FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== SIDA 1 ===== First quarter 2024 Stable Service Business and strong cash flow First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Net turnover 9,371 9,871 38,014 38,514 Operational earnings 1) 333 431 1,525 1,623 Operational margin, % 3.6 4.4 4.0 4.2 Operating profit 287 380 1,323 1,416 Operating margin, % 3.1 3.8 3.5 3.7 Profit before tax 201 320 1,041 1,159 Net profit for the period 156 251 837 931 Earnings per share, SEK 2) 1.70 2.73 9.10 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. First quarter 2024 • Net turnover amounted to SEK 9,371 M (9,871), a decrease of 5 per cent. • Operational earnings amounted to SEK 333 M (431). • The result for the Service Business was stable and amounted to SEK 281 M (297). The Car Business reported a decreased profit amounting to SEK 76 M (158), of which sales of used cars accounted for SEK 69 M (82). • Operating profit amounted to SEK 287 M (380). • Net profit for the period amounted to SEK 156 M (251). Earnings per share amounted to SEK 1.70 (2.73). • Operating cash flow amounted to SEK 400 M (–308). BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 1 (27) ===== SIDA 2 ===== THE MANAGING DIRECTOR’S COMMENTS Stable Service Business and good demand for used cars First quarter Operational earnings for the quarter amounted to SEK 333 M, with a margin of 3.6 per cent. The result for the Service Business was stable and amounted to SEK 281 M, which was on a par with the previous year consid- ering there were fewer working days. The Car Business reported a result of SEK 76 M, of which sales of used cars accounted for SEK 69 M. Order intake were higher than in the previous year, and the order backlog for new cars was at a normal level historically speaking. Operating cash flow improved on the previous year and amounted to SEK 400 M for the quarter. A changing business Our Service Business is stable across business cycles, and previous year represented 62 per cent of our oper- ational earnings. We are focusing on expansion of ser- vicing for all car brands in our MobiliaCare operational area, in order to extend and diversify our existing service offering. We are responsive to the kind of services cus- tomers require, and ensuring our customers are satisfied is a sustainability goal we are working on in all parts of the operation. We have diversified our brand portfolio and currently work with almost 20 attractive car brands when it comes to servicing and sales of new and used cars, transport vehicles and trucks. We are also diversifying our business with what is a new role for us, official importers in Sweden and Nor- way of the Jaguar and Land Rover brands Range Rover, Defender and Discovery. By establishing a new area of expertise, we want to be a potential partner for future collaborations. The new importer business began on 2 April. Carefully selected new family members During the quarter, we signed an agreement to acquire another full-service operation for Volkswagen Group car brands: Bil AB Ove Olofsson with five facilities in Stockholm. The acquisition doubles our market share in Volkswagen Group in Sweden, and we look forward to evolving this company moving forward. Furthermore, at the beginning of the year we took over B MotorGroup Stockholm AB, thus complementing our Swedish dealer operations with Jaguar and Land Rover car brands. We conduct operations at two facilities in Stockholm, where we will offer customers high-quality servicing and sales of new and used cars. During the quarter we expanded our operations with XPENG in Sweden and Norway, and during the second quarter we are continuing to open new sales points in our existing facilities in response to customers’ interests. Signals of a better economy During the quarter, private individuals remained cautious in buying new cars bearing in mind high interest rates. Demand for used cars, however, was stable at a good level. The used car market is one of our focus areas, and we are actively working to boost our range. Demand for servicing remained stable, as our customers continue to maintain their cars even in these tough times. We believe we can discern some positive signals among our customers based on lower inflation and anticipated interest rate reductions in the future. Bilia’s order intake for new cars have historically been impacted negatively early on in times of recession, but have also been quick to improve once the economy recovers. Per Avander Managing Director and CEO “Good demand in the Service Business and for used cars” Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 279 528 500 431 333 Operational earnings first quarter, SEK M BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 2 (27) ===== SIDA 3 ===== Group results Net turnover and earnings First quarter 2024 Net turnover amounted to SEK 9,371 M (9,871). Adjusted for acquired and divested operations and for exchange rate fluctuations, net turnover decreased by 6 per cent. Exchange rate fluctuations did not have a material im- pact on net turnover compared to the previous year. Operating profit amounted to SEK 287 M (380). Operational earnings amounted to SEK 333 M (431), and the operational margin was 3.6 per cent (4.4). Western Europe reported higher operational earnings, while Sweden and Norway reported lower results. The Service