Annual report 2012 - VDL

VDL Groep
annuAl report
2012

VDL Groep
Annual report
2012
VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
Phone +31 (0)40 - 292 50 00
Fax +31 (0)40 - 292 50 01
info@vdlgroep.com
www.vdlgroep.com

Contents
3
Financial highlights
4 Profile
5 Group structure
7 Report of the Board of Directors
39 Report of Supervisory Board
40 Auditor’s report
41 Subsidiaries
53 Financial report 2012
2

Financial
highlights
( x 1,000 euro )
2012 2011 2010 2009 2008
Combined turnover 1,756,354 1,718,724 1,472,373 1,162,233 1,562,111
Consolidated turnover 1,628,857 1,574,805 1,353,726 1,057,662 1,441,031
Gross profit 87,407 96,275 102,779 32,544 100,470
Profit before tax 75,679 83,377 97,447 25,432 77,262
Profit before tax / turnover 4.3% 4.9% 6.6% 2.2% 4.9%
Net profit 56,755 66,014 76,762 18,047 54,379
Net profit / turnover 3.2% 3.8% 5.2% 1.6% 3.5%
Depreciation of (in)tangible fixed assets 32,490 30,465 28,844 28,405 27,271
Cash flow 89,245 96,479 105,606 46,452 81,650
(Dis-)investments including acquisitions 213,072 52,100 29,445 20,292 57,517
Guarantee capital 788,480 577,638 537,679 466,972 467,870
Total assets 1,403,669 1,062,228 1,017,657 928,798 944,134
Guarantee capital / total assets 56.2% 54.4% 52.8% 50.3% 49.6%
Net profit / equity 7.2% 11.5% 14.3% 3.9% 11.7%
Employees as at 31 December 8,757 7,135 7,126 6,113 7,106
3

Profile
VDL Groep
VDL Groep is an international industrial company devoted to the development, production and sales of
semi-finished products, cars, buses & coaches and other finished products. From its head office in
Eindhoven (the Netherlands) VDL supervises its subsidiaries, which have a high level of autonomy and
responsibility for results.
The establishment in 1953 of ‘Metaalindustrie and Constructiewerkplaats P. van der Leegte’ laid the basis
for what today is VDL Groep. Partly through targeted acquisition - initially in subcontracting and since the
nineteen nineties in buses and in the finished products division - the group now encompasses 82 subsidiaries,
spread over 18 countries, and a workforce of 8,757.
In subcontracting, VDL is a leader in the fields of metalworking, mechatronic systems and system supply,
plastics processing and surface treatment. The car assembly division includes the production of passenger
cars for third parties. The bus & coach division consists of chassis, chassis modules, coaches, public transport
buses, mini & midi buses, special buses and second-hand buses. The finished products division is extensive:
suspension systems for the automotive industry, heating, cooling and airtechnical systems, production
automation systems, systems for the oil, gas and petrochemical industry, systems for the agricultural sector,
sunbeds and roof boxes, container handling equipment, cigar-making and packaging machines, components
for bulk handling and dust extraction installations and systems for explosion and fire protection.
VDL Groep strives to achieve growth both through acquisitions and autonomous means. This entails a focus
on making continuous improvements to its products and production processes. Such a vision imposes a
number of preconditions: modern machinery, locations based on good logistics, a critical quality policy
and, naturally, a high level of expertise amongst its workforce. Investments made by VDL Groep enable the
group to meet customer requirements.
VDL Groep has a flat organisational structure with short policy lines. The company culture is characterised
by the shared VDL philosophy of ‘human added value’. This forms the basis for close cooperation between
companies within the group.
4

Group structure
VDL Groep
VDL Nederland
VDL Holding Belgium
Subcontracting
Car assembly
Buses & coaches
Finished products
VD Leegte Metaal
VDL Nedcar
VDL Bus & Coach
VDL Agrotech
VDL Gereedschapmakerij
VDL Bus Chassis (81%)
VDL Industrial Products
VDL TIM Hapert
VDL Bus Modules
VDL Steelweld
VDS Technische Industrie
VDL Bus Heerenveen
VDL Steelweld UK
VDL Laktechniek
VDL Bus Venlo
VDL Steelweld Deutschland
VDL Belgium
VDL Bus Roeselare
Hapro International
VDL Technics
APTS (70%)
Hapro Deutschland
VDL Kunststoffen
VDL Bus Valkenswaard
VDL Klima
Helmondse Metaal Industrie
VDL Bus & Coach Nederland
Klima Warmtetechniek
NSA Metaalindustrie
VDL Bus & Coach France
VDL Klima Belgium
NSA Apparatenbouw
VDL Bus & Coach Italia
VDL Klima France
VDL MPC
VDL Bus & Coach Belgium
VDL KTI
VDL Parree
VDL Bus & Coach Polska
VDL Delmas
VDL Staalservice
VDL Bus & Coach Deutschland
VDL Containersystemen
VDL Lasindustrie
VDL Bus & Coach Suisse
VDL Containersysteme
RPI Componenten
VDL Bus & Coach Czech Republic
VDL Weweler
VDL Rotech
VDL Bus & Coach Norge
Weweler-Colaert
VDL Systems
VDL Bus & Coach South Africa (70%)
VDL Weweler Parts
VDL Postma
VDL Bus & Coach Serbia
Truck & Trailer Industry
VDL Industrial Modules
VDL Bus & Coach Danmark
PMB-UVA International
VDL Konings
VDL Bus Center Nederland
VDL USA
VDL Wientjes Roden
VDL Bus Center Deutschland
VDL Middle East
VDL Wientjes Emmen
VDL Bus Center France
VDL Services
VDL Busland
VDL ETG Eindhoven
VDL Parts
VDL ETG Research
VDL ETG Projects
VDL ETG Almelo
VDL ETG Singapore
VDL ETG Suzhou
VDL Network Supplies
VDL Fibertech Industries
5

Report
of the Board
of Directors
2012 was a special year for VDL Groep, as it will be remembered as the year we won the King Willem I Prize
- the business owners price of the Netherlands - and acquired the car manufacturer plant NedCar in Born.
Financially, 2012 was a pretty good year. In early 2012 we still hoped we would match our 2011 figures,
but the downturn in the second half - and particularly in the fourth quarter - meant the figures, and
particularly the result, were slightly lower than expected. Nevertheless, we can be satisfied, certainly
considering the economic situation.
The combined turnover rose by 2% from 1.719 billion euro in 2011 to a record level of 1.756 billion euro
in 2012. This includes the 70 million euro in turnover from VDL Nedcar. Excluding this turnover, the total
turnover of VDL Groep would have been 2% lower than in 2011.
Consolidated turnover for 2012 amounted to 1.629 billion euro, a rise of 3% compared to the 1.575
billion euro in 2011. Net result fell from 66 million euro in 2011 to 57 million euro in 2012. The number
of employees rose from 7,135 at year end 2011 to 8,757 at year end 2012, largely due to the acquisition
of VDL Nedcar.
Despite the economic crisis in Europe, VDL Groep continued its usual high level of investment and innovation
in 2012. Looking back, we must conclude that this, together with our strategy of diversity in products and
markets and the flexibility of our employees, were our greatest strengths in 2012.
For us, as an industrial company in the Netherlands, a sound industrial policy with a level playing field
across Europe is absolutely essential. These conditions are necessary if we are to continue manufacturing
here. Lending, credit insurance, labour flexibility - with a structural part-time unemployment scheme - and
technical education are of key importance.
Our pursuit of a level playing field should also extend beyond the borders of Europe to the world at large.
Many countries around the globe impose import duties, while Europe continues to believe in a free trade
zone. We must treat our trading partners in the world the same way they treat us. Only then can
employment opportunity in the European Union be maintained and can we form a strong block to maintain
our position in the world economy.
7

CONSOLIDATED CONSOLIDATED TURNOVER TURNOVER
NET PROFIT NET PROFIT
(in million euro) (in million euro)
1800
(in million euro) (in million euro)
1800
90
90
1700
1700
80
80
1600
1600
70
70
1500
1500
60
60
1400
1400
50
50
1300
1300
40
40
1200
1200
30
30
1100
1100
20
20
1000
1000
10
10
900
2008 2009 2008 2009 2010 2011 2010 2011 2012 2012
900
0
2008 2009 2008 2009 2010 2011 2010 2011 2012 2012
0
Turnover
Combined turnover for 2012 amounted to 1.756 billion euro. Compared to the 1.719 billion euro in 2011,
this represents an increase of 2%. Internal deliveries decreased.
million euro
2012 2011
million euro
Combined turnover 1,756 1,719
Internal deliveries - 127 - 144
Consolidated turnover 1,629 1,575
International turnover rose and domestic turnover fell. This is partly due to a number of large orders for
the automotive market in Germany and United Kingdom.
2012 2011
million euro % million euro %
International 1,098 67 1,031 65
Domestic 531 33 544 35
1,629 1,575
In 2012 we supplied products to 114 countries outside the Netherlands. International turnover, divided
among the various continents, is as follows: Europe 852 million euro (41 countries), Asia 142 million euro
(29 countries), North America 52 million euro (2 countries), South and Central America 39 million euro
(21 countries), Africa 11 million euro (19 countries) and Oceania 2 million euro (2 countries). If turnover is
broken down country by country, we see that our largest markets are, in addition to the Netherlands, our
neighbouring countries Germany, United Kingdom and Belgium.
8

TURNOVER PER COUNTRY
(in million euro)
Netherlands 531
Germany 262
United Kingdom 138
Belgium 107
Singapore 81
France 65
USA 51
Sweden 44
Denmark 35
Norway 32
Finland 31
Jamaica 30
Switzerland 23
Poland 21
Italy 15
Czech Republic 14
Israel 12
Others 137
Divisions
If the combined turnover of VDL Groep is broken down according to the divisions subcontracting, buses &
coaches and finished products, we see that the decline in subcontracting was compensated by a rise in the
contribution from the other divisions. With the acquisition of NedCar at the end of 2012, a new division
was added: car assembly.
2012 2011
million euro % million euro %
Subcontracting 788 45 918 53
Car assembly 70 4 - -
Buses & Coaches 431 24 405 24
Finished products 467 27 396 23
1,756 1,719
Subcontracting
Turnover in the subcontracting division fell from 918 million euro in 2011 to 788 million euro in 2012. This
14% decline in turnover was mainly due to the downturn in the semiconductor and solar energy markets. The
result from the subcontracting division in 2012 was positive, but less so than in 2011. The order book shrunk
from 235 million euro to 193 million euro as at year end.
The turnover in the subcontracting division fell 17% in the first quarter of 2013, from the first quarter 2012
figure of 210 million euro to 175 million euro. The order book in week 13 was at 211 million euro, which is
also significantly lower than for the same week last year (240 million euro). If we look at the development of
the turnover and order book over the past half year, however, we see they have been fairly stable. The
semiconductor market, which has been on the decline since the second half of 2012, now seems to be growing
again. VDL expects the turnover of the subcontracting division to stabilize in 2013.
9

SUBCONTRACTING
Mechatronic systems 53%
Metalworking 38%
Plastics processing 8%
Surface treatment 1%
2012 2011
million euro % million euro %
Mechatronic systems 421 53 550 60
Metalworking 296 38 303 33
Plastics processing 63 8 56 6
Surface treatment 8 1 9 1
788 918
Mechatronic systems and system supply
As expected, turnover in the mechatronic systems and system supply sector dropped, from 550 million
euro in 2011 to 421 million euro in 2012.
The market for semiconductor production equipment was stable at the level of the second half of 2011 for
the first nine months, followed by a dip in the fourth quarter. This was partly a result of inventory correction
by our customers. Fortunately this correction only lasted two quarters and the demand from this market
currently seems to be recovering to a normal, healthy level.
The recovery for capital goods in the LED market took two quarters longer than we expected, yet recovery
has now begun in this area as well. The solar industry, however, is still in the doldrums, despite the very
strong growth of the global market for solar installations. Supply and demand of production equipment
for solar cells are still not in balance, and we do not expect this to happen until beyond 2013. Our efforts
in the market for medical diagnostic systems have yielded the intended success and led to compensation
for loss in other markets.
Given the improving order book, we expect the turnover for the mechatronic systems and system supply
sector in 2013 to be reasonably in line with that of 2012.
10

