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Bilia — Interim / Quarterly Report 2015
Feb 5, 2016
2892_10-k_2016-02-05_b6930fe6-dd47-47b1-87cc-7daefed70fc8.pdf
Interim / Quarterly Report
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Everything to do with our finances. And then some.
Year-end report 2015
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Notable events during 2015
Fourth quarter
- $\bullet$ Bilia concluded an agreement to acquire Arnold Kontz's BMW and MINI operation in Luxembourg. The operation accounts for about 50 per cent of the total BMW sales in Luxembourg. The planned date of possession is 31 March 2016. Turnover amounts to approximately SEK 1.1 bn, and operating profit for 2015 is predicted to be about SEK 45 M. The operation's capital employed, plus agreed-on surplus values, amounts to about SEK 360 M. Contingent upon the approval of the Annual General Meeting on 8 April 2016, a substantial portion of the purchase consideration will be paid with newly issued Bilia shares.
- Bilia concluded an agreement to acquire Hedbergs Bilskrot AB (an auto salvage company) and Bastborren Fastighets AB (a property company) in Västerås. The combined operation has an annual turnover of about SEK 28 M, and the operating margin for financial year 2014/2015 was 11 per cent. The date of possession was 29 January 2016, with financial effect from the turn of the year. Bilia's net debt and capital employed are expected to increase by about SEK 26 M.
- On 14 October 2015, Bilia decided to terminate the sales agreements for Ford cars in Sweden and Norway. Sales of new Ford cars amount to about SEK 750 M annually The period of notice of termination is 2 years, and new car sales are expected to decline gradually during this period, ceasing entirely by the end of 2017. This is not expected to affect Bilia's earnings per share.
- In light of the fact that the operation in Denmark has been sold, Bilia's Board of Directors decided on 5 October 2015 to raise the financial goals, which are measured over a business cvcle.
Events earlier during the year
- Bilia concluded an agreement to acquire Dörr & Hess, the dealer for BMW and MINI in Germany. The business is run from four facilities concentrated in an area north of Frankfurt. The date of possession was 30 October 2015, with financial effect from 1 October 2015.
- During the month of June 2015, Bilia reached an agreement to acquire Kaiser Bil AB, a $\bullet$ Lexus dealer. The business is run from four facilities in Stockholm and Malmö and accounts for about 45 per cent of Lexus's total sales in Sweden. The date of possession was 1 October 2015.
- On 29 May 2015, Bilia concluded agreements with several different buyers on the sale of $\bullet$ most of the operation in Denmark.
- Bilia accepted an offer from Alecta to redeem the Swedish pension liability for ITP 2 as per 1 May 2015. As a result of the deal, the profit for the period was improved during the second quarter by SEK 154 M (operating profit SEK +197 M and tax SEK -43 M). The deal also had a net effect on other comprehensive income of SEK +21 M.
- The 2015 Annual General Meeting passed a resolution to divide the company's outstanding shares so that each existing share was split into 2 new shares. The calculation of basic and diluted earnings per share has been adjusted retroactively for the reported periods.
- In January, Bilia concluded an agreement to acquire all the shares in Toyota Hell Bil AS and Toyota Horten Tønsberg AS. The date of possession was 2 March 2015.
Events after the end of the period
Bilia concluded agreements to acquire the BMW dealerships in Uddevalla, Trollhättan and Strömstad, the MINI dealership in Trollhättan and the Toyota dealerships in Mälardalen and Kristianstad. For further information see page 14.
Further information on the above events and other press information is available at bilia.com.
The decision to sell or shut down Bilia's Danish operation is being handled in the accounts as from 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/loss from the operation has been recognised on the line "Profit/loss from discontinued operation, net after tax".
Fourth quarter 2015
Demand for cars and service was slightly better compared with the same quarter last year.
Net turnover amounted to SEK 5,750 M (5,037). For comparable operations and adjusted for exchange rate changes, net turnover increased by about SEK 395 M or 8 per cent. The increase is attributable to sales of both cars and service.
Operating profit amounted to SEK 234 M (198). If items affecting comparability are excluded. the profit was SEK 237 M (202). The improvement is mainly attributable to the Service Business, which boosted turnover by more than 6 per cent. The Car Business also developed positively and reported improved earnings. Underlying Group overheads increased by about 8 per cent compared with last year. Overheads amounted to 13.4 per cent in relation to net turnover, which was 0.8 percentage point higher compared with last year. In view of the earnings level during the quarter, provision was made for employee bonuses of SEK 7 M (7).
Net financial items amounted to SEK 0 M (6). The decrease is attributable to a higher net debt compared with last year plus the fact that the interest rate used to calculate the interest expense on the pension liability was reduced during the fourth quarter of last year.
Tax for the period amounted to SEK-55 M (-44), and the effective tax rate was 24 per cent (22).
Net profit for the period for continuing operations amounted to SEK 179 M (160) and earnings per share to SEK 3.55 (3.20). Exchange rate changes reduced the profit by SEK 2 M.
Profit from discontinued operation, net after tax, amounted to SEK 17 M (loss: 41). The profit stems partly from the Danish operation's result during the quarter and partly from adjustment of the provision made in the accounts for the third quarter of 2015.
Net profit for the period was SEK 196 M (119) and earnings per share SEK 3.90 (2.35). Exchange rate changes increased the profit by SEK 1 M.
Total assets increased by SEK 940 M during the quarter, amounting to SEK 7,429 M. The increase is mainly attributable to the acquisitions of Kaiser Bil and Dörr & Hess, as well as to higher stocks.
Equity increased by SEK 184 M during the quarter, amounting to SEK 2,056 M. The equity/assets ratio amounted to 28 per cent (27).
Acquisition of non-current assets amounted to SEK 27 M (42). Replacement investments represented SEK 1 M (14), expansion investments SEK 13 M (8), environmental investments SEK 0 M (0) and investments in new construction and additions to properties SEK 8 M (15), while finance leases amounted to SEK 5 M (5).
Operating cash flow amounted to SEK-230 M (9). After acquisitions and disposals of operations and change in interest-bearing receivables, cash flow amounted to SEK-316 M (7). Net debt increased by SEK 421 M during the quarter, and a net debt of SEK 323 M was reported at the end of the quarter. The poorer cash flow and the higher net debt are mainly attributable to acquisitions of operations and to higher capital tied up at year-end, mainly cars in stock.
