Bilia — Interim / Quarterly Report 2019

Apr 29, 2019

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	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
The Group
Net turnover	6,874	6,978	28,278	28,382
Operational earnings 1)	238	218	1,054	1,034
Operational earnings, excluding IFRS 16 2)	227	218	1,043	1,034
Operational margin, %	3.5	3.1	3.7	3.6
Operating profit	211	196	958	943
Operating profit, excluding IFRS 16 2)	200	196	947	943
Operating margin, %	3.1	2.8	3.4	3.3
Profit before tax	192	188	926	922
Profit before tax, excluding IFRS 16 2)	200	188	934	922
Net profit for the period/year	154	146	742	734
Earnings per share, SEK 3)	1.50	1.45	7.30	7.25

1) For reconciliation of operational earnings with operating profit, see Note 3.

2) IFRS 16 Leases was introduced on 1 January 2019. Bilia has used a modified retroactive method, which means that figures for 2018 are not restated. Some items for 2019 have, however, been reported excluding IFRS 16 to enable comparison with 2018. See Note 1 and Definitions and performance measures.

3) The number of shares used in the calculation is shown in the Consolidated Statement of Income and Other Comprehensive Income.

The Managing Director's comments

Continued high growth in the Service Business Improved profits for used cars in the Car Business Increased order backlog during the quarter

Demand for service remained high in the first quarter and the Service Business reported growth of just over 6 per cent adjusted for comparable operations and working days. Operational earnings for the Service Business, excluding IFRS 16, improved by SEK 43 M or 25 per cent compared with last year. Demand for used cars also remained strong and profit, excluding IFRS 16, from sales of used cars improved by SEK 42 M. Profit for the Car Business in the first quarter, excluding IFRS 16, was however negatively impacted by fewer deliveries in sales of new cars, why profit was lower than last year in the Car Business. Gratifying, the order intake was on a par with last year's high level. The order backlog increased by just over 2,700 cars during the first quarter. All in all, the operational profit for the Group, excluding IFRS 16, was SEK 9 M higher than last year.

Continued growth in customer service subscriptions

At the end of the first quarter we had around 107,000 customers with service subscriptions for new and used cars, an increase of 1.5 per cent since the beginning of the year. Service subscriptions make life easier for our customers at a favourable price, and allow us to offer customers further services for their car's needs. Furthermore, at the end of the first quarter, we stored just over 321,000 wheels on behalf of our customers at our 76 tyre hotels, an increase of 3.5 per cent since the beginning of the year.

Continued electrification of the Norwegian car market

In Norway, electric, plug-in and hybrid cars accounted for 70 per cent of car registrations in the first quarter. Electric cars alone accounted for 48 per cent of registrations and now represent around 6 per cent of the car stock in Norway. In Sweden and the countries where we operate in Western Europe, electric cars still accounted for less than 1 per cent of the car stock. In the Norwegian market in particular it is essential to have a range of products and models that matches the prevailing tax rules, which currently favour electric and plug-in hybrid cars. Our car brands are not launching any new models of electric car in 2019 but they will be in 2020. The hybrid cars are, however, still being well received by the market in Norway and our order intake of new cars during the quarter was 11 per cent higher than last year.

Will self-driving cars become a reality?

We are now beginning to see the first self-driving cars on the roads. The technology for level 2 selfdriving cars already exists in many of our cars today and they can parallel park, avoid obstacles and to some extent steer themselves, for example. Personally I think that totally self-driving cars, level 5, lie far in the future as this requires an overhaul of legislation and the question of responsibility. It is an exciting development. Self-driving cars together with a pooling service could lead to that each car would be used more, which contributes to a more sustainable society.

Per Avander, Managing Director and CEO

Group results

Net turnover and earnings

First quarter 2019

Net turnover amounted to SEK 6,874 M (6,978). For comparable operations and adjusted for exchange rate fluctuations, net turnover decreased by approximately 5 per cent.

Operating profit totalled SEK 211 M (196), and SEK 200 M excluding IFRS 16. Operational earnings totalled SEK 238 M (218), and SEK 227 M excluding IFRS 16. The operational margin was 3.5 per cent (3.1) and 3.3 per cent excluding IFRS 16. The Service Business reported a profit that was higher than last year, mainly attributable to underlying growth of just over 6 per cent in Sweden and Norway. The Car Business reported a profit that was lower than last year, and this was attributable to fewer deliveries of new cars and a lower gross profit margin in sales of new cars. Sales of used cars, however, generated a far higher profit than last year, which was attributed to a higher turnover and gross profit margin.

The Group's underlying overheads increased by approximately 1 per cent on last year. Overheads totalled 13.5 per cent in relation to net turnover, which was 0.8 percentage points higher than last year. As a result of the profit level and customer satisfaction during the quarter, a provision totalling SEK 8 M (6) was made for employee bonuses in Sweden.

The operation in Sweden reported a profit of SEK 187 M (164), and SEK 181 M excluding IFRS 16. The margin totalled 4.5 per cent (3.8) and 4.4 per cent excluding IFRS 16. Profit in the Norwegian operation totalled SEK 60 M (60), and SEK 56 M excluding IFRS 16. The margin totalled 3.5 per cent (3.2) and 3.3 per cent excluding IFRS 16. The operation in Western Europe reported a profit of SEK 6 M (5), and SEK 6 M excluding IFRS 16. The margin totalled 0.6 per cent (0.6), and 0.5 per cent excluding IFRS 16. The operating loss for the Parent Company in the first quarter amounted to SEK -17 M (-15).

Profit for the period totalled SEK 154 M (146), and SEK 161 M excluding IFRS 16. Earnings per share amounted to SEK 1.50 (1.45). Exchange rate fluctuations did not have a material impact on profit.

The number of employees increased by 65 persons during the quarter and totalled 4,850 persons. Adjusted for acquired operations, the number of employees increased by 49 persons.

