Interim report 1 January – 31 March 2022


  • Revenue increased by 38% to SEK 1,746m (1,267)
  • Operating profit increased by 36% to SEK 108m (80)
  • Operating margin decreased to 6.2% (6.3)
  • The result for the period increased by 12% to SEK 63m (56)
  • Basic earnings per share amounted to SEK 4.30 (3.85)
  • Cash flows from operating activities amounted to SEK -16m (91)


  • Preliminary revenue in Russia standalone in April of SEK 375m. Other preliminary select financials for Russia standalone in April are disclosed on page 8 of the report
SEK m (or as stated)
2022 Q1
2021 Q1
2022 Q1 1,746
2021 Q1 1,267
% 38%
Gross profit
2022 Q1 300
2021 Q1 215
% 40%
Operating profit
2022 Q1 108
2021 Q1 80
% 36%
Result for the period
2022 Q1 63
2021 Q1 56
% 12%
Result per ordinary share, SEK*
2022 Q1 4.30
2021 Q1 3.85
% 12%
Cash flow from operations
2022 Q1 -16
2021 Q1 91
Net debt (cash)
2022 Q1 255
2021 Q1 -33
Gross margin, %
2022 Q1 17.2%
2021 Q1 17.0%
% 0.3pp
Operating margin, %
2022 Q1 6.2%
2021 Q1 6.3%
% -0.1pp
Working capital/LTM Revenue, %
2022 Q1 3%
2021 Q1 4%
% -0.4pp
Equity/total assets, %
2022 Q1 32%
2021 Q1 28%
% 3.7pp
Return on capital employed, %
2022 Q1 31%
2021 Q1 21%
% 9.8pp
Return on equity, %
2022 Q1 35%
2021 Q1 31%
% 4.2pp

*Before dilution

Lars Corneliusson
Lars Corneliusson, CEO Ferronordic

First quarter 2022

"As we publish this report, the military conflict in Ukraine continues. For Ferronordic, the situation causes significant disruption and uncertainty. Some of our key partners have suspended sales and deliveries to Russia. We follow the laws and regulations that apply to our business in Russia and are working to adapt our organisation to the new circumstances. Where not affected by restrictions, we continue to service our customers and sell products from inventory or from partners that continue to deliver. If protracted however, the situation poses significant risks to our business model in Russia. Our businesses in Kazakhstan and Germany are not directly impacted by the situation.
In the first quarter of 2022, total revenue for the Group increased by 38% to SEK 1,746m and the operating profit increased 36% to SEK 108m.
In Russia/CIS the market was strong leading up to 24 February. Most of our sales in the first quarter 2022 mainly reflect contracts agreed in this period. Total revenue in Russia/CIS grew by 32% to SEK 1 326m. The operating margin declined, mainly due to the provisions made during the quarter.

The German market for heavy trucks was largely flat in the first quarter 2022. Our new trucks sales, however, increased by 66% in units and we gained further market shares. Our used trucks business more than doubled its revenue contribution and aftermarket sales grew by 36%. We began operations at a new workshop in Bad Hersfeld, filling another important gap in our growing network. We continued to market and demo electric trucks to our customers and we signed an order for two fully-electric Volvo FM trucks. Total revenue in Germany grew by 62% to SEK 420m and the operating result improved by 25% to SEK -10m.
As a result of the military conflict in Ukraine, the prospects for our operations in Russia have deteriorated significantly. If the situation continues, it poses risks to our business in Russia. In Germany, we believe that a continued recovery from the pandemic will lead to increased demand for trucks and service. The geopolitical situation may however also affect the German economy and market. In a longer perspective, we nevertheless believe that the underlying conditions and business opportunities in the German market remain strong.