Annual Report 2011

Consultancy and Engineeringdhvgroup.comAnnual Report 2011DHV GroupGateway to solutions

ContentsKey Figures 3Profile 5Report of the Supervisory Board 6Message of the Executive Board 10Strategy and Policy 10Developments 2011 13Corporate Responsibility 19Financial Performance 23Outlook 2012 27Performance Review 30Consolidated Balance Sheet 30Consolidated Profit and Loss Account 31Consolidated Cash Flow Statement 32Corporate Responsibility 33Addresses 34

2Turnover by client group (in %)24443GovernmentIndustryPublic UtilitiesInternationalDevelopmentAgenciesRevenueE 425 million29Turnover by market (in %)710192539TransportationWaterBuilding andIndustrySpatial Planningand EnvironmentAviationWorkforce4,276Diversity19%female managementTurnover by region (in %)78112153The NetherlandsAfricaAsiaEurope(excl. the Netherlands)North AmericaShareholders’ equityE 72 millionCO2 emission per fte3,651 kg100% compensated

Key FiguresKey Figures32011 2010 2009 2008 2007Revenue 424.8 469.0 480.3 477.3 392.2Added value 312.8 345.8 346.5 325.3 274.8ResultsEBITA recurring 10.2 10.2 17.2 21.3 15.6EBITA 10.5 -4.8 14.1 20.8 13.0Net result 7.3 -9.3 5.0 9.4 6.0Return on average shareholders’ equity (%) 10.4 -13.2 7.4 15.3 10.2EBITA margin, recurring (%) 2.4 2.2 3.6 4.5 4.0Earnings per share (€) 1.50 -1.93 1.04 1.97 1.24Dividend per issued class B share (€) 0.60 - 0.40 0.70 0.45Capital employedTotal assets 211.6 243.3 242.0 231.9 191.7Shareholders’ equity 72.0 68.5 72.5 63.2 59.9Group equity 75.1 72.4 76.9 65.3 61.7Group equity as a percentage of total assets (%) 35.5 29.8 31.8 28.2 32.2Financial positionNet working capital 6.8 15.2 8.1 26.2 19.9Movement in net cash 18.7 -15.3 37.8 -23.6 -9.6WorkforceNumber of staff (in average heads) 4,276 4,650 4,868 4,717 3,986(€ millions, unless otherwise stated)DefinitionsAdded valueEBITA DefinitionsrecurringEBITA marginEarnings per shareAdded valueNet working capitalMovement in net cashEBITA recurringOperating income less cost of work subcontracted and other external chargesEBITA excluding non-operational itemsEBITA / RevenueNet result / Number of ordinary shares issuedOperating income less cost of work subcontracted and other external chargesCurrent assets less current liabilities (excluding cash and cash equivalents less amounts owed to credit institutions)Movement in cash and cash equivalents less amounts due to credit institutionsEBITA excluding non-operational items

4Staff and OfficesTotal 4,300 in 73 officesMain offices in home countriesMore and more companies, governments and individuals areconvinced that in order to make a significant difference, theyneed to work together. At the DHV Group, we are seeing thatmaking a difference lies not only in technical expertise, but alsoin the ability to bring together parties for sustainable solutions.

6Report of the Supervisory BoardRecommendations to the Annual Shareholders’ MeetingWe have pleasure in presenting the DHV Group Annual Report for 2011. The annual accounts were prepared bythe Executive Board, and audited by PwC, and were signed following discussions with the Executive Board and theexternal accountants. We support the proposal of the Executive Board to distribute a dividend of € 0.60 (2010,no dividend was distributed) per depositary receipt for issued shares from the 2011 profits. We recommend thatthe annual accounts for 2011 be adopted and we call on you to discharge the Executive Board from liability for itsmanagement, and the Supervisory Board for its supervision during the 2011 financial year.Supervisory Board meetingsDuring 2011, the Supervisory Board met with the ExecutiveBoard on seven occasions and paid visits to several projectsin the Netherlands. The visits were found to be productivein providing the Board with insight into particular markets,operations and developments at local level. All board membershad a good record of attendance at the meetings. Outsidethe context of these meetings, ongoing matters were alsoregularly discussed by the Chairmen of the Supervisory andExecutive Board.As in the previous year, the ongoing impact of the financialand economic crisis and the required measures to deal withits effects were tabled at every meeting of the Board. TheSupervisory Board regulary discussed the Group’s strategyfor the shorter as well as the longer term, the main risksof the business and the results of the assessment by theExecutive Board of the design and effectiveness of internalrisk management and control systems. In particular closeattention was paid to the implementation, the progress andthe results of the restructure program in the Netherlandsthat was adopted in 2010/2011. The Board notes that theresults from the program are positive. Other main itemson the agenda were: operational excellence, the CorporateResponsibility Report, the refinancing of the Group, claims andrisks, divestments, management compensation philosophyand compliance.As in previous years, the Supervisory Board conducted aManagement Development review.Outlook 2012Towards the end of 2011 special attention went to the intendedmerger between DHV and Royal Haskoning. The Board wasand is regularly informed on the developments and approvedthe intention of the Executive Board to enter into detaileddiscussions. The aim is a possible merger agreement by midyear 2012 and subsequently the finalization of the mergerultimately by the end of 2012.Apart from this and in view of the financial and economiccrisis that is assumed to last through 2012 at least, acontinuous review, reshape of and focus on internal processes,

