 
Segment share of revenue, 
Q1 2024 
 
 
Segment share of total assets, 
31 March 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Germany 37%
CA 3%
US 60%
Germany 34%
CA 7%
US 60%

===== SIDA 8 =====

Interim report 1 January – 31 March 2024 
 
8 
USA  
Unit sales (incl. rental conversion) 
 
 
Revenue by activity 
  
 
Operating profit and operating 
margin 
 
 
 Market and sales 
US GDP increased by 3.0 % in Q1 2024. Consensus forecasts for GDP 
growth in 2024 have been raised and range from 1.6-2.7%. Core PCE 
inflation is down compared to 2023, but inflation remains elevated and 
interest rate cuts may start only in 2025. Construction spending in March 
2024 increased 10% compared to March 2023. Government infrastructure 
investment program supports demand across the US. Investments in, 
amongst others, data centers and battery factories area have contributed to 
increased demand in Ferronordic’s area. The total market for construction 
equipment in North America has historically been approx. 52,000 to 56,000 
units. Ferronordic’s area covers approx. 8% of the total North American 
market. The market in Ferronordic’s area is estimated to have decreased by 
8% in Q1 2024. The decline was driven by a decrease in crawler excavators. 
The market for articulated haulers, where Volvo CE has a strong position, 
however increased in Q1 2024. Partly as a result of that, Ferronordic’s sales 
of machines increased compared to 2023. In Q1 2024, Ferronordic sold 81 
new units, 23 used units and 23 units were converted to sales from rental. In 
the US market, customers buying out rented equipment, referred to as rental 
conversions, is part of market practice. The service and parts business was 
also strong in Q1 2024. Parts supply was negatively affected during the 
pandemic, but availability has now normalised.  
Revenue and operating result 
Revenue in Q1 2024 amounted to SEK 699m. The operating result 
amounted to SEK 60m. The operating margin was 8.6%. In Q1 2024, 63% of 
revenue was related to sales of new and used equipment and conversions of 
sales from rental, 30% of revenue was related to aftermarket business, 8% 
was other sales, mainly related to rental of machines.  
Cash flows and balance sheet 
The net working capital at the end of Q1 2024 was SEK 375m, a decrease 
compared to Q4 2023 as payables increased more than inventory and part of 
purchased machines went into the rental fleet. As a percentage of full year 
estimated revenue1, working capital was 13% at the end of the quarter. The 
operating cash flow in Q1 2024 was SEK 124m.  
 
  2024 2023 % 2023 
  Q1 Q1 change Dec 
New units 81   47 
Conversion from rental, units 23   0 
Used units 23   9 
Revenue, SEK m 699   308 
Gross profit, SEK m 169   82 
Operating profit, SEK m 60   25 
Gross margin, % 24.1%     26.6% 
Operating margin, % 8.6%     8.0% 
Working capital/LTM Revenue, % 13%    17% 
 
1 Based on annualized Q1 2024 revenue.  
  
0
20
40
60
80
100
120
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Units sales (incl rental conversions)
0
100
200
300
400
500
600
700
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Equipment sales Aftermarket sales Other
(SEK m)
0%
3%
6%
9%
12%
0
20
40
60
80
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Operating profit (SEK m)
Operating margin (%)

