D'Ieteren : Rapport financier et de gestion (consolidé)

WHO WE ARE

FAMILY OF

BUSINESSES

Content

KEY FINANCIAL

FIGURES

STATEMENTS

WHO WE ARE

FAMILY OF

BUSINESSES

KEY FIGURES

Who we are

BUSINESS OVERVIEW

KEY FINANCIAL

FIGURES

STATEMENTS

A family controlled,

listed investment company with an international portfolio

Since its foundation in 1805 in Brussels (Belgium), D'Ieteren has been the name of a family of entrepreneurs that has grown over more than two centuries into what is called today the D'Ieteren Group. The mission of the Group is to build a family of businesses that reinvent the industries in which they operate in search of excellence and meaningful impact. Why is the word 'family' so important to us? Because it naturally blends all the qualities we believe are necessary to run a thoughtful, meaningful company for the long term. We are passionate about the companies we invest in and we embark with them on a journey towards long-term value creation for all our stakeholders.

"Our purpose is to build

a family of businesses

that reinvent industries in search of excellence and meaningful impact"

WHO WE ARE

FAMILY OF

BUSINESSES

KEY FIGURES

MESSAGES

HIGHLIGHTS

STRATEGY

GOVERNANCE

BUSINESS OVERVIEW

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"Creating timeless living and working spaces adapted to the evolving needs of people and society"

• #1 car distributor in Belgium with a market share of 24.2%
• Official distributor of VW brands in Belgium
• Strong network of independent and own dealerships as well as after- sales services
• Offers financing and expands in new mobility services

• Worldwide leader in vehicle glass repair, replacement & recalibration ("VGRRR")
• Close to 16m jobs performed across 39 countries
• Very high levels of brand awareness and customer satisfaction
• Also manages vehicle glass insurance claims on behalf of insurance companies

• Premium and aspirational lifestyle brand
• Develops and distributes iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform

• Leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment
• Unique operating model with exceptional customer service
• Operates 81 branches across every continent

• Omni-channeldistribution leader in the independent aftermarket for vehicle spare parts
• Present in 6 Western European countries
• Outstanding customer service enabled by its logistical excellence and superior distribution density

• D'Ieteren Group's real estate arm in Belgium
• Manages assets including offices, workshops, dealerships, logistics centers, residential units, car parks and landbanks, mainly occupied by D'Ieteren Automotive
• Pursues investment projects and carries out studies into possible site renovations

WHO WE ARE

FAMILY OF

BUSINESSES

KEY FIGURES

Key figures

FINANCIAL KEY FIGURES

€11,662m

SALES, GROUP'S SHARE

€1,184m

ADJUSTED OPERATING RESULT, GROUP'S SHARE

€971m

ADJUSTED PROFIT BEFORE TAX, GROUP'S SHARE

€176.9

SHARE PRICE AS AT 31 DECEMBER 2023

28.1%

ADJUSTED PROFIT BEFORE TAX, GROUP'S SHARE GROWTH IN 2023

ADJUSTED PROFIT BEFORE

TAX GROUP´S SHARE

3%

OTHER

14%

PHE

8%

TVH

53%

BELRON

22%

D'IETEREN

AUTOMOTIVE

NON-FINANCIAL KEY FIGURES

50,161

HEADCOUNT AS AT 31 DECEMBER 2023

EMPLOYEE ENGAGEMENT

6

OF OUR 6 BUSINESSES RECIEVED SCORES HIGHER THAT 70%

NET PROMOTER SCORE

5

OUT OF 6 BUSINESSES ARE MEASURING IT

SBT

4

OF OUR 6 BUSINESSES ARE ENGAGED TOWARDS SBTI

WHO WE ARE

Message from the Chairman

STATEMENTS

WHO WE ARE

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KEY FIGURES

MESSAGES

HIGHLIGHTS

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GOVERNANCE

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Ladies and gentlemen, Dear shareholders,

2023 was another challenging year for the financial sector, marked by inflation, higher interest rates, slower growth, the continuing Ukraine conflict and the emergence of a new one in the Middle East, both of which are first and foremost a human tragedy.

