Quarterly result in line with first half - Guidance for 2012 unchanged

Summary 

Note1: 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 compare 2012 performance with 2011 “like-for-like”, the changes are first expressed as if D’Ieteren Lease had been accounted for using the equity method in 2011. Figures in parentheses indicate changes as reported.  

  • Compared with 2011 on a like-for-like basis1, sales down 10.0% in the third quarter
    (as reported: -12.6%) and 5.3% year-to-date (as reported: -7.5%).  
    • D’Ieteren Auto: quarterly market share of 21.93% in a new car market down by 10.9%. Market share for the first nine months up to 21.97% (vs. 21.89% for 2011), in a market down 12.2%. On a like-for-like basis, sales down 21.8% in the third quarter (as reported: -26.2%) and 7.9% year-to-date (as reported: -11.8%);
    • Belron: sales up 1.9% in the third quarter, with 2.5% organic decline, 0.7% acquired growth and a 3.7% positive currency translation effect. Year-to-date, sales down 2.5%, with 6.9% organic decline, 0.9% acquired growth and a 3.5% positive currency translation effect.
  • Current consolidated result before tax, group’s share2, down 27.9% in the third quarter and 25.7% year-to-date. 
  • Given the current outlook of its activities as well as the uncertain economic environment, D’Ieteren continues to expect its 2012 current consolidated result before tax, group's share, to decrease by around 25% compared with an exceptionally high performance in 2011. 

Consolidated key figures 

 Year-on-year evolution

Q1 2012

H1 2012

Q3 2012

YTD 2012

Sales (changes like-for-like1)

-0.3%

-3.2%

-10.0%

-5.3%

-       D’Ieteren Auto

+6.5%

-1.9%

-21.8%

-7.9%

-       Belron

-8.1%

-4.6%

+1.9%

-2.5%

Current consolidated result before tax, group’s share2

-61.5%

-24.6%

-27.9%

-25.7%

1 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 compare 2012 performance with 2011 “like-for-like”, changes are first expressed as if D’Ieteren Lease had been accounted for using the equity method in 2011. Figures in parentheses indicate changes as reported. (The restatements include the removal of the results of D’Ieteren Lease, the attribution of the results on sales of used vehicles from defleeting to the entity accounted for using the equity method – in 2011 and in January-February 2012 – and the recognition of the sales of D’Ieteren Auto to D’Ieteren Lease). 

2 Following the creation of Volkswagen D’Ieteren Finance, whose results are accounted for using the equity method, and in order to reflect all the group’s activities, the current result before tax, group's share, now includes the group's share in the current result before tax of the entities accounted for using the equity method.

 

D'Ieteren 

D'Ieteren is a group of services to the motorist founded in 1805, serving some 13 million corporate and end customers in 34 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 34 countries. Sales in 2011: 2.8 billion euro.

 

Financial Calendar 

26 February 2013 – 2012 Full-year results 

15 April 2013 – Annual Report 2012 available 

16 May 2013 – Interim Management Statement 

30 May 2013 – General Shareholders’ Meeting

5 June 2013 – Ex date 

10 June 2013 – Payment date

29 August 2013 – 2013 Half-year results 

14 November 2013 – 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