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2021 Half-Year Results

1 Sep 2021 - Results

Strong performance driven by all businesses

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

Half-Year 2021 highlights

D’Ieteren Group’s results showed a strong recovery in H1-21 compared to H1-20, which was affected by the Covid-19 outbreak and the resulting lockdown measures in most of the operating regions. The Group’s key performance indicator (KPI) – the adjusted consolidated profit before tax, Group’s share – rose by 183.1% to €288.8m on a comparable basis (53.65% stake in Belron in H1-20 and H1-21). All the businesses contributed to this recovery.

  • Belron’s organic sales growth at constant currency of 29.1% reflects positive volume trends and increased contributions from price/mix, ADAS recalibrations and Value-Added Products & Services (‘VAPS’). Its adjusted profit before tax, Group’s share improved significantly by 135.8% reflecting the top-line trends, productivity improvement and cost control.
  • D’Ieteren Automotive’s share improved by 49bps to 23.5% in the Belgian new car market (excluding registrations of less than 30 days) which recovered by 6.1%. Sales growth of 25.5% YoY was further driven by a positive price/mix. This translated into a 115.4% growth in the adjusted profit before tax, Group’s share as the transformation and cost containment initiatives had also a positive impact on profitability.
  • Moleskine contributed to the growth, while performance remains subdued, still negatively impacted by the unstable retail market in the first half. Sales increased by 14.6%, and the adjusted profit before tax, Group’s share improved from -€15.8m in H1-20 to -€3.9m in H1-21.
  • Corporate & Unallocated (including corporate and real estate activities) reported an adjusted profit before tax, Group’s share of €0.3m in H1-21 compared to -€9.3m in H1-20. D’Ieteren Group had a net cash position of €2,095.3m (of which €463.3m inter-segment loans) at the end of H1-21 following the distribution from Belron in Q2-21.
  • Adjusted free cash-flow generation amounted to a combined level of €342.0m (Belron at 100%), which compares with €444.3m in H1-20, the decline being as expected primarily due to a much lower working capital inflow at D’Ieteren Automotive.

Outlook 2021

While the evolution of the Covid-19 crisis is still unknown, based on the absence of renewed or more severe lockdowns in its main operating regions, and given the year to date financial performance, D’Ieteren Group reconfirms its latest guidance and expects its adjusted consolidated profit before tax, Group’s share to grow by at least 45% compared to €332.7m in 2020, excluding the impact of the refinancing at Belron announced on April 1st, estimated at €12m group’s share. This outlook 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. Additionally, this also excludes the contribution of TVH Parts, which is expected to be integrated in the course of Q4-21.

Note that from H2-21 onwards, following the conversion of preference shares into ordinary shares and given the full dilution of the management reward plan, Belron’s integration percentage in D’Ieteren Group’s results will be 50.01%.

- End of abstract -

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:

  • Belron (50.01% economic rights fully diluted) 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 FY-20.
  • D'Ieteren Automotive (100% owned) distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Cupra 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 FY-20.
  • 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 FY-20.
  • D’Ieteren Immo (100% owned) 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 FY-20. 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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