I.A. Hedin Bil AB - Interim Report Q1 2019 1
INTERRIM REPORT 2019 | I.A. HEDIN BIL AB | JANUAR
Y 1st - MARCH 31st Financial summary January – March 2019 Net sales increased by 18 percent to MSEK 5,329 (MSEK 4,535). Net sales excluding acquired businesses increased by 4 percent. Operating profit amounted to MSEK 77 (MSEK 4). Operating profit excluding IFRS16 amounted to MSEK 68, and the operating margin was 1.3 percent (0.1 percent). Operating margin in vehicle sales improved to 0.5 percent (-0.1 percent). There is an improvement compared to last year in all our markets. Sales of used cars increased by 16 percent compared to last year (excluding acquired companies). The sales of new cars increased by 1 percent. The profit in vehicle sales has improved mainly in the used car business. The operating margin in after sales improved to 4.4 percent (1.0 percent), mainly due to improved turnover and cost savings in Bavaria. Net sales excluding acquired companies increased by 10 percent. Hedin Bil improved operating profit due to increased sales, and higher margins in the used cars business. Operating profit in Bavaria increased compared to last year due to increased sales volume and higher margins. There is also cost savings in the After sales business. The business in Belgium started April 1st last year and no comparisons are disclosed. The business develops as planned. Financial costs increase compared to last year, primarily because of implementation of IFRS16. The financial net increased by MSEK 25, whereof approx. MSEK 17 are interest costs of right-of-use assets according to IFRS16. The costs also increase due to additional financing, exchange rate differences from loans in euro, and higher variable interest rates. Cash flow from operating activities was MSEK 400 (MSEK 312), and MSEK 280 excluding effects from IFRS16. The inventory has decline after the increase during the autumn. Investments in tangible assets excluding leasing vehicles and right-of-use assets amounted to MSEK 26 (MSEK 23). Sold vehicles 1st quarter 2019 New cars New light commercial vehicles New heav y trucks Used cars Used light commercial vehicles Used heav y trucks Total 11,480 1,812 131 7,500 487 70 21,480 Year 2018 8,641 1,947 82 6,367 569 45 17,651 2018 38,810 7,743 410 28,902 2,396 243 78,504 9