Interim Management Statement for the trading period ending March 31, 2012

PR Newswire/Les Echos/ 
PRESS RELEASE:
INTERIM MANAGEMENT STATEMENT 


                                                         REGULATED INFORMATION
                                   Embargo: Thursday 10 May 2012 - 6:00 pm CET
    INTERIM MANAGEMENT STATEMENT FOR THE TRADING PERIOD ENDING MARCH 31, 2012

SUMMARY OF THE FIRST QUARTER

* Consolidated sales slightly down 2.6% compared with Q1 2011 (-0.3% at 
  constant consolidation perimeter(1)):
     o D'Ieteren Auto: market share of 21.25% vs 21.89% for the FY 2011. Sales up
    2.0% (+6.5% at constant consolidation perimeter(1));

  o Belron: sales down 8.1%, consisting of an organic decline of 10.6% 
    reflecting the exceptionally mild weather since last November and the weak 
    economic environment, an acquisition growth of 0.8% and a favourable 
    currency impact of 1.7%.

* Current result before tax, group's share, down 61.6% (-60.6% at constant 
  consolidation perimeter(1)) as expected.

* Given the current outlook of its activities as well as the uncertain economic
  environment, D'Ieteren still expects its 2012 current consolidated result 
  before tax, group's share(2), to decline by around 25% compared with an 
  exceptional 2011.


CONSOLIDATED KEY FIGURES

Q1 2012 - Year-on-year evolution           Actual     At constant
                                                    consolidation
                                                     perimeter(1)

Sales                                       -2,6%           -0,3%

- D'Ieteren Auto                            +2,0%           +6,5%
- Belron                                    -8,1%           -8,1%

Current consolidated result before tax,
group's share                              -61,6%          -60,6%

1. AUTOMOBILE DISTRIBUTION (D'IETEREN AUTO) & CORPORATE ACTIVITIES

Sales at D'Ieteren Auto were up 2.0% (+6.5% at constant consolidation 
perimeter(1)) in the first quarter compared with Q1 2011.

New car registrations in Belgium totalled 148,363 units, down 12.7% compared 
with Q1 2011. This lower than expected decline notably reflects the impact of 
the withdrawal, at 31 December 2011, of the incentives for purchasing vehicles 
with low CO2 emissions, which led to higher sales at the end of 2011 at the 
expense of Q1 2012.

The makes distributed by D'Ieteren Auto reached a quarterly market share of 
21.25%, lower than for the whole year 2011 (21.89%) yet higher than in 
Q1 2011. Volkswagen was able to remain No.1 on the Belgian market despite the
withdrawal of the CO2 incentives at 31 December 2011, which has particularly
affected this make as well as Seat. Thanks to reduced supply delays, Audi
achieved a great quarter and remains the leading make in the premium segment
with a quarterly market share of 6.20%. Finally, all of Škoda's models have
performed well, with the exception of the Fabia, which has also been impacted 
by the withdrawal of the government incentives. At end-April, the makes 
distributed by D'Ieteren Auto reached a cumulative market share of 21.93%, 
higher than the record market share of 2011.

Registrations of new light commercial vehicles in Belgium reached 16,538 units 
in the first quarter, down 9.8%, mainly due to the adverse economic 
environment. D'Ieteren Auto's quarterly market share in this segment grew to 
12.93%, largely exceeding the FY 2011 market share (11.07%). This growth is 
notably due to a very good positioning of the vehicles range and a dynamic 
commercial policy.

Total new vehicles, including light commercial vehicles, delivered by D'Ieteren
Auto in the first quarter were nearly flat at around 38,400 units. New vehicles
sales were up 10.4% (+7.5% at constant consolidation perimeter(1)), reflecting
a favourable mix as the withdrawal of the CO2 incentives mostly affected the 
small cars segment.

Sales of spare parts and accessories, of used vehicles(1) and of the D'Ieteren 
Car Centers' after-sales activities were up. Sales at D'Ieteren Sport were down
in a slightly declining market.

Considering all available information, Febiac expect a decrease of the
new car market by 15.2% to 485,000 new car registrations in 2012. On this 
basis, D'Ieteren Auto pursues its objective of annual market share growth. This
year will see a number of models launched or revamped: the Volkswagen Jetta 
Hybrid, the Škoda Citigo, the Seat Mii and the Porsche 991 Convertible.

2. VEHICLE GLASS REPAIR AND REPLACEMENT (VGRR) - BELRON

Sales for the first quarter of 2012 were 8.1% lower than 2011 due to an 10.6% 
organic decrease partially offset by 0.8% acquired growth and a 1.7% positive 
currency translation effect. First quarter repair and replacement jobs of 
2.6 million were down by 11% compared to 2011.

In Europe, first quarter sales were 16.5% lower than 2011, consisting of
a 17.7% organic decrease partially offset by a 0.8% acquired growth and a 0.4%
positive translation effect. The organic sales decrease was due to market
declines in the majority of countries as a result of exceptionally mild weather
since last November and the weak economic environment. Market shares in Europe
have improved compared to last year. The acquired growth is predominantly due 
to prior year acquisitions in Russia.

