I.A. Hedin Bil AB - Interim Report Q1 2019 1
INTERIM REPORT 2019 | I.A. HEDIN BIL AB | 1 JANUA
RY - 31 MARCH First quarter highlights 2019 • On January 1st, the new accounting policy IFRS16 was implemented. For comparability to earlier periods some figures are disclosed excluding effects of IFRS16. See Note 1 for further information. • On January 17th, Hedin Örebro Bil AB opened a dealership for Jaguar and Land Rover in Örebro. • On February 12th, Bavaria Haugesund AS acquired 51 percent of the shares in MPS Micropaint Haugesund AS. The company is a service and repair shop for vehicles. • On February 18th, Hedin Belgien Bil AB acquired a body and paint shop close to the existing dealership in Lier, Belgium. The business has four employees. • GS Bildeler AS acquired 91 percent of the shares in EBC Brakes Norge AS on February 26th. EBC Brakes is a wholesaler of breaks and recond products for cars and motorcycles. • On March 22nd, Hedin Stockholm Bil AB communicated that the offer of DS Automobiles is expanded from Akalla to also include Malmö Jägersro. • Hedin Stockholm Bil AB expanded the light commercial vehicle offer by moving from Kista in Stockholm to both Spånga and Akalla, also in the Stockholm area, on March 27th. • Net sales increased by 18 percent to 5,329 MSEK (4,535 MSEK). • Operating profit increased to 77 MSEK (4 MSEK). Excluding IFRS16 the operating profit was MSEK 68. • Profit after financial items increased to 22 MSEK (-26 MSEK), and excluding IFRS16 to MSEK 30. Significant events after the first quarter • On April 10th, Hedin Auction was launched, aimed at professional car dealers. Hedin Auction is a Swedish auction website for Hedin Bil traded used cars that are not offered to end customers. The solution brings transparency and fair market prices for all parties involved. Key Figures Amounts in kSEK 1st quarter 2019 Net Sales Operating profit Operating margin % Profit before tax Equity ratio % Equity ratio %, excluding IFRS 16 Av erage number of employees 5 329 085 76 972 1.4 22 257 10 16 2 618 Definitions Equity ratio: Equity including subordinated shareholder loans in relation to total assets Year 2018 4 535 153 4 178 0.1 -25 854 16 16 2 413 2018 21 043 340 227 107 1.1 112 964 15 15 2 450 6