Everything to do with our finances. And then some.

Report for the first quarter of 2015

2)


2)

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2 )

Notable events during 2015

Bilia's Board of Directors decided in March that the operation in Denmark will be sold or shut down. The background of the decision was that the operation has been reporting a loss for a long time and that the competition from other dealers in the Copenhagen area who sell the same brands has increased in recent years. The cost of selling or shutting down the operation is estimated at about SEK 150 M after tax. The sale or closure will have only a marginal effect on cash flow.
In January, Bilia concluded an agreement to acquire all the shares in Toyota Hell Bil AS and Toyota Horten-Tønsberg AS. The business is run from seven rented facilities and is concentrated to Trondheim and Tønsberg outside Oslo. Annual turnover is about SEK 1.0 bn, and for the past 4 years the business has reported an operating profit of about SEK 25 M. The operation represents approximately 8 per cent of Toyota's and 24 per cent of Lexus's total new car sales in Norway. The preliminary purchase consideration amounted to SEK 201 M. The official date of possession was 2 March 2015.

Further information on the above events and other press information is available at bilia.com.

First quarter 2015

The decision to sell or shut down Bilia's Danish operation is being handled in the accounts as from the first quarter of 2015 as a discontinued operation. The operation's operating profit and an estimated loss on disposal are recognised as an item in the Income Statement under "Discontinued" operation". The Group's comparison figures have been adjusted, whereby Bilia's Danish operation has been adjusted from all line items and only net profit profit/loss from the operation has been recognised on the line "Loss from discontinued operation, net after tax".

Demand for cars and service was slightly better compared with the same quarter last year.

Net turnover amounted to SEK 4,715 M (4,291). For comparable operations and adjusted for exchange rate changes, net turnover increased by about SEK 315 M or 7 per cent. The increase is attributable to sales of both cars and service.

Operating profit amounted to SEK 157 M (101). If items affecting comparability are excluded, the profit was SEK 153 M (101). The improvement is attributable to both the Car and Service Businesses. Underlying Group overheads increased by about 5 per cent compared with last year. Overheads amounted to 13.0 per cent in relation to net turnover, which was 0.3 percentage point lower compared with last year. In view of the earnings level during the quarter, provision was made for employee bonuses of SEK 8 M (4).

Net financial items amounted to SEK-3 M (-5). The improvement compared with last year is mainly attributable to lower net debt during the quarter.

Tax for the period amounted to SEK-29 M (-14). The tax expense for the quarter was reduced by SEK 5 M due to a booked tax asset attributable to value increases on endowment policies. At the same time, operating profit has been charged with SEK 5 M in special payroll tax.

Net profit for the period for continuing operations amounted to SEK 125 M (82) and earnings per share SEK 4.90 (3.25). Exchange rate changes affected the profit marginally.

Loss from discontinued operation, net after tax, amounted to SEK 102 M (loss: 8). The loss consists of the net loss of SEK 4 M from the Danish operation during the first quarter plus an estimated loss on disposal of SEK 98 M. Negotiations are being held with a number of potential purchasers regarding parts of the Danish operation, and we are optimistic that it will be possible to dispose of parts of the operation during the second quarter of 2015.

Profit for the period was SEK 23 M (74) and earnings per share SEK 0.90 (2.95). Exchange rate changes reduced the profit by SEK 6 M.

Total assets increased by SEK 366 M, amounting to SEK 7,321 M. The increase was mainly attributable to the acquisition of the Toyota operation in Norway.

Equity decreased by SEK 89 M, amounting to SEK 1,760 M. Equity has been affected by a revaluation of the pension liability by SEK-118 M. The equity/assets ratio amounted to 24 per cent (31).

Acquisition of non-current assets amounted to SEK 38 M (92). Replacement investments represented SEK 12 M (16), expansion investments SEK 4 M (10), environmental investments SEK 1 M (0) and investments in new construction and additions to properties SEK 19 M (65), while finance leases amounted to SEK 2 M (1).

Operating cash flow amounted to SEK 121 M (24). After acquisitions and disposals of operations and change in interest-bearing receivables, cash flow amounted to SEK-26 M (-1). Net debt increased by SEK 162 M during the quarter, amounting to SEK 92 M. Net debt has increased due to the acquisition of the Toyota operation in Norway by about SEK 215 M and revaluation of the pension liability by SEK 151 M.

Liquidity remains good, and at the end of March a positive bank balance of SEK 497 M was reported. The combined credit limit with Nordea and DNB amounts to SEK 900 M.

The number of employees increased by 185 during the quarter and amounts to 3,706 persons. The increase is mainly attributable to sales and acquisition of operations in Norway.

