annualreport 2007

A N N U A L
R E P O R T
20 0 7
Jaarbeurs Holding operates as a strategic holding company and provides support in the areas
of finance, legal affairs, ICT, human resources and the development of the organisation.
VNU Exhibitions Europe organises fairs and exhibitions that deliver business to its customers,
mainly in the Netherlands and China, but also in other countries. With its trade fairs,
VNU Exhibitions is the market leader in the Netherlands. In Shanghai the company is now
the third largest fair organiser.
Jaarbeurs Utrecht hosts trade fairs, consumer events, conferences, meetings and other activities.
With the addition of new functions the venue is being given a multi-functional character.
Jaarbeurs Catering Services is one of the largest caterers in the Netherlands.
Through label management it is expanding its position. Participation in other caterers will
provide further growth in revenue.
CONTENTS
Key data
3
Report of the Supervisory Board 4
Report of the Executive Board
7
VNU Exhibitions Europe
12
Jaarbeurs Utrecht
20
Jaarbeurs Catering Services
26
List of activities in 2007 32
Consolidated financial statements 2007
40
Consolidated financial statements 42
Consolidated balance sheet 42
Consolidated income statement 43
Consolidated statement of cash flows 44
Explanatory notes to the consolidated financial statements
45
Principles
45
Explanatory notes to the consolidated balance sheet
49
Explanatory notes to the consolidated income statement
54
Company financial statements
56
Explanatory notes to the company financial statements 57
Other information 59
Auditor’s report
59
Provisions of the articles of association regarding the appropriation of the result
60
Proposed appropriation of the result
60
Group structure 61
Five years Jaarbeurs Holding B.V.
62
Key positions 64
3
KEY
DATA*
in e million, unless otherwise stated
2007
2006
Net revenue 108.5
103.1
Operating result 13.9
12.2
As percentage of net revenue 12.9 % 11.9 %
Net result 9.5
8.3
As percentage of net revenue 8.8 % 8.0 %
Net cash from operating activities 18.5
17.4
Net investment in fixed assets 37.4
7.8
Amortization, depreciation and decrease in value of fixed assets 10.2
11.7
Equity
Balance sheet total
Solvency
75.3
67.4
155.5
127.9
48.4 %
52.7 %
Average number of employees (FTE) 448
425
* Up to and including 2006 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest and was only
consolidated proportionally. From 29 October 2007 the participation was increased to 100% and is fully consolidated in
the balance sheet.
4
REPORT
OF
THE
SUPERVISORY
BOARD
We hereby present to the General Meeting of Shareholders of Jaarbeurs (Holding) BV the consolidated
financial statements, the annual report and accompanying explanatory notes for 2007, as well as the outlook for
2008, as prepared by the Executive Board. The financial statements are accompanied by an approved auditor’s report
from KPMG Accountants. We would like to recommend that the General Meeting of Shareholders approves and adopts
the financial statements, including the proposed appropriation of the result.
As a separate agenda item, we propose to the General Meeting of Shareholders that the Supervisory Board
and the Executive Board of Jaarbeurs (Holding) BV be discharged from liability for the exercise of their duties in 2007
as evidenced by the financial statements and the annual report with the explanatory notes attached to them.
The Supervisory Board compliments the Executive Board for the revenue and result that have been achieved.
Strategically, the Executive Board has taken a number of important steps that give the company a great deal of scope for
manoeuvre in the years ahead.
The Board notes with satisfaction that Jaarbeurs Holding has bought back the shares that The Nielsen
Company had in VNU Exhibitions Europe. With this action Jaarbeurs Holding is again the 100% owner of the exhibition company, at the very time that the Board sees that there is a transition from being a traditional exhibition organiser
to an intermediary in opportunities for contact. Against this background the Supervisory Board welcomes the fact that
in the year under review VNU Exhibitions Europe took the initiative in organising Executive Summits. With this, along
with the traditional trade fairs that are the core business of the company, it has added a new dimension to its range of
activities. This applies equally to the acquisition of two online trade fairs.
These developments point to a new strategic playing field for VNU Exhibitions Europe. The Supervisory Board
is following with interest the plans of the exhibition company to create more interaction between exhibitors and visitors
through the integrated use of all available sources of data. This marks a shift from the physical meeting moment at the
exhibition to a continuous form of contact with both the exhibitor and the visitor. The Board expects a great deal from
the use of these data (files).
We share the concern of the Executive Board regarding the lack of progress in the development of the station
area. This does not fit in with the plans of Jaarbeurs. The city and the company have grown together too much to take
a step back in time.
5
The Supervisory Board will assess future scenarios for Jaarbeurs in the city of Utrecht from the perspective
that the physical location for organising exhibitions is becoming less important. Consider for example the developments that have just been outlined regarding VNU Exhibitions Europe. It may well be that the role of the location
(Jaarbeurs Utrecht) as the ‘village square of the Netherlands’ may become more important, but for this to happen the
city centre has to be redeveloped.
The Board is following with interest the developments in the catering company. With its external party caterers
Jaarbeurs Catering Services is now achieving more revenue ‘outside’ than ‘inside’ the complex. This is a trend that the
Board will be following very closely.
In 2007 Mrs C.P. Vogelaar, Mr B. Staal and Mr A.H. Verhoeven stood down from the Board. New members
of the Board are Mrs I.G.C. Faber and Mr J.G. Wijn.
The Supervisory Board met four times in the year under review. The Board discussed the budget, the quarterly
figures, the financial statements, the company’s strategic choices, developments regarding the development of the station area and the takeover of The Nielsen Company’s shares in VNU Exhibitions Europe.
The Supervisory Board owes the Executive Board and staff its thanks for their efforts which can be seen in
increasing revenues and a positive financial result.
Utrecht, 12 March 2008
Supervisory Board
H.W. Broeders, Chairman
Mrs C.P. Vogelaar, Vice-Chairman (until 22 February 2007)
R.G. van Ingen
P.C. Klaver
B. Staal (until 23 May 2007)
A.H. Verhoeven (until 23 May 2007)
Mrs I.G.C. Faber (from 1 January 2008)
J.G. Wijn (from 1 January 2008)
6
7
REPORT
OF
THE
EXECUTIVE
BOARD
In the year under review Jaarbeurs Holding BV again became the 100% owner of VNU Exhibitions
Europe. In the autumn The Nielsen Company’s shares in the exhibition company were acquired.
Occupancy of the complex increased. This is a direct result of the investments made in renovating the
halls and the Conference and Meeting Centre. Jaarbeurs Catering Services is entering new territory with
the quality restaurant Divinatio, which was opened in December. With revenues of 108.5 million euros
and a result of 9.5 million euros, Jaarbeurs Holding BV produced a satisfactory performance.
The year under review was characterised by a strong economic climate. This can be seen by the
enthusiasm with which companies and organisations organise activities in Jaarbeurs Utrecht. We are also
reaping the rewards of clearer segmentation in the company’s activities. The splitting up of the company –
which took place a few years ago now – into three operating companies each with their own specialism is
having its effect. In the segments in which Jaarbeurs is active, we are the market leader. VNU Exhibitions
Europe is a leading player with its range of consumer events and market leader with its portfolio of trade fairs.
With clear concepts Jaarbeurs Utrecht has developed into a high-profile complex operator in Europe. With
attractive labels Jaarbeurs Catering Services belongs to the leading caterers in the Netherlands.
In 2018 the city of Utrecht would like to claim the title of Cultural Capital of Europe. We are pleased
with this ambition, which is fully justified in view of Utrecht’s activities in this area. However, if Utrecht wants
to be able to present itself to a wide audience, the facilities must be suitable for this. Ambitious plans, such
as are expressed in the Project for the Development of the Station Area, should do justice to the economic and
cultural aspirations of the city and the region. A host with allure and ambition.
Jaarbeurs has said that it will be very pleased to help with the redevelopment of this area. That is
why there are plans to build a hotel, a mega-cinema with meeting rooms and a casino at the venue, and in
the slightly longer term art, culture, leisure and entertainment functions will appear in the North part of the
Jaarbeurs site. These functions will give added value to the area and act as an additional economic driver.
Although planning and consultation with the people of Utrecht took place a few years ago now, at present it is
unclear when construction work will start. This is reason for a great deal of concern.
8
REPORT
OF
THE
EXECUTIVE
BOARD
We attach a great deal of importance to careful procedures, which involve looking in detail at the environmental
impact. We understand the care with which procedures are followed. However, we have now reached a point where
credibility is affected. A lack of clarity in the medium term also affects the operation of Jaarbeurs.
VNU Exhibitions Europe
In the autumn Jaarbeurs Holding took over The Nielsen Company’s 50-percent share in VNU Exhibitions Europe. With
this, the exhibition organiser has again become fully owned by Jaarbeurs Holding BV. For the time being the company
will continue to profile itself under the name VNU Exhibitions Europe, with activities in the Netherlands, Europe and
in Asia. In the year under review the company concentrated on growth and developing its exhibition portfolio, the
launching of Executive Summits, high-quality meetings for top business people, and on the acquisition of two online
trade fairs.
