ANNUAL REPORT 2008 | D'IETEREN AUTO

D’Ieteren
Auto.
Market
leader.
6 | ANNUAL REPORT 2008 | D’IETEREN AUTO

ANNUAL REPORT 2008 | D’IETEREN AUTO | 7
Despite the economic
slowdown, the Belgian car
market reached the higher
than expected level of 535,947
new car registrations in 2008,
which is also higher than
previous years. Thanks to its
resourcefulness, D’Ieteren
Auto kept its leadership,
with a market share of 19.8%.
Deliveries reached 119,967
units, almost the record level
of 2007.
D’IETEREN AUTO
119,967
2008 deliveries (in units):

8 | ANNUAL REPORT 2008 | D’IETEREN AUTO
An organization
focused on its customers.
Constantly striving to strengthen customer
satisfaction and loyalty, D’Ieteren Auto has
developed the programme “Lead” to deepen
its knowledge of its customers' needs. This
programme, which formalizes the customer
sales and follow-up process, was introduced
into half the network in 2008.
Nicolas Kamoen and Gert Debruyn, respectively
Manager and Sales Manager of the Audi Center
Zaventem, are among the first to put this new
approach into practice.
N. KAMOEN:
“This is a new
commercial approach,
focused on the
customer rather than
the product…”
G. DEBRUYN:
“The salesperson’s
role does not end
with the offer, or
even with the sale. It
is important to keep
the customer contact.
Our new approach
allows us to engage in
continuous dialogue
with the customer
who appreciates
this attention. Even
a customer with
a problem is an
opportunity to show
that we do things
differently. ‘Turning
bad news into good
news’ is one of the
strengths of this
approach…”

ANNUAL REPORT 2008 | D’IETEREN AUTO | 9
D’IETEREN AUTO

10 | ANNUAL REPORT 2008 | D’IETEREN AUTO
Key figures.
Belgian market up 2.1% to a record level of 535,947 new car registrations. | Share in registrations
slightly down to 19.76% but strongly up to 20.82% during the second half. The Volkswagen group
could not adapt deliveries to the unexpected record demand in the first half. | VW remains market
leader. Audi's market share exceeds 5% for the first time. | Sales up 1.4%. | Current operating
result down only 10.3% to EUR 88.5 million vs 2007 record. Contribution from new vehicle sales
growth was more than offset by marketing costs increases linked to the Brussels Car Show and
losses on sales of less-than-a-year-old used cars. | Current result before tax, group’s share, down
18.9% to EUR 60.6 million.
FINANCIAL HIGHLIGHTS
(EUR million) 2008 2007 CHANGE
New vehicles delivered (in units) 119,967 120,774 -0.7%
External sales 2,679.4 2,642.4 1.4%
Current operating result 88.5 98.7 -10.3%
Current operating margin 3.3% 3.7% –
Current net finance costs -27.9 -23.7 17.7%
Current result before tax 60.6 75.0 -19.2%
Current result before tax,
group’s share
Unusual items and re-measurements,
before tax
60.6 74.7 -18.9%
2.4 -2.9 –
SALES BREAKDOWN BY ACTIVITY
MARKET OF NEW CARS AND MARKET SHARE
OF D’IETEREN AUTO
Registrations
(in thousands)
550
20.11
19.61
19.82
18.02
17.76
18.11
19.01
19.43
19.97
19.76
Market share (%)
20
500
450
400
15
SALES EVOLUTION BY ACTIVITY
CHANGE
● New vehicles 1.3%
● Used vehicles -1.5%
● Spare parts and accessories 1.3%
● D’Ieteren Car Centers (after-sales) 6.0%
● D’Ieteren Sport -16.2%
● D’Ieteren Lease 10.7%
D’IETEREN AUTO 1.4%
350
300
250
200
150
100
50
0
490
515
489
468
459
485
480
526
525
536
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
● Market share (%) ● Market (in thousands)
10
5
0

