s.a. D'Ieteren n.v.: Non-cash impairment on Avis Europe inD'Ieteren's accounts

Regulated information
 
4 March 2009
 
In light of the deterioration of the economy, the board of  D'Ieteren
has reviewed the carrying value  of the company's investment in  Avis
Europe. The board has  decided to recognise  an impairment charge  of
EUR 85  million  after taxes,  share  of the  group,  in  D'Ieteren's
consolidated accounts, based on IAS 36 prescriptions, and a charge of
EUR 48 million in D'Ieteren's unconsolidated accounts.
 
The consolidated equity, share of the group, of D'Ieteren amounted to
EUR 985  million  at  30  June 2008  and  the  unconsolidated  equity
amounted to EUR 794 million at 31 December 2007.
 
This impairment,  a  non-cash charge,  does  not impact  the  Group's
borrowing arrangements or covenants compliance.
 
There is no change to the previous guidance concerning 2008  results,
which will be disclosed on 6 March, as previously advised.
                             ___________
 
D'Ieteren
D'Ieteren is  an  international group,  active  in three  sectors  of
services to the motorist:
 
  * automobile distribution in Belgium of Volkswagen, Audi, Seat,
    Skoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha;
  * vehicle glass repair and replacement in Europe, North and South
    America, Australia and New-Zealand through Belron s.a. and
    notably its CARGLASS®, AUTOGLASS®, SAFELITE® AUTO GLASS, SPEEDY®,
    LEBEAU®, SMITH&SMITH® and O'BRIEN® brands;
  * short-term car rental in Europe, Africa, the Middle East and Asia
    through Avis Europe plc and the Avis and Budget brands.
 
D'Ieteren and  its  activities are  present  in 120  countries  on  5
continents serving more than 18 million customers a year.
 
Contacts
Jean-Pierre Bizet, Chief Executive Officer
Benoit Ghiot, Chief Financial Officer
Stéphanie Ceuppens,  Financial  Communication  -  Tel  :  +  32  (0)2
536.54.39
E-Mail   :    financial.communication@dieteren.be   -    Website    :
http://www.dieteren.com
 
Forward looking statements
This document  contains  forward-looking  information  that  involves
risks  and  uncertainties,  including  statements  about  D'Ieteren's
plans, objectives, expectations and intentions. Readers are cautioned
that forward-looking statements include  known and unknown risks  and
are  subject  to  significant  business,  economic  and   competitive
uncertainties and contingencies, many of which are beyond the control
of D'Ieteren. Should  one or  more of these  risks, uncertainties  or
contingencies materialise, or should any underlying assumptions prove
incorrect,  actual   results  could   vary  materially   from   those
anticipated, expected, estimated or projected. As a result, D'Ieteren
does  not  assume  any  responsibility  for  the  accuracy  of  these
forward-looking statements.
 
                                                 End of press release
 
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