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
Sweden	4,125	4,307	17,560	17,742
Norway	1,731	1,911	7,293	7,473
Western Europe	1,012	755	3,400	3,143
Parent Company, other	6	5	25	24
Total	6,874	6,978	28,278	28,382

Net turnover by geographic market

Operational earnings by geographic market

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
Sweden	187	164	792	769
Norway	60	60	258	258
Western Europe	6	5	74	73
Parent Company, other	-15	-11	-70	-66
Total	238	218	1,054	1,034

Operational earnings by geographic market, excluding IFRS 16

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
Sweden	181	164	786	769
Norway	56	60	254	258
Western Europe	6	5	74	73
Parent Company, other	-16	-11	-71	-66
Total	227	218	1,043	1,034

Margin by geographic market

		First quarter		Full year
Per cent	2019	2018	March 19	2018
Sweden	4.5	3.8	4.5	4.3
Norway	3.5	3.2	3.5	3.5
Western Europe	0.6	0.6	2.2	2.3
Parent Company, other	-	-	-	-
Total	3.5	3.1	3.7	3.6

Margin by geographic market, excluding IFRS 16

	First quarter		April 18 -	Full year
Per cent	2019	2018	March 19	2018
Sweden	4.4	3.8	4.5	4.3
Norway	3.3	3.2	3.5	3.5
Western Europe	0.5	0.6	2.2	2.3
Parent Company, other	-	-	-	-
Total	3.3	3.1	3.7	3.6

Net financial items and tax

Net financial items for the first quarter totalled SEK -19 M (-8), and SEK 0 M excluding IFRS 16. Net financial items were affected positively by exchange rate fluctuations during the first quarter.

Tax during the first quarter amounted to SEK -38 M (-42), and the effective tax rate was 20 per cent (22).

Operating cash flow

Operating cash flow for the first quarter totalled SEK 340 M (-174). Operating cash flow excluding IFRS 16 for the first quarter totalled SEK 212 M. Operating cash flow for the quarter was boosted by the decrease in working capital, primarily inventories. After acquisitions and disposals of operations and changes in financial assets, cash flow amounted to SEK 319 M (-225). The corresponding figure excluding IFRS 16 was SEK 191 M.

Financial position

The balance sheet total increased by SEK 2,852 M during 2019, amounted to SEK 14,923 M. The increase can mainly be attributed to the introduction of the new accounting standard IFRS 16 Leases, which increased the balance sheet total by SEK 2,637 M.

Equity increased by SEK 191 M during 2019, totalling SEK 3,106 M.

The equity/assets ratio totalled 21 per cent (25), and 25 per cent excluding IFRS 16.

Net debt increased by SEK 2,461 M in the first quarter of 2019, amounted to SEK 4,064 M. The increase can be explained by the introduction of the new accounting standard IFRS 16. Excluding lease liabilities attributable to IFRS 16, net debt amounted to SEK 1,437 M, a decrease of SEK 166 M since December 2018. The ratio of net debt to EBITDA including IFRS 16 was 2.9 times compared with 1.3 times in the previous year. The ratio of net debt to EBITDA excluding IFRS 16 was 1.1 times.

Abilia

Excluding IFRS 16

Liquidity remained good, and at the end of March a receivable of SEK 171 M was reported from the banks (Nordea and DNB). Bilia's combined credit limit with Nordea and DNB amounts to SEK 1,500 M.

Investments (excluding right-of-use assets)

Acquisitions of non-current assets during the first quarter amounted to SEK 63 M (76) excluding lease vehicles and SEK 475 M (468) including lease vehicles. Replacement investments represented SEK 15 M (33), expansion investments SEK 13 M (20), environmental investments SEK 7 M (1), investments in new construction and additions to properties SEK 24 M (14), finance leases SEK 4 M (8) and lease vehicles SEK 412 M (392).

Total	475	468	1,725	1,718
Parent Company, other	27	21	106	100
Western Europe	4	ব	57	57
Norway	168	74	499	405
Sweden	276	369	1,063	1,156
SEK M	2019	2018	March 19	2018
	First quarter		April 18 -	Full year
investments in non-current assets by geographic market

Excluding right-of-use assets

Notable events

Events during the first quarter

• · Netbil Begagnat AB (Netbil), a company in the Bilia Group that sells used cars via two sales channels – online auctions and showrooms – opened a further two centres in the first quarter: Netbil in Kungens Kurva, southern Stockholm and Netbil in Jägersro, Malmö.
• · In February Bilia signed an agreement to acquire Jensen & Scheele Bil AS. The business is located in Halden, Østfold, south of Oslo in Norway. Jensen & Scheele Bil AS comprises a complete Volvo centre, a bodyshop and a centre for sales of used cars including a service workshop. The company joined the Group on 1 April 2019. During the 2018 financial year, Jensen & Scheele Bil AS's turnover amounted to approximately NOK 370 M, with an average operating margin of around 3.5 per cent over the past four years.

Notable events after the balance sheet date

· No significant events have occurred after the end of the quarter.

Further information about the above-mentioned events along with other press information is available at bilia.com.

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Growth in the Service Business
	First quarter
Per cent	Sweden	Norway	Total
Change from last year
Reported turnover	7.0	10.5	8.0
Underlying turnover	7.0	6.5	6.9
Calendar effect	0.0	-1.6	-0.5
Adjusted turnover	7.0	4.9	6.4

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Turnover by geographic market

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
Sweden	1,089	1,018	4,219	4,148
Norway	429	388	1,673	1,632
Western Europe	186	155	704	673
Total	1,704	1,561	6,596	6,453

Operational earnings by geographic market

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
Sweden	149	112	557	520
Norway	56	41	191	176
Western Europe	13	16	67	70
Total	218	169	815	766

Operational earnings by geographic market, excluding IFRS 16

		First quarter		Full year
SEK M	2019	2018	March 19	2018
Sweden	145	112	553	520
Norway	54	41	189	176
Western Europe	13	16	67	70
Total	212	169	809	766

Margin by geographic market

	First quarter		April 18 -	Full year
Per cent	2019	2018	March 19	2018
Sweden	13.7	11.1	13.2	12.5
Norway	13.1	10.5	11.4	10.8
Western Europe	7.1	10.0	9.5	10.4
Total	12.8	10.8	12.4	11.9

Margin by geographic market, excluding IFRS 16

	First quarter		April 18 -	Full year
Per cent	2019	2018	March 19	2018
Sweden	13.4	11.1	13.1	12.5
Norway	12.5	10.5	11.3	10.8
Western Europe	7.1	10.0	9.5	10.4
Total	12.4	10.8	12.3	11.9

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		Deliveries	Order backlog
		First quarter		Full year	31 March	31 March
Number of	2019	2018	April 18 - March 19	2018	2019	2018
Sweden	7,449	8,517	33,892	34,960	8,292	8,532
Norway	2,280	2,715	9,461	9,896	2,369	2,401
Western Europe 1)	1,607	1,156	5,919	5,468	1,724	1,627 2)
Total	11,336	12,388	49,272	50,324	12,385	12,560 2)

New cars by geographic market

1) Verstraeten and Gent Store by Verstraeten are included in deliveries during the quarter with 274 (-) and with 205 (-) in order backlog.

