DHV-Group Annual Report 2010

Consultancy and Engineering

dhvgroup.com

Annual Report 2010 DHV Group

Gateway to solutions

Highlights 2010

Construction of A2 Motorway, Poland

Contents

>> SSI Saturday Schools,

Key Figures

3

Profile

5

infrastructure, Indonesia >> Urban traffic control system for

Report of the Supervisory Board

6

Luoyang City, China

Message of the Executive Board

South Africa

>>

Earthquake resistant housing and community >> 2nd passenger handling facility at Kuala

Lumpur International Airport, Malaysia >> Nereda速 for sustainable treatment of municipal wastewater, the Netherlands >> Innovative, demand-based solution for water supply, South Africa

>>

Strategy and Policy

Developments 2010

Corporate Responsibility Financial Performance Outlook 2011

Performance Review

10 15

19

23 26

Consolidated Balance Sheet

26

Consolidated Cash Flow Statement

28

Consolidated Profit and Loss Account

The project illustrated on the cover is the SAISC Award winning 7th Avenue Bridge, Johannesburg, South Africa.

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27

Corporate Responsibility

29

Addresses

30

This booklet, together with the Financial and CR Statements forms the Annual

Report 2010. Please visit dhvgroup.com/annualreport for a complete overview.

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Key Figures

Turnover by client group (in %) Government Industry Public Utilities Government International Industry Development Public Utilities Agencies International Development Agencies

Turnover by client group (in %) 3 24

3 46

24

46 27

Turnover by market (in %) Transportation Building and Industry Transportation Water Building and Spatial Planning Industry and Environment Water Aviation Spatial Planning and Environment Aviation

Turnover by6market (in %) 11 6 42

11 20

42 20 21

Turnover by region (in %) Turnover by8 region (in %) 8 8 8 52 13

5

The Netherlands Africa Asia The Netherlands Europe Africa (excl. the Netherlands) Asia North America Europe (excl. the Netherlands) North America

52

19

5

23

5 19 5

23 26

12

18

2009

2008

2007

2006*

Turnover

468.7

480.8

467.7

395.0

351.6

Added value

345.8

346.5

325.3

274.8

269.4

10.2 -4.8 -9.3 -13.2 2.2 -1.93 -

17.2 14.1 5.0 7.4 3.6 1.04 0.40

21.3 20.8 9.4 15.3 4.6 1.97 0.70

15.6 13.0 6.0 10.2 3.9 1.24 0.45

13.8 13.2 7.3 13.4 3.9 1.39 0.50

243.3 121.3 68.5 72.4 29.8

242.0 123.8 72.5 76.9 31.8

231.9 99.8 63.2 65.3 28.2

191.7 96.4 59.9 61.7 32.2

163.4 90.7 58.3 59.7 36.5

15.2 -15.3

8.1 37.8

26.2 -23.6

19.9 -9.6

20.1 15.0

5,331

5,497

5,320

4,730

4,353

Results

5331

EBITA recurring EBITA Net result Return on average shareholders’ equity (%) EBITA margin, recurring (%) Earnings per share (€) Dividend per issued class B share (€)

17%

Capital employed

Diversity

female management

Shareholders’ equity

21

23

E 469 million Workforce

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13

Turnover

2010

E 69 million CO2 emission per fte

3660 kg 100% compensated

Total assets Long-term capital Shareholders’ equity Group equity Group equity as a percentage of total assets (%)

Financial position Net working capital Movement in net cash

Workforce Number of staff (ultimo) (€ millions, unless otherwise stated) Definitions Added value EBITA recurring EBITA margin Earnings per share Net working capital Movement in net cash

* The 2006 figures include 18 months’ results of the Africa region

Operating income less cost of work subcontracted and other external charges EBITA excluding non-operational items EBITA / Turnover Net result / Number of ordinary shares issued Current assets less current liabilities (excluding cash and cash equivalents less amounts owed to credit institutions) Movement in cash and cash equivalents less amounts due to credit institutions

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Profile

Serving our living environment Vision

Staff and Offices by Region

We aim to be a world-wide top 10 employee-owned engineering consultancy, known for the highest levels of expertise and leadership in sustainability.

world-class solutions. The DHV Group actively invests in innovations and collaborates with universities and research foundations to provide leading edge solutions.

Asia

Mission

Corporate Responsibility

Clients

Local presence

Europe

2,750 in 20 offices

Africa

1,000 in 25 offices

Total

5,300 in 75 offices

North America

850 in 10 offices

We are a company for people from people, working in partnership with our clients to deliver innovative, quality solutions for the sustainable development of our living environment.

700 in 20 offices

Our major clients are: • Governments • Public and Semi-Government Entities • Private Industry, Commercial Services, Contractors, and Developers • International Development Agencies

"The DHV Group is a leading engineering consultancy known for the highest levels of expertise and leadership in innovation and sustainability. We serve clients through local delivery of world-class solutions. The DHV Group is internationally renowned for providing integrated solutions to complex problems, especially in the fields of Transportation, Aviation, Environment, and Water. This is a reputation of which we are proud of and which we will continue to build upon into the future."

Bertrand van Ee, President Executive Board

Values

Our core values Integrity, Respect and Freedom provide a compass for our actions world-wide. With a focus on Leadership, Results and Teamwork we foster a culture of responsibility and partnership. We believe in social responsibility, have zero tolerance for corruption and uphold the letter and spirit of the law.

Sustainability is a core consideration in all our activities.

We aim for a positive impact on economies, societies and eco-systems through the services that we provide and in our own operations.

We are active world-wide through a network of offices in Europe, Asia, Africa, and North America. We operate as one company under three main and several smaller brands, depending on the location. Operations in the following home countries account for the greater part of our total turnover: The Netherlands, Poland, Portugal, China, India, Indonesia, South Africa, Canada and the United States of America.

Certification

Our processes are certified by internationally recognized bodies and we align with global initiatives for Corporate Responsibility.

Added value to clients

We work closely with clients to achieve their ambitions, adding value through innovation and local delivery of

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Report of the Supervisory Board Recommendations to the Annual Shareholders’ Meeting We have pleasure in presenting the DHV Group Annual Report for 2010. The annual accounts were prepared by the Executive Board, and audited by PwC, and were signed following discussions with the Executive Board and the external accountants. We support the proposal of the Executive Board not to distribute any dividend. We

recommend that the annual accounts for 2010 be adopted and we call on you to discharge the Executive Board from liability for its management, and the Supervisory Board for its supervision during the 2010 financial year.

