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Bilia Interim / Quarterly Report 2024
2892_ir_2024-07-18_a5359d83-b224-4604-92b4-78bfe2a451ef.pdf
Interim / Quarterly Report
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Second quarter 2024
Improved result in Norway and a strong cash flow
Second quarter 2024
- Net turnover amounted to SEK 10,568 M (9,826), an increase of 8 per cent.
- Operational earnings amounted to SEK 410 M (444).
- The lower operational earnings for the quarter were mainly attributable to the Car Business in Sweden, while Norway reported significantly higher results and Western Europe's results were in line with the previous year.
- Operating profit amounted to SEK 343 M (394).
- Net profit for the period amounted to SEK 206 M (262). Earnings per share amounted to SEK 2.24 (2.85).
- Operating cash flow amounted to SEK 423 M (519).
First six months 2024
- Net turnover amounted to SEK 19,939 M (19,698), an increase of 1 per cent.
- Operational earnings amounted to SEK 743 M (875).
- The lower operational earnings for the first six months of the year were attributable to the Car Business in Sweden, while Western Europe reported higher results and Norway's results were in line with the previous year.
- Operating profit amounted to SEK 630 M (774).
- Net profit for the period amounted to SEK 362 M (513). Earnings per share amounted to SEK 3.94 (5.58).
- Operating cash flow amounted to SEK 823 M (211).
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Net turnover | 10,568 | 9,826 | 19,939 | 19,698 | 38,755 | 38,514 |
| Operational earnings 1) | 410 | 444 | 743 | 875 | 1,491 | 1,623 |
| Operational margin, % | 3.9 | 4.5 | 3.7 | 4.4 | 3.9 | 4.2 |
| Operating profit | 343 | 394 | 630 | 774 | 1,271 | 1,416 |
| Operating margin, % | 3.3 | 4.0 | 3.2 | 3.9 | 3.3 | 3.7 |
| Profit before tax | 262 | 330 | 463 | 650 | 972 | 1,159 |
| Net profit for the period | 206 | 262 | 362 | 513 | 780 | 931 |
| Earnings per share, SEK 2) | 2.24 | 2.85 | 3.94 | 5.58 | 8.49 | 10.12 |
1) For reconciliation of operational earnings with operating profit, see Note 3.
2) The number of shares used in the calculation is shown in the Consolidated Statement of Income and Other Comprehensive Income.
Stable Service Business and focus on existing operations
Second quarter
Operational earnings for the quarter amounted to SEK 410 M, with a margin of 3.9 per cent. Results for the Service Business were stable at SEK 292 M, which was SEK 17 M higher than the previous year. The Car Business reported a result of SEK 155 M, of which used cars accounted for SEK 90 M. The order intake was at a higher level than the previous year. Operating cash flow remained strong at SEK 423 M for the quarter.
Focus on existing operations
As we grow our business through acquisitions, we are working with existing operations to further improve profitability and customer satisfaction.
We are reviewing our service and sales processes as part of our efforts towards being a little better every day. One evolving area is repair workshops in our MobiliaCare operations. Despite increased safety equipment in new cars, vehicle damage is not decreasing. In addition, the damage nowadays is more extensive due to a higher level of technology.
In Sweden we have launched the first service in MobiliaCare Car Glass, whereby we offer windscreen repair or replacement for all car brands. MobiliaCare includes products and services for all car brands, including used cars, wheels, rims, glass and car dismantling.
We are continuously developing our operations. This is done for example through our Business Excellence team, whose main task is to assist Bilia's existing and new operations with improvements measures and help them work more efficiently to thereby increase profitability. Over the past decade Bilia has made almost 45 acquisitions, which has entailed expansion into new countries, new car brands and new service areas.
Expansion in Western Europe
We want to continue expanding with our existing car brands in our existing markets. This is one reason why we reached an agreement during the quarter to acquire Carlo Schmitz S.à.r. l., a full-service operation for BMW in Luxembourg. The business operates from a facility approximately 30 km from our existing business in Luxembourg. We look forward to further developing the company and strengthening our position in the region.
During the quarter, we took over importing operations for Jaguar and Land Rover brands in Sweden and Norway. The importer operation is conducted through a joint venture, and complements our Swedish and Norwegian dealer operations for these car brands. We also took over the operations of Bil AB Ove Olofsson in Sweden, thereby doubling our Volkswagen Group market share in Sweden. During the quarter we also expanded our operations with XPENG in Sweden and Norway, and opened further sales points at our existing facilities in response to customer interest.
Future lower interest rates positive for our customers
The Service Business remained stable and represented a significant share of Bilia's operational earnings in the second quarter. Demand for used cars stayed stable at a good level. We are actively working to strengthen our range of cars. The order intake was higher than in the previous year, but as in recent quarters private individuals, foremost in Sweden and Western Europe, have been cautious about ordering a new car, and orders were thus at a historically relatively low level. Having said that, some improvement in activity among private individuals is evident and, in combination with a belief in a stronger economy and lower interest rates in the future, we are cautiously optimistic about new car sales in the fourth quarter of 2024.
Per Avander Managing Director and CEO
Group results
Net turnover and earnings
Second quarter 2024
Net turnover amounted to SEK 10,568 M (9,826). Adjusted for acquired operations and exchange rate fluctuations, net turnover increased by 4 per cent, attributable to more used cars delivered and growth in the Service Business. Exchange rate fluctuations did not have a significant impact on net turnover compared to the previous year.
Operational earnings amounted to SEK 410 M (444), and the operational margin was 3.9 per cent (4.5). Norway reported higher operational earnings, attributable to both the Service Business and the Car Business. Western Europe reported a result in line with the previous year and Sweden reported a lower result, mainly due to the Car Business.
The Service Business reported a result of SEK 292 M, compared to SEK 275 M in the previous year. The Car Business reported a result of SEK 155 M, compared to SEK 198 M in the previous year. The Fuel Business reported a result of SEK 7 M, which was on a par with the previous year.
The operation in Sweden reported a result of SEK 313 M (369). The margin was 4.4 per cent (5.8). The operation in Norway reported a result of SEK 83 M (47). The margin was 3.4 per cent (2.0). The operation in Western Europe reported a result of SEK 59 M (61). The margin was 5.7 per cent (5.9). In Sweden, the lower result was mainly attributable to the Car Business. In Norway, the higher result was attributable to the Service Business and used car sales in the Car Business. In Western Europe, the slightly weaker result was primarily attributable to the Car Business.
Operating profit amounted to SEK 343 M (394). Operating profit includes profit from interests in joint ventures of SEK –18 M, which included start-up costs.
Bilia's financial targets
- Total yearly growth higher than 5 per cent during a business cycle.
- Operating margin of 5 per cent during a business cycle.
- Net debt in relation to EBITDA, excluding IFRS 16, over time max 2.0 times.
- Dividend share of at least 50 per cent of earnings per share.
Net financial items amounted to SEK –81 M (–64), mainly attributable to higher interest expenses.
Tax amounted to SEK –56 M (–68), and the effective tax rate was 21 per cent (21).
Net profit for the period amounted to SEK 206 M (262). Earnings per share amounted to SEK 2.24 (2.85). Exchange rate fluctuations did not have a material impact on net profit for the period compared to the previous year.
The number of employees increased by 240 during the year and amounted to 5,425. Adjusted for acquired operations, the number of employees increased by 42.
The operating result for the Parent Company during the quarter amounted to SEK –43 M (–32). The result was negatively affected, compared with the previous year, by approximately SEK 10 M due to the revaluation of endowment insurance for pensions.
Net turnover
Operational earnings and margin
First six months 2024
Net turnover amounted to SEK 19,939 M (19,698). Adjusted for acquired and divested operations and for exchange rate fluctuations, net turnover decreased by 1 per cent, mainly due to fewer new cars delivered. Exchange rate fluctuations did not have a significant impact on net turnover compared to the previous year.
Operational earnings amounted to SEK 743 M (875), and the operational margin was 3.7 per cent (4.4). Western Europe reported higher operational earnings, Norway reported on-par results, and Sweden reported a lower result compared to the previous year.
The Service Business reported a result on a par with the previous year, SEK 573 M compared to SEK 572 M. The Car Business reported a result of SEK 231 M, compared to SEK 357 M the previous year. The lower result was mainly attributable to sales of new cars. The Fuel Business reported a result of SEK 20 M compared to SEK 12 M in the previous year.
The operation in Sweden reported a result of SEK 587 M (717). The margin was 4.3 per cent (5.8). The operation in Norway reported a result of SEK 118 M (116). The margin was 2.8 per cent (2.2). The operation in Western Europe reported a result of SEK 119 M (108). The margin was 5.6 per cent (5.4). In Sweden, the lower result was mainly attributable to the Car Business. In Norway, Service Business and Car Business results were stable,
but with higher figures for sales of used cars and lower figures for new cars. In Western Europe, the higher result was attributable to both the Service Business and the Car Business.
Operating profit amounted to SEK 630 M (774). Operating profit includes profit from interests in joint ventures of SEK –18 M, which included start-up costs for operations.
