Trading update

Following a strong start to the year (+11.2% in January and +9.4% in February), D’Ieteren Group’s combined sales declined by 4.3% in Q1 2020 due to COVID-19 related shutdowns.

  • D’Ieteren Auto’s market share improved by 217bps in a Belgian new car market that declined by 18.3% in Q1 2020. Sales dropped by 6.9% with higher Retail sales more than offset by a lower contribution from the Import activities.   
  • Belron’s sales were marginally down (-1.4%) with lower revenues in the Eurozone and the Rest of the World largely offset by higher revenues in North America. Lower volumes were partially mitigated by a positive price/mix effect, ADAS calibrations and value-added products and services (VAPS).
  • Moleskine’s sales dropped by 22.1% in Q1 2020 with Wholesale in EMEA and the Americas representing 55% of the decline as Moleskine’s clients were impacted by the lockdowns.  

At this stage it is impossible to quantify the negative impact COVID-19 will have on D’Ieteren’s FY 2020 results. The activities are however progressively resuming. D’Ieteren Auto partially restarted as from 4 May, Belron’s sales are sequentially improving on a weekly basis since mid-April and Moleskine is progressively exiting from various lockdowns.

The safety and well-being of all the employees, customers, suppliers and other stakeholders remain a top priority for D’Ieteren Group and its activities. The Group has also undertaken multiple initiatives to support its communities during the lockdown period and beyond.

At the level of D’Ieteren Group, the Board of Directors will propose to the General Meeting (starting today at 3pm) a gross dividend per share that is stable compared to last year’s and to allocate the initially planned increase of EUR 0.15 per share to a solidarity program that will help employees of D’Ieteren Group who may suffer hardship as a consequence of the COVID-19 crisis (see press release dated 27 April).

End of the 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 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.

 

Contacts

Francis Deprez, Chief Executive Officer

Arnaud Laviolette, Chief Financial Officer

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

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