Items affecting comparability

	First quarter		April 14 -	Full year
Continuing operations, SEK M	2015	2014	March 15	2014
Operating profit excl. items affecting comparability Items affecting comparability	153	101	605	5531
- Gain from sale of operation, other	4		17	13
- Impairment			-4	-4
Operating profit	157	101	618	562
Profit before tax excl. items affecting comparability Items affecting comparability - Gain from sale of operation, other	150 4	96 0	600 17	546I 13 ¹
- Impairment		0	-4	-4
Profit before tax	154	96	613	555

Gain from sale of operation during the quarter pertains to the sale of Bilia's operation in Stavanger.

		Deliveries	Order backlog
No. of new	First quarter		April 14 -	Full year	31 March
cars	2015	2014	March 15	2014	2015	2014
Sweden	7,391	6,163	30,691	29,463	6,959	6,215
Norway ¹⁾	1,522	1,713	8,090	8,281	1,708	1,423
Total	8,913	7,876	38,781	37.744	8,667	7,638

Continuing operations (The Bilia Group excluding Denmark)

$^{1)}$ Toyota is included in deliveries during the quarter with 182 (-) and in order backlog with 213 (-).

	Net turnover				Operating profit/loss excl. items affecting comparability, operating margin
	First quarter		April 14 -	Full year		First quarter			April 14 -	Full year
SEKM	2015		2014 March 15	2014	2015	$\%$	2014	$\frac{6}{6}$	March 15	2014	$\frac{9}{6}$
Sweden	3,465	3,033	13,542	13,110	139	4.0	81	2.7	516	458	3.5 ₁
Norway	1,248	1,258	5,314	5,324	30	2.4	32	2.5	145	147	2.8
Total Cars	4,713	4,291	18,856	18,434	169	3.6	113	2.6	661	605	3.3
Parent Company, other			14	12	-16		$-12$		$-56$	$-52$
Total	4.715	4,291	18,870	18,446	153	3.2	101	2.3	605	553	3.0

• Strong earnings in Sweden

• Higher closing order backlog

The market for new cars increased during the quarter by 12 per cent in Sweden, while it decreased by 3 per cent in Norway.

The Group reported an operating profit, excluding items affecting comparability, of SEK 153 M (101) and an operating margin of 3.2 per cent (2.3). The Service Business reported a profit that was SEK 10 M better, while the Car Business reported a profit that was SEK 43 M better compared with last year. The order backlog increased by 2,126 cars during the quarter to 8,667 cars.

The operation in Sweden reported an operating profit of SEK 139 M (81), with an operating margin of 4.0 per cent (2.7). The Car Business reported a profit that was SEK 44 M better than last year. The improvement is mainly attributable to higher turnover, a slightly higher gross profit margin and lower relative costs in new car sales. Earnings from sales of used cars improved by SEK 15 M, due mainly to a higher gross profit margin. The Service Business reported a profit that was SEK 11 M better than last year. The improvement is mainly attributable to a higher turnover.

The operating profit in Bilia's Norwegian operation amounted to SEK 30 M (32) and the operating margin to 2.4 per cent (2.5). The Service Business reported earnings on a level with last year. The Car Business reported a profit that was SEK 1 M worse than last year. Earnings from sales of new cars declined by SEK 9 M, due mainly to lower turnover. Earnings from sales of used cars improved by SEK 8 M, due mainly to a higher gross profit margin and lower costs. Stocks of used cars declined during the quarter and were at a good level at the end of the quarter. The integration of the Toyota business, which is included in the Norwegian operation as from the month of March, has begun and is expected to be finished by mid-year 2015.

Continuing operations – divided into Service, Car and Fuel Businesses

			Net turnover ¹⁾		Operating profit, operating margin
	First quarter		April 14 -	Full year	First quarter				April $14 -$	Full year
SEKM	2015		2014 March 15	2014	2015		2014 March 15	2014
Service Business	1,048	973	4,056	3,981	102	92	412	402
$-$ margin, %					9.7	9.5	10.2	10.1
Car Business	3,637	3,245	14,524	14,132	59	16	228	185
$-$ margin, %					1.6	0.5	1.6	1.3
Fuel Business	227	243	1,035	1,051	8	5	21	18
- margin, %					3.6	2.0	2.01	1.7

Service includes workshop services, spare parts and accessories.

The Car Business includes sales of new and used cars and customer financing.

$^{\rm 1)}$ Net turnover does not include eliminations for internal sales.

