In This Article:
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Adjusted Profit Before Tax (PBT) Group Share: Increased by 9.6% or 12.7% at constant currency, reaching EUR1,065 million.
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Free Cash Flow Group Share: Increased by 22.2%, surpassing EUR740 million.
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Belron Operating Margin: Increased by 70 basis points, reaching 21.2%.
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D'Ieteren Automotive Adjusted PBT Group Share: Increased by 13.4%, with a return on sales margin of 5.1%.
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PHE Adjusted PBT Group Share: Grew by 8.1%, exceeding EUR165 million.
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TVH Adjusted PBT Group Share: Increased by 30.5%, nearing EUR100 million.
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Moleskine Adjusted PBT Group Share: Negative EUR3 million.
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Revenue Growth: Group sales increased by 3.5%, exceeding EUR12 billion.
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Belron Sales Growth: 6.8% increase, with 5.8% organic growth.
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D'Ieteren Automotive Market Share: Declined slightly to 24% in the Belgian market.
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Free Cash Flow - D'Ieteren Auto: Record EUR362 million, a 160% increase year-on-year.
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TVH Operating Margin: Increased by 206 basis points, reaching 15.6%.
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Net Debt - D'Ieteren Auto: Reduced to EUR12 million from EUR250 million at the end of 2023.
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Dividend Proposal: EUR1.6 ordinary dividend proposed.
Release Date: March 10, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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D'Ieteren Group (SIETY) reported a strong increase in adjusted profit before tax group share, up 9.6% or 12.7% at constant currency.
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Free cash flow group share increased by 22.2%, reaching over EUR740 million.
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D'Ieteren Automotive achieved a record return on sales margin of 5.1%, despite a 6% decline in the Belgian new car market.
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TVH experienced a significant rebound with a 30.5% increase in PBT, aided by cost containment and recovery from a previous cyber-attack.
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The company proposed a dividend of EUR1.6, reflecting confidence in its financial stability and future prospects.
Negative Points
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Moleskine reported a negative adjusted PBT group share of minus EUR3 million due to a cautious discretionary spending environment.
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Belron faced increased financial charges, impacting its PBT group share, with a EUR60 million rise in net finance costs.
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D'Ieteren Auto's market share slightly declined to 24% in the Belgian market.
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The company anticipates a lower headline number for adjusted PBT group share in 2025 due to full-year effects of new financial charges.
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TVH expects a slightly declining adjusted operating result margin in 2025 due to a dilutive sales mix and absence of cyber-related insurance income.
Q & A Highlights
Q: Can you clarify the guidance for 2025, particularly regarding the comparable financing perimeter and financial charges? A: Edouard Janssen, CFO: In 2024, our PBT group share was EUR1.1 billion, excluding the EUR24.8 million net impact from additional financing. For 2025, we expect a slight increase, considering EUR140 million in financial charges at Belron and EUR40 million at the corporate level.