Consultancy and Engineering
dhvgroup.com
Annual Report 2009 DHV Group
Gateway to solutions
Highlights 2009 2009 was a year of challenges in many respects. The DHV Group met these challenges head-on. Through the combined efforts of 5,500 people at 75 locations in 9 home countries, we connected and delivered. Our turnover continued to grow and operational results remained positive. We also continued to invest in the future through training programs, cross-assignments, and one-company initiatives such as the extension of our ICT platform and knowledge sharing. 9-1
CESA Award
1-3 Acquisition NPC
9 Jan
SSI wins Consulting Engineering South Africa Award for Mentoring Company of the year.
16 Jan
DHV and Delcan commissioned to develop flood protection plan for Canada’s Fraser delta.
17 Jan
Dutch State Secretary Huizinga visits Sea Defense project in Aceh, Indonesia.
1 March
Acquisition of NPC strengthens capability in stations and rail.
11 March Aviation consultancy profile expanded with increased stake in North American Innova. 16 March Fifth contract signed for Wastewater Treatment Plant in Australia. 24 April
10-5 Economic mission
2-6 Wloclawek dam
3-9 Eco-city China
Annual prize from the Dutch Amstel, Gooi and Vecht Water Board for 'Sustaenergy - Green Gas' innovation.
10 May
DHV joins the Dutch economic mission to South Africa and the opening of the Plakkies plant.
2 June
Delcan iMoveÂŽ-system for Traffic Management and ITS wins Global Road Achievement Award.
2 June
Hydroprojekt wins contracts for Polish Wloclawek dam and 160-MW hydropower project.
17 June
NACO wins International Award Royal Institute of British Architects for Beijing Capital Airport Terminal Building.
30 June
TEC wins design contract for bridge and tunnel linking Hong Kong, Macau and China.
30 July
Contract awarded for clean and safe drinking water project for 1,5 million people in Malawi.
27 Aug
Renovation of the head office is started, leading to significant energy savings.
3 Sep
Project award for new eco-city on the Bohai Sea, China.
12 Sep
Launching sponsor of the Henry Hudson 400 H209 water conference in New York.
24 Sep
NACO wins The Hague Entrepreneurship Award.
25 Sep
Funding of two new biodiversity concepts by Dutch Ministry of Agriculture, Nature and Food Quality.
29 Sep
DHV, the Municipality of Utrecht and Maurik Groot Ammers win Dutch SIKCup for the Utrecht Griftpark project.
15 Oct
SSI wins two project awards for Engineering Excellence from the South African Institution of Civil Engineering.
21 Oct
DHV led consortium upgrades Polish infrastructure for the 2012 European Football Championship.
15 Nov
DHV wins the Rietveld 2009 Public Prize for the design of the Simed Healthcare building, the Netherlands.
20 Nov
DHV designs movable storm surge barrier for Nakdong river in South Korea.
9 Dec
Contract signed for the expansion of the Dutch Eems harbor in Groningen.
14 Dec
Significant commission for improving navigability in Mekong delta project in Vietnam.
31 Dec
DHV is the first climate-neutral engineering and consultancy company in the Netherlands.
9-12 Harbor expansion
The project illustrated on the cover is the extension of the A2 motorway near Utrecht, the Netherlands.
#ONTENTS +EY &IGURES
0ROFILE
2EPORT OF THE 3UPERVISORY "OARD
2EPORT OF THE %XECUTIVE "OARD
3TRATEGY AND 0OLICY
-AIN $EVELOPMENTS OF
&INANCIAL 0ERFORMANCE
0ROSPECTS FOR
$EVELOPMENTS IN OUR 'LOBAL .ETWORK
0ROJECTS #ONNECT $ELIVER
4RANSPORTATION
7ATER
"UILDING AND )NDUSTRY
3PATIAL 0LANNING AND %NVIRONMENT
!VIATION
&INANCIAL 3TATEMENTS
#ONSOLIDATED "ALANCE 3HEET
#ONSOLIDATED 0ROFIT AND ,OSS !CCOUNT
#ONSOLIDATED 3TATEMENT OF #HANGES IN %QUITY
#ONSOLIDATED #ASH &LOW 3TATEMENT
3UMMARY OF 3IGNIFICANT !CCOUNTING 0OLICIES
.OTES TO THE #ONSOLIDATED &INANCIAL 3TATEMENTS
#OMPANY "ALANCE 3HEET
#OMPANY 0ROFIT AND ,OSS !CCOUNT
.OTES TO THE #OMPANY &INANCIAL 3TATEMENTS
/THER )NFORMATION
3HAREHOLDING 3TRUCTURE
2ISKS AND 2ISK -ANAGEMENT
3TRUCTURE AND -ANAGEMENT $(6 'ROUP
!DDRESSES
#OLOPHON
#ORPORATE 'OVERNANCE 4HE $(6 'ROUP IS GUIDED BY THE $UTCH CORPORATE GOVERNANCE CODE INASMUCH AS IT APPLIES TO $(6 (OLDING " 6 AS A PRIVATE UNLISTED COMPANY %XCEPTIONS TO THE #ODE´S PRINCIPLES AND BEST PRACTICE PROVISIONS ARE LISTED IN OUR #ORPORATE 'OVERNANCE 2EPORT 4HE 2EPORT AND FURTHER INFORMATION CONCERNING THE $(6 'ROUP´S #ODE OF #ONDUCT WHISTLE BLOWER SCHEME AND REGULATIONS FOR THE %XECUTIVE "OARD 3UPERVISORY "OARD AND !UDIT #OMMITTEE CAN BE FOUND AT WWW DHVGROUP COM CORPORATEGOVERNANCE
+EY &IGURES
( millions)
( millions)
500 467.7
9
9.4
395.0
7
351.6
7.3
346.5 325.3
6
300.6 269.4
200
8
400
300
480.8
10
274.8
6.0
5
229.0
5.0
4 3
3.7
2
100
1 0
2005
2006
2007
2008
0
2009
2005
2006
2007
2008
2009
5,320 2,290
2,338
# ! ( millions)
80 70
72.5
6,000
5,000
63.2
60 58.3
50
59.9
4,000
4,054
2,055
2,171
50.8
40
3,000
3,030
3,159
2,534
30
2,298
2,000 1,883
20 1,000
10 0
4,730 2,196
4,353
5,497
2005
2006
2007
2008
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2005
2006
2007
2008
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+EY &IGURES
+EY &IGURES
4URNOVER
!DDED VALUE
2ETURN ON AVERAGE SHAREHOLDERS´ EQUITY
/PERATING MARGIN BEFORE GOODWILL
%ARNINGS PER SHARE E
$IVIDEND PER ISSUED CLASS " SHARE E
4OTAL ASSETS
,ONG TERM CAPITAL
2ESULTS /PERATING PRO½T BEFORE PRO½T SHARING AND GOODWILL AMORTIZATION 0RO½T SHARING /PERATING PRO½T BEFORE GOODWILL AMORTIZATION .ET PRO½T
#APITAL EMPLOYED
3HAREHOLDERS´ EQUITY
'ROUP EQUITY
'ROUP EQUITY AS A PERCENTAGE OF TOTAL ASSETS
&INANCIAL POSITION .ET WORKING CAPITAL #ASH ¾OW
#HANGE IN NET CASH
3TAFF COSTS
.UMBER OF STAFF ULTIMO
7ORKFORCE
` MILLIONS UNLESS OTHERWISE STATED
$E½NITIONS !DDED VALUE
/PERATING INCOME LESS COST OF WORK SUBCONTRACTED AND OTHER EXTERNAL COST
/PERATING MARGIN
/PERATING PRO½T !DDED VALUE
%ARNINGS PER SHARE
.ET PRO½T .UMBER OF ORDINARY SHARES ISSUED
.ET WORKING CAPITAL
#URRENT ASSETS LESS CURRENT LIABILITIES EXCLUDING CASH AND CASH EQUIVALENTS LESS AMOUNTS OWED TO CREDIT INSTITUTIONS
#ASH ¾OW
.ET PRO½T PLUS AMORTIZATION AND DEPRECIATION
#HANGE IN NET CASH
-OVEMENT IN CASH AND CASH EQUIVALENTS LESS AMOUNTS DUE TO CREDIT INSTITUTIONS
4HE ½GURES INCLUDE MONTHS´ RESULTS OF THE !FRICA REGION
0ROFILE 4HE $(6 'ROUP IS A GLOBAL PROVIDER OF CONSULTANCY AND ENGINEERING SERVICES IN THE FOLLOWING MARKETS „ 4RANSPORTATION INCLUDING !VIATION „ 7ATER „ "UILDING AND )NDUSTRY „ 3PATIAL 0LANNING AND %NVIRONMENT
Funae Award - SEED, Mozambique
-ISSION /UR MISSION IS TO PROVIDE MULTIDISCIPLINARY SERVICES FOR THE SUSTAINABLE DEVELOPMENT OF OUR LIVING ENVIRONMENT IN A CLOSE RELATIONSHIP WITH CLIENTS EMPLOYEES AND PARTNERS BASED ON MUTUAL LOYALTY WHILE PROVIDING A SOLID RETURN TO OUR SHAREHOLDERS
6ISION
Mekong delta-project, Vietnam
7E AIM TO BE A LEADING INTERNATIONAL ENGINEERING CONSULTANCY FIRM ACTIVE IN BOTH PUBLIC AND PRIVATE SECTORS OPEN TO PARTNERSHIPS BASED ON SHARED VALUES
#LIENTS /UR MAJOR CLIENTS ARE „ 'OVERNMENTS „ 0UBLIC 3ECTOR AND 3EMI 'OVERNMENT „ )NDUSTRY #OMMERCIAL 3ERVICES #ONTRACTORS AND $EVELOPERS „ )NTERNATIONAL $EVELOPMENT !GENCIES
+EY VALUES
Impact Assessment, Czech Republic
Charity outing, the Netherlands
7E ARE AN INDEPENDENT EMPLOYEE OWNED COMPANY /UR KEY VALUES ARE INTEGRITY RESPECT AND FREEDOM 7E ACT WITH A DEEP COMMITMENT TO SOCIAL RESPONSIBILITY INTEGRITY AND ACCOUNTABILITY /UR ACTIVITIES ARE CHARACTERIZED BY RESPECT FOR OTHERS AND THE ENVIRONMENT 7E PROMOTE EMPOWERMENT COUPLED WITH STRONG PERSONAL AND PROFESSIONAL RESPONSIBILITY 7E WELCOME DIFFERENT PERSPECTIVES AND SUPPORT FREEDOM OF THOUGHT AND ACTION
0ROFILE
7E ARE ACTIVE WORLDWIDE THROUGH A NETWORK OF LOCAL OFFICES IN %UROPE !SIA !FRICA AND .ORTH !MERICA /PERATIONS IN THE FOLLOWING HOME COUNTRIES ACCOUNT FOR THE GREATER PART OF OUR TOTAL TURNOVER „ %UROPE 4HE .ETHERLANDS 0OLAND AND 0ORTUGAL „ !SIA #HINA )NDIA AND )NDONESIA „ !FRICA 3OUTH !FRICA „ .ORTH !MERICA #ANADA AND THE 5NITED 3TATES OF !MERICA
!DDED VALUE
3ERVICES
#LIENTS CALL ON US TO ACHIEVE THEIR AMBITIONS THROUGH PROJECTS AND PARTNERSHIPS 7E PROVIDE OUR SERVICES WITH PASSION AND PRIDE ADDING VALUE THROUGH „ 2ELIABLE QUALITY PERFORMANCE DELIVERED ON TIME AND WITHIN BUDGET „ !N UNDERSTANDING OF THE CLIENTS NEEDS AND RESPECT FOR THEIR STAKEHOLDERS „ 3TATE OF THE ART EXPERTISE AND INNOVATIVE SOLUTIONS „ ,OCAL DELIVERY OF WORLD CLASS SOLUTIONS
7E DEVELOP INNOVATIVE CONCEPTS IN CONSULTANCY AND ENGINEERING 3ERVICES COVER THE ENTIRE PROJECT CYCLE AND INCLUDE „ "USINESS AND 0OLICY #ONSULTANCY „ 4ECHNICAL !DVICE „ 0LANNING „ $ESIGN AND %NGINEERING „ 0ROGRAM 0ROJECT AND #ONSTRUCTION -ANAGEMENT „ 0ROJECT $EVELOPMENT AND 4URNKEY $ELIVERY „ /PERATIONS -ANAGEMENT „ !SSET -ANAGEMENT
#ORPORATE RESPONSIBILITY !T THE $(6 'ROUP WE AIM FOR A POSITIVE IMPACT ON ECONOMIES SOCIETIES AND ECO SYSTEMS THROUGH THE SERVICES THAT WE PROVIDE AND IN OUR OWN OPERATIONS 7E ARE SIGNATORY TO THE 5NITED .ATIONS 'LOBAL #OMPACT AND THE 0ARTNERS !GAINST #ORRUPTION )NITIATIVE 0!#) OF THE 7ORLD %CONOMIC &ORUM
+EY &IGURES .ET TURNOVER .ET PROFIT
` MILLION ` MILLION
%XPERTISE POSITIONS ,OOKING TO CLIENT NEEDS WE FOCUS ON „ !IRPORTS „ "UILDINGS „ %NVIRONMENTAL -ANAGEMENT „ (IGHWAYS "RIDGES AND 4UNNELS „ )NTELLIGENT 4RANSPORT 3YSTEMS „ -ARINE 0ORTS AND 7ATERWAYS „ -ASS 4RANSIT AND 2AIL „ 5RBAN AND 2EGIONAL 0LANNING „ 7ATER -ANAGEMENT „ 7ATER 4REATMENT
3TAFF AND /F½CES BY 2EGION %UROPE IN OFFICES !SIA IN OFFICES !FRICA IN OFFICES .ORTH !MERICA IN OFFICES 4OTAL IN OFFICES
2EPORT OF THE 3UPERVISORY "OARD 2ECOMMENDATIONS TO THE !NNUAL 3HAREHOLDERS´ -EETING 7E HAVE PLEASURE IN PRESENTING THE $(6 'ROUP !NNUAL 2EPORT FOR 4HE ANNUAL ACCOUNTS WERE PREPARED BY THE %XECUTIVE "OARD AND AUDITED BY 0RICEWATERHOUSE#OOPERS !CCOUNTANTS OF THE .ETHERLANDS 4HE ANNUAL ACCOUNTS WERE SIGNED FOLLOWING DISCUSSIONS WITH THE %XECUTIVE "OARD AND THE EXTERNAL ACCOUNTANTS 7E SUPPORT THE PROPOSAL OF THE %XECUTIVE "OARD TO DISTRIBUTE A DIVIDEND OF ` ` PER DEPOSITARY RECEIPT FOR ISSUED " SHARES FROM THE PROFITS 7E RECOMMEND THAT THE ANNUAL ACCOUNTS FOR BE ADOPTED AND THE INCORPORATED DIVIDEND PROPOSAL BE APPROVED ,ASTLY WE CALL ON YOU TO DISCHARGE THE %XECUTIVE "OARD FROM LIABILITY FOR ITS MANAGEMENT AND THE 3UPERVISORY "OARD FOR ITS SUPERVISION DURING THE FINANCIAL YEAR
7 VAN 6ONNO 7IM VAN 6ONNO B $UTCH M JOINED THE $(6 'ROUP 3UPERVISORY "OARD IN (E HAS BEEN #HAIRMAN SINCE (IS CURRENT TERM OF OFFICE WILL EXPIRE IN -R 6AN 6ONNO IS #HAIRMAN OF THE 3UPERVISORY "OARDS OF #ONVEST AND 0UBLIEK "ELANG %LECTRICITEITSPRODUCTIE " 6 AND 6AN .IEUWPOORT AND A MEMBER OF THE 3UPERVISORY "OARDS OF 6AN /ORD /PTIMIX )NVESTMENT &UNDS 6AN "OLDRIK 'ROUP 2OYAL "!- 'ROUP 3!$# "ANK FOR THE #ONSTRUCTION )NDUSTRY AND -AMMOET (OLDING (E IS ALSO A MEMBER OF THE )NVESTMENT #OMMITTEE OF .0- #APITAL MEMBER OF THE "OARDS OF ).' #ONTINUITY &OUNDATION &OUNDATION 0ROTECTION 4.4 AND -EDIQ 0REFERENTIAL 3TOCK &OUNDATIONS &URTHERMORE HE IS !RBITRATOR WITH THE !RBITRATION "OARD FOR THE -ETAL 4RADE AND )NDUSTRY &OUNDATION MEMBER OF THE %XECUTIVE "OARD OF .%. AND 0RESIDENT OF THE .OMINATION #OMMITTEE $OCKWISE
3 - $EKKER 3YBILLA $EKKER B $UTCH F JOINED THE $(6 'ROUP 3UPERVISORY "OARD IN (ER CURRENT TERM OF OFFICE WILL EXPIRE IN -RS $EKKER IS A FORMER .ETHERLANDS -INISTER OF (OUSING 3PATIAL 0LANNING AND THE %NVIRONMENT 3HE IS A MEMBER OF THE 3UPERVISORY "OARDS OF $UTCH -UNICIPALITIES "ANK !+:/ .OBEL .EDERLAND AND +RISTAL 3HE CHAIRS THE 3TRATEGIC !DVISORY #OUNCIL OF 4./ "UILT %NVIRONMENT AND 'EOSCIENCES AND THE 3UPERVISORY #OUNCILS OF THE !NTILLEAN #O &INANCING /RGANIZATION THE $UTCH $IABETES &UND AND THE $UTCH #ADASTRE ,AND 2EGISTRY AND -APPING !GENCY 3HE IS ALSO MEMBER OF THE 3UPERVISORY #OUNCIL OF THE +NOWLEDGE FOR #LIMATE 2ESEARCH 0ROGRAM AND -$,) -OROCCAN $UTCH ,EADERSHIP 0RESIDENT OF THE $UTCH 4ASKFORCE 4ALENT TO THE 4OP THE #OMMITTEE &UNDAMENTAL %XPLORATION "UILDING AND 2OUND 4ABLE ON 0ROJECT -AINPORT 2OTTERDAM
* ( - ,INDENBERGH (ESSEL ,INDENBERGH B $UTCH M JOINED THE $(6 'ROUP 3UPERVISORY "OARD IN (IS CURRENT TERM OF OFFICE WILL EXPIRE IN -R ,INDENBERGH IS CHAIRMAN OF THE 3UPERVISORY "OARDS OF &ORTIS "ANK .EDERLAND .)"# !GENDIA AND THE "ANK FOR THE #ONSTRUCTION )NDUSTRY (E IS ALSO MEMBER OF THE 3UPERVISORY "OARDS OF THE 5NIVERSITY OF !MSTERDAM IN THE .ETHERLANDS 'AMMA (OLDING /RTEC )NTERNATIONAL $OCTORS 0ENSION &UNDS 3ERVICES AND :EEMAN 'ROUP (E IS ALSO A MEMBER OF THE "OARDS OF 3TICHTING 6OPAK &OUNDATION 0ROTECTION 4.4 AND 7OLTERS +LUWER 0REFERENCE 3HARES &OUNDATION
! " - VAN DER 0LAS 3EEN VAN DER 0LAS B $UTCH M JOINED THE $(6 'ROUP 3UPERVISORY "OARD IN (IS LAST TERM OF OFFICE WILL EXPIRE IN -R 6AN DER 0LAS IS CHAIRMAN OF THE 3UPERVISORY "OARD OF THE .ETHERLANDS 2ESEARCH 3CHOOL ON 4RANSPORT )NFRASTRUCTURE AND ,OGISTICS 42!), A COLLABORATIVE INITIATIVE OF FIVE $UTCH UNIVERSITIES BOARD MEMBER OF THE .EXT 'ENERATION )NFRASTRUCTURES &OUNDATION A LARGE INTERNATIONAL CONSORTIUM OF KNOWLEDGE INSTITUTIONS MARKET PLAYERS AND GOVERNMENTAL BODIES AND MEMBER OF THE 3UPERVISORY "OARD OF THE 2OTTERDAM 0HILHARMONIC /RCHESTRA
! 0 - VAN DER 0OEL !RTHUR VAN DER 0OEL B $UTCH M JOINED THE $(6 'ROUP 3UPERVISORY "OARD IN (IS CURRENT TERM OF OFFICE WILL EXPIRE IN -R 6AN DER 0OEL IS CHAIRMAN OF THE 3UPERVISORY "OARD OF SEMICONDUCTOR EQUIPMENT MANUFACTURER !3-, MEMBER OF THE "OARD OF SMARTCARD COMPANY 'EMALTO AND MEMBER OF THE 3UPERVISORY "OARD OF $UTCH SOCCER CLUB 036
2EPORT OF THE 3UPERVISORY "OARD
2EPORT FOR 3UPERVISORY "OARD -EETINGS $URING THE 3UPERVISORY "OARD MET WITH THE %XECUTIVE "OARD AND THE $IRECTOR OF &INANCE #ONTROL ON EIGHT OCCASIONS THE EXTERNAL ACCOUNTANTS ALSO ATTENDED WHEN THE FIRST HALF YEAR AND ANNUAL FIGURES WERE DISCUSSED !LL BOARD MEMBERS HAD A GOOD RECORD OF ATTENDANCE /NGOING MATTERS WERE ALSO REGULARLY DISCUSSED BY THE #HAIRMEN OF THE 3UPERVISORY AND THE %XECUTIVE "OARDS OUTSIDE THE CONTEXT OF THESE MEETINGS
-R ,INDENBERGH IS A ³FINANCIAL EXPERT´ AS PROVIDED IN BEST PRACTICE PROVISION ))) OF THE #ODE 4HE 3UPERVISORY "OARD ALSO REVIEWED THE PERFORMANCE COMPOSITION AND REMUNERATION OF THE %XECUTIVE "OARD )N THE JUDGMENT OF THE 3UPERVISORY "OARD THE %XECUTIVE "OARD ¯ BOTH AS A GROUP AND IN TERMS OF ITS INDIVIDUAL MEMBERS ¯ POSSESSES THE REQUISITE COMPETENCIES AND FUNCTIONS APPROPRIATELY
#ORPORATE 'OVERNANCE /N SEVERAL OCCASIONS THE 3UPERVISORY "OARD DISCUSSED THE 'ROUP´S STRATEGY FOR THE LONGER TERM THE MAIN RISKS OF THE BUSINESS AND THE RESULT OF THE ASSESSMENT BY THE %XECUTIVE "OARD OF THE DESIGN AND EFFECTIVENESS OF THE INTERNAL RISK MANAGEMENT AND CONTROL SYSTEMS .ATURALLY THE IMPACT OF THE FINANCIAL AND ECONOMIC CRISIS AND THE MEASURES TAKEN TO DEAL WITH ITS EFFECTS WERE TABLED AT EVERY MEETING OF THE 3UPERVISORY "OARD /THER ITEMS ON THE AGENDA WERE THE ADJUSTMENT OF THE "USINESS #ONTROL &RAME WORK THE #ORPORATE 2ESPONSIBILITY 2EPORT THE RENOVATION OF THE !MERSFOORT OFFICE AND COMPLIANCE !S IN PREVIOUS YEARS THE 3UPERVISORY "OARD CONDUCTED AN ASSESSMENT OF THE SUITABILITY OF INTERNAL CANDIDATES FOR SENIOR MANAGEMENT POSITIONS 4HE 3UPERVISORY "OARD APPROVED THE ACQUISITION OF THE SHARES IN )NNOVA !VIATION #ONSULTING IN THE 53! AND THE ACQUISITION OF .0# RAIL CONSULTANTS IN THE .ETHERLANDS
!UDIT #OMMITTEE -EETINGS 4HE !UDIT #OMMITTEE CONSISTING OF -R ,INDENBERGH AND -R 6AN DER 0LAS MET ON THREE OCCASIONS 4HE FIRST MEETING DEALT WITH THE ANNUAL ACCOUNTS FOR THE EXTERNAL AUDITOR´S REPORT AND THE FINALIZATION OF THE BUDGET FOR THE SECOND WITH THE FIRST HALF YEAR FIGURES THE AUDITOR´S !UDIT 3ERVICE 0LAN AND THE EVALUATION OF THE OUTSOURCING OF THE )#4 4HE THIRD MEETING WAS DEDICATED TO THE BUDGET FOR )N ADDITION THE #OMMITTEE REVIEWED PROGRESS REPORTS ON THE REPLACEMENT OF THE BUSINESS INFORMATION SYSTEM AND THE ANNUAL REPORT OF THE )NTERNAL !UDIT
)NTERNAL $ELIBERATIONS 4HE BOARD MEMBERS MET TO DISCUSS THEIR "OARD´S OWN PERFORMANCE THE PERFORMANCE OF THE !UDIT #OMMITTEE AND THE CONTRIBUTION OF EACH MEMBER AND TO ASSESS THE "OARD´S COMPOSITION 4HEY CONCLUDED THAT THE "OARD IS PROPERLY CONSTITUTED AND THAT ITS MEMBERS POSSESS THE DESIRED COMPETENCIES ALL IN ACCORDANCE WITH THE 0ROFILE OF THE 3UPERVISORY "OARD !LL MEMBERS ARE ³INDEPENDENT´ AS PROVIDED IN BEST PRACTICE PROVISION ))) OF THE $UTCH #ORPORATE 'OVERNANCE #ODE
$(6 'ROUP´S #ORPORATE 'OVERNANCE 2EPORT AND FURTHER INFORMATION CONCERNING THE REMUNERATION POLICY THE #ODE OF #ONDUCT WHISTLE BLOWER SCHEME AND REGULATIONS FOR THE %XECUTIVE "OARD 3UPERVISORY "OARD AND !UDIT #OMMITTEE CAN BE FOUND AT WWW DHVGROUP COM CORPORATEGOVERNANCE 4HE REMUNERATION OF THE 3UPERVISORY "OARD IS REPORTED ON PAGE
#OMPOSITION OF THE 3UPERVISORY "OARD 4HERE WERE NO CHANGES IN THE COMPOSITION OF THE 3UPERVISORY "OARD IN /N THE OCCASION OF THE !NNUAL 3HARE HOLDERS´ -EETING -R 6AN DER 0LAS WILL STEP DOWN AFTER HAVING SERVED THE MAXIMUM TERM OF YEARS 4HE MEMBERS OF THE 3UPERVISORY "OARD WISH TO EXPRESS THEIR APPRECIATION OF HIS VALUABLE CONTRIBUTION OVER THE YEARS 4HE 3UPERVISORY "OARD NOMINATES -R # 0 6EERMAN FOR APPOINTMENT AS A MEMBER OF THE 3UPERVISORY "OARD !T THE !NNUAL 3HAREHOLDERS´ -EETING -R 6AN 6ONNO WILL STEP DOWN AFTER HAVING COMPLETED HIS FIRST FOUR YEAR TERM 4HE 3UPERVISORY "OARD NOMINATES -R 6AN 6ONNO FOR REAPPOINTMENT FOR A FURTHER TERM OF FOUR YEARS
)N CLOSING 4HE #HAIRMAN AND 6ICE #HAIRMAN OF THE 3UPERVISORY "OARD AS WELL AS THE %XECUTIVE "OARD MET WITH A DELEGATION OF THE 7ORKS #OUNCIL OF $(6 " 6 TO DISCUSS THE GENERAL COURSE OF EVENTS OF THE COMPANY !LL PARTIES APPRECIATED THE OPEN DIALOGUE 4HE YEAR WAS MARKED BY THE ECONOMIC DOWNTURN 4HE $(6 'ROUP SHOWS A POSITIVE RESULT THE ORGANIZATION IS TAILORED TO MARKET DEVELOPMENTS AND IS READY TO MEET THE FUTURE THANKS TO THE EFFORTS AND FLEXIBILITY OF THE STAFF 4HE 3UPERVISORY "OARD WISHES TO EXPRESS ITS APPRECIATION TO ALL STAFF FOR THEIR CONTRIBUTION IN !MERSFOORT THE .ETHERLANDS -ARCH 7 VAN 6ONNO #HAIRMAN 3 - $EKKER * ( - ,INDENBERGH ! " - VAN DER 0LAS 6ICE #HAIRMAN ! 0 - VAN DER 0OEL
"ERTRAND - VAN %E B $UTCH WAS APPOINTED TO THE %XECUTIVE "OARD IN BECOMING ITS 0RESIDENT ON *ANUARY %XTERNAL APPOINTMENTS INCLUDE „ -EMBER OF THE $UTCH 4RADE "OARD „ -EMBER OF THE !DVISORY "OARD OF THE $UTCH FACULTY 4ECHNOLOGY 0OLICY AND -ANAGEMENT 3UPPORT OF THE 4ECHNICAL 5NIVERSITY $ELFT
2EPORT OF THE %XECUTIVE "OARD 3TRATEGY AND 0OLICY !MBITION 'OALS AND /BJECTIVES 4HE $(6 'ROUP ASPIRES TO A PROMINENT POSITION AMONG THE WORLD´S LEADING ENGINEERING CONSULTANCIES )N ORDER TO ACHIEVE THIS AMBITION WE FOCUS ON FOUR MAIN GOALS 'ROWTH AND 0ROFITABILITY 'ROWTH IS ESSENTIAL TO OUR CONTINUITY 4HE SIZE AND COMPLEXITY OF CHALLENGES THAT CLIENTS FACE REQUIRE SIGNIFICANT DEPTH AND BREADTH OF EXPERTISE FOR WHICH LARGE FIRMS ARE BETTER POSITIONED 'ROWTH PROVIDES MORE OPPORTUNITY FOR OUR COMPANY AND PEOPLE 4HEREFORE WE STRIVE TO ACHIEVE ANNUAL GROWTH IN TURNOVER AVERAGING AT LEAST OF WHICH HALF WILL BE ORGANIC AND HALF THROUGH MERGERS AND ACQUISITIONS 3OUND FINANCIAL PERFORMANCE ENABLES US TO INVEST IN OUR FUTURE AND REWARD EMPLOYEES FOR THEIR CONTRIBUTION /UR OBJECTIVES ARE AN OPERATING MARGIN OF ON ADDED VALUE AND AN AVERAGE RETURN ON SHAREHOLDERS´ EQUITY OF
)NTERNATIONALIZATION )NTERNATIONALIZATION IS IMPORTANT TO CONTINUITY AND RISK DISTRIBUTION /UR INTERNATIONAL NETWORK IS FOCUSED ON BUILDING RELATIONSHIPS THAT HELP DELIVER BETTER SERVICE LOCALLY AND PROVIDE INSIGHTS FOR FUTURE INNOVATION 7E HAVE CHOSEN TO CONCENTRATE OUR OPERATIONS ON A LIMITED NUMBER OF HOME MARKETS #ANADA #HINA )NDIA )NDONESIA THE .ETHERLANDS 0OLAND 0ORTUGAL 3OUTH !FRICA AND THE 5NITED 3TATES 4HIS SELECTION IS BASED ON THE BUSINESS ENVIRONMENT LOYALTY TO CUSTOMERS OUR MARKET POSITION AND THE OPPORTUNITIES FOR GROWTH 7E AIM TO BE RECOGNIZED IN THESE MARKETS AS A TOP PLAYER IN OUR FIELDS OF EXPERTISE (OME MARKETS WILL ACCOUNT FOR AT LEAST OF THE 'ROUP´S TURNOVER )NNOVATION )N ORDER TO FULFILL OUR PROMISE TO DELIVER SUSTAINABLE AND STATE OF THE ART KNOWLEDGE WE MUST CONTINUOUSLY IMPROVE OUR SKILLS AND EXPERTISE )NNOVATIVE SOLUTIONS ARE CONSTANTLY
CREATED FOR PROJECTS BUT WE ALSO LEVERAGE STRATEGIC INNOVATIONS AND INVEST IN 2 $ /UR OBJECTIVE IS TO APPLY FOR AT LEAST ONE NEW PATENT PER YEAR 7E ACTIVELY PARTICIPATE IN EXTERNAL PLATFORMS AND AIM TO RECEIVE INDUSTRY RECOGNITION FOR TECHNICAL EXCELLENCE AND INNOVATION EACH YEAR #ORPORATE 2ESPONSIBILITY 4HE $(6 'ROUP IS A COMPANY FOR PEOPLE FROM PEOPLE 7E RECOGNIZE THE INTERCONNECTIVITY OF THE TRIPLE BOTTOM LINE FOR SUSTAINABLE DEVELOPMENT PEOPLE PLANET AND PROFIT 7E HAVE IDENTIFIED FOUR KEY AREAS INTEGRITY SUSTAINABILITY IN OUR PROJECTS THE IMPACT OF OUR OWN OPERATIONS AND PEOPLE DEVELOPMENT /UR OBJECTIVES ARE TO MAINTAIN A TOP QUARTILE RANKING IN THE ANNUAL 4RANSPARENCY "ENCHMARK FOR #ORPORATE 2ESPONSIBILITY REPORTING OF THE $UTCH -INISTRY OF %CONOMIC !FFAIRS WHICH IS ALIGNED WITH THE $OW *ONES 3USTAINABILITY )NDEXES AND TO ACHIEVE A #/ REDUCTION PER EMPLOYEE IN OUR
Report of the Executive Board
Piet W. Besselink (b. 1958, Dutch) joined DHV in 1989. Appointed to the Executive Board in 2006 and became its Vice President on 1 January 2007. External appointments include: • Member of the Advisory Board of Deltares, the Dutch institute for Delta Technology. • Member of the TNO Geological Survey of the Netherlands. • Member of the Board of Railforum (a Dutch platform for the exchange of knowledge and experience in rail transport).
operations against a baseline of 2008 by 2015. In terms of people development, we provide extensive opportunity for our staff and emphasize “building futures” through education and capacity building in community investments. Our Corporate Responsibility reporting and our Business Integrity Management System are externally audited in support of transparency and continuous improvement.