2) Earlier figures published for Western Europe have been corrected.

Used cars by geographic market

	Deliveries
	First quarter		April 18 -	Full year
Number of	2019	2018	March 19	2018
Sweden	7,862	8,002	33,647	33,787
Norway	2,582	2,701	9,681	9,800
Western Europe 1)	1,512	1,201	4,837	4,526
Total	11,956	11,904	48,165	48,113

1) Verstraeten and Gent Store by Verstraeten are included in deliveries during the quarter with 253 (-).

Total	5,214	5,463	21,739	21,988
Western Europe	849	620	2,774	2,545
Norway	1,410	1,635	6,075	6,300
Sweden	2,955	3,208	12,890	13,143
SEK M	2019	2018	March 19	2018
	First quarter		April 18 -	Full year

Turnover by geographic market

Operational earnings by geographic market

		First quarter		Full year
SEK M	2019	2018	March 19	2018
Sweden	27	38	208	219
Norway	4	19	67	82
Western Europe	-7	-11	7	3
Total	24	46	282	304

Operational earnings by geographic market, excluding IFRS 16

Total	20	46	278	304
Western Europe	-7	-11	7	3
Norway	2	19	65	82
Sweden	25	38	206	219
SEK M	2019	2018	March 19	2018
		First quarter		Full year
			April 18 -

Margin by geographic market

	First quarter		April 18 -	Full year
Per cent	2019	2018	March 19	2018
Sweden	0.9	1.2	1.6	1.7
Norway	0.3	1.2	1.1	1.3
Western Europe	-0.9	-1.8	0.3	0.1
Total	0.5	0.9	1.3	1.4

Margin by geographic market, excluding IFRS 16

	First quarter		April 18 -	Full year
Per cent	2019	2018	March 19	2018
Sweden	0.9	1.2	1.6	1.7
Norway	0.2	1.2	1.1	1.3
Western Europe	-0.9	-1.8	0.3	0.1
Total	0.4	0.9	1.3	1.4

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Turnover
		First quarter		Full year
SEK M	2019	2018	March 19	2018
Total	307	289	1,315	1,297
Operational earnings
		First quarter		Full year
SEK M	2019	2018	March 19	2018
Total	11	14	27	30
Margin
		First quarter		Full year
Per cent	2019	2018	March 19	2018
Total	3.6	4.8	2.1	2.3

Other information

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:

• · Risks related to changes in demand for Bilia's products and services due to changes in the market related to economic conditions, government decisions, the establishment of alternative sales channels, the competitiveness of products and technological development. Lower demand for cars could entail risks related to the current stock of cars and cars with guaranteed buy-back values.
• · Risks related to dealer/service authorisations, since Bilia is dependent on approval by manufacturers/general agents to expand and establish new sales of new cars. Authorisation agreements can be terminated by the other party and Bilia's vehicle suppliers could become insolvent, which could entail the risk of disruption in the operation.
• · Risks related to Bilia not having the capacity and resources to develop its own concepts and services, and of our suppliers not being able to offer competitive products in line with the customers' wishes and requirements.
• Risks related to recruiting and retaining skilled employees, retaining strategic business locations for our operations, acquiring and integrating new operations in a successful manner, which could affect Bilia's potential to expand its operations according to its set financial goals.
• · Risks related to non-compliance with regulations, a lack of environmental pollution remediation and a lack of control over IT operation could entail regulatory consequences, financial burdens, operational disruptions and an adverse impact on Bilia's reputation.

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 published information about the risks that affect the Group, please refer to the 2018 Annual Report.

Seasonal variations and number of working days

Bilia's operations and operating profit are influenced to a limited extent by seasonal variations. The number of working days during the report periods is influenced by how holidays fall in the different countries in different years. The number of working days in the period influences business operations and profits in the Service Business in particular, but also in the Car Business.

Related party transactions

For a description of related party transactions, see page 87 of the 2018 annual report.

Parent Company

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

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Accounts - Group

Consolidated Statement of Income and Other Comprehensive Income

	First quarter		April 18 -	Full year
SEK M	2019 1)	2018	March 19 1)	2018
Net turnover	6,874	6,978	28,278	28,382
Costs of goods sold	-5,729	-5,892	-23,644	-23,807
Gross profit	1,145	1,086	4,634	4,575
Other operating income	1	2	5	ട്
Selling and administrative expenses	-925	-887	-3,660	-3,622
Other operating expenses	-10	-5	-21	-16
Operating profit 1)	211	196	ರಿ 28	943
Financial income	11	1	12	2
Financial expenses	-38	-15	-87	-64
Shares in profits of associated companies	8	6	43	41
Profit before tax	192	188	926	922
Tax	-38	-42	-184	-188
Net profit for the period	154	146	742	734
Other comprehensive income/loss
Items that can be reclassified to profit or loss
Translation differences attributable to foreign
operations	38	55	14	31
Other comprehensive income/loss after tax	38	55	14	31
Comprehensive income for the period	192	201	756	765
Net profit for the period attributable to:
Parent Company's shareholders Comprehensive income for the period	154	146	742	734
attributable to:
Parent Company's shareholders	192	201	756	765
Weighted average number of shares, '000: - before dilution	100,951	100,951	100,951	100,951
- after dilution	101,054	100,951	101,039	101,013
Basic earnings/loss per share, SEK	1.50	1.45	7.30	7.25
Diluted earnings/loss per share, SEK	1.50	1.45	7.30	7.25
Weighted average number of own shares, '000	1,849	1,849	1,849	1,849
1) Straight-line amortisation/depreciation by asset class: - Intellectual property	-30	-24	-106	-100
- Land and buildings	-13	-10	-61	-58
- Equipment, tools, fixtures and fittings	-27	-26	-94	-93
- Leased vehicles	-102	-104	-425	-427
- Right-of-use assets	-112	O	-112	O
Total	-284	-164	-798	-678

1) IFRS 16 Leases was introduced on 1 January 2019. Bilia has used a modified retroactive method, which means that figures for 2018 are not restated. See Note 1 and Definitions and performance measures.

