15 May 2012

First Quarter 2012

· Revenue growth of 37% Y-o-Y
· Sales revenue amounted to EUR 57.6m (42.1m)
· Operating profit amounted to EUR 1.2m (-0.3m)
· The Operating margin was 2.0% (-0.8%)
· EBITDA for the first quarter was EUR 1.5m (1.1m)
· The after-tax result amounted to EUR -0.5m (-0.7m)
· Cash flow from (used in) operating activities amounted to EUR 9.6m (-17.6m)
· Lars Corneliusson appointed President and CEO of Ferronordic Machines LLC

Note: Comparative figures in parenthesis related to the same period in 2011.

Ferronordic Machines’ CEO Lars Corneliusson comments:

Ferronordic Machines experienced strong growth in the first quarter of 2012 with the number of machines sold increasing almost 70% Y-o-Y to 294 units. The product mix however shifted somewhat towards smaller machines, e.g. backhoe loaders, resulting in a smaller increase in revenue of 37% to EUR 58 million. Revenue from machine sales increased 35%, from parts 30% and from service 35%. In addition,...