Press Release
Regulatory

Annual General Meeting of Ferronordic Machines AB

21 May 2012

Ferronordic Machines AB held its Annual General Meeting (“AGM”) in Stockholm on Monday 20 May, 2013.

The AGM adopted the income statement and balance sheet for the Company.

Magnus Brännström, Lars Corneliusson, Erik Eberhardson, Per-Olof Eriksson, Marika Fredriksson, Martin Leach and Tom Jörning were re-elected to serve as members of the Board of Directors until the next AGM. Kristian Terling was newly elected to serve as member of the Board of Directors until the next AGM.

KPMG AB was re-elected auditor.

All other resolutions that were proposed at the AGM as set out in the convening notice were approved.

For further information please contact:

Anders Blomqvist, Chief Financial Officer, Ferronordic Machines AB, Tel.: +46 70 7766 485

Ferronordic Machines is the Authorized Dealer of Volvo Construction Equipment in Russia. The Company began its operations in June 2010 and has since then shown strong growth:

  • 2012 revenue of EUR 276m vs. EUR 74m in 2010
  • 69 own outlets vs. 6 in June 2010
  • 690 employees vs. 162 in June 2010

Ferronordic Machines has expanded all across Russia through its 69 outlets and is today well established in all seven federal districts. In addition to distributing and providing aftermarket support to Volvo CE machines, the Company has also been appointed Aftermarket Dealer for Volvo Trucks as well as Dealer for Volvo Penta in certain parts of Russia. The Company has also signed up some other high quality brands such as LogSet and several attachment manufacturers. The Company intends to become a leading service- and sales company in the CIS markets.

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