2010 social financial Annual Report
Social financial annual report 2010 | 1
2 | Twynstra Gudde
2010 social financial Annual Report
Social financial Annual Report 2010
Introduction At Twynstra Gudde we feel very strongly about Socially Responsible Entrepreneurship (SRE). We exploit human and intellectual capital to create value for our clients, our staff and other stakeholders. We always aim at an active, positive contribution to society. And we consider it our duty to reduce our ‘footprint’, our impact on the environment, as much as possible.
4 | Twynstra Gudde
Our stakeholders We intend to meet the needs of all our stakeholders. Our
with sustainable advice to clients. Topics as market
SRE policy is directed towards clients, staff members,
development, interesting sustainability themes and
shareholders, owners – they all benefit from a sustainable
assignments are entered on the agenda. Furthermore,
and social organization operating as responsibly as possible.
the Initiative group develops new market propositions responding to the growing need for integral solutions.
Initiative group Sustainability
Twynstra Gudde is remarkable for its willingness to
The board is responsible for the SRE policy. It is assisted
make sustainable issues accessible as widely as possible,
by the Initiative group Sustainability, which is charged
and the related added value.
with development and implementation of Twynstra Gudde’s umbrella policy on sustainability. The board is
Structuring aims
responsible for reporting on the results and the reliability
In the passed two years we listed our activities in many
of the published data.
areas: contacts with the staff, social role, internal environmental care, relations with clients. In 2010 we gave
The Initiative group Sustainability was established in
special attention to structuring our efforts in the field of
2009 and functions as a centre of excellence. Participating
socially responsible entrepreneurship.
consultants gather regularly to share their experiences
Social financial annual report 2010 | 5
Strategy card Our efforts on socially responsible entrepreneurship have been summarized on a strategy card. This permits us to focus even more on major targets, particularly with respect to the impact of the work of our consultants on social life. The impact on Staff, Market, Sustainability and Society is discussed in this report. Also in 2011 we want to qualify as a socially responsible entrepreneur on the basis of specifically formulated targets.
6 | Twynstra Gudde
Strategy card Target
KPI
Activities
Market As a knowledge leader we set the trend with respect to socially relevant services
Socially relevant projects
Netting more socially relevant assignments
Knowledge leadership Room for new business and innovative initiatives
Aiming at incorporation of sustainability aspects in our advice reports
Staff Twynstra Gudde is one of the best employers in the Netherlands. The corporate culture inspires people to collaborate and to develop their talents
Employee development
Always investing in personal development of our staff
Commitment Attractive employer
Recruitment and selection policy focused on junior consultants
Sustainability We initiate sustainable development and engage in relevant projects. We are committed to inspire clients and staff members to sustainable behaviour. Sustainability and mobility are an integral part of our operational management
Paper, energy consumption and catering Lease and train kilometres CO2 emission Energy grid
eduction of CO2 emissions through R allround improvement: - encouraging teleworking - working from locations near to client offices - encouraging travelling by train - encouraging consumption of sustainable energy
Society We initiate and support socially responsible enterprise
Personal initiatives
Listing socially relevant targets suitable to be ‘adopted’
Twynstra Gudde initiatives Considering possibilities to make structural time available for volunteer work
Social financial annual report 2010 | 7
Our staff Our 490 staff members are the heart of the organization because of their specialties, qualities, involvement and enthusiasm. Qualified consultants guarantee quality service. An inspiring openness and creative atmosphere are characteristic of our corporate culture, in which top people enjoy working together and continuing professional development and new initiatives are encouraged.
