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Trading update - Solid Q1-21 trends drive outlook upgrade

27 May 2021 - Results

The Group's combined sales increased by 7.8% in the first quarter. Given the solid year-to-date financial performance, the Group now expects its adjusted consolidated profit before tax, group's share to grow by at least 45%.

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

Group Q1-21 sales summary

The Group’s combined sales increased by 7.8% to €1,990.8m.

  • Belron’s sales increased by 9.5%, with all regions contributing to this positive top-line evolution. Volumes recovered and grew by 1.4% versus Q1-20, when operations at the end of the period were completely shut down in most of the regions. Besides the slight volume increase, sales growth was driven by a continuing positive price/mix effect, ADAS calibration fees and value-added products and services (VAPS).
  • D’Ieteren Automotive’s sales increased with 6.1%, and this in a Belgian new car market which declined by 7.5% YoY in volume in the first quarter, and where D'Ieteren Automotive's net market share also declined somewhat by 98bps to 21.6%. Delivered volumes were also impacted by factory supply issues (shortage of components). The volume decline was more than compensated at the sales level by a positive price/mix.
  • Moleskine’s sales reached €21.5m in Q1-21, a 4.7% decline compared to the same period last year. While sales grew in Americas and APAC, they were still strongly negatively impacted in EMEA as shops in several countries were still closed during the first quarter and wholesale customers remained cautious in reordering.

Revised outlook 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, and given the year to date financial performance, D’Ieteren Group now expects its adjusted consolidated profit before tax, Group’s share to grow by at least 45% compared to €332.7m in 2020 (previous guidance: at least 25% growth), excluding the impact of the refinancing at Belron announced on April 1st, estimated at €12m group’s share. This improvement is driven by Belron’s and D’Ieteren Automotive’s prospects 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.

General Meetings

D’Ieteren holds its General Meetings today starting at 3.00pm. The Board of Directors will propose to distribute a gross dividend per share of €1.35 to its shareholders.

Also, should the resolution be adopted by the shareholders, the company’s legal name will become D’Ieteren Group.

- 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 (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.
  • 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.
  • 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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