Annual Report 2009 DHV Group

Consultancy and Engineering

Annual Report 2009 DHV Group

dhvgroup.com

Gateway to solutions

Annual Report DH

V Group 2009

9 Jan SSI wins Consulting Engineering South Africa Award for Mentoring Company of the year. 16 Jan DHV and Delcan commissioned to develop flood protection plan for Canada’s Fraser delta. 17 Jan Dutch State Secretary Huizinga visits Sea Defense project in Aceh, Indonesia.1 March Acquisition of NPC strengthens capability in stations and rail.11 March Aviation consultancy profile expanded with increased stake in North American Innova.16 March Fifth contract signed for Wastewater Treatment Plant in Australia. 24 April Annual prize from the Dutch Amstel, Gooi and Vecht Water Board for 'Sustaenergy - Green Gas' innovation. 10 May DHV joins the Dutch economic mission to South Africa and the opening of the Plakkies plant. 2 June Delcan iMove®-system for Traffic Management and ITS wins Global Road Achievement Award. 2 June Hydroprojekt wins contracts for Polish Wloclawek dam and 160-MW hydropower project. 17 June NACO wins International Award Royal Institute of British Architects for Beijing Capital Airport Terminal Building.30 June TEC wins design contract for bridge and tunnel linking Hong Kong, Macau and China. 30 July Contract awarded for clean and safe drinking water project for 1,5 million people in Malawi.27 Aug Renovation of the head office is started, leading to significant energy savings.3 Sep Project award for new eco-city on the Bohai Sea, China.12 Sep Launching sponsor of the Henry Hudson 400 H209 water conference in New York. 24 Sep NACO wins The Hague Entrepreneurship Award.25 Sep Funding of two new biodiversity concepts by Dutch Ministry of Agriculture, Nature and Food Quality.29 Sep DHV, the Municipality of Utrecht and Maurik Groot Ammers win Dutch SIKCup for the Utrecht Griftpark project.15 Oct SSI wins two project awards for Engineering Excellence from the South African Institution of Civil Engineering.21 Oct DHV led consortium upgrades Polish infrastructure for the 2012 European Football Championship.15 Nov DHV wins the Rietveld 2009 Public Prize for the design of the Simed Healthcare building, the Netherlands.20 Nov DHV designs movable storm surge barrier for Nakdong river in South Korea. 9 Dec Contract signed for the expansion of the Dutch Eems harbor in Groningen. 14 Dec Significant commission for improving navigability in Mekong delta project in Vietnam. 31 Dec DHV is the first climate-neutral engineering and consultancy company in the Netherlands.

The project illustrated on the cover is the extension of the A2 motorway near Utrecht, the Netherlands.

Highlights 2009

2009 was a year of challenges in many respects. The DHV Group met these challenges head-on. Through the combined efforts of 5,500 people at 75 locations in 9 home countries, we connected and delivered. Our turnover continued to grow and operational results remained positive. We also continued to invest in the future through training programs, cross-assignments, and one-company initiatives such as the extension of our ICT platform and knowledge sharing.

9-1 CESA Award

3-9 Eco-city China

1-3 Acquisition NPC

10-5 Economic mission

2-6 Wloclawek dam

9-12 Harbor expansion

Key Figures 2

Profile 4

Report of the Supervisory Board 6

Report of the Executive Board 8 Strategy and Policy 8 Main Developments of 2009 12 Financial Performance 2009 16 Prospects for 2010 17

Developments in our Global Network 18

Projects - Connect & Deliver 27 Transportation 28 Water 30 Building and Industry 32 Spatial Planning and Environment 34 Aviation 36

Financial Statements 2009 38 Consolidated Balance Sheet 38 Consolidated Profit and Loss Account 39 Consolidated Statement of Changes in Equity 40 Consolidated Cash Flow Statement 41 Summary of Significant Accounting Policies 42 Notes to the Consolidated Financial Statements 46 Company Balance Sheet 58 Company Profit and Loss Account 58 Notes to the Company Financial Statements 59 Other Information 64

Shareholding Structure 67

Risks and Risk Management 68

Structure and Management DHV Group 70

Addresses 71

Colophon 73

Corporate GovernanceThe DHV Group is guided by the Dutch corporate governance code, inasmuchas it applies to DHV Holding B.V. as a private, unlisted company. Exceptions tothe Code’s principles and best practice provisions are listed in our CorporateGovernance Report. The Report and further information concerning the DHVGroup’s Code of Conduct, whistle-blower scheme, and regulations for theExecutive Board, Supervisory Board, and Audit Committee can be found atwww.dhvgroup.com/corporategovernance.

Contents

JV 2009 Content ENG.indd 2 23-03-10 16:11

52

17

15

9

7

Turnover by client group(in %)

Turnover by market(in %)

Turnover by region(in %)

The NetherlandsAfricaAsiaEurope (excl. the Netherlands)North America

TransportationWaterBuilding and IndustrySpatial Planning and EnvironmentAviation

GovernmentPublic utilitiesIndustryInternational Development Agencies

46

24

24

6

37

24

20

14

5

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 20090

10

20

30

40

50

60

70

80

2005 2006 2007 2008 20090

100

200

300

400

500

0

1,000

2,000

3,000

4,000

5,000

6,000

2005 2006 2007 2008 2009

2005 2006 2007 2008 2009

229.0

269.4 274.8

325.3

50.8

58.3 59.963.2

3.7

7.3

6.0

9.4

5.0

2,171

1,883

2,055

2,298

2,196

2,534

3,030

2,290

4,0544,353

4,730

5,320

3,159

2,338

5,497

300.6

351.6

395.0

467.7

346.5

480.8

72.5

Shareholders’ equity(� millions)

Net profit(� millions)

Net turnover and Added value(� millions)

Net turnoverAdded value

The NetherlandsOutside the Netherlands

Workforce

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 20090

10

20

30

40

50

60

70

80

2005 2006 2007 2008 20090

100

200

300

400

500

0

1,000

2,000

3,000

4,000

5,000

6,000

2005 2006 2007 2008 2009

2005 2006 2007 2008 2009

229.0

269.4 274.8

325.3

50.8

58.3 59.963.2

3.7

7.3

6.0

9.4

5.0

2,171

1,883

2,055

2,298

2,196

2,534

3,030

2,290

4,0544,353

4,730

5,320

3,159

2,338

5,497

300.6

351.6

395.0

467.7

346.5

480.8

72.5






Workforce

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 20090

10

20

30

40

50

60

70

80

2005 2006 2007 2008 20090

100

200

300

400

500

0

1,000

2,000

3,000

4,000

5,000

6,000

2005 2006 2007 2008 2009

2005 2006 2007 2008 2009

229.0

269.4 274.8

325.3

50.8

58.3 59.963.2

3.7

7.3

6.0

9.4

5.0

2,171

1,883

2,055

2,298

2,196

2,534

3,030

2,290

4,0544,353

4,730

5,320

3,159

2,338

5,497

300.6

351.6

395.0

467.7

346.5

480.8

72.5






Workforce

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 20090

10

20

30

40

50

60

70

80

2005 2006 2007 2008 20090

100

200

300

400

500

0

1,000

2,000

3,000

4,000

5,000

6,000

2005 2006 2007 2008 2009

2005 2006 2007 2008 2009

229.0

269.4 274.8

325.3

50.8

58.3 59.963.2

3.7

7.3

6.0

9.4

5.0

2,171

1,883

2,055

2,298

2,196

2,534

3,030

2,290

4,0544,353

4,730

5,320

3,159

2,338

5,497

300.6

351.6

395.0

467.7

346.5

480.8

72.5






Workforce

2 Key Figures

Financial JV 2009 UK-V15.indd 2 23-03-10 15:59

3Key Figures

Key Figures

Turnover

Added value

Results

Operating profit before profit sharing and goodwill amortization

Profit sharing

Operating profit before goodwill amortization

Net profit

Return on average shareholders’ equity (%)

Operating margin before goodwill (%)

Earnings per share (e)

Dividend per issued class B share (e)

Capital employed

Total assets

Long term capital

Shareholders’ equity

Group equity

Group equity as a percentage of total assets (%)

Financial position

Net working capital

Cash flow

Change in net cash

Workforce

Staff costs

Number of staff (ultimo)

(€ millions, unless otherwise stated)

300.6

229.0

7.7

1.4

6.3

3.7

7.3

2.7

0.68

0.25

137.4

83.7

50.8

51.3

37.4

26.7

10.6

0.3

160.1

4,054

351.6

269.4

17.0

3.8

13.2

7.3

13.4

4.9

1.39

0.50

163.4

90.7

58.3

59.7

36.5

20.1

14.8

15.0

180.1

4,353

395.0

274.8

18.9

5.9

13.0

6.0

10.2

4.7

1.24

0.45

191.7

96.4

59.9

61.7

32.2

19.9

12.8

-9.6

186.5

4,730

467.7

325.3

27.6

6.8

20.8

9.4

15.3

6.4

1.97

0.70

231.9

99.8

63.2

65.3

28.2

26.2

19.0

-23.6

209.8

5,320

480.8

346.5

18.9

4.9

14.1

5.0

7.4

4.1

1.04

0.40

242.0

123.8

72.5

76.9

31.8

8.1

15.4

37.8

229.7

5,497

DefinitionsAdded value Operating income less cost of work subcontracted and other external cost Operating margin Operating profit / Added valueEarnings per share Net profit / Number of ordinary shares issued Net working capital Current assets less current liabilities (excluding cash and cash equivalents less amounts owed to credit institutions)Cash flow Net profit plus amortization and depreciationChange in net cash Movement in cash and cash equivalents less amounts due to credit institutions * The 2006 figures include 18 months’ results of the Africa region.

20052006*200720082009


4

Funae Award - SEED, Mozambique

Impact Assessment, Czech Republic

Mekong delta-project, Vietnam

Charity outing, the Netherlands

Mission Our mission is to provide multidisciplinary services for the sustainable development of our living environment, in a close relationship with clients, employees, and partners, based on mutual loyalty, while providing a solid return to our shareholders.

VisionWe aim to be a leading international engineering consultancy firm, active in both public and private sectors, open to partnerships based on shared values.

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

Key valuesWe are an independent, employee owned company.Our key values are integrity, respect and freedom. We act with a deep commitment to social responsibility, integrity, and accountability. Our activities are characterized by respect for others and the environment. We promote empowerment, coupled with strong personal and professional responsibility. We welcome different perspectives and support freedom of thought and action.

The DHV Group is a global provider of consultancy and engineering services in the following markets:• Transportation, including Aviation• Water• Building and Industry• Spatial Planning and Environment

Profile

JV 2009 profiel ENG def.indd 1 23-03-10 15:37

5Profile

Added valueClients call on us to achieve their ambitions through projects and partnerships. We provide our services with passion and pride, adding value through:• Reliable quality performance, delivered on time and

within budget.• An understanding of the clients needs and respect for

their stakeholders.• State-of-the-art expertise and innovative solutions.• Local delivery of world-class solutions.

Corporate responsibilityAt the DHV Group 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 signatory to the United Nations Global Compact and the Partners Against Corruption Initiative (PACI) of the World Economic Forum.

Profile

ServicesWe develop innovative concepts in consultancy and engineering. Services cover the entire project cycle and include:• Business and Policy Consultancy • Technical Advice • Planning • Design and Engineering • Program, Project, and Construction Management • Project Development and Turnkey Delivery • Operations Management • Asset Management

Expertise positionsLooking to client needs, we focus on:• Airports• Buildings • Environmental Management • Highways, Bridges, and Tunnels • Intelligent Transport Systems • Marine, Ports, and Waterways • Mass Transit and Rail • Urban and Regional Planning • Water Management• Water Treatment

Key Figures 2009Net turnover € 481 millionNet profit € 5 million

Staff and Offices by RegionEurope 2,950 in 20 officesAsia 900 in 10 officesAfrica 1,000 in 25 officesNorth America 650 in 20 officesTotal 5,500 in 75 offices

We are active worldwide through a network of local offices in Europe, Asia, Africa, and North America. Operations in the following home countries account for the greater part of our total turnover:• Europe: The Netherlands, Poland, and Portugal• Asia: China, India, and Indonesia• Africa: South Africa• North America: Canada and the United States of America

JV 2009 profiel ENG def.indd 2 23-03-10 15:37

Report of the Supervisory Board

Recommendations to the Annual Shareholders’ MeetingWe have pleasure in presenting the DHV Group Annual Report for 2009. The annual accounts were prepared by the Executive Board and audited by PricewaterhouseCoopers Accountants of the Netherlands. The annual accounts were signed following discussions with the Executive Board and the external accountants. We support the proposal of the Executive Board to distribute a dividend of € 0.40 (2008: € 0.70) per depositary receipt for issued B shares from the 2009 profits. We recommend that the annual accounts for 2009 be adopted and the incorporated dividend proposal be approved. Lastly, we call on you to discharge the Executive Board from liability for its management, and the Supervisory Board for its supervision during the 2009 financial year.

6

A.B.M. van der PlasSeen van der Plas (b. 1938, Dutch, m) joined the DHV Group Supervisory Board in 1998. His last term of office will

expire in 2010. Mr. Van der Plas is chairman of the Supervisory Board of the Netherlands Research School on Transport, Infrastructure and Logistics TRAIL (a collaborative initiative of five Dutch universities), board member of the Next

Generation Infrastructures Foundation (a large international consortium of knowledge institutions, market players and governmental bodies), and member of the Supervisory Board of the Rotterdam Philharmonic Orchestra.

W. van VonnoWim van Vonno (b. 1941, Dutch, m) joined the DHV Group Supervisory Board in 2006. He has been Chairman since 2007. His current term of office will expire in 2010. Mr. Van Vonno is Chairman of the Supervisory Boards of Convest and Publiek Belang Electriciteitsproductie B.V. and Van Nieuwpoort, and a member of the Supervisory Boards of Van Oord, Optimix Investment Funds, Van Boldrik Group, Royal BAM Group, SADC, Bank for the Construction Industry, and Mammoet Holding. He is also a member of the Investment Committee of NPM Capital, member of the Boards of ING Continuity Foundation, Foundation Protection TNT, and Mediq Preferential Stock Foundations. Furthermore, he is Arbitrator with the Arbitration Board for the Metal Trade and Industry Foundation, member of the Executive Board of NEN, and President of the Nomination Committee Dockwise.

J.H.M. LindenberghHessel Lindenbergh (b. 1943, Dutch, m) joined the DHV Group Supervisory Board in 2003. His current term of office will expire in 2011. Mr. Lindenbergh is chairman of the Supervisory Boards of Fortis Bank Nederland, NIBC, Agendia, and the Bank for the Construction Industry. He is also member of the Supervisory Boards of the University of Amsterdam in the Netherlands, Gamma Holding, Ortec International, Doctors Pension Funds Services, and Zeeman Group. He is also a member of the Boards of Stichting Vopak, Foundation Protection TNT, and Wolters Kluwer Preference Shares Foundation.

A.P.M. van der PoelArthur van der Poel (b. 1948, Dutch, m) joined the DHV Group Supervisory Board in 2004. His current term of office will expire in 2012. Mr. Van der Poel is chairman of the Supervisory Board of semiconductor equipment manufacturer ASML, member of the Board of smartcard company Gemalto, and member of the Supervisory Board of Dutch soccer club PSV.

S.M. DekkerSybilla Dekker (b. 1942, Dutch, f) joined the DHV Group Supervisory Board in 2007. Her current term of office will expire in

2011. Mrs. Dekker is a former Netherlands Minister of Housing, Spatial Planning and the Environment. She is a member of the Supervisory Boards of Dutch Municipalities Bank, AKZO Nobel Nederland and Kristal. She chairs the Strategic Advisory Council of TNO Built Environment and Geosciences and the Supervisory Councils of the Antillean

Co-Financing Organization, the Dutch Diabetes Fund, and the Dutch Cadastre (Land Registry and Mapping Agency). She is also member of the Supervisory Council of the Knowledge for Climate Research Program, and MDLI Moroccan

Dutch Leadership, President of the Dutch Taskforce Talent to the Top, the Committee Fundamental Exploration Building, and Round Table on Project Mainport Rotterdam.

JV 2009 RvC ENG def.indd 1 23-03-10 15:38

Report for 2009Supervisory Board MeetingsDuring 2009, the Supervisory Board met with the Executive Board and the Director of Finance & Control on eight occasions, the external accountants also attended when the first half-year and annual figures were discussed. All board members had a good record of attendance. Ongoing matters were also regularly discussed by the Chairmen of the Supervisory and the Executive Boards 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 the internal risk management and control systems.

Naturally, the impact of the financial and economic crisis and the measures taken 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 Control Frame-work, the Corporate Responsibility Report, the renovation of the Amersfoort office and compliance. As in previous years, the Supervisory Board conducted an assessment of the suitability of internal candidates for senior management positions. The Supervisory Board approved the acquisition of the shares in Innova Aviation Consulting in the USA, and the acquisition of NPC rail consultants in the Netherlands.

Audit Committee MeetingsThe Audit Committee, consisting of Mr. Lindenbergh and Mr. Van der Plas, met on three occasions. The first meeting dealt with the annual accounts for 2008, the external auditor’s report and the finalization of the budget for 2009, the second with the first half-year figures, the auditor’s Audit Service Plan and the evaluation of the outsourcing of the ICT. The third meeting was dedicated to the budget for 2010. In addition, the Committee reviewed progress reports on the replacement of the business information system and the annual report of the Internal Audit.

Internal Deliberations The board members met to discuss their Board’s own performance, the performance of the Audit Committee, and the contribution of each member, and to assess the Board’s composition. They concluded that the Board is properly constituted and that its members possess the desired competencies, all in accordance with the Profile of the Supervisory 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 also reviewed the performance, composition and remuneration of the Executive Board. In the judgment of the Supervisory Board, 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 www.dhvgroup.com/corporategovernance. The remuneration of the Supervisory Board is reported on page 53.

Composition of the Supervisory Board There were no changes in the composition of the Supervisory Board in 2009. On the occasion of the 2010 Annual Share-holders’ Meeting, Mr. Van der Plas will step down after having served the maximum term of 12 years. The members of the Supervisory Board wish to express their appreciation of his valuable contribution over the years. The Supervisory Board nominates Mr. C.P. Veerman for appointment as a member of the Supervisory Board. At the 2010 Annual Shareholders’ Meeting Mr. Van Vonno will step down after having completed his first four-year term. The Supervisory Board nominates Mr. Van Vonno for reappointment for a further term of four years.

In closing The Chairman and Vice Chairman of the Supervisory Board, as well as the Executive Board met with a delegation of the Works Council of DHV B.V. to discuss the general course of events of the company. All parties appreciated the open dialogue.

The year 2009 was marked by the economic downturn. The DHV Group shows a positive result, the organization is tailored to market developments and is ready to meet the future, thanks to the efforts and flexibility of the staff. The Supervisory Board wishes to express its appreciation to all staff for their contribution in 2009.

