Annual Report 2010 - Royal HaskoningDHV

Consultancy and Engineering
dhvgroup.com
Annual Report 2010
DHV Group
Gateway to solutions
Highlights 2010
Construction of A2 Motorway, Poland
South Africa
>>
>> SSI Saturday Schools,
Earthquake resistant housing and community
infrastructure, Indonesia >> Urban traffic control system for
Luoyang City, China
>> 2nd passenger handling facility at Kuala
Lumpur International Airport, Malaysia >> Nereda® for sustainable
treatment of municipal wastewater, the Netherlands >> Innovative,
demand-based solution for water supply, South Africa
The project illustrated on the cover is the SAISC Award winning 7th Avenue Bridge, Johannesburg, South Africa.
>>
Contents
Key Figures
3
Profile 5
Report of the Supervisory Board 6
Message of the Executive Board Strategy and Policy Developments 2010
Corporate Responsibility
Financial Performance Outlook 2011 Performance Review
8
8
10
15
19
23
26
Consolidated Balance Sheet 26
Consolidated Cash Flow Statement 28
Consolidated Profit and Loss Account 27
Corporate Responsibility
29
Addresses 30
This booklet, together with the Financial and CR Statements forms the Annual
Report 2010. Please visit dhvgroup.com/annualreport for a complete overview.
2
Turnover by client group (in %)
Government
Industry
Public Utilities
Government
International
Industry
Development
Public Utilities
Agencies
International
Development
Agencies
Turnover by client
group (in %)
3
24
3
46
24
46
27
Turnover by market (in %)
Transportation
Building and
Industry
Transportation
Water
Building and
Spatial Planning
Industry
and Environment
Water
Aviation
Spatial Planning
and Environment
Aviation
Turnover by6market (in %)
11
6
42
11
20
42
20
21
Turnover by region (in %)
Turnover by8 region (in %)
8
8
8
52
13
5
The Netherlands
Africa
Asia
The Netherlands
Europe
Africa
(excl. the Netherlands)
Asia
North America
Europe
(excl. the Netherlands)
North America
52
19
5
23
5 19
5
23 26
5331
Diversity
17%
female management
Shareholders’ equity
21
23
E 469 million
Workforce
27
13
Turnover
12
18
E 69 million
CO2 emission per fte
3660 kg
100% compensated
3
Key Figures
2010
2009
2008
2007
2006*
Turnover
468.7
480.8
467.7
395.0
351.6
Added value
345.8
346.5
325.3
274.8
269.4
10.2
-4.8
-9.3
-13.2
2.2
-1.93
-
17.2
14.1
5.0
7.4
3.6
1.04
0.40
21.3
20.8
9.4
15.3
4.6
1.97
0.70
15.6
13.0
6.0
10.2
3.9
1.24
0.45
13.8
13.2
7.3
13.4
3.9
1.39
0.50
243.3
121.3
68.5
72.4
29.8
242.0
123.8
72.5
76.9
31.8
231.9
99.8
63.2
65.3
28.2
191.7
96.4
59.9
61.7
32.2
163.4
90.7
58.3
59.7
36.5
15.2
-15.3
8.1
37.8
26.2
-23.6
19.9
-9.6
20.1
15.0
5,331
5,497
5,320
4,730
4,353
Results
EBITA recurring
EBITA
Net result
Return on average shareholders’ equity (%)
EBITA margin, recurring (%)
Earnings per share (€)
Dividend per issued class B share (€)
Capital employed
Total assets
Long-term capital
Shareholders’ equity
Group equity
Group equity as a percentage of total assets (%)
Financial position
Net working capital
Movement in net cash
Workforce
Number of staff (ultimo)
(€ millions, unless otherwise stated)
Definitions
Added value
EBITA recurring
EBITA margin
Earnings per share
Net working capital
Movement in net cash
* The 2006 figures include 18 months’ results of the Africa region
Operating income less cost of work subcontracted and other external charges
EBITA excluding non-operational items
EBITA / Turnover
Net result / Number of ordinary shares issued
Current assets less current liabilities (excluding cash and cash equivalents less amounts owed to credit institutions)
Movement in cash and cash equivalents less amounts due to credit institutions
4
Staff and Offices by Region
Europe
2,750 in
Africa
1,000 in
Total
5,300 in
Asia
North America
850 in
700 in
20 offices
10 offices
25 offices
20 offices
75 offices
"The DHV Group is a leading engineering consultancy known for the highest levels of
expertise and leadership in innovation and sustainability. We serve clients through
local delivery of world-class solutions. The DHV Group is internationally renowned
for providing integrated solutions to complex problems, especially in the fields of
Transportation, Aviation, Environment, and Water. This is a reputation of which we
are proud of and which we will continue to build upon into the future."
Bertrand van Ee, President Executive Board
5
Profile
Serving our living environment
Vision
We aim to be a world-wide top 10 employee-owned
engineering consultancy, known for the highest levels of
expertise and leadership in sustainability.
world-class solutions. The DHV Group actively invests in
innovations and collaborates with universities and research
foundations to provide leading edge solutions.
Mission
Corporate Responsibility
Clients
Local presence
We are a company for people from people, working in
partnership with our clients to deliver innovative, quality
solutions for the sustainable development of our living
environment.
Our major clients are:
• Governments
• Public and Semi-Government Entities
• Private Industry, Commercial Services, Contractors,
and Developers
• International Development Agencies
Values
Our core values Integrity, Respect and Freedom provide
a compass for our actions world-wide. With a focus on
Leadership, Results and Teamwork we foster a culture
of responsibility and partnership. We believe in social
responsibility, have zero tolerance for corruption and
uphold the letter and spirit of the law.
Sustainability is a core consideration in all our activities.
We aim for a positive impact on economies, societies and
eco-systems through the services that we provide and in our
own operations.
We are active world-wide through a network of offices in
Europe, Asia, Africa, and North America. We operate as one
company under three main and several smaller brands,
depending on the location. Operations in the following home
countries account for the greater part of our total turnover:
The Netherlands, Poland, Portugal, China, India, Indonesia,
South Africa, Canada and the United States of America.
Certification
Our processes are certified by internationally recognized
bodies and we align with global initiatives for Corporate
Responsibility.
Added value to clients
We work closely with clients to achieve their ambitions,
adding value through innovation and local delivery of
10
6
Report of the Supervisory Board
Recommendations to the Annual Shareholders’ Meeting
We have pleasure in presenting the DHV Group Annual Report for 2010. The annual accounts were prepared by
the Executive Board, and audited by PwC, and were signed following discussions with the Executive Board and
the external accountants. We support the proposal of the Executive Board not to distribute any dividend. We
recommend that the annual accounts for 2010 be adopted and we call on you to discharge the Executive Board
from liability for its management, and the Supervisory Board for its supervision during the 2010 financial year.
