Q4 results
Ferronordic reported Q4 sales in Germany of SEK 616m (+36% vs. ABGSCe 452m), and EBIT of SEK -2m (ABGSC -2m). According to the company, Germany reached break-even run-rate by the end of the quarter, in line with prior communication. CIS EBIT (now only Kazakhstan) amounted to SEK 5m. For the discontinued Russian operations, EBIT was SEK 145m (ABGSCe 45m for Russia/CIS), but ultimately net profit from discontinued operations was SEK -70m (ABGSCe +26m), an effect of major negative FX reclassifications. After selling the Russian operations, Ferronordic now sits on a net cash position of SEK 957m, and the board proposed a DPS of SEK 7.5/sh (ABGSCe SEK 8.0), only ~10% of the net cash position, which we believe indicates an ambition to reinvest most of the net cash into aggressive growth.
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