D'IETEREN AUTO AVIS EUROPE BELRON

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CONTENTSThe GroupD’Ieteren at a glance 001Message to shareholders 002Questions to D’Ieteren’s Chief Executive 004History of D’Ieteren 008Key figures by activity 0122010 key events 014D’Ieteren AutoOur business 016Key figures 018Message of the CEO 019D’Ieteren Auto in 2010 0202010-2011 key models 024Avis EuropeOur business 028Key figures 030Message of the CEO 031Avis Europe in 2010 032BelronOur business 036Key figures 038Message of the CEO 039Belron in 2010 040Corporate social responsibility 044Environment 046Ethics and values 052Sponsorship and social solidarity 053Management report 054Financial report 060Corporate governance statement 123Share information 135Content of the Consolidated Directors’ Report 13704162836
D’IETEREN AT A GLANCETHE GROUPD’Ieteren is a group of services to the motorist founded in 1805, serving over 19 million customers in some120 countries in three areas:> D’IETEREN AUTO distributes Volkswagen, Audi, Škoda, Seat, Porsche, Bentley, Lamborghini, Bugatti and Yamahavehicles across Belgium. It is the country’s number one car dealer, with a market share of over 20% and morethan one million vehicles of the distributed makes on the road. Sales in 2010: 2.7 billion EUR.> BELRON (92.7% owned) is the worldwide leader in vehicle glass repair and replacement. 1,900 branches and9,500 mobile vans, trading under more than 15 different brands including Carglass, Autoglass and Safelite,serve customers in 33 countries. Sales in 2010: 2.8 billion EUR.> AVIS EUROPE (59.6% owned, listed on the London Stock Exchange) is a leading short-term car rental company.With its Avis and Budget brands, it operates through more than 3,900 locations in Europe, Africa, the MiddleEast and Asia. Rental income in 2010: 1.2 billion EUR.01D’IETEREN ANNUAL REPORT 2010A family-controlled, publicly listed company…40.0% *Free floatEuronext Brussels55.2% *D’Ieteren family3.5% *CobepaBelgian private equity co.40.4%Free floatLondon S.E.Own shares1.3% *7.3%Founding partners& family holdingof Belron’s CEO59.6%100%92.7%* In voting rights.…with an international presence■ Vehicle glass repair and replacement■ Car rental■ Car rental and Vehicle glass repairand replacement■ Automobile distribution, Car rental andVehicle glass repair and replacement
Page 1 and 2: ANNUAL REPORT 2010■ D’IETEREN A
Page 3: Sales since 2004 (EUR million)€m7
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 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 53 and 54: CORPORATE SOCIAL RESPONSIBILITY49D
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CORPORATE SOCIAL RESPONSIBILITY51D
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CORPORATE SOCIAL RESPONSIBILITY 53S
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MANAGEMENT REPORT55D’IETEREN ANNU
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Page 63 and 64:
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FINANCIAL REPORT61D’IETEREN ANNUA
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FINANCIAL REPORT 63CONSOLIDATED STA
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FINANCIAL REPORT 65CONSOLIDATED STA
Page 71 and 72:
FINANCIAL REPORTNOTES TO THE CONSOL
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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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