2013 FULL-YEAR RESULTS

D'Ieteren announces a 2013 result which is at the high end of its estimate. Teams at D'Ieteren Auto have maintained the market share of the distributed makes at a high level in a declining market marked by strong competition. Belron, on the other hand, has achieved an organic sales growth of 5% in an ongoing market downtrend. Given these achievements, the Board of Directors of D'Ieteren has decided to propose an unchanged dividend.

Moreover, in a still challenging environment, both activities are taking initiatives to ensure their development and secure their future: D'Ieteren Auto plans to invest in its own dealership network in Brussels and to rethink its dealerships’ locations, while Belron continues to strengthen its international presence and improve its operating profitability.

A. Sales

The consolidated sales amount to EUR 5,470.5 million, -0.8% compared with 2012. They are broken down as follows:

- D’Ieteren Auto: EUR 2,627.4 million, -5.7% year-on-year due to a declining real market¹ (-1.5%) and a reduction in dealer inventories. The real market share¹ is down to a still high level of 22.39% (23.16% in 2012). 112,877 vehicles in total were delivered in 2013 (120,157 in 2012);

- Belron: EUR 2,843.1 million, +4.3% year-on-year, comprising an increase in organic sales of 5.0% and an increase of 2.4% from acquisitions partially offset by a negative currency impact of 3.1%. The return to organic growth is primarily due to normal weather conditions after an exceptionally mild winter in 2011-2012, market share gains and a higher average price per job.

B. Results

- The consolidated result before tax reaches EUR 152.8 million. Excluding unusual items and re-measurements (EUR -29.5 million), the current consolidated result before tax reaches EUR 182.3 million (-13.0% year-on-year²)

- Our key performance indicator³, the current consolidated result before tax, group’s share, stands at EUR 177.6 million, down 11.3%², in line with our guidance of a decline of 10 to 15%. It is broken down as follows:

• D’Ieteren Auto and Corporate activities: EUR 47.1 million, -10.3% year-on-year, reflecting lower sales in an activity in which costs are essentially fixed, partially offset by lower marketing costs.

• Belron: EUR 130.5 million, -11.6% year-on-year². Excluding the provision reversal relating to the long-term executive incentive scheme in 2012 (EUR 22.8 million in group’s share), growth of 4.5%² reflecting a profit growth in most markets as a result of sales volume increases and their impact on margins, partially offset by profit declines in Brazil and Australia as a result of adverse market environments.

Excluding the provision reversal relating to Belron’s long-term executive incentive scheme in 2012, the current consolidated result before tax, group’s share, is nearly flat (+0.1%²).

- The group’s share in the result for the period stands at EUR 114.0 million (EUR 190.1 million in 2012²).

C. Dividend

The Board of Directors of D’Ieteren proposes to maintain the gross dividend at EUR 0.80 per share for 2013. If this dividend is approved by the General Meeting of Shareholders on 5 June 2014, it will be paid on 13 June 2014 (ex date: 10 June 2014).

D. Financing of the activities

D’Ieteren’s activities are financed autonomously and independently of each other. Between December 2012 and December 2013, the group’s consolidated financial net debt⁴ has slightly increased from EUR 491.3 million to EUR 505.3 million EUR.

During the period, the D’Ieteren group and its two activities have invested approximately EUR 100 million in acquisitions (increased stake in Belron’s equity capital, acquisition by D’Ieteren Auto of two Joly dealerships (see page 6) and strengthening of Belron’s presence in the US, Italy, Spain and Canada). The group has also paid a dividend of EUR 44 million to its shareholders.

The net financial position⁴ of the D’Ieteren Auto/Corporate segment decreased from a net cash position of EUR 251.2 million to a net cash position of EUR 226.4 million.

Belron’s net financial debt⁴ decreased from EUR 742.5 million in December 2012 to EUR 731.7 million in December 2013.

E. Search for investment

D’Ieteren confirms its willingness to invest its available financial resources in order to ensure its long-term growth, on the one hand through its current activities and on the other hand through the acquisition, alone or in partnership, of one or several new activities whose search is ongoing.

The selection of this activity will be made through criteria such as the quality of the sector’s long-term fundamentals – knowing that the sector should not necessarily be linked to the automobile –, the presence of barriers to entry, low risk of technological or regulatory breakdown and growth opportunities.

The systematic selection process combines a sector-based approach with an opportunistic approach.

F. Outlook for FY 2014 current consolidated result before tax, group’s share³

Given the current outlook of its activities and the unfavourable weather conditions in Europe at the beginning of the year, D’Ieteren expects its 2014 current consolidated result before tax, group’s share, to slightly decline compared with 2013.

Group profile

D'Ieteren is a group of services to the motorist founded in 1805, serving some 12 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 2013: EUR 2.6 billion.

- Belron (94.85% owned) is the worldwide leader in vehicle glass repair and replacement. 2,400 branches and 8,600 mobile vans, trading under more than 10 major brands including Carglass^®, Autoglass^® and Safelite^® AutoGlass, serve customers in 35 countries. Sales in 2013: EUR 2.8 billion.

Financial Calendar

Last five press releases		Next five events
16 January 2014	Pierre-Olivier Beckers appointed independent director	14 April 2014	Annual Report 2013
3 December 2013	Repurchase of own shares	15 May 2014	Interim Management Statement
21 November 2013	Repurchase of own shares	5 June 2014	General Meeting
14 November 2013	Interim Management Statement	10 June 2014	Ex date
8 November 2013	Repurchase of own shares	13 June 2014	Payment date

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

Annual Report 2012 dedicated website: 2012.dieteren.com