Supervisory Board meetings

During 2010, the Supervisory Board met with the Executive Board on seven occasions and paid visits to several local DHV companies and projects in the Netherlands as well as abroad. The visits provided the Board with insight into markets, operations and developments at a local level. All board members had a good record of attendance. Ongoing matters were regularly discussed by the Chairmen of the Supervisory and the Executive Board outside the context of these meetings.

On several occasions the Supervisory Board discussed the Group’s strategy for the longer term, the main risks of the business and the result of the assessment by the Executive Board of the design and effectiveness of internal risk management and control systems.

Naturally, the impact of the financial and economic crisis and the required measures to deal with its effects were tabled at every meeting of the Supervisory Board. Other items on the agenda were: the adjustment of the Business Framework,

the Corporate Responsibility Report, the renovation of the Amersfoort office and compliance. As in previous years, the Supervisory Board conducted a Management Development review.

Audit Committee meetings

In March 2010 Mr. Van der Poel succeeded Mr. Van der Plas.

Mr. Lindenbergh continued as Chair. The Audit Committee met on three occasions. The first meeting dealt with the annual accounts for 2009, the external auditor’s report and the finalization of the budget for 2010, the second with the mid-year figures, the auditor’s Audit Plan and the evaluation of the implementation of the management information system. The third meeting was dedicated to the third quarter results, the forecast 2010, compliance with bank covenants, tax structure and the Business Framework.

Profile of the Supervisory Board

The Board is properly constituted and its members possess the desired competencies, in accordance with the Profile of

W. van Vonno member since 2006

S.M. Dekker member since 2007

J.H.M. Lindenbergh member since 2003

the Board. All members are ‘independent’ as provided in best practice provision III.2.2 of the Dutch Corporate Governance Code. Mr. Lindenbergh is a financial expert as provided in best practice provision III.3.2 of the Code.

The Supervisory Board reviewed the performance, composition and remuneration of the Executive Board. In the judgment of the Supervisory Board, the Executive Board needed an extension in the area of Finance and Control. This has been achieved by the appointment of Mrs. J. de Bakker as Chief Financial Officer and member of the Executive Board, as of 1 June 2010. By this appointment the Supervisory Board judges that the Executive Board – both as a group and in terms of its individual members – possesses the requisite competencies and functions appropriately.

Corporate Governance

DHV Group’s Corporate Governance Report and further information concerning the remuneration policy, the Code of Conduct, whistle-blower scheme, and regulations for the Executive Board, Supervisory Board and Audit Committee can be found at dhvgroup.com/corporategovernance. The remuneration of the Supervisory Board is reported in the Financial Statements and is available on dhvgroup.com/ annualreport.

Composition of the Supervisory Board

On the 2010 Annual Shareholders’ Meeting, Mr. Van der Plas, completed his maximum term and was succeeded by Mr. C.P. Veerman. Mrs. Dekker was appointed as Vice Chair.

A.P.M. van der Poel member since 2004

C.P. Veerman member since 2010

At the 2011 Annual Shareholders’ Meeting Mr. Lindenbergh and Mrs. Dekker will have completed their second and first terms respectively. The Supervisory Board nominates both for appointment to a next term.

In closing

The Chair and Vice Chair of the Supervisory Board and a delegation of the Executive Board met with delegates of Works Councils of DHV B.V. and NACO B.V. to discuss the general course of events of the company. All parties appreciated the open and constructive dialogue.

The year 2010 was marked by a continued economic downturn in the Dutch public sector. The financial results are disappointing and the Board notes that this requires firm and rapid measures. An extensive package of measures is adopted and the implementation is in full progress.

The Board remains closely informed on the developments.

The Supervisory Board wishes to thank all staff for their efforts and loyalty in 2010. With the measures being taken and the support of the staff, we have full confidence in a healthy future for the DHV Group.

Amersfoort, the Netherlands, 23 February 2011 W. van Vonno, Chair S.M. Dekker, Vice Chair J.H.M. Lindenbergh A.P.M. van der Poel C.P.Veerman

The CVs of the individual members of the Supervisory Board are available on dhvgroup.com/supervisoryboard.

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Message of the Executive Board Strategy and Policy

The DHV Group is a company for people from people. Working with our clients, we have direct impact on

supplying the basic needs of people and improving the living environment. Our ambition is to be a world-wide

top 10 employee-owned engineering consultancy, known for high level expertise and leadership in sustainability.

We approach business with a philosophy of partnership and appropriate reward for value added.

Market

Our client base is primarily in the markets of Transportation and Water. Together these will account for 80% of our turnover in 2015, up from the current 68%. In expanding these markets, we will concentrate our portfolio on services that bring higher value and earn a commensurate return. Our targets for profitability are a margin on turnover at par with the average of our peers in 2012 and in first quartile in 2015.

In the global expertise areas of Aviation, Intelligent Transport Systems (ITS) and Water Treatment we aim for an international top 10 position, with a turnover of € 200 million in a global market or € 50 million in a niche position.

It is anticipated that additional expertise areas will reach this level over time. We aspire to further strengthen our national prominence in other areas; participating in major programs (incl. PPP) for road and rail infrastructure, marine, ports & waterways, water management, and coastal development.

Increasingly, the key to success is integrated and sustainable solutions.

Markets with substantial potential in which we are proactively investing include mining, hydropower, energy, and specialized environmental services.

Home countries

We serve our clients through local delivery of world-class solutions. Local relationships, established through a long track record, are the basis for introducing Group solutions in an integrated manner. This emphasizes local “pull” versus centralized “push”, enabling us to shift more rapidly to home countries with higher projected growth rates. In mature markets we focus on integrated solutions and new business models. With the continuing constraints in public sector markets, all home countries will move to more private sector work, with a company-wide target of 40% private and 60% public turnover by 2015. 90% of our turnover will be in home countries, where the aim is to reach a sustained top three position, based on market share or minimum turnover of € 50 million.

Innovation

In order to gain higher commercial value from innovations and improve the results of the DHV Group, existing ideas and innovations will be brought to market quicker. We will work with partners to implement a strategic and more commercial approach to the development of new innovations in the Group. In the day to day business, we strive for continuous

innovation for and with our clients especially in relation to developing new and sustainable solutions.

