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8 Mar 2021 - Results

D’Ieteren Group’s results grew in 2020 driven by Belron’s excellent performance and by a good resilience at D’Ieteren Automotive. The Group’s key performance indicator (KPI) – the adjusted consolidated profit before tax, Group’s share – rose by 11.2% to €332.7m on a comparable basis (53.75% stake in Belron in 2019 and 2020).

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

  • Belron managed to contain the organic sales decline to 7.5%. Its adjusted profit before tax, Group’s share improved significantly by 44.6% reflecting a positive mix effect, improved productivity, and stringent cost containment measures.
  • D’Ieteren Automotive’s share improved by 80bps to 23.6% in the Belgian new car market (excluding registrations of less than 30 days) which was down 19.7%. The decline in sales (-11.5%) and in the adjusted profit before tax, Group’s share (-19.9%) mainly reflect lower import volumes, partly mitigated by a positive mix and cost containment.
  • Moleskine’s performance was severely hit in 2020 by the Covid-19 crisis with sales decreasing by 37.6% and the adjusted profit before tax, Group’s share ending the year at -€13.5m.
  • Corporate & Unallocated (including corporate and real estate activities) reported an adjusted profit before tax, Group’s share of -€4.8m in 2020 compared to -€10.3m in 2019. D’Ieteren Group ends 2020 with a net cash position of €1,455.1m (of which €456.5m inter-segment loans), slightly down from €1,516.4m at the end of 2019.
  • Strong adjusted free cash-flow generation reflects the emphasis put on cash preservation and working capital management during the crisis, with notably an impressive €428.7m generated at Belron (100%) and €171.6m generated by D’Ieteren Automotive.
  • The Board of Directors proposes a gross ordinary dividend of €1.35 per share related to the financial year 2020 (versus €1.00 in 2019).

Outlook 2021

For 2021, while the timing of the end of the Covid-19 crisis is still unknown, based on the absence of renewed or more severe lockdowns in its main operating regions, D’Ieteren Group expects its adjusted consolidated profit before tax, Group’s share to grow by at least 25% compared to 2020 result (€332.7m). This improvement is expected to be driven by a recovery of all the activities, and assumes a 53.75% stake in Belron in 2020 and 2021 and average exchange rates that are in line with the rates that prevailed at the end of 2020.

Operationally, for the activities, we expect:

  • Belron
    • Low double-digit organic sales growth driven by a progressive volume recovery, a positive mix, and the continuation of ADAS recalibration penetration and VAPS contribution, partially offset by a negative YoY FX development.
    • Adjusted operating result growth above 20% (2020: €583.1m) driven by top-line development and further progress on the transformation plan.
    • Adjusted free cash-flow is expected to remain high, at the same level as 2020, with better operational results being offset by increased capital expenditures, namely in IT-related projects.
  • D'Ieteren Automotive
    • Market share gain in a Belgian new car market marginally recovering to ~450,000 vehicles.
    • Adjusted operating result growing by more than 15% (2020: €98.9m) primarily driven by the volume recovery, cost improvement following the 2020 restructuring and increased marketing costs to support the brands.
    • VDFin is expected to increase its adjusted PBT.
    • Negative free cash-flow development vs. 2020 due to increased working capital requirements (driven notably by the payment of the acceleration of the transformation plan) and capex returning to normalized levels. Adjusted free cash-flow, excluding adjusting items, should however remain positive.
  • Moleskine
    • Sales are expected to recover from depressed 2020 levels, although being still impacted, especially in the first half, by ongoing Covid-19 measures. We expect sales to grow by at least 20% YoY.
    • Adjusted operating result is expected to be above €10m.

- End of abstract -

D’Ieteren Group profile

In existence since 1805, and across family generations, D’Ieteren Group 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 and geographies. The Group currently owns the following activities:

  • D'Ieteren Automotive distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, and Porsche vehicles in Belgium. It has a market share of more than 23% and 1.2 million vehicles on the road. Its business model is evolving towards improving the lives of citizens with fluid, accessible and sustainable mobility. Sales and adjusted operating result reached respectively €3,216m and €98.9m in FY20.
  • Belron (54.85% of the voting rights) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 40 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. Sales and adjusted operating result reached respectively €3,899m and €583.1m in FY20.
  • 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 global multichannel platform. Sales and adjusted operating result reached respectively €102.3m and -€1.5m in FY20.
  • D’Ieteren Immo (100%) groups together the Belgian real estate interests of D’Ieteren Group. It owns and manages approximately 30 properties which generated €19.5m net rental income in FY20. It also pursues investment projects and carries out studies into possible site renovations.


Francis Deprez, Chief Executive Officer
Arnaud Laviolette, Chief Financial Officer

Stéphanie Voisin, Investor Relations - Tel: + 32 (0)2 536.54.39
E-mail: – Website:

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