Development staff members
Turnover of personnel
The atmosphere in which Twynstra Gudde staff members
Twynstra Gudde has a varying turnover of personnel. In
do their job, work together and develop their talents can
some segments of our work force imbalance is imminent.
be characterized with the key word ‘room’. As our report
The number of senior consultants and managers is rather
Top Talent (2010) shows, this characteristic culture of
stable, but it would be advisable to take measures to
‘giving room’ has many different aspects. It works out
retain more mediors and juniors. Their mobility partly is
very positively for enterprising men and women who
a compliment to the opportunities staff members get to
want to exploit their talents, as they get the opportunity
participate in high-level trainings and schooling. People
to develop very fast, work in marvellous projects and
working at Twynstra Gudde for several years find their
roles, and get in contact with excellent people from our
feet in all aspects of their field. They are, therefore, very
vast network. But it also requires extra care when recruit-
much in demand on the labour market, a reality we have
ing and selecting new, preferably (top) talented people,
to take into consideration. It may be clear, that we aim at
and when it comes to retaining them.
connecting people with Twynstra Gudde, not only for a longer period, but also more intensively.
Appointments/Resignations
2009
39
2010
38 12
27
42
12
16
Resignations
Appointments
15
Consultants Internal supporting staff
Appointments
8 | Twynstra Gudde
Resignations
Age structure
0
170 80 < 28
160 29 – 36
164 37 – 49
86 50 >
Talent is not age-bound
Attractive employer
As the number of young people at Twynstra Gudde is
We intend to execute a comprehensive staff satisfaction
limited – average age is 40 – we have to be more aware of
survey in 2011. For the year under review we did not, but
developing and valuing new staff members. We got start-
relied on the best employer survey of Intermediair, an
ed with using ‘Adviestalent’ (Advice Talent), a Twynstra
HR weekly for the highly educated, in which two surveys
Gudde subsidiary, as a recruitment channel for starters.
were combined: one into terms of employment and one
We also want to make a more generation-conscious use of
into staff satisfaction. Twynstra Gudde came seventh on
‘Talent naar de Top’ (Talent towards the Top), a diversity
the list of 50 best employers, a rise of two places com-
platform Twynstra Gudde is sponsoring. We would like
pared to the survey of 2009. We came seventeenth for
to stress, however, that talent development is not only
the item ‘best terms of employment’, and sixth for ‘best
intended for young people, but for talent as such – and
employer profit’.
that talent is not age-bound. In 2010 we focused on more awareness for this topic.
Our relatively high score is a result of liberal employment conditions, a safe working environment, career and
Alumni policy – lasting involvement
schooling opportunities, centrally situated offices, and
It is important to Twynstra Gudde to maintain good and
a large extent of autonomy for staff members as far as
active relations with alumni. The activities we organize
job and time planning is concerned. We are in favour of
for our former colleagues are directed towards strengthen-
fraternal governance, practise collective leadership and
ing mutual and combined networks, sharing knowledge
strongly focus on the market.
and information and helping each other on assignments in any possible way. So, our former colleagues can always share in the pride we all feel for our organization. A SWOT analysis as part of our long-term work plan shows that more than 90% of the alumni is very proud of their employment with Twynstra Gudde.
Social financial annual report 2010 | 9
dilemma to continue investing in trainings and education or temporarily put it on hold. We weigh the pros and
129
cons of each request and continue investing in our staff members.
58
82
Associates
sent economic situation, however, presents us with the
Senior consultant
training and developing our staff members. The pre-
Medior consultant
As a knowledge intensive organization we believe in
Junior consultant
Investing in staff members
Internal support staff
Dilemmas
76
145
Segmentation job scale
Recruitment & selection Which choice is best in the present economic situation?
Redundancy
Growing further or marking time to await market devel-
What to do in economically difficult times? Taking cost-
opment? Twynstra Gudde consciously made a comparative
reducing measures and cutting the work force? Or retaining
assessment and chose to grow. Growth in knowledge and
oneâ&#x20AC;&#x2122;s staff? It is a dilemma that other consultancies are
talent means continuing recruitment.
facing too. Anyhow, Twynstra Gudde chooses to keep on the present work force.