Growth in the Service Business

	First quarter
Per cent	Sweden	Norway	Total
Change from last year
Underlying turnover	6,8	2,6	5,8
Calendar effect	0.0	0.0	0.0
Adjusted turnover	6.8	∠,b	5,8

• Improved earnings in both Car and Service Businesses

• Strong growth in the Service Business

The Service Business reported a profit that was SEK 10 M better than last year. The improvement was mainly attributable to higher turnover. The operation in Norway developed positively and reported an adjusted turnover increase of 7 per cent, while Norway reported an increase of 3 per cent. The number of working days was unchanged compared with the same quarter last year.

The Car Business's deliveries of new cars increased during the quarter by 7 per cent and deliveries of used cars by 7 per cent for comparable operations. Orders received for new cars increased by 4 per cent compared with last year. Earnings from sales of new cars improved by SEK 20 M, due mainly to higher turnover and a slightly higher gross profit margin. Earnings from sales of used cars improved by SEK 23 M, amounting to SEK 24 M. The improvement is mainly attributable to higher turnover and a higher gross profit margin.

Stocks of used cars decreased during the quarter and are at good levels. The turnover rate for used cars increased, amounting to 10.3 times per year.

The Fuel Business is concentrated to Sweden, and earnings amounted to SEK 8 M (5). The improvement is attributable to a higher gross profit margin.

All values in the above graphs pertain to isolated quarters.

Discontinued operation

Cars Denmark

Bilia decided in March 2015 to discontinue its entire operation in Denmark. The comparison figures for the Consolidated Statement of Income and Other Comprehensive Income have been restated for 2014 to report the discontinued operation separately from the continuing operations. The criteria for presentation as a discontinued operation or for non-current assets held for sale were not fulfilled at 31 December 2014.

Loss from discontinued operation

	First quarter		Full year
SEK M	2015	2014	2014
Revenues	257	256	1,027
Expenses	$-359$	$-264$	$-1,094$
Loss before tax	$-102$	-8	$-67$
Tax
Loss after tax from dicontinued operation	-102	-8	$-67$

Discontinued operation
Basic earnings/loss per share, SEK	$-4.00$	$-0.30$	$-2.65$
Diluted earnings/loss per share, SEK	$-4.00$	$-0.30$	$-2.65$

Assets classified as held for sale

SEK M		31/3 2015 31/3 2014 31/12 2014
Property, plant and equipment	76
Inventories	157
Trade receivables and other receivables	57
Cash and cash equivalents
Total assets	つロつ

Liabilities classified as held for sale

SEK M		31/3 2015 31/3 2014 31/12 2014
Trade payables and other liabilities Deferred tax liability	337 -
Total liabilities	337

Net cash flows from discontinued operation

	First quarter		Full year
SEK M	2015	2014	2014

Cash flows from operating activities	$-22$
Cash flows from investing activities
Cash flows from financing activities	16
Net cash flows from discontinued operation

Acquisition of operation 2015

Toyota Hell Bil AS and Toyota Horten-Tønsberg AS

On 2 March 2015, Bilia acquired all the shares in Toyota Hell Bil AS and Toyota Horten-Tønsberg AS. The business is run from seven facilities and is concentrated to Trondheim and Tønsberg outside Oslo. Annual turnover is about SEK 1.0 bn, and for the past four years the operation has reported an operating profit of about SEK 25 M. The preliminary purchase consideration amounted to SEK 201 M. The entire purchase consideration was paid in cash. There is no contingent purchase consideration.

The acquisition enables Bilia to expand its offering with the Toyota and Lexus brands in Norway. Toyota, along with Volkswagen, is the market leader in Norway.

The business has about 225 employees and will continue to be operated from the present-day facilities.

Acquisition-related expenses amount to about SEK 1 M and consist of fees to consultants for due diligence.

Effects of the acquisition

The acquisition has the following effects on the Group's assets and liabilities. Since the parties have not yet (as of 28 February 2015) approved the decision, the specified acquired net assets and purchase consideration are preliminary.

The acquired operation's preliminary net assets at the acquisition date:

	Carrying amounts in
	Toyota Hell Bil AS	IFair	lFair value
	land Toyota Horten-	value	recognised in
SEKM	Tønsberg AS	ladjustment	Group
Intangible assets		84	84I
Property, plant and equipment	39	262	301
Long-term investments			$\Omega$
Deferred tax asset
Inventories	80		80I
Trade receivables and other receivables	38		38I
Cash and cash equivalents
Trade payables and other liabilities	109	291	400l
Net identifiable assets and liabilities	50	55	105
Consolidated goodwill			96
Purchase consideration paid, cash			201
Less: Cash and cash equivalents in aquired operation			0
Net effect on cash and cash equivalents			201

Acquired customer relations totalling SEK 62 M are recognised as intangible assets. Customer relations will be amortised over 10 years.

