Annual Report 2009
76
Annual Report 2009 Solutions for tomorrow’s world
description
Annual Report 2009 Van Oord
Transcript of Annual Report 2009
Annual Report 2009
Solutions for tomorrow’s world
(Amounts in EUR 1,000,000)
2009 2008 2007 2006 2005
Net turnover 1,424 1,896 1,652 1,516 1,002
EBITDA 260 332 268 214 140
Depreciations’ of tangible fixed assets 91 103 77 75 67
Goodwill amortisation 7 7 7 7 7
EBIT1) 161 222 184 132 66
Net profit 120 165 148 91 42
Total shareholders’ equity and loan capital 1,928 1,857 1,645 1,481 1,218
Sharholders’ equity 580 545 500 433 370
Capital base 630 595 550 483 420
Loans and other credit facilities 235 202 160 174 243
Order portfolio2) 1,777 1,798 3,725 4,089 3,564
Return on total assets3) 8.7% 13.0% 12.3% 10.2% 6.1%
Return on shareholders’ equity4) 21.4% 31.6% 31.6% 22.6% 11.9%
EBITDA5)/ net turnover 18.2% 17.5% 16.2% 14.1% 14.0%
Net profit / net turnover 8.4% 8.7% 8.9% 6.0% 4.2%
Shareholders’ equity / total assets 30.1% 29.3% 30.4% 29.3% 30.4%
Capital base / total assets 32.7% 32.0% 33.4% 32.6% 34.5%
Cash flow from operational activities 397 209 279 311 40
Cash flow from investment activities -213 -313 -162 -79 -18
Cash flow from financing activities -52 -77 -94 -73 -32
Dividend payable 57 89 79 45 24
Number of employees in Full Time Equivalents 4,060 4,613 3,933 3,085 2,971
1) EBIT = Earnings Before Interest and Tax2) As from 2008 Dubai projects have been excluded 3) EBIT plus interest divided by average total assets4) Net profit divided by average shareholders’ equity5) EBITDA = Earnings Before Interest, Tax, Depreciation and Amortisation
Keyfigures
Key figures
Our company
Our approach
Report by the Supervisory Board
Report by the Executive Board
Our employees
Our financial results
Contents
/ 2
• Profile / 5
• Activities / 6
• Personal particulars / 8
• Corporate social responsibility / 12
• What are our challenges? / 15
/ 18
• General points / 20
• Our areas and projects / 24
• Human resource policy / 32
• Quality, health and safety / 40
• Environment / 44
• Research and development / 46
• Fleet / 48
• Equipment / 51
/ 54
• Consolidated balance sheet (before appropriation of profit) / 58
• Consolidated profit-and-loss account / 59
• Consolidated cash flow statement / 60
• Notes to the consolidated annual accounts / 61
• Notes to the consolidated balance sheet / 63
• Notes to the consolidated profit-and-loss account / 68
• Company balance sheet (before appropriation of profit) / 70
• Notes to the company financial statements / 71
• Other information / 73
• Auditor’s report / 74
Solutions for tomorrow’s world
3
Our co
mpan
y
H.R.H. Princess Máxima of the Netherlands
christens the Vox Máxima
Solutions for tomorrow’s world4
Profile
Van Oord is a world-class marine contractor.
Day in, day out, we work on dredging, offshore
and marine engineering projects around the
world. We have been building tomorrow's
infrastructure for more than a century now.
Van Oord is an independent, privately owned
company with a committed shareholder base.
Our business is to carry out challenging projects
with our highly skilled professional staff and
our modern production fleet. Safeguarding the
long-term continuity of our company is the main
focus of our actions as well as our thoughts.
Achieving good financial results is a prerequisite
for this. Investment in people and equipment is
crucial to our future. Safety and quality are always
top priority. We are honest and responsible in our
actions and expect the same from our clients and
other business partners.
Van Oord executes projects of every size
and complexity anywhere in the world. The
combination of dedication and entrepreneurship
perpetually creates new business opportunities.
We offer our clients solutions to their problems.
From the designing table all the way to project
completion, conscious of the environment and
anticipating local circumstances. We are
continuously improving our equipment and
working methods. Innovative thinking has led
us to our present top position in the world of
marine contracting.
Solutions for tomorrow’s world5
Project partner
In addition to executing projects, Van Oord is
also an ideal partner for its clients. Together,
we take on complex and challenging marine
engineering projects.
Marine engineering
• Dike and revetment construction
• Building (offshore) breakwaters, groynes
and quay walls
Dry infrastructure
• Supplying sand, gravel and other material
• Constructing earth tracks
Building wind farms
• Acting as a Engineering, Procurement and
Construction contractor for the construction
of entire offshore wind farms
• Delivering services to offshore wind farm
contractors
Soil improvement
• Vertical drainage
• Deep compaction
• Underwater drilling and blasting
Dredging Offshore
Activities
Marine engineering
Van Oord’s activities are divided into the
following product groups:
Dredging
• Dredging harbours and waterways
• Dredging sand for land reclamation
• Constructing artificial islands
• Beach and foreshore replenishment
• Environmental dredging
Offshore
• Protecting subsea oil and gas pipelines
• Installing Single Buoy Mooring systems
and pipelines in shallow water
• Laying oil and gas pipelines in shallow water
• Dredging trenches
6
Dry infrastructure Building wind farms Soil improvement
7
C.J. van den Driest (1947), Chairman
Chairman of the Board of Directors of Royal
Van Ommeren N.V. (1991 – 2000)
Chairman of the Management Board of Royal
Vopak N.V. (2002 – 2005)
J.W. Baud (1951)
Managing Director at NPM Capital N.V.
(2002 – present)
K. Damen (1944)
President and CEO of Damen Shipyards Group
(1991 – 2005)
Chairman of Damen Shipyards Group
(2005 – present)
Jac.G. van Oord (1946)
Chairman of the Board of Management of
Van Oord Groep N.V. (1995 – 2003)
Chairman of the Executive Board of Van Oord N.V.
(2003 – 2008)
W. van Vonno (1941)
Chairman of the Board of Directors of Royal
BAM Groep N.V. (1982 – 2005)
Resignations schedule Supervisory Board
first end
appointed of current
term
C.J. van den Driest 2006 2010
J.W. Baud 2009 2013
K. Damen 2008 2012
Jac.G. van Oord 2009 2013
W. van Vonno 2003 2011
Personal particulars
Supervisory Board
‘In a company like Van Oord, it’s important that
the managers have literally got their feet wet.
That way they know what they’re talking about.’
‘Van Oord has the potential to be the best marine
contractor in the world.’
‘I think that Van Oord has achieved great things
by becoming a major marine contractor on the
world stage.’
‘It’s advisable for supervisory directors to know the
company inside and out and to understand the
relevant industry.’
‘Everyone on shore and on board is working hard
and with great dedication to execute what are
often astonishing projects.’
W. van Vonno
J.W. Baud
C.J. van den Driest
K. Damen
Jac.G. van Oord
8
Cutter suction dredger Zeeland dredges salt reefs
in the Dead Sea in Jordan
9
Management
Area Offshore
• Area manager subsea rock installation
M.B.A.M. de Kok
• Area manager offshore pipeline installations
C.W.H.M. Prak
Area Netherlands
• Area manager
I.F.R. Daemen
• Area manager
W. Visser
• Area manager Belgium
J. Kloet
Executive Board
P. van Oord (1961) – CEO
(Chief Executive Officer)
Pieter van Oord has been a member of the
Executive Board since 2007. He was appointed
CEO in 2008. In addition to his chairmanship, he
is responsible for the area's Offshore, Netherlands,
Europe and staff departments Personnel &
Organisation, Operations Department, Technical
Department, Quality, Health, Safety & Environment
and Marketing & PR.
A.J. van de Kerk, RA (1955) – CFO
(Chief Financial Officer)
Arjan van de Kerk has been a member of the
Executive Board since 1998. He is responsible for
staff departments Finance & Administration,
Information Technology, Survey and Legal &
Contracts.
P.H.G. de Ridder (1948) – COO
(Chief Operational Officer)
Peter de Ridder has been a member of the
Executive Board since 1994. He is responsible for
worldwide activities in the areas America,
Mediterranean & Africa, Asia & Australia, Middle
East, for the business units Offshore Wind Projects
and Wicks, and for activities carried out by the
staff department Engineering & Estimating.
Area Europe
• Area manager United Kingdom & Ireland
H. Groenewoud
• Area manager Germany
J.J.W. Elleswijk
• Area manager North & East Europe
P.P. Hordijk
Area Middle East
• Area manager
A.F. Kuis
Area America, Mediterranean & Africa
• Area manager South America
G. van Oord
• Area manager North and Central America
J.G. van Oord Azn.
• Area manager Africa
R.A.M. Schinagl
A.J. van de Kerk
P. van Oord
P.H.G. de Ridder
10
Management Committee
The Management Committee consists of the three
members of the Executive Board, six area directors
and four staff directors.
J.B.E.M. Athmer (9) area director, Offshore
C.A. de Bruijn (3) area director, Middle East
P.H. Bunschoten (5) staff director, Technical Department
H. de Jong (7) staff director, Finance & Administration
J. Kloet (4) area director, Netherlands
L.J. Kuik (1) area director, America, Mediterranean & Africa
J. Schaart (10) staff director, Estimating & Engineering
A.J.M. van Schaik (6) staff director, Personnel & Organisation
F. de Wit (8) area director, Europe
B.M. de Witt MBA (2) area director, Asia & Australia
Area Asia & Australia
• Area manager South West Asia
M.P. Meijers
• Area manager South East Asia
M. Smouter
• Area manager North East Asia
L.J. Krekt
• Area manager Australia
J.H.C. Kerklaan
Offshore Wind Projects
• Area manager
J.G. van Wijland
Wicks
• Area manager
O.F. Verkerke
Staff managers
• Information Technology
A.G.M. Arrachart
• Legal & Contracts
J.M. de Groot
• Marketing & Public Relations
A.G.M. Groothuizen
• Operations Department
A.J. Vrijhof
• Survey
M.J.L. Koper
• Quality, Health, Safety & Environment
J.P. van der Geer
1
2
3
4
5
6
7
8
9
10
11
We have become increasingly active in recent years
in the area of corporate social responsibility and
consequently felt the need to concentrate our
efforts in this respect. In 2010, we will continue
to implement our CSR policy company-wide. The
project will be headed by the chairman of the
Executive Board, Pieter van Oord. We involved
clients, industry organisations, shareholders,
management and employees in the preparatory
phase of this project, and then set up various
working parties – chaired by senior management –
to explore the issues in depth and to develop
concrete plans.
People
We are an organisation of people who are
passionate about our business. As a commercial
enterprise, we offer satisfactory terms and
conditions of employment and ample opportunity
for coaching, training, and personal and career
development. We treat one another, our
stakeholders and the world around us with
integrity and responsibility. For our performance in
2009, please see the sections on Human resource
policy (pp. 32 ff.), Quality, health and safety
(pp. 40 ff.) and Environment (pp. 44 ff.).
Planet
Van Oord will intensify its efforts in the area of
CSR by developing and introducing an energy
management system in 2010. We conducted our
first carbon footprint analysis in 2009, covering
Corporate social responsibility
Our ap
pro
ach
our operations in 2008. The result was based on
NEN ISO 14064 standards. Our direct (vessel fuel
consumption) and indirect (electricity and
automobile fuel consumption) emissions in 2008
amounted to more than 1.1 million tonnes,
approximately 0.1% of the total emissions
generated by the maritime sector worldwide. Most
of this amount can be attributed to direct CO2
emissions, that is vessel fuel consumption.
CO2 emissions in tonnes (x 1,000)
Total CO2 emissions 1,138
Vessel fuel consumption 1,127
Electricity consumption 2
Automobile fuel consumption 10
In 2010, we will begin by obtaining NEN ISO
14064 certification for Van Oord Nederland.
The steps we are taking to reduce our emissions
company-wide focus mainly on improving the
efficiency of our dredging process, maintaining
our vessels and building new vessels. At the same
time, we will raise awareness of energy
consumption among our employees and influence
their behaviour in this respect, so that we achieve
our aim of sustainable energy use. Environmental
factors and alternative execution methods play
an important role in our projects. We are also
one of the initiators of Building with Nature,
a programme that explores the interaction
between maritime infrastructure and ecology.
There is more information on this topic in the
12
sections on Quality, health and safety and
Environment (pp. 40 ff.).
Prosperity
The long-term continuity of the company is of
vital importance to us. That continuity depends on
our generating a healthy profit, one that enables
us to pay dividends and wages in line with the
market and implement sustainable operational
processes. It also gives us an opportunity to grow,
and to demonstrate our growth by continuously
investing in human capital and equipment.
Our code of conduct
Our everyday work is guided by four core values:
Responsibility
• We give our employees the necessary authority to
achieve good results
• We are accountable for progress and results
• We respect the other party’s responsibility
• We use safe working practices
Openness and trust
• We provide and ask for information
• We communicate with the right people about the
right information
Clarity and respect
• We express our appreciation and our criticism
• We do what we say and we say what we do
• We talk to one another, not about one another
Team spirit
• We are prepared to help one another
• We make active use of one another’s skills and
talents
13
Trailing suction hopper dredger Utrecht on the
Maasvlakte 2 project in the Netherlands
14
Tomorrow's world will be shaped by a number of
key trends and developments.
A growing world population
The United Nations’ long-term projections indicate
that the world population will continue to grow.
More space will be needed for housing, commercial
and recreational facilities, particularly in deltas
and coastal areas.
Van Oord is helping to meet that demand, for
example by means of land reclamation and the
construction of offshore artificial islands like those
created in Dubai.
The expanding level of maritime transport
Global maritime transport has increased rapidly
in the past decades, the result of the expanding
world population and favourable economic
climate. Despite the current recession, long-term
economic prospects remain positive. Countries
will expand their port capacity in order to
accommodate the growing volume of trade.
That growth will become evident not only in the
number of vessels in operation but also in their
increasing size, a development that requires
deeper and bigger ports.
Van Oord specialises in port construction,
maintenance and expansion. We are experts in
building and maintaining harbour basins and
channels, port sites and quay walls. For example,
we are currently deepening the port of Rio de
Janeiro in Brazil and are a member of the
consortium responsible for the Maasvlakte 2
expansion project in the Port of Rotterdam,
the Netherlands.
Offshore energy infrastructure
World population growth and the expanding
economies of China, India and other nations are
increasing the demand for energy. Although
short-term demand has slowed somewhat owing
to the economic downturn, in the long run energy
consumption around the world is expected to
grow sharply. Many countries are working to build
an infrastructure that can meet that demand. They
are making major investments in new offshore oil
and gas pipelines and in transport and storage
facilities for liquid natural gas. In addition,
alternative sources such as offshore wind energy
will play a growing role in the worldwide energy
supply.
World GDP (IMF growth figures)
350
300
250
200
150
100
50
0
19
80
19
82
19
84
19
86
19
88
19
90
19
92
19
94
19
96
19
98
20
00
20
02
20
04
20
06
20
08
*20
10
*20
12
*20
14
source: IMF
index
(1
98
0 is
10
0)
World marketed energy use by fuel type
liquidsin q
uad
rilli
on B
tu's
(Br
itis
h t
her
mal
unit
)
800
700
600
500
400
300
200
100
2004 2005 2010 20252015 2020 2030
natural gas coal
nuclear renewables
source: International Energy Outlook 2008 (EIA)
World population - urban & Rural 1950 - 2050
Urban population
10
8
6
4
2
1950 1975 2000 2025 2050
Rural population
Total world population
source: United Nations Population Division
in b
illio
n
What are our challenges?
