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2014 Half-Year Results

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28 Aug 2014 - Results

As expected, the results for the first half reflect the impact on Belron’s activities of a particularly unfavourable weather in Europe at the beginning of the year, which could not be offset by a very cold winter in the United States. At D’Ieteren Auto, the result is roughly flat year-on-year, as a slight mix improvement and cost reductions have partially offset the lower sales volume. We therefore still anticipate our full year 2014 current consolidated result before tax, group’s share, to decline by around 10% compared with 2013.

Furthermore, our two businesses are taking initiatives to improve their profitability. At Belron, cost reduction actions are paying off since April and will continue to benefit the business throughout the year, while D’Ieteren Auto is reorganising its network of independent dealerships as well as its own dealerships, which should lead to an improved profitability of the network and cost reductions while securing the volumes and margins.

Group Summary

A. Sales

The consolidated sales amount to EUR 2,973.7 million, flat compared with the first half of 2013. They are broken down as follows:

- D’Ieteren Auto: EUR 1,508.9 million, +0.2% year-on-year comprising an organic decline of 0.6%, primarily due to a slightly lower real market share (22.27% vs 22.64% in H1 2013) and a greater decrease of the dealer inventories compared with last year, offset by an increase in the average value per vehicle sold. The 0.8% increase from acquisitions reflects the acquisition of a number of independent dealerships late 2013-early 2014;

- Belron: EUR 1,464.8 million, -0.5% year-on-year, comprising a 0.6% organic increase and a 2.5% increase due to acquisitions, offset by a 3.0% negative currency translation and a decrease of 0.6% from one less trading day. The organic growth mainly reflects the impact of extreme winter weather in the US and market share gains in a majority of countries, offsetting an exceptionally mild winter weather in Northern Europe.

B. Results

- The consolidated result before tax amounts to EUR 78.8 million. Excluding unusual items and re-measurements (EUR -9.9 million), the current consolidated result before tax amounts to EUR 88.7 million (-25.8% year-on-year).

- Our key performance indicator, the current consolidated result before tax, group’s share, stands at EUR 86.7 million, down 25.1%, broken down as follows:

  • D’Ieteren Auto and Corporate activities: EUR 37.2 million, -7.0% year-on-year due to slightly lower organic sales and an increase in the write-downs on receivables, partially offset by a slight mix improvement and cost reductions.
  • Belron: EUR 49.5 million, -34.7% year-on-year. The fall through to margins following higher sales in North America could not compensate the impact of lower sales in Europe, and the cost reductions measures in Europe have not yet produced their full effect in the first half of the year.

- The group’s share in the result for the period stands at EUR 65.9 million (EUR 79.0 million in the first half of 2013).

C. Financing of the activities

D’Ieteren’s activities are financed autonomously and independently of each other. Between June 2013 and June 2014, the group’s consolidated financial net debt increased from EUR 514.6 million to EUR 556.2 million.

The net financial position of the D’Ieteren Auto/Corporate segment decreased from a net cash position of EUR 203.3 million to a net cash position of EUR 160.3 million, mainly due to the acquisition of independent dealerships in the Antwerp and Mechelen areas late 2013 and early 2014.

Belron’s net financial debt decreased slightly from EUR 717.9 million in June 2013 to EUR 716.5 million in June 2014.

D. Outlook for FY 2014 current consolidated result before tax, group’s share

In line with our latest forecast, the impact of a particularly unfavourable beginning of the year on the results for the first half should be partially offset during the second half of the year. On this basis, D’Ieteren still expects its 2014 current consolidated result before tax, group’s share, to decline by approximately 10%.

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 22% in 2013 and 1.2 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. Some 2,400 branches and 8,600 mobile vans, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass® serve customers in 35 countries. Sales in 2013: EUR 2.8 billion.

Financial Calendar

Last five press releases

Next five events

19 June 2014

Disclosure of major shareholdings

26 February 2015

2014 Full-Year Results

17 June 2014

Disclosure of major shareholdings

27 February 2015

Analyst meeting & press conference FY 2014

15 May 2014

Trading update Q1 2014

15 April 2015

Annual Report 2014

29 April 2014

Appointment of N. D’Ieteren and O. Périer as Deputy Chairmen of the Board of Directors

28 May 2015

General Meeting & Trading update

17 April 2014

Annual Report 2013

31 August 2015

2015 Half-Year Results


Axel Miller, Chief Executive Officer

Benoit Ghiot, Chief Financial Officer

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

E-mail: – Website:

Annual Report 2013 dedicated website:

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