Business reported a result of SEK 281 M, compared to SEK 297 M in the previous year. Adjusted for the lower number of working days, the result was on a par with the previous year. The Car Business reported a result of SEK 76 M, compared to SEK 158 M the previous year. The lower result was attributable to foremost sales of new cars. The Fuel Business reported a result of SEK 13 M compared to SEK 8 M. The operation in Sweden reported a result of SEK 274 M (348). The margin was 4.3 per cent (5.8). The operation in Norway reported a result of SEK 35 M (69). The margin was 1.9 per cent (2.4). The operation in Western Europe reported a result of SEK 61 M (47). The margin was 5.5 per cent (4.7). In Sweden, the lower result was attributable to the Car Business. In Norway, the lower result was attribut- able to both the Service Business and Car Business. The lower result in Norway was mainly due to less than half the number of delivered cars and a challenging market situation, both for us and other players on the market. In Western Europe, the higher result was primarily attributa- ble to the Car Business. Net financial items amounted to SEK -85 M (-60). This higher figure was attributable to higher interest expens- es. Tax amounted to SEK –45 M (–69), and the effective tax rate was 22 per cent (22). Net profit for the period amounted to SEK 156 M (251). Earnings per share amounted to SEK 1.70 (2.73). Ex- change rate fluctuations did not have a material impact on net profit for the period compared to the previous year. The number of employees, adjusted for acquired op- erations, increased by 59 during the quarter and totalled 5,284. The operating result for the Parent Company during the quarter amounted to SEK –41 M (–39). Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Net turnover SEK M Net turnover Net turnover SEK M, R/one.tf/two.tf /zero.tf /two.tf,/zero.tf/zero.tf/zero.tf /four.tf,/zero.tf/zero.tf/zero.tf /six.tf,/zero.tf/zero.tf/zero.tf /eight.tf,/zero.tf/zero.tf/zero.tf /one.tf/zero.tf,/zero.tf/zero.tf/zero.tf /one.tf/two.tf,/zero.tf/zero.tf/zero.tf /two.tf/eight.tf,/zero.tf/zero.tf/zero.tf /three.tf/zero.tf,/zero.tf/zero.tf/zero.tf /three.tf/two.tf,/zero.tf/zero.tf/zero.tf /three.tf/four.tf,/zero.tf/zero.tf/zero.tf /three.tf/six.tf,/zero.tf/zero.tf/zero.tf /three.tf/eight.tf,/zero.tf/zero.tf/zero.tf /four.tf/zero.tf,/zero.tf/zero.tf/zero.tf /zero.tf /one.tf/two.tf/zero.tf /two.tf/four.tf/zero.tf /three.tf/six.tf/zero.tf /four.tf/eight.tf/zero.tf /six.tf/zero.tf/zero.tf Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Operational earnings SEK M Operational earnings and margin Margin %, R/one.tf/two.tf /two.tf./zero.tf /three.tf./zero.tf /four.tf./zero.tf /five.tf./zero.tf /six.tf./zero.tf /seven.tf./zero.tf 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. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 3 (27) ===== SIDA 4 ===== Net turnover by geographic market First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Sweden 6,385 6,036 25,002 24,653 Norway 1,880 2,841 8,802 9,763 Western Europe 1,098 986 4,181 4,069 Parent Company, other 8 8 29 29 Total 9,371 9,871 38,014 38,514 Operational earnings by geographic market First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Sweden 274 348 1,291 1,365 Norway 35 69 143 177 Western Europe 61 47 242 228 Parent Company, other –37 –33 –151 –147 Total 333 431 1,525 1,623 Operational margin by geographic market First quarter April 23– March 24 Full year 2023Per cent 2024 2023 Sweden 4.3 5.8 5.2 5.5 Norway 1.9 2.4 1.6 1.8 Western Europe 5.5 4.7 5.8 5.6 Total 3.6 4.4 4.0 4.2 THE GROUP Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 244 335 333 348 274 Operational earnings first quarter, SEK M Sweden Norway Western Europe Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 52 206 151 69 35Norway Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 −10 15 35 47 61 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. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 4 (27) ===== SIDA 5 ===== Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Operating cash flow SEK M, R/one.tf/two.tf Operating cash flow –/five.tf/zero.tf/zero.tf /zero.tf /five.tf/zero.tf/zero.tf /one.tf,/zero.tf/zero.tf/zero.tf /one.tf,/five.tf/zero.tf/zero.tf /two.tf,/zero.tf/zero.tf/zero.tf Operating cash flow Operating cash flow for the quarter amounted to SEK 400 M (–308). The quarter's operating cash flow has been positively affected by lower working capital, mainly related to inventory. After acquisitions and divestment of operations and changes in financial assets, cash flow for the quarter amounted to SEK 156 M (–308). Financial position The balance sheet total increased by SEK 51 M during the year and amounted to SEK 19,446 M. Equity increased by SEK 170 M, amounting to SEK 5,011 M. The total holding of own shares as of 31 March 2024 was 4,315,709 shares. The equity/assets ratio amounted to 26 per cent (26). Net debt increased by SEK 385 M during the year and amounted to SEK 7 ,074 M. Excluding lease liabilities attributable to IFRS 16, net debt amounted to SEK 2,676 M, an increase of SEK 233 M since December 2023. The ratio of net debt to EBITDA, excluding IFRS 16, amounted to 1.5 times compared with 1.3 times at the end of 2023. At the end of the quarter, SEK 1,355 M of Bilia’s credit with the banks (Nordea and DNB) was utilised. The credit facility with Nordea and DNB totals SEK 2,300 M, and was refinanced during the quarter with substantially un- changed 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 122 M (75) excluding lease vehicles and SEK 502 M (354) including lease vehicles. Broken down by geographical market, the investments amounted to SEK 246 M (300) in Sweden, SEK 206 M (21) in Norway, SEK 6 M (17) in Western Europe and SEK 44 M (16) for the Parent Company and other central operations. Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf 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 /zero.tf./zero.tf /zero.tf./five.tf /one.tf./zero.tf /one.tf./five.tf /two.tf./zero.tf /two.tf./five.tf /three.tf./zero.tf /zero.tf /five.tf/zero.tf/zero.tf /one.tf,/zero.tf/zero.tf/zero.tf /one.tf,/five.tf/zero.tf/zero.tf /two.tf,/zero.tf/zero.tf/zero.tf /two.tf,/five.tf/zero.tf/zero.tf /three.tf,/zero.tf/zero.tf/zero.tf Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf 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 /zero.tf./zero.tf /two.tf./zero.tf /four.tf./zero.tf /six.tf./zero.tf /eight.tf./zero.tf /zero.tf /five.tf/zero.tf/zero.tf /one.tf,/zero.tf/zero.tf/zero.tf /one.tf,/five.tf/zero.tf/zero.tf /two.tf,/zero.tf/zero.tf/zero.tf /two.tf,/five.tf/zero.tf/zero.tf THE GROUP BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 5 (27) ===== SIDA 6 ===== 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 agreement is conditional on approval from the Swedish Competition Authority. The deal is expected to be effectuated on 2 May 2024. During 2023 the turnover amounted to approximately SEK 1.3 Bn, with an operating margin of 3.2 percent. The capital employed plus agreed surplus values amounts to approximately SEK 200 M. • 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 Notable events 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. Events after the balance sheet date • On 2 April Bilia announced that as a result of growing interest in XPENG, additional facilities in Sweden and Norway are opened. 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. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 6 (27) ===== SIDA 7 ===== Stable result for the Service Business First quarter 2024 • Turnover amounted to SEK 2,363 M (2,257), an increase of 5 per cent. • Operational earnings amounted to SEK 281 M (297). • The margin was 11.9 per cent (13.2). Turnover and earnings First quarter 2024 During the quarter, the turnover for the Service Busi- ness increased organically by 8 per cent. The organic growth is adjusted for acquired and divested operations, exchange rate changes and the number of working days compared to last year. The lower growth in Norway is explained by less than half the number of delivered new cars than in the previous year, which had a negative impact on turnover. This year the Easter break fell during the first quarter, while in 2023 it was in the second quarter. This means that there were three fewer working days in Norway, two fewer in Sweden, and one fewer in Belgium and Luxem- bourg; this had an impact on quarter-on-quarter turno- ver and results compared to the previous year. Growth in the Service Business First quarter Per cent Sweden Norway Western Europe Tota l Reported growth 7.4 –3.9 10.5 4.7 Underlying growth 6.2 –0.7 9.6 4.8 Calendar effect 3.1 4.6 1.5 3.4 Organic growth 9.3 3.9 11.1 8.1 SERVICE BUSINESS Operational earnings for the Service Business amounted to SEK 281 M (297) and was on a par with last year consid- ering the number of working days during the quarter. In Sweden, operational earnings amounted to SEK 228 M (226). In Norway operational earnings amounted to SEK 32 M (54). The figures in Norway were affected by the fact that less than half the number of new cars were delivered than in the previous year. In Western Europe, operational earnings amounted to SEK 21 M (17). The margin in Sweden and Western Europe was at a sta- ble level, while in Norway it was lower than the previous year. Improvement activities are being implemented in Norway and have begun to make an impact. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 7 (27) ===== SIDA 8 ===== Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Turnover SEK M Turnover Turnover SEK M, R/one.tf/two.tf /zero.tf /five.tf/zero.tf/zero.tf /one.tf,/zero.tf/zero.tf/zero.tf /one.tf,/five.tf/zero.tf/zero.tf /two.tf,/zero.tf/zero.tf/zero.tf /two.tf,/five.tf/zero.tf/zero.tf /seven.tf,/zero.tf/zero.tf/zero.tf /seven.tf,/five.tf/zero.tf/zero.tf /eight.tf,/zero.tf/zero.tf/zero.tf /eight.tf,/five.tf/zero.tf/zero.tf /nine.tf,/zero.tf/zero.tf/zero.tf /nine.tf,/five.tf/zero.tf/zero.tf /zero.tf /one.tf/zero.tf/zero.tf /two.tf/zero.tf/zero.tf /three.tf/zero.tf/zero.tf /four.tf/zero.tf/zero.tf Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Operational earnings SEK M Operational earnings and margin Margin %, R/one.tf/two.tf /four.tf./zero.tf /eight.tf./zero.tf /one.tf/two.tf./zero.tf /one.tf/six.tf./zero.tf /two.tf/zero.tf./zero.tf SERVICE BUSINESS Service Business - First quarter 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net turnover, SEK M 984 1,039 1,048 1,223 1,500 1,561 1,704 1,796 1,880 2,056 2,257 2,363 Operational earnings, SEK M 65 93 102 130 193 169 218 263 319 315 297 281 Operational margin, % 6.6 9.0 9.7 10.6 12.9 10.8 12.8 14.7 16.9 15.3 13.2 11.9 Turnover Service Business, % Service och repair, 60 Damage centres incl. paint shop, 20 Tyres, wheels and glass, 15 Car dismantlings, 5 Our target is to grow the turnover and profitability of our Service Business. Since 2013 the turnover for the first quarter has increased with 140 per cent and the operational earnings with 330 per cent. The margin has during the same peri- od increased from 6.6 per cent to 11.9 per cent. 