Financial and Directors’ Report 2022

Financial and Directors’
Report 2022
Content
2 DECLARATION BY RESPONSIBLE PERSONS
3 2022 FULLYEAR RESULTS
25 CONSOLIDATED FINANCIAL STATEMENTS 2022
26 Consolidated Statement of Profit or Loss
27 Consolidated Statement of Comprehensive Income
28 Consolidated Statement of Financial Position
29 Consolidated Statement of Changes in Equity
30 Consolidated Statement of Cash Flows
32 Notes to the Consolidated Financial Statements
100 Statutory Auditor’s Report
109 Summarized Statutory Financial Statements 2022
113 CORPORATE GOVERNANCE STATEMENT
113 Composition and functioning of the Board, executive management and control bodies
117 Diversity
118 Remuneration Report
121 Internal controls and risk management systems
139 Capital information
141 DISCLOSURE OF NONFINANCIAL INFORMATION
142 D'Ieteren Group
150 - EU taxonomy
153 - TCFD
157 D'Ieteren Automotive
173 Belron
186 Moleskine
200 TVH
208 D'Ieteren Immo
221 Additional notes and methodology
225 Independent limited assurance report
230 GRI Content Index
246 SHARE INFORMATION
Content of the Consolidated Directors’ Report
*
3
113
113
117
117
EVOLUTION OF THE SITUA
TION, ACTIVITIES AND RESULTS OF THE COMPANY
CORPORATE GOVERNANCE STATEMENT
Composition and Functioning of the Board and Executive Management Bodies
Derogations to the 2020 Corporate Governance Code
Diversity policy
50, 118 Remuneration Report
121 Internal controls and risk management systems
139 Capital information
140 • Disclosure of significant shareholdings
140 • Elements that can have an influence in case of a takeover bid
72 • Equity
141 DISCLOSURE OF NONFINANCIAL INFORMATION
67 FINANCIAL RISK MANAGEMENT
86 SERVICES PROVIDED BY THE STATUTORY AUDITOR
88 SUBSEQUENT EVENTS
* The topics of Article 3:32 of the company code, defining the content of the management report, that are not applicable for D’Ieteren Group, have
not been included in this summary.
1Financial and Directors’ Report 2022 I

2022 Full-Year Results
Declaration by Responsible Persons
Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report.
Nicolas D’Ieteren, Chairman of the of the Board of Directors, and Olivier Périer, Deputy Chairman of the Board of Directors, certify, on behalf
and for the account of D’Ieteren Group SA/NV, that, to the best of their knowledge, the consolidated financial statements which have been
prepared in accordance with International Financial Reporting Standards as adopted by the European Union, give a true and fair view of
the equity, financial position and financial performance of D’Ieteren Group SA/NV and the entities included in the consolidation as a whole,
and the management report includes a fair overview of the development and performance of the business and the position of D’Ieteren
Group SA/NV, and the entities included in the consolidation, together with a description of the principal risks and uncertainties which they
are exposed to.
2 I Financial and Directors’ Report 2022

2022 Full-Year Results
2022 Full-Year results
All businesses drive strong performance
1. D’Ieteren Group
Full-year 2022 highlights
D’Ieteren Group continued on its growth trajectory in 2022 thanks to all businesses, the full-year contribution from TVH and the first time
contribution from PHE for five months. The Group’s key performance indicator (KPI) – the
adjusted consolidated profit before tax, Group’s
share
1
– came in at €733.4m, up 50.9% compared to 2021 including PHE and 42.9% excluding PHE. On a like-for-like basis, excluding PHE
and TVH for both periods, the KPI grew by 27.6% YoY.
- Belron’s adjusted profit before tax, Group’s share
1
improved by 23.6% YoY to €433.3m, reflecting solid top-line trends and a slightly
beer adjusted operating margin
1
of 18.2% despite the additional costs related to the transformation programme and an environment of
inflationary pressures and supply chain issues.
- D’Ieteren Automotive posted a 33.2% growth in adjusted profit before tax, Group’s share
1
to €147.1m in a market severely impacted by
production shortages. The Belgian new car market
2
was down by 2.0% YoY and D’Ieteren Automotive’s revenues gained 11.4% YoY thanks
to a positive price / mix eect and new mobility initiatives.
- PHE contributed for the first time for the 5-month period August – December and its adjusted profit before tax, Group’s share
1
came in
at €38.8m.
- TVH was included for the full-year (versus only the fourth quarter in 2021), and recorded an adjusted profit before tax, Group’s share
1
of
€98.0m, reflecting an outstanding top-line development and an adjusted operating profit of €257.6m, representing a margin
1
of 15.9%.
- Moleskine, still impacted by Covid-19 disruptions in Asia, grew its revenues by 17.8% and its adjusted operating profit
1
of €21.2m was
72.4% above last year’s. Adjusted profit before tax, Group’s share
1
for 2022 was at €10.2m versus €1.8m in 2021.
- Corporate & Unallocated (including corporate and real estate activities) reported an adjusted profit before tax, Group’s share
1
of €6.0m
compared to €4.7m in 2021. The net cash position
3
of D’Ieteren Group at the end of 2022 stands at €634.9m (or €322.0m excluding
€312.9m of inter-segment loans).
- Free cash flow
6
Group’s share reached €48.4m and was overall impacted by the sudden increase of car deliveries from VW Group to
D’Ieteren Automotive in the last month of 2022 and by the conscious decisions to increase inventories to ensure availability in a period of
supply chain issues, which was for all businesses partly compensated by improved operational results. Cash generation remained strong
at Belron, at €298.8m, and improved at Moleskine (€17.3m versus €15.9m in 2021), while D’Ieteren Automotive and TVH had negative
free cash flows due to inventory levels and PHE (in the last five months of 2022) invested in inventories and in acquisitions.
- D’Ieteren Group’s businesses made progress in the measurement of D’Ieteren Group non-financial KPIs
7
, namely customer satisfaction,
employee engagement and CO
2
emissions.
- The Board of Directors proposes a gross ordinary dividend of €3.00 per share related to the financial year 2022 (versus €2.10 in 2021).
Note that 2021 figures have been restated at TVH to improve the consistency of accounting policies across all aliates, to reflect the pur-
chase price allocation of TVH finalized by the Group in the second half of 2022 and at Belron to reflect a reclassification of -€21.0m of fees
from system integrators in relation to the business transformation programme from adjusted result to adjusting items in the Belron segment.
Refer to note 1 p.32 for more information on the restatement of comparative information.
Outlook 2023
For 2023, assuming no further escalation in geopolitical tensions nor other major unforeseen events and in a macroeconomic environment
characterised by limited demand growth and continued inflation, D’Ieteren Group expects its adjusted profit before tax, Group’s share
1
to be
around €900m. This improvement is expected to be driven by the continued growth from the businesses and the full-year contribution from
PHE (versus only the last five months in 2022).
It assumes average foreign exchange rates that are in line with the rates that prevailed at the end of 2022.
3Financial and Directors’ Report 2022 I

2022 Full-Year Results
The following financial performances are expected from the porolio companies:
BELRON
- High single digit organic sales growth due to price / mix and increased ADAS recalibration penetration and VAPS contribution in an
environment of low volume growth.
- Adjusted operating result
1
margin to improve by at least 150bps versus 2022 driven by top-line developments taking into account
c.€125m of costs related to the transformation programme, of which c.€59m in adjusting items
1
(2022: €122.7m of which €53.0m in
adjusting items
1
), and a first set of realised benefits. The total envelope of the programme has been revised upwards to €380-420m, out
of which €196.5m have already been spent.
- Free cash flow
6
is expected to significantly increase versus 2022 thanks to beer operational results and an improved working capital,
slightly oset by higher capital expenditures, namely in ADAS equipment and in the footprint expansion.
D’IETEREN AUTOMOTIVE
- The Belgian market is expected to progressively recover from depressed levels, and 460,000 new registrations are expected in 2023
(versus 366,303 in 2022).
- In a recovering market, and with a record-high order backlog, D’Ieteren Automotive is expecting sales to grow by more than 30%, driven
by market share gains and continued growth at new mobility initiatives.
- Adjusted operating result margin
1
is expected to slightly erode as the mix of deliveries, which was skewed towards higher-end, higher
margin models since H2-21, progressively normalises, and taking into account inflationary pressure on costs (personnel) and the costs
related to the 2023 ‘Salon de l’auto’.
- Free cash flow
6
is expected to return to positive levels thanks to the operational performance, and to the normalisation of inventory
levels.
PHE
- High single digit organic sales growth
5
driven by price / mix initiatives and market share gains in a modest market volume growth envi-
ronment.
- Adjusted operating result margin
1
is expected to remain broadly stable compared to that of 2022 as higher sales will be partly oset by
cost inflation (personnel, energy).
- Free cash flow
6
generation is expected to improve versus 2022, primarily driven by improved operating performance, combined with
tight control on working capital levels.
TVH
- Organic
5
top-line growth is expected to be high single digit, reflecting a gradual slowdown in volume growth related to the economic
environment and additional pricing initiatives.
- Adjusted operating result margin
1
is expected to remain broadly stable versus 2022.
- Free cash flow generation
6
is expected to improve versus 2022, driven by normalised inventory investments, while TVH will continue to
invest in capex and the Innovatis initiative in order to support its long-term growth ambitions.
MOLESKINE
- Sales are expected to continue to grow by at least 15% YoY.
- Adjusted operating result margin
1
should be above 20%, reflecting top-line trend and continued cost initiatives.
Key developments in 2022
- In February 2022, D’Ieteren Group announced the acquisition of Parts Holding Europe (PHE), Western European leader in spare parts
distribution and services for cars and trucks. The operation was closed in August 2022 and as imposed by the European Commission,
PHE has closed the disposal of Mondial Pare-Brise early 2023.
- D’Ieteren Group held an Investor Day in April 2022, seing its 2025 ambitions for the Group and its businesses.
- Following a suspension period aer Covid-19, D’Ieteren Group had restarted its €150m share buyback programme in May 2022 under
the form of a solidarity-based programme. To date, the Group has acquired for €127.5m of shares, which will be cancelled.
- In September 2022, Moody’s and S&P have upgraded PHE’s credit ratings, driven by the company’s strong operating performance
among other elements.
- As announced in November 2022, Carlos Brito has been appointed as CEO of Belron, succeeding Gary Lubner as of March 1
st
, 2023.
- TVH has entered the implementation phase of its ambitious transformation programme called Innovatis and is expected to roll-out a first
wave of newly implemented solutions by the end of 2023.
- D’Ieteren Group’s businesses have continued their external growth strategies, with 23 acquisitions closed at Belron in 2022, 9 at PHE,
mostly in Spain and Italy, 6 at D’Ieteren Automotive (in bikes, taxis and solar energy), and 3 at TVH (in Portugal & the UK).
- D’Ieteren Group has submied its CO
2
emission reduction target to the Science Based Targets initiative (SBTi) with the goal of having
100% of its businesses with a validated SBT by end 2025.
4 I Financial and Directors’ Report 2022

2022 Full-Year Results
Group Summary
Consolidated sales under IFRS amounted to €4,714.6m (+40.3% YoY). This figure excludes Belron and TVH and includes PHE at 100% for
five months. Combined
sales (including 100% of Belron and TVH) amounted to €11,910.6m (+42.6% YoY).
Combined sales (€m)
4,646.8
5,574.3
3,238.9
3,609.5
961.8
1,621.7
143.3
121.6
348.0
2021 2022
8,355.3
11,910.6
42.6%
MoleskineBelron D’Ieteren Automotive PHE TVH
Moleskine: +17.8%
D’Ieteren Automotive: +11.4%
Belron: +20.0%
TVH: +17.1%
(Q4
PHE: +16.9% (Aug-Dec 2022 vs. Aug-Dec 2021)
-22 vs. Q4-21)
The consolidated profit before tax under IFRS reached €394.3m (€279.3m in 2021). The key performance indicator, the adjusted consolidated
profit before tax, Group’s share
1
, amounted to €733.4m, a 50.9% increase over 2021 compared to the guidance of “at least 40% growth”, and
a 42.9% increase compared to the guidance without PHE of “at least 35% growth”.
Evolution of the adjusted consolidated profit before tax, Group’s share
1
(€m)
350.5
433.3
110.4
82.8
79.4
147.1
1.8
98.0
4.7
10.2
6.0
2021
1.3
Corp. &
unallocated
18.6
38.8
Belron
36.7
D’Ieteren
Automotive
38.8
PHE TVH
8.4
Moleskine
486.0
733.4
2022
50.9%
TVHBelron MoleskineD’Ieteren Automotive PHE Corp. & Unallocated
The Group’s share in the net result equalled €338.6m (€252.4m in 2021). The adjusted net profit, Group’s share
1
, reached €528.8m (50.01%
stake in Belron) compared to €366.5m (52.88% stake in Belron) in 2021.
The Board of Directors proposes a gross ordinary dividend of €3.00 per share. If this dividend is approved by the General Meeting of Share-
holders on 25 May 2023, it will be paid on 8 June 2023.
The net cash position
3
of “Corporate & Unallocated” amounted to €634.9m at the end of 2022 (or €322.0m excluding €312.9m inter-seg-
ment loans) compared to €1,087.5m at the end of 2021 and €1,001.0m at the end of June 2022.
5Financial and Directors’ Report 2022 I

2022 Full-Year Results
2. Belron
€m
2021 2022
APM (non-GAAP measures)
1
APM (non-GAAP measures)
1
Adjusted items Adjusting items
Total
Adjusted items Adjusting items
Total
% change
adjusted
items
% change
total
VGRR prime jobs (in million) - - 12.2 - - 12.6 - 3.6%
External sales 4,646.8 - 4,646.8 5,574.3 - 5,574.3 20.0% 20.0%
Operating result 836.0 -144.5 691.5 1,016.7 -155.8 860.9 21.6% 24.5%
Net finance costs -135.7 -92.9 -228.6 -150.6 -198.2 -348.8 11.0% 52.6%
Result before tax (PBT) 700.8 -237.4 463.4 866.5 -354.0 512.5 23.6% 10.6%
Adjusted PBT, group’s share
1
(@ 50.01%) 350.5 - - 433.3 - - 23.6% -
Sales and results
Sales
Belron’s total sales (at 100%) increased by 20.0% to €5,574.3m in 2022, and by 20.7% from continuing operations in an environment char-
acterised by high inflation and supply chain issues. Sales increase was driven by 3.6% volume growth (VGRR prime jobs), a favourable price
/ mix eect and a positive contribution from ADAS and VAPS.
Sales growth from continuing operations of 20.7% is comprised of 12.8% organic
5
growth, contribution from acquisitions of 1.1% and a
positive currency eect of 6.8%.
North America (60% of total) sales from continuing operations grew by 28.7%, resulting from 16.0% organic
5
growth, acquisitions of 1.0% and
positive currency translation of 11.7%. The Eurozone (27% of total) sales from continuing operations grew by 9.0%. Sales growth comprised
a 7.2% increase in organic
5
sales with 1.6% coming from acquisitions and 0.1% from currency translation. Rest of World (13% of total) sales
from continuing operations grew by 13.7%, relating to 12.3% organic
5
growth, acquisitions of 0.6%, and a favourable currency translation
eect of 0.9%.
Results
The operating result (at 100%) for the full year rose by 24.5% YoY to €860.9m and the adjusted operating result
1
improved by 21.6% to
€1,016.7m. The improved result comes against a backdrop of higher spend on the global transformation programme with a total amount of
€122.7m in 2022, of which €53.0m classified as adjusting items
1
(versus respectively €63.8m and €21.0m in 2021, an increase in adjusted
items
1
of €26.9m YoY). The programme made solid progress and will continue to drive initiatives across a number of functions to improve
eciency and performance over the next few years.
Adjusting items
1
at the level of the operating result totalled -€155.8m (see details p.19).
Net financial costs increased by €120.2m in 2022 to €348.8m, which includes adjusting
1
charges of -€197.7m related to the foreign currency
retranslation of refinanced borrowings (-€67.7m in the prior period). A new structure was implemented since September 2022 to remove
any future currency impacts in the profit and loss statement from the retranslation of the borrowings. The financial costs also reflect the
additional interest on the new term loan taken out in April 2021 as well as higher interest rates. The prior year also included costs associated
with interest rate swaps and the write-o of deferred financing costs on historic debt that was repaid.
The profit before tax reached €512.5m in 2022 (€463.4m in 2021). The result aer tax, Group’s share, reached €150.6m (€168.1m in 2021).
The
adjusted profit before tax, Group’s share
1
increased by 23.6% YoY to €433.3m on a comparable basis (assuming 50.01% stake in 2021
and 2022). Adjusted income tax expenses
1
equalled €247.5m (€186.3m in 2021).
The adjusted result aer tax, Group’s share
1
, rose by 13.8% to €309.6m.
6 I Financial and Directors’ Report 2022

2022 Full-Year Results
Net debt and free cash ow
The free cash flow
6
(aer tax) amounted to €298.8m (€422.9m in 2021). The YoY decline in free cash flow
6
generation is largely explained
by significantly higher spend on acquisitions, with 23 acquisitions completed during the year, and also:
- a cash oulow from working capital requirement primarily related to the stocking up on the back of inflationary and supply chain pres-
sures;
- higher capital expenditures with the roll-out of the new ADAS equipment and the footprint expansion;
- higher taxes paid as a result of the beer operational results; and
- higher cash cost from adjusting items
1
, stemming primarily from the transformation programme costs.
These elements were partially compensated by a 18.0% adjusted
1
EBITDA
4
growth versus 2021.
Belron’s net financial debt
3
reached €4,020.1m (100%) at the end of 2022 compared to €3,794.9m at the end of 2021. The increase of
€225.2m is primarily the result of the dividend paid by Belron to its shareholders in H2-22 (€403.8m of which €212.5m to D’Ieteren Group),
and an adverse foreign exchange impact, partly compensated by the strong free cash flow generation during the year.
Belron’s Senior Secured Net Leverage Ratio (Senior Secured indebtedess
3
/proforma EBITDA post-IFRS 16
4
multiple) reached 2.95x at the
end of 2022 versus 3.22x at the end of 2021.
Sustainability
Belron achieved 89% recycling of its glass waste, up from 72% in 2021, meeting its first Sustainability-Linked Loan target a year ahead of the
deadline.
D’Ieteren Group KPIs
7
: Belron submied company-wide near-term and long-term CO
2
reduction targets to SBTi for validation. In terms of
customer satisfaction, Belron's NPS reached 82.2, compared to 83.4 in 2021, a slight decrease resulting from longer waiting times due to
continued supply chain disruptions and some constraints on technician capacity. Despite a challenging market environment, the employee
engagement score reached a record 86.2%, up from 86% in 2021.
7Financial and Directors’ Report 2022 I

2022 Full-Year Results
3. D’Ieteren Automotive
€m
2021 2022
APM (non-GAAP measures)
1
APM (non-GAAP measures)
1
Adjusted items Adjusting items
Total
Adjusted items Adjusting items
Total
% change
adjusted
items
% change
total
New vehicles delivered (in units) - - 92,732 - - 89,469 - -3.5%
External sales 3,238.9 - 3,238.9 3,609.5 - 3,609.5 11.4% 11.4%
Operating result 102.7 -21.7 81.0 139.3 6.6 145.9 35.6% 80.1%
Net finance costs -4.6 4.4 -0.2 -3.7 10.2 6.5 -19.6% -
Result before tax (PBT) 106.2 -17.3 88.9 142.7 -16.8 159.2 34.1% 79.1%
Adjusted PBT, group’s share
1
110.4 - - 14 7. 1 - - 33.2% -
Activities and results
Market and deliveries
The Belgian new car market was severely impacted by the shortage of vehicle production components. Excluding de-registrations within 30
days
2
, the number of Belgian new car registrations decreased by 2.0% to 359,999 units. Including deregistrations within 30 days, the number
reached 366,303 units (-4.4%). The business segment’s share in new car sales increased to 63.9% of total new car registrations (including
self-employed). New energy share in the market mix continued to increase from 24.3% in 2021 to 34.8% in 2022. D’Ieteren Automotive re-
mains the leader in full electric vehicles in Belgium with a 26.0% market share.
D’Ieteren Automotive’s overall market share decreased by 117bps to 22.5% net of deregistrations within 30 days. This was mainly due to VW
and Skoda.
Gross registrations of new light commercial vehicles (0 to 6 tons) declined by 21.7% to 56,414 units and D’Ieteren Automotive’s market
share was at 8.1%.
The total number of new vehicles, including commercial vehicles, delivered by D’Ieteren Automotive in 2022 reached 89,469 units (-3.5%).
The end-2022 order book is at record levels, above 100,000 vehicles.
Sales
Despite lower volumes of new car sales, D’Ieteren Automotive managed to increase sales by 11.4% to €3,609.5m supported by the continued
electrification and premiumization of the car park. The mix of cars produced was particularly skewed towards higher-end models and unit
prices increased, implying a positive price / mix.
- New vehicles sales increased by 10.6% to €2,893.2m
- Used cars sales gained 5.8% YoY, reaching €305.9m
- Spare parts and accessories sales gained 12.7% to €275.1m
- Revenues from aer-sales activities amounted to €54.4m (-3.7% YoY)
- Other revenues from new or developing activities related to mobility increased by 136.5% YoY
Results
The operating result reached €145.9m (+80.1% YoY) and the adjusted operating result
1
(€139.3m) increased by 35.6% leading to a margin
of 3.9%. This evolution was driven by the premiumization trend and by cost control despite inflationary pressure.
Adjusting items
1
in operating result mainly include a €5.4m reversal of a provision related to the “Market Area” project (optimisation of the in-
dependent dealer network) and €1.2m of gain recognised on the disposal of furniture and equipment following the closure of two retail sites.
The profit before tax reached €159.2m (+79.1%) or €142.4m (+34.1%) excluding adjusting items
1
.
The adjusted profit before tax, Group’s share
1
, improved by 33.2% to €147.1m. The contribution of the equity accounted entities amounted
to €10.9m (€11.0m in 2021).
Income tax expenses reached €44.1m (€21.3m in 2021).
Adjusted tax expenses
1
equalled €42.3m (compared to €28.8m in 2021). The
increase reflects the higher profit before taxes.
The result aer tax, Group’s share, amounted to €115.7m (€68.9m in 2021). The
adjusted result aer tax, Group’s share
1
increased from
€78.7m to €100.7m.
8 I Financial and Directors’ Report 2022

2022 Full-Year Results
Net debt and free cash ow
The free cash flow
6
(aer tax) equalled -€101.3m in 2022 compared to €108.4m in 2021. The decline YoY mainly reflects:
- a significant cash oulow from working capital, driven by a sharp increase in inventory as the deliveries from the factories accelerated
at the very end of the year and are being delivered to end-customers at the beginning of 2023, while 2021 saw a significant inflow in
working capital as inventories were at very low levels; and
- an increase in taxes paid as a consequence of the beer operational results.
These elements were partly compensated by a beer operational performance and lower cash oulow from adjusting items
1
.
The situation on the inventory side explained above should be normalizing gradually in 2023 but the size of the order book and the lumpiness
of the factory deliveries make this normalization dicult to predict.
D’Ieteren Automotive’s net financial debt
3
increased by €155.1m to €210.8m at the end 2022 versus the end of 2021. This is mainly due to
the working capital impact of the late deliveries on free cash flow. D’Ieteren Automotive’s leverage ratio Net debt
3
/ adjusted
1
EBITDA
4
was
at 1.26x at the end of 2022.
Sustainability
D’Ieteren Automotive remained the Belgian leader in electric vehicles, with 11.3% of its volume of registrations being BEVs, while 6.8% of its
Key Accounts purchased its alternative mobility solutions. The company’s electric services subsidiary EDI installed 6,800 charging stations,
up from 4,200 in 2021. EDI’s acquisition of Go Solar, installing photovoltaic panels and home baeries, was another step towards providing
customers with a complete electric oer.
D’Ieteren Group KPIs
7
: D’Ieteren Automotive commied towards SBTi prior to submiing a target for validation. In terms of customer satis-
faction, its NPS score stood at 61.5 for the sales of new cars (vs. 60 in 2021), and 51 for aer sales (vs. 53 in 2021). Its people engagement
score stood at a high 84% compared to 88% in 2021.
9Financial and Directors’ Report 2022 I

2022 Full-Year Results
4. PHE
NB: The figures presented below represent D’Ieteren Group’s PHE segment, composed of PHE operating company and PHE’s holding com-
pany.
€m
2022 (Aug/Dec)
APM (non-GAAP measures)
1
Adjusted items Adjusting items
Total
External sales 961.8 - 961.8
Operating result 71.1 -26.2 44.9
Net finance costs -31.1 - -31.1
Result before tax (PBT) 40.2 -26.2 14.0
Adjusted PBT, group’s share
1
38.8 - -
Sales and results
Sales
PHE’s total sales, excluding Mondial Pare-Brise, which is presented as a discontinued operation following the sale to MACIF, at 100% for the
last five months of 2022 came in at €961.8m (+16.9% versus the same period in 2021). This strong performance was driven by 10.0% organic
growth and 6.9% from acquisitions.
France (65.3% of total) showed an 11.3% organic growth, while international activities’ (34.7% of total) organic growth was 7.9%, highlighting
a continued strong demand, pricing initiatives and market share gains.
FY-22 sales were at €2,259.8m, representing a 15.0% YoY growth, of which 8.8% organic and 6.2% from acquisitions. France represented
66.6% of total sales versus 69.9% in FY-21.
Results
Operating result for the last five months of 2022 stood at €44.9m. The adjusted operating result
1
came in at €71.1m representing a solid
adjusted
operating margin
1
of 7.4%.
Adjusting items
1
of -€26.2m at the operating result level include -€17.1m at PHE’s holding company level and relate to expert fees incurred
in relation with the acquisition of Parts Holding Europe (closing of the acquisition on the 4th of August 2022), -€4.3m of costs related to
restructurings and transformation programme, -€3.3m of fees incurred in relation with the disposal of Mondial Pare-Brise, and -€1.5m of
other costs.
Net financial costs amounted to -€31.1m in the 5 last months of 2022. The profit before tax for the same period reached €14.0m and the
adjusted profit before tax, Group’s share
1
amounted to €38.8m. Adjusted income tax expenses
1
equalled €12.0m.
The adjusted result aer tax, Group’s share
1
, stood at €30.4m.
For FY-22 (excluding MPB), the adjusted operating result
1
amounted to €178.1m (margin of 7.9%) and the adjusted profit before tax, Group’s
share
1
stood at €86.8m.
Net debt and free cash ow
PHE’s stand-alone free cash flow (as per PHE definition) was €29.3m before €36.0m of acquisitions spend, with strong operational results
partly oset by capital expenditures of €21.9m (2.3% of sales) and a working capital oulow. PHE’s holding company incurred €17.1m addi-
tional cash oulow from transaction fees related to PHE’s acquisition by D’Ieteren. Free cash flow
6
for PHE segment was at -€6.1m.
Net financial debt
3
according to D’Ieteren Group’s definition increased to €1,231.8m at the end of 2022 due to the slight free cash oulow.
This definition does not include the put options granted to non-controlling shareholders holding minority interests in some of PHE’s direct
and indirect subsidiaries and the put options granted to minority investors (including management and several partners and independent
distributors), who invested alongside D’Ieteren Group in the holding company of PHE, up to a combined ownership of c.9%. The leverage
ratio net financial debt
3
/ EBITDA
4
(post-IFRS 16), according to lenders’ definition, was 4.0x at the end of 2022, before the cash impact of
the sale of Mondial Pare-Brise.
Sustainability
While several sustainability opportunities are being addressed by its business units, PHE will initiate a new sustainability strategy with the
support of D’Ieteren Group, in order to formalize these initiatives into a centralized approach.
10 I Financial and Directors’ Report 2022

2022 Full-Year Results
5. TVH
€m
Q4-21 2022
APM (non-GAAP measures)
1
APM (non-GAAP measures)
1
Adjusted items Adjusting items
Total
Adjusted items Adjusting items
Total
External sales 348.0 - 348.0 1,621.7 - 1,621.7
Operating result 47.8 -18.8 29.0 257.6 -85.6 172.0
Net finance costs -1.3 -0.9 -2.2 -12.6 6.1 -6.5
Result before tax (PBT) 46.5 -19.7 26.8 245.0 -79.5 165.5
Adjusted PBT, group’s share
1
18.6 - - 98.0 - -
Sales and results
Sales
TVH, equity-accounted for as of October 1
st
, 2021, posted total sales (at 100%) of €1,621.7m in 2022. This represents (in BEGAAP figures,
on a comparable scope) a 20.5% YoY growth, of which 13.4% organic
4
, 1.7% external and 5.4% related to positive currency translation impact.
Organic growth
4
was mainly driven by a strong performance in the core regions being Americas and EMEA and across the core Material
Handling and Construction markets. This growth includes a negative YoY impact of c.€17m in Russia as a consequence of the war in Ukraine.
Results
Operating result (at 100%) stood at €172.0m, and adjusted operating result
1
at €257.6m (+14.0% YoY in BEGAAP), representing an adjusted
operating margin
1
of 15.9%. On a comparable BEGAAP scope, adjusted operating profit margin
1
decreased by 88bps YoY resulting from
higher inventory write-os and €8.2m costs related to the Innovatis programme.
Adjusting items
1
at the operating result level of -€85.6m are related for -€75.2m to the purchase price allocation of TVH finalised in the
second half of 2022. Of that amount, -€44.5m relate to the amortisation of customer contracts and -€30.7m to the amortisation of other
intangibles with finite useful lives. Additionally, -€10.4m of adjusting items
1
relate to the fees from system integrators in relation to the Inno-
vatis transformation programme.
Adjusted net financial costs
1
amounted to €12.6m in FY-22. Adjusting items
1
at the financial costs level of €6.1m come from the change in
fair value of interest rate swaps.
The profit before tax reached €165.5m in 2022 and the
adjusted profit before tax
1
€245.0m.
The 2022 adjusted profit before tax, Group’s share
1
amounted to €98.0m. Adjusted income tax expenses
1
equalled €54.3m.
The adjusted result aer tax, Group’s share
1
, stood at €76.2m.
Net debt and free cash ow
Free cash flow
6
generation was negative, at -€52.6m, due to a voluntarily high level of inventory to face supply chain disruption and gain
market share thanks to a continued strong availability of products. This strategy implied a €155.7m oulow from working capital. Net capital
expenditures were at €94.1m, or 5.8% of sales, mainly driven by various growth projects such as the extension of an automated warehouse
and €29.3m of capex spent on the Innovatis transformation plan.
TVH net financial debt
3
(100%) slightly increased to €900.1m at the end of 2022 versus €825.8m at the end of 2021 (including the sharehold-
er loans of which €40.6m inter-segment loan from D’Ieteren Group’s Corporate & Unallocated segment). This increase is reflecting higher
growth capex and the decision to increase inventories in order to ensure product availability during supply chain disruptions and allow for
continued strong growth. The leverage ratio net financial debt
3
/ LTM adjusted
1
EBITDA
4
stands at 2.70x (excluding shareholder loan).
Sustainability
In 2022, TVH formalized its sustainability strategy aer appointing a Sustainability Manager to oversee it.
The company obtained for the first time the Bronze Ecovadis Medal.
D’Ieteren Group KPIs
7
: A first carbon footprint measurement was performed followed by an assessment of possible CO
2
emission reduc-
tion schemes. TVH customer satisfaction score (NPS) increased from 41.8 in 2021 to 52.5 in 2022 driven by a continuous focus on service
improvements. The company put in place a program measuring employee engagement through a quarterly pulse, resulting in a 81% global
engagement score for the full year 2022.
11Financial and Directors’ Report 2022 I

2022 Full-Year Results
6. Moleskine
€m 2021 2022
APM (non-GAAP measures)
1
APM (non-GAAP measures)
1
Adjusted items Adjusting items
Total
Adjusted items Adjusting items
Total
% change
adjusted
items
% change
total
External sales 121.6 - 121.6 143.3 - 143.3 17.8% 17.8%
Operating result 12.3 -0.2 12.1 21.2 - 21.2 72.4% 75.2%
Net finance costs -10.3 -0.2 -10.5 -11.0 - -11.0 6.8% 4.8%
Result before tax (PBT) 2.0 -0.4 1.6 10.2 - 10.2 410.0% 537.5%
Adjusted PBT, group’s share
1
1.8 - - 10.2 - - 466.7% -
Sales and results
Sales
Moleskine’s sales grew by 17.8% YoY in 2022 to €143.3m. This growth was achieved despite continued Covid-19 disruptions in Asia and is
composed of 11.3% organic growth
5
, and a 6.5% positive currency impact. The core paper category, which includes notebooks and planners,
has posted a growth of +13% versus last year.
Sales evolution by region:
- EMEA (41% of total): +15.1% YoY growth, led by strong double digit growth in Italy, The Netherlands & DACH region, UK and Iberia.
- Americas (43% of total): +28.9% YoY growth. Americas showed a strong growth with all direct channels performing well and with indirect
channels soer in the second half on fears of an economic downturn and inventory reductions by wholesale clients.
- APAC (15% of total): flat YoY. APAC sales were still aected by Covid-19 disruptions across the region, with Korea showing beer resi-
lience thanks to Strategic Partnerships and supported by re-energized business in South East Asia.
Sales evolution by channel:
- Wholesale (56% of total): +12.5%. Sales development was soer in the second half of 2022 as recession fears pushed wholesalers to be
cautious on inventory and therefore on slower sell-in, especially in Americas.
- Strategic Partnerships (27% of total): +33.6%. Strategic Partnerships posted a robust growth. Performance was strong in both Americas
and EMEA.
- E-Commerce (5% of total): -10.0%. E-commerce remains challenging in EMEA.
- Retail (10% of total): +43.1%. Retail continued its recovery in EMEA and the Americas.
- Other (including Royalties & Apps, 2% of total): -1.7%.
Results
Operating result increased from €12.1m in 2021 to €21.2m in 2022. There are no adjusting items
1
in 2022, and the adjusted operating
result
1
growth was 72.4% YoY. This significant improvement is primarily the result of the beer sales performance as well as continued cost
eorts.
Adjusted operating margin
1
stood at 14.8% compared to 10.1% in 2021.
Adjusted net financial charges
1
equalled €11.0m (€10.3m in 2021). The profit before tax and the adjusted profit before tax
1
amounted to
€10.2m in 2022 versus respectively €1.6m and €2.0m in 2021. Income tax expenses equalled €1.0m versus €5.0m in 2021 as 2021 included
a reversal of the deferred tax assets previously recognised on the elimination of intercompany margin in inventories.
Net debt and free cash ow
Free cash flow
6
increased versus 2021, at €17.3m, reflecting primarily the beer operational results, partially oset by a higher capital paid
on lease liabilities and interests paid on the shareholder loan.
Moleskine’s net financial debt
3
slightly declined to €275.7m at the end of 2022 (from €287.0m at the end of 2021), of which €272.3m in-
tra-Group borrowing. The decline is mainly the result of the positive free cash flow generation, which allowed Moleskine to voluntarily prepay
€15m of Senior Bank Loan. The net financial debt
3
related to bank financing represents 0.1 times adjusted
1
EBITDA
4
.
Sustainability
As Moleskine deepened its circular economy approach, its waste elimination project resulted in 72.5 tons recycled products compared to
11 tons in 2021.
D’Ieteren Group KPIs
7
: Moleskine commied to SBTi and will submit its reduction target for validation in 2023. The company conducted an
employee satisfaction survey which resulted in a stable score of 3.7/5.
12 I Financial and Directors’ Report 2022

2022 Full-Year Results
7. Corporate and unallocated
€m
2021 2022
APM (non-GAAP measures)
1
APM (non-GAAP measures)
1
Adjusted items Adjusting items
Total
Adjusted items Adjusting items
Total
% change
adjusted
items
% change
total
External sales - - - - - - - -
Operating result -7. 3 - -7. 3 -6.8 1.8 -5.0 - -
Net finance costs 12.0 8.0 20.0 12.8 - 12.8 6.7% -36.0%
Result before tax (PBT) 4.7 8.0 12.7 6.0 1.8 7.8 27.7% -38.6%
Adjusted PBT, group’s share
1
4.7 - - 6.0 - - 27.7% -
Results
The segment “Corporate and Unallocated” mainly includes the Corporate and Real Estate activities (D’Ieteren Immo S.A.). The adjusted
operating result
1
reached -€6.8m versus -€7.3m in 2021.
Net finance income evolution was mainly due to inter-segment financing interests. 2021 included €8.0m of adjusting items
1
relating to the
early repayment fee paid by D’Ieteren Automotive to the Corporate & unallocated segment following the full anticipated reimbursement of
the inter-segment loan.
Adjusted profit before tax, Group’s share
1
reached €6.0m (€4.7m in 2021).
Net cash
The net cash
3
position of “Corporate & Unallocated”, which includes Corporate, amounted to €634.9m at the end of 2022 (€322.0m exclud-
ing €312.9m inter-segment loan) compared to €1,087.5m at the end of 2021, mainly as a result of the acquisition of Parts Holding Europe
(closing of the transaction of 4 August 2022, resulting into an equity consideration paid of -€571m), the dividend paid to D’Ieteren Group’s
shareholders (-€113.6m), the acquisition of treasury shares (-€86.7m), partially compensated by the dividends received from Belron in Au-
gust 2022 (€212.5m), D’Ieteren Automotive (€51.6m), and the consideration received (€50.4m) in October 2022 following the investments
in the holding company of PHE from minority investors (including management and several partners and independent distributors), along-
side D’Ieteren Group, up to a combined ownership of c.9%.
13Financial and Directors’ Report 2022 I

2022 Full-Year Results
8. Research and Development
Research and Development costs incurred by the Group totalled €60.6m in 2022
- D’Ieteren Automotive, through its Lab Box subsidiary, explores, analyses and develops sustainable and innovative mobility solutions for
citizens and corporations such as Poppy, Mbrella, Skipr, and Lizy. Investments in Lab Box by D’Ieteren Automotive increased from €22m
in 2020 to €34m in 2021 mainly due to additional investments in Go Solar & EDI.
- Belron has its own dedicated Research and Development division, Belron Technical. By continuously developing technical standards and
innovations that break new ground in vehicle glass repair, replacement and recalibration, the division enables the business to continue to
deliver a high-quality and safe service to all its customers, while improving the skills and safety of its technicians. Belron's R&D budget
rose to about€3.1min 2022 from€2.4min 2021, primarilydriven by the increasing need for R&D on increasingly complex vehicle safety
systems.
- At Moleskine, R&D expenditure for 2022 was circa €0.5m and focused on developing products and materials and on building solutions
to bridge the analogue-digital continuum, creating a connection between digital and paper products.
- TVH continued to invest significant amounts in R&D (c. €23m in FY-22) by developing and improving several innovative solutions to
optimize multiple aspects of its operations. For example, TVH developed a specific soware supporting a higher level of automation in
its WB3 warehouse and made a substantial investments in a new e-commerce tools.
- PHE is continuously developing proprietary digital solutions to expand its customer services including, among others, Autossimo (B2B
light vehicle spare parts web catologue and ordering system), AD.FR, and idGarages.com (online plaorms for bookings, online appoint-
ments and on demand estimates). In 2022, PHE developed a dedicated application to simplify the spare parts return process for its
customers. In addition, PHE is constantly investing in its B2C online plaorm Oscaro. Finally, the company is investing in home-designed
technical equipment to facilitate the development of its remanufacturing activities.
NOTES
1
In order to beer reflect its underlying performance and assist investors in gaining a beer understanding of its financial performance, D’Ieteren Group uses Alternative
Performance Measures (“APMs”). These APMs are non-GAAP measures, i.e. their definitions are not addressed by IFRS. D’Ieteren Group does not present APMs as an alter-
native to financial measures determined in accordance with IFRS and does not give to APMs greater prominence than defined IFRS measures. See page 15 for the definition
of these performance indicators.
2
In order to provide an accurate picture of the car market, Febiac publishes market figures excluding registrations that have been cancelled within 30 days. Most of them relate
to vehicles that are unlikely to have been put into circulation in Belgium by the end customer.
3
The net financial debt is not an IFRS indicator. D’Ieteren Group uses this Alternative Performance Measure to reflect its indebtedness. This non-GAAP indicator is defined as
the sum of the borrowings minus cash, cash equivalents and investments in non-current and current financial assets. See page 23.
4
EBITDA is not an IFRS indicator. This APM (non-GAAP indicator) is defined as earnings before interest, taxes, depreciation and amortization. Since the method for calculating
the EBITDA is not governed by IFRS, the method applied by the Group may not be the same as that adopted by others and therefore may not be comparable.
5
“Organic growth” is an Alternative Performance Measure used by the Group to measure the evolution of revenue between two consecutive periods, at constant currency and
excluding the impact of change in perimeter of consolidation or business acquisitions.
6
Free cash-flow is not an IFRS indicator. This APM measure is defined as [Adjusted EBITDA - other non-cash items – change in working capital – capital expenditures – capital
paid on lease liabilities – taxes paid – net interest paid – acquisitions + disposals – employee share plans – cash-flow from adjusting items + other cash items]
7
D’Ieteren Group measures three non-financial dimensions throughout its businesses, namely customer satisfaction, employee engagement and CO
2
emissions.
AUDITOR'S REPORT
“The statutory auditor, KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Axel Jorion, has confirmed that the audit procedures, which have been substantially
completed, have not revealed any material misstatement in the accounting information included in the Company’s annual announcement.”
FORWARD LOOKING STATEMENTS
This document contains forward-looking information that involves risks and uncertainties, including statements about D'Ieteren Group’s
plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks
and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of
D'Ieteren Group. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove
incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, D'Ieteren Group does not
assume any responsibility for the accuracy of these forward-looking statements.
14 I Financial and Directors’ Report 2022

2022 Full-Year Results
1
Alternative Performance Measurement (APM)
--- Non-Gaap Measurement
Framework and definitions
In order to better reflect its underlying performance and assist investors, securities analysts and other interested parties in
gaining a better understanding of its financial performance, the Group uses Alternative Performance Measures (“APMs”). These
alternative performance metrics are used internally for analysing the Group’s results as well as its business units.
These APMs are non-GAAP measures, i.e. their definition is not addressed by IFRS. They are derived from the audited IFRS
accounts. The APMs may not be comparable to similarly titled measures of other companies and have limitations as analytical
tools and should not be considered in isolation or as a substitute for analysis of the Group’s performance or liquidity under
IFRS. The Group does not present APMs as an alternative to financial measures determined in accordance with IFRS and does
not give to APMs greater prominence than defined IFRS measures.
Each line of the statement of profit or loss (see below), and each subtotal of the segment statement of profit or loss (see below),
is broken down in order to provide information on the adjusted result and on the adjusting items.
The adjusting items are identified by the Group in order to present comparable figures, giving to the investors a better view on
the way the Group is measuring and managing its financial performance. They comprise the following items, but are not limited
to:
(a) Recognised fair value gains and losses on financial instruments (i.e. change in fair value between the opening and the end
of the period, excluding the accrued cash flows of the derivatives that occurred during the period), where hedge accounting
may not be applied under IAS 39/IFRS 9 (in this case recognised fair value gains and losses being directly accounted for in
the Consolidated Statement of Comprehensive Income);
(b) Exchange gains and losses arising upon the translation of foreign currency loans and borrowings at the closing rate;
(c) Impairment of goodwill and other non-current assets;
(d) Amortisation of intangible assets with finite useful lives recognised in the framework of the allocation as defined by IFRS 3
of the cost of a business combination;
(e) Other material items that derive from events or transactions that fall within the ordinary activities of the Group, and which
individually or, if of a similar type, in aggregate, are separately disclosed by virtue of their size or incidence.
Adjusted result consists of the IFRS reported result, excluding adjust ing items as listed above.
The Group uses as key performance indicator the adjusted consolidated result before tax, Group’s share (Adjusted PBT, Group’s
share). This APM consists of the segment reported result before tax (PBT), taking into account the result before tax of the
discontinued operations, and excluding adjusting items and the share of minority shareholders.
15Financial and Directors’ Report 2022 I

2022 Full-Year Results
2
Presentation of APMs in the consolidated statement of profit or loss for the year ended
31 December
€m 2022
2021
⁽⁽
¹
⁾⁾
Total
Of which
Total
Of which
Adjusted
result
Adjusting
items
Adjusted
result
Adjusting
items
Revenue
4,714.6
4,714.6
-
3,360.5
3,360.5
-
Cost of sales
-3,744.0
-3,744.0
-
-2,881.3
-2,881.3
-
Gross margin
970.6
970.6
-
479.2
479.2
-
Commercial and administrative expenses
-775.4
-752.3
-23.1
-376.8
-376.7
-0.1
Other operating income
33.9
28.5
5.4
10.4
10.4
-
Other operating expenses
-22.1
-22.0
-0.1
-27.0
-5.2
-21.8
Operating result
207.0
224.8
-17.8
85.8
107.7
-21.9
Net finance costs
-22.8
-33.0
10.2
9.3
-2.9
12.2
Finance income
16.8
6.6
10.2
16.2
3.8
12.4
Finance costs
-39.6
-39.6
-
-6.9
-6.7
-0.2
Share of result of equity-accounted investees and long-term
interests in equity-accounted investees, net of income tax
210.1 392.8 -182.7 184.2 294.1 -109.9
Result before tax
394.3
584.6
-190.3
279.3
398.9
-119.6
Income tax expense
-58.5
-58.6
0.1
-28.0
-33.5
5.5
Result from continuing operations
335.8
526.0
-190.2
251.3
365.4
-114.1
Discontinued operations
2.9
2.9
-
-
-
-
RESULT FOR THE PERIOD
338.7
528.9
-190.2
251.3
365.4
-114.1
Result attributable to:
-
-
Equity holders of the Company
338.6
528.8
-190.2
252.4
366.5
-114.1
Non-controlling interests ("NCI")
0.1
0.1
-
-1.1
-1.1
-
Earnings per share
Basic (in €)
6.29
9.81
-3.52
4.67
6.79
-2.12
Diluted (in €)
6.22
9.71
-3.49
4.63
6.72
-2.09
Earnings per share -Continuing operations
Basic (in €)
6.24
9.76
-3.52
4.67
6.79
-2.12
Diluted (in €)
6.17
9.66
-3.49
4.63
6.72
-2.09
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates, to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 and to
reflect a reclassification of -€21.0m of fees from system integrators in relation to the business transformation programme from
adjusted result to adjusting
items in the Belron segment. Refer to note 1 of the 2022 Consolidated Financial Statements for more information on the restatement of comparative
information.
16 I Financial and Directors’ Report 2022

2022 Full-Year Results
3
Presentation of APMs in the segment statement of profit or loss for the year ended 31
December
The Group’s reportable operating segments are D’Ieteren Automotive, Belron, Moleskine, TVH (as from 1st October) and PHE
(as from 5
th
August 2022 – including the holding company of the PHE Group). The other segments are disclosed in the category
“Corporate & Unallocated” (D’Ieteren Group, corporate and real estate activities). These operating segments are consistent with
the Group’s organisational and internal reporting structure, and with the requirements of IFRS 8 “Operating Segments”.
Despite their classification as equity-accounted investees, Belron and TVH (as from 1st October 2021) remain separate
reportable operating segments, reflecting the Group’s internal reporting structure.
€m 2022
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE (5
months)
Corp. &
unallocated
Eliminations Group
External revenue
3,609.5
5,574.3
143.3
1,621.7
961.8
-
-7,196.0
4,714.6
Segment revenue
3,609.5
5,574.3
143.3
1,621.7
961.8
-
-7,196.0
4,714.6
Operating result (being segment
result)
145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0
Of which
Adjusted result
139.3
1,016.7
21.2
257.6
71.1
-6.8
-1,274.3
224.8
Adjusting items
6.6
-155.8
-
-85.6
-26.2
1.8
241.4
-17.8
Net finance costs
6.5
-348.8
-11.0
-6.5
-31.1
12.8
355.3
-22.8
Finance income
11.2
20.5
2.1
15.4
0.2
1.0
-33.6
16.8
Finance costs
-4.7
-369.3
-2.4
-19.6
-31.3
-1.2
388.9
-39.6
Inter-segment financing interests
-
-
-10.7
-2.3
-
13.0
-
-
Share of result of equity-accounted
investees and long-term interests in
equity-accounted investees, net of
income tax
6.8 0.4 - - 0.2 - 202.7 210.1
Result before tax
159.2
512.5
10.2
165.5
14.0
7.8
-474.9
394.3
Of which
Adjusted result
142.4
866.5
10.2
245.0
40.2
6.0
-725.7
584.6
Adjusting items
16.8
-354.0
-
-79.5
-26.2
1.8
250.8
-190.3
Income tax expense
-44.1
-211.3
-1.0
-34.3
-9.6
-3.8
245.6
-58.5
Result from continuing operations
115.1
301.2
9.2
131.2
4.4
4.0
-229.3
335.8
Of which
Adjusted result
100.1
619.0
9.2
190.7
28.2
2.7
-423.9
526.0
Adjusting items
15.0
-317.8
-
-59.5
-23.8
1.3
194.6
-190.2
Discontinued operations
-
-
-
-
2.9
-
-
2.9
RESULT FOR THE PERIOD
115.1
301.2
9.2
131.2
7.3
4.0
-229.3
338.7
Attributable to:
D'Ieteren
Autom.
Belron(*) Moleskine TVH (*)
PHE (5
months)
Corp. &
unallocated
Group
Equity holders of the Company(*)
115.7
150.6
9.2
52.5
6.6
4.0
338.6
Of which
Adjusted result
100.7
309.6
9.2
76.2
30.4
2.7
528.8
Adjusting items
15.0
-159.0
-
-23.7
-23.8
1.3
-190.2
Non-controlling interests ("NCI")
-0.6
-
-
-
0.7
-
0.1
RESULT FOR THE PERIOD
115.1
150.6
9.2
52.5
7.3
4.0
338.7
(*) Belron at 50.01% (fully diluted economic rights) and TVH Parts at 40.00% – see note 17 of the 2022 Consolidated Financial Statements.
In 2022, the column “Eliminations” reconciles the segment statement of profit or loss (with the 12-month results of Belron and
TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (with
the net results of Belron and TVH presented in the line “share of result of equity-accounted investees and long-term interest in
equity-accounted investees, net of income tax”, representing the share of the Group in the 12-month net results of Belron and
TVH).
17Financial and Directors’ Report 2022 I

2022 Full-Year Results
4
Presentation of APMs in the segment statement of profit or loss for the year ended 31
December (continued)
€m
2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100% - 3
months)
Corp. &
unallocated
Eliminations Group
External revenue
3,238.9
4,646.8
121.6
348.0
-
-4,994.8
3,360.5
Inter-segment revenue
-
-
-
-
-
-
-
Segment revenue
3,238.9
4,646.8
121.6
348.0
-
-4,994.8
3,360.5
Operating result (being segment result)
81.0
691.5
12.1
29.0
-7.3
-720.5
85.8
Of which
Adjusted result
102.7
836.0
12.3
47.8
-7.3
-883.8
107.7
Adjusting items
-21.7
-144.5
-0.2
-18.8
-
163.3
-21.9
Net finance costs
-0.2
-228.6
-10.5
-2.2
20.0
230.8
9.3
Finance income
12.8
3.1
2.0
8.2
0.8
-10.7
16.2
Finance costs
-1.7
-231.7
-2.2
-9.8
-3.0
241.5
-6.9
Inter-segment financing interests
-11.3
-
-10.3
-0.6
22.2
-
-
Share of result of equity-accounted investees
and long-term interests in equity-accounted
investees, net of income tax
8.1 0.5 - - - 175.6 184.2
Result before tax
88.9
463.4
1.6
26.8
12.7
-314.1
279.3
Of which
Adjusted result
106.2
700.8
2.0
46.5
4.7
-461.3
398.9
Adjusting items
-17.3
-237.4
-0.4
-19.7
8.0
147.2
-119.6
Income tax expense
-21.3
-145.5
-5.0
-6.9
-1.7
152.4
-28.0
Result from continuing operations
67.6
317.9
-3.4
19.9
11.0
-161.7
251.3
Of which
Adjusted result
77.4
514.5
-3.0
34.7
5.0
-263.2
365.4
Adjusting items
-9.8
-196.6
-0.4
-14.8
6.0
101.5
-114.1
Discontinued operations
-
-
-
-
-
-
-
RESULT FOR THE PERIOD
67.6
317.9
-3.4
19.9
11.0
-161.7
251.3
Attributable to:
D'Ieteren
Autom.
Belron(*) Moleskine
TVH
(100% - 3
months)
Corp. &
unallocated
Group
Equity holders of the Company(*)
68.9
168.1
-3.6
8.0
11.0
252.4
Of which
Adjusted result
78.7
272.1
-3.2
13.9
5.0
366.5
Adjusting items
-9.8
-104.0
-0.4
-5.9
6.0
-114.1
Non-controlling interests ("NCI")
-1.3
-
0.2
-
-
-1.1
RESULT FOR THE PERIOD
67.6
168.1
-3.4
8.0
11.0
251.3
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates, to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 and to
reflect a reclassification of -€21.0m of fees from system integrators in relation to the business transformation programme from
adjusted result to adjusting
items in the Belron segment. Refer to note 1 of the 2022 Consolidated Financial Statements for more information on the restatement of comparative
information.
(*) Belron at 52.88% (weighted average percentage for the 2021 period) – see note 17 of the 2022 Consolidated Financial Statements.
In 2021, the column “Eliminations” reconciles the segment statement of profit or loss (with the 12-month result of Belron and
the 3-month result of TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of
profit or loss (with the net results of Belron and TVH presented in the line “share of result of equity-accounted investees and
long-term interest in equity-accounted investees, net of income tax”, representing the share of the Group in the 12-month net
result of Belron and the 3-month net result of TVH).
18 I Financial and Directors’ Report 2022

2022 Full-Year Results
5
Explanations and details of the figures presented as adjusting items
In 2022 and 2021, the Group identified the following items as adjusting items throughout the operating segments:
€m 2022
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE
Corp. &
unallocated
Total
(segment)*
Adjusting items
Included in operating result 6.6 -155.8 - -85.6 -26.2 1.8 -259.2
Re-measurements of financial
instruments
- -2.5 (c) - - - - -2.5
Amortisation of customer contracts - -31.3 (d) - -44.5 (k) - - -75.8
Amortisation of brands with finite
useful life
- -4.5 (e) - - - - -4.5
Amortisation of other intangibles with
finite useful life
- -1.1 (f) - -30.7 (k) - - -31.8
Impairment of goodwill and of non-
current assets
- -2.7 (g) - - - - -2.7
Other adjusting items 6.6 (a) -113.7 (h) - -10.4 (l) -26.2 (n) 1.8 (o) -141.9
Included in net finance costs 10.2 -198.2 - 6.1 - - -181.9
Re-measurements of financial
instruments
- - - 6.1 (m) - - 6.1
Foreign exchange losses on net debt - -197.7 (i) - - - - -197.7
Other adjusting items 10.2 (b) -0.5 (i) - - - - 9.7
Included in segment result before taxes
(PBT)
16.8 -354.0 - -79.5 -26.2 1.8 -441.1
* Total of the adjusting items at the level of each segment. The adjusting items presented in the Belron and TVH segments should be deducted from this total
to reconcile with the Group figures reported in the segment statement of profit or loss.
€m
2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
Corp. &
unallocated
Total (segment)*
Adjusting items
Included in operating result -21.7 -144.5 -0.2 -18.8 - -185.2
Re-measurements of financial
instruments
- 1.6 (c) -0.2 (j) - - 1.4
Amortisation of customer contracts - -26.2 (d) - -11.1 (k) - -37.3
Amortisation of brands with finite useful
life
- -3.4 (e) - - - -3.4
Amortisation of other intangibles with
finite useful life
- - - -7.7 (k) - -7.7
Impairment of goodwill and of non-
current assets
- -3.2 (g) - - - -3.2
Other adjusting items -21.7 (a) -113.3 (h) - - - -135.0
Included in net finance costs 4.4 -92.9 -0.2 -0.9 8.0 -81.6
Re-measurements of financial
instruments
- - -0.2 (j) -0.9 (m) - -1.1
Foreign exchange losses on net debt - -67.7 (i) - - - -67.7
Other adjusting items 4.4 (b) -25.2 (i) - - 8.0 (p) -12.8
Included in segment result before taxes
(PBT)
-17.3 -237.4 -0.4 -19.7 8.0 -266.8
* Total of the adjusting items at the level of each segment. The adjusting items presented in the Belron and TVH segments should be deducted from this total
to reconcile with the Group figures reported in the segment statement of profit or loss.
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates, to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 and to
reflect a reclassification of -€21.0m of fees from system integrators in relation to the business transformation programme from
adjusted result to adjusting
items in the Belron segment. Refer to note 1 of the 2022 Consolidated Financial Statements for more information on the restatement of comparative
information.
19Financial and Directors’ Report 2022 I

2022 Full-Year Results
6
Explanations and details of the figures presented as adjusting items (continued)
D’Ieteren Automotive
(a) In the current period, other adjusting items in operating result include €5.4m reversal of a provision related to the “Market
area” project (optimization of the independent dealer network) and €1.2m of gain recognised on the disposal of furniture
and equipment.
In the prior period, other adjusting items in operating result (-€21.7m) mainly included a charge of -€21.8m related to the
decision of D’Ieteren Automotive to close down two of its structurally loss-making sites.
(b) In the current period, other adjusting items included in net finance costs relate to a consolidated gain of €10.2m recognized
on the loss of exclusive control of Lizy and MyMove following the entry into capital by investors for 29% in Lizy and 33% in
MyMove (both through capital increases). The consolidated gain represents the difference between the fair value of the non-
controlling interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount of the assets and
liabilities of the subsidiaries at the date the control was lost. These two entities are accounted for as equity-accounted
investees as from the 1st of January 2022. In the prior period, adjusting items included in net finance costs included a charge
of -€8.0m related to the early repayment fee paid by D’Ieteren Automotive to the Corporate & unallocated segment following
the anticipated reimbursement of the inter-segment loan, and a consolidated gain of €12.4m recognised on the loss of
exclusive control of Skipr following the acquisition of 17% of the share capital of Skipr by ALD Automotive (representing the
difference between Skipr’s fair value and the net book value of the assets and liabilities).
Belron
(c) Fair value of fuel hedge instruments amounts to -€2.5m (€1.6m in the prior period) and arises from changes in the “clean”
fair value of derivatives. Change in “clean” fair value of derivatives corresponds to the change of “dirty” fair value (i.e. the
change of value between the opening and the end of the period) excluding the accrued cash flows of the derivatives that
occurred during the period.
(d) In the framework of the recent acquisitions (mainly in the United States), certain customer contracts were recognised as
intangible assets with a finite useful life. The amortisation amounts to -€31.3m (-€26.2m in the prior period).
(e) The amortisation of brands with finite useful lives (certain brands are considered to be intangibles with indefinite useful lives
since there is a limit to the period over which these assets are expected to generate cash inflows) amounts to -€4.5m (-
€3.4m in the prior period).
(f) In the current period, the amortisation of other intangible assets with finite useful lives (mostly franchise agreements
recognized on recent acquisitions) amounts to -€1.1m.
(g) In the current period, following the full impairment review of all cash generating units in accordance with the requirements
of IAS 36, an impairment charge of -€2.7m has been recognised in Norway, fully allocated to the goodwill.
In the prior period, a total impairment charge of €-3.2m has been recognised in Finland, fully allocated to the goodwill.
(h) In the current period, other adjusting items of -€113.7m mainly include -€39.4m of employees costs in relation to the
restricted share units (‘RSUs’) awarded by the Board of Directors of Belron in December 2021 to c.24,000 employees (this
comprises a share-based payment charge of -€37.0m and associated payroll taxes of -€6.3m, as well as €3.9m release of
surplus accrual – this transaction has and will have no economic impact on the Group and on the 50.01% fully diluted stake
held by the Group in Belron), -€53.0m of fees from system integrators in relation to the business transformation programme,
-€8.3m in respect of restructurings and improvements, -€8.5m related to the impairment of a leased property and leasehold
improvements no longer being used by the Group and -€6.4m of acquisition related costs (mainly in the US and in Spain).
In the prior period, other adjusting items in operating result of -€113.3m mainly included -€21.0m of fees from system
integrators in relation to the business transformation programme, -€24.2m in relation to restructuring costs in the
Netherlands, in Germany and in the United States (contact centre closures), -€48.7m of employees costs in relation to the
cash bonus and restricted share units (‘RSUs’) awarded to employees to thank them for their loyal contribution to the
company’s success, -€10.5m of donation to Belron Ronnie Lubner Charitable Foundation, -€6.6m in relation to the disposal
of “other services” businesses in Belgium, Italy and in the UK, and -€2.6m of fees associated with the closing of the
transaction with Belron’s new shareholders on 17 December 2021.
(i) In both periods, foreign exchange losses on net debt and other adjusting items in net finance costs are related to the
refinancing operated in April 2021. In the current period, it mainly includes -€197.7m of non-cash foreign exchange losses
arising upon the translation of the USD Term Loan at the closing rate (-€67.7m in the prior period) because the foreign
exchange movements on these borrowings did not qualify for quasi-equity accounting. A new structure was implemented
in September 2022 which allows the foreign currency movements on these borrowings to naturally flow through the
translation reserve in the statement of financial position prospectively. The loss of €197.7m which arose before the
structuring solution was implemented remained in the 2022 statement of profit or loss.
In the prior period, other adjusting items in net finance costs also included -€10.9m de-designation of interest rate swaps,
€-5.8m write-off of previously deferred financing costs, professional fees and legal expenses and foreign exchange losses
(arising upon the translation of the new USD Term Loan at the closing rate).
20 I Financial and Directors’ Report 2022

2022 Full-Year Results
7
Explanations and details of the figures presented as adjusting items (continued)
Moleskine
(j) In the prior period, a total amount of -€0.4m (-€0.2m in operating result and -€0.2m in net finance costs) has been
recognised to reflect the change in the fair value of a forward contract used to hedge transactional and financial exposure
against the fluctuation of the USD.
TVH
(k) In the second half of 2022, the Group finalised the purchase price allocation of TVH and allocated part of the provisional
goodwill to a brand, customer contracts and other intangible assets with finite useful lives (see note 17 of the 2022
Consolidated Financial Statements for more information on the purchase price allocation). The brand has an indefinite useful
life and is therefore not amortized as the Group considers there is no limit to the period over which the brand is expected
to generate cash inflows. The amortisation of customer contracts and other intangible assets with finite useful lives amounts
to -€44.5m and -€30.7m, respectively (-€11.1m and -€7.7m in the prior period, restated). Refer to note 1 of the 2022
Consolidated Financial Statements for the restatement of comparative information.
(l) In the current period, other adjusting items of -€10.4m are related to the fees from system integrators in relation to the IT
and business transformation programme.
(m) The re-measurement of financial instruments of €6.1m (-€0.9m in the prior period) relates to the change in fair value of
interest rates swaps.
PHE
(n) In the current period, other adjusting items in operating result include -€18.6m of expert fees and other costs incurred in
relation with the acquisition of Parts Holding Europe (closing of the acquisition on the 4
th
of August 2022), -€3.3m of fees
incurred in relation with the disposal of PHE’s specialized glass repair activity Mondial Pare-Brise (classified as held for sale
at 31 December 2022, the disposal of which has been closed on 13 February 2023) and -€4.3m of costs related to
restructurings and transformation programme.
Corporate & Unallocated
(o) In the current period, other adjusting items in operating result include €3.4m of gain on the disposal of properties in Belgium,
and -€1.6m of fees incurred in relation with the acquisition of Parts Holding Europe (closing of the acquisition on the 4
th
of
August 2022).
(p) In the prior period, the €8.0m adjusting item in net finance costs related to the early repayment fee paid by D’Ieteren
Automotive to the Corporate & unallocated segment following the full anticipated reimbursement of the inter-segment loan.
21Financial and Directors’ Report 2022 I

2022 Full-Year Results
8
Adjusted result before tax, Group’s share (adjusted PBT, Group’s share)
€m 2022 2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(50.01%)
Moleskine
TVH
(40.0%)
PHE
Corp. &
unallocated
Total
(segment)
D'Ieteren
Autom.
Belron
(52.88%)
Moleskine
TVH
(40.0%)
Corp. &
unallocated
Total
(segment)
Segment reported
PBT
159.2 512.5 10.2 165.5 14.0 7.8 869.2 88.9 463.4 1.6 26.8 12.7 593.4
Less: Adjusting
items in PBT
-16.8 354.0 - 79.5 26.2 -1.8 441.1 17.3 237.4 0.4 19.7 -8.0 266.8
Segment adjusted
PBT
142.4 866.5 10.2 245.0 40.2 6.0 1,310.3 106.2 700.8 2.0 46.5 4.7 860.2
Share of the group
in tax on adjusted
results of equity-
accounted
investees
4.1 - - - - - 4.1 2.9 - - - - 2.9
Share of non-
controlling
interests in
adjusted PBT
0.6 -433.2 - -147.0 -1.4 - -581.0 1.3 -330.2 -0.2 -27.9 - -357.0
Segment adjusted
PBT, Group's
share
147.1 433.3 10.2 98.0 38.8 6.0 733.4 110.4 370.6 1.8 18.6 4.7 506.1
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates, to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 and to
reflect a reclassification of -€21.0m of fees from system integrators in relation to the business transformation programme from
adjusted result to adjusting
items in the Belron segment. Refer to note 1 of the 2022 Consolidated Financial Statements for more information on the restatement of comparative
information.
In the period, the weighted average percentage used for computing the segment adjusted PBT, Group’s share of Belron amounts
to 50.01% (52.88% in the prior period).
Key Performance Indicator (based on adjusted PBT, Group’s share)
€m 2022
2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(50.01%)
Moleskine
TVH
(40.0%)
PHE
Corp. &
unallocated
Total
(segment)
D'Ieteren
Autom.
Belron
(50.01%)
Moleskine
TVH
(40.0%)
Corp. &
unallocated
Total
(segment)
Segment adjusted
PBT, Group's
share
147.1 433.3 10.2 98.0 38.8 6.0 733.4 110.4 370.6 1.8 18.6 4.7 506.1
Adjustment of the
share of the Group
(comparable basis
with 2022)
- - - - - - - - -20.1 - - - -20.1
Adjusted PBT,
Group's share (key
performance
indicator)
147.1 433.3 10.2 98.0 38.8 6.0 733.4 110.4 350.5 1.8 18.6 4.7 486.0
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates, to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year and
to reflect a reclassification of -€21.0m of fees from system integrators in relation to the business transformation programme from
adjusted result to adjusting
items in the Belron segment. Refer to note 1 of the 2022 Consolidated Financial Statements for more information on the restatement of comparative
information.
The column Belron has also been restated based on the weighted average percentage used for computing the segment
adjusted PBT in 2022 (50.01% in 2022
vs 52.88% in 2021) to make both periods comparable.
22 I Financial and Directors’ Report 2022

2022 Full-Year Results
9
Net debt
In order to better reflect its indebtedness, the Group uses the concept of net debt. This non-GAAP measure, i.e. its definition
is not addressed by IFRS, is an Alternative Performance Measure (“APM”) and is not presented as an alternative to financial
measures determined in accordance with IFRS.
Net debt is based on loans and borrowings less cash, cash equivalents and non-current and current asset investments. It
excludes the fair value of derivative debt instruments. The hedged loans and borrowings (i.e. those that are accounted for in
accordance with the hedge accounting rules of IAS 39) are translated at the contractual foreign exchange rates of the related
cross currency swaps. The other loans and borrowings are translated at closing foreign exchange rates.
€m 31 December 2022
31 December 2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE
Corp. &
unallocated
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
Corp. &
unallocated
Non-current loans and
borrowings
93.5 3,981.2 9.9 625.1 1,124.4 4.7 111.9 3,841.5 41.8 719.6 4.7
Current loans and
borrowings
121.7 203.1 20.4 325.7 225.3 0.7 32.8 193.5 19.7 202.6 0.6
Inter-segment financing - - 272.3 40.6 - -312.9 - - 264.1 40.6 -304.7
Adjustment for hedged
borrowings
- -18.2 - - - - - 3.2 - - -
Gross debt
215.2
4,166.1
302.6
991.4
1,349.7
-307.5
144.7
4,038.2
325.6
962.8
-299.4
Less: Cash and cash
equivalents
-0.8 -146.0 -26.9 -91.3 -122.0 -196.1 -86.0 -244.9 -38.6 -137.0 -230.0
Less: Current financial
assets
- - - - - -128.6 - - - - -544.1
Less: Other non-current
receivables
-3.6 - - - - -2.7 -3.0 - - - -2.0
Less: Other current
receivables
- - - - - - - - - - -12.0
Net debt from continuing
activities excluding assets
and liabilities classified as
held for sale
210.8 4,020.1 275.7 900.1 1,227.7 -634.9 55.7 3,793.3 287.0 825.8 -1,087.5
Net debt in assets and
liabilities classified as held
for sale
- - - - 4.1 - - 1.6 - - -
Total net debt
210.8
4,020.1
275.7
900.1
1,231.8
-634.9
55.7
3,794.9
287.0
825.8
-1,087.5
(1) As restated to reflect the adjustments performed on the statement of financial position of TVH to improve the consistency of accounting policies across
all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 of the 2022 Consolidated
Financial Statements for more information on the restatement of comparative information.
In both periods, the inter-segment loans comprise amounts lent by the Corporate department to the Moleskine segment (non-
recourse loan, increased by €8.2m during the period (mainly representing €10.7m of interests recognised in profit or loss during
the period and -€2.7m of cash interests payments) and to the TVH segment (shareholder loan from the Corporate & unallocated
segment put in place on 1
st
October 2021 in the framework of the acquisition of a 40% stake in TVH, of which €0.6m represents
accrued interests).
D’Ieteren Automotive’s net debt reached €210.8m at the end of December 2022 (€55.7m at the end of December 2021). The
increase of €155.1m mainly stems from a -€101.3m free cash-flow consumption (mainly explained by a -€155.3m outflow from
change in net working capital, -€33.9m investments in tangible and intangible assets, -€36.0m tax paid, -€14.4m lease
repayments, and -€15.6m of cash outflow from adjusting items, more than compensating the strong EBITDA generation of
€167.1m) as well as -€51.6m dividend paid to the Corporate & unallocated segment.
Belron’s net financial debt reached €4,020.1m at the end of December 2022. This compares with €3,794.9 at the end of
December 2021. The increase of €225.2m is primarily the result of the dividend paid by Belron to its shareholders in H2-2022
(€403.8m, of which €212.5m to the Group), an adverse foreign exchange impact on net debt of €124.5m, partially compensated
by a strong free cash flow generation (€298.8m, thanks to an EBITDA of €1,269.5m, partially compensated by outflow from
change in net working capital of -€107.2m, net CAPEX of -€84.3m, lease repayments of -€187.7m, tax paid for -€162.7m,
interests paid of -€142.3m, acquisitions of -€159.8m and a cash outflow from adjusting items of -€124.9m).
Moleskine’s net debt reached €275.7m (of which €272.3m of inter-segment financing) at the end of December 2022 (€287.0m
at the end of December 2021, of which €264.1m of inter-segment financing). The decrease of €11.3m is mainly the result of
positive free cash-flow generation thanks to a strong EBITDA. An amount of €29.5m of bank term loan has been repaid in 2022
(€14.5m of senior term loan instalment and €15m of voluntary prepayment), reducing the exposure to external bank loan to
€15m as of 31 December 2022.
23Financial and Directors’ Report 2022 I

2022 Full-Year Results
10
Net debt (continued)
TVH’s net financial debt increased from €825.8m to €900.1m at the end of December 2022. The increase of €74.3m compared
to 31 December 2021 is mainly explained by -€52.6m free cash flow consumption (mainly arising from an EBITDA of €295.5m,
partially compensated by an outflow from change in net working capital of -€155.7m, net CAPEX of -€94.1m, tax paid of -
€62.2m, interests paid of -€16.2m, acquisitions of -€13.8m and a cash outflow from adjusting items of -€10.3m) and the effect
of changes in lease liabilities. This amount excludes €10.3m of net cash surplus of TVH Russia included in the lines “Assets
classified as held for sale” and “Liabilities directly associated with the assets held for sale” in TVH’s statement of financial
position.
PHE’s net financial debt amounts to €1,231.8m at 31 December 2022. This includes €4.1m of net financial debt of PHE’s
specialized glass repair activity Mondial Pare-Brise classified as held for sale at 31 December 2022, the disposal of which has
been closed on 13 February 2023. It excludes the put options granted to non-controlling shareholders holding minority interests
in some of PHE’s direct and indirect subsidiaries (valued at €110.2m at 31 December 2022) and the put options granted to
minority investors (including management and several partners and independent distributors), who invested alongside D’Ieteren
Group in the holding company of PHE, up to a combined ownership of c.9% (valued at €137.4m). Refer to note 33 of the 2022
Consolidated Financial Statements for more information on these put options. It also excludes the deferred considerations on
acquisitions of €24.1m (presented in the lines “other payables” and “trade and other payables” in the consolidated statement
of financial position).
The net cash position (including inter-segment financing loans) of the Corporate & unallocated segment decreased from
€1,087.5m at 31 December 2021 to €634.9m at 31 December 2022 mainly as a result of the acquisition of Parts Holding Europe
(closing of the transaction of 4 August 2022, resulting into and equity consideration paid of -€571m), the dividend paid to
D’Ieteren Group’s shareholders (-€113.6m), the acquisition of treasury shares (-€86.7m), partially compensated by the dividend
received from the Belron segment (€212.5m), the D’Ieteren Automotive segment (€51.6m), and the consideration received
(€50.4m) in October 2022 following the investments in PHE from minority investors (including management and several partners
and independent distributors), alongside D’Ieteren Group, up to a combined ownership of c.9%.
24 I Financial and Directors’ Report 2022

Consolidated Financial Statements
D’Ieteren Group SA/NV
Consolidated Financial Statements 2022
Contents
CONSOLIDATED FINANCIAL STATEMENTS
26 Consolidated Statement Of Profit Or Loss
27 Consolidated Statement Of Comprehensive Income
28 Consolidated Statement Of Financial Position
29 Consolidated Statement Of Changes In Equity
30 Consolidated Statement Of Cash Flows
32 Notes to The Consolidated Financial Statements
BASIS OF PREPARATION
32 Note 1: General Information
33 Note 2: Basis of preparation
34 Note 3: Change in Accounting Policies
PERFORMANCE OF THE YEAR
35 Note 4: Segment Information
47 Note 5: Revenue
48 Note 6: Operating Result
49 Note 7: Net Finance Costs
49 Note 8: Earnings per Share
EMPLOYEE BENEFITS
50 Note 9: Share-Based Payments
52 Note 10: Employee Benefits
INCOME TAXES
56 Note 11: Current and Deferred Income Taxes
ASSETS
58 Note 12: Goodwill
60 Note 13: Intangible Assets
61 Note 14: Property, Plant and Equipment
62 Note 15: Investment Property
62 Note 16: Inventories
63 Note 17: Equity-accounted Investees
67 Note 18: Financial Instruments
Fair Value and Risk Management
69 Note 19: Cash and Cash Equivalents
70 Note 20: Trade and Other Receivables
71 Note 21: Non-Current Assets and Disposal Group Classified
as Held for Sale and Discontinued Operations
EQUITY AND LIABILITIES
72 Note 22: Capital and Reserves
73 Note 23: Provisions
74 Note 24: Loans and Borrowings
77 Note 25: Trade and Other Payables
GROUP STRUCTURE
78 Note 26: Business Combinations
81 Note 27: List of Subsidiaries, Associates and Joint Ventures
OTHER INFORMATION
85 Note 28: Contingencies and Commitments
85 Note 29: Related Party Transactions
86 Note 30: Exchange Rates
86 Note 31: Services Provided by the Statutory Auditor
87 Note 32: Leases
88 Note 33: Put Options Granted to Non-Controlling Interests
88 Note 34: Subsequent events
89 Note 35: Accounting Policies
100 STATUTORY AUDITOR’S REPORT
109 SUMMARISED STATUTORY FINANCIAL STATEMENTS
2022
25Financial and Directors’ Report 2022 I

Consolidated Financial Statements
2
Consolidated Statement of Profit or Loss
Year ended 31 December
€m Notes 2022
2021
⁽⁽
¹
⁾⁾
Revenue
5
4,714.6
3,360.5
Cost of sales
6
-3,744.0
-2,881.3
Gross margin
970.6
479.2
Commercial and administrative expenses
6
-775.4
-376.8
Other operating income
6
33.9
10.4
Other operating expenses
6
-22.1
-27.0
Operating result
6
207.0
85.8
Net finance costs
7
-22.8
9.3
Finance income
7
16.8
16.2
Finance costs
7
-39.6
-6.9
Share of result of equity-accounted investees and long-term interests in equity-
accounted investees, net of income tax
17
210.1 184.2
Result before tax
394.3
279.3
Income tax expense
11
-58.5
-28.0
Result from continuing operations
335.8
251.3
Discontinued operations
21
2.9
-
RESULT FOR THE PERIOD
338.7
251.3
Result attributable to:
Equity holders of the Company
338.6
252.4
Non-controlling interests ("NCI")
0.1
-1.1
Earnings per share
Basic (in €)
8
6.29
4.67
Diluted (in €)
8
6.22
4.63
Earnings per share - Continuing operations
Basic (in €)
8
6.24
4.67
Diluted (in €)
8
6.17
4.63
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022.
Refer to note 1 for more information on the restatement of comparative information and note 17 for more information on the purchase price allocation of TVH.
The notes on pages 8 to 75 are an integral part of these consolidated financial statements.
The Group uses Alternative Performance Measures (non-GAAP measures) to reflect its financial performance – Refer to the consolidated management report
and the press release for more information.
The notes on pages 32 to 99 are an integral part of these consolidated financial statements.
The Group uses Alternative Performance Measures (non-GAAP measures) to reflect its financial performance – Refer to the consolidated management report and the press
release for more information.
26 I Financial and Directors’ Report 2022

Consolidated Financial Statements
3
Consolidated Statement of Comprehensive Income
Year ended 31 December
€m Notes 2022
2021
⁽⁽
¹
⁾⁾
Result for the period
338.7
251.3
Other comprehensive income
Items that will never be reclassified to profit or loss (net of tax):
-15.7
18.1
Re-measurements of defined benefit liabilities/assets
13.1
5.2
Equity-accounted investees - share of OCI
17
-28.8
12.9
Items that may be reclassified subsequently to profit or loss (net of tax) 130.4 28.9
Translation differences 1.2 -0.1
Cash flow hedges: fair value gains (losses) in equity 1.3 -
Equity-accounted investees - share of OCI 17 127.9 29.0
Other comprehensive income, net of tax
114.7
47.0
Total comprehensive income for the period
453.4
298.3
being:
attributable to equity holders of the Company
453.1
299.4
attributable to non-controlling interests ("NCI")
0.3
-1.1
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022.
Refer to note 1 for more information on the restatement of comparative information and note 17 for more information on the purchase price allocation of TVH.
The notes on pages 8 to 75 are an integral part of these consolidated financial statements.
The notes on pages 32 to 99 are an integral part of these consolidated financial statements.
27Financial and Directors’ Report 2022 I

Consolidated Financial Statements
4
Consolidated Statement of Financial Position
At 31 December
€m Notes 2022
2021
⁽⁽
¹
⁾⁾
Goodwill
12
981.2
83.2
Intangible assets
13
749.6
439.1
Property, plant & equipment
14
566.1
265.4
Investment property
15
41.8
33.6
Equity-accounted investees & long-term interests in equity-accounted investees 17 1,372.6 1,220.6
Financial investments
2.6
0.1
Deferred tax assets
11
57.4
46.6
Other receivables
20
75.8
49.0
Non-current assets
3,847.1
2,137.6
Inventories
16
1,191.7
446.2
Financial investments
4
128.6
544.1
Derivative financial instruments
4.1
-
Current tax assets
11
9.2
9.4
Trade and other receivables
20
698.6
380.6
Cash & cash equivalents
19
345.8
354.6
Assets classified as held for sale
21
72.2
0.1
Current assets
2,450.2
1,735.0
TOTAL ASSETS
6,297.3
3,872.6
Capital & reserves attributable to equity holders
3,165.2
2,975.9
Non-controlling interests ("NCI")
12.7
0.4
Equity
3,177.9
2,976.3
Employee benefits
10
39.4
25.5
Provisions
23
18.1
15.5
Loans & borrowings
24
1,232.5
158.4
Put options granted to non-controlling interests
33
244.7
-
Other payables
25
32.5
-
Deferred tax liabilities
11
139.4
133.1
Non-current liabilities
1,706.6
332.5
Provisions
23
15.5
11.3
Loans & borrowings
24
368.1
53.1
Put options granted to non-controlling interests
33
5.8
-
Current tax liabilities
11
11.7
2.8
Trade & other payables
25
984.7
496.0
Liabilities directly associated with the assets held for sale
21
27.0
0.6
Current liabilities
1,412.8
563.8
TOTAL EQUITY AND LIABILITIES
6,297.3
3,872.6
(1) As restated to reflect the adjustments performed on the statement of financial position of TVH to improve the consistency of accounting policies across
all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on
the restatement of comparative information and note 17 for more information on the purchase price allocation of TVH.
The notes on pages 8 to 75 are an integral part of these consolidated financial statements.
The notes on pages 32 to 99 are an integral part of these consolidated financial statements.
28 I Financial and Directors’ Report 2022

Consolidated Financial Statements
5
Consolidated Statement of Changes in Equity
€m
Capital and reserves attributable to equity holders
Total
Group's
share
Non-
controlling
interests
Equity
Share
capital
Share
premium
Treasury
shares
reserve
Hedging
reserve
Retained
earnings
Cumulative
translation
differences
At 1 January 2021
160.0
24.4
-38.0
-24.7
2,582.3
19.7
2,723.7
3.5
2,727.2
Profit for the period
⁽
¹
⁾
-
-
-
-
252.4
-
252.4
-1.1
251.3
Other comprehensive income⁽¹⁾
-
-
-
20.8
13.4
12.8
47.0
-
47.0
Total comprehensive income for
the period⁽⁽¹⁾⁾
- - - 20.8 265.8 12.8 299.4 -1.1 298.3
Movement of treasury shares
- - -9.4 - - - -9.4 -
-9.4
Dividends - - - - -72.9 - -72.9 - -72.9
Movement arising from
transactions with MRP participants
(see note 17)
- - - - 29.7 - 29.7 - 29.7
Other movements
⁽
¹
⁾⁽
³
⁾
-
-
-
-
5.4
-
5.4
-
5.4
Total contribution and distribution
- - -9.4 - -37.8 - -47.2 - -47.2
Disposal of subsidiary with change
in control
- - - - - - - -2.0 -2.0
Total change in ownership
interests
- - - - - - - -2.0 -2.0
31 December 2021⁽⁽¹⁾⁾
160.0
24.4
-47.4
-3.9
2,810.3
32.5
2,975.9
0.4
2,976.3
At 1 January 2022⁽⁽¹⁾⁾
160.0
24.4
-47.4
-3.9
2,810.3
32.5
2,975.9
0.4
2,976.3
Restatement⁽²⁾
-
-
-
-
-1.4
-
-1.4
-
-1.4
At 1 January 2022 (restated)
160.0
24.4
-47.4
-3.9
2,808.9
32.5
2,974.5
0.4
2,974.9
Profit for the period
-
-
-
-
338.6
-
338.6
0.1
338.7
Other comprehensive income
-
-
-
57.9
-15.9
72.5
114.5
0.2
114.7
Total comprehensive income for
the period
- - - 57.9 322.7 72.5 453.1 0.3 453.4
Movement of treasury shares (see
note 22)
- - -86.7 - - - -86.7 - -86.7
Dividends - - - - -113.8 - -113.8 - -113.8
Movement arising from
transactions with MRP participants
(see note 17)
- - - - 24.3 - 24.3 - 24.3
Put options - movement of the
period (see note 33)
- - - - -100.3 - -100.3 -0.3 -100.6
Other movements⁽³⁾
-
-
-
-
21.4
-
21.4
-
21.4
Total contribution and distribution
-
-
-86.7
-
-168.4
-
-255.1
-0.3
-255.4
Disposal of NCI without change in
control
- - - - -7.3 - -7.3 10.3 3.0
Acquisition of subsidiary with NCI
-
-
-
-
-
-
-
1.8
1.8
Disposal of subsidiary with change
in control
- - - - - - - 0.2 0.2
Total change in ownership
interests
- - - - -7.3 - -7.3 12.3 5.0
At 31 December 2022
160.0
24.4
-134.1
54.0
2,955.9
105.0
3,165.2
12.7
3,177.9
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022.
Refer to note 1 for more information on the restatement of comparative information and note 17 for more information on the purchase price allocation of TVH.
(2) Opening balance of Equity at 1 January 2022 has been restated to reflect a change in accounting policy on write-down on inventories at Moleskine level,
in accordance with IAS 8.24.
(3) The lines “other movements” in 2021 and 2022 mainly include equity-settled share-based payments expenses in the Belron (see note 17) and Corporate &
unallocated segments (see note 9).
The notes on pages 8 to 75 are an integral part of these consolidated financial statements.
The notes on pages 32 to 99 are an integral part of these consolidated financial statements.
29Financial and Directors’ Report 2022 I

Consolidated Financial Statements
6
Consolidated Statement of Cash Flows
Year ended 31 December
€m Notes 2022
2021
⁽⁽
¹
⁾⁾
Cash flows from operating activities - Continuing
Result from continuing operations
335.8
251.3
Income tax expense
11
58.5
28.0
Share of result of equity-accounted investees and long-term interests in equity-
accounted investees, net of income tax
17 -210.1 -184.2
Net finance costs
7 22.8 -9.3
Operating result from continuing operations
207.0
85.8
Depreciation on PP&E (including right-of-use assets)
6/14/15
68.1
37.5
Amortisation of intangible assets
6/13
20.4
9.0
Other non-cash items
4 -17.5 7.6
Share-based payment and other employee benefit expenses
4/9 24.1 9.0
Other cash items
1.5
0.5
Change in trade and other receivables
4
94.2
29.8
Change in trade and other payables
4 6.9 3.0
Change in inventories
4 -259.9 18.9
Cash generated from operations
144.8
201.1
Income tax paid
-57.2
-25.2
Net cash from operating activities
87.6
175.9
Cash flows from investing activities - Continuing
Purchase of property, plant and equipment and intangible assets
13/14/15 -77.0 -46.7
Sale of property, plant and equipment and intangible assets
10.4
3.7
Net capital expenditure
-66.6
-43.0
Acquisition of subsidiaries (net of cash acquired)
26
-516.8
-9.0
Acquisition of equity-accounted investees and long-term interests in equity-
accounted investees
17 - -1,147.0
Contribution of cash from / (to) joint ventures
2.4 -4.8
Proceeds from the sale of / (investments in) financial assets
4 415.2 193.3
Interest received
7.2
1.4
Dividends and proceeds from capital reduction received from equity-accounted
investees & long-term interests in equity accounted investees
4/17 217.0 874.3
Shareholder loan towards equity-accounted investee
-
-40.0
Loans to employees in relation to Long Term Incentive Plan and stock options
-1.3
-3.9
Net cash from investing activities
57.1
-178.7
Cash flows from financing activities - Continuing
Acquisition (-)/Disposal (+) of non-controlling interests
26
53.1
-
Acquisition of treasury shares
22
-117.4
-13.7
Disposal of treasury shares
22
30.7
4.7
Repayment of lease liabilities
24
-37.9
-16.1
Proceeds from loans and borrowings
24
107.4
118.3
Repayment of loans and borrowings
24
-47.3
-8.7
Interest paid
-19.8
-6.4
Dividends paid by Company
22
-113.6
-72.9
Net cash from financing activities
-144.8
5.2
Cash flows from continuing operations
-0.1
2.4
Cash flows from discontinued operations
21
2.1
-
TOTAL CASH FLOW FOR THE PERIOD
2.0 2.4
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year.
Refer to note 1 for more information on the restatement of comparative information and note 17 for more information on the purchase price allocation of TVH.
2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line “Other non-cash items” to the line “Share-
based payment and other employee benefit expenses”.
The notes on pages 8 to 75 are an integral part of these consolidated financial statements.
The notes on pages 32 to 99 are an integral part of these consolidated financial statements.
30 I Financial and Directors’ Report 2022

Consolidated Financial Statements
7
Consolidated Statement of Cash Flows (continued)
Year ended 31 December
€m Notes 2022
2021
⁽⁽
¹
⁾⁾
Reconciliation with statement of financial position
Cash at beginning of period
19
354.6
351.3
Cash and cash equivalents at beginning of period
354.6
351.3
Total cash flow for the period
2.0
2.4
Effects of movement in exchange rates
0.4
0.9
Cash and cash equivalents at end of period
357.0
354.6
Included within "Cash and cash equivalents"
19
345.8
354.6
Included within "Non-current assets classified as held for sale"
21
11.2
-
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year.
Refer to note 1 for more information on the restatement of comparative information and note 17 for more information on the purchase price allocation of TVH.
2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line “Other non-cash items” to the line “Share-
based payment and other employee benefit expenses”.
The notes on pages 8 to 75 are an integral part of these consolidated financial statements.
The notes on pages 32 to 99 are an integral part of these consolidated financial statements.
31Financial and Directors’ Report 2022 I

