D'IETEREN AUTO AVIS EUROPE BELRON

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32 AVIS EUROPED’IETEREN ANNUAL REPORT 2010AVIS EUROPE:CONTROL OFTHE ELEMENTS2010 has seen a progressive return togrowth in the car rental industry as globaleconomic conditions have stabilised, albeitwith a number of unforeseen disruptionsto the travel industry during the year. Thishas enabled Avis Europe to continue itsfocus on driving further improvements inpricing together with a tight control of costsand capital. At the same time, Avis Europeinvested in future growth opportunities,continuing expansion in China and introducingnew mobility customer offerings.
AVIS EUROPE33D’IETEREN ANNUAL REPORT 2010Avis Europe investedin future growthopportunities,continuing expansioninChinaand introducing newmobility customerofferings.Progressive improvementin rental incomeKey performance indicatorsThrough both market recovery andits own actions to gain market share,Avis Europe saw a progressive improvementin volumes in its corporately-ownedsegment during the yearwith billed days turning positive in thesecond half, leading to a like-for-likeincrease of 0.8% for the full year. An improvingmacroeconomic environment,geographic diversifi cation, brand leadershipand service differentiation allcontributed to this performance whichwas achieved despite the disruptionsto travel caused by adverse weatherconditions across Northern Europe atEvol. yoyUtilisation rate+100 bpBilled days (like-for-like) +0.80%Rental Revenue per Day (at constant currency) +1.60%Return on Capital Employed+250 bpOperating margin+10 bpboth the beginning and end of the yearand the Icelandic ash cloud in April.Avis Europe saw an improving trend inthe majority of countries, the main exceptionbeing Spain where the tradingenvironment continues to remain difficult.Avis Europe achieved the highestgrowth in the UK largely as a result ofwinning several major new corporatecontracts and gaining share in the lessseasonal and off-airport Insurance/Replacement customer group.Avis Europe is focused on differentiatingand strengthening its brands.Recent initiatives have included there-launch of the customer bookingwebsites, enhancing online customerinvoice portals, introducing an iPhonerental reservation application and thedevelopment of a Blackberry bookingsolution. These enhancements and innovationscomplement the continuedsuccess of the “3-minute promise” underwhich Avis Europe guarantees its“Avis Preferred” customers their keysand rental agreement within threeminutes of entering the rental station.This service remains unmatched inthe rental industry.In addition, Avis Europe saw furthersubstantial growth in the recently introducedcustomer offer “Avis Flex”,a versatile monthly rental productto satisfy increasing demand forgreater flexibility from the Corporatecustomers.Avis Europe has continued to monitorcapacity levels closely, capitalisingon the investments made in revenuemanagement and seeking to optimisecustomer mix. These actions have allhelped to achieve a 1.6% improvementin constant currency rental revenueper day.Fee income from Licensee segmentswas 8.6% higher. Most Avis regionswere ahead of prior year, benefi tingfrom earlier volume recovery and favourableexchange rates. ReportedBudget income was lower year-onyearas two markets were reorganisedas corporately-owned operations.
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 and 22: D’IETEREN AUTO17D’IETEREN ANNUA
Page 23 and 24: D’IETEREN AUTO 19D’IETEREN ANNU
Page 33 and 34: AVIS EUROPE 29D’IETEREN ANNUAL RE
Page 35: AVIS EUROPE31D’IETEREN ANNUAL REP
Page 39 and 40: AVIS EUROPE35D’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
Page 79 and 80: NOTE 3: SEGMENT INFORMATION (contin
Page 81 and 82: FINANCIAL REPORT77NOTE 3: SEGMENT I
Page 83 and 84: FINANCIAL REPORT79NOTE 5: OPERATING
Page 85 and 86: 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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