Kvartalsrapport Q2 2024

Automatiskt nyckeltalsindex

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Fulltext

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

Interim report 1 January – 30 June 2024 
 
 
1 
 
 Q2 2024: Continued strength in the US   
Summary of the second quarter, April – June 20241 
Group:  
• 62% revenue growth driven by the 
addition of the US operations. 
• Operating result increased to SEK -4m 
with strong contribution from the US. 
• Net profit decreased to SEK -81m, 
partly because of exchange rate 
losses. 
• Net debt of SEK 1,671m after 
acquisition and consolidation of 
balance sheet in US operations. 
• Total equity decreased to SEK 1,627m. 
 
USA: 
• Market lower but still strong.  
• Stable revenue on stronger 
aftermarket. 
• Total revenue of SEK 707m. 
• Operating result of SEK 51m. 
• Operating margin of 7.3%. 
Germany:  
• Market recovered and grew by 11%.  
• New unit sales decreased by 65% 
against high base in 2023.  
 
• Total revenue decreased by 44% to 
SEK 332m.  
• Operating result decreased to SEK -27m.  
• Implementation of the cost reduction 
program continued. 
• Inventory levels remained high. 
Central Asia (CA):  
• New and used unit sales decreased.  
• Total revenue decreased by 29% to 
SEK 56m. 
• Operating result declined to SEK -1m.  
62% 
Revenue growth 
-4m 
Operating profit, SEK m 
 
-0.3% 
Operating margin 
 
-5.56 
Earnings per share, SEK 
 
 
Selected key group ratios 
SEK m (or as stated) 
2024 
Q2 
2023 
Q2 % 
2024 
6M 
2023 
6M 
 
% 
2023 
FY 
Revenue 1,095 674 62% 2,267 1,305 74% 2,863 
Gross profit 202 84 139% 433 169 156% 377 
Operating profit -4 -10 63% 17 -25 169% -115 
Result for the period -81 64 -226% -11 71 -115% -107 
Earnings per share, SEK2 -5.56 4.41 -226% -0.73 4.87 -115% -7.39 
Cash flow from operations 270 40   394 -86  -27 
Net debt (cash) 1,671 -539   1,671 -539  1,349 
                  
Gross margin, % 18.4% 12.5% 5,9pp 19,1% 12.9% 6,2pp 13.2% 
Operating margin, % -0,3% -1.5% 1,2pp 0,7% -1.9% 2,6pp -4.0% 
Working capital/LTM Revenue, % 21% 20% 1,7pp 21% 20% 1,7pp 20% 
Equity/total assets, % 33% 62% -28,4pp 33% 62% -28,4pp 34% 
Return on capital employed, % -2% 11% -12,4pp -2% 11% -12,4pp -3% 
Return on equity, % -7% 23% -30,6pp -7% 23% -30,6pp -6% 
 
1 Comparison with same period in prior year unless stated otherwise. 2 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 to 
22. 
 
 
 
 
 
 
Interim report 1 January – 30 June 2024

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

Interim report 1 January – 30 June 2024 
 
 
2 
 
Continued strength in the US 
 
The second quarter of 2024 was mixed for Ferronordic with 
continued solid performance in the US but also continued 
challenges in our other markets. 
 
The US operations continued to perform well. Total revenue 
was SEK 707m and the operating profit was SEK 51m, 
implying an operating margin of 7.3%. Equipment sales 
remained strong but lower than in the first quarter. The 
aftermarket business was stronger than in the first quarter. In 
the first five months of 2024, the market for construction 
equipment was down 6% in North America compared to the 
same period last year. 2023 was however a very strong year 
and demand remains at good levels. We significantly 
increased our market share and delivered more machines to 
customers despite the correction in the market. As we entered 
the construction season, utilisation of the rental fleet improved 
and demand for parts and service increased.  
During the second quarter, we continued to spend time with 
our new colleagues to learn more about the organisation and 
the opportunities. We had a strategy meeting with all branch 
managers in June where we exchanged ideas and shared our 
impressions and vision for the business. Overall, our 
conclusion remains that we have a solid foundation in the US 
that can grow and be develop further. We are very optimistic 
about the future opportunities. We believe that demand for 
machinery, in the US in general and our sales area in the 
Midwest in particular, will remain strong and see opportunities 
to improve profitability by gaining market share, increasing 
machine population and capturing a larger share of the 
aftermarket sales potential. 
 
In Germany, we had another challenging quarter. Overall, 
the market grew 11% but our deliveries of new trucks in units 
declined as we saw the effects of increased supply and price 
competition from previous quarters. Some of our customers 
postponed orders as they put fleet renewals on hold. We also 
had some cancellations. As a result, our sales in units 
declined and we lost market share. While 2023 was a high 
base, our sales in the second quarter of 2024 was 
disappointing. On the other hand, a greater share of our new 
truck sales were rigid trucks, which generally have better 
potential than truck tractors for sales of service and parts. 
Sales of used trucks were more stable as we continue to work 
to reduce our stock levels. Despite unusually high levels of 
absence amongst our mechanics, due to both sickness and 
vacation, and a build-up in work-in-process, our aftermarket 
sales held up well, with sales largely unchanged compared to 
the same period last year. We also continued to implement 
our efficiency program. This is a difficult process that has 
come with more restructuring costs than we initially 
anticipated. We however estimate that we reached our target 
of saving approx. SEK 60m per year at the end of the second 
quarter.     
 Due to slower than expected sales, inventory in Germany 
remains too high. The work to normalise the inventory level 
will continue throughout 2024.  
     We continue to invest in electric trucks and sustainable 
transportation. During the second quarter, the rental fleet of 
electric trucks grew to 42 units. The fleet is expected to grow.  
Overall, revenue in Germany decreased by 44% to 
SEK 332m. Operating profit decreased to SEK -27m.  
    
