De Bilt 18 May 2010
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Transcript of De Bilt 18 May 2010
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De Bilt18 May 2010
Annual General Meeting of Shareholders
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Agenda item 1
Opening
Frank L.V. Meysman
Chairman of the Supervisory
Board Grontmij N.V. /
Voorzitter Raad van
Commissarissen Grontmij N.V.
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Agenda item 2
Presentation Executive Board /
Presentatie Raad van Bestuur
Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.
Mel Zuydam
CFO Grontmij N.V.
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Agenda item 2
Presentation Executive Board /
Presentatie Raad van Bestuur
• Grontmij Strategic Overview / Grontmij Strategisch Overzicht
• Results 2009 Headlines / Resultaten 2009 in hoofdlijnen
• Results Q1 2010 / Resultaten 1e kwartaal 2010
• Outlook
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Grontmij Strategic Overview / Grontmij Strategisch Overzicht
Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.
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Grontmij: a Strong European Network /Grontmij: een sterk Europees Netwerk
• Strong European regional networkStrong European regional network• 150 offices in Europe150 offices in Europe• 20 offices RoW*20 offices RoW*• 3 Business Lines3 Business Lines
– Planning & DesignPlanning & Design– Transportation & MobilityTransportation & Mobility– Water & EnergyWater & Energy
• 8,000 people8,000 people• 25,000 projects a year25,000 projects a year• Principle regions:Principle regions:
– NordicNordic– BeneluxBenelux– UK, Central & Eastern EuropeUK, Central & Eastern Europe– RoW*RoW*
* RoW: rest of the World* RoW: rest of the World
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Services & Competences
Consultancy& Design
ProjectManagement
Engineering ContractingAsset
Management
• Project definition
• Conceptual design
• Functional program
• Feasibility study
• Investment plan
• Program management
• Design management
• Project management
• Financial, organi-sational and legal management support
• Technical specs
• Engineering
• Detail engineering
• Work drawings
• Calculations
• Samples, surveys
• Data
• Supervision
• Quantity survey
• Construction management
• (Turn-key) contract management
• Maintenance scheme
• Monitoring & control
• Facility management
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Roles
Client
Subcontractor
Product supplier
Materials InstallationSub-
contractorLabour
Feasability+ Spec
Basic Design Detailed DesignProject
ManagementTender / Bid Award Realisation
Use & Maintenance
ContractorDesigner
Consult / EngineerArchitect Consult / Engineer
Designer
Consult / EngineerArchitect Consult / Engineer
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Our Organisation
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Our Group Executive Committee
• Sylvo ThijsenChief Executive Officer
• Mel ZuydamChief Financial Officer
• Gert DralGroup Director Planning & Design
• Ulf PalmbladGroup Director Transportation & Mobility
• Lawrence HughesGroup Director Water & Energy
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Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.
Development of Financial & Operational Strategy for Growth 2010 - 2015
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Strategy timeline
Revenue(x 1,000)
1913
1985
1991
1995
2000
2015
2005
2010
2001
20092008
Our people 1 1237 4130 8000
90125
511472
435
844
800
242
Acquisition of IHN, BnS, Morzeck• Full service concept• Invest in real estate• Waste operation• Building services• > 65 % profits from non-core activities
Strategic Review• Focus on cons. eng. • Divest real estate ( > 150 mln )• Invest in Internalisation Carl Bro 2006
Europeanising & focus on business lines• Invest in Europe • Specialize Water & Energy• Start-up connections global networks
1913 – 20001st € 500 mln
2000 – 2015next € 1 bln
1913 1985 2000 2006 2015
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Strategic Concept Green by Design
Urbanisation & Industrialisation
Planning &
Design
Water&
Energy
Deliver technical services and organisational capabilities in 3 business lines
Natural Resources
Improve clients performance sustainable value
Transportation&
Mobility
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Financial Goals
Our long-term goals are ambitious; they translate into clear financial
objectives:
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Trends
Planning & Design
• 84% of Europeans will live in urban areas
• 40% of all energy is used by buildings
• 30% of people > 65 years in 2050
Transportation & Mobility
• 97% dependence of transport on fossil fuels
• 25% of all urban trips is public transport
• 20% increase transport in EU by 2020
Water & Energy
• 60% of European cities > 100,000 people use more groundwater than replenished
• 40% (2.6 billion people) don’t have access to sanitation
• 80% reduction of GHG emission of developed countries by 2050
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Major regions impacting economic development in Europe
