chevronhero-overlaynullminusnotification-closeplussearch-glass 123 activity alarm-fill alarm align-bottom align-center align-end align-middle align-start align-top alt app-indicator app apple archive-fill archive arrow-90deg-down arrow-90deg-left arrow-90deg-right arrow-90deg-up arrow-bar-down arrow-bar-left arrow-bar-right arrow-bar-up arrow-clockwise arrow-counterclockwise arrow-down-circle-fill arrow-down-circle arrow-down-left-circle-fill arrow-down-left-circle arrow-down-left-square-fill arrow-down-left-square arrow-down-left arrow-down-right-circle-fill arrow-down-right-circle arrow-down-right-square-fill arrow-down-right-square arrow-down-right arrow-down-short arrow-down-square-fill arrow-down-square arrow-down-up arrow-down arrow-left-circle-fill arrow-left-circle arrow-left-right arrow-left-short arrow-left-square-fill arrow-left-square arrow-left arrow-repeat arrow-return-left arrow-return-right arrow-right-circle-fill arrow-right-circle arrow-right-short arrow-right-square-fill arrow-right-square arrow-right arrow-up-circle-fill arrow-up-circle arrow-up-left-circle-fill arrow-up-left-circle arrow-up-left-square-fill arrow-up-left-square arrow-up-left arrow-up-right-circle-fill arrow-up-right-circle arrow-up-right-square-fill arrow-up-right-square arrow-up-right arrow-up-short arrow-up-square-fill arrow-up-square arrow-up arrows-angle-contract arrows-angle-expand arrows-collapse arrows-expand arrows-fullscreen arrows-move aspect-ratio-fill aspect-ratio asterisk at award-fill award back backspace-fill backspace-reverse-fill backspace-reverse backspace badge-3d-fill badge-3d badge-4k-fill badge-4k badge-8k-fill badge-8k badge-ad-fill badge-ad badge-ar-fill badge-ar badge-cc-fill badge-cc badge-hd-fill badge-hd badge-tm-fill badge-tm badge-vo-fill badge-vo badge-vr-fill badge-vr badge-wc-fill badge-wc bag-check-fill bag-check bag-dash-fill bag-dash bag-fill bag-plus-fill bag-plus bag-x-fill bag-x bag bandaid-fill bandaid bank bank2 bar-chart-fill bar-chart-line-fill bar-chart-line bar-chart-steps bar-chart basket-fill basket basket2-fill basket2 basket3-fill basket3 battery-charging battery-full battery-half battery behance bell-fill bell-slash-fill bell-slash bell bezier bezier2 bicycle binoculars-fill binoculars blockquote-left blockquote-right bluetooth body-text book-fill book-half book bookmark-check-fill bookmark-check bookmark-dash-fill bookmark-dash bookmark-fill bookmark-heart-fill bookmark-heart bookmark-plus-fill bookmark-plus bookmark-star-fill bookmark-star bookmark-x-fill bookmark-x bookmark bookmarks-fill bookmarks bookshelf boombox-fill boombox bootstrap-fill bootstrap-reboot bootstrap border-all border-bottom border-center border-inner border-left border-middle border-outer border-right border-style border-top border-width border bounding-box-circles bounding-box box-arrow-down-left box-arrow-down-right box-arrow-down box-arrow-in-down-left box-arrow-in-down-right box-arrow-in-down box-arrow-in-left box-arrow-in-right box-arrow-in-up-left box-arrow-in-up-right box-arrow-in-up box-arrow-left box-arrow-right box-arrow-up-left box-arrow-up-right box-arrow-up box-seam box boxes braces bricks briefcase-fill briefcase brightness-alt-high-fill brightness-alt-high brightness-alt-low-fill brightness-alt-low brightness-high-fill brightness-high brightness-low-fill brightness-low broadcast-pin broadcast brush-fill brush bucket-fill bucket bug-fill bug building bullseye calculator-fill calculator calendar-check-fill calendar-check calendar-date-fill calendar-date calendar-day-fill calendar-day calendar-event-fill calendar-event calendar-fill calendar-minus-fill calendar-minus calendar-month-fill calendar-month calendar-plus-fill calendar-plus calendar-range-fill calendar-range calendar-week-fill calendar-week calendar-x-fill calendar-x calendar calendar2-check-fill calendar2-check calendar2-date-fill calendar2-date calendar2-day-fill calendar2-day calendar2-event-fill calendar2-event calendar2-fill calendar2-minus-fill calendar2-minus calendar2-month-fill calendar2-month calendar2-plus-fill