First six months
• Net turnover amounted to SEK 9,201 M (7,900).
• Operating profit was SEK 239 M (212) and the margin was 2.6 per cent (2.7).
• Profit for the period was SEK 253 M (153) and earnings per share was SEK
10.10 (6.25).
Second quarter
• Net turnover amounted to SEK 4,857 M (4,158).
• Operating profit was SEK 141 M (129) and the margin was 2.9 per cent (3.1).
• Profit for the period was SEK 184 M (94) and earnings per share was SEK
7.35 (3.85).
• Cash flow after net investments amounted to SEK -25 M (-26).
(For complete report including tables see attached file)
In a comment on the second quarter, Bilia's Managing Director Per Avander says:
”Sales of both cars and service increased and we delivered a strong profit. The
Service Business developed well and earnings improved. During the quarter we
took decisions on investments in Sweden that will further strengthen the
Service Business. We expect the market situation to remain favourable during
the third quarter, despite increased uncertainty in the market.”
Notable events during 2011
Second quarter
• Bilia is expanding the Service Business in Sweden by investments in a new
body and paint shop in Jägersro, a new workshop in Limhamn, a new workshop
on Lidingö, addition of BMW sales to the existing dealership in Kungsbacka
and addition of a car workshop to the existing dealership on Hisingen. The
total investment for the above projects is estimated to be about SEK 100 M,
most of which will be financed by the property owners.
• The Administrative Court in Gothenburg issued a judgement in March 2011
that Bilia's Swedish subsidiary Sevonia AB is entitled to a tax deduction
for a Group contribution paid of SEK 313.6 M. The judgement was not
appealed, and a positive tax of SEK 82 M is reported in the final accounts
for the second quarter.
• During the first six months, 183,400 warrants were exercised to subscribe
for new shares, resulting in a new issue of SEK 3 M. The number of
outstanding warrants at 30 June was 391,909.
First quarter
• An agreement was signed with Opus Prodox AB giving Opus the right of first
refusal to establish vehicle inspection at Bilia's dealerships in Sweden.
• Bilia acquired a workshop in Lerum and will take possession at the end of
2011.
• Bilia's Board of Directors appointed Per Avander as Managing Director and
CEO of Bilia starting 4 May 2011.
Further information on the above events and other press information is
available at www.bilia.com.
Gothenburg, 27 July 2011
Bilia AB (publ)
Board of Directors
For further information, please contact Per Avander, Managing Director and CEO,
or Gunnar Blomkvist, CFO, telephone +46 31 709 55 00.
Bilia AB (publ)
Box 9003, SE-400 91 Gothenburg, Sweden
Visiting address: Norra Långebergsgatan 3, Västra Frölunda
Telephone: +46 31 709 55 00
www.bilia.com
Corporate ID No.: 556112-5690
This report is being published by Bilia AB in compliance with the Securities
Market Act. The information was submitted for publication on 27 July 2011 at
8:30 a.m.
