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1805 D'leterenGroup PRESS RELEASE : 2020 FULL - YEAR RESULTS REGULATED INFORMATION Monday 8 March 2021 - 5:45 pm CET 2020 Full - Year results Solid results driven by a record year at Belron and a resilient Auto business Full - year 2020 highlights [ All the figures mentioned in this press release are post - IFRS 16 ] D'leteren Group's results grew in 2020 driven by Belron's excellent performance and by a good resilience at D'leteren Automotive . The Group's key performance indicator ( KPI ) - the adjusted consolidated profit before tax , Group's share¹ - rose by 11.2 % to € 332.7m on a comparable basis ( 53.75 % stake in Belron in 2019 and 2020 ) . • • • • . Belron managed to contain the organic5 sales decline to 7.5 % . Its adjusted profit before tax , Group's share¹ improved significantly by 44.6 % reflecting a positive mix effect , improved productivity , and stringent cost containment measures . D'leteren Automotive's share² improved by 80bps to 23.6 % in the Belgian new car market² ( excluding registrations of less than 30 days ) which was down 19.7 % . The decline in sales ( -11.5 % ) and in the adjusted profit before tax , Group's share ¹ ( -19.9 % ) mainly reflect lower import volumes , partly mitigated by a positive mix and cost containment . Moleskine's performance was severely hit in 2020 by the Covid - 19 crisis with sales decreasing by 37.6 % and the adjusted profit before tax , Group's share¹ ending the year at - € 13.5m . Corporate & Unallocated ( including corporate and real estate activities ) reported an adjusted profit before tax , Group's share¹ of - € 4.8m in 2020 compared to - € 10.3m in 2019. D'leteren Group ends 2020 with a net cash position of € 1,455.1m ( of which € 456.5m inter - segment loans ) , slightly down from € 1,516.4m at the end of 2019 . Strong adjusted free cash - flow generation reflects the emphasis put on cash preservation and working capital management during the crisis , with notably an impressive € 428.7m generated at Belron ( 100 % ) and € 171.6m generated by D'leteren Automotive . The Board of Directors proposes a gross ordinary dividend of € 1.35 per share related to the financial year 2020 ( versus € 1.00 in 2019 ) . Outlook 2021 For 2021 , while the timing of the end of the Covid - 19 crisis is still unknown , based on the absence of renewed or more severe lockdowns in its main operating regions , D'leteren Group expects its adjusted consolidated profit before tax , Group's share¹ to grow by at least 25 % compared to 2020 result ( € 332.7m ) . This improvement is expected to be driven by a recovery of all the activities , and assumes a 53.75 % stake in Belron in 2020 and 2021 and average exchange rates that are in line with the rates that prevailed at the end of 2020 . Operationally , for the activities , we expect : • Belron Low double - digit organic sales growth driven by a progressive volume recovery , a positive mix , and the continuation of ADAS recalibration penetration and VAPS contribution , partially offset by a negative YoY FX development . Adjusted operating result growth above 20 % ( 2020 : € 583.1m ) driven by top - line development and further progress on the transformation plan . Rue du Mail 50 - 1050 Bruxelles ( Belgium ) | tel .: +32 2 536 54 39 | fax : +32 2 536 91 39 VAT BE 0403.448.140 - Brussels RPM www.dieterengroup.com 1/44