ANNUAL REPORT 2008 | D’IETEREN AUTO | 11
Key events 2008.
JANUARY. | 01 | D’Ieteren takes part in
the Brussels Car and Motorcycle Show,
with its emphasis on ecology. Its leading
exhibits are the Volkswagen BlueMotion
ecological range and the new Volkswagen
Tiguan and Audi A4 models.
| 02 | Inauguration of the new D’Ieteren
Expo facilities. | D’Ieteren Auto introduces
its new customer dialo gue programme
into the network (see page 8). | D’Ieteren
Auto also begins separating out after-sales
activities of the Volkswagen and Audi
makes, finalizing them for the Stockel and
Jubilé Car Centers in 2008.
APRIL. | 03 | Official inauguration of the
Lamborghini showroom at Zaventem.
JUNE. | 04 | 25% of electricity needs at
the Audi Center Zaventem will now be
generated by photovoltaic panels on the
roof of the building (see page 14).
A cogeneration unit is also installed at
the rue du Mail site.
JULY. | 05 | D’Ieteren celebrates the
60th anniversary of the signing of the
Volkswagen import contract by Pierre
D’Ieteren in March 1948 (see page 13).
OCTOBER. | 06 | 07 | Launch of the
Volkswagen Golf VI and Scirocco.
| Volkswagen now offers customers the
option of subscribing a 2 year guarantee
extension: “Garantie +2 by Wecare”.
DECEMBER. | 08 | D’Ieteren Auto
launches its new “D'Ieteren Campus”
employee training and development
programme. | 09 | The “My Way Network”
now has 82 My Way contracts covering
174 showrooms. | 10 | D’Ieteren Sport
begins marketing the new e-Solex, the
electric motor two-wheeler, in Benelux. |
D’Ieteren Auto finalizes the development
of the new dealer management system
and implements it in the network.
JANUARY 2009. | D’Ieteren participates
in the Brussels Motor Show for Light
Commercial, Recreational Vehicles and
Motorcycles, featuring in particular the
new Audi Q5 and the e-Solex. | Opening
of a SEAT and Škoda Contact Center.
01
03
05
07
02
04
06
08
D’IETEREN AUTO
09
10

12 | ANNUAL REPORT 2008 | D’IETEREN AUTO
Growing in a year
of contrasts.
Current result before tax, group's share:
EUR 60.6 million, down 18.9% vs a record
year 2007. Contribution from new vehicle
sales growth was more than offset by
marketing costs increases and losses on
sales of less-than-a-year-old used cars.
Activities and results
D’Ieteren Auto sales grew by 1.4% to
EUR 2,679.4 million, as a result of sales
growth in new vehicles. Total new vehicles
delivered by D’Ieteren Auto were roughly
stable compared to the 2007 record level.
NEW VEHICLES
New car registrations in Belgium achieved a
record level of 535,947 units, up 2.1%, notably
benefiting from the Brussels Car Show.
The makes distributed by D’Ieteren Auto
achieved 19.76% market share, slightly
down compared with 19.97% for the full
year 2007. This is mainly due to the market
share decline of Volkswagen, which
remains nevertheless market leader in
Belgium, offset by market share gains by
Audi and Seat.
The supply delays which impacted
Volkswagen and Audi market shares have
gradually been resolved during the year.
Audi's market share exceeded 5% for the
first time and its registrations achieved a
record level. Seat's market share increased,
supported by the demand for the Seat
Ibiza Ecomotive, launched at the end
of 2007, and the new Seat Ibiza. Škoda
achieved a record level of registrations but
its market share was nevertheless slightly
lower.
The light commercial vehicles market
amounted to 65,268 new registrations in
2008, down 1.2%. D'Ieteren Auto achieved
9.00% market share (8.93% in 2007), and a
record amount of registrations, supported
by demand for the Caddy, Caddy Maxi
and Crafter.
Total new vehicles, including commercial
vehicles, delivered by D’Ieteren Auto, were
down 0.7% to 119,967 units, vs the 2007
record level. New vehicles sales were up
1.3% to EUR 2,162.7 million.
OTHER ACTIVITIES
Used car sales amounted to
EUR 114.0 million, down 1.5%, reflecting
tougher nearly new used car markets
in Europe. This resulted in a significant
decrease of the results of that activity
during the second semester.
Sales of spare parts and accessories were
up 1.3% to EUR 141.5 million.
After-sales activities by D’Ieteren Car
Centers were up 6.0% to EUR 51.4 million.
Sales of D’Ieteren Lease, active in longterm
car rental of D’Ieteren Auto brands,
increased by 10.7% to EUR 139.4 million.
At 31 December 2008, its fleet amounted
to more than 23,400 rented vehicles,
up 7%.
D’Ieteren Sport sales, mainly Yamaha
motorbikes, quads and scooters, were
down 16.2% to EUR 47.1 million due to
a less favourable product mix.
In a 0.2% decreasing market, Yamaha’s
share amounted to 13.62% (16.86%
in 2007).
RESULTS
Current operating result amounted to
EUR 88.5 million, down 10.3% compared
to the record result of EUR 98.7 million in
2007. Contribution from new vehicle sales
growth was more than offset by marketing
costs increases linked to the Brussels Car
Show and losses on sales of less-than-ayear-old
used cars. The result on resale of
D’Ieteren Lease’s vehicles, although lower
than in 2007, remained positive.
However, compared to the previous
biennial car show year 2006, current
operating result was up 8.1% (2006:
EUR 81.9 million).
Total net finance costs amounted to
EUR 25.5 million (2007: EUR 26.7 million).
Excluding re-measurements of financial
instruments (mainly interest rate swaps)
at fair value, current net finance costs
amounted to EUR 27.9 million (2007:
EUR 23.7 million), as a result of the
increase of the average net debt and
average interest rate.
Current result before tax, group’s share,
amounted to EUR 60.6 million (2007:
EUR 74.7 million).

