D'Ieteren announces 2009 half-year results

Current result before tax, group's share, EUR 107.3 million, up 4.9%, much better than expected.

• Automobile Distribution and Corporate activities: EUR 35.5 million, down 33.6%, owing mainly to lower new vehicle sales reflecting the fall in registrations – compared with the historically high first half of 2008 – and the reduction of dealer inventories. Increased commercial resources were also deployed to stimulate sales. Cost reduction measures have mitigated these factors
• Vehicle Glass: EUR 80.2 million, up 47.4%, driven by sales growth – both external and internal fuelled by favourable weather conditions and successful marketing activities – and strong cost control
• Car Rental: EUR -8.4 million, down from EUR -5.6 million; resilient first half performance as the strategic positioning and the rigorous execution of the plan for recession mitigated weaker market conditions
• Group's share in the result for the period down 8.4% to EUR 80.0 million.
• Significant reduction of net debt in the 3 activities as a result of tight control of capital employed.

FY 2009 guidance for current result before tax, group's share, at constant consolidation scope, revised to a low single-digit decline, vs -15% previously advised, due to the better than expected performance of Belron and D'Ieteren Auto and the excellent resilience of Avis Europe.

To find out more read the full press release.