Kvartalsrapport Q1 2023

===== SIDA 1 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  1 (27)
First quarter 2023
Result on par with previous year considering divested operations
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Net turnover 9,871 8,684 36,532 35,345
Operational earnings  1) 431 500 1,837 1,906
Operational margin, % 4.4 5.8 5.0 5.4
Operating profit 380 684 1,798 2,102
Operating margin, % 3.8 7.9 4.9 5.9
Profit before tax 320 682 1,640 2,002
Net profit for the period 251 594 1,279 1,622
Earnings per share, SEK 2) 2.73 6.25 13.75 17.43
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.
First quarter 2023
• Net turnover amounted to SEK 9,871 M (8,684),  
an increase of 14 per cent. 
• Operational earnings amounted to SEK 431 M (500). 
• Norway reported lower operational earnings while 
Sweden and Western Europe reported higher 
operational earnings compared to the previous 
year. Adjusted for divested operations, the Group's 
result was on par with the previous year. 
• Operating profit amounted to SEK 380 M (684). 
The previous year's operating profit included a 
profit from sale of operations of SEK 222 M.
• Net profit for the period amounted to SEK 251 M 
(549), the previous year's net profit included 
a profit from sale of operations of SEK 222 M. 
Earnings per share amounted to SEK 2.73 (6.25).
• Operating cash flow amounted to SEK –492 M 
(348).

===== SIDA 2 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  2 (27)
THE MANAGING DIRECTOR’S COMMENTS
Growth in the Service Business and stable result 
considering divested operations 
First quarter 
Our operational earnings for the quarter amounted to SEK 
431 M, with a margin of 4.4 per cent – a result on a par with 
the previous year considering the divestment of operations. 
The Service Business’s result amounted to SEK 297 M 
and was, after adjusting for divested operations, higher 
than the previous year. The higher result can primarily be 
attributed to organic growth of 10 per cent. 
Sweden and Western Europe reported a higher un-
derlying result while Norway reported a lower underlying 
result, attributable to the Car Business. The backlog for 
new cars in Sweden and Western Europe remained high. 
The industry is changing and so are we
The automotive industry is characterised by change where 
sustainability is a driving factor. We are proud members of 
the United Nations Global Compact, and we are actively 
working to support the T en Principles regarding human 
rights, labour, the environment and anti-corruption. 
New business models are being tested in the industry 
to match customers’ changing purchasing patterns. Our 
collaboration with the car brand Mercedes-Benz is in the 
form of an agency model, and several suppliers are now 
planning to introduce this new business model. It means 
that our sales personnel take on more of an advisory role 
towards our customers, while the individual car brands 
are responsible for pricing. 
During the quarter we expanded the Bilia family to 
include a new type of operation for us, we will not only be 
a dealer but also an importer in Norway for Great Wall 
Motor, which will launch its ORA electric car brand in 
2023. We are honoured and proud to be entrusted as an 
importer for Great Wall Motor. The launch of ORA will add 
to the Bilia family a car brand with an exciting design and 
good quality at competitive prices. We are excited to be 
introducing the ORA car brand in Norway with its combi-
nation of high safety and advanced technology.
We currently offer electric cars from XPENG in Sweden 
at our recently opened facility in Stockholm. In 2023, 
we will open further facilities in Sweden and become an 
agent in Norway with a first facility in Bergen. We are also 
expanding our collaboration with Nissan Sweden. We will 
as agent establish sales of Nissan cars and transport ve-
hicles at several of our facilities across Sweden where we 
have historically sold Renault cars and transport vehicles.
Continued focus on the customer experience 
Demand for servicing was good during the first quarter 
and affected to a minor extent by the economic uncertain-
ty. The order intake for new cars, however, was low due to 
the prevailing economic uncertainty, and in Norway it was 
also adversely affected by new tax regulations and can-
celled orders. The cancellations in Norway were mainly at-
tributable to an electric car model, which did not keep the 
promised range, as well as to cars which, due to new tax 
rules in 2023, suffered large price increases. Demand for 
used cars increased slightly and was at a good level. We 
are well positioned to manage a stronger used car market 
and we are actively working to strengthen our offering. 
We want to continue to be the best service company 
in the industry, which means we are focusing on im-
proved customer experiences, a better working environ-
ment for our employees and even closer collaborations 
with our partners. Our corporate culture is based on 
proud, considerate, dedicated co-workers and leaders, 
and we see this as fundamental in offering a better expe-
rience and ensuring satisfied, loyal customers.
Per Avander
Managing Director and CEO
“Result on par with previous year 
considering divested operations”
Q1 19
Q1 20
Q1 21
Q1 22
Q1 23
238
279
528
500
431
Operational earnings
first quarter, SEK M

===== SIDA 3 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  3 (27)
Group results
Net turnover and earnings
First quarter 2023
Net turnover amounted to SEK 9,871 M (8,684). Adjusted 
for acquired and divested operations and for exchange 
rate fluctuations, net turnover increased by 15 per cent. 
Exchange rate fluctuations had no significant impact 
on net turnover for the period compared to the previous 
year. 
Operating profit amounted to SEK 380 M (684). The 
previous year's operating profit included a profit from 
sale of operations of SEK 222 M. 
Operational earnings  amounted to SEK 431 M (500), 
and the operational margin was 4.4 per cent (5.8). Nor-
way reported lower operational earnings attributable 
both to the Service Business and the Car business while 
Sweden and Western Europe reported higher operation-
al earnings compared to the previous year. Adjusted for 
divested operations, the Group's operational earnings 
was on par with the previous year. 
The Service Business reported a result of SEK 297 M, 
compared to SEK 315 M the previous year, but adjust-
ed for divested operations in Sweden and Norway, the 
Service Business's result was higher compared to the 
previous year. The Car Business reported a result of SEK 
158 M, compared to SEK 189 M compared to the previous 
year. The lower result was attributable to sales of used 
cars. The Fuel Business reported a result of SEK 8 M com-
pared to SEK 15 M. 
The operation in Sweden reported a result 
of  SEK348 M (333). The margin was 5.8 per cent (6.2). 
The operation in Norway reported a result of SEK 69 M 
(151). The margin was 2.4 per cent (5.8). The operation in 
Western Europe reported a result of SEK 47 M (35). The 
margin was 4.7 per cent (4.7). The higher result for Swe-
den was attributable to both the Service Business and 
the Car Business. The lower result for Norway, adjusted 
for operations divested in 2022, was mainly attributable 
to the Car Business. For Western Europe, the higher result 
was attributable to the Car Business. 
Net financial items amounted to SEK –60 M (–2). The 
higher net financial items is explained by higher interest 
costs and that the net financial items for the previous 
year was positively affected by approximately SEK 30 M 
from a one-off item from shares in associated compa-
nies. 
Tax amounted to SEK –69 M (–88), and the effective 
tax rate was 22 per cent (13). Adjusted for profit from the 
sale of operations in the previous year, the effective tax 
rate for previous year amounted to 19 per cent. 
Net profit for the period amounted to SEK 251 M (594). 
The previous year's net profit included a profit from sale 
of operations of SEK 222 M. Earnings per share amount-
ed to SEK 2.73 (6.25). 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 60 during the 
quarter and totalled 5,170. 
The operating result for the Parent Company during 
the quarter amounted to SEK –39 M (–18). The first quar-
ter's result was negatively affected by just over SEK 10 M 
due to revaluation of endowment policies for pensions 
compared to the previous year.
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Net turnover quarterly SEK M
Net turnover
Net turnover SEK M, R/one.tf/two.tf
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Operational earnings SEK M
Operational earnings and margin
Margin %, R/one.tf/two.tf
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THE GROUP
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.