Amersfoort, the Netherlands, 12 March 2010

W. van Vonno (Chairman)S.M. DekkerJ.H.M. LindenberghA.B.M. van der Plas (Vice Chairman)A.P.M. van der Poel

7Report of the Supervisory Board

JV 2009 RvC ENG def.indd 2 23-03-10 15:38

Report of the Executive Board

Strategy and Policy

Ambition, Goals and Objectives

The DHV Group aspires to a prominent position among the world’s leading engineering consultancies. In order to achieve this ambition, we focus on four main goals:

Growth and ProfitabilityGrowth is essential to our continuity. The size and complexity of challenges that clients face require significant depth and breadth of expertise, for which large firms are better positioned. Growth provides more opportunity for our company and people. Therefore we strive to achieve annual growth in turnover averaging at least 10%, of which half will be organic and half through mergers and acquisitions. Sound financial performance enables us to invest in our future and reward employees for their contribution. Our objectives are an operating margin of 7% on added value and an average return on shareholders’ equity of 15%.

InternationalizationInternationalization is important to continuity and risk distribution. Our international network is focused on building relationships that help deliver better service locally and provide insights for future innovation. We have chosen to concentrate our operations on a limited number of home markets: Canada, China, India, Indonesia, the Netherlands, Poland, Portugal, South Africa, and the United States. This selection is based on the business environment, loyalty to customers, our market position and the opportunities for growth. We aim to be recognized in these markets as a top player in our fields of expertise. Home markets will account for at least 90% of the Group’s turnover.

InnovationIn order to fulfill our promise to deliver sustainable and state-of-the-art knowledge, we must continuously improve our skills and expertise. Innovative solutions are constantly

Bertrand M. van Ee(b. 1957, Dutch) was appointed to the Executive Board in 2004, becoming its President on 1 January 2007.External appointments include:• Member of the Dutch Trade Board.• Member of the Advisory Board of the

Dutch faculty Technology, Policy and Management Support of the Technical University Delft.

created for projects, but we also leverage strategic innovations and invest in R&D. Our objective is to apply for at least one new patent per year. We actively participate in external platforms and aim to receive industry recognition for technical excellence and innovation each year.

Corporate ResponsibilityThe DHV Group is a company for people from people. We recognize the interconnectivity of the triple bottom line for sustainable development (people, planet and profit). We have identified four key areas: integrity, sustainability in our projects, the impact of our own operations, and people development. Our objectives are to maintain a top quartile ranking in the annual Transparency Benchmark for Corporate Responsibility reporting of the Dutch Ministry of Economic Affairs, which is aligned with the Dow Jones Sustainability Indexes, and to achieve a 25% CO2 reduction per employee in our

8

JV 2009 RvB ENG def.indd 1 23-03-10 15:40

operations against a baseline of 2008 by 2015. In terms of people development, we provide extensive opportunity for our staff and emphasize “building futures” through education and capacity building in community investments. Our Corporate Responsibility reporting and our Business Integrity Management System are externally audited in support of transparency and continuous improvement.

Corporate Strategy

Our strategy for serving clients is Local delivery of world-class solutions. We aim to be top player in our home countries and international player in select expertise positions. Our strategy rests on three pillars: Differentiation, Home markets and a One-company concept. Together these three pillars provide the path to achieving our goals.

9Report of the Executive Board

Strengths• Expertise in water, and transportation,

including our own investments in innovation and R&D.

• Culture of sustainable development and corporate responsibility.

• Strong local presence leveraged with international network.

• Known for finding integrated and multi-disciplinary solutions to complex issues.

• One-company concept.

Opportunities• Renewed focus on infrastructure as part of

government stimulus packages.• Impact of climate change on flooding and

the availability of fresh water.• Population growth and higher standards of

living exponentially increase demand for energy, water and mobility.

• Strong development of eastern economies.

Weaknesses• Low profile approach, resulting in

insufficient exposure of capabilities. • Responsiveness and efficiency must be

improved in parts of our organization.• Undercapitalizing on our innovations.• Lower profitability related to portfolio mix

and a tendency to go beyond scope.

Threats• Economic slowdown. Projects are cancelled

or delayed and prices are under pressure.• Consolidation of mid-sized competitors and

new entries increases competition in our home markets.

• Labor markets for top talent remain tight.• Business integrity pressures.

Piet W. Besselink(b. 1958, Dutch) joined DHV in 1989. Appointed to the Executive Board in 2006 and became its Vice President on 1 January 2007.External appointments include:• Member of the Advisory Board of Deltares,

the Dutch institute for Delta Technology.• Member of the TNO Geological Survey of

the Netherlands.• Member of the Board of Railforum (a Dutch

platform for the exchange of knowledge and experience in rail transport).

The following SWOT table illustrates the most significant factors which influence our current business and future strategy.

into regional expertise centers and collaborate on larger projects with shared resources. Strong local presence ensures that solutions are tailored to local conditions and that close relations are maintained with customers. With the choice of countries and market segments in which we operate, our zero tolerance policy on corruption has been turning the threat of business integrity pressure into a strength.

Retain and attract talent in tight labor market. Despite the economic crisis, we see a tight labor market for the type of talent that our business requires. This is a threat to further growth and must be addressed, especially as a key part of the previous two challenges. Employee feedback indicates that the innovative quality of the work that we do, and our culture of corporate responsibility and sustainable development, are strengths in attracting and retaining employees. However, capabilities and opportunities are still not sufficiently recognized nor communicated. This weakness needs to be addressed. Internally, by focusing on better knowledge sharing, communications, mentoring and career planning. Externally, by seeking greater public exposure for our projects and our commitment to sustainability. These initiatives will be implemented on a local basis, but with a one-company framework in order to increase impact.

Taking into account the SWOT factors and our overall goals, we have chosen to focus on the following key challenges:

Grow significantly in the Water and Transportation markets to meet increased demand. Our strengths in Water Treatment, Water Management and Coastal Protection are differentiaters which apply directly to opportunities related to climate change and population growth. Particular issues include water scarcity, sanitation and flood protection. Areas in which we could be capitalizing more on our expertise and innovation. We aim to support stimulus packages in Transportation by providing multi-disciplinary consulting and program oversight services. There is significant opportunity to enhance mobility through our innovative Intelligent Transport Systems. The high growth in eastern economies entails more regional, as well as international travel. To this end, we aim to further develop regional aviation capability.

Mitigate threat of new competition through depth of local knowledge and ready access to international network. Our home markets are projected to have some of the highest growth levels of their regions. This is attracting new competition and mid-sized players are consolidating to address these opportunities. In order to mitigate the threat of this competition, we will further build up local capability. We aim to selectively develop local expertise

Strengthen financial performance using current economic pressures as an impetus. The possibility of a prolonged economic slowdown presents a continued threat to growth and profitability, but is also a stimulus to increase efficiency and develop in higher margin services. The responsiveness of units to minimize underutilization has greatly improved with additional attention. There was good use of our integrated and multi-disciplinary capabilities to provide consultancy and process management for the planning and implementation of stimulus packages. Financial discipline is increasing and will be further improved through stricter project and portfolio management. This will be supported by one-company platforms such as the Business Control Framework, roll-out of our business information system and management training.

Strategy evaluationOur strategy of Local delivery of world-class solutions and the strategic pillars: Differentiation, Home markets and One-company concept have served us well over the past years. The DHV Group is on track in achieving its goals. We have grown and improved profitability relative to our peers. The latter is not developing as rapidly as originally planned, however we continue to strengthen our balance sheet and our financial position is solid. We have begun to leverage innovation across our network and demonstrate leadership in Corporate Responsibility. Overall our

The business group, region and holding directors. Together with the Executive Board they form the Executive Council of the DHV Group.

Arnold Galavazi (Asia)

Chris Engelsman (Europe)

Roel Overakker (Aviation)

Eugene Grüter (Building and Industry)

Vic Prins (Environment and Transportation)

10


performance gives us the expectation that our long- term goals are achievable.

Looking to our strategy pillars we conclude the following:

DifferentiationWe have sharpened our profile by better aligning with defined markets and benchmarking our performance. This has guided organic growth and organizational restructuring. Our range of services and market reach have been expanded through selective mergers and acquisitions. Significant innovations have been taken to the level of registered products and successfully launched. Corporate responsibility and a focus on sustainable development is becoming a recognized quality in all our projects.

Home marketsWe have grown operations in home countries, are taking on increasingly larger projects and have expanded into different sectors. Examples include aviation in Africa, water and environmental projects in Asia and coastal protection in North America. This was made possible by strong local presence and now offers opportunities for taking on even larger integrated projects such as eco-cities and multi model transportation hubs. The intimate knowledge of the local situation also enables us to create more sustainable solutions, involve capacity building in the community and understand environmental complexities. Our

customers are appreciating this added value, which is resulting in more repeat business and long-term relationships. One-company conceptThe benefit of a common culture, processes and ICT platforms is starting to be realized. This shortens learning curves, increases efficiency and facilitates cooperation. Plans for the future include a high level of cooperation between units in both national and international work. A key enabler has been the interpersonal networks which were established through joint training and international expertise meetings.

Path forwardDuring 2010 we will complete some remaining one-company items and will move ahead on the foundation

11

that has been built these past years. Given the risk of a prolonged economic slowdown, we will preserve and improve profitability by staying close to our customers and paying close attention to our cost base, investment levels and cash flow.

In 2009 we began dialogue for Vision 2015, our corporate strategy paper for the coming five years which will be issued mid 2010. Vision 2015 will be about making a step change in profitability and growth compared to previous years. Home countries will feature prominently. We will focus investment on our strongest international expertise positions. The SWOT analysis on page 9 reflects key developments which we are taking into account.

The Group provides its services through a family of brands: DHV, SSI, NACO and Delcan. These brands are leading players in their respective fields and actively collaborate to meet specific client needs, e.g. NACO-SSI for airports on the African continent and Delcan-DHV for international ITS solutions.

The DHV Group has a decentralized organizational structure in order to stay close to selected markets. The four business groups focus on market specific consulting and engineering expertise. Regional operations maintain client relationships and tailor the Group’s expertise to local circumstances, language, and culture.

Business Groups: Environment and Transportation, Water, Building and Industry, Aviation.Regions: Europe, Asia, Africa, North America.

Jim Kerr (North America)

Eugene Grüter (Building and Industry)

Piet van Helvoort (Water)

Marga Donehoo (Corporate Initiatives)

Naren Bhojaram (Africa)

Johan van Manen (Finance and Control)

For the complete organizational structure of the DHV Group, please refer to page 70.



2009 was a challenge on many fronts. With 5,500 people, working in 75 offices and 9 home countries, the DHV Group met these challenges head on, connected and delivered. Our turnover has continued to grow and operational results remained positive. We also continued to invest in the future, with training programs, cross assignments of people, and one-company initiatives such the extension of our ICT platform and knowledge sharing.

Our concentration on the public sector has been positive for DHV, as well as for SSI and Delcan. We are active in large multiple-year programs supported by government stimulus packages. Work for private sector clients experienced a significant downturn. The aviation industry has also been hit hard. The flexible and entrepreneurial approach taken by Group members, adjusting to market circumstances and reducing cost, made a distinct difference in weathering the storm. Our strategy of Local delivery of world-class solutions is working better all the time. By sharpening our focus on the market and clients, and combining expertise we were able to win significant projects.

Growth and Profitability

The DHV Group continued to grow in 2009 despite the impact of the worldwide economic recession. Net turnover grew with 3% to € 481 million, mainly through acquisitions. The operating margin was 4.1%, coming from 6.4% in 2008 and below our overall 7% target. The strongest performers this year were Africa and North America which achieved the highest margins and Asia which showed significant margin improvement. Within the markets Water, Environment and Transportation

there were also strong results, especially from consultancy, project management and operations. Overall, the profitability of the Group was negatively impacted by a combination of underutilization of staff in parts of the organization, and price pressure on projects. Restructuring costs and additional efforts for the introduction of a new business information system were taken into account at the corporate level. The actual return on our shareholders’ equity is 7%, which is below the targeted average level of 15%.

Strategic actions for 2009• Develop strategy for energy and resources.

• Deliver synergies with new member companies.

• Strengthen transportation and water profile.

Results in 2009• Focus on mining consultancy, expanding

services in Asia and Africa.• Joint projects with InterVISTAS (aviation

consultancy), Turgis (mining) and NPC (stations and rail).

• Acquisition of NPC, the leading rail station designer in the Netherlands and previously a part of the Dutch Railways. DHV participated as launching sponsor of the Henry Hudson 400 water conference in New York.

Main Developments of 2009

Expansion Wilhelminaharbor, the Netherlands

12


Internationalization

The DHV Group is fortunate to be positioned in markets with relatively sound economic growth rates. Our home countries in Asia showed economic growth in the order of 5 to 10% and Poland also realized positive growth. The other home countries experienced negative growth between -2 and -5%, however all our home countries have positive economic growth projections for 2010.

In China the results in the water market have increased significantly, with the emphasis on turnkey delivery of water treatment facilities for public and private sector clients. Sanitation and flood protection projects in Indonesia made good progress and improved the quality of life of many people. In India developments in Public Private Partnerships (PPP) show great promise. In the Netherlands, our position in the national highway and rail sector was strengthened, supported by additional government funding and government measures to expedite project implementation. Most of our industry clients showed a significant downturn in 2009, with some indications for modest recovery in 2010. We have improved our position on asset management of infrastructure and buildings based on reducing total cost of ownership. The demand for water, environmental and sustainability services remained at a high level. Regional and urban planning for municipal clients experienced a decline towards the end of the year. EU funding and Eurocup 2012 fueled an impressive series of highway projects in Poland, providing new opportunities for DHV in the role of independent engineer. The market for flood management and hydropower is showing a healthy outlook and our combined companies are well positioned to increase their market share. Restructuring in Portugal resulted in new management and a new company profile, now focusing on water and environment consultancy, project supervision and asset management. Several signature projects were awarded

including the environmental study for Lisbon airport and the river basin projects for the Tejo and Douro rivers. South Africa showed very strong results, based on major ongoing projects for rail and road infrastructure, as well as water and energy supply. This included the country’s largest environmental compliance analysis for the Gautrain rapid rail link and projects related to the World Cup 2010. New activities, such as the turnkey delivery of schools are also paying off. The allocation of funds for the Cup resulted in lower spending on other basic services, which is expected to increase again in the second half of 2010. Aviation activities on the continent are expanding. NACO-SSI is involved in supervision contracts in Kenya, Botswana and Tanzania.

Nelson Mandela Stadium, Port Elizabeth, South Africa

Canada and the USA showed overall strong results, with Delcan providing project oversight within large infrastructure programs such as the New York MTA Independent Engineering contract and as solution provider for traffic management systems. Projects of note include sustainable building design. We are particularly delighted with the Richmond skating oval for the 2010 Winter Olympics. InterVISTAS has brought a full new avia-tion sector of strategic planning, design, and consulting to the DHV Group. Our home markets account for 85% of our total turnover – versus our objective of 90%.

Strategic actions for 2009• Review portfolio of countries vs. goals of the

Group, which may result in adjustments, investment and divestment.

• Roll-out business information system.

• Leverage international network. Increase agility to address national investment plans and regional dynamics.

Results in 2009• Portugal restructured. Kenya divested.

• Africa connected to ICT network, Roll-out business information system delayed until

2010.• Strong sales increase due to government stimulus in China (airports, tunnel infra-

structure, coastal eco-cities), the Netherlands (highways, water management), Poland (highways), North America (highways).

Mergers & Acquisitions, Divestments• The consultancy and project management agency NPC, formerly owned by Dutch Railways,

joined the DHV Group. This acquisition entails a considerable strengthening of the Group’s position in stations and rail.

• NACO and Delcan increased their stake in the North American aviation consulting firm Innova from 40% to 100%. Innova has merged with InterVISTAS.

• SSI sold Panafcon Ltd. in Kenya to the local management.



Innovation

The DHV Group remains known for innovation on projects and increasingly through technological products such as Nereda® and Intelligent NETworks®. Building on the success of the demo facility in Gansbaai, South Africa, roll-out of Nereda® has begun in earnest. The first full-scale Nereda® water treatment plant was awarded in the Netherlands. This year one new patent was requested for a process to harvest green power and fertilizer from wastewater and a total of 12 patents for previous innovations were granted in various countries. In the Netherlands, DHV actively contributed to the implementation of a charter on Intellectual Property for the consulting-engineering and construction sector. The leverage of expertise has been increased through better use of the Group wide ICT system with an improved intranet and more than 100 active Community of Practice sites. International Expertise Meetings were held for Aviation, Water, Rail & Stations and Mining in order to share and scale-up the available top-expertise in the DHV Group.

Nereda® is DHV’s innovative biological wastewater treatment technology, based on the unique characteristics of granular aerobic biomass. It provides excellent water quality through compact and easy to operate installations, at low energy consumption. Nereda® is cost-effective and can be applied in new and upgrades of municipal and industrial wastewater treatment facilities.

Strategic actions for 2009• Scale-up and commercialize technology

innovations.

Results in 2009• Contract awarded for first full-scale Nereda®

facility. International launch of Intelligent NETworks®, with significant awards in the US and initial projects in Canada, Europe, Africa and South America.

AwardsOur awards underscore our drive for excellence and innovation. Among others:• NACO: International Award from the Royal Institute of British Architects (RIBA) for the Beijing

Capital International Airport Terminal Building 3, China. NACO was responsible for the design together with Foster + Partners and Arup.

• SSI: Two Project Awards for Engineering Excellence from the South African Institution of Civil Engineering (SAICE) for the Nereda® Waste Water Treatment Works project in Gansbaai, South Africa, and for the Mandena Mine Salinity Control Weir project in Madagascar.

• SSI: Mentoring Company of the Year from the Consulting Engineers South Africa (CESA).• Delcan: Award of Merit in transportation from the Consulting Engineers of Ontario for the

iMoveTM Advanced Traveler Information System project for Metro Vancouver, Canada.• DHV: Annual prize for ‘Sustae nergy – Green Gas’ as the most notable water project in

the Business Sector category from the Dutch Amstel, Gooi and Vecht Water Board, the Netherlands.

• DHV together with the Municipality of Utrecht and the company Maurik Groot Ammers: the Dutch SIKCup for the most innovative and cost effective soil management team for the Utrecht Griftpark project, a former garbage dump and gas plant site, the Netherlands.

• DHV won the Rietveld 2009 Public Prize for Simed Healthcare building, the Netherlands.

The acquisition of NPC considerably strengthened the Group’s capability in stations and rail.

Water Treatment Technology Nereda®

Corporate Responsibility

Transparency and IntegrityTransparency is a key factor in Corporate Responsibility. We have therefore set an objective that benchmarks our performance in this regard. The DHV Group placed 16th of over 180 entrants in the annual Transparency Benchmark for CR reporting of the Dutch Ministry of

Intelligent NETworks® is a state-of-the art software platform for traffic management designed to integrate a variety of control devices. It is a modular system of open architecture that is scalable from a small city or district, up to a full featured state wide Traffic Management Center.

Economic Affairs, well within our target of the top 25% and in first place for the services sector.We updated our Global Code of Business Principles. The code was developed with input from many people across our company. Our principles and key values of integrity, respect and freedom are

14


core to daily business. When we speak with clients and colleagues around the world, there is a very positive recognition for our culture and the commitment to our Business Integrity Management System (BIMS).External audits of the BIMS were conducted. The audits will be the basis for external certification. In addition, the system for whistle blowing (internal reporting) was revised and outsourced to an external party in order to ensure anonymity and an international reach. In 2009 four integrity incidents were reported and duly investigated. Two cases were closed and no violation was found. Two cases are pending.