		31 March 31 December	31 March
SEK M	2019 1)	2018	2018
Assets
Non-current assets
Intangible assets
Intellectual property	672	670	604
Goodwill	861	842	765
	1,533	1,512	1,369
Property, plant and equipment
Land and buildings	743	726	603
Construction in progress	80	83	38
Equipment, tools, fixtures and fittings	516	500	466
Leased vehicles 1)	3,060	2,958	3,087
Right-of-use assets	2,727	-	-
	7,126	4,267	4,194
Long-term investments
Financial investments 1)	458	449	421
Long-term receivables 2)	2	-	-
	460	449	421
Deferred tax assets	85	81	77
Total non-current assets	9,204	6,309	6,061
Current assets
Inventories, merchandise	3,903	3,992	3,830
Current receivables
Other receivables 1)	1,369	1,456	1,465
Cash and cash equivalents 2)	447	314	109
Total current assets	5,719	5,762	5,404
TOTAL ASSETS	14,923	12,071	11,465
Equity and liabilities
Equity
Share capital	257	257	257
Other contributed capital	167	167	167
Reserves	31	-7	17
Retained earnings including net profit for the year	2,651	2,498	2,374
Total equity	3,106	2,915	2,815
Non-current liabilities
Bond issue 3)	1,283	1,281	1,006
Interest-bearing liabilities 4)	249	282	233
Lease liabilities 4)	2,223	-	-
Other liabilities and provisions 3)	2,156	2,083	2,356
	5,911	3,646	3,595
Current liabilities
Interest-bearing liabilities 4)	786	776	864
Lease liabilities 4)	404	-	-
Other liabilities and provisions	4,716	4,734	4,191
	5,906	5,510	5,055
TOTAL EQUITY AND LIABILITIES	14,923	12,071	11,465
Assets
1) Of which interest-bearing 2) Interest-bearing	449 449	441 314	414 109
Liabilities
3) Of which interest-bearing 4) Interest-bearing	1,300 3,662	1,300 1,058	1,000 1,097

1) IFRS 16 Leases was introduced on 1 January 2019. Bilia has used a modified retroactive method,

which means that figures for 2018 are not restated. See Note 1 and Definitions and performance measures.

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Statement of Changes in Group Equity, Summary

		31 March 31 December	31 March
SEK M	2019 1)	2018	2018
Opening balance	2,915	2,620	2,620
Cash dividend to shareholders	-	-456
Incentive programme	0	1
Revaluation of put option	-1	-15	-6
Comprehensive income for the year	192	765	201
Equity at end of period	3,106	2,915	2,815

1) IFRS 16 Leases was introduced on 1 January 2019. Bilia has used a modified retroactive method, which means that figures for 2018 are not restated. See Note 1 and Definitions and performance measures.

	First quarter		April 18 -	Full year
SEK M	2019 1)	2018	March 19 1)	2018
Operating activities
Profit before tax	192	188	926	922
Depreciation and impairment losses	284	164	863	743
Other items not affecting cash	0	-8	-31	-39
Tax paid	-112	-53	-239	-180
Change in inventories	149	-276	-17	-442
Change in operating receivables	13	61	80	128
Change in operating liabilities	46	-42	83	-5
Kassaflöde från den löpande verksamheten	572	34	1,665	1,127
Investing activities
Acquisition of non-current assets (intangible and tangible)	-63	-76	-258	-271
Disposal of non-current assets (intangible and tangible)	5	0	39	34
Acquisition of leased vehicles	-412	-392	-1,467	-1,447
Disposal of leased vehicles	240	260	1,079	1,099
Acquisition of right-of-use assets	-2	0	-2	0
Disposal of right-of-use assets	0	0	0	0
Operating cash flow	340	-174	1,056	542
Investment in financial assets	-3	0	-6	-3
Disposal of financial assets	0	0	2	2
Acquisition of subsidiary/operation, net	-18	-51	-301	-334
Disposal of subsidiary/operation, net	0	0	0	0
Cash flow from investing activities	-253	-259	-914	-920
Cash flow after net investments	319	-225	751	207
Financing activities
Borrowings	575	648	3,309	3,382
Repayment of loans	-621	-501	-3,073	-2,953
Repayment of lease liabilities	-16	-14	-62	-60
Lease liabilities entered IFRS 16	2	0	2	0
Repayment of lease liabilities IFRS 16	-129	0	-129	0
Revaluation of put option	0	-6	-9	-15
Dividend paid to the company's shareholders	0	0	-456	-456
Cash flow from financing activities	-189	127	-418	-102
Change in cash and cash equivalents, excl. translation
differences	130	-98	333	105
Exchange difference in cash and cash equivalents	3	5	5	7
Change in cash and cash equivalents	133	-93	338	112
Cash and cash equivalents at start of period	314	202	202	202
Cash and cash equivalents at end of period	447	109	540	314

1) IFRS 16 Leases was introduced on 1 January 2019. Bilia has used a modified retroactive method,

which means that figures for 2018 are not restated. See Note 1 and Definitions and performance measures.

Additional disclosures - Group

Note 1 Accounting principles

This interim report has been prepared in accordance with International Financial Accounting Standards (IFRSs) IAS 34 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 accounting policies from 1 January 2019

On 1 January 2019, IFRS 16 Leases replaced existing to accounting of leases. The standard removes the division of leases into operating and finance leases for the lessee, as was required by IAS 17, and instead introduces a common model for reporting all leases. According to this model the lessee must report a) assets and liabilities for all leases running for more than 12 months, with the exception of low-value assets, b) depreciation of leased assets separately from the interest expense of leases in the result.

In the transition to IFRS 16 on 1 January 2019 Bilia has used a modified retroactive method, which means that figures for 2018 are not restated. The leasing liability was the total of the present value of all future lease fees until the lease comes to an end. The simplification rule that the right-of-use asset (before adjustments for any advance payments) should correspond to the lease liability has been applied in the transition. The discount rate was Bilia's marginal borrowing rate with regard to the duration of the lease. The simplification rule for definition of a lease has been applied, which means that all components in a lease have been regarded as a lease component. The exceptions for not reporting short-term leases and assets of low value has also been applied.