calendar2-plus calendar2-range-fill calendar2-range calendar2-week-fill calendar2-week calendar2-x-fill calendar2-x calendar2 calendar3-event-fill calendar3-event calendar3-fill calendar3-range-fill calendar3-range calendar3-week-fill calendar3-week calendar3 calendar4-event calendar4-range calendar4-week calendar4 camera-fill camera-reels-fill camera-reels camera-video-fill camera-video-off-fill camera-video-off camera-video camera camera2 capslock-fill capslock card-checklist card-heading card-image card-list card-text caret-down-fill caret-down-square-fill caret-down-square caret-down caret-left-fill caret-left-square-fill caret-left-square caret-left caret-right-fill caret-right-square-fill caret-right-square caret-right caret-up-fill caret-up-square-fill caret-up-square caret-up cart-check-fill cart-check cart-dash-fill cart-dash cart-fill cart-plus-fill cart-plus cart-x-fill cart-x cart cart2 cart3 cart4 cash-coin cash-stack cash cast chat-dots-fill chat-dots chat-fill chat-left-dots-fill chat-left-dots chat-left-fill chat-left-quote-fill chat-left-quote chat-left-text-fill chat-left-text chat-left chat-quote-fill chat-quote chat-right-dots-fill chat-right-dots chat-right-fill chat-right-quote-fill chat-right-quote chat-right-text-fill chat-right-text chat-right chat-square-dots-fill chat-square-dots chat-square-fill chat-square-quote-fill chat-square-quote chat-square-text-fill chat-square-text chat-square chat-text-fill chat-text chat check-all check-circle-fill check-circle check-lg check-square-fill check-square check check2-all check2-circle check2-square check2 chevron-bar-contract chevron-bar-down chevron-bar-expand chevron-bar-left chevron-bar-right chevron-bar-up chevron-compact-down chevron-compact-left chevron-compact-right chevron-compact-up chevron-contract chevron-double-down chevron-double-left chevron-double-right chevron-double-up chevron-down chevron-expand chevron-left chevron-right chevron-up circle-fill circle-half circle-square circle clipboard-check clipboard-data clipboard-minus clipboard-plus clipboard-x clipboard clock-fill clock-history clock cloud-arrow-down-fill cloud-arrow-down cloud-arrow-up-fill cloud-arrow-up cloud-check-fill cloud-check cloud-download-fill cloud-download cloud-drizzle-fill cloud-drizzle cloud-fill cloud-fog-fill cloud-fog cloud-fog2-fill cloud-fog2 cloud-hail-fill cloud-hail cloud-haze-fill cloud-haze cloud-haze2-fill cloud-haze2 cloud-lightning-fill cloud-lightning-rain-fill cloud-lightning-rain cloud-lightning cloud-minus-fill cloud-minus cloud-moon-fill cloud-moon cloud-plus-fill cloud-plus cloud-rain-fill cloud-rain-heavy-fill cloud-rain-heavy cloud-rain cloud-slash-fill cloud-slash cloud-sleet-fill cloud-sleet cloud-snow-fill cloud-snow cloud-sun-fill cloud-sun cloud-upload-fill cloud-upload cloud clouds-fill clouds cloudy-fill cloudy code-slash code-square code coin collection-fill collection-play-fill collection-play collection columns-gap columns command compass-fill compass cone-striped cone controller cpu-fill cpu credit-card-2-back-fill credit-card-2-back credit-card-2-front-fill credit-card-2-front credit-card-fill credit-card crop cup-fill cup-straw cup currency-bitcoin currency-dollar currency-euro currency-exchange currency-pound currency-yen cursor-fill cursor-text cursor dash-circle-dotted dash-circle-fill dash-circle dash-lg dash-square-dotted dash-square-fill dash-square dash device-hdd-fill device-hdd device-ssd-fill device-ssd diagram-2-fill diagram-2 diagram-3-fill diagram-3 diamond-fill diamond-half diamond dice-1-fill dice-1 dice-2-fill dice-2 dice-3-fill dice-3 dice-4-fill dice-4 dice-5-fill dice-5 dice-6-fill dice-6 disc-fill disc discord display-fill display displayport-fill displayport distribute-horizontal distribute-vertical door-closed-fill door-closed door-open-fill door-open dot download dpad-fill dpad dribbble droplet-fill droplet-half droplet ear-fill ear earbuds easel-fill easel easel2-fill easel2 easel3-fill easel3 egg-fill egg-fried egg eject-fill eject emoji-angry-fill emoji-angry emoji-dizzy-fill