Metalworking
Turnover in the metalworking sector remained virtually unchanged: 296 million euro in 2012 compared to
303 million euro in 2011. Once again, diversification of our markets has proven to be one of our strengths.
A slight decline was evident in some markets, such as the truck industry. In other markets, including the
food industry, waste processing industry and energy market, there was clear growth.
Over the past year we once again invested in advanced machinery and further automated and robotized
production processes to maintain our international competitive position. The VDL companies in the
metalworking sector serve increasingly as system supplier, with involvement in the entire process from
design and production to delivery and maintenance. Collaboration with other group companies is one of
the ways VDL demonstrates its added value. Prices are under tremendous pressure due to the economic
crisis. Therefore new markets are being explored and new products developed that fit with the current
product range.
Despite rising raw material prices and a decline in some markets, the prospects for 2013 can be described
as reasonable. The order book in the metalworking sector is currently stable, and we expect to be able to
match the 2012 figures.
Plastics processing
Turnover in the plastics processing sector rose by 13%, from 56 million euro in 2011 to 63 million euro in
2012. The upturn in the automotive industry was a major factor in this rise. We also expanded our share in
the market for consumer-related products.
Due to the increasing demand for complete assemblies as well as larger products, we have again invested
in new injection moulding machines with higher clamping forces. The new acquisitions include a 1,700-tonne
injection moulding machine, which nicely complements the 2,000-tonne injection moulding machine we
purchased in 2011. We have also introduced new techniques: “in-mould labelling” and “in-mould foil”.
By making good use of the development capabilities, including 3D design, mould flow analysis and FEM
strength calculations, we can serve the needs of new and existing customers seeking to develop new
products. Investments have also been made in the mechanization of various processes and product
manufacturing, and new robots have been purchased with which production will be further automated.
This will enable us to better fulfil our role as system supplier and provide “value added engineering”, in which
products are developed jointly with the customer. With the construction of new warehouses and the
implementation of the warehouse management system, the foundation has been established for healthy
growth in the coming years.
In 2012, we further strengthened our position in the medical market with carbon- and glass-reinforced
plastic, and identified a number of new selling areas. In 2013, a first biodegradable plastic product will be
produced, emphasizing our commitment to sustainable principles and practices.
The order book for the total plastics processing sector is currently reasonably well-filled. Despite the
considerable rise in raw material prices, prospects for 2013 are fairly positive and we expect the turnover
for 2013 to be on par with that of 2012.
13

Surface treatment
Turnover in the surface treatment sector fell slightly, from 9 million euro in 2011 to 8 million euro in 2012.
Last year we invested in a new cataphoresis paint installation that produces higher output. This system also
makes it possible to vary the residence time for thick and thin products, which improves the quality of the
painted parts tremendously.
The order book in the first quarter of 2013 is shrinking, so it is expected to be a more difficult year, despite
the fact that some new projects are being launched.
Car assembly
As of 14 December 2012, VDL Groep assumed control of the shares of the NedCar automotive manufacturing
plant in Born. The company, renamed VDL Nedcar following the acquisition, contributed 70 million euro to
the turnover in 2012. The acquisition costs are included in the result of VDL Groep. In 2013 work is underway
on the procurement and installation of equipment for the new production lines at the factory in Born.
Meanwhile, the press work for third parties continues uninterrupted. The result of VDL Nedcar for 2013 is
included in the provisions.
2012 2011
million euro % million euro %
Car assembly 70 100 - -
70 -
Buses & coaches
Turnover in the buses & coaches division rose from 405 million euro in 2011 to 431 million euro in 2012
(6%). As in 2011, however, the result was negative. There is enormous price pressure due to the current
fierce level of competition in Europe. Through 2013 we are also investing heavily in the cleaner Euro 6
engines and hybrid and electric systems. We have good quality products, but sales numbers are too low.
Due to the austerity measures of the European governments fewer public transport buses are being
purchased. Coach operators are also waiting longer to replace their coaches. Despite this declining
demand in the European bus market VDL Bus & Coach has gained market share. This, accompanied by the
prizes won for the Citea public transport bus and Futura coach, gives confidence for the future of our
buses & coaches division. VDL sees the bus and coach activities as an important segment within the group
and will continue investing in this product range.
In the first quarter of 2013 the buses & coaches division saw its turnover increase by 8% compared to the
first quarter of 2012, from 104 million euro to 112 million euro. The order book, however, is insufficiently
filled: 138 million euro in week 13 of 2013 compared to 181 million euro in week 13 of 2012. In 2013 the
focus will be on further intensification of both our domestic markets and export markets. 2013 will still be a
difficult year for the buses & coaches division, but from 2014 we expect the market to begin a slow climb
again. It is a challenge to get through this period unscathed, and further cost reductions will therefore be
necessary in 2013.
14

BUSES & COACHES
Public transport buses 39%
Coaches 30%
Parts & services 13%
Second-hand buses 9%
Chassis & chassis modules 5%
Mini & midi buses 3%
High-quality Public Transport Systems 1%
2012 2011
million euro % million euro %
Public transport buses 168 39 120 30
Coaches 128 30 152 38
Parts & services 57 13 47 12
Second-hand buses 39 9 25 6
Chassis & chassis modules 23 5 38 9
Mini & midi buses 11 3 10 2
High-quality Public Transport Systems 5 1 13 3
431 405
Public transport buses
It was a rather good year for the public transport bus sector, with an upturn in both turnover (40%), from
120 million euro to 168 million euro, and the number of delivered buses. In 2012, we delivered 730 vehicles
compared to 539 in 2011. This was mainly attributable to the Dutch market, in which many public transport
operators chose VDL products, including a large order for 275 Citeas we won for concessions in Friesland
and South Holland, regions of the Netherlands. Included as an integral part of this contract is the maintenance
of the vehicles for more than eight years, for which we have established four workshops in the regions
concerned. We now intend to roll out this full-service approach for our customers in Belgium as well.
Outside our home markets of the Netherlands and Belgium we gained our first solid foothold in Germany
in 2012. Several cities have chosen VDL buses, particularly due to the high fuel economy and
correspondingly lower operating costs and emissions. We also received several orders for the Scandinavian
market in 2012. In addition to the sales efforts in Europe, VDL Bus & Coach is also focusing increasingly on
other areas in the world. We expect to reap the benefits in 2014.
The serial hybrid variant of the Citea is ready for production. We are also working hard on the development
of a fully electric bus, the first of which is expected to be ready in the course of 2013. The technology for
electric vehicles was developed by VDL previously for the High-quality Public Transport vehicle, the Phileas.
15

This technology has also been used in our Automatic Guided Vehicle (AGV) for container handling in ports
since 2012 and will be further developed for use in the Citea.
We have seen great market acceptance of the Citea. In 2013 we have already received a number of
significant orders from various Western European countries, including Germany. In the course of this year
we will introduce Euro 6 variants on the market, and in the near future the Citea family will be rounded
off with an articulated version.
Coaches
In 2012, both turnover and quantities delivered declined in the coach sector. Turnover fell from 152 million
euro to 128 million euro. Whereas 599 coaches were delivered in 2011, the total was 557 in 2012.
The coach sector is still suffering from the crisis. Despite the shrinking market, however, we managed to
increase our market share. The New Futura has been fully accepted by the market. In the markets that
have traditionally been important for us, Germany and the Unitede Kingdom, we saw an increase in our
sales. In the United Kingdom, we introduced the right-hand drive model of the New Futura in 2012. This
“British” version was well received in the market, and this has resulted in a number of important orders.
We also saw growth in Germany and Eastern Europe. In the Southern European countries we have
suffered greater impact from the crisis. And in our home markets, the Netherlands and Belgium, the
numbers sold have dropped, largely because of the huge decrease in the size of the total market (40% in
the past two years).
The fact that we won the title “International Coach of the Year 2012” for the Futura a year after having
won the title “International Bus of the Year 2011” for the Citea shows that we are fully capable of
meeting the high expectations of our customers with our products.
In 2013 we will present the Euro 6 programme. A new variant will also be added to the Futura family in
the course of this year.
Parts & services
Despite the reluctance from the buses and coaches division, VDL Parts can look back on a relatively positive
year, in which turnover rose from 47 million euro to 57 million euro. The introduction of the new ERP system
within VDL Bus & Coach and optimization of internal processes led to further improvement in the
performance of VDL Parts, in terms of both parts availability and vehicle information, which can now be
consulted online using the VDL Parts Vehicle Information Portal (VIP). Alongside our specialist repair workshop
VDL Busland, the repair workshops at the individual bus companies also performed well.
This is due in part to various conversion orders for existing vehicles that were carried out for a number of
customers last year. This included the conversion on 85 articulated Dutch buses to Swedish specifications,
making these buses perfectly suited for public transport there. We also carried out life-extending
maintenance, including for 26 completely renovated 30-metre trams. Expectations for the parts & services
sector for 2013 are positive.
16

Second-hand buses
The slight improvement that started in the last quarter of 2011 has continued in 2012 in terms of the
turnover and number of buses sold. Turnover rose sharply, from 25 million euro to 39 million euro, and the
number of buses sold jumped from 439 in 2011 to 606 in 2012. This year public transport buses represent
a much larger portion of this number. Growing demand for Euro 4 and Euro 5 vehicles, under pressure
from ever more widely applied environmental requirements, caused a major downturn in the market for
Euro 3 vehicles. This factor and the strong price pressure in general, has had a major impact on the
achieved margin. At the end of 2012 a large number of young, second-hand city buses were once again
taken in inventory. The challenge for VDL Bus Center is to sell these vehicles through expansion of the
existing network, in close cooperation with other VDL Bus & Coach companies. VDL Bus Center expects
stabilization of the turnover for 2013.
Chassis & chassis modules
External turnover for chassis and module builder VDL Bus Chassis fell from 38 million euro in 2011 to
23 million euro in 2012. Last year 251 modules were delivered to vehicle builders other than VDL Bus &
Coach. This is a decrease from 2011 when 459 were delivered outside the group. This decline in turnover
for products supplied to buyers other than VDL Bus & Coach was mainly due to declining demand for
chassis and chassis modules for the public transport sector in export countries. The number of chassis and
modules for bus & coach builders within VDL Bus & Coach rose from 1,138 in 2011 to 1,287 in 2012.
Partly due to the uncertain market situation it is expected that sales in 2013 will be lower than in 2012.
The product range is developed in close cooperation with VDL Bus & Coach. Alongside continuous quality
improvements to existing products, the engineering focus was on the development of the following
products: Citea public transport buses, Futura coaches and chassis intended for export. The engineering
activities in 2012 have mainly been devoted to further expansion of the product range to include modules
with lower emissions in accordance with the new legislation, with farther-reaching environmental benefits.
In the area of the driveline technology, developments have been implemented on the basis of the Euro 6
regulations. The drive technologies for the hybrid and electric vehicles have also been developed further.
These advances will be used to expand the product offerings to include a complete range of modules
compliant with the latest developments and environmental requirements in the market.
Mini & midi buses
Turnover in the mini & midi buses sector rose from 10 million euro in 2011 to 11 million euro in 2012
(including police vehicles and damage repair). The number of vehicles delivered rose from 148 in 2011 to
162 in 2012. The focus we placed on the MidCity and international tenders in the public transport market
in 2011 was continued through 2012 and this is expected to be an area of continued growth in 2013.
Particularly in Germany, Belgium and the Scandinavian countries we expect to be able to increase our
market share in this area. We delivered fewer police vehicles than expected, but the upgrade and
modification of existing vehicles had a positive impact on the turnover. Turnover for the repair department
rose slightly in 2012, and we feel the prospects for this department are generally good. The order book is
reasonably well-filled and we therefore expect further growth in the course of 2013.
19