Community InvestmentOur focus on environmental and social aspects in the community makes a difference to the lives of people, through our projects, personal coaching and supporting initiatives such as weekend schools for disadvantaged children and ‘Plakkies’ in the Netherlands and South Africa. The latter is an initiative to help people help themselves through the set-up of a commercial enterprise for fashionable slippers made from discarded tires. It was initiated by two students from the Delft University of Technology, who rallied major companies and government support to make a dream happen.

People DevelopmentWe place a high emphasis on professional and management development opportunities for our staff. In 2009 we conducted training programs throughout the company, including the Executive Development Program at Group level. A Group wide Management Development Program and Project Management training were prepared and will be launched in early 2010 as part of our overall training house, DHV University. Added attention is being given to promoting diversity in the management levels of the company through our Management Development process, with an increased focus on developing local management and female talent.

Climate PolicyThe DHV Group supports national and international initiatives to curb the effects of climate change. We incorporate mitigation and adaptation in projects, demonstrate our commitment in the public arena and commit to emission reduction in

Strategic actions for 2009• Conduct Group wide professional and

management development programs.

• Improve measurement of CO2 emissions and focus on reduction.

Results in 2009• Executive Development Program continued

in cooperation with TIAS Nimbas business school. Management Development Program to be launched in 2010.

• CO2 reduction target and policy developed.

More information can be found in our Corporate

Responsibility Summary. Detailed reporting is

available on www.dhvgroup.com/cr-report.

The acquisition of NPC considerably strengthened the Group’s capability in stations and rail. DHV supports the initiative for a commercial ‘Plakkies’ enterprise of fashionable slippers from car tires.

Participants of the Executive Development Program.Call on Dutch government to reduce CO2 emissions.

our own operations. In advance of the Copenhagen Climate Conference we signed the Copenhagen Communiqué and joined a small group of business leaders to call on the Dutch government to take real and substansive action to cut CO2 emissions by investing in clean energy, cleaner transportation, sustainable buildings and new techniques such as carbon capture and storage (CCS). In 2009 we took additional steps to solidify our own CO2 reduction through policies for facilities and transportation. We initiated the sustainable renovation of our Dutch head office building to the highest energy efficiency rating. And we have set a Group target of 25% reduction per employee by 2015. In recognition of the spirit of the Copenhagen Accord, we have also committed to compensate our reported CO2 emissions starting in 2009 for Dutch operations and Group wide from 2010 onwards.

Report of the Executive Board 15


Financial Performance

Key Figures (€ million, unless otherwise stated) 2009 2008 changeNet Turnover 480.8 467.7 + 3%Added Value 346.5 325.3 + 7%Operating Profit before Goodwill (EBITA) 14.1 20.8 - 32%Operating Margin on Added Value (%) 4.1 6.4

Turnover Net turnover of the Group increased by 3% to € 481 million, mainly as a result of mergers with InterVISTAS (end of 2008) and NPC (beginning of 2009). These two companies added € 19 million to the Group’s turnover.

The economic crisis precipitated a drop in the Building and Industry and the Aviation markets. The North American region was not affected and still showed strong growth. Exchange rate differ-ences had a negative impact of € 2.3 million on turnover.

Added ValueAdded value (revenue produced by the Group’s own staff) increased by € 21 million (+ 7%) to € 347 million in 2009, due to the two mergers (+ € 19 million), organic growth of € 3 million, and a negative impact of exchange rate differences of € 0.7 million.

Operating ProfitAlthough the Group’s top-line growth was not heavily affected, the EBITA dropped by € 7 million to € 14 million, resulting in a narrower EBITA margin of 4.1%. The economic crisis mainly decreased the EBITA of the business groups Building and Industry, and Aviation.

Projects were delayed and cancelled faster than the Group was able to adjust (primarily by transfer and reduction of staff costs). The 2009 restructuring of our Portugal operations had a one-of impact of € 0.6 million on the EBITA, also the development of a new business information system negatively impacted the result with € 1.0 million.

Mergers had a break-even impact on the EBITA and currency rate differences € 0.1 million positively. Total operating charges, including one-of costs of € 2.1 million, increased with € 27.8 million.

GoodwillThe Group amortizes paid goodwill over a 20-year period unless there is an indication of impairment, in which case an additional component of goodwill is amortized. In 2009, € 1.9 million was amortized without the need for any impairment.

Net Interest ExpenseThe balance of acquisitions at the end of 2008 and the beginning of 2009 and a reduced working capital led to a decrease in net interest payments to a total of € 3.3 million, a slight decrease compared to 2008. In 2009 no losses or gains were incurred on financial hedging instruments. The average interest rate decreased from 5.0% in 2008 to 3.0%.

TaxesA reason for the high effective tax rate of 35% is the one-of expenses of restructuring our operations in Portugal. It is the Group’s policy not to defer tax assets if it is not certain whether these tax benefits can be realized in the short term. The effective tax rate is also negatively influenced by 4.2% for non-tax deductable costs of goodwill amortization.

Balance SheetPer 31 December 2009 the balance sheet total is € 242 million. A 5% growth, which is primarily caused by a € 7 million increase of intangible assets, due to goodwill payments and investments in the new business infomation system.Net working capital decreased by € 18 million to € 8 million, which is 1.7% of turnover compared to 5.6% in 2008.Reduced working capital financing needs and low investments in intangible assets resulted in a net decrease of net debt of € 24 million.The equity ratio increased to 31.8%, which is in line with the long-term target of 30-35%. Shareholders’ equity increased by € 9 million to € 73 million, due to currency rate changes and retained earnings.New shares were issued for a total amount of € 0.7 million.

Cash FlowThe business operation cash flow total is € 36 million. Total investment amounted to € 12 million, mainly as a result of goodwill payments and business information system investments. Total cash flow before financing activities came to a positive amount of € 24.0 million (2008 - € 30.7 million).In 2009 DHV secured a medium-term loan of € 20 million.

16


The world economy is expected to grow again in 2010. Most national economic projections in western economies still remain conservative. Eastern economies anticipate stronger growth. Despite these signs of recovery, the consulting engineering sector will be facing an-other year of stress. Budget constraints will become apparent in the public sec-tor and the construction and real estate development market remains under pressure.

In this context, the DHV Group clearly has much to offer. The world is facing ecological and economical challenges and the consulting engineering sector plays a decisive role to effect the neces-sary changes. Effective use of resources and infrastructure, through innova-tion, integration and technology will be crucial. The DHV Group aspires to be front-runner in the market with respect to sustainability and innovation. We are active in the stronger economies and see the demand for sustainable solutions increasing world wide.

Prospects for 2010

During 2010, we will focus on organic growth and further integration with our newest DHV Group members. We will concentrate on preserving and growing our profitability through growth with key clients and sound financial manage-ment. We will complete and roll-out the remaining initiatives of the One-company concept. With the exception of completing the renovation of our Dutch head office building, we expect no major external investments in 2010.

Strategic actions for 2010• Focus on sustainability.• Scale-up and commercialize technology

innovations. • Leverage international network.• Roll-out of business information system in

the Netherlands.• Launch new leadership development and

project management programs within the DHV University.

By focusing on our clients and top-notch project delivery we will make a step change in our performance. Healthy margins are the basis of a healthy business, and give us the room to invest in our business propositions, in our people, and also in our corporate responsibility and innovation. With the quality and dedication of our people, we have confidence in the future.

Amersfoort, the Netherlands,12 March 2010

Bertrand M. van Ee (President) Piet W. Besselink (Vice President)

Concluding remarks

Pilzen stadium, Czech Republic

Nakdong Barrier, South Korea

Eco-school, China

Renovated office, the Netherlands



18

18

Although the impact of an economic slowdown was felt worldwide, there was significant demand to look beyond the recession. Customers wanted to know options and make plans for future growth in terms of increased mobility, improving the living environment and finding ways to use technology to enhance sustainable development.

As a consultancy and engineering firm, we had the privilege of looking into the future with our customers and communities all over the world. Listening and imagining together – imagining what can be and defining what needs to be. The challenges of growing population, economic shifts and climate change will not be met through incremental change alone. Planning for tomorrow means making better use of what we have today and looking to new solutions.

On the following pages the Business Group and Region Directors look back at the 2009 developments and look forward to business and challenges in 2010.

Developments in our Global NetworkLocal delivery of world-class solutions

JV 2009 GN ENG def.indd 1 23-03-10 15:44

1

2

3

19DevelopmentsinourGlobalNetwork

The Environment and Transportation business group works for government and industry and provides policy development, legal and financial advice, master planning, project and program management, design and engineering, and asset management services. We advise on transportation, urban and regional development and environmental issues. Our clients also know us for our integrated, sustainable approach to complex projects and our expertise in Intelligent Transport Systems (ITS), Highways (including bridges and tunnels), Rail, Transit and Stations, Urban Planning and Environmental Management.

Government spending on transportation infrastructure was accelerated in 2009, resulting in an increased workload for the business group. Units active in consultancy services, project and program management, related traffic-forecast and planning activities, environmental assessment and the highly specialized fields of air quality and noise predictions performed well throughout the year, exceeding budgets and expectations. At the same time, spending on urban development and housing declined, causing some overcapacity in the units active in these markets. The net result for the business group was satisfactory.

In March 2009 we were joined by NPC, a consultancy specialized in railway stations, from the NS (Dutch National Railways), significantly strengthened our railways and stations profile. NPC has been successfully integrated into DHV, and we have already realized synergy benefits through the joint acquisition of projects. NPC will continue as a brand, but as part of our Rail & Stations business unit.

We expect the economic conditions to be tight in 2010. The medium to longer-term prospects for the transportation and related urban planning and environmental markets remain positive. Demand for sustainable mobility and

Environment and Transportation

Embedding Sustainability

Objectivesfor2009Alignservicestothemarket.

Improveportfoliomanagement.

Managebusinessbasicswell.

Objectivesfor2010GrowsignificantlyinTransportation,improvetoppositionbasedonexpertisepositions.

Improveexternalprofileandclientrelations.Sharpennationalfocus.

Strengthenfinancialperformance.

Resultsin2009Fullyalignedorganizationperthestartof2010.ImplementedDutchregionalaccountmanagement.InternationalexpertisemeetingheldonRail,TransitandStationsinSeptember.

SuccessfulintegrationofacquisitionNPContrack,contributingtoastrongerrailandstationsprofile.Advantagetakenoftheacceleratedgovernmentspendingontransportationinfrastructure.FruitfulcooperationwithDHV’sCzechbranch.

Withinaturbulenteconomicclimateasatisfactoryresult.Reducedexternalcosts.Activecapacitymanagementresultedinlesstemporarystaff.

Actionsfor2010ImplementinternationalbusinessplansforRail,Transit&StationsandforIntelligentTransportSystems.ContinuealignmentofservicesandexpertisewithDHVGroupcompanies.

Increaseexternalexposureandinteractionwithour(key)clients.Definenational,focusedprofilespermarketarea.

Adjuststaffinginlinewithmarketdevelopments.Optimizeutilizationofworkforce.Closemonitoringofcostmanagementandoverhead.Improvecommercialandmarketingdrive.

urban development will continue to grow, especially in densely populated delta areas. We will continue to adjust our portfolio toward the higher end of the market and further embed sustainability in our business. We expect to focus increasingly on more effective utilization of existing facilities (through increased application of information technology) and on professionalizing the maintenance of the related infrastructure. Our business unit structure allows us to focus specifically on each of these issues, putting the Environment and Transportation business group in an excellent position to provide sustainable and innovative solutions to the needs of the market.

Vic Prins

Local delivery of world-class solutions

1 Prins Claus Bridge Inspection, the Netherlands

2 Roparun from Paris to Rotterdam

3 Opening of Fryslân House, New York City

JV 2009 GN ENG def.indd 2 23-03-10 15:44

20

Objectivesfor2009Maintainandbuildourstrongprofileasaninnovativeandsustainablecompanyinthewatermarket.

IncreaseturnoverbasedoninnovativeproductssuchasNereda®andMBR.

Furtherdevelopourinternationalpositioninwatermanagement,ports,waterways,andcoastaldevelopment.

Achieveselectivegrowthintheinternationalcontractingmarketforwatertreatment.

Objectivesfor2010Buildonourreputationasawell-recognizedcompanywithastrongprofile,toattractmorebusinessandemployees.

SignificantlygrowWaterbusinessthroughafocusonselectedmarkets,businessconcepts,productsandservices.

Innovativeproductswillaccountfor30%oftheturnoverinwatertreatment.

Maintainapositioninthetop10oftheworldwidewaterengineeringandconsultancycompanies.

Resultsin2009Executedseveralprojectstoimple-menttheEUWaterFrameworkDirec-tive.GainedaleadingpositionforriverbasinstudiesinPortugal.

Nereda®salesincreased.Commenceddesignworkforthefirstfull-scalemunicipalNereda®plant.SuccessfulmarketintroductionofGreenGas(biogas)consultancyprojects.

WonmajorprojectsinIsraelandViet-nam.HeldInternationalexpertmeet-inginPoland.IntensifiedcooperationwithDelcanonfloodprotection.

ContractedtwonewprojectsintheDutchORIOprogramandstrength-enedmarketpositioninFrance.

Actionsfor2010Continuegainingexposureofcapabili-tiesthroughparticipationinsignatureprojectsandprofessionalnetworks.Re-cruitnewemployeesviastaffnetworks.

Buildrelationshipsandpartnershipsoninnovationwithkeyclients,sothattheyarewillingtobecomelaunchingcustom-ersfornewdevelopments.

UseDesign&Deliverprojectsforimple-mentingourinnovativesolutions.AlignourinnovationagendawiththeGroup-wideagenda.

Focusonorganicgrowthofaddedvalue.FurtheroptimizeOperation&MaintenancebusinessandGroup-widecooperation.

We deliver top expertise in the fields of water treatment, water management, coastal development, and ports and waterways. Services include consultancy, design & engineering, product delivery, design & build and operation & maintenance. Our clients are from both the public and private sector, and include local and national governments, international financiers, multinationals and engineering contractors.

Water

Global water challenges

Our approach is one of partnerships. Close relationships with clients enable us to go beyond meeting their present needs, supporting them in innovating their products and processes. Networking within the DHV Group and with knowledge institutes is of major importance for project execution and development of new technologies.In the water treatment market we strengthened our position in the public sector and adjusted our portfolio in the private sector. We were successful in the first tender round of the Dutch government funded ORIO export program and won two new projects. In 2009 we started the design for the full-scale Nereda® water treatment plant in the Netherlands. A Nereda® plant requires less surface area and uses considerably less energy. The realization of this plant will start in 2010.

Our activities in the fields of water management, coastal protection and ports & waterways showed significant growth in 2009. Our Portuguese and Dutch companies gained a joint leading position in the Portuguese market for river basin studies. We are involved in coastal protection programs in the Netherlands and Indonesia. We have also expanded our activities in Israel, traditionally focused on water treatment, with projects such as the port Ashdod container terminal and the Dead Sea Lagoon project.

The long-term outlook for the water business is favorable due to global challenges in the area of water treatment and management. Short-term market developments might be somewhat tense as government cost-cutting programs may result in changing priorities. We believe that our balanced portfolio, with regard to products and international diversity, and our technological competitive edge form a strong foundation for success.

Piet van Helvoort1 World Water Forum in Istanbul, Turkey

2 Aceh Tsunami warning system, Indonesia

1

2

JV 2009 GN ENG def.indd 3 23-03-10 15:44

21DevelopmentsinourGlobalNetwork 21

The Building and Industry business group focuses on buildings and industrial installations with specialized requirements and a high level of technical or organizational complexity. We serve clients in the public and private sectors throughout the Netherlands, and are an internationally recognized player in the field of integrated design for solar plants and R&D facilities. Our professionals are guided by the motto: proven better buildings and industrial installations. All disciplines required for this purpose are available in-house. We are dedicated team players who are guided by the specific needs of the client.

In 2009, our clients faced a shortage of investment capital, which resulted in fewer new building initiatives. However, the demand to augment the sustainability and the efficiency of existing buildings increased. Buildings are responsible for 40% of CO2 emissions. As experts in the field of increasing the sustainability of buildings and industrial sites, we assist clients in demonstrably lowering their CO2 emissions, energy costs, and water consumption. In the past period, we have again invested considerably in innovation. We incorporated the Cradle-to-Cradle philosophy through intensive training of selected staff, actively participated in the Dutch Green Building Council, and became a founding partner of the Dutch Building Brains innovation initiative. The latter concentrates on green building concepts and virtual design.

We believe that continued investment in our employees through education and training translates directly into an increase in added value for our clients. Our project managers continuously strive to bring their skill level even higher. They are currently completing the IPMA program (International Project Management Association). The steps taken in 2009 to improve our client focus, knowledge development, project control and organizational

efficiency will be further implemented in 2010. The focus on sustainable renovation of buildings and our approach to asset management (management and maintenance) are proving to be a success. We will continue to focus on these aspects in order to further expand our good reputation in the Netherlands. Moreover, we will expand our international activities by strengthening relationships with our international clients and by contributing expertise to joint projects with other members of the DHV Group, such as in the field of sustainable airports.

Eugene Grüter

Building and Industry Superior buildings and industrial installations

Objectivesfor2009Sharpenprofile;focusonmarketdemand.

Attainqualitativegrowth.

Strengthenpositioninassetmanagement.

Adapttochangingmarketconditions.

Objectivesfor2010Continuegrowthinquality,attractingandretainingrequisitetalent.

Clientfocuswithinpreferredmarketwindows.

Knowledgeinnovation.

Improveefficiencyandstrengthenfinancialperformance.

Resultsin2009Businessprofilesharpenedandfocusmarketsdesignated.

Achievedgrowthinaddedvalueperemployee.

Strongoperationalresultsinassetmanagementbusiness.

Adaptedorganizationtochangingmarketconditions.

Actionsfor2010Investinmarketalignmentandemployees.

Pro-activeanddedicatedmarketapproach.Concentrateonnationalandexpandselectivelytointernational.

Investininnovation(a.o.BuildingInformationModeling).

Implementneworganization.

1 Multi-disciplinary Top Team Award, the Netherlands

2 Provada real estate fair, the Netherlands

1

2

JV 2009 GN ENG def.indd 4 23-03-10 15:44

22

1 NACO, The Hague Entrepreneur Award, the Netherlands

2 Identification of CO2 mitigation measures

3 FOD Walk InterVISTAS, Canada

1

2

3

Objectivesfor2009IntegrateInterVISTAS.

Increaseturnoverbyaminimumof30%.

Developreputationasthedesignerofgreenairports.

Maintainapositioninthetop10oftheworldwideairportengineeringandplanningcompanies.

Objectivesfor2010GrowbusinessinAsia.

CreateimageofTHEdesignerofgreenairports.

Extendportfoliotohighermarginservices.

Resultsin2009SuccessfullyintroducedInterVISTAStoNACOclientsandrealizedgoodcooperationinprojects.

