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2025-02-13 Bokslutskommuniké 2024
2024-11-07 Kvartalsrapport 2024-Q3
2024-08-22 Kvartalsrapport 2024-Q2
2024-05-17 Halvårsutdelning MEKO 1.85
2024-05-16 Kvartalsrapport 2024-Q1
2024-05-16 Årsstämma 2024
2024-02-14 Bokslutskommuniké 2023
2023-11-22 Halvårsutdelning MEKO 2.2
2023-11-10 Kvartalsrapport 2023-Q3
2023-11-09 Kvartalsrapport 2023-Q3
2023-08-23 Kvartalsrapport 2023-Q2
2023-05-24 Halvårsutdelning MEKO 1.1
2023-05-23 Årsstämma 2023
2023-05-16 Kvartalsrapport 2023-Q1
2023-02-15 Bokslutskommuniké 2022
2022-11-02 Kvartalsrapport 2022-Q3
2022-08-24 Kvartalsrapport 2022-Q2
2022-05-23 Ordinarie utdelning MEKO 3.00 SEK
2022-05-20 Årsstämma 2022
2022-05-11 Kvartalsrapport 2022-Q1
2022-02-11 Bokslutskommuniké 2021
2021-10-29 Kvartalsrapport 2021-Q3
2021-08-20 Kvartalsrapport 2021-Q2
2021-05-10 Ordinarie utdelning MEKO 0.00 SEK
2021-05-07 Årsstämma 2021
2021-05-07 Kvartalsrapport 2021-Q1
2021-02-12 Bokslutskommuniké 2020
2020-11-06 Kvartalsrapport 2020-Q3
2020-08-21 Kvartalsrapport 2020-Q2
2020-05-29 Kvartalsrapport 2020-Q1
2020-05-08 Ordinarie utdelning MEKO 0.00 SEK
2020-05-07 Årsstämma 2020
2020-02-07 Bokslutskommuniké 2019
2019-11-08 Kvartalsrapport 2019-Q3
2019-08-23 Kvartalsrapport 2019-Q2
2019-05-03 Ordinarie utdelning MEKO 0.00 SEK
2019-05-02 Årsstämma 2019
2019-05-02 Kvartalsrapport 2019-Q1
2019-02-14 Bokslutskommuniké 2018
2018-11-08 Kvartalsrapport 2018-Q3
2018-07-27 Kvartalsrapport 2018-Q2
2018-05-11 Ordinarie utdelning MEKO 7.00 SEK
2018-05-09 Kvartalsrapport 2018-Q1
2018-05-09 Årsstämma 2018
2018-02-09 Bokslutskommuniké 2017
2017-11-07 Kvartalsrapport 2017-Q3
2017-07-28 Kvartalsrapport 2017-Q2
2017-05-10 Kvartalsrapport 2017-Q1
2017-04-26 Ordinarie utdelning MEKO 7.00 SEK
2017-04-25 Årsstämma 2017
2017-02-15 Bokslutskommuniké 2016
2016-11-11 Kvartalsrapport 2016-Q3
2016-08-26 Kvartalsrapport 2016-Q2
2016-05-11 Kvartalsrapport 2016-Q1
2016-04-13 Ordinarie utdelning MEKO 7.00 SEK
2016-04-12 Årsstämma 2016
2016-03-14 Kapitalmarknadsdag 2016
2016-02-17 Bokslutskommuniké 2015
2015-11-11 Kvartalsrapport 2015-Q3
2015-08-26 Kvartalsrapport 2015-Q2
2015-05-13 Kvartalsrapport 2015-Q1
2015-04-15 Ordinarie utdelning MEKO 7.00 SEK
2015-04-14 Årsstämma 2015
2015-02-12 Bokslutskommuniké 2014
2014-11-12 Kvartalsrapport 2014-Q3
2014-11-12 Analytiker möte 2014
2014-08-21 Kvartalsrapport 2014-Q2
2014-05-08 Kvartalsrapport 2014-Q1
2014-04-09 Ordinarie utdelning MEKO 7.00 SEK
2014-04-08 Årsstämma 2014
2014-02-13 Bokslutskommuniké 2013
2013-11-07 Analytiker möte 2013
2013-11-07 Kvartalsrapport 2013-Q3
2013-08-27 Kvartalsrapport 2013-Q2
2013-05-08 Kvartalsrapport 2013-Q1
2013-04-17 Ordinarie utdelning MEKO 7.00 SEK
2013-04-16 Årsstämma 2013
2013-02-14 Bokslutskommuniké 2012
2012-11-08 Kvartalsrapport 2012-Q3
2012-08-30 Kvartalsrapport 2012-Q2
2012-05-24 Ordinarie utdelning MEKO 8.00 SEK
2012-05-23 Kapitalmarknadsdag 2012
2012-05-23 Årsstämma 2012
2012-05-11 Kvartalsrapport 2012-Q1
2012-02-15 Bokslutskommuniké 2011
2011-11-09 Kvartalsrapport 2011-Q3
2011-08-24 Kvartalsrapport 2011-Q2
2011-05-11 Kvartalsrapport 2011-Q1
2011-04-15 Ordinarie utdelning MEKO 8.00 SEK
2011-04-14 Årsstämma 2011
2011-02-25 Extra Bolagsstämma 2011
2010-04-21 Ordinarie utdelning MEKO 7.00 SEK
2010-04-20 Årsstämma 2010
2010-02-18 Bokslutskommuniké 2009
2009-11-10 Kvartalsrapport 2009-Q3
2009-08-26 Kvartalsrapport 2009-Q2
2009-05-14 Kvartalsrapport 2009-Q1
2009-04-23 Ordinarie utdelning MEKO 6.00 SEK
2009-04-22 Årsstämma 1
2005-06-02 Split MEKO 1:2
2003-06-03 Split MEKO 1:2

