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2018 Half-Year Results

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30 Aug 2018 - Results

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

In the past, the D’Ieteren Auto reportable operating segment included the automobile distribution activities combined with the Group’s corporate and real estate activities. From the publication of the 2018 half-year results onwards, the results of the D’Ieteren Auto segment only comprise the automobile distribution activities; the results of the corporate and real estate activities being presented together in a new separate operating segment “Other”. The segment statement of profit or loss for the 6-month period ended 30 June 2017 has been restated accordingly to reflect this new presentation.

The transaction whereby CD&R has acquired a 40% stake in Belron closed on 7 February 2018. As from that date, Belron’s results are included under equity-accounting method, following the loss of exclusive control. In accordance with the requirements of IFRS 5 “Non-Current Assets Classified as Held for Sale and Discontinued Operations”, Belron’s results are presented under discontinued operations (94.85% stake) between 1 January 2018 and 7 February 2018 and during H1 2017.

D'Ieteren’s average stake in Belron equalled 64.68% in H1 2018. D’Ieteren’s stake equalled 94.85% between 1 January and 7 February and declined to 54.85% following the transaction with CD&R on 7 February. On 15 June, Belron implemented an equity-based Management Reward Plan which led to a further reduction of D’Ieteren’s stake to 54.11% from that date onwards.

H1 2018 was a very positive semester for D’Ieteren. Its three activities realised solid sales growth and D’Ieteren group’s key performance indicator (KPI) – the adjusted consolidated result before tax, group’s share – of EUR 154.9 million increased by 17.8% assuming a 64.68% stake in Belron in H1 2017.

  • D’Ieteren Auto’s solid sales evolution (+9.4%) was underpinned by a positive model mix effect and an increasing share in a rising market. The adjusted result before tax, group’s share improved by 31.1% reflecting the strong sales growth and operating leverage.
  • Belron’s activities posted strong organic sales growth (+11.2%) both in Europe and outside Europe. On a comparable basis, the adjusted operating result improved by 17.9%. The 5.7% rise in the adjusted result before tax, group’s share reflects improved operating results in the majority of countries partly offset by higher financial costs following the refinancing of Belron in Q4 2017.
  • Moleskine’s sales rose by 18.7% at constant exchange rates. This organic growth was supported in particular by strong sales in EMEA and the Americas, the B2B segment, and the Bags and Moleskine+ categories. EBITDA improved, reflecting profitable growth. After taking into account a EUR 1.5 million charge related to the long-term incentive program, costs related to the change of business model in Japan and strategic development initiatives, the operating result reached EUR 5.2 million (EUR 6.1 million in H1 2017). The adjusted result before tax, group’s share reached EUR 0.4 million (EUR 1.0 million in H1 2017).
  • Other (including corporate and real estate activities) reported an adjusted result before tax, group’s share of EUR -3.6 million in H1 2018 compared to EUR -2.2 million in H1 2017.

D’Ieteren has previously communicated that it aims for a mid-to-high single digit improvement for its adjusted consolidated result before tax, group’s share1 in FY 2018. Following the encouraging H1 2018 results, D’Ieteren now anticipates 10-15% growth. This guidance assumes an average USD/EUR rate of 1.18 and a rebase of the weighted average stake in Belron in FY 2017 as it is expected to be in FY 2018 at 57.78%.

End of 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% of the voting rights) 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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