Turnovergrowthofapproximately50%throughmergerwithInterVISTAS.

InvolvedintheKunminggreenairportproject.DevelopmentofGRIcriteriaforsustainableairportsisontarget.

EngineeringNews-Record2009ranking:11thposition.

Actionsfor2010StartaviationofficeinIndia.

Winatleasttwogreenairportprojects.

Startnewservicesinprogrammanagementandairportrevenuerecovery.

The Aviation business group offers comprehensive planning and top-end design excellence to clients who are facing capacity shortages and the need for airport facility upgrading. Commercial development, air service development and revenue management are answers to the growing need to maximize non-aviation revenues. We work for airport authorities and operators, governments, airlines, and private investors in Europe, Asia, the Middle East, Africa, North America and the Caribbean.

The economic crisis continues to have a massive impact on the aviation industry, putting large investments on hold. The Middle Eastern countries were less affected and went ahead with major airport development plans. Focused marketing activities, and our strong presence in this region has enabled us to secure several high-profile contracts. Given the excellent reputation that NACO and InterVISTAS have earned in the region, we expect to be involved in a number of other projects as well. Since we have a license to operate as a main contractor in Abu Dhabi, we expect to be engaging in more projects there in the future. The Sub-Saharan region continues to be a source of projects. NACO-SSI is involved in supervision contracts in Kenya, Botswana and Tanzania. Supporting SSI will enable us to increase our expertise and intensify our marketing activities. InterVISTAS is working on a capacity building initiative for West African nations sponsored by the International Civil Aviation Organization (ICAO).The worldwide trend towards airport privatization is a source of potential projects for InterVISTAS. The Indian market is showing signs of recovery. We will cooperate closely with DHV in India to develop a concise strategy for addressing the urgent need for upgrading and modernization and regaining our position in this diversified market. In China, the market is still growing and we have distinguished ourselves through participation in several competitions.

Due to the financial crisis, our profitability has been under pressure. However, given the signs of market recovery and the number of outstanding proposals, we are optimistic about restoring the balance.This year NACO celebrated its 60 year anniversary. We are excited about future growth. The successful integration of InterVISTAS and Innova and the optimized synergy between NACO and InterVISTAS have given the Group new means and opportunities to strengthen its global market position.Opportunities will be developed in new or emerging markets through the development of distinguishable services such as Airport Recovery Services and Program Management. Our active involvement in the Global Reporting Initiative and our role in the development of the new Kunming International Airport in China, the first Green Airport, will also help us position ourselves as a Green Airport Consultant.

Roel Overakker

Aviation

Joining forces for airports

JV 2009 GN ENG def.indd 5 23-03-10 15:44


Objectivesfor2009CentralEurope:increasemarketshareinITS.

Poland:growpositionsinwaterma-nagement,sewerageanddrainage,andhighways.Strengthenpositioninairport,rail,wastewatertreatment,andindustrialmarkets.

CzechRepublic:becometheleadingcityandregionalplanningconsultancywithasustainabilityfocus.

Portugal:continuegrowthofexistingservicesinwaterandtransportation.Developnewservicesinenvironmentalfieldandsustainabledevelopment.

Objectivesfor2010Poland:developnewbusinesspositionsinupcomingmarketssuchastrafficmanagementandrailwaystations

Poland:capitalizeonleadershippositionsinwatermanagementandhydropower.Expandsewerageandwastewaterbusiness.

CzechRepublic:becometheleadingcityandregionalplanningconsultancywithasustainabilityfocus.

Portugal:growconsultancyservicesinwaterandenvironment;buildonsuccessoftheNeredawastewatertechnologydemonstrationprojectinFrielasLisbon.

Resultsin2009Businessdevelopmenteffortsweresteppedupleadingtomajorproposalsforurbantrafficmanagementsystems.

Acquiredsignificantnewprojectsinwatermanagementandhydropower.IntheroadsectordesignverificationandsupervisionoftheprestigiousA1andA2inPolandwereacquired.Activi-tiesinothermarketsremainedstable.

Studiedanddesignednewsoccersta-diumsinPilzenandOstrava.

WontheenvironmentalimpactstudyforthenewLisbonairportandseveralriverbasinplanningstudies.

Actionsfor2010Poland:CombineinternationalexpertisefromNPCwithDHV’sPolishtransportationexpertisetoserveclientsintherailwaystationmarket.

Poland:expanddesignbusinessinfloodmanagementandhydropowerandwastewatertreatment.

Broadentheintegratedservicescapabilitiestocityandregionalplanningclients.

GrowconsultancyservicesinthewaterandenvironmentinPortugal.CompleteNeredatechnologydemonstrationprojectandapplyinnewfullscaleprojectsinPortugal.

In Europe we are active in the fields of water, transportation, aviation, building and industry, spatial planning, and environment. Our clients - governments, industry, contractors and developers - increasingly demand efficient solutions to lower their capital investment and their operating and maintenance costs. There is a growing awareness of the importance of sustainable solutions. Our European home markets outside the Netherlands are Poland and Portugal. We also have an office in the Czech Republic and work in other European countries on a project-by-project basis.

In 2009 investments in the Polish transportation infrastructure remained at a high level, partly driven by the Eurocup 2012. Important new projects are the A1 highway between Lodz and Katowice (180 km) for which DHV is the Independent Engineer, and the A2 highway between Lodz and Warsaw (90 km) for which DHV supervises Design Build Contractors. The demand for intelligent transport systems is gradually growing and is aimed at increasing efficiency of use. The market for flood control remains stable. DHV-Hydroprojekt completed the Design Built Dorbzen Small Hydropower plant (2MW) and won two projects for rehabilitation of Flood Protection Weirs in the Odra River. DHV operates in Poland through DHV-Hydroprojekt, DHV Polska and DHV-Prokom. The three companies benefit from cost savings and business synergies, while clients benefit from broader expertise and greater access to our international expertise.

In the Czech Republic, the main focus continues to be on the new building code, sustainability, assessments in land-use planning, and the EU structural and cohesion funds. The downturn in investments in the building, industrial, and mining sectors continued through 2009. DHV won the feasibility study for the new football stadium of Pilzen.The Portuguese economic situation continued to be a constraint on the business. Our operations were restructured

Europe

Focus on our clients’ changing needs

1 Employees of the DHV Polska office

2 Viability Study Steel Mill Channel, Portugal

to reduce costs and increase efficiency. Future activities in Portugal will be focused on consultancy studies and supervision/operations. We focus on clients for waterfront and coastal development, dams and hydropower, ports, water and environment. A leading position was achieved in river basin planning when DHV won the River Basin Plans for the Tejo and Douro Rivers.In Germany, France, the UK and other European countries we assist clients with high-profile projects involving airports, wastewater treatment, solar panel plants, intelligent transportation systems and mining.

During this time of continuing economic uncertainty we will focus on supporting clients as their needs change and increase our organizational flexibility, so that we will be able to respond well to market developments.

Chris Engelsman

1

2

JV 2009 GN ENG def.indd 6 23-03-10 15:44

24

Objectivesfor2009ExtendlocaloperationsinChina.

ExtendlocaloperationsinIndia.

ContinueexpansionofprivatesectoractivitiesinIndonesia.

Objectivesfor2010China:Expandtechnologydrivenwaterbusiness,coastaldevelopmentandsustainablebuildings.

India:Growinwaterandtransportation.

Indonesia:Expandthebusinessforminingclients.

Vietnam:Builduplocaloperations

Resultsin2009Localoperationsextendedwithindustrialwatertreatmentprojects.Participationinlargecoastaldevelopmentproject.Leed™certificationforvarioussustainablebuildings.

DevelopedPPPprojectsforfourcities.Expandedbridgedesignteam.Watertechnologycapacityattracted.

Increasedprivatesectorclientbasewithclientsfromtheminingsector.

Actionsfor2010PromoteourwatertechnologiesatShanghaiExpo2010.Createspin-offofHongKong-Macaubridgeandtunnelprojectincoastaldevelopmentmarket.RepeatbusinessofLEED™certificationofsustainablebuildingsinChina.

Trainingandlocalcapacitybuildinginwatertechnology,highwaysandaviationinIndia.

CapacitybuildingtoserveminingclientsinIndonesia.

EstablishDHVVietnam.

Our activities in Asia concentrate on our home markets of China, India and Indonesia. We also have important projects in Taiwan and Vietnam. We work for private industries and public sector authorities in need of cost-effective, sustainable solutions for complex challenges in the areas of water, spatial planning, transport, infrastructure and environment. Economic growth and large-scale urbanization fuel a growing demand for world-class solutions to our client’s local requirements.

China, India and Indonesia maintained positive economic growth rates throughout 2009. The respective governments stimulated their economies through investments in infrastructure while the level of private investments was low. The Hong Kong Zuhai Macau tunnel and bridge project is an example of a large-scale project initiated in 2009.

In 2009 we successfully expanded our water treatment technology activities in China. We would like to thank corporate advisor Frans van Gunsteren for his valuable support with our capacity building in China. We contributed to sanitation development in Indonesia and successfully completed the Sea Defense project in Aceh. In India we developed public-private partnerships for infrastructure projects in four cities. Our expansion in sustainable building slowed down due to a decrease in private investments.

A major trend is an increased awareness of the need to mitigate the environmental impact of rapid development and address issues such as water scarcity, water, soil and air pollution, flooding, traffic congestion and the impact of climate change. The demand for resources increases the need for mining expertise. In anticipation of these developments we will continue to innovate our water treatment technologies to meet our client’s challenges in the face of increased effluent quality requirements, and to expand our

Asia

Capacity building

capacity for Local delivery of world-class solutions in coastal development, water management, transportation, sustainable building, green airport design and mining.

We attract people with a passion for sustainability, innovation and corporate responsibility and successfully retain the talent in our companies through our involvement in signature projects and by our shared values with our clients and partners.In the year ahead we will maintain our focus on home countries and expand our activities along our expertise positions.

Arnold Galavazi

1 DHV Shanghai

2 DHV Vietnam

3 Jakarta Dredging, Indonesia

1

2

3

JV 2009 GN ENG def.indd 7 23-03-10 15:44


1 Mgeni Viaduct, South Africa

2 Powerhouse, Drakensberg Mountains, South Africa

3 Pedestrian Bridge Community Event, South Africa

1

2

3

Objectivesfor2009Diversifyproductchain.

IncreaseturnoveroutsideSouthAfrica.

Furtherimplementtheone-companyconcept.

GrowourbusinessforminingclientsthroughTurgis.

Objectivesfor2010GetabiggersliceofashrinkingengineeringmarketinSouthAfrica.

DiversifygeographicmarketbygrowingbusinessinSouthAfricaandinternational(SADC).

Growselectedmarkets:water,transportationandenergy.

Increasebusinessforminingclients.

Resultsin2009ABuildings&Structuresunitwassetupin2009andabigprojectforanewlaboratorywaswon.Institutionalsupportprojectscommenced.

ThepercentageoftheturnoveroutsideSouthAfricaremainedabout11%.

ThecommonICTplatformwasestablished,thusenablingGroup-wideconnectivity.

ThenumberofjointprojectsbetweenTurgisandtherestoftheDHVGroupincreased.

Actionsfor2010Offeralternatedeliverymodelsforbasicpublicinfrastructure(schools,hostels,etc).

Obtainatleastonemajorhighwaysproject,preferablyoutsideSouthAfrica.

Secureatleastonemajorenergyproject.

Doanacquisitionintheminingsector.

Our goal in Africa is to be a leading consultancy by drawing on our solid understanding of the challenges faced by this continent. The DHV Group operates in Africa through SSI, SEED and Turgis. SSI and SEED work mainly in sub-Saharan Africa, with a primary focus on South Africa and Mozambique, other SADC countries, and Kenya/Tanzania, while Turgis has a global focus. We are active in the fields of water, transportation, energy, buildings, environmental, project & construction management and resources. We aim to apply the global knowledge of the Group to the local needs of our clients and their communities. Our major clients are governments, industry, commercial services, contractors and developers, and International Development Agencies.

Despite the very unstable economic situation, we performed on target. The impact of the crisis was felt in South Africa in the first half of 2009. The mining sector was the first to be affected. Decreased demand for minerals put a significant strain on this sector. The infrastructure projects associated with the Soccer World Cup 2010 in South Africa helped keep our teams busy in 2009. There are still backlogs in basic services in Africa. Insufficient funding remains a problem. The sharp increase of big World Cup 2010 projects resulted in the transfer of funds from other projects which were then no longer feasible. We foresee a growing demand in 2010 for energy, water, mobility and mining services. Intercompany cooperation in the area of waste water technology led to the commission of the first Nereda® plant in Gansbaai in the Western Cape Province.

The Africa business is totally committed to the Group’s mission. Innovation, corporate responsibility and technical excellence remain the cornerstones of the Africa business and resulted in several awards. As a general rule, projects are undertaken with a corporate responsibility agenda. This was formalized in 2009.The Saturday Schools project, where disadvantaged 12th grade students receive additional tutoring in Mathematics, Science

and Technical Drawing, was continued in five South African cities. We intend to start a sixth school in Cape Town in 2010.In retrospect, in view of the difficult circumstances this year, financial project management of our projects could have been handled better. We were also slow to submit unsolicited bids to create better conditions in these turbulent times. This has our attention for 2010 and while it will be a tough year, we are gearing up to do well. Naren Bhojaram

Africa

On track for Africa’s goals

JV 2009 GN ENG def.indd 8 23-03-10 15:44

26

Objectivesfor2009Continuetoexpandon2008initiatedsuccesses.

Expandservicesandproductsrelatedtotollwaysandtransit.

Continuetoexpandcompanystructuretosupportaggressivecompanygrowthinpersonnel,marketing,andprojectwork.

Objectivesfor2010Continuestrongfinancialperformance:meetourfinancialtargetsandbuildastrongbacklog.

Recruitandretain:increaseourstaffcomplimentby25%.

ExpandourservicesandproductsinTransportation:specificallyintherail,transitandQualityManagementmarkets.

Diversifyourclientbaseintoalargerpercentageofprivatesectorpartners,aswellasmaintainingourstrongrelationshipswithourpublicsectorclients.

Resultsin2009ExpandedsalesofourIntelligentNETworks®productinkeygeographiclocations.

Securedkeywinsinthetollwayandtransitmarkets.

Expandedperformancemanagementprogram.Continuedfocusonsuccessionplanning.Developedanewcareerpathprogram.Launchedemployeeandclientsurveys.Investedinmarketing,brandingandrecruitment.

Actionsfor2010Rollout2015StrategicPlantokeystakeholders.

ImplementrecruitingPRprogramandtrackthroughouttheyear.

ExpandsaleofIntelligentNETworks®extendclientnetworkintonewmar-kets,continuetostructurefocusedcollaborativecross-businesspursuitteams.

Developprivatesectormarketingstrategy,pursuelargerprojectsthatrequirespecializedskills,preparetotakeonequitypositionsinPPPs.

Delcan, the DHV Group’s strategic partner for North America, is active in infrastructure and information systems and focuses on engineering, consulting, technology and product development. Clients located in North America, Africa, Europe and Asia, are government agencies and private companies with responsibilities in highways, public works, water, transit, toll ways and airports.

Over the past couple of years, Delcan has experienced changing market conditions, including an ongoing demand for low-risk and cost-effective solutions. In addition, Delcan’s clients are seeking solutions that can be funded through alternative funding sources, such as leasing vs. fully owned assets and public private partnerships. There is a growing demand for quality management, program management, sustainable solutions and design-build services, all of which Delcan is extremely well positioned to compete.

2009 created unusual circumstances in the market, as a global economic crisis resulted in conservative funding environments. Despite this financial targets were met.

Delcan completed several projects including the design of the Richmond Oval for the 2010 Winter Olympics. Several key contracts were awarded, including the New York MTA Independent Engineering Contract and the next generation of the Georgia Department of Transportation’s ATMS system. Delcan also maintains a strong commitment to sustainability and corporate responsibility, integrating best practices into both project work and internal operations.

Acquisitions have continued to be a core growth strategy. In 2009 Delcan joined DHV in completing the 100% acquisition and merger of InterVISTAS and Innova forming a strong North American stronghold in the aviation market. Additionally, Intelligent Devices Incorporated (IDI) joined Delcan in

2008 and has now integrated its suite of ITS products with the Delcan products to launch the Intelligent NETworks® product line.

As a result Delcan continues to grow and critical investments have been made to ensure that the company has the internal infrastructure necessary to support this growth. In 2009 several internal programs were developed including a structured Career Development Program, including a new company wide performance management program, a succession planning process and approach, and a new career path program. Employee surveys, client surveys, and management strategic planning workshops were conducted seeking input from stakeholders to keep an active pulse on Delcan’s future. With our proven track record over these past five years we are not only prepared, but energized for the upcoming new decade.

Jim Kerr

North America

Dedicationtoclientsolutions

1 Emergency Transportation Operations Group, Canada

2 Bridge Inspection Quebec City, Canada

1 2

JV 2009 GN ENG def.indd 9 23-03-10 15:44

27Projects

In 2009 our theme Connect & Deliver placed special emphasis on staying close with customers. Staying close with customers is staying close in long term partnerships. We look forward to taking significant steps together in addressing the challenges of tomorrow, today.

The projects on the following pages speak to the imagination: nature-driven-design in water, smart solutions to increase effective use in transportation and buildings, and integrated urban planning for better living environments. At the same time, the projects illustrate the importance of hard requirements and tight specifications to protect and crucial interfaces to connect.

"We especially need imagination in science. It is not all mathematics, nor all logic, but it is somewhat beauty and poetry."M. Montessori, physician, educator, philosopher and humanitarian. (1870 - 1952)

ProjectsConnect & Deliver

27Projects

JV 2009 projecten ENG def.indd 1 23-03-10 15:47

28

Efficient and sustainable logistics

Transportation


29Projects

Multidisciplinary study for new highwayDHV has been commissioned by the Dutch Directorate-General for Public Works and Water Management (Rijkswaterstaat) to study the need and options for a new 15 km stretch of the A15 highway from Nijmegen to the A12 near Zevenaar. This is the last section of a direct route between the port of Rotterdam and Germany. A multidisciplinary team will determine whether the road is financially feasible, to what extent it solves existing traffic problems in the Arnhem area and what the effects would be on the environment and economy. As a dedicated partner of Rijkswaterstaat, DHV will manage the process for the coming three years, including preparations for contracting.

Independent engineer for 180 km highwayDHV is performing the role of independent engineer for the design of three sections of the A1 highway between the Polish cities of Stryków and Pyrzowice. The 180 km include some 200 bridges, 20 passenger service areas and several environmental features, such as animal passages and noise barriers. The DHV led consortium with Clothos of Spain was selected for its extensive experience in highway design and the quality of its project team.

Monitoring major projects in New YorkDelcan, in joint venture with McKissack, has a critical role as the Independent Engineering Consultant for the Metropolitan Transportation Authority in New York State. Delcan was selected for its particular expertise in evaluating technology for rail systems applications and understanding of rail systems integration. Partner McKissack is the oldest women and minority owned professional design and construction firm in the United States. For three years, with an option for more, the team will monitor and independently report to MTA on the program status of all major design and construction projects for the Authority’s Proposed US$25.5 B Capital Program.

