Q3 INTERIM REPORT HEDIN BIL 1
JANUARY - SEPTEMBER 2021 Net sales increased by 1
0 percent to MSEK 19,451 (MSEK 17,702). In Sweden the sales increased by 10 percent, with increase of new vehicles of 34 percent and 8 percent in used vehicles. Sales in Norway increased by 17 percent, with increase in new vehicles of 21 percent and 14 percent in used vehicles. Sales in Belgium increased by 31 percent, with increase in new vehicles of 30 percent and 58 percent in used vehicles. Operational earnings increased by MSEK 236 to MSEK 751 (MSEK 515). The margin of operational earnings increased to 3.9 percent (2.9 percent). The improved profit is mainly a result from increased sales volume. The gross margin on used cars continues to improve, and gross margins for new vehicles also develop positively. The margin of operational earnings in vehicles sales amounted to 2.8 percent (1.7 percent). The improvement is mainly driven by increased volumes, where sales increased by 13 percent. In addition, the gross margin in used cars has improved in all markets. Operational expenses compared to net sales have been reduced and also contribute to the improved operating margin. The margin of operational earnings in after-market was 6.6 percent (7.1percent). Net sales increased by 10 percent and operational earnings MSEK 4. In some of our markets, we see reduced demand as vehicles are driven less after the pandemic. Operational earnings in Sweden increased by MSEK 190 compared to last year. Sales of both new and used vehicles have increased. We decided last year to reduce the inventory of used cars with temporary declines in gross margins. The margins have been improved this year on both new and used vehicles, which together with increased sales have improved the result. Operational earnings in Norway increased by MSEK 14 compared to last year. Net sales have increased on both new and used vehicles. In Norway, there has been a shift in the sales mix, with BMW increasing sharply this year, while Porsche is declining after higher sales last year. In Belgium the business was partly closed last year due to Covid-19. This year sales increased 31 percent and the operational earnings increases MSEK 30. The improved profit is mainly driven by increased net sales. Financial net amounted to MSEK -165 (MSEK -184), including exchange rate differences of MSEK +9 (-12). Cash flow from operating activities amounted to MSEK 2,288 (MSEK 1,645). Investments in intangible and tangible fixed assets, excluding leasing vehicles and right-of-use assets, amounted to MSEK 107 (MSEK 99). Available cash including unused overdraft facilities amounted to MSEK 931. Sold vehicles 3rd quarter 2021 New cars New light commercial vehicles New heavy trucks Used cars Used light commercial vehicles Used heavy trucks Total 12,758 1,867 93 8,661 503 52 23,934 2020 9,495 1,366 67 8,256 620 36 19,840 1 January - 30 September 2021 37,573 6,456 357 24,855 1,784 158 71,183 Year 2020 28,187 4,424 184 23,743 1,874 109 58,521 2020 38,391 6,264 302 31,579 2,457 148 79,141 10 INTERIM REPORT Q3 HEDIN BIL – 1 JULY – 30 SEPTEMBER