Complementary to press release ” I.A. Hedin Bil AB interim report Q3 2020 ”
Complementary: This press release is a complementary to the press release “I.A. Hedin Bil AB interim report Q3 2020” published 2020-10-30 kl. 10.00. The PDF generated press release was attached two times. In this update the interim report as a PDF is attached. Please find the prior press release below:
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 third 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)