Beskrivning

LandSverige
ListaMid Cap Stockholm
SektorTjänster
IndustriFordon & Transport
MEKO bedriver verksamhet på den oberoende fordonseftermarknaden i norra Europa. Bolaget erbjuder reservdelar, service och tjänster till företag, verkstäder och privatpersoner, med syftet att öka fordonens livslängd på ett miljömässigt och säkert sätt. En bärande del i verksamheten är att hantera fordon oavsett märke och drivmedel, inklusive el- och hybridbilar. MEKO hette tidigare Mekonomen Group och har huvudkontor i Stockholm.
2020-08-21 07:30:00

Strong performance in the quarter
1 April - 30 June 2020

  • Net sales declined 7 per cent to SEK 2,894 M (3,100). Organic net sales declined 5 per cent.
  • Adjusted EBIT amounted to SEK 281 M (280) and the adjusted EBIT margin was 10 per cent (9).
  • EBIT totalled SEK 211 M (240) and the EBIT margin was 7 per cent (8). EBIT was negatively impacted in the quarter by items affecting comparability of SEK 31 M (-).
  • Earnings per share, before and after dilution, amounted to SEK 2.49 (2.71).
  • Cash flow from operating activities amounted to SEK 669 M (357).
  • Net debt was SEK 3,299 M (4,042) at the end of the period, compared with SEK 3,709 M at 31 December and SEK 3,928 M at 31 March.
  • New bank agreements signed 30 June with adjusted covenants reflecting the financial uncertainty that Mekonomen Group's markets have had and may have due to Covid-19.
  • Covid-19 and data breaches affected the quarter negatively.
1 January - 30 June 2020
  • Net sales declined 4 per cent to SEK 5,768 M (6,008). Organic net sales declined 3 per cent.
  • Adjusted EBIT amounted to SEK 379 M (494).
  • Earnings per share, before and after dilution, amounted to SEK 2.20 (4.39).
  • Cash flow from operating activities amounted to SEK 731 M (515).
  • Covid-19 and data breaches affected the quarter negatively.
CEO comments
Strong performance in the quarter
I am pleased with the results of the second quarter as the company, despite numerous headwinds, maintained its profitability, generated strong cash flow and reduced leverage. We acted with great decisiveness when operations have been affected by both the Covid-19 pandemic and the consequences from the data breach in March. My firm belief is that Mekonomen Group, as an enabler of mobility, is well positioned when society becomes normalized in our different markets.
The pandemic is not over, and restrictions are still in effect in our markets. How long this situation will last is still unclear, even though we have seen restrictions being eased during the quarter. Therefore, it is not possible to predict the scope or impact on the company and potential financial effects the pandemic might have going forward. We believe that the negative consequences due to the pandemic will continue for some time and we are fully focused on mitigating the effects on our operations. The data breach caused extensive disruptions to our IT-systems within MECA/Mekonomen until mid-April and negative effects on our operations during April and May. As communicated earlier, our insurance will limit the financial impact.