Liquidity remains good, and at the end of December a debt to the banks of SEK 432 M was reported. The combined credit limit with Nordea and DNB amounts to SEK 1,500 M.
The number of employees increased by 136, amounting to $3,613$ persons. Acquisitions of operations increased the number of employees by 182 during the quarter.
Full year 2015
Demand for cars and service was slightly better compared with last year.
Net turnover amounted to SEK 20,443 M (18,446). For comparable operations and adjusted for exchange rate changes, net turnover increased by about SEK 1,290 M or 7 per cent. The increase is attributable to sales of both cars and service.
Operating profit amounted to SEK 929 M (562). If items affecting comparability are excluded, the profit was SEK 731 M (553). The improvement is mainly attributable to sales of used cars, which reported earnings that were SEK 81 M better compared with last year, and to the Service Business, where earnings improved by SEK 77 M. Underlying Group overheads increased by about 6 per cent compared with last year. Overheads amounted to 12.9 per cent in relation to net turnover, which was 0.1 percentage point higher compared with last year. In view of the earnings level during the quarter, provision was made for employee bonuses of SEK 25 M (21).
Net financial items amounted to SEK 4 M (-7). The improvement compared with last year is attributable in part to the redemption of the Swedish pension liability that took place in May 2015, and in part to a better result from interests in associated companies.
Tax for the year amounted to SEK-202 M (-103), and the effective tax rate was 22 per cent (19).
Net profit for continuing operations amounted to SEK 731 M (452) and earnings per share to SEK 14.50 (9.00). Exchange rate changes reduced the profit by SEK 3 M.
Loss from discontinued operation, net after tax, amounted to SEK 84 M (loss: 67). The loss stems from the cost of winding up the operation in Denmark. Most of the operation was disposed of at the end of the second quarter, while the rest was disposed of during the month of August 2015. At the end of 2015 there remained a site which is for sale and which has a carrying amount of SEK 7 M.
Net profit for the year was SEK 647 M (385) and earnings per share SEK 12.85 (7.65). Exchange rate changes reduced the profit by SEK 6 M.
Total assets increased by SEK 474 M during the year, amounting to SEK 7,429 M. The increase was mainly attributable to acquisitions of operations and to leased vehicles, owing to the fact that private leasing increased sharply in Sweden.
Equity increased by SEK 207 M, amounting to SEK 2,056 M. The equity/assets ratio amounted to 28 per cent (27).
Bilia's financial goals were fulfilled as follows: Operating margin 4.5 per cent (goal 2.5), return on capital employed 36.2 per cent (goal 17.0), return on equity 33.2 per cent (goal 18.0) and growth 10.8 per cent (goal 5-10).
Acquisition of non-current assets amounted to SEK 164 M (195). Replacement investments represented SEK 57 M (46), expansion investments SEK 37 M (41), environmental investments SEK 3 M (1) and investments in new construction and additions to properties SEK 58 M (94), while finance leases amounted to SEK 9 M (13).
Operating cash flow amounted to SEK 212 M (748). After acquisitions and disposals of operations and change in interest-bearing receivables, cash flow amounted to SEK-11 M (715). Net debt increased by SEK 393 M during the year, and a net debt of SEK 323 M was reported at the end of the year.
The number of employees increased by 92 during the year, amounting to 3,613 persons. Acquisitions and disposals of operations increased the number of employees by a net of 356.
Items affecting comparability
| Fourth quarter | Full year | |||
|---|---|---|---|---|
| Continuing operations, SEK M | 2015 | 2014 | 2015 | 2014 |
| Operating profit excl. items affecting | ||||
| comparability | 237 | 202 | 731 | 553 |
| Items affecting comparability | ||||
| - Gain from sale of operation, other | 2 | Ω | 6 | 13 |
| - Redemption of PRI liability | Ω | 197 | $\Omega$ | |
| - Structural costs etc. | -5 | O | -5 | |
| - Impairment | O | -4 | 0 | -4 |
| Operating profit | 234 | 198 | 929 | 562 |
| Profit before tax excl. items affecting | ||||
| comparability | 237 | 208 | 735 | 546 |
| Items affecting comparability | ||||
| - Gain from sale of operation, other | 2 | O | 6 | 13 |
| - Redemption of PRI liability | ∩ | 197 | $\circ$ | |
| - Structural costs etc. | -5 | Ω | -5 | |
| - Impairment | O | -4 | o | -4 |
| Profit before tax | 234 | 204 | 933 | 555 |
Gain from sale of operation during the quarter pertains to the sale of a property in Kongsvinger. Structural costs pertain to a provision for an insurance loss in Sweden.
The full year's redemption of PRI liability of SEK 197 M pertains to the earnings effect before tax of the transfer of the Swedish pension liability to Alecta. Gain from sale of operations of SEK 6 M pertains to gains from the sale of Bilia's operation in Stavanger and from the sale of properties.
Continuing operations (The Bilia Group, not including Denmark)
| Deliveries | Order backlog | ||||||
|---|---|---|---|---|---|---|---|
| No. of new | Fourth quarter | Full year | 31 Dec. | ||||
| cars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| Sweden 1) | 9,392 | 8,242 | 32,546 | 29,463 | 6,692 | 5,442 | |
| Norway 2) | 2,487 | 2,612 | 8,311 | 8,281 | 2,488 | 1,099 | |
| Germany | 245 | 245 | 124 | ||||
| Total | 12,124 | 10,854 | 41,102 | 37,744 | 9,304 | 6,541 |
$1)$ Kaiser Bil is included in deliveries during the quarter with 160 (-) and during the year with 160 (-) and in order backlog with 137 (-). 2) Toyota is included in deliveries during the quarter with 347 (-) and during the year with 1,404 (-) and in order backlog with 367 (-).
