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Interim Management Statement for the trading period ending March 31, 2012

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10 May 2012 - Results

Summary of the first quarter

  • Consolidated sales slightly down 2.6% compared with Q1 2011 (-0.3% at constant consolidation perimeter1):
    • D’Ieteren Auto: market share of 21.25% vs 21.89% for the FY 2011. Sales up 2.0% (+6.5% at constant consolidation perimeter1);
    • Belron: sales down 8.1%, consisting of an organic decline of 10.6% reflecting the exceptionally mild weather since last November and the weak economic environment, an acquisition growth of 0.8% and a favourable currency impact of 1.7%.
  • Current result before tax, group’s share, down 61.6% (-60.6% at constant consolidation perimeter1) as expected.
  • Given the current outlook of its activities as well as the uncertain economic environment, D’Ieteren still expects its 2012 current consolidated result before tax, group’s share2, to decline by around 25% compared with an exceptional 2011.

Consolidated key figures

Q1 2012 - Year-on-year evolution


At constant consolidation perimeter1




- D’Ieteren Auto



- Belron



Current consolidated result before tax, group’s share



1D’Ieteren’s accounts present Volkswagen D’Ieteren Finance as an entity accounted for using the equity method, following the creation of this joint venture between D’Ieteren and Volkswagen Financial Services in early 2012. The data at constant consolidation perimeter include a restatement of the results for 2011 at D’Ieteren Auto, so that both trading periods can be compared (removal of the sales at D’Ieteren Lease, attribution of the sales of used vehicles from defleeting to the entity accounted for using the equity method, and recognition of the sales of D’Ieteren Auto to D’Ieteren Lease).

2 Following the creation of Volkswagen D’Ieteren Finance, whose results are accounted for using the equity method, and in order to reflect all the group’s activities, the current result before tax, group’s share, from now on includes the group’s share in the current result before tax of the entities accounted for using the equity method. For 2012, this change will lead to an estimated decrease in the current consolidated result before tax, group’s share, of ca. 2%.


D'Ieteren is a group of services to the motorist founded in 1805, serving some 13 million corporate and end customers in 33 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 around 22% and more than one million vehicles of the distributed makes on the road. Sales in 2011: 3.2 billion euro.

- Belron (92.7% owned) is the worldwide leader in vehicle glass repair and replacement. 2,000 branches and 9,200 mobile vans, trading under more than 10 major brands including Carglass, Autoglass and Safelite AutoGlass, serve customers in 33 countries. Sales in 2011: 2.8 billion euro.

Financial Calendar

31 May 2012 – General Shareholders’ Meeting

4 June 2012 – Ex date

7 June 2012 – Payment date

28 August 2012 – 2012 Half-year results

8 November 2012 – Interim Management Statement


Jean-Pierre Bizet, Chief Executive Officer

Benoit Ghiot, Chief Financial Officer

Vincent Joye, Financial Communication - Tel: + 32 (0)2 536.54.39

E-mail: – Website:

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