Net turnover amounted to SEK 6,815 M (5,433).
Operational earnings amounted to SEK 267 M (195).
Profit for the period was SEK 181 M (143) and earnings per share SEK 3.50 (2.80).
Operating cash flow amounted to SEK 284 M (110).

In a comment on the first quarter, Bilia's Managing Director Per Avander says:

"Demand for both cars and service was slightly better compared with last year, and we reported considerably better operational earnings. The improvement is mainly attributable to the Service Business, which boosted underlying turnover by about 10 per cent. The operation in Norway developed positively, and earnings improved by SEK 31 M. The underlying order backlog of new cars increased by about 1,300 cars during the quarter. Operating cash flow amounted to SEK 284 M and the financial position of the Group remains strong. We believe that demand for cars and service during the second quarter of 2017 will be slightly better compared with the corresponding quarter last year. However, there will be more than 3 fewer working days during the second quarter."

	First quarter		April 16 -	Full year
	2017	2016	March 17	2016
Continuing operations
Net turnover, SEK M	6,815	5,433	25,288	23,906
Operational earnings, SEK M 1)	267	195	959	887
Operational margin, %	3.9	3.6	3.8	3.7
Operating profit, SEK M	244	185	900	841
Operating margin, %	3.6	3.4	3.6	3.5
Operational profit before tax, SEK M 1)	257	193	943	879
Profit before tax, SEK M	234	183	884	833
Net profit for the period / year, SEK M	181	143	695	657
Earnings per share, SEK 2)	3.50	2.80	13.55	12.85
The Bilia Group
Loss from discontinued operation, net after tax (Denmark)	0	0	-21	-21
Net profit for the period / year, SEK M	181	143	674	636
Earnings per share, SEK 2)	3.50	2.80	13.15	12.45

1) Items affecting comparability are shown in the table on page 4.

2) The number of shares used in the calculation is shown in the table on page 12.

In January, Bilia issued unsecured bonds worth SEK 250 M. The bond issue carries a floating interest rate of STIBOR (3 months) plus 140 basis points and has a final maturity date in March 2021.
Kristina Franzén has been appointed the new CFO of Bilia. Kristina has had a long career at SKF (the world's leading ball bearing manufacturer), where, in her latest position as Director of SKF Group Central Finance, she was in charge of Group accounts, Group controlling, finance processes, systems and outsourcing. Kristina will begin her employment at the end of May and assume responsibility as CFO on 1 August 2017.
On 7 March 2017, Bilia acquired an auto salvage business, Allbildelar Försäljning i Huddinge AB, plus a property company that owns the building in which the business is conducted. The Bilia Group's capital employed and net debt increased by SEK 75 M as an effect of the acquisitions, with the property company accounting for SEK 50 M.

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

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

Net turnover amounted to SEK 6,815 M (5,433). For comparable operations and adjusted for exchange rate changes, net turnover increased by about SEK 460 M or 9 per cent.

Operating profit amounted to SEK 244 M (185). Adjusted for structural and acquisition costs, operational earnings amounted to SEK 267 M (195). The improvement is mainly attributable to the Service Business, which boosted the underlying turnover by about 10 per cent and the profit by SEK 58 M. Underlying Group overheads increased by about 3 per cent compared with last year. Overheads amounted to 12.2 per cent in relation to net turnover, which was 0.3 percentage point lower compared with last year. In recognition of the earnings level and customer satisfaction during the quarter, provision was made for employee bonuses of SEK 6 M (5).

Net financial items amounted to SEK -10 M (-2). The decrease is attributable to higher net debt, a higher average interest rate and exchange rate changes.

Tax for the period amounted to SEK -53 M (-40), and the effective tax rate was 23 per cent (22).

Net profit for the period was SEK 181 M (143) and earnings per share SEK 3.50 (2.80). Exchange rate changes increased the profit by about SEK 4 M.

