Brief: Ferronordic AB Says Impact Of Restrictive Measures On Operations In Russia And Updates Dividend Recommendation

Ferronordic AB

28/02/2022 20:56

Feb 28 (Reuters) - Ferronordic AB  FNMA.ST :
    * IMPACT OF RESTRICTIVE MEASURES ON FERRONORDIC'S OPERATIONS
IN
RUSSIA AND UPDATED DIVIDEND RECOMMENDATION
    * SITUATION IN RUSSIA DOES NOT HAVE ANY DIRECT IMPACT ON OUR
OPERATIONS IN KAZAKHSTAN AND GERMANY, WHICH CONTINUE AS BEFORE
    * SOME SUPPLIERS, LIKE VOLVO GROUP, SAID THAT THEY
TEMPORARILY
STOP SALES OF MACHINES, COMPONENTS AND SPARE PARTS TO RUSSIA
    * FERRONORDIC - DUE TO UNCERTAIN OUTLOOK, BOARD HAS CHANGED
ITS
DIVIDEND RECOMMENDATION AND INSTEAD PROPOSE THAT AGM 2022 DECIDE
NOT TO PAY A DIVIDEND
    * IMPACT OF VOLATILE MARKET CONDITIONS ON DEMAND FOR OUR
PRODUCTS
AND SERVICES IN RUSSIA HOWEVER IS STILL UNCLEAR
    * FERRONORDIC - DISCONTINUING SALES OF SOME RUSSIAN PRODUCTS
FALLING UNDER NEW EXPORT RESTRICTIONS WILL HAVE NEGATIVE EFFECT
ON REVENUE, EARNINGS CASH FLOWS IN RUSSIA
    * FERRONORDIC - OUTLOOK FOR RUSSIA AND OUR OPERATIONS IN
RUSSIA IS
HIGHLY UNCERTAIN AND MAY BE SIGNIFICANTLY WORSE THAN EXPECTED AT
TIME OF YEAR-END REPORT


 ((Reuters.Briefs@thomsonreuters.com;))