ANNUAL REPORT 2008 | D’IETEREN AUTO | 13
Key developments
D’Ieteren Auto undertook several actions
to enhance customer satisfaction and
loyalty. The “Customer Relationship
Management”, which formalizes the
sales and customer follow-up processes,
was introduced into half the network
during the year. Moreover, D’Ieteren Auto
pursued the development of the “My Way
Authorized Distributor” network which
now has 82 dealer affiliates. This initiative
aims at improving voluntary used vehicle
trade-in by dealers in order to stimulate
the sales and after-sales activities of each
make.
D’Ieteren Auto also started the
separation of the after-sales activities of
the Volkswagen and Audi makes in the
independent dealers network and in its
own D’Ieteren Car Centers.
Furthermore, D’Ieteren Auto finalised
the development of its new dealer
management system and started its
implementation in the network, which
should be finalised by the end of 2010.
Outlook 2009
As previously announced by Febiac, the
Belgian automobile market is expected to
decrease by 10 to 20% compared to 2008.
In this context, D’Ieteren Auto keeps up
its objective of a continuous market share
improvement. The new Golf, introduced
in October 2008, will contribute to it.
The models to be launched or renewed
in 2009 include the VW Polo, Audi A5
Sportback and Convertible, Audi S4,
New Seat Ibiza Ecomotive, Seat Exeo,
Škoda Yeti and Porsche Panamera. Strong
efforts will be made regarding cost control
and capital employed management.
The roaring 60s. This year, the Company celebrated
the 60th anniversary of the contract to import
Volkswagen vehicles in Belgium, signed by Pierre
D'Ieteren on 17 March 1948. Since then, the Company
has constantly met new challenges in developing the
Volkswagen make.
At the time, D’Ieteren
had already been in
existence for near a
century and a half.
It had first hand
experience of the birth
of the automobile
market and had
both a network – a
key strength – and
a long-term vision.
This vision would
enable it to adapt to
the ups and downs of
the commercial and
economic environment,
and push it to
be constantly looking
for new opportunities.
Today, D’Ieteren is an
international group,
with three activities
serving motorists in
over 120 countries.
Key dates since the signing of the import
contract in 1948:
> 1949: building of the Forest car plant.
The first “Made in Belgium” Beetle
comes off the line in 1954.
> 1956: launch of “Dit’Rent-a-Car”. In
collaboration with the SNCB, Beetles are
available for hire at the country’s main
railway stations.
> Between 1958 and 1970:
development of the network to meet
strongly growing demand.
> 1973: the Forest plant is sold to
Volkswagen, after producing more
than a million Beetles.
> 1974: sales of the first Golfs and
Sciroccos. D’Ieteren begins importing
Audi and NSU cars. D’Ieteren Lease
is set up.
> Between 1984 and 2001: D’Ieteren
becomes the distributor for, successively,
SEAT, Škoda, Bentley and Lamborghini.
Opening of the Contact Center and
Technical Center at Kortenberg.
> 2008: D’Ieteren celebrates the
60th anniversary of the VW import
contract. More than a million
Volkswagen group vehicles are
registered in Belgium.
D’IETEREN AUTO