Total assets increased by SEK 620 M during the quarter, amounting to SEK 10,752 M. The increase is mainly attributable to acquisitions of operations and properties.

Equity increased by SEK 173 M during the quarter, amounting to SEK 2,684 M. The equity/assets ratio amounted to 25 per cent (26).

Acquisition of non-current assets amounted to SEK 76 M (60). Replacement investments represented SEK 9 M (11), expansion investments SEK 26 M (8), environmental investments SEK 0 M (0) and investments in new construction and additions to properties SEK 33 M (36), while finance leases amounted to SEK 8 M (5).

Operating cash flow amounted to SEK 284 M (110). After acquisitions and disposals of operations and change in interest-bearing receivables, cash flow amounted to SEK 7 M (-143). Net debt increased by SEK 34 M during the quarter, amounting to SEK 809 M.

Specification of interest-bearing net debt/receivable

SEK M	31/3 2017	31/12 2016	31/3 2016
Current interest-bearing liabilities	270	334	691
Non-current interest-bearing liabilities	1,146	924	593
Pension liabilities	1	3	9
Cash and cash equivalents	-221	-104	-173
Interest-bearing assets	-1	-1	-3
Interests in associated companies	-386	-381	-382
Non-current leased assets	0	0	0
Net debt(+) / receivable(-) at end of year / period	809	775	735

Ratio of net debt to EBITDA

SEK M	31/3 2017	31/12 2016	31/3 2016
Operating earnings	267	887	195
Total depreciation / amortisation	154	520	111
-amortisation of surplus values	-19	-55	-9
-depreciation of leased vehicles with repurchase agreements	-83	-282	-63
Depreciation / amortisation added back	52	183	39
EBITDA	319	1,070	234
The ratio of net debt to EBITDA rolling 12 months, times	0.7	0.7	0.8

Liquidity remains good, and at the end of March a positive bank balance (in Nordea and DNB) of SEK 93 M was reported. Bilia's combined credit limit with Nordea and DNB amounts to SEK 1,500 M.

The number of employees increased by 166 during the quarter and amounts to 4,493 persons. The increase is mainly attributable to acquisitions of operations and slightly more employees in the Service Business.

	First quarter		April 16 -	Full year
Group, SEK M	2017	2016	March 17	2016
Operational earnings	267	195	959	887
Items affecting comparability
- Gain from sale of operation, other	8	0	29	21
- Redemption of pension liability	0	0	6	6
- Structural costs etc.	-11	0	-18	-7
Acquisition costs
- Acquisition-related costs and value adjustments	-1	-1	-11	-11
- Amortisation of surplus values	-19	-9	-65	-55
Operating profit	244	185	900	841

Operational profit before tax	257	193	943	879
Items affecting comparability
- Gain from sale of operation, other	8	0	29	21
- Redemption of pension liability	0	0	6	6
- Structural costs etc.	-11	0	-18	-7
Acquisition costs
- Acquisition-related costs and value adjustments	-1	-1	-11	-11
- Amortisation of surplus values	-19	-9	-65	-55
Profit before tax	234	183	884	833

The gain from sale of operation during the quarter pertains to the sale of the Ford operation in Stockholm, while the structural costs pertain primarily to the estimated cost of winding up the remaining Ford operation in Sweden.

Acquisition-related costs and value adjustments pertain to costs for the acquisition of operations and properties in Sweden.

		Deliveries	Order backlog
No. of new	First quarter		April 16 -	Full year	31 March
cars	2017	2016	March 17	2016	2017	2016

Sweden 1)	9,039	8,208	35,727	34,896	8,450	7,942
Norway	2,637	2,045	9,689	9,097	2,671	2,400
Western Europe 2)	1,465	231	5,233	3,999	1,760	1,029
Total	13,141	10,484	50,649	47,992	12,881	11,371

1) MW Group is included in deliveries during the quarter with 524 (-) and with 293 (-) in order backlog.