High-quality Public Transport Systems
Turnover in the High-quality Public Transport Systems sector fell from 13 million euro in 2011 to 5 million
euro in 2012. Last year, Advanced Public Transport Systems (APTS) completed most of the delivery of six
18-metre models of the hybrid Phileas to Haifa (Israel). These will be put in service this year. Fifty 26-metrelong
Phileas buses are operating in Istanbul, Turkey, to the client’s total satisfaction. The same applies to
the vehicles in use in Eindhoven (the Netherlands), Douai (France), Cologne (Germany) and Amsterdam
(the Netherlands). The fuel cell vehicles in Cologne and Amsterdam operate without any exhaust and are
therefore emission-free. The safety certification process for fully-guided operation in Douai has
encountered a significant delay. A start was made in 2012 on the development of an electric Phileas,
charged via the induction method. This vehicle will undergo testing in 2013. In 2011, APTS signed
contracts with Rimini in Italy (for 9 vehicles). The first vehicle will be delivered in 2013. At present,
negotiations are still underway with a number of cities worldwide.
Finished products
Turnover in the finished products division rose by 18% from 396 million euro in 2011 to 467 million euro in
2012. In particular, the production automation systems and heat exchanger sectors have had a good year.
The result for the finished products division was positive. The order book for this division also shrunk, from
169 million euro at the end of 2011 to 132 million euro at the end 2012. We expect stabilization of the
growth for this division in 2013.
The turnover in the first quarter of 2013 was nearly 138 million euro and that is an improvement of 35%
compared to the figures for 2012 (102 million euro). This picture is distorted, however, by an advance of
35 million euro from a major customer in the production automation industry. Without this advance
payment, the turnover would have remained virtually unchanged. This also had an effect on the order
book, which is down significantly from a year ago: 136 million euro at the end of the first quarter of this
year compared to 187 million euro at the end of the first quarter of 2012. This is mainly due to fluctuations
in the order intake for the production automation systems sector.
FINISHED PRODUCTS
FINISHED PRODUCTS
Production automation systems 28%
Suspension
Production
systems
automation
25%
systems 28%
Heat
Suspension
exchangers
systems
23%
25%
Systems
Heat exchangers
for the agricultural
23%
sector 7%
Cigar-making
Systems for
and
the
packaging
agricultural
machines
sector 7%
6%
Sunbeds
Cigar-making
and roof
and
boxes
packaging
5%
machines 6%
Container
Sunbeds
handling
and roof
equipment
boxes 5%
4%
Systems
Container
for the
handling
industrial
equipment
sector 2%
4%
Systems for the industrial sector 2%
20

2012 2011
million euro % million euro %
Production automation systems 132 28 72 18
Suspension systems 118 25 127 32
Heat exchangers 105 23 94 24
Systems for the agricultural sector 31 7 27 7
Cigar-making and packaging machines 29 6 27 7
Sunbeds and roof boxes 25 5 24 6
Container handling equipment 19 4 18 4
Systems for the industrial sector 8 2 7 2
467 396
Production automation systems
2012 was a very successful year for production automation system manufacturer VDL Steelweld. Major
orders to supply production lines to various auto manufacturing plants for Jaguar, Land Rover, Volvo and
Ford meant a record turnover of 132 million euro (compared to 72 million euro m in 2011). Once again in
2012, dozens of new jobs were created in Breda, Birmingham (United Kingdom) and Cologne (Germany).
Due to continuing demand for bodywork production lines, 2013 is expected to be an outstanding year.
The acquisition of VDL Nedcar and the resulting activities for VDL Steelweld are also expected to have a
positive effect.
Successes were achieved outside the automotive industry as well. Together with other VDL companies, an
AGV was successfully developed for container transport in the ports; series production of this product will
begin in 2013. The assembly line for series production of insulation panels used for air handling units is
running well.
The order book for 2013 is very well-filled and offers good prospects for the future. The main focus in
2013 will be on successful delivery of the new orders and further strengthening of the organization. We
also intend to expand existing relationships with our customers. We will of course also continue to work
on product innovations and the development and optimization of production methods.
Suspension systems
Total turnover in this sector fell from 127 million euro in 2011 to 118 million euro in 2012. There has been
less demand for trucks and trailers. Despite this declining demand and the high price pressure, VDL
Weweler managed to increase its market share.
VDL Weweler holds at least 30% of the European market. Above all, German trailer builders make use of
the suspension systems from Apeldoorn. To reduce dependency on the European market, the company is
currently highly active in North America, Brazil and Southeast Asia, where although other suspension
23

systems are currently widely used, the VDL Weweler suspension system would be ideally suited. In Australia
and South Africa, VDL Weweler is already market leader in its segment. We expect construction of the
new plant in Apeldoorn to be completed in mid-2013. Here work will continue on optimization of the
production process and the functionality of the suspension system, with a view to achieving an even more
solid position in the market.
The Belgian company Weweler-Colaert saw no further rise in the demand for replacement parts for trucks
in Western and Southern Europe in 2012. In contrast, sales in Eastern Europe again rose during the past
year. The company, market leader in the replacement market in Europe, also further strengthened its
position outside the truck industry during the past year. In 2012, Weweler-Colaert began supplying leaf
and parabolic springs for the rail industry and hopes to become an important player in this segment in the
coming years. VDL Weweler Parts, our location in the Netherlands that supplies replacement parts for
trucks and trailers, also had to contend with a negative economic situation in the Dutch market. There
were signs of a slight recovery during the last quarter, however. Our sales office in Norway, Truck & Trailer
Industry, had a fairly good year, with a stabilization of the turnover.
Despite the gloomy media coverage, positive signals were seen in the transport sector and the growth
expectations for 2013 are moderately positive. The order book for the total suspension systems sector is
fairly well-filled, and slight growth is expected in 2013.
Heat exchangers
Turnover in the heat exchangers sector rose by 12% from 94 million euro in 2011 to 105 million euro in
2012. The overall market situation for VDL Klima is positive, with a gradual rise in the number of projects
completed. The market for “green” power generation, for example wind energy, is clearly experiencing
difficulties as a result of the almost complete elimination of government stimulation programmes, due to
austerity measures. This makes it difficult for the more expensive, innovative green technologies to
compete with conventional processes. On the other hand, the shipbuilding market is stable following a
massive slump in recent years. Investment levels are slowly improving in the oil and gas market. The
demand for energy is once again rising, and oil prices are high, encouraging further investments in energy
generation and the offshore market. Partly as a result, VDL Delmas in Berlin (Germany) and VDL KTI in Mol
(Belgium) enjoyed a positive year. VDL Delmas saw growth in both the engineering and production
activities. The basis for this was laid in 2011, a year in which many large orders were won worldwide. VDL
Delmas particularly saw its market share grow in the United States. Turnover at VDL KTI was achieved mainly
in the oil and gas market. The production of high-voltage masts has slowed somewhat due to delays in the
land-use planning procedures. Nevertheless, VDL KTI succeeded in offsetting this with new orders from the
mining and quarrying market. Alongside the traditional markets, heat exchangers were also delivered to
Brazil, Chile and South Korea in 2012. The order books have shrunk somewhat in almost all market
segments and therefore we are expecting a slight decline for the entire heat exchangers sector for 2013.
Systems for the agricultural sector
VDL Agrotech enjoyed a good year. Turnover climbed by 15%, from 27 million euro in 2011 to 31 million
euro in 2012. The sale of feed systems for the European market, where the transition from battery hen
cages to alternative housing systems reached its conclusion in 2012, contributed significantly to the total.
24

Modest improvement was seen in the project market. There was also positive development in the Asian
market. Additionally, VDL Agrotech succeeded in gaining a better foothold in the Middle East, progress
that is now precarious due to the unstable political situation in many countries in the region. Expectations
for 2013 are moderately positive. The project market is highly dependent on bank credit, and the
conversion of the battery cages to alternative systems in Europe has been completed. The sale of several
new products, including a manure drying tunnel and a new poultry feeding system, have had a good start
in 2012 and these products are expected to show further growth in 2013. Product innovation and an even
greater geographical market spread are the keys to further growth and success for the activities of VDL
Agrotech. Expansion of the capacity of the product development and sales department in 2013 will further
strengthen the position of VDL Agrotech.
Cigar-making and packaging machines
For PMB-UVA International, 2012 was yet another good year, with turnover up from 27 million euro to
29 million euro. Innovation is and remains the driving force behind the sales success. Both in the packaging
machines and cigar-making machines departments, various new features were once again developed,
resulting in machines with unique capabilities. Another reason for the success is the licensing of the
proprietary features developed in-house to other OEM suppliers. This has contributed to a rapid return on
investment for the cost of development. The strategy of spin-off products has also contributed to the rise in
turnover. The average series size of the machines being built has remained at the same level as in the past
two years. For 2013 the outlook is positive. PMB-UVA International is a preferred supplier to many
multinationals, and that gives good grounds for confidence in the continuation of this growth. Efforts to
achieve greater diversification in market segments and market areas are underway to achieve further growth.
Sunbeds and roof boxes
Turnover at Hapro International, manufacturer of sunbeds and roof boxes, rose slightly, from 24 million
euro in 2011 to 25 million euro in 2012. The market for professional sunbeds is still under pressure. The
continuing economic crisis, which is particularly acute in Southern Europe, is a major contributing factor. In
addition, variations in the implementation of new EU regulations in the various member states has led to
considerable confusion and reluctance among business owners to invest. The market for professional
tanning equipment is expected to remain at a low level in 2013. The market for privately-owned sunbeds
continues to remain stable. Sales of roof boxes have increased, particularly as a result of tapping into new
sales markets in Asia. In 2013, sales of roof boxes are expected to remain at the same level as in 2012.
Given the relatively low purchase price of a roof box, there is no real fear of a downturn in consumer
demand, despite economic pressure.
Container handling systems
Turnover at VDL Containersystemen remained virtually unchanged relative to 2011. The truck-related
turnover from existing products, such as hooklift, skiploader and cable systems, fell slightly, mainly due to
the downturn in the construction and waste market. The turnover from spreaders was down a bit in 2012.
The introduction of our new product for the port sector, the AGV, largely compensated. The prototype
AGV built by VDL was released by a reputable global player in port container handling and is now in
operational use. This gave us the opportunity to take on series orders in this segment: the first order is in.
This order, among others, has led to the currently well-filled total order book. We have also launched an
25

initiative for more intensive marketing in Europe, the Middle East and Africa, from which we expect to
pluck the first fruits in the course of 2013. For the year as a whole we expect to come out slightly above
the 2012 level.
Systems for the industrial sector
The past year has gone well for VDL Industrial Products. Growth was realized both in turnover (from
7 million euro to 8 million euro) and in number of orders delivered. The downturn, which was certainly felt
in the construction-related industries, was more than offset by sales in new segments and deliveries to the
food industry in particular. In 2012, steps were taken to further expand the company’s own product range
through investment in development, and closer cooperation was begun with good partners and sister
companies within VDL Groep. Results from these collaborations will be introduced in 2013 in the form of
new products for the bulk solids industry as well as a number of new concepts for explosion protection of
industrial processes. Due to the current cautious investment climate in some sectors and a slight decline in
the order book, we expect no growth in this sector in 2013.
New companies
In terms of takeovers, it was a special year for VDL Groep. Following the acquisition of VDL Bus Danmark
in June 2012, we completed one of our largest takeovers at the end of 2012, namely that of the NedCar
car manufacturing plant in Born.
VDL Bus Danmark (7 employees) is located in Glostrup, Denmark. As from June 2012, the company was
renamed VDL Bus & Coach Danmark. With this acquisition VDL Groep affirms the importance of the
Danish bus market. The company focuses on the sales, after sales and parts for all VDL Bus & Coach
products in Denmark. VDL had enjoyed a strategic partnership with the company since 2004 and has now
acquired all shares.
On 1 October 2012 we announced the signing of an agreement with Mitsubishi Motors Corporation of
Tokyo concerning the acquisition of NedCar in Born. The actual transfer of the shares from Mitsubishi to
VDL took place on 14 December 2012. With this takeover VDL Groep intends to further strengthen its
position in the international automotive market. Effective 1 January 2013, the company became an
independent automotive manufacturer and will produce cars for third parties under the name VDL Nedcar.
VDL Nedcar’s first customer is BMW Group. After the conversion of the production lines, the MINI will be
manufactured for BMW Group in Born starting in the second half of 2014.
The activities of VDL Nedcar are a good match with the other activities of VDL Groep in the automotive
industry. As a subcontractor, VDL has supplied the passenger vehicle and truck industry with a wide range
of parts, complex assemblies and complete systems for many years. The group also produces automated
production lines for many car manufacturers around the world. The automotive industry is therefore an
important market for VDL Groep.
The period from 1 January 2013 until the second half of 2014 will be spent converting, renovating and
configuring the production lines at VDL Nedcar for production of the MINI. Therefore the approximately
26

