d'ieteren auto

Annual Report 2006
Serving over 14 million customers

STRUCTURE
OF THE GROUP
AS AT 31 DECEMBER 2006
s.a. D’IETEREN n.v.
59.6% * 73.7%
D’IETEREN AUTO
AVIS EUROPE plc
BELRON s.a.
40.4%
LONDON STOCK
EXCHANGE
6.3%
MINORITY
SHAREHOLDERS
20.0%
COBEPA
* Direct and indirect interest through D’Ieteren Invest s.a.
KEY FIGURES
AUTOMOBILE DISTRIBUTION - D’IETEREN AUTO
(IN EUR MILLION) IFRS BELGIAN GAAP
2006 2005 2004 2004 2003 2002
New vehicles delivered
(in units)
112,944 103,239 99,587 99,587 89,968 95,900
External sales 2,491.4 2,227.2 2,088.6 2,158.3 1,860.1 1,877.6
Current operating result 1,2 81.9 56.1 64.1 60.7 50.9 52.8
Current result, group’s share
before tax 1,2 59.5 36.1 48.7 - - -
after tax 1,2,4 57.0 35.2 39.3 43.9 36.9 35.6
Average workforce 1,571 1,505 1,493 1,493 1,498 1,531
EXTERNAL SALES BY ACTIVITY
(IN EUR MILLION)
% CHANGE
Automobile distribution + 11.9 %
Car rental + 4.7 %
Vehicle glass + 20.2 %
Total + 12.1 %
28.3%
25.0%
46.7%
CAR RENTAL - AVIS EUROPE plc
(IN EUR MILLION) IFRS BELGIAN GAAP
2006 2005 2004 2004 2003 2002
External sales 1,336.3 1,276.4 1,252.8 1,176.9 1,169.4 1,189.2
Current operating result 1 105.9 100.4 114.2 115.4 122.8 186.5
Current result, group’s share
before tax 1 23.1 22.7 31.1 - - -
after tax 1,5 16.7 16.6 23.3 24.3 27.1 54.6
Average workforce 6,276 6,253 6,166 6,166 6,104 5,840
CURRENT OPERATING RESULT 1
BY ACTIVITY (IN EUR MILLION)
% CHANGE
Automobile distribution 2 + 46.0 %
Car rental + 5.5 %
Vehicle glass 3 + 20.9 %
Total + 20.3 %
39.0%
34.4%
26.6%
VEHICLE GLASS - BELRON s.a.
(IN EUR MILLION) IFRS BELGIAN GAAP
2006 2005 2004 2004 2003 2002
Total jobs (in million units) 6.1 6 5.3 6 4.9 6 4.8 7 4.7 7 4.1
External sales 1,507.3 1,253.7 1,118.4 1,120.3 1,061.1 981.4
Current operating result 1,3 119.9 99.2 96.1 95.6 82.9 74.6
Current result, group’s share
before tax 1 72.0 59.8 44.2 - - -
after tax 1,8 62.7 45.8 31.4 28.2 19.9 15.7
Average workforce 12,731 10,932 9,794 9,794 9,582 8,424
CURRENT RESULT BEFORE TAX 1 ,
GROUP’S SHARE, BY ACTIVITY
(IN EUR MILLION)
% CHANGE
Automobile distribution 2 + 64.8 %
Car rental + 1.8 %
Vehicle glass + 20.4 %
Total + 30.4 %
46.6%
14.9%
38.5%
1. Under IFRS: before unusual items and re-measurements.
2. The automobile distribution segment includes all costs related to the corporate activities, including (concerning current result),
finance costs resulting from the investment in the car rental and vehicle glass segments.
3. Including, from 2005 on, a charge associated with the new long-term incentive plan for management.
4. Under Belgian GAAP: after allocation to the vehicle glass segment of a net financial charge after tax associated with
D’Ieteren’s investment in this segment.
5. Under Belgian GAAP: before amortisation of consolidation differences.
6. Including Brazil.
7. Excluding Brazil.
8. Under Belgian GAAP: contribution of the Dicobel group to D’Ieteren’s current result after tax, before amortisation
of consolidation differences and after allocation to the vehicle glass segment of a net financial charge after tax
associated with D’Ieteren’s investment in this segment.

IFRS, BELRON FULLY
CONSOLIDATED
BELGIAN GAAP, EQUITY
METHOD FOR BELRON
CONSOLIDATED RESULTS (IN EUR MILLION) 2006 2005 5 2004 2004 2003 2002
Sales 5,335.0 4,757.3 4,459.8 3,335.2 3,029.5 3,066.8
Current operating result 1 307.7 255.7 274.4 176.1 173.7 239.3
Current result, group’s share
before tax 1 154.6 118.6 124.0 - - -
after tax 1,2 136.4 97.6 94.0 96.4 83.9 105.9
Group’s share in the result for the period 3 100.0 76.2 43.2 45.6 5.1 72.1
FINANCIAL STRUCTURE (IN EUR MILLION)
Equity of which: 1,023.8 945.5 990.8 1,064.2 1,060.2 1,121.3
- Capital and reserves attributable to equity holders 791.8 709.9 687.1 789.7 762.1 772.3
- Minority interest 232.0 235.6 303.7 274.5 298.1 349.0
Net debt 1,868.9 1,893.1 1,748.1 1,472.8 1,548.5 1,574.6
DATA PER SHARE (IN EUR)
Current result after tax 1,2,4 , group’s share 24.7 17.7 17.0 17.2 15.0 18.9
Group’s share in the result for the period 3,4 18.1 13.8 7.8 8.1 0.9 18.3
Gross dividend per ordinary share 2.6400 2,4000 2.3100 2.3100 2.3100 2.3100
Net dividend per ordinary share 1.9800 1,8000 1.7325 1.7325 1.7325 1.7325
Net dividend per ordinary share + strip VVPR 2.2440 2,0400 1.9635 1.9635 1.9635 1.9635
Capital and reserves attributable to equity holders 4 145.1 130.1 125.8 141.2 136.3 138.1
Highest share price 272.5 239.9 189.1 189.1 179.9 229.3
Lowest share price 218.5 138.5 135.1 135.1 101.0 110.0
Share price as at 31/12 269.7 232.5 136.5 136.5 162.6 129.0
Average share price 250.9 185.3 161.5 161.5 133.9 171.4
Average daily volume (in number of shares) 6,207 4,920 4,723 4,723 10,459 4,370
Market capitalisation as at 31/12 (in EUR million) 1,491.5 1,285.8 754.9 754.9 899.2 713.4
Total number of shares issued 5,530,262 5,530,262 5,530,260 5,530,260 5,530,260 5,530,241
AVERAGE WORKFORCE (AVERAGE FULL TIME EQUIVALENTS) 20,578 18,690 17,453 7,659 7,602 7,371
1. Under IFRS: before unusual items and re-measurements.
2. Under Belgian GAAP: before amortisation of consolidation differences.
3. Result attributable to equity holders of D’Ieteren, as defined by IAS 1.
4. Under IFRS: calculated in accordance with IAS 33. Under Belgian GAAP: calculated on the basis of the number of shares in circulation at the end of the
period (adjusted to take into account the 500,000 participating shares each granting a right to 1/8 of the ordinary dividend).
5. As restated following application of IAS 21 revised (for further details, see note 2 of this report).

1 GROUP PRESENTATION
10 MESSAGE TO SHAREHOLDERS
12 KEY EVENTS
14 CORPORATE GOVERNANCE
16 CORPORATE CITIZENSHIP
18 AUTOMOBILE DISTRIBUTION –
D’IETEREN AUTO
32 SHORT-TERM CAR RENTAL –
AVIS EUROPE plc
38 VEHICLE GLASS REPAIR
AND REPLACEMENT –
BELRON s.a.
45 ANNUAL ACCOUNTS
99 MAJOR RISK FACTORS
100 SHARE INFORMATION

D’Ieteren is an international group, active in three sectors of services to the motorist.
AUTOMOBILE DISTRIBUTION
SHORT-TERM CAR RENTAL
VEHICLE GLASS REPAIR
AND REPLACEMENT
> in Belgium of Volkswagen, Audi, Seat, Skoda,
Bentley, Lamborghini, Bugatti, Porsche and
Yamaha.
> in Europe, Africa, the Middle East and Asia
through Avis Europe plc and the Avis and Budget
brands.
> in Europe, North and South America, Australia
and New Zealand through Belron s.a. and notably
its CARGLASS ® and AUTOGLASS ® brands in
Europe, and SAFELITE ® , LEBEAU ® , DURO ® in
North America.
THE GROUP’S STRATEGY is to be the best “parent” for each activity and to act as an active
majority shareholder. Although the Group’s mode of interaction is specifi c to each activity, the
Group always attempts to contribute its extensive knowledge of the automobile sector, its ability
for anticipation and adaptability, its long-term vision, its entrepreneurial spirit and its will to invest
wisely.
D’IETEREN - ANNUAL REPORT 2006 1

VEHICLE GLASS REPAIR AND REPLACEMENT
CAR RENTAL & VEHICLE GLASS REPAIR AND REPLACEMENT
CAR RENTAL
AUTOMOBILE DISTRIBUTION, CAR RENTAL
& VEHICLE GLASS REPAIR AND REPLACEMENT

AN ATTRACTIVE GROWTH POTENTIAL
D’Ieteren’s activities are – or are capable of becoming – leaders in the markets they serve.
With very different geographic footprints, they offer together an attractive growth potential,
both organic and acquired.
D’IETEREN AUTO
> A LEADER IN AUTOMOBILE
DISTRIBUTION IN BELGIUM
> MORE THAN 300 INDEPENDENT
DEALERS
> AROUND 1,600 STAFF
AVIS EUROPE plc
> A EUROPEAN LEADER IN SHORT-TERM
CAR RENTAL
> OVER 3,600 LOCATIONS
> AROUND 6,300 STAFF
BELRON s.a.*
> THE WORLD N°1 IN VEHICLE GLASS
REPAIR AND REPLACEMENT
> 29 COUNTRIES, 1,500 BRANCHES,
6,500 SERVICE VEHICLES
> AROUND 18,500 STAFF
* Including Safelite Group, Inc. – see p. 43 of this report.
D’IETEREN - ANNUAL REPORT 2006 3

A PORTFOLIO OF WELL-KNOWN BRANDS
More than 20 globally and locally well-known brands, enabling D’Ieteren and its activities to
cover all segments of the markets they serve.
AUTOMOBILE DISTRIBUTION
SHORT-TERM CAR RENTAL
VEHICLE GLASS REPAIR AND REPLACEMENT
D’IETEREN - ANNUAL REPORT 2006 5

THE HIGHEST STANDARDS OF CUSTOMER SERVICE
In its three activities, the D’Ieteren Group intends to permanently improve global customer
satisfaction, developing strong and innovative commercial proposals. D’Ieteren and its
activities have been several times pioneers, many of the innovations being today standards
in their industry.
D’Ieteren Auto - More than 33,000 customers signed a
WECARE contract for the full coverage of all repair and
maintenance operations on their vehicle.
Avis Europe - Avis Europe customers benefit from the
new rapid car return service that reduces return times
to just 60 seconds.
Belron - Belron offers its customers some 6,500 service
vehicles so that the job can be carried out at the most
convenient location.
D’IETEREN - ANNUAL REPORT 2006 7

A GROUP SERVING
OVER 14 MILLION CUSTOMERS
PERMANENT RESEARCH FOR OPERATIONAL EXCELLENCE
The strength of D’Ieteren and its activities also rests on decentralised organisations that are
fl exible and close to the customer, sharing best practices in terms of, for example, logistics,
brand management, distribution networks or performance management. Result: high service
quality for the customer and guaranteed profi table growth for the shareholder.
D’Ieteren Auto - In order to secure the network’s technicians know-how
against the growing technical complexity of vehicles, D’Ieteren Auto provides
almost 8,000 training days per year in its Technical Training Center.
Avis Europe - Avis Europe continually invests in on-line booking tools in order
to increase the number of reservations at a lower cost.
Belron - The “Best of Belron” is a bi-annual competition to elect the best
technician from across the Belron group. This event tests them on the safety,
quality and service elements of the job. What better demonstration of Belron’s
determination to develop the best technicians in the industry.
D’IETEREN - ANNUAL REPORT 2006 9

MESSAGE TO SHAREHOLDERS
Our Group had an excellent year 2006. We feel very proud of
the strong growth of sales and profi ts our teams at D’Ieteren Auto
and Belron delivered and feel encouraged by the progress the
Avis Europe team made in implementing the recovery strategy.
Our consolidated current result before tax, group’s share, grew by
30.4% to EUR 154.6 million and the group’s share in the result for
the period reached EUR 100.0 million, up 31.2% on 2005.
In automobile distribution, D’Ieteren Auto took full advantage
of a record new car market in Belgium, with a range of
models well suited to consumer demand. The strong growth of
D’Ieteren Auto sales resulted in a strongly improved operating
margin. In a continuing competitive marketplace, D’Ieteren Auto
made the difference thanks to its high quality networks
specialised by make and through various initiatives aiming at
reinforcing and extending its sales and after-sales services. For
2007, D’Ieteren Auto will aim at 20% market share in a less
buoyant market than 2006, and will rely on the anticipated
success of its new models and on actions aiming at enhancing
customer loyalty for its makes.
In vehicle glass, Belron delivered another strong performance
in 2006. Many business units beat their objectives, particularly in
Europe and Canada, and acquired growth was strong notably as
a result of the 2005/2006 acquisitions in North America.
Operational and commercial effi ciency further improved notably
due to the multinational rollout of best practices. All these
factors allowed Belron to achieve a very strong growth of its
current operating result. Moreover, the group implemented an
integration and transformation programme of the acquisitions in
North America aimed at improving their operating margin.
This programme represents the greater part of unusual costs
before tax of EUR 19.6 million, incurred in line with expectations.
In 2007, organic sales growth is expected to continue, although
at a slightly lower rate, due to strong 2006 comparatives.
In March 2007, Belron took an important new step in its
geographic expansion by completing the acquisition of Safelite,
the US leader in the sector. This transaction allows Belron to
achieve national geographic coverage with an established business
that has already developed excellent long-term relationships
with insurance and fl eet customers. This acquisition, fully fi nanced
by Belron, should be current earnings accretive for Belron and
D’Ieteren as of the fi rst year of consolidation.
In car rental, Avis Europe results were encouraging due to
good volume growth and early benefi ts from the recovery
strategy. However, market conditions remained diffi cult in terms of
pricing and fl eet costs. In this context, Avis Europe carried out a
signifi cant organisational re-structuring and re-design of key
processes to reduce costs. Savings in connection with this
programme amounted to EUR 11 million in 2006 and are
expected to reach EUR 25 million in 2007. Unusual re-structuring
costs of EUR 26 million were lower than expected. The outlook
for continued progress in 2007 remains unchanged.
Based on the current outlook for our three activities and
including the acquisition of Safelite by Belron, we expect our
current consolidated result before tax, group’s share, to grow by
5 to 10% in 2007.
10 D’IETEREN - ANNUAL REPORT 2006

Our management teams, frontliners and support personnel,
at D’Ieteren Auto, Belron and Avis Europe relentlessly pursue their
innovation efforts aimed at serving our customers better and
more effi ciently. Our confi dence in the future rests on everyone’s
energy, entrepreneurial spirit and care for each customer. We
would like to heartily thank all our staff and leadership teams for
their outstanding dedication and contribution.
Our customers, our partners and our shareholders have
continued to demonstrate their unfailing support. We would also
like to thank them very sincerely.
We dedicate this Annual Report to our colleague and friend
Alain Voet, D’Ieteren Auto Parts & Service Manager, who
died in January 2007. His unfl agging commitment for
almost 40 years will remain a source of inspiration for all
of us.
Jean-Pierre Bizet
Managing Director
Roland D’Ieteren
Chairman
MESSAGE TO SHAREHOLDERS 11

01/2006
Very successful exhibition at the Brussels
Motor Show with more than 720,000 visitors.
This will have a very positive impact on
new car sales.
02
As part of its recovery strategy,
Avis Europe launches
an important cost reduction
programme, including the
acceleration of the transfer of back-offi ce
activities into its shared service centre in
Budapest and consolidation of all call centre
activities in Barcelona.
KEY EVENTS
03
Belron expands
in the United States
with the acquisition of
MAVERICK AUTO GLASS
in Phoenix, Arizona.
Audi enters the 4WD segment launching the
luxury Q7.
04
D’Ieteren Lease fi nalises
the securitisation of its
fl eet and lease contracts
raising an initial amount
of EUR 230 million. This long-term vehicle
rental subsidiary of D’Ieteren, celebrating
its thirtieth anniversary, now has access to
autonomous and fl exible fi nancing.
05
Avis Europe launches
several initiatives in order
to live up with customer
expectations: a clearer
rental agreement, simplifi ed vehicle
choice, rapid car return service, etc.
Belron starts an important integration
and transformation programme in North
America aimed at improving operating
margins of its 2005/2006 acquisitions.
Introduction of the new commercial
vehicle VW Crafter.
12 D’IETEREN - ANNUAL REPORT 2006

06
Belron benefi ts from the
successful multinational
rollout of best practice
advertising concepts.
Volkswagen enters the convertible segment
with its Eos.
07
Avis Europe issues sevenyear
senior fl oating notes
of EUR 250 million. This
bond issue will fi nance the
company’s general needs.
Introduction of the new Audi Allroad.
08
Belron acquired its franchisee
in Greece.
09
Belron signs a franchise
agreement in Romania
bringing its franchise
network to 9 partners.
Belron organises its “Best of Belron”
bi-annual competition to elect the best
technician in the Belron group. This
event tests them on the safety, quality
and service elements of the job and
illustrates the group’s commitment to
develop the best technicians in the industry.
Skoda introduces the Roomster and enters
the growth segment of small people carriers.
Introduction of the new Audi TT Coupé.
11
Introduction of the new
Porsche 911 Targa.
Volkswagen AG announces
its intention to restructure its manufacturing
facility in Forest, Belgium; D’Ieteren
expresses its support for employees
impacted by this restructuring and,
conscious of the existing needs in the
distribution and after-sales service activity,
sets up a scholarship for the retraining of
a certain number of workers from the VW
factory in Forest.
12
Seat extends its vehicles
range introducing the new
Altea XL estate version.
During the year Belron strengthens its
presence through additional acquisitions
in Spain, UK, Germany, Sweden, Norway
and Italy which have all been successfully
integrated into the existing businesses.
03/2007
Belron acquires Safelite Group, Inc., the
leader in the US vehicle glass repair and
replacement market, for an enterprise value
of USD 334 million (EUR 258 million).
KEY EVENTS 13

CORPORATE GOVERNANCE
The Company adheres to the corporate governance principles set out in the Belgian Code of corporate governance
and publishes as of 1 January 2006 its Corporate Governance Charter on its website. The implementation of these
principles takes into consideration the unique structure of the Company’s share capital, with family shareholders
owning the majority and having ensured the continuity of the Company since 1805. Exceptions to the principles are
set out in Section 5 of the Charter published on the Company’s website.
BOARD OF DIRECTORS
Composition
The Board of Directors consists of:
six non-executive Directors, appointed on the proposal of the
family shareholders;
one non-executive independent Director, appointed on the proposal
of Cobepa;
three non-executive Directors, two of whom are independent,
proposed on the basis of their experience;
the Managing Director (CEO).
The Chairman and the Deputy Chairman of the Board are selected
among the Directors appointed on the proposal of the family
shareholders.
Roles and activities
Without prejudice to its legal and statutory attributions and those
of the General Meeting, the roles of the Board are to:
determine the strategy and values of the Company and approve
its plans and budgets;
decide on major fi nancial operations, acquisitions and divestments
of an amount above EUR 2,500,000, operations of a lower
amount being the executive management’s responsibility;
ensure that appropriate organisation structures, processes and
controls are in place in order to achieve the Company’s objectives
and properly manage its risks;
appoint the Directors proposed by the Company for the boards
of its main subsidiaries;
appoint and revoke the CEO and CFO of s.a. D’Ieteren n.v. as
well as the CEO and CFO of D’Ieteren Auto and decide on their
remuneration;
monitor and review performance of executive management;
maintain effective communication with the Company’s shareholders
and other stakeholders.
The Board of Directors meets at least six times a year. Additional
meetings are held when business needs require. Decisions of the
Board of Directors are taken by a majority of votes, the Chairman
having a casting vote in case of a tie.
In 2006, the Board met six times, once in the presence of the
Statutory Auditor, who reported on the external audit activities.
Directors’ participation to Board meetings was 95.5%.
Committees of the Board of Directors
At the beginning of 2005, the Board set up two Board
Committees:
the Audit Committee met three times in 2006, twice of which in
the presence of the Statutory Auditor, and reported on its activities
to the Board of Directors;
the Nominations and Remuneration Committee met three
times in 2006 and reported on its activities to the Board of
Directors.
Consultation committee
The Chairman and the Deputy Chairman meet monthly with the
Managing Director, as the Consultation Committee, to keep in
close relation with each other, monitor the Company’s performance,
review progress on major projects and prepare the Board
of Directors’ meetings.
Remuneration of non-executive Directors
The Company discloses Board members’ remuneration globally.
The Board believes that shareholders and investors are adequately
informed by being communicated the total cost of the Board, as a
collegial governing body, without details by individual Director.
For the year ended 31 December 2006, a total fi xed amount of
EUR 1,667,950 was paid to the non-executive Directors by the
Company and its subsidiaries. No other benefi t or remuneration
has been paid, and no loans or guarantees have been extended
by D’Ieteren to members of the Board.
GROUP EXECUTIVE MANAGEMENT
The Managing Director of s.a. D’Ieteren n.v. is responsible for the
Group executive management. He is assisted by the Corporate
management team, in charge, at Group level, of fi nance, fi nancial
communication, investor relations, accounts consolidation, legal
and tax matters and management control.
The Chief Financial Offi cer, the Chief Legal Offi cer and the Group
Treasurer constitute the Senior Management at Group level.
For the year ended 31 December 2006, the aggregate amount
of remuneration of all nature (including employer premiums on
corporate pension plans amounting to EUR 55,612) attributed by
D’Ieteren and its subsidiaries to the Managing Director of the Group
was EUR 1,401,641, the variable part of which represents around
40%. Four hundred D’Ieteren stock options were granted to the
Managing Director. No loans or guarantees have been extended
to him by D’Ieteren.
14 D’IETEREN - ANNUAL REPORT 2006

BOARD OF DIRECTORS AS AT 31 DECEMBER 2006 AGE END OF TERM
Roland D’Ieteren 1,2 Chairman of the Board; Director, Avis Europe plc, Belron s.a. 64 May 2007
Maurice Périer 1,2 Deputy Chairman of the Board; Director of companies 68 May 2008
Jean-Pierre Bizet Managing Director; Director, Avis Europe plc, Belron s.a. 58 May 2008
Nicolas D’Ieteren 1,2 Managing Partner, Enero sprl; Business Analysis Manager, Total s.a. 31 May 2008
Pascal Minne 3 Managing Director, Petercam 56 May 2007
Olivier Périer 1,2 Architect; Founding Partner, Urban Platform s.c.r.l. 35 May 2008
Alain Philippson 3 Director, Banque Degroof, C.F.E. 67 May 2009
Gilbert van Marcke de Lummen 4
Director of companies; Director, Avis Europe plc,
Belron s.a., Cofinimmo s.a. 69 May 2008
Christian Varin 3 Managing Director, Cobepa; Director, Sapec 59 May 2007
s.a. de Participations et de Gestion 1 Permanent representative: Patrick Peltzer 66 May 2007
Nayarit Participations s.c.a. 1 Permanent representative: Etienne Heilporn 67 May 2007
COMPOSITION OF THE COMMITTEES
(AS AT 31 DECEMBER 2006) NOMINATIONS AND REMUNERATION COMMITTEE AUDIT COMMITTEE
Chairman Roland D’Ieteren Gilbert van Marcke de Lummen
Members Pascal Minne Pascal Minne
Alain Philippson
Christian Varin
AUDITOR
END OF TERM
Sc DELVAUX, FRONVILLE, SERVAIS ET ASSOCIÉS, represented by Gérard Delvaux and Jean-Louis Servais May 2008
1. Director appointed on the proposal of the family shareholders.
2. Director descendant of, or related to, the founding family.
3. Independent Director.
4. Former Executive.
For the year ended 31 December 2006, the aggregate amount of
compensation of all nature (including employer premiums on corporate
pension plans amounting to EUR 109,283) attributed by
D’Ieteren and its subsidiaries to the three members of the Senior
Management at Group level was EUR 970,865, the variable part of
which represents around 30%. An aggregate number of one thousand
two hundred D’Ieteren stock options was granted to them.
No loans or guarantees have been extended to them by D’Ieteren.
EXECUTIVE MANAGEMENT OF THE THREE SECTORS
The activities of the D’Ieteren Group are organised in three
sectors.
The Automobile Distribution sector is managed by the CEO
D’Ieteren Auto, reporting to the Group Managing Director. The
CEO D’Ieteren Auto chairs the management committee of
D’Ieteren Auto, comprising six other members with responsibilities
for D’Ieteren Car Centers, Finance, Group Service, Human
Resources, Makes and Marketing.
The Car Rental sector comprises Avis Europe plc and its subsidiaries.
At 31 December 2006, Avis Europe plc is governed
by a board of directors of 12 members: three are appointed on the
proposal of s.a. D’Ieteren n.v., three are independent directors, four
are full time executive directors. The current non-executive chairman
of the board is a former Avis CEO. D’Ieteren’s Managing
Director is executive deputy chairman of the board. The board
of directors of Avis Europe plc has three board committees: the audit
committee, comprising three independent directors, the nominations
committee and the remuneration committee, each comprising
one of the directors proposed by s.a. D’Ieteren n.v. Listed on
the London Stock Exchange, Avis Europe plc is in compliance with
the provisions of the Combined Code, with a few exceptions fully
disclosed in its annual report. The rights and obligations of the
directors appointed by s.a. D’Ieteren n.v., and of s.a. D’Ieteren n.v.
as a shareholder, are set out in the Relationship Agreement entered
into at fl otation in 1997.
The Vehicle Glass sector comprises Belron s.a., in which
D’Ieteren and Cobepa own, at 31 December 2006, respectively
73.7% and 20.0% shareholding, and its subsidiaries. At
31 December 2006, Belron s.a. is governed by a board of directors
consisting of 11 members, six of which are appointed on
proposal of D’Ieteren and Cobepa, one is appointed on proposal
of the founder shareholders, two are executive directors and two
are independent directors. The Managing Director of D’Ieteren is,
ex offi cio, member of the board. The board of directors of Belron
s.a. has two board committees: the audit committee and the
remuneration committee, each chaired by a director appointed on
proposal of D’Ieteren.
DIVIDEND POLICY
The Board of Directors intends to maintain its ongoing policy of
providing the largest possible self-fi nancing for the development
of the Group, while ensuring regular dividend growth, results permitting.
AUDITOR’S FEES
The fees charged in 2006 by the Statutory Auditor and linked
companies for the work carried out on behalf of Group companies
in connection with the compulsory control of the statutory
and consolidated fi nancial statements amounted to EUR 201,957
(excl. VAT). Further fees of EUR 62,653 (excl. VAT) were charged
for non-audit missions of which EUR 52,820 for other specifi c
assignments and EUR 9,833 (excl. VAT) were charged for fi scal
advice.
CORPORATE GOVERNANCE 15

