Company expects positive '23 Germany EBIT, ABGSCe SEK 22m
Ferronordic reported Q4 EBIT from Germany of SEK -5m (ABGSCe -2m), somewhat below our expectations even though sales were 36% above. However, management said that Germany was at a break-even run-rate at the end of the quarter, and also that it expects positive FY'23 EBIT for the country; we have SEK 22m, for a margin of 1.1%. Moreover, following the sale of the Russian operations, the year-end net cash position was SEK 957m (~66/sh), of which SEK 7.5/sh was proposed to be distributed to shareholders.
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