Supervisory Board meetings
During 2010, the Supervisory Board met with the Executive
Board on seven occasions and paid visits to several local
DHV companies and projects in the Netherlands as well
as abroad. The visits provided the Board with insight into
markets, operations and developments at a local level. All
board members had a good record of attendance. Ongoing
matters were regularly discussed by the Chairmen of the
Supervisory and the Executive Board outside the context of
these meetings.
On several occasions the Supervisory Board discussed the
Group’s strategy for the longer term, the main risks of the
business and the result of the assessment by the Executive
Board of the design and effectiveness of internal risk
management and control systems.
Naturally, the impact of the financial and economic crisis and
the required measures to deal with its effects were tabled at
every meeting of the Supervisory Board. Other items on the
agenda were: the adjustment of the Business Framework,
the Corporate Responsibility Report, the renovation of the
Amersfoort office and compliance. As in previous years, the
Supervisory Board conducted a Management Development
review.
Audit Committee meetings
In March 2010 Mr. Van der Poel succeeded Mr. Van der Plas.
Mr. Lindenbergh continued as Chair. The Audit Committee
met on three occasions. The first meeting dealt with the
annual accounts for 2009, the external auditor’s report and
the finalization of the budget for 2010, the second with the
mid-year figures, the auditor’s Audit Plan and the evaluation
of the implementation of the management information
system. The third meeting was dedicated to the third quarter
results, the forecast 2010, compliance with bank covenants,
tax structure and the Business Framework.
Profile of the Supervisory Board
The Board is properly constituted and its members possess
the desired competencies, in accordance with the Profile of
W. van Vonno
member since 2006
S.M. Dekker
member since 2007
J.H.M. Lindenbergh
member since 2003
the Board. All members are ‘independent’ as provided in best
practice provision III.2.2 of the Dutch Corporate Governance
Code. Mr. Lindenbergh is a financial expert as provided in best
practice provision III.3.2 of the Code.
The Supervisory Board reviewed the performance, composition
and remuneration of the Executive Board. In the judgment
of the Supervisory Board, the Executive Board needed an
extension in the area of Finance and Control. This has been
achieved by the appointment of Mrs. J. de Bakker as Chief
Financial Officer and member of the Executive Board, as of
1 June 2010. By this appointment the Supervisory Board judges
that the Executive Board – both as a group and in terms of its
individual members – possesses the requisite competencies
and functions appropriately.
Corporate Governance
DHV Group’s Corporate Governance Report and further
information concerning the remuneration policy, the Code
of Conduct, whistle-blower scheme, and regulations for the
Executive Board, Supervisory Board and Audit Committee
can be found at dhvgroup.com/corporategovernance. The
remuneration of the Supervisory Board is reported in the
Financial Statements and is available on dhvgroup.com/
annualreport.
Composition of the Supervisory Board
On the 2010 Annual Shareholders’ Meeting, Mr. Van der Plas,
completed his maximum term and was succeeded by
Mr. C.P. Veerman. Mrs. Dekker was appointed as Vice Chair.
A.P.M. van der Poel
member since 2004
C.P. Veerman
member since 2010
At the 2011 Annual Shareholders’ Meeting Mr. Lindenbergh
and Mrs. Dekker will have completed their second and first
terms respectively. The Supervisory Board nominates
both for appointment to a next term.
In closing
The Chair and Vice Chair of the Supervisory Board and a
delegation of the Executive Board met with delegates of
Works Councils of DHV B.V. and NACO B.V. to discuss the
general course of events of the company. All parties
appreciated the open and constructive dialogue.
The year 2010 was marked by a continued economic
downturn in the Dutch public sector. The financial results
are disappointing and the Board notes that this requires
firm and rapid measures. An extensive package of measures
is adopted and the implementation is in full progress.
The Board remains closely informed on the developments.
The Supervisory Board wishes to thank all staff for their
efforts and loyalty in 2010. With the measures being taken
and the support of the staff, we have full confidence in a
healthy future for the DHV Group.
Amersfoort, the Netherlands, 23 February 2011
W. van Vonno, Chair
S.M. Dekker, Vice Chair
J.H.M. Lindenbergh
A.P.M. van der Poel
C.P.Veerman
The CVs of the individual members of the Supervisory Board are available on dhvgroup.com/supervisoryboard.
7
8
Message of the Executive Board
Strategy and Policy
The DHV Group is a company for people from people. Working with our clients, we have direct impact on
supplying the basic needs of people and improving the living environment. Our ambition is to be a world-wide
top 10 employee-owned engineering consultancy, known for high level expertise and leadership in sustainability.
We approach business with a philosophy of partnership and appropriate reward for value added.
Market
Our client base is primarily in the markets of Transportation
and Water. Together these will account for 80% of our
turnover in 2015, up from the current 68%. In expanding these
markets, we will concentrate our portfolio on services that
bring higher value and earn a commensurate return. Our
targets for profitability are a margin on turnover at par with
the average of our peers in 2012 and in first quartile in 2015.
In the global expertise areas of Aviation, Intelligent
Transport Systems (ITS) and Water Treatment we aim for
an international top 10 position, with a turnover of € 200
million in a global market or € 50 million in a niche position.
It is anticipated that additional expertise areas will reach this
level over time. We aspire to further strengthen our national
prominence in other areas; participating in major programs
(incl. PPP) for road and rail infrastructure, marine, ports &
waterways, water management, and coastal development.
Increasingly, the key to success is integrated and sustainable
solutions.
Markets with substantial potential in which we are proactively investing include mining, hydropower, energy, and
specialized environmental services.
Home countries
We serve our clients through local delivery of world-class
solutions. Local relationships, established through a long
track record, are the basis for introducing Group solutions in
an integrated manner. This emphasizes local “pull” versus
centralized “push”, enabling us to shift more rapidly to home
countries with higher projected growth rates. In mature
markets we focus on integrated solutions and new business
models. With the continuing constraints in public sector
markets, all home countries will move to more private sector
work, with a company-wide target of 40% private and 60%
public turnover by 2015. 90% of our turnover will be in home
countries, where the aim is to reach a sustained top three
position, based on market share or minimum turnover of
€ 50 million.
Innovation
In order to gain higher commercial value from innovations
and improve the results of the DHV Group, existing ideas and
innovations will be brought to market quicker. We will work
with partners to implement a strategic and more commercial
approach to the development of new innovations in the
Group. In the day to day business, we strive for continuous
9
innovation for and with our clients especially in relation to developing new and
sustainable solutions.
