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28 Feb 2018 - Results

- This is an abstract. For further details, please refer to the full press release. -

2017 was a positive year for D’Ieteren: its three activities realised healthy sales growth and D’Ieteren group’s key performance indicator (KPI) – the adjusted consolidated result before tax, group’s share – increased by 2.6% to EUR 247.9 million, in line with the latest guidance.

  • D’Ieteren Auto’s sales growth (+6.0%) reflected higher volumes and a positive price/mix effect. The total number of new vehicles delivered rose by 2.2% driven by a slightly higher new car market and continued market share gains in a buoyant light commercial vehicle market. The adjusted result before tax, group’s share of D’Ieteren Auto including Corporate activities rose by 16.6%.
  • Belron realized 6.0% organic sales growth reflecting a solid performance both in the US and Europe. The adjusted result before tax, group’s share, declined by 9.4% due to higher charges related to the long-term management incentive programme, additional costs related to the service extension programme and foreign exchange headwinds.
  • Moleskine’s sales improved by 6.7% and its contribution to D’Ieteren’s adjusted result before tax, group’s share, reached EUR 15.2 million. Following the acquisition by D'Ieteren, 2017 was a transition year for Moleskine marked by the launch of strategic initiatives and organizational developments.
  • The Board of Directors proposes a stable gross ordinary dividend of EUR 0.95 per share and a gross extraordinary dividend of EUR 2.85 per share, totalling EUR 3.80 per share. The proposal to pay an exceptional dividend has been made following the sale of 40% of the shares held by D’Ieteren SA in Belron (after refinancing), which constitutes a one-off transaction, in order to allow shareholders to benefit in a tangible way from the value thus created.

On a comparable basis, D’Ieteren is aiming for a mid-to-high single digit improvement for its adjusted consolidated result before tax, group’s share. Following the sale of 40% of its shares in Belron to CD&R, D’Ieteren’s stake in Belron is 54.85% as from February 2018. The guidance assumes a 58.18% stake (a weighted average of 94.85% for one month and 54.85% over 11 months) in 2017 and 2018. If Belron had been consolidated according to this ratio (58.18%) in 2017, the adjusted consolidated result before tax, group’s share, would have been EUR 195.9 million. This guidance assumes average foreign exchange rates in 2018 that are in line with the exchange rates that prevailed at the end of 2017.

End of the abstract

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 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 21% and 1.2 million vehicles on the road at the end of 2017. Sales and adjusted operating result reached respectively EUR 3.3 billion and EUR 85.9 million in FY 2017.
  • Belron (54.85% 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 and homes. Sales and adjusted operating result reached respectively EUR 3.5 billion and EUR 189.8 million in FY 2017.
  • 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 more than 115 countries. Sales and operating result reached respectively EUR 155 million and EUR 25 million in FY 2017.


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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