10 | Twynstra Gudde
Data 2009
Data 2010
Target 2011
Internal supporting staff
129
Recruitment policy focus on juniors
Junior consultant
58
Medior consultant
82
Senior consultant
145
Associates
76
Subject Attractive employer
Segmentation job scale
Staff membersâ&#x20AC;&#x2122; development
Training and education Twynstra Gudde Corporate University training programme
1,7 days/staff member
1,2 days, staff member
Twynstra Gudde Training programme for Consultants
32 staff members
13 staff members
Commercial automatic wash
not applicable
365 staff members
Appointments
Resignations
Appointments
Resignations
Consultants
39
38
27
42
Internal supporting staff
12
12
16
15
Appointments/ Resignations
Investing continuously and critically in staff member development
Involvement Alumni Network
675
690
LinkedIn members
not measured
635
LinkedIn colleagues
not measured
444
* Figures include subsidiaries
Social financial annual report 2010 | 11
Sustainability Small as the ecological footprint of commercial service providers like Twynstra Gudde may be, we still want to assume responsibility for the environment. This is the reason why we have been pursuing a strict sustainability policy in our offices for years. Staff members make every effort to waste as little energy and material as possible, and to use all possible alternatives and innovations. But substantial improvement in this sphere could most certainly be achieved with concepts like ‘new ways of working’ and ‘sustainable mobility’.
Sustainable management Paper consumption For years we have been separating paper from other
Paper coffee and tea cups are processed separately in
waste. Reducing paper consumption as much as possible
litterbins especially designed for this purpose. In the
we only use paper with quality marks from FSC (Forest
near future we also aim at separating plastic. We want to
Stewardship Council) and ECF (European Climate Foun-
separate waste already at the work-place, for instance by
dation), i.e. chlorine-free produced paper coming from
placing sufficient bins for plastic waste on all floors. The
responsibly managed forests. Figures show a strongly
purpose of all these initiatives is to convince the work-
decreasing quantity of paper used in a succession of years.
force of the importance of handling waste carefully.
We stimulate the workforce to print on both sides, if possible. Furthermore, Twynstra Gudde always purchases
Small chemical waste
advanced equipment, such as multifunctional photocopi-
It may be clear, that we always collect and discard small
ers with options for scanning and printing, and we keep
chemical waste like batteries, electronic equipment,
a close watch on sustainability aspects of equipment to
etc. separately. It is advisable to register the quantity of
be newly purchased, such as decreased energy and toner
discarded small chemical waste in future, too.
consumption.
Waste separation In our company restaurant packaging is separated from other waste materials. But we also want to decrease the quantity of packaging itself. Sandwich filling is delivered without packing, and since January 2011 drinks are offered in glass pitchers instead of loose packings. 12 | Twynstra Gudde
Preference for Mijnboer (Myfarmer) Twynstra Gudde is a customer of Myfarmer products. Whenever available Myfarmer offers sustainable produce, e.g. potatoes, vegetables and fruits. For each product the company is looking for growers who satisfy the requirements upon cultivation and entrepreneurship. Whenever possible, produce is bought directly from associated growers, but sometimes it is purchased through wholesalers. It may be clear that also in such cases sustainable produce is preferred. Myfarmer products always meet one of the following criteria: eco-label, organic product, protected designation of origin (PDO), fair trade. We would like to emphasize that Dutch products coming within this category are distinctly preferred. Only after associated growers have sold out an entire crop, sustainable produce from abroad is purchased. A network of foreign associated growers is being developed.
