AI Interim report Q3 2020 1
INTERIM REPORT 2020 | I.A. HEDIN BIL AB | JULY 1S
T - SEPTEMBER 30TH Financial net amounted to MSEK -64 (MSEK -58), which was effected by exchange rate differences of MSEK -4 (-1). The remaining increase is due to higher variable interest rates. Cash flow from operating activities amounted to MSEK 465 (MSEK 405). Investments in intangible and tangible fixed assets, excluding leasing vehicles and right-of-use assets, amounted to MSEK 35 (MSEK 36). Available cash including unused overdraft facility amounted to MSEK 1,134 as of September 30. JANUARY – SEPTEMBER 2020 Net sales increased 8 percent to MSEK 17,702 (MSEK 16,383). Net sales adjusted for acquired businesses and other changes increased by 6 percent for comparable businesses. Operating profit increased by MSEK 231 to MSEK 458 (MSEK 226). Operating margin increased to 2.6 percent (1.4 percent). From the beginning of March, several cost-saving actions have been taken to minimize the economic effects of Covid-19, which together with previous actions have improved the result. The margin in operational earnings in vehicles sales amounted to 1.7 percent (0.9 percent). The sales of the new cars in comparable business decreased by 6 percent. Sales of used cars increased by 8 percent. Sales of used cars in Sweden within Hedin Certified has continued to develop positively and has increased by 13 percent. Gross margin increased in new vehicles, while margin in used vehicles decreased slightly compared to same period last year. The margin in operational earnings in after sales was 7.1 percent (3.9 percent). Earnings have improved through efficiency improvements and cost reductions. The operational earnings in Sweden increased by MSEK 96 compared to last year. A lower volume in sale of new cars, are offset by increased sales volume and profitability in used cars. Increased sales in the Porsche business have also contributed to the increased profit. The profitability in after sales has improved by efficiency improvements. The operational earnings in Norway increased by MSEK 144 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 recovered after the lock-down due to Covid-19 during spring, but still lower profit for the nine months compared to last year. Financial net amounted to MSEK -184 (-165), an increase of MSEK 19, whereof MSEK 10 is attributable to exchange rate differences and MSEK 9 to an increase of right-to-use assets according to IFRS16. The remaining increase is due to increased financing and higher variable interest rates. Cash flow from operating activities was MSEK 1,645 (MSEK 1,151). 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 99 (MSEK 115). Available cash including unused overdraft facility amounted to MSEK 1,134 as of September 30. vehicles Sold vehicles cars light commercial vehicles heavy trucks d cars d light commercial vehicles d heavy trucks l New cars New light commercial vehicles New heavy trucks Used cars Used light commercial vehicles Used heavy trucks Total 3rd quarter 2020 9,495 1,366 67 8,256 620 36 19,840 2019 9,341 1,574 65 7,301 511 46 18,838 1 January - 30 September 2020 3rd quarter 2020 28,1879,495 1,366 4,424 67 2019 2019 29,6529,341 1,574 184 23,7438,256 620 19,840 1,874 36 58,521 4,877 65 109 511 46 1 January - 30 September 2020 Year 2019 28,187 295 22,2537,301 1,548 158 18,838 58,783 39,547 4,424 23,743 7,134 184 2019 371 29,047 1,874 58,521 2,135 109 78,423 29,652 4,877 295 189 22,253 1,548 158 58,783 Year 2019 39,547 7,134 371 29,047 2,135 189 78,423 9