The following SWOT table illustrates the most significant factors which influence our current business and future strategy. Strengths
Weaknesses
• Expertise in water, and transportation,
• Low profile approach, resulting in
including our own investments in innovation and R&D. • Culture of sustainable development and corporate responsibility. • Strong local presence leveraged with international network.
insufficient exposure of capabilities. • Responsiveness and efficiency must be improved in parts of our organization. • Undercapitalizing on our innovations. • Lower profitability related to portfolio mix and a tendency to go beyond scope.
• Known for finding integrated and multidisciplinary solutions to complex issues.
Corporate Strategy
• One-company concept.
Our strategy for serving clients is Local delivery of world-class solutions. We aim to be top player in our home countries and international player in select expertise positions. Our strategy rests on three pillars: Differentiation, Home markets and a One-company concept. Together these three pillars provide the path to achieving our goals.
Opportunities
Threats
• Renewed focus on infrastructure as part of
• Economic slowdown. Projects are cancelled
government stimulus packages. • Impact of climate change on flooding and the availability of fresh water. • Population growth and higher standards of
or delayed and prices are under pressure. • Consolidation of mid-sized competitors and new entries increases competition in our home markets.
living exponentially increase demand for
• Labor markets for top talent remain tight.
energy, water and mobility.
• Business integrity pressures.
• Strong development of eastern economies.
9
4AKING INTO ACCOUNT THE 37/4 FACTORS AND OUR OVERALL GOALS WE HAVE CHOSEN TO FOCUS ON THE FOLLOWING KEY CHALLENGES 'ROW SIGNIFICANTLY IN THE 7ATER AND 4RANSPORTATION MARKETS TO MEET INCREASED DEMAND /UR STRENGTHS IN 7ATER 4REATMENT 7ATER -ANAGEMENT AND #OASTAL 0ROTECTION ARE DIFFERENTIATERS WHICH APPLY DIRECTLY TO OPPORTUNITIES RELATED TO CLIMATE CHANGE AND POPULATION GROWTH 0ARTICULAR ISSUES INCLUDE WATER SCARCITY SANITATION AND FLOOD PROTECTION !REAS IN WHICH WE COULD BE CAPITALIZING MORE ON OUR EXPERTISE AND INNOVATION 7E AIM TO SUPPORT STIMULUS PACKAGES IN 4RANSPORTATION BY PROVIDING MULTI DISCIPLINARY CONSULTING AND PROGRAM OVERSIGHT SERVICES 4HERE IS SIGNIFICANT OPPORTUNITY TO ENHANCE MOBILITY THROUGH OUR INNOVATIVE )NTELLIGENT 4RANSPORT 3YSTEMS 4HE HIGH GROWTH IN EASTERN ECONOMIES ENTAILS MORE REGIONAL AS WELL AS INTERNATIONAL TRAVEL 4O THIS END WE AIM TO FURTHER DEVELOP REGIONAL AVIATION CAPABILITY -ITIGATE THREAT OF NEW COMPETITION THROUGH DEPTH OF LOCAL KNOWLEDGE AND READY ACCESS TO INTERNATIONAL NETWORK /UR HOME MARKETS ARE PROJECTED TO HAVE SOME OF THE HIGHEST GROWTH LEVELS OF THEIR REGIONS 4HIS IS ATTRACTING NEW COMPETITION AND MID SIZED PLAYERS ARE CONSOLIDATING TO ADDRESS THESE OPPORTUNITIES )N ORDER TO MITIGATE THE THREAT OF THIS COMPETITION WE WILL FURTHER BUILD UP LOCAL CAPABILITY 7E AIM TO SELECTIVELY DEVELOP LOCAL EXPERTISE
INTO REGIONAL EXPERTISE CENTERS AND COLLABORATE ON LARGER PROJECTS WITH SHARED RESOURCES 3TRONG LOCAL PRESENCE ENSURES THAT SOLUTIONS ARE TAILORED TO LOCAL CONDITIONS AND THAT CLOSE RELATIONS ARE MAINTAINED WITH CUSTOMERS 7ITH THE CHOICE OF COUNTRIES AND MARKET SEGMENTS IN WHICH WE OPERATE OUR ZERO TOLERANCE POLICY ON CORRUPTION HAS BEEN TURNING THE THREAT OF BUSINESS INTEGRITY PRESSURE INTO A STRENGTH 2ETAIN AND ATTRACT TALENT IN TIGHT LABOR MARKET $ESPITE THE ECONOMIC CRISIS WE SEE A TIGHT LABOR MARKET FOR THE TYPE OF TALENT THAT OUR BUSINESS REQUIRES 4HIS IS A THREAT TO FURTHER GROWTH AND MUST BE ADDRESSED ESPECIALLY AS A KEY PART OF THE PREVIOUS TWO CHALLENGES %MPLOYEE FEEDBACK INDICATES THAT THE INNOVATIVE QUALITY OF THE WORK THAT WE DO AND OUR CULTURE OF CORPORATE RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT ARE STRENGTHS IN ATTRACTING AND RETAINING EMPLOYEES (OWEVER CAPABILITIES AND OPPORTUNITIES ARE STILL NOT SUFFICIENTLY RECOGNIZED NOR COMMUNICATED 4HIS WEAKNESS NEEDS TO BE ADDRESSED )NTERNALLY BY FOCUSING ON BETTER KNOWLEDGE SHARING COMMUNICATIONS MENTORING AND CAREER PLANNING %XTERNALLY BY SEEKING GREATER PUBLIC EXPOSURE FOR OUR PROJECTS AND OUR COMMITMENT TO SUSTAINABILITY 4HESE INITIATIVES WILL BE IMPLEMENTED ON A LOCAL BASIS BUT WITH A ONE COMPANY FRAMEWORK IN ORDER TO INCREASE IMPACT
3TRENGTHEN FINANCIAL PERFORMANCE USING CURRENT ECONOMIC PRESSURES AS AN IMPETUS 4HE POSSIBILITY OF A PROLONGED ECONOMIC SLOWDOWN PRESENTS A CONTINUED THREAT TO GROWTH AND PROFITABILITY BUT IS ALSO A STIMULUS TO INCREASE EFFICIENCY AND DEVELOP IN HIGHER MARGIN SERVICES 4HE RESPONSIVENESS OF UNITS TO MINIMIZE UNDERUTILIZATION HAS GREATLY IMPROVED WITH ADDITIONAL ATTENTION 4HERE WAS GOOD USE OF OUR INTEGRATED AND MULTI DISCIPLINARY CAPABILITIES TO PROVIDE CONSULTANCY AND PROCESS MANAGEMENT FOR THE PLANNING AND IMPLEMENTATION OF STIMULUS PACKAGES &INANCIAL DISCIPLINE IS INCREASING AND WILL BE FURTHER IMPROVED THROUGH STRICTER PROJECT AND PORTFOLIO MANAGEMENT 4HIS WILL BE SUPPORTED BY ONE COMPANY PLATFORMS SUCH AS THE "USINESS #ONTROL &RAMEWORK ROLL OUT OF OUR BUSINESS INFORMATION SYSTEM AND MANAGEMENT TRAINING 3TRATEGY EVALUATION /UR STRATEGY OF ,OCAL DELIVERY OF WORLD CLASS SOLUTIONS AND THE STRATEGIC PILLARS $IFFERENTIATION (OME MARKETS AND /NE COMPANY CONCEPT HAVE SERVED US WELL OVER THE PAST YEARS 4HE $(6 'ROUP IS ON TRACK IN ACHIEVING ITS GOALS 7E HAVE GROWN AND IMPROVED PROFITABILITY RELATIVE TO OUR PEERS 4HE LATTER IS NOT DEVELOPING AS RAPIDLY AS ORIGINALLY PLANNED HOWEVER WE CONTINUE TO STRENGTHEN OUR BALANCE SHEET AND OUR FINANCIAL POSITION IS SOLID 7E HAVE BEGUN TO LEVERAGE INNOVATION ACROSS OUR NETWORK AND DEMONSTRATE LEADERSHIP IN #ORPORATE 2ESPONSIBILITY /VERALL OUR
4HE BUSINESS GROUP REGION AND HOLDING DIRECTORS 4OGETHER WITH THE %XECUTIVE "OARD THEY FORM THE %XECUTIVE #OUNCIL OF THE $(6 'ROUP
!RNOLD 'ALAVAZI !SIA
#HRIS %NGELSMAN %UROPE
2OEL /VERAKKER !VIATION
6IC 0RINS %NVIRONMENT AND 4RANSPORTATION
%UGENE 'R~TER "UILDING AND )NDUSTRY
2EPORT OF THE %XECUTIVE "OARD
PERFORMANCE GIVES US THE EXPECTATION THAT OUR LONG TERM GOALS ARE ACHIEVABLE ,OOKING TO OUR STRATEGY PILLARS WE CONCLUDE THE FOLLOWING $IFFERENTIATION 7E HAVE SHARPENED OUR PROFILE BY BETTER ALIGNING WITH DEFINED MARKETS AND BENCHMARKING OUR PERFORMANCE 4HIS HAS GUIDED ORGANIC GROWTH AND ORGANIZATIONAL RESTRUCTURING /UR RANGE OF SERVICES AND MARKET REACH HAVE BEEN EXPANDED THROUGH SELECTIVE MERGERS AND ACQUISITIONS 3IGNIFICANT INNOVATIONS HAVE BEEN TAKEN TO THE LEVEL OF REGISTERED PRODUCTS AND SUCCESSFULLY LAUNCHED #ORPORATE RESPONSIBILITY AND A FOCUS ON SUSTAINABLE DEVELOPMENT IS BECOMING A RECOGNIZED QUALITY IN ALL OUR PROJECTS (OME MARKETS 7E HAVE GROWN OPERATIONS IN HOME COUNTRIES ARE TAKING ON INCREASINGLY LARGER PROJECTS AND HAVE EXPANDED INTO DIFFERENT SECTORS %XAMPLES INCLUDE AVIATION IN !FRICA WATER AND ENVIRONMENTAL PROJECTS IN !SIA AND COASTAL PROTECTION IN .ORTH !MERICA 4HIS WAS MADE POSSIBLE BY STRONG LOCAL PRESENCE AND NOW OFFERS OPPORTUNITIES FOR TAKING ON EVEN LARGER INTEGRATED PROJECTS SUCH AS ECO CITIES AND MULTI MODEL TRANSPORTATION HUBS 4HE INTIMATE KNOWLEDGE OF THE LOCAL SITUATION ALSO ENABLES US TO CREATE MORE SUSTAINABLE SOLUTIONS INVOLVE CAPACITY BUILDING IN THE COMMUNITY AND UNDERSTAND ENVIRONMENTAL COMPLEXITIES /UR
*IM +ERR .ORTH !MERICA
0IET VAN (ELVOORT 7ATER
CUSTOMERS ARE APPRECIATING THIS ADDED VALUE WHICH IS RESULTING IN MORE REPEAT BUSINESS AND LONG TERM RELATIONSHIPS /NE COMPANY CONCEPT 4HE BENEFIT OF A COMMON CULTURE PROCESSES AND )#4 PLATFORMS IS STARTING TO BE REALIZED 4HIS SHORTENS LEARNING CURVES INCREASES EFFICIENCY AND FACILITATES COOPERATION 0LANS FOR THE FUTURE INCLUDE A HIGH LEVEL OF COOPERATION BETWEEN UNITS IN BOTH NATIONAL AND INTERNATIONAL WORK ! KEY ENABLER HAS BEEN THE INTERPERSONAL NETWORKS WHICH WERE ESTABLISHED THROUGH JOINT TRAINING AND INTERNATIONAL EXPERTISE MEETINGS 0ATH FORWARD $URING WE WILL COMPLETE SOME REMAINING ONE COMPANY ITEMS AND WILL MOVE AHEAD ON THE FOUNDATION
THAT HAS BEEN BUILT THESE PAST YEARS 'IVEN THE RISK OF A PROLONGED ECONOMIC SLOWDOWN WE WILL PRESERVE AND IMPROVE PROFITABILITY BY STAYING CLOSE TO OUR CUSTOMERS AND PAYING CLOSE ATTENTION TO OUR COST BASE INVESTMENT LEVELS AND CASH FLOW )N WE BEGAN DIALOGUE FOR 6ISION OUR CORPORATE STRATEGY PAPER FOR THE COMING FIVE YEARS WHICH WILL BE ISSUED MID 6ISION WILL BE ABOUT MAKING A STEP CHANGE IN PROFITABILITY AND GROWTH COMPARED TO PREVIOUS YEARS (OME COUNTRIES WILL FEATURE PROMINENTLY 7E WILL FOCUS INVESTMENT ON OUR STRONGEST INTERNATIONAL EXPERTISE POSITIONS 4HE 37/4 ANALYSIS ON PAGE REFLECTS KEY DEVELOPMENTS WHICH WE ARE TAKING INTO ACCOUNT
4HE 'ROUP PROVIDES ITS SERVICES THROUGH A FAMILY OF BRANDS $(6 33) .!#/ AND $ELCAN 4HESE BRANDS ARE LEADING PLAYERS IN THEIR RESPECTIVE ½ELDS AND ACTIVELY COLLABORATE TO MEET SPECI½C CLIENT NEEDS E G .!#/ 33) FOR AIRPORTS ON THE !FRICAN CONTINENT AND $ELCAN $(6 FOR INTERNATIONAL )43 SOLUTIONS
4HE $(6 'ROUP HAS A DECENTRALIZED ORGANIZATIONAL STRUCTURE IN ORDER TO STAY CLOSE TO SELECTED MARKETS 4HE FOUR BUSINESS GROUPS FOCUS ON MARKET SPECI½C CONSULTING AND ENGINEERING EXPERTISE 2EGIONAL OPERATIONS MAINTAIN CLIENT RELATIONSHIPS AND TAILOR THE 'ROUP´S EXPERTISE TO LOCAL CIRCUMSTANCES LANGUAGE AND CULTURE "USINESS 'ROUPS %NVIRONMENT AND 4RANSPORTATION 7ATER "UILDING AND )NDUSTRY !VIATION 2EGIONS %UROPE !SIA !FRICA .ORTH !MERICA &OR THE COMPLETE ORGANIZATIONAL STRUCTURE OF THE $(6 'ROUP PLEASE REFER TO PAGE
-ARGA $ONEHOO #ORPORATE )NITIATIVES
.AREN "HOJARAM !FRICA
*OHAN VAN -ANEN &INANCE AND #ONTROL
Expansion Wilhelminaharbor, the Netherlands
-AIN $EVELOPMENTS OF WAS A CHALLENGE ON MANY FRONTS 7ITH PEOPLE WORKING IN OFFICES AND HOME COUNTRIES THE $(6 'ROUP MET THESE CHALLENGES HEAD ON CONNECTED AND DELIVERED /UR TURNOVER HAS CONTINUED TO GROW AND OPERATIONAL RESULTS REMAINED POSITIVE 7E ALSO CONTINUED TO INVEST IN THE FUTURE WITH TRAINING PROGRAMS CROSS ASSIGNMENTS OF PEOPLE AND ONE COMPANY INITIATIVES SUCH THE EXTENSION OF OUR )#4 PLATFORM AND KNOWLEDGE SHARING /UR CONCENTRATION ON THE PUBLIC SECTOR HAS BEEN POSITIVE FOR $(6 AS WELL AS FOR 33) AND $ELCAN 7E ARE ACTIVE IN LARGE MULTIPLE YEAR PROGRAMS SUPPORTED BY GOVERNMENT STIMULUS PACKAGES 7ORK FOR PRIVATE SECTOR CLIENTS EXPERIENCED A SIGNIFICANT DOWNTURN 4HE AVIATION INDUSTRY HAS ALSO BEEN HIT HARD 4HE FLEXIBLE AND ENTREPRENEURIAL APPROACH TAKEN BY 'ROUP MEMBERS ADJUSTING TO MARKET CIRCUMSTANCES AND REDUCING COST MADE A DISTINCT DIFFERENCE IN WEATHERING THE STORM /UR STRATEGY OF ,OCAL DELIVERY OF WORLD CLASS SOLUTIONS IS WORKING BETTER ALL THE TIME "Y SHARPENING OUR FOCUS ON THE MARKET AND CLIENTS AND COMBINING EXPERTISE WE WERE ABLE TO WIN SIGNIFICANT PROJECTS
'ROWTH AND 0ROFITABILITY 4HE $(6 'ROUP CONTINUED TO GROW IN DESPITE THE IMPACT OF THE WORLDWIDE ECONOMIC RECESSION .ET TURNOVER GREW WITH TO ` MILLION MAINLY THROUGH ACQUISITIONS 4HE OPERATING MARGIN WAS COMING FROM IN AND BELOW OUR OVERALL TARGET 4HE STRONGEST PERFORMERS THIS YEAR WERE !FRICA AND .ORTH !MERICA WHICH ACHIEVED THE HIGHEST MARGINS AND !SIA WHICH SHOWED SIGNIFICANT MARGIN IMPROVEMENT 7ITHIN THE MARKETS 7ATER %NVIRONMENT AND 4RANSPORTATION
THERE WERE ALSO STRONG RESULTS ESPECIALLY FROM CONSULTANCY PROJECT MANAGEMENT AND OPERATIONS /VERALL THE PROFITABILITY OF THE 'ROUP WAS NEGATIVELY IMPACTED BY A COMBINATION OF UNDERUTILIZATION OF STAFF IN PARTS OF THE ORGANIZATION AND PRICE PRESSURE ON PROJECTS 2ESTRUCTURING COSTS AND ADDITIONAL EFFORTS FOR THE INTRODUCTION OF A NEW BUSINESS INFORMATION SYSTEM WERE TAKEN INTO ACCOUNT AT THE CORPORATE LEVEL 4HE ACTUAL RETURN ON OUR SHAREHOLDERS´ EQUITY IS WHICH IS BELOW THE TARGETED AVERAGE LEVEL OF
3TRATEGIC ACTIONS FOR
2ESULTS IN
„ $EVELOP STRATEGY FOR ENERGY AND RESOURCES
„ &OCUS ON MINING CONSULTANCY EXPANDING
„ $ELIVER SYNERGIES WITH NEW MEMBER
„ *OINT PROJECTS WITH )NTER6)34!3 AVIATION
SERVICES IN !SIA AND !FRICA COMPANIES
CONSULTANCY 4URGIS MINING AND .0# STATIONS AND RAIL
„ 3TRENGTHEN TRANSPORTATION AND WATER PRO½LE
„ !CQUISITION OF .0# THE LEADING RAIL STATION DESIGNER IN THE .ETHERLANDS AND PREVIOUSLY A PART OF THE $UTCH 2AILWAYS $(6 PARTICIPATED AS LAUNCHING SPONSOR OF THE (ENRY (UDSON WATER CONFERENCE IN .EW 9ORK
2EPORT OF THE %XECUTIVE "OARD
)NTERNATIONALIZATION 4HE $(6 'ROUP IS FORTUNATE TO BE POSITIONED IN MARKETS WITH RELATIVELY SOUND ECONOMIC GROWTH RATES /UR HOME COUNTRIES IN !SIA SHOWED ECONOMIC GROWTH IN THE ORDER OF TO AND 0OLAND ALSO REALIZED POSITIVE GROWTH 4HE OTHER HOME COUNTRIES EXPERIENCED NEGATIVE GROWTH BETWEEN AND HOWEVER ALL OUR HOME COUNTRIES HAVE POSITIVE ECONOMIC GROWTH PROJECTIONS FOR )N #HINA THE RESULTS IN THE WATER MARKET HAVE INCREASED SIGNIFICANTLY WITH THE EMPHASIS ON TURNKEY DELIVERY OF WATER TREATMENT FACILITIES FOR PUBLIC AND PRIVATE SECTOR CLIENTS 3ANITATION AND FLOOD PROTECTION PROJECTS IN )NDONESIA MADE GOOD PROGRESS AND IMPROVED THE QUALITY OF LIFE OF MANY PEOPLE )N )NDIA DEVELOPMENTS IN 0UBLIC 0RIVATE 0ARTNERSHIPS 000 SHOW GREAT PROMISE )N THE .ETHERLANDS OUR POSITION IN THE NATIONAL HIGHWAY AND RAIL SECTOR WAS STRENGTHENED SUPPORTED BY ADDITIONAL GOVERNMENT FUNDING AND GOVERNMENT MEASURES TO EXPEDITE PROJECT IMPLEMENTATION -OST OF OUR INDUSTRY CLIENTS SHOWED A SIGNIFICANT DOWNTURN IN WITH SOME INDICATIONS FOR MODEST RECOVERY IN 7E HAVE IMPROVED OUR POSITION ON ASSET MANAGEMENT OF INFRASTRUCTURE AND BUILDINGS BASED ON REDUCING TOTAL COST OF OWNERSHIP 4HE DEMAND FOR WATER ENVIRONMENTAL AND SUSTAINABILITY SERVICES REMAINED AT A HIGH LEVEL 2EGIONAL AND URBAN PLANNING FOR MUNICIPAL CLIENTS EXPERIENCED A DECLINE TOWARDS THE END OF THE YEAR %5 FUNDING AND %UROCUP FUELED AN IMPRESSIVE SERIES OF HIGHWAY PROJECTS IN 0OLAND PROVIDING NEW OPPORTUNITIES FOR $(6 IN THE ROLE OF INDEPENDENT ENGINEER 4HE MARKET FOR FLOOD MANAGEMENT AND HYDROPOWER IS SHOWING A HEALTHY OUTLOOK AND OUR COMBINED COMPANIES ARE WELL POSITIONED TO INCREASE THEIR MARKET SHARE 2ESTRUCTURING IN 0ORTUGAL RESULTED IN NEW MANAGEMENT AND A NEW COMPANY PROFILE NOW FOCUSING ON WATER AND ENVIRONMENT CONSULTANCY PROJECT SUPERVISION AND ASSET MANAGEMENT 3EVERAL SIGNATURE PROJECTS WERE AWARDED
INCLUDING THE ENVIRONMENTAL STUDY FOR ,ISBON AIRPORT AND THE RIVER BASIN PROJECTS FOR THE 4EJO AND $OURO RIVERS 3OUTH !FRICA SHOWED VERY STRONG RESULTS BASED ON MAJOR ONGOING PROJECTS FOR RAIL AND ROAD INFRASTRUCTURE AS WELL AS WATER AND ENERGY SUPPLY 4HIS INCLUDED THE COUNTRY´S LARGEST ENVIRONMENTAL COMPLIANCE ANALYSIS FOR THE 'AUTRAIN RAPID RAIL LINK AND PROJECTS RELATED TO THE 7ORLD #UP .EW ACTIVITIES SUCH AS THE TURNKEY DELIVERY OF SCHOOLS ARE ALSO PAYING OFF 4HE ALLOCATION OF FUNDS FOR THE #UP RESULTED IN LOWER SPENDING ON OTHER BASIC SERVICES WHICH IS EXPECTED TO INCREASE AGAIN IN THE SECOND HALF OF !VIATION ACTIVITIES ON THE CONTINENT ARE EXPANDING .!#/ 33) IS INVOLVED IN SUPERVISION CONTRACTS IN +ENYA "OTSWANA AND 4ANZANIA
#ANADA AND THE 53! SHOWED OVERALL STRONG RESULTS WITH $ELCAN PROVIDING PROJECT OVERSIGHT WITHIN LARGE INFRASTRUCTURE PROGRAMS SUCH AS THE .EW 9ORK -4! )NDEPENDENT %NGINEERING CONTRACT AND AS SOLUTION PROVIDER FOR TRAFFIC MANAGEMENT SYSTEMS 0ROJECTS OF NOTE INCLUDE SUSTAINABLE BUILDING DESIGN 7E ARE PARTICULARLY DELIGHTED WITH THE 2ICHMOND SKATING OVAL FOR THE 7INTER /LYMPICS )NTER6)34!3 HAS BROUGHT A FULL NEW AVIA TION SECTOR OF STRATEGIC PLANNING DESIGN AND CONSULTING TO THE $(6 'ROUP /UR HOME MARKETS ACCOUNT FOR OF OUR TOTAL TURNOVER ¯ VERSUS OUR OBJECTIVE OF
3TRATEGIC ACTIONS FOR
2ESULTS IN
„ 2EVIEW PORTFOLIO OF COUNTRIES VS GOALS OF THE
„ 0ORTUGAL RESTRUCTURED +ENYA DIVESTED
'ROUP WHICH MAY RESULT IN ADJUSTMENTS INVESTMENT AND DIVESTMENT „ 2OLL OUT BUSINESS INFORMATION SYSTEM
„ !FRICA CONNECTED TO )#4 NETWORK 2OLL OUT BUSINESS INFORMATION SYSTEM DELAYED UNTIL
„ ,EVERAGE INTERNATIONAL NETWORK )NCREASE AGILITY TO ADDRESS NATIONAL INVESTMENT PLANS AND REGIONAL DYNAMICS
„ 3TRONG SALES INCREASE DUE TO GOVERNMENT STIMULUS IN #HINA AIRPORTS TUNNEL INFRA STRUCTURE COASTAL ECO CITIES THE .ETHERLANDS HIGHWAYS WATER MANAGEMENT 0OLAND HIGHWAYS .ORTH !MERICA HIGHWAYS
-ERGERS !CQUISITIONS $IVESTMENTS „ 4HE CONSULTANCY AND PROJECT MANAGEMENT AGENCY .0# FORMERLY OWNED BY $UTCH 2AILWAYS JOINED THE $(6 'ROUP 4HIS ACQUISITION ENTAILS A CONSIDERABLE STRENGTHENING OF THE 'ROUP´S POSITION IN STATIONS AND RAIL „ .!#/ AND $ELCAN INCREASED THEIR STAKE IN THE .ORTH !MERICAN AVIATION CONSULTING ½RM )NNOVA FROM TO )NNOVA HAS MERGED WITH )NTER6)34!3 „ 33) SOLD 0ANAFCON ,TD IN +ENYA TO THE LOCAL MANAGEMENT
Nelson Mandela Stadium, Port Elizabeth, South Africa
The acquisition of NPC considerably strengthened the Group’s capability in stations and rail.
)NNOVATION 4HE $(6 'ROUP REMAINS KNOWN FOR INNOVATION ON PROJECTS AND INCREASINGLY THROUGH TECHNOLOGICAL PRODUCTS SUCH AS .EREDA AND )NTELLIGENT .%4WORKS "UILDING ON THE SUCCESS OF THE DEMO FACILITY IN 'ANSBAAI 3OUTH !FRICA ROLL OUT OF .EREDA HAS BEGUN IN EARNEST 4HE FIRST FULL SCALE .EREDA WATER TREATMENT PLANT WAS AWARDED IN THE .ETHERLANDS 4HIS YEAR ONE NEW PATENT WAS REQUESTED FOR A PROCESS TO HARVEST GREEN POWER AND FERTILIZER FROM WASTEWATER AND A TOTAL OF PATENTS FOR PREVIOUS INNOVATIONS WERE GRANTED IN VARIOUS COUNTRIES )N THE .ETHERLANDS $(6 ACTIVELY CONTRIBUTED TO THE IMPLEMENTATION OF A CHARTER ON )NTELLECTUAL 0ROPERTY FOR THE CONSULTING ENGINEERING AND CONSTRUCTION SECTOR 4HE LEVERAGE OF EXPERTISE HAS BEEN INCREASED THROUGH BETTER USE OF THE 'ROUP WIDE )#4 SYSTEM WITH AN IMPROVED INTRANET AND MORE THAN ACTIVE #OMMUNITY OF 0RACTICE SITES )NTERNATIONAL %XPERTISE -EETINGS WERE HELD FOR !VIATION 7ATER 2AIL 3TATIONS AND -INING IN ORDER TO SHARE AND SCALE UP THE AVAILABLE TOP EXPERTISE IN THE $(6 'ROUP
3TRATEGIC ACTIONS FOR
2ESULTS IN
3CALE UP AND COMMERCIALIZE TECHNOLOGY
#ONTRACT AWARDED FOR ½RST FULL SCALE .EREDA
INNOVATIONS
FACILITY )NTERNATIONAL LAUNCH OF )NTELLIGENT .%4WORKS WITH SIGNI½CANT AWARDS IN THE 53 AND INITIAL PROJECTS IN #ANADA %UROPE !FRICA AND 3OUTH !MERICA
!WARDS /UR AWARDS UNDERSCORE OUR DRIVE FOR EXCELLENCE AND INNOVATION !MONG OTHERS .!#/ )NTERNATIONAL !WARD FROM THE 2OYAL )NSTITUTE OF "RITISH !RCHITECTS 2)"! FOR THE "EIJING #APITAL )NTERNATIONAL !IRPORT 4ERMINAL "UILDING #HINA .!#/ WAS RESPONSIBLE FOR THE DESIGN TOGETHER WITH &OSTER 0ARTNERS AND !RUP 33) 4WO 0ROJECT !WARDS FOR %NGINEERING %XCELLENCE FROM THE 3OUTH !FRICAN )NSTITUTION OF #IVIL %NGINEERING 3!)#% FOR THE .EREDA 7ASTE 7ATER 4REATMENT 7ORKS PROJECT IN 'ANSBAAI 3OUTH !FRICA AND FOR THE -ANDENA -INE 3ALINITY #ONTROL 7EIR PROJECT IN -ADAGASCAR 33) -ENTORING #OMPANY OF THE 9EAR FROM THE #ONSULTING %NGINEERS 3OUTH !FRICA #%3! $ELCAN !WARD OF -ERIT IN TRANSPORTATION FROM THE #ONSULTING %NGINEERS OF /NTARIO FOR THE I-OVE4- !DVANCED 4RAVELER )NFORMATION 3YSTEM PROJECT FOR -ETRO 6ANCOUVER #ANADA $(6 !NNUAL PRIZE FOR ³3USTAE NERGY ¯ 'REEN 'AS´ AS THE MOST NOTABLE WATER PROJECT IN THE "USINESS 3ECTOR CATEGORY FROM THE $UTCH !MSTEL 'OOI AND 6ECHT 7ATER "OARD THE .ETHERLANDS $(6 TOGETHER WITH THE -UNICIPALITY OF 5TRECHT AND THE COMPANY -AURIK 'ROOT !MMERS THE $UTCH 3)+#UP FOR THE MOST INNOVATIVE AND COST EFFECTIVE SOIL MANAGEMENT TEAM FOR THE 5TRECHT 'RIFTPARK PROJECT A FORMER GARBAGE DUMP AND GAS PLANT SITE THE .ETHERLANDS $(6 WON THE 2IETVELD 0UBLIC 0RIZE FOR 3IMED (EALTHCARE BUILDING THE .ETHERLANDS
.EREDA IS $(6´S INNOVATIVE BIOLOGICAL WASTEWATER TREATMENT TECHNOLOGY BASED ON THE UNIQUE CHARACTERISTICS OF GRANULAR AEROBIC BIOMASS )T PROVIDES EXCELLENT WATER QUALITY THROUGH COMPACT AND EASY TO OPERATE INSTALLATIONS AT LOW ENERGY CONSUMPTION .EREDA IS COST EFFECTIVE AND CAN BE APPLIED IN NEW AND UPGRADES OF MUNICIPAL AND INDUSTRIAL WASTEWATER TREATMENT FACILITIES )NTELLIGENT .%4WORKS IS A STATE OF THE ART SOFTWARE PLATFORM FOR TRAF½C MANAGEMENT DESIGNED TO INTEGRATE A VARIETY OF CONTROL DEVICES )T IS A MODULAR SYSTEM OF OPEN ARCHITECTURE THAT IS SCALABLE FROM A SMALL CITY OR DISTRICT UP TO A FULL FEATURED STATE WIDE 4RAF½C -ANAGEMENT #ENTER
#ORPORATE 2ESPONSIBILITY 4RANSPARENCY AND )NTEGRITY 4RANSPARENCY IS A KEY FACTOR IN #ORPORATE 2ESPONSIBILITY 7E HAVE THEREFORE SET AN OBJECTIVE THAT BENCHMARKS OUR PERFORMANCE IN THIS REGARD 4HE $(6 'ROUP PLACED TH OF OVER ENTRANTS IN THE ANNUAL 4RANSPARENCY "ENCHMARK FOR #2 REPORTING OF THE $UTCH -INISTRY OF Water Treatment Technology Nereda®
%CONOMIC !FFAIRS WELL WITHIN OUR TARGET OF THE TOP AND IN FIRST PLACE FOR THE SERVICES SECTOR 7E UPDATED OUR 'LOBAL #ODE OF "USINESS 0RINCIPLES 4HE CODE WAS DEVELOPED WITH INPUT FROM MANY PEOPLE ACROSS OUR COMPANY /UR PRINCIPLES AND KEY VALUES OF INTEGRITY RESPECT AND FREEDOM ARE
2EPORT OF THE %XECUTIVE "OARD
DHV supports the initiative for a commercial ‘Plakkies’ enterprise of fashionable slippers from car tires.