7W. van Vonnomember since 2006business views and operational excellence will be required on all levels of theGroup. In addition strong attention will be paid by the Board to items in the area ofcommercial and cost awareness, optimization of efficiency and processes that arerelated to management control and risk.Audit Committee meetingsThe Audit Committee is composed of Mr. Lindenbergh as Chair and Mr. Van derPoel and met on three occasions. The first meeting dealt mainly with the annualaccounts for 2010, the external auditor’s report and the finalization of the budgetfor 2011. The second meeting focused on mid year results and the third on internalcontrols. In addition subjects of discussion were: the auditor’s Audit Plan, therefinancing, compliance with bank covenants, tax planning, pensions, the financialimpact of divestments and the management information.Profile of the Supervisory BoardThe Board is properly constituted and its members possess the desiredcompetencies, in accordance with the Profile of the Board. All members are‘independent’ as provided in best practice provision III.2.2 of the Dutch CorporateGovernance Code. Mr. Lindenbergh is a financial expert as provided in best practiceprovision III.3.2 of the Code. The Supervisory Board reviewed the performance,composition and remuneration of the Executive Board. In the judgement ofthe Supervisory Board, the Executive Board – both as a group and in terms ofits individual members – possesses the requisite competencies and functionsappropriately.Composition of the Supervisory BoardOn the 2011 Annual Shareholders’ Meeting, Mr. Lindenbergh and Mrs. Dekker werereappointed for a next term. On the 2012 Annual Shareholders’ Meeting Mr. Van derPoel will have completed his term. The Board nominates him for appointment for anext term.The CVs of the individual members of the Supervisory Board are available ondhvgroup.com/SupervisoryBoardS.M. Dekkermember since 2007J.H.M. Lindenberghmember since 2003A.P.M. van der Poelmember since 2004

8ClientRijkswaterstaat (Dutch Ministry ofInfrastructure and the Environment)Impact on the livingenvironmentTwo motorways, two railway linesand one metro line are impeding thegrowth of the Amsterdam-Zuidasarea. A creative solution was requiredto improve the accesibility, mobilityand liveability of Amsterdam’simportant economic area. To enablethe process DHV and Rijkswaterstaat,delivered the necessary informationneeded to come to a solidly validateddecision with commitment fromall stakeholders.Exceptional serviceThe ZuidasDok project in Amsterdamcombines the construction of homesand offices and the enlargementof the capacity of the A10-Southmotorway and public transport. Animportant part of the plans is torelocate the transport modalities inpartially underground, the ZuidasDok.DHV and Rijkswaterstaat have madedetailed plans for each alternative.Partnership in Transportation

9As per January 1st 2012 Prof C.P. Veerman resigned from hisposition as Board member due to DHV’s appointment as theleading party in the Mekong Delta Plan project in Vietnam.Mr. Veerman has been the personal advisor to the Vietnamesegovernment over the past years. In this capacity, he will beclosely involved in producing the plans for the Mekong Delta.In order to perform this independent role and for the sake oftransparency, he decided to step down as a member of theSupervisory Board of the DHV Group. The Board thanksMr. Veerman for his insights and contributions while servingon the Board.Corporate GovernanceDHV Group’s Corporate Governance Report and furtherinformation concerning the remuneration policy, the Codeof Conduct, SpeakUp Line and regulations for the ExecutiveBoard, Supervisory Board and Audit Committee can be foundon dhvgroup.com/Governance. The remuneration of theSupervisory Board is reported in the Financial Statements andis available on dhvgroup.com/AnnualReport.In closingThe Chair and Vice Chair of the Supervisory Board anda delegation of the Executive Board met with delegatesof Works Councils of DHV B.V. and NACO B.V. to discussthe general course of events of the company. All partiesappreciated the open and constructive dialogue.Like previous years, the year 2011 was marked by a continuedeconomic downturn in the Dutch public sector. The Boardnotes that firm measures were taken and implemented in2011 by the Group which led to a positive result. In someareas implementation of measures is still in progress. TheBoard remains closely informed on the developments andthe outcome. The Supervisory Board is well aware that thesehard times and the difficult measures that are required put aheavy burden on the staff. The Board noted that despite all ofthis the staff remains positive, loyal and focused on businessopportunities.The Board wants to thank the staff for their attitude andloyalty that highly contributes to a healthy future for the DHVGroup.Amersfoort, The Netherlands, 7 March 2012W. van Vonno, ChairS.M. Dekker, Vice ChairJ.H.M. LindenberghA.P.M. van der PoelSupervisory Board meetingsDuring 2010, the Supervisory Board met with the ExecutiveBoard on seven occasions and paid visits to several localDHV companies and projects in the Netherlands as wellas abroad. The visits provided the Board with insight intomarkets, operations and developments at a local level. Allboard members had a good record of attendance. Ongoingmatters were regularly discussed by the Chairmen of theSupervisory and the Executive Board outside the context ofthese meetings.On several occasions the Supervisory Board discussed the

10Message of the Executive BoardThe DHV Group is a value driven company for people from people. Together with our clients, we have direct impacton supplying the basic needs of people and improving the living environment. Our ambition is to be a world-widetop 10 non public owned engineering consultancy, known for high level expertise and leadership in sustainability.We approach business with a philosophy of partnership and expect appropriate reward for value added.The intended merger between DHV and Royal Haskoning wasannounced on 28 February 2012. The overwhelmingly positivereactions from our clients, the press, our people and otherstakeholders, indicate the value of this strategic move. With thismerger we will achieve our ambition to be amongst the top 10independently owned, non-listed engineering consultancies.Through the increased network of more than 100 offices in over35 countries, we will be in a better position to deliver world-classsolutions to our clients in planning & transport, delta & watertechnology, maritime, aviation, industry & energy and buildings.The merger will accelerate the implementation of our strategy,strengthens our financial position, improves our marketpositions and as such provides continuity towards our clients,our people and the communities we serve.So we are very excited about the prospect of merging twooutstanding engineering consultancies into a leading Europeanproject management, engineering and consultancy serviceprovider. Going forward, the focus is on the one hand workingtowards obtaining the required approvals, in support of themerger agreement, while on the other hand the pre-mergerimplementation activities are well underway. However, weare still separate companies, therefore this message of theExecutive Board, is written on a stand alone basis.Strategy and PolicyClientsWe are client focused, serving their needs in the marketsin which we operate. With a philosophy of partnership, westrive to understand the questions and needs behind a client’srequest, and then work together to provide sustainablesolutions.We serve both public and private clients, understanding thedifferences in context and needs, but also where mutualinterests can overlap and strengthen each other. In a networkedworld, managing interfaces and stimulating co-creation canadd enormous value, when done practically and with respect.MarketOur client base is primarily in the markets of Transportationand Water. Together these will account for 80% of ourturnover in 2015. In expanding these markets, we concentrateour portfolio on services that bring higher value andearn a commensurate return. In addition, we support thedevelopment of new or related services for the other 20% ofour portfolio. In this regard we are, amongst others, focusingon the areas of environmental science and mining.In the global expertise areas of Aviation and Water Treatment