Bertrand M. van Ee, President member since 2004

One company

One company is about ensuring connectivity and constancy of purpose. Markets are dynamic and we count on our culture, systems, and interpersonal networks to support our people in dealing with change and dilemmas. Our Global Code of Business Principles, with key values of integrity, respect and freedom, guides us in assuming responsibility, making choices, and addressing stakeholder questions.

It reflects the spirit that unites and defines us.

Business units are the building blocks of our organization, operating within the one company framework. The framework provides context and processes to increase efficiency and enhance collaboration in support of client needs. Business unit continuity is subject to minimum performance standards and benchmarking.

Piet W. Besselink, Vice President member since 2006

Commitment to sustainable development is central to our company mission and is implemented in our projects, operations, and through community engagement.

Home countries are the cornerstone in this process. Different local needs are reflected in individual programs. The one company framework sets out expectations in all three areas, whilst complying with our Business Integrity Management System, and to promote building futures through education and capacity building.

To ensure that systems remain vital, we seek formal certification, external benchmarking and stakeholder dialogue. Reoccurring targets are formal certification of our Business Integrity Management System, annual GRI B+ ranking, and annual placing in the lead group of the Transparency benchmark of the Dutch Ministry of Economic Affairs, Agriculture and Innovation. The latter is aligned with the Dow Jones Sustainability Index for stock-listed companies.

Jaska M. de Bakker, CFO member since 2010

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11 Eugene Grüter

Johan van Manen

The brand, region and

Naren Bhojaram

Piet van Helvoort

Vic Prins

Marga Doneho0

Chris Engelsman

Jim Kerr

Roel Overakker

Arnold Galavazi

holding directors form,

together with the Executive Board, the Executive

Council of the DHV Group.

Corporate Strategy

In 2010 we launched the new Group strategy paper: Vision 2015 - Step Change. This took into account a number of world trends that relate directly to our business: increasing population growth, climate change, and a fundamental economic shift from the west to the east. These trends translate to exponentially growing demand for energy, food, clean water, coastal protection, mobility, and natural resources. However, the strain on eco-systems and existing infrastructure creates sharp competition for resources and associated integrity dilemmas. For the foreseeable future, government deficits will continue to have a significant impact on our business.

We evaluated our strengths in relevant experience and technology, and rediscovered the need to keep these focused and strong. It was confirmed that long term client relations and presence in home countries make a significant difference to our ability to get and do profitable work. Reviewing our one company values, we were inspired by the passion of our people for innovation and sustainability. We also took a hard look at areas to improve. The conclusions were that more discipline is required in selectivity, stronger commercial focus is needed in all areas, and that speed in implementation is critical. In order to achieve our ambitions, the strategy builds on three pillars: Client Centricity, Operational Excellence, and a High Performance Culture.

Developments 2010 2010 has been a year that will be on our minds for a long time. We played a role in major events, such as the Winter Olympics in Vancouver, an amazing Expo in Shanghai and a highly successful World Cup in South Africa. There was a shift in balance between industrialized nations and emerging economies.

For the DHV Group it has been a year of change. There were many positive developments, but also serious areas of concern. Our focus on sustainability is recognized as leading in our peer group. In the field of innovation, we have taken significant steps to commercialize Nereda® water treatment technology.

However our financial performance is below par. Parts of our organization, solid performers in the past, did not meet their targets. This led to a substantial adjustment in capacity, primarily in the Netherlands. Turnover for the Group remained relatively stable, showing a modest decrease to € 469 million. The recurring operating margin on turnover dropped to 2.2% from 3.6% in the previous year. Recurring EBITA from operations was € 10.2 million versus € 17.2 million.

Taking into account an amount of € 15 million for one-off items, mainly for restructuring in the Netherlands, the net result was - € 9.3 million versus € 5 million in 2009. With the measures being taken, we anticipate sustained improvement during 2011.

Our markets

Leveraging of our international network is progressing well.

Asia

In China, our water technologies were promoted at the Shanghai Expo and a number of contracts were signed for new water treatment plants. Spin-offs were created from the Hong Kong Macau bridge and tunnel project in the coastal development market. Repeat business was gained from LEED™ certification through our expertise in sustainable buildings.

Indonesia began its shift to private sector clients by entering the mining business. In India we built local capacity for water treatment and highways. Vietnam is working hard to become a new home country through its water treatment and Mekong Delta projects.

Africa

In South Africa SSI provided infrastructure and logistics support for the World Cup. It was awarded a second waste water facility using Nereda® technology and is developing business in other aspects of water scarcity and environmental services. The energy business is showing considerable growth and promise. SSI was recognized by the sector with several awards for technical excellence and sustainability. Turgis, our mining consultancy began the year slowly but took an upward turn in the second half with great performance for the year.

SEED in Mozambique saw double digit growth on the back of a strong economy.

Aviation

Within Aviation, NACO and InterVISTAS recovered from a dramatic downturn in the industry. Developments in the Middle East have come back strongly. NACO was appointed to design the new terminal for Kuwait International Airport and its long term relations in Saudi Arabia secure NACO with a constant flow of challenging projects. InterVISTAS has won a number of airport privatization and airline consultancy projects.

North America

Transportation projects accounted for the greater part of business in North America. Delcan is continuing its strategy of large projects, increasingly in projects related to the development of new transit systems. Delcan gained a number of prestigious Intelligent Transport System (ITS) projects.

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13 Client

The General Directorate for National Roads and Motorways, Poland

<< Highlight Opening ceremony Construction of A2 Motorway, Poland

Impact on the living environment

An important European and domestic link between Berlin and Moscow to meet the transit needs and contribute to the economic development of the region. Animal crossings and sound-absorbing screens will be built in designated areas.

Services

DHV was contracted to execute construction supervision services for the section Lodz to Warsaw with a total length of 91 km to support the client with timely completion before Euro 2012.

Timespan 2009 - 2012

Europe

In the face of fierce price-based competition in the public sector and overcapacity, overall results dropped significantly in the Netherlands. Portfolio adjustments and capacity reductions are being implemented. These measures form a good basis for recovery. There is a steady and growing workload in several units: for existing major infrastructure projects, national water programs and content based consultancy with Legal, Financial and Sustainability expertise.

DHV in the Netherlands continued to contribute to the success of the whole company, being the engine for our water business and helping to establish this in other home countries. Dutch operations also continued to be recognized for innovation, with a strong focus on sustainable solutions.