| Net turnover | Operating profit/loss excl. items affecting comparability, operating margin Fourth quarter |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fourth guarter | Full year | Full year | ||||||||||
| SEK M | 2015 | 2014 | 2015 | 2014 | 2015 | $\%$ | 2014 | $\%$ | 2015 | $\%$ | 2014 | $\%$ |
| Sweden | 4,065 | 3,528 | 14,513 | 13,110 | 210 | 5.1 | 162 | 4.6 | 629 | 4.3 | 458 | 3.5 |
| Norway | 1.511 | 1,496 | 5,738 | 5,324 | 45 | 3.0 | 62 | 4.1 | 159 | 2.8 | 147 | 2.8 |
| Germany | 173 | 173 | 0.4 | 0.4 | ||||||||
| Total Cars | 5,749 | 5,024 | 20,424 | 18,434 | 256 | 4.4 | 224 | 4.4 | 789 | 3.9 | 605 | 3.3 |
| Parent Company, other | 13 1 | 19 | 12 | -19 | $-22$ | $-58$ | $-52$ | |||||
| Total | 5,750 | 5,037 | 20,443 | 18,446 | 237 | 4.1 | 202 | 4.0 | 731 | 3.6 | 553 | 3.0 |
Strong earnings in Sweden
Higher closing order backlog
The market for new cars increased during the quarter by 19 per cent in Sweden and 5 per cent in Norway.
The Group reported an operating profit, excluding items affecting comparability, of SEK 237 M (202) and an operating margin of 4.1 per cent (4.0). The Service Business reported a profit that was SEK 27 M better, and the Car Business a profit that was SEK 3 M better, than last year. The order backlog increased by 114 cars during the quarter and was 2,763 cars higher at the end of the year compared with last year.
The operation in Sweden reported an operating profit of SEK 210 M (162), with an operating margin of 5.1 per cent (4.6). The Car Business reported a profit that was SEK 38 M better than last year. Deliveries of new cars increased by 14 per cent during the quarter, and the profit improved by SEK 27 M. Earnings from sales of used cars improved by SEK 11 M, and stocks of used cars were at a good level at year-end. The Service Business reported a profit that was SEK 8 M better than last year. The improvement is mainly attributable to higher turnover.
The operating profit in Bilia's Norwegian operation amounted to SEK 45 M (62) and the operating margin to 3.0 per cent (4.1). The Service Business reported a profit that was SEK 13 M better than last year. The improvement is mainly attributable to higher turnover and a slightly higher gross profit margin. Underlying deliveries of new cars decreased by 12 per cent, while orders received increased by 18 per cent, which resulted in a record-high order backlog. Earnings from sales of new cars declined by SEK 38 M compared with last year, amounting to a loss of SEK 10 M. Used car sales once again reported strong earnings that were SEK 8 M better than last year, due above all to increased turnover and a higher gross profit margin. Stocks of used cars increased during the quarter and were a bit too high at year-end.
The operation in Germany, which is new in the Group as from the 4th quarter, reported a profit before acquisition costs of SEK 2 M. The acquisition costs amounted during the quarter to SEK 1 M. The Service Business reported strong earnings, while new car sales reported weak earnings.
Continuing operations – divided into Service, Car and Fuel Businesses
| Net turnover 1) | Operating profit, operating margin | |||||||
|---|---|---|---|---|---|---|---|---|
| Fourth quarter | Full year | Fourth quarter | Full year | |||||
| SEKM | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Service Business | 1,354 | 1,123 | 4,491 | 3,981 | 182 | 155 | 479 | 402 |
| - margin, % | 13.4 | 13.8 | 10.7 | 10.1 | ||||
| Car Business | 4,365 | 3.873 | 15.694 | 14.132 | 67 | 64 | 286 | 185 |
| - margin, % | 1.5 | 1.6 | 1.8 | 1.3 | ||||
| Fuel Business | 253 | 250 | 1,021 | 1,051 | 5 | 24 | 18 | |
| - margin, % | 2.8 | 1.8 | 2.4 | 1.7 |
Service includes workshop services, spare parts and accessories.
The Car Business includes sales of new and used cars and customer financing.
1) Net turnover does not include eliminations for internal sales.
Growth in the Service Business
| Fourth quarter | Full year | |||||||
|---|---|---|---|---|---|---|---|---|
| Per cent | Sweden | Norway | Total | Sweden | Norway | Total | ||
| Change from last year | ||||||||
| Underlying turnover | 8.4 | 7.0 | 8.1 | 7.0 | 6.1 | 6.8 | ||
| Calendar effect | $-1.6$ | $-1.6$ | $-1.6$ | $-0.8$ | $-0.4$ | $-0.7$ | ||
| Adjusted turnover | 6.8 | 5.4 | 6.5 | 6.2 | 5.7 |
Better earnings in both Service and Car Businesses
Strong growth in the Service Business
The Service Business reported a profit that was SEK 27 M better than last year. The improvement is mainly attributable to higher sales and lower relative costs. The operation in Norway developed positively and reported an adjusted turnover increase of 5 per cent, while Sweden reported an increase of 7 per cent. There was one more working day in both Sweden and Norway 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 10 per cent for comparable operations. Orders received for new cars increased by 10 per cent compared with last year. Earnings from sales of new cars declined by SEK 15 M, mainly due to weak earnings in Norway. Earnings from sales of used cars improved by SEK 18 M, amounting to SEK 21 M. The improvement is mainly attributable to higher turnover.
Stocks of used cars increased during the quarter, but are at acceptable levels, except in Norway. The turnover rate for used cars decreased slightly, amounting to 10.8 times per year.
The Fuel Business is concentrated to Sweden, and earnings amounted to SEK 7 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.
As per 31 December 2015, all five facilities have been disposed of.
Loss from discontinued operation
| Full year | ||
|---|---|---|
| SEKM | 2015 | 2014 |
| Revenues | 468 | 1,027 |
| Expenses | -609 | $-1,094$ |
| Loss before tax | -141 | $-67$ |
| Tax | 57 | |
| Loss after tax from dicontinued operation | -84 | $-67$ |
| Discontinued operation | ||
| Basic earnings/loss per share, SEK | $-1.65$ | $-1.35$ |
| Diluted earnings/loss per share, SEK | $-1.65$ | $-1.30$ |
Net cash flows from discontinued operation
| Full year | |
|---|---|
| SEK M | 2015 |
| Cash flows from operating activities | -137 |
| Cash flows from investing activities | 146 |
| Cash flows from financing activities | -4 |
| Net cash flows from discontinued operation | г. |
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. During 2015, the operation contributed SEK 888 M in turnover and SEK 22 M in operating profit. On a annual basis, this is equivalent to a turnover of about SEK 1,050 M and an operating profit of about SEK 26 M. The purchase consideration amounted to SEK 196 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 SEK 0.4 M and consist of fees to consultants for due diligence and have been recognized as "Other operating expenses".