11we aim to maintain and grow our international top 10 position, with either aturnover of € 200 million in a global market or € 50 million in a niche position. It isanticipated that additional expertise areas will reach this level over time. We aspireto further strengthen our national prominence in other areas; participating in majorprograms (incl. PPP) for road and rail infrastructure, buildings, marine, ports &waterways, water management, and coastal development. Increasingly, the key tosuccess is integrated and sustainable solutions. Markets with substantial potentialin which we proactively invest include mining, hydropower, energy, and specializedenvironmental services.Bertrand M. van Ee, Presidentmember since 2004Home countriesWe serve our clients through local delivery of world-class solutions. Local, oftenlong-term relationships, are the basis for introducing world-class solutions. Of ourturnover, 90% will be in home countries, where the aim is to reach a sustainedtop three position, based on market share or minimum turnover of € 50 million.Emphasizing local “pull” versus centralized “push” enables us to shift moreeffectively to home countries with higher projected growth rates. In mature homecountry markets, we focus on integrated solutions and new business models. Tobalance our portfolio and with the continuing constraints in public sector markets,all home countries are moving to more private sector work. The company-widetarget is 40% private and 60% public turnover by 2015.Piet W. Besselink, Vice Presidentmember since 2006Innovation and sustainabilityIn order to gain higher commercial value from innovations and improve our results,existing ideas and innovations must be brought to market quicker. We are workingwith partners to implement a strategic and more commercial approach to thedeployment of new innovations in the Group. Our focus is on four areas: watertreatment technology, virtual design & construct, asset management and toolsthat enhance mobility. In the day-to-day business, we work with clients to achievecontinuous innovation, especially for efficiency gains and in developing sustainablesolutions.Jaska M. de Bakker, CFOmember since 2010

12Together with the Executive Board, Region, Business Development andBusiness Group Directors form the Executive Council of the DHV Group.One-companyOne-company is about ensuring connectivity and constancy ofpurpose. Business units, the building blocks of our organization,operate within a one-company framework. The frameworkshares best practices, sets standards, provides context and leadsprocesses to increase efficiency and enhance collaboration.Commitment to sustainable development is central to ourcompany mission. Different local needs are reflected inindividual programs and home countries are the cornerstonefor implementation. The one-company framework setsout expectations to participate in three aspects: projects,operations, and community engagement. To ensure thatsystems remain vital, we seek formal certification, externalbenchmarking and stakeholder dialogue. This includes formalcertification of our Global Business Integrity ManagementSystem.Markets are dynamic and we count on our culture, systems,and interpersonal networks to support our people in dealingwith change and dilemmas. Our Global Code of BusinessPrinciples, with key values Integrity, Respect and Freedom,guides us in assuming responsibility, making choices, andaddressing stakeholder questions. It reflects the spirit thatunites and defines us.Corporate StrategyIn 2010 we launched the new Group strategy paper: Vision2015 - Step Change. This paper provides a sustainable growthstrategy for the Group and spells out targets and steps to betaken to reach these targets. In arriving at this strategy thepaper took into account a number of world trends that relatedirectly to our business: increasing population growth, climatechange, and a fundamental economic shift from the westto the east. These trends translate to exponentially growingdemand for energy, food, clean water, coastal protection,mobility, and natural resources that increasingly needs to bedelivered through different business models than the puregovernment service. However, the strain on eco-systems andexisting infrastructure creates sharp competition for resourcesand associated integrity dilemmas. For the foreseeable future,government deficits will continue to have a significant impacton our business. The challenge is to work together to meetneeds and aspirations within economic constraints.In 2011 we continued with the implementation of our Vision2015 strategy. Notable progress was made in leveragingstrengths in experience and technology, and identifyingareas in which to further sharpen the portfolio. Commitmentto our core values, innovation and sustainability remainsstrong. Discipline in selectivity, increased commercial focus onmargins and speed of implementation are key to performanceimprovement. In order to achieve our ambitions, the strategybuilds on three pillars: Client Centricity, Operational Excellence,and a High Performance Culture. This is enabling us to improvethe profitability of the Group and of the activities in theNetherlands in particular - even in these difficult times.Mid year, the Executive Council began preparations forthe planned (2012) mid-term update of progress versusVision 2015. It was determined that given the currenteconomic circumstances, incremental organic growth