15
We excavate trenches, lay pipelines and install
rock as ballast or protection. By building LNG
ports and offshore wind farms, we are meeting
the challenges posed by complex projects and
helping to create sustainable alternatives.
Coastal protection and urban development
By 2050, the world population is expected to reach
approximately nine billion. Most of this increase will
be in urban areas. Eighty percent of the world’s
cities lie along coasts, in deltas and on rivers. On
the one hand, we will need more space for housing,
commercial and recreational facilities. On the other
hand, the sea level is expected to rise, posing a
threat to coastal areas.
Van Oord is renowned worldwide as an expert in
marine engineering. We replenish beaches along the
Dutch, British and other coasts and work with nature
in replenishing foreshores. We are also experts at
installing shore revetments along waterways. Our
land reclamation work makes urban offshore
expansion possible.
1800
Scenario’s for world-wide sealevel rise
Estimates of the past
Instrumental record Projectionsof the future
Year
4
5
3
2
1
0
-1
-2
1850 1900 1950 2000 2050 2100
in m
eter
s
KNMI 2006-scenario’s Deltacommissie 2008
bron: rapport Deltacommissie
source: IPCC 2007
16
EnvironmentUrbanisation
Maritime transportEnergy
Tourism Other
Van Oord turnover 2009 per market driver
Building tomorrow’s tourist infrastructure
As the standard of living improves in large areas of
the world, the global tourist industry will continue
to grow in the long term. Tourist areas in coastal
regions are working hard to improve their
infrastructure. They are investing in beach
construction and maintenance, new cruise ship
terminals, marinas and modern airports.
We have the necessary marine engineering expertise
to design and develop tourist infrastructure. By
constructing splendid artificial islands and marinas
in Dubai, we have helped to create a top tourist
destination there.
Construction of 55 foundations
for the Belwind offshore wind
farm project, Belgium
Africa America Asia and the Pacific
Europe Middle East South-Asia
1995
Number of tourists
in m
illio
n
1,600
1,200
800
400
2010 2020
source: World Tourism Organisation (UNWTO)
17
Introduction
We are pleased to present Van Oord nv’s annual
accounts as drawn up by its Executive Board. The
annual accounts have been audited by Ernst & Young
Accountants, who have issued an unqualified
opinion. We discussed the auditor’s findings at
length within our Board and then approved the
annual accounts. We propose that the General
Meeting of Shareholders approve the 2009 annual
accounts and pay out a dividend of EUR 57.2 million.
Market
The year 2009 did not start out fortuitously. The
problems that arose in Dubai in late 2008 led to a
considerable fall in both our turnover and our order
portfolio. Fortunately, we were able to compensate
for much of the decline in the Middle East by taking
on new projects in Central and South America, the
Indian subcontinent and the Offshore industry and
the accelerated execution of the Maasvlakte 2 port
expansion project in the Netherlands. Another
strategically significant project was the development
of the Belwind offshore wind farm. After the client,
Econcern, ran into continuity problems, we
consulted closely with the various parties, both
existing and new, and agreed a new partnership.
The project is now in progress. In addition, the
ability of our organisation to adapt to rapidly
changing circumstances helped us achieve
satisfactory turnover and profits over the course of
the year. In that sense, the new organisation – with
the Executive Board working closely with the six
area and four staff directors to determine the most
efficient and effective deployment of the fleet –
already demonstrated its value in its first year.
New equipment
The new equipment programme required a great
deal of attention in 2009. The highlight of the year
was the christening of trailing suction hopper
dredger Vox Máxima in late April by Her Royal
Highness Princess Máxima of the Netherlands.
In addition, we also launched two heavy-duty
backhoes and a number of sand carriers. Our
shipbuilding activities in China are of immense
strategic importance in keeping the cost of our
new vessels competitive in future. The Technical
Department is therefore being called on to
supervise the building activities closely, placing
major demands on its capacity.
Rep
ort b
y the Su
perviso
ry Board
Rotterdam, 9 March 2010
C.J. van den Driest
J.W. Baud
K. Damen
Jac.G. van Oord
W. van Vonno
Costs
Following the economic downturn in 2009,
we undertook a company-wide cost-cutting
programme, with general costs being the
greatest priority.
General Meeting of Shareholders
During the General Meeting of Shareholders,
we said farewell to fellow supervisory directors
R. Prins and J.G. van Oord. We are indebted to
Mr Prins for his dedication and financial expertise,
which was particularly valuable to the company
during the merger in 2003. We are grateful to
Mr Van Oord for his valuable input in setting up
the current company, and for his in-depth
knowledge of the industry and his belief in its
future. We also said goodbye to J. van Herwijnen,
member of the Executive Board. We appreciate
how he devoted himself to the company’s growth
and development, based on his wide-ranging
experience and profound knowledge of the
dredging industry. At the same meeting, we
welcomed Jac.G. van Oord and J.W. Baud to the
Van Oord realises landfall for
gas pipeline in Corrib, Ireland
18
Supervisory Board. Our current chairman,
C.J. van den Driest, ends his term in office this
year; he will be nominated for another term.
Activities
The Supervisory Board met five times in 2009.
The meetings, which featured presentations by
and discussions with senior management, allowed
the supervisory directors to acquaint themselves
with current trends and developments within the
company. We also visited various operating
companies, ongoing projects and new equipment
projects. Another frequent topic of discussion was
risk in its many different forms, something that is
inherent to the world of contracting. We looked in
particular at trends in quality, safety, proper
documentation of incidents and their follow-up.
We were gratified to see an improvement in the
safety statistics in 2009. The supervisory directors
occasionally attended meetings between the
company’s management and its works council,
and were pleased to observe effective employee
representation in action.
Expression of appreciation
Finally, we wish to thank the Executive Board and
employees for their dedication and flexibility in
one of the most uncertain years since the founding
of the company. By working hard and providing
effective leadership, they succeeded in overcoming
the problems of the past year, giving Van Oord a
sound basis for meeting new challenges and
instilling confidence in the company’s future.
19
Introduction
Van Oord began to feel the effects of the
worldwide recession in 2009. Although we lost
much of our turnover in the Middle East, a rise in
turnover in other parts of the world offered partial
compensation. In early 2009, we adapted our
organisation to the reduced turnover in Dubai. We
did this not only in Dubai itself, where hundreds
of jobs were cut, but also, to a limited extent, at
our headquarters in Rotterdam. Because our
activities are distributed worldwide, we were able
to deploy staff posted to Dubai and the relevant
equipment elsewhere. That means that turnover
has increased in the Netherlands, Brazil, Nigeria
and India in particular. The same goes for Offshore
and the Offshore Wind Projects business unit.
After identifying a safety target of no more than
1.3 accidents per 100 employees, we met that
target with a score of 1.27.
Turnover, profits and order portfolio
Van Oord’s turnover was EUR 1,424 million in
2009 (2008: EUR 1,896 million). Net profits were
EUR 120 million (2008: EUR 165 million).
Profitability – expressed as a percentage of
turnover – remained high at 8.4% (2008: 8.7%). We
achieved healthy results in virtually every region
of the world, with a good balance between people
and equipment on the one hand and available
work on the other. In addition, almost none of our
projects in the past year were loss-making. The
large-scale land reclamation projects in Dubai
that were suspended in late 2008 (valued at
EUR 1,842 million) were deducted from our work
in progress. At 31 December 2009, our order
portfolio stood at EUR 1,777 million, virtually
unchanged from 2008 (EUR 1,798 million). In
terms of our new projects, margins are still under
pressure. Generally speaking, however, we still
have a good quality order portfolio.
Investment
We launched trailing suction hopper dredger
Vox Máxima in early 2010. With a hopper capacity
of 31,200 cubic metres, the Vox Máxima is the
most recent addition to the Van Oord fleet and the
biggest trailing suction hopper dredger ever built
in the Netherlands. Its construction is part of a
EUR 1 billion investment programme begun in
2007 and continuing to 2011. In addition to the
Vox Máxima, Van Oord also lengthened its trailing
suction hopper dredger HAM 318 and constructed
two heavy-duty backhoes, two water-injection
dredgers, and a number of split hopper barges
and sand carriers. A flexible fallpipe vessel, split
hopper barges, sand carriers and a self-propelled
cutter suction dredger are still under construction.
For more information about our new equipment
programme, please see page 48.
General points
Rep
ort b
y the Ex
ecutive Bo
ard
Rotterdam, 9 March 2010
P. van Oord
A.J. van de Kerk
P.H.G. de Ridder
0
Turnover per area (in millions of EUR)
2009 Total: 1,424
Total: 1,8962008
Offshore Wind Projects
America, Mediterranean &Africa
Netherlands
Offshore
Europe
Asia & Australia
Middle East
135
281
848
205
229
200 400 600 800 1000
186
216
209
180
110
302
250
Wicks12
9
148
20
Financing
The available lines of credit came to a total of
EUR 447 million with a remaining term to maturity
ranging from two to seven years. The total sum
taken out in loans was EUR 247 million. The
interest rate risk on the available credit lines has
been covered on the futures market, based on the
anticipated drawdown periods in the years ahead.
Cash at bank and in hand came to EUR 297 million
at year-end. Our company is financially healthy. The
credit lines are more than sufficient to cover the
current investment programme. With solvency
standing at 30.1% and our capital base at 32.7% of
total assets, the company’s financial basis is sound.
Shareholders
The percentages of ordinary shares owned by the
respective shareholders did not change during the
year under review: 51% are owned by MerweOord,
27.5% by NPM Capital and 21.5% by Royal BAM
Group. Shareholders’ equity came to EUR 580 million
at year-end (2008: EUR 545 million).
Changes to reporting system
After the Dutch Guidelines for Annual Reporting
were amended, we made two changes to our
reporting system in 2009. One change concerned
pensions and the other work in progress. The
comparative figures for previous years have been
adjusted accordingly.
Pensions
Owing to the change in the reporting system for
pensions, the annual accounts no longer report the
difference between the pension commitments and
the fair value of the pension investments, taking
into account the actuarial results. As from the 2009
financial year, the annual pension charges are equal
to the contributions to be remitted to the pension
insurer. As a result of this change, the balance
sheet will no longer include a provision or claim
for pension commitments that have been fully
re-insured. As from 1 January 2009, the
EUR 30.3 million asset item at year-end 2008
was charged directly to equity. The negative net
effect on the 2008 profit is EUR 25 million.
Work in progress
The change concerning the way work in progress is
presented states that in the event of a negative
balance, it should be presented on the liabilities
side of the balance sheet. Previously, the credit
position was reported as a negative amount on the
assets side of the balance sheet. The comparative
figures for 2008 have been adjusted accordingly.
This change has had no effect on equity or profits/
losses, but it does influence the solvency and ROA
figures.
Governance model
The Executive Board consists of three managing
directors appointed under the company’s articles of
association. We have also appointed a Management
Committee, whose task is to take key operational
and commercial decisions. The Management
Committee consists of the three members of the
Executive Board, six area directors and four staff
directors.
Risk control
Management system
There are always risks involved in contracting and
executing projects. Our internal control systems
are designed to recognise risks in advance and to
take steps to contain them. We believe that these
systems are effective. Van Oord has published a
booklet – available to all employees both digitally
and in print – clearly describing its management
system. That system consists of procedures and
lines of authority. The procedures describe how
we are to act with respect to project tendering and
execution, safety, investment, purchasing, and
complaints. The QHSE (Quality, Health, Safety &
Environment) Department audits the proper
functioning of the management system. The
results of these audits can lead to additional
measures. Certificates granted to us by external
parties are in part based on the proper functioning
of our management system. In addition, our
clients, shipping inspectorates and insurance
companies regularly audit our procedures.
Everything indicates that our management system
functions properly.
Financial risks
We monitor our cash balances on a weekly basis,
providing forecasts for the months ahead. Where
necessary and feasible, we actively intervene in
order to manage the pressure on our working
capital. We do this in advance wherever possible
by making firm contractual agreements with
21
company’s safety policy and monitors compliance.
Accidents are discussed every week at various
levels, including within the Executive Board.
Where necessary, we follow up by implementing
additional measures.
We have introduced an electronic document
management system in the Netherlands.
Voluntary supply chain responsibility
Our responsibility for the supply chain currently
covers the phases associated with our position in
that chain. Van Oord complies with existing
legislation in the countries in which we are active.
We offer excellent terms and conditions of
employment, aligned with customary practice in
the country of origin and in international business.
We require shipyards to maintain environmentally
friendly and safe working conditions, make
demands on our suppliers in accordance with
local legislation, and deal responsibly with the
demolition of vessels. We regularly consult with
our clients about our safety and sustainability
performance.
Objectives
In addition to our standard operations and all their
challenges, in 2010 we will be focusing on:
Markets
• Re-evaluating our strategy for the 2011 – 2015
period
• Taking advantage of growth opportunities in our
home markets and new markets
• Boosting our position in the market for wind
energy
People and organisation
• Avoiding fatal accidents and continuing to
reduce accident frequency. The number of
accidents leading to absence should remain
below 1.3 per 100 employees
• Accurately describing and implementing our
policy and conduct based on NEN-ISO 14064
sustainability standards
• Continuing to optimise our management
development programme
• Improving our output efficiency
• Exercising company-wide cost control
clients in accordance with fixed standards. We
monitor foreign currency positions per project;
our positions are almost fully hedged by forward
exchange contracts. In determining the amount to
be covered, we also take intended vessel repairs
and foreign currency payments into account. We
eliminate our interest exposure by making use of
interest derivatives on the futures market. If we
are uncertain about the creditworthiness of any of
our clients, we cover potential payment risks
largely by bank guarantees and insurance policies.
We cover fuel price risks largely by transactions
on the futures market or contractual agreements
with clients. We reduce our risk in the global
market by taking on projects all around the world.
This involves entering into partnerships that
spread the execution risk.
Scheduling
In addition to profitable projects, our financial
results depend on how efficiently we deploy our
experienced and expert employees and our
vessels. The tendering, project execution and
planning processes for personnel and vessels are
firmly embedded in our management system.
Reports
We keep our lines of communication short so that
we can take quick and effective action. This
applies within our project teams, but also between
our project managers, the management
responsible and the Executive Board. Our
management information is tailored to the various
levels of responsibility in the organisation. We
generate standard daily, weekly, monthly,
quarterly and annual reports presenting both
quantitative and qualitative data. The reports
focus mainly on pending and current tenders,
equipment output figures, the costs associated
with the various organisational units, income and
expenditure per equipment unit, and budget
control reports for each project. This information
is used to report, to identify and to resolve
potential problems well in advance, to control risk
and to increase the company’s profitability in the
future. We draw up final work reports for
completed projects, which are then filed in a
central location and can be consulted as a
reference for similar future projects.
Safe working conditions are a vital part of our
operations. The Executive Board establishes the
22
Equipment
• Successfully launching our new equipment
• Optimising the availability of our equipment
within the prevailing economic conditions
• Drawing up an investment plan for the coming
years based on the strategic revaluation referred
to above
Prospects
Growth has stagnated in many areas of the world.
