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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Q1 2021 Ferronordic AB Earnings Call Transcript

May 12, 2021 / NTS GMT
Release Date Price: kr242 (+7.80%)
Lars Corneliusson
Ferronordic AB - President & CEO

Thank you, and good morning, everybody. This is Lars Corneliusson speaking. Thank you for listening into this presentation on our first-quarter result 2021.

And if we start on Slide 2. As you can see, we're very happy to report that it was the best first quarter we've had to date. We saw unit sales in Russia/CIS up 31% in a recovering market. Despite very strong currency headwinds in all our markets actually, but mainly so in Russia, we produced a record first-quarter operating result and margin. We saw growing aftermarket sales in Germany, and we continued our investments into service network and organization. We also had strong cash flows as working capital remained low, and we renewed and expanded our credit facility with Nordea. So all in all, we had a 13% revenue increase, 57% operating profit increase at a 6.3% operating margin, and our net income and EPS increased by 176%.

So if we turn to slide 3, a bit more on financial highlights. So as I said, revenue up 13% to SEK1.267 million. In Russia/CIS, revenue was actually up 54%

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