D’IETEREN AUTO
The vehicles sold by D’Ieteren Auto are
increasingly environmentally friendly: fuel consumption
is more effi cient and consequently
CO 2
emissions have been considerably
reduced notably thanks to the optimization of
existing diesel (TDI) and petrol (TSI) engines.
In 2006, Volkswagen introduced the Polo
BlueMotion, the fi rst in a series of models
refl ecting Volkswagen’s aim to market vehicles
with very low fuel consumption, delivering
outstanding performance at competitive
prices. Moreover, constant efforts are made
in order to increase the proportion of recycled
components at the end of the vehicle’s life
cycle. D’Ieteren Auto actively works with
Febiac (the Belgian Federation of the Car and
Two-wheeler Industries) within the framework
CORPORATE CITIZENSHIP
As a company that takes its environmental and social
responsibilities seriously, D’Ieteren is eager to play its part
in improving the quality of life in the communities where
it operates. In some cases, the Group offers its services to
these communities, while in other cases, it becomes involved
with relevant social issues or pursues more cultural or
humanitarian goals.
PROTECTING
CARING FOR
D’IETEREN AUTO
D’Ieteren Auto, in partnership with the Royal
Automobile Club of Belgium, organizes
training courses aimed at responsible
driving for young drivers and advising on
fuel-effi cient driving for companies wanting
to reduce the fuel consumption of their fl eet
of vehicles. D’Ieteren Auto supports a large
number of social and cultural organizations
and programmes such as the events
organised by the ”Maison de la Radio”
(Flagey). Through its Volkswagen division,
the Company is committed to CAP 48 fund
raising campaigns organised by RTBF on
behalf of associations for the disabled. It
also supports Child Focus, the European
Center for Missing and Sexually Exploited
Children, as well as Live collecting funds for
several heart surgery projects.
At the end of 2006, following the
announcement by Volkswagen AG of the
restructuring of their manufacturing facility
in Forest, Belgium, D’Ieteren has set up a
scholarship in order to help the workers
affected by this restructuring to retrain for
other professions in the automobile sector.
AVIS EUROPE
Avis Europe aims to make a positive
contribution to the quality of life in the
communities where it operates notably by
providing free transport for local community
activities. The company also supports staff
to volunteer and raise funds for charities
16 D’IETEREN - ANNUAL REPORT 2006

of Febelauto, the body which controls and
manages the environmentally responsible
disposal of around 130,000 vehicles being
scrapped each year. D’Ieteren Auto also
encourages its dealers to reduce waste and
protect the environment, notably via the
safe storage of hazardous substances, the
use of water-based paints in coachwork
and the selective treatment of waste water,
including the water used for dewaxing new
vehicles. Concerned about its integration in
the urban environment, D’Ieteren Auto supports
initiatives in mobility matters. One of
these is put into practice by staff from the
Company’s headquarters in Ixelles via the
promotion of alternative means of transportation,
the reduction in the number of cars
on the road, etc.
AVIS EUROPE
Avis Europe remains committed to reducing,
wherever possible, its negative impacts on
the environment. Its largest environmental
impact is from greenhouse gas emissions,
both from offi ces and the rental fl eet.
Secondary impacts come from the waste
which is sent to landfi ll and incinerated.
In 2006 Avis Europe achieved carbon neutral
status for its European corporate operations
by reducing CO 2
emissions by the more
effi cient use of offi ce space and of energy,
and by offsetting remaining emissions. 70%
of the offset on 2006 was through innovative
renewable energy and technology projects
which reduce greenhouse gas emissions.
The remaining offset was via tree planting.
The company has offset 94,500 tonnes CO 2
since 2000 and more than 8,400 tonnes
in 2006. Some licensees are also Carbon
Neutral.
BELRON
Belron minimises glass waste through
its repair fi rst strategy. Belron has signed
agreements with specialised partners for the
collection and processing of this waste.
THE ENVIRONMENT
OUR SOCIETY
The CarbonNeutral Company
which are particularly important to them as
individuals. These include “Les Restaurants
du Coeur” in France, Cancer Research in
Germany, “Cooperacion Internacional” in
Spain, an organisation focused on improving
housing in poor city areas, and the NEES
foundation in the Netherlands helping
disabled children or children affected by
chronicle diseases.
BELRON
Belron has launched a number of initiatives
to support local communities in South Africa,
where the company was founded. Belron
supports MaAfrika Tikkun, a charitable
organisation based in Johannesburg.
Established in 1994, its mission is to
support the progress of all disadvantaged
people in South Africa through meaningful
and sustainable contributions to society.
It provides pre-school education, daycare
centres and primary health care, with
the emphasis on assistance to HIV/AIDS
affected patients and their families. The
money raised by Belron staff who took
part in the London Triathlon in 2006 will be
allocated to the building of medical care
centres run by locals who receive regular
training and medicin kits.
Belron also supports the Field Band
Foundation, which uses music and
dance as a social development tool in the
disadvantaged communities in South Africa.
Currently they have 30 bands which are
attended by more than 4,000 young people
from 380 schools.
Locally, business units manage their own
socially responsible programmes, for
example, in the UK, AUTOGLASS ® have
a nation-wide scheme of local community
partnerships supporting a range of
initiatives such as hospitals, schools and
charitable organisations. Also in the United
States Belron supports several charitable
organizations such as The American Cancer
Society, The Ronald McDonald House and
The American Red Cross.
CORPORATE CITIZENSHIP 17

AUTOMOBILE
DISTRIBUTION
18 D’IETEREN - ANNUAL REPORT 2006

D’IETEREN AUTO
9 WELL-KNOWN MAKES, 113,000 NEW VEHICLES DELIVERED,
NEARLY 1,000,000 CUSTOMERS
WHO WE ARE
D’Ieteren Auto distributes in Belgium Volkswagen, Audi,
Seat, Skoda, Bentley, Lamborghini, Bugatti, Porsche and
Yamaha. In 2006, D’Ieteren Auto had a 19.43% new car market
share and nearly one million cars and commercial vehicles
of these makes in circulation.
HOW WE DO IT
D’Ieteren Auto’s development is based on:
its in-depth knowledge of the Belgian automobile market
enabling it to tailor its offer of products and services to customer
needs;
a proven network organisation that is both fl exible and close
to the customer;
its logistics and marketing know-how.
WHAT WE DO
In automobile distribution, D’Ieteren Auto operates through
5 networks, representing more than 300 independent dealers
throughout Belgium and about 20 corporate-owned D’Ieteren
Car Centers mainly located in the Brussels region. Its D’Ieteren
Lease subsidiary specialises in long-term car rental and represents
a major sales tool. D’Ieteren Lease’s fl eet is sold on the
used car market notably through the two “My Way” centres.
Yamaha products are distributed in Belgium and Luxembourg
by D’Ieteren Sport.
D’Ieteren Auto also handles the distribution of spare parts
and accessories to all its dealers.
AUTOMOBILE DISTRIBUTION 19

POWERFUL COMMERCIAL SUPPORT TO THE NETWORKS
In addition to the logistics and
distribution of new vehicles,
D’Ieteren Auto makes a large range
of services available to its dealers
to differentiate them from their
competitors. Many fi nance products
and services are offered through
D’Ieteren Lease, as well as exclusive
maintenance or insurance services.
The Contact Centers allow the
dealers to enable their customers
to test or to look over the vehicle of
their choice from the many different
models distributed.
In order to allow each dealer to
continually improve, D’Ieteren Auto
has developed a major recruitment,
training and assessment programme
for sales staff and regularly carries
out customer satisfaction surveys.
D’Ieteren Auto has also developed
a tool for its dealers allowing them
to compare their commercial and
operational performance to their
peers.
D’Ieteren Auto also promotes the
makes it distributes by organising
events or national and multimedia
advertising campaigns specifi cally
tailored to the Belgian market.
D’Ieteren Auto is one of the leading
private advertisers in Belgium.
AFTER-SALES SERVICES BACKED UP BY EFFECTIVE INFRASTRUCTURE
D’Ieteren Auto delivers spare parts
and accessories to its dealers
promptly, minimizing the average
immobilisation time of vehicles during
repair or maintenance and enabling
the dealers to reduce their stock
while providing the same effi cient
customer service.
Considering the growing technical
complexity of the vehicles, D’Ieteren
Auto has two units available for its
networks: the Technical Training
Center and the Technical Service
Center. The fi rst is a technical school
that on average provides 5 days
on technical training per person
per year, nearly 8,000 training days
in 2006, and works closely with
the second which is a high-tech
workshop for vehicles if problems
cannot be solved immediately at
the dealers. These two centres
contribute in providing the best
possible after-sales service.
Moreover, D’Ieteren Auto
permanently supports its dealers
with work organisation, architecture
and IT services.
20 D’IETEREN - ANNUAL REPORT 2006

KEY FACTS
NEW CAR MARKET GROWTH OF 9.6%
to a record level of 526,141 registrations.
MARKET SHARE UP AT 19.43%
thanks to Skoda and Volkswagen.
SALES UP 11.9%
to EUR 2,491.4 million as a result of 12.5% new vehicle sales growth.
CURRENT OPERATING RESULT UP 46.0%
to EUR 81.9 million mainly due to new vehicle sales growth.
CURRENT RESULT BEFORE TAX, GROUP’S SHARE, UP 64.8%
to EUR 59.5 million.
FINANCIAL HIGHLIGHTS (IN EUR MILLION)
2006 2005 % CHANGE
New vehicles delivered (in units) 112,944 103,239 + 9.4%
External sales 2,491.4 2,227.2 + 11.9%
Current operating result 81.9 56.1 + 46.0%
Current operating margin 3.3% 2.5% –
Current net finance costs -22.2 -19.6 + 13.3%
Current result before tax 59.7 36.5 + 63.6%
Unusual items and re-measurements,
before tax -2.4 -0.2 –
Current result before tax, group’s share 59.5 36.1 + 64.8%
SALES BREAKDOWN BY ACTIVITY
% CHANGE
New vehicles +12.5%
Used vehicles +29.6%
Spare parts and accessoires +2.8%
D’Ieteren Car Centers (after-sales) +12.3%
D’Ieteren Sport -5.7%
D’Ieteren Lease +7.9%
D’Ieteren Auto +11.9%
2%
2%
5%
6%
5%
80%
ACTIVITIES AND RESULTS
D’Ieteren Auto delivered an excellent 2006 performance. Sales
grew by 11.9% and achieved a record level of EUR 2,491.4 million,
mainly thanks to new vehicle sales growth.
New vehicles
In 2006, new car registrations in Belgium amounted to a record level
of 526,141 units, up 9.6%, benefi ting mainly from the January Motor
Show and the accelerated renewal of the car park following strong
economic growth, with the impact from the more restrictive tax regulation
regarding registration of 4WD as light commercial vehicles.
The makes distributed by D’Ieteren Auto achieved 19.43% market
share for the full year 2006, up in comparison with 19.01% in 2005,
due to Skoda and Volkswagen market share gains, and despite
some supply shortages arising from the manufacturer’s priority
given to the German market in anticipation of the 2007 VAT raise
and from the events at the end of 2006 at the VW Forest factory.
Skoda, whose range was extended in September 2006 with the
introduction of its new small people carrier Roomster, saw its mar-
ket share grow beyond the 2% mark. Volkswagen regained its N° 1
position in the Belgian market, particularly strengthened by models
introduced in 2005 - Jetta, Polo, Fox and Passat – and during the
fi rst half of 2006 - CrossPolo and Eos. Audi continued to benefi
t from its very successful A6 and from its new 4WD model Q7.
During the second half of 2006 the make renewed its Allroad and
TT models. Porsche registrations achieved a record level thanks
to its 911 and Cayman models. Seat’s market share decreased
slightly. The new Seat Altea XL (estate version) was introduced in
December 2006.
The light commercial vehicles market was down 3.1% in 2006 at
58,730 new registrations due to the 4WD registrations transfer.
D’Ieteren Auto achieved 9.75% market share, up compared to
9.62% for the full year 2005, notably thanks to the new VW Crafter
introduced in Belgium in May 2006.
New vehicles, including commercial vehicles, delivered by D’Ieteren
Auto amounted to 112,944 units in 2006, up 9.4%. New vehicle
sales, including commercial vehicles, up 12.5%, amounted to EUR
1,987.0 million.
AUTOMOBILE DISTRIBUTION 21

MARKET SHARE OF THE DISTRIBUTED MAKES
(NEW CAR REGISTRATIONS - in %)
2006 2005 2004 2003 2002
Volkswagen 10.74 10.44 10.33 9.87 10.00
Audi 4.74 4.91 4.39 4.36 4.26
Seat 1.66 1.79 1.91 2.02 2.25
Skoda 2.06 1.65 1.32 1.36 1.38
Bentley/Lamborghini 0.02 0.02 0.02 0.01 –
Porsche 0.21 0.20 0.14 0.14 0.13
D’Ieteren Auto 19.43 19.01 18.11 17.76 18.02
Other activities
Used car sales amounted to EUR 118.2 million, up 29.6%, in a
favourable market.
Sales of spare parts and accessories were up 2.8%, to EUR 141.1
million. The accessories sales decline due to the more comprehensive
standard equipment of new vehicles was more than offset by
spare parts sales growth resulting from the increase of vehicles on
the roads, distributed by D’Ieteren Auto.
After-sales activities by D’Ieteren Car Centers were up 12.3% to
EUR 46.6 million.
Sales of D’Ieteren Lease, the long-term car rental arm of D’Ieteren
Auto, increased by 7.9% to EUR 116.2 million. At 31 December 2006,
its fl eet amounted to almost 18,800 rented vehicles, up around 6%.
D’Ieteren Sport sales, mainly Yamaha motorbikes, quads and
scooters, were down 5.7% at EUR 59.3 million. Notably due to
strong quads competition, Yamaha’s market share was down at
18.14% in a growing market, compared to 19.58% in 2005.
Results
Benefi ting from the strong sales growth and the leveraging of
its cost structure, D’Ieteren Auto’s current operating result grew
46.0% to 81.9 million.
Total net fi nance costs amounted to EUR 25.3 million, an increase
of EUR 5.3 million, including EUR 3.1 million (EUR 0.4 million for
the full year 2005) of re-measurements of fi nancial instruments
(mainly interest rate swaps) at fair value. Excluding these items,
current net fi nance costs increased by EUR 2.6 million to EUR 22.2
million mainly as a result of higher interest rates.
Current result before tax, group’s share, was up 64.8% to EUR
59.5 million (2005: EUR 36.1 million).
22 D’IETEREN - ANNUAL REPORT 2006

MARKET OF NEW CARS AND MARKET SHARE
OF D’IETEREN AUTO
LIGHT COMMERCIAL VEHICLE MARKET AND
MARKET SHARE OF D’IETEREN AUTO
Registrations
550,000
20.48
19.82
20.11
19.61
19.82
18.02
17.76
18.11
19.01
19.43
%
20
Registrations
65,000
11.27
8.51
10.24
9.62
9.75
%
15
450,000
350,000
15
52,000
39,000
10
250,000
150,000
50,000
0
396,240
452,129
489,621
515,204
488,683
467,569
458,796
484,757
480,088
526,141
97 98 99 00 01 02 03 04 05 06
10
5
0
Market share
Market
26,000
13,000
0
48,591
50,606
57,496
60,616
58,730
02 03 04 05 06
5
0
Market share
Market
KEY DEVELOPMENTS
In order to increase customer satisfaction, D’Ieteren Auto is pursuing
its separate distribution policy of the Volkswagen and Audi
makes, in the national network as well as in the Brussels region
where two new D’Ieteren Car Centers were opened in 2006. The
showroom architecture, extended to display a wider range of models,
refl ects the image of the make. D’Ieteren Auto is also completing
the reconfi guration of its Seat and Skoda networks. One
Porsche centre was acquired in the beginning of 2007.
Actions are underway to enhance customer loyalty and thereby
stimulate new vehicle as well as after-sales activities. These actions
include dealer training programmes, implementation of make-specifi
c after-sales structures, development of new customer relationship
management tools and new processes to improve used
vehicle trade-in by dealers. D’Ieteren Auto is also implementing a
“My Way” used car dealer network.
D’Ieteren Lease concluded the securitisation programme of its fl eet
and lease contracts and raised an initial amount of EUR 230 million
in April 2006, thereby achieving autonomous and fl exible fi nancing.
OUTLOOK FY 2007
In 2007 the Belgian market should reach around 490,000 new car
registrations, below the 2006 record, but still a sustained level to
be achieved mainly through the renewal of the car park. D’Ieteren
Auto will pursue its objective of 20% market share. The models to
be introduced or renewed during 2007 include VW Golf Variant,
Cross and BlueMotion ranges, Skoda Fabia, Audi A5 and Porsche
Cayenne. D’Ieteren Auto will furthermore take advantage of its
customer loyalty actions in sales as well as in after-sales activities.
AUTOMOBILE DISTRIBUTION 23

24 D’IETEREN - ANNUAL REPORT 2006
VOLKSWAGEN GOLF VARIANT

AUDI R8

NEW SKODA FABIA

BENTLEY CONTINENTAL GTC

LAMBORGHINI MURCIÉLAGO LP 640 ROADSTER

SEAT ALTEA XL

PORSCHE CAYENNE

YAMAHA R1
AUTOMOBILE DISTRIBUTION 31

SHORT-TERM
CAR RENTAL
32 D’IETEREN - ANNUAL REPORT 2006

AVIS EUROPE plc
OVER 3,600 LOCATIONS IN EUROPE, AFRICA, THE MIDDLE EAST
AND ASIA, SERVING MORE THAN 5 MILLION CUSTOMERS
WHO WE ARE
Avis Europe is a leading short-term car rental company in
Europe, Africa, the Middle East and Asia, serving customers
via the Avis and Budget brands in over 3,600 locations. Avis
Europe works in partnership with Avis Budget Group, Inc.,
which own the brands and operate them in the rest of the
world.
WHAT WE DO
Avis and Budget provide short-term car rental services to
a broad range of customers, including individuals, corporate
customers, insurance and leasing companies. Budget,
acquired by the group in 2003, is primarily focused on effi -
ciently serving value-conscious customers.
Around 80% of Avis Europe’s sales revenue in 2006 was generated
in fi ve major markets, France, Spain, Germany, Italy
and the UK.
HOW WE DO IT
Avis Europe’s development is supported by:
a global recognition of the Avis and Budget brands;
an extensive network footprint with representation at key
airport and train station locations;
strong travel-related partnerships with airlines, rail, credit
card and hotel companies;
leadership in IT systems including the global Wizard computer
system providing integrated reservation, rental and
management information and the group’s Internet platform.
Avis Europe operates a balance of directly owned corporate
operations and licensees. These two operating structures give
the group a fl exible approach to meet the diverse demands of
a worldwide market.
The group’s management philosophy is one of decentralisation
and local autonomy, underpinned by strong central
support services, an approach which stimulates entrepreneurialism
whilst promoting consistency of image, service levels
and operational effi ciency.
SHORT-TERM CAR RENTAL 33

FINANCIAL HIGHLIGHTS (IN EUR MILLION)
2006 2005 % CHANGE
External sales 1,336.3 1,276.4 + 4.7%
Current operating result 105.9 100.4 + 5.5%
Current operating margin 7.9% 7.9% –
Current net finance costs -67.2 -62.1 + 8.2%
Current result before tax 38.7 38.3 + 1.0%
Unusual items & re-measurements,
before tax -50.2 -45.2 * –
Current result before tax,
group’s share 23.1 22.7 + 1.8%
Note: The average shareholding used for consolidation of Avis Europe in 2006 is 59.63% (59.65% in 2005).
* As restated following application of IAS 21 revised.
CAR RENTAL MADE FASTER AND EASIER BY AVIS
Avis completed one of the most extensive customer research initiatives
in the European car rental industry and is using the fi ndings to improve
further the customer offer and the way Avis operates across all of its major
locations. During 2006 the company launched a programme of “Inspired
Change” to make car rental simpler, faster and easier. Customer innovations
include the new rental agreement, in a new easy-to-understand format in
the customer’s own choice of language, as well as the Avis Rapid Return
service that reduces car return times to just 60 seconds. The procedure
for the rental choice has been simplifi ed notably via a car size classifi cation
(small, medium or large). Other services are made available such as the
possibility to rent satellite navigation systems or portable DVD players.
The launch of Avis Europe’s new car rental reservation website in the UK
marks the latest in a series of customer service initiatives to make car rental
reservations both faster and more straightforward.
A FLEXIBLE BUSINESS MODEL TO ENSURE CUSTOMER
SATISFACTION AND OPERATIONAL EFFICIENCY
Fleet management is a key competence required in order to maximise asset
turnover while guaranteeing customer demand satisfaction even in peak
periods. Every year, more than 160,000 cars are purchased from more than
30 manufacturers and kept 7 months on average. More than 65% of this
fl eet benefi ts from buy-back contracts with the car manufacturers allowing
Avis Europe to return the cars without residual value risks and to quickly
adapt the fl eet size to changing demand.
34 D’IETEREN - ANNUAL REPORT 2006

KEY FACTS
GOOD VOLUME GROWTH; CONTINUING COMPETITIVE
PRICING.
REVENUE MANAGEMENT INVESTMENT
ASSISTED FURTHER UTILISATION IMPROVEMENT.
SALES UP 4.7%
to EUR 1,336.3 million.
CURRENT OPERATING RESULT UP 5.5%
to EUR 105.9 million with anticipated higher fl eet costs.
CURRENT RESULT BEFORE TAX, GROUP’S SHARE, UP 1.8%
to EUR 23.1 million.
RE-STRUCTURING PROGRAMME BENEFITS
ahead of expectations; unusual costs lower.
ACTIVITIES AND RESULTS
The following extracts are taken from the Annual Report by Avis
Europe plc.
“Total sales revenue was up 4.8% at EUR 1,337 million. Sales
revenue from the Avis Corporately-owned business segment was
4.5% ahead of prior year at EUR 1,263 million. Overall volume, in
terms of billed days, was up 5.9%. However, revenue per billed
day was 1.4% lower. This was driven by the impact of the longer
average rental length, together with generally lower underlying
pricing, partly mitigated by favourable customer mix as the proportion
of insurance/leasing business diminished. Budget Corporate
sales revenue of EUR 36 million was 5.9% ahead of prior year
through continued good growth in the UK and France.
Underlying operating profi t was EUR 105.6 million* (2005: EUR 99.9
million), including a EUR 4.8 million anticipated loss from Budget
(2005: loss EUR 6.9 million). Underlying Avis operating profi t of
EUR 158.2 million compared to EUR 153.9 million in the prior year.
This, when combined with an increase in unallocated costs of EUR
0.7 million, to EUR 47.8 million, resulted in an underlying operating
profi t of EUR 110.4 million, compared to EUR 106.8 million in
the prior year. Underlying operating margin, after deducting unallocated
costs, was 0.1% lower at 8.5%. Good volume growth and
the initial benefi ts from the re-structuring programme were offset
by lower pricing and cost increases ahead of infl ation, particularly
fl eet related.
Vehicle holding costs increased ahead of volume growth, refl ecting
an increase in operating lease vehicles (the interest element of
which effectively switches to fl eet cost from net fi nance cost) and
more diffi cult fl eet market conditions. This effect was partially mitigated
by an improvement in utilisation of 0.8 percentage points,
benefi ting from both the revenue management initiative and an
increase in rental length.
Underlying net fi nance costs increased year-on-year to EUR 67.2
million. Average net debt was lower in 2006 benefi ting from the
full year effect of the rights issue proceeds received in mid 2005.
The average fi nance rate increased year-on-year primarily due to
the impact of the new EUR 250 million notes due 2013, that were
issued in July 2006.
SHORT-TERM CAR RENTAL 35

AVIS SALES BY GEOGRAPHIC
MARKET
19%
21%
% CHANGE
France +5%
Spain +2%
Italy +9%
Germany -1%
UK +3%
Other –
14%
14%
15%
17%
The net exceptional charge before tax of EUR 28.9 million includes
lower than expected restructuring costs of EUR 25.3 million
incurred in the year in connection with the restructuring project the
group commenced in late 2005, covering the roles of its European
headquarters, corporate operations, shared service centre and call
centres. These restructuring costs are net of a pension curtailment
credit of EUR 1.2 million.”
* Note: D’Ieteren reports a current operating result of EUR 105.9 million for the car
rental segment. In addition to the unusual items and re-measurements recognised
by Avis Europe, D’Ieteren includes the amortisation of the Avis licence rights for
EUR 21.7 million (already fully amortised in the accounts of Avis Europe).
RECOVERY STRATEGY PROGRESS
“The group continues to progress its strategy to improve its margin
and return on capital in the medium term, whilst further strengthening
its position as a market leader.
The group has largely completed a signifi cant organisational
re-structuring and re-design of key processes to address
fi xed costs. This comprised a reduction in staff and running
costs at the European headquarters; an acceleration
of the transfer of back-offi ce activities into the shared service
centre in Budapest; consolidation of all call centre activities
into the existing Barcelona facility; and a number of staff
and overhead cost reductions in country head offi ces. These
changes have created a more effective and effi cient business.
Savings in 2006 were ahead of expectations at EUR 11 million
and are expected to increase to EUR 25 million in 2007. Final
costs of the programme in 2007 are expected at some EUR
10 million.
36 D’IETEREN - ANNUAL REPORT 2006

A revenue management function has been established to improve
price / yield and utilisation, and has already assisted in the achievement
of the improvement in utilisation in the year. A new demand
forecasting system has been developed and implemented through
the network. Further investment is now being made in data tools
to assist with the fast implementation of tactical price changes and
the optimisation of fl eet levels.
Actions are underway to migrate business towards more profi t-
able customer groups, whilst seeking to improve returns on the
remaining business. Customer service initiatives to improve speed,
transparency and choice were implemented at major locations and
are now being progressively rolled out across the network. Internet
reservations continue to increase, ending the year at 28.7%
(December 2005: 24%).
Initiatives on yield, utilisation and targeted growth support the
group’s focus on fl eet management. The balance between corporately
owned, agency and licensee elements of the network continues
to be reviewed from a fl eet returns perspective.”
OUTLOOK FY 2007
“Overall expectations for 2007 remain unchanged. Volume growth
trends are expected to continue at similar levels to those achieved
in 2006. The current planning assumption is that rate will be
broadly fl at, although at this time, there is the usual limited visibility
on pricing over the full year.
Fleet costs have risen above general infl ation, refl ecting continuing
diffi cult market conditions. The group intends to mitigate this
margin pressure by a further improvement in utilisation, driven by
the revenue management initiatives, together with the benefi ts
from the overhead restructuring programme and the focus on cost
reduction initiatives.
However, looking further ahead, the external environment has
been, and is expected to continue to be, more diffi cult than Avis
Europe assumed two years ago and no longer supports the guidance
Avis Europe gave in 2005 regarding margin improvement.”
End of extracts.
SHORT-TERM CAR RENTAL 37