< Efficient and sustainable logistics Station Amsterdam Central is being upgraded to a major multi-modal transfer hub, which will serve more than 330,000

public transport passengers a day. NPC and DHV have prepared a study for NS Poort to determine the most efficient way of combining visitor flows with the logistical processes for the intake and discharge of goods, waste and other services. Construction in and around the station has been ongoing for a number of years, including a new metro line, new bus station and an underpass alongside the river IJ for cars. The proposed improvements will equip the station to handle future developments efficiently and to make the operational process more sustainable.

Connecting Hong Kong, Macau and mainland ChinaIn 2015 a new 35 km long bridge and tunnel combination will connect the economic centers of Hong Kong, Macau and the Chinese mainland. DHV, as part of Tunnel Engineering Consultants (TEC), is providing specialized knowledge on the design and realization of immersed tunnels and new island construction. Together with an international consortium, the project team brings significant international experience, having built tunnels in the Netherlands, Denmark, South Korea, the United Kingdom and Mexico.


Ashdod port expansionTo accommodate the increasing number of incoming containers and ever larger container ships, the Israel Ports Development & Assets Company Ltd. has engaged DHV and its team to design, contract and assist in the construction of the expansion of the port of Ashdod. The scope of work includes investigations, environmental impact assessment studies and numerical and physical model tests. The complex project entails a 1,500 meter long new deep-water quays, 50-hectare new container terminal and 600 meter breakwater at a water depth of 25 meter. Completion is scheduled for 2017.

Innovative program to tackle sanitation crisisBarely 1% of the Indonesian population has access to severage. Many households discharge into open drains and waterways. The World Bank's Water and Sanitation Program (WSP) commissioned DHV and associates to work hand in hand with Government to develop an innovative strategy that enables local governments to develop their own action and implementation programs for solving the urban sanitation crisis. The multi-disciplinary DHV teams have been successfully supporting local governments in 12 towns and 3 provinces with facilitation, capacity building and needs assessment.

30

Reservoir for power and protectionHydroprojekt is responsible for designing all technical installations of the new Swinna Poreba reservoir, located on the Polish Skawa River. The project was commissioned by the Regional Council for Water Management, a regular Hydroprojekt client for almost 60 years. The reservoir was originally designed to supply water to the Silesia region. It will now be used primarily for flood protection and generating clean hydropower.

Protection and development of coastal ecosystemsIn March 2007, a tidal surge damaged the KwaDukuza coastline in South Africa. Based on a strong proposal and project team, SSI was appointed by the Municipality to develop an integrated policy and plan for the protection and development of coastal ecosystems and resources. This Coastal Management Program included a transparent and inclusive process whereby stakeholders could understand, support and contribute to the formulation of this management tool. SSI is the first South African consultancy company to offer a dedicated, integrated coastal management service package.

Energy-efficient sewage treatmentAn innovative new sewage treatment plant will be built in the Dutch town of Soerendonk. The design team from client Waterschap De Dommel, supported by DHV staff, has created a low-maintenance, energy-efficient and environmentally-friendly water purification system. This collaboration made the most of the added value of both parties. The crown jewel of the design is the water harmonica, a water purification marsh where algae and water fleas provide additional, natural purification. After purification and the introduction of indigenous flora and fauna, wastewater from 42,000 residents will flow into a winding brook, the Buulder Aa, an important part of the natural landscape.

>

Important milestone for NeredaThe Epe wastewater treatment plant of Water Board Veluwe will be the first full-scale Nereda® in the world for treatment of municipal wastewater. Start-up of this plant is an important milestone in the fruitful cooperation between STOWA, six Water Boards and Delft University of Technology. Nereda® is DHV’s innovative biological wastewater treatment technology, based on the unique characteristics of granular aerobic biomass. Nereda® is cost-effective and applicable in new and to be upgraded municipal and industrial wastewater treatment facilities.


Reservoir for power and protection

Water

31Projects

>


Building and Industry

Green US Consulate in China

32


Building and Industry

Head office energy efficiency rating from G to AIn renovating its head office in Amersfoort, DHV is improving its energy efficiency rating from G to A. That is quite an accomplishment if you consider that the building is nearly 40 years old. De key is the integral approach: we are connecting the façade, roof and installations to one another. The savings to be achieved are tremendous. Once the renovation is finished, the total gas consumption will be 75% lower than is currently the case, and electricity usage will be reduced by 25%. The CO2 emissions of the building will be 41% lower as a result. The entire renovation will be completed in January 2011. DHV is responsible for the entire design and project management of this renovation project.

Green US Consulate in ChinaThe new consulate compound in Guangzhou, China, will be the US State Department’s first LEED™ certified diplomatic facility abroad. DHV is the consultant for all green building features and will manage the LEED™ (silver) certification process. DHV forms an integrated team with contractor China Huashi, and is responsible for streamlining communication between the contractor and the client. DHV will also ensure that the compound is built with high degrees of quality and in compliance with US codes and standards.

Wind turbine yields significant environmental gainsA 60% decrease in total annual electric energy consumption and a CO2 reduction of 3,400 tons a year. These gains are enjoyed by the SC Johnson company as a result of their new wind turbine. Contributions by DHV included a feasibility study and assistance with the tender process and construction. This extremely durable turbine enables the company to be less dependent on external energy supply. DHV calculations indicate that several energy-intensive companies may qualify for an alternative energy source.

Theater meets acoustic challengesThe new Wyly Theater in Dallas, Texas, commissioned by the Dallas Center for the Performing Arts, is located near a busy highway and under a flight path. With its impressive glass facades on three sides, the design presented an interesting acoustic challenge. DHV ensured that the theater meets the highest acoustic standards by using a high-tech solution which combines glass, sound-proof foil and air to keep out noise, resulting in a theater where you can hear a pin drop. DHV was also responsible for the acoustics within the main auditorium.

Optimal design solar cell plant DHV created the complete design, including architecture, construction technique and all installations, for the new plant of Belgian solar cell manufacturer Photovoltech. Sustainable water and energy saving solutions were incorporated into the design of this new 26,500 m2 plant. Using its extensive knowledge of the processes and installations, DHV translated the high standards that Photovoltech maintains for its production process into an optimal plant design.

>

33Projects

Modern office complex fits like a gloveThe Outlook, a new office complex at Schiphol airport in the Netherlands literally fits right in with this dynamic airport. One of the challenges faced by DHV during construction was that the 3-level building, including a 2-level underground parking garage, was to be constructed less than 9 feet away from the main rail tunnel. DHV prepared a thorough risk analysis, so that the client, Schiphol Real Estate, was able to alleviate concerns on the part of the tunnel owner, ProRail.

<

Sustainable development in rural areasDHV India is committed to integrated and sustainable development of rural areas. As part of the Karnataka Watershed Development, DHV provided expertise for income-generating activities for women and below-poverty-line households in the Tumkur and Haveri districts. Projects such as these contribute directly to improvements in living conditions, increase social equity, and provide better access to water and employment opportunities.

EIA for Lisbon AirportDHV is performing the environmental impact assessment for the new Lisbon airport, one of Portugal’s biggest and most complex studies. The government chose DHV based on the high technical and methodological value of its proposed approach. The new airport is slated to begin operations in 2017, at Alchochete on the south side of the Tagus River.

>

>

34

From commercial zone to multi-functional neighborhood Over the next twenty years, the commercial zone Nieuw Binckhorst in the Dutch city of The Hague will be transformed into a desirable urban neighborhood, with 8,500 homes, offices, businesses and recreational facilities. DHV will assist the city with spatial planning and assess the development plans for their effects on the environment and sustainability.

>

Assessing the effects of a shopping mallDHV completed a study for the Dutch city of Tilburg to assess the impact of a large mall on the outskirts of the city, on stores in the city center and the surrounding towns. The city was pleased with the independent and balanced study and chartered DHV for two follow-up assignments. The first was to formulate a vision for the development of the city center, including ways to mitigate negative effects of the mall. The second was for a structural retail concept for all of Tilburg, based on the mall scenario. Together with these evaluations and a referendum, it was ultimately decided that the mall would not be realized.

Novel solutions for gold miningThe new Modder East gold mine in Johannesburg, South Africa, is using hydropower to power the rock drills. This reduces electricity consumption by 20%. It is one of the novel solutions advised by Turgis as concept and feasibility consultant to the mine owner, Gold One International. Turgis has also undertaken aspects of the detailed design for this long term client. The mine design is novel, having both a vertical and a decline shaft. The vertical shaft makes rapid transport of people and material possible, while the decline facilitates access to the orebody.


Spatial Planning and Environment

35Projects

From commercial zone to multi-functional neighborhood

>


36

Aviation

Sustainable runway renovation


37Projects

Master plans emphasize economic land useThe South African Port Elizabeth and East London airports will require additional capacity to handle the projected increase in passengers. Airports Company South Africa (ACSA) has commissioned NACO and SSI to create the airport master plans in which the details are also conceptualized. One of the basic principles has been the economic use of available land and space. NACO has developed the strategy and designed the plans, while SSI has worked out the details of the designs.

< Sustainable runway renovation For the coming five years a consortium consisting of NACO and MAA will lead the renovation and upgrading of Taiwan

Taoyuan International Airport. The main challenge is to manage runway safety and availability, while minimizing project duration. The project will use new sustainable pavement rehabilitation techniques, such as rubblization which allows re-use of most of the existing pavement material, a solution which reduces both the cost and environmental impact.

First Green Airport in ChinaNACO is studying options for optimizing sustainability at the new Kunming International Airport, the first Green Airport in China. The study is the latest in a series of projects that NACO has conducted for this airport over the past four years. NACO is focusing on the efficiency of airside lay-out by means of a simulation study and is also analyzing the emissions resulting from airside activities. Identifying mitigation measures for CO2 and other emissions of aircraft and ground service equipment is a further progressive step towards managing the sustainability of the airport. The project includes training of local staff.

Future hub at continental cross roadCairo International Airport aims to be a major hub for travellers from Africa, the Middle East and Europe. NACO is preparing design for the renovation of Terminal 2, which will increase its capacity from 3.5 to 7.5 million passengers. Sustainable features, such as maximizing the use of daylight to lower energy consumption, are being incorporated into the design. At the end of 2013, passengers will enjoy a modern terminal with a high international service standard.

Improved international baggage proceduresInterVISTAS has been commissioned by the Airport Cooperative Research Program (ACRP) of the Transportation Research Board (TRB) to examine the potential to eliminate or reduce the need for baggage recheck for arriving international passengers connecting onward. InterVISTAS will be investigating and evaluating various technologies and processes to develop potential alternative baggage procedures. Dallas-Fort Worth, Hartsfield Atlanta and San Francisco international airports were selected by the ACRP oversight panel to perform a detailed study of the international connection process.

Schiphol, Europe’s preferred airportAmsterdam Airport Schiphol in the Netherlands aims to be Europe’s preferred airport, continuously earning its reputation through top quality and innovation. NACO has been a team member in achieving this ambition for almost 60 years, from studies to detailed implementation. The emphasis on a common goal and mutual trust enables a high degree of performance and responsiveness, even in tight times. Both NACO and DHV are currently working with parties at Schiphol on such initiatives as future terminal development, increasing security, environmental assessment and sustainability workshops.


38 Financial Statements

Financial Statements 2009Consolidated Balance Sheet

Assets

Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed asssets Deferred taxation Current assetsWork in progressReceivablesCash and cash equivalents

2008

88,481

143,443

231,924

37,322 44,652

5,154 1,353

13,859 113,775

15,809

2009

92,757

149,233

241,990

44,722 41,658

4,673 1,704

8,428 115,134

25,671

Group equity and liabilities

Group equity Shareholders’ equity Minority interest Provisions Long-term liabilities Current liabilities

2008

65,287

4,579

29,922

132,136

231,924

63,227 2,060

2009

76,926

3,402

43,473

118,189

241,990

72,500 4,426

(e thousands)

(2)]

(3)]

(4)]

(5)]

(6)]

(7)]

(8)]

(9)]

(10)]

(11)]

(14)]

(15)]

(16)]

(17)]

(18)]


39Financial Statements

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 Other operating costs Operating cost Operating profit Net interest expense Profit before taxation Taxation Profit on non-consolidated participating interests Profit for the period Minority interest Net profit

2008

467,670

9,644

477,314

458,047

19,267

-3,539

15,728

-5,638 160

10,250

-855

9,395

151,989 209,837

9,624 86,597

2009

480,824

-499

480,325

468,112

12,213

-3,307

8,906

-3,356 581

6,131

-1,099

5,032

133,810 229,746

10,385 94,171

(14)]

(15)]

(16)]

(17)]

(18)]

(e thousands)



Consolidated Statement of Changes in Equity

(e thousands)

Group equity

Minority interest

Share-holders’

equity

Other reserves

Statutory reserves

Reserve exchange

rate dif-ferences

Share premium

Issued share

capital

65,287

602-

3,6136,131-368

778883

11,639

76,926

2,060

--

6191,099-228

-876

2,366

4,426

63,227

602-

2,9945,032-140

7787

9,273

72,500

61,567

602-555

-5,032-140

--542

4,397

65,964

5,626

-555

-----

555

6,181

-6,699

--

2,994----

2,994

-3,705

2,229

-----

778549

1,327

3,556

504

-------

-

504

Balance at 1 January 2009

Movements 2009

Reserve defined benefit pensionsChanges in statutory reservesExchange rate differencesProfit for the periodDividend paidIssue of sharesOther movements

Net movement 2009

Balance at 31 December 2009

Group equity

Minority interest

Share-holders’

equity

Other reserves

Statutory reserves

Reserve exchange

rate dif-ferences

Share premium

Issued share

capital

61,670

--5,66610,250

-800-3,655

2,854634

3,617

65,287

1,787

--390

855---

-192

273

2,060

59,883

--5,276

9,395-800

-3,6552,854

826

3,344

63,227

52,886

-310-

9,395-800

--

396

8,681

61,567

5,316

310------

310

5,626

-1,423

--5,276

-----

-5,276

-6,699

2,600

----

-3,6552,854

430

-371

2,229

504

-------

-

504

Balance at 1 January 2008

Movements 2008

Changes in statutory reservesExchange rate differencesProfit for the periodDividend paidPurchase of shares - old shareplanIssue of shares - new shareplanOther movements

Net movement 2008

Balance at 31 December 2008



Consolidated Cash Flow Statement

Cash flow from operating activitiesOperating profitAdjustments for- Amortization of intangible fixed assets- Depreciation of tangible fixed assets- Movement in provisions

Movement in working capital- Work in progress- Receivables- Current liabilities

Net cash generated by business operations

Profit of non-consolidated participating interestsInterest paidTaxation paid

Net cash generated by operating activities

Cash flow from investing activitiesAcquisition of group companiesAdditions to intangible fixed assetsAdditions to tangible fixed assetsInvestment in non-consolidated participating interestsNet cash utilised in investing activities

Cash flow from financing activitiesProceed from long-term loan raisedRepayment of long-term liabilitiesIssue of sharesDividend paidNet cash generated from/(utilised in) financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents less amounts owed to credit institutions at 1 January

Cash and cash equivalents less amounts owed to credit institutions at 31 December

Movement in cash position

2008

9,190

-30,664

-2,111

-23,585

8,730

-14,855

-23,585

19,267

7,991

-8,933

18,325

-9,135

-23,098-2,418-4,480

-668

--1,311

--800

2009

31,654

-10,802

16,961

37,813

-14,855

22,958

37,813

12,213

8,826

19,498

40,537

-8,883

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

836

20,000-3,449

778-368

3,1767,209

-1,559

5,8278,4015,270

581-3,307-6,157

2,7106,915

-1,634

-13,304525

3,846

160-3,539-5,756

(e thousands)



Summary of Significant Accounting Policies

1.1 GeneralThe principle accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Certain comparative amounts have been reclassified to conform with changes in the current year’s presentation.

1.2 Basis of preparationThe consolidated financial statements have been prepared in accordance with the statutory provision of Part 9, Book 2 of the Netherlands Civil Code and the financial reporting requirements as set forth in the Guidelines for Annual Reporting in the Netherlands. The consolidated financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with Part 9, Book 2 of the Netherlands Civil Code requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 1.17.

The financial statements of the consolidated Dutch group companies of DHV Holding B.V. are presented in accordance with the exemption as provided in Section 403(1), Book 2 of the Netherlands Civil Code. In accordance with changes to RJ271, the provision for the pension liability of a small number of defined benefit plans was released directly through Equity in the beginning of 2009.

1.3 Consolidationa)SubsidiariesSubsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Companies in which the Group exercises joint control are consolidated on a pro rata basis, unless its interest is negligible. Subsidiaries are fully consolidated from the date on which control is acquired by the Group. They are de-consolidated from the date that control ceases or a decision is made to close its operational activities.

The monetary amount or its equivalent that was agreed for the acquisition of the business plus any directly attributable costs qualifies as the acquisition price. The excess of the cost

of acquisition over the book value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the acquisition price is lower than the book value of the net identifiable assets, the difference (i.e. negative goodwill) is offset against positive goodwill. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

b)TransactionsandminorityinterestsThe Group applies a policy of treating transactions with minority interests the same as with parties external to the Group. Disposals to minority interests that result in gains and losses for the Group are recorded in the income statement. Purchases from minority interests can result in goodwill, being the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary. Minority interests in group equity are stated at the amount of the net interest in the group companies in question.c)Non-consolidatedparticipationsNon-consolidated participations are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in participations are accounted for using the equity method of accounting and are stated at their share in the net asset value, which is calculated based on the accounting policies that are in effect for these financial statements. The Group’s share of its participations’ post-acquisition profits or losses is recognized in the income statement, and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in a participation equals or exceeds its interest in the participation, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the participation.

d)JointventuresA joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Joint ventures are stated at their share in the net asset value. When the Group’s share of losses are greater than its interest in the joint venture, further losses are not recognized unless the Group has incurred obligations or made payments on behalf of the joint venture.The results from joint ventures which are regarded as an extension of DHV projects are recognized as operating profit.



1.4 Foreign currency translationa)FunctionalandpresentationcurrencyItems included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in euros, which is the Company’s functional and presentation currency.

b)TransactionsandbalanceForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.

c)GroupcompaniesThe results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:• Assets and liabilities for each balance sheet presented are

translated at the closing rate at the date of that balance sheet.

• Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions).

• All resulting exchange differences are recognized as a separate component of equity.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.

1.5 Intangible fixed assetsa)GoodwillGoodwill at acquisition of subsidiaries and non-consolidated participations is calculated in accordance with Note 1.3. Goodwill is amortized on a straight line basis over its estimated useful life of no more than 20 years. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

b)SoftwareSoftware includes internally developed and purchased software. The estimated useful life of software is 5 years.

1.6 Tangible fixed assetsLand and buildings are stated at cost plus additional expenses, or manufacturing price less accumulated depreciation and impairment losses. Depreciation is calculated on a straight line basis over the estimated life of the asset. Land is not depreciated. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

The estimated average useful life by category is as follows: Buildings 10 to 33 years Computer hardware 3 to 5 yearsOther fixed assets 3 to 10 years

The cost of major repairs to buildings is capitalized and depreciated over 5 to 10 years if such repairs should extend the life of a building.

