Another great first half year for VDL Groep
VDL Groep of Eindhoven achieved a combined turnover of €1,587m in the first half of 2016. That is a 19% increase compared to the first half of 2015 (€1,333m). The result after tax for the first six months rose modestly: €61.9m compared to €59.9m in 2015. The balance position remains equally strong with a solvency ratio of 60%. The total order book (excl. car assembly division) at the end of June amounted to €780m compared to €645m at the end of June 2015. The number of employees also grew: from 10,623 at the end of 2015 to 11,827 (incl. 133 employees administration) mid-2016.
Subcontracting
Turnover for the subcontracting division is remained more or less unchanged: €451m in the first half of 2016 compared to €454m in the first half of 2015. The order book grew modestly from €265m in mid-2015 to €275m in mid-2016. The subcontracting division was profitable in the first half, and we have good expectations for the second half of the year. This division employed 4,633 people at the end of June.
Car assembly
The car assembly division achieved a turnover of €673m in the first half of 2016. This is a sharp increase over €453m for the first half of 2015. This turnover was mainly achieved through the production of the MINI Hatch and MINI Convertible on behalf of BMW Group but also through sales of pressed parts to third parties and engineering and installation work. The result for the first half was positive, and the order book is looking strong, well into the future. Further growth is expected in the second half of the year, and the number of employees at VDL Nedcar has now risen to 3,161 at mid-2016.
Buses & coaches
The buses & coaches division had a good first half. The turnover rose from €197m in the first half of 2015 to €218m in the first half of 2016. The order book grew from €181m at mid-2015 to €252m in mid-2016. The buses & coaches division achieved a positive result in the first half year and expectations for the second half are good. The buses & coaches division is currently committing strongly to electric transport. 2,211 employees worked in the buses & coaches division at mid-2016.
Finished products
The finished products division achieved a turnover of €245m in the first half of 2016, compared to €229m in the first half of 2015. This is an increase of 7%. The order book grew considerably: from €199m mid-2015 to €253m mid-2016. The finished products division closed the first half with a profit, and the outlook for the second half of the year is positive. In total, as of the end of June, this division has 1,689 employees.
Outlook
VDL Groep has good expectations for the second half year. The prospects for all four divisions are positive. For 2016 as a whole, the consolidated turnover will exceed €3bn. There has been limited growth of the net result since the end of 2015. The order books are well-filled. The number of employees will grow to over 12,000 at the end of 2016.