Consolidated Financial Statements
8
Notes to the Consolidated Financial Statements
Note 1: General information
D’Ieteren Group SA/NV (the Company) is a public company incorporated and domiciled in Belgium. The address of the
Company’s registered office is: Rue du Mail 50, B-1050 Brussels.
In existence since 1805, and across family generations, D’Ieteren Group (the Group) seeks growth and value creation by pursuing
a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their
industry and geographies. The Group currently totally or partially owns the following businesses:
- Belron (50.01% in fully diluted economic rights - equity-accounted investee) has a clear purpose: “making a difference by
solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates
in 37 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®,
Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance
customers.
- D'Ieteren Automotive (100%) distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Cupra, Rimac,
Microlino, Maserati and Porsche vehicles in Belgium. It has a market share of 22.5% and 1.2 million vehicles on the road.
Its business model is evolving towards “improving the lives of citizens with fluid, accessible and sustainable mobility”.
- PHE (c.91% in voting rights – see note 26 for more information on economic percentage) is a leader in the independent
distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy
and Spain. Its mission aims at “promoting affordable and sustainable mobility”.
- TVH (40% - equity-accounted investee), is a leading global independent distributor for aftermarket parts for material
handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique
operating model and has a clear purpose of “keeping customers going and growing”.
- Moleskine (100%) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and
writing, travel and reading accessories through a global multichannel platform. Its purpose is to “unleash the human genius
through hands on paper to empower creativity and knowledge in each individual and the entire world”.
- D’Ieteren Immo (100%) groups together the Belgian real estate interests of D’Ieteren Group. It owns and manages 35
properties. It also pursues investment projects and carries out studies into possible site renovations.
The Company is listed on Euronext Brussels under the ticker DIE.
These consolidated financial statements have been authorized for issue by the Board of Directors on 24 March 2023.
Restatement of comparative information
In accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, the line “equity accounted
investees & long-term interests in equity-accounted investees” in the consolidated statement of financial position at 31
December 2021, the line “share of result of equity-accounted investees and long-term interests in equity-accounted investees,
net of income tax” in the 2021 consolidated statement of profit or loss and the lines “result for the period” and “equity accounted
investees – share of OCI” in the 2021 consolidated statement of comprehensive income have been restated to reflect the share
of the Group in the adjustments performed on the 3-month statement of profit or loss and other comprehensive income of TVH
to improve the consistency of the accounting policies across all affiliates and to be fully in line with the IFRS requirements and
to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 (see note 17 for more information
on the purchase price allocation of TVH).
The table below summarizes the restatement performed in the segment statement of profit or loss and segment statement of
financial position and reconciles those amounts to the consolidated statement of profit or loss and consolidated statement of
financial position.
€m - restatement of the segment statement of profit or loss
31 December 2021
TVH (100%) Eliminations Group
Segment revenue
-2.0
2.0
-
Operating result -17.3 17.3 -
Net finance costs
1.7
-1.7
-
Share of result of equity-accounted investees and long-term interests in equity-
accounted investees, net of income tax
-4.1 -4.1
Result before tax
-15.6
11.5
-4.1
Income tax expense 5.3 -5.3 -
Result from continuing operations
-10.3
6.2
-4.1
of which: attributable to equity holders of the Company* -4.1 -4.1
*TVH at 40%
32 I Financial and Directors’ Report 2022

Consolidated Financial Statements
9
€m - restatement of the segment statement of financial position
31 December 2021
TVH (100%)
Corporate &
unallocated
Eliminations Group
Goodwill
-1,354.8
1,354.8
-
Intangible assets 1,063.5 -1,063.5 -
Property, plant & equipment 130.3 -130.3
Equity-accounted investees and long-term interests in equity-
accounted investees
-2.5 -2.5
Derivative financial instruments
0.1
-0.1
-
Deferred tax assets
5.9
-5.9
-
Non-current assets
-155.0
-
152.5
-2.5
Inventories
-42.6
42.6
Financial investments
-1.9
1.9
Trade and other receivables
53.4
-53.4
Cash & cash equivalents
-2.7
2.7
Current assets
6.2
-
-6.2
-
TOTAL ASSETS
-148.8
-
146.3
-2.5
Capital & reserves attributable to equity holder of the Company*
-2.5
-2.5
Employee benefits
11.7
-11.7
-
Loans & borrowings
90.7
-90.7
-
Inter-segment loan
-0.6
0.6
-
Derivative financial instruments
3.6
-3.6
-
Deferred tax liabilities
288.3
-288.3
-
Non-current liabilities
393.7
0.6
-394.3
-
Provisions
1.7
-1.7
-
Loans & borrowings
10.8
-10.8
-
Inter-segment loan
0.6
-0.6
-
Trade & other payables
-7.4
7.4
-
Current liabilities
5.7
-0.6
-5.1
-
TOTAL EQUITY AND LIABILITIES
399.4
-2.5
-399.4
-2.5
*TVH at 40%
Alternative Performance Measurement – Non-GAAP measurement
In order to better reflect its underlying performance and assist investors in gaining a better understanding of its financial
performance, the Group uses Alternative Performance Measures (“APMs”). These APMs are non-GAAP measures, i.e. their
definition is not addressed by IFRS. The Group does not present APMs as an alternative to financial measures determined in
accordance with IFRS and does not give to APMs greater prominence than defined IFRS measures.
Note 2: Basis of preparation
These 2022 consolidated financial statements are for the 12 months ended 31 December 2022. They are presented in euro,
which is the Group’s functional currency. All amounts have been rounded to the nearest million, unless otherwise indicated.
They have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) and the related
International Financial Reporting Interpretations Committee (“IFRIC”) interpretations issued which have been adopted by the
European Union (“EU”) as at 31 December 2022 and are effective for the period ending 31 December 2022.
These consolidated financial statements have been prepared under the historical cost convention, except for employee benefits,
non-current assets and liabilities held for sale, business combination, financial assets and financial liabilities (including derivative
instruments) and put options granted to non-controlling interests that have been measured at fair value.
On 31 December 2021 and 31 December 2022, in the consolidated statement of financial position, financial assets measured at
fair value are limited to the portfolio of marketable securities held in the Corporate & unallocated segment (see note 18) and to
derivative financial instruments (see note 18). At 31 December 2022, financial liabilities measured at fair value are limited to the
put options granted to non-controlling interests (see note 33) and to contingent considerations recognised in the D’Ieteren
Automotive and PHE segments (see note 18 and 26). There are no other financial liabilities measured at fair value at 31 December
2021 and 31 December 2022 in the consolidated statement of financial position.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect
the application of the Group’s accounting policies and the reported amounts of income, expenses, assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from these
estimates. If in the future such estimates and assumptions, which are based on management’s best judgement at the date of
the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as
33Financial and Directors’ Report 2022 I

Consolidated Financial Statements
10
appropriate in the period in which the circumstances change or prospectively. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are listed
below. They are also disclosed in the relevant notes.
- Measurement of defined benefit obligations (key actuarial assumptions used). See note 10.
- Recognition of deferred tax assets (availability of future taxable profit against which deductible temporary differences
and carried forward tax losses can be used). See note 11.
- Goodwill and brands with indefinite useful lives. See note 12.
- Impairment tests (key assumptions underlying recoverable amounts). See note 12.
- Recognition and measurement of provisions and contingencies (key assumptions about the likelihood and magnitude
of an outflow of resources). See note 23.
- Measurement of expected credit loss (ECL) allowance for doubtful trade receivables (key assumptions in determining
the weighted average loss rate). See note 20.
- Provision for inventory obsolescence. See note 16.
- Acquisition of subsidiary (fair value of the consideration transferred and of the assets acquired and liabilities assumed).
See note 26.
- Lease term (whether the Group is reasonably certain to exercise extension or termination options). See note 32.
- Put options granted to non-controlling interests (discount rates used and estimates of the future profitability of the
business). See note 33.
- Contingent consideration on acquisitions. See note 26.
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-
financial assets and liabilities. Further information is included in the relevant notes. The main areas are employee benefits (see
note 10), share-based payments (see note 9), investment properties (see note 15), financial instruments (see note 18), business
combinations (see note 26) and put options granted to non-controlling interests (see note 33). When measuring the fair value
of an asset or a liability, the Group used observable market data as far as possible. Fair values are categorised into different
levels in a fair value hierarchy based on the inputs used in the valuation techniques (see note 18).
Risks and uncertainties
The COVID-19 pandemic, the ongoing war in Ukraine and the turmoil in the banking system have a significant impact on the
world economy and have increased the overall uncertainties, inflationary pressures and market instability. The Board of Directors
considered the impact of these risks as the basis of preparation of these consolidated financial statements.
The Group continues to take measures to minimize the impact of these risks on cash flows and is ensuring that it has the
necessary liquidity structure in place for the foreseeable future. Taking this into account, the Board of Directors has a reasonable
expectation that the Group is well placed to manage its business risks, has enough liquidities to continue to meet its liabilities
as they fall due and to continue in operational existence for the foreseeable future. These consolidated financial statements
have therefore been prepared on a going concern basis.
The impact of the ongoing war in Ukraine in the medium and long term remains uncertain. Belron had franchise activities in
Russia which have been suspended and in Ukraine, where operations paused at the start of the war, but were resumed in June.
The contribution of the franchised activities in those two countries were not financially meaningful. However, Belron sourced
some glass (less than 5% of the total) from Russia and has therefore found alternative sources of supply. At D’Ieteren Automotive,
volumes on certain models are negatively impacted by supply chain issues as Volkswagen Group sources some components in
the region. The conflict is also impacting TVH, which had generated combined sales of around €50m in those countries in 2021
and has decided to stop operating in Russia. TVH is currently in the process of disposing of the activities in Russia to the local
management. For this reason, the activity in Russia is qualified as “Assets classified as held for sale” and “Liabilities directly
associated with the assets held for sale” in the segment statement of financial position. Moleskine’s exposure to the region is
immaterial. The Group and Group’s activities are monitoring the situation on a daily basis, complying with any applicable
sanctions.
Note 3: Changes in significant accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out in note 35.
These policies have all been consistently applied to all the years presented, unless otherwise stated.
34 I Financial and Directors’ Report 2022

Consolidated Financial Statements
11
Note 4: Segment information
The Group’s reportable operating segments are D’Ieteren Automotive, Belron, Moleskine, TVH (as from 1
st
October 2021) and
PHE (as from 4
th
of August 2022 – including the holding company of the PHE Group - see note 26). The other segments are
disclosed in the category “Corporate & Unallocated” (D’Ieteren Group, corporate and real estate activities). These operating
segments are consistent with the Group’s organisational and internal reporting structure, and with the requirements of IFRS 8
“Operating Segments”.
D’Ieteren Automotive comprises the automobile distribution activities of the Group through D’Ieteren Automotive SA/NV and its
subsidiaries, affiliates and joint ventures. Belron comprises Belron Group s.a. and its subsidiaries, affiliates and joint ventures.
Moleskine includes Moleskine S.p.a. and its subsidiaries, affiliates and joint ventures. TVH includes TVH Global SA/NV and its
subsidiaries, affiliates and joint ventures. PHE includes Parts Holding Europe SAS and its holding company, its subsidiaries,
affiliates and joint ventures. Despite their classification as equity-accounted investees, Belron and TVH remain separate
reportable operating segments, reflecting the Group’s internal reporting structure. The segment “Corporate & unallocated”
comprises the corporate department and the real estate activities of the Group, through its wholly owned subsidiary D’Ieteren
Immo SA/NV (see note 1).
These operating segments are consistent with the Group’s organisational and internal reporting structure.
Segment Statement of Profit or Loss - Operating Segments (Year ended 31 December)
€m Notes 2022
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE (5
months)
Corp. &
unallocated
Eliminations Group
External revenue
5
3,609.5
5,574.3
143.3
1,621.7
961.8
-
-7,196.0
4,714.6
Segment revenue
3,609.5
5,574.3
143.3
1,621.7
961.8
-
-7,196.0
4,714.6
Operating result (being segment
result)
145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0
Net finance costs
7
6.5
-348.8
-11.0
-6.5
-31.1
12.8
355.3
-22.8
Finance income
7
11.2
20.5
2.1
15.4
0.2
1.0
-33.6
16.8
Finance costs
7
-4.7
-369.3
-2.4
-19.6
-31.3
-1.2
388.9
-39.6
Inter-segment financing
interests
7 - - -10.7 -2.3 - 13.0 - -
Share of result of equity-
accounted investees and long-
term interests in equity-
accounted investees, net of
income tax
17 6.8 0.4 - - 0.2 - 202.7 210.1
Result before tax
159.2
512.5
10.2
165.5
14.0
7.8
-474.9
394.3
Income tax expense
11
-44.1
-211.3
-1.0
-34.3
-9.6
-3.8
245.6
-58.5
Result from continuing
operations
115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8
Discontinued operations
21
-
-
-
-
2.9
-
-
2.9
RESULT FOR THE PERIOD
115.1
301.2
9.2
131.2
7.3
4.0
-229.3
338.7
Attributable to:
D'Ieteren
Autom.
Belron(*) Moleskine
TVH
(*)
PHE (5
months)
Corp. &
unallocated
Group
Equity holders of the
Company(*)
115.7 150.6 9.2 52.5 6.6 4.0 338.6
Non-controlling interests ("NCI")
-0.6
-
-
-
0.7
-
0.1
RESULT FOR THE PERIOD
115.1
150.6
9.2
52.5
7.3
4.0
338.7
(*) Belron at 50.01% (fully diluted economic rights) and TVH at 40.00% – see note 17.
35Financial and Directors’ Report 2022 I

Consolidated Financial Statements
12
Segment Statement of Profit or Loss – Operating Segments (Year ended 31 December)
€m
2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100% - 3
months)
Corp. &
unallocated
Eliminations Group
External revenue 3,238.9 4,646.8 121.6 348.0 - -4,994.8 3,360.5
Segment revenue
3,238.9
4,646.8
121.6
348.0
-
-4,994.8
3,360.5
Operating result (being segment result)
81.0
691.5
12.1
29.0
-7.3
-720.5
85.8
Net finance costs
-0.2
-228.6
-10.5
-2.2
20.0
230.8
9.3
Finance income 12.8 3.1 2.0 8.2 0.8 -10.7 16.2
Finance costs
-1.7
-231.7
-2.2
-9.8
-3.0
241.5
-6.9
Inter-segment financing interests
-11.3
-
-10.3
-0.6
22.2
-
-
Share of result of equity-accounted
investees and long-term interests in
equity-accounted investees, net of
income tax
8.1 0.5 - - - 175.6 184.2
Result before tax
88.9
463.4
1.6
26.8
12.7
-314.1
279.3
Income tax expense
-21.3
-145.5
-5.0
-6.9
-1.7
152.4
-28.0
Result from continuing operations
67.6
317.9
-3.4
19.9
11.0
-161.7
251.3
Discontinued operations
-
-
-
-
-
-
-
RESULT FOR THE PERIOD
67.6
317.9
-3.4
19.9
11.0
-161.7
251.3
Attributable to:
D'Ieteren
Autom.
Belron(*) Moleskine
TVH
(100% - 3
months)(*)
Corp. &
unallocated
Group
Equity holders of the Company(*)
68.9
168.1
-3.6
8.0
11.0
252.4
Non-controlling interests ("NCI")
-1.3
-
0.2
-
-
-1.1
RESULT FOR THE PERIOD
67.6
168.1
-3.4
8.0
11.0
251.3
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022.
Refer to note 1 for more information on the restatement of comparative information.
(*) Belron at 52.88% (weighted average percentage for the 2021 period) and TVH at 40.00% – see note 17.
In 2022, the column “Eliminations” reconciles the segment statement of profit or loss (with the 12-month result of Belron and
TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (with
the net result of Belron and TVH presented in the line “share of result of equity-accounted investees and long-term interest in
equity-accounted investees, net of income tax”, representing the share of the Group – 50.01%; see note 17 – in the 12-month
net result of Belron and the share of the Group – 40.00%; see note 17 – in the 12-month net result of TVH).
In 2021, the column “Eliminations” reconciled the segment statement of profit or loss (with the 12-month result of Belron and
the 3-month result of TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of
profit or loss (with the net result of Belron and TVH presented in the line “share of result of equity-accounted investees and
long-term interest in equity-accounted investees, net of income tax”, representing the share of the Group – 52.88%; see note
17 – in the 12-month net result of Belron and the share of the Group – 40.00%; see note 17 – in the 3-month net result of TVH).
In the consolidated statement of profit or loss, the increase in commercial and administrative expenses and other operating
income in the period are mainly explained by the integration of the PHE segment in the consolidated statement of profit or loss
as from the date of acquisition (4
th
of August 2022 – see note 26).
D’Ieteren Automotive
In 2022, the line “finance income” includes, amongst other amounts, a consolidated gain of €10.2m recognized on the loss of
exclusive control of Lizy and MyMove following the entry into capital by investors for 29% in Lizy and 33% in MyMove (both
through capital increases). The consolidated gain represents the difference between the fair value of the non-controlling
interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount of the assets and liabilities of the
subsidiaries at the date the control was lost. These two entities are accounted for as equity accounted investees as from the
1st of January 2022 (see note 17). In 2021, this line included, amongst other amounts, a consolidated gain of €12.4m recognised
on the loss of exclusive control of Skipr following the acquisition of 17% beginning of July 2021 of the share capital of Skipr by
ALD Automotive.
36 I Financial and Directors’ Report 2022

Consolidated Financial Statements
13
In 2021, the line “Operating result” included, amongst other amounts, the charge of -€21.8m related to the decision of D’Ieteren
Automotive to close two of its structurally loss-making sites.
In 2021, the line “inter-segment financing interests” included the early repayment fee of -€8.0m paid by D’Ieteren Automotive
to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan.
Belron
In 2022, the line “Operating result” includes, amongst other amounts, -€39.4m of employees costs in relation to the restricted
share units (‘RSUs’) awarded by the Board of Directors of Belron in December 2021 to c.24,000 employees (this comprises a
share-based payment charge of -€37.0m and associated payroll taxes of -€6.3m, as well as €3.9m release of surplus accrual –
this transaction has and will have no economic impact on the Group and on the 50.01% fully diluted stake held by the Group in
Belron). It also includes -€122.7m of costs in relation with the group-wide transformation programme and -€14.7m of costs in
respect of restructurings and integrations. In 2021, this line included, amongst other amounts, -€64.0m of costs in relation with
the group-wide transformation programme, -€48.7m of employee costs in relation with the one-off cash bonus and the restricted
share units (‘RSUs’), -€10.5m of one-off donation to the Ronnie Lubner Foundation and costs in respect of restructurings and
integrations.
In 2022 and 2021, the line “finance costs” includes, amongst other amounts, costs related to the refinancing operated in April
2021. In 2022, It includes -€197.7m of non-cash foreign exchange losses arising upon the translation of the USD Term Loan at
the closing rate (-€67.7m in 2021) because the foreign exchange movements on these borrowings did not qualify for quasi-
equity accounting. A new structure was implemented in September 2022 which allows the foreign currency movements on
these borrowings to naturally flow via OCI through the translation reserve in the statement of financial position prospectively.
The loss of -€197.7m, which arose before the structuring solution was implemented, remained in the 2022 statement of profit
or loss. In 2021, this line also included costs related to the de-designation of interest rate swaps, write-off of previously deferred
financing costs, professional fees and legal expenses.
Moleskine
In 2021, the line “income tax expense” included the reversal of the deferred tax assets previously recognised on the elimination
of intercompany margin in inventories.
TVH
In 2022, the line “Operating result” includes, amongst other amounts, -€75.2m amortization on customer contracts and other
intangible assets with finite useful lives recognized following the finalization of the purchase price allocation by the Group in the
second half of 2022 (see note 17) and -€18.6m of costs in relation to the IT and business transformation programme. In 2021
(3-month period restated – see note 1), this line included, amongst other amounts, -€18.8m amortization on customer contracts
and other intangible assets with finite useful lives recognized following the finalization of the purchase price allocation by the
Group in the second half of 2022 (see note 17).
In 2022, the line “finance income” includes €6.1m of change in fair value of interest rates swaps. In 2021 (3-month period,
restated – see note 1), change in fair value of interest rates swaps amounted to -€0.9m and were included in the line “finance
costs”.
PHE
In 2022, the line “discontinued operations” relates to the net result of PHE’s specialized glass repair activity Mondial Pare-Brise,
from the date of the acquisition of PHE by the Group (4
th
of August 2022 – see note 26) until 31 December 2022. Assets and
liabilities of Mondial Pare Brise are classified as held for sale in the consolidated statement of financial position at 31 December
2022 (see note 21).
The result attributable to non-controlling interests relates to the results attributable to non-controlling shareholders holding
minority interests at the level of the direct and indirect subsidiaries of PHE. The percentage used to consolidate the net result
of PHE is 100% in 2022 and beyond (refer to note 33 for more information).
Corporate & non-allocated
In 2022, the line “Operating result” includes, amongst other amounts, €3.4m of gain on the disposal of two properties (included
in the line “other operating income” in the consolidated statement of profit or loss).
37Financial and Directors’ Report 2022 I

Consolidated Financial Statements
14
Segment Statement of Financial Position - Operating Segment
€m Notes 31 December 2022
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE
Corp. &
unallocated
Eliminations Group
Goodwill
12
49.2
734.1
48.8
788.1
880.1
3.1
-1,522.2
981.2
Intangible assets
13
33.8
527.8
410.4
1,056.7
305.4
-
-1,584.5
749.6
Property, plant & equipment
14
83.0
895.7
16.3
497.2
289.6
177.2
-1,392.9
566.1
Investment property
15
0.1
-
-
-
-
41.7
-
41.8
Equity-accounted investees &
long-term interests in equity-
accounted investees
17 128.8 - - - 5.0 - 1,238.8 1,372.6
Financial investments
0.1
2.3
-
-
2.5
-
-2.3
2.6
Derivative financial instruments
-
142.1
-
2.3
-
-
-144.4
-
Employee benefits
10
-
96.5
-
-
-
-
-96.5
-
Deferred tax assets
11
17.8
53.4
-
15.8
20.0
19.6
-69.2
57.4
Other receivables
20
4.8
34.2
1.1
9.1
25.7
44.2
-43.3
75.8
Non-current assets
317.6
2,486.1
476.6
2,369.2
1,528.3
285.8
-3,616.5
3,847.1
Inventories
16
678.6
445.8
29.7
516.3
483.4
-
-962.1
1,191.7
Financial investments
-
-
-
-
-
128.6
-
128.6
Derivative financial instruments
18
-
41.3
-
-
4.1
-
-41.3
4.1
Current tax assets
11
1.6
7.4
4.3
3.6
2.8
0.5
-11.0
9.2
Trade and other receivables
20
306.4
337.5
34.3
372.9
352.3
5.6
-710.4
698.6
Cash & cash equivalents
19
0.8
146.0
26.9
91.3
122.0
196.1
-237.3
345.8
Assets classified as held for sale
21
-
-
-
17.9
72.2
-
-17.9
72.2
Current assets
987.4
978.0
95.2
1,002.0
1,036.8
330.8
-1,980.0
2,450.2
TOTAL ASSETS
1,305.0
3,464.1
571.8
3,371.2
2,565.1
616.6
-5,596.5
6,297.3
Equity
-
-
-
-
-
3,177.9
-
3,177.9
Employee benefits
10
10.1
3.4
1.9
4.5
26.8
0.6
-7.9
39.4
Provisions
23
15.6
62.0
1.9
0.9
-
0.6
-62.9
18.1
Loans & borrowings
24
93.5
3,981.2
9.9
625.1
1,124.4
4.7
-4,606.3
1,232.5
Inter-segment loan
-
-
272.3
40.0
-
-312.3
-
-
Derivative financial instruments
-
4.8
-
-
-
-
-4.8
-
Put options granted to non-
controlling interests
33 2.9 - - - 241.8 - - 244.7
Other payables
25
-
9.3
-
2.3
32.5
-
-11.6
32.5
Deferred tax liabilities
11
1.1
129.6
105.4
278.5
12.1
20.8
-408.1
139.4
Non-current liabilities
123.2
4,190.3
391.4
951.3
1,437.6
-285.6
-5,101.6
1,706.6
Provisions
23
-
48.0
4.9
2.2
5.4
5.2
-50.2
15.5
Loans & borrowings
24
121.7
203.1
20.4
325.7
225.3
0.7
-528.8
368.1
Inter-segment loan
-
-
-
0.6
-
-0.6
-
-
Derivative financial instruments
-
1.4
-
-
-
-
-1.4
-
Put options granted to non-
controlling interests
33 - - - - 5.8 - - 5.8
Current tax liabilities
11
10.1
100.4
0.5
10.8
-
1.1
-111.2
11.7
Trade & other payables
25
527.1
695.6
30.9
229.0
413.9
12.8
-924.6
984.7
Liabilities directly associated
with the assets held for sale
21 - - - 1.3 27.0 - -1.3 27.0
Current liabilities
658.9
1,048.5
56.7
569.6
677.4
19.2
-1,617.5
1,412.8
TOTAL EQUITY AND
LIABILITIES
782.1 5,238.8 448.1 1,520.9 2,115.0 2,911.5 -6,719.1 6,297.3
38 I Financial and Directors’ Report 2022

Consolidated Financial Statements
15
Segment Statement of Financial Position – Operating Segments
€m
31 December 2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
Corp. &
unallocated
Eliminations Group
Goodwill
31.3
612.1
48.8
786.7
3.1
-1,398.8
83.2
Intangible assets
27.3
498.7
411.7
1,089.7
0.1
-1,588.4
439.1
Property, plant & equipment
65.8
838.4
18.0
450.8
181.6
-1,289.2
265.4
Investment property
0.1 - - - 33.5 - 33.6
Equity-accounted investees & long-term
interests in equity-accounted investees
113.1 - - - - 1,107.5 1,220.6
Financial investments
0.1
1.9
-
0.5
-
-2.4
0.1
Derivative financial instruments
- 9.3 - 0.1 - -9.4 -
Employee benefits
-
200.8
-
-
-
-200.8
-
Deferred tax assets
19.3
99.5
5.3
14.1
22.0
-113.6
46.6
Other receivables
3.9
26.8
1.1
1.9
44.0
-28.7
49.0
Non-current assets
260.9
2,287.5
484.9
2,343.8
284.3
-3,523.8
2,137.6
Inventories
415.8
346.2
30.4
413.3
-
-759.5
446.2
Financial investments
-
-
-
-
544.1
-
544.1
Derivative financial instruments
-
2.5
-
-
-
-2.5
-
Current tax assets
1.1 11.9 6.6 5.9 1.7 -17.8 9.4
Trade and other receivables
321.7
439.4
33.6
283.3
25.3
-722.7
380.6
Cash & cash equivalents
86.0
244.9
38.6
137.0
230.0
-381.9
354.6
Assets classified as held for sale
0.1
0.9
-
-
-
-0.9
0.1
Current assets
824.7
1,045.8
109.2
839.5
801.1
-1,885.3
1,735.0
TOTAL ASSETS
1,085.6
3,333.3
594.1
3,183.3
1,085.4
-5,409.1
3,872.6
Equity
-
-
-
-
2,976.3
-
2,976.3
Employee benefits
21.8 5.4 2.5 12.7 1.2 -18.1 25.5
Provisions
12.0
39.8
3.2
1.7
0.3
-41.5
15.5
Loans & borrowings
111.9
3,841.5
41.8
719.6
4.7
-4,561.1
158.4
Inter-segment loan
-
-
264.1
40.0
-304.1
-
0.0
Derivative financial instruments
- 17.7 - 3.6 - -21.3 -
Other payables
-
16.8
-
0.1
-
-16.9
-
Deferred tax liabilities
1.5
154.3
111.4
292.7
20.2
-447.0
133.1
Non-current liabilities
147.2
4,075.5
423.0
1,070.4
-277.7
-5,105.9
332.5
Provisions
4.3 55.4 1.7 1.7 5.3 -57.1 11.3
Loans & borrowings
32.8
193.5
19.7
202.6
0.6
-396.1
53.1
Inter-segment loan
-
-
-
0.6
-0.6
-
-
Derivative financial instruments
-
9.0
-
-
-
-9.0
-
Current tax liabilities
1.8 67.2 1.0 17.7 - -84.9 2.8
Trade & other payables
449.6
823.1
34.1
178.2
12.3
-1,001.3
496.0
Liabilities directly associated with the assets
held for sale
0.6 1.6 - - - -1.6 0.6
Current liabilities
489.1
1,149.8
56.5
400.8
17.6
-1,550.0
563.8
TOTAL EQUITY AND LIABILITIES
636.3
5,225.3
479.5
1,471.2
2,716.2
-6,655.9
3,872.6
(1) As restated to reflect the adjustments performed on the statement of financial position of TVH to improve the consistency of accounting policies across
all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on
the restatement of comparative information.
In 2021 and 2022, the column “Eliminations” reconciles the segment statement of financial position (including the assets and
liabilities of Belron, and, as from 1 October 2021, the assets and liabilities of TVH) to the IFRS consolidated statement of financial
position (with Belron and TVH presented as equity-accounted investees – see note 17).
At 31 December 2022 and 31 December 2021, the line “inter-segment loan” relates to amounts lent by the Corporate &
unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition) and to the shareholder
loan from the Corporate and Unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a
40% stake in TVH, of which €0.6m represents capitalised interests at the end of 2021 and 2022.
39Financial and Directors’ Report 2022 I

Consolidated Financial Statements
16
At 31 December 2021 and 31 December 2022, right-of-use assets recognised under IFRS 16 are included in the line “Property,
plant and equipment”. The related lease liabilities are accounted for under “Loans and borrowings”.
D’Ieteren Automotive
In 2022, the increase in goodwill compared to 31 December 2021 reflects the acquisition performed in the period as disclosed
in note 26. The acquisitions performed in 2022 amounted to -€10.7m (total consideration paid, net of cash and cash equivalents
acquired) presented in the line “acquisition of subsidiaries, net of cash acquired” in the consolidated statement of cash flows.
At 31 December 2022, the decrease in the line “employee benefits” in the non-current liabilities compared to 31 December
2021 is primarily due to the actuarial movement recognized on the IAS 19 defined benefit obligation, following the increase in
the discount rates (see note 10).
At 31 December 2022, the increase in loans and borrowings compared to 31 December 2021 mainly relates to bank overdrafts
reclassified from “cash and cash equivalents” to “loans and borrowings” (€52.4m at 31 December 2022 vs nil at 31 December
2021). Those bank overdrafts are permitted under the ancillary facilities negotiated under the revolving credit facility of €225m
and mainly result from a significant cash outflow driven by a sharp increase in inventory as the deliveries from the factories
accelerated at the very end of the year. At 31 December 2022, there is no breach of covenants attached to the loans.
Belron
At 31 December 2022 and 31 December 2021, the derivative financial instruments included in the non-current assets mainly
include interest rates swaps, cross currency interest rate swaps and forward exchange contracts, measured at fair value (see
note 18).
At 31 December 2022, the decrease in the line “employee benefits” in the non-current assets compared to 31 December 2021
is primarily the result of an actuarial movement stemming from the increase in the discount rates, leading to a decrease in the
fair value of the plan assets.
Moleskine
At 31 December 2022, the decrease in long-term loans and borrowings compared to 31 December 2021 is mainly due to the
partial reimbursement of the external bank loan in 2022 (€14.5m of senior term loan instalment and €15m of voluntary
prepayment).
TVH
At 31 December 2022 and 31 December 2021, the lines “Goodwill” and “Intangible assets” include the residual value of the
goodwill embedded in the equity investment and the value of the brands, customer contracts and other intangible assets with
finite useful lives recognised by the Group following the acquisition of a 40% stake in TVH on 1
st
October 2021 (see note 17 for
more information on the purchase price allocation finalized by the Group in the second half of 2022).
At 31 December 2022, the lines “Assets classified as held-for-sale” and “Liabilities directly associated with the assets held for
sale” include the fair value of the assets and liabilities of TVH Russia, following the decision taken by the Board in April 2022 to
make TVH Russia independent from TVH and sell it to the Russian management team. TVH Russia is considered as a disposal
group (and not as a discontinued operation) and is therefore classified as held for sale in accordance with IFRS 5. The effective
sale transaction has not yet occurred; the legal contract being still in preparation.
PHE
At 31 December 2022, the line “Goodwill” includes, in addition to the goodwill recognized at the level of PHE, the provisional
goodwill recognised following the acquisition of PHE by the Group on 4
th
of August 2022 (see note 26 for more information on
the business combination of PHE).
At 31 December 2022, the lines “Assets classified as held-for-sale” and “Liabilities directly associated with the assets held for
sale” represent the fair value of the assets and liabilities of PHE’s specialized glass repair activity Mondial Pare-Brise classified
as held for sale at 31 December 2022 (see note 21).
At 31 December 2022, the lines “put options granted to non-controlling interests” include the put options granted to PHE’s
non-controlling shareholders holding minority interests in some of PHE’s direct and indirect subsidiaries, the put options granted
to minority investors (including management and several partners and independent distributors) who invested alongside
D’Ieteren Group in the holding company of PHE up to a combined ownership of c.9% and the put options attached to the free
“ratchet” shares granted to PHE’s management as part of the management reward plan put in place in October 2022 (refer to
note 33 for more information on these put options).
At 31 December 2022, the line “other payables” in the non-current liabilities mainly includes €23.7m of contingent consideration
on past acquisitions.
40 I Financial and Directors’ Report 2022

Consolidated Financial Statements
17
Corporate and unallocated
At 31 December 2022 and 31 December 2021, the line “financial investments” comprises investments in a portfolio of marketable
securities (mainly corporate bonds in Europe). These investments are accounted at amortized costs (corporate bonds) and fair
value through profit or loss (FVTPL - equity instruments). Related net cash movement of €415.5m in 2022 is included in the line
“proceeds from the sale of / (investment in) financial assets” in the consolidated statement of cash flows. Amounts of underlying
investments being large, with short maturities and very quick turnover, acquisitions and disposals of underlying assets are not
separately disclosed. These investments have a maturity of less than one year and weighted average returns in 2022 and 2021
close to 0%.
41Financial and Directors’ Report 2022 I

Consolidated Financial Statements
18
Segment Statement of Cash Flows - Operating Segments (Year ended 31 December)
€m Notes 2022
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE (5
months)
Corp. &
unallocated
Eliminations Group
Cash flows from operating
activities - Continuing
Result from continuing
operations
115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8
Income tax expense 11 44.1 211.3 1.0 34.3 9.6 3.8 -245.6 58.5
Share of result of equity-
accounted investees and long-
term interests in equity-
accounted investees, net of
income tax
17
-6.8 -0.4 - - -0.2 - -202.7 -210.1
Net finance costs 7 -6.5 348.8 11.0 6.5 31.1 -12.8 -355.3 22.8
Operating result from
continuing operations
145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0
Depreciation on PP&E
(including right-of-use assets)
6/14/15 24.2 226.3 6.2 37.1 28.4 9.3 -263.4 68.1
Amortisation of intangible
assets
6/13 4.1 63.7 3.6 76.2 12.7 - -139.9 20.4
Impairment and write-offs on
goodwill and other non-current
assets
- 11.2 - - - - -11.2 -
Other non-cash items
-12.4
-1.0
-1.1
11.8
-0.2
-3.8
-10.8
-17.5
Share-based payment and
other employee benefit
expenses
9 7.4 37.0 3.2 3.7 8.8 4.7 -40.7 24.1
Other cash items
-2.6
1.8
1.8
-
-
2.3
-1.8
1.5
Change in net working capital
-173.0
-159.0
-3.3
-155.6
-3.3
20.8
314.6
-158.8
Cash generated from
operations
-6.4 1,040.9 31.6 145.2 91.3 28.3 -1,186.1 144.8
Income tax paid
-36.0
-162.7
-1.7
-62.2
-17.7
-1.8
224.9
-57.2
Net cash from operating
activities
-42.4 878.2 29.9 83.0 73.6 26.5 -961.2 87.6
Cash flows from investing
activities - Continuing
Purchase of property, plant
and equipment and intangible
assets
13/14/15 -35.5 -107.7 -3.6 -119.6 -22.4 -15.5 227.3 -77.0
Sale of property, plant and
equipment and intangible
assets
3.1 6.9 - 25.5 0.6 6.7 -32.4 10.4
Net capital expenditure -32.4 -100.8 -3.6 -94.1 -21.8 -8.8 194.9 -66.6
Acquisition of subsidiaries (net
of cash acquired)
26 -10.7 -147.4 - -13.8 78.5 -584.6 161.2 -516.8
Disposal of subsidiaries (net of
cash disposed of)
- 2.3 - - - - -2.3 -
Contribution of cash from/(to)
joint venture
2.4 - - - - - - 2.4
Proceeds from the sale of /
(investments in) financial
assets
- - - 0.1 -0.3 415.5 -0.1 415.2
Interest received
0.9
14.4
-
0.7
0.2
6.1
-15.1
7.2
Dividends and proceeds from
capital reduction received
from /(paid by) equity-
accounted investees & long-
term interests in equity
accounted investees
4/17 4.5 -403.8 - - - 212.5 403.8 217.0
Loans to employees in relation
to Long Term Incentive Plan
and stock options
-0.6 - - - - -0.7 - -1.3
Net cash from investing
activities
-35.9 -635.3 -3.6 -107.1 56.6 40.0 742.4 57.1
42 I Financial and Directors’ Report 2022

Consolidated Financial Statements
19
Segment Statement of Cash Flows - Operating Segments (Year ended 31 December – continued)
€m 2022
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100%)
PHE (5
months)
Corp. &
unallocated
Eliminations Group
Cash flows from financing activities -
Continuing
Acquisition (-)/Disposal (+) of non-
controlling interests
2.7 - - - - 50.4 - 53.1
Share capital increase - 0.6 - - - - -0.6 -
Acquisition of treasury shares 22 - - - - - -117.4 - -117.4
Disposal of treasury shares 22 - - - - - 30.7 - 30.7
Net proceeds from the sale &
purchase of own shares (buyback
from MRP participants)
- -7.5 - - - - 7.5 -
Repayment of lease liabilities 24 -14.4 -187.7 -5.1 -12.9 -17.7 -0.7 200.6 -37.9
Proceeds from loans and borrowings 24 66.1 - - 181.2 41.3 - -181.2 107.4
Repayment of loans and borrowings 24 -7.9 -32.6 -29.4 -162.3 -9.8 -0.2 194.9 -47.3
Inter-segment loans - - - - - - - -
Interest paid -1.8 -160.3 -3.9 -15.7 -12.9 -1.2 176.0 -19.8
Dividends received from/(paid to)
other segment
22 -51.6 - - - - 51.6 - -
Dividends paid by the Company - - - - - -113.6 - -113.6
Net cash from financing activities
-6.9
-387.5
-38.4
-9.7
0.9
-100.4
397.2
-144.8
Cash flows from continuing
operations
-85.2 -144.6 -12.1 -33.8 131.1 -33.9 178.4 -0.1
Cash flows from discontinued
operations
- - - - 2.1 - - 2.1
TOTAL CASH FLOW FOR THE
PERIOD
-85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0
Reconciliation with statement of
financial position
Cash at beginning of period 19 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6
Cash and cash equivalents at
beginning of period
86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6
Total cash flow for the period -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0
Effects of movement in exchange
rates
- 45.7 0.4 -1.6 - - -44.1 0.4
Cash and cash equivalents at end of
period
0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0
Included within "Cash and cash
equivalents
19
0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8
Included within "Non-current assets
held for sale"
21
- - - 10.3 11.2 - -10.3 11.2
43Financial and Directors’ Report 2022 I

Consolidated Financial Statements
20
Segment Statement of Cash Flows – Operating Segments (Year ended 31 December – continued)
€m
2021⁽⁽¹⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100% -
3
months)
Corp. &
unallocated
Eliminations Group
Cash flows from operating activities -
Continuing
Result from continuing operations 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3
Income tax expense 21.3 145.5 5.0 6.9 1.7 -152.4 28.0
Share of result of equity-accounted investees
and long-term interests in equity-accounted
investees, net of income tax
-8.1 -0.5 - - - -175.6 -184.2
Net finance costs 0.2 228.6 10.5 2.2 -20.0 -230.8 -9.3
Operating result from continuing operations 81.0 691.5 12.1 29.0 -7.3 -720.5 85.8
Depreciation on PP&E (including right-of-use
assets)
20.3 211.6 7.7 26.3 9.5 -237.9 37.5
Amortisation of intangible assets 5.1 58.1 3.8 0.8 0.1 -58.9 9.0
Impairment and write-offs on goodwill and other
non-current assets
- 18.5 - - - -18.5 -
Other non-cash items
3.4
1.8
3.7
1.3
0.5
-3.1
7.6
Share-based payment and other employee
benefit expenses
2.7 1.8 3.9 0.4 2.4 -2.2 9.0
Other cash items
1.3
-
0.5
-
-1.3
-
0.5
Change in net working capital
79.4
-7.2
-3.9
-24.6
-23.8
31.8
51.7
Cash generated from operations
193.2
976.1
27.8
33.2
-19.9
-1,009.3
201.1
Income tax paid
-21.1
-143.3
-1.3
-2.9
-2.8
146.2
-25.2
Net cash from operating activities
172.1
832.8
26.5
30.3
-22.7
-863.1
175.9
Cash flows from investing activities - Continuing
Purchase of property, plant and equipment and
intangible assets
-26.0 -71.0 -5.0 -14.7 -15.7 85.7 -46.7
Sale of property, plant and equipment and
intangible assets
0.9 9.8 0.1 1.6 2.7 -11.4 3.7
Net capital expenditure
-25.1
-61.2
-4.9
-13.1
-13.0
74.3
-43.0
Acquisition of subsidiaries (net of cash acquired)
-9.0
-17.8
-
-
-
17.8
-9.0
Acquisition of equity-accounted investees and
long-term interests in equity-accounted
investees
- - - - -1,147.0 - -1,147.0
Disposal of subsidiaries (net of cash disposed
of)
- 1.1 - - - -1.1 -
Contribution of cash from/(to) joint venture
-4.8
-
-
-
-
-
-4.8
Proceeds from the sale of / (investments in)
financial assets
- - - - 193.3 - 193.3
Interest received
0.1
1.1
-
0.1
1.3
-1.2
1.4
Dividends and proceeds from capital reduction
received from /(paid by) equity-accounted
investees & long-term interests in equity
accounted investees
- -1,723.4 - - 874.3 1,723.4 874.3
Shareholder loan towards equity-accounted
investee
- - - - -40.0 - -40.0
Loans to employees in relation to Long Term
Incentive Plan and stock options
-3.1 - - - -0.8 - -3.9
Net cash from investing activities -41.9 -1,800.2 -4.9 -13.0 -131.9 1,813.2 -178.7
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year.
Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts
related to employee benefits from the line “Other non-cash items” to the line “Share-based payment and other employee benefit expenses”.
44 I Financial and Directors’ Report 2022

Consolidated Financial Statements
21
Segment Statement of Cash Flows – Operating Segments (Year ended 31 December – continued)
€m
2021
⁽⁽
¹
⁾⁾
D'Ieteren
Autom.
Belron
(100%)
Moleskine
TVH
(100% -
3
months)
Corp. &
unallocated
Eliminations Group
Cash flows from financing activities - Continuing
Acquisition of treasury shares
-
-
-
-
-13.7
-
-13.7
Disposal of treasury shares
-
-
-
-
4.7
-
4.7
Net proceeds from the sale & purchase of own
shares (buyback from MRP participants)
- 57.7 - - - -57.7 -
Repayment of lease liabilities -11.7 -168.1 -3.9 -2.6 -0.5 170.7 -16.1
Proceeds from loans and borrowings 118.2 2,200.2 0.1 32.8 - -2,233.0 118.3
Repayment of loans and borrowings - -1,379.3 -8.5 -30.4 -0.2 1,409.7 -8.7
Inter-segment loans -200.0 - - - 200.0 - -
Inter-segment financing interests -13.8 - - - 13.8 - -
Interest paid -1.4 -165.1 -1.8 -5.7 -3.2 170.8 -6.4
Dividends paid by the Company - - - - -72.9 - -72.9
Net cash from financing activities -108.7 545.4 -14.1 -5.9 128.0 -539.5 5.2
Cash flows from continuing operations 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4
TOTAL CASH FLOW FOR THE PERIOD
21.5
-422.0
7.5
11.4
-26.6
410.6
2.4
Reconciliation with statement of financial position
Cash at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3
Cash and cash equivalents at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3
Total cash flow for the period 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4
Effects of movement in exchange rates - 45.3 0.9 0.5 - -45.8 0.9
Scope entry - - - 125.1 - -125.1 -
Transfer between operating segments 8.5 - - - -8.5 - -
Cash and cash equivalents at end of period 86.0 245.0 38.6 137.0 230.0 -382.0 354.6
Included within "Cash and cash equivalents 86.0 244.9 38.6 137.0 230.0 -381.9 354.6
Included within "Non-current assets held for sale" - 0.1 - - - -0.1 -
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year.
Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts
related to employee benefits from the line “Other non-cash items” to the line “Share-based payment and other employee benefit expenses”.
In 2022 and 2021, the column “Eliminations” reconciles the segment statement of cash flows (with Belron and TVH presented
on all lines under global integration method) to the IFRS Group consolidated statement of cash flows (with Belron and TVH
consolidated under equity-accounting method).
D’Ieteren Automotive
In 2022, the line “other non-cash items” mainly includes movements in provisions (of which -€5.4m reversal of a provision
related to the “Market area” project – optimization of the independent dealer network), non-cash write-down on receivables
and gain on disposals of furniture and equipment. In 2021, this line mainly included non-cash write down on inventories and a
provision related to the decision of D’Ieteren Automotive to close down two of its structurally loss-making sites.
In 2022 and 2021, the line “share based payment and other employee benefit expenses” mainly includes a share-based payment
charge in relation to the long-term incentive plan put in place for management (€7.2m in 2022 – see note 9).
In 2022, the cash outflow from the change in net working capital mainly reflects higher inventories compared to last year.
In 2022, the line “acquisition of subsidiaries (net of cash acquired)” mainly represents the acquisitions of subsidiaries in Belgium,
as disclosed in note 26.
In 2022, the line “proceeds from loans and borrowings” mainly relates to temporary bank overdrafts. In 2021, this line mainly
included the proceeds from the new amortising term loan of €100m.
45Financial and Directors’ Report 2022 I

Consolidated Financial Statements
22
Belron
In 2022 and 2021, the line “share based payment and other employee benefit expenses” relates the share-based payment charge
in relation to the restricted share units (‘RSUs’) awarded by the Board of Directors of Belron in December 2021 (see note 17).
In 2022 and 2021, the line “Impairment and write-offs on goodwill and other non-current assets” include the impairment charge
recognized on goodwill and other non-current assets (see note 17 for more information).
In 2022, the cash outflow from change in net working capital mainly arises from an increase in inventories primarily relating to
the stocking up on the back of inflationary and supply chain pressures.
In 2022 and 2021, the line “Net proceeds from the sale & purchase of own shares (buyback from MRP participants)” represents
the net proceeds from the sales and purchase of own shares to MRP participants (see note 17).
Moleskine
In 2022 and 2021, the line “other non-cash items” mainly includes write down on inventories and receivables.
The line “share based payment and other employee benefit expenses” mainly includes the additional provision for long-term
incentive programme (2022: -€2.6m; 2021: -€3.2m).
TVH
In 2022, the line “other non-cash items” mainly includes write down on inventories and receivables.
In 2022, the line “share based payment and other employee benefit expenses” includes -€2.2m of share-based payment expense
following the implementation of a new plan for management in October 2022.
In 2022, the cash outflow from change in net working capital mainly arises from a voluntary high level of inventory to face supply
chain disruption.
PHE
In 2022, the line “share based payment and other employee benefit expenses” includes, amongst other amounts, the share-
based payment expense (-€2.2m) recognised following the new management plan put in place in October 2022 (see note 9).
In 2022, the line “cash-flow from discontinued operations” includes the cash generated by PHE’s specialized glass repair activity
Mondial Pare-Brise (classified as held for sale at 31 December 2022) from the date of acquisition of PHE (4
th
of August 2022).
See note 21.
Corporate & unallocated
In 2022, the line “other non-cash items” mainly relate to the gain realised on the disposal of properties in Belgium (€3.4m).
In 2022 and 2021, the line “share based payment and other employee benefit expenses” mainly includes the equity-settled
share-based payment expenses of €4.2m (see note 9).
In 2022, the line “acquisition of subsidiaries (net of cash acquired)” includes the acquisition of PHE (closing on the 4
th
of August
2022). See note 26 for more information on the business combination of PHE.
In 2021, the line “Acquisition of equity-accounted investees and long-term interests in equity-accounted investees” included the
acquisition of a 40% stake in TVH in October 2021.
In 2022 and 2021, the line “Dividends and proceeds from capital reduction received from/(paid by) equity-accounted investees
& long-term interests in equity accounted investees” related to the share of the Group in the dividends (€212.5m in 2022;
€766.7m in 2021) and the proceed from capital reduction (€107.6m in 2021) received from the Belron segment.
In 2021, the line “movement of shareholder loan towards equity-accounted investee” related to the shareholder loan put in place
on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH.
In 2022, the line “Acquisition (-) / Disposal (+) of non-controlling interests” includes the consideration received from minority
investors (including management and several partners and independent distributors) who invested in the holding company of
PHE alongside the Group up to a combined ownership of c. 9% (see note 26).
The line “Dividends paid by the Company” includes the distribution to shareholders of the ordinary dividend (2022: €2.10 per
share; 2021: €1.35 per share).
46 I Financial and Directors’ Report 2022

Consolidated Financial Statements
23
Geographical Segment Information (Year ended 31 December)
The Group’s operating segments (being D’Ieteren Automotive, Moleskine, PHE – as from 4
th
of August 2022 – and Corporate &
unallocated) operate in four main geographical areas (three in 2021), being Belgium (main market for the D’Ieteren Automotive
segment), France (being the main market for the PHE segment), the rest of Europe and the rest of the world. Figures for the
segments Belron and TVH are not presented in the below table since they are equity-accounted investees.
€m
2022
2021
Belgium France
Rest of
Europe
Rest
of
the
world
Group Belgium
Rest of
Europe
Rest
of
the
world
Group
Segment revenue from external customers⁽¹⁾
3,630.6 648.0 348.1 87.9 4,714.6 3,218.4 67.8 74.3 3,360.5
Non-current assets⁽²⁾
501.1
1,162.3
742.9
8.2
2,414.5
390.6
471.2
8.4
870.2
(1) Based on the geographical location of the customers.
(2) Non-current assets, as defined by IFRS 8, consists of goodwill, intangible assets, property, plant and equipment, investment property and non-current other
receivables.
Note 5: Revenue
Disaggregation of revenue issued from contracts with customers for the year ended 31 December 2021 and 31 December 2022
is presented in the table below:
€m
2022
2021
D'Ieteren Automotive
New vehicles
2,893.2
2,615.1
Used cars
305.9
289.0
Spare parts and accessories
275.1
244.1
After-sales activities
54.4
56.5
Other revenue
80.9
34.2
Subtotal D'Ieteren Automotive
3,609.5
3,238.9
Moleskine
Europe, Middle-East and Africa (EMEA)
59.4
51.6
America
62.0
48.1
Asia-Pacific (APAC)
21.9
21.9
Subtotal Moleskine
143.3
121.6
PHE
France
643.0
-
International
318.8
-
Subtotal PHE
961.8
-
Total Revenue
4,714.6
3,360.5
There was no material revenue recognised in the current reporting period that related to carried-forward contract liabilities
(deferred income) or performance obligations satisfied in the previous year. There is no material revenue that is likely to arise
in future periods from unsatisfied performance obligations at the Consolidated Statement of Financial Position date.
There is no material contract income or costs recognised on the Consolidated Statement of Financial Position as contract
liabilities or contract assets.
47Financial and Directors’ Report 2022 I

Consolidated Financial Statements
24
Note 6: Operating result
Operating result is stated after charging:
€m
2022
2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Purchases and
changes in
inventories
-2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6
Depreciation on
PP&E & investment
property
-24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5
Amortisation
-4.1
-3.6
-12.7
-
-20.4
-5.1
-3.8
-0.1
-9.0
Write-down on
inventories
-0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7
Write down on
receivables
-1.0 - -5.1 - -6.1 0.1 - -0.1 -
Employee benefit
expenses (see note
10)
-208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3
Gain on sale of
property, plant and
equipment
2.3 - - 3.5 5.8 0.1 - - 0.1
Rental income from
investment
property⁽¹⁾
- - - 5.0 5.0 - - 4.8 4.8
Sundry⁽²⁾
-227.6
-58.5
-134.7
16.8
-404.0
-226.7
-50.2
15.4
-261.5
NET OPERATING
EXPENSES /
INCOME
-3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7
(1) The full amount is related to investment property that generated rental income.
(2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment “Corporate
& unallocated” and D’Ieteren Automotive.
In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating
income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as
from the date of acquisition (4
th
of August 2022). The decrease in other operating expenses compared to 2021 is also
explained by the charge of -€21.8m in 2021 related to the decision of D’Ieteren Automotive to close down two of its
structurally loss-making sites (included in the line “Sundry” in the above table).
In 2021 and 2022, the line “depreciation on PP&E & investment property” includes the depreciation on right-of-use assets
recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets).
The €5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture
and equipment in the D’Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal
of properties in Belgium in the Corporate & unallocated segment.
48 I Financial and Directors’ Report 2022

Consolidated Financial Statements
25
Note 7: Net finance costs
Net finance costs are broken down as follows:
€m 2022 2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Finance costs:
Interest expense
-3.2
-1.6
-31.2
-0.8
-36.8
-0.9
-2.0
-1.7
-4.6
Interest costs on pension
-0.1
-
-0.1
-
-0.2
-
-
-
-
Other financial charges
-1.4
-0.8
-
-0.4
-2.6
-0.8
-
-1.3
-2.1
Subtotal finance costs
-4.7
-2.4
-31.3
-1.2
-39.6
-1.7
-2.0
-3.0
-6.7
Re-measurements of
financial instruments:
Measured at fair value
upon initial recognition
- - - - - - -0.2 - -0.2
Finance income
11.2
2.1
0.2
3.3
16.8
12.8
2.0
1.4
16.2
Inter-segment financing
interests
- -10.7 - 10.7 - -11.3 -10.3 21.6 -
NET FINANCE COSTS
6.5
-11.0
-31.1
12.8
-22.8
-0.2
-10.5
20.0
9.3
In 2021 and 2022, the line “interest expense” includes, amongst other amounts, the interest charges on lease liabilities
recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities.
The increase in finance costs in the period is mainly due to the integration of PHE in the Group’s consolidated statement of
profit or loss as from the date of acquisition (4
th
of August 2022 – see note 26), to the interest expense (-€1.1m) on the €100m
amortising term loan (concluded in December 2021), to the non-utilisation fee (-€0.6m) incurred in relation to the €225m
revolving credit facility (undrawn as at 31 December 2022) in the D’Ieteren Automotive segment, and to additional interests
expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly
includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities.
In 2021 and 2022, finance income mainly includes
consolidated gain recognised on the loss of exclusive control of entities in
the D’Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment,
and the interests (€0.6m in 2021; €2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment
to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake
in TVH.
In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to
the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and
the early repayment fee paid by D’Ieteren Automotive to the Corporate & unallocated segment following the anticipated
reimbursement of the inter-segment loan.
Note 8: Earnings per share
Earnings per share (“EPS”) and earnings per share from continuing operations (“Continuing EPS”) are shown on the face of the
consolidated statement of profit or loss. Basic and diluted EPS are based on the result for the period attributable to equity
holders of the Company (based on the result from continuing operations attributable to equity holders of the Company for the
continuing EPS), after adjustment for participating shares (each participating share confers one voting right and gives right to
a dividend equal to one eighth of the dividend of an ordinary share).
The weighted average number of ordinary shares in issue for the period is shown in the table below.
The Group has granted options to employees over ordinary shares of the Company. Such shares constitute the only category
of potentially dilutive ordinary shares.
The weighted average number of ordinary shares outstanding during the period is 53,230,995 (53,365,665 in the prior period)
and the weighted average number of ordinary shares taken into account for diluted EPS is 53,810,452 (53,889,709 in the prior
period). The decrease in the average number of ordinary shares outstanding is the result of the movement in treasury shares.
The options over ordinary shares of the Company increased the weighted average number of shares of the Company taken into
account for diluted earnings per share in 2021 and 2022 as option exercise prices were below the average market share price.
The computation of basic and diluted EPS is set out below:
49Financial and Directors’ Report 2022 I

Consolidated Financial Statements
26
2022
2021
⁽⁽
¹
⁾⁾
Result for the period attributable to equity holders 338.6 252.4
Adjustment for participating shares -3.9 -3.0
Numerator for EPS (€m)
(a)
334.7
249.4
Result from continuing operations 335.8 251.3
Share of non-controlling interests in result from continuing operations
-0.1 1.1
Result from continuing operations attributable to equity holders
335.7
252.4
Adjustment for participating shares
-3.9
-3.0
Numerator for continuing EPS (€m)
(b)
331.8
249.4
Weighted average number of ordinary shares outstanding during the period
(c)
53,230,995
53,365,665
Adjustment for stock option plans
579,457
524,044
Weighted average number of ordinary shares taken into account for diluted EPS
(d)
53,810,452
53,889,709
Result for the period attributable to equity holders
Basic EPS (in €)
(a)/(c)
6.29
4.67
Diluted EPS (€)
(a)/(d)
6.22
4.63
Result from continuing operations attributable to equity holders
Basic continuing EPS (in €)
(b)/(c)
6.24
4.67
Diluted continuing EPS (in €) (b)/(d) 6.17 4.63
(1) As restated – refer to note 1 for further information on the restatement of comparative information.
Note 9: Share-based payments
Corporate & unallocated
There is in the Group an equity-settled share-based payment scheme. Since 1999, share option schemes have been granted to
officers and managers of the Corporate & unallocated segment, in the framework of the Belgian law of 26 March 1999. The
underlying share is the ordinary share of D’Ieteren Group SA/NV. Under these schemes, vesting conditions are three years’
service from grant date and holders of vested options are entitled to purchase shares at the exercise price of the related scheme
during the exercise period.
Outstanding options are as follows:
Date of grant
Number of options (in
units)
Exercise
price
Exercise period
2022
2021
(€)
From
To
2022
183,000
-
118.10
1/01/2026
9/03/2032
2021
172,000
172,000
68.26
1/01/2025
8/03/2031
2020
166,500
166,500
49.36
1/01/2024
7/06/2030
2019
185,000
185,000
33.19
1/01/2023
28/02/2029
2018
4,250
187,000
33.32
1/01/2022
5/06/2028
2017
-
109,091
38.47
1/01/2021
13/03/2027
2016
-
10,866
35.05
1/01/2020
13/03/2026
2016
-
70,628
29.18
1/01/2020
13/03/2026
2016
13,376
16,132
29.18
1/01/2020
13/03/2026
2016
10,866
33,685
26.62
1/01/2020
21/01/2026
2015
18,938
19,450
29.54
1/01/2019
12/03/2025
2015
8,204
8,782
29.54
1/01/2019
12/03/2025
2014
-
11,995
30.44
1/01/2018
10/03/2024
2013
4,214
5,868
32.20
1/01/2017
24/11/2023
2012
-
6,466
33.35
1/01/2016
14/10/2022
2007
-
5,868
24.30
1/01/2011
2/12/2022
Total
766,348
1,009,331
All outstanding options are covered by treasury shares (see note 22).
50 I Financial and Directors’ Report 2022

Consolidated Financial Statements
27
A reconciliation of the movements in the number of outstanding options during the year is as follows:
Number (in units)
Weighted average
exercise price (€)
2022
2021
2022
2021
Outstanding options at the beginning of the period
1,009,331
975,762
41.69
35.93
Granted during the period
183,000
172,000
118.10
68.26
Exercised during the period
-423,918
-137,127
33.43
34.11
Other movements during the period
-2,065
-1,304
26.21
32.21
Outstanding options at the end of the period
766,348
1,009,331
64.55
41.69
of which: exercisable at the end of the period
59,848
298,831
29.39
32.63
The average share price during the period was €154.87 (2021: €113.19). Other movements in 2021 and in 2022 relate to options
that expired and were not exercised. The treasury shares underlying to these expired options are being kept for future plans.
For share options outstanding at the end of the period, the weighted average remaining contractual life is as follows:
Number
of years
31 December 2022
7.4
31 December 2021
6.7
IFRS 2 “Share-Based Payments” requires that the fair value of all share options issued after 7 November 2002 is charged to the
income statement. A non-cash charge of €4.2m (covering the options granted from 2019 to 2022) has been recognised during
the period in employee benefit expenses and presented in the line “Share-based payment and other employee benefit expenses”
in the consolidated statement of cash flows and the line “Other movements” in the consolidated statement of changes in equity.
The fair value of the options must be assessed on the date of each issue. A simple Black & Scholes valuation model was used
at each issue date re-assessing the input assumptions on each occasion. The assumptions for the 2021 and 2022 issues were
as follows:
2022 2021
Number of employees
21
16
Spot share price (in €)
142.8
82.5
Option exercise price (in €)
118.1
68.3
Vesting period (in years)
3.8
3.8
Weighted average fair value per option (in €)
51.8
27.7
As from 2022, expected volatility and expected dividends are based on multidimensional data and provided by an independent
expert (long term volatility curve and dividend yields assumptions). The risk-free rate of return is based upon EUR Interest Rate
Swap yield curve with an equivalent term to the options granted.
D’Ieteren Automotive
In April 2021, D’Ieteren Automotive implemented a new Long-Term Incentive Plan (LTIP) classified as a cash-settled share-based
payment plan. The incentives have been granted in the form of stock options to selected key managers of D’Ieteren Automotive
and its subsidiaries. Underlying shares are ordinary shares of D’Ieteren Automotive SA/NV (non-listed shares).
In 2021, D’Ieteren Automotive granted to the managers 272,604 options. During the period, another 38.339 options have been
granted, translating into 310.943 options granted as of the end of 2022 (on a total number of available options for this plan of
369,668 options – representing c. 10% of the issued capital. All those options may be exercised from the third calendar year
after the offer has been made in 2021 (starting 15 March 2025) during three exercise periods, the last period ending on the 21
March 2027. All granted options are therefore outstanding as at 31 December 2022 with a weighted average remaining
contractual life of 4.2 years.
The fair value of the options granted has been assessed on the 31 December 2022 based on the classical closed-form Black &
Scholes formula for European options.
IFRS2 “Share-based Payments” requires D’Ieteren Automotive to remeasure the fair value of the liability at the end of each
reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. In 2022,
a non-cash charge of €7.2m (2021: €1.4m) has been recognized in employee benefit expenses for this share-based payment
51Financial and Directors’ Report 2022 I

Consolidated Financial Statements
28
plan. This non-cash charge is presented in the line “Share-based payment and other employee benefit expenses” in the
consolidated statement of cash flows”.
PHE
Following the acquisition of PHE by the Group (see note 26), a Management Reward Plan (MRP) has been put in place, whereby
the Group granted to PHE’s key management personnel free “ratchet” shares. These shares have no economic value until a
liquidity event occurs (the value of the shares will then be entitled to an amount equal to a percentage of the Project Capital
Gain). This management reward plan is a cash-settled share-based payment in scope of IFRS 2. The Group will therefore account
in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the
grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be
accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -€2.2m
(presented in the line “Share-based payment and other employee benefit expenses” in the consolidated statement of cash
flows) with a corresponding increase in liability.
Note 10: Employee benefits
Note 10.1: Employee benefit expense
The employee benefit expense is analysed below:
€m 2022 2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Retirement benefit
charges under defined
contribution schemes
- - -1.1 - -1.1 - - - -
Retirement benefit
charges under Belgian
defined contribution
schemes considered as
defined benefit schemes
-4.0 - - -0.3 -4.3 -4.8 - -0.4 -5.2
Retirement benefit
charges under defined
benefit schemes
- -0.6 - - -0.6 - -0.7 - -0.7
Total retirement benefit
charge (see note 10.2)
-4.0 -0.6 -1.1 -0.3 -6.0 -4.8 -0.7 -0.4 -5.9
Wages, salaries and
social security costs
-197.5 -22.7 -180.0 -14.9 -415.1 -169.4 -22.8 -12.2 -204.4
Share-based payments
and LTIP expenses
-7.2 -2.6 -2.2 -4.2 -16.2 -1.4 -3.2 -2.4 -7.0
Total employee benefit
expense
-208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3
Note 10.2: Post-employment and long-term employee benefits
Long-term employee benefits include post-employment employee benefits and other long-term employee benefits. Post-
employment employee benefits are analysed below. Other long-term employee benefits are presented among non-current
provisions or non-current other payables, and, if material, separately disclosed in the relevant note.
Post-employment benefits are limited to retirement benefit schemes. Certain Group entities operate schemes which provide
retirement benefits, including those of the defined benefit type, which are in most cases funded by investments held outside
the Group.
The Group has established pension schemes for its employees in various locations. The major schemes are located in Belgium,
France and in Italy. Since Belron and TVH are equity-accounted investees, the schemes in place in those two segments are not
separately disclosed. The schemes in Belgium relate to the D’Ieteren Automotive, PHE and “Corporate & unallocated” segments
and are funded (in the D’Ieteren Automotive and Corporate & unallocated segment only) and unfunded. The schemes in France
relate to the PHE segment and are unfunded, and the schemes in Italy relate to the Moleskine and PHE segments and are
unfunded. Independent actuarial valuations for the plans in these countries are performed as required. The Group is and has
always been fully compliant with all local governance and funding requirements.
The overall investment policy and strategy for the Group’s defined benefit schemes is guided by the objective of achieving an
investment return, which together with contributions, ensures that there will be enough assets to pay pension benefits as they
fall due while also mitigating the various risks of the plans. The investment strategies for the plans are managed under local laws
and regulations in each jurisdiction.
52 I Financial and Directors’ Report 2022

Consolidated Financial Statements
29
The actual asset allocation is determined by the current and expected economic and market conditions and in consideration of
specific asset class risk and risk profile. In addition, consideration is given to the maturity profile of scheme liabilities.
The Group operates one defined benefit scheme in Belgium that was closed to new members in 2005. The retirement capital
plan accrues a percentage of annual salary inflated to the point of retirement with an annual average of 2.5% (and a maximum
of 4.0%). A full actuarial valuation of the plan is carried out every year by a qualified independent actuary. The Group also
operates defined contribution plans with a minimal interest guarantee borne by the employer under the Belgian Legislation.
The Group recognises all actuarial gains and losses directly in the Consolidated Statement of Comprehensive Income.
The main actuarial assumptions are as follows (the assumptions on life expectancy are provided for the D’Ieteren Automotive
and the Corporate & unallocated segments only). In 2021, given the amounts of net position of unfunded schemes recognised
in the consolidated statement of financial position which were not considered material to the Group, the assumptions related
to the unfunded schemes were not provided.
Funded schemes
Unfunded schemes
2022
2021
2022
Min.
Max.
Min.
Max.
Min.
Max.
Inflation rate
2.1%
2.2%
1.9%
1.9%
n.s.
n.s.
Discount rate
3.1%
3.2%
0.4%
0.4%
n.s.
n.s.
Rate of salary increases
3.1%
3.1%
2.9%
2.9%
2.5%
3.8%
Life expectancy of male pensioner
18.6
18.6
18.6
18.6
Life expectancy of female pensioner
22.0
22.0
22.0
22.0
Life expectancy of male non-pensioner
18.6
18.6
18.6
18.6
Life expectancy of female non-pensioner
22.0
22.0
22.0
22.0
The weighted average duration of the liabilities across the plans is around 7 years.
The amounts recognised in the statement of financial position are summarised as follows, depending on the net position of
each pension scheme:
€m 2022 2021
Long-term employee benefit assets
-
-
Long-term employee benefit obligations
-39.4
-25.5
Recognised net deficit (-) / surplus (+) in the schemes
-39.4
-25.5
of which: amount expected to be settled within 12 months
-1.0
-0.2
of which: amount expected to be settled in more than 12 months -38.4 -25.3
For all schemes, the amounts recognised in the statement of financial position are analysed as follows:
€m 2022 2021
Funded
schemes
Unfunded
schemes
Total
Funded
schemes
Unfunded
schemes
Total
Present value of defined benefit obligations
-72.9
-30.7
-103.6
-84.8
-5.3
-90.1
Fair value of scheme assets
64.2
-
64.2
64.6
-
64.6
Net deficit (-) / surplus (+) in the schemes
-8.7
-30.7
-39.4
-20.2
-5.3
-25.5
The increase in the net deficit of unfunded schemes is mainly attributable to the integration of PHE in the Group’s consolidated
statement of financial position at 31 December 2022.
53Financial and Directors’ Report 2022 I

Consolidated Financial Statements
30
The amounts recognised through the statement of comprehensive income (excluding the share of other comprehensive income
in equity-accounted investees) are as follows.
€m 2022 2021
Funded
schemes
Unfunded
schemes
Total
Funded
schemes
Unfunded
schemes
Total
Actual return less interest return on pension assets net
of asset management charges
2.1 - 2.1 2.4 - 2.4
Experience gain (+) / loss (-) on liabilities
-5.1
-0.1
-5.2
3.1
-
3.1
Gain (+) / Loss (-) on change of financial assumptions
14.4
3.2
17.6
1.4
-
1.4
Actuarial gains (+) / losses (-)
11.4
3.1
14.5
6.9
-
6.9
Changes to financial assumptions during 2022, all of which were prepared on a consistent basis to prior period, impacted the
total actuarial gains (+) / losses (-) by +€17.6m (2021: +€1.4m). The actuarial gain of the current period is primarily the result
of an increase of the discount rate in 2022 compared to 2021.
The cumulative amount of actuarial gains and losses (Group’s share, before tax and including the share of equity-accounted
investees in actuarial gains and losses) recognised in the consolidated statement of comprehensive income is a cumulative loss
of -€15m (in 2021 a cumulative gain of €16m). The movement in cumulative amount of actuarial gains and losses from 2021 to
2022 is primarily due to the UK pension scheme in the Belron segment (equity-accounted investee), recording an actual loss on
scheme assets more than compensating the actuarial gain on the pension liabilities, following the sharp rise in the discount rate.
The fair value of scheme assets includes the following items:
€m 2022 2021
Quoted in
an active
market
Other Total
Quoted in
an active
market
Other Total
Other assets
-
64.2
64.2
-
64.6
64.6
Fair value of scheme assets
-
64.2
64.2
-
64.6
64.6
The fair value of scheme assets does not comprise any property or other assets used by the Group, nor any financial instruments
of the Group. Other assets are mainly composed of cash.
The movements in the fair value of plan assets are as follows:
€m 2022 2021
Total Total
Scheme assets at 1 January
64.6
62.1
Employer contribution
4.1
3.8
Interest on pension assets
0.4
0.2
Contributions paid by employees
1.1
1.2
Benefits paid
-8.1
-4.9
Actual return less interest return on pension assets
2.1
2.4
Administrative costs
-
-0.5
Group changes
-
0.3
Scheme assets at 31 December
64.2
64.6
The actual return on scheme assets is as follows:
€m 2022 2021
Interest return on pension assets
0.4
0.2
Actual return less interest return on pension assets
2.1
2.4
Actual net return on pension assets
2.5
2.6
54 I Financial and Directors’ Report 2022

Consolidated Financial Statements
31
The movements in the present value of defined benefit obligations are as follows:
€m 2022 2021
Funded
schemes
Unfunded
schemes
Total
Funded
schemes
Unfunded
schemes
Total
Defined benefit obligations at 1 January
-84.8
-5.3
-90.1
-87.6
-6.2
-93.8
Items acquired through business combinations
-
-28.0
-28.0
-
-
-
Current service cost
-5.1
-0.9
-6.0
-5.2
-0.7
-5.9
Interest payable on pension liabilities
-0.5
-0.1
-0.6
-0.2
-
-0.2
Benefits paid
8.2
1.3
9.5
4.9
1.6
6.5
Contribution paid by employees
-
-
-
-1.3
-
-1.3
Experience gain (+) / loss (-) on liabilities
-5.1
-0.1
-5.2
3.1
-
3.1
Gain (+) / Loss (-) arising from changes to financial
assumptions
14.4 3.2 17.6 1.4 - 1.4
Curtailment and settlements
-
0.2
0.2
-
-
-
Group change
-
-1.0
-1.0
-0.4
-
-0.4
Administrative costs
-
-
-
0.5
-
0.5
Defined benefit obligations at 31 December
-72.9
-30.7
-103.6
-84.8
-5.3
-90.1
The amounts recognised in the statement of profit or loss are as follows:
€m 2022 2021
Funded
schemes
Unfunded
schemes
Total
Funded
schemes
Unfunded
schemes
Total
Current service cost
-5.1
-0.9
-6.0
-5.2
-0.7
-5.9
Pension costs within the operating result
-5.1
-0.9
-6.0
-5.2
-0.7
-5.9
Interest payable on pension liabilities
-0.5
-0.1
-0.6
-0.2
-
-0.2
Interest return on pension assets
0.4
-
0.4
0.2
-
0.2
Net pension interest cost
-0.1
-0.1
-0.2
-
-
-
Expense recognised in the statement of profit or loss
-5.2
-1.0
-6.2
-5.2
-0.7
-5.9
The best estimate of normal contributions expected to be paid to the schemes during the 2022 annual period is ca. €5m.
The obligation of defined benefit schemes is calculated on the basis of a set of actuarial assumptions (including among others:
mortality, discount rate of future payments, salary increases, personnel turnover, etc.). Should these assumptions change in the
future, the obligation may increase. The defined benefit scheme assets are invested in a diversified portfolio, with a return that
is likely to experience volatility in the future. Should the return of these assets be insufficient, the deficit might increase (the
surplus might decrease).
The net deficit (€25.5m at 31 December 2021; €39.4m at 31 December 2022) recognised in the consolidated statement of
financial position does not include Belron’s net surplus and TVH’s net deficit since they are equity-accounted investees.
The following table presents a sensitivity analysis for the discount rate and the inflation rate, showing how the defined benefit
obligation at 31 December 2022 would have been affected by changes in the relevant actuarial assumption that were reasonably
possible at the balance sheet date. The sensitivity analysis applies to the defined benefit obligation only and not to the net
defined benefit pension liability in its entirety, the measurement of which is driven by a number of factors including, in addition
to the assumptions below, the fair value of plan assets.
€m
(Increase) /
decrease in
defined benefit
obligation at 31
December 2022
(Increase) /
decrease in
defined benefit
obligation at 31
December 2021
Discount rate
Increase by 25 basis points
3.8
4.6
Decrease by 25 basis points
-3.9
-4.9
Inflation rate
Increase by 25 basis points
-2.9
-2.4
Decrease by 25 basis points
2.7
2.3
55Financial and Directors’ Report 2022 I

Consolidated Financial Statements
32
There is a pension plan in Belgium legally structured as defined contribution plan. Because of the Belgian social legislation
applicable, all Belgian defined contribution plans are considered under IFRS as defined benefit plan because the employer must
guarantee a minimum return on employee and employer contributions. The Group is therefore exposed to a financial risk (legal
obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits). Disclosures in
tables above include those Belgian defined contribution plans.
The plan is insured at an insurance company. The insurance company guarantees a minimum rate of return on the contributions
paid. However, the minimum guaranteed rates have dropped significantly the last years and are currently below the social
minimum return borne by the employer on the contributions (according to article 24 of the Law of 28 April 2003 on occupational
pensions, the Group has to guarantee an average minimum return of 3.75% on employee contributions and of 3.25% on employer
contributions paid up to 31 December 2015). The financial risk has therefore increased. The Belgian law of 18 December 2015
entered into effect on 1 January 2016 and amended, inter alia, the calculation of the minimum return guaranteed by law (minimum
of 1.75% and maximum of 3.75%).
The IFRS valuation and accounting of this kind of plan with contribution-based promises are not envisaged by IAS 19. Taking
into account the change in the pension law and the current consensus on this specific matter, and after analysis of the pension
plan, the Group considers that a method based on the IAS 19 methodology (“Projected unit credit” method used for defined
benefit plan) is appropriate to measure the liability in the Belgian context as from 2016 onwards. The present value of the
defined benefit obligation amounts to €67.7m (2021: €78.3m). The calculation is based on the “Projected unit credit” method
with projection of the future contributions and services pro-rate for the employer contract and without projection of the future
contributions for the employee contract. The fair value of the scheme assets amounts to €60.0m (2021: €60.4m) and is set
equal to the contractual assets held by the insurance company (no application of paragraph 115 of IAS 19). The net deficit
amounts to €7.7m (2021: €17.9m), recognized in the consolidated statement of financial position.
Note 11: Current and deferred income taxes
Note 11.1: Income tax expenses
Income tax expense is broken down as follows:
€m 2022 2021
Current year income tax
-54.5
-32.2
Prior year income tax
-3.4
-0.8
Movement in deferred taxes
-0.6
5.0
Income tax expense
-58.5
-28.0
The relationship between income tax expense and accounting profit is explained below:
€m 2022 2021
Result before taxes
394.3
279.3
Less: share of result of equity-accounted investees, net of income tax
-210.1
-184.2
Result before taxes less share of result of equity-accounted investees
184.2
95.1
Tax at the Belgian corporation tax rate of 25.00%
-46.1
-23.8
Foreign tax rate differential
0.2
-0.2
Tax effect of non-taxable income and non-deductible expenses
-1.4
1.6
Other permanent differences
-
2.0
Tax effect of current and deferred tax adjustments related to prior years
1.6
-1.0
Current year tax losses for which no deferred tax asset is recognised
-5.5
-3.2
Derecognition of previously recognised deferred tax assets
-
-3.1
Other
-7.3
-0.3
Actual income tax on PBT
-58.5
-28.0
In 2022, in the PHE segment, the difference between the theoretical tax charge (at 25.00%) and the effective tax charge reported
since the acquisition of PHE by the Group (-€6.2m), is included in the line “Other” in the above table, since the nature of the
reconciling items were not available over the reporting period (from the acquisition date until the 31 December 2022).
The Group’s consolidated effective tax rate for the year ended 31 December 2022, excluding the share of the Group in the net
result of equity-accounted investees is 31.8% (29.4% - as restated, see note 1 – for the year ended 31 December 2021).
The Group is subject to several factors which may affect future tax charges, principally the levels and mix of profitability in
different jurisdictions and tax rates imposed.
The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. The income tax positions
taken are considered by the Group to be supportable and are intended to withstand challenge from tax authorities. However, it
56 I Financial and Directors’ Report 2022

Consolidated Financial Statements
33
is acknowledged that some of the positions are uncertain and include interpretations of complex tax laws which could be
disputed by tax authorities.
The Group judges these positions on their technical merits and this on a regular basis using all the information available
(legislation, case law, regulations, established practice, authoritative doctrine as well as certain third-party tax opinions issued
by Belgian and foreign tax lawyers). These positions are based on facts and circumstances existing at the end of the reporting
period and will be reviewed at each reporting date.
A liability is recorded for each item that is not probable of being sustained on examination by the tax authorities and after using
all legal remedies of defending the position before Court, based on all relevant information.
Note 11.2: Current tax assets and liabilities
Current tax assets (liabilities) are largely expected to be recovered (settled) within 12 months.
Note 11.3: Deferred income taxes
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when the deferred income taxes relate to the same fiscal authority.
€m
31 December 2022
31 December 2021
Assets
Liabilities
Net
Assets
Liabilities
Net
Goodwill & intangible assets
6.7
-181.5
-174.8
0.3
-112.4
-112.1
Property, plant & equipment (excluding right-of use assets)
2.4
-22.3
-19.9
3.1
-22.3
-19.2
Right-of-use assets
-
-61.7
-61.7
-
-11.1
-11.1
Derivative financial instruments
-
-0.5
-0.5
-
-
-
Employee benefits
6.5
-
6.5
5.1
-
5.1
Inventories
6.9
-
6.9
6.7
-
6.7
Provisions
6.8
-
6.8
6.0
-
6.0
Lease liabilities
63.8
-
63.8
11.1
-
11.1
Other assets & liabilities
9.3 -1.1 8.2 1.6 -0.4 1.2
Deferred tax assets/(liabilities) arising from temporary differences
102.4
-267.1
-164.7
33.9
-146.2
-112.3
Tax losses carried forward
82.7
-
82.7
25.8
-
-
Deferred tax assets/(liabilities)
185.1
-267.1
-82.0
59.7
-146.2
-86.5
Set-off of tax
-127.7
127.7
-
-13.1
13.1
-
Net deferred tax assets/(liabilities)
57.4
-139.4
-82.0
46.6
-133.1
-86.5
The net deferred tax balance includes net deferred tax assets amounting to €29.2m (2021: €14.2m) that are expected to be
reversed in the following year. However, given the low predictability of deferred tax movements, this net amount might not be
reversed as originally foreseen.
At the balance sheet date, the Group has unused tax losses and credits of €151.5m (2021: €65.9m) available for offset against
future profits, for which no deferred tax asset has been recognised, due to the unpredictability of future profit streams. These
tax losses and credits may be carried forward indefinitely. The increase in unused and unrecognised tax losses and credits
compared to 31 December 2021 is mainly explained by the existence of unused and unrecognised tax losses in the PHE segment.
At the balance sheet date, no deferred tax liability has been recognized for the aggregate amount of temporary differences
associated with the investments in subsidiaries, branches, associates and interests in joint ventures because the Group is in a
position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse
in the foreseeable future. It should also be noted that the reversal of these temporary differences, for example by way of
distribution of dividends by the subsidiaries to the Company, would generate no (or a marginal) current tax effect.
Deferred tax assets are recognised provided that there is a sufficient probability that they will be recovered in the foreseeable
future. Recoverability has been conservatively assessed. However, should the conditions for this recovery not be met in the
future, the current carrying amount of the deferred tax assets may be reduced.
57Financial and Directors’ Report 2022 I

Consolidated Financial Statements
34
The movement in deferred tax assets and liabilities during the period and the prior period is as follows:
€m
2022
2021
Net deferred tax liabilities (negative amounts)
At 1 January
-133.1
-131.0
Recognised in profit or loss
0.8
0.9
Recognised in other comprehensive income
-0.1
-0.1
Recognised directly in equity
-
-0.5
Recognition arising from business combination
-12.3
-
Exchange rate differences
0.1
-
Other variation
5.2
-2.4
At 31 December
-139.4
-133.1
Net deferred tax assets (positive amounts)
2022
2021
At 1 January
46.6
43.2
Recognised in profit or loss
-1.4
4.1
Recognised in other comprehensive income
-0.9
-0.1
Recognised directly in equity
-2.7
-1.7
Recognition arising from business combination
24.1
-
Exchange rate differences
-
0.6
Other variation
-8.3
0.5
At 31 December
57.4
46.6
Note 12: Goodwill
The reconciliation of the carrying amount of goodwill is set out below:
€m 2022 2021
Gross amount at 1 January 207.9 199.5
Accumulated impairment losses at 1 January -124.7 -123.3
Carrying amount at 1 January 83.2 76.2
Items acquired through business combinations (see note 26) 898.0 7.0
Carrying amount at 31 December 981.2 83.2
of which: gross amount 1,105.9 207.9
of which: accumulated impairment losses -124.7 -124.7
The line “Items acquired through business combination” includes mainly the goodwill recognised on the acquisition of PHE (see
note 26) as well as the goodwill recognized by the D’Ieteren Automotive segment following the acquisitions performed in the
period.
In accordance with the requirements of IAS 36 “Impairment of Assets”, the Group completed a review of the carrying value of
goodwill and of the intangible assets with indefinite useful lives (disclosed in note 13). The impairment review is based on the
value in use calculation and is carried out to ensure that the carrying value of the assets are stated at no more than their
recoverable amount, being the higher of fair value less costs to sell and value in use.
For the purpose of impairment testing, goodwill relates to the following Group’s operating segments:
58 I Financial and Directors’ Report 2022

Consolidated Financial Statements
35
€m 2022 2021
D’Ieteren Automotive
49.2
31.3
Moleskine 48.8 48.8
Corporate & unallocated
3.1
3.1
PHE
880.1
-
GROUP
981.2
83.2
As a result of their classification as equity-accounted investees, information on the impairment tests performed in the Belron
and TVH segments are provided in note 17.
The Group completed the annual impairment test for goodwill and intangible assets with indefinite useful lives and concluded
that, based on the assumptions described below, no impairment charge was required. Impairment testing relies on several
critical judgments, estimates and assumptions. Management believes that all its estimates are reasonable since they are
consistent with the Group’s internal reporting and reflect management best estimates. Projected revenue growth rates,
competitive and consumer trends, operating margins, discount rates and terminal growth rates are assumptions and estimates
that may be revised in future periods. Should these vary adversely in the future, the value in use of goodwill and intangible assets
with indefinite useful lives may reduce below their carrying amounts.
D’Ieteren Automotive
In the D’Ieteren Automotive segment, additional goodwill recognised in 2022 (€17.9m) reflects the acquisitions performed in
2022, as disclosed in note 26.
In accordance with IAS 36, the D’Ieteren Automotive segment allocated goodwill across its CGUs, being “D’Ieteren Automotive”
(import/support activities), “Retail” (automobile retail activities), “Wonder” (used cars and body shops activities), “Lab Box”
(mobility services) and “Lucien” (bike retail and services). Management of D’Ieteren Automotive performed a review of the
carrying value of the goodwill and intangible assets allocated in each of these CGUs and concluded that no impairment charge
is required. D’Ieteren Automotive calculated the present value of the estimated future cash flows, based on D’Ieteren Automotive
strategic plan (starting from the budget 2023 figures until 2027) prepared by management, reviewed and approved by the Board
of Directors. The pre-tax rates used to discount future cash flows have been computed individually for each CGU, ranging from
7.41% to 13.20% and are based upon the weighted average cost of capital of the D’Ieteren Automotive segment.
Moleskine
At year-end 2022, the Board of Directors of the Company reviewed the carrying amount of the Moleskine cash-generating unit.
In determining the value in use of the CGU, the Company calculated the present value of the estimated future cash flows, based
on Moleskine’s five-year strategic plan (2021 – 2025) approved by the Board of Directors in 2020, confirmed by the management
in 2022, extending it for one year until 2026. The model starts with the 2023 figures from the most recent budget approved by
the Board of Directors, 2024 to 2026 figures presented in the five-year strategic plan and applies a terminal growth rate of
1.95% (2021: 1.5%) to the terminal value beyond the year 2026. The terminal growth rate was determined based on
management’s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market
participant would make. The pre-tax discount rate applied amounts to 9.1% (2021: 6.5%) and is based upon the weighted average
cost of capital of the Moleskine segment, considering appropriate adjustments for the relevant risks associated with investing
in equities, with the business and with the underlying country (country risk premium).
The Board of Directors of the Company is satisfied that the carrying amount of the Moleskine cash-generating unit is stated at
no more than its value in use. Sensitivity analysis prepared by management revealed that an individual 1% adverse movement in
either the terminal growth rate or the discount rate would not lead to further impairment. The individual change required for
carrying amount to equal value in use is 2.4% for the discount rate (from 9.1% to 11.5%) or -3.08% for the terminal growth rate
(from 1.95% to -1.13%). At 31 December 2022, the recoverable amount of the CGU exceeds its carrying amount by €147m. The
calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment.
Going forward, Moleskine would have to achieve its 2023 budgeted figures to avoid future impairment. A new impairment test
will be performed at half-year 2023 if impairment triggers are identified.
Corporate & unallocated
The €3.1m goodwill in the Corporate & unallocated segment arose from past acquisitions performed by D’Ieteren Immo. The
fair value less costs to sell of the investment properties and property, plant and equipment held by D’Ieteren Immo (based on
the most recent market valuation report prepared by an independent expert) being higher than the carrying value of the assets
and liabilities, the Group concluded that the Corporate & unallocated cash-generating unit is stated at no more than its
recoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18).
PHE
The €880.1m goodwill in the PHE segment includes €518.3m of provisional goodwill recognised by the Group following the
acquisition of PHE. Refer to note 26 for more information on the business combination. The provisional goodwill represents the
difference between the consideration paid (being the fair value) to acquire 100% of PHE on 4
th
of August 2022, and the assets
acquired and liabilities assumed. The consideration paid at acquisition date being the best proxy for the fair value less costs to
59Financial and Directors’ Report 2022 I