With the online trade fairs VNU Exhibitions Europe is deliberately choosing to explore new possibilities. It offers
customers a number of communication channels facilitating them to come into contact with target groups. With the
acquisition of www.beautyvakbeurs.nl VNU Exhibitions Europe is able to offer a multimedia proposal to exhibitors at the
trade fairs Beauty Trade Special and Beauty Salon Dimensions. This choice has been prompted by the rapidly changing
media landscape. The launch of this beauty platform does not stand on its own. A number of new initiatives is in the
pipeline for 2008.
To give these initiatives a solid base, the business unit Online & Crossmedia has been created at
VNU Exhibitions Europe. As well as internet activities, this unit also focuses on new forms of face-to-face contact.
The Executive Summits are an example of this. These are invitation-only events for a small and select group of people,
consisting of CEOs and chairmen of the board of large companies and organisations.
For all events held by VNU Exhibitions Europe, exhibitors want to know in advance what their return on
investment is going to be. They want a clear picture of the make-up and the decision-making authority of the visitors
that they can expect at their stands. The future lies with the exhibition organisation that can link up the right visitor
with the right exhibitor.
9
Increasingly, the exhibition organiser is also facilitating the match between visitor and visitor. In the coming years
VNU Exhibitions Europe will be investing a great deal in introducing new technology in order to achieve these aims.
In the year under review VNU Exhibitions Europe acquired all the shares of RTB with the GEVELtotaal and
Hout fairs. Since 2004 VNU Exhibitions Europe has held more than 50 percent of the block of shares. Both fairs are a
valuable addition to the portfolio of fairs for the construction industry. In the year under review, the exhibition
company organised an event in New Delhi with VIV India for the first time. With this the company is continuing
its strategy of building up a position in rapidly emerging markets with its internationally known VIV fair (Vakbeurs
Innovatie Veehouderij, a trade fair for innovative livestock breeding).
The overwhelming majority of the exhibitions that VNU Exhibitions Europe organised in the year under review
were successful – in terms of revenue, return, visitor and exhibitor numbers and rating figures. The same applies for
the results of VNU Exhibitions Asia, which in the year under review organised sixteen exhibitions, with growth of
6 percent over the whole of its portfolio.
At the end of 2007 the Marketingflow programme was initiated, which in essence comes down to the
exhibition organiser seeking to enter into a long-term relationship with the visitors to the exhibitions, who are the
customers of our customers. The central question here is: how can we, time after time, offer the visitor added value?
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The programme is expected to extend over a number of years.
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10
REPORT
OF
THE
EXECUTIVE
BOARD
Jaarbeurs Utrecht
The metaphor could not be clearer: Jaarbeurs Utrecht wants to become the village square of the Netherlands.
A square with a wide variety of activities for all sorts of target groups, who visit the venue for all sorts of different
reasons. The venue must be able to compete with each and every other venue in Europe. In the year under review
Jaarbeurs Utrecht made substantial investments in the renovation of the venue. The most striking of these was the
complete renovation of the entrance to the Beatrixgebouw.
New concepts form the basis for growth. At the end of 2006 the concept meetingmoods was launched in the
Conference and Meeting Centre. This formula was so successful that November 2007 saw the highest occupancy ever.
With this concept the Conference and Meeting Centre has pulled ahead of the competition.
As from 1 January Jaarbeurs Utrecht took over the running of Media Plaza. The foundation with the same
name will be engaged solely in organising conferences and seminars. With this Jaarbeurs Utrecht is increasing its
capacity for conferences and seminars. This year Hall 6 will be constructed next to Media Plaza. Foyers and session
rooms are being built in this hall, and it will also provide space for a new conference hall with capacity for 600 people.
Architecturally, the new extension will do justice to the futuristic-looking Media Plaza. The new venue will be
completed in September 2008.
With the introduction of Jaarbeurs Insperience we are offering exhibition organisers and exhibitors a new
service that enables them to provide for visitors’ preferences. As a result, they can concentrate on their own business
without concerning themselves with fitting out their stands, the entrance, theme squares or tailored entertainment.
The idea is that visitors are given so many information stimuli that the attention level is raised every year.
The professionals at Jaarbeurs Utrecht are able to translate fair objectives into presentations that are full of interest.
In view of the number of requests for new fairs Jaarbeurs Utrecht finds that there is a great deal of scope for
the medium of the fair. We see it as a trend that more and more new physical events are developing from internet
communities. There is increasing need for physical contact. Also, we are seeing that the number of seminars is
growing as a direct result of a high degree of specialisation. It is precisely because of this that the need is growing to
share know-how and experiences with each other.
11
It is expected that in 2011 Jaarbeurs Utrecht will reach the limits of it’s physical capacity. The addition of
new functions such as a cinema complex, hotel and casino are absolutely essential if we are to be able to meet the
customer’s wishes after 2011 as well.
Jaarbeurs Catering Services
Jaarbeurs Catering Services fixed its objectives in 2003. National dominance with strong local party caterers, the label
strategy. Four years later we are seeing the results. The company earned higher revenues ‘outside’ than ‘inside’ the venue.
This is all the more remarkable since revenue from catering at the venue also increased against 2006.
In the year under review Jaarbeurs Catering Services introduced a new label: On board – On shore, which
concentrates entirely on operating the cultural heritage of the city of Rotterdam, the ship the SS Rotterdam, with fourteen
rooms including the 600-seat theatre. Activities on the ship will start on 1 September 2008.
The party caterers Taat & de Regt and Grand Catering have profiled themselves as quality caterers in The
Hague and Utrecht areas respectively. Taat & de Regt is being used increasingly by ministries and embassies, while
in 2007 Grand Catering took over the running of the Geldmuseum (money museum) in Utrecht. In the meantime
Verhaaf Party Catering has become fully integrated in Jaarbeurs Catering Services. Since September this label has
been providing the catering for Taets Art Gallery in Zaandam.
With the launch of the à la carte restaurant Divinatio, Jaarbeurs Catering Services is entering new territory.
The restaurant is located just outside the Jaarbeurs venue and is directly next to what used to be the Utrecht
‘veilinghaven’ (the old fruit and vegetable auction hall). The restaurant is positioning itself as an establishment where
success can be celebrated. The French Mediterranean cuisine is of a high standard and with its prices Divinatio is
accessible to a wide public. Divinatio is the first in a chain of à la carte restaurants that Jaarbeurs Catering Services is
planning to open at special locations.
Catering at the venue achieved an excellent result. This is the direct consequence of upselling. Catering in the
Conference and Meeting Centre is above expectation. This is due to the high degree of occupancy of the centre.
Jaarbeurs Holding BV looks to the future with confidence. In view of the economic developments we expect
revenue and return to continue at least at current levels. In the years ahead we plan to make significant investments
in the markets in which we are active.
Utrecht, 12 March 2008
A. Brienen
V N U
e x h i b i t i o n s
e u r o p e
Three strategic themes have been central to VNU Exhibitions
Europe in the year under review. Solid growth and expanding the exhibition portfolio, a firm commitment to strategic
Executive Summits and the development of online activities.
VNU Exhibitions Europe has had a good year. Financially and
strategically, the prospects are healthier than ever.
14
V N U E xhibitions E urope
Autonomous growth is an important driver for VNU Exhibitions Europe
The autonomous growth in the portfolio has been an important driver behind the success in 2007. With improved
concepts and more effective selling, most exhibitions have shown double-digit growth. In 2007 a total of 52
exhibitions were organised, of which 31 were trade fairs and 21 were consumer exhibitions. Of these, 21 exhibitions
were organised outside the EU, of which 16 were in China. Growth in revenues was also achieved by providing
additional services to customers, the acquisition of events and developing new concepts.
In the year under review a great deal of effort was devoted to new business. By launching new exhibitions, but
also through the introduction of small-scale, specialised face-to-face concepts and online activities. A new business
unit was set up under the name Online & Crossmedia. This unit concentrates on developing and operating internet
and interactive marketing concepts. One of its first achievements was to launch two strategic Executive Summits.
These are high-quality invitation-only events at board level. In the year under review the first two summits were
organised, with both being successful events. With this a solid basis has been established for growth and the further
development of the summits.
The launching of these Executive Summits fits in with a broad trend. Increasingly, organisers will have to
develop events with a great deal of added value both for the visitor and the exhibitor. This is why VNU Exhibitions
Europe is choosing – as well as the exhibition as a physical platform – also to specialise in face-to-face and online
contact opportunities.
The exhibitor wants to be clear about his return on investment, he wants to know in advance which decision
makers he can expect at his stand and what the participation in an exhibition will yield for him. Meanwhile, for his or
her part the visitor can choose from so many communication channels that it must be clear to him or her in advance
what the added value of visiting the exhibition will be. The future lies with those exhibition organisers who are able to
link up the right people with each other, whether this takes place at an exhibition, on a face-to-face basis or online.
15
Growth
The flourishing European economy has benefited our company. Activity in almost all sectors and the eagerness of
companies to show themselves to a wide public is reflected in the results. A further factor is that some years ago
the Customer Value Programme© was started in order to increase satisfaction among exhibitors. We can also see
the effects of this in the result. The exhibitions are showing growth in all areas. Despite the fact that they are now
in their ‘mature phase of the life cycle’, some exhibitions have even been able to improve their results significantly.
The best examples of this are the Nationale Onderwijs Tentoonstelling (NOT) (National Education Exhibition) and the
Elekrotechniek (Electrical Engineering) trade fair.