Our industry tends to lag behind the economic
cycle, and that means that 2010 is likely to be a
more difficult year for Van Oord. We expect that
our contract volume will decline. In view of the
immense uncertainty involved, it is impossible
for us to predict what our turnover or results will
be in 2010. By exploiting opportunities in new
markets, for example offshore wind farms, and
in existing markets, for example services to the
offshore industry, we expect to be able to keep
our turnover up to standard. In addition to our
sound financial structure, we have a flexible
organisation made up of individuals who are used
to dealing creatively and efficiently with changing
market conditions. This gives us confidence about
the future.
Trailing suction hopper dredger Volvox Terranova
working on the Maasvlakte 2 project in the Netherlands
23
Our areas and projects
Backhoe Goliath during its trials
24
Construction of Maasvlakte 2,
Rotterdam - deployment of various
trailing suction hopper dredgers –
execution period 2008 – 2013.
Construction of Hanze Railway Line
‘Nieuwe Land’ link, Flevoland route
– deployment of cutter suction
dredger Aegir, sand dredger Faunus,
barge-unloading dredger Triton,
Mijnster barges and dry
earth-moving equipment –
execution period 2006 – 2010.
Maintenance dredging along the
Ghent-Terneuzen Canal, Belgium –
deployment of bucket dredger Stad
Gent – execution period 2008 – 2010.
1
2
3
Netherlands
In our organisation, this area encompasses both the
Netherlands and Belgium. The most important projects in
Van Oord’s domestic market involve coastal protection, river
management, port expansion and infrastructure expansion. In
2009, the recommendations of the Delta Commission were laid
down in the National Water Plan. The new plan provides the
basis for all flood safety and marine engineering projects that
will be carried out in future.
The year 2009 was an extremely busy one in the Netherlands
area. The construction of Maasvlakte 2, a new section of the
Port of Rotterdam, will boost the port’s development. Van Oord
has a 50% stake in PUMA, the consortium carrying out the
project. The work is progressing according to schedule. At
the same time, Van Oord deployed a large number of trailing
suction hopper dredgers on various coastal defence projects
that formed part of the Netherlands‘ ‘Weak Links’ coastal
defence programme, including the Hondsbossche and Pettemer
Seawalls, the coast at Scheveningen, Delfland, Nolle West Dunes
and between Nieuwvliet and Groede. Sand replenishment
operations were carried out at Voorne and Texel as part of a
regular maintenance programme. Van Oord also helped reinforce
the foreshores of a number of dikes along the Oosterscheldt
and Westerscheldt in the Zeeland delta. Among other dry
infrastructure projects, we are part of a consortium contracted
to widen the A4 motorway.
25
This area encompasses the United Kingdom, Germany and
Russia, where we have permanent branch offices, and the
former Soviet republics.
The worldwide economic crisis has been noticeable in this
area. The former Soviet republics have been hit particularly
hard, and various projects have been downsized or
postponed.
Europe
Our projects in Germany are clustered in the northern part of
the country and involve port development and maintenance.
Coastal defences and port development are the two most
important activities in the UK.
Van Oord has reinforced its position in Scandinavia.
Maintenance contract to deepen
the port of Cuxhaven, Germany –
deployment of water-injection
dredger Wodan – execution period
1989 – 2009.
Construction of new harbour in Great
Yarmouth, UK – deployment of side-stone
dumping vessels HAM 601 and Frans,
cutter suction dredgers Sliedrecht 35 and
Zeeland II, backhoes Razende Bol
and Dinopotes, split hopper barge Heron
and water-injection dredger Odin –
execution period 2008 – 2009.
Deepening of the port of Oulu,
Finland – deployment of cutter
suction dredger Zeeland II – execution
period 2009.
4
5
6
26
This area covers four continents: North and South America,
the Mediterranean and Africa.
Brazil has been our home base in South America for twenty-five
years. We have a permanent branch office in Rio de Janeiro and
deploy our own equipment – sailing under the Brazilian flag –
on projects in Brazil, in particular port projects in such places as
Recife, Rio de Janeiro, Itajai, São Luis and Suape. The Brazilian
market for marine contracting consists mainly of port and
waterway maintenance. In Mexico, we were involved in the
beach replenishment project in Cancun, important for the
tourism industry. For the past several years, we have been
carrying out regular maintenance in Venezuela’s Orinoco River
and the shipping lane in Lake Maracaibo.
America, Mediterranean & Africa
Spain is an important home market in this area, and our main
activities there consist of port expansion and maintenance and
beach maintenance. We have a joint venture in Spain with
Dragados, one of Europe’s biggest contractors, which operates
under the name Dravo S.A. This company has its own dredging
equipment. Spain is also our base for projects in Portugal and Italy.
Van Oord has been active non-stop in Nigeria since 1963. At the
moment, our most important projects there involve work for the
oil and gas industry, land reclamation, and maintenance to ensure
the navigability of waterways. Our biggest and most significant
project in 2009 involved deepening the River Niger. In Tunisia,
we undertook maintenance work for the ports of La Goulette,
Sfax and Radès.
Deepening of the port of Rio de
Janeiro, Brazil – deployment of
trailing suction hopper dredger
Geopotes 15, backhoe Goliath and two
self-propelled split barges – execution
period 2010 – 2011.
Deepening of the River Niger,
Nigeria – deployment of
cutter suction dredgers
Calabar River and Eendracht –
execution period 2009 – 2012.
Maintenance of the port of
La Goulette, Tunisia – deployment of
trailing suction hopper dredger
Lelystad and backhoe Dinopotes –
execution period 2009.
7
8
9
27
Middle East
Much of our turnover in the Middle East stagnated, especially
in Dubai. Land reclamation nevertheless continued to be a
significant activity in 2009, although at a much lower level.
Artificial islands are being constructed both in Dubai and Abu
Dhabi. Two of the Dubai islands, Pearl Jumeirah (part of the
Jumeirah Garden Islands Project) and Al Mamzar (part of Palm
Deira), will be zoned for residential accommodation. The
island A6 near Al Dabby’ia in Abu Dhabi is intended for the oil
and gas industry. In addition to land reclamation, the two
projects also involved coastal protection work.
We deepened the harbour in the emirate of Ras al Khaimah
and constructed a new breakwater. We also performed
maintenance dredging in the cooling water intake channel
of Subiya power station, work that falls under a five-year
maintenance contract with the government of Kuwait.
Phase 4 of the Sohar port expansion project in Oman began
in 2009 and will be completed in 2010.
Our contract with Jordan to dredge salt reefs in the Dead Sea
has been renewed for another year.
Dredging of an access channel in the
Dead Sea, Jordan – deployment of
cutter suction dredger Zeeland –
execution period 2009 – 2010.
Construction of artificial island Al
Dabby’ia, Abu Dhabi – deployment of
cutter suction dredger Hector –
execution period 2009.
Construction of artificial island
Al Mamzar, Dubai – deployment of
trailing suction hopper dredgers
HAM 318 and vibrocompaction
equipment – execution period
2008 – 2009.
10
11
12
28
Expansion of the port of Bayuquan,
China – deployment of cutter suction
dredger Noordzee – execution period
2009.
Deepening of Port Klang, Malaysia –
deployment of trailing suction hopper
dredger HAM 318 – execution
period 2009.
Maintenance dredging in the port of
Mumbai, India – deployment of
trailing suction hopper dredgers
Sagar Hans, Volvox Delta and Volvox
Atalanta and water-injection dredger
Antareja – execution period 2009.
13
14
15
Asia & Australia
India is an important location for Van Oord’s activities in the
Asia & Australia area. Most of our work there concerns port
development and maintenance, both required to keep up with
the growing volume of maritime transport and related economic
development. Van Oord has a permanent branch office in
Mumbai. We deploy equipment that sails under the Indian flag
on many of our projects.
The Chinese economy has also continued its robust growth,
but the market is a difficult one for foreign companies.
Nevertheless, Van Oord once again deployed a cutter suction
dredger in China. Our Shanghai office plays an important role
in procurement for equipment being constructed in China.
There was as yet no large-scale resumption of the supply of
sand to Singapore, and our projects there made little progress
as a result. Van Oord was involved in various maritime
infrastructure development projects in Malaysia.
The worldwide economic crisis affected Australia’s export of
raw materials in the past year, and there were very few port
projects put out to tender as a result.
29
Offshore
Van Oord continued to boost its position in the offshore
energy infrastructure market. We concentrated on constructing
landfalls for oil and gas pipelines, executing EPC (Engineering,
Procurement & Construction) contracts for offshore loading
and unloading buoys (SPMs), and installing rock on the seabed
to protect and stabilise pipelines. Van Oord undertakes these
activities worldwide. In 2009, we were involved in projects
in Russia (Baydaratskaya Bay Crossing), the North Sea
(Ormen Lange II), Ireland (Corrib), the United Arab Emirates
(Fujeirah) and Australia (Pluto).
Dredging trenches for gas pipeline
Baydaratskaya Bay Crossing –
deployment of trailing suction hopper
dredgers Geopotes 15 and Utrecht –
execution period 2009.
Installation of rock for the gas
pipeline project Malampaya,
Philippines – deployment of flexible
fallpipe vessel Tertnes – execution
period 2009.
EPC contract to install three subsea
pipelines and SPMs for the ADCOP
project in Fujairah, UAE – deployment
of trailing suction hopper dredger
Rotterdam, multipurpose vessel
Jan Steen, multipurpose pontoon Manta
and pull winches – execution period
2009 – 2010.
16
17
18
30
Offshore Wind Projects
After successfully completing the Princess Amalia Windpark
along the Dutch coast, we began the first phase of
constructing the Belwind offshore wind farm off the coast of
Belgium in mid-2009. After Econcern went into liquidation,
new owners took over the concession for this wind farm.
Van Oord is once again serving as the Engineering,
Procurement & Construction contractor. The contract involves
building the 55 foundations (including erosion protection)
and complete electricity supply station for the wind turbines,
installing the turbines, and connecting them to the Belgian
electricity mains. We will finish our work in late 2010.
Once the first phase of the project is completed in 2011,
165,000 households will benefit from clean energy.
Wicks
Construction of 55 foundations for
the Belwind wind farm, Belgium –
deployment of jack-up rig – execution
period 2009 – 2010.
Installation of vertical drains for the
Vito Tank Farm in Johor, Malaysia –
deployment of vertical drainage rigs
HV803, 805 and 808 – execution
period 2009 – 2010.
19
20
In late 2008, we concentrated our worldwide deep compaction,
vertical drainage and underwater drilling and blasting activities
into a new business unit, Wicks. Wicks is an independent
organisation that works for Van Oord and for third parties.
Outside Europe, it focuses mainly on more specialised projects,
for example installing vertical drainage facilities down to a
depth of more than thirty metres.
Our deep compaction activities were concentrated in the Middle
East. Activity in Dubai declined considerably after large-scale
land reclamation projects were postponed.
Wicks recently accepted contracts to perform underwater
drilling and blasting work in Sweden, Australia and Brazil.
31
Our human resource policy emphasises
the following:
• Nurturing the talent of all our employees
• Adjusting the size of our organisation at our
offices and on our fleet
• Being an attractive employer
• Offering competitive wages and other
employment terms
We believe that our employees are the key to our
success. It is vital to Van Oord's operations that our
employees can continue to develop their careers
and we offer them the right motivation. That is the
main focus of our human resource policy. When
most of our projects in Dubai were suspended, we
were unfortunately forced to drastically reduce the
size of our organisation there. Many employees
were transferred to other projects worldwide,
but we were forced to let many local employees
in Dubai go.
Personnel and organisation
Van Oord had 4,060 employees worldwide at
year-end 2009 (2008: 4,613). We also deploy
workers on our projects and vessels who do not
have an official employment contract with
Van Oord but who often work for our company
for lengthy periods of time. Of the total number
of employees, 50% are working under a Dutch
employment contract (2008: 45%). We introduced
a new personnel information system in 2009;
this will enable us to register and track basic
data of all our employees worldwide. The aim is
to have the new system up and running by the
second half of 2010.
The focus of activity shifted from the Middle East
to a large number of locations elsewhere in the
world, with projects becoming shorter at the
same time. This calls for a new staffing strategy:
employees are stationed on projects for much
shorter periods of time and more employees are
required for a larger number of projects. Staffing
at the offices was analysed in consultation with
the managers, with adjustments being made
where necessary. To the extent possible,
vacancies were filled by means of internal
selection. We also looked closely at our fleet
staffing and the composition of our crews in
late 2009. The process of implementing all
these changes will be completed in the
2010 – 2011 period.
The number of employees working on our fleet
scarcely changed in the past year. The launch of
new equipment – including specialised backhoe
dredgers – and reduced occupancy rate of our
cutter suction dredgers in 2009 require our crews
to be flexible. We expect the labour market for
Dutch sailors to remain tight. It is therefore
important for us to continue our
internationalisation programme.
The economic recession and the associated
uncertainty led Van Oord to exercise restraint in
its recruitment and selection policy in the past year.
We have continued to cooperate with various
educational institutions, however, so that we can go
on promoting ourselves as an attractive employer.
Human resource policy
Surveyors on board flexible
fallpipe vessel Nordnes
32
Diversity
Internationalisation continues to be an important
objective for Van Oord. Our aim, to a certain
extent, is for our personnel to reflect the world in
which we operate. We do this in two ways: by
employing local workers on the one hand and on
the other by deploying more international workers
from our own pool on project execution
worldwide.
One of the key foundations of a multinational
company is diversity. Our ‘One Team’ culture is
based on cooperation and respect (see also page
13). English is the language of communication
throughout our company.
The policy we have introduced in the past few
years also gives employees from outside the
Netherlands the opportunity to move into
management positions at every level of the
organisation. Like various other training
Courses
2007
2008
2009 2.836
0 500 1,000 1,500 2,000 2,500
2 4 6 8 10
3,000
12
4.4 1,999
5 2,932
Total number of employees (Dutch payroll)
enrolled in courses
Average number of course-days per employee enrolled in a course
4,9 2.8364.9 2,836
0
Total number of employees as at 31 December
2007
2008
2009
3,933
4,613
4,060
1,000 2,000 3,000 4,000 5,000
In January 2010, Van Oord was nominated
for a prize for best recruitment site in
the Netherlands.
VOUB (Advanced Dredging Operations) graduation
33
We also help fund the Dredging Technology chair
at Delft University of Technology, in an effort to
improve the quality and practical nature of
education. We regard educational institutes as
breeding grounds for talented young employees.
In addition to sponsorship and offering students
internships, we give guest lectures and welcome
groups of students who visit the company.
Commitment
We communicate openly with our employees
at meetings, in newsletters, in our employee
magazine and through the Works Council.
Van Oord actively supports its employees’
social and sporting activities.
Young Van Oord encourages the personal
development of young employees by organising
excursions, lectures, workshops and/or sports
events six or seven times a year through which
they can share their knowledge and experiences.
Van Oord has an active personnel association
with approximately six hundred members.
The association organises six events a year
for employees and their families.
We celebrate employee anniversaries and
retirements at Van Oord. Even after their careers
at the company end, we remain interested in our
retirees. In 2009, our seniors association
organised two successful meetings for our
retirees. Retired employees were also invited to
programmes that we run, our trainee programme
is open to international trainees.
Developing talent
We consider it important to offer talented
employees opportunities to develop, regardless of
their nationality. We put considerable effort into
promoting employee training, education,
assessment, personal development plans and
flexibility. These are long-term processes
developed or launched in previous years. The age
structure of our staff means that the number of
Dutch employees taking retirement will increase in
the next few years.