Consolidated Financial Statements
36
sell of PHE at 31 December 2022, the Group concluded that the PHE cash-generating unit is stated at no more than its
recoverable amount. The business plan on which the Group relied to calculate the fair value of PHE at the time of acquisition is
still valid at 31 December 2022.
Note 13: Intangible assets
Goodwill is analysed in note 12. All intangible assets have finite useful lives, unless otherwise specified.
€m
Brands
(finite and
indefinite
useful lives)
Other
Total
Gross amount at 1 January 2022
402.8
90.8
493.6
Accumulated amortisation and impairment losses at 1 January 2022
-
-54.5
-54.5
Carrying amount at 1 January 2022
402.8
36.3
439.1
Additions:
Items separately acquired
-
22.3
22.3
Disposals
-
-0.9
-0.9
Amortisation
-
-20.4
-20.4
Transfer from (to) another caption
0.2
-0.6
-0.4
Items acquired through business combinations (see note 26)
207.5
104.2
311.7
Scope exit
-
-1.8
-1.8
Carrying amount at 31 December 2022
610.5
139.1
749.6
of which: gross amount
610.5
214.0
824.5
of which: accumulated amortisation and impairment losses
-
-74.9
-74.9
Gross amount at 1 January 2021
402.8
77.3
480.1
Accumulated amortisation and impairment losses at 1 January 2021
-
-45.5
-45.5
Carrying amount at 1 January 2021
402.8
31.8
434.6
Additions:
Items separately acquired
-
16.2
16.2
Disposals
-
-
-
Amortisation
-
-9.0
-9.0
Scope exit
-
-2.7
-2.7
Carrying amount at 31 December 2021
402.8
36.3
439.1
of which: gross amount
402.8
90.8
493.6
of which: accumulated amortisation and impairment losses
-
-54.5
-54.5
The Moleskine brand (€403m; acquired in November 2016) and the brands recognised in the PHE segment have an indefinite
useful life, since, given the absence of factors that could cause their obsolescence and in light of the life cycles of the products
to which they relate, there is no foreseeable limit to the period over which these assets are expected to generate net cash
inflows for the Group.
The line “Items acquired through business combination” represents the net book value of the intangible assets recognised in
the PHE segment prior to the acquisition by the Group. The line “additions” includes the net book value of the intangible assets
acquired by the D’Ieteren Automotive following the acquisitions performed in the period, and the net book value of intangible
assets acquired in the PHE segment following the acquisitions performed during the period going from the acquisition by the
Group until the 31 December 2022.
The caption “Other” mainly includes computer software, other licences and similar rights, and intangibles under development.
The other disclosures required by IAS 36 for intangible assets with indefinite useful lives are provided in note 12.
60 I Financial and Directors’ Report 2022

Consolidated Financial Statements
37
Note 14: Property, plant and equipment
€m
Property
Plant and
equipment
Assets
under
construction
Total
Gross amount at 1 January 2022
411.0
198.7
16.1
625.8
Accumulated depreciation and impairment losses at 1 January 2022
-205.4
-155.1
-
-360.5
Carrying amount at 1 January 2022
205.6
43.6
16.1
265.3
Additions
22.9
52.1
17.2
92.2
Disposals
-4.8
-4.7
-1.5
-11.0
Depreciation on PP&E (including right-of-use assets)
-33.1
-33.5
-
-66.6
Transfer from (to) another caption
-17.9
9.3
-2.6
-11.2
Items acquired through business combinations (see note 26)
207.0
89.7
3.3
300.0
Scope exit
-
-2.6
-
-2.6
Carrying amount at 31 December 2022
379.7
153.9
32.5
566.1
of which: gross amount
748.5
497.9
32.5
1,278.9
of which: accumulated depreciation and impairment losses
-368.8
-344.0
-
-712.8
Gross amount at 1 January 2021
405.5
173.7
7.9
587.1
Accumulated depreciation and impairment losses at 1 January 2021
-193.7
-130.5
-
-324.2
Carrying amount at 1 January 2021
211.8
43.2
7.9
262.9
Additions
7.9
37.1
12.3
57.3
Disposals
-0.3
-15.6
-2.7
-18.6
Depreciation on PP&E (including right-of-use assets)
-11.7
-24.6
-
-36.3
Transfer from (to) another caption
-2.3
0.6
-1.4
-3.1
Items acquired through business combinations
0.2
2.2
-
2.4
Translation differences
-
0.7
-
0.7
Carrying amount at 31 December 2021
205.6
43.6
16.1
265.3
of which: gross amount
411.0
198.7
16.1
625.8
of which: accumulated depreciation and impairment losses
-205.4
-155.1
-
-360.5
At 31 December 2021 and at 31 December 2022, assets under construction mainly included property under construction in the
segment “Corporate & unallocated”, as part of the real estate activities of the Group.
The right-of-use assets, including those previously held under finance lease under IAS 17, are included in the above at the
following amounts (see note 32 for more information on the right-of-use assets):
€m
Total
31 December 2022
235.6
31 December 2021
45.9
The increase in the net book value of right-of-use assets compared to 31 December 2021 is mainly attributable to the integration
of PHE in the Group’s consolidated statement of financial position at 31 December 2022.
61Financial and Directors’ Report 2022 I

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38
Note 15: Investment property
€m 2022 2021
Gross amount at 1 January
69.3
65.7
Accumulated depreciation at 1 January
-35.7
-34.0
Carrying amount at 1 January
33.6
31.7
Additions
0.1
-
Disposals
-0.1
-
Depreciation on PP&E (including right-of-use assets)
-1.5
-1.2
Transfer from (to) another caption
9.7
3.1
Carrying amount at 31 December
41.8
33.6
of which: gross amount
79.9
69.3
of which: accumulated depreciation
-38.1
-35.7
Fair value
61.1
49.0
The fair value is supported by market evidence and is based on a valuation by an independent valuer who holds a recognised
and relevant professional qualification, and who has recent experience in the location and category of the investment property
held by the Group. The latest valuations were performed in March 2022.
All items of investment property are located in Belgium and are held by the segment “Corporate & unallocated”. The line “transfer
from (to) another caption” in 2021 and 2022 relates to the transfer of assets from property, plant and equipment and assets
under construction (see note 14).
See also note 32 for other disclosures on investment property.
Note 16: Inventories
€m 2022 2021
D'Ieteren Automotive
Vehicles
617.4
376.1
Spare parts and accessories
45.9
37.7
Other
15.3
2.0
Subtotal
678.6
415.8
PHE
483.4
-
Moleskine
29.7
30.4
GROUP
1,191.7
446.2
The accumulated write-down on inventories amounts to €53.4m (2021: €16.6m). The increase in the period mainly relates to
the integration of PHE in the consolidated statement of financial position from the date of acquisition by the Group (see note
26). The amount of write down of inventories recognised in the period in the cost of sales (see note 6) is an income of €2.3m
(2021: a charge of €3.7m).
The inventories in the PHE segment are mainly composed of goods bought to suppliers and are generally not modified or
transformed.
The inventories are expected to be recovered within 12 months and are mainly composed of merchandises.
62 I Financial and Directors’ Report 2022

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39
Note 17: Equity-accounted investees
In 2022, the entities accounted for using the equity method are Volkswagen D’Ieteren Finance, Skipr, Lizzy and MyMove in the
D’Ieteren Automotive segment, Belron, and TVH. PHE also holds equity-accounted investees but no further information is
provided since they are not considered material to the Group.
€m
2022
2021⁽⁽¹⁾⁾
D'Ieteren
Autom.
Belron TVH PHE Group
D'Ieteren
Autom.
Belron TVH Group
Interests in joint ventures
128.8
26.9
1,211.9
5.0
1,372.6
113.1
-49.1
1,156.6
1,220.6
Total of equity-accounted investees and
long-term interests in equity-accounted
investees
128.8 26.9 1,211.9 5.0 1,372.6 113.1 -49.1 1,156.6 1,220.6
Share of profit in joint ventures
6.8
150.6
52.5
0.2
210.1
8.1
168.1
8.0
184.2
Total of share of result after tax of
equity-accounted investees and long-
term interests in equity-accounted
investees
6.8 150.6 52.5 0.2 210.1 8.1 168.1 8.0 184.2
(1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the
consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022.
Refer to note 1 for more information on the restatement of comparative information.
Belron
In 2022 and in 2021, Belron Group s.a. (“BGSA”), the joint venture holding the Belron activities (see note 1 for more information),
is accounted for as an equity-accounted investee, and is owned 50.01% in economic rights by the Group on fully diluted basis.
The Group has joint control over BGSA as a result of some reserved matters being shared with Clayton, Dubilier & Rice (“CD&R”).
On 17 December 2021, D’Ieteren Group announced that Hellman & Friedman and funds and accounts managed by GIC and
BlackRock Private Equity Partners have completed the acquisition of a stake in BGSA, representing 16.8% of BGSA’s share
capital on a combined basis. Mid-July 2022, H&F and GIC have slightly increased their participation in Belron, buying shares
back mostly from natural leavers at the same financial consideration as their previous transaction closed in December 2021.
Belron’s shareholding structure is now as follows: 50.01% D’Ieteren Group, 20.3% CD&R, 17.9% H&F, GIC and BlackRock Private
Equity Partners, 11.8% management & the family holding company of Belron’s former CEO.
At inception (February 2018), the capital structure of BGSA was composed of voting ordinary shares (ca. 3 % of total equity)
and non-voting preference shares (ca. 97% of total equity), in the same proportion between shareholders (the Group, CD&R,
and the family holding company of Belron’s former CEO). In 2021, preference shares have been bearing a fixed annual
compounding dividend rate of 10% (any distribution being first allocated to the preference shares in order to satisfy the
accumulated dividend and to redeem the subscription amount of preference shares). Having converted in June 2021 its
remaining preference shares into ordinary shares (as at 31 December 2021 there was no preference shares remaining in the
equity of BGSA), the Group has reaffirmed its long-term commitment to Belron with a 50.01% shareholding (on a fully diluted
basis including all management shares).
Given the equity structure described above, the Group’s share in the net result of Belron for the 12-month period ended 31
December 2022 corresponds to fully-diluted economic percentage of 50.01%. For the 12-month period ended 31 December
2021, the Group’s share in the net result of Belron was 52.88%, corresponding to the Group’s percentage of ownership in the
preference shares (for the fixed annual compounding dividend rate of 10% which benefited to preference shares) and based on
the Group’s percentage of ownership in the ordinary shares (for the net result in surplus, after deduction of the fixed dividend
of the preference shares).
A Management Reward Plan (MRP) involving key employees was set up in 2018. The participants of the MRP acquired non-
voting equity instruments in BGSA (representing the fair value of various classes of equity instruments, being all treated as
equity under IFRS). Part of the issued equity consists of “ratchet shares” which will allow management to enjoy additional returns
if certain performance hurdles (IRR and Cash on Cash) are satisfied at exit. The share of the Group in the net result of BGSA in
2022 (50.01%) and 2021 (52.88%) already takes into account the dilutive impact of these MRP shares.
The detailed statement of financial position of Belron as included in its own financial statements (not adjusted for consolidated
adjustments) is disclosed in note 4.
At year-end 2022, Belron completed a review of the carrying value of goodwill and other intangible assets with indefinite useful
lives, as well as the carrying value of all other assets in each of its cash generating units (being the different countries where it
operates). The impairment review was undertaken to ensure that the carrying value of the Belron’s assets are stated at no more
than their recoverable amount, being the higher of fair value less cost to sell and value-in-use. The recoverable amount of the
cash-generating units (CGUs) was determined based on value-in-use calculations which requires the use of key cashflow and
63Financial and Directors’ Report 2022 I

Consolidated Financial Statements
40
discount rate assumptions. The cashflows were obtained from Belron’s board approved 2023 budget and the five-year plan,
while the discount rates were revised using updated cost of equity and cost of debt data. This review has led to a goodwill
impairment charge of -€2.7m being recognised in relation to the Norwegian business (2021: -€3.2m in relation to Finland). In
2022, additional write-offs on non-current assets have been recognised for -€8.5m and relates to a leased property and leasehold
improvements no longer being used (2021: €11.9m write off on leased property no longer being used and €3.4m of previously
capitalised SaaS costs).
At year-end 2022, based on IAS28, the Board of Directors of the Company did not identify any indication of possible impairment
(a triggering event) on its investment in Belron (equity-accounted investee) and therefore did not perform an impairment test.
A shareholders’ agreement has been signed between the Group and the family holding company of the Belron’s former CEO,
including put options (with related call options) related to the part of the interest held by the family holding company of the
Belron’s former CEO. Based on IFRS requirements, the (financial) obligation to buy the equity instruments in an equity-accounted
investee does not give rise to a financial liability in the consolidated statement of financial position (because equity-accounted
investees are not part of the Group). This contract is a derivative that is in the scope of IFRS 9 “Financial Instruments”, measured
at fair value through profit or loss and categorised within the fair value hierarchy as level 3. The fair value of this derivative
amounts to nil as at 31 December 2022; the value of the Belron’s share based on the put formula being equal to the most recent
fair market value of Belron.
In the consolidated statement of comprehensive income, the lines “Equity-accounted investees – share of OCI” include -€31.7m
of remeasurements of defined benefit assets/liabilities (primarily due to the UK pension scheme recording an actuarial loss
following the rise in the discount rate), €56.5m of movements in cash flow hedges reserve (interest rate swaps and cross
currency interest rate swaps used to partially hedge the debt) and €71.2m related to translation differences.
The table below presents the revenue, profit before tax, the net result, and the other comprehensive income for the year ended
31 December 2021 and 31 December 2022. The Group’s share in net result is computed based on a weighted average
percentage of 52.88% in 2021 and a fully diluted economic percentage of 50.01% in 2022.
€m - Belron
2022
2021
Revenue (100%)
5,574.3
4,646.8
Profit before tax (100%)
512.5
463.4
Result for the period (100%)
301.2
317.9
Other comprehensive income (100%)
192.2
79.4
Profit (or loss) and total comprehensive income (100%)
493.4
397.3
Group's share of profit (or loss) and comprehensive income
246.7
207.8
Group's share of profit (or loss)
150.6
168.1
Group's share of comprehensive income
96.1
39.7
The reconciliation of the Group’s share in the net assets of BGSA from 31 December 2021 to 31 December 2022 is presented
below. The Group’s share in the net assets of BGSA at 31 December 2021 is negative as a result of the distribution of dividends
and the capital reduction operated by BGSA in 2021. The negative balance did not result in D’Ieteren Group SA/NV being liable
for the negative net assets of the joint venture.
€m - Belron
Group's share of net assets at 31 December 2021
-49.1
Group's share of profit (or loss) and comprehensive income
246.7
Group's share in dividends and proceeds from capital reduction
-212.5
Other movements, Group's share
41.8
Group's share of net assets at 31 December 2022
26.9
In the period, BGSA purchased own shares from previous MRP participants for an amount of €91.9m (2021: €18.8m). As the
repurchase transaction took place at fair value (the fair value of the own shares repurchased corresponds to the cash-out made
to acquire these shares at transaction date), the transaction did not impact the carrying amount of the equity-accounted investee
that the Group owns in BGSA as at 31 December 2022 (these shares will be re-purchased in the future by existing and new
participants of the MRP).
However, BGSA sold own shares (previously acquired from MRP participants) to new investors in 2022, leading to a disposal
gain of €24.3m (2021: €29.7m), Group’s share, being the difference between the fair market value on the disposal and the book
value of the shares, resulting in an increase in the carrying amount of the equity-accounted investee that the Group owns in
BGSA.
Following the closing of the transaction with Belron’s new shareholders on 17 December 2021, Belron’s Board of Directors has
agreed to reward c.24,000 employees with a cash bonus (paid in December 2021) and restricted share units (‘RSUs’) to thank
64 I Financial and Directors’ Report 2022

Consolidated Financial Statements
41
them for their loyal contribution to the company’s success. Under the proposed terms of the equity-settled component of the
scheme, BGSA awarded restricted share units (‘RSUs’) to each participant in the scheme. On vesting, each RSU will entitle the
holder to receive a single ordinary non-voting share in BGSA. Vesting period is currently estimated at 5 years and may be revised
if subsequent information indicates that the length of the vesting period is likely to differ from this estimate. This equity-settled
component of the scheme is a share-based payment arrangement. Accordingly, it is classified, and accounted for, as an equity-
settled share-based payment transaction in BGSA own financial statements, in accordance with IFRS 2.
Each year during the expected vesting period, the Group will therefore account for its share (50.01%) in the share-based payment
expense of BGSA (in the line “share of result of equity-accounted investee, net of income tax” in the consolidated statement of
profit or loss) and a corresponding increase in the value of the equity-accounted investee (in the consolidated statement of
financial position), to reflect its share in the increase of BGSA shareholders equity. In the period, the increase in the value of
the equity-accounted investee relating to this share-based payment plan amounts to €17.2m (2021: €29.7m). This reward will
have no economic impact whatsoever on the Group and other shareholders and there will be no dilution to the 50.01% fully
diluted stake held by the Group.
TVH
On 9 July 2021, the Group has signed an agreement to acquire a 40% stake in TVH Global SA/NV from the family shareholders.
Closing of the transaction occurred on the 1st October 2021. The acquisition price has been set at 1,147m (equity of €1,137m
plus acquisition-related costs of €10m). In accordance with IAS 28 “Investments in associates and joint ventures”, the €10m of
acquisition costs (mainly fees and due diligence costs) were included in the line “Equity-accounted investee” of the statement
of financial position. A shareholder loan of €40m has also been put in place between the Corporate & unallocated segment and
TVH as part of the acquisition.
Under the shareholders’ agreement, the Group has joint control on TVH with Wehold (the holding company of the family
shareholder), some key reserved matters being shared. TVH is therefore accounted for as an equity-accounted investee in the
Group’s consolidated financial statement, starting 1st October 2021.
In the second half of 2022, in accordance with IAS 28, the Group finalised the purchase price allocation of TVH. The provisional
goodwill recognised at the date of acquisition, representing the difference between the Group’s share in the net assets acquired
and the acquisition price (including acquisition costs), was initially valued at €1,096.2m. The Group performed a review of the
assets and liabilities of TVH at the date of acquisition and recognized fair value adjustments on intangible assets and property,
plant and equipment.
TVH brand has been valued at €341.0m, using a relief from royalty method. The brand has an indefinite useful life and is therefore
not amortized since the Group considers there is no limit to the period over which the brand is expected to generate cash
inflows. Customer contracts have been valued at €490.0m using a multi-period excess earnings method. These customer
contracts are amortized on a straight-line basis over their estimated economic useful lives of 11 years. Other intangible assets
were valued at €261.8m and consists in the technology used by TVH, using a relief from royalty method. The value of technology
is amortized on a straight-line basis over its estimated economic useful lives of 9 years. Further to the fair value adjustments on
intangible assets, the Group also performed a review of the fair value of property, plant and equipment of TVH. Using most
recent market valuation reports prepared by an independent expert, the Group recognised fair value adjustment on lands,
buildings and other tangible assets for a total amount of €40.6m. Fair value adjustments on buildings are depreciated on a
straight-line basis over their remaining economic useful lives of 45 years. Other tangible assets are depreciated on a straight-
line basis over their remaining economic useful lives of 9 years. Fair value adjustment on lands are not amortized. At the same
time, deferred tax liabilities have been recognised on these fair value adjustments, using a tax rate of 25%, which corresponds
to the corporate tax rate in Belgium. The initial deferred tax liability amounts to €283.3m and will be subsequently reversed over
the same economic useful lives of the underlying assets to which it relates.
At year-end 2022, based on IAS 28, the Board of Directors of the Company did not identify any indication of possible impairment
(a triggering event) on its investment in TVH (equity-accounted investee) and therefore did not perform an impairment test.
The detailed statement of financial position of TVH is disclosed in note 4. The figures include the PPA adjustments performed
by the Group, and the comparative information has been restated accordingly. Refer to note 1 for additional information on the
restatement of comparative information.
The table below presents the revenue, profit before tax and the net result of TVH for the 12-month period ended 31 December
2022 and the 3-month period ended 31 December 2021 (restated – see note 1).
65Financial and Directors’ Report 2022 I

Consolidated Financial Statements
42
€m - TVH
2022
2021 - 3 months⁽⁽¹⁾⁾
Revenue (100%)
1,621.7
348.0
Profit before tax (100%)
165.5
26.8
Result for the period (100%)
131.2
19.9
Other comprehensive income (100%)
7.5
4.3
Profit (or loss) and total comprehensive income (100%)
138.7
24.2
Group's share of profit (or loss) and comprehensive income (40%)
55.5
9.7
Group's share of profit (or loss)
52.5
8.0
Group's share of comprehensive income
3.0
1.7
(1) As restated – see note 1
In the consolidated statement of comprehensive income, the lines “Equity-accounted investees – share of OCI” include €2.9m
of remeasurements of defined benefit assets/liabilities.
The reconciliation of the Group’s share in the net assets of TVH starting from the 31 December 2021 (restated – see note 1) to
the 31 December 2022 is presented below:
€m - TVH
Group's share of net assets at 31 December 2021⁽⁽¹⁾⁾
1,156.6
Group's share of profit (or loss) and comprehensive income (40%)
55.5
Other movements, Group's share
-0.2
Group's share of net assets at 31 December 2022
1,211.9
(1) As restated – see note 1
D’Ieteren Automotive
The largest equity-accounted investee in the D’Ieteren Automotive segment is the joint venture Volkswagen D’Ieteren Finance
(VDFin), owned 50% minus one share by the Group and 50% plus one share by Volkswagen Financial Services (a subsidiary of
the Volkswagen group), active in a full range of financial services related to the sale of the Volkswagen group vehicles on the
Belgian market.
Following the acquisition of 17% of the share capital of Skipr by ALD Automotive, the Group lost exclusive control of its subsidiary
on 1st July 2021. Skipr is therefore accounted for as an equity-accounted investee as from 1st July 2021. The financial
information of Skipr is not material to the Group and is not separately disclosed. The Group’s share in the net assets of Skipr
at 31 December 2022 amounts to €13.1m and the Group’s share in the profit or loss of Skipr for the 12-month period ended 31
December 2022 amounts to -€1.4m.
In addition, following the entry into capital by investors for 29% in Lizy and 33% in MyMove (both through capital increases), the
Group lost exclusive control of both subsidiaries in 2022. This resulted in the recognition of a consolidated gain of 10.2m
(accounted for in finance income in H1-2022 in the D’Ieteren Automotive segment), representing the difference between the
fair value of the non-controlling interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount
of the assets and liabilities of the subsidiaries at the date the control was lost. These two entities are therefore accounted for
as equity-accounted investee as from 1
st
January 2022. The financial information of Lizy and MyMove are not material to the
Group and are not separately disclosed. The Group’s share in the net assets of Lizy and MyMove at 31 December 2022 amounts
to €8.4m and €2.7m respectively and the Group’s share in their profit or loss for the 12-month period ended 31 December 2022
amounts to -€1.0m and -€0.7m respectively.
The following table summarises the financial information of VDFin as included in its own financial statements, adjusted for
differences in accounting policies, and also reconciles this summarised financial information to the carrying amount of the
Group’s interest in VDFin.
66 I Financial and Directors’ Report 2022

Consolidated Financial Statements
43
€m - VDFin (100% - except otherwise stated) 2022 2021
Non-current assets 1,810.5 1,683.5
Current assets (excluding cash and cash equivalents) 980.2 826.1
Cash and cash equivalents
135.2
77.5
Non-current liabilities (excluding financial liabilities)
-5.9
-8.6
Non-current financial liabilities
-1,325.2
-1,070.3
Current liabilities (excluding financial liabilities)
-182.2
-137.0
Current financial liabilities
-1,203.4
-1,174.2
Net assets
209.2
197.0
Group's share of net assets (49.99%) and carrying amount of interest in joint venture
104.6
98.5
Revenue
492.5
578.8
Depreciation and amortization
-139.1
-125.5
Net finance costs
30.5
30.0
Profit before tax
27.9
24.1
Tax expense -8.1 -5.7
Result for the period 19.8 18.4
Other comprehensive income
0.7
0.9
Profit (or loss) and total comprehensive income
20.5
19.3
Group's share of profit (or loss) and comprehensive income (49.99%)
10.2
9.7
Note 18: Financial instruments – fair value and risk management
Financial instruments - measurement
Financial assets held by the Group at 31 December 2022 are limited to trade and other receivables (see note 20), cash and
cash equivalents (see note 19) and financial investments (in the Corporate & unallocated segment – see note 4). Trade and
other receivables and cash and cash equivalents are measured at amortised costs under IFRS 9. Financial investments are
measured both at amortised costs under IFRS 9 (for corporate bonds) and at fair value through profit or loss (for equity
instruments).
Financial liabilities held by the Group at 31 December 2022 consist in loans and borrowings (see note 24), trade and other
payables (see note 25), both classified as liabilities at amortised costs under IFRS 9, put options granted to non-controlling
interests (see note 33), measured at fair value through equity, and contingent consideration on acquisitions (see note 26)
measured at fair value through profit or loss.
In the current period (see note 4 segment information), in the Belron segment (equity-accounted investee), there is a
contingent consideration liability (€8.7m at 31 December 2022; €11.3m at 31 December 2021, presented in the line “other
payables” in the segment statement of financial position) recognised on an asset acquisition carried out at fair value using a
level 3 valuation method (see below). The other financial instruments held in the Belron segment (equity-accounted investee)
are carried out at fair value using a level 2 valuation method (see below) and consist in cross-currency and interest rate swaps
to hedge against changes in market interest rates, forward currency contracts used to hedge the cost of future purchases
where those payables are denominated in a currency other than the functional currency of the purchasing company (both
measured as hedging instruments), fuel derivatives used to hedge the price of fuel purchase (measured at fair value through
profit or loss) and other forward exchange contracts used to swap foreign currency cash balances to reduce borrowings and
minimise interest expense (measured at fair value through profit or loss).
All Group’s financial assets and liabilities measured at fair value in the consolidated statement of financial position are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
- Level 1: quoted market prices in an active market (that are unadjusted) for identical assets and liabilities;
- Level 2: valuation techniques (for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable);
- Level 3: valuation techniques (for which the lowest level input that is significant to the fair value measurement is
unobservable).
At 31 December 2021 and 2022, all Group’s financial assets and liabilities measured at fair value in the consolidated statement
of financial position are classified in level 2 except the equity instruments included in the line “financial investments”, classified
in level 1, the contingent considerations and the put options (and associated call options) granted to non-controlling interests
classified in level 3.
67Financial and Directors’ Report 2022 I

Consolidated Financial Statements
44
Valuation techniques
The fair values of derivative instruments are determined using valuation techniques. The Group uses a variety of methods and
makes assumptions based on market conditions at the balance sheet date. The fair value of cross currency interest rate swaps
and interest rate swaps is calculated as the present value of future estimated cash flows. The fair value of interest rate caps
and collars is valued using option valuation techniques. The fair value of forward exchange contracts is determined using
forward exchange market rates at the date of the consolidated statement of financial position. The fair value of fuel hedge
instruments is determined using market valuations prepared by the respective banks that executed the initial transactions at
the statement of financial position date based on the present value of the monthly futures forward curve for gasoline given
the volume hedged and the contract period. The fair value of foreign exchange swap contracts is determined using forward
foreign exchange market rate at the date of the consolidated statement of financial position.
The main risks managed by the Group under policies approved by the Board of Directors, are liquidity and re-financing risk,
market risk, credit risk, counterparty risk and price risk. The Board periodically reviews the Group’s treasury activities, policies
and procedures. Treasury policies aim to ensure permanent access to sufficient liquidity, and to monitor and limit interest and
currency exchange risks. These are summarised below.
Liquidity and re-financing risk
Liquidity risk is associated with the Group’s ability to meet its obligations. Each business unit of the Group manages liquidity
risk by maintaining sufficient cash and funding available through an adequate amount of committed credit facilities to cover
its anticipated medium-term commitments at all times. To minimise liquidity risk, the Group ensures, on the basis of its long-
term financial projections, that it has a core level of committed long-term funding in place, with maturities spread over a wide
range of dates, supplemented by various shorter-term facilities, and various funding sources.
Cash pooling schemes are sought and implemented each time when appropriate in order to minimise gross financing needs
and costs of liquidity.
The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities.
€m
Due within one
year
Due between one
and five years
Due after five years Total
Capital
Interest
Capital
Interest
Capital
Interest
Capital
Interest
At 31 December 2022
Loans and borrowings
Lease liabilities
61.4
7.0
149.7
13.8
44.3
4.1
255.4
24.9
Other borrowings and private
bonds
256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1
Loan notes
-
62.4
579.5
168.1
376.3
-
955.8
230.5
Commercial paper
4.5
-
-
-
-
-
4.5
-
Total
322.7
73.9
820.8
188.4
420.7
4.2
1,564.2
266.5
Trade and other payables
984.7
-
-
-
-
-
984.7
-
Total
1,307.4
73.9
820.8
188.4
420.7
4.2
2,548.9
266.5
At 31 December 2021
Loans and borrowings
Lease liabilities
16.5
0.2
19.9
0.2
10.5
0.1
46.9
0.5
Other borrowings and private
bonds
36.6 1.8 130.5 2.4 - - 167.1 4.2
Total
53.1
2.0
150.4
2.6
10.5
0.1
214.0
4.7
Trade and other payables
496.0
-
-
-
-
-
496.0
-
Total
549.1
2.0
150.4
2.6
10.5
0.1
710.0
4.7
Interest Rate Risk
The Group’s interest rate risk arises from changes in interest rates on interest-bearing assets and from loans and borrowings.
The Group seeks to cap the impact of adverse interest rates movements on its financial results, particularly in relation to the
next 12 months. To manage its interest rate exposures, the Group primarily uses forward rate agreements, interest rate swaps,
caps and floors. Hedges, or fixed rate indebtedness, beyond 5 years are unusual. The interest rate and currency profiles of
loans and borrowings are disclosed in note 24.
A change of 100 basis points in interest rate at the reporting date would have increased/decreased the result from continuing
operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables
remain constant.
68 I Financial and Directors’ Report 2022

Consolidated Financial Statements
45
€m
Result from continuing operations
1% increase
1% decrease
31 December 2022
-6.5
6.5
31 December 2021
-3.1
3.1
Currency Risk
The Group’s objective is to protect its cash flows, commercial transactions and net investments in foreign operations from
the potentially high volatility of the foreign exchange markets by hedging any material net foreign currency exposure.
The Group has certain investments in foreign operations whose net assets and related goodwill are exposed to foreign
currency translation risk. Group policy is to hedge the economic value of material foreign currency investments (limited to the
net book value of the asset) in a particular currency with financial instruments including debt in the currency of the investment.
The proportion to which an investment is hedged is individually determined having regard to the economic and accounting
exposures and the currency of the investment. To complement these natural hedges, the Group uses instruments such as
forwards, swaps, plain-vanilla foreign exchange options and, when appropriate, cross currency swaps. The hedging levels are
reviewed periodically, in light of the market conditions and each time a material asset is added or removed.
The significant exchange rates applied in 2022 and in 2021 are disclosed in note 30.
A 10 percent strengthening/weakening of the euro against the following currencies at 31 December would have
increased/decreased result from continuing operations (excluding equity-accounted investees) by the amounts shown below.
This analysis assumes that all other variables remain constant.
€m Result from continuing operations
10% strenghtening
10% weakening
31 December 2022
EUR vs GBP
-0.4
0.5
EUR vs USD
-1.0
1.2
EUR vs CHF
0.2
-0.2
31 December 2021
EUR vs GBP
-0.5
0.6
EUR vs USD
-2.1
2.6
EUR vs CHF
-0.2
0.3
Price Risk
Price risk is related to oscillations in the prices of raw materials, semi-finished and finished goods purchased. Specifically, the
price risk mainly arises from the presence of a limited number of supplier of goods and the need to guarantee procurement
volumes. The Group limits price risk through its procurement policy.
Counterparty risk
Exposure limits to financial counterparties in respect of both amount and duration are set in respect of derivatives and cash
deposits. Such transactions are entered into with a limited number of pre-designated banks on the basis of their publicly
available credit ratings, which are checked at least once a year. Limits on length of exposure per category of transaction are
in place to protect liquidity and mitigate counterparty default risks. The instruments and their documentation must be
authorized before entering the contemplated transactions.
Note 19: Cash and cash equivalents
Cash and cash equivalents are analysed below:
€m 2022 2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Cash at bank and in hand 0.8 26.9 122.0 142.9 292.6 69.0 38.6 170.5 278.1
Short-term deposits - - - 53.2 53.2 17.0 - 59.5 76.5
Cash and cash equivalents 0.8 26.9 122.0 196.1 345.8 86.0 38.6 230.0 354.6
69Financial and Directors’ Report 2022 I

Consolidated Financial Statements
46
Cash and cash equivalents are mainly floating rate assets which earn interest at various rates set with reference to the prevailing
EONIA, LIBID or equivalent. Their carrying amount is equal to their fair value.
Note 20: Trade and other receivables
€m
2022
2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Non-current
receivables
4.8 1.1 25.7 44.2 75.8 3.9 1.1 44.0 49.0
Trade receivables - net
256.7
31.3
279.4
1.1
568.5
302.2
31.7
0.7
334.6
Current receivables
from equity-accounted
investees
30.0 - - 0.8 30.8 9.4 - 2.2 11.6
Other current
receivables
19.7 3.0 72.9 3.7 99.3 10.1 1.9 22.4 34.4
Trade and other
receivables
306.4 34.3 352.3 5.6 698.6 321.7 33.6 25.3 380.6
In 2021 and 2022 in the Corporate & unallocated segment, non-current receivables include, amongst other amounts, €40.0m
related to the shareholder loan from the Corporate and unallocated segment put in place on 1st October 2021 in the framework
of the acquisition of a 40% stake in TVH (see note 17).
The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates their fair
value, and they generate no interest income.
The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of
obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business
partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties.
Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment
terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit
are closely tracked and collected mostly centrally in the D’Ieteren Automotive segment, and at the country level in the Belron
segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the
credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is
differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative
corporate rating services.
In the D’Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based
on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are
also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are
limited due to the diversity of Belron’s customer base. In the Moleskine segment, trade receivables are concentrated due to the
distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk
and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain
customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to
reduce exposure to credit risk.
Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit
risk exposure is the carrying amount of the receivables in the statement of financial position.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit
loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and
the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current
and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
As at 31 December 2022, the provisions for bad and doubtful debt amount to €33.1m (2021: €4.8m). The increase in the period
is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the
Group (see note 26).
The ageing analysis of trade and other receivables past due but not impaired is as follows:
70 I Financial and Directors’ Report 2022

Consolidated Financial Statements
47
€m
2022
2021
Up to three months past due
59.4
21.4
Over three months past due
31.4
6.8
Total
90.8
28.2
In 2022 and 2021, the amounts presented in the aging analysis only include, in the D’Ieteren Automotive segment, the trade
receivables of D’Ieteren Automotive SA.
The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group’s consolidated
statement of financial position at 31 December 2022.
The charge in 2022 for bad and doubtful debts amounts to -€6.1m (2021: nihil). See note 6.
Note 21: Non-current assets and disposal group classified as held for sale and
discontinued operations
Following the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the 4
th
of August 2022 (see note 26),
the European Commission imposed the disposal of PHE’s specialized glass repair activities “Mondial Pare Brise”. The Board of
Directors of the Company concluded that, at the balance sheet date, the PHE segment is committed to a sale plan of Mondial
Pare Brise. It has therefore classified in the consolidated statement of financial position at 31 december 2022 all the assets and
liabilities of Mondial Pare Brise as held for sale; the recognition criteria defined in IFRS 5 “Non-current assets held for sale and
discontinued operations” being satisfied. In the consolidated statement of profit or loss, the line “Discontinued operations”
relates to the net result of Mondial Pare-Brise, from the date of the acquisition of PHE by the Group until 31 December 2022.
The assets classified as held for sale and liabilities directly associated with the assets held for sale are presented below.
€m 31 December 2022
Goodwill 17.1
Intangible assets 20.3
Property, plant & equipment 23.7
Deferred tax assets -4.7
Other receivables 1.2
Inventories 0.6
Current tax assets 0.5
Trade and other receivables 2.4
Cash & cash equivalents 11.1
Assets classified as held for sale 72.2
€m 31 December 2022
Loans & borrowings 11.3
Deferred tax liabilities 0.7
Provisions 0.2
Loans & borrowings (short-term) 4.0
Trade & other payables 10.8
Liabilities directly associated with the assets held for sale 27.0
The net result from discontinued operations is presented below.
€m 2022
Revenue
20.9
Operating result
4.1
Net finance costs
-0.2
Result before tax
3.9
Income tax expense
-1.0
Result after tax from discontinued operations
2.9
Basic earnings (loss) per share from discontinued operations (EUR)
0.05
Diluted earnings (loss) per share from discontinued operations (EUR)
0.05
The cash flow from discontinued operations is presented below.
71Financial and Directors’ Report 2022 I

Consolidated Financial Statements
48
€m
2022
Net cash from operating activities
4.8
Net cash from investing activities
-0.6
Net cash from financing activities
-2.1
Cash flows from discontinued operations
2.1
In accordance with IFRS 5, the non-current assets have been measured at the lower of their carrying amounts and fair value less
costs to sell, being the net book value as at 31 December 2022 (the financial consideration of the transaction corresponding to
an equity consideration of €102m – see note 34). Depreciation and amortisation of the non-current assets of Mondial Pare Brise
ceased as from the date of their classification as held for sale.
Closing of the disposal occurred on 13 February 2023 (see note 34).
There are no cumulative income or expenses included in other comprehensive income relating to Mondial Pare Brise.
Note 22: Capital and reserves
A reconciliation of share capital and reserves are set out in the consolidated statement of changes in equity.
Share capital
The change in ordinary share capital is set out below:
€m, except number of shares stated in units
Number of
ordinary
shares
Ordinary
share
capital
At 1 January 2021
54,367,928
160.0
Change
-
-
At 31 December 2021
54,367,928
160.0
Change
-
-
At 31 December 2022
54,367,928
160.0
The 5,000,000 nominative participating shares do not represent share capital. Each participating share confers one voting right
and gives the right to a dividend equal to one eighth of the dividend of an ordinary share.
Treasury shares reserve
Treasury shares are held by the Company and by subsidiaries as set out below:
€m, except number of shares stated in units
31 December 2022
31 December 2021
Number
Amount
Number
Amount
Treasury shares held by the Company
1,256,732
134.1
1,017,135
47.4
Treasury shares held by subsidiaries
-
-
-
-
Treasury shares held
1,256,732
134.1
1,017,135
47.4
Treasury shares are held in the framework of the share buyback programme and liquidity contract and to cover the stock option
plans set up by the Company since 1999 (see note 9).
During the year 2022, a total of 764,574 treasury shares have been acquired by the Company and 524,977 treasury shares have
been sold, for a net amount of -€86.7m (of which acquisitions of -€117.4m and disposals of €30.7m).
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used
in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. Cumulative
tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of
foreign operations, as well as from the translation of financial instruments that hedge the Group’s net investment in a foreign
subsidiary.
Registered shares not fully paid-up may not be transferred except by virtue of a special authorisation from the Board of Directors
for each assignment and in favour of an assignee appointed by the Board (art. 7 of the Articles). Participating shares may not
72 I Financial and Directors’ Report 2022

Consolidated Financial Statements
49
be transferred except by the agreement of a majority of members of the Board of Directors, in which case they must be
transferred to an assignee appointed by said members (art. 8 of the Articles).
The Group’s objectives when managing capital are to safeguard each of its activities ability to continue as a going concern and
to maintain an optimal capital structure to reduce the cost of capital.
The Group monitors the capital adequacy at the level of each of its activities through a set of ratios relevant to their specific
business. In order to maintain or adjust the capital structure, each activity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt, taking into account the existence
of non-controlling shareholders.
The controlling shareholders are listed here below:
Shareholders with controlling interest according to the
declaration of transparency dated 2 November 2011,
and to further communications to the company (as at
31 December 2022).
Capital shares Participating shares Total voting rights
Number % Number % Number %
s.a. de Participations et de Gestion, Brussels
12,740,605
23.43%
0
-
12,740,605
21.46%
Reptid Commercial Corporation, Dover, Delaware
1,904,875
3.50%
0
-
1,904,875
3.21%
Mrs Catheline Périer-D'Ieteren
0
0.00%
1,250,000
25.00%
1,250,000
2.11%
Mr Olivier Périer
10,000
0.02%
0
-
10,000
0.02%
The four abovementioned shareholders (collectively
“SPDG Group”) are associated.
14,655,480 26.96% 1,250,000 25.00% 15,905,480 26.79%
Nayarit Participations s.c.a., Brussels
17,684,020
32.53%
0
-
17,684,020
29.79%
Mr Nicolas D'Ieteren
10,000
0.02%
3,750,000
75.00%
3,760,000
6.33%
The two abovementioned shareholders (collectively
“Nayarit Group”) are associated.
17,694,020 32.54% 3,750,000 75.00% 21,444,020 36.12%
The shareholders referred to as SPDG Group and
Nayarit Group act in concert.
The Board of Di
rectors proposed the distribution of a gross dividend amounting to €3.00 per share (2021: gross dividend
of €2.10 per share), or €161.2m in aggregate (2021: €113.4m).
Note 23: Provisions
Liabilities for post-retirement benefit schemes are analysed in note 10. The other provisions, either current or non-current, are
analysed below.
The major classes of provisions are the following ones:
€m 2022 2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
A
utomotive
Moleskine
Corp. &
unallocated
Group
Non-current provisions
Dealer-related
0.2
-
-
-
0.2
6.3
-
-
6.3
LTIP provision
8.7
1.9
-
0.5
11.1
1.4
3.2
-
4.6
Other non-current items
6.7
-
-
0.1
6.8
4.3
-
0.3
4.6
Subtotal
15.6
1.9
-
0.6
18.1
12.0
3.2
0.3
15.5
Current provisions
LTIP provision
-
3.8
-
-
3.8
-
-
-
-
Other current items
-
1.1
5.4
5.2
11.7
4.3
1.7
5.3
11.3
Subtotal
-
4.9
5.4
5.2
15.5
4.3
1.7
5.3
11.3
Total provisions
15.6
6.8
5.4
5.8
33.6
16.3
4.9
5.6
26.8
73Financial and Directors’ Report 2022 I

Consolidated Financial Statements
50
The changes in provisions are set out below for the year ended 31 December 2022:
€m
Dealer-related
Other non-
current items
including LTIP
provision
Other current
items including
LTIP provision
Total
At 1 January 2022
6.3
9.2
11.3
26.8
Charged in the year
0.1
14.2
1.0
15.3
Utilised in the year
-6.2
-1.7
-0.6
-8.5
Reversed in the year
-
-1.9
-1.0
-2.9
Transferred during the year
-
-7.4
4.7
-2.7
Items acquired through business combinations (see note
26)
- 5.5 - 5.5
Translation differences
-
-
0.1
0.1
At 31 December 2022
0.2
17.9
15.5
33.6
When the timing of the outflows is uncertain, the provisions are considered as non-current items. The non-current provisions
are not discounted since the impact is not considered material to the Group. Current provisions are expected to be settled
within 12 months.
In the D’Ieteren Automotive segment, the dealer-related provisions arise from the ongoing improvement of the distribution
networks.
Other non-current provisions also comprise:
- Dilapidation and environmental provisions to cover the costs of the remediation of certain properties held under leases;
- Provision against legal claims that arise in the normal course of business, that are expected to crystallise in the next
couple of years. After taking appropriate legal advice, the outcome of these legal claims should not give rise to any
significant loss beyond amounts provided at 31 December 2022.
The increase of other current provisions is mainly related to the integration of PHE in the consolidated statement of financial
position as from the acquisition by the Group (see note 26).
Note 24: Loans and borrowings
Loans and borrowings are presented as follows:
€m 2022 2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Non-current loans and
borrowings
Lease liabilities
18.1
9.9
153.2
4.7
185.9
12.4
12.0
4.6
29.0
Bank and other loans
75.4
-
971.2
-
1,046.6
99.5
29.8
0.1
129.4
Inter-segment loan
-
272.3
-
-272.3
-
-
264.1
-264.1
-
Subtotal non-current loans
and borrowings
93.5 282.2 1,124.4 -267.6 1,232.5 111.9 305.9 -259.4 158.4
Current loans and borrowings
Lease liabilities
11.2
5.5
44.0
0.6
61.3
10.6
5.4
0.5
16.5
Bank and other loans
110.5
14.9
181.3
0.1
306.8
22.2
14.3
0.1
36.6
Subtotal current loans and
borrowings
121.7 20.4 225.3 0.7 368.1 32.8 19.7 0.6 53.1
TOTAL LOANS AND
BORROWINGS
215.2 302.6 1,349.7 -266.9 1,600.6 144.7 325.6 -258.8 211.5
The increase in loans and borrowings compared to 31 December 2021 is mainly attributable to the integration of PHE in the
Group’s consolidated statement of financial position at 31 December 2022.
74 I Financial and Directors’ Report 2022

Consolidated Financial Statements
51
Obligations under lease contracts are analysed below:
€m 2022 2021
Minimum lease
payments
Present value of
minimum lease
payments
Minimum lease
payments
Present value of
minimum lease
payments
Within one year
61.4
61.4
16.5
16.5
Between one and five years
149.7
144.5
19.9
19.2
More than five years
44.3
41.3
10.5
9.8
Subtotal
255.4
247.2
46.9
45.5
Present value of lease obligations
247.2
45.5
In 2021 and 2022, the inter-segment loans comprise amounts lent by the Corporate & unallocated segment to the Moleskine
segment (non-recourse loan in the framework of the acquisition). In the period, €10.7m of interests have been recognised in
profit or loss and -€2.7m have been paid cash.
The €40.6m lent in 2021 and 2022 by the Corporate & unallocated segment to TVH are not presented in the line “inter-segment
loan” in the table above since TVH is an equity accounted investee but is presented in non-current receivables in the Corporate
& unallocated segment (see note 20).
In 2022, Moleskine proceeded to the partial reimbursement of the external bank loan (€14.5m of senior term loan instalment
and €15m of voluntary prepayment).
In December 2021, D’Ieteren Automotive secured a new 5-year €325m bank financing (maturity date December 2026),
consisting of €100m of amortising term loan and €225m revolving credit facility, included in the lines “bank and other loans”
in the above table. The increase in current loans and borrowings compared to 31 December 2021 mainly relates to bank
overdrafts reclassified from “cash and cash equivalents” to “loans and borrowings” (€52.4m at 31 December 2022 vs nil at 31
December 2021). Those bank overdrafts are permitted under the ancillary facilities negociated under the revolving credit facility
of €225m and mainly result from a significant cash outflow driven by a sharp increase in inventory as the deliveries from the
factories accelerated at the very end of the year. At 31 December 2022, there is no breach of covenants attached to the loans.
Bank and other loans in the PHE segment mainly consist in Senior Secured fixed and floating rate Notes maturing between 2025
and 2027, as well as revolving credit facilities.
Non-current loans and borrowings are due for settlement after more than one year, in accordance with the maturity profile set
out below:
€m 2022 2021
Between one and five years
814.7
148.6
After more than five years
417.8
9.8
Non-current loans and borrowings
1,232.5
158.4
The exposure of the Group’s loans and borrowings to interest rate changes and the repricing dates (before the effect of the
debt derivatives) at the balance sheet date is as follows:
€m 2022 2021
Less than one year
368.1
53.1
Between one and five years
814.7
148.6
After more than five years
417.8
9.8
Loans and borrowings
1,600.6
211.5
The interest rate and currency profiles of loans and borrowings are as follows (including the effects of debt derivatives and
excluding the lease liabilities accounted for in accordance with IFRS 16 in 2021 and 2022):
75Financial and Directors’ Report 2022 I

Consolidated Financial Statements
52
€m 2022 2021
Currency
Fixed
rate
Floating
rate
Total
Fixed
rate
Floating
rate
Total
EUR
607.4
746.4
1,353.8
0.2
165.8
166.0
Total
607.4
746.4
1,353.8
0.2
165.8
166.0
EUR borrowings are stated after deduction of deferred financing costs of €0.9m as at 31 December 2022 (31 December 2021:
€1.5m).
The floating rate borrowings bear interest at various rates set with reference to the prevailing EURIBOR or equivalent. The range
of interest rates applicable for fixed rate borrowings outstanding is as follows:
2022 2021
Currency
Min.
Max.
Min.
Max.
EUR
1.0%
6.5%
1.0%
4.3%
The fair value of loans and borrowings (both current and non-current) approximates their carrying amount. Certain of the
borrowings in the Group have covenants attached. At year-end, there is no breach of covenants.
The table below provides information about the changes in liabilities arising from financing activities:
€m
At 1
January
2022
Items
acquired
through
business
combinations
New
loans
Loans
repayment
Repayment
of lease
liabilities
Non-cash movements
At 31
December
2022
Additions/
Disposals
IFRS16
Transfer Other
Long-term loans and
borrowings
129.4 975.2 38.6 -8.8 - - -88.0 0.2 1,046.6
Short-term loans and
borrowings
36.6 130.9 68.8 -38.5 - - 107.4 1.6 306.8
Lease liabilities 45.5 209.6 - - -37.9 30.0 - - 247.2
Total liabilities arising from
financing activities
211.5 1,315.7 107.4 -47.3 -37.9 30.0 19.4 1.8 1,600.6
€m
At 1
January
2021
New
loans
Loans
repayment
Repayment
of lease
liabilities
Non-cash movements
At 31
December
2021
Additions/
Disposals
IFRS16
Conversion
difference
Transfer Other
Long-term loans and
borrowings
44.6 99.2 -0.1 - - - -14.6 0.3 129.4
Short-term loans and
borrowings
8.4 19.1 -13.4 - - - 14.6 7.9 36.6
Lease liabilities 50.4 - - -16.1 10.7 0.7 - -0.2 45.5
Total liabilities
arising from
financing activities
103.4 118.3 -13.5 -16.1 10.7 0.7 - 8.0 211.5
In 2022, the other non-cash movements include, among other amounts, the impact of the change in consolidation method of
Lizzy and MyMove following the loss of exclusive control (see note 17) and in 2021 and 2022, the amortization of deferred
financing costs in the Moleskine segment.
In 2022, the €19.4m of transfers represent a capitalization of accrued interests on loans and borrowings, previously booked in
trade and other payables.
76 I Financial and Directors’ Report 2022

Consolidated Financial Statements
53
Note 25: Trade and other payables
Trade and other payables are described below:
€m 2022 2021
D'Ieteren
Automotive
Moleskine PHE
Corp. &
unallocated
Group
D'Ieteren
Automotive
Moleskine
Corp. &
unallocated
Group
Non-current payables
-
-
32.5
-
32.5
-
-
-
-
Trade payables
339.1
23.7
313.6
3.4
679.8
271.6
27.2
3.7
302.5
Accrued charges and
deferred income
64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3
Non-income taxes
52.0
1.5
18.3
-
71.8
43.7
0.8
-
44.5
Contingent
consideration on
acquisitions
1.6 - 0.4 - 2.0 - - - -
Other current creditors
70.0
4.7
77.7
9.3
161.7
85.9
5.0
7.8
98.7
Trade and other
payables
527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0
Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current
payables approximates their fair value.
In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent considerations on past
acquisitions.
In both periods, the line “Non-income taxes” mainly include VAT payables in the D’Ieteren Automotive segment, and in 2022
only, in the PHE segment.
At 31 December 2021, the other current creditors included included, among other amounts, €16.8m of liabilities related to the
decision of D’Ieteren Automotive to close down two of its structurally loss-making sites.
77Financial and Directors’ Report 2022 I

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54
Note 26: Business combinations
The details of the net assets acquired, goodwill and consideration of the acquisitions performed by the Group are set out in the
following table. The column “D’Ieteren Automotive” relate to the acquisitions performed by the D’Ieteren Automotive segment,
and the column PHE relates to the acquisition by the Group of Parts Holding Europe (PHE) on the 4
th
of August 2022.
€m
D'Ieteren
Automotive
PHE
Total
provisional fair
value
⁽⁽
¹
⁾⁾
Intangible assets
-
311.7
311.7
Property, plant & equipment
11.2
280.0
291.2
Financial investments
-
4.7
4.7
Derivative financial instruments
-
2.1
2.1
Deferred tax assets
-
24.2
24.2
Other receivables
-
24.7
24.7
Inventories
8.1
463.6
471.7
Derivative financial instruments (short-term)
-
0.7
0.7
Trade and other receivables
4.6
393.7
398.3
Cash & cash equivalents (excluding cash included in assets classified as held-for-sale)
3.4
91.9
95.3
Assets classified as held for sale
-
75.1
75.1
Employee benefits
-
-28.0
-28.0
Loans & borrowings
-12.4
-1,128.2
-1,140.6
Put options granted to non-controlling interests
-
-80.5
-80.5
Other payables
-
-37.8
-37.8
Deferred tax liabilities
-0.1
-13.4
-13.5
Provisions (short-term)
-
-5.6
-5.6
Loans & borrowings (short-term)
-1.1
-165.4
-166.5
Put options granted to non-controlling interests (short-term)
-
-4.9
-4.9
Current tax liabilities
-0.9
-
-0.9
Trade & other payables
-10.7
-455.4
-466.1
Liabilities directly associated with the assets held for sale
-
-30.7
-30.7
Net assets acquired
2.1
-277.5
-275.4
Non-controlling interests ("NCI")
-0.3
-1.8
-2.1
Goodwill
17.9
850.3
868.2
TOTAL IDENTIFIABLE NET ASSETS ACQUIRED AND LIABILITIES ASSUMED,
INCLUDING GOODWILL
19.7 571.0 590.7
Consideration satisfied by:
Cash payment
14.1
571.0
585.1
Contingent consideration
5.6
-
5.6
TOTAL CONSIDERATION
19.7
571.0
590.7
(1) The fair values have been measured on a provisional basis. If new information obtained within one year from the date of acquisition about facts and
circumstances that existed at the date of acquisition, then the accounting for the acquisition will be revised.
D’Ieteren Automotive
During the period, the D’Ieteren Automotive segment finalized the following acquisitions:
- 100% of the shares of Taxi Radio Bruxellois s.a in H1-2022, the leading provider of on-demand transportation services in the
Brussels-Capital Region and surrounding areas;
- 67.84% of the shares of Joule n.v. in H1-2022, a company specialising in the supply of bicycles to corporate and public
sector organisations;
- 100% of the shares of Vélofixer b.v.b.a. in H1-2022, an (e-)bikes store in the centre of Brussels;
- 100% of the shares of Re-Cycle s.r.l in H2-2022, an (e-)bikes store specialised in second-hand bikes in the Brussels area;
- 100% of the shares of Go-Solar n.v. in H2-2022, a company specialised in the supply of solar panels and home batteries in
Flanders.
The additional revenue and net result arising subsequent to these acquisitions amount to respectively €36.2m and €2.1m. If the
acquisitions have occurred on the first day of the period, revenue would have been €65.9m and net result €3.0m.
78 I Financial and Directors’ Report 2022

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55
The contingent consideration of €5.6m recognised on these acquisitions is initially measured at fair value through profit or loss
(FVTPL) and is based on the expected payout that the Group will incur, based on the probability of achievement of financial
performances of the underlying acquired businesses (such as target revenue, target gross margin). The fair value calculations
require significant judgment and estimates from the management, especially with regards to the revenue growth and gross
margin performances). Subsequent change in fair value of the earn-out, if any, will be accounted for in profit or loss. At 31
December 2022, contingent consideration liability amount to €5.8m and is presented in the line “Trade and other payables” in
the consolidated statement of financial position.
The €17.9m of goodwill recognised reflects the expected synergies and other benefits resulting from the combination of the
acquired activities with those of the D’Ieteren Automotive segment. As permitted by IFRS 3 “Business Combinations” (maximum
period of 12 months to finalize the acquisition accounting), the above provisional allocation will be reviewed and if necessary
reallocated to brands and intangible assets.
There are no trade and other receivables acquired that are expected to be uncollectable at the date of acquisition. The
provisional goodwill recognised on these acquisitions is not expected to be deductible for tax purposes.
PHE
On the 4
th
of August 2022, D’Ieteren Group announced that it has closed the acquisition of Parts Holding Europe (PHE), a
Western European leader in independent distribution of vehicle spare parts present in six countries: France, Belgium, The
Netherlands, Luxemburg, Italy and Spain. The acquisition if fully aligned with the Group’s investment criteria and PHE perfectly
fits in the Group’s family of businesses as a new strong leading growth platform enabling significant value creation with the
ambition to generate a meaningful impact. The acquisition price corresponded to an Enterprise Value of €1.7bn, resulting in an
equity consideration paid of €571.0m, financed with D’Ieteren Group’s excess liquidity. This corresponded to an EV/EBITDA
2021 multiple of 6.9x. At the date of the closing of the acquisition, D’Ieteren Group owned 100% of PHE and fully consolidates
the company (global integration) as from the 4
th
of August 2022. Acquisition related costs (recognized in commercial and
administrative expenses in the consolidated statement of profit or loss) amount to €18.6m (these costs are qualified as adjusting
items – refer to the consolidated management report and the press release for more information on Alternative Performance
Measures and adjusting items). PHE is a reportable operating segment since the acquisition date (see note 4).
At inception, the capital structure of the holding company of PHE was composed of ordinary shares (c. 30% of total equity) and
preference shares (c. 70% of equity). In October 2022, minority investors including management and several partners and
independent distributors invested alongside D’Ieteren Group in the holding company of PHE, up to a combined ownership of
c.9%, in the same proportion between ordinary shares and preference shares.
Preference shares bear a fixed annual compounding dividend rate of 7% (any distribution being first allocated to the preference
shares in order to satisfy the accumulated dividend and to redeem the subscription amount of preference shares).
At the same time, a Management Reward Plan (MRP) has been put in place, whereby the Group granted to PHE’s key
management personnel free “ratchet” shares. These shares have no economic value until a liquidity event occurs (the value of
the shares will then be entitled to an amount equal to a percentage of the Project Capital Gain). This management reward plan
is a cash-settled share-based payment in scope of IFRS 2. The Group will therefore account in profit or loss for the fair value of
the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding
increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss.
At 31 December 2022, the Group accounted for a share-based payment expense of -€2.2m, with a corresponding increase in
liability.
The Group has granted to minority investors put options on the ordinary, preference and “ratchet” shares. Refer to note 33 for
more information on the put options granted to non-controlling shareholders.
For the five-month period ended 31 December 2022, PHE contributed revenue of €961.8m and net result of €7.3m. If the
acquisition had occurred on the first day of the period, revenue would have been €2,259.8m and net result €58.6m.
In the segment statement of cash flows, the line “acquisition of subsidiaries, net of cash acquired” in the PHE and Corporate &
unallocated segments (total of -€506.1m) represents the total consideration paid by the Group for the acquisition of PHE (-
€571.0m), less cash and cash equivalents acquired for €100.9m (consisting in €91.9m disclosed in the above table and €9.0m
of cash and cash equivalents classified as held for sale at the date of acquisition) and -€36.0m of acquisitions in the PHE
segment since the acquisition by the Group.
There are no trade and other receivables acquired that are expected to be uncollectable at the date of acquisition. The
provisional goodwill recognised on the acquisition is not expected to be deductible for tax purposes.
The goodwill recognised on the acquisition of PHE (€332.0m of goodwill acquired at acquisition date and €518.3m of goodwill
recognised on the difference between the consideration paid and the fair value of the net assets acquired) reflects the expected
synergies and other benefits resulting from the combination of the acquired activities with those of the Group.
79Financial and Directors’ Report 2022 I

Consolidated Financial Statements
56
At 31 December 2022, the Group did not finalise the acquisition accounting and hence no fair value adjustments have been
recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure those
adjustments. As permitted by IFRS 3 “Business Combinations” (maximum period of 12 months to finalize the acquisition
accounting), the above provisional allocation will be reviewed and if necessary reallocated to brands and other intangible and
tangible assets.
During the period from the acquisition of PHE by the Group until 31 December 2022, the PHE segment finalized the acquisitions
of subsidiaries in Spain and France. The details of these acquisitions are not presented in the above table. The total goodwill
recognized upon these acquisitions amounts to €29.4m. Total consideration paid for these acquisitions amount to €42.4m and
includes €2.0m of contingent consideration. At 31 December 2022, contingent consideration liabilities amount to €24.2 and is
presented in the lines “Other payables” for €23.7m and “Trade and other payables” for €0.5m in the consolidated statement of
financial position. A total amount of €36.0m is presented in the line “acquisition of subsidiaries, net of cash acquired” in the
consolidated statement of cash flows and includes the cash payment of €40.4m less cash acquired of €4.4m. The detail of the
net assets acquired, and liabilities assumed on these acquisitions are not considered material to the Group and are therefore
not separately disclosed.
80 I Financial and Directors’ Report 2022

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57
Note 27: List of subsidiaries, associates and joint ventures
The full list of companies concerned by articles 3:104 and 3:156 of the Royal Decree of 29 April 2019 implementing the Company
Code will be lodged with the Central Balance Sheet department of the National Bank of Belgium. It is also available on request
from the Company head office (see note 1).
The subsidiaries, associates and joint ventures of the Company are listed below:
Name
Country of
incorporation
% of share capital
owned at 31
December 2022
% of share capital
owned at 31
December 2021
D'Ieteren Automotive
D'Ieteren Automotive s.a.
Belgium
100%
100%
P.C. Mechelen n.v.
Belgium
100%
100%
P.C. Paal-Beringen n.v.
Belgium
100%
100%
P.C. Liège s.a.
Belgium
100%
100%
Kronos Automobiles s.a.
Belgium
100%
100%
Garage Rietje n.v.
Belgium
100%
100%
Carrosserie Rietje n.v.
Belgium
100%
100%
Rietje Waasland n.v.
Belgium
100%
100%
Garage Clissen n.v.
Belgium
100%
100%
BAG A/D n.v.
Belgium
100%
100%
ACBornem n.v.
Belgium
100%
100%
Auto Center Kontich b.v.b.a.
Belgium
100%
100%
Automobiel Center Puurs n.v.
Belgium
100%
100%
Don Bosco b.v.b.a.
Belgium
100%
100%
Autonatie n.v.
Belgium
100%
100%
Overijse Automotive n.v.
Belgium
100%
100%
Autobedrijf Y&N Claessens b.v.b.a.
Belgium
100%
100%
Sopadis Knokke n.v.
Belgium
100%
100%
Automobile Center Mechelen 2 b.v.b.a.
Belgium
100%
100%
Auto Natie Wommelgem NV
Belgium
100%
100%
Auto Natie Kontich b.v.b.a.
Belgium
100%
100%
D'ieteren Mobility Company s.a.
Belgium
100%
100%
s.a. Volkswagen D'Ieteren Finance n.v.
Belgium
49.99%
49.99%
s.a. D'Ieteren Lease n.v.
Belgium
49.99%
49.99%
s.a. D'Ieteren Micromobility n.v.
Belgium
100%
100%
s.a. WonderAuto n.v.
Belgium
100%
100%
Lab Box s.a.
Belgium
100%
100%
Poppy Mobility n.v.
Belgium
100%
100%
Skipr n.v.
Belgium
50.44%
50.44%
CarASAP s.a.
Belgium
100%
100%
Electric By D'Ieteren (EDI)
Belgium
92.50%
100%
Lizy n.v.
Belgium
39.63%
52.64%
ACBornem n.v.
Belgium
100%
100%
PC Brussels s.a.
Belgium
100%
100%
PC Antwerp n.v.
Belgium
100%
100%
D'Ieteren Centers s.a.
Belgium
100%
100%
Brussels Auto Group Groot-Bijgaarden n.v.
Belgium
100%
100%
Brussels Auto Group Ternat b.v.
Belgium
100%
100%
Wondercar Groot-Bijgaarden b.v.
Belgium
100%
100%
Autralis b.v.
Belgium
100%
100%
MyMove srl
Belgium
56.00%
52.00%
Mbrella srl
Belgium
57.36%
57.36%
Wondergroup s.a.
Belgium
100%
100%
iBike b.v.b.a.
Belgium
100%
100%
Goodbikes s.r.l.
Belgium
100%
100%
LB RiHa s.r.l.
Belgium
100%
Taxi Radio Bruxellois s.a.
Belgium
100%
81Financial and Directors’ Report 2022 I

Consolidated Financial Statements
58
Name Country of incorporation
% of share capital
owned at 31
December 2022
% of share capital
owned at 31
December 2021
Joule n.v.
Belgium
57.87%
Lizy France s.a.s.
France
39.63%
EDI Network s.a.
Belgium
100%
LB Sunshine s.r.l.
Belgium
92.50%
Waassolar b.v.
Belgium
92.50%
Go-Solar n.v.
Belgium
92.50%
D'Ieteren Mobility Services s.a.
Belgium
100%
Velofixer b.v.
Belgium
100%
Re Cycle s.r.l.
Belgium
100%
Belron
Belron Group s.a. (in voting rights)
Luxembourg
55.00%
54.85%
TVH
TVH Global NV
Belgium
40.00%
40.00%
Moleskine
Moleskine s.r.l.
Italy
100%
100%
Moleskine America Inc.
United States of America
100%
100%
Moleskine Asia Ltd.
Hong-Kong
100%
100%
Moleskine Commerce & Trade Shanghai Co. Ltd.
China
100%
100%
Moleskine France s.à.r.l
France
100%
100%
Moleskine Germany GmbH
Germany
100%
100%
Moleskine Singapore Pte Ltd
Singapore
100%
100%
Moleskine Uk Ltd.
United Kingdom
100%
100%
Moleskine Japan k.k.
Japan
100%
100%
Moleskine Korea Co. Ltd.
Korea
100%
100%
Moleskine Café s.r.l.
Italy
100%
100%
Moleskine b.v.
Netherland
100%
100%
Moleskine Digital Studio Pte. Ltd.
Singapore
55.00%
55.00%
EDO.IO s.r.l.
Italy
55.13%
55.13%
Corp. & unallocated
s.a. D'Ieteren Immo n.v.
Belgium
100%
100%
D'IM s.a.
Luxembourg
100%
100%
D Participation Management Luxembourg s.a.
Luxembourg
100%
100%
s.a. D'Ieteren Services n.v.
Belgium
100%
100%
D Participation Management s.a.
Belgium
100%
100%
Lys Bidco s.à.r.l
Luxembourg
100%
100%
DImmoLux s.à.r.l
Luxembourg
100%
D'Ieteren Cherry MRP s.à.r.l
Luxembourg
100%
s.a. Spider Bidco n.v.
Belgium
100%
PHE
Lake SAS (in voting rights)
France
91.38%
82 I Financial and Directors’ Report 2022

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59
The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries:
Name
Country of
incorporation
% of share capital
owned at 31
December 2022
% of share capital
owned at 31
December 2021
Parts Holding Europe
France
100%
ACR Group
France
100%
AD BASSIN PARISIEN NORD
France
100%
Autodistribution Belux
Belgium
100%
AD Bosch Industrial
Spain
100%
AD Bosch Recanvis
Spain
100%
AD Bosch Serveis
Spain
100%
AUTODISTRIBUTION GOBILLOT RHONE
France
100%
AD GRAND OUEST
France
100%
AD NORMANDIE MAINE
France
100%
AD Parts Intergroup
Spain
100%
Aube distribution automobile
France
100%
Marne distribution automobile
France
100%
Ariane
France
100%
PARTS EUROPE
France
100%
Autodis Italia Holding
Italy
55.94%
Autodis Italia
Italy
100%
AUTODISTRIBUTION
France
100%
AUTODISTRIBUTION POIDS LOURDS
France
100%
AUTODISTRIBUTION SOGO
France
100%
BDN - Grup EINA
Spain
42.00%
BREMSTAR
France
100%
COFIRHAD
France
100%
COGEMAD
France
100%
COMPTOIR VI
France
100%
CORA SAS
France
100%
DIGITAL AFTERMARKET
France
100%
DIGITAL AUTO PARTS HOLDING
France
100%
Doyen Auto Belgium
Belgium
100%
Doyen Auto France
France
100%
Doyen Auto
Belgium
100%
Autodistribution Nederland
Netherland
100%
VERVIERS FREINS
Belgium
100%
ETS REMBAUD
France
100%
FOURNITURES INDUSTRIELLES AUTOMOBILES
France
100%
FGL
Italy
100%
FREINAGE POIDS LOURDS SERVICES "F.P.L.S."
France
100%
AD POIDS LOURDS GOBILLOT
France
100%
GADEST
France
100%
GENERAL AUTO
Italy
100%
GO LOGISTICS
Italy
100%
GLASS AUTO SERVICE
France
100%
ILE DE France POIDS LOURDS
France
100%
INSTANT PACKET SERVICE MARAGALL
Spain
100%
LOGISTEO
France
100%
LOEK Autoparts BV
Belgium
100%
Lubrial Oil
Spain
100%
83Financial and Directors’ Report 2022 I

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60
Name
Country of
incorporation
% of share capital
owned at 31
December 2022
% of share capital
owned at 31
December 2021
OVAM
Italy
100%
PELTER AUTO OVERPELT
Belgium
100%
Partenaires produits et services
France
100%
Autodistribution Italia
Italy
55.94%
PLATEFORME TECHNIQUE NATIONALE MONTAJAULT
France
100%
Port Marly Accessoires (PMA)
France
100%
RICAUTO
Italy
100%
RM DISTRIBUTION
France
100%
SARCO
Italy
100%
SARL AUTO CONTRÔLE
France
100%
SARL FRA
France
100%
SARPI
Italy
100%
SCI LORAT
France
100%
SLPA
France
49.00%
TOP CAR
Italy
100%
TRUCK & CAR SERVICES
France
100%
AD Poids Lourds CENTRE OUEST
France
100%
Vallespir Auto Diffusion
France
100%
OSCARO Holding SAS
France
100%
OSCARO.COM
France
100%
OLCANI
France
100%
OSCARIOS RECAMBIOS
Spain
100%
3C.COM
France
100%
GEEVERS AUTO PARTS b.v.
Netherland
100%
GEEVERS AUTO PARTS BELGIË
Belgium
100%
DISCOUNT DEPOT AUTOTEILE
Germany
100%
PRAEFECTUS
Netherland
100%
Shadeservice Zuid
Netherland
100%
AD Autoparts
Belgium
100%
AUTOVAK
Belgium
100%
2G PADAUTO
Italy
100%
EUMA Parts
Spain
100%
EUMA Pro 2020
Spain
100%
AD MARINA
Spain
100%
REGENAUTO
Spain
100%
REGENAUTO EQUIPOS Y SERVICIOS
Spain
100%
ACUMULADORES NAVARRA
Spain
100%
CIDA AUTO COMPONENTS
Italy
100%
AD LEVANTE PARTS
Spain
100%
AD MARCHE
Italy
100%
AUTO RECAMBIOS VILBER
Spain
100%
PENALVER
Spain
100%
ATTREZZAUTO.COM
Italy
100%
FRANCE DISTRIBUTION - FRADIS
France
100%
SARAT
Italy
100%
The Group’s average stake (used for the income statement) in Belron equalled 50.01% in 2022 (52.88% in 2021). See note 17.
The percentage used to consolidate the net result of PHE is 100% (see note 33 for more information).
The main entities accounted for using the equity method are the joint venture Belron Group SA, TVH Global NV and Volkswagen
D’Ieteren Finance SA/N.V. See note 17 for adequate disclosures.
84 I Financial and Directors’ Report 2022

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61
Note 28: Contingencies and commitments
€m 2022 2021
Commitments to acquisition of non-current assets
116.5
8.2
Other important commitments:
Commitments given
-
0.4
Commitments received
4.5
4.4
In 2021 and 2022, the commitments to acquisition of non-current assets mainly concerned property, plant and equipment in
the segment “Corporate & unallocated” and in 2022 only, commitments to purchase second hand vehicles in the D’Ieteren
Automotive segment. Other important commitments received mainly relate to guarantees received from a contractor as part of
a construction project in the segment “Corporate & unallocated”.
Further to the carve-out of D’Ieteren Automotive into a fully owned subsidiary as of the 1st of January 2021, D’Ieteren Group
SA/NV has granted a parental guarantee to the VW group in relation D’Ieteren Automotive’s obligations under the importers
contracts. This parental guarantee is limited to three years and to an amount of €80m.
Note 29: Related party transactions
€m 2022 2021
With entities with joint control or significant influence over the Group:
Amount of the transactions entered into during the period
0.7
0.8
Outstanding creditor balance at 31 December
-
-
With associates:
Sales
-
-
Purchases
-
-
Trade receivables outstanding at 31 December
-
-
With joint ventures in which the Group is a venturer:
Sales(*)
97.0
101.6
Purchases(*)
-10.8
-8.3
Trade receivables outstanding at 31 December(*)
30.8
12.4
With key management personnel:
Compensation:
Short-term employee benefits
4.5
4.2
Post-employment benefits
0.2
0.2
Termination benefits
-
-
Total compensation
4.7
4.4
Amount of the other transactions entered into during the period
-
-
Outstanding creditor balance at 31 December
1.5
1.2
With other related parties:
Amount of the transactions entered into during the period
0.3
0.1
Outstanding creditor balance at 31 December
-
-
(*) In 2022 and 2021, due to lack of information, figures from the D’Ieteren Automotive segment only include D’Ieteren Automotive SA and Wonderauto n.v.,
representing the majority of the transaction and balances of the Group with joint ventures.
Shareholders and other related parties
The Nayarit group (Nayarit Participations S.c.a. and Nicolas D’Ieteren) and the SPDG group (s.a. de Participations et de Gestion,
Reptid Commercial Corporation, Catheline D’Ieteren and Olivier Périer), acting in concert following an agreement pertaining to
the exercise of their voting rights with a view to leading a sustainable joint strategy, together hold 62.91% of the voting rights
of the Company (see note 22).
In 2022, some of these shareholders and/or entities related to them carried out commercial transactions with the Company.
These transactions (total of €1.0m) relate to automobile repair, supply of spare parts and sale of vehicles carried out by the
Company and invoiced to these parties.
Joint Ventures
Refer to note 17 for more information related to the joint ventures.
In 2022, sales to joint ventures mainly consist in sales of new vehicles by the D’Ieteren Automotive segment to VDFin. Purchases
mainly relate to used cars purchased by the D’Ieteren Automotive segment from VDFin (former fleet vehicles). The outstanding
trade receivables are mainly related to VDFin.
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Key management personnel
The key managers comprise the members of the Company’s Board of Directors and its Executive Committee (see the Corporate
Governance Statement).
In 2022, a total of 90,000 options were issued to key managers (at an exercise price of EUR 118.10 per option). The total fair
value of all share options granted to key management personnel charged to the 2022 income statement amounted to €2.1m.
For more information on the remuneration of key managers, reference is made to the remuneration report that can be found in
the Corporate Governance Statement.
In 2022, loans granted by the Company and one of its subsidiaries to the members of the Executive Committee were outstanding
for a total amount of €1.5m. These loans were granted in the context of the stock option plans in order to enable those
concerned to pay the taxes due at the moment the options were accepted. The loans granted in 2022 were granted for periods
of 10 or 5 years with interest rates of respectively 1.83% and 1.32%.
Note 30: Exchange rates
Monthly income statements of foreign operations are translated at the relevant rate of exchange for that month. Except for the
statement of financial position which is translated at the closing rate, each line item in these consolidated financial statements
represents a weighted average rate.
The main exchange rates used for the translations were as follows:
Number of euros for one unit of foreign currency 2022 2021
Closing rate
GBP
1.13
1.19
USD
0.94
0.88
HKD
0.12
0.11
CNY
0.14
0.14
JPY
0.01
0.01
SGD
0.70
0.65
CHF
1.02
Average rate
⁽⁽
¹
⁾⁾
GBP
1.17
1.16
USD
0.95
0.85
HKD
0.12
0.11
CNY
0.14
0.13
JPY
0.01
0.01
SGD
0.69
0.63
CHF
1.00
(1) Effective average rate for the profit or loss attributable to equity holders.
Note 31: Services provided by the statutory auditor
The external audit is conducted by KPMG Réviseurs d’Entreprises, represented by Axel Jorion, whose audit mandate expires at
the General Meeting of 2023.
€m 2022 2021
Audit services
4.7
4.0
KPMG in Belgium
1.2
0.9
Other firms in the KPMG network
3.5
3.1
Non-audit services
0.5
0.4
KPMG in Belgium
0.1
0.1
Other firms in the KPMG network
0.4
0.3
Services provided by the Statutory Auditor and its network
5.2
4.4
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Note 32: Leases
Leases as lessee
The Group leases buildings, stores, non-fleet vehicles and items of property, plant and equipment. The Group also leases IT
equipment for which no right-of-use assets and lease liabilities have been recognised since these leases are short-term and/or
leases of low-value items.
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property,
plant and equipment.
Right-of-use assets recognised under IFRS 16 are presented below.
€m
Land and buildings
Plant and
equipment
Total
Balance at 1 January 2022
18.6
27.3
45.9
Items acquired through business combinations
182.5
14.8
197.3
Depreciation charge for the year
-23.8
-15.2
-39.0
Additions to right-of-use assets
15.9
21.4
37.3
Derecognition of right-of-use assets
-0.1
-5.9
-6.0
Others
0.5
-0.4
0.1
Balance at 31 December 2022
193.6
42.0
235.6
The increase in the net book value of right-of-use assets in the period is mainly attributable to the integration of PHE in the
Group’s consolidated statement of financial position at 31 December 2022 (see note 26).
Some property leases contain extension options exercisable by the Group. The Group assesses at lease commencement date
whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to
exercise the option if there is a significant event or significant change in circumstances within its control. The impact on the
lease liability resulting from the exercise of extension options is not considered material to the Group.
The total amount of expenses related to short-term leases and leases of low-value assets is not considered significant to the
Group and is not separately disclosed.
Leases as lessor
The Group leases out its investment property (held in the “Corporate & unallocated” segment). All leases are classified as
operating leases from a lessor perspective because they do not transfer substantially all the risks and rewards incidental to the
ownership of the assets. Rental income recognised by the Group during 2022 equals €5.1m (2021: €4.8m).
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received
after the reporting date.
€m
2022
2021
Investment
property
Other
property,
plant and
equipment
Total
Investment
property
Other
property,
plant and
equipment
Total
Within one year
4.9
-
4.9
3.8
-
3.8
Later than one year and less than five
years
18.3 - 18.3 14.6 - 14.6
After five years
5.3
-
5.3
1.9
-
1.9
Total
28.5
-
28.5
20.3
-
20.3
The revenue, expenses, rights and obligations arising from leasing arrangements regarding investment property are not
considered material to the Group, and accordingly a general description of these leasing arrangements is not disclosed.
The Group is not acting as a lessor under finance leases.
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Note 33: Put options granted to non-controlling interests
PHE
In October 2022, following the closing of the acquisition of Parts Holding Europe (PHE – see note 26), minority investors
including management and several partners and independent distributors invested alongside D’Ieteren Group in the holding
company of PHE, up to a combined ownership of c.9%, in the same proportion between ordinary shares and preference shares.
The Group has granted to minority investors put options on the ordinary, preference and “ratchet” shares representing the
capital of the holding company of PHE, maturing end of 2026. The exercise price of such put options is reflected as a liability
in the line “Put options granted to non-controlling interests” in the consolidated statement of financial position.
The put options on ordinary and preference shares are measured at fair value (based on an EBITDA multiple of PHE at the end
of 2026) and a liability is recognized at an amount equal to the discounted present value of the amount of cash that the Group
may be required to pay. The estimation of the fair values requires significant judgment and estimates from the management,
especially regarding the projected enterprise value, EBITDA multiples and discount rates. At inception, this liability is recognised
against shareholders equity and subsequent re-measurements (due to changes in fair value of the underlying and due to the
unwinding of the discount) are also recognized against shareholders equity. The Group holds associated call options, which are
in scope of IFRS 9 “Financial Instruments”, measured at fair value through profit or loss and categorised in level 3 of the fair
value hierarchy (see note 18). At 31 December 2022, the fair value of the call options amounts to nil, the underlying exercise
prices being equal to the fair value of the underlying ordinary and preference shares.
The “ratchet” shares granted by the Group to PHE’s key management personnel as part of the Management Reward Plan (see
note 26) are treated as cash-settled share-based payments in scope of IFRS 2. The Group therefore account in profit or loss for
the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a
corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in
profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -€2.2m, with a corresponding
increase in liability.
At 31 December 2022, the carrying value of the put options granted by the Group to non-controlling interests at the level of the
holding company of PHE amounts to €137.4m and is presented in the line “Put options granted to non-controlling interests”.
The Group applies the anticipated-acquisition method under which the non-controlling interests are derecognized when the put
liability is recognized because the interests subject to the put options are deemed to have been already acquired by the Group.
Profits and losses attributable to non-controlling interests are therefore presented as attributable to the Group, both in the
consolidated statement of financial position, in the consolidated statement of profit or loss and in the consolidated statement
of comprehensive income.
The €100.3m movement presented in the statement of changes in equity in 2022 includes €12.9m of change in fair value of put
options granted to non-controlling shareholders holding minority interests in some of PHE’s direct and indirect subsidiaries and
the subsequent change in fair value of the put options over ordinary shares and preference shares (€84.8m).
The interests of the non-controlling shareholders holding put options being entirely recognised as a liability in the consolidated
statement of financial position, there will be no attribution of net result to non-controlling interests subject to the put options
and 100% of profits and losses of PHE are attributable to the Group. The net result attributable to the preference shares being
held by the non-controlling interests are not significant and are therefore not presented as attributable to non-controlling
interests.
In the PHE segment, the line “Put options granted to non-controlling interests” also includes €110.2m of put options granted
by PHE to non-controlling shareholders holding minority interests in some its direct and indirect subsidiaries (€5.8m in short-
term liabilities and €104.4m in long-term liabilities).
D’Ieteren Automotive
In the framework of recent acquisitions, put options have been granted to minority interests (with related call options held by
the Group). The fair value of the put options amount to €2.9m and have been recognised as a liability in the consolidated
statement of financial position, with a corresponding movement in equity, included in the line “Put options - movement of the
period” in the consolidated statement of changes in equity.
Note 34: Subsequent events
On 13 February 2023, PHE announced that it has closed the disposal of its specialized glass repair activity Mondial Pare-Brise
and that customary merger control approvals have been granted. The disposal of PHE’s specialized glass repair activities was
imposed by the European Commission following the acquisition of PHE by D’Ieteren Group. The financial consideration of the
transaction corresponds to an equity consideration of €102m. The proceeds from the disposal will strengthen PHE’s strategic
development through organic and external growth.
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In the Belron segment, a possible obligation in relation to one of Belron’s pension schemes has been identified. Management
does not consider that a cash outflow is probable based on the information available at the time these consolidated financial
statements are authorised for issue and hence no provision has been recognised. A review is still in progress and some of the
information required to reach a conclusion is not yet available. Management estimates the potential range of the contingent
liability to be between nil and €40m (meaning a potential range of nil and €20m, taking into account the 50.01% fully diluted
economic rights of the Group in Belron).
Belron announced on 3 April 2023 that it launched a syndication in the institutional loan market for a new term loan on a best
effort basis. The new USD loan has been successfully allocated and the transaction closed on 18 April 2023 (total amount of
$870m – or €800m equivalent – with a maturity of 6 years). The proceeds, together with c.€300m available liquidity will be
upstreamed to the shareholders of Belron. This transaction optimises Belron’s capital structure with a Senior Secured net
leverage ratio at 3.75x whilst maintaining full flexibility for its strategic options. Moreover, S&P has upgraded Belron’s credit
rating to Investment Grade (BBB-) while Moody’s has affirmed the current Ba2 rating.
No other significant transactions occurred between the closing date and the date these consolidated financial statements were
authorised for issue.
Note 35: Accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These
policies have been consistently applied to all the periods presented, unless otherwise stated.
The new standards and amendments to standards that are mandatory for the first time for the Group’s accounting period
beginning on 1 January 2022 are listed below.
- Amendments to IFRS 3 “Business Combination” (effective 1 January 2022 – endorsed by the EU);
- Amendments to IAS 16 “Property, Plant and Equipment” (effective 1 January 2022 – endorsed by the EU);
- Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” (effective 1 January 2022 – endorsed
by the EU);
- Annual Improvements to IFRS Standards 2018–2020 (effective 1 January 2022 – endorsed by the EU).
These new standards do not have a significant impact on the Group’s financial statements.
The standards, amendments and interpretations to existing standards issued by the IASB but not yet effective in 2022 have not
been early adopted by the Group. They are listed below:
- Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 - Disclosure of Accounting
policies (effective 1 January 2023 – endorsed by the EU);
- Amendments to IAS 8 “Accounting policies, Changes in Accounting Estimates and Errors” – Definition of Accounting
Estimates (effective 1 January 2023 – endorsed by the EU);
- Amendments to IAS 12 “Income Taxes” - Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(effective 1 January 2023 – endorsed by the EU);
- Amendments to IAS 1 “Presentation of Financial Statements” – Classification of Liabilities as Current or Non-current
(effective 1 January 2024 – subject to endorsement by the EU);
- Amendments to IAS 1 “Presentation of Financial Statements” – Non-current Liabilities with covenants (effective 1
January 2024 – subject to endorsement by the EU);
- Amendments to IFRS 16 “Leases” – Lease Liability in a Sale and Leaseback (effective 1 January 2024 – subject to
endorsement by the EU);
- IFRS 17 “Insurance Contracts” (issued on 18 May 2017), including Amendments to IFRS 17 (issued on 25 June 2020)
(effective 1 January 2023 – endorsed by the EU);
- Amendments to IFRS 17
“Insurance contracts” – initial application of IFRS 17 and IFRS 9 – Comparative information
(effective 1 January 2023, endorsed by the EU).
The amendments are not expected to have a material impact on the Group’s consolidated financial statements.
PRINCIPLES OF CONSOLIDATION
Subsidiaries
Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting
rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are
no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and
losses on transactions between group companies are eliminated upon consolidation.
Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions.
The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary’s
equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are
also recorded in equity.
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When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where
control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss
of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as
an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income
are reclassified to profit or loss if required by IFRS standards.
Associates
Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and
operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised
at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor’s share of
the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The
Group’s investment in associates includes goodwill identified on acquisition.
The Group’s share of profit from the associate represents the Group’s share of the associate’s profit after tax. Profits and losses
resulting from transactions between the Group and its associate are eliminated to the extent of the Group’s interest in the
associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same
principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred.
Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group
has incurred obligations or guaranteed obligations in respect of the associate.
Interests in joint ventures
A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the
arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the
equity method. The above principles regarding associates are also applicable to joint ventures.
Impairment of associates and joint ventures
The Group determines at each reporting date whether there is any objective evidence that the investment in the equity-
accounted investee is impaired. If this is the case, the Group calculates the amount of impairment as the difference between
the recoverable amount (being the higher of the value in use or fair value less costs to sell) of the associate or joint venture and
its carrying value and recognises the amount adjacent to “share of result of equity-accounted investees, net of income tax” in
the income statement.
FOREIGN CURRENCY TRANSLATION
The Group consolidation is prepared in euro. Income statements of foreign operations are translated into euro at the weighted
average exchange rates for the period and statements of financial positions are translated into euro at the exchange rate at the
reporting date (except for each component of equity, translated once at the exchange rates at the dates of the relevant
transactions). Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency
assets and liabilities of the foreign entity and are translated at the closing rate. The translation reserve, which is recorded in
other comprehensive income (except to the extent that the translation difference is allocated to NCI) includes both the difference
generated by translating income statement items at a different exchange rate from the period-end rate and the differences
generated by translating opening shareholders’ equity amounts at a different exchange rate from the period-end rate.
Monetary items that are receivable or payable to a foreign operation for which settlement is neither planned nor likely to occur
in the foreseeable future are, in substance, a part of the Group’s net investment in that foreign operation. Exchange differences
arising on a monetary item that forms part of the Group’s net investment in a foreign operation is recognised initially in other
comprehensive income and reclassified from equity to profit or loss on disposal of the net investment.
Foreign currency transactions are accounted for at the exchange rate prevailing at the date of the transaction. Gains and losses
resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in
foreign currencies are recognised within the income statement (or within OCI if it relates to equity instruments designated at
FVOCI).
On disposal of a foreign operation, gains and losses accumulated in other comprehensive income are included in the income
statement.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which
control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business
combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share
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of the acquiree’s identifiable net assets. The consideration transferred does not include amounts related to the settlement of
pre-existing relationships. Such amounts are generally recognised in profit or loss.
The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the
net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill
and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial
recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is
recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and
settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are
recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities
that the Group incurs in connection with a business combination, are expensed as incurred.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU’s or groups
of CGU’s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill
is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.
Goodwill is monitored at the operating segment level for business combinations performed by the Company.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a
potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use
and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.
INTANGIBLE ASSETS
An item of intangible assets is valued at its cost less any accumulated amortisation and any accumulated impairment losses.
Customer contracts and brands acquired in a business combination are recognised at fair value at the acquisition date.
Software-as-a-service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud
provider’s application software over the contract period. As such the Group generally does not receive a software intangible
asset at the contract commencement date. A right to receive future access to the supplier’s software generally does not, at the
contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software
itself and to restrict others’ access to those benefits. Costs incurred for the development of software code that enhances or
modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria
for an intangible asset are recognised as intangible software assets. Refer to note 3 for information on changes in significant
accounting policies.
The amortisation method used reflects the pattern in which the assets’ future economic benefits are expected to be consumed.
Intangible assets with a finite useful life are generally amortised over their useful life on a straight-line basis. The estimated useful
lives are between 2 and 11 years.
Brands for which there is a limit to the period over which these assets are expected to generate cash inflows will be amortised
on a straight-line basis over their remaining useful lives which are estimated to be up to 5 years. Amortisation periods are
reassessed annually.
Brands that have indefinite useful lives are those, thanks to the marketing spend, the advertising made and the absence of
factors that could cause their obsolescence, where there is no foreseeable limit to the period over which these assets are
expected to generate net cash inflows for the Group. They are therefore not amortised but tested for impairment annually.
For any intangible asset with a finite or indefinite useful life, where an indication of impairment exists, its carrying amount is
assessed and written down immediately to its recoverable amount. Impairment losses are recognised in the consolidated income
statement.
Expenditure on internally generated intangible assets which does not meet the capitalization conditions under IFRS is
recognised in the consolidated income statement as an expense as incurred. Subsequent expenditure on capitalised intangible
assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All
other expenditure is expensed as incurred.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any
goodwill allocated to cash-generating units and then, to reduce the carrying amount of the other assets in the unit, on a pro
rata basis.
RESEARCH AND DEVELOPMENT
Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is incurred.
An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only
if, all of the following are demonstrated:
(a) the technical feasibility of completing the intangible asset so that it will be available for use or sale;
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(b) the Group has the intention to complete the intangible asset and use or sell it;
(c) the Group has ability to use or sell the intangible asset;
(d) how the intangible asset will generate probable future economic benefits;
(e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset;
(f) the Group has the ability to measure reliably the expenditure attributable to the intangible asset during its development.
PROPERTY, PLANT AND EQUIPMENT
An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import
duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of
the cost of dismantling and removing the item and restoring the site is also included in the cost of the item.
After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses.
The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs
of dismantling and removing the items and restoring the site on which they are located, and an appropriate
proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and
equipment is recognised in profit or loss.
The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated.
The main depreciation periods are the following:
- Buildings: 40 to 50 years;
- Plant and equipment: 3 to 15 years;
- IT equipment: 2 to 7 years.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its
recoverable amount.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured
reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income
statement during the financial period in which they are incurred.
Lessee
At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if
the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in
IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019.
As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives
received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of
the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the
cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and
equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental
borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a
similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a
similar economic environment.
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Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable
lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement
date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease
unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the
lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group
is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-
use assets recognized.
The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change
in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will
exercise a purchase, extension or termination option.
In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or
is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Right-of-use assets that do not meet the definition of investment property are presented in “property, plant and equipment” in
the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are
presented in “loans and borrowings” in the statement of financial position.
The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value
assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these
leases as an expense on a straight-line basis over the lease term.
Lessor
Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a
contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on
the basis of their relative stand-alone prices.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an
operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major
part of the economic life of the asset.
In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-
lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head
lease, not with reference to the underlying asset.
INVESTMENT PROPERTIES
Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. These items
are amortised over their useful life on a straight-line basis method. The estimated useful lives are between 40 and 50 years.
INVENTORIES
Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase,
costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Items that are
not interchangeable, like new vehicles and second-hand vehicles, are valued using specific identification of their individual costs.
Other items are valued using the first in, first out or weighted average cost formula. When inventories are sold, the carrying
amount of those inventories are recognised as an expense in the period in which the related revenue is recognised. Losses and
write-downs of inventories are recognised in the period in which they occur. Reversal of a write-down is recognised as a credit
to cost of sales in the period in which the reversal occurs.
PROVISIONS
A provision is recognised when:
- there is a present obligation (legal or constructive) as a result of a past event;
- it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
- a reliable estimate can be made of the amount of the obligation.
If these conditions are not met, no provision is recognised. Provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money.
A provision for warranties is recognised when the underlying products or services are sold, based on historical warranty data
and a weighting of possible outcomes against their associated probabilities.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the
restructuring either has commenced or has been announced publicly. Future operating losses are not provided for.
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EMPLOYEE BENEFITS
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected
to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by
the employee and the obligation can be estimated reliably. On amendment, curtailment or settlement of a defined benefit plan,
a company now uses updated actuarial assumptions to determine its current service and net interest for the period and the
effect of the asset ceiling is disregarded when calculating the gain or loss of any settlement of the plan and is dealt with
separately in other comprehensive income.
The Group has various defined benefit pension plans and defined contribution pension plans. Most of these plans are funded
schemes, i.e. they are financed through a pension fund or an external insurance policy. The minimum funding level of these
schemes is defined by national rules (see note 10).
Obligations for contributions to defined contribution pension plans are charged as an expense as the related service is provided.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.
The Group’s commitments under defined benefit pension plans, and the related costs, are valued using the “projected unit credit
method”, with independent actuaries carrying out the valuations at least on a yearly basis. To calculate the present value of
economic benefits, consideration is given to any applicable minimum funding requirements. The present value of the defined
benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate
bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating
to the terms of the related pension obligation. Actuarial gains and losses are recognised in full in the period in which they occur.
They are recognised in other comprehensive income. Past service cost is recognised as an expense at the earlier of the following
dates: a) when the plan amendment or curtailment occurs; and b) when the entity recognizes related restructuring costs or
termination benefits. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to
the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during
the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit
plans are recognised in profit or loss. The long-term employee benefit obligation recognised in the statement of financial
position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset
resulting from this calculation is limited to the present value of any refunds and reductions in future contributions to the plan.
TERMINATION BENEFITS
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever
an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits as it is
demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current
employees without possibility of withdrawal. If benefits are not expected to be settled wholly within 12 months of the reporting
date, then they are discounted.
OTHER LONG-TERM INCENTIVES
The group recognises a provision for long-term incentives where they are contractually obliged or where there is a past practice
that has created a constructive obligation. This provision is discounted to determine its present value. Re-measurements are
recognised in profit or loss in the period in which they arise.
FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES
The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other
financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured
at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade
receivable without a significant financing component is initially measured at the transaction price.
The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the
rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of
the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and
does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations
are discharged or cancelled, expire, or are substantially modified.
Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only
when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis
or to realise the asset and settle the liability simultaneously.
The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through
other comprehensive income (FVOCI) – debt; at FVOCI – equity investment; or fair value through profit or loss (FVTPL).
Management determines the classification of its financial assets at initial recognition based on a) the business model in which
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the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and
interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the
first reporting period following the change in the business model.
Business model assessment
The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best
reflects the way the business is managed and information is provided to management. The information considered includes the
stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether
management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching
the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows
through the sale of the assets;
Assessment whether contractual cash flows are solely payments of principal and interest
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could
change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this
assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration
for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period
of time and for other basis lending risks and costs, as well as profit margin.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
- it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent
changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including
all derivative financial assets.
Subsequent measurement of financial assets:
- Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or
dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments.
- Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method.
The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
- Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective
interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains
and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or
loss.
- Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or
loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses
are recognised in OCI and are never reclassified to profit or loss.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash
equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at
amortised cost.
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is
classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL
(except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised
in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method.
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Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is
also recognised in profit or loss.
Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options
are recognised as a deduction from equity, net of any tax effect(s).
Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as
treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity.
Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability
at the balance sheet date; it is presented in equity.
DERIVATIVE FINANCIAL INSTRUMENTS
Derivatives are used as hedges in the financing and financial risk management of the Group.
The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The
Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge
these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative
transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS
39.
Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option
under IFRS 9).
Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in
profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss.
Cash flow hedge
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income
statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in
retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an
asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had
previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For
hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are
recognised in the income statement in the same period in which the hedged item affects net profit or loss.
Fair value hedge
For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value
attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the
derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive
income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer
expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately.
PUT OPTIONS GRANTED TO NON-CONTROLLING INTERESTS
The Group is committed to acquiring the non-controlling interests owned by third parties, should these third parties wish to
exercise their put options. The exercise price of such options granted to non-controlling interests is reflected as a liability in
the consolidated statement of financial position. A corresponding debit is recognized in equity on initial recognition of the
written put on non-controlling interests and is presented as a deduction from shareholders’ equity (the non-controlling interests
being already fully derecognised at inception). The exercise prices of the put options granted to non-controlling interests
correspond to the present value of the cash consideration that the Group may be required to pay, should the third parties wish
to exercise their put options, or should the Group wish to exercise its associated call options.
NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE AND DISCONTINUED OPERATIONS
Non-current assets (or disposal groups comprising assets and liabilities) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the
lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant
and equipment are no longer amortised or depreciated.
A discontinued operation is a component of the Group’s business that represents a separate major line of the business or
geographical area of operations that either has been disposed of or is classified as held for sale and is disclosed as a single line
item in the income statement. When an operation is classified as a discontinued operation, the comparative statement of profit
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or loss and statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the
comparative year.
REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when
it transfers control over a good or service to a customer.
In the D’Ieteren Automotive segment, the Group generates revenue primarily from the sale of new vehicles to independent
dealers and to final customers, the sale of used vehicles to final customers, the sale of spare parts and accessories and the
rendering of after-sale services. Upon selling vehicles or spare parts to independent dealers or final customers, the Group
satisfies its performance obligations and recognizes revenue at a point in time, when control of the goods transfers to the
customers. Since the Group issues invoices to customers upon satisfying its performance obligations, rights to financial
consideration immediately become unconditional and are therefore recognized as receivables. A legal warranty of 2 years
applies to the sale of new vehicles to customers, which in turn corresponds to the legal warranty that the factory grants to the
D’Ieteren Automotive segment. This warranty does therefore not represent a separate performance obligation.
The Group offers to customers the possibility to purchase maintenance contracts together with the sale of a new vehicle. The
duration of these contracts ranges from 3 to 12 years. This type of contract represents a separate performance obligation and
should not be combined with the sale of a new vehicle. Under such arrangements, the Group transfers the benefit of the
maintenance services to the customers as it performs and therefore satisfies its performance obligation over time. The Group
recognizes revenue over time by estimating the occurrence of performance obligations using historical data and projected
revenue. Revenue recognized according to the percentage of completion method is therefore reasonably estimated using cost
curves and historical data.
The difference between the consideration received from the final customers and the costs incurred over time to satisfy the
performance obligation represent contract liabilities under IFRS 15. Since the amount of contract liabilities are not considered
significant to the Group compared to total revenue, they have not been presented in a separate line item in the consolidated
statement of financial position.
When rendering other repair or maintenance services to final customers, the Group recognizes revenue over time if deemed
significant. The revenue to be recognized over time for other repair and maintenance was not significant as at the end of the
reporting period.
Across all sales channels of the Moleskine segment, revenue is recognized at a point in time, as soon as control of the goods
transfers to the customers (i.e. when the good is physically delivered to the final customer).
In the PHE segment, revenue arise primarily from the sale of spare parts to independent dealers and customers. Variable
considerations are sometimes attached to contracts with customers, such as fidelity premiums and year-end rebates. These
variable considerations are estimated by the Group based on contract specificities and past experience and are included in the
transaction prices. The Group also sometimes act as an agent in selling spare parts and equipment to customers. In these cases,
the Group recognises in revenue the net amount between the transaction price paid by customers and the amount charged by
supplier for the underlying goods. To assess whether the Group acts as a principal or and agent, the Group considers whether
it control the underlying good, and assumes the responsibility of execution of the contracts prior to delivering the goods to the
final customer.
Disaggregation of revenue from contracts with customers
In selecting the categories to use to disaggregate revenue from contracts with customers, management considered how the
information about the Group’s revenue is presented for other purpose, including press releases and information presented to
the chief operating decision maker, as well as how the nature, amount, timing and uncertainties of revenue and cash flows are
affected by economic factors. See note 5 for additional information on disaggregation of revenue.
FINANCE INCOME AND FINANCE COSTS
Finance income and finance costs include interest income, interest expenses, dividend income, and net gains and losses on
financial assets and financial liabilities measured at fair value through profit or loss. Interest income and expenses are recognized
using the effective interest rate method. The ‘effective interest rate’ is the rate that exactly discounts estimated future cash
payments or receipts through the expected life of the financial instrument to:
- The gross carrying amount of the financial asset; or
- The amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when
the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-
impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised
cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross
basis.
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Dividend income is recognized in profit or loss on the date on which the Group’s right to receive payment is established.
SHARE-BASED PAYMENTS
Share-based payments are exclusively made in connection with employee stock option plans (“ESOP”).
Equity-settled ESOP granted after 7 November 2002 are accounted for in accordance with IFRS 2, such that their cost is
recognised in the income statement, with a corresponding increase in equity, over the vesting period of the awards.
BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part
of the cost of that asset.
GOVERNMENT GRANTS
Government grants related to assets are presented in liabilities as deferred income and amortised over the useful life of the
related assets.
INCOME TAXES
Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to
a business combination, or items recognized directly in equity or other comprehensive income.
Current taxes relating to current and prior periods are, to the extent unpaid, recognised as a liability. The amount of current tax
payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to
income taxes, if any. Current taxes are measured using tax rates enacted or substantially enacted at the reporting date. If the
amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised
as an asset. The benefit relating to a tax loss that can be carried back to recover current tax of a previous period is recognised
as an asset. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation. Current tax assets and liabilities are offset only if the following criteria are met:
- the entity has a legally enforceable right to set off the recognised amounts; and
- intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Deferred taxes are provided using the balance sheet liability method, on temporary differences between the carrying amount of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (such as unused tax losses
carried forward).
Deferred tax is not recognised for:
– temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit or loss;
– temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group
is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the
foreseeable future; and
– taxable temporary differences arising on the initial recognition of goodwill.
The amount of deferred tax recognized is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset is
recognised only to the extent that it is probable that future taxable profits will be available against which the unused tax losses
and credits can be utilised. Future taxable profits are determined based on the reversal of relevant taxable temporary differences.
If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits,
adjusted for reversals of existing temporary differences, are considered.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred
income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority
on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis.
IMPAIRMENT OF NON-DERIVATIVE FINANCIAL ASSETS
The Group recognizes loss allowances for ECLs (expected credit losses) on financial assets measured at amortized cost, debt
investments measured at FVOCI and contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs,
except for debt securities that are determined to have low credit risk (i.e. the risk of default occurring over the expected life of
the financial instrument) at the reporting date and other debt securities and bank balances for which the credit risk has not
increased significantly since initial recognition which are measured at 12-month ECLs. Loss allowances for trade receivables
and contract assets are always measured at an amount equal to lifetime ECLs.
The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood
definition of ‘investment grade’.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.
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When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when
estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience
and informed credit assessment, that includes forward-looking information. A financial asset is considered in default, when the
debtor is unlikely to pay its credit obligation in full.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month
ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or
a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating
ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses, measured as the present value of all cash shortfalls (the difference
between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortized costs and debt securities at FVOCI are
credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated
future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following
observable data:
- significant financial difficulty of the debtor;
- breach of contract such as default;
- probability that the debtor will enter bankruptcy or other financial reorganization;
- disappearance of an active market for security because of financial difficulties.
Loss allowances for financial assets measured at amortized costs are deducted from the gross carrying amount of the assets.
For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a
financial asset in its entirety or a portion thereof.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, the Group reviews the carrying amount of its non-financial assets (other than investment property
recognized at fair value - if any -, inventories, and deferred tax assets) to determine whether there is an indication of impairment.
If any such indication exists, then the asset’s recoverable amount is estimated.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business
combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a
potential impairment.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is
based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses
are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU,
and then to reduce the carrying amount of other assets in the unit, on a pro-rata basis.
An impairment loss in respect of goodwill is never reversed. For other assets, an impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or
amortization, if no impairment loss had been recognized.
99Financial and Directors’ Report 2022 I