2) Germany is included in deliveries during the quarter with 419 (231) and with 197 (137) in order backlog.

Luxembourg is included in deliveries during the quarter with 699 (-) and with 979 (892) in order backlog.

Belgium is included in deliveries during the quarter with 347 (-) and with 584 (-) in order backlog.

			Net turnover		Operational earnings, margin
	First quarter		April 16 -	Full year		First quarter			April 16 -	Full year
SEK M	2017		2016 March 17	2016	2017	%	2016	%	March 17	2016	%
Sweden	4,236	3,853	16,146	15,763	200	4.7	160	4.1	759	719	4.6
Norway	1,870	1,441	6,707	6,278	75	4.0	44	3.1	231	200	3.2
Western Europe	707	137	2,428	1,858	3	0.4	2	1.5	31	30	1.6
Total Cars	6,813	5,431	25,281	23,899	278	4.1	206	3.8	1,021	949	4.0
Parent Company, other	2	2	7	7	-11	-	-11	-	-62	-62	-
Total	6,815	5,433	25,288	23,906	267	3.9	195	3.6	959	887	3.7

Strong earnings in Norway and Sweden

Higher order backlog

The market for new cars increased during the quarter by 7 per cent in Sweden, 3 per cent in Norway and about 7 per cent in our markets in Western Europe.

The Group reported an operational earnings of SEK 267 M (195) and an operational margin of 3.9 per cent (3.6). The Service Business reported a profit that was SEK 58 M better, the Car Business SEK 11 M better and the Fuel Business SEK 3 M better, compared with last year. The order backlog increased by 1,554 cars during the quarter amounting to 12,881 cars. The acquisition of MW Gruppen is included with 293 cars.

The operation in Sweden reported a profit of SEK 200 M (160), with an operational margin of 4.7 per cent (4.1). The Car Business reported a profit that was SEK 9 M better than last year's. Deliveries of new Volvo cars increased during the quarter, which had a positive effect on earnings from sales of new cars. Earnings from sales of used cars improved, amounting to SEK 18 M (15). Stocks of used cars decreased marginally during the quarter and remain at a good level. Underlying turnover in the Service Business increased by 10 per cent and earnings improved by all of SEK 27 M compared with last year. The number of mechanics increased slightly during the quarter, but we still have a shortage of mechanics. MW Gruppen, which was acquired in the beginning of 2017, has started off with a strong result during the quarter.

The profit in Bilia's Norwegian operation amounted to SEK 75 M (44), with an operational margin of 4.0 per cent (3.1). The Service Business continues to develop favourably. Earnings were all of SEK 28 M better compared with last year, and the operating margin was 15.5 per cent. Underlying turnover increased by 11 per cent, and the gross profit margin by more than 2 percentage points. Earnings from sales of new cars improved by SEK 12 M, while earnings from sales of used cars decreased by SEK 8 M, amounting to a loss of SEK 4 M. The decline is mainly attributable to a lower gross profit margin. Stocks of used cars increased slightly during the quarter and were too high at the end of the quarter.

Operations in Western Europe reported a profit of SEK 3 M (2). The operation in Luxembourg developed positively, while the downward price pressure on the German market increased, which affected earnings from new car sales. The Car Business reported a loss of SEK 2 M for the quarter, while the Service Business showed a profit of SEK 5 M.