Net financial items amounted to SEK –167 M (–124) mainly attributable to higher interest expenses.
Tax amounted to SEK –101 M (–137), and the effective tax rate was 22 per cent (21).
Net profit for the period amounted to SEK 362 M (513). Earnings per share amounted to SEK 3.94 (5.58). Exchange rate fluctuations did not have a material impact on net profit for the period compared to the previous year.
The number of employees increased by 224 compared to the previous year and totalled 5,425. Adjusted for acquired operations, the number of employees increased by 6 persons.
The operating result for the Parent Company in the first six months amounted to SEK –82 M (–71). The result was negatively affected, compared with the previous year, by approximately SEK 10 M due to the revaluation of endowment insurance for pensions.
THE GROUP
Net turnover by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 7,107 | 6,415 | 13,492 | 12,451 | 25,694 | 24,653 |
| Norway | 2,419 | 2,378 | 4,299 | 5,219 | 8,843 | 9,763 |
| Western Europe | 1,028 | 1,026 | 2,126 | 2,012 | 4,184 | 4,069 |
| Parent Company, other | 13 | 7 | 22 | 16 | 35 | 29 |
| Total | 10,568 | 9,826 | 19,939 | 19,698 | 38,755 | 38,514 |
Operational earnings by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 313 | 369 | 587 | 717 | 1,234 | 1,365 |
| Norway | 83 | 47 | 118 | 116 | 180 | 177 |
| Western Europe | 59 | 61 | 119 | 108 | 239 | 228 |
| Parent Company, other | –44 | –33 | –81 | –66 | –162 | –147 |
| Total | 410 | 444 | 743 | 875 | 1,491 | 1,623 |
Operational margin by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| Per cent | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 4.4 | 5.8 | 4.3 | 5.8 | 4.8 | 5.5 |
| Norway | 3.4 | 2.0 | 2.8 | 2.2 | 2.0 | 1.8 |
| Western Europe | 5.7 | 5.9 | 5.6 | 5.4 | 5.7 | 5.6 |
| Total | 3.9 | 4.5 | 3.7 | 4.4 | 3.9 | 4.2 |
A better experience
At Bilia we strive for continuous development, to be a little better each day, whatever our title or position. Working in a goal-conscious way founded on our vision, core values and customer promise creates a positive spiral, enabling us to exceed expectations and provide a better experience for customers and colleagues alike.
Operating cash flow
Operating cash flow for the second quarter amounted to SEK 423 M (519). After acquisitions of operations and changes in financial assets, cash flow for the quarter amounted to SEK 226 M (515).
Financial position
The balance sheet total increased by SEK 540 M during the year and amounted to SEK 19,935 M. The increase was mainly attributable to right-of-use assets according to IFRS 16 for newly acquired operations and new facilities.
Equity decreased by SEK 226 M during the period, amounting to SEK 4,615 M. During the second quarter, a dividend of SEK 607 M was decided to the shareholders, of which SEK 152 M has been paid out during the quarter. In total, dividend of SEK 355 M has been paid out during the year. Bilia shares in own custody were used during the second quarter to allocate 33,059 shares to participants in Bilia's share savings program from 2021. The total holding of own shares as of 30 June 2024 was 4,282,650 shares.
The equity/assets ratio amounted to 23 per cent (23). Net debt increased by SEK 908 M during the year and amounted to SEK 7,597 M. Excluding lease liabilities attributable to IFRS 16, net debt amounted to SEK 2,723 M, an increase of SEK 280 M since December 2023. The ratio of net debt to EBITDA, excluding IFRS 16, amounted to 1.6 times compared with 1.3 times at the end of 2023.
At the end of the quarter, SEK 1,537 M of Bilia's credit with the banks (Nordea and DNB) was utilised. The credit limit with Nordea and DNB totals SEK 2,300 M and was refinanced during the first quarter of 2024 on essentially unchanged terms. The revolving credits have a term of 3 years with possibility of extension with one year plus one year after creditors' approval.
Investments excluding right-of-use assets
Acquisitions of non-current assets during the quarter amounted to SEK 100 M (91) excluding lease vehicles and SEK 457 M (453) including lease vehicles. By geographical market, the investments amounted to SEK 348 M (261) in Sweden, SEK 71 M (153) in Norway, SEK 11 M (21) in Western Europe and SEK 27 M (18) for the Parent Company and other central operations.
Net debt and net debt/EBITDA, excl. IFRS 16
Investments in non-current assets, excl. IFRS 16
Notable events
Events during the second quarter
- On 2 April Bilia announced that as a result of growing interest in XPENG, additional facilities in Sweden and Norway are opened. The expansion is made in existing properties and with the existing cost structure.
- On 12 June Bilia announced that Bilia's Board of Directors has reached an agreement with Managing Director and CEO Per Avander to extend the current employment agreement by two years, which means that Per will remain in his current role until March 2028.
- On 13 April Bilia reached an agreement to acquire Carlo Schmitz S.à r.l in Luxembourg. The company is a dealer of new BMW cars with associated sales of used cars and service activities. The business is conducted in a facility located approximately 30 km from Bilia's existing operations in Luxembourg. The acquisition is expected to be effectuated on 1 October 2024. During the business year 2022/2023, the company had a turnover of approximately EUR 80 M, with an operating margin of 3.0 per cent. The capital employed plus agreed surplus values amounts to approximately EUR 27 M. Approximately 20 per cent of the purchase price will consist of Bilia's own shares. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter
Events during the first quarter
- On 23 February Bilia signed an agreement to acquire Bil AB Ove Olofsson and Olofsson Däckcenter AB in Stockholm, a dealer of Volkswagen, Audi, Skoda, Seat and Cupra cars as well as Volkswagen transport vehicles with associated sales of used cars and service operations with associated tire operations. The operation is conducted in five facilities in Stockholm. The acquisition was effectuated on 2 May 2024. During 2023 the turnover amounted to approximately SEK 1.3 Bn, with an operating margin of 3.2 per cent. The capital employed plus agreed surplus values amounts to approximately SEK 200 M. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna. Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna. Affärsmodell och strategi
- On 27 March Bilia refinanced its current revolving loan and credit facility of SEK 2.3 Bn with final maturity during the first quarter of 2025. The new credit facility consists of SEK 1.7 Bn revolving loans and SEK 0.6 Bn overdraft. The revolving credits have a term of 3 years with possibility of extension with one year plus one year after creditors' approval. vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna.
Events after the balance sheet date Bilköp Finansiering, försäkring, biliakort,
• There are no significant events after the balance sheet date. serviceabonnemang, däckhotell, lackbehandling samt tillbehörs- & däckförsäljning.
Further information about the above mentioned events along with other press information is available at bilia.com. Glascenter Glasbehandling, glasreparation och vindrutebyten. Bilköp
Servicecenter Originalservice, personlig We offer services for everything related to car ownership during the car's entire life cycle, from the purchase of a new car to recycling parts from a dismantled car.
servicetekniker och reparationer
Butik Tillbehör, reservdelar och e-handel. Finansiering, försäkring, biliakort, serviceabonnemang, däckhotell, lackbehandling samt tillbehörs- & däckförsäljning. Car purchase Financing, insurance, the Bilia-card, service subscriptions, tyre hotels, paint shops, accessory and tyre and wheel sales. Bilköp Finansiering, försäkring, biliakort, serviceabonnemang, däckhotell, lackbehandling samt tillbehörs- & däckförsäljning. Store Bilköp Finansiering, försäkring, biliakort, serviceabonnemang, däckhotell, Bilköp Finansiering, försäkring, biliakort, serviceabonnemang, däckhotell, Bilköp Finansiering, försäkring, biliakort, serviceabonnemang, däckhotell,
Bilköp
Glascenter
Accessories, spare parts and e-commerce.
lackbehandling samt tillbehörs- & däckförsäljning.
lackbehandling samt tillbehörs- & däckförsäljning.
lackbehandling samt tillbehörs- & däckförsäljning.
Tillbehör, reservdelar och e-handel.
Tillbehör, reservdelar och e-handel.
Tillbehör, reservdelar och e-handel.
Glascenter
Stationer Drivmedel och biltvätt.
Stations Fuels and car washes.
Butik
Butik
Butik
Bilvård
Glascenter
Glascenter
Glascenter
Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster.
Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster.
Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster.
Butik
Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster.
Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster.
Glasbehandling, glasreparation och vindrutebyten.
Glasbehandling, glasreparation och vindrutebyten.
Glasbehandling, glasreparation och vindrutebyten.
Tyre centres Tyre hotels, wheel change, tyre and wheel sales and workshop services. Rim repair Renovation of rims.
Stationer Drivmedel & biltvätt.
Servicecenter Originalservice, personlig servicetekniker och reparationer
Servicecenter Originalservice, personlig
Skadecenter Vägassistans, plåtverkstad, lackverkstad, buckelborttagning och
Servicecenter Originalservice, personlig servicetekniker & reparationer
bildemontering.