Restyling the fair concept of the NOT and a focused communication campaign resulted in the highest number
of visitors since 1965. With 58 thousand visitors, the NOT saw a 45 percent increase in visitor numbers compared
with the edition in 2005. The education market is characterised by dynamic and therefore creating opportunities
which VNU Exhibitions Europe was able to translate into a successful exhibition. This also prompted our company
to launch a new concept in this market: Onderwijs & ICT (Education & ICT). This meets the great need in the world
of education to be informed about new developments at the interface between education and ICT. Another fair that
achieved outstanding growth is the Elektrotechniek trade fair, which succeeded in attracting 10 percent more visitors.
This too is a result of clearer positioning, restyling and the use of new forms of communication, and an exceptional
sales effort.
16
V N U E xhibitions E urope
VNU Exhibitions Asia – based in Shanghai – is developing in line with expectation. The company, which
now has eighty employees, organised sixteen exhibitions. There was 6-percent growth all-over. The largest fairs were
Busworld Asia and Domotex Asia. The growth of the exhibition company will continue in the years ahead.
Acquisitions
In 2007 VNU Exhibitions Europe acquired all the shares of the Rotterdam exhibition organisation RTB, of which
it already owned 50 percent. With this, VNU Exhibitions Europe has obtained full ownership of the fairs Hout and
GEVELtotaal. These are a valuable addition to the growing portfolio of fairs for the construction industry. Both fairs are
held in Ahoy Rotterdam. The first edition of GEVELtotaal under our own management was held in January 2008.
A new event for Dutch architects takes place at the same time at the same location: Licht & Architectuur.
In the consumer sector VNU Exhibitions Europe has bought the exhibition Bike Motion. The exhibition fits
in seamlessly with consumers’ need to use their free time purposefully and actively. Bike Motion, which in the year
under review was organised for the twelfth time, naturally complements the three fairs Vakantiebeurs, Motorbeurs and
Kampeer en Caravan Jaarbeurs. Common elements: getting away and looking for adventure.
The consumer event Eigen Huis & Tuin Event, which was held for the first time in 2007, will not be
continued. The consumer market for DIYers proved to be too diverse to be serviced effectively with just one event.
17
At the beginning of November, for the first time New Delhi in India provided the platform for the Vakbeurs
Innovatie Veehouderij fair. With more than three thousand visitors and more than ninety exhibitors it was a
resounding success. With this, VNU Exhibitions Europe is continuing its policy of organising the VIV in fast-growing
markets where the highest priority of policymakers is to solve the world’s problem of food supply. For the years ahead
we see ourselves supported by the success of VIV China and VIV Asia. In 2007 the latter drew twenty percent more
visitors. 518 exhibitors succeeded in attracting some 21 thousand visitors from 91 countries.
18
V N U E xhibitions E urope
Branding
For many years now Trade Mart, the Voorjaarsbeurs and the Najaarsbeurs (spring and autumn fairs) have been key
events for the retail trade in the Netherlands. This does not alter the fact that distribution methods and opportunities
in the retail trade are very much subject to change. This made VNU Exhibitions Europe decide to adapt the concept.
Trade Mart is no longer being carried as a brand on its own. Brands are being built up round offering parties. In the
year under review the first brand, Jewels & Watches, was launched. With this, VNU Exhibitions Europe is giving room
to the individual character of the various branches. The static supply that is characteristic of a trade mart is being
developed with tailored temporary exhibitions. Because exhibitors are also responsible for the success of ‘their’ brand,
the relationship with them has acquired an extra dynamic. They have brought extra marketing budgets together, which
are used under the direction of VNU Exhibitions Europe. In the year under review a start was made with major
structural adjustments which have given the floors a customer-friendly and low-threshold appearance.
Online is growing
The media landscape is changing rapidly. We are seeing greater attention to return on investment, a move from print
to online, user generated content (such as YouTube), matchmaking via the internet, more and more hours online at
the expense of traditional media, the need of marketing people for segmented target group information and crossmedia proposals. Search engine marketing is widely accepted on the internet and underlines once again that it
is all about the right match. What is true in all cases is that the business models have to be based on measurable
results. This is why VNU Exhibitions Europe is extending its activities to online activities, and for this reason in the
year under review we acquired www.beautyvakbeurs.nl and www.foodvakbeurs.nl. With the internet fair for the
beauty professional in combination with the trade fairs Beauty Trade Special and Beauty Salon Dimensions we can
offer exhibitors a multi-media proposal. A number of new online initiatives – with or without matchmaking – are in the
pipeline for 2008.
19
At the end of 2007 the Marketingflow programme was started throughout the company. The essential feature
of this is that the customer is central. VNU Exhibitions Europe wants to offer its customers – in this case the visitors –
more added value, so that we can enter into a long-term relationship with them. To do this, we have to gain more of
an understanding of their profile, their wishes and their behaviour. The visitor feels recognised and is asked about his
responsiveness; the exhibitor can gear his programme to this and for VNU Exhibitions Europe this approach leads to
greater visitor satisfaction and in the end to higher retention. This programme will extend over a number of years.
Also, the Leadnavigation programme was started with which we are seeking to provide visitors and exhibitors,
at the right time, with relevant information. This means that we are creating a structure through which all available
sources of data can communicate with each other. In this we will use new, advanced forms of data collection,
enhancement and analysis. With this VNU Exhibitions Europe is expressing its ambition to generate added value
for the customer (both visitors and exhibitors) by guiding the interaction both offline and online between supply and
demand.
J a a r b e u r s
U t r e c h t
With the introduction of meetingmoods – at the end of 2006 –
Jaarbeurs Utrecht made an excellent decision. Occupancy of
the Conference and Meeting Centre has never been so high.
We are seeing new physical events developing from internet
communities. As of 1 January, Jaarbeurs Utrecht took over
the operation of Media Plaza.
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J aarbeurs U trecht
Jaarbeurs Utrecht is becoming the village square of the Netherlands
In 2007 Jaarbeurs Utrecht defined its ambitions for the coming years: the location should become the village square of the
Netherlands. A place where people meet, can discuss things, enjoy themselves, go to the bar, can learn things from each
other, exchange ideas, go to see a film and even spend a few nights in the hotel. The village square is for everyone and
belongs to everyone, and has the facilities to make anything possible.
Jaarbeurs Utrecht has set itself the target of developing the venue so that it can compete with any location, anywhere. Since the end of December we have been offering free internet access to all visitors, to show that even when users
are at the venue they are still connected with the rest of the world. Jaarbeurs Utrecht is the only venue operator in Europe
that provides this service free of charge. Much more important is that there is a clear vision behind this. For whatever activity
the visitor goes to Jaarbeurs Utrecht, he can continue to communicate with whomever he wants and about anything he
wants.
In the year under review – just as it did in 2006 – Jaarbeurs Utrecht made substantial investments in improving the
quality of the venue in terms of appearance. The most striking of these was the renovation of the Beatrixgebouw, where the
main entrance was given a totally different look. What is striking here is that by using constantly changing light, the space
adapts itself to the time of the day. The passageway from the Beatrixgebouw to Hoog Catharijne has been given a new
appearance with new lighting, the use of mood boards and through the many wooden walls and structural elements.
The result is expressed in a warm atmosphere, and the feeling of safety has been increased by the installation of moveable
cameras. In addition, a large number of conference rooms in the exhibition venue have been renovated. The level of safety
has been increased in the halls. Renovation of the East Entrance is planned for 2008.
Brands
Occupancy of the venue is so high that as of 1 January 2007 Jaarbeurs Utrecht took over Media Plaza, which has
been based at the venue since 1997. The futuristically shaped Media Plaza is a welcome addition to the conference
room capacity of Jaarbeurs Utrecht. The foundation Media Plaza – whose aim is to stimulate innovation in business
– remains responsible for the content of the seminars, master classes, conferences and workshops it provides for the
business community in the Netherlands. Media Plaza presents the interactive world as it will look in five years’ time.
23
Dark, mysterious, each wall element provided with interactive innovations. The ambiance forces the visitor to think in
terms of new technologies and the opportunities they offer.
In contrast with this is the extension of Media Plaza with Hall 6, in which in 2008 a conference room for
600 people, foyers and session rooms will be built. The atmosphere will be light and clinical, there will be structural
innovations and the roof will be transparent. Jaarbeurs Utrecht is positioning Media Plaza as one of its new brands.
In the year under review our company has developed into one of the most popular venues for meetings
in the Netherlands. Occupancy of the rooms in the Beatrixgebouw increased by 35 percent. This is entirely due to
meetingmoods, introduced in 2006. Among trend-watchers it has now made a name for itself due to the innovative
way that conference rooms adapt to the nature of the gathering. Meetingmoods is a total concept that Jaarbeurs
Utrecht offers to its customers. Through the right use of colours, light, sound, furnishing and catering an ambiance is
created that supports the aim of the gathering. Six moods have been developed, which fit in perfectly with the
underlying objective of an assembly. The aim is that the customer gets the maximum return from his gathering. The
Conference and Meeting Centre performed beyond expectation. The number of gatherings – and therefore occupancy –
will continue to grow in the years ahead. This is a result of ever-greater specialisation in specialist areas and
disciplines. As a result, people’s need to share information and stimulate social interaction also grows.
