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Trading Update for the period ending 31 march 2016

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26 May 2016 - Results

Encouraging start to the year – full-year guidance maintained

Consolidated sales from continuing operations rose by 4.6% in 1Q 2016.

D’Ieteren Auto’s sales increased by 1.0% and its order book (volumes) is up 26% year-on-year at the end of March 2016. D’Ieteren Auto’s market share1 should therefore pick up during the remainder of the year.

Belron’s organic sales from continuing operations were up 6.0% in 1Q 2016 thanks in particular to continued market growth and share gains in the US.

• D’Ieteren maintains its full year guidance: assuming an average USD/EUR rate of 1.11 and an average GBP/EUR rate of 0.77, the group aims at a stable or slightly lower current consolidated result before tax, group’s share2, compared to EUR 212.1 million in 2015.

Message from the Management

“D’Ieteren had an encouraging start to 2016 with both activities showing positive sales trends. D’Ieteren Auto’s sales were up slightly despite the tail-end effect of the “Emissiongate”. Its order book and order intake continued to be robust throughout the quarter and the pipeline of model updates and new model introductions bodes well for the coming quarters.

Double digit organic sales growth in the US underpinned the rise in Belron’s top line in 1Q 2016. In Europe, organic sales growth was positive if one excludes AutoRestore’s divested operations in the UK. Belron continues to analyze opportunities to enter new service markets where it can leverage its key competencies to deliver future profitable growth.

Operating free cash flow before taxes3 was positively impacted in 1Q 2016 by a significant reduction in working capital at D’Ieteren Auto and a higher REBITDA4 at Belron, partially mitigated by higher capex to support growth in the US.

D’Ieteren group’s net debt5 position declined sharply year-on-year.”

Group profile

In existence since 1805, and across family generations, D’Ieteren seeks growth and value creation by pursuing a strategy on the long term for its businesses internationally and actively encouraging and supporting them to develop their position in their industry or in their geographies. The group serves some 12 million corporate and end customers in 33 countries in two areas:

- D'Ieteren Auto distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium. It is the country's number one car distributor, with a market share of more than 22% and 1.2 million vehicles on the road at the end of 2015. Sales in 2015: EUR 2.9 billion.

- Belron (94.85% owned) is the worldwide leader in vehicle glass repair and replacement. Some 2,400 branches and 10,000 mobile vans, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass®, serve customers in 33 countries. Sales in 2015: EUR 3.2 billion.

Financial Calendar

Last five press releases

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

Next events

29 April 2016

D’Ieteren Auto – Dieselgate Commission recommendations

26 May 2016

General Meeting

21 April 2016

Annual Report 2015

31 May 2016

Dividend ex date

25 February 2016

2015 Full-Year Results

2 June 2016

Dividend payment date

8 January 2016

Belron – Agreement to form a joint venture in Brazil

29 August 2016

2016 Half-Year Results

8 December 2015

Investor Day & Trading Update


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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