Trading Update for the period ending 31 March 2015

Both activities (D’Ieteren Auto and Belron) realized higher sales and improved results during the first quarter of 2015. D’Ieteren Auto’s market share declined slightly in a market that was marginally down but sales benefited from a positive price/mix effect and from higher deliveries to the dealer network. It was a mixed quarter for Belron with weaker trends in all of the major European markets while outside Europe positive organic sales growth mainly reflected a higher share in a US market that was slightly up. Total sales have benefited mostly from a favourable currency translation effect mainly due to a stronger US dollar.

The group continues to adapt itself to the challenging environment. The optimization of the D’Ieteren Car Centers’ network (Brussels region) is progressing ahead of schedule. In addition to the profitability improvement initiatives that were announced in December 2014, Belron continues to focus on operational efficiency.

We maintain our previously announced guidance for 2015: a 2015 current consolidated result before tax, group’s share, up in excess of 10% on 2014.

 

Summary of the first quarter

  • Consolidated sales rose by 10.4%.
    • D’Ieteren Auto: sales increased by 10.7% compared with the first quarter of 2014, thanks to a positive price/mix effect and higher deliveries to the dealer network. D’Ieteren Auto’s net market share reached 20.71% (-9bps year-on-year) in a net market that was slightly down.
    • Belron: sales were up 10.2% comprising an increase in organic sales of 0.9%, 0.2% growth from acquisitions and a positive currency impact of 10.1%, partly offset by a 1.0% decrease from fewer trading days.

 

Outlook for FY 2015 current consolidated result before tax, group’s share

On the basis of the current outlook of its activities, D’Ieteren maintains its previously announced guidance: a 2015 current consolidated result before tax, group’s share, up in excess of 10% on 2014.

 

Group profile

D'Ieteren is a group of services to the motorist founded in 1805, serving some 12 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 more than 22% and 1.2 million vehicles of the distributed makes on the road at the end of 2014. Sales in 2014: EUR 2.7 billion.

- Belron (94.85% owned) is the worldwide leader in vehicle glass repair and replacement. In 2014, some 2,400 branches and 9,400 mobile vans, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass® served customers in 34 countries. Sales in 2014: EUR 2.9 billion.

 

Financial Calendar

Last five press releases

Next events

 

 

 

 

27 May 2015

Repurchase of own shares in the context of the liquidity contract

28 May 2015

General Meeting

20 May 2015

Repurchase of own shares in the context of the liquidity contract

2 June 2015

Ex date

13 May 2015

Repurchase of own shares in the context of the liquidity contract

4 June 2015

Payment date

6 May 2015

Repurchase of own shares in the context of the liquidity contract

31 August 2015

2015 Half-Year Results / Analyst meeting & press conference

29 April 2015

Repurchase of own shares in the context of the liquidity contract

 

 

 

Contacts

Axel Miller, Chief Executive Officer

Pascale Weber, Financial Communication - Tel: + 32 (0)2 536.54.39

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

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