===== SIDA 9 =====

Interim report 1 January – 31 March 2024 
 
9 
Germany 
Unit sales 
 
 
Revenue by activity 
  
 
Operating profit and operating 
margin 
 
 
 Market and sales 
German GDP declined 0.2% in Q1 2024 and forecasts for 2024 have been 
revised lower, to 0.2-0.3%. Inflation is lower and the ECB may lower the key 
rate in June. While some indicators, like the IFO business climate index and 
the PMI manufacturing, turned upwards in the quarter, the general sentiment 
is negative and business managers are cautious. Based on registrations of 
new trucks, the total German market for heavy trucks decreased by 5% in 
Q1 2024. This compares to 45% and 5% market growth in Q3 and Q4 2023 
respectively and shows a slowdown in the market. A previous supply 
constraint has, since mid-2023, shifted to a demand constraint. Increased 
supply is exerting pressure on margins in the trucks market. New trucks 
registered in Ferronordic’s sales area decreased by 2% and represented 
approx. 18% of the total German market. Ferronordic’s new truck sales in 
units decreased by 36% to 157 units compared to a strong Q1 in 2023. Used 
vehicle sales grew 27% in units to 109, partly as Ferronordic is actively 
working to reduce its used stock and rental fleet. Ferronordic has decided to 
focus on how these businesses can support the sales effort and aftermarket 
activity in a weaker market. Demand for rental has declined as the supply of 
both new and used trucks has increased. The aftermarket business however 
continued to grow in the quarter. Service and parts sales increased 9% on a 
combination of organic growth and acquisitions. 
Revenue and operating result 
Mainly due to lower trucks sales, total revenue in Germany decreased by 
20% (20% in EUR) to SEK 439m (548) in Q1 2024. Truck sales decreased 
by 31%. Aftermarket sales increased by 9%. As a result, aftermarket sales 
increased by 10pp as a share of revenue to 37%. The gross margin 
increased to 12.9% (12.3). 
Selling, general and administrative expenses increased by 8% compared to 
Q1 2023 to SEK 70m (65) but decreased by 36% compared to Q4 2023. Q4 
2023 included restructuring provisions of SEK 23m, related to organisational 
changes and cost reduction to increase efficiency and resilience in the 
German business. The operating margin decreased to  
-2,7% (-0.8). The operating result decreased to SEK -12m (5).  
Cash flows and balance sheet 
Cash flows from operating activities were positive at SEK 68m (-1). Working 
capital increased to SEK 648m from SEK 589m, as payables decreased 
faster than inventory and receivables increased. As a percentage of revenue, 
working capital increased to 30% at the end of Q1 2024 compared to 26% at 
the end of Q4 2023. Investments of SEK 21m mainly related to acquisition of 
property, plant and equipment completed during the period. 
 
  2024 2023 % 2023 
  Q1 Q1 change FY 
New units 157 244 -36% 944 
Used units 109 86 27% 394 
Revenue, SEK m 439 548 -20% 2 271 
Gross profit, SEK m 57 68 -16% 253 
Operating profit, SEK m -12 5 -363% -72 
Gross margin, % 12.9% 12.3%   11.1% 
Operating margin, % -2.7% 0.8%   -3.2% 
Working capital/LTM Revenue, % 30% 27%   26% 
0
50
100
150
200
250
300
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Units sales
0
100
200
300
400
500
600
700
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Equipment sales Aftermarket sales Other
(SEK m)
-12%
-7%
-2%
-65
-45
-25
-5
15
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Operating profit (SEK m)
Operating margin (%)

===== SIDA 10 =====

Interim report 1 January – 31 March 2024 
 
10 
          Central Asia (CA) 
Unit sales 
 
 
 
Revenue by activity 
 
 
 
Operating profit and operating 
margin 
 
 
 Market and sales 
The Kazakh market for construction equipment is partly driven by 
Kazakhstan’s growing role as a regional hub, commodity prices and 
infrastructure projects. The Kazakh economy grew by 4.2% year-on-year in 
January-February 2024. IMF’s forecast for 2024 remained unchanged at 
3.1%. In 2025, growth is projected to pick up to 5.6% as production capacity 
in Kazakhstan’s existing oilfields is expected to expand. Inflation continued to 
decline and reached 8.7% in March. As a result, the National Bank lowered 
the base rate further by 50bps to 14.75%. The Kazakh government plans to 
start 873 strategic investment projects worth USD 62bn over the next five 
years. Despite a strong economy and supportive government investments, 
the Kazakh market for construction equipment is estimated to have declined 
by 16% in Q1 2024, partly as a result of changes in the government and 
floods in the northern parts of the country. Ferronordic’s sales of new 
machines in units in Q1 2024 decreased to 5. Sales of used construction 
equipment decreased to 5 units. Average prices on new machines were 
higher, mainly due to product mix. Aftermarket sales were stable in the 
quarter. The inventory remains high in Kazakhstan. Ferronordic expects the 
inventory position to normalise towards the end of 2024.  
Revenue and operating result 
Total revenue in Kazakhstan decreased by 60% (60% in local currency) to 
SEK 34m (83). Equipment sales decreased by 72%, while aftermarket sales 
decreased by 3%. The gross margin decreased to 17.1% (20.4%) and gross 
profit decreased to SEK 6m (17). Compared to Q4 2023, total revenue 
declined 36% but the gross margin increased by 8.2pp. An impairment of 
SEK 2m on stock negatively impacted the gross margin in Q4 2023.    
 