Bertrand M. van Ee, President
member since 2004
One company
One company is about ensuring connectivity and constancy of purpose. Markets
are dynamic and we count on our culture, systems, and interpersonal networks
to support our people in dealing with change and dilemmas. Our Global Code of
Business Principles, with key values of integrity, respect and freedom, guides us in
assuming responsibility, making choices, and addressing stakeholder questions.
It reflects the spirit that unites and defines us.
Business units are the building blocks of our organization, operating within the one
company framework. The framework provides context and processes to increase
efficiency and enhance collaboration in support of client needs. Business unit
continuity is subject to minimum performance standards and benchmarking.
Piet W. Besselink, Vice President
member since 2006
Commitment to sustainable development is central to our company mission and
is implemented in our projects, operations, and through community engagement.
Home countries are the cornerstone in this process. Different local needs are
reflected in individual programs. The one company framework sets out expectations
in all three areas, whilst complying with our Business Integrity Management System,
and to promote building futures through education and capacity building.
To ensure that systems remain vital, we seek formal certification, external
benchmarking and stakeholder dialogue. Reoccurring targets are formal
certification of our Business Integrity Management System, annual GRI B+ ranking,
and annual placing in the lead group of the Transparency benchmark of the Dutch
Ministry of Economic Affairs, Agriculture and Innovation. The latter is aligned with
the Dow Jones Sustainability Index for stock-listed companies.
Jaska M. de Bakker, CFO
member since 2010
10
Eugene Grüter
Johan van Manen
The brand, region and
Naren Bhojaram
Piet van Helvoort
Vic Prins
holding directors form,
together with the Executive
Board, the Executive
Council of the DHV Group.
Corporate Strategy
In 2010 we launched the new Group strategy paper:
Vision 2015 - Step Change. This took into account a number
of world trends that relate directly to our business: increasing
population growth, climate change, and a fundamental
economic shift from the west to the east. These trends
translate to exponentially growing demand for energy,
food, clean water, coastal protection, mobility, and natural
resources. However, the strain on eco-systems and existing
infrastructure creates sharp competition for resources and
associated integrity dilemmas. For the foreseeable future,
government deficits will continue to have a significant impact
on our business.
We evaluated our strengths in relevant experience and
technology, and rediscovered the need to keep these focused
and strong. It was confirmed that long term client relations
and presence in home countries make a significant difference
to our ability to get and do profitable work. Reviewing our
one company values, we were inspired by the passion of our
people for innovation and sustainability. We also took a hard
look at areas to improve. The conclusions were that more
discipline is required in selectivity, stronger commercial focus
is needed in all areas, and that speed in implementation is
critical. In order to achieve our ambitions, the strategy builds
on three pillars: Client Centricity, Operational Excellence, and
a High Performance Culture.
Developments 2010
2010 has been a year that will be on our minds for a long
time. We played a role in major events, such as the Winter
Olympics in Vancouver, an amazing Expo in Shanghai and
a highly successful World Cup in South Africa. There was a
shift in balance between industrialized nations and emerging
economies.
For the DHV Group it has been a year of change. There were
many positive developments, but also serious areas of
concern. Our focus on sustainability is recognized as leading
in our peer group. In the field of innovation, we have taken
significant steps to commercialize Nereda® water treatment
technology.
However our financial performance is below par. Parts
of our organization, solid performers in the past, did not
meet their targets. This led to a substantial adjustment in
capacity, primarily in the Netherlands. Turnover for the Group
remained relatively stable, showing a modest decrease to
€ 469 million. The recurring operating margin on turnover
dropped to 2.2% from 3.6% in the previous year. Recurring
EBITA from operations was € 10.2 million versus € 17.2 million.
Taking into account an amount of € 15 million for one-off
items, mainly for restructuring in the Netherlands, the net
result was - € 9.3 million versus € 5 million in 2009. With the
measures being taken, we anticipate sustained improvement
during 2011.
11
Marga Doneho0
Chris Engelsman
Jim Kerr
Roel Overakker
Our markets
Leveraging of our international network is progressing well.
Asia
In China, our water technologies were promoted at the
Shanghai Expo and a number of contracts were signed for
new water treatment plants. Spin-offs were created from the
Hong Kong Macau bridge and tunnel project in the coastal
development market. Repeat business was gained from LEED™
certification through our expertise in sustainable buildings.
Indonesia began its shift to private sector clients by entering
the mining business. In India we built local capacity for water
treatment and highways. Vietnam is working hard to become
a new home country through its water treatment and Mekong
Delta projects.
Africa
In South Africa SSI provided infrastructure and logistics
support for the World Cup. It was awarded a second waste
water facility using Nereda® technology and is developing
business in other aspects of water scarcity and environmental
services. The energy business is showing considerable growth
and promise. SSI was recognized by the sector with several
awards for technical excellence and sustainability. Turgis, our
mining consultancy began the year slowly but took an upward
turn in the second half with great performance for the year.
SEED in Mozambique saw double digit growth on the back of a
strong economy.
Arnold Galavazi
Aviation
Within Aviation, NACO and InterVISTAS recovered from a
dramatic downturn in the industry. Developments in the
Middle East have come back strongly. NACO was appointed
to design the new terminal for Kuwait International Airport
and its long term relations in Saudi Arabia secure NACO with
a constant flow of challenging projects. InterVISTAS has won
a number of airport privatization and airline consultancy
projects.
North America
Transportation projects accounted for the greater part of
business in North America. Delcan is continuing its strategy
of large projects, increasingly in projects related to the
development of new transit systems. Delcan gained a number
of prestigious Intelligent Transport System (ITS) projects.
12
Client
The General Directorate for
National Roads and Motorways,
Poland
Impact on the
living environment
An important European and
domestic link between Berlin
and Moscow to meet the transit
needs and contribute to the
economic development of the
region. Animal crossings and
sound-absorbing screens will be
built in designated areas.
Services
DHV was contracted to execute
construction supervision services
for the section Lodz to Warsaw
with a total length of 91 km to
support the client with timely
completion before Euro 2012.
Timespan
2009 - 2012
13
<< Highlight Opening ceremony Construction of A2 Motorway, Poland
Europe
In the face of fierce price-based competition in the public
sector and overcapacity, overall results dropped significantly
in the Netherlands. Portfolio adjustments and capacity
reductions are being implemented. These measures form
a good basis for recovery. There is a steady and growing
workload in several units: for existing major infrastructure
projects, national water programs and content based
consultancy with Legal, Financial and Sustainability expertise.