Hyrbilar Uthyrning och Flexlease
Bilvård Rekonditionering & AC- rengöring
Servicecenter Originalservice, personlig servicetekniker och reparationer
Servicecenter Originalservice, personlig servicetekniker och reparationer
Servicecenter Originalservice, personlig servicetekniker och reparationer
Kundservice Telefon och online.
Glasbehandling, glasreparation och vindrutebyten.
Glasbehandling, glasreparation och vindrutebyten.
Tillbehör, reservdelar och e-handel.
Stationer Drivmedel och biltvätt. Stationer Drivmedel och biltvätt. Servicecenter Originalservice, personlig servicetekniker och reparationer Service Original service, personal service technicians and repairs. Butik Tillbehör, reservdelar och e-handel.
Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster.
Bilvård Rekonditionering och AC- rengöring Glascenter Car glass Stationer Stationer Stationer
Butik
Tillbehör, reservdelar och e-handel.
Finansiering, försäkring, biliakort, serviceabonnemang, däckhotell, lackbehandling samt tillbehörs- & däckförsäljning.
Skadecenter Bilvård Rekonditionering och AC- rengöring Glasbehandling, glasreparation och vindrutebyten. Glass treatment, glass repair and windscreen replacement. Drivmedel och biltvätt. Drivmedel och biltvätt. Drivmedel och biltvätt.
Vägassistans, plåtverkstad, lackverkstad, buckelborttagning och bildemontering. Skadecenter Vägassistans, plåtverkstad, Däckcenter Däckhotell, däckbyte, däckförsäljning och verkstadstjänster. Bilvård Rekonditionering och AC- rengöring Car care Reconditioning and AC-cleaning. Bilvård Rekonditionering och AC- rengöring Bilvård Rekonditionering och AC- rengöring Skadecenter Vägassistans, plåtverkstad, lackverkstad & buckelborttagning
Hyrbilar Uthyrning och Flexlease
bildemontering.
lackverkstad, buckelborttagning och
Kundservice Telefon och online.
Skadecenter Vägassistans, plåtverkstad, lackverkstad, buckelborttagning och
bildemontering.
Hyrbilar Uthyrning och Flexlease
Kundservice Telefon och online.
Stationer Drivmedel och biltvätt.
Bilvård
Skadecenter Vägassistans, plåtverkstad, lackverkstad, buckelborttagning och
bildemontering.
Hyrbilar Uthyrning och Flexlease
Bilvård
Stationer Drivmedel och biltvätt.
Rekonditionering och AC- rengöring
Rekonditionering och AC- rengöring
Bilia är en One Stop Shop, med ett brett utbud av produkter och tjänster. Genom bilköpet knyter vi kunderna till oss. Våra anläggningar och digitala kanaler är de centrala kontaktytorna.
Kundservice Kundservice Kundservice Reuse Car dismantling
Telefon och online.
Telefon och online. Telefon och online. Telefon och online. Bildemontering & bildelar Dismantling, reuse and sales of used car parts.
BILIA ÅRSREDOVISNING 2019 7
Stable results and good growth in the Service Business
Second quarter 2024
- Turnover amounted to SEK 2,482 M (2,190), an increase of 13 per cent.
- Operational earnings amounted to SEK 292 M (275).
- The margin was 11.7 per cent (12.5).
First six months 2024
- Turnover amounted to SEK 4,845 M (4,447), an increase of 9 per cent.
- Operational earnings amounted to SEK 573 M (572).
- The margin was 11.8 per cent (12.9).
Turnover and earnings
Second quarter 2024
Demand for servicing remained good as our customers tend to take care of their cars even in rougher economic times.
Turnover for the Service Business increased organically by 8 per cent during the quarter. In Sweden and Western Europe, organic growth during the quarter was 6 per cent and 9 per cent respectively, while in Norway organic growth was as much as 15 per cent. The organic growth is adjusted for acquired and divested operations, exchange rate fluctuations, and the number of working days compared to the previous year.
During the quarter there were two more working days in Norway, one more in Sweden and Luxembourg, and one less working day in Belgium compared with the previous year.
Growth in the Service Business
| Second quarter | First six months | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Per cent | Western Sweden Norway Europe Total |
Sweden | Norway | Western Europe |
Total | |||||
| Reported growth | 11.5 | 19.6 | 10.6 | 13.4 | 9.5 | 7.1 | 10.5 | 9.0 | ||
| Underlying growth | 7.5 | 18.2 | 10.3 | 10.4 | 6.9 | 8.3 | 10.0 | 7.4 | ||
| Calendar effect | –1.7 | –3.4 | –1.3 | –2.1 | –0.8 | –0.8 | –0.8 | –0.8 | ||
| Organic growth | 5.8 | 14.8 | 9.0 | 8.3 | 6.1 | 7.5 | 9.2 | 6.6 |
Operational earnings amounted to SEK 292 M (275). In Sweden, operational earnings amounted to SEK 209 M (220). In Norway, operational earnings amounted to SEK 57 M (31). In Western Europe, operational earnings amounted to SEK 26 M (24). The result in Sweden was charged by start-up and implementation costs for workshop concepts and new operations. The result in Norway was positively affected by ongoing improvement activities and measures.
The booking situation for our workshops during the quarter was on a good level for the countries where we operate.
Our target is to grow the turnover and profitability of our Service Business. Since 2013 the turnover for the first six months has more than doubled, while the operational earnings has more than quadrupled. The margin has during the same period increased from 6.9 per cent to 11.8 per cent. The lower margin compared to previous years is primarily explained by new operations, which includes both acquired operations and newly started operations. We work continuously to improve the profitability of our Service Business. Our Business Excellence team together with our team within the Service Business identifies the most effective processes and then implements these Bilia processes at the facilities where there is improvement potential as well as at our newly started and newly acquired businesses.
Service Business – First six months
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net turnover, SEK M | 2,021 | 1,981 | 2,172 | 2,584 | 2,986 | 3,258 | 3,454 | 3,418 | 3,791 | 4,089 | 4,447 | 4,845 |
| Operational earnings, SEK M | 139 | 168 | 213 | 286 | 341 | 378 | 435 | 544 | 645 | 601 | 572 | 573 |
| Operational margin, % | 6.9 | 8.5 | 9.8 | 11.0 | 11.4 | 11.6 | 12.6 | 15.9 | 17.0 | 14.7 | 12.9 | 11.8 |
Turnover in the Service Business comes from different services that are updated according to customers' needs and expectations. Services encompass service centers, repair workshops, wheel storage and tyre sales, glass repair and replacement, car dismantling and sales of used spare parts.
At the end of the quarter, the number of service subscriptions amounted to 117,000 (119,000 at year-end 2023) compared with our long-term target of 130,000. The number of wheels stored on behalf of our customers amounted to 394,000 (391,000 at year-end 2023) compared with our long-term target of 1,000,000.
Turnover Service Business, %
Operational earnings and margin
Turnover by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 1,704 | 1,529 | 3,336 | 3,048 | 6,334 | 6,045 |
| Norway | 614 | 514 | 1,178 | 1,100 | 2,259 | 2,182 |
| Western Europe | 163 | 147 | 331 | 299 | 669 | 638 |
| Total | 2,482 | 2,190 | 4,845 | 4,447 | 9,262 | 8,865 |
Operational earnings by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 209 | 220 | 437 | 446 | 867 | 876 |
| Norway | 57 | 31 | 89 | 85 | 142 | 138 |
| Western Europe | 26 | 24 | 47 | 41 | 89 | 83 |
| Total | 292 | 275 | 573 | 572 | 1,098 | 1,097 |
Margin by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| Per cent | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 12.2 | 14.4 | 13.1 | 14.7 | 13.7 | 14.5 |
| Norway | 9.3 | 6.0 | 7.6 | 7.7 | 6.3 | 6.3 |
| Western Europe | 15.8 | 15.8 | 14.1 | 13.5 | 13.2 | 13.0 |
| Total | 11.7 | 12.5 | 11.8 | 12.9 | 11.8 | 12.4 |
Good demand for used cars in the Car Business
Second quarter 2024
- Turnover amounted to SEK 8,402 M (7,832), an increase of 7 per cent.
- Operational earnings amounted to SEK 155 M (198).
- The margin was 1.9 per cent (2.5).
First six months 2024
- Turnover amounted to SEK 15,731 M (15,745), which was on par with the previous year.
- Operational earnings amounted to SEK 231 M (357).
- The margin was 1.5 per cent (2.3).
Turnover and earnings
Second quarter 2024
The Car Business's deliveries of new cars, adjusted for acquired and closed operations, were 2 per cent lower during the quarter compared with the previous year. The lower level of deliveries of new cars was mainly attributable to Norway. The Car Business's deliveries of used cars, adjusted for acquired operations, were 13 per cent higher during the quarter compared with the previous year. The higher level of deliveries of used cars was attributable to Sweden.
The order intake of new cars for the Group, adjusted for acquired and closed operations, was 8 per cent higher than the previous year, mainly due to Norway, whose orders more than doubled, and also to Sweden with an underlying order intake that was 3 per cent higher.