CORE TO DAILY BUSINESS 7HEN WE SPEAK WITH CLIENTS AND COLLEAGUES AROUND THE WORLD THERE IS A VERY POSITIVE RECOGNITION FOR OUR CULTURE AND THE COMMITMENT TO OUR "USINESS )NTEGRITY -ANAGEMENT 3YSTEM ")-3 %XTERNAL AUDITS OF THE ")-3 WERE CONDUCTED 4HE AUDITS WILL BE THE BASIS FOR EXTERNAL CERTIFICATION )N ADDITION THE SYSTEM FOR WHISTLE BLOWING INTERNAL REPORTING WAS REVISED AND OUTSOURCED TO AN EXTERNAL PARTY IN ORDER TO ENSURE ANONYMITY AND AN INTERNATIONAL REACH )N FOUR INTEGRITY INCIDENTS WERE REPORTED AND DULY INVESTIGATED 4WO CASES WERE CLOSED AND NO VIOLATION WAS FOUND 4WO CASES ARE PENDING #OMMUNITY )NVESTMENT /UR FOCUS ON ENVIRONMENTAL AND SOCIAL ASPECTS IN THE COMMUNITY MAKES A DIFFERENCE TO THE LIVES OF PEOPLE THROUGH OUR PROJECTS PERSONAL COACHING AND SUPPORTING INITIATIVES SUCH AS WEEKEND SCHOOLS FOR DISADVANTAGED CHILDREN AND ³0LAKKIES´ IN THE .ETHERLANDS AND 3OUTH !FRICA 4HE LATTER IS AN INITIATIVE TO HELP PEOPLE HELP THEMSELVES THROUGH THE SET UP OF A COMMERCIAL ENTERPRISE FOR FASHIONABLE SLIPPERS MADE FROM DISCARDED TIRES )T WAS INITIATED BY TWO STUDENTS FROM THE $ELFT 5NIVERSITY OF 4ECHNOLOGY WHO RALLIED MAJOR COMPANIES AND GOVERNMENT SUPPORT TO MAKE A DREAM HAPPEN
0EOPLE $EVELOPMENT 7E PLACE A HIGH EMPHASIS ON PROFESSIONAL AND MANAGEMENT DEVELOPMENT OPPORTUNITIES FOR OUR STAFF )N WE CONDUCTED TRAINING PROGRAMS THROUGHOUT THE COMPANY INCLUDING THE %XECUTIVE $EVELOPMENT 0ROGRAM AT 'ROUP LEVEL ! 'ROUP WIDE -ANAGEMENT $EVELOPMENT 0ROGRAM AND 0ROJECT -ANAGEMENT TRAINING WERE PREPARED AND WILL BE LAUNCHED IN EARLY AS PART OF OUR OVERALL TRAINING HOUSE $(6 5NIVERSITY !DDED ATTENTION IS BEING GIVEN TO PROMOTING DIVERSITY IN THE MANAGEMENT LEVELS OF THE COMPANY THROUGH OUR -ANAGEMENT $EVELOPMENT PROCESS WITH AN INCREASED FOCUS ON DEVELOPING LOCAL MANAGEMENT AND FEMALE TALENT #LIMATE 0OLICY 4HE $(6 'ROUP SUPPORTS NATIONAL AND INTERNATIONAL INITIATIVES TO CURB THE EFFECTS OF CLIMATE CHANGE 7E INCORPORATE MITIGATION AND ADAPTATION IN PROJECTS DEMONSTRATE OUR COMMITMENT IN THE PUBLIC ARENA AND COMMIT TO EMISSION REDUCTION IN
OUR OWN OPERATIONS )N ADVANCE OF THE #OPENHAGEN #LIMATE #ONFERENCE WE SIGNED THE #OPENHAGEN #OMMUNIQUm AND JOINED A SMALL GROUP OF BUSINESS LEADERS TO CALL ON THE $UTCH GOVERNMENT TO TAKE REAL AND SUBSTANSIVE ACTION TO CUT #/ EMISSIONS BY INVESTING IN CLEAN ENERGY CLEANER TRANSPORTATION SUSTAINABLE BUILDINGS AND NEW TECHNIQUES SUCH AS CARBON CAPTURE AND STORAGE ##3 )N WE TOOK ADDITIONAL STEPS TO SOLIDIFY OUR OWN #/ REDUCTION THROUGH POLICIES FOR FACILITIES AND TRANSPORTATION 7E INITIATED THE SUSTAINABLE RENOVATION OF OUR $UTCH HEAD OFFICE BUILDING TO THE HIGHEST ENERGY EFFICIENCY RATING !ND WE HAVE SET A 'ROUP TARGET OF REDUCTION PER EMPLOYEE BY )N RECOGNITION OF THE SPIRIT OF THE #OPENHAGEN !CCORD WE HAVE ALSO COMMITTED TO COMPENSATE OUR REPORTED #/ EMISSIONS STARTING IN FOR $UTCH OPERATIONS AND 'ROUP WIDE FROM ONWARDS -ORE INFORMATION CAN BE FOUND IN OUR #ORPORATE 2ESPONSIBILITY 3UMMARY $ETAILED REPORTING IS AVAILABLE ON WWW DHVGROUP COM CR REPORT
3TRATEGIC ACTIONS FOR
2ESULTS IN
„ #ONDUCT 'ROUP WIDE PROFESSIONAL AND
„ %XECUTIVE $EVELOPMENT 0ROGRAM CONTINUED
MANAGEMENT DEVELOPMENT PROGRAMS
IN COOPERATION WITH 4)!3 .IMBAS BUSINESS SCHOOL -ANAGEMENT $EVELOPMENT 0ROGRAM TO BE LAUNCHED IN
„ )MPROVE MEASUREMENT OF #/ EMISSIONS AND FOCUS ON REDUCTION
Call on Dutch government to reduce CO2 emissions.
„ #/ REDUCTION TARGET AND POLICY DEVELOPED
Participants of the Executive Development Program.
&INANCIAL 0ERFORMANCE 4URNOVER .ET TURNOVER OF THE 'ROUP INCREASED BY TO ` MILLION MAINLY AS A RESULT OF MERGERS WITH )NTER6)34!3 END OF AND .0# BEGINNING OF 4HESE TWO COMPANIES ADDED ` MILLION TO THE 'ROUP´S TURNOVER
+EY &IGURES ` MILLION UNLESS OTHERWISE STATED
CHANGE
.ET 4URNOVER
!DDED 6ALUE
/PERATING 0RO½T BEFORE 'OODWILL %")4!
4HE ECONOMIC CRISIS PRECIPITATED A DROP IN THE "UILDING AND )NDUSTRY AND THE !VIATION MARKETS 4HE .ORTH !MERICAN REGION WAS NOT AFFECTED AND STILL SHOWED STRONG GROWTH %XCHANGE RATE DIFFER ENCES HAD A NEGATIVE IMPACT OF ` MILLION ON TURNOVER !DDED 6ALUE !DDED VALUE REVENUE PRODUCED BY THE 'ROUP´S OWN STAFF INCREASED BY ` MILLION TO ` MILLION IN DUE TO THE TWO MERGERS ` MILLION ORGANIC GROWTH OF ` MILLION AND A NEGATIVE IMPACT OF EXCHANGE RATE DIFFERENCES OF ` MILLION /PERATING 0ROFIT !LTHOUGH THE 'ROUP´S TOP LINE GROWTH WAS NOT HEAVILY AFFECTED THE %")4! DROPPED BY ` MILLION TO ` MILLION RESULTING IN A NARROWER %")4! MARGIN OF 4HE ECONOMIC CRISIS MAINLY DECREASED THE %")4! OF THE BUSINESS GROUPS "UILDING AND )NDUSTRY AND !VIATION 0ROJECTS WERE DELAYED AND CANCELLED FASTER THAN THE 'ROUP WAS ABLE TO ADJUST PRIMARILY BY TRANSFER AND REDUCTION OF STAFF COSTS 4HE RESTRUCTURING OF OUR 0ORTUGAL OPERATIONS HAD A ONE OF IMPACT OF ` MILLION ON THE %")4! ALSO THE DEVELOPMENT OF A NEW BUSINESS INFORMATION SYSTEM NEGATIVELY IMPACTED THE RESULT WITH ` MILLION -ERGERS HAD A BREAK EVEN IMPACT ON THE %")4! AND CURRENCY RATE DIFFERENCES ` MILLION POSITIVELY 4OTAL OPERATING CHARGES INCLUDING ONE OF COSTS OF ` MILLION INCREASED WITH ` MILLION
/PERATING -ARGIN ON !DDED 6ALUE
'OODWILL 4HE 'ROUP AMORTIZES PAID GOODWILL OVER A YEAR PERIOD UNLESS THERE IS AN INDICATION OF IMPAIRMENT IN WHICH CASE AN ADDITIONAL COMPONENT OF GOODWILL IS AMORTIZED )N ` MILLION WAS AMORTIZED WITHOUT THE NEED FOR ANY IMPAIRMENT .ET )NTEREST %XPENSE 4HE BALANCE OF ACQUISITIONS AT THE END OF AND THE BEGINNING OF AND A REDUCED WORKING CAPITAL LED TO A DECREASE IN NET INTEREST PAYMENTS TO A TOTAL OF ` MILLION A SLIGHT DECREASE COMPARED TO )N NO LOSSES OR GAINS WERE INCURRED ON FINANCIAL HEDGING INSTRUMENTS 4HE AVERAGE INTEREST RATE DECREASED FROM IN TO 4AXES ! REASON FOR THE HIGH EFFECTIVE TAX RATE OF IS THE ONE OF EXPENSES OF RESTRUCTURING OUR OPERATIONS IN 0ORTUGAL )T IS THE 'ROUP´S POLICY NOT TO DEFER TAX ASSETS IF IT IS NOT CERTAIN WHETHER THESE TAX BENEFITS CAN BE REALIZED IN THE SHORT TERM 4HE EFFECTIVE TAX RATE IS ALSO NEGATIVELY INFLUENCED BY FOR NON TAX DEDUCTABLE COSTS OF GOODWILL AMORTIZATION
"ALANCE 3HEET 0ER $ECEMBER THE BALANCE SHEET TOTAL IS ` MILLION ! GROWTH WHICH IS PRIMARILY CAUSED BY A ` MILLION INCREASE OF INTANGIBLE ASSETS DUE TO GOODWILL PAYMENTS AND INVESTMENTS IN THE NEW BUSINESS INFOMATION SYSTEM .ET WORKING CAPITAL DECREASED BY ` MILLION TO ` MILLION WHICH IS OF TURNOVER COMPARED TO IN 2EDUCED WORKING CAPITAL FINANCING NEEDS AND LOW INVESTMENTS IN INTANGIBLE ASSETS RESULTED IN A NET DECREASE OF NET DEBT OF ` MILLION 4HE EQUITY RATIO INCREASED TO WHICH IS IN LINE WITH THE LONG TERM TARGET OF 3HAREHOLDERS´ EQUITY INCREASED BY ` MILLION TO ` MILLION DUE TO CURRENCY RATE CHANGES AND RETAINED EARNINGS .EW SHARES WERE ISSUED FOR A TOTAL AMOUNT OF ` MILLION #ASH &LOW 4HE BUSINESS OPERATION CASH FLOW TOTAL IS ` MILLION 4OTAL INVESTMENT AMOUNTED TO ` MILLION MAINLY AS A RESULT OF GOODWILL PAYMENTS AND BUSINESS INFORMATION SYSTEM INVESTMENTS 4OTAL CASH FLOW BEFORE FINANCING ACTIVITIES CAME TO A POSITIVE AMOUNT OF ` MILLION ` MILLION )N $(6 SECURED A MEDIUM TERM LOAN OF ` MILLION
2EPORT OF THE %XECUTIVE "OARD
0ROSPECTS FOR 4HE WORLD ECONOMY IS EXPECTED TO GROW AGAIN IN -OST NATIONAL ECONOMIC PROJECTIONS IN WESTERN ECONOMIES STILL REMAIN CONSERVATIVE %ASTERN ECONOMIES ANTICIPATE STRONGER GROWTH $ESPITE THESE SIGNS OF RECOVERY THE CONSULTING ENGINEERING SECTOR WILL BE FACING AN OTHER YEAR OF STRESS "UDGET CONSTRAINTS WILL BECOME APPARENT IN THE PUBLIC SEC TOR AND THE CONSTRUCTION AND REAL ESTATE DEVELOPMENT MARKET REMAINS UNDER PRESSURE
$URING WE WILL FOCUS ON ORGANIC GROWTH AND FURTHER INTEGRATION WITH OUR NEWEST $(6 'ROUP MEMBERS 7E WILL CONCENTRATE ON PRESERVING AND GROWING OUR PROFITABILITY THROUGH GROWTH WITH KEY CLIENTS AND SOUND FINANCIAL MANAGE MENT 7E WILL COMPLETE AND ROLL OUT THE REMAINING INITIATIVES OF THE /NE COMPANY CONCEPT 7ITH THE EXCEPTION OF COMPLETING THE RENOVATION OF OUR $UTCH HEAD OFFICE BUILDING WE EXPECT NO MAJOR EXTERNAL INVESTMENTS IN
)N THIS CONTEXT THE $(6 'ROUP CLEARLY HAS MUCH TO OFFER 4HE WORLD IS FACING ECOLOGICAL AND ECONOMICAL CHALLENGES AND THE CONSULTING ENGINEERING SECTOR PLAYS A DECISIVE ROLE TO EFFECT THE NECES SARY CHANGES %FFECTIVE USE OF RESOURCES AND INFRASTRUCTURE THROUGH INNOVA TION INTEGRATION AND TECHNOLOGY WILL BE CRUCIAL 4HE $(6 'ROUP ASPIRES TO BE FRONT RUNNER IN THE MARKET WITH RESPECT TO SUSTAINABILITY AND INNOVATION 7E ARE ACTIVE IN THE STRONGER ECONOMIES AND SEE THE DEMAND FOR SUSTAINABLE SOLUTIONS INCREASING WORLD WIDE
3TRATEGIC ACTIONS FOR
Pilzen stadium, Czech Republic
„ &OCUS ON SUSTAINABILITY „ 3CALE UP AND COMMERCIALIZE TECHNOLOGY INNOVATIONS „ ,EVERAGE INTERNATIONAL NETWORK „ 2OLL OUT OF BUSINESS INFORMATION SYSTEM IN THE .ETHERLANDS „ ,AUNCH NEW LEADERSHIP DEVELOPMENT AND PROJECT MANAGEMENT PROGRAMS WITHIN THE $(6 5NIVERSITY
Nakdong Barrier, South Korea
#ONCLUDING REMARKS "Y FOCUSING ON OUR CLIENTS AND TOP NOTCH PROJECT DELIVERY WE WILL MAKE A STEP CHANGE IN OUR PERFORMANCE (EALTHY MARGINS ARE THE BASIS OF A HEALTHY BUSINESS AND GIVE US THE ROOM TO INVEST IN OUR BUSINESS PROPOSITIONS IN OUR PEOPLE AND ALSO IN OUR CORPORATE RESPONSIBILITY AND INNOVATION 7ITH THE QUALITY AND DEDICATION OF OUR PEOPLE WE HAVE CONFIDENCE IN THE FUTURE
Eco-school, China
!MERSFOORT THE .ETHERLANDS
-ARCH
Renovated office, the Netherlands
"ERTRAND - VAN %E 0RESIDENT
0IET 7 "ESSELINK 6ICE 0RESIDENT
$EVELOPMENTS IN OUR 'LOBAL .ETWORK ,OCAL DELIVERY OF WORLD CLASS SOLUTIONS !LTHOUGH THE IMPACT OF AN ECONOMIC SLOWDOWN WAS FELT WORLDWIDE THERE WAS SIGNI½CANT DEMAND TO LOOK BEYOND THE RECESSION #USTOMERS WANTED TO KNOW OPTIONS AND MAKE PLANS FOR FUTURE GROWTH IN TERMS OF INCREASED MOBILITY IMPROVING THE LIVING ENVIRONMENT AND ½NDING WAYS TO USE TECHNOLOGY TO ENHANCE SUSTAINABLE DEVELOPMENT !S A CONSULTANCY AND ENGINEERING FIRM WE HAD THE PRIVILEGE OF LOOKING INTO THE FUTURE WITH OUR CUSTOMERS AND COMMUNITIES ALL OVER THE WORLD ,ISTENING AND IMAGINING TOGETHER ¯ IMAGINING WHAT CAN BE AND DEFINING WHAT NEEDS TO BE 4HE CHALLENGES OF GROWING POPULATION ECONOMIC SHIFTS AND CLIMATE CHANGE WILL NOT BE MET THROUGH INCREMENTAL CHANGE ALONE 0LANNING FOR TOMORROW MEANS MAKING BETTER USE OF WHAT WE HAVE TODAY AND LOOKING TO NEW SOLUTIONS /N THE FOLLOWING PAGES THE "USINESS 'ROUP AND 2EGION $IRECTORS LOOK BACK AT THE DEVELOPMENTS AND LOOK FORWARD TO BUSINESS AND CHALLENGES IN
$EVELOPMENTS IN OUR 'LOBAL .ETWORK
%NVIRONMENT AND 4RANSPORTATION
%MBEDDING 3USTAINABILITY 4HE %NVIRONMENT AND 4RANSPORTATION BUSINESS GROUP WORKS FOR GOVERNMENT AND INDUSTRY AND PROVIDES POLICY DEVELOPMENT LEGAL AND FINANCIAL ADVICE MASTER PLANNING PROJECT AND PROGRAM MANAGEMENT DESIGN AND ENGINEERING AND ASSET MANAGEMENT SERVICES 7E ADVISE ON TRANSPORTATION URBAN AND REGIONAL DEVELOPMENT AND ENVIRONMENTAL ISSUES /UR CLIENTS ALSO KNOW US FOR OUR INTEGRATED SUSTAINABLE APPROACH TO COMPLEX PROJECTS AND OUR EXPERTISE IN )NTELLIGENT 4RANSPORT 3YSTEMS )43 (IGHWAYS INCLUDING BRIDGES AND TUNNELS 2AIL 4RANSIT AND 3TATIONS 5RBAN 0LANNING AND %NVIRONMENTAL -ANAGEMENT 'OVERNMENT SPENDING ON TRANSPORTATION INFRASTRUCTURE WAS ACCELERATED IN RESULTING IN AN INCREASED WORKLOAD FOR THE BUSINESS GROUP 5NITS ACTIVE IN CONSULTANCY SERVICES PROJECT AND PROGRAM MANAGEMENT RELATED TRAFFIC FORECAST AND PLANNING ACTIVITIES ENVIRONMENTAL ASSESSMENT AND THE HIGHLY SPECIALIZED FIELDS OF AIR QUALITY AND NOISE PREDICTIONS PERFORMED WELL THROUGHOUT THE YEAR EXCEEDING BUDGETS AND EXPECTATIONS !T THE SAME TIME SPENDING ON URBAN DEVELOPMENT AND HOUSING DECLINED CAUSING SOME OVERCAPACITY IN THE UNITS ACTIVE IN THESE MARKETS 4HE NET RESULT FOR THE BUSINESS GROUP WAS SATISFACTORY )N -ARCH WE WERE JOINED BY .0# A CONSULTANCY SPECIALIZED IN RAILWAY STATIONS FROM THE .3 $UTCH .ATIONAL 2AILWAYS SIGNIFICANTLY STRENGTHENED OUR RAILWAYS AND STATIONS PROFILE .0# HAS BEEN SUCCESSFULLY INTEGRATED INTO $(6 AND WE HAVE ALREADY REALIZED SYNERGY BENEFITS THROUGH THE JOINT ACQUISITION OF PROJECTS .0# WILL CONTINUE AS A BRAND BUT AS PART OF OUR 2AIL 3TATIONS BUSINESS UNIT 7E EXPECT THE ECONOMIC CONDITIONS TO BE TIGHT IN 4HE MEDIUM TO LONGER TERM PROSPECTS FOR THE TRANSPORTATION AND RELATED URBAN PLANNING AND ENVIRONMENTAL MARKETS REMAIN POSITIVE $EMAND FOR SUSTAINABLE MOBILITY AND
1
2
3 1
Prins Claus Bridge Inspection, the Netherlands
2
Roparun from Paris to Rotterdam
3
Opening of Fryslân House, New York City
URBAN DEVELOPMENT WILL CONTINUE TO GROW ESPECIALLY IN DENSELY POPULATED DELTA AREAS 7E WILL CONTINUE TO ADJUST OUR PORTFOLIO TOWARD THE HIGHER END OF THE MARKET AND FURTHER EMBED SUSTAINABILITY IN OUR BUSINESS 7E EXPECT TO FOCUS INCREASINGLY ON MORE EFFECTIVE UTILIZATION OF EXISTING FACILITIES THROUGH INCREASED APPLICATION OF INFORMATION TECHNOLOGY AND ON PROFESSIONALIZING THE MAINTENANCE OF THE RELATED INFRASTRUCTURE /UR BUSINESS UNIT STRUCTURE ALLOWS US TO FOCUS SPECIFICALLY ON EACH OF THESE ISSUES PUTTING THE %NVIRONMENT AND 4RANSPORTATION BUSINESS GROUP IN AN EXCELLENT POSITION TO PROVIDE SUSTAINABLE AND INNOVATIVE SOLUTIONS TO THE NEEDS OF THE MARKET 6IC 0RINS
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
!LIGN SERVICES TO THE MARKET
&ULLY ALIGNED ORGANIZATION PER THE START OF )MPLEMENTED $UTCH REGIONAL ACCOUNT MANAGEMENT )NTERNATIONAL EXPERTISE MEETING HELD ON 2AIL 4RANSIT AND 3TATIONS IN 3EPTEMBER
'ROW SIGNIFICANTLY IN 4RANSPORTATION IMPROVE TOP POSITION BASED ON EXPERTISE POSITIONS
)MPLEMENT INTERNATIONAL BUSINESS PLANS FOR 2AIL 4RANSIT 3TATIONS AND FOR )NTELLIGENT 4RANSPORT 3YSTEMS #ONTINUE ALIGNMENT OF SERVICES AND EXPERTISE WITH $(6 'ROUP COMPANIES
)MPROVE PORTFOLIO MANAGEMENT
3UCCESSFUL INTEGRATION OF ACQUISITION .0# ON TRACK CONTRIBUTING TO A STRONGER RAIL AND STATIONS PROFILE !DVANTAGE TAKEN OF THE ACCELERATED GOVERNMENT SPENDING ON TRANSPORTATION INFRASTRUCTURE &RUITFUL COOPERATION WITH $(6´S #ZECH BRANCH
)MPROVE EXTERNAL PROFILE AND CLIENT RELATIONS 3HARPEN NATIONAL FOCUS
)NCREASE EXTERNAL EXPOSURE AND INTERACTION WITH OUR KEY CLIENTS $EFINE NATIONAL FOCUSED PROFILES PER MARKET AREA
3TRENGTHEN FINANCIAL PERFORMANCE
!DJUST STAFFING IN LINE WITH MARKET DEVELOPMENTS /PTIMIZE UTILIZATION OF WORKFORCE #LOSE MONITORING OF COST MANAGEMENT AND OVERHEAD )MPROVE COMMERCIAL AND MARKETING DRIVE
-ANAGE BUSINESS BASICS WELL
7ITHIN A TURBULENT ECONOMIC CLIMATE A SATISFACTORY RESULT 2EDUCED EXTERNAL COSTS !CTIVE CAPACITY MANAGEMENT RESULTED IN LESS TEMPORARY STAFF
7ATER
'LOBAL WATER CHALLENGES 7E DELIVER TOP EXPERTISE IN THE FIELDS OF WATER TREATMENT WATER MANAGEMENT COASTAL DEVELOPMENT AND PORTS AND WATERWAYS 3ERVICES INCLUDE CONSULTANCY DESIGN ENGINEERING PRODUCT DELIVERY DESIGN BUILD AND OPERATION MAINTENANCE /UR CLIENTS ARE FROM BOTH THE PUBLIC AND PRIVATE SECTOR AND INCLUDE LOCAL AND NATIONAL GOVERNMENTS INTERNATIONAL FINANCIERS MULTINATIONALS AND ENGINEERING CONTRACTORS
1
/UR APPROACH IS ONE OF PARTNERSHIPS #LOSE RELATIONSHIPS WITH CLIENTS ENABLE US TO GO BEYOND MEETING THEIR PRESENT NEEDS SUPPORTING THEM IN INNOVATING THEIR PRODUCTS AND PROCESSES .ETWORKING WITHIN THE $(6 'ROUP AND WITH KNOWLEDGE INSTITUTES IS OF MAJOR IMPORTANCE FOR PROJECT EXECUTION AND DEVELOPMENT OF NEW TECHNOLOGIES )N THE WATER TREATMENT MARKET WE STRENGTHENED OUR POSITION IN THE PUBLIC SECTOR AND ADJUSTED OUR PORTFOLIO IN THE PRIVATE SECTOR 7E WERE SUCCESSFUL IN THE FIRST TENDER ROUND OF THE $UTCH GOVERNMENT FUNDED /2)/ EXPORT PROGRAM AND WON TWO NEW PROJECTS )N WE STARTED THE DESIGN FOR THE FULL SCALE .EREDA‡ WATER TREATMENT PLANT IN THE .ETHERLANDS ! .EREDA‡ PLANT REQUIRES LESS SURFACE AREA AND USES CONSIDERABLY LESS ENERGY 4HE REALIZATION OF THIS PLANT WILL START IN /UR ACTIVITIES IN THE FIELDS OF WATER MANAGEMENT COASTAL PROTECTION AND PORTS WATERWAYS SHOWED SIGNIFICANT GROWTH IN /UR 0ORTUGUESE AND $UTCH COMPANIES GAINED A JOINT LEADING POSITION IN THE 0ORTUGUESE MARKET FOR RIVER BASIN STUDIES 7E ARE INVOLVED IN COASTAL PROTECTION PROGRAMS IN THE .ETHERLANDS AND )NDONESIA 7E HAVE ALSO EXPANDED OUR ACTIVITIES IN )SRAEL TRADITIONALLY FOCUSED ON WATER TREATMENT WITH PROJECTS SUCH AS THE PORT !SHDOD CONTAINER TERMINAL AND THE $EAD 3EA ,AGOON PROJECT
2
4HE LONG TERM OUTLOOK FOR THE WATER BUSINESS IS FAVORABLE DUE TO GLOBAL CHALLENGES IN THE AREA OF WATER TREATMENT AND MANAGEMENT 3HORT TERM MARKET DEVELOPMENTS MIGHT BE SOMEWHAT TENSE AS GOVERNMENT COST CUTTING PROGRAMS MAY RESULT IN CHANGING PRIORITIES 7E BELIEVE THAT OUR BALANCED PORTFOLIO WITH REGARD TO PRODUCTS AND INTERNATIONAL DIVERSITY AND OUR TECHNOLOGICAL COMPETITIVE EDGE FORM A STRONG FOUNDATION FOR SUCCESS 1
World Water Forum in Istanbul, Turkey
2
Aceh Tsunami warning system, Indonesia
0IET VAN (ELVOORT
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
-AINTAIN AND BUILD OUR STRONG PROFILE AS AN INNOVATIVE AND SUSTAINABLE COMPANY IN THE WATER MARKET
%XECUTED SEVERAL PROJECTS TO IMPLE MENT THE %5 7ATER &RAMEWORK $IREC TIVE 'AINED A LEADING POSITION FOR RIVER BASIN STUDIES IN 0ORTUGAL
"UILD ON OUR REPUTATION AS A WELL RECOGNIZED COMPANY WITH A STRONG PROFILE TO ATTRACT MORE BUSINESS AND EMPLOYEES
#ONTINUE GAINING EXPOSURE OF CAPABILI TIES THROUGH PARTICIPATION IN SIGNATURE PROJECTS AND PROFESSIONAL NETWORKS 2E CRUIT NEW EMPLOYEES VIA STAFF NETWORKS
)NCREASE TURNOVER BASED ON INNOVATIVE PRODUCTS SUCH AS .EREDA‡ AND -"2
.EREDA‡ SALES INCREASED #OMMENCED DESIGN WORK FOR THE FIRST FULL SCALE MUNICIPAL .EREDA‡ PLANT 3UCCESSFUL MARKET INTRODUCTION OF 'REEN 'AS BIO GAS CONSULTANCY PROJECTS
3IGNIFICANTLY GROW 7ATER BUSINESS THROUGH A FOCUS ON SELECTED MARKETS BUSINESS CONCEPTS PRODUCTS AND SERVICES
"UILD RELATIONSHIPS AND PARTNERSHIPS ON INNOVATION WITH KEY CLIENTS SO THAT THEY ARE WILLING TO BECOME LAUNCHING CUSTOM ERS FOR NEW DEVELOPMENTS
&URTHER DEVELOP OUR INTERNATIONAL POSITION IN WATER MANAGEMENT PORTS WATERWAYS AND COASTAL DEVELOPMENT
7ON MAJOR PROJECTS IN )SRAEL AND 6IET NAM (ELD )NTERNATIONAL EXPERT MEET ING IN 0OLAND )NTENSIFIED COOPERATION WITH $ELCAN ON FLOOD PROTECTION
)NNOVATIVE PRODUCTS WILL ACCOUNT FOR OF THE TURNOVER IN WATER TREATMENT
5SE $ESIGN $ELIVER PROJECTS FOR IMPLE MENTING OUR INNOVATIVE SOLUTIONS !LIGN OUR INNOVATION AGENDA WITH THE 'ROUP WIDE AGENDA
!CHIEVE SELECTIVE GROWTH IN THE INTERNATIONAL CONTRACTING MARKET FOR WATER TREATMENT
#ONTRACTED TWO NEW PROJECTS IN THE $UTCH /2)/ PROGRAM AND STRENGTH ENED MARKET POSITION IN &RANCE
-AINTAIN A POSITION IN THE TOP OF THE WORLDWIDE WATER ENGINEERING AND CONSULTANCY COMPANIES
&OCUS ON ORGANIC GROWTH OF ADDED VALUE &URTHER OPTIMIZE /PERATION -AINTENANCE BUSINESS AND 'ROUP WIDE COOPERATION
$EVELOPMENTS IN OUR 'LOBAL .ETWORK
"UILDING AND )NDUSTRY
3UPERIOR BUILDINGS AND INDUSTRIAL INSTALLATIONS 4HE "UILDING AND )NDUSTRY BUSINESS GROUP FOCUSES ON BUILDINGS AND INDUSTRIAL INSTALLATIONS WITH SPECIALIZED REQUIREMENTS AND A HIGH LEVEL OF TECHNICAL OR ORGANIZATIONAL COMPLEXITY 7E SERVE CLIENTS IN THE PUBLIC AND PRIVATE SECTORS THROUGHOUT THE .ETHERLANDS AND ARE AN INTERNATIONALLY RECOGNIZED PLAYER IN THE FIELD OF INTEGRATED DESIGN FOR SOLAR PLANTS AND 2 $ FACILITIES /UR PROFESSIONALS ARE GUIDED BY THE MOTTO PROVEN BETTER BUILDINGS AND INDUSTRIAL INSTALLATIONS !LL DISCIPLINES REQUIRED FOR THIS PURPOSE ARE AVAILABLE IN HOUSE 7E ARE DEDICATED TEAM PLAYERS WHO ARE GUIDED BY THE SPECIFIC NEEDS OF THE CLIENT )N OUR CLIENTS FACED A SHORTAGE OF INVESTMENT CAPITAL WHICH RESULTED IN FEWER NEW BUILDING INITIATIVES (OWEVER THE DEMAND TO AUGMENT THE SUSTAINABILITY AND THE EFFICIENCY OF EXISTING BUILDINGS INCREASED "UILDINGS ARE RESPONSIBLE FOR OF #/ EMISSIONS !S EXPERTS IN THE FIELD OF INCREASING THE SUSTAINABILITY OF BUILDINGS AND INDUSTRIAL SITES WE ASSIST CLIENTS IN DEMONSTRABLY LOWERING THEIR #/ EMISSIONS ENERGY COSTS AND WATER CONSUMPTION )N THE PAST PERIOD WE HAVE AGAIN INVESTED CONSIDERABLY IN INNOVATION 7E INCORPORATED THE #RADLE TO #RADLE PHILOSOPHY THROUGH INTENSIVE TRAINING OF SELECTED STAFF ACTIVELY PARTICIPATED IN THE $UTCH 'REEN "UILDING #OUNCIL AND BECAME A FOUNDING PARTNER OF THE $UTCH "UILDING "RAINS INNOVATION INITIATIVE 4HE LATTER CONCENTRATES ON GREEN BUILDING CONCEPTS AND VIRTUAL DESIGN 7E BELIEVE THAT CONTINUED INVESTMENT IN OUR EMPLOYEES THROUGH EDUCATION AND TRAINING TRANSLATES DIRECTLY INTO AN INCREASE IN ADDED VALUE FOR OUR CLIENTS /UR PROJECT MANAGERS CONTINUOUSLY STRIVE TO BRING THEIR SKILL LEVEL EVEN HIGHER 4HEY ARE CURRENTLY COMPLETING THE )0-! PROGRAM )NTERNATIONAL 0ROJECT -ANAGEMENT !SSOCIATION 4HE STEPS TAKEN IN TO IMPROVE OUR CLIENT FOCUS KNOWLEDGE DEVELOPMENT PROJECT CONTROL AND ORGANIZATIONAL