DHV in the Netherlands continued to contribute to the
success of the whole company, being the engine for our
water business and helping to establish this in other home
countries. Dutch operations also continued to be recognized
for innovation, with a strong focus on sustainable solutions.
In Portugal DHV accomplished a turn around this year,
creating a stable platform for increased profitability.
In Poland, DHV performed well with infrastructure work for
highways and bridges. Hydroprojekt closed the year with a
very large workload for flood control projects. Operations in
the Czech Republic continue to build on urban and regional
planning.
Our operations: one company
Significant steps were taken to strengthen our one company
advantage, including new websites for the DHV Group, a
renewed intranet (iPortal) and communities of practice. Our
Business Integrity Management System was formally certified,
a first in the sector.
DHV University launched the Management Development
Program, giving two multinational groups the opportunity to
raise their level of leadership and create networks for future
collaboration. The new management information system
went live in the Netherlands both at NACO and DHV. We
renovated our head office in accordance with the principles
of sustainability, partly with the aim of significantly reducing
energy consumption. The project will take the building’s
energy efficiency rating from energy label G to A, resulting in
annual savings of approximately e 100,000 on energy costs.
The renovation is in line with DHV’s policy of achieving climate
neutrality. DHV itself is responsible for the integrated design
and project management of the renovation project.
14
Client
SSI Saturday Schools, South Africa
Impact on the
living environment
Through 18 schools 170
disadvantaged students are
coached by employees towards
their university entrance exam,
enabling them to pursue a
technical career.
Results
The 2010 class of the Soshanguve
Saturday School near Pretoria
achieved a 96% university
entrance pass rate and 18
distinctions in Maths, Science and
Engineering Graphics & Design.
Timespan
2007 - ongoing
15
<< Highlight "I am very proud of my 2010 students"
Corporate Responsibility
Success is gauged by how our clients achieve their ambitions
and through industry recognition. Hydroprojekt was given
the prestigious Green Laurels award from the Polish Chamber
of Economy “Ekporozwoj” for outstanding contribution to
the environment. SSI projects received 4 of the 6 annual
IMESA and CESA awards, winning in the categories of Water
& Wastewater, Environmental, Community, and Structures
and Buildings. We are particularly proud of the last, because
the Warwick Triangle highway project increased safety for the
bustling local market in addition to meeting an engineering
and scheduling challenge, in support of World Cup 2010.
were reported and duly investigated. Two were closed with no
violations found. Six are pending of which five were submitted
in Q4. The two cases from 2009 were both closed without
violations found.
The CO2 emission target is 25% reduction per full time
employee against a 2008 baseline. DHV compensated for
emissions generated in the Netherlands in 2009 through
a UNFCCC recognized wind farm project in China. For 2010
we will compensate reported emissions for the whole DHV
Group. Our main opportunities for reduction are in travel and
greening our facilities. It is a continuing challenge to capture
the information required world-wide. In 2010, we were able
to use more external source documents which caused our
reported footprint for Africa to increase significantly. In order to
make it possible for readers to monitor and measure progress
year on year we have restated historical electricity usage and
corresponding CO2 emission from electricity generation. The
2010 footprint and the restated 2008 baseline are 3.7 tons per
FTE. Diversity in leadership is an important impulse in our
business. In 2010 we maintained the 2009 world-wide level
CR in operations
Key Figures
2010
2009
Transparency Benchmark
11th
18th
Our company has much to offer. We do projects that provide
drinking water, sanitation and flood protection. We help
people travel from A to B in ways that are cleaner and safer.
We work with communities to create healthy and sustainable
living environments. Our innovations help reduce energy use
and think beyond organizational boundaries to create chains
that enhance re-use and cradle-to-cradle thinking.
CR in projects
Taking responsibility in our own operations, we focus on
integrity, CO2 emission reduction and diversity. DHV Group
is the first engineering consultancy with a certified Business
Integrity Management System. ETHIC Intelligence granted us
an Active Anti-Corruption (AC) Certificate which states that
our compliance policy to prevent corruption corresponds to
international best practices. In 2010 eight integrity incidents
Female management
17%
17%
CO2 compensated 100%
52%
CO2 emission per FTE
Community investment (thousands)
Community investment (hours)
3.7 tons
€ 258
3800
3.4 tons
€ 163
3700
16
Client
Ministry of Public Works. Java
Reconstruction Fund, Indonesia
Impact on the
living environment
Recovery of people’s livelihoods.
The project results in earthquake
resistant housing reconstruction
of 15,000 houses and community
infrastructure for 265 villages.
The project reduced the potential
impact of future earthquake
disasters in terms of both
material damage and casualties.
Services
DHV managed both preparation
and implementation of the
program. We provided technical
support as well as community
education. We successfully
introduced innovative
approaches and developed tools
to ensure total transparency and
prevention of corrupt practices.
Timespan
2008 - 2011
17
<< Highlight Earthquake resistant housing and community infrastructure
of 28% female staff and 17% female managers. We target 20%
females in leadership positions at DHV in the Netherlands by
2013. Establishing a diversity goal is being extended to other
regions and is a part of our management development process.
world’s economy, ecology and social and cultural structures.
Our Business Integrity Management System (BIMS) is
aligned with these. BIMS is applied with both clients and
subcontractors, the greatest part of our supply chain.
Giving back (CR in community)
During 2010 we were signatory to The Cancun Communiqué
on Climate Change and the joint business declaration of
30 European companies calling on the European Union to
increase its ambition to cut CO2 emissions to 30% by 2020
from 1990 levels. We promote stakeholder dialogue on CR. In
both South Africa and Poland, we put sustainability on the
agenda through engineering platforms. In the Netherlands,
DHV co-organized the 11th annual National Sustainability
Conference and conducted its 4th annual round table
discussions. This year’s topic was 'Climate change'. In terms
of transparency in reporting, we earned a spot in the top 20
of the Transparency Benchmark of the Dutch Ministry of
Economic Affairs, Agriculture and Innovation. Our 2009 CR
reporting achieved 11th place, up from 18th the previous year
and 1st in the services sector for the third year in a row. The
2009 Annual Report placed 1st among a field of 100 in the
Scenter evaluation for transparency, up from a shared 3rd the
previous year.
Contributing knowledge, time and money to support education
and capacity development is a good match for a knowledgebased company. We call this ‘Building Futures’. Despite the
tight economic times, we maintained our commitment
to social programs, donating € 258,000 and 3,800 hours,
compared with € 163,000 and 3,700 hours in 2009.