VEHICLE GLASS
REPAIR AND REPLACEMENT
38 D’IETEREN - ANNUAL REPORT 2006

BELRON s.a.
MORE THAN 8 MILLION CUSTOMERS, 1,500 BRANCHES AND 6,500
SERVICE VEHICLES IN 29 COUNTRIES*
WHO WE ARE
Belron is the world N°1 in vehicle glass repair and replacement
(VGRR), operating in 29 countries, across 4 continents.
Belron is the owner of many of the best known brands in the
industry, CARGLASS ® across continental Europe and in Brazil,
AUTOGLASS ® in the UK, O’BRIEN ® in Australia, LEBEAU ®
and SPEEDY GLASS ® in Canada, and ELITE AUTO GLASS
and AUTO GLASS SPECIALISTS ® in the US. In 2007 Belron
acquired Safelite Group, Inc., the leader in the US VGRR market.
WHAT WE DO
For our customers: Belron offers a 24 hour repair and
replacement service to ensure customers can get their damaged
glass fi xed quickly and easily. The mobile service enables
customers to choose the most convenient location to have the
work carried out.
For our partners: by managing a signifi cant part of the claim
administration and actively promoting the repair concept Belron
works with virtually all the major insurance and vehicle leasing
companies worldwide.
HOW WE DO IT
The group achieves profi table growth by:
increasing sales through organic growth, acquiring and
integrating leading VGRR businesses worldwide and by franchising
its brands into new markets;
maximising the efficiency of its operations, centralising
those parts of the business where there are benefi ts to be
gained and sharing best practices right across the group.
Belron operates via an extensive network of corporatelyowned
and franchised businesses across Europe, North
and South America, Australia and New Zealand. The business
units operate in markets at different stages of maturity. Having
a mixed portfolio enables Belron to pool experience across the
group, share information and so accelerate development.
* Including Safelite Group, Inc. – see p. 43 of this report.
VEHICLE GLASS REPAIR AND REPLACEMENT 39

CUSTOMER FIRST
To refi ne its service even further,
Belron conducts no less than
250,000 customer service interviews
over the course of a year. Together
with informal feedback from its
customers, this helps set new
standards for the industry as a whole.
STAFF
Belron places huge importance on its employees and their
continued development and training. Senior executives
throughout the company participate in a development
programme concentrating on a set of leadership competencies
which defi ne what excellent leadership means to Belron.
Through its “Best of Belron” worldwide technician competition,
Belron promotes best-in-class front line service quality.
RESEARCH AND
DEVELOPMENT
Belron has its own dedicated
research and development centre
where it pools the experience of the
group’s technical staff, evaluates
their ideas and turns them into best
practice for the entire group.
WORLDWIDE EXPANSION
Since its acquisition by D’Ieteren at the end of 1999, Belron
has entered 17 new markets, including Scandinavia, and more
recently the United States. In certain major existing markets, such
as Spain and Canada, the group made new acquisitions in order
to expand. The group also extended its network of franchised
businesses mainly in Eastern Europe.
BELRON, N° 1 IN USA
In March 2007, Belron acquired Safelite Group, Inc., the leader in the US
VGRR market, with about 5,700 employees. Safelite Group, Inc. is the
only provider in the United States with a fully integrated business model
that comprises vehicle glass repair and replacement operations, vehicle
glass claims management, vehicle glass manufacturing and wholesale
distribution services. This acquisition allows Belron to achieve immediate
national geographic coverage with an established 60 year old business that
has developed excellent long-term relationships with insurance and fl eet
customers.
40 D’IETEREN - ANNUAL REPORT 2006

KEY FACTS
SALES: EUR 1,507.3 MILLION, UP 20.2%
equally divided between organic and acquired growth with minimal
currency translation impact.
CURRENT OPERATING RESULT: EUR 119.9 MILLION, UP 20.9%
due to strong sales growth and operational effi ciency improvements.
CURRENT RESULT BEFORE TAX, GROUP’S SHARE:
EUR 72.0 MILLION, UP 20.4%.
UNUSUAL COSTS BEFORE TAX OF EUR 19.6 MILLION
mainly related to the integration and transformation of the 2005/2006
acquisitions in North America.
MARCH 2007: ACQUISITION OF SAFELITE GROUP, INC.,
the leader in the US VGRR market.
FINANCIAL HIGHLIGHTS (IN EUR MILLION)
2006 2005 % CHANGE
Total jobs (incl. Brazil - in million units) 6.1 5.3 + 15.1%
External sales 1,507.3 1,253.7 + 20.2%
Current operating result 119.9 99.2 + 20.9%
Current operating margin 8.0% 7.9% –
Current net finance costs -19.4 -14.8 + 31.1%
Current result before tax 100.5 84.4 + 19.1%
Unusual items and re-measurements,
before tax -16.5 3.4 –
Current result before tax,
group’s share 72.0 59.8 + 20.4%
Note: The average shareholding used for consolidation of Belron in 2006 is 73.7% as in 2005.
ACTIVITIES AND RESULTS
Belron delivered another strong performance in 2006. Sales grew
by 20.2% to EUR 1,507.3 million. Total repair and replacement
jobs grew by 15.1% to EUR 6.1 million.
Organic sales grew by 10% at constant exchange rates.
Geographical expansion during the year, notably in North America,
added 10% and currency translation had a minimal impact.
In Europe, after both currency translation and acquisitions,
sales grew by 13.4%. Organic sales growth was delivered in all
European countries through effective advertising which has benefi
ted from the successful multinational rollout of best practice
advertising concepts, together with further progress with insurers
and fl eet partners. The Northern European businesses benefi ted
from favourable winter weather conditions compared to 2005
but suffered from the mild weather in the autumn. Particularly strong
performance came from the UK, France, Italy and the Benelux
businesses. In France, sales continued their growth trend despite
tougher market conditions resulting mainly from speed restrictions.
Outside Europe, after both currency translation and acquisitions,
sales grew by 44.0% mainly as a result of acquisitions in North
America.
The current operating result amounted to EUR 119.9 million against
EUR 99.2 million in 2005 due to sales increases in existing markets
and, to a lesser degree, resulting from the 2005/2006 acquisitions,
together with operational effi ciency gains.
Unusual costs and re-measurements in operating result of EUR
19.0 million comprise EUR 20.2 million one-off costs related to
the integration and transformation programme underway in North
America aimed at improving operating margins of the recent
acquisitions, EUR 2.1 million costs associated with the closing of
the manufacturing operations in Australia, EUR 2.6 million one-off
gain linked to the closure of a pension scheme in Holland and a net
gain of EUR 0.7 million arising from fi nancial instruments.
Net fi nance costs amounted to EUR 16.9 million compared to
EUR 12.0 million in 2005. Before re-measurements resulting from
the changes in fair value of derivatives, net fi nance costs increased
VEHICLE GLASS REPAIR AND REPLACEMENT 41

from EUR 14.8 million in 2005 to EUR 19.4 million primarily due
to an upward movement in interest rates and to higher average
net debt – linked to the fact that the majority of the 2005 acquisitions
were made at the end of that year. However, despite continued
acquisition activity and the payment of both the 2004 and
2005 dividends, increased generation of operating cash fl ow has
resulted in a reduction in the Belron’s net debt position of EUR
22.9 million as at 31st December 2006.
Current result before tax, group’s share, rose from EUR 59.8 million
to EUR 72.0 million, an increase of EUR 12.2 million refl ecting
the strong operating performance.
KEY ACHIEVEMENTS
During 2006, Belron pursued its successful strategy delivering
sales growth and increased profi tability.
Belron continued to focus on delivering an outstanding and convenient
service to its customers which it measures on a daily
basis. Expansion of the call centre operations, a focus on serving
customers quickly and continued promotion of a mobile service
ensured that customer satisfaction remained high.
The business developed further its strong strategic relationship
with insurance and fl eet partners. The group remained committed
to actively promoting windscreen repair as a safe and cost
effective alternative to replacement thereby generating substantial
savings for its partners. In 2006, 30% of all windscreen jobs were
repairs.
In Europe Belron acquired its former franchisee in Greece and also
the GLASSCAR ® business in Italy. There were also incremental
acquisitions in Spain, UK, Germany, Sweden and Norway which
have all been successfully integrated into the existing businesses.
42 D’IETEREN - ANNUAL REPORT 2006

GEOGRAPHIC SALES
BREAKDOWN 1
% CHANGE
Europe: +13.4 %
Belgium, Denmark, France,
Germany, Greece, Ireland,
Italy, Luxemburg, Netherlands,
Norway, Portugal, Spain,
Sweden, Switzerland, UK
Rest of the world: +44.0%
Australia, Brazil, Canada,
New Zealand, United States
27%
73%
1. At actual exchange rates.
In September 2006, Belron signed a franchise agreement in
Romania, bringing its franchise network to 9 partners.
During 2006, Belron continued the integration of the Canadian
glass operations of AUTOSTOCK INTERNATIONAL, a division of
TCG INTERNATIONAL which was acquired in November 2005,
into its existing operation. This involved the closing of 36 stores and
24 warehouses where there was overlap, the alignment of brands
across the 5 provinces, the integration of IT systems throughout
the business and the consolidation of administrative functions into
one support centre. In the United States, good progress has been
made with integration of the 3 businesses which were acquired in
2005 as well as the 2006 acquisition of MAVERICK AUTO GLASS,
based in Phoenix, Arizona.
OUTLOOK FY 2007
In 2007, organic sales growth is expected to continue, although at
a slightly lower rate due to strong comparatives during the 2006
winter, as Belron remains committed to delivering an outstanding
service to its customers, its key insurance and fl eet partners.
MAJOR EVENTS AFTER CLOSURE OF THE FY 2006 ACCOUNTS
In March 2007, Belron acquired Safelite Group, Inc., the leader in
the US VGRR market, for an enterprise value of USD 334 million
(EUR 258 million), including assumed debt. This acquisition was
entirely fi nanced by Belron through the issuance of new debt
instruments, on its own fi nancing capacity. Based on estimated
2006 results of Safelite, this acquisition would have resulted in an
increase of around EUR 8 million of the current result before tax,
group’s share, of D’Ieteren on a pro-forma 2006 full year basis.
The integration of Belron Inc., the US subsidiary of Belron s.a., and
Safelite operations began in March.
The acquisition of Safelite allows Belron to achieve immediate
national geographic coverage with an established 60 year old
business that has already developed excellent long-term relationships
with insurance and fl eet customers. Belron will maintain
all customer-facing operations while it integrates its US back
offi ce with Safelite’s central support functions. In addition, Belron
VEHICLE GLASS REPAIR AND REPLACEMENT 43

will seek to further leverage its global scale in key functional areas
while also sharing best practices both with the Safelite business
and from Safelite across its global operations.
Safelite Group Inc. had sales of around USD 592 million (EUR 457
million) for the year ended 31 March 2006 and is the only provider
in the United States with a fully integrated business model
that comprises vehicle glass repair and replacement operations,
vehicle glass claims management, vehicle glass manufacturing
and wholesale distribution services.
Safelite provides the most extensive company-owned vehicle glass
repair and replacement operations in the US, covering 93% of the
population. With around 3,500 fi eld-based associates and around
2,200 mobile service vehicles, the company’s national operations
perform more than 2.2 million vehicle glass repairs and replacements
annually. Safelite also holds an industry-leading position in
outsourced vehicle glass claims management. Supported by two
national call centres, and an extensive technology platform directly
linked to its clients, Safelite provides complete and tailored claims
processing solutions for more than 100 insurance carriers and
fl eet management companies, including multi-year contracts with
the major ones. Coupled with the company’s extensive national
network of more than 10,000 affi liates and its reputation for the
highest levels of service in the industry, Safelite processes approximately
4 million transactions annually.
chain system also enables it to sell approximately 1 million wholesale
glass units annually to independent third party glass shops
and other distributors.
The acquisition by Belron of this large, profi table and well run company
brings Belron’s sales close to the EUR 2 billion mark – a greater
than twofold increase since its acquisition by D’Ieteren in 1999 –
and enhances its profi ts, thereby validating D’Ieteren’s strategy of
strengthening its own stake in Belron.
The company’s manufacturing and distribution operation provides
Safelite with guaranteed supply, effi cient procurement and logistical
support. This highly fl exible and scalable model consists of
1 manufacturing facility and 81 warehouses. The company’s supply
44 D’IETEREN - ANNUAL REPORT 2006

s.a. D’Ieteren n.v.
Consolidated Financial
Statements 2006
Contents
46 Consolidated Income Statement
47 Consolidated Balance Sheet
48 Consolidated Statement of Recognised
Income and Expense
49 Consolidated Cash Flow Statement
50 Notes to the Consolidated Financial
Statements
50 Note 1: General Information
50 Note 2: Accounting Policies
56 Note 3: Segment Information
60 Note 4: Sales
61 Note 5: Operating Result
62 Note 6: Net Finance Costs
62 Note 7: Entities Accounted for Using the Equity
Method
63 Note 8: Tax Expense
64 Note 9: Unusual Items and Re-Measurements
66 Note 10: Earnings per Share
67 Note 11: Goodwill
69 Note 12: Business Combinations
70 Note 13: Other Intangible Assets
71 Note 14: Vehicles
72 Note 15: Other Property, Plant and Equipment
73 Note 16: Investment Property
73 Note 17: Available-for-Sale Financial Assets
73 Note 18: Derivative Hedging Instruments
74 Note 19: Derivatives Held for Trading
75 Note 20: Long-Term Employee Benefit Assets
and Obligations
78 Note 21: Deferred Taxes
79 Note 22: Other Non-Current Receivables
79 Note 23: Non-Current Assets Classified as Held
for Sale
79 Note 24: Inventories
80 Note 25: Other Financial Assets
80 Note 26: Current Tax Assets and Liabilities
80 Note 27: Trade and Other Receivables
80 Note 28: Cash and Cash Equivalents
81 Note 29: Equity
82 Note 30: Provisions
84 Note 31: Borrowings
87 Note 32: Net Debt
87 Note 33: Put Options Granted to Minority
Shareholders
87 Note 34: Other Non-Current Payables
87 Note 35: Trade and Other Current Payables
88 Note 36: Employee Benefit Expense
88 Note 37: Share-Based Payments
89 Note 38: Risks Related to Financial Instruments
90 Note 39: Contingencies and Commitments
91 Note 40: Related Party Transactions
91 Note 41: Subsequent Events
92 Note 42: List of Subsidiaries, Associates
and Joint Ventures
92 Note 43: Exchange Rates
93 Note 44: Auditor’s report
95 Abridged Statutory Financial Statements
2006
CONSOLIDATED FINANCIAL STATEMENTS
45

Consolidated Income Statement
Year ended 31 December
in EUR million Notes 2006 2005 (1)
Current Unusual Total Current Unusual Total
items (2) items and items (2) items and
re-measu-
re-measurements
(2) rements (2)
Sales 4 5,335.0 5,335.0 4,757.3 - 4,757.3
Cost of sales -3,718.2 0.7 -3,717.5 -3,353.6 - -3,353.6
Gross margin 1,616.8 0.7 1,617.5 1,403.7 - 1,403.7
Commercial and administrative expenses -1,307.1 1.2 -1,305.9 -1,143.0 -5.3 -1,148.3
Other operating income 3.9 7.6 11.5 1.7 5.6 7.3
Other operating expenses -5.9 -77.5 -83.4 -6.7 -45.5 -52.2
Operating result 5 307.7 -68.0 239.7 255.7 -45.2 210.5
Net finance costs 6 -108.8 -1.1 -109.9 -96.5 3.2 -93.3
Result before tax 9 198.9 -69.1 129.8 159.2 -42.0 117.2
Share of result of entities accounted
for using the equity method 7 0.7 - 0.7 0.6 - 0.6
Tax expense 8 -27.7 12.5 -15.2 -32.5 8.3 -24.2
Result from continuing operations 171.9 -56.6 115.3 127.3 -33.7 93.6
Discontinued operations - - - - - -
Result for the period 171.9 -56.6 115.3 127.3 -33.7 93.6
Result attributable to:
Equity holders of the Parent 9/29 136.4 -36.4 100.0 97.6 -21.4 76.2
Minority interest 35.5 -20.2 15.3 29.7 -12.3 17.4
Basic earnings per share (in EUR) 10 24.72 -6.61 18.11 17.68 -3.88 13.80
Diluted earnings per share (in EUR) 10 24.62 -6.59 18.03 17.63 -3.87 13.76
(1) As restated (see note 2).
(2) See summary of significant accounting policies in note 2 and unusual items and re-measurements in note 9.
46 D’Ieteren - Annual Report 2006

Consolidated Balance Sheet
At 31 December
in EUR million Notes 2006 2005
Goodwill 11 644.4 572.0
Other intangible assets 13 936.3 959.7
Vehicles 14 778.7 722.7
Other property, plant and equipment 15 339.5 334.3
Investment property 16 6.5 6.1
Equity accounted investments 7 11.6 11.8
Available-for-sale financial assets 17 1.3 1.6
Derivatives held for trading 19 6.8 -
Long-term employee benefit assets 20 1.8 1.3
Deferred tax assets 21 97.7 91.9
Other receivables 22 2.4 1.0
Non-current assets 2,827.0 2,702.4
Non-current assets classified as held for sale 23 8.4 11.2
Inventories 24 418.2 422.3
Derivative hedging instruments 18 1.0 -
Derivatives held for trading 19 11.1 10.3
Other financial assets 25 48.1 18.5
Current tax assets 26 17.3 14.4
Trade and other receivables 27 1,643.2 1,617.4
Cash and cash equivalents 28 155.9 118.7
Current assets 2,303.2 2,212.8
Total assets 5,130.2 4,915.2
Capital and reserves attributable to equity holders 791.8 709.9
Minority interest 232.0 235.6
Equity 29 1,023.8 945.5
Long-term employee benefit obligations 20 175.3 190.0
Other provisions 30 146.1 105.0
Derivative hedging instruments 18 42.3 52.8
Borrowings 31/32 1,391.9 1,400.5
Put options granted to minority shareholders 33 223.3 170.3
Other payables 34 1.8 5.3
Deferred tax liabilities 21 271.2 275.7
Non-current liabilities 2,251.9 2,199.6
Provisions 30 8.7 3.3
Derivative hedging instruments 18 30.3 0.4
Borrowings 31/32 624.2 575.7
Derivatives held for trading 19 9.8 16.7
Current tax liabilities 26 85.1 89.1
Trade and other payables 35 1,096.4 1,084.9
Current liabilities 1,854.5 1,770.1
Total equity and liabilities 5,130.2 4,915.2
CONSOLIDATED FINANCIAL STATEMENTS
47

Consolidated Statement of Recognised
Income and Expense
Year ended 31 December
in EUR million Notes 2006 2005 (1)
Result for the period 115.3 93.6
Income and expense recognised directly in equity
Actuarial gains (losses) on employee benefit obligations 20 -1.1 -53.3
Translation differences 0.2 -0.7
Fair value of available-for-sale financial instruments -0.2 -0.6
Cash flow hedges: fair value gains (losses) in equity -11.1 2.4
Cash flow hedges: transferred to income statement 7.7 6.1
Share-based payments 0.7 0.5
Tax on items taken directly to equity 1.8 9.0
Subtotal -2.0 -36.6
Total recognised income and expense for the period 29 113.3 57.0
being: attributable to equity holders of the Parent 29 99.0 52.6
attributable to minority interest 29 14.3 4.4
(1) As restated (see note 2).
48 D’Ieteren - Annual Report 2006

Consolidated Cash Flow Statement
Year ended 31 December
in EUR million Notes 2006 2005
Cash flows from operating activities
Operating profit 239.7 210.5
Depreciation of vehicles for rent-a-car and operating lease activities 5 211.5 179.4
Depreciation of other items 5 57.7 51.4
Amortisation of Avis licence rights 9 21.7 21.7
Amortisation of other intangible assets 5 11.9 7.2
Impairment losses on goodwill and other non-current assets 9 0.3 0.5
Non-cash operating lease charge on buy-back agreements 5 171.4 190.4
Other non-cash items 21.2 3.7
Retirement benefit obligations -8.1 1.1
Other cash items -1.2 -0.5
Net payments with respect to vehicles purchased under buy-back agreements -121.8 -278.9
Change in net working capital -32.8 19.1
Cash generated from operations 571.5 405.6
Tax paid -29.3 -20.8
Net cash from operating activities 542.2 384.8
Cash flows from investing activities
Purchase of vehicles for rent-a-car and operating lease activities (1) -678.3 -663.5
Sale of vehicles for rent-a-car and operating lease activities (1) 503.4 487.9
Purchase of other items -81.4 -80.7
Sale of other items 11.1 10.2
Net capital expenditure -245.2 -246.1
Acquisition of equity instruments 9/12 -32.2 -96.3
Net investment in other financial assets 25 -31.6 54.7
Net cash from investing activities -309.0 -287.7
Cash flows from financing activities
Net proceeds from rights issue 9 - 61.7
Net acquisition of treasury shares 29 -3.8 0.7
Net capital element of finance lease payments -100.7 -97.3
Net change in other borrowings 44.8 102.2
Net interest paid -111.3 -92.4
Dividends paid by Parent -13.3 -12.8
Dividends paid by subsidiaries -12.0 -16.6
Net cash from financing activities -196.3 -54.5
Total cash flow for the period 36.9 42.6
Reconciliation with balance sheet
Cash at beginning of period 28 98.9 55.3
Cash equivalents at beginning of period 28 19.8 18.0
Cash and cash equivalents at beginning of period 28 118.7 73.3
Total cash flow for the period 36.9 42.6
Translation differences 0.3 2.8
Cash and cash equivalents at end of period 28 155.9 118.7
(1) Excluding vehicles held under buy-back agreements.
CONSOLIDATED FINANCIAL STATEMENTS
49

Notes to the Consolidated
Financial Statements
Note 1: General Information
s.a. D’Ieteren n.v. (the Company or the Parent) is a public company incorporated and domiciled in Belgium, whose controlling shareholders are
listed in note 29. The address of the Company’s registered office is:
Rue du Mail 50
B-1050 Brussels
The Company and its subsidiaries (together the Group) form an international group, active in three sectors of services to the motorist:
- Automobile distribution in Belgium of Volkswagen, Audi, Seat, Skoda, Bentley, Lamborghini, Porsche, Yamaha and MBK;
- Short-term car rental in Europe, Africa, the Middle East and Asia through Avis Europe plc and the Avis and Budget brands;
- Vehicle glass repair and replacement in Europe, North and South America, Australia and New Zealand through Belron s.a. and notably its
CARGLASS ® and AUTOGLASS ® brands.
The Group is present in 110 countries on 5 continents.
The Company is listed on Euronext.
These consolidated financial statements have been approved for issue by the Board of Directors on 27 February 2007.
The owners of the Company have the power to amend the consolidated financial statements after issue at the Annual General Meeting of
Shareholders, which will be held on 31 May 2007.
Note 2: Accounting Policies
Note 2.1: Basis of Preparation
These 2006 consolidated financial statements are for the 12 months ended 31 December 2006. They have been prepared in accordance with the
International Financial Reporting Standards (“IFRS“) and the related International Financial Reporting Interpretations Committee (“IFRIC“)
interpretations issued and effective, or issued and early adopted as at 31 December 2006 which have been adopted by the European Union
(“EU“). They correspond to the standards and interpretations issued by the International Accounting Standards Board (“IASB”) and effective as at
31 December 2006, since the elements of IAS 39 “carved out” by the EU are not applicable to the Group.
The policies set out below have been consistently applied to all the periods presented since the comparative data were restated to reflect the
revised IAS 21 “The Effects of Changes in Foreign Exchange Rates“ (see below).
These consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-forsale
financial assets, and financial assets and liabilities held for trading (including derivative instruments) at fair value through profit or loss.
These consolidated financial statements are prepared on an accruals basis and on the assumption that the Group is a going concern and will
continue in operation for the foreseeable future.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported
amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. 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 appropriate in the period in which the circumstances
change. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements, are disclosed in the relevant notes.
A summary of significant accounting policies is provided in note 2.2. The only significant accounting policy amended in 2006 is related to IAS 21
“The Effects of Change in Foreign Exchange Rates”. The paragraphs added or amended in December 2005 became retrospectively applicable
on 1 January 2006 following endorsement by the EU in May 2006. IAS 21 revised states that the net investment definition includes loans
between sister companies, and requires certain inter-company items denominated in any currency to be included within net investment in a
foreign operation. The application of the requirements of IAS 21 revised has resulted in the reclassification of foreign exchange movements on
certain inter-company debt balances from the consolidated income statement to the consolidated statement of recognised income and expense.
This reclassification concerns the Car Rental segment. Comparative amounts have been restated accordingly. The comparative amounts in
respect of foreign exchange on debt recognised in the consolidated income statement have been reduced with a corresponding increase in the
amount recorded in the consolidated statement of recognised income and expense. These restatements did not affect the capital and reserves
attributable to equity holders. For the year ended 31 December 2005, in the Car Rental segment, the restatement reduced the foreign exchange
result on debt recognised in the consolidated income statement (presented as unusual items and re-measurements in net finance costs)
from a gain of EUR 9.6 million to a loss of EUR 0.1 million with a corresponding reduction in the tax charge related to unusual items and
re-measurements from EUR 4.2 million to EUR 1.3 million. The net effect of these restatements on the result for the period amounts to a
reduction of EUR 6.8 million (a reduction of EUR 4.1 million for the result for the period attributable to equity holders of the Parent).
50 D’Ieteren - Annual Report 2006