Acquired distribution rights totalling SEK 22 M are recognised as intangible assets. Distribution rights will be amortised 10 years.

Parent Company

Bilia AB is responsible for the Group's management, strategic planning, purchasing, public relations, business development, accounting and financing. Furthermore, Bilia AB conducts real estate and IT activities, mainly for companies in the Group.

The Parent Company's operating loss for the first quarter amounted to SEK 16 M (loss: 12). The profit has been charged with SEK 5 M in special payroll tax attributable to value increases on endowment policies.

Risks and uncertainties

As a result of its operations, the Bilia Group is exposed to both operating risks and financial risks.

The operating risks include:

Development of the market for new cars.
Diminished demand for cars can also affect the value of stock in hand and guaranteed residual values.
Reduced demand for service and repairs.
Increased competition in the markets where Bilia is active.
The ability of suppliers to offer competitive products.
Automotive suppliers become insolvent or terminate retailer agreements with Bilia.
Regulatory decisions that lead to changes in taxes and charges on the products Bilia sells can influence both demand for and the valuation of cars in stock and cars sold with quaranteed residual values.

The financial risks include liquidity risks, interest rate risks, credit risks and currency risks.

Bilia works continuously with risk identification and risk assessment. For further information about the risks that affect the Group, please refer to the 2014 Annual Report.

2:1 Stock split

The 2015 Annual General Meeting has passed a resolution to divide the company's outstanding shares so that each existing share is split into 2 new shares.

The record date for the stock split is 28 May 2015. Shareholders do not have to take any action to participate in the stock split.

The stock split entails that the exercise price for Bilia's 2009/2016 warrants will be SEK 10. Following the stock split, each warrant will entitle the holder to 2 Bilia shares.

Accounting principles

This interim report in summary for the Group has been prepared in accordance with IAS 34 "Interim Financial Reporting" and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, "Interim Reports". The same accounting policies and calculation methods have been applied for the Group and the Parent Company as in the most recent annual report. New IFRS's that became effective during the year have not had any significant effect on the Group's or the Parent Company's financial reports.

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than from continuing use. An asset (or disposal group) is classified as held for sale if it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. These assets (or disposal groups) are recognised on a separate line as current assets or current liabilities in the Statement of Financial Position. On initial classification as held for sale, non-current assets (and disposal groups) are recognised at the lower of carrying amount and fair value less costs to sell. A discontinued operation is a component of the Group's business that represents a separate business segment or major line of business within a geographical area of operations or a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.

Profit or loss after tax from a discontinued operation is reported on a separate line in the Statement of Income and Other Comprehensive Income. When an operation is classified as discontinued, the presentation of the Consolidated Statement of Income and Other Comprehensive Income for the comparative year is changed so that the discontinued operation is recognised as if it had been discontinued at the start of the comparative year. The presentation of the Statement of Financial Position for the current and preceding year is not changed in a corresponding manner.

Events after the end of the report period

No significant events have occurred after the end of the report period.

Audit

This interim report has not been subjected to special examination by the auditors.

Next report

The interim report for the second quarter of 2015 will be published on 23 July 2015.

Gothenburg, 29 April 2015 Bilia AB (publ) Board of Directors

For further information, please contact Per Avander, Managing Director and CEO, or Gunnar Blomkvist, CFO, telephone +46 31 709 55 00.

Bilia AB (publ) Box 9003, SE-400 91 Gothenburg, Sweden Visiting address: Norra Långebergsgatan 3, Västra Frölunda Telephone: +46 31 709 55 00 bilia.com Corporate ID No.: 556112-5690

This report is being published by Bilia AB in compliance with the Securities Market Act. The information was submitted for publication on 29 April 2015 at 08:30 a.m..