14 | ANNUAL REPORT 2008 | D’IETEREN AUTO
A constantly evolving approach
to respecting the environment.
Corporate Social Responsibility.
OUR ENVIRONMENT
Since several years, D'Ieteren Auto has
adopted an energy control programme
with three thrusts:
> energy purchase and consumption
monitoring;
> integration of alternative energies;
> rational energy use.
As a responsible player
in terms of the environment
and collective
values, D'Ieteren
Auto contributes to
the well-being of society
at large in a perspective
of sustainable
development. In some
cases, it offers its
services to these
communities, while
in other cases, it becomes
involved with
relevant social issues
or pursues cultural or
humanitarian goals.
1. The Clean Development Mechanism (CDM) is one of the
three flexible mechanisms of the Kyoto Protocol designed to help
industrialized countries achieve their greenhouse gas reduction
objectives. It authorizes industrialized countries (having quantified
emission reduction targets) to invest in greenhouse gas reduction
projects in developing countries (which have not signed the protocol).
These sustainable development projects generate “certified emission
reduction units”, which are then taken into account in setting the
developed country’s quotas.
OUR PRODUCTS
D’Ieteren Auto sells increasingly
environmentally friendly vehicles. Fuel
consumption and CO 2
emissions have
been greatly reduced, in particular by
optimizing existing diesel (TDI) and
petrol (TSI) engines. In 2007 Volkswagen
launched the BlueMotion programme
across its range to stimulate respect
of the environment and reduce fuel
consumption. A “BlueMotion Attitude” of
ecologically responsible driving behaviour
is encouraged, notably through Ecodriving
courses. SEAT has introduced the Ibiza
Ecomotive, which emits only 98 grams
of CO 2
per kilometre, just like its Polo
BlueMotion cousin. Audi and Škoda
have launched the e-Audi and GreenLine
ranges.
Since 1 March 2008, all the electrical
energy the Company consumes is
purchased from the Bassin du Rhône
hydroelectric generating stations
(AlpEnergie project). This energy is
guaranteed of 100% renewable origin.
In the field of alternative energies, photovoltaic
panels have been fitted on the
roof of the Audi Center site at Zaventem.
These produce 250 MW per year, equal
to a quarter of total consumption at the
site. A cogeneration power plant has also
been installed at the rue du Mail site at
Ixelles, covering 22% of annual electricity
consumption. Rational energy use involves
new operating techniques and one-off
initiatives to reduce energy consumption
in the buildings. The latter include dawn/
dusk switches, time switches and zoned
heating and lighting. This energy control
policy led to a reduction in electricity
consumption in 2008 of 3% (or 510 MWh)
and 14% lower heating consumption
(or 3705 MWh - taking degree days into
account) compared with 2007.
This year, D’Ieteren continued initiatives
around staff mobility, notably in order
to reduce the CO 2
emissions of vehicles
made available to employees, by
organizing ecological driving courses, by
promoting alternative means of transport,
etc. Furthermore, to neutralize the
balance, the Company decided in 2008 to
contribute to greenhouse gas reduction
projects approved by the United Nations
under the Kyoto protocol. D’Ieteren Auto
worked here with two Belgian companies,
CO 2
Logic and Climact, which offer
projects which generate CO 2
emission
reduction certificates (CERs), issued
by the Executive Council of the Clean
Development Mechanism 1 . One of the
selected projects is the “Wind Electricity
Generation Project” in the village of
Devarkulam in south-east India.

ANNUAL REPORT 2008 | D’IETEREN AUTO | 15
The Volkswagen division decided to
support in 2008 the International Polar
Foundation, one of whose projects was to
build the Princess Elisabeth polar station
as a base for studying climate variations.
Ecogymy
Born from the combination of the words
Economy and Ecology, this little Eskimo
named Ecogymy, who sees his ice pack
disappear under the influence of global
warming, now accompanies all environment
related communication initiatives.
This project contributes to the sustainable
development of this region by giving local
populations access to a less polluting
source of alternative energy and combats
poverty by developing economic activity.
At the operational level, D’Ieteren Auto
is working actively with Febiac, in the
context of Febelauto, to recycle end-oflife
cars and their components. At dealer
outlets D’Ieteren Auto is also promoting
selective waste sorting and collection, the
safe storage of hazardous products and
the use of water-based paints in car body
repair shops.
D’Ieteren Auto also provides significant
support to various organizations. In
partnership with the Royal Automobile
Club of Belgium and Key Driving
Competences, it has complemented
its “responsible driving” courses for
young drivers with “economic driving”
courses for companies wishing to reduce
fuel consumption by their car fleets.
The Company has also committed to
the Climate Education Program – an
initiative by its partner CO 2
Logic (see
above) – to help sensitize schoolchildren
to the environment. Concretely, two
associations, GREEN for French-speakers
and WaterWeerWind for Dutch-speakers,
have been mandated to send trainers into
the schools.
OUR COMMUNITY
D’Ieteren Auto supports a certain number
of cultural organizations and programs,
including the events organized by Flagey.
In the social area, the Company supports
the CAP48 fund-raising campaigns
organized by the RTBF for handicapped
persons’ associations, along with Child
Focus – the European Centre for Missing
and Sexually Exploited Children –,
Médecins du Monde and the asbl RED
for promoting road safety (in particular
among young drivers). In 2008, the Škoda
Import division sponsored the sale of
stickers by the Rode Kruis-Vlaanderen
during the Red Cross Fortnight by
donating two vehicles. The Porsche
division also supported LIVE, which
collects funds for various heart surgery
projects. D’Ieteren Lease is a partner of the
asbl Special Olympics Belgium, that every
year organizes sport competitions for
mentally handicapped persons. D’Ieteren
Lease provides vehicles for transporting
athletes.
Jeux Special Olympics 2008
à Courtrai
CÉRÉMONIE D’OUVERTURE : 30 AVRIL À 20H00 AU CENTRE SPORTIF WEMBLEY
COMPÉTITIONS SPORTIVES : 1 > 3 MAI - LANGE MUNTE, WEMBLEY, KORTRIJK XPO
D’IETEREN AUTO
www.specialolympics.be

