Message from the Chairman

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 context, certain qualities are needed for investment companies to thrive: robustness, a clear vision, commitment, agility and patience. This leads me to believe that D’Ieteren Group is reasonably well positioned to overcome external pressure.

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. Simultaneously, the company launched a new initiative in the luxury segment to meet the needs of more demanding customers. 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 distribution. 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 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 Directors, 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 seamlessly, 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.

Nicolas D’Ieteren
Chairman of the Board