Trading update for the period ending 31 March 2017
Solid sales growth in 1Q17 – full-year guidance maintained
D’Ieteren group’s consolidated sales rose by 11.9% in 1Q 2017. Note that Moleskine was included as from 1 October 2016. Excluding Moleskine, sales were up 10.2%.
D’Ieteren Auto’s sales increased by 14.0% on the back of strong new vehicle sales (+14.8%). D’Ieteren Auto’s market share improved by 35bps to 20.29% in a market that was up 10.3%.
Belron’s sales rose by 6.2% in 1Q 2017 thanks in particular to solid growth in Europe. Sales growth slowed down in the US due to soft winter conditions especially in the Northeast.
Moleskine's revenues increased by 13.8% in Q1 2017 underpinned by strong growth in Retail, E-Commerce and Wholesale.
- D’Ieteren maintains its full-year guidance: the group aims at an adjusted consolidated result before tax, group’s share, that is about 10% higher compared to EUR 241.6 million in 2016. Given the investments made during the first half year to support the growth of each of its activities and the sequencing of certain other elements of the results, D’Ieteren expects however a result over the first semester 2017 that should be more or less equivalent to the result realized over the first semester 2016, at comparable perimeters.
Message from the Management
“The three activities of D’Ieteren group reported solid sales growth in 1Q 2017.
D’Ieteren Auto managed to increase its market share in a buoyant market thanks to the attractive pipeline of new models and strong commercial initiatives.
Belron continued to realize healthy top line growth with nine out of the top 10 countries reporting positive trends. The company pursues the integration of Care in Belgium and Speedy Collision in Canada, while looking for new external growth opportunities in line with its purpose of “Making a difference by solving people’s problems with real care.”
Moleskine continued to innovate while broadening and strengthening the depth of its product offering during 1Q 2017. Its double digit sales growth was underpinned by very strong growth in the EMEA and APAC regions.
On 2 May 2017, D’Ieteren announced its decision to look for a minority partner in Belron. It is D’Ieteren’s aim to remain the majority shareholder while strengthening its investment capacity. A partial sale of Belron shares to a minority partner would allow D’Ieteren to pursue its long-term strategy which aims to invest in other activities with high growth potential.”
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 and actively encouraging and supporting them to develop their position in their industry or in their geographies. The group has currently three activities articulated around strong brands:
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 around 22% and 1.2 million vehicles on the road at the end of 2016. Sales and adjusted operating result reached respectively EUR 3.1 billion and EUR 75.8 million in FY 2016.
Belron (94.85% owned) makes a difference by solving people’s problems with real care. It is the worldwide leader in vehicle glass repair and replacement, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass®. In addition, it manages vehicle glass and other insurance claims on behalf of insurance customers. Belron is also expanding its services to focus on solving problems for people who need assistance with repairs to their vehicles. Sales and adjusted operating result reached respectively EUR 3.3 billion and EUR 190.7 million in FY 2016.
- Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a multichannel distribution strategy across 102 countries. Sales and operating result reached respectively EUR 145.2 million and EUR 34.0 million on a stand-alone basis in
Axel Miller, Chief Executive Officer
Arnaud Laviolette, Chief Financial Officer
Pascale Weber, Financial Communication - Tel: + 32 (0)2 536.54.39
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