1,500 employees will initially receive unemployment benefits, which began on 1 January 2013. As the
company ramps up its operating activities employees will return to work in phases (not later than 1 January
2015). The unemployment benefits will be supplemented by VDL Nedcar so that employees continue
receiving 100% of their wages. All employees are therefore guaranteed full retention of their job and pay.
In addition to the employees that will be needed for conversion of the factory and installation of equipment
for the new production processes, some employees will also be trained at BMW in Germany and the United
Kingdom. For the remaining employees work will be sought with companies inside and outside VDL Groep.
Investments
In 2012, VDL Groep invested 64 million euro (not including VDL Nedcar), half in business premises and the
other half in machinery and other equipment. At VDL Nedcar, 152 million euro was invested in land and
buildings, machinery and installations, and other fixed assets.
At VDL Parree in Sevenum, after completion of the new warehouse, the old warehouse was adapted to
house a huge new injection moulding machine, which was installed in the autumn of 2012. At VDL
Wientjes Emmen the new 6,000 m 2 space to house production and a warehouse was completed in mid-
2012. Both new warehouses, at VDL Parree and VDL Wientjes Emmen, are heated using residual heat from
the injection moulding machines, a great example of sustainable energy policy.
In early 2012, we purchased an additional building for VDL TIM Hapert. This building, located opposite the
current building, was demolished, rebuilt and opened in late 2012. With the acquisition of VDL Nedcar in
Born at the end of 2012, we also purchased the premises. The building encompasses approximately
300,000 m 2 of floor space and the land area is around 850,000 m 2 . In 2013 we will be investing a lot in
this building, both in terms of the building itself and the production equipment it contains.
VDL ETG Singapore is currently being expanded with a newly constructed building of 20,000 m 2 on three
floors. The entire project will be completed in the second half of 2013. Given the organic growth, we have
begun investing again, which will make additional expansion possible. For VDL Weweler in Apeldoorn we
started construction of a 24,000 m 2 factory in the first half of 2012. A completely new production line is
being built there, which will open in mid-2013. We also purchased land for Klima Warmtetechniek in
Hamont-Achel, Belgium. There, new construction of a 13,500 m 2 building will begin as soon as possible,
and completion is expected in 2014.
In total, VDL Groep owns more than 1,100,000 m 2 of commercial property. For 2013 we have construction
plans for VDL Wientjes Roden, where we will build a new two-storey building. For VDS Technische
Industrie in Hapert we plan to demolish and rebuild one building and raise the height of a portion of the
existing building. At VD Leegte Metaal in Hapert we are going to renovate an existing building and add
additional insulation. The same will be done at VDL Steelweld in Breda, where we are going to adapt the
height to accommodate the AGV project, as well as improve the building’s insulation.
29

VDL Groep also invested heavily in machinery and other equipment in 2012. At VDL, technical innovation
is a part of innovative entrepreneurship, with creativity and courage to innovate setting the tone. Our
employees play a great role in this, with continuing education taking them to an ever higher level.
In 2013 we are going to invest around 47 million euro in new buildings, machines and optimization of
production processes. This does not include the investment in the building and the production processes at
VDL Nedcar.
Employees
The number of employees at VDL Groep has risen from 7,135 at year end 2011 to 8,757 at year end 2012
(including VDL Nedcar). Excluding the 1,464 employees of VDL Nedcar, the total was 7,293 employees at
the end of 2012, which is 2% more than the end of 2011. In total, at the end of 2012, 562 temporary
employees and 677 contract workers were engaged. As long as there is no structural part-time
unemployment scheme in the Netherlands, this flexible shell is indispensible in times of economic
EMPLOYEES
(as at 31 December, including temporary employees)
9000
8500
8000
7500
7000
6500
6000
5500
5000
2008 2009 2010 2011 2012
4500
instability.
Worker participation
In 2012 we consulted the Joint Works Council on numerous occasions. As in previous years, these
consultations were open, constructive and direct.
The topics of discussion in the Netherlands were, of course, the acquisition of NedCar and the prognosis
report. Despite a growth of turnover, net profit was lower than forecast for 2012. There was also discussion
concerning the employer’s contribution towards childcare and sustainable employability. The latter topic also
encompasses identification of the benefit history (WAO/WIA) [disability insurance act/work and income act] of
current and new employees. The purpose of this is to gain more insight into the employability of employees
who have or are receiving benefits and the possibilities for grants. Another subject of discussion was the
position of the training coordinator for vocational programmes.
The social dialogue within the Belgian VDL companies was also conducted in a constructive manner. Partly
due a number of government measures in late 2011 and early 2012, employer/employee meetings were held
30

EMPLOYEES BY GEOGRAPHICAL AREA
(as at 31 December 2012)
Netherlands 6,931 (79%)
Belgium 893 (10%)
Rest of Europe 343 (4%)
Rest of the world 590 (7%)
Total number of employees 8,757
EMPLOYEES BY DIVISION
(as at 31 December 2012)
Subcontracting 3,895 (44%)
Car assembly 1,464 (17%)
Buses & coaches 1,868 (21%)
Finished products 1,398 (16%)
Head office in the Netherlands and Belgium 132 (2%)
Total number of employees 8,757
frequently. Within the works councils, as always, the socio-economic issues remain an important topic of
discussion. The financial situation was good at all companies. At the end of the year some VDL companies
saw their order book shrink slightly; customers remain cautious about placing new orders. Partly due to
negative media reports about other companies in Belgium, worry is often just under the surface within the
works councils.
The Committees for Prevention and Protection at Work once again addressed important themes related to
the safety and wellness in the workplace in a positive manner. The pensionable age continues to creep up in
Belgium. Companies are expected to develop a plan to encourage and motivate older employees to continue
working longer too. A plan of this type has been established in cooperation with the works councils or
Committees for Prevention and Protection at Work.
Labour market and education
Unemployment in Europe and the Netherlands is on the rise, especially among the youth. This situation is
especially dire considering the expected need for new skilled professionals within VDL Groep during the
coming 10 years or so. Efforts in this area are sorely needed, because the number of young people in the
Dutch population is on the decline and too few of the remaining youth are opting for technical careers.
The outflow is greater than the inflow.
31

Therefore, we have appointed a training coordinator whose task is to interest as many youth, as well as
career changers, in training and a job in a technical field at VDL. He supports the training coordinators
within the VDL companies to ensure that the BBL apprentice programme proceeds smoothly. Preventing
dropouts is an important aspect of this.
In addition, we are also going to do more to attract highly-educated (college and university level) technical
specialists and offer them a career and personal development programme. Attracting top technical talent is
crucial for the growth of VDL Groep. Because the role of subcontractors is changing, with more demand
for R&D and engineering capacity, we have an increasing need for highly-educated technical specialists
within VDL Groep.
Naturally there are also opportunities for people who have worked at VDL for some time to develop
themselves further. The initiative may begin with the supervisor, but it can also come from the employee
him or herself. For VDL it is important to know each employee’s wishes and ideas about their future and
career. Only then can we ensure that employees continue their personal development within VDL.
We would like to express our deep appreciation for the dedication and commitment of our employees in
the past year. The fact that we achieved the highest turnover in the history of VDL Groep in 2012 was
certainly due in part to the outstanding cooperation within and among the group companies.
Corporate social responsibility
VDL Groep practices corporate social responsibility in many ways. As a family business, we have always
been greatly concerned about our living and working environment. So we see it as no more than logical
that we endeavour to find innovative ways of contributing to the sustainable development of our society.
We establish policies within the central organization and give the individual companies the authority to
meet their own responsibility at the local level in the manner they see best fit.
Employees
VDL is genuinely concerned with its employees’ well-being. We have our own disability case managers who
strive to establish a plan for each employee’s reintegration from day one, with special emphasis placed on a
personal approach. The head office regularly updates the general guidelines pertaining to working conditions,
and initiatives to continually optimize the working conditions for the employees are also taken by the
individual VDL companies. One example of such a measure is the use of manipulators. These are tools that
are used to position products, which may be very large or heavy for instance, in order to reduce the physical
strain involved in an employee’s work. We consider education and training for the personal development of
our employees to be very important. This is demonstrated by the fact that our practical trainer at VDL ETG
Eindhoven, Eric Dekkers, was named the best practical trainer in the Netherlands for 2012 in the
metalworking category. We also have several students on the payroll who have the honour of representing
the Netherlands in the international championship for craftsmanship. VDL offers internships and final thesis
work at all levels and trains students internally. In addition, VDL has positions for which it actively seeks
employees with an occupational disability.
32

Society
We support dozens of initiatives to promote technology and engineering education, such as the High Tech
Automotive Campus in Helmond and the Dutch Technology Week in the Brainport region Eindhoven. Our
aim is to generate enthusiasm for technology among children and youth, and interest them in learning more
about pursuing a technical career. Secondary goals are to emphasize the importance of craftsmanship and
improve the image of industry in general. We also support mainstream education with financial aid, the use
of machines, robots, etc. and the sharing of expertise from within our organization in the form of lectures
and guided tours. We seek contact with the educational institutions and local governments in all the regions
where our companies are located, with the aim of achieving constructive cooperation. We are also connected
to the region in other ways. Not only in economic terms – as an employer, we provide jobs – but also by
supporting sporting, cultural and social activities and associations.
Production processes
The way we see it, corporate sustainability begins with the basic principles of “good housekeeping”. This
includes turning off lights when unneeded (for example during the break in the factories), not leaving
machines and computers on standby unless necessary, keeping doors and windows closed when the heat
is on, separating waste at the source, etc. Other areas that have our constant attention are reuse of raw
materials (especially plastics), collective transport and reduction of the use of hazardous substances,
switching to safer alternatives when possible. We even go a step further by purchasing energy-efficient
machines, cooling machines through ground loop heat exchange and using residual heat from the
machines to heat the buildings.
Example of sustainable building techniques and investment
In 2012 we started construction of a new factory for VDL Weweler at the Ecofactorij industrial estate in
Apeldoorn (the Netherlands). This industrial estate maintains strict sustainability standards and seeks to
minimize energy consumption. Only companies that meet the demanding requirements may locate there.
VDL meets those tough sustainability requirements, both for construction and production. In terms of the
construction we have made maximum use of sustainable building materials. In the interest of energy
efficiency, the floors in the dispatch department are heated using the residual heat from the production
process. With regard to the production process, VDL Weweler has always invested heavily in the
continuous development of its processes and products, both in terms of time and money, with the
objective of reducing material consumption, energy needs and environmental impact. A perfect example is
the innovative use of lighter materials and advanced heating technologies in the new production process
which have enabled us to eliminate one heating step, resulting in energy savings of more than 33%.
Because we use less material, we are also able to utilize a different curing method that has a much lower
environmental impact.
35

Innovation
Our overall policy is focused on innovation in connection with products and production methods. We
continuously seek the best techniques and invest in the most advanced machinery. Every day we are
involved in the latest developments to strengthen our competitive position on the world market.
The head office of VDL Groep is based in Eindhoven, and subsidiary companies are concentrated in
Southeast Brabant. This top technology region, Brainport Eindhoven, is an excellent home base for our
company. Here we are able to realize high-tech products and projects in collaboration with educational
institutions, government and other companies. From this location we have succeeded in establishing
unique collaborative ventures with various customers, in which we, as an authoritative supplier, provide
highly innovative technical solutions developed through open innovation.
In 2012 we spent 62 million euro on research and development, and a total of 633 employees were
involved in R&D-related activities across all VDL companies. That places VDL Groep in 13th place in the
“Technisch Weekblad” index, making us one of the most innovative companies in the Netherlands. Once
again in 2013 we will be investing heavily in innovation, with a view to further strengthening our position.
Strategy
VDL Groep aims at controlled development, in which the control of the organization and the maintenance
of the financial positions are the main considerations. The policy of VDL Groep is aimed at continuous
improvement of its competitive position. An essential aspect of this is the analysis and control of costs. VDL
Groep also endeavours to maintain the highest level of quality in all its subsidiaries. The investments are
therefore geared towards the renewal, improvement and expansion of the product range and the
production facilities. In addition, a priority in our personnel policy is to ensure internal promotion
possibilities of employees.
VDL Groep believes in the importance of continued manufacturing in the Netherlands and the Flanders
region of Belgium, in a competitive manner. Through our investments in solid professional skills, as well as
in robotization and automation, we aim to continuously improve our competitive position in the
international market. In addition, our industrial activities in Eastern Europe and Asia enable us to respond
to the specific wishes of our customers in terms of production in these regions. As a result of our sales
branches in various countries and our extensive network of importers and agencies, we are able to sell our
products worldwide. Despite the expansion of VDL Groep and the increasingly international character of
the company, however, VDL is and will remain a family business.
36

Prospects
Turnover in the first quarter of 2013 was higher than in the first quarter of 2012. The result, however, was
lower. Following a deep point at the beginning of the year, the order book expanded significantly again.
For the full year 2013, we expect the turnover to be higher than in 2012. The result is expected to come
close to that of 2012.
The flexibility of our employees and cooperation within our company will certainly enable us to realize the
best possible outcome for 2013.
Eindhoven, 24 May 2013
The Board of Directors,
Wim van der Leegte (Chairman)
Wim Maathuis
Jan Mooren
Theo Toussaint
Rini Vermeulen
37

