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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Q2 2020 Ferronordic AB Earnings Call Transcript

Aug 13, 2020 / 08:00AM GMT
Release Date Price: kr143.8 (+13.59%)
Lars Corneliusson
Ferronordic AB - President and CEO

All right. Good morning. This is Lars Corneliusson here, the CEO of Ferronordic. And with me, I have Erik Danemar, the CFO. And we will take you through the second quarter results, this year of 2020.

And if we turn to page 2, we can see that it was despite the challenges that COVID-19 put on us in the quarter, it was actually our best second quarter to date. And even though the market in Russia had serious decline, sharply with around 40%, actually, our unit sales of machines grew. We saw a robust aftermarket and contracting services performance. And we then had an operating profit, which was up on the revenue resilience, and also cost control measures that we implemented.

Our sales in Germany that we started in January of this year, they declined quarter-on-quarter, which was in line with the overall market. And we generated strong operating cash flows and greater than a lower net debt.

So, if we turn a little more to details on the next slide, slide 3. So revenue in Russia and CIS decreased 13%. group revenue was up 9%.

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