		Net turnover 1)			Operational earnings, margin
	First quarter		April 16 -	Full year	First quarter		April 16 -	Full year
SEK M	2017	2016	March 17	2016	2017 2016		March 17	2016
Service Business	1,500	1,223	5,596	5,319	193	135	658	600
- margin, %					12.9	11.0	11.8	11.3
Car Business	5,431	4,219	19,777	18,565	74	63	335	324
- margin, %					1.4	1.5	1.7	1.7
Fuel Business	265	224	1,072	1,031	11	8	28	25
- margin, %					4.0	3.6	2.6	2.4

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

	First quarter
Per cent	Sweden	Total
Change from last year
Underlying turnover	10.1	10.7	10.3
Calendar effect	-4.9	-6.6	-5.4
Adjusted turnover	5.2	4.1	4.9

Strong earnings in the Service Business

Continued mechanic shortage in Sweden

The Service Business reported a profit that was all of SEK 58 M better than last year, with an operational margin of 12.9 per cent (11.0). The earnings improvement is mainly attributable to higher underlying turnover and a slightly higher gross profit margin. Demand is good, but we still have a shortage of mechanics, particularly in Sweden. Adjusted turnover in Sweden increased by 5 per cent and in Norway by 4 per cent. There were 3 working days more in Sweden and 4 days more in Norway compared with the same quarter last year.

Deliveries of new cars in the Car Business increased by 13 per cent for comparable operations during the quarter, and deliveries of used cars increased by 4 per cent compared with last year. Orders received for new cars were unchanged compared with last year. Earnings from sales of new cars improved by SEK 22 M, due mainly to higher turnover and a slightly higher gross profit margin. Earnings from sales of used cars declined by SEK 11 M to SEK 12 M. The decrease is mainly attributable to a lower gross profit margin. Stocks of used cars decreased for comparable operations during the quarter and are at good levels, with the exception of Norway. The turnover rate for used cars increased slightly, amounting to 10.5 times per year.

All values in the above graphs pertain to isolated quarters.

On 3 January 2017, Bilia acquired the Toyota dealer MW Gruppen Stockholm AB plus three property companies. The business is run from five facilities: three just south of Stockholm in Nacka, Haninge and Kungens Kurva, one in Södertälje and one in Eskilstuna. The operation has an annual turnover of around SEK 700 M and has reported an average operating profit of around SEK 28 M for the past two years. The purchase consideration was SEK 297 M. The entire purchase consideration was paid in cash. There is no contingent purchase consideration.

The acquisition provides opportunities for synergies with Bilia's other Toyota operation in Sweden.

The businesses have about 115 employees and will continue to be operated from the present-day facilities.

Acquisition-related expenses amounting to SEK 0.5 M 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 fourth quarter of 2016 is shown in a separate column. The acquisition has the following effect on the Group's assets and liabilities.

MSEK	Carrying amounts in MW Gruppen Stockholm	Fair value adjustment	Fair value recognised in Group	Difference versus preliminary acquisi tion analysis

Intangible assets	0	88	88	0
Property, plant and equipment	164	95	259	2
Long-term investments	8		8	0
Deferred tax asset	1		1	0
Inventories	77	1	78	0
Trade receivables and other receivables	42		42	0
Cash and cash equivalents	17		17	0
Interest-bearing liabilities	44		44	-1
Trade payables and other liabilities	167		167	-7
Deferred tax liability	5	41	46	0
Net identifiable assets and liabilities	93	143	236	10
Consolidated goodwill			61	0
Purchase consideration paid			297	10
Less: Cash and cash equivalents in aquired operation			17	0
Net effect on cash and cash equivalents			280	10

Acquired customer relations totalling SEK 88 M are recognised as intangible assets. Customer relations will be amortised over 10 years.

The acquisitions of Allbildelar Försäljning i Huddinge AB and a property company in 2017 do not have any essential impact on the Group, so the acquisition analysis is not presented.

Bilia AB is responsible for the Group's management, strategic planning, purchasing, public relations, business development, marketing, HR, real estate activities, accounting and financing.

The Parent Company's operating loss for the first quarter amounted to SEK -14 M (loss: 9). The decrease is mainly attributable to the fact that the IT operation, which contributed earnings of SEK 2 M last year, has been spun off as a separate business entity, and the deputy MD is now employed by Bilia AB.

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 guaranteed 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 2016 Annual Report.

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.

Disclosures in accordance with IAS 34, paragraph 16, are made not only in the financial statements and notes, but also in other parts of the interim report.

