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2013 Half-Year Results

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29 Aug 2013 - Results

Summary

  • Consolidated sales of EUR 2,978.0 million in H1 2013, versus EUR 3,013.3 million in H1 2012 (-1.2% or -0.8% on a like-for-like basis1).
  • Consolidated result before tax2 of EUR 104.0 million (EUR 135.1 million in H1 2012).
    • Excluding unusual items and re-measurements, consolidated result before tax2 of EUR 119.6 million (-7.3% compared with EUR 129.0 million in H1 2012), broken down as follows:
      • D'Ieteren Auto and Corporate activities: EUR 39.1 million. Compared with EUR 54.1 million in H1 2012, the current result before tax reflects a decrease in sales and additional commercial investments in a highly competitive market. Market share of the distributed makes remains high at 21.38% (22.12% for the FY 2012) in a new vehicle market up 1.7% (yet in fact down 0.9% excluding registrations of less than 30 days4).
      • Belron: current result before tax2 up 7.5% to EUR 80.5 million reflecting the increase in sales, due to a colder winter weather compared with 2012 as well as market share gains and price increases, and its impact on margins. Excluding the reversal of a provision relating to the long-term executive incentive scheme in H1 2012 (EUR 11.2 million), current result before tax2 up 26.4%.
    • Unusual items and re-measurements: EUR -15.6 million (EUR +6.1 million in H1 2012), of which EUR -3.7 million at D’Ieteren Auto and EUR -11.9 million at Belron.
  • Current consolidated result before tax2, group's share, down 7.3% to EUR 115.8 million. Excluding the reversal of a provision in H1 2012 relating to the long-term executive incentive scheme at Belron, current consolidated result before tax2, group’s share, up 1.1%.
  • Group's share in the result for the period2 of EUR 79.0 million (EUR 118.5 million in H1 2012).
  • Group's consolidated net debt3 down from EUR 556.5 million at end-June 2012 to EUR 514.6 million.
  • Given the current outlook of its activities as well as the uncertain economic environment, D’Ieteren still expects its 2013 current consolidated result before tax, group’s share, to decline by 10 to 15% compared with 20122.

D'Ieteren

D'Ieteren is a group of services to the motorist founded in 1805, serving some 11 million corporate and end customers in 35 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 21% and more than one million vehicles of the distributed makes on the road. Sales in 2012: EUR 2.8 billion.

- Belron (94.85% 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 35 countries. Sales in 2012: EUR 2.7 billion.

Financial Calendar

14 November 2013 – Interim Management Statement

26 February 2014 – 2013 Full-Year Results

14 April 2014 – Annual Report 2013

15 May 2014 – Interim Management Statement

5 June 2014 – General Meeting

10 June 2014 – Ex date

13 June 2014 – Payment date

28 August 2014 – 2014 Half-Year Results

13 November 2014 – Interim Management Statement

Contacts

Axel Miller, Chief Executive Officer

Benoit Ghiot, Chief Financial Officer

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

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

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