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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Q3 2022 Ferronordic AB Earnings Call Transcript

Nov 11, 2022 / 09:00AM GMT
Release Date Price: kr45.85 (+18.32%)
Lars Corneliusson;FNM;President
Ferronordic Machines AB;Director, CEO

()- -

Thank you, and welcome, everybody, to this presentation of our third report for 2022. I'm going to turn the page to slide number two. We call the report Refocusing Resources, and for the Group we had a revenue decrease of 11% to SEK1.48 billion which was partly offset by currency effects. And we had a one-off SEK321 million payments from [Volvo CE] which was related to the dealership in Russia.

And during the quarter, we effectively have isolate Russia from the rest of the Group. In Germany truck sales units decreased by 5% which was mainly due to supply constraints. Revenue increased [over] 10% because we saw with growth in the [aftermarket] sales.

We received our first state subsidies for seven electric trucks for our rental fleets to customers. Ans Russia CIS then -- we are actively trying to sell our Russian business. And new equipment sales decreased by 84% as inventory declines.

During numbers, that means an 11% revenue decrease and adjusted operating

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