Selling, general and administrative expenses decreased by 26%, mainly as a 
result of lower revenue and sales bonuses. As a percentage of revenue, 
these expenses increased to 18.2% (9.9), mainly due to lower revenue. The 
operating margin decreased to -10.2% (8.6) and the operating result 
decreased to SEK -3m (7).  
Cash flows and balance sheet  
Сash flows from operating activities increased to SEK 6m (-17), mainly due to 
receipts from sales in prior periods. Working capital amounted to SEK 69m at 
the end of Q1 2024, compared to SEK 67m at the end of Q4 2023. As a 
percentage of revenue, working capital was at 29% at the end of Q1 2024, 
compared to 24% at the end of Q4 2023.   
 
  2024 2023 % 2023 
  Q1 Q1 change FY 
New units 5 23 -78% 74 
Used units 5 12 -58% 54 
Revenue, SEK m 34 83 -60% 284 
Gross profit, SEK m 6 17 -66% 43 
Operating profit, SEK m -3 7 -147% 9 
Gross margin, % 17.1% 20.4%   15.0% 
Operating margin, % -10.2% 8.7%   3.1% 
Working capital/LTM Revenue, % 29% 17%   24% 
  
0
10
20
30
40
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Units sales
-10
10
30
50
70
90
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Equipment sales Aftermarket sales
(SEK m)
-12%
-8%
-4%
0%
4%
8%
12%
-8
-5
-2
1
4
7
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Operating profit (SEK m)
Operating margin (%)

===== SIDA 11 =====

Interim report 1 January – 31 March 2024 
 
11 
Condensed consolidated statement 
of comprehensive income 
  Q1 Q1 FY 
SEK m 2024 2023 2023 
Revenue 1,172 631 2,863 
Cost of sales -941 -546 -2,486 
Gross profit 231 85 377 
Selling expenses -65 -42 -190 
General and administrative expenses -154 -57 -319 
Other income 12 0 24 
Other expenses -3 0 -8 
Operating profit 21 -14 -115 
Finance income 3 5 31 
Finance costs -30 -7 -48 
Foreign exchange gains/(-losses) (net) 95 23 -21 
Result before income tax  89 8 -153 
Income tax -19 -1 46 
Result for the period 70 7 -107 
        
Other comprehensive result       
        
Items that are or may be reclassified to profit or loss:       
Foreign currency translation differences for foreign 
operations 6 6 -35 
        
Other comprehensive result for the period, net of tax 6 6 -35 
Total comprehensive result for the period 76 13 -142 
        
Earnings per share       
Basic earnings per share (SEK) 4.83 0.46 -7.39 
Diluted earnings per share (SEK) 4.83 0.46 -7.39

===== SIDA 12 =====

Interim report 1 January – 31 March 2024 
 
12 
Condensed consolidated statement of 
financial position 
SEK m 
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
ASSETS       
Non-current assets       
Property, plant and equipment 2,099 1,828 557 
Intangible assets 257 244 86 
Deferred tax assets 131 127 80 
Total non-current assets 2,488 2,199 723 
Current assets       
Inventories 1,687 1,443 534 
Trade and other receivables 678 630 365 
Prepayments 8 6 7 
Cash and cash equivalents 217 426 1,574 
Total current assets 2,589 2,506 2,480 
TOTAL ASSETS 5,076 4,705 3,203 
        
EQUITY AND LIABILITIES       
Equity       
Share capital 1 1 1 
Additional paid in capital 630 630 630 
Translation reserve -16 -22 19 
Retained earnings 1,013 1,120 1,229 
Result for the period 70 -107 7 
TOTAL EQUITY 1,698 1,622 1,886 
Non-current liabilities       
Borrowings 610 671 416 
Deferred income 12 14 21 
Deferred tax liabilities 297 277 0 
Long-term lease liabilities 53 59 38 
Total non-current liabilities 972 1,020 476 
Current liabilities       
Borrowings 1,071 1,024 418 
Trade and other payables 1,283 997 392 
Deferred income 8 8 12 
Provisions 18 12 0 
Short-term lease liabilities 26 22 20 
Total current liabilities 2,406 2,062 842 
TOTAL LIABILITIES 3,378 3,083 1,317 
TOTAL EQUITY AND LIABILITIES 5,076 4,705 3,203

===== SIDA 13 =====

Interim report 1 January – 31 March 2024 
 
13 
Condensed consolidated statement of 
changes in equity 
SEK m 
Share 
capital 
Additional 
paid in 
capital 
Translation 
reserve 
Retained 
earnings 
Total 
equity 
Balance 1 January 2024 1 630 -22 1,013 1,622 
Total comprehensive result for the period           
Result for the period 0 0 0 70 70 
Other comprehensive result           
Foreign exchange differences 0 0 6 0 6 
Total comprehensive result for the period 0 0 6 70 76 
Contribution by and distribution to owners           
Dividends  0 0 0 0 0 
Total contributions and distributions 0 0 0 0 0 
Balance 31 March 2024 1 630 -16 1,083 1,698 
 