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J aarbeurs U trecht
It takes more than just a good concept to influence groups. The consumer gets so many information stimuli that
every year he raises his attention level. Jaarbeurs Utrecht sets itself the aim of, at a minimum, ensuring that the visitor’s
expectations are met and has taken this up with the launch of Jaarbeurs Insperience. This new service, which has been
put on the market as a brand, helps exhibition organisers and exhibitors to flesh out what visitors want to experience.
In an abstract sense, these experiences have to do with ‘escaping’, ‘experiencing’, ‘learning’, and ‘being surprised’.
Exhibition organisers bring these experiences about with, for example, theatres-on-the-floor, the entrance, pavilions and
squares, whereas exhibitors do this in themed stands, tailored entertainment and suitable furnishing of the stand.
Jaarbeurs Insperience is a further development of the Fairs and Events business unit. What started with
putting the exhibitors’ manual online and a product-oriented approach has developed into a team of professionals that
ensures that exhibition organisers and stand holders can concentrate on their own business. They bring together the
company’s objectives and their presentation at the exhibition, providing the greatest draw for the visitor.
Jaarbeurs Insperience is successful. From the very start exhibition organisers and stand holders buy advice
and services. The concept is leading to new types of business for our company. Sales for this towards individual stand
holders and the exhibition organiser will be intensified. The advantage for the customer is that he can buy all his services from one and the same company, without having to release any additional budget.
New fairs
In 2007 Jaarbeurs Utrecht received many enquiries for new fairs. The risks that businesses are prepared to take when
starting up a new fair is striking. This shows that the medium of fairs and exhibitions is alive and well. This is due
not least to internet communities, whose members want to meet in person in order to strengthen their relationship.
In this process Jaarbeurs Utrecht acts as a partner that has long outgrown ‘simply’ providing the square metres. The
company has developed into a partner that enters into a ‘process’ with customers from which new ideas, and thus
more fairs, are created. The customer brings the market, and Jaarbeurs Utrecht provides the project management and
inspiration through Insperience. As a result, customers do not have to look after organisational matters.
25
The growth is mostly in special interest fairs. As well as a strong line-up of exhibitors, visitors expect a dose of
‘rest’ in which they have every opportunity to exchange ideas further with like-minded people. As part of this process
a special role has been set aside for forms of catering suitable for every occasion. Fairs have to compete with an
increasing number of media. This means that fairs have to provide an extra dimension. Content that visitors do not
find in trade journals, scientific publications or the internet. The Education section with seminar programmes with
high quality content will in the near future play a decisive part in determining how visitors rate the event in question.
The number of large-scale events and fairs will increase in the coming years. As a result, in 2011 the physical
possibilities of what the venue can provide will have been reached. Jaarbeurs Utrecht has set a policy in motion to
stretch the fair season. While a few years ago the fair season came to an end in May, now the final events are taking
place at the end of June, or the beginning of July. At the same time we are seeing that the season is now starting
again in the last week of August, while a few years ago it was the first or the second week in September. In order to
create further growth, it is necessary to add new functions such as the cinema, hotel and casino to the village square
of the Netherlands.
J a a r b e u r s
C a t e r i n g
S e r v i c e s
Jaarbeurs Catering Services (JCS) performed above expectation.
The growth in revenue and return can be attributed largely to the
labels, the external party caterers. Now, more than half of JCS’s
revenue is achieved outside the venue. With the launch of the
à la carte restaurant Divinatio, Jaarbeurs Catering Services has
added a new activity, in addition to venue and party catering.
28
J aarbeurs C atering S ervices
Jaarbeurs Catering Services continues to grow
In 2003 JCS chose the label strategy, recognising that the growth of the catering company is literally restricted by
the maximum number of events and fairs that can take place at the venue. With its labels JCS is seeking to achieve
dominance in the national market. The company has also dedicated itself to upselling, with clear formulas at the
Jaarbeurs venue that meet the wishes and requirements of the visitor. For example, the time of day determines
what is on offer in the Moments range, while the Pitstopcafé invites exhibitors to celebrate success with their own
customers in a dynamic setting. Upselling also takes place by offering stand holders Deli Delivery (catering for those
manning the stands) and Deli Premium (catering for people visiting the stands).
In 2007 the label strategy again resulted in Jaarbeurs Catering Services generating more revenue ‘outside’
than ‘inside’ the venue. This is fully in line with expectations. In the year under review the marketing activities of the
labels were intensified further. Preparations for catering on the ship the SS Rotterdam moved ahead rapidly. From
1 September the new label ‘On board – On shore’ will serve all fourteen rooms, including the 600-seat theatre. This
will take place together with the Albeda College in Rotterdam. With this Jaarbeurs Catering Services is taking its social
responsibility seriously by, together with a teaching establishment, creating learning and work experience places for
young people. In the year under review ‘On board – On shore’ devoted itself to preparing the ship through renovation
work, set up the organisation and put the marketing in place. As part of the historical cultural heritage of the city of
Rotterdam, the ship is an important acquisition for the label portfolio of Jaarbeurs Catering Services.
The Taat & de Regt label, which enjoys a reputation in the Haaglanden region as being a high-quality party
caterer, saw revenue increase by thirty percent. In the year under review Taat & de Regt catered for the celebrations
on the Malieveld on the occasion of the 75th anniversary of KPMG. The label is being used increasingly by ministries
and embassies. Verhaaf Party Catering, which was taken over by Jaarbeurs Catering Services at the beginning of
2006, made a positive contribution to the result in the year under review. The label makes full use of the logistics
streams and production facilities of the parent company. As of 1 September Verhaaf Party Catering has been the
caterer for Taets Art Gallery in Zaandam. Grand Catering maintained its leading position in the Utrecht area. The
company is the market leader in innovative catering. As of 1 September it has been responsible for running the fully
renovated Geldmuseum in Utrecht.
29
Production for the labels is carried out centrally from Hoofddorp where the kitchens are located. The labels are
responsible for the brand, positioning, marketing and acquisition of customers. For the logistics – the transport and
hiring out of materials and furniture – the labels use the ‘Trends for Rent’ company, which is also owned by Jaarbeurs
Catering Services. The company was initially set up in 2006 to provide for its own needs, but has now expanded into
a supplier of materials and furniture for the catering sector.
30
J aarbeurs C atering S ervices
Venue catering
Jaarbeurs Catering Services has seen revenue per visitor increase every year. This is in line with its strategy, which is
aimed at upselling and growth in revenue from activities at the venue. The Moments formula plays an important part
in this. The sales points were completely renovated in the year under review. The range is based on the understanding
that a visitor has different requirements at 10.00 in the morning than at 3.00 in the afternoon. Also, we are seeing
fluctuations over a longer period. Based on our consumption monitor we change the product range regularly. The aim
here is to keep ‘as close’ as possible to the consumer. This translates into growing revenues.
In the year under review Jaarbeurs Catering Services invested a great deal in infrastructure and back office
systems. In order to prove an even better service for the customer, JCS offers its customers – in this case the
exhibitors – its own website with which they can arrange catering for the people manning their stands. Digitalisation of
the ordering process meets a need. 80 percent of orders is now arranged through Deli Delivery’s website.
Divinatio
The bringer of good fortune, the sublime. The name of this first à la carte restaurant of Jaarbeurs Catering Services
has its origins in Latin. The restaurant marks a new step for JCS. As well as venue catering and the successful
label strategy, the company is aiming at establishing a number of restaurants on special locations. For Divinatio a
cube-shaped complex has been built, directly next to what used to be the Utrecht ‘veilinghaven’ (former auction hall),
which is now the home base of the Utrecht Statenjacht (state yacht).
Divinatio is a place for celebrating success. The logo is a four-leaf clover. With an exclusive menu, priced
for a wide public. The cuisine is French Mediterranean. The restaurant can seat seventy people. Each table has its
own reputation for success. Divinatio, which opened its doors in December, will add something extra to the culinary
scene in Utrecht. As noted above: a new string to the bow. Venue catering serves local traffic; party catering serves
consumers in a group context. Divinatio is aimed at a wide public, with its central aim being: to celebrate success, to
celebrate the cuisine.
31
The external focus of Jaarbeurs Catering Services is in line with a broad social trend in which attention to
eating ‘out’ will grow further in the years to come. With Divinatio, JCS is preparing itself to meet this requirement. The
basic idea is: serving a good and healthy meal for a reasonable price. Bring like-minded people together. According to
Jaarbeurs Catering Services the market for this will develop positively in the years to come.
In 2007 Jaarbeurs Catering Services experienced a quiet revolution. Where possible we use sustainable
products, from potatoes to wine. Because it goes without saying, JCS does not choose to profile itself with this.
Organic products will not be brought in as a selling argument. The same also applies for halal food. Jaarbeurs
Catering Services and the labels most definitely take into account the changing make-up of the population, which
means that the demand for food prepared in the halal way will increase in the coming years. The JCS labels are already providing catering in which half of the products are made in the halal way. The production kitchens in Hoofddorp
are equipped for this. Consequently, Jaarbeurs Catering Services is following a social trend, and at the same time it is
opening up a new market.
With an exhibition year busy as never before, the opening of Divinatio and the starting up of operations on the
SS Rotterdam, the prospects for 2008 are positive.