===== SIDA 4 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  4 (27)
Net turnover by geographic market
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Sweden 6,036 5,332 21,606 20,902
Norway 2,841 2,603 11,606 11,368
Western Europe 986 741 3,291 3,046
Parent Company, other 8 8 29 29
Total 9,871 8,684 36,532 35,345
Operational earnings by geographic market
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Sweden 348 333 1,319 1,304
Norway 69 151 465 547
Western Europe 47 35 166 154
Parent Company, other –33 –19 –113 –99
Total 431 500 1,837 1,906
Operational margin by geographic market
First quarter April 22– 
March 23
Full year
2022Per cent 2023 2022
Sweden 5.8 6.2 6.1 6.2
Norway 2.4 5.8 4.0 4.8
Western Europe 4.7 4.7 5.0 5.0
Total 4.4 5.8 5.0 5.4
THE GROUP
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 cus-
tomers and colleagues alike.
Q1 19
Q1 20
Q1 21
Q1 22
Q1 23
187
244
335
333
348
Operational earnings   first quarter, SEK M
Sweden Norway Western Europe
Q1 19
Q1 20
Q1 21
Q1 22
Q1 23
60
52
206
151
69Norway
Q1 19
Q1 20
Q1 21
Q1 22
Q1 23
6
−10
15
35
47

===== SIDA 5 =====

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Operating cash flow SEK M, R/one.tf/two.tf
Operating cash flow
–/five.tf/zero.tf/zero.tf
/zero.tf
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/three.tf,/zero.tf/zero.tf/zero.tf
Operating cash flow 
Operating cash flow for the quarter amounted to 
SEK –492 M (348). The quarter's operating cash flow 
has been negatively affected by higher working capital, 
mainly related to decreased trade payables regarding 
purchases of cars. After acquisitions and divestment of 
operations and changes in financial assets, cash flow for 
the quarter amounted to SEK –492 M (769). Cash flow for 
the previous year has been boosted by SEK 420 M relat-
ing to divestment of operations in Sweden and Germany. 
Financial position
The balance sheet total decreased by SEK 322 M during 
the year and amounted to SEK 19,679 M. The decrease 
was mainly attributable to trade receivables and trade 
payables.
Equity increased by SEK 146 M during the period, 
amounting to SEK 5,033 M. The total holding of own 
shares as of 31 March 2023 was 4,315,709 shares. 
The equity/assets ratio amounted to 26 per cent (28). 
Net debt increased by SEK 876 M during the year and 
amounted to SEK 6,642 M. Excluding lease liabilities at-
tributable to IFRS 16, net debt amounted to SEK 2,262 M, 
an increase of SEK 476 M since December 2022. The ratio 
of net debt to EBITDA, excluding IFRS 16, amounted to 1.1 
times compared with 0.8 times at the end of 2022.
At the end of the quarter, SEK 1,096 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 
extended in February 2023 by SEK 800 M of back-up 
credit for SEK 800 M of bond loans that mature in Octo-
ber 2023. The original maturity date for the credit limit in 
March 2025 also applies to the additional credit. 
Investments excluding  right-of-use assets
Acquisitions of non-current assets during the quarter 
amounted to SEK 75 M (50) excluding lease vehicles and 
SEK 354 M (304) including lease vehicles. Broken down 
by geographical market, the investments amounted 
to SEK 300 M (275) in Sweden, SEK 21 M (6) in Norway, 
SEK 17 M (10) in Western Europe and SEK 16 M (13) for the 
Parent Company and other central operations.
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Net debt SEK M
Net debt and net debt/EBITDA, excl. IFRS /one.tf/six.tf
Net debt/EBITDA times, R/one.tf/two.tf
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Investments SEK M, R/one.tf/two.tf
Investments in non-current assets, excl. IFRS /one.tf/six.tf
in % of net turnover, R/one.tf/two.tf
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THE GROUP
BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  5 (27)

===== SIDA 6 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  6 (27)
Events during the first quarter
• On 23 January Bilia signed an agreement with Great 
Wall Motor to be an importer and dealer in Norway. 
Great Wall Motor is a listed company in Hong Kong 
which in 2021 has sold 1.3 million vehicles and is now 
establishing itself in Europe. During 2023, Great Wall 
Motors' electric car brand ORA will be launched in 
Norway.
Notable events
Events after the balance sheet date
• On 5 April Bilia announced that the collaboration with 
Nissan Sweden is expanding, and in future sales and 
service of Nissan cars will be offered at several facili-
ties in Sweden. From January 1, 2024, Nissan Sweden 
will change to an agency model. The new distribution 
model will be implemented with Bilia as an agent for 
the brand.
THE GROUP
Further information about the above mentioned 
events along with other press information is 
 available at bilia.com.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Car purchase 
Financing, insurance, the 
 Bilia-card, service subscrip-
tions, tyre hotels, paint 
shops,  accessory and tyre 
and wheel sales.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Store 
Accessories, spare parts  
and  e-commerce.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Stations
Fuels and car washes.
Tyre centres
Tyre hotels, wheel change, 
tyre and wheel sales and 
workshop services.
Rim repair
Renovation of rims.
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. 
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Service
Original service, personal 
service  technicians and 
repairs.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Car glass
Glass treatment, glass  
repair and  windscreen 
replacement.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Car care
Reconditioning and 
AC-cleaning.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Damage
Roadside assistance,  
body shop, paint shop  
and dent removal.
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
T elefon och online.
Butik 
Tillbehör, reservdelar och e-handel.
Glascenter
Glasbehandling, glasreparation 
och vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning och verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, 
serviceabonnemang, däckhotell, 
lackbehandling samt tillbehörs- 
& däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker och reparationer
Stationer
Drivmedel och biltvätt.
Bilvård
Rekonditionering och AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad, buckelborttagning och 
bildemontering.
Hyrbilar
Uthyrning och Flexlease
Rental cars
Rentals and Flexlease.
Kundservice
T elefon & online.
Reuse
Bildemontering & bildelar
7     BIL I A Å R S R E D O VIS NING  2 0 1 9
A f f ä r s m odell o c h s t r a t e g i
Butik 
Tillbehör, reservdelar 
& e-handel.
Glascenter
Glasbehandling, glas-
reparation & vindrutebyten.
Däckcenter
Däckhotell, däckbyte, däck-
försäljning & verkstadstjänster.
Bilköp 
Finansiering, försäkring, biliakort, serviceabonnemang, 
däckhotell, lackbehandling samt tillbehörs- & däckförsäljning.
Servicecenter 
Originalservice, personlig 
servicetekniker & reparationer
Stationer
Drivmedel & biltvätt.
Bilvård
Rekonditionering 
& AC- rengöring
Skadecenter
Vägassistans, plåtverkstad, 
lackverkstad & buckelborttagning
Hyrbilar
Uthyrning & Flexlease
Car dismantling
Dismantling, reuse and sales 
of used car parts.