emoji-dizzy emoji-expressionless-fill emoji-expressionless emoji-frown-fill emoji-frown emoji-heart-eyes-fill emoji-heart-eyes emoji-laughing-fill emoji-laughing emoji-neutral-fill emoji-neutral emoji-smile-fill emoji-smile-upside-down-fill emoji-smile-upside-down emoji-smile emoji-sunglasses-fill emoji-sunglasses emoji-wink-fill emoji-wink envelope-check-fill envelope-check envelope-dash-fill envelope-dash envelope-exclamation-fill envelope-exclamation envelope-fill envelope-open-fill envelope-open envelope-plus-fill envelope-plus envelope-slash-fill envelope-slash envelope-x-fill envelope-x envelope eraser-fill eraser ethernet exclamation-circle-fill exclamation-circle exclamation-diamond-fill exclamation-diamond exclamation-lg exclamation-octagon-fill exclamation-octagon exclamation-square-fill exclamation-square exclamation-triangle-fill exclamation-triangle exclamation exclude explicit-fill explicit eye-fill eye-slash-fill eye-slash eye eyedropper eyeglasses facebook fan file-arrow-down-fill file-arrow-down file-arrow-up-fill file-arrow-up file-bar-graph-fill file-bar-graph file-binary-fill file-binary file-break-fill file-break file-check-fill file-check file-code-fill file-code file-diff-fill file-diff file-earmark-arrow-down-fill file-earmark-arrow-down file-earmark-arrow-up-fill file-earmark-arrow-up file-earmark-bar-graph-fill file-earmark-bar-graph file-earmark-binary-fill file-earmark-binary file-earmark-break-fill file-earmark-break file-earmark-check-fill file-earmark-check file-earmark-code-fill file-earmark-code file-earmark-diff-fill file-earmark-diff file-earmark-easel-fill file-earmark-easel file-earmark-excel-fill file-earmark-excel file-earmark-fill file-earmark-font-fill file-earmark-font file-earmark-image-fill file-earmark-image file-earmark-lock-fill file-earmark-lock file-earmark-lock2-fill file-earmark-lock2 file-earmark-medical-fill file-earmark-medical file-earmark-minus-fill file-earmark-minus file-earmark-music-fill file-earmark-music file-earmark-pdf-fill file-earmark-pdf file-earmark-person-fill file-earmark-person file-earmark-play-fill file-earmark-play file-earmark-plus-fill file-earmark-plus file-earmark-post-fill file-earmark-post file-earmark-ppt-fill file-earmark-ppt file-earmark-richtext-fill file-earmark-richtext file-earmark-ruled-fill file-earmark-ruled file-earmark-slides-fill file-earmark-slides file-earmark-spreadsheet-fill file-earmark-spreadsheet file-earmark-text-fill file-earmark-text file-earmark-word-fill file-earmark-word file-earmark-x-fill file-earmark-x file-earmark-zip-fill file-earmark-zip file-earmark file-easel-fill file-easel file-excel-fill file-excel file-fill file-font-fill file-font file-image-fill file-image file-lock-fill file-lock file-lock2-fill file-lock2 file-medical-fill file-medical file-minus-fill file-minus file-music-fill file-music file-pdf-fill file-pdf file-person-fill file-person file-play-fill file-play file-plus-fill file-plus file-post-fill file-post file-ppt-fill file-ppt file-richtext-fill file-richtext file-ruled-fill file-ruled file-slides-fill file-slides file-spreadsheet-fill file-spreadsheet file-text-fill file-text file-word-fill file-word file-x-fill file-x file-zip-fill file-zip file files-alt files film filter-circle-fill filter-circle filter-left filter-right filter-square-fill filter-square filter fingerprint flag-fill flag flower1 flower2 flower3 folder-check folder-fill folder-minus folder-plus folder-symlink-fill folder-symlink folder-x folder folder2-open folder2 fonts forward-fill forward front fullscreen-exit fullscreen funnel-fill funnel gear-fill gear-wide-connected gear-wide gear gem gender-ambiguous gender-female gender-male gender-trans geo-alt-fill geo-alt geo-fill geo gift-fill gift git github globe globe2 google gpu-card graph-down-arrow graph-down graph-up-arrow graph-up grid-1x2-fill grid-1x2 grid-3x2-gap-fill grid-3x2-gap grid-3x2 grid-3x3-gap-fill grid-3x3-gap grid-3x3 grid-fill grid grip-horizontal grip-vertical hammer hand-index-fill hand-index-thumb-fill hand-index-thumb hand-index