D’Ieteren Annual Report 2007
Structure of the Group
Key Figures
Contents
Activities and Strategy	1
Message to Shareholders	2
D’Ieteren in the World	4
Corporate Governance	8
Corporate Citizenship	12
Automobile Distribution	16
Volkswagen Tiguan	22
Audi A4	23
New Škoda Superb	24
SEAT Altea Freetrack	25
Bentley Continental GT Speed	26
Lamborghini Gallardo LP 560-4	27
Porsche 911 GT2	28
Yamaha XT660Z Tenere	29
Short-Term Car Rental	30
Vehicle Glass Repair and Replacement	36
Consolidated Financial Statements 2007	43
Consolidated Income Statement	44
Consolidated Balance Sheet	45
Consolidated Statement of Recognised Income and Expense	46
Consolidated Cash Flow Statement	47
Notes to the Consolidated Financial Statements	48
Note 1: General Information	48
Note 2: Accounting Policies	48
Note 3: Segment Information	54
Note 4: Sales	58
Note 5: Operating Result	59
Note 6: Net Finance Costs	60
Note 7: Entities Accounted for Using the Equity Method	60
Note 8: Tax Expense	61
Note 9: Unusual Items and Re-Measurements	62
Note 10: Earnings per Share	65
Note 11: Goodwill	66
Note 12: Business Combinations	67
Note 13: Other Intangible Assets	69
Note 14: Vehicles	70
Note 15: Other Property, Plant and Equipment	71
Note 16: Investment Property	72
Note 17: Available-for-Sale Financial Assets	72
Note 18: Derivative Hedging Instruments	73
Note 19: Derivatives Held for Trading	74
Note 20: Long-Term Employee Benefit Assets and Obligations	75
Note 21: Deferred Taxes	78
Note 22: Other Non-Current Receivables	79
Note 23: Non-Current Assets Classified as Held for Sale	79
Note 24: Inventories	79
Note 25: Other Financial Assets	80
Note 26: Current Tax Assets and Liabilities	80
Note 27: Trade and Other Receivables	80
Note 28: Cash and Cash Equivalents	81
Note 29: Equity	81
Note 30: Provisions	83
Note 31: Borrowings	84
Note 32: Net Debt	87
Note 33: Put Options Granted to Minority Shareholders	87
Note 34: Other Non-Current Payables	87
Note 35: Trade and Other Current Payables	88
Note 36: Employee Benefit Expense	88
Note 37: Share-Based Payments	89
Note 38: Financial Risk Management	90
Note 39: Contingencies and Commitments	92
Note 40: Related Party Transactions	93
Note 41: Discontinued Operations	94
Note 42: List of Subsidiaries, Associates and Joint Ventures	95
Note 43: Exchange Rates	96
Note 44: Ubsequent Events	96
Note 45: Auditor's report	97
Abridged Statutory Financial Statements 2007	99
Abridged Balance Sheet	100
Abridged Income Statement	101
Abridged Notes	101
Summary of Accounting Policies	102
Major Risk Factors(1)	103
Share Information	104