Effects of the acquisition
Below is the final acquisition analysis, and the difference between the final acquisition analysis and the preliminary version that was presented during the first quarter of 2015 is shown in a separate column. The acquisition has the following effects on the Group's assets and liabilities.
The acquired operation's net assets at the acquisition date:
| Carrying amounts in | ||||
|---|---|---|---|---|
| Toyota Hell Bil AS | Fair | Fair value | Difference versus | |
| and Toyota Horten- | value | recognised in preliminary acquisi- | ||
| SEKM | Tønsberg AS | ladjustment | Group | tion analysis |
| Intangible assets | 84 | 84 | ||
| Property, plant and equipment | 37 | 267 | 304 | |
| Long-term investments | ||||
| Deferred tax asset | ||||
| Inventories | 80 | 80 | ||
| Trade receivables and other receivables | 33 | 33 | $-5$ | |
| Cash and cash equivalents | ||||
| Trade payables and other liabilities | 102 | 301 | 403 | |
| Net identifiable assets and liabilities | 51 | 50 | 101 | -4 |
| Consolidated goodwill | 95 | $-1$ | ||
| Purchase consideration paid, cash | 196 | -5 | ||
| Less: Cash and cash equivalents in aquired operation | ||||
| Net effect on cash and cash equivalents | 195 | -6 |
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.
Acquisition of operation 2015
Lexus's dealership operation in Stockholm and Malmö
On 1 October 2015, Bilia acquired the Lexus dealer Kaiser Bil. The business is run from four facilities in Stockholm and Malmö and accounts for about 45 per cent of Lexus's total sales in Sweden. During 2015, the operation contributed SEK 97 M in turnover and SEK 5 M in operating profit. On an annual basis, this is equivalent to a turnover of about SEK 385 M and an operating profit of about SEK 20 M. The purchase consideration was SEK 85 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 Lexus brand in Sweden.
The business has about 45 employees and will continue to be operated from the present-day facilities.
There are no external transaction costs or acquisition-related expenses attributable to the acquisition.
Effects of the acquisition
The acquisition has the following effects on the Group's assets and liabilities.
The acquired operation's net assets at the acquisition date:
| Carrying amounts in Fair | Fair value | ||
|---|---|---|---|
| Lexus' dealer- | value | recognised in | |
| SEKM | ship operation | ladjustment | Group |
| Intangible assets | 42 | 42 | |
| Property, plant and equipment | 16 | 18 | |
| Inventories | 18 | 18 | |
| Trade receivables and other receivables | 18 | 18 | |
| Cash and cash equivalents | 21 | 21 | |
| Trade payables and other liabilities | 63 | 12 | 75 |
| Net identifiable assets and liabilities | 10 | 32 | 42 |
| Consolidated goodwill | 43 | ||
| Purchase consideration paid, cash | 85 | ||
| Less: Cash and cash equivalents in aquired operation | 21 | ||
| Net effect on cash and cash equivalents | 64 |
Acquired customer relations totalling SEK 32 M are recognised as intangible assets. Customer relations will be amortised over 10 years.
Acquired distribution rights totalling SEK 10 M are recognised as intangible assets. Distribution rights will be amortised 10 years.
Acquisition of operation 2015
BMW and MINI dealership operation in Germany
On 1 October 2015, Bilia acquired the BMW and MINI dealer Dörr & Hess in Germany. The business is run from four facilities, which are concentrated in an area north of Frankfurt. During 2015, the operation contributed SEK 173 M in turnover and SEK 1 M in operating profit. On an annual basis, this is equivalent to a turnover of about SEK 690 M and an operating profit of about SEK 6 M. The purchase consideration was SEK 32 M. The entire purchase consideration was paid in cash. There is no contingent purchase consideration.
Through the acquisition, Bilia can continue to expand and grow on the European market.
The business has about 120 employees and will continue to be operated from the present-day facilities.
Acquisition-related expenses amount to SEK 0.8 M, and consist of fees to consultants for due diligence, and have been recognized as "Other operating expenses".
Effects of the acquisition
The acquisition has the following effects on the Group's assets and liabilities.
The acquired operation's net assets at the acquisition date:
| Carrying amounts in Fair | Fair value | ||
|---|---|---|---|
| BMW/MINI dealer- | value | recognised in | |
| SEK M | ship operation | adjustment | Group |
| Intangible assets | 12 | 12 | |
| Property, plant and equipment | 25 | 6 | 311 |
| Inventories | 71 | 71 | |
| Trade receivables and other receivables | 25 | 25 | |
| Cash and cash equivalents | 71 | ||
| Trade payables and other liabilities | 116 | q | 125 |
| Net identifiable assets and liabilities | 12 | O | 21 |
| Consolidated goodwill | 11 | ||
| Purchase consideration paid, cash | 32 | ||
| Less: Cash and cash equivalents in aquired operation | 71 | ||
| Net effect on cash and cash equivalents | 25 |
Acquired customer relations totalling SEK 9 M are recognised as intangible assets. Customer relations will be amortised over 10 years.
Acquired distribution rights totalling SEK 3 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 fourth quarter amounted to SEK 19 M (loss: 20).
Dividend
The Board of Directors proposes a regular dividend of SEK 7.50 (6.00). Actual dividend last year was SEK 12.00 per share. Then each existing share has been split into 2 new shares.
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.
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 period
On 28 January 2016, Bilia concluded an agreement to acquire three car dealers that conduct BMW, MINI and Toyota operations Sweden. The companies have a combined annual turnover of about SEK 750 M with an operating profit of about SEK 14 M. The companies' capital employed, plus agreed-on surplus values, amounts to about SEK 145 M. Synergies can be found in a higher inventory turnover rate, which is expected to reduce capital employed by about SEK 30 M in 2016. The estimated date of possession is 1 March, provided the Swedish Competition Authority approves the acquisitions. The dealerships are located in the following towns:
Toyota - Kristianstad, Västerås, Enköping, Borlänge, Falun and Ludvika
BMW - Trollhättan, Uddevalla and Strömstad
MINI - Trollhättan
Audit
This year-end report has not been subjected to special examination by the auditors.
