I.A. Hedin Bils interim report Q2
Reduced new car volumes had a negative effect on the profitability, while the used car market continued to develop positively.
The second quarter saw a decrease in new car sales, while Hedin Bil continued to increase market shares. Sales of used cars showed a positive development. Aftermarket services increased while margins decreased due to investments.
It is particularly pleasing that we launched the Hedin Auction website during the second quarter, which is
another example of our broadened digital offer. Hedin Auction is initially an auction site targeted at dealers for vehicles that Hedin Bil cannot accompany with a guarantee. It increases transparency for both seller and buyer which contributes to increased margins for Hedin Bil.
During the second quarter, we have changed the name to Hedin Automotive for the 12 Belgian dealerships which were flying under local flags.
Key performance indicators compared with previous year:
• 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.
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I.A. Hedin Bil AB
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I.A. Hedin Bil is one of the largest privately-owned automotive retailers in the Nordics, with 32 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 115 locations in Sweden, Norway and Belgium. Turnover in 2018 amounted to 21 bn SEK with 2450 employees. www.hedinbil.se
® I.A. Hedin Bil is a registered trademark owned by the Anders Hedin Invest Group (91 %) and Ingemar Hedin (9 %)