In Portugal DHV accomplished a turn around this year, creating a stable platform for increased profitability.

In Poland, DHV performed well with infrastructure work for highways and bridges. Hydroprojekt closed the year with a very large workload for flood control projects. Operations in the Czech Republic continue to build on urban and regional planning.

Our operations: one company

Significant steps were taken to strengthen our one company advantage, including new websites for the DHV Group, a renewed intranet (iPortal) and communities of practice. Our Business Integrity Management System was formally certified, a first in the sector.

DHV University launched the Management Development Program, giving two multinational groups the opportunity to raise their level of leadership and create networks for future collaboration. The new management information system went live in the Netherlands both at NACO and DHV. We renovated our head office in accordance with the principles of sustainability, partly with the aim of significantly reducing energy consumption. The project will take the building’s energy efficiency rating from energy label G to A, resulting in annual savings of approximately e 100,000 on energy costs.

The renovation is in line with DHV’s policy of achieving climate neutrality. DHV itself is responsible for the integrated design and project management of the renovation project.

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15 Client

SSI Saturday Schools, South Africa

<< Highlight "I am very proud of my 2010 students"

Impact on the living environment

Through six schools 170 disadvantaged students are coached by employees towards their university entrance exam, enabling them to pursue a technical career.

Results

The 2010 class of the Soshanguve Saturday School near Pretoria achieved a 96% university entrance pass rate and 18 distinctions in Maths, Science and Engineering Graphics & Design.

Timespan

2007 - ongoing

Corporate Responsibility

Success is gauged by how our clients achieve their ambitions and through industry recognition. Hydroprojekt was given the prestigious Green Laurels award from the Polish Chamber of Economy “Ekporozwoj” for outstanding contribution to the environment. SSI projects received 4 of the 6 annual IMESA and CESA awards, winning in the categories of Water & Wastewater, Environmental, Community, and Structures and Buildings. We are particularly proud of the last, because the Warwick Triangle highway project increased safety for the bustling local market in addition to meeting an engineering and scheduling challenge, in support of World Cup 2010.

were reported and duly investigated. Two were closed with no violations found. Six are pending of which five were submitted in Q4. The two cases from 2009 were both closed without violations found.

The CO2 emission target is 25% reduction per full time employee against a 2008 baseline. DHV compensated for emissions generated in the Netherlands in 2009 through a UNFCCC recognized wind farm project in China. For 2010 we will compensate reported emissions for the whole DHV Group. Our main opportunities for reduction are in travel and greening our facilities. It is a continuing challenge to capture the information required world-wide. In 2010, we were able to use more external source documents which caused our reported footprint for Africa to increase significantly. In order to make it possible for readers to monitor and measure progress year on year we have restated historical electricity usage and corresponding CO2 emission from electricity generation. The 2010 footprint and the restated 2008 baseline are 3.7 tons per FTE. Diversity in leadership is an important impulse in our business. In 2010 we maintained the 2009 world-wide level

CR in operations

Key Figures

2010

2009

Transparency Benchmark

11th

18th

Our company has much to offer. We do projects that provide drinking water, sanitation and flood protection. We help people travel from A to B in ways that are cleaner and safer.

We work with communities to create healthy and sustainable living environments. Our innovations help reduce energy use and think beyond organizational boundaries to create chains that enhance re-use and cradle-to-cradle thinking.

CR in projects

Taking responsibility in our own operations, we focus on integrity, CO2 emission reduction and diversity. DHV Group is the first engineering consultancy with a certified Business Integrity Management System. ETHIC Intelligence granted us an Active Anti-Corruption (AC) Certificate which states that our compliance policy to prevent corruption corresponds to international best practices. In 2010 eight integrity incidents

Female management

17%

17%

CO2 compensated

100%

52%

CO2 emission per FTE

Community investment (thousands) Community investment (hours)

3.7 tons € 258 3800

3.4 tons € 163 3700

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17 Client

Ministry of Public Works. Java Reconstruction Fund, Indonesia

<< Highlight Earthquake resistant housing and community infrastructure

Impact on the living environment

Recovery of people’s livelihoods.

The project results in earthquake resistant housing reconstruction of 15,000 houses and community infrastructure for 265 villages.

The project reduced the potential impact of future earthquake disasters in terms of both material damage and casualties.

Services

DHV managed both preparation and implementation of the program. We provided technical support as well as community education. We successfully introduced innovative approaches and developed tools to ensure total transparency and prevention of corrupt practices.

Timespan 2008 - 2011

of 28% female staff and 17% female managers. We target 20% females in leadership positions at DHV in the Netherlands by 2013. Establishing a diversity goal is being extended to other regions and is a part of our management development process.

world’s economy, ecology and social and cultural structures.

Our Business Integrity Management System (BIMS) is aligned with these. BIMS is applied with both clients and subcontractors, the greatest part of our supply chain.

Giving back (CR in community)

During 2010 we were signatory to The Cancun Communiqué on Climate Change and the joint business declaration of 30 European companies calling on the European Union to increase its ambition to cut CO2 emissions to 30% by 2020 from 1990 levels. We promote stakeholder dialogue on CR. In both South Africa and Poland, we put sustainability on the agenda through engineering platforms. In the Netherlands, DHV co-organized the 11th annual National Sustainability Conference and conducted its 4th annual round table discussions. This year’s topic was 'Climate change'. In terms of transparency in reporting, we earned a spot in the top 20 of the Transparency Benchmark of the Dutch Ministry of Economic Affairs, Agriculture and Innovation. Our 2009 CR reporting achieved 11th place, up from 18th the previous year and 1st in the services sector for the third year in a row. The 2009 Annual Report placed 1st among a field of 100 in the Scenter evaluation for transparency, up from a shared 3rd the previous year.

Contributing knowledge, time and money to support education and capacity development is a good match for a knowledgebased company. We call this ‘Building Futures’. Despite the tight economic times, we maintained our commitment to social programs, donating € 258,000 and 3,800 hours, compared with € 163,000 and 3,700 hours in 2009.

The best practice is the SSI Saturday School Initiative in which our employees tutor formerly disadvantaged children in technical subjects. It is in its fourth year, has grown to involve six offices across 18 schools, and results in a growing number of students earning distinctions. We are delighted that other locations have taken up the theme. This past year, DHV in China and Indonesia began education related programs for orphans and children from low income families.