The order backlog amounted to 12,652 cars, which was lower compared to the previous year and the beginning of this year, but historically a normalised level for Norway and Western Europe, and a somewhat low level for Sweden.
New cars by geographic market
| Deliveries | Order backlog | |||||||
|---|---|---|---|---|---|---|---|---|
| Number of | Second quarter | First six months | ||||||
| 2024 | 2023 | 2024 | 2023 | July 23– June 24 |
Full year 2023 |
30 June 2024 |
30 June 2023 |
|
| Sweden 1) | 7,606 | 8,077 | 14,245 | 15,556 | 28,948 | 30,259 | 7,564 | 13,288 |
| Norway 2) | 2,176 | 2,116 | 3,421 | 4,664 | 6,896 | 8,139 | 2,662 | 2,838 |
| Western Europe | 1,359 | 1,462 | 2,797 | 3,106 | 5,527 | 5,836 | 2,426 | 3,721 |
| Total | 11,141 | 11,655 | 20,463 | 23,326 | 41,371 | 44,234 | 12,652 | 19,847 |
1) Acquired and new operations are included in deliveries during the quarter with 402, during the first six months with 608 and with 543 in order backlog. Closed operations are included in deliveries previous year during the quarter with 844, during the first six months with 1,638 and with 331 in order backlog.
2) Acquired and new operations are included in deliveries during the quarter with 171, during the first six months with 325 and with 421 in order backlog.
Adjusted for acquired operations and exchange rate fluctuations, turnover during the quarter was 3 per cent higher than the previous year, attributable to sales of used cars.
Operational earnings from sales of used cars remained at a good level and amounted to SEK 90 M (101). The lower figure compared to the previous year was attributable to a lower gross profit margin. Operational earnings from sales of new cars amounted to SEK 65 M (97). The lower result is explained by higher relative costs compared to the previous year and was attributable to Sweden and Norway.
Operational earnings for the Car Business in Sweden amounted to SEK 96 M (145). Results from sales of used
cars remained good, with a profit of SEK 57 M (92). The lower result was mainly attributable to a lower gross profit margin. The number of used cars in stock was deemed to be at a good level at the end of the quarter.
Operational earnings for the Car Business in Norway amounted to SEK 26 M (16). The higher profit was mainly attributable to a higher gross profit margin. The result from sales of used cars amounted to SEK 31 M (6). The higher profit was attributable to a higher gross profit margin. The number of used cars in stock was deemed to be at a good level at the end of the quarter.
Operational earnings for the Car Business in Western Europe amounted to SEK 33 M (37). The result from sales of used cars amounted to SEK 2 M (3).
Deliveries of used cars by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| Number of | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden 1) | 9,978 | 7,658 | 18,495 | 15,802 | 32,932 | 30,239 |
| Norway | 3,277 | 3,389 | 6,269 | 6,642 | 12,380 | 12,753 |
| Western Europe | 589 | 682 | 1,235 | 1,585 | 2,464 | 2,814 |
| Total | 13,844 | 11,729 | 25,999 | 24,029 | 47,776 | 45,806 |
1) Acquired operations are included in deliveries during the quarter with 120 and during the first six months with 257.
Operational earnings and margin
CAR BUSINESS
Turnover by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 5,555 | 4,945 | 10,484 | 9,540 | 19,885 | 18,941 |
| Norway | 1,966 | 1,990 | 3,417 | 4,453 | 7,139 | 8,175 |
| Western Europe | 881 | 897 | 1,830 | 1,752 | 3,594 | 3,516 |
| Total | 8,402 | 7,832 | 15,731 | 15,745 | 30,618 | 30,632 |
Operational earnings by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 96 | 145 | 129 | 259 | 338 | 468 |
| Norway | 26 | 16 | 29 | 31 | 37 | 39 |
| Western Europe | 33 | 37 | 73 | 67 | 150 | 145 |
| Total | 155 | 198 | 231 | 357 | 525 | 652 |
Margin by geographic market
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| Per cent | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Sweden | 1.7 | 2.9 | 1.2 | 2.7 | 1.7 | 2.5 |
| Norway | 1.3 | 0.8 | 0.9 | 0.7 | 0.5 | 0.5 |
| Western Europe | 3.8 | 4.2 | 4.0 | 3.8 | 4.2 | 4.1 |
| Total | 1.9 | 2.5 | 1.5 | 2.3 | 1.7 | 2.1 |
Lower volumes and lower fuel prices
Second quarter 2024
- Turnover amounted to SEK 242 M (287), a decrease of 16 per cent.
- Operational earnings amounted to SEK 7 M (5).
- The margin was 3.0 per cent (1.6).
First six months 2024
- Turnover amounted to SEK 467 M (564), a decrease of 17 per cent.
- Operational earnings amounted to SEK 20 M (12).
- The margin was 4.3 per cent (2.1).
Turnover and earnings
Second quarter 2024
The Fuel Business encompasses fuel stations and car washes and is concentrated to Sweden. The result for the quarter amounted to SEK 7 M (5).
Operational earnings and margin
Fuel Business
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | June 24 | 2023 | |
| Turnover, SEK M | 242 | 287 | 467 | 564 | 1,032 | 1,129 |
| Operational earnings, SEK M | 7 | 5 | 20 | 12 | 29 | 21 |
| Margin, per cent | 3.0 | 1.6 | 4.3 | 2.1 | 2.8 | 1.9 |
Sustainability
The automotive and transport industry is facing major challenges. It's about the transition to vehicles that run on sustainable fuels, but also taking greater overall responsibility along the entire value chain, and finding new ways to reduce the use of resources. These challenges are regulated by international laws and objectives but are also expected and demanded by business partners and customers. We all have a responsibility. When selling new cars, Bilia supports companies and individuals in the transition to vehicles with lower carbon dioxide emissions, while our workshops and dismantling centres contribute to a more circular economy through repair and reuse.
Sustainability at Bilia
We are working to make sustainability an increasingly integral part of Bilia's operation. Our business concept is to create a sustainable business through consideration and pride by offering attractive and innovative solutions for the mobile human being. We do this both to provide added value to our customers and because we see sustainability as an important part of our business. Our business concept enables us to grow while contributing to the major societal changes happening in the world.
Our circular business model
Bilia is a full-service supplier during the car's entire life cycle. The focus is on developing new services relating to reuse and renovation of spare parts. As part of this strategy, we have acquired car dismantling companies and rim repair companies. In addition to car dismantling and reuse of spare parts, dismantled parts are also recycled.
Activities during the quarter related to Bilia's sustainability targets
The sustainability targets are the basis for specific improvement activities in this year's action plan. Examples of activities during the quarter were:
- Sustainable growth ongoing efforts regarding the gap analysis of the double materiality analysis and future reporting requirements.
- Circular economy training in the new regulatory framework for green marketing. Implementation of targets for used spare parts in the operation.
- Human care increase in health and fitness allowance and employee bonuses in Sweden, follow-up of shortterm absence, and introduction of new management training with a focus on coaching leadership.
- Climate care initiated efforts to reduce the environmental impact caused by own operations.
Sustainable growth
- Customer satisfaction to be 3 percentage points higher than the average for each brand and country.
- Proportion of women in sales operations should exceed 30 per cent.
Circular economy
• Share of 12 per cent used spare parts for dagage cases in Sweden in 2028.
Human care
• Proportion of engaged employees above benchmark.
Climate care
- Contribute to lower climate impact for Bilia's customers through our products and services.
- Reduced environmental impact caused by our own operations.
Nine key SDGs in the 2030 Agenda
The focus areas for our sustainability work: Human care, Climate care, Sustainable growth and Circular economy model. The focus areas are linked to the following of the UN's global Sustainable Development Goals in the 2030 Agenda.
| Global SDGs |
Bilia Focus areas |
Global SDGs |
Bilia Focus areas |
|---|---|---|---|
| Human care | Climate care | ||
| Human care | Circular economy |
||
| Climate care | Sustainable growth |
||
| Sustainable growth |
All four areas | ||
| Climate care |
Other information
Risks and opportunities
Risks and risk takings are a natural part of Bilia's business operations. A good understanding of the risks together with an efficient way of identifying, evaluating and managing the risks are important for Bilia's short-term and long-term success. Bilia has a formal yearly process at Group level to identify, plan and reduce identified risks in the business. Please refer to the Annual Report for a description of the risks and Bilia's risk management.
The events that have transpired in the wider world since publication of the annual report are not judged to entail any new material risks or changes in working methods compared with the description in the Annual Report for 2023.
Seasonal variations and number of working days
Bilia's business and operating profit are affected by seasonal variations to a limited extent. The number of working days for the reporting periods is affected by when national holidays fall in different years. Business and operating profit in mainly the Service Business, but also the Car Business, are affected by the number of working days.
Related party transactions
For a description of related party transactions, see page 101, "Note 30" of the 2023 Annual Report.
Parent Company
Bilia AB is responsible for the Group's management, strategic planning, purchasing, public relations, business development, legal, marketing, HR, real estate activities, accounting and financing.