In such a challenging international con- text, certain qualities are needed for investment companies to thrive: robust- ness, a clear vision, commitment, agility and patience. This leads me to believe that D'Ieteren Group is reasonably well positioned to overcome external pres- sure.

What we think has made the difference for D'Ieteren Group is its focused investment strategy. Rather than multiplying the number of acquisitions, our approach is to focus our energy on continuously deepening our relationship with our businesses - especially the newest - to support their development, expand our expertise in our various selected sectors, and apply this "savoir faire" throughout our participations.

Our capacity to progress in challenging conditions is owed to our businesses' management teams and to the continuous engagement of our people across the world. Our passion for excellence has led us to the high level of customer satisfaction that we enjoy today, following the example of Belron which has, over the years, built exceptional client satisfaction

scores through its daily customer culture: "Making a difference with real care".

Our businesses also pursued their growth trajectory by penetrating new geographies and adapting to new market trends. D'Ieteren Automotive continued to develop its electric offering and explore new mobility solutions. Simulta- neously, the company launched a new initiative in the luxury segment to meet the needs of more demanding custom- ers. This year, we have also welcomed Maserati alongside Bentley, Lamborghini, Bugatti and Rimac.

Besides engaging with our businesses, the Group continues, systematically and with discipline, to look for new acquisitions that would complement our participations and represent new growth opportunities. This strategy brought us to acquire two leading companies in the last three years, TVH and PHE, which are both active in spare parts sales and dis- tribution. These companies will pursue their development as members of the D'Ieteren Group family and will enrich us with their valuable expertise.

In order to continue to evolve, offer high quality, and meet expectations for years to come, we have strengthened our corporate team with new valued professionals. An expanded Executive Committee has been reinforced with three executive appointments, including Edouard Janssen who joined the group

as our new CFO following the departure of Arnaud Laviolette. Furthermore, our Board of Directors welcomed a new generation of non-executive Direc- tors, with the appointment of Allegra Patrizi, Diane Govaerts and Wolfgang de Limburg Stirum who all hold executive mandates in renowned companies. I am convinced that their appointment will bring a fresher look and a wealth of expertise to the Group, combining management skills and experience in business transformation.

I trust that this new organisation is best suited to meet our objectives of sustainable value creation while facing the challenges ahead. 2024 will most certainly be another turbulent year, with almost half of the world's population living in countries holding national elections, including the United States, and with businesses facing the need to reinvent themselves to adapt to customer expectations. We are confident that our businesses have the strength and the agility to evolve seam- lessly, and we have high hopes of achieving strong performances.

Just as we are supporting the Belgian skipper Denis Van Weynbergh and his team in their sportive and entrepreneurial project to take part in the 2024 Vendée Globe race, we stand by our businesses to help them successfully deploy their strategy over the long term, both in favourable conditions and when facing headwinds.

I would like to conclude this message by warmly congratulating our corporate team, our businesses' leaders and their people across the globe for their continued commitment to financial performance and customer satisfaction.

"Our capacity to progress in challenging conditions is owed to our businesses' management teams

and to the continuous

engagement of our people

across the world."

Nicolas D'Ieteren

CHAIRMAN OF THE BOARD

WHO WE ARE

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Message from the CEO

KEY FINANCIAL

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Growing Together

at D'Ieteren Group

In June 2023, the top 200 managers from all D'Ieteren Group (DIG) businesses got together for a couple of days during our very first Global Meeting: we call it the DIGathering. It was a very energizing, family- like event in the middle of nature. It was all about growing together as members of a group that is more than the sum of its parts, with the objective of connecting, sharing and celebrating. With hindsight, those three words also best summarize the year 2023.

Francis Deprez

CEO of D'Ieteren Group

WHO WE ARE

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"Our family of businesses has become very coherent.

All of our businesses are active in distribution one way or another."

+28%

2023 GROUP-SHARE PROFIT BEFORE TAX VERSUS 2022

Connect

2023 has been the first year where our

6 businesses - Belron, D'Ieteren Auto- motive, Moleskine, TVH, Parts Holding Europe (PHE) and D'Ieteren Immo - were all part of the Group for the entire calendar year. It was a logical year, therefore, to create and explore connections between the different businesses and their people.

