I.A. Hedin Bil AB interim report Q1 2021
The year began strongly with increased sales of 17%. The efficiency improvements that have taken place in recent years give results, and the operational earnings increases by 96 percent to MSEK 254, an increase of MSEK 124. Operations in all markets increased sales and improved earnings and margins.
Gothenburg, 7th of May 2021
Our sales in Sweden increased by 18 percent, with an increase in both new and used vehicles, and operational earnings increased by MSEK 86. The market in Sweden measured in the number of new registrations of passenger cars increased by 37 percent compared with the previous year. Last year, sales fell in March in connection with the outbreak of Covid-19. This year, sales were very strong in March, partly due to changed tax rules from 1 April, which means higher costs for all passenger cars and vans except for electric cars.
Sales in Norway increased by 21 percent and operational earnings increased by MSEK 22. The market in Norway measured in the number of new car registrations increased by 12 percent compared with the previous year.
Our sales in Belgium increased by 30 percent in the first quarter. In Belgium, the total market decreased by 6 percent throughout the quarter. This has been affected by restrictions due to Covid-19, which has meant that operations have been kept closed from time to time. In March, registrations increased by 56 percent compared to last year.
Order intake remains strong, and we have a good order stock. Lack of certain components in car manufacturing has led to a certain shift in deliveries but has only had a marginal effect on our sales. During the year, many new models will be launched, not least in the electric car segments, which will contribute to the positive development. We continue to have high bookings in our workshops, even though we see an effect of cars driving less as more people work from home or workplaces have been closed.
Key performance indicators compared with previous year:
- Net sales increased by 17 percent to MSEK 6,589 (MSEK 5,644).
- Operational earnings increased to 254 MSEK (MSEK 130), an increase of 96 percent.
- Operating profit increased by MSEK 125 to MSEK 235 (MSEK 110).
- Profit before tax increased to MSEK 190 (MSEK 42)
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:
Anders Hedin, CEO, anders.hedin@hedingroup.com
Media: press@hedingroup.com
This information is information that I.A. Hedin Bil Aktiebolag (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-05-07 13:30 CEST.
About Hedin Bil
I.A. Hedin Bil is one of the largest privately-owned automotive retailers in Europe, with 30+ 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 appr. 120 locations in Sweden, Norway, Belgium and Switzerland. www.hedinbil.se
® I.A. Hedin Bil is a registered trademark owned by Hedin Group (91 %) and Ingemar Hedin (9 %).
Hedin Bil is a part of the Hedin Group together with Klintberg & Way, Mabi Mobility, Car to Go, Hedin Motor Company and Tuve Bygg. Hedin Group has a turnover of approx. 3.5 billion EUR and 3,600 employees.