Annual General Meeting 2024
The Annual General Meeting was held on 24 April 2024. The Board decided on a dividend of SEK 6.60 (8.80) per share, to be paid in four instalments of SEK 1.65 per share. The dividend is in line with historical levels of dividend share and in accordance Bilia's dividend policy.
The best service company in the business – through consideration for customers, colleagues and the world we live in.
Bilia will create a sustainable business through consideration and pride by offering attractive and innovative solutions for the mobile human being.
VISION AND BUSINESS IDEA CULTURE AND CORE VALUES CUSTOMER PROMISE
Dedication, Competence, Genuine, Respect.
At Bilia we are engaged in the meeting with customers, with each other and with suppliers. Competence gives solutions and suggestions that benefit the customer the most. Being genuine and showing respect build confidence in Bilia and our employees.
A better experience.
Our general goal is to create an experience that exceeds the customer's expectations, and adds value that distinguishes Bilia from its competitors.
OUR CAR BRANDS
Consolidated Statement of Income and Other Comprehensive Income
| SEK M 2024 2023 2024 2023 June 24 2023 Net turnover 10,568 9,826 19,939 19,698 38,755 38,514 Costs of goods sold –8,866 –8,265 –16,732 –16,572 –32,535 –32,374 Gross profit 1,703 1,561 3,207 3,126 6,221 6,140 Other operating income 6 26 15 31 29 46 Selling and administrative expenses –1,341 –1,189 –2,565 –2,372 –4,918 –4,724 Other operating expense –7 –5 –9 –11 –43 –45 Result from interests in joint ventures –18 — –18 — –18 — Operating profit 1) 343 394 630 774 1,271 1,416 Financial income 4 2 7 3 19 15 Financial expenses –108 –86 –212 –168 –403 –360 Result from interests in associated companies 23 20 38 41 85 88 Profit before tax 262 330 463 650 972 1,159 Tax –56 –68 –101 –137 –192 –228 Net profit for the period 206 262 362 513 780 931 Other comprehensive income Items that can be reclassified to profit or loss Translation differences attributable to foreign operations 4 49 32 –18 –44 –93 Change in fair value of cash flow hedges, net after tax 3 –2 –8 –40 –13 –45 Share of OCI related to joint ventures 0 — 0 — 0 — Other comprehensive income after tax 7 47 24 –58 –57 –138 Comprehensive income for the period 213 310 386 456 723 793 Net profit attributable to: - Parent Company's shareholders 206 262 362 513 781 931 - Non-controlling interests 0 0 0 0 0 0 Comprehensive income attributable to: - Parent Company's shareholders 213 310 386 456 723 793 - Non-controlling interests 0 0 0 0 0 0 Basic earnings per share, SEK 2.24 2.85 3.94 5.58 8.49 10.12 Diluted earnings per share, SEK 2.23 2.84 3.93 5.57 8.47 10.10 Average number of shares, '000 92,009 91,984 91,997 91,984 91,990 91,984 Average number of shares, after dilution, '000 92,267 92,179 92,233 92,133 92,238 92,188 1) Amortisation and depreciation according to plan by asset class: – Intellectual property –54 –52 –107 –104 –212 –209 – Land and buildings –24 –21 –45 –41 –89 –84 – Equipment, tools, fixtures and fittings –40 –37 –79 –75 –149 –145 – Leased vehicles –110 –129 –217 –213 –384 –380 – Right-of-use assets –156 –149 –302 –295 –593 –585 |
Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|---|
| Total | –383 | –387 | –751 | –728 | –1,427 | –1,404 |
Consolidated Statement of Financial Position, Summary
| SEK M | 30 June 2024 |
31 December 2023 |
30 June 2023 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | |||
| Intellectual property | 966 | 972 | 1,066 |
| Goodwill | 1,526 | 1,496 | 1,525 |
| 2,492 | 2,468 | 2,591 | |
| Property, plant and equipment | |||
| Leased vehicles | 2,545 | 2,515 | 2,455 |
| Right-of-use assets | 4,594 | 3,960 | 4,160 |
| Other tangible assets | 2,101 | 1,968 | 1,792 |
| 9,240 | 8,443 | 8,407 | |
| Financial assets | 761 | 726 | 701 |
| Deferred tax assets | 37 | 150 | 169 |
| Total non-current assets | 12,531 | 11,788 | 11,869 |
| Current assets | |||
| Inventories | 4,649 | 4,789 | 4,993 |
| Other receivables | 2,366 | 2,554 | 2,399 |
| Cash and cash equivalents | 389 | 264 | 337 |
| Total current assets | 7,404 | 7,607 | 7,729 |
| TOTAL ASSETS | 19,935 | 19,395 | 19,597 |
| Equity and liabilities | |||
| Equity | 4,615 | 4,841 | 4,516 |
| Non-current liabilities | |||
| Bond issue | 1,295 | 1,295 | 1,294 |
| Interest-bearing liabilities | 27 | 24 | 41 |
| Lease liabilities | 4,344 | 3,791 | 3,789 |
| Other liabilities and provisions | 1,271 | 1,360 | 1,614 |
| Deferred tax assets | 542 | 670 | 689 |
| 7,479 | 7,139 | 7,426 | |
| Current liabilities | |||
| Bond issue | — | — | 32 |
| Interest-bearing liabilities | 2,220 | 1,762 | 1,584 |
| Lease liabilities | 899 | 818 | 828 |
| Other liabilities and provisions | 4,723 | 4,835 | 5,211 |
| 7,841 | 7,415 | 7,655 | |
| TOTAL EQUITY AND LIABILITIES | 19,935 | 19,395 | 19,597 |
Statement of Changes in Group Equity, Summary
| SEK M | First six months 2024 |
Full year 2023 |
First six months 2023 |
|---|---|---|---|
| Opening balance | 4,841 | 4,887 | 4,887 |
| Decided dividend | –607 | –809 | –809 |
| Incentive | –2 | 2 | 2 |
| Revaluation of put option | –3 | –32 | –19 |
| Comprehensive income for the period | 386 | 793 | 456 |
| Equity at end of period | 4,615 | 4,841 | 4,516 |
| Equity attributable to: | |||
| - Parent Company's shareholders | 4,615 | 4,841 | 4,516 |
| - Non-controlling interests | 0 | 0 | 0 |
Consolidated Statement of Cash Flows
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Operating activities | ||||||
| Profit before tax | 262 | 330 | 463 | 650 | 972 | 1,159 |
| Depreciation and impairment losses | 386 | 387 | 753 | 728 | 1,432 | 1,407 |
| Other items not affecting cash | –7 | –57 | –66 | –112 | –132 | –179 |
| Tax paid | –69 | –149 | –175 | –296 | –260 | –380 |
| Change in inventories | 202 | 104 | 369 | 109 | 534 | 274 |
| Change in operating receivables | 126 | 160 | 326 | 314 | 181 | 169 |
| Change in operating liabilities | –300 | –37 | –463 | –809 | –513 | –859 |
| Cash flow from operating activities | 600 | 739 | 1,208 | 585 | 2,215 | 1,591 |
| Investing activities | ||||||
| Acquisition of non-current assets | –100 | –91 | –222 | –165 | –578 | –520 |
| Disposal of non-current assets | 3 | 25 | 8 | 25 | 24 | 41 |
| Acquisition of leased vehicles | –357 | –362 | –737 | –641 | –1,665 | –1,569 |
| Disposal of leased vehicles | 278 | 208 | 566 | 408 | 1,243 | 1,084 |
| Operating cash flow | 423 | 519 | 823 | 211 | 1,239 | 627 |
| Investment in financial assets | –39 | –2 | –45 | –2 | –45 | –2 |
| Disposal of financial assets | — | 6 | 1 | 6 | 18 | 23 |
| Acquisition of operations | –159 | –8 | –396 | –8 | –417 | –29 |
| Cash flow from investing activities | –374 | –224 | –826 | –378 | –1,420 | –972 |
| Financing activities | ||||||
| Borrowings | — | 824 | — | 824 | 16 | 840 |
| Repayment of loans | 0 | –770 | 0 | –775 | –68 | –842 |
| Repayment of lease liabilities | –182 | –207 | –354 | –308 | –585 | –538 |
| Net change in short-term credit facilities | 138 | –87 | 452 | 310 | 664 | 521 |
| Dividend paid to the company's shareholders | –152 | –202 | –355 | –386 | –759 | –791 |
| Cash flow from financing activities | –196 | –443 | –257 | –334 | –732 | –810 |
| Change in cash and cash equivalents, | ||||||
| excl. translation differences | 30 | 71 | 125 | –128 | 63 | –191 |
| Exchange difference in cash and cash equivalents | –8 | 9 | –1 | 9 | –10 | –1 |
| Change in cash and cash equivalents | 22 | 80 | 125 | –120 | 53 | –192 |
| Cash and cash equivalents at start of period | 367 | 257 | 264 | 456 | 337 | 456 |
| Cash and cash equivalents at end of period | 389 | 337 | 389 | 337 | 389 | 264 |
Comparative periods have been reclassified for comparability.
