MÖLNDAL, SWEDEN, February 28, 2025 - Hedin Mobility Group AB (publ) today publishes the Year-End Report for the period January 1 - December 31, 2024.
CEO Anders Hedin: "Within Retail, we are proud to continue delivering both growth and margin improvement in our aftermarket business, which achieved an operating profit of MSEK 860 and a margin of 5.0%. We are making long-term investments in developing our aftermarket offering, which we see as providing solid and stable returns over time.
The sales of used cars have shown strong volume growth during the year but have been affected in terms of results by the negative price trend for electric vehicles. The declining prices of used electric cars have meant that vehicles sold with a repurchase agreement with predetermined residual value have been bought back at prices exceeding their market value. A significant portion of these losses is now expected to be behind us due to a more conservative approach to future residual value commitments.
As we summarise 2024, we reflect on the first loss-making year in the Group's nearly 40-year history. The losses have multiple causes but are primarily related to falling prices on used electric vehicles. To reverse the negative trend, we initiated a cost-saving programme in the summer of 2024, which has now been completed. It has started to yield results, and we expect total annual savings of approximately 1 billion SEK, with the majority of the impact realised in 2025.
I am pleased to note that the year has started strong, with a significant increase of almost 20% in order intake during January. At the same time, we have seen increased sales volumes of used cars. More stable inflation forecasts, combined with lower policy rates and announced interest rate trajectories, are increasing our customers' purchasing power, which we hope to convert into higher sales volumes in the coming year."
The Group in summary
October - December 2024
- Net sales increased by 0,2% to SEK 24,016 million (23,975). Adjusted for acquisitions and exchange rate changes, net sales decreased by 2% for comparable units.
- Operational earnings decreased to SEK 227 million (259).
- Operating profit amounted to SEK 64 million (54).
- Profit for the period amounted to SEK -269 million (-77).
January - December 2024
- Net sales increased by 13% to SEK 92,300 million (81,678). Adjusted for acquisitions and exchange rate changes, net sales decreased by 3% for comparable units.
- Operational earnings decreased to SEK 614 million (1,535).
- Operating profit amounted to SEK -55 million (1,353).
- Profit for the period amounted to SEK -1,157 million (551).
The Year-End Report is attached to this press release and is also available to download on Hedin Mobility Group's website.
Contact
Kristina Wärmare, Global Communications Director, +46 31-790 00 82
ir@hedinmobilitygroup.com
Anders Hedin, CEO, +46 31-790 00 00
Per Mårtensson, CFO, +46 31-790 04 81
This information is information that Hedin Mobility Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-28 15:45 CET.
About Hedin Mobility Group
Hedin Mobility Group is one of Europe's largest mobility providers, with more than 11,800 employees and operations in 14 countries. In 2024, net sales amounted to SEK 92.3 billion and the Group sold more than 259,000 vehicles.
Our operations consist of three main business areas:
- In Distribution, we are a significant importer/distributor of vehicles, spare parts, tires, rims and wheels as well as accessories on the European market. We are importer and/or distributor for BYD, Corvette, Dodge and RAM, Ford and Ford F-150, Hongqi, INEOS Grenadier, IVECO, MG, XPENG as well as Renault, Dacia and Alpine. Within spare parts we are, among other things, an authorised partner for GM and Mopar in Europe as well as the exclusive global supplier of Saab Original parts.
- In Retail, we represent more than 50 brands and provide a comprehensive offer - sales, financing, insurance, and aftermarket services - comprising new and used passenger cars, commercial vehicles, and trucks to both private and corporate customers. Sales take place both online and via a European dealer network comprising more than 350 own dealerships with a total of over 800 sales points under the names Hedin Automotive, Carstore and Stephen James.
- In Mobility solutions, we address new user needs and sales models in the automotive industry by providing and developing innovative services. Through Carplus, Unifleet, MABI Mobility and Hedin Supercharge, users are offered various flexible and modern mobility solutions.
Hedin Mobility Group's operations also include Hedin IT, which provides the Group with high-end operations, support and digital development, as well as strategic investments in Mercedes-Benz Financial Services Slovakia, Lasingoo Sverige and Casi.
Read more on www.hedinmobilitygroup.com
Part of Hedin Group
Hedin Mobility Group is part of the Hedin Group together with the Hedin Construction group and I.A. Hedin Fastighet AB. Hedin Group is also a partner in Consensus Asset Management and Ripam Invest AB, which owns Marstrands Kurhotell, Kurbadhus and Societetshus.
www.hedingroup.com
Image Attachments
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