hand-thumbs-down-fill hand-thumbs-down hand-thumbs-up-fill hand-thumbs-up handbag-fill handbag hash hdd-fill hdd-network-fill hdd-network hdd-rack-fill hdd-rack hdd-stack-fill hdd-stack hdd hdmi-fill hdmi headphones headset-vr headset heart-fill heart-half heart heptagon-fill heptagon-half heptagon hexagon-fill hexagon-half hexagon hourglass-bottom hourglass-split hourglass-top hourglass house-door-fill house-door house-fill house hr hurricane hypnotize image-alt image-fill image images inbox-fill inbox inboxes-fill inboxes infinity info-circle-fill info-circle info-lg info-square-fill info-square info input-cursor-text input-cursor instagram intersect journal-album journal-arrow-down journal-arrow-up journal-bookmark-fill journal-bookmark journal-check journal-code journal-medical journal-minus journal-plus journal-richtext journal-text journal-x journal journals joystick justify-left justify-right justify kanban-fill kanban key-fill key keyboard-fill keyboard ladder lamp-fill lamp laptop-fill laptop layer-backward layer-forward layers-fill layers-half layers layout-sidebar-inset-reverse layout-sidebar-inset layout-sidebar-reverse layout-sidebar layout-split layout-text-sidebar-reverse layout-text-sidebar layout-text-window-reverse layout-text-window layout-three-columns layout-wtf life-preserver lightbulb-fill lightbulb-off-fill lightbulb-off lightbulb lightning-charge-fill lightning-charge lightning-fill lightning line link-45deg link linkedin list-check list-columns-reverse list-columns list-nested list-ol list-stars list-task list-ul list lock-fill lock magic mailbox mailbox2 map-fill map markdown-fill markdown mask mastodon medium megaphone-fill megaphone memory menu-app-fill menu-app menu-button-fill menu-button-wide-fill menu-button-wide menu-button menu-down menu-up messenger meta mic-fill mic-mute-fill mic-mute mic microsoft minecart-loaded minecart modem-fill modem moisture moon-fill moon-stars-fill moon-stars moon mortarboard-fill mortarboard motherboard-fill motherboard mouse-fill mouse mouse2-fill mouse2 mouse3-fill mouse3 music-note-beamed music-note-list music-note music-player-fill music-player newspaper nintendo-switch node-minus-fill node-minus node-plus-fill node-plus nut-fill nut octagon-fill octagon-half octagon optical-audio-fill optical-audio option outlet paint-bucket palette-fill palette palette2 paperclip paragraph patch-check-fill patch-check patch-exclamation-fill patch-exclamation patch-minus-fill patch-minus patch-plus-fill patch-plus patch-question-fill patch-question pause-btn-fill pause-btn pause-circle-fill pause-circle pause-fill pause paypal pc-display-horizontal pc-display pc-horizontal pc pci-card peace-fill peace pen-fill pen pencil-fill pencil-square pencil pentagon-fill pentagon-half pentagon people-fill people percent person-badge-fill person-badge person-bounding-box person-check-fill person-check person-circle person-dash-fill person-dash person-fill person-lines-fill person-plus-fill person-plus person-rolodex person-square person-video person-video2 person-video3 person-workspace person-x-fill person-x person phone-fill phone-landscape-fill phone-landscape phone-vibrate-fill phone-vibrate phone pie-chart-fill pie-chart piggy-bank-fill piggy-bank pin-angle-fill pin-angle pin-fill pin-map-fill pin-map pin pinterest pip-fill pip play-btn-fill play-btn play-circle-fill play-circle play-fill play playstation plug-fill plug plus-circle-dotted plus-circle-fill plus-circle plus-lg plus-slash-minus plus-square-dotted plus-square-fill plus-square plus power printer-fill printer projector-fill projector puzzle-fill puzzle qr-code-scan qr-code question-circle-fill question-circle question-diamond-fill question-diamond question-lg question-octagon-fill question-octagon question-square-fill question-square question quora quote radioactive rainbow receipt-cutoff receipt reception-0 reception-1 reception-2 reception-3 reception-4 record-btn-fill record-btn record-circle-fill record-circle record-fill record record2-fill record2 recycle reddit reply-all-fill reply-all