Looking to talent needed in the future, DHV in the Netherlands initiated the sector “ikonderzoekwater” (I study water) initiative to promote interest in water among Dutch students. The program involved twenty teachers and thirty water professionals from various engineering firms, water institutions and provincial authorities.

In a Broader Context

We consider a range of international frameworks and principles as important for positive development of the

External assurance of our CR data is valuable to us. The DHV Group has engaged assurance provider PwC to provide limited assurance on its CR data. Please refer to the 2010 CR Report, available on dhvgroup.com, for which a limited assurance report has been rendered. Our ambitions for 2011 are to continue building on Corporate Responsibility in the three named areas and to achieve more accurate reporting world-wide.

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19 Client

Luoyang Police Bureau Traffic Branch, China

<< Highlight Urban traffic control system for Luoyang City, China

Impact on the living environment

The project impact is reduced air pollution, reduced congestion of city traffic, reduced handling time of accidents, improved average speed, and improved police operational efficiency.

Services

DHV and Delcan designed and delivered a traffic control and command system. From a new integrated control centre, the client now operates one of the most advanced traffic management systems in China.

Timespan 2007 - 2010

Financial Performance Turnover and Added value

Turnover of the Group shows a modest decline compared to the previous year. No acquisitions were made in 2010.

The public sector market slowdown in the Netherlands led to a decline in turnover. The Aviation market is recovering while the North American market remained solid. In Africa we maintained our strong market position. Exchange rate differences had a positive impact of € 21.6 million on turnover.

Added value (revenue produced by the Group’s own staff) remained stable compared to 2009. The impact of exchange rate differences on added value was a positive € 16.5 million.

Operating result

staff reduction, office leases and ICT. Due to the non-recurring items, the total EBITA amounts to a loss of € 4.8 million (2009: + € 14.1 million).

Depreciation and amortization

Depreciation for the year amounts to € 11.3 million (2009: € 8.5 million) and amortization € 3.9 million (2009: € 1.9 million). Included in the depreciation of 2010 is an amount of € 1.5 million due to a shortened depreciation period and an impairment charge of € 0.7 million (2009: € nil). Both these amounts relate to computer hardware. In 2010 a goodwill impairment charge of € 1.4 million (2009: € nil) was realized.

Recurring EBITA at € 10.2 million represents a decline of approximately 40% against 2009. The decline is mostly driven by the lower result realized in the Netherlands. The rest of Europe (Poland and Portugal) remained stable. The African region continued its strong performance of prior years and within North America the infrastructure business maintained its growth. The Aviation business was impacted by slow market recovery while the Asian region saw a decline due to start-up costs of the recently established national company in Vietnam as well as project losses. Currency rate differences positively impacted EBITA by € 1.5 million.

Net Interest Expense

The operating result includes one-off items totaling € 15 million (2009: € 3.1 million). These items mainly concern a restructuring of the organization in the Netherlands to better fit market circumstances and improve profitability. It includes

Added value

Low interest rates world-wide and debt reduction mainly within the African business led to a decrease of 4% in the Group’s interest cost compared to 2009. In 2010, no losses or gains were incurred on financial hedging instruments. The average interest rate on short-term facilities decreased to 2.5% from 2.9% in 2009.

Key Figures

(€ million, unless stated otherwise)

2010

2009

Turnover

469

EBITA recurring

10.2

17.2

2.2

3.6

Net result

EBITA margin on turnover (%)

346

-9.3

481

347 5.0

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21 Client

Malaysian Airports Holding Berhad, Malaysia

<< Highlight 2

nd

passenger handling facility, Kuala Lumpur International Airport

Impact on the living environment

A passenger handling facility catering for low cost carriers that meets international standards, whilst maintaining the status of a green airport.

Services

NACO was contracted to develop the master plan into a schematic design that will not only meet safety requirements but will be instrumental to the integration of low cost carrier traffic in South East Asia.

Timespan 2009 - 2011

Taxes

The net tax charge in 2010 is a positive € 1.6 million due to a tax asset raised on the Group’s operating losses. The effective tax rate is negatively influenced by 11.8% (2009: 8.2%) because of non-tax deductible costs which include goodwill amortization.

Balance sheet

The balance sheet total at the end of 2010 is € 243.3 million, almost in line with that of 2009. The growth in goodwill follows the 11% increased stake in the equity of SSI while land and buildings increased as a result of the upgrade of the Group’s headquarters in the Netherlands (€ 7.9 million).

Net working capital increased by € 7.1 million to € 15.2 million, which is 3.2% of turnover compared to 1.7% in 2009. Due to this increase and additional investments in tangible and intangible assets, net debt increased by € 7.9 million to € 35.7 million.

The equity ratio decreased to 29.8% and is slightly below the long-term target of 30-35%. The negative result in 2010 led to an overall decrease in shareholders’ equity of € 3.9 million to € 68.5 million. The decrease was partly compensated by currency rate changes amounting to € 5.2 million (2009: € 3.0 million) due to a weakened Euro currency.

In 2010 new shares were issued for a total amount of € 0.5 million (2009: € 0.8 million). The movement in minority interest is a result of the increased holdings in SSI (+11%) and SEED (+13%) as well as the minority portion on the loss of the North American aviation business.

Cash flow

Cash flow from business operations decreased to € 12.2 million from € 39.6 million in 2009 due to a weakened result and higher investment levels required in working capital. Cash flow utilized on investments was € 17.8 million which includes € 7.9 million for the upgrade of the Group's headquarters in the Netherlands, ownership expansion in group companies, as well as further management information system investments in both hardware and software. Within financing cash flows, long-term debt was reduced by € 7.2 million.

In summary

The 2010 financial results have been disappointing due to a strong dependence on a rapidly deteriorating Dutch public sector market and the required time to adapt the organization to new market circumstances. Most international businesses have performed well, in particular South Africa. Aviation has recently come back on track, while Asia continues to require attention to seize the market opportunities in a profitable manner.

The Group’s Balance sheet, Income statement, and Cash flow statement as presented on pages 26-28 are an extract from the Group’s Financial Statements, which have been audited

by PwC and for which we have received an unqualified audit opinion. The complete Financial Statements can be found on dhvgroup.com/annualreport.

22

23 Client

Water Board Veluwe, The Netherlands

<< Highlight Nereda® for sustainable treatment of municipal wastewater

Impact on the living environment

Design and Construction of Nereda® for sustainable treatment of municipal wastewater.

