Q2-2021-HEDIN-BIL-ENG 1
Second quarter 2021 First six months 2021 • On Ap
ril 24, MG was launched at 18 Hedin facilities in Sweden. The launch went better than expected and by end of June a total of 1,667 cars had been registered. The model ZS EV was the best-selling electric car in June, and the second best-selling car overall. • Hedin Stockholm Bil AB acquired a business in Segeltorp, Stockholm that was selling Subaru on May 3. The facility on Smista Allé have been rebuilt to sell MG. The Subaru sales activities have been transferred to an existing facility next door on Smista Allé. • On May 20, an agreement was signed to acquire BilMånsson i Halland AB and BilMånsson BC AB. The companies include dealerships for Ford in Halmstad and Värnamo, as well as Jaguar and Land Rover in Halmstad. The acquisition was completed on July 1. • The ownership in Porsche Center Son AS was increased on June 9, when an additional 40 percent of the shares in the company was acquired. The ownership following the transaction amounts to 91 percent. • On June 22, an agreement was signed to acquire BilGruppen Enköping AB. The company is operating a Ford dealership based in Enköping. • Net sales increased by 32 percent to MSEK 7,294 (MSEK 5,542). • Operational earnings increased to 259 MSEK (MSEK 127), an increase of 103 percent. • Operating profit increased by MSEK 131 to MSEK 240 (MSEK 108). • Profit before tax increased to MSEK 188 (MSEK 55). • Modins Bil AB was acquired on February 5. The company operates a Ford dealership in Uppsala. • Net sales increased by 24 percent to MSEK 13,883 (MSEK 11,186). • Operational earnings increased to MSEK 513 (MSEK 257), an increase of 99 percent. • Operating profit increased by MSEK 256 to MSEK 475 (MSEK 218). • Profit before tax increased to MSEK 378 (MSEK 97). Events after the second quarter • The acquisitions of BilMånsson i Halland AB, BilMånsson BC AB and BilGruppen Enköping AB were completed on July 1. • On July 9, an agreement was signed to acquire 100 % of the shares in Autoflorio AB that operates Porsche Center Umeå. The transaction is expected to close September 1. • Uncertainty remains regarding the development of Covid-19 and the future impact on the operations. We continuously monitor the development and consider ourselves to be well prepared for different scenarios. Key Figures Amounts in kSEK Net Sales Operational earnings Margin % Operating profit Operating margin % Profit/loss before tax Equity ratio % Equity ratio %, excluding IFRS 16 Average number of employees Definitions Equity ratio: Equity including subordinated shareholder loans in relation to total assets. Operational earnings: Operating profit excluding items affecting comparability and amortization in surplus values. 2nd quarter 1 January - 30 June 2021 7,293,914 258,636 3.5 239,650 3.3 188,149 2020 5,542,029 127,477 2.3 108,413 2.0 54,978 2021 13,883,133 512,738 3.7 474,970 3.4 378,216 13 20 2,916 2020 11,185,826 257,046 2.3 218,272 2.0 97,472 10 15 2,624 Year 2020 24,063,914 804,737 3.3 728,527 3.0 511,445 11 17 2,651 6 INTERIM REPORT Q2 2021 | I.A. HEDIN BIL AB | 1 APRIL – 30 JUNE