Published: 13-03-2020 17:55
Key points in 2019:
- Net revenue amounted to € 989.3 million (2018: € 988.7 million);
- Profit after tax of € 21.4 million (2018: € 0.5 million);
- Approximately € 4.3 million in reorganisation costs is recognised in 2019;
- Profit after tax from continued operations came to € 1.2 million negative (2018: € 4.0 million negative). In 2019 € 4.3 million in reorganisation costs are included;
- Profit after tax from discontinued operations came to € 22.6 million (2018: € 4.0 million negative);
- Operating profit before tax (excluding reorganisation costs) from continued operations came to € 0.2 million positive (2018: € 5.7 million negative);
- An interim dividend of € 3.50 has already been distributed in 2019. On 26 March 2020 at the same time as the convening notice for the General Meeting to be held on 7 May 2020, a proposal for a final dividend will be published;
- We expect to be able to provide more clarity regarding the decision whether to proceed with the merger plans or not in Q2-2020;
- The 2019 annual report will be available online from 13 March 2020.
Henk van der Kwast, Chief Executive Officer:
“The past year featured the preparation of Stern for a leap forward in the international consolidation of car distribution. Market and product developments are putting car distribution under pressure, which will inevitably lead to further consolidation, forward and backward integration and internationalisation of the industry. Stern intends to continue to play a meaningful role and is therefore looking for an international partner. Such a group will have excellent opportunities, especially in the smaller countries on the European continent.”
IFRS 16 (recognition of lease obligations in the balance sheet) came into effect in 2019. To enable a realistic comparison with the results in 2018, all results are shown with and without application of IFRS 16 where relevant.
The figures for SternLease B.V. and Mango Mobility in 2019 are classified as discontinued operations, due to the completed sale of SternLease B.V. on 31 May 2019 and the sale of the Mango Mobility operations. The figures for 2018 in this press release have been adjusted for the purpose of comparison.
The sale of Heron Auto B.V. was announced in a press release on 9 December 2019, and the shares were transferred on 2 January 2020. The operating profit of Heron Auto B.V. to 31 December 2019 is recognised as profit from continued operations in accordance with IFRS. The assets and liabilities of Heron Auto B.V. are recognised on 31 December 2019 as assets and liabilities held for sale. This does not affect the balance sheet total, but there is an effect on the composition of the balance sheet items.