AI Q2 engelska 3 1
INTERIM REPORT 2020 | I.A. HEDIN BIL AB | APRIL 1
ST - JUNE 30TH Financial summary JANUARY - JUNE 2020 Net sales increased 1 percent to MSEK 11,186 (MSEK 11,120). Net sales adjusted for acquired businesses and other changes increased by 2 percent for comparable businesses. In Belgium the business was closed in 6 weeks from March 18, due to restrictions regarding Covid-19. The effect on nets sales is approximately 3% for the first six months. Operating profit increased by MSEK 95 to MSEK 218 (MSEK 123). Operating margin increased to 2.0 percent (1.1 percent). From the beginning of March, several cost-saving actions have been taken to minimize the economic effects of covid-19. Operating margin in vehicles sales amounted to 0.9 percent (0.5 percent). The sales of the new cars in comparable business decreased by 7 percent during the quarter, while sales of used cars increased by 5 percent. Sales of used cars in Sweden within Hedin Certified continued the positive development and increased by 11 percent. Gross margin increased in new vehicles, while margin in used vehicles decreased slightly compared to same period last year. The operating margin in After sales was 5.4 percent (2.6 percent). Earnings have improved through efficiency improvements and cost reductions. s EK ofit argin % ore tax , excluding IFRS 16 mber of employees Key Figures Amounts in kSEK Net Sales The operating profit in Hedin Bil increased by MSEK 50 compared to last year. A lower volume in sale of new cars, are offset by increased sales and profitability in used cars. Increased sales in Porsche business have also contributed to the increased profit. The profitability in after sales has improved by efficiency improvements. Operating profit in Bavaria increased by MSEK 82 compared to last year through higher vehicle sales in the new car business and increased margins. Efficiency improvements in after sales have also contributed to the increased profit. In Belgium the business has been closed from March 18 to the end of April, which causes the decline in operating profit. 10 2nd quarter 2020 Operating profit Operating margin % Profit/loss before tax Equity ratio % Equity ratio %, excluding IFRS 16 Average number of employees Definitions including subordinated shareholder loans in relation to total assets 5,542,029 108,413 2.0 54,978 2019 1 January - 30 June 2020 2020 218,272 2.0 Financial net increased by MSEK 15, whereof MSEK 8 is attributable to exchange rate differences. The remaining increase is due to increased financing and higher variable interest rates. 97,472 10 15 2,624 Equity ratio: Equity including subordinated shareholder loans in relation to total assets 16,616 10 17 2,640 13 15 2,7332,624 Cash flow from operating activities was MSEK 1,180 (MSEK 745). Inventory decreased during the period, which reduced the utilized overdraft facilities. Investments in intangible and tangible fixed assets, excluding leasing vehicles and right-of-use assets, amounted to MSEK 64 (MSEK 79). Available cash including unused overdraft facility amounted to MSEK 957 as of June 30. 5,542,029 108,413 2.0 54,978 2019 2019 122,775 1.1 45,803 0.8 -5,641 360,207 1.6 218,272 2.0 97,472 9 -5,641 147,954 2nd quarter 1 January - 30 June 2019 2020 Year 2019 122,775 1.1 16,616 10 17 2,640 Year 2019 5,791,037 11,185,826 11,120,122 22,301,3825,791,037 11,185,826 11,120,122 22,301,382 45,803 0.8 360,207 1.6 147,954 9 13 2,733 Sold vehicles 2nd quarter 2020 New cars mmercial vehicles ucks mmercial vehicles ucks New light commercial vehicles New heavy trucks Used cars Used light commercial vehicles Used heavy trucks Total 8,023 1,276 62 8,116 591 37 18,105 2019 8,831 1,491 99 7,452 550 42 18,465 1 January - 30 June 2020 2020 18,6928,023 3,0581,276 62 117 15,4878,116 1,254 591 73 37 38,681 18,105 2nd quarter 2019 2019 20,3118,831 3,3031,491 230 99 14,9527,452 1,037 550 112 42 39,945 18,465 1 January - 30 June 2019 2020 Year 2019 39,547 18,692 29,047 7,1343,058 371 117 15,487 2,1351,254 189 73 78,423 38,681 20,311 3,303 230 14,952 1,037 112 39,945 Year 2019 39,547 7,134 371 29,047 2,135 189 78,423 9