2012 Half-Year Results

About the first half of 2012, Jean-Pierre Bizet, CEO, comments:  

"Despite sharply decreasing markets, our half-year performance is in line with our expectations. Belron, which furthermore faced an exceptionally mild winter weather in the first quarter, took strong measures, notably through cost reductions, resulting in an improving trend in the second quarter. D’Ieteren Auto invested in commercial investments and continued to gain market share. We maintain our guidance for the full year.” 

 

Summary

Note: at the start of 2012, D’Ieteren SA and Volkswagen Financial Services AG created a joint venture, Volkswagen D’Ieteren Finance SA (VDFin), to which D’Ieteren contributed its subsidiary D’Ieteren Lease. VDFin is accounted for using the equity method in 2012, while D’Ieteren Lease was accounted for using the full integration method in 2011. To facilitate the comparison of the 2012 and 2011 results, the percentage changes are first expressed as if D’Ieteren Lease had been accounted for using the equity method (“like-for-like”) in 2011. Figures in parentheses indicate changes as reported. 

 

  • Sales: 3.0 billion EUR, down 3.2% on a like-for-like basis (-5.1% as reported).  
  • Result before tax down 19.6% to 136.3 million EUR. 
    • Excluding unusual items and re-measurements, result before tax down 25.4% to 130.2 million EUR, broken down as follows: 
      • D’Ieteren Auto and Corporate activities: 54.1 million EUR, down 20.3% due to reduced sales volumes, additional commercial investments and increased costs. Market share of the distributed makes up to 21.98% (21.89% for 2011).
      • Belron: 76.1 million EUR, down 28.7% reflecting lower sales volumes, due to the unusually mild winter weather and weak economic trading conditions, and their impact on margins, partially offset by cost reductions. 
    • Unusual items and re-measurements: 6.1 million EUR including, at D’Ieteren Auto, the capital gain made on the contribution of D’Ieteren Lease to Volkswagen D’Ieteren Finance and, at Belron, costs relating to restructuring and acquisitions.
  • Current consolidated result before tax, group's share, of 126.0 million EUR, down 24.6%. 
  • Group's share in the result for the period of 119.3 million EUR (group's share in the result for the period from continuing operations for the first half of 2011: 139.8 million EUR). 
  • Group’s net consolidated financial debt of 556.5 million EUR (1,924.1 million EUR at end-June 2011). 
  • D’Ieteren confirms its guidance of a 2012 current consolidated result before tax, group's share, down by around 25% compared with an exceptionally high performance in 2011.

 

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 more than 10 major brands including Carglass, Autoglass and Safelite AutoGlass, serve customers in 33 countries. Sales in 2011: 2.8 billion euro. 

 

Financial Calendar 

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