 
 
SEK m 
Share 
capital 
Additional 
paid in 
capital 
Translation 
reserve 
Retained 
earnings 
Total 
equity 
Balance 1 January 2023 1 630 13 1,229 1,873 
Total comprehensive result for the period           
Result for the period 0 0 0 7 7 
Other comprehensive result           
Foreign exchange differences 0 0 6 0 6 
Total comprehensive result for the period 0 0 6 7 13 
Contribution by and distribution to owners           
Warrant issue 0 0 0 0 0 
Total contributions and distributions 0 0 0 0 0 
Balance 31 March 2023 1 630 19 1,236 1,886 
 
 
 
 
/

===== SIDA 14 =====

Interim report 1 January – 31 March 2024 
 
14 
Condensed consolidated statement of cash flows 
  Q1 Q1 
SEK m 2024 2023 
Cash flows from operating activities     
Result before income tax 89 8 
Adjustments for:     
Depreciation and amortisation 65 21 
(Gain)/loss from impairment of receivables 1 -1 
Profit on disposal of property, plant and equipment 0 0 
Finance costs 30 7 
Finance income -3 -5 
Foreign exchange losses/(gains) (net) -95 -23 
Cash flows from operating activities before changes in working 
capital and provisions  87 6 
Change in inventories -178 -69 
Change in trade and other receivables -18 -12 
Change in prepayments -1 -6 
Change in trade and other payables 301 -32 
Change in provisions 6 -1 
Change in deferred income -2 -5 
Cash flows from operating activities before interest and tax paid 195 -119 
Income tax paid -43 -4 
Interest paid -29 -3 
Cash flows from operating activities 124 -126 
Cash flows from investing activities     
Proceeds from sale of property, plant and equipment 0 0 
Interest received 3 5 
Acquisition of property, plant and equipment -236 -11 
Acquisition of intangible assets 0 0 
Cash flows from investing activities -233 -6 
Cash flows from financing activities     
Dividends 0 0 
Proceeds from borrowings 0 12 
Repayment of loans -99 0 
Leasing financing paid -6 -7 
Cash flows from financing activities -105 5 
Net change in cash and cash equivalents -214 -127 
Cash and cash equivalents at start of the period 426 1,688 
Effect of exchange rate fluctuations on cash and cash equivalents 5 12 
Cash and cash equivalents at end of the period 217 1,574

===== SIDA 15 =====

Interim report 1 January – 31 March 2024 
 
15 
Parent company income statement 
 
 
  Q1 Q1 FY 
SEK m 2024 2023 2023 
Revenue 6 8 36 
Cost of sales -3 -4 -22 
Gross profit 2 4 14 
Administrative expenses -23 -36 -118 
Other income 0 0 21 
Other costs 0 -6 0 
Operating profit -20 -38 -82 
Finance income 39 12 78 
Finance costs -10 -1 -7 
Foreign exchange gains/(-losses) (net) 80 19 -20 
Result before income tax 88 -8 -30 
Income tax -12 0 6 
Result for the period 76 -8 -24 
 
 
Total comprehensive result for the period is the same as the Result for the period.

===== SIDA 16 =====

Interim report 1 January – 31 March 2024 
 
16 
Parent company balance sheet 
  
SEK m 
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
ASSETS       
Non-current assets       
Property, plant and equipment 0 0 0 
Intangible assets 0 0 0 
Financial assets       
Holdings in group companies  288 288 35 
Loans to group companies  56 66 0 
Deferred tax assets 6 6 0 
Total financial assets 350 360 35 
Total non-current assets 351 361 36 
        
Current assets       
Trade and other receivables 109 47 44 
Prepayments  0 0 0 
Loans to group companies  1,936 1,784 592 
Cash and cash equivalents 146 266 1,466 
Total current assets 2,191 2,098 2,102 
TOTAL ASSETS  2,541 2,458 2,138 
        
EQUITY AND LIABILITIES       
Equity       
Restricted equity      
Share capital 1 1 1 
Unrestricted equity       
Share premium reserve  640 640 640 
Retained earnings 1,283 1,308 1,417 
Result for the period 76 -24 -8 
TOTAL EQUITY  2,001 1,925 2,050 
        
Non-current liabilities       
Borrowings 483 455 0 
Total non-current liabilities 483 455 0 
        
