D'Ieteren Interim Management Statement

Sales grew by 19% to EUR 698.1 million consisting of 10% organic growth, 1% from acquisitions, 7% from six additional trading days versus 2009 and a small favourable currency impact of 1%. The organic growth was due to the impact of the winter weather conditions, primarily in Northern Europe, additional advertising and operational improvements. There was minimal currency impact with a weaker US dollar partially offsetting stronger currencies elsewhere, most notably the GB pound and Australian dollar. Total repair and replacement jobs grew by 20% to 3.0 million.

In Europe, after both acquisitions and currency translation, sales growth was 23% which consisted of 15% organic growth, a trading days adjustment of 7% and a positive currency impact of 1% due to a stronger GB pound. The European businesses benefited from the winter weather conditions. The sales growth was delivered through increased marketing activities, by maintaining close relationships with key accounts and by operational improvements.

Outside Europe, after both acquisitions and currency translation, sales growth amounted to 13%. This consisted of 2% organic growth, 3% acquired growth, a trading days adjustment of 7% and 1% from currency translation. The organic growth reflects a continued investment in marketing activities and key account relationships partially offset by the impact of mild winter weather conditions in Canada. The acquired growth is primarily due to the acquisition of the US VGRR business of IGD Industries, which was effective from the beginning of October 2009.

Unusual costs related to the integration of US acquisitions are estimated to reach around EUR 3 million by the end of the year. In January, Belro® acquired its former franchisee in Turkey. The outlook for the remainder of the year is for continued organic sales growth. Belron® remains committed to delivering outstanding service to its customers, its insurance and fleet partners, and improving its operational efficiency.

To find out more you can read the full press release.