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: 05-05-2021 18:40

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


  • Net revenue in Q1-2021 of € 217.2 million down 6.8% on Q1-2020
  • Profit after tax was € 3.3 million (Q1-2020: € 4.2 million)
  • Negative effect of COVID-19 still material in Q1-2021
  • Much lower other operating income due to lower income from Bovemij compared to previous year
  • Dealergroup Stern’s market share for passenger cars comes to 4.4% (Q1-2020: 4.6%), market share for light commercial vehicles is 7.1% (Q1-2020: 6.5%)
  • Again much improved cash flow from operating activities of € 15.5 million in Q1-2021 (Q1-2020: (€ 0.7 million)
  • The solvency ratio at 31 March 2021 stood at 31.2% (year-end 2020: 28.9%)
  • Net asset value per share at 31 March 2021 was € 22.69 (year-end 2020: € 22.09)
  • Business is improving gradually, but it is still not appropriate to issue detailed forecasts for the annual profit in 2021

Henk van der Kwast, Chief Executive Officer:

“Due to the pandemic saving unnecessary and avoidable costs is and will continue to be a current theme, along with optimising efficiency in our most important business processes. That is not the case for our investments in digital solutions. Those were accelerated and intensified. That’s how we recently sold used cars for the first time on our digital platform, where one can now also find end-of-contract lease cars from our strategic partner ALD Automotive. The services offered on our digital platform are constantly expanding and becoming more important for customers and business partners. Both the number of leads and the number of maintenance agreements booked online have increased sharply. We will again be launching additional services in the coming months that will enable us to provide an even better and more convenient service to consumers.” 

Progress in Q1-2021

Net revenue declined slightly by 6.8% to € 217.2 million Sales of new passenger cars in the Netherlands were down 21.6% on Q1-2020, partly due to COVID-19. On the other hand, sales of new light commercial vehicles were up 7.8%. Dealergroup Stern’s market share for new passenger cars was 4.4% (Q1-2020: 4.6%) and 7.1% for light commercial vehicles (Q1-2020: 6.5%). The average sale price for passenger cars sold by Dealergroup Stern was actually 23.3% higher than in Q1-2020, mainly due to the increased proportion of sales of electric cars and SUVs.

The gross revenue result was lower than in Q1-2020, mainly due to declining revenue from car body repairs, workshops and car rental that was 7.7% down on Q1-2020. There was a significant improvement in the relative margins realised on sales of passenger cars.

Other operating income was much lower than in Q1-2020, mainly due to the markedly lower income from revaluation and dividend from the stake in Bovemij. The positive revaluation was much lower than in the previous year. The Bovemij dividend on the other hand was higher than in the previous year.

Employee expenses were 15.1% lower than in Q1-2020. Employee expenses were down mainly because of the reduction of 127 (mainly indirect) FTEs compared to the end of Q1-2020 and receipts from the NOW scheme for Q1-2021, which have been deducted from this item.

Operating expenses were 15.1% lower than in Q1-2020, as a result of the cost-saving programmes introduced in 2019 and the closure of branches of Dealergroup Stern, as well as the government reimbursement for fixed costs (the TVL scheme) applied for by some business units for Q1-2021, which have been deducted from this item.

Interest expense was considerably lower, partly due to the much lower working capital requirement.
Profit after tax in Q1-2021 came to € 3.3 million (Q1-2020: € 4.2 million).

Statement of financial position and solvency

The balance sheet total at the end of March 2021 stood at € 413.3 million, a decline of € 20.1 million compared to year-end 2020. Adjusted for the effects of IFRS 15 and 16, the balance sheet total is € 304.7 million. The main changes concerned:

  • A decrease of € 33.9 million due to lower inventory;
  • An increase of € 9.5 million due to higher trade receivables.

Group equity rose by € 3.3 million compared to year-end 2020 to € 128.7 million at the end of March 2021. The solvency ratio of Stern Group at the end of March 2020 stood at 31.2% (year-end 2020: 28.9%). Adjusted for goodwill and IFRS 15 and 16, the solvency ratio for the bank covenants came to 43.7%. The over-solvency amounted to more than € 29.5 million at the end of 2020 and increased further to almost € 39.5 million at the end of Q1-2021.

Stern has a financing facility of € 57 million with its credit institutions. At the end of March 2021, € 17 million of this facility was drawn down, even after significant repayments of interest-bearing captive finance. We estimate that this facility is more than adequate to cope with the further effects of COVID-19.


We expect to see further recovery in our sales markets in the coming months, however the negative effects of COVID-19 on our operating profit will continue for some time yet. In addition, it is very possible that the gradually increasing demand for new cars will not yet lead to a significant increase in revenue from new vehicles, due to strong signals from the car manufacturers that certain parts (computer chips) are less available than previously expected. This could mean that there will be further improvement in the margins on new and used cars due to rising scarcity of components. This expected further improvement in margins, the increasing demand for maintenance and car body repairs and the effects of previously initiated cost savings could compensate for the effects of less availability of new vehicles. The rest of this year will feature the Focus on Service & Brand Value, with a continuation of our already initiated focus on strong car brands, first-class used-car offers and strengthening our own brand. Our decisions will continue to be driven by the delivery of added value. Due to the continuing uncertainty regarding COVID-19 and the limited availability of new vehicles, it is still not appropriate to issue detailed forecasts for the annual profit in 2021. 


General Meeting: 6 May 2021
Publication of half year figures for 2021: 19 August 2021