Consolidated Financial Statements
KPMG Bedrijfsrevisoren - KPMG Réviseurs d'Entreprises, a Belgian BV/SRL and
a member firm of the KPMG global organization of independent member firms
affiliated with KPMG International Limited, a private English company limited by
guarantee. All rights reserved.
Document Classification: KPMG Public
Zetel - Siège:
Luchthaven Brussel Nationaal 1K
B-1930 Zaventem
KPMG Bedrijfsrevisoren - KPMG
Réviseurs d'Entreprises BV/SRL
Ondernemingsnummer / Numéro
d’entreprise 0419.122.548
BTW - TVA BE 0419.122.548
RPR Brussel - RPM Bruxelles
IBAN : BE 95 0018 4771 0358
BIC : GEBABEBB
Statutory auditor’s report to the general meeting of
D’leteren Group
SA
on the consolidated financial statements as of and for the year
ended
31 December 2022
In the context of the statutory audit of the consolidated financial statements of
D’leteren Group SA (“the Company”) and its subsidiaries (jointly “the Group”),
we provide you with our statutory auditor’s report. This includes our report on the
consolidated financial statements for the year ended 31 December 2022, as well
as other legal and regulatory requirements. Our report is one and indivisible.
We were appointed as statutory auditor by the general meeting of 28 May 2020,
in accordance with the proposal of the board of directors issued on the
recommendation of the audit committee and as presented by the workers’
council. Our mandate will expire on the date of the general meeting deliberating
on the annual accounts for the year ended 31 December 2022. We have
performed the statutory audit of the consolidated financial statements of the
Group for 9 consecutive financial years.
Report on the consolidated financial statements
Unqualified opinion
We have audited the consolidated financial statements of the Group as of and
for the year ended 31 December 2022, prepared in accordance with IFRS
Standards as issued by the International Accounting Standards Board and as
adopted by the European Union, and with the legal and regulatory requirements
applicable in Belgium. These consolidated financial statements comprise the
consolidated statement of financial position as at 31 December 2022, the
consolidated statements of profit or loss, comprehensive income, changes in
equity and cash flows for the year then ended and notes, comprising a summary
of significant accounting policies and other explanatory information. The total of
the consolidated statement of financial position amounts to EUR 6.297,3 million
and the consolidated statement of profit or loss shows a profit for the year of
EUR 338,7 million.
In our opinion, the consolidated financial statements give a true and fair view of
the Group’s equity and financial position as at 31 December 2022 and of its
consolidated financial performance and its consolidated cash flows for the year
then ended in accordance with IFRS Standards as issued by the International
Accounting Standards Board and as adopted by the European Union, and with
the legal and regulatory requirements applicable in Belgium.
100 I Financial and Directors’ Report 2022

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
2
Basis for our unqualified opinion
We conducted our audit in accordance with International Standards on Auditing
(“ISAs”) as adopted in Belgium. In addition, we have applied the ISAs as issued
by the IAASB and applicable for the current accounting year while these have
not been adopted in Belgium yet. Our responsibilities under those standards are
further described in the “Statutory auditors’ responsibility for the audit of the
consolidated financial statements” section of our report. We have complied with
the ethical requirements that are relevant to our audit of the consolidated
financial statements in Belgium, including the independence requirements.
We have obtained from the board of directors and the Company’s officials the
explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of
most significance in our audit of the consolidated financial statements of the
current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Valuation of goodwill and intangible assets with indefinite useful lives of
the cash-generating unit Moleskine
We refer to note 12 “Goodwill” and note 13 “Intangible Assets” of the
consolidated financial statements.
• Description
In accordance with the requirements of IAS 36 “Impairment of Assets”, the Group
completed an impairment test of its cash-generating unit Moleskine (the “CGU”),
which includes goodwill and intangible assets with indefinite useful lives. The
impairment review, based on the value in use calculation, was carried out to
ensure that the carrying value of the CGU’s assets are stated at no more than
their recoverable amount, being the higher of fair value less costs to sell and
value in use.
Based on the results of the impairment test carried out for the year ended 31
December 2022, no additional impairment charge was recognized during the
year on the goodwill and intangible assets with indefinite useful lives of
Moleskine.
We identified the valuation of the cash-generating unit “Moleskine” as a Key
Audit Matter due to the significance of the acquisition value of the goodwill and
intangible assets with indefinite useful lives and also because of the significant
management judgement and estimation required in assessing potential
impairment which could be subject to error and potential management bias. In
addition, changes in the key assumptions may have a significant financial
impact.
101Financial and Directors’ Report 2022 I

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
3
• Our audit procedures
With the involvement of our valuation specialists, our procedures included:
Ǧ inquiring with management about the key assumptions used for the
impairment test (future cash flow projections, discount rate and perpetual
growth rate) and assessing the reasonableness of these assumptions;
Ǧ comparing the future cash flow forecasts used by management for the
impairment test with the budget approved by the Board of Directors;
Ǧ challenging the reasonableness of current forecasts by comparing key
assumptions and parameters (in particular the discount rate, forecasted
period growth rate and inflation rate) to historical results, economic and
industry forecasts and internal planning data;
Ǧ evaluating the methodology adopted by management in its impairment
test, with reference to the requirements of the prevailing accounting
standard (IAS 36 Impairment of Assets);
Ǧ testing the mathematical accuracy of the discounted cash flow model;
Ǧ performing a sensitivity analysis to both the discount rate and forecasted
cash flows used by the Group to assess what change thereto would result
in a different conclusion being reached, and assessing whether there
were any indications of management bias in the selection of these
assumptions;
Ǧ assessing the disclosures in the consolidated financial statements.
Measurement of D’Ieteren Group’s share of result of Belron Group SA
(“Belron” or “the Component”)
We refer to note 17 “Equity-accounted Investees” of the Consolidated Financial
Statements.
• Description
Since 2018, Belron is accounted for using the equity method as a result of the
joint control shared between the Company and a third-party investor.
One of the matters of most significance in our audit of the Consolidated Financial
Statements of D’Ieteren Group for the year ended 31 December 2022 has been
the measurement of D’Ieteren Group’s share of result of Belron.
D’Ieteren Group’s share of result of Belron can be significantly impacted by
Belron’s estimate of its uncertain tax positions.
This matter (“the Matter”) has been considered as a Key Audit Matter for the
year ended 31 December 2022 for the following reasons:
Ǧ Misinterpretation of country specific tax laws and regulations could give
rise to additional tax liabilities, interests and penalties resulting in material
outflows in subsequent years;
Ǧ Further assessment of the likely outcome of Belron’s uncertain tax
positions involved a high degree of judgment and potential estimation
bias by the board of directors of Belron;
102 I Financial and Directors’ Report 2022

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
4
• Our audit procedures
Our procedures included:
Ǧ requesting from the auditor of Belron (the “Component Auditor”) to
perform an audit on the financial information of Belron for the year ended
31 December 2022 in accordance with our instructions;
Ǧ performing risk assessment procedures with the assistance of the
Component Auditor and reviewing the Component Auditor’s overall audit
strategy and audit plan;
Ǧ reviewing the Component Auditor’s documentation (including the
analysis performed by tax specialists engaged by the Component
auditor) and assessing whether the Component Auditor has designed
and implemented appropriate audit responses to address the identified
Matter. In particular, we assessed the adequacy of the audit procedures
performed, audit evidence obtained and conclusions reached by the
Component auditor with respect to the process in place at Belron to
identify, assess and measure the potential financial impact of uncertain
tax positions, and any identification of estimation bias therein;
Ǧ assessing the correctness of the determination and recording of
D’Ieteren’s Group’s share of result of Belron and the disclosures included
in the consolidated financial statements.
Purchase Price Allocation of TVH Global SA/NV
We refer to note 17 “Equity-accounted Investees” of the Consolidated Financial
Statements.
• Description
On 1st October 2021, the Group completed the acquisition of a 40% ownership
interest in TVH Global SA/NV (“TVH Parts”) for a total consideration of EUR 1.1
billion.
D’Ieteren Group has joint control on TVH Parts with a third-party shareholder,
some key reserved matters being shared between both shareholders.
In accordance with IAS 28 Investments in Associates and Joint Ventures, on the
date of acquisition of TVH Global SA/NV, fair values are attributed to the TVH
Global SA/NV’s identifiable assets and liabilities (“the Purchase Price
Allocation”). Any positive difference between the consideration paid for the
investment and the Group’s share of the fair value of the identifiable net assets
acquired is goodwill, which is included in the carrying amount of the investment.
Fair value of the identifiable assets and liabilities are measured in accordance
with IFRS 13 Fair Value Measurement.
The Purchase Price Allocation was finalized within one year from the acquisition
date.
103Financial and Directors’ Report 2022 I

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
5
We considered the measurement of the fair value of the intangible assets
identified as part of the Purchase Price Allocation as a key audit matter due to
their significance. In addition, this purchase price allocation requires the exercise
of judgment to determine the various assumptions used to estimate the fair value
of these assets.
• Our audit procedures
With the involvement of our valuation specialists, our procedures included:
Ǧ inspecting the Sale and Purchase Agreement and other relevant
documents such as due diligence reports ;
Ǧ evaluating the appropriateness of the accounting treatment of the
transaction and the related contracts based on the relevant accounting
standards, in particular, the requirements of the prevailing accounting
standards (IFRS 13 Fair Value Measurement and IAS 28 Investments in
Associates and Joint Ventures) ;
Ǧ assessing the competence, objectivity and capabilities of the experts
engaged by management to determine the fair value of the intangible
assets acquired ;
Ǧ challenging the identification of the intangible assets acquired as part of
the transaction as well as the appropriateness of key assumptions used
in the determination of the fair value of the intangible assets acquired and
the methodology adopted by management and, by the expert engaged
by management ;
Ǧ testing the mathematical accuracy of the calculations; and
Ǧ assessing the appropriateness of the disclosures in the consolidated
financial statements.
Board of directors’ responsibilities for the preparation of the consolidated
financial statements
The board of directors is responsible for the preparation of these consolidated
financial statements that give a true and fair view in accordance with IFRS
Standards as issued by the International Accounting Standards Board and as
adopted by the European Union, and with the legal and regulatory requirements
applicable in Belgium, and for such internal control as board of directors
determines, is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error.
In preparing the consolidated financial statements, the board of directors is
responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the board of directors either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to
do so.
104 I Financial and Directors’ Report 2022

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
6
Statutory auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance as to whether the
consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with ISAs will always
detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of the
users taken on the basis of these consolidated financial statements.
When performing our audit we comply with the legal, regulatory and professional
requirements applicable to audits of the consolidated financial statements in
Belgium. The scope of the statutory audit of the consolidated financial
statements does not extend to providing assurance on the future viability of the
Group nor on the efficiency or effectivity of how the board of directors has
conducted or will conduct the business of the Group. Our responsibilities
regarding the going concern basis of accounting applied by the board of directors
are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement
and maintain professional skepticism throughout the audit. We also perform the
following procedures:
• Identify and assess the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control;
• Obtain an understanding of internal controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control;
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
board of directors;
• Conclude on the appropriateness of board of directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors’ report. However, future events or conditions may cause
the Group to cease to continue as a going concern;
105Financial and Directors’ Report 2022 I

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
7
• Evaluate the overall presentation, structure and content of the consolidated
financial statements, including the disclosures, and whether the consolidated
financial statements represent the underlying transactions and events in a
manner that achieves fair presentation;
• Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to express
an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
For the matters communicated with the audit committee, we determine those
matters that were of most significance in the audit of the consolidated financial
statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the Board of directors
The board of directors is responsible for the preparation and the content of the
board of directors’ annual report on the consolidated financial statements and
the other information included in the annual report.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the Belgian standard
which is complementary to the International Standards on Auditing as applicable
in Belgium, our responsibility is to verify, in all material respects, the board of
directors’ annual report on the consolidated financial statements, and the other
information included in the annual report, and to report on these matters.
Aspects concerning the board of directors’ annual report on the
consolidated financial statements and other information included in the
annual report
Based on specific work performed on the board of directors’ annual report on the
consolidated financial statements, we are of the opinion that this report is
consistent with the consolidated financial statements for the same period and
has been prepared in accordance with article 3:32 of the Companies’ and
Associations’ Code.
106 I Financial and Directors’ Report 2022

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
8
In the context of our audit of the consolidated financial statements, we are also
responsible for considering, in particular based on the knowledge gained
throughout the audit, whether the board of directors’ annual report on the
consolidated financial statements and other information included in the annual
report:
• the “Key Figures” and the “Key indicators” included in the section “Integrated
Report”; and
•
the “2022 Full-Year Results” and the “Summarized Statutory Financial
Statements” included in the section “Financial and Directors’ report 2022”
contain material misstatements, or information that is incorrectly stated or
misleading. In the context of the procedures carried out, we did not identify any
material misstatements that we have to report to you.
The non-financial information required by article 3:32 §2 of the Companies’ and
Associations’ Code has been included in the board of directors’ annual report
on the consolidated financial statements, which is part of section “Financial and
Directors’ report 2022” of the annual report. The Company has prepared this
non-financial information based on the GRI (“Global Reporting Initiative”)
framework. In accordance with art 3:80 §1, 1
st
paragraph, 5° of the Companies’
and Associations’ Code, we do not comment on whether this non-financial
information has been prepared in accordance with the mentioned GRI
framework.
Information about the independence
• Our audit firm and our network have not performed any engagement which
is incompatible with the statutory audit of the consolidated accounts and our
audit firm remained independent of the Group during the term of our
mandate.
• The fees for the additional engagements which are compatible with the
statutory audit referred to in article 3:65 of the Companies’ and Associations’
Code were correctly stated and disclosed in the notes to the consolidated
financial statements.
European Single Electronic Format (ESEF)
In accordance with the draft standard on the audit of compliance of the Financial
Statements with the European Single Electronic Format (hereafter “ESEF”), we
have audited as well whether the ESEF-format is in accordance with the
regulatory technical standards as laid down in the EU Delegated Regulation nr.
2019/815 of 17 December 2018 (hereafter “Delegated Regulation”).
The Board of Directors is responsible for the preparation, in accordance with the
ESEF requirements, of the consolidated financial statements in the form of an
electronic file in ESEF format (hereafter “digital consolidated financial
statements”) included in the annual financial report.
It is our responsibility to obtain sufficient and appropriate information to conclude
whether the format and the tagging of the digital consolidated financial
statements comply, in all material respects, with the ESEF requirements under
the Delegated Regulation.
107Financial and Directors’ Report 2022 I

Consolidated Financial Statements
Statutory auditor’s report to the general meeting of D’leteren
Group SA
on the
consolidated financial statements as of and for the year ended 31 December 2022
Document Classification: KPMG Public
9
In our opinion, based on our work performed, the format of and the tagging of
information in the English version of the digital consolidated financial statements
as per 31 December 2022, included in the annual financial report of D’Ieteren
Group SA, are, in all material respects, prepared in compliance with the ESEF
requirements under the Delegated Regulation.
Other aspect
• This report is consistent with our additional report to the audit committee on
the basis of Article 11 of Regulation (EU) No 537/2014.
Zaventem, 21 avril 2023
KPMG Bedrijfsrevisoren
- Réviseurs d’Entreprises
Statutory Auditor
represented by
Axel Jorion
Bedrijfsrevisor / Réviseur d’Entreprises
108 I Financial and Directors’ Report 2022

Consolidated Financial Statements
D’Ieteren Group SA/NV
Summarised Statutory Financial Statements 2022
Contents
110 SUMMARISED BALANCE SHEET
111 SUMMARISED INCOME STATEMENT
111 SUMMARISED APPROPRIATION
112 SUMMARY OF ACCOUNTING POLICIES
The statutory financial statements of D’Ieteren Group SA/NV are summarised below in accordance with article 3:17 of the Company Code.
The unabridged version of the statutory financial statements of D’Ieteren Group SA/NV, the related management report and Statutory
Auditor’s report shall be deposited at the National Bank of Belgium within the legal deadline and may be obtained free of charge from the
internet site www.dieterengroup.com or on request from:
D’Ieteren Group SA/NV
Rue du Mail 50
B-1050 Brussels
109Financial and Directors’ Report 2022 I

Consolidated Financial Statements
78
Summarised Balance Sheet
At 31 December
€m
2022
2021
ASSETS
Fixed assets
3,811.6
3,541.0
II.
Intangible assets
-
-
III.
Tangible assets
8.6
8.7
IV.
Financial assets
3,803.0
3,532.3
Current assets
320.5
440.1
V.
Non-current receivables
2.8
2.0
VI.
Stocks
-
-
VII.
Amounts receivable within one year
1.7
155.5
VIII.
Current financial investments
182.9
241.6
IX.
Cash at bank and in hand
132.7
40.5
X.
Deferred charges and accrued income
0.4
0.5
TOTAL ASSETS
4,132.1
3,981.1
€m
2022
2021
LIABILITIES
-
Capital and reserves
3,956.2
3,845.2
I.A.
Issued capital
160.0
160.0
II.
Share premium account
24.4
24.4
IV.
Reserves
3,757.3
3,646.3
V.
Accumulated profits
14.5
14.5
Provisions and deferred taxes
5.7
5.3
Creditors
170.2
130.6
VIII.
Amounts payable after one year
-
-
IX.
Amounts payable within one year
170.2
130.6
X.
Accrued charges and deferred income
-
-
TOTAL LIABILITIES
4,132.1
3,981.1
110 I Financial and Directors’ Report 2022

Consolidated Financial Statements
79
Summarised Income Statement
Year ended 31 December
€m
2022
2021
I.
Operating income
13.3
7.8
II.
Operating charges
21.5
26.4
III.
Operating profit
-8.2
-18.6
IV.
Financial income
286.1
170.4
V.
Financial charges
5.5
3.8
IX.
Result for the period before taxes
272.4
148.0
IXbis.
Deferred taxes
-
-
X.
Income taxes
-
-
XI.
Result for the period
272.4
148.0
XII.
Variation of untaxed reserves⁽¹⁾
-
-
XIII.
Result for the period available for appropriation
272.4
148.0
(1) Transfers from untaxed reserves (+) / Transfers to untaxed reserves (-).
Summarised Appropriation
Year ended 31 December
€m
2022
2021
APPROPRIATION ACCOUNT
Profit (loss) to be appropriated
286.9
162.5
Gain (loss) of the period available for appropriation
272.4
148.0
Profit (loss) brought forward
14.5
14.5
Withdrawals from capital and reserves
1.9
1.9
from capital and share premium account
from reserves
1.9
1.9
Transfer to capital and reserves
113.1
36.5
to capital and share premium account
-
-
to legal reserve
-
-
to other reserves
113.1
36.5
Profit (loss) to be carried forward
14.5
14.5
Profit to be distributed
161.2
113.4
Dividends
161.2
113.4
This proposed appropriation is subject to approval by the Annual General Meeting of 25 May 2023.
111Financial and Directors’ Report 2022 I

Consolidated Financial Statements
80
Summary of Accounting Policies
The capitalised costs for the development of information technology projects (intangible assets) are amortised on a straight-
line basis over their useful life. The amortisation period cannot be less than 2 years nor higher than 7 years.
Tangible Fixed Assets are recognised at their acquisition value; this value does not include borrowing costs. The rates of
depreciation for fixed assets depend on the probable economic lifetime for the assets concerned. As from 1 January 2003,
tangible fixed assets acquired or constructed after this date shall be depreciated pro rata temporis and the ancillary costs shall
be depreciated at the same rate as the tangible fixed assets to which they relate.
The main depreciation rates are the following:
Rate Method
Buildings
5%
L/D
Building improvements
10%
L/D
Furniture
10%
L
Office equipment 20% L
Rolling stock
25%
L
Heating system
10%
L/D
EDP hardware
33%
L
L: straight line.
D: declining balance (at a rate twice as high as the equivalent straight-line rate).
Tangible fixed assets are revalued when their value, determined based on their utility for the company, exceeds their accounting
value in a definite and long-term way. Depreciation of any revaluation surplus is calculated over the remaining lifetime in terms
of the depreciation period of the asset concerned.
Financial Fixed Assets are entered either at their acquisition price, after deduction of the uncalled amounts (in the case of
shareholdings), or at their nominal value (amounts receivable). They can be revalued when their value, determined based on
their utility for the company, exceeds their accounting value in a definite and long-term way. They are written down if they suffer
a capital loss or a justifiable long-term loss in value. The ancillary costs are charged to the income statement during the financial
year.
Amounts Receivable within one year and those receivable after one year are recorded at their nominal value. Write-downs are
applied if repayment by the due date is uncertain or compromised in whole or in part, or if the repayment value at the closing
date is less than the book value.
Treasury Investments and Cash at Bank and in Hand are recorded at their acquisition value. They are written down if their
realisation value on the closing date of the financial year is less than their acquisition value.
When these treasury investments consist of own shares held for hedging share options, additional write-downs are applied if
the exercise price is less than the book value resulting from the above paragraph.
Provisions for Liabilities and Charges are recorded, where applicable, to cover losses or charges that are clearly limited in
nature, but which, at the closing date of the financial year, are probable or certain, but undermined in terms of their amount.
Provisions for Liabilities and Charges are subject to individual valuation, taking into account any foreseeable risks. They are
written back by the appropriate amount at the end of the financial year if they exceed the current assessment of the risks which
they were set aside to cover.
Amounts Payables are recorded at their nominal value.
Valuation of assets and liabilities in foreign currencies
Monetary items and commitments are valued at the official rate on the closing date, or at the contractual rate in the case of
specific hedging operations. Only negative differences for each currency are entered in the income statement.
112 I Financial and Directors’ Report 2022

Corporate Governance Statement
Corporate governance statement
In 2022, the Company adhered to the principles laid out in the 2020 Belgian Code on Corporate Governance ("2020 Code"), which is
available at www.corporategovernancecommiee.be. The Company's Board of Directors has approved a new corporate governance charter
on February28, 2019 (the "Corporate Governance Charter"), which is available at www.dieterengroup.com. The Company takes its specific
shareholder structure into account, i.e. the stable majority shareholding by the Company's founding family, when applying the principles of
the 2020 Code. Page 117 lists which principles of the 2020 Code the Company does not comply with and the relevant explanations.
1. Composition and Functioning of the Board of Directors
and Executive Management Bodies
1.1. Board of Directors
1.1.1. COMPOSITION
Throughout 2022, the Board of Directors was comprised of:
- six non-executive Directors, appointed upon proposal of the family shareholders; and
- four independent Directors, chosen on the basis of their experience.
The Chairman and Deputy Chairman of the Board of Directors are selected among the Directors appointed upon proposal of the family
shareholders. Three female Directors sit on the Board of Directors.
1.1.2. ROLES AND ACTIVITIES
Without prejudice to its legal powers, its powers under the articles of association and the legal powers of the General Meeting, the role of
the Board of Directors is to:
- determine the Company’s strategy and values;
- approve its plans and budgets;
- decide on material financial transactions, acquisitions and divestments concerning the Group and its key subsidiaries;
- ensure that appropriate organisational structures, processes and controls are in place to achieve the Company’s objectives and manage
the associated risks;
- appoint the Directors proposed by the Company to the boards of directors of the key subsidiaries;
- appoint and dismiss the CEO and, based on a proposal by the CEO, the other members of the Executive Commiee and the CEOs of
the Group's activities, and set the remuneration of such persons;
- monitor and review the performance of the daily management;
- monitor communications with the Company’s shareholders and other stakeholders;
- approve the Company’s statutory and consolidated accounts, as well as set the dividend which will be proposed to the General Meeting.
In that context, the Board of Directors intends to maintain its permanent policy of self-financing to the largest extent possible, which has
supported the Group’s development, and which aims to strengthen the Company's own funds and maintain qualitative financial ratios.
Absent material unforeseen events, the Board of Directors will ensure a stable and, results permiing, steadily growing dividend.
Composition of the Board of Directors on 31 December 2022
Joined
Board in
end of
mandate
Nicolas D’Ieteren
(47)
1
Chairman of the D’Ieteren Board of Directors, Chairman of Belron Group SA
Nicolas D’Ieteren holds a BSc Finance & Management from the University of London. He is
also a graduate from the Asia Int’l Executive Program and Human Resources Management in
Asia Program (INSEAD). He led projects at Bentley Germany and Porsche Austria. He wor-
ked as a Finance Director of a division of Total UK from 2003 to 2005. Since 2005, he is the
Managing Director of a private equity fund investing in young companies.
2005 May
2024
Olivier Périer (51)
1
Deputy Chairman of the Board and Chairman of the Strategic Commiee
Olivier Périer holds a Master’s Degree in architecture and urban planning from the ULB, as
well as a Degree from the SOLVAY Business School, Brussels, the Executive Programme for
the Automotive Industry. He also graduated from INSEAD with a Certificate in Global Manage-
ment, including the International Executive, Business Strategy Asia Pacific and International
Directors Programmes. Founding partner of the architectural firm Urban Plaorm until 2010,
he has since then taken the role of Chief Executive Ocer of SPDG, a private holding com-
pany. Furthermore, he serves as Chairman and as member of Advisory or Supervisory Boards
of several venture capital companies and foundations.
2005 May
2023
113Financial and Directors’ Report 2022 I

Corporate Governance Statement
Composition of the Board of Directors on 31 December 2022
Joined
Board in
end of
mandate
CB Management
SARL unipersonnelle
Independent Director– Permanent representative: Cécile Bonnefond (66)
Cécile Bonnefond has an MBA from the European Business School in Paris. She aended
the Senior Executive Program at IMD Lausanne and the International Directors Programme
at INSEAD. Previous positions include: Danone (1979-1984), Kellogg's (1984-1994), Dia-
geo-Foods/Sara Lee (1995-2000), LVMH as CEO of Veuve Clicquot champagne (2001-2008),
Bon Marché (2009-2010), and EPI Group as President and Co-investor at Piper & Charles
Heidsieck champagnes/ General Manager EPI Group - JMWeston, Bonpoint, etc. - (2011-
2015). Since 2015, she sits on boards of International listed and family-run corporations and
is a Senior Advisor for Bpifrance (Banque Publique d’Investissement) for small and medium
independent companies.
2018 May
2026
Sophie Gasperment
(58)
Independent Director
Sophie Gasperment is a graduate of ESSEC and INSEAD. She joined L’Oréal in 1986 and
became General Manager at L’Oréal UK in 2000. She was thenappointed Executive Chairman
and global CEO ofThe Body Shop, a responsibility she held until 2013. In parallel, from 2005
to 2013, Sophie Gasperment served as International Trade Advisor for France. In 2014, she
became L’Oréal’s General Manager of Financial Communication and Strategic Prospective,
with a specific focus on the group’s digital acceleration. Since 2019, Sophie Gasperment has
been a Senior Advisor at Boston ConsultingGroup,independent Director (other mandates:
Accor until May 2022, Cimpress, Kingfisher plc and Givaudan S.A.) and Angel investor in
innovative ventures.
2018 May
2023
GEMA SRL
1
Non-executive Director – Permanent representative: Michel Allé (72)
Michel Allé has master degrees in civil engineering and in economy from the ULB (Brussels).
He joined Cobepa in 1987, where he was a member of the Executive Commiee from 1995
to 2000. He worked as CFO for the Brussels Airport from 2001 to 2005. He then joined the
Belgian railway group SNCB where he was CFO of the Holding from 2005 to 2013, and then
CFO of SNCB from 2013 to 2015. He is Director of Elia Group and Chairman of the Board of
EPICS Therapeutics and Neuvasq. In addition, he is Honorary Professor at the ULB.
2014 June
2025
Nayarit
Participations SA
1
Non-Executive Director – Permanent representative: Frédéric de Vuyst (49)
Frédéric de Vuyst holds a Bachelor of Laws (Université de Namur), a BA & BSc Business and
Finance (London Metropolitan University) and an Executive MBA (EDHEC Paris). Since 2012,
he is Managing Director of Nayarit Participations, a private investment firm. Previously, he
held various management and international positions at BNP Paribas in Brussels and Paris.
Ultimately, he was Head of Business Development Investment Banking and member of the
Management Board Corporate Banking at BNP Paribas Fortis. He holds various directorships
including TVH, PHE, and the Advisory Board BNP Paribas Fortis.
2001 May
2027
Pierre-Olivier
Beckers SRL
Independent Director – Permanent representative: Pierre-Olivier Beckers (62)
Pierre-Olivier Beckers holds a Master in Management Sciences from LSM (Louvain-la-Neuve)
and an MBA from Harvard Business School. He joined the Delhaize Group in 1983, where he
was Chairman of the Executive Commiee and Chief executive ocerfrom 1999 to 2013. He
was President of the Belgian Olympic and Interfederal Commiee from 2004 to 2021, isa
member of the International Olympic Commiee (IOC), Chairman of its Audit Commiee and
also Chairman of the Coordination Commiee for the 2024 Paris Olympics. He is Chairman of
theFondation Louvain. He holds various directorships and is advisor to and investor in start-
up and scale-upcompanies.
2014 May
2026
Société Anonyme
de Participation
et de Gestion SA
(SPDG)
1
Non-executive Director – Permanent representative: Denis Peiaux (54)
Denis Peiaux has a Degree of civil engineering in physics, and an Executive Master in Mana-
gement from the ULB (Brussels). He is a Director and member of the Executive Commiee of
SPDG, where he is in charge of finance. He is also a non-executive member of various Boards
of Directors, advisory boards and investment commiees. He joined Coopers & Lybrand in
1997. He was Director at PricewaterhouseCoopers Advisory in Belgium until 2008, and then
Director at PricewaterhouseCoopers Corporate Finance in Paris until 2011.
2001 May
2027
Michèle Sioen (57)
1
Non-Executive Director
Michèle Sioen holds a Degree in economics. She is currently the CEO of Sioen Industries, a
multinational specialised in technical textiles. Sheholds various directorships in listed Belgian
companies, notably Sofina and Immobel. She isHonorary Chairwoman of the FEB (Federa-
tions of Belgian companies). She is the Chairwomanof Kanal (museum of contemporary art)
and Director of Vlerick Management school, concours Reine Elisabeth and Fedustria.
2011 May
2023
HECHO SRL
Independent Director – Permanent representative: Hugo De Stoop (49)
Hugo De Stoop holds a Master in Engineering (ULB), an MBA (INSEAD) and a Degree in
Corporate Venture and Innovation (INSEAD). He was appointed CEO of Euronav in 2019 aer
holding various positions since 2004, including CFO (2008). He started his career with Mus-
tad International Group, a diversified industrial private group of companies where he worked
in the U.S., EU and LatAm. He founded First Tuesday in US and LatAm, the world's largest
meeting place for high tech entrepreneurs, investors and corporations. He then joined Davos
Financial Corp, a multi-opportunity fund manager of UBS where he was an Investment Mana-
ger. His other current positions are: Chairman of the Sustainability Commiee of Euronav and
member of the Board of Directors of EBE shipping.
2022 June
2025
(1) Director appointed upon proposal of family shareholders.
114 I Financial and Directors’ Report 2022

Corporate Governance Statement
The Board of Directors meets at least six times a year. Additional meetings are held occasionally if necessary. The Board of Directors’ deci-
sions are taken by a majority of the votes, the Chairman having a casting vote in case of a tie. In 2022, the Board met 8 times. All Directors
aended the meetings that were fixed in advance, as well as the more occasional meetings with the exception of: Ms Michèle Sioen, Mr
Pierre-Olivier Beckers and Ms Sophie Gasperment who were excused for one meeting. Mr Olivier Périer was represented at one meeting by
SPDG.
1.1.3. TENURE OF DIRECTORS
Six mandates expired in 2022 and were all renewed: CB Management SARL unipersonnelle represented by Cécile Bonnefond; Ms Sophie
Gasperment; GEMA SRL represented by Mr Michel Allé; Nayarit Participations SA represented by Mr Frédéric de Vuyst; Pierre Olivier Bec-
kers SRL represented by Mr Pierre-Olivier Beckers; and SPDG represented by Mr Denis Peiaux. One new Director was appointed in 2022:
HECHO SRL represented by Mr Hugo De Stoop.
1.1.4. COMMITTEES OF THE BOARD OF DIRECTORS
Composition
(at 31/12/2022)
Audit
Commiee
1
Nominations and Remuneration
Commiee
1
Strategic
Commiee
Chairman Frédéric de Vuyst
2
Nicolas D'Ieteren Olivier Périer
Members Denis Peiaux
3
Pierre-Olivier Beckers
5
Nicolas D'Ieteren
Cécile Bonnefond
4
Sophie Gasperment
6
Frédéric de Vuyst
2
Hugo De Stoop
7
Olivier Périer Denis Peiaux
3
New independent Director to be
recruited
(1) The members of the Audit Commiee and the members of the Nominations and Remuneration Commiee have the expertise required by law in accounting and
audit maers and in remuneration policy respectively in view of their respective education and management experience in industrial and financial companies.
(2) Permanent representative of Nayarit Participations SA
(3) Permanent representative of SPDG SA
(4) Permanent representative of CB Management SARL unipersonelle. Independent Director
(5) Permanent representative of Pierre-Olivier Beckers SRL. Independent Director
(6) Independent Director
(7) Permanent representative of HECHO SRL. Independent Director
The Audit Commiee met four times in 2022. All meetings but one were held in the presence of the Statutory Auditor. All of its members
aended all of the meetings.
The Nominations and Remuneration Commiee met four times in 2022. All of its members aended all of the meetings.
The Strategic Commiee met 14 times in 2022.
Each Commiee reported on its activities to the Board of Directors.
1.1.5. FUNCTIONING OF THE COMMITTEES
AUDIT COMMITTEE
On 31 December 2022, the Audit Commiee was comprised of four non-executive Directors, two of which were independent Directors. The
Audit Commiee’s primary role is to monitor the Company’s financial information and supervise the risk management and internal controls
systems of the Company and its key subsidiaries. The Audit Commiee reviews the Statutory Auditor’s reports on the half-year and annual
financial statements of the Company and of the porolio companies. The Audit Commiee meets at least four times a year, including at least
once every six months in the presence of the Statutory Auditor, and reports on its activities to the Board of Directors. At least two specific
meetings are dedicated to the supervision of the risk management and internal controls systems. The Statutory Auditor, KPMG, reappointed
by the Ordinary General Meeting of May 28, 2020, has outlined the methodology for auditing the statutory and consolidated accounts as
well as the applicable materiality and reporting thresholds. The Audit Commiee’s charter adopted by the Board of Directors is set out in
Appendix I of the Governance Charter published on the Company’s website.
NOMINATIONS AND REMUNERATION COMMITTEE
On 31 December 2022, the Nominations and Remuneration Commiee was comprised of four Directors, including the Chairman of the Board
of Directors, who presides over the meetings, the Deputy Chairman of the Board of Directors and two independent Directors. The Company
is in the process of recruiting an additional independent Director.
The role of the Nominations and Remuneration Commiee is as follows:
- To make proposals to the Board of Directors relating to appointments of non-executive Directors, the CEO, and based on a proposal by
the CEO, the other members of the Executive Commiee and the CEOs of the Group’s key subsidiaries, and ensure that the Company
has formal, rigorous and transparent procedures to support these decisions.
- To make proposals to the Board of Directors relating to the remuneration of the non-executive Directors, the CEO, and, based on a pro-
posal by the CEO, the other members of the Executive Commiee and the CEOs of the Group’s key subsidiaries, and ensure that the
company has formal, rigorous and transparent procedures to support these decisions.
- To regularly review the procedures, principles and policies relating to the appointment and remuneration of managers of the Company
and the Group's key subsidiaries, and to coordinate with the Nominations and Remuneration Commiees that already exist within the
Group’s key subsidiaries.
- To prepare the remuneration report and comment on it during the Annual General Meeting.
115Financial and Directors’ Report 2022 I

Corporate Governance Statement
The Nominations and Remuneration Commiee meets at least four times a year and reports on its work to the Board of Directors. The Com-
miee’s Charter adopted by the Board of Directors is set out in Appendix II of the Governance Charter available on the Company’s website.
STRATEGIC COMMITTEE
The Strategic Commiee meets at least once a month and brings together the Chairman and Deputy Chairman of the Board of Directors, as
well as two Directors representing the family shareholders. The members of the Executive Commiee are permanent guests. At the level of
the Group and its subsidiaries, and subject to the Board of Director's competence to determine the Company's strategy, the Strategic Com-
miee's role is to consider the Group's development priorities, to analyse the long-term strategies and objectives of the Group, to examine
the progress of strategic projects, to analyse future investments and divestments, to monitor progress of the Group's businesses, and to
prepare strategic points for discussion and decision at the Board of Directors meetings. The Strategic Commiee’s Charter, adopted by the
Board of Directors, is set out in Appendix III of the Company's Governance Charter available on the Company’s website.
POLICY ON CONFLICT OF INTEREST
Without prejudice to the provisions on conflicts of interests contained in article 7:96 and 7:97 of the Company Code, the Corporate Gov-
ernance Charter (Annex 5) describes the Company’s policy on transactions or other potential contractual relations between the Company,
including aliated companies, and Directors, in cases where these transactions or other contractual relations are not covered by legal pro-
visions on conflicts of interest.
EVALUATION OF THE BOARD OF DIRECTORS AND ITS COMMITTEES
The Board of Directors and its Commiees assess on a regular basis, and at least once every three years, their size, composition, procedures,
performance and their relationships with management, as well as the individual contribution of each Director to their overall functioning
in order to constantly improve the eectiveness of their actions and the contribution of those actions to the Group’s proper governance.
The Board of Directors and its Commiees carried out an assessment exercise during the first quarter of 2022. This process was conducted
with the help of an outside professional who interviewed all Directors and members of the Executive Commiee. A summary of the interviews
was presented to the Board of Directors along with clear recommendations for the Board of Directors' consideration.
1.2. Group Executive Management
The members of the Executive Commiee are responsible for the day-to-day management of the Company. On 31 December 2022, the
Group Executive Commiee was comprised of the Group CEO (Chairman of the Group Executive Commiee) and the Group CFO.
Composition of the Executive Commiee on 31 December 2022 Start of mandate
Francis Deprez
(57)
Chairman of the Executive Commiee and CEO
Degree in Applied Economic Sciences (UFSIA Antwerp) and Master’s in Business Administration
(Harvard Business School). Associate (1991-1998) and Partner (1998-2006) at McKinsey & Com-
pany Belgium. In the Deutsche Telekom Group, served as Managing Director of the Center for
Strategic Projects (2006-2011),Chief Strategy and Policy Ocer of Deutsche Telekom AG (2007–
2011), member of the Supervisory Boards of T-Mobile International (2007-2009) and of T-Systems
International (2008-2011), Chief Executive Ocer of Detecon International GmbH (2011-2016).
Director at Belron, TVH, and D’Ieteren Immo. Chairman of the Boards of D’Ieteren Automotive,
Moleskine and PHE.
2019 (as CEO)
2016
(as a member
of the Executive
Commiee)
Arnaud Laviolee
(61)
Member of the Executive Commiee – Chief Financial Ocer
Master in Economic Sciences (UCL). Worked in banking for almost 25 years. Head of Corporate
Finance, Corporate Clients and Board member at ING Belgium until 2013. Investment Manager at
GBL from 2013 to June 2015. Director at Belron, D’Ieteren Automotive, TVH, Moleskine, D’Ieteren
Immo and PHE. External Director at Rossel and Imula.
2015
The members of the Group Executive Commiee act as a Board. At the Group level, they are in charge of origination, monitoring and devel-
oping the Group’s activities, human resources, finance, financial communication, investor relations, accounting, consolidation, treasury, M&A,
sustainability and legal and tax maers
.
1.3. Executive Management of the six businesses
The D’Ieteren Group owns six businesses which each have their own executive management structure: D’Ieteren Automotive, Belron, TVH,
PHE, Moleskine and D'Ieteren Immo.
D’Ieteren Automotive has a Board of Directors comprised of six Directors: five appointed by the Company and the CEO of D'Ieteren
Automotive.
Belron, of which the Company owned 55.67% of the voting rights on December 31, 2022, has a Board of Directors comprised of eight
directors: four who are appointed by the Company, two appointed by CD&R (minority shareholder in Belron), one appointed by H&F
(minority shareholder in Belron) and the CEO of Belron. The Belron board of directors is chaired by the Chairman of the Company's Board
of Directors.
TVH, of which the Company owned 40% of the voting rights on December 31, 2022, has a Board of Directors comprised of nine
Directors: four who are appointed by Wehold (majority shareholder in TVH), three appointed by the Company, one independent
Chairman and one independent Director.
PHE, in which the Company owned 91.4% of the voting rights on December 31, 2022, has a Board of Directors comprised of eight members:
six appointed by the Company, as well as the PHE CEO and CFO.
Moleskine, a wholly-owned subsidiary of the Company, is governed by a Board of Directors comprised of seven Directors: five appointed by
the Company and the Moleskine CEO and CFO.
D’Ieteren Immo, a wholly-owned subsidiary of the Company, is managed by a Board of Directors comprised of four Directors: three appointed
by the Company and the CEO of D'Ieteren Immo.
116 I Financial and Directors’ Report 2022

Corporate Governance Statement
1.4. External audit
The external audit is conducted by KPMG Réviseurs d’Entreprises, represented by Axel Jorion, whose mandate to audit the statutory and
consolidated accounts for 2020, 2021 and 2022 was renewed at the Ordinary General Meeting of May 28, 2020. The total fees charged by
the Statutory Auditor and linked companies for the work carried out in 2022 on behalf of D’Ieteren Group SA/NV and aliated companies
amounted to €5.2m, excluding VAT. Details of the fees are included in the annexe of the 2022 Consolidated Financial Statements (page 86).
1.5. Deviation from the 2020 belgian Code of Corporate Governance
The Company deviates from the following provisions of the 2020 Code:
 Deviation from provision 3.7.
The group of Directors appointed upon proposal of the family shareholders is in a position to dominate decisions taken by the Board of
Directors. In companies where family shareholders hold a majority of the share capital, the family shareholders do not have, as do other
shareholders, the opportunity to sell their shares if they do not agree with the orientations defined by the Board of Directors. Their joint or
majority representation on the Board of Directors enables them to influence these orientations, thereby ensuring the shareholding stability
necessary for the profitable and sustainable growth of the Company. The potential risks for corporate governance resulting from the exis-
tence of control by the majority shareholder on the activities of the Board of Directors is mitigated, on the one hand, by the appropriate use
of these powers by the Directors concerned in respect of the legitimate interests of the Company and of its minority shareholders and, on
the other hand, by the long-term presence of several independent Directors, which ensures a genuine dialogue at the level of the Board of
Directors.
 Deviation from provision 7.6.
The Directors only receive a fixed remuneration, without any grant of shares. This is justified by the fact that the investment policies of the
Company adequately foster a long-term perspective. In addition, several Directors already have a large exposure to the evolution of the Com-
pany’s value, considering the number of shares they own directly or indirectly.
 Deviation from provision 7.9.
There is no requirement for the members of the Executive Commiee to hold a minimum number of shares in the Company. This is justified
by the fact that the investment policies of the Company adequately foster a long-term perspective. In addition, the grant of stock options
adequately ensures the alignment of interests between the members of the Executive Commiee and all shareholders.
2. Diversity
D’Ieteren Group aims to put diversity at the heart of its Board of Directors and Executive Commiee. This means having Directors who dier
in terms not only of their background, education, age and gender, but also in their independence, experience and professional expertise.
Such diversity will ensure a range of perspectives, insights and the critical thinking that are essential to enabling ecient decision-making
and good governance. Enhancing diversity at the Board of Directors and Executive Commiee levels also increases the pool of potential
candidates and helps to aract and retain talent.
The Nomination and Remuneration Commiee reviews and assesses the composition of the Board of Directors and the Executive Commiee,
and advises the Board of Directors on the appointment of new Board members and Executive Commiee members, as well as the the re-
newal of any existing mandates. During this process, the Nomination and Remuneration Commiee considers candidates on merit, without
losing sight of the need for diversity (including criteria such as background, education, age, gender, independence (for potential Board
members), professional skills, length of service and diering professional and personal experience).
In terms of gender diversity, the Board of Directors aims to comply with legal requirements by having at least one third of the underrepre-
sented gender on the Board. This target was achieved on May 31, 2018 with the nomination of two new female directors. As at December 31,
2022, the Board of Directors had ten members, three of whom were women.Reference is made to section 1 of the Corporate Governance
Statement regarding other diversity criteria (age, length of service, education and professional experience) in relation to the members of the
Board of Directors and the Executive Commiee as of December 31, 2022.
117Financial and Directors’ Report 2022 I

Corporate Governance Statement
3. Remuneration Report
The remuneration of the Directors and the members of the Executive Commiee for 2022, is detailed in this report. Such remuneration is in
accordance with the remuneration policy which was approved by the 2021 annual shareholders’ meeting by a majority of 83.81% of the votes
cast without any specific comments made by shareholders.
3.1. Remuneration of non-executive Directors
A total of €1,470,000 was paid to the Directors in 2022, broken down as indicated in the table below. No other remuneration or benefit, loan
or guarantee was granted to them by the Company. All Directors qualify as non-executive Directors.
2022 (in €) Base remuneration Specialised Commiees Subsidiaries Total remuneration
D'Ieteren N. 260,000 All in All in 260,000
Périer O. 210,000 All in All in 210,000
P.-O. Beckers SRL 80,000 40,000 - 120,000
CB Management SARL (Bonnefond C.) 80,000 40,000 40,000 160,000
HECHO SRL (De Stoop H.)
(1)
46,667 23,333 - 70.000
Gasperment S. 80,000 40,000 - 120,000
Gema SRL (Allé M.) 80,000 - - 80,000
Nayarit Participations SA (de Vuyst F.) 80,000 70,000 50,000
(2)
200,000
Sioen M. 80,000 - - 80,000
SPDG (Peiaux D) 80,000 40,000 50,000 170,000
Total 1,076,667 253,333 140,000 1,470,000
(1) Appointed on the 2
nd
of June 2022
(2) Remuneration perceived by Minerva Société de Gestion et de Conseil SRL represented by Frédéric de Vuyst
3.2. Remuneration of the members of the Executive Committee
The remuneration granted to the members of the Executive Commiee in 2022 was reviewed by the Board of Directors on 8 March 2022.
The components of their remuneration are detailed below.
As regards the variable remuneration, the Board of Directors, on the basis of the recommendations from the Nominations and Remuneration
Commiee, approved on 8March 2023 the relevant amounts in light of the achieved targets, as also detailed below.
3.2.1. ANNUAL FIXED BASE REMUNERATION
In 2022, the Chief Executive Ocer earned an annual fixed base remuneration of €700,000 and the Chief Financial Ocer earned an annual
fixed base remuneration of €600,000.
3.2.2. VARIABLE REMUNERATION
ANNUAL BONUS
For 2022, the Chief Executive Ocer earned an annual bonus of €656,250, corresponding to approximately 94% of his 2022 fixed base
remuneration. The Chief Financial Ocer earned an annual bonus of €512,000, corresponding to approximately 85% of his 2022 fixed base
remuneration. These amounts were paid in March 2023.
The 2022 annual bonuses were based on the levels of achievement in 2022 of two financial criteria being profit before tax and free cash
flow compared to budget, as well as three non-financial criteria namely people (talent succession, governance at activities and corporate
team), corporate development (deal flow quality and investor relations) and customers (customer satisfaction) as qualitatively assessed by
the Board of Directors. Half of the annual bonus depends on the financial targets, while the other half depends on the non-financial targets.
For the dierent members of the Executive Commiee, depending on their respective roles, dierent weights can be given to the dierent
criteria.
For 2021, the Chief Executive Ocer earned an annual bonus of €780,000 and the Chief Financial Ocer earned an annual bonus of
€562,400. These amounts were paid in March 2022. Please refer to the remuneration report published in 2022 for more information.
118 I Financial and Directors’ Report 2022

Corporate Governance Statement
CASH LTI
Members of the Executive Commiee are eligible to receive a cash amount corresponding to a percentage set within a range of approxima-
tely 25% to 50% of their annual fixed base remuneration if the following targets are achieved over a period of three years:
- a minimum financial gain for the shareholders that resulted from the appreciation of the share price plus any dividends paid by the Com-
pany to the shareholders (“Total Shareholder Return” or “TSR”), as set by the Board of Directors;
- the annualised TSR being higher than the MSCI Gross World Index CAGR; and
- a limited number of environmental, social and corporate governance (ESG) targets that are particularly relevant to the Group (as qualita-
tively assessed by the Board of Directors).
Regarding the 2020-2022 Cash LTI, on the basis of recommendations from the Nominations and Remuneration Commiee, on 8March
2023 the Board of Directors approved the following amounts to be paid: €350,000 to the Chief Executive Ocer and €150,000 to the Chief
Financial Ocer. These amounts were based on an assessment of the three targets over the period 2020-2022 which had all been met.
In 2022, a new three-year (2022-2024) Cash LTI was granted to the Chief Executive Ocer and Chief Financial Ocer. The target 2022-2024
Cash LTI amounts to €350,000 for the Chief Executive Ocer and €150,000 for the Chief Financial Ocer. The corresponding amounts will
be paid, if the targets are met, at the end of the year 2024.
STOCK OPTION LTI
In 2022, 50,000 stock options were granted to the Chief Executive Ocer and 40,000 stock options were granted to the Chief Financial
Ocer.
The exercise price is €118,10. In principle, the options may be exercised from 1 January of the 4th year following the date they were granted
and up until the end of the tenth year following their grant.
Additional details on the Stock Option LTI are provided in note 9 of the consolidated financial statements.
PENSION AND OTHER BENEFITS
In 2022, the Company covered the contributions to disability insurance, life insurance and pension schemes with respect to the Chief
Executive Ocer for an amount of €115,000 and with respect to the Chief Financial Ocer for an amount of €126,000.
3.2.3. STOCK OPTIONS GRANTED, EXERCISED AND EXPIRED IN 2022
Transactions in 2022
Name position Options granted Options exercised Options expired
Chief Executive Ocer 50,000 83,463 0
Chief Financial Ocer 40,000 143,225 0
3.2.4. GENERAL OVERVIEW OF THE REMUNERATION
2022 (in €) CEO Other members of Executive Commiee Total
Annual Fixed base remuneration 700,000 600,000 1,300,000
Annual bonus 656,250 512,000 1,168,250
Cash LTI (pay-out 2020-2022) 350,000 150,000 500,000
Contribution to disability, pension and life insurance 115,000 126,000 241,000
119Financial and Directors’ Report 2022 I

Corporate Governance Statement
3.2.5. ANNUAL CHANGE OF THE REMUNERATION AND PAY RATIO
The table below provides an overview of the annual change of remuneration for the Directors, the Executive Commiee members and the
employees (average on a full-time equivalent basis). It also provides an overview of the annual change of performance of the Company.
Annual change in % 2018 vs
2017
2019 vs
2018
2020 vs
2019
2021 vs
2020
2022 vs
2021
Remuneration of the (non-executive) Directors (total)
+13.4% +5.5% -26.5% +0.7% +11.7%
Remuneration of the Executive Commiee (total)
(1)
Type of remuneration
All remuneration excluding stock options
(2)
-50.6% +14% +3.7% +19.1% +12.7%
Stock options
(3)
+14.3% 0.0% +18.8% -5.3% 0.0%
Company’s performance
Adjusted consolidated result before tax
(4)
+15.8%
(5)
+39.8%
(5)
+11.2%
(6)
+52.0%
(6),(7),(8)
+50.9%
(6),(7),(10)
Average remuneration on a full-time equivalent basis of employees
(9)
Employees of the Company +31.3% +21.0% -5.8% +13.6% +13.1%
Explanatory notes
(1) This includes the current members of the Executive Commiee only.
(2) This includes the (i) annual fixed base remuneration, (ii) annual bonus paid, (iii) paid-out cash LTI (iv)contribution to disability, pension and life insurance and (v)
exceptional payments linked to strategic projects.
(3) In terms of number of stock options.
(4) Numbers on a comparable basis in function of the Company’s shareholding in Belron.
(5) On a pre IFRS16 basis.
(6) On a post IFRS16 basis.
(7) 2021 includes TVH as from 1 October 2021.
(8) 2020 has been restated to reflect the IFRS® Interpretations Commiee (IFRIC) final agenda decisions on cloud computing arrangements issued in March 2019 and
April 2021.
(9) The average employee remuneration is calculated on the basis of the Company’s employees as of 1January2023.
(10) 2021 figures have been restated at TVH to improve the consistency of accounting policies across all aliates, to reflect the purchase price allocation of TVH
finalized by the Group in the second half of 2022 and at Belron to reflect a reclassification of -€21.0m of fees from system integrators in relation to the business
transformation programme from adjusted result to adjusting items in the Belron segment.
The 2022 ratio between the highest pay and the lowest pay at the Company is68.39.
120 I Financial and Directors’ Report 2022

Corporate Governance Statement
4. Internal Control and risk management systems
D’Ieteren Group and its porolio companies operate in a constantly changing environment which exposes them to multiple risks, that can be
classified in five main categories: legal / compliance, strategic, operational, IT / Cyber-security and financial.
In order to protect their reputation while ensuring sustainable success and the achievement of corporate targets, D’Ieteren Group and its
businesses have in place comprehensive risk management and internal control systems. These systems have three main goals:
- Identify risks at an early stage;
- Assess the probability and potential impact of the risks;
- Put adequate mitigating measures in place.
D’Ieteren Group manages the risks following the principle of three lines of defense:
- At the operational level of each business;
- At risk management, compliance & legal levels (Group and businesses);
- As part of the businesses’ Internal Audit.
Board of Directors with the support of the Audit Commiee
First line of defence
Operative controls
Direct control
and monitoring
by the management
EXTERNAL AUDITORS
RISK OWNERSHIP
Second line of defence
Controlling
Risk management
Compliance
RISK CONTROL
Third line of defence
Internal audits
RISK ASSURANCE
121Financial and Directors’ Report 2022 I

Corporate Governance Statement
4.1. Risk management governance structure and responsibilities
The organisational structure at the level of D’Ieteren Group and the businesses ensures the appropriate delegation of authorities to manage-
ment and a separation of duties. Governance structure is composed of three bodies that are operating independently: the Board of Directors,
the Audit Commiee, and the Executive Commiee.
(1) TVH is in the process of seing up its Internal Audit
4.1.1.
D’Ieteren Group
Board
of Directors
Audit
Commiee
Executive
Commiee
Risk
management at
Group level
4.1.2.1.
D’Ieteren
Automotive
Board
Audit
Commiee
Management
Commiee
4.1.2.2.
D’Ieteren Immo
Board
Management
Commiee
Internal Audit
4.1.2.3.
Belron
Board
Audit
Commiee
Management
Commiee
Internal Audit
4.1.2.4.
Moleskine
Board
Audit
Commiee
Management
Commiee
Internal Audit
4.1.2.5.
TVH
Board
Audit
Commiee
Management
Commiee
Internal Audit
1
4.1.2.6.
PHE
Board
Audit
Commiee
Management
Commiee
Internal Audit
Direction
&
oversight
Risk
Identification
Evaluation
Mitigation
Monitoring
Risk
management at
operational level
RISK OWNERS RISK OWNERS RISK OWNERS RISK OWNERS RISK OWNERS RISK OWNERS
Risk
management at
operational level
Risk
management at
operational level
Risk
management at
operational level
Risk
management at
operational level
Risk
management at
operational level
4.1.1. D’IETEREN GROUP
4.1.1.1. BOARD OF DIRECTORS
The Board performs its control duties by:
(i) ensuring that D’Ieteren Group’s businesses correctly perform
their own control duties and that Commiees entrusted with
special survey and control tasks (such as the Audit Commiee
and Nomination and Remuneration Commiee) are put in place
and function properly, and
(ii) ensuring that reporting procedures are implemented to allow
the Board to follow up the entities’ activities at regular intervals,
notably regarding the risks they face.
4.1.1.2. AUDIT COMMITTEE
The Board of Directors is assisted by the Audit Commiee in the
exercise of its control responsibilities for the company’s entities.
This control focuses in particular on the financial and non-financial
information distributed to shareholders and to third parties and the
monitoring of the dierent risk management and internal control
mechanisms.
The Group Audit Commiee receives regular reports on the work
carried out by the Audit Commiees of each business before itself
reporting to the Board.
4.1.1.3. EXECUTIVE COMMITTEE
The members of the Group Executive Commiee act collegially and
are also responsible for risk management, amongst other.
4.1.1.4. EXTERNAL AUDIT
By being responsible for conducting independent assessments
of the Group’s financial statements and disclosures, as well as for
confirming that these give a true and fair view of the Group’s finan-
cial position, external auditors can help identify potential risks and
are therefore key in the risk control process.
4.1.2. AT THE LEVEL OF THE BUSINESSES
4.1.2.1. D’IETEREN AUTOMOTIVE
Risks are monitored at the level of the Audit Commiee, which met
five times in 2022. The Commiee is chaired by D’Ieteren Group’s
CFO and includes D’Ieteren Automotive’s CFO, ad-hoc members
and participants both from D’Ieteren Automotive and from D’Ieteren
Group, as well as D’Ieteren Automotive’s Head of Internal Audit. The
external auditor is also invited. The risk mapping is prepared by the
Head of Internal Audit and is approved by the Commiee.
Divisional directors are responsible for risk management on a day-
to-day operational level.
4.1.2.2. D’IETEREN IMMO
The real estate assets are grouped under a single legal entity (D’Ie-
teren Immo S.A.). It has its own Board of Directors and Manage-
ment Commiee. The Board of Directors reviews the risk policy
once a year and oversees the risk management throughout the year.
4.1.2.3. BELRON
Belron has continued to enhance and embed its approach to risk
management, including the introduction of a new emerging risk
identification process. The Enterprise Risk Management Steering
Commiee, which is responsible for monitoring risk management
activities, and challenging / debating the risk profiles for Business
Units and Functions, met monthly throughout the year. Insight from
both the emerging risk process and Enterprise Risk Management
Steering Commiee is reported into the Executive team, who have
reviewed and debated the key risks to the businesses, and to the
Audit Commiee, which met four times in 2022. The Commiee
is chaired by D’Ieteren Group’s CFO and includes a representative
from CD&R. Other (invited) participants include Belron’s CFO, and
Director of Risk and Internal Audit.
122 I Financial and Directors’ Report 2022

Corporate Governance Statement
4.1.2.4. MOLESKINE
Risks are monitored by the Audit Commiee, which met four times
in 2022. The Audit Commiee is chaired by D’Ieteren Group’s CFO
and it includes Moleskine’s CFO, other ad-hoc members (both from
Moleskine and from D’Ieteren Group) and Moleskine’s Head of Inter-
nal Audit as permanent observer. The Commiee approves the Risk
Map prepared by the Head of Internal Audit aer having gathered
inputs from the leadership and the shareholder’s representatives.
In addition to the internal model, Moleskine has also an external
Supervisory Body that oversees the functioning of and the com-
pliance with the “Organisational, Management and Control Model”
adopted to prevent crimes provided for in the Legislative Decree
no. 231/2001. The outcome of the Supervisory Body’s activities is
summarized every year in a report sent to Moleskine’s Board of Di-
rectors. The Supervisory Body is composed of an external member.
4.1.2.5. TVH
Since the entry of D’Ieteren Group in the capital of TVH, the board
of TVH has hired a Risk Expert and is currently structuring the risk
management process. An Audit Commiee chaired by the CFO of
D’Ieteren Group has been set up and meets quarterly.
4.1.2.6. PHE
Risk management and internal control are overseen by the Audit
Commiee that meets at least four times a year (twice in 2022 since
the acquisition by D’Ieteren Group). This commiee is chaired by a
director appointed by D’Ieteren Group and includes PHE’s CFO, ad-
hoc members and participants from PHE and from D’Ieteren Group,
as week as the PHE’s Director of Internal Audit. This Commiee
ensures the appropriateness, reliability and implementation of the
Group’s internal control procedures, as well as the procedures de-
signed to identify and manage risks related to its business and its
accounting and financial information.
4.2. Risk management process (Group)
4.2.1. RISKS AND OPPORTUNITIES IDENTIFICATION  MAPPING
The cornerstone of D’Ieteren Group’s risk management is to ensure that the major risks faced by the Group and its porolio companies have
been identified and assessed, and that there are controls either in place or planned to manage them. D’Ieteren Group lets each of its porolio
company full management autonomy on their risk management processes under the supervision of the respective Audit Commiees and
Boards. However, in the context of its own risk management, the Group keeps a close eye on the risks and opportunities specific to each
business. This supervision is guaranteed by the presence of a representative of the D'Ieteren Group in each Audit Commiee. The processes
of risk mapping inside each business, even if dierent in their methodology, are articulated in three same steps:
(1) Excluding TVH and PHE
D'Ieteren Group
RISK MAPPING
Risk and opportunities identification
Prioritization
ESG
GROUP RISKS AND OPPORTUNITIES IDENTIFICATION
PORTFOLIO COMPANIES RISK AND OPPORTUNITIES IDENTIFICATION
STAKEHOLDER DIALOGUE
Materiality analysis on ESG Maers
Legal / Compliance
Strategic
Operational
IT / Cyber-security
Financial
Business-related
Inventory Assessment
Risk & opportunities identification
PrioritizationInventory Assessment
Risk & Opportunities
Impact
(see Non-financial Disclosure)
123Financial and Directors’ Report 2022 I

Corporate Governance Statement
Risk inventory
Risks are inherent to any business. Each porolio company identi-
fies its key risks and opportunities by assessing events that could
aect the future operations and financial returns of the business
and by dressing a comprehensive risk inventory. This inventory is
dressed on the basis of several dialogues with dierent internal and
external stakeholders. Consequently, environmental, social, and
governance (ESG) risks that could have a significant impact on the
business are included. This is ensured by close collaboration be-
tween the Sustainability and Risk managers.
At the Group level, the same exercise is undertaken. The risks are
categorized as Legal/Compliance, Strategic, Operational, Financial
and most critical risks identified by porolio companies. ESG as-
pects are taken into consideration transversally across these five
categories.
ESG risks and opportunities identification
In parallel and feeding this exercise, specific materiality analysis for
ESG risks has been conducted with each of our businesses (on-
going at TVH and PHE). This analysis identified and underlined
the most relevant risks thanks to dialogues with internal and exter-
nal stakeholders. In 2022, Risk and Sustainability Managers were
trained in preparation for an upcoming double materiality exercise
at the Group level.
Emerging risks
D’Ieteren Group and its businesses are also not immune to other
potential other risks, which are also monitored closely as and when
they materialize.
It includes geopolitical tensions such as the Russian invasion of
Ukraine in February 2022. This risk has been reported at the Group
level to provide transparency in relation to the actual and foreseea-
ble direct and indirect exposure of the Group’s porolio companies
to this crisis and more generally to all geopolitical developments.
Watchlist
Some of D’Ieteren Group’s and its businesses’ risks are reported
under a ‘watchlist’. These are risks that have a high degree of uncer-
tainty and are monitored in order to determine the potential scale
or impact they could have on their business.
This is the case for climate-related financial risks, including poten-
tial impacts of the transition to a lower-carbon economy and to
the physical consequences of climate change. A specific analysis
on this topic is or will be executed at the businesses and is further
explained in the description of D’Ieteren Group’s TCFD related pro-
cess (p.153). Due to the introduction of the analyses for this risk
type, our businesses improved their understanding of the risks and
opportunities related to climate change.
Risk assessment
In this second step, each risk is described and correctly understood
in order to assess its criticality. This assessment process involves
the risks owners to leverage subject-maer expertise whether finan-
cial, operational, legal, strategic, IT/Cyber or ESG-related. Criticality
measure is twofold: the potential impact on the organisation and
the probability of occurrence. In order to do that each of our busi-
nesses has its own methodology and scale to fit with the reality of
their business. The Group also uses its own methodology.
Risk prioritization
For each risk or event, Management identifies its priorities taking
into account the criticality and the maturity of its management ap-
proach, i.e. the ability to adapt and react to the risk, the urgency of
the response, the time horizon for the potential materialization of
the risk, the type of action necessary, the level of investment in the
risk response as well as the acceptance level vis-à-vis residual risks.
4.2.2. MITIGATING PLANS AND REVIEW
On the basis of their risk mapping a mitigating plan is set up by each
business. Mitigating actions include for instance the introduction of
strict procedures and policies, Business Continuity and Disaster Re-
covery Plans, Cybersecurity materiality and maturity assessments,
regular reporting and review of all significant treasury transactions
and financing activities, procedures for the authorization of capital
expenditure, country visits and discussions with local management.
Employees are also informed and trained on these subjects to en-
sure sucient risks control. Some risks are also mitigated by en-
vironmental and social actions initiated by the businesses as each
business is working on its sustainability strategy and monitors its
performance on some ESG materials topics.
The execution of the plans is supervised by the Internal Audit teams.
Each year, porolio companies and D’Ieteren Group conduct a risks
review, or, in the case of D’Ieteren Automotive, a periodic risk re-
view depending on the nature of the risks, and update their risk
register and the measures proposed to mitigate them.
Concerning climate-related risks, more information can be found in
the TCFD-disclosure section (p.153).
4.2.3. REPORTING
The Internal Audit Managers of Belron, Moleskine, D’Ieteren Auto-
motive and PHE report regularly to their Executive Commiees and
respective Audit Commiees. The outcome of the work carried out
to assess the eectiveness and eciency of risk management prac-
tices across the companies is escalated through the Management
to the Audit Commiee, which meet regularly during the year.
Reporting includes an assessment of the mitigating actions and
recommendations. The Chairman of the Audit Commiees presents
the risk management report to his Board. Control issues that arise
from internal and external audits together with any additional mat-
ters are brought to the aention of the Audit Commiees.
The Heads of Internal Audit report on a quarterly basis to the Audit
Commiees.
124 I Financial and Directors’ Report 2022

Corporate Governance Statement
4.3. Main risks (D’Ieteren Group)
4.3.1. LEGAL  COMPLIANCE
 CORPORATE GOVERNANCE AT THE GROUP LEVEL
AND AT THE BUSINESSES LEVEL
Risk description
Risk of a deficient governance (composition and functioning of cor-
porate bodies, decision-making process and/or risk management).
Compliance risk related to relevant regulations and laws.
Compliance with ethical business practices.
Potential impact
- A governance default could lead to a failure to achieve long-
term strategic objectives. A deficient governance might lead
to an imbalance of the interests of all relevant stakeholders
(shareholders, management, employees, clients, suppliers,
etc.).
- If D'Ieteren Group or its businesses fail to comply with appli-
cable laws and regulations or operate unethically it could lead
to claims and fines. It could have adverse financial and reputa-
tional impact.
Mitigating actions
- As a listed company, D’Ieteren Group complies with the corpo-
rate governance regulations which aim to provide the adequate
checks and balances in the decision-making-processes of the
company. D’Ieteren Group has approved a Corporate Gover-
nance Charter which provides clear guidelines for the func-
tioning of the corporate bodies at Group level. A Corporate
Governance Statement is also included each year in D’Ieteren
Group’s Annual Report where a detailed review is provided of all
corporate governance aspects of the company.
- D’Ieteren Group adheres to the 2020 Belgian Code of Corpo-
rate Governance, and reports every year on any deviation from
the recommendations of the Code.
- D’Ieteren Group implemented a Code of Conduct in 2022 and
employees have received a training on the subject. The code
covers compliance and ethical aspects.
- The Group ensures that its businesses have governance
frameworks and compliance procedures in place and that roles
& responsibilities of the dierent corporate bodies have been
formalized and clearly defined.
 LISTED COMPANIES REGULATION AND REPORTING
REQUIREMENTS
Risk description
Risk that laws and regulations governing listed companies are
breached.
D’Ieteren Group, as a listed company, is subject to regulations
related to communication, financial and non-financial reporting,
transparency, insider trading, market abuse regulation and corpo-
rate governance (see previous risk).
D'Ieteren Group’s businesses also have (non-) financial reporting
requirements (TCFD, CSDDD, SFDR, ISSB a.o.).
Potential impact
- D'Ieteren Group could face significant fines if laws or regula-
tions are breached. That could lead to a loss of confidence from
investors and analysts and D'Ieteren Group's share price and
market capitalization could be aected.
- D'Ieteren Group could fail to aract capital under the form of
equity or debt if needed.
- Non-compliance with non-financial reporting requirements at
the level of the businesses could lead to reputational damage.
Mitigating actions
- The various activities have monthly business reviews where fi-
nancial performance is assessed.
- The consolidation process is based on a centralized accoun-
ting soware to ensure consistency across the participations.
D’Ieteren Group’s Consolidation team checks that the financial
figures of its activities present a complete, accurate and re-
liable reflection of their financial performance and position. The
Executive Commiee checks that the consolidated results are
aligned with the guidance provided to the market (if any).
- The financial reports and press releases related to the full year,
half-year results or other intermediary periods are reviewed by
Executive Commiee members, the Audit Commiee, the exter-
nal auditor and the Board of Directors prior to publication.
- The Group and its businesses closely monitor the evolution of
reporting requirements and make sure to be properly staed
with experts in order to comply with these. In addition, trainings
sessions, ESG workshops and other events are organized in
preparation for additional requirements.
125Financial and Directors’ Report 2022 I

Corporate Governance Statement
4.3.2. STRATEGIC
 CAPITAL ALLOCATION
Risk description
Risks related to capital allocation decisions (investments in exis-
ting operations, acquisitions/disposals, dividend policy, share
buybacks).
Risks related to the timing of those decisions.
These capital allocation decisions can be influenced by environ-
mental, social or economic threats.
Potential impact
- Poor capital allocation decisions could impact shareholder va-
lue creation and lead to share price underperformance.
- Investors and analysts could lose their confidence in D'Ieteren
Group.
- This risk could also lead to write-downs and impairment
losses.
Mitigating actions
- D’Ieteren Group reviews on an annual basis the strategy of its
dierent activities and then decide on investment or divestment
opportunities.
- For new activities, an in-depth due diligence is reviewed by an
Investment Commiee, the Strategic Commiee and the Board.
D’Ieteren Group’s Executive Commiee members are Board
members at the level of the participations.
- This due diligence process includes an ESG analysis amongst
other streams like IT, Financial, Legal, etc. The ESG due dili-
gence takes into account the possible impact of climate change
on the potential investment.
 WATCHLIST
Risk Description
Physical and transition risks related to climate change.
Potential impact
- Physical risks could impact our businesses’ property and in-
frastructure.
- Transition risks, related to policy, legal, and technological
changes could have a significant impact on high-emissions in-
dustries in our value chains and in the availability and aorda-
bility of certain resources. Changes in consumer behavior and
aitudes could also impact our businesses.
Mitigating actions
- D’Ieteren Group recognizes the importance to assess and ma-
nage these climate-related risks in a proactive manner. There-
fore, this year, D’Ieteren Group’s businesses have deepened
their TCFD exercise to understand the Group’s exposure to phy-
sical and transition risks. (see p.153)
4.3.3. OPERATIONAL
 GLOBAL HEALTH CRISIS
Risk Description
Risks related to a pandemic outbreak (e.g. Covid-19).
Potential impact
- A pandemic outbreak could lead to several operational disrup-
tions at the level of the businesses, notably on the fronts of
absenteeism, potential lockdowns, additional costs, and supply
chain disruptions.
- These could in turn lead to an inability to operate and have
severe financial impacts at the Group level.
Mitigating actions
- D'Ieteren Group and its porolio companies comply with all
regulations and recommendations issued by governmental or
regulatory bodies in terms of health and safety related to a pan-
demic outbreak, and put emphasis on protecting employees,
customers and suppliers.
- IT systems allow for ecient home-working where possible to
avoid working disruptions. Where home-working is not pos-
sible, personnel is equipped and trained to have the safest wor-
king environment, allowing for social distancing.
- Financial systems and controls at the level of the Group and its
businesses allow to focus on costs mitigation measures and
strict working capital, capex and financing policies securing
and preserving ample liquidity positions.
 TALENT & LEADERSHIP
Risk description
Risk that D'Ieteren Group or its businesses fail to aract, motivate
and retain skilled people.
Potential impact
- The departure of key personnel or the failure to aract new
talents could have an impact on D'Ieteren Group's monitoring
of existing activities and positioning with regards to new acqui-
sitions / divestments.
- At the porolio companies level, it could have a negative im-
pact on the execution of the strategies, and on financial perfor-
mance.
Mitigating actions
- Employee satisfaction surveys are conducted on a regular ba-
sis (at the Group and businesses levels), which are followed
by concrete actions. Development opportunities and trainings
are oered to personnel, as well as competitive compensation
(short- and long-term) packages vs. market (see NFD p.147).
- At the Group level, employees are granted a stock option plan.
- The Group also supports its businesses in seing-up manage-
ment long-term incentive plans, succession planning and in the
recruitment of C-level positions.
126 I Financial and Directors’ Report 2022