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2
1
Multi-disciplinary Top Team Award, the Netherlands
2
Provada real estate fair, the Netherlands
EFFICIENCY WILL BE FURTHER IMPLEMENTED IN 4HE FOCUS ON SUSTAINABLE RENOVATION OF BUILDINGS AND OUR APPROACH TO ASSET MANAGEMENT MANAGEMENT AND MAINTENANCE ARE PROVING TO BE A SUCCESS 7E WILL CONTINUE TO FOCUS ON THESE ASPECTS IN ORDER TO FURTHER EXPAND OUR GOOD REPUTATION IN THE .ETHERLANDS -OREOVER WE WILL EXPAND OUR INTERNATIONAL ACTIVITIES BY STRENGTHENING RELATIONSHIPS WITH OUR INTERNATIONAL CLIENTS AND BY CONTRIBUTING EXPERTISE TO JOINT PROJECTS WITH OTHER MEMBERS OF THE $(6 'ROUP SUCH AS IN THE FIELD OF SUSTAINABLE AIRPORTS %UGENE 'R~TER
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
3HARPEN PROFILE FOCUS ON MARKET DEMAND
"USINESS PROFILE SHARPENED AND FOCUS MARKETS DESIGNATED
#ONTINUE GROWTH IN QUALITY ATTRACTING AND RETAINING REQUISITE TALENT
)NVEST IN MARKET ALIGNMENT AND EMPLOYEES
!TTAIN QUALITATIVE GROWTH
!CHIEVED GROWTH IN ADDED VALUE PER EMPLOYEE
#LIENT FOCUS WITHIN PREFERRED MARKET WINDOWS
0RO ACTIVE AND DEDICATED MARKET APPROACH #ONCENTRATE ON NATIONAL AND EXPAND SELECTIVELY TO INTERNATIONAL
3TRENGTHEN POSITION IN ASSET MANAGEMENT
3TRONG OPERATIONAL RESULTS IN ASSET MANAGEMENT BUSINESS
+NOWLEDGE INNOVATION
)NVEST IN INNOVATION A O "UILDING )NFORMATION -ODELING
!DAPT TO CHANGING MARKET CONDITIONS
!DAPTED ORGANIZATION TO CHANGING MARKET CONDITIONS
)MPROVE EFFICIENCY AND STRENGTHEN FINANCIAL PERFORMANCE
)MPLEMENT NEW ORGANIZATION
!VIATION
1
*OINING FORCES FOR AIRPORTS 4HE !VIATION BUSINESS GROUP OFFERS COMPREHENSIVE PLANNING AND TOP END DESIGN EXCELLENCE TO CLIENTS WHO ARE FACING CAPACITY SHORTAGES AND THE NEED FOR AIRPORT FACILITY UPGRADING #OMMERCIAL DEVELOPMENT AIR SERVICE DEVELOPMENT AND REVENUE MANAGEMENT ARE ANSWERS TO THE GROWING NEED TO MAXIMIZE NON AVIATION REVENUES 7E WORK FOR AIRPORT AUTHORITIES AND OPERATORS GOVERNMENTS AIRLINES AND PRIVATE INVESTORS IN %UROPE !SIA THE -IDDLE %AST !FRICA .ORTH !MERICA AND THE #ARIBBEAN 4HE ECONOMIC CRISIS CONTINUES TO HAVE A MASSIVE IMPACT ON THE AVIATION INDUSTRY PUTTING LARGE INVESTMENTS ON HOLD 4HE -IDDLE %ASTERN COUNTRIES WERE LESS AFFECTED AND WENT AHEAD WITH MAJOR AIRPORT DEVELOPMENT PLANS &OCUSED MARKETING ACTIVITIES AND OUR STRONG PRESENCE IN THIS REGION HAS ENABLED US TO SECURE SEVERAL HIGH PROFILE CONTRACTS 'IVEN THE EXCELLENT REPUTATION THAT .!#/ AND )NTER6)34!3 HAVE EARNED IN THE REGION WE EXPECT TO BE INVOLVED IN A NUMBER OF OTHER PROJECTS AS WELL 3INCE WE HAVE A LICENSE TO OPERATE AS A MAIN CONTRACTOR IN !BU $HABI WE EXPECT TO BE ENGAGING IN MORE PROJECTS THERE IN THE FUTURE 4HE 3UB 3AHARAN REGION CONTINUES TO BE A SOURCE OF PROJECTS .!#/ 33) IS INVOLVED IN SUPERVISION CONTRACTS IN +ENYA "OTSWANA AND 4ANZANIA 3UPPORTING 33) WILL ENABLE US TO INCREASE OUR EXPERTISE AND INTENSIFY OUR MARKETING ACTIVITIES )NTER6)34!3 IS WORKING ON A CAPACITY BUILDING INITIATIVE FOR 7EST !FRICAN NATIONS SPONSORED BY THE )NTERNATIONAL #IVIL !VIATION /RGANIZATION )#!/ 4HE WORLDWIDE TREND TOWARDS AIRPORT PRIVATIZATION IS A SOURCE OF POTENTIAL PROJECTS FOR )NTER6)34!3 4HE )NDIAN MARKET IS SHOWING SIGNS OF RECOVERY 7E WILL COOPERATE CLOSELY WITH $(6 IN )NDIA TO DEVELOP A CONCISE STRATEGY FOR ADDRESSING THE URGENT NEED FOR UPGRADING AND MODERNIZATION AND REGAINING OUR POSITION IN THIS DIVERSIFIED MARKET )N #HINA THE MARKET IS STILL GROWING AND WE HAVE DISTINGUISHED OURSELVES THROUGH PARTICIPATION IN SEVERAL COMPETITIONS
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1
NACO, The Hague Entrepreneur Award, the Netherlands
2
Identification of CO2 mitigation measures
3
FOD Walk InterVISTAS, Canada
$UE TO THE FINANCIAL CRISIS OUR PROFITABILITY HAS BEEN UNDER PRESSURE (OWEVER GIVEN THE SIGNS OF MARKET RECOVERY AND THE NUMBER OF OUTSTANDING PROPOSALS WE ARE OPTIMISTIC ABOUT RESTORING THE BALANCE 4HIS YEAR .!#/ CELEBRATED ITS YEAR ANNIVERSARY 7E ARE EXCITED ABOUT FUTURE GROWTH 4HE SUCCESSFUL INTEGRATION OF )NTER6)34!3 AND )NNOVA AND THE OPTIMIZED SYNERGY BETWEEN .!#/ AND )NTER6)34!3 HAVE GIVEN THE 'ROUP NEW MEANS AND OPPORTUNITIES TO STRENGTHEN ITS GLOBAL MARKET POSITION /PPORTUNITIES WILL BE DEVELOPED IN NEW OR EMERGING MARKETS THROUGH THE DEVELOPMENT OF DISTINGUISHABLE SERVICES SUCH AS !IRPORT 2ECOVERY 3ERVICES AND 0ROGRAM -ANAGEMENT /UR ACTIVE INVOLVEMENT IN THE 'LOBAL 2EPORTING )NITIATIVE AND OUR ROLE IN THE DEVELOPMENT OF THE NEW +UNMING )NTERNATIONAL !IRPORT IN #HINA THE FIRST 'REEN !IRPORT WILL ALSO HELP US POSITION OURSELVES AS A 'REEN !IRPORT #ONSULTANT 2OEL /VERAKKER
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
)NTEGRATE )NTER6)34!3
3UCCESSFULLY INTRODUCED )NTER6)34!3 TO .!#/ CLIENTS AND REALIZED GOOD COOPERATION IN PROJECTS
'ROW BUSINESS IN !SIA
3TART AVIATION OFFICE IN )NDIA
#REATE IMAGE OF 4(% DESIGNER OF GREEN AIRPORTS
7IN AT LEAST TWO GREEN AIRPORT PROJECTS
%XTEND PORTFOLIO TO HIGHER MARGIN SERVICES
3TART NEW SERVICES IN PROGRAM MANAGEMENT AND AIRPORT REVENUE RECOVERY
)NCREASE TURNOVER BY A MINIMUM OF
4URNOVER GROWTH OF APPROXIMATELY THROUGH MERGER WITH )NTER6)34!3
$EVELOP REPUTATION AS THE DESIGNER OF GREEN AIRPORTS
)NVOLVED IN THE +UNMING GREEN AIRPORT PROJECT $EVELOPMENT OF '2) CRITERIA FOR SUSTAINABLE AIRPORTS IS ON TARGET
-AINTAIN A POSITION IN THE TOP OF THE WORLDWIDE AIRPORT ENGINEERING AND PLANNING COMPANIES
%NGINEERING .EWS 2ECORD RANKING TH POSITION
$EVELOPMENTS IN OUR 'LOBAL .ETWORK
%UROPE
&OCUS ON OUR CLIENTS´ CHANGING NEEDS )N %UROPE WE ARE ACTIVE IN THE FIELDS OF WATER TRANSPORTATION AVIATION BUILDING AND INDUSTRY SPATIAL PLANNING AND ENVIRONMENT /UR CLIENTS GOVERNMENTS INDUSTRY CONTRACTORS AND DEVELOPERS INCREASINGLY DEMAND EFFICIENT SOLUTIONS TO LOWER THEIR CAPITAL INVESTMENT AND THEIR OPERATING AND MAINTENANCE COSTS 4HERE IS A GROWING AWARENESS OF THE IMPORTANCE OF SUSTAINABLE SOLUTIONS /UR %UROPEAN HOME MARKETS OUTSIDE THE .ETHERLANDS ARE 0OLAND AND 0ORTUGAL 7E ALSO HAVE AN OFFICE IN THE #ZECH 2EPUBLIC AND WORK IN OTHER %UROPEAN COUNTRIES ON A PROJECT BY PROJECT BASIS )N INVESTMENTS IN THE 0OLISH TRANSPORTATION INFRASTRUCTURE REMAINED AT A HIGH LEVEL PARTLY DRIVEN BY THE %UROCUP )MPORTANT NEW PROJECTS ARE THE ! HIGHWAY BETWEEN ,ODZ AND +ATOWICE KM FOR WHICH $(6 IS THE )NDEPENDENT %NGINEER AND THE ! HIGHWAY BETWEEN ,ODZ AND 7ARSAW KM FOR WHICH $(6 SUPERVISES $ESIGN "UILD #ONTRACTORS 4HE DEMAND FOR INTELLIGENT TRANSPORT SYSTEMS IS GRADUALLY GROWING AND IS AIMED AT INCREASING EFFICIENCY OF USE 4HE MARKET FOR FLOOD CONTROL REMAINS STABLE $(6 (YDROPROJEKT COMPLETED THE $ESIGN "UILT $ORBZEN 3MALL (YDROPOWER PLANT -7 AND WON TWO PROJECTS FOR REHABILITATION OF &LOOD 0ROTECTION 7EIRS IN THE /DRA 2IVER $(6 OPERATES IN 0OLAND THROUGH $(6 (YDROPROJEKT $(6 0OLSKA AND $(6 0ROKOM 4HE THREE COMPANIES BENEFIT FROM COST SAVINGS AND BUSINESS SYNERGIES WHILE CLIENTS BENEFIT FROM BROADER EXPERTISE AND GREATER ACCESS TO OUR INTERNATIONAL EXPERTISE )N THE #ZECH 2EPUBLIC THE MAIN FOCUS CONTINUES TO BE ON THE NEW BUILDING CODE SUSTAINABILITY ASSESSMENTS IN LAND USE PLANNING AND THE %5 STRUCTURAL AND COHESION FUNDS 4HE DOWNTURN IN INVESTMENTS IN THE BUILDING INDUSTRIAL AND MINING SECTORS CONTINUED THROUGH $(6 WON THE FEASIBILITY STUDY FOR THE NEW FOOTBALL STADIUM OF 0ILZEN 4HE 0ORTUGUESE ECONOMIC SITUATION CONTINUED TO BE A CONSTRAINT ON THE BUSINESS /UR OPERATIONS WERE RESTRUCTURED
TO REDUCE COSTS AND INCREASE EFFICIENCY &UTURE ACTIVITIES IN 0ORTUGAL WILL BE FOCUSED ON CONSULTANCY STUDIES AND SUPERVISION OPERATIONS 7E FOCUS ON CLIENTS FOR WATERFRONT AND COASTAL DEVELOPMENT DAMS AND HYDROPOWER PORTS WATER AND ENVIRONMENT ! LEADING POSITION WAS ACHIEVED IN RIVER BASIN PLANNING WHEN $(6 WON THE 2IVER "ASIN 0LANS FOR THE 4EJO AND $OURO 2IVERS )N 'ERMANY &RANCE THE 5+ AND OTHER %UROPEAN COUNTRIES WE ASSIST CLIENTS WITH HIGH PROFILE PROJECTS INVOLVING AIRPORTS WASTEWATER TREATMENT SOLAR PANEL PLANTS INTELLIGENT TRANSPORTATION SYSTEMS AND MINING $URING THIS TIME OF CONTINUING ECONOMIC UNCERTAINTY WE WILL FOCUS ON SUPPORTING CLIENTS AS THEIR NEEDS CHANGE AND INCREASE OUR ORGANIZATIONAL FLEXIBILITY SO THAT WE WILL BE ABLE TO RESPOND WELL TO MARKET DEVELOPMENTS #HRIS %NGELSMAN
1
2
1
Employees of the DHV Polska office
2
Viability Study Steel Mill Channel, Portugal
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
#ENTRAL %UROPE INCREASE MARKET SHARE IN )43
"USINESS DEVELOPMENT EFFORTS WERE STEPPED UP LEADING TO MAJOR PROPOSALS FOR URBAN TRAFFIC MANAGEMENT SYSTEMS
0OLAND DEVELOP NEW BUSINESS POSITIONS IN UPCOMING MARKETS SUCH AS TRAFFIC MANAGEMENT AND RAILWAY STATIONS
0OLAND #OMBINE INTERNATIONAL EXPERTISE FROM .0# WITH $(6´S 0OLISH TRANSPORTATION EXPERTISE TO SERVE CLIENTS IN THE RAILWAY STATION MARKET
0OLAND GROW POSITIONS IN WATER MA NAGEMENT SEWERAGE AND DRAINAGE AND HIGHWAYS 3TRENGTHEN POSITION IN AIRPORT RAIL WASTEWATER TREATMENT AND INDUSTRIAL MARKETS
!CQUIRED SIGNIFICANT NEW PROJECTS IN WATER MANAGEMENT AND HYDROPOWER )N THE ROAD SECTOR DESIGN VERIFICATION AND SUPERVISION OF THE PRESTIGIOUS ! AND ! IN 0OLAND WERE ACQUIRED !CTIVI TIES IN OTHER MARKETS REMAINED STABLE
0OLAND CAPITALIZE ON LEADERSHIP POSITIONS IN WATER MANAGEMENT AND HYDROPOWER %XPAND SEWERAGE AND WASTEWATER BUSINESS
0OLAND EXPAND DESIGN BUSINESS IN FLOOD MANAGEMENT AND HYDROPOWER AND WASTEWATER TREATMENT
#ZECH 2EPUBLIC BECOME THE LEADING CITY AND REGIONAL PLANNING CONSULTANCY WITH A SUSTAINABILITY FOCUS
3TUDIED AND DESIGNED NEW SOCCER STA DIUMS IN 0ILZEN AND /STRAVA
#ZECH 2EPUBLIC BECOME THE LEADING CITY AND REGIONAL PLANNING CONSULTANCY WITH A SUSTAINABILITY FOCUS
"ROADEN THE INTEGRATED SERVICES CAPABILITIES TO CITY AND REGIONAL PLANNING CLIENTS
0ORTUGAL CONTINUE GROWTH OF EXISTING SERVICES IN WATER AND TRANSPORTATION $EVELOP NEW SERVICES IN ENVIRONMENTAL FIELD AND SUSTAINABLE DEVELOPMENT
7ON THE ENVIRONMENTAL IMPACT STUDY FOR THE NEW ,ISBON AIRPORT AND SEVERAL RIVER BASIN PLANNING STUDIES
0ORTUGAL GROW CONSULTANCY SERVICES IN WATER AND ENVIRONMENT BUILD ON SUCCESS OF THE .EREDA WASTEWATER TECHNOLOGY DEMONSTRATION PROJECT IN &RIELAS ,ISBON
'ROW CONSULTANCY SERVICES IN THE WATER AND ENVIRONMENT IN 0ORTUGAL #OMPLETE .EREDA TECHNOLOGY DEMONSTRATION PROJECT AND APPLY IN NEW FULL SCALE PROJECTS IN 0ORTUGAL
!SIA
#APACITY BUILDING /UR ACTIVITIES IN !SIA CONCENTRATE ON OUR HOME MARKETS OF #HINA )NDIA AND )NDONESIA 7E ALSO HAVE IMPORTANT PROJECTS IN 4AIWAN AND 6IETNAM 7E WORK FOR PRIVATE INDUSTRIES AND PUBLIC SECTOR AUTHORITIES IN NEED OF COST EFFECTIVE SUSTAINABLE SOLUTIONS FOR COMPLEX CHALLENGES IN THE AREAS OF WATER SPATIAL PLANNING TRANSPORT INFRASTRUCTURE AND ENVIRONMENT %CONOMIC GROWTH AND LARGE SCALE URBANIZATION FUEL A GROWING DEMAND FOR WORLD CLASS SOLUTIONS TO OUR CLIENT´S LOCAL REQUIREMENTS #HINA )NDIA AND )NDONESIA MAINTAINED POSITIVE ECONOMIC GROWTH RATES THROUGHOUT 4HE RESPECTIVE GOVERNMENTS STIMULATED THEIR ECONOMIES THROUGH INVESTMENTS IN INFRASTRUCTURE WHILE THE LEVEL OF PRIVATE INVESTMENTS WAS LOW 4HE (ONG +ONG :UHAI -ACAU TUNNEL AND BRIDGE PROJECT IS AN EXAMPLE OF A LARGE SCALE PROJECT INITIATED IN )N WE SUCCESSFULLY EXPANDED OUR WATER TREATMENT TECHNOLOGY ACTIVITIES IN #HINA 7E WOULD LIKE TO THANK CORPORATE ADVISOR &RANS VAN 'UNSTEREN FOR HIS VALUABLE SUPPORT WITH OUR CAPACITY BUILDING IN #HINA 7E CONTRIBUTED TO SANITATION DEVELOPMENT IN )NDONESIA AND SUCCESSFULLY COMPLETED THE 3EA $EFENSE PROJECT IN !CEH )N )NDIA WE DEVELOPED PUBLIC PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE PROJECTS IN FOUR CITIES /UR EXPANSION IN SUSTAINABLE BUILDING SLOWED DOWN DUE TO A DECREASE IN PRIVATE INVESTMENTS ! MAJOR TREND IS AN INCREASED AWARENESS OF THE NEED TO MITIGATE THE ENVIRONMENTAL IMPACT OF RAPID DEVELOPMENT AND ADDRESS ISSUES SUCH AS WATER SCARCITY WATER SOIL AND AIR POLLUTION FLOODING TRAFFIC CONGESTION AND THE IMPACT OF CLIMATE CHANGE 4HE DEMAND FOR RESOURCES INCREASES THE NEED FOR MINING EXPERTISE )N ANTICIPATION OF THESE DEVELOPMENTS WE WILL CONTINUE TO INNOVATE OUR WATER TREATMENT TECHNOLOGIES TO MEET OUR CLIENT´S CHALLENGES IN THE FACE OF INCREASED EFFLUENT QUALITY REQUIREMENTS AND TO EXPAND OUR
CAPACITY FOR ,OCAL DELIVERY OF WORLD CLASS SOLUTIONS IN COASTAL DEVELOPMENT WATER MANAGEMENT TRANSPORTATION SUSTAINABLE BUILDING GREEN AIRPORT DESIGN AND MINING 7E ATTRACT PEOPLE WITH A PASSION FOR SUSTAINABILITY INNOVATION AND CORPORATE RESPONSIBILITY AND SUCCESSFULLY RETAIN THE TALENT IN OUR COMPANIES THROUGH OUR INVOLVEMENT IN SIGNATURE PROJECTS AND BY OUR SHARED VALUES WITH OUR CLIENTS AND PARTNERS )N THE YEAR AHEAD WE WILL MAINTAIN OUR FOCUS ON HOME COUNTRIES AND EXPAND OUR ACTIVITIES ALONG OUR EXPERTISE POSITIONS !RNOLD 'ALAVAZI
1
2
3
1
DHV Shanghai
2
DHV Vietnam
3
Jakarta Dredging, Indonesia
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
%XTEND LOCAL OPERATIONS IN #HINA
,OCAL OPERATIONS EXTENDED WITH INDUSTRIAL WATER TREATMENT PROJECTS 0ARTICIPATION IN LARGE COASTAL DEVELOPMENT PROJECT ,EED‰ CERTIFICATION FOR VARIOUS SUSTAINABLE BUILDINGS
#HINA %XPAND TECHNOLOGY DRIVEN WATER BUSINESS COASTAL DEVELOPMENT AND SUSTAINABLE BUILDINGS
0ROMOTE OUR WATER TECHNOLOGIES AT 3HANGHAI %XPO #REATE SPIN OFF OF (ONG +ONG -ACAU BRIDGE AND TUNNEL PROJECT IN COASTAL DEVELOPMENT MARKET 2EPEAT BUSINESS OF ,%%$‰ CERTIFICATION OF SUSTAINABLE BUILDINGS IN #HINA
%XTEND LOCAL OPERATIONS IN )NDIA
$EVELOPED 000 PROJECTS FOR FOUR CITIES %XPANDED BRIDGE DESIGN TEAM 7ATER TECHNOLOGY CAPACITY ATTRACTED
)NDIA 'ROW IN WATER AND TRANSPORTATION
4RAINING AND LOCAL CAPACITY BUILDING IN WATER TECHNOLOGY HIGHWAYS AND AVIATION IN )NDIA
#ONTINUE EXPANSION OF PRIVATE SECTOR ACTIVITIES IN )NDONESIA
)NCREASED PRIVATE SECTOR CLIENT BASE WITH CLIENTS FROM THE MINING SECTOR
)NDONESIA %XPAND THE BUSINESS FOR MINING CLIENTS
#APACITY BUILDING TO SERVE MINING CLIENTS IN )NDONESIA
6IETNAM "UILD UP LOCAL OPERATIONS
%STABLISH $(6 6IETNAM
$EVELOPMENTS IN OUR 'LOBAL .ETWORK
!FRICA
/N TRACK FOR !FRICA´S GOALS /UR GOAL IN !FRICA IS TO BE A LEADING CONSULTANCY BY DRAWING ON OUR SOLID UNDERSTANDING OF THE CHALLENGES FACED BY THIS CONTINENT 4HE $(6 'ROUP OPERATES IN !FRICA THROUGH 33) 3%%$ AND 4URGIS 33) AND 3%%$ WORK MAINLY IN SUB 3AHARAN !FRICA WITH A PRIMARY FOCUS ON 3OUTH !FRICA AND -OZAMBIQUE OTHER 3!$# COUNTRIES AND +ENYA 4ANZANIA WHILE 4URGIS HAS A GLOBAL FOCUS 7E ARE ACTIVE IN THE FIELDS OF WATER TRANSPORTATION ENERGY BUILDINGS ENVIRONMENTAL PROJECT CONSTRUCTION MANAGEMENT AND RESOURCES 7E AIM TO APPLY THE GLOBAL KNOWLEDGE OF THE 'ROUP TO THE LOCAL NEEDS OF OUR CLIENTS AND THEIR COMMUNITIES /UR MAJOR CLIENTS ARE GOVERNMENTS INDUSTRY COMMERCIAL SERVICES CONTRACTORS AND DEVELOPERS AND )NTERNATIONAL $EVELOPMENT !GENCIES $ESPITE THE VERY UNSTABLE ECONOMIC SITUATION WE PERFORMED ON TARGET 4HE IMPACT OF THE CRISIS WAS FELT IN 3OUTH !FRICA IN THE FIRST HALF OF 4HE MINING SECTOR WAS THE FIRST TO BE AFFECTED $ECREASED DEMAND FOR MINERALS PUT A SIGNIFICANT STRAIN ON THIS SECTOR 4HE INFRASTRUCTURE PROJECTS ASSOCIATED WITH THE 3OCCER 7ORLD #UP IN 3OUTH !FRICA HELPED KEEP OUR TEAMS BUSY IN 4HERE ARE STILL BACKLOGS IN BASIC SERVICES IN !FRICA )NSUFFICIENT FUNDING REMAINS A PROBLEM 4HE SHARP INCREASE OF BIG 7ORLD #UP PROJECTS RESULTED IN THE TRANSFER OF FUNDS FROM OTHER PROJECTS WHICH WERE THEN NO LONGER FEASIBLE 7E FORESEE A GROWING DEMAND IN FOR ENERGY WATER MOBILITY AND MINING SERVICES )NTERCOMPANY COOPERATION IN THE AREA OF WASTE WATER TECHNOLOGY LED TO THE COMMISSION OF THE FIRST .EREDA‡ PLANT IN 'ANSBAAI IN THE 7ESTERN #APE 0ROVINCE 4HE !FRICA BUSINESS IS TOTALLY COMMITTED TO THE 'ROUP´S MISSION )NNOVATION CORPORATE RESPONSIBILITY AND TECHNICAL EXCELLENCE REMAIN THE CORNERSTONES OF THE !FRICA BUSINESS AND RESULTED IN SEVERAL AWARDS !S A GENERAL RULE PROJECTS ARE UNDERTAKEN WITH A CORPORATE RESPONSIBILITY AGENDA 4HIS WAS FORMALIZED IN 4HE 3ATURDAY 3CHOOLS PROJECT WHERE DISADVANTAGED TH GRADE STUDENTS RECEIVE ADDITIONAL TUTORING IN -ATHEMATICS 3CIENCE
1
2
3 1
Mgeni Viaduct, South Africa
2
Powerhouse, Drakensberg Mountains, South Africa
3
Pedestrian Bridge Community Event, South Africa
AND 4ECHNICAL $RAWING WAS CONTINUED IN FIVE 3OUTH !FRICAN CITIES 7E INTEND TO START A SIXTH SCHOOL IN #APE 4OWN IN )N RETROSPECT IN VIEW OF THE DIFFICULT CIRCUMSTANCES THIS YEAR FINANCIAL PROJECT MANAGEMENT OF OUR PROJECTS COULD HAVE BEEN HANDLED BETTER 7E WERE ALSO SLOW TO SUBMIT UNSOLICITED BIDS TO CREATE BETTER CONDITIONS IN THESE TURBULENT TIMES 4HIS HAS OUR ATTENTION FOR AND WHILE IT WILL BE A TOUGH YEAR WE ARE GEARING UP TO DO WELL .AREN "HOJARAM
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
$IVERSIFY PRODUCT CHAIN
! "UILDINGS 3TRUCTURES UNIT WAS SET UP IN AND A BIG PROJECT FOR A NEW LABORATORY WAS WON )NSTITUTIONAL SUPPORT PROJECTS COMMENCED
'ET A BIGGER SLICE OF A SHRINKING ENGINEERING MARKET IN 3OUTH !FRICA
/FFER ALTERNATE DELIVERY MODELS FOR BASIC PUBLIC INFRASTRUCTURE SCHOOLS HOSTELS ETC
)NCREASE TURNOVER OUTSIDE 3OUTH !FRICA
4HE PERCENTAGE OF THE TURNOVER OUTSIDE 3OUTH !FRICA REMAINED ABOUT
$IVERSIFY GEOGRAPHIC MARKET BY GROWING BUSINESS IN 3OUTH !FRICA AND INTERNATIONAL 3!$#
/BTAIN AT LEAST ONE MAJOR HIGHWAYS PROJECT PREFERABLY OUTSIDE 3OUTH !FRICA
&URTHER IMPLEMENT THE ONE COMPANY CONCEPT
4HE COMMON )#4 PLATFORM WAS ESTABLISHED THUS ENABLING 'ROUP WIDE CONNECTIVITY
'ROW SELECTED MARKETS WATER TRANSPORTATION AND ENERGY
3ECURE AT LEAST ONE MAJOR ENERGY PROJECT
)NCREASE BUSINESS FOR MINING CLIENTS
$O AN ACQUISITION IN THE MINING SECTOR
'ROW OUR BUSINESS FOR MINING CLIENTS THROUGH 4URGIS
4HE NUMBER OF JOINT PROJECTS BETWEEN 4URGIS AND THE REST OF THE $(6 'ROUP INCREASED
.ORTH !MERICA
$EDICATION TO CLIENT SOLUTIONS $ELCAN THE $(6 'ROUP´S STRATEGIC PARTNER FOR .ORTH !MERICA IS ACTIVE IN INFRASTRUCTURE AND INFORMATION SYSTEMS AND FOCUSES ON ENGINEERING CONSULTING TECHNOLOGY AND PRODUCT DEVELOPMENT #LIENTS LOCATED IN .ORTH !MERICA !FRICA %UROPE AND !SIA ARE GOVERNMENT AGENCIES AND PRIVATE COMPANIES WITH RESPONSIBILITIES IN HIGHWAYS PUBLIC WORKS WATER TRANSIT TOLL WAYS AND AIRPORTS /VER THE PAST COUPLE OF YEARS $ELCAN HAS EXPERIENCED CHANGING MARKET CONDITIONS INCLUDING AN ONGOING DEMAND FOR LOW RISK AND COST EFFECTIVE SOLUTIONS )N ADDITION $ELCAN´S CLIENTS ARE SEEKING SOLUTIONS THAT CAN BE FUNDED THROUGH ALTERNATIVE FUNDING SOURCES SUCH AS LEASING VS FULLY OWNED ASSETS AND PUBLIC PRIVATE PARTNERSHIPS 4HERE IS A GROWING DEMAND FOR QUALITY MANAGEMENT PROGRAM MANAGEMENT SUSTAINABLE SOLUTIONS AND DESIGN BUILD SERVICES ALL OF WHICH $ELCAN IS EXTREMELY WELL POSITIONED TO COMPETE CREATED UNUSUAL CIRCUMSTANCES IN THE MARKET AS A GLOBAL ECONOMIC CRISIS RESULTED IN CONSERVATIVE FUNDING ENVIRONMENTS $ESPITE THIS FINANCIAL TARGETS WERE MET $ELCAN COMPLETED SEVERAL PROJECTS INCLUDING THE DESIGN OF THE 2ICHMOND /VAL FOR THE 7INTER /LYMPICS 3EVERAL KEY CONTRACTS WERE AWARDED INCLUDING THE .EW 9ORK -4! )NDEPENDENT %NGINEERING #ONTRACT AND THE NEXT GENERATION OF THE 'EORGIA $EPARTMENT OF 4RANSPORTATION´S !4-3 SYSTEM $ELCAN ALSO MAINTAINS A STRONG COMMITMENT TO SUSTAINABILITY AND CORPORATE RESPONSIBILITY INTEGRATING BEST PRACTICES INTO BOTH PROJECT WORK AND INTERNAL OPERATIONS !CQUISITIONS HAVE CONTINUED TO BE A CORE GROWTH STRATEGY )N $ELCAN JOINED $(6 IN COMPLETING THE ACQUISITION AND MERGER OF )NTER6)34!3 AND )NNOVA FORMING A STRONG .ORTH !MERICAN STRONGHOLD IN THE AVIATION MARKET !DDITIONALLY )NTELLIGENT $EVICES )NCORPORATED )$) JOINED $ELCAN IN