Pension in the Netherlands
As an employer, we believe it is important for our
employees to have a good pension in line with
standard, competitive retirement benefits. Two
thirds of pension costs are covered by the
company and one third by the relevant employee.
After a disappointing year in 2008, the return on
investment began to bounce back in 2009. This
meant that as of 1 January 2010, pension accrual
could be fully adjusted for inflation.
Absence due to illness
Absence due to illness in 2009 came to 2.85%
(2008: 3.23%) of working days. This is lower
than the average for the building sector, 4.55%.
Managers take a close personal interest in
employees who have become ill or had an
accident.
Stakeholders
Our human resource policy is established by
the Executive Board. The Works Council plays
a special role in this process. The chairman of
the Executive Board and the staff director for
Personnel & Organisation have frequent meetings
with the Works Council executive, and they meet
with the entire Works Council every other month.
The Works Council also makes its own proposals.
We consult regularly with the trade unions through
the auspices of the Dutch Association of Dredging
and Marine Contractors (Nederlandse Vereniging
voor Waterbouwers). We are partners with various
educational institutes, ranging from vocational
programmes to universities worldwide.
34
35
Our sponsorship policyOur sponsorship policy complements our
sustainability policy. Van Oord sponsors a number
of small-scale charities, activities at our locations,
and educational institutions. One important
requirement for sponsorship is that the
organisation, event or activity must have some
connection to our work. In sport, we sponsor
sailing and rowing. In education, we sponsor
events and activities at educational institutions
with which we have a partnership.
celebrate company highlights. In 2009, these
included the christening of trailing suction hopper
dredger Vox Máxima by Her Royal Highness
Princess Máxima of the Netherlands, the
christening of backhoes Goliath and Simson,
and the Open House for guests, employees and
their families on board the Vox Máxima on
19 December 2009. The popularity of this event –
with more than 4,000 people attending –
demonstrates the loyalty of our employees,
retirees and their families.
Open house on the Vox Máxima
and christening of the Simson
36
37
38
Trailing suction hopper dredger Geopotes 15 at the Northsea
39
Our policy focuses on:
• Creating a safe workplace for our employees
• Continuing to reduce the number of accidents
• Continuing to improve the Van Oord
Management System
• Training and educating employees with
respect to quality, health and safety
Safety
Our accident frequency in 2009 was 1.27
accidents leading to absence per one hundred
employees. This means that we met our target of
no more than 1.3, a result of which we are proud.
At the same time, we realise that we will only
achieve our targets for 2010 if we continue to
emphasise safe working conditions. We keep our
management and employees abreast of safety
matters by means of audits, newsletters, our
employee magazine and our intranet. We also
offer them a range of courses and training
programmes focusing on safe working practices.
The company’s safety policy is a priority for the
Supervisory Board and Works Council.
One particular concern in 2009 was the piracy
along the East African coast. We have been in
close touch with the Dutch government about
protection, including military protection. Vessels in
our fleet that pass through the relevant area have
introduced various security measures. The
Emergency Response Team (ERT) at our head
office also made special preparations. Ten
Van Oord vessels passed through this area
safely in 2009.
We are proud of the projects and vessels that
distinguished themselves by their safe working
methods in 2009 and presented our two annual
safety awards in recognition of their outstanding
effort. The winner of the Hansje Brinker Award for
safe working practices at a project or yard was the
River Niger project in Nigeria. The Vessel Award
for safe working practices on board a vessel was
presented to the crew of trailing suction hopper
dredger HAM 316. CEO Pieter van Oord presented
the awards to the project and vessel
representatives during the New Year’s reception
for employees on 4 January 2010.
0
Accidents involving absence from work per 100 employees
2005
2006
2007
2008
2009
1.53
1.31
1.79
1.52
1.27
0.5 1 1.5 2 2.5
Objective IF 1.3
Quality, health and safety
40
Our certification
• VCA – Safety, Health &
Environment Checklist
for Contractors: a Dutch
standard for guaranteeing
health and safety at
project sites and on
vessels and for
preventing injuries and
environmental damage.
• ISM Code – International
Safety Management
Code: the international
vessel management
standard for
guaranteeing safety at
sea and for preventing
injuries and
environmental and
property damage.
• ISPS Code – International
Ship & Port Facility
Security Code: concerns
security on vessels and
at port facilities.
• OHSAS 18001 –
Occupational Health and
Safety Assessment
Systems Series guideline:
guideline enforcing and
leading to the continuous
improvement of
circumstances and
factors that influence the
wellbeing of employees,
temporary employees,
other workers, visitors
and any other person
present in the workplace.
• ISO 9001 – International
Organisation for
Standardisation: a quality
management standard
guaranteeing that a
company meets a client’s
requirements, controls its
operational processes
and learns from
experience.
• ISO 14001 – International
Organisation for
Standardisation: an
environmental
management standard.
From the audit reports:
River Niger Project
• thorough preparation, including risk analyses
• proper training of employees on site (site induction)
• suitable housing for all employees.
• good employee awareness of safety
• proper measures taken to prevent environmental incidents
• toolbox meetings organised before work commences
Trailing suction hopper dredger HAM 316
• excellent housekeeping
• various projects carried out in 2009 properly documented (travel preparations)
• proper follow-up on incidents (in safety committee / by vessel management)
• satisfactory output / efficiency on the various projects
Safety induction in Nigeria
Quality, health and safety
41
Quality
Our quality policy has been documented in our
corporate Van Oord Management System, which
is based on national and international standards.
The system is available to our clients and their
consultants. The Van Oord Management System is
certified to ISO 9001 and ISO 14001. We conduct
our business operations according to this system
and evaluate whether we can improve procedures
on a regular basis. The system was revised in
2009. More than one hundred internal and
external audits were conducted at our projects
and on board our vessels in the year under review.
The audits showed that our employees do indeed
comply with the procedures prescribed by the Van
Oord Management System.
Health
Considerable efforts went into countering the
threat of a global flu epidemic in 2009. We
consulted regularly with the Dutch government
and Rotterdam Havenziekenhuis Hospital, and
provided employees who travel frequently with
anti-viral medication. We also built up a small
stock of anti-viral medication at various branches.
In the end, we did not have to make use of them.
Van Oord also provides crews on board its vessels
with sports facilities. In doing so, we help ensure
a working environment for our fleet employees
conducive to their good health.
Stakeholders
Our policy is based in part on the requirements of
the law and our clients and established in close
consultation with the Executive Board and the
Works Council. Our QHSE staff members are in
direct contact with employees working on projects
and on our vessels, in this way ensuring that we
have the input of our people out in the field. Where
necessary, we call in external specialists to assist
us, for example auditors. Safety is a recurring topic
of discussion during our meetings with the
Supervisory Board. Our most important
stakeholders, however, are our employees and
their families.
A high standard of Quality, Health, Safety and
Environment (QHSE) is vital to our success. As such,
QHSE forms an integral part of our working
philosophy and the Van Oord Management System.
By maintaining a high level of QHSE, we aim to meet
our client’s expectations, create a safe and healthy
working environment for our employees, and protect
the public and the environment in general. We
continually work to reduce the number of accidents
and incidents to zero and to keep risks to personnel,
equipment and the environment at a level as low as
reasonably practical.
Managers at all levels allocate time and resources to
QHSE on par with other primary business objectives
and monitor progress regularly. It is the responsibility
of all managers to promote and ensure that all
employees develop QHSE awareness as an essential
part of their professional skills. A proactive approach
is vital. Maintaining and improving QHSE is the
responsibility of every employee. This is supported by
training programmes.
Van Oord complies with all applicable laws and
standards and we work hard to improve on
these standards. Van Oord therefore requires its
business partners, subcontractors and suppliers
to adhere to the same laws and standards.
Performance is monitored by management at regular
intervals and by means of audits and inspections.
We learn from experience, both within the company
and in the industry as a whole, and follow a process
of continual improvement.
Detailed company policy is described and can be
obtained from the applicable staff departments,
such as:
• Health & Safety policy - QHSE department
• Information security policy - IT department
• Document management policy - QHSE department
Rotterdam, 3 August 2009
Executive Board
Van Oord nv
Company policy on Quality, Health, Safety and Environment
42
Side stone dumping vessel Jan Steen protects
pipeline at the ADCOP project in Fujeirah
43
Oosterscheldt foreshore protection
We are working on a rock installation project to
protect the foreshore of the Oosterscheldt estuary
in the Netherlands. Some of the locations in which
we are working are renowned for their
biodiversity. By working with experts in the field
of underwater ecology, we have developed an
innovative design that gives nature free rein to
develop precisely where we are installing the
protective rock. In recognition of the ecological
importance of these sites, the client has approved
our alternative solution and the proposed design
will be implemented in 2010. The impact of this
working method on long-term biodiversity will be
monitored.
Innovative replenishment using natural processes
Van Oord is involved in a large number of coastal
protection projects in the Netherlands that involve
depositing large quantities of sand. The Delfland
Coast project uses innovative techniques to
reinforce the coast. Together with our client and
Delft University of Technology, we have constructed
various sand bodies in varying shapes in order to
study how natural processes can help distribute
the sand. We are monitoring the morphological
behaviour of these bodies using techniques
developed in Delft, the project survey data, and
models that came out of the Building with Nature
programme. This combination is leading to
engineering designs that make maximum use
of natural processes.
Computer model for turbidity
As one of the partners in the Dredging Technology
Research Foundation, Van Oord is involved in a
study investigating the turbidity caused by trailing
suction hopper dredgers. Besides taking
measurements, we will also develop a model for
making realistic predictions of turbidity. The study
has been transferred to the Building with Nature
programme, which will allow the authorities and
consultants to participate as well.
Our policy priority is:
• To manage the impact of our work on human
beings and nature and ensure a proper
balance between these three factors
Building with Nature
We accept that we have a long-term responsibility
to deal conscientiously with the environment.
Evidence can be found in the ISO 14001
environmental certificate that we obtained in
2009. Our environmental policy statement (see
page 45) also became effective in the past year. In
this statement, Van Oord undertakes:
• to use sustainable, ecological working methods
where possible.
• to make continuous efforts to offer its clients
responsible alternatives in the project
preparatory phase.
These statements require an innovative approach
and an in-depth knowledge of local ecological
circumstances and available technology and
materials, factors that feature in the Building with
Nature programme, run by the Ecoshape
Foundation. We are one of the initiators of the
programme and have cooperated closely with
research institutes, universities and the public
authorities to set it up. Building with Nature
focuses on the next step in marine engineering: to
move from defensive engineering methods that
minimise negative impact to engineering that
maximises the potential of natural systems. The
idea is to work with policy-makers, engineers,
contractors and project managers on plans in
which safety, nature, economic potential, quality
of life and sustainability are united and mutually
enhancing. We will learn to build with nature,
instead of building to restrict the impact on
nature. The fact that Van Oord applied a number
of concepts in 2009 developed within the Building
with Nature programme illustrates how serious it
is about this aim.
Environment
44
The Delfland Coast project
makes use of innovative
natural techniques to
reinforce the coast
Environmental policy
It is the policy of Van Oord to do its best, on both an individual
and company level, to conduct its work effectively, safely,
without health risks and with proper consideration for the
environment and to strive for continual improvement by
defining, managing and monitoring environmental performance
indicators.
The nature of the works undertaken can potentially have a
negative impact on the environment during the construction
phase. Van Oord aims to proactively identify possible negative
effects and to plan and execute the works in such a manner
that these possible negative effects are either avoided or
minimised and controlled. Cost effective and environmentally
sound solutions will be sought to resolve issues identified.
To this end Van Oord will:
• Operate in accordance with our corporate social
responsibility values which are stated in the annual report.
We will operate in order to create value in three dimensions –
people, planet, prosperity – and therefore also contribute to
longer-term prosperity and welfare in society;
• Operate an environmental management system and maintain
certification to ISO 14001;
• Where possible, contribute to the local environment by
exploring opportunities to combine maritime infrastructural
works with sustainable and ecological solutions;
• Make ongoing efforts to offer our clients environmentally
responsible alternatives in the project design and preparation
phase;
• Nominate for each work location, a person responsible for
implementation of this policy and the associated procedures;
• Make efforts to predict, measure, manage and prevent or
minimise negative impacts on the environment which could
result from the works carried out;
• Take measures to prevent or minimise land, air and water
pollution and avoid the degradation of water quality;
• Comply with environmental legislative requirements and
appropriate codes of practice;
• Invest in environmental awareness training of our
personnel;
• Take part in environmental discussions with trade
organisations, stakeholders and collaborate with third
parties in environmental research programmes;
• Make this policy available to all persons working
for or on behalf of Van Oord, the public and all
interested parties.
Rotterdam, 23 December 2009
Executive Board
Van Oord nv
45
Policy priorities in this field are:
• Optimising the design requirements
for marine engineering projects
• Providing production support for our
equipment
• Optimising the performance of our equipment
Van Oord's aim of continuous innovation has
turned out to be the right choice in a changing
market. New and improved methods and
techniques can, after all, give us a competitive
advantage when it comes to winning and
executing projects in today’s market. In 2009,
we started work on projects that made serious
demands on our engineering skill, leading to
far-reaching optimisation.
Production Support
The success of our Stable Operations pilot led to
the establishment of the Production Support unit
within the Estimating & Engineering Department.
At the moment, project employees and the crews
of a total of fifteen trailing suction hopper
dredgers, two cutter suction dredgers and backhoe
Goliath are receiving direct instruction that should
improve their dredging skills and increase the
efficiency and productivity of the equipment.
More vessels will be added to this group in 2010.
Ripper technology
With respect to equipment innovation, we have
successfully applied our new ripper technology on
the trailing suction hopper dredgers deployed on a
major project. The new technology allows us to cut
rock with a trailing suction hopper dredger.
Besides launching backhoe Goliath, we also
constructed a simulator with 3D imagery and a
moving platform to train the crew and operational
workers in using the new backhoe.
Other developments
We looked closely at equipment R&D in 2009; for
example, we developed and engineered the new
self-propelled cutter suction dredger, reduced the
uncontrolled swirling of spill by cutter suction
dredgers, and optimised the drag heads. We also
offer many student internship and graduate
project places.
Publications and papers
Our employees presented various papers and
produced several publications in 2009.
• ‘Ormen Lange Gas Field: Immediate settlement
of Offshore Rock Supports’, Journal of Offshore
Mechanics and Arctic Engineering, May 2009,
Volume 131, Issue 2.
• ‘Overcoming geotechnical challenges: from
flood defences to offshore construction’,
Conference on Marine Geotechnics, Institution
of Civil Engineers, Ground Engineering section,
25 June 2009, London.
• ‘Innovative Technique for single layer armour
unit placement: an example of increased
production efficiency whilst improving health
and safety’, ICE Coasts, Marine Structures and
Breakwater Conference, 16-18 September 2009,
Edinburgh, Scotland.
• ‘Design to construct’, ICE Coasts, Marine
Structures and Breakwaters Conference,
16-18 September 2009, Scotland.
Graduation projects
Students have completed various graduation
projects with the guidance and supervision of
our employees:
• Modelling and control of an active visor on
dreading head of a trailing suction hopper
dredger.
• Time estimate of particle driven gravity currents
for water injection dredging.
• Influence of 90 degrees bends on pressure
losses in slurry transport.
• Tests with ripper teeth on French natural rock.
