2021-Q1-Hedin-Bil-engelska 1
Financial summery January - March 2021 Net sales
increased by 17 percent to MSEK 6,589 (MSEK 5,644), which is the same for comparable businesses. Sales of new vehicles increased by 18 percent, and sales of used vehicles increased by 17 percent. In Sweden the sales increased by 18 percent, with increase both in new and used vehicles. Sales within our concept Hedin Certified increased by 12 percent. Sales in Norway increased by 21 percent, with a strong sale in both new and used vehicles. In Belgium our sales increased by 30 percent. Last year was effected by restrictions in the outbreak of Covid-19, and the business was closed in March last year. Operational earnings increased by MSEK 124 to MSEK 254 (MSEK 130). The margin of operational earnings increased to 3.9 percent (2.3 percent). The improved margins in new car sales, and efficiency improvements that have taken place the last year have increased our profit. Due to this, together with the increase in volume, the external costs and employee benefit expenses have been reduced to 12.5 percent of the net sales (13.9 percent). The margin of operational earnings in vehicles sales amounted to 2.8 percent (1.1 percent). The gross margins in new vehicles increases, while gross margins in used vehicles remain on same level as last year. The operational costs compared to net sales has decreased. The margin of operational earnings in after market was 6.4 percent (5.8 percent). Earnings have improved through efficiency improvements and cost reductions. Net sales 1st quarter 2021 Vehicle sales After market Segment reconciliation Total Operational earnings Vehicle sales After market Segment reconciliation Total Margin Vehicle sales After market Total 6,020,602 1,150,242 -581,625 6,589,219 1st quarter 2021 169,418 73,432 11,252 254,102 1st quarter 2021 2.8% 6.4% 3.9% Year 2020 4,932,646 1,120,722 -409,571 5,643,797 2020 21,216,497 4,397,126 -1,549,709 24,063,914 Year 2020 53,675 65,225 10,669 129,569 2020 438,068 326,477 40,192 804,737 Year 2020 1.1% 5.8% 2.3% 2020 2.1% 7.4% 3.3% The operational earnings in Sweden increased by MSEK 86 compared to last year. The sale of both new and used vehicles have increased. The profitability improves due to improved margins as well as efficiency improvements in both vehicle sales and aftermarket. Operating earnings in Norway increased by MSEK 22 compared to last year through higher sales of both new and used vehicles. Increased margins in used cars together with efficiency improvements in sales and after sales contribute to the increased profit. In Belgium the business was partly closed last year and also this year the business has been partly closed due to Covid-19. Despite this, the operational earnings improve by MSEK 17. 8 INTERIM REPORT Q1 2021 | I.A. HEDIN BIL AB | 1 JANUARI – 31 MARS