The estimated opening balance of the lease liability and the right-of-use asset amounted to SEK 2,793 M for existing leases. The largest class of asset for leases was properties, such as the centres where Bilia conducts its business. Bilia's reported profit, financial position and cash flow in the first quarter of 2019 were affected by the introduction of IFRS 16 Leases as described below.

	Consolidated statement of income and other comprehensive income, summary

	Excluding IFRS 16		Including IFRS 16
	First quarter	IFRS 16	First quarter
MSEK	2019		2019
Net turnover	6,874		6,874
Gross profit	1,140	5	1,145
Other operating income	1		1
Selling and administrative expenses	-931	6	-925
Other operating expenses	-10		-10
Operating profit	200	11	211
Net financial items	0	-19	-19
Profit before tax	200	-8	192
Deferred tax	8	1	ತಿ
Tax	-47	-	-47
Net profit for the period	161	-7	154
Translation differences attributable to foreign
operations	38	O	38
Comprehensive income for the period	199	-7	192
Total amortisation/depreciation	-172	-112	-284

Consolidated statement of financial position, summary

MSEK	Excluding IFRS 16 31 March 2019	IFRS 16 Including IFRS 16 31 March 2019
Assets
Intangible assets	1,533	-	1,533
Right-of-use assets	-	2,727	2,727
Other property, plant and equipment	4,399	-	4,399
Long-term investments	460	-	460
Deferred tax assets	84	1	85
Total non-current assets	6,476	2,728	9,204
Total current assets	5,810	-91	5,719
TOTAL ASSETS	12,286	2,637	14,923
Equity and liabilities
Total equity	3,113	-7	3,106
Bond issue	1,283	-	1,283
Interest-bearing liabilities	249	2,223	2,472
Other liabilities and provisions	2,156	-	2,156
Total non-current liabilities	3,688	2,223	5,911
Interest-bearing liabilities	786	404	1,190
Other liabilities and provisions	4,699	17	4,716
Total current liabilities	5,485	421	5,906
TOTAL EQUITY AND LIABILITIES	12,286	2,637	14,923

Consolidated statement of cash flows, summary

	Excluding IFRS 16	Including IFRS 16
	First quarter	IFRS 16	First quarter
MSEK	2019		2019
Profit before tax	200	-8	192
Depreciation and impairment losses	172	112	284
Other items not affecting cash	0	-	0
Tax paid	-112	-	-112
Change in inventories and in operating receivables/liabilities	182	26	208
Cash flow from operating activities	442	130	572
Acquisition/disposal of non-current assets	-230	-2	-232
Operating cash flow	212	128	340
Investment in/disposal of financial assets	-3	-	-3
Acquisition/disposal of subsidiary/operation, net	-18	-	-18
Cash flow from investing activities	-251	-2	-253
Cash flow after net investments	191	128	319
Borrowings	575	2	577
Repayment of loans	-636	-130	-766
Dividend paid to the company's shareholders	0	-	0
Cash flow from financing activities	-61	-128	-189
Change in cash and cash equivalents	130	0	130

Note 2 Fair value of financial instruments

Derivative instruments such as interest rate swaps and forward exchange contracts are used to manage Bilia's interest rate risk. They should only be used to meet the requirements on minimising risk in a cost-effective manner as prescribed by the finance policy. 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 observable market inputs other than those included in level 1.

Level 3: according to inputs not based on observable market data.

Currency derivatives are recognised as financial assets and liabilities and are measured at fair value in accordance with Level 2. The value of the currency derivatives is not material and does not constitute a significant item in the Consolidated Statement of Financial Position. Measurement of the currency derivatives at fair value has resulted in a cost of SEK 1 M that is matched by a revenue stemming from revaluation of assets in foreign currencies. The effect on the Group's profit is SEK 0 M.

Calculation of fair value

The fair value of currency derivatives is determined on the basis of market 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.

Note 3 Revenues and costs that affect comparability

"Structural costs" during 2019 relate to expenses for relocation of operations in Sweden. "Structural costs" during 2018 primarily relate to expenses for reducing employees. "Acquisition-related costs and value adjustments" pertain to costs for the acquisition of operations.

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
The Group
Operational earnings	238	218	1.054	1,034
- Gain from sale of operation	0	0	0	0
- Structural costs etc.	-2	-2	-8	-8
- Acquisition-related costs and value adjustments	-2	-1	-7	-6
- Amortisation of surplus values	-23	-19	-81	-77
Operating profit	211	196	958	943
	First quarter		April 18 -	Full vear
SEK M	2019	2018	March 19	2018
The Group
Operational earnings, excluding IFRS 16	227	218	1,043	1,034
- Gain from sale of operation	0	0	0	0
- Structural costs etc.	-2	-2	-8	-8
- Acquisition-related costs and value adjustments	-2	-1	-7	-6
- Amortisation of surplus values	-23	-19	-81	-77

とbilia

Note 4 Group's operating segments

31 March 2019
SEK M	Service	Car	Fuel	Total	Segment reconciliation	Group
Net turnover
External sales	1,347	5,214	307	6,868	ട	6,874
Internal sales	357			357	-357
Total net turnover	1,704	5,214	307	7,225	-351	6,874
Depreciation/amortisation	-90	-178	-2	-270	-14	-284
Operational earnings/Operating profit/loss	218	24	11	253	-42	211
Interest income						11
Interest expenses						-38
Shares in profits of associated companies		8		8		8
Profit before tax						192
Tax expense for the period						-38
Net profit for the period						154
Revenue and costs that affect comparability:
- Profit from sale of operation, other	0	0		0		0
- Structural costs etc.	-2	0		-2		-2
- Acquisition-related costs and value adjustments	-1	-1		-2		-2
- Amortisation of surplus values	-11	-12		-23		-23
Total	-14	-13		-27		-27
Assets
Interests in associated companies		449		449		449
Deferred tax assets						85
Other assets						14,389
Total assets						14,923
Investments in non-current assets	23	423	2	448	27	475
Liabilities
Equity						3,106
Liabilities						11,817
Total liabilities and equity						14,923