===== SIDA 7 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  7 (27)
Strong organic growth in all countries
First quarter 2023
• Turnover amounted to SEK 2,257 M (2,056),  
an increase of 10 per cent. 
• Operational earnings amounted to SEK 297 M (315).
• The margin was 13.2 per cent (15.3).
Turnover and earnings
First quarter 2023
During the quarter, the turnover for the Service Business 
increased organically by 10 per cent. In Norway and 
Western Europe, organic growth during the quarter was 
as much as 17 and 30 per cent, respectively. The organic 
growth is adjusted for acquired and divested operations, 
exchange rate changes and the number of working days 
compared to last year. 
For the quarter, there was one more working day in all 
countries where we operate, compared to the previous 
year.
Growth in the Service Business
First quarter
Per cent Sweden Norway
Western 
Europe Tota l
Reported growth 10.0 5.1 29.8 9.8
Underlying growth 6.9 18.4 31.1 11.6
Calendar effect –1.6 –1.6 –1.6 –1.6
Organic growth 5.3 16.8 29.5 10.0
SERVICE BUSINESS
At the end of the quarter, the number of service subscrip-
tions amounted to 103,000 (106,000 at year-end 2022) 
compared with our long-term target of 130,000. Adjusted 
for divested operations, the number of service subscrip-
tions was on a par with last year. The number of wheels 
stored on behalf of our customers amounted to 397,000 
(393,000 at year-end 2022) compared with our long-term 
target of 1,000,000. 
Operational earnings amounted to SEK 297 M (315). 
Adjusted for operations divested in 2022, the Service Busi-
ness's result was higher than the previous year.
In Sweden, operational earnings amounted to 
SEK 266 M (224). In Norway operational earnings 
amounted to SEK 54 M (73). The results in Sweden and 
Norway were negatively affected by divested operations. 
The result in Norway was also negatively affected by low-
er productivity and higher cost levels compared to the 
previous year. In Western Europe, operational earnings 
amounted to SEK 17 M (18).

===== SIDA 8 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  8 (27)
Q/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tfQ/one.tf /two.tf/two.tfQ/four.tf /two.tf/one.tfQ/three.tf /two.tf/one.tfQ/two.tf /two.tf/one.tf
Turnover quarterly SEK M
Turnover
Turnover SEK M, R/one.tf/two.tf
/zero.tf
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/one.tf,/five.tf/zero.tf/zero.tf
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Q/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tfQ/one.tf /two.tf/two.tfQ/four.tf /two.tf/one.tfQ/three.tf /two.tf/one.tfQ/two.tf /two.tf/one.tf
Operational earnings SEK M
Operational earnings and margin
Margin %, R/one.tf/two.tf
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SERVICE BUSINESS
Turnover by geographic market
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Sweden 1,519 1,381 5,501 5,363
Norway 586 558 2,282 2,254
Western Europe 152 117 511 476
Total 2,257 2,056 8,294 8,093
Operational earnings by geographic market
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Sweden 226 224 881 879
Norway 54 73 208 227
Western Europe 17 18 54 55
Total 297 315 1,143 1,161
Margin by geographic market
First quarter April 22– 
March 23
Full year
2022Per cent 2023 2022
Sweden 14.9 16.2 16.0 16.4
Norway 9.2 13.2 9.1 10.1
Western Europe 11.2 15.0 10.6 11.5
Total 13.2 15.3 13.8 14.3

===== SIDA 9 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  9 (27)
Good demand for used cars
First quarter 2023
• Turnover amounted to SEK 7 ,913 M (6,796),   
an    increase of 16 per cent. 
• Operational earnings amounted to SEK 158 M (189). 
• The margin was 2.0 per cent (2.8).
New cars by geographic market
Deliveries Order backlog
First quarter
Number of 2023 2022
April 22– 
March 23
Full year 
2022
31 March 
2023
31 March 
2022
Sweden 1) 7,479 7,741 27,767 28,029 15,560 15,377
Norway 2) 2,548 2,067 10,520 10,039 4,007 8,460
Western Europe 3) 1,644 1,074 4,817 4,247 3,969 3,341
Total 11,671 10,882 43,104 42,315 23,536 27,178
1)  Acquired operations are included in deliveries during the quarter with 572.  Divested operations are included in deliveries during 
the quarter in the previous year with 329 and with 383 in order backlog. 
2)  Acquired operations are included in deliveries during the quarter with 19 and with 116 in order backlog. Divested operations are 
included in deliveries during the quarter in the previous year with 183 and with 872 in order backlog.
3)  Divested operations are included in deliveries during the quarter in the previous year with 26.
Turnover and earnings
First quarter 2023
The Car Business’s deliveries of new and used cars, adjust-
ed for acquired and divested operations, were 6 and 12 
per cent higher respectively during the quarter compared 
with the previous year. The higher deliveries of used cars 
was attributable to all of the countries where we operate 
and was explained by improved access to cars along with 
a high demand.
The order intake of new cars for the Group was 53 
per cent lower than the previous year adjusted for ac-
quired and divested operations, attributable to Norway 
and Sweden. Order intake was adversely affected by the 
economic conditions and by customer cancellations of 
orders in Norway. Customer orders that were cancelled 
were mainly attributable to Toyota's electric car model, 
which did not meet the promised range. In addition, price 
cuts from Tesla as well as price increases on undelivered 
cars due to changed tax rules in 2023 contributed to 
additional cancellations. The cancellations were limited 
to Norway. The order backlog amounted to 23,536 cars, 
which was lower than the previous year but at high level 
historically. Adjusted for acquired and divested opera-
CAR BUSINESS
tions, the order backlog was around 4,000 cars lower 
than the previous year. The order backlog remained 
high for Sweden and Western Europe and was lower for 
Norway compared with the previous year.

