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    FNM   SE0005468717

FERRONORDIC AB (PUBL)

(FNM)
  Report
Delayed Nasdaq Stockholm  -  11:29 2022-12-02 am EST
57.20 SEK   -0.17%
11/23Notice of extraordinary general meeting in Ferronordic AB (publ)
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11/17Ferronordic acquires workshop in Peine, Germany
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11/17Ferronordic AB (OM:FNM) agreed to acquire Henrich Arnke for €0.08 million.
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Ferronordic and Volvo CE Agree to Terminate Dealer Agreement for Russia

08/29/2022 | 11:45am EST

Ferronordic and Volvo CE have agreed to terminate the dealer agreement for Russia. As part of the agreement, Volvo CE will pay SEK 321 million to Ferronordic as compensation for incurred and potential costs and losses related to the termination. Ferronordic has been the official dealer of Volvo CE in Russia since the company's foundation in 2010.

As a result of the military conflict in Ukraine, Volvo CE has suspended sales to Russia. Ferronordic thus no longer receives any deliveries of machines or parts from Volvo CE to Russia. As all payables for delivered machines and parts have now been settled and the parties have no claims against each other, Ferronordic and Volvo CE have agreed that it is in their mutual best interest to terminate the dealer agreement for Russia, effective as of August 29, 2022.

Ferronordic takes all measures to ensure that its business complies with applicable sanctions laws. Subject to these restrictions, however, and to the extent possible given the current supply situation, Ferronordic continues to service and repair the existing fleet of Volvo CE machines in Russia to live up to its commitments to its customers. Volvo CE will pay compensation to Ferronordic AB in the amount of SEK 321 million to cover incurred and potential costs related to the termination.

For the Group, the compensation will imply an increase in cash flow and result in Third Quarter 2022. Ferronordic however expects that further provisions and potential impairments, in addition to the ones made in First Quarter and Second Quarter of 2022, will be needed to reflect future costs related to the termination. Such additional costs and provisions will reduce the positive effect on the Group's result in Third Quarter 2022, and possibly in future periods.


ę S&P Capital IQ 2022
All news about FERRONORDIC AB (PUBL)
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More news
Financials
Sales 2022 6 274 M 604 M 604 M
Net income 2022 526 M 50,7 M 50,7 M
Net Debt 2022 767 M 73,9 M 73,9 M
P/E ratio 2022 1,58x
Yield 2022 4,98%
Capitalization 831 M 80,1 M 80,1 M
EV / Sales 2022 0,25x
EV / Sales 2023 0,29x
Nbr of Employees 1 840
Free-Float 64,2%
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Mean consensus BUY
Number of Analysts 0
Last Close Price 57,20 SEK
Average target price 45,00 SEK
Spread / Average Target -21,3%
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Managers and Directors
Lars Corneliusson President, Chief Executive Officer & Director
Erik Danemar Chief Financial Officer & Head-IR
Staffan Jufors Chairman
Erik Eberhardson Independent Director
Annette Brodin Rampe Independent Director