Annual General Meeting 2016
The Annual General Meeting will be held on 8 April 2016 at Bilia's facility at Haga Norra, Frösundaleden 4, in Stockholm. Shareholders who wish to have a matter on the agenda at the AGM should contact Bilia no later than 19 February 2016 in order for the matter to be included in the notice of the meeting.
The annual report for 2015 will be published on Bilia's website on 16 March 2016.
Next report
The interim report for the first quarter of 2016 will be published on 27 April 2016.
Gothenburg, 5 February 2016 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 5 February 2016 at 13:00 p.m..
Group's operating segments
| 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 | 3,709 | 3,465 | 15,694 | 14,945 | 1,021 | 1.051 | $-1,027$ | 20,424 | 18,434 | 19 | 12 | 20,443 | 18,446 | |
| Internal sales | 782 | 788 | $-58$ | 782 | 730 | $-782$ | $-730$ | |||||||
| Total net turnover | 4,491 | 4,253 | 15,694 | 14,945 | 1,021 | 1,051 | $-1,085$ | 21,206 | 19,164 | $-763$ | $-718$ | 20,443 | 18,446 | |
| Depreciation/amortisation | -69 | $-51$ | $-293$ | $-262$ | -4 | $-5$ | 9 | $-366$ | $-309$ | $-26$ | $-21$ | $-392$ | $-330$ | |
| Operating profit/loss | 479 | 415 | 286 | 156 | 24 | 18 | 16 | 789 | 605 | 140 | $-43$ | 929 | 562 | |
| Interest income | 6 | |||||||||||||
| Interest expenses | $-30$ | $-39$ | ||||||||||||
| Shares in profits of associated companies | 30 | 26 | 30 | 26 | 30 | 26 | ||||||||
| Profit before tax | 933 | 555 | ||||||||||||
| Tax expense for the year | $-202$ | $-103$ | ||||||||||||
| Profit for the year from continuing operations | 731 | 452 | ||||||||||||
| Loss from discontinued operation, | ||||||||||||||
| net after tax | $-84$ | $-67$ | ||||||||||||
| Net profit for the year | 647 | 385 | ||||||||||||
| 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 | 3 | 7 | $\overline{\mathbf{3}}$ | 6 | 6 | 13 | 6 | 13 | ||||||
| - Redemption of PRI liability | 13 | 52 | 65 | 132 | 197 | |||||||||
| - Structural costs etc. | $-26$ | $-5$ | $-21$ | 47 | $-5$ | -5 | ||||||||
| - Impairment | $-4$ | -4 | -4 | |||||||||||
| Items of non-recurring nature | 16 | $-23$ | 50 | $-15$ | 47 | 66 | $\alpha$ | 132 | 198 | $\alpha$ | ||||
| Material items not affecting cash besides | ||||||||||||||
| depreciation/amortisation: | ||||||||||||||
| - Other | -47 | $-52$ | -6 | 12 | 0 | $-3$ | $-25$ | $-53$ | $-68$ | 7 | 78 | -46 | 10 | |
| Total | $-47$ | $-52$ | $\overline{6}$ | $\overline{12}$ | $\Omega$ | $-3$ | $-25$ | $-53$ | $-68$ | 78 | -46 | 10 | ||
| Assets | ||||||||||||||
| Interests in associated companies | 377 | 370 | 377 | 370 | 377 | 370 | ||||||||
| Deferred tax assets | 128 | 118 | ||||||||||||
| Other assets | 6,924 | 6,467 | ||||||||||||
| Total assets | 377 | 370 | 377 | 370 | 7,429 | 6,955 | ||||||||
| Investments in non-current assets | 64 | 101 | 1,205 | 1,161 | 3 | $\left 4\right $ | $-106$ | 1,272 | 1,160 | 48 | 140 | 1,320 | 1,300 | |
| Liabilities | ||||||||||||||
| Equity | 2,056 | 1,849 | ||||||||||||
| Liabilities | 5,373 | 5,106 | ||||||||||||
| Total liabilities and equity | 7,429 | 6,955 | ||||||||||||
| Revenue from | Non-current | |||
|---|---|---|---|---|
| 2014 | 2014 | |||
| 14,535 | 13,123 | 3,459 | 2,960 | |
| 5,324 | 815 | 528 | ||
| 173 | 53 | |||
| 91 | ||||
| -3 | -1 | $-786$ | $-672$ | |
| 20,443 | 18.446 | 3.541 | 2,907 | |
| 2015 5,738 |
external customers assets 2015 |
Denmark is recognised as from 2015 as a discontinued operation.
Group's operating segments con'd.