Current liabilities       
Trade and other payables 57 78 87 
Total current liabilities 57 78 87 
TOTAL LIABILITIES  541 534 87 
TOTAL EQUITY AND LIABILITIES  2,541 2,458 2,138

===== SIDA 17 =====

Interim report 1 January – 31 March 2024 
 
17 
Notes
1. Accounting policies 
Ferronordic applies the IFRS® Accounting Standards as 
adopted by the EU. This report has been prepared in 
accordance with IAS 34, the Swedish Annual Accounts Act 
and recommendation RFR 2 (only parent company), issued by 
the Swedish Financial Reporting Board. 
New or revised standards that come into effect in 2024 or later 
are not expected to have significant effect on Ferronordic’s 
financial statements. 
 
The same accounting and valuation principles were applied in 
the preparation of this report as in the preparation of the 2023 
annual report (regarding the 2023 financial year). 
 
2. Determination of fair values 
The basis for the determination of fair value of financial assets 
and liabilities is disclosed in note 5 in the 2023 annual report. 
The fair values of the Group’s financial assets and liabilities 
approximate their respective carrying amounts. 
3. Seasonal variations 
Ferronordic’s revenue and earnings are affected by seasonal 
variations in the construction industry in Central Asia. The first 
quarter is typically the weakest for sales of machines as 
activity in construction projects is constrained during the 
winter months. On the other hand, the demand in aftermarket 
(sales of parts and services) is usually strong since many 
customers use the quiet period to service their machines. 
Demand is typically stronger and relatively even through the 
rest of the year. In Germany, seasonal trends are less 
significant. 
4. Ferronordic AB (publ) 
Ferronordic AB (publ) and its subsidiaries are sometimes 
referred to as the Group or Ferronordic. Ferronordic AB (publ) 
is also sometimes referred to as the Company. Any 
mentioning of the Board is a reference to the Board of 
Directors of Ferronordic AB (publ). 
5. Segment reporting 
Operating segments are reported in a manner consistent with 
the internal reporting provided to the chief operating decision-
maker (CODM). The chief operating decision-maker, who is 
responsible for allocating resources and assessing the 
financial performance of the operating segments, has been 
identified as the Group Executive Management Team. The 
Group recognises three separate reportable segments: USA, 
Germany and CA. The segments are partly managed 
separately due to differences in markets, logistics, supply 
chains, products, customers and marketing strategies. For 
each segment, management reviews internal reports on at 
least a monthly basis. US sales are comprised of new and 
used construction and other equipment, aftermarket sales, 
rental, contracting services and other services. Germany’s 
sales are comprised of new and used trucks, aftermarket 
sales, rental, mobile crushers and screens and other services. 
Central Asia (CA), which currently refers to Kazakhstan, has 
sales comprised of new and used construction and other 
equipment, mobile crushers and screens, used trucks, 
aftermarket sales, rental, contracting services and other 
services.  
The accounting policies of the segments are the same as 
described in Note 4 of the annual report 2023. Group 
overhead costs, such as Group management costs, are 
allocated between the segments using principles set forth by 
the CODM. Information regarding the results of each segment 
is presented on page 6 of this report. The performance of 
each segment is mainly evaluated based on revenue, gross 
profit, gross margin, EBITDA, operating profit and operating 
margin, as included in internal management reports that are 
reviewed by the Group’s Executive Management Team. The 
Group had no inter-segment revenues during the periods 
presented. 
Information on Group segments is presented in the front part 
of this report. 
6. Contingencies 
Besides as disclosed in this report, the Group has no material 
contingencies. The Parent Company has issued a number of 
guarantees, all as security for the subsidiaries’ obligations vis-
à-vis suppliers and financial institutions. 
7. Related party transactions 
There have been no significant changes in the relationships or 
transactions with related parties for the Group or the Parent 
Company compared with the information disclosed in the 
2023 annual report. 
8. Earnings per share 
The calculation of earnings per share is based on the result 
attributable to the shareholders and is thus calculated as the 
result for the period divided by the average number of shares 
outstanding. Dilution can potentially follow from the Group’s 
incentive program for its executive management, which 
includes warrants. For more information, please refer to  
Ferronordic’s annual report for 2023.

===== SIDA 18 =====

Interim report 1 January – 31 March 2024 
 
18 
 
Result for the period, SEK m 
 
  
2024 
Q1 
2023 
Q1 
Result attributable to shareholders, SEK m 70 7 
Average number of shares during the period before dilution, thousand 14,532 14,532 
Earnings per share before dilution, SEK 4.83 0.46 
Dilution effect 0 0 
Average number of shares during the period after dilution, thousand 14,532 14,532 
Earnings per share after dilution, SEK 4.83 0.46 
 
9. Events after the reporting date 
Information regarding events after the reporting date is set out in the front part of this report (p. 5).