Services

Nereda® is DHV’s innovative biological wastewater treatment technology, based on the unique characteristics of granular aerobic biomass.

Timespan 2010 - 2011

Outlook 2011 The world economic recovery is expected to progress slowly in 2011, with continued downside risks. Most advanced economies and a few emerging economies face large adjustments, mainly to reduce budgets and curtail expenses. Many emerging and developing economies however, continue to see strong growth, having had less involvement in the financial crises.

On balance, 2011 will be a difficult year for engineering consultancy in general.

to grow, providing opportunities for mining and related infrastructure work for the Group.

In Europe, where more than 50% of the Group’s activity occurs, the outlook for growth is low. Public sector budget cuts in the Netherlands over the next five years will have its impact on all sectors, with continuing strain on local authority and building markets. Selectivity and a focus on quality will be critical to protect margins. In Portugal, the already announced austerity measures by the government will lead to less activity in the construction and engineering sector. Involvement in large infrastructure projects will soften the impact somewhat for DHV. In Poland, growth expectations are better, stimulated in part by the European Cup football tournament of 2012. Market conditions have however become increasingly aggressive.

The DHV companies in Asia are expected to benefit from the continued strong economic growth in the region. The robust demand for water treatment technology is expected to continue in China. India in particular has substantial need for growing local capability to sell and deliver the services and products available in the Group. Vietnam will be growing from a low base.

In Africa, more growth is expected outside of South Africa, which, after the successful World Cup football of 2010, will see a decrease in spending. The South African government has ambitious plans to expand the rail infrastructure and improve access to water. This should partially compensate for the decrease in base load due to the completion of major roads projects. Mining activities in Africa and elsewhere continue

The Aviation market has recovered from the lows of 2009, and the expectations for 2011 are better, especially in the Middle East and Asia, where the demand for new airports continues to grow. The consultancy service in this market is also expected to recover.

In North America the impact of the economic stimulus packages will still be visible, although there is an increased risk of the government not being able to continue with large projects on the current scale.

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25 Client

Eden District Municipality, South Africa

<< Highlight Innovative, demand-based solution for water supply, South Africa

Impact on the living environment

In the face of the worst drought in 150 years, SSI assisted water authorities in averting a supply crisis by implementing various water re-use and desalination initiatives.

Services

Strategic actions

In order to achieve our ambitions, the emphasis in 2011-2012 is on the three pillars: Client centricity, Operational excellence and a High performance culture.

SSI and partner municipalities developed an innovative, economical, demand-based solution which optimizes what is available and supplements traditional, inexpensive supply sources with more expensive water as demand dictates, yet can be discontinued when demand drops.

Client centricity

Timespan

Work process improvement is about increasing reliability, speed and cost effectiveness. This applies to pursuing prospects, risk review, proposal preparation and the business aspects of managing our projects. In our supporting processes we focus on streamlining financial reporting, procurement and information systems. Human Resource Management processes will be brought to a higher level through the Management Review process, DHV University and individual development plans, and performance appraisals.

2010 - 2011

Putting the client central in our thinking combines being closer to the client with being able to contribute from a broader perspective. Operationally this means a stronger focus on account management with regular feedback on performance and stakeholder dialogue to discuss trends.

It also means greater selectivity, doing more for fewer clients and earning an appropriate return in relation to our value added.

behavioral dimensions of Leadership, Results and Teamwork.

These go hand-in-hand with our values to create a sustainable culture that attracts talent and partners.

Concluding remarks

Vision 2015 is full of opportunity for our people and for those who work with the DHV Group. 2011 is about delivering results.

With the spirit in our company and the commitment of our staff, we are confident that the DHV Group will make a Step Change.

We thank our people for their dedication and creativity.

Amersfoort, the Netherlands, 23 February 2011

Operational excellence

High performance culture

In addition to wanting to be part of a team that does good, people also want to be part of a team that does well. We need to develop a high performance culture. In addition to our values of Integrity, Respect and Freedom, we will emphasize the

Bertrand M. van Ee (President)

Piet W. Besselink (Vice President)

Jaska M. de Bakker (CFO)

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27

Performance Review

Consolidated Profit and Loss Account

Consolidated Balance Sheet Before appropriation of result

Net turnover

Assets

Movement in work in progress 45,909

Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed asssets Deferred taxation Current assets Work in progress Receivables Cash and cash equivalents

45,909 44,147 6,365 2,113 604 119,505 24,609

2010

98,534

144,718

2009

44,722 41,658 4,673 1,704 8,428 115,134 25,671

243,252

Cost of work subcontracted and other external charges Staff costs Depreciation and amortization on tangible and intangible assets Other operating costs 92,757

68,542 3,879

72,421

72,500 4,426

Long-term liabilities

37,659

43,473

121,907

118,189

243,252

241,990

(€ thousands)

-499

469,001

480,325

123,220 237,686 15,213 101,586

133,810 229,746 10,385 94,171

12,213

Net interest expense

-3,171

-3,307

-11,875

8,906

1,612 658

-3,356 581

-9,605

6,131

265

-1,099

-9,340

5,032

Minority interest Net result

76,926 3,402

325

-8,704

Taxation Result on non-consolidated participating interests

11,265

480,824

Operating result

241,990

Provisions

468,676

468,112

Result before taxation

2009

2009

477,705

Result for the period

2010

Current liabilities

Operating cost

149,233

Group equity and liabilities

Group equity Shareholders’ equity Minority interest

Total revenue

2010

(€ thousands)

28

29 Consolidated Cash Flow Statement

Corporate Responsibility 2010

Cash flow from operating activities Operating result Adjustments for - Amortization of intangible fixed assets - Depreciation of tangible fixed assets - Movement in provisions Movement in working capital - Work in progress - Receivables - Current liabilities

-8,704 5,630 9,583 7,417 7,824 965 -10,536

Net cash generated by business operations Profit of non-consolidated participating interests Interest paid Taxation paid Net cash generated by operating activities

12,179 658 -3,171 -3,873

-6,386

Cash flow from financing activities Proceed from long-term loan raised Repayment of long-term loans Issue of shares Dividend paid Net cash utilised in/generated from financing activities

-7,163 456 -97

Cash and cash equivalents at 1 January Amounts owed to credit institutions at 1 January Cash and cash equivalents at 31 December Amounts owed to credit institutions at 31 December Movement in net cash (€ thousands)