reply-fill reply robot router-fill router rss-fill rss rulers safe-fill safe safe2-fill safe2 save-fill save save2-fill save2 scissors screwdriver sd-card-fill sd-card search segmented-nav send-check-fill send-check send-dash-fill send-dash send-exclamation-fill send-exclamation send-fill send-plus-fill send-plus send-slash-fill send-slash send-x-fill send-x send server share-fill share shield-check shield-exclamation shield-fill-check shield-fill-exclamation shield-fill-minus shield-fill-plus shield-fill-x shield-fill shield-lock-fill shield-lock shield-minus shield-plus shield-shaded shield-slash-fill shield-slash shield-x shield shift-fill shift shop-window shop shuffle signal signpost-2-fill signpost-2 signpost-fill signpost-split-fill signpost-split signpost sim-fill sim skip-backward-btn-fill skip-backward-btn skip-backward-circle-fill skip-backward-circle skip-backward-fill skip-backward skip-end-btn-fill skip-end-btn skip-end-circle-fill skip-end-circle skip-end-fill skip-end skip-forward-btn-fill skip-forward-btn skip-forward-circle-fill skip-forward-circle skip-forward-fill skip-forward skip-start-btn-fill skip-start-btn skip-start-circle-fill skip-start-circle skip-start-fill skip-start skype slack slash-circle-fill slash-circle slash-lg slash-square-fill slash-square slash sliders smartwatch snapchat snow snow2 snow3 sort-alpha-down-alt sort-alpha-down sort-alpha-up-alt sort-alpha-up sort-down-alt sort-down sort-numeric-down-alt sort-numeric-down sort-numeric-up-alt sort-numeric-up sort-up-alt sort-up soundwave speaker-fill speaker speedometer speedometer2 spellcheck spotify square-fill square-half square stack-overflow stack star-fill star-half star stars steam stickies-fill stickies sticky-fill sticky stop-btn-fill stop-btn stop-circle-fill stop-circle stop-fill stop stoplights-fill stoplights stopwatch-fill stopwatch strava subtract suit-club-fill suit-club suit-diamond-fill suit-diamond suit-heart-fill suit-heart suit-spade-fill suit-spade sun-fill sun sunglasses sunrise-fill sunrise sunset-fill sunset symmetry-horizontal symmetry-vertical table tablet-fill tablet-landscape-fill tablet-landscape tablet tag-fill tag tags-fill tags telegram telephone-fill telephone-forward-fill telephone-forward telephone-inbound-fill telephone-inbound telephone-minus-fill telephone-minus telephone-outbound-fill telephone-outbound telephone-plus-fill telephone-plus telephone-x-fill telephone-x telephone terminal-dash terminal-fill terminal-plus terminal-split terminal-x terminal text-center text-indent-left text-indent-right text-left text-paragraph text-right textarea-resize textarea-t textarea thermometer-half thermometer-high thermometer-low thermometer-snow thermometer-sun thermometer three-dots-vertical three-dots thunderbolt-fill thunderbolt ticket-detailed-fill ticket-detailed ticket-fill ticket-perforated-fill ticket-perforated ticket tiktok toggle-off toggle-on toggle2-off toggle2-on toggles toggles2 tools tornado translate trash-fill trash trash2-fill trash2 tree-fill tree triangle-fill triangle-half triangle trophy-fill trophy tropical-storm truck-flatbed truck tsunami tv-fill tv twitch twitter type-bold type-h1 type-h2 type-h3 type-italic type-strikethrough type-underline type ui-checks-grid ui-checks ui-radios-grid ui-radios umbrella-fill umbrella union unlock-fill unlock upc-scan upc upload usb-c-fill usb-c usb-drive-fill usb-drive usb-fill usb-micro-fill usb-micro usb-mini-fill usb-mini usb-plug-fill usb-plug usb-symbol usb vector-pen view-list view-stacked vimeo vinyl-fill vinyl voicemail volume-down-fill volume-down volume-mute-fill volume-mute volume-off-fill volume-off volume-up-fill volume-up vr wallet-fill wallet wallet2 watch water webcam-fill webcam whatsapp wifi-1 wifi-2 wifi-off wifi wind window-dash window-desktop window-dock window-fullscreen window-plus window-sidebar window-split window-stack window-x window windows wordpress wrench x-circle-fill x-circle x-diamond-fill x-diamond x-lg x-octagon-fill x-octagon x-square-fill x-square x xbox yin-yang youtube zoom-in zoom-out

