D’Ietern’s half yearly results, released on August 30, included all the usual financial reports and ratios you would expect from a large international company. D’Iteren owns Belron, the parent company of Safelite Autoglass. There were some interesting nuggets of information about Belron and its U.S. enterprise included within the report. Specifically:
* D’Iternen’s stake in Belron was 95% at the start of this year, and dipped to 55% following the transaction with CD&R on February 7;
* In mid-June, that stake was reduced again to 54% with the advent of an equity-based management reward plan, the terms of which were not disclosed. It replaces a long term legacy management incentive program;
* While Belron anticipated moderate organic sales growth in 2018, it now expects close to 10 percent growth in fiscal 2018;
* Belron serviced 9.2 million consumers during the first half of 2018, an increase of 11.3 percent. Of those, 6.8 million received auto glass repair and/or replacement services and 2.2 million received claims management services;
* Belron’s net financial debt reached 1,467.34 million USD by the end of June, up from 990.65 million USD at the same time last year. Gross debt increased from 1,032.37 million USD last year at this time to 1,593.08 million USD during the same period this year;
*Belron says it is making “good progress” on integrating the businesses it acquired in 2017, citing CAR e Carrosserie, a Belgium company specializing in automotive damage repair, Eurocar Point, an Italian franchise network of 250 body shops and Maisoning, a French home repair business.