Group's operating segments

First quarter

	Service		Car		Fuel		Less: discontinued		Total		Segment		Continuing
							operation		Cars		reconciliation		operations
SEKM	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014
Net turnover
External sales	849	853	3,637	3,450	227	243		$-255$	4,713	4,291	$\overline{2}$	$\circ$	4,715	4,291
Internal sales	199	186						$-16$	199	170	$-199$	$-170$
Total net turnover	1,048	1,039	3,637	3,450	227	243		$-271$	4,912	4,461	$-197$	$-170$	4,715	4,291
Depreciation/amortisation	$-13$	$-13$	$-68$	-62	-1	-1		2	$-82$	$-74$	$-7$	-5	$-89$	$-79$
Operating profit/loss	102	93	59	8	8			$\overline{7}$	169	113	$-12$	$-12$	157	101
Interest income													$\mathbf 1$	$\overline{c}$
Interest expenses													$-9$	$-12$
Shares in profits of associated companies			5						5				5	5
Profit before tax													154	96
Tax expense for the period													$-29$	$-14$
Profit for the period from continuing operations													125	82
Loss from discontinued operation,
net after tax													$-102$	-8
Net profit for the period													23	74
Material items of income and expense of a non-re-

curring nature recognised in the Statement of Income and Other Comprehensive Income:
Items affecting comparability
- Profit from sale of operation, other	2		2						4				4
Items of non-recurring nature	$\overline{2}$		$\overline{c}$						$\Delta$				$\overline{a}$

Material items not affecting cash besides
depreciation/amortisation:
- Other	$-15$	$-13$	-8	$-14$	0	$\Omega$		6	$-23$	$-21$	-1	$-1$	$-24$	$-22$
Total	$-15$	$-13$	$-8$	$-14$	$\overline{0}$	$\Omega$		6	$-23$	$-21$	$\overline{\mathbf{1}}$	$\overline{\mathbf{1}}$	$-24$	$-22$
Assets
Interests in associated companies			375	353					375	353			375	353
Deferred tax assets													127	76
Other assets													6,527	5,647
Assets held for sale													292
Total assets			375	353					375	353			7,321	6,076

Investments in non-current assets	22	53	185	185	$\overline{0}$	ı		$-38$	207	201	6	42	213	243
Liabilities
Equity													1,760	1,905
Liabilities													5,224	4,171
Liabilities attributable to assets held for sale													337
Total liabilities and equity													7,321	6,076

	Revenue from			Non-current
	external customers			assets
SEKM	2015	2014	2015	2014

Geographical segments
Sweden	3,467	3,034	2,984	2,867
Norway	1,248	1,258	879	520
Denmark, discontinued operation				85
Segment reconciliation		- 1	$-679$	$-750$
Total	4.715	4.291	3.184	2.722

Denmark is recognised as from 2015 as a discontinued operation.

Group's operating segments con'd.

First quarter

	Service					Car
	Sweden			Norway		Denmark	Sweden		Norway			Denmark
SEKM	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014
Net turnover
External sales	622	590	227	213		50	2,616	2,200	1,021	1,045		205
Internal sales	148	116	51	54		16
Total net turnover	770l	706	278	267		66	2,616	2,200	1,021	1,045		205
Depreciation/amortisation	$-10$	$-10$	$-3$	$-2$		-1	$-62$	$-55$	-61	-6		$^{\rm -1}$
Operating profit/loss	82	71	20	21			49		10	11		$-8$
Shares in profits of associated companies
Material items of income and expense of a non-re- curring nature recognised in the Statement of Income and Other Comprehensive Income: Items affecting comparability - Profit from sale of operation, other
Items of non-recurring nature
Material items not affecting cash besides depreciation/amortisation: - Other	$-14$	$-13$	-1	$\circ$		$\Omega$	$-10$	$-11$	$\overline{2}$			-6
Total	$-14$	$-13$	$-1$	$\Omega$			$-10$	$-11$	$\mathcal{P}$	R		$-6$
Assets Interests in associated companies							375	353
Investments in non-current assets	51	49	17	4		$\Omega$	179	142	61	5		38

Consolidated Statement of Income and Other Comprehensive Income

SEKM	First quarter 2015	2014	April 14 - March 15	Full year 2014
Continuing operations
Net turnover	4,715	4,291	18,870	18,446
Costs of goods sold	$-3,950$	$-3,621$	$-15,862$	$-15,533$
Gross profit	$\overline{765}$	670	3,008	2,913
Other operating income	5	ı	24	20
Selling expenses	-495	$-461$	$-1,963$	$-1,929$
Administrative expenses	-117	$-109$	$-441$	$-433$
Other operating expenses	-1	0	-10	-9
Operating profit ¹⁾ Financial income	157 ı	101 $\overline{c}$	618 5	562 6
Financial expenses	-9	$-12$	$-36$	$-39$
Shares in profits of associated companies	5	5	26	26
Net financial items	$-3$	$-5$	$-5$	$-7$
Profit before tax	154	96	613	555
Tax	$-29$	$-14$	-118	$-103$
Profit for the period from continuing operations	125	82	495	452
Discontinued operation
Loss from discontinued operation,
net after tax	$-102$	-8	-161	-67
Net profit for the period	23	74	334	385
Other comprehensive income/loss
Items that cannot be reclassified to profit or loss
Revaluation of defined-benefit pension plans	-151	0	$-323$	$-172$
Tax attributable to items that cannot be reclassified
to profit or loss	33	0	72	39
	$-118$	$\Omega$	$-251$	$-133$
Items that can be reclassified to profit or loss Translation differences attributable to foreign
operations	6	8	$-3$	-1
Tax attributable to items that have been or may be
reclassified to profit or loss		0	0	$\mathbf 0$
	6	8	$-3$	-1
Other comprehensive income/loss after tax	$-112$	8	$-254$	$-134$