  
"We are optimistic about the opportunities in the US" 
 
In Kazakhstan, the market for construction equipment 
remained challenging. Our sales of new machines, measured 
in units, decreased to 11. The aftermarket also declined as 
business activity decreased. As equipment sales was lower 
than expected, the inventory is too high in Kazakhstan as well.  
Revenue decreased to SEK 56m, or 5% of the Group’s 
turnover. The operating result decreased to SEK -1m. 
 
For the Group, revenue increased by 62% to SEK 1,095m. 
The operating result amounted to SEK -4m. The net result 
was negatively impacted by the appreciation of the Swedish 
krona against the dollar and the euro. The Group's net debt 
increased to SEK 1,671m, mainly as a result of the acquisition 
of the American operations in November 2023.  
Ferronordic plans to host a capital markets update on 
2 October 2024 to present our strategic direction and financial 
targets.   
 
Outlook 
We are optimistic about our expansion into the US and the 
opportunities we see there. The US is the world's second-
largest market for construction equipment. Demand is 
supported by a dynamic economy, a significant need to 
upgrade the country’s infrastructure and extensive federal and 
state programs for infrastructure investment. These programs 
should provide a stable foundation for construction equipment 
demand, even in case of broader fluctuations in the general 
economy. In addition, we foresee further large construction 
projects involving data centers, battery plants and logistics 
centers throughout the US Midwest.  
The German economy remains weak and market sentiment 
is negative. We are taking actions to make our organisation 
and cost structure more resilient. We however believe in 
continued strong demand in the aftermarket business. We 
remain optimistic about the long-term potential in the German 
market and the opportunities in e-mobility and sustainable 
transport solutions.  
Although the operations in Kazakhstan will represent a small 
part of the Group's future business, we continue to see long-
term potential in the country. 
 
Lars Corneliusson 
President and CEO

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

Interim report 1 January – 30 June 2024 
 
3 
Group 
Revenue by segment (SEKm) 
 
 
 
 
 
Operating profit and operating 
margin (adjusted*) 
 
 
 
 
 
EPS and net margin 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 Revenue 
In Q2 2024, the revenue of the Group increased by 62% to SEK 1,095m 
(674). Sales of equipment and trucks increased by 17% and aftermarket sales 
increased by 169%. Other revenue, mainly consisting of rental sales, 
increased by 297%. The increase in sales is mainly related to the addition of 
the US operations from December 2023. Excluding the US operations, total 
revenue decreased by 42% to SEK 286m.   
In 6M 2024, the Group revenue increased by 74% to SEK 2,267m (1,305). 
The sales of trucks and equipment increased by 38% and aftermarket sales 
increased by 151%, mainly as a result of the Group's acquisition of the 
operations in the USA. 
Gross profit and operating result 
In Q2 2024, the gross margin for the Group increased to 18.4% (12.5). As a 
result of higher revenue and higher gross margin, gross profit increased by 
139% to SEK 202m (84).  
As a percentage of revenue, selling, general and administrative expenses 
increased in Q2 2024 to 19.8% (15.5). The operating result for Q2 2024 
increased by 63% to SEK -4m (-10). The operating margin during the quarter 
increased from -1.5% to -0.3%.  
In 6M 2024, the gross margin increased to 19.1% (12.9). As a result of higher 
margin and higher revenue, gross profit increased by 156% to SEK 433m 
(169).  
As a percentage of revenue, selling, general and administrative expenses 
increased in 6M 2024 to 19.2% (15.6). The operating result for 6M 2024 
increased by 169% to SEK 17m (-25). The operating margin increased from  
-1.9% to 0.7%. 
Net income 
In Q2 2024, finance costs (net) amounted to SEK -40m (2). Finance costs 
increased on higher interest rates and increased debt to fund the acquisition 
of the US operations. Foreign exchange losses (net) amounted to SEK -35m 
in Q2 2024, compared to gains (net) of SEK 88m in Q2 2023, mainly as the 
Swedish krona appreciated against the US dollar and the euro.  
The result before income tax for Q2 2024 decreased to  
SEK -79m (80). The result for Q2 2024 decreased to SEK -81m (64).   
  
In 6M 2024, finance costs (net) increased to SEK -67m (0). Foreign 
exchange gains (net) were SEK 60m (112). The result before income tax for 
6M 2024 decreased by 89% to SEK 10m (88). The result for 6M 2024 
decreased by 115% to SEK -11m (71). 
Earnings per share 
Basic and diluted earnings per share in Q2 2024 amounted to SEK -5.56 
(basic: 4.41, diluted: 4.27).  
 
Basic and diluted earnings per share in 6M 2024 amounted to SEK -0.73 
(basic: 4.87, diluted: 4.71).  
 
 
 
 
0
200
400
600
800
1,000
1,200
1,400
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
CA Germany US
-10%
-7%
-4%
-1%
2%
-30
-20
-10
0
10
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-7
-5
-3
-1
1
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Earnings per share (SEK)
Net margin (%)

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

Interim report 1 January – 30 June 2024 
 
4 
Net working capital and  
% LTM revenue 
 
 
 
 
 
Operating cash flow per quarter 
and over LTM 
 
 
 
 
Property, plant and equipment and 
capital expenditures 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows 
In Q2 2024, cash flows from operating activities increased to SEK 270m  
(40). Working capital at the end of Q2 2024 was SEK 1,049m, a small 
decrease compared to the end of Q4 2023 at SEK 1,063m. As a percentage 
of revenue, working capital was 21,2% (20.0%) in Q2 2024.  
 
