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Provider: Reuters Investment Profile
Provider: Sadif Analytics Prime
Provider: Wright Reports
Provider: Sadif Analytics Prime

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Bilia AB Announces Organizational Changes; Sells Part of Operation in Roskilde and Property in Copenhagen

Friday, 7 Dec 2012 04:45am EST 

Bilia AB announced that during 2012 it has adopted a number of measures to adapt the Danish operation to the worsening market situation. A decision has been made to adopt further measures. The Company has reached an agreement to sell parts of the operation in Roskilde. The part that is not included in the sale will be closed down as from the start of 2013. The sale will generate a capital gain of nearly SEK 2 million. It has also reached an agreement to sell a property in central Copenhagen which the Company purchased previously but has not taken possession of. The capital gain is estimated at just over SEK 1 million. The operation in Jagtvej (facility in downtown Copenhagen) will be closed down as from the start of 2013. As an effect of the changes that have been implemented in Copenhagen during 2012, the organization will also be changed and streamlined. The staff functions will be eliminated and the business will be run with facility managers who report directly to the Managing Director. All in all, the above measures will result in a capital gain of approximately SEK 3 million and closure costs and costs for changing the organization of approximately SEK 15 million, which will affect the fourth-quarter 2012 accounts. After the measures adopted during 2012, the operation in Denmark has been downsized and the number of dealerships has been reduced from eight to five. It is estimated that the cost base will be reduced by nearly SEK 60 million during 2013 compared with 2012. 

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-3.0 -1.58%
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