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    FNM   SE0005468717

FERRONORDIC AB (PUBL)

(FNM)
  Report
Delayed Nasdaq Stockholm  -  03:57 2022-09-27 am EDT
30.80 SEK   +2.67%
09/19Ferronordic AB(OM:FNM) dropped from S&P Global BMI Index
CI
09/15Sandvik, Ferronordic Sign New Distribution Deals, Terminate Russia Agreement
MT
09/15Ferronordic and Sandvik enter into distributor agreements for Germany and Kazakhstan and terminate agreements for Russia
AQ
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Interim report 1 January - 30 September 2021

11/12/2021 | 01:31am EDT

Best quarter to date

THIRD QUARTER 2021
  • Revenue increased by 47% to SEK 1,661m (1,129)
  • Operating profit increased by 37% to SEK 147m (107)
  • Operating margin decreased to 8.9% (9.5)
  • The result for the period increased by 34% to SEK 109m (81)
  • Basic earnings per share amounted to SEK 7.48 (5.57)
  • Cash flows from operating activities amounted to SEK 327m (100)

JANUARY- SEPTEMBER 2021
  • Revenue increased by 31% to SEK 4,517m (3,450)
  • Operating profit increased by 41% to SEK 371m (263)
  • Operating margin increased to 8.2% (7.6)
  • The result for the period increased by 41% to SEK 251m (177)
  • Basic earnings per share amounted to SEK 17.27 (12.21)
  • Cash flows from operating activities amounted to SEK 538m (514)

SEK m (or as stated) 2021
Jul-Sep
2020
Jul-Sep
% 2021
Jan-Sep
2020
Jan-Sep
% 2020
Full year
Revenue 1,661 1,129 47% 4,517 3,450 31% 4,635
Gross profit 324 221 46% 825 610 35% 797
Operating profit 147 107 37% 371 263 41% 328
Result for the period 109 81 34% 251 177 41% 222
Result per ordinary share, SEK* 7.48 5.57 34% 17.27 12.21 41% 15.25
Cash flow from operations 327 100 538 514 693
Net debt (cash) -75 83 -75 83 -20
Gross margin, % 19.5% 19.6% -0.1pp 18.3% 17.7% 0.6pp 17.2%
Operating margin, % 8.9% 9.5% -0.6pp 8.2% 7.6% 0.6pp 7.1%
Working capital/LTM Revenue, % 0% 8% -8.1pp 0% 8% -8.1pp 5%
Equity/total assets, % 27% 33% -6.1pp 27% 33% -6.1pp 31%
Return on capital employed, % 27% 25% 2.0pp 27% 25% 2.0pp 20%
Return on equity, % 48% 44% 4.6pp 48% 44% 4.6pp 40%

*Before dilution

Lars Corneliusson, President and CEO, comments: In the third quarter of 2021, Ferronordic achieved another record result. Total revenue grew by 47% to SEK 1,661m and the operating profit was SEK 147m with an operating margin of 8.9%. Working capital remained low as demand outpaced limited supply. Cash flows from operating activities were strong and contributed to the Group moving back to a net cash position. In Russia/CIS, the market for construction equipment remained strong as commodity prices grew and infrastructure investments continued. Customer machine utilisation also increased, which together with our digital sales efforts contributed to good growth in aftermarket sales. In contracting services, we continued to develop our project in Norilsk. Total revenue in Russia/CIS grew by 48% and the operating profit by 44% to SEK 179m. In October, we announced the expansion of our partnership with Sandvik on mobile crushers and screens to also become the distributor of the bigger and more complex stationary crushers and screens. In Germany, the total market for heavy trucks was largely flat. In our sales area, the market declined by 13% while our new trucks sales increased by 25% in units and we gained further market share. Our used trucks business, launched at the end of 2020, continued to grow. Our aftermarket sales improved, partly due to acquisitions. During the third quarter, we accelerated efforts to restructure and improve our organisation. Partly as a result restructuring costs, operating result decreased compared to last year. We continue to build a customer centric platform and develop our network. In the quarter, we started construction of our new service and sales hub for the Hannover region and also announced the acquisition of a workshop in Bergstrasse. Current uncertainty in our markets mainly relates to supply chain constraints, which we expect to continue well into 2022. In a longer perspective, we see strong underlying fundamentals and business opportunities in our markets.

About Ferronordic

Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer of Volvo Construction Equipment, Sandvik Rock Processing Solutions and certain other brands in all of Russia and Kazakhstan, aftermarket partner of Volvo Trucks and Renault Trucks in part of Russia, and dealer of Volvo Trucks and Renault Trucks in part of Germany. The company also offers contracting services where it owns and operates equipment to carry out works for customers. Ferronordic began its operations in 2010 and now has approx. 100 outlets and approx. 1,800 employees. Ferronordic's vision is to be regarded as the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. http://www.ferronordic.com/

Contact

For investors and analysts:

Erik Danemar, CFO and Head of Investor Relations

+46 73 660 72 31

erik.danemark@ferronordic.com

For media and journalists:

Ceren Wende, Head of Marketing and Communications

+46 73 658 59 80

ceren.wende@ferronordic.com

Nybrogatan 6

SE-114 34 Stockholm

+46 8 5090 7280

Corporate ID no. 556748-7953

www.ferronordic.com

https://news.cision.com/ferronordic-ab/r/interim-report-1-january---30-september-2021,c3452089

https://mb.cision.com/Main/1463/3452089/1494983.pdf

https://mb.cision.com/Public/1463/3452089/b1d2ce5454d49874.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

All news about FERRONORDIC AB (PUBL)
09/19Ferronordic AB(OM:FNM) dropped from S&P Global BMI Index
CI
09/15Sandvik, Ferronordic Sign New Distribution Deals, Terminate Russia Agreement
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09/15Ferronordic and Sandvik enter into distributor agreements for Germany and Kazakhstan an..
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09/15Ferronordic AB and Sandvik Enter into Distributor Agreements for Germany and Kazakhstan..
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08/30Ferronordic and Volvo Construction Equipment Terminate Dealer Agreement in Russia
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08/30Volvo Group Unit, Ferronordic End Dealer Agreement in Russia
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08/29Ferronordic and Volvo CE agree to terminate dealer agreement for Russia
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08/29Ferronordic and Volvo CE Agree to Terminate Dealer Agreement for Russia
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08/25Ferronordic Leases New Site in Germany to Repair, Sell Used Trucks
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08/25Ferronordic opens new site for used trucks in Germany
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More news
Financials
Sales 2022 5 947 M 526 M 526 M
Net income 2022 137 M 12,2 M 12,2 M
Net Debt 2022 405 M 35,8 M 35,8 M
P/E ratio 2022 3,33x
Yield 2022 2,36%
Capitalization 436 M 38,6 M 38,6 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,14x
Nbr of Employees 1 818
Free-Float 63,6%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 0
Last Close Price 30,00 SEK
Average target price 59,50 SEK
Spread / Average Target 98,3%
EPS Revisions
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
Sector and Competitors