1
2
1
Emergency Transportation Operations Group, Canada
2
Bridge Inspection Quebec City, Canada
AND HAS NOW INTEGRATED ITS SUITE OF )43 PRODUCTS WITH THE $ELCAN PRODUCTS TO LAUNCH THE )NTELLIGENT .%4WORKS‡ PRODUCT LINE !S A RESULT $ELCAN CONTINUES TO GROW AND CRITICAL INVESTMENTS HAVE BEEN MADE TO ENSURE THAT THE COMPANY HAS THE INTERNAL INFRASTRUCTURE NECESSARY TO SUPPORT THIS GROWTH )N SEVERAL INTERNAL PROGRAMS WERE DEVELOPED INCLUDING A STRUCTURED #AREER $EVELOPMENT 0ROGRAM INCLUDING A NEW COMPANY WIDE PERFORMANCE MANAGEMENT PROGRAM A SUCCESSION PLANNING PROCESS AND APPROACH AND A NEW CAREER PATH PROGRAM %MPLOYEE SURVEYS CLIENT SURVEYS AND MANAGEMENT STRATEGIC PLANNING WORKSHOPS WERE CONDUCTED SEEKING INPUT FROM STAKEHOLDERS TO KEEP AN ACTIVE PULSE ON $ELCAN´S FUTURE 7ITH OUR PROVEN TRACK RECORD OVER THESE PAST FIVE YEARS WE ARE NOT ONLY PREPARED BUT ENERGIZED FOR THE UPCOMING NEW DECADE *IM +ERR
/BJECTIVES FOR
2ESULTS IN
/BJECTIVES FOR
!CTIONS FOR
#ONTINUE TO EXPAND ON INITIATED SUCCESSES
%XPANDED SALES OF OUR )NTELLIGENT .%4WORKS‡ PRODUCT IN KEY GEOGRAPHIC LOCATIONS
#ONTINUE STRONG FINANCIAL PERFORMANCE MEET OUR FINANCIAL TARGETS AND BUILD A STRONG BACKLOG
2OLL OUT 3TRATEGIC 0LAN TO KEY STAKEHOLDERS
%XPAND SERVICES AND PRODUCTS RELATED TO TOLLWAYS AND TRANSIT
3ECURED KEY WINS IN THE TOLL WAY AND TRANSIT MARKETS
2ECRUIT AND RETAIN INCREASE OUR STAFF COMPLIMENT BY
)MPLEMENT RECRUITING 02 PROGRAM AND TRACK THROUGHOUT THE YEAR
#ONTINUE TO EXPAND COMPANY STRUCTURE TO SUPPORT AGGRESSIVE COMPANY GROWTH IN PERSONNEL MARKETING AND PROJECT WORK
%XPANDED PERFORMANCE MANAGEMENT PROGRAM #ONTINUED FOCUS ON SUCCESSION PLANNING $EVELOPED A NEW CAREER PATH PROGRAM ,AUNCHED EMPLOYEE AND CLIENT SURVEYS )NVESTED IN MARKETING BRANDING AND RECRUITMENT
%XPAND OUR SERVICES AND PRODUCTS IN 4RANSPORTATION SPECIFICALLY IN THE RAIL TRANSIT AND 1UALITY -ANAGEMENT MARKETS
%XPAND SALE OF )NTELLIGENT .%4WORKS‡ EXTEND CLIENT NETWORK INTO NEW MAR KETS CONTINUE TO STRUCTURE FOCUSED COLLABORATIVE CROSS BUSINESS PURSUIT TEAMS
$IVERSIFY OUR CLIENT BASE INTO A LARGER PERCENTAGE OF PRIVATE SECTOR PARTNERS AS WELL AS MAINTAINING OUR STRONG RELATIONSHIPS WITH OUR PUBLIC SECTOR CLIENTS
$EVELOP PRIVATE SECTOR MARKETING STRATEGY PURSUE LARGER PROJECTS THAT REQUIRE SPECIALIZED SKILLS PREPARE TO TAKE ON EQUITY POSITIONS IN 000S
0ROJECTS
0ROJECTS #ONNECT $ELIVER )N OUR THEME #ONNECT $ELIVER PLACED SPECIAL EMPHASIS ON STAYING CLOSE WITH CUSTOMERS 3TAYING CLOSE WITH CUSTOMERS IS STAYING CLOSE IN LONG TERM PARTNERSHIPS 7E LOOK FORWARD TO TAKING SIGNI½CANT STEPS TOGETHER IN ADDRESSING THE CHALLENGES OF TOMORROW TODAY 4HE PROJECTS ON THE FOLLOWING PAGES SPEAK TO THE IMAGINATION NATURE DRIVEN DESIGN IN WATER SMART SOLUTIONS TO INCREASE EFFECTIVE USE IN TRANSPORTATION AND BUILDINGS AND INTEGRATED URBAN PLANNING FOR BETTER LIVING ENVIRONMENTS !T THE SAME TIME THE PROJECTS ILLUSTRATE THE IMPORTANCE OF HARD REQUIREMENTS AND TIGHT SPECIFICATIONS TO PROTECT AND CRUCIAL INTERFACES TO CONNECT
7E ESPECIALLY NEED IMAGINATION IN SCIENCE )T IS NOT ALL MATHEMATICS NOR ALL LOGIC BUT IT IS SOMEWHAT BEAUTY AND POETRY - -ONTESSORI PHYSICIAN EDUCATOR PHILOSOPHER AND HUMANITARIAN
4RANSPORTATION Efficient and sustainable logistics
0ROJECTS
-ULTIDISCIPLINARY STUDY FOR NEW HIGHWAY $(6 HAS BEEN COMMISSIONED BY THE $UTCH $IRECTORATE 'ENERAL FOR 0UBLIC 7ORKS AND 7ATER -ANAGEMENT 2IJKSWATERSTAAT TO STUDY THE NEED AND OPTIONS FOR A NEW KM STRETCH OF THE ! HIGHWAY FROM .IJMEGEN TO THE ! NEAR :EVENAAR 4HIS IS THE LAST SECTION OF A DIRECT ROUTE BETWEEN THE PORT OF 2OTTERDAM AND 'ERMANY ! MULTIDISCIPLINARY TEAM WILL DETERMINE WHETHER THE ROAD IS FINANCIALLY FEASIBLE TO WHAT EXTENT IT SOLVES EXISTING TRAFFIC PROBLEMS IN THE !RNHEM AREA AND WHAT THE EFFECTS WOULD BE ON THE ENVIRONMENT AND ECONOMY !S A DEDICATED PARTNER OF 2IJKSWATERSTAAT $(6 WILL MANAGE THE PROCESS FOR THE COMING THREE YEARS INCLUDING PREPARATIONS FOR CONTRACTING
)NDEPENDENT ENGINEER FOR KM HIGHWAY
#ONNECTING (ONG +ONG -ACAU AND MAINLAND #HINA
$(6 IS PERFORMING THE ROLE OF INDEPENDENT ENGINEER FOR THE DESIGN OF THREE SECTIONS OF THE ! HIGHWAY BETWEEN THE 0OLISH CITIES OF 3TRYKvW AND 0YRZOWICE 4HE KM INCLUDE SOME BRIDGES PASSENGER SERVICE AREAS AND SEVERAL ENVIRONMENTAL FEATURES SUCH AS ANIMAL PASSAGES AND NOISE BARRIERS 4HE $(6 LED CONSORTIUM WITH #LOTHOS OF 3PAIN WAS SELECTED FOR ITS EXTENSIVE EXPERIENCE IN HIGHWAY DESIGN AND THE QUALITY OF ITS PROJECT TEAM
)N A NEW KM LONG BRIDGE AND TUNNEL COMBINATION WILL CONNECT THE ECONOMIC CENTERS OF (ONG +ONG -ACAU AND THE #HINESE MAINLAND $(6 AS PART OF 4UNNEL %NGINEERING #ONSULTANTS 4%# IS PROVIDING SPECIALIZED KNOWLEDGE ON THE DESIGN AND REALIZATION OF IMMERSED TUNNELS AND NEW ISLAND CONSTRUCTION 4OGETHER WITH AN INTERNATIONAL CONSORTIUM THE PROJECT TEAM BRINGS SIGNIFICANT INTERNATIONAL EXPERIENCE HAVING BUILT TUNNELS IN THE .ETHERLANDS $ENMARK 3OUTH +OREA THE 5NITED +INGDOM AND -EXICO
-ONITORING MAJOR PROJECTS IN .EW 9ORK $ELCAN IN JOINT VENTURE WITH -C+ISSACK HAS A CRITICAL ROLE AS THE )NDEPENDENT %NGINEERING #ONSULTANT FOR THE -ETROPOLITAN 4RANSPORTATION !UTHORITY IN .EW 9ORK 3TATE $ELCAN WAS SELECTED FOR ITS PARTICULAR EXPERTISE IN EVALUATING TECHNOLOGY FOR RAIL SYSTEMS APPLICATIONS AND UNDERSTANDING OF RAIL SYSTEMS INTEGRATION 0ARTNER -C+ISSACK IS THE OLDEST WOMEN AND MINORITY OWNED PROFESSIONAL DESIGN AND CONSTRUCTION FIRM IN THE 5NITED 3TATES &OR THREE YEARS WITH AN OPTION FOR MORE THE TEAM WILL MONITOR AND INDEPENDENTLY REPORT TO -4! ON THE PROGRAM STATUS OF ALL MAJOR DESIGN AND CONSTRUCTION PROJECTS FOR THE !UTHORITY´S 0ROPOSED 53 " #APITAL 0ROGRAM
%FFICIENT AND SUSTAINABLE LOGISTICS 3TATION !MSTERDAM #ENTRAL IS BEING UPGRADED TO A MAJOR MULTI MODAL TRANSFER HUB WHICH WILL SERVE MORE THAN PUBLIC TRANSPORT PASSENGERS A DAY .0# AND $(6 HAVE PREPARED A STUDY FOR .3 0OORT TO DETERMINE THE MOST EFFICIENT WAY OF COMBINING VISITOR FLOWS WITH THE LOGISTICAL PROCESSES FOR THE INTAKE AND DISCHARGE OF GOODS WASTE AND OTHER SERVICES #ONSTRUCTION IN AND AROUND THE STATION HAS BEEN ONGOING FOR A NUMBER OF YEARS INCLUDING A NEW METRO LINE NEW BUS STATION AND AN UNDERPASS ALONGSIDE THE RIVER )* FOR CARS 4HE PROPOSED IMPROVEMENTS WILL EQUIP THE STATION TO HANDLE FUTURE DEVELOPMENTS EFFICIENTLY AND TO MAKE THE OPERATIONAL PROCESS MORE SUSTAINABLE
!SHDOD PORT EXPANSION
)NNOVATIVE PROGRAM TO TACKLE SANITATION CRISIS
4O ACCOMMODATE THE INCREASING NUMBER OF INCOMING CONTAINERS AND EVER LARGER CONTAINER SHIPS THE )SRAEL 0ORTS $EVELOPMENT !SSETS #OMPANY ,TD HAS ENGAGED $(6 AND ITS TEAM TO DESIGN CONTRACT AND ASSIST IN THE CONSTRUCTION OF THE EXPANSION OF THE PORT OF !SHDOD 4HE SCOPE OF WORK INCLUDES INVESTIGATIONS ENVIRONMENTAL IMPACT ASSESSMENT STUDIES AND NUMERICAL AND PHYSICAL MODEL TESTS 4HE COMPLEX PROJECT ENTAILS A METER LONG NEW DEEP WATER QUAYS HECTARE NEW CONTAINER TERMINAL AND METER BREAKWATER AT A WATER DEPTH OF METER #OMPLETION IS SCHEDULED FOR
"ARELY OF THE )NDONESIAN POPULATION HAS ACCESS TO SEVERAGE -ANY HOUSEHOLDS DISCHARGE INTO OPEN DRAINS AND WATERWAYS 4HE 7ORLD "ANK S 7ATER AND 3ANITATION 0ROGRAM 730 COMMISSIONED $(6 AND ASSOCIATES TO WORK HAND IN HAND WITH 'OVERNMENT TO DEVELOP AN INNOVATIVE STRATEGY THAT ENABLES LOCAL GOVERNMENTS TO DEVELOP THEIR OWN ACTION AND IMPLEMENTATION PROGRAMS FOR SOLVING THE URBAN SANITATION CRISIS 4HE MULTI DISCIPLINARY $(6 TEAMS HAVE BEEN SUCCESSFULLY SUPPORTING LOCAL GOVERNMENTS IN TOWNS AND PROVINCES WITH FACILITATION CAPACITY BUILDING AND NEEDS ASSESSMENT
)MPORTANT MILESTONE FOR .EREDA
0ROTECTION AND DEVELOPMENT OF COASTAL ECOSYSTEMS
4HE %PE WASTEWATER TREATMENT PLANT OF 7ATER "OARD 6ELUWE WILL BE THE FIRST FULL SCALE .EREDA‡ IN THE WORLD FOR TREATMENT OF MUNICIPAL WASTEWATER 3TART UP OF THIS PLANT IS AN IMPORTANT MILESTONE IN THE FRUITFUL COOPERATION BETWEEN 34/7! SIX 7ATER "OARDS AND $ELFT 5NIVERSITY OF 4ECHNOLOGY .EREDA‡ IS $(6´S INNOVATIVE BIOLOGICAL WASTEWATER TREATMENT TECHNOLOGY BASED ON THE UNIQUE CHARACTERISTICS OF GRANULAR AEROBIC BIOMASS .EREDA‡ IS COST EFFECTIVE AND APPLICABLE IN NEW AND TO BE UPGRADED MUNICIPAL AND INDUSTRIAL WASTEWATER TREATMENT FACILITIES
)N -ARCH A TIDAL SURGE DAMAGED THE +WA$UKUZA COASTLINE IN 3OUTH !FRICA "ASED ON A STRONG PROPOSAL AND PROJECT TEAM 33) WAS APPOINTED BY THE -UNICIPALITY TO DEVELOP AN INTEGRATED POLICY AND PLAN FOR THE PROTECTION AND DEVELOPMENT OF COASTAL ECOSYSTEMS AND RESOURCES 4HIS #OASTAL -ANAGEMENT 0ROGRAM INCLUDED A TRANSPARENT AND INCLUSIVE PROCESS WHEREBY STAKEHOLDERS COULD UNDERSTAND SUPPORT AND CONTRIBUTE TO THE FORMULATION OF THIS MANAGEMENT TOOL 33) IS THE FIRST 3OUTH !FRICAN CONSULTANCY COMPANY TO OFFER A DEDICATED INTEGRATED COASTAL MANAGEMENT SERVICE PACKAGE
%NERGY EFFICIENT SEWAGE TREATMENT !N INNOVATIVE NEW SEWAGE TREATMENT PLANT WILL BE BUILT IN THE $UTCH TOWN OF 3OERENDONK 4HE DESIGN TEAM FROM CLIENT 7ATERSCHAP $E $OMMEL SUPPORTED BY $(6 STAFF HAS CREATED A LOW MAINTENANCE ENERGY EFFICIENT AND ENVIRONMENTALLY FRIENDLY WATER PURIFICATION SYSTEM 4HIS COLLABORATION MADE THE MOST OF THE ADDED VALUE OF BOTH PARTIES 4HE CROWN JEWEL OF THE DESIGN IS THE WATER HARMONICA A WATER PURIFICATION MARSH WHERE ALGAE AND WATER FLEAS PROVIDE ADDITIONAL NATURAL PURIFICATION !FTER PURIFICATION AND THE INTRODUCTION OF INDIGENOUS FLORA AND FAUNA WASTEWATER FROM RESIDENTS WILL FLOW INTO A WINDING BROOK THE "UULDER !A AN IMPORTANT PART OF THE NATURAL LANDSCAPE
2ESERVOIR FOR POWER AND PROTECTION (YDROPROJEKT IS RESPONSIBLE FOR DESIGNING ALL TECHNICAL INSTALLATIONS OF THE NEW 3WINNA 0OREBA RESERVOIR LOCATED ON THE 0OLISH 3KAWA 2IVER 4HE PROJECT WAS COMMISSIONED BY THE 2EGIONAL #OUNCIL FOR 7ATER -ANAGEMENT A REGULAR (YDROPROJEKT CLIENT FOR ALMOST YEARS 4HE RESERVOIR WAS ORIGINALLY DESIGNED TO SUPPLY WATER TO THE 3ILESIA REGION )T WILL NOW BE USED PRIMARILY FOR FLOOD PROTECTION AND GENERATING CLEAN HYDROPOWER
0ROJECTS
7ATER Reservoir for power and protection
"UILDING AND )NDUSTRY Green US Consulate in China
Projects
Optimal design solar cell plant
DHV created the complete design, including architecture, construction technique and all installations, for the new plant of Belgian solar cell manufacturer Photovoltech. Sustainable water and energy saving solutions were incorporated into the design of this new 26,500 m2 plant. Using its extensive knowledge of the processes and installations, DHV translated the high standards that Photovoltech maintains for its production process into an optimal plant design.
Theater meets acoustic challenges
The new Wyly Theater in Dallas, Texas, commissioned by the Dallas Center for the Performing Arts, is located near a busy highway and under a flight path. With its impressive glass facades on three sides, the design presented an interesting acoustic challenge. DHV ensured that the theater meets the highest acoustic standards by using a high-tech solution which combines glass, sound-proof foil and air to keep out noise, resulting in a theater where you can hear a pin drop. DHV was also responsible for the acoustics within the main auditorium.
Head office energy efficiency rating from G to A
In renovating its head office in Amersfoort, DHV is improving its energy efficiency rating from G to A. That is quite an accomplishment if you consider that the building is nearly 40 years old. De key is the integral approach: we are connecting the façade, roof and installations to one another. The savings to be achieved are tremendous. Once the renovation is finished, the total gas consumption will be 75% lower than is currently the case, and electricity usage will be reduced by 25%. The CO2 emissions of the building will be 41% lower as a result. The entire renovation will be completed in January 2011. DHV is responsible for the entire design and project management of this renovation project.
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Modern office complex fits like a glove
The Outlook, a new office complex at Schiphol airport in the Netherlands literally fits right in with this dynamic airport. One of the challenges faced by DHV during construction was that the 3-level building, including a 2-level underground parking garage, was to be constructed less than 9 feet away from the main rail tunnel. DHV prepared a thorough risk analysis, so that the client, Schiphol Real Estate, was able to alleviate concerns on the part of the tunnel owner, ProRail.
< Green US Consulate in China
Wind turbine yields significant environmental gains
A 60% decrease in total annual electric energy consumption and a CO2 reduction of 3,400 tons a year. These gains are enjoyed by the SC Johnson company as a result of their new wind turbine. Contributions by DHV included a feasibility study and assistance with the tender process and construction. This extremely durable turbine enables the company to be less dependent on external energy supply. DHV calculations indicate that several energy-intensive companies may qualify for an alternative energy source.
The new consulate compound in Guangzhou, China, will be the US State Department’s first LEED™ certified diplomatic facility abroad. DHV is the consultant for all green building features and will manage the LEED™ (silver) certification process. DHV forms an integrated team with contractor China Huashi, and is responsible for streamlining communication between the contractor and the client. DHV will also ensure that the compound is built with high degrees of quality and in compliance with US codes and standards.
33
.OVEL SOLUTIONS FOR GOLD MINING 4HE NEW -ODDER %AST GOLD MINE IN *OHANNESBURG 3OUTH !FRICA IS USING HYDROPOWER TO POWER THE ROCK DRILLS 4HIS REDUCES ELECTRICITY CONSUMPTION BY )T IS ONE OF THE NOVEL SOLUTIONS ADVISED BY 4URGIS AS CONCEPT AND FEASIBILITY CONSULTANT TO THE MINE OWNER 'OLD /NE )NTERNATIONAL 4URGIS HAS ALSO UNDERTAKEN ASPECTS OF THE DETAILED DESIGN FOR THIS LONG TERM CLIENT 4HE MINE DESIGN IS NOVEL HAVING BOTH A VERTICAL AND A DECLINE SHAFT 4HE VERTICAL SHAFT MAKES RAPID TRANSPORT OF PEOPLE AND MATERIAL POSSIBLE WHILE THE DECLINE FACILITATES ACCESS TO THE OREBODY
3USTAINABLE DEVELOPMENT IN RURAL AREAS
$(6 IS PERFORMING THE ENVIRONMENTAL IMPACT ASSESSMENT FOR THE NEW ,ISBON AIRPORT ONE OF 0ORTUGAL´S BIGGEST AND MOST COMPLEX STUDIES 4HE GOVERNMENT CHOSE $(6 BASED ON THE HIGH TECHNICAL AND METHODOLOGICAL VALUE OF ITS PROPOSED APPROACH 4HE NEW AIRPORT IS SLATED TO BEGIN OPERATIONS IN AT !LCHOCHETE ON THE SOUTH SIDE OF THE 4AGUS 2IVER
$(6 )NDIA IS COMMITTED TO INTEGRATED AND SUSTAINABLE DEVELOPMENT OF RURAL AREAS !S PART OF THE +ARNATAKA 7ATERSHED $EVELOPMENT $(6 PROVIDED EXPERTISE FOR INCOME GENERATING ACTIVITIES FOR WOMEN AND BELOW POVERTY LINE HOUSEHOLDS IN THE 4UMKUR AND (AVERI DISTRICTS 0ROJECTS SUCH AS THESE CONTRIBUTE DIRECTLY TO IMPROVEMENTS IN LIVING CONDITIONS INCREASE SOCIAL EQUITY AND PROVIDE BETTER ACCESS TO WATER AND EMPLOYMENT OPPORTUNITIES
%)! FOR ,ISBON !IRPORT
!SSESSING THE EFFECTS OF A SHOPPING MALL $(6 COMPLETED A STUDY FOR THE $UTCH CITY OF 4ILBURG TO ASSESS THE IMPACT OF A LARGE MALL ON THE OUTSKIRTS OF THE CITY ON STORES IN THE CITY CENTER AND THE SURROUNDING TOWNS 4HE CITY WAS PLEASED WITH THE INDEPENDENT AND BALANCED STUDY AND CHARTERED $(6 FOR TWO FOLLOW UP ASSIGNMENTS 4HE FIRST WAS TO FORMULATE A VISION FOR THE DEVELOPMENT OF THE CITY CENTER INCLUDING WAYS TO MITIGATE NEGATIVE EFFECTS OF THE MALL 4HE SECOND WAS FOR A STRUCTURAL RETAIL CONCEPT FOR ALL OF 4ILBURG BASED ON THE MALL SCENARIO 4OGETHER WITH THESE EVALUATIONS AND A REFERENDUM IT WAS ULTIMATELY DECIDED THAT THE MALL WOULD NOT BE REALIZED
&ROM COMMERCIAL ZONE TO MULTI FUNCTIONAL NEIGHBORHOOD /VER THE NEXT TWENTY YEARS THE COMMERCIAL ZONE .IEUW "INCKHORST IN THE $UTCH CITY OF 4HE (AGUE WILL BE TRANSFORMED INTO A DESIRABLE URBAN NEIGHBORHOOD WITH HOMES OFFICES BUSINESSES AND RECREATIONAL FACILITIES $(6 WILL ASSIST THE CITY WITH SPATIAL PLANNING AND ASSESS THE DEVELOPMENT PLANS FOR THEIR EFFECTS ON THE ENVIRONMENT AND SUSTAINABILITY
0ROJECTS
3PATIAL 0LANNING AND %NVIRONMENT From commercial zone to multi-functional neighborhood
!VIATION Sustainable runway renovation
0ROJECTS
&IRST 'REEN !IRPORT IN #HINA .!#/ IS STUDYING OPTIONS FOR OPTIMIZING SUSTAINABILITY AT THE NEW +UNMING )NTERNATIONAL !IRPORT THE FIRST 'REEN !IRPORT IN #HINA 4HE STUDY IS THE LATEST IN A SERIES OF PROJECTS THAT .!#/ HAS CONDUCTED FOR THIS AIRPORT OVER THE PAST FOUR YEARS .!#/ IS FOCUSING ON THE EFFICIENCY OF AIRSIDE LAY OUT BY MEANS OF A SIMULATION STUDY AND IS ALSO ANALYZING THE EMISSIONS RESULTING FROM AIRSIDE ACTIVITIES )DENTIFYING MITIGATION MEASURES FOR #/ AND OTHER EMISSIONS OF AIRCRAFT AND GROUND SERVICE EQUIPMENT IS A FURTHER PROGRESSIVE STEP TOWARDS MANAGING THE SUSTAINABILITY OF THE AIRPORT 4HE PROJECT INCLUDES TRAINING OF LOCAL STAFF
&UTURE HUB AT CONTINENTAL CROSS ROAD
-ASTER PLANS EMPHASIZE ECONOMIC LAND USE
#AIRO )NTERNATIONAL !IRPORT AIMS TO BE A MAJOR HUB FOR TRAVELLERS FROM !FRICA THE -IDDLE %AST AND %UROPE .!#/ IS PREPARING DESIGN FOR THE RENOVATION OF 4ERMINAL WHICH WILL INCREASE ITS CAPACITY FROM TO MILLION PASSENGERS 3USTAINABLE FEATURES SUCH AS MAXIMIZING THE USE OF DAYLIGHT TO LOWER ENERGY CONSUMPTION ARE BEING INCORPORATED INTO THE DESIGN !T THE END OF PASSENGERS WILL ENJOY A MODERN TERMINAL WITH A HIGH INTERNATIONAL SERVICE STANDARD
4HE 3OUTH !FRICAN 0ORT %LIZABETH AND %AST ,ONDON AIRPORTS WILL REQUIRE ADDITIONAL CAPACITY TO HANDLE THE PROJECTED INCREASE IN PASSENGERS !IRPORTS #OMPANY 3OUTH !FRICA !#3! HAS COMMISSIONED .!#/ AND 33) TO CREATE THE AIRPORT MASTER PLANS IN WHICH THE DETAILS ARE ALSO CONCEPTUALIZED /NE OF THE BASIC PRINCIPLES HAS BEEN THE ECONOMIC USE OF AVAILABLE LAND AND SPACE .!#/ HAS DEVELOPED THE STRATEGY AND DESIGNED THE PLANS WHILE 33) HAS WORKED OUT THE DETAILS OF THE DESIGNS
)MPROVED INTERNATIONAL BAGGAGE PROCEDURES
3CHIPHOL %UROPE´S PREFERRED AIRPORT
)NTER6)34!3 HAS BEEN COMMISSIONED BY THE !IRPORT #OOPERATIVE 2ESEARCH 0ROGRAM !#20 OF THE 4RANSPORTATION 2ESEARCH "OARD 42" TO EXAMINE THE POTENTIAL TO ELIMINATE OR REDUCE THE NEED FOR BAGGAGE RECHECK FOR ARRIVING INTERNATIONAL PASSENGERS CONNECTING ONWARD )NTER6)34!3 WILL BE INVESTIGATING AND EVALUATING VARIOUS TECHNOLOGIES AND PROCESSES TO DEVELOP POTENTIAL ALTERNATIVE BAGGAGE PROCEDURES $ALLAS &ORT 7ORTH (ARTSFIELD !TLANTA AND 3AN &RANCISCO INTERNATIONAL AIRPORTS WERE SELECTED BY THE !#20 OVERSIGHT PANEL TO PERFORM A DETAILED STUDY OF THE INTERNATIONAL CONNECTION PROCESS
!MSTERDAM !IRPORT 3CHIPHOL IN THE .ETHERLANDS AIMS TO BE %UROPE´S PREFERRED AIRPORT CONTINUOUSLY EARNING ITS REPUTATION THROUGH TOP QUALITY AND INNOVATION .!#/ HAS BEEN A TEAM MEMBER IN ACHIEVING THIS AMBITION FOR ALMOST YEARS FROM STUDIES TO DETAILED IMPLEMENTATION 4HE EMPHASIS ON A COMMON GOAL AND MUTUAL TRUST ENABLES A HIGH DEGREE OF PERFORMANCE AND RESPONSIVENESS EVEN IN TIGHT TIMES "OTH .!#/ AND $(6 ARE CURRENTLY WORKING WITH PARTIES AT 3CHIPHOL ON SUCH INITIATIVES AS FUTURE TERMINAL DEVELOPMENT INCREASING SECURITY ENVIRONMENTAL ASSESSMENT AND SUSTAINABILITY WORKSHOPS
3USTAINABLE RUNWAY RENOVATION