Our family of businesses has become very coherent. All of our businesses are active in distribution one way or another, either for spare parts, as is the case with TVH Parts and Parts Holding Europe, or for the sale and marketing of finished products, like in the case of D'Ieteren Automotive and Moleskine, or by offering service operations themselves (Belron & D'Ieteren Automotive).

Our participations are also more balanced than before. Belron continues to be a major part of our D'Ieteren Group invest- ments. At the same time, our four other businesses combined represented a share of almost half the group's profit before tax (47% to be precise) in 2023, which is a great achievement compared to just a couple of years ago.

Share

Throughout 2023, we have created and brought together a number of functional communities across our different entities. Our existing ESG and legal fora have deepened their collaboration and exchange, with a focus on preparing for the upcoming CSRD reporting requirements. Three new communities were set up for the following areas:

• Logistics and supply chain, where a lot of complementary competencies exist, and where comparing notes and exchanging best practices is a very natu- ral thing to do;
• Cybersecurity, where we used the hack- ing crisis at TVH as a catalyst to raise awareness across the Group, and acceler- ate the upgrade of systems and policies;
• Financial planning & control, where col- leagues started to exchange knowledge and ideas on forecasting tools and other topics of interest.

As a follow-up to the DIGathering, new bilateral and multilateral exchanges have occurred among IT managers on the use of AI to drive business efficiency, among transformation project teams on lessons learned, and among the innovation crowd on comparing the different approaches used to foster continuous reinvention.

Celebrate

Our global gathering was also a great opportunity to celebrate the success of our journey from 2019 to 2022, not forgetting the fact that 2023 provided lots of reasons for celebration as well. We have delivered record results once more as a Group, reaching group share revenues of close to 12 billion euros, with an adjusted operating result of 1.2 billion euros, and an increase in our guidance KPI of group- share profit before tax of over 28% versus 2022.

There are also many reasons to feel good on the non-financial side of things: we

have obtained a first encouraging B rating from CDP (Carbon Disclosure Project) and maintained a low ESG risk rating from Sustainalytics and MSCI. We also obtained validation of our CO2 emission reduction plan by SBTi. Even more importantly, our businesses made big strides forward. Some noteworthy examples of how they made progress on their sustainability roadmap include:

• D'Ieteren Automotive remained the Belgian leader in electric vehicles with close to 50% of vehicles sold being new energy, close to half of which were fully electric, while providing B2B and B2C clients with charging stations and solar panels to complete their electric offering.
• Belron continued to make significant progress in returning used vehicle glass for recycling, with 97% glass waste recy- cled in 2023.
• Moleskine recycled 36% (250 tonnes) of unsold products while deploying crea- tive commercial initiatives to give a sec- ond life to other unsold products.
• Both PHE and TVH took concrete steps to reduce their packaging waste.

All in all, 2023 has been another year to be extremely proud about. I want to extend my heartfelt gratitude to all my colleagues at Group level and across our entire family of businesses at D'Ieteren Group for their drive, their commitment and their achieve- ments. Thank you!

Francis Deprez

CHIEF EXECUTIVE OFFICER

WHO WE ARE

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Highlights 2023

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D'Ieteren Group's

DIGATHERING event

In June 2023, D'Ieteren Group hosted its very first Group-wide event gathering the top management of each of its businesses, called DIGathering. During this two-day event, the Group set seeds for best practices exchange through presentations made by the businesses themselves. Collaborators from different businesses could meet each other and explore synergies whilst celebrating together key achievements of the D'Ieteren Group family of businesses.

Setting sail towards Vendée Globe 2024

Skipper Denis Van Weynbergh and D'Ieteren Group have joined forces to fly the Belgian flag at the next Vendée Globe, a solitary, uninterrupted, and without assistance round-the-world sailing race taking place in November 2024. This sporting challenge is above all a human adventure carrying the Group's values that the Group intends to promote internationally among its employees.

• More info onhttp://www.dieterengroupsailing.com

Moleskine takes a detour

in London

Detour, the traveling exhibition curated by Moleskine, featuring decorated notebooks by internationally recognized artists continued its journey from Shanghai to Paris, to New York and finally to London in 2023. The display featured 100 author-made notebooks from the Moleskine foundation Collection.