Note 1 Accounting principles
This interim report has been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and RFR2. The same accounting policies and calculation methods have been applied for the Group and the Parent Company as in the most recent Annual Report with addition for the reporting of interests in joint ventures. Joint ventures refers to companies in which Bilia's holding corresponds to more than 50 per cent of the votes but
has no significant influence. Holdings in joint ventures are reported according to the equity method.
New or revised IFRS standards to be used in the future are not expected to have any material effect on the consolidated financial statements.
Disclosures in accordance with IAS 34, paragraph 16 A, are made not only in the financial statements and related notes, but also in other parts of this interim report.
Figures in the interim report are rounded, which is why notes and tables may not add up.
Note 2 Fair value of financial instruments
Valuation principles and classifications of Bilia's financial instruments as described in the annual report for 2023 have been applied consistently during the reporting period.
To hedge electricity costs, Bilia has decided to use electricity derivatives to even out price variations on the electricity market. Bilia hedges gradually up to five years and builds up the volume of electricity contracts for each delivery date. The hedges meet the requirements for effectiveness, which means that the changes in value are recognised in other comprehensive income. The forward agreements used to hedge contracted purchases of electricity are classified as cash flow hedges and amounted to a liability of SEK 6 M.
Bilia's financial instruments in the form of currency derivatives are valued at fair value over the statement of income and are valued according to valuation level 2. The value of the currency derivatives was not material and did not constitute a significant item in the statement of financial position for the Group. Valuation of the currency derivatives at fair value has resulted in a cost of SEK 2 M, which was matched by an income for the revaluation of assets in foreign currency. The effect on the Group's result was therefore SEK 0 M.
Bilia's financial instruments valued at fair value over equity consist of put/call options issued in connection with acquisitions and are valued at fair value based on future exercise price according to valuation level 3. The option is reported as provisions in the statement of financial position and amounted to SEK 40 M.
Note 3 Reconciliation of operational earnings with operating profit
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Operational earnings | 410 | 444 | 743 | 875 | 1,491 | 1,623 |
| – Structural costs etc. | — | –2 | 0 | –7 | –14 | –21 |
| – Acquisition-related costs and value adjustments | 0 | — | 0 | — | 0 | — |
| – Amortisation of surplus values | –48 | –47 | –95 | –93 | –188 | –186 |
| – Result from interests in joint ventures | –18 | — | –18 | — | –18 | — |
| Operating profit | 343 | 394 | 630 | 774 | 1,271 | 1,416 |
Note 4 Group's operating segments
Segment reconciliation mainly refer to the elimination of internal sales from the Service Business to the Car Business but also include central functions purchasing, public relations, business development, legal, marketing, HR, real estate activities, accounting and financing.
Second quarter 2024
| Segment | ||||||
|---|---|---|---|---|---|---|
| SEK M | Service | Car | Fuel | Total | reconciliation | Group |
| External sales | 1,910 | 8,402 | 242 | 10,554 | 14 | 10,568 |
| Internal sales | 572 | — | — | 572 | –572 | — |
| Depreciation and amortisation | –148 | –218 | –2 | –368 | –15 | –383 |
| Operational earnings | 292 | 155 | 7 | 454 | –44 | 410 |
| Structural costs etc. | — | — | — | — | — | — |
| Acquisition-related costs and value adjustments | 0 | 0 | — | 0 | — | 0 |
| Amortisation of surplus values | –24 | –24 | — | –48 | — | –48 |
| Result from interests in joint ventures | — | — | — | — | –18 | –18 |
| Group operating profit | 343 |
| SEK M External sales |
Service | Car | ||||
|---|---|---|---|---|---|---|
| Sweden 1,310 |
Norway Western Europe | Sweden | Norway Western Europe | |||
| 453 | 147 | 5,555 | 1,966 | 881 | ||
| Internal sales | 394 | 162 | 16 | — | — | — |
| Depreciation and amortisation | –99 | –36 | –13 | –163 | –43 | –12 |
| Operational earnings | 209 | 57 | 26 | 96 | 26 | 33 |
| Structural costs etc | — | — | — | — | — | — |
| Acquisition-related costs and value adjustments | 0 | — | 0 | 0 | — | 0 |
| Amortisation of surplus values | –12 | –5 | –7 | –13 | –4 | –6 |
| Result from interests in joint ventures | — | — | — | — | — | — |
Second quarter 2023
| Segment | ||||||
|---|---|---|---|---|---|---|
| SEK M | Service | Car | Fuel | Total | reconciliation | Group |
| External sales | 1,700 | 7,832 | 287 | 9,819 | 7 | 9,826 |
| Internal sales | 490 | — | — | 490 | –490 | — |
| Depreciation and amortisation | –140 | –229 | –2 | –371 | –18 | –389 |
| Operational earnings | 275 | 198 | 4 | 477 | –33 | 444 |
| Structural costs etc. | –1 | –1 | — | –2 | — | –2 |
| Acquisition-related costs and value adjustments | — | — | — | — | — | — |
| Amortisation of surplus values | –27 | –20 | — | –47 | — | –47 |
| Result from interests in joint ventures | — | — | — | — | — | — |
| Group operating profit | 394 |
| Service | Car | |||||
|---|---|---|---|---|---|---|
| SEK M External sales |
Sweden 1,182 |
Norway Western Europe | Sweden | Norway Western Europe | ||
| 388 | 130 | 4,945 | 1,990 | 897 | ||
| Internal sales | 347 | 126 | 17 | — | — | — |
| Depreciation and amortisation | –91 | –37 | –12 | –133 | –84 | –12 |
| Operational earnings | 220 | 31 | 24 | 145 | 16 | 37 |
| Structural costs etc | –1 | — | — | –1 | — | — |
| Acquisition-related costs and value adjustments | — | — | — | — | — | — |
| Amortisation of surplus values | –14 | –6 | –7 | –10 | –5 | –5 |
| Result from interests in joint ventures | — | — | — | — | — | — |
First six months 2024
| SEK M | Service | Car | Fuel | Total | Segment reconciliation |
Group |
|---|---|---|---|---|---|---|
| External sales | 3,719 | 15,731 | 467 | 19,917 | 22 | 19,939 |
| Internal sales | 1,126 | — | — | 1,126 | –1,126 | — |
| Depreciation and amortisation | –290 | –428 | –2 | –720 | –31 | –751 |
| Operational earnings | 573 | 231 | 20 | 824 | –81 | 743 |
| Structural costs etc. | 0 | — | — | 0 | — | 0 |
| Acquisition-related costs and value adjustments | 0 | 0 | — | 0 | — | 0 |
| Amortisation of surplus values | –48 | –47 | — | –95 | — | –95 |
| Result from interests in joint ventures | — | — | — | — | –18 | –18 |
| Group operating profit | 630 |
| Service | Car | |||||
|---|---|---|---|---|---|---|
| SEK M External sales |
Sweden 2,541 |
Norway Western Europe | Sweden | Norway Western Europe | ||
| 882 | 296 | 10,484 | 3,417 | 1,830 | ||
| Internal sales | 795 | 296 | 36 | — | — | — |
| Depreciation and amortisation | –198 | –67 | –25 | –305 | –100 | –23 |
| Operational earnings | 437 | 89 | 47 | 129 | 29 | 73 |
| Structural costs etc | 0 | — | — | — | — | — |
| Acquisition-related costs and value adjustments | 0 | — | 0 | 0 | — | 0 |
| Amortisation of surplus values | –24 | –10 | –13 | –26 | –9 | –11 |
| Result from interests in joint ventures | — | — | — | — | — | — |
First six months 2023
| SEK M | Service | Car | Fuel | Total | Segment reconciliation |
Group |
|---|---|---|---|---|---|---|
| External sales | 3,373 | 15,745 | 564 | 19,682 | 16 | 19,698 |
| Internal sales | 1,074 | — | — | 1,074 | –1,074 | — |
| Depreciation and amortisation | –280 | –410 | –3 | –693 | –35 | –728 |
| Operational earnings | 572 | 357 | 12 | 941 | –66 | 875 |
| Structural costs etc. | –3 | –2 | — | –5 | –2 | –7 |
| Acquisition-related costs and value adjustments | — | — | — | — | — | — |
| Amortisation of surplus values | –50 | –43 | — | –93 | — | –93 |
| Result from interests in joint ventures | — | — | — | — | — | — |
| Group operating profit | 774 |
| SEK M External sales |
Service | Car | ||||
|---|---|---|---|---|---|---|
| Sweden 2,347 |
Norway Western Europe | Sweden | Norway Western Europe | |||
| 766 | 260 | 9,540 | 4,453 | 1,752 | ||
| Internal sales | 701 | 334 | 39 | — | — | — |
| Depreciation and amortisation | –179 | –76 | –25 | –264 | –123 | –23 |
| Operational earnings | 446 | 85 | 41 | 259 | 31 | 67 |
| Structural costs etc | –2 | — | –1 | –2 | — | — |
| Acquisition-related costs and value adjustments | — | — | — | — | — | — |
| Amortisation of surplus values | –26 | –11 | –13 | –22 | –10 | –11 |
| Result from interests in joint ventures | — | — | — | — | — | — |
Note 5 Acquisitions and divestments of operations
Acquisitions in 2024
On 26 October 2023 Bilia reached an agreement to acquire B MotorGroup Stockholm AB. The business is conducted in two modern facilities with sales and service of Jaguar and Land Rover. During 2022 turnover amounted to approximately SEK 450 M with an operating margin of 1.1 per cent. The number of employees were 45 at the end of 2022. The acquisition was effectuated on 2 January 2024. The acquisition analysis is preliminary pending the final completion of the financial statements for the day of taking possession.
