2011 half-year results

D'Ieteren announces its consolidated results for the six months ended June 30, 2011. These Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). 

The English version of the Half-Yearly Financial Report is available on D’Ieteren’s website www.dieteren.be (the French and Dutch versions will be available on September 2, 2011).

 

Summary 

  • Sales up 5.5% year-on-year to EUR 3.2 billion.  
  • Current consolidated result before tax, group’s share, down 5.9% to EUR 167.0 million. This result breaks down as follows:  
    • D'leteren Auto and Corporate activities: EUR 68.1 million, up 32.5% due to the strong market share increase of the makes distributed by D’Ieteren Auto to 21.40% (20.13% for 2010) in a new car market up 1.9% compared with an excellent first half-year 2010. 
    • Belron: EUR 98.9 million, down 21.5%, mainly due to the for the most part anticipated decline in volumes, and its impact on margins, compared with the first half of 2010 marked by exceptionally favourable weather. 
  • Group’s share in the result for the period down 0.7% to EUR 139.8 million (up 38.7% to EUR 188.6 million including the impact of the sale of Avis Europe). 
  • Group’s consolidated net financial debt of EUR 1.3 billion, down 35.7% (following the deconsolidation of Avis Europe’s net financial debt in 2011).  
  • Following a record 2010 and considering the economic conditions, 2011 current consolidated result before tax, group’s share, from continuing operations is expected to be up around 5%.

 

D'Ieteren 

D'Ieteren is a group of services to the motorist founded in 1805, serving over 19 million customers in some 120 countries in three areas: 

- D'Ieteren Auto distributes Volkswagen, Audi, Škoda, Seat, Porsche, Bentley, Lamborghini, Bugatti and Yamaha vehicles across Belgium. It is the country's number one car dealer, with a market share of over 20% and more than one million vehicles of the distributed makes on the road. Sales in 2010: 2.7 billion euro. 

- Belron (92.7% owned) is the worldwide leader in vehicle glass repair and replacement. 1,900 branches and 9,500 mobile vans, trading under more than 15 different brands including Carglass, Autoglass and Safelite Auto Glass, serve customers in 33 countries. Sales in 2010: 2.8 billion euro. 

- Avis Europe (59.6% owned, listed on the London Stock Exchange and held for sale) is a leading short-term car rental company. With its Avis and Budget brands, it operates through more than 3,900 locations in Europe, Africa, the Middle East and Asia. Rental income in 2010: 1.2 billion euro. 

 

Financial Calendar

16 November 2011 – Interim Management Statement 

28 February 2012 – 2011 Full-year results 

16 April 2012 – Annual Report 2011 available 

10 May 2012 – Interim Management Statement 

31 May 2012 – General Shareholders’ Meeting 

4 June 2012 – Ex date 

7 June 2012 – Payment date 

28 August 2012 – 2012 Half-year results 

8 November 2012 – Interim Management Statement 

 

Contacts  

Jean-Pierre Bizet, Chief Executive Officer

Benoit Ghiot, Chief Financial Officer

Vincent Joye, Financial Communication - Tel: + 32 (0)2 536.54.39

E-mail: financial.communication@dieteren.be – Website: www.dieteren.com