Corporate Governance Statement
 GEOPOLITICAL RISKS, IN PARTICULAR THE WAR
BETWEEN RUSSIA AND UKRAINE
Risk description
Risks that can arise from world geopolitical tensions on operations
through the whole value chain.
Risks that arose from the situation within Ukraine at the Group’s
businesses.
Potential impact
- Geopolitical tensions can have an impact on the operations of
the Group’s businesses through the whole value chain (sour-
cing, logistics, distribution).
- Belron has franchised operations in Russia and Ukraine, which
are not financially meaningful.
- D’Ieteren Automotive’s volumes have been impacted by further
supply chain issues as Volkswagen sources some components
in the region.
- TVH has exposure to the region, which represented around
€20m of sales in 2022. Operations in Russia continue on exis-
ting local inventory, and no deliveries have been made since
February 2022 from the main warehouse in Belgium, thus sca-
ling down vs the pre-war situation. In Ukraine, operations have
continued to operate most of the time.
- Moleskine’s exposure to the region is immaterial, both in terms
of local operations and in supply chain.
- PHE has no direct exposure to the region.
Mitigating actions
- The Group’s businesses closely monitor the geopolitical ten-
sions and the potential impact they could have on operations.
In general, the risk is relatively limited at the Group level given
the generally diversified or diversifying exposure of its activities
in terms of sourcing and of operations.
- Businesses exposed to Russia / Ukraine monitor the situation
very closely on a daily basis and comply with all EU sanctions.
- Belron has halted franchised operations in Russia.
- D’Ieteren Automotive is managing the impact of delayed car
deliveries.
- TVH has limited shipping strictly to parts not subject to sanc-
tions. The Russian subsidiary is in the process of being sold
to its management team and is presented as a discontinued
operation in the 2022 financial results.
 MACROECONOMIC CONDITIONS
Risk description
The Group and its businesses may be impacted by macroeconomic
conditions (consumer demand, energy shortages, inflation, interest
rates, foreign exchange).
Potential impact
- The Group and its businesses can be negatively financially im-
pacted by a general economic slowdown (less demand for new
cars, notebooks, less miles driven, lower usage of equipment
for which TVH or PHE distribute parts).
- The Group and its businesses can be impacted by rising cost in-
flation, interest rates and by changes in foreign exchange rates.
Mitigating actions
- The operations have historically proven to be relatively resilient
to economic cycles. Nevertheless, none of the activities are
immune to a severe economic downturn. The businesses are
constantly monitoring and responding to changes in market
conditions.
- Given their market positioning, the Group’s businesses have the
ability to mitigate cost inflation through supply diversification,
relationship with suppliers and customer price increases.
- Interest rates and foreign exchange exposures are managed and
if deemed appropriate, mitigated by relevant financial instru-
ments (hedges, caps,etc.).
4.3.4. IT AND CYBERSECURITY
 IT  CYBERSECURITY
Risk description
Risks related to failure or interruption of critical IT services and
applications.
Risks related to cyber-aacks.
Potential impact
- A failure in IT systems and protocols can lead to business dis-
ruption or interruption.
- Cyberaacks can lead to business interruption or disruption,
loss of confidentiality, loss of integrity, loss of availability, finan-
cial damage, reputational damage and privacy violation.
Mitigating actions
- D’Ieteren Group has a SLA in place with D’Ieteren Automotive
regarding IT & Cybersecurity. Technical/ soware and physical
controls are installed. A cyber roadmap has been prepared to
enforce controls that protect against cyber threats and prevent
compliance breaches.
- A learning Program is in place to raise awareness of our em-
ployees.
- D’Ieteren Group has hired a Digital and Innovation Director who
will facilitate cybersecurity best practice sharing across our ac-
tivities in terms of cybersecurity.
4.3.5. FINANCIAL
 LIQUIDITY AND TAXES
Risk description
Risks arising from a lack of financial resources.
Risks related to fiscal regulations.
Potential impact
- Insucient financial resources may hamper the implementation
of D’Ieteren Group’s investment strategy.
- Failure to comply with, or significant changes in fiscal regula-
tions could have significant financial impacts.
Mitigating actions
- D’Ieteren Group invests in activities while maintaining a solid
financial structure. D’Ieteren Group’s activities are generally
financed independently through non-recourse debt.
- At the end of 2022, D’Ieteren Group’s net cash position
amounted to €635m.
- Financial flexibility is ensured through a prudent cash manage-
ment policy.
- Control processes for tax regulation compliance include inter-
nal reviews and external audits.
127Financial and Directors’ Report 2022 I

Corporate Governance Statement
4.3.6. BUSINESSRELATED SPECIFIC RISKS
 D’IETEREN AUTOMOTIVE
 COMPETITION LAW
Risk description
Risks related to breaches of European and Belgian competition
laws which prohibit anticompetitive practices (e.g. collusion) and
the abuse of dominance.
Potential impact
An infringement of competition law could result in legal procee-
dings, fines and damages to aected competitors. It may also se-
verely harm D’Ieteren Automotive’s reputation and result in the loss
of distribution contracts.
Mitigating actions
The Legal Department informs, advises and monitors the risks.
A document with guidelines lists the potential risks and appropriate
behavior to mitigate them.
 MARKET SHIFTS AND CONDITIONS
Risk description
Risk related to changes in consumer behaviors, namely resul-
ting from changes in automotive or mobility policies in Belgium
(including those triggered by fiscality and climate change).
Risks related to customer satisfaction and related actions.
Potential impact
- Changes in regulations and market trends may impact the vo-
lume of vehicles sold and/or leased and/or the model mix and
hence the price of the vehicles sold on the Belgian market.
These changes can also lead to negative impacts on margins.
- The growing penetration of alternative powertrains (electric
vehicles, …) and Advanced Driver Assistance Systems may have
a negative impact on the sales of spare parts and revenues from
bodywork and maintenance.
- Inability to monitor customer satisfaction can lead to lost sales
due to potential unaddressed complaints or improvement
points.
Mitigating actions
- D’Ieteren Automotive’s vision aims at building seamless and
sustainable mobility for everyone with the ambition of being
the natural choice in Belgium for mobility. Lab Box, a 100% sub-
sidiary of D’Ieteren Automotive, explores, tests and launches
new mobility solutions.
- The rising penetration of electric vehicles and new digital pro-
ducts also creates new opportunities (e.g. Electric by D’Ieteren
– EDI) and Volkswagen’s hybrid and full electric vehicle oer is
also set to expand significantly.
- D’Ieteren Automotive closely monitors customer satisfac-
tion, which is a management short-term incentive KPI and is
addressed and analyzed once a month. Action plans are then
put in place in order to further improve customer satisfaction.
 RELATIONSHIP WITH VOLKSWAGEN GROUP
Risk description
Risk related to the loss of one or more distribution contracts with
Volkswagen Group.
Risk that Volkswagen Group might take strategic directions which
could harm D’Ieteren interests.
Potential impact
A change in the relationship D’Ieteren Automotive has with Volk-
swagen Group could have a negative financial impact, and lead to
redundancies and reputational damage.
Mitigating actions
The relationship with its key supplier is based on D’Ieteren Automo-
tive’s ability to demonstrate its added value through state-of-the-art
logistics, the professionalization of the Belgian dealer network and
in-depth knowledge of the Belgian market. A transparent and trust-
based relationship allows D’Ieteren Automotive to always keep an
open dialogue with Volkswagen Group.
 MAJOR PROJECTS
Risk description
Risk of error in significant investment projects or unfavorable
results to the development of D’Ieteren Automotive.
Risk related to project management and governance.
Potential impact
Strategic projects entail significant operational, financial and
reputational risks.
Mitigating actions
The governance related to projects has been defined and the
Transformation Oce ensures the follow-up and implementation
of the initiatives. Division program managers are responsible for
overseeing projects in every department and have been trained in
project management.
128 I Financial and Directors’ Report 2022

Corporate Governance Statement
 IT INFRASTRUCTURE, DATA, DIGITAL
AND CYBER SECURITY
Risk description
Risks linked to the management of master data.
Risk of breach in the privacy legislation (GDPR).
Risk related to failure or interruption of critical IT services and ap-
plications.
Risk related to Cyber-aacks (e.g. phishing, malware).
Potential impact
A failure in IT systems and protocols can lead to business disrup-
tion or interruption. This could in turn have a negative impacts on
sales and financial results. Data leaks or non-compliance to privacy
regulations may lead to reputational damage, loss of trust of cus-
tomers, factories and employees. Fines for non-GDPR compliance
can amount to up to 4% of the annual turnover.
Mitigating actions
- Technical/soware and physical controls are installed. The
Chief Information Security Ocer (CISO) reports directly to
the CIO, who also has the responsibility of Business Resilience.
It includes for instance the capacity to anticipate major pro-
blems and risks and to put in place the right action plans. A
cyber roadmap to enforce controls that protect against cyber
threats and prevent compliance breaches has been defined and
is being implemented.
- An independent Data Protection Ocer has been appointed
and various trainings are organized for high risk profile em-
ployees who have access to personal data. Actions to protect
data and ensure compliance with GDPR including continuous
assessment of suppliers as well as a dedicated department in
charge of GDPR related topics have been put in place.
 WORKFORCE RECRUITMENT AND RETENTION
Risk description
Risks of D’Ieteren Automotive being to recruit and retain qualified
employees to ensure optimal stang levels.
Potential impact
D’Ieteren Automotive’s inability to aract and retain qualified em-
ployees can harm its operational eciency and have an impact on
competitive positioning, service quality, customer satisfaction and
reputation. This could in turn have a significant financial impact.
Mitigating actions
- The Human Capital Management team aims to empower and
give autonomy to managers to fully support the growth of D’Ie-
teren Automotive’s high-performance organisation.
- Performance planning, talent development plans and talent re-
view processes are in place to help assess individual perfor-
mance, detect development needs, reduce churn and anticipate
talent needs.
 SUPPLY CHAIN DISRUPTIONS
Risk description
Risks related to potential supply chain disruptions.
Potential impact
Supply chain disruptions can lead to the inability to deliver ordered
vehicles or provide aer-sales services, and induce negative cus-
tomer satisfaction and can have a severe financial impact.
Mitigating actions
- D’Ieteren Automotive is dependent on the delivery of cars by
VW factories. In case of disruptions in supply chains, D’Ieteren
Automotive maintains close dialogue with the VW Group and
manages the customer relationships.
- D’Ieteren Automotive has been relatively agile in financially mi-
tigating the eects of lower production levels since 2021.
In addition to the risks detailed above, D’Ieteren Automotive is also exposed
to governance, global health, geopolitical, macroeconomic and climate-related
risks, which are included in D’Ieteren Group’s overall risk profile.
129Financial and Directors’ Report 2022 I

Corporate Governance Statement
 BELRON
 COMPETITION LAW
Risk description
Risks related to a breach of laws and regulations typically governing
consumer-facing businesses of the type, size and scope of Belron,
in particular laws relating to Competition.
Potential impact
An infringement could result in legal proceedings, regulatory fines
or remedies, damages to aected parties and potential criminal
charges.
Mitigating actions
- Established policies, procedures, and guidance/training related
to such risks are in place as appropriate and are updated as
necessary.
- Internally- and externally-led Competition law audits/assess-
ments are carried out where necessary, across the business.
- Outcomes arising from this assurance work are separately
reported to the Audit Commiee and/or the Board.
 MAJOR TECHNOLOGY PROJECTS
Risk description
Risk of failure to deliver the benefits of major projects, including
the Acceleration & Transformation (Fit for Growth) project, due to
a high level of breadth and depth of programmes / requirements.
Potential impact
The ability of Belron to achieve its growth and profit ambition is
fundamentally dependent on the success of strategic projects,
including the Fit for Growth programme. Failure to deliver the bene-
fits could lead to loss of turnover and service delay whilst rectifying
any issues.
Failure to deliver projects on time and in full could also lead to
additional costs.
Mitigating actions
- Belron has established a comprehensive Programme Manage-
ment approach for the Acceleration & Transformation (Fit for
Growth) project. Each work stream has an executive responsible
for its success, with overall co-ordination of the project being
controlled by a member of the Group Executive Commiee.
- Belron has ongoing independent third-party assurance reviews
on its Programme Management approach and activities, the
results of which have been and will continue to be incorporated
into the Fit for Growth project.
- Financial and non-financial performance metrics have been
developed for each work stream which are collected, reviewed,
and acted upon monthly.
 CYBER SECURITY
Risk description
Risk of a successful cyber-aack or system penetration, which
could lead to a prolonged IT system outage and / or a data privacy
event.
Potential impact
A successful cyber-aack or system penetration leading to pro-
longed system outage or data privacy event could significantly im-
pair customer service, damage reputation, and result in regulatory
fines.
Mitigating actions
- The global cybersecurity programme continues to be en-
hanced, including implementation of global cybersecurity tools,
the launch of a global employee awareness campaign and the
establishment of revised governance framework over the past
year.
- Belron conducts annual internal and external assessments of
general IT controls, measured against industry recognized se-
curity, risk and compliance frameworks for control eectiveness
and continued relevance. Remedial actions are captured, risk
assessed, and appropriate actions are taken by business units
as required.
- Annual, third-party, comprehensive penetration testing is
conducted against all areas of the business (internally and ex-
ternally). Remedial actions are prioritised and tracked by global
cybersecurity programme, including a disaster recovery plan
and a business continuity plan with Management oversight.
 IT INFRASTRUCTURE
Risk description
A prolonged failure of IT systems
Potential impact
A prolonged system outage could lead to delays in service delivery,
negative impact on reputation and potential compliance breaches.
Mitigating actions
- Disaster recovery plans are in place for all key systems across
the business, which continue to be reviewed to assess their
adequacy and identify any areas of improvement.
- Belron has undertaken a Technical Discovery Programme to as-
sess its IT systems / functionality in relation to the transforma-
tion programme and sequencing of systems being replaced.
130 I Financial and Directors’ Report 2022

Corporate Governance Statement
 SUPPLY CHAIN DISRUPTIONS
Risk description
Risk of external event or geo-political situation impacting Belron’s
supply chain (e.g. suppliers, materials, workforce, transport).
Potential impact
An external event or geo-political situation impacting any step of
the supply chain (namely a distribution centre or key supplier)
could lead to prolonged period of supply chain disruption and im-
pact Belron’s ability to execute vehicle glass repair, replacement, or
recalibration services. This may aect its customer service levels,
impact financial performance and damage reputation.
Mitigating actions
- Business Continuity Plans are designed to ensure resilience
of operations should a significant adverse event occur. Belron
places property damage/ business interruption insurance to
cover the loss of any of its major distribution centres, and its
property insurers perform regular, routine inspections of key
sites.
- The Belron Supplier Code of Conduct sets out the underlying
principles on which supply chain relationships at Belron are
based, including environmental considerations, responsible
sourcing, and sustainability.
- A Supplier Sustainable Procurement programme monitors sup-
pliers’ adherence to the Code of Conduct and supplier due
diligence/ audits are carried out on an annual basis to help
support the transparency/robustness of the supply chain
 VEHICLE TECHNOLOGY AND KEY PRODUCTS
Risk description
The technological complexity of vehicles (and vehicle glass) conti-
nues to gather pace, typified by the growing popularity of Advanced
Driver Assistance Systems (ADAS) and the need to recalibrate the
ADAS sensors/cameras.
Belron’s services may become obsolete if it is unable to gain appro-
priate access to key products, in particular vehicle repair and main-
tenance information (RMI), including from in-vehicle data systems.
Potential impact
An inability to access the necessary RMI may impact the ability of
Belron to perform certain jobs/ADAS recalibrations and could im-
pact a key revenue stream.
Mitigating actions
- Belron monitors the potential introduction, or changes, to in-
dustry regulation, and determines appropriate responses and
actions.
- Through lobbying and other activities, Belron seeks to ensure
continued aermarket access to necessary RMI and parts/tech-
nology, including through participation on working groups/lob-
bying the European Commission on the current Motor Vehicle
Block Exemption renewal, to allow for a healthier competitive
environment.
 HEALTH & SAFETY
Risk description
Risk of significant employee health & safety incident.
Risk of a serious customer health & safety incident resulting from an
error in fiing, recalibration or a defect product.
Potential impact
A serious employee(s) or customer(s) health and safety incident
may result in significant / life changing injury(ies) or loss of life
(lives), reputational damage, and potential lawsuits.
Mitigating actions
- The Belron ’Way of Fiing’ processes include safety standards
through its ‘Quality starts with Safety’ procedures. These me-
thods, specialist tools, training courses, and assessments are
developed and implemented across all locations.
- Extensive training programmes for all its technicians are delive-
red through locally based technical teams.
- Each business unit is responsible for implementing measures to
comply with national safety requirements and standards.
- Belron has developed robust action plans in response to a nu-
mber of requested health & safety reviews carried out by an
independent third-party in key areas of the business.
- Established processes are in place to identify, assess and res-
pond to product defects.
 TALENT & SUCCESSION PLANNING
Risk description
Risk of depletion of knowledge transfer when there is loss of key
personnel.
Risk of failure to recruit and retain technicians with the appropriate
skills and experience.
Potential impact
A lack of eective succession planning and technician recruitment
and retention could have a negative impact on the continued suc-
cess of the Belron business, its service levels, and its financial per-
formance.
Mitigating actions
- There is an established talent and succession planning strate-
gy in place, that includes ongoing review and discussion at
country-level, senior leadership and at the Group Executive
Commiee.
- An annual Global Employee Engagement survey monitors em-
ployees’ level of engagement and their experience working for
the company. This is followed up by sharing the results with the
employees and creating robust action plans.
- The business focuses on the development and growth of its
people through specific initiatives on leadership development
and ongoing training.
In addition to the risks listed above, note that geopolitical and macro-economic
risks are considered and reviewed in the Belron risk profile, and climate-related
risks are in their watchlist. However, for the purposes of this report they have
been included in the overall D’Ieteren Group risk profile.
131Financial and Directors’ Report 2022 I

Corporate Governance Statement
 MOLESKINE
 DATA PRIVACY
Risk description
Risk of non-compliance with GDPR.
Potential impact
A breach in data privacy could aect the reputation, lead to a loss
of trust of customers, factories and employees, and even to fines.
Mitigating actions
An external Data Protection Ocer monitors the compliance of
data treatment processes. Moleskine updates and maintains conti-
nuously its privacy processes and procedures. The cookie policy
has been recently reviewed to be compliant with the new 2022
guidelines.
 MARKET SHIFTS AND CONDITIONS
Risk description
Risks of failure of large distributors, retailers, customers.
Risk of changes in customers’ perception of the brand.
Potential impact
Too high business concentration can have a significant impact on
sales in case of failure of large distributors, retailers, or customers.
A failure to adapt fast enough to changing customer behaviour (e.g.
dierent sourcing requirements and other distribution channels)
would impact sales negatively.
Mitigating actions
- Moleskine’s multi-channel strategy, including wholesale, Strate-
gic Partnerships, retail and e-commerce also ensures diversifi-
cation which mitigates the risks.
- In its 5-year plan, some strategies aim to limit the company’s
exposure to such risks:
• Move to direct sales in some regions where Moleskine
already operates;
• Qualify with larger distributors in growing markets;
• Accelerate growth through joint business plans when
suitable.
- Moleskine focuses and invests on positioning and branding and
on technology in order to keep its premium positioning and
brand value.
 SUPPLY CHAIN
Risk description
Risks related to the supply chain and outsourced production.
Risk related to supplier concentration.
Risks related to unethical supply chain (both on the environmental
and social fronts).
Potential impact
Revenues and results could suer if suppliers fail to fulfill their
contractual obligation. An increasing cost of paper, leather, and
water (triggered by climate change) could also aect the revenues
and results.
A failure to ensure ethical and low-emissions supply chains could
be harmful to reputation.
Mitigating actions
- Many initiatives have been put in place to reduce dependence
on finished products and raw materials suppliers as seing up
a strategic sourcing role, a project to bring three production
centers closer to the final market and, assuring at least two
suppliers on strategic items.
- Moleskine is commied to engaging its supply chain partners
in sustainable sourcing. In 2022, 100% significant suppliers of
goods were compliant with ISO140001 and 100% in line with
SA8000. The paper used by Moleskine is 100% FSC-certified
(See NFD p.195)
 INVENTORY MANAGEMENT
Risk description
Risk of high inventory level/cost of depletion of old inventory.
Potential impact
Excess or obsolete inventories might lead to negative financial impact.
Mitigating actions
A new inventory optimization tool and sales forecasting system
being implemented with a new forecasting system aiming to re-
duce inventory risks. A team has been dedicated to the destocking.
132 I Financial and Directors’ Report 2022

Corporate Governance Statement
 TALENT & LEADERSHIP
Risk description
Risk of potential loss of talents, know-how, expertise, and compe-
tencies.
Potential impact
The inability to continue to identify, aract and retain the best
people could have a negative impact on strategy execution and
performance.
Mitigating actions
Moleskine pays great aention to talent retention through several
initiatives encompassing talent development & career plans, assign-
ment of responsibilities and rewards systems (see NFD p.192).
 INFRASTRUCTURE, DATA, DIGITAL AND CYBER SECURITY
Risk description
Risk related to failure or interruption of critical IT services and
applications.
Potential impact
Failure of IT systems or cyber-aacks could lead to severe business
disruptions which would negatively impact sales and financial
results. It would also cause reputational damage.
Mitigating actions
While the cybersecurity maturity assessment has been completed,
a number of actions have already been implemented in 2022 such
as the training on cyber risks for employees, phishing campaign,
segregation of duties assessment and third party risk management
policy. The full roadmap to reach the expected maturity level has
been approved by the Audit Commiee.
In addition to the risks listed above, geopolitical and macro-economic risks are
also considered and reviewed in the Moleskine risk profile, however, for the
purpose of this report they have been included in the overall D’Ieteren Group risk
profile.
133Financial and Directors’ Report 2022 I

Corporate Governance Statement
 TVH
 MARKET SHIFTS AND CONDITIONS
Risk description
Risks related to economic downturn, disruptive technologies or
competition, changing customer behavior.
Potential impact
Economic conditions, changes in market trends & regulations,
changes in the competitive environment (notably with regards to
OEM warranty periods), or disruptive technologies may impact TVH
financials.
Mitigating actions
- TVH has historically grown in markets that have shown resi-
lience to economic cycles and is constantly monitoring and res-
ponding to changes in the market, and in customer or supplier
behaviors, including OEMs.
- TVH benefits from a low relative concentration of customer
and supplier base, active in very dierent markets (i.e. dierent
equipment types such as material handling, construction, in-
dustrial and agricultural equipment) and geographies, making
its operating model relatively resilient to sudden disruptions.
 PROJECT RISK
Risk description
Risks related to any major project that are important for the execu-
tion of the strategy.
Potential impact
Strategic projects, including potentially transformative M&A opera-
tions, entail significant operational, financial and reputational risks.
Mitigating actions
- There is a governance framework in place for each project (Ope-
rational, IT, M&A project,etc.). Projects are governed through
project steering commiees, sponsors, project lead and team.
- There is a corporate programme management & change team,
regularly reviewing project progress, KPIs and milestones. The
project porolio is monitored by the Global Management Team
on a regular basis.
 IT INFRASTRUCTURE, DATA, DIGITAL AND
CYBERSECURITY
Risk description
Risks related to information security (including payment proces-
sing, data privacy, …).
Risks related to cyber-crime, including (ransomware) aacks or
those of key third parties.
Risks related to the malfunctioning of customer plaorms.
Potential impact
Non-compliance to data-protection laws & regulations, or the loss
of customer data, can lead to fines, loss of business and reputatio-
nal damage.
A cyber-aack or any interruption in customer-facing plaorms can
lead to business interruptions, ransom payments, and have financial
and reputational damage.
Mitigating actions
- TVH manages data protection through a set of processes,
training and a GDPR-compliant policies. GDPR and data-com-
pliance is managed by a specialist in the global legal depart-
ment, who acts as the Data Protection Ocer.
- TVH’s global CISO, supported by a central cyber security team,
sets the overall strategy and implements industry-standard ca-
pability in cybersecurity, guided by international standards and
maturity targets (e.g., NIST). Significant investments in the last
few years to ramp up cyber defense and disaster recovery have
been made and are further planned.
- TVH conducts regular internal and external assessments of ge-
neral IT controls, security and system risk.
 TALENT & LEADERSHIP
Risk description
Risks related to employee hiring, engagement, development, and
sta turnover.
Potential impact
The departure of key personnel or the failure to aract new talents
could have an impact on TVH’s continued success, its reputation,
its service levels, and its financial performance.
Mitigating actions
- TVH has a yearly global employee engagement survey and
conducts intermediary engagement monitoring on specific
smaller populations. Results are shared with employees and re-
sult in action plans that are periodically evaluated.
- TVH is investing further in people development, learning tools
and leadership development.
- Employee retention is further managed by internal career pos-
sibilities, regular review of compensation and a global focus on
employee wellbeing.
134 I Financial and Directors’ Report 2022

Corporate Governance Statement
 CUSTOMER SATISFACTION
Risk description
Risks related to customer's experience and satisfaction.
Potential impact
A bad customer experience or failure to satisfy customer needs
may lead to the loss of business and bad reputation.
Mitigating actions
- Customers net promoter score and customer eort score is
measured continuously in all regions and other customer feed-
back is regularly solicited.
- Customer feedback is then analyzed and leads to management
actions where and when necessary.
 SUPPLY CHAIN
Risk description
Risks related to potential supply chain disruptions (suppliers, parts
manufacturers, transport).
Potential impact
Any disruptions in the supply chain and logistics may lead to de-
lays in servicing the customers, which, in turn, may impact their
satisfaction and TVH’s reputation, and can lead to lost turnover or
increased costs.
Mitigating actions
- TVH has (1) a very dispersed supplier base which allows generally
to mitigate risks when one supplier is unable to deliver, and (2)
there is a constant monitoring of demand and inventory levels,
service levels and lead times.
- Moreover, TVH has built up significant inventory, which, particu-
larly when faced with global supply chain issues and even with
sudden increases in demand, has allowed to service customers.
- Inventory levels, stockouts, lead-times and customer delivery
times are monitored and action is taken when KPIs deviate from
the target.
 HEALTH & SAFETY
Risk description
Risks related to safety and health of employees.
Risks related to the consequences of defect product for the clients.
Potential impact
Non-compliance with safety regulations and internal policies, pro-
cesses, and procedures could lead to serious injury to employees
or to third parties.
These may in turn lead to reputational damage, lawsuits and fines
Mitigating actions
- TVH provides the necessary training for employees to be able
to operate in a safe way.
- TVH has a Health & Safety Ocer in place and monitors com-
pliance with local regulation. Accident rates are monitored on a
global level and are very low compared to industry standards.
- All samples received from suppliers are subjected to in-depth
testing in the Quality Control Department. Random checks oc-
cur and result in a supplier rating score.
In addition to the risks listed above, geopolitical, macro-economic and cli-
mate-related risks are considered and reviewed on the TVH risk profile, however,
for the purposes of this report they have been included in the overall D’Ieteren
Group risk profile.
135Financial and Directors’ Report 2022 I

Corporate Governance Statement
 PHE
 MARKET SHIFTS AND CONDITIONS
Risk description
Risk related to changes in consumer behavior.
Risk related to increased competition.
Risk related to major technological change
Potential impact
Changing mobility trends, as a result of the Covid-19 pandemic or
related to climate change, can have an impact on miles driven and,
hence, on demand for auto parts.
The growing penetration of alternative powertrains (electric
vehicles, etc.) and advanced driver assistance systems may have a
negative impact on sales of spare parts.
The emergence of potential new disruptive players or warranty
extensions by OEMs could aect PHE’s market share and market
pricing conditions.
Mitigating actions
- Given its market positioning, PHE has a very deep knowledge
of any market trends and is well positioned to seize potential
opportunities arising from the gradual shi towards electric
powertrains or other changing technological specifications. It
maintains a wide and diversified product oering to meet its
customers’ needs.
- PHE is constantly monitoring and responding to changes in the
market, and in customer or supplier behavior, including OEMs.
The markets in which PHE operates tend however to be frag-
mented and PHE is positioning itself as a consolidator to stren-
gthen its market share and economies of scale. The company
also dierentiates itself on the basis of its wide product oe-
ring, beer delivery times and oering of value-added services.
 IT INFRASTRUCTURE, DATA, DIGITAL AND
CYBER SECURITY
Risk description
Risk related to failure or interruption or the obsolescence of critical
IT services and applications.
Risk of cyber-aacks (e.g. phishing, malware).
Risks linked to the management of master data.
Risk of breaches of privacy legislation (GDPR).
Potential impact
A failure in IT systems and protocols can lead to business disrup-
tion or interruption. This could in turn have a negative impact on
sales and financial results.
Data leaks or non-compliance to privacy regulations may lead to
fines, reputational damage, loss of customers, factories and em-
ployees trust.
Mitigating actions
- PHE has implemented security policies governing its IT in-
frastructure (including hardware, network, websites, ordering
plaorms, applications and other IT plaorms).
- PHE also employs a range of physical and digital safeguards
designed to provide security around the collection, storage and
access of information that it has in its possession.
- An external Data Protection Ocer monitors the compliance of
data treatment processes.
 M&A STRATEGY EXECUTION
Risk description
Risks that can arise from an ineective execution of acquisition pro-
jects or the integration of newly acquired companies.
Potential impact
When making acquisitions, PHE assesses and anticipates certain
cost savings and synergies following the acquisition of the acquired
business.
A failure in anticipate cost savings, or an ineective execution of
acquisitions integration can have a significant financial impact.
Mitigating actions
- Active in a fragmented industry, PHE acts as a consolidator and
has a strong track-record in M&A execution and integration.
- Its strong market knowledge as well as strict project manage-
ment procedures should prevent PHE from inadequate assess-
ment of potential synergies or a failure to integrate newly ac-
quired targets.
 TALENT & LEADERSHIP
Risk description
Risks related to employee hiring, engagement, development, and
sta turnover.
Potential impact
The departure of key personnel or the failure to aract new talents
could have an impact on PHE’s continued success, its reputation,
its service levels, and its financial performance.
Mitigating actions
- PHE focuses on developing employees’ skills, which are key
to the Group’s performance and business development. Trai-
ning projects are organized around three pillars: 1) discovering
employees’ skills, 2) guiding employees throughout their deve-
lopment, and 3) training employees through in-person sessions
and online learning.
- HR strategy is well structured and high-potential talents are
identified and followed-up through an established people re-
view system.
- A succession planning strategy is in place for key executives.
PHE organizes satisfaction surveys every 2 years across geo-
graphies (ex-Spain) and 2022 survey showed improvement in
all dimensions.
 SUPPLY CHAIN
Risk description
Risks related to PHE’s supply chain, distribution network and logis-
tics operations.
Potential impact
An external event impacting any step of the supply chain could lead
to a prolonged period of supply chain disruption and impact PHE’s
ability to service its customers. This may aect customer service
levels, impact financial performance and damage reputation.
Mitigating actions
PHE maintains two distribution flows for spare parts: a direct deli-
very flow from suppliers to distributors and a plaorm-based flow
from suppliers to distributors via the Group’s logistics plaorms,
thereby reducing the risk associated with potential disruption. In
addition, for some of PHE’s logistics plaorms, temporary disrup-
tions may be partially or entirely oset by shiing operations to
nearby logistics plaorms.
136 I Financial and Directors’ Report 2022

Corporate Governance Statement
 HEALTH & SAFETY
Risk description
Risks related to safety and health of employees.
Risks related to the consequences of defective products for clients.
Potential impact
Non-compliance with safety regulations and internal policies, pro-
cesses, and procedures could lead to serious injury to employees
or to third parties.
This may in turn lead to reputational damage, lawsuits and fines
Mitigating actions
- A risk and safety prevention plan, which has already been imple-
mented throughout the company, is being further strengthened
at several sites.
- PHE supports each person working on its sites by providing
them with the information and tools necessary for their safety.
- PHE delivers dedicated employee trainings on safety, working
conditions, fire safety and first aid.
- With respect to PHE's logistics plaorms, Cora, Doyen and Gee-
vers logistics plaorms are ISO 9001-certified.
- Parts are rigorously selected and are subject to enhanced qua-
lity control.
 LIQUIDITY & FINANCING
Risk description
Risks related to the liquidity and financing of PHE.
Potential impact
Liquidity issues and / or insucient financing at competitive in-
terest rates can be detrimental to PHE’s competitive position and
financial performance.
Mitigating actions
- PHE closely monitors its financial and liquidity situation and its
leverage is adapted to its strong cash flow generation profile
and to its M&A strategy.
- Interest rate exposure is managed and partly capped through
hedging policies.
- Based on the strong operating performance and resilience of
PHE’s operating model, Moody’s and S&P upgraded the com-
pany’s credit ratings in September 2022 to respectively B2 and
B+, both with a stable outlook.
In addition to the risks listed above, geopolitical, macro-economic and corporate
governance risks are considered and reviewed on the PHE risk profile, however,
for the purposes of this report they have been included in the overall D’Ieteren
Group risk profile.
137Financial and Directors’ Report 2022 I

Corporate Governance Statement
 D’IETEREN IMMO
 ENVIRONMENTAL REGULATIONS
Risk description
Risks related to environmental regulations and permits.
Potential impact
A failure of D'Ieteren Immo to comply with evolving real estate en-
vironmental regulations could lead to financial and reputational da-
mage, claims and fines. A non-timely adaptation of D'Ieteren Immo
to fast changing environmental requirements might create higher
costs to satisfy regulatory requirements in the future.
Mitigating actions
D’Ieteren Immo performs a strict follow up of its environmental per-
mits and oers support to its customers with environmental permit
applications where needed. The evolution in environmental regu-
lations at dierent levels is monitored by both internal resources
and external experts when needed. The necessary adaptations are
taken when requested.
 CONSTRUCTION PROJECTS
Risk description
Risks related to the financial health of the builders and contractors,
the safety of the building sites and cost overruns. This risk could
intensify due to climate pressure and its potential consequences
on raw material and energy prices or availability, as well as the po-
tential additional cost of building adaptation to more intense and
extreme weather events and paerns.
Potential impact
- Bankruptcy of a builder or contractor may result in stoppage or
interruption of the construction process, delayed rental income,
lawsuits and additional costs. It is dicult to find contractors
who are willing to take over a project from an insolvent peer.
- An accident occurring on a building site can lead to reputatio-
nal damage.
- Cost overruns have a negative impact on a project’s return on
investment.
Mitigating actions
- The financial situation of the contractors is thoroughly scree-
ned. For example, credit reports are consulted when large pro-
jects are undertaken and insurance coverage is taken.
- A safety coordinator is assigned by D’Ieteren Immo. During site
meetings contractors are repeatedly reminded of the safety re-
quirements.
- Projects are carefully scrutinized before being approved. D’Ie-
teren Immo has not only expertise in dealership real estate but
also in other segments (e.g. oces, retail and residential). Du-
ring construction an analysis is made when cost overruns occur
in order to choose the best scenario: postpone, stop or adapt
the timeline of the dierent phases of the construction project.
- Warranties are requested from the contractor in order to ensure
the risk of responsibilities during construction phases.
- A climate impact analysis has made D'Ieteren Immo more aware
of - the risk climate change poses to construction projects
and the company continues its work to build climate resilience
across its real estate assets.
 OCCUPANCY RATE
Risk description
Risks related to a decline in the occupancy rate of D’Ieteren Immo’s
buildings.
Potential impact
A loss of revenues and extra costs could occur if the occupancy
rate declines.
Mitigating actions
D’Ieteren Immo’s real estate assets are year by year diversifying
(e.g. residential, commercial, workshops, oces), and a focus is set
on multifunctional sites that can be developed for various purpo-
ses. Unoccupied space is rented out to other tenants besides D’Ie-
teren Automotive. Some dealership sites that are no longer used by
D’Ieteren Automotive are reused, transformed, reinvested or sold. A
specific KPI is followed up by the team in order to reduce this risk.
 TALENT & LEADERSHIP
Risk description
Risks of failure to aract, motivate and retain skilled people.
Potential impact
The departure of key employees or the failure to aract new ta-
lents could have an impact on D’Ieteren Immo’s ability to pursue its
strategy and ongoing projects and have a negative financial impact.
Mitigating actions
One of the pillars of the Roadmap to Sustainability is to be a top
employer. D’Ieteren Immo invests in its employees’ development
through high level (qualitative and quantitative) trainings and
employee satisfaction through specific inquiries and action plan
(See NFD p.214).
D’Ieteren Immo strives for an openminded and purposeful commu-
nication, for gender equality and oers competitive compensation
packages.
In addition to the risks listed below, D’Ieteren Immo is also exposed to other
risks such as macroeconomic environment, governance and global Health crisis,
but for the purpose of this report they have been included in D’Ieteren Group’s
overall risk profile.
138 I Financial and Directors’ Report 2022

Corporate Governance Statement
5. Capital information
5.1. Denominator
At 31 December 2022 Number Related voting rights
Ordinary shares 54,367,928 54,367,928
Participating shares 5,000,000 5,000,000
Total 59,367,928
5.2. Shareholder structure
At 31 December 2022 In share capital In voting rights
Family shareholders 59.50% 62.91%
of which Nayarit Group 32.54% 36.12%
of which SPDG Group 26.96% 26.79%
Treasury shares 2.31% 2.12%
Freefloat 38.19% 34.97%
Treasury shares
2.31%
Family
shareholders
59.50%
Freeoat
38.19%
139Financial and Directors’ Report 2022 I

Corporate Governance Statement
5.3. Disclosure of signicant shareholdings (transparency law)
In compliance with article 14, paragraph 4 of the law of 2 May 2007 on the disclosure of significant shareholdings, the Company’s sharehol-
ding structure as at 31 December 2022, on the basis of notifications received by the Company, is presented in Note 22 of the consolidated
financial statement (page 73).
The Company is not aware of any subsequent notification modifying the information presented in Note 22.
5.4. Elements that can have an inuence in case of a takeover bid on the shares
of the company
In accordance with Article 74 § 7 of the Law of 1 April 2007 on takeover bids, the Company received on 20 February 2008 a notification from
the Nayarit group (whose members are listed in Note 22 of the Consolidated Financial Statements, page 73), which mentions that, either
separately or acting in concert with other people, on 30 September 2007, this group held more than 30% of the voting shares issued by the
Company. This notification remains relevant at the date of this report.
The Extraordinary General Meeting of 6 June 2019 renewed the authority of the Board:
- To increase the share capital once or several times by no more than €60m. The capital increases to be decided upon in the framework
of the authorised capital can be made either in cash or in kind within the limits set by Belgium’s Companies and Associations Code, or
by incorporation of available as well as non-available reserves or a share premium account, with or without the creation of new shares,
either preference or other shares, with or without voting rights and with or without subscription rights. The Board of Directors may limit
or waive, in the Company’s best interest and in accordance with the conditions determined by the law, the preferential subscription rights
to the capital increases it decides upon, including in favour of one or more determined persons;
- To issue, within the framework of the authorised capital, convertible bonds, subscription rights or financial instruments, which may grant
rights to Company shares, under the conditions defined by the Companies and Associations Code, up to a maximum, such that the
amount of the capital increases that might result from the exercise of the above-mentioned rights and financial instruments does not
exceed the limit of the remaining authorised capital, as the case may be without taking into account the preferential subscription rights
of bondholders.
Without prejudice to the authorisations given to the Board of Directors described in the preceding paragraphs, the Extraordinary General
Meeting of 28 May 2020 also renewed the authority of the Board of Directors, for a renewable 3-year period, to proceed – in the event of
takeover bids on the Company’s shares and provided the required notification has been made by the FSMA within 3 years of the decision of
the General Meeting – with capital increases by contribution in kind or in cash, as the case may be without taking into account the prefer-
ential subscription rights of shareholders.
The Extraordinary General Meeting of 31 May 2018 also approved the renewal of the 5-year authorization granted to the Board concerning
the acquisition, transfer or cancellation of own shares under legal conditions, notably to cover stock option plans for managers of the Com-
pany, and to carry out the share buyback programmes decided by the Board of directors.
In the event of a risk of serious and imminent harm occurring to the Company, the Board of Directors has the authority to transfer treasury
shares either on the market or through a sale under the same conditions to all shareholders in compliance with the applicable legal condi-
tions. This authorisation applies, under the same conditions, to the purchase or transfer of shares held in the Company by its subsidiaries as
stated in articles 7:221 to 7:225 of the Companies and Associations Code.
The rules governing the appointment and replacement of Board members and the amendment of the Company’s articles of association are
those provided for by the Companies and Associations Code.
140 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Content
Non-Financial Disclosure
The 2023 Non-Financial Disclosure report encompasses all the information, both qualitative and quantitative, pertaining to D’Ieteren Group’s
sustainability strategy across its businesses. The first section is devoted to D’Ieteren Group as both an investment and a listed company.
The following sections are dedicated to the reporting of D’Ieteren Automotive, Belron, Moleskine, and D’Ieteren Immo. This year’s report
also includes, for the first-time, the reporting of TVH. The latest acquisition, PHE, is not included in this report, due to its limited time in the
D’Ieteren Group family.
Non-financial disclosure reporting has been guided by the Global Reporting Initiative’s (GRI) reporting standards. The GRI index can be found
on p.228. This type of reporting has evolved into a more quantitative disclosure supporting the sustainability strategies of our businesses
and, by doing this, D’Ieteren Group is preparing for the forthcoming European reporting regulations. Non-financial information is reported
annually, alongside the annual financial results.
Content
142 D’Ieteren Group
150 - EU Taxonomy
153 - TCFD Disclosure
157 D’Ieteren Automotive
173 Belron
186 Moleskine
200 TVH
208 D’Ieteren Immo
221 Additional notes and methodology
225 Independent limited assurance report
230 GRI Content Index
141Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group
D’Ieteren Group Non-nancial Disclosure
1. D’Ieteren Group
Based in Brussels, D’Ieteren Group is a family-controlled listed investment company with an international porolio. The Group aims to build
a family of businesses that reinvent industries in search of excellence and meaningful impact. The Group creates a positive impact by conti-
nuing to invest in purposeful companies and supporting their development. This vision is underpinned by a particular investment strategy
characterised by long-term support to a limited number of companies. As a Group, it upholds five fundamental values: Entrepreneurship,
Curiosity, Courage, Care, and Respect.
D’Ieteren Group consists of a team of 20 people, including two members of the Executive Commiee (the CEO and the CFO), an eight-per-
son investment team which is responsible for looking for new businesses and for accompanying existing ones, as well as eight experts invol-
ved in financial reporting and communication, legal aairs, digital, and ESG. In addition, the team is strengthened by two personal assistants
who support the team, the Executive Commiee and the Board.
Workforce
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Total full-time equivalents (FTEs) as at 31 December FTE
18.9
18.9 19.9 5.3%
Percentage of male FTEs as at 31 December % 48% 48% 50% 2.20p.p.
Percentage of female FTEs as at 31 December % 52% 52% 50% -2.25p.p.
Additional background information on the calculations and formulas used for ESG data can be found on p.221
The Group is currently invested in six businesses:
- D’Ieteren Automotive (100%), the exclusive distributor of VW brands in Belgium which is evolving towards becoming a provider of mobi-
lity products & services.
- Belron (55.67% of the voting rights), a worldwide leader in vehicle glass repair, replacement & recalibration (“VGRRR”).
- Moleskine (100%), an iconic and aspirational brand born from the heritage of a legendary notebook.
- D’Ieteren Immo (100%), responsible for managing the real estate assets owned by D’Ieteren Group in Belgium, most of which are rented
by D’Ieteren Automotive.
- TVH (40%), a global one-stop shop for parts, accessories for material handling and industrial and agricultural equipment.
- PHE (91.4% of the voting rights), the omnichannel distribution leader in the independent aermarket for vehicle spare parts, holding
strong positions in Western Europe.
2. Strategy for Value Creation
D’Ieteren Group seeks to invest in growth plaorms which have the proper management in place and a strong people approach; businesses
that are or could become leaders in their market and have demonstrated the sustainability and scalability of their business model. D’Iete-
ren Group believes this to be the perfect formula for value creation. Thanks to this investment philosophy, a family of businesses has been
created.
The investment and expert teams work daily to support these businesses on various aspects: purpose, ambition, strategy, execution, organi-
sation, people, and reinvention. As a cross-cuing theme, sustainability has been integrated into each of these aspects. In so doing, D’Ieteren
Group’s team acts as an enabler to sustain value creation through its businesses, for employees, customers, shareholders and society.
D’Ieteren Group focuses on five priorities to create value together with its businesses:
- creating a fair and stimulating work environment which is able to trigger employee engagement,
- helping our businesses provide high-quality products and services to generate world-class customer satisfaction,
- helping our businesses monitor and reduce their environmental footprint,
- encouraging and supporting innovation within our businesses in the interests of all their stakeholders, and
- applying responsible governance.
To create shared value for all its stakeholders, the Group must understand their needs and expectations. As a family-controlled listed com-
pany, engaging with shareholders and investors and answering their questions is part of the day-to-day business. The Group has also ini-
tiated a dialogue with other stakeholders, such as financial authorities and civil society representatives. This dialogue approach is aimed at
challenging sustainability focus areas and at ensuring that the expectations of its stakeholders are not taken for granted. In this perspective,
D’Ieteren Group’s materiality assessment is updated annually by the ESG/Sustainability Team.
142 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group
3. ESG governance
3.1. Roles and responsibilities
ESG issues are addressed at all levels of governance.
D’Ieteren Group’s Board of Directors ensures oversight of the Group-wide ESG strategy. Its members are updated at least twice a year on
the evolution of the ESG strategy and the Group’s performance. In addition, this year, the Board of Directors received a specific training on
the evolving regulatory ESG landscape.
The Audit Commiee reviews the risks, including ESG risks, faced by the Group and its businesses twice a year.
The Strategic Commiee reviews ESG aspects in the context of new investments and monitoring businesses.
The Nomination and Remuneration Commiee approves and reviews the ESG targets that are used to define the variable remuneration of
the Group’s Executive Commiee and the CEOs at its businesses.
The Executive Commiee supervises the development of the Group’s ESG strategy and ensures its implementation at both the Group and
the individual business level.
The ESG team is responsible for developing and implementing the Group’s ESG approach. Its members also support businesses in develo-
ping and implementing their sustainability strategy. In addition, they engage in a dialogue with the Group’s stakeholders and keep abreast of
the evolving trends in the fields of ESG and sustainable finance in order to act as a knowledge centre in support of the whole team, thereby
ensuring eective ESG integration. ESG, being in constant evolution, means the team must continuously develop and grow its ESG expertise.
Therefore, its members have aended numerous training courses and obtained the EFFAS ESG Analyst certification in 2022.
The Investment Team is responsible for ensuring that ESG aspects are embedded in each stage of the investment cycle. Throughout the pro-
cess, they liaise with the ESG Team to ensure that key ESG drivers are properly incorporated into their analyses. In addition, the Investment
Team is continuously trained by the ESG team.
Businesses are expected to appoint at least one person to coordinate their sustainability approach. D’Ieteren Group’s ESG team members,
accompanied by investor managers, hold regular discussions with their counterparts in the businesses about progress on sustainability
roadmaps and closely collaborate with them to produce their annual reports. At least once a year, Businesses’ Sustainability Experts gather
at D’Ieteren Group’s headquarters to discuss their ESG performance, strategies, and the changes to come but also to receive training on
significant ESG trends.
3.2. Group-level policies
As an investment firm, D’Ieteren Group has adopted policies covering its investments strategy and rules of conduct at the holding level.
First, the Responsible Investment Charter drives D’Ieteren Group behaviour across its entire investment cycle, from screening to its active
ownership approach. However, due diligence does not stop with the investment decision: being an active owner includes important res-
ponsibilities regarding the impact of the various investments. As a responsible owner, the Group ensures that each of its activities has the
relevant policies in place to the environmental and social impacts of their operations and value chain. With the EU’s new impetus, D’Ieteren
Group commits to support its businesses in their eorts in this regard.
Second, D’Ieteren Group formalised certain policies and guidelines to drive the corporate conduct of its own corporate team. The Code of
Conduct, implemented in 2022, sets minimum standards in selected areas to which each employee is expected to adhere. It sets guidelines
for business management and compliance with legal and ethical standards. It also expects suppliers, service providers, and other business
partners to be aware of and to comply with the provisions of the Code of Conduct that concern them.
The Code of Conduct covers several important topics:
- Promoting equality and inclusion within the context of D’Ieteren Group operations and prohibiting any form of discrimination against
employees or applicants;
- Ensuring the best possible working environment, whether it is a question of work-life balance or employee mental health;
- Commiing to uphold the UN Universal Declaration of Human Rights and the conventions and recommendations of the International
Labour Organisation;
- Defining and implementing a process to follow in the event of a conflict of interest or related-party transaction;
- How D’Ieteren Group should interact with its suppliers and business partners;
- Complying with the Dealing Code to prevent market abuse and to ensure the confidentiality of inside information;
- Complying with the GDPR in terms of data protection, linking to a more detailed Privacy Policy;
- Prohibiting any act of corruption or bribery, as well as money laundering, including prohibiting the financing of political parties.
Compliance with the Code of Conduct is everyone’s responsibility. The legal team provided specific training in 2022 to the entire team and
will make sure to provide similar training to new employees and new parties to a contractual relationship. The legal team, due to the small
size of the D’Ieteren Group Corporate team, is easily approachable as an advisor in the implementation of these policies.
D’Ieteren Group’s legal department is, furthermore, responsible for monitoring and reporting any incidents related to the Code of Conduct.
The principle of non-retaliation is applicable and the whistleblowing policy will be implemented in 2023. In the event of a transgression,
action will be taken (e.g., warning, suspension with or without pay, or dismissal for cause).
Both the Responsible Investment Policy and the Code of Conduct have been approved by the Board of Directors and will be reviewed every
three years.
143Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group
4. Responsibility as an Investor
4.1. ESG roadmap
Conscious of the key role businesses play in building a sustainable future, the Group has adopted an integrated approach in which sustainabi-
lity is embedded at every level of the organisation. D’Ieteren Group considers environmental, social, and governance aspects when pursuing
its two main operating missions: supporting its businesses and searching for new ones.
The ESG roadmap reflects its determination to integrate sustainability at the various levels of its operating model.
Three years aer launching this roadmap, D’Ieteren Group is already geing close to its 2025 ambition. Next year, together with the launch of
a double materiality analysis, the Group will review this ESG roadmap to make it even more ambitious and to fit with the evolving European
requirement.
Investment /
Ownership
Operating model
level
Ambition 2025 2022 status
Responsible
investment
Investment
process
ESG is embedded in every stage of the investment process. Achieved
Non-financial
reporting
Non-financial reporting gets limited independent assurance and is aligned
with the most recognised standards and recommendations. This ambition will
evolve to fit the new EU standards.
On track
Active ownership
Group-wide
aspects
Every activity measures the Group’s three non-financial KPIs - People engage-
ment, Customer Satisfaction, and CO
2
emissions – aiming to reach a level of
excellence therein.
On track
Business-specific
aspects
Every activity has a strong sustainability strategy focusing on its most material
aspects, including quantitative targets and a proper progress measurement
process.
On track
4.2. Responsible investment
In 2021, D’Ieteren Group formalised its responsible investment approach covering the entire investment cycle, from screening investment
opportunities and formulating investment theses to the phases of due diligence, deal completion, and ownership.
On top of the minimum safeguards and legal and ethical principles, D’Ieteren Group excludes investments in companies directly involved in
the following sectors: tobacco, weapons, pornography, and gambling. Considering the impact of energy obtained from fossil fuels on climate
change, no investments are made in companies with revenues predominantly derived from coal, oil or gas extraction.
ESG requirements were integrated into the investment processes leading to the acquisition of TVH and PHE. The Group is also supporting
them in launching their integrated sustainability strategy. At TVH, a Sustainability Manager has been appointed and has already aended the
annual ESG workshop, gathering all Sustainability Managers from our family of businesses.
Regarding non-financial reporting, in 2022, D’Ieteren Group continued its trajectory to broaden the scope of limited independent assurance
and deepend its work on TCFD and the EU taxonomy.
4.3. Active ownership
Given the nature of D’Ieteren Group’s investment strategy (long-term investment in a limited number of companies with the potential to be-
come leaders in their markets), the Group’s responsible investment approach focuses mainly on its active ownership practices.
4.3.1. GROUPWIDE ASPECTS
In addition to the business-specific sustainability strategies, the Group helps its businesses become or remain top performers in its three
non-financial priority areas (customer satisfaction, employee engagement, carbon emissions) and, therefore, supports them in implementing
a robust measurement process in each of these fields.
In 2022, D’Ieteren Group commied to the Science Based Target initiative (SBTi), to have 100% of its porolio covered by a validated SBT
by the end of 2025.
Belron D’Ieteren
Automotive
Moleskine D’Ieteren
Immo
TVH PHE
People engagement 86.2 84.5 3.7 out of 5 84.4 81
Work in
progress
Customer Satisfaction 82.2 S:61.5 AS:51.2 - 25 52.5
CO
2
emission Scopes 1 & 2 145,291 5,514 276 112 11,830
S: Sales / AS: Aer-sales
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
9
9
9
9
9
9
9
9
9
9
144 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group
4.3.2. BUSINESSSPECIFIC ASPECTS
To support businesses in addressing the ESG aspects that are most critical to them, D’Ieteren Group encourages them to conduct a mate-
riality assessment and acts as a facilitator of this process. Building on the results from the materiality assessments, the businesses develop
or challenge their sustainability strategy. More concretely, they set a limited number of strategic pillars associated with ambitions and KPIs.
Where appropriate, they also develop new measurement processes to assess the progress being made towards those targets. This exercise
was done for Belron, D’Ieteren Automotive, D’Ieteren Immo, and Moleskine in 2020.
Of course, as the environment in which companies operate evolves, so do the material issues. Businesses should, therefore, keep track of
all the impacts they have or could have but they must also be aware of any sustainability risks and opportunities. This is the reason why the
Group supports its porolio in a new exercise of double materiality (compliant with the new EU reporting directive requirement). Some
training sessions have already been held in 2022 in order for the concept to be well understood before the launch of the analysis.
PROGRESSAMBITIONS STRATEGY MATERIALITY
4.3.3. PURPOSEDRIVEN COMPANIES
D’Ieteren Group believes that a business purpose reflects its most significant impact on customers, people, and society. Therefore, the Group
encourages its businesses to see their corporate purpose as an integral part and key driver of their business strategy.
For this reason we include the ‘purpose’ aspect as one of the seven key drivers that we monitor and about which we provide insights to bu-
sinesses. D’Ieteren Group ensures that a business’ purpose is clear and present at all levels of their organisation by ensuring it is embedded
in their corporate culture and strategic orientation. To ensure that a company’s purpose generates concrete achievements, the Group encou-
rages its businesses to set purpose-specific targets, accompanied by dedicated indicators to measure progress.
Its two new acquisitions are no exception to the rule;
- TVH, Keep you going and growing
- PHE, Provide aordable and sustainable mobility
4.3.4. COMMITMENTS AND RATINGS
D’Ieteren Group received an ESG rating of 11.3 (down from 14.3 in 2020) from Sustainalytics, reflecting a low risk of experiencing material
financial impacts from ESG factors. D’Ieteren Group was placed in the fourth percentile in the Diversified Financials industry, assessed by
Sustainalytics. The Group also received an AA score from MSCI. Since October 2020, D’Ieteren Group has been a signatory of the United
Nations Principles for Responsible Investment (PRI), the world-leading network of investors working together for a more sustainable global
financial system. This engagement not only reflects the Group’s commitment to include environmental, social, and governance (ESG) criteria
in its investment choices and active ownership approach, but also demonstrates its willingness to continue developing practices and policies
in this area.
5. Responsibility as a listed company
5.1. Priorities and Ambitions
D’Ieteren Group is commied to acting responsibly and fairly in all its operations. The materiality exercise completed in 2021 enabled the
Group to reflect deeply on the impact it has as a company.
D’Ieteren Group as a listed company
Priorities Ambition 2022 status
ESG risk management
& internal control
Strong ESG risk management process and disclosure
aligned with the new upcoming EU regulations.
Sustainability and Risk managers of the businesses
have been trained to ESG risk management.
Climate change vulnera-
bility
To provide financial markets with clear, compre-
hensive, high-quality information on the impacts
of climate change these are managed in terms of
governance, strategy, risk process, and measurement
actions.
The TCFD exercise has been strengthened this year
for Belron, D’Ieteren Automotive and TVH. The me-
thodology used is given on p.153
Group Impact on Climate
Change
To promote environmental values and adopt an emis-
sion-reduction path in line with the Paris Agreement.
D’Ieteren Group commits to reduce absolute scope
1 and scope 2 GHG emissions by 30% by 2027 from
a 2021 base year. It has also commied to having
100% of its porolio covered by a validated SBT by
the end of 2025.
145Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group
D’Ieteren Group as a listed company
Priorities Ambition 2022 status
Corporate Team Training &
Development
To maintain a skilled corporate team able to deliver
the Group’s ambition.
The entire team is encouraged to aend any external
training they may need. Conferences on various to-
pics with external and internal experts are organised
for the team on a regular basis.
Business Ethics (incl.
anti-bribery, corruption &
whistleblowing)
To continue to conduct business ethically and res-
ponsibly and to establish a due diligence mechanism
to ensure that.
A new Code of Conduct was implemented in 2022.
The whole team has been trained on this code.
5.2. Environmental performance
The urgency of the climate crisis is unprecedented and D’Ieteren Group takes its responsibility seriously. It wants to contribute to the eort
to keep a rise in temperature to 1.5°C above pre-industrial levels, which is in line with the Paris Agreement.
To do that, D’Ieteren Group is commied to reducing absolute scope 1 and scope 2 GHG emissions by 30% by 2027 from a 2021 base year.
To support this plan, the holding switched to green electricity in 2021 and plans to keep it that way.
The environmental impact of D’Ieteren Group as a company is less significant than the impact of its porolio. However, it is essential that
D’Ieteren Group contributes its part. To this end, an external consultant helps D’Ieteren Group measure its carbon footprint and identify areas
where it can be reduced.
Environmentally-friendly mobility solutions are also supported by an advantageous mobility budget. A first brainstorming session on mobility
was organised with team members to reflect on ways to reduce the team’s emissions. The goal was to make everyone responsible for their
footprint while respecting their personal and professional life circumstances in commuting. This approach is backed by a new environmental
policy which is being wrien considering the feedback from the whole team.
GHG emissions & energy consumption
KPI Unit 2020
2021
(1)
2022
Change
(2022 vs. 2021)
Greenhouse gas emissions
Greenhouse gas emissions scopes 1,2 & 3 Tonnes CO
2
e 83,532 89,736 90,174 0.5%
Greenhouse gas emissions scope 1 Tonnes CO
2
e 118 98 77 -20.9%
Greenhouse gas emissions from cars Tonnes CO
2
e 69 46 45 -0.8%
Greenhouse gas emissions from natural gas Tonnes CO
2
e 48 52 32 -38.5%
Greenhouse gas emissions from refrigerant leakage Tonnes CO
2
e 2 0 0 -
Greenhouse gas emissions scope 2
(2)
Tonnes CO
2
e 20 0 0 -
Greenhouse gas emissions, market based Tonnes CO
2
e 20 0 0 -
Greenhouse gas emissions scope 3 Tonnes CO
2
e 83,394 89,639 90,096 0.5%
Greenhouse gas emissions from commuting Tonnes CO
2
e - 12 29 144.8%
Greenhouse gas emissions from business travel Tonnes CO
2
e 96 10 47 377.8%
Greenhouse gas emissions from upstream emissions scopes 1 & 2 Tonnes CO
2
e 31 23 18 -21.5%
Greenhouse gas emissions from investments
(4)
Tonnes CO
2
e 83,268 89,594 91,517 2.1%
Greenhouse gas emissions intensity
Greenhouse gas emissions scope 1 per FTE Tonnes CO
2
e 6.24 5.17 3.88 -24.9%
Greenhouse gas emissions scope 2 per FTE Tonnes CO
2
e 1.06 0.00 0.00 -
Greenhouse gas emissions scopes 1 & 2 per FTE Tonnes CO
2
e 7.30 5.17 3.89 -24.8%
Energy consumption
Total car petrol consumption Litre 29,915 37,359 17,47 3 -53.2%
Total car diesel consumption Litre 144 9,765 2,704 -72.3%
Heating, natural gas consumption MWh 260 282 174 -38.5%
Grey electricity consumption MWh 118 0 0 -
Renewable electricity consumption MWh 33 105 65 -38.1%
Renewable electricity production MWh 5 4 6 53.7%
Cogeneration electricity production MWh 28 32 11 -65.9%
(1) As restated to reflect the continuous improvement of GHG data collection and measurement which has allowed for a refinement of the perimeter used.
(2) D'Ieteren Group (Holding) switched to green electricity in 2021.
(3) Natural Gas consumption reduction is mainly explain by a warm winter.
(4) The scope 3 category greenhouse gas emissions from investments includes the scope 1 & 2 emissions from D'Ieteren Automotive (historical scope), D'Ieteren Immo,
Moleskine, 55,67% of Belron and 40% of TVH (as from 2022).
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
9
9
146 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group
5.3. Social Performance
5.3.1. CORPORATE TEAM TRAINING & DEVELOPMENT
D’Ieteren Group believes it is essential to oer people a safe and fulfilling work environment that enables them to reach their full potential.
Therefore, each year, an employee engagement survey is undertaken and the results are shared with the whole team followed by an action
plan to improve employee well-being and fulfilment. In 2022, the results reflected a strong team spirit which D’Ieteren Group explained by its
substantial value of care and its family culture. Low employee turnover is also a good indication of the intense dedication of the corporate
team.
The small size of the team allows for learning on the job and vibrant daily exchanges. The Group continuously sustains a working environment
which is favourable to dialogue, critical thinking, questioning, and coaching. Thanks to a flexible schedule, experts are encouraged to aend
any external training courses they may require. Some collective training sessions were organised as needed but also arranged during the
annual workshop involving the whole team. For example, ESG and Digital were two important subjects at the 2022 workshop. It is essential
that employee skills and knowledge meet the Company’s needs and match its ambitions to support organisational performance, form pro-
ductive teams, and drive innovation.
D’Ieteren Group ensures its employees receive appropriate incentives through favourable compensation and compliance with national laws
regarding pay. Once a year, a formalised performance appraisal takes place where bonuses, potential pay rises, and succession planning
are discussed, and where targets for the following year are set. In 2022, each employee was also granted stock options as part of their re-
muneration. These incentives, combined with a strong feedback culture, allow employees to perform to the best of their abilities and reach
their full potential.
5.3.2. DIVERSITY AND INCLUSION
As an employer, D’Ieteren Group promotes a positive, diverse, and inclusive workplace for all, with a zero-tolerance policy for any form of
discrimination, or any sexual or non-sexual harassment. This means no discrimination will be tolerated against any employee or applicant
based on race, ethnicity, religion, nationality, gender, sexual orientation, disability, health condition, age, marital status, or any other basis
(for more information see the Code of Conduct). With the launch of the new Code of Conduct in 2022, every employee received training on
this topic. Even if such values are deeply rooted in the company’s culture, people were reminded that any questionable behaviour should be
reported and that serious consequences could follow.
The team has a fair gender balance thanks to the recruitment approach based on merit, skills, talent, and value fit. The Group strongly en-
courages its employees to treat each other with mutual respect, dignity, and fairness. It makes sure equal opportunities are given to all team
members in terms of development and remuneration. Further details of D’Ieteren Group’s diversity policy, as applied to the governance
bodies, can be found in the Corporate Governance Statement.
Diversity and inclusion
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Diversity in the Board of Directors
Total number of directors on the Board of Directors
(1)
Number 11 9 10 11.1%
Percentage of male directors on the Board of Directors % 64% 67% 70% 3.00p.p.
Percentage of female directors on the Board of Directors % 36% 33% 30% -3.00p.p.
Diversity in Executive-level positions
Total headcount in Executive-level positions
(2)

as at 31 December
Number 4 4 4 0.00%
Percentage of male headcount in Executive-level positions
as at 31 December
% 75% 75% 75% 0.00p.p.
Percentage of female headcount in Executive-level positions
as at 31 December
% 25% 25% 25% 0.00p.p.
Gender pay gap
Unadjusted gender pay gap
(3)
% - - 4.4%
-
(1) In 2023, new directors are expected to be appointed to reach 33% of female directors.
(2) As restated to reflect the adjustment in the definition of executive level position. This includes CEO, CFO, CLO and Head of Investment.
(3) CEO and CFO are not included since they are self-employed. The gap is influenced by the small size of the team. Details on calculation on p.221
147Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group
5.3.3. ADDITIONAL WORKFORCE DATA
Workforce data
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Headcount
Total headcountas at 31 December Number 19 19 20 5.3%
Percentage of male headcount as
at 31 December
% 47% 47% 50% 3.00p.p.
Percentage of female headcount as at 31 December % 53% 53% 50% -3.00p.p.
Headcount interns
Total number of interns employed Number 3 5 6 20.0%
Headcount by contract (fixed-term/open-ended)
Total headcount with fixed-term contracts as at 31 December Number 0 0 0
-
Total headcount with open-ended contracts
as at 31 December
Number 19 19 19 0.0%
Percentage of male headcount with
open-ended contracts
% 47% 47% 50% 3.00p.p.
Percentage of female headcount with open-ended contracts % 53% 53% 50% -3.00p.p.
Headcount full-time/part-time
Total headcount with a full-time contract as at 31 December Number 18 18 19 5.6%
Percentage of male headcount with a full-time contract % 50% 50% 53% 2.63p.p.
Percentage of female headcount with a full-time contract % 50% 50% 47% -2.63p.p.
Total headcount with a part-time contract as at 31 December Number 1 1 1 0.0%
Percentage of male headcount with a part-time contract % 0.0% 0.0% 0.0%
-
Percentage of female headcount with a part-time contract % 100 100% 100% 0.0%
Own employee turnover
Turnover rate % 11.8%
(1)
0.0% 10.8% -
Number of hours worked
Total number of hours worked in the reporting year by
all employees (incl. interns)
Hours 27,506 30,256 33,932 12.1%
Lost time injury (LTI) at the workplace
Total number of lost time injury Number 0 0 0
-
Frequency rate
LTI/1,000,000
hours worked
0 0 0
-
Work-related fatalities
Total number of work-related fatalities Number 0 0 0
-
Lost time days at the workplace
Lost time days due to work accidents Days 0 0 0
-
Severity rate
LTD/1,000
hours worked
0 0 0
-
Absenteeism (illness and lost time injuries)
Total days absent because of illness, lost time injuries or
unknown reasons
Days 18.19 6.58 9.00 36.8%
Absenteeism rate % 0.38% 0.14% 0.18% 0.04p.p.
(1) Turnover 2020, as restated to reflect the adjusment in the calculation method.
148 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group
5.4. Governance
5.4.1. ETHICS
The Code of Conduct implemented in 2022 sets minimum standards in selected areas and applies to each person working for D’Ieteren
Group. It helps recipients apply D’Ieteren Group’s key values on a daily basis and do the right thing. D’Ieteren Group is commied to carrying
out its business ethically and in accordance with all applicable regulations. No unethical behaviour is tolerated from any of its employees,
suppliers or partners. The Code sets out ethics and compliance principles (Anti-bribery and Corruption, Data Privacy, etc.), important stan-
dards to follow in the work environment (Health & Safety, Human Rights, Freedom of association, etc.) and business practices (Conflict of
Interest, Relationships with Suppliers & Partners,etc.). It also makes reference to other policies that complement the Code of Conduct, such
as the Dealing Code or the Privacy Policy. Each employee in the Group has received training on this new Code of Conduct.
Governance-related data
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Ethics
Percentage of headcount that has received training on business
ethics (e.g., on the Code of Conduct)
% 0.0% 0.0% 100% 100.00p.p.
Anti-bribery & Anti-corruption
Monetary amount of legal and regulatory fines and selements
(over €10,000) linked to:
€ 0 0 0
- Violations of bribery, corruption, or anti-competitive standards 0.0%
- Environmental, ecological or social issues
- Data security breaches
Number of confirmed incidents of corruption or bribery Number 0 0 0 0.0%
Non-monetary sanctions
Number of instances of non-compliance with laws and regulations
for which non-monetary sanctions were incurred
Number - - 0.0%
-
Employees covered with regulatory proceedings
Percentage of covered employees with a record of investment-
related investigations, consumer-initiated complaints, private civil
litigations, or other regulatory proceedings
% - - 0.0%
-
5.4.2. HUMAN RIGHTS
D’Ieteren Group pays great aention to the respect for human rights in its value chain. It plans to establish and maintain eective, ongoing
relationships based on trust and mutual respect with its suppliers, service providers, and other third parties. The Group expects its bu-
sinesses to comply with the laws and the collective labour agreements in the countries in which they operate. Respect for personal dignity,
privacy and the rights of each individual with whom they work must be guaranteed and no human rights violations will be tolerated. D’Ieteren
Group endorses the United Nations Universal Declaration of Human Rights and the conventions and recommendations of the International
Labour Organisation. The Group also takes human rights criteria into consideration in its ESG due diligence procedure for all investment
opportunities.
Collective bargaining agreement
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Collective bargaining agreement
Percentage of headcount bound by a collective bargaining agreement
(CBA)
(1)
% 89% 89% 90% 0.53p.p.
(1) As restated to reflect improvement in definition used and data collection methods. The CEO and CFO due to their self-employement status are not covered by a
collective bargaining agreement.
5.4.3. PHILANTHROPY
D’Ieteren Group actively contributes to meaningful non-profit projects. In addition to participating in the fundraising initiatives of its bu-
sinesses (such as the yearly Spirit of Belron Challenge or the D’Ieteren Automotive Give and Gain Challenge), D’Ieteren Group has its own
philanthropic approach. The Philanthropic Commiee has identified two areas of specific interest: 1) support for children who have been
separated from their families; and 2) equal opportunities in accessing a rewarding career. A variety of projects were supported in 2022.
Community engagement
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Total donations € 200,000
285,000
244,001 -14.4%
149Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group - EU taxonomy
6. EU Taxonomy
6.1. Reporting on the EU Taxonomy
To tackle the sustainability challenges the world is facing, the European Union has developed the EU Green Deal. The aim of the Green Deal
is to work towards becoming a climate-neutral continent by 2050. Two conditions have been identified to achieve this goal: firstly, to reorient
capital flows towards sustainable investments, and secondly, to increase transparency in the market. Therefore, a classification system for
sustainable activities is being developed, the so-called EU Taxonomy. The aim of the EU Taxonomy is to scale up sustainable investments by
providing a common European definition of what can be categorised as an “environmentally sustainable” activity. Under the EU Taxonomy,
companies are to disclose which part of their Turnover, CapEx, and OpEx meet the criteria set in the EU Taxonomy for their company-specific
economic activities. This creates a common language that allows investors and other stakeholders to make beer informed (investment)
decisions within Europe and beyond.
In total, six annexes with environmental objectives concerning climate change mitigation, climate change adaptation, water, pollution, biodi-
versity, and circularity will be published. Last year, companies falling under the scope of the EU NFRD (Directive 2014/95/EU), which was the
case for D’Ieteren Group, reported, for the first time, their share of eligibility for Annex 1 (Climate Change Mitigation) and Annex 2 (Climate
Change Adaptation). This year, alignment for both of these objectives was required.
In accordance with the guidance provided by the legislation, D’Ieteren Group will only include the information required by the EU on align-
ment and eligibility for the two climate objectives in its reporting for FY 2022. Based on the dra text of the Plaorm on Sustainable Finance
on the other four environmental objectives, D’Ieteren Group has already performed a preliminary analysis on possible eligibility for its bu-
sinesses, showing potential eligibility for the circular economy-related Annex. D’Ieteren Group has chosen to wait for the publication of the
final Delegated Acts on this objective to disclose its findings on the maer.
With the EU Taxonomy being a living document, new economic activities, new or adjusted technical screening criteria, and changing time-
lines are expected for the coming years. D’Ieteren Group will continue to develop its Taxonomy reporting based on any future amendments
to the EU Taxonomy Legislation.
6.2. Conclusions based on the analysis
For 2022 reporting at the Group level, D’Ieteren Group has included two businesses that are eligible for the mitigation and adaption climate
objectives: D’Ieteren Automotive and D’Ieteren Immo. Since both of these businesses have not yet obtained all the information necessary to
determine alignment, D’Ieteren Group will report a 0% alignment for turnover, CapEx, and OpEx for FY 2022.
D’Ieteren Automotive’s major economic activity is the selling of motor vehicles and associated services. Since the activity of vehicle sales is
not included in the EU Taxonomy, D’Ieteren Automotive’s eligibility is limited. D’Ieteren Automotive is convinced, however, that it still has an
important role to play in mitigating climate change via the electrification of the motor vehicle fleet.
Eligibility at this point is limited to two groups of activities: the extension of new mobility services and products and the repair activities.
For more details on D’Ieteren Automotive’s Taxonomy disclosures, see the non-financial disclosures (NFD) for D’Ieteren Automotive (p.157).
D’Ieteren Immo’s economic activities can be bundled under the Taxonomy activity of the acquisition and management of the real estate
assets that are owned by D’Ieteren Group. Almost all of D’Ieteren Immo’s activities are eligible under the EU Taxonomy. For more details,
see the NFD for D’Ieteren Immo (p.208).
Moleskine’s and PHE’s economic activities are not eligible under the climate objectives of the EU Taxonomy and their eligibility and alignment
is 0% for this year on Turnover, CapEx, and OpEx (see p. 197).
As D'Ieteren Group has joint control over Belron and TVH, these are accounted for as equity-accounted investees and have not been included
in this year's analysis for the Taxonomy. D’Ieteren Group will consider in the coming years the inclusion of those entities in the taxonomy
disclosures as point 1.2.3. of Annex I of the Delegated Acts allows companies to disclose KPIs based on turnover, Capex, Opex that in-
clude investments in equity accounted in joint ventures, on a pro rata basis corresponding to their share in the equity of the joint venture.
6.3. Disclosures
The Group's taxonomy KPIs (turnover, capex & opex) have been computed based on the Group's consolidated figures.
The denominator of the Group's turnover KPI therefore reconciles with the FY-22 total consolidated turnover (please refer to the consolidated
statement of profit or loss in the consolidated financial statements).
The denominator of the Group's capex KPI includes the additions to partly tangible and intangible assets performed during FY-22 as defined
in the additional notes and methodology section of the disclosure of non-financial information and reconciles with the information disclosed
in the notes of the consolidated financial statements.
The denominator of the Group's opex KPI includes the costs defined in the additional notes and methodology section of the disclosure of
non-financial information and have been extracted from the Group's consolidated operating expenses (refer to Note 6 of the consolidated
financial statements).
Please note that the figures used to compute the turnover, capex and opex KPIs in the disclosures of non-financial information of D'Ieteren
Automotive, Moleskine and D'Ieteren Immo include some intercompany transactions between those businesses that have not been elimi-
nated for the purpose of the reporting at the level of these businesses. D’Ieteren Immo’s turnover comes mainly from internal sales to D’Ie-
teren Group or is included in other operating income and, therefore, not part of the total Group Turnover.
The eligibility percentage for D’Ieteren Group’s turnover is 5%. The improved understanding of the EU Taxonomy, as well as the additional
guidance allowing for more eligible activities under D’Ieteren Automotive has resulted in an increase of 4.6%, despite the increased amount
of non-eligible turnover due to the acquisition of PHE.
150 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group - EU taxonomy
The CapEx of D’Ieteren Group comprises the financial figures of D’Ieteren Automotive, Moleskine, PHE, and of the corporate & unallocated
segment (including D’Ieteren Immo). The total eligible CapEx for D’Ieteren Group for FY 2022 is approximately 5% (vs. 32% in 2021). The
main reason for the significant decrease is the inclusion in non-eligible CapEx of PHE CapEx. For the reasons previously given, D’Ieteren
Group reports 0% CapEx alignment.
The OpEx of D’Ieteren Group also comprises the financial figures of D’Ieteren Automotive, Moleskine, PHE, and of the corporate & unallo-
cated segment (including D’Ieteren Immo). The total eligible OpEx for D’Ieteren Group is approximately 44% (vs. 75%). The lower eligibility
figure is mainly the result of the inclusion of PHE in the 2022 reporting and the improvement in the calculation method. For the reasons
previously given, D’Ieteren Group reports 0% OpEx alignment.
Apart from acquiring the necessary data to assess alignment with the criteria for substantial contribution and the “does not significantly
harm” criteria, D’Ieteren Group will work towards improved compliance with the minimum safeguards. This entails taking further steps towar-
ds the implementation of processes to ensure the protection of human & labour rights in the value chain, as well as an in-depth analysis of
the governance processes for bribery, taxation, and fair competition.
TURNOVER
Economic activity
Absolute turnover (in millions) Proportion of turnover Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of turnover for 2022 Taxonomy aligned proportion of turnover for 2021 Category (Enabling activity) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES  
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%    
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
D’Ieteren Automotive 237.2 5.0%       
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
237.2 5.0%        
Total (A.1. + A.2.) 237.2 5.0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
4,477.4 95.0%
Total (A + B) 4,714.6 100%
151Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group - EU taxonomy
CAPEX
Economic activity
Absolute CapEx (in millions) Proportion of CapEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of CapEx for 2022 Taxonomy aligned proportion of CapEx for 2021 Category (Enabling activity ) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
D’Ieteren Automotive 23.8 3.3%
D’Ieteren Immo 11.8 1.6%
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
35.6 4.9%
Total (A.1. + A.2.) 35.6 4.9%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible
activities (B)
690.3 95.1%
Total (A + B) 725.9 100%
OPEX
Economic activity
Absolute OpEx (in millions) Proportion of OpEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of OpEx for 2022 Taxonomy aligned proportion of OpEx for 2021 Category (Enabling activity) Category (Transitional activity)
€ % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES 
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
D’Ieteren Automotive 6.3 14.8%
D’Ieteren Immo 12.6 29.4%
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
18.9 44.2%
Total (A.1. + A.2.) 18.9 44.2%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
23.8 55.8%
Total (A + B) 42.7 100%
152 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group - TCFD
7. Climate-related Financial Disclosure – TCFD
7.1. D’Ieteren Group’s Approach to Climate Change
Since a long-term view on value creation is at the core of its business strategy, D’Ieteren Group acknowledges the potential financial risks
presented by climate change, including those arising from physical climate changes and the transition to a low-carbon economy. On the
other hand, the low-carbon transition presents significant opportunities for the Group to invest and grow in businesses that are mitigating
and adapting to climate change. This implies having a robust view on the impact of climate change on its businesses to determine how the
Group will adapt itself.
Since 2021, D’Ieteren Group has used the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) to
improve its understanding of the materiality of climate change for its businesses, as well as in its due diligence processes. This year the
Group has made significant progress by using a scenario analysis in its approach to identifying and assessing the exposure of its porolio
to climate-related issues.
The following sections provide a summary of D’Ieteren Group’s progress to align with the four thematic areas of the TCFD (Governance,
Strategy, Risk Management, and Metrics and Targets), with the final section seing out its ambitions and plans in relation to these for 2024.
7.2. D’Ieteren Group’s Climate Change Governance Model
D’Ieteren Group’s governance around climate change is an integral part of its ESG strategy, and allows the Group to oversee, assess and
manage climate-related issues across its businesses eectively. Climate change governance at the company is twofold, beginning with the
Group’s Board of Directors and Executive Commiee and extending through to the management team at each business. Supported by the
internal ESG team, the D’Ieteren Group’s Chief Financial Ocer has overall accountability for climate change and is involved in the annual
process of assessing climate-related issues, to ensure they are discussed at the highest levels of the Group and then managed appropriately.
As climate change primarily has the potential to impact the Group’s businesses, the assessment processes focus on engaging with their
Sustainability and Risk Management teams to improve the existing understanding and approaches to managing climate-related issues. The
results from the assessments enable the Group to identify how it can help businesses address the most severe impacts of climate change,
whilst capitalising on the associated opportunities. The Sustainability and Risk Management teams also raise the outcomes of the assess-
ments with their management, so considerations of climate-related issues can be integrated across their strategies, risk management poli-
cies, and business plans.
At the Group level, the Audit Commiee is also informed of and reviews the climate-related issues identified for the Group and its businesses
on an annual basis. This allows the Group to monitor relevant risks and opportunities emerging across the porolio and to incorporate the
results into investment decisions and strategic decision making, thereby creating shared value for all stakeholders.
ROLE
BOARD
OF DIRECTORS
CHIEF
FINANCIAL
OFFICER
ESG TEAM
BUSINESSES’
SUSTAINABILITY AND RISK
MANAGEMENT TEAMS
AUDIT
COMMITTEE
Facilitates discussion on assessing
and managing climate-related issues
with the Board of Directors, using
insights gained from participation
in annual TCFD process
ROLE
Reviews climate-related issues
identified for the Group and its
business on an annual basis
Develops and implements the Group’s
approach to assessing and managing
climate-related issues, and engages
with Sustainability and Risk
Management teams at businesses to
support the annual TCFD process
ROLE
Participate in the annual TCFD
process, and communicate outcomes
to their management so that
strategies, risk management policies
and business plans can be adapted
accordingly
ROLE
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Disclosure of non-financial information - D’Ieteren Group - TCFD
7.3. Impacts of Climate-related Issues on D’Ieteren Group’s Strategy
7.3.1. SCENARIO ANALYSIS PROCESS
To build on the climate impact analyses conducted in 2021 and enhance understanding of the resilience of its strategy regarding climate
change, D’Ieteren Group has worked with a global sustainability consultancy firm to further assess its exposure to climate-related risks and
the opportunities that might arise using scenario analysis. The process this year has focused on Belron, D’Ieteren Automotive, and TVH which
together totalled 90.7% of the Group’s combined sales in 2022.
The process started with an identification of the physical and transition risks and opportunities from the TCFD taxonomy that have the po-
tential to impact our businesses. The identified risks and opportunities were assigned impact and uncertainty ratings, which were validated
by business representatives to ensure that the climate-related issues most pertinent to each business activity were captured. Uncertainty
was considered here to determine key areas of unpredictability on how risks or opportunities might play out in dierent plausible futures,
recognising that items that could have a high impact and are highly uncertain should be further evaluated to understand the range of poten-
tial outcomes for each business.
1
2
3
4
RISK & OPPORTUNITY IDENTIFICATION
1
SCENARIO & TIME HORIZON SELECTION2
SCENARIO ANALYSIS
3
FINANCIAL MODELLING
4
Identify climate-related risks and opportunities potentially
aecting the porolio, and prioritise by impact and uncertainty.
.
Select climate-related scenarios and associated time horizons
to apply in scenario analysis.
.
Develop understanding of how climate-related risks and
opportunities may change under dierent scenarios.
.
Assess financial impact of potentially material climate-related
risks and opportunities.
.
The climate-related risks and opportunities with the highest combined impact and uncertainty ratings for each business were prioritized for
further assessment using scenario trends, based on the physical and transition scenarios outlined in Table 1. In line with TCFD guidance,
the Group assessed these risks and opportunities on a short- (2030) and long-term (2050) basis, whilst also considering transition risks
and opportunities on a more immediate short- (2025) and medium-term basis (2040). The time horizons used in the scenario analysis align
with D’Ieteren Group’s five-year strategic planning cycle, with the consideration of a long-term time horizon also reflecting our position as
longstanding shareholders with no specific exit horizons.
TABLE 1. PHYSICAL SCENARIOS AND TIME HORIZONS CHOSEN FOR THE SCENARIO ANALYSIS
Scenarios and time horizons used to assess potential risks resulting from changes in the frequency and/or intensity of dierent physical
climate hazards. These can be acute (e.g., floods), or chronic (e.g., sustained higher temperatures).
Scenario Shared Socio-economic Pathway (SSP) 1-2.6 Shared Socio-economic Pathway (SSP) 5-8.5
Source Intergovernmental Panel on Climate Change (IPCC)
Warming by 2100 +1.8°C +4.4°C
Description
This scenario is aligned to the current commit-
mentsunder the Paris Agreement. The world shis
towards a more sustainable path, emphasising more
inclusive development, driven by an increasing com-
mitment to achieving development goals.
This is a high emissions scenario with no additio-
nal climate policy (business-as-usual). The push for
economic and social development is coupled with the
exploitation ofabundant fossil fuel resources and the
adoption of resource and energy intensivelifestyles
around theworld.
Key Assumptions
- Global net zero reached in 2050
- Renewables account for more than
half of the energy supply by 2050
- Few challenges to climate mitigation
and adaptation
- Energy demand triples by 2100, dominated by
fossilfuels
- CurrentCO
2
levels double by2050
- Many challenges to climate mitigation, with few
challenges toadaptation
Time horizons 2030 and 2050
Rationale for time horizon selection
- To capture meaningful changes in acute and chronic physical risks, noting that these are
likely to manifest over longer timescales than transition risks and opportunities.
- Consideration of 2050 also reflects our investment strategy, which focuses on long-term
support (through control or co-control).
154 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Group - TCFD
TABLE 2. TRANSITION SCENARIOS AND TIME HORIZONS CHOSEN FOR THE SCENARIO ANALYSIS
scenarios and time horizons used to assess potential risks and opportunities resulting from the transition to a lower-carbon economy (e.g.,
policy, legal or market shis).
Scenario Net Zero 2050 Current Policies
Source Network for Greening the Financial System (NGFS)
Warming by 2100 +1.5°C +3.0°C
Description
This is an ambitious scenario that limits global war-
ming to 1.5°C through stringent climate policies and
innovation, reaching net zero CO₂ emissions around
2050.
This scenario assumes that only currently implemented
policies are preserved, with an expected temperature
outcome of ~3°C.
Key Assumptions
- Ambitious climate policy is introduced immediately
- Global net zero reached in 2050
- IPCC’s SSP2 ‘Middle of the Road’ socioeconomic
assumptions adjusted for COVID-19 impact
- Emissions peak in 2080
- IPCC’s SSP2 ‘Middle of the Road’ socioeconomic
assumptions adjusted for COVID-19 impact
Time horizons 2025, 2030, 2040 and 2050
Rationale for time horizon selection
- Up to 2030 selected to align with our five-year strategic planning cycle.
- Between 2030 and 2050 reflects key international and national climate policy
milestones, including net zero commitments under the Paris Agreement.
- Consideration of 2050 also reflects our investment strategy, which focuses on long-term
support (through control or co-control).
7.3.2. CLIMATERELATED ISSUES IDENTIFIED OVER FUTURE TIME HORIZONS
The scenario analysis revealed several physical and transition risks and opportunities arising from climate change that could impact the
Group’s businesses and strategy, closely aligned with those defined by the TCFD. The results, to be released next year when the process is
finalised, will be used to inform the Group’s due diligence processes, and to guide investment.
7.4. D’Ieteren Group’s Processes for Managing Climate-related Issues
D’Ieteren Group’s management of climate-related risks is constantly maturing as it grows its understanding of the impact of climate change
on the company, and supports its business activities in doing the same. Building on the TCFD process, the Group will focus on prioritising
any potentially material items as validated by its businesses, characterised by a high impact-uncertainty rating and significant future trend,
for further assessment and management. Engaging with its businesses throughout this process has enabled the Group to encourage beer
practices related to climate-related risks, whilst increasing access to data on key trends to improve its ability to assess these issues going
forwards.
Based on the climate impact analyses conducted last year, the Group has implemented several measures to manage its climate-related risks
and increase resilience, including:
- Commiing to the Science Based Targets initiative (SBTi) and encouraging its businesses to develop or initiate the development of a
carbon emissions reduction plan in line with SBTi.
- Providing upskilling and coaching sessions to its businesses focused on ESG topics relevant to climate-related risks. This has included
awareness sessions on new reporting frameworks, like the Corporate Sustainability Reporting Directive (CSRD), ESG risk management
training, and sustainability strategy progress monitoring.
- Supporting individual businesses in challenging their business strategy based on the most significant risks and opportunities which have
been identified.
7.5. Metrics and Targets Used to Assess and Manage Climate-related Issues
D’Ieteren Group has several metrics and targets in place to help measure and manage its climate-related risks and opportunities and address
its impact on climate change. Among the climate-related metrics that we collect at the Group and business level are:
- GHG emissions by scope 1, 2 and 3, where possible, and emissions intensity.
- Total energy consumption, including the renewable proportion.
- KPIs related to waste management for each business, including the recycled waste proportion.
These are reported in full detail in D’Ieteren Group’s and each business’s respective non-financial disclosures.
D’Ieteren Group has also commied to the SBTi, with the goal of having all its businesses set emissions reduction targets aligned with a
1.5°C pathway and obtain validation of these by 2025. Belron has made significant progress towards this by finalising and submiing its
target to be validated in 2023.
155Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Group - TCFD
7.6. D’Ieteren Group’s Ambitions for Next Year
In 2023, the Group will continue to work with its businesses to implement the recommendations issued by the TCFD in its journey towards
the CSRD reporting. To focus its eorts and monitor progress, the following key actions will be prioritised :
- As a next step in the scenario analysis process, to quantify the financial impact of two potentially material climate-related risks across the
Group. The results from the quantification will be used to determine the impacts of the items on D’Ieteren Group’s financial performance
and position.
- To extend the scenario analysis process to PHE in order to broaden the understanding of climate-related issues across the porolio.
- To continue to support each business’s management team in adjusting their strategies to avoid adverse impacts on their financial per-
formance and position in the long term. This will involve increasing their resilience by incorporating opportunities into their business
strategies and implementing mitigation measures to address their most significant risks.
- To integrate climate-related issues into the overall risk management framework and processes and to promote a consistent approach to
identifying, assessing, and managing these maers across the Group.
- To further define relevant climate-related metrics and targets to monitor and communicate progress, ensuring that these are aligned with
international standards and requirements to ensure clarity and comparability for stakeholders.
By increasing its understanding of climate-related issues through these steps, D’Ieteren Group will enhance its risk management and strate-
gic planning, whilst reducing its impact on climate change, thereby continuing to generate long-term value for its various stakeholders,
including customers, employees, civil society, the environment in which it operates, and its shareholders.
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Disclosure of non-financial information - D’Ieteren Automotive
D’Ieteren Automotive
For the comfort of reading, D'Ieteren Automotive will be called by its commercial name, 'D'Ieteren'.
1. Business model and value creation
Leader in the mobility market in Belgium, D’Ieteren supports the transition to seamless and sustainable mobility for everyone. The company
is actively engaged in implementing a sustainable business model. D'Ieteren recognizes its role and responsibility in addressing the challen-
ges of climate change. The company understands the impact of its operations on the environment and is commied to reducing its carbon
footprint and promoting sustainable mobility solutions. By aligning its operations with the goals of the Paris Agreement and the European
Green Deal, D'Ieteren aims to contribute to the transition to a low-carbon, sustainable future, and help to achieve carbon neutrality in Europe
by 2050. To this end:
• D’Ieteren is promoting electromobility in Belgium. It relies on its long term partnership with the Volkswagen Group brands – from the
city car to the top-of-the-range sports car – and deploys complementary services integrating, among other things, the installation of
charging stations together with photovoltaic panels and baeries with EDI-Electric by D’Ieteren, and financing solutions from Volkswagen
D’Ieteren Finance.
• D’Ieteren is also extending its expertise to the used vehicle market and across the whole lifecycle of the vehicles with its brands My
Way (used car), Wondercar (Bodyshop smart repair) and Wonderservice (Spare parts), thereby prolonging the life of these vehicles with
adequate maintenance and repair activities.
• The company is developing an extensive porolio of new mobility services: free-floating car sharing with Poppy, the management of au-
tonomous vehicles with USH, paid passenger transport with Husk and Taxis Verts, a multimodal application Skipr for planning, booking,
and paying for a journey, jockey services with Mobvious, etc.
• D’Ieteren is extending its position in the (e)bike retail market with Lucien to become a leading retailer oering new bikes, used bikes
and aer sales services.
• In 2022, D'Ieteren has entered, with Microlino, into a new urban mobility segment by plugging the gap between cars and two-wheeled
vehicles. Microlino is a new kind of electric microcar enabling ecient, light urban CO
2
-free mobility.
D’Ieteren today is composed of several businesses well placed to take an active role in developing a new all-inclusive mobility ecosystem.
Together they can meet the needs of the majority of mobility-users, whether individuals or professionals. Moreover, they enable D’Ieteren to
expand by eectively contributing to developing multimodal mobility policies for its B2B customers.
For all the ESG data except for the carbon footprint, the general scope for 2022 is provided in two scoping categories.
- D’Ieteren Automotive excluding its subsidiaries
- D’Ieteren Automotive including subsidiaries in which it has a majority ownership (D’Ieteren Mobility Company (previously Sopadis,
D’Ieteren Centers, Porsche Centre Brussels, Porsche Centre Antwerp), Lab Box, Wondergroup, Lucien)
Geographies & Workforce Excluding Subsidiaries
Including Subsidiaries
KPI Unit 2021 2022 2021 2022
Change
(2022 vs. 2021
Exc. Subsidiaries)
Total full-time equivalents (FTEs) as at 31 December FTE
780.2 799.3
2,039.9 2,400.6 2.4%
Percentage of FTEs
in the Eurozone (Belgium)
% 100% 100% 100% 100% 0.00p.p.
Additional backgound information on the calculations and formulas used for ESG data can be found at p.220
2. Sustainability strategy
2.1. Materiality
In 2020, D’Ieteren carried out a materiality analysis with the help of an external partner. A dialogue with a selection of stakeholders and the
management team, in the form of an online survey and interviews, was set up. More than 200 customers, employees, dealers, shareholders,
suppliers, and experts were invited to give their opinions. This analysis led to an identification and prioritization of the business’s most
critical non-financial (so-called 'material') aspects. The most material topics identified are 'alternative and flexible mobility solutions', 'cus-
tomer care', and 'emissions from operations and from the sold & leased fleet'. In addition to these topics, D'Ieteren is commied to being an
employer of choice in Belgium and has added 3 more topics: diversity and inclusion in the workplace, employee well-being, and responsible
corporate governance.
157Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Automotive
2.2. Sustainability roadmap
Building on the materiality analysis, D'Ieteren developed a sustainability roadmap focusing on protecting the environment, customer excel-
lence, well-being and diversity for its sta, responsible governance, and ethics.
To demonstrate its commitment to reduce the carbon footprint of its activities, D'Ieteren has linked its financial policy to its environmental
commitment by signing a Sustainability-Linked Loan in December 2021. The financing conditions are indexed to its objective of reducing its
emissions by 50% by 2025 and to D'Ieteren's active participation in the greening of the Belgian car fleet, commiing to reach 28% of electric
vehicles among its sales by 2025.
The ESG ambition is also translated through the integration of sustainability-linked KPIs in the Executive Commiee’s variable remuneration.
2.3. Sustainability governance
The Sustainability Manager, appointed in January 2023, is in charge of defining the sustainability strategy and roadmap, together with the
Executive Commiee. The Sustainability Manager is also at the forefront of the development and oversight of environmental, social and
corporate governance policies and procedures as well as developing and supporting ESG strategic initiatives.
ESG initiative owners have been assigned within relevant departments to ensure the deployment of specific actions to achieve their
objectives
- Employee well-being and Diversity & Inclusion: Human Resources
- Customer Satisfaction: Marketing Department
- As the environment and sustainable mobility topics are transversal to D'Ieteren and all its subsidiaries, the initiatives carried out on these
subjects are monitored by the Sustainability manager.
The ESG initiative owners, the Sustainability Manager and the financial teams are also in charge of non-financial reporting. Therefore, they
are regularly informed and trained on the legal framework and developments in ESG maers.
Two critical governance bodies review ESG status updates and have dierent roles:
- The Ethics Commiee (once per quarter) serves as a Sounding Board to the Executive Commiee, providing input to and new ideas on
ESG strategic initiatives; it was composed in 2022 of the CEO, the Human Resources Director, the Sustainability Manager, representatives
of the legal and audit department for D'Ieteren and representatives of subsidiaries;
- The Executive Commiee takes strategic decisions linked to ESG topics and ensures progress is in line with the company’s non-financial
ambition and objectives.
158 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
The progress made on the main ESG initiatives is regularly communicated to the senior management teams of D'Ieteren and then relayed to
all employees via its internal communication tools as well as to its external stakeholders.
In the summer 2022 an internal audit was carried out on the governance, risk assessment, KPI monitoring and reporting related to ESG. The
main conclusions were the need to formalize internal procedures, implement ESG reporting tools and align the reporting scopes for the die-
rent KPIs. An action plan for improvement has been established, as well as responsibilities within a defined timeframe. Since 2020, D’Ieteren
successfully passed the external assurance process for ESG strategic KPIs. In 2023, D’Ieteren will focus on a broader perimeter, including
all its subsidiaries, confirming the company’s commitment to improving the transparency and data quality of the ESG reporting process.
2.4. Connectivity table
ESG area Strategic pillar Impact on Society
Sustainability-related
Risks/opportunities
KPI
2025
Ambition
Value
in 2022
Policies
& Action
plans
Environment Managing the
environmental
impact of our
operations
D’Ieteren’s activities
and operations
generate direct
and indirect GHG
emissions, which
have an impact on
climate change
Risk
Climate change is a
global emergency
that requires urgent
actions. D’Ieteren has
a responsibility to
monitor, manage and
reduce its emissions.
% reduction GHG
emissions
(vs. 2019)
50% 42.5%
3.1.
% GHG emissions
oset (scopes 1,2
and limited scope
3)
100% 100%
Building seamless
and sustainable
mobility for
everyone
New mobility
paerns which
are increasingly
seamless and
sustainable emerge,
decreasing trac
and related CO
2
emissions
Risk
Decarbonizing
individual mobility is
essential for D'Ieteren
to meet the growing
pressure from a
variety of stakeholder
groups (regulators,
public-interest groups,
NGO’s,…) and to retain
customers looking
for fiscally aractive
mobility solutions
Opportunity
As new forms of mobi-
lity emerge, D'Ieteren
is expanding into new,
adjacent markets to its
core business with the
opportunity to build a
long-lasting leadership
position
Share of BEVs in
registrations (% of
volume)
28% 11.3%
3.2.
Share of Key
Accounts to which
D’Ieteren provides
alternative mobi-
lity solutions
25% 6.8%
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Disclosure of non-financial information - D’Ieteren Automotive
ESG area Strategic pillar Impact on Society
Sustainability-related
Risks/opportunities
KPI
2025
Ambition
Value
in 2022
Policies
& Action
plans
Social Playing a deter-
mining role in the
well-being of our
employees
D'Ieteren oers a
workplace where
people can grow,
feel supported, and
focuses on a good
work-life balance
which has been
at the center of
employees' needs
since the pandemic
Opportunity
Creating a positive
working environment
by minimizing stress
levels, improving
employee satisfaction
and engagement, and
ultimately helping em-
ployees thrive at work
is essential for a beer
performance and a
higher productivity as
well as for the arac-
tion and retention of
talents
Employee engage-
ment score
75% 84.5%
3.3.
Survey participa-
tion rate
66% 84%
Increasing diver-
sity and inclusion
in our workplace
D’Ieteren can have
a positive impact on
society by crea-
ting a workplace
where everyone
feels included and
accepted
Risk
Too much conver-
gence of like-minded
people can be dan-
gerous for business
and prevent it from
flourishing
Opportunity
Diverse and inclusive
workplaces earn
deeper trust and more
commitment from
employees.
Percentage of
women in CVs
presented to the
hiring manager
for employee
positions
50% 31%
3.4.
Percentage of wo-
men in manage-
ment commiees
25% 23%
Improving the life
of our customers
In a society where
individuals face
increasing challen-
ges in balancing
various aspects
of their lives, the
significance of fluid
mobility cannot be
overstated.
Opportunity
Happy and satisfied
customers are more
likely to be loyal to
D'Ieteren, strengthe-
ning its position as
market leader
NPS for sales of
new cars
62 61.5
3.5.
NPS for aersales 54 51.2
Governance Implementing
responsible corpo-
rate governance
It enables compa-
nies to focus on
long-term sustai-
nable value creation
rather than short-
term benefits
Risk
A governance default
could lead to adverse
reputational and finan-
cial impacts, including
claims and fines
Opportunity
The D’Ieteren values
& ethics supported
by its culture help to
maintain its highly en-
gaged workforce and
supports the develop-
ment and maintenance
of talent
No strategic KPI
- - 3.6.
Data marked with
9
is in the scope of the independent limited assurance performance performed by PwC.
9
9
9
9
160 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
3. ESG Performance
3.1. Managing the environmental impact of our operations
D’Ieteren is striving to reduce the CO
2
emissions linked to its operations and has set itself the target of reducing the carbon footprint of its
operations by 50% between 2019 and 2025.
At the end of 2022, D'Ieteren has already reduced its emissions by 42.5%, despite an expected rebound in 2022 due to a return to more
normality following two years impacted by Covid-19. This evolution is explained by the success of the actions taken to achieve this target.
Strategic KPI 2021 Value 2022 Value Target 2025
% GHG reduction 32% 43% 50%
The scope was defined in the 2019 baselining exercice and include scope 1, 2 and specific elements of scope 3 (Logistics, Business travel and commuting). The scope in-
cludes the activities of D’Ieteren (excluding subsidiaries), Porsche Centre Brussels, Porsche Centre Antwerp, and D’Ieteren Centers. The reason of maintaining that scope
is that D’Ieteren has commied externally to a target (-50% by 2025 vs. 2019) on this scope and the scope is used as part of the Sustainability-Linked Loan.
Several actions have been taken to decrease these emissions and the progress already made is greater than expected.
- Electric cars are largely oered as part of the mobility policy and their adoption rate will rise in the next few years. To further promote
electromobility, D'Ieteren has taken on a significant part of the financing of charging stations at home for its employees who have a
company car with more than 440 charging stations installed since 2021.
- Large projects aimed at optimizing the footprint, including the construction of new, low-emission buildings, are currently ongoing in
collaboration with D’Ieteren Immo and results should be seen by 2025. Moreover, D'Ieteren has been sourcing most of its electricity from
green suppliers since 2021.
- D’Ieteren encourages teleworking and remote conferencing, leading to less employee commuting and less business travel.
- The temperature in the oces was lowered to 19 degrees and the size of the headquarters was reduced to match the oce occupancy
rate, two initiatives contributing to the reduction of CO
2
emissions.
Additional measures will be taken by 2025 to ensure that the target is met. These will include an increase in the number of electric vehicles
in the internal fleet, a possible switch to green gas, a strict monitoring of business travel, etc.
The next step is to establish an emissions reduction target for 2030 in line with the requirements of the Paris Agreement. As a result, the
company will now extend the measurement of its emissions to Scope 3, including emissions related to the production, use and end of life of
the products it market. This will enable D’Ieteren to submit an emission reduction target to SBTi for validation. In this context, D'Ieteren has
also joined the Belgian Alliance for Climate Action, which brings together nearly 200 Belgian companies and organisations commied to the
climate. An awareness and training program for senior management has been set up in parallel in order to align and get sta on board with
the CO
2
emission reduction programs that will be implemented at all levels.
GHG emissions & energy consumption
Historical Scope
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Greenhouse gas emissions
Greenhouse gas emissions (Scopes 1, 2 & 3)
Tonnes CO
2
e
16,243 13,715 11,649 -15.1%
Greenhouse gas emissions scope 1
Tonnes CO
2
e
6,760 7,204 5,486 -23.8%
Greenhouse gas emissions from cars
Tonnes CO
2
e
2,576 2,452 2,688 9.6%
Greenhouse gas emissions from natural gas
Tonnes CO
2
e
4,041 4,673 2,746 -41.2%
Greenhouse gas emissions from refrigerant leakage
Tonnes CO
2
e
111 52 52 0.4%
Greenhouse gas emissions from owned logistics
Tonnes CO
2
e
31 27 -
Greenhouse gas emissions scope 2
Tonnes CO
2
e
1,004 17 28 63.7%
Greenhouse gas emissions, market-based
Tonnes CO
2
e
1,004 17 28 63.7%
Greenhouse gas emissions scope 3
Tonnes CO
2
e
8,479 6,495 6,135 -5.5%
Greenhouse gas emissions from commuting
Tonnes CO
2
e
1,142 638 566 -11.2%
Greenhouse gas emissions from business travel
Tonnes CO
2
e
148 43 251 480.7%
Greenhouse gas emissions from upstream emissions, scope 1 & 2
Tonnes CO
2
e
1,783 1,649 1,406 -14.7%
Greenhouse gas emissions from upstream logistics
Tonnes CO
2
e
5,380 4,041 3,849 -4.8%
Greenhouse gas emissions from waste
Tonnes CO
2
e
25 123 63 -49.2%
9
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Disclosure of non-financial information - D’Ieteren Automotive
GHG emissions & energy consumption
Historical Scope
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Greenhouse gas emission intensity
Greenhouse gas emissions, scope 1 per FTE
Tonnes CO
2
e
4.90 8.93 6.86 -23.1%
Greenhouse gas emissions, scope 2 per FTE
Tonnes CO
2
e
0.73 0.02 0.03 59.8%
Greenhouse gas emissions, scope 1 & 2 per FTE
Tonnes CO
2
e
5.63 8.95 6.90 -22.9%
Energy consumption
Total car gasoline/petrol consumption Liter 956,618 900,962 1,006,696 11.7%
Total car diesel consumption Liter 169,189 195,215 190,057 -2.6%
Heating, natural gas consumption MWh 21,845 25,260 14,843 -41.2%
Grey electricity consumption MWh 5,939 106 131 24.1%
Renewable electricity consumption MWh 4,340 6,075 5,000 -17.7%
Renewable electricity production MWh 2,714 2,439 2,734 12.1%
Cogeneration electricity production MWh 2,831 2,959 1,855 -37.3%
For the KPIs related to the carbon footprint and energy, the scope as reported since 2019 is kept (HISTORICAL SCOPE). The reason is that D’Ieteren has commied
externally to a target (-50% by 2025 vs 2019) on this scope and the scope is used as part of our Sustainability-Linked Loan. This scope includes the activities of D’Ieteren
(excluding subsidiaries), Porsche Center Brussels, Porsche Center Antwerp and D’Ieteren Car Centers.
A decrease in heating and the closure of sites explain the decreasing scope 1. For scope 3, the closure of sites led to decreasing waste emissions and business travel are
increasing in a post-covid rebound.
D’Ieteren’s Scope 2 emissions experienced a considerable reduction in 2021 as a result of the company’s transition to green electricity. However, the emissions data for one
of their sites still reflects the use of grey electricity, which contributes to the company’s Scope 2 emissions.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
WASTE MANAGEMENT
In disposing of and recycling its waste, D’Ieteren collaborates with waste management companies, such as Veolia (for all waste), Oilco (for
used oil), Dechamps (for scrap metal). A project coordinator from the main waste collection company (Veolia) makes regular site visits to mo-
nitor and optimize waste management on site. D’Ieteren also facilitates the recycling of used vehicles by oering an additional allowance to
people who provide their vehicles for recycling. D’Ieteren works with Febelauto whose mission is to organize and monitor the management
of end-of-life vehicles by the European Directive. Currently, Febelauto recycles around 97% of the weight of these vehicles in an approved
and controlled way.
Waste-related data Excluding Subsidiaries Including Subsidiaries
KPI Unit 2021 2022 2021 2022
Change
(2022 vs. 2021
Excl.
Subsidiaries)