L IST
O F
ACTI V ITIES
I N
2 0 0 7
34
L I S T O F A C T I V I T I E S I N 2 0 0 7 VNU EXHIBITIONS EUROPE
Exhibitions and events in Utrecht Date
Number of visitors
Beauty Salon Dimensions
15 September- 17 September
14,359
Beauty Trade Special
17 March
- 19 March
19,506
Bike Motion Benelux
19 October
- 22 October
18,348
Bouw & ICT
07 February - 09 February
4,058
Bouwbeurs 05 February - 10 February
102,898
Eigen Huis & Tuin Event
07 June
- 10 June
10,269
Elektrotechniek
01 October
- 05 October
35,956
Fitnessvakdagen
12 October
- 14 October
8,612
Food Week
26 March
- 28 March
21,425
ICT & Logistiek
07 November - 08 November
3,300
Industrie & ICT
07 November - 08 November
2,500
InfoSecurity.nl / Storage Expo / LinuxWorld
31 October
- 01 November
7,884
Jonge Gezinnen Beurs
01 November - 04 November
33,500
Kampeer & Caravan Jaarbeurs
18 November - 24 November
53,580
KreaDoe
31 October
- 04 November
35,402
Margriet Winter Fair
16 November - 21 November
70,000
MOTORbeurs Utrecht
22 February - 25 February
94,534
NOT
23 January
- 27 January
58,034
Overheid & ICT
24 April
- 26 April
6,896
Second Home International - Spring
16 March
- 18 March
9,630
Second Home International - Autumn
12 October
- 14 October
10,010
Telecommerce Dagen
24 April
- 26 April
Vakantiebeurs
09 January
- 14 January
VerzamelaarsJaarbeurs Spring
14 April
- 15 April
VerzamelaarsJaarbeurs Autumn
17 November - 18 November
Zorg & ICT
14 March
- 16 March
6,282
ZorgTotaal
14 March
- 16 March
20,216
7,200
135,724
23,504
34,343
Exhibitions and events elsewhere
in the Netherlands - Rotterdam
Date
Visma
29 March
- 01 April
Number of visitors
19,000
35
Trade Mart Utrecht
Date
Voorjaarsbeurs / Trade Mart Utrecht
04 March
Najaarsbeurs / Trade Mart Utrecht
02 September- 05 September
14,789
TMU (maan)dagen
01 January
- 31 December
25,657
TMU Sla Uw Slag
19 November - 19 November
4,700
- 07 March
Number of visitors
15,600
Exhibitions and events in China - Shanghai Date
Number of visitors
Busworld Asia
13 March
- 15 March
8,123
China Design & Contract Expo
29 March
- 31 March
4,000
CRC Expo
16 May
- 18 May
3,545
DOMOTEX Asia / CHINAFLOOR
28 March
- 30 March
35,700
Home show May
03 May
- 06 May
40,000
Home show October
03 October
- 06 October
40,000
Kitchen + Bath Business Expo China
29 March
- 31 March
60,000
Millionaire Fair
11 May
- 13 May
11,000
Money Fair
16 November - 18 November
120,000
Pet Fair Asia Professional & PETSLink Asia
19 September- 22 September
28,200
R+T Asia 02 April
- 04 April
9,914
Shanghai Animation Fair
01 June
- 01 June
80,000
Spring Real Estate Market
16 March
- 19 March
35,000
World Travel Fair
22 March
- 25 March
28,600
Exhibitions and events in Belgium - Brussels
Date
Infosecurity.be / Storage Expo Belgium
21 March
- 22 March
Number of visitors
2,859
Exhibitions and events in Russia - Moscow Date
VIV Russia 21 May
- 23 May
Number of visitors
4,929
Exhibitions and events in Thailand - Bangkok
Date
VIV Asia
07 March
- 09 March
Number of visitors
21,726
Exhibitions and events in India - New Delhi
Date
VIV India
01 November - 03 November
Number of visitors
3,339
Exhibitions and events in the United States - Las Vegas
Date
ASD/AMD SD Las Vegas - Spring
04 June
- 06 June
70,000
ASD/AMD SD Las Vegas - Autumn
04 October
- 06 October
70,000
Number of visitors
36
LIST OF ACTIVITIES IN 2007
JAARBEURS UTRECHT
Fairs and exhibitions Number
Number of visitors
Gross m²
Trade fairs VNU Exhibitions Europe 15
319,126
389,901
Consumer shows VNU Exhibitions Europe 12
528,844
417,552
Trade fairs third parties 16
72,063
119,236
Consumer shows third parties 15
413,281
232,344
(incl. Sla uw slag and Voor- and Najaarsbeurs)
13
60,746
46,954
Total fairs and exhibitions 71
1,394,060
1,205,987
Trade Mart Utrecht
Beatrix Theater
Number
Number of visitors
359
508,274
Number
Number of visitors
Consumer events 11
309,700
Corporate events 4
17,500
15
327,200
Number
Number of visitors
1,217
290,360
29
16,631
0
0
One-day meetings, courses and other gatherings 6,162
189,035
Total conferences and meetings 7,408
496,026
Total Jaarbeurs
7,853
2,725,560
Shows (Musicals) Events
Total Events Conferences and meetings National one-day conferences National multi-day conferences International multi-day conferences 37
Exhibitions and events of third parties
Consumer shows
Trade fairs
50 Plus Beurs
3D Dealer Info Dagen 2007
Antiquarische Boekenbeurs
AK-Beurs
Bienvenue en France Electronics & Automation 2007
De Nobiles Carrièredagen
Evenement
Eurospoor 2007
Gezond in bedrijf Explosive Car Tuning Show Holland Innovation 2007
GamePlay
Management Support KamaSutrA - Spring
Performa
KamaSutrA - Autumn
PromZ Event Love & Marriage - Spring Railtech Europe 2007 & Infratunnel
Love & Marriage - Autumn
Regards
Spits Masterbeurs / Spits Careerevent
Regio Business Dagen
Studie Beurs 2007
RelatieZ 2007
Wegwijs
ZOOM.experience Victam Internationaal
VNG Gemeentebeurs
Webwinkel Vakdagen 38
LIST OF ACTIVITIES IN 2007
JAARBEURS UTRECHT
Consumer events
College Bouwzorg Instellingen
Blokker Magazijn - 3 Days
Ernst & Young
Boekenfestijn
Euroforum
Fortis Marathon
Filmgala 2007, presentation of the Gouden Kalveren awards
Hans Klok - Faster than Magic
FNV Formaat
Holiday on Ice - Romanza
Gemeente Utrecht Sportprijs
Max Christmas Proms
Genootschap Onze Taal
Muziekfestival Maak de droom waar
GroenLinks
Opening UIT 2007 - Utrechts Introductie Tijd
Hartstichting
Spiegelhotel - Festival a/d Werf
Heliview
Stichting Pelita 60th anniversary
Hersenstichting
Trance Energy
Hoezo! Project management conference organisation
ICT Delta, Synpact Project Management
Corporate events
Chamber of Commerce
Albert Heijn
Kerk in Actie Binnenland
Fortis
Kluwer BV
Rabobank Ontruiming
KNMP
TNO
Koninklijke Notariële Beroepsorganisatie
KWF Kankerbestrijding
Conferences and meetings
Landelijke Vereniging Balans
Abvakabo
Leids Congres Bureau
Aegon
LogaCom BV
Algemene Nederlandse Branche Organisatie
LOVAH
Schoonheidsverzorging (ANBOS)
Lundbeck BV
AT Consult
Lustrumcongres Nationaal PAO Centrum Farmacie
Belastingdienst
Ministry of General Affairs
Bohn Stafleu van Loghum
Ministry of Defence
Bouwgala
Ministry of Housing, Spatial Planning and the Environment
CDA
National Contact Centre Awards
CMG Logica
Nederlandse Federatie van Belastingadviseurs
39
Nederlandse Orde van Advocaten
Siemens
Nederlandse Uitgeversverbond / Groep Educatieve
SNS Reaal
Uitgeverijen (GUE)
Sogeti Nederland
Nederlandse Vereniging Doktersassistenten
Stichting Duurzaam Leren
Nederlandse Vereniging van Anesthesiemedewerkers
Stichting Rioned
Nederlandse Vereniging van Ziekenhuizen
Stichting Venti-Care
Nederlandse Vereniging voor Autisme
Stichting WCS
Nederlandse Vereniging voor Radiologie
Surf Foundation
Nursing Event, Elsevier Gezondheidszorg
Uitreiking Expojaarprijs
Partij van de Arbeid
University of Utrecht
Rabobank Nederland
Utrecht Gala
Reed Business
Vereniging van Oncologie Verpleegkundigen (VvOV)
Rendement Uitgeverij
VNG Jaarcongres
Rijksgebouwendienst
VNU Exhibitions Europe
Rijkswaterstaat Corporate Dienst
Wachttorencongres
SDU Uitgevers
Week van de Ondernemer, Synpact Project Management
2 0 0 7
F I N A N CIA L
STATE M E N TS
42
CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2007 *
Amounts x e 1,000
2007
2006
Fixed assets
Intangible fixed assets
31,900
4,627
Tangible fixed assets 87,098
87,170
Financial fixed assets
1,387
1,387
120,385
93,184
Current assets
Inventories
Receivables
Cash and cash equivalents
512
627
29,337
23,751
5,244
10,302
35,093
34,680
Total assets
155,478
127,864
Group capital and reserves
Issued and fully paid share capital
384
384
Share premium reserve
35,849
35,849
Retained earnings
29,565
22,927
9,496
8,264
Unappropriated result Equity
75,294
67,424
Third-party interest
748
273
76,042
67,697
Provisions
6,025
6,888
Non-current liabilities
60
100
Current liabilities
73,351
53,179
Total liabilities
155,478
127,864
* Up to and including 2006 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest and was only consolidated
proportionally. From 29 October 2007 the participation was increased to 100% and is fully consolidated in the balance sheet. 43
CONSOLIDATED INCOME STATEMENT FOR 2007
Amounts x e 1,000
Net revenue
2007
2006
108,522 103,058
Cost of services of third parties,
materials and other external costs
60,450
56,286
Personnel costs
23,922
22,886
10,193
11,672
Amortization, depreciation and decrease
in value of fixed assets
Total operating costs
94,565
90,844
Operating result
13,957
12,214
Financial income and expenses
-122
-127
Profit before tax
13,835
12,087
Income tax expense
3,999
3,586
Profit after tax
9,836
8,501
Third-party interest
-340
-237
Net result
9,496
8,264
44
CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2007 *
Amounts x e 1,000
2007
2006
Cash flows from operating activities
Net result
Amortization, depreciation and decrease in value of fixed assets
9,496
8,264
10,193
11,672
Result before amortization, depreciation and decrease in value
19,689
19,936
Changes in working capital
· inventories and receivables
-5,471
-2,164
· current liabilities (excl. credit institutions)
5,127
2,042
-344
-122
Changes in provisions
-863
-2,433
Net cash from operating activities
18,482
17,381
Cash flows from investing activities
Net investments in intangible fixed assets
-28,172
-493
Net investments in tangible fixed assets
-9,223
-7,585
Net investments in financial fixed assets
-
249
Net cash from investing activities
-37,395
-7,829
Cash flows from financing activities
Changes in fixed liabilities
-40
-321
Changes in debts to credit institutions
15,046
-4,889
Changes in other reserves
-1,148
-
Dividends paid
-454
-454
Change in third-party interest
475
158
Exchange differences from group companies
-24
-
Net cash from financing activities
13,855
-5,506
Change in cash and cash equivalents
-5,058
4,046
Cash and cash equivalents at 1 January
10,302
6,256
Cash and cash equivalents at 31 December
5,244
10,302
* Up to and including 2006 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest and was only consolidated
proportionally. From 29 October 2007 the participation was increased to 100% and is fully consolidated in the balance sheet.