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 sub- scriptions amounted to 119,000 (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 375,000 (391,000 at year-end 2023) com- pared with our long-term target of 1,000,000. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 8 (27) ===== SIDA 9 ===== SERVICE BUSINESS Turnover by geographic market First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Sweden 1,632 1,519 6,158 6,045 Norway 563 586 2,159 2,182 Western Europe 168 152 654 638 Total 2,363 2,257 8,971 8,865 Operational earnings by geographic market First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Sweden 228 226 878 876 Norway 32 54 116 138 Western Europe 21 17 87 83 Total 281 297 1,081 1,097 Margin by geographic market First quarter April 23– March 24 Full year 2023Per cent 2024 2023 Sweden 14.0 14.9 14.3 14.5 Norway 5.7 9.2 5.4 6.3 Western Europe 12.4 11.2 13.2 13.0 Total 11.9 13.2 12.0 12.4 BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 9 (27) ===== SIDA 10 ===== Higher order intake and stable business for used cars First quarter 2024 • Turnover amounted to SEK 7 ,329 M (7 ,913), a decrease of 7 per cent. • Operational earnings amounted to SEK 76 M (158). • The margin was 1.0 per cent (2.0). New cars by geographic market Deliveries Order backlog First quarter Number of 2024 2023 April 23– March 24 Full year 2023 31 March 2024 31 March 2023 Sweden 1) 6,639 7,479 29,419 30,259 8,581 15,560 Norway 2) 1,245 2,548 6,836 8,139 2,944 4,007 Western Europe 1,438 1,644 5,630 5,836 2,935 3,969 Total 9,322 11,671 41,885 44,234 14,460 23,536 1) Acquired operations are included in deliveries during the quarter with 209 and with 112 in order backlog. 2) Acquired operations are included in deliveries during the quarter with 154 and with 263 in order backlog. Turnover and earnings First quarter 2024 The Car Business’s deliveries of new and used cars, adjust- ed for acquired and divested operations, were 18 and 2 per cent lower respectively during the quarter compared with the previous year. The lower deliveries of new cars was mainly attributable to Norway where underlying de- liveries was 57 per cent lower compared with the previous year. The order intake of new cars for the Group was 13 per cent higher than the previous year adjusted for acquired and divested operations, primarily attributable to Norway, which experienced order cancellations in the previous year due to new tax regulations. Adjusted for cancellations, orders in Norway were twice what they were in the previous year. In Sweden and Western Europe, the underlying order intake was 8 and 11 per cent lower respectively than in the previous year. The order backlog amounted to 14,460 cars, which was lower than the previous year but at a normal level historically. Adjusted for acquired and divested opera- tions, the order backlog was around 8,900 cars lower than the previous year, but somewhat higher compared with the year-end 2023. CAR BUSINESS Adjusted for acquired and divested operations and exchange rate fluctuations, turnover during the quarter was 9 per cent lower than the previous year. The lower turnover is explained by the lower number of delivered cars. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 10 (27) ===== SIDA 11 ===== CAR BUSINESS Operational earnings from sales of used cars re- mained at a good level and amounted to SEK 69 M (82). The lower figure compared to the previous year was attributable to a lower gross profit margin. Operational earnings from sales of new cars amount- ed to SEK 7 M (76). The lower figure is primarily attributa- ble to fewer delivered new cars. Operational earnings for the Car Business in Sweden amounted to SEK 33 M (113), the decrease relating to sales of both new and used cars. The result from sales of used cars amounted to SEK 32 M (84). The lower result was 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. The result from sales of new cars amounted to SEK 1 M (29). The lower result was attributable to a lower gross profit margin. Deliveries of used cars by geographic market First quarter April 23– March 24 Full year 2023Number of 2024 2023 Sweden 1) 8,517 8,144 30,612 30,239 Norway 2,992 3,253 12,492 12,753 Western Europe 646 903 2,557 2,814 Total 12,155 12,300 45,661 45,806 1) Acquired operations are included during the quarter with 138. Operational earnings for the Car Business in Norway amounted to SEK 3 M (15). The lower result was attributa- ble to sales of new cars which reported a loss of SEK –27 M (21). The result is explained by fewer delivered new cars as well as a challenging market situation, both for us and other players on the market. The lower number of delivered new cars resulted in lower turnover. The result from sales of used cars amounted to SEK 30 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 40 M (30). The higher profit was primarily attributable to higher turnover for new cars. The result from sales of used cars amounted to SEK 6 M (4). The result from sales of new cars amounted to SEK 34 M (26). Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Turnover SEK M Turnover Turnover SEK M, R/one.tf/two.tf /zero.tf /two.tf,/zero.tf/zero.tf/zero.tf /four.tf,/zero.tf/zero.tf/zero.tf /six.tf,/zero.tf/zero.tf/zero.tf /eight.tf,/zero.tf/zero.tf/zero.tf /one.tf/zero.tf,/zero.tf/zero.tf/zero.tf /two.tf/two.tf,/zero.tf/zero.tf/zero.tf /two.tf/four.tf,/zero.tf/zero.tf/zero.tf /two.tf/six.tf,/zero.tf/zero.tf/zero.tf /two.tf/eight.tf,/zero.tf/zero.tf/zero.tf /three.tf/zero.tf,/zero.tf/zero.tf/zero.tf /three.tf/two.tf,/zero.tf/zero.tf/zero.tf /zero.tf /five.tf/zero.tf /one.tf/zero.tf/zero.tf /one.tf/five.tf/zero.tf /two.tf/zero.tf/zero.tf /two.tf/five.tf/zero.tf Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf 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 BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 11 (27) ===== SIDA 12 ===== CAR BUSINESS Turnover by geographic market First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Sweden 4,929 4,594 19,276 18,941 Norway 1,451 2,463 7,163 8,175 Western Europe 949 856 3,609 3,516 Total 7,329 7,913 30,048 30,632 Operational earnings by geographic market First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Sweden 33 113 388 468 Norway 3 15 27 39 Western Europe 40 30 155 145 Total 76 158 570 652 Margin by geographic market First quarter April 23– March 24 Full year 2023Per cent 2024 2023 Sweden 0.7 2.5 2.0 2.5 Norway 0.2 0.6 0.4 0.5 Western Europe 4.2 3.5 4.3 4.1 Total 1.0 2.0 1.9 2.1 BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 12 (27) ===== SIDA 13 ===== /zero.tf /one.tf/zero.tf/zero.tf /two.tf/zero.tf/zero.tf /three.tf/zero.tf/zero.tf /four.tf/zero.tf/zero.tf /five.tf/zero.tf/zero.tf Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf Turnover 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 /one.tf,/two.tf/five.tf/zero.tf /one.tf,/five.tf/zero.tf/zero.tf /one.tf,/seven.tf/five.tf/zero.tf –/five.tf /zero.tf /five.tf /one.tf/zero.tf /one.tf/five.tf Q/one.tf /two.tf/four.tfQ/four.tf /two.tf/three.tfQ/three.tf /two.tf/three.tfQ/two.tf /two.tf/three.tfQ/one.tf /two.tf/three.tfQ/four.tf /two.tf/two.tfQ/three.tf /two.tf/two.tfQ/two.tf /two.tf/two.tf 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 /three.tf./zero.tf Lower volumes but higher results First quarter 2024 • Turnover amounted to SEK 225 M (277), a decrease of 19 per cent. • Operational earnings amounted to SEK 13 M (8). • The margin was 5.7 per cent (2.7). Turnover and earnings First quarter 2024 The Fuel Business encompasses fuel stations and car washes and is concentrated to Sweden. The result for the quarter amounted to SEK 13 M (8). The higher result during the quarter can be explained by higher bonus from suppliers. Fuel Business First quarter April 23– March 24 Full year 20232024 2023 Turnover, SEK M 225 277 1,077 1,129 Operational earnings, SEK M 13 8 26 21 Margin, per cent 5.7 2.7 2.5 1.9 FUEL BUSINESS BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 13 (27) ===== SIDA 14 ===== THE GROUP The automotive and transport industry is facing major challenges, for instance with the transition to vehicles that run on sustainable fuels. Another challenge is 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 busi- ness 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 not only to pro- vide added value for our customers, but also because we regard sustainability as a vital 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 strate- gy, 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 im- provement 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 – goals for using used parts for repair jobs in Sweden have been established, and prepara- tions are under way to implement them in the operation. • Human care – performance appraisals focusing on core values, leadership expectations and the working environment have been conducted. • Climate care – planning for the drafting of a climate strategy in line with the Paris Agreement. Assessment regarding establishment of SBTi. Sustainability 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 percentage points higher than the average for each brand in their country. • Proportion of women in sales operations should exceed 30 per cent. Circular economy • Share of 12 per cent used spare parts for repair cases in Sweden in 2028. Human care • Proportion of committed employees above the benchmark. Climate care • Contribute to lower climate impact among our customers when using the products and services we provide. • Reduced carbon dioxide emissions associated with energy use in own operations. Global SDGs Bilia Focus areas Human care Human care Climate care Sustainable growth Climate care Global SDGs Bilia Focus areas Climate care Circular economy Sustainable growth All four areas BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 14 (27) ===== SIDA 15 ===== THE GROUP 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. 