===== SIDA 10 =====

CAR BUSINESS
Adjusted for acquired and divested operations and 
exchange rate fluctuations, turnover during the quarter 
was 17 per cent higher than last year.
Operational earnings from sales of used cars re-
mained on a high level and amounted to SEK 82 M (125). 
The lower result compared to the previous year was at-
tributable to a lower gross profit margin and operations 
divested in 2022. 
Operational earnings from sales of new cars amount-
ed to SEK 76 M (64). The higher result was explained by 
more delivered new cars and higher gross profit margin 
compared to last year.
Operational earnings for the Car Business in Sweden 
amounted to SEK 113 M (94) and the higher result was 
attributable to sales of new cars. The result from sales 
of used cars amounted to SEK 84 M (83). The number of 
Deliveries of used cars by geographic market
First quarter April 22– 
March 23
Full year
2022Number of 2023 2022
Sweden 1) 8,144 7,437 28,608 27,901
Norway 2) 3,253 2,964 12,117 11,828
Western Europe 3) 903 773 2,979 2,849
Total 12,300 11,174 43,704 42,578
1)  Acquired operations are included during the quarter with 656. Divested operations are included during the quarter in the previous 
year with 506.
2)  Acquired operations are included during the quarter with 122 . Divested operations are included during the quarter in the previous 
year with 302.
3) Divested operations are included during the quarter in the previous year with 106.
used cars in stock was assessed to be at a good level at 
the end of the quarter. 
Operational earnings for the Car Business in Norway 
amounted to SEK 15 M (78). The lower result was primar-
ily attributable to lower gross profit margin and divested 
operations. The result from sales of used cars amounted 
to SEK –6 M (34). The lower result was attributable to 
lower gross profit margin. The number of used cars in 
stock is assessed to be at a too high level at the end of the 
quarter. 
Operational earnings for the Car Business in Western 
Europe amounted to SEK 30 M (17). The higher result can 
mainly be explained by higher turnover and higher gross 
profit margin for new cars. The result from sales of used 
cars amounted to SEK 4 M (8). 
Q/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tfQ/one.tf /two.tf/two.tfQ/four.tf /two.tf/one.tfQ/three.tf /two.tf/one.tfQ/two.tf /two.tf/one.tf
Turnover quarterly SEK M
Turnover
Turnover SEK M, R/one.tf/two.tf
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/two.tf/zero.tf,/zero.tf/zero.tf/zero.tf
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/three.tf/zero.tf,/zero.tf/zero.tf/zero.tf
/zero.tf
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/one.tf/five.tf/zero.tf
/two.tf/zero.tf/zero.tf
/two.tf/five.tf/zero.tf
/three.tf/zero.tf/zero.tf
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Operational earnings SEK M
Operational earnings and margin
Margin %, R/one.tf/two.tf
/zero.tf./zero.tf
/one.tf./zero.tf
/two.tf./zero.tf
/three.tf./zero.tf
/four.tf./zero.tf
/five.tf./zero.tf
/six.tf./zero.tf
BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  10 (27)

===== SIDA 11 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  11 (27)
CAR BUSINESS
Turnover by geographic market
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Sweden 4,594 3,968 16,068 15,442
Norway 2,463 2,170 10,108 9,815
Western Europe 856 658 2,854 2,656
Total 7,913 6,796 29,030 27,913
Operational earnings by geographic market
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Sweden 113 94 424 404
Norway 15 78 256 320
Western Europe 30 17 112 99
Total 158 189 792 823
Margin by geographic market
First quarter April 22– 
March 23
Full year
2022Per cent 2023 2022
Sweden 2.5 2.4 2.6 2.6
Norway 0.6 3.6 2.5 3.3
Western Europe 3.5 2.6 3.9 3.7
Total 2.0 2.8 2.7 2.9

===== SIDA 12 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  12 (27)
/zero.tf
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Q/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tfQ/one.tf /two.tf/two.tfQ/four.tf /two.tf/one.tfQ/three.tf /two.tf/one.tfQ/two.tf /two.tf/one.tf
Turnover quarterly SEK M
Turnover
Turnover SEK M, R/one.tf/two.tf
/five.tf/zero.tf/zero.tf
/seven.tf/five.tf/zero.tf
/one.tf,/zero.tf/zero.tf/zero.tf
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–/five.tf
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Operational earnings SEK M
Operational earnings and margin
Margin %, R/one.tf/two.tf
–/one.tf./zero.tf
/zero.tf./zero.tf
/one.tf./zero.tf
/two.tf./zero.tf
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Lower volumes and fewer fuel stations 
First quarter 2023
• Turnover amounted to SEK 277 M (327),  
a decrease of 15 per cent. 
• Operational earnings amounted to SEK 8 M (15).
• The margin was 2.7 per cent (4.7).
Turnover and earnings
First quarter 2023
The Fuel Business encompasses fuel stations and car 
washes and is concentrated to Sweden. The result for the 
quarter amounted to SEK 8 M (15). The lower result dur-
ing the quarter can be explained by operations divested 
during 2022 and lower volumes of fuels sold. 
Fuel Business
First quarter April 22– 
March 23
Full year
20222023 2022
Turnover, SEK M 277 327 1,255 1,305
Operational earnings, SEK M 8 15 14 21
Margin, per cent 2.7 4.7 1.1 1.6
FUEL BUSINESS

===== SIDA 13 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  13 (27)
The automotive and transport industry is facing major 
challenges, for instance with the transition to non fos-
sil-dependent vehicles. In order to reduce the impact on 
the climate and achieve the sustainability goals, all of 
society needs to help out: politicians, companies, organ-
isations and individuals. We all have a responsibility. As 
a company, we have a responsibility to reduce our own 
impact on the climate and the planet’s resources, and to 
help customers reduce theirs.
Our circular business model
Bilia is a full-service supplier that offers services and 
products for the car ownership during the car’s entire life 
cycle. The circular business model offers the customer 
help with everything from buying a new or used car, insur-
ance, accessories, service, damage repair and rental car, 
to dismantling and recycling. The focus is on the custom-
ers, and the customer’s needs and demand. 
In recent years the focus has been 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.
Governance
Bilia works according to the UN’s global Sustainable 
Development Goals, in the 2030 Agenda. We use an in-
tegrated management system, certified under ISO 9001 
and ISO 14001. Bilia should be a company for everybody, 
which is why work based on the company’s Code of Con-
duct and policy on equality of treatment is important. 
Bilia’s Code of Conduct is published at bilia.com.
Activities during the quarter related to Bilia's 
sustainability targets
The sustainability targets are the basis for specific im-
provement activities in this year's action plan. Examples 
of activities during the first quarter were:
•  Sustainable growth – Bilia is now a member of the UN 
Global Compact and has signed the "Letter of Commit-
ment".
•  Circular business model – life cycle analyses to prepare 
measurement of how rim repair contributes to a sustain-
able society.
•  Human care – activities to increase the number of wom-
en which includes strengthened recruitment policy, tip 
money and outreach recruitment.
•  Climate care – establishment of climate reporting to our 
partners and continued implementation of our Code of 
Conduct for suppliers.
Sustainability
THE GROUP
Nine key SDGs in the 2030 Agenda
Bilia has four focus areas for our sustainability work: 
 Human care, Climate care, Sustainable growth and 
Circular business model. The focus areas are linked to the 
following of the UN's global Sustainable Development 
Goals in the 2030 Agenda.
Sustainable growth
Customer satisfaction to be 3 points higher than 
the average for each brand in their country.
Circular business model
Increased share of used spare parts in our repair 
shops.
Human care
Proportion of committed employees above the 
benchmark and annual improvement.
Proportion of women in sales operations should 
exceed 30 per cent.
Climate care
Contribute to lower climate impact among our 
customers when using the products and services 
we provide.
Global  
SDGs 
Bilia 
 Focus areas
Human care 
 