===== SIDA 19 =====

Interim report 1 January – 31 March 2024 
 
19 
Signatures 
The Board of Directors and the Managing Director declare that the report for the first quarter of 2024 provides a true and fair 
overview of the Group’s and the Parent Company’s operations, financial position and performance, and describes material risks 
and uncertainties facing the parent company and the companies in the Group. 
 
Stockholm, 16 May 2024 
 
 
 
 
Staffan Jufors 
Chairman 
Aurore Belfrage 
Director 
Annette Brodin Rampe 
Director 
Niklas Florén 
Director 
Lars Corneliusson 
Director and CEO 
 
Håkan Eriksson 
Director 
   
This report has not been reviewed by the Company’s auditors

===== SIDA 20 =====

Interim report 1 January – 31 March 2024 
 
20 
Key ratios
Financial information for individual quarters 
The financial information below regarding individual quarters 
during the period 1 January 2022 – 31 March 2024 is collected 
from Ferronordic’s interim reports for the relevant quarters.  
Key ratios 
Certain key ratios in Ferronordic’s interim reports are not 
defined according to IFRS.  
 
The company considers these ratios to provide valuable 
supplementary information for investors and the company’s 
management as they enable the assessment of relevant 
trends. Ferronordic’s definitions of these measures may differ 
from other companies’ definitions of the same terms. These 
ratios should therefore be seen as a supplement rather than as 
a replacement for measures defined according to IFRS. As the 
amounts in the tables below have been rounded off to SEK m, 
the calculations do not always add up due to rounding. 
 
Selected key group ratios 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Revenue 455 402 412 705 631 674 643 915 1,172 
Gross profit 53 43 57 97 85 84 75 133 231 
Gross margin, % 11.7% 10.6% 13.9% 13.8% 13.4% 12.5% 11.7% 14.5% 19.7% 
Operating profit -25 -30 300 -13 -14 -10 -28 -62 21 
Operating margin, % -5.4% -7.4% -5.0% -1.9% -2.2% -1.5% -4.4% -6.8% 1.8% 
Result from continuing 
operations -31 -97 262 49 7 64 -89 -89 70 
Result for the period 63 32 366 -21 7 64 -89 -89 70 
Result per share, SEK 4.30 2.20 25.20 -1.42 0.46 4.41 -6.16 -6.11 4.83 
Working capital/LTM Revenue, 
% 3% 14% 18% 11% 23% 20% 20% 20% 20% 
Cash flow from operations -16 39 240 -48 -126 40 -88 147 124 
Equity/total assets, % 32% 37% 42% 58% 59% 62% 62% 34% 33% 
Return on equity, LTM% 35% 22% 35% 30% 26% 23% -2% -6% -2% 
Return on capital employed, 
LTM% 31% 23% 31% 11% 11% 11% -1% -3% -2% 
 
 
USA 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Dec Q1 
SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Revenue - - - - - - - 308 699 
Gross profit - - - - - - - 82 169 
Gross margin, % - - - - - - - 26.6% 24.1% 
Operating profit - - - - - - - 25 60 
Operating margin, % - - - - - - - 8.0% 8.6% 
Working capital/LTM Revenue, 
% - - - - - - - 26% 30% 
 
 
Germany 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Revenue 420 375 359 616 548 595 574 555 439 
Gross profit 47 36 49 82 68 73 66 47 57 
Gross margin, % 11.2% 9.7% 13.5% 13.4% 12.3% 12.3% 11.5% 8.4% 12.9% 
Operating profit -7 -7 -5 -2 5 2 -16 -62 -12 
Operating margin, % -1.6% -1.8% -1.4% -0.4% 0.8% 0.3% -2.8% -11.1% -2.7% 
Working capital/LTM Revenue, 
% 12% 15% 17% 17% 27% 21% 22% 26% 30%

===== SIDA 21 =====

Interim report 1 January – 31 March 2024 
 
21 
 
CA 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m (or as stated) 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Revenue 35 26 53 89 83 80 69 52 34 
Gross profit 7 6 9 15 17 11 9 5 6 
Gross margin, % 18.6% 23.5% 16.7% 16.5% 20.4% 14.4% 13.7% 8.9% 17.1% 
Operating profit 3 2 4 5 7 7 0 -6 -3 
Operating margin, % 9.7% 9.2% 8.0% 6.1% 8.7% 8.6% 0.4% -10.7% -
10.2% 
Working capital/LTM Revenue, 
% 1% 13% 18% -3% 17% 32% 23% 24% 29% 
 