Cash flow from investing activities in Q2 2024 amounted to  
SEK -174m (-68). Investments are mainly related to the purchase of new 
equipment for the rental fleet in the US. 
 
In 6M 2024, cash flows from operating activities increased to SEK 394m (-86). 
Higher cash flows were partly a result of highertrade and other payables.  
 
Cash flows from investing activities during 6M 2024 amounted to SEK -407m 
(-74). 
Financial position 
On 30 June 2024, cash and cash equivalents amounted to SEK 208m, a 
decrease of SEK 219m compared to the end of 2023. The cash decreased 
mainly as a result of repayment of loans and purchase of machines to the US 
rental business.  
At the end of Q2 2024, interest-bearing liabilities (including lease liabilities 
and effects of IFRS-16) amounted to SEK 1,878m, an increase of SEK 103m 
compared to the end of 2023. The increase is partly a result of a movement of 
trade payables to interest-bearing liabilities, mainly in the US. The movement 
has no effect on cash flows. The net debt increased from SEK 1,349m at the 
end of Q4 2023 to SEK 1,671m at the end of Q2 2024. 
On 30 June 2024, property, plant and equipment (PP&E) amounted to 
SEK 2,177m, an increase of SEK 349m from SEK 1,828m at the end of 2023. 
The increase is mainly related to the increase in the US rental fleet. 
On 30 June 2024, equity amounted to SEK 1,627m, an increase of SEK 5m 
compared to the end of 2023. The increase was partly a result of currency 
effects. 
Parent company 
In Q2 2024, the revenue of the Parent Company decreased to SEK 2m (12), 
mainly due to less equipment trading with subsidiaries. Administrative 
expenses decreased by 26% to SEK 18m (24). The operating result 
decreased to SEK -15m (-14). The result for the quarter decreased to  
SEK -5m (64) mainly due to higher finance cost and foreign exchange losses.  
In 6M 2024, the revenue of the Parent company decreased to SEK 8m (20). 
Administrative expenses decreased by 38% to SEK 40m (66). The operating 
result increased to SEK -36m (-52) in 6M 2024. The result for the 6M 2024 
increased to SEK 71m (57). 
Foreign exchange rates 
The following foreign exchange rates have been used to translate the 
Q2 2024 (Q2 2023) results to the presentation currency: 
• Average rates of SEK/EUR 11.29 (-0.5% vs 11.35) and SEK/USD 10.53 
have been used to translate the income statements. 
• End of period rates of SEK/EUR 11.39 (-3.4% vs 11.79) and 
SEK/USD 10.61 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.  
 
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Net working capital (SEKm)
Net working capital as % of LTM revenue
-200
0
200
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
0%
10%
20%
30%
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
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 – 30 June 2024 
 
5 
 
 
Net debt and net debt/EBITDA 
 
 
 
 
 
 
 
Currency index last 5 quarters 
(indexed 1 April 2023) 
 
Employees 
At the end of Q2 2024, the number of full-time equivalent employees in the 
Group was 814 (498), of which 397 (425) related to Germany, 355 (-) to U.S., 
43 (64) to Kazakhstan and 12 (12) occupied Group functions. 
Sustainability 
In Q2 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.    
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 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 Q3 2024.          
Events after the reporting period 
Other than as mentioned above, there were no significant events after the end 
of the reporting period.  
 
 
 
-215.0
-165.0
-115.0
-65.0
-15.0
35.0
85.0
135.0
185.0
235.0
-1,000
-500
0
500
1,000
1,500
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Net debt (SEKm)
Net debt / EBITDA (%)
90
95
100
105
110
Q2
2023
Q3
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
SEK/EUR SEK/USD SEK/100 KZT

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

Interim report 1 January – 30 June 2024 
 
6 
Segments 
 
From Q4 2023 Ferronordic recognises three separate 
reportable segments: US, Germany and Central Asia (CA) 
(see also note 5 on page 17). In the US, equipment and 
truck equipment sales includes sales of new construction 
equipment from Volvo, Hitachi, Sandvik, Link-Belt Cranes 
and Bergmann, and used machines. In Germany, 
equipment and truck 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), equipment and truck sales 
includes 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) 
 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 
 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue  707 - 332 595 56 80     1,095 674 
Equipment and truck sales  356 - 172 428 46 64     574 492 
Aftermarket sales  275 - 144 144 10 16     429 160 
Other revenue  76 - 16 23 0 0     92 23 
Gross profit  156 - 38 73 8 11     202 84 
EBITDA  131 - 0 22 0 8 -27 -19 104 11 
Operating profit  51 - -27 2 -1 7     23 8 
Group costs  0 - 0  0  -27 -19 -27 -19 
Operating profit after group 
costs  51 - -27 2 -1 7 -27 -19 -4 -10 
Finance items (net)                  -75 90 
Profit(loss) before tax                   -79 80 
Result for the period                 -81 64 
Gross margin, %   22.1%   11.4% 12.3% 13.6% 14.4%     18.4% 12.5% 
Operating margin, %   7.3% - -8,2% 0.3% -2.3% 8.6%     -0,3% -1.5% 
 
