Trading update

- This is an abstract. For further details, please refer to the full press release. –

  • For FY 2019, D’Ieteren aims at an adjusted consolidated result before tax, Group’s share that is at least 25% higher (previous guidance: “a double-digit improvement”) compared to last year’s result (EUR 220.4 million when restated to reflect the current 54.10% stake in Belron). This revised guidance reflects good progress on Belron’s profit improvement programme, especially in the US. The guidance assumes a 54.10% stake in Belron in 2018 (rebased) and 2019 and average foreign exchange rates in 2019 that are in line with the exchange rates that prevailed at the end of 2018.
  • D’Ieteren Group’s combined sales growth (+3.5%) in Q1 2019 was underpinned by Belron’s strong performance, particularly in the US.
    • D’Ieteren Auto’s market share improved by 21bps in a new car market that declined by 6.3%. Sales dropped by 3.8% with lower new vehicle sales volumes partly offset by higher prices. The pre-IFRS16 adjusted operating result improved thanks to cost control (e.g. lower marketing expenses).  
    • Belron’s sales rose by 12.0%. Organic sales growth reached 7.8% with a particularly strong performance in North America (+13.5%).  
    • Moleskine’s sales dropped by 14.7%. More than 90% of the decline is due to lower B2B sales as Q1 2018 sales were boosted by some exceptionally large orders. Note however that B2B sales increased by 21.4% versus Q1 2017.  

End of abstract 

 

Group profile

In existence since 1805, and across family generations, D’Ieteren seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry or in their geographies. The Group has currently three activities articulated around strong brands:

  • D'Ieteren Auto distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium. It is the country's number one car distributor, with a market share of around 21% and 1.2 million vehicles on the road. Sales and adjusted operating result reached respectively EUR 3.4 billion and EUR 113.0 million in 2018.
  • Belron (54.10% owned) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 35 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. It has also expanded its services into the automotive damage and home damage repair and replacement markets. Sales and adjusted operating result reached respectively EUR 3.8 billion and EUR 225.7 million in FY 2018.
  • Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a multichannel distribution strategy across more than 115 countries. Sales and operating result reached respectively EUR 174.1 million and EUR 28.6 million in FY 2018.

Contacts

Arnaud Laviolette, Chief Financial Officer

Francis Deprez, Member of the Executive Committee

Pascale Weber, Investor Relations - Tel: + 32 (0)2 536.54.39

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