Energy consumption Amersfoort 2008 2009 2010 m3 Gas 204.385 210.224 267.471 % Eco-gas 0% KWh Electricity %
0% 0%
1.671.381 1.627.262 1.618.682
Eco-power 0%
0%
0%
m3 Water 8.936 8.971 9.499* The Hague 2008 2009 2010 m3 Gas 6.204 5.733 7.018 % Eco-gas 0%
100% 100%
KWh Electricity 71.324
71.055 79.169
%
100%
100%
109
111
Eco-power 0%
m3 Water
145
* estimated final reading
Sustainable purchasing policy A point of interest for the future is to tackle suppliers
home- and shelterless people. Catering is wasting little
and customers in the supply chain on sustainable use of
food anyway; left over meat products are processed in a
means and energy sources. We already promote sustain-
salad the next day.
able chain management by: • purchasing biological products if possible
In 2010 the share of biological food increased from 6 to
• using only advanced printers with a scanning function
10 percent. This is an estimate excluding the use of fair
• only leasing cars with EU energy labels A to C
trade coffee.
• looking for new mobility alternatives, such as electric cars.
Energy Consumption When renovating, we always choose low-energy lights.
Food
We are negotiating on green power with the owner of the
We unabatedly hold on to the principle of purchasing
multi-tenant building in which our company has its seat.
biological food of good quality as much as possible. A
However, all other tenants have to agree with this choice,
growing part of the luncheon assortment comes from bio-
and so we make an effort to strike a deal.
logical producers and has the Myfarmer label (see frame).
If our negotiations on extension of the contract are
We intend to expand dinner service in the corporate
successful, we want to reserve an investment budget to
restaurant so the staff can have something to eat in the
make the building more energy-saving, in particular with
evening too. We make an effort for wasting as less food as
respect to lighting. In anticipation we are experimenting
possible. Bread that is left is taken to an institution for
with entrance lighting and sensors. Social financial annual report 2010 | 13
Sustainable mobility
Intern voert Twynstra Gudde al decennialang een ruimhartig, stimulerend en vooral duurzaam mobiliteitsbeleid. Per slot van rekening kun je andere organisaties pas echt goed adviseren
overdecades het thema als je zelf daarin het goede voorbeeld Carolgenerous, Lemmens, directeur Twynstra For Twynstra Gudde’s policy on staff mobilitygeeft. has been stimulating and, espeGudde, was keynote-spreker op vakbeurs 2010 ‘Van hype naarexample business’, waar is cially, sustainable. In the end, good advice on Ecomobiel issues is only possible if a good to others Twynstra Gudde metmember een eigen stand stond en verschillende workshops en verdiepingssessies set. Carol Lemmens, of the board of directors, was a keynote speaker during From hype to over het thema hield. Met het onderzoek over duurzame mobiliteit in Nederland hebben wij meer business, the trade exhibition Ecomobiel 2010. We had a stand there and organized various workinzichtand gekregen in sessions de mate waarin organisaties mobiliteitsbeleid hebben ontwikkeld en wat het shops in-depth on related topics. The research into sustainable mobility has deepened oplevert. our understanding of mobility policies and their benefits.
Twynstra Gudde in your neighbourhood
Teleworking
For years Twynstra Gudde’s policy on mobility has had
Teleworking is stimulated actively. Sustainable mobility
two pillars: cars and public transport. All consultants
is best served by ‘non-driving’, in other words staying at
have a NS Business Card (railroad business card), which
home and teleworking. Consultants and managers who
enables them to choose how to travel to clients or to
take up teleworking are maximally facilitated with IT
the office. We are considering the possibility to open
applications on their laptops, according to the principle
a number of small Twynstra Gudde offices, so as to
‘always on-line’. We are proud to be rather unique in the
be literally nearer to our clients and employees and to
Dutch consulting world with respect to this innovative
reduce the number of kilometres driven substantially.
implementation. Meanwhile we are constantly in pursuit
Such decentral locations should be strategically situated,
of new smart hard- and software to foster sustainable
i.e. near railway stations and bus and tram stops. We are
mobility. What is more, we want to entice our consult-
convinced that, for instance, the Haagse Kamers (Hague
ants to use these ‘tools’ even more smartly. We have good
Chambers) are such a big success because of their location
experiences with video conferencing and conference calls.
within walking distance of Den Haag CS (central station).