Note 2: Accounting Policies (continued)
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the Group’s accounting
periods beginning on or after 1 January 2007 or later periods but which the Group has not early adopted, as follows:
- IFRS 7 “Financial Instruments: Disclosures” and amendment to IAS 1 “Presentation of Financial Statements – Capital Disclosures” (effective
1 January 2007);
- IFRS 8 “Operating Segments” (effective 1 January 2009, subject to endorsement by the EU);
- IFRIC 7 “Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies“ (this interpretation is not relevant
to the Group);
- IFRIC 8 “Scope of IFRS 2” (effective 1 January 2007);
- IFRIC 9 “Reassessment of Embedded Derivatives” (effective 1 January 2007);
- IFRIC 10 “Interim Financial Reporting and Impairment” (effective 1 January 2007, subject to endorsement by the EU);
- IFRIC 11 “IFRS 2 - Group and Treasury Share Transactions” (effective 1 March 2007, subject to endorsement by the EU);
- IFRIC 12 “Service Concession Arrangements” (effective 1 January 2008, subject to endorsement by the EU).
The Group is currently assessing the impact of the new standards, interpretations and amendments listed above.
Note 2.2: Summary of Significant 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 years presented, unless otherwise stated.
The estimates of amounts reported in the interim financial reporting have not been changed significantly during the final interim period of the
financial year.
Principles of Consolidation
Subsidiary undertakings
Subsidiary undertakings, 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. 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 on transactions between group companies are eliminated upon consolidation.
Associated undertakings
Investments in associated undertakings are accounted for using the equity method. These are undertakings over which the Group generally has
between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on
transactions between the Group and its associated undertakings are eliminated to the extent of the Group’s interest in the associated
undertakings; unrealised losses are also eliminated. The Group’s investment in associated undertakings includes goodwill on acquisition. Equity
accounting is discontinued when the carrying amount of the investment in an associated undertaking reaches zero, unless the Group has incurred
obligations or guaranteed obligations in respect of the associated undertaking.
Interests in joint ventures
Interests in jointly controlled entities are recognised using the equity method. The above principles regarding associated undertakings are also
applicable to joint ventures.
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 balance sheets are translated into euro at the exchange rate ruling on the balance sheet date. 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.
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
in the income statement. Exchange movements arising from the retranslation at closing rates of the Group’s net investment in subsidiaries, joint
ventures and associates are taken to the translation reserve. The Group’s net investment includes the Group’s share of net assets of subsidiaries,
joint ventures and associates, and certain inter-company loans. The net investment definition includes loans between “sister” companies and
certain inter-company items denominated in any currency. Other exchange movements are taken to the income statement.
Where the Group hedges net investments in foreign operations, the gains and losses relating to the effective portion of the hedging instrument
are recognised in the translation reserve in equity. The gain or loss relating to any ineffective portion is recognised in the income statement.
Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of.
CONSOLIDATED FINANCIAL STATEMENTS
51

Note 2: Accounting Policies (continued)
Goodwill
Business combinations are accounted for by applying the purchase method. The excess of the cost of the business combination over the acquirer’s
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised in accordance with IFRS 3 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.
Intangible Assets
An item of intangible assets is valued at its cost less any accumulated amortisation and any accumulated impairment losses.
Generally, costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. However,
costs that are directly associated with identifiable and unique software products controlled by the Group which have probable economic benefits
exceeding the cost beyond one year, are recognised as intangible assets.
Intangible assets with a finite useful life are amortised over their useful life in accordance with the following methods:
- Computer software programmes: straight-line method over 2 to 7 years.
- Avis licence rights: straight-line method until 2036 (the licenses being held until that year).
The brands CARGLASS ® and AUTOGLASS ® , acquired in 1999, as well as ELITE AUTO GLASS, GLASPRO , SPEEDY GLASS ® , APPLE AUTO
GLASS ® , WINDSHIELD PROS and AUTO GLASS SPECIALISTS acquired in 2005, have indefinite useful lives, since 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 definite or indefinite useful life, where an indication of impairment exists, its carrying amount is assessed and
written down immediately to its recoverable amount.
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;
(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 nonrefundable
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 depreciable amount of the item is allocated according to the straight-line method over its useful life.
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;
- Leased assets: depending on the length of the lease.
Straight-line depreciation on the vehicle fleet is based on the acquisition costs of the vehicles, estimates of their future residual values, and
expected holding periods.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount.
Leases
Operating leases for which the Group is the lessor
Assets leased out under operating leases (other than vehicles sold under buy-back agreements) are included in property, plant and equipment in
the balance sheet. They are depreciated over their expected useful lives. Rental income is recognised on a straight-line basis over the lease term.
52 D’Ieteren - Annual Report 2006

Note 2: Accounting Policies (continued)
Operating leases for which the Group is the lessee
Lease payments under operating leases are recognised as expenses in the income statement on a straight-line basis over the lease term.
Finance leases for which the Group is the lessee
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases.
Finance leases are capitalised at the inception of the lease at the lower of the fair value of the leased property or the present value of the
minimum lease payments. Each lease payment is allocated between the liability and the finance charge so as to achieve a constant rate of return
on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element
of the finance cost is charged to the income statement over the lease period. The leased assets are depreciated over their expected useful lives
on a basis consistent with similar owned property, plant and equipment. If there is no reasonable certainty that ownership will be acquired by the
end of the lease term, the asset is depreciated over the shorter of the lease term and its useful life.
Vehicles sold under buy-back agreements
Vehicles sold under buy-back agreements are accounted for as operating leases (lessor accounting), and are presented in the balance sheet under
inventories. The difference between the sale price and the repurchase price (buy-back obligation) is considered as deferred income, while buy-back
obligations are recognised in trade payables.
Vehicles purchased under buy-back agreements
Vehicles purchased under buy-back agreements are not recognised as assets since these arrangements are accounted for as operating leases
(lessee accounting). The difference between the purchase price and the resale price (buy-back obligation of the supplier) is considered as deferred
expense, while a trade receivable is recognised for the resale price.
Investment Properties
Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses.
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 location and condition at the balance sheet date. 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 used, 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.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposits. 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.
Equity
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; they are presented in equity.
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.
Post-employment Employee Benefits
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.
Payments to defined contribution pension plans are charged as an expense as they fall due.
CONSOLIDATED FINANCIAL STATEMENTS
53

Note 2: Accounting Policies (continued)
The Group’s commitments under defined benefit pension plans, and the related costs, are valued using the “projected unit credit method”, with
actuarial valuations being carried out at least on a yearly basis. Actuarial gains and losses are recognised in full in the period in which they occur.
They are recognised outside the income statement, and are presented in the statement of recognised income and expense. Past service cost is
recognised immediately to the extent that the benefits have already vested, and otherwise is amortised on a straight-line basis over the average
period until the benefits become vested.
The long-term employee benefit obligation recognised in the balance sheet 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 past service cost, plus the present value of any
refunds and reductions in future contributions to the plan.
Financial Instruments Excluding Derivatives
IAS 32 and 39 are applied to measure financial instruments:
(a) Available-for-sale financial assets are measured at fair value through equity. Impairment losses are recorded in the income statement.
(b) The carrying amount of treasury shares is deducted from equity.
(c) Trade and other receivables are measured at their amortised cost using the effective interest method, as reduced by appropriate allowances for
irrecoverable amounts.
(d) Financial assets held for trading are measured at fair value.
(e) Trade and other payables, as well as borrowings, are measured at amortised cost using the effective interest method.
Financial Instruments – Derivatives
Derivatives are used as hedges in the financing and financial risk management of the Group.
IAS 32 and IAS 39 are applied. 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.
Derivatives are recorded initially at fair value. Unless accounted for as hedges, they are classified as held for trading and are subsequently
measured at fair value.
Changes in fair value of derivatives that do not qualify for hedge accounting are recognised in the income statement as they arise.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised
directly in equity and any ineffective portion is recognised immediately in the income statement. 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 equity 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 equity are recognised in the income statement in the
same period in which the hedged item affects net profit or loss.
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. At that time, any cumulative gain or loss recognised in equity is transferred to profit or loss in accordance with IAS 39.
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics
are not closely related to those of the host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in
income statement.
Put Options Granted to Minority Shareholders
The Group is committed to acquiring the minority shareholdings owned by third parties in Belron, should these third parties wish to exercise their
put options. IAS 32 requires that the exercise price of such options granted to minority interest be reflected as a financial liability in the
consolidated balance sheet. As of today, there remains some uncertainty regarding the treatment of the difference between the exercise price of
the options (reflected in the financial liabilities) and the carrying value of the minority interest that must be reclassified within financial liabilities. In
the absence of guidance from IFRIC, the Group has chosen to present such differences as additional goodwill. This goodwill is adjusted at period
end to reflect the change in the exercise price of the options and the carrying value of minority interest to which they relate. This treatment
reflects the economic substance of the transaction. However, this treatment may have to be modified if a new standard or interpretation were to
suggest a different treatment.
54 D’Ieteren - Annual Report 2006

Note 2: Accounting Policies (continued)
Revenue Recognition
Revenue from the sale of goods is recognised when all the following conditions have been satisfied:
(a) the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;
(b) the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the
goods sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the economic benefits associated with the transaction will flow to the Group; and
(e) the cost incurred or to be incurred in respect of transaction can be measured reliably.
When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction is
recognised by reference to the stage of completion of the transaction at the balance sheet date. The outcome of a transaction can be estimated
reliably when all the following conditions are satisfied:
(a) the amount of revenue can be measured reliably;
(b) it is probable that the economic benefits associated with the transaction will flow to the Group;
(c) the stage of completion of the transaction at the balance sheet date can be measured reliably; and
(d) the cost incurred for the transaction and the costs to complete the transaction can be measured reliably.
Interest is recognised on a time proportion basis that takes into account the effective yield on the asset. Royalties are recognised on an accrual
basis in accordance with the substance of the relevant agreement. Dividends are recognised when the shareholder’s right to receive payment has
been established.
In the income statement, sales of goods, rendering of services and royalties are presented under the heading “sales”. Interest income is presented
under the heading “net finance costs”.
Share-Based Payments
Share-based payments are exclusively made in connection with employee stock option plans (“ESOP”).
For equity-settled ESOP, IFRS 2 is not applied to shares, share options or other equity instruments that were granted before or on 7 November
2002 and which had not vested at 1 January 2004. Equity-settled ESOP granted after that date are accounted for in accordance with IFRS 2, such
that their cost is recognised in the income statement over the related performance period.
All cash-settled ESOP (i.e. granted before, on, or after 7 November 2002) are recognised as liabilities, and their cost is recognised in the income
statement over the related performance period.
Borrowing Costs
Borrowing costs are recognised as an expense in the period in which they are incurred.
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
Current taxes relating to current and prior periods are, to the extent unpaid, recognised as a liability. 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.
Deferred taxes are provided in full 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. Deferred taxes are not calculated on the following
temporary differences: (i) the initial recognition of goodwill and (ii) the initial recognition of assets and liabilities that affects neither accounting nor
taxable profit. The amount of deferred tax provided 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. Deferred tax assets are
reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CONSOLIDATED FINANCIAL STATEMENTS
55

Note 2: Accounting Policies (continued)
Unusual Items and Re-measurements
Each line of the income statement, and each subtotal of the segment income statement, is broken down in order to provide information on the
current result and on unusual items and re-measurements. Unusual items and re-measurements comprise the following items:
(a) Recognised fair value gains and losses on financial instruments, excluding the accrued cash flows that occur under the Group’s hedging
arrangements, where hedge accounting is unable to be applied under IAS 39.
(b) Exchange gains and losses arising upon the translation of foreign currency borrowings at the closing rate.
(c) Impairment of goodwill and other non-current assets.
(d) Amortisation of the Avis licence rights.
(e) Other unusual items. They are 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.
All other items are recognised as part of the current result.
Note 3: Segment information
Note 3.1: Basis of Segmentation
The Group’s primary segment reporting format is by business segment. Reportable business segments are Automobile Distribution, Car Rental
and Vehicle Glass.
The Automobile Distribution segment includes the automobile distribution activities (see note 1) as well as corporate activities. The Car Rental
segment comprises Avis Europe plc and its subsidiaries, joint ventures and associates (see note 1). The Vehicle Glass segment comprises Belron s.a.
and its subsidiaries (see note 1).
This segmentation is consistent with the Group’s organisational and internal reporting structure.
56 D’Ieteren - Annual Report 2006

Note 3: Segment information (continued)
Note 3.2: Segment Income Statement - Business Segments (Year ended 31 December)
in EUR million Notes 2006 2005 (1)
Auto- Car Vehicle Elimi- Group Auto- Car Vehicle Elimi- Group
mobile Rental Glass nations mobile Rental Glass nations
Distri-
Distribution
bution
External sales 4 2,491.4 1,336.3 1,507.3 5,335.0 2,227.2 1,276.4 1,253.7 4,757.3
Inter-segment sales 3.0 0.8 2.5 -6.3 - 2.7 0.1 2.8 -5.6 -
Segment sales 2,494.4 1,337.1 1,509.8 -6.3 5,335.0 2,229.9 1,276.5 1,256.5 -5.6 4,757.3
Operating result (being segment result) 5 82.6 56.2 100.9 239.7 56.3 54.4 99.8 210.5
of which: current items 5 81.9 105.9 119.9 307.7 56.1 100.4 99.2 255.7
unusual items
and re-measurements 5 0.7 -49.7 -19.0 -68.0 0.2 -46.0 0.6 -45.2
Net finance costs -25.3 -67.7 -16.9 -109.9 -20.0 -61.3 -12.0 -93.3
Result before taxes 9 57.3 -11.5 84.0 129.8 36.3 -6.9 87.8 117.2
of which: current items 9 59.7 38.7 100.5 198.9 36.5 38.3 84.4 159.2
unusual items
and re-measurements 9 -2.4 -50.2 -16.5 -69.1 -0.2 -45.2 3.4 -42.0
Share of result of entities
accounted for using the equity method 7 0.2 0.5 - 0.7 0.6 - - 0.6
Tax expense 8 -1.7 1.0 -14.5 -15.2 -0.8 -1.3 -22.1 -24.2
Result from continuing operations 55.8 -10.0 69.5 115.3 36.1 -8.2 65.7 93.6
of which: current items 57.1 28.0 86.8 171.9 35.5 28.1 63.7 127.3
unusual items
and re-measurements -1.3 -38.0 -17.3 -56.6 0.6 -36.3 2.0 -33.7
Discontinued operations - - - - - - - -
Result for the period 55.8 -10.0 69.5 115.3 36.1 -8.2 65.7 93.6
Attributable to:
Equity holders of the Parent 29 55.7 -5.7 50.0 100.0 35.8 -6.9 47.3 76.2
of which: current items 9 57.0 16.7 62.7 136.4 35.2 16.6 45.8 97.6
unusual items
and re-measurements -1.3 -22.4 -12.7 -36.4 0.6 -23.5 1.5 -21.4
Minority interest 0.1 -4.3 19.5 15.3 0.3 -1.3 18.4 17.4
Result for the period 55.8 -10.0 69.5 115.3 36.1 -8.2 65.7 93.6
(1) As restated (see note 2).
CONSOLIDATED FINANCIAL STATEMENTS
57

Note 3: Segment information (continued)
Note 3.3: Segment Balance Sheet - Business Segments (At 31 December)
in EUR million Notes 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Goodwill 11 0.2 7.9 636.3 644.4 0.2 7.8 564.0 572.0
Other intangible assets 13 1.9 654.4 280.0 936.3 0.7 673.1 285.9 959.7
Vehicles 14 273.1 505.6 - 778.7 258.7 464.0 - 722.7
Other property, plant and equipment 15 134.8 85.3 119.4 339.5 136.4 85.4 112.5 334.3
Investment property 16 6.5 - - 6.5 6.1 - - 6.1
Equity accounted investments 7 1.4 10.2 - 11.6 1.2 10.6 - 11.8
Available-for-sale financial assets 17 0.5 0.7 0.1 1.3 0.5 0.7 0.4 1.6
Derivatives held for trading 19 - 6.8 - 6.8 - - - -
Long-term employee benefit assets 20 - - 1.8 1.8 - - 1.3 1.3
Deferred tax assets 21 1.0 70.5 26.2 97.7 0.4 60.7 30.8 91.9
Other receivables 22 1.8 - 0.6 2.4 1.0 - - 1.0
Non-current assets 421.2 1,341.4 1,064.4 2,827.0 405.2 1,302.3 994.9 2,702.4
Non-current assets classified as held for sale 23 - 8.4 - 8.4 0.1 11.1 - 11.2
Inventories 24 296.7 7.4 114.1 418.2 296.9 7.0 118.4 422.3
Derivative hedging instruments 18 - 1.0 - 1.0 - - - -
Derivatives held for trading 19 4.3 3.5 3.3 11.1 6.6 3.1 0.6 10.3
Other financial assets 25 25.5 22.6 - 48.1 - 15.0 3.5 18.5
Current tax assets 26 1.4 6.0 9.9 17.3 1.9 3.3 9.2 14.4
Trade and other receivables 27 118.5 1,358.6 166.1 1,643.2 124.3 1,331.9 161.2 1,617.4
Cash and cash equivalents 28 1.5 116.6 37.8 155.9 1.4 98.8 18.5 118.7
Current assets 447.9 1,524.1 331.2 2,303.2 431.2 1,470.2 311.4 2,212.8
Total assets 869.1 2,865.5 1,395.6 5,130.2 836.4 2,772.5 1,306.3 4,915.2
of which: segment assets 833.5 2,627.6 1,318.3 4,779.4 824.4 2,580.3 1,243.3 4,648.0
Capital and reserves attributable to equity holders 791.8 - - 791.8 709.9 - - 709.9
Minority interest 1.7 225.3 5.0 232.0 1.7 230.4 3.5 235.6
Equity 29 793.5 225.3 5.0 1,023.8 711.6 230.4 3.5 945.5
Long-term employee benefit obligations 20 7.2 121.9 46.2 175.3 7.8 129.2 53.0 190.0
Other provisions 30 35.4 64.6 46.1 146.1 30.4 52.3 22.3 105.0
Derivative hedging instruments 18 - 42.3 - 42.3 - 52.8 - 52.8
Borrowings 31/32 484.6 593.9 313.4 1,391.9 393.8 646.2 360.5 1,400.5
Put options granted to minority shareholders 33 223.3 - - 223.3 170.3 - - 170.3
Other payables 34 - - 1.8 1.8 - - 5.3 5.3
Deferred tax liabilities 21 11.0 260.1 0.1 271.2 13.0 259.7 3.0 275.7
Non-current liabilities 761.5 1,082.8 407.6 2,251.9 615.3 1,140.2 444.1 2,199.6
Provisions 30 - - 8.7 8.7 - - 3.3 3.3
Derivative hedging instruments 18 - 30.3 - 30.3 - 0.4 - 0.4
Borrowings 31/32 28.4 515.1 80.7 624.2 144.4 390.6 40.7 575.7
Derivatives held for trading 19 8.1 1.1 0.6 9.8 7.3 6.2 3.2 16.7
Current tax liabilities 26 3.9 29.3 51.9 85.1 0.4 30.3 58.4 89.1
Trade and other payables 35 167.8 671.2 257.4 1,096.4 186.2 657.3 241.4 1,084.9
Current liabilities 208.2 1,247.0 399.3 1,854.5 338.3 1,084.8 347.0 1,770.1
Total equity and liabilities 1,763.2 2,555.1 811.9 5,130.2 1,665.2 2,455.4 794.6 4,915.2
of which: segment liabilities 210.4 857.7 360.2 1,428.3 224.4 838.8 325.3 1,388.5
Segment assets, as defined by IAS 14, consist of goodwill, other intangible assets, vehicles, other property, plant and equipment, investment
property, long-term employee benefit assets, non-current assets classified as held for sale, inventories, trade receivables and other receivables.
Segment liabilities, as defined by IAS 14, comprise long-term employee benefit obligations, provisions, trade payables and other payables.
58 D’Ieteren - Annual Report 2006

Note 3: Segment information (continued)
Note 3.4: Segment Cash Flow Statement - Business Segments (Year ended 31 December)
in EUR million Notes 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Cash flows from operating activities
Operating profit 82.6 56.2 100.9 239.7 56.3 54.4 99.8 210.5
Depreciation of vehicles for rent-a-car
and operating lease activities 5 50.8 160.7 - 211.5 46.2 133.2 - 179.4
Depreciation of other items 5 10.9 19.8 27.0 57.7 9.2 19.1 23.1 51.4
Amortisation of Avis licence rights 9 - 21.7 - 21.7 - 21.7 - 21.7
Amortisation of other intangible assets 5 - 5.2 6.7 11.9 0.6 1.3 5.3 7.2
Impairment losses on goodwill and other
non-current assets 9 - 0.3 - 0.3 - 0.5 - 0.5
Non-cash operating lease charge
on buy-back agreements 5 - 171.4 - 171.4 - 190.4 - 190.4
Other non-cash items 0.8 -11.4 31.8 21.2 -0.5 3.2 1.0 3.7
Retirement benefit obligations -0.3 -4.8 -3.0 -8.1 -0.9 3.2 -1.2 1.1
Other cash items - -1.2 - -1.2 - -0.5 - -0.5
Net payments with respect to vehicles purchased
under buy-back agreements - -121.8 - -121.8 - -278.9 - -278.9
Change in net working capital -13.0 -24.5 4.7 -32.8 12.4 30.2 -23.5 19.1
Cash generated from operations 131.8 271.6 168.1 571.5 123.3 177.8 104.5 405.6
Tax paid -0.5 -9.8 -19.0 -29.3 -0.8 -3.1 -16.9 -20.8
Net cash from operating activities 131.3 261.8 149.1 542.2 122.5 174.7 87.6 384.8
Cash flows from investing activities
Purchase of vehicles for rent-a-car and operating
lease activities (1) -185.7 -492.6 - -678.3 -167.9 -495.6 - -663.5
Sale of vehicles for rent-a-car and operating
lease activities (1) 123.7 379.7 - 503.4 118.1 369.8 - 487.9
Purchase of other items -12.2 -29.8 -39.4 -81.4 -20.7 -22.7 -37.3 -80.7
Sale of other items 2.1 2.1 6.9 11.1 3.1 5.1 2.0 10.2
Net capital expenditure -72.1 -140.6 -32.5 -245.2 -67.4 -143.4 -35.3 -246.1
Acquisition of equity instruments 9/12 - -0.3 -31.9 -32.2 -37.3 -1.3 -57.7 -96.3
Net investment in other financial assets 25 -26.3 -8.2 2.9 -31.6 -0.2 58.4 -3.5 54.7
Net cash from investing activities -98.4 -149.1 -61.5 -309.0 -104.9 -86.3 -96.5 -287.7
Cash flows from financing activities
Net proceeds from rights issue 9 - - - - -104.5 166.2 - 61.7
Net acquisition of treasury shares 29 -3.8 - - -3.8 0.7 - - 0.7
Net capital element of finance lease payments - -97.3 -3.4 -100.7 - -92.7 -4.6 -97.3
Net change in other borrowings -23.4 71.6 -3.4 44.8 71.6 -42.4 73.0 102.2
Net interest paid -22.9 -69.8 -18.6 -111.3 -17.2 -61.8 -13.4 -92.4
Dividends paid by Parent -13.3 - - -13.3 -12.8 - - -12.8
Dividends paid by subsidiaries 30.6 - -42.6 -12.0 44.9 - -61.5 -16.6
Net cash from financing activities -32.8 -95.5 -68.0 -196.3 -17.3 -30.7 -6.5 -54.5
Total cash flow for the period 0.1 17.2 19.6 36.9 0.3 57.7 -15.4 42.6
Reconciliation with balance sheet
Cash at beginning of period 28 1.4 79.0 18.5 98.9 1.1 21.3 32.9 55.3
Cash equivalents at beginning of period 28 - 19.8 - 19.8 -12.8 18.0 12.8 18.0
Cash and cash equivalents
at beginning of period 28 1.4 98.8 18.5 118.7 -11.7 39.3 45.7 73.3
Total cash flow for the period 0.1 17.2 19.6 36.9 0.3 57.7 -15.4 42.6
Inter-segment transfer - - - - 12.8 - -12.8 -
Translation differences - 0.6 -0.3 0.3 - 1.8 1.0 2.8
Cash and cash equivalents at end of period 28 1.5 116.6 37.8 155.9 1.4 98.8 18.5 118.7
(1) Excluding vehicles held under buy-back agreements.
CONSOLIDATED FINANCIAL STATEMENTS
59

Note 3: Segment information (continued)
Note 3.5: Other Segment Information - Business Segments (Year ended 31 December)
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Capital additions (1) 197.9 794.6 64.3 1,056.8 190.2 674.8 106.0 971.0
(1) Capital additions include both additions and acquisitions through business combinations including goodwill.
Besides depreciation and amortisation of segment assets (which are provided in note 5), the operating lease charges on buy-back agreements
(also disclosed in note 5) and the charge arising from the long-term management incentive schemes are the other significant expenses deducted
in measuring segment result.
Note 3.6: Geographical segment information (Year ended 31 December)
The Group’s three business segments operate in three main geographical areas, being Belgium (main market for the Automobile Distribution
segment), the rest of Europe and the rest of world.
in EUR million 2006 2005
Belgium Rest of Rest of Group Belgium Rest of Rest of Group
Europe world Europe world
Segment sales from external customers (1) 2,394.4 2,521.6 419.0 5,335.0 2,185.8 2,282.2 289.3 4,757.3
Segment assets (2) 910.4 3,672.3 196.7 4,779.4 888.6 3,537.3 222.1 4,648.0
Capital additions (3) 201.0 838.6 17.2 1,056.8 190.5 749.1 31.4 971.0
(1) Based on the geographical location of the customers.
(2) Segment assets are defined above (see note 3.3).
(3) Capital additions include both additions and acquisitions through business combinations including goodwill.
Note 4: Sales
in EUR million 2006 2005
New vehicles 1,987.0 1,766.9
Used cars 118.2 91.2
Spare parts and accessories 141.1 137.2
After-sales activities by D’Ieteren Car Centers 46.6 41.5
D’Ieteren Sport 59.3 62.9
D’Ieteren Lease 116.2 107.7
Rental income under buy-back agreements 2.3 2.2
Other sales 20.7 17.6
Subtotal Automobile Distribution 2,491.4 2,227.2
Avis 1,290.9 1,234.6
Budget 45.4 41.8
Subtotal Car Rental 1,336.3 1,276.4
Vehicle Glass 1,507.3 1,253.7
Sales (external) 5,335.0 4,757.3
of which: sales of goods 2,437.1 2,170.8
rendering of services 2,859.2 2,552.3
royalties 38.7 34.2
Interest income and dividend income (if any) are presented among net finance costs (see note 6).
60 D’Ieteren - Annual Report 2006