16 | ANNUAL REPORT 2008 | D’IETEREN AUTO
2008-2009 key models.
Volkswagen
Golf VI.
The sixth generation Golf comes with
a modernized but still immediately
recognizable design. Volkswagen’s
bestseller has been perfected in every
detail. The new Golf completely redefines
the quality and comfort level of its class,
offering more customer value than ever
before. With an average fuel consumption
of only 4.5 litres per 100 kilometres for the
110 PS TDI engine, the Golf also perfectly
reflects Volkswagen’s environmental
commitment.
Audi Q5.
The Audi Q5 combines the dynamism
of a sports saloon with an interior that
can be modified for numerous purposes.
Like every Audi, the new four-ring SUV
provides a level of quality and finish that
has become the reference for the whole
automobile sector. Strong points, such as
the permanent 4-wheel drive quattro, the
“S tronic” gearbox and the “Audi drive
select” control system bear witness to the
“Vorsprung durch Technik” slogan that
has been associated with the brand for
the last 38 years.

ANNUAL REPORT 2008 | D’IETEREN AUTO | 17
New Škoda Octavia.
It’s never easy to improve a bestseller like
the Octavia. That’s why the engineers
from Škoda set out to retain the identity
of the car while at the same time
giving it a new look. The new Škoda
Octavia is much more than a simple
development. Not only is it designed to
have a more modern appearance, but it
has also inherited an astonishing
1.4-litre TSI engine and a whole host
of extra accessories.
D’IETEREN AUTO
SEAT EXEO.
Launching the new SEAT EXEO in
2009 will give notice to a strong new
period in the history of the brand which
is expanding into a new segment.
The SEAT EXEO is a dynamic and
elegant car defined by a superior
quality and equipped with advanced
technology that reflects the values of
SEAT: dynamism, livelyness and passion
for design. The name EXEO, heralding
excellence and maximum driving
pleasure, stands for progression, power
and technology.

18 | ANNUAL REPORT 2008 | D’IETEREN AUTO
Bentley Continental
Supersports.
The fastest and most powerful Bentley
in the company’s 90-year history.
The Continental Supersports reaffirms
Bentley’s environmental commitment
with the launch of its first FlexFuel
performance car pioneering the use of
bio fuel technology in the luxury sector.
The result is a net reduction of up to
70% in CO 2
emissions on a “well-towheel”
basis (from fuel extraction to
its combustion). The Supersports is
the extreme Bentley delivering a highly
focused driving experience.
Lamborghini
Gallardo LP 560-4
Spyder.
With the new Gallardo LP 560-4 Spyder,
Lamborghini has created a driving experience
like absolutely no other – fascinating
design and breathtaking performance.
The Gallardo bears a suitably powerful
name with a rich heritage from the bull
fighting: it is a thoroughbred sports car
with excep tionally refined power delivery
and a razor-sharp precision handling.
The finest exclusivity is the trademark
of Lamborghini’s individualization
programme. “Think the Impossible” is
its motto.

ANNUAL REPORT 2008 | D’IETEREN AUTO | 19
Porsche Panamera.
Conceived and designed as a four-door
grand touring sports car, the Panamera
combines numerous talents in typical
Porsche style: sporting driving dynamics,
a generous and variable interior, and
the supreme driving comfort of a
Gran Turismo. Joining the 911, Boxster
and Cayman sports cars as well as the
Cayenne Sports Utility, the Panamera is
Porsche’s fourth model series.
D’IETEREN AUTO
Yamaha New VMAX.
1985. Yamaha launches the impressive
VMAX. With its mighty V4 engine and its
radical and muscled styling, it became
a true legend. The legend has now returned.
Re-thought and reloaded by Yamaha's team
of engineers, the New VMAX stacks up
perfectly against the iconic former VMAX.
Those who are familiar with the first model
as well as the new admirers can be sure of
one thing: the New VMAX proves
itself to be a worthy successor, a mix of
sensation and innovation, of driving
pleasure and safety.