The best practice is the SSI Saturday School Initiative in which
our employees tutor formerly disadvantaged children in
technical subjects. It is in its fourth year, has grown to involve
six offices across 18 schools, and results in a growing number
of students earning distinctions. We are delighted that other
locations have taken up the theme. This past year, DHV in
China and Indonesia began education related programs for
orphans and children from low income families.
Looking to talent needed in the future, DHV in the Netherlands
initiated the sector “ikonderzoekwater” (I study water)
initiative to promote interest in water among Dutch
students. The program involved twenty teachers and thirty
water professionals from various engineering firms, water
institutions and provincial authorities.
In a Broader Context
We consider a range of international frameworks and
principles as important for positive development of the
External assurance of our CR data is valuable to us. The DHV
Group has engaged assurance provider PwC to provide limited
assurance on its CR data. Please refer to the 2010 CR Report,
available on dhvgroup.com, for which a limited assurance report has been rendered. Our ambitions for 2011 are to continue
building on Corporate Responsibility in the three named areas
and to achieve more accurate reporting world-wide.
18
Client
Luoyang Police Bureau Traffic
Branch, China
Impact on the
living environment
The project impact is reduced air
pollution, reduced congestion of
city traffic, reduced handling time
of accidents, improved average
speed, and improved police
operational efficiency.
Services
DHV and Delcan designed
and delivered a traffic control
and command system. From a
new integrated control centre,
the client now operates one
of the most advanced traffic
management systems in China.
Timespan
2007 - 2010
19
<< Highlight Urban traffic control system for Luoyang City, China
Financial Performance
Turnover and Added value
Turnover of the Group shows a modest decline compared
to the previous year. No acquisitions were made in 2010.
The public sector market slowdown in the Netherlands led
to a decline in turnover. The Aviation market is recovering
while the North American market remained solid. In Africa
we maintained our strong market position. Exchange rate
differences had a positive impact of € 21.6 million on turnover.
Added value (revenue produced by the Group’s own staff)
remained stable compared to 2009. The impact of exchange
rate differences on added value was a positive € 16.5 million.
Operating result
staff reduction, office leases and ICT. Due to the non-recurring
items, the total EBITA amounts to a loss of € 4.8 million (2009:
+ € 14.1 million).
Depreciation and amortization
Depreciation for the year amounts to € 11.3 million (2009:
€ 8.5 million) and amortization € 3.9 million (2009: € 1.9
million). Included in the depreciation of 2010 is an amount of
€ 1.5 million due to a shortened depreciation period and an
impairment charge of € 0.7 million (2009: € nil). Both these
amounts relate to computer hardware. In 2010 a goodwill
impairment charge of € 1.4 million (2009: € nil) was realized.
Recurring EBITA at € 10.2 million represents a decline of
approximately 40% against 2009. The decline is mostly driven
by the lower result realized in the Netherlands. The rest of
Europe (Poland and Portugal) remained stable. The African
region continued its strong performance of prior years and
within North America the infrastructure business maintained
its growth. The Aviation business was impacted by slow
market recovery while the Asian region saw a decline due to
start-up costs of the recently established national company
in Vietnam as well as project losses. Currency rate differences
positively impacted EBITA by € 1.5 million.
Net Interest Expense
The operating result includes one-off items totaling € 15
million (2009: € 3.1 million). These items mainly concern a
restructuring of the organization in the Netherlands to better
fit market circumstances and improve profitability. It includes
Added value
Low interest rates world-wide and debt reduction mainly
within the African business led to a decrease of 4% in the
Group’s interest cost compared to 2009. In 2010, no losses or
gains were incurred on financial hedging instruments. The
average interest rate on short-term facilities decreased to 2.5%
from 2.9% in 2009.
Key Figures
(€ million, unless stated otherwise)
2010
2009
Turnover
469
EBITA recurring
10.2
17.2
2.2
3.6
Net result
EBITA margin on turnover (%)
346
-9.3
481
347
5.0
20
Client
Malaysian Airports Holding
Berhad, Malaysia
Impact on the
living environment
A passenger handling facility
catering for low cost carriers that
meets international standards,
whilst maintaining the status of a
green airport.
Services
NACO was contracted to develop
the master plan into a schematic
design that will not only meet
safety requirements but will be
instrumental to the integration
of low cost carrier traffic in South
East Asia.
Timespan
2009 - 2011
21
<< Highlight 2
nd
passenger handling facility, Kuala Lumpur International Airport
Taxes
The net tax charge in 2010 is a positive € 1.6 million due
to a tax asset raised on the Group’s operating losses. The
effective tax rate is negatively influenced by 11.8% (2009: 8.2%)
because of non-tax deductible costs which include goodwill
amortization.
Balance sheet
The balance sheet total at the end of 2010 is € 243.3 million,
almost in line with that of 2009. The growth in goodwill
follows the 11% increased stake in the equity of SSI while land
and buildings increased as a result of the upgrade of the
Group’s headquarters in the Netherlands (€ 7.9 million).
Net working capital increased by € 7.1 million to € 15.2 million,
which is 3.2% of turnover compared to 1.7% in 2009. Due to
this increase and additional investments in tangible and
intangible assets, net debt increased by € 7.9 million to
€ 35.7 million.
The equity ratio decreased to 29.8% and is slightly below the
long-term target of 30-35%. The negative result in 2010 led
to an overall decrease in shareholders’ equity of € 3.9 million
to € 68.5 million. The decrease was partly compensated by
currency rate changes amounting to € 5.2 million (2009:
€ 3.0 million) due to a weakened Euro currency.
In 2010 new shares were issued for a total amount of
€ 0.5 million (2009: € 0.8 million). The movement in minority
interest is a result of the increased holdings in SSI (+11%) and
SEED (+13%) as well as the minority portion on the loss of the
North American aviation business.
Cash flow
Cash flow from business operations decreased to € 12.2 million
from € 39.6 million in 2009 due to a weakened result and
higher investment levels required in working capital. Cash
flow utilized on investments was € 17.8 million which includes
€ 7.9 million for the upgrade of the Group's headquarters in
the Netherlands, ownership expansion in group companies, as
well as further management information system investments
in both hardware and software. Within financing cash flows,
long-term debt was reduced by € 7.2 million.
In summary
The 2010 financial results have been disappointing due to a
strong dependence on a rapidly deteriorating Dutch public
sector market and the required time to adapt the organization
to new market circumstances. Most international businesses
have performed well, in particular South Africa. Aviation has
recently come back on track, while Asia continues to require
attention to seize the market opportunities in a profitable
manner.
The Group’s Balance sheet, Income statement, and Cash flow
statement as presented on pages 26-28 are an extract from
the Group’s Financial Statements, which have been audited
by PwC and for which we have received an unqualified audit
opinion. The complete Financial Statements can be found on
dhvgroup.com/annualreport.