Note 5: Operating result
Operating result is stated after charging:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Current items:
Purchases and changes in inventories -2,106.1 -66.5 -401.3 -2,573.9 -1,888.6 -61.0 -352.1 -2,301.7
Depreciation of vehicles -50.8 -160.7 - -211.5 -46.2 -133.2 - -179.4
Depreciation of other items
(excl. investment property) -10.4 -19.8 -27.0 -57.2 -8.9 -19.1 -23.1 -51.1
Amortisation (excl. on Avis licence rights) - -5.2 -6.7 -11.9 -0.6 -1.3 -5.3 -7.2
Operating lease charge on buy-back agreements - -171.4 - -171.4 - -190.4 - -190.4
Contingent operating lease rentals (1) - -51.8 - -51.8 - -49.0 - -49.0
Other operating lease rentals - -120.2 -69.4 -189.6 - -95.0 -64.1 -159.1
Write-down on inventories -0.2 - -1.0 -1.2 -3.8 - -1.3 -5.1
Net gain (loss) on vehicles 3.1 22.9 - 26.0 2.7 6.2 - 8.9
Employee benefit expenses (see note 36) -107.5 -296.8 -513.0 -917.3 -101.6 -283.7 -401.4 -786.7
Research and development expenditure - - -1.3 -1.3 - - -1.6 -1.6
Sundry -139.0 -355.5 -369.7 -864.2 -123.8 -345.0 -305.4 -774.2
Other operating expenses:
Bad and doubtful debts 0.5 -5.4 -0.1 -5.0 -0.3 -4.5 -0.9 -5.7
Investment property expenses:
Depreciation -0.5 - - -0.5 -0.3 - - -0.3
Operating expenses (2) -0.1 - - -0.1 -0.1 - - -0.1
Sundry -0.3 - - -0.3 -0.5 - -0.1 -0.6
Subtotal other operating expenses -0.4 -5.4 -0.1 -5.9 -1.2 -4.5 -1.0 -6.7
Other operating income:
Gain on property, plant and equipment 1.0 - 1.7 2.7 0.1 - 0.8 0.9
Rental income from investment property (3) 0.6 - - 0.6 0.5 - - 0.5
Sundry 0.2 - 0.4 0.6 0.3 - - 0.3
Subtotal other operating income 1.8 - 2.1 3.9 0.9 - 0.8 1.7
Subtotal current items -2,409.5 -1,230.4 -1,387.4 -5,027.3 -2,171.1 -1,176.0 -1,154.5 -4,501.6
Unusual items and re-measurements (see note 9) 0.7 -49.7 -19.0 -68.0 0.2 -46.0 0.6 -45.2
Net operating expenses -2,408.8 -1,280.1 -1,406.4 -5,095.3 -2,170.9 -1,222.0 -1,153.9 -4,546.8
(1) Contingent rentals primarily arise with respect to airport rental desk concessions, and are ordinarily based on the level of revenue generated by the individual concession.
(2) The full amount is related to investment property that generated rental income.
(3) Does not include any contingent rent.
CONSOLIDATED FINANCIAL STATEMENTS
61

Note 6: NET FINANCE COSTS
Net finance costs are broken down as follows:
in EUR million 2006 2005 (1)
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Current items:
Finance costs:
Interest expense -23.4 -70.5 -19.5 -113.4 -18.5 -61.9 -14.7 -95.1
Transfer from re-measurements 0.1 -1.0 -0.7 -1.6 -1.2 -2.1 -2.0 -5.3
Current interest expense -23.3 -71.5 -20.2 -115.0 -19.7 -64.0 -16.7 -100.4
Other financial charges -0.2 - - -0.2 -0.3 - - -0.3
Subtotal finance costs -23.5 -71.5 -20.2 -115.2 -20.0 -64.0 -16.7 -100.7
Finance income 1.3 4.3 0.8 6.4 0.4 1.9 1.9 4.2
Current net finance costs -22.2 -67.2 -19.4 -108.8 -19.6 -62.1 -14.8 -96.5
Unusual items and re-measurements (see note 9):
Unusual items - - 0.1 0.1 - - 0.2 0.2
Re-measurements of financial instruments:
Gains (Losses) on “dirty” fair value
of derivatives (2) -3.0 -2.4 1.7 -3.7 -1.6 -1.2 0.6 -2.2
Transfer to current items -0.1 1.0 0.7 1.6 1.2 2.1 2.0 5.3
Subtotal gains (losses) on “clean” fair value
of derivatives (2) -3.1 -1.4 2.4 -2.1 -0.4 0.9 2.6 3.1
Foreign exchange gain (loss) on net debt - 0.9 - 0.9 - -0.1 - -0.1
Unusual items and re-measurements -3.1 -0.5 2.5 -1.1 -0.4 0.8 2.8 3.2
Net finance costs -25.3 -67.7 -16.9 -109.9 -20.0 -61.3 -12.0 -93.3
(1) As restated (see note 2).
(2) Change in “dirty” fair value of derivatives corresponds to the change of value of the derivatives between the beginning and the end of the period. Change in “clean” fair value of derivatives
corresponds to the change of “dirty” fair value excluding the accrued cash flows of the derivatives that occured during the period.
Note 7: Entities accounted for using the equity method
Three group entities are accounted for using the equity method.
D’Ieteren Vehicle Trading s.a. is a 49%-owned associate which provides finance lease services to customers of the Automobile Distribution segment.
At year end, the Automobile Distribution’s interest in this associate comprised:
in EUR million 2006 2005
Share of gross assets 24.4 21.0
Share of gross liabilities -23.0 -19.8
Share of net assets 1.4 1.2
Share of sales 6.0 4.9
Share of profit (loss) 0.2 0.6
62 D’Ieteren - Annual Report 2006

Note 7: Entities accounted for using the equity method (continued)
Mercury Car Rentals Ltd is a 33%-owned associate of Avis Europe plc which provides short-term car rental services in India under the Avis brand.
At year end, the Car Rental’s interest in this associate comprised:
in EUR million 2006 2005
Share of gross assets (incl. goodwill) 2.5 2.1
Share of gross liabilities -2.2 -1.9
Share of net assets 0.3 0.2
Share of sales 3.1 2.6
Share of profit (loss) 0.1 -
Anji Car Rental and Leasing Company Ltd is a 50%-owned joint venture of Avis Europe plc which provides short-term car rental services in China
under the Avis brand. At year end, the Car Rental’s interest in this joint venture comprised:
in EUR million 2006 2005
Share of non-current assets (incl. goodwill) 17.2 17.5
Share of current assets 2.4 2.4
Share of current liabilities -9.7 -9.5
Share of net assets 9.9 10.4
Share of sales 12.0 9.1
Share of profit (loss) 0.4 -
Note 8: TAX EXPENSE
Tax expense is broken down as follows:
in EUR million 2006 2005 (1)
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Current year income tax -4.7 -5.8 -15.8 -26.3 -1.1 -7.1 -19.4 -27.6
Prior year income tax 0.3 - 3.4 3.7 0.2 -0.4 -2.6 -2.8
Movement in deferred taxes 2.7 6.8 -2.1 7.4 0.1 6.2 -0.1 6.2
Tax expense -1.7 1.0 -14.5 -15.2 -0.8 -1.3 -22.1 -24.2
of which: current items -2.8 -11.2 -13.7 -27.7 -1.6 -10.2 -20.7 -32.5
unusual items and re-measurements
(see note 9) 1.1 12.2 -0.8 12.5 0.8 8.9 -1.4 8.3
(1) As restated (see note 2).
The relationship between tax expense and accounting profit is explained below:
in EUR million 2006 2005 (1)
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Result before taxes 57.3 -11.5 84.0 129.8 36.3 -6.9 87.8 117.2
Tax at the Belgian corporation tax rate of 33.99% -19.5 3.9 -28.6 -44.2 -12.4 2.3 -29.9 -40.0
Reconciling items
(sum of items marked (a) and (b) below) 17.8 -2.9 14.1 29.0 11.6 -3.6 7.8 15.8
Actual tax on result before taxes -1.7 1.0 -14.5 -15.2 -0.8 -1.3 -22.1 -24.2
(1) As restated (see note 2).
CONSOLIDATED FINANCIAL STATEMENTS
63

Note 8: TAX EXPENSE (continued)
The reconciling items are provided below:
in EUR million 2006 2005 (1)
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Current PBT 59.7 38.7 100.5 198.9 36.5 38.3 84.4 159.2
Tax at the Belgian corporation tax rate
of 33.99% -20.3 -13.1 -34.2 -67.6 -12.4 -13.0 -28.7 -54.1
Rate differential (a) - 5.4 1.7 7.1 14.9 6.5 1.1 22.5
Permanent differences (a) 21.9 -2.9 7.6 26.6 -1.7 -2.1 2.9 -0.9
Utilisation of tax losses (a) - - 10.1 10.1 - 13.2 6.6 19.8
Other temporary differences (a) 0.1 - - 0.1 0.1 - - 0.1
Adjustments in respect of prior years (a) 1.4 8.1 2.9 12.4 -0.1 -4.6 -2.6 -7.3
Deferred tax assets not recognised (a) -5.3 -7.5 -1.8 -14.6 -1.1 -10.0 -1.1 -12.2
Impact of dividends (a) -0.5 - - -0.5 -1.6 - 1.1 -0.5
Other (a) -0.1 -1.2 - -1.3 0.3 -0.2 - 0.1
Actual tax on current PBT -2.8 -11.2 -13.7 -27.7 -1.6 -10.2 -20.7 -32.5
Actual tax rate on current PBT 5% 29% 14% 14% 4% 27% 25% 20%
Unusual items and re-measurements in PBT -2.4 -50.2 -16.5 -69.1 -0.2 -45.2 3.4 -42.0
Tax at the Belgian corporation tax rate
of 33.99% 0.8 17.1 5.6 23.5 0.1 15.3 -1.2 14.2
Rate differential (b) - -1.8 0.5 -1.3 - -1.4 0.8 -0.6
Permanent differences (b) - -3.4 - -3.4 - -2.6 -1.0 -3.6
Adjustments in respect of prior years (b) 0.1 - - 0.1 - - - -
Deferred tax assets not recognised (b) - 0.3 -6.9 -6.6 - -0.6 - -0.6
Permanent difference due to rights issue
(see note 9 item (e)) (b) - - - - - -1.8 - -1.8
Other (b) 0.2 - - 0.2 0.7 - - 0.7
Actual tax on unusual items
and re-measurements in PBT 1.1 12.2 -0.8 12.5 0.8 8.9 -1.4 8.3
(1) As restated (see note 2).
Note 9: UNUSUAL ITEMS AND RE-MEASUREMENTS
Result for the Period
Current result after tax (“current PAT”) consists of the reported profit from continuing operations (or the result for the period when no discontinued
operation is reported), excluding unusual items and re-measurements as defined in note 2, and excluding their tax impact.
Current result before tax (“current PBT”) consists of the reported result before tax excluding unusual items and re-measurements as defined in
note 2.
Current PAT, Group’s share, and current PBT, Group’s share, exclude the share of minority shareholders in current PAT and current PBT.
64 D’Ieteren - Annual Report 2006

Note 9: UNUSUAL ITEMS AND RE-MEASUREMENTS (continued)
Current result is a non-GAAP measure, i.e. its definition is not addressed by IFRS. The Group does not represent current result as an alternative to
financial measures determined in accordance with IFRS. Current result as reported by the Group may differ from similarly titled measures by other
companies. The Group uses the concept of current result to reflect its underlying performance.
in EUR million 2006 2005 (1)
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
From reported PBT to current PBT,
Group’s share:
Reported PBT 57.3 -11.5 84.0 129.8 36.3 -6.9 87.8 117.2
Less: Unusual items and re-measurements in PBT:
Re-measurements of financial instruments 3.1 (a) 0.2 (b) -3.1 (f) 0.2 0.4 4.4 -2.6 2.2
Foreign exchange - -0.9 (c) - -0.9 - 0.1 - 0.1
Impairment losses on goodwill - 0.3 (d) - 0.3 - 0.5 - 0.5
Amortisation of Avis licence rights - 21.7 - 21.7 - 21.7 - 21.7
Other unusual items -0.7 28.9 (e) 19.6 (g) 47.8 -0.2 18.5 -0.8 17.5
Current PBT 59.7 38.7 100.5 198.9 36.5 38.3 84.4 159.2
Share of minority interest in current PBT -0.2 -15.6 -28.5 -44.3 -0.4 -15.6 -24.6 -40.6
Current PBT, Group’s share 59.5 23.1 72.0 154.6 36.1 22.7 59.8 118.6
From current PBT, Group’s share,
to current PAT, Group’s share:
Current PBT, Group’s share 59.5 23.1 72.0 154.6 36.1 22.7 59.8 118.6
Share of the group in current result
of equity accounted entities 0.2 0.3 - 0.5 0.6 - - 0.6
Tax on current PBT, Group’s share -2.7 -6.7 -9.3 -18.7 -1.5 -6.1 -14.0 -21.6
Current PAT, Group’s share 57.0 16.7 62.7 136.4 35.2 16.6 45.8 97.6
(1) As restated (see note 2).
Automobile Distribution
(a) Net finance costs include re-measurements of financial instruments amounting to EUR -3.1 million (2005: EUR -0.4 million) arising from
changes in the “clean” fair value of derivatives.
Car Rental
(b) Net finance costs and commercial and administrative expenses include re-measurements of financial instruments amounting to respectively
EUR -1.4 million (2005: EUR 0.9 million) and EUR 1.2 million (2005: EUR -5.3 million) arising from changes in the “clean” fair value of derivatives.
(c) Foreign exchange gain on net debt amounts to EUR 0.9 million (2005: loss of EUR 0.1 million after application of IAS 21 revised – see note 2),
recognised in net finance costs.
(d) An impairment charge of EUR 0.3 million was recognised in 2006 following the acquisition during the year of several Avis licensee locations
in Germany (see note 12) which have been integrated into existing operations. Given that goodwill arising in the overall German cashgenerating
unit had been fully provided against in previous accounting periods, an impairment provision has been recognised against the
goodwill arising in 2006. This impairment provision writes down the carrying value of the associated goodwill to nil and is presented in other
operating expenses. A similar impairment charge, amounting to EUR 0.5 million, was recorded in 2005 due to the acquisition of licensee
locations in France (Budget) and Holland (Avis).
(e) Other unusual items of the Car Rental segment are set out below:
- Restructuring costs of EUR 25.3 million (2005: EUR 6.4 million) were incurred in the year in connection with the restructuring project Avis Europe
commenced in late 2005 covering the roles of its European headquarters, corporate operations, shared service centre and call centres. These
restructuring costs include redundancy costs and onerous lease provisions and are net of unusual pension curtailments of EUR 1.2 million (2005:
nil). Restructuring costs of EUR 2.0 million in 2005 were also incurred in connection with the transfer of back-office functions to the Group’s shared
service centre in Budapest. Restructuring costs are presented in other operating expenses, pension curtailments in other operating income.
- Following Avis Europe’s decision in 2004 to terminate the agreement with the principal contractor on the IT back-office project, additional
termination costs of EUR 7.4 million (2005: EUR 3.6 million) have been recognised in 2006, primarily arising from the mitigating action being
taken against the termination costs, which may lead to a net credit in future accounting periods. Termination costs are presented in other
operating expenses.
CONSOLIDATED FINANCIAL STATEMENTS
65

Note 9: UNUSUAL ITEMS AND RE-MEASUREMENTS (continued)
- In June 2006, significant changes were made to the unfunded pension scheme in Germany resulting in an unusual credit to past service
costs of EUR 3.2 million (2005: nil). This is presented in other operating income.
- During the current and prior year, the collection of credit hire receivable balances in the closed Centrus business was more successful than
previously anticipated and resulted in an unusual credit (in other operating income) of EUR 0.6 million (2005: EUR 3.2 million), reflecting a
partial reversal of the receivable write-offs and adjustment of reorganisation provisions made in previous years.
- In 2005, various professional, legal and consultancy costs were incurred in conjunction with Avis Europe’s capital restructuring and the
rights issue (see note 9 of the 2005 annual report). Where such costs were not directly attributable to the issue of new shares, or the
drawing down of new debt facilities, they were recognised in the income statement as unusual items (in other operating expenses). In
addition to the costs expensed by Avis Europe (EUR 4.4 million), the Group recognised a EUR 5.3 million unusual charge, representing its
share in the difference between the gross and the net proceeds of the rights issue. The minority share in this difference was deducted from
minority interest in equity.
Vehicle Glass
(f) Net finance costs and cost of sales include re-measurements of financial instruments amounting to respectively EUR 2.4 million (2005:
EUR 2.6 million) and EUR 0.7 million (2005: nil) arising from changes in the “clean” fair value of derivatives.
(g) Other unusual items of the Vehicle Glass segment are set out below:
- Unusual costs of EUR 22.3 million (in other operating expenses) were incurred in 2006 and comprise EUR 20.2 million one-off costs related
to the integration and transformation programme underway in North America aimed at improving operating margins of recent acquisitions,
as well as EUR 2.1 million arising from the decision to close the manufacturing operations in Australia. Restructuring costs amounted to
EUR 1.7 million in 2005.
- Significant changes were made to the funded pension scheme in Holland resulting in an unusual curtailment credit of EUR 2.6 million (2005: nil).
This is presented in other operating income.
- Other unusual items in net finance costs include realised gains on disposals of financial assets amounting to EUR 0.1 million (2005: EUR 0.2 million).
- In 2005, an unusual reversal (in other operating income) of EUR 2.1 million was booked to bring a provision previously set up to cover the
cash settlement of the former management share option scheme in line with the amounts due, while sundry unusual items (in other
operating income) amounted to EUR 0.2 million.
Cash Flows
The line “acquisition of equity instruments” includes the business combinations disclosed in note 12.
The net cash from operating activities for the period to 31 December 2005 includes the actual cash settlement of the management share option
scheme of Belron, amounting to EUR 17.2 million.
In July 2005, Avis Europe plc raised EUR 166.2 million, net of expenses by way of a rights issue to qualifying shareholders. The Group subscribed
its share of the capital increase, i.e. EUR 104.5 million. In the 2005 cash flow statement, only the share subscribed by minority shareholders of
Avis Europe impacts the line “net proceeds from rights issue”.
Note 10: Earnings per share
Earnings per share (“EPS”) are shown above, on the face of the consolidated income statement.
Basic and diluted EPS are based on the profit for the period attributable to equity holders of the Parent, 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). Current EPS, which
do not include unusual items and re-measurements as defined in note 9, are presented to highlight underlying trading performance.
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 Parent and of Avis Europe plc. Such shares constitute the only category
of potentially dilutive ordinary shares.
The options over ordinary shares of Avis Europe did not impact earnings per share in either 2005 or 2006 as either the option exercise prices were
in excess of the prevailing market share price, or exercise of the options is subject to performance conditions which had not been fully satisfied by
the year end.
The options over ordinary shares of the Parent increased the weighted average number of shares of the Parent in 2005 and 2006 as some option
exercise prices were below the market share price. These options are dilutive.
66 D’Ieteren - Annual Report 2006

Note 10: Earnings per share (continued)
The computation of basic and diluted EPS is set out below:
2006 2005 (1)
Result for the period attributable to equity holders 100.0 76.2
Adjustment for participating shares -1.2 -0.9
Numerator for EPS (in EUR million) (a) 98.8 75.3
Current result for the period attributable to equity holders 136.4 97.6
Adjustment for participating shares -1.5 -1.1
Numerator for current EPS (in EUR million) (b) 134.9 96.5
Weighted average number of ordinary shares outstanding during the period (c) 5,456,239 5,458,062
Adjustment for stock option plans 22,826 14,993
Weighted average number of ordinary shares taken into account for diluted EPS (d) 5,479,065 5,473,055
Basic EPS (in EUR) (a)/(c) 18.11 13.80
Diluted EPS (in EUR) (a)/(d) 18.03 13.76
Basic current EPS (in EUR) (b)/(c) 24.72 17.68
Diluted current EPS (in EUR) (b)/(d) 24.62 17.63
(1) As restated (see note 2).
Note 11: Goodwill
in EUR million 2006 2005
Gross amount at 1 January 615.1 504.7
Accumulated impairment losses at 1 January -43.1 -42.6
Carrying amount at 1 January 572.0 462.1
Additions 18.0 39.4
Increase arising from put options granted to minority shareholders (see note 33) 47.3 69.7
Impairment losses -0.3 -0.5
Adjustments 10.1 1.3
Translation differences -2.7 -
Carrying amount at 31 December 644.4 572.0
of which: gross amount 687.8 615.1
accumulated impairment losses -43.4 -43.1
The additions arising from business combinations that occurred in the period are detailed in note 12.
The adjustments result from subsequent changes in the goodwill on the 2005 acquisitions. This goodwill was increased by EUR 10.1 million
reflecting fair value adjustments made to the initial valuations disclosed in note 12 of the 2005 annual report. This increase reflects changes in the fair
value of intangible assets (decrease of EUR 5.7 million), other net assets (decrease of EUR 2.5 million) and consideration (increase of EUR 1.9 million).
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 other intangible assets with indefinite useful lives (see note 13) as at each year end. The impairment review, undertaken by calculating value
in use, was carried out to ensure that the carrying value of the Group’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. The impairment losses of 2006 and 2005 arose in the Car Rental segment (see note 9).
CONSOLIDATED FINANCIAL STATEMENTS
67

Note 11: Goodwill (continued)
In determining the value in use, the Group calculated the present value of the estimated future cash flows expected to arise from the continuing
use of the assets using pre-tax discount rates in the range from 7% to 10% (2005: from 7% to 11%). The discount rate applied is based upon
the weighted average cost of capital of each segment with appropriate adjustment for the relevant risks associated with the businesses.
Estimated future cash flows are based on long-term plans (i.e. over 4 or 5 years) for each cash generating unit, with extrapolation thereafter
based on long-term average growth rates for the individual cash generating units. This growth rate is in the range from 2% to 3% (2005: 2% to
3%) for most of the units, including the ones that carry the most significant goodwill and intangible assets with indefinite useful lives.
Future cash flows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting
the value of goodwill and intangible assets with indefinite useful lives include long-term interest rates and other market data. Should the
assumptions vary adversely in the future, the value in use of goodwill and intangible assets with indefinite useful lives may reduce below their
carrying amounts. Based on current valuations, headroom appears to be sufficient to absorb a normal variation in the underlying assumptions.
The allocation of goodwill to cash generating units is set out below (the allocation of other intangible assets with indefinite useful lives is set out in
note 13):
in EUR million 2006 2005
Automobile Distribution 0.2 0.2
Car Rental:
Greece 7.9 7.8
China (presented in equity-accounted investments, see note 7) 0.9 0.9
Vehicle Glass:
United Kingdom 97.1 95.1
France 64.8 64.8
Italy 52.7 48.5
Germany 46.8 46.6
Canada 32.2 29.5
Holland 29.1 29.1
Belgium 27.1 27.1
Australia 24.8 24.8
United States 18.1 7.1
Spain 14.6 13.5
Norway 7.1 7.1
New Zealand 6.4 6.4
Greece 3.6 -
Sweden 3.2 2.9
Switzerland 2.0 2.0
Portugal 1.2 1.2
Denmark 0.8 0.8
Unallocated 204.7 157.5
Subtotal Vehicle Glass 636.3 564.0
Group 645.3 572.9
The unallocated amount in the Vehicle Glass segment comes from the acquisition of Belron by the Group in 1999, from the transactions entered
into with the minority shareholders of Belron since 1999, and from the recognition of the put options granted to minority shareholders of Belron
following the introduction of IAS 32 from 1 January 2005 onwards (see note 33).
68 D’Ieteren - Annual Report 2006

Note 12: Business Combinations
During the period, the Group made the following acquisitions:
Car Rental
- Avis Europe acquired a 100% interest in a number of the rental locations of a former Avis licensee in Germany. The businesses, which provide
vehicle rental services, were acquired with effect from the year end and cash consideration for the acquisition was paid during the year. The
goodwill arising from this business combination was immediately impaired (see note 9).
Vehicle Glass
- A 100% interest in Nationwide Autoglazing Ltd and Glasscare Ltd (United Kingdom), which are a third party agent negotiating preferred supplier
arrangements with insurers and referral arrangements with insurance brokers. These acquisitions were effective from 31 January 2006.
- A 100% interest in Gifford Enterprises Inc. and Rowford Express Distributors Inc, trading as Maverick Auto Glass and headquartered in Phoenix,
Arizona, which operate 5 service centres in this region of the United States. This acquisition was effective from 31 March 2006.
- A 100% interest in Cristalauto Toledo S.L. which operate a branch in Spain. This acquisition was effective from 16 May 2006.
- A 100% interest in AB Alatalo & Co which operate a branch in Sweden. This acquisition was effective from 1 June 2006.
- A 100% interest in Jan Gustavsen AS which operate a branch in Norway. This acquisition was effective from 30 June 2006.
- A 100% interest in Ergofil SA which was a former franchisee fitting and wholesale business in Greece. This acquisition was effective from
1 August 2006.
- A 100% interest in Autoglaserei Brauckhoff which operate 2 branches in Germany. This acquisition was effective from 1 August 2006.
- A 100% interest in Le Salon de l’Auto R. Lebeau Ltee and 601085 British Columbia Ltd which operate 2 branches in Canada. This acquisition was
effective from 3 November 2006.
- A 100% interest in Glasscar s.r.l. which operate 11 branches in Italy. This acquisition was effective from 28 December 2006.
The sales arising subsequent to these acquisitions amount to approximately EUR 15 million (approximately EUR 25 million if they had occurred on
the first day of the period). The results arising subsequent to these acquisitions (even if they had occurred on the first day of the period) are not
considered material to the Group and accordingly are not disclosed separately. The acquisitions have been accounted for using the acquisition
method of accounting.
The details of the net assets acquired, goodwill and consideration of the acquisitions are set out below:
in EUR million Book Adjustment (1) Provisional
value fair value (2)
Other intangibles 0.2 - 0.2
Other property, plant & equipment 1.0 - 1.0
Inventories 2.7 -0.2 2.5
Trade and other receivables 6.3 0.1 6.4
Trade and other payables -6.5 -0.5 -7.0
Net assets acquired 3.7 -0.6 3.1
Goodwill (see note 11) 18.0
Consideration 21.1
Consideration satisfied by:
Cash payment 14.1
Deferred consideration 6.0
Associated costs arising on acquisition 1.0
21.1
(1) Fair value and accounting policy adjustments.
(2) The fair values are provisional since the integration process of the acquired entities and businesses is still ongoing.
A business combination occurred in the Automobile Distribution segment after the balance sheet date but before the consolidated financial
statements were authorised for issue (see note 41).
CONSOLIDATED FINANCIAL STATEMENTS
69

