Published: 06-05-2020 13:11

Stern Groep N.V., listed Dutch mobility group in automotive retail and services, announces its results for Q1-2020. 

Due to the sale of Heron Auto B.V. on 2 January 2020, the comparative figures for Heron Auto B.V. (the figures for 2019) are presented as discontinued operations. The figures and numbers for 2019 in this press release have been adjusted for the purpose of comparison.

Key points

• Net revenue in Q1-2020 of € 232.8 million is up 1.9% (Q1-2019: € 228.4 million)
• Other operating income rose sharply as a result of the net gain on the interest in Bovemij
• The impact of Covid-19 on profit was mainly visible in the workshops and in car body repair in Q1-2020, due to a sharp increase in sickness absence from the second week of March
• Profit after tax of in Q1-2020 of € 4.2 million (Q1-2019: € 2.9 million)
• The number of new passenger cars registered in the Netherlands of 103,000 units in Q1-2020 was 10.6% lower than in Q1-2019. Registration of new light commercial vehicles amounted to 19,000, which also represents a decline of -18.1%
• The market share of Dealergroup Stern in passenger cars improved slightly to 4.6% (Q1-2019: 4.5%), while the market share in light commercial vehicles declined to 6.5% (Q1-2019: 7.3%)
• The solvency ratio at 31 March 2020 stood at 31.0% (year-end 2019: 26.6%)
• The group has ample liquidity, with only limited use of the available finance facility at the credit institutions of € 60 million
• Net asset value per share at 31 March 2020 was € 27.64 (year-end 2019: € 26.90)
• The final dividend for 2019 will be set at € 3.50, which has already been distributed in full as interim dividend in 2019
• Our focus remains fully on the safety of our employees and customers

Henk van der Kwast, Chief Executive Officer:

“The current situation is unprecedented and is making everyone uncertain. In this context, we are pleased with the profit in Q1-2020 and our strong financial position as a result of our divestments and significant cost savings in 2019. The current situation is also placing high demands on our employees. We are making every effort to provide a safe working environment for our people. We have furthermore initiated several actions to safeguard the health of our customers when visiting our companies so that we can continue to provide an optimal service. The measures taken comply strictly with the guidelines issued by the Dutch National Institute for Public Health and the Environment (the RIVM). In addition to the RIVM guidelines, we have installed plexiglass screens at all service desks and issued face masks for all employees who wish to make use of them.”