Full Year
| Service | Car | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sweden | Norway | Germany | Denmark | Sweden | Norway | Germany | Denmark | |||||||||
| SEKM | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Net turnover | ||||||||||||||||
| External sales | 2,575 | 2,414 | 1,034 | 837 | 100 | 214 | 10,938 | 9,645 | 4,683 | 4.487 | 73 | 813 | ||||
| Internal sales | 565 | 486 | 215 | 244 | 2 | 58 | ||||||||||
| Total net turnover | 3,140 | 2,900 | 1,249 | 1,081 | 272 | 10,938 | 9,645 | 4,683 | 4,487 | 73 | 813 | |||||
| Depreciation/amortisation | -46 | $-40$ | $-22$ | -8 | -1 | $-3$ | $-271$ | $-231$ | $-22$ | $-25$ | -6 | |||||
| Operating profit/loss | 351 | 319 | 122 | 83 | 13 | 253 | 121 | 38 | 64 | -5 | $-29$ | |||||
| Shares in profits of associated companies | 30 | 26 | ||||||||||||||
| 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 | ||||||||||||||||
| - Redemption of PRI liability | 13 | 52 | ||||||||||||||
| - Structural costs etc. | $-26$ | -5 | $-21$ | |||||||||||||
| - Impairment | ||||||||||||||||
| Items of non-recurring nature | 13 | 3 | $-26$ | 47 | $-21$ | |||||||||||
| Material items not affecting cash besides | ||||||||||||||||
| depreciation/amortisation: | ||||||||||||||||
| - Other | $-45$ | $-41$ | -2 | $-7$ | $-11$ | $-23$ | ||||||||||
| Total | -45 | $-41$ | -2 | $\overline{A}$ | -7 | $-11$ | $-23$ | 3 | $\frac{32}{32}$ | |||||||
| Assets | ||||||||||||||||
| Interests in associated companies | 377 | 370 | ||||||||||||||
| Investments in non-current assets | 33 | 88 | 31 | 12 | 1.046 | 956 | 159 | 100 | 105 |
Consolidated Statement of Income and Other Comprehensive Income
| Fourth quarter | Full year | ||||
|---|---|---|---|---|---|
| SEKM | 2015 | 2014 | 2015 | 2014 | |
| Continuing operations | |||||
| Net turnover Costs of goods sold |
5,750 -4,745 |
5,037 $-4,202$ |
20,443 $-17,076$ |
18,446 $-15,533$ |
|
| Gross profit | 1,005 | 835 | 3,367 | 2,913 | |
| Other operating income | 11 | 3 | 217 | 20 | |
| Selling expenses | $-622$ | -517 | -2,144 | $-1,929$ | |
| Administrative expenses | -146 | -115 | -493 | $-433$ | |
| Other operating expenses | -14 | -8 | -18 | $\lrcorner$ 9 | |
| Operating profit 1) | 234 | 198 | 929 | 562 | |
| Financial income Financial expenses |
2 -11 |
1 -3 |
4 -30 |
6 -39 |
|
| Shares in profits of associated companies | 9 | 8 | 30 | 26 | |
| Net financial items | 0 | 6 | 4 | $-7$ | |
| Profit before tax | 234 | 204 | 933 | 555 | |
| Tax | -55 | -44 | $-202$ | -103 | |
| Profit for the year from continuing operations | 179 | 160 | 731 | 452 | |
| Discontinued operation | |||||
| Loss from discontinued operation, | |||||
| net after tax | 17 | -41 | -84 | -67 | |
| Net profit for the year | 196 | 119 | 647 | 385 | |
| Other comprehensive income/loss | |||||
| Items that cannot be reclassified to profit or loss | |||||
| Revaluation of defined-benefit pension plans | 5 | -67 | -120 | $-172$ | |
| Tax attributable to items that cannot be reclassified | |||||
| to profit or loss | -2 3 |
16 $-51$ |
26 -94 |
39 $-133$ |
|
| Items that can be reclassified to profit or loss | |||||
| Translation differences attributable to foreign | |||||
| operations | -16 | $-25$ | -45 | -1 | |
| Tax attributable to items that have been or may be | |||||
| reclassified to profit or loss | 0 | 0 | 0 | 0 | |
| Other comprehensive income/loss after tax | -16 -13 |
$-25$ -76 |
-45 -139 |
$-1$ $-134$ |
|
| Comprehensive income for the year | 183 | 43 | 508 | 251 | |
| Net profit for the year attributable to: | |||||
| Parent Company's shareholders | 196 | 119 | 647 | 385 | |
| Comprehensive income for the year | |||||
| attributable to: | |||||
| Parent Company's shareholders | 183 | 43 | 508 | 251 | |
| Weighted average number of shares, '000: | |||||
| - before dilution - after dilution |
50,431 | 50,334 | 50,406 | 50,310 | |
| Basic earnings/loss per share, SEK | 50,919 3.90 |
50,919 2.35 |
50,919 12.85 |
50,919 7.65 |
|
| Diluted earnings/loss per share, SEK | 3.90 | 2.40 | 12.75 | 7.60 | |
| Continuing operations | |||||
| Basic earnings/loss per share, SEK | 3.55 | 3.20 | 14.50 | 9.00 | |
| Diluted earnings/loss per share, SEK | 3.55 | 3.15 | 14.40 | 8.90 | |
| 1 ) Straight-line amortisation/depreciation by asset class: | |||||
| - Intellectual property - Land and buildings |
-13 -13 |
$-10$ $-11$ |
-48 -24 |
-40 $-22$ |
|
| - Equipment, tools, fixtures and fittings | -11 | -9 | -66 | $-57$ | |
| - Leased vehicles | -76 | -56 | -254 | $-211$ | |
| Total | -113 | -86 | -392 | $-330$ |
Consolidated Statement of Financial Position, Summary
| SEK M | 31/12 2015 | 31/12 2014 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Intangible assets | ||
| Intellectual property | 271 | 177 |
| Goodwill | 368 | 259 |
| 639 | 436 | |
| Property, plant and equipment | ||
| Land and buildings | 131 | 100 |
| Construction in progress | 8 | 7 |
| Equipment, tools, fixtures and fittings | 331 | 321 |
| Leased vehicles 1) | 2,048 | 1,637 |
| 2,518 | 2,065 | |
| Long-term investments | ||
| Financial investments 1) | 384 | 381 |
| Long-term receivables 2) | 0 | 25 |
| 384 | 406 | |
| Deferred tax assets | 128 | 118 |
| Total non-current assets | 3,669 | 3,025 |
| Current assets | ||
| Inventories, merchandise | 2,564 | 2,250 |
| Current receivables | ||
| Other receivables 1) | 1,097 | 1,064 |
| Cash and cash equivalents 2) | 99 | 616 |
| Total current assets | 3,760 | 3,930 |
| Total assets | 7,429 | 6,955 |
| Equity and liabilities | ||
| Equity | ||
| Share capital | 252 | 252 |
| Other contributed capital | 48 | 47 |
| Reserves | $-99$ | $-54$ |
| Retained earnings including net profit for the year | 1,855 | 1,604 |