45
EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements of Jaarbeurs cover Jaarbeurs Holding B.V., having its registered office in Utrecht,
the Netherlands, and its wholly-owned subsidiary Jaarbeurs B.V. including its subsidiaries. Stichting Koninklijke
Nederlandse Jaarbeurs (Royal Dutch Jaarbeurs Foundation) does not operate a business and owns all shares of Jaarbeurs
Holding B.V.
Consolidation principles
The group companies in which Jaarbeurs Holding B.V. directly or indirectly controls over 50% of the shares have been
fully consolidated. Third party interests in these group companies are referred to separately in the balance sheet and in
the income statement. Group companies in which Jaarbeurs Holding B.V. directly or indirectly holds 50% of the shares
are proportionally consolidated. Up until 29 October 2007 Jaarbeurs B.V. had a 50% interest in the group company
VNU Exhibitions Europe B.V., with the other 50% being owned by Nielsen B.V. (formerly VNU B.V.). Since 29 October
2007 the shares of VNU Exhibitions Europe B.V. have again become fully owned by Jaarbeurs B.V. As a result of the
principles used, the participation in VNU Exhibitions Europe B.V. has been consolidated proportionally (50%) up until
2006 and from the end of 2007 it has been fully consolidated in the balance sheet. A list of the main group companies
and participations which have been included in the consolidation is given on page 61.
The assets and liabilities in foreign currencies have been incorporated at the exchange rates that apply on the balance
sheet date. Exchange differences from group companies and in other currencies and the financing relating to them are
charged to or from the other reserves. Other exchange differences are incorporated under financial income and expenses
in the income statement. The figures in the income statement of foreign group companies are incorporated at the average
exchange rate of the year under review.
Principles for the valuation of assets and liabilities
General
The financial statements have been drawn up in accordance with accounting principles generally accepted in the
Netherlands for financial reporting and meet the legal requirements on financial statements as included in Part 9, Book 2
of the Netherlands Civil Code. The principles used for the valuation of assets and liabilities have been applied consistently
in the current year and the previous year.
Assets and liabilities are given at historical cost unless otherwise stated.
Intangible fixed assets
Acquired exhibition titles and catering concepts are stated at cost less straight-line amortization which is based on the
economic life, which is 20 years for exhibition titles and 5 years for catering concepts. Goodwill, resulting from the
46
difference between the acquisition price less the identified assets and liabilities of the company that has been acquired,
determined on the basis of the accounting principles of Jaarbeurs Holding B.V., is entered as an asset and amortized on
a straight line basis over the estimated economic life, with a maximum of 20 years. If there is a permanent decrease in
value, the intangible fixed assets are revalued.
Tangible fixed assets
Property, plant and equipment are stated at cost less subsidies and less straight line depreciation in accordance with the
estimated economic life. Assets under construction are valued at cost price. If there is a permanent decrease in value, the
property, plant and equipment are revalued. Property, plant and equipment retained as investments are stated at cost.
Financial fixed assets
Participating interests in which significant influence is exercised are stated at net asset value, which is calculated on the
basis of the accounting principles used by the company for the valuation of assets and liabilities.
Inventories
Inventories relate mainly to food and beverage products and are stated at cost less a provision for obsolescence when
necessary.
Receivables
Receivables are entered at nominal value, less a provision for irrecoverability when necessary. Costs paid in advance
consist mainly of fair costs invoiced in advance and are the costs for services by third parties, materials and other
additional costs. Receivables regarding deferred tax are also entered under this heading. Deferred tax relates to temporary
differences between commercial and fiscal profit appropriation and tax losses that may be offset by future profits and
are entered at the rate applying on the balance sheet date. Deferred tax claims are taken into consideration only if it can
reasonably be assumed that these can be realised.
Third-party interest
Third-party interest in group companies is stated as the third-party interest in the net asset value, as determined on the
basis of the valuation principles of Jaarbeurs Holding B.V.
47
Provisions
The provision for the maintenance of buildings and land is for meeting the costs of maintaining the economic value of
the entire complex. The provision is made on the basis of expected future costs. The provision for reorganisation is for
the adapting of the organisation. The provision for deferred tax liabilities caused by the temporary differences in valuation
between the commercial and fiscal balance is determined on a nominal basis at the rate applying on the balance sheet
date.
Use of estimates
In drawing up the financial statements, the board has to make certain estimates and assumptions, in accordance with
generally applicable principles, which also determine the amounts entered. The actual amounts may vary.
Principles for the calculation of the result
Net revenue and operating expenses
Net revenue is determined on the basis of invoiced revenue (excluding tax) less discounts given. The net revenue is
accounted for in the year in which delivery is made. The costs of services by third parties, materials and other external
costs are charged to the result in the year in which the net revenue relating to these costs is accounted for.
Other income and expenses are allocated to the period to which they relate.
Personnel costs
Obligations associated with contributions to pension schemes on the basis of defined contributions are entered as an
expense in the income statement in the period that the amounts are payable.
Amortization and depreciation
Depreciation is calculated on a straight line basis on the purchase value over the expected economic life. Assets under
construction are not depreciated. The main depreciation percentages are:
-
Buildings: 3.33%
-
Intangible fixed assets: between 5% and 20%
-
Other fixed assets: between 10% and 20%
-
Other tangible fixed assets: between 10% and 20%
Tax expense
Corporation tax expense is calculated on the result according to the financial statements adjusted for permanent
differences.
48
Principles for the statement of cash flows
General
The statement of cash flows is derived from the income statement and other changes between the opening balance sheet
and the closing balance sheet, whereby the effect of exchange rate differences is eliminated. Changes in the provisions
for specific assets are entered under the change in the item for which the provision has been made.