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

The interim report for the second quarter of 2017 will be published on 27 July 2017.

Gothenburg, 2 May 2017 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 information is information that Bilia AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 2 May 2017, at 8:30 a.m.

First quarter

	Service		Car		Fuel		Total			Segment	Group
							Cars			reconciliation
SEK M	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016
Net turnover
External sales	1,117	988	5,431	4,219	265	224	6,813	5,431	2	2	6,815	5,433
Internal sales	383	235					383	235	-383	-235	-	-
Total net turnover	1,500	1,223	5,431	4,219	265	224	7,196	5,666	-381	-233	6,815	5,433

Depreciation/amortisation	-26	-15	-117	-87	-1	-1	-144	-103	-10	-8	-154	-111
Operating profit/loss	193	135	74	63	11	8	278	206	-34	-21	244	185
Interest income											6	7
Interest expenses											-21	-14
Shares in profits of associated companies			5	5			5	5			5	5
Profit before tax											234	183
Tax expense for the period											-53	-40
Net profit for the period											181	143

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	6		2				8	0			8	0
- Structural costs etc.	-6		-5				-11	0			-11	0
Items of non-recurring nature	0	-	-3	-	-	-	-3	0	-	-	-3	0

Acquisition costs
- Acquisition-related costs and value adjustments	0	-1	-1	0			-1	-1			-1	-1
- Amortisation of surplus values	-10	-4	-9	-5			-19	-9			-19	-9
Acquisition costs	-10	-5	-10	-5	-	-	-20	-10	-	-	-20	-10

Material items not affecting cash besides
depreciation/amortisation:
- Other	-12	-21	-5	-11	0	0	-17	-32	8	32	-9	0
Total	-12	-21	-5	-11	0	0	-17	-32	8	32	-9	0

Assets
Interests in associated companies			386	382			386	382			386	382
Deferred tax assets											81	130
Other assets											10,285	8,016
Total assets			386	382			386	382			10,752	8,528

Investments in non-current assets	34	29	316	303	3	1	353	333	16	12	369	345

Liabilities
Equity											2,684	2,211
Liabilities											8,068	6,317
Total liabilities and equity											10,752	8,528

		Revenue from	Non-current
		external customers	assets
SEK M	2017	2016	2017	2016

Geographical segments
Sweden	4,238	3,855	5,232	3,723
Norway	1,870	1,441	941	816
Germany	251	137	64	55
Luxembourg	263	-	598	354
Belgium	193	-	268	-
Segment reconciliation	0 0		-1,592	-848
Total	6,815	5,433	5,511	4,100

First quarter

				Service			Car
		Sweden		Norway		Western Europé 1)		Sweden		Norway		Western Europé 1)
SEK M	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016

Net turnover
External sales	726	701	289	246	102	41	3,245	2,929	1,581	1,194	605	96
Internal sales	263	150	103	82	17	3
Total net turnover	989	851	392	328	119	44	3,245	2,929	1,581	1,194	605	96
Depreciation/amortisation	-15	-11	-4	-3	-7	-1	-102	-80	-8	-7	-7	0
Operating profit/loss	127	100	61	33	5	2	61	52	15	11	-2	0

Shares in profits of associated companies							5	5

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	6						2
- Structural costs etc.	-6						-5
Items of non-recurring nature	0	-	-	-	-	-	-3	-	-	-	-	-
Acquisition costs
- Acquisition-related costs and value adjustments	0					-1	-1
- Amortisation of surplus values	-4	-2	-2	-2	-4		-3	-3	-2	-2	-4
Acquisition costs	-4	-2	-2	-2	-4	-1	-4	-3	-2	-2	-4	0

Material items not affecting cash besides
depreciation/amortisation:
- Other	-12	-20	0	-1	0	0	-16	-13	11	2	0	0
Total	-12	-20	0	-1	0	0	-16	-13	11	2	0	0
Assets
Interests in associated companies							386	382

Investments in non-current assets	28	21	4	8	2	0	287	272	21	31	8	0

1) Schäfer, Germany is included as from 1 August 2016. Luxembourg is included as from 1 April 2016. Belgium is included as from 1 July 2016.