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Changing Market Requirements
From To
“Squeezed in the middle” Partnership based approach to stakeholders
Seamless cooperation
Architects or advisors to clients
ContractorsTechnical
consultants
Technical consultants
ContractorsArchitects or advisors
to clients
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Changing Market Requirements (2)
From To
Value added consulting
Structural Design
Electrical
Heating + Sanitation
Structural Design
Electrical
Heating + Sanitation
Life cycle co
sting
Safety
En
ergy efficien
t desig
n
Ind
oo
r climate
Sustainable design
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Changing Market Requirements (3)
From To
Life cycle perspective
Pre-project DesignOperational / maintenance
Pre-project DesignOperational / maintenance
Life cycle / maintenance / relationship focus
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Changing Market Requirements (4)
Consulting and Planning
• Customers increasingly require international cooperation and/or experience
Internationalisation
Design
• Large / complex projects often requiring international experience
• Large / complex projects will attract international bidders
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Business Lines
Planning
& Design
Bispebjerg Bakke, Copenhagen, Denmark Lightrail, Zoetermeer, the Netherlands SHARON, New York, USA
Transportation
& Mobility
Water
& Energy
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Shanghai World Expo 2010, China
‘Better city – Better life’
Today His Royal Highness Prince Willem Alexander visits the Shanghai World Expo
Grontmij is participating also with its own event in the ‘Holland Pavilion’on 15 & 16 July
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Some projects in China
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Dance and Music Centre, The Hague, the Netherlands
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GRI standards used for 25 key indicators that drive performance improvement:
• Reducing energy use across the group
• Cutting back transportation emissions
• Our aspiration is to be carbon neutral by 2013
Corporate Social Responsibility / Duurzaam ondernemen
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Corporate Social Responsibility / Duurzaam ondernemen
GRI standard disclosures -
key environmental performance indicators
2009
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2009: Highlights
• Revenue € 800 million– 5% down (3% organic, 2% currency)
• Operating profit € 45 million (2008: € 53 million)
– Excl. EAI’s, restructuring
• Net profit € 20.4 million (2008: € 38.8 million)
– After € 11.7 million restructuring
• Cashflow € 52.3 million (2008: € 34.5 million)
– 104% profit conversion to cash
• Cost reduction plan– Being implemented, fully provided 2009
• Customers– New business lines in operation
• Dividend €1.00 per share stock or cash (2008: € 1.15)
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Market & Strategy: diversified portfolio
Business Lines Total Revenue 2009
Regions Total Revenue 2009
ClientsTotal Revenue 2009
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47%
25%
28% 32%
47%
21%
24%38%
6%16% 16%
Planning & Design
Transportation & Mobility
Water & Energy Nordic
Benelux
UK, CEE
Public-sector local
Private-sector National
Private-sectorInternational
Utilities Public-sector National
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Market conditions - remain challengingForward order book improved
Planning & Design
Transportation & Mobility
Water & Energy
Nordic
Benelux
UK, CEE
Denmark
Sweden
Belgium
the Netherlands
UK
Germany
CE
RoW
Energy/Industry poor
Building poor
UK Water frameworks encouragingTransportation strong
Good OK Poor
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Results 2009: Headlines / Resultaten 2009: kernpunten
Mel Zuydam
CFO Grontmij N.V.
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Profitability & Liquidity Drivers
• Gross Margin: - Net Revenue less Direct Costs
– Price
– Productivity
• Efficiency: - Indirect Overheads
– Economies of scale
– Financial & cost control
• Liquidity: - EBITDA: Cash Conversion
– Working capital management
– Cashflow management
– Further non core divestments
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2009: A platform for long term growth
• Margins - Efficiency - Cash
• Underlying EBITA and Profit after tax in line with expectations
• Non-recurring restructuring costs of € 4.5 million, and further provisions of € 7.2 million - total € 11.7 million
• Strong cash performance resulting in reduced working capital and net debt
Full year results
€ m 2009 2008 2007
Total revenue 800 844 773
Gross Margin* 151 158 136 % TR 18.9% 18.7% 17.6%
EBITDA* 56 64 51
EBITA* 45 53 39
Profit after Tax 20.4 38.8 32.7
Working Capital 171 183 194
Net Debt -75 -87 -83
*Before non-recurring restructuring costs of € -11.7 million (2008: € -0.1 million), profits from EAI € 2.7 million (2008: € 4.5 million) & profit from divestment of EAI € 5.3 million (2008: € 8.2 million).