We are delighted to present to the shareholders for adoption the
annual report for 2012, drawn up under the authority of the Board of
Directors. The annual accounts contained in the report were audited
by Govers Accountants in Eindhoven, and an approved accountant’s
statement was issued.
Report of the
Supervisory
Board
We propose that the shareholders adopt the annual accounts and
discharge the Board of Directors and the Supervisory Board for the
policy implemented and the supervision maintained in the financial year 2012.
In 2012, the Supervisory Board convened five times in the presence of the Board of Directors. Members of
the Board regularly met face to face with members of the Board of Directors and the President. The
Supervisory Board convened once in the absence of the Board of Directors with a view to discussing the
performance of the Supervisory Board itself, its individual members and the Board of Directors. The normal
annual consultant took place with the external accountant.
At the General Meeting of Shareholders of 16 April 2012, Mr Lau Pas, former member of VDL Groep
Board of Directors, was appointed to the company’s Supervisory Board, which currently has five members.
During all meetings, the operation and financial state of affairs as compared to the budgets and other
targets for all individual companies and of the divisions to which those companies belong were discussed
in detail. The discussions included the outcome of the strategic policy, the investment and acquisition
policy, the operating result and the internal management and control system of the company. The
proposed acquisition of NedCar was also discussed extensively.
Again in 2012, despite the continuing tough market conditions, VDL Groep succeeded in achieving a good
result. Turnover rose to a record level. The net result was down slightly from 66 million euro (2011) to 57
million euro. The buses & coaches division was once again confronted with sales numbers that were too
low in 2012. Combined with a huge price pressure and necessary major investments in areas such as
product development, this again led to a negative result in 2012. Due to the successful acquisition of
NedCar, a fourth division, car assembly, could be added to the existing subcontracting, buses & coaches
and finished products divisions at year end 2012, as a result of which the automotive market will play an
even more important role for VDL Groep in the future. The award of the King Willem I Prize to VDL Groep
in 2012 was a welcome recognition of good corporate governance.
Lastly, we would like to express our appreciation to the Board of Directors, the Joint Works Council and all
the employees for the achieved result and for their dedication in 2012.
Eindhoven, 24 May 2013
The Supervisory Board,
Louis Deterink (Chairman)
Theo van Deursen
Arie Kraaijeveld
Lau Pas
Jennifer Thomassen - van der Leegte
39

Auditor’s
report
Statement concerning the abbreviated
annual accounts
The accompanying abbreviated annual accounts, consisting of
the consolidated balance sheet as at 31 December 2012, the
consolidated profit and loss account 2012, the statement of
source and application of funds for 2012 and the principles for
valuation and determination of result were derived from the
consolidated annual accounts for 2012 of VDL Groep bv. We
have issued an approved opinion together with the annual
accounts, in our auditor’s report dated 24 May 2013.
The abbreviated annual accounts do not contain all explanatory notes as required in accordance with Book
9 of the Dutch Civil Code 2. Inspection of the abbreviated annual accounts can therefore not take the
place of inspection of the audited annual accounts of VDL Groep bv.
Responsibility of the Board
The Board is responsible for compiling a summary of the audited annual accounts in accordance with the
principles as described in the explanatory notes.
Responsibility of the accountant
Our responsibility is to issue an opinion on the abbreviated annual accounts on the basis of our work,
undertaken in accordance with Dutch law, including Dutch Standard 810, ‘Assignments to report on
abbreviated financial summaries’.
Opinion
In our opinion, the abbreviated annual accounts, in all materially-relevant aspects, are consistent with the
audited annual accounts of VDL Groep bv for 2012, and comply with the principles as described in the
explanatory notes.
Eindhoven, 24 May 2013
Govers Accountants / Adviseurs
Paul van Vroonhoven RA
40

VDL Groep
Subsidiaries
41

SUBSIDIARIES
VDL Groep bv
Board of Directors:
Wim van der Leegte (Chairman)
Wim Maathuis
Jan Mooren
Theo Toussaint
Rini Vermeulen
Deputy Directors:
Wim van Bakel
Simon Bambach
Joost Govaarts
Rémi Henkemans
Jan Karssen
Henri Koolen
Pieter van der Leegte
Willem van der Leegte
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 00
F: +31 (0)40 - 292 50 50
info@vdlgroep.com
www.vdlgroep.com
VDL Nederland bv
Director: Jan Karssen
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 00
F: +31 (0)40 - 292 50 01
info@vdlgroep.com
Supports all group companies in the field of
financial affairs, ICT, social affairs, environment
& safety, insurance and communications.
VDL Holding Belgium nv
Director: Leen Van de Voorde
Antwerpsesteenweg 13
2630 Aartselaar, Belgium
T: +32 (0)3 - 870 55 40
F: +32 (0)3 - 870 55 45
info@vdlholding.be
Supports all Belgian and French group
companies in the field of accounting and
personnel matters.
VDL International bv
Director: VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Holding company for foreign operating
companies (excluding bus and coach
companies).
VDL Bus & Coach bv
Director: Rémi Henkemans / Henri Koolen
De Vest 51
5555 XP Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 00
F: +31 (0)40 - 208 44 99
info@vdlbuscoach.com
www.vdlbuscoach.com
Holding company for bus and coach companies.
VDL Vastgoed bv
Director: Pieter van der Leegte
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Real estate company for VDL commercial real
estate.
VDL Participatie bv
Director: Godfried de Jongh
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Participation company with various minority
participations.
VD Leegte Beheer bv
Director: VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Holding company Dutch operating companies
(excluding bus and coach companies).
42

Subcontracting
VD Leegte Metaal bv
Director: Jos Bax
Handelsweg 21
5527 AL Hapert, the Netherlands
T: +31 (0)497 - 33 11 00
F: +31 (0)497 - 33 11 01
info@vdleegtemetaal.nl
www.vdleegtemetaal.nl
Specialty: heavy construction work and
complex welding assemblies (20 welding
robots). Automated metalworking, such as
cutting, setting, punching, deep-drawing and
laser cutting. In-house tool shop and
assembly department.
VDL Gereedschapmakerij bv
Director: Jos van Meijl
Industrieweg 29
5527 AJ Hapert, the Netherlands
T: +31 (0)497 - 38 10 62
F: +31 (0)497 - 38 68 09
info@vdlgereedschapmakerij.nl
www.vdlgereedschapmakerij.nl
Tools ranging from simple to high grade and
complex. Complex follow-on cutting and
bending tools and dies. Series production of
precision components. CNC-5 spindle milling,
sawing, CNC grinding, turning, wire sparking
and co-drilling. Processes are carried out in
2D and 3D CAD/CAM.
VDL TIM Hapert bv
Director: Piet Spooren
Energieweg 2
5527 AH Hapert, the Netherlands
T: +31 (0)497 - 38 38 05
F: +31 (0)497 - 38 68 65
info@vdl-tim.nl
www.vdltimhapert.nl
Specialized in mechanical processing of cast
and forging work and welding assemblies by
means of CNC lathes and (robotized) CNC
processing machines. Assembly work.
VDS Technische Industrie bv
Director: Jos van Meijl
Industrieweg 29
5527 AJ Hapert, the Netherlands
T: +31 (0)497 - 38 38 44
F: +31 (0)497 - 38 68 09
info@vds-vdl.nl
www.vdstechnischeindustrie.nl
Mechanical and hydraulic punching, bending
and drawing possible up to 800 tonnes, with
integrated finishing. Medium-sized and large
series from simple through to generally
complex metal parts with minimum tolerances.
Material thickness 0.10-10 mm. (Robotic)
welding, spot welding, klinking, 3D laser
cutting, automated assembly and (sub)
assembly.
VDL Laktechniek bv
Director: Cleem Rothengatter
Meerenakkerweg 20
5652 AV Eindhoven, the Netherlands
T: +31 (0)40 - 250 19 00
F: +31 (0)40 - 255 58 50
info@vdllaktechniek.nl
www.vdllaktechniek.nl
Grit blasting, zinc phosphate coating,
cataphoresis painting, powder coating and
wet painting. Automatic paint lines.
VDL Belgium nv
Director: Marco van Tongeren
Industrielaan 15
Industriezone III - Erembodegem
9320 Aalst, Belgium
T: +32 (0)53 - 83 70 90
F: +32 (0)53 - 83 61 80
sales@vdlbelgium.com
www.vdlbelgium.com
Metal processing including cutting, stamping,
setting, (robotic) welding, spot welding.
Specialty: CNC tube bending up to 155 mm
diameter. Production of insulated tubes. Tool
shop, ultrasonic cleaning, wet coating,
immersion line and own wet-paint spray line.
VDL Technics bv
Director: Hans Sanders
Korenmolen 2
5281 PB Boxtel, the Netherlands
T: +31 (0)411 - 68 29 80
F: +31 (0)411 - 68 27 51
info@vdltechnics.nl
www.vdltechnics.nl
Laser cutting 4 and 6 KW with Stopa warehouse,
CNC punching, cutting, profiling and squaring.
Specialisation in construction work and robotic
welding with offline programming.
Mechanical finishing up to 14 metres of
(complex) weld assemblies. Stamping work
up to 200 tonnes with hydraulic and fullyautomatic
eccentric presses. Engineering,
project management and assembly.
VDL Kunststoffen bv
Director: Rick van Haren
Industrieweg 107
5591 JL Heeze, the Netherlands
T: +31 (0)40 - 224 11 60
F: +31 (0)40 - 224 11 99
info@vdlkunststoffen.com
www.vdlkunststoffen.com
High-grade technical plastic injection moulded
components, 2k injection moulding, insert
and outsert moulding. Engineering and
product development, project support to
customers during the development process.
Assembly and finishing of components and
finished products. Own tool shop.
Helmondse Metaal Industrie bv
Director: Hans van Raak
Kleibeemd 1
5705 DP Helmond, the Netherlands
T: +31 (0)492 - 54 08 00
F: +31 (0)492 - 53 79 50
info@helmondsemetaalindustrie.nl
www.helmondsemetaalindustrie.nl
Metalworking such as cutting, sawing,
stamping, setting, pipe bending, CNC punching,
CNC plate cutting, 3D pipe laser cutting,
(robotic) welding and soldering. Sheet-metal
work, construction work and assembly.
43