	Service			Car
			Western			Western
SEK M	Sweden	Norway	Europe	Sweden	Norway	Europe
Turnover
External sales	864	320	163	2,955	1,410	849
Internal sales	225	109	23
Total turnover	1,089	429	186	2,955	1,410	849
Depreciation/amortisation	-53	-23	-14	-138	-26	-14
Operational earnings	149	કદ	13	27	ব	-7
Shares in profits of associated companies				8
Revenue and costs that affect comparability:
- Profit from sale of operation, other
- Structural costs etc.	-2			O
- Acquisition-related costs and value adjustments	-1					-1
- Amortisation of surplus values	-3	-2	-6	-3	-3	-6
Total	-6	-2	-6	-3	-3	-7
Interests in associated companies				449
Investments in non-current assets	7	14	2	267	154	2

	Revenues from Non-current
SEK M	customers	assets
Geographical segments
Sweden	4,131	7,155
Norway	1,731	2,134
Germany	281	140
Luxembourg	340	634
Belgium	391	652
Segment reconciliation	0	-1,596
Total	6,874	9,119

31 March 2018

SEK M	Service	Car	Fuel	Total	Segment reconciliation	Group
Net turnover
External sales	1,221	5,463	289	6,973	5	6,978
Internal sales	340			340	-340	-
Total net turnover	1,561	5,463	289	7,313	-335	6,978
Depreciation/amortisation	-28	-124	-1	-153	-11	-164
Operational earnings/Operating profit/loss	169	46	14	229	-33	196
Interest income						1
Interest expenses						-15
Shares in profits of associated companies		6		6		6
Profit before tax						188
Tax expense for the period						-42
Net profit for the period						146
Revenue and costs that affect comparability:
- Profit from sale of operation, other	0	0		0		0
- Structural costs etc.	-1	-1		-2		-2
- Acquisition-related costs and value adjustments	-1	0		-1		-1
- Amortisation of surplus values	-10	-9		-19		-19
Total	-12	-10	-	-22	-	-22
Assets
Interests in associated companies		414		414		414
Deferred tax assets						77
Other assets						10,974
Total assets						11,465
Investments in non-current assets	33	412	2	447	21	468
Liabilities
Equity						2,815
Liabilities						8,650
Total liabilities and equity						11,465

& bilia

	Service			Car
			Western			Western
SEK M	Sweden	Norway	Europe	Sweden	Norway	Europe
Turnover
External sales	812	274	135	3,208	1,635	620
Internal sales	206	114	20
Total turnover	1,018	388	155	3,208	1,635	620
Depreciation/amortisation	-16	-5	-7	-110	-8	-6
Operational earnings	112	41	16	38	19	-11
Shares in profits of associated companies				6
Revenue and costs that affect comparability:
- Profit from sale of operation, other
Structural costs etc.		-1				-1
- Acquisition-related costs and value adjustments	-1	0			0
- Amortisation of surplus values	-3	-2	-5	-3	-3	-3
Total	-4	-3	-5	-3	-3	-4
Interests in associated companies				414
Investments in non-current assets	29	3	1	338	71	3

	Revenues from	Non-current
SEK M	customers	assets
Geographical segments
Sweden	4,313	5,537
Norway	1,911	1,055
Germany	252	82
Luxembourq	300	627
Belgium	203	275
Segment reconciliation	-1	-1,592
Total	6,978	5,984

Note 5 Acquisitions

The acquisition of an authorised service business in Furubakken, Norway in 2019 did not have a material effect on the Group, which is why the acquisition analysis was not reported.

Note 6 Specification of interest-bearing net debt/receivable and EBITDA

Specification of interest-bearing net debt/receivable

	31 March	31 December	31 March
SEK M	2019	2018	2018
Current interest-bearing liabilities	786	776	864
Non-current interest-bearing liabilities	1,549	1,582	1,233
Lease liabilities IFRS 16	2,627
Cash and cash equivalents	-447	-314	-109
Interest-bearing assets	-2
Interests in associated companies	-449	-441	-414
Net debt(+)/receivable(-) at end of period/year	4,064	1,603	1,574
Net debt(+)/receivable(-) at end of period/year, excluding
IFRS 16	1,437	1,603	1,574

とbilia

The ratio of net debt to EBITDA

	31 March	31 December	31 March
SEK M	2019	2018	2018
Operational earnings	238	1,034	218
Operational earnings, excluding IFRS 16	227	1,034	218
Total depreciation/amortisation	284	678	164
-amortisation of surplus values	-23	-77	-19
-depreciation of right-of-use assets	-12		-
-depreciation of leased vehicles with repurchase agreements	-87	-366	-91
Depreciation/amortisation added back	174	235	54
Depreciation/amortisation added back, excluding IFRS 16	62	235	54
EBITDA	412	1,269	272
EBITDA, excluding IFRS 16	289	1,269	272
The ratio of net debt to EBITDA rolling 12 months, times	2.9	1.3	1.3
The ratio of net debt to EBITDA rolling 12 months, times, excluding IFRS 16	1.1	1.3	1.3

് bilia

Accounts - Parent Company

Income Statement for Parent Company

	First quarter		April 18 -	Full year
SEK M	2019	2018	March 19	2018
Net turnover	130	118	497	485
Administrative expenses	-147	-133	-569	-555
Operating loss 1)	-17	-15	-72	-70
Result from financial items
Income from interests in Group companies	0	0	57	57
Interest income from Group companies	15	13	48	46
Other interest income and similar line items	11	1	10	0
Interest expenses to Group companies	0	0	0	0
Interest expenses and similar line items	-10	-7	-36	-33
Loss after financial items	-1	-8	7	O
Appropriations	0	O	573	573
Profit before tax	-1	-8	580	573
Tax	1	-2	-109	-112
Net profit for the year	0	-10	471	461
11 Straight-line amortisation/depreciation by asset class :
- Intellectual property	0	O	-1	-1
- Buildings	-3	-3	-10	-10
- Equipment, tools, fixtures and fittings	O	0	O	O
Total	-3	-3	-11	-11