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2009 - Consolidated income statement
• Revenues declined 5% at net revenue level
• Gross Margin maintained (revenue less direct costs)
• Share of profits from EAI € 2.7 million, down € 1.8 million
• Restructuring costs € 11.7 million
• Increased tax rate 27% (2008: 24%)
Full year results
€m 2009 2008 2007
Total revenue 800 844 773
Net revenue 630 664 598
Gross Margin* 151 158 136 % TR 18.9% 18.7% 17.6%
EBITDA* 56.0 64 51
EBITA* 44.7 53 39 % TR 5.6% 6.3% 5.0%
EAI 2.7 4.5 14.5 Divestment 5.3 8.2 1.1
Adjusted EBITA 52.7 65 54 % TR 6.6% 7.7% 7.0%
% NR 8.4% 9.8% 9.0%
Amortisation -7.7 -6.9 -6.1EBIT 45.0 58 48
Restructuring -11.7 -0.1 -
Interest -5.3 -7.5 -6.0
Taxation -7.6 -12.0 -9.3Effective rate 27% 24% 22%
Profit after Tax 20.4 38.8 32.7
*Before non-recurring restructuring costs of € -11.7 million (2008: € -0.1 million), profits from EAI € 2.7 million (2008: € 4.5 million) & profit from divestment of EAI € 5.3 million (2008: € 8.2 million).
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Country profitability analysis
• Nordic region stable in 2009, with some restructuring
• Benelux region decline in 2009, with significant restructuring
• UK CEE region decline in UK, profitability maintained CEE
Nordic region Benelux region UK, Central & Eastern EU(in € million)
Income statement
AC2009
AC2008
AC2007
AC2009
AC2008
AC2007
AC2009
AC2008
AC2007
AC2009
AC2008
AC2007
AC2009
AC2008
AC2007
AC2009
AC2008
AC2007
Total revenue 164 171 150 78 89 96 55 58 53 324 332 312 67 66 51 93 115 86
Net revenue 125 127 113 67 75 80 50 53 50 247 248 231 54 53 45 84 102 74
Other income - 0 0 1 1 1 0 0 0 0 1 3 1 1 0 - -
EBITA 11 11 9 7 7 7 3 3 3 20 17 11 8 9 3 5 9 7
% TR 6.4% 6.3% 6.1% 9.5% 8.0% 7.5% 5.5% 5.5% 5.9% 6.1% 5.0% 3.7% 11.3% 12.9% 6.7% 4.9% 8.1% 8.4%
% NR 8.4% 8.5% 8.2% 11.1% 9.5% 9.0% 6.0% 6.0% 6.3% 7.9% 6.7% 4.9% 14.1% 16.2% 7.6% 5.5% 9.1% 9.7%
Restructuring costs -0.20 - -0.30 - - - - - - - -2.60 -
Restructuring provision -1.10 - - - -0.60 - -4.10 - -0.20 - - -
Result of EAI - - - - - - 2.40 2.20 2.30 0.70 2.50 12.20 - - - - - -
Result from sale of EAI - - - - - - - - - 5.30 8.20 1.10 - - - - - -
Adjusted EBITA 9 11 9 7 7 7 5 5 5 22 27 25 7 9 3 2 9 7
% TR 5.6% 6.3% 6.1% 9.1% 8.0% 7.5% 8.8% 9.2% 10.2% 6.6% 8.2% 7.9% 11.0% 12.9% 6.7% 2.1% 8.1% 8.4%
% NR 7.3% 8.5% 8.2% 10.7% 9.5% 9.0% 9.5% 10.2% 10.9% 8.7% 11.0% 10.7% 13.7% 16.2% 7.6% 2.4% 9.1% 9.7%
Sweden UK/IRLNetherlandsDenmark Germany/PolandBelgium
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Consolidated balance sheet extract
• Intangible assets & Goodwill
– No material acquisitions in year
– Amortisation offset by software acquisition & currency differences
• Focus on billing and collection
– € 13 million reduction in working capital
• Net Debt reduction of € 12 million
• Strong cash conversion
Balance sheet extract 31 December
€m 2009 2008 2007
Intangible assets & Goodwill 200 202 169
Work in progress and inventories 32 43 51