&OR THE COMING FIVE YEARS A CONSORTIUM CONSISTING OF .!#/ AND -!! WILL LEAD THE RENOVATION AND UPGRADING OF 4AIWAN 4AOYUAN )NTERNATIONAL !IRPORT 4HE MAIN CHALLENGE IS TO MANAGE RUNWAY SAFETY AND AVAILABILITY WHILE MINIMIZING PROJECT DURATION 4HE PROJECT WILL USE NEW SUSTAINABLE PAVEMENT REHABILITATION TECHNIQUES SUCH AS RUBBLIZATION WHICH ALLOWS RE USE OF MOST OF THE EXISTING PAVEMENT MATERIAL A SOLUTION WHICH REDUCES BOTH THE COST AND ENVIRONMENTAL IMPACT
&INANCIAL 3TATEMENTS
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3UMMARY OF 3IGNI½CANT !CCOUNTING 0OLICIES 'ENERAL 4HE PRINCIPLE ACCOUNTING POLICIES APPLIED IN THE PREPARATION OF THESE CONSOLIDATED ½NANCIAL STATEMENTS ARE SET OUT BELOW 4HESE POLICIES HAVE BEEN CONSISTENTLY APPLIED TO ALL THE YEARS PRESENTED UNLESS OTHERWISE STATED #ERTAIN COMPARATIVE AMOUNTS HAVE BEEN RECLASSI½ED TO CONFORM WITH CHANGES IN THE CURRENT YEAR´S PRESENTATION
"ASIS OF PREPARATION 4HE CONSOLIDATED ½NANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH THE STATUTORY PROVISION OF 0ART "OOK OF THE .ETHERLANDS #IVIL #ODE AND THE ½NANCIAL REPORTING REQUIREMENTS AS SET FORTH IN THE 'UIDELINES FOR !NNUAL 2EPORTING IN THE .ETHERLANDS 4HE CONSOLIDATED ½NANCIAL STATEMENTS HAVE BEEN PREPARED UNDER THE HISTORICAL COST CONVENTION 4HE PREPARATION OF ½NANCIAL STATEMENTS IN CONFORMITY WITH 0ART "OOK OF THE .ETHERLANDS #IVIL #ODE REQUIRES THE USE OF CERTAIN CRITICAL ACCOUNTING ESTIMATES )T ALSO REQUIRES MANAGEMENT TO EXERCISE ITS JUDGMENT IN THE PROCESS OF APPLYING THE 'ROUP´S ACCOUNTING POLICIES 4HE AREAS INVOLVING A HIGHER DEGREE OF JUDGMENT OR COMPLEXITY OR AREAS WHERE ASSUMPTIONS AND ESTIMATES ARE SIGNI½CANT TO THE CONSOLIDATED ½NANCIAL STATEMENTS ARE DISCLOSED IN .OTE 4HE ½NANCIAL STATEMENTS OF THE CONSOLIDATED $UTCH GROUP COMPANIES OF $(6 (OLDING " 6 ARE PRESENTED IN ACCORDANCE WITH THE EXEMPTION AS PROVIDED IN 3ECTION "OOK OF THE .ETHERLANDS #IVIL #ODE )N ACCORDANCE WITH CHANGES TO 2* THE PROVISION FOR THE PENSION LIABILITY OF A SMALL NUMBER OF DE½NED BENE½T PLANS WAS RELEASED DIRECTLY THROUGH %QUITY IN THE BEGINNING OF
#ONSOLIDATION A 3UBSIDIARIES 3UBSIDIARIES ARE ALL ENTITIES INCLUDING SPECIAL PURPOSE ENTITIES OVER WHICH THE 'ROUP HAS THE POWER TO GOVERN THE ½NANCIAL AND OPERATING POLICIES GENERALLY ACCOMPANYING A SHAREHOLDING OF MORE THAN ONE HALF OF THE VOTING RIGHTS 4HE EXISTENCE AND EFFECT OF POTENTIAL VOTING RIGHTS THAT ARE CURRENTLY EXERCISABLE OR CONVERTIBLE ARE CONSIDERED WHEN ASSESSING WHETHER THE 'ROUP CONTROLS ANOTHER ENTITY #OMPANIES IN WHICH THE 'ROUP EXERCISES JOINT CONTROL ARE CONSOLIDATED ON A PRO RATA BASIS UNLESS ITS INTEREST IS NEGLIGIBLE 3UBSIDIARIES ARE FULLY CONSOLIDATED FROM THE DATE ON WHICH CONTROL IS ACQUIRED BY THE 'ROUP 4HEY ARE DE CONSOLIDATED FROM THE DATE THAT CONTROL CEASES OR A DECISION IS MADE TO CLOSE ITS OPERATIONAL ACTIVITIES 4HE MONETARY AMOUNT OR ITS EQUIVALENT THAT WAS AGREED FOR THE ACQUISITION OF THE BUSINESS PLUS ANY DIRECTLY ATTRIBUTABLE COSTS QUALI½ES AS THE ACQUISITION PRICE 4HE EXCESS OF THE COST
OF ACQUISITION OVER THE BOOK VALUE OF THE 'ROUP´S SHARE OF THE IDENTI½ABLE NET ASSETS ACQUIRED IS RECORDED AS GOODWILL )F THE ACQUISITION PRICE IS LOWER THAN THE BOOK VALUE OF THE NET IDENTI½ABLE ASSETS THE DIFFERENCE I E NEGATIVE GOODWILL IS OFFSET AGAINST POSITIVE GOODWILL )NTER COMPANY TRANSACTIONS BALANCES AND UNREALIZED GAINS ON TRANSACTIONS BETWEEN GROUP COMPANIES ARE ELIMINATED 5NREALIZED LOSSES ARE ALSO ELIMINATED BUT CONSIDERED AN IMPAIRMENT INDICATOR OF THE ASSET TRANSFERRED !CCOUNTING POLICIES OF SUBSIDIARIES HAVE BEEN CHANGED WHERE NECESSARY TO ENSURE CONSISTENCY WITH THE POLICIES ADOPTED BY THE 'ROUP B 4RANSACTIONS AND MINORITY INTERESTS 4HE 'ROUP APPLIES A POLICY OF TREATING TRANSACTIONS WITH MINORITY INTERESTS THE SAME AS WITH PARTIES EXTERNAL TO THE 'ROUP $ISPOSALS TO MINORITY INTERESTS THAT RESULT IN GAINS AND LOSSES FOR THE 'ROUP ARE RECORDED IN THE INCOME STATEMENT 0URCHASES FROM MINORITY INTERESTS CAN RESULT IN GOODWILL BEING THE DIFFERENCE BETWEEN ANY CONSIDERATION PAID AND THE RELEVANT SHARE ACQUIRED OF THE CARRYING VALUE OF NET ASSETS OF THE SUBSIDIARY -INORITY INTERESTS IN GROUP EQUITY ARE STATED AT THE AMOUNT OF THE NET INTEREST IN THE GROUP COMPANIES IN QUESTION
C .ON CONSOLIDATED PARTICIPATIONS .ON CONSOLIDATED PARTICIPATIONS ARE ALL ENTITIES OVER WHICH THE 'ROUP HAS SIGNI½CANT IN¾UENCE BUT NOT CONTROL GENERALLY ACCOMPANYING A SHAREHOLDING OF BETWEEN AND OF THE VOTING RIGHTS )NVESTMENTS IN PARTICIPATIONS ARE ACCOUNTED FOR USING THE EQUITY METHOD OF ACCOUNTING AND ARE STATED AT THEIR SHARE IN THE NET ASSET VALUE WHICH IS CALCULATED BASED ON THE ACCOUNTING POLICIES THAT ARE IN EFFECT FOR THESE ½NANCIAL STATEMENTS 4HE 'ROUP´S SHARE OF ITS PARTICIPATIONS´ POST ACQUISITION PRO½TS OR LOSSES IS RECOGNIZED IN THE INCOME STATEMENT AND ITS SHARE OF POST ACQUISITION MOVEMENTS IN RESERVES IS RECOGNIZED IN RESERVES 4HE CUMULATIVE POST ACQUISITION MOVEMENTS ARE ADJUSTED AGAINST THE CARRYING AMOUNT OF THE INVESTMENT 7HEN THE 'ROUP´S SHARE OF LOSSES IN A PARTICIPATION EQUALS OR EXCEEDS ITS INTEREST IN THE PARTICIPATION INCLUDING ANY OTHER UNSECURED RECEIVABLES THE 'ROUP DOES NOT RECOGNIZE FURTHER LOSSES UNLESS IT HAS INCURRED OBLIGATIONS OR MADE PAYMENTS ON BEHALF OF THE PARTICIPATION D *OINT VENTURES ! JOINT VENTURE IS A CONTRACTUAL ARRANGEMENT WHEREBY TWO OR MORE PARTIES UNDERTAKE AN ECONOMIC ACTIVITY THAT IS SUBJECT TO JOINT CONTROL *OINT VENTURES ARE STATED AT THEIR SHARE IN THE NET ASSET VALUE 7HEN THE 'ROUP´S SHARE OF LOSSES ARE GREATER THAN ITS INTEREST IN THE JOINT VENTURE FURTHER LOSSES ARE NOT RECOGNIZED UNLESS THE 'ROUP HAS INCURRED OBLIGATIONS OR MADE PAYMENTS ON BEHALF OF THE JOINT VENTURE 4HE RESULTS FROM JOINT VENTURES WHICH ARE REGARDED AS AN EXTENSION OF $(6 PROJECTS ARE RECOGNIZED AS OPERATING PRO½T
&INANCIAL 3TATEMENTS
&OREIGN CURRENCY TRANSLATION A &UNCTIONAL AND PRESENTATION CURRENCY )TEMS INCLUDED IN THE ½NANCIAL STATEMENTS OF EACH OF THE 'ROUP´S ENTITIES ARE MEASURED USING THE CURRENCY OF THE PRIMARY ECONOMIC ENVIRONMENT IN WHICH THE ENTITY OPERATES ±THE FUNCTIONAL CURRENCY² 4HE CONSOLIDATED ½NANCIAL STATEMENTS ARE PRESENTED IN EUROS WHICH IS THE #OMPANY´S FUNCTIONAL AND PRESENTATION CURRENCY B 4RANSACTIONS AND BALANCE &OREIGN CURRENCY TRANSACTIONS ARE TRANSLATED INTO THE FUNCTIONAL CURRENCY USING THE EXCHANGE RATES PREVAILING AT THE DATES OF THE TRANSACTIONS &OREIGN EXCHANGE GAINS AND LOSSES RESULTING FROM THE SETTLEMENT OF SUCH TRANSACTIONS AND FROM THE TRANSLATION AT YEAR END EXCHANGE RATES OF MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ARE RECOGNIZED IN THE INCOME STATEMENT C 'ROUP COMPANIES 4HE RESULTS AND ½NANCIAL POSITION OF ALL THE GROUP ENTITIES NONE OF WHICH HAS THE CURRENCY OF A HYPERIN¾ATIONARY ECONOMY THAT HAVE A FUNCTIONAL CURRENCY DIFFERENT FROM THE PRESENTATION CURRENCY ARE TRANSLATED INTO THE PRESENTATION CURRENCY AS FOLLOWS Â&#x201E; !SSETS AND LIABILITIES FOR EACH BALANCE SHEET PRESENTED ARE TRANSLATED AT THE CLOSING RATE AT THE DATE OF THAT BALANCE SHEET Â&#x201E; )NCOME AND EXPENSES FOR EACH INCOME STATEMENT ARE TRANSLATED AT AVERAGE EXCHANGE RATES UNLESS THIS AVERAGE IS NOT A REASONABLE APPROXIMATION OF THE CUMULATIVE EFFECT OF THE RATES PREVAILING ON THE TRANSACTION DATES IN WHICH CASE INCOME AND EXPENSES ARE TRANSLATED AT THE RATE ON THE DATES OF THE TRANSACTIONS Â&#x201E; !LL RESULTING EXCHANGE DIFFERENCES ARE RECOGNIZED AS A SEPARATE COMPONENT OF EQUITY /N CONSOLIDATION EXCHANGE DIFFERENCES ARISING FROM THE TRANSLATION OF THE NET INVESTMENT IN FOREIGN OPERATIONS AND OF BORROWINGS AND OTHER CURRENCY INSTRUMENTS DESIGNATED AS HEDGES OF SUCH INVESTMENTS ARE TAKEN TO SHAREHOLDERS´ EQUITY 7HEN A FOREIGN OPERATION IS PARTIALLY DISPOSED OF OR SOLD EXCHANGE DIFFERENCES THAT WERE RECORDED IN EQUITY ARE RECOGNIZED IN THE INCOME STATEMENT AS PART OF THE GAIN OR LOSS ON SALE
B 3OFTWARE 3OFTWARE INCLUDES INTERNALLY DEVELOPED AND PURCHASED SOFTWARE 4HE ESTIMATED USEFUL LIFE OF SOFTWARE IS YEARS
4ANGIBLE ½XED ASSETS ,AND AND BUILDINGS ARE STATED AT COST PLUS ADDITIONAL EXPENSES OR MANUFACTURING PRICE LESS ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES $EPRECIATION IS CALCULATED ON A STRAIGHT LINE BASIS OVER THE ESTIMATED LIFE OF THE ASSET ,AND IS NOT DEPRECIATED 3UBSEQUENT COSTS ARE INCLUDED IN THE ASSET´S CARRYING AMOUNT OR RECOGNIZED AS A SEPARATE ASSET AS APPROPRIATE ONLY WHEN IT IS PROBABLE THAT FUTURE ECONOMIC BENE½TS ASSOCIATED WITH THE ITEM WILL ¾OW TO THE 'ROUP AND THE COST OF THE ITEM CAN BE MEASURED RELIABLY 4HE CARRYING AMOUNT OF THE REPLACED PART IS DERECOGNIZED !LL OTHER REPAIRS AND MAINTENANCE ARE CHARGED TO THE INCOME STATEMENT DURING THE ½NANCIAL PERIOD IN WHICH THEY ARE INCURRED 4HE ESTIMATED AVERAGE USEFUL LIFE BY CATEGORY IS AS FOLLOWS "UILDINGS TO YEARS #OMPUTER HARDWARE TO YEARS /THER ½XED ASSETS TO YEARS 4HE COST OF MAJOR REPAIRS TO BUILDINGS IS CAPITALIZED AND DEPRECIATED OVER TO YEARS IF SUCH REPAIRS SHOULD EXTEND THE LIFE OF A BUILDING
)MPAIRMENT OF ½XED ASSETS 4HE 'ROUP ASSESSES AT EVERY BALANCE SHEET DATE WHETHER THERE IS ANY EVIDENCE THAT A ½XED ASSET IS IMPAIRED )F ANY SUCH EVIDENCE EXISTS THE RECOVERABLE AMOUNT OF THE ASSET IS DETERMINED )F IT SHOULD PROVE TO BE IMPOSSIBLE TO DETERMINE THE RECOVERABLE AMOUNT FOR THE INDIVIDUAL ASSET THE RECOVERABLE AMOUNT OF THE CASH GENERATING UNIT TO WHICH THE ASSET BELONGS IS DETERMINED ! LOSS QUALI½ES AS AN IMPAIRMENT LOSS IF THE BOOK VALUE OF AN ASSET IS HIGHER THAN ITS RECOVERABLE AMOUNT THE RECOVERABLE AMOUNT IS THE HIGHER OF NET REALISABLE VALUE AND VALUE IN USE )F IT IS ESTABLISHED THAT AN IMPAIRMENT THAT WAS RECOGNIZED IN THE PAST NO LONGER EXISTS OR HAS DECREASED THE INCREASED BOOK VALUE OF THE ASSET IN QUESTION IS NOT SET ANY HIGHER THAN THE BOOK VALUE THAT WOULD HAVE BEEN DETERMINED HAD NO IMPAIRMENT BEEN RECOGNIZED FOR THE ASSET
)NTANGIBLE ½XED ASSETS A 'OODWILL 'OODWILL AT ACQUISITION OF SUBSIDIARIES AND NON CONSOLIDATED PARTICIPATIONS IS CALCULATED IN ACCORDANCE WITH .OTE 'OODWILL IS AMORTIZED ON A STRAIGHT LINE BASIS OVER ITS ESTIMATED USEFUL LIFE OF NO MORE THAN YEARS 3EPARATELY RECOGNIZED GOODWILL IS TESTED ANNUALLY FOR IMPAIRMENT AND CARRIED AT COST LESS ACCUMULATED IMPAIRMENT LOSSES 'AINS AND LOSSES ON THE DISPOSAL OF AN ENTITY INCLUDE THE CARRYING AMOUNT OF GOODWILL RELATING TO THE ENTITY SOLD
7ORK IN PROGRESS 7ORK IN PROGRESS IS STATED AT THE SELLING PRICE &OR EACH PROJECT PRO½T IS ALLOCATED BY REFERENCE TO THE PERCENTAGE OF COMPLETION OF THE SERVICES PROVIDED AS A PROPORTION OF THE TOTAL SERVICE PROVISION %XPECTED LOSSES AND KNOWN RISKS ARE PROVIDED FOR IN THE PERIOD IN WHICH THEY BECOME KNOWN AND ARE CREDITED AGAINST 7ORK IN PROGRESS )N ADDITION PROGRESS INVOICES AND PAYMENTS RECEIVED IN ADVANCE ARE ALSO CREDITED AGAINST 7ORK IN PROGRESS
&INANCIAL 3TATEMENTS
2ECEIVABLES 2ECEIVABLES ARE STATED AT FACE VALUE NET OF ANY PROVISION FOR DOUBTFUL DEBTS 7HEN A RECEIVABLE IS UNCOLLECTIBLE IT IS WRITTEN OFF AGAINST THE PROVISION 3UBSEQUENT RECOVERIES OF AMOUNTS PREVIOUSLY WRITTEN OFF ARE CREDITED TO THE INCOME STATEMENT
#ASH AND CASH EQUIVALENTS #ASH AND CASH EQUIVALENTS INCLUDE CASH IN HAND DEPOSITS HELD AT CALL WITH BANKS OTHER SHORT TERM HIGHLY LIQUID INVESTMENTS WITH ORIGINAL MATURITIES OF THREE MONTHS OR LESS AND BANK OVERDRAFTS "ANK OVERDRAFTS ARE INCLUDED UNDER AMOUNTS OWED TO CREDIT INSTITUTIONS WHICH ARE DISCLOSED AS CURRENT LIABILITIES ON THE BALANCE SHEET
3HAREHOLDERS´ EQUITY 4HE CONSIDERATION PAID FOR THE REPURCHASE OF SHARES IS DEDUCTED FROM OTHER RESERVES UNTIL SUCH TIME THAT THESE SHARES ARE CANCELLED OR SOLD )F SHARES ARE SOLD ANY PROCEEDS ARE ADDED TO THE OTHER RESERVES #OSTS DIRECTLY RELATED TO THE PURCHASE SALE AND OR ISSUE OF NEW SHARES ARE RECOGNIZED DIRECTLY IN SHAREHOLDERS´ EQUITY NET OF ANY RELEVANT TAX EFFECTS /THER DIRECT MOVEMENTS IN SHAREHOLDERS´ EQUITY ARE ALSO RECOGNIZED NET OF ANY RELEVANT TAX EFFECTS
0ROVISIONS A 'ENERAL 0ROVISIONS FOR PROFESSIONAL INDEMNITY CLAIMS RESTRUCTURING COSTS AND LEGAL CLAIMS ARE RECOGNIZED WHEN THE 'ROUP HAS A PRESENT LEGAL OR CONSTRUCTIVE OBLIGATION AS A RESULT OF PAST EVENTS IT IS PROBABLE THAT AN OUT¾OW OF RESOURCES WILL BE REQUIRED TO SETTLE THE OBLIGATION AND THE AMOUNT HAS BEEN RELIABLY ESTIMATED 0ROVISIONS ARE MEASURED AT THE BEST ESTIMATE OF THE AMOUNT THAT IS NECESSARY TO SETTLE THE LIABILITY AT THE BALANCE SHEET DATE 7ITH THE EXCEPTION OF THE PENSION PROVISION PROVISIONS ARE STATED AT FACE VALUE 5NLESS STATED OTHERWISE PROVISIONS ARE OF A LONG TERM NATURE B 0ENSION AND ,ONG TERM EMPLOYEE BENE½TS )N THE .ETHERLANDS MOST EMPLOYEE PENSION ENTITLEMENTS ARE JOINED IN A GROUP DE½NED CONTRIBUTION PLAN WHICH IS ADMINIS TRATED BY 3TICHTING 0ENSIOENFONDS $(6 4HE CONTRIBUTIONS PAYABLE BY $(6 ARE RECOGNIZED IN THE PRO½T AND LOSS ACCOUNT FOR THE YEAR IN WHICH THEY ARE DUE )N ADDITION $(6 OPERATES A SMALL NUMBER OF DE½NED BENE½T PLANS WITH A LIMITED NUMBER OF PARTICIPANTS )N ACCORDANCE WITH CHANGES TO 2* THE PROVISION FOR THE PENSION LIABILITY OF A SMALL NUMBER OF DE½NED BENE½T PLANS WAS RELEASED DIRECTLY THROUGH %QUITY IN THE BEGINNING OF 4HE 'ROUP HAS COMMITMENTS FOR FUTURE BENE½TS TO EMPLOYEES BASED ON THEIR YEARS OF SERVICE
)NDEPENDENT ACTUARIES CALCULATE THIS PROVISION ANNUALLY BASED ON THE PROJECTED UNIT CREDIT METHOD !CTUARIAL GAINS OR LOSSES ARE RECOGNIZED IN THE PRO½T AND LOSS ACCOUNT WHEN THEY ARISE C $EFERRED INCOME TAX $EFERRED INCOME TAX IS PROVIDED ON TEMPORARY DIFFERENCES ARISING BETWEEN THE TAX BASES OF ASSETS AND LIABILITIES AND THEIR CARRYING AMOUNTS IN THE CONSOLIDATED ½NANCIAL STATEMENTS $EFERRED INCOME TAX IS DETERMINED USING TAX RATES AND LAWS THAT HAVE BEEN ENACTED OR SUBSTANTIALLY ENACTED BY THE BALANCE SHEET DATE AND ARE EXPECTED TO APPLY WHEN THE RELATED DEFERRED INCOME TAX ASSET IS REALIZED OR THE DEFERRED INCOME TAX LIABILITY IS SETTLED $EFERRED TAX IS STATED AT NOMINAL VALUE $EFERRED INCOME TAX ASSETS ARE RECOGNIZED TO THE EXTENT THAT IT IS PROBABLE THAT FUTURE TAXABLE PRO½T WILL BE AVAILABLE AGAINST WHICH THE TEMPORARY DIFFERENCES CAN BE UTILIZED
,ONG TERM LIABILITIES "ORROWINGS ARE RECOGNIZED INITIALLY AT NOMINAL VALUE NET OF TRANSACTION COSTS INCURRED "ORROWINGS ARE SUBSEQUENTLY STATED AT AMORTIZED COST ANY DIFFERENCE BETWEEN THE PROCEEDS NET OF TRANSACTION COSTS AND THE REDEMPTION VALUE IS RECOGNIZED IN THE INCOME STATEMENT OVER THE PERIOD OF THE BORROWINGS USING THE EFFECTIVE INTEREST METHOD "ORROWINGS ARE CLASSI½ED AS CURRENT LIABILITIES UNLESS THE 'ROUP HAS AN UNCONDITIONAL RIGHT TO DEFER SETTLEMENT OF THE LIABILITY FOR AT LEAST MONTHS AFTER THE BALANCE SHEET DATE
,EASES A &INANCE LEASE 4HE 'ROUP LEASES SOME OF ITS ½XED ASSETS WHERE IT RETAINS SUBSTANTIALLY ALL THE RISKS AND REWARDS OF OWNERSHIP OF THESE ASSETS 4HESE ASSETS ARE CAPITALIZED AS SOON AS THE LEASE CONTRACT IS CONCLUDED AT THE LOWER OF THE FAIR VALUE OF THE ASSET OR THE PRESENT VALUE OF THE MINIMUM LEASE INSTALMENTS ,EASE COMMITMENTS ARE RECOGNIZED AS LONG TERM LIABILITIES EXCLUSIVE OF INTEREST 4HE INTEREST COMPONENT IS RECOGNIZED IN THE PRO½T AND LOSS ACCOUNT PROPORTIONATE TO THE LEASE INSTALMENTS 4HE RELEVANT ASSETS ARE DEPRECIATED BASED ON THEIR ESTIMATED USEFUL LIFE OR THE LEASE PERIOD IF SHORTER B /PERATING LEASE ,EASES IN WHICH A SIGNI½CANT PORTION OF THE RISKS AND REWARDS OF OWNERSHIP ARE NOT RETAINED BY THE LESSOR ARE CLASSI½ED AS OPERATING LEASES 0AYMENTS MADE UNDER OPERATING LEASES NET OF ANY INCENTIVES RECEIVED FROM THE LESSOR ARE CHARGED TO THE INCOME STATEMENT
&INANCIAL INSTRUMENTS 4HE 'ROUP HEDGES CURRENCY RISKS THROUGH THE USE OF ½NANCIAL INSTRUMENTS .O ½NANCIAL INSTRUMENTS ARE HELD FOR TRADING
&INANCIAL 3TATEMENTS
PURPOSES &INANCIAL INSTRUMENTS ARE NOT DISCLOSED IN THE BALANCE SHEET 4HE MARKET VALUE INCLUDED IN THE NOTES REPRESENTS THE DIFFERENCE BETWEEN THE FACE VALE AND THE FAIR VALUE AT THE BALANCE SHEET DATE
2EVENUE RECOGNITION A 'ENERAL 0RO½T REPRESENTS INCOME FROM SERVICES RENDERED LESS EXPENSES AND OTHER COSTS ATTRIBUTABLE TO THE ½NANCIAL YEAR 'AINS OR LOSSES ON TRANSACTIONS ARE RECOGNIZED IN THE YEAR IN WHICH THEY ARE POSTED 0RO½T ON ORDERS IS RECOGNIZED IN ACCORDANCE WITH THE PERCENTAGE OF COMPLETION 0/# METHOD )T INCLUDES PRO½T ON ORDERS EXECUTED ENTIRELY FOR THE 'ROUP´S OWN ACCOUNT AND RISK AS WELL AS A SHARE OF THE PRO½T ON ORDERS EXECUTED TOGETHER WITH PARTNERS 2EVENUE FROM TIME AND MATERIAL CONTRACTS TYPICALLY FROM DELIVERING DESIGN SERVICES IS RECOGNIZED AT THE CONTRACTUAL RATES AS LABOUR HOURS ARE DELIVERED AND DIRECT EXPENSES INCURRED 2EVENUE FROM ½XED PRICE AND PERCENTAGE FEE BASED CONTRACTS FOR DELIVERING DESIGN SERVICES IS RECOGNIZED UNDER THE 0/# METHOD 5NDER THE 0/# METHOD REVENUE IS GENERALLY RECOGNIZED BASED ON THE SERVICES PERFORMED TO DATE AS A PERCENTAGE OF THE TOTAL SERVICES TO BE PERFORMED %XPECTED LOSSES AND KNOWN RISKS ARE PROVIDED FOR IN THE PERIOD IN WHICH THEY BECOME KNOWN AND ARE CREDITED AGAINST 7ORK IN PROGRESS B .ET TURNOVER 4URNOVER COMPRISES THE FAIR VALUE OF THE CONSIDERATION FOR THE SALE OF GOODS AND SERVICES TO THIRD PARTIES NET OF DISCOUNTS AND EXCLUSIVE OF VALUE ADDED TAX ATTRIBUTABLE TO ACTIVITIES PERFORMED DURING THE REPORTING PERIOD C -OVEMENT WORK IN PROGRESS !T THE BALANCE SHEET DATE THE INVOICING OF PROJECTS DOES NOT EQUAL PROJECT COSTS OR PROJECT RESULTS 4HE DIFFERENCE BETWEEN THESE TWO AMOUNTS AT *ANUARY AND $ECEMBER IS SHOWN SEPARATELY AS A PART OF TOTAL REVENUE
D /PERATING COSTS /PERATING COSTS ARE ALLOCATED TO THE REPORTING PERIOD TO WHICH THEY RELATE E 'OVERNMENT GRANTS /PERATING GRANTS ARE RECOGNIZED AS AN INCOME ITEM IN THE PRO½T AND LOSS ACCOUNT IN THE YEAR IN WHICH THE SUBSIDIZED COSTS ARE INCURRED INCOME IS LOST OR A SUBSIDIZED OPERATING DE½CIT HAS OCCURRED 'RANTS ARE RECOGNIZED AS SOON AS IT IS LIKELY THAT THEY WILL BE RECEIVED AND THE 'ROUP WILL COMPLY WITH ALL ATTACHED CONDITIONS F .ET INTEREST EXPENSE .ET INTEREST EXPENSE COMPRISE OF INTEREST RECEIVED AND PAID AND ARE ALLOCATED TO THE PERIOD TO WHICH THEY RELATE G $IVIDEND INCOME $IVIDEND INCOME IS RECOGNIZED WHEN THE RIGHT TO RECEIVE PAYMENT IS ESTABLISHED H $IVIDEND DISTRIBUTION $IVIDEND DISTRIBUTION TO SHAREHOLDERS IS RECOGNIZED AS A LIABILITY IN THE 'ROUP´S ½NANCIAL STATEMENTS IN THE PERIOD IN WHICH THE DIVIDENDS ARE APPROVED BY THE #OMPANY´S SHAREHOLDERS
#RITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS 4HE 'ROUP MAKES ESTIMATES AND ASSUMPTIONS CONCERNING THE FUTURE THE RESULTING ACCOUNTING ESTIMATES WILL BY DE½NITION RARELY EQUAL THE RELATED ACTUAL RESULTS 4HE ESTIMATES AND ASSUMPTIONS THAT HAVE A SIGNI½CANT RISK OF CAUSING A MATERIAL ADJUSTMENT TO THE CARRYING AMOUNTS OF ASSETS AND LIABILITIES WITHIN THE NEXT ½NANCIAL YEAR ARE OUTLINED BELOW A 2EVENUE RECOGNITION 4HE 'ROUP USES THE PERCENTAGE OF COMPLETION METHOD IN ACCOUNTING FOR ITS ½XED PRICE CONTRACTS TO DELIVER DESIGN SERVICES 5SE OF THE PERCENTAGE OF COMPLETION METHOD REQUIRES THE 'ROUP TO ESTIMATE THE SERVICES PERFORMED TO DATE AS A PROPORTION OF THE TOTAL SERVICES TO BE PERFORMED
&INANCIAL 3TATEMENTS
.OTES TO THE #ONSOLIDATED &INANCIAL 3TATEMENTS )NTANGIBLE ½XED ASSETS
=
'OODWILL
3OFTWARE
4OTAL
'OODWILL
3OFTWARE
4OTAL
!DDITIONS
%XCHANGE RATE MOVEMENTS
"ALANCE AT *ANUARY
!MORTIZATION
*ANUARY
$ECEMBER
#OST "ALANCE AT *ANUARY
.EW CONSOLIDATIONS "ALANCE AT $ECEMBER !MORTIZATION
%XCHANGE RATE MOVEMENTS .EW CONSOLIDATIONS "ALANCE AT $ECEMBER "OOK VALUE
4HE BOOK VALUE OF 'OODWILL IS GEOGRAPHICALLY DIVIDED AS FOLLOWS
.ORTH !MERICA
!FRICA
4HE .ETHERLANDS
%UROPE EXCLUDING THE .ETHERLANDS
4OTAL
)NCLUDED IN 3OFTWARE IS AN AMOUNT OF ` MILLION REPRESENTING SOFTWARE UNDER DEVELOPMENT WHICH IS NOT YET AMORTIZED
E THOUSANDS
&INANCIAL 3TATEMENTS
4ANGIBLE ½XED ASSETS
=
,AND AND BUILDINGS
#OMPUTER HARDWARE
/THER ½XED ASSETS
4OTAL
,AND AND BUILDINGS
#OMPUTER HARDWARE
/THER ½XED ASSETS
