Published: 08-03-2016 14:28

Stern Groep N.V., the Dutch market leader in automotive retail and services, has published its 2015 results.

Highlights:

  • Net revenue reaches € 1,095.2 million (2014: € 898.3 million)
  • Operating profit increased to € 18.8 million (2014: € 3.8 million)
  • Gross EBITDA: € 71.7million (2014: € 53.7 million)
  • Net EBITDA: € 29.5 million (2014: € 15.0 million)
  • The 2015 profit factors in € 2.1 million in incidental expenses overall
  • Adjusted for incidental expenses, the 2015 profit before tax is the highest profit in Stern’s history
  • Profit after tax: more than tripled to € 11.1 million (2014: € 3.6 million)
  • Earnings per share for 2015 increased to € 1.95 (2014: € 0.64)
  • Solvency ratio: 25.7% (2014: 24.8%); net asset value per share increased to € 26.57 (2014: € 24.79)
  • Market share of new passenger cars increased to 5.4% (2014: 5.0%) and to 8.7% for light commercial vehicles (2014: 7.7%)
  • Lease portfolio grew organically by 24% (2014: 19.7%) to 9,045 contracts at year-end 2015 (2014: 7,295). Growth at the national level reached 5.2% in 2015. The number of vehicles under management increased to 12,031 (2014: 10,114)
  • 2015 dividend: € 1 per share, of which € 0.25 was already distributed as interim dividend in December 2015 (no dividend was distributed for 2014)
  • Company’s 2016 strategy will be guided by the 3-year ‘Leap Forward ->’ plan

Outline of 2015

Stern continued to make progress in 2015 in its efforts to transform its operations from a large dealer holding company into an integrated mobility group. Partly supported by the sale and registration of large numbers of plug-in hybrids, net revenue reached the record level of € 1,095.2 million, while the operating profit of Dealergroep Stern increased to € 15.3 million. Internal fees contributed to Dealergroep Stern’s significantly higher operating profit. The consistently strong organic growth of the leasing portfolio to 9,045 contracts has fully offset the higher internal charges. The operating profit of Stern Financial Services has therefore remained virtually unchanged at € 8.4 million. If we adjust for higher internal cost allocations, the Stern Financial Services’ operating profit would have reached the historically high level of € 10 million. Stern Mobility Services managed to reduce its operating loss to € 1.9 million. The relatively high non-recurring costs to cover structural changes at Mango Mobility and SternPoint and the high internal fees and relatively high internal price levels of parts at SternSchade account for a portion of this operating loss.

Adjusted for incidental expenses, profit before tax reached the highest level ever at Stern in 2015, while profit after tax more than tripled to € 11.1 million. Equity at year-end 2015, after recognition of the interim dividend and the increase in the value of interest-rate swaps, reached € 150.8 million, causing overall solvency to increase to 25.7%. Net asset value per share at year-end 2015 increased to € 26.57. With earnings per share at € 1.95, the company proposed a dividend per share of € 1, of which a total of € 0.25 per share was already paid in the form of interim dividend at the end of 2015.

Stern will be in a position to gradually improve its results further on account of lower holding-company expenses and interest charges, the growing contribution by Stern Financial Services and the improvements and integration benefits at Stern Mobility Services. That being said, it would be impolitic to rule out temporary setbacks and sudden peaks triggered by various forms of government intervention.

Press here for the press release dated 8 March 2016 in English

Klik hier voor de pdf van het volledige persbericht d.d. 8 maart 2016 in het Nederlands