2020 HALF-YEAR RESULTS
- This is an abstract. For further details, please refer to the full press release. –
D’Ieteren group’s key performance indicator (KPI) – the adjusted consolidated result before tax, group’s share – reached EUR 103.9 million. On a comparable basis (54.79% stake in Belron in H1 2019 and H1 2020) this is 41% less versus the first six months of last year.
From mid-March all our activities have been negatively impacted by the COVID-19 pandemic with either partial or full lockdowns. First and foremost, we have taken the necessary measures to protect our employees, customers and suppliers. The group is extremely grateful to all members of staff who continued working with care during the pandemic.
We have also mitigated the impact of the crisis on our liquidity position and our profitability by managing adequately our costs, capital expenditures and working capital.
This has allowed our adjusted free cash flow (group’s share) generated by our activities to reach EUR 439 million during the period.
The net cash position at the Corporate segment reaches EUR 1,451 million.
After the trough of April our activities have progressively recovered and have sequentially improved on a weekly basis since then, and especially in June with outstanding results for the month. This trend has continued in July.
- D’Ieteren Auto’s share improved from 22.0% to 23.0% in a new car market that was down 29.6%. The decline in sales (-24%) at EUR 1,470 million and in the adjusted result before tax, group’s share (-58%) at EUR 36 million reflects essentially much lower volumes despite significant cost savings.
- Belron sales declined by 12% at EUR 1,853 million and its adjusted result before tax, group’s share declined by 9% reaching EUR 93 million reflecting lower volumes, improved mix and strong cost containment.
- Moleskine’s sales dropped by 42% to EUR 41 million and its adjusted result before tax, group’s share landed at EUR -16 million (EUR -1.8 million in H1 2019). A EUR 21 million impairment charge has been taken in relation to the impact of COVID-19 pandemic on the short-term performance.
- Corporate & unallocated (including corporate and real estate activities) reported an adjusted result before tax, group’s share of EUR -9.3 million in H1 2020, including a EUR 8 million provision for the announced Solidarity program, compared to EUR -9.1 million in H1 2019.
Given the uncertainties linked to the evolution of the COVID-19 pandemic going forward, D’Ieteren Group is not providing a quantified full year 2020 guidance.
End of the abstract
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 has a market share of around 22% and 1.2 million vehicles on the road. Its business model is evolving towards improving the lives of citizens with fluid, accessible and sustainable mobility. Sales and adjusted operating result reached respectively EUR 3.6 billion and EUR 119.0 million in FY 2019.
Belron (54.85% of the voting rights) 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 39 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. Sales and adjusted operating result reached respectively EUR 4.2 billion and EUR 400.5 million in FY 2019.
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 114 countries. Sales and adjusted operating result reached respectively EUR 163.9 million and EUR 18.6 million in FY 2019.
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 19.7 million net rental income in FY 2019. It also pursues investment projects and carries out studies into possible site renovations.
Francis Deprez, Chief Executive Officer
Arnaud Laviolette, Chief Financial Officer
Financial Communication - Tel: + 32 (0)2 536.54.39