	First quarter		April 16 -	Full year
SEK M	2017	2016	March 17	2016

Continuing operations
Net turnover	6,815	5,433	25,288	23,906
Costs of goods sold	-5,738	-4,567	-21,240	-20,069
Gross profit Other operating income	1,077 10	866 1	4,048 47	3,837 38
Selling expenses	-679	-559	-2,571	-2,451
Administrative expenses	-152	-120	-588	-556
Other operating expenses	-12	-3	-36	-27
Operating profit 1)	244	185	900	841
Financial income	6	7	27	28
Financial expenses	-21	-14	-73	-66
Shares in profits of associated companies	5	5	30	30
Net financial items	-10	-2	-16	-8
Profit before tax	234	183	884	833
Tax	-53	-40	-189	-176
Profit for the period from continuing operations	181	143	695	657
Discontinued operation
Loss from discontinued operation,
net after tax	0	0	-21	-21
Net profit for the period	181	143	674	636

Other comprehensive income/loss
Items that can be reclassified to profit or loss
Translation differences attributable to foreign
operations	-8	10	37	55
Translation differences transferred to the net profit for the year	0	0	20	20
Tax attributable to items that have been or may be
reclassified to profit or loss	0	0	0	0
	-8	10	57	75
Other comprehensive income/loss after tax	-8	10	57	75


Comprehensive income for the period	173	153	731	711

Net profit for the period attributable to:
Parent Company's shareholders	181	143	674	636
Comprehensive income for the period
attributable to:
Parent Company's shareholders	173	153	731	711

Weighted average number of shares, '000:
- before dilution	51,400	50,663	51,314	51,131
- after dilution	51,400	50,732	51,314	51,148
Basic earnings/loss per share, SEK	3.50	2.80	13.15	12.45
Diluted earnings/loss per share, SEK	3.50	2.80	13.15	12.45
Continuing operations
Basic earnings/loss per share, SEK	3.50	2.80	13.55	12.85
Diluted earnings/loss per share, SEK	3.50	2.80	13.55	12.85

1) Straight-line amortisation/depreciation by asset class:
- Intellectual property	-24	-13	-84	-73
- Land and buildings	-8	-4	-34	-30
- Equipment, tools, fixtures and fittings	-25	-20	-85	-80
- Leased vehicles Total	-97 -154	-74 -111	-360 -563	-337 -520




















































4) Interest-bearing	416	508	784

SEK M	31/3 2017	31/12 2016	31/3 2016
Opening balance	2,511	2,056	2,056
Cash dividend to shareholders	-	-380	-
Exercised warrants / debenture loan	-	2	2
Sold warrants	-	1	-
New share issue	-	115	-
Discount / issue at discounted price	-	6	-
Revaluation of put option	0	-	-
Comprehensive income for the year	173	711	153
Closing balance	2,684	2,511	2,211

	First quarter		April 16 -	Full year
SEK M	2017	2016	March 17	2016
Operating activities
Profit before tax from continuing operations	234	183	884	833
Loss before tax from discontinued operation	0	0	-21	-21
Depreciation and impairment losses from continuing operations	154	111	565	522
Depreciation and impairment losses from discontinued operation	0	0	0	0

Other items not affecting cash	-9	0	-7	2
Tax paid	-72	-51	-174	-153

Change in inventories	-114	-101	-324	-311
Change in operating receivables	106	29	68	-9
Change in operating liabilities	149	130	810	791
Cash flow from operating activities	448	301	1,801	1,654