1.7 Impairment of fixed assetsThe Group assesses at every balance sheet date whether there is any evidence that a fixed asset is impaired. If any such evidence exists, the recoverable amount of the asset is determined. If it should prove to be impossible to determine the recoverable amount for the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined. A loss qualifies as an impairment loss if the book value of an asset is higher than its recoverable amount; the recoverable amount is the higher of net realisable value and value in use.

If it is established that an impairment that was recognized in the past no longer exists or has decreased, the increased book value of the asset in question is not set any higher than the book value that would have been determined had no impairment been recognized for the asset.

1.8 Work in progressWork in progress is stated at the selling price. For each project, profit is allocated by reference to the percentage of completion of the services provided as a proportion of the total service provision. Expected losses and known risks are provided for in the period in which they become known and are credited against Work in progress. In addition, progress invoices and payments received in advance are also credited against Work in progress.



1.9 Receivables Receivables are stated at face value net of any provision for doubtful debts. When a receivable is uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are credited to the income statement.

1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are included under amounts owed to credit institutions, which are disclosed as current liabilities on the balance sheet.

1.11 Shareholders’ equityThe consideration paid for the repurchase of shares is deducted from other reserves, until such time that these shares are cancelled or sold. If shares are sold, any proceeds are added to the other reserves.

Costs directly related to the purchase, sale and/or issue of new shares are recognized directly in shareholders’ equity net of any relevant tax effects. Other direct movements in shareholders’ equity are also recognized net of any relevant tax effects.

1.12 Provisionsa)GeneralProvisions for professional indemnity claims, restructuring costs and legal claims are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Provisions are measured at the best estimate of the amount that is necessary to settle the liability at the balance sheet date. With the exception of the pension provision, provisions are stated at face value.Unless stated otherwise, provisions are of a long-term nature.

b)PensionandLong-termemployeebenefitsIn the Netherlands, most employee pension entitlements are joined in a group defined contribution plan, which is adminis-trated by Stichting Pensioenfonds DHV. The contributions payable by DHV are recognized in the profit and loss account for the year in which they are due. In addition, DHV operates a small number of defined benefit plans with a limited number of participants. In accordance with changes to RJ271, the provision for the pension liability of a small number of defined benefit plans was released directly through Equity in the beginning of 2009. The Group has commitments for future benefits to employees based on their years of service.

Independent actuaries calculate this provision annually based on the projected unit credit method. Actuarial gains or losses are recognized in the profit and loss account when they arise.

c)DeferredincometaxDeferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax is stated at nominal value.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

1.13 Long term liabilitiesBorrowings are recognized initially at nominal value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

1.14 Leasesa)FinanceleaseThe Group leases some of its fixed assets where it retains substantially all the risks and rewards of ownership of these assets. These assets are capitalized as soon as the lease contract is concluded at the lower of the fair value of the asset or the present value of the minimum lease instalments. Lease commitments are recognized as long-term liabilities exclusive of interest. The interest component is recognized in the profit and loss account proportionate to the lease instalments. The relevant assets are depreciated based on their estimated useful life or the lease period, if shorter.

b)OperatingleaseLeases in which a significant portion of the risks and rewards of ownership are not retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement.

1.15 Financial instrumentsThe Group hedges currency risks through the use of financial instruments. No financial instruments are held for trading



purposes. Financial instruments are not disclosed in the balance sheet. The market value included in the notes represents the difference between the face vale and the fair value at the balance sheet date.

1.16 Revenue recognitiona)GeneralProfit represents income from services rendered less expenses and other costs attributable to the financial year. Gains or losses on transactions are recognized in the year in which they are posted.

Profit on orders is recognized in accordance with the percentage-of-completion (POC) method. It includes profit on orders executed entirely for the Group’s own account and risk as well as a share of the profit on orders executed together with partners. Revenue from time and material contracts, typically from delivering design services, is recognized at the contractual rates, as labour hours are delivered and direct expenses incurred.

Revenue from fixed-price and percentage fee based contracts for delivering design services is recognized under the POC method. Under the POC method, revenue is generally recognized based on the services performed to date as a percentage of the total services to be performed.

Expected losses and known risks are provided for in the period in which they become known and are credited against Work in progress.

b)NetturnoverTurnover comprises the fair value of the consideration for the sale of goods and services to third parties, net of discounts and exclusive of value added tax attributable to activities performed during the reporting period.

c)MovementworkinprogressAt the balance sheet date, the invoicing of projects does not equal project costs or project results. The difference between these two amounts at 1 January and 31 December is shown separately as a part of total revenue.

d)OperatingcostsOperating costs are allocated to the reporting period to which they relate.

e)GovernmentgrantsOperating grants are recognized as an income item in the profit and loss account in the year in which the subsidized costs are incurred, income is lost or a subsidized operating deficit has occurred.Grants are recognized as soon as it is likely that they will be received and the Group will comply with all attached conditions.

f)NetinterestexpenseNet interest expense comprise of interest received and paid, and are allocated to the period to which they relate.

g)DividendincomeDividend income is recognized when the right to receive payment is established.

h)DividenddistributionDividend distribution to shareholders is recognized as a liability in the Group’s financial statements in the period in which the dividends are approved by the Company’s shareholders.1.17 Critical accounting estimates and assumptionsThe Group makes estimates and assumptions concerning the future, the resulting accounting estimates will, by definition, rarely equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

a)RevenuerecognitionThe Group uses the percentage-of-completion method in accounting for its fixed-price contracts to deliver design services. Use of the percentage-of-completion method requires the Group to estimate the services performed to date as a proportion of the total services to be performed.



2008Total

29,79015,061-1,448

5,914

49,317

9,5382,710-614

361

11,995

20,25237,322

Software

7,7252,418-537

463

10,069

4,5481,206-547

361

5,568

3,1774,501

Goodwill

22,06512,643

-9115,451

39,248

4,9901,504

-67-

6,427

17,07532,821

2009Total

49,3178,8991,904

-

60,120

11,9953,176

227-

15,398

37,32244,722

Software

10,0693,255

467-

13,791

5,5681,314

137-

7,019

4,5016,772

Goodwill

39,2485,6441,437

-

46,329

6,4271,862

90-

8,379

32,82137,950

Notes to the Consolidated Financial Statements

Intangible fixed assets

CostBalance at 1 JanuaryAdditionsExchange rate movementsNew consolidations

Balance at 31 December

AmortizationBalance at 1 JanuaryAmortizationExchange rate movementsNew consolidations


Book value1 January31 December

2]

(e thousands)

2008

9,4939,4649,1974,667

32,821

2009

13,36311,520

8,5874,480

37,950

The book value of Goodwill is geographically divided as follows:

North AmericaAfricaThe NetherlandsEurope (excluding the Netherlands)

Total

3]

Included in Software is an amount of € 4.1 million representing software under development which is not yet amortized.



2008Total

88,2584,517-610

-2,4967,006

-19

96,656

45,3696,915-573-867

1,173-13

52,004

42,88944,652

2009Total

96,6564,432

-1,4631,586

--

101,211

52,0047,209-526

866--

59,553

44,65241,658

Other

25,9622,813-233-834

604-11

28,301

17,6892,143-196-290

195-6

19,535

8,2738,766

Other

28,3011,582-811

910--

29,982

19,5352,260-285

356--

21,866

8,7668,116

Computer hardware

18,0751,526-377-678

573-8

19,111

6,2553,005-377-567

438-7

8,747

11,82010,364

Computer hardware

19,1111,447-541

598--

20,615

8,7473,222-176

499--

12,292

10,3648,323

Land and buildings

44,221178

--984

5,829-

49,244

21,4251,767

- -10540

-

23,722

22,79625,522

Land and buildings

49,2441,403-111

78--

50,614

23,7221,727

-6511

--

25,395

25,52225,219

Tangible fixed assets

CostBalance at 1 JanuaryAdditionsDisposalsExchange rate movementsNew consolidationsDeconsolidations


DepreciationBalance at 1 JanuaryDepreciationDisposalsExchange rate movementsNew consolidationsDeconsolidations


Book value1 January31 December

Land is stated at cost, being € 5.0 million. Based on the most recent appraisal (2008), the actual value of the buildings is approximately € 48 million. Land and buildings with a book value of € 13.9 million are encumbered. Land and buildings with a book value of € 1.1 million are not yet in use and not depreciated. An undisclosed net reserve of € 19 million exists due to the market value of land and buildings exceeding its book value.

(e thousands)

3]

fixed assets fixed assets

Tangible assets with the following book values are held under financial lease:

2008Total

10,663

2009Total

8,875

Other

1,027

Other

564

Computer hardware

3,336

Computer hardware

2,293

Land and buildings

6,300

Land and buildings

6,018

fixed assets fixed assets



Included in Equity share income is an amount of € 0.4 million recognized as operating loss in the income statement. 3 participating interests are included with a total equity deficit of € 0.3 million under the equity method of accounting (2008: € 0.06 million). For an overview of participating interests, refer to the section entitled ‘Other information’ on page 66.

4]

Work in progress

Balance of work in progressPayments on account

Invoiced in advance

2008

46,178-3,807

42,371-28,512

13,859

2009

45,156-5,160

39,996-31,568

8,428

5]

(e thousands)

2008Total

4,655

1,412-857-169

708-595

499

5,154

Amounts owed by

participating interests

982

826-

-108--

718

1,700

Participatinginterests

3,673

586-857

-61708

-595

-219

3,454

Financial fixed assets

Balance at 1 January

Movement in book valueInvestmentsDisposalsExchange rate movementsEquity share incomeDividend distribution


2009Total

5,154

730-647

355219

-1,138

-481

4,673

Amounts owed by

participating interests

1,700

725-230

216--

711

2,411

Participatinginterests

3,454

5-417

139219

-1,138

-1,192

2,262

6]

7]

8]

9]

2008Net

189-993

847623247440

1,353

Liabilities

1631,402

22 - 2-

1,589

BuildingsProjectsProvisionsTax lossesOtherPensions


Deferred taxation

Assets

352409869623249440

2,942

2009Net

448-189

375641412

17

1,704

Liabilities

64433

35 -

19 -

551

Assets

512244410641431

17

2,255

Sources of deferral



Receivables

Trade debtorsParticipating interestsOther receivablesPrepayments

2008Falling due

> 1 year

3,666 -

2,016 21

5,703

Total

99,419 267

10,718 3,371

113,775

2009Falling due

> 1 year

1,831 -

2,242 10

4,083

Total

103,254

1,862 6,776 3,242

115,134

The provision for doubtful debts was raised on the static method. For 2009, it amounted to € 4.8 million (2008: € 4.5 million).

Cash and cash equivalents

Cash at bank and in hand does not include any deposits (2008: € nil).

7]

8]

9]

Total

4,579

-8082,458

-2,85831

3,402

Other

2,855

-2,458

-2,85831

2,486

Pensions and Long-term employee

benefits

1,724

-808-- -

916

Balance at 1 January

MovementRecognized directly in EquityAdditionsWithdrawalsExchange rate movements


Provisions

PensionsMost of the Dutch defined contribution pension plans are administered by Stichting Pensioenfonds DHV. In addition to the aforementioned plans, DHV operates defined contribution plans both in and outside the Netherlands. In accordance with changes to RJ 271, the net provision for the pension liability of a small number of defined benefit plans was

released directly through Equity in the beginning of 2009. The tax effect of the pension provision release is included in the movement of deferred taxation. The obligation disclosed in the balance sheet consists of a provision for accumulated benefit obligations for personnel of the Netherlands based companies.

(e thousands)



The key actuarial principles are as follows:

(%)

Discount rateExpected return on investmentsExpected pension indexationsExpected salary increases

2008

5.6 5.6 0.3 2.0

(e thousands)

2008Total due

> 1 year

9,184

10,174 10,564

29,922

2009Total due

> 1 year

8,832 9,234

25,407

43,473

Mortgage loanFinance leaseOther

Long-term liabilities

Due> 5 year

7,231 7,530

740

15,501

Due> 1 year

1,601 1,704

24,667

27,972

Due< 1 year

352 1,477 5,501

7,330

Repayment obligations due within 12 months of the end of the finan-cial year are disclosed under current liabilities. The mortgage loan has a remaining term of 10 years. Fixed interest rates of 4.79% and 5.25% apply to amounts of € 4.8 million and € 4.4 million respectively. On 30 March 2009, DHV Holding BV concluded an unsecured medium- term loan facility of € 20 million with two banks in the Netherlands

at an Euribor denominated interest rate. An amount of € 10 million is swapped to a fixed rate of 2.09%. The debt covenant for this facility states that the Net debt to EBITDA ratio must not exceed 3.0 (2010:2.5) and the interest cover ratio shall not be lower than 4.o. At 31 December 2009, the EBITDA ratio is 1.4 and the interest cover ratio is 5.9.

10]

11]

12]

Other provisions Other provisions relate mainly to obligations by virtue of restructuring and redundancy obligations as well as claims. The provision for restructuring concerns the costs that are directly related to initiated reorganizations. The restructuring provision is made as soon as a detailed plan has been drawn up for a reorganization and this plan has been communicated to thoseaffected.

Balance at31-12-2008

4,527-3,170

1,357367

1,724

Actuarialprofit/loss

291-234

5759

116

Cash and cashequivalents

41-779

-738 -

-738

Profit and loss account

236348

584 -

584

Present value of funded staff obligationsFair value of plan assets

Subtotal Unrecognized gains and losses

Net funded staff obligation

Balance at01-01-2008

3,959-2,505

1,454308

1,762

The funded staff obligations can be broken down as follows:



11]

12]

Current liabilities

Amounts owed to credit institutionsShort-term portion of long-term liabilitiesTrade creditorsTaxation and social securityAmounts owed to participating interestsOther liabilitiesAccruals and deferred liabilities

2008

30,664 3,644

38,632 14,601

1,576 27,246 15,773

132,136

2009

2,713 7,330

42,081 17,652

1,970 29,775 16,668

118,189 Bank overdraft and short-term loan facilities have been negotiated with credit institutions. The average interest rate in 2009 on these short-term facilities was 2.9% (2008: 5.1%). These facilities are unse-cured except for pari passu clauses.

Commitments not disclosed in the balance sheet Long-term commitments Future commitments under operating lease agreements are as follows:

Due within 1 yearDue within 1 to 5 yearsDue after more than 5 years

2008

8,635 20,706

3,384

32,725

2009

11,769 31,649

4,185

47,603

Delayed acquisition cost The Group has commitments in respect of contractual earn-out agreements towards the vendors of certain businesses acquired in the past. The final payment date under these agreements, should all conditions be met, will be in 2012. During the year the Group paid an additional cash consideration of € 3.6 million to the vendors of Stewart Scott International Holdings (Pty) Ltd. and InterVISTAS Consulting Inc. in respect of these agree-ments and the amounts were recognized as additional Goodwill. Guarantees At 31 December 2009 the Group had contingent liabilities in respect of guarantees provided to third parties arising in the ordinary course of business to the value of € 39.8 million (2008: € 40.1 million). Tax risks By virtue of its operations in various countries, the Group incurs operational and/or tax claims. Where their effect can be reasonably estimated, such claims are provided for as soon as they arise. The existing provisions are considered sufficient to cover the potential consequences of pending claims.

Declaration of liability The Company has issued a declaration of joint and several liability for most of the Dutch group companies as referred to in Section 403, Book 2 of the Netherlands Civil Code. The Company has also issued a letter of support to its operating subsidiary in Portugal. The Group is sever-ally liable for all debts of the joint ventures referred to in the section entitled ‘Other information’. In addition, the Group in the Netherlands is liable for any obligations arising under the Dutch Sequential Liabil-ity Act. Unrecognized liabilities The Group is involved in six legal proceedings. The Group has adequate professional liability insurances. Five of these proceedings are minor cases. One client filed a claim against a consortium in which DHV participates. Based on the currently available information DHV has provided for expected costs and exposure.

(e thousands)



13]

14]

Financial instruments Financial instruments not disclosed and accounted for in the balance sheet At 31 December 2009, the fair value of the forward exchange contracts amounted to € 0.2 million negative (2008: € 0.06 million positive). Interest rate risk No financial instruments were employed to hedge the interest rate risk on the balance of net current assets and liabilities in the financial year 2009, except for the interest swap on the medium-term loan as disclosed in Note 10.

Credit risk The maximum credit risk for the instruments included in the balance sheet at 31 December 2009 is equal to their net book value. There is virtually no concentration of credit risk.

Fair value of financial assets and liabilities With the execption of long-term liabilities, the fair value is equal to the book value. The fair value of the mortgage loan and the finance lease is approximately € 16.2 million (2008: € 15.5 million).

Net turnoverTurnover by region

The NetherlandsAfricaAsiaEurope (excluding the Netherlands)North America

%

53181212

5

100

2008

249,033 84,970 54,823 55,498 23,346

467,670

%

521715

97

100

2009

251,576 81,685 69,644 45,182 32,737

480,824

(e thousands)

%

33262313

5

100

2008

154,938 121,151 106,502

62,681 22,398

467,670

%

37242014

5

100

2009

179,718 114,827

96,334 65,331 24,614

480,824

Staff costs

Salaries and wagesPension costsSocial security costsProfit sharing

2008

166,706 17,93918,350

6,842

209,837

%

80 8 9

3

100

2009

183,39920,908 20,581

4,858

229,746

%

81982

100

15]

Turnover by market

TransportationWaterBuilding and IndustrySpatial Planning and EnvironmentAviation



2008Total

490,000420,000

33,600 26,90027,800 29,500 26,800

2009Total

437,000375,000

34,900 26,900 29,500 30,900 26,900

(in e)

Executive BoardB.M. van Ee, PresidentP.W. Besselink, Vice President

Supervisory BoardDr. W. van Vonno, ChairmanS.M. DekkerJ.H.M. LindenberghA.B.M. van der Plas, Vice Chairman A.P.M. van der Poel

Executive Board and Supervisory BoardThe Executive and Supervisory Board directors were remunerated in 2009 as listed below. The amounts are exclusive of any expense allowances. For further details, refer to the Remuneration Report on our website (www.dhvgroup.com/corporategovernance).

Pension

60,00051,000

Variable

55,00047,000

Salary (incl. social

security costs)

322,000277,000

Workforce by regionIn the 2009 financial period there were on average 4,868 FTE’s (2008: 4,717) employed by DHV Holding BV and its group companies. The average workforce by region is as follows:

(in full-time equivalents)

The NetherlandsAfricaAsiaEurope (excluding the Netherlands)North America

%

44211812

5

100

2008

2,090 1,006

829 572 220

4,717

%

45201712

6

100

2009

2,182 984 844 565 293

4,868



Other operating costs

Temporary staff Work by third parties Office expensesTravel and accommodationOccupancy costsOther operating expenses

2008

21,376 18,012 14,602 13,348 10,084

9,175

86,597

2009

19,774 18,531 15,700 14,736 13,12312,307

94,171

16]

Included in Work by third parties are fees paid to the statutory auditor of the Group for professional services relating to:

Audit fees - annual financial statementsAudit fees - otherOther services

2008

726125

40

891

2009

6157329

717

Net interest expense

Interest incomeInterest expense

2008

3,084 -6,623

-3,539

2009

1,042 -4,349

-3,307

The abovementioned remuneration for services to the Company and its consolidated entities were provided by accounting firms and external accountants as mentioned in Section 1, part 1 of the Act ‘Supervision Accountant Organizations’.