 
Net debt 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Long term borrowings 427 515 340 393 416 70 69 671 610 
Long term lease liabilities 88 124 111 43 38 57 51 59 53 
Short term borrowings 292 673 989 274 418 437 428 1,024 1,071 
Short term lease liabilities 42 59 78 21 20 24 23 22 26 
Total Interest bearing 
liabilities 848 1,370 1,518 731 892 588 571 1,776 1,759 
Cash & cash equivalents 593 658 939 1,688 1,574 1,127 950 426 217 
Net debt / (cash) 255 712 579 -957 -681 -539 -378 1,349 1,542 
Net debt / EBITDA (times) 0.3 0.9 0.5 -3.0 -2.0 -1.5 -18.4 -214.7 21.0 
 
 
Working capital 
 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Inventory 1,112 1,346 1,326 460 534 718 699 1,443 1,687 
Trade and other receivables 517 993 856 344 365 263 315 630 678 
Prepayments 53 116 243 1 7 9 3 6 8 
Trade and other payables 1,392 1,415 1,117 573 392 509 470 997 1,283 
Deferred income 15 36 33 16 12 9 8 8 8 
Provisions 51 86 92 1 0 0 0 12 18 
Working capital 225 917 1,184 215 503 472 538 1,063 1,062 
Revenue LTM 6,690 6,791 6,610 1,973 2,149 2,422 2,653 5,313 5,314 
Working capital / Revenue (%) 3% 14% 18% 11% 23% 20% 20% 20% 20% 
 
 
Capital employed 
  
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Long term interest bearing 
liabilities 515 638 451 436 455 127 120 730 663 
Short term interest bearing 
liabilities 334 732 1,067 295 438 461 451 1,046 1,096 
Shareholder equity 1,086 1,739 2,108 1,873 1,886 1,822 1,750 1,622 1,698 
Capital employed 1,935 3,109 3,626 2,604 2,778 2,411 2,322 3,397 3,457 
Average capital employed 1,727 2,397 2,738 2,336 2,356 2,760 2,974 3,001 3,117 
EBIT 511 514 818 247 257 277 -66 -115 -80 
Interest income 27 30 28 2 7 17 25 31 29 
Result LTM 538 544 846 249 265 293 -41 -84 -51 
Return on capital employed (%) 31% 23% 31% 11% 11% 11% -1% -3% -2%

===== SIDA 22 =====

Interim report 1 January – 31 March 2024 
 
22 
Return on equity 
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 
SEK m 2022 2022 2022 2022 2023 2023 2023 2023 2024 
Shareholder equity 1,086 1,739 2,108 1,873 1,886 1,822 1,750 1,622 1,698 
Average equity 987 1,315 1,568 1,487 1,486 1,781 1,929 1,748 1,792 
Net result LTM 346 291 549 440 384 416 -39 -107 -44 
Return on equity (%) 35% 22% 35% 30% 26% 23% -2% -6% -2% 
 
 
Alternative key ratios not defined by IFRS 
EBITDA: Operating profit activities excluding depreciation, 
amortisation. Provides a measurement of the result from the 
ongoing business. In financials before and including 2016, 
certain write-downs of assets were excluded from EBITDA. 
EBITDA margin: EBITDA in relation to revenue. Relevant key 
ratio in evaluating the Group’s value creation. 
Net debt/(Net cash): Interest-bearing liabilities (including 
lease liabilities) less cash and cash equivalents. Provides a 
measurement for the Group’s net debt position. 
Net debt / EBITDA: Net debt / (net cash) in relation to 
EBITDA for the last twelve months. Shows to what extent 
EBITDA covers net debt. Used to evaluate financial risk. 
New units sold: Number of new machines and trucks sold. 
Used to measure and compare number of new units sold 
during relevant period.  
Operating profit: Result before financial items and taxes. 
Provides a measurement of the result from the ongoing 
business. 
Operating margin: Operating profit in relation to revenue. 
Relevant key ratio in evaluating the Group’s value creation. 
 