Investing activities
Acquisition of non-current assets (intangible and tangible)	-76	-60	-284	-268
Disposal of non-current assets (intangible and tangible)	1	0	20	19
Acquisition of leased vehicles	-293	-285	-1,688	-1,680
Disposal of leased vehicles	204	154	789	739

Operating cash flow	284	110	638	464

Investment in financial assets	0	-4	-5	-9
Disposal of financial assets	10	0	75	65
Acquisition of subsidiary/operation, net	-340	-249	-341	-250
Disposal of subsidiary/operation, net	53	0	100	47
Disposal of discontinued operation, net	0	0	0	0
Cash flow after net investments	7	-143	467	317

Financing activities
Borrowings	350	1,116	700	1,466
Repayment of loans	-100	-650	-316	-866
Change in overdraft facility	-139	-251	-426	-538
Exercised warrants / debenture loan	0	2	0	2
Sold warrants	0	0	1	1
Revaluation of put option	0	0	0	0
Dividend paid to Parent Company's shareholders	0	0	-380	-380

Cash flow from financing activities	111	217	-421	-315
Change in cash and cash equivalents, excl. translation
differences	118	74	46	2
Cash and cash equivalents recognised in assets held for sale	0	0	0	0
Exchange difference in cash and cash equivalents	-1	0	2	3
Change in cash and cash equivalents	117	74	48	5
Cash and cash equivalents at start of period	104	99	173	99
Cash and cash equivalents at end of period	221	173	221	104

The carrying amount of financial instruments is a reasonable approximation of fair value.

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 been valuated to fair value. The value of the currency derivatives is not material and does not constitute a significant item. Fair value measurement has affected earnings positive by SEK 0 M.

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.

	2/15	3/15	4/15		1/16	2/16	3/16	4/16	1/17
Continuing operations
Net turnover, SEK M	5,381	4,597	5,750		5,433	6,433	5,743	6,297	6,815
Operational earnings, SEK M	195	162	247		195	240	187	265	267
Operational margin, %	3.6	3.5	4.3		3.6	3.7	3.3	4.2	3.9
Operating profit, SEK M	384	154	234		185	241	163	252	244
Operating margin, %	7.1	3.4	4.1		3.4	3.7	2.8	4.0	3.6
Profit before tax, SEK M	383	162	234		183	241	162	247	234
The ratio of net debt to EBITDA, times 1)	0.1	-0.1	0.4		0.8	0.7	0.5	0.7	0.7
Interest coverage ratio, times 1)	30.9	41.3	32.9		28.6	16.9	12.1	13.6	13.0
The Bilia Group
Profit/loss for the period, SEK M	297	131	196		143	193	127	173	181
Rate of capital turnover, times 1)	2.99	2.98	2.96		2.93	2.93	2.87	2.70	2.65
Return on capital employed, % 1)	31.7	33.8	36.2		35.6	29.7	28.8	26.4	26.1
Return on equity, % 1)	30.5	31.6	33.2		39.7	32.9	31.0	27.9	28.3
Net debt/equity, times	0.04	-0.05	0.16		0.33	0.31	0.23	0.31	0.30
Equity/assets ratio, %	25	29		28	26	24	25	25	25
Data per share (SEK) 2)
Earnings/loss for the period	5.90 3)	2.60 5)		3.90 7)	2.80 9)	3.80 11)	2.50	3.35	3.50
Equity	35 4)		37 6)	41 8)	44 10)	42	45	49	52
Operating cash flow	3.90 3)	2.45 5)		-4.55 7)	2.15 9)	6.15 11)	6.05	-5.25	5.55

1) Rolling 12 months.

2) Based on number of shares outstanding, 51,399,976.