Eugene Grüter Naren Bhojaram Vic Prins Chris Engelsman Roel Overakker Arnold Galavazi13and small acquisitions would not enable us to meet theobjectives. Subsequently, a number of scenarios involvingexternal parties were evaluated by the Executive Board.The recommendation to pursue a “merger of equals” withRoyal Haskoning was approved by the Supervisory Boardin December 2011. The proposed merger is a step change,which fits within our Vision 2015 strategy. This will advanceour strategy by 5-10 years, essentially doubling our size andopening up new avenues through combined capabilities rightfrom the start.Developments 2011We continued to put our clients first in all we do. With theeconomic and financial uncertainty, many of our clients facedsevere budget challenges in 2011. We needed to adjust to theseand other market changes. By staying close to the needs of ourclients and responding adequately to changes, we were able toproduce positive results over 2011, both in terms net result aswell as an improved cash position.In 2011 we realized a sharp improvement of our net result to€ 7.3 million, while revenue of the Group declined to€ 425 million, primarily due to the sale of our share in Delcan,but also the sale of our Mechatronics department.The recurring operating margin on revenue improved to 2.4%.presence in North America. In the Netherlands, we reducedour capacity in response to a shrinking market. We alsoincreased our focus. This generated an increase of marketshare in select areas and produced much improved results.In North America, we reduced our presence by selling ourminority shareholding in Delcan Corporation. After eightgood years of working together, we decided to continue ourrelationship as partners without the financial ties. At the sametime, we expanded our interest in InterVISTAS, our NorthAmerican based aviation and tourism consultancy, to 100%.We thereby further strengthened our position in aviationconsultancy in the important North American market.DHV has become somewhat smaller in size, however morefocused and profitable. Combined with capacity reduction inthe Netherlands, DHV Group is 4,300 people strong, based in73 offices and active in over 90 countries.Implementation of our Vision 2015 and the measuresassociated with this vision were put into practice. We focusedon improving margins and profitability and integratedsustainability and innovation into more of our services.We divested services. We implemented a standard projectmanagement manual and rolled this out throughout theGroup - in short, much transpired in 2011. We are thereforepleased that through leadership and good teamwork ourcompany has become stronger during turbulent times.Our results over 2011 were significantly influenced by twoevents: the return to profitability of DHV in the Netherlands(50% of our business) and the change in the nature of our

14ClientSouth African National Roads AgencyLimited (SANRAL)Impact on the livingenvironmentThe new Blackburn Pedestrian Bridgeallows the residents of BlackburnVillage to safely cross the N2highway to work and shop in nearbyUmhlanga. Previously, many fatalitiesoccurred with residents trying to crossthis highway. Our team engagedwith the local community on manylevels, e.g. outreach programmes foryoungsters who painted decorativehandprint murals that adorn thebridge entrance as a declaration ofownership of the project. The bridgefeatures unique night-time lightingmaking it an icon for visitors andtourists visiting the city of Durban.Exceptional serviceThe location selected by thecommunity coincided with the mostchallenging site option from anengineering point of view. SSI’s designis one of the longest cable-stayedpedestrian bridges in Africa with anunusual four legged pylon situatedbetween the two carriageways. Thecompany also supervised constructionwhich created jobs for the localresidents.Enhancing safety

15A regional perspectiveEuropeThe European business was dominated by the fall-out of theEuro crisis and the need for governments to reduce budgetsand spending. This led to the cancellation or postponementof major investment decisions. The specific details varied percountry, but the challenge in most cases was to excel in themarket place whilst reducing capacity to match the reduceddemand.In the Netherlands, we were able to produce a much improvedfinancial performance despite the challenging marketcircumstances. This was achieved by balancing a program ofstrict cost reduction on the one hand with a strong focus oninnovative and sustainable services for clients on the other.This resulted in the company increasing its market share in allits markets (infrastructure & mobility, water & environmentand spatial planning & real estate).In Portugal, we continued the innovative way to deal withthe severe economic conditions. The governmental financialsituation in Portugal was particularly dire, causing the marketfor our services to decrease by more than 50% in both thepublic and private sectors. We reduced our staff contingent,focused on exporting services to other DHV markets, mostnotably Mozambique, and overall remained profitable.Our workload in Poland was good. In the water managementfield Hydroprojekt performed very well, completing andwinning new large projects for flood control, rehabilitation oflocks and weirs and hydropower. Similarly in the roads areawe completed projects, but are now scaling down. The twoentities in Poland have begun an integration process, whichwill enable us to more effectively combine resources for largeropportunities in the future.AfricaThe African business performed well over 2011. In SouthAfrica, SSI was again recognized by its peers, winning severalprestigious awards for technical excellence and sustainabilityin various national competitions. SSI is adjusting well to there-focus of government, away from the infrastructure requiredfor the 2010 Soccer World Cup and towards the local deliveryof basic services such as water, sanitation, access roads,schools and energy. However, the constraints in institutionalcapacity in local Government, impacts the implementation ofprograms. SSI is therefore focused on preserving margin andpreparing for growth in the years to come.Mining consultancy Turgis based in South Africa and alsoactive in the United Kingdom, is serving mining clientsthroughout the world. The year began slowly due to thegeneral uncertainty in the global financial markets. Duringthe second half of the year markets regained some confidenceand performance improved substantially. Turgis did well tomaintain margin.In Mozambique our business was re-branded to DHV. Thecompany again saw strong growth on the back of a growingeconomy, fuelled by the boom in the resources market.The company now has in excess of 100 local Mozambican

17professional and other staff, proving the success of a longerterm localization program of investing in people.AsiaOur performance in the Asian market was mixed. Marketsuccesses were booked in Indonesia and India, but the Chinamarket was difficult. In Indonesia the shift to private clientscontinued through a growth in mining and professionalHealth/Safety/Environmental services. In India we entered thePPP business in sustainable city development and expandedour ability to advise clients on transportation issues. In Chinathe demand for water treatment technology was lower thanexpected. Vietnam started to grow from a low base throughwater treatment and the Mekong Delta projects. Overall thefinancial performance in Asia was disappointing.North AmericaIn North America the financial performance over the first ninemonths of the year was influenced by the Delcan policy tomaintain margin versus growth. Later in the year, the natureand size of our presence changed, with our divestment ofDelcan and investment in InterVISTAS. The net performancein North America was strong and positive. The recovery ofthe North American aviation market provided a good basefor InterVISTAS to improve their results and contribute to ouraviation business.AviationNACO drew worldwide attention by winning the prestigiousMaster Plan Competition for the New Beijing InternationalAirport. This green field airport is planned to becomethe world's largest airport with a capacity of 130 millionpassengers. NACO further continued its strong marketposition in the Middle East with several challenging projects,including the Midfield Terminal project in Abu Dhabi (withKPF) and the new terminal 2 in Kuwait (with Foster &Partners). InterVISTAS secured a number of signature projectsand our clients respond positively to our increased serviceoffering by the combined services of NACO and InterVISTAS.Our operations: one companyLeveraging of our international network is progressing well.Transnational collaboration between the business in Africaand Asia has taken off. In Indonesia we initiated services tothe mining sector on inter alia the track record and personnelin Africa. In India, we are undertaking joint opportunitieson highways and bridge design. Business Group Aviationexpanded its collaboration with home countries, securingwork through local representation, and continued itssuccesses in Africa.Significant steps were taken to internally strengthen ourone-company advantage, including new websites in the DHVGroup, ABW international launched in December in Indonesia,a step change in the use of communities of practice (CoP’s),and the roll-out of a Project Management Manual developedthrough the DHV University. DHV University also launcheda third cohort of its Management Development Program(MDP). The multinational program for middle managementraises the level of leadership and creates networks for futurecollaboration. The program was nominated for a prestigiousaward in The Netherlands as best public or private sector