       US         Germany             CA 
 Unallocated      
Group costs Total 
 
SEK m (or as stated) 
6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
External revenue 1,406  771 1,142 90 163   2,267 1,305 
Equipment and truck sales 795  432 803 65 132 1,292 935 
Aftermarket sales 483  306 293 25 31 813 324 
Other revenue 128  33 46 0 0 161 46 
Gross profit 325  94 140 13 28   433 169 
EBITDA 239  5 46 -3 16 -51 -45 190 17 
Operating profit 112  -39 6 -5 14   68 20 
Group costs 0  0 0 0  -51 -45 -51 -45 
Operating profit after group 
costs 
112  -39 6 -5 14 -51 -45 17 -25 
Finance items (net)         -7 112 
Profit(loss) before tax         10 88 
Result for the period         -11 71 
Gross margin, % 23.1%  12.2% 12.3% 14.9% 17.5% 19.1% 12.9% 
Operating margin, % 7.9%  -5.1% 0.5% -5.2% 8.6% 0.7% -1.9%

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

Interim report 1 January – 30 June 2024 
 
7 
 
30 June 2024 
 
SEK m US Germany CA 
Group 
assets Total 
Non-current assets 1,714 820 7 7 2,547 
Total assets 2,941 1,573 267 97 4.879 
 
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 
 
 
 
 
 
Segment share of revenue, 
Q2 2024 
 
 
Segment share of total assets, 
30 June 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
US 65%
Germany 30%
CA 5%
US 60%
Germany 32%
CA 5%
Group 3%

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

Interim report 1 January – 30 June 2024 
 
8 
USA  
Unit sales (incl. rental conversion) 
 
 
Revenue by activity 
  
 
Operating profit and operating margin 
 
 
 Market and sales 
US GDP increased by an annualised 2.8 % in Q2 2024. Annual headline 
inflation in June dropped to 3.0%, its lowest level since June 2023, while the 
core inflation rate hit an over three-year low of 3.3%. Jobs growth has also 
eased, leaving more room for lower rates in the future. Construction spending 
in June 2024 and H1 2024 increased by 6.2% and 8,6% respectively 
compared to the same periods in 2023. Federal and state programs for 
infrastructure investment, such as the Bipartisan Infrastructure Investment 
and Jobs Act (IIJA), supports demand for machines 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. In Q2 2024, the market for larger construction equipment 
(GPE segment) in Ferronordic’s area is estimated to have decreased by 27%. 
The decline was driven by a decrease in crawler excavators and articulated 
haulers. Ferronordic’s sales of larger machines in the GPE segment 
decreased by 7% compared to Q2 2023 and we thus gained market share. In 
Q2 2024, Ferronordic’s American operations sold 70 new units, 25 used units 
and 10 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 were strong in Q2 
2024. 
Revenue and operating result 
Revenue in Q2 2024 amounted to SEK 707m. The operating result amounted 
to SEK 51m. The operating margin was 7,3%. In Q2 2024, 50% of revenue 
was related to sales of new and used equipment and rental 39% of revenue 
was related to aftermarket business, 11% was other sales, mainly related to 
rental of machines.  
Cash flows and balance sheet 
The net working capital at the end of Q2 2024 was SEK 437m, 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 year1 
estimated revenue, working capital was 15% at the end of the quarter. The 
operating cash flow in Q2 2024 was SEK 270m.  
6M 2024 
In 6M 2024, revenue in the US amounted to SEK 1,406m with a gross margin 
of 23.1%. The operating result amounted to SEK 112m with an operating 
margin of 7.9%. 
 
  2024 2023 % 2024 2023 % 2023 
  Q2 Q2 change 6M 6M change Dec 
New units 70   151   47 
Conversion from rental, units 10   33   0 
Used units 25   48   9 
Revenue, SEK m 707   1,406   308 
Gross profit, SEK m 156   325   82 
Operating profit, SEK m 51   112   25 
Gross margin, % 22,1%   23,1%   26.6% 
Operating margin, % 7,3%   7.9%   8.0% 
Working capital/LTM Revenue, % 15%   15%   17% 
1 Based on annualized Q2 2024 revenue.   
0
20
40
60
80
100
120
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Unit Sales Conversion
0
100
200
300
400
500
600
700
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Equipment sales Aftermarket sales Other
(SEK m)
0%
3%
6%
9%
12%
0
20
40
60
80
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Operating profit (SEK m)
Operating margin (%)

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

Interim report 1 January – 30 June 2024 
 
9 
   Germany 
Unit sales 
 
 
Revenue by activity 
  
 
Operating profit and operating 
margin 
 
 
  Market and sales 
German GDP declined 0.1% in Q2 2024 and forecasts for 2024 have been revised 
lower, to 0.2-0.3%. Inflation in June was lower at 2.2% and the ECB lowered the 
key rate by 0.25%. The IFO business climate index and the PMI manufacturing 
declined in June and July. Industrial production also declined. The general 
sentiment remains negative, and business managers are cautious. Despite this 
backdrop, based on registrations of new trucks, the total German market for heavy 
trucks increased by 11% in Q2 and 3% H1 2024. New trucks registered in 
Ferronordic’s sales area increased by 22% and represented approx. 18% of the 
German market. Ferronordic also saw orders being postponed and cancellations. 
Ferronordic's new truck sales in units fell by 65% to 101 compared to a strong 
second Q2 in 2023. Used truck sales in units fell 10% to 80. Ferronordic continues 
to decrease its used truck inventory and its rental fleet to reduce capital 
commitment and focus on how these operations can support new sales and the 
aftermarket business in a weaker market. Despite an unusually high level of 
absence and an increase in work in progress, aftermarket sales were broadly flat. 
Our cost reduction program has taken longer and cost more than we originally 
anticipated. At the end of Q2 2024, however, we believe that we achieved an 
annual saving of SEK 60m per year. 
 