| Total equity | 2,056 | 1,849 |
| Non-current liabilities | ||
| Debenture loan 3) | 28 | |
| Interest-bearing liabilities 3) | 75 | 64 |
| Other liabilities and provisions 4) | 1,438 | 1,864 |
| 1,513 | 1,956 | |
| Current liabilities | ||
| Debenture loan 3) | 28 | |
| Interest-bearing liabilities 3) | 688 | 188 |
| Other liabilities and provisions | 3,144 | 2,962 |
| 3,860 | 3,150 | |
| Total equity and liabilities | 7,429 | 6,955 |
| Assets | ||
| 1) Of which interest-bearing | 377 | 377 |
| 2) Interest-bearing | 99 | |
| 641 | ||
| Liabilities | ||
| 3) Interest-bearing | 791 | 280 |
| 4) Of which interest-bearing | 8 | 668 |
Statement of Changes in Group Equity, Summary
| SEK M | 31/12 2015 | 31/12 2014 |
|---|---|---|
| Opening balance | 1,849 | 1,823 |
| Cash dividend to shareholders | $-302$ | $-226$ |
| Exercised warrants | ||
| Comprehensive income for the year | 508l | 251I |
| Closing balance | 2,056 | 1,849 |
Consolidated Statement of Cash Flows
| Fourth quarter | Full year | |||
|---|---|---|---|---|
| SEK M | 2015 | 2014 | 2015 | 2014 |
| Operating activities | ||||
| Profit before tax from continuing operations | 234 | 204 | 933 | 555 |
| Loss before tax from discontinued operation | 23 | $-41$ | $-141$ | $-67$ |
| Depreciation and impairment losses from continuing operations | 125 | 96 | 404 | 340 |
| $\Omega$ | $\overline{2}$ | $\mathcal{P}$ | 9 | |
| Depreciation and impairment losses from discontinued operation | ||||
| Other items not affecting cash | -41 | 28 | $-58$ | 10 |
| Tax paid | 0 | 7 | $-59$ | $-106$ |
| Change in inventories | -536 | $-338$ | -496 | 70 |
| Change in operating receivables | $-160$ | $-155$ | -9 | $-67$ |
| Change in operating liabilities | 321 | 379 | 259 | 555 |
| Cash flow from operating activities | $-34$ | 182 | 835 | 1,299 |
| Investing activities | ||||
| Acquisition of non-current assets (intangible and tangible) | -27 | -42 | -164 | $-195$ |
| Disposal of non-current assets (intangible and tangible) | 10 | $\overline{c}$ | 44 | 78 |
| Acquisition of leased vehicles | -395 | $-349$ | $-1,156$ | $-1,105$ |
| Disposal of leased vehicles | 216 | 216 | 653 | 671 |
| Operating cash flow | $-230$ | 9 | 212 | 748 |
| Investment in financial assets | 0 | $-2$ | -26 | $-7$ |
| Disposal of financial assets | 2 | $\mathbf 0$ | 27 | 8 |
| Acquisition of subsidiary/operation, net | -89 | $\overline{O}$ | $-284$ | -42 |
| Disposal of subsidiary/operation, net | 0 | $\overline{O}$ | 55 | 8 |
| Disposal of discontinued operation, net | ı | $\overline{O}$ | 5 | $\Omega$ |
| Cash flow after net investments | $-316$ | 7 | $-11$ | 715 |
| Financing activities | ||||
| Borrowings | 200 | 0 | 1,000 | 400 |
| Repayment of loans | $-100$ | $\Omega$ | $-900$ | $-400$ |
| Change in overdraft facility | 206 | $-26$ | $-304$ | $-29$ |
| Exercised warrants | ı | 1 | ı | |
| Dividend paid to Parent Company's shareholders | 0 | $\overline{O}$ | $-302$ | $-226$ |
| Cash flow from financing activities | 307 | $-25$ | $-505$ | $-254$ |
| Change in cash and cash equivalents, excl. translation | ||||
| differences | -9 | -18 | $-516$ | 461 |
| Cash and cash equivalents recognised in assets held for sale | 0 | $\mathbf 0$ | 0 | $\Omega$ |
| Exchange difference in cash and cash equivalents | $-1$ | $-3$ | -1 | 0 |
| Change in cash and cash equivalents | $-10$ | $-21$ | $-517$ | 461 |
| Cash and cash equivalents at start of year | 109 | 637 | 616 | 155 |
| Cash and cash equivalents at year-end | 99 | 616 | 99 | 616 |
Fair value of financial instruments
The carrving amount of financial instruments corresponds to the fair value, with the exception of debenture loans. The fair value of debenture loans amounts to SEK 28 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 1 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
| 1/14 | 2/14 | 3/14 | 4/14 | 1/15 | 2/15 | 3/15 | 4/15 | |
|---|---|---|---|---|---|---|---|---|
| Continuing operations | ||||||||
| Net turnover, SEK M | 4,291 | 4,819 | 4,299 | 5,037 | 4,715 | 5,381 | 4,597 | 5,750 |
| Operating profit excl. items affecting | ||||||||
| comparability, SEK M | 101 | 126 | 124 | 202 | 153 | 187 | 154 | 237 |
| Operating margin excl. items affecting | ||||||||
| comparability, % | 2.3 | 2.6 | 2.9 | 4.0 | 3.2 | 3.5 | 3.4 | 4.1 |
| Operating profit, SEK M | 101 | 126 | 137 | 198 | 157 | 384 | 154 | 234 |
| Operating margin, % | 2.3 | 2.6 | 3.2 | 3.9 | 3.3 | 7.1 | 3.4 | 4.1 |
| Profit before tax, SEK M | 96 | 122 | 133 | 204 | 154 | 383 | 162 | 234 |
| Interest coverage ratio, times 1) | 6.9 | 7.4 | 8.3 | 15.0 | 17.8 | 30.9 | 41.3 | 32.9 |
| The Bilia Group | ||||||||
| Profit/loss for the period, SEK M | 74 | 87 | 105 | 119 | 23 | 297 | 131 | 196 |
| Rate of capital turnover, times 1) | 3.12 | 3.12 | 3.10 | 3.06 | 2.99 | 2.99 | 2.98 | 2.96 |
| Return on capital employed, $%$ 1) | 18.7 | 19.4 | 21.0 | 19.8 | 21.8 | 31.7 | 33.8 | 36.2 |
| Return on equity, $% ^{1}$ | 18.9 | 20.0 | 22.2 | 21.0 | 18.5 | 30.5 | 31.6 | 33.2 |
| Net debt/equity, times | 0.13 | 0.23 | $-0.09$ | $-0.04$ | 0.05 | 0.04 | $-0.05$ | 0.16 |
| Equity/assets ratio, % | 31 | 28 | 28 | 27 | 24 | 25 | 29 | 28 |
| Data per share (SEK) | ||||||||
| Earnings/loss for the period | 2) 1.50 |
$1.70$ 4) | 6) 2.10 |
8) 2.35 |
$0.45$ 10) | $5.90^{12}$ | $2.60^{14}$ | $3.90^{16}$ |
| Equity | 3) 38 |
$35^{5}$ | 7) 36 |
9) 37 |
$35^{11}$ | $35^{13}$ | $37^{15}$ | $41^{17}$ |
| Operating cash flow | 2) 0.45 |
4) 2.35 |
6) 11.90 |
8) 0.15 |
$2.40^{10}$ | $3.90^{12}$ | $2.45^{14}$ | $-4.55$ 16) |
For continuing operations, Bilia's Danish operation has been excluded for year 2014.