• The strength of a sand slice when cutting
saturated sand.
• Test stand for measuring cutter spill.
• Sand transport through the Oosterscheldt
barrage.
• Overtopping breakwaters.
• Breakwaters under construction exposed to
oblique wave attack.
• Assessment of the morphological response of
small-scale foreshore nourishments
Research and development
46
Backhoe dredger simulator at Moerdijk,
the Netherlands
47
constructed in Brazil. Both are now in
operation.
• In early 2010, Van Oord laid the keel of a giant
self-propelled cutter suction dredger. The new
vessel, which will be christened the Athena,
will be one of the largest cutter suction
dredgers in the world. It is being constructed
at IHC Dredgers B.V. in Kinderdijk, Netherlands.
Maintenance and repair
Policy priorities in this field are:
• Remaining vigilant with respect to safe
working conditions during repairs
• Controlling costs
• Ensuring that our equipment can be deployed
as and when needed
Most repairs were carried out within the scheduled
time period. Safe working conditions are top
priority during vessel maintenance and repair. We
made preparations to replace the Fleet Management
System in 2010; cost management is part of this
system. Both support staff and fleet workers were
closely involved in the preparations.
By improving our purchasing process and budget
control and training our staff, we now have a
firmer grip on operating costs. We will continue to
optimise this process so that we can achieve
maximum added value.
New equipment
Policy priorities in this field are:
• Continuing our investment programme so
that we have a fleet of modern, specialist
vessels at our disposal
• Remaining vigilant with respect to safe
working conditions
• Constructing new equipment (in Europe
and beyond)
Investment in innovation and equipment is part of
our long-term effort to offer our clients the best
possible and most sustainable solutions to their
problems. Our EUR 1 billion investment programme,
which we launched in 2007, will run until the end
of 2011. Our shipbuilding activities in China are of
immense strategic importance in keeping the cost
of our new vessels competitive.
• We are proud that Her Royal Highness Princess
Máxima of the Netherlands christened and
launched trailing suction hopper dredger Vox
Máxima on 24 April 2009. The vessel’s hopper
capacity is 31,200 cubic metres. IHC Dredgers
B.V. delivered the vessel on 21 January 2010,
after which it was deployed on the Maasvlakte 2
port expansion project in Rotterdam.
• Backhoe Goliath was completed in 2009 and
deployed on the port project in Barcelona,
Spain. Backhoe Simson will be completed in
the spring of 2010 and will be deployed on
various European projects.
• Flexible fallpipe vessel Stornes, which has a
capacity of 27,000 tonnes, is under construction
at the Raffles yard in Yantai, China. The vessel
will be completed in the autumn of 2010.
• We also had six sand transport barges
constructed in Dalian, China, with a hopper
capacity of 10,000 cubic metres each. The first
three were completed in 2009. The final barge
will be completed in March 2010.
• Four self-propelled split hopper barges, named
after famous Dutch maritime engineers (Jan
Blanken, Jan Leeghwater, Pieter Caland and
Cornelis Lely), are under construction at a
yard in Dalian, China. Each one has a hopper
capacity of 2,850 cubic metres. They will be
completed in the spring of 2010.
• Two water-injection dredgers, the Draga
Tocatins and the Draga Rio Madeira, were
FleetH.R.H. Princess Máxima of the Netherlands christens
the Vox Máxima
48
49
50
51
Equipment
Cutter suction
dredgers
Athena*
Castor
Hector
HAM 218
Sliedrecht 35
HAM 217
Hercules
Zeeland II
Haarlem
Noordzee
Sliedrecht 34
Zeeland/Riekerpolder
HAM 219
Merwede
Calabar River
Eendracht
Aegir
HAM 253
HAM 250
Schelde
Laurum
Ajax
Kruipnix
Almere
Gooiboog
Split hopper barges
Jan Blanken
Jan Leeghwater
Pieter Caland
Cornelis Lely
Johannis de Rijke
Johan van Veen
HAM 1114
HAM 1115
Murray River
Yarra River
Heron
HAM 350
HAM 586
Thames
BHD 1106
Seine
Mark
Vliet
Water injection
dredgers
Norham Camorim
Sagar Manthan
Antareja
Iguazú
Jetsed
Njörd
Draga Tocantins
Draga Rio Madeira
Wodan
HAM 922
Odin
Baldur
Trailing suction
hopper dredgers
HAM 318
Vox Máxima
Rotterdam
Volvox Terranova
Utrecht
HAM 310
Volvox Asia
Lelystad
Geopotes 15
Volvox Hollandia
HAM 316
Sagar Hansa
Volvox Delta
Geopotes 14
Volvox Iberia
Volvox Olympia
Volvox Atalanta
HAM 309
HAM 317
Ostsee
HAM 312
HAM 311
Dravo Costa Dorada
Costa Blanca
Volvox Anglia
Pelican
Sand cariers
Sand Carrier 101
Sand Carrier 102
Sand Carrier 103
Sand Carrier 104
Sand Carrier 105
Sand Carrier 106
* Under construction
52
Flexible fallpipe
vessels
Stornes*
Nordnes
Tertnes
Jan Steen
Side stone dumping
vessels
Jan Steen
HAM 602
HAM 601
Frans
Avelingen
Backhoes
Simson
Goliath
Hippopotes
Razende Bol
IJzeren Hein
Dinopotes
Piet Ponton
Ground treatment
5 large marine drilling rigs
6 deep compaction
installations equipped with
dual vibrocompactors
14 vertical drain rigs
5 horizontal drain rigs
Hydraulic drill towers
Launchers
Lineair pulling winches
300 ton
Multicats
Rock drilling platforms
Spreader pontoons
Survey boats
Tank barges
Transport barges
Tugboats
Winch/anchor pontoons
Other equipment
Suction dredgers
Multi purpose support vessels
Barge unloading dredgers
Environment friendly dredging
equipment
Grab dredgers
Bucket dredgers
Accommodation pontoons
Crane barges
Dismountable pontoons
Dumptrucks and bulldozers
Hopperbarges
53
P.J.W.J. van der Aa, C.M. Aalders, A.T.J. Aanraad, R. Aarens, M.F. van Aartrijk, A.P. Abarca, L.B. Abarca, T. Abba, M.R.H. Abbas, M.D. Abdul Alim, M.K.
Abdul Barique, P.M. Abdul Kader, N. Abdul Khadar, A.A. Abdul Malek, M.D.M.R. Abdul Mannan, A. Abdul Rachman, K. Abdulahi S.A., N.H. Binte
Abdullah, P. Aberepikima, M. Abilkhairov, B.M. Aboobaker, M.B.T. Aboobakker Kunju, M.K.M. Abu Rob, R.R. Achanta, K.M. Acharya, A. Achmad, A.
Achmad, U.I. Adam, U.D. Adamu, R. Adari, D. Adegun, A. Adelakun, C. Ademar Dos Santos, A. Adenekan, A. Adeniyi, M.S.O. Adlaon, M. Admiraal, J.
Adriaanse, B. Advocaat, A.R. Aerra, I. Agbakwuru , J. van Aggelen, N. Ahmad, S. Aizobua, R.G. Ajoc, M.C. Ajoc, H. Ajubo, S. Akadidi U., A. Akebom,
E.W. Akershoek, T. Akinboye, O. Akindele, M. van den Akker, A.R. van den Akker, R.J.C.J. Akkermans, B. Akor, E. Akpan, M. Akpan, B. Akpode, M.
Akpotu Edafe, G. Akster, Y. Akunmu, Y.A.M. Al Balushi, M.S.M. Al Balushi, I.S.A.Q. Al Balushi, A.H.A. Al Balushi, W.I. Al Sultan, D.S.A.R. Al Wakeel, P.
Alberda, J.J. Albers, D. Albert, D.M. Ale, A. Alertor, M.I. bin Ali, M. Ali, T.A. Ali, A.Z. Ali Marjan, R. Ali Mohammed, M.L. Alibudbud, J.A.L. Alibudbud, B.
Aliu, A.R. Aliyar Kunju, I. Aliyaru Kunju, A.G. Alkema, K. Alkema, A.N. Almeida, J. Alpha, J.G. Alphonso, L.F. Alves, J.C. Alves Da Silva, J. Amadi, A.
Amadi, S. Amadi, B. Amadi, J. Amadi, F. Amadi, A. Amaro Emilio, V. Ambachtsheer, H.A.V. Ambalath Veettil, R.M. Ambalathu Veetil, K. Ambre, J. Amels,
R.C. Ames, D.J. Ammerdorffer, Z. Amonava, E. Amukoyo, W.H. An, K. Anani, J.O. Anaruwe, J. van Andel, S.A. Andrew, A. Angchekar, R.F.C. van Angelen,
V.V. Anil Kumar, C.V. Anil Kumar, B. Annayev, J.A. Anneveld, R.J.M. Anraad, M.J. Anthonijsz, V. Anto Varghese, J. Antony, N.C. Antony, B.D. Antony, R.
van Apeldoorn, G. Apeli, P. Appollo, J.P. De Aragao Filho, B.S. Aras, F.R. Arbeider, J. Ari, M.P. Arias, C. Armengol, G. Arnaldo, W.J.J. van Arnhem, A.G.M.
Arrachart, A.R. Asan Mohamed, E. Asaolu, T. Asher, J. Asika, T. Asobie, R.J.L. van Assche, M. Asseervatham, A. Asselé, J.P. Asuku, C.D. Atapary, J.B.E.M.
Athmer, M.J.H.M. Athmer, A. Atta , S. Atunwa, M. Audu, M. Aung, M. Aung Htun, E.P. Austin, E.C. Avondrood, A.B. Awacher, Y. Ayapbergen, R.A. Ayuyao,
M. Azeem Latheef Azeem, A.E. Baaijens, H.B.H. de Baar, C.C. de Lange - Baardwijk, R. Baars, P.O. Baars, R.H. Baas, N. Bartolovic - Baban, T.V. Babu, M.T.
Baburao, B. Baby, W.M.H. Backhuis, K.K. Badukonda, C. Baggerman, C. Baggerman, A. Baikenov, H. Bailey, A. Bak, J. Bakelaar, R. Bakker, R. Bakker, E.K.
Bakker, A. Bakker, C.N. Bakker, A. Bakker, R.J.W.M. Bakker, G. Bakker, C.L. Bakker, S.P.M. Bakker, D.J. Bakker, M.J. Bakker, B. Bakker, J. Bakker, J. Bakker,
G. Bakytzhanova, K. Bal, M. Balakrishnapillai, A. Balassinovich, P.P. Balder, M.A.G.P. van Balen, D.M. Baljet, H.A. Baljé, E.J.A. Balleur, W.J.P. Balvert, W.
Bambacht, S. Banerjee, C. Bangma, M. Banks, P. Bappu, F. Barbosa De Sousa, H. Barbott, E.C. Barendregt, L.A.A. Barendregt, D. Barneveld, J. Barquin,
M.D.R. Barros, A.H.M. Bartels, E. Barton, M. Bassey, G. Bassey, F.L.J. van Basten Batenburg, M.C.A. Basuel, Batyr, H.A. Baus, C. Baus, J. Bautista Navarro
Jr, U.K. Bavunhi, R.L.H. Bax, P. Bayo-Philip, Bayram, W.J. Beattie, J. Beattie, P.I. Bebelaar, G. van Beek, F.T.S. van Beek, A. van Beek, R. van der Beek, S.L.
van Beek, R.H. van Beek, S.J. Beekhuijzen, J. Beela, C. van Beelen, F.L. Been, F.J. Beentjes, M. van Beest, J.M. van Beest, T. Begemann, R. Beijer, H.J.
Bekendam, Z. Bekezhanov, S. Bekkema, T. Bekmukhanov, H.J.M. Belderok, N. Belkadi, L.C. Belstra, H.J.G. van Bemmel, J. Benadict, L.M. van der Bend,
W. Beneke, M. Bengare, K. Benie, A. Benjamin, D.J. Benner, B. Bennimon, J.M. van der Bent, J. Bentlage, C.W. Bentschap Knook, D. van Berchum, M.
Berdiyev, B.J. van den Berg, G. van den Berg, K. van den Berg, R.J. Berg, M. ten Berg, C.M. van den Berg, R.A. van den Berg, M. van den Berg, M.J. van
den Berg, J. de Jager - van den Berge, C.E.R. van den Berge, M. van den Bergh, E.C. van den Bergh, M.M.M. Bergman, A.H. van Berk, A. van Berkel, T.J.
van Berkel, J.T. Berkelaar, J.A. Berkouwer, C. Bermingham, D. Bernaards, P.J. Bernaards, M. Bernabela, T.M.F. Bernds, D. van Leeuwen - Bernds, A.
Bernhart, E.C.A. Bertens, C.Y. Besancon, E. Besse, D. Besse, K. Bestebreurtje, J.J. Beugelsdijk, R. Beuker, M. van Beurden, H.A. de Beurs, P. de Beurs,
B.J.M. Beuving, C.J. van Beveren, J. Beverloo, M.H.U. Bharde, S.U. Bharde, J. Bhaskar Rao, V.P. Bheemapalli, J. Bian, C.D.H. Biemans, N.J. Bier, S.D.R.
Bierma, A. Biesheuvel, W. Biesheuvel, J.H.G. Bijen, P. Bijkerk, M. Bijl, T.C.Bijl, J.J. Bijl, H. Bijl, W.A. van der Bijl, P.A. Bijl, H. Bijsterbosch, D. Bikker, A.A.
Bin Abdullah, M. Bin Rais, I. Bin Yusof, A.C. van Binsbergen, Z. Binte Noor, S. Bisht, D. Biswal, H.A. Biswas, M. Biswas, J. Blaauw, S. Blanco, H.C.
Blankespoor, A. Blankestijn, S. Blansjaar, C.H.E. Bleijendaal, J. Bles, A.J. Bliek, F.E. Bloem, B.D.H. Blohm, W. Blokland, J. van der Blom, A.M.J. Blom, Y.A.M.
Blonk, B. Bloodshoofd, A.L. van Bloppoel, V. van Bodegraven, R.M. van Bodegraven, E.G. den Boef, M.B. Boender, E.J. de Boer, H.R. de Boer, G. Boer,
K.I. de Boer, C.M. den Boer, F.M. de Boer, T.J.M. de Boer, L. de Boer, W.F. de Boer, C. Boer, W. Boer, C. Boer, A.J. den Boer, P. Boer, O.W.J. Boerhof, R.
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Boldrik, E. Bolijn, L.S.D. Bolt, A.P. Bomas, G.B. Bomma Devara, V. Bon, C.M. de Bont, G. Bonthu, R.M.
Booij, M. Boom, J. Boom, P. Boom, S. Boon, J. van der Boon, M. Boone, J. Boonstra, L.N. Booster, M.J.
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C. Bos, T.A. Bos, K.A.W. Bos, F.C. Bos, A.H. Bos, E. Bos, A.T. Bos, H.E. Bos, J.L. Bos, J.W.A. Bos, J.W.G. Bosch,
R. Boscher, S. Bose, M. Bosschart, E. van den Bossche, M.G. Bot, B. Both, G. Botma jr., G. Botma sr., S.G.
Bould, P.J. Bouma, T. Bouma, J.P. Bouman, P.A. van den Bout, E.B. Bouwknegt, B. Bouwmeester, J.L.H. van
Boven, L.R. Bovenhorst, P. Braam, J.M. den Braber, F.J. den Braber, I. Braide, P. Brands, J. Bravo Navarro, R. de Bree, E.W. de Bree, J.F. Breedeveld, L.J.M.
den Breejen, A. den Breejen, A. den Breejen, A.W. den Breejen, M.T.J. van Breemen, W.M. Breet, L.J. Breeuwsma, R.A. Bregman, C. Brett, J.J. Breure, H
Brienen, C.H.C. Kramer - Brienen, T. Briggs, J.L.M. Brigido, I.E.A. Brink, B.E. Brink, S.N. van den Brink, I.C. ten Brink, G.B. Brinkers, A. Brinksma, H.L.