Revenue and operating result 
Driven by lower trucks sales, total revenue in Germany decreased by 44% to 
SEK 332m (595) in Q2 2024. Truck sales decreased by 60%. Aftermarket sales 
was steady at SEK 144m. As a result, aftermarket sales increased by 19pp as a 
share of revenue to 43%. The gross margin decreased to 11.4% (12.3). 
Selling, general and administrative expenses decreased by 7% compared to Q2 
2023 to SEK 67m (72). The operating margin decreased to -8.2% (0.3). The 
operating result decreased to SEK -27m (2).  
Cash flows and balance sheet 
Cash flows from operating activities were positive at SEK 13m (117). Working 
capital was unchanged compared to year end 2023 at SEK 589m. As a percentage 
of revenue, working capital increased to 31% at the end of Q2 2024, compared to 
26% at the end of Q4 2023. Cash flow from financing activities amounted to at  
-110 MSEK (-359) driven by a repayment of a loan. 
6M 2024 
In 6M 2024, revenue in Germany decreased by 32% to SEK 771m (1.142) with a 
gross margin of 12.2% (12.3). The operating result amounted to SEK -39m (6) with 
an operating margin of -5.1% (0.5). 
 
  2024 2023 % 2024 2023 % 2023 
  Q2 Q2 change 6M 6M change FY 
New units 101 292 -65% 258 536 -52% 944 
Used units 80 89 -10% 189 175 8% 394 
Revenue, SEK m 332 595 -44% 771 1,142 -33% 2 271 
Gross profit, SEK m 38 73 -48% 94 140 -33% 253 
Operating profit, SEK m -27 2 -1,770% -39 6 -734% -72 
Gross margin, % 11.4% 12.3%   12.2% 12.3%  11.1% 
Operating margin, % -8.2% 0.3%   -5.1% 0.5%  -3.2% 
Working capital/LTM Revenue, % 31% 21%   31% 21%  26% 
0
50
100
150
200
250
300
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Units sales
0
100
200
300
400
500
600
700
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Equipment sales Aftermarket sales Other
(SEK m)
-12%
-7%
-2%
-65
-45
-25
-5
15
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Operating profit (SEK m)
Operating margin (%)

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

Interim report 1 January – 30 June 2024 
 
10 
          Central Asia (CA) 
Unit sales 
 
 
 
Revenue by activity 
 
 
 
Operating profit and operating 
margin 
 
 
 Market and sales 
The Kazakh economy grew by 3.3% year-on-year in H1 2024. IMF’s forecast 
for 2024 improved to 3.5%, In 2025, growth is projected to pick up to 4.6% as 
production capacity in Kazakhstan’s existing oilfields is expected to expand. 
Inflation continued to decline and reached 8.4% in June. As a result, the 
National Bank lowered the base rate further by another 0.5% to 14.25%. 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 market for construction equipment is 
challenging. In Q2 2024, the market is estimated to have grown by 9% but the 
structure of tenders, competition from Chinese equipment and lack of 
consumer funding create market hurdles. Ferronordic’s sales of new machines 
in units in Q2 2024 decreased to 11. Sales of used construction equipment 
decreased to 12 units. Aftermarket sales also declined 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 29% to SEK 56m (80). Equipment 
sales decreased by 27%, while aftermarket sales decreased by 37%. The 
gross margin decreased to 13.6% (14.4) and gross profit decreased to SEK 
8m (11).    
 
Selling, general and administrative expenses increased by 21%. As a 
percentage of revenue, these expenses increased to 16.1% (9.4), on higher 
costs and lower revenue. The operating margin decreased to -2.3% (8.6) and 
the operating result decreased to SEK -1m (7).  
Cash flows and balance sheet  
Сash flows from operating activities increased to SEK -6m (-87), mainly due to 
receipts from sales in prior periods. Working capital decreased to SEK 48m at 
the end of Q2 2024, compared to SEK 67m at the end of Q4 2023. As a 
percentage of revenue, working capital was 22.5% at the end of Q2 2024, 
compared to 23.6% at the end of Q4 2023.   
6M 2024 
In 6M 2024, new machine sales in units decreased by 60% to 16. Revenue 
decreased by 45% to SEK 90m (163). The gross margin decreased to 14.9% 
(17.5). The operating profit decreased by 133% to SEK -5m (14). The 
operating margin declined to -5.2% (8.6). 
 2024 
Q2 
2023 
Q2 
% 
change 
2024 
6M 
2023 
6M 
% 
change 
2023 
FY 
New units 11 17 -35% 16 40 -60% 74 
Used units 12 17 -29% 17 29 -41% 54 
Revenue, SEK m 56 80 -29% 90 163 -45% 284 
Gross profit, SEK m 8 11 -33% 13 28 -53% 43 
Operating profit, SEK m -1 7 -119% -5 14 -133% 9 
Gross margin, % 13.6% 14.4%  14.9% 17.5%  15.0% 
Operating margin adjusted, % -2.3% 8.6%  -5.2% 8.6%  3.1% 
Working capital/LTM Revenue, % 236% 32%  23% 32%  24% 
0
10
20
30
40
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Units sales
-10
10
30
50
70
90
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Equipment sales Aftermarket sales
(SEK m)
-12%
-8%
-4%
0%
4%
8%
12%
-8
-5
-2
1
4
7
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Operating profit (SEK m)
Operating margin (%)