Total waste generated Tonnes 512 494 1,795 1,666 -3.5%
Total hazardous waste generated Tonnes 13 8 416 454 -36.5%
Total hazardous waste directed to landfill Tonnes 0 0 12 0
Total hazardous waste directed to incineration
(without energy recovery)
Tonnes 0 0 0 0 -
Total hazardous waste directed to incineration
(with energy recovery)
Tonnes 1 1 31 20 48.3%
Total hazardous waste diverted from disposal to
re-use
Tonnes 2 1 72 179 -28.1%
Total hazardous waste diverted from disposal to
recycling
Tonnes 11 6 302 255 -44.8%
Total non-hazardous waste generated Tonnes 498 485 1,379 1,211 -2.6%
Total non-hazardous waste directed to landfill Tonnes 0 0 20 16 -
Total non-hazardous waste directed to incineration
(without energy recovery)
Tonnes 0 0 72 152 -
Total non-hazardous waste directed to incineration
(with energy recovery)
Tonnes 89 79 264 219 -10.7%
Total non-hazardous waste diverted from disposal
to re-use
Tonnes 0 0 115 47 -
Total non-hazardous waste diverted from disposal
to recycling
Tonnes 409 406 909 777 -0.8%
Note that D’Ieteren Immo and D'Ieteren Group Holding' s waste data are included in the waste data of D’Ieteren. Maintenance parts are not included in the waste
reported for D'Ieteren. Hazardous waste directed to landfill is assumed to be 0 for D’Ieteren Mobility Company and Lab Box due to their size and type of activities.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC
9
162 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
3.2. Building seamless and sustainable mobility for everyone
D’Ieteren is not only Belgium’s largest vehicle distributor. The company has transformed itself over the last 4 years to oer a holistic approach
to mobility and meet the needs of all mobility-users, both individuals or professionals. D’Ieteren oers a wide range of diversified mobility
solutions.
New and
used vehicle
sales
Steps,
scooters
Bike
retailing
Mobility
consulting
Taxis,
vehicles
with driver
Autonomous
mobility
Mobility
innovation
New and second-hand turn-key
solutions to individual car ownership
for companies and consumers.
Shared micro-mobility that allows
fl exibility, sustainability and less
congestion. Last mile (inner-city)
mobility solution.
Start-up studio focusing
on the future of mobility.
Helping companies to make better
data-based mobility decisions.
A fast fallback solution in our
fl uid-living lifestyles that doesn’t
require parking spaces or car
ownership. For individuals or
businesses.
Dedicated autonomous
shared mobility provider.
Audi, Volkswagen, Volkswagen
Commercial Vehicles, SEAT/Cupra,
ŠKODA, MyWay, Audi Approved Plus
Poppy
Lab-box
Mob Box
Taxis Verts, HUSK
USH
Luxury
car sales
Leasing &
fi nancing
solutions
Super
compacts
Charging
& energy
solutions
Shared
vehicles
all-in-one
Oering
mobility
solutions
Saas Tools
Same as new and used
vehicle s
ales, but focused
on the exclusive segment.
Leasing and fi nancing for
individuals or businesses.
An innovative answer to
changing urban mobility .
EV-charging solutions and
energy related solutions
for professionals and
consumers.
Smart vehicle sharing solutions
for private and professional
customers, driving aff ordability
and reducing the number of
vehicles on the road.
Bringing multimodal
mobility solutions together
for B2B customers.
Alternative to motorized
transportation for individuals or
businesses.
Enabling fl exible corporate
mobility management.
Porsche, Bentley, Lamborghini
Bugatti, Rimac, Maserati
Volkswagen D’Ieteren Finance,
Joule
Microlino
EDI, Go-Solar
Poppy, MyMove
Group Mobility Solutions, skipr
Lucien, Joule
Mbrella, MyMove, Joule
Maintenance
and repair
Maintenance and repair services
for private and professional
customers. Jockey services.
WONDERCAR & WONDERSERVICE
,
weCare, Mobvious
This porolio of activities has been built on the results of the Polaris mobility survey conducted by D’Ieteren in 2021, targeting professional
customers. This survey showed that B2B customers will be catalysts for adopting new mobility paerns, for example, by oering mobility
budgets to their employees who wish to travel or commute with alternatives to company cars.
Given the importance of B2B customers, D’Ieteren has set up a 'Group Mobility Solutions' team to inform B2B customers of the new mobility
possibilities for companies and to oer B2B customers a one-stop-shop solution for all their mobility solutions. A web plaorm has been
developed to provide customers with regularly updated information on electrification, taxation and new mobility solutions.
163Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Automotive
3.2.1. ELECTRIFICATION OF THE CAR FLEET
D’Ieteren is leader in this segment in Belgium with 11.3% of its volume of registrations being electric vehicles (vs 7.4% in 2021). This de-
monstrates the relevance of its strategy focusing among others on fleet customers with Group Mobility Solutions helping them to shape
new electric mobility policies, with an array of Baery Electric Vehicles (BEV) products and solutions provided by EDI-Electric by D’Ieteren.
Founded 3 years ago, EDI is now the leader in Belgium, with 6,783 charging stations installed in 2022 and the ambition to double this figure
in 2023. In addition to the sales and installation of charging stations, EDI Network has been created to promote the development of electrical
infrastructure in private facilities accessible to the public. This allows companies, commercial spaces, sports centers, etc. to oer charging
solutions to their customers, with EDI Network taking care of all the billing aspects. In 2022, EDI also entered the green energy market by
acquiring GO SOLAR, a key player in Belgium installing photovoltaic panels and home baeries. This acquisition is a strategic operation that
simplifies the customer experience by providing a complete electromobility oer.
Strategic KPI 2021 Value 2022 Value Target 2025
Percentage of Baery Electric Vehicles (BEV) in
registrations (% of volume imported by D’Iete-
ren)
7.4 % 11.3% 28%
Scope: 6 main brands in the passenger car segment (Volkswagen, SEAT, CUPRA, Audi, SKODA and Porsche)
3.2.2. ALTERNATIVE AND FLEXIBLE MOBILITY SOLUTIONS
While individual cars remain the most important mode of transport, other forms of mobility are growing and D’Ieteren is taking a series of
initiatives to shape their respective markets.
D’Ieteren continues to invest in Lab Box, its mobility start-up studio that develops and supports ventures covering a wide-range of new mo-
bility activities, with the ambition to make cities more livable and enjoyable in the future.
- Poppy is a shared mobility plaorm with over 200,000 users to date and currently oers 1,000 cars, 50 vans, 2,000 e-scooters and 160
e-bikes. In order to meet the growing demand, Poppy Mobility will progressively expand its fleet in 2023 with 2,000 new cars. The shared
mobility app is available in Brussels, Antwerp, Mechelen, Ghent, Liège, Lier and at Belgian airports.
- The Brussels cab company Taxis Verts joined D’Ieteren in 2022. With this acquisition, Lab Box and D'Ieteren want to make Taxis Verts
the national champion in its field and take initiative to electrify the taxi fleet and digitalize the oering
- Mob Box supports companies to make beer data-driven mobility decisions with beer environmental impact and user satisfaction.
- Mbrella is an HR plaorm to manage flexible mobility including public transport subscriptions, commuting allowance, mobility budgets
etc.
- USH is the company behind the first autonomous vehicle on open roads in Wallonia and, since 2022, in Flanders.
- Skipr is a Mobility-as-a-Service application enabling the deployment of a mobility budget for employers.
2022 was marked by D'Ieteren's entry into the e-bike retail market with Lucien and its chain of more than 10 stores in the Brussels and
Antwerp regions. D’Ieteren wants to promote this active and emission-free mode of transportation in cities across Belgium.
End of 2022, D’Ieteren announced the marketing in Belgium of Microlino, underlining its willingness to promote environmentally friendly
modes of travel that are convenient for urban mobility.
Consequently, D'Ieteren has a wide range of complementary or alternative mobility solutions to the car. These oers are welcomed with
success, especially by B2B customers. More than 6% of them now include one of these solutions in their mobility policy. D'Ieteren intends
to promote them as much as possible in order to reach its objective of 25% integration of these solutions in the purchases of professional
customers by 2025.
Strategic KPI 2021 Value 2022 Value Target 2025
Percentage of Key Accounts to which D’Ieteren
provides alternative mobility solutions
<1% 6.8% 25%
Scope: excluding Lucien & EDI
3.3. Playing a determining role in the well-being of its employees
D’Ieteren is creating a great place to work where everyone is able to perform to the best of their abilities. The company’s performance de-
pends on its employees and their involvement in improving their personal and collective performance.
Therefore, two main initiatives were pursued in 2022: the ‘Living our Values’ programme and the well-being programme. As part of the ‘Living
our Values’ programme, every employee participated in workshops to share how they can apply the D’Ieteren values in their day-to-day work.
The well-being programme involves various training opportunities throughout the year on managing energy, teleworking, healthy food, etc.
Moreover, in a rapidly changing sector, D’Ieteren takes its responsibilities for preparing its employees to meet future challenges and gives
them the opportunity to develop themselves. Its D’Ieteren Academy plays an active role in developing skills internally and throughout the
dealership network. Its transversal plaorm, named MyAcademy, provides easy access to a large set of learning solutions, both digital and
in-person. The oer is constantly renewed and structured into a diversified porolio of training sessions linked directly to the company’s
strategy and needs, for example, inducting newcomers, a leadership curriculum, developing their transversal strategic skills and talent de-
velopment programmes.
D'Ieteren is also taking care to foster the gathering of teams aer many months of teleworking and social distancing linked to the Covid
years. For the first time in 2022, the company organized the D'Ieteren Festival for its 2,300 employees in a spirit of celebration and entertain-
ment. The company also regularly organizes general information meetings for all its teams to reinforce alignment team cohesion.
164 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
D'Ieteren has furthermore entered a vast plan for converting its oces into a great place to work. D'Ieteren Park should be completed by
the end of 2024 and will bring together the majority of D'Ieteren and Volkswagen D’Ieteren Finance employees in a single location. D'Ieteren
Park is much more than just oces. It is a whole new way of working that will be promoted to stimulate collaboration, curiosity, exchange
and innovation. This project is being developed in close collaboration with the sta, particularly with some of them whose role is to partici-
pate in the organizational choices and to communicate on these topics to their respective teams.
Every year in November, D’Ieteren measures employee engagement through a specific survey. Other surveys are also deployed and the re-
sults were shared in teams in order to identify and implement any necessary actions. Although employee engagement remained very high,
the high workload was highlighted by . The Executive Team is taking appropriate measures to manage this situation, including oering 1
day of rest to every employee during the holiday season and prioritizing projects by entities, as well as organizing sessions with Executive
Commiee members for the whole organization to strengthen the proximity with and clarity on the company’s vision and 5-year plan.
Strategic KPI 2021 Value 2022 Value Target 2025
Employee engagement score 88% 84.5% 75%
Survey participation rate 88% 84% 66%
Scope: D’Ieteren and all subsidiaries; 2021 and 2022 scope excuded D’Ieteren Mobility company following the restructuring plan.
Engagement score is defined as the percentage of employees answering “agree” or “rather agree” across 4 statements : “I am commied to supporting my department’s
vision and plans for the coming years”, “I am proud to work for my company”, “I am motivated to invest in my work to build our future” and “My work gives me a sense of
personal accomplishment”.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC
Training Excluding Subsidiaries Including Subsidiaries
KPI
Unit 2020 2021 2022 2021
2022
Change
(2022 vs. 2021
Excl.
Subsidiaries)
Average number of training hours by FTE
Hours/
FTE
7.8
18.9 23.8
12.7 14.5 26.1%
Health & safety data Excluding Subsidiaries Including subsidiaries
KPI Unit 2020 2021 2022 2021 2022
Change
(2022 vs. 2021
Excl.
Subsidiaries)
Lost time injury (LTI) at the workplace
Total number of lost time injuries Number 32 10 11 66 30 10.0%
Frequency rate
LTI/1,000,000
Hours worked
16.68 8.60 9.3 21.96 9.71 7.9%
Work-related fatalities
Total number of work-related fatalities Number 0 0 0 0 0 -
Lost time in days at the workplace (LTD)
Lost time in days due to work accidents Days 901 210 113 1,210 251 -46.2%
Severity rate
LTD/1,000 Hours
worked
0.47 0.18 0.10 0.40 0.08 -47.2%
Absenteeism (illness and lost time injuries)
Total days absent because of illness, lost time
injuries or unknown reasons
Days 21,493 11,809 12,323 49,499 37,217 4.3%
Absenteeism rate % 6.13% 5.96% 6.07% 9.55% 6.10% 0.11p.p.
Health and safety training
Total health and safety training hours Hours 1,282 1,434 1574 1,840 2,399 9.8%
Definitions and formulas for LTI, frequency rate and severity rate can be found at the end of the NFDs (p.221).
9
9
9
9
165Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Automotive
Social data Excluding Subsidiaries Including Subsidiaries
KPI Unit 2020 2021 2022 2021 2022
Change (2022 vs.
2021 Excl. Subsi-
diaries)
Hours worked, subcontractor sta
Total number of hours worked by subcontractor
sta during the reporting period
Hours 0.00 53,989 47,136 109,758 144,924 -12.7%
Headcount, own employees
Total headcount as at 31 December Number 1,388 787 806 2,081 2,499 2.4%
Percentage of male headcount as
at 31 December
% 80% 74% 74% 82% 80% -0.14p.p.
Percentage of female headcount as at 31
December
% 20% 26% 26% 18% 20% 0.14p.p.
Headcount by contract (fixed-term/open-ended)
Total headcount with fixed term contracts
as at 31 December
Number 25 10 13 18 106 30.0%
Percentage of male headcount with fixed term
contracts
% 80% 100% 92% 100% 91% -7.69p.p.
Percentage of female headcount with fixed
term contracts
% 20% 0% 8% 0% 9% 8.00p.p.
Total headcount with open-ended contracts
as at 31 December
Number 1,363 777 793 2,063 2,322 2.1%
Percentage of male headcount with open-
ended contracts
% 80% 74% 74% 82% 80% -0.11p.p.
Percentage of female headcount with open-
ended contracts
% 20% 26% 26% 18% 20% 0.11p.p.
Headcount full-time/part-time
Total headcount contracted on a full-time basis
as at 31 December
Number 1258 706 720 1931 2245 2.0%
Total headcount contracted on a part-time
basis as at 31 December
Number 130 81 86 150 210 6.2%
Own employee turnover
Turnover rate % 6.38% 7.54% 8.16% 16.60% 16.25% 0.62p.p.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC
3.4. Increasing diversity and inclusion in the workplace
The importance of inclusion and diversity at D'Ieteren is based on the belief that a diverse and inclusive workplace can lead to beer business
results and a more positive work environment. A diverse and inclusive workplace can bring a wider range of perspectives and ideas to the
table, leading to more innovative solutions and a more engaged workforce. In addition, promoting inclusion and diversity helps to create a
positive company culture and reputation, and can improve employee satisfaction and retention. Overall, D'Ieteren considers inclusion and
diversity to be a key factor in its success and continues to take steps to ensure that all employees feel valued and respected in the workplace.
Consequently, all decisions relating to employment, including hiring, performance appraisal, promotion, training, remuneration and develop-
ment, are made solely on the basis of objective factors such as skills, qualifications, merit, performance and other professional considera-
tions. As mentioned in its Code of Conduct, D’Ieteren prohibits any form of discrimination based on age, gender, ethnic origin, nationality,
religion etc.
Along with the initiatives taken in terms of professional development or regular measurements of employee satisfaction, D’Ieteren has de-
cided to set up a programme to foster gender diversity in the company, from recruiting, training and mentoring women, to increase their
representation in the company’s management commiees. This programme includes:
- Training the recruiting team and hiring managers on the biases that can exist
- Reviewing the website’s career page to align it with D’Ieteren’s values and highlight initiatives to support female employees
- A leadership programme for women, including group and peer-to-peer coaching to support them in their personal and professional
development
- Internal networking events to encourage women to meet each other to create a real network of women in mobility
Strategic KPI 2021 Value 2022 Value Target 2025
Percentage of CVs from women presented to the hiring manager for
an employee position
33% 31% 50%
Percentage of women in management commiees 23% 23% 25%
Scope : D’Ieteren Automotive (excluding subsidiaries).
The share of women in management commiees covers D’Ieteren Automotive (excluding subsidiaries). Management Commiees are defined as the leadership teams of
the departments. They are made of directors and direct reports collectively in charge of the deployment of the strategy.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
9
166 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
Diversity & Inclusion Excluding Subsidiaries Including Subsidiaries
KPI Unit 2021 2022 2021 2022
Diversity in executive level positions
Total headcount in executive level positions as at 31 December Number 7 6 9 41
Percentage of male headcount in executive level positions
as at 31 December
% 86% 83% 89% 85%
Percentage of female headcount in executive level positions
as at 31 December
% 14% 17% 11% 15%
Diversity on the Board of Directors
Total headcount on the Board of Directors Number 6 6 - -
Percentage of male directors on the Board of Directors % 83% 83% - -
Percentage of female directors on the Board of Directors % 17% 17% - -
3.5. Improving the life of its customers
Improving the life of its customers, by aiming for excellence in the services provided throughout each customer journey, is one of the strate-
gic axes on which D’Ieteren is working to achieve its mission to be a leader in the mobility market with a wide oering to oer fluid and
sustainable mobility for all.
D’Ieteren is using the Net Promoter Score (NPS) as main KPI to measure customer satisfaction at several moments in a customer journey: the
website visit, the oer request, the delivery of the car, maintenance, etc. The results from these surveys are used in several ways. Unsatisfied
customers are called back by their dealer, who investigate the issue and suggest possible solutions. Customer feedback is also analyzed by
the importer team to identify any structural pain points in the customer journey and to implement projects to improve the overall customer
experience. For example, on the basis of similar analysis, new procedures have been implemented to ensure customers receive an answer to
their sales requests more rapidly. Finally, the NPS is also used to support their dealers in benchmarking themselves against their peers and
improving their customer service.
To raise awareness among its sta, D'Ieteren has set up in 2022 training modules to explain why the company places the customer at the
heart of its strategy and how each of them can contribute to it on a daily basis. The modules deal with customer centricity, customer satis-
faction, the customer journey, customer profiles and everybody's contribution. In 2022, more than 120 D’Ieteren employees were trained on
that topic. This training is now integrated into the onboarding program for new employees and will be intensified in 2023, particularly for
people working in the aer-sales service.
Strategic KPI 2021 Value 2022 Value Target 2025
NPS for sales of new cars 60 61.5 62
NPS for aersales 53 51.2 54
Net Promoter Score given by customers visiting the ocial network for buying a new car or visiting their mechanical or bodywork aersales workshops. For the calcula-
tion of the scores weights were used based on forecasted sales.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
3.6. Governance and business ethics
D’Ieteren is commied to apply the highest ethical standards and comply with all applicable laws.
Its Code of Conduct, The WayWeWork, is the company’s set of values and ethics that provides clarity on acceptable behavior across the
company. It applies to every sta member from all D’Ieteren subsidiaries. The WayWeWork provides general guiding principles regarding the
values the organization believes in, day-to-day business practices and how sta member must interact with colleagues as well as with exter-
nal parties. These principles also form the basis for company policies and procedures. In 2021, D'Ieteren published a third version of its Code
of Conduct and in order to ensure that stall members adhere and understand the Code’s contents, D'Ieteren organized compulsory training
sessions on the main ethical principles. In addition, the company continued to promote its whistleblowing procedure with the belief that
transparency and the opportunity to remedy any ethical fault are key to the success of its ethical approach. Whether the alert is confirmed
or not, D'Ieteren ensures in each case that its internal procedures are applied if necessary.
D’Ieteren also expects third parties acting on behalf of its businesses to follow the principles set out in this Code of Conduct. A specific
Code of Conduct for suppliers has been developed in 2022 and will be released in 2023 to engage them more actively in achieving the
highest levels of ethical, social and environmental performance. When contracting with D'Ieteren, suppliers will commit in particular to
training and raising the awareness of their teams regarding the principles of integrity, taking any reasonable measures to prevent, detect
and remedy breaches, notifying D'Ieteren immediately of any identified risks or breaches, agreeing to record-based or on-the-spot integrity
checks conducted by D'Ieteren and informing their teams about D'Ieteren Integrity Alert System. This allows them to report in good faith any
dilemma or suspicion of any breach of ethical and compliance principles.
9
9
167Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Automotive
Governance
Excluding
Subsidiaries
Including
Subsidiaries
KPI Unit 2020 2021 2022 2021 2022
Change
(2022 vs. 2021
Excl.
Subsidiaries)
Ethics
Percentage of headcount that received training on
business ethics (e.g. on the Code of Conduct)
% 0% 94% 85% 42% 37% -9.29p.p.
Number of registered incidents on unethical work-
place behaviour or discrimination
Number 0 2 2 2 3 0.0%
Anti-bribery & anti-corruption
Monetary amount of legal and regulatory fines and
selements (over €10,000) connected with:
€ 0 0 0 0 0 -
- Breaches of bribery, corruption or anti-competitive
standards
- Environmental, ecological or social issues
- Data security breaches
Number of confirmed incidents of corruption and
bribery
Number 0 0 0 0 0 -
Non-monetary sanctions
Number of instances of non compliance with laws
and regulations for which non-monetary sanctions
were incurred
Number - - 0 - 0 -
Collective bargaining agreement
Percentage of headcount bound by a collective
bargaining agreement (CBA)

% 99% 99% 99% 88% 89% 0.02p.p.
3.7. Community engagement
Community engagement is important for D’Ieteren as it provides an opportunity for the company to give back to society and make a positive
impact.
To raise awareness of road safety among the youngest, Wondercar and the Vias Insitute, the Belgium Institute for Road Safety, the Belgium
Institute for Road Safety, have joined forces through a new campaign called “Wonder Robot”. This kids-friendly character was created to help
and assist parents and teachers in educating children about road safety via a playful and entertaining learning. The initiative was completed
with the equipment of “Wonder Robot” safety vest for about 10,000 kids across Belgium.
Furthermore, D’Ieteren pursues its 'Give & Gain' charity programme that reflects not only the company’s full commitment to causes that are
close to its businesses but also the commitment of its employees.
In 2022, sport and well-being sessions were completed by more than 200 participants to raise money for programs to protect the environ-
ment, notably in collaboration with WWF. The commitment of D’Ieteren ‘s employees has also resulted in the distribution of kid trolleys to
hospitals and nursing homes.
In addition to its recurring actions, D’Ieteren supported people impacted by the via Consortium 12-12.
In line with its mission to work towards fluid and sustainable mobility, D'Ieteren decided to support a mobility study, conducted by Mob Box
for the Cliniques Universitaires Saint Luc in Brussels, one of the largest hospitals in Brussels. This support aims at facilitating access to the
hospital and, therefore, to the health care for all patients and sta working there. The analysis will be conducted in 2023.
Community engagement Excluding Subsidiaries Including Subsidiaries
KPI Unit 2021 2022 2021 2022
Change
(2022 vs.
2021 Excl.
Subsidiaries)
Donations
Total donations € 145,262 94,847 163,712 97,297 -34.7%
168 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
4. EU Taxonomy
D’Ieteren’s major economic activity is the sale of motor vehicles which, currently, is not included in the EU Taxonomy. The Taxonomy des-
cription only includes the purchase, financing, leasing, rental, and operation of vehicles and excludes selling as an eligible activity. Since
D’Ieteren is the largest provider of new vehicles in Belgium, D’Ieteren believes it plays a crucial role in the transition from fossil-fuel-driven
motor vehicles to electric motor vehicles. D’Ieteren Automotive is also playing a role in oering a wide range of alternative mobility services.
All the initiatives clustered under Lab Box, which is D’Ieteren’s research and development entity that focuses on the future of mobility, are
included this year as eligible. Indeed, those activities help mitigate climate change, by promoting and developing new sustainable mobility
solutions.
In comparison to last year’s Taxonomy disclosures, D’Ieteren has extended its eligible Turnover, CapEx, and OpEx. The increased eligibility
is mainly due to the extra guidance given by the EU on the ‘manufacture of low-carbon technologies for transport’. This additional guidance
1
mentions the following:
‘The qualifiers, such as ‘low-carbon’ vehicles or ‘low-carbon’ vessels for the purpose of Section 3.3 in Annex I to the Climate Delegated Act
(‘manufacture of low-carbon technologies for transport’), which are not defined in a clear way, should only be considered for the purposes
of determining compliance with the technical screening criteria and are, therefore, not relevant for the reporting on eligibility.’
This extra guidance extends the description of activity 3.3, which is the “Manufacture, repair, maintenance, retrofiing, repurposing, and
upgrade of low-carbon transport vehicles, rolling stock and vessels”
1
to all rolling stock and vessels, regardless of their low-carbon charac-
ter. Hence all of D’Ieteren’s repair, maintenance, retrofiing, repurposing, and upgrading activities can also be deemed eligible. Given the
guidance, D’Ieteren feels confident about including an additional eligible segment of mechanical and bodyshop repair (WonderGroup and
Retail).
Other additional economic activities in comparison to last year’s analysis are the renewable energy activities that have grown strongly (EDI,
EDI Network, and GoSolar).
This leads to the following list of Taxonomy activities from the climate objectives that are applicable to D’Ieteren’s activities:
# D’Ieteren economic activity Taxonomy activity
1 Sale of bicycles & accessories (Lucien) 6.4. Operation of personal mobility devices, cycle logistics (CCM & CCA)
2 Leasing of bicycles (Joule) 6.4. Operation of personal mobility devices, cycle logistics (CCM & CCA)
3 Shared mobility services (Poppy) 6.5. Transport by motorbikes, passenger cars and light commercial ve-
hicles (CCM & CCA)
4 Mechanical & Body shop repair (WonderGroup, Retail) 3.3. Manufacture of low-carbon technologies for transport
5 Sale & installation of BEV charging stations (EDI) 6.15. Infrastructure enabling low-carbon road transport and public
transport
6 Operation of BEV charging stations i.e. selling KWh’s (EDI
Network)
6.15. Infrastructure enabling low-carbon road transport and public
transport
7 Sale & installation of PV panels and stationary baeries
(GoSolar)
7.6. Installation, maintenance and repair of renewable energy technologies
(CCM & CCA)
8 Mobility as a Service (Mbrella) 8.2 Data-driven solutions for GHG emissions reductions (CCM)
9 Taxi dispatching (Taxi Verts, Husk) 8.2 Data-driven solutions for GHG emissions reductions (CCM)
10 Lab Box SA 8.2 Data-driven solutions for GHG emissions reductions (CCM)
In total, this year’s eligible turnover has increased from 0.5% to 6.6%. The reason for this is threefold:
1. Increased granularity in the link between the economic activities and the link to the EU Taxonomy
2. Improved data management systems to link the EU Taxonomy’s data requirements to internal data systems
3. Improved EU guidance on certain interpretations of the EU Taxonomy
The biggest change (4.4% increase of total eligibility) is due to the inclusion of certain activities under activity 3.3, the ‘Manufacture of
low-carbon technologies for transport.
The eligible CapEx this year almost doubled from 16.3% to over 35.2%. This is due to the increased scope of eligible activities, improved data
collection, as well as the increased expenditures within Poppy (fleet expansion).
The eligible OpEx decreased from 39.1% to 19.2%, mainly driven by higher granularity in the dierent business activities and more granular
data systems which, together, caused a reallocation of certain costs to become non eligible.
D’Ieteren has not been able to gather all the necessary information to assess its alignment. It will work towards improving data collection in
the years to come and, therefore, D’Ieteren will report 0% aligned turnover, CapEx and OpEx for this financial year.
1. Q9, FAQ (originally published in February 2022) hps://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52022XC1006(01)&from=EN
169Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Automotive
TURNOVER
Economic activity
Absolute turnover (in millions) Proportion of turnover Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of turnover for 2022 Taxonomy aligned proportion of turnover for 2021 Category (Enabling activity) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.0%    
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
3.3. Manufacture of low-carbon
technologies for transport
157.3 4.4%    
6.4 Operation of personal mobility
devices, cycle logistics (CCM)
22.5 0.6 %    
6.5. Transport by motorbikes, passenger
cars and light commercial vehicles (CCM
& CCA)
8.0 0.2%
6.15 Infrastructure enabling
low-carbon road transport and public
transport (CCM)
12.9 0.4%    
7.6. Installation, maintenance
and repair of renewable energy
technologies (CCM)
24.4 0.7%    
8.2 Data-driven solutions for GHG
emissions reductions (CCM)
12.1 0.3%    
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
237.2 6.6%        
Total (A.1. + A.2.) 237.2 6.6%    
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
3,372.4 93.4%
Total (A + B) 3,609.6 100%
170 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Automotive
CAPEX
Economic activity
Absolute CapEx (in millions) Proportion of CapEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of CapEx for 2022 Taxonomy aligned proportion of CapEx for 2021 Category (Enabling activity or) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
3.3. Manufacture of low-carbon technologies
for transport
2.6 3.8%
6.4 Operation of personal mobility
devices, cycle logistics (CCM)
5.7 8.5%
6.5. Transport by motorbikes, passenger
cars and light commercial vehicles (CCM
& CCA)
11.3 16.7%
6.15 Infrastructure enabling low-carbon
road transport and public transport (CCM)
0.4 0.6%
7.6. Installation, maintenance and repair
of renewable energy technologies (CCM)
1.5 2.2%
8.2 Data-driven solutions for GHG
emissions reductions (CCM)
2.3 3.4%
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
23.8 35.2%
Total (A.1. + A.2.) 23.8 35.2%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible
activities (B)
43.8 64.8%
Total (A + B) 67.6 100%
171Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Automotive
OPEX
Economic activity
Absolute OpEx (in millions) Proportion of OpEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of OpEx for 2022 Taxonomy aligned proportion of OpEx for 2021 Category (Enabling activity or) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
3.3. Manufacture of low-carbon technologies
for transport
2.4 5.6%
6.4 Operation of personal mobility devices,
cycle logistics (CCM)
0.8 2.0%
6.5. Transport by motorbikes, passenger
cars and light commercial vehicles (CCM &
CCA)
0.2 0.6%
6.15 Infrastructure enabling low-carbon
road transport and public transport (CCM)
0.5 1.2%
7.6. Installation, maintenance and repair of
renewable energy technologies (CCM)
0.1 0.3%
8.2 Data-driven solutions for GHG
emissions reductions (CCM)
4.0 9.5 %
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
8.1 19.2%
Total (A.1. + A.2.) 8.1 19.2%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
34.3 80.8%
Total (A + B) 42.4 100%
172 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
Belron
1. Business model and value creation
Belron is the worldwide leader in vehicle glass repair, replacement and recalibration (VGRRR) with brands present in 37 countries through
wholly owned businesses and franchises, with market leading brands – including Autoglass® and Laddaw® in the UK, Carglass® across Eu-
rope, Lebeau Vitres d’autos® Speedy Glass® Apple Auto Glass ®, Duro ® vitres d’autos and Vanfax ® in Canada, Safelite® Autoglass in USA,
O’Brien® in Australia and Smith&Smith® in New Zealand. Belron also manages vehicle glass and other insurance claims on behalf of insu-
rance companies and provides plumbing and electrical solutions to home and business owners across Australia and New Zealand through
its Laser
®
brand.
Belron 2022 revenue by region €m
Eurozone 1,511.5
North America 3,368.2
Rest of the World 694.6
Geographies & Workforce
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Total full-time equivalents (FTEs) as at 31 December FTE
25,370.0 29,388.0 29,799.4 1.4%
Percentage of FTEs in the Eurozone %
34% 29% 29% 0.13p.p.
Percentage of FTEs in North America %
50% 57% 57% 0.34p.p.
Percentage of FTEs in the Rest of the World % 16% 14% 15% 1.05p.p.
The ESG data for Belron covers 100% of wholly owned businesses and central oce.
Additional background information on the calculations and formulas used can be found at p.219.
Belron has a deep and longstanding commitment to its purpose to ‘make a dierence with real care’ to its customers, people, shareholders
and to society. This purpose is communicated and shared across the whole business and is also the driving force behind its Responsible
Business Framework.
Belron has a ‘repair first’ approach which along with vehicle glass replacement and the recalibration of Advanced Driver Assistance Systems
(ADAS) means that it can create value for the customers, maintaining their mobility and extending the life of windscreens and ultimately
that of vehicles. This reduces costs for customers, reduces waste and avoids carbon emissions from the production of new glass and new
vehicles.
Belron activities have the ability to contribute to several of the United Nations Sustainable Development Goals. These were considered as
part of the strategy review undertaken in 2020 and in the development of the Belron Responsible Business Framework. The two strategic
pillars of the Framework: Sustainable Products & Services and Investing in People & Society, focus on having a meaningful impact on the
following goals which have the most relevance to its business operations and activities:
Goal 12 – Responsible Consumption and Production Goal 8 – Decent Work and Economic Growth
Goal 13 – Climate Action Goal 10 – Reduced Inequalities
Covers the targets under Sustainable Products & Services Covers the targets under Investing in People & Society
- Reducing waste and building a circular economy - Promoting diversity, equity, inclusion & well-being
- Driving down emissions - Giving opportunity
- Sustainable procurement - People safety
2. Sustainability strategy
2.1. Materiality
In 2020, Belron took part in a high-level materiality analysis conducted by D’Ieteren Group and supported by an external partner. As part of
the materiality analysis process, a short survey was sent to stakeholders and leaders, asking them to indicate which ESG topics they consi-
dered as most relevant to Belron. Interviews were conducted with internal representatives of key stakeholders including insurance and fleet
partners, suppliers, customers, employees and NGOs in order to gather further qualitative insights into their priorities for Belron.
The material topics highlighted included waste management, people safety, customer care, diversity and well-being. Belron used the output
of the analysis as it partnered with a leading sustainability consultancy to review all aspects of its corporate responsibility and refine its
materiality topics. The review culminated in the creation of the Belron Responsible Business Framework which was introduced in 2021.
173Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Belron
2.2. Responsible Business Framework
The Belron Responsible Business Framework brings together all aspects of how the company views ‘Doing Business Responsibly’, which
is derived from Belron’s purpose and values. Belron wants to continue to be “a trusted and respected company in the eyes of its people,
customers, partners and society, by doing the right thing every day and behaving with integrity in everything it does”.
The Framework has two strategic pillars: Sustainable Products & Services and Investing in People & Society. Its priorities under these pillars
are to:
- Reduce waste and work towards a circular economy
- Drive down emissions
- Integrate environmental and social considerations into all procurement decisions
- Promote diversity, equity, inclusion and well-being
- Continue giving back to drive positive change
- Prioritise the safety of its people
In addition, and underpinning the Framework, are foundations of; strong governance and inspiring leadership. The company continues to
focus on its values and ethics, while developing robust reporting and measurement around its responsible business activities.
2.3. Sustainability Governance
Chief People Ocer, Susan Ormiston is the Executive Team member responsible for ESG. Susan along with CEO Gary Lubner* and Richard
Tyler, the Group Customer Director, sponsor the two strategic pillars of the Belron Responsible Business Framework. ESG is reviewed at a
minimum, on a monthly basis, by the Executive Team and at least five times per year at Belron Group SA Board meetings.
Reporting into the Executive Team, Belron has a central sustainability team who are responsible for: coordinating and facilitating com-
pany-wide activity; monitoring progress and performance; and providing knowledge and expertise to support the implementation of the
Responsible Business Framework by each country. In 2022, the central team was strengthened to include a team to drive health & safety best
practice and enhanced processes across the business and additional resource to support sustainability activities on waste and emissions.
The country leadership teams are responsible for their individual ESG performances and how this contributes to the overall objectives of
the Framework. There is a network of Responsible Business Ambassadors, environmental reporters and in-country subject maer experts
who support the ESG agenda locally. In larger markets such as France, Germany and the UK, there are dedicated CSR / sustainability teams
in place.
*Gary Lubner stepped down as Belron CEO in early 2023. The co-sponsorship will now sit with Belron’s new CEO, Carlos Brito.
DOING BUSINESS RESPONSIBLY
Every day we are united by a common purpose: 'making a dierence with real care'. We want to become the most trusted and
respected company in the eyes of our people, customers, partners and society, and we'll achieve this by doing the right thing every day
and behaving with integrity in everything we do. This renewed commitment to doing business responsibly stems from our values,
it reinforces our culture, The Spirit of Belron, and lies at the heart our mission to become the world's natural choice
in vehicle glass repair, remplacement and recalibration.
Reducing waste and building
a circular economy
As the world's leading VGRRR
company, it is our responsibi
-
lity to lead the sector on
solutions that eliminate
waste. Building on the
success of our recycling and
'repair first' strategies, we will
leverage our world class tech
-
nical expertise and strong
partnerships to close the
loop on glass and associated
products.
Promoting diversity equity,
inclusion and well-being
As part of our ambition to be
'the best place you will ever
work', we are commied to
prioritising equity, inclusion
and well-being. Our product
is our people and the service
experience - and our com
-
mitment to diversity, equity,
inclusion and well-being will
ensure we remain a top em
-
ployer where talented people
thrive.
Driving down emissions
Climate change is a global
emergency that requires
urgent action. We are
commied to understan
-
ding and actively reducing
our emissions to zero and
supporting our partners to
reduce their impact, working
together to do what is right.
We will also support the low
carbon transition by investing
in renewables and carbon
osets.
Giving opportunity
We have a deep-rooted sense
of responsibility towards the
communities we serve which
is guided by our heritage and
values. We will continue our
commitment to giving back
to drive positive change and
build on this by sharing our
time and skills with young
people to support their
career aims.
Sustainable products and services
Sustainable procurement
Integrating environmental and social considerations
into all our procurement decisions
Strong governance &
inspiring leadership
Our values & ethics
Robust reporting &
measurement
People safety
Prioritising the safety of our people
Investing in people and society
174 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
2.4. Connectivity table
ESG
area
Strategic
pillar
Impact on society
Sustainability-related
risk/opportunity
KPI Ambition
Value in
2022
Policies
& Action
plans
Customer experience
Belron works to consistently provide
a high-level service, in the right place
and at the right time, with the right
piece of high-quality glass, ensuring
the customer’s mobility is maintained.
Satisfied customers become the
company’s promoters, they return
when required, trust the business
and are therefore more likely to be
a VAPS (Value Added Products &
Services) customer too. Unsatis-
fied customers do not return and
are negatively impacting brand
reputation.
NPS Maintain world-class
customer delight
82.2 3.1.1.
Customer welfare and safety
Belron’s highly trained technicians
ensure that every VGRRR job they
complete for every customer is car-
ried out to the highest standards. Not
doing so would put the customer’s
safety and other road users at risk.
Not carrying out a job to the
highest standards could negatively
impact brand reputation.
The business needs to maintain
and enhance its knowledge as
windscreens and glass technology
changes to ensure the process
continues to be ecient. This can
be a key dierentiator.
R&D
budget
To recalibrate every
customer vehicle, right
first time, irrespective
of the complexity of
the safety systems and
technology fied. This
will ensure that every
vehicle is returned to the
road with all of its safety
(ADAS) systems fully
functional, which is fully
aligned with the Belron
purpose of serving every
customer with real care.
€ 3.1m 3.1.2.
E
Sustainable
products
and services
Reducing waste and building a circu-
lar economy
The most significant waste product
for Belron is glass that cannot be
repaired, and a replacement is neces-
sary. The company has a responsibi-
lity to ensure eective management
of glass waste to minimise negative
environmental impact.
Repairing a windscreen avoids the
resource consumption involved in
producing a new windscreen and
cost and time for the customer.
Repair, replacement and recalibration
extends the life of the vehicle.
The risk of not managing glass
waste responsibly is closely linked
to necessary advancements in
the recycling industry to support
Belron’s glass waste management
eorts. Failure to do so could
lead to negative brand impact and
potential fines.
% vehicle
glass waste
recycled
To recycle 100% of
vehicle glass waste
where possible
89% 3.2.1.
Driving down emissions
Belron has a direct and indirect im-
pact on climate change from the CO
2
generated by its business operations.
It therefore has a responsibility to
monitor, manage and reduce its emis-
sions. In doing so, to help it reach its
targets it needs to keep pace with the
changes in transitioning to a net zero
business.
The more that Belron is able to
reduce its emissions at pace, the
less dependent it will be on fossil
fuels which will help to future
proof operations, enhance the
brand and respond to stakeholder
expectations.
CO
2
e
scopes 1, 2
& catego-
ries 1 to 5
of scope 3
Belron is commied
to understanding and
actively reducing its
emissions to net zero
and support its partners
to reduce their impact,
working together to do
the right thing. They will
also support the low
carbon transition by
investing in renewables
and carbon osets.
Belron has commied to
achieve a validated SBT
from the Science Based
Target initiative by the
end of December 2024.
823,986
CO
2
e
3.2.2.
Sustainable procurement
Poor financially run or operationally
managed suppliers are not only a risk
to the supply chain, but also on the
people who work within it and can
cause negative environmental impact.
Through the application of strict
standards and monitoring for
suppliers, the company’s needs
for goods and services are met in
a way that achieves value across
Belron and all its key stakeholders.
From a brand perspective, if sup-
pliers are using unethical practices
this can reflect negatively on the
reputation of Belron.
Number of
supplier
site audits
To make a real dierence
to the societal and envi-
ronmental impact of its
supply chain.
37 3.2.3.
9
175Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Belron
ESG
area
Strategic
pillar
Impact on society
Sustainability-related
risk/opportunity
KPI Ambition
Value in
2022
Policies
& Action
plans
S Investing in
people and
society
Promoting diversity, equity, inclusion
and well-being
As a responsible business Belron is
commied to ensuring its people
reflect the society it serves and being
an inclusive organisation.
With a focus on well-being, enga-
gement and providing support to
its people absenteeism is reduced,
and talented people are retained.
Improvement in diversity
amongst the Belron Lea-
dership Group and im-
provement in the gender
mix across the Belron
family of businesses.
3.3.1.
Employee
Engage-
ment Score
Maintain engagement
score in the mid 80%
range
86.2% 3.3.2.
People safety
Belron aims to ‘make a dierence
with real care’ to all its stakeholders
and through its training and tools
available, it ensures that safety of
its people and its customers is
prioritised.
The company’s focus on health
and safety training maintains the
well-being of its people, reduces
absenteeism and helps retain
talent.
Injury or harm to an employee
while doing their work is a risk not
only to the individual but could
also lead to negative impact on
the brand of the business.
Lost Time
Injury
Frequency
Rate (LTIFR)
Lost Work-
day Seve-
rity Rate
(LWDR)
Total Recor-
dable Injury
Frequen-
cy Rate
(TRIFR)
To prioritise the safety
of its people – a core
part of every employee’s
experience at Belron and
its family of businesses.
LTIFR:
16.90
LWDR:
466.58
TRIFR:
36.04
3.3.3.
Giving opportunity
Through its Giving Back agenda, the
company can have a positive impact
on the society it serves.
By harnessing the passion and
energy of its people, the Belron
Giving Back agenda and activities
have a positive impact not only
on the charities and causes
supported but also on people
engagement.
Donations
(€)
Continue their commit-
ment to giving back to
drive positive change
and to sharing their time
and skills with young
people to support their
career aims.
€ 8.5m 3.3.4.
G Doing
business
responsibly
Values and Ethics The Belron values and ethics sup-
ported by its culture help to main-
tain its highly engaged workforce
and supports the development
and maintenance of talent. It is a
key foundation to the company’s
approach of ‘doing business
responsibly’.
An ethical breach could seriously
damage the reputation of the
business and result in significant
legal consequences.
3.4.1.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
3. ESG performance
3.1. Making a dierence with real care
3.1.1. CUSTOMER EXPERIENCE
Belron has an unwavering commitment to deliver world class customer service every time. This requires focus and investment in every aspect
of the delivery from the experienced and highly trained technicians to the most advanced tools and technology. To ensure a consistent,
high-level of service, in the right place and the right time, with the right piece of high-quality glass Belron continually looks at improved ways
of working, monitors quality, and listens to customer feedback.
Feedback from the customer is captured through the Net Promoter Score (NPS) survey. Belron strives to invite every customer to complete
the NPS survey once a job has been carried out by one of its businesses. The customer is able to score their experience as well as provide
verbatim comments. All the Belron businesses report NPS to which a weighting is applied based on the volume of jobs in the country, and
a group average is calculated. Belron is proud of its consistently high, world-class NPS score of above 80. For 2022, the Belron NPS is 82.2.
In order to achieve its ambition of maintaining world class customer delight, in 2022 Belron embarked on a process of implementing a new
framework that will allow it to align the Belron businesses on best practice methods for gaining more actionable insights. It will also allow
the business to explore feedback to beer understand the strengths and weaknesses in its service oering.
Further to initial research carried out in 2021 on the experience of recalibration (ADAS) customers, in 2022 the company conducted an
in-depth root-cause analysis. During this analysis it was able to identify specific ‘pain points’ experienced by ADAS customers vs their non-
ADAS counterparts. The increase in ADAS recalibration requirements has driven more customers into a branch to complete the job and
analysis has shown that for some markets branch customers score their experience lower than mobile customers. The gap is largest in coun-
tries with a historically large mobile footprint. Going forward, the analysis will generate insights of the branch vs mobile experience to beer
understand customer expectations and sharing best practice from countries that have successfully closed the gap. 
9
176 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
A key focus for 2023 will also be improving the experience of online booking. Amongst the businesses there is a variety of practices in terms
of how the companies present the appointment to online customers. As more and more Belron customers are booking through this channel
it is important to create a great experience that is consistent across all the Belron family of businesses. 
Strategic KPI 2021 Value 2022 Value Ambition
Net Promoter Score (NPS) 83.4 82.2 Maintain world class customer delight and in-
crease survey response rate
All motorists who have a vehicle glass repair or replacement are asked to provide feedback on their experience. This is done through the Net Promoter Score (NPS)
survey, asking them to rate on a scale of 0 to 10 how likely they are to recommend Belron to a friend / colleague (10 being extremely likely and 0 being not at all likely).
Motorists scoring a 9-10 are Promoters, 7-8 are Passives, and 0-6 are Detractors. The overall NPS score is calculated by taking the percentage of Detractors from the
percentage of Promoters, to create a final score.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
3.1.2. CUSTOMER WELFARE & SAFETY
Belron’s purpose is to ‘make a dierence with real care’ and this applies to every customer it serves. It has a responsibility to ensure that the
customer’s safety on the road is prioritised and that the customer has the best experience possible during their interaction with the business.
To maintain consistency across the Belron family of businesses, the highly trained technicians work to the Belron Way of Fiing. This process
captures the expertise and know-how of Belron technicians around the world and defines a best practice approach to repairing and replacing
vehicle glass. Every job is carried out in the same way using the tools and processes developed by Belron technical (the company’s research
and innovation team, focused on continuously improving technical standards). This process helps to ensure safety, drives technical quality
to the highest standards and means the company can continuously improve the service it oers.
With the increasing introduction of ever more complex automotive technologies, such as those found on electric vehicles (EVs), the Belron
Technical focus has been on developing training material and a replacement and a recalibration playbook, to ensure it serves customers right
first time, keeping them and the technicians safe. Belron Technical has continued to support the growth of recalibration across the Belron
family of businesses through the sharing of best practice learnings.
Belron has partnered with Bosch, a manufacturer of aermarket diagnostic technology that supplies the vehicle manufacturers with many
ADAS related sensors and systems. The technology utilises a vision system that helps to align the equipment with the customer vehicle,
which in turn ensures accuracy on every job. In 2022, there has been a focus on implementing the Bosch diagnostic and recalibration tech-
nology. The tool has now been implemented across North America and Australasia with full implementation across Europe to be reached in
the first half of 2023.
In 2022, Belron Technical also supported the businesses with the implementation of a primerless adhesive system called APEX, developed
and manufactured by DuPont. This state-of-the-art system is exclusive to Belron and helps to improve quality and safety by simplifying the
fiing process and reducing the amount of waste generated. Implementation of the APEX in France and Germany in early 2023 will complete
the full implementation across the whole business.
3.2. Sustainable products and services
3.2.1. REDUCING WASTE AND BUILDING A CIRCULAR ECONOMY
As the world’s leading VGRRR company, Belron believes it has a responsibility to lead the sector on solutions that eliminate waste and contri-
bute to building a circular economy particularly around vehicle glass, its most significant waste product. This glass waste is created when a
windscreen cannot be repaired and must be replaced.
In 2022 Belron made great progress and further increased its global waste vehicle glass recycling to 89% up from 72% in 2021 and 64%
in 2020. This was achieved through a focus on recycling, particularly in countries outside Europe and the UK where waste and recycling
industries are less well established. The US and Canada instigated projects to improve collection of waste vehicle glass from branches and
Australia and New Zealand identified new suppliers and alternative end uses of waste vehicle glass. The Belron businesses in Austria, Bel-
gium, France, Germany, Italy, Netherlands, Switzerland, the Nordics and the UK achieved 100% vehicle glass recycling. Going forward, Belron
expects progress on vehicle glass waste recycling to slow due to the diculties of recycling in immature waste markets.
During 2022, Belron began working with key supplier partners to explore how and when they could use waste vehicle glass to manufacture
new windscreens. As part of this work, Belron will be supplying vehicle glass for pilot projects. Today the majority of Belron’s waste vehicle
glass is recycled into building insulation which has a 40+ year life and saves energy, while the laminate film in windscreens, Polyvinyl Butyral
(PVB) is used to make carpet backing, paint and waterproof coatings.
In 2022, Belron generated 54,594 tonnes of general waste. Of this, 51% was sent to landfill along with 11,928 tonnes of vehicle glass waste
which was not recycled. In total the amount of waste sent to landfill reduced by 35% on 2021. The reduction in general waste is a result of
a focus on reducing the levels of inbound packaging, finding new routes to recycle more of the essential packaging received and the signi-
ficant improvement in the recycling of vehicle glass. The company introduced quarterly general waste reporting providing management and
leadership visibility on all waste streams. The company will increase the frequency of these reports to monthly from January 2023 and focus
on reducing the amount of waste being sent to landfill.
Belron has instigated a number of waste reduction projects including: transport and delivery of windscreens without plastic bags; reducing
the amount of packaging used for adhesives; and removing unnecessary waste associated with wipers. In 2022 Belron introduced a new
adhesive system which was developed with partner Dupont that removes the need for a separate primer supplied in boles. This will equate
to avoiding 23 tonnes of metal and 2 tonnes of plastic caps waste annually.
Belron’s general and hazardous waste continues to be managed by each business in line with local regulations. Hazardous waste, which
represented 3% of Belron’s general waste in 2022, is collected and disposed of via specialist contracts. The company continues to look at
ways to reduce this waste stream and through redesigning components eg. longer product life products, such as baeries.
9
177Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Belron
Strategic KPI 2021 Value 2022 Value Ambition
% vehicle glass waste recycled 72% 89% 100% vehicle glass waste recycled
Waste management
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Total waste generated Tonnes 165,561 168,707 161,104 -4.5%
Total hazardous waste generated Tonnes 1,675 1,924 1,519 -21.0%
Total hazardous waste directed to landfill Tonnes 1,407 1,538 1,379 -10.3%
Total hazardous waste directed to incineration
(without energy recovery)
Tonnes 0 16 33 110.2%
Total hazardous waste directed to incineration
(with energy recovery)
Tonnes 268 119 67 -43.7%
Total hazardous waste diverted from disposal to recycling Tonnes 0 251 40 -84.1%
Total non-hazardous waste generated Tonnes 163,886 166,783 159,585 -4.3%
Total non-hazardous waste directed to landfill Tonnes 68,411 63,767 40,025 -37.2%
Total non-hazardous waste directed to incineration (without ener-
gy recovery)
Tonnes 594 0 93 -
Total non-hazardous waste directed to incineration (with energy
recovery)
Tonnes 3,616 8,050 5,274 -34.5%
Total non-hazardous waste diverted from disposal to recycling
Tonnes 91,265 94,966 114,193 20.2%
A continued focus on vehicle glass waste recycling, particularly in countries where waste and recycling industries are less well established. For general waste, a focus on
reduction in levels of inbound packaging and finding new routes to recycle more of the essential packaging received.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
3.2.2. DRIVING DOWN EMISSIONS
Belron has operations across the world with a wide network of branches, service centres, distribution centres and a large mobile fleet. The
company therefore has a direct and indirect impact on the climate through its carbon emissions and has a responsibility to monitor, manage
and reduce these emissions.
Belron has a goal to become a net zero emission business in the future and under the terms of the sustainability linked loan agreed in March
2021, Belron commied to have a validated Science Based Target from the Science Based Targets Initiative (SBTi) by the end of December
2024. In 2022, they saw a small decrease in total emissions scopes 1, 2 and 3 (categories 1 to 5) of 0.5% on 2021. This is despite an increase
of 7.3% of total jobs (prime jobs and recalibrations) to 15 million and a sales increase of 20%.
In 2022, Belron completed a full GHG Protocol assessment for the first time with the support of external advisors. This was done to establish
a baseline using 2021 data, from which to set carbon reduction targets for submission to the SBTi. Belron submied a Commitment Leer
to the SBTi in November and submied company-wide near-term and long-term emissions reduction targets to the SBTi for validation in
December. We expect to make progress on target validation in the course of 2023.
Belron now has a detailed understanding of its scope 1 and 2 data and has completed a full GHG Protocol scope 3 assessment. Going
forward the focus of carbon reduction work and reporting for scope 3 will be on the five categories which represent 92% (on a 2021 base line
and in line with SBTi requirements) of the total, these are: purchased goods and services; capital goods, fuel and energy-related activities;
upstream transport and distribution and waste generated in operations. The remaining categories are either not applicable, immaterial or
optional for SBTi targets. Belron has therefore chosen to restate its 2021 GHG emissions in line with this approach.
In 2022, work has also continued to reduce carbon emissions in key areas, including fleet and through the use of renewable energy.
Belron’s global fleet of over 11,000 vehicles is the largest single source of its direct carbon emissions (scope 1) and it has an overall ambi-
tion to reduce its global fleet emissions by at least two-thirds by 2030. This will be delivered through a combination of fewer vehicles, small
vehicles and dierent powertrains, including hybrid and electric. The company expects to have at least 50% of its global fleet fully electrified
by 2030. Starting in 2023, Belron will begin to replace some of its combustion-engine vans with electric vans in France and the US; with the
UK and others to follow in 2024.
The company car fleet is further along this journey. In 2022, the UK and France changed their car policies to only order EV (UK) or Hybrid and
EV (France). The US started ordering hybrid cars in 2022 and will continue to do so in 2023, alongside the introduction of a small number
of EVs for the first time. Germany has begun to migrate its courtesy car fleet to electric with the ambition of being fully electric by the end
of 2024.
Like everyone, Belron was faced with increased cost for electricity in 2022, particularly in Europe and the UK. However, Belron continued to
prioritise the purchase of renewable energy, with 24% coming from renewable sources during 2022, maintaining the level achieved in 2021.
In 2023, the company will develop a renewable energy strategy and plan.
9
178 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
In addition, a number of energy eciency programmes were initiated in 2022, including a ‘lights o’ programme in Germany where exterior
lighting at all branches was turned o from May to September 2022 avoiding an estimated 100 tonnes of carbon.
Strategic KPI 2021 Value 2022 Value Ambition
CO
2
emissions (scope 1 & 2, and
categories 1 to 5 of scope 3)
827,879 CO
2
e 823,986 CO
2
e Reducing the company’s
emissions to net zero.
Categories refers to the GHG protocol.
GHG & energy consumption
KPI Unit 2020 2021
(1)
2022
Change
(2022 vs.2021)
Greenhouse gas emissions
Greenhouse gas emissions scopes 1,2 & 3 Tonnes CO
2
e 221,162 827,879 823,986
-0.5
%
Greenhouse gas emissions scope 1 Tonnes CO
2
e 118,106 121,289 115,966
-4.4
%
Greenhouse gas emissions from company owned
vehicles
Tonnes CO
2
e 94,685 95,712 91,438
-4.5%
Greenhouse gas emissions from natural gas Tonnes CO
2
e 22,268 23,372 23,019 -1.5%
Greenhouse gas emissions from heating fuel oil Tonnes CO
2
e 715 1,175 690
-41.5%
Greenhouse gas emissions from heating Propane/LPG Tonnes CO
2
e 277 751 684 -9.0%
Greenhouse gas emissions from refrigerant leakage Tonnes CO
2
e 160 279 135
-51.5
%
Greenhouse gas emissions scope 2 Tonnes CO
2
e 20,626 29,065 29,325
0.9%
Greenhouse gas emissions market based Tonnes CO
2
e 20,626 29,065 29,325
0.9
%
Greenhouse gas emissions location based Tonnes CO
2
e 25,955 25,225 24,447
-3.1%
Greenhouse gas emissions scope 3 Tonnes CO
2
e 82,430 677,525 678,695
-0.2%
Greenhouse gas emissions from upstream emissions
scope 1 & 2
Tonnes CO
2
e 33,307 31,814 37,954
19.3%
Greenhouse gas emissions from upstream logistics Tonnes CO
2
e - 110,358 108,462 -1.7%
Greenhouse gas emissions from purchased
goods & services
Tonnes CO
2
e - 497,376 495,504 -0.4%
Greenhouse gas emissions from capital goods Tonnes CO
2
e - 16,783 19,495 16.2%
Greenhouse gas emissions from waste generated in
operations
Tonnes CO
2
e - 21,194 17,280 -18.5%
Greenhouse gas emissions intensity
Greenhouse gas emissions scope 1 per FTE Tonnes CO
2
e 4.66 4.13 3.90 -5.5%
Greenhouse gas emissions scope 2 per FTE Tonnes CO
2
e 0.81 0.90 0.89 -1.2%
Greenhouse gas emissions scopes 1 & 2 per FTE Tonnes CO
2
e 5.47 5.02 4.78 -4.8%
Energy consumption
Total car petrol consumption Liter 347,163,640 33,855,310 31,391,448
-7.
3%
Total car diesel consumption Liter 7,682,336 8,535,805 9,103,987
6.7%
Total car consumption (other fuels) Liter - 73,320 124,393 69.7%
Heating, natural gas consumption MWh 114,094 119,629 125,102 4.6%
Heating, fuel oil consumption MWh 2,660 2,753 2,740 -0.5%
Heating propane / LPG consumption MWh 1,202 2,898 3,190 10.1%
Grey electricity consumption MWh 74,488 73,854 73,096 -1.0%
Renewable electricity consumption MWh 22,614 23,122 23,279 0.7%
Renewable electricity production MWh 0 0 1,421 -
Cogeneration electricity production MWh 0 0 0 -
(1) Belron now has a detailed understanding of its scope 1 and 2 data and has completed a full GHG Protocol scope 3 assessment. Going forward the focus of carbon
reduction work and reporting for scope 3 will be on categories 1 to 5 which represent 92% (on a 2021 base line and in line with SBTi requirements) of the total. The
remaining categories are either not applicable, immaterial or optional for SBTi targets. Belron has therefore chosen to restate its 2021 GHG emissions in line with this
approach and emissions from business travel and subcontracted vehicles are not included. For both 2021 and 2022, the location and market-based emissions have been
revised to reflect the latest publicly available emissions factors for each country.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
9
9
179Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Belron
3.2.3. SUSTAINABLE PROCUREMENT
Belron sources and manages the procurement of certain core products and services globally. Centrally procured products include vehicle
glass, trims, adhesives, workshop equipment, tools, consumables, and products for resale. Centrally procured services include IT soware
and maintenance, professional services, and vehicle lease (fleet) providers. Other products and services required by the Belron family of
businesses are sourced and managed through their own local supplier networks.
Belron’s Sustainable Procurement programme aims to embed sustainability at the forefront of all purchasing strategies and buying decisions.
The high standards and expectations of Belron's suppliers that must be met in order to become and remain a Belron supplier are set out
in the Supplier Code of Conduct. Compliance of suppliers with the company's expectations, and their performance against sustainability
targets, are all critical requirements of doing ongoing business with Belron.
The Sustainable Procurement Programme continued to develop in 2022, both through increasing the resource dedicated to the programme,
and increasing the scope of the programme itself. A further dedicated role was created with the purpose of driving the sustainability dia-
logue with key suppliers. This not only focuses on supporting the suppliers’ own sustainable development plans but also on key areas which
can have a direct impact on Belron’s own sustainability goals such as reducing emissions in manufacturing and waste reduction. Additional
suppliers have been included within the scope of the programme to ensure it covers all suppliers that either bring a specific risk or have the
potential to make a positive contribution to Belron’s sustainability objectives.
Belron has continued to assess the risks present in its supply chains and are in the process of implementing new tools to assess a broader
range of risks on an ongoing real-time basis, removing the need for the risk assessment to be done manually, allowing it to run constantly
and to trigger alerts if anything needs specific aention. These new tools also bring the ability for Belron to remotely assess its suppliers,
and capture information and data on their ESG performance, including their emissions data.
The on-site audit programme continues in partnership with TÜV and Elevate, using a bespoke audit structure to assess the performance of
supplier sites around the world. All required corrective actions from site audits are captured along with required resolution times and are
tracked through to completion. In 2022 Belron completed 37 supplier site audits against a target of 35.
In 2022, Belron conducted its first full supply chain assessment where it tracked key materials through supplier tiers back to raw materials,
assessing all risks and impacts on ESG performance along the way. Going forward, the assessment will be conducted on a number of key
Group-level suppliers.
The Sustainable Procurement team also launched a sanctions screening policy to ensure the company is not trading with any supplier who
appear on global sanctions lists. The policy states that all current and new suppliers are checked against real time sanctions list with the use
of a third-party screening tool.
Belron’s focus for 2023 includes a continuation of the audit programme by completing remote assessments and on-site audits of all Group
managed suppliers; facilitating social and environmental improvement in the supply chain through deep dialogue and seing site specific
targets with key suppliers; improving the safety of suppliers’ employees where required and; working with the Belron fleet team to enhance
safety and reduce emissions.
The team will also continue to work with the Belron family of businesses to share best practices and the central programme framework to
support them in managing and monitoring their local supply chains.
Strategic KPI 2021 Value 2022 Value Target 2023
Number of supplier site audits 31 supplier site audits 37 supplier site audits Supplier site audits on remaining Group
suppliers to achieve 100%
3.3. Investing in people and society
3.3.1. PROMOTING DIVERSITY, EQUITY AND INCLUSION
Belron continues to recognise the critical importance of diversity, equity and inclusion (DE&I) to its business and all its key stakeholders.
Enabling everyone to bring their whole selves to work, creating a diverse workforce and fostering inclusion is key to the company’s culture
and values.
DE&I is a global priority for the business and is a key component of the Belron Responsible Business Framework. The company's ambition
is to continue to have an organisation that protects its people and values dierence in all its forms, creating an environment which enables
everyone to participate and reach their full potential. Belron is commied to hiring and promoting people on the basis of their ability for a
role , their appreciation of and alignment with the company’s culture. By 2025, Belron’s ambitions are to improve its gender mix across the
business and improve the overall diversity of the Belron Leadership Group.
During this year Belron has focused on the following six key areas to continue to make progress on DE&I:
1. Having established a philosophy, approach and goals on DE&I in 2021 they have focused on sharing this Group wide framework through
engagement and storytelling with senior leaders across the business.
2. For the second year they have continued to track progress on DE&I by asking focused questions of all employees through the Annual
Engagement Survey. The results show a year-on- year improvement in all DE&I questions asked. They have also seen improvement in
diversity among the Belron Leadership Group and the gender mix across the wider Belron Group continues to be tracked with some
notable improvements from 2021.
3. Building understanding, educating and creating awareness is a key pillar of the DE&I approach. To support this Belron has designed and
piloted a one-day DE&I immersion session with its senior leadership group. The coming year will see this shared wider in the business
to continue the journey of education and awareness.
4. The Belron DE&I global calendar of events continued during 2022 taking time to celebrate, recognise and create awareness of dierent
groups and activities including International Women’s Day, Pride month, Global Mental Health Day and International Day of Disabled Per-
sons. Alongside these global events each country also recognises and celebrates local activities and groups that are relevant to them.
180 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
5. Recruitment and araction continue to be areas of focus with particular emphasis on increasing the number of females in field operation
and technician roles. The businesses continue to evaluate and monitor their current approaches to gain a deeper understanding of the
experiences and needs of this group and to share learnings across Belron. This focus has shown positive improvement and will continue
to build momentum as they move into 2023.
6. Every country continues to drive its DE&I agenda building o the global framework and activities alongside its own plans focused on its
own specific needs, requirements, country culture and business priorities.
Strategic KPIs Status 2022 Value Ambition
Improvement in diversity amongst
the Belron Leadership Group and im-
provement in the gender mix across
the Belron family of businesses.
70% male
30% female
Total of 7,102 females
An increase of 29% of female
executives since 2021.
An increase of 735 female
employees since 2021.
Continued focus over the coming
years with support, engagement
and role modelling.
Additional data on diversity and inclusion
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Diversity in executive level positions
Total headcounts in executive level positions as at 31 December Number 133 145 208 43.4%
Percentage of male headcount in executive level positions as
at 31 December
% 75% 74% 69% -5.25p.p.
Percentage of female headcount in executive level positions as
at 31 December
% 25% 26% 30% 4.77p.p.
Diversity in the Board of Directors
Total number of directors in the Board of Directors as at 31 December Number 6 8 8 0.0%
Percentage of male directors in the Board of Directors as
at 31 December
% 100% 100% 100% 0.00p.p.
Percentage of female directors in the Board of Directors as
at 31 December
% 0% 0% 0% 0.00p.p.
Diversity in the entire workforce (FTE)
Total full time equivalents (FTEs) as at 31 December FTE 25,370 29,388 29,799 1.4%
Percentage of male FTEs as at 31 December % - 79% 76% -2.12p.p.
Percentage of female FTEs as at 31 December % - 21% 22% 1.16p.p.
Percentage of FTEs with no designation for gender
as at 31 December
% - 0.33% 1.30% 0.96p.p.
Diversity in the entire workforce (headcount)
Total headcount as at 31 December Number - 30328 30598 0.9%
Percentage of male headcount as at 31 December % - 77% 75% -2.00p.p.
Percentage of female headcount as at 31 December % - 22% 23% 0.91p.p.
Percentage of headcount with no designation for gender as
at 31 December
% - 0% 1% 1.09p.p.
181Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Belron
3.3.2. EMPLOYEE ENGAGEMENT
Belron employees are at the heart of the business. The company’s performance and achievements are the result of the engagement and
commitment of its people. Their well-being, engagement and overall employee experience continue to remain key priorities for Belron.
The business is commied to aracting, engaging and developing the very best people who are equipped with the capabilities and skills to
serve its customers, creating an environment which enables everyone to participate and reach their full potential.
The company maintains policies and procedures with regards to its employees at each business unit level. The employee engagement initia-
tives in place include training and development, recognition through local in-country programmes as well as the global Belron Exceptional
People Awards, flexible working options, feedback channels, and community involvement through the Giving Back agenda.
In 2022, a number of global initiatives were introduced across the Belron family of businesses to further support the employee engagement,
including a global HR system, performance management approach and a learning management system. Focus on DE&I and creating an en-
vironment where everyone can be themselves continue to be a key initiative.
Following the first global Annual Engagement Survey in 2020, Belron has now conducted its second Progress Pulse Survey in March 2022.
This enabled the company to continue following up with all its people to understand whether they had seen the results of the second annual
survey in 2021 and had been involved in action planning. Three out of four of Belron people had been involved at that point in creating
actions to improve engagement and had seen progress since the goals were set.
This was followed in October 2022 by a third global survey. For the first time the company included a question on retention which helps it
to understand how many employees are considering leaving the business. The response rate for the third global survey was 86%, meaning
over 25,000 people completed the online survey. The engagement score showed 86.2% of people are actively engaged.
Once again, the results of the 2022 Annual Engagement Survey and the verbatim comments were shared through the team leaders across the
Belron family of businesses to discuss and create action plans for improvement for their own teams, as well as building upon what already
works well. This will be followed up by a Progress Pulse Survey in Q1 2023.
Strategic KPI 2021 Value 2022 Value Ambition
Employee engagement score 86% 86.2%
Maintain engagement score in the mid
80% range
The engagement score covers all Belron business units (excluding franchise countries) and is calculated by taking the average of the total favourable score (ie, people that
answered ‘agreed’ and ‘tend to agree’ on a 5-point rating level) across 3 questions that measure the definition of engagement in Belron ie, ‘Being Proud and Commied’ in
a global Annual Engagement Survey.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
3.3.2. PEOPLE SAFETY
The Belron purpose is to ‘make a dierence with real care’, and this means that it is: driven to continuously develop a positive safety, health
and well-being culture; collaborate to operate its businesses without causing harm to people (employees, partners and members of the
public); and this is because it genuinely cares about its people, its customers and others. This is important because Belron believes that
Safety, Health and Well-being (SHW) excellence is intrinsic to good business and is a key enabler to becoming the company of choice for
its customers and employees.
Based on the learning from its safety review assessments, undertaken through its partnership with ERM, in 2022 it set out to develop an
enhanced, Group-level SHW strategy and to further develop the health and safety capability across the Group. This has involved:
- the introduction of best-in-class safety metrics from January 2022
- board-level monthly reporting of performance
- targeted improvement campaigns
- enhancing SHW capability through the expansion of the Group-level SHW team
- the development of The Global Standards concept: a practical approach to managing, leading and improving safety, health and well-
being (SHW) across the group.
The Belron Safety, Health & Wellbeing Global Standards were designed and developed during 2022 and will be launched to the business in
the first half of 2023. It will ensure that Belron continues to eectively lead and manage SHW, and that it embeds a continuous improvement
cycle to deliver a genuine SHW culture across the Group. It will achieve this through eective leadership of SHW and the consistent appli-
cation of a set of minimum global standards across all the Belron family of businesses.
9
182 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
In addition, during 2023 Belron will:
- Further review and improve its successful training programmes for technicians (STOP – how technicians look aer Self, Tools, Organise
their work and follow the right Process; and Quality Starts with Safety – an awareness course emphasising the importance of following
the right processes).
- Deploy focussed improvement campaigns on key risk areas, such as cuts and lacerations, and manual liing and handling.
- Begin a SHW audit and assurance programme to ensure that there are consistent standards in place across the Group.
Strategic KPIs Status 2022 Value Ambition
Lost Time Injury Frequency Rate (LTIFR)
Lost Work Day Severity Rate (LWDR)
Total Recordable Injury Frequency Rate
(TRIFR)
New KPIs introduced in
January 2022.
LTIFR: 16.90
LWDR: 466.58
TRIFR: 36.04
To prioritise the safety of
its people – a core part of
every employee’s experience
at Belron and its family of
businesses.
Health & safety
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Work-related fatalities
Total number of work-related fatalities
Number 0 0 1 -
Lost time injury (LTI) at the workplace
Lost Time Injury Frequency
LTI/1,000,000
hours worked
- - 16.9 -
Lost time days at the workplace
Lost Workday Rate
LTD/1,000
hours worked
- - 466.58 -
It is with great sadness that Belron report that one warehouse driver was involved in a fatal accident while driving between vehicle glass drop os.
Aer a thorough investigation, it was determined that tragically he was the victim of careless driving by another person.
3.3.4. GIVING OPPORTUNITY
Belron has a deep-rooted sense of responsibility towards the communities it serves which is guided by its heritage and values. ‘Giving Back’
continues to be a key aspect of the Belron culture – the Spirit of Belron – and is common to all Belron people wherever they are. Each
business sets its own ‘Giving Back’ agenda and through this approach, its people experience a greater sense of personal involvement and
achievement. In 2022, the Belron family of businesses supported their local charities and organisations focusing on in-country societal needs
such as foodbanks mental health organisations and many vulnerable community groups, through various activities and donations totalling
just over €4.2m.
In 2022, Belron brought together both virtually and in-person, close to 10,000 people for the Spirit of Belron Challenge. For the first time,
the company combined both its virtual Round the World event and its day of sports at Dorney Lake in the UK. With 27 countries taking
part, Belron colleagues, their friends, families, suppliers and partners travelled 184,751 kilometres by swimming, cycling, running, walking or
travelling by wheelchair. The Challenge raised over €2.2m for its longstanding charity partner, Afrika Tikkun. Belron is proud of its 20-year
partnership with the charity that supports thousands of vulnerable children and young people in some of the poorest parts of South Africa.
This support is provided through a wide range of core programmes from early childhood development to supporting young people as they
transition from education to jobs and careers.
The Belron Ronnie Lubner Charitable Foundation continued to accept applications from Belron people to support charities that they are
personally connected to either by being a volunteer, a beneficiary or a long-term supporter. It also responded to the humanitarian crisis
resulting from the war in Ukraine and the impact of the flood disaster in Pakistan. The Trustees continued to build on the work completed in
2021, further developing the Foundation’s impact and giving strategy. In total, the Foundation donated €2.18m in 2022.
Overall, donations for the year from local giving, the Spirit of Belron Challenge and the Belron Ronnie Lubner Charitable Foundation totalled
€8.5m.
Strategic KPI 2021 Value 2022 Value Ambition
Total donations €7.3m €8.5m
Continue to give back to drive
positive change and build on
this by sharing time and skills
with young people.
Amount of funds raised for Afrika Tikkun through the Spirit of Belron Challenge, amount of donations made by the Belron Ronnie Lubner Charitable Foundation, and the
amount of funds raised and donated through the Belron family of businesses’ local giving back agendas.
183Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Belron
3.4. Responsible Business Foundations
3.4.1. STRONG GOVERNANCE AND INSPIRING LEADERSHIP
Strong governance and inspiring leadership are important when ensuring the company continues to operate as a highly responsible bu-
siness, particularly as it grows in size and scale. Belron is commied to ensuring it builds best-in-class governance throughout the organisa-
tion, led by a talented set of inspiring leaders.
The Best-in-Class Governance programme focuses on how Belron manages its key enterprise risks, increasing the maturity of its control envi-
ronment, protecting itself with relevant insurance policies and operating a robust and fit-for-purpose internal audit function. The programme
has progressed well since its launch in 2021 and progress made includes:
- the Enterprise Risk programme, has further embedded a transparent risk culture through quarterly risk reporting from all business units.
Belron has reviewed and refreshed its key Group risks with the GLTM (Global Leadership Team) and Board and assigned risk owners
across all countries and functions who provide ongoing updates on their methodology and investment in mitigating risks. The Enterprise
Risk Management Steering Commiee, with representation from across functions, regularly meets to hear from Group risk owners, and
discuss the adequacy of risk, current risk mitigation activities and future mitigation plans. Belron has also established an emerging risk
identification process, which includes a forum that conducts risk horizon scanning exercises.
- Belron's large technology transformation programmes continue to ensure controls are built as part of the design, with the programmes
now delivering those controls to its business units as part of the deployments. The centralised controls team are working to ensure those
controls are embedded in the business-as-usual operations through identifying individual control operations, training and providing sup-
porting material such as the controls playbook.
- the recently relaunched internal audit function continues to perform risk-based independent internal audit reviews, along with its exter-
nal co-source partners, and reports to the Belron Audit Commiee four times per year.
- As part of the Global Insurance Programme, Belron continues to work closely with its partners to evaluate the long-term strategy for the
company’s insurance programme, ensuring it has adequate coverage across the business.
Belron continued the work to embed its global talent and succession approach by conducting its third review cycle. The company now has
visibility of the potential of over 500 of its global leaders and a clear view on the succession pipeline for its top critical roles with continued
action plans in place for key changes over the next 12-18 months.
The Belron Way of Performance (including development and career conversations) is being rolled out across all businesses to support the
talent and development conversations of all individuals. For the first time, Belron has created an Inspiring Leadership Experience for the
highest potential senior leaders. The Inspiring Leadership Experience aspires to create a community of leaders who are the custodians of
the company’s future, its culture, and the way the business operates. The programme is a 12-month experience, and the first group was
launched in June 2022.
3.4.2. BELRON’S VALUES AND ETHICS
Belron’s guiding principles of integrity, respect and trust are the foundation of the company’s Code of Ethics – Our Way of Working (“the
Code”). The Code is a set of values and ethical behaviours expected by all Belron employees regardless of role or location. The Code is key
to promoting organisational values and ethical expectations throughout the Group and continually demonstrates the company’s commitment
to integrity and ethical values.
The Code covers how employees work together, including discrimination and harassment as well as health & safety expectations. There is
guidance on how Belron works with its partners (customers and suppliers), and how it manages its business activities. Each Belron business
is responsible for the development of its localised code of ethics based on a centralised framework. Training and communications on ethical
behaviours are also conducted at local level.
The business adheres to and promotes clear ethical standards for itself and expects similar standards from all third parties who work with
Belron or on its behalf. Human rights are a fundamental pillar of ethics and are addressed in the Belron Code of Ethics and the Belron Sup-
plier Code of Conduct. The company is also commied to continuing to embed the Ten Principles of Responsible Business as set out under
the United Nations Global Compact to which it has been a Signatory since 2010.
Belron people are expected to always treat each other with respect and ensure that their activities do not contribute directly or indirectly to
human rights abuses. In no instance will inhumane treatment of its people or those in its supply chain be acceptable, including any form of
forced or bonded labour, child labour, physical punishment or any other abuse.
The company has in place a Speak Up service operated by NAVEX Global, a leading provider, for anyone who wants to raise an issue or
concern about something they have witnessed or are in a situation they are unsure about. Reports can be made by phone or online and it
is there for all Belron employees to report concerns confidentially and anonymously in their local language. In 2023 the company plans to
highlight awareness of the service as part of the updated Code of Ethics relaunch as well as ensure that new processes are in place in line
with the EU Whistleblower Directive.
As reported in 2021, Belron worked with an external partner to review and evaluate its current Code of Ethics. In 2022, work continued on
the development of an updated Code focusing on content and design. The next phase will include collaborating with the Belron businesses
for their input as well as developing a global training programme for all Belron people, to be rolled out in 2023. This will incorporate best
practice training delivery and annual certification and will provide additional training to individuals who have distinct obligations such as
leaders, procurement managers and sales teams.
184 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Belron
Governance related data
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Anti-bribery & anti-corruption
Monetary amount of legal and regulatory fines and selements
(over €10,000) associated with:
€ 0 0 0 -
- Violations of bribery, corruption, or anti-competitive standards
- Environmental, ecological or social issues
- Data security breaches
Collective bargaining agreement
Percentage of headcount bound by a collective bargaining
agreement (CBA)
% - 32% 23% -9.08p.p.
3.4.3. ROBUST REPORTING AND MEASUREMENT
As well as fulfilling mandatory requirements on ESG reporting, Belron is developing its reporting to meet the needs of its dierent stakehol-
ders and to ensure robust and transparent reporting of all its responsible business activities. This currently includes the Non-Financial
Reporting Disclosure within the D’Ieteren Group annual report as well as preparing to meet requirements of the UK’s Climate-Related Finan-
cial Disclosure (CRFD) and the EU’s Corporate Sustainability Directive (CSRD); the publication of the UN Global Compact Communication
on Progress in which 2022 was the 12th consecutive year of reporting to this framework; and the publication of the Belron International
statement in response to the UK Modern Slavery Act 2015. These reports are made available to all stakeholders via the company’s website.
A majority of the Belron businesses continue to use the EcoVadis sustainability ratings to measure performance and benchmark themselves
with other businesses in the areas of labour practices and human rights, environment, sustainable procurement and business ethics. In 2022,
the Belron businesses in France, Germany, Italy, Netherlands, Finland, New Zealand and Sweden all retained their gold medal rating with high
scores in all areas of the assessment, and the businesses in Spain and Canada retained their silver medal rating.
As reported in 2021, Belron has continued to evaluate its eligibility and level of alignment against the EU Taxonomy’s published list of eco-
nomic activities under ‘Repair and Maintenance’ within Transition to Circular Economy (Category 4). As further guidance became available
during 2022, Belron continued to analyse all aspects of its operations. However, it was concluded that Belron activities are not in scope.
185Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
Moleskine
1. Business model and value creation
Moleskine is a global, multi-category, multi-channel brand whose purpose is to unleash human genius through hands-on paper to empower
creativity and knowledge in each individual and the entire world.
The company aims to enable creativity with objects and digital apps designed to nurture thinking, planning and making, and with services
that help achieve creative potential. Its products include notebooks, diaries, bags, writing tools, apps, and hybrid products that migrate
handwrien ideas to the infinite possibilities of the digital world. The Moleskine ecosystem gathers content and stories, people and partners,
which enable and nurture creativity and self-expression.
Moleskine is present across a wide network of websites, blogs, online groups, and virtual archives, as well as within the brand’s own online
community, myMoleskine. Overall, it provides open plaorms to enable the creation, communication, and sharing of ideas.
With its purpose, Moleskine contributes, via its products, services and digital plaorms, to promote lifelong learning, which is in line with
SDG 4 (Quality education). Moleskine extends its impact thanks to its partnership with the Moleskine Foundation. It supports creative com-
munities worldwide by donating products which are repurposed into creative tools by the beneficiary organisations who deliver workshops,
training sessions, and creative activities for the benefit of local communities. Moleskine also contributes to SDG 12 (Responsible consump-
tion and production) with the objective of ensuring sustainable consumption and production paerns. It does so by developing eco-friendly
solutions for its products and packaging and by implementing sustainable solutions for the end-of-life of its unsold objects.
Moleskine has approximately 360 employees and a vast network of partners. With its headquarters in Milan, Italy, the Moleskine Group also
includes, among others, Moleskine America Inc., Moleskine Asia Ltd, and Moleskine Germany. The Group designs and sells its products
through a multichannel distribution plaorm: Wholesale, strategic partnerships, retail and e-commerce. Production itself is outsourced to
partner suppliers.
Breakdown of the 2022 core revenues, by significant sector:
Wholesale 57%
Strategic partnership 28%
Retail 10%
ecommerce 5%
Geographies & Workforce
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Total full time equivalents (FTEs) of as at 31 December FTE 348.8 308.3 309.8 0.5%
Percentage of FTEs of in the Eurozone % 57% 63% 64% 0.69p.p.
Percentage of FTEs of in North America % 14% 13% 14% 0.56p.p.
Percentage of FTEs of in the Rest of the World % 28% 24% 23% -1.24p.p.
In general, Moleskine's 2022 ESG data covers all Moleskine's operations, including the stores that are managed by Moleskine. If the scope diers, this is described under
the relevant table.
Additional background information on the calculations and formulas used can be found on p.221.
186 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Moleskine
2. Sustainability strategy
2.1 . Materiality
To identify where Moleskine has the greatest impact, the company conducted a materiality analysis in 2020 with the help of an external part-
ner. Dialogue with a selection of stakeholders and the management team, in the form of an online survey and interviews, was set up. Among
the key stakeholders, feedback was collected from: the Board of Directors, employees, shop assistants, wholesale distributors, customers,
logistics partners, and suppliers of finished products.
This analysis enabled the brand to identify and prioritise the business’s most critical (hereinaer “material”) non-financial aspects. Specifi-
cally, the following material topics were identified: Environmentally friendly products, environmentally friendly suppliers, Social actions and
education, Talent Development, Employee well-being and diversity, Responsible governance, and Ethical suppliers.
Aer sharing the results of the materiality assessment with the Executive Commiee, the company made sure that all the material aspects
were embedded into the Sustainability strategy and that the views and expectations of each stakeholder were taken into consideration.
2.2. Sustainability Roadmap (Sustainable Creativity)
The Moleskine journey toward Sustainability is rooted in the brand´s DNA. From the outset, corporate responsibility has been one of the
brand’s most important values (i.e. the Moleskine Foundation was established in 2006, FSC certification was achieved in 2008, and the Code
of Ethics was adopted in 2012).
More recently, Moleskine decided to elevate the significance of sustainability across the enterprise and developed its Sustainability ambitions
through an ESG strategy, which has been defined on the basis of the material topics:
- ENVIRONMENT: To build a sustainable brand by reducing the carbon footprint of its iconic products and to build a strong, circular eco-
nomy strategy.
- SOCIAL: To bring about positive societal change by nurturing critical thinking and creativity whilst acting as an inclusive company and as a
responsible, leading brand.
- GOVERNANCE: To set a long-term governance approach covering transparency, integrity, and ethical behaviour to build a solid, trusting
relationship with stakeholders and to preserve the brand’s reputation.
Moleskine is commied to moving forward by embedding ESG throughout its entire value chain, translating its Sustainability strategy into
concrete actions, measurable results, and the continuous exploration of sustainable and innovative solutions.
2.3. Sustainability governance
The sustainability strategic pillars are included among the strategic levers for growth in Moleskine’s strategic plan. The role of the Board
of Directors at Moleskine regarding environmental, social and governance issues is to set priorities and oversee their progress. Moleskine
has appointed an internal Head of Global ESG, who oversees coordinating and measuring the progress of the Sustainability strategy. The
Head of Global ESG ensures that each Moleskine manager takes responsibility for the material issues under their control and implements
the Sustainability strategy across the entire value chain. Periodic reporting and monitoring processes are in place at Business Review Meet-
ings, where relevant KPIs are presented by the Head of Global ESG to the company’s Executives through the ESG Dashboard. Moleskine has
created a page on its website to communicate its ESG strategy and its progress. Periodic updates about specific initiatives and results are
communicated through its social channels and company newsleers (in 2022, 4 newsleers were dedicated to ESG initiatives, as well as 9
posts on Instagram, 9 Instagram Stories, 3 posts on Linkedin, 3 posts on Twier, and 3 posts on Facebook).
187Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
2.4. Connectivity table
ESG
area
Strategic pillar Sustainability-related risks/opportunities Impact on society
KPI Ambition 2025 Value in 2022 Policies & Action plans
E
Build a sustainable brand by
reducing the company’s foot-
print, and through environ-
mentally friendly solutions for
its iconic products
Moving to a circular economy model will
allow Moleskine to improve its resource ma-
nagement, and meet customer demands.
Moleskine has a direct impact on the environ-
ment, which is partly due to the destruction of
the waste generated by unsellable products.
Tonnes of recycled products 100 tonnes 72.5 tonnes
3.1.1.
The reduction of its emissions will allow
Moleskine to reduce its enviromental impact
and meet customer demands.
Moleskine has a direct impact on climate change,
which results from the GHG emissions from its
own operations (design, distribution) and from
its supply chain activities, as well as direct emis-
sions from the day-to-day use of Moleskine’s of-
fices and the mobility of Moleskine’s employees.
Tonnes of CO
2
e
(Scope 1, 2 & 3)
Set a SBT target by 2023 16,499 tonnes 3.1.2.
S
Bring positive change to
society by nurturing criti-
cal thinking and creativity
while acting as an inclusive
company and a responsible,
leading brand
Moleskine’s eort to become a top em-
ployer will increase its workforce’s sense of
belonging.
Moleskine, as an employer, has a direct impact
on its employees’ well-being, not only with re-
gard to a healthy and safe working environment,
but also to guaranteeing equality, diversity, and
inclusion in the workplace, treating employees
with respect; and ensuring business is conduc-
ted in an ethical way.
Engagement and satisfaction score 4 out of 5 3.7 out of 5 3.2.2.
Moleskine, with the right talent management
approach, will retain people and develop
their potential, guaranteeing successors in
key position.
Moleskine has a direct impact on its employee
professional achievements, on nurturing em-
ployees motivation and growth.
Percentage of employees calibrated
100% of oce and
direcly-operated store
employees calibrated
100% of oce employees calibrated
(which represent about 52% of total
employees)
3.2.3.
Diversity and inclusion in the workspace
drive creativity and contribute to innovation
Moleskine has a direct impact on trust in
the organisation as a lack of diversity and
inclusion can lead to communication issues
and mistrust.
Moleskine can contribute to make workplaces
more diverse and inclusive.
Percentage of the under-represented
gender
Newly identified KPIs to be
reported upon
31.9% of men
3.2.4.
Providing young people with unconventional
educational tools and experiences that help
foster critical thinking and creativity will allow
Moleskine to generate positive social impact
and meet customer demands.
Moleskine has a direct impact on society due
to the responsibility coming from its own brand
mission. A lack of commitment toward education
implies a disregard of its mission.
Number of donated creative tools
Number of organisations reached
30,000 pcs
30 NGOs
25,700 pcs
27 NGOs
3.2.1.
G
Set a long-term governance
approach covering transpa-
rency, integrity and ethical
behaviour to build a solid,
trusting relationship with
stakeholders and to preserve
the brand’s reputation
Sustainable governance will generate loyalty
from stakeholders.
Moleskine has a direct impact on society when
procuring goods and select its suppliers. A lack
of commitment towards sustainable sourcing
could negatively impact the company and nurture
irresponsible and unsustainable business prac-
tices.
Percentage of SA8000 significant
suppliers
Percentage of ISO1401 significant
suppliers
FSC certification
100%
100%
FSC certification
100%
100%
FSC certification with annual surveil-
lance audit successfully passed
3.3.1.
Ethical governance will generate loyalty from
stakeholders.
Moleskine has a direct impact on society when
conducting its businesses. A lack of commi-
ment toward ethics could negatively impact
the company and nurture unethical business
practices.
Number of reported incidents of
unethical behaviours
0 0 3.3.2.
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
188 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Moleskine
2.4. Connectivity table
ESG
area
Strategic pillar Sustainability-related risks/opportunities Impact on society
KPI Ambition 2025 Value in 2022 Policies & Action plans
E
Build a sustainable brand by
reducing the company’s foot-
print, and through environ-
mentally friendly solutions for
its iconic products
Moving to a circular economy model will
allow Moleskine to improve its resource ma-
nagement, and meet customer demands.
Moleskine has a direct impact on the environ-
ment, which is partly due to the destruction of
the waste generated by unsellable products.
Tonnes of recycled products 100 tonnes 72.5 tonnes
3.1.1.
The reduction of its emissions will allow
Moleskine to reduce its enviromental impact
and meet customer demands.
Moleskine has a direct impact on climate change,
which results from the GHG emissions from its
own operations (design, distribution) and from
its supply chain activities, as well as direct emis-
sions from the day-to-day use of Moleskine’s of-
fices and the mobility of Moleskine’s employees.
Tonnes of CO
2
e
(Scope 1, 2 & 3)
Set a SBT target by 2023 16,499 tonnes 3.1.2.
S
Bring positive change to
society by nurturing criti-
cal thinking and creativity
while acting as an inclusive
company and a responsible,
leading brand
Moleskine’s eort to become a top em-
ployer will increase its workforce’s sense of
belonging.
Moleskine, as an employer, has a direct impact
on its employees’ well-being, not only with re-
gard to a healthy and safe working environment,
but also to guaranteeing equality, diversity, and
inclusion in the workplace, treating employees
with respect; and ensuring business is conduc-
ted in an ethical way.
Engagement and satisfaction score 4 out of 5 3.7 out of 5 3.2.2.
Moleskine, with the right talent management
approach, will retain people and develop
their potential, guaranteeing successors in
key position.
Moleskine has a direct impact on its employee
professional achievements, on nurturing em-
ployees motivation and growth.
Percentage of employees calibrated
100% of oce and
direcly-operated store
employees calibrated
100% of oce employees calibrated
(which represent about 52% of total
employees)
3.2.3.
Diversity and inclusion in the workspace
drive creativity and contribute to innovation
Moleskine has a direct impact on trust in
the organisation as a lack of diversity and
inclusion can lead to communication issues
and mistrust.
Moleskine can contribute to make workplaces
more diverse and inclusive.
Percentage of the under-represented
gender
Newly identified KPIs to be
reported upon
31.9% of men
3.2.4.
Providing young people with unconventional
educational tools and experiences that help
foster critical thinking and creativity will allow
Moleskine to generate positive social impact
and meet customer demands.
Moleskine has a direct impact on society due
to the responsibility coming from its own brand
mission. A lack of commitment toward education
implies a disregard of its mission.
Number of donated creative tools
Number of organisations reached
30,000 pcs
30 NGOs
25,700 pcs
27 NGOs
3.2.1.
G
Set a long-term governance
approach covering transpa-
rency, integrity and ethical
behaviour to build a solid,
trusting relationship with
stakeholders and to preserve
the brand’s reputation
Sustainable governance will generate loyalty
from stakeholders.
Moleskine has a direct impact on society when
procuring goods and select its suppliers. A lack
of commitment towards sustainable sourcing
could negatively impact the company and nurture
irresponsible and unsustainable business prac-
tices.
Percentage of SA8000 significant
suppliers
Percentage of ISO1401 significant
suppliers
FSC certification
100%
100%
FSC certification
100%
100%
FSC certification with annual surveil-
lance audit successfully passed
3.3.1.
Ethical governance will generate loyalty from
stakeholders.
Moleskine has a direct impact on society when
conducting its businesses. A lack of commi-
ment toward ethics could negatively impact
the company and nurture unethical business
practices.
Number of reported incidents of
unethical behaviours
0 0 3.3.2.
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
9
9
9
9
189Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
3. ESG performance
3.1. Build a sustainable brand
3.1.1. WASTE MANAGEMENT AND A CIRCULAR ECONOMY
Since 2021, Moleskine has been commied to measuring waste coming from its operations or unsellable products. Thanks to its waste mea-
surement eorts, Moleskine has been able to define guidelines to avoid generating waste. Prevent-Repurpose-Recycle are the three drivers
of the Waste Elimination Project, whose project leader is the Head of Global ESG, working in strict cooperation with:
- the Innovation team, which is in charge of scouting for innovative solutions to prevent generating waste from product packaging
- the local Operations Teams, which are in charge of looking for recycling partners and solutions, in accordance with local regulations and
technologies
- the Destocking Team, which is in charge of repurposing product surplus.
Through the application of these guidelines, Moleskine has identified a concrete set of actions that led to the following results.
In 2022, through prevention initiatives, Moleskine saved around 51 tonnes of waste (i.e. by replacing the leaflets telling the Moleskine Story
with a QR code printed on the notebooks).
Adding to these prevention initiatives, in 2022, Moleskine repurposed about 8.5 tonnes of unsellable products into creative tools through the
Creative Tools for Social Change programme and through donations to NGOs for humanitarian purposes.
Moleskine has also identified recycling solutions for 72.5 tonnes of product, by giving them a second life through a circular economy ap-
proach. Products are recycled to produce new materials and then converted into new products (i.e. new paper products).
The first Upcycling pilot project was launched in 2022 through the REDO backpacks: these “Bags that carry more” come from prototypes
and second choice Moleskine products that have been upcycled into new, one-of-kind bags through the creativity of an Italian company and
their socially disadvantaged workers. Moving forward with this pilot the company has decided on a wider second wave in 2023.
Strategic KPI 2021 Value 2022 Value Ambition 2025
Tonnes of recycled products 11 tonnes 72.5 tonnes About 100 tonnes per year
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
Waste management
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Total non-hazadous waste diverted from disposal to re-use Tonnes 4.6 9.6 8.5 -11.5%
Total non-hazardous waste diverted from disposal to recycling Tonnes - 11.4 72.5 536.0%
Moleskine is currently working on monitoring its waste but is not able to report on all its waste streams in 2022.
3.1.2. IMPACT ON CLIMATE CHANGE
Moleskine is commied to reducing its impact on climate change by reducing carbon emissions derived from its business activities. Mo-
leskine has been measuring the emissions generated from its oces and its stores since 2019, on an annual basis. In 2022, the brand worked
on defining an emissions reduction plan aimed at seing a target in accordance with the Paris Agreement and that will be validated by the
SBT Initiative.
Significant steps to reduce carbon emissions are being taken by strategic sourcing (identifying suppliers of products closest to the final
market), logistics (optimising distribution processes), and product innovation (looking for lower carbon intensive materials for products,
improving the recyclability of products).
Moleskine will continue to measure its scope 1 and 2 emissions, which have been measured since 2019 and certified since 2020. In addition,
the company has started measuring its scope 3 emissions, thereby preparing for seing the emission reduction target. No specific reduction
actions have been implemented in the year 2022, as the Company focused on the development of the reduction plan that will be submied
to SBT.
Strategic KPI 2022 Value Ambition
% variation of CO
2
emissions on scope 1 & 2 (vs. 2021) - 29% SBTi validated target by 2023
% variation of CO
2
emissions on scope 1,2 & 3 + 21% Reduce scope 3 emissions
The baseline will be adapted with the launch of the SBTi validated emissions reduction plan.
9
190 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Moleskine
GHG emissions & energy consumption
KPI Unit 2020 2021
(1)
2022
Change
(2022 vs. 2021)
Greenhouse gas emissions scopes 1,2 & 3 Tonnes CO
2
e - 13,626 16,499 21.1%
Greenhouse gas emissions scopes 1 & 2 Tonnes CO
2
e 478 391 276 -29.0%
Greenhouse gas emissions scope 1 Tonnes CO
2
e 72 73 68 -8.7%
Greenhouse gas emissions from cars
(2)
Tonnes CO
2
e 28 25 51 101.0%
Greenhouse gas emissions from natural gas
(3)
Tonnes CO
2
e 44 48 17 -66.3%
Greenhouse gas emissions scope 2 Tonnes CO
2
e 406 318 208 -34.5%
Greenhouse gas emissions market based Tonnes CO
2
e 406 318 208 -34.5%
Greenhouse gas emissions location based Tonnes CO
2
e 436 332 313 -5.7%
Greenhouse gas emissions scope 3 Tonnes CO
2
e - 13,235 16,223 22.6%
Greenhouse gas emissions from commuting
(4)
Tonnes CO
2
e - 197 167 -14.9%
Greenhouse gas emissions from business travel
(5)
Tonnes CO
2
e - 26 133 412.9%
Greenhouse gas emissions from upstream
emissions scope 1 & 2
Tonnes CO
2
e - 98 78 -20.5%
Greenhouse gas emissions from upstream logistics
(6)
Tonnes CO
2
e - 551 727 31.8%
Greenhouse gas emissions from waste
(6)
Tonnes CO
2
e - 18 23 26.2%
Greenhouse gas emissions from purchased
goods & services
(6)
Tonnes CO
2
e - 7,265 8,785 20.9%
Greenhouse gas emissions from downstream
transportation
(6)
Tonnes CO
2
e - 1,407 1,697 20.6%
Greenhouse gas emissions from end-of-life of
sold products
Tonnes CO
2
e - 3,301 4,202 27.3%
Greenhouse gas emissions from franchises Tonnes CO
2
e - 0.55 1.13 105.5%
Greenhouse gas emissions from capital goods Tonnes CO
2
e - 371 411 10.7%
Greenhouse gas emissions intensity
Greenhouse gas emissions scope 1 per FTE Tonnes CO
2
e 0.21 0.24 0.22 -9.1%
Greenhouse gas emissions scope 2 per FTE Tonnes CO
2
e 1.16 1.03 0.67 -34.8%
Greenhouse gas emissions scope 1 & 2 per FTE Tonnes CO
2
e 1.37 1.27 0.89 -30.0%
Energy consumption
Total car gasoline/petrol consumption
(7)
Liter - 435 8,286 1804.9%
Total car diesel consumption Liter 11,265 9,751 13,523 38.7%
Heating natural gas consumption MWh 239 378 91 -76.0%
Grey electricity consumption MWh 1,000 978 972 -0.6%
Renewable electricity consumption
(8)
MWh 67 36 378 940.2%
Renewable electricity production MWh 13 10 - -
(1) As restated to reflect the improvement in GHG emission measurement and the work undertaken for SBT submission.
(2) The number of company cars have increased.
(3) The share of natural gas natural gas in total consumption decreased, explained by a change of building in Milan.
(4)The reduction in emissions related to employees commuting is mainly due to Moleskine's smart working policy and the new HQ localisation in Milan oering a new
path work-home for employees.
(5) Business travels have increased, mainly due to travel across the company oces in EMEA, America and APAC, suppliers visits and big customers meetings.
(6) The increase in purchased goods and services, upstream and downstream freight, as well as waste and end of life emissions is explained by an increase in the
volume of products sold in 2022 compared to 2021.
(7) The increased in car gasoline consumption is explained by the increasing number of company cars and the post-covid eect.
(8) All Italian stores moved to green energy
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
3.2. Bringing positive changes to society
3.2.1. FOSTERING PEOPLE’S CREATIVITY AND CRITICAL MINDSET
THROUGH PRODUCTS AND BRANDCOMMUNICATION STRATEGIES
The company dedicates significant energy to identifying areas for innovation across every department and product category, whilst also
seeking ways to innovate internal processes and the business model. Driven by a solid foundation of company purpose, brand evolution tra-
jectory, and technical capabilities, the teams explore emerging consumer needs, seeking to deploy optimal solutions to empower creativity
and knowledge and to drive positive social change.
From this perspective, several important projects were deployed in 2022 in various fields, from Product Innovation to Brand Events. Aer
an enthusiastic and successful reception in Shanghai, Moleskine’s signature event, Detour, continued its global tour by landing in two major
creative capitals: Paris (2,000 visitors) and New York (40,000 visitors). In line with its original format, the exhibitions featured the Moleskine
Foundation’s collection of artwork, donated by internationally acclaimed artists, to support its mission of “Creativity for Social Change”. At
every step of the journey, the event managed to connect with local creative communities and oered a plaorm for stimulating discussions
9
191Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
and self-reflection on issues such as identity, culture, and community through the Moleskine Foundation’s unconventional education pro-
grammes. Revenue from these Detour events was donated to the Creativity Pioneers Support Fund, a funding programme established by the
Moleskine Foundation which provides resources to non-profit organisations that use creativity to power positive social change in commu-
nities across the globe. These two new chapters of the Detour journey received a very positive reception from the local public and media.
Another area of focus in the company’s trajectory is related to product innovation with several significant new initiatives taking place, such
as the REDO partnership based on a shared vision and shared values. REDO Upcycling firmly believes in creativity as a key driver of positive
change in the world. As such, the company employs socially disadvantaged workers to handcra its range of sustainably designed accesso-
ries. REDO employees are supported in their professional and personal growth, learning creativity-based skills and developing their individual
talents. In line with REDO’s sustainability ethos, Moleskine has partnered with them to create a limited collection of Made in Italy bags using
reclaimed Moleskine stock. Each shopper pack is stitched from repurposed bags that are given a new life in a series of one-of-a-kind designs.
In line with the company’s strategy to strengthen its Sustainability programme and communication both towards internal stakeholders and
the public, in 2022 another milestone was achieved with the publication of a dedicated section on the corporate website. In this new chapter,
the company highlights the brand’s solid and unique Sustainability position by focusing on ethical and transparent processes and proce-
dures, the commitment to nurturing a healthy work culture, defined by inclusivity and diversity, and its unique mission to leverage creativity
as a strong engine for positive social change.
THROUGH OUR SOCIAL ACTIONS
Sustaining creativity and critical thinking within communities is integral to Moleskine’s DNA. It is also an opportunity for the company to
engage with creative people and learn from their experiences. Moleskine is commied to collaborating with the Moleskine Foundation by
puing its network, its people, and its infrastructure at the Foundation’s disposal. Moleskine has also approved a sizeable, annual contribu-
tion to the Foundation of 1% of EBITDA, or €0.5m, whichever is the greater. Moleskine and the Moleskine Foundation have joined forces on a
long-term programme to support creative communities around the world, providing them with creative tools, such as notebooks and writing
tools, as well as connecting organisations and promoting local activities. Creative Tools for Social Change (CT4SC) is built on the belief
that creativity can lead to positive social change and that writing and drawing by hand on paper is the best way to unleash human genius.
In 2022, about 25,7000 notebooks were repurposed into creative tools to benefit the 27 organisations involved that year in the programme.
Strategic KPI 2021 Value 2022 Value Ambition 2025
Number of donated creative tools* 18,000 pieces 25,700 pieces 30,000 pieces
Number of organisations reached 8 organisations 27 organisations 30 organisations
* Including CT4SC programme and humanitarian organisations.
3.2.2. EMPLOYEE SATISFACTION AND ENGAGEMENT
Strong employee engagement and satisfaction, which leads to sta retention, is crucial to the long-term success of the business. In line
with the pillars of its culture (Care, Excellence, Passion, Learning, Resourcefulness), Moleskine wants to create a specific way of working and
encourages its people to focus on delivery and eectiveness and act in a result-oriented way.
In 2022, Moleskine carried out a satisfaction survey for the second time. The People Survey aims to create a people-centric approach in the
organisation to become a Top Place to work at a global level.
The key goals of the survey are:
- to give people a voice
- to measure and increase employee engagement
- to support organisational growth
- to reinforce the culture of feedback.
Specifically, the employee engagement and satisfaction score is measured through key drivers and 102 questions were sent to all Global
Corporate People. Employees answered each question on a 5-point Likert scale. The average score from those questions makes up the
engagement and satisfaction score.
As a development of the people survey, and to build a concrete action plan based on the results from last year’s survey, Moleskine launched
some internal focus groups to assess specific areas that the survey highlighted. Some of the output from these focus groups includes train-
ing initiatives (leadership/work smarter), a clearer salary review, 360° feedback for a group of employees, improving internal communication
(HR sharepoint, periodically update organisation charts), communicating ESG strategy & projects, employer branding activities, more flexible
annual leave policy, beer benefits (higher amounts for meal tickets).
Strategic KPI 2021 Value 2022 Value Ambition 2025
Engagement and satisfaction score
3.6 on a scale of 1 to 5
(5 being the highest
satisfaction rate)
3.7 out of 5 4 out of 5
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
9
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Disclosure of non-financial information - Moleskine
3.2.3. TALENT DEVELOPMENT
Talent Management and Professional Development processes involve every person in the organisation to ensure the best possible fit be-
tween people & their roles. A Talent Management process has been built to be fully integrated into the Moleskine People System.
Since 2021, Moleskine has implemented several development actions and processes to support talent and professional development:
- Appraisal: Employees share aspirations, international aitudes, and a personal development plan in 1-to-1 appraisal meetings. Managers
assess their team members (based on potential & performance over time) and evaluate the retention risk. The HR department supports
this appraisal process. For 2022, the people in scope are all corporate employees, while in 2021 only corporate employees who had an
MBO goal were involved (MBO means Management By Objectives, a management technique used to set clear goals for a specific time
period with progress being monitored regularly). In 2023, this will be extended to store managers
- 360° Broad-Based Feedback: A process in which employees receive confidential, anonymous feedback from the people who work
around them. The result from this process is an assessment of the person’s strengths and weaknesses and the areas for improvement
and development. The people in scope for 2021 were those who report directly to the CEO. In 2022, the process was extended to all
direct reports of Chiefs. In 2023, the process will be extended again to a broader population.
- Calibration: All Managers discuss the assessment reports for their direct reports in a peer meeting to calibrate their perspectives and
share evaluations and actions. The assessment is based on the performance and potential of the person. All Corporate employees and
EMEA Store managers are included.
- Training: In 2022, on top of the now annual training on feedback, the Executive Commiee received specific training in Leadership.
Strategic KPI 2022 Value Ambition 2025
% of total employees calibrated 100% oces’ employees calibrated (which
represent about 52% on total employees)
100% oce and directly operated stores’
employees calibrated
Given the constant evolution of Moleskine's sustainability strategy, some strategic KPIs have been altered compared to last year. However, the Average number of training
hours by FTE is still disclosed below.
Training
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Training hours Hours 576 693 2,496 260.2%
Average number of training hours by FTE Hours/FTE 1.65 2.25 8.06 -32.8%
The oering of language lessons in English and Italian, which are dedicated to all employees worldwide, is the reason for the increase in training hours in 2022.
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
3.2.4. DIVERSITY & INCLUSION
Moleskine promotes diversity, rejects every form of discrimination, and applies the same standard of treatment towards every employee
regardless of their religion, nationality, origin, gender or beliefs. This guiding principle is part of Moleskine’s Code of Ethics that every em-
ployee joining the Group has to sign, by way of acknowledgement and acceptance, and that every third party that has a business relationship
with the Group has to agree to adhere to. The Code of Ethics is published on the Group website.
Moleskine knows that diversity within the organisation greatly benefits the business thanks to the mix of dierent genders, mindsets, and
cultural and professional backgrounds.
Diversity is part of the brand’s DNA and the company is commied to creating a culture of fairness and equality across all geographies and
all roles.
Moleskine’s philosophy is reflected in its merit-based recruitment approach Additionally, the company takes steps to ensure that job postings
are inclusive and aract a diverse range of candidates by using language that is welcoming and appealing to a broad audience.
In 2021, Moleskine created the “Generation Z Board”, now composed of 18 young, talented people who embody the company’s journey in
terms of D&I. This Board includes people from all over the world - Europe, Asia, Africa, and the Americas - who reflect the international and
diverse workforce at Moleskine. The members of the Generation Z Board work directly with the CEO to identify brand values that are relevant
to their generation.
In Moleskine’s working environment, women make up 60% of top and middle management and more than fieen nationalities are represent-
ed among oce employees.
Strategic KPI 2021 Value 2022 Value Ambition 2025
% of the under-represented gender 33% of men 31.9% of men
Keep a gender-balanced
workforce & Identify new D&I
KPIs
9
193Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
Gender diversity
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Diversity in executive level positions
Total headcounts in executive level positions as at 31 December Number 9 9 9 0.0%
Percentage of male headcount in executive level positions as
at 31 December
% 67% 67% 56% -11.44p.p.
Percentage of female headcount in executive level positions as
at 31 December
% 33% 33% 44% 11.44p.p.
Diversity in the Board of Directors
Total headcounts in the Board of directors as at 31 December Number 7 6 6 0.00%
Percentage of male directors in the Board of Directors as
at 31 December
% 43% 50% 50% 0.00p.p.
Percentage of female directors in the Board of Directors as
at 31 December
% 57% 50% 50% 0.00p.p.
Diversity in the entire workforce
Percentage of male FTEs as at 31 December % 33% 34% 33% -0.55p.p.
Percentage of female FTEs as at 31 December % 67% 66% 67% 0.55p.p.
3.2.5. ADDITIONAL SOCIAL DATA
Social data
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Headcount
Total headcount as at 31 December Number 390 352 361 2.6%
Percentage of male headcount as at 31 December % 33% 33% 32% -1.14p.p.
Percentage of female headcount as at 31 December % 67% 67% 68% 1.14p.p.
Headcount by contract (fixed-term/open-ended)
Total headcount with fixed term contracts
as at 31 December
Number 9 30 38 26.7%
Percentage of male headcount with fixed term contracts % 22% 30% 26% -3.68p.p.
Percentage of female headcount with fixed term contracts % 78% 70% 74% 3.68p.p.
Total headcount with open-ended contracts as
at 31 December
Number 381 322 323 0.3%
Percentage of male headcount with open-ended contracts % 33% 34% 33% -1.49p.p.
Percentage of female headcount with open-ended contracts % 67% 66% 67% 1.49p.p.
Headcount full-time/part-time
Total headcount contracted on a full-time
base as at 31 December
Number 281 242 249 2.9%
Total headcount contracted on a part-time
base as at 31 December
Number 109 110 112 1.8%
Own employee turnover
Turnover rate % 18.5% 43.7% 41.2% -2.43p.p.
Worked hours subcontractors sta
Total number of worked hours by subcontractor sta during
the reporting period
Hours 1,440 7,558 1,892 -75.0%
194 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Moleskine
Health & safety data
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Lost time injury (LTI) at the workplace
Total number of lost time injury Number 1 1 1 0.0%
Frequency rate
LTI/1,000,000
Hours worked
1.53 1.80 1.79 -0.5%
Work-related fatalities
Total number of work-related fatalities Number 0 0 0
Lost time days at the workplace
Lost time days due to work accidents Days 35 2 40 1900.0%
Severity rate
LTD/1,000 Hours
worked
0.05 0.00 0.07 1890.3%
Absenteeism (illness and lost time injuries)
Total days absent because of illness, lost time injuries or
unknown reasons
Days 8,037 2,050 506.95 -75.3%
Absenteeism rate % 9.07% 2.62% 0.64% -1.97p.p.
3. 3 Setting a long-term governance approach covering transparency, integrity and
ethical behaviour
3.3.1. SUSTAINABLE SUPPLY CHAIN
Moleskine’s products are sourced entirely from external suppliers. Therefore, from the beginning of the supplier selection process, Moleskine
controls a set of environmental, social, and ethical aspects which are laid out in the Corporate Responsibility guidelines, which were adopted
in 2020. The Supply Chain Department is responsible for applying these guidelines, both in the selection of new suppliers and in the ongoing
monitoring of supplier adherence. Moleskine’s goal is to increase supplier compliance and to secure evidence of each supplier’s commitment
to the environmental, ethical, and social topics outlined in the guidelines.
In 2023, Moleskine continued working to extend the number of suppliers who, in line with the Corporate Responsibility guidelines:
- have agreed to adhere to the company’s Code of Ethics which, since 2012, has contained the legal and ethical standards to be applied
by Moleskine and its suppliers
- have a valid SA8000 certification (or equivalent), the International Social Responsibility Standard, which covers, amongst other aspects,
working conditions, under-age workers, and non-voluntary work
- have a valid ISO14001 certification (or equivalent), which provides a framework for controlling environmental impacts and aims to lead
to continuous improvement in environmental performance
- are a SEDEX member (or have agreed to become one), one of the world’s leading ethical trade membership organisations which works
with businesses to improve working conditions in global supply chains
- have accepted the general terms and conditions of supply.
In 2022, 100% of the company’s significant suppliers were SA8000 certified and 100% held environmental certification (ISO14001). In 2022,
new suppliers of products were added to the company’s list of approved suppliers, which led to more fragmented purchases and, therefore,
to a greater number of verified suppliers. In the event that a supplier fails to comply with its obligations, they are required to start a compli-
ance action plan.
Strategic KPI 2021 Value 2022 Value Ambition 2025
Percentage of SA8000 certified significant
suppliers
100 100 100%
Percentage of ISO 14001 certified
significant suppliers
96 100 100%
FSC certification Yearly validation succeeded Yearly validation succeeded Keep FSC-certification
Significant suppliers are defined as those suppliers of goods that together account for over 90% of the total annual purchase value of Moleskine Goods (measured by total
order value submied in euro).
Data marked with a
9
is in the scope of the independent limited assurance performed by PwC.
3.3.2. BUSINESS ETHICS & GOVERNANCE
Moleskine’s ambition is for every employee, at every level in the organisation, to comply with the Code of Ethics and to do business in
accordance with the values and behaviour expectations contained therein. When joining the company, every employee is asked to sign the
company’s Code of Ethics by way acknowledging and accepting its contents. The Code of Ethics was adopted in 2012 by the Board of
Directors and is updated over time.
Since 2013, Moleskine has adhered to Italian Legislative Decree no. 231/2001 by adopting an Organisational and Control Model which is
designed to prevent bribery and corruption of public authorities and private entities. Pursuant to this Decree, a Supervisory Body oversees
the eectiveness of the model (through periodic meetings with company representatives) and is notified of any possible breach of the Model
through a dedicated email account, which is monitored constantly by the Supervisory Body and by the Internal Audit department (organ-
ismodivigilanza@moleskine.com). The Supervisory Body formally reports to the Board of Directors once a year. No cases of corruption or
bribery and no breaches of the Code of Ethics were reported by the Supervisory Body in 2022.
9
9
195Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
On top of this, to promote a company culture of honesty and transparency, along with a solid governance system, Moleskine recognises the
need for a procedure to report any behaviour that goes against the company’s policies and regulations. A whistleblowing policy was thus
approved in 2019 and a dedicated email account has been established. The Policy, available in Italian and English, provides for anonymous
reporting and protects a whistleblower’s confidentiality. It has been made public and is available under the company’s collection of Policies
& Procedures. No suspected or alleged breaches were registered via the whistleblowing email account in 2022.
Good governance is also achieved by having optimal cybersecurity. Moleskine implements best practices to protect its critical systems and
sensitive information from digital aack. In 2021, the company carried out a cybersecurity maturity assessment and, building on the results
from this, developed a four-year roadmap which has been approved by the Audit commiee. In 2022, the company implemented a set of
actions highlighted in the roadmap, such as the Third Party Risk Management Procedure, Segregation of Duties assessment, training on
Cyber risks and a Phishing campaign.
Strategic KPI 2021 Value 2022 Value Ambition
Number of reported incidents of unethical
behaviour
0 0
Keep the number of reported
incidents of unethical behaviour
at zero
Governance-related data
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Training on business ethics
Percentage of headcount received training on business ethics
(e.g. on the Code of Conduct)
% 0% 0% 2% 2.22p.p.
Collective bargaining agreement
Percentage of headcount bound by a collective bargaining
agreement (CBA)
% 0% 0% 0% 0.00p.p
Anti-bribery & anti-corruption
Monetary amount of legal and regulatory fines and selements
(over €10,000) associated with:
€ 0 0 0 -
- Violations of bribery, corruption, or anti-competitive standards
- Environmental, ecological or social issues
- Data security breaches
Number of registered incidents on unethical workplace behaviour
or discrimination
Number 0 0 0 -
Number of confirmed incidents of corruption and bribery Number 0 0 0 -
Non-monetary sanctions
Number of instances of noncompliance with laws and regulations
for which non-monetary sanctions were incurred
Number - - 0 -
A training dedicated to members of the executive comitee was provided, which caused the increase from 0 to 8 members trained on business ethics.
196 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Moleskine
4. EU Taxonomy
Moleskine’s activity of designing and distributing writing and reading accessories is currently not included in the first two annexes of the
EU Taxonomy on climate change mitigation and adaptation. This leads to a current percentage of 0% eligibility and 0% alignment for the EU
Taxonomy KPIs of Turnover, CapEx and OpEx.
TURNOVER
Economic activity
Absolute turnover (in millions) Proportion of turnover Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm)
1
Minimal safeguards Taxonomy aligned proportion of turnover for 2022 Taxonomy aligned proportion of turnover for 2021 Category (Enabling activity) Category (Transitional activity)


€ % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%    
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
0.0 0.0%        
Total (A.1. + A.2.) 0.0 0.0%    
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
143.3 100%
Total (A + B) 143.3 100%
197Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Moleskine
CAPEX
Economic activity
Absolute CapEx (in millions) Proportion of CapEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of CapEx for 2022 Taxonomy aligned proportion of CapEx for 2021 Category (Enabling activity) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activi-
ties (Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CapEx of Taxonomy-eligible but not environ-
mentally sustainable activities (not Taxo-
nomy-aligned activities) (A.2)
0.0 0.0%
Total (A.1. + A.2.) 0.0 0.0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible
activities (B)
6.7 100%
Total (A + B) 6.7 100%
198 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Moleskine
OPEX
Economic activity
Absolute OpEx (in millions) Proportion of OpEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not signifi- cantly harm) Minimal safeguards Taxonomy aligned proportion of OpEx for 2022 Taxonomy aligned proportion of OpEx for 2021 Category (Enabling activity) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES 
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible but not environ-
mentally sustainable activities (not Taxo-
nomy-aligned activities) (A.2)
0.0 0.0%
Total (A.1. + A.2.) 0.0 0.0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
2.5 100%
Total (A + B) 2.5 100%
199Financial and Directors’ Report 2022 I

Disclosure of non-financial information - TVH
TVH
1. Business model and value creation
TVH is a leading global independent distributor for aermarket parts for material handling, construction & industrial, and agricultural equip-
ment. This customer-centric organisation has continuously expanded its footprint to improve its responsiveness and customer
servicing capacity, starting from a single Belgian location in 1969 to over 80 branches in 28 countries today. Thanks to its customer
devotion, TVH now serves customers throughout 180+ countries across the world and has achieved outstanding service quality levels
with approximately 95% of same-day shipments on orders.
TVH helps extend the life of machines, keep machines running, and prevent machines from being unnecessarily scrapped or replaced.
Geographies & Workforce
KPI Unit 2021 2022
Total headcount of own employees as at 31 December Number 4,638 4,943
Percentage of FTEs of own employees in the Eurozone % - 64%
Percentage of FTEs of own employees in North America % - 26%
Percentage of FTEs of own employees in the Rest of the World % - 9%
Additional background information on the calculations and formulas used can be found at p.219.
2. Sustainability strategy
2.1. Materiality
TVH carried out a materiality analysis in 2021 and 2022 with the help of an external partner. Dialogue with the members of the TVH Executive
Management Team and the TVH Board of Directors, in the form of interviews, was set up and conducted. At the same time, an online survey
involving a substantial set of employees, customers, and suppliers was sent out. The materiality analysis highlighted the business’s most
critical (hereinaer “material”) non-financial aspects. On this basis, TVH identified and prioritised the following material topics: maintaining
high standards of business ethics, oering a good place to work, safeguarding health and safety, reducing waste and pollution, avoiding
hazardous waste, ensuring equality at work, and promoting the use of green energy. Separate to the survey, the carbon footprint, employee
engagement, and customer satisfaction were added to TVH’s materiality analysis as these KPIs are part of D’Ieteren Group’s priorities.
TVH selected eight important SDG's, six being considered core and two as support. The selection process involved four criteria: impor-
tance for stakeholders, the company's SDG relevant experience, TVH's ability to make a real dierence, and its ambition to exceed the legal
requirements.
A core SDG is aligned with all criteria while a support SDG is aligned with three of the four.
The company has grouped these eight SDGs under three key ambitions:
- To operate green and eciently (SDG 7, 9, and 12): In addition to making a positive contribution with its core activities, which promote
responsible consumption and production, TVH is commied to increasing its use of clean energy in its own operations.
- To be a great employer (SDG 3, 4, 8, and 10): TVH implements practices that support and promote the creation of a great, inclusive place
to work, ensuring equality, health, and well-being for employees, as well as good quality training.
- To operate with integrity and ethical values (SDG 16): Conducting business with integrity and strong ethical values is key to the way TVH
operates and is strongly linked to TVH’s values.
2.2. Sustainability governance
Sustainability is an integral component of our business strategy and firm governance was established to drive this forward. The Board of
Directors plays a crucial role in sustainability by supporting the strategy, seing priorities, and monitoring progress. In terms of determining
the sustainability strategy and approach, responsibility falls on the Executive Management Team. To support this team, TVH has appointed
a Sustainability Manager, who is in charge of defining, coordinating, and measuring the progress of the ESG strategy. In addition, a Sustai-
nability Steering Commiee has been formed to steer the dierent sustainability projects and determine new actions. The CEO, CFO, CPO,
CSS (Chief Strategy and Sustainability), and the Sustainability Manager are part of this Steerco. Finally, to promote broad internal support
among employees worldwide and to exchange information, ideas, and initiatives tied to sustainability, a Sustainability Focus Group was set
up, composed of managers and employees from APAC, the Americas, and EMEA.
200 I Financial and Directors’ Report 2022

Disclosure of non-financial information - TVH
2.3. Sustainability Roadmap
ESG area Topic Materiality SDG KPI
Management
approach
Customer satisfaction
Customer satisfaction
drives loyalty and increases
sales
- NPS 3.1.
Environment
GHG emissions
TVH’s operations generate
direct and indirect GHG
emissions. TVH extends
equipment life through its
operations, resulting in
reduced emissions.
Climate Action Carbon footprint 3.2.
Renewable energy
Producing more renewable
energy will allow TVH to
become less dependent on
the grid.
Aordable and
clean energy
% of renewable electricity
consumption
% of renewable electricity
production
3.3.
Packaging
Reducing packaging meets
customer requirements and
reduces cost.
Responsible
consumption and
production
% reduction in package use 3.4.
Social
People engagement
High engagement drives
employee eciency, dedi-
cation, and retention.
Good health and
well-being
Engagement score 3.5.
People development
Supporting employees,
by providing training and
developing skills, enables
people to reach their full
potential and has a positive
impact on both people and
TVH.
Quality training Investment in training 3.6.
Health & Safety
A robust health and safety
process can help prevent
accidents and create a
safe working environment.
Additionally, by lowering
hazards to health and
safety, absenteeism will be
reduced, as will pressure on
employees.
Decent work and
economic growth
Number of occupational
accidents.
Days lost due to occupatio-
nal accidents.
3.7.
Diversity & Inclusion
Creation of a talented
workforce, recruiting
people for their skills and
qualifications. An organi-
sation with a diverse pool
of talent will benefit from
dierent perspectives and
ideas.
Reduced inequa-
lities
Number of reports on dis-
crimination
3.8.
Business ethics
TVH’s stakeholders expect
TVH to work according to
regulations and laws. As
a company TVH wants to
hold ourselves to high mo-
ral and ethical standards.
Good governance Code of Conduct 3.9.
201Financial and Directors’ Report 2022 I

Disclosure of non-financial information - TVH
3. ESG performance
3.1. Customer satisfaction
TVH is commied to “Keep its customers going and growing”. With this ambition in mind, the company is dedicated to providing excellent
customer experience. Since 2018, TVH has been running its worldwide Voice of the Customer (VoC) programme, which involves gathering
customer feedback and adjusting its services, processes, and way of working accordingly.
TVH measures customer experience by conducting monthly Net Promoter Score (NPS) surveys and uses actual customer feedback to im-
prove its services and to introduce new enhancements.
In 2022, the NPS score for TVH increased drastically by +10.5 points, reaching 52.5
1
9
, compared to 42 in 2021. Customers mention,
as main positive feedback, the overall customer service delivered by a dedicated sales team and the reliable logistics services, ensuring a
24/48-hour service window worldwide.
In 2022, TVH integrated customer excellence within the global continuous improvement programme leading to the launch of 93 focused
initiatives. With customers in mind, employees worked to optimise the customer inflow and reduce logistics-related claims, emphasising that
every employee plays a crucial role in realising customer success.
Next, TVH focused on improving the e-commerce experience given more than 80% of orders are placed through the online channel. TVH
leveraged customer feedback obtained from user testing to establish a new e-commerce plaorm and improve its online presence. The
objective behind this eort is to oer a best-in-class e-commerce experience with a focus on streamlining the customer journey to make it
as smooth as possible.
1. The company’s Net Promoter Score (NPS) is measured through a yearly customer relationship survey, which is sent on a monthly basis to 1/12th of its active customers
who meet the criteria of being commercially and financially active with a total turnover of X-1 > €1,000, and excludes competitors. The NPS measures how likely customers
are to recommend the company to a friend or colleague on a scale from 0-10, with respondents grouped into Promoters (score 9-10), Passives (score 7-8), and Detractors
(score 0-6). The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters and can range from a low of -100 to a high of +100. The
company measures NPS in the Americas (excluding SSI and Brazil), EMEA (excluding Russia and Ukraine since February 2022), APAC (all regions included), and BEPCO
(excluding Iberica, Eastern Europe, Switzerland, and Export). The ocial measurements started in Jan 2022 for Americas and Jan 2023 for BEPCO. China is excluded from
NPS measurement in 2023. The NPS covers 61% of the clients with more than €1000 revenue.
Data marked with
9
is in the scope of the independent limited assurance performed by PwC.
202 I Financial and Directors’ Report 2022

Disclosure of non-financial information - TVH
3.2. GHG emissions
TVH has a large network of oces, warehouses, and distribution centres across the world. The company’s business model is based on
shipping spare parts from suppliers in dierent parts of the world to warehouses and delivering them to customers, who can also be found
across the world. This business model has a notable eect on the company’s carbon footprint. In 2022, TVH’s carbon footprint was mapped
for the first time enabling TVH to initiate an annual reduction trajectory on scope 1 and 2.
The company plans to conduct an annual carbon footprint assessment to track the progress of its eort and measure the eectiveness of
the approach.
GHG & Energy consumption
KPI Unit 2021 2022
Change
(2022 vs.2021)
Greenhouse gas emissions
Greenhouse gas emissions(scope 1 & 2) Tonnes CO
2
e 12,508 11,830 -5.4%
Greenhouse gas emissions scope 1 Tonnes CO
2
e 5,586 5,269 -5.7%
Greenhouse gas emissions from company owned vehicles
(1)
Tonnes CO
2
e 1,664 1,907 14.6%
Greenhouse gas emissions from natural gas Tonnes CO
2
e 3,607 3,222 -10.7%
Greenhouse gas emissions from heating fuel oil Tonnes CO
2
e 36 24 -33.0%
Greenhouse gas emissions from heating Propane/LPG Tonnes CO
2
e 0 0 -
Greenhouse gas emissions from refrigerant leakage Tonnes CO
2
e 191 13 -93.3%
Greenhouse gas emissions from owned logistics Tonnes CO
2
e 87 103 18.8%
Greenhouse gas emissions scope 2 Tonnes CO
2
e 6,923 6,561 -5.2%
Greenhouse gas emissions market based Tonnes CO
2
e 6,923 6,561 -5.2%
Greenhouse gas emissions location based Tonnes CO
2
e 8,069 8,027 -0.5%
Greenhouse gas emissions intensity
Greenhouse gas emissions scope 1 per FTE Tonnes CO
2
e - 1.1 -
Greenhouse gas emissions scope 2 per FTE Tonnes CO
2
e - 1.3 -
Greenhouse gas emissions scope 1 & 2 per FTE Tonnes CO
2
e - 2.4 -
Energy consumption
Total car gasoline/petrol consumption Liter 26,346 78,818 199.2%
Total car diesel consumption Liter 641,723 694,631 8.2%
Heating natural gas consumption MWh 19,499 17,414 -10.7%
Heating fuel oil consumption MWh - 91 -
Grey electricity consumption MWh 23,450 21,915 -6.5%
Renewable electricity consumption MWh 5,309 6,098 14.9%
Renewable electricity production MWh 877 4,102 367.7%
TVH is working on its scope 3 measurement.
3.3. Renewable energy
As a company, TVH is commied to producing and consuming clean, aordable energy. Historically, TVH has relied on solar energy to in-
crease green energy production. In recent years, a number of projects have been realised on sites in Belgium, Spain, and Singapore. The
company has identified additional projects to be launched from 2023 in Belgium, South Africa, Brazil, Canada, the US, Australia, the UK, and
France.
TVH recognises that data monitoring is important to keep track of the volume of green energy produced. To this end, all data on solar
energy production across all TVH sites worldwide will be captured in a single tool, providing real, live data. Combined with data on energy
consumption, this will provide additional insights and guide future investment decisions.
203Financial and Directors’ Report 2022 I

Disclosure of non-financial information - TVH
3.4. Packaging
Being a worldwide distributor of spare parts entails using significant amounts of packaging to transport products from suppliers to war-
ehouses and distribution centres, while ensuring that customers get the products in perfect condition. As TVH’s operations continue to
grow, the use of packaging materials also increases.
TVH has implemented several actions at its main warehouse to limit the packaging material used for shipments. First, the installation of
machines to reduce empty space in packages. Second, the enhanced cooperation with suppliers so the packaging they use can be kept
throughout the process until the part reaches the customer. Additionally, TVH is conducting further research into changing the composition
of its packaging materials by reducing the use of unsustainable materials.
Waste management
KPI Unit 2022
Total waste generated Tonnes 4,494
Total hazardous waste generated Tonnes 103
Total hazardous waste directed to landfill Tonnes 1
Total hazardous waste directed to incineration (without energy recovery) Tonnes 10
Total hazardous waste directed to incineration (with energy recovery) Tonnes 5
Total hazardous waste diverted from disposal to recycling Tonnes 87
Total non-hazardous waste generated Tonnes 4,391
Total non-hazardous waste directed to landfill Tonnes 6
Total non-hazardous waste directed to incineration (without energy recovery) Tonnes 0
Total non-hazardous waste directed to incineration (with energy recovery) Tonnes 96
Total non-hazardous waste diverted from disposal to re-use Tonnes 130
Total non-hazardous waste diverted from disposal to recycling Tonnes 4,160
The waste data are currently covering only Belgium operations.
3.5. People engagement
In 2022, TVH’s people approach focused on three global themes: talent, collaboration, and diversity & inclusion. TVH’s hiring capacity was
bolstered and two campaigns were launched to improve employer branding and address meeting culture. In order to increase cross-team
internal collaboration, almost fiy team action plans were developed and implemented. The company also focused on optimising the variable
compensation and total reward oering by introducing both short-term and long-term incentive plans for its executive leadership team and
people leaders.
The short-term plans of TVH aim to retain the market-competitive character of remuneration packages and, at the same time, translate
global KPIs into concrete People Leader objectives with an ongoing focus on continued international growth, individual development, and
employee engagement initiatives.
TVH implemented an employee engagement programme consisting of quarterly “snapshots” to measure the engagement level. A high par-
ticipation rate of 80% was achieved, leading to an 81%
1
9
global engagement index for the full year 2022. The positive trend of increased
engagement was observed throughout the year with a 1% increase each quarter.
1. The % Engagement Index is measured as the summary of scores on five survey questions, each scored on a 5-point scale. The percentage is the proportion of favorable
answers (scores of 4 or 5). The survey covers all departments, divisions, and countries within the organization, and all global employees on the payroll with a minimum of
three months of working experience (excluding interim and consultant employees). The survey includes both desk and non-desk employees.
Data marked with
9
is in scope of the independent limited assurance performed by PwC.
3.6. People development
In 2022, TVH launched a new global performance management process for all employees with a focus on continuous feedback on 4 themes:
goals, performance & values, development & career, well-being. The process includes three progress check-in discussions. Additionally, an
executive leadership programme was launched with participation from the Executive Management Team and all directors in the first lea-
dership bootcamp. The programme included workshops, individual coaching, and peer practice labs. Furthermore, to beer introduce new
employees to the company, their function, and their colleagues, a standard onboarding process was put in place in Belgium and in the US.
The goal is to include other geographies in the coming years.
The HR team was strengthened with the addition of highly skilled experts who have been given increased visibility within the company. Buil-
ding on their valuable expertise, the team has developed a global vision and a clear roadmap with business driven priorities.
In 2023, a further roll-out of the executive leadership programme is scheduled. TVH will leverage the set-up of the new human capital mana-
gement system to introduce new HR modules that will support job grading and employee data management. This will provide the company
with an enhanced and up to date level of data-driven insights to drive its HR strategies and decisions, such as talent acquisition and review
or merit cycles.
204 I Financial and Directors’ Report 2022

Disclosure of non-financial information - TVH
3.7. Health & Safety
The company established a global safety community to ensure that proper data collection was performed in all plants worldwide and to
facilitate the sharing of experience among members of this community. To ensure the proper interpretation and collection of data by teams
worldwide, every level of management has increased emphasis on this issue. In addition, a global safety team was set up to develop new
content for training and safety programmes and to coordinate on-the-ground action.
In 2023, several projects will take place in Belgium (e.g. test exoskeletons) to reinforce the safety culture. Moreover, safety flashes will be
issued aer an incident occurred to enhance the communication of the follow-up measures to everyone in Operations. At an international
level, the team journey will concentrate on specific training sessions on safety.
By June 2023, the data collected on occupational accidents and their impact across all plants worldwide will be assembled in a single global
dashboard. In addition, a study is being conducted to determine the optimal tool to track occupational accidents.
Workforce data
KPI Unit 2022
Headcount by contract (fixed-term/open-ended)
Total headcount with fixed-term contracts as at 31 December Number 25
Total headcount with open-ended contracts as at 31 December Number 4,918
Percentage of male headcount of own employees with open-ended contracts % 69%
Percentage of female headcount of own employees with open-ended contracts % 31%
Headcount full-time/part-time
Total headcount with a full-time contract as at 31 December Number 4,841
Percentage of male headcount of own employees with a full-time contract % 70%
Percentage of female headcount of own employees with a full-time contract % 30%
Total headcount with a part-time contract as at 31 December Number 102
Percentage of male headcount of own employees with a part-time contract % 44%
Percentage of female headcount of own employees with a part-time contract % 56%
Own employee turnover
Turnover rate % 4.8%
Lost time injury (LTI) at the workplace
Total number of lost time injury of own employees Number 85
Frequency rate, own employees
LTI/1,000,000
hours worked
11.19
Work-related fatalities
Total number of work-related fatalities of own employees Number 0
Lost time days at the workplace
Lost time days due to work accidents of own employees Days 1,209
Severity rate, own employees
LTD/1,000
hours worked
0.16
205Financial and Directors’ Report 2022 I

Disclosure of non-financial information - TVH
3.8. Diversity & Inclusion
In 2022 the Executive Management Team and the Board of Directors worked together to define focus themes linked to diversity and inclu-
sion. Three themes emerged: gender equality, cultural diversity, and a global mind-set.
In 2023, TVH will focus on initiatives linked to those themes. To address gender equality, a women’s network and advocacy initiative will
be created to encourage female employees to take up leadership roles, promote collaboration, and empower them. Additionally, we will
support initiatives empowering women and other under-represented groups. Finally, the company wants to stimulate more discussion on
certain topics linked to gender.
For other themes, TVH foresees a global discussion on its diverse culture. Next to that, more emphasis will be put on promoting and suppor-
ting internal mobility and providing learning opportunities to improve communication skills and actionable knowledge and to build cultural
agility. Finally, as for gender, more discussion on topics linked to cultural diversity and a global mind-set are stimulated.
Diversity and inclusion
KPI Unit 2021 2022
Change
(2022 vs. 2021)
Diversity in executive level positions
Total headcounts in executive level positions as at 31 December Number - 9 -
Percentage of male headcount in executive level positions as
at 31 December
% - 100% -
Percentage of female headcount in executive level positions as at 31
December
% - 0% -
Diversity in the Board of Directors
Total number of directors in the Board of Directors as at 31 December Number - 9 -
Percentage of male directors in the Board of Directors as at 31 December % - 67% -
Additional data on diversity and inclusion
KPI Unit 2021 2022
Change
(2022 vs. 2021)
Percentage of female directors in the Board of Directors as
at 31 December
% - 33% -
Diversity in the entire workforce (headcount)
Total headcount of own employees as at 31 December Number 4,638 4,943 6.6%
Percentage of male headcount of own employees as at 31 December % 70% 69% -0.60p.p.
Percentage of female headcount of own employees as at 31 December % 30% 31% 0.60p.p.
206 I Financial and Directors’ Report 2022

Disclosure of non-financial information - TVH
3.9. Business ethics
TVH enjoys a solid reputation around the world based on integrity, responsible conduct, teamwork, excellence, and commitment. All TVH re-
presentatives share the responsibility to protect and safeguard that reputation, which is valued by customers, business partners, employees,
and other stakeholders. The Code of Conduct defines and documents what TVH believes in and contains the global standards that each TVH
representative must follow. Any deviations from this Code must be approved by the Board of Directors, which reviews the Code periodically.
To safeguard the follow-up of any breaches of this Code, employees who suspect or who are aware of a breach, are encouraged to report
the issue to their direct supervisor. If the direct supervisor is unable to help or if an employee feels uncomfortable discussing the concern
with them, use can be made of the Ethics & Compliance helpline.
Governance-related data
KPI Unit 2021 2022
Change
(2022 vs. 2021)
Ethics
Percentage of headcount that has received training on business ethics
(e.g., on the Code of Conduct)
% 68% 63% -4.86p.p.
Anti-bribery & Anti-corruption
Monetary amount of legal and regulatory fines and selements (over
€10,000) linked to:
€ 0 0 -
- Violations of bribery, corruption, or anti-competitive standards
- Environmental, ecological or social issues
- Data security breaches
Number of confirmed incidents of corruption or bribery Number 0 0 -
Number of registered incidents on unethical workplace behaviour or dis-
crimination
(1)
Number 1 7 600%
Non-monetary sanctions
Number of instances of noncompliance with laws and regulations for
which non-monetary sanctions were incurred
Number - 0% -
Employees covered with regulatory proceedings
Percentage of covered employees with a record of investment-related
investigations, consumer-initiated complaints, private civil litigations, or
other regulatory proceedings
Percentage - 0% -
(1) TVH promotes a Speak-up Culture and reports all registered incident. In 2022, two have been classfied as substantiated and threated accordingly, two have been
classified as unsubstantiated ,one was partly substianted and two are under review.
207Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Immo
D’Ieteren Immo
1. Business model and value creation
D’Ieteren Immo is the real estate arm of D’Ieteren Group in Belgium and is responsible for managing the real estate assets, most of which
are rented by D’Ieteren Automotive. These assets include oces, workshops, concessions, logistics centres, residential units, car parks, and
landbanks. In addition to managing its own properties, D’Ieteren Immo oers both real estate advice and a range of services to its tenants.
The D’Ieteren Immo team consists of 44 permanent employees and 12 freelancers. At the heart of the company’s sustainability ambitions
is its ‘Invest & Hold’ strategy. As a long-standing family business, D’Ieteren Immo aims for the creation of long-term value, without rapid
valuation objectives. The team manages the Group’s real estate assets with the purpose of making them more sustainable and future-proof.
D’Ieteren Immo focuses on rigorous governance, sustainable management practices, long-term relationships with its stakeholders, and a
well-trained and proactive team to ensure its heritage thrives. D’Ieteren Immo wants to contribute to the transition to a more sustainable
society by inspiring peers and other companies.
The company supports the transition towards a sustainable, low-carbon economy and is determined to contribute to the UN Sustainable
Development Goals (SDGs). The most relevant SDGs to which D’Ieteren Immo can make a tangible contribution are:
- SDG 7: Aordable and clean energy. D’Ieteren Immo seeks to constantly improve its energy eciency. The company maximises and
invests in the generation of renewable energy on its sites, during both construction and renovation activities. For its remaining energy
needs, D’Ieteren Immo restricts itself to purchasing only green energy.
- SDG 9: Industry, innovation and infrastructure. D’Ieteren Immo has started the process of adapting its buildings to current and future
needs by, for example, integrating flexibility into the design of its assets.
- SDG 11: Sustainable cities and communities. When creating new urban developments, D’Ieteren Immo aims for mixed-use projects with
an optimal balance between the dierent uses to contribute to the well-being of local communities.
- SDG 12: Responsible consumption and production. D’Ieteren Immo is determined to engage in the transition toward a circular economy.
The focus is on limiting waste, recycling on-site, reusing materials, and raising employee and supplier awareness.
- SDG 13: Climate action. D’Ieteren Immo is taking steps to achieve carbon neutrality for its company-related and porolio-related GHG
emissions.
- SDG 15: Life on land. D’Ieteren Immo aims to optimise land use at its sites whilst also minimising the number of enclosed surface areas.
The company incorporates biodiversity considerations into the development of new sites and the management of existing areas.
Geographies & Workforce
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Total full-time equivalents (FTEs) as at 31 December
FTE
42.60
40.82 40.72 -0.2%
Percentage of FTEs in the Eurozone (Belgium) % 100% 100% 100% 0.00p.p.
The ESG data of D'Ieteren Immo covers all D'Ieteren Immo's properties and business activities.
Additional background information on the calculations and formulas used can be found at p.221
208 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Immo
2. Sustainability strategy
2.1. Materiality
In 2019, D’Ieteren Immo performed a materiality assessment and prepared a materiality matrix. Based on interviews with internal and exter-
nal stakeholders, from customers and suppliers to governments and industry associations, the company has identified an extensive set of
priorities on which to act. This list resulted in four strategic pillars based on eight material topics: energy consumption, carbon emissions,
multi-purpose building, materials & waste management, circular design, construction & use, employee well-being, and customer satisfaction.
In addition, the relevant material topics were linked to each pillar. Since D’Ieteren Immo’s business evolves constantly, the company will re-
peat its materiality analysis at regular intervals. In the meantime, the topic of biodiversity has been added to the list of sustainability aspects
on which D’Ieteren Immo is acting.
2.2. Sustainability Roadmap
In 2019 and 2020, the company established a new sustainability strategy, which resulted in acting on four main pillars: improving the environ-
mental and operational performance of its properties, designing and building future-proof infrastructure, evolving towards carbon neutrality,
and being a top employer.
To achieve those ambitions by 2030, D’Ieteren Immo has drawn up a roadmap with the necessary actions. These actions are monitored with
well-chosen Key Performance Indicators (KPIs) to track progress. The company’s BREEAM New Construction certifications and D’Ieteren
Immo’s own internal Project Guidelines ensure that building projects and refurbishments follow the goals and standards laid out in the sus-
tainability strategy. D’Ieteren Immo is also taking steps to become a top employer.
The company continuously follows this roadmap and implements it through various actions aimed at its employees and other stakeholders.
2.3. Sustainability governance
In 2021, D’Ieteren Immo reorganised its existing Sustainability Group. Representatives from all departments now work together in three
interdisciplinary groups to measure the company’s progress in terms of its strategic ambitions and to decide upon future steps. The three
interdisciplinary groups focus on a specific aspect of the organisation’s sustainability strategy: (i) the Corporate working group focuses on
the well-being of employees, (ii) the Operations working group focuses on the sustainability of existing assets, and (iii) the Projects working
group focuses on the sustainability of new construction and refurbishment projects.
Like the former Sustainability Group, the new Sustainability Team was created using a boom-up approach to promote broad internal support
among employees. The team consults regularly with the D’Ieteren Immo Executive Commiee and the Board of Directors. Both the Board and
the Commiee are very commied to a sustainable future: they consistently put sustainability on the agenda and expect it to be integrated
into every project. Long-term financial planning provides significant resources to achieve the strategic sustainability ambitions.
In 2022, the three interdisciplinary groups concluded their missions with the following main achievements: the implementation of the Project
Guidelines, the selection of a BREEAM assessor and a site to launch a test case for BREEAM In Use. In addition, they launched the multiyear
Carbon-Nada project and followed-up the NPS-survey, the Employee Satisfaction Survey, and the Themis-project including the Code of Con-
duct and ethics hotline. The Operations and Projects working groups have successfully concluded their objectives.
Starting in January 2023, D’Ieteren Immo will assemble a new council of representatives that will meet on a monthly basis and will function
as a sounding board for the entire organisation. This new council will focus on the well-being of employees and will replace the Corporate
working group.
Internal and external stakeholders are kept updated on D’Ieteren Immo’s sustainability strategy and the progress on its implementation
through various channels including the monthly Newsleer, monthly information sessions for employees, the annual report, and sustainability
being a permanent topic on the agenda of every steering commiee meeting.
209Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Immo
2.4. Connectivity table
ESG
area
Strategic pillar Ambition/
Multi-topic KPI
Status in 2022 Impact on society Sustainability-related risks /opportunities KPI Ambition Value in
2022
Policies &
Action plans
Customer
satisfaction
D’Ieteren Immo helps customers reach their own sustainability targets.
Listening to customer needs allows D’Ieteren Immo
to assess its real estate oer and related services and
adapt them accordingly.
Higher customer satisfaction leads to higher loyalty
and retention.
NPS score
To reach a level of excellence
in terms of customer satis-
faction.
To reach an NPS score be-
tween 20 and 40, compared
to other peers.
25 3.3.
E
Improve the
environ-
mental and
operational
performance
of current
properties
Design
and build
future-proof
infrastructure
100% of pro-
perties with
BREEAM In
Use-certifica-
tion by 2025
100% of large
new projects
with BREEAM
New construc-
tion certifica-
tion
&
% of smaller
projects where
internal Project
Guidelines are
applied
In progress,
test case
ongoing
Ongoing
certification
process for
2 projects
Monitoring
postponed
until 2023
Contribution to energy eciency and to the transition towards more re-
newable energy. Sharing best practices of energy management and storage
systems.
Reduce dependency on external energy providers,
which could have a direct financial impact and enable
the company to increase the aractiveness of its
assets.
% self-generated re-
newable electricity
To reach 100% of renewable
and on-site produced energy
at its sites
46.3%
3.1.
BREEAM In
Use
BREEAM
New
Construc-
tion
Internal
Project
Guidelines
Reduce the environmental impact of the waste produced by D’Ieteren Immo
and its tenants.
Considering waste as a valuable resource and reusing
selective, dismantled materials in a construction pro-
ject, where possible, could have a positive impact on
the company’s operations.
-
To continue to provide on-site
infrastructure to sort and
recycle waste generated by
building occupants.
-
Reduce pressure on scarce resources and limit the environmental footprint
linked to producing and transporting new materials.
Risks of increased prices of resources and limited
availability of materials and spare parts for construc-
tion projects and maintenance of machines.
number projects with
an extensive inventory
for (re-)used materials
To integrate a circularity study
into every project
-
Design future-proof properties to avoid energy and resource-intensive con-
struction designed to replace outdated buildings.
Opportunity to revitalise urban areas by combining working, commercial
and living spaces.
Avoid future costs linked to changes in building use. -
To continue to redevelop the
urban site
-
Improve the quality of life for tenants, promote mental health benefits,
increase fauna and flora habitats, improve surface permeability, etc.
Increase in property values, energy savings, heat
performance, permit procedures, etc.
% of biodiverse land-
scaped green areas
compared to the sur-
face of all green areas
To reach 100% biodiverse
landscaped* green areas
-
Towards car-
bon neutrality
Contribute to the transition towards a low-carbon economy and the fight
against climate change.
Risks related to increasingly stringent environmen-
tal regulations and environmental permits. Risks
associated with increasing pressure on raw material
and energy prices, as well as the potential additional
cost of adapting buildings for more extreme weather
events and paerns.
% of carbon emissions
reduction
52% reduction of CO2e com-
pared to 2020 by 2030
To reach Net Zero emissions
by 2040
37.3% 3.1.1.
S
Be a top em-
ployer
Reducing burn-out risk, improving employee impact outside the organisa-
tion, creating a healthy and inspiring working environment for employees
to thrive, oer lifelong learning opportunities for employees to develop,
improve the work-life balance of their team
Employee well-being increases resilience and sup-
ports organisational performance through higher
employee engagement. It also helps aract and retain
talent.
Risks of failure to retain talent and experiences, long-
term absenteeism due to mismatches.
Employee Satisfaction
Score
ESS response rate
To keep the % of employee
satisfaction, through the sur-
vey, over 80%
84.35% 3.2.
G Doing this in the best possible way, without disputes or ethical issues can
inspire peers and other organisations to do so.
Responsible governance contributes to a respecul, healthy working envi-
ronment.
Aempts to corrupt and unethical behaviour would
impact the company’s reputation and could lead to
prosecutions and fines.
-
To ensure the continued com-
mitment to D’Ieteren Immo’s
Code of Ethics
- 3.4.
* Biodiverse landscaped green areas are green areas that are maintained in an ecological way, adapted to the type of habitat/ecosystem, with adapted tools and without
the use of pesticides. The goal is to give the local fauna and flora the best opportunities for growth.
210 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Immo
2.4. Connectivity table
ESG
area
Strategic pillar Ambition/
Multi-topic KPI
Status in 2022 Impact on society Sustainability-related risks /opportunities KPI Ambition Value in
2022
Policies &
Action plans
Customer
satisfaction
D’Ieteren Immo helps customers reach their own sustainability targets.
Listening to customer needs allows D’Ieteren Immo
to assess its real estate oer and related services and
adapt them accordingly.
Higher customer satisfaction leads to higher loyalty
and retention.
NPS score
To reach a level of excellence
in terms of customer satis-
faction.
To reach an NPS score be-
tween 20 and 40, compared
to other peers.
25 3.3.
E
Improve the
environ-
mental and
operational
performance
of current
properties
Design
and build
future-proof
infrastructure
100% of pro-
perties with
BREEAM In
Use-certifica-
tion by 2025
100% of large
new projects
with BREEAM
New construc-
tion certifica-
tion
&
% of smaller
projects where
internal Project
Guidelines are
applied
In progress,
test case
ongoing
Ongoing
certification
process for
2 projects
Monitoring
postponed
until 2023
Contribution to energy eciency and to the transition towards more re-
newable energy. Sharing best practices of energy management and storage
systems.
Reduce dependency on external energy providers,
which could have a direct financial impact and enable
the company to increase the aractiveness of its
assets.
% self-generated re-
newable electricity
To reach 100% of renewable
and on-site produced energy
at its sites
46.3%
3.1.
BREEAM In
Use
BREEAM
New
Construc-
tion
Internal
Project
Guidelines
Reduce the environmental impact of the waste produced by D’Ieteren Immo
and its tenants.
Considering waste as a valuable resource and reusing
selective, dismantled materials in a construction pro-
ject, where possible, could have a positive impact on
the company’s operations.
-
To continue to provide on-site
infrastructure to sort and
recycle waste generated by
building occupants.
-
Reduce pressure on scarce resources and limit the environmental footprint
linked to producing and transporting new materials.
Risks of increased prices of resources and limited
availability of materials and spare parts for construc-
tion projects and maintenance of machines.
number projects with
an extensive inventory
for (re-)used materials
To integrate a circularity study
into every project
-
Design future-proof properties to avoid energy and resource-intensive con-
struction designed to replace outdated buildings.
Opportunity to revitalise urban areas by combining working, commercial
and living spaces.
Avoid future costs linked to changes in building use. -
To continue to redevelop the
urban site
-
Improve the quality of life for tenants, promote mental health benefits,
increase fauna and flora habitats, improve surface permeability, etc.
Increase in property values, energy savings, heat
performance, permit procedures, etc.
% of biodiverse land-
scaped green areas
compared to the sur-
face of all green areas
To reach 100% biodiverse
landscaped* green areas
-
Towards car-
bon neutrality
Contribute to the transition towards a low-carbon economy and the fight
against climate change.
Risks related to increasingly stringent environmen-
tal regulations and environmental permits. Risks
associated with increasing pressure on raw material
and energy prices, as well as the potential additional
cost of adapting buildings for more extreme weather
events and paerns.
% of carbon emissions
reduction
52% reduction of CO2e com-
pared to 2020 by 2030
To reach Net Zero emissions
by 2040
37.3% 3.1.1.
S
Be a top em-
ployer
Reducing burn-out risk, improving employee impact outside the organisa-
tion, creating a healthy and inspiring working environment for employees
to thrive, oer lifelong learning opportunities for employees to develop,
improve the work-life balance of their team
Employee well-being increases resilience and sup-
ports organisational performance through higher
employee engagement. It also helps aract and retain
talent.
Risks of failure to retain talent and experiences, long-
term absenteeism due to mismatches.
Employee Satisfaction
Score
ESS response rate
To keep the % of employee
satisfaction, through the sur-
vey, over 80%
84.35% 3.2.
G Doing this in the best possible way, without disputes or ethical issues can
inspire peers and other organisations to do so.
Responsible governance contributes to a respecul, healthy working envi-
ronment.
Aempts to corrupt and unethical behaviour would
impact the company’s reputation and could lead to
prosecutions and fines.
-
To ensure the continued com-
mitment to D’Ieteren Immo’s
Code of Ethics
- 3.4.
* Biodiverse landscaped green areas are green areas that are maintained in an ecological way, adapted to the type of habitat/ecosystem, with adapted tools and without
the use of pesticides. The goal is to give the local fauna and flora the best opportunities for growth.
9
9
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Disclosure of non-financial information - D’Ieteren Immo
3. ESG performance
3.1. Management approach by strategic ambition
3.1.1. TOWARDS CARBON NEUTRALITY
Infrastructure is a significant source of greenhouse gas emissions. As a real estate company, D’Ieteren Immo can and wants to contribute
to the transition to a carbon-neutral society. The company’s overall ambition is to reduce its greenhouse gas emissions by 52% by 2030
(compared to the 2020 baseline measurement) and to reach net zero emissions by 2040.
D’Ieteren Immo calculates both its company-related as well as its porolio-related emissions. To reduce porolio-related emissions, it not
only invests in energy-ecient buildings but also in partnerships with tenants, maintenance companies and many others. These partnerships
are key to reaching the net zero objective.
Using a carbon footprint calculation, in 2021, D’Ieteren Immo was able to determine which of its existing sites has the greatest carbon
impact: these are the sites at Kortenberg, Drogenbos, and Zaventem. As a result, a significant investment plan called Carbon-Nada was
launched in 2022 to achieve the goals of carbon neutrality by implementing the conclusions from the feasibility studies for these three sites
conducted in 2021.
New developments and large refurbishment projects, like D’Ieteren Park, 50 RM, and Mobilis are designed to carbon-neutral standards.
In 2022, D’Ieteren Immo continued to take various steps to reduce its company-related emissions: replacing light fixtures with LED devices,
installing additional thermal insulation to improve the performance of roofs and windows, adjusting the oce temperature in summer and
winter, and taking measures to track energy at all levels. The company produces its own renewable energy and supplements the energy
demand when necessary with 100% green energy. In time, D’Ieteren Immo plans to become completely independent in the purchasing of
heat and electricity.
Another important step in reducing the company’s emissions was the introduction of the new car policy in 2021 and its accelerated imple-
mentation in 2022. The new policy includes a budget increase so that employees can choose an electric company vehicle.
As a result, by 2030, D’Ieteren Immo’s fleet should be entirely emission-free. Other initiatives to limit the company’s carbon emissions are
found across a range of D'Ieteren Immo’s activities.
Strategic KPI 2021 Value 2022 Value Ambition 2023
% reduction of GHG
emissionscompared to 2020
8.8% 37.3%
To reduce GHG emissions by 52%
compared to 2020 by 2030
GHG emissions & energy consumption
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Greenhouse gas emissions
Greenhouse gas emissions scopes 1,2 & 3
Tonnes CO
2
e
7,043
6,547 5,132 -21.6%
Greenhouse gas emissions scope 1
Tonnes CO
2
e
144 145 112 -22.9%
Greenhouse gas emissions from cars
Tonnes CO
2
e
79 75 64 -14.1%
Greenhouse gas emissions from natural gas
Tonnes CO
2
e
65 70 47 -32.3%
Greenhouse gas emissions scope 2
Tonnes CO
2
e
17
-
0
Greenhouse gas emissions, market based
Tonnes CO
2
e
17 - 0
Greenhouse gas emissions scope 3
Tonnes CO
2
e
6,882 6,402 5,020 -21.6%
Greenhouse gas emissions from Capital goods Tonnes CO
2
e - - 3
Greenhouse gas emissions from commuting
Tonnes CO
2
e
13 14 11 -15.4%
Greenhouse gas emissions from business travel
Tonnes CO
2
e
-
0 2
-
Greenhouse gas emissions from upstream emissions
scopes 1 & 2
Tonnes CO
2
e
33 33 27 -19.0%
Greenhouse gas emissions from purchased goods &
services
Tonnes CO
2
e
19 8 0.36 -95.7%
Greenhouse gas emissions from downstream leased
assets
Tonnes CO
2
e
6,817 6,347 4,976 -21.6%
9
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GHG emissions & energy consumption
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Greenhouse gas emissions intensity
Greenhouse gas emissions scope 1 per FTE
Tonnes CO
2
e
3.4 3.55 2.74 -22.7%
Greenhouse gas emissions scope 2 per FTE
Tonnes CO
2
e
0.39
-
0.01
Greenhouse gas emissions scopes 1 & 2 per FTE
Tonnes CO
2
e
3.78 3.55 2.75 -22.4%
Energy consumption
Total car petrol consumption Litre 8635 6,917 9,894 43.0%
Total car diesel consumption Litre 22127 21,046 17,007 -19.2%
Total car fuel consumption (hybrid cars) Litre 1027 1,801 0 -100.0%
Heating, natural gas consumption MWh 351 379 257 -32.3%
Grey electricity consumption MWh 98 0 0
Renewable electricity consumption MWh 42 97 76 -21.2%
Renewable electricity production MWh 14 13 16 22.1%
Cogeneration electricity production MWh 32 36 20 -45.6%
Energy consumption
Percentage of self-generated renewable electricity % - 46.6% 46.3% -0.27p.p.
Scope 1 emissions decrease comes in a large part from a decrease in gas heating emissions due to warmer temperatures and higher gas prices in 2022.
Scope 2 emissions remain stable at zero because of a switch to green electricity contracts in 2021. The reduced emissions of natural gas in most of the leased building
allowed a 25% decrease of downstream leased assets emissions compared to 2021 and thus of overall scope 3 emissions.
Data market with
9
is in the scope of the independent limited assurance performed by PwC.
3.1.2. IMPROVING THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES
D’Ieteren Immo applies the BREEAM In-Use methodology to assess and improve the operational performance of its properties.The company
is currently preparing for a BREEAM In-Use baseline measurement. In 2022, a BREEAM In-Use Assessor was appointed and, consequently,
a test case at the Kortenberg site was launched. Over the next few years, the company will conduct various analyses and take measures to
make its assets more sustainable.Based on the insights and conclusions from this test case, in 2023, D’Ieteren Immo will define how to apply
the BREEAM In-Use methodology to the remaining sites in the porolio.
Strategic KPI Status Ambition
% of properties with BREEAM In-Use
certification
In progress, test case ongoing 100% of properties with BREEAM In-Use certification
Energy consumption: In 2022, D’Ieteren Immo and a specialist firm carried out a feasibility study of the measures needed for the 3 sites
with the highest energy consumption (i.e. Kortenberg, Zaventem, Drogenbos) to transition to CO
2
neutrality over the next few years. Other
measures taken to limit energy consumption and increase the self-production of renewable energy include the installation of additional insu-
lation on rooops at the Kortenberg site, the installation of additional photovoltaic panels on 2 sites in Wommelgem and relamping-projects
in Kortenberg and Drogenbos. Similar actions are planned for 2023 at the sites in Puurs, Zaventem, Drogenbos and Kortenberg.
Materials and waste management: D’Ieteren Immo continues to provide on-site infrastructure to sort and recycle waste generated by the
building or unit, its occupants, and their activities. For new projects that will accommodate multiple tenants, such as Mobilis, the company
has partnered with an external expert to design a waste management approach specifically adapted to these multi-tenant sites.
Circular design, construction, and use: Rather than appointing a circular economy expert, D’Ieteren Immo focused on applying the concepts
of circular design, construction, and use in its various construction and refurbishment projects. The Circularium project based at the former
Centre in Anderlecht is entirely dedicated to the circular economy and hosts, in its 3
rd
year, more than 30 organisations and start-ups with
circular activities.
Biodiversity: the design teams at D’Ieteren Immo are conscious of the challenges and the necessity to incorporate biodiverse green areas as
part of the project´s programmes. Where possible, D’Ieteren Immo invests in biodiverse green areas and balances this with other sustainable
measures, such as making use of photovoltaic panels. The D’Ieteren Park project contains a large variety of future-proof measures. It invests
heavily in creating an extensive green-blue grid along the roadside at the Kortenberg site. The project includes more than 25,000m² of bio-
diverse green areas to enhance the local fauna and flora and to create a park-like feeling for the occupants. About 7,800m² of infrastructure
is planned to handle rainwater in the project area. This project is expected to be implemented in 2024.
3.1.3. DESIGNING AND BUILDING FUTUREPROOF INFRASTRUCTURE
Circular design, construction, and use: D’Ieteren Immo aims to design and build future-proof infrastructure. It creates flexible living and wor-
king spaces that respond to current and future needs while minimising their environmental impact. The company plans to obtain BREEAM
213Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Immo
New Construction certification for large construction projects. This assessment methodology targets various aspects of sustainable building,
such as water, energy, mobility, and circularity, and covers the full lifecycle of a building through partial certification for the design stage, the
construction process, and the adaptability of a building.
D’Ieteren Immo is monitoring the number of projects that apply the BREEAM New Construction standards in order to measure its progress.
In 2022, the company obtained outstanding BREEAM New Construction certification for the design phase of its Mobilis project. In addition,
the pre-assessment for the D’Ieteren Park project indicates that an outstanding level will be reached.
Mobilis will accommodate a combination of urban industry, production activities, and commercial functions and will contribute to D’Ieteren
Immo’s ambition to redevelop urban sites with multi-purpose buildings. The energy-neutral building consists of removable plaorms, making
it easy to adapt it to future uses.
The principles of circular design and construction were taken as an objective for the D’Ieteren Park project: refurbishing existing buildings
was chosen, as far as possible, over demolishing and, where possible, dismantled materials will be reused in the project.
To ensure that new small- and medium-sized projects are designed and built following the goals and standards set out in the sustainability
strategy, D’Ieteren Immo has developed internal Project Guidelines. These Guidelines contain a detailed set of criteria to guide project teams
from the concept and design stage.
Strategic KPIs 2021 Value 2022 Value Ambition
No. of BREEAM New Construction
certifications
1 (Mobilis) 2 (Mobilis and D’Ieteren Park)
BREEAM New Construction
certification for all large projects
% of projects apply Project
Guidelines
Monitoring postponed to 2023
100% of projects apply Project
Guidelines
3.2. Being a top employer
3.2.1. EMPLOYEE WELLBEING AND SATISFACTION
For D’Ieteren Immo, its employees are its most valuable assets. Employee well-being is a top priority and encompasses various aspects:
from training and development to inclusion, diversity, health, and safety. The company is commied to building and retaining a competent,
motivated team. That is why it conducts annual satisfaction surveys among its employees.
The action plan lists four areas in which D’Ieteren Immo can take measures to improve well-being. The company aims to create meaningful
jobs, promote opportunities for personal and professional growth for all its employees, and oer a pleasant and healthy working environ-
ment. D’Ieteren Immo also intends to improve its governance and organisational structures to enhance employee well-being. Transparent
communication, for example, is key to achieving a high level of employee involvement.
Since 2021, monitoring has been achieved through a boom-up process by one of the three interdisciplinary groups of the Sustainability
Team, with full support from the Executive Commiee and the two parties meet regularly to discuss the best approach. D’Ieteren Immo also
conducts annual reviews to assess each individual employee’s personal and career development needs.
In 2022, D’Ieteren Immo went further into its 2021 action plan and implemented various actions to support and improve the well-being of
employees. Examples of these actions are the monthly information sessions with a job-focused topic on the agenda, monthly meetings with
contractors, an intensive 360° review of the whole D’Ieteren Immo team, communication on sustainability KPIs in the monthly newsleers,
junk days to reduce the volume of digital files, plenary sessions on the remuneration policy and clarification of the evaluation process.
As of 2023, the company will create a new council of representatives to continue the work of the interdisciplinary groups which began in
2021 and will, through monthly meetings, function as a sounding board for the whole organisation.
Strategic KPI 2021 Value 2022 Value Ambition
Employee Satisfaction Score 87.7% 84.4%
To support and maintain a high level of
employee satisfaction
Employee Satisfaction Survey
response rate
72.4% 83.0%
D’Ieteren Immo measures employee satisfaction using an annual survey with around 30 questions answered on a 4-point scale. The satisfaction rate is the sum of the
average percentage of employees who selected answer categories 3 and 4, except for specific questions. The KPI includes all employees, including freelancers, temporary
workers, and those on maternity leave.
Data market with
9
is in the scope of the independent limited assurance performed by PwC.
3.2.2. EMPLOYEE TRAINING AND DEVELOPMENT
D’Ieteren Immo ensures the continuous improvement of its team through personal development and training. To aract talented people,
the company employs a recruitment and career policy which is based on sharing values, so skills, teamwork, and technical capabilities.
Employees are strongly encouraged to participate in relevant training courses, not only for their personal growth but also to develop new
skills and keep up with the fast-changing world of real estate.
To select training courses that are tailored to people’s needs, D’Ieteren Immo invested in a 360° peer review to help people map out their
existing professional and personal skills. Oered to every employee on a voluntary basis, over 90% of employees chose to participate. The
company also keeps track of the number of hours its employees spend in training activities each year and encourages training in so skills.
9
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D’Ieteren Immo supports internal knowledge sharing, for example, through Show ’n Tell Events, where employees and experts can share
their insights on relevant topics. Furthermore, the organisation has observed that people have adapted well to hybrid working and changed
working conditions as a result of Covid-19. Therefore, the company decided to formalise this new way of working through the implementa-
tion of a new teleworking policy.
Strategic KPI 2021 Value 2022 Value Ambition
Average numbers of training
hours per FTE
41.17 h per FTE 33.9 h per FTE
An average of 32 hours of training per FTE on
an annual basis.
3.2.3. DIVERSITY & INCLUSION
D’Ieteren Immo is conscious of its responsibility to oer employees a fair and diverse workplace, where everyone is given the same oppor-
tunities, regardless of their gender, age, cultural background, physical abilities, or other factors. It aims for equal opportunities and makes a
conscious eort to consider only people’s skills, potential, and achievements when making recruitment or promotion decisions.
As of 2021, the company monitors the number of male and female employees and has recently closed the pay gap. To further promote equal
opportunities and inclusion, the management team communicates transparently on a wide range of company-related topics and decisions.
Strategic KPI 2021 Value 2022 Value Ambition
Gender pay gap -3.91% - 6.62% Zero gap policy
Additional data on diversity and inclusion
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Diversity in executive-level positions
Total headcount in executive-level positions as
at 31 December
Number 5 5 5 0.0%
Percentage of male headcount in executive-level positions
as at 31 December
% 60% 60% 60% 0.00p.p.
Percentage of female headcount in executive-level
positions as at 31 December
% 40% 40% 40% 0.00p.p.
Diversity in the Board of Directors
Total number of directors on the Board of Directors as
at 31 December
Number - 4 4 0.0%
Percentage of male directors on the Board of Directors as
at 31 December
% - 75% 75% 0.00p.p.
Percentage of female directors on the Board of Directors
as at 31 December
% - 25% 25% 0.00p.p.
Gender pay gap
Undajusted gender pay gap % - -3.91% -6.62% -2.72p.p.
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Disclosure of non-financial information - D’Ieteren Immo
3.2.4. EMPLOYEE HEALTH & SAFETY
D’Ieteren Immo aends to the health and safety of its employees, customers, tenants, and suppliers. The company double checks its
building designs, closely monitors the safety of its construction sites, and ensures that all buildings, once completed, can be used safely for
various purposes. All legal provisions concerning safety are closely adhered to. The company also adds its own additional measures as an
extra precaution.
D’Ieteren Immo invests in high-quality safety equipment for all its employees in technical positions. It organises training courses on first aid,
safe forkli use, safety certificates, etc. In 2022, the company focused on defibrillator training and installed equipment in all its locations.
Incidents, if they occur, are always reported and investigated and the number of incidents has been very low for many years.
The company collaborates with risk prevention advisors and safety coordinators to further increase safety. It also supports the risk prevention
advisors of its tenants, mostly D’Ieteren Automotive and D’Ieteren Centres, to safeguard their safety.
Employee health & safety
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Lost time injury (LTI) at the workplace
Total number of lost time injury Number 1 0 0 -
Frequency rate
LTI/1,000,000
Hours worked
15.27 0 0 -
Work-related fatalities
Total number of work-related fatalities Number 0 0 0 -
Lost time days at the workplace
Lost time days due to work accidents Days 2 0 0 -
Severity rate
LTD/1,000
Hours worked
0.03 0 0 -
Absenteeism (illness and lost time injuries)
Total days absent because of illness,
lost time injuries or unknown reasons
Days 368 536 520 -2.9%
Absenteeism rate % 3.40% 5.17% 5.03% -0.14p.p.
Health and safety training
Total health and safety training hours Hours 171 419 194 -53.6%
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Disclosure of non-financial information - D’Ieteren Immo
3.2.5. SOCIAL DATA
Social
KPI Unit 2020 2021 2022
Change
(2022 vs. 2021)
Hours worked, subcontracted sta
Total number of hours worked by subcontractor sta during
the reporting period
Hours 13,376 18,138 19,202 5.9%
Headcount own employees
Total headcount as at 31 December Number 43 42 42 0.0%
Percentage of male headcount as
at 31 December
% 71% 64% 69% 5.05p.p.
Percentage of female headcount as at 31 December % 31% 36% 31% -5.05p.p.
Headcount by contract (fixed-term/open-ended)
Total headcount with fixed-term contracts as
at 31 December
Number 0 0 0
-
Total headcount with open-ended contracts as
at 31 December
Number 43 42 42 0.0%
Percentage of male headcount with open-ended contracts % 71% 64% 69% 5.05p.p.
Percentage of female headcount with open-ended
contracts
% 31% 36% 31% -5.05p.p.
Headcount full-time/part-time
Total headcount with full-time contracts as at 31 December Number 37 34 34 0.0%
Total headcount with part-time contracts as
at 31 December
Number 6 8 8 0.0%
Own employee turnover
Turnover rate % 4.6% 7.1% 9.5% 2.46p.p.
3.3. Customer satisfaction
Customer satisfaction is a crucial factor in all D’Ieteren Immo’s ambitions. As a service organisation, the company rents out working and
living spaces and oers other services, such as maintenance and energy contracts. Making life easier for its customers is part of D’Ieteren
Immo’s added value.
Responding to D’Ieteren Immo’s 2022 customer satisfaction survey, the NPS grew from 18 to 25. In 2022, the organisation ran several cus-
tomer enquiry processes, leading to more representative information on the customer voice.
In 2023, the team will be trained on specific customer-focused approaches and satisfaction related aspects. The company will also continue
to organise annual meetings with its tenants to strengthen the relationship and develop an open dialogue with them. These meetings also
provide an opportunity to discuss energy monitoring at all levels with tenants.
Strategic KPI 2021 Value 2022 Value Ambition
Net Promotor Score (NPS) 18.7 25
To reach and maintain an NPS score between
20 to 40
D'Ieteren Immo measures customer satisfaction using NPS, based on a survey asking customers to rate the likelihood of recommending the company. Responses are
categorized as Promoters (9-10), Passives (7-8), and Detractors (0-6). The NPS score is calculated by subtracting the percentage of Detractors from the percentage of
Promoters. The survey targets external customers who received services from D'Ieteren Immo employees.
Data market with
9
is in the scope of the independent limited assurance performed by PwC.
9
217Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Immo
3.4. Responsible governance
3.4.1. BUSINESS ETHICS
D’Ieteren Immo does not tolerate corruption, fraud, or money laundering and has a zero-tolerance policy regarding gender or any other type
of discrimination. All contracts include extensive clauses on illegal practices and employees follow thorough ethics instructions.
In November 2021, D’Ieteren Immo introduced its own Code of Ethics. The company provides all its employees with recurrent hands-on
training on the topic with the support of an external partner. The Code of Ethics oers guidance on general business ethics principles. It also
provides guidelines for specific situations, such as, for example, how to react when a supplier oers a gi. All gis and invitations must com-
ply with accepted market practices and anti-bribery legislation. End-of-year gis are distributed among the employees using a loery system.
In collaboration with the same specialist external partner, D’Ieteren Immo has also launched an Ethics helpline and a ‘whistle-blowing proce-
dure’. Employees can now contact 7/7, an impartial, independent specialist helpdesk, in three languages (FR, NL, EN) to ask for advice or to
report an unethical situation. Every report is followed up by a set procedure.
Every topic related to business ethics is monitored by the Executive Commiee and reported to the Board of Directors.
In 2022, there was one case which was handled correctly with the external partner in accordance with the Code of Ethics.
Strategic KPI 2022 Value Ambition
# of claims per year 1 Zero claims about business ethics
Governance-related data
KPI Unit 2020 2021 2022
Change
(2022 vs.2021)
Ethics
Percentage of headcount that received training on
business ethics (e.g., on the Code of Conduct)
% - 100% 100% 0.0%
Anti-bribery & anti-corruption
Monetary amount of legal and regulatory fines and
selements (over €10,000) connected to :
€ 0 0 0 -
- Violations of bribery, corruption,
or anti-competitive standards
- Environmental, ecological or social issues
- Data security breaches
Number of confirmed incidents of corruption
and bribery
Number - - 0 -
Non-monetary sanctions
Number of instances of non-compliance with laws
and regulations for which non-monetary sanctions
were incurred
Number - - 0 -
Collective bargaining agreement
Percentage of headcount bound by a collective
bargaining agreement (CBA)
% 100% 100% 100% 0.0%
3.4.2. ETHICAL SUPPLY CHAIN
D’Ieteren Immo operates within a strict social and legal framework. The company aaches great importance to a sustainable purchasing pol-
icy and the comprehensive management of suppliers. All purchases from key operating suppliers are in compliance with a basic Sustainable
Purchasing Charter. The organisation’s Code of Ethics applies to all its suppliers as well.
D’Ieteren Immo is concerned about the respect for human rights. As the company oen collaborates with building subcontractors and other
partners, the working conditions such partners oer are monitored through regular checks and advice is given by a safety coordinator for all
construction projects. In the event of a breach of a right or condition, the organisation will take action during a construction site meeting.
Every key operating supplier signs a supplement to their contract relating to business ethics and sustainable operations. In major purchasing
procedures, various criteria related to ethics and sustainability are included in the decision matrix that D’Ieteren Immo applies.
In the future, the organisation will continue searching for any best practice that can improve the quality of its supplier management. For
2023, D’Ieteren Immo will monitor and follow up on the number of sustainable purchasing charters signed with its key operating suppliers.
218 I Financial and Directors’ Report 2022

