I.A. Hedin Bil AB interim report Q3 2020
Hedin Bil delivers a strong quarter with focus on cost savings and liquidity.
Gothenburg, 30th of October 2020
Operating profit during the second quarter was 240 MSEK, which was an improvement of 131 percent compared to last year’s third quarter. Net sales in comparable units increased by 21 percent compared to the same period last year. The operations in Sweden and Norway improved both operating profit and operating margin. The Belgian operations returned to show a profit after second quarter’s loss.
New car sales increased by 2 percent in comparable units and the gross margin improved also. Sales of used cars increased by 18 percent and gross margins recovered after the second quarter Covid impact. In total, car sales contributed with increased profits and increased margins compared to the third quarter last year. The after market business also performed stronger than last year with higher profits and margins.
The market development was strong during the third quarter, showing a healthy demand while there were delays in the supply of vehicles due to the close downs in production in the second quarter.
New passenger car registrations in Sweden decreased by 4 percent compared to the third quarter of 2019. Corresponding figures for the Norwegian market was an increase of 12 percent and a decrease of 9 percent in Belgium. The market for used cars, as well as the after market, has continued to develop favourably.
Key performance indicators compared with previous year:
• Net sales increased by 24 percent to MSEK 6,516 (MSEK 5,262).
• Operating profit increased by 136 to MSEK 240 (MSEK 104).
• Profit before tax increased to MSEK 176 (MSEK 45).
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 30th 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 2019 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).