Published: 18-08-2021 18:00

Stern Groep N.V., listed Dutch mobility group in automotive retail and services, announces its results for the first half of 2021.


  • Net revenue in H1-2021 up 10.0% on H1-2020
  • Operating profit in H1-2021 came to € 7.4 million (H1-2020: € 4.0 million, excluding the writedown of goodwill for Dealergroup Stern in 2020)
  • Other operating income in H1-2021 fell sharply as a result of the € 3.2 million lower net gain on the interest in Bovemij
  • Use of NOW-scheme in H1-2021 € 1,5 miljoen lower than H1-2020, but is nevertheless material due to loss of revenue at some operating companies as a result of COVID-19
  • The solvency ratio at 30 June 2021 stood at 32.3% (year-end 2020: 28.9%). Excess solvency rose further to € 44.8 million
  • Net asset value per share at 30 June 2021 was € 23.01 (year-end 2020: € 22.09)
  • The number of new passenger cars registered in the Netherlands of 163,000 units in H1-2021 was 3.2% higher than in H1-2020. The number of new light commercial vehicles registered in the Netherlands of 39,000 units in H1-2021 was 29.6% higher than in H1-2020
  • Stern’s market share in passenger cars of 4.1% was slightly lower in H1-2021 (H1-2020: 4.4%). Its market share in light commercial vehicles was also slightly lower, at 6.2% (H1-2020: 6.4%)
  • The group has ample liquidity, with only limited use of the available finance facility at the credit institutions (€ 54 million) at the end of June
  • We are not able to make a reliable estimate of the results in H2-2021 due to uncertainty as to the further consequences of COVID-19 and continuing production problems at the car manufacturers. Nonetheless, we expect to see a further improvement in our results in H2-2021

Henk van der Kwast, Chief Executive Officer:

“We are not displeased with the profit realised in the first half of 2021. Demand for cars is rising, but sales are under pressure due to the limited availability of cars. As a result, margins are higher than usual. The industry is going through a fundamental transition that requires significant investment and adaptation. The decline in the number of official brand dealerships in the Netherlands will accelerate in the coming years, as customer contact largely shifts to the digital domain. Car buyers and owners simply have less interest and less reason to physically visit a dealership. The car manufacturers and importers are also moving towards fewer branches and more digital solutions. The parties that respond quickest and most effectively to this fundamental change in our industry will have an opportunity to continue to play a meaningful role for their customers. This is the reason why over the past three years, we have invested heavily in a new digital platform, we have worked on adapting our organisation to become a modern automotive services provider and optimised our primary business processes. At the same time, we have strengthened our financial solidity and significantly increased our cash position. These are the factors that will determine the successful transition of Stern into a modern and effective automotive services provider.”