Subcontracting
NSA Metaalindustrie bv
Director: Bart Spackler
De Run 4234
5503 LL Veldhoven, the Netherlands
T: +31 (0)40 - 254 45 65
F: +31 (0)40 - 254 50 65
info@nsametaal.nl
www.nsametaalindustrie.nl
All aspects of sheet-metal working.
Development, prototyping, tooling,
production and composition of sheet metal
parts in, for example, stainless steel, aluminium
and steel, from single items to medium-sized
series. Highly advanced machinery.
NSA Apparatenbouw bv
Director: Pieter Aarts
Sigarenmaker 8
5521 DJ Eersel, the Netherlands
T: +31 (0)497 - 51 51 50
F: +31 (0)497 - 51 76 53
info@nsaapparatenbouw.com
www.nsaapparatenbouw.com
System supplier in the area of (complex)
medical, optical and mechatronic modules
for OEM and consumer markets. Development,
production, testing and provision of service,
overall logistics and project management. As
well as the design and manufacture of filter
and tank installations for the agricultural and
chemical industry.
VDL MPC bv
Director: Leo Spaan
Terminalweg 40
3821 AJ Amersfoort, the Netherlands
T: +31 (0)33 - 454 29 00
F: +31 (0)33 - 455 59 11
info@vdlmpc.com
www.vdlmpc.com
Production, assembly and prototyping of
complex sheet-metal parts and assemblies.
Specialized in machine building, (cleanroom)
assembly of high-grade mechanical components
and modules. All common sheet-metal working
techniques such as turning, milling, laser
cutting (stainless steel and aluminium), spark
machining and degreasing of metal products.
44
VDL Parree bv
Director: Ger Stappers
Spoorstraat 8
5975 RK Sevenum, the Netherlands
T: +31 (0)77 - 467 70 88
F: +31 (0)77 - 467 70 80
info@vdlparree.nl
www.vdlparree.com
Specialist in the field of high-quality technical
plastic injection moulded parts, metal parts,
assemblies and metal and plastic combinations.
2K techniques, gas injection, in-mould labelling,
insert and outsert moulding. Co-design
function, product innovations, product
optimisation and engineering. In-house tool
shop and assembly department.
VDL Staalservice bv
Director: Paul Hermans
Celsiusstraat 13
6003 DG Weert, the Netherlands
T: +31 (0)495 - 54 08 38
F: +31 (0)495 - 53 98 65
info@vdlstaalservice.nl
www.vdlstaalservice.nl
The manufacture of customer-specific welded
assemblies, laser, plasma and autogenic cut,
bevelled and mechanically finished products.
Metalworking such as CNC laser cutting,
CNC flame cutting and CNC plasma cutting.
Punching, cutting, CNC squaring, welding
(MIG/MAG/TIG), machining and water jet cutting.
VDL Lasindustrie bv
Director: Bas van der Leegte
Wekkerstraat 1
5652 AN Eindhoven, the Netherlands
T: +31 (0)40 - 292 33 00
F: +31 (0)40 - 251 00 50
info@vdllasindustrie.nl
www.vdllasindustrie.nl
From engineering and prototyping through
to production of small and large series.
Specialized in sheetmetal and construction
work. Cutting, sawing, CNC punching, CNC
laser cutting, CNC setting, drilling, tapping,
milling and all welding activities such as
robotic welding, welding (MIG/MAG/TIG),
spot welding and stud welding.
RPI Componenten bv
Director: Hans de Bresser
Nijverheidsweg 40
3341 LJ Hendrik-Ido-Ambacht, the Netherlands
T: +31 (0)78 - 683 18 00
F: +31 (0)78 - 681 97 28
info@rpicomponenten.nl
www.rpicomponenten.nl
Sheet-metal working: from 0.5 mm in steel,
stainless steel and aluminium, specialised in
desks and frame building for complicated
assemblies. All welding processes, including
robotic welding, stud welding and spot
welding. Machined sheet-metal processes,
punching, laser cutting, bending and cutting.
Machining: turning, milling and drilling.
Mounting and mechanical assembly.
VDL Rotech SRL
Director: Silviu Nitulescu
Zona industriala NV str. 1 no. 5
310419 Arad, Romania
T: +40 (0)257 - 25 66 43
F: +40 (0)257 - 22 03 00
vdl_romania@inext.ro
Metalworking, specialized in CNC machining
as milling and turning. Production of welded
constructions and assembly work. Thin sheetmetal
work: cutting, stamping, spot welding.
VDL Systems bv
Director: Edwin Willems
Erfstraat 3
5405 BE Uden, the Netherlands
T: +31 (0)413 - 25 05 05
F: +31 (0)413 - 25 10 25
info@vdlsystems.nl
www.vdlsystems.nl
Development, production and installation of
machines and internal transport systems for
OEM’s who produce Food Processing
Equipment. Specialized in the processing of
stainless steel and aluminium.

Subcontracting
VDL Postma bv
Director: Johan Zwarts
Leeuwarderstraatweg 121d
8441 PK Heerenveen, the Netherlands
T: +31 (0)513 - 62 25 36
F: +31 (0)513 - 61 01 21
info@vdlpostma.nl
www.vdlpostma.nl
Sheet-metal processing: laser cutting, CNC
punch nibbling, cutting, squaring. Pipe
processing: CNC rolling, bending, (robotic)
welding and machining. Powder coating including
chemical pre-treatment by means of separated
immersion baths for steel and aluminium.
VDL Industrial Modules bv
Director: Jeroen van den Hurk
Brandevoortse Dreef 4
5707 DG Helmond, the Netherlands
T: +31 (0)492 - 50 58 00
F: +31 (0)492 - 50 58 01
info@vdlindustrialmodules.nl
www.vdlindustrialmodules.nl
System supplier for the OEM market.
Development, prototyping, precision sheetmetal
processing, (cleanroom) assembly and
testing of high-quality modules and systems.
With a strong focus on integral cost-pricecontrol,
logistics and minimizing financial
risks in the supply chain. Design and
production of dynamic and static road signs.
VDL Konings bv
Director: Sjoerd van de Velde
Bosstraat 93
6071 XT Swalmen, the Netherlands
T: +31 (0)475 - 50 01 00
F: +31 (0)475 - 50 01 01
info@vdlkonings.com
www.vdlkonings.com
Design, engineering, prototyping, production,
assembly and installation of customer-specific
mechanisation systems, machines and
installations for the film, foam and paper
industries, and other sectors. Development
and production of systems and modules for
the medical sector (radiotherapy and radiology).
CNC operations including turning, milling,
boring and drilling.
VDL Wientjes Roden bv
Director: Chris Mulder
Produktieweg 9
9301 ZS Roden, the Netherlands
T: +31 (0)50 - 502 48 11
F: +31 (0)50 - 501 86 96
info@vdlwientjesroden.nl
www.vdlwientjesroden.nl
Engineering, design and production of highquality
plastic products. Various processing
techniques, including vacuum forming, CNC
machining, laser cutting, welding, gluing and
assembly.
VDL Wientjes Emmen bv
Director: Hans Meuleman
Phileas Foggstraat 30
7825 AK Emmen, the Netherlands
T: +31 (0)591 - 66 96 66
F: +31 (0)591 - 63 49 92
info@vdlwientjesemmen.nl
www.vdlwientjesemmen.nl
Engineering, design and production of highquality
plastic products. Production techniques:
injection moulding of (fibre-reinforced)
thermoplastics, gas injection and 2-components.
Hot-pressing of thermoharders (polyester)
and assembly. Producer of sheet moulding
compound (SMC), a glass fibre-reinforced
polymer semi-manufacture.
VDL Services bv
Director: Rob Diepstraten
Handelsweg 21
5527 AL Hapert, the Netherlands
T: +31 (0)497 - 38 01 00
F: +31 (0)497 - 33 11 33
info@vdlservices.nl
www.vdlservices.nl
Repair, maintenance and installation of a range
of (VDL) products supported by a 24/7 service
organisation with a network of service engineers
throughout the Netherlands. Also project
supervision and implementation, worldwide.
VDL Enabling Technologies Group
Director: Simon Bambach
Achtseweg Noord 5
5651 GG Eindhoven, the Netherlands
T: +31 (0)40 - 263 88 88
F: +31 (0)40 - 263 82 40
info@vdletg.com
www.vdletg.com
The VDL Enabling Technologies Group is aimed
at system integration and logistic/supply
chain management for mechatronic (sub)
systems on behalf of OEMs for high-tech
capital goods. The general management of
the six VDL ETG branches in Eindhoven,
Almelo, Singapore and Suzhou (China) is
located in Eindhoven. In addition, new
business development and key account
management, technology, engineering and
purchasing are organised centrally.
VDL Enabling Technologies Group
Eindhoven bv
Director: Wil-jan Schutte / Simon Bambach
Achtseweg Noord 5
5651 GG Eindhoven, the Netherlands
T: +31 (0)40 - 263 88 88
F: +31 (0)40 - 263 84 20
info@vdletg.com
www.vdletg.com
Operates in the business of system integration
of mechatronic (sub)systems and modules for
OEMs in the high-tech capital equipment industry
and in the area of production mechanisation.
System supplier from (co-)engineering through
parts production to assembly and testing.
45

Subcontracting
VDL ETG Research bv
Director: Jadranko Dovic / Simon Bambach
High Tech Campus 7
5656 AE Eindhoven, the Netherlands
T: +31 (0)40 - 274 83 69
F: +31 (0)40 - 274 68 79
info@vdletg.com
www.vdletg.com
Is the starting point for R&D departments
with development and hardware questions.
Provides support for the realisation of new
products, in field of mechanics, mechatronics
and electronics, from first prototype via transfer
to volume production. In-house workshops
guarantee the speed and makeability while
maintaining extreme precision. Development
departments and start-ups are assisted with
the further development of the product or
production and testing equipment.
VDL ETG Projects bv
Director: Arie van Kraaij / Simon Bambach
Hurksestraat 13
5652 AH Eindhoven, the Netherlands
T: +31 (0)40 - 263 82 18
F: +31 (0)40 - 263 82 10
info@vdletg.com
www.vdletg.com
Develops, produces, assembles and installs
(mass) fabrication equipment worldwide for
a wide range of markets varying from food
and medical through to solar and semicon,
in the form of both one-offs and roll-outs.
Also makes and assembles high-quality
technical prototypes for mechanical
components and complete assemblies with
very short lead times.
VDL Enabling Technologies Group
Almelo bv
Director: Sander Verschoor / Simon Bambach
Bornsestraat 345
7601 PB Almelo, the Netherlands
T: +31 (0)546 - 54 00 00
info@vdletg.com
www.vdletg.com
Operates in the business of system integration
of mechatronic (sub)systems and modules for
OEMs in the high-tech capital equipment
industry and in the area of production
mechanisation. System supplier from (co-)
engineering through parts production to
assembly and testing.
VDL Enabling Technologies Group
(Singapore) Pte Ltd
Director: Wu Yong Lin / Simon Bambach
259 Jalan Ahmad Ibrahim Jurong
Singapore 629148, Singapore
T: +65 650 803 20
F: +65 626 574 66
info@vdletg.com
www.vdletg.com
Operates in the business of system integration
of mechatronic (sub)systems and modules for
OEMs in the high-tech capital equipment
industry and in the area of production
mechanisation. System supplier from (co-)
engineering through parts production to
assembly and testing.
VDL Enabling Technologies Group
of Suzhou Ltd
Director: Ton de Haan / Simon Bambach
288 Su Hong Xi Road
Suzhou Industrial Park,
Jiangsu P.R.C. 215021, China
T: +86 512 - 85 18 89 98
F: +86 512 - 85 18 92 88
info@vdletg.com
www.vdletg.com
Operates in the business of system integration
of mechatronic (sub)systems and modules for
OEMs in the high-tech capital equipment
industry and in the area of production
mechanisation. System supplier from (co-)
engineering through parts production to
assembly and testing.
VDL Network Supplies bv
Director: William van Hout
Handelsweg 21
5527 AL Hapert, the Netherlands
T: +31 (0)495 - 33 11 00
F: +31 (0)495 - 33 11 01
info@vdlnetworksupplies.nl
www.vdlnetworksupplies.nl
Specialized in the production of semi-finished,
finished products and related services for the
construction, housing and extension of large
and national networks such as mobile phone,
telecom, energy and railway networks.
VDL Fibertech Industries bv
Director: Michiel Wassink
Hallenweg 15
5683 CT Best, the Netherlands
T: +31 (0)499 - 36 76 76
F: +31 (0)499 - 36 76 75
info@vdlfibertechindustries.com
www.vdlfibertechindustries.com
Specialists in the production of composites
(carbon and glass-reinforced plastic) and
polyurethane. These products serve the
medical market (patient table tops for X-ray
and MRI equipment, accessories) and focus
on high-tech machine parts and lightweight
composite parts for the transport sector.
46

Car assembly
VDL Nedcar bv
Director: Joost Govaarts
Dr. Hub van Doorneweg 1
6121 RD Born, the Netherlands
T: +31 (0)46 - 489 44 44
F: +31 (0)46 - 489 54 44
info@vdlnedcar.nl
www.vdlnedcar.nl
Production and assembly of cars under
contract to third parties. Also production of
pressed sheet metal parts.
47

