Published: 21-03-2019 18:07

Stern Groep N.V., listed Dutch mobility group in automotive retail and services, announces its results for 2018.

Key points in 2018

• Net revenue amounted to € 1,106.4 million (2017: € 1,124.7 million)
• Gross EBITDA amounted to € 69.7 million (2017: € 69.5 million)
• Profit before tax was € 3.4 million (2017: € 9.4 million)
• Profit after tax came to € 0.5 million (2017: € 7.5 million)
• The high tax burden recognised is due to the reduction of the corporation tax rate, ultimately to 20.5%
• Profit before tax in the first two months of 2019 is up approximately € 1.0 million compared to the same period in 2018
• A dividend proposal will be published on 28 March 2019 at the same time as the convening notice for the General Meeting to be held on 9 May 2019
• The 2018 annual report will be available online from 28 March 2019

Henk van der Kwast, Chief Executive Officer:

“2018 was an eventful year for Stern. We are preparing Stern for the major changes that are coming to the automotive sector. At the operational level, we worked hard on the necessary improvements and optimisation of our business processes in order to serve our customers better. Noticeable progress has been made here, but the effects of the measures are not yet visible in the result. We are also making more structural improvements, and already started early in the year on the optimisation of our branch network on the basis of contribution and strategic importance. We made a strategic decision to sell our lease business to a partner with which we can establish a long-term cooperation. We believe we have found an ideal partner in ALD Automotive. Unfortunately, we were unable to avoid the negative effects of the WLTP (Worldwide harmonized Light vehicles Test Procedure) and an unfavourable development of costs. Part of the proceeds of the sale of the lease portfolio will be used to accelerate the planned digitalisation of the business, the further optimisation of our dealer network, the design of an attractive used car brand and the expansion of our own SternPoint network. After a further restructuring of the group’s financing, Stern will distribute dividend and/or repurchase its own shares in accordance with its current dividend policy. With our integrated market proposition, we continue to strive to be the most valued and recommended mobility partner in the Netherlands.”