22
Client
Water Board Veluwe, The
Netherlands
Impact on the
living environment
Design and Construction
of Nereda® for sustainable
treatment of municipal
wastewater.
Services
Nereda® is DHV’s innovative
biological wastewater treatment
technology, based on the unique
characteristics of granular aerobic
biomass.
Timespan
2010 - 2011
23
<< Highlight Nereda® for sustainable treatment of municipal wastewater
Outlook 2011
The world economic recovery is expected to progress slowly in
2011, with continued downside risks. Most advanced economies
and a few emerging economies face large adjustments, mainly
to reduce budgets and curtail expenses. Many emerging
and developing economies however, continue to see strong
growth, having had less involvement in the financial crises.
On balance, 2011 will be a difficult year for engineering
consultancy in general.
to grow, providing opportunities for mining and related
infrastructure work for the Group.
In Europe, where more than 50% of the Group’s activity occurs,
the outlook for growth is low. Public sector budget cuts in the
Netherlands over the next five years will have its impact on all
sectors, with continuing strain on local authority and building
markets. Selectivity and a focus on quality will be critical to
protect margins. In Portugal, the already announced austerity
measures by the government will lead to less activity in the
construction and engineering sector. Involvement in large
infrastructure projects will soften the impact somewhat for
DHV. In Poland, growth expectations are better, stimulated in
part by the European Cup football tournament of 2012. Market
conditions have however become increasingly aggressive.
The DHV companies in Asia are expected to benefit from
the continued strong economic growth in the region. The
robust demand for water treatment technology is expected
to continue in China. India in particular has substantial need
for growing local capability to sell and deliver the services and
products available in the Group. Vietnam will be growing from
a low base.
In Africa, more growth is expected outside of South Africa,
which, after the successful World Cup football of 2010, will
see a decrease in spending. The South African government
has ambitious plans to expand the rail infrastructure and
improve access to water. This should partially compensate for
the decrease in base load due to the completion of major roads
projects. Mining activities in Africa and elsewhere continue
The Aviation market has recovered from the lows of 2009, and
the expectations for 2011 are better, especially in the Middle
East and Asia, where the demand for new airports continues to
grow. The consultancy service in this market is also expected to
recover.
In North America the impact of the economic stimulus packages
will still be visible, although there is an increased risk of the
government not being able to continue with large projects on
the current scale.
24
Client
Eden District Municipality,
South Africa
Impact on the
living environment
In the face of the worst drought
in 150 years, SSI assisted water
authorities in averting a supply
crisis by implementing various
water re-use and desalination
initiatives.
Services
SSI and partner municipalities
developed an innovative,
economical, demand-based
solution which optimizes what
is available and supplements
traditional, inexpensive supply
sources with more expensive
water as demand dictates, yet can
be discontinued when demand
drops.
Timespan
2010 - 2011
25
<< Highlight Innovative, demand-based solution for water supply, South Africa
Strategic actions
In order to achieve our ambitions, the emphasis in 2011-2012 is
on the three pillars: Client centricity, Operational excellence and
a High performance culture.
Client centricity
Putting the client central in our thinking combines being
closer to the client with being able to contribute from a
broader perspective. Operationally this means a stronger
focus on account management with regular feedback on
performance and stakeholder dialogue to discuss trends.
It also means greater selectivity, doing more for fewer clients
and earning an appropriate return in relation to our value
added.
behavioral dimensions of Leadership, Results and Teamwork.
These go hand-in-hand with our values to create a sustainable
culture that attracts talent and partners.
Concluding remarks
Vision 2015 is full of opportunity for our people and for those
who work with the DHV Group. 2011 is about delivering results.
With the spirit in our company and the commitment of our
staff, we are confident that the DHV Group will make a
Step Change.
We thank our people for their dedication and creativity.
Amersfoort, the Netherlands, 23 February 2011
Operational excellence
Work process improvement is about increasing reliability,
speed and cost effectiveness. This applies to pursuing prospects,
risk review, proposal preparation and the business aspects of
managing our projects. In our supporting processes we focus on
streamlining financial reporting, procurement and information
systems. Human Resource Management processes will be
brought to a higher level through the Management Review
process, DHV University and individual development plans,
and performance appraisals.
High performance culture
In addition to wanting to be part of a team that does good,
people also want to be part of a team that does well. We need
to develop a high performance culture. In addition to our
values of Integrity, Respect and Freedom, we will emphasize the
Bertrand M. van Ee (President)
Piet W. Besselink (Vice President)
Jaska M. de Bakker (CFO)
26
Performance Review
Consolidated Balance Sheet
Before appropriation of result
Assets
45,909
Fixed assets
Intangible fixed assets
Tangible fixed assets
Financial fixed asssets
Deferred taxation
Current assets
Work in progress
Receivables
Cash and cash equivalents
45,909
44,147
6,365
2,113
604
119,505
24,609
2010
98,534
144,718
2009
44,722
41,658
4,673
1,704
8,428
115,134
25,671
92,757
149,233
243,252
241,990
2010
2009
Group equity and liabilities
Group equity
Shareholders’ equity
Minority interest
68,542
3,879
72,421
72,500
4,426
76,926
Provisions
11,265
3,402
Long-term liabilities
37,659
43,473
121,907
118,189
243,252
241,990
Current liabilities
(€ thousands)
27
Consolidated Profit and Loss Account
Net turnover
Movement in work in progress
Total revenue
Cost of work subcontracted and other external charges
Staff costs
Depreciation and amortization on tangible and intangible assets
Other operating costs
Operating cost
2010
2009
468,676
480,824
325
-499
469,001
480,325
123,220
