Anders Hedin Invest årsredovisning ENG 1
KEY FIGURES Amount in TSEK Net Sales Profit after
financial items Balance sheet total Return on equity % Equity/Assets ratio % Average number of employees Definitions The figures for 2015 and 2014 have been calculated in accordance with International Financial Reporting Standards. Previous years have not been adjusted and have been accounted for in accordance with the previously used principles. Return on equity: Ratio of net income to average shareholders’ equity excluding minority interests Equity/Assets ratio: Shareholders’ equity excluding minority interests divided by total assets 31/12/2015 8,725,618 237,639 5,499,831 15 24 1,322 31/12/2014 6,938,710 148,081 4,540,870 11 26 1,250 31/12/2013 5,312,640 189,268 3,131,575 17 30 836 31/12/2012 5,077,087 72,507 3,077,571 8 26 853 31/12/2011 5,079,648 11,161 2,869,867 1 25 840 SIGNIFICANT EVENTS OF THE FISCAL YEAR Vehicle segment of the Group In January, operations in Ängelholm relocated to new premises which entailed larger facilities and a better location. In April, a new commercial car dealership started up in Kista to conduct sales and car repairs. During the year, Hedin Bil has continued to focus on increasing profitability. Property segment of the Group In March, the property Group acquired a property in Kista. This property now includes a commercial dealership and a tyre hotel run by Hedin Bil. The property also includes offices which are being renovated and will be rented out upon completion. The new facility in Ängelholm opened in January. Reconstruction in Värnamo was finalised in May and reconstruction in Akalla was finalised in March 2016. Construction of a new facility is underway in Jönköping and is projected to be finalised in the autumn of 2016. Project planning for the reconstruction of the passenger cars dealership is underway in Helsingborg and construction will commence during 2016. The property in Akalla will be extended by 20,000sqm, and comprise 15,000sqm of parking space and 5,000sqm retail space. The extension is projected to be concluded in early 2017. Car rental section of the Group The Mabi group has expanded its number of stations. Currently, we run a total of 150 stations of which 39 are owned by us and 111 are franchises. Spare parts branch of the group In 2015, Techno Tire AB was acquired from Techno Support i Sverige AB. This acquisition provides the opportunity to deliver to both Klintberg & Way’s and Techno Support i Sverige AB’s customers through the company’s online tool. Import and sales of American cars, accessories, complete wheels and tuning products have started up in the newly formed company Klintberg & Way Cars AB (KW Cars). There is a car dealership and showroom in Gothenburg. Dawa Däck AB was acquired in August. The company is authorised to sell Kumho, Nankang and Sonar products. SUBSEQUENT EVENTS Hedin Bil has acquired Johan Klasén Bil AB as of 1/3/2016, which operates a car dealership in Halmstad. The acquisition also included 2 properties consisting of a car dealership and an undeveloped site. A new car dealership for the Nissan and Kia brands will be developed there. Hedin Bil has acquired Biva AB from OK Ekonomisk Förening which has dealerships in Örebro, Karlskoga, Norrköping and Linköping, as well as Bilcity i Kristianstad AB which has dealerships in Kristianstad. The business properties have also been included in the acquisitions in Örebro, Karlskoga, Linköping and Kristianstad. Hedin Bil has also acquired Bilias Ford operations in Gothenburg. Hedin Bil plans to start up new Ford dealerships in Kungsbacka, Stockholm and Nacka. The acquisitions from OK and Bilia require approval from the Competition Board, which is expected to be granted in April 2016. FUTURE DEVELOPMENT Group operations for the coming year are expected to continue in the same direction as the year 2015. With a stable earnings trend and good profitability, the Group is wellequipped both financially and economically for the future. RISKS Car sales are dependent on economic developments and represent a sensitivity in the Group’s sales trends. Reducing sensitivity in profitability requires efficient processes and monitoring of inventory conditions. After the block exemption was changed on 1 July 2013, all agreements with general agents are now rolling two-year contracts. This increases the requirement for good relationships between general agents and dealers. The Hedin Group aims to be a key partner to all general agents and to build confidence. Creating a turnkey concept with financing, insurance, service, cards, and a number of different ownership options contribute to increased customer loyalty. Opportunities for risk spreading are created by the Group's diversity of operations in the car industry, such as sales, repair shops, car rentals, and spare parts areas. ENVIRONMENTAL WORK The Group continues to work on improving environmental efforts in cooperation with our customers, employees and authorities. Hedin Bil's car repair shops are ISO-certified in line with 14001. We train our employees in how to reduce environmental impact and prevent pollution. Hazardous waste will be handled and recycled or reused in an environmentally sustainable manner. 62 ANDERS HEDIN INVEST AB ANNUAL REPORT / 2015