Note 13: OTHER INTANGIBLE ASSETS
Goodwill is analysed in note 11. All the other intangible assets have definite useful lives, unless specified otherwise.
in EUR million Avis Other Brands Com- Intan- Other Total
licence licenses (with puter gibles
rights and indefinite software under
similar useful developrights
lives) ment
Gross amount at 1 January 2006 711.5 0.4 252.8 40.1 31.2 0.2 1,036.2
Accumulated amortisation and impairment losses at 1 January 2006 -43.4 -0.2 - -30.6 -2.3 - -76.5
Carrying amount at 1 January 2006 668.1 0.2 252.8 9.5 28.9 0.2 959.7
Additions:
Internal development - - - 2.2 1.2 0.1 3.5
Items separately acquired - - - 8.9 3.1 - 12.0
Amortisation -21.7 -0.1 - -7.9 -3.8 -0.1 -33.6
Transfer to another caption - - -5.8 -0.4 0.5 - -5.7
Group changes (items acquired through business combinations) - - - 0.2 - - 0.2
Translation differences - - - -0.1 0.3 - 0.2
Carrying amount at 31 December 2006 646.4 0.1 247.0 12.4 30.2 0.2 936.3
of which: gross amount 711.5 0.4 247.0 46.9 37.7 0.3 1,043.8
accumulated amortisation and impairment losses -65.1 -0.3 - -34.5 -7.5 -0.1 -107.5
Gross amount at 1 January 2005 711.5 0.4 219.0 44.2 26.0 - 1,001.1
Accumulated amortisation and impairment losses at 1 January 2005 -21.7 -0.1 - -37.1 - - -58.9
Carrying amount at 1 January 2005 689.8 0.3 219.0 7.1 26.0 - 942.2
Additions:
Internal development - - - 1.7 2.7 - 4.4
Items separately acquired - - - 4.8 2.0 - 6.8
Disposals - - - -0.1 - - -0.1
Amortisation -21.7 -0.1 - -4.5 -2.6 - -28.9
Transfer to another caption - - - -0.3 0.1 0.2 -
Group changes (items acquired through business combinations) - - 34.8 0.4 - - 35.2
Translation differences - - -1.0 0.4 0.7 - 0.1
Carrying amount at 31 December 2005 668.1 0.2 252.8 9.5 28.9 0.2 959.7
of which: gross amount 711.5 0.4 252.8 40.1 31.2 0.2 1,036.2
accumulated amortisation and impairment losses -43.4 -0.2 - -30.6 -2.3 - -76.5
The carrying amount of the Avis licence rights is supported by the net present value of theoretical royalty streams, based on the projected sales of
the Avis network. Theoretical royalty streams are estimates that may change in future periods. The discount rate is calculated based on long-term
interest rates and other market data. Should the estimates or other data adversely vary in the future, the value in use of the Avis licence rights
could fall below its current carrying amount. Based on current valuations, headroom appears to be sufficient to absorb a normal variation in the
underlying assumptions.
The nature of the brands with indefinite useful lives is provided in the summary of significant accounting policies in note 2. The decrease in
brands reflects the fair value adjustments made to the initial valuations disclosed in note 12 of the 2005 annual report (see note 11).
At 31 December 2006, assets under construction mainly include the intangible components of the new centralised ERP system (“Bridge” -
EUR 29.4 million) in the Vehicle Glass segment. The tangible components of Bridge are disclosed in note 15. The total carrying amount of
Bridge is EUR 40.0 million. Amortisation started in the second half of 2005, following the successful go-live of the system in a major country.
Bridge will continue to be presented as assets under construction until the completion of the first phase of the roll-out process.
70 D’Ieteren - Annual Report 2006

Note 13: OTHER INTANGIBLE ASSETS (continued)
The allocation of brands (with indefinite useful lives) to cash generating units in the Vehicle Glass segment is set out below:
in EUR million 2006 2005
United Kingdom 67.9 67.9
France 61.9 61.8
Germany 34.8 34.8
Holland 24.2 24.2
Belgium 18.1 18.1
Canada 15.3 18.3
United States 12.5 15.5
Spain 9.1 9.1
Portugal 2.9 2.9
Italy 0.3 0.2
Carrying amount of brands 247.0 252.8
The other disclosures required by IAS 36 for intangible assets with indefinite useful lives are provided in note 11.
Note 14: Vehicles
in EUR million 2006 2005
Gross amount at 1 January 889.3 818.4
Accumulated depreciation -166.6 -142.4
Carrying amount at 1 January 722.7 676.0
Additions 950.2 819.0
Disposals -618.9 -543.1
Depreciation charge -211.5 -179.4
Transfer to non-current assets held for sale -81.6 -91.8
Transfer from (to) current assets 18.2 41.5
Group changes (items acquired through business combinations) - 0.5
Translation differences -0.4 -
Carrying amount at 31 December 778.7 722.7
of which: gross amount 966.4 889.3
accumulated depreciation -187.7 -166.6
Vehicles held under finance leases are included in the above (in the Car Rental segment only) at the following amounts:
2006 EUR 119.0 million
2005 EUR 113.1 million
The Automobile Distribution’s fleet is rented out in Belgium by s.a. D’Ieteren Lease n.v. (“D’Ieteren Lease”), a wholly-owned subsidiary of the
Group. All rentals are operating leases. On average, the rentals are 41 months long (2005: 41 months). The average size of the fleet is as follows:
2006 18,466 vehicles
2005 17,401 vehicles
In 2006 D’Ieteren Lease undertook a securitisation programme of its fleet and lease contracts to achieve a more autonomous and flexible
financing structure, its fleet having doubled in 6 years. This securitisation operation, which fits into the Group’s strategy of diversified financing,
consists of the issue of bonds to professional investors. That securitisation programme had no impact on the net debt of the Group (this
programme being a substitute to other external sources of financing). An initial amount of EUR 229.5 million was raised in April 2006, covering
approximately 80% of the carrying amount of the fleet of D’Ieteren Lease. The balance is financed by inter-company loans. The carrying amount
of the bonds changes as new lease contracts are concluded and as old ones expire. The reimbursement of the bonds and the payment of interest
are covered by customers’ lease payments and the resale of the vehicles. The programme enables the carrying amount of the bonds to follow the
evolution of the carrying amount of the fleet until the third anniversary of the initial financing. It then starts to amortise, in line with the maturation
of the underlying lease contracts. The securitisation programme does not result in the derecognition of any item from the balance sheet. Other
disclosures regarding the securitisation programme are provided in notes 19, 25, 31 and 39.
CONSOLIDATED FINANCIAL STATEMENTS
71

Note 14: Vehicles (continued)
The Car Rental’s fleet is rented out by Avis Europe plc and its subsidiaries in Europe. All rentals are operating leases. On average, the rentals are 6 days
long (2005: 6 days). The average size of the fleet (including vehicles held under buy-back agreements and under other operating leases) is as follows:
2006 129,000 vehicles
2005 123,000 vehicles
The vehicles recognised in the balance sheet as non-current items are those that are not held under buy-back agreements. Their value at end of
rental life will depend on the market for those vehicles at the time of disposal. Judgement is therefore required in the estimation of disposal value.
Note 15: OTHER PROPERTY, PLANT AND EQUIPMENT
in EUR million Property Plant Assets Total
and
under
equipment construction
Gross amount at 1 January 2006 316.3 290.8 25.2 632.3
Accumulated depreciation at 1 January 2006 -116.3 -181.7 - -298.0
Carrying amount at 1 January 2006 200.0 109.1 25.2 334.3
Additions 15.4 50.7 5.2 71.3
Disposals -4.4 -3.3 - -7.7
Depreciation -17.6 -39.5 -0.1 -57.2
Transfer to another caption 13.4 2.2 -15.7 -0.1
Group changes (items acquired through business combinations) 0.1 0.9 - 1.0
Translation differences -1.2 -1.0 0.1 -2.1
Carrying amount at 31 December 2006 205.7 119.1 14.7 339.5
of which: gross amount 336.1 306.9 14.8 657.8
accumulated depreciation -130.4 -187.8 -0.1 -318.3
Gross amount at 1 January 2005 300.4 279.1 19.9 599.4
Accumulated depreciation at 1 January 2005 -108.4 -180.5 - -288.9
Carrying amount at 1 January 2005 192.0 98.6 19.9 310.5
Additions 13.4 38.7 16.4 68.5
Disposals -1.1 -4.1 -0.3 -5.5
Depreciation -16.2 -34.9 - -51.1
Transfer to another caption 6.1 0.4 -10.8 -4.3
Group changes (items acquired through business combinations) 3.3 8.3 - 11.6
Translation differences 2.5 2.1 - 4.6
Carrying amount at 31 December 2005 200.0 109.1 25.2 334.3
of which: gross amount 316.3 290.8 25.2 632.3
accumulated depreciation -116.3 -181.7 - -298.0
At 31 December 2006, assets under construction mainly include property under construction in the Automobile Distribution segment (EUR 3.6
million) and the tangible components of the new centralised ERP system (“Bridge” - EUR 10.6 million) in the Vehicle Glass segment (see note 13).
Assets held under finance leases are included in the above at the following amounts:
in EUR million Property Plant Assets Total
and
under
equipment construction
31 December 2006 - 15.5 - 15.5
31 December 2005 - 9.8 - 9.8
72 D’Ieteren - Annual Report 2006

Note 16: Investment property
in EUR million 2006 2005
Gross amount at 1 January 11.1 9.5
Accumulated depreciation at 1 January -5.0 -4.6
Carrying amount at 1 January 6.1 4.9
Additions 0.6 0.6
Disposals -0.6 -0.1
Depreciation -0.5 -0.3
Transfer to another caption 0.9 1.0
Carrying amount at 31 December 6.5 6.1
of which: gross amount 11.2 11.1
accumulated depreciation -4.7 -5.0
Fair value 9.1 8.9
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 and December 2005.
All items of investment property are located in Belgium and are held by the Automobile Distribution segment.
See also notes 5 and 39 for other disclosures on investment property.
Note 17: Available-for-sale financial assets
Available-for-sale financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as (i) loans
and receivables, (ii) held-to-maturity investments or (iii) financial assets held for trading.
in EUR million 2006 2005
Carrying Fair value Carrying Fair value
amount
amount
Sundry 1.3 1.3 1.6 1.6
Total available-for-sale financial assets 1.3 1.3 1.6 1.6
Available-for-sale financial assets primarily comprise minority interests in listed companies (measured at fair value) and non listed companies
(measured at cost less accumulated impairment losses if any, being an approximation of their fair value), held by the three segments. They are
considered as non-current assets, and are not expected to be realised within 12 months. However, some or all of them could be disposed of in the
near future, depending on opportunities.
Note 18: DERIVATIVE HEDGING INSTRUMENTS
Derivative hedging instruments are derivatives that meet the strict criteria of IAS 39 for application of hedge accounting. They provide economic
hedges against risks faced by the Group (see note 38).
Derivative hedging instruments are classified in the balance sheet as follows:
in EUR million 2006 2005
Current assets 1.0 -
Non-current liabilities -42.3 -52.8
Current liabilities -30.3 -0.4
Net derivative hedging instruments -71.6 -53.2
Derivative hedging instruments are analysed as follows:
Cross currency interest rate swaps (debt derivatives) - see below -72.0 -52.8
Interest rate swaps (debt derivatives) -0.5 -
Forward foreign exchange contracts (non-debt derivatives) 0.9 -0.4
Net derivative hedging instruments -71.6 -53.2
All derivative hedging instruments are recognised in the Car Rental segment.
CONSOLIDATED FINANCIAL STATEMENTS
73

Note 18: DERIVATIVE HEDGING INSTRUMENTS (continued)
Cross currency interest rate swaps of aggregate notional principal amounts of USD 390.0 million (2005: USD 390.0 million) were used to hedge the
Avis Europe’s USD denominated loan notes. Fair value hedge adjustments of EUR 0.7 million (2005: EUR 22.3 million) arise from the hedging of the
principal value of the exposures to euro denominated liabilities. Of this adjustment, EUR 0.7 million (2005: nil) relates to hedged items due for
settlement within one year and EUR nil (2005: EUR 22.3 million) relates to hedged items due for settlement after one year. Cash flow hedges of
EUR 7.5 million (2005: EUR 0.9 million) arise from the conversion of the regular semi-annual USD denominated interest payments to euro denominated
interest payments. Amounts recognised within equity will be released to the income statement when the underlying fixed interest payments occur at
various dates between the year end and 2014. There was no ineffectiveness of these hedges recorded at the balance sheet date.
Interest rate swaps of aggregate notional principal amounts of EUR 200.0 million (2005: nil) with average fixed interest payable of 4.03% were
used to hedge variable quarterly interest payments arising under the Senior Floating Rate Notes due 2013 issued by Avis Europe in 2006. The
aim of the hedge relationship is to transform the variable interest borrowing into a fixed interest borrowing. Credit risks do not form part of the
hedge. There was no material ineffectiveness of these hedges recorded as at the balance sheet date.
The non-current portion of the derivative hedging instruments is expected to be settled after more than 12 months; the current portion within 12 months.
The fair values are determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on
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 are valued using option valuation techniques. The fair value
of forward exchange contracts is determined using forward exchange market rates at the balance sheet date.
The notional principal amounts of the outstanding derivative hedging instruments are as follows:
in EUR million 2006 2005
Cross currency interest rate swaps (debt derivatives) 294.9 328.7
Interest rate swaps (debt derivatives) 200.0 -
Forward foreign exchange contracts (non-debt derivatives) 19.7 10.1
Note 19: Derivatives held for trading
Derivatives held for trading are derivatives that do not meet the strict criteria of IAS 39 for application of hedge accounting. They however provide
economic hedges against risks faced by the Group (see note 38).
Derivatives held for trading are classified in the balance sheet as follows:
in EUR million 2006 2005
Non-current assets
Debt derivatives
Embedded derivatives 6.8 -
Current assets
Debt derivatives
Interest rate swaps excluding securitisation swaps 6.6 9.9
Interest rate securitisation swaps (1) 1.2 -
Interest rate caps 1.6 0.1
Non-debt derivatives
Forward foreign exchange contracts 1.3 0.2
Forward foreign exchange options 0.4 0.1
Subtotal 11.1 10.3
Current liabilities
Debt derivatives
Interest rate swaps excluding securitisation swaps -8.4 -16.0
Interest rate securitisation swaps (1) -1.3 -
Forward foreign exchange contracts -0.1 -0.1
Non-debt derivatives
Forward foreign exchange contracts - -0.6
Subtotal -9.8 -16.7
Net derivatives held for trading 8.1 -6.4
(1) Other disclosures regarding the securitisation programme are provided in notes 14, 25, 31 and 39.
74 D’Ieteren - Annual Report 2006

Note 19: Derivatives held for trading (continued)
The EUR 250.0 million Senior Floating Rate Notes due 2013 issued by Avis Europe in 2006 include a two year call option permitting Avis Europe
to repay the notes with effect from 31 July 2008. Under the option, the notes may be redeemed at the following redemption prices (expressed
as a percentage of principal amounts) if repaid during the 12 month period beginning on 31 July 2008: 102%; 31 July 2009: 101%; 31 July 2010
and thereafter: 100%. In accordance with IAS 39, this option is separately recognised from the underlying notes as an embedded derivative.
See note 18 for details on the valuation techniques used.
The notional principal amounts of the outstanding derivatives held for trading are as follows:
in EUR million 2006 2005
Interest rate swaps excluding securitisation swaps 925.7 1,084.8
Interest rate securitisation swaps (1) 555.2 -
Interest rate caps and collars 172.0 110.0
Interest rate floors 48.0 23.0
Forward rate agreements - 40.5
Forward foreign exchange contracts and options 21.8 7.9
(1) Other disclosures regarding the securitisation programme are provided in notes 14, 25, 31 and 39.
Note 20: LONG-TERM EMPLOYEE BENEFIT ASSETS AND OBLIGATIONS
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. Where applicable, Group entities contribute to the relevant state pension
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 disclosures related to defined contribution schemes are provided in note 36.
The Group operates defined benefit schemes for qualifying employees in the following countries:
Automobile Distribution:
Funded and unfunded schemes:
Belgium
Car Rental:
Funded schemes:
Austria
France
Spain
United Kingdom
Unfunded schemes:
Germany
Greece
Italy
Vehicle Glass:
Funded schemes:
Canada
Holland
Ireland
United Kingdom
The valuations used have been based on the most recent actuarial valuations, updated by the scheme actuaries to assess the liabilities of the
scheme and the market value of the scheme assets at each of the balance sheet dates.
CONSOLIDATED FINANCIAL STATEMENTS
75

Note 20: LONG-TERM EMPLOYEE BENEFIT ASSETS AND OBLIGATIONS (continued)
The main actuarial assumptions are as follows (ranges are provided given the plurality of schemes operated throughout the Group):
in EUR million funded schemes Unfunded schemes
2006 2005 2006 2005
Min. Max. Min. Max. Min. Max. Min. Max.
Inflation rate 2.0% 3.1% 2.0% 2.9% 1.6% 2.0% 1.6% 2.0%
Discount rate 4.3% 5.2% 4.2% 5.3% 3.7% 4.4% 2.9% 4.0%
Expected return on scheme assets:
Equities 7.0% 8.5% 7.2% 8.5% - - - -
Bonds 4.0% 5.0% 4.5% 5.8% - - - -
Other 2.3% 6.1% 2.9% 4.5% - - - -
Rate of salary increases 1.0% 5.2% 1.0% 5.0% 2.0% 3.0% 1.0% 4.0%
Rate of pension increases 2.0% 3.1% 2.0% 2.9% 1.1% 2.0% 1.6% 2.0%
The expected rates of return on scheme assets are based on market expectations at the beginning of each year, for returns over the entire life of
the related obligation. The expected return on bonds is based on long-term bond yields. The expected return on equities is based on a wide range
of qualitative and quantitative market analysis including consideration of market equity risk premiums.
The actual return on scheme assets is analysed as follows:
in EUR million 2006 2005
Expected return on scheme assets 19.6 15.4
Actual return less expected return on scheme assets 0.1 31.9
Actual return on scheme assets 19.7 47.3
The amounts recognised in the balance sheet are summarised as follows:
in EUR million 2006 2005
Long-term employee benefit assets 1.8 1.3
Long-term employee benefit obligations -175.3 -190.0
Recognised net deficit (-) / surplus (+) in the schemes -173.5 -188.7
of which: amount expected to be settled within 12 months -1.0 -1.2
amount expected to be settled in more than 12 months -172.5 -187.5
The amounts recognised in the balance sheet are analysed as follows:
in EUR million 2006 2005
Funded Unfunded Total Funded Unfunded Total
schemes schemes schemes schemes
Present value of defined benefit obligations -467.8 -45.9 -513.7 -432.4 -51.7 -484.1
Fair value of scheme assets 340.2 - 340.2 295.4 - 295.4
Net deficit (-) / surplus (+) in the schemes -127.6 -45.9 -173.5 -137.0 -51.7 -188.7
The fair value of scheme assets includes the following items:
in EUR million 2006 2005
Funded Unfunded Total Funded Unfunded Total
schemes schemes schemes schemes
Equity instruments 209.2 - 209.2 187.5 - 187.5
Debt instruments 97.8 - 97.8 78.3 - 78.3
Property 16.6 - 16.6 - - -
Other assets 16.6 - 16.6 29.6 - 29.6
Fair value of scheme assets 340.2 - 340.2 295.4 - 295.4
The fair value of scheme assets did not comprise any property or other assets used by the Group, nor any financial instruments of the Group.
76 D’Ieteren - Annual Report 2006

Note 20: LONG-TERM EMPLOYEE BENEFIT ASSETS AND OBLIGATIONS (continued)
The movements in the recognised net deficit are as follows:
in EUR million 2006 2005
Funded Unfunded Total Funded Unfunded Total
schemes schemes schemes schemes
Net deficit (-) / surplus (+) at 1 January -137.0 -51.7 -188.7 -87.1 -40.9 -128.0
Contributions paid by the Group 31.3 - 31.3 15.4 - 15.4
Benefits paid by the Group - 1.9 1.9 - 2.6 2.6
Expense recognised in the income statement -14.4 -1.3 -15.7 -14.9 -5.1 -20.0
Actuarial gains (+) / losses (-) -6.0 4.9 -1.1 -44.9 -8.4 -53.3
Group changes - - - -4.0 - -4.0
Translation differences -1.5 0.3 -1.2 -1.5 0.1 -1.4
Net deficit (-) / surplus (+) at 31 December -127.6 -45.9 -173.5 -137.0 -51.7 -188.7
The amounts recognised in the income statement are as follows:
in EUR million 2006 2005
Funded Unfunded Total Funded Unfunded Total
schemes schemes schemes schemes
Current service cost -17.4 -2.6 -20.0 -13.7 -4.0 -17.7
Past service cost 0.2 3.2 3.4 - - -
Interest cost -20.6 -1.9 -22.5 -16.6 -1.1 -17.7
Effect of curtailment or settlement 3.8 - 3.8 - - -
Expected return on scheme assets 19.6 - 19.6 15.4 - 15.4
Expense recognised in the income statement -14.4 -1.3 -15.7 -14.9 -5.1 -20.0
of which: commercial and administrative expenses (current items) -18.2 -4.5 -22.7 -14.9 -5.1 -20.0
other operating income (unusual items - see note 9) 3.8 3.2 7.0 - - -
The amounts recognised through the statement of recognised income and expense are as follows:
in EUR million 2006 2005
Funded Unfunded Total Funded Unfunded Total
schemes schemes schemes schemes
Actual return less expected return on scheme assets 0.1 - 0.1 31.9 - 31.9
Experience gain (+) / loss (-) on liabilities -6.8 1.5 -5.3 6.4 0.2 6.6
Gain (+) / Loss (-) on change of assumptions (1) 0.7 3.4 4.1 -83.2 -8.6 -91.8
Actuarial gains (+) / losses (-) -6.0 4.9 -1.1 -44.9 -8.4 -53.3
(1) Financial and/or demographic assumptions.
The best estimate of the contributions expected to be paid to the schemes during the 2007 annual period is EUR 25.5 million.
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.
CONSOLIDATED FINANCIAL STATEMENTS
77

Note 21: DEFERRED TAXES
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current assets against current tax liabilities
and when the deferred income taxes relate to the same fiscal authority.
The movement in deferred tax assets and liabilities during the period and the prior period is as follows:
in EUR million Buy-back Revalua- Depreciation Provi- Divi- Tax losses Financial Other Total
agree- tions amortisation sions dends available instruments
write-downs for offset ments
Deferred tax liabilities (negative amounts)
At 1 January 2005, before offsetting -16.8 -224.7 -34.2 -0.3 -2.8 - -1.9 -4.4 -285.1
Credited (charged) to income statement 15.6 6.7 -3.7 - 2.3 - -3.4 -5.2 12.3
Credited (charged) to equity - - - - - - - - -
Exchange differences - - -0.2 - - - - 0.1 -0.1
At 31 December 2005, before offsetting -1.2 -218.0 -38.1 -0.3 -0.5 - -5.3 -9.5 -272.9
Offsetting 1.3 - -9.4 5.9 - 7.5 5.6 -13.7 -2.8
At 1 January 2006, after offsetting 0.1 -218.0 -47.5 5.6 -0.5 7.5 0.3 -23.2 -275.7
Credited (charged) to income statement -0.1 6.7 -2.9 -0.2 0.2 -5.1 0.6 6.0 5.2
Credited (charged) to equity - - - -0.1 - - - - -0.1
Exchange differences - - -0.6 - - - - - -0.6
At 31 December 2006, after offsetting - -211.3 -51.0 5.3 -0.3 2.4 0.9 -17.2 -271.2
Deferred tax assets (positive amounts)
At 1 January 2005, before offsetting 18.1 - 3.0 39.3 - 12.4 6.9 2.1 81.8
Credited (charged) to income statement -17.6 - 0.5 -0.2 - 10.2 2.4 -1.4 -6.1
Credited (charged) to equity - - - 13.7 - - -1.8 - 11.9
Exchange differences - - 0.1 1.0 - - 0.4 - 1.5
At 31 December 2005, before offsetting 0.5 - 3.6 53.8 - 22.6 7.9 0.7 89.1
Offsetting -0.5 - 8.6 -5.9 - -7.5 -5.6 13.7 2.8
At 1 January 2006, after offsetting - - 12.2 47.9 - 15.1 2.3 14.4 91.9
Credited (charged) to income statement - - 8.1 -18.8 - 14.7 -0.2 -1.6 2.2
Credited (charged) to equity - - - 1.5 - - 1.0 - 2.5
Exchange differences - - 0.5 0.3 - - 0.3 - 1.1
At 31 December 2006, after offsetting - - 20.8 30.9 - 29.8 3.4 12.8 97.7
Net deferred tax assets (liabilities)
after offsetting recognised
in the consolidated balance sheet:
31 December 2005 0.1 -218.0 -35.3 53.5 -0.5 22.6 2.6 -8.8 -183.8
31 December 2006 - -211.3 -30.2 36.2 -0.3 32.2 4.3 -4.4 -173.5
The revaluation column mainly includes the deferred tax liability (EUR 200.7 million; 2005: EUR 207.4 million) arising on the recognition of the Avis
licence rights.
The net deferred tax balance includes a liability of EUR 6.7 million (2005: EUR 6.7 million) that will be reversed in the following year, due to the
amortisation of the Avis licence rights. It also includes net deferred tax assets amounting to EUR 3.6 million (2005: EUR 8.5 million) 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 of EUR 190.4 million (EUR 150.2 million at 31 December 2005) available for offset
against future profits, for which no deferred tax asset has been recognised, due to the unpredictability of future profit streams. This includes
unused tax losses of EUR 20.3 million (2005: EUR 11.2 million) that will expire in the period 2007-2026 (2005: 2006-2025). Other losses may be
carried forward indefinitely.
Deferred tax has not been recognised in respect of other deductible temporary differences amounting to EUR 49.5 million (2005: EUR 21.5 million)
due to the unpredictability of future profit streams.
78 D’Ieteren - Annual Report 2006

Note 21: DEFERRED TAXES (continued)
At the balance sheet date the aggregate amount of temporary differences associated with the investments in subsidiaries, branches, associates
and interests in joint ventures (being mainly the accumulated positive consolidated reserves of these entities) for which deferred tax liabilities
have not been recognised is EUR 927.6 million. No deferred tax liability has been recognised in respect of these differences 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 Parent, would generate no (or a marginal) current tax effect.
Deferred tax assets include, among other items:
- EUR 6.6 million (2005: EUR 18.1 million) of which the utilisation is dependent on future taxable profits in excess of the profit arising from the
reversal of existing taxable temporary differences.
- EUR 20.4 million (2005: EUR 12.6 million) related to entities that suffered a loss in either the current or preceding period in a tax jurisdiction to
which the deferred tax assets relate.
The recognition of these deferred tax assets is supported by profit expectations in the foreseeable future.
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.
Note 22: Other non-current receivables
The other non-current receivables are comprised of guarantee deposits. Their carrying amount approximates their fair value, and they generally
generate no interest income. They are expected to be recovered after more than 12 months.
Note 23: Non-current assets classified as held for sale
The major classes of assets classified as held for sale are the following ones:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Vehicles - 8.4 - 8.4 - 11.1 - 11.1
Other property, plant and equipment - - - - 0.1 - - 0.1
Non-current assets classified as held for sale - 8.4 - 8.4 0.1 11.1 - 11.2
In the Car Rental segment, non-current assets held for sale comprise ex-rental vehicles where management are committed to the disposal of
the vehicles. The disposals are expected to occur in early 2007.
Note 24: Inventories
in EUR million 2006 2005
Automobile Distribution
Vehicles 269.7 272.2
Spare parts and accessories 26.4 23.9
Other 0.6 0.8
Subtotal 296.7 296.9
Car Rental
Fuel 6.0 5.7
Spare parts and accessories 1.4 1.3
Subtotal 7.4 7.0
Vehicle Glass
Glass and related product 114.1 118.4
Subtotal 114.1 118.4
Group 418.2 422.3
of which: items carried at fair value less costs to sell 38.9 33.4
The items carried out at fair value less costs to sell are mainly the vehicles sold under buy-back agreements (this kind of agreement being
accounted for as operating lease) that are kept on balance sheet until their subsequent resale.
The inventories are expected to be recovered within 12 months.
CONSOLIDATED FINANCIAL STATEMENTS
79

