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2012 Full-Year Results

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26 Feb 2013 - Results

About 2012, Jean-Pierre Bizet, CEO, comments:

“After two consecutive record years, our group faced a severe contraction in its markets. Belron suffered, much more significantly than expected, from the impact on vehicle glass breakage of depressed economies and from an exceptionally mild winter weather. D'Ieteren Auto faced a declining car market in Belgium due to the withdrawal of the CO2 incentives and to challenging economic conditions. Although our teams reacted with cost control and innovative business initiatives leading to market share gains in both activities – reflecting the competitiveness of our strategies, products and services –, our current consolidated result before tax, group's share, is down 33.6% to EUR 203 million.”


Note: at the start of 2012, D’Ieteren SA and Volkswagen Financial Services AG created a joint venture, Volkswagen D’Ieteren Finance SA (VDFin), to which D’Ieteren contributed its subsidiary D’Ieteren Lease. VDFin is accounted for using the equity method in 2012, while D’Ieteren Lease was accounted for using the full integration method in 2011. To facilitate the comparison of the 2012 and 2011 results, the percentage changes are first expressed as if D’Ieteren Lease had been accounted for using the equity method in 2011. Figures in parentheses indicate changes as reported.

  • Sales: EUR 5.5 billion, down 5.4% on a like-for-like basis (-7.7% as reported).
  • Result before tax down 21.4% to EUR 233.6 million.
    • Excluding unusual items and re-measurements, result before tax down 34.0% to EUR 212.5 million, broken down as follows:
      • D’Ieteren Auto and Corporate activities: EUR 50.2 million, down 45.4% due to lower sales and additional commercial investments. Market share of the distributed makes up to a record 22.12% (21.89% for 2011) in a new car market down 14.9%.
      • Belron: EUR 162.3 million, down 29.4% reflecting lower sales, due to weak economic trading conditions and the unusually mild winter weather in 2011-2012, and its impact on margins, partially offset by cost reductions.
    • Unusual items and re-measurements: EUR 21.1 million (2011: EUR -24,6 million) including, at D’Ieteren Auto, the capital gain made on the contribution of D’Ieteren Lease to Volkswagen D’Ieteren Finance as well as a change in estimating credit notes to be received and, at Belron, costs relating to restructuring and acquisitions.
  • Current consolidated result before tax, group's share, of EUR 203.0 million, down 33.6%.
  • Group's share in the result for the period of EUR 192.3 million (EUR 312.6 million in 2011).
  • Group’s net consolidated financial debt of EUR 491.3 million (EUR 850.2 million at the end of 2011).
  • Proposition of the Board of Directors to maintain the dividend at EUR 0.80 per share for 2012.
  • As previously announced, 2013 current consolidated result before tax, group’s share, expected to be down by 10% to 15% compared with 2012. Excluding the impact in 2012 of the reversal of provision related to Belron’s long term executive incentive scheme, it would remain roughly flat year-on-year.


D'Ieteren is a group of services to the motorist founded in 1805, serving some 11 million corporate and end customers in 34 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 more than 22% and more than one million vehicles of the distributed makes on the road. Sales in 2012: EUR 2.8 billion.

- Belron (92.7% owned) is the worldwide leader in vehicle glass repair and replacement. 2,200 branches and 8,900 mobile vans, trading under more than 10 major brands including Carglass, Autoglass and Safelite AutoGlass, serve customers in 34 countries. Sales in 2012: EUR 2.7 billion.

Financial Calendar

15 April 2013 – Annual Report 2012 available

16 May 2013 – Interim Management Statement

30 May 2013 – General Shareholders’ Meeting

5 June 2013 – Ex date

10 June 2013 – Payment date

29 August 2013 – 2013 Half-year results

14 November 2013 – 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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