Human care 
Climate care
Sustainable 
growth
Climate care
Global  
SDGs 
Bilia 
 Focus areas
Climate care
Circular busi-
ness model
Sustainable 
growth
All four areas

===== SIDA 14 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  14 (27)
Risks and opportunities
Risks and risk takings are a natural part of Bilia’s business 
operations. A good understanding of the risks togeth-
er 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. 
With the exception of the general economic environ-
ment, high inflation and rising interest rates, 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 de-
scription in the Annual Report for 2022. It is not possible to 
estimate the impact of the general economic environment, 
high inflation and rising interest rates on Bilia’s future opera-
tions, but a future negative impact cannot be ruled out.
Seasonal variations and number of working days
Bilia’s business and operating profit are affected by sea-
sonal 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 prof-
it 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 
97 , “Note 30” of the 2022 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 2023
The Annual General Meeting will be held on 26 April 2023. 
The Board proposes a dividend of SEK 8.80 (8.00) per share, 
to be paid in four instalments of SEK 2.20 per share. The pro-
posed dividend is in line with Bilia’s policy that the dividend 
should be at least 50 per cent of earnings per share. 
Other information
THE GROUP
  VISION AND BUSINESS IDEA   CULTURE AND CORE VALUES   CUSTOMER PROMISE
A better experience.
Our general goal is to 
create an experience that 
exceeds the customer’s ex-
pectations, and adds value 
that distinguishes Bilia from 
its competitors.
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.
The best service company in the 
business – through considera-
tion 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. 
  NINETEEN CAR BRANDS

===== SIDA 15 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  15 (27)
Consolidated Statement of Income and Other Comprehensive Income
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Net turnover 9,871 8,684 36,532 35,345
Costs of goods sold –8,307 –7,175 –30,419 –29,287
Gross profit 1,565 1,509 6,114 6,058
Other operating income 5 245 175 415
Selling and administrative expenses –1,183 –1,057 –4,454 –4,328
Other operating expenses –7 –13 –37 –43
Operating profit 1) 380 684 1,798 2,102
Financial income 1 1 4 4
Financial expenses –81 –44 –231 –193
Profit from shares in associated companies 20 41 68 89
Profit before tax 320 682 1,640 2,002
Tax –69 –88 –361 –380
Net profit for the period 251 594 1,279 1,622
Other comprehensive income
Items that can be reclassified to profit or loss
Translation differences attributable to foreign operations –67 67 –44 90
Change in fair value of cash flow hedges, net after tax –38 — 11 49
Other comprehensive income after tax –105 67 –33 139
Comprehensive income for the period 146 661 1,246 1 761
Net profit attributable to:
- Parent Company's shareholders 251 594 1,279 1 622
- Non-controlling interests 0 — 0 0
Comprehensive income attributable to:
- Parent Company's  shareholders 146 661 1,246 1 761
- Non-controlling interests 0 — 0 0
Basic earnings per share, SEK 2.73 6.25 13.75 17,43
Diluted earnings per share, SEK 2.73 6.25 13.73 17,41
Average number of shares, '000 91,984 95,170 93,017 93 017
Average number of shares, after  dilution, '000 92,086 95,287 93,126 93 126
1) Amortisation and depreciation according to plan by asset class:
– Intellectual property –52 –43 –189 –180
– Land and buildings –20 –19 –74 –73
– Equipment, tools, fixtures and fittings –38 –34 –144 –140
–  Leased vehicles –85 –128 –344 –387
– Right-of-use assets –146 –135 –542 –531
Total –341 –359 –1,293 –1 311
ACCOUNTS – GROUP

===== SIDA 16 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  16 (27)
Consolidated Statement of Financial Position, Summary
SEK M
31 March 
2023
31 December 
2022
31 March 
2022
Assets
Non-current assets
Intangible assets
Intellectual property 1,100 1,157 977
Goodwill 1,503 1,520 1,191
2,603 2,677 2,168
Property, plant and equipment
Leased vehicles 2,422 2,390 2,655
Right-of-use assets 4,241 3,855 3,573
Other tangible assets 1,777 1,784 1,583
8,440 8,029 7,811
Financial assets  700 700 582
Deferred tax assets 175 172 168
Total non-current assets 11,918 11,578 10,729
Current assets
Inventories 5,030 5,247 3,788
Other receivables 2,474 2,720 1,743
Cash and cash equivalents 257 456 1,180
Total current assets 7,761 8,423 6,711
TOTAL ASSETS 19,679 20,001 17,440
Equity and liabilities
Equity 5,033 4,887 4,840
Non-current liabilities
Bond issue 498 498 1,296
Interest-bearing liabilities  56 47 216
Lease liabilities 3,831 3,529 2,977
Other liabilities and provisions 2,317 2,272 2,367
6,703 6,346 6,856
Current liabilities
Bond issue 800 800 —
Interest-bearing liabilities 1,604 1,328 402
Lease liabilities 831 737 557
Other liabilities and provisions 4,708 5,903 4,785
7,943 8,768 5,744
TOTAL EQUITY AND LIABILITIES 19,679 20,001 17,440
Statement of Changes in Group Equity, Summary
SEK M
First quarter 
2023
Full year 
2022
First quarter 
2022
Opening balance 4,887 4,417 4,417
Cash dividend to shareholders — –556 —
Decided but not yet paid dividend — –184 —
Incentive programme 1 6 1
Buy-back of own shares — –525 –238
Revaluation of put option –1 –32 –1
Comprehensive income for the period 146 1,761 661
Equity at end of period 5,033 4,887 4,840
Equity attributable to:
- Parent Company's shareholders 5,033 4,887 4,840
- Non-controlling interests 0 0 —
ACCOUNTS – GROUP

