MøllerGruppen, the Norwegian automotive importer and retail group, posted sales of NOK 20.6 billion in 2014, a nine per cent sales growth from the previous year. The increase was mainly driven by higher passenger car sales in all of the Group’s markets.
(PRESS RELEASE – MøllerGruppen’s financial results 2014)
«We have never previously sold as many cars as we did in 2014. Last year we imported 53,887 cars into our markets and sold 40,938 cars through our own retailers,” MøllerGruppen CEO Pål Syversen says.
While the total market for new passenger cars grew by one per cent in MøllerGruppen’s Norwegian home market, the Group increased its Norwegian passenger car sales by nearly eight per cent. The Group’s three car brands, Volkswagen, Skoda and Audi, together represented more than 25 per cent of the total new car market in Norway in 2014. MøllerGruppen saw growing sales numbers also in Sweden and the Baltics.
The Group’s pre-tax profit for last year ended at NOK 671 million. This is NOK 30 million below the previous year’s results. However, 2014 results included non-recurring costs and balance sheet impairments totaling NOK 174 million. These items were mainly related to the relocation of MøllerGruppen’s car dealer in Western Oslo and changes in the Group’s pension scheme. Adjusted for these items, the Group’s 2014 financial result is among the best ever.
«The strong financial result is caused by a general market growth, the fact that we have improved our market shares, and increased service market sales at our retailers,” CEO Pål Syversen comments.
The Norwegian importer, Harald A. Møller, was the main contributor to the Group’s financial result. The company posted a pre-tax profit of NOK 527 million, an increase from the previous year’s profit of NOK 455 million.
Møller Bil Norge, which is the company’s Norwegian retail chain, improved its pre-tax profit from NOK 124 million to NOK 230 million last year.
Over the last few years, MøllerGruppen has expanded its activities in Estonia, Lithuania, Latvia and Sweden. MøllerGruppen represents the Volkswagen Group’s brands also in these markets. In 2014, nearly a quarter of MøllerGruppen’s total revenues were generated outside Norway.
The retail company Møller Bil Sverige has had a very positive development and got last year a profit before tax of NOK 36 million last year.
The Group’s operations in the Baltics had a combined pre-tax profit of NOK 30 million, which is slightly less than the 2013 profit of NOK 33 million. Even though the number of cars sold increased in 2014, the reduced result was caused by increased margin pressure in these markets.
The financing company Volkswagen Møller Bilfinans had its best year ever last year, and posted a pre-tax profit of NOK 205 million, which is an increase from the previous year’s NOK 188 million. MøllerGruppen holds 49 per cent of the shares in the financing company.
«2014 was the year when MøllerGruppen assumed leadership also in the Norwegian market for electric cars. Following the successful introductions of e-Golf and e-Up!, these models combined managed to take nearly a 28 per cent market share in Norway’s chargeable car market,” Pål Syversen says.
“We are also highly satisfied with the results of our long term efforts to improve customer satisfaction. We have never before had more satisfied customers than today. All achievements seen together, 2014 stands out as the best year in the Group’s 78 year long history,” Pål Syversen says.
MøllerGruppen forecasts a moderate reduction in the Norwegian new car market in 2015, caused by the reduced oil price and the uncertainties now facing the Norwegian economy. For Sweden and the Baltics, the Group expects a more stable market development. However, the Group’s car brands will introduce several new models in 2015, expected to secure the strong market position going forward.
Vice President Corporate Communication and CSR
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