Friday 27 October 2023 – 5:45pm CET
PHE's credit ratings upgrade
In light of PHE's robust operating performance, S&P has upgraded PHE's credit ratings to BB- from B+, outlook stable. Moody's has affirmed the B2 credit rating, and upgraded the outlook from stable to positive.
S&P anticipates a continuation of PHE's strong operating performance in 2023 and 2024 driven by market share gains, external growth and favourable pricing, as well as an overall low disruption risk from the powertrain transition towards electric vehicles. Furthermore, the rating agency believes that PHE's integration into D'Ieteren Group's supports the BBrating.
Moody's outlook upgrade reflects its expectation for the improvements in PHE's operating performance and earnings to continue driven by favourable market conditions. It also recognizes that D'Ieteren Group is a supportive shareholder who is committed to maintaining a conservative financial policy.
End of press release
Friday 27 October 2023 – 5:45pm CET
D'Ieteren Group profile
In existence since 1805, and across family generations, D'Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following businesses:
- Belron (50.3%) has a clear purpose: "making a difference by solving people's problems with real care". It is the worldwide leader in vehicle glass repair and replacement and operates in 37 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. Sales and adjusted operating result reached respectively €5,574m and €1,017m in FY-22.
- D'Ieteren Automotive (100%) distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium. It has a market share of 22.5% and 1.2 million vehicles on the road. Its business model is evolving towards "improving the lives of citizens with fluid, accessible and sustainable mobility". Sales and adjusted operating result reached respectively €3,610m and €139m in FY-22.
- PHE (c.91%) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain. Its mission aims at "promoting affordable and sustainable mobility". It generated sales of €2,260m and adjusted operating result of €178m in FY-22.
- TVH (40%), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of "keeping customers going and growing". It generated sales of €1,622m and an adjusted operating profit of €258m in FY-22.
- Moleskine (100%) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to "unleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world". Sales and adjusted operating result reached respectively €143m and €21m in FY-22.
- D'Ieteren Immo (100%) groups together the Belgian real estate interests of D'Ieteren Group. It owns and manages 35 sites which generated €22.3m net rental income in FY-22. It also pursues investment projects and carries out studies into possible site renovations.
Financial Calendar
| Last five press releases |
(with the exception of press releases related to the repurchase or sale of own shares) |
Next events |
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| 7 September 2023 |
Half-Year 2023 Results |
5 March 2024 |
2023 Full-Year Results |
| 30 June 2023 |
Edouard Janssen appointed Group Chief
Financial Officer of D'Ieteren Group |
30 May 2024 |
General Assembly |
| 5 June 2023 |
Voting rights and denominator |
|
|
| 25 May 2023 |
Q1-23 Trading update |
|
|
| 25 April 2023 |
Publication of the Annual Report 2022 |
|
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Contacts
Francis Deprez, Chief Executive Officer Edouard Janssen, Chief Financial Officer
Stéphanie Voisin, Investor Relations - Tel: + 32 (0)2 536.54.39 E-mail: [email protected] – Website: www.dieterengroup.com