D’Ieteren Group Outlook is Continued Growth

D’Ieteren Group, which owns 50.01% of Belron, showed a strong recovery in the first half of 2021 compared to 2020. Belron operates Safelite AutoGlass and Safelite Solutions.

According to a statement, all businesses owned by the Group contributed to its recovery in 2021. While affected by the COVID-19 pandemic and lockdown in 2020, the Group’s key performance indicator rose by 183.1% between January and June of 2021, which includes a 53.65% stake in Belron.

Belron’s sales growth of 29.1%, according to the statement, “reflects positive volume trends and increased contributions from price/mix, ADAS recalibrations and Value-Added Products & Service (VAPS).” Reflecting top-line trends, productivity improvement and cost control, Belron’s adjusted profit means the Group’s share increased by 135.8%.

The D’Ieteren Automotive’s share increased to 23.5% in the Belgian new car market, which reflects a recovery of 6.1%. Sales growth was 25.5% over 2020, translating into a 115.4% growth in adjusted profit for the Group.

As the Group considers the rest of 2021, the statement indicates a continued concern for the uncertainty about the COVID-19 pandemic. But, if lockdowns are not permitted again in main operating regions, the Group expects its share to grow by at least 45% compared to 2020. This growth would exclude the impact of the announcement April 1 of refinancing Belron shares. The Group’s 2021 outlook expects a 53.75% stake in Belron through 2021.

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