3) Based on weighted average number of shares outstanding during second quarter, 50,405,884.
4) Based on number of shares outstanding at 30 June 2015, 50,418,122.
5) Based on weighted average number of shares outstanding during third quarter, 50,419,599.
6) Based on number of shares outstanding at 30 September 2015, 50,424,016.
7) Based on weighted average number of shares outstanding during fourth quarter, 50,430,765.
8) Based on number of shares outstanding at 31 December 2015, 50,436,052.
9) Based on weighted average number of shares outstanding during first quarter, 50,662,922.
10) Based on number of shares outstanding at 31 March 2016, 50,700,734.
11) Based on weighted average number of shares outstanding during second quarter, 51,054,197.

	First quarter		April 16 -	Full year
SEK M	2017	2016	March 17	2016
Net turnover	102	122	365	385
Administrative expenses	-116	-131	-430	-445
Operating loss 1)	-14	-9	-65	-60

Result from financial items
Income from interests in Group companies	0	-74	115	41
Interest income from Group companies	12	9	36	33
Other interest income and similar line items	6	7	24	25
Interest expenses to Group companies	0	0	0	0
Interest expenses and similar line items	-13	-11	-45	-43
Loss after financial items	-9	-78	65	-4

Appropriations	0	0	683	683
Profit before tax	-9	-78	748	679
Tax	-2	0	-135	-133
Net profit for the year	-11	-78	613	546

1) Straight-line amortisation/depreciation by asset class:
- Intellectual property	0	-5	-1	-6
- Buildings	-2	-1	-5	-4
- Equipment, tools, fixtures and fittings	0	-1	-1	-2
Total	-2	-7	-7	-12

Interim report Bilia AB (publ) 1 January – 31 March 2017 17 (18)

SEK M	31/3 2017	31/12 2016	31/3 2016
Assets
Non-current assets
Intangible assets
Intellectual property	2	2	57
Property, plant and equipment	2	2	57
Buildings	62	43	32
Construction in progress	19	15	11

Equipment, tools, fixtures and fittings	2 83	2 60	13 56
Long-term investments
Interests in Group companies	1,345	1,122	856
Other securities held as non-current assets	0	0	0
Deferred tax asset	44	46	99
	1,389	1,168	955
Total non-current assets	1,474	1,230	1,068
Current assets
Current receivables
Receivables from Group companies	101	1,486	372
Other receivables	104	196	137
Cash on hand and accrued deposits	1,410	27	708
Total current assets	1,615	1,709	1,217
Total assets	3,089	2,939	2,285
Equity and liabilities Equity Restricted equity
Share capital	257	257	253
Statutory reserve	47	47	47
	304	304	300
Non-restricted equity
Share premium reserve	167	167	49
Retained earnings including net profit for the year	920	931	687
	1,087	1,098	736
Total equity	1,391	1,402	1,036
Untaxed reserves	495	495	468
Provisions
Deferred tax liability	3	3	3
Non-current liabilities	3	3	3
Bond issue	1,008	751	496
Other liabilities	5	5	5
	1,013	756	501
Current liabilities
Liabilities to Group companies	14	21	-
Other loans	-	-	116
Other liabilities	173	262	161
	187	283	277
Total equity and liabilities	3,089	2,939	2,285

AI assistant

Bilia Interim / Quarterly Report 2017

2892_10-q_2017-05-02_2c35ce63-7dba-44b1-a271-e587067968d4.pdf

Specification of interest-bearing net debt/receivable

Ratio of net debt to EBITDA

Strong earnings in Norway and Sweden

Higher order backlog

Growth in the Service Business

Strong earnings in the Service Business

Continued mechanic shortage in Sweden

Effects of the acquisition

AI assistant

Bilia — Interim / Quarterly Report 2017

2892_10-q_2017-05-02_2c35ce63-7dba-44b1-a271-e587067968d4.pdf

Specification of interest-bearing net debt/receivable

Ratio of net debt to EBITDA

Strong earnings in Norway and Sweden

Higher order backlog

Growth in the Service Business

Strong earnings in the Service Business

Continued mechanic shortage in Sweden

Effects of the acquisition

More from Bilia

Bilia Interim / Quarterly Report 2017