Note 25: OTHER FINANCIAL ASSETs
The other financial assets are analysed as follows:
in EUR million 2006 2005
Automobile Distribution - Securitisation cash reserves 25.5 -
Car Rental - Finance lease collateral 22.6 15.0
Vehicle Glass - Restricted cash related to deferred consideration - 3.5
Other financial assets 48.1 18.5
The securitisation (see note 14) cash reserves are pledged by D’Ieteren Lease and are held on its own bank accounts. The set up of these
reserves explains the majority of the negative cash flow from net investment in other financial assets in the Automobile Distribution segment.
Other disclosures regarding the securitisation programme are provided in notes 14, 19, 31 and 39.
The other financial assets are expected to be recovered within 12 months. They attract interest with reference to EURIBID, LIBID or equivalent.
Note 26: CURRENT TAX ASSETS AND LIABILITIES
Current tax assets (liabilities) are largely expected to be recovered (settled) within 12 months.
Note 27: TRADE AND OTHER RECEIVABLES
Trade and other receivables are analysed as follows:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Trade receivables - net 95.3 153.9 134.7 383.9 102.0 131.9 125.9 359.8
Vehicle related receivables - 1,082.4 - 1,082.4 - 1,078.7 - 1,078.7
Receivables from entities accounted
for using the equity method 0.4 0.1 - 0.5 0.3 0.2 - 0.5
Other receivables 22.8 122.2 31.4 176.4 22.0 121.1 35.3 178.4
Trade and other receivables 118.5 1,358.6 166.1 1,643.2 124.3 1,331.9 161.2 1,617.4
The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates to their fair value, and they
generate no interest income.
In the Car Rental segment, vehicle related receivables include receivables related to vehicles purchased under buy-back agreements, prepaid
vehicle operating lease charges, amounts due from leasing companies and other vehicle receivables. Credit risk is concentrated with the main
European vehicle manufacturers.
Concentrations of credit risk with respect to non-vehicle related receivables are limited due to the diversity of the Group’s customer base. Balance
sheet 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 balance sheet.
Note 28: CASH AND CASH EQUIVALENTS
Cash and cash equivalents are analysed below:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Cash at bank and in hand 1.5 52.0 37.8 91.3 1.4 79.0 18.5 98.9
Short-term deposits - 64.6 - 64.6 - 19.8 - 19.8
Cash and cash equivalents 1.5 116.6 37.8 155.9 1.4 98.8 18.5 118.7
Cash and cash equivalents are mainly floating rate assets which earn interest at various rates set with reference to the prevailing EURIBID, LIBID
or equivalent.
Due to legal restrictions, cash balances held in Brazil, amounting to EUR 4.4 million (2005: EUR 2.3 million), are not available for general use by the
Parent or other subsidiaries.
80 D’Ieteren - Annual Report 2006

Note 29: Equity
The change in ordinary share capital is set out below:
in EUR million, except number of shares stated in units Number Ordinary
of ordinary
share
shares
capital
At 1 January 2005 5,530,260 160.0
Change 2 -
At 31 December 2005 5,530,262 160.0
Change - -
At 31 December 2006 5,530,262 160.0
All ordinary shares issued are fully paid. Ordinary shares have no face value. They are either nominative or bearer shares. Each ordinary share
confers one voting right.
Treasury shares are held by the Parent and by subsidiaries as set out below:
in EUR million, except number of shares stated in units 2006 2005
Number Amount Number Amount
Treasury shares held by the Parent 77,270 12.9 68,309 9.1
Treasury shares held by subsidiaries 1 - 1 -
Treasury shares held 77,271 12.9 68,310 9.1
Treasury shares are held to cover the stock option plans set up by the Parent in the period since 1999 (see note 37).
On 27 May 2004, the Extraordinary General Meeting of Shareholders authorised the Board of Directors to increase the share capital on one or
more occasions, during a renewable period of five years, up to a maximum of EUR 60 million by contributions in cash or in kind or by incorporation
of available or non-available reserves or share premium account, with or without creation of new shares, either preference or other shares, with or
without voting rights, with or without subscription rights, with the possibility of limiting or withdrawing preferential subscription rights including in
favour of one or more specified people.
In addition to ordinary shares, there are 500,000 nominative participating shares, which do not represent share capital. The number of participating
shares remained unchanged in 2005 and in 2006. 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.
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 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).
Disclosure of company shareholders (according to “declarations Capital Participating Total voting
of transparency” dated 8 July 1994, 9 December 1996, shares shares rights
30 January 1998, 14 November 2005 and 20 December 2006) Number % Number % Number %
s.a. de Participations et de Gestion, Brussels 1,032,206 18.66% - - 1,032,206 17.12%
Reptid Commercial Corporation, Dover, Delaware 202,532 3.66% - - 202,532 3.36%
Mrs Catheline Périer-D’Ieteren 152,990 2.77% 125,000 25.00% 277,990 4.61%
Mr Olivier Périer 1,000 0.02% - - 1,000 0.02%
The four abovementioned persons (collectively “SPDG
Group”) are associated and act in concert with Cobepa s.a. 1,388,728 25.11% 125,000 25.00% 1,513,728 25.10%
Nayarit Participations s.c.a., Brussels 1,209,151 21.86% - - 1,209,151 20.05%
Mr Roland D’Ieteren 46,619 0.84% 375,000 75.00% 421,619 6.99%
Mr Nicolas D’Ieteren 1,000 0.02% - - 1,000 0.02%
The three abovementioned persons (collectively “Nayarit
Group”) are associated and act in concert with Cobepa s.a. 1,256,770 22.73% 375,000 75.00% 1,631,770 27.06%
The persons referred to as SPDG Group and Nayarit
Group are associated and act in concert.
Cobepa s.a., Brussels 425,000 7.68% - - 425,000 7.05%
Cobepa s.a. acts in concert on the one hand with Nayarit
Group and on the other hand with SPDG Group. 425,000 7.68% - - 425,000 7.05%
CONSOLIDATED FINANCIAL STATEMENTS
81

Note 29: Equity (continued)
Changes in equity are set out below:
in EUR million Capital and reserves attributable to equity holders Total Minority Equity
Share Share Treasury Share- Fair Hedging Retained Actuarial Taxes Cumu- Group’s
capital premium shares based value reserve earnings gains lative share
interest
payment reserve and translation
reserve losses differences
At 1 January 2005 160.0 24.4 -9.8 0.4 0.8 -9.2 513.0 -8.4 4.3 -6.1 669.4 176.7 846.1
Treasury shares - - 0.7 - - - - - - - 0.7 0.1 0.8
Dividend 2004 paid in 2005 - - - - - - -12.8 - - - -12.8 -16.7 -29.5
Other movements - - - - - - - - - - - 71.1 71.1
Total recognised income and expense - - - 0.4 -0.4 4.7 80.3 -33.9 7.9 -6.4 52.6 4.4 57.0
At 31 December 2005 (as reported) 160.0 24.4 -9.1 0.8 0.4 -4.5 580.5 -42.3 12.2 -12.5 709.9 235.6 945.5
Restatements (see note 2) - - - - - - -4.1 - -1.7 5.8 - - -
At 31 December 2005 (as restated) 160.0 24.4 -9.1 0.8 0.4 -4.5 576.4 -42.3 10.5 -6.7 709.9 235.6 945.5
At 1 January 2006 160.0 24.4 -9.1 0.8 0.4 -4.5 576.4 -42.3 10.5 -6.7 709.9 235.6 945.5
Treasury shares - - -3.8 - - - - - - - -3.8 0.2 -3.6
Dividend 2005 paid in 2006 - - - - - - -13.3 - - - -13.3 -12.2 -25.5
Other movements - - - - - - - - - - - -5.9 -5.9
Total recognised income and expense - - - 0.7 -0.2 -1.7 100.0 -1.2 1.1 0.3 99.0 14.3 113.3
At 31 December 2006 160.0 24.4 -12.9 1.5 0.2 -6.2 663.1 -43.5 11.6 -6.4 791.8 232.0 1,023.8
The Board of Directors proposed the distribution of a gross dividend amounting to EUR 2.64 per share (2005: EUR 2.40 per share), or EUR 14.6 million
in aggregate (2005: EUR 13.3 million).
Note 30: PROVISIONS
Provisions for post-retirement benefit schemes are analysed in note 20. The other provisions, either current or non-current, are analysed below.
The major classes of provisions are the following ones:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Non-current provisions
Dealer-related 21.3 - - 21.3 18.0 - - 18.0
Warranty 5.0 - - 5.0 4.6 - - 4.6
Insurance and covers 3.6 45.2 - 48.8 3.5 37.1 - 40.6
Other non-current items 5.5 19.4 46.1 71.0 4.3 15.2 22.3 41.8
Subtotal 35.4 64.6 46.1 146.1 30.4 52.3 22.3 105.0
Current provisions
Other current items - - 8.7 8.7 - - 3.3 3.3
Total provisions 35.4 64.6 54.8 154.8 30.4 52.3 25.6 108.3
82 D’Ieteren - Annual Report 2006

Note 30: PROVISIONS (continued)
The changes in provisions are set out below for the year ended 31 December 2006:
in EUR million Dealer- Warranty Insurance Other Other Total
related and non-current current
covers items items
At 1 January 2006 18.0 4.6 40.6 41.8 3.3 108.3
Charged in the year 9.8 0.9 26.1 40.1 5.9 82.8
Utilised in the year -4.5 -0.4 -18.0 -10.6 - -33.5
Reversed in the year -2.0 -0.1 - -0.3 - -2.4
Translation differences - - 0.1 - -0.5 -0.4
At 31 December 2006 21.3 5.0 48.8 71.0 8.7 154.8
The timing of the outflows being largely uncertain, most of the provisions are considered as a non-current items. Current provisions are expected
to be settled within 12 months.
The dealer-related provisions arise from the ongoing improvement of the distribution networks.
Warranty provisions relate to the cost of services offered to new vehicle customers, like mobility. Expected reimbursements by third parties
amount to at least EUR 0.2 million (2005: EUR 0.2 million).
In the Car Rental segment, insurance reserves provide for uninsured losses under third party liabilities or claims. Due to the timescales and
uncertainties involved in such claims, provision is made based upon the profile of claims experience, allowing for potential claims for a number of
years after policy inception. In the Automobile Distribution segment, provisions are set up for incurred material damage (registered or not) at
D’Ieteren Lease.
Other non-current provisions primarily comprise:
- Reorganisation and employee termination provisions that are expected to crystallise within the next few years.
- Dilapidation and environmental provisions to cover the costs of the remediation of certain properties held under operating leases.
- Provisions for vacant properties.
- Provision against the future redemption of benefits under customer loyalty programmes.
- Provision against legal claims that arise in the normal course of business, that are expected to crystalise 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 2006.
- The provision for a long-term management incentive scheme set up in 2005 in the Vehicle Glass segment. The settlement of this scheme is
expected to occur in 2010.
CONSOLIDATED FINANCIAL STATEMENTS
83

Note 31: BORROWINGS
Borrowings are analysed as follows:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Non-current borrowings
Bonds 200.0 - - 200.0 200.0 - - 200.0
Bonds under securitisation programme 231.0 - - 231.0 - - - -
Obligations under finance leases - 2.0 8.4 10.4 - 1.9 6.0 7.9
Bank and other loans 53.6 - 305.0 358.6 193.8 70.7 354.5 619.0
Loan notes - 559.2 - 559.2 - 540.9 - 540.9
Deferred consideration - 32.7 - 32.7 - 32.7 - 32.7
Subtotal non-current borrowings 484.6 593.9 313.4 1,391.9 393.8 646.2 360.5 1,400.5
Current borrowings
Obligations under finance leases - 283.1 3.7 286.8 - 276.3 3.4 279.7
Bank and other loans 28.4 10.4 31.0 69.8 56.2 23.2 23.3 102.7
Loan notes - 221.3 - 221.3 - 24.9 - 24.9
Medium term notes - - - - 12.4 - - 12.4
Commercial paper 46.0 - - 46.0 89.8 66.0 - 155.8
Deferred consideration - 0.3 - 0.3 - 0.2 - 0.2
Inter-segment financing -46.0 - 46.0 - -14.0 - 14.0 -
Subtotal current borrowings 28.4 515.1 80.7 624.2 144.4 390.6 40.7 575.7
Total borrowings 513.0 1,109.0 394.1 2,016.1 538.2 1,036.8 401.2 1,976.2
The Group issues bonds through its wholly-owned subsidiary D’Ieteren Trading b.v. The bonds outstanding at 31 December are as follows:
2006 2005
Issued Principal Maturing Fixed rate Issued Principal Maturing Fixed rate
(in EUR million)
(in EUR million)
July 2004 100.0 2012 5.25% July 2004 100.0 2012 5.25%
July 2005 100.0 2015 4.25% July 2005 100.0 2015 4.25%
Total 200.0 200.0
The weighted average cost of bonds in 2006 was 4.8% (2005: 5.0%).
The Group issues bonds under a securitisation programme, through its wholly-owned subsidiary s.a. D’Ieteren Lease n.v. (“D’Ieteren Lease”).
The programme is set out in note 14. The bonds are rated A1. The spread payable over EURIBOR is 65 basis points. The weighted average cost
of this programme, including the amortisation of the initial set-up costs over a 3-year period, was 4.3%. Pledged accounts related to this
securitisation programme are recorded under the heading “other financial assets” (see note 25). Other disclosures regarding the securitisation
programme are also provided in notes 19 and 39.
Obligations under finance leases are analysed below:
in EUR million 2006 2005
Minimum Present value Minimum Present value
lease of minimum lease of minimum
payments lease payments payments lease payments
Within one year 292.7 286.8 283.0 279.7
Between one and five years 10.6 9.6 8.0 7.1
More than five years 0.9 0.8 0.9 0.8
Subtotal 304.2 297.2 291.9 287.6
Less: future finance charges -7.0 - -4.3 -
Present value of finance lease obligations 297.2 - 287.6 -
84 D’Ieteren - Annual Report 2006

Note 31: BORROWINGS (continued)
Obligations under finance leases are mainly located in the Car Rental segment, which leases certain of its vehicles (including some vehicles held under
buy-back agreements) and some plant and equipment under finance leases. The average lease term is less than one year. For the year ended
31 December 2006 the average effective interest rate was 3.2% (2005: 3.0%) and interest rates are fixed at the contract date. All these finance leases
are on a fixed repayment basis and no arrangements have been entered into for contingent rent payments. Finance leases are occasionally used in the
Vehicle Glass segment, and not used in the Automobile Distribution segment. The Group’s obligations under finance leases are secured by the lessors
having legal title over the leased assets. In addition, collateral is held against certain of the leases in the Car Rental segment (see note 25).
Bank and other loans mainly represent non syndicated bank loans (in the Automobile Distribution segment) and syndicated arrangements (in the
Car Rental and the Vehicle Glass segments), as well as overdrafts. Depending on the currency of the bank borrowings and the segment
concerned, the weighted average cost ranged from 3.3% to 6.1% in 2006 (2005: 2.6% to 5.2%).
On 20 February 2006 Avis Europe plc entered into a new five year multicurrency Senior Revolving Credit Facility which terminates on
20 February 2011. This facility was provided by a syndicate of 14 banks. The facility provides for loan advances denominated in euro, pound
sterling, or other such currencies as may be agreed upon with the lenders, for a total aggregate principal amount of EUR 580.0 million
outstanding at any one time. The interest rates applicable to advances under the facility are based on EURIBOR (or LIBOR for drawings in
currencies other than euro), plus a margin. No amounts were drawn at 31 December 2006 under this facility.
Loan notes mainly represent the following outstanding balances in the Car Rental segment, due by Avis Finance Company plc (“AFC”), an indirect
wholly-owned subsidiary of Avis Europe plc:
2006 2005
Issued Currency Principal Maturing Principal Maturing
(in million)
(in million)
August 2000 USD 150.0 2007, 2010 150.0 2007, 2010
November 2001 EUR - - 25.0 2006
March 2002 EUR 25.0 2007 25.0 2007
June 2002 EUR 26.8 2012 26.8 2012
July 2002 EUR 120.0 2007 120.0 2007
June 2004 USD 240.0 2011, 2012, 2014 240.0 2011, 2012, 2014
June 2004 EUR 65.0 2012 65.0 2012
July 2006 EUR 250.0 2013 - -
The USD loan notes bear interest at an average fixed rate of 6.8% (2005: 6.8%). The euro denominated loan notes bear interest at an average
fixed rate of 6.0% (2005: 6.1%). In July 2006, AFC issued EUR 250.0 million Senior Floating Rate Notes due 2013 which bear interest at EURIBOR
plus 2.625%. These notes reprice quarterly and include a two year call option, permitting AFC to repay the notes with effect from 31 July 2008.
This option is separately recognised as an embedded derivative at fair value (see note 19).
The Group runs two commercial paper programmes in Belgium:
- s.a. D’Ieteren Treasury n.v., a wholly-owned subsidiary of the Parent, runs a EUR 300.0 million (2005: EUR 300.0 million through s.a. D’Ieteren
Services n.v.) programme guaranteed by the Parent. The weighted average cost over 2006 was 2.8% (2005: 2.3%). Medium term notes can
also be drawn from this programme. The weighted average cost of these notes was nil in 2006 (2005: 4.5%).
- AFC runs a programme guaranteed by Avis Europe plc, which provides the Car Rental segment with borrowings of up to EUR 200.0 million (2005:
EUR 200.0 million). Amounts drawn under the facility attract interest at a floating rate set by reference to EURIBOR plus a margin which will vary
depending upon market conditions at the time of issue. The average rate applicable to the drawn facility at 31 December 2005 was 2.6%.
Deferred consideration represents amounts still due arising on the acquisition of Avis Europe Investment Holdings Limited (a wholly-owned
subsidiary of Avis Europe plc) from Avis Inc. in 1997, and payable in annual instalments of GBP 1.9 million including interest. The deferred
consideration is denominated in GBP and bears an interest rate of 8.0% fixed for 31 years.
Inter-segment financing items are amounts lent by the Automobile Distribution segment to the Car Rental and Vehicle Glass segments, at arm’s
length conditions.
Current borrowings are due for settlement within one year.
Non-current borrowings are due for settlement after more than one year, in accordance with the maturity profile set out below:
in EUR million 2006 2005
Between one and five years 726.4 894.7
After more than five years 665.5 505.8
Non-current borrowings 1,391.9 1,400.5
CONSOLIDATED FINANCIAL STATEMENTS
85

Note 31: BORROWINGS (continued)
The exposure of the Group’s borrowings to interest rate changes and the repricing dates (before the effect of the debt derivatives) at the balance
sheet date is as follows:
in EUR million 2006 2005
Less than one year 1,213.8 1,124.0
Between one and five years 136.8 346.4
After more than five years 665.5 505.8
Borrowings 2,016.1 1,976.2
The interest rate and currency profiles of borrowings are as follows (including the value of the adjustment for hedged borrowings disclosed in note 32):
in EUR million 2006 2005
Fixed Floating Total Fixed Floating Total
Currency rate rate rate rate
EUR 441.0 1,085.5 1,526.5 418.2 1,004.0 1,422.2
GBP 33.5 81.6 115.1 33.8 135.4 169.2
USD 354.2 28.7 382.9 363.4 26.2 389.6
Other 3.2 45.2 48.4 2.8 46.5 49.3
Total 831.9 1,241.0 2,072.9 818.2 1,212.1 2,030.3
When the effects of debt derivatives are taken into account, the interest rate and currency profiles of borrowings are as follows:
in EUR million 2006 2005
Fixed Floating Total Fixed Floating Total
Currency rate rate rate rate
EUR 1,306.7 499.1 1,805.8 1,181.0 621.7 1,802.7
GBP 131.1 26.3 157.4 96.5 17.7 114.2
USD 3.9 24.9 28.8 2.9 26.1 29.0
Other 32.7 48.2 80.9 35.2 49.2 84.4
Total 1,474.4 598.5 2,072.9 1,315.6 714.7 2,030.3
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:
2006 2005
Currency Min. Max. Min. Max.
EUR 3.8% 6.8% 2.7% 6.8%
GBP 5.3% 5.9% 4.0% 6.7%
USD 5.4% 6.1% 8.5% 8.5%
Other 4.3% 5.0% 6.0% 8.0%
The fair value of current borrowings approximates to their carrying amount. The fair value of non-current borrowings is set out below:
in EUR million 2006 2005
Fair Carrying Fair Carrying
value amount value amount
Bonds 198.1 200.0 208.5 200.0
Bonds under securitisation programme 231.0 231.0 - -
Obligations under finance leases 8.4 10.4 7.9 7.9
Bank loans, loan notes and other loans 870.9 917.8 1,187.8 1,159.9
Deferred consideration 35.5 32.7 34.7 32.7
Non-current borrowings 1,343.9 1,391.9 1,438.9 1,400.5
The fair value of the bonds is determined based on their market prices. The fair value of the bonds under securitisation programme is equal to
their carrying amount. The fair value of the other borrowings is estimated by discounting the future contractual cash flows at the current market
interest rate that is available to the Group for similar financial instruments.
Certain of the borrowings in the Group have covenants attached.
86 D’Ieteren - Annual Report 2006

Note 32: NET DEBT
Net debt is a non-GAAP measure, i.e. its definition is not addressed by IFRS. The Group does not represent net debt as an alternative to financial
measures determined in accordance with IFRS. The Group uses the concept of net debt to reflect its indebtedness. Net debt is based on
borrowings less cash, cash equivalents and current asset investments. It excludes the fair value of derivative debt instruments. The hedged
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 borrowings are translated at closing foreign exchange rates.
in EUR million 31 December 2006 31 December 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Non-current borrowings 484.6 593.9 313.4 1,391.9 393.8 646.2 360.5 1,400.5
Current borrowings 28.4 515.1 80.7 624.2 144.4 390.6 40.7 575.7
Adjustment for hedged borrowings - 56.8 - 56.8 - 54.1 - 54.1
Gross debt 513.0 1,165.8 394.1 2,072.9 538.2 1,090.9 401.2 2,030.3
Less: Cash and cash equivalents -1.5 -116.6 -37.8 -155.9 -1.4 -98.8 -18.5 -118.7
Less: Current financial assets -25.5 -22.6 - -48.1 - -15.0 -3.5 -18.5
Net debt 486.0 1,026.6 356.3 1,868.9 536.8 977.1 379.2 1,893.1
Note 33: PUT OPTIONS GRANTED TO MINORITY SHAREHOLDERS
The Group is committed to acquiring the minority shareholdings owned by third parties in Belron, should these third parties wish to exercise their
put options. IAS 32 requires that the exercise price of such options granted to minority interest (EUR 223.3 million at 31 December 2006, of which
EUR 84.3 million of put options with related call options, exercisable until 2014, and EUR 139.0 million of put options with no related call options,
exercisable until 2009) be reflected as a financial liability in the consolidated balance sheet. As of this moment, there remains some uncertainty
regarding the treatment of the difference between the exercise price of the options and the carrying value of the minority interest that must be
presented within financial liabilities (EUR 106.3 million at 31 December 2006). In the absence of guidance from IFRIC, the Group has chosen to
present such differences as additional goodwill (EUR 117.0 million). This goodwill is adjusted at period end to reflect the change in the exercise
price of the options and the carrying value of minority interest to which they relate. This treatment reflects the economic substance of the
transaction, and has no impact on the result attributable to equity holders of the Parent.
The exercise price of the put options takes into account estimates of the future profitability of Belron. Should the underlying estimates change,
the value of the put options recognised in the balance sheet (and of the related goodwill) would be impacted (this would however have no impact
on the income statement under the accounting treatment currently applied).
Note 34: OTHER NON-CURRENT PAYABLES
Other non-current payables are non interest-bearing deferred consideration on acquisitions, payable after more than 12 months. The carrying value
of other non-current payables approximates to their fair value.
Note 35: TRADE AND OTHER CURRENT PAYABLES
Trade and other payables are analysed below:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Trade payables 95.7 362.7 61.8 520.2 119.4 352.4 59.7 531.5
Accrued charges and deferred income 34.2 221.7 0.5 256.4 31.8 226.3 0.8 258.9
Non-income taxes 0.5 11.6 11.1 23.2 2.0 3.1 8.7 13.8
Deferred consideration on acquisitions - - 6.9 6.9 - 0.1 12.9 13.0
Other creditors 37.4 75.2 177.1 289.7 33.0 75.4 159.3 267.7
Trade and other payables 167.8 671.2 257.4 1,096.4 186.2 657.3 241.4 1,084.9
Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates
to their fair value.
CONSOLIDATED FINANCIAL STATEMENTS
87

Note 36: EMPLOYEE BENEFIT EXPENSE
The employee benefit expense is analysed below:
in EUR million 2006 2005
Automobile Car Vehicle Group Automobile Car Vehicle Group
Distribution Rental Glass Distribution Rental Glass
Retirement benefit charges under defined
contribution schemes -4.0 -4.4 -9.2 -17.6 -3.1 -3.9 -9.7 -16.7
Retirement benefit charges under defined
benefit schemes (see note 20) -0.6 -9.4 -5.7 -15.7 -1.5 -13.2 -5.3 -20.0
Total retirement benefit charge -4.6 -13.8 -14.9 -33.3 -4.6 -17.1 -15.0 -36.7
Wages, salaries and social security costs -102.4 -278.4 -495.5 -876.3 -96.7 -266.2 -386.4 -749.3
Share-based payments: cash-settled - - - - - - 2.1 2.1
Share-based payments: equity-settled -0.5 -0.2 - -0.7 -0.3 -0.4 - -0.7
Total employee benefit expense -107.5 -292.4 -510.4 -910.3 -101.6 -283.7 -399.3 -784.6
of which: current items -107.5 -296.8 -513.0 -917.3 -101.6 -283.7 -401.4 -786.7
unusual items (defined benefit schemes -
see notes 9 and 20) - 4.4 2.6 7.0 - - 2.1 2.1
The above expense does not include the amounts charged during the period relating to the long-term management incentive scheme mentioned
in note 30.
The staff numbers are set out below (average full time equivalents):
2006 2005
Automobile Distribution 1,571 1,505
Car Rental 6,276 6,253
Vehicle Glass 12,731 10,932
Group 20,578 18,690
Note 37: Share-based payments
There are in the Group two kinds of equity-settled share-based payment schemes:
- Since 1999, share option schemes have been granted to officers and managers of the Automobile Distribution segment, in the framework of the
Belgian law of 26 March 1999. The underlying share is the ordinary share of s.a. D’Ieteren n.v.
- Since 1997, several share option schemes, an equity partnership plan, a performance share plan and a share retention plan have been granted to
certain categories of employees in the Car Rental segment. The underlying share is the ordinary share of Avis Europe plc.
Automobile Distribution Segment
Options outstanding are as follows:
Number of options
Exercise
(in units) price Exercise period
Date of grant 2006 2005 (in EUR) From To
2006 8,315 - 266.0 1/1/2010 27/11/2016
2005 11,710 12,210 209.0 1/1/2009 6/11/2015
2004 9,035 9,035 142.0 1/1/2008 28/11/2014
2003 12,805 12,805 163.4 1/1/2007 16/11/2013
2002 9,830 17,480 116.0 1/1/2006 13/10/2015
2001 8,245 13,475 133.0 1/1/2005 25/10/2014
2000 14,800 14,770 267.0 1/1/2004 25/9/2013
1999 11,735 11,710 375.0 1/1/2003 17/10/2012
Total 86,475 91,485
A high proportion of outstanding options is covered by treasury shares (see note 29).
88 D’Ieteren - Annual Report 2006