18ClientDe Dommel Waterboard,The NetherlandsImpact on the livingenvironmentThe new sewage treatment plant atSoerendonk (NL) not only cleans thewater to the point where it can besafely discharged into de Buulder Aariver, it also incorporates a 9 hectarewater garden: ponds, marshes andcanals filled with aquatic vegetationthat blends into the existing riverecosystem. The final pond along theriverbank is designed to be used as aretention basin during floods. Duringdry seasons, a fish ladder provides away for fish to spawn in the sewagefacility’s final pond. The watergarden is open for recreational andeducational purposes.Sustainable solutionsExceptional serviceWe look at sewage treatment not asa necessity to reduce pollution andsafeguard health, but as a chance toenhance ecosystems and the relatedservice provision. In every aspect ofthe plant’s design sustainability andenergy-efficiency was taken intoaccount. We look at sewage treatmentas a chance to enhance ecosystemsand related service provision, ratherthen a necessity to reduce pollutionand safeguard health, for examplesolar panels on the roof. For furthercreativity, we introduced staff tobecome more aware of sustainabilityprinciples and the possible innovativecombinations with water treatmenttechnology.

19based in-house university, where we achieved a joint secondplacing.Marketing and communication was given a boost at Grouplevel and a review of the branding of the Group is in progress.ICT has been streamlined, including renegotiating servicecontracts which will result in more connectivity and reliabilityfor less cost.A company wide employee engagement survey was held, theresults of which are used to further improve our operation asone company and our ability to continue to attract top talentto the group.In short, we continued to invest in our people and in the qualityof services that we are able to provide to our clients worldwide.Corporate ResponsibilityOur core values of integrity, respect and freedom are thefoundation for corporate responsibility at the DHV Group - weoperate with integrity, respect people and the environment,and support personal and professional freedom. The 2011employee engagement survey not only confirmed strongemployee support for the core values, but also their solidconviction that we operate accordingly.We implement CR through three pillars: CR in projects, CRin Operations and Giving Back (CR in Communities.) Forthe past five years we have used the breadth of the GRIreporting framework to evaluate the various aspects of CR.Going forward, we will implement CSR 2.0 – which places anemphasis where we make the biggest difference, projects.DHV Times, the Group international on-line magazine (issue2), provides a further explanation of CSR 2.0. Regions andbusiness groups will go deeper into relevant aspects andreport accordingly, such as BBBEE (Broad Based Black EconomicEmpowerment) in South Africa and CR benchmarks in theNetherlands. Operationally, we maintain global KPI’s onintegrity, diversity and CO2 emissions.CR in projectsOur core business supports UN millennium goals for drinkingwater and sanitation, and helps governments to integratesustainable development in policies and programs. Examplesinclude sustainable development schemes on PPP basis forBhopal, India (258 km 2 ); a new water pipeline to the city ofSurabaya, Indonesia which will service 350,000 homes; the HaiDuong water supply project in Vietnam, a Dutch ORET project,providing clean safe water to over 90% of the inner city andsuburban residents; and work with the WWF to improve waterbasin management in Mongolia.We gauge success by achieving client ambitions and throughindustry recognition for sustainable development. The NACOdesign for the new Beijing Airport and innovations such asNereda® water treatment technology are seen by clients asgood ways to reduce energy use and enhance sustainability.SSI won the prestigious CESA Awards for engineeringexcellence in hydropower, water treatment, community, andinfrastructure. We are especially proud of the 16 schools and

20Capacity BuildingClientThe Gauteng Department ofEducation (GDE), South AfricaImpact on the livingenvironmentThe R367-million 16 Schools project,was undertaken by SSI in joint venturewith Mafuri on behalf of the GautengDepartment of Education (GDE); inresponse to their need for a fast trackcontracting strategy to alleviate thebacklog in public school infrastructurein the Gauteng Province.The contract is a ground breakerin that it delivers on time qualityconstruction within budget, whilsttraining, up-skilling and empoweringemerging contractors.Exceptional serviceMore than 60% of the contract sumwas paid to emerging contractors andsuppliers.SSI devised a new business modelwhich integrates the projectdeliverables with successful socioeconomicinitiatives delivering theproject objectives to the GDE whileempowering the end user beneficiarycommunities.

