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Interim Management Statement for the trading period ending 30 September 2013

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14 Nov 2013 - Results

Management’s comments

In the third quarter of 2013, D’Ieteren's results remain consistent with the trends observed during the previous quarters and are in line with our expectations. D’Ieteren Auto retains its high-level market share, with Volkswagen remaining the Belgians’ favourite make, mainly due to the success of the Golf. Belron records 4.4% organic growth, despite a less favourable comparative than in the first half-year. The outlook for the rest of the year remains unchanged.


  • Consolidated sales: -1.5% in the third quarter and -1.3% over the first nine months of the year.
    • D’Ieteren Auto
      • Third quarter: sales down by 5.5%. Market share for the distributed makes at 20.96% in a new car market down by 2.0% (in reality down by 1.8% excluding registrations of less than 30 days1).
      • Year-to-date: sales down by 6.7%. Market share for the distributed makes at 21.27% (compared with 21.38% in the first half of 2013) in a new car market up slightly by 0.7% (in reality, market share at 22.53% in a market declining by 1.1%, excluding registrations of less than 30 days1).
    • Belron
      • Third quarter: sales up by 1.6%, consisting of 4.4% organic growth and 2.5% external growth, partially offset by a negative currency translation effect of 5.3%.
      • Year-to-date: sales up by 4.4%, consisting of 5.1% organic growth and 2.6% external growth, partially offset by a 0.7% decrease from fewer trading days and a negative currency translation effect of 2.6%.
  • Current consolidated result before tax2, group's share, down by 10.8% over the quarter and 8.4% over the first nine months of the year. Excluding the provision reversal in 2012 relative to the long-term executive incentive scheme at Belron, this result is flat both for the third quarter and the first nine months of the year.
  • As at 30 September, the consolidated net financial debt3 is down year-on-year.

Consolidated key figures

Year-on-year evolution

Q1 2013

H1 2013

Q3 2013

YTD 2013






- D’Ieteren Auto





- Belron





Current consolidated result before tax, group’s share2





Financing of the activities

The activities of D’Ieteren are financed autonomously and independently. Between September 2012 and September 2013, the group's consolidated net financial debt3 decreased from EUR 471.7 million to EUR 419.1 million, despite the payment of the additional stake in Belron’s equity capital (EUR 39.1 million) in April.

Belron refinanced USD 250 million and EUR 75 million through a private placement in the US at attractive terms and with maturities between 2020 and 2025. Hence no other refinancing is necessary before 2016.

Outlook for FY 2013 current consolidated result before tax, group’s share

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. As a reminder, excluding the impact in 2012 of the reversal of provision related to Belron’s long term executive incentive scheme, the like-for-like result for 2013 would remain roughly flat.


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

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


Axel Miller, 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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