4OTAL
#OST "ALANCE AT *ANUARY
!DDITIONS
$ISPOSALS
%XCHANGE RATE MOVEMENTS
.EW CONSOLIDATIONS
$ECONSOLIDATIONS
.EW CONSOLIDATIONS
$ECONSOLIDATIONS
*ANUARY
$ECEMBER
"ALANCE AT $ECEMBER $EPRECIATION "ALANCE AT *ANUARY $EPRECIATION $ISPOSALS %XCHANGE RATE MOVEMENTS
"ALANCE AT $ECEMBER
"OOK VALUE
,AND IS STATED AT COST BEING ` MILLION "ASED ON THE MOST RECENT APPRAISAL THE ACTUAL VALUE OF THE BUILDINGS IS APPROXIMATELY ` MILLION ,AND AND BUILDINGS WITH A BOOK VALUE OF ` MILLION ARE ENCUMBERED ,AND AND BUILDINGS WITH A BOOK VALUE OF ` MILLION ARE NOT YET IN USE AND NOT DEPRECIATED !N UNDISCLOSED NET RESERVE OF ` MILLION EXISTS DUE TO THE MARKET VALUE OF LAND AND BUILDINGS EXCEEDING ITS BOOK VALUE
4ANGIBLE ASSETS WITH THE FOLLOWING BOOK VALUES ARE HELD UNDER ½NANCIAL LEASE
,AND AND BUILDINGS
#OMPUTER HARDWARE
/THER ½XED ASSETS
4OTAL
,AND AND BUILDINGS
#OMPUTER HARDWARE
/THER ½XED ASSETS
4OTAL
E THOUSANDS
&INANCIAL 3TATEMENTS
&INANCIAL ½XED ASSETS
=
0ARTICIPATING INTERESTS
!MOUNTS OWED BY PARTICIPATING INTERESTS
4OTAL
0ARTICIPATING INTERESTS
!MOUNTS OWED BY PARTICIPATING INTERESTS
4OTAL
"ALANCE AT *ANUARY -OVEMENT IN BOOK VALUE )NVESTMENTS
%XCHANGE RATE MOVEMENTS
%QUITY SHARE INCOME
!SSETS
,IABILITIES
.ET
!SSETS
,IABILITIES
$ISPOSALS
$IVIDEND DISTRIBUTION
"ALANCE AT $ECEMBER )NCLUDED IN %QUITY SHARE INCOME IS AN AMOUNT OF ` MILLION RECOGNIZED AS OPERATING LOSS IN THE INCOME STATEMENT
PARTICIPATING INTERESTS ARE INCLUDED WITH A TOTAL EQUITY DE½CIT OF ` MILLION UNDER THE EQUITY METHOD OF ACCOUNTING ` MILLION &OR AN OVERVIEW OF PARTICIPATING INTERESTS REFER TO THE SECTION ENTITLED ³/THER INFORMATION´ ON PAGE
$EFERRED TAXATION
=
3OURCES OF DEFERRAL
.ET
"UILDINGS
0ROJECTS
0ROVISIONS
4AX LOSSES
/THER
0ENSIONS
"ALANCE AT $ECEMBER
7ORK IN PROGRESS
=
"ALANCE OF WORK IN PROGRESS
0AYMENTS ON ACCOUNT
)NVOICED IN ADVANCE
E THOUSANDS
&INANCIAL 3TATEMENTS
2ECEIVABLES
=
4OTAL
&ALLING DUE YEAR
4OTAL
&ALLING DUE YEAR
0ARTICIPATING INTERESTS
/THER RECEIVABLES
4RADE DEBTORS
0REPAYMENTS
4HE PROVISION FOR DOUBTFUL DEBTS WAS RAISED ON THE STATIC METHOD &OR IT AMOUNTED TO ` MILLION ` MILLION
#ASH AND CASH EQUIVALENTS
=
#ASH AT BANK AND IN HAND DOES NOT INCLUDE ANY DEPOSITS ` NIL
0ROVISIONS
=
0ENSIONS AND ,ONG TERM EMPLOYEE BENE½TS
/THER
4OTAL
"ALANCE AT *ANUARY -OVEMENT 2ECOGNIZED DIRECTLY IN %QUITY
7ITHDRAWALS
%XCHANGE RATE MOVEMENTS
!DDITIONS
"ALANCE AT $ECEMBER
0ENSIONS -OST OF THE $UTCH DE½NED CONTRIBUTION PENSION PLANS ARE ADMINISTERED
RELEASED DIRECTLY THROUGH %QUITY IN THE BEGINNING OF 4HE TAX
BY 3TICHTING 0ENSIOENFONDS $(6 )N ADDITION TO THE AFOREMENTIONED
EFFECT OF THE PENSION PROVISION RELEASE IS INCLUDED IN THE MOVEMENT OF
PLANS $(6 OPERATES DE½NED CONTRIBUTION PLANS BOTH IN AND OUTSIDE
DEFERRED TAXATION 4HE OBLIGATION DISCLOSED IN THE BALANCE SHEET CONSISTS
THE .ETHERLANDS )N ACCORDANCE WITH CHANGES TO 2* THE NET PROVISION
OF A PROVISION FOR ACCUMULATED BENE½T OBLIGATIONS FOR PERSONNEL OF THE
FOR THE PENSION LIABILITY OF A SMALL NUMBER OF DE½NED BENE½T PLANS WAS
.ETHERLANDS BASED COMPANIES
E THOUSANDS
&INANCIAL 3TATEMENTS
4HE FUNDED STAFF OBLIGATIONS CAN BE BROKEN DOWN AS FOLLOWS
0RESENT VALUE OF FUNDED STAFF OBLIGATIONS &AIR VALUE OF PLAN ASSETS 3UBTOTAL 5NRECOGNIZED GAINS AND LOSSES
"ALANCE AT
0RO½T AND LOSS ACCOUNT
!CTUARIAL PRO½T LOSS
"ALANCE AT
.ET FUNDED STAFF OBLIGATION
#ASH AND CASH EQUIVALENTS
4HE KEY ACTUARIAL PRINCIPLES ARE AS FOLLOWS
$ISCOUNT RATE
%XPECTED RETURN ON INVESTMENTS
%XPECTED PENSION INDEXATIONS
%XPECTED SALARY INCREASES
/THER PROVISIONS
/THER PROVISIONS RELATE MAINLY TO OBLIGATIONS BY VIRTUE OF
RESTRUCTURING AND REDUNDANCY OBLIGATIONS AS WELL AS CLAIMS 4HE PROVISION FOR RESTRUCTURING CONCERNS THE COSTS THAT ARE DIRECTLY RELATED TO INITIATED REORGANIZATIONS 4HE RESTRUCTURING PROVISION IS MADE AS SOON AS A DETAILED PLAN HAS BEEN DRAWN UP FOR A REORGANIZATION AND THIS PLAN HAS BEEN COMMUNICATED TO THOSE AFFECTED
,ONG TERM LIABILITIES
=
4OTAL DUE YEAR
$UE YEAR
$UE YEAR
$UE YEAR
4OTAL DUE YEAR
&INANCE LEASE
/THER
-ORTGAGE LOAN
2EPAYMENT OBLIGATIONS DUE WITHIN MONTHS OF THE END OF THE ½NAN
AT AN %URIBOR DENOMINATED INTEREST RATE !N AMOUNT OF ` MILLION
CIAL YEAR ARE DISCLOSED UNDER CURRENT LIABILITIES 4HE MORTGAGE LOAN HAS
IS SWAPPED TO A ½XED RATE OF 4HE DEBT COVENANT FOR THIS FACILITY
A REMAINING TERM OF YEARS &IXED INTEREST RATES OF AND
STATES THAT THE .ET DEBT TO %")4$! RATIO MUST NOT EXCEED
APPLY TO AMOUNTS OF ` MILLION AND ` MILLION RESPECTIVELY /N
AND THE INTEREST COVER RATIO SHALL NOT BE LOWER THAN O !T $ECEMBER
-ARCH $(6 (OLDING "6 CONCLUDED AN UNSECURED MEDIUM
THE %")4$! RATIO IS AND THE INTEREST COVER RATIO IS
TERM LOAN FACILITY OF ` MILLION WITH TWO BANKS IN THE .ETHERLANDS
E THOUSANDS
&INANCIAL 3TATEMENTS
#URRENT LIABILITIES
=
!MOUNTS OWED TO CREDIT INSTITUTIONS
3HORT TERM PORTION OF LONG TERM LIABILITIES
4RADE CREDITORS
4AXATION AND SOCIAL SECURITY
/THER LIABILITIES
!CCRUALS AND DEFERRED LIABILITIES
!MOUNTS OWED TO PARTICIPATING INTERESTS
"ANK OVERDRAFT AND SHORT TERM LOAN FACILITIES HAVE BEEN NEGOTIATED WITH CREDIT INSTITUTIONS 4HE AVERAGE INTEREST RATE IN ON THESE SHORT TERM FACILITIES WAS 4HESE FACILITIES ARE UNSE CURED EXCEPT FOR PARI PASSU CLAUSES
#OMMITMENTS NOT DISCLOSED IN THE BALANCE SHEET
=
,ONG TERM COMMITMENTS
&UTURE COMMITMENTS UNDER OPERATING LEASE AGREEMENTS ARE AS FOLLOWS
$UE WITHIN YEAR
$UE WITHIN TO YEARS
$UE AFTER MORE THAN YEARS
$ELAYED ACQUISITION COST
$ECLARATION OF LIABILITY
4HE 'ROUP HAS COMMITMENTS IN RESPECT OF CONTRACTUAL EARN OUT
4HE #OMPANY HAS ISSUED A DECLARATION OF JOINT AND SEVERAL LIABILITY FOR
AGREEMENTS TOWARDS THE VENDORS OF CERTAIN BUSINESSES ACQUIRED IN
MOST OF THE $UTCH GROUP COMPANIES AS REFERRED TO IN 3ECTION "OOK
THE PAST 4HE ½NAL PAYMENT DATE UNDER THESE AGREEMENTS SHOULD ALL
OF THE .ETHERLANDS #IVIL #ODE 4HE #OMPANY HAS ALSO ISSUED A LETTER
CONDITIONS BE MET WILL BE IN
OF SUPPORT TO ITS OPERATING SUBSIDIARY IN 0ORTUGAL 4HE 'ROUP IS SEVER
ALLY LIABLE FOR ALL DEBTS OF THE JOINT VENTURES REFERRED TO IN THE SECTION
$URING THE YEAR THE 'ROUP PAID AN ADDITIONAL CASH CONSIDERATION OF
ENTITLED ³/THER INFORMATION´ )N ADDITION THE 'ROUP IN THE .ETHERLANDS
` MILLION TO THE VENDORS OF 3TEWART 3COTT )NTERNATIONAL (OLDINGS
IS LIABLE FOR ANY OBLIGATIONS ARISING UNDER THE $UTCH 3EQUENTIAL ,IABIL
0TY ,TD AND )NTER6)34!3 #ONSULTING )NC IN RESPECT OF THESE AGREE
ITY !CT
MENTS AND THE AMOUNTS WERE RECOGNIZED AS ADDITIONAL 'OODWILL
5NRECOGNIZED LIABILITIES
'UARANTEES
4HE 'ROUP IS INVOLVED IN SIX LEGAL PROCEEDINGS 4HE 'ROUP HAS ADEQUATE
!T $ECEMBER THE 'ROUP HAD CONTINGENT LIABILITIES IN RESPECT
PROFESSIONAL LIABILITY INSURANCES &IVE OF THESE PROCEEDINGS ARE MINOR
OF GUARANTEES PROVIDED TO THIRD PARTIES ARISING IN THE ORDINARY COURSE
CASES /NE CLIENT ½LED A CLAIM AGAINST A CONSORTIUM IN WHICH $(6
OF BUSINESS TO THE VALUE OF ` MILLION ` MILLION
PARTICIPATES "ASED ON THE CURRENTLY AVAILABLE INFORMATION $(6 HAS
PROVIDED FOR EXPECTED COSTS AND EXPOSURE
4AX RISKS
"Y VIRTUE OF ITS OPERATIONS IN VARIOUS COUNTRIES THE 'ROUP INCURS OPERATIONAL AND OR TAX CLAIMS 7HERE THEIR EFFECT CAN BE REASONABLY ESTIMATED SUCH CLAIMS ARE PROVIDED FOR AS SOON AS THEY ARISE 4HE EXISTING PROVISIONS ARE CONSIDERED SUF½CIENT TO COVER THE POTENTIAL CONSEQUENCES OF PENDING CLAIMS E THOUSANDS
&INANCIAL 3TATEMENTS
&INANCIAL INSTRUMENTS
=
&INANCIAL INSTRUMENTS NOT DISCLOSED AND ACCOUNTED FOR IN THE BALANCE SHEET
#REDIT RISK
!T $ECEMBER THE FAIR VALUE OF THE FORWARD EXCHANGE CONTRACTS
SHEET AT $ECEMBER IS EQUAL TO THEIR NET BOOK VALUE 4HERE IS
AMOUNTED TO ` MILLION NEGATIVE ` MILLION POSITIVE
VIRTUALLY NO CONCENTRATION OF CREDIT RISK
4HE MAXIMUM CREDIT RISK FOR THE INSTRUMENTS INCLUDED IN THE BALANCE
)NTEREST RATE RISK
&AIR VALUE OF ½NANCIAL ASSETS AND LIABILITIES
.O ½NANCIAL INSTRUMENTS WERE EMPLOYED TO HEDGE THE INTEREST RATE
7ITH THE EXECPTION OF LONG TERM LIABILITIES THE FAIR VALUE IS EQUAL TO
RISK ON THE BALANCE OF NET CURRENT ASSETS AND LIABILITIES IN THE ½NANCIAL
THE BOOK VALUE 4HE FAIR VALUE OF THE MORTGAGE LOAN AND THE ½NANCE
YEAR EXCEPT FOR THE INTEREST SWAP ON THE MEDIUM TERM LOAN AS
LEASE IS APPROXIMATELY ` MILLION ` MILLION
DISCLOSED IN .OTE
.ET TURNOVER
=
4URNOVER BY REGION
!FRICA
!SIA
%UROPE EXCLUDING THE .ETHERLANDS
.ORTH !MERICA
4RANSPORTATION
7ATER
"UILDING AND )NDUSTRY
3PATIAL 0LANNING AND %NVIRONMENT
!VIATION
0ENSION COSTS
3OCIAL SECURITY COSTS
4HE .ETHERLANDS
4URNOVER BY MARKET
3TAFF COSTS
=
3ALARIES AND WAGES
0RO½T SHARING
E THOUSANDS
&INANCIAL 3TATEMENTS
%XECUTIVE "OARD AND 3UPERVISORY "OARD 4HE %XECUTIVE AND 3UPERVISORY "OARD DIRECTORS WERE REMUNERATED IN AS LISTED BELOW 4HE AMOUNTS ARE EXCLUSIVE OF ANY EXPENSE ALLOWANCES &OR FURTHER DETAILS REFER TO THE 2EMUNERATION 2EPORT ON OUR WEBSITE WWW DHVGROUP COM CORPORATEGOVERNANCE
4OTAL
4OTAL
6ARIABLE
" - VAN %E 0RESIDENT
0 7 "ESSELINK 6ICE 0RESIDENT
IN E
0ENSION
3ALARY INCL SOCIAL SECURITY COSTS
%XECUTIVE "OARD
3UPERVISORY "OARD $R 7 VAN 6ONNO #HAIRMAN
3 - $EKKER
* ( - ,INDENBERGH
! " - VAN DER 0LAS 6ICE #HAIRMAN
! 0 - VAN DER 0OEL
7ORKFORCE BY REGION )N THE ½NANCIAL PERIOD THERE WERE ON AVERAGE &4%´S EMPLOYED BY $(6 (OLDING "6 AND ITS GROUP COMPANIES 4HE AVERAGE WORKFORCE BY REGION IS AS FOLLOWS IN FULL TIME EQUIVALENTS
4HE .ETHERLANDS
!FRICA
!SIA
%UROPE EXCLUDING THE .ETHERLANDS
.ORTH !MERICA
&INANCIAL 3TATEMENTS
/THER OPERATING COSTS
=
4EMPORARY STAFF
7ORK BY THIRD PARTIES
/F½CE EXPENSES
4RAVEL AND ACCOMMODATION
/CCUPANCY COSTS
/THER OPERATING EXPENSES
!UDIT FEES OTHER
/THER SERVICES
)NTEREST INCOME
)NTEREST EXPENSE
)NCLUDED IN 7ORK BY THIRD PARTIES ARE FEES PAID TO THE STATUTORY AUDITOR OF THE 'ROUP FOR PROFESSIONAL SERVICES RELATING TO
!UDIT FEES ANNUAL ½NANCIAL STATEMENTS
4HE ABOVEMENTIONED REMUNERATION FOR SERVICES TO THE #OMPANY AND ITS CONSOLIDATED ENTITIES WERE PROVIDED BY ACCOUNTING ½RMS AND EXTERNAL ACCOUNTANTS AS MENTIONED IN 3ECTION PART OF THE !CT ³3UPERVISION !CCOUNTANT /RGANIZATIONS´
.ET INTEREST EXPENSE
=
E THOUSANDS
&INANCIAL 3TATEMENTS
4AXATION
=
'ROSS AMOUNT
4AXATION
'ROSS AMOUNT
4AXATION
%XPLANATION EFFECTIVE TAX RATE 0RO½T BEFORE TAXATION 2ESULT NON CONSOLIDATED PARTICIPATIONS 'ROUP PRO½T BEFORE TAXATION
.OMINAL TAX RATE IN THE .ETHERLANDS
&OREIGN TAX RATE DIFFERENCES
0ERMANENT NON TAXABLE INCOME
0ERMANENT DISALLOWED EXPENSES
4AX LOSSES NOT RECOGNIZED
!DJUSTMENTS FOR PREVIOUS YEARS
)MPACT OF LIQUIDATING LOSSES
%FFECTIVE TAX RATE
%XPLANATION TAX EXPENSE #URRENT YEAR
!DJUSTMENTS FOR PREVIOUS YEARS
4OTAL CURRENT TAX
$EFERRED TAX
4OTAL TAX EXPENSE
4AX RECOGNIZED DIRECTLY IN %QUITY
4AX EXPENSE PER PRO½T AND LOSS ACCOUNT
E THOUSANDS
&INANCIAL 3TATEMENTS
-OVEMENTS IN CONSOLIDATED INVESTMENTS
=
4HE FOLLOWING ACQUISITIONS WERE MADE IN #OUNTRY
!CQUIRED
(OLDING AT
#ONSOLIDATED FROM
!CQUISITIONS )NTER6)34!3 #ONSULTING ,,# $(6 .0# " 6
53!
*ANUARY
4HE .ETHERLANDS
-ARCH
%FFECT OF !CQUISITIONS
=
!CQUISITIONS
!SSETS 2ECEIVABLES
#ASH AND CASH EQUIVALENTS
4OTAL ASSETS
,IABILITIES 3HORT TERM LIABILITIES
4OTAL SHAREHOLDERS´ EQUITY
2ECOGNIZED GOODWILL
4OTAL LIABILITIES
!MOUNTS NOT YET PAID
#ASH AND CASH EQUIVALENTS ACQUIRED
.ET CASH OUT¾OW
E THOUSANDS
&INANCIAL 3TATEMENTS
2ELATED PARTIES
/THER RELATED PARTIES
2ELATED PARTIES COMPRISE OF PARTICIPATING INTERESTS GROUP COMPANIES
$(6 &OUNDATION
JOINT VENTURES THE %XECUTIVE "OARD THE 3UPERVISORY "OARD AND THE
4HE &OUNDATION HOLDS ABOUT OF THE ORDINARY SHARES 4HE 7ORKS
%XECUTIVE #OUNCIL
#OUNCIL THE 3UPERVISORY "OARD AND THE %XECUTIVE "OARD JOINTLY EACH
=
APPOINT A MEMBER TO THE &OUNDATION´S "OARD
0ARTICIPATING INTERESTS
&OR A LIST OF KEY PARTICIPATING INTERESTS REFER TO TO THE SECTION ³/THER
$(6 4RUST /F½CE
INFORMATION´ ON PAGE 4RANSACTIONS WITHIN THE 'ROUP INVOLVE THE
4HE 4RUST /F½CE HOLDS OF THE ORDINARY SHARES ISSUED
MUTUAL PROVISION OF PROJECT SUPPORT SERVICES
*OINT VENTURES
$(6 0RIORITY &OUNDATION 4HE 0RIORITY &OUNDATION HOLDS ONE PRIORITY SHARE
&OR A LIST OF KEY JOINT VENTURES REFER TO THE SECTION ³/THER INFORMATION´ ON PAGE 4RANSACTIONS BETWEEN THE 'ROUP AND THESE JOINT
&OR FURTHER DETAIL ON THE ABOVEMENTIONED RELATED PARTIES REFER
VENTURES INVOLVE THE MUTUAL PROVISION OF PROJECT SUPPORT SERVICES
TO PAGE
/THER GROUP COMPANIES
&OR A LIST OF 'ROUP COMPANIES IN WHICH A MINORITY INTEREST IS HELD REFER TO THE SECTION ³/THER INFORMATION´ ON PAGE 4RANSACTIONS BETWEEN THE 'ROUP AND ITS MINORITY INTERESTS PRIMARILY COMPRISE THE PROVISION OF PROJECT SUPPORT SERVICES
E THOUSANDS
&INANCIAL 3TATEMENTS
#OMPANY "ALANCE 3HEET !SSETS &IXED ASSETS
=)NTANGIBLE ½XED ASSETS
=&INANCIAL ½XED ASSSETS
#URRENT ASSETS
2ECEIVABLES FROM GROUP COMPANIES /THER RECEIVABLES
#ASH AND CASH EQUIVALENTS
%QUITY AND LIABILITIES
=3HAREHOLDERS´ EQUITY
=0ROVISIONS
=,ONG TERM LIABILITIES
=#URRENT LIABILITIES
#OMPANY 0RO½T AND ,OSS !CCOUNT
0RO½T FROM PARTICIPATING INTERESTS
"ALANCE OF OTHER INCOME AND EXPENDITURE AFTER TAXATION
.ET PRO½T
4HE COMPANY PRO½T AND LOSS ACCOUNT HAS BEEN PREPARED IN ACCORDANCE WITH THE PROVISIONS OF SECTION OF "OOK OF THE .ETHERLANDS #IVIL #ODE
E THOUSANDS
&INANCIAL 3TATEMENTS
.OTES TO THE #OMPANY &INANCIAL 3TATEMENTS 'ENERAL
=
"ASIS OF PREPARATION 4HE COMPANY ½NANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH THE PROVISIONS OF 3ECTION "OOK OF THE .ETHERLANDS #IVIL #ODE
3UMMARY OF SIGNI½CANT ACCOUNTING POLICIES 4HE ACCOUNTING POLICIES FOR THE #OMPANY ARE THE SAME AS FOR THE 'ROUP
)NTANGIBLE ½XED ASSETS
=
'OODWILL
#OST
"ALANCE AT *ANUARY !DDITIONS
"ALANCE AT $ECEMBER
"ALANCE AT *ANUARY
!MORTIZATION
!MORTIZATION
"ALANCE AT $ECEMBER
"OOK VALUE
*ANUARY $ECEMBER
E THOUSANDS
&INANCIAL 3TATEMENTS
&INANCIAL ½XED ASSETS
=
"ALANCE AT *ANUARY
0ARTICI PATING INTERESTS IN GROUP COMPANIES
/THER PARTICI PATING INTERESTS
!MOUNTS OWED BY GROUP COMPANIES
4OTAL
0ARTICI PATING INTERESTS IN GROUP COMPANIES
/THER PARTICI PATING INTERESTS
!MOUNTS OWED BY GROUP COMPANIES
4OTAL
-OVEMENT IN BOOK VALUE
!CQUISITIONS LOANS ISSUED
$ISPOSALS LOAN REPAYMENTS
%XCHANGE RATE MOVEMENTS
2ESULT OF PARTICIPATIONS
$IVIDEND OF PARTICIPATIONS
"ALANCE AT $ECEMBER
3HAREHOLDERS´ EQUITY
=
4HE AUTHORISED SHARE CAPITAL AMOUNTS TO ` DIVIDED INTO SHARES OF ` EACH OF WHICH
ORDINARY SHARES CLASS ! AND "
CUMULATIVE PREFERENCE SHARES
PRIORITY SHARES
4HE ISSUED SHARE CAPITAL AMOUNTS TO ` DIVIDED INTO SHARES OF ` EACH
OF WHICH
ORDINARY SHARES CLASS ! AND "
CUMULATIVE PREFERENCE SHARES
PRIORITY SHARES
&OR MORE INFORMATION ON THE #OMPANY´S SHAREHOLDING STRUCTURE REFER TO PAGE
E THOUSANDS
&INANCIAL 3TATEMENTS
3TATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
)SSUED SHARE CAPITAL
3HARE PREMIUM
2ESERVE EXCHANGE RATE DIFFERENCES
3TATUTORY RESERVES
/THER RESERVES
4OTAL
#HANGES IN STATUTORY RESERVES
%XCHANGE RATE DIFFERENCES
0RO½T FOR THE PERIOD
/THER MOVEMENTS
.ET MOVEMENT
)SSUED SHARE CAPITAL
3HARE PREMIUM
2ESERVE EXCHANGE RATE DIFFERENCES
3TATUTORY RESERVES
/THER RESERVES
4OTAL
"ALANCE AT *ANUARY
-OVEMENTS
$IVIDEND PAID 0URCHASE OF SHARES OLD SHAREPLAN
)SSUE OF SHARES NEW SHAREPLAN
"ALANCE AT $ECEMBER
"ALANCE AT *ANUARY
-OVEMENTS
2ESERVE DE½NED BENE½T PENSIONS
#HANGES IN STATUTORY RESERVES
%XCHANGE RATE DIFFERENCES
0RO½T FOR THE PERIOD
$IVIDEND PAID
)SSUE OF SHARES
/THER MOVEMENTS
.ET MOVEMENT
"ALANCE AT $ECEMBER
E THOUSANDS
&INANCIAL 3TATEMENTS
3TATUTORY RESERVES
2ESERVE FOR PARTICIPATING INTERESTS
"ALANCE AT *ANUARY
-OVEMENTS
4RANSFER TO OTHER RESERVES
4RANSFER FROM OTHER RESERVES
.ET MOVEMENT
"ALANCE AT $ECEMBER
$IVIDEND PROPOSAL 0RO½T APPROPRIATION
)N THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS OF -ARCH THE PRO½T OF WAS DISTRIBUTED AS FOLLOWS
$ISTRIBUTED TO ORDINARY SHAREHOLDERS 4RANSFER TO OTHER RESERVES
0RO½T AFTER TAXATION
$IVIDEND
)T HAS BEEN PROPOSED TO APPROPRIATE THE PRO½T FOR AS FOLLOWS
$ISTRIBUTION TO ORDINARY SHAREHOLDERS 4RANSFER TO OTHER RESERVES
0RO½T AFTER TAXATION
0ROVISIONS
=
/THER
E THOUSANDS
&INANCIAL 3TATEMENTS
,ONG TERM LIABILITIES
=
$UE YEAR
$UE YEAR
$UE YEAR
4OTAL DUE YEAR
4OTAL DUE YEAR
/THER /N -ARCH $(6 (OLDING "6 CONCLUDED AN UNSECURED MEDIUM TERM LOAN FACILITY OF ` MILLION WITH TWO BANKS IN THE .ETHERLANDS &OR THE TERMS AND CONDITIONS OF THIS FACILITY REFER TO .OTE OF THE 'ROUP &INANCIAL STATEMENTS ON PAGE
#URRENT LIABILITIES
=
!MOUNTS OWED TO CREDIT INSTITUTIONS 3HORT TERM PORTION OF LONG TERM LIABILITIES !MOUNTS OWED TO GROUP COMPANIES 4RADE CREDITORS /THER LIABILITIES
!CCRUALS AND DEFERRED LIABILITIES
4AXATION AND SOCIAL SECURITY
!MERSFOORT -ARCH 4HE .ETHERLANDS
%XECUTIVE "OARD
3UPERVISORY "OARD
" - VAN %E 0RESIDENT
0 7 "ESSELINK 6ICE 0RESIDENT
7 VAN 6ONNO #HAIRMAN 3 - $EKKER
* ( - ,INDENBERGH ! " - VAN DER 0LAS 6ICE #HAIRMAN ! 0 - VAN DER 0OEL
E THOUSANDS
&INANCIAL 3TATEMENTS
/THER INFORMATION 4O THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS OF $(6 (OLDING " 6 !UDITOR´S REPORT 2EPORT ON THE ½NANCIAL STATEMENTS 7E HAVE AUDITED THE ½NANCIAL STATEMENTS OF $(6 (OLDING " 6 !MERSFOORT THE .ETHERLANDS AS SET OUT ON PAGES TO OF THIS REPORT WHICH COMPRISE THE CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT $ECEMBER AND THE CONSOLIDATED AND COMPANY PRO½T AND LOSS ACCOUNT FOR THE YEAR THEN ENDED AND THE NOTES
4HE DIRECTORS´ RESPONSIBILITY 4HE DIRECTORS OF THE COMPANY ARE RESPONSIBLE FOR THE PREPARATION AND FAIR PRESENTATION OF THE ½NANCIAL STATEMENTS AND FOR THE PREPARATION OF THE MANAGEMENT BOARD REPORT BOTH IN ACCORDANCE WITH 0ART OF "OOK OF THE .ETHERLANDS #IVIL #ODE 4HIS RESPONSIBILITY INCLUDES DESIGNING IMPLEMENTING AND MAINTAINING INTERNAL CONTROL RELEVANT TO THE PREPARATION AND FAIR PRESENTATION OF THE ½NANCIAL STATEMENTS THAT ARE FREE FROM MATERIAL MISSTATEMENT WHETHER DUE TO FRAUD OR ERROR SELECTING AND APPLYING APPROPRIATE ACCOUNTING POLICIES AND MAKING ACCOUNTING ESTIMATES THAT ARE REASONABLE IN THE CIRCUMSTANCES
TO FRAUD OR ERROR )N MAKING THOSE RISK ASSESSMENTS THE AUDITOR CONSIDERS INTERNAL CONTROL RELEVANT TO THE COMPANY´S PREPARATION AND FAIR PRESENTATION OF THE ½NANCIAL STATEMENTS IN ORDER TO DESIGN AUDIT PROCEDURES THAT ARE APPROPRIATE IN THE CIRCUMSTANCES BUT NOT FOR THE PURPOSE OF EXPRESSING AN OPINION ON THE EFFECTIVENESS OF THE COMPANY´S INTERNAL CONTROL !N AUDIT ALSO INCLUDES EVALUATING THE APPROPRIATENESS OF ACCOUNTING POLICIES USED AND THE REASONABLENESS OF ACCOUNTING ESTIMATES MADE BY THE DIRECTORS AS WELL AS EVALUATING THE OVERALL PRESENTATION OF THE ½NANCIAL STATEMENTS 7E BELIEVE THAT THE AUDIT EVIDENCE WE HAVE OBTAINED IS SUF½CIENT AND APPROPRIATE TO PROVIDE A BASIS FOR OUR OPINION
/PINION )N OUR OPINION THE ½NANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW OF THE ½NANCIAL POSITION OF $(6 (OLDING " 6 AS AT $ECEMBER AND OF ITS RESULT FOR THE YEAR THEN ENDED IN ACCORDANCE WITH 0ART OF "OOK OF THE .ETHERLANDS #IVIL #ODE
!UDITOR´S RESPONSIBILITY /UR RESPONSIBILITY IS TO EXPRESS AN OPINION ON THE ½NANCIAL STATEMENTS BASED ON OUR AUDIT 7E CONDUCTED OUR AUDIT IN ACCORDANCE WITH $UTCH LAW 4HIS LAW REQUIRES THAT WE COMPLY WITH ETHICAL REQUIREMENTS AND PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE WHETHER THE ½NANCIAL STATEMENTS ARE FREE FROM MATERIAL MISSTATEMENT
2EPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
!N AUDIT INVOLVES PERFORMING PROCEDURES TO OBTAIN AUDIT EVIDENCE ABOUT THE AMOUNTS AND DISCLOSURES IN THE ½NANCIAL STATEMENTS 4HE PROCEDURES SELECTED DEPEND ON THE AUDITOR´S JUDGMENT INCLUDING THE ASSESSMENT OF THE RISKS OF MATERIAL MISSTATEMENT OF THE ½NANCIAL STATEMENTS WHETHER DUE
!MSTERDAM THE .ETHERLANDS -ARCH
0URSUANT TO THE LEGAL REQUIREMENT UNDER 3ECTION F OF "OOK OF THE .ETHERLANDS #IVIL #ODE WE REPORT TO THE EXTENT OF OUR COMPETENCE THAT THE ANNUAL REPORT IS CONSISTENT WITH THE ½NANCIAL STATEMENTS AS REQUIRED BY 3ECTION OF "OOK OF THE .ETHERLANDS #IVIL #ODE
0RICEWATERHOUSE#OOPERS !CCOUNTANTS . 6 0 2 "AART 2!