 
Revenue growth: Growth in revenue compared to the same 
period last year, expressed in percentage. Used for 
comparison of growth between periods as well as 
comparisons with the market as a whole and with the 
company’s competitors. 
Gross margin: Gross profit in relation to revenue. Provides a 
measurement of the contribution from the ongoing business. 
Capital employed: Total equity and interest-bearing liabilities. 
Shows the capital invested in the Group’s business. 
Return on capital employed: Adjusted EBIT plus financial 
income (for the last twelve months) in relation to capital 
employed (average during the last twelve months). Shows 
how effectively the capital employed is used. 
Return on equity: Net income (for the last twelve months) in 
relation to shareholders’ equity (average during the last twelve 
months). Net income is calculated before dividends to 
common shareholders but after dividends to preferred 
shareholders.  
Working capital: Current assets excluding cash and cash 
equivalents, less non-interest bearing current liabilities. Shows 
the amount of working capital tied up in the ongoing business. 
Working capital/Revenue: Working capital in relation to 
revenue during the last twelve months. Shows how effective 
the working capital is used in the business. 
 
 
Abbreviations 
Approx. Approximately 
CEO Chief Executive Officer 
CA Central Asia 
EUR Euro  
FY Full year  
IFRS International Financial Reporting Standards 
Q1, Q2, Q3, Q4 First, second, third and fourth quarter  
SEK Swedish krona 
SEK m Million Swedish krona 
vs Versus 
LTM Last twelve months 
VCE Volvo Construction Equipment  
6M, 9M, 12M 6 months, 9 months, 12 months

===== SIDA 23 =====

Interim report 1 January – 31 March 2024 
 
23 
 
This is Ferronordic
Ferronordic is a service and sales company in the areas of 
construction equipment and trucks. It is the dealer for 
Volvo CE in all or parts of nine states in the United States and 
also represents Hitachi, Sandvik, Link-Belt Cranes and 
Bergmann in parts of the same area. Ferronordic is dealer of 
Volvo Trucks, Renault Trucks and Sandvik mobile crushers in 
Germany and dealer of Volvo CE and certain other brands in 
Kazakhstan. Ferronordic began its operations in 2010 and 
currently has 42 outlets and approx. 800 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. www.ferronordic.com
Vision 
Ferronordic’s vision is to be the leading service and sales 
company in the company’s markets. 
Mission 
The company’s mission is to support the growth and 
leadership of the company’s customers. 
Values 
Quality, excellence and respect. 
Strategic objectives 
• Leadership in the market for construction equipment 
and trucks 
• Aftermarket absorption rate of at least 1.0 x 
• Expansion into related business areas  
• Geographic expansion 
• Industry leading digital service and sales platforms 
• Expansion and development of contracting services 
 
Strategic cornerstones 
• Customer centricity 
• Great team 
• Building on a strong brands 
• Operational excellence 
Investment case highlights 
• Strong brand portfolio 
• Markets with high potential 
• Further growth opportunities with attractive returns 
• Resilient business model based on a robust  
aftermarket business and a great team 
• Investment in innovation 
• Experienced management and strong corporate 
governance 
• Providing sustainable business solutions

===== SIDA 24 =====

Interim report 1 January – 31 March 2024 
 
 
24 
About this report 
Forward-looking statements 
Some statements in this report are forward looking and the 
actual outcomes could be materially different. In addition to 
the factors explicitly discussed, other factors could have a 
material effect on the actual outcomes. 
Language 
In the event of inconsistency or discrepancy between the 
English and the Swedish version of this publication, the 
Swedish version shall prevail. 
Totals and roundings 
Totals quoted in tables and statements may not always be the 
exact sum of the individual items because of rounding 
differences. The aim is that each line item should correspond 
to its source and rounding differences may therefore arise. 
 
 
 
 
 
 
 
 
 
 
 
 
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 16 May 2024 at 07:30 CET. 
Financial calendar 
  
Annual general meeting – 16 May 2024 
Interim report April-June 2024 – 15 August 2024 
Interim report July-September 2024 – 14 November 2024 
Conference call 
A presentation for investors, analysts and media will be held 
on 16 May 2024 at 10:00 CET and is accessible at 
www.ferronordic.com. 
 
To participate via teleconference, please register on the link 
below. 
https://conference.financialhearings.com/teleconference/?id=
50049704 
 
To participate via webcast, please use the link below. 
https://ir.financialhearings.com/ferronordic-q1-report-2024 
 
 
Contacts 
 
For investors, analysts and media: 
Erik Danemar, CFO and Head of Investor Relations 
+46 73 660 72 31 
ir@ferronordic.com 
 
Nybrogatan 6 
SE-114 34 Stockholm 
+46 8 5090 7280 
 
Corporate ID no. 556748-7953 
www.ferronordic.com