Outside Europe, sales growth during the first quarter was 3.5%, consisting of 
0.8% organic decline offset by growth from acquisitions of 0.7% and a 3.6% 
positive translation effect. The small organic decline primarily reflects the 
exceptionally warm US winter weather, largely offset by share gains. The 
translation impact is due primarily to the stronger US dollar.

The exceptional market declines in the first quarter have had a
disproportionate impact on the profitability of the period. In light of these
market conditions, management have taken a number of actions to reduce costs 
and stimulate revenue which will impact the following quarters' results. Full 
year unusual costs of circa 12 million EUR are expected to be incurred in 
relation to restructuring activities which have been implemented. In addition,
6 to 8 million EUR of unusual costs are expected to be incurred in relation to 
the Canadian acquisition programme.

As expected, the trading outlook for the remainder of the year remains 
challenging due to continuing weak market conditions although less severe than 
in the first quarter.

Belron remains committed to delivering outstanding service to its customers, 
its insurance and fleet partners, and improving its operational efficiency.

CONSOLIDATED FINANCIAL POSITION

Total sales of the two activities were down 2.6% in the first quarter (-0.3% at
constant consolidation perimeter(1)). The current consolidated result before 
tax, group's share, was down 61.6% (-60.6% at constant consolidation 
perimeter(1)).

Compared to 31 March 2011, the consolidated net financial debt has strongly 
decreased following the sale of Avis Europe in October 2011 and the 
deconsolidation of D'Ieteren Lease after the creation of Volkswagen D'Ieteren 
Finance. Excluding these two elements, the consolidated net financial debt is 
slightly up.

OUTLOOK FOR FY 2012 CURRENT CONSOLIDATED RESULT BEFORE TAX, GROUP'S SHARE (2)

Given the current outlook of its activities as well as the uncertain economic 
environment, D'Ieteren still expects its 2012 current consolidated result 
before tax, group's share, to decline by around 25% compared with an 
exceptional 2011.

This interim statement has been prepared under the responsibility of the Board 
of Directors of s.a. D'Ieteren n. v. The figures presented in this interim 
statement have not been audited.

Notes

(1) D'Ieteren's accounts present Volkswagen D'Ieteren Finance as an entity 
accounted for using the equity method, following the creation of this joint 
venture between D'Ieteren and Volkswagen Financial Services in early 2012. The 
data at constant consolidation perimeter include a restatement of the results 
for 2011 at D'Ieteren Auto, so that both trading periods can be compared 
(removal of the sales at D'Ieteren Lease, attribution of the sales of used 
vehicles from defleeting to the entity accounted for using the equity method, 
and recognition of the sales of D'Ieteren Auto to D'Ieteren Lease). 

(2) Following the creation of Volkswagen D'Ieteren Finance, whose results are
accounted for using the equity method, and in order to reflect all the group's
activities, the current result before tax, group's share, from now on includes
the group's share in the current result before tax of the entities accounted 
for using the equity method. For 2012, this change will lead to an estimated
decrease in the current consolidated result before tax, group's share, of 
ca. 2%.

Forward looking statements

This document contains forward-looking information that in volves risks and 
uncertainties, including statements about Dieteren's plans, objectives, 
expectations and intentions. Readers are cautioned that forward-looking 
statements include known and unknown risks and are subject to significant 
business, economic and competitive uncertainties and contingencies, many of 
which are beyond the con trol of Dieteren. Should one or more of these risks, 
uncertainties or contingencies materialise, or should any underlying 
assumptions prove incorrect, actual results could vary materially from those 
anticipated, expected, estimated or projected. As a result, Dieteren does not 
assume any responsibility for the accuracy of these forward-looking statements.

End of press release

D'IETEREN

D'Ieteren is a group of services to the motorist founded in 1805, serving some 
13 million corporate and end customers in 33 countries in two areas:

- Dieteren Auto distributes Volkswagen, Audi, Seat, Škoda, Bentley, 
Lamborghini, Bugatti, Porsche and Yamaha vehicles across Belgium. It is the 
country's number one car distributor, with a market share of around 22% and 
more than one million vehicles of the distributed makes on the road. Sales in 
2011: 3.2 billion euro.

- Belron (92.7% owned) is the worldwide leader in vehicle glass repair and 
replacement. 2,000 branches and 9,200 mobile vans, trading under more than 10 
major brands including Carglass, Autoglass and Safelite AutoGlass, serve 
customers in 33 countries. Sales in 2011: 2.8 billion euro.

FINANCIAL CALENDAR

31 May 2012 - General Shareholders' Meeting 

4 June 2012 - Ex date

7 June 2012 - Payment date

28 August 2012 - 2012 Half-year results

8 November 2012 - Interim Management Statement

CONTACTS

Jean-Pierre Bizet, Chief Executive Officer
Benoit Ghiot, Chief Financial Officer
Vincent Joye, Financial Communication - Tel: + 32 (0)2 536.54.39
E-mail: financial.communication@dieteren.be - Website: www.dieteren.com


                  
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-0- Oct/24/2012 12:36 GMT
 
 
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