Comprehensive income for the period	$-89$	82	80	251
Net profit for the period attributable to:
Parent Company's shareholders	23	74	334	385

Comprehensive income for the period
attributable to:
Parent Company's shareholders	-89	82	80	251

Weighted average number of shares, '000:
- before dilution - after dilution	25,183 25,459	25,141 25,459	25,165 25,459	25,155 25,459
Basic earnings/loss per share, SEK	0.90	2.95	13.30	15.35
Diluted earnings/loss per share, SEK	0.90	2.95	13.10	15.15
Continuing operations
Basic earnings/loss per share, SEK	4.90	3.25	19.65	18.00
Diluted earnings/loss per share, SEK	4.90	3.25	19.45	17.80

¹⁾ Straight-line amortisation/depreciation by asset class:
- Intellectual property	$-11$ $-3$	$-10$	$-41$	$-40$
- Land and buildings - Equipment, tools, fixtures and fittings	$-18$	$-3$ $-15$	$-22$ $-60$	$-22$ $-57$
- Leased vehicles	$-57$	$-51$	$-217$	-211
Total	$-89$	$-79$	$-340$	$-330$

Consolidated Statement of Financial Position, Summary

SEK M	31/3 2015	31/12 2014	31/3 2014
Assets
Non-current assets
Intangible assets
Intellectual property	250	177	197
Goodwill	336	259	262
	586	436	459
Property, plant and equipment Land and buildings	102	100	148
Construction in progress	6		8
Equipment, tools, fixtures and fittings	327	321	312
Leased vehicles ¹⁾	1,755	1,637	1,396
	2,190	2,065	1,864
Long-term investments
Financial investments ¹⁾	382	381	368
Long-term receivables ²⁾	26	25	31
	408	406	399
Deferred tax assets	127	118	76
Total non-current assets	3,311	3,025	2,798

Current assets
Inventories, merchandise	2,134	2,250	2,232
Current receivables
Other receivables ¹⁾	1,026	1,064	942
Cash and cash equivalents ²⁾	558	616	104
Assets held for sale ¹⁾	292
Total current assets	4,010	3,930	3,278
Total assets	7,321	6,955	6,076
Equity and liabilities
Equity
Share capital	252	252	251
Other contributed capital	47	47	47
Reserves	$-48$	$-54$	$-45$
Retained earnings including net profit for the year	1,509	1,604	1,652
Total equity	1,760	1,849	1,905

Non-current liabilities
Debenture loan ³⁾	28	28	28
Interest-bearing liabilities ³⁾	58	64	113
Other liabilities and provisions ⁴⁾	2,108	1,864	1,317
	2,194	1,956	1,458
Current liabilities
Interest-bearing liabilities ³⁾	121	188	108
Other liabilities and provisions	2,909	2,962	2,605
Liabilities attributable to assets held for sale 4)	337
Total equity and liabilities	3,367	3,150	2,713
	7,321	6,955	6,076
Assets
¹⁾ Of which interest-bearing	380	377	382
²⁾ Interest-bearing	584	641	135
Liabilities
³⁾ Interest-bearing	207	280	249
⁴⁾ Of which interest-bearing	849	668	523

Statement of Changes in Group Equity, Summary

SEK M	31/3 2015	31/12 2014	31/3 2014
Opening balance	1,849	1,823	1,823
Cash dividend to shareholders		$-226$
Exercised warrants			ΩI
Comprehensive income for the period	-89	251	821
Closing balance	1.760	1,849	1,905

Consolidated Statement of Cash Flows

	First quarter		April 14 -	Full year
SEKM	2015	2014	March 15	2014
Operating activities
Profit before tax from continuing operations	154	96	613	555
Loss before tax from discontinued operation	$-102$	-8	$-161$	$-67$
Depreciation and impairment losses from continuing operations	89	79	350	340
Depreciation and impairment losses from discontinued operation	2	2	9	9