State of affairs in H1-2021

Stern’s net revenue came to € 419.5 million, a marked increase of 10.0% compared to H1-2020. Most of the increase in revenue came from higher sales of used passenger cars and new light commercial vehicles.
The percentage gross margin in H1-2021 came to 17.7%, compared to 18.0% in H1-2020. This modest decline is due to higher car sales, which generate a lower margin than after-sales revenue. The gross revenue result was up € 5.6 million (8.1%), due to a combination of higher revenue and this lower relative margin.
Other operating expenses were much lower than in H1-2020, mainly due to the € 3.2 million lower net gain (based on revaluation and dividend) on the interest in Bovemij.
Employee expenses were 2.0% lower than in H1-2020. Several operating companies made use of the Temporary Emergency Bridging Measure to Preserve Employment (the NOW scheme) in H1-2021. This contribution has been deducted from the employee expenses. The NOW scheme was also used last year in H1-2020, when the income from this scheme was € 1.5 million higher than in this year. 
The decline in employee expenses (despite the lower income from NOW) was due to the reduction of the number of FTE by 195 (11.3%) in organic terms compared to the start of 2020. The organic decline in the number of FTEs in H1-2021 amounted to 59, a decrease of 3.7% compared to year-end 2020.
Operating expenses (excluding the impairment of goodwill in 2020) were 3.3% lower than in H1-2020, due to the cost-saving programmes continued in 2020 and 2021 and the closure of more branches of Dealergroup Stern and SternPoint. Interest expense was considerably lower, partly due to less use of working capital.
Operating profit was thus € 7.4 million, compared to € 4.0 million in H1-2020.

Highlights Dealergroup Stern

A total of 163,000 new passenger cars were registered in the Netherlands in H1-2021, 3.2% more than in H1-2020. The number of new light commercial vehicles registered of 39,000 was also higher than in H1-2020 (+29.6%).
Dealergroup Stern’s national market share for passenger cars in H1-2021 came to 4.1% (H1-2020: 4.4%). The market share in light commercial vehicles was 6.2% (H1-2020: 6.4%). This modest decline in market share was due to the closure of three branches in H2-2020.
Revenue at Dealergroup Stern increased markedly on balance to € 52.9 million (14.2%) to € 424.3 million. The increase was mainly due to the increase in sales of new light commercial vehicles and used passenger cars, as well as a higher average sale price for new passenger cars. The relative and absolute margins on sales of used passenger cars showed a marked increase, mainly due to high demand for nearly-new used cars and the limited availability of these cars.
Delivery of some new cars has become problematic due to the limited availability of computer chips, as delivery times for some models have already increased to more than six months. Dealergroup Stern’s back order position at 30 June 2021 was therefore much higher than at the end of June 2020.
The number of mechanics was reduced, as a result of the closure of a further three branches in H2-2020 and less demand for maintenance as distances travelled by car have declined. The average number of mechanics has declined by 9.4% compared to H1-2020. Revenue per mechanic has however increased markedly, due to higher hourly rates and improved efficiency.
There was an organic decline in employee expenses of 4.3%, due to the organic reduction of FTEs and the reduced number of branches. Several operating companies made use of the NOW scheme in both H1-2021 and H1-2020, and this contribution has been recognised as a deduction from the employee expenses item. The income from the NOW scheme was lower in H1-2021 (at € 0.9 million) than in H1-2020.
Operating expenses were lower in organic terms, mostly due to the cost saving programmes continued in 2020 and 2021. Dealergroup Stern accordingly realised an operating profit (EBIT) of € 9.7 million in H1-2021 (H1-2020: € 2.6 million, before the writedown of the goodwill for Dealergroup Stern in 2020), which is 2.5% of the revenue in H1-2021.
The balance sheet total of Dealergroup Stern at 30 June 2021 stood at € 275.4 million (Including IFRS 16), down 9.3% on year-end 2020 and 12.7% lower than at 30 June 2020. The main reason for the lower balance sheet total is the much lower inventory of new and used cars, the write-off of goodwill (€ 20.0 million) and more efficient management of working capital.

Highlights Stern Mobility Services

In order to continue to improve operational synergy and offer new service concepts, we have decided to merge the segments of Stern Mobility Solutions (car rental) and Stern Car Services (car body repairs and light commercial vehicle interiors) into a new segment named Stern Mobility Services.