If so desired, we facilitate teleworkers to meet the rules of the Occupational Health and Safety Act.
14 | Twynstra Gudde
Mobility
2009
2010
Leased car kilometres in total
10.564.998
10.280.385
Total kilometres per leased car
28.173
27.414
2.044.697
1.871.206
5.776
5.619 *
79.743 kg
72.977 kg
1.890.335 kg
1.800.240 kg
74
72
Railroad kilometres business card Railroad kilometres business card per user CO2 Business card CO2 Leased cars Zoned travel passes * influence economic situation
Reduction of CO2 emission
Moving to A and B labels
We try to make staff members more and more aware of
In our lease scheme staff members may choose from three
the benefits of sustainability. We already mentioned the
energy labels: A, B or C. We see a clear, partly financially
railroad business card and teleworking. Moreover, it is
inspired movement to A and B labels. Staff members
possible to avoid traffic-jams thanks to flexible working
preferably choose cars with lower tax contribution and,
hours. It is our habit to inform all individual consultants
therefore, with lower energy consumption and CO2 emis-
monthly on travel behaviour, both with respect to kilometres
sion. This really is a significant development in our fleet,
by car or train and to Co2 emission (kilotons CO2/number
but our efforts are directed towards controlling absolute
of trees).
CO2 emission. Preparations start in 2011. Additionally, we monitor projects on emission compensation, like the
Electric car
Climate Neutral Fund.
We are testing the possibilities of electric transport and participate in national activities. After purchasing two electric scooters at the beginning of 2010, we also bought an electric car at the end of 2010. This could be the beginning of an entire green fleet. An electric car could function as a transitional device between a â&#x20AC;&#x2DC;realâ&#x20AC;&#x2122; leased car and full use of public transport, or as a stimulus to plan travelling even more efficiently. The first reactions to the electric car are positive, but it is a rather difficult matter. Anyhow, we want to avoid a merely symbolic solution.
Social financial annual report 2010 | 15
Network Sustainability covenants With respect to accessibility and CO2 emission Twynstra Gudde closed sustainability covenants with the regions Amersfoort and Haaglanden, and the province of Utrecht. In these covenants parties enter into an effort obligation to jointly foster a sustainable and accessible region.
B50 Twynstra Gudde is one of the so-called B50, fifty high-profile Dutch employers promoting accessibility. The group originates from the Taskforce Mobiliteit (Taskforce Mobility). Twynstra Gudde lends expertise to this platform.
Dutch Green Building Council As a participant in the Dutch Green Building Council (DGBC) we confer on a more sustainably built country. DGBC is a nonprofit organization in pursuit of permanent preservation of the built environment in the Netherlands. Therefore, the organization develops sustainability quality marks for independent assessment of (both new and existing) buildings and areas. Designs of newly built offices, shops, schools and industrial sites are tested in terms of these quality marks, for example BREEAM-NL.
16 | Twynstra Gudde
Data 2009
Subject
Data 2010
Objective
Paper consumption (Kg)
Operational management
Reduction of paper consumption
Central
7.400
6.800
Decentralized
12.100
10.500 Energy
Amersfoort m3
Gas
210.224
267.471
%
Eco-gas
0%
0%
KWh
Electricity
1.627.262
1.618.682
%
Ecopower
0%
0%
m3
Water
8.971
9.499*
m3
Gas
5.733
7.018
%
Eco-gas
100%
100%
KWh
Electricity
71.055
79.169
%
Ecopower
100%
100%
m3
Water
109
111
Stimulation of and investments in energysaving working, as soon as landlord enables specified charging
The Hague
Catering
Biological
6%
10%
Mobility
Total kilometres
10.564.998
10.280.385
Kilometres per leased car
28.173
27.414
Railroad kilometres business card
2.044.697
1.871.206
Zoned travel passes
74
72
Conference calls (minutes)
Not measured
20.142
Conference calls (number of participants)
Not measured
688
Video conferencing**
-
26
Always online
-
1.251.935 Mb
CO2 Business Card
79.743kg
72.977kg
CO2 Leased cars
1.890.335kg
1.800.240kg
CO2
Reduction of lease kilometres
Better use of possibilities of alternative conferencing.
