Ferronordic Machines AB (publ) Interim Report January - June 2018
SECOND QUARTER 2018
- Revenue increased by 4% (15% increase in rubles) to SEK 817m (SEK 785m)
- Operating profit increased to SEK 68m (SEK 62m)
- Operating margin was 8.3% (7.9%)
- EBITDA increased to SEK 77m (SEK 67m)
- The result for the period increased to SEK 54m (SEK 51m)
- Earnings per ordinary share amounted to SEK 2.71 (SEK 3.61)
- Cash flows from operating activities amounted to SEK 58m (SEK 147m)
FIRST SIX MONTHS 2018
- Revenue increased by 7% (16% increase in rubles) to SEK 1,431m (SEK 1,335m)
- Operating profit increased to SEK 109m (SEK 100m)
- Operating margin was 7.6% (7.5%)
- EBITDA amounted to SEK 126m (SEK 112m)
- The result for the period amounted to SEK 85m (SEK 80m)
- Earnings per ordinary share amounted to SEK 4.64 (SEK 5.21)
- Cash flows from operating activities amounted to SEK 34m (SEK 184m)
Lars Corneliusson, CEO Ferronordic, comments: "The second quarter was the strongest quarter so far in Ferronordic's history, with revenue of SEK 817m and operating profit of SEK 68m. This was partly a result of improved gross margin, much thanks to our business in contracting services, and partly our work to improve efficiency that continues to bear fruit. We also continue to expand the organization and develop our network. During the quarter, for example, we opened a new service station for trucks and construction machines in Rostov-on-Don, employing about 30 new employees, mainly mechanics. In view of the recent recovery of Russia's economy, we are still optimistic about the development of the underlying market, especially in the light of the so-called May decrees which indicate significantly increased infrastructure investments in the coming years."
Ferronordic is the authorized dealer of Volvo Construction Equipment, Terex Trucks, Dressta, Mecalac and Rottne in Russia. In certain parts of the country, Ferronordic has also been appointed aftermarket dealer for Volvo and Renault Trucks and dealer for Volvo Penta. The company began its operations in 2010 and has expanded rapidly across Russia. The company is well established in all federal districts with 77 outlets and more than 850 employees. Ferronordic’s vision is to be regarded as the leading service and sales company in the CIS markets. The ordinary shares in Ferronordic are listed on Nasdaq Stockholm.
Financial Calendar 2018
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This information is information that Ferronordic Machines AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act (2007:528). The information was submitted for publication on 10 August 2018, 07:30 CET.
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