Disclosure of non-financial information - D’Ieteren Immo
4. EU Taxonomy
D’Ieteren Immo’s economic activities revolve mainly around the reconversion and redevelopment of sites owned by D’Ieteren Group and in
the management of the real estate assets that are owned by D’Ieteren Group. The activity in the Taxonomy that is applicable to the activities
of D’Ieteren Immo are:
# Economic activity D’Ieteren Immo Relevant Taxonomy activity
1 Reconversion, redevelopment and management of the real es-
tate assets owned by D’Ieteren Group
7.7 Acquisition and ownership of buildings (CCM & CCA)
With this activity, D’Ieteren Immo has an important role to play in contributing to a more environmentally sustainable future. While D’Ieteren
Immo is eligible for both climate change mitigation and adaptation, the company has determined that its contribution is most substantial
when contributing to climate change mitigation.
Given the fact that D’Ieteren Immo’s economic activity consists almost uniquely in the acquisition and ownership of building, the eligibility
figures are very high. This year’s eligibility percentages for Turnover, CapEx and OpEx are 97.7%, 100% and 100% respectively. The only Tur-
nover that was not deemed eligible for the EU Taxonomy under the climate objectives were the revenues resulting from the sale of green
certificates. All of D’Ieteren Immo’s CapEx and OpEx were linked to the acquisition and ownership of building.
The alignment percentages for this year’s turnover, CapEx and OpEx were 0%. Analysis of the SC and DNSH principles has shown that for
this year D'Ieteren Immo does not yet possess adequate data to report on the alignment requirements in the EU Taxonomy. D'Ieteren Immo
will continue to move towards gathering the data in the years to come via its roadmap toward sustainability. This roadmap contains a set of
strategic KPIs that will lead, amongst others, to carbon neutrality. The data collection related to these strategic KPIs has already started. The
organization has been investing in ways of collecting information e.g. smart monitoring of the various energy sources and water, starting
with a first test case of the BREEAM In-Use framework as well as providing employees with training on various sustainability-related topics.
Turnover
Economic activity
Absolute turnover (in millions) Proportion of turnover Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of turnover for 2022 Taxonomy aligned proportion of turnover for 2021 Category (Enabling activity) Category (Transitional activity)
€ % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%    
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.7. Acquisition and ownership of buildings 34.2 97.7%        
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
34.2 97.7%        
Total (A.1. + A.2.) 34.2 97.7%     
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
0.8 2.3%
Total (A + B) 35.0 100%
219Financial and Directors’ Report 2022 I

Disclosure of non-financial information - D’Ieteren Immo
CAPEX
Economic activity
Absolute CapEx (in millions) Proportion of CapEx Substantial contribution to climate change mitigation Substantial contribution to climate change adaptation DNSH-criteria (does not significantly harm) Minimal safeguards Taxonomy aligned proportion of CapEx for 2022 Taxonomy aligned proportion of CapEx for 2021 Category (Enabling activity) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.7. Acquisition and ownership of buildings 11.8 100%
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
11.8 100%
Total (A.1. + A.2.) 11.8 100%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible
activities (B)
0.0 0.0%
Total (A + B) 11.8 100%
OpEx
Economic activity
Absolute OpEx (in millions) Proportion of OpEx Substantial contribution to cli- mate change mitigation Substantial contribution to cli- mate change adaptation DNSH-criteria (does not signifi- cantly harm) Minimal safeguards Taxonomy aligned proportion of OpEx for 2022 Taxonomy aligned proportion of OpEx for 2021 Category (Enabling activity) Category (Transitional activity)
 € % % % Y/N Y/N % % E T
A. TAXONOMY ELIGIBLE ACTIVITIES 
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0.0 0.0%
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.7. Acquisition and ownership of buildings 11.2 100%
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
11.2 100 %
Total (A.1. + A.2.) 11.2 100%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
0.0 0.0%
Total (A + B) 11.2 100%
220 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Additional notes and methodology
Additional notes and methodology
1. General denitions, formulas & assumptions for the reported
ESG data:
Carbon footprint:
D’Ieteren Group’s carbon footprint and its activities relate to scope 1, 2 and (part of) scope 3 emissions of greenhouse gases (GHG), ex-
pressed in metric tonnes of CO
2
equivalents (CO
2
e). Scope 1 includes all direct GHG emissions. Direct GHG emissions come from sources
which are owned or controlled by the company (e.g. the combustion of fuel and natural gas). Scope 2 accounts for GHG emissions from
the generation of electricity purchased by the company. These emissions physically occur at the facility where the electricity is generated.
Scope 3 is a reporting category for all other indirect emissions. These emissions are a consequence of the company’s activities but come
from sources not owned or controlled by the company itself. The Scope 3 categories included for the dierent business activities depend
on the relevance of the categories and the data available. In 2022, Scope 3 was included in the reporting for Belron, D’Ieteren Automotive,
Moleskine, and D’Ieteren Immo.
To calculate the carbon footprint, the Greenhouse Gas Protocol (Corporate Standard) methodology was used. The emission factors mainly
come from the Base Carbone, the International Energy Agency, as well as DEFRA. The greenhouse gases included are those covered by the
Kyoto Protocol and are: carbon dioxide (CO
2
), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs),
sulphur hexafluoride (SF6), and nitrogen trifluoride (NF3).
Employee turnover rate:
The employee turnover rate is based on the number of own employees (included in the headcount) who le the company during the repor-
ting period. A leaving employee is someone who has le the company and is no longer on the company’s payroll. The reasons for their de-
parture can be voluntary (i.e. the employee chooses to leave the organisation through resignation or early retirement), the end of a contract,
dismissal, statutory retirement, medical reasons or death. The employee turnover rate is calculated by dividing the total number of employees
(included in the headcount) who le the organisation in 2022 by the average headcount for the current and previous reporting periods.
Headcount leaving during the reporting period
Headcount in the previous reporting period + Headcount in the reporting period *0.5
Frequency rate, based on lost time injuries:
A lost time injury is any work-related injury in the workplace that results in an employee being unable to return to work the next scheduled
workday/shi. The lost time injury rate or frequency rate represents the number of lost time injuries in a given reporting period compared
to the total number of hours worked during that reporting period, and is calculated as follows:
1,000,000*
Total number of lost time injuries (own employees) during the reporting period
Total number of hours worked in the reporting period
Severity rate, based on lost time days:
Lost time days are the number of working days lost (i.e. not worked by an employee) due to lost time injuries in the workplace, not counting
any days on which the employee would not have worked (hence, excluding weekends, public holidays, part-time days, etc.). This number
does not include the day on which the occupational accident occurred. The severity rate, indicating the severity of the injuries that happened
in the workplace, is calculated as follows:
1,000*
Lost time days due to work accidents (own employees) during the reporting period
Total number of hours worked in the reporting period
Absenteeism rate, based on total days absent:
The total number of days absent represents the total number of days that employees have been absent due to illness, lost time injuries or
for unknown reasons. The total days absent should exclude days absent due to maternity leave and days absent due to strikes, as these
reasons for being absent are generally known and planned. The absenteeism rate is calculated using an assumption of 254 working days in
the reporting year, to remain consistent across businesses.
Total days absent of own employees because of illness,lost time injuries or unknown reasons
254 working days in the reporting period*number of FTEs in 2022
221Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Additional notes and methodology
Unadjusted gender pay gap
The unadjusted gender pay gap represents the dierence between the average wage paid to men and paid to women, as a percentage of
the average paid to men. It is unadjusted, meaning dierences in prior work experience, age, and other factors are not considered. The gap
is calculated as a total gap for the organisation and is not broken down by seniority level or job type.
100*
average wage of men-average wage of women
average wage of men
2. EU Taxonomy (delegated act article 8, Section 1.2. of Annex I)
2.1. Accounting policy
The D’Ieteren Group disclosures are compiled from the financial figures of D’Ieteren Automotive, Moleskine, PHE
1
, and the Corporate & unal-
located segment (including D’Ieteren Immo) (named hereaer "the businesses"). This accounting policy applies for each of these businesses
in line with the financial statements [refer to consolidated financial statements]
2.1.1 TURNOVER
The KPI related to Turnover has been compiled in accordance with art. 8 of the Taxonomy regulation for the reporting year 2022 (01/01/2022-
31/12/2022). The total eligible Turnover was calculated as the part of the net Turnover derived from products or services, including intan-
gibles, associated with Taxonomy-aligned economic activities (numerator), divided by the net Turnover (denominator).
For the D’Ieteren Group consolidated Turnover KPI, this net Turnover was aggregated fully from the businesses of D’Ieteren Automotive,
Moleskine, and PHE
1
. The KPI is focusing on external Turnover and eliminates any internal Turnover from the total. Therefore, the intercom-
pany Turnover and other operating income from D’Ieteren Immo is not included in the Turnover total of the group.
2.1.2 CAPEX
The KPI related to capital expenditures has been compiled in accordance with art. 8 of the Taxonomy regulation for the reporting year 2022
(01/01/2022-31/12/2022). The denominator covers additions to tangible and intangible assets during the financial year considered before
depreciation, amortisation and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial
year and excluding fair value changes. The denominator also covers additions to tangible and intangible assets resulting from business
combinations. More concretely the denominator consists of:
- IAS 16, Property, Plant and equipment: Additions and items acquired through business combinations;
- IAS 38, Intangible assets: Additions, indicating separately those from internal development, those acquired separately, and those
acquired through business combinations;
- IAS 40, Investment Property (fair value model): Additions, indicating separately those from internal development, those acquired
separately, and those acquired through business combinations;
- IAS 40, Investment Property (cost model): Additions, disclosing separately those additions resulting from acquisitions and those
resulting from subsequent expenditure recognised as an asset; additions resulting from acquisitions through business combinations;
- IFRS 16, Leases: Additions to right-of-use assets.
The numerator of each of the businesses was compiled by taking the total eligible CapEx. This is the CapEx that is:
- related to assets or processes that are associated with Taxonomy-eligible economic activities;
- part of a ‘CapEx-plan’ to expand Taxonomy-aligned economic activities or to allow Taxonomy-eligible economic activities to become
Taxonomy-aligned;
- related to the purchase of output from Taxonomy-aligned economic activities and individual measures enabling the target activities
to become low-carbon or to lead to greenhouse gas reductions, notably activities listed in points 7.3 to 7.6 of Annex I to the Climate
Delegated Act, as well as other economic activities listed in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article
12(2), Article 13(2), Article 14(2) and Article 15(2) of Regulation (EU) 2020/852 and provided that such measures are implemented and
operational within 18 months.
For D’Ieteren Group consolidated CapEx KPI, these were aggregated in full, from the businesses of D’Ieteren Automotive, Moleskine, PHE,
and the corporate and unallocated segment (including D'Ieteren Immo).
1. For readability purposes PHE was wrien here. In reality this refers to the figures from PHE from the moment they were ocially acquired (4/8/2022 until 31/12/2022).
222 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Additional notes and methodology
2.1.3 OPEX
The KPI related to operational expenditure has been compiled in accordance with art. 8 of the Taxonomy regulation for the reporting year
2022 (01/01/2022-31/12/2022). The denominator includes costs relating to R&D, short-term leases, maintenance, renovation, and any other
direct expenditures relating to the day-to-day servicing of assets of property, plant, and equipment both by the undertaking itself or any third
party to whom activities are outsourced that are necessary to ensure the continued and eective functioning of such assets.
The “other direct expenditures” accounted for in the denominator include maintenance material cost, the cost of employees repairing ma-
chines and cleaning the factories, as well as IT dedicated maintenance cost. They exclude costs that are not direct expenditures. This means
all costs related to overheads, raw materials, employees operating machinery, research management and project development, as well as
electricity, fluids, or reagents needed to operate property, plant, and equipment.
For the OpEx, the numerator of each of the businesses was compiled by taking the total eligible OpEx for the reporting year 2022 (01/01/2022-
31/12/2022). This is the OpEx that is:
- related to assets or processes associated with Taxonomy-eligible economic activities;
- part of the CapEx plan to expand Taxonomy-aligned economic activities or allow Taxonomy-eligible economic activities to become Taxo-
nomy-aligned within a predefined timeframe;
- related to the purchase of output from Taxonomy-aligned economic activities and to individual measures enabling the target activities
to become low-carbon or to lead to greenhouse gas reductions as well as individual building renovation measures as identified in the
delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2) or Article 15(2) of Regulation
(EU) 2020/852 and provided that such measures are implemented and operational within 18 months.
For the D’Ieteren Group consolidated OpEx, these were aggregated fully from the businesses of D’Ieteren Automotive, Moleskine, PHE, and
the Corporate and unallocated segment (including D’Ieteren Immo).
2.2. Determining eligibility
Per activity included in any of the annexes of the EU Taxonomy, a precise definition is provided, describing the economic activities that fall
within the scope of the EU Taxonomy. The eligible activities reported in these disclosures were activities that fall within the definitions pro-
vided by Annexes 1 (Climate change mitigation) and 2 (Climate change adaptation) of the EU Taxonomy.
In the assessment of the eligibility of the businesses’ activities, the available definitions and clarifications provided so far, which are appli-
cable to non-financial undertakings, were used:
- The Climate Delegated Acts published by the EU Commission on July 6
th,
2021;
- The Complementary Climate Delegated Act published by the European Commission on July 15
th
2022;
- In addition to these, the reporting utilized the FAQ document (related to EU Taxonomy Regulation on the reporting of eligible economic
activities and assets) published by the EU Commission on October 10
th
, 2022.
Excluded from this year’s analysis are the dra Commission notices on the interpretation and implementation of certain legal provisions of
the EU Taxonomy, published December 19
th
, 2022. The reason for exclusion is that a large part of the analysis had already taken place when
these specifications were released to the public. The aim is to include any insights taken from these FAQs in future disclosures by D’Ieteren
Group.
To determine eligibility, the following approach was used for each of the relevant businesses:
1. Analyse, compile, and validate the dierent Turnover-generating economic activities of each of the businesses based on both internal
and external documentation, to ensure working with a complete and correct set of economic activities;
2. Map the identified economic activities against the descriptions of the Taxonomy activities included in Annex 1 and 2 in the Delegated
Climate Acts;
3. Validate findings with the business to ensure correct interpretation of economic activity and its application to the relevant description
included in the Annexes of the Climate Delegated act;
4. Analyse the CapEx and OpEx corresponding to the identified Taxonomy activities;
5. Verify whether any further CapEx and OpEx are eligible for the EU Taxonomy as part of a CapEx plan or as the output of a Taxonomy-
eligible activity.
D’Ieteren Group has acted in good conscience and has rigorously followed the scope in the definitions provided by the delegated acts and
the information provided in the FAQ published by the EU Commission in October 2022. Activities that were deemed not to fall within the
scope of these definitions were omied. If there was doubt regarding the inclusion of a certain activity, the activity was deemed as non-eli-
gible. In addition to that, for some of the businesses covered, parts of the required financial information on the business activities was not
(yet) available. This prevented making the link between these economic activities and the EU Taxonomy. In such cases, some economic
activities might be eligible but are currently not included in this year’s KPIs. If in the future these activities are shown to be eligible or aligned,
they will be added in the following reporting years, with restatements of the material changes in the previous reporting period(s).
Double counting is avoided since the reconciliation on group level eliminates all intercompany transactions. Several of the identified activi-
ties are eligible for both of the climate objectives outlined by the EU. To avoid double counting between these two objectives it was indicated
to which environmental objective the business chose to make a substantial contribution.
223Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Additional notes and methodology
2.3. Determining alignment
Every EU Taxonomy activity contains a list of reporting requirements: substantial contribution (SC) criteria; do no significant harm (DNSH)
criteria; and minimum safeguards (MS).
To be aligned, an activity must comply with all the SC, DNSH and MS requirements.
In the assessment of the alignment of the dierent businesses’ eligible economic activities, the available SC, DNSH and MS requirements
provided so far and applicable to companies falling under the NFRD for the FY 2022 were used:
- The Climate Delegated Acts published by the EU Commission on July 6
th,
2021;
- The Complementary Climate Delegated Act published by the European Commission on July 15
th
2022;
- The dra report by the Plaorm on Sustainable finance on minimum safeguards on July 11
th
2022;
- The FAQ document published by the EU Commission on October 10
th,
2022.
Excluded from this year’s analyses are the dra Commission notices on the interpretation and implementation of certain legal provisions of
the EU Taxonomy, published on December 19th, 2022. Reason for exclusion is that a large part of the analysis had already taken place when
these specifications were released to the public. The aim is to include any insights taken from these FAQ’s in future disclosures by D’Ieteren
Group.
A preliminary check of the TSC showed that data availability within the businesses and D'Ieteren Group was too low to assess for compliance
this financial year
.
224 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Independent limited assurance report
PwC Bedrijfsrevisoren bv - PwC Reviseurs d'Entreprises srl - Risk Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5 | 1831 Diegem | Belgium
T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
1 of 4
INDEPENDENT LIMITED ASSURANCE REPORT ON THE SUBJECT MATTER INFORMATION IN
THE ANNUAL REPORT 2022 OF D’IETEREN GROUP SA
_________________________________________________________________________________
To the Board of Directors of D’Ieteren Group NV
This report has been prepared in accordance with the terms of our engagement contract dated 18
January 2023 (the “Agreement”), whereby we have been engaged to issue an independent limited
assurance report in connection with a selection of sustainability KPIs, marked with a checkmark (P),
included in the Annual Report, more specifically the Financial and Directors’ Report, as of and for the year
ended 31 December 2022 of D’Ieteren Group SA (the “Report”).
The Directors’ responsibility
The Directors of D’Ieteren Group SA (“the Company”) are responsible for the preparation and
presentation of the selection of sustainability KPIs for the year 2022, marked with a checkmark (P),
included in the Report (the “Subject Matter Information”), in accordance with the criteria disclosed in the
Report (the “Criteria”).
This responsibility includes the selection and application of appropriate methods for the preparation of the
Subject Matter Information, for ensuring the reliability of the underlying information and for the use of
assumptions and estimates for individual sustainability disclosures which are reasonable in the
circumstances. Furthermore, the responsibility of the Directors includes the design, implementation and
maintenance of systems and processes relevant for the preparation of the Subject Matter Information that
is free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an independent conclusion about the Subject Matter Information based on
the procedures we have performed and the evidence we have obtained.
We conducted our work in accordance with the International Standard on Assurance Engagements 3000
(Revised) “Assurance Engagements other than Audits or Reviews of Historical Financial Information”
(ISAE 3000), issued by the International Auditing and Assurance Standards Board. This standard
requires that we comply with ethical requirements and that we plan and perform the engagement to
obtain limited assurance as to whether any matters have come to our attention that cause us to believe
that the Subject Matter Information has not been prepared, in all material respects, in accordance with the
Criteria.
225Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Independent limited assurance report
PwC Bedrijfsrevisoren bv - PwC Reviseurs d'Entreprises srl - Risk Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5 | 1831 Diegem | Belgium
T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
2 of 4
The procedures performed in a limited assurance engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had a reasonable engagement been performed. The selection of such procedures
depends on our professional judgement, including the assessment of the risks of material misstatement
of the Subject Matter Information in accordance with the Criteria. The scope of our work comprised the
following procedures:
● assessing and testing the design and functioning of the systems and processes used for data-
gathering, collation, consolidation and validation, including the methods used for calculating and
estimating the Subject Matter Information as of and for the year ended 31 December 2022
presented in the Report;
● conducting interviews with responsible officers;
● reviewing, on a limited test basis, relevant internal and external documentation;
● performing an analytical review of the data and trends in the information submitted for
consolidation;
● considering the disclosure and presentation of the Subject Matter Information.
The scope of our work is limited to assurance over the Subject Matter Information for the year 2022. Our
assurance does not extend to information in respect of earlier periods or to any other information included
in the Report.
Our independence and quality control
We have complied with the independence and other ethical requirements in respect of auditor
independence, particularly in accordance with the rules set down in articles 12, 13, 14, 16, 20, 28 and 29
of the Belgian Act of 7 December 2016 organizing the audit profession and its public oversight of
registered auditors, and with the independence and other ethical requirements of the Code of Ethics for
Professional Accountants issued by the International Ethics Standards Board for Accountants, which is
founded on fundamental principles of integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
Our firm applies International Standard on Quality Management n°1, Quality Management for Firms that
Perform Audits and Reviews of Financial Statements, and Other Assurance Related Services
Engagements], and accordingly, maintains a comprehensive system of quality management including
documented policies and procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
226 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Independent limited assurance report
PwC Bedrijfsrevisoren bv - PwC Reviseurs d'Entreprises srl - Risk Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5 | 1831 Diegem | Belgium
T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
3 of 4
Basis for Qualified conclusion
We have not been able to obtain sufficient evidence on two selected sustainability KPI’s, marked with a
checkmark (P), as presented on page 179 in the Report as of and for the year ended 31 December 2022
of D’Ieteren Group SA: “Greenhouse gas emissions scope 1” and “Greenhouse gas emissions scope 2”
of Belron. We have not been able to quantify the impact of this matter on these two sustainability KPI’s of
Belron.
Our qualified conclusion
Based on the procedures we have performed and the evidence we have obtained, except for the possible
effects of the matter described in the section “Basis for qualified conclusion”, nothing has come to our
attention that causes us to believe that the Subject Matter Information within your Report as of and for the
year ended 31 December 2022 has not been prepared, in all material respects, in accordance with the
Criteria disclosed in the Report.
Other ESG related information
The other information comprises all of the ESG related information in the Report other than the Subject
Matter Information and our assurance report. The directors are responsible for the other ESG related
information. As explained above, our assurance conclusion does not extend to the other ESG related
information and, accordingly, we do not express any form of assurance thereon. In connection with our
assurance of the Subject Matter Information, our responsibility is to read the other ESG related
information and, in doing so, consider whether the other ESG related information is materially
inconsistent with the Subject Matter Information or our knowledge obtained during the assurance
engagement, or otherwise appears to contain a material misstatement of fact. If we identify an apparent
material inconsistency or material misstatement of fact, we are required to perform procedures to
conclude whether there is a material misstatement of the Subject Matter Information or a material
misstatement of the other information, and to take appropriate actions in the circumstances.
227Financial and Directors’ Report 2022 I

Disclosure of non-financial information - Independent limited assurance report
PwC Bedrijfsrevisoren bv - PwC Reviseurs d'Entreprises srl - Risk Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5 | 1831 Diegem | Belgium
T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
4 of 4
Other matter - restriction on use and distribution of our report
Our report is intended solely for the use of the Company, to whom it is addressed, in connection with their
Report as of and for the year ended 31 December 2022 and should not be used for any other purpose.
We do not accept or assume and deny any liability or duty of care to any other party to whom this report
may be shown or into whose hands it may come.
Diegem, 21 April 2023
PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises SRL
represented by
Marc Daelman
1
Registered auditor
1
Marc Daelman BV, member of the Board of Directors, represented by its permanent representative Marc Daelman
228 I Financial and Directors’ Report 2022

Disclosure of non-financial information - Independent limited assurance report
229Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
GRI Content Index
D'Ieteren has reported the information cited in this GRI content index for the period January 1st to December 31st 2022 with reference to
the GRI Standards. As the Group has a number of business activities in dierent sectors, the general disclosures is focused on the D’Ieteren
Group entity while the specific disclosures concern the material aspects of each business activity. D’Ieteren Group aims to apply the UN PRI
for its own material aspects, which is more applicable for an investment company than the GRI Topic Specific Standards.
Standards Disclosure Name Reference
GRI 2: General Disclosures 2022
Disclosures about the reporting organization
1. THE ORGANIZATION AND ITS REPORTING PRACTICES
2-1 Organizational details
a. IR: Cover page
b. IR: About D'Ieteren Group (p.2)
c. NFD: D'Ieteren Group (p.142)
d. IR: About D'Ieteren Group (p.2) / NFD: D’Ieteren Automotive, Belron, Moleskine, TVH, D’Ieteren Immo - Business model and value
creation (p.157, p.173, p.186, p.208)
2-2 Entities included in the organization’s sustainability reporting a. IR: About D'Ieteren Group (p.2)
b./c. NFD (p.142)
2-3 Reporting period, frequency and contact point a. / b. / c. / d. Non-Financial Disclosure (p.141)
2-4 Restatements of information i./ii. There is no restatement of information unless otherwise specified in the appropriate section.
2-5 External assurance a. NFD: D'Ieteren Group - Responsibility as anInvestor (p.144)
b.i.ii.iii. FDR: Auditor declaration (p.100, p.225)
2. ACTIVITIES AND WORKERS
2-6 Activities, value chain, and other business relationships
a. IR: About D'Ieteren Group (p.2); NFD: D’Ieteren Automotive, Belron, Moleskine, TVH, D’Ieteren Immo - Business model and value crea-
tion (p.157, p.173, p.186, p.208)
b.i. IR: Value creation model - Operating model; NFD: Business model and value creation (p.157, p.173, p.186, p.208)
b.ii. NFD: Moleskine, D'Ieteren Automotive, D'Ieteren Immo - Business model and value creation (p.157, p.173, p.186, p.208)
b.iii. IR: Value creation for our Customers (p.27)
c. NFD: D'Ieteren Automotive - Business model and value creation (p.157)
2-7 Employees
a. / b.i.ii.iv.v. / d. / e. NFD: D'Ieteren Group - additional workforce data (p.148)
c.i. NFD: D'Ieteren Group - Social performance (p.147)
2-8 Workers who are not employees a.i./b.i.ii. NFD: D'Ieteren Group - additional workforce data (p.148)
3. GOVERNANCE
2-9 Governance structure and composition
a. / c.i.iv.v.vii. Corporate Governance Statement (p.113)
b. NFD: D'Ieteren Group - ESG Governance - Roles and responsibilities (p.143)
c.ii. Corporate Governance Statement (p.113); NFD: D'Ieteren Group - ESG Governance - Roles and responsibilities (p.143)
2-10
Nomination and selection of the highest governance body
a./b.ii. iii. iv. Corporate Governance Statement (p.113)
2-11 Chair of the highest governance body a. Corporate Governance Statement (p.113)
2-12 Role of the highest governance body in overseeing the management of impacts
a. NFD: D'Ieteren Group - ESG governance (p.143)
b.i.ii. NFD: D'Ieteren Group - Group-level policies (p.143)
c. Responsible investment charter (hps://www.dieterengroup.com/investment-strategy/)
2-13 Delegation of responsibility for managing impacts
a.i. NFD: D'Ieteren Group - ESG governance (p.143)
a.ii. IR: Value creation for society (p.30) / NFD: D'Ieteren Group - ESG governance (p.143)
b. Responsible investment Charter (hps://www.dieterengroup.com/investment-strategy/)
2-14 Role of the highest governance body in sustainability reporting a. NFD: D'Ieteren Group - ESG governance (p.143)
2-15 Conflict of Interest
2-16 Communication of critical concerns
a. NFD: D'Ieteren Group - Governance (ethics) (p.149)
b. Code of Conduct (hps://www.dieterengroup.com/legal-documents/)
2-17 Collective knowledge of the highest governance body a. D'Ieteren Group - ESG Governance (p.143)
230 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
GRI Content Index
D'Ieteren has reported the information cited in this GRI content index for the period January 1st to December 31st 2022 with reference to
the GRI Standards. As the Group has a number of business activities in dierent sectors, the general disclosures is focused on the D’Ieteren
Group entity while the specific disclosures concern the material aspects of each business activity. D’Ieteren Group aims to apply the UN PRI
for its own material aspects, which is more applicable for an investment company than the GRI Topic Specific Standards.
Standards Disclosure Name Reference
GRI 2: General Disclosures 2022
Disclosures about the reporting organization
1. THE ORGANIZATION AND ITS REPORTING PRACTICES
2-1 Organizational details
a. IR: Cover page
b. IR: About D'Ieteren Group (p.2)
c. NFD: D'Ieteren Group (p.142)
d. IR: About D'Ieteren Group (p.2) / NFD: D’Ieteren Automotive, Belron, Moleskine, TVH, D’Ieteren Immo - Business model and value
creation (p.157, p.173, p.186, p.208)
2-2 Entities included in the organization’s sustainability reporting a. IR: About D'Ieteren Group (p.2)
b./c. NFD (p.142)
2-3 Reporting period, frequency and contact point a. / b. / c. / d. Non-Financial Disclosure (p.141)
2-4 Restatements of information i./ii. There is no restatement of information unless otherwise specified in the appropriate section.
2-5 External assurance a. NFD: D'Ieteren Group - Responsibility as anInvestor (p.144)
b.i.ii.iii. FDR: Auditor declaration (p.100, p.225)
2. ACTIVITIES AND WORKERS
2-6 Activities, value chain, and other business relationships
a. IR: About D'Ieteren Group (p.2); NFD: D’Ieteren Automotive, Belron, Moleskine, TVH, D’Ieteren Immo - Business model and value crea-
tion (p.157, p.173, p.186, p.208)
b.i. IR: Value creation model - Operating model; NFD: Business model and value creation (p.157, p.173, p.186, p.208)
b.ii. NFD: Moleskine, D'Ieteren Automotive, D'Ieteren Immo - Business model and value creation (p.157, p.173, p.186, p.208)
b.iii. IR: Value creation for our Customers (p.27)
c. NFD: D'Ieteren Automotive - Business model and value creation (p.157)
2-7 Employees
a. / b.i.ii.iv.v. / d. / e. NFD: D'Ieteren Group - additional workforce data (p.148)
c.i. NFD: D'Ieteren Group - Social performance (p.147)
2-8 Workers who are not employees a.i./b.i.ii. NFD: D'Ieteren Group - additional workforce data (p.148)
3. GOVERNANCE
2-9 Governance structure and composition
a. / c.i.iv.v.vii. Corporate Governance Statement (p.113)
b. NFD: D'Ieteren Group - ESG Governance - Roles and responsibilities (p.143)
c.ii. Corporate Governance Statement (p.113); NFD: D'Ieteren Group - ESG Governance - Roles and responsibilities (p.143)
2-10
Nomination and selection of the highest governance body
a./b.ii. iii. iv. Corporate Governance Statement (p.113)
2-11 Chair of the highest governance body a. Corporate Governance Statement (p.113)
2-12 Role of the highest governance body in overseeing the management of impacts
a. NFD: D'Ieteren Group - ESG governance (p.143)
b.i.ii. NFD: D'Ieteren Group - Group-level policies (p.143)
c. Responsible investment charter (hps://www.dieterengroup.com/investment-strategy/)
2-13 Delegation of responsibility for managing impacts
a.i. NFD: D'Ieteren Group - ESG governance (p.143)
a.ii. IR: Value creation for society (p.30) / NFD: D'Ieteren Group - ESG governance (p.143)
b. Responsible investment Charter (hps://www.dieterengroup.com/investment-strategy/)
2-14 Role of the highest governance body in sustainability reporting a. NFD: D'Ieteren Group - ESG governance (p.143)
2-15 Conflict of Interest
2-16 Communication of critical concerns
a. NFD: D'Ieteren Group - Governance (ethics) (p.149)
b. Code of Conduct (hps://www.dieterengroup.com/legal-documents/)
2-17 Collective knowledge of the highest governance body a. D'Ieteren Group - ESG Governance (p.143)
231Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
2-18 Evaluation of the performance of the highest governance body a. Corporate Governance Statement - Remuneration Report (p.118)
2-19 Remuneration policies a.i.ii. Corporate Governance Statement - Remuneration Report (p.118)
2-20 Process to determine remuneration
a.i. IR: Remuneration policy for members of the Group Executive Commiee (p.17)
2-21 Annual total compensation ratio
a.Coprorate Governance Statement - Remuneration Report (p.120)
4. STRATEGY, POLICIES AND PRACTICES
2-22 Statement on sustainable development strategy
a. IR: Message from the CFO (p.20)
2-23 Policy commitments a.i. NFD: D'Ieteren Group - Commitments and ratings (p.145)
a.ii. NFD: D'Ieteren Group - Responsible investment (p.144)
a.iv. / b.i. NFD: D'Ieteren Group - Human rights (p.149)
c. /d. NFD: D'Ieteren Group - Group-level policies (p.143)
e. / f. NFD: D'Ieteren Group - Responsible investment (p.144) / NFD: D'Ieteren Group - Governance (Ethics) (p.149)
2-24 Embedding policy commitments a.ii.iv. NFD: D'Ieteren Group - Governance (Ethics) (p.149)
2-26 Mechanisms for seeking advice and raising concerns a.i. NFD: D'Ieteren Group - ESG Governance (p.143)
a.ii. NFD: D'Ieteren Group - Governance (Ethics) (p.149)
2-27 Compliance with laws and regulations
a.i. / b.i.ii. NFD: D'Ieteren Group - Governance (Ethics) (p.149)
c./d. Zero instances of non-compliance reported (p.XX)
2-28 Membership associations a. Memberships to associations and organisations is specific for each sector of the D’Ieteren group’s business activities.
5. STAKEHOLDER ENGAGEMENT
2-29 Approach to stakeholder engagement
a.i. IR: Value creation model - Value created for our stakeholders (p.13)
a.ii.iii. NFD: D'Ieteren Group - Strategy for value Creation (p.142)
2-30 Collective bargaining agreements a./b. NFD: D'Ieteren Group - Governance (Human Rights) (p.149)
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
3-1 Process to determine material topics See 'Specific standards' for each of the businesses
3-2 List of material topics See 'Specific standards' for each of the businesses
3-3 Management of material topics See 'Specific standards' for each of the businesses
232 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
2-18 Evaluation of the performance of the highest governance body a. Corporate Governance Statement - Remuneration Report (p.118)
2-19 Remuneration policies a.i.ii. Corporate Governance Statement - Remuneration Report (p.118)
2-20 Process to determine remuneration
a.i. IR: Remuneration policy for members of the Group Executive Commiee (p.17)
2-21 Annual total compensation ratio
a.Coprorate Governance Statement - Remuneration Report (p.120)
4. STRATEGY, POLICIES AND PRACTICES
2-22 Statement on sustainable development strategy
a. IR: Message from the CFO (p.20)
2-23 Policy commitments a.i. NFD: D'Ieteren Group - Commitments and ratings (p.145)
a.ii. NFD: D'Ieteren Group - Responsible investment (p.144)
a.iv. / b.i. NFD: D'Ieteren Group - Human rights (p.149)
c. /d. NFD: D'Ieteren Group - Group-level policies (p.143)
e. / f. NFD: D'Ieteren Group - Responsible investment (p.144) / NFD: D'Ieteren Group - Governance (Ethics) (p.149)
2-24 Embedding policy commitments a.ii.iv. NFD: D'Ieteren Group - Governance (Ethics) (p.149)
2-26 Mechanisms for seeking advice and raising concerns a.i. NFD: D'Ieteren Group - ESG Governance (p.143)
a.ii. NFD: D'Ieteren Group - Governance (Ethics) (p.149)
2-27 Compliance with laws and regulations
a.i. / b.i.ii. NFD: D'Ieteren Group - Governance (Ethics) (p.149)
c./d. Zero instances of non-compliance reported (p.XX)
2-28 Membership associations a. Memberships to associations and organisations is specific for each sector of the D’Ieteren group’s business activities.
5. STAKEHOLDER ENGAGEMENT
2-29 Approach to stakeholder engagement
a.i. IR: Value creation model - Value created for our stakeholders (p.13)
a.ii.iii. NFD: D'Ieteren Group - Strategy for value Creation (p.142)
2-30 Collective bargaining agreements a./b. NFD: D'Ieteren Group - Governance (Human Rights) (p.149)
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
3-1 Process to determine material topics See 'Specific standards' for each of the businesses
3-2 List of material topics See 'Specific standards' for each of the businesses
3-3 Management of material topics See 'Specific standards' for each of the businesses
233Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
D’Ieteren Automotive
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.ii. / b. Sustainability strategy - Materiality (p.TBD)
3-2 List of material topics a. Sustainability strategy - sustainability roadmap (p.TBD)
3-3 Management of material topics See references below
GRI 305: EMISSIONS 2016  LINKED TO "MANAGING THE ENVIRONMENTAL IMPACT OF OUR OPERATIONS"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. / d. ii.ESG Performance - Managing the environmental impact of our operations (p.161)
f. Sustainability strategy - Materiality (p.157)
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. / e. / f. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.161)
g. Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / b. / c. / e. / f. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.T221)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. / c. / f. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.161)
g. Additional notes and methodology (p.221)
305-4 GHG emissions intensity
a. / b. / c. / d. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.221)
305-5 Reduction of GHG emissions
a. / b. / d. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI (p.161)
e. Additional notes and methodology (p.221)
GRI 203: INDIRECT ECONOMIC IMPACTS 2016  LINKED TO "BUILDING SEAMLESS AND SUSTAINABLE MOBILITY FOR ALL"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. ESG Performance - Alternative and flexible mobility solutions (p.164)
f. Sustainability strategy - Materiality (p.157)
Own indicator Percentage of Baery Electric Vehicles (BEV) in registrations (% of volume) ESG Performance - Building seamless and sustainable mobility for all (p.163)
Own indicator Percentage of Key Accounts to which D’Ieteren provides alternative mobility solutions ESG Performance - Building seamless and sustainable mobility for all (p.163)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "PLAYING A DETERMINING ROLE IN THE WELLBEING OF ITS EMPLOYEES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. ESG Performance - Playing a determining role in the well-being of its employees (p.164)
f. Sustainability strategy - Materiality (p.157)
Own indicator Employee engagement score ESG Performance - Playing a determining role in the well-being of its employees (p.164)
Own indicator Survey participation rate ESG Performance - Playing a determining role in the well-being of its employees (p.164)
GRI 405: DIVERSITY AND OPPORTUNITY 2016  LINKED TO "INCREASING DIVERSITY AND INCLUSION IN THE WORKPLACE"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii.iii. / e.i.iii. ESG Performance - Increasing diversity and inclusion in the workplace (p.166)
f. Sustainability strategy - Materiality (p.TBD)
Own indicator Share of women in CVs presented to the hiring manager for employee positions ESG Performance - Increasing diversity and inclusion in the workplace (p.166)
Own indicator Share of women in management commiees ESG Performance - Increasing diversity and inclusion in the workplace (p.166)
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "IMPROVING THE LIFE OF ITS CUSTOMERS"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.iii. / e.i.ii.iii. ESG Performance - Improving the life of its customers (p.167)
f. Sustainability strategy - Materiality (p.157)
Own indicator NPS for sales of new cars ESG Performance - Improving the life of its customers (p.167)
Own indicator NPS for aersales ESG Performance - Improving the life of its customers (p.167)
234 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
D’Ieteren Automotive
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.ii. / b. Sustainability strategy - Materiality (p.TBD)
3-2 List of material topics a. Sustainability strategy - sustainability roadmap (p.TBD)
3-3 Management of material topics See references below
GRI 305: EMISSIONS 2016  LINKED TO "MANAGING THE ENVIRONMENTAL IMPACT OF OUR OPERATIONS"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. / d. ii.ESG Performance - Managing the environmental impact of our operations (p.161)
f. Sustainability strategy - Materiality (p.157)
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. / e. / f. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.161)
g. Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / b. / c. / e. / f. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.T221)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. / c. / f. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.161)
g. Additional notes and methodology (p.221)
305-4 GHG emissions intensity
a. / b. / c. / d. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI
(p.221)
305-5 Reduction of GHG emissions
a. / b. / d. ESG Performance - Managing the environmental impact of our operations - GHG emissions & energy consumption KPI (p.161)
e. Additional notes and methodology (p.221)
GRI 203: INDIRECT ECONOMIC IMPACTS 2016  LINKED TO "BUILDING SEAMLESS AND SUSTAINABLE MOBILITY FOR ALL"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. ESG Performance - Alternative and flexible mobility solutions (p.164)
f. Sustainability strategy - Materiality (p.157)
Own indicator Percentage of Baery Electric Vehicles (BEV) in registrations (% of volume) ESG Performance - Building seamless and sustainable mobility for all (p.163)
Own indicator Percentage of Key Accounts to which D’Ieteren provides alternative mobility solutions ESG Performance - Building seamless and sustainable mobility for all (p.163)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "PLAYING A DETERMINING ROLE IN THE WELLBEING OF ITS EMPLOYEES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. ESG Performance - Playing a determining role in the well-being of its employees (p.164)
f. Sustainability strategy - Materiality (p.157)
Own indicator Employee engagement score ESG Performance - Playing a determining role in the well-being of its employees (p.164)
Own indicator Survey participation rate ESG Performance - Playing a determining role in the well-being of its employees (p.164)
GRI 405: DIVERSITY AND OPPORTUNITY 2016  LINKED TO "INCREASING DIVERSITY AND INCLUSION IN THE WORKPLACE"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii.iii. / e.i.iii. ESG Performance - Increasing diversity and inclusion in the workplace (p.166)
f. Sustainability strategy - Materiality (p.TBD)
Own indicator Share of women in CVs presented to the hiring manager for employee positions ESG Performance - Increasing diversity and inclusion in the workplace (p.166)
Own indicator Share of women in management commiees ESG Performance - Increasing diversity and inclusion in the workplace (p.166)
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "IMPROVING THE LIFE OF ITS CUSTOMERS"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.iii. / e.i.ii.iii. ESG Performance - Improving the life of its customers (p.167)
f. Sustainability strategy - Materiality (p.157)
Own indicator NPS for sales of new cars ESG Performance - Improving the life of its customers (p.167)
Own indicator NPS for aersales ESG Performance - Improving the life of its customers (p.167)
235Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 206: ANTICOMPETITIVE BEHAVIOR 2016  LINKED TO "GOVERNANCE AND BUSINESS ETHICS"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. ESG Performance - Governance and business ethics (p.167)
f. Sustainability strategy - Materiality (p.157)
206-1 Legal actions for anti-competitive behaviour, anti-trust and monopoly practice a. ESG Performance - Governance and business ethics (p.167)
GRI 413: LOCAL COMMUNITIES 2016  LINKED TO "COMMUNITY ENGAGEMENT"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.iii. / e.ii.iii. ESG Performance - Community engagement (p.168)
f. Sustainability strategy - Materiality (p.157)
Own indicator Total donations ESG Performance - Community engagement (p.168)
Belron
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.ii. / b. Sustainability strategy - Materiality (p.173)
3-2 List of material topics a. Sustainability strategy - Responsible Business Framework (p.174)
3-3 Management of material topics See references below
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "CUSTOMER EXPERIENCE"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e.i. ii.iii. iv. Making a dierence with real care - customer experience (p.176)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Net Promoter Score (NPS) Making a dierence with real care - customer experience (p.176)
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "CUSTOMER WELFARE & SAFETY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e..ii. iii. Making a dierence with real care - Customer welfare & safety (p.177)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator R&D budget Connectivity table - impact on society (p.175)
GRI 306: WASTE 2020  LINKED TO "REDUCING WASTE AND BUILDING A CIRCULAR ECONOMY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.ii. / e.ii.iii. Sustainable products and services - Reducing and building a circular economy (p.177)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
306-2 Management of significant waste-related impacts
a. Responsible business framework, (p.174)
b. / c. Sustainable products and services (p.177)
306-3 Waste generation a. /b. Sustainable products and services (p.177)
306-4 Waste diverted from disposal a. / b.ii. / c.ii. / e. Sustainable products and services (p.177)
306-5 Waste directed to disposal a. / b.iii. / c.iii. / e. Sustainable products and services - Reducing waste and building a circular economy (p.177)
GRI 305: EMISSIONS 2016  LINKED TO "DRIVING DOWN EMISSIONS"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.ii. / e.ii. Sustainable products and services - Driving down emissions (p.178)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. Sustainable products and services - Driving down emissions (p.178)
g. Sustainable products and services - Driving down emissions (p.178) / Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / c. Sustainable products and services - Driving down emissions (p.178)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. Sustainable products and services - Driving down emissions (p.178)
g. Sustainable products and services - Driving down emissions (p.178) /Additional notes and methodology (p.221)
305-4 GHG emissions intensity a. / b. / c. / d. Sustainable products and services - Driving down emissions (p.178)
305-5 Reduction of GHG emissions
b. Sustainable products and services - Driving down emissions (p.178)
e. Sustainable products and services - Driving down emissions (p.178) / Additional notes and methodology (p.221)
GRI 308: SUPPLIER ENVIRONMENTAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE PROCUREMENT"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i. / e.i.ii. iii. iv./ f. Sustainable products and services - Sustainable procurement (p.180)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Number of supplier site audits Sustainable products and services - Sustainable procurement (p.180)
236 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 206: ANTICOMPETITIVE BEHAVIOR 2016  LINKED TO "GOVERNANCE AND BUSINESS ETHICS"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.i.ii. / e.i.ii.iii. ESG Performance - Governance and business ethics (p.167)
f. Sustainability strategy - Materiality (p.157)
206-1 Legal actions for anti-competitive behaviour, anti-trust and monopoly practice a. ESG Performance - Governance and business ethics (p.167)
GRI 413: LOCAL COMMUNITIES 2016  LINKED TO "COMMUNITY ENGAGEMENT"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.159)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.159)
d.iii. / e.ii.iii. ESG Performance - Community engagement (p.168)
f. Sustainability strategy - Materiality (p.157)
Own indicator Total donations ESG Performance - Community engagement (p.168)
Belron
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.ii. / b. Sustainability strategy - Materiality (p.173)
3-2 List of material topics a. Sustainability strategy - Responsible Business Framework (p.174)
3-3 Management of material topics See references below
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "CUSTOMER EXPERIENCE"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e.i. ii.iii. iv. Making a dierence with real care - customer experience (p.176)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Net Promoter Score (NPS) Making a dierence with real care - customer experience (p.176)
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "CUSTOMER WELFARE & SAFETY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e..ii. iii. Making a dierence with real care - Customer welfare & safety (p.177)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator R&D budget Connectivity table - impact on society (p.175)
GRI 306: WASTE 2020  LINKED TO "REDUCING WASTE AND BUILDING A CIRCULAR ECONOMY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.ii. / e.ii.iii. Sustainable products and services - Reducing and building a circular economy (p.177)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
306-2 Management of significant waste-related impacts
a. Responsible business framework, (p.174)
b. / c. Sustainable products and services (p.177)
306-3 Waste generation a. /b. Sustainable products and services (p.177)
306-4 Waste diverted from disposal a. / b.ii. / c.ii. / e. Sustainable products and services (p.177)
306-5 Waste directed to disposal a. / b.iii. / c.iii. / e. Sustainable products and services - Reducing waste and building a circular economy (p.177)
GRI 305: EMISSIONS 2016  LINKED TO "DRIVING DOWN EMISSIONS"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.ii. / e.ii. Sustainable products and services - Driving down emissions (p.178)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. Sustainable products and services - Driving down emissions (p.178)
g. Sustainable products and services - Driving down emissions (p.178) / Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / c. Sustainable products and services - Driving down emissions (p.178)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. Sustainable products and services - Driving down emissions (p.178)
g. Sustainable products and services - Driving down emissions (p.178) /Additional notes and methodology (p.221)
305-4 GHG emissions intensity a. / b. / c. / d. Sustainable products and services - Driving down emissions (p.178)
305-5 Reduction of GHG emissions
b. Sustainable products and services - Driving down emissions (p.178)
e. Sustainable products and services - Driving down emissions (p.178) / Additional notes and methodology (p.221)
GRI 308: SUPPLIER ENVIRONMENTAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE PROCUREMENT"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i. / e.i.ii. iii. iv./ f. Sustainable products and services - Sustainable procurement (p.180)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Number of supplier site audits Sustainable products and services - Sustainable procurement (p.180)
237Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 414: SUPPLIER SOCIAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE PROCUREMENT"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.176)
c. / d.i. / e.i.ii. iii. iv./ f. Sustainable products and services - Sustainable procurement (p.180)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Number of supplier site audits Sustainable products and services - Sustainable procurement (p.180)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "EMPLOYEE ENGAGEMENT"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e.i. ii.iii.iv. / f. Investing in people and society - Employee engagement (p.182)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Employee Engagement score Investing in people and society - Employee engagement (p.182)
GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016  LINKED TO "PROMOTING DIVERSITY, EQUITY AND INCLUSION"
3-3 Management of material topics
a. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e. i. Investing in people and society - Promoting diversity, equity and inclusion (p.180)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185 / Sustainable Governance (p.174)
405-1 Diversity of governance bodies and employees a.i. / b.i. Investing in people and society - Promoting diversity, equity and inclusion (p.180)
GRI 403: OCCUPATIONAL HEALTH AND SAFETY 2018  LINKED TO "PEOPLE SAFETY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.ii.iii. / e.ii.iii. Investing in people and society - People safety (p.182)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
403-1 Occupational health and safety management system a.ii. / b. Investing in people and society - People safety (p.182)
403-2 Hazard identification, risk assessment and incident investigation a.i. / b. / c. Investing in people and society - People safety (p.182)
403-3 Occupational health services a. Investing in people and society - People safety (p.182)
403-4
Worker participation, consultation and communication on occupational health and
safety
a. / b. Investing in people and society - People safety (p.182)
403-5 Worker training on occupational health and safety a. Investing in people and society - People safety (p.182)
403-6 Promotion of worker health a. / b. Investing in people and society - People safety (p.182)
403-7
Prevention and mitigation of occupational health and safety impacts directly linked
by business relationships
a. Investing in people and society - People safety (p.182)
403-9 Work-related injuries a.iii.v. / c.iii. / d. Investing in people and society - People safety (p.182)
GRI 413: LOCAL COMMUNITIES  LINKED TO "GIVING OPPORTUNITY"
3-3 Management of material topics
a. Connectivity table - impact on society (p.175)
c. / d.iii. / e.ii.iii. Investing in people and society - Giving opportunity (p.183)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Total donations (to Afrika Tikkun via SOBC, donations made by the BRLCF, and Local Giving). Investing in people and society - Giving opportunity (p.183)
238 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 414: SUPPLIER SOCIAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE PROCUREMENT"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.176)
c. / d.i. / e.i.ii. iii. iv./ f. Sustainable products and services - Sustainable procurement (p.180)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Number of supplier site audits Sustainable products and services - Sustainable procurement (p.180)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "EMPLOYEE ENGAGEMENT"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e.i. ii.iii.iv. / f. Investing in people and society - Employee engagement (p.182)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Employee Engagement score Investing in people and society - Employee engagement (p.182)
GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016  LINKED TO "PROMOTING DIVERSITY, EQUITY AND INCLUSION"
3-3 Management of material topics
a. Connectivity table - impact on society (p.175)
c. / d.i.iii. / e. i. Investing in people and society - Promoting diversity, equity and inclusion (p.180)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185 / Sustainable Governance (p.174)
405-1 Diversity of governance bodies and employees a.i. / b.i. Investing in people and society - Promoting diversity, equity and inclusion (p.180)
GRI 403: OCCUPATIONAL HEALTH AND SAFETY 2018  LINKED TO "PEOPLE SAFETY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.175)
c. / d.i.ii.iii. / e.ii.iii. Investing in people and society - People safety (p.182)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
403-1 Occupational health and safety management system a.ii. / b. Investing in people and society - People safety (p.182)
403-2 Hazard identification, risk assessment and incident investigation a.i. / b. / c. Investing in people and society - People safety (p.182)
403-3 Occupational health services a. Investing in people and society - People safety (p.182)
403-4
Worker participation, consultation and communication on occupational health and
safety
a. / b. Investing in people and society - People safety (p.182)
403-5 Worker training on occupational health and safety a. Investing in people and society - People safety (p.182)
403-6 Promotion of worker health a. / b. Investing in people and society - People safety (p.182)
403-7
Prevention and mitigation of occupational health and safety impacts directly linked
by business relationships
a. Investing in people and society - People safety (p.182)
403-9 Work-related injuries a.iii.v. / c.iii. / d. Investing in people and society - People safety (p.182)
GRI 413: LOCAL COMMUNITIES  LINKED TO "GIVING OPPORTUNITY"
3-3 Management of material topics
a. Connectivity table - impact on society (p.175)
c. / d.iii. / e.ii.iii. Investing in people and society - Giving opportunity (p.183)
f. Responsible Business Foundations - Robust Reporting and measurement (p.185) / Sustainable Governance (p.174)
Own indicator Total donations (to Afrika Tikkun via SOBC, donations made by the BRLCF, and Local Giving). Investing in people and society - Giving opportunity (p.183)
239Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
Moleskine
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.i. / b. Sustainability strategy - Materiality (p.187)
3-2
List of material topics
a. Sustainability strategy - Sustainability Roadmap (p.X187)
b. Sustainability strategy - Materiality (p.187)
3-3 Management of material topics See references below
GRI 306: WASTE 2020  LINKED TO "WASTE MANAGEMENT & CIRCULAR ECONOMY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.ii. / e.i.ii.iii. Build a sustainable brand - waste management & circular economy (p.190)
f. Sustainability Governance (p.187)
306 - 1 Waste generation and significant waste-related impacts a.i.ii. Build a sustainable brand - waste management & circular economy (p.190)
306 - 2 Management of significant waste-related impacts a. / b. Build a sustainable brand - waste management & circular economy (p.190)
Own indicator Tons of recycled products Build a sustainable brand - waste management & circular economy (p.190)
GRI 305: EMISSIONS 2016  LINKED TO "IMPACT ON CLIMATE CHANGE"
3-3 Management of material topics
a. / b. Connectivity table - Impact on society (p.188)
c. / d.ii. / e. i. ii. Iii. Build a sustainable brand - Impact on climate change (p.190)
f. Sustainability Governance (p.187)
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. / e. / f. Build a sustainable brand - impact on climate change (p.190)
g. Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / b. / c. / e. / f. Build a sustainable brand - impact on climate change (p.190)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. / c. / f.Build a sustainable brand - impact on climate change (p.190)
g. Additional notes and methodology (p.221)
305-4 GHG emissions intensity a. / b. / c. / d. Build a sustainable brand - impact on climate change (p.190)
305-5 Reduction of GHG emissions
a. / b. / c. / d. Build a sustainable brand - impact on climate change (p.190)
e. Additional notes and methodology (p.221)
GRI 413: LOCAL COMMUNITIES 2016  LINKED TO " FOSTERING PEOPLE'S CREATIVITY AND CRITICAL MINDSET"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
d.iii. Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
f. Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
Own indicator Number of donated creative tools Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
Own indicator Number of organizations reached Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "EMPLOYEE SATISFACTION AND ENGAGEMENT"
3-3 Management of material topics
a. Connectivity table - impact on society (p.188)
c. / d.i.iii. / e.i.ii. iv. Bringing positive changes to society - Employee satisfaction and engagement (p.192)
f. Sustainability Governance (p.187)
Own indicator Engagement and satisfaction score Bringing positive changes to society - Employee satisfaction and engagement (p.192)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "TALENT DEVELOPMENT"
3-3 Management of material topics
a. Connectivity table - impact on society (p.188)
d.i. Iii./ e.ii. Bringing positive changes to society - Talent development (p.193)
f. Sustainability Governance (p.187)
Own indicator % employees calibrated Bringing positive changes to society - Talent development (p.193)
GRI 405; DIVERSITY AND EQUAL OPPORTUNITY 2016  LINKED TO "DIVERSITY AND INCLUSION"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i. / e.ii. Bringing positive changes to society - diversity and inclusion (p.193)
f. Sustainability Governance (p.187)
405-1 Diversity of governance bodies and employees
a.i. / b.i. Bringing positive changes to society - Diversity and inclusion (p.193)
Own indicator % of under-represented gender Bringing positive changes to society - Diversity and inclusion (p.193)
GRI 308: SUPPLIER ENVIRONMENTAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE SUPPLY CHAIN"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.iii. / e. ii. iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply
chain (p.TBD)
f. Sustainability Governance (p.187)
Own indicator % of ISO 14000 certified suppliers Geing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain (p.195)
240 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
Moleskine
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.i. / b. Sustainability strategy - Materiality (p.187)
3-2
List of material topics
a. Sustainability strategy - Sustainability Roadmap (p.X187)
b. Sustainability strategy - Materiality (p.187)
3-3 Management of material topics See references below
GRI 306: WASTE 2020  LINKED TO "WASTE MANAGEMENT & CIRCULAR ECONOMY"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.ii. / e.i.ii.iii. Build a sustainable brand - waste management & circular economy (p.190)
f. Sustainability Governance (p.187)
306 - 1 Waste generation and significant waste-related impacts a.i.ii. Build a sustainable brand - waste management & circular economy (p.190)
306 - 2 Management of significant waste-related impacts a. / b. Build a sustainable brand - waste management & circular economy (p.190)
Own indicator Tons of recycled products Build a sustainable brand - waste management & circular economy (p.190)
GRI 305: EMISSIONS 2016  LINKED TO "IMPACT ON CLIMATE CHANGE"
3-3 Management of material topics
a. / b. Connectivity table - Impact on society (p.188)
c. / d.ii. / e. i. ii. Iii. Build a sustainable brand - Impact on climate change (p.190)
f. Sustainability Governance (p.187)
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. / e. / f. Build a sustainable brand - impact on climate change (p.190)
g. Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / b. / c. / e. / f. Build a sustainable brand - impact on climate change (p.190)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. / c. / f.Build a sustainable brand - impact on climate change (p.190)
g. Additional notes and methodology (p.221)
305-4 GHG emissions intensity a. / b. / c. / d. Build a sustainable brand - impact on climate change (p.190)
305-5 Reduction of GHG emissions
a. / b. / c. / d. Build a sustainable brand - impact on climate change (p.190)
e. Additional notes and methodology (p.221)
GRI 413: LOCAL COMMUNITIES 2016  LINKED TO " FOSTERING PEOPLE'S CREATIVITY AND CRITICAL MINDSET"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
d.iii. Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
f. Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
Own indicator Number of donated creative tools Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
Own indicator Number of organizations reached Bringing positive changes to society - Fostering people's creativity and critical mind (p.191)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "EMPLOYEE SATISFACTION AND ENGAGEMENT"
3-3 Management of material topics
a. Connectivity table - impact on society (p.188)
c. / d.i.iii. / e.i.ii. iv. Bringing positive changes to society - Employee satisfaction and engagement (p.192)
f. Sustainability Governance (p.187)
Own indicator Engagement and satisfaction score Bringing positive changes to society - Employee satisfaction and engagement (p.192)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "TALENT DEVELOPMENT"
3-3 Management of material topics
a. Connectivity table - impact on society (p.188)
d.i. Iii./ e.ii. Bringing positive changes to society - Talent development (p.193)
f. Sustainability Governance (p.187)
Own indicator % employees calibrated Bringing positive changes to society - Talent development (p.193)
GRI 405; DIVERSITY AND EQUAL OPPORTUNITY 2016  LINKED TO "DIVERSITY AND INCLUSION"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i. / e.ii. Bringing positive changes to society - diversity and inclusion (p.193)
f. Sustainability Governance (p.187)
405-1 Diversity of governance bodies and employees
a.i. / b.i. Bringing positive changes to society - Diversity and inclusion (p.193)
Own indicator % of under-represented gender Bringing positive changes to society - Diversity and inclusion (p.193)
GRI 308: SUPPLIER ENVIRONMENTAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE SUPPLY CHAIN"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.iii. / e. ii. iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply
chain (p.TBD)
f. Sustainability Governance (p.187)
Own indicator % of ISO 14000 certified suppliers Geing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain (p.195)
241Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 301: MATERIALS 2016  LINKED TO "SUSTAINABLE SUPPLY CHAIN"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.iii./ e. ii. Iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply
chain (p.195)
f. Sustainability Governance (p.187)
Own indicator Yearly validation of FSC certification Geing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain (p.195)
GRI 414: SUPPLIER SOCIAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE SUPPLY CHAIN"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain
(p.195)
Own indicator % of SA8000 certified suppliers Geing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain (p.195)
GRI 206: ANTICOMPETITIVE BEHAVIOR 2016  LINKED TO "BUSINESS ETHICS & GOVERNANCE"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.187)
c. / d.i.iii. / e. ii. Iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Business ethics &
governance (p.195)
206-1 Legal actions for anti-competitive behaviour, anti-trust and monopoly practice
a. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Business ethics & governance
(p.195)
D’Ieteren Immo
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.ii. / b. Sustainability strategy - Materiality (p.209)
3-2
List of material topics
a. Sustainability strategy - Sustainability roadmap (p.209)
b. Sustainability strategy - Materiality (p.209)
3-3 Management of material topics See references below
GRI 305: EMISSIONS 2016  LINKED TO "TOWARDS CARBON NEUTRALITY"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
f. Sustainability Strategy - Materiality
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. / e. / f. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
g. Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / b. / c. / e. / f. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. / c. / d. / f. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
g. Additional notes and methodology (p.221)
305-4 GHG emissions intensity a. / b. / c. / d. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
305-5 Reduction of GHG emissions
a. / b. / d. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
e. Additional notes and methodology (p.221)
GRI 302: ENERGY 2016  LINKED TO "IMPROVE THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - Improve the environmental and operational perfor-
mance of current properties (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of properties with BREEAM In-Use certification
ESG Performance - Management approach by strategic ambition - Improve the environmental and operational performance of current
properties (p.213)
GRI 304: BIODIVERSITY 2016  LINKED TO "IMPROVE THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - Improve the environmental and operational perfor-
mance of current properties (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of properties with BREEAM In-Use certification
ESG Performance - Management approach by strategic ambition - Improve the environmental and operational performance of current
properties (p.213)
242 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 301: MATERIALS 2016  LINKED TO "SUSTAINABLE SUPPLY CHAIN"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.iii./ e. ii. Iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply
chain (p.195)
f. Sustainability Governance (p.187)
Own indicator Yearly validation of FSC certification Geing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain (p.195)
GRI 414: SUPPLIER SOCIAL ASSESSMENT 2016  LINKED TO "SUSTAINABLE SUPPLY CHAIN"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.188)
c. / d.i.iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain
(p.195)
Own indicator % of SA8000 certified suppliers Geing a long-term governance approach covering transparency, integrity and ethical behaviour - Sustainable supply chain (p.195)
GRI 206: ANTICOMPETITIVE BEHAVIOR 2016  LINKED TO "BUSINESS ETHICS & GOVERNANCE"
3-3 Management of material topics
a. / b. Connectivity table - impact on society (p.187)
c. / d.i.iii. / e. ii. Iii. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Business ethics &
governance (p.195)
206-1 Legal actions for anti-competitive behaviour, anti-trust and monopoly practice
a. Seing a long-term governance approach covering transparency, integrity and ethical behaviour - Business ethics & governance
(p.195)
D’Ieteren Immo
GRI 3: Material topics 2022
Disclosures and guidance about the organization's material topics
Standards Disclosure Reference
3-1 Process to determine material topics a.i.ii. / b. Sustainability strategy - Materiality (p.209)
3-2
List of material topics
a. Sustainability strategy - Sustainability roadmap (p.209)
b. Sustainability strategy - Materiality (p.209)
3-3 Management of material topics See references below
GRI 305: EMISSIONS 2016  LINKED TO "TOWARDS CARBON NEUTRALITY"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
f. Sustainability Strategy - Materiality
305-1 Direct greenhouse gas (GHG) emissions (Scope 1)
a. / b. / c. / e. / f. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
g. Additional notes and methodology (p.221)
305-2 Energy indirect (Scope 2) GHG emissions
a. / b. / c. / e. / f. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
g. Additional notes and methodology (p.221)
305-3 Other indirect (Scope 3) GHG emissions
a. / b. / c. / d. / f. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
g. Additional notes and methodology (p.221)
305-4 GHG emissions intensity a. / b. / c. / d. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
305-5 Reduction of GHG emissions
a. / b. / d. ESG Performance - Management approach by strategic ambition - towards carbon neutrality (p.212)
e. Additional notes and methodology (p.221)
GRI 302: ENERGY 2016  LINKED TO "IMPROVE THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - Improve the environmental and operational perfor-
mance of current properties (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of properties with BREEAM In-Use certification
ESG Performance - Management approach by strategic ambition - Improve the environmental and operational performance of current
properties (p.213)
GRI 304: BIODIVERSITY 2016  LINKED TO "IMPROVE THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - Improve the environmental and operational perfor-
mance of current properties (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of properties with BREEAM In-Use certification
ESG Performance - Management approach by strategic ambition - Improve the environmental and operational performance of current
properties (p.213)
243Financial and Directors’ Report 2022 I

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 306: WASTE 2020  LINKED TO "IMPROVE THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - Improve the environmental and operational
performance of current properties (p.213)
f. Sustainability Strategy - Materiality (p.209)
306-2 Management of significant waste-related impact ESG Performance - Managing the environmental impact of our operations - Waste management (p.162)
GRI 301: MATERIALS 2016  LINKED TO "DESIGN AND BUILD FUTUREPROOF INFRASTRUCTURE"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of projects where project guidelines are applied ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
GRI 203: INDIRECT ECONOMIC IMPACTS  LINKED TO "DESIGN AND BUILD FUTUREPROOF INFRASTRUCTURE"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of projects where project guidelines are applied ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "EMPLOYEE WELLBEING AND SATISFACTION
AND EMPLOYEE TRAINING AND DEVELOPMENT"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.iii. / e.i.ii.iii. ESG performance - Be a top employer - Employee well-being and satisfaction (p.214)
ESG performance - Be a top employer - Employee training and develoment (p.214)
f. Sustainability Strategy - Materiality (p.209)
Own indicator Employee satisfaction score ESG performance - Be a top employer - Employee well-being and satisfaction (p.214)
Own indicator Response rate Employee Satisfaction Score ESG performance - Be a top employer - Employee well-being and satisfaction (p.214)
Own indicator Average # training hours per employee ESG performance - Be a top employer - Employee training and development (p.214)
GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016  LINKED TO "DIVERSITY & INCLUSION"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
e.i.ii.iii. ESG performance - Be a top employer - Diversity & inclusion (p.215)
f. Sustainability Strategy - Materiality (p.209)
Own indicator Gender pay gap ESG Performance - Be a top employer - Diversity & inclusion (p.215)
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "CUSTOMER SATISFACTION"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.iii. / e.i.ii.iii. ESG performance - Customer satisfaction (p.217)
f. Sustainability Strategy - Materiality (p.209)
Own indicator Net Promotor Score ESG performance - Customer satisfaction (p.217)
244 I Financial and Directors’ Report 2022

Disclosure of non-financial information - GRI Index
Standards Disclosure Reference
GRI 306: WASTE 2020  LINKED TO "IMPROVE THE ENVIRONMENTAL AND OPERATIONAL PERFORMANCE OF CURRENT PROPERTIES"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - Improve the environmental and operational
performance of current properties (p.213)
f. Sustainability Strategy - Materiality (p.209)
306-2 Management of significant waste-related impact ESG Performance - Managing the environmental impact of our operations - Waste management (p.162)
GRI 301: MATERIALS 2016  LINKED TO "DESIGN AND BUILD FUTUREPROOF INFRASTRUCTURE"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of projects where project guidelines are applied ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
GRI 203: INDIRECT ECONOMIC IMPACTS  LINKED TO "DESIGN AND BUILD FUTUREPROOF INFRASTRUCTURE"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.i.ii. / e.i.ii.iii. ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
f. Sustainability Strategy - Materiality (p.209)
Own indicator % of projects where project guidelines are applied ESG performance - Management approach by strategic ambition - design and build future-proof infrastructure (p.213)
GRI 404: TRAINING AND EDUCATION 2016  LINKED TO "EMPLOYEE WELLBEING AND SATISFACTION
AND EMPLOYEE TRAINING AND DEVELOPMENT"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.iii. / e.i.ii.iii. ESG performance - Be a top employer - Employee well-being and satisfaction (p.214)
ESG performance - Be a top employer - Employee training and develoment (p.214)
f. Sustainability Strategy - Materiality (p.209)
Own indicator Employee satisfaction score ESG performance - Be a top employer - Employee well-being and satisfaction (p.214)
Own indicator Response rate Employee Satisfaction Score ESG performance - Be a top employer - Employee well-being and satisfaction (p.214)
Own indicator Average # training hours per employee ESG performance - Be a top employer - Employee training and development (p.214)
GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016  LINKED TO "DIVERSITY & INCLUSION"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
e.i.ii.iii. ESG performance - Be a top employer - Diversity & inclusion (p.215)
f. Sustainability Strategy - Materiality (p.209)
Own indicator Gender pay gap ESG Performance - Be a top employer - Diversity & inclusion (p.215)
GRI 416: CUSTOMER HEALTH AND SAFETY 2016  LINKED TO "CUSTOMER SATISFACTION"
3-3 Management of material topics
a. Sustainability strategy - Connectivity table - Impacts on society (p.210)
c. Sustainability strategy - Connectivity table - Policies & Action plans (p.210)
d.iii. / e.i.ii.iii. ESG performance - Customer satisfaction (p.217)
f. Sustainability Strategy - Materiality (p.209)
Own indicator Net Promotor Score ESG performance - Customer satisfaction (p.217)
245Financial and Directors’ Report 2022 I

Share Information
Share Information
D’Ieteren share
Minimum lot 1 share
ISIN code BE0974259880
Reuters code IETB.BR
Bloomberg code DIE:BB
Stock market indices
On 31 December 2022, the D’Ieteren share had the following weightings in Euronext indices:
- BEL Continuous Stocks Index: 1.6%
- BEL Consumer Discretionary: 83.9%
- Euronext Eurozone 300: 0.1%
- Euronext Europe 500: 0.04%
- Euronext BeNe 40 Equal Weight: 2.5%
- Euronext 100 Index: 0.3%
- BEL 20: 3.6%
- BEL All-Share Index: 1.6%
- BEL 20 REUT INTERN: 3.6%
- Euronext Developed Market: 0.01%
- Euronext World: 0.01%
- Euronext Developed Market USD: 0.01%
- EN ESG Biodiversity Screened W Proforma: 0.03%
- EN ESG Biodiversity Screened Wld USD: 0.03%
- EN ESG Biodiversity Screened World: 0.03%
Evolution of the share price and traded volumes in 2022
2022
Performance 4.4%
Total shareholder return
1
5.7%
Average price (€) 154.38
Maximum price (€) 183.00 14/12/2022
Minimum price (€) 118.00 11/03/2022
Average volume (in units) 66,569
Maximum volume (in units) 1,884,589 31/05/2022
Minimum volume (in units) 18,154 27/12/2022
1
Based on gross dividends
210 2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2.000.000
1.800.000
1.600.000
1.400.000
1.200.000
1.000.000
800.000
600.000
400.000
200.000
0
2.000.000
1.800.000
1.600.000
1.400.000
1.200.000
1.000.000
800.000
600.000
400.000
200.000
0
190
170
150
130
110
90
70
50
30
12/31/2021
1/31/2022
2/28/2022
3/31/2022
4/30/2022
5/31/2022
6/30/2022
7/31/2022
8/31/2022
9/30/2022
10/31/2022
11/30/2022
D'IETEREN'S SHARE PRICE AND VOLUME IN 2022
Share price Volume
210
190
170
150
130
110
90
70
50
30
31/12/2021
31/1/2022
28/2/2022
31/3/2022
30/4/2022
31/5/2022
30/6/2022
31/7/2022
31/8/2022
30/9/2022
31/10/2022
30/11/2022
COURS DE L’ACTION ET VOLUME ÉCHANGÉS EN 2022
Cours de l’action Volume
210
190
170
150
130
110
90
70
50
30
31/12/2021
31/1/2022
28/2/2022
31/3/2022
30/4/2022
31/5/2022
30/6/2022
31/7/2022
31/8/2022
30/9/2022
31/10/2022
30/11/2022
KOERS VAN HET AANDEEL EN AANTAL VERHANDELDE AANDELEN IN 2022
Koers Volume
246 I Financial and Directors’ Report 2022

Share Information
Evolution of the share price over 10 years
01/01/2013 – 31/12/2022
Performance 488.7%
Total shareholder return
1
535.7%
Average price (€) 57.83
Maximum price (€) 183.00 14/12/2022
Minimum price (€) 26.08 11/02/2016
Average volume (in units) 47,001
Maximum volume (in units) 1,884,589 31/05/2022
Minimum volume (in units) 5,788 06/10/2014
1
Based on gross dividends
1/2/2013
1/2/2014
1/2/2015
1/2/2016
1/2/2017
1/2/2018
1/2/2019
1/2/2020
1/2/2021
1/2/2022
D'IETEREN'S SHARE PRICE AND VOLUME SINCE 2013
Share price Volume
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
10
30
50
70
90
110
130
150
170
190
210
2/1/2013
2/1/2014
2/1/2015
2/1/2016
2/1/2017
2/1/2018
2/1/2019
2/1/2020
2/1/2021
2/1/2022
COURS DE L'ACTION ET VOLUMES ÉCHANGÉS DEPUIS 2013
Cours de l’action Volume
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1.800.000
2.000.000
10
30
50
70
90
110
130
150
170
190
210
2/1/2013
2/1/2014
2/1/2015
2/1/2016
2/1/2017
2/1/2018
2/1/2019
2/1/2020
2/1/2021
2/1/2022
KOERS VAN HET AANDEEL EN AANTAL VERHANDELDE AANDELEN SINDS 2013
Koer Volume
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1.800.000
2.000.000
10
30
50
70
90
110
130
150
170
190
210
Dividend
If the allocation of results proposed in Note 22 of this report is approved by the Ordinary General Meeting of 25 May 2023, a gross ordinary
dividend of €3.00 per share will be distributed. The dividend will be paid starting on 8 June 2023.
Evolution of the gross dividend per share over 10 year
0.80 0.80
0.90
0.95
0.95
1.00 1.00
1.35
2.10
3.00
2.85
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
2013 2014
Ordinary dividend
2015 2016 2017 2018 2019 2020 2021 2022
Extraordinary dividend
0,80 0,80
0,90
0,95
0,95
1,00 1,00
1,35
2,10
3,00
2,85
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
2013 2014
Dividende ordinaire
2015 2016 2017 2018 2019 2020 2021 2022
Dividende extraordinaire
0,80 0,80
0,90
0,95
0,95
1,00 1,00
1,35
2,10
3,00
2,85
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
2013 2014
Gewoon dividend
2015 2016 2017 2018 2019 2020 2021 2022
Uitzonderlijk dividend
247Financial and Directors’ Report 2022 I