* Estimated final scor ** Taken into use in 2010
Social financial annual report 2010 | 17
Finance Results 2010 Turnover
Horizontal inspection
In 2010 Twynstra Gudde Holding B.V. realized a consoli-
At the moment Twynstra Gudde is concluding a cov-
dated turnover of € 59.3 million, about 9% less than in
enant with the tax authorities on horizontal inspection.
2009 (€ 65.0 million). With the exception of The Bridge
Expectations are that this will be completed by the middle
Business Innovators B.V. all Twynstra Gudde divisions
of 2011. Partly due to the negotiations with tax authori-
show this decrease in turnover. The decrease can be
ties on the ownership dossier Twynstra Gudde wants to
largely attributed to the difficult situation on the market,
improve relations with this agency.
but was also influenced by a limited decline in the number of employees.
Summarizing 2010 was a difficult year. Turnover and results were
Operating results
under pressure, especially because of the economic crisis
Operating results decreased from € 3.4 million in 2009 to
and decreasing demand from the national government.
€ 2.3 million in 2010. This drop was fully caused by the
Nevertheless, the net results were positive, partly thanks
decrease in turnover, but somewhat mitigated by reduc-
to cost reduction and continuous orientation.
tion of costs. In addition subsidiaries and partially owned companies contributed less than estimated.
PwC checked the consolidated balance sheet, profit and loss statement and cash flow survey, as mentioned on
Depreciation
pages 11-13 of the annual account. The favourable audi-
In 2010 material depreciation amounted to € 0.7 million,
tors’ certificate for Twynstra Gudde Holding B.V. is part
a slight increase compared to 2009 as a result of housing
of the annual report 2010.
investments. Immaterial depreciation was significantly higher than in 2009, coming up to € 0.4 mln., an increase of more than € 0.3 million as a result of an impairment of the goodwill of Core Counsellors B.V.
Prospects 2011 Balance sheet ratios
The prospects for 2011 are rather reserved. Twynstra
In total the balance sheet amounts to € 19.7 million. At
Gudde expects prolonged cutback in government ex-
the end of 2010 the solvency of Twynstra Gudde Holding
penditure to have considerable impact on the turnover of
B.V. came up to 36%, which was in line with preceding
a number of departments. At the same time, however, the
years. The same goes for the ratios ABN AMRO applies
company expects sufficient opportunities in other market
with respect to financing the company.
segments. In 2011 growth is expected in the health care and energy sector, and trade en industry, focusing on
Cash flow
topics as sustainability, collaboration in alliances and
In the prolonged economic climate cash flow manage-
networks, and organizational change.
ment remains very important. On holding level the operational cash flow decreased from 6.2 million in 2009 to 1.6 million in 2010. This was caused by a decrease of operating profit and higher corporate tax.
