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Belron – Agreement to form a joint venture in Brazil

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8 Jan 2016 - Belron

D’Ieteren is pleased to announce that Belron has entered into an agreement with Advisia Investimentos (“Advisia”) to form a joint venture in Brazil. Under the agreement, Belron has sold 60% of its investment in Carglass Brazil to Advisia for 4.8 million Brazilian reais (circa EUR 1 million).

Advisia is an investment and consulting business that specializes in investments in midsize companies that occupy leading positions in their market segment. The local expertise of the Advisia team combined with the global expertise of Belron will provide Carglass Brazil with a greater opportunity to enhance its position in the Brazilian vehicle glass repair and replacement market.

In 2014, the sales and current operating loss of the Brazilian business within the D’Ieteren results were EUR 86 million and EUR 14 million, respectively. In 2015 the sales and current operating loss are expected to be circa EUR 53 million and EUR 4 million, respectively.

The financial consequences of this agreement are the following:

  • In the future, the results of Carglass Brazil will be accounted for using the equity method.
  • In addition to the EUR 26 million non-cash impairment charge recorded in the 2015 half-year results (see press release dated 31 August 2015), the transaction will result in a non-cash impairment charge of circa EUR 14 million in the 2015 consolidated financial statements of D’Ieteren as the net assets of the Brazilian business will be written down to the fair value of 8 million Brazilian reais (circa
    EUR 2 million) consistent with the transaction value. In addition, circa EUR 25 million of foreign exchange losses previously taken to equity will be reclassified as a non-cash loss through the income statement in the 2016 consolidated financial statements of D’Ieteren in accordance with IAS 21.

The joint venture agreement includes various call rights which enable either Belron or Advisia to take full control of the Brazilian operations in the future.

End of press release

Group profile

D'Ieteren is a group of services to the motorist founded in 1805, serving some 12 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 1.2 million vehicles of the distributed brands on the road at the end of 2014. Sales in 2014: EUR 2.7 billion.

- Belron (94.85% owned) is the worldwide leader in vehicle glass repair and replacement. In 2014, some 2,400 branches and 9,400 mobile vans, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass® served customers in 34 countries. Sales in 2014: EUR 2.9 billion.

Financial Calendar

Last five press releases

(with the exception of press releases linked to
the repurchase or sale of own shares)

Next events

8 December 2015

Investor Day & Trading update

25 February 2016

FY 2015 Results

20 November 2015

All vehicles are again available for sale in Belgium

25 February 2016

Analyst meeting & press conference FY 2015

5 November 2015

D’Ieteren Auto temporarily suspends sales of models that may be affected by irregularities with respect to CO2 emissions

20 April 2016

Annual Report 2015

4 November 2015

Reaction to the publication by the Volkswagen Group of irregularities concerning CO2 emissions

26 May 2016

General Meeting & Trading update

16 October 2015

About 320,000 vehicles of the Volkswagen Group will be recalled in Belgium


Axel Miller, Chief Executive Officer

Arnaud Laviolette, Chief Financial Officer

Pascale Weber, Financial Communication - Tel: + 32 (0)2 536.54.39

E-mail: – Website:

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