&INANCIAL 3TATEMENTS
0RO½T APPROPRIATION !RTICLES OF ASSOCIATION PROVISIONS GOVERNING PRO½T APPROPRIATION !RTICLE OF THE !RTICLES OF !SSOCIATION CONTAINS THE FOLLOWING PROVISIONS OF PRO½T APPROPRIATION 4HE PRO½T SHALL BE AT THE DISPOSAL OF THE !NNUAL 'ENERAL -EETING 4HE PRO½T SHALL BE DISTRIBUTED PROPORTIONALLY TO THE HOLDERS OF ! AND " SHARES 4HE !NNUAL 'ENERAL -EETING MAY DECIDE TO DEVIATE FORM A PROPORTIONAL DISTRIBUTION OF PRO½T 0RO½T SHALL BE DISTRIBUTED ONLY IF SHAREHOLDERS´ EQUITY EXCEEDS THE PAID UP AND CALLED UP CAPITAL PLUS THE STATUTORY RESERVES 4HE !NNUAL 'ENERAL -EETING MAY DECIDE TO PAY INTERIM DIVIDENDS 4HE !NNUAL 'ENERAL -EETING MAY DECIDE TO MAKE DISTRIBUTIONS ON ! AND " SHARES CHARGEABLE TO A RESERVE
0ROPOSED PRO½T APPROPRIATION 4HE PRO½T FOR IS AT THE FREE DISPOSAL OF THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS )T WILL BE PROPOSED TO THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS TO DISTRIBUTE A DIVIDEND OF ` REPRESENTING ` PER SHARE TO THE HOLDERS OF " SHARES 4HE %XECUTIVE "OARD PROPOSES THAT NO DIVIDEND BE DISTRIBUTED TO HOLDERS OF ! SHARES 4HE REMAINING PRO½T OF ` WILL BE ADDED TO OTHER RESERVES
&INANCIAL 3TATEMENTS
0ARTICIPATING )NTERESTS 4HE FOLLOWING IS A LIST OF CONSOLIDATED PARTICIPATING INTERESTS UNLESS STATED OTHERWISE ALL INTERESTS ARE $(6 " 6
!MERSFOORT THE .ETHERLANDS
$(6 "OUW EN )NDUSTRIE " 6
%INDHOVEN AND !MERSFOORT THE .ETHERLANDS
$(6 #ANADA (OLDING )NC
3AINT *OHN #ANADA INCLUDING
$ELCAN 'ROUP )NC
4ORONTO #ANADA
)NTER6)34!3 #ONSULTING )NC
6ANCOUVER #ANADA
$(6 #HINA " 6
!MERSFOORT THE .ETHERLANDS INCLUDING
$(6 "EIJING %NVIRONMENTAL %NGINEERING #O ,TD
"EIJING #HINA
$(6 %NGINEERING #ONSULTANCY #O ,TD
3HANGHAI #HINA
$(6 #2 SPOL S R O
0RAGUE #ZECH 2EPUBLIC
$(6 'LOBAL %NGINEERING #ENTER " 6
!MERSFOORT THE .ETHERLANDS
$(6 (OLDING !FRICA 0TY ,TD
*OHANNESBURG 3OUTH !FRICA
$(6 (OLDINGS 53! )NC
7ILMINGTON $ELAWARE 5NITED 3TATES OF !MERICA INCLUDING
7ASHINGTON $ # 5NITED 3TATES OF !MERICA
)NTER6)34!3 #ONSULTING ,,#
$(6 )NDIA 0RIVATE ,TD
.EW $ELHI )NDIA
$(6 .0# " 6
!MERSFOORT THE .ETHERLANDS
$(6 0LANETEK #O ,TD
+AOHSIUNG 4AIWAN 2 / #
$(6 0OLSKA 3P Z O O
7ARSAW 0OLAND INCLUDING
(YDROPROJEKT 3P Z O O
7ARSAW 0OLAND
$(6 3'03 3 !
!LGmS 0ORTUGAL INCLUDING
$(6 3 !
!LGmS 0ORTUGAL
.!#/ .ETHERLANDS !IRPORT #ONSULTANTS " 6
4HE (AGUE THE .ETHERLANDS
0ROKOM 3P Z O O
7ARSAW 0OLAND
04 $(6 )NDONESIA
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04 -ITRA ,INGKUNGAN $UTACONSULT
*AKARTA )NDONESIA
3%%$ ,DA
-APUTO -OZAMBIQUE
3TEWART 3COTT )NTERNATIONAL (OLDINGS 0TY ,TD
*OHANNESBURG 3OUTH !FRICA
4URGIS 4ECHNOLOGY 0TY ,TD
*OHANNESBURG 3OUTH !FRICA
CONSOLIDATED PROPORTIONATELY
*OINT 6ENTURES (2 $(6 VOF
!MERSFOORT THE .ETHERLANDS
)NFRA¾EX " 6
5TRECHT THE .ETHERLANDS
)NGENIEURSBUREAU 6ATHORST VOF
!MERSFOORT THE .ETHERLANDS
0ROTECTED 3TORAGE %NGINEERS VOF
2OTTERDAM THE .ETHERLANDS
4%# VOF
6EENENDAAL THE .ETHERLANDS
/THER 'ROUP COMPANIES $(6 -%$ ,TD
.ETANYA )SRAEL
3!$%#/
*EDDAH 3AUDI !RABIA
5NDER THE PROVISION OF SECTION OF "OOK OF THE .ETHERLANDS #IVIL #ODE SEVERAL COMPANIES IN WHICH $(6 HOLDS ONLY MINOR INTERESTS HAVE NOT BEEN LISTED
3HAREHOLDING 3TRUCTURE
3HAREHOLDING 3TRUCTURE 4HE SHARES IN $(6 (OLDING " 6 ARE HELD BY THREE ORGANIZATIONS $(6 &OUNDATION $(6 0RIORITY &OUNDATION AND $(6 4RUST /F½CE 4HIS SHAREHOLDING STRUCTURE HAS ITS ORIGINS IN A AGREEMENT WHICH ESTABLISHES THAT MANAGEMENT %XECUTIVE "OARD AND 3UPERVISORY "OARD AND LABOR THE 7ORKS #OUNCIL HAVE JOINT CONTROL OVER THE SHARE CAPITAL /RIGINALLY THE %XECUTIVE "OARD THE 3UPERVISORY "OARD AND THE 7ORKS #OUNCIL FORMED THE ONLY SHAREHOLDER KNOWN AS THE 3TICHTING $(6 $(6 &OUNDATION )N THE DECISION WAS TAKEN THAT IN THE INTEREST OF TRANSPARENT GOVERNANCE THE "OARD
OF THE $(6 &OUNDATION WOULD CONSIST FOR THE MOST PART OF INDEPENDENT INDIVIDUALS 4O ENSURE THAT MANAGEMENT AND LABOR REMAINED INVOLVED IN ANY SUBSTANTIAL CHANGES IN THE SHAREHOLDING STRUCTURE THE 3TICHTING 0RIORITEIT $(6 $(6 0RIORITY &OUNDATION WAS ESTABLISHED AND PLACED UNDER THE MANAGEMENT OF REPRESENTATIVES OF THE ORIGINAL PARTIES 4HE 3TICHTING !DMINISTRATIEKANTOOR $(6 $(6 4RUST /F½CE ADMINISTERS THE DEPOSITARY RECEIPTS ISSUED FOR SHARES TO STAFF MEMBERS
3TICHTING $(6 $(6 &OUNDATION /BJECTIVE TO MANAGE THE ! SHARES IN $(6 (OLDING " 6 #OMPOSITION OF THE "OARD 6ACANCY #HAIRMAN APPOINTED BY ( :WARTS APPOINTED BY THE %" 3"
- 0 VAN 'EMUND APPOINTED BY THE 7#
! 7 6EENMAN APPOINTED BY - 5STA APPOINTED BY
4HIS FOUNDATION HOLDS ! SHARES WHICH IS APPROXIMATELY OF THE ORDINARY SHARES ISSUED
3TICHTING 0RIORITEIT $(6 $(6 0RIORITY &OUNDATION /BJECTIVE TO MANAGE THE PRIORITY SHARES OF $(6 (OLDING " 6 #OMPOSITION OF THE "OARD ! " - VAN DER 0LAS #HAIRMAN APPOINTED BY 6 0RINS APPOINTED BY THE %" 3" " - VAN %E APPOINTED BY THE %" 3" * ! - 4ROMP APPOINTED BY THE 7# ' * 0 * ,ASEUR APPOINTED BY THE 7#
4HIS FOUNDATION HOLDS ONE PRIORITY SHARE IN $(6 (OLDING " 6 WHICH GIVES IT THE RIGHT OF PRIOR APPROVAL OVER ANY DECISIONS REGARDING THE ISSUE AND TRANSFER OF $(6 (OLDING " 6 SHARES MERGERS PUBLIC OFFERINGS AMENDMENTS TO THE ARTICLES AND THE WINDING UP OF $(6 (OLDING " 6 AS WELL AS AMENDMENTS TO THE ARTICLES AND THE WINDING UP OF THE $(6 &OUNDATION AND THE DISPOSAL OF ! SHARES BY THE $(6 &OUNDATION
3TICHTING !DMINISTRATIEKANTOOR $(6 $(6 4RUST /F½CE /BJECTIVE TO MANAGE THE " SHARES IN $(6 (OLDING " 6 AND TO ISSUE DEPOSITARY RECEIPTS FOR SHARES TO ELIGIBLE $(6 'ROUP STAFF MEMBERS #OMPOSITION OF THE "OARD - DE 6EER #HAIRMAN & 4 VAN DER -OLEN - * 6ERMEULEN 4HE OF½CERS ARE APPOINTED BY THE GENERAL MEETING OF HOLDERS OF DEPOSITARY RECEIPTS
%" %XECUTIVE "OARD 3" 3UPERVISORY "OARD 7# 7ORKS #OUNCIL
4HIS FOUNDATION HOLDS " SHARES WHICH IS APPROXIMATELY OF THE ORDINARY SHARES ISSUED $(6 (OLDING " 6 HOLDS " SHARES OR APPROXIMATELY OF THE ORDINARY SHARES ISSUED
2ISKS AND 2ISK -ANAGEMENT 4HE $(6 'ROUP BASES ITS RISK MANAGEMENT ON THE PRINCIPLES OF THE $UTCH #ORPORATE 'OVERNANCE #ODE AND OUR "USINESS #ONTROL &RAMEWORK WHICH IN TURN IS BASED ON THE #/3/ %NTERPRISE 2ISK -ANAGEMENT &RAMEWORK 5LTIMATELY IT IS THE %XECUTIVE "OARD´S RESPONSIBILITY TO MANAGE RISKS PROMOTE RISK AWARENESS AND IDENTIFY ADDRESS AND MONITOR RISKS 2ISKS
-ARKET 2ISKS AND -ANAGEMENT
4HE $(6 'ROUP IS VULNERABLE TO RISKS IN THE FOLLOWING CATEGO RIES MARKET OPERATIONAL FINANCIAL AND COMPLIANCE 6IRTUALLY ALL RISKS ARE ASSOCIATED WITH THE EXECUTION OF PROJECTS
4HE PUBLIC SECTOR IS THE $(6 'ROUP´S LARGEST CLIENT GROUP -A TERIAL CHANGES IN NATIONAL AND INTERNATIONAL POLITICAL PRIORITIES IN CENTRAL OR LOCAL ADMINISTRATIONS AND IN LEGAL AND REGULA TORY FRAMEWORKS CAN ALL AFFECT LONG TERM PLANS AND ONGOING PROJECTS AND MAY LEAD TO INCREASED COMPETITION EXPOSING THE 'ROUP TO RISKS 4HE 'ROUP DOES HAVE ACTIVITIES IN COUNTRIES THAT ARE CONSIDERED POLITICALLY UNSTABLE BUT THEY ACCOUNT FOR ONLY A SMALL PERCENTAGE OF SALES 4HE CURRENT ECONOMIC CONDITIONS HAVE IMPACTED THE RESULTS AND ALSO PRESENT A RISK TO THE 'ROUP FOR THE NEXT FEW YEARS 0ROJECTS MAY BE DELAYED OR CANCELLED STRICTER CREDIT CONDITIONS WILL BE APPLIED AND THE CREDITWORTHI NESS OF PRIVATE CLIENTS AND THE PUBLIC SECTOR MIGHT DETERIORATE )N ORDER TO BRACE OURSELVES FOR THIS SITUATION WE ARE FOCUSING OUR ATTENTION ON OPTIMIZING STAFF FLEXIBILITY REDUCING STAFF FIRMLY MANAGING OUR CASH POSITION DRIVING DOWN COSTS AND REACTING QUICKLY TO CHANGING CIRCUMSTANCES
)NTERNAL #ONTROL AND 2ISK -ANAGEMENT 3YSTEMS )NTERNAL #ONTROL AND 2ISK -ANAGEMENT 3YSTEMS ARE USED TO PROMOTE RISK AWARENESS AND IDENTIFY ADDRESS AND MONITOR RISKS !T LEAST FIVE TIMES A YEAR THE 3UPERVISORY "OARD MEETS WITH THE %XECUTIVE "OARD AND THE $IRECTOR OF &INANCE #ONTROL TO DISCUSS ISSUES SUCH AS STRATEGY ACQUISITIONS RESULTS AND RISKS 4HE !UDIT #OMMITTEE MONITORS COMPLIANCE WITH FINANCIAL RULES AND REGULATIONS AS WELL AS THE QUALITY AND OPERATION OF THE INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT MEASURES 4HE MATTERS DISCUSSED BY THE #OMMITTEE IN INCLUDED PROJECT MANAGEMENT IMPLEMENTATION OF A NEW "USINESS )NFORMATION 3YSTEM )#4 ")-3 COMPLIANCE SYSTEM AND HIGH RISK PROJECTS 4HE 3UPERVISORY "OARD MEETS AT LEAST TWICE A YEAR WITH EXTER NAL AUDITORS WHO ARE APPOINTED ANNUALLY BY THE SHAREHOLDERS 4HE )NTERNAL !UDIT DEPARTMENT REPORTS DIRECTLY TO THE 0RESIDENT OF THE %XECUTIVE "OARD AND FOLLOWS A PROGRAM THAT IS APPROVED BY THIS "OARD 4HE )NTERNAL !UDIT DEPARTMENT´S ACTIVITIES FOCUS ON SPECIFIC ASPECTS OF THE INTERNAL CONTROL SYSTEMS AND PROCE DURES )TS FINDINGS AND RECOMMENDATIONS ARE DISCUSSED BY THE !UDIT #OMMITTEE 4HE 'ROUP HAS DEVELOPED A WIDE RANGE OF TOOLS FOR THE PLANNING IMPLEMENTATION AND ADJUSTMENT OF ITS BUSINESS PROCESSES Â&#x201E; ,ONG TERM STRATEGY IS SET OUT IN THE #ORPORATE 0OLICY 0APER ON WHICH THE BUSINESS GROUPS AND REGIONS DEVELOP THEIR MEDIUM TERM PLANS ANNUAL PLANS AND BUDGETS $URING THE ANNUAL PLANNING PERIOD SCENARIOS ARE TESTED TO ENABLE A SWIFT REACTION TO CHANGING CIRCUMSTANCES Â&#x201E; /NCE APPROVED BY THE %XECUTIVE "OARD THE ANNUAL PLANS ARE IMPLEMENTED BY THE MANAGEMENT OF THE BUSINESS GROUPS AND REGIONS 4HE RELATED POWERS AND RESPONSIBILITIES ARE SET OUT IN AN AUTHORIZATION MATRIX AND IN THE REGULATIONS OF THE DIFFERENT LEVELS OF MANAGEMENT Â&#x201E; 0ROGRESS IS REPORTED MONTHLY AND QUARTERLY AND DISCUSSED BY THE %XECUTIVE "OARD THE $IRECTOR OF &INANCE #ONTROL THE "USINESS 'ROUP DIRECTOR AND THE CONTROLLER -UTUAL CONSULTATIONS ALSO TAKE PLACE FREQUENTLY BETWEEN THE %XECUTIVE "OARD AND THE MANAGEMENT OF THE BUSINESS GROUPS AND REGIONS )N ADDITION THE CONTROLLERS OF THE BUSINESS GROUPS AND REGIONS REPORT DIRECTLY TO THE $IRECTOR OF &INANCE #ONTROL Â&#x201E; 2EPORT GUIDELINES AND FORMATS ARE LAID DOWN IN A #ORPORATE &INANCIAL -ANUAL WITH AN UP TO DATE VERSION AVAILABLE TO THE 'ROUP VIA INTRANET Â&#x201E; 4HE "USINESS #ONTROL &RAMEWORK CONSTITUTES AT THE $(6 'ROUP LEVEL AN UPDATED AND PERMANENT REFERENCE AGAINST WHICH THE CONTROL PLANNING AND RISK MANAGEMENT PROCESS FOR PROJECTS AND BUSINESS COMPONENTS CAN BE ASSESSED
-ARKET RISKS ARE MITIGATED BY SPREADING SALES OVER VARIOUS GEOGRAPHICAL REGIONS AND CLIENT GROUPS 0ROMPT RESPONSE TO ANTICIPATED POLITICAL DEVELOPMENTS AND CHANGES IN LEGAL AND REGULATORY ENVIRONMENTS PORTFOLIO MANAGEMENT CAN FURTHER REDUCE THESE RISKS
/PERATIONAL 2ISKS AND -ANAGEMENT 4HESE RISKS ARE RELATED PRIMARILY TO THE FORMS OF CONTRACT GOV ERNING THE SERVICES OF THE $(6 'ROUP &ORMS OF CONTRACT ARE CONTINUOUSLY REVISED SOMETIMES SIGNIFICANTLY /PERATIONAL RISKS OCCUR DURING CONTRACT EXECUTION AND INCLUDE ,IABILITY 2ISKS 4HESE RISKS OR CLAIMS RESULT FROM ERRORS IN PROJECT EXECUTION SUCH AS DESIGN OR CALCULATION ERRORS OR FROM FAILURE TO MEET PLANNING DEADLINES OR SATISFY LEGAL OR OTHER REGULATORY CONDITIONS 0ROJECT %XECUTION 2ISKS 4HESE RISKS ARE DUE TO INACCURATE BUD GETING OF TIME AND COSTS DELAYS IN PROJECT IMPLEMENTATION AND INSUFFICIENT COMMUNICATION WITH THE CLIENT REGARDING IMPLEMENTATION DELAYS AND ADDITIONAL WORK !LSO $(6 STAFF OR OTHER CONTRACTED STAFF WORKING ON SITE MAY BE INJURED IN THE PROCESS OF EXECUTING PROJECTS 0ARTNER #ONTRACTS AND /UTSOURCING $(6 PARTNERS IMPLEMENT ABOUT OF ALL ACTIVITIES 4HE 'ROUP THUS RUNS THE RISK THAT THESE PARTNERS WILL DELIVER SUBSTANDARD WORK OR FAIL TO MEET DEADLINES #ONTINUOUS ASSESSMENT TAKES PLACE OF THE QUALITY OF ITS PARTNERS DURING THE PROJECT ACCEPTANCE PROCESS AND WE ALSO REQUIRE CONTRACTUAL ASSURANCES FROM OUR PARTNERS AND SUBCON TRACTORS ,EGAL $ISPUTES $ISPUTES BETWEEN THE $(6 'ROUP CLIENTS STAFF MEMBERS AND OTHER STAKEHOLDERS MAY ARISE DURING THE COURSE OF ACTIVITIES !S OF $ECEMBER THE $(6 'ROUP WAS IN
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VOLVED IN LEGAL DISPUTES 7HENEVER THEY CAN BE ESTIMATED PROVISIONS FOR THESE DISPUTES HAVE BEEN INCORPORATED INTO THE FINANCIAL STATEMENTS FOR AND PREVIOUS YEARS /THER OPERATIONAL RISKS ARISE PRIMARILY IN RELATION TO CAPACITY MANAGEMENT 6ARIATIONS IN DEMAND CAN LEAD TO UNDER UTILIZA TION OF STAFF OR A LACK OF CAPACITY !LTHOUGH THE LABOR MARKET IS CURRENTLY LESS STRESSED WE BELIEVE THAT THE FUTURE AVAILABILITY OF QUALIFIED STAFF WILL BE ONE OF THE BOTTLENECKS HINDERING FUR THER DEVELOPMENT OF THE COMPANY $(6 IS GROWING ORGANICALLY AS WELL AS BY MEANS OF ACQUISI TIONS !CQUISITIONS INVOLVE RISKS 4O LIMIT THESE RISKS THE AC QUISITION PROCESSES ARE MANAGED CENTRALLY ! DUE DILIGENCE PROCESS IN WHICH THE QUALITY OF MANAGEMENT WILL BE ASSESSED AS WELL IS PART OF THE PROCESS )T IS STANDARD PROCEDURE FOR AD VISERS TO BE INVOLVED IN THE ACQUISITION PROCESS FOR ACQUISITIONS OUTSIDE THE .ETHERLANDS %FFICIENT OPERATIONS ARE INCREASINGLY DEPENDING ON RELIABLE GLOBAL )#4 SYSTEMS &AILURE OR DOWNTIME OF THESE SYSTEMS HAS A SIGNIFICANT INFLUENCE ON THE QUALITY OF OPERATIONS AND CONSE QUENTLY THE RESULTS OF THE 'ROUP 4HE FOLLOWING MEASURES HAVE BEEN TAKEN TO MITIGATE OPERATIONAL RISKS Â&#x201E; )NTERNAL PROJECT MANAGEMENT PROCEDURES WERE TIGHTENED A 'ROUP WIDE 0ROJECT -ANAGEMENT -ANUAL BASED ON 0-) IS IN DEVELOPMENT AND WILL BE IMPLEMENTED IN Â&#x201E; 4HE MANAGERS OF BUSINESS GROUPS AND REGIONS ARE RESPONSIBLE FOR PROJECT ACCEPTANCE WITHIN THE LIMITS ESTABLISHED IN THE AUTHORITY MATRIX 0ROJECTS ABOVE A CERTAIN VALUE REQUIRE ADVICE FROM THE 4ENDER "OARD WHICH REVIEWS SPECI½C RISKS ON LARGE PROJECTS Â&#x201E; 1UALITY SYSTEMS HAVE )3/ CERTI½CATION PROVIDING GUIDELINES FOR THE STRUCTURING OF PROJECT TENDERING AND IMPLEMENTATION AND THE SETTING OF GUIDELINES FOR THE TIMELY INVOLVEMENT OF PARTNERS AND CONSULTANTS Â&#x201E; 0ROJECT IMPLEMENTATION RISKS ARE COVERED BY CORPORATE AND PROFESSIONAL LIABILITY POLICIES ¯ THE LATTER´S NON INSURED DEDUCTIBLE AMOUNTS TO ` PER ANNUM Â&#x201E; 4O ENABLE QUICK ADAPTATION TO CHANGING MARKET CIRCUMSTANCES THE 'ROUP STRIVES FOR ¾EXIBILITY BY HIRING A CERTAIN PERCENTAGE OF ITS STAFF FOR A ½XED PERIOD AND IF AND WHEN POSSIBLE ALSO USING TEMPORARY STAFF Â&#x201E; 4O ENSURE RELIABLE OPERATIONS OF THE GLOBAL )#4 SYSTEMS THE 'ROUP HAS OUTSOURCED ITS )#4 SYSTEM TO AN INTERNATIONAL )#4 SERVICE PROVIDER AND IS IN THE PROCESS OF IMPLEMENTING A 'ROUP WIDE -ANAGEMENT )NFORMATION 3YSTEM
&INANCIAL 2ISKS AND -ANAGEMENT &OREIGN EXCHANGE RISKS ARE LIMITED SINCE REVENUES AND EXPEN DITURES ARE MADE IN THE SAME CURRENCY IN PRINCIPLE 4RANSLA TION RISKS ARE RELATIVELY MINOR AND ARE THEREFORE NOT HEDGED 4HE $(6 'ROUP´S LARGEST INVESTMENTS OUTSIDE THE .ETHERLANDS ARE ITS SHAREHOLDINGS IN THE #ANADIAN 3OUTH !FRICAN AND 0OL ISH SUBSIDIARIES 4HE NUMBER OF SHORT TERM INTEREST BEARING LIABILITIES IS SMALL THUS MINIMIZING INTEREST RISKS )N SEVERAL OF THE SHORT TERM INTEREST BEARING LIABILITIES WERE CON SOLIDATED INTO A MEDIUM TERM LOAN ,ONG TERM LIABILITIES CARRY LONG TERM FIXED INTEREST RATES )F NECESSARY INTEREST HEDGING INSTRUMENTS WILL BE USED 'OODWILL PAYMENTS HAVE BEEN CAPITALIZED SINCE AND IN
PRINCIPLE ARE BEING AMORTIZED OVER A TWENTY YEAR PERIOD !N ANNUAL IMPAIRMENT TEST WILL DETERMINE THE CURRENT FAIR VALUE OF THE INVESTMENT )F AND WHEN NECESSARY BASED ON AN IMPAIR MENT TEST AN ADDITIONAL COMPONENT OF THE GOODWILL WILL BE IMPAIRED ! SMALL NUMBER OF PENSION SCHEMES WITH A LIMITED INTEREST IS BASED ON DEFINED BENEFIT PLANS !LL OTHER PENSION PLANS ARE BASED ON A COLLECTIVE ³DEFINED CONTRIBUTION´ PLAN !S A RESULT THE 'ROUP´S EXPOSURE TO PENSION RISKS IS LIMITED 4HE $(6 'ROUP´S FINANCING REQUIREMENTS FOR WORKING CAPITAL ARE HIGHLY SEASONAL STRONG FLUCTUATIONS COULD INCREASE THE RISK OF ILLIQUIDITY 4AXES ARE INCLUDED IN THE ANNUAL FINANCIAL STATEMENTS BASED IN PART ON SUBSTANTIATED ESTIMATES 4HESE NUMBERS MAY DIFFER FROM THE FINAL ASSESSMENTS MADE BY THE TAX AUTHORITIES &OREIGN EXCHANGE RISKS ARE LIMITED SINCE REVENUES AND EXPENDITURES ARE MADE IN THE SAME CURRENCY AS A RULE 7HEN THIS CANNOT BE DONE FOREIGN EXCHANGE RISKS ARE HEDGED WHERE POSSIBLE 4HE AMOUNT OF SHORT TERM INTEREST BEARING LIABILITIES IS SMALL THUS MINI MIZING INTEREST RISKS )F REQUIRED INTEREST HEDGING INSTRUMENTS WILL BE USED ,ONG TERM LIABILITIES CARRY LONG TERM ½XED INTEREST RATES 4O COVER THE ILLIQUIDITY RISKS FROM ¾UCTUATIONS IN ½NANCING REQUIRE MENTS THE $(6 'ROUP HAS SIGNED CREDIT AGREEMENTS WITH ITS BANKERS
#OMPLIANCE 2ISKS AND -ANAGEMENT $OING BUSINESS IN A SOCIALLY RESPONSIBLE MANNER AND WITH INTEGRITY IS INCREASINGLY IMPORTANT FOR THE REPUTATION OF A COMPANY .ON COMPLIANCE WITH LOCAL LEGAL AND REGULATORY PRESCRIPTIONS MAY DAMAGE A COMPANY´S REPUTATION AND THUS HAVE A GREAT IMPACT ON ITS RESULTS 4HE FOLLOWING MEASURES HAVE BEEN TAKEN TO MITIGATE COMPLIANCE RISKS Â&#x201E; 4HE $(6 'ROUP HAS INSTITUTED A "USINESS )NTEGRITY -ANAGEMENT 3YSTEM WHICH LAYS DOWN CLEAR GUIDELINES AND RULES OF CONDUCT REGARDING INTEGRITY Â&#x201E; )N $(6 IMPLEMENTED A NEW 'LOBAL #ODE OF "USINESS 0RINCIPLES WHICH DESCRIBES THE 'ROUP´S VALUES AND BEHAVIORAL STANDARDS FOR $(6 EMPLOYEES IN GENERAL TERMS Â&#x201E; %VERY QUARTER RISK AND COMPLIANCE MATTERS ARE REPORTED Â&#x201E; %VERY YEAR MANAGERS SIGN A ,ETTER OF 2EPRESENTATION IN WHICH THEY EXPLICITLY ACCEPT RESPONSIBILITY FOR COMPLIANCE WITH INTERNAL RULES AND EXTERNAL LEGAL AND REGULATORY STIPULATIONS Â&#x201E; 4HE #OMPLIANCE /F½CER MONITORS OBSERVANCE OF THE "USINESS )NTEGRITY 0RINCIPLES Â&#x201E; )N AN EXTERNAL #OMPLIANCE AUDIT WAS PERFORMED TO OBTAIN EXTERNAL CERTI½CATION OF THE ")-3 AND COMPLIANCE SYSTEM 4HE RECOMMENDATIONS OF THIS AUDIT WILL BE IMPLEMENTED Â&#x201E; ! WHISTLE BLOWER SCHEME PROTECTS STAFF MEMBERS WHO DRAW ATTENTION TO BUSINESS CONDUCT THAT CON¾ICTS WITH OUR BUSINESS INTEGRITY PRINCIPLES Â&#x201E; )NCREASINGLY CLIENT CONTRACTS INCLUDE A $ECLARATION OF )NTEGRITY 4HIS IS A STANDARD REQUIREMENT IN CONTRACTS WITH NEW PARTNERS AND SUBCONSULTANTS
"ASED ON THE ABOVEMENTIONED MEASURES THE %XECUTIVE "OARD BELIEVES THAT THE OPERATION OF THE RISK MANAGEMENT SYSTEMS AS IT AFFECTS THE COMPOSITION OF THE FINANCIAL STATEMENTS PROVIDES A REASONABLE LEVEL OF CERTAINTY THAT THESE STATEMENTS DO NOT CONTAIN ANY SIGNIFICANT INACCURACIES
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Colophon Photography cover: Your Captain Luchtfotografie inside: CESA, NPC, Tony Smith, DHV, DHV, Koos Boertjens page 4: SSI, DHV, DHV, DHV page 8-12: Corné Bastiaansen page 12: Koos Boertjens page 15: Capital Photo's, DHV page 17: DHV, Samsung Engineering & Construction, DHV, DHV page 18: DHV, NACO, DHV, SSI page 22: NACO, Schiphol Area Development Company / Amsterdam Airport Area, InterVISTAS page 24: DHV, DHV, DOSCO page 25: SSI, Charles Corbett, SSI page 27: DHV, DHV, DHV, Gemeente Den Haag (OMA), NACO page 29: DHV, William Moore (Oosterhout), TEC, Delcan page 30: Ashdodport Company Ltd, DHV, DHV, DHV, DHV page 33: Iwan Baan, Jürgen Doom, Benthem Crouwel Architecten, DHV, SC Johnson page 34: DHV, DHV, Turgis, Hollandse Hoogte page 35: Gemeente Den Haag (OMA) page 36: NACO page 37: NACO, NACO, NACO, InterVISTAS, Hollandse Hoogte This Annual Report is also available in Dutch. A copy can be requested per e-mail to communications@dhv.com or call +31 33 468 20 15. Annual Report: www.dhvgroup.com/annualreport Corporate Responsibility Report: www.dhvgroup.com/cr-report
Production DHV Communications T +31 33 468 20 15 communications@dhv.com Printing and binding Drukkerij van Amerongen Paper FSC Fastprint Gold 120 gr/m2 (exterior 250 gr/m2) Publication date March 2010
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