On 23 February the option was exercised regarding the remaining minority of 10 per cent in Bilia Holding S.à r.l. The paid amount of EUR 10.7 M corresponded to the reported provision.
One facility for Jaguar and Land Rover in Norway, two facilities for XPENG in Sweden and two facilities for XPENG in Norway have been acquired in 2024. These have not entailed any significant impact on the group's financial position.
On 23 February Bilia signed an agreement to acquire Bil AB Ove Olofsson and Olofsson Däckcenter AB in Stockholm, a dealer of Volkswagen, Audi, Skoda, Seat and Cupra cars as well as Volkswagen transport vehicles with associated sales of used cars and service and tire operations. The operation is conducted in five facilities in Stockholm. During 2023 the turnover amounted to approximately SEK 1.3 Bn, with an operating margin of 3.2 per cent. The number of employees were 165 at the end of 2023. The capital employed plus agreed surplus values amounts to approximately SEK 200 M. The acquisition was effectuated on 2 May 2024. The acquisition analysis is preliminary pending the final completion of the financial statements for the day of taking possession.
Preliminary net assets in the acquired operations 2024
| SEK M | |
|---|---|
| Intangible assets, customer relations | 81 |
| Property, plant and equipment | 67 |
| Right-of-use assets | 324 |
| Inventories | 195 |
| Trade receivables and other receivables | 74 |
| Cash and cash equivalents | 48 |
| Interest-bearing liabilities | –329 |
| Trade payables and other liabilities | –136 |
| Deferred tax liability | –17 |
| Net identifiable assets and liabilities | 307 |
| Consolidated goodwill | 18 |
| Net identifiable assets and liabilities, including goodwill |
325 |
| Purchase consideration | –325 |
| Purchase consideration for exercised option | –120 |
| Less: Cash and cash equivalents in acquired | |
| operations | 48 |
| Net effect on cash and cash equivalents | –396 |
Acquisitions in 2023
On 1 November Bilia acquired the operations in Bilcentergruppen Sörmland AB, which conducts sales and service operations for Mercedes-Benz cars and transport vehicles. The acquired operations had a turnover of approximately SEK 100 M in 2022. The number of employees was 24 at the end of 2022. Acquired customer relations of SEK 14 M are reported as intangible assets and are amortised over 10 years.
Note 6 Specification of interest-bearing net debt and EBITDA
Specification of interest-bearing net debt
| SEK M | 30 June 2024 |
31 December 2023 |
30 June 2023 |
|
|---|---|---|---|---|
| Current interest-bearing liabilities | 2,384 | 1,934 | 1,791 | |
| Non-current interest-bearing liabilities | 1,530 | 1,515 | 1,472 | |
| Lease liabilities IFRS 16 | 4,875 | 4,246 | 4,311 | |
| Cash and cash equivalents | –389 | –264 | –337 | |
| Interest-bearing assets | –115 | –76 | –104 | |
| Shares in associated companies | –687 | –665 | –618 | |
| Net debt at end of the period | 7,597 | 6,689 | 6,516 | |
| Net debt at end of the period, excluding IFRS 16 | 2,723 | 2,443 | 2,205 |
The ratio of net debt to EBITDA
| SEK M | July 23– June 24 |
Full year 2023 |
July 22– June 23 |
|---|---|---|---|
| Operating profit | 1,271 | 1,416 | 1,671 |
| Result from sale of operations, structural costs, acquisition costs and impairment losses | 14 | 21 | –61 |
| Total depreciation and amortisation | 1,427 | 1,404 | 1,362 |
| – depreciation of leased vehicles with repurchase agreements | –289 | –288 | –290 |
| EBITDA | 2,424 | 2,552 | 2,682 |
| Net debt to EBITDA ratio, times | 3.1 | 2.6 | 2.4 |
| Operating profit excluding IFRS 16 | 1,137 | 1,337 | 1,638 |
| Result from sale of operations, structural costs, acquisition costs and impairment losses | 14 | 21 | –61 |
| Total depreciation and amortisation | 1,427 | 1,404 | 1,362 |
| – depreciation of leased vehicles with repurchase agreements | –289 | –288 | –290 |
| – depreciation of right-of-use assets | –593 | –585 | –559 |
| EBITDA excluding IFRS 16 | 1,697 | 1,888 | 2,090 |
| Net debt to EBITDA ratio excluding IFRS 16, times | 1.6 | 1.3 | 1.1 |
Income Statement for Parent Company, Summary
| Second quarter | First six months | July 23– | Full year | |||
|---|---|---|---|---|---|---|
| SEK M | 2024 | 2023 | 2024 | 2023 | June 24 | 2023 |
| Net turnover | 216 | 204 | 418 | 395 | 804 | 781 |
| Other operating income | 0 | 0 | 2 | 0 | 2 | 0 |
| Administrative expenses | –260 | –236 | –503 | –466 | –979 | –943 |
| Operating result 1) | –43 | –32 | –82 | –71 | –173 | –162 |
| Result from financial items | ||||||
| Result from interest in Group companies | ||||||
| and joint ventures | –30 | — | –30 | — | –40 | –10 |
| Interest income and similar line items | 37 | 31 | 76 | 60 | 147 | 131 |
| Interest expenses and similar line items | –54 | –40 | –107 | –68 | –207 | –169 |
| Result after financial items | –90 | –41 | –143 | –80 | –273 | –209 |
| Appropriations | — | 2 | — | 2 | 978 | 980 |
| Result before tax | –90 | –39 | –143 | –78 | 705 | 771 |
| Tax | 3 | –7 | 8 | –3 | –149 | –160 |
| Net result for the period | –87 | –45 | –135 | –81 | 556 | 611 |
| 1) Amortisation and depreciation according to plan by asset class: | ||||||
| - Buildings | –7 | –6 | –13 | –12 | –25 | –25 |
| - Equipment, tools, fixtures and fittings | –1 | –1 | –1 | –1 | –2 | –2 |
| Total | –8 | –7 | –14 | –13 | –27 | –27 |
Balance Sheet for Parent Company, Summary
| SEK M | 30 June 2024 |
31 December 2023 |
30 June 2023 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 286 | 246 | 184 |
| Shares in Group companies | 3,532 | 3,140 | 3,137 |
| Receivables from Group companies | 447 | 447 | — |
| Other tangible assets | 77 | 76 | 66 |
| Total non-current assets | 4,341 | 3,908 | 3,387 |
| Current assets | |||
| Receivables from Group companies | 2,082 | 3,083 | 1,753 |
| Other receivables | 373 | 196 | 272 |
| Cash and cash equivalents | 3 | 1 | 8 |
| Total current assets | 2,458 | 3,280 | 2,033 |
| TOTAL ASSETS | 6,799 | 7,188 | 5,420 |
| Equity and liabilities | |||
| Equity | 472 | 1,216 | 525 |
| Untaxed reserves | 1,553 | 1,553 | 1,417 |
| Provisions | |||
| Deferred tax liability | — | 9 | 10 |
| — | 9 | 10 | |
| Non-current liabilities | |||
| Bond issue | 1,295 | 1,295 | 1,294 |
| Liabilities to Group companies | 447 | 447 | — |
| Other liabilities | 139 | 139 | 148 |
| 1,881 | 1,881 | 1,441 | |
| Current liabilities | |||
| Bond issue | — | — | 32 |
| Short-term interest bearing liabilities | 1,509 | 1,136 | 1,014 |
| Liabilities to Group companies | 573 | 816 | 144 |
| Other liabilities | 811 | 577 | 838 |
| 2,893 | 2,529 | 2,028 | |
| TOTAL EQUITY AND LIABILITIES | 6,799 | 7,188 | 5,420 |
The Group
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
|---|---|---|---|---|---|---|---|---|
| Net turnover, SEK M | 7,291 | 10,425 | 9,871 | 9,826 | 8,708 | 10,108 | 9,371 | 10,568 |
| EBITDA, SEK M | 547 | 788 | 670 | 677 | 562 | 643 | 573 | 646 |
| EBITDA excl. IFRS 16, SEK M | 399 | 638 | 503 | 550 | 412 | 423 | 401 | 460 |
| Operational earnings, SEK M | 334 | 574 | 431 | 444 | 335 | 414 | 333 | 410 |
| Operational margin, % | 4.6 | 5.5 | 4.4 | 4.5 | 3.8 | 4.1 | 3.6 | 3.9 |
| Operating profit, SEK M | 386 | 511 | 380 | 394 | 288 | 354 | 287 | 343 |
| Operating margin, % | 5.3 | 4.9 | 3.8 | 4.0 | 3.3 | 3.5 | 3.1 | 3.3 |
| Profit before tax, SEK M | 359 | 470 | 320 | 330 | 216 | 293 | 201 | 262 |
| Profit/loss for the period, SEK M | 285 | 358 | 251 | 262 | 169 | 250 | 156 | 206 |
| The ratio of net debt to EBITDA excl. IFRS 16, times 1) | 0.4 | 0.8 | 1.1 | 1.1 | 1.1 | 1.3 | 1.5 | 1.6 |
| Return on capital employed, % 1) | 21.4 | 21.5 | 17.4 | 15.7 | 14.3 | 12.5 | 11.4 | 10.8 |
| Return on equity, % 1) | 35.8 | 36.2 | 27.8 | 25.5 | 22.4 | 23.2 | 17.6 | 16.7 |
| Equity/assets ratio, % | 28 | 24 | 26 | 23 | 24 | 25 | 26 | 23 |
| Earnings per share, SEK | 3.14 | 3.89 | 2.73 | 2.85 | 1.83 | 2.71 | 1.70 | 2.24 |
| Equity per share, SEK | 49 | 53 | 55 | 49 | 51 | 53 | 54 | 50 |
| Average number of shares, '000 | 91,984 | 91,984 | 91,984 | 91,984 | 91,984 | 91,984 | 91,984 | 92,009 |
| Outstanding number of shares, '000 | 91,984 | 91,984 | 91,984 | 91,984 | 91,984 | 91,984 | 91,984 | 92,017 |
| Holdings of own shares, '000 | 4,316 | 4,316 | 4,316 | 4,316 | 4,316 | 4,316 | 4,316 | 4,283 |
1) Rolling 12 months.
