D'IETEREN AUTO AVIS EUROPE BELRON

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18D’IETEREN AUTOD’IETEREN ANNUAL REPORT 2010Key figuresKEY FIGURES (EUR million)IFRS2010 2009 2008 2007 2006 2005 2004New vehicles delivered (in units) 117,951 99,241 119,967 120,774 112,944 103,239 99,587External sales 2,732.9 2,453.8 2,679.4 2,642.4 2,491.4 2,227.2 2,088.6Current operating result 1, 2 92.6 65.8 88.5 98.7 81.9 56.1 64.1Current operating margin 3.4% 2.7% 3.3% 3.7% 3.3% 2.5% 3.1%Current result, group’s sharebefore tax 1, 264.9after tax 1, 2 62.042.941.9Average workforce (average full time equivalents) 1,584 1,565 1,650 1,601 1,571 1,505 1,4931. Before unusual items and re-measurements.2. The Automobile Distribution segment includes all costs related to the corporate activities, including (concerningcurrent result), finance costs resulting from the investment in the Car Rental and Vehicle Glass segments.60.659.374.765.259.557.036.135.248.739.3EVOLUTION OF SALES AND CURRENT OPERATING RESULTOF D’IETEREN AUTO SINCE 2004 (EUR MILLION)NEW CAR REGISTRATIONS IN BELGIUM AND MARKETSHARE OF D’IETEREN AUTOExternal sales€m €m30001202500100200080150060100040Current operating resultCar registrations (in thousands)60050040030019,6119.8318.0217.7618.1119.0119.4319.9719.7619.3420.13252015Market share (%)5002010002002004 2005 2006 2007 2008 2009 2010100505154894684594854805265255364765472000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201002% 1% 1%5%6%4%81%SALES EVOLUTION BY ACTIVITY (EUR MILLION) 2010 2009 CHANGE● New vehicles 2,204.4 1,929.7 14.2%● Used vehicles 103.9 117.0 -11.2%● Spare parts and accessories 167.6 149.4 12.2%● D’Ieteren Car Centers (after-sales) 54.7 51.6 6.0%● D’Ieteren Sport 35.8 40.2 -10.9%● D’Ieteren Lease 141.4 143.2 -1.3%● Others 25.1 22.7 10.6%D’IETEREN AUTO 2,732.9 2,453.8 11.4%
D’IETEREN AUTO 19D’IETEREN ANNUAL REPORT 2010“The first few months of 2010 werecharacterised by a lack of visibility, butthe year eventually ended with a recordnumber of new car registrations. While thegovernment incentives offered to buyers ofenvironmentally-friendly vehicles proppedup the market, D’Ieteren Auto’s teamsresponded with genuine dynamism. Wewere therefore able to make the most of therecovery plan put in place at Volkswagen.Our other makes perfectly matched thegovernment incentives criteria and, despitea shortfall in production, continued to makeprogress. These developments enabled us toachieve our growth objective, with a share innew car registrations of over 20% in 2010.”Thierry van Kan, CEO of D’Ieteren Auto
Page 1 and 2: ANNUAL REPORT 2010■ D’IETEREN A
Page 3 and 4: Sales since 2004 (EUR million)€m7
Page 5 and 6: D’IETEREN AT A GLANCETHE GROUPD
Page 7 and 8: MESSAGE TO SHAREHOLDERS 03D’IETER
Page 9 and 10: PROSPECTS AND OBJECTIVES 05D’IETE
Page 11 and 12: PROSPECTS AND OBJECTIVES07D’IETER
Page 13 and 14: HISTORY OF D’IETEREN 09D’IETERE
Page 15 and 16: HISTORY OF D’IETEREN11D’IETEREN
Page 17 and 18: OUR ACTIVITIES IN 201013Key figures
Page 19 and 20: 2010 KEY EVENTS15D’IETEREN ANNUAL
Page 21: D’IETEREN AUTO17D’IETEREN ANNUA
Page 25 and 26: D’IETEREN AUTO 21D’IETEREN ANNU
Page 33 and 34: AVIS EUROPE 29D’IETEREN ANNUAL RE
Page 35 and 36: AVIS EUROPE31D’IETEREN ANNUAL REP
Page 41 and 42: BELRON 37D’IETEREN ANNUAL REPORT
Page 43 and 44: BELRON39D’IETEREN ANNUAL REPORT 2
Page 45 and 46: BELRON41D’IETEREN ANNUAL REPORT 2
Page 47 and 48: BELRON 43D’IETEREN ANNUAL REPORT
Page 49 and 50: CORPORATE SOCIAL RESPONSIBILITY 45D
Page 51 and 52: CORPORATE SOCIAL RESPONSIBILITY47D
Page 57 and 58: CORPORATE SOCIAL RESPONSIBILITY 53S
Page 59 and 60: MANAGEMENT REPORT55D’IETEREN ANNU
Page 65 and 66: FINANCIAL REPORT61D’IETEREN ANNUA
Page 67 and 68: FINANCIAL REPORT 63CONSOLIDATED STA
Page 69 and 70: FINANCIAL REPORT 65CONSOLIDATED STA
Page 71 and 72: FINANCIAL REPORTNOTES TO THE CONSOL
Page 73 and 74:
FINANCIAL REPORTNOTE 2: ACCOUNTING
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NOTE 3: SEGMENT INFORMATION (contin
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FINANCIAL REPORT77NOTE 3: SEGMENT I
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FINANCIAL REPORT79NOTE 5: OPERATING
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FINANCIAL REPORTNOTE 7: ENTITIES AC
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NOTE 9: UNUSUAL ITEMS AND RE-MEASUR
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FINANCIAL REPORTNOTE 10: EARNINGS P
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FINANCIAL REPORTNOTE 11: GOODWILL (
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FINANCIAL REPORT89NOTE 13: OTHER IN
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NOTE 14: VEHICLES (CONTINUED)The Ca
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NOTE 18: DERIVATIVE HEDGING INSTRUM
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FINANCIAL REPORT95NOTE 19: DERIVATI
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NOTE 20: LONG-TERM EMPLOYEE BENEFIT
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FINANCIAL REPORTNOTE 21: DEFERRED T
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FINANCIAL REPORT101NOTE 27: TRADE A
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FINANCIAL REPORT103NOTE 29: EQUITY
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FINANCIAL REPORT105NOTE 31: BORROWI
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FINANCIAL REPORT107NOTE 31: BORROWI
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FINANCIAL REPORT109NOTE 33: PUT OPT
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FINANCIAL REPORT111NOTE 37: SHARE-B
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FINANCIAL REPORT113NOTE 38: FINANCI
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FINANCIAL REPORT115NOTE 39: CONTING
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FINANCIAL REPORTNOTE 41: LIST OF SU
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FINANCIAL REPORT119S.A. D’IETEREN
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FINANCIAL REPORT 121ABRIDGED INCOME
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Corporate Governance Statement123D
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CORPORATE GOVERNANCE STATEMENT125D
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SHARE INFORMATION135D’IETEREN ANN
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CONSOLIDATED Directors’ Report137
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NOTES139D’IETEREN ANNUAL REPORT 2
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FINANCIAL CALENDARInterim managemen
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D'IETEREN AUTO AVIS EUROPE BELRON

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