Trade Receivables 139 141 143
Net Debt -75 -87 -83
Cash 30 29 34
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Strong underlying EBITDA: CASH conversion
• Conversion of underlying EBITDA
– From 53%, to 74% to 104%
Cash Management €m 2009 2008 2007
EBITDA * 56.0 64.0 50.7
Net cashflow from operating activities 52.3 34.5 29.2
Less:Dividends from equity accounted investees -2.8 -5.8 -17.1
Plus:Restructuring costs 4.5 0.1 - Restructuring provisions -7.2 - - Interest paid 5.0 6.7 5.4Income tax paid 6.2 12.1 9.4
Adjusted net cashflow from operating activities 58.1 47.6 26.9
Operating cash conversion 104% 74% 53%
*Before non-recurring restructuring costs of € -11.7 million (2008: € -0.1 million), profits from EAI € 2.7 million (2008: € 4.5 million) & profit from divestment of EAI € 5.3 million (2008: € 8.2 million).
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Strong underlying EPS
• Basic EPS reduced
– Largely due to non-recurring restructuring
• Adjusted EPS only reduced by 3%
• Proposed dividend:
– € 1.00 per share stock or cash
Earnings per share 2009 2008
€ €
Basic 1.14 2.16
Adjusted** 1.78 1.84
Proposed dividend 1.00 1.15
Basic payout ratio 88% 53%
Adjusted payout ratio 56% 62%
** Before results from equity accounted investees, amortisation and restructuring costs
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Dividend and Earnings per share - trendRemains at high level
2005 2006 2007 2008 2009
0.53
0.81
0.75
1.31
1.10
1.84
1.15
2.16
1.00
1.14
Solvency 27.6 26.0 26.4 27.7 28.2
Dividend per share in € Earnings per share in €
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Strategy 2010 – 2015:Organic revenue growth, increase of profitability and acquisitions
• Cross selling
– Leveraging customer knowledge, references, skills and expertise across geographical borders
– Increasing focus on high margin projects and the growth markets of water, energy and mobility
– Benefit from vendor reduction trend in multinational clients
• Operational excellence, cost reductions and cash conversion
– Lower working capital & improved treasury management
– Execution of cost reduction program announced Q3 2009 (cost savings € 3-5 mln in 2010)
– Standardised operation & governance models i.e. ICT and risk
• Acquisitions
– Strengthening the position in water, energy and mobility and relatively fast growing regions such as Central & Eastern Europe
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Results Q1 / Resultaten 1e kwartaal 2010
First Quarter - Highlights
Consolidated Group Profit & Loss and Balance Sheet extract
€ m 2010 2009
Total revenue 185 208
Gross Margin* 33 38
EBITDA* 11 13
EBITA* 8 10 % total revenue 4.3% 4.8%
Divestment - 5.2
Profit after Tax 3.7 8.9
Working Capital 184 189
Net Debt -107 -91*Before non-recurring restructuring costs of € -1.0 million (2009: nil), profits from EAI € 0.6 million (2009: € 0.4 million) & profit from divestment of EAI € nil (2009: € 5.2 million).
