FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== 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