Published: 14-11-2018 08:37

Stern Groep N.V., the Dutch listed market leader in automotive retail, announces its results for the period from 1 January to 30 September 2018. 

Key points 

  • Net revenue until the end of Q3-2018 rose 0.1% to € 856.2 million 
  • The profit after tax until Q3-2018 was € 4.9 million (Q3-2017: € 5.8 million)  
  • The lease portfolio showed further organic growth to reach 12,379 contracts at the end of September 2018 (an increase of 12.3% compared to year-end 2017 and 16.4% over the past 12 months). Current backlog stands at approx. 1,000 units  
  • The current development of Stern Mobility Solutions is well ahead of the Fast Forward plan
  • Increase of the securitisation of the financing facility for the lease fleet of € 21 million to € 171 million recently completed 
  • Dealergroup Stern achieved a market share for passenger cars of 5.3% (Q3-2017: 5.8%). The market share for light commercial vehicles came to 7.5% (Q3-2017: 7.7%). Brand market shares were on average stable  
  • The result of Dealergroup Stern was pressured, mainly due to lower revenue and higher costs and also due to the market transition to new emission rules 
  • Solvency at the end of September 2018 stood at 24.5% (year-end 2017: 25.5%) 
  • Net asset value per share at 30 September 2018 was € 28.19 (year-end 2017: € 28.08) 
  • Expectations are that Stern will not match the Q4-2017 profit before tax (€ 2.3 million) in Q4-2018 

Henk van der Kwast, Chief Executive Officer: 

"Our lease fleet once again grew faster than the market this quarter, mainly due to the lease contracts won by our dealers. This is further evidence that Stern’s integrated proposition is working. However, we are not satisfied with the overall results to the end of the third quarter. Higher wage expenses and social insurance contributions in combination with an increase in the number of FTE and the market transition to new emission rules have heavily pressured our profits this year. The initiated harmonisation of processes, realisation of smart digital solutions, cost savings and a new market balance after the introduction of WLTP will bring about a change after 2018." 

Press here for the press release dated 14 November 2018 in English