First quarter
* Operation in Micro AB is sold off.
* Ford/Mazda dealer in Copenhagen – soon to be acquired.
* Net turnover amounted to SEK 2,727 M (2,631).
* Net profit amounted to SEK 8 M (45) and earnings per share to SEK 0.35 (1.75).
* Net profit for remaining operations amounted to SEK 53 M (52).
Notable events during 2005
· Bilia started selling Ford’s model range in Fornebu, Oslo.
· Bilia started selling Kia’s model range in a separate facility in Kista, Stockholm.
· All 37.7 million Series C shares were redeemed in January, and the share capital was reduced by SEK 377 M.
· A property in Mariestad was sold in February for a net profit of SEK 9 M.
· A letter of intent has been signed to acquire Scaniadam A/S, an authorised dealer for Ford and Mazda in Copenhagen. Their annual turnover is just over SEK 1,000 M, and new car sales total 4,000 cars per annum. The letter of intent includes a right for Bilia to buy an option to acquire Scaniadam’s property portfolio at their carrying amounts within a five-year period. Acquisition of Scaniadam would permit coordination with Bilia’s current Volvo and Renault operation in Copenhagen, and the merged company would be Denmark’s biggest car dealer. A final agreement is expected to be announced at the end of May 2005.
· A property in Copenhagen was sold in April for a profit before tax of SEK 9 M. Only a small portion of the property has been let to external tenants. The profit will be recognised in the final accounts for the second quarter of 2005.
· Sale of operation in Micro AB. The sale is conditional on certain leases being transferred to the purchaser. The Bilia Group’s quarterly accounts include earnings in Micro during period plus a calculation of the earnings effect of the sale. Micro reduces the Bilia Group’s net profit for the quarter by SEK 45 M (-7).
(For complete report see attached file)
