2011 Full-Year Results

D\'Ieteren’s financial statements present Avis Europe as a “discontinued operation” following the sale of this activity, effective since 3 October 2011 (see page 9 of this press release). Consequently, unless otherwise stated, the text of this press release concerns “continuing operations” only.

 

About 2011, Jean-Pierre Bizet, CEO, comments: 

“2011 will have been a pivotal year in the life of the group and an exceptional one in several respects. We have sold our short term car rental activities to Avis Budget Group Inc. at attractive terms. We have created a joint venture with the Volkswagen Group, our historical partner, to offer Belgian customers a full line of automotive financial services. Our automobile distribution teams have taken the best advantage of an exceptionally high Belgian market, also managing to gain market share. And our Belron teams, who for the first time have been faced with the combined negative effects of weather conditions and an economic recession, have succeeded in limiting their impact. We have lowered our debt by more than 1 billion EUR and have strengthened our equity. Given the new configuration of the group, the Board of Directors has decided to propose to the AGM a significantly enhanced dividend. We have also defined criteria to search for a new activity. This search has no time constraints and it will be carried out rigorously in order to foster a long term development of the group in the best interests of all its stakeholders”.

 

Summary 

  • Sales up 8.0% year-on-year at 6.0 billion EUR.  
  • Result before tax up 8.4% at 297.4 million EUR. 
    • Excluding unusual items and re-measurements, result before tax up 10.6% at 322.0 million EUR. This result breaks down as follows:  
      • D’Ieteren Auto and Corporate activities: 92.1 million EUR, up 42.6% due to the growth of the market share of the distributed makes at a record level of 21.89% (20.13% in 2010) in a new car market up 4.5% vs a record 2010, thanks to the CO2 incentives and the announcement of their withdrawal at year-end. 
      • Belron: 229.9 million EUR, up 1.5% compared to a very good 2010 thanks to higher shares in markets affected by adverse weather conditions and an unfavourable economic environment, and to cost reductions. 
    • Unusual items and re-measurements: -24.6 million EUR (2010 : -16,8 million EUR), notably including, at Belron, restructuring costs, the impairment of certain intangible IT assets and acquisition costs, partially offset by a one-off gain relating to a change in the UK government index for pension revaluations.                                            
  • Current consolidated result before tax, group’s share, of 305.8 million EUR, up 10.7%. 
  • Group’s share in the result for the period of 312.6 million EUR, including 69.7 million EUR related to discontinued operations.
  • Group’s net consolidated financial debt of 850.2 million EUR, down 53.4% mainly due to the deconsolidation of the net financial debt and the receipt of the proceeds of the sale of Avis Europe.  
  • Proposition of the Board of Directors to increase the dividend for 2011 to 0.80 EUR per share (2010: 0.425 EUR). 
  • Current consolidated result before tax, group’s share, expected to be down around 25% following an exceptional 2011.

 

Conference call 

A live webcast of the analysts’ presentation (in English and listen only), held on February 29, 2012, at 9:30 am, is available on our website or by clicking HERE.

  

D\'Ieteren 

D\'Ieteren is a group of services to the motorist founded in 1805, serving some 13 million corporate and end customers in 33 countries in two areas: 

- D\'Ieteren Auto distributes Volkswagen, Audi, Seat, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles across Belgium. It is the country\'s number one car distributor, with a market share of around 22% and more than one million vehicles of the distributed makes on the road. Sales in 2011: 3.2 billion euro. 

- Belron (92.7% owned) is the worldwide leader in vehicle glass repair and replacement. 2,000 branches and 9,200 mobile vans, trading under around 15 different brands including Carglass, Autoglass and Safelite Auto Glass, serve customers in 33 countries. Sales in 2011: 2.8 billion euro. 

 

Financial Calendar 

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