Upward revision of D’Ieteren’s FY 2019 guidance
For FY 2019, D’Ieteren anticipates an adjusted consolidated result before tax, group’s share that is about 35% higher (previous guidance: “at least 25%”) 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 the continued very strong performance of Belron during Q3 2019.
On a comparable basis (54.10% stake and pre IFRS 16 in 2019 and 2018), Belron’s adjusted result before tax, group’s share is expected to broadly double this year (previous guidance: “at least 70% rise”) thanks to value growth and tight cost control. Charges related to the long-term management incentive programme (LTI) of Belron are expected to reach EUR 53 million (EUR 34.1 million in FY 2018), reflecting the expected improved performance. This LTI will end its effects in December 2019 and has been replaced by an equity-based reward plan (MRP) in June 2018.
End of press release
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 the following activities:
- 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. Its business model is evolving towards providing citizens with responsible and innovative mobility. Sales and adjusted operating result reached respectively EUR 3.4 billion and EUR 113.0 million in 2018.
- Belron (53.99% 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.
- D’Ieteren Immo (100%) groups together the Belgian real estate interests of D’Ieteren Group. It owns and manages approximately 30 properties which generated EUR 18.7 million net rental income in FY 2018. It also pursues investment projects and carries out studies into possible site renovations.
Francis Deprez, Chief Executive Officer
Arnaud Laviolette, Chief Financial Officer
Pascale Weber, Investor Relations - Tel: + 32 (0)2 536.54.39