21Blackburn bridge projects, which combine technical excellencewith strong community involvement and capacity building.CR in operationsThe DHV Group Business Integrity Management System(BIMS) is certified with an Active Anti-Corruption certificateby ETHIC Intelligence. This confirms that our compliancepolicy to prevent corruption corresponds to international bestpractices. BIMS is external as well as internal. It is appliedin the greatest part of our supply chain upstream in clientselection and downstream with partners and subcontractors.In 2011 nine integrity incidents were reported and dulyinvestigated. Seven were closed. Two are pending. Six caseswere closed without violations found; in one case a violationwas found and has been dealt with properly.We compensated for our 2010 emissions through two UNFCCCrecognized wind farm projects in China and will do so againfor 2011. The CO2 emission target is 25% reduction per FTEagainst a 2008 baseline by 2015. Our biggest opportunitiesare travel and greening of facilities. Tele-working capabilitieshave been installed at most locations, as well as fuel efficientmobility policies. The main headquarters has been upgradedto the highest energy efficiency label, solar panels have beenplaced in Portugal and sustainable solutions implementedat the new Cape Town office. The overall CO2 footprintdecreased by 6%, however with the reduction in staff remainsat 3.7 tons per FTE against the 2008 baseline of 3.7 tons.Diversity in management teams is a part of our managementdevelopment process and gaining traction in all regions. Wetarget 20% females in leadership positions at DHV in theNetherlands by 2013. SSI is certified as a level 3 contributorunder BBBEE. Female managers worldwide increased to19% from 17%. Female staff increased to 29% from 28%. Weare proud of the diversity appointments made in seniormanagement, including our new female CEO of SSI.Giving back (CR in community)As a knowledge-based company, we strive to add valuethrough education and capacity building. Despite thecontinued tight economic times, we maintained ourcommitment to social programs, donating € 486,000 and3,177 hours, compared with € 258,000 and 3,800 hours in 2010.We made a structural move by introducing the DHV EducationFoundation as a shareholder of SSI. The DHV EducationFoundation will use its proceeds to directly give back to thecommunities with a total focus on education. SSI was awardedthe CESA Mentoring Company of the Year and its successfulSaturday School Initiative is in its fifth year. In The NetherlandsDHV signed an agreement to provide expertise with theRegional Centre of Expertise (RCE) Rhine Meuse. RCE is aninternational network under the UN University, which worksKey FiguresTransparency BenchmarkFemale managementCO2 emission per FTE (tons)CO2 compensatedCommunity investment (x € 1,000)Community investment (hours)201113 th19%3.7100%4863,177201011 th17%3.7100%2583,800200918 th17%3.452%1633,700

22ClientsChemelot, Tata IJmuiden, Air Liquideand Maasvlakte Oil Terminal (MOT),The NetherlandsImpact on the livingenvironmentSustaining the functionality ofexisting assets can make a significantcontribution to preserving the livingplanet. Asset Management accordingto PAS55 methodology explicitly helpsour clients to achieve sustainableperformance and providestransparency in monitoring their PPPgoals.Exceptional serviceDHV has been able to assist theorganizations in making optimalchoices between performance, risks,and cost, acknowledge the interestof the stakeholders, to secure thecore business interest with thesystematical management of theassets.Services include the full range fromstrategic, technical, to operationalactivities. DHV’s responsibility coversthe entire supply chain (includingservice provider).Professional Asset Management

23Financial Performanceclosely with schools, regional authorities, companies andcenters of knowledge such as universities for a sustainablefuture. Our other home countries participated in ways thatare appropriate to their environment. In China and IndonesiaDHV continued their partnerships in primary education.InterVISTAS ran a successful United Way campaign and wasonce again awarded Gold Level standing.In a Broader ContextThe DHV Group was one of 72 European companies to call onthe EU to increase the emission target to 30% by 2020. Weco-organized the Next Leap, the 12th annual Dutch NationalSustainability Conference. NACO co-authored the GRI airportsector sustainability supplement. We again earned a spotin the top 20 of the Transparency Benchmark of the DutchMinistry of Economic Affairs, Agriculture and Innovation,where our 2010 CR report was placed significantly ahead ofpeers in the services sector for the fourth year running.Path ForwardThe employee engagement survey indicates that over halfof our employees agreed that we incorporate aspects ofsustainability in our projects and operations, and that theyfeel a personal responsibility to do so. In keeping with ourambition to be a leader in sustainability, we want to furtherstrengthen this commitment. Our ambitions for 2012 areto continue building on CR in the three named areas, andto concentrate foremost on understanding and integratingsustainability in projects.The DHV Group recorded a sharp improvement of netresult despite challenging market circumstances. DHVposted revenue of € 425 million and a net result of € 7.3million for 2011. Also the cash position has been significantlystrengthened.Revenue and Added valueRevenue of the Group in 2011 shows a marked decline of 9%compared to the previous year, primarily due to the sale ofour share in Delcan, but also the sale of our Mechatronicsdepartment. In 2011 we did acquire full ownership ofInterVISTAS. Our operations in Europe were faced with afurther slowdown of the economy. In Africa we maintainedour strong market position. Aviation showed a moderategrowth. The decline in added value (revenue produced by theGroup’s own staff) is in line with that of revenue. The impactof exchange rate differences on revenue, and on added valuewas respectively a negative of € 3.7, and € 2.6 million.Operating resultRecurring EBITA at € 10.2 million is in line with 2010.Netherlands showed a clear recovery, completing therestructuring program that started in 2010. The rest of Europe(Poland and Portugal) remained stable. The African regioncontinued its sharp performance, although at a lower level thanlast year. The Aviation business showed a sharp recovery, whilethe Asian business deteriorated due to insufficient workload.Currency rate differences marginally impacted EBITA by € 0.2million negative. The operating result includes one-off gainsand losses totaling € 0.3 million positive (2010: € 15 millionnegative. These items concern book profits on the sale of

24ClientBeijing Capital Airports HoldingCompany, ChinaImpact on the livingenvironmentNACO paid special attention tosustainability when designing themaster plan for the new airport.Incorporated into the design are allmodes of public transport (includinghigh speed trains, metro and interairporttrains) which will be processedin a Ground Transportation Centrein front of the new terminals. Thelayout of the runways, taxiways andaprons have been carefully designedto keep taxi distances as short aspossible, thereby reducing fuel burnand CO2 emissions. The Beijing NewInternational Airport will be trendsetting for future mega airports.The existing Beijing Terminal Building3 was also designed by NACO afterwinning the design competition in2003 together with a Joint Ventureof international architects andengineers.Exceptional serviceNACO Netherlands AirportConsultants, a member of the DHVGroup, created the winning masterplan for the world’s largest airport.NACO won the design competitionheld between top airport consultantsfrom around the world. The BeijingNew International Airport (BNIA)will be built in the Chinese capitalof Beijing. With a capacity to handleup to 130 million annual passengers,the airport will have a total of eightrunways.Mastery in Aviation