Buses & coaches
VDL Bus & Coach bv
Director: Rémi Henkemans / Henri Koolen
De Vest 51
5555 XP Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 00
F: +31 (0)40 - 208 44 99
info@vdlbuscoach.com
www.vdlbuscoach.com
VDL Bus & Coach offers an extensive product
range: chassis and chassis modules, coaches,
public transport buses, mini and midi buses,
special vehicles and second-hand buses. VDL
Bus & Coach has an extensive, international
network of offices, agents and importers
offering sales and after sales support.
VDL Bus Chassis bv
Director: Jan-Cees Santema
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 250 05 00
F: +31 (0)40 - 257 09 04
info@vdlbuscoach.com
www.vdlbuscoach.com
Development and assembly of complete
chassis, chassis modules and CKD packages
for public transport buses and coaches.
VDL Bus Modules bv
Director: Frank Van Geel
De Vest 55
5555 XP Valkenswaard, the Netherlands
T: +31 (0)40 - 208 24 24
F: +31 (0)40 - 208 24 25
info@vdlbusmodules.nl
www.vdlbuscoach.com
Production of modules for luxury coaches,
doubledeckers, VIP coaches, regional buses
and special projects.
VDL Bus Heerenveen bv
Director: Dennis van Opzeeland
Wetterwille 12
8447 GC Heerenveen, the Netherlands
T: +31 (0)513 - 61 85 00
F: +31 (0)513 - 62 97 89
info@vdlbusheerenveen.nl
www.vdlbuscoach.com
Production of buses for public transport,
such as city and regional buses.
VDL Bus Venlo bv
Director: Mark Bakermans
Huiskensstraat 49
5916 PN Venlo, the Netherlands
T: +31 (0)77 - 320 00 80
F: +31 (0)77 - 351 70 48
info@vdlbusvenlo.nl
www.vdlbuscoach.com
Production of mini & midi buses for coach and
public transport, police vehicles, taxi buses,
airport transport and special transport (such
as disabled persons and VIP) in all possible
types. Also body repair of cars and commercial
vehicles under the trade name VDL Kusters as
part of ABS Autoherstel.
(www.absvdlkusters.nl / T: +31 (0)77 - 351 70 45)
VDL Bus Roeselare nv
Director: Peter Wouters
Schoolstraat 50
8800 Roeselare, Belgium
T: +32 (0)51 - 23 26 11
F: +32 (0)51 - 23 27 90
info@vdlbusroeselare.be
www.vdlbuscoach.com
Production of buses for public transport,
luxury coaches, VIP coaches and carrying out
special projects.
Advanced Public Transport Systems bv
Director: Ruud Bouwman
Steenovenweg 1
5708 HN Helmond, the Netherlands
T: +31 (0)492 - 56 20 13
F: +31 (0)492 - 56 23 38
apts.info@apts-phileas.com
www.vdlbuscoach.com
Development, production and sales of highquality
public transport systems.
VDL Bus Valkenswaard bv
Director: Marc van Doorn
De Vest 9
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 46 11
F: +31 (0)40 - 204 20 45
info@vdlbusvalkenswaard.nl
www.vdlbuscoach.com
Production of luxury coaches, VIP coaches,
regional buses and carrying out special projects.
VDL Bus & Coach Nederland bv
Director: Willem van der Leegte
De Vest 51
5555 XP Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 00
F: +31 (0)40 - 208 44 99
info@vdlbuscoach.com
www.vdlbuscoach.com
Sales and after sales for all VDL Bus & Coach
products in the Netherlands.
VDL Bus & Coach France sarl
Director: Frank de Leeuw
5, rue du Pont de la Brèche
Z.A.E. ‘Les Grandes Vignes’
95192 Goussainville Cedex, France
T: +33 (0)1 - 343 88 940
F: +33 (0)1 - 343 88 941
info@vdlbuscoach.fr
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in France.
VDL Bus & Coach Italia s.r.l. a socio unico
Director: Anno Dirksen
Piazza dei Beccadori, 12
41057 Spilamberto (MO), Italy
T: +39 059 - 78 29 31
F: +39 059 - 78 59 80
info@vdlbuscoach.it
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in Italy.
VDL Bus & Coach Belgium
Director: Willem van der Leegte
Schoolstraat 50
8800 Roeselare, Belgium
T: +32 (0)51 - 23 26 06
F: +32 (0)51 - 23 27 63
info@vdlbuscoach.be
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in Belgium and Luxembourg.
49

Buses & coaches
VDL Bus & Coach Polska Sp. z o.o.
Director: Bolesław Piekorz
Straszków 121
62-604 Kośielec, Poland
T: +48 (0)63 - 261 60 91
F: +48 (0)63 - 261 04 80
info@vdlbuscoach.pl
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in Poland.
VDL Bus & Coach Deutschland GmbH
Director: Silke Tödter
Oberer Westring 1
Industriegebiet West
33142 Büren, Germany
T: +49 (0)2951 - 60 80
F: +49 (0)2951 - 60 82 22
info@vdlbuscoach.de
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in Germany.
VDL Bus & Coach (Suisse) GmbH
Director: Bernard Donzé
Erlenstrasse 29
Postfach
2555 Brügg, Switzerland
T: +41 (0)32 - 366 65 65
F: +41 (0)32 - 366 65 66
info@vdlbuscoach.ch
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in Switzerland.
VDL Bus & Coach Czech Republic s.r.o.
Director: Pavel Schlosser
Učňovská 177
38001 Dačice, Czech Republic
T: +420 384 420 348
F: +420 384 420 348
info@vdlbuscoach.cz
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in the Czech Republic and Slovakia.
VDL Bus & Coach South Africa (Pty) Ltd
Director: Sam Mansingh / Jan-Cees Santema
Isando Business Park
Unit H1
Cnr Gewel & Hulley Street
1600
Isando, South Africa
T: +27 (0)11 - 392 14 70
F: +27 (0)11 - 392 43 93
info@vdlbuscoach.co.za
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in South Africa.
VDL Bus & Coach Serbia d.o.o. Beograd
Director: Branislav Radovanović
Ganijeva 99d
11070 Belgrade, Serbia
T: +381 11 2166 525
F: +381 11 3189 760
info@vdlbuscoach.rs
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus &
Coach products in Serbia.
VDL Bus & Coach Danmark A/S
Director: John Lausen
Naverland 21
2600 Glostrup, Denemarken
T: +45 70 23 83 23
F: +45 70 23 84 23
info@vdlbuscoach.dk
www.vdlbuscoach.com
Sales, after sales and parts of all VDL Bus &
Coach products in Denmark.
VDL Bus Center bv
Director: Manon Raynal
De Run 4232
5503 LL Veldhoven, the Netherlands
T: +31 (0)40 - 295 46 35
F: +31 (0)40 - 255 78 80
info@vdlbuscenter.com
www.vdlbuscenter.com
Purchase and sales of used buses and
coaches of all makes and models.
VDL Bus Center GmbH
Director: Burkhard Gieffers / Manon Raynal
Oberer Westring 2
Industriegebiet West
33142 Büren, Germany
T: +49 (0)2951 - 98 920
F: +49 (0)2951 - 76 53
info@vdlbuscenter.de
www.vdlbuscenter.com
Purchase and sales of used buses and
coaches of all makes and models.
VDL Bus Center sarl
Director: Manon Raynal
5, rue du Pont de la Brèche
Z.A.E. ‘Les Grandes Vignes’
95192 Goussainville Cedex, France
T: +33 (0)1 - 39 33 99 00
F: +33 (0)1 - 34 38 93 42
info@vdlbuscenter.fr
www.vdlbuscenter.com
Purchase and sales of used buses and
coaches of all makes and models.
VDL Busland bv
Director: Ton Behr
Steenoven 17
5626 DK Eindhoven, the Netherlands
T: +31 (0)40 - 262 86 00
F: +31 (0)40 - 262 86 86
info@vdlbusland.nl
www.vdlbusland.nl
Specialized workshop for the maintenance,
repair and damage repair of all makes of
coaches and buses.
VDL Parts bv
Director: Peter Schellens
De Run 5410
5504 DE Veldhoven, the Netherlands
T: +31 (0)40 - 208 41 00
F: +31 (0)40 - 204 88 22
info@vdlparts.nl
www.vdlparts.com
Worldwide purchase and sales, logistics and
information provision for all original VDL Bus
& Coach spare parts and related accessories.
50

finished products
VDL Agrotech bv
Director: Brian van Hooff
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 55 00
F: +31 (0)40 - 292 55 01
info@vdlagrotech.nl
www.vdlagrotech.com
Equipment for intensive livestock keeping,
including engineering and erection of complete
turnkey projects. Manure drying tunnel.
VDL Industrial Products bv
Director: Carlos Ooijen
Hoevenweg 3
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 55 80
F: +31 (0)40 - 292 55 02
info@vdlindustrialproducts.com
www.vdlindustrialproducts.com
Sales and service of components for dust
extraction installations and bulk material
handling such as modular tube systems, rotary
valves, fans, cyclones, diverter and butterfly
valves and vibrating conveyors. Also sales and
service of complete systems for explosion
and fire-protection of industrial processes.
VDL Steelweld bv
Director: Peter de Vos
Terheijdenseweg 169
4825 BJ Breda, the Netherlands
T: +31 (0)76 - 579 27 00
F: +31 (0)76 - 587 47 54
info@vdlsteelweld.com
www.vdlsteelweld.com
Design, production, installation and service
of robotized production automation systems
with a wide range of handling, assembly and
connection joining techniques for industrial
applications including for the automotive
industry. Also active in product development,
prototype manufacture and production of
special machines and series production of
mechatronic modules and systems for
applications in industrial vehicle technology
and agricultural vehicles.
VDL Steelweld UK
Director: Darren Dowsett / Peter de Vos
Unit 3, The Barford Exchange
Wellesbourne Road, Barford
Warwickshire, CV35 8AQ, United Kingdom
T: +44 (0)1926 62 47 10
info@vdlsteelweld.com
www.vdlsteelweld.com
Design, production, installation and service
of robotized production automation systems
with a wide range of handling, assembly and
connection joining techniques for industrial
applications including for the automotive
industry.
VDL Steelweld GmbH
Director: Peter de Vos
Max Planck Straße 38
50858 Köln, Germany
T: +49 (0)2234 - 200 10 60
F: +49 (0)2234 - 200 33 17
info@vdlsteelweld.com
www.vdlsteelweld.com
Design, production, installation and service
of robotized production automation systems
with a wide range of handling, assembly and
connection joining techniques for industrial
applications including for the automotive
industry.
Hapro International bv
Director: Dick van de Linde
Fleerbosseweg 33
4421 RR Kapelle, the Netherlands
T: +31 (0)113 - 36 23 62
F: +31 (0)113 - 36 23 99
info@hapro.com
www.hapro.com
Develops, produces, assembles and
distributes sunbeds for both the consumer
market and professional tanning studios.
Sales of accessories for the tanning market.
Development, production and assembly of
car roof boxes and bicycle carriers.
Hapro Deutschland GmbH
Director: Dick van de Linde
Südring 6
56412 Ruppach-Goldhausen, Germany
T: +49 (0)2602 - 940 00
F: +49 (0)2602 - 940 049
kontakt@hapro.com
www.hapro.com
Sales and service of professional sunbeds for
commercial use. Accessories for the tanning
market.
VDL Klima bv
Director: Wim Jenniskens
Meerenakkerweg 30
5652 AV Eindhoven, the Netherlands
T: +31 (0)40 - 298 18 18
F: +31 (0)40 - 298 18 00
info@vdlklima.com
www.vdlklima.com
Development and production of heat exchangers
(such as air/air and air/water coolers, boxcoolers,
shell and tube heat exchangers) and ventilation
systems for various applications such as electrical
propulsion systems and power generators,
transformers and converters.
Klima Warmtetechniek nv
Director: Wim Jenniskens
Buitenheide 4
3930 Hamont-Achel, Belgium
T: +32 (0)11 - 80 47 00
F: +32 (0)11 - 66 12 40
klima.wt@vdlklima.com
www.vdlklima.com
Production company of VDL Klima products.
VDL Klima Belgium nv
Director: Wim Jenniskens
Planet II, Unit A.4.0
Leuvensesteenweg 542
1930 Zaventem, Belgium
T: +32 (0)2 - 720 60 26
F: +32 (0)2 - 720 34 07
klima.belgium@vdlklima.com
www.vdlklima.com
Sales office for products of VDL Klima and
Klima Warmtetechniek.
51