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 com- pared 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 is held on 24 April 2024. The Board proposes a dividend of SEK 6.60 (8.80) per share, to be paid in four instalments of SEK 1.65 per share. The proposed dividend is in line with historical levels of dividend share and in accordance Bilia’s dividend policy. Other information 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. OUR CAR BRANDS BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 15 (27) ===== SIDA 16 ===== Consolidated Statement of Income and Other Comprehensive Income First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Net turnover 9,371 9,871 38,014 38,514 Costs of goods sold –7,867 –8,307 –31,934 –32,374 Gross profit 1,504 1,565 6,080 6,140 Other operating income 9 5 50 46 Selling and administrative expenses –1,224 –1,183 –4,766 –4,724 Other operating expenses –3 –7 –41 –45 Operating profit 1) 287 380 1,323 1,416 Financial income 2 1 17 15 Financial expenses –103 –81 –382 –360 Profit from shares in associated companies 16 20 83 88 Profit before tax 201 320 1,041 1,159 Tax –45 –69 –204 –228 Net profit for the period 156 251 837 931 Other comprehensive income Items that can be reclassified to profit or loss Translation differences attributable to foreign operations 28 –67 3 –93 Change in fair value of cash flow hedges, net after tax –11 –38 –19 –45 Other comprehensive income after tax 17 –105 –15 –138 Comprehensive income for the period 173 146 821 793 Net profit attributable to: - Parent Company's shareholders 156 251 837 931 - Non-controlling interests 0 0 0 0 Comprehensive income attributable to: - Parent Company's shareholders 173 146 821 793 - Non-controlling interests 0 0 0 0 Basic earnings per share, SEK 1.70 2.73 9.10 10.12 Diluted earnings per share, SEK 1.70 2.73 9.08 10.10 Average number of shares, '000 91,984 91,984 91,984 91,984 Average number of shares, after dilution, '000 92,200 92,086 92,216 92,188 1) Amortisation and depreciation according to plan by asset class: – Intellectual property –53 –52 –210 –209 – Land and buildings –22 –20 –86 –84 – Equipment, tools, fixtures and fittings –39 –38 –146 –145 – Leased vehicles –106 –85 –401 –380 – Right-of-use assets –147 –146 –586 –585 Total –366 –341 –1,428 –1,404 ACCOUNTS – GROUP BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 16 (27) ===== SIDA 17 ===== Consolidated Statement of Financial Position, Summary SEK M 31 March 2024 31 December 2023 31 March 2023 Assets Non-current assets Intangible assets Intellectual property 932 972 1,100 Goodwill 1,509 1,496 1,503 2,441 2,468 2,603 Property, plant and equipment Leased vehicles 2,542 2,515 2,422 Right-of-use assets 4,112 3,960 4,241 Other tangible assets 2,042 1,968 1,777 8,696 8,443 8,440 Financial assets 749 726 700 Deferred tax assets 38 150 175 Total non-current assets 11,924 11,788 11,918 Current assets Inventories 4,734 4,789 5,030 Other receivables 2,421 2,554 2,474 Cash and cash equivalents 367 264 257 Total current assets 7,522 7,607 7,761 TOTAL ASSETS 19,446 19,395 19,679 Equity and liabilities Equity 5,011 4,841 5,033 Non-current liabilities Bond issue 1,295 1,295 498 Interest-bearing liabilities 34 24 56 Lease liabilities 3,953 3,791 3,831 Other liabilities and provisions 1,335 1,332 1,647 Deferred tax liabilities 540 698 670 7,156 7,139 6,703 Current liabilities Bond issue — — 800 Interest-bearing liabilities 2,069 1,762 1,604 Lease liabilities 848 818 831 Other liabilities and provisions 4,361 4,835 4,708 7,279 7,415 7,943 TOTAL EQUITY AND LIABILITIES 19,446 19,395 19,679 Statement of Changes in Group Equity, Summary SEK M First quarter 2024 Full year 2023 First quarter 2023 Opening balance 4,841 4,887 4,887 Decided dividend — –809 — Incentive programme –3 2 1 Revaluation of put option — –32 –1 Comprehensive income for the period 173 793 146 Equity at end of period 5,011 4,841 5,033 Equity attributable to: - Parent Company's shareholders 5,011 4,841 5,033 - Non-controlling interests 0 0 0 ACCOUNTS – GROUP BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 17 (27) ===== SIDA 18 ===== Consolidated Statement of Cash Flows First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Operating activities Profit before tax 201 320 1,041 1,159 Depreciation and impairment losses 368 341 1,434 1,407 Other items not affecting cash –59 –56 –182 –179 Tax paid –106 –147 –340 –380 Change in inventories 167 5 436 274 Change in operating receivables 200 154 215 169 Change in operating liabilities –163 –772 –250 –859 Cash flow from operating activities 609 –155 2,355 1,591 Investing activities Acquisition of non-current assets (intangible and tangible) –122 –75 –568 –520 Disposal of non-current assets (intangible and tangible) 5 0 47 41 Acquisition of leased vehicles –381 –279 –1,671 –1,569 Disposal of leased vehicles 288 200 1,172 1,084 Operating cash flow 400 –308 1,335 627 Investment in financial assets –7 0 –9 –2 Disposal of financial assets 0 — 23 23 Acquisition of operations –238 — –266 –29 Transactions with shareholders with non-controlling interest 1 — 1 — Cash flow from investing activities –453 –154 –1,271 –972 Financing activities Borrowings — 1 839 840 Repayment of loans 0 –4 –838 –842 Repayment of lease liabilities –172 –100 –609 –538 Net change in short-term credit facilities 314 396 439 521 Dividend paid to the company's shareholders –203 –184 –810 –791 Cash flow from financing activities –61 109 –979 –810 Change in cash and cash equivalents, excl. translation differences 95 –199 104 –191 Exchange difference in cash and cash equivalents 7 0 6 –1 Change in cash and cash equivalents 103 –199 111 –192 Cash and cash equivalents at start of period 264 456 