Delårsrapport Q2 - 2018 Hedin Bil (eng) 1
I.A. HEDIN BIL AB GROUP FINANCIAL DEVELOPMENT JAN
UARY – JUNE, 2018 Net sales amounted to 10 813 MSEK (5 771 MSEK). Organic growth amounted to 16 percent, which was in line with market development. Operating profit amounted to 151 MSEK (72 MSEK), at a slightly higher margin of 1.4 percent (1.2 percent). Margins in vehicles sales are constantly under pressure, but improved somewhat to 0.9 percent (0.7 percent). Operating margin for after sales decreased to 3.6 percent (4.0 percent), driven by higher depreciation on fixed assets due to investments in aftermarket service. Operating margin of Hedin Bil improved to 1.3 percent (1.2 percent). The operating margin of Bavaria, acquired in October 2017, was 1.8 percent in the first six months of 2018. The operations in Belgium, with seven Mercedes-Benz sales and service dealerships, was acquired on April 1, 2018. The profit of the Belgian business has negatively impacted the second quarter due to lower sales than expected. The market was slow in expectation of new emission rules implemented from September 1. Financial cost has increased primarily due to acquisition financing and working capital financing of newly added business’. Cash flow from operations was affected by an increase in inventory at the end of the period due to the new road tax in Sweden, which means that it was relatively unchanged compared to year end. During the period, subsidiaries were acquired which affected investment activities by 426 MSEK (212 MSEK). This was mainly attributable to the acquisition of seven Mercedes-Benz outlets in and around Ghent in Belgium, including four commercial properties. Sold vehicles New cars New light commercial vehicles New heavy trucks Used cars Used light commercial vehicles Used heavy trucks Total Second quarter 2018 11 839 2 087 121 8 031 623 130 22 831 2017 6 350 1 380 81 4 471 483 32 12 797 1 January - 30 June 2018 20 480 4 034 203 14 398 1192 175 40 482 2017 13 240 3 039 148 9 056 909 66 26 458 1 APRIL - 30 JUNE I.A. HEDIN BIL AB INTERIM REPORT 2018 11