• Revenue 11% down, of which 9% organic, 2% currency
• Underlying EBITA down 20% (Q4’09 21%)
• Profit after tax €3.7m equals Q1 2009 before profit from divestment
• Strong 2009 year end cash collection leads to lower operating cash in Q1 2010
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Results Q1 / Resultaten 1e kwartaal 2010
First Quarter - Profit & Loss account
€ m 2010 2009
Total revenue 185 208
Net revenue 154 167
Gross Margin* 33 38 17.8% 18.4%
EBITDA* 10.7 13.3
EBITA* 8.0 10.0 % TR 4.3% 4.8%
EAI 0.6 0.4 Divestment - 5.2
Adjusted EBITA 8.6 15.6
Amortisation -1.7 -1.9EBIT 6.9 13.7
Restructuring -1.0 -
Interest -0.8 -1.5
Taxation -1.4 -3.3Effective rate -27% -27%
Profit after Tax 3.7 8.9
*Before non-recurring restructuring costs of € -1.0 million(09:€nil), profits from EAI € 0.6 million (2009: € 0.4 million) & profit from divestment € nil (2009: € 5.2 million).
• Small increase in core EAI
• Reduced amortisation
• Some further restructuring in UK, NL & DK
• Lower interest cost
• Effective rate of tax maintained
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Outlook
Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.
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Outlook 2010 (Reiterated March 2010)
• No recovery building market, transportation good
• Encouraging UK Water AMP5 activity
• No material profits from divestments of EAI
• Cost reduction benefits in HY2 2010: € 3-5 million
• Focus on cash & transparency to continue
• Early signs of forward order improvement; new approach at HY 10: rolling 3 month forward order book
• First comparatives at HY 10, together with update on expectations for FY 2010
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A platform for long term growth
Any Questions?
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Agenda items 3 – 12
Frank L.V. Meysman
Chairman of the Supervisory
Board Grontmij N.V. /
Voorzitter Raad van
Commissarissen Grontmij N.V.
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Agenda item 3
a. Verslag van de Raad van Commissarissen en Raad van
Bestuur over het boekjaar 2009
b. Corporate governance
c. Vaststelling van de jaarrekening 2009
a. Report of the Supervisory Board and Report of the
Executive Board for the financial year 2009
b. Corporate Governance
c. Adoption of the annual accounts 2009
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Remuneration policy
• Current remuneration policy adopted by AGM in May 2005 with amendments in August 2006
• Current policy reviewed by Supervisory Board in 2009
• In view of economic climate, no amendments deemed necessary
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Remuneration Executive Board 2010
• In view of economic climate
– No increase of fixed annual salary bandwiths in 2010
– No increase of fixed annual salary in 2010
– No pay out of individual bonus over 2009 despite achieved individual targets
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Agenda item 4
Vaststelling dividend 2009
Declaration of dividend 2009
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Dividend proposal
Dividend per share 2009: € 1.00 (in stock or cash)Payment date: 8 June 2010
Dividend per aandeel: € 1,00 (in aandelen of contanten)Uitbetaling: 8 juni 2010
2005 2006 2007 2008 2009
0.530.75
1.10 1.151.00
Dividend per share in €
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Agenda item 5
a. Decharge van de leden van de Raad van Bestuur
b. Decharge van de leden van de Raad van Commissarissen
a. Discharge of the members of the Executive Board
b. Discharge of the members of the Supervisory Board
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Agenda item 6
Wijziging van de statuten
Amendment of the articles of assocation
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Agenda item 7
a. Verlenging van de aanwijzing van de Raad van Bestuur als het orgaan dat bevoegd is te besluiten tot uitgifte van gewone aandelen
b. Verlenging van de aanwijzing van de Raad van Bestuur als het orgaan dat bevoegd is te besluiten tot beperking of uitsluiting van het voorkeursrecht
a. Extension of the designation of the Executive Board as the body authorised to issue ordinary shares
b. Extension of the designation of the Executive Board as the body authorised to limit or exclude the preferential right
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Agenda item 8
Machtiging van de Raad van Bestuur tot het verkrijgen door de
vennootschap van eigen aandelen of certificaten daarvan
Authorisation of the Executive Board to acquire own
shares or depository receipts for such shares by the
company
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Agenda item 9
De Engelse taal van de jaarrekening en het jaarverslag
English language of the annual accounts and annual report
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Agenda item 10
Verlening opdracht aan accountant tot onderzoek van de
jaarrekening 2010
Commissioning auditor to audit the annual accounts
for 2010
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Agenda item 11
Rondvraag
Any other matters
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Agenda item 12
Sluiting
Closing