Brito Y Heynen, P.R.M. den Broeder, M. den Broeder, H.J.M. Broeders, W.M. Schipper - van den Broek, J.A. Broeken, P.P. van Broekhoven, J.S. Broekhuizen,
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Romijn, R.K. Romijn, E.A.L. de Romijn, R. Romkes, J. Romkes, J. Ronald, A. Rood, M.H. de Roode, D. Moerings - Roodenburg, M.R. Roodhof, E. de Rooij, W.J. van Roon,
J.A. Roos, E.L. Roos, J. Roose, K.M. Roose, F.G. Roosekrans, C. de Rooy, N.D. Roozen, C. Roper - Roper, F. Ros, G. Ros, M.E. Rosales, M.M. Rosales, B. Roskam, K.
Rotbergs, S.J. Rotgans, C.V. Roth, M.G.M. Roxas, P.H. Roza, H. Rozeboom, A. Rozendaal, A.J. Rozier, M.D. de Koning - Rozier, H. Ruijter, P. de Ruijter, J. de Ruijter, B.J.
Ruis, C.C. de Ruiter, A. de Ruiter, L.A. de Ruiter, H.J.W. Ruiter, W.W. de Ruiter, J.E. Sijnke - de Ruiter, A.C. Runge, D.J.E.P. Russel, K. Russina, R. Rutgers, R.M. de Ruyte,
M. Ryazanova, F.F.H. Rynja, P.W. Saalmink, F. Sabar, I.M. Sadio, A. Sadio, N. Sadykova, J. Sah, A. Sahin, M. Sahin, D.K. Sahu, R.A.S. Said Ahmed Shah, H.L. Sainu, C.
Salaiwu, M. Salamuddin, A.C. Salarda, Z. Salihi, S.A. Salim, F. van der Salm, J. van der Salm, H.H.T.A. Salman, A. Salomon, F.A. Salomon, S.K.B. Sambana, Sameleke, E.
Sampson, U. Sampson Peter, A.A.M. Samual, K. Samuel, D.P. San Felipe, O. Sanda, D. im Sande, A.W.A.M. van de Sande, A. Santa Ana, J.F. Santana, T.J. Santana Santos,
R. Santha Kumar, J.G. Santos, R.L.A. Santos, J. Santos, F.R. Santos, R. Sapdhare, D. Sapkota, M. Saraju, S.V.M. Sarath, S. Saravia, A. Sarbayev, B. Sardar, A. Sariyev, G.V.B.
Sarma, A.K. Sashem Uddin, K.N. Sastry, T.K.S. Sastry, R. Satayyappan, L. Saturday, A. Sauer, K. Saul, J. Saviour A., J.A. Schaap, J. Schaart, A.J.M. van Schaik, J. Schakel,
T.A.C. Scheffler, K.M. Scherrenberg, J. Schets, B.A. Scheurwater, N. Scheurwater, R.A.M. Schinagl, W.L. Schippers, H. Schlabbers, F.J.W. Schlack, J. Schlichting, B. Schlieker,
U. Schmidt, G. Schmidt, H.J. Schneider, M.A. Schoenmaeckers, R.M. Schoffelmeer, W.H.J. Scholte, A.W.P. Helmsing - Scholten, C. Schoon, G. van der Schoor, P. Schooten,
S.C. Schot, R.F. Schout, J.P. Schouten, H. Schrader, R.J.M. Schroevers, C.R. Schroten, A.J.P.M. Schuit, P. Schuit, H.P. Schuitemaker, R. Schulting, J.F. Schults, C. Schulz, F.
van der Schuur, H. Schuurman, W.J. Schuurman, A. Scott, G. Sebastian Paliparamb, W. Sebayang, S.C.J. Seelen, I.E.A. Segers, M. Sein, J. Sekaran, P.C. Sekhar, A. Seleznev,
L. Sergio Soares, E.C. Serna, W. Sewgobind, J. Seyitmagambetov, A. Shajahan, A. Sharma, J. Sharma, B. Sharma, M. Shayakhmedov, S.M. Sheik Basha, S.P. Shelar, S.L.
Shen, R.G. Shen, R.W. Shen, Q.F. Shen, N. Shenoy, J.A. Shepherd, V. Shine Pampungal, A. Shirgawkar, V.K. Shiva Prasad, I. Sholola, F. Shu, A. Shuaibu, H. Siberani, T.J.
Siepel, K.P.P. Sihabudeen, R.C.E. van der Sijden, J. Sijm, F.C.J. Sijstermans, C.A. Silva, M.G. Silva Dos Santos, N. Silva Dos Santos, A. Silva Duvaezem, P. Silvius, D.K.
Simangunsong, R. Simeon, J.L. Simon, R.P. Simons, R. Simpelaar, B. Simpson, J. Sims, H. Singh, B.P. Singh, K. Singh, M. Singh, R.P. Singh, P. Singh, S.P. Singh, G. Singh,
P. Singh, D. Singh, N.M. Sinio, M.H. Sinke, R. Sinke, M.W. van Sinttruije, S.D.S. Sison, R. Sison, A. Sissembaye, W.J.J. Sissingh, Y.K. Sit, D. Sivadasan, N. Sivalingam, C.
Skelhorn, T.T. Slagboom, T.M. Slagboom, R.G.B. Slangen, A. Slemmer, M. Weerkamp - Sleurink, J. Slieker, S. Slijm, C.G. van der Slikke, H.P. Slikker, A. Slingerland, M.
van der Sloot, S.J.J. Slooten, M.G. Sloots, R.T. Slootweg, I.P.B. van't Slot, A. Sluimer, P.A.F. van Sluisveld, P. van der Sluys, E. Smeding, V.A. Smeehuijzen, B. Smeier, J.
Smid, B. Smit, M. Smit, S. Smit, J.M. Smit, P. Smit, H. Smit, G.M. Smith, G. Smith, J.P. Smith, S. Smith, T. Smith, S. Smits, M. Smouter, J.J. Smyth, P.J. Snijders, R. Snijders,
R. Snippe, T.H. van Arkel - Snoek, R. Snoek, L.E. Soares, R. Sodhi, W.K. Soedhoe, E. Soediono, P.M. Sol, M. Solbeni, K.H. Soliman, M.L. Solkar, J.J. Sombroek, W.M.
Sommeijer, W. Sousa, C.C. Souza Leite, A. De Souza Miranda, C.C. Souza Trindade, L. Souza Vitoria, T. Spaander, A.L.W.M. Spanenburg, G.E. Spedding, I. Speekenbrink,
B.J. Speelman, M.A. Speijkers, F.S. van der Spek, C.A. van der Spek, M.R. Spek, L.H. Speksnijder, E.J.C. Spelier, J.A. Spencer, G. Sperling, H.A. Spiering, J.H. Spijk, R.M.
Spijkerman, M.S. Spijkstra, S. Spoelstra, A.P. van Spreeken, O.W. Sprenger, E. Sprengers, M. Srinivas, N. Srivastava, A. Stacey, A. Staggers, A.G. Stalman, C.J.M. Stam,
M.H. Stam, M.P.J. Stams, P.E. Statema, M. Stedema, R.L. van der Steen, B. Steenbergen, R. Steenbergen, A.C. van Vliet - Steenhuisen, W. Steensma, E.G. Steffen, K.
Stegmann, J.H. Steijger, M.J. Steijvers, M.J. van Stein, P.J. Steinbusch, P.G. van der Stel, S. Steur, B. Stevens, R. Stigter, R. Stins, S. Stock, R. Stoel, J.J. Stoelhorst, M.J. van
der Stok, M. Stokes, H.C.J. Stolting, M.M. Stout, A. Stow, M.R. Straatman, J. Strang, R.D. Straubel, J.D. Strijbis, M.F.J.M.Stumpf, M.P. Sturrus, C. Stuurman, A.N. Suarez,
A. Subotin, V.S. Sud, T. Sugirbayev, T. Sugrue, A. van Suijlekom, Y.Q. Sun, J. Sun, I. Sunday T., J. Sunil Kumar, T.B. Sunil Kumar Mulavana, M. Suraju, K. Suresh, S. Suressh,
C. Surin, M. Surve, N.C. Swain, N.W.L. Swart, K.B. Sweers, P.K.T. Schroots, M.G. Tabeling, K.S. Tadelpalli, J. Tahulending, G.C.J. Taillie, J.J. Takes, A.J.R. Talsma, R.W.
Talsma, B.S. Tamang, J. Tan Wee Min, B.J. Tange, D.J. Tanis, C. Tanis, A. Taouani, D. Tardiana, J. Tatangindatu, A. Tawde, I.M. Tawjoeram, L.J. Tayag, M.C. Tazelaar, L.
Tazelaar, G. Tchoclo, C. Teerhuis, G.B. Tegelaar, P. Teibowei, V. Teophilus, G. Tereschenkov, O. Tereschenkova, D.M. Terlou, J.A. Terlouw, S.J. Tesselhoff, B.K. Thakur, C.
Thalanki, S. Thanimalai, C. Thankachan, A.I. Thannirbavi, M. Thaplial, K. Theodore, M. Theodosiou, J.A. Therre P. Neves, R.T.D. Thijssen, A. Thimothose, M. Thiry, V.J.
Thiyagarajan, M. Thiyanchery, J. Thuruvan Kuzhikalam, N. Thyvalappil, S. Thyvalappil, L.N. Tian, J.H. Tieben, M.W.H. Tiemessen, T.G. Timan, D.J. Timmer, A. Timmer,
M.D. Timmermans, N. Tinmouth, I. Titus, D. Tiwari, M. Tobobereni, W. Toby, R. van den Tol, A. Tolenaars, J.C. Tombroek, W.C. van Tongerlo, J. Tonma, P.S. Top, K.B.
Touber, K. Tourabi, H.S. Toxopeus, K. Tralau, P. Tralau, O. Treurniet, D. Trikayanto, S.P. Tripathi, H.S. Tripathy, Triyono, P. Tromp, G.A. Trompetter, R. Troost, P.D.M. van
Troost, W.G.M. Trouwen, M. Tubobereni, J. Tubodereni, R. Tucker, M.Tuin, B. van der Tuin, W.J.M. Tummers, Y.Z. Tun, M.J. Twigt, I.E. Tönis, J.J. Ubels, M. Uchenwa, M.
Udeagwu, E. van Uden, A.L.M. van Uden, U. Udoeme, A. Udoh, E. Udoh, A. Udoh Bradford, U. Udoh Isaac, E. Udoh Sunday, P. Udoinyang Okon, E.F. Uelman, E. Ugbo,
N. Ugedi, M. Ughanze, J. Ughojor, C. Ugochukwu M., F. Uitermark, S. Ukpe Eyo, M.K. Ummer, J. Umoh, U.U. Umor, B.G. Umpierre, B. Umukoro, B. Untung, J. van Urk,
B.G. van Urk, I.M.M. Usman, D. Usman, G. Usman, T. Usman Ohida, T. Uteschov, M. Utomo, S. Utomo, K. Uzorka, G.W.J. Vaags, T.O. de Vaal, G.P. Vacunawa, V.
Vadakepeedika Varghe, R.K. Vadamodula, M.S. Valdez, C.S. Valdez, A.B. van Valen, A. Valiyattil, S. Valk, G. Valk, M. Vanjani, G.A. Varghese, A. Varma, P. Vasilenko, A.G.
Vazhakuttiyakath, M. van Veelen, M.V. van Veen, J.G.J. van der Veen, P. van Veen, R. van der Veen, A. Veen, A.P. van der Veen, S. Veenstra, R. Veerala, J. van der Vegt,
J. Veigas, K.M. Velayudhan, A.F. in 't Veld, M.R. van der Velde, C.M. van de Velde, J.H. op den Velde, F.R. van der Velden, S. Veldhoen, R. van Veldhuizen, W. Veldkamp,
D. Veldman, R.P. van der Veldt, C.B. Velonza, N.S. Veloso, J.J.C. Mrowiec - van Veluw, S.V. Vemala Naga, J.M.M. van der Ven, P.T. Venema, V. Venida, W.J. Veninga, C.
Venis, M.R. Venkatraman, H.J. Vennik, A.K. Verberk, M.J.A. Verberk, R.H.W.B. Verblackt, R.A.M. Verbrugge, A. Verburg, F. Verburg, C.J. Verdoorn, P. Verhaar, B.A.A.
Verheij, K. Verhoeven, A. Verhoeven, G. Verhulst, H. Verkaik, P. Verlee, N.B. Vermaat, L.C. Vermeulen, C. Vermeulen, P.M.A. Vernimmen, P.C.M. Verpalen, D.J. Versol,
S.A.F. Verspaget, B. Versteeg, M.B.A. Versteeg, P.D. Verveer, H. Verweij, J.F. Verweij, B. Verweij, J. Verwijs, P. Verwijs, J.R. Verzeilberg, B. Veth, S. Victor, J.A.L.G. Vidad,
J.M.R. Vidal, J.L. Vidal, V.M. Vidanes, S.L. Vieira, P.M.R.A.C. Viennet, R.H. Viersma, J. Vijverda, N.T. Vilanilathil, F.A. de Villa, V. Vincent, T.H. Vink, H. Vink, T. Vinke, M.C.J.
van der Vis, P. Vis, G. Visconti, M.H.A. Viset, F. Visscher, L.C. Visser, R.W. Visser, W. Visser, H.J.C. Visser, G. Visser, A. Visser, A.M. Visser, G.A. Visser, S.L. Visser, R.T.