- $_{\rm 1)}$ Rolling 12 months.
- $2)$ Based on weighted average number of shares outstanding during first quarter, 50,282,769.
- $3)$ Based on number of shares outstanding at 31 March 2014, 50,290,102.
- $4)$ Based on weighted average number of shares outstanding during second quarter, 50,301,686.
- $\sqrt{5}$ ) Based on number of shares outstanding at 30 June 2014, 50, 312, 326.
- $_{\rm 6)}$ Based on weighted average number of shares outstanding during third quarter, 50,318,925.
- $7)$ Based on number of shares outstanding at 30 September 2014, 50, 330, 722.
- $8)$ Based on weighted average number of shares outstanding during fourth quarter, 50,334,058.
- $9)$ Based on number of shares outstanding at 31 December 2014, 50,348,066.
- $10)$ Based on weighted average number of shares outstanding during first quarter, 50,366,845.
- $\scriptstyle 11)$ Based on number of shares outstanding at 31 March 2015, 50, 393, 016.
- $_{\rm 12)}$ Based on weighted average number of shares outstanding during second quarter, 50,405,884.
- $13)$ Based on number of shares outstanding at 30 June 2015, 50,418,122.
- $14)$ Based on weighted average number of shares outstanding during third quarter, 50,419,599.
- $15)$ Based on number of shares outstanding at 30 September 2015, 50,424,016.
- 16) Based on weighted average number of shares outstanding during fourth quarter, 50,430,765.
- Based on number of shares outstanding at 31 December 2015, 50,436,052.
| Income Statement for Parent Company | ||||
|---|---|---|---|---|
| -- | -------------------------------------------- | -- | -- | -- |
| Fourth quarter | Full year | |||
|---|---|---|---|---|
| SEKM | 2015 | 2014 | 2015 | 2014 |
| Net turnover | 101 | 116 | 439 | 444 |
| Administrative expenses | $-120$ | $-136$ | -508 | $-494$ |
| Operating loss 1) | $-19$ | $-20$ | $-69$ | $-50$ |
| Result from financial items | ||||
| Income from interests in Group companies | $-23$ | $-115$ | $-23$ | $-45$ |
| Interest income from Group companies | 6 | 22 | 22 | |
| Other interest income and similar line items | 0 | 2 | 3 | |
| Interest expenses to Group companies | 0 | 0 | 0 | $\Omega$ |
| Interest expenses and similar line items | -5 | -1 | $-13$ | $-10$ |
| Loss after financial items | $-40$ | $-133$ | $-81$ | $-80$ |
| Appropriations | 345 | 341 | 345 | 341 |
| Profit before tax | 305 | 208 | 264 | 261 |
| Tax | -8 | $-67$ | Ω | -61 |
| Net profit for the year | 297 | 141 | 264 | 200 |
| 1) Straight-line amortisation/depreciation by asset class: | ||||
| - Intellectual property | -4 | $-4$ | $-16$ | $-15$ |
| - Buildings | $-2$ | $\Omega$ | -4 | $-1$ |
| - Equipment, tools, fixtures and fittings | $\Omega$ | -1 | $-3$ | $-3$ |
| Total | -6 | $-5$ | $-23$ | $-19$ |
Balance Sheet for Parent Company, Summary
| SEKM | 31/12 2015 | 31/12 2014 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Intangible assets | ||
| Intellectual property | 54 | 47 |
| 54 | 47 | |
| Property, plant and equipment | ||
| Buildings | 33 | 23 |
| Construction in progress | 8 | 6 |
| Equipment, tools, fixtures and fittings | 14 | 11 |
| 55 | 40 | |
| Long-term investments | ||
| Interests in Group companies | 793 | 679 |
| Other securities held as non-current assets | 0 | 0 |
| Other non-current receivables Deferred tax asset |
99 | 20 |
| 892 | 33 732 |
|
| Total non-current assets | 1,001 | 819 |
| Current assets | ||
| Current receivables | ||
| Receivables from Group companies | 1,179 | 493 |
| Other receivables | 117 | 298 |
| Cash on hand and accrued deposits | 351 | |
| Total current assets | $\frac{1}{2}$ .297 | 1,142 |
| Total assets | 2,298 | 1,961 |
| Equity and liabilities | ||
| Equity | ||
| Restricted equity | ||
| Share capital | 252 | 252 |
| Statutory reserve | 47 | 47 |
| 299 | 299 | |
| Non-restricted equity | ||
| Share premium reserve | 48 | 47 |
| Retained earnings including net profit for the year | 765 | 803 |
| 813 | 850 | |
| Total equity | 1,112 | 1,149 |
| Untaxed reserves | 468 | 386 |
| Provisions | ||
| Provisions for pensions and similar obligations | 3 | 22 |
| Deferred tax liability | $\overline{\mathbf{3}}$ | 2 24 |
| Non-current liabilities | ||
| Debenture Ioan | 28 | |
| Other liabilities | 5 | 5 |
| 5 | 33 | |
| Current liabilities | ||
| Debenture loan | 28 | |
| Liabilities to Group companies | 52 | 204 |
| Other liabilities | 630 | 165 |
| 710 | 369 | |
| Total equity and liabilities | 2,298 | 1,961 |
| Pledged assets and contingent liabilities for Parent Company | ||
| Pledged assets | 601 | 567 |
| Contingent liabilities | 986 | 1,597 |