First quarter
- Net turnover amounted to SEK 3,742 M (3,040).
- Operating profit amounted to SEK 83 M (loss: 16) and the operating margin
to 2.2 per cent (-0.5).
- Profit for the period amounted to SEK 59 M (loss: 21) and earnings per share to
SEK 2.40 (LPS: 1.05).
- Cash flow after net investments amounted to SEK 47 M (346).
In a comment on the first quarter, Bilia’s Managing Director Jan Pettersson says:
“We were able to deliver strong earnings thanks to increased sales of both cars and service plus lower relative costs. The market situation has improved considerably in Sweden and Norway. Some improvement was also noted in Denmark at the end of the period. We have the resources and the ambition to strengthen our position on an expanding market.”
(For table, see attached file)
Notable events during 2010
• During the year up to and including the 27th of April, 461,785 warrants were exercised to subscribe for new shares, resulting in a new issue of SEK 9 M. The number of outstanding warrants at 28 April was 703,896.
Further information on the above event and other press information is available at www.bilia.com.
First quarter 2010
Demand for new cars increased during the quarter compared with the same period last year. Demand for service was somewhat higher compared with last year.
Net turnover amounted to SEK 3,742 M (3,040). For comparable operations and adjusted for exchange rate changes, net turnover increased by SEK 562 M or 19 per cent. The increase is mainly attributable to increased sales of new cars.
Operating profit amounted to SEK 83 M (loss: 16). Last year’s loss included items affecting comparability of SEK -8 M. The improvement is mainly attributable to increased sales of cars and a higher margin on sales of used cars. Turnover and earnings increased in the Service Business as well. Costs increased marginally, but were 3.3 percentage points lower in relation to net turnover than last year.
Items affecting comparability (see table on page 3) amounted to a net of SEK -8 M last year, of which restructuring costs SEK -7 M and disputes SEK -1 M.
Net financial items amounted to SEK -5 M (-11). The improvement is mainly attributable to lower net debt. The figure includes a profit share of SEK 5 M (7) from the indirect shareholding in Volvofinans Bank AB.
Tax for the period amounted to SEK -19 M (6).
Profit for the period amounted to SEK 59 M (loss: 21) and earnings per share to SEK 2.40 (LPS: 1.05). Exchange rate changes affected the profit marginally.
Total assets decreased during the quarter by SEK 12 M to SEK 4,705 M. Increased car sales have led to an increase in capital tied up in inventories, while leased vehicles have decreased.
Equity increased by SEK 56 M, amounting to SEK 1,481 M. The equity/assets ratio amounted to 31 per cent (25).
Investments and disposals amounted to a net of SEK 15 M (17). Replacement investments represented SEK 4 M (5), expansion investments SEK 4 M (4), environmental investments SEK 0 M (0) and investments in new construction and additions to properties SEK 3 M (2), while finance leases amounted to SEK 4 M (6).
Cash flow after net investments amounted to SEK 47 M (346). The increase in turnover during the quarter has resulted in an increase in tied-up working capital, which affected the cash flow by SEK -122 M (212). Net debt decreased by SEK 55 M during the quarter to SEK 159 M.
Liquidity continued to be strong during the quarter. At the end of March, Bilia had a value-dated balance of SEK 30 M with Nordea. The credit limit with Nordea amounts to SEK 500 M.
The number of employees decreased by 55 during the quarter, amounting to 3,235.
(For full report with tables, see attached file)