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

Interim report 1 January – 30 June 2024 
 
11 
Condensed consolidated statement 
of comprehensive income 
  Q2 Q2 6M 6M FY 
SEK m 2024 2023 2024 2023 2023 
Revenue 1,095 674 2,267 1,305 2,863 
Cost of sales -893 -590 -1,834 -1,136 -2,486 
Gross profit 202 84 433 169 377 
Selling expenses -59 -48 -125 -90 -190 
General and administrative expenses -157 -57 -311 -113 -319 
Other income 15 10 27 10 24 
Other expenses -4 0 -7 0 -8 
Operating profit -4 -10 17 -25 -115 
Finance income 1 10 4 15 31 
Finance costs -41 -8 -71 -15 -48 
Foreign exchange gains/(-losses) (net) 35 88 60 112 -21 
Result before income tax  -79 80 10 88 -153 
Income tax -2 -16 -20 -17 46 
Result for the period -81 64 -11 71 -107 
          
Other comprehensive result         
          
Items that are or may be reclassified to profit or loss:         
Foreign currency translation differences for foreign 
operations -21 -19 
 
-15 
 
-13 -35 
          
Other comprehensive result for the period, net of tax -21 -19 -15 -13 -35 
Total comprehensive result for the period -102 45 -26 58 -142 
          
Earnings per share         
Basic earnings per share (SEK) -5.56 4.41 -0.73 4.87 -7.39 
Diluted earnings per share (SEK) -5.56 4.27 -0.73 4.71 -7.39

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

Interim report 1 January – 30 June 2024 
 
12 
Condensed consolidated statement of 
financial position 
SEK m 
30 Jun 
2024 
31 Mar 
2024 
31 Dec 
2023 
30 Jun 
2023 
ASSETS        
Non-current assets        
Property, plant and equipment 2,177 2,099 1,828 660 
Intangible assets 241 257 244 90 
Deferred tax assets 129 131 127 83 
Total non-current assets 2,547 2,488 2,199 833 
Current assets      
 
Inventories 1,466 1,687 1,443 718 
Trade and other receivables 653 678 630 263 
Prepayments 5 8 6 9 
Cash and cash equivalents 208 217 426 1,127 
Total current assets 2,331 2,589 2,506 2,117 
TOTAL ASSETS 4,879 5,076 4,705 2,951 
         
EQUITY AND LIABILITIES        
Equity        
Share capital 1 1 1 1 
Additional paid in capital 630 630 630 630 
Translation reserve -6 -16 -22 0 
Retained earnings 1,013 1,013 1,120 1,120 
Result for the period -11 70 -107 71 
TOTAL EQUITY 1,627 1,698 1,622 1,822 
Non-current liabilities      
 
Borrowings 628 610 671 70 
Deferred income 4 12 14 22 
Deferred tax liabilities 294 297 277 0 
Long-term lease liabilities 49 53 59 57 
Total non-current liabilities 976 972 1,020 150 
Current liabilities      
 
Borrowings 1.178 1,071 1,024 437 
Trade and other payables 1.051 1,283 997 509 
Deferred income 12 8 8 9 
Provisions 11 18 12 0 
Short-term lease liabilities 23 26 22 24 
Total current liabilities 2,276 2,406 2,062 978 
TOTAL LIABILITIES 3,251 3,378 3,083 1,128 
TOTAL EQUITY AND LIABILITIES 4,879 5,076 4,705 2,951

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

Interim report 1 January – 30 June 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 -11 -11 
Other comprehensive result           
Foreign exchange differences 0 0 16 0 16 
Total comprehensive result for the period 0 0 16 -11 5 
Contribution by and distribution to owners           
Dividends  0 0 0 0 0 
Total contributions and distributions 0 0 0 0 0 
Balance 30 June 2024 1 630 -6 1,002 1,627 
 
 
 
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 71 71 
Other comprehensive result           
Foreign exchange differences 0 0 -13 0 -13 
Total comprehensive result for the period 0 0 -13 71 58 
Contribution by and distribution to owners           
Dividends 0 0 0 -109 -109 
Total contributions and distributions 0 0 0 -109 -109 
Balance 30 June 2023 1 630 0 1,191 1,822

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

Interim report 1 January – 30 June 2024 
 
14 
Condensed consolidated statement of cash flows 
  Q2 Q2 6M 6M 
SEK m 2024 2023 2024 2023 
Cash flows from operating activities       
Result before income tax -79 80 10 88 
Adjustments for:       
Depreciation and amortization 107 21 172 42 
(Gain)/loss from impairment of receivables -1 -3 0 -3 
Profit on disposal of property, plant and equipment 0 0 0 0 
Finance costs 77 8 143 15 
Finance income -37 -10 -77 -15 
Foreign exchange losses/(gains) (net) 35 -88 -60 -112 
Cash flows from operating activities before changes in working 
capital and provisions  
 