===== SIDA 17 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  17 (27)
Consolidated Statement of Cash Flows
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Operating activities
Profit before tax 320 682 1,640 2,002
Depreciation and impairment losses 341 359 1,335 1,353
Other items not affecting cash –56 –279 –269 –492
Tax paid –147 –120 –518 –491
Change in inventories 5 –134 –851 –990
Change in operating receivables 154 –47 –817 –1,018
Change in operating liabilities –956 –168 –476 312
Cash flow from operating activities –339 293 44 676
Investing activities
Acquisition of non-current assets (intangible and tangible) –75 –50 –415 –390
Disposal of non-current assets (intangible and tangible) 0 2 17 19
Acquisition of leased vehicles –279 –254 –1,173 –1,148
Disposal of leased vehicles 200 357 1,031 1,188
Operating cash flow –492 348 –495 345
Investment in financial assets 0 0 –1 –1
Disposal of financial assets — 1 2 3
Acquisition of subsidiary/operation, net — — –811 –811
Disposal of subsidiary/operation, net — 420 377 797
Cash flow from investing activities –154 476 –973 –343
Financing activities
Borrowings 393 0 1,530 1,137
Repayment of loans — –32 –59 –91
Repayment of lease liabilities –100 –81 –637 –618
Buy-back of own shares — –238 –287 –525
Dividend paid to the company's shareholders — — –556 –556
Cash flow from financing activities 293 –351 –9 –653
Change in cash and cash equivalents,  
excl. translation differences –199 418 –937 –320
Exchange difference in cash and cash equivalents 0 8 14 22
Change in cash and cash equivalents –199 426 –923 –298
Cash and cash equivalents at start of period 456 754 1,180 754
Cash and cash equivalents at end of period 257 1,180 257 456
ACCOUNTS – GROUP

===== SIDA 18 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  18 (27)
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 Compa-
ny 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 2023
New or revised IFRS to be used in future are not expected 
to have any material effect on the consolidated financial 
statements.
Disclosures in accordance with IAS 34, paragraph 16, 
are made not only in the financial statements and related 
notes, but also in other parts of this interim report.
Note 2  Fair value of financial instruments
Valuation principles and classifications of Bilia's financial 
instruments as described in the annual report for 2022 
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 purchas-
es of electricity are classified as cash flow hedges and 
amounted to SEK 14 M. 
Bilia's financial instruments valued at fair value over 
the statement of income mainly consist of currency 
derivatives and are valued at fair value 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. Valu-
ation of the currency derivatives at fair value has resulted 
in a cost of SEK 1 M, which was matched by a cost 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 
options are reported as provisions in the statement of 
financial position and amounted to SEK 85 M.
Note 3 Revenues and costs that affect comparability
Acquisition-related expenses and value adjustments 
relate to costs for acquiring operations. 
Result from sale of operations includes profit from the 
divestment of Volvo and Renault facilities in Sweden and 
Norway. 
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Operational earnings 431 500 1,837 1,906
– Result from sale of operations — 222 146 368
– Structural costs etc. –5 –1 –13 –9
– Acquisition-related costs and value adjustments 0 — –5 –5
– Amortisation of surplus values –46 –37 –168 –158
Operating profit 380 684 1,798 2,102
ADDITIONAL DISCLOSURES – GROUP

===== SIDA 19 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  19 (27)
Note 4 Group's operating segments 
First quarter 2023
SEK M Service Car Fuel Tota l
Segment 
reconciliation Group
Net turnover
External sales 1,673 7,913 277 9,863 8 9,871
Internal sales 584 — — 584 –584 —
Total net turnover 2,257 7,91 3 277 10,447 –576 9,871
Depreciation/amortisation –142 –181 –1 –324 –17 –341
Operational earnings/Operating profit 297 158 8 464 –84 380
Revenue and costs that affect comparability:
– Structural costs etc –2 –1 0 –3 –2 –5
– Acquisition-related costs and value adjustments 0 0 — 0 — 0
– Amortisation of surplus values –23 –23 — –46 — –46
Total –25 –24 0 –49 –2 –51
Service Car
SEK M Sweden Norway Western Europe Sweden Norway Western Europe
Net turnover
External sales 1,165 378 130 4,594 2,463 856
Internal sales 354 208 22 — — —
Total net turnover 1,519 586 152 4,594 2,463 856
Depreciation/amortisation –90 –39 –13 –131 –39 –11
Operational earnings 226 54 17 113 15 30
Revenue and costs that affect comparability:
– Structural costs etc –1 0 –1 –1 0 0
– Acquisition-related costs and value adjustments 0 0 0 0 0 0
– Amortisation of surplus values –12 –5 –6 –12 –5 –6
Total –13 –5 –7 –13 –5 –6
First quarter 2022
SEK M Service Car Fuel Tota l
Segment 
reconciliation Group
Net turnover
External sales 1,553 6,796 327 8,676 8 8,684
Internal sales 503 — — 503 –503 —
Total net turnover 2,056 6,796 327 9,179 –495 8,684
Depreciation/amortisation –127 –214 –1 –342 –17 –359
Operational earnings/Operating profit 315 189 15 519 165 684
Revenue and costs that affect comparability:
– Result from sale of operations 44 143 35 222 — 222
– Structural costs etc. 0 — — 0 –1 –1
– Amortisation of surplus values –20 –17 — –37 — –37
Total 24 126 35 185 –1 184
Service Car
SEK M Sweden Norway Western Europe Sweden Norway Western Europe
Net turnover
External sales 1,037 433 83 3,968 2,170 658
Internal sales 344 125 34 — — —
Total net turnover 1,381 558 117 3,968 2,170 658
Depreciation/amortisation –77 –37 –13 –130 –72 –12
Operational earnings 224 73 18 94 78 17
Revenue and costs that affect comparability:
– Result from sale of operations 44 — — 143 — —
– Structural costs etc. — — 0 — — —
– Amortisation of surplus values –9 –5 –6 –8 –4 –5
Total 35 –5 –6 135 –4 –5
ADDITIONAL DISCLOSURES – GROUP