5,827 7,509 5,270

-1,747

-3,274 -2,323 -11,061 -1,172

Net decrease/increase in cash and cash equivalents

3,176 7,209 -1,559

5,793

-17,830

-6,804

-4,888 -3,255 -3,495 836

20,000 -3,449 778 -368

67 18th (of 183)

28 17

28 17

4,296 4,538

4,476 4,665

3.7 0

3.4 8

4,106 786 7,528 3,301

3,790 731 7,351 3,132

15,721

15,004

Emission compensated (tons) Emission compensated (%) 2

-15,721 100

-7,830 52

Total net CO2 emission (tons)

0

7,175

258 3,776

163 3,712

CO2 Emission per FTE (tons) Reduction of CO2 emission per FTE against base year (%) 1

30,762

Emission from electricity (tons) Emission from other building related energy (tons) Emission from car travel (tons) Emission from air travel (tons) Total gross CO2 emission (tons)

-10,802

Community Community investment in cash (€ thousands) Community investment in hours 16,961

3,525

892

-15,316

37,813

25,671 -2,713 22,958

15,809 -30,664 -14,855

24,609 -16,967 7,642

25,671 -2,713 22,958

-15,316

80 11th (0f 226)

Total workforce (FTE) Total workforce (heads)

18,606

-8,883

2009

Workforce Female workforce (%) Female management (%)

8,826

39,645 581 -3,307 -6,157

2010 Transparency Scoring on the Transparency benchmark (%) Transparency benchmark ranking

12,213

22,630

Cash flow from investing activities Acquisition of group companies Additions to intangible fixed assets Additions to tangible fixed assets Investment in non-consolidated participating interests Net cash utilised in investing activities

Exchange rate differences

2009

37,813

Reporting Scope

In line with the DHV Group’s CR Reporting policy, the CR statements includes data from entities that are fully owned or majority owned, or those entities where DHV has a controlling interest with respect to CR. CR statements include only those entities which have been part of the DHV Group for a full reporting year. The reporting scope differs from the financial statements in that for CR purposes we have excluded our alliance partners Delcan and Planetek, in which we are a minority shareholder. For further detail on our Reporting Scope, please refer to the 2010 CR report, available on our website www.dhvgroup.com in March 2011.

Restatements

In 2010, our South African entity (SSI) reported for the first time on non renewable electricity usage. This caused a significant change of our total CO2 emission from electricity compared to previous years. In order to make it possible for readers to monitor and measure progress year on year we have restated historical electricity usage and corresponding CO2 emission from electricity. ) Base year is 2008. CO2 emission per FTE in 2008 was 3.7 tons (after restatement). ) DHV Group has committed itself to compensate 100% of its CO2 emission for 2010.

1 2

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Addresses DHV Group Laan 1914 no 35 3818 EX Amersfoort P.O. Box 219 3800 AE Amersfoort The Netherlands T +31 33 468 37 00 E info@dhv.com www.dhvgroup.com

The Netherlands DHV Laan 1914 no 35 3818 EX Amersfoort P.O. Box 1132 3800 BC Amersfoort T +31 33 468 20 00 E info@dhv.com www.dhv.com DHV also has offices in Deventer, Eindhoven, Groningen, Maastricht, Rotterdam, The Hague, Utrecht, and Zaandam.

NPC P.O. Box 2202 3500 GE Utrecht T +31 30 272 73 70 E info@npc.dhv.com www.npc.eu NPC is an integral part of the DHV Group with offices in Amsterdam, Eindhoven, Rotterdam, and Zwolle.

NACO, Netherlands Airport Consultants Anna van Saksenlaan 10 2593 HT The Hague P.O. Box 93056 2509 AB The Hague T +31 70 344 63 00 E naco-haag@naco.dhv.com www.naco.nl InterVISTAS Consulting Anna van Saksenlaan 10 2593 HT The Hague T +31 70 344 64 49 E info@intervistas.com www.intervistas.com

Joint Ventures Infraflex St. Jacobsstraat 6-8 3511 BR Utrecht T +31 30 223 97 99 E werken@infraflex.nl www.infraflex.nl Protected Storage Engineers (PSE) P.O. Box 2078 3000 CB Rotterdam T +31 10 279 47 94 E info@psengineers.nl www.psengineers.nl Tunnel Engineering Consultants (TEC) P.O. Box 108 6500 AC Nijmegen T +31 24 382 04 30 E info@tec-tunnel.com www.tec-tunnel.com

Europe CZECH REPUBLIC DHV CR Meteor Office Park Sokolovská 100/94 CZ-186 00 Praha 8 T +420 236 080 550 E dhvcr@dhv.com www.dhv.cz

PORTUGAL DHV Estrada de Alfragide, nº 92 2610-015 Amadora T +351 214 127 400 E info-pt@dhv.com www.dhv.pt DHV also has an office in Oporto.

UNITED KINGDOM Delcan The White Cottage 19 West Street Epsom, Surrey KT18 7BS T +1 905 943 0500 E j.powers@delcan.com www.delcan.com InterVISTAS Consulting 99 Lansdowne Way London SW8 2PB T +44 752 566 6331 E info@intervistas.com www.intervistas.com Turgis Consulting Suite 152 8 Shephard Market, Mayfair London W1J 7JY T +44 781 018 2169 E pat@turgisconsulting.co.uk www.turgisconsulting.co.uk

DHV CR also has offices in Brno and Ostrava.

Near East

POLAND DHV POLSKA ul. Domaniewska 41 02-672 Warszawa T +48 22 606 28 02 E dhv.polska@dhv.com www.dhv.pl

ISRAEL DHV MED 1 Gad Manela st.

P.O. Box 8058 New Industry Zone Netanya 42504 T +972 98 85 23 12 E contact@dhvmed.com www.dhvmed.com

DHV Polska also has offices in Szczecin and Gdansk.

Hydroprojekt ul. Dubois 9 00-182 Warszawa T +48 22 635 48 84 E biuro@hydroprojekt.com.pl www.hydroprojekt.com.pl Hydroprojekt also has offices in Sosnowiec and Wloclawek.

