Earnings improved gradually during the year. The efforts of recent years to reduce costs and tied-up capital have been successful, and Bilia is now well equipped for the future.
New car sales show a positive trend, even though the level is still much lower than in 2007. A total of 25,629 new vehicles were delivered in 2009, which is 13 per cent fewer than in 2008.
In response to the poorer market situation, it was decided early in 2008 to take steps to reduce costs and tied-up capital. Action programmes adopted during 2008 and 2009 are expected to yield an earnings effect of about SEK 350 M per year, of which SEK 270 M was realised during 2009.
Cash flow after net investments for 2008 and 2009 amounted to all of SEK 1,166 M. Total assets decreased during the same period by SEK 2,326 M to SEK 4,717 M, and net debt decreased by SEK 1,008 M to SEK 214 M.
The market situation improved in both Sweden and Norway during the second half of 2009, and industry analysts predict that the car markets in these countries will increase by about 10 per cent in 2010.