49
E xplanatory notes to the consolidated balance sheet
Amounts x e 1,000
Intangible fixed assets
FAIRCATERING
TITELSGOODWILLCONCEPTS
TOTAL TOTAL
2007 2006
Balance at 1 January
Cost
Accumulated depreciation
Carrying amount at 1 January
4,070
1,509
142
5,721
5,806
-771
-223
-100
-1,094
-708
3,299
1,286
42
4,627
5,098
Changes in the financial year
Carrying amount at 1 January
Investments
Disposals
Depreciation
3,299
1,286
42
4,627
5,098
29,320
-1,148
-
28,172
493
-
-
-
-
-578
-446
-93
-
-539
-424
Reversal of accumulated depreciation
due to disposals
Decrease in value
Reclassification
Carrying amount at 31 December -
-
-
-
578
-359
-
-
-359
-540
2
-3
-
-1
-
31,816
42
42
31,900
4,627
Balance at 31 December
Cost
33,390
358
142
33,890
5,721
Accumulated depreciation
-1,574
-316
-100
-1,990
-1,094
Carrying amount at 31 December
31,816
42
42
31,900
4,627
50
Tangible fixed assets
BUILDINGS
OTHER
FIXED
TOTAL TOTAL AND LANDASSETSOTHER
2007 2006
Balance at 1 January
Cost
159,707
16,690
7,441
183,838
176,616
Accumulated depreciation
-81,440
-9,273
-5,955
-96,668
-86,323
78,267
7,417
1,486
87,170
90,293
Carrying amount at 1 January
Changes in the financial year
Carrying amount at 1 January
78,267
7,417
1,486
87,170
90,293
3,759
3,345
2,215
9,319
8,995
Disposals
-
-265
-
-265
-1,698
Completed
-
-
-
-
-75
-6,900
-1,279
-1,109
-9,288
-10,708
due to disposals
-
177
-
177
357
Decrease in value
-
-
-7
-7
-
Other changes
-
-
-8
-8
6
75,126
9,395
2,577
87,098
87,170
Investments
Depreciation
Reversal of accumulated depreciation
Carrying amount at 31 December
Balance at 31 December
Cost
163,466
19,770
9,656
192,892
183,838
Accumulated depreciation
-88,340
-10,375
-7,079
105,794
-96,668
75,126
9,395
2,577
87,098
87,170
Carrying amount at 31 December
51
The carrying amount of buildings and land is itemised as follows:
2007
2006
Land
12,645
12,645
Exhibition buildings
47,424
47,690
Parking facilities
2,814
3,019
Other buildings and structural facilities
12,243
14,913
75,126
78,267
The cost of the property, plant and equipment retained as investments is € 4.5 million.
Nearly all the exhibition buildings are on leased land. Some of the ground lease contracts will expire in 2019 and some in 2070.
Financial fixed assets
2007 2006
Balance at 1 January
1,387
1,636
Disposals and redemptions
-
-
Received dividends
-122
-500
Financial year result
122
251
Balance at 31 December
1,387
1,387
Financial fixed assets consist of a 10% interest in Croeselaan C.V., registered in Eindhoven.
Receivables
2007
2006
Trade receivables
19,062
14,829
Prepaid expenses
4,048
4,345
Deferred tax
1,555
1,476
Other receivables
4,672
3,101
29,337
23,751
Receivables are payable within 1 year. The provision for possible irrecoverability of trade receivables is now € 0.6 million (2006:
€ 0.4 million). This provision comes under trade receivables. Prepaid expenses relate to exhibitions and activities that take place
after 31 December 2007 and 2006 respectively.
Deferred tax relates mainly to a different valuation of the provision for the maintenance of buildings and land and future offsettable
losses. Deferred tax is predominantly of a non-current nature.
52
Cash and cash equivalents
Cash and cash equivalents are at free disposal.
Capital and reserves
2007
2006
Balance at 1 January
67,424
59,614
Dividends
-454
-454
Total changes in equity in relation to shareholders
-454
-454
Net result
9,496
8,264
Change in other reserves
-1,148
-
Exchange differences from group companies
-24
-
Total result
8,324
8,264
Balance at 31 December
Provisions
67,424
MAINTENANCE
OF BUILDINGS REORGA-
75,294
AND LAND
DEFERREDTOTALTOTAL
NISATIONTAX
2007
2006
Balance at 1 January
5,675
714
499
6,888
9,321
Additions
2,437
-
255
2,692
2,000
-3,009
-443
-103
-3,555
-4,433
5,103
271
651
6,025
6,888
Withdrawals
Balance at 31 December The provisions are predominantly of a non-current nature.
53
Non-current liabilities
2007
2006
Balance at 1 January
100
421
Redeemed
-40
-321
Balance at 31 December 60
100
Current liabilities
2007
2006
Credit institutions
27,000
11,954
Income invoiced in advance
21,657
18,617
Trade payables
8,148
10,113
Corporation tax
934
903
Other taxes and social security contributions
2,011
1,508
Pension fund
24
7
Debts to shareholders
3,176
1,169
Other liabilities
10,401
8,908
73,351
53,179
The maximum credit facility with credit institutions is € 63.9 million. The income invoiced in advance relates to exhibitions and
activities that take place after 31 December 2007 and 2006 respectively.
Liabilities not shown on the balance sheet
Most of the land is leased and some of the contracts will expire in 2019 and some in 2070. The annual rent for land is € 0.1 million (2006: € 0.1 million). The annual lease obligations are approximately € 0.6 million (2006 approx. € 1.1 million); the average
remaining term of the lease contracts is about 2 years. For Exhibition Hall 12, which was completed in 1996 and is leased, there is
an average annual rent of € 1.4 million for 6 more years.
As a result of the fact that in the past (former) employees were (partly) covered by the Invalidity Insurance Act (WAO), a higher
WAO premium will be paid in the coming years. No provision is made for these additional costs and they will therefore have to be
accounted for in future years.
54
EXPLANATORY NOTES TO THE 2007 CONSOLIDATED INCOME STATEMENT
Amounts x e 1,000
Net revenue by segment
2007
2006
By activity
Exhibitions and events
31,649
33,081
Accommodation rentals
40,136
36,967
Catering
36,244
32,900
Other
493
110
108,522
103,058
By geographical area
The Netherlands
101,895
99,091
Other EU countries
171
138
Other countries
6,456
3,829
108,522
103,058
Personnel costs
2007
2006
Wages and salaries
16,306
15,395
Social security costs
2,573
2,349
Pension costs
1,265
1,719
Other personnel costs
3,778
3,423
23,922
22,886
Average number of employees (FTE)
The Netherlands
408
378
Other countries
40
47
448
425
55
Pension costs
For most employees, the pension scheme offered by Jaarbeurs Holding B.V. to its employees is a so-called collectively
defined contribution scheme operated by the company’s pension fund. For other employees, who mainly work for Jaarbeurs
Catering Services B.V. and its group companies, there is a defined pension scheme which is operated by the industry-level
pension funds and which is entered in these financial statements as a defined contribution scheme. With the defined contribution scheme, each year the company awards the staff an agreed premium to be paid and the actuarial and investment
risk does not rest with the company.
Depreciation and decrease in value of fixed assets
2007
2006
Depreciation of intangible fixed assets
539
424
Depreciation of tangible fixed assets
9,288
10,708
Decrease in value of intangible fixed assets
359
540
Decrease in value of tangible fixed assets
7
-
10,193
11,672
Financial income and expenses
2007
2006
Interest income
464
224
Interest charges
-732
-585
Result of non-consolidated participating interests
122
251
Exchange rate differences
24
-27
Other financial income and expenses
-
10
-122
-127
Corporation tax
Jaarbeurs Holding B.V. and its Dutch wholly-owned subsidiaries form a tax entity. The effective tax burden is 28.9%
(2006: 29.7%) and is in line with the average nominal rate of corporation tax in the countries in which Jaarbeurs
Holding B.V. is active.
Third-party interest
This concerns the third party interest in the results of group companies.
56
JAARBEURS HOLDING B.V.
COMPANY FINANCIAL STATEMENTS AS OF 31 DECEMBER 2007 *
Amounts x e 1,000
C ompany balance sheet 2007
2006
Fixed assets
Financial fixed assets
75,294
67,424
Current assets
Receivables
3,176
2,042
Total assets
78,470
69,466
Capital and reserves
Issued and fully paid share capital
384
384
Share premium reserve
35,849
35,849
Retained earnings
29,565
22,927
Unappropriated result
9,496
8,264
75,294
67,424
Current liabilities
3,176
2,042
Total liabilities
78,470
69,466
2 0 0 7 2006
Result of group companies
9,496
8,264
Net result
9,496
8,264
INCOME STATEMENT FOR 2007
* Up to and including 2006 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest and was only consolidated
proportionally. From 29 October 2007 the participation was increased to 100% and is fully consolidated in the balance sheet.
57
EXPLANATORY NOTES TO THE COMPANY FINANCIAL STATEMENTS
Amounts x e 1,000
General
As the company’s financial details are incorporated in the consolidated financial statements, the income statement gives only the
result of the participating interest (Article 402, Book 2 of the Netherlands Civil Code).
Financial fixed assets
2007
2006
Balance at 1 January
67,424
59,614
Dividends received
-454
-454
Change in other reserves
-1,148
-
Financial year result
9,496
8,264
Exchange differences
-24
-
Balance at 31 December
75,294
67,424
The list of the main group companies and participating interests is on page 61.
Capital and reserves
ISSUED SHARE
SHAREPREMIUM
EXCHANGE DIFFERENCES UNAPPROPRI-
OTHERPRIATED
CAPITALRESERVERESERVERESERVESRESULTTOTAL
Balance at 1 January 2006
384
35,849
-48
15,960
7,469
59,614
Net result for 2006
-
-
-
-
8,264
8,264
Dividends
-
-
-
-
-454
-454
Added to retained earnings
-
-
-
7,015
-7,015
-
Balance at 1 January 2007
384
35,849
-48
22,975
8,264
67,424
Net result for 2007
-
-
-
-
9,496
9,496
Dividends
-
-
-
-
-454
-454
Added to retained earnings
-
-
-
7,810
-7,810
-
Change in retained earnings
-
-
-
-1,148
-
-1,148
Other changes on balance
-
-
-24
-
-
-24
35,849
-72
29,637
9,496
75,294
Balance at 31 December 2007
384
As of 31 December 2007, the authorised share capital consisted of 3,500 shares, each with a nominal value of € 453.78 per
share. Of these, 846 shares are issued and fully paid.