Business area – Service Business
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
|---|---|---|---|---|---|---|---|---|
| Turnover, SEK M | 1,712 | 2,291 | 2,257 | 2,190 | 1,933 | 2,485 | 2,363 | 2,482 |
| Operational earnings, SEK M | 192 | 368 | 297 | 275 | 205 | 320 | 281 | 292 |
| Margin, % | 11.2 | 16.1 | 13.2 | 12.5 | 10.6 | 12.9 | 11.9 | 11.7 |
| Reported growth, % | –2.9 | –1.7 | 9.8 | 7.7 | 12.9 | 8.5 | 4.7 | 13.4 |
| Organic growth, % | 3.8 | 10.2 | 10.0 | 10.2 | 10.5 | 9.4 | 8.1 | 8.3 |
Business area – Car Business
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
|---|---|---|---|---|---|---|---|---|
| Turnover, SEK M | 5,686 | 8,438 | 7,913 | 7,832 | 6,920 | 7,967 | 7,329 | 8,402 |
| Operational earnings, SEK M | 155 | 240 | 158 | 198 | 151 | 144 | 76 | 155 |
| Margin, % | 2.7 | 2.8 | 2.0 | 2.5 | 2.2 | 1.8 | 1.0 | 1.9 |
| New cars delivered, number | 7,499 | 13,611 | 11,671 | 11,655 | 9,547 | 11,361 | 9,322 | 11,141 |
| Order backlog of new cars, number | 29,429 | 26,325 | 23,536 | 19,847 | 17,858 | 14,262 | 14,460 | 12,652 |
| Used cars delivered, number | 10,055 | 10,133 | 12,300 | 11,729 | 10,926 | 10,851 | 12,155 | 13,844 |
Business area – Fuel Business
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
|---|---|---|---|---|---|---|---|---|
| Turnover, SEK M | 312 | 307 | 277 | 287 | 288 | 277 | 225 | 242 |
| Operational earnings, SEK M | –2 | 3 | 8 | 5 | 6 | 3 | 13 | 7 |
| Margin, % | –0.6 | 1.0 | 2.7 | 1.6 | 2.2 | 1.0 | 5.7 | 3.0 |
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 Bilia's performance.
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.
Amortisation of surplus values
Occurs in connection with acquisitions of operations and is recognised under intangible assets.
Capital employed
Balance sheet total less non-interest-bearing liabilities and provisions as well as deferred tax liabilities.
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.
EBITDA
Operational earnings plus total depreciation/amortisation less amortisation of surplus values and depreciation of leased vehicles with repurchase agreements.
Equity/assets ratio
Equity in relation to balance sheet total.
Excluding IFRS 16
Information excluding the accounting standard IFRS 16 Leases.
Gain from sale of operation
Difference between purchase consideration and the operation's consolidated carrying amount, less selling costs.
Growth
Increase or decrease of net turnover in relation to the preceding year.
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, interest-bearing current and longterm receivables, interests in associated companies and leased vehicles. Performance measures that include interest-bearing liabilities are calculated excluding the effect of transaction costs and premium calculated according to the effective interest method.
Operating cash flow
Cash flow from operating activities plus investments in and disposals of intangible assets and property, plant and equipment.
Operating margin
Operating profit in relation to net turnover.
Operational earnings
Operating profit, excluding revenues and costs that affect comparability and excluding result from interests in joint ventures between accounting periods and/or operating segments. Revenues and costs that affect comparability between accounting periods and/or operating segments 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 in use.
Operational margin
Operational earnings in relation to net turnover. For the business areas the operational margin is called "Margin".
Order backlog
New cars ordered by the customer but not yet delivered.
Organic growth
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. Organic growth reported under Quarterly review for the Service Business relates to Sweden and Norway.
Return on capital employed
Operating profit plus interest expense included in the business and financial income in relation to average capital employed.
Return on equity
Net profit for the year in relation to average equity.
Service subscriptions
Service subscriptions where customers have or are thought to have their servicing done at a Bilia facility.
Structural costs
Costs that significantly alter the thrust and/or scope of the operations. 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.
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/investors/financial-information/
Additional disclosures
Press and analyst meeting
On Thursday 18 July 2024 Bilia arranges press and analyst meetings via Financial Hearings, where CEO Per Avander and CFO Kristina Franzén will present the report and answer questions.
The presentation starts at 09:00 CEST. If you wish to participate via webcast, please use the link below. Via the webcast you can ask written questions. https://ir.financialhearings.com/bilia-q2-2024
If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=5005604
Contact
For further information please contact:
Carl Fredrik Ewetz, Investor Relations +46 (0) 10 497 07 73, [email protected] Per Avander, Managing Director and CEO +46 (0)10 497 70 00, [email protected] Kristina Franzén, CFO +46 (0)10 497 73 40, [email protected]
Auditor review
This interim report has not been subject to review 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.
Translation
This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter should prevail.
Calendar
| Interim Report July–September 2024: |
23 October 2024 |
|---|---|
| Year-end Report October–December 2024: |
5 February 2025 |
| Interim Report January–March 2025: |
25 April 2025 |
| Annual General Meeting 2025 | 25 April 2025 |
| Interim Report April–June 2025: |
18 July 2025 |
This is information that Bilia AB (publ) is obliged to make public pursuant to the EU's Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, on 18 July 2024, at 08:00 CEST.
Declaration
The interim report provides a true and fair summary of the Parent Company's and the Group's activities, financial position and results of operations while describing significant risks and uncertainties faced by the Parent Company and the companies included in the Group.
Gothenburg, 18 July 2024
Mats Qviberg Chairman
Jan Pettersson Ingrid Jonasson Blank Gunnar Blomkvist Deputy chairman Board member Board member
Anna Engebretsen Nicklas Paulson Jon Risfelt Board member Board member Board member
Caroline af Ugglas Isak Ekblom Patrik Nordvall
Board member Board member appointed Board member appointed by employee organisation by employee organisation
Per Avander Managing Director
Bilia is one of Europe's largest full-service suppliers for everything related to car ownership, with a leading position in servicing and sales of cars, transport vehicles and trucks. We offer the car owner service, repair, fuel, car wash, rental cars, tyres and wheels, rim repair, car accessories, car care, paint work, windscreen replacements, car dismantling and more. Bilia has about 170 facilities in Sweden, Norway, Luxembourg and Belgium plus one online auction site in Sweden.
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. Bilia offers accessories and spare parts, original services and repairs, tyre hotels, rim repair, car glass repair along with other workshop services, store sales and e-commerce.
Bilia's Car Business comprises sales of new and used cars, transport vehicles and trucks, plus supplementary services such as financing and insurance. Bilia sells cars from Volvo, BMW, MINI, Toyota, Lexus, Mercedes-Benz, Porsche, Volkswagen, Audi, Skoda, Seat, Cupra, Nissan, Jaguar, Land Rover, XPENG as well as transport vehicles from Toyota, Mercedes-Benz, Volkswagen, Nissan and trucks from Mercedes-Benz.
Bilia's Fuel Business comprises fuel sales and car washes in Sweden.
Bilia AB (publ) Box 9003, SE-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
BILIA AB | INTERIM REPORT 1 JANUARY–30 JUNE 2024 31 (31)