とbilia

Balance Sheet for Parent Company, Summary

		31 March 31 December	31 March
SEK M	2019	2018	2018
Assets
Non-current assets
Intangible assets
Intellectual property	0	O	1
	0	O	1
Property, plant and equipment
Buildings	છેદ	76	76
Construction in progress	79	82	37
Equipment, tools, fixtures and fittings	3	3	2
	178	161	115
Long-term investments
Interests in Group companies	1,328	1,328	1,328
Other securities held as non-current assets	1	1	O
Deferred tax asset	46	45	43
	1,375	1,374	1,371
Total non-current assets	1,553	1,535	1,487
Current assets
Current receivables
Receivables from Group companies	454	1,922	27
Other receivables	152	ਰੇਰੇ	131
Cash on hand and demand deposits	1,365	82	1,480
Total current assets	1,971	2,103	1,638
TOTAL ASSETS	3,524	3,638	3,125
Equity and liabilities
Equity
Restricted equity
Share capital	257	257	257
Statutory reserve	47	47	47
	304	304	304
Non-restricted equity
Share premium reserve	167	167	167
Retained earnings including net profit for the year	809	809	791
	976	976	958
Total equity	1,280	1,280	1,262
Untaxed reserves	727	727	622
Provisions
Deferred tax liability	5	ട	ട
	5	5	5
Non-current liabilities
Bond issue	1,283	1,281	1,006
Other liabilities	5	5	ട
	1,288	1,286	1,011
Current liabilities
Liabilities to credit institutes		42
Liabilities to Group companies	O	દિર્	24
Other liabilities	224	235	201
	224	340	225
TOTAL EQUITY AND LIABILITIES	3,524	3,638	3,125

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Continuing operations
Net turnover, SEK M	7,189	6,302	7,186	6,978	8,329	6,119	6,956	6,874
Operational earnings, SEK M	261	200	278	218	299	221	296	238
Operational margin, %	3.6	3.2	3.9	3.1	3.6	3.6	4.3	3.5
Operating profit, SEK M	240	181	258	196	274	201	272	211
Operating margin, %	3.3	2.9	3.6	2.8	3.3	3.3	3.9	3.1
Profit before tax, SEK M	234	176	252	188	270	197	267	192
The ratio of net debt to EBITDA, times 1)	1.1	1.1	1.0	1.3	1.2	1.1	1.3	2.9
The Bilia Group
Profit/loss for the period, SEK M	183	143	184	146	216	158	214	154
Return on capital employed, % 1)	25.2	24.1	23.4	21.0	20.9	21.1	20.5	18.3
Return on equity, % 1)	27.4	27.3	27.0	25.2	26.6	26.6	26.5	26.1
Equity/assets ratio, %	23	24	24	25	22	25	24	21
Data per share (SEK) 2)
Earnings/loss for the period	1.80	1.40 3)	1.80 5)	1.45 6)	2.15 6)	1.55 6)	2.10 6)	1.50 6)
Equity	24	24 4)	26 6)	28 6)	26 6)	27 6)	29 6)	31 6)

1) Rolling 12 months.

2) Based on number of shares outstanding, 102,799,952.

3) Based on weighted average number of shares outstanding during third quarter, 102,326,267.

4) Based on number of shares outstanding at 30 September 2017, 101,575,952.

5) Based on weighted average number of shares outstanding during fourth quarter, 101,221,876.

6) Based on number of shares outstanding, 100,950,952.

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Turnover, SEK M	1,486	1,317	1,695	1,561	1,697	1,405	1,790	1,704
Operational earnings, SEK M	148	128	235	169	209	137	251	218
Margin, %	10.0	9.7	13.9	10.8	12.3	9.8	14.0	12.8
Adjusted turnover, growth in %	6.6	12.0	7.1	3.1	8.2	2.1	4.3	6.4

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Turnover, SEK M	5,640	4,961	5,575	5,463	6,632	4,655	5,238	5,214
Operational earnings, SEK M	122	75	62	46	102	81	75	24
Margin, %	2.2	1.5	1.1	0.9	1.5	1.7	1.4	0.5
New cars delivered, number	14,958	11,480	13,317	12,388	15,886	9,672	12,378	11,336
Order backlog of new cars, number 1)	11,128	11,236	11,246	12,560	8,324	9,880	9,646	12,385
Used cars delivered, number	12,660	11,701	11,486	11,904	12,698	12,358	11,153	11,956

1) Figures published Q2 17 - Q1 18 for Western Europe have been corrected.

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Turnover, SEK M	299	284	293	289	342	339	327	307
Operational earnings, SEK M	8	6	7	14	6	5	5	11
Margin, %	2.6	2.3	2.3	4.8	1.8	1.5	1.4	3.6

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Continuing operations
Net turnover, SEK M	7,189	6,302	7,186	6,978	8,329	6,119	6,956	6,874
Operational earnings, SEK M	261	200	278	218	299	221	296	227
Operational margin, %	3.6	3.2	3.9	3.1	3.6	3.6	4.3	3.3
Operating profit, SEK M	240	181	258	196	274	201	272	200
Operating margin, %	3.3	2.9	3.6	2.8	3.3	3.3	3.9	2.9
Profit before tax, SEK M	234	176	252	188	270	197	267	200
The ratio of net debt to EBITDA, times 1)	1.1	1.1	1.0	1.3	1.2	1.1	1.3	1.1
The Bilia Group
Profit/loss for the period, SEK M	183	143	184	146	216	158	214	161
Return on capital employed, % 1)	25.2	24.1	23.4	21.0	20.9	21.1	20.5	20.0
Return on equity, % 1)	27.4	27.3	27.0	25.2	26.6	26.6	26.5	26.4
Equity/assets ratio, %	23	24	24	25	22	25	24	25
Data per share (SEK) 2)
Earnings/loss for the period	1.80	1.40 3)	1.80 5)	1.45 6)	2.15 6)	1.55 6)	2.10 6)	1.50 6)
Equity	24	24 4)	26 6)		28 6)	26 6)	27 6) 29 6)	31 6)

1) Rolling 12 months.

2) Based on number of shares outstanding, 102,799,952.

3) Based on weighted average number of shares outstanding during third quarter, 102,326,267.

4) Based on number of shares outstanding at 30 September 2017, 101,575,952.

5) Based on weighted average number of shares outstanding during fourth quarter, 101,221,876.

6) Based on number of shares outstanding, 100,950,952.

