IA Hedin Bil - Interim Report Q2 2019 1
INTERIM REPORT 2019 | I.A. HEDIN BIL AB | APRIL 1
ST - JUNE 30TH Second quarter highlights 2019 • On April 10th, Hedin Auction was launched for professional car dealers. Hedin Auction is a Swedish auction website for Hedin Bil traded used cars that are not offered to end customers. The solution brings transparency and fair market prices for all parties involved. • On June 7th, Bavaria Norge AS entered an agreement to acquire three BMW facilities in Norway from Brages Bil AS in Ålesund, Molde and Kristiansund. Completion of the deal requires the approval of the Norwegian competition authorities. • Net sales decreased by 8 percent to MSEK 5 791 (MSEK 6 278). • Operating profit decreased to MSEK 46 (MSEK 147). Excluding IFRS16 operating profit amounted to MSEK 37. • Profit after financial items decreased to MSEK -6 (MSEK 119), and excluding IFRS16 to MSEK 3. Significant events after the second quarter • On August 14th, the acquisition of three BMW dealerships situated in Molde, Ålesund and Kristiansund, Norway was completed. • On August 21st, Hedin Belgien Bil AB completed the acquisition of two Mercedes-Benz dealerships situated between Antwerp and Ghent. • On August 22nd, Hedin Belgien Bil AB agreed to aquire one Mercedes-Benz dealership between Antwerp and Brussels. On January 1st, 2019, the new accounting policy IFRS16 were implemented. For comparability to earlier periods some figures are disclosed excluding effects of IFRS16. See note 1 for further information. Key Figures Amounts in kSEK Net Sales Operating profit Operating margin % Profit before tax Equity ratio % Equity ratio %, excluding IFRS 16 Av erage number of employees Definit ions Equity ratio: Equity including subordinated shareholder loans in relation to total assets 2nd quarter 2019 5,791,037 45,803 0.8 -5,641 10 17 2,640 2018 6,277,795 147,064 2.3 118,813 16 16 2,461 1 January - 30 June 2019 11,120,122 122,775 1.1 16,616 10 17 2,640 Year 2018 10,812,948 151,242 1.4 92,959 16 16 2,461 2018 21,043,340 227,107 1.1 112,964 15 15 2,450 6