Other items not affecting cash	96	-6	112	10
Tax paid	-34	$-54$	$-86$	$-106$

Change in inventories	18	92	$-4$	70
Change in operating receivables	28	61	$-100$	$-67$
Change in operating liabilities	-140	$-124$	539	555
Cash flow from operating activities	111	138	1,272	1,299

Investing activities
Acquisition of non-current assets (intangible and tangible)	-38	$-92$	$-141$	$-195$
Disposal of non-current assets (intangible and tangible)	11	$\Omega$	89	78
Acquisition of leased vehicles	$-175$	$-151$	$-1,129$	$-1,105$
Disposal of leased vehicles	212	129	754	671

Operating cash flow	121	24	845	748

Investment in financial assets	-1	$\Omega$	-8	$-7$
Disposal of financial assets	0	$\overline{4}$	4	8
Acquisition of subsidiary/operation, net	$-201$	$-29$	$-214$	-42
Disposal of subsidiary/operation, net	55	$\Omega$	63	8

Cash flow after net investments	-26	-1	690	715

Financing activities	0
Borrowings	0	100 $-100$	300 $-300$	400 $-400$
Repayment of loans	-31
Change in overdraft facility		$-50$	$-10$	$-29$
Exercised warrants	0	0	L.
Dividend paid to Parent Company's shareholders	0	$\Omega$	$-226$	$-226$
Cash flow from financing activities	-31	$-50$	$-235$	$-254$

Change in cash and cash equivalents, excl. translation
differences	-57	$-51$	455	461
Cash and cash equivalents recognised in assets held for sale	-1	0	O	0
Exchange difference in cash and cash equivalents	$\Omega$	$\Omega$	$\Omega$
Change in cash and cash equivalents	-58	$-51$	455	461
Cash and cash equivalents at start of period	616	155	104	155
Cash and cash equivalents at end of period	558	104	559	616

Fair value of financial instruments

The carrying amount of financial instruments corresponds to the fair value, with the exception of debenture loans. The fair value of debenture loans amounts to SEK 29 M.

Fair value is determined on the basis of the following three levels:

Level 1: according to prices quoted on an active market for the same instrument.
Level 2: based on directly or indirectly observable market inputs other than those included in level 1.
Level 3: according to inputs not based on observable market data.

Currency derivatives that belong to financial assets and liabilities, valuation level 2, have per year-end been valuated to fair value. The value of the currency derivatives is not material and does not constitute an significant item. Fair value measurement has reduced earnings by SEK 0 M.

Calculation of fair value

The fair value of currency derivatives is determined on the basis of market rates. If such rates are not available, the fair value is calculated by discounting the difference between the contracted forward rate and the forward rate that can be obtained on the balance sheet date for the remaining contract period.

Quarterly review

	2/13	3/13	4/13	1/14	2/14	3/14	4/14	$1/15$
Continuing operations
Net turnover, SEK M	4,575	4,155	4,878	4,291	4,819	4,299	5,037	4,715
Operating profit excl. items affecting
comparability, SEK M	95	96	159	101	127	123	202	153
Operating margin excl. items affecting
comparability, %	2.1	2.3	3.2	2.3	2.6	2.9	4.0	3.2
Operating profit, SEK M	90	76	157	101	127	136	198	157
Operating margin, %	2.0	1.8	3.2	2.3	2.6	3.2	3.9	3.3
Profit before tax, SEK M	85	73	155	96	123	132	204	154
Interest coverage ratio, times ¹⁾	6.6	7.5	6.3	6.9	7.4	8.3	15.0	17.8
The Bilia Group
Profit/loss for the period, SEK M	64	54	128	74	87	105	119	23
Rate of capital turnover, times ¹⁾	3.03	3.07	3.06	3.12	3.12	3.10	3.06	2.99
Return on capital employed, % ¹⁾	13.0	15.3	17.7	18.7	19.4	21.0	19.8	21.8
Return on equity, $% ^{1}$	11.4	15.2	17.0	18.9	20.0	22.2	21.0	18.5
Net debt/equity, times	0.21	0.14	0.14	0.13	0.23	$-0.09$	$-0.04$	0.05
Equity/assets ratio, %	27	28	30	31	28	28	27	24
Data per share (SEK)
Earnings/loss for the period	2) 2.60	$2.15$ ⁴⁾	6) 5.15	8) 2.95	$3.45$ ¹⁰⁾	$4.15$ ¹²⁾	4.80 $14)$	$0.90$ ¹⁶⁾
Equity	3) 62	5) 64	7) 72	9) 76	$69^{111}$	$72^{13}$	$73^{15}$	70 17)
Operating cash flow	2) 5.55	4) 1.20	6) $-7.05$	8) 0.95	$4.70^{10}$	$23.75$ ¹²⁾	$0.30^{14}$	4.80 $16)$

For continuing operations, Bilia's Danish operation has been excluded for year 2014.