25Mechatronics and a building in Poland, restructuring of theorganization in Portugal and Asia and additional depreciationof ICT assets in the Netherlands. Including non-recurringitems, total EBITA amounts to € 10.5 million (2010: € 4.8million loss).Depreciation and AmortizationDepreciation for the year amounts to € 8.2 million (2010:€ 11.3 million) and amortization € 2.7 million (2010: € 3.9million). Included in the depreciation of 2011 is an amount of€ 0.7 million due to extra write off of the ICT infrastructure.Goodwill impairment charges in 2011 amount to € 0.5 million(2010: € 1.4 million).Net Interest ExpenseThe balance of increasing interest margins world-wide and onthe other hand debt reduction led to a decrease of 7% in theGroup’s interest cost compared to 2010. In 2011, no losses orgains were incurred on financial hedging instruments.Net resultIn 2011 we realized a sharp improvement of the net result to€ 7.3 million (2010: € 9.3 million loss). This includes the resulton the divestment of Delcan of € 4.6 million.TaxesThe net tax charge in 2011 was € 2.9 million. This includesa credit in the Netherlands for “the innovation box”. Theeffective tax rate is negatively impacted by 10.9% for non-taxdeductible costs, which include goodwill amortization.Balance sheetThe balance sheet total at the end of 2011 is € 212 million, a13% decrease compared to 2010. This is largely the effect ofthe deconsolidation of Delcan. Focus on cash contributed tothe decrease of € 8.4 million in net working capital to € 6.8million, which is 1.6% of revenue compared to 3.2% in 2010.Our net debt improved by € 28 million to € 7.9 million.The equity ratio increased to 35.5% and is at the top of thelong-term target of 30-35%. The positive result in 2011 ledto an increase in shareholders’ equity to € 72.0 million. Theincrease of € 7.3 million was partly offset by negative currencyrate changes amounting to € 4.0 million (2010: € 5.2 millionpositive) due to a deteriorated Euro currency. In 2011 newshares were issued for a total amount of € 0.2 million (2010:€ 0.5 million). The movement in minority interest is mainlya result of the expansion of the North American aviationbusiness and exchange rate differences.Key Figures(€ million, unless stated otherwise) 2011 2010 ChangeRevenue 425 469 -9%Added value 313 346 -10%EBITA recurring 10.2 10.2 0.0EBITA 10.5 -4.8 15.3Net result 7.3 -9.3 16.6EBITA margin, recurring (%) 2.4 2.2

26ClientsChief Executive Officer, BhopalDevelopment Authority, IndiaImpact on the livingenvironment15 schemes are being prepared forthe sustainable development of LandParcels. In order to achieve an overallbalanced development, state policies,objectives and goals were taken intoaccount. The focus of the schemes isto create an enabling environmentto promote, healthy climate, improvequality of life, upgrade human skills,create world class infrastructure andattract global investment.Exceptional serviceThe project involves three strategiesfor the formulation of schemes whichare to be implemented on PPP basis:• Urban Renewal/ Rejuvenation;• Re-densification of low densityareas;• Identification & development ofnew green field schemes.PPP Sustainable Urban Development

27Outlook 2012RefinancingIn 2011 a new secured loan/guarantee facility of € 115 millionwas concluded with two banks in the Netherlands. This facilitysecures the financing of the DHV Group for three years.Cash flowCash flow from business operations increased to € 12.5million due to a better operating result. Cash flow utilizedon investments was € 8.5 million positive, which includesthe positive effect of the acquisition/divestment of groupcompanies (€ 11.7 million) and investments in intangible andtangible assets (€ 5.0 million; mainly hardware and software).Overall cash flow is € 18.7 million positive.In summaryThe 2011 financial results have been satisfactory given thechallenging economic circumstances, especially in Europe.The Netherlands showed a strong improvement in profitability.The South African business performed well, Asia continuesto require attention to seize the market opportunities in aprofitable manner while Aviation shows a sharp increase inprofitability.The Group’s balance sheet, income statement, and cash flowstatement as presented on pages 26-28 are an extract from theGroup’s Financial Statements, which have been audited by PwCand for which we have received an unqualified audit opinion.The complete Financial Statements can be found on www.dhvgroup.com/annualreport.The world economy remains volatile with weakened globalactivity and regional differences in economic strength. Growthis expected to be around the 1% level in advanced economiesand around 6% in developing countries, but with a greaterdegree of instability than in prior years. We are in uncertaintimes in the short term. However looking at the longer term,we believe that engineering consultancies, such as DHV, arewell positioned to provide solutions to a global environmentunder stress. DHV will increasingly take a partnership approachwith our clients and key stakeholders in realizing projects.Sustainability in all we do and innovation in our products andservices, will be key in enabling our customers in the challengesthat they face.In 2011 we adapted the organization to become more flexibleto a falling demand in some areas and growth in others. Weutilized our presence in the growing regions of the world,performed with technological excellence and deliveredcontinuing innovation in the services that we provide. We willbuild on these successes in 2012.In Europe, we foresee continued challenging market conditions.In the Netherlands we have grown market share and willcontinue our client-centric approach with sector basedinnovative solutions. In Portugal, the focus is on winning newwater projects outside the country, particularly Mozambique.In Poland we expect growth in water and renewable energy.We expect to see substantial growth in Africa. In South Africawe seek to expand in areas aligned with the government’sinvestment agenda namely: institutional support, sustainable

28Partnership in VisioneeringClientSri Lankan Airlines and theGovernment of British Columbia,CanadaImpact on the livingenvironmentInterVISTAS believes that visionarygrowth and service expansion plansneed not have a negative impacton the environment. Increasingly,clients demand that profitabilityand environmental responsibilitygo hand in hand. For example, new,fuel efficient aircraft, reduced noiselevels from a modern fleet, highlyefficient operations supported byworld class IT systems and carbonreduction strategies can all improveprofitability, whilst also protectingthe planet for future generations andenriching the quality of life for currentinhabitants.Exceptional serviceThe InterVISTAS team played a keyrole in defining the information anddata requirements which wouldhelp deliver our clients vision.From strategic planning through toimplementation, we have providedthe expertise which turns a vision intoan outstanding result.

