I.A. Hedin Bil AB interim report Q2 2020
Hedin Bil delivers a strong quarter with focus on cost savings and liquidity.
Gothenburg, 14th of August 2020
Operating profit during the second quarter was 108 MSEK, which was an improvement of 137 percent compared to last year’s second quarter. Net sales in comparable units decreased by 3 percent compared to the same period last year. The operations in Hedin Bil and Bavaria, the latter also including the Norwegian business, improved both operating profit and operating margin. The Belgian operations showed a loss due to the temporary close down of the Belgian market, while still producing positive cash flows.
The market impact in the second quarter from Covid-19 was exceptional and has affected both supply and demand. In Belgium, the market closed for six weeks, Norway was affected by closed schools and restaurants, while Sweden did not introduce any formal lock downs, but the market activity was still considerably lower than usual.
New passenger car registrations in Sweden decreased by 37 percent compared to the second quarter of 2019. Corresponding figures for the Norwegian market was -32 percent and -42 percent for Belgium. The market for used cars, as well as the after market, has been less affected.
Key performance indicators compared with previous year:
• Net sales decreased by 4 percent to MSEK 5,542 (MSEK 5,791).
• Operating profit increased to MSEK 108 (MSEK 46).
• Profit after financial items increased to MSEK 55 (MSEK -6).
For full report please follow link:
I.A. Hedin Bil AB
For further information:
VD: Anders Hedin, email@example.com
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 14th of August 2020 at 10:00 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 percent) and Mr. Ingemar Hedin (9 percent).