Forceful actions to reduce costs and improve profitability
During the quarter we acted resolute both to mitigate negative short-term effects of the pandemic, and by launching structural initiatives to increase profitability over time. We swiftly initiated temporary efficiency improvements and cost saving actions throughout our operations, including reduction of temporary workforce and consultants, short-term layoffs and work-time reduction, reduced marketing activities. We have also negotiated lower facilities rents when possible. To mitigate the impact on the Norwegian Krona we raised prices in Norway in the beginning of May.

To increase our long-term profitability, approximately one third of these temporary measures will be permanent. With the same purpose, we have now intensified our structural initiatives in MECA/Mekonomen during the quarter to address unprofitable branches and workshops. These initiatives will continue during 2020.

Solid financial position and successful discussions with our banks
Activities were put in place to secure the operational cash flow and reduce our working capital, resulting in a strong cash flow in the second quarter. We have taken advantage of government aided tax deferrals of approximately 300 MSEK and scaled back investments when applicable.

During the quarter, we successfully concluded discussions with our banking group regarding adjustments of our bank covenants from the second quarter and onwards. This will better reflect the possible negative impact of the pandemic in the coming quarters. Our financial position is solid with improved available liquidity in the quarter and a lower leverage, supported by government reliefs.
Gradual recovery throughout the quarter
The reported second quarter net sales declined by 7 per cent and by 5 per cent organically. We have noticed a gradual recovery in demand in most markets after a difficult start, where net sales in April alone was down by around 17 per cent. Sales and deliveries were negatively affected in April and May due to the data breach while demand was impacted by the strict restrictions initiated by governments from mid-March. Our most influential currencies weakened following the increased uncertainty. During May and June, we have seen our markets gradually improve as official restrictions are eased, and our most influential currencies has partially strengthened versus the euro. The Sørensen og Balchen business area excelled positively with a record strong quarter, partly benefiting from a robust do-it-yourself market throughout the quarter.
Strong profitability through cost focus
Adjusted EBIT was unchanged compared with the year-earlier quarter, while EBIT decreased slightly to SEK 211 M (240) and the EBIT margin to 7 per cent (8). EBIT includes items affecting comparability of SEK -31 M (-) related to structural initiatives such as the closure of unprofitable stores and workshops. The gross margin increased to 45.3 (44.5) per cent, where currency related price increases in most of our markets compensated for lower volumes and currency headwind and thus higher purchasing prices. In the quarter, a smaller part of the expected data breach compensation was paid by the insurance company to partially cover direct IT consulting costs. The claims settlement process for the greater part of the insurance compensation is ongoing. EBIT has been positively affected by SEK 27 M regarding reduction of payroll taxes, support for sick pay and redundancy support in Sweden and Norway related to Covid-19.
Well positioned for the future market
I am convinced we rapidly have taken the necessary steps to address the short-term challenges posed on us by the pandemic. We have also launched offensive structural actions to further strengthen our long- term profitability and to ensure Mekonomen Group to stand even stronger when society inevitably returns to a more normalized life. Mobility is one of the pillars of our culture, regardless of cycles. This safeguards an extensive and stable demand for workshop services and automotive spare parts, now and in the future. We are highly digitalized with a strong position within our footprint and will take advantage of the opportunities to further strengthen our customer relations. Together with all committed employees, we will be the best and most comprehensive partner for those who service and repair cars in our markets and we will continue to deliver on our long-term profitable growth strategy.
Pehr Oscarson
President and CEO