257 456 Cash and cash equivalents at end of period 367 257 367 264 Comparative periods have been reclassified for comparability. ACCOUNTS – GROUP BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 18 (27) ===== SIDA 19 ===== First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Operational earnings 333 431 1,525 1,623 – Structural costs etc. 0 –5 –16 –21 – Acquisition-related items and value adjustments 0 0 0 — – Amortisation of surplus values –47 –46 –186 –186 Operating profit 287 380 1,323 1,416 ADDITIONAL DISCLOSURES – GROUP 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 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 or revised IFRS standards 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 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 purchas- es of electricity are classified as cash flow hedges and amounted to a liability of SEK 9 M. Bilia's financial instruments in the form of currency de- rivatives are valued at fair value over the statement of in- come 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 1 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 finan- cial position and amounted to SEK 40 M. Note 3 Revenues and costs that affect comparability Acquisition-related expenses and value adjustments relate to costs for acquiring operations. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 19 (27) ===== SIDA 20 ===== Note 4 Group's operating segments First quarter 2024 SEK M Service Car Fuel Tota l Segment reconciliation Group Net turnover External sales 1,809 7,32 9 225 9,363 8 9,371 Internal sales 554 — — 554 –554 — Total net turnover 2,363 7, 32 9 225 9,917 –546 9,371 Depreciation/amortisation –140 –210 0 –350 –16 –366 Operational earnings/Operating profit 281 76 13 370 –83 287 Revenue and costs that affect comparability: – Structural costs etc. 0 — — 0 — 0 – Acquisition-related items and value adjustments 0 — — 0 — 0 – Amortisation of surplus values –24 –23 — –47 — –47 Total –24 –23 — –47 — –47 Service Car SEK M Sweden Norway Western Europe Sweden Norway Western Europe Net turnover External sales 1,231 429 149 4,929 1,451 949 Internal sales 401 134 19 — — — Total net turnover 1,632 563 168 4,929 1,451 949 Depreciation/amortisation –97 –31 –12 –142 –57 –11 Operational earnings 228 32 21 33 3 40 Revenue and costs that affect comparability: – Structural costs etc. 0 — — — — — – Acquisition-related items and value adjustments — — 0 — — — – Amortisation of surplus values –12 –5 –7 –13 –5 –5 Total –12 –5 –7 –13 –5 –5 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 items 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 items 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 ADDITIONAL DISCLOSURES – GROUP BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 20 (27) ===== SIDA 21 ===== 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 amount- ed 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 Janu- ary 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 percent in Bilia Holding S.à r.l. The paid amount of EUR 10.7 M corresponds 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. Acquisitions in 2023 On 1 November Bilia acquired the operations in Bilcenter- gruppen Sörmland AB, which conducts sales and service operations for Mercedes-Benz cars and transport vehi- cles. The acquired operations had a turnover of approx- imately 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. ADDITIONAL DISCLOSURES – GROUP Note 6 Specification of interest-bearing net debt and EBITDA Specification of interest-bearing net debt SEK M 31 March 2024 31 December 2023 31 March 2023 Current interest-bearing liabilities 2,234 1,934 2,579 Non-current interest-bearing liabilities 1,572 1,515 663 Lease liabilities IFRS 16 4,397 4,246 4,379 Cash and cash equivalents –367 –264 –257 Interest-bearing assets –83 –76 –112 Shares in associated companies –680 –665 –611 Net debt at end of the period 7, 074 6,689 6,642 Net debt at end of the period, excluding IFRS 16 2,676 2,443 2,262 The ratio of net debt to EBITDA SEK M April 23– March 24 Full year 2023 April 22– March 23 Operating profit 1,323 1,416 1,798 Result from sale of operations, structural costs, acquisition costs and impairment losses 16 21 –125 Total depreciation and amortisation 1,428 1,404 1,293 – depreciation of leased vehicles with repurchase agreements –311 –288 –252 EBITDA 2,456 2,552 2,714 Net debt to EBITDA ratio, times 2.9 2.6 2.4 Operating profit excluding IFRS 16 1,239 1,337 1,727 Result from sale of operations, structural costs, acquisition costs and impairment losses 16 21 –125 Total depreciation and amortisation 1,428 1,404 1,293 – depreciation of leased vehicles with repurchase agreements –311 –288 –252 – depreciation of right-of-use assets –586 –585 –542 EBITDA excluding IFRS 16 1,786 1,888 2,101 Net debt to EBITDA ratio excluding IFRS 16, times 1.5 1.3 1.1 BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 21 (27) ===== SIDA 22 ===== Income Statement for Parent Company First quarter April 23– March 24 Full year 2023SEK M 2024 2023 Net turnover 202 191 792 781 Other operating income 2 0 2 0 Administrative expenses –243 –230 –956 –943 Operating result 1) –39 –39 –162 –162 Result from financial items Profit from shares in Group companies — — –10 –10 Interest income and similar line items 38 28 141 131 Interest expenses and similar line items –52 –28 –193 –169 Result after financial items –53 –39 –224 –209 Appropriations — — 980 980 Result before tax –53 –39 756 771 Tax 5 4 –159 –160 Net result for the period –48 –35 597 611 1) Amortisation and depreciation according to plan by asset class: - Buildings –6 –6 –25 –25 - Equipment, tools, fixtures and fittings –1 –1 –2 –2 Total –7 –7 –27 –27 ACCOUNTS – PARENT COMPANY BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 22 (27) ===== SIDA 23 ===== Balance Sheet for Parent Company, Summary SEK M 31 March 2024 31 December 2023 31 March 2023 Assets Non-current assets Property, plant and equipment 276 246 184 Shares in Group companies 3,326 3,140 3,136 Receivables from Group companies 447 447 — Other tangible assets 72 76 73 Total non-current assets 4,121 3,908 3,393 Current assets Receivables from Group companies 2,319 3,083 2,126 Other receivables 269 196 215 Cash and cash equivalents 1 1 8 Total current assets 2,589 3,280 2,350 TOTAL ASSETS 6,710 7,188 5,743 Equity and liabilities Equity 1,166 1,216 1,379 Untaxed reserves 1,553 1,553 1,418 Provisions Deferred tax liability — 9 10 — 9 10 Non-current liabilities Bond issue 1,295 1,295 498 Liabilities to Group companies 447 447 — Other liabilities 139 139 148 1,881 1,881 646 Current liabilities Bond issue — — 800 Short-term interest bearing liabilities 1,423 1,136 900 Liabilities to Group companies 257 816 140 Other liabilities 429 577 449 2,110 2,529 2,289 TOTAL EQUITY AND LIABILITIES 6,710 7,188 5,743 ACCOUNTS – PARENT COMPANY BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 23 (27) ===== SIDA 24 ===== QUARTERL Y REVIEW The Group Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Net turnover, SEK M 8,945 7,291 10,425 9,871 9,826 8,708 10,108 9,371 EBITDA, SEK M 709 547 788 670 677 562 643 573 EBITDA excl. IFRS 16, SEK M 561 399 638 503 550 412 423 401 Operational earnings, SEK M 498 334 574 431 444 335 414 333 Operational margin, % 5.6 4.6 5.5 4.4 4.5 3.8 4.1 3.6 Operating profit, SEK M 521 386 511 380 394 288 354 287 Operating margin, % 5.8 5.3 4.9 3.8 4.0 3.3 3.5 3.1 Profit before tax, SEK M 491 359 470 320 330 216 293 201 Profit/loss for the period, SEK M 385 285 358 251 262 169 250 156 The ratio of net debt to EBITDA excl. IFRS 16, times 1) 0.2 0.4 0.8 1.1 1.1 1.1 1.3 1.5 Return on capital employed, % 1) 21.9 21.4 21.5 17.4 15.7 14.3 12.5 11.4 Return on equity, % 1) 37.1 35.8 36.2 27.8 25.5 22.4 23.2 17.6 Equity/assets ratio, % 25 28 24 26 23 24 25 26 Earnings per share, SEK 4.15 3.14 3.89 2.73 2.85 1.83 2.71 1.70 Equity per share, SEK 45 49 53 55 49 51 53 54 Average number of shares, '000 92,976 91,984 91,984 91,984 91,984 91,984 91,984 91,984 Outstanding number of shares, '000 91,984 91,984 91,984 91,984 91,984 91,984 91,984 91,984 Holdings of own shares, '000 4,316 4,316 4,316 4,316 4,316 4,316 4,316 4,316 1) Rolling 12 months. Business area – Service Business Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Turnover, SEK M 2,033 1,712 2,291 2,257 2,190 1,933 2,485 2,363 Operational earnings, SEK M 286 192 368 297 275 205 320 281 Margin, % 14.1 11.2 16.1 13.2 12.5 10.6 12.9 11.9 Reported growth, % 6.3 –2.9 –1.7 9.8 7.7 12.9 8.5 4.7 Organic growth, % 0.7 3.8 10.2 10.0 10.2 10.5 9.4 8.1 Business area – Car Business Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Turnover, SEK M 6,993 5,686 8,438 7,913 7,832 6,920 7,967 7,329 Operational earnings, SEK M 239 155 240 158 198 151 144 76 Margin, % 3.4 2.7 2.8 2.0 2.5 2.2 1.8 1.0 New cars delivered, number 10,323 7,499 13,611 11,671 11,655 9,547 11,361 9,322 Order backlog of new cars, number 29,023 29,429 26,325 23,536 19,847 17,858 14,262 14,460 Used cars delivered, number 11,216 10,055 10,133 12,300 11,729 10,926 10,851 12,155 Business area – Fuel Business Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Turnover, SEK M 359 312 307 277 287 288 277 225 Operational earnings, SEK M 5 –2 3 8 5 6 3 13 Margin, % 1.3 –0.6 1.0 2.7 1.6 2.2 1.0 5.7 BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 24 (27) ===== SIDA 25 ===== Definitions and performance measures DEFINITIONS AND PERFORMANCE MEASURES 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 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 custom- er 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. 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 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. 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. Ad- justment is made for exchange rate differences, where applicable. Reconciliation of performance measures can be found at bilia.com/en/investors/financial-information/ BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 25 (27) ===== SIDA 26 ===== ADDITIONAL DISCLOSURES Press and analyst meeting On Wednesday 24 April 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-q1-2024 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/teleconfer - ence/?id=5005913 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. 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 April–June 2024: 18 July 2024 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 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 24 April 2024, at 08:00 CEST. BILIA AB | INTERIM REPORT 1 JANUARY–31 MARCH 2024 26 (27) ===== 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. 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–31 MARCH 2024 27 (27)