finished products
VDL Klima France sarl
Director: Pascal Pécuchet
276 Avenue de la Marne
Chateau Rouge
59708 Marcq en Baroeul, France
T: +33 (0)320 - 65 91 65
F: +33 (0)320 - 65 91 60
klima.france@vdlklima.com
www.vdlklima.com
Development and sales of heat exchangers
and cooling units for the electromechanical
industry and other industrial applications.
VDL KTI nv
Director: William van Hout
Nijverheidsstraat 10
Industrial Area II
2400 Mol, Belgium
T: +32 (0)14 - 34 62 62
F: +32 (0)14 - 34 62 63
info@vdlkti.be
www.vdlkti.be
Development and production of parts for industrial
furnaces (convection/radiation), as well as
complete furnace modules, pressure vessels,
heat exchangers and separation modules for
the chemical, petrochemical, oil and gas industry.
VDL Delmas GmbH
Director: Jörg Nelius
Breitenbachstraße 10
13509 Berlin, Germany
T: +49 (0)30 - 438 09 20
F: +49 (0)30 - 438 09 226
info@vdldelmas.de
www.vdldelmas.de
Development, production and delivery of
heat exchangers, cooling units and related
aggregates for industrial applications.
VDL Containersystemen bv
Director: Frans van Dommelen
Industrieweg 21
5527 AJ Hapert, the Netherlands
T: +31 (0)497 - 38 70 50
F: +31 (0)497 - 38 68 55
sales@vdlcontainersyst.nl
www.vdlcontainersystemen.com
Development, production, sales, repair and
52
installation of hydraulic container-handling
systems (hook-arm systems, skiploaders and
cable systems), container trailers and
containers. Development, production, sales
and repair of spreaders and AGV’s for
handling 20, 40 and 45 feet ISO containers.
VDL Containersysteme GmbH
Director: Frans van Dommelen
Wilhelmshavenstraße 33
26316 Varel-Winkelsheide, Germany
T: +49 (0)4451 - 96 94 93
F: +49 (0)4451 - 96 96 85
sales@vdlcontainersyst.nl
www.vdlcontainersystemen.com
Sales and after sales of container handling
systems and trailers in Germany.
VDL Weweler bv
Director: Dick Aalderink
Kayersdijk 149
7332 AP Apeldoorn, the Netherlands
T: +31 (0)55 - 538 51 00
F: +31 (0)55 - 538 51 93
info@vdlweweler.nl
www.vdlweweler.nl
Development, production and sales of air
spring and axle lift systems for manufacturers
of axles, trailers, trucks, buses and coaches.
Weweler-Colaert nv
Director: Jacques Colaert
Beneluxlaan 1-3
8970 Poperinge, Belgium
T: +32 (0)57 - 34 62 05
F: +32 (0)57 - 34 62 08
info@weweler.eu
www.weweler.eu
Development, production and sales of leaf
and parabolic springs for the automotive
industry. Distribution of high quality technical
components for trucks, trailers, semitrailers
and buses.
VDL Weweler Parts bv
Director: Danny Orgers
Minden 12
7327 AW Apeldoorn, the Netherlands
T: +31 (0)55 - 538 04 00
F: +31 (0)55 - 538 04 09
info@vdlwewelerparts.nl
www.vdlwewelerparts.nl
Distribution of high-quality technical components
for trucks, trailers, semi-trailers and buses.
Truck & Trailer Industry AS
Director: Øyvind Stenersen
Persveien 20
0581 Oslo, Norway
T: +47 (0)23 - 03 96 00
F: +47 (0)23 - 03 96 01
post@tti.no
www.tti.no
Sales from four offices in Norway of VDL
Weweler suspension systems and spare parts
for trucks, trailers and buses.
PMB-UVA International bv
Director: Marius Ponten
Meerenakkerweg 32
5652 AV Eindhoven, the Netherlands
T: +31 (0)40 - 282 50 00
F: +31 (0)40 - 282 50 01
sales@pmb-uva.com
www.pmb-uva.com
Development, production, sales and service
for the tobacco and packaging industries.
Machines for the production and packaging of
cigars. Vertical form, filling and sealing machines
for food, animal feed and detergent sectors.
VDL USA Inc
Director: George van Bergen
8111 Virginia Pine Ct.
Richmond VA 23237, USA
T: +1 804 - 275 80 67
F: +1 804 - 271 30 96
info@vdlusa.com
www.vdlusa.com
Sales and service of VDL products in North
America.
VDL Middle East fzCo
Director: Rémi Henkemans
5WA (West Wing)
Dubai Airport Free Zone,
United Arab Emirates
Sales, after sales and service of VDL products
in the Middle East.

VDL Groep
financial report
2012
53

Consolidated balance
( x 1,000 euro )
Assets 31 December 2012 31 December 2011
Fixed assets
Intangible fixed assets
Goodwill 481 199
Tangible fixed assets
Buildings and land 421,228 287,078
Machinery and installations 88,180 48,969
Other fixed assets 36,766 29,387
546,174 365,434
Financial fixed assets
Participations 35,033 24,741
Other financial fixed assets 2,579 5,025
37,612 29,766
Current assets
Stocks
Raw materials and consumables 136,099 133,623
Work in progress 150,003 156,265
Finished products and commodities 98,766 78,844
Advance payments for projects in progress -114,776 -10,644
270,092 358,088
Accounts receivables
Trade debtors 308,085 289,928
Other receivables and accrued income 19,444 10,285
327,529 300,213
Cash at bank and in hand 221,781 8,528
1,403,669 1,062,228
54

Liabilities 31 December 2012 31 December 2011
Group capital
Shareholders’ equity 788,049 576,226
Third party interests 431 1,412
788,480 577,638
Provisions
Pension provisions 1,527 1,470
Warranty provisions 27,415 25,355
Taxation provisions 42,630 19,014
Other provisions 142,013 7,751
213,585 53,590
Long-term liabilities
Debts to credit banks 143,646 56,004
Current liabilities
Debts to credit banks 17,914 118,225
Debt to suppliers 145,983 157,323
Taxes and social security contributions 20,449 23,047
Other debts and deferred liabilities 73,612 76,401
257,958 374,996
1,403,669 1,062,228
55

Consolidated profit
and loss account
( x 1,000 euro )
2012 2011
Net turnover 1,628,857 1,574,805
Changes in stocks -34,914 -10,814
Inter-company trading 2,425 1,314
Other operating income 8,825 9,681
Total operating income 1,605,193 1,574,986
Costs of raw materials and consumables 854,994 794,529
Subcontracted work and other external costs 235,580 261,438
Salaries and wages 303,094 295,105
Social security contributions and other personnel costs 80,201 76,004
Depreciation of (in)tangible fixed assets 32,490 30,465
Other operating costs 11,427 21,170
Total operating costs 1,517,786 1,478,711
Operating profit 87,407 96,275
Financial expenses -9,045 -8,005
Profit on ordinary activities 78,362 88,270
Profit on non-consolidated shareholdings -2,683 -4,893
Profit before tax 75,679 83,377
Tax -19,923 -18,312
Third party interests 999 949
Net profit after tax 56,755 66,014
56

Statement of source and
application of funds
( x 1,000 euro )
2012 2011
Source of funds
Profit appropriation 56,755 66,014
Depreciation (in)tangible fixed assets 32,490 30,465
Change to consolidated participations 158,420 791
Change to non-consolidated participations - 546
Other financial fixed assets transactions 751 757
Long-term loans taken up 110,000 5,000
Correction to repayment obligations on long-term loans - 40,000
Changes in provisions 27,623 1,851
386,039 145,424
Application of funds
Third party interests 981 929
Investments minus desinvestments 61,546 52,100
Repayment on long-term loans 22,358 17,908
Change to non-consolidated participations 10,292 -
Other changes in equity 21,251 25,126
116,428 96,063
Changes in working capital 269,611 49,361
57

General
Provisions
Applicability of provisions
The annual accounts have been prepared in accordance with the provisions
of Section 9, Book 2 of the Dutch Civil Code. The valuation of assets and
liabilities and determination of the result are based on the historical cost
convention. Unless otherwise indicated in the discussion of the relevant
principle for the specific balance sheet item, assets and liabilities are stated
at face value. Income and expenses are allocated to the year to which they
apply. Profit is only included when realized on the balance sheet date.
Liabilities and any losses originating before the end of the year under review
are only accounted for if they were known before the annual accounts were prepared. The explanations provided on the
consolidated balance sheet and profit and loss account are also applicable to the consolidated profit and loss account, unless
otherwise stated.
Consolidation
The consolidated annual accounts of VDL Groep bv include the financial details of all companies belonging to the group and
other legal entities over which a controlling interest can be exercised either directly or indirectly. The consolidated annual
accounts have been prepared in accordance with the provisions for the valuation and determination of results of VDL Groep bv.
Financial information relating to the group companies and other legal entities and companies included in the consolidation, are
fully included in the consolidated financial statements, eliminating the intercompany relationships and transactions. Investments
in third parties and results of group companies are separately disclosed in the consolidated financial statements.
Acquisition of shareholdings in group companies
The results of newly acquired group companies and other legal entities and companies included in the consolidation are included
from the acquisition date. The assets, provisions and liabilities are measured at fair values as at that date. The results of divested
shareholdings, or shareholdings that no longer fulfil the criteria of group companies, are accounted for in the annual accounts
until the date the group relationship ended. Any differences between the acquisition price and share of the net asset value at the
start of the year under review of the companies acquired during the financial year are, in the case of goodwill, capitalized under
intangible fixed assets and amortized over the useful economic life. If the case of negative goodwill, the difference between the
acquisition price and the share of net assets acquired is put into a statutory reserve.
Foreign currencies
Amounts in foreign currency on the balance sheet are converted into euro at fixed exchange rates that approximate the
exchange rates valid on the balance sheet date. Exchange rate differences that originate from group companies having claims
on or debts to third parties or one another are debited or credited to the profit and loss account. Exchange rate differences
that originate from the conversion of equity belonging to shareholdings into euro will be booked directly to equity. Turnover,
costs and results of the shareholdings are booked to the profit and loss account after being converted into euro at fixed rates
that approximate the exchange rates valid on the balance sheet date.
58

Valuation principles for the balance sheet
Intangible fixed assets
Intangible fixed assets relate to the costs of goodwill at the time of take-over. Goodwill is valued at the difference between the
acquisition price and the share in the net asset value of the acquired companies, less accumulated depreciation and extraordinary
capital reductions. The depreciation period is 10 years and starts from the commencement of the financial year in which the
goodwill costs originated. Negative goodwill is listed under statutory reserves.
Tangible fixed assets
Company land and buildings are valued at the current appraised value, being the value by private treaty with continued use,
with costs for the purchaser’s account, less depreciation and taking into account the expected lifespan of the assets in question.
A deferred tax liability of 15% is taken into account in the revaluation of buildings. The remaining tangible fixed assets are
valued at purchase price less depreciation, taking the expected useful life into account. The expected life per category is:
Company buildings:
20 - 33 years
Renovations and facilities:
5 - 20 years
Plant and machinery:
5 - 10 years
Other fixed operating assets:
5 - 7 years
Investments during the year under review are written off pro rata temporis.
Financial fixed assets
Shareholdings are valued at their share in the net asset value. The value of assets, liabilities and profit of shareholdings in which
the company has a controlling interest are determined in accordance with the principles applicable to these annual accounts.
Claims on group companies and minority interests and other financial fixed assets are valued at nominal value or market value, if
lower. Also included under financial fixed assets, due to the available forward offset of losses, is part of the deferred tax credit that
cannot be set off against deferred tax obligations. Expectations are that this deferred tax credit will not be settled in the near
future. For the applicable valuation principles, refer to the paragraph on “deferred tax credits and obligations”.
Stocks and work in hand
Stocks of raw materials and consumables are valued at fixed transfer prices based on the last known purchase price plus
various surcharges. If necessary, a provision for non-saleability is established. Work in hand (including semi-finished products
and development costs of new products) is valued on the basis of the overall cost price of the materials processed and hours
worked, less a provision for obsolete stock and expected losses. Invoiced instalments are deducted. Stocks of finished products
and commodities are valued at the cost price or fixed transfer price, based on the last known purchase price plus various
surcharges, minus the provision considered necessary for nonsaleability.
Accounts receivable
Receivables, including taxes, prepayments and accrued income, are valued at face value less a necessary provision for bad
debts. Included under receivables, due to the available forward offset of losses, is part of the deferred tax credit that cannot be
set off against deferred tax obligations. Expectations are that this deferred tax credit will be settled in the near future.
59

Provisions
The pension provision is valued at cash value. The other provisions mainly concern warranty obligations, bridging loans,
reorganization, maintenance of buildings, soil remediation and anniversary benefits. Provisions are taken at the current value of
the estimated obligations.
Deferred tax credits and obligations
Deferred tax obligations relate to future tax obligations resulting from the differences between the valuation of the assets and
liabilities according to the balance sheet and the valuation for tax purposes of said items. Deferred tax obligations are calculated in
line with the current rate of corporation tax, and at 15% with regard to the revaluation of company buildings. Deferred tax
credits relate to future tax credits due to the available forward offset of losses and are calculated in line with the current rate of
corporation tax. If and to the extent that such can be legally justified, the deferred tax credits ensuing from the available forward
offset of losses are set off against the deferred tax obligations. If such offset is not possible, the deferred tax credits are booked
as financial fixed assets or receivables, depending on the anticipated time of settlement.
Other assets and liabilities
Other assets and liabilities are entered at face value.
Accounting principles for determining the result
Taking the aforementioned principles into account, the result is determined as the difference between the sales value of goods
and services supplied during the financial year and the costs and other expenses valued at historical cost price. Profit is realised
at the time of billing. Losses are recorded as soon as they become known.
Profits from non-consolidated shareholdings
Profits from non-consolidated shareholdings are accounted for in accordance with the net assets method.
Tax
Tax on profit is calculated at the nominal rate applicable to the financial year in question, whereby tax facilities are taken into account.
60

VDL Groep jaarverslag 2012