101 
 
8 
 
188 
 
14 
Change in inventories 206 -164 28 -233 
Change in trade and other receivables -21 95 -40 82 
Change in prepayments 0 -2 -1 -8 
Change in trade and other payables 33 109 334 78 
Change in provisions -7 0 -1 -1 
Change in deferred income -4 -4 -6 -9 
Cash flows from operating activities before interest and tax paid 308 43 503 -76 
Income tax paid 0 -1 -43 -5 
Interest paid -37 -3 -66 -5 
Cash flows from operating activities 270 40 394 -86 
Cash flows from investing activities       
Proceeds from sale of property, plant and equipment 7 0 7 0 
Interest received 1 10 4 15 
Acquisition of property, plant and equipment -182 -78 -418 -89 
Acquisition of intangible assets 0 0 0 0 
Cash flows from investing activities -174 -68 -407 -74 
Cash flows from financing activities       
Dividends 0 -109 0 -109 
Proceeds from borrowings 0 0 0 12 
Repayment of loans -98 -359 -197 -359 
Leasing financing paid -8 0 -14 -7 
Cash flows from financing activities -106 -468 -211 -463 
Net change in cash and cash equivalents -10 -497 -224 -624 
Cash and cash equivalents at start of the period 217 1,574 426 1,688 
Effect of exchange rate fluctuations on cash and cash equivalents 1 51 6 63 
Cash and cash equivalents at end of the period 208 1,127 208 1,127

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

Interim report 1 January – 30 June 2024 
 
15 
Parent company income statement 
 
 
  Q2 Q2 6M 6M FY 
SEK m 2024 2023 2024 2023 2023 
Revenue 2 12 8 20 36 
Cost of sales 0 -8 -3 -13 -22 
Gross profit 2 4 4 8 14 
Administrative expenses -18 -24 -40 -66 -118 
Other income 0 6 0 6 21 
Other costs 0 0 0 0 0 
Operating profit -15 -14 -36 -52 -82 
Finance income 39 18 78 30 78 
Finance costs -13 -1 -23 -2 -7 
Foreign exchange gains/(-losses) (net) -17 76 62 95 -20 
Result before income tax -7 79 81 72 -30 
Income tax 1 -15 -11 -15 6 
Result for the period -5 64 71 57 -24 
 
 
Total comprehensive result for the period is the same as the Result for the period.

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

Interim report 1 January – 30 June 2024 
 
16 
Parent company balance sheet 
  
SEK m 
30 Jun 
2024 
31 Mar 
2024 
31 Dec 
2023 
    30 Jun                    
2023 
ASSETS        
Non-current assets        
Property, plant and equipment 0 0 0 0 
Intangible assets 0 0 0 0 
Financial assets      
 
Holdings in group companies  288 288 288 288 
Loans to group companies  54 56 66 0 
Deferred tax assets 6 6 6 0 
Total financial assets 348 350 360 288 
Total non-current assets 348 351 361 289 
         
Current assets        
Trade and other receivables 44 109 47 53 
Prepayments  0 0 0 0 
Loans to group companies  2,077 1,936 1,784 743 
Cash and cash equivalents 63 146 266 1,021 
Total current assets 2,183 2,191 2,097 1,817 
TOTAL ASSETS  2,532 2,541 2,458 2,106 
         
EQUITY AND LIABILITIES        
Equity        
Restricted equity       
Share capital 1 1 1 1 
Unrestricted equity      0 
Share premium reserve  640 640 640 640 
Retained earnings 1,283 1,283 1,308 1,308 
Result for the period 71 76 -24 57 
TOTAL EQUITY  1,995 2,001 1,925 2,006 
         
Non-current liabilities        
Borrowings 481 483 455 0 
Total non-current liabilities 481 483 455 0 
         
Current liabilities        
Trade and other payables 55 57 78 100 
Total current liabilities 55 57 78 100 
TOTAL LIABILITIES  536 541 534 100 
TOTAL EQUITY AND LIABILITIES  2,532 2,542 2,458 2,106

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

Interim report 1 January – 30 June 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 – 30 June 2024 
 
18 
 
Result for the period, SEK m 
 
  
2024 
Q2 
2023 
Q2 
2024 6M 2023 
6M 
Result attributable to shareholders, SEK m -81 64 -11 71 
Average number of shares during the period before dilution, 
thousand 14,532 14,532 14,532 14,532 
Earnings per share before dilution, SEK -5.56 4.41 -0,73 4,87 
Dilution effect 0 455 0 496 
Average number of shares during the period after dilution, thousand 14,532 14,987 14,532 15.028 
Earnings per share after dilution, SEK -5.56 4.27 -0,73 4,71 
 
 
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 – 30 June 2024 
 
19 
Signatures 
The Board of Directors and the Managing Director declare that the report for the second 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, 15 August 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 – 30 June 2024 
 
20 
Key ratios
Financial information for individual quarters 
The financial information below regarding individual quarters 
during the period 1 April 2022 – 30 June 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 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m (or as stated) 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Revenue 402 412 705 631 674 643 915 1,172 1,095 
Gross profit 43 57 97 85 84 75 133 231 202 
Gross margin, % 10.6% 13.9% 13.8% 13.4% 12.5% 11.7% 14.5% 19.7% 18.4% 
Operating profit -30 300 -13 -14 -10 -28 -62 21 -4 
Operating margin, % -7.4% -5.0% -1.9% -2.2% -1.5% -4.4% -6.8% 1.8% -0,3% 
Result from continuing 
operations -97 262 49 7 64 -89 -89 70 -81 
Result for the period 32 366 -21 7 64 -89 -89 70 -81 
Result per share, SEK 2.20 25.20 -1.42 0.46 4.41 -6.16 -6.11 4.83 -5.56 
Working capital/LTM Revenue, 
% 14% 18% 11% 23% 20% 20% 20% 20% 21% 
Cash flow from operations 39 240 -48 -126 40 -88 147 124 270 
Equity/total assets, % 37% 42% 58% 59% 62% 62% 34% 33% 33% 
Return on equity, LTM% 22% 35% 30% 26% 23% -2% -6% -2% -7% 
Return on capital employed, 
LTM% 23% 31% 11% 11% 11% -1% -3% -2%  
-2% 
 