(e thousands)

17]

18]



18]

2008

%

35.8

35.5

25.52.5

-1.65.52.41.6

-0.4

35.5

Taxation

5,638

5,638

5,658252

5,910-721

5,189449

5,638

Explanation effective tax rateProfit before taxationResult non-consolidated participations

Group profit before taxation

Nominal tax rate in the NetherlandsForeign tax rate differencesPermanent non-taxable incomePermanent disallowed expensesTax losses not recognizedAdjustments for previous yearsImpact of liquidating losses

Effective tax rate

Explanation tax expenseCurrent yearAdjustments for previous years

Total current taxDeferred tax

Total tax expenseTax recognized directly in Equity

Tax expense per profit and loss account

Taxation

Gross amount

15,728160

15,888

2009%

37.7

35.4

25.52.7

-0.38.25.9

-0.1-6.5

35.4

Taxation

3,356

3,356

4,995-701

4,294-449

3,845-489

3,356

Gross amount

8,906581

9,487

(e thousands)



Effect of Acquisitions

Assets

ReceivablesCash and cash equivalents

Total assets

Liabilities

Short-term liabilities

Total shareholders’ equity

Recognized goodwill

Total liabilities

Amounts not yet paid

Cash and cash equivalents acquired

Net cash outflow

Acquisitions

4,9811,633

6,614

2,773

3,841

5,644

9,485

-2,964

-1,633

4,888

19]

20]

(e thousands)

21]

Consolidated from

1 January1 March

Holding at 31-12-2009

70%100%

Acquired

42%100%

Country

USA The Netherlands

AcquisitionsInterVISTAS Consulting LLCDHV NPC B.V.

Movements in consolidated investments

The following acquisitions were made in 2009:



Related partiesRelated parties comprise of participating interests, group companies, joint ventures, the Executive Board, the Supervisory Board and the Executive Council. Participating interestsFor a list of key participating interests, refer to to the section ‘Other information’ on page 66. Transactions within the Group involve the mutual provision of project support services. Joint venturesFor a list of key joint ventures, refer to the section ‘Other information’ on page 66. Transactions between the Group and these joint ventures involve the mutual provision of project support services. Other group companiesFor a list of Group companies in which a minority interest is held, refer to the section ‘Other information’ on page 66. Transactions between the Group and its minority interests primarily comprise the provision of project support services.

Other related partiesDHV FoundationThe Foundation holds about 91% of the ordinary shares. The Works Council, the Supervisory Board and the Executive Board jointly each appoint a member to the Foundation’s Board. DHV Trust OfficeThe Trust Office holds 5% of the ordinary shares issued. DHV Priority FoundationThe Priority Foundation holds one priority share.

For further detail on the abovementioned related parties, refer to page 67.

21]

(e thousands)



Company Balance Sheet

Assets

Fixed assets Intangible fixed assets Financial fixed asssets Current assets Receivables from group companies Other receivables Cash and cash equivalents

2008

112,878

6,477

119,355

18,919 93,959

1,783 4,613

81

2009

111,454

4,218

115,672

19,649 91,805

2,130 2,044

44

Equity and liabilities

Shareholders’ equity Provisions Long-term liabilities

Current liabilities

2008

63,227

3,373

-

52,755

119,355

2009

72,500

2,234

17,000

23,938

115,672

Company Profit and Loss Account

Profit from participating interests

Balance of other income and expenditure after taxation Net profit

2008

19,370

-9,975

9,395

2009

12,996

-7,964

5,032

The company profit and loss account has been prepared in accordance with the provisions of section 402 of Book 2 of the Netherlands Civil Code.

1]

(2)]

(3)]

(4)]

(5)]

(6)]

(7)]

(e thousands)

2]



Notes to the Company Financial Statements

General

Basis of preparation The company financial statements have been prepared in accordance with the provisions of Section 9, Book 2 of the Netherlands Civil Code.

Summary of significant accounting policiesThe accounting policies for the Company are the same as for the Group.

1]

Intangible fixed assets

Goodwill

Cost Balance at 1 January Additions Balance at 31 December Amortization Balance at 1 January Amortization Balance at 31 December Book value 1 January 31 December

2008

17,738 7,021

24,759

4,765 1,075

5,840

12,97318,919

2]

2009

24,759 1,935

26,694

5,840 1,205

7,045

18,91919,649

(e thousands)



Balance at 1 January Movement in book value Acquisitions/loans issued Disposals/loan repayments Exchange rate movements Result of participations Dividend of participations


Financial fixed assets

Shareholders’ equity The authorised share capital amounts to € 2,500,000 divided into 25,000,000 shares of € 0.10 each, of which ordinary shares(class A and B) 24,579,990 cumulative preference shares 420,000 priority shares 10 The issued share capital amounts to € 503,628 divided into 5,036,282 shares of € 0.10 each,of which ordinary shares(class A and B) 5,036,281 cumulative preference shares - priority shares 1 For more information on the Company’s shareholding structure, refer to page 67.

3]

4]

(e thousands)

2008Total

68,704

18,942 -7,045 -2.96419.370-3,048

25,255

93,959

2009Total

93,959

30,037-26,485

2,99412,996

-21,696

-2,154

91,805

Amounts owed by

group companies

17,413

8,315 -6,188

-72 - -

2,055

19,468

Amounts owed by

group companies

19,468

23,744-26,482

112--

-2,626

16,842

Otherpartici-pating

interests

974

311 -857

9 -338

-

-875

99

Otherpartici-pating

interests

99

--3

-2-

-1

98

Partici-pating

interests in group

companies

50,317

10,316 -

-2,901 19,708 -3,048

24,075

74,392

Partici-pating

interests in group

companies

74,392

6,293-

2,88212,994

-21,696

473

74,865



Statement of changes in shareholders’ equity

(e thousands)

Total

59,883

--5,276

9,395-800

-3,6552,854

826

3,344

63,227

Other reserves

52,886

-310-

9,395-800

--

396

8,681

61,567

Balance at 1 January 2008 Movements 2008 Changes in statutory reserves Exchange rate differences Profit for the period Dividend paidPurchase of shares - old shareplan Issue of shares - new shareplan Other movements

Net movement 2008 Balance at 31 December 2008

Statutory reserves

5,316

310------

310

5,626

Reserve exchange

rate differences

-1,423

--5,276

-----

-5,276

-6,699

Share premium

2,600

----

-3,6552,854

430

-371

2,229

Issued share capital

504

-------

-

504

Total

63,227

602-

2,9945,032-140

7787

9,273

72,500

Other reserves

61,567

602-555

-5,032-140

--542

4,397

65,964

Balance at 1 January 2009 Movements 2009 Reserve defined benefit pensions Changes in statutory reserves Exchange rate differences Profit for the period Dividend paidIssue of sharesOther movements

Net movement 2009 Balance at 31 December 2009

Statutory reserves

5,626

-555

-----

555

6,181

Reserve exchange

rate differences

-6,699

--

2,994----

2,994

-3,705

Share premium

2,229

-----

778549

1,327

3,556

Issued share capital

504

-------

-

504



Reserve for participating

interests

5,626

555-

555

6,181

Balance at 1 January Movements 2009 Transfer to other reserves Transfer from other reserves

Net movement 2009


Statutory reserves

Dividend proposalProfit appropriation 2008 In the Annual General Meeting of Shareholders of 30 March 2009 the profit of 2008 was distributed as follows:

Distributed to ordinary shareholders Transfer to other reserves Profit after taxation

140 9,255

9,395

Dividend 2009 It has been proposed to appropriate the profit for 2009 as follows:

Distribution to ordinary shareholders Transfer to other reserves Profit after taxation

97 4,935

5,032

Provisions

Other

2008

3,373

2009

2,234

5]

(e thousands)

7]

6]



Current liabilities

Amounts owed to credit institutionsShort-term portion of long-term liabilitiesAmounts owed to group companies Trade creditors Taxation and social security Other liabilities Accruals and deferred liabilities

2008

45,172-

198 368

2,574 2,123 2,320

52,755

2009

16,9083,000

256 587 255

1,073 1,859

23,938

7]

Amersfoort, 12 March 2010 The Netherlands Executive Board B.M. van Ee, President P.W. Besselink, Vice President

Supervisory Board W. van Vonno, Chairman S.M. Dekker J.H.M. Lindenbergh A.B.M. van der Plas, Vice Chairman A.P.M. van der Poel

(e thousands)

2008Total due

> 1 year

-

2009Total due

> 1 year

17,000 Other

Long-term liabilities

Due> 5 year

-

Due> 1 year

17,000

Due< 1 year

3,000

6]

On 30 March 2009, DHV Holding BV concluded an unsecured medium- term loan facility of € 20 million with two banks in the Netherlands. For the terms and conditions of this facility, refer to Note 10 of the Group Financial statements on page 50.



Other information

Auditor’s report

Report on the financial statementsWe have audited the financial statements 2009 of DHV Holding B.V., Amersfoort, the Netherlands, as set out on pages 38 to 63 of this report, which comprise the consolidated and company balance sheets as at 31 December 2009 and the consolidated and company profit and loss account for the year then ended and the notes.

The directors’ responsibilityThe directors of the company are responsible for the preparation and fair presentation of the financial statements and for the preparation of the management board report, both in accordance with Part 9 of 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 responsibilityOur 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 company’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 company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of DHV Holding B.V. as at 31 December 2009 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.

Report on other legal and regulatory requirementsPursuant to the legal requirement under Section 393(5)(f) of Book 2 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 Section 391(4) of Book 2 of the Netherlands Civil Code.

Amsterdam, the Netherlands, 12 March 2010

PricewaterhouseCoopers Accountants N.V. P.R. Baart RA

To the Annual General Meeting of Shareholders of DHV Holding B.V.



Profit appropriation

Articles of association provisions governing profit appropriationArticle 22 of the Articles of Association contains the following provisions of profit appropriation:1 The profit shall be at the disposal of the Annual General

Meeting.2 The profit shall be distributed proportionally to the holders

of A and B shares. The Annual General Meeting may decide to deviate form a proportional distribution of profit.

3 Profit shall be distributed only if shareholders’ equity exceeds the paid-up and called-up capital plus the statutory reserves.

4 The Annual General Meeting may decide to pay interim dividends.

5 The Annual General Meeting may decide to make distributions on A and B shares chargeable to a reserve.

Proposed profit appropriationThe profit for 2009 is at the free disposal of the Annual General Meeting of Shareholders. It will be proposed to the Annual General Meeting of Shareholders to distribute a dividend of € 97,000 representing € 0.40 per share, to the holders of B shares. The Executive Board proposes that no dividend be distributed to holders of A shares. The remaining profit of € 4,935,000 will be added to other reserves.



Participating Interests

The following is a list of consolidated participating interests (unless stated otherwise, all interests are 100%):DHV B.V. Amersfoort, the NetherlandsDHV Bouw en Industrie B.V. Eindhoven and Amersfoort, the NetherlandsDHV Canada Holding Inc. Saint John, Canada, including: Delcan Group Inc. Toronto, Canada (40%)* InterVISTAS Consulting Inc. Vancouver, Canada (70%)DHV China B.V. Amersfoort, the Netherlands, including: DHV (Beijing) Environmental Engineering Co. Ltd. Beijing, China DHV Engineering Consultancy Co. Ltd. Shanghai, ChinaDHV CR, spol s.r.o. Prague, Czech RepublicDHV Global Engineering Center B.V. Amersfoort, the NetherlandsDHV Holding Africa (Pty) Ltd. Johannesburg, South AfricaDHV Holdings USA Inc. Wilmington, Delaware, United States of America, including: InterVISTAS Consulting LLC Washington D.C., United States of America (70%)DHV India Private Ltd. New Delhi, IndiaDHV NPC B.V. Amersfoort, the NetherlandsDHV Planetek Co. Ltd. Kaohsiung, Taiwan R.O.C. (49%)DHV Polska Sp. z o.o. Warsaw, Poland, including: Hydroprojekt Sp. z o.o. Warsaw, PolandDHV SGPS, S.A. Algés, Portugal, including: DHV, S.A. Algés, PortugalNACO, Netherlands Airport Consultants B.V. The Hague, the NetherlandsProkom Sp. z o.o. Warsaw, PolandPT DHV Indonesia Jakarta, Indonesia (85%)PT Mitra Lingkungan Dutaconsult Jakarta, Indonesia (77.4%)SEED Lda. Maputo, Mozambique (86.7%)Stewart Scott International Holdings (Pty) Ltd. Johannesburg, South Africa (70%)Turgis Technology (Pty) Ltd. Johannesburg, South Africa

* consolidated proportionately

Joint Ventures

HR / DHV vof Amersfoort, the Netherlands (50%)Infraflex B.V. Utrecht, the Netherlands (33%)Ingenieursbureau Vathorst vof Amersfoort, the Netherlands (50%)Protected Storage Engineers vof Rotterdam, the Netherlands (50%)TEC vof Veenendaal, the Netherlands (33%)

Other Group companies

DHV MED Ltd. Netanya, Israel (37%)SADECO Jeddah, Saudi Arabia (49%)

Under the provision of section 363 of Book 2 of the Netherlands Civil Code, several companies in which DHV holds only minor interests have not been listed.


Objective: to manage the B shares in DHV Holding B.V., and to issue depositary receipts for shares to eligible DHV Group staff members.Composition of the Board:1. M. de Veer (Chairman)2. F.T. van der Molen3. M.J. VermeulenThe officers are appointed by the general meeting of holders of depositary receipts.

Shareholding Structure

The shares in DHV Holding B.V. are held by three organizations: DHV Foundation, DHV Priority Foundation, and DHV Trust Office. This shareholding structure has its origins in a 1977 agreement, which establishes that management (Executive Board and Supervisory Board) and labor (the Works Council) have joint control over the share capital. Originally, the Executive Board, the Supervisory Board and the Works Council formed the only shareholder, known as the Stichting DHV (DHV Foundation). In 1998 the decision was taken that in the interest of transparent governance the Board

of the DHV Foundation would consist for the most part of independent individuals. To ensure that management and labor remained involved in any substantial changes in the shareholding structure, the Stichting Prioriteit DHV (DHV Priority Foundation) was established and placed under the management of representatives of the original parties. The Stichting Administratiekantoor DHV (DHV Trust Office) administers the depositary receipts issued for shares to staff members.

* EB = Executive Board, SB = Supervisory Board, WC = Works Council

Objective: to manage the priority shares of DHV Holding B.V.Composition of the Board:1. A.B.M. van der Plas (Chairman), appointed by 2+3+4+52. V. Prins, appointed by the EB/SB3. B.M. van Ee, appointed by the EB/SB4. J.A.M. Tromp, appointed by the WC5. G.J.P.J. Laseur, appointed by the WC

This foundation holds 4,580,000 A shares, which is approximately 91% of the ordinary shares issued.

This foundation holds one priority share in DHV Holding B.V., which gives it the right of prior approval over any decisions regarding the issue and transfer of DHV Holding B.V. shares, mergers, public offerings, amendments to the articles and the winding-up of DHV Holding B.V., as well as amendments to the articles and the winding-up of the DHV Foundation and the disposal of A shares by the DHV Foundation.

This foundation holds 242,970 B shares, which is approximately 5% of the ordinary shares issued. DHV Holding B.V. holds 213,311 B shares or approximately 4% of the ordinary shares issued.

Objective: to manage the A shares in DHV Holding B.V.Composition of the Board:1. Vacancy (Chairman), appointed by 2+3+4+52. H. Zwarts, appointed by the EB/SB*3. M.P. van Gemund, appointed by the WC*4. A.W. Veenman, appointed by 2+35. M. Usta, appointed by 2+3

Stichting DHV (DHV Foundation)

Stichting Prioriteit DHV (DHV Priority Foundation)

Stichting Administratiekantoor DHV (DHV Trust Office)

67Shareholding Structure

JV 2009 Shareholding ENG def.indd 2 23-03-10 15:51

Operational Risks and ManagementThese risks are related primarily to the forms of contract gov-erning the services of the DHV Group. Forms of contract are continuously revised, sometimes significantly. Operational risks occur during contract execution and include:Liability Risks These risks or claims result from errors in project execution, such as design or calculation errors, or from failure to meet planning deadlines or satisfy legal or other regulatory conditions.Project Execution Risks These risks are due to inaccurate bud-geting of time and costs, delays in project implementation, and insufficient communication with the client regarding implementation delays and additional work. Also, DHV staff or other contracted staff working on-site may be injured in the process of executing projects.Partner Contracts and Outsourcing DHV partners implement about 28% of all activities. The Group thus runs the risk that these partners will deliver substandard work or fail to meet deadlines. Continuous assessment takes place of the quality of its partners during the project acceptance process and we also require contractual assurances from our partners and subcon-tractors.Legal Disputes Disputes between the DHV Group, clients, staff members and other stakeholders may arise during the course of activities. As of 31 December 2009, the DHV Group was in-

Risks and Risk Management

The DHV Group bases its risk management on the principles of the Dutch Corporate Governance Code and our Business Control Framework, which in turn is based on the COSO Enterprise Risk Management Framework. Ultimately, it is the Executive Board’s responsibility to manage risks, promote risk awareness and identify, address, and monitor risks.

The Group has developed a wide range of tools for the planning, implementation, and adjustment of its business processes: • Long-term strategy is set out in the Corporate Policy Paper, on

which the business groups and regions develop their medium-term plans, annual plans and budgets. During the annual planning period, scenarios are tested to enable a swift reaction to changing circumstances.

• Once approved by the Executive Board, the annual plans are implemented by the management of the business groups and regions. The related powers and responsibilities are set out in an authorization matrix and in the regulations of the different levels of management.

• Progress is reported monthly and quarterly and discussed by the Executive Board, the Director of Finance & Control, the Business Group director and the controller. Mutual consultations also take place frequently between the Executive Board and the management of the business groups and regions. In addition, the controllers of the business groups and regions report directly to the Director of Finance & Control.

• Report guidelines and formats are laid down in a Corporate Financial Manual, with an up-to-date version available to the Group via intranet.

• The Business Control Framework constitutes, at the DHV Group level, an updated and permanent reference against which the control, planning and risk management process for projects and business components can be assessed.

RisksThe DHV Group is vulnerable to risks in the following catego-ries: market, operational, financial, and compliance. Virtually all risks are associated with the execution of projects.

Internal Control and Risk Management SystemsInternal Control and Risk Management Systems are used to promote risk awareness and identify, address, and monitor risks. At least five times a year, the Supervisory Board meets with the Executive Board and the Director of Finance & Control to discuss issues such as strategy, acquisitions, results, and risks.The Audit Committee monitors compliance with financial rules and regulations, as well as the quality and operation of the internal control systems and risk management measures. The matters discussed by the Committee in 2009 included: project management, implementation of a new Business Information System, ICT, BIMS compliance system and high-risk projects.The Supervisory Board meets at least twice a year with exter-nal auditors who are appointed annually by the shareholders. The Internal Audit department reports directly to the President of the Executive Board and follows a program that is approved by this Board. The Internal Audit department’s activities focus on specific aspects of the internal control systems and proce-dures. Its findings and recommendations are discussed by the Audit Committee.

