I.A. Årsredovisning 2020 ENG 1
WORDS FROM OUR CEO 2020 was a year of unexpected
challenges and conditions for the whole world due to the Covid-19 pandemic. Despite all the challenges, our business has found the right focus, which has led to good results, streamlining and development of the business. In 2020, the pandemic, Covid-19, came and spread alarm in both the world and on the market. This created many challenges for employers. At the beginning of the corona crisis, major reduction measures and changes were implemented to secure liquidity and to strengthen competitiveness in a troubled market. The cost savings launched in the second quarter meant that we quickly adapted the business to the changed market conditions. Since then, there has been a gradual recovery and by the end of the year we can see that we are showing increased profitability, increased deliveries, good cash flows and strong liquidity. The total market for new vehicles in Sweden decreased by -18%, in Norway by -0.7% and in Belgium by -21%. In Sweden, we lost new car sales, something we made up for both with used cars sales and in the service market. In Norway, we increased both in the new and used car market, and in Belgium, which has been hit hard by lockdowns, we finished strongly on the market for new cars. The operations in all our markets improved both in earnings and in margins. 2020 marked the milestone for 35 years in the industry and we have made a fantastic journey together with our employees. There is a lot of work behind the great result we have delivered under challenging circumstances. I am both proud and grateful for those efforts. We continue to safeguard both results and liquidity in order to maintain our long-term focus. I would like to express my personal thanks to all employees who have worked hard during the year with restrictions, changes, lockdowns and new challenges. Thanks! Anders Hedin Owner and CEO 10 I.A. HEDIN BIL AB / ANNUAL REPORT / 2020 01. YEAR IN BREIF