Half Year 2024 D'Ieteren Group SA Earnings Call Transcript
Key Points
- D'Ieteren Group (SIETY) announced a planned reorganization of family shareholding to ensure long-term stability, which is expected to enhance strategic execution and value creation.
- The company proposed an extraordinary dividend of EUR74 per share, rewarding shareholders for their continued support.
- D'Ieteren Group (SIETY) reported a 6.4% increase in adjusted profit before tax Group share, reaching EUR585.5 million.
- Free cash flow generation nearly tripled, reaching EUR540 million in the first half of 2024.
- The company confirmed its mid- to high single-digit growth outlook for adjusted PBT Group share for the entire year.
- Moleskine experienced an 8% decline in sales and a significant drop in adjusted operating results, leading to an impairment charge of EUR131 million.
- Belron's margin decreased to 21.2% in H1 2024, down from 21.9% in H1 2023, due to lower volume months in the US and increased marketing expenses.
- D'Ieteren Group (SIETY) plans to take on EUR1 billion of debt, which could impact its financial flexibility.
- The Belgium market for new car registrations is expected to slightly decline in 2024, potentially affecting D'Ieteren Automotive's performance.
- TVH's market environment showed some softness, leading to a revised outlook for mid-single-digit organic top-line growth.
Ladies and gentlemen, welcome to the D'Ieteren Group 2024 half-year results conference call. (Operator Instructions). Please note that this call is being recorded. Today, I am pleased to present Francis Deprez, CEO; and Edouard Janssen, CFO. Gentlemen, please go ahead.
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Thank you, and good evening to everyone. I'm actually here together with Edouard, but also together with Amélie Coens, our Chief Legal Officer; and Nicolas Saillez, our Chief Investment Officer; and of course, Stephanie Voisin, our Investor Relations; and Bram Geeroms, our new addition to the Investor Relations team as well. So good evening to everyone.
Before going to go through our usual semester results publication and highlights of that, you may have noticed that we have a second announcement to make today, and I would like to start with that one. It's actually about a planned reorganization of the family shareholding for long-term stability at
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