Market risks are mitigated by spreading sales over various geographical regions and client groups. Prompt response to anticipated political developments and changes in legal and regulatory environments (portfolio management) can further reduce these risks.

Market Risks and ManagementThe public sector is the DHV Group’s largest client group. Ma-terial changes in national and international political priorities, in central or local administrations, and in legal and regula-tory frameworks can all affect long-term plans and ongoing projects and may lead to increased competition, exposing the Group to risks. The Group does have activities in countries that are considered politically unstable, but they account for only a small percentage of sales. The current economic conditions have impacted the results and also present a risk to the Group for the next few years. Projects may be delayed or cancelled, stricter credit conditions will be applied and the creditworthi-ness of private clients and the public sector might deteriorate. In order to brace ourselves for this situation we are focusing our attention on optimizing staff flexibility, reducing staff, firmly managing our cash position, driving down costs and reacting quickly to changing circumstances.

68

JV 2009 risks management ENG def.indd 1 23-03-10 15:53

Financial Risks and ManagementForeign exchange risks are limited since revenues and expen-ditures are made in the same currency, in principle. Transla-tion risks are relatively minor and are therefore not hedged. The DHV Group’s largest investments outside the Netherlands are its shareholdings in the Canadian, South African, and Pol-ish subsidiaries. The number of short-term interest-bearing liabilities is small, thus minimizing interest risks. In 2009 several of the short-term interest-bearing liabilities were con-solidated into a medium-term loan. Long-term liabilities carry long-term, fixed interest rates. If necessary, interest-hedging instruments will be used.Goodwill payments have been capitalized since 2002 and, in

Compliance Risks and ManagementDoing business in a socially responsible manner and with integrity is increasingly important for the reputation of a company. Non-compliance with local legal and regulatory prescriptions may damage a company’s reputation and thus have a great impact on its results.

The following measures have been taken to mitigate compliance risks:• The DHV Group has instituted a Business Integrity Management

System which lays down clear guidelines and rules of conduct regarding integrity.

• In 2009 DHV implemented a new Global Code of Business Principles which describes the Group’s values and behavioral standards for DHV employees in general terms.

• Every quarter, risk and compliance matters are reported.• Every year managers sign a Letter of Representation in which they

explicitly accept responsibility for compliance with internal rules and external legal and regulatory stipulations.

• The Compliance Officer monitors observance of the Business Integrity Principles.

• In 2009 an external Compliance audit was performed to obtain external certification of the BIMS and compliance system. The recommendations of this audit will be implemented.

• A whistle-blower scheme protects staff members who draw attention to business conduct that conflicts with our business integrity principles.

• Increasingly, client contracts include a Declaration of Integrity. This is a standard requirement in contracts with new partners and subconsultants.

Based on the abovementioned measures the Executive Board believes that the operation of the risk management systems as it affects the composition of the financial statements, provides a reasonable level of certainty that these statements do not contain any significant inaccuracies.

The following measures have been taken to mitigate operational risks:• Internal project management procedures were tightened; a Group-

wide Project Management Manual, based on PMI is in development and will be implemented in 2010.

• The managers of business groups and regions are responsible for project acceptance, within the limits established in the authority matrix. Projects above a certain value require advice from the Tender Board, which reviews specific risks on large projects.

• Quality systems have ISO 9001:2000 certification, providing guidelines for the structuring of project tendering and implementation, and the setting of guidelines for the timely involvement of partners and consultants.

• Project implementation risks are covered by corporate and professional liability policies – the latter’s non-insured deductible amounts to € 450,000 per annum.

• To enable quick adaptation to changing market circumstances, the Group strives for flexibility by hiring a certain percentage of its staff for a fixed period and, if and when possible, also using temporary staff.

• To ensure reliable operations of the global ICT systems, the Group has outsourced its ICT system to an international ICT service provider and is in the process of implementing a Group-wide Management Information System.

principle, are being amortized over a twenty-year period. An annual impairment test will determine the current fair value of the investment. If and when necessary, based on an impair-ment test, an additional component of the goodwill will be impaired.A small number of pension schemes with a limited interest is based on defined benefit plans. All other pension plans are based on a collective ‘defined contribution’ plan. As a result, the Group’s exposure to pension risks is limited.The DHV Group’s financing requirements for working capital are highly seasonal: strong fluctuations could increase the risk of illiquidity. Taxes are included in the annual financial statements, based in part on substantiated estimates. These numbers may differ from the final assessments made by the tax authorities.

volved in 6 legal disputes. Whenever they can be estimated, provisions for these disputes have been incorporated into the financial statements for 2009 and previous years.

Other operational risks arise primarily in relation to capacity management. Variations in demand can lead to under-utiliza-tion of staff or a lack of capacity. Although the labor market is currently less stressed, we believe that the future availability of qualified staff will be one of the bottlenecks hindering fur-ther development of the company. DHV is growing organically as well as by means of acquisi-tions. Acquisitions involve risks. To limit these risks, the ac-quisition processes are managed centrally. A due diligence process in which the quality of management will be assessed, as well, is part of the process. It is standard procedure for ad-visers to be involved in the acquisition process for acquisitions outside the Netherlands. Efficient operations are increasingly depending on reliable, global ICT systems. Failure or downtime of these systems has a significant influence on the quality of operations and conse-quently the results of the Group.

Foreign exchange risks are limited since revenues and expenditures are made in the same currency as a rule. When this cannot be done, foreign exchange risks are hedged where possible.The amount of short-term interest-bearing liabilities is small, thus mini-mizing interest risks. If required, interest-hedging instruments will be used. Long-term liabilities carry long-term, fixed interest rates.To cover the illiquidity risks from fluctuations in financing require-ments, the DHV Group has signed credit agreements with its bankers.

69Risks and Risk Management

JV 2009 risks management ENG def.indd 2 23-03-10 15:53

70 Structure and Management DHV Group

Structure and Management DHV GroupOperational Organization Scheme (March 2010)

Nort

h Am

eric

aJ.A

. Ker

r

Afric

aN.

Bhoja

ram

Asia

A.J.M

. Gala

vazi

Euro

peC.E

. Eng

elsm

an

Avia

tion

R.Th.

Ove

rakk

er

Envi

ronm

ent a

nd

Tran

spor

tatio

nV.

Prin

s

Build

ing

and

Indu

stry

E.A. G

rüte

r

Wat

erP.C

.A.M

. van

Helv

oort

D H V H O L D I N G B . V .Executive Board:B.M. van Ee (President)P.W. Besselink (Vice President)

DHV B.V. (The Netherlands)

DHV Global Engineering Center B.V. (India)

DHV NPC B.V. (The Netherlands)

DHV CR, spol. s r.o. (Czech Republic)

DHV MED Ltd. (Israel)

DHV Planetek Co. Ltd. (Taiwan)

NACO, Netherlands Airport Consultants B.V. (The Netherlands)

SADECO (Saudi Arabia)

InterVISTAS Consulting Inc. (Canada, USA, UK, The Netherlands)

DHV Polska Sp. z o.o. (Poland)

Prokom Sp. z o.o. (Poland)

Hydroprojekt Sp. z o.o. (Poland)

DHV, S.A. (Portugal)

DHV China B.V.

DHV (Beijing) Environmental Engineering Co., Ltd. (China)

DHV Engineering Consultancy (Shanghai) Co., Ltd. (China)

DHV (Vietnam)

DHV India Private Ltd. (India)

PT Mitra Lingkungan Dutaconsult (Indonesia)

Stewart Scott International Holdings (Pty) Ltd. (South Africa)

SSI (South Africa, Botswana, Zimbabwe)

SEED, Lda. (Mozambique)

Turgis Technology (Pty) Ltd. (South Africa, United Kingdom)

Delcan Group Inc. (Canada, USA, Hong Kong, United Kingdom)

Intelligent Devices, Inc. (USA)

PGL & Delcan Israel (Israel)

BUSINESS GROUPS REGIONS

JV 2009 Shareholding ENG def.indd 1 23-03-10 15:52

71

Addresses

Joint Ventures

InfraflexSt. Jacobsstraat 6-83511 BR UtrechtT +31 30 223 97 99E [email protected]

Protected Storage Engineers (PSE)P.O. Box 1516500 AD NijmegenT +31 24 328 46 43E [email protected]

Tunnel Engineering Consultants (TEC)P.O. Box 1086500 AC NijmegenT +31 24 382 04 30E [email protected]

EuropeCZECH REPUBLICDHV CRManagement: R. GillMeteor Office ParkSokolovská 100/94CZ-186 00 Praha 8T +420 236 080 550E [email protected]

DHV CR also has offices in Brno and Ostrava.

POLANDDHV POLSKAManagement: C.M. Engelsman, G. Grobelny, C. Luczak, A. Sasul. Domaniewska 4102-672 WarszawaT +48 22 606 28 02E [email protected]

ProkomManagement: B. Bartnikul. Czerniakowska 7100-718 WarszawaT +48 22 851 43 12E [email protected]

HydroprojektManagement: D. Gronek, R. Lewandowskiul. Dubois 900-182 WarszawaT +48 22 635 48 84E [email protected]

Hydroprojekt also has offices inSosnowiec and Wloclawek.

PORTUGALDHVManagement: P. BragaEstrada de Alfragide, nº 922610-015 AmadoraT +351 214 127 400E [email protected]

DHV also has an office in Oporto.

DHV GroupExecutive BoardB.M. van Ee (President)P.W. Besselink (Vice President)

Corporate InitiativesM.G. Donehoo

Finance and ControlJ.T. van Manen

ICT S.T. Koopmans

Internal AuditD.G. van Klaveren

Legal AffairsE.J. Wijers

Laan 1914 no 353818 EX AmersfoortP.O. Box 2193800 AE AmersfoortThe NetherlandsT +31 33 468 37 00E [email protected]

The NetherlandsDHV Management: E.A. Grüter,P.C.A.M. van Helvoort, V. PrinsLaan 1914 no 353818 EX AmersfoortP.O. Box 11323800 BC AmersfoortT +31 33 468 20 00E [email protected]

DHV also has offices in Bergen opZoom, Deventer, Eindhoven, Groningen,Maastricht, Rotterdam, The Hague, Utrecht, and Zaandam.

DHV NPCManagement: R.P. MulderStationshal 173511 CE UtrechtP.O. Box 22023500 GE UtrechtT +31 30 272 73 70E [email protected]

DHV NPC also has offices in Amsterdam,Eindhoven, Rotterdam, and Zwolle.

NACO, Netherlands Airport ConsultantsManagement: R.Th. OverakkerAnna van Saksenlaan 102593 HT The HagueP.O. Box 930562509 AB The HagueT +31 70 344 63 00E [email protected]

InterVISTAS Consulting GroupManagement: J.C.J. MohrmannAnna van Saksenlaan 102593 HT The HagueT +31 70 344 64 49E [email protected]

UNITED KINGDOMDelcanManagement: J. PowersThe White Cottage19 West Street Epsom, Surrey KT18 7BST +1 905 943 0500E [email protected]

InterVISTAS Consulting GroupManagement: I. Kincaid26 York StreetLondon W1U 6PZT +44 208 144 1835E [email protected]

Turgis ConsultingManagement: P. Willis Woodpecker CottageKirklingtonBedale, North YorkshireDL8 2NET +44 781 018 2169E [email protected]

Near EastISRAELDHV MEDManagement: Y. Yinon1 Gad Manela st.P.O. Box 8058New Industry ZoneNetanya 42504T +972 98 85 23 12E [email protected]

PGL & Delcan IsraelManagement: C. Orolowitz9 Hamasger StreetTel Aviv 67776T +972 3 791 4111E [email protected]

AsiaCHINADHV (Beijing) EnvironmentalEngineering Co.Management: D. JiWest 3rd floor, Building 8,WanguochengNo. 1 Xiangheyuan RoadDongcheng DistrictBeijing 100028T +86 10 84 40 84 42E [email protected]

DHV Engineering Consultancy(Shanghai) Co.Management: T.W.A. JeannéFloor 25, Building 19, Phoenix Park ofShanghai Caohejing Hi-Tech ParkNo. 1515 Gumei RoadShanghai 200233T +86 21 60910699E [email protected]

DHV Engineering Consultancy (Shanghai)also has an office in Guangzhou.

HONG KONGDelcanManagement: J. LamUnit 11-12, Level 35, Tower 1Millennium City 1388 Kwun Tong RoadKwun Tong, KowloonT +852 2836 3191E [email protected]

INDIADHV Global Engineering CenterManagement: M. MijndersIndia Branch Office13 & 14, I Block SDFNoida Special Economic ZoneNoida – 201 305T +91 120 430 50 00E [email protected]

DHV IndiaManagement: M.S. PrakashB-1/I-1, 1st FloorMohan Cooperative Industrial EstateMain Mathura RoadNew Delhi - 110 044T +91 11 40539303-06E [email protected]

DHV India also has offices in Bangalore,Chennai, Hyderabad, and Lucknow.

INDONESIAMitra Lingkungan DutaconsultManagement: S. Hadiprayitno,D. Fadilah, HendartiVentura Building, 4th floor, Suite 405Jl. R.A. Kartini No. 26 (Outer Ring Road)Cilandak – Jakarta 12430P.O. Box 1015Jakarta Selatan 12010T +62 21 7504 605E [email protected]

SAUDI ARABIASADECOManagement: L. de BoerDar al-Hijaz Building No. 25th Floor – Apartment No. 25Prince Mohamed bin Abdulaziz Street(Tahliya Street)P.O. Box 2320Jeddah 21451T +966 26 679 071E [email protected]

TAIWANDHV PlanetekManagement: C.F. Su, K.L. Chou4F, 505, Chung Shan 2nd RoadKaohsiung, 801T +886 72 15 05 08E [email protected]

DHV Planetek also has an office in Taipei.

VIETNAMDHV Management: D.H. Bac7th Floor - Artexport Building2A Pham Su Manh HanoiT +844 39363889E [email protected]

DHV Vietnam also has an office in Ho Chi Minh City.

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

Addresses

JV 2009 Addresses ENG.indd 2 23-03-10 15:55

72

AfricaBOTSWANASSIManagement: G.G. Ramarinyaneng1st Floor, Modiri HousePlot 22076Gaborone WestP.O. Box 1517GaboroneT +267 395 2557E [email protected]

MOZAMBIQUESEEDManagement: H. CardosoRua de Kassuende, 118 - 8° andarMaputoT +258 21 48 5917/ 18E [email protected]

SOUTH AFRICASSIManagement: N. BhojaramCountry Club Estate21 Woodlands DriveWoodmead 2191P.O. Box 867Gallo Manor2052 GautengT +27 11 798 6000E [email protected]

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), Ugu (Port Shepstone), and uMhlatuzi (Richards Bay).

Turgis ConsultingManagement: J. Pooley, R. WilsonBuilding 1299 Pendoring RoadBlackheath 2195P.O. Box 1995Northcliff 2115T +27 11 476 22 79E [email protected]

ZIMBABWESSIManagement: H. Rapson10th Floor, Pax House87-89 Kwame Nkrumah AveP.O. Box 1748HarareT +263 4 79 7108/9E [email protected]

North AmericaCANADADelcanManagement: J.A. Kerr625 Cochrane Drive, Suite 500MarkhamOntario, L3R 9R9T +1 905 943 0500E [email protected]

Delcan also has offices in Calgary, Edmonton, Hamilton, Kingston, Kitchener, London, Niagara Falls, Ottawa, Vancouver, and Victoria.

InterVISTAS Consulting GroupManagement: G. Bruno1200 West 73rd Avenue, Suite 550Vancouver, B.C. V6P 6G5T +1 604 717 1800E [email protected]

InterVISTAS also has offices in Ottawaand Winnipeg.

UNITED STATES OF AMERICADelcanManagement: L. Yoshida650 E Algonquin RoadSuite 104Schaumburg, IL 60173T +1 847 925 01 20E [email protected]

DelcanManagement: B. Stearman8618 Westwood Center DriveSuite 450Vienna, VA 22182T +1 703 752 6060E [email protected]

Delcan also has offices in Atlanta, Austin,Coral Springs, Denver, Los Angeles, Salem,and Thousand Oaks.

Intelligent DevicesManagement: B. Mulligan4411 Suwanee Dam RoadSuite 510Suwanee, GA 30024T +1 770 831 3370E [email protected]

InterVISTAS Consulting GroupManagement: J. Miller1615 L Street NWSuite 910Washington, DC 20036T +1 202 457 0212E [email protected]

InterVISTAS also has an office in Chicago.

Latin AmericaGUATEMALADHV GuatemalaManagement: J.M. SolaresKm. 8.6 Antigua Carretera a El SalvadorCentro Corporativo Muxbal,Torre Este, 6to. nivelSanta Catarina PinulaT +502 6644 2323E [email protected]

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

JV 2009 Addresses ENG.indd 3 23-03-10 15:55

ProductionDHVCommunicationsT +31 33 468 20 [email protected]

Printing and bindingDrukkerij van Amerongen

PaperFSC Fastprint Gold 120 gr/m2 (exterior 250 gr/m2)

Publication dateMarch 2010

ColophonPhotographycover: Your Captain Luchtfotografieinside: CESA, NPC, Tony Smith, DHV, DHV, Koos Boertjenspage 4: SSI, DHV, DHV, DHVpage 8-12: Corné Bastiaansenpage 12: Koos Boertjenspage 15: Capital Photo's, DHVpage 17: DHV, Samsung Engineering & Construction, DHV, DHVpage 18: DHV, NACO, DHV, SSIpage 22: NACO, Schiphol Area Development Company / Amsterdam Airport Area, InterVISTAS page 24: DHV, DHV, DOSCOpage 25: SSI, Charles Corbett, SSIpage 27: DHV, DHV, DHV, Gemeente Den Haag (OMA), NACOpage 29: DHV, William Moore (Oosterhout), TEC, Delcanpage 30: Ashdodport Company Ltd, DHV, DHV, DHV, DHVpage 33: Iwan Baan, Jürgen Doom, Benthem Crouwel Architecten, DHV, SC Johnsonpage 34: DHV, DHV, Turgis, Hollandse Hoogtepage 35: Gemeente Den Haag (OMA)page 36: NACOpage 37: NACO, NACO, NACO, InterVISTAS, Hollandse Hoogte

This Annual Report is also available in Dutch. A copy can be requested per e-mail to [email protected] or call +31 33 468 20 15.

Annual Report: www.dhvgroup.com/annualreportCorporate Responsibility Report: www.dhvgroup.com/cr-report

Our mission is to provide multidisciplinary services for the sustainable

development of our living environment, in a close relationship with

clients, employees, and partners, based on mutual loyalty, while

providing a solid return to our shareholders.

DHV GroupP.O. Box 2193800 AE AmersfoortThe NetherlandsT +31 33 468 37 00E [email protected]

Annual Report DH

V Group 2009

Documents

Annual Report 2009 DHV Group