$_{\rm 1)}$ Rolling 12 months.
$_{\rm 2)}$ Based on weighted average number of shares outstanding during second quarter, 24,670,763.
$3)$ Based on number of shares outstanding at 30 June 2013, 24,671,552.
4) Based on weighted average number of shares outstanding during third quarter, 24,684,972.
$5)$ Based on number of shares outstanding at 30 September 2013, 24,841,194.
$6)$ Based on weighted average number of shares outstanding during fourth quarter, 25,036,534.
$7$ Based on number of shares outstanding at 31 December 2013, 25,139,592.
$8)$ Based on weighted average number of shares outstanding during first quarter, 25,141,384.
$9)$ Based on number of shares outstanding at 31 March 2014, 25,145,051.
$10)$ Based on weighted average number of shares outstanding during second quarter, 25,150,843.
$_{11})$ Based on number of shares outstanding at 30 June 2014, 25,156,163.
$12)$ Based on weighted average number of shares outstanding during third quarter, 25,159,462.
$13)$ Based on number of shares outstanding at 30 September 2014, 25,165,361.
$14)$ Based on weighted average number of shares outstanding during fourth quarter, 25,167,029.
$15)$ Based on number of shares outstanding at 31 December 2014, 25,174,033.
$16)$ Based on weighted average number of shares outstanding during first quarter, 25,183,423.
17) Based on number of shares outstanding at 31 March 2015, 25,196,508.

Income Statement for Parent Company

	First quarter		April $14 -$	Full year
SEKM	2015	2014	March 15	2014
Net turnover	116	112	448	444
Administrative expenses	$-132$	$-124$	$-502$	$-494$
Operating loss ¹⁾	-16	$-12$	$-54$	$-50$

Result from financial items
Income from interests in Group companies	0	0	$-45$	$-45$
Interest income from Group companies	5	8	19	22
Other interest income and similar line items			3	3
Interest expenses to Group companies	0	0	0	$\Omega$
Interest expenses and similar line items	-2	$-3$	$-9$	$-10$
Loss after financial items	$-12$	$-6$	$-86$	$-80$

Appropriations	$\Omega$	O	341	341
Profit before tax	$-12$	-6	255	261
Tax	5	5	$-61$	-61
Net profit for the period	$-7$	$-1$	194	200

¹⁾ Straight-line amortisation/depreciation by asset class:
- Intellectual property	$-4$	$-3$	$-16$	$-15$
- Buildings	$-1$	$\Omega$	$-2$	$-1$
- Equipment, tools, fixtures and fittings	$-1$	$-1$	$-3$	$-3$
Total	$-6$	$-4$	$-21$	$-19$

Balance Sheet for Parent Company, Summary

SEKM	31/3 2015	31/12 2014	31/3 2014
Assets
Non-current assets
Intangible assets
Intellectual property	47	47	46
	$\overline{47}$	47	46
Property, plant and equipment
Buildings	23	23	12
Construction in progress	6	6	8
Equipment, tools, fixtures and fittings	10 39	11 40	8 28
Long-term investments
Interests in Group companies	679	679	750
Other securities held as non-current assets	0	0	0
Other non-current receivables	20	20	25
Deferred tax asset	38	33	29
	737	732	804
Total non-current assets	823	819	878
Current assets
Current receivables
Receivables from Group companies	39	493	30
Other receivables	103	298	100
Cash on hand and accrued deposits	766	351	630
Total current assets	908	1,142	760
Total assets	1,731	1,961	1,638
Equity and liabilities Equity Restricted equity
Share capital	252	252	251
Statutory reserve	47	47	47
Non-restricted equity	299	299	298
Share premium reserve	47	47	47
Retained earnings including net profit for the year	796	803	828
	843	850	875
Total equity	1,142	1,149	1,173
Untaxed reserves	386	386	277
Provisions
Provisions for pensions and similar obligations	23	22	21
Deferred tax liability	$\overline{2}$	$\overline{c}$	1
Non-current liabilities	25	24	22
Debenture loan	28	28	28
Other liabilities	5	5	5
Current liabilities	33	33	33
Liabilities to Group companies		204
Other liabilities	145	165	133
	145	369	133
Total equity and liabilities	1,731	1,961	1,638

Pledged assets and contingent liabilities for Parent Company Pledged assets	585	567	552
Contingent liabilities	1,343	1,597	1,230