Quality. Respect. Excellence.

2nd Quarter Results 2020

Ferronordic reported its results for the second quarter on August 13 2020 which was the best to date despite effects of COVID-19

Unit sales in Russia/CIS grow even as market declines sharply

Robust aftermarket and contracting services performance

Operating profit up on revenue resilience and cost control

Sales in Germany decline quarter-on-quarter in line with market

Strong operating cash flows and lower net debt

Revenue SEK1,203m
Operating Profit Profit SEK 105m
Operating Margin 8.7%
Operating Profit Growth 7%
Revenue Increase 9%
EPS Increase 4%

"Q2 2020 was our strongest second quarter to-date, despite the effects of COVID-19. In Russia/CIS, new machine unit sales grew even as the market declined sharply and we gained market shares in most product groups." 

 - Lars Corneliusson, CEO Ferronordic

Selected key Group ratios*

SEK M Q2 2020** Q2 2019 %             6M 2020** 6M 2019 %
Revenue 1 203 1 100 9%             2 321 1 823 27%
Operating profit 105 98 7%             156 154 1%
Result for the period 76 73 4%             96 119 -19%
Earnings per share 5,24 5,03 4%             6,64 8,21 -19%
           
Gross margin 17.2% 20.1%             16.8% 20.1%
Operating margin 8.7% 8.9%             6.7% 8.4%
           
Return on capital employed 23% 33%             23% 33%
Working capital / Revenue 10% 18%             10% 18%
Net debt / (cash) 230 446             230 446

* Definitions and purposes of the key ratios are presented on page 25.
** Q2 and 6M 2020 includes consolidation of Ferronordic’s operations in Germany