D'Ieteren Interim Report Offers Insights
September 5, 2012
by Casey Neeley, email@example.com
|Belron and D'Ieteren 2012 first
half segment contribution to the current result before tax,
Belron and parent company D'Ieteren show nearly $1 billion debt
in their newly released 2012 half-year financial reports. Despite
the debt, the companies display opportunities for growth through
recent first-half acquisitions in the upcoming fiscal year.
According to the statement, Belron officials report that "repair
and replacement jobs decreased by 9.6 percent to 5.4 million"
with a current operating result of $118.6 million (94 million Euros)
compared to $155.1 million (122.9 million Euros) reported for 2011.
Before taxes, Belron's current result shows a decline of 28.6 percent;
a reduction that equates to $89.1 million (70.6 million Euros).
The report shows Belron's total financial debt grew from $955.9
million (757.4 million Euros) as a result of "exchange and
Overall sales for the 2012 year so far have shown a decrease of
4.6 percent; down to $1.76 billion (1,391.5 million Euros) compared
to $1.84 billion (1,459.3 million Euros) in 2011.
Recent acquisitions in the U.S., France and Canada are "recognized
as an intangible asset with a finite useful life" with "amortization
amount[ing] to $4.4 million (3.5 million Euros)," D'Ieteren
Total number of jobs, sales
amd costs reported for the half-years 2012 and 2011 with noted
change in percentage
Earlier this year, Belron acquired several other new companies.
The first of these additional 2012 acquisitions was the assets of
Carglass Guangzhou on January 1 in China. On February 16 Belron
purchased the assets of Guardian Lleida which has three branches
in Spain, as well as acquiring 100 percent interest in Euskalglass,
which has seven branches in Spain. March saw the acquisitions of
assets for Vetri auto Biella of Italy as well as the assets of Carglass
Wuhan in China. In May, the company "acquired the goodwill
of Hengyang branch of Carglass Changsha" in China, according
to the report.
Breakdown of 2012 jobs and
During this time, Belron also purchased 13 independently owned
former Apple or Duro franchisees in Canada.
The acquisitions the company made throughout the first half resulted
in a 1 percent growth.
Unusual weather offered one of the most notable declines in profit,
according to company officials. The report shows a "decline
in organic sales of 9.1 percent partially offset by a 1.0 percent
increase due to acquisitions and a 3.5 percent positive currency
translation. Organic sales reflect very mild winter weather in Northern
Europe and North America as well as weak economic trading conditions."
Additionally, the report states, "outside of Europe, sales
increased by 6 percent comprising an organic sales reduction of
2 percent offset by a 2 percent impact due to acquisitions in Canada,
Australia and China, and a positive currency impact of 6 percent
due to the stronger US dollar."
|Belron total net debt in 2012 compared to 2011
According to Belron officials, they are realistic about their expectations
for growth in the latter part of 2012.
"The sales for the period show that the market is still challenging
but the volume trend is gradually improving from that of the beginning
of the year," state Belron representatives in the report. "Belron
is continuing to increase market share, however, not sufficiently
to completely offset the current market declines."
For additional report details, please view
the complete report.
|Segement Information: Segment Income Statement
- Operating Segments
|Segment Information continued: Segment Statement
of Financial Position - Operating Segments
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