2010: a year of records

It is thanks to our remarkable teams that we were able to post record results in 2010. Our teams proved their agility during the crisis and continued to do so in 2010, thereby taking full advantage of the economic recovery. The teams at D’Ieteren Auto responded to an automotive market which was a lot more vigorous than expected without cutting back on service quality. Avis Europe’s teams showed great flexibility in managing unexpected events, such as the volcanic ash cloud in April, and satisfying customers under all circumstances. Belron’s teams set their hearts on maintaining an unrivalled service for customers, insurers and fleet partners, while managing to complete several acquisitions, in its well-established countries as well as in China and Russia.

2010 has also been a decisive year for D’Ieteren, with the completion in January of the acquisition of 16.35% of Belron from Cobepa, signed in September 2009, and representing a total investment of close to EUR 290 million. This interest increase had an immediately positive effect, contributing EUR 15 million to the growth of our current result before tax in 2010. Our investment of EUR 111 million in Avis Europe’s Rights Issue in June gave the company significant additional strength and flexibility.

The Group ended 2010 with a current consolidated result before tax of EUR 305.4 million, up 42.6%, including the net impact of the additional interest acquired in Belron. An increase of 35.5% at constant consolidation perimeter.

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