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
"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
| 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 |