PGL & Delcan Israel 43 Ha’Aliya HaShniya Street Azur, 58002 67891 T +972 3 791-4111 E pgl@pgl.co.il www.pgl.co.il

Asia CHINA DHV (Beijing) Environmental Engineering Co. West 3rd floor, Building 8, Wanguocheng No. 1 Xiangheyuan Road Dongcheng District Beijing 100028 T +86 10 84 40 84 42 E info.beec@dhv.com www.dhv.cn DHV Engineering Consultancy (Shanghai) Co. Floor 25, Building 19, Phoenix Park of Shanghai Caohejing Hi-Tech Park No. 1515 Gumei Road Shanghai 200233 T +86 21 60910699 E info.sh@dhv.com www.dhv.cn HONG KONG Delcan Unit 11-12, Level 35, Tower 1 Millennium City 1 388 Kwun Tong Road Kwun Tong, Kowloon T +852 2836 3191 E info@delcan.com www.delcan.com INDIA DHV Global Engineering Center India Branch Office 13 & 14, I Block SDF Noida Special Economic Zone Noida – 201 305 T +91 120 430 50 00 E marco.mijnders@dhv.com DHV India B-1/I-1, 1st Floor Mohan Cooperative Industrial Estate Main Mathura Road New Delhi - 110 044 T +91 11 40539303-06 E info.dhv-india@dhv.com www.dhvindia.com DHV India also has offices in Bangalore, Chennai, Hyderabad, and Lucknow.

INDONESIA Mitra Lingkungan Dutaconsult Ventura Building, 4th floor, Suite 405 Jl. R.A. Kartini No. 26 (Outer Ring Road) Cilandak – Jakarta 12430 P.O. Box 1015 Jakarta Selatan 12010 T +62 21 7504 605 E info.mld@dhv.com www.mld.co.id SAUDI ARABIA SADECO Dar al-Hijaz Building No. 2 5th Floor – Apartment No. 25 Prince Mohamed bin Abdulaziz Street (Tahliya Street) P.O. Box 2320 Jeddah 21451 T +966 26 679 071 E info@naco-jeddah.com.sa TAIWAN DHV Planetek 12F-1, No. 77, Liwen Road Zuoying District Kaohsiung City, 813 T +886 7 556 8311 E planetek@ms7.hinet.net www.dhvplanetek.com.tw DHV Planetek also has an office in Taipei.

VIETNAM DHV 9th Floor - Artexport Building 2A Pham Su Manh Street Hoan Kiem District Hanoi T +844 39363889 E info@dhv.vn www.dhv.vn DHV Vietnam also has an office in Ho Chi Minh City.

Africa BOTSWANA SSI 1st Floor, Modiri House Plot 22076 Gaborone West P.O. Box 1517 Gaborone T +267 395 2557 E botswana@ssi.co.bw www.ssi-dhv.com

MOZAMBIQUE SEED Rua de Kassuende, 118 - 8° andar Maputo T +258 21 48 5917/ 18 E seed@seed.co.mz www.seed.co.mz SOUTH AFRICA Delcan Unit B37, Sanlam Business Park Koeberg Road Milnerton, Cape Town T +1 404 320 1776 E info@delcan.com www.delcan.com SSI Building No. 5 Country Club Estate 21 Woodlands Drive Woodmead 2191 P.O. Box 867 Gallo Manor 2052 Gauteng T +27 11 798 6000 E corporate@ssi.co.za www.ssi-dhv.com SSI also has offices in Buffalo City (East London), Cape Town, Chris Hani (Queenstown), Ekurhuleni (Bedfordview), Emnambithi (Ladysmith), eThekwini (Durban), George, iLembe (Ballito), Knysna, Mafikeng, Mangaung (Bloemfontein), Mbombela (Nelspruit), Mossel Bay, Msunduzi (Pietermaritzburg), Nelson Mandela Bay (Port Elizabeth), Newcastle, Plettenburg Bay, Polokwane, Sol Plaatje (Kimberley), Tshwane (Pretoria), and Ugu (Port Shepstone).

Turgis Consulting Building 1 299 Pendoring Road Blackheath 2195 P.O. Box 1995 Northcliff 2115 T +27 11 476 22 79 E turgis@turgis.co.za www.turgis.co.za

ZIMBABWE SSI 10th Floor, Pax House 87-89 Kwame Nkrumah Ave P.O. Box 1748 Harare T +263 4 79 7108/9 E sshre@ssi.co.zw www.ssi-dhv.com

North America CANADA Delcan 625 Cochrane Drive, Suite 500 Markham Ontario, L3R 9R9 T +1 905 943 0500 E info@delcan.com www.delcan.com Delcan also has offices in Burlington, Calgary, Edmonton, Hamilton, Kingston, Kitchener, London, Niagara Falls, Ottawa, Vancouver, and Victoria.

InterVISTAS Consulting 1200 West 73rd Avenue, Suite 550 Vancouver, B.C. V6P 6G5 T +1 604 717 1800 E info@intervistas.com www.intervistas.com InterVISTAS also has offices in Ottawa and Winnipeg.

UNITED STATES OF AMERICA Delcan 650 E Algonquin Road Suite 400 Schaumburg, IL 60173 T +1 847 925 01 20 E info@delcan.com www.delcan.com Delcan 8618 Westwood Center Drive Suite 450 Vienna, VA 22182 T +1 703 752 6060 E info@delcan.com www.delcan.com Delcan also has offices in Atlanta, Austin, Coral Springs, Denver, Ft. Lauderdale, Los Angeles, and Salem.

An up-to-date overview of addresses can be found on dhvgroup.com/offices.

Intelligent Devices 4411 Suwanee Dam Road Suite 510 Suwanee, GA 30024 T +1 404 320 1776 E info@intelligentdevicesinc.com www.intelligentdevicesinc.com InterVISTAS Consulting 7200 Wisconsin Avenue Suite 1103 Bethesda, MD 20814 T +1 301 941 1400 E info@intervistas.com www.intervistas.com

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Colophon

Production DHV Communications T +31 33 468 20 15 dhvgroup.com/annualreport Printing and binding Drukkerij van Amerongen Paper FSC Fastprint Gold 120 gr/m2 (exterior 300 gr/m2) Cover picture Charles Corbett

Copyright DHV. No part of these specifications/printed matter may be reproduced and/or published by print, photocopy, microfilm or by any other means, without the prior written permission of DHV B.V.; nor may they be used, without such permission, for any purposes other than that for which they were produced.

WD-11-03-027

Publication date March 2011

We are a company for people from people, working in partnership with our clients to deliver innovative, quality solutions for the sustainable development of our living environment.

DHV Group P.O. Box 219 3800 AE Amersfoort The Netherlands T +31 33 468 37 00 E info@dhvgroup.com dhvgroup.com