 
USA 
  Q2 Q3 Q4 Q1 Q2 Q3 Dec Q1 Q2 
SEK m (or as stated) 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Revenue - - - - - - 308 699 707 
Gross profit - - - - - - 82 169 156 
Gross margin, % - - - - - - 26.6% 24.1% 22.1% 
Operating profit - - - - - - 25 60 51 
Operating margin, % - - - - - - 8.0% 8.6% 7.3% 
Working capital/LTM Revenue, % - - - - - - 17% 13% 15% 
 
 
Germany 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m (or as stated) 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Revenue 375 359 616 548 595 574 555 439 332 
Gross profit 36 49 82 68 73 66 47 57 38 
Gross margin, % 9.7% 13.5% 13.4% 12.3% 12.3% 11.5% 8.4% 12.9% 11.4% 
Operating profit -7 -5 -2 5 2 -16 -62 -12 -27 
Operating margin, % -
1.8% 
-1.4% -0.4% 0.8% 0.3% -2.8% -11.1% -2.7% -8.2% 
Working capital/LTM Revenue, % 15% 17% 17% 27% 21% 22% 26% 30% 31%

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

Interim report 1 January – 30 June 2024 
 
21 
 
CA 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m (or as stated) 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Revenue 26 53 89 83 80 69 52 34 56 
Gross profit 6 9 15 17 11 9 5 6 8 
Gross margin, % 23.5% 16.7% 16.5% 20.4% 14.4% 13.7% 8.9% 17.1% 13.6% 
Operating profit 2 4 5 7 7 0 -6 -3 -1 
Operating margin, % 9.2% 8.0% 6.1% 8.7% 8.6% 0.4% -10.7% 10,2% -2.3% 
Working capital/LTM Revenue, % 13% 18% -3% 17% 32% 23% 24% 29% 23% 
 
 
Net debt 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Long term borrowings 515 340 393 416 70 69 671 610 628 
Long term lease liabilities 124 111 43 38 57 51 59 53 49 
Short term borrowings 673 989 274 418 437 428 1,024 1,071 1,178 
Short term lease liabilities 59 78 21 20 24 23 22 26 23 
Total interest bearing 
liabilities 1,370 1,518 731 892 588 571 1,776 1,759 1,878 
Cash & cash equivalents 658 939 1,688 1,574 1,127 950 426 217 208 
Net debt / (cash) 712 579 -957 -681 -539 -378 1,349 1,542 1,671 
Net debt / EBITDA (times) 0.9 0.5 -3.0 -2.0 -1.5 -18.4 -214.7 21.0 9.4 
 
 
Working capital 
 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Inventory 1,346 1,326 460 534 718 699 1,443 1,687 1,466 
Trade and other receivables 993 856 344 365 263 315 630 678 653 
Prepayments 116 243 1 7 9 3 6 8 5 
Trade and other payables 1,415 1,117 573 392 509 470 997 1,283 1,051 
Deferred income 36 33 16 12 9 8 8 8 12 
Provisions 86 92 1 0 0 0 12 18 11 
Working capital 917 1,184 215 503 472 538 1,063 1,062 1,049 
Revenue LTM 6,791 6,610 1,973 2,149 2,422 2,653 5,313 5,314 4,938 
Working capital / Revenue (%) 14% 18% 11% 23% 20% 20% 20% 20% 21% 
 
 
Capital employed 
  
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Long term interest bearing 
liabilities 638 451 436 455 127 120 730 663 677 
Short term interest bearing 
liabilities 732 1,067 295 438 461 451 1,046 1,096 1,201 
Shareholder equity 1,739 2,108 1,873 1,886 1,822 1,750 1,622 1,698 1,627 
Capital employed 3,109 3,626 2,604 2,778 2,411 2,322 3,397 3,457 3,505 
Average capital employed 2,397 2,738 2,336 2,356 2,760 2,974 3,001 3,117 2,958 
EBIT 514 818 247 257 277 -66 -115 -80 -84 
Interest income 30 28 2 7 17 25 31 29 30 
Result LTM 544 846 249 265 293 -41 -84 -51 -53 
Return on capital employed (%) 23% 31% 11% 11% 11% -1% -3% -2% -2%

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

Interim report 1 January – 30 June 2024 
 
22 
Return on equity 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 
SEK m 2022 2022 2022 2023 2023 2023 2023 2024 2024 
Shareholder equity 1,739 2,108 1,873 1,886 1,822 1,750 1,622 1,698 1,627 
Average equity 1,315 1,568 1,487 1,486 1,781 1,929 1,748 1,792 1,725 
Net result LTM 291 549 440 384 416 -39 -107 -44 -125 
Return on equity (%) 22% 35% 30% 26% 23% -2% -6% -2% -7% 
 
 
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 – 30 June 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 41 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 – 30 June 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 15 August 2024 at 07:30 CET. 
Financial calendar 
  
Interim report July-September 2024 – 14 November 2024 
Interim report October-December – 20 February 2025 
Conference call 
A presentation for investors, analysts and media will be held 
on 15 August 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=
50049919  
 
To participate via webcast, please use the link below. 
https://ir.financialhearings.com/ferronordic-q2-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