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Turnover, SEK M	1,486	1,317	1,695	1,561	1,697	1,405	1,790	1,704
Operational earnings, SEK M	148	128	235	169	209	137	251	212
Margin, %	10.0	9.7	13.9	10.8	12.3	9.8	14.0	12.4
Adjusted turnover, growth in %	6.6	12.0	7.1	3.1	8.2	2.1	4.3	6.4

	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Turnover, SEK M	5,640	4,961	5,575	5,463	6,632	4,655	5,238	5,214
Operational earnings, SEK M	122	75	62	46	102	81	75	20
Margin, %	2.2	1.5	1.1	0.9	1.5	1.7	1.4	0.4
New cars delivered, number	14,958	11,480	13,317	12,388	15,886	9,672	12,378	11,336
Order backlog of new cars, number 1)	11,128	11,236	11,246	12,560	8,324	9,880	9,646	12,385
Used cars delivered, number	12,660	11,701	11,486	11,904	12,698	12,358	11,153	11,956

1) Figures published Q2 17 - Q1 18 for Western Europe have been corrected.

Definitions and performance measures

Bilia applies guidelines from ESMA (European Securities and Markets Authority) concerning alternative performance measures (APMs). Even though these performance measures are not defined or specified by IFRSs, Bilia believes that they provide valuable information to investors and Bilia's management as a complement to IFRSs for assessing Billia's performance.

Return on equity Net profit for the year in relation to average equity.

Return on capital employed Operating profit plus interest expense included in the business and financial income in relation to average capital employed.

Amortisation of surplus values Occurs in connection with acquisitions of operations and is recognised under intangible assets. Normally these surplus values are amortised over a 10-year period.

EBITDA Operational earnings plus total depreciation less amortisation of surplus values and depreciation of leased vehicles with repurchase agreements.

Acquisition-related costs and value adjustments Pertains to costs for legal consultants and other external costs associated directly with an acquisition, and value adjustments regarding acquired inventory assets, which are depreciated over the turnover rate of the asset.

IFRS 16 A new reporting standard from 1 January 2019 means that future leased assets are reported as right-of-use assets and financial liabilities in the consolidated statement of financial position. The lease payments for the leased assets are divided into planned depreciation, interest expenses and repayments.

Adjusted turnover Net turnover is adjusted for operations that have been acquired or disposed of during one of the periods. Adjustment is also made for exchange rate differences and for calendar effect.

Comparable operations Financial information and number of units that are adjusted for operations that have been acquired or disposed of during one of the periods.

Deliveries Cars that have been physically turned over to the customer and invoiced and are included in reported net turnover.

Liquidity Unutilised credit with Nordea and DNB and cash and cash equivalents.

Net debt Net debt consists of interest-bearing liabilities less cash and cash equivalents, interestbearing current and long-term receivables, interests in associated companies and leased vehicles, long-term.

The ratio of net debt to EBITDA Net debt in relation to EBITDA.

Operating cash flow Cash flow from operating activities plus investments in and disposals of intangible assets and property, plant and equipment.

Operational margin Operational earnings in relation to net turnover. For the business areas the operational margin is called "Margin".

Operational earnings Operating profit, excluding revenues and costs that affect comparability between accounting periods and/or operating segments. They include, but are not limited to, acquisition-related expenses, value adjustments, restructurings and amortisation of surplus values. For the business areas operational earnings are the only result measurement.

Order backlog New cars ordered by the customer but not yet delivered.

Gain from sale of operation Difference between purchase consideration and the operation's consolidated carrying amount, less selling costs.

Operating margin Operating profit in relation to net turnover.

Equity/assets ratio Equity in relation to balance sheet total.

ù bilia

Structual costs Costs that significantly alter the thrust and/or scope of the operation. Examples of structural costs may be costs for reducing the number of employees and costs for vacating a leased facility before the expiration of the lease.

Capital employed Balance sheet total less non-interest-bearing current liabilities and provisions as well as deferred tax liabilities.

Growth Increase or decrease of net turnover in relation to the preceding year.

Underlying values Values that are adjusted for operations that have been acquired or disposed of during one of the periods. Adjustment is made for exchange rate differences, where applicable.

Reconciliation of performance measures can be found at bilia.com/en/finances/#!15623/finances/ performance-measures/.

Additional Bilia disclosures

Press and analyst meeting

On Monday, 29 April 2019, Bilia is hosting press and analyst meetings where Managing Director and CEO Per Avander and CFO Kristina Franzén will present the interim report and answer questions. There will be a meeting in Swedish at 09:00 AM and a meeting in English at 14:00 PM. These are telephone meetings and the telephone number for phoning in is +46 (0)8 22 90 90, code 674445.

Contact

For further information please contact:

Per Avander, Managing Director and CEO, +46 (0)10 497 70 00, per.avander@bilia.se Kristina Franzén, CFO, +46 (0)10 497 73 40, kristina.franzen@bilia.se

Calendar

Interim report April-June 2019: 25 July 2019 Interim report July-September 2019: 25 October 2019

Audit

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

Prospective information

Prospective information in this report is based on management's expectations at the time of the report. Even if the Board of Directors and management find the expectations to be reasonable, there is no guarantee that these expectations are or will turn out to be correct. Consequently, future outcomes may vary considerably compared with those foreseen in the prospective information due to such circumstances as a changed market situation for the Group's services or more generally changed conditions relating to the economy, markets and competition, changes in legal requirements and other political measures, as well as fluctuations in exchange rates. The company does not undertake to update or correct such prospective information other than what is stipulated by law.

Gothenburq, 29 April 2019 Bilia AB (publ) Board of Directors and Managing Director

This is information that Bilia AB (publ) is obliged to make public pursuant to the EU's Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 29 April 2019, at 08:30 AM CET.

Bilia is one of Europe's largest car dealership chains, with a leading position in servicing and sales of cars and transport vehicles plus supplementary services such as financing and insurance. Bilia has 134 facilities in Sweden, Norway, Germany, Luxembourg and Belgium plus two online auction sites, one in Sweden and one in Norway.

Bilia's Service Business comprises a well-developed range of services and service concepts that are continuously developed to simplify car ownership for the customers. The Service Business comprises workshop services, spare parts, store sales and e-commerce.

Bilia's Car Business comprises sales of both new and used cars and transport vehicles, plus supplementary services such as financing and insurance. Bilia sells cars from Volvo, BMW, Toyota, Renault, Lexus, MINI and Dacia and transport vehicles from Renault, Toyota and Dacia.

Bilia's Fuel Business comprises fuel sales and car washes.

Bilia AB (publ) Box 9003, 400 91 Gothenburg, Sweden Visiting address: Norra Långebergsgatan 3, Västra Frölunda Telephone: +46 (0)10 497 70 00 bilia.com Corporate ID No.: 556112-5690