===== SIDA 20 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  20 (27)
Note 5 Acquisitions and divestments of operations
Acquisitions and divestments in 2023
There have been no acquisitions or divestments during 
the first quarter of 2023.
Acquisitions in 2022
On 1 June Bilia acquired AS Insignia in Norway, which 
conducts sales and service operations for the car brands 
Jaguar, Land Rover and Morgan. The acquired operation 
had a turnover of approximately NOK 450 M for 2021 
and reported an operating loss of NOK 5 M. The number 
of employees is 43 people. Acquisition-related expenses 
attributable to the acquisition amounted to NOK 1 M 
and relate to fees to consultants in connection with due 
diligence and have been reported as other operating 
expenses. Acquired customer relations and distribution 
rights of NOK 17 M respectively NOK 22 M are reported 
as intangible assets and are amortised over 10 respec-
tively 5 years.
On 1 July Bilia acquired 50.1 per cent of Bil1Din Hold-
ing AS in Norway which conducts car dismantling oper-
ations. Bilia has committed to buy another 49.9 per cent 
of the shares. The obligation is recognised as a financial 
liability, which replaces the item Non-controlling interests 
within equity. The business acquired reported a turnover 
of about NOK 55 M for 2021, with an operating margin 
of 1.7 per cent. The number of employees is about 30 
people. Acquisition-related expenses attributable to the 
acquisition amounted to NOK 1 M and relate to fees to 
consultants in connection with due diligence and have 
been reported as other operating expenses. Reported 
goodwill amounts to NOK 49 M.
On 1 November Bilia acquired M Bilar Group AB, which 
conducts sales and service operations for the car brands 
BMW and MINI. The acquired operation had a turnover 
of approximately SEK 1,3 Bn for 2021 with an average 
operating margin for the past three years of 4.5 per cent. 
The number of employees was 101 people by the end of 
2021. Acquisition-related expenses attributable to the 
acquisition amounted to SEK 1 M and relate to fees to 
consultants in connection with due diligence and have 
been reported as other operating expenses. Acquired 
customer relations of SEK 141 M are reported as intan-
gible assets and are amortised over 10 years. Acquired 
goodwill amounts to SEK 147 M.
On 15 December Bilia acquired Söderbergs Person-
bilar i Norrköping AB, which conducts sales and service 
operations for the car brands Volkswagen, Audi, Skoda, 
Seat and Cupra cars as well as Volkswagen transport 
vehicles. The acquired operation had a turnover of ap-
proximately SEK 1 Bn for 2021 and reported an operating 
margin of 3.3 per cent. The number of employees was 
210 people by the end of 2021. Acquisition-related ex-
penses attributable to the acquisition amounted to SEK 
1 M and relate to fees to consultants in connection with 
due diligence and have been reported as other operating 
expenses. Acquired customer relations and distribution 
rights of SEK 52 M respectively SEK 37 M are reported as 
intangible assets and are amortised over 10 respectively 
5 years. Acquired goodwill amounts to SEK 86 M.
The acquisitions of LB´s Lastbilar AB and Kokstad 
 Autosenter AS, DäckAtt AB, Hellgrens Lastvagnsservice 
AB, Skellefteå Billackering AB and Holmgrens Truck-Mo-
tor AB have not had any significant impact on the Group's 
financial position.
All acquisition analyses are preliminary pending final 
completion of the financial statements for the day of 
taking possession.
Divestments in 2022
During the year, eleven facilities in Sweden that sell 
new cars, used cars and service operations for Volvo 
and Renault and three facilities in Norway that sell new 
cars, used cars and service operations for Volvo have 
been divested. On 1 February, Bilia sold four facilities in 
Skaraborg to Bröderna Brandt Personbilar AB. On 1 May, 
Bilia sold five facilities in Bergslagen to Bilkompaniet i Da-
larna AB. On 1 June, Bilia sold a facility in Stenungsund to 
Stendahls Bil AB. On 30 September, Bilia sold one facility 
in Uppsala to Bilbolaget Invest Sundsvall AB. On 1 July, 
Bilia sold three facilities in Oslo to Volvo Car Stor- Oslo AS. 
The divested operations have reported turnover in the 
region of SEK 4 Bn and an operational profit of approx-
imately SEK 325 M yearly for the past two years. The 
 divestments resulted in a gain of SEK 222 M, reported in 
the first quarter, SEK 55 M in the second quarter, SEK 92 
M in the third quarter and a loss of SEK 1 M in the fourth 
quarter which is reported as Other operating income.
On 1 February, Bilia sold the remaining four BMW and 
MINI facilities in Germany to Autohaus Krah + Enders 
GmbH & Co. KG. The divested operation in Germany 
reported turnover in the region of SEK 800 M and an 
operational loss of approximately SEK 30 M yearly for the 
past two years. The divestment resulted in a loss of ap-
proximately SEK 30 M, which was reported in the fourth 
quarter of 2021 when the agreement to sell the facilities 
was made. 
ADDITIONAL DISCLOSURES – GROUP

===== SIDA 21 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  21 (27)
ADDITIONAL DISCLOSURES – GROUP
Note 6 Specification of interest-bearing net debt and EBITDA
Specification of interest-bearing net debt
SEK M
31 March 
2023
31 December 
2022
31 March 
2022
Current interest-bearing liabilities 2,579 2,261 403
Non-current interest-bearing liabilities 663 700 1,516
Lease liabilities IFRS 16 4,379 3,980 3,533
Cash and cash equivalents –257 –456 –1,180
Interest-bearing assets –112 –129 –8
Shares in associated companies –611 –590 –565
Net debt at end of the period 6,642 5,766 3,699
Net debt at end of the period, excluding IFRS 16 2,262 1,786 166
The ratio of net debt to EBITDA
SEK M
April 22– 
March 23
Full year 
2022
April 21– 
March 22
Operating profit 1,798 2,102 2,105
Result from sale of operations, structural costs, acquisition costs and impairment losses –125 –353 –135
Total depreciation and amortisation 1,293 1,311 1,344
– depreciation of leased vehicles with repurchase agreements –252 –301 –369
EBITDA 2,714 2,759 2,945
Net debt to EBITDA ratio, times 2.4 2.1 1.3
Operating profit excluding IFRS 16 1,727 2,031 2,037
Result from sale of operations, structural costs, acquisition costs and impairment losses –125 –353 –135
Total depreciation and amortisation 1,293 1,311 1,344
– depreciation of leased vehicles with repurchase agreements –252 –301 –369
– depreciation of right-of-use assets –542 –531 –513
EBITDA excluding IFRS 16 2,101 2,157 2,364
Net debt to EBITDA ratio excluding IFRS 16, times 1.1 0.8 0.1

===== SIDA 22 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  22 (27)
Income Statement for Parent Company
First quarter April 22– 
March 23
Full year
2022SEK M 2023 2022
Net turnover 191 169 709 687
Administrative expenses –230 –187 –831 –788
Operating result 1) –39 –18 –122 –101
Result from financial items
Profit from shares in Group companies — — 357 357
Interest income from Group companies 28 9 72 53
Other interest income and similar line items 0 0 1 1
Interest expenses to Group companies 0 0 –5 –5
Interest expenses and similar line items –28 –12 –73 –58
Result after financial items –39 –21 230 247
Appropriations — — 1,048 1,048
Result before tax –39 –21 1,278 1,295
Tax 4 –7 –196 –207
Net result for the period –35 –28 1,082 1,088
1) Amortisation and depreciation according to plan by asset class:
- Buildings  –6 –6 –24 –24
- Equipment, tools, fixtures and fittings –1 0 –3 –2
Total –7 –6 –27 –26
ACCOUNTS – PARENT COMPANY

