Ferronordic AB (OSTO:FNM)
kr 83.5 -0.5 (-0.6%) Market Cap: 1.21 Bil Enterprise Value: 2.76 Bil PE Ratio: 0 PB Ratio: 0.72 GF Score: 30/100
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Q4 2023 Ferronordic AB Earnings Call Transcript

Feb 22, 2024 / 09:00AM GMT
Release Date Price: kr68.1 (-3.54%)
Lars Corneliusson
Ferronordic AB - President, Chief Executive Officer, Director

(audio in progress) our fourth-quarter '23 results for Ferronordic. And if we start with a summary of the quarter, we call it a restart, and we feel definitely that it is off to a challenging and a transformative 2023, where we went from having our biggest business in the eastern part of the world to having the biggest business in the western part of the world in less than a year. And we did the successful completion of Rudd acquisition then in the US in Q4 in 2023, and Rudd result is consolidated for December and balance sheet on December 31, '23.

And group revenue increased then by 30% to SEK915 million mainly driven by the addition of the United States, for one month, we should say. However, the operating result declined to minus SEK62 million. If we exclude one-off costs, it was minus SEK15 million. We'll come back to that.

Working capital, we're working hard to take that down, and we expect that to decline in the first half of 2024. And we have a restructuring efficiency program launched in Germany,

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