I.A. Hedin Bil AB interim report Q1 2020
Higher profit margins during the first quarter compared to the first quarter 2019 is the effect of efficiency improvements and digitalization of customer offerings and internal processes.
Gothenburg, 8th of May 2020
The new year came to a convincing start and the investments we have done in the past years in efficiency programs and digitalization continued to pay off. With the introduction of new emission regulations starting in 2020, it will be the year of a shift in focus to alternative drivetrains in the EU to avoid substantial penalties. This creates possibilities in the sales of both new and used vehicles.
Margins improved both for car sales and the aftermarket, and in Sweden and Norway. The Belgian business was negatively impacted by a lock down of the economy starting March 18, due to the Belgian government’s response to Covid-19.
In accordance with our philosophy to act quickly both on opportunities and risks, we launched extensive saving programs that will help us through the Covid-19 crisis. Since then, the development has differed between the markets. The Swedish market is the one of our home markets that has kept open to the largest extent, which we can also see in sales statistics. Norway closed parts of the society and at the other end of the spectrum Belgium has been under lock down for more than six weeks and are currently opening up slowly.
Key performance indicators compared with previous year:
• Net sales increased by 6 % to MSEK 5,644 (MSEK 5,329).
• Operating profit increased to MSEK 110 (MSEK 77).
• Profit after financial items increased to MSEK 42 (MSEK 22).
For full report please follow link:
https://www.hedinbil.se/om-hedin-bil/investor-relations/ekonomiska-rapporter
I.A. Hedin Bil AB
(publ)
For further information:
VD: Anders Hedin, anders.hedin@hedinbil.se
Media: press@hedinbil.se
The information in this press release is information which I.A. Hedin Bil AB is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014. The information was provided by the contact person for publication on the 8th of May 2020 at 16:00 CET. I.A. Hedin Bil Aktiebolag (publ), Box 2114, 431 02 Mölndal.
I.A. Hedin Bil is one of the largest privately-owned automotive retailers in the Nordics, with 33 brands in the portfolio, offering full service for private and corporate customers. Financing, service and insurance are some of the components of the total offer. Hedin Bil is represented in more than 100 locations in Sweden, Norway and Belgium. Turnover in 2018 amounted to 21,5 bn SEK with 2,700 employees. www.hedinbil.se
® I.A. Hedin Bil is a registered trademark owned by the Anders Hedin Invest Group (91 %) and Mr. Ingemar Hedin (9 %).
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