18 | Twynstra Gudde
Balance sheet Consolidated balance sheet before distribution of dividends (â&#x201A;Ź) 31-12-2010
31-12-2009
Assets Permanent assets - intangible assets
942.425
1.347.241
- material permanent assets
1.448.898
1.946.478
- financial permanent assets
511.796
550.857 2.903.119
3.844.576
Current assets - current assignments
1.235.413
2.512.724
- receivables
12.481.410
11.827.890
- fluid assets
3.055.833
4.024.351
Total
16.772.656
18.364.965
19.675.775
22.209.541
Consolidated balance sheet before distribution of dividends (â&#x201A;Ź) 31-12-2010
31-12-2009
Liabilities Own funds
7.121.454
7.942.885
Minority share third parties
102.420
100.268
Provisions
127.659
156.960
Long-term debts
2.583.000
3.381.000
Short-term debts
9.741.242
10.628.428
19.675.775
22.209.541
Total
Social financial annual report 2010 | 19
Results Consolidated profit and loss statement (â&#x201A;Ź) 2010 Net turnover
2009 59.314.322
65.048.000
Costs of outsourced work and other external costs
20.220.732
25.051.181
Wages and salaries
28.729.332
29.142.655
Social security
3.120.203
3.053.839
Pensions
3.796.047
3.604.764
Permanent assets
704.420
661.075
Depreciation of intangible assets
404.816
89.816
Depreciation of material permanent assets
Total of operating costs Operating profit
- 56.975.550
- 61.603.330
2.338.772
3.444.670
Interest received and similar profits
75.829
180.132
Interest charged and similar costs
152.286
319.315
otal of interest received T and interest charged
- 76.457
- 139.183
2.262.315
3.305.487
- 693.252
-- 769.309
Result participations
- 32.584
- 9.395
Share third parties
- 38.881
- 7.754
Result after taxes
1.497.598
2.519.029
Result from regular corporate operations before taxes
Taxes on result from regular corporate operations
Net turnover Division net turnover according to sectors (â&#x201A;Ź mio) Trade and industry
Commercial servicing
Spatial development
7
10
7
12
11
20 | Twynstra Gudde
Health care
10
National government
2
Security
Local authorities
Liquidity Consolidated cash flow survey (â&#x201A;Ź) 2010
2009
Cash flow from operational activities Operational profit
2.338.772
3.444.670
Adjustments for: - depreciation - changed provisions
1.109.236 - 29.301
750.891 24.997
Changes in working capital: - Receivables - Current assignments - Short-term debts
- 653.520 1.277.311 - 1523.128
Cash flow from corporate operations
2.649.391 749.975 - 1.339.052 - 899.337
2.060.314
2.519.370
6.280.872
Interest received and similar profits
75.830
175.732
Interest charged and similar costs
- 314.344
- 332.807
Corporate tax
- 651.477
40.025
12.115
40.380
Received dividends
Cash flow from operational activities
- 877.876
- 76.670
1.641.494
6.204.202
Cash flow from investment activities Investments intangible assets
-
- 9.091
Investments material permanent assets
- 206.840
- 737.180
Investments financial permanent assets
-
81.050
Cash flow from investment activities
- 206.840
- 665.221
Cash flow from financing activities Dividends
- 2.319.029
- 2.892.798
- 84.142
- 257.813
Dividends and other payments to minority shareholders Cash flow from financing activities
- 2.403.172
- 3.150.611
- 968.518
2.388.370
Position on 1 January
4.024.351
1.635.981
Position on 31 December
3.055.833
4.024.351
Net cash flow
- 968.518
2.388.370
Net cash flow Fluid assets
Social financial annual report 2010 | 21
22 | Twynstra Gudde
COLOFON Text
Arjan Gras (Gras communicatie)
Translation
Annemarie van Dijk
Editorial
Myrthe Honingh
Design
Stephanie Gijsen (Studio Twynstra Gudde)
Printer
NPN drukkers Breda
Photography
Wiep van Apeldoorn
CONTACT
If this report triggered your interest in our activities or if you want te share your opinion with us, please, contact mpe@tg.nl. Social financial annual report 2010 | 23
We work together with our clients to resolve questions by offering new answers, by creating opportunities. This means we listen carefully, dare to probe, always remain inquisitive. Characteristics that define our consultants and managers. Helping you make the right strategic choices. Result: a different, refreshing perspective on your issue, and solutions that really work. Our people support you. Backed by Twynstra Gudde.
Twynstra Gudde
Tel 033 4677777
Stationsplein 1
Fax 033 4677610
3818 LE Amersfoort
info@tg.nl
Postbus 907
www.twynstragudde.nl
3800 AX Amersfoort
2609