Note 37: Share-based payments (continued)
A reconciliation of the movements in the number of outstanding options during the year is as follows:
Number
(in units)
Weighted average
exercise price
(in EUR)
2006 2005 2006 2005
Outstanding options at the beginning of the period 91,485 86,580 197.6 190.6
Granted during the period 8,315 12,210 266.0 209.0
Forfeited during the period - -30 - 267.0
Exercised during the period -13,380 -7,295 125.5 133.0
Other movements during the period 55 20 159.4 129.0
Outstanding options at the end of the period 86,475 91,485 215.4 197.6
of which: exercisable at the end of the period 44,610 39,955 237.4 253.5
In 2006, two third of the options were exercised during the second half of the period. The average share price during the period was EUR 250.9
(2005: EUR 185.3).
For share options outstanding at the end of the period, the weighted average remaining contractual life is as follows:
Number
of years
31 December 2006 7.7
31 December 2005 8.6
IFRS 2 “Share-Based Payment” requires that the fair value of all share options issued after 7 November 2002 is charged to the income statement.
The fair value of the options must be assessed on the date of each issue. A simple Cox valuation model was used at each issue date re-assessing
the input assumptions on each occasion. The assumptions for the 2006 and 2005 issues were as follows:
2006 2005
Number of employees 140 168
Spot share price (in EUR) 270.1 227.0
Option exercise price (in EUR) 266.0 209.0
Vesting period (in years) 3.0 3.0
Expected life (in years) 6.9 6.8
Expected volatility (in %) 17% 20%
Risk free rate of return (in %) 4.18% 3.47%
Expected dividend (in EUR) 2.50 2.32
Probability of ceasing employment before vesting (in %) - -
Weighted average fair value per option (in EUR) 83.5 74.4
Expected volatility and expected dividends were provided by an independent expert. The risk free rate of return is based upon EUR zero-coupon
rates with an equivalent term to the options granted.
Car Rental Segment
The share option schemes of the Car Rental segment might have a dilutive impact on the Group’s shareholding in Avis Europe plc. The total
number of share options in issue at 31 December 2006 is 7,093,000 (2005: 9,211,300). This represents 0.8% (2005: 1.0%) of Avis Europe plc share
capital. These share options can be exercised until 2014 (2005: 2014). Details on these share option schemes are provided in Avis Europe’s annual
report.
Note 38: Risks related to financial instruments
Treasury policies aim to ensure permanent access to sufficient liquidity, and to monitor and limit interest and currency exchange risks.
To minimise liquidity risk, each of the Group’s three businesses ensures, on the basis of 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, usually
uncommitted, facilities.
CONSOLIDATED FINANCIAL STATEMENTS
89

Note 38: Risks related to financial instruments (continued)
To mitigate interest and currency risks, tradable derivatives may be used, such as interest rate and foreign exchange swaps, forward rate
agreements, foreign exchange forward contracts or options. Transactions are only undertaken with counterparties of strong credit quality and must
be related to existing or highly probable exposures.
Credit risk on trade and other receivables is mitigated both by the selection of counterparties based on credit quality, and their diversity. Certain
receivables are also credit insured.
There is no meaningful price risk other than those mentioned above.
Within this framework, considerable autonomy is granted to each of the three businesses.
Note 39: Contingencies and commitments
in EUR million 2006 2005
Commitments to acquisition of non-current assets 50.1 166.8
Other important commitments:
Commitments given 41.6 29.9
Commitments received 5.5 12.0
The commitments to acquisition of non-current assets mainly concern the vehicle fleet of the Car Rental segment.
The Group is a lessee in a number of operating leases. The related future minimum lease payments under non-cancellable operating leases, per
maturity, are as follows:
in EUR million 2006 2005
Within one year 137.1 86.0
Later than one year and less than five years 201.7 180.1
After five years 107.8 48.2
Total 446.6 314.3
At each year end, the Group also had prepaid various other operating lease commitments in relation to vehicles purchased under buy-back
agreements, included in vehicle related receivables in note 27.
The Group also acts as a lessor in a number of operating leases, mainly through its wholly-owned subsidiary s.a. D’Ieteren Lease n.v. The related
future minimum lease payments under non-cancellable operating leases, per maturity, are as follows:
in EUR million 2006 2005
Investment Vehicles Other Total Investment Vehicles Other Total
property property, property property,
plant and
plant and
equipment
equipment
Within one year - 70.9 - 70.9 0.3 64.1 - 64.4
Later than one year
and less than five years 0.6 98.4 - 99.0 0.4 90.7 - 91.1
After five years 0.5 - - 0.5 0.1 - - 0.1
Total 1.1 169.3 - 170.4 0.8 154.8 - 155.6
At each year end, the Group also had prepaid various other operating lease commitments in relation to vehicles sold under buy-back agreements,
included in deferred income in note 35.
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.
Under the securitisation programme (see notes 14, 19, 25, 31), D’Ieteren Lease granted a floating charge on its business to the bondholders to
secure its obligations. The floating charge was granted for up to the following amounts:
- in respect of principal: EUR 324.0 million;
- three years of interest calculated at the rate of 5%, or such other rate as may be agreed between the parties.
Etablissementen Verellen n.v., a wholly-owned subsidiary of the Group, granted a floating charge on its business to its creditors to secure its
obligations. The floating charge was granted for up to EUR 0.6 million.
90 D’Ieteren - Annual Report 2006

Note 40: RELATED PARTY TRANSACTIONS
in EUR million 2006 2005
With entities with joint control or significant influence over the Group:
Amount of the transactions entered into during the period 0.7 0.4
Outstanding creditor balance at 31 December 8.3 5.9
With associates:
Sales 7.0 10.6
Purchases -0.5 -0.3
Trade receivables outstanding at 31 December 0.4 0.3
With joint ventures in which the Group is a venturer:
Sales 0.5 0.4
Trade receivables outstanding at 31 December 0.1 0.2
With key management personnel:
Compensation:
Short-term employee benefits 3.8 5.1
Post-employment benefits 0.2 0.2
Total compensation 4.0 5.3
Amount of the other transactions entered into during the period n/a n/a
Outstanding creditor balance at 31 December n/a n/a
With other related parties:
Amount of the transactions entered into during the period 0.6 1.0
Outstanding creditor balance at 31 December - -
Note 41: Subsequent events
Automobile Distribution
On 4 January 2007, the Automobile Distribution segment acquired a 100% interest in Kronos Management s.a. and Kronos Automobiles s.a.
(collectively “Kronos”), which operate a garage distributing the make Porsche in Gembloux, Belgium. The provisional fair value of the net assets
acquired amounted to EUR 1.3 million, after fair value adjustments of EUR 1.0 million. The consideration, satisfied by a cash payment, amounted
to EUR 3.7 million. The goodwill arising from this acquisition is currently estimated at EUR 2.4 million. After elimination of inter-company
transactions, the additional sales arising from this acquisition will be marginal, while the additional result is not expected to be material to the
Group and accordingly is not disclosed separately.
Vehicle Glass
D’Ieteren announced on 6 February 2007 that Belron has signed an agreement to acquire, subject to local regulatory approval and other
customary closing conditions, Safelite Group, Inc., the US leader in the vehicle glass repair and replacement (“VGRR”) market, for an enterprise
value of USD 334 million (EUR 258 million), including assumed debt.
This acquisition will be entirely financed by Belron through the issuance of new debt instruments, on its own financing capacity. Based on
estimated 2006 results of Safelite, this acquisition would have resulted in an increase of EUR 8 million of the current PBT, Group’s share (as
defined in note 9), of D’Ieteren on a pro-forma 2006 full year basis.
The transaction is expected to close in March 2007, and the integration of Belron Inc., the current US subsidiary of Belron, and Safelite operations
would begin at that time.
After year-end, Belron negotiated a new EUR 750 million underwritten facility agreement to ensure adequate future funding for strategic
initiatives and the immediate funding requirement for the acquisition of Safelite. The EUR 750 million facilities are divided into a 5 year
multicurrency revolving facility of EUR 500 million and a EUR 250 million, 364 day short-term facility with a further 364 day term out option. It is
Belron’s intention to refinance this short-term facility via a US private placement in the forthcoming months. This will achieve an appropriate mix
for Belron between long-term core borrowing and shorter term revolving debt together with a diversification of it’s lender base.
CONSOLIDATED FINANCIAL STATEMENTS
91

Note 42: List of subsidiaries, associates and joint ventures
The full list of companies concerned by articles 114 and 165 of the Royal Decree of 30 January 2001 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 Parent head office (see note 1).
The main fully consolidated subsidiaries of the Parent are listed below:
Name Country of % of share % of share
incorporation capital owned capital owned
at 31 Dec. 2006 at 31 Dec. 2005
Automobile Distribution
s.a. D’Ieteren Lease n.v. Belgium 100% 100%
s.a. D’Ieteren Sport n.v. Belgium 75% 75%
s.a. D’Ieteren Services n.v. Belgium 100% 100%
s.a. D’Ieteren Treasury n.v. Belgium 100% 100%
D’Ieteren Trading b.v. The Netherlands 100% 100%
D’Ieteren Invest s.a. Luxemburg 100% 100%
Dicobel s.a. Belgium 100% 100%
Car Rental
Avis Europe plc United Kingdom 59.59% 59.59%
Vehicle Glass
Belron s.a. Luxemburg 73.73% 73.73%
Taking into account the treasury shares held by Avis Europe, the percentages used for the consolidation of Avis Europe are slightly higher than the
proportion held in Avis Europe’s share capital shown above:
2006 2005
Average percentage 59.63% 59.65%
Year-end percentage 59.62% 59.64%
Note 43: EXCHANGE RATES
Monthly income statements of foreign operations are translated at the relevant rate of exchange for that month. Except for the balance sheet
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 2006 2005
Closing rate
AUD 0.59 0.62
BRL 0.35 0.37
CAD 0.66 0.72
GBP 1.49 1.48
USD 0.76 0.84
Average rate (1)
AUD 0.60 0.61
BRL 0.37 0.33
CAD 0.70 0.67
GBP (2) 1.43 1.46
USD 0.80 0.81
(1) Effective average rate for the profit or loss attributable to equity holders.
(2) Both the Car Rental segment and the Vehicle Glass segment have significant operations in GBP. The average presented is the average of the Car Rental average rate (1.38 at
31 December 2006; 1.45 at 31 December 2005) and of the Vehicle Glass average rate (1.47 at 31 December 2006; 1.46 at 31 December 2005).
92 D’Ieteren - Annual Report 2006

Note 44: Auditor’s report
Statutory Auditor’s report to the General Meeting of Shareholders of D’Ieteren s.a. in respect of the financial consolidated statements for
the financial year closed as at December 31, 2006
In accordance with the existing legal requirements, we have the honour to report herewith on the performance of our functions as statutory auditor.
The present report includes our opinion on the financial consolidated statements as well as the additional required information.
Unqualified audit opinion on the consolidated financial statements
We have audited the financial consolidated statements for the financial year ended December 31, 2006, established on the basis of the International
Financial Information Standards referential as adopted by the European Union, of which the balance sheet closes with a total of EUR 5,130.2 million
and of which the profit and loss account closes with a profit for the year attributable to equity holders for an amount of EUR 100.00 million.
The financial statements of the foreign daughter companies, which are included in the consolidation, were audited by other auditors; our statement
is thereby based on their opinion.
The preparation of the financial consolidated statements is carried out under the responsibility of the management of the company. This
responsibility includes: the conception, installation and follow up of the internal control in respect of the drafting and a sincere presentation of the
financial consolidated statements so as to asurtain that these do not include significant irregularities as may result from fraud or errors; the choice
and practical application of appropriated accounting methods and the determination of reasonable accounting valuations considering the
circumstances.
Our responsibility is to express opinion on the financial statements on the basis of the audit. We proceeded with our audit in accordance with the
legal regulations and in accordance with the audit norms applicable in Belgium such as fixed by the Belgian Institute of Chartered Auditors (Institut
des Reviseurs d’Entreprises).
These audit standards require that our control be organized and performed in such a way so as to obtain a reasonable certitude that the financial
statements do not include material irregularities as may result from fraud or errors.
In accordance with those standards, we considered the group’s administrative and accounting organisation as a consolidated entity as well as the
existing internal control systems. We obtained from the company’s management and employees the explanation and information, which were
necessary in order to perform our audit. We have examined the figures showing in the financial consolidated statements. We have assessed the
valuation rules, consolidation rules and reasonable character of the material accounting estimates made by the company as well as the presentation
of the overall consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial consolidated statements for the financial year closed as 31st December 2006 give true view of the equity, financial
situation, financial performance and cash flows of the consolidated group, in accordance with the referential of International Financial Information
Standards as these have been adopted by the European Union.
Additional information
Establishing the consolidated report and its contents is the responsibility of the management.
Our responsibility is to include in our report the following additional mention which however does not modify the extent of our opinion on the
consolidated statements:
- The consolidated management report includes the information required by law and is in agreement with the consolidated statements. We are,
however, unable to comment the description of the principal risks and uncertainties, which the group is facing, and of its situation, its foreseeable
evolution or the significant influence of certain facts on its future development. We can nevertheless confirm that the informations disclosed do
not present any obvious contradictions with the informations of which we became aware during our audit.
Brussels, March 11th, 2007
SC DELVAUX, FRONVILLE, SERVAIS ET ASSOCIéS
Statutory Auditor
Represented by
Jean-Louis SERVAIS
Reviseur d’Entreprises
Gérard DELVAUX
Reviseur d’Entreprises
CONSOLIDATED FINANCIAL STATEMENTS
93

94 D’Ieteren - Annual Report 2006

s.a. D’Ieteren n.v.
Abridged Statutory
Financial Statements 2006
Contents
96 Abridged Balance Sheet
97 Abridged Income Statement
97 Abridged Notes
98 Summary of Accounting Policies
The statutory financial statements of s.a. D’Ieteren n.v. are summarised below in accordance with article 105 of the Company Code. The unabridged
version of the statutory financial statements of s.a. D’Ieteren n.v., 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.dieteren.com or on request from:
s.a. D’Ieteren n.v.
Rue du Mail 50
B-1050 Brussels
The Statutory Auditor has issued an unqualified opinion on the statutory financial statements of s.a. D’Ieteren n.v.
Abridged Statutory Financial Statements 95

Abridged Balance Sheet
At 31 December
in EUR million 2006 2005
Assets
Fixed assets 2,278.9 2,109.4
II. Intangible assets 1.9 0.6
III. Tangible assets 94.2 96.7
IV. Financial assets 2,182.8 2,012.1
Current assets 343.9 342.1
V. Non-current receivables 0.8 -
VI. Stocks 281.2 272.4
VII. Amounts receivable within one year 35.4 49.2
VIII. Investments 14.8 8.6
IX. Cash at bank and in hand 1.2 1.0
X. Deferred charges and accrued income 10.5 10.9
Total assets 2,622.8 2,451.5
in EUR million 2006 2005
Liabilities
Capital and reserves 782.7 767.6
I.A. Issued capital 160.0 160.0
II. Share premium account 24.4 24.4
IV. Reserves 572.8 556.6
V. Accumulated profits 25.5 26.6
Provisions and deferred taxes 34.9 30.6
Creditors 1,805.2 1,653.3
VIII. Amounts payable after one year 1,262.5 1,373.7
IX. Amounts payable within one year 501.2 243.6
X. Accrued charges and deferred income 41.5 36.0
Total liabilities 2,622.8 2,451.5
96 D’Ieteren - Annual Report 2006

Abridged Income Statement
in EUR million 2006 2005
I. Operating income 2,425.5 2,182.2
II. Operating charges 2,365.4 2,145.7
III. Operating profit 60.1 36.5
IV. Financial income 34.8 108.2
V. Financial charges 65.2 46.8
VI. Profit on ordinary activities before income taxes 29.7 97.9
VII. Extraordinary income - 12.4
VIII. Extraordinary charges - 5.4
IX. Profit for the period before taxes 29.7 104.9
IXbis. Deferred taxes - 0.1
X. Income taxes - 0.1
XI. Profit for the period 29.7 105.1
XII. Variation of untaxed reserves (1) 0.1 0.2
XIII. Profit for the period available for appropriation 29.8 105.3
(1) Transfers from untaxed reserves (+) / Transfers to untaxed reserves (-).
Abridged Notes
Auditor’s Remuneration
The Statutory Auditor is SC Delvaux, Fronville, Servais et Associés (“DFSA”). Auditor’s remuneration, including the fees charged by entities
related to the Statutory Auditor as defined by article 134 of the Company Law, is analysed as follows:
in EUR 2006
Audit
s.a. D’Ieteren n.v. (charged by DFSA) 144,000
Subsidiaries (charged by DFSA) 57,957
Non-audit
Other assurance services
s.a. D’Ieteren n.v. (charged by DFSA) 3,535
Subsidiaries (charged by DFSA) 49,285
Tax advisory services (charged by SC Socofidex) 9,833
Total 264,610
Abridged Statutory Financial Statements
97

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. Assets held by virtue of long-term
leases (“emphytéose”), finance leases or similar rights are entered at their capital reconstitution cost. The rates of depreciation for fixed assets
depend on the probable economic lifetime for the assets concerned. As from the 1st of 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
Warehouse and garage 15% L/D
Network identification equipment 20% L/D
Furniture 10% L/D
Office equipment 20% L/D
Rolling stock 25% L
Heating system 10% L/D
EDP hardware 20%-33% L/D
L: straight-line.
D: declining balance (at a rate twice as high as the equivalent straight-line rate).
Tangible fixed assets are revalued if they represent a definite, long-term capital gain. Depreciation of any revaluation surplus is calculated linearly
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, and 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.
Stocks of new vehicles are valued at their individual acquisition price. Other categories of stocks are valued at their acquisition price according to
the fifo method, the weighted average price or the individual acquisition price. Write-downs are applied as appropriate, according to the selling
price or the market 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 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 Payable are recorded at their nominal value.
Valuation of assets and liabilities in foreign currencies
Financial fixed assets are valued in accordance with recommendation 152/4 by the Accounting Standards Commission. Stocks are valued at their
historical cost. However, the market value (as defined by the average rate on the closing date of the balance sheet) is applied if this is less than
the historical cost. 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.
98 D’Ieteren - Annual Report 2006

Major Risk Factors (1)
Automobile Distribution: D’Ieteren Auto’s activity is primarily based on close relations built during the last sixty years with the Volkswagen
group and largely depending on the existence of import agreements between both parties. This close relationship also makes the results of
D’Ieteren Auto dependent on the success of the models developed by the Volkswagen group. Furthermore, future developments of the European
regulation concerning automobile distribution could potentially influence the competitive environment in a way that is difficult to foresee for the
time being. The development of environmental standards or tax regulation on company cars could have a negative influence on volumes and mix
of new vehicles sold. D’Ieteren Lease’s fleet represents an important asset of which the value is largely depending on the used vehicle market
development.
Car Rental: with about 50% of its sales coming from airports, Avis Europe’s results can be influenced by the risks faced by the air transport
sector such as geopolitical instability, significant higher petrol prices and the economical environment in general. Fleet costs, one of the most
important elements in operating costs, largely depend on the buying conditions negotiated with the car manufacturers, on the selling conditions
on the used car market and are therefore depending on the car industry development in general. It is important for the activity to have access to
the necessary funds in order to finance the fleet. During the last years, competition in the car rental sector has intensified notably due to the
Internet development with a tougher pricing environment as a consequence. In this difficult context, leading to continued margin reductions,
Avis Europe implemented a recovery strategy aiming at higher profitability.
Vehicle Glass: Belron operates in the vehicle glass repair and replacement (VGRR) market which is dependent on various factors notably
weather conditions, changes in the vehicle park and driving speed. Weather extremes create peaks in demand which need to be managed
through flexible operations whilst changes in vehicle technology or traffic speed result in changes in breakage rates and thereby overall market
size. The VGRR market is also influenced by insurer and commercial business decisions towards glass coverage and preferred suppliers.
Changes in insurance coverage affect motorists’ propensity to act on damage despite the associated safety risk. Belron employs around 18,500
full time equivalents and makes a significant investment in training to insure all its staff are appropriately qualified to fulfill their roles throughout
the business. In addition, Belron uses sophisticated information technology and centralised distribution facilities which are key to the business
operation and represent key risk points. In addition to its organic operational activities, Belron is also an acquisitive company and accordingly
faces the usual risks associated with buying and integrating businesses.
Risks related to financial instruments are explained in note 38 of the consolidated financial statements.
(1) Publication in accordance with the law of 13 January 2006 modifying the Company Code.
MAJOR RISK FACTORS
99

Share information
FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER
Minimum lot
1 share
ISIN code BE 0003669802
Sicovam code or security code 941039
Reuters code
IETB.BR
Bloomberg code
DIE.BB
FTSE classification
Business Support Services
EVOLUTION OF THE SHARE PRICE AND TRADED VOLUMES
IN 2006
Share Price (EUR)
300
250
200
150
100
50
Volumes
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
INDICES
D’Ieteren share forms part of the Next 150, Next Prime and BEL MID
indices of Euronext with respective weighting of 0.61%, 1.84% and
3.68% as at 28 February 2007. It also forms part of sector indices
published by MSCI, Dow Jones, Eurostoxx and Bloomberg.
DIVIDEND
If the allocation of results proposed on note 29 of this Annual Report is
approved by the Ordinary General Meeting of 31 May 2007, a gross dividend
for the 2006 year of EUR 2.6400 per share will be distributed, i.e.:
• a net dividend of EUR 1.9800 in return for coupon n°16, after deduction
of the occupancy tax of 25%;
• a net dividend of EUR 2.2440 in return for the coupon and VVPR strip
n°16, after deduction of the occupancy tax of 15%.
Payment of the dividend will take place as from 7 June 2007 at the head
offices and branches of the following establishments:
• Bank Degroof
• Fortis Bank
• ING Bank
• Petercam
GROSS DIVIDEND PER SHARE (IN EUR)
0
01/06
02/06
03/06
04/06
05/06
06/06
07/06
0
3.0
EVOLUTION OF THE SHARE PRICE OVER 5 YEARS (IN EUR)
300
250
2.5
2.0
1.5
1.0
2.31 2.31 2.31
2.40
2.64
200
0.5
150
0.0
02 03 04 05
06
100
50
0
01/02
07/02
01/03
07/03
01/04
07/04
01/05
07/05
01/06
07/06
01/07
08/06
09/06
10/06
11/06
12/06
01/07
Detailed and historic information on the share price and the traded
volumes are available on the websites of D’Ieteren (www.
dieteren.com) and Euronext (www.euronext.com). Avis Europe,
a 59.6% subsidiary of D’Ieteren, is listed on the London Stock
Exchange in the Transport sector (code AVE.L).
100 D’Ieteren - Annual Report 2006

DeNOMINATOR
31 december 2006 Number Related
voting rights
Existing shares (1) 5,530,262 5,530,262
Participating shares (1) 500,000 500,000
TOTAL 6,030,262
(1) Each of the shares and participating shares grants a voting right.
SHAREHOLDING STRUCTURE
FINANCIAL CALENDAR
31 december 2006 - in voting rights
Nayarit Group 27.06%
SPDG Group 25.10%
Cobepa s.a. 7.05%
Own shares 1.28%
Public 39.51%
Information about the statement of capital can be found on note 29 of
this Annual Report.
PRESS AND INVESTOR RELATIONS
Catherine Vandepopeliere
Financial Communication
s.a. D’Ieteren n.v.
rue du Mail, 50
B-1050 Brussels
Belgium
Tel.: + 32-2-536.54.39
Fax: + 32-2-536.91.39
E-mail: financial.communication@dieteren.be
VAT BE 0403.448.140 – Company registration number Brussels
Information about the Group (press releases, annual reports, financial
calendar, share price, statistical information, social documents…) is
available mostly in three languages (French, Dutch, English) on the
website: www.dieteren.com.
Through the Group’s website it is also possible to subscribe in order
to receive via e-mail information such as: agenda of general meetings,
press releases, articles of association, special reports of the Board of
Directors, publication of the annual report, statutory accounts, payment
of dividend, information regarding the denominator and transparency
declarations.
Ce rapport annuel est également disponible en français.
Dit jaarverslag is beschikbaar in het Nederlands.
Last day for the deposit of shares
for the Ordinary General Meeting 25 May 2007
Ordinary General Meeting 31 May 2007
Payment of the dividend
for the year 2006 7 June 2007
Publication of results
for the first half 2007 28 August 2007
Publication of annual results 2007 February 2008
FORWARD-LOOKING STATEMENTS
This Annual Report contains forward-looking information that involves risks and uncertainties, including statements about D’Ieteren’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. Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary
materially from those anticipated, expected, estimated or projected. As a result, D’Ieteren does not assume any responsibility for the accuracy of these forward-looking statements.
Share information 101

Press and investor relations
Catherine Vandepopeliere
Financial Communication
s.a. D’Ieteren n.v.
rue du Mail, 50
B-1050 Brussels
Belgium
Tel.: + 32-2-536.54.39
Fax: + 32-2-536.91.39
E-mail: financial.communication@dieteren.be
Website: www.dieteren.com
VAT BE 0403.448.140 - Company Registration Number Brussels
Ce rapport annuel est également disponible en français.
Dit jaarverslag is beschikbaar in het Nederlands.
Concept and realisation: CHRIS – Communication Agency
www.chriscom.be
Photography: Jean-Michel Byl – Clair Obscur
Nicolas Van Haren and picture libraries of
Audi, Avis, Belron, Bentley, Budget, Carglass,
Lamborghini, Seat, Skoda, Porsche, VW, Yamaha
Prepress and printing: SNEL Grafics, Liège
The major trading brands of the Belron group: Belron ® , the Belron Device, Autoglass ® ,
Carglass ® , Glass Medic ® , Lebeau ® , Duro ® , Speedy Glass ® and Apple AutoGlass ® are
registered trademarks and Elite Auto Glass , GlasPro , Windshield Pros and Auto
Glass Specialists ® are trademarks of Carglass Luxembourg S.à.r.l. - Zug Branch or
associated companies. O’Brien ® is a registered trademark of O’Brien Glass Industries
Limited and Smith & Smith ® is the registered trademark of Carglass NZ Limited.
SAFELITE ® is a registered trademark of Belron US.