Interim report 1 January – 31 March 2023

Milestone reached in Germany


  • Revenue increased 39% to SEK 631m (455)
  • Operating profit increased 42% to SEK -14m (-25)
  • Operating margin increased to -2.2% (-5.4)
  • Result for the period decreased by 89% to SEK 7m (63)
  • Earnings per share from continuing operations1 amounted to SEK 0.46 (-2.13)
  • Cash flows from operating activities amounted to SEK -126m (-16)
SEK m (or as stated)
2023 Q1
2022 Q1
2023 Q1 631
2022 Q1 455
% 39%
FY2022 1,973
Gross profit
2023 Q1 85
2022 Q1 53
% 59%
FY2022 250
Operating profit
2023 Q1 -14
2022 Q1 -25
% 42%
FY2022 247
Result from continuing operations
2023 Q1 7
2022 Q1 -31
% 122%
FY2022 197
Result for the period
2023 Q1 7
2022 Q1 63
% -89%
FY2022 440
Earnings per share from continuing operations, SEK1
2023 Q1 0.46
2022 Q1 -2.13
% 122%
FY2022 -7.53
Cash flow from operations
2023 Q1 -126
2022 Q1 -16
FY2022 215
Net debt (cash)
2023 Q1 -681
2022 Q1 255
FY2022 -957
Gross margin, %
2023 Q1 13.4%
2022 Q1 11.7%
% 1.7pp
FY2022 12.7%
Operating margin, %
2023 Q1 -2.2%
2022 Q1 -5.4%
% 3.2pp
FY2022 12.5%
Working capital/LTM Revenue, %
2023 Q1 23%
2022 Q1 3%
% 20.0pp
FY2022 11%
Equity/total assets, %
2023 Q1 59%
2022 Q1 32%
% 27.2pp
FY2022 58%
Return on capital employed, %
2023 Q1 11%
2022 Q1 31%
% -19.9pp
FY2022 11%
Return on equity, %
2023 Q1 26%
2022 Q1 35%
% -9.2pp
FY2022 30%

1Before dilution.

Lars Corneliusson
Lars Corneliusson, CEO Ferronordic

First quarter 2023

“The first quarter of 2023 marked the start of a new chapter in Ferronordic’s history. After the sale of our Russian operations at the end of 2022, we were able to focus entirely on Germany and Kazakhstan, as well as on Ferronordic's next growth opportunities.

In Germany, for the first time since the start of operations in 2020, we achieved a positive operating profit for the quarter. This is a milestone for us. Three years ago, we took over a loss-making business and set the goal of making it sustainably profitable over time through investments and improvements in the organisation, processes and network. Building on the 9 workshops we took over from Volvo in January 2020, we now have a network of 21 facilities. We have made major changes in the organisation and worked hard to create a culture built on employee engagement, customer focus and results. Our goal is and was to take higher shares of the aftermarket business and the market for trucks in our sales area. We have had some success in these areas but much work remains to capture the potential we continue to see. We are aware of macroeconomic risks but expect a positive operating result also for the full year in Germany.

In Kazakhstan, new and used machine sales doubled in the first quarter. Profitability also continued to improve.

During the quarter, we continued to develop our operations in both our markets. Our work to promote sustainable transport solutions in Germany leads to increased interest in electric trucks. We also offer electric trucks and charging equipment for rent. In Kazakhstan, we completed work on reorganising our workshops to further increase customer focus. Meanwhile, we continue to look for new growth opportunities for Ferronordic. Our intention is to use the proceeds from the sale of the Russian business to expand into new markets.

Total revenue for the Group grew by 39% to SEK 631m. The operating result improved by 42% to SEK -14m.

In Germany, we continue to see strong demand for service and trucks, despite concerns about a weaker economy. Our operations in Kazakhstan continue to develop and we actively seek opportunities to grow our product and business portfolio. In a longer perspective, we believe that the underlying conditions and business opportunities in the German and Kazakh markets are strong. We continue to analyse new opportunities outside our current markets.”