D'IETEREN AUTO AVIS EUROPE BELRON

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04 PROSPECTS AND OBJECTIVESD’IETEREN ANNUAL REPORT 2010QUESTIONS TOJEAN-PIERRE BIZET,D’IETEREN’SCHIEF EXECUTIVE
PROSPECTS AND OBJECTIVES 05D’IETEREN ANNUAL REPORT 2010In 2010, D’Ieteren achieved record results,thanks to favourable developments in its threeactivities. The perfect opportunity to reflecton the recent past and examine priorities forthe near future with Jean-Pierre Bizet, CEO.1.Following the excellentresults achievedin 2010, what areyour priorities for thenext few years?The situation is specifi c to eachactivity. In the Belgian car market,D’Ieteren Auto’s ambition is tocontinue gaining market share, havingexceeded 20% in 2010 – a recordin the last decade – mainly reflectingthe attractiveness of our product offering.We will be able to continue torely on our highly dedicated dealersand D’Ieteren Auto teams, superiorproducts and technologies, and highcustomer satisfaction with our levelof service.Belron’s objective is to keep up withits growth by developing its presenceeven further in its existing markets,and through continued geographicalexpansion. Belron’s ability to delight itscustomers and deliver value to insurersand fleet partners, is at the heart ofthis ambition, together with the sharingof best practices worldwide.Avis Europe is emerging from the financialand economic crisis as a muchfitter and stronger competitor. Thedifferentiation of its two worldwidebrands together with a continued focuson cost competitiveness, superiorservice, and fleet utilisation willsupport further profit recovery. AvisEurope will also focus on developingemerging markets, particularly China,and new mobility solutions, such asits ‘Avis on Demand’ and BusinessPack initiatives (more information onpage 48).2.D’Ieteren is said to bea highly cyclical group.Is this really the case?What are the mainexternal factors influencingthe earnings ofthe three activities?D’Ieteren is less cyclical than manybelieve. Witness our profit resiliencethrough the recent crisis. The situationis different among our activities,though. Belron, the largest contributorto our bottom line, is not very cyclical,as vehicle glass breakage is linkedmostly to miles driven, which vary onlyslightly with the economy. Belron,is, however, sensitive to changes inweather conditions.The Belgian car market is definitelyimpacted by changes in GDP growth,but the business fleet segment actsas a stabiliser. Many other factorsplay a role for D’Ieteren Auto, suchas product innovation by car manufacturers,the modest but consistentgrowth of the car park, and governmentincentives.At Avis Europe, volumes do fluctuatewith the economy, and in particularwith changes in enplanements ashalf the rentals are made at airports.The observed long-term increase in airtraffic is, however, a positive catalyst.3.D’Ieteren Auto andBelron generate strongcash flows and AvisEurope no longerseems to need cash:what will these cashflows be used for inthe future?First let us not forget that over the lastsix years we have invested roughly750 million EUR of these cash fl owsin raising our equity stake in Belronfrom 56% to 93%, and in participatingto two Rights Issues of Avis Europe, in2005 and 2010. Meanwhile, we havemaintained a reasonable debt leveragein our three activities. Our prioritiesfor the future are simple: (1) makesure we have the fi nancing capacity tomake any investments necessary tomaintain the competitiveness of ourthree activities; (2) examine attractiveinvestments which would fi t closelywith our group competences; (3) reduceour debt.
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: MESSAGE TO SHAREHOLDERS 03D’IETER
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 57 and 58: CORPORATE SOCIAL RESPONSIBILITY 53S
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MANAGEMENT REPORT55D’IETEREN ANNU
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FINANCIAL REPORT61D’IETEREN ANNUA
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FINANCIAL REPORT 63CONSOLIDATED STA
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FINANCIAL REPORT 65CONSOLIDATED STA
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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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