237,686
15,213
101,586
133,810
229,746
10,385
94,171
477,705
468,112
Operating result
-8,704
12,213
Net interest expense
-3,171
-3,307
-11,875
8,906
1,612
658
-3,356
581
-9,605
6,131
265
-1,099
-9,340
5,032
Result before taxation
Taxation
Result on non-consolidated participating interests
Result for the period
Minority interest
Net result
(€ thousands)
28
Consolidated Cash Flow Statement
2010
Cash flow from operating activities
Operating result
Adjustments for
- Amortization of intangible fixed assets
- Depreciation of tangible fixed assets
- Movement in provisions
Movement in working capital
- Work in progress
- Receivables
- Current liabilities
-8,704
5,630
9,583
7,417
7,824
965
-10,536
Net cash generated by business operations
Profit of non-consolidated participating interests
Interest paid
Taxation paid
Net cash generated by operating activities
12,213
3,176
7,209
-1,559
22,630
5,827
7,509
5,270
-1,747
12,179
658
-3,171
-3,873
-6,386
Cash flow from investing activities
Acquisition of group companies
Additions to intangible fixed assets
Additions to tangible fixed assets
Investment in non-consolidated participating interests
Net cash utilised in investing activities
-3,274
-2,323
-11,061
-1,172
Cash flow from financing activities
Proceed from long-term loan raised
Repayment of long-term loans
Issue of shares
Dividend paid
Net cash utilised in/generated from financing activities
-7,163
456
-97
Exchange rate differences
2009
8,826
18,606
39,645
581
-3,307
-6,157
5,793
-17,830
-6,804
-8,883
-4,888
-3,255
-3,495
836
20,000
-3,449
778
-368
30,762
-10,802
16,961
3,525
892
-15,316
37,813
25,671
-2,713
22,958
15,809
-30,664
-14,855
Cash and cash equivalents at 31 December
Amounts owed to credit institutions at 31 December
24,609
-16,967
7,642
25,671
-2,713
22,958
Movement in net cash
-15,316
37,813
Net decrease/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Amounts owed to credit institutions at 1 January
(€ thousands)
29
Corporate Responsibility
2010
2009
80
11th
(0f 226)
67
18th
(of 183)
28
17
28
17
4,296
4,538
4,476
4,665
3.7
0
3.4
8
4,106
786
7,528
3,301
3,790
731
7,351
3,132
15,721
15,004
Emission compensated (tons)
Emission compensated (%) 2
-15,721
100
-7,830
52
Total net CO2 emission (tons)
0
7,175
258
3,776
163
3,712
Transparency
Scoring on the Transparency benchmark (%)
Transparency benchmark ranking
Workforce
Female workforce (%)
Female management (%)
Total workforce (FTE)
Total workforce (heads)
CO2
Emission per FTE (tons)
Reduction of CO2 emission per FTE against base year (%) 1
Emission from electricity (tons)
Emission from other building related energy (tons)
Emission from car travel (tons)
Emission from air travel (tons)
Total gross CO2 emission (tons)
Community
Community investment in cash (€ thousands)
Community investment in hours
Reporting Scope
In line with the DHV Group’s CR Reporting policy, the CR statements includes data from entities that are fully owned or majority owned, or those
entities where DHV has a controlling interest with respect to CR. CR statements include only those entities which have been part of the DHV Group
for a full reporting year. The reporting scope differs from the financial
statements in that for CR purposes we have excluded our alliance partners
Delcan and Planetek, in which we are a minority shareholder. For further
detail on our Reporting Scope, please refer to the 2010 CR report, available
on our website www.dhvgroup.com in March 2011.
Restatements
In 2010, our South African entity (SSI) reported for the first time on non
renewable electricity usage. This caused a significant change of our total
CO2 emission from electricity compared to previous years. In order to make
it possible for readers to monitor and measure progress year on year we
have restated historical electricity usage and corresponding CO2 emission
from electricity.
) Base year is 2008. CO2 emission per FTE in 2008 was 3.7 tons (after restatement).
) DHV Group has committed itself to compensate 100% of its CO2 emission for 2010.
1
2
30
Addresses
DHV Group
Laan 1914 no 35
3818 EX Amersfoort
P.O. Box 219
3800 AE Amersfoort
The Netherlands
T +31 33 468 37 00
E [email protected]
www.dhvgroup.com
The Netherlands
DHV
Laan 1914 no 35
3818 EX Amersfoort
P.O. Box 1132
3800 BC Amersfoort
T +31 33 468 20 00
E [email protected]
www.dhv.com
DHV also has offices in Deventer,
Eindhoven, Groningen, Maastricht,
Rotterdam, The Hague, Utrecht, and
Zaandam.
NPC
P.O. Box 2202
3500 GE Utrecht
T +31 30 272 73 70
E [email protected]
www.npc.eu
NPC is an integral part of the DHV Group
with offices in Amsterdam, Eindhoven,
Rotterdam, and Zwolle.
NACO, Netherlands Airport Consultants
Anna van Saksenlaan 10
2593 HT The Hague
P.O. Box 93056
2509 AB The Hague
T +31 70 344 63 00
E [email protected]
www.naco.nl
InterVISTAS Consulting
Anna van Saksenlaan 10
2593 HT The Hague
T +31 70 344 64 49
E [email protected]
www.intervistas.com
Joint Ventures
Infraflex
St. Jacobsstraat 6-8
3511 BR Utrecht
T +31 30 223 97 99
E [email protected]
www.infraflex.nl
Protected Storage Engineers (PSE)
P.O. Box 2078
3000 CB Rotterdam
T +31 10 279 47 94
E [email protected]
www.psengineers.nl
Tunnel Engineering Consultants (TEC)
P.O. Box 108
6500 AC Nijmegen
T +31 24 382 04 30
E [email protected]
www.tec-tunnel.com
Europe
CZECH REPUBLIC
DHV CR
Meteor Office Park
Sokolovská 100/94
CZ-186 00 Praha 8
T +420 236 080 550
E [email protected]
www.dhv.cz
PORTUGAL
DHV
Estrada de Alfragide, nº 92
2610-015 Amadora
T +351 214 127 400
E [email protected]
www.dhv.pt
DHV also has an office in Oporto.
UNITED KINGDOM
Delcan
The White Cottage
19 West Street
Epsom, Surrey
KT18 7BS
T +1 905 943 0500
E [email protected]
www.delcan.com
InterVISTAS Consulting
99 Lansdowne Way
London SW8 2PB
T +44 752 566 6331
E [email protected]
www.intervistas.com
Turgis Consulting
Suite 152
8 Shephard Market, Mayfair
London W1J 7JY
T +44 781 018 2169
E [email protected]
www.turgisconsulting.co.uk
DHV CR also has offices in Brno and
Ostrava.
Near East
POLAND
DHV POLSKA
ul. Domaniewska 41
02-672 Warszawa
T +48 22 606 28 02
E [email protected]
www.dhv.pl
ISRAEL
DHV MED
1 Gad Manela st.
P.O. Box 8058
New Industry Zone
Netanya 42504
T +972 98 85 23 12
E [email protected]
www.dhvmed.com
DHV Polska also has offices in Szczecin
and Gdansk.
Hydroprojekt
ul. Dubois 9
00-182 Warszawa
T +48 22 635 48 84
E [email protected]
www.hydroprojekt.com.pl
Hydroprojekt also has offices in
Sosnowiec and Wloclawek.
PGL & Delcan Israel
43 Ha’Aliya HaShniya Street
Azur, 58002 67891
T +972 3 791-4111
E [email protected]
www.pgl.co.il
Asia
CHINA
DHV (Beijing) Environmental
Engineering Co.
