25 Aug 2019

VDL BUS & COACH INCREASES TURNOVER BY 20%

Over the first half year VDL Bus & Coach reports an increase in turnover of over 20 per cent from 256 million euros in the first half year of 2018 to 308 million euros this year. For 2019 VDL Groep states in its financial report that the bus division expects to be profitable where over 2018 it ended up in red figures. VDL Groep in total reports a slightly lower turnover compared with the same period in 2018 but the result is higher.

The order portfolio of VDL Bus & Coach has increased, from 281 million euros in the first half of 2018 to 405 million euros this year. VDL Bus & Coach sees a very swift transition to electric public bus transport solutions. This year it expects to deliver around 500 electric buses. Also VDL Bus & Coach states that investments in innovative and sustainable mobility solutions remain at a high level. The modular platform, initially developed for bus transport, will also be rolled out to other sustainable transport concepts.

The combined turnover of the VDL Groep after the first six months of 2019 amounted to 2.9 billion euros. This is a decrease of about 5 per cent compared to the first half of 2018 when it was 3.1 billion euros. Where the turnover is declining, the Dutch company managed to increase the operational result by 7 million euros compared to the same period last year, to 76 million euros. An important explanation for this is that more projects have been completed. The total order book of VDL Groep (excluding the Car Assembly division) grew by more than 22 percent in one year, from 957 million to 1,171 million euros. “We can look back with satisfaction to the last six months”, says Willem van der Leegte, President and CEO of VDL Groep. “Both turnover and results are developing in line with expectations. We are, however, also wary of changes in the short term as a result of economic and political developments.”

The main reasons for the decline in turnover are that VDL Nedcar is building fewer passenger cars this year than last year and the decline in demand in the semiconductor industry. As previously announced, the number of cars to be built by VDL Nedcar is lower than in 2018: in turnover 1.620 million euros versus 1.882 million euros in 2018. Due to emissions standards, global trade relations and disruptive developments, the car industry is going through a turbulent period. VDL Nedcar has informed the workforce that next year it might be necessary to reduce the workforce. According to Dutch media it might concern 600 jobs. Nevertheless VDL Groep says it is on track to achieve the previously announced annual turnover target of approximately 5.7 billion euros in 2019 (2018 €5.973 billion).



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