58
Remuneration of members of the Executive Board and of the Supervisory Board
The remuneration of the managing directors as referred to in Article 383, subsection 1, Part 9, Book 2 of the Netherlands
Civil Code is: € 376 thousand (2006: € 321 thousand).
The remuneration of the members of the Supervisory Board is: € 43 thousand (2006: € 69 thousand).
Declaration of liability for group companies
Pursuant to Article 403, Book 2 of the Netherlands Civil Code, the company has declared in writing that it will assume
joint and several liability for the debts arising from the legal acts of all the wholly owned group companies that have been
included in the consolidated financial statements.
Utrecht, 12 March 2008
Executive Board Supervisory Board
A. Brienen RA H.W. Broeders, Chairman
Chief Executive Officer Mrs C.P. Vogelaar, Vice-Chairman (until 22 February 2007)
R.G. van Ingen
P.C. Klaver
B. Staal (until 23 May 2007)
A.H. Verhoeven (until 23 May 2007)
Mrs I.G.C. Faber (from 1 January 2008)
J.G. Wijn (from 1 January 2008)
59
OTHER INFORMATION
Amounts x e 1,000
To: The General Meeting of Shareholders of Jaarbeurs Holding B.V.
Auditor’s report
Assignment
We have audited the financial statements of Jaarbeurs Holding B.V., Utrecht, as they appear in this report, which
comprise the balance sheet as at 31 December 2007 and the income statement for the year then ended and the
explanatory notes.
Management’s responsibility
The management of the company is responsible for the preparation and fair presentation of the financial statements,
which should give a true and fair view of the company’s financial position and the result, and for the preparation of
the annual report, both in accordance with Part 9, Book 2 of the Netherlands Civil Code. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial
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.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in
accordance with Dutch law. This law requires that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the entity’s management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
60
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Jaarbeurs Holding B.V. as at 31
December 2007, and of its result for the year then ended in accordance with Part 9, Book 2 of the Netherlands Civil Code.
Report on other legal and regulatory requirements
Further to the legal requirement under Article 2:393, sub 5, part e of the Netherlands Civil Code, we report, to the extent
of our competence, that the annual report is consistent with the financial statements as required by Article 2:391, sub 4
of the Netherlands Civil Code.
Utrecht, 12 March 2008
KPMG ACCOUNTANTS N.V.
J.C.M. van Rooijen RA
Provisions of the articles of association regarding the appropriation of the result
According to the company’s Articles of Association, the net result is at the disposal of the General Meeting of
Shareholders. At its meeting on 21 March 2007 it was decided to appropriate the net result for 2006 as follows:
To be added to the retained earnings
To be paid as dividend
7,810
454
8,264
Proposed appropriation of the result
It will be proposed to the General Meeting of Shareholders that the net result for 2007 be allocated as follows:
To be added to the retained earnings
To be paid as dividend
9,042
454
9,496
61
G roup structure as of 3 1 D ecember 2 0 0 7
The main group companies are listed below.
(100% interest and registered office in Utrecht unless otherwise stated)
Jaarbeurs B.V.
Jaarbeurs Utrecht B.V.
VNU Exhibitions Europe B.V., Jaarbeurs Trade Mart Utrecht B.V., Jaarbeurs International B.V., VNU Exhibitions Asia
Ltd. (70%, Shanghai, China), Croeselaan Promotion Holding B.V., Motor Events B.V. (Breda), Corsofex Beheer B.V.
(Duivendrecht), Expocare B.V. (Duivendrecht), Car(E)xpo B.V. (Leusden), Doe Promotions Utrecht B.V., Expoplan B.V.
(Hilversum), B.V. National Convenience Event (Sint Oedenrode), Rotterdams Tentoonstellingsbureau B.V. (Rotterdam),
Ski-happ B.V. (Rotterdam)
Jaarbeurs Catering Services B.V., Frans Kuil Beheer B.V. (Vlaardingen), Dutch Catering Association B.V. (Rotterdam),
RDCA Party & Organisatie B.V. (Rotterdam), Grand Catering B.V. (Nieuwegein), Event & Catering Partners 2002 B.V.
(Hoofddorp), Verhaaf Party Catering B.V. (Hoofddorp), Trends for Rent B.V. (51%), Grand Exploitatie B.V. (50%)
Jaarbeurspoort B.V., Exploitatiemaatschappij Croeselaan B.V., Croeselaan C.V. (10%, Eindhoven)
62
FIVE YEARS JAARBEURS HOLDING B.V. *
Amounts x e 1 million
Consolidated balance sheets in brief
2007
2006
2005
2004
2003
Fixed assets
120.4
93.2
97.0
89.6
92.2
Current assets
35.1
34.7
28.5
33.7
33.7
155.5
127.9
125.5
123.3
125.9
Group capital and reserves
76.0
67.7
59.7
52.7
47.4
Provisions
6.0
6.9
9.3
10.0
10.3
Non-current liabilities
0.1
0.1
0.4
-
0.5
Current liabilities
73.4
53.2
56.1
60.6
67.7
155.5
127.9
125.5
123.3
125.9
Change in group capital and reserves
Balance at 1 January
67.7
59.7
52.7
47.4
44.4
Financial year result
9.5
8.3
7.5
5.6
3.4
Other changes
-1.2
-0.3
-0.5
-0.3
-0.4
59.7
52.7
47.4
Balance at 31 December 76.0
67.7
* Up to and including 2006 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest and was only consolidated
proportionally. From 29 October 2007 the participation was increased to 100% and is fully consolidated in the balance sheet.
63
FIVE YEARS JAARBEURS HOLDING B.V. *
Amounts x e 1 million, unless otherwise stated
2007
2006
2005
2004
2003
103.1
93.0
88.0
84.6
Consolidated income statement in brief
Net revenue
108.5
Cost of services of third parties, materials
and other external costs
60.5
56.3
49.2
48.2
49.7
Personnel costs
23.9
22.9
22.5
19.8
17.4
fixed assets
10.2
11.7
11.7
11.9
12.1
Total operating costs
94.6
90.9
83.4
79.9
79.2
Amortization, depreciation and decrease in value of
Operating result
13.9
12.2
9.6
8.1
5.4
Financial income and expenses
-0.1
-0.1
-
0.1
-1.3
Profit before tax
13.8
12.1
9.6
8.2
4.1
Income tax expense
4.0
3.6
2.0
2.5
0.7
Third-party interest
-0.3
-0.2
-0.1
-0.1
-
Net result
9.5
8.3
7.5
5.6
3.4
22.3
11.6
9.3
7.4
Cash flows from operating activities
18.5
17.4
27.0
Net investments in fixed assets
37.4
7.8
19.1
Average number of employees (FTE)
448
425
404
383
* Up to and including 2006 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest and was only consolidated
proportionally. From 29 October 2007 the participation was increased to 100% and is fully consolidated in the balance sheet.
384
64
KEY POSITIONS
Situation at 1 April 2008
Executive Board and Management
Executive Board and Management
Jaarbeurs (Holding) B.V.
Jaarbeurs Catering Services B.V.
A. Brienen - Chief Executive Officer G. Zapantoulis - Managing Director
H.P. Rosier - Director F.A. Bakker
E.J.M. Missotten W. Wiersma
J.H. van Staverden H. Kroneberg
A.M. Schouten
F. Kuitert
Mrs M.P.J.M. Verkoijen
C.C.T. Aalbers
Mrs M. Koning
Executive Board and Management
VNU Exhibitions Europe B.V.
Supervisory Board Jaarbeurs Holding B.V.
A.M.M. Otten - Managing Director
H.W. Broeders - Chairman
G.W. Leeuwenburgh
Mrs I.G.C. Faber
Mrs J. Segeren
R.G. van Ingen
J. van der Valk
P.C. Klaver
F. van der Woude
J.G. Wijn
Executive Board and Management
Foundation Royal Dutch Jaarbeurs
VNU Exhibitions Asia
H.W. Broeders - Chairman
D. Zhong - Managing Director
Mrs I.G.C. Faber
Mrs I. Hu
R.G. van Ingen
M. Kruse
P.C. Klaver
Mrs J. Zhu
J.G. Wijn
M. Zhao
K. Yuan
Works Council Jaarbeurs B.V.
Mrs W.L.M. de Man - Chairwoman
Executive Board and Management
G.P. Vreke - Vice Chairman
Jaarbeurs Utrecht B.V.
G. van Haarlem - Secretary
G. Zapantoulis - Managing Director
P.J. Coolen
R.C.J.M. van der Heijden - Deputy Managing Director
B.J.H. de Leeuw
C.A. Filius
Mrs I. Ritzer
Mrs E. Matos
T. Steegers
A.P.A. Molmans
Works Council
VNU Exhibitions Europe B.V.
Mrs J.E.T. Bodifée - Chairwoman
Mrs R.J.M. Schippers - Vice Chairwoman
D.A. Rodenrijs
Mrs D.C. Smit
Mrs E. Wonder
Jaarbeurs Holding • P.O. Box 8500, 3503 RM Utrecht • Jaarbeursplein, 3521 AL Utrecht • The Netherlands
Telephone +31 (0)30 295 59 11 • Fax +31 (0)30 295 55 21 • [email protected] • www.jaarbeurs.nl