29energy, and rail and ports development. Mining activitiesin Africa and in our other home countries continue to grow,providing good opportunities to increase our private sectorportfolio and for collaboration across the globe. The expectedgrowth in Mozambique is driven by increased activity in themining industry.The outlook for 2012 for the aviation market is moderatelyoptimistic. Rapid growth is foreseen in the BRIC-countriesBrazil and India as well as in the Middle East. This will lead tomany opportunities for the aviation consultancy services ofInterVISTAS and the airport design activities of NACO. A steadyflow of work with little or no growth is expected in the marketsin Europe and North America.In Asia, the outlook is mixed. The greatest opportunity is inIndia with local delivery of the group’s services and productsespecially in the PPP development. In China we see a reduceddemand for our services due to increasing localization. InIndonesia demand from private sector clients is furtherincreasing, especially in safety/health and environmentalservices and mining.Strategic actionsThe emphasis in 2012 will be to build on our successes of 2011and to proceed to realize the intended merge with RoyalHaskoning. In addition we will continue to actively steer ourportfolio of businesses. With the successful completion of themerger, we would integrate our operations with a philosophyof equality – selecting the best from each company. Initialdiscussions are very promising and indicate that a pathforward based on Client Centricity, Operational Excellence anda High Performance Culture would also be applicable to themerged operation.Concluding remarksVision 2015 is full of opportunity for our people and for thosewho work with the DHV Group. We are systematically workingtowards making our vision come true. 2011 was a year ofrecovery. 2012 is about maintaining the momentum to deliverbetter business results, thereby paving the way for achievingall our ambitions in Vision 2015. The possible merger withRoyal Haskoning would be an exciting step change. Withthe spirit in our company and the commitment of our staff,we are confident that we will continue to build toward ourvision of being a leading world-wide top 10 non public ownedengineering consultancy.We thank our people for their dedication and creativity, andtheir support for the intended merger between DHV and RoyalHaskoning.Amersfoort, the Netherlands, 3 April 2012Piet W. Besselink (Vice President)Bertrand M. van Ee (President)Jaska M. de Bakker (CFO)

30 Financial Statements 2011Performance ReviewConsolidatedConsolidatedBalanceBalanceSheetSheetAssets20112010(2) |(3) |(4) |(5) |(6) |(7) |(8) |Fixed assetsIntangible fixed assetsTangible fixed assetsFinancial fixed assetsDeferred taxationCurrent assetsWork in progress 1)ReceivablesCash and cash equivalents36,91639,6002,4132,504-100,10130,04381,433130,14445,90944,1476,3652,113604119,50524,60998,534144,718211,577243,252Group equity and liabilities20112010Group equityShareholders’ equityMinority interest71,9503,11775,06768,5423,87972,421(9) | Provisions6,30711,265(10) | Long-term liabilities33,16837,659(11) | Current liabilities97,035121,907211,577243,2521) Work in progress was € 2,4 million negative in 2011 and thereforeincluded in the current liabilities.(€ thousands)

Consolidated Profit and Loss Account31Consolidated Profit and Loss Account20112010(14) | Net turnover433,979468,676Movement in work in progress-9,209325Total revenue424,770469,001(15) |(16) |Cost of work subcontracted and other external chargesStaff costsDepreciation and amortization on tangible and intangible assetsOther operating costsOperating costs111,936218,65010,89075,474416,950123,220237,68615,213101,586477,705Operating result7,820-8,704(17) | Net interest expense-2,954-3,171Result before taxation4,866-11,875(18) |TaxationResult on non-consolidated participating interests-2,8804,9181,612658Result for the period6,904-9,605Minority interest412265Net result7,316-9,340

32Consolidated Cash Flow Statement20112010Cash flow from operating activitiesOperating resultAdjustments for- Amortization of intangible fixed assets- Depreciation of tangible fixed assets- Movement in provisionsMovement in working capital- Work in progress- Receivables- Current liabilities4,5206,370-3,585-6904,365-4,3697,8207,305-6945,6309,5837,4177,824964-10,535-8,70422,630-1,747Net cash generated by business operations14,43112,179Result on non-consolidated participating interestsInterest paidTaxation paidNet cash generated by operating activities316-2,954684-1,95412,477658-3,171-3,873-6,3865,793Cash flow from investing activitiesDivestment/acquisition of group companiesAdditions to intangible fixed assetsAdditions to tangible fixed assetsInvestment in non-consolidated participating interestsNet cash utilized in investing activities11,749-425-4,5861,7228,460-3,274-2,323-11,061-1,172-17,830Cash flow from financing activitiesProceed from long term loan raisedRepayment of long-term loansIssue of sharesDividend paidNet cash utilized in/generated from financing activities17,060-16,588243-240475--7,163456-97-6,804Exchange rate differences-2,7593,525Net decrease/increase in cash and cash equivalents18,653-15,316Cash and cash equivalents at 1 JanuaryAmounts owed to credit institutions at 1 January24,609-16,9677,64225,671-2,71322,958Cash and cash equivalents at 31 DecemberAmounts owed to credit institutions at 31 December30,043-3,74826,29524,609-16,9677,642Movement in net cash18,653-15,316(€ thousands)

Corporate Responsibility2011 201033TransparencyScoring on the Transparency benchmark (%) 91 80Transparancy benchmark ranking 13th 11th(of 232) (of 226)WorkforceFemale workforce (%) 29 28Female management (%) 19 17Total workforce (FTE) 4,040 4,296Total workforce (heads) 4,165 4,538CO2CO2 emission per FTE