Demand for rental cars fell sharply as a result of the additional measures introduced by the government with effect from mid-December 2020, and did not recover until May 2021 once these measures were eased. At year-end 2020, the fleet consisted of 1,968 vehicles. After a further modest decline in early 2021, the fleet has increased again after the easing of the measures to 2,292 vehicles at the end of June 2021. There was a further increase in July, to around 2,400 vehicles at the end of July 2021.

The car body repair shops have seen a significant decline in demand for car body repairs since mid-December 2020, after the announcement of the lockdown. Partly as a result of the government measures, the distance travelled by car in the Netherlands has declined, leading to fewer accidents.

In January 2021, the operations of the car body repairs branch at Purmerend were merged with the existing operations in Wormerveer, and the Purmerend branch was subsequently closed. In mid-July 2021, the operations of the car body repairs branch at Harderwijk were merged with the existing operations in Lelystad, and the Harderwijk branch was subsequently closed. A certain minimum level of revenue per location is a critical requirement for profitable operation of a car body repair business. Certain other branches will be assessed in the coming period to establish whether the merger of other operations would be beneficial.

Revenue at SternPoint was down 14.7% compared to H1-2020.

The operating result (EBIT) of Stern Mobility Services came to € 0.2 million negative (H1-2020: € 1.1 million negative). The balance sheet total at 30 June 2021 was € 55.5 million (year-end 2020: € 50.8 million).

Highlights Other

The operating result of the Other segment was € 1.7 million negative in H1-2021 compared to € 2.4 million positive in H1-2020. This includes holding costs not recharged, which were lower than in H1-2020 due to the reduction in the number of FTEs.
Most of the lower operating result was due to the € 3.2 million lower income from the interest in Bovemij. 
A non-recurring expense of € 0.5 million was also recognised in H1-2021 in connection with the redundancy of a number of employees. 

Statement of financial position and solvency

The balance sheet total at the end of June 2021 stood at € 404.6 million, a decline of € 28.8 million compared to year-end 2020. The main changes concerned:

  • A decrease of € 42.6 million due to lower inventory
  • An increase of € 11.8 million due to higher trade receivables

Group equity increased by € 5.1 million compared to year-end 2020 to € 130.6 million at the end of June 2021, mainly due to recognition of the profit in H1-2021. The solvency ratio of Stern Group at the end of June 2021 stood at 32.2% (year-end 2020: 28.9%). Stern comfortably met the ratios agreed with the banks at the end of June 2021. At year-end 2020, its excess solvency stood at more than € 29.5 million, and this has subsequently risen to € 44.8 million on 30 June 2021. 

Stern has a financing facility of € 54 million with its credit institutions. At 30 June 2021, only limited use (€ 17 million) was made of the existing credit lines after substantial repayments of captive finance.
Our management of working capital has now led to markedly less use of working capital, but this is still a priority. No use has been made of the option to defer tax payments, and taxes have been paid within the normal allotted terms.
The existing financing facility runs until the end of May 2022, and is therefore recognised in the statement of financial position on 30 June 2021 under current liabilities. We are in discussions with the banks regarding an extension of this facility for one year (until the end of May 2023). We expect this extension to be in place before publication of our figures for Q3-2021.


The rest of this year will feature Focus on Service & Brand Value, with a continuation of our already initiated focus on strong car brands, first-class used-cars, our own brand and a strong financial position. Our decisions will continue to be driven by the delivery of added value.

We expect to see further recovery in our sales markets in the coming months, however the negative effects of COVID-19 on our revenue and operating profit will continue for some time to come. Furthermore, our now much larger order book will probably not lead to a significant increase in sales of new vehicles in the coming months, due to strong signals from the car manufacturers that availability of certain parts (computer chips) is still problematic. This means that margins on new and used cars will continue to be relatively high due to the increasing scarcity of cars. This expected improvement in margins, the increasing demand for maintenance and car body repairs and the effects of previously initiated cost savings will not be enough to fully compensate for the effects of less availability of (new) vehicles. Nonetheless, we expect to see a further improvement in our profit in H2-2021.


Publication third quarter results 2021: 11 November 2021 before market opening
Publication of annual figures 2021: 10 March 2022 before market opening
General Meeting: 12 May 2022