===== SIDA 23 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  23 (27)
Balance Sheet for Parent Company, Summary
SEK M
31 March 
2023
31 December 
2022
31 March 
2022
Assets
Non-current assets
Property, plant and equipment 184 193 178
Shares in Group companies 3,136 3,136 2,423
Other tangible assets 73 69 78
Total non-current assets 3,393 3,398 2,679
Current assets
Receivables from Group companies 2,126 2,145 420
Other receivables 215 189 178
Cash and cash equivalents 8 65 1,122
Total current assets 2,350 2,399 1,720
TOTAL ASSETS 5,743 5,797 4,399
Equity and liabilities
Equity 1,379 1,413 1,318
Untaxed reserves 1,418 1,418 1,218
Provisions
Deferred tax liability 10 10 14
10 10 14
Non-current liabilities
Bond issue 498 498 1,296
Other liabilities 148 156 165
646 654 1,461
Current liabilities
Bond issue 800 800 —
Short-term interest bearing liabilities 900 703 —
Liabilities to Group companies 140 240 92
Other liabilities 449 559 296
2,289 2,302 388
TOTAL EQUITY AND LIABILITIES 5,743 5,797 4,399
ACCOUNTS – PARENT COMPANY

===== SIDA 24 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  24 (27)
The Group
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Net turnover, SEK M 9,402 8,129 8,634 8,684 8,945 7,291 10,425 9,871
EBITDA, SEK M 763 691 776 715 709 547 788 670
EBITDA excl. IFRS 16, SEK M 634 545 626 559 561 399 638 503
Operational earnings, SEK M 574 482 558 500 498 334 574 431
Operational margin, % 6.1 5.9 6.5 5.8 5.6 4.6 5.5 4.4
Operating profit, SEK M 541 433 447 684 521 386 511 380
Operating margin, % 5.8 5.3 5.2 7.9 5.8 5.3 4.9 3.8
Profit before tax, SEK M 516 410 424 682 491 359 470 320
Profit/loss for the period, SEK M 406 325 349 594 385 285 358 251
The ratio of net debt to EBITDA excl. IFRS 16, times 1) 0.2 0.1 0.2 0.1 0.2 0.4 0.8 1.1
Return on capital employed, % 1) 21.4 21.1 20.5 22.0 21.9 21.4 21.5 17.4
Return on equity, % 1) 35.0 34.2 33.8 37.4 37.1 35.8 36.2 27.8
Equity/assets ratio, % 24 27 26 28 25 28 24 26
Earnings per share, SEK 4.10 3.35 3.60 6.25 4.15 3.14 3.89 2.73
Equity per share, SEK 44 47 46 52 45 49 53 55
Average number of shares, '000 98,117 97,550 96,894 95,170 92,976 91,984 91,984 91,984
Number of shares, '000 97,550 97,550 95,777 93,947 91,984 91,984 91,984 91,984
Holdings of own shares, '000 2) 5,250 5,250 7,023 8,853 4,316 4,316 4,316 4,316
1) Rolling 12 months.
2) On 3 May 2022, repurchased own shares amounting to 6,500,000 were withdrawn.
Business area – Service Business
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Turnover, SEK M 1,911 1,764 2,257 2,056 2,033 1,712 2,291 2,257
Operational earnings, SEK M 326 257 377 315 286 192 368 297
Margin, % 17.1 14.6 16.7 15.3 14.1 11.2 16.1 13.2
Reported growth in Sweden and Norway, % 18.8 16.2 15.3 11.3 8.3 –1.5 –1.5 8.6
Organic growth in Sweden and Norway, % 9.0 –3.8 –4.7 –5.0 0.5 3.8 9.6 8.6
Business area – Car Business
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Turnover, SEK M 7,643 6,406 6,588 6,796 6,993 5,686 8,438 7,913
Operational earnings, SEK M 280 226 207 189 239 155 240 158
Margin, % 3.7 3.5 3.1 2.8 3.4 2.7 2.8 2.0
New cars delivered, number 12,518 9,182 11,515 10,882 10,323 7,499 13,611 11,671
Order backlog of new cars, number 13,495 19,603 22,775 27,178 29,023 29,429 26,325 23,536
Used cars delivered, number 1) 14,043 13,806 11,682 11,174 11,216 10,055 10,133 12,300
1) Year 2020 has been recalculated. 
Business area – Fuel Business
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Turnover, SEK M 309 330 349 327 359 312 307 277
Operational earnings, SEK M 9 8 8 15 5 –2 3 8
Margin, % 2.9 2.4 2.3 4.7 1.3 –0.6 1.0 2.7
QUARTERL Y REVIEW

===== SIDA 25 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  25 (27)
Bilia applies guidelines from ESMA (European Securities 
and Markets Authority) concerning alternative perfor-
mance measures (APMs). Even though these perfor-
mance 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. Normally these 
surplus values are amortised over a 10-year period. 
Capital employed
Balance sheet total less non-interest-bearing current 
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 dis-
posed 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/amortisa-
tion 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 long-
term receivables, interests in associated companies and 
leased vehicles, long-term.
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 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.
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. Adjust-
ment is also made for exchange rate differences and for 
calendar effect. Organic growth reported under Quar-
terly 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.
Structural 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 va-
cating a leased facility before the expiration of the lease.
The ratio of net debt to EBITDA 
Net debt in relation to EBITDA.
Underlying values
Values that are adjusted for operations that have been 
acquired or disposed of during one of the periods. Ad-
justment is made for exchange rate differences, where 
applicable.
Reconciliation of performance measures can be found at 
bilia.com/en/investors/financial-information/
Definitions and performance measures
DEFINITIONS AND PERFORMANCE MEASURES

===== SIDA 26 =====

BILIA AB  |  INTERIM REPORT 1 JANUARY–31 MARCH 2023  26 (27)
Press and analyst meeting
On Wednesday 26 April 2023 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-q1-2023
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=5002178
Contact
For further information please contact:
Carl Fredrik Ewetz, Investor Relations
+46 (0) 10 497 07 73, carl.fredrik.ewetz@bilia.se
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
Additional disclosures
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 infor-
mation 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 oth-
er 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.
ADDITIONAL DISCLOSURES
Calendar
Interim Report  
April–June 2023: 21 July 2023
Interim Report  
July–September 2023: 24 October 2023
Interim Report  
October–December 2023: 7 February 2024
Interim Report  
January–March 2024: 24 April 2024
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 26 April 2023, at 08:00 CEST.

===== SIDA 27 =====

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. At the end of 2022 Bilia had about 160 facilities in Sweden, 
Norway, 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. 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, 
Renault, Dacia, and Alpine, as well as transport vehicles from Toyota, Mercedes-Benz, Volkswagen, Nissan 
and Renault 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