West 3rd floor, Building 8,
Wanguocheng
No. 1 Xiangheyuan Road
Dongcheng District
Beijing 100028
T +86 10 84 40 84 42
E [email protected]
www.dhv.cn
DHV Engineering Consultancy
(Shanghai) Co.
Floor 25, Building 19, Phoenix Park of
Shanghai Caohejing Hi-Tech Park
No. 1515 Gumei Road
Shanghai 200233
T +86 21 60910699
E [email protected]
www.dhv.cn
HONG KONG
Delcan
Unit 11-12, Level 35, Tower 1
Millennium City 1
388 Kwun Tong Road
Kwun Tong, Kowloon
T +852 2836 3191
E [email protected]
www.delcan.com
INDIA
DHV Global Engineering Center
India Branch Office
13 & 14, I Block SDF
Noida Special Economic Zone
Noida – 201 305
T +91 120 430 50 00
E [email protected]
DHV India
B-1/I-1, 1st Floor
Mohan Cooperative Industrial Estate
Main Mathura Road
New Delhi - 110 044
T +91 11 40539303-06
E [email protected]
www.dhvindia.com
DHV India also has offices in Bangalore,
Chennai, Hyderabad, and Lucknow.
31
INDONESIA
Mitra Lingkungan Dutaconsult
Ventura Building, 4th floor, Suite 405
Jl. R.A. Kartini No. 26 (Outer Ring Road)
Cilandak – Jakarta 12430
P.O. Box 1015
Jakarta Selatan 12010
T +62 21 7504 605
E [email protected]
www.mld.co.id
SAUDI ARABIA
SADECO
Dar al-Hijaz Building No. 2
5th Floor – Apartment No. 25
Prince Mohamed bin Abdulaziz Street
(Tahliya Street)
P.O. Box 2320
Jeddah 21451
T +966 26 679 071
E [email protected]
TAIWAN
DHV Planetek
12F-1, No. 77, Liwen Road
Zuoying District
Kaohsiung City, 813
T +886 7 556 8311
E [email protected]
www.dhvplanetek.com.tw
DHV Planetek also has an office in Taipei.
VIETNAM
DHV
9th Floor - Artexport Building
2A Pham Su Manh Street
Hoan Kiem District Hanoi
T +844 39363889
E [email protected]
www.dhv.vn
DHV Vietnam also has an office in
Ho Chi Minh City.
Africa
BOTSWANA
SSI
1st Floor, Modiri House
Plot 22076
Gaborone West
P.O. Box 1517
Gaborone
T +267 395 2557
E [email protected]
www.ssi-dhv.com
MOZAMBIQUE
SEED
Rua de Kassuende, 118 - 8° andar
Maputo
T +258 21 48 5917/ 18
E [email protected]
www.seed.co.mz
SOUTH AFRICA
Delcan
Unit B37, Sanlam Business Park
Koeberg Road
Milnerton, Cape Town
T +1 404 320 1776
E [email protected]
www.delcan.com
SSI
Building No. 5
Country Club Estate
21 Woodlands Drive
Woodmead 2191
P.O. Box 867
Gallo Manor
2052 Gauteng
T +27 11 798 6000
E [email protected]
www.ssi-dhv.com
SSI also has offices in Buffalo City
(East London), Cape Town, Chris Hani
(Queenstown), Ekurhuleni (Bedfordview),
Emnambithi (Ladysmith), eThekwini
(Durban), George, iLembe (Ballito),
Knysna, Mafikeng, Mangaung
(Bloemfontein), Mbombela (Nelspruit),
Mossel Bay, Msunduzi (Pietermaritzburg),
Nelson Mandela Bay (Port Elizabeth),
Newcastle, Plettenburg Bay, Polokwane,
Sol Plaatje (Kimberley), Tshwane
(Pretoria), and Ugu (Port Shepstone).
Turgis Consulting
Building 1
299 Pendoring Road
Blackheath 2195
P.O. Box 1995
Northcliff 2115
T +27 11 476 22 79
E [email protected]
www.turgis.co.za
ZIMBABWE
SSI
10th Floor, Pax House
87-89 Kwame Nkrumah Ave
P.O. Box 1748
Harare
T +263 4 79 7108/9
E [email protected]
www.ssi-dhv.com
North America
CANADA
Delcan
625 Cochrane Drive, Suite 500
Markham
Ontario, L3R 9R9
T +1 905 943 0500
E [email protected]
www.delcan.com
Delcan also has offices in Burlington,
Calgary, Edmonton, Hamilton, Kingston,
Kitchener, London, Niagara Falls, Ottawa,
Vancouver, and Victoria.
InterVISTAS Consulting
1200 West 73rd Avenue, Suite 550
Vancouver, B.C. V6P 6G5
T +1 604 717 1800
E [email protected]
www.intervistas.com
InterVISTAS also has offices in Ottawa
and Winnipeg.
UNITED STATES OF AMERICA
Delcan
650 E Algonquin Road
Suite 400
Schaumburg, IL 60173
T +1 847 925 01 20
E [email protected]
www.delcan.com
Delcan
8618 Westwood Center Drive
Suite 450
Vienna, VA 22182
T +1 703 752 6060
E [email protected]
www.delcan.com
Delcan also has offices in Atlanta, Austin,
Coral Springs, Denver, Ft. Lauderdale, Los
Angeles, and Salem.
An up-to-date overview of addresses can be found on dhvgroup.com/offices.
Intelligent Devices
4411 Suwanee Dam Road
Suite 510
Suwanee, GA 30024
T +1 404 320 1776
E [email protected]
www.intelligentdevicesinc.com
InterVISTAS Consulting
7200 Wisconsin Avenue
Suite 1103
Bethesda, MD 20814
T +1 301 941 1400
E [email protected]
www.intervistas.com
32
Colophon
Production
DHV
Communications
T +31 33 468 20 15
dhvgroup.com/annualreport
Printing and binding
Drukkerij van Amerongen
Paper
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Cover picture
Charles Corbett
Copyright DHV. No part of these specifications/printed matter may be
reproduced and/or published by print, photocopy, microfilm or by any other
means, without the prior written permission of DHV B.V.; nor may they be
used, without such permission, for any purposes other than that for which
they were produced.
WD-11-03-027
Publication date
March 2011
33
We are a company for people from people, working in partnership with
our clients to deliver innovative, quality solutions for the sustainable
development of our living environment.
DHV Group
P.O. Box 219
3800 AE Amersfoort
The Netherlands
T +31 33 468 37 00
E [email protected]
dhvgroup.com