Visser, K.C. Visser, M. Visser, A. Visser, E. Visser, W.P. Visser, M. Visser, J.R. Visser, C.H. Visser, E.W. Visser, J.J.M. Vissers, R.T.M. Vissers, G.Y. Viveen, E.B. Vivero, J. Vlak,
A.G. Vlaspoel, S.J.E. van der Vleuten, J. Vliegenthart, R. van Vliet, L.E. van Vliet, D. Vlot, W.M. Vlot, P. Vogel, R. Vogelsang, T.W. Volker, R. Vollering, E. Volovik, E. Vols,
R.E. Vonder, W. Vonk, L.C. Vonk, J.P.S. Voogt, J.F.J. ter Voorde, J.R. Voormolen, P. van Voorn, A.H. Voorthuis, J. Voorwinde, J. van der Vorm, M. Vos, S.P. Vos, R.H.C. de
Vos, G. Vos, J.A. de Vos, F. de Vos, N.C. Vos, M.M. Vos, C.E. Couzis - Vos, C.E.S. de Lannee de Betrancour - de Vos, P.H.H. Voss, S. Vredegoor, J.M. Vreeke, A. Vreeken,
J.P.L. Vrenken, R. de Vries, G.B. de Vries, P.O. de Vries, H. de Vries, D.J. Vrieswijk, I.J. Vrij, S. Vrij, A.J. Vrijhof, T.C.C.M. Vringer, M.A. Vroegindeweij, L.A.C. Vrolijk, A.T.
van Vugt, J.A.A.M. Vugts, G.C. van Vulpen, R. Vuppuloori, W.C. de Waaij, R.J. van der Waal, M. van der Waal, J.C.G. de Waal, R.J. van der Waals, B. de Waard, F.C.P. de
Waard, P.M.T. van Wijngaarden - de Waard, J.T. de Waard, W. de Waele, P. van Waes, D.G.M. van Waes, J. Wagenmakers, L. Wagner, M.L. Wagter, P.R. van der Wal, A.K.
van der Wal, R. van der Wal, G.T. Walkers, M. Waltenberg Donkel, G.J.L. Wams, P. Wander, A.P. Wanders, R.T.B.G. Wanders, S. Wandhre, H.J. Wang, P.X. Wang, Y.W. Wang,
J.F. Wang, J.B. Wang, H.W. Wang, X.L. Wang, R.C. van Wanum, S.R. Warse, A. Waslander, N. Waterston, M.S.L. Weder, N. Wedman, P.J. van Wee, H.K. van der Weerd, H.P.A.
van Weerdenburg, B.G. van de Weerdhof, J.W. Weerman, H.M. de Weers, W.H.A. van Weert, U.D. Wegener, T.Y. Wei, A. van der Veen - van der Weide, A.F.P.M. van der
Weijde, W.P. Weimer, D.C.A.P. Welle, V.P.C.I. Welle, M.J.G. Welten, G. van der Wens, A.H. van der Wens, T. Wenzel, E.C. Werkman, E.H. Wessel, G.J. Wessels, J.A. Westcott,
C. van't Westeinde, B.M. Wester, G.G. Westerbeek, R.J. Westerduin, J. Gelderblom - Westerhoud, M. Westerhuis, C. Westerlaken, A. Westmeijer, J. Westra, D.H. van de
Wetering, E.H. Wetselaar, S. Wezemer, M.T. Wheeler, B.W. Whiting, J. Whitton, S.W.J. Wiegman, J. Wiegmann, C. van der Wiel, A.T.N. van Wieren, K. Buurmeijer - Wierenga,
A.J. Wieriks, J.H. Wiersema, J. Wiersma, S. Wiersma, C.A.C. Wiersma, B.C. Wijers, T.I.F. Wijeyesinghe, J. van Wijk, J.G. van Wijland, M. Wijnands, J. van Wijngaarden, J.
de Wijngaert, R. Wijnia, F. Wijnstekers, B.J.M. de Wijs, R.Wijtman, K.G. Wijtman, J. Wijtsma, A. de Wild, J.J.P.W. de Wildt, B. Wilgenhof, S. Wilkin, B.W.M. Willemen, M.P.
Willems, E.H. Willems, G.A.J. Willems, F.M. Willemse, M. Willemsen, E.W.A. Willemsen, G.A. Willemsma, E. Willemssen, A.G. Willemstein, N. Willemstein, M. Willemstein,
T. William, V. Williams, W. Wilson, R. Wilson, T. Win, H. Wind, P.M. van Winden, F.J. Winter, M.J.N. Winters, E. Wisse, S.N. Wisse, J. de Wit, M.F. de Wit, F. de Wit, L. Vos - de
Wit, A.M. de Wit, F. Witkam, B.M. de Witt, A. de Witte, J.G.A. de Witte, D. Woh, J. Wolf, A.J. Wolff, M.W.G. Wolffensperger, M. Woning, H.J. Wormgoor, F. van 't Wout, A.
Wouters, R.P.A. Wouterse, J. Wright, Q.J. Wu, T. Wu, A.F. Wuis, P. Wéber, M.L.M. Wöginger, S. Xaviour, B. Xin, J. Xiu, J.F. Xu, Y. Xu, J. Xue, R. Yadav, P.S. Yadav, R.S. Yadav,
H. Yadav, R.M. Yalong, T.J. Yan, H.P. Yang, G.Yao, A.K. Yendada, L.K. Yendada, P. Yerunkar, A.Yesudasan, A.Yesudasan, H.C. Yin, I.P. Young, R.M. Yousef, K.W.Yuen, A.T.
Zaal, R.W. Zaalberg, M. Zaenuri, S. Zaheer, S.M.M. van Zalingen, G. van Zalk, B. Zalm, F. Zambon, A.J. van Zandbergen, R. van Zanten, D. van Zanten, G. Zaris, H. Zeblin,
Y.L. Zeeman, J.W.G. de Zeeuw, S. de Zeeuw, M. Zegers, D. Zhang, Q. Zhang, L.T. Zhang, K. Zhang, D.Q. Zhang, L.Q. Zhang, Q.X. Zhang, H.X. Zhao, K. Zholdybayev,
C.L. Zhou, M. Zhu, Y. Zhumazhanov, G. Zia Ullah, P.M.N. van Zijl, M. Zijlstra, C.J.G.M. Zoetemelk, A. van Zomeren, S. Zondervan, T.J. Zonneveld, I.J. Zorge, R.R.J. van
Zuiden, M. Zuiderhoek, R.F.J. Zuidgeest, R.G. Zuur, J.S. Zuurmond, B. van der Zwaag, J.R. Zwaal, H. Zwaan, J. Zwaga, J. Zwart, A. Zwart, D. van Zwet, M.M. Zwets, J.C.
Zwets, R. Zwezereijn, O.P. van Zwienen
(x EUR 1,000)
The numbers next to the items refer to the corresponding numbers in the notes to the consolidated balance sheet.
31 december 2009 31 december 2008
Fixed assets
Intangible fixed assets 1. 96,124 102,990
Tangible fixed assets 2. 992,502 873,434
Financial fixed assets 3. 3,526 545
1,092,152 976,969
Current assets
Stocks 26,287 25,838
Debtors 4. 512,977 688,063
Cash at bank and in hand 5. 297,006 165,855
836,270 879,756
Total assets 1,928,422 1,856,725
Shareholders’ equity* 6. 580,212 544,578
Provisions 7. 129,160 106,739
Subordinated loan* 8. 50,000 50,000
Other long-term liabilities 8. 184,659 152,199
944,031 853,516
Current liabilities
Work in progress 9. 236,833 240,087
Other liabilities 10. 747,558 763,122
984,391 1,003,209
Total shareholders’ equity
and liabilities 1,928,422 1,856,725
Items marked with * 630,212 594,578
form part of the capital base
Consolidated balance sheet (before appropriation of profit)
Our fin
ancial resu
lts
58
(x EUR 1,000)
The numbers next to the items refer to the corresponding numbers in the notes to the consolidated profit-and-loss account.
2009 2008
Net turnover 11. 1,423,763 1,895,642
Costs 12. -1,048,201 -1,451,618
Depreciation of tangible fixed assets -91,284 -89,622
Impairments of tangible fixed assets - -13,000
Amortisation of intangible fixed assets -6,866 -6,866
-1,146,351 -1,561,106
Gross profit 277,412 334,536
General administrative expenses 13. -115,999 -113,834
Operating profit 161,413 220,702
Net interest expense 14. -11,058 -8,979
Profit on ordinary activities
before taxation 150,355 211,723
Taxes 15. -30,064 -48,183
Results of participating interests - 1,410
Net profit 120,291 164,950
Consolidated profit-and-loss account
59
(x EUR 1,000)
2009 2008
Cash at bank and in hand at 1 January 165,855 346,121
Cash flow from operating activities 396,681 209,297
Cash flow from/(used in) investing activities -213,333 -312,997
Balance 183,348 -103,700
Cash flow from/(used in) financing activities -52,197 -76,566
Cash at bank and in hand at 31 December 297,006 165,855
Operating profit 161,413 220,702
Depreciation of tangible fixed assets 91,284 89,622
Impairments of tangible fixed assets - 13,000
Amortisation of goodwill 6,866 6,866
Net interest expense -11,058 -8,979
Taxes -30,064 -48,183
Movements in working capital 155,819 -48,868
Movements in provisions 22,421 -14,863
Cash flow from operating activities 396,681 209,297
Net additions to tangible fixed assets -210,352 -314,129
Net investments in financial fixed assets -2,981 1,132
Cash flow from/(used in) investing activities -213,333 -312,997
Dividend -88,582 -75,681
Other movements in shareholders’ equity 3,925 -44,809
Results of participating interests - 1,410
Long-term liabilities 32,460 42,514
Cash flow from/(used in) financing activities -52,197 -76,566
Consolidated cash flow statement
60
Notes to the consolidated financial statements
Accounting principles
General
Van Oord is the holding company holding the shares of the Van Oord group companies. The financial statements have been drawn
up in accordance with accounting principles generally accepted in the Netherlands (Dutch GAAP) and comply with the financial
reporting requirements included in part 9 of Book 2 of the Netherlands Civil Code.
Basis of consolidation
The consolidated financial statements include the financial information of Van Oord and its wholly-owned group companies using
the full consolidation method. Participating interests and contracting consortiums are consolidated proportionally, provided that
the company exercises at least the same influence on policy as each of the other participants.
Joint and several liability for the commitments of contracting consortiums is taken into account if necessary. The abbreviated
company profit and loss account is presented in accordance with Section 402 of Part 9 of Book 2 of the Netherlands Civil Code.
Change in accounting principles
Compared to the consolidated financial statements 2008 two changes in the accounting principles are carried out, one regarding
pensions (due to the introduction of RJ 271.3 Employee benefits and pensions) and one regarding the presentation of Work in
progress (RJ 221 Work in progress).
As a result of the change in accounting principles the pension liabilities are not longer valuated in the financial statement at
the difference between the pension liabilities and the fair value of the pension investments, taking in account the actuarial results.
The annual pension costs are, from fiscal year 2009, equal to pension contributions which have to be paid to the pension insurer.
Due to this change in accounting principles, there will not be a liability or receivable on pension liabilities in the financial
statements (if fully reinsured). The asset of EUR 30.3 million (year end 2008) is per January 1, 2009 directly withdrawn from the
shareholders’ equity. The net effect on the results of 2008 is EUR 25 million.
The change in accounting policy regarding the presentation of Work in progress requires that construction contracts with a negative
balance must be presented as a liability. In the past years, the negative balance on construction contracts was presented
as a negative asset.
The comparative figures are changed due to the change in this accounting policy. This change has not affected equity or net result.
It does change the key figures on solvency and the yield on total equity.
List of principal group companies and participating interests
Wholly-owned group companies
Van Oord Dredging and Marine Contractors bv Rotterdam (the Netherlands)
Van Oord Offshore bv Gorinchem (the Netherlands)
Van Oord Nederland bv Gorinchem (the Netherlands)
Emservis (Management Services) Ltd. Nicosia (Cyprus)
Van Oord Equipment bv Gorinchem (the Netherlands)
Van Oord Finance bv Rotterdam (the Netherlands)
Participating interests
Dravo S.A. (50%) Madrid (Spain)
A list of participating interests and contracting consortiums included in the consolidation has been filed at the offices of the Trade
Registry in Rotterdam (the Netherlands) in accordance with Section 414 of Part 9 of Book 2 of the Netherlands Civil Code.
Foreign currency translation
Balance sheet items of foreign group companies denominated in foreign currencies are translated at the exchange rates ruling at
the balance sheet date. Income and expenditure in foreign currencies, to the extent that these are hedged by forward exchange
transactions, are translated at the forward exchange rates. All other items are translated at average exchange rates or at the
exchange rates ruling at the balance sheet date. Other exchange gains or losses are taken direct to the profit and loss account.
Translation differences arising on the translation of foreign participating interests are taken to reserves.
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Accounting policies
Basis of preparation - The financial statements are prepared on the historical cost convention. Departures, if any, are
mentioned separately.
Intangible fixed assets - Goodwill is the difference between the price paid for newly acquired participating interests and
the value of the company’s share in the net asset value determined in accordance with the accounting policies of Van Oord.
Goodwill is amortised on a straight-line basis.
Tangible fixed assets - Tangible fixed assets are stated at the lower of cost and net realisable value, less straight-line depreciation
and / or impairments of tangible fixed assets based on their expected useful economic lives as stated in the notes to the
consolidated balance sheet. Additions made during the year are depreciated from the date of purchase.
Financial fixed assets - Participating interests are stated at the lower of the proportional share of their net asset value determined
in accordance with the accounting policies of Van Oord and net realisable value.
Stocks - Raw materials and consumables are stated at the lower of cost and net realisable value.
Debtors - Debtors are stated net of provisions for doubtful debts where necessary.
Provisions - Provisions are stated at non-discounted value based on accepted actuarial calculations (‘Projected Unit Credit’
method).
Work in progress - Work accepted is stated at cost, plus any profit recognised, less the realisable value of work completed. The
profit is determined on the basis of the technical progress of the work once this profit can be estimated reliably and the progress is
at least 35%. The realisable value of work completed is understood to mean the total work in progress instalments charged, plus
work completed but not yet invoiced. A provision for possible losses is deducted from the balance of work in progress. General
expenses are not capitalised.
Derivatives and hedge accounting - Van Oord uses derivatives, such as foreign exchange rate contracts and
interest rate swaps, to hedge the fluctuations in foreign exchange rates and interest rates. These derivatives are stated
at historical costs.
Income and expenses
Turnover - Net turnover represents the value of the work carried out in the year under review plus the profit on work completed in
the year under review, and income from some trading activities.
Costs - Costs are determined in accordance with the accounting policies set out above and are allocated to the financial year to
which they relate. Provisions are formed for expected losses on work in progress.
Taxes - Taxes are calculated on the basis of the result disclosed in the profit and loss account, taking into account current tax
facilities and deferred tax assets and liabilities.
Cash flow statement
This method makes adjustments to the results for items in the profit and loss account which do not affect inflows and outflows in
the year under review, movements in balance sheet items and profit and loss account items for which inflows and outflows are not
deemed to be from operating activities.
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Notes to the consolidated balance sheet
(x EUR 1,000)
The figures shown in brackets are the corresponding figures for the previous financial year.
Assets
1. Intangible fixed assets goodwill
Net Book value at 1 January 2009 102,990
Amortisation 6,866
Net Book value at 31 December 2009 96,124
Cost 137,320
Accumulated amortisation 41,196
Amortisation period in number of years 20
Goodwill is amortised straight-line over a period of twenty years in which the economic benefits attributable to the asset are
deemed to flow to Van Oord.
2. Tangible fixed assets land and floating and vehicles, assets under total
buildings other contracting fixtures and construction
equipment fittings
Net Book value at 1 January 2009 12,209 560,483 2,584 298,158 873,434
Additions 332 8,649 5,903 202,712 217,596
Assets taken into operation and other
movements -173 89,835 190 -91,997 -2,145
12,368 658,967 8,677 408,873 1,088,885
Disposals 149 4,277 673 - 5,099
12,219 654,690 8,004 408,873 1,083,786
Depreciation 636 85,148 5,500 - 91,284
Net Book value at 31 December 2009 11,583 569,542 2,504 408,873 992,502
Cost 24,007 1,595,714 43,860 421,873 2,085,454
Accumulated depreciation 12,424 1,026,172 41,356 13,000 1,092,952
Depreciation period in number of years 10-25 3-20 3-6
Assets under construction are not depreciated, unless the recoverable amount of the assets under construction is lower than the
carrying amount. Upon first use, these assets are properly categorised and depreciated in accordance with the accounting policies
stated above.
The insured value of tangible fixed assets at year-end 2009 amounted to EUR 2.0 billion (EUR 1.7 billion).
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3. Financial fixed assets non-consolidated other total
participating receivables
interests
Balance at 1 January 2009 545 - 545
Share in results 12 - 12
New loans - 4,833 4,833
Other movements -1,864 - -1,864
Balance at 31 December 2009 -1,307 4,833 3,526
4. Debtors 2009 2008
Trade debtors 397,467 578,766
Other receivables 84,678 69,533
Prepayments and accrued income 30,832 39,764
512,977 688,063
5. Cash at bank and in hand 2009 2008
Cash, giro and bank balances 151,817 64,463
Deposit accounts 145,189 101,392
297,006 165,855
Of the total of cash at bank and in hand, EUR 30 miljoen (EUR 20 miljoen) relates to proportionally consolidated contracting
consortiums and participating interests and is therefore not at the free disposal of the company.
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Liabilities
6. Shareholders’ equity
Statement of changes in shareholders’ equity of Van Oord:
2009 2008
Shareholders’ equity of Van Oord at 2009/2008 544,578 500,118
Consolidated net profit attributable to Van Oord 120,291 164,950
Translation differences arising on foreign participating interests 3,925 -7,834
Change in accounting principles regarding pensions (RJ 271) - -1,975
Total direct changes in shareholders’ equity of Van Oord 3,925 -9,809
Total profit of the legal entity 124,216 155,141
Dividend -88,582 -75,681
Repurchase of preference shares - -35,000
Total changes in shareholders’ equity of Van Oord
in relation to shareholders -88,582 -110,681
Shareholders’ equity of Van Oord at ultimo 2009/2008 580,212 544,578
For further details, please refer to the notes to the company balance sheet, under c.
As a result of the amended RJ 271 Employee benefits and pensions the asset of EUR 30.3 million (year end 2008) is directly
withdrawn from the shareholders’ equity. The impact of the change originated before 2008 is processed in the beginning balance
of 2008. Impact of change in pension accounting principle (RJ 271) on shareholders’ equity:
2009 2008
Shareholders equity primo 2008/2009 before change 574,878 503,042
Impact of change in accounting policy -30,300 -2,924
Shareholders equity primo 2008/2009 after change 544,578 500,118
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7. Provisions
1 January Addition Withdrawal Release 31 December
2009 2009
Regular maintenance of fixed operating assets 69,321 9,247 74 80 78,414
Tax liabilities 36,534 32,167 17,951 581 50,169
Integration provision 819 - 528 - 291
Other provisions 65 271 - 50 286
106,739 41,685 18,553 711 129,160
The provision for regular maintenance of fixed operating assets is formed for systematic maintenance of equipment.
The provision for tax liabilities is formed for ongoing tax proceedings in the Netherlands and abroad.
The integration provision is formed in connection with the merger taking place in 2003.
Other provisions relate to other specific risks.
All provisions are generally long term in nature.
8. Subordinated loan and other long-term liabilities
The average rate of interest on long term loans in 2009 was 5.33%. The balance of long term due to be repaid after more than five
years amount to EUR 7 million (EUR 93 million). No direct security is provided for the loans.
9. Work in progress 2009 2008
Cost of work in progress, profit recognised, provision for expected losses -1,316,324 -3,331,296
Realisable value of work completed 1,553,157 3,571,383
236,833 240,087
This item includes agreements for which the cost of work in progress exceeds the realisable value of work completed.
Total cost of work in progress and realisable value of work completed amounted to EUR 611 million and EUR 353 million,
respectively, at year-end 2009.
10. Current liabilities 2009 2008
Trade creditors 112,641 121,068
Taxes and social security contributions 88,589 129,453
Other liabilities 40,336 114,475
Accruals and deferred income 505,992 398,126
747,558 763,122
Accruals and deferred income mainly concern accruals for project costs.
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Financial instruments
General
Van Oord and its group companies use various financial instruments as part of their normal business activities.
These are either accounted for under assets and liabilities or not included in the balance sheet. Many project contracts are
denominated in foreign currencies. Virtually all positions in foreign currencies are fully hedged by means of forward exchange
contracts. Interest rate risks are managed based on the principle that the variable interest rates on the long-term loans taken out
are kept at an acceptable level for the entire term using interest rate derivatives. Differences in forward rates arising from renewed
forward exchange contracts are included in the balance sheet under current liabilities or assets. Forward exchange contracts are
concluded for future cash flows mainly in US and Singapore dollars. As at year-end 2009 , current liabilities included deferred
income relating to these contracts of EUR 10 million (EUR 24 million), which will be released at the time of the actual hedged cash
flow. In view of the nature of the activities and corresponding strongly fluctuating cash flows, the available cash at bank and in
hand is usually not tied up for more than one year. In principle, payment risks are covered by bank guarantees, insurance, etc.,
unless the creditworthiness of the debtor has been assured. These procedures and the geographical spread of the group
companies’ activities limit exposure to credit concentrations and market risks. The existing long-term US dollar loan is hedged
against foreign exchange risks. In connection with this, EUR 12 million (EUR 11 million) was included under deferred income at
year-end 2009.
Financial instruments included in the balance sheet
The estimated market value of financial instruments included in the balance sheet, such as financial fixed assets,
cash at bank and in hand, debtors, and current and long-term liabilities, is virtually identical to their carrying value.
Financial instruments not included in the balance sheet
As at 31 December 2009, the value of the forward exchange contracts at the forward rates amounted to EUR 229 million
(EUR 531 million). The value of the currencies to be received under these contracts at the exchange rates at 31 December 2009
was EUR 224 million (EUR 496 million).
Commitments not shown in the balance sheet
Warranty commitments
The warranty commitments not included in the balance sheet amounted to EUR 368 million at year-end 2009
(EUR 457 million). A portion of the risks arising from this has been reinsured. The vast majority of the commitments relate to
performance bonds issued to clients, which is standard practice in marine contracting.
Rental and lease commitments
Total commitments under long-term rental and lease contracts amount to EUR 13 million (EUR 14 million). An amount of
EUR 5 million will be repaid in 2010. Total operational car lease commitments amount to EUR 7 million, of which EUR 3 million will
be repaid in 2010.
Capital commitments
Commitments relating to investments in tangible fixed assets amounted to EUR 278 million at the balance sheet date
(EUR 492 million).
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Notes to the consolidated profit-and-loss account
(x EUR 1.000)
11. General
Turnover on work carried out in 2009, including the company’s share of turnover generated by the consolidated consortiums
(excluding value added tax), amounted to EUR 1,424 million (EUR 1,896 million).
2009 2008
Turnover in the Netherlands 253,826 18% 201,069 11%
Turnover in Europe (excl. the Netherlands) 440,936 31% 357,111 19%
Turnover in the rest of the world 729,001 51% 1,337,462 70%
1,423,763 100% 1,895,642 100%
Wages, salaries and social security contributions in 2009 for employees of Van Oord and its group companies amounted to
EUR 214 million (EUR 240 million). This related to an average of 3,457 (3,606) employees (in full-time equivalents)
and can be broken down as follows:
2009 2008
Wages and salaries 162,919 185,338
Social security contributions 30,715 23,629
Pension costs 20,066 31,203
213,700 240,170
These costs relate only to own employees. The above figures include wages, salaries, social security contributions and pension
costs of EUR 24 million (EUR 50 million) relating to the companies consolidated on a proportional basis. Remuneration of the
members of the Supervisory Board and Board of Management totalled EUR 3.0 million (EUR 2.9 million). Members of the Supervisory
Board received EUR 0.2 million (EUR 0.1 million), members of the Board of Management EUR 2.8 million (EUR 2.8 million).
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11 en 12. Gross profit
Gross profit represents the balance of net turnover and the cost of work, plus the profit recognised on work in progress.
Gross profit also includes:
• the addition to or release from the provision for expected losses on work in progress;
• prior-year income and expenses on work completed in previous years;
• income from fixed operating assets charged as rent to projects and third parties, less operating expenses, including periodic
maintenance costs, and excluding depreciation;
• various items of income and expenditure, such as gains on the sale of tangible fixed assets, exchange differences and
compensation for damage;
• depreciation and / or impairments of tangible fixed assets;
• amortisation of goodwill.
13. General administrative expenses
General administrative expenses are costs not charged to projects, such as head office, corporate department and foreign costs.
In accordance with Section 382a of part 2 of Book 2 of the Netherlands Civil Code we specify the expenses for services provided by
our independent auditor, Ernst & Young Accountants LLP. The fees for audit of annual reports of group companies, included in the
consolidated financial statements of Van Oord, amount to EUR 0.3 million (EUR 0.3 million).
The fees for other auditservices in 2009 amount to EUR 0.1 million (EUR 0.1 million) and the other non-audit fees amount
to EUR 0.1 million (EUR 0.1 million). All fees are included in the general administrative expenses.
14. Interest 2009 2008
Interest income 3,783 7,726
Interest expense 14,841 16,705
-11,058 -8,979
When loans bear flexible interest rates and these flexible interest rates are fixated by interest rate swaps, besides the interest
expenses also the change in carrying amount of the interest rate swaps are included in the profit and loss account. This results in
fixed interest expenses for these loans.
15. Taxes
This item includes both Dutch and foreign taxes. The effective and standard tax rates differ by country.
Reconciliation between the weighted standard tax rate and the effective tax burden is as follows (in percentage terms):
2009 2008
Weighted average standard tax rate 19.4% 19.4%
Tax implications of:
Use of losses available for set-off not accounted for -3.6% -5.8%
Loss carry-forwards not accounted for 1.7% 0.3%
Tax-exempt profits and non-deductible expenses 1.3% 7.9%
Amortisation of goodwill 1.2% 0.8%
Effective tax burden 20.0% 22.6%
Notes to the consolidated profit-and-loss account
69
Company balance sheet (before appropriation of profit)
(x EUR 1,000)
The letters next to the items refer to the corresponding letters in the notes to the financial statements.
31 december 2009 31 december 2008
Fixed assets
Intangible fixed assets a. 96,124 102,990
Financial fixed assets b.
group companies 808,565 862,180
904,689 965,170
Current assets
Debtors 6,730 14
Cash at bank and in hand 18,356 57,269
25,086 57,283
Total assets 929,775 1,022,453
Shareholders’ equity c.
Paid-up and called-up share capital 12,100 12,100
Share premium account 270,400 270,400
Statutory reserves -2,331 -6,256
Other reserves 179,752 103,384
Profit/(loss) for the financial year 120,291 164,950
580,212 544,578
Provisions 291 819
Long-term liabilities d. 348,862 446,382
929,365 991,779
Current liabilities
Amounts owed to group companies - 30,519
Other liabilities 410 155
410 30,674
Total liabilities 929,775 1,022,453
Company profit and loss account
(x EUR 1,000) 2009 2008
Profit of participating interests after taxation 136,950 184,673
Various income and expenditure after taxation -16,659 -19,723
Net profit/(loss) 120,291 164,950
70
(x EUR 1,000)
Unless stated otherwise, reference is made to the notes to the consolidated financial statements.
a. Intangible fixed assets goodwill
Net book value at 1 January 2009 102,990
Amortisation 6,866
Net book value at 31 December 2009 96,124
Cost 137,320
Accumulated amortisation 41,196
Amortisation period in number of years 20
b. Financial fixed assets
The group companies included in this item are listed in the notes to the consolidated financial statements.
group companies
Balance at 1 January 2009 862,180
Dividend received -195,000
Results of participating interests 136,950
Translation differences of participating interests 5,940
Other movements -1,505
Balance at 31 December 2009 808,565
Notes to the company financial statements
71
c. Shareholders’ equity
The authorised share capital in accordance with the Articles of Association amounts to EUR 40,000,000, divided into
40,000 ordinary shares of EUR 1,000. The issued share capital amounts to EUR 12,100,000, divided into 12,100 ordinary shares.
In 2008 1,400 preference shares were repurchased. Now there are no preference shares outstanding.
paid-up and share statutory other total
called-up premium reserves reserves
share capital account
2008
Balance at 1 January 2008 12,100 305,400 1,578 181,040 500,118
Dividend paid - - - -75,314 -75,314
Change in accounting principles regarding
pensions (RJ 271) - - - -1,975 -1,975
Translation differences - - -7,834 - -7,834
Repurchase of preference share - -35,000 - - -35,000
Profit for financial year - - - 164,950 164,950
Dividend on preference shares - - - -367 -367
Balance at 31 December 2008 12,100 270,400 -6,256 268,334 544,578
2009
Dividend paid - - - -88,582 -88,582
Translation differences - - 3,925 - 3,925
Profit for financial year - - - 120,291 120,291
Balance at 31 December 2009 12,100 270,400 -2,331 300,043 580,212
The share premium account is tax exempt.
Statutory reserves consist of a translation losses reserve of EUR -2.9 million and a reserve for participating interests of
EUR 0.6 million.
d. Long-term liabilities
Long-term liabilities payable after five years amount to EUR 349 million (EUR 446 million).
This concerns loans from group companies.
72
Profit appropriation
Profit appropriation takes place in accordance with Article 21 (1) and (2) of the Articles of Association, which reads as follows:
‘The profit shall be at the disposal of the Annual General Meeting after application of a dividend distribution on cumulative
preference shares to the extent that the profit is sufficient.’
The proposed appropriation of the profit is as follows:
Proposed dividend on ordinary shares 57,221
Added to reserves 63,070
Profit for the financial year 120,291
Rotterdam, 9 March 2010
Supervisory Board Executive Board
C.J. van den Driest P. van Oord
J.W. Baud A.J. van de Kerk
K. Damen P.H.G. de Ridder
Jac.G. van Oord
W. van Vonno
Other information
73
Auditor's reportTo Van Oord nv, Rotterdam, the Netherlands
Report on the financial statements
We have audited the accompanying financial statements 2009
of Van Oord, Rotterdam, which comprise the consolidated
and company balance sheet as at 31 December 2009 the
consolidated and company profit and loss account for the
year then ended and the notes.
Management’s responsibility
Management of the company is 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 responsibility
Our responsibility is to express an opinion on the financial
statements based on our audit. We conducted our audit in
accordance with Dutch law. This law requires that we comply
with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s
judgement, 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 entity’s internal control.
An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting
estimates made my management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements give a true and
fair view of the financial position of Van Oord 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 requirements
Pursuant to the legal requirements under 2:393 sub 5 part f of
the Netherlands Civil Code, we report, to the extent of our
competence, that the management board report is consistent
with the financial statements as required by 2:391 sub 4 of the
Netherlands Civil Code.
Utrecht, 9 March 2010
Ernst & Young Accountants LLP
signed by
W.H. Kerst
74
Our Social Annual Report 2009 is
available at www.vanoord.com
VanOord
Watermanweg 64
PO Box 8574
3009 AN Rotterdam
The Netherlands
T +31 010 4478444
F +31 010 4478100
I www.vanoord.com
This is an English translation
of the original Dutch language
report. Should a difference of
interpretation arise, the original
Dutch version will prevail.
Design
Boulogne Jonkers, Zoetermeer, the Netherlands
Veenman Drukkers, Rotterdam, the Netherlands
Translation
Balance Translations, Amsterdam, the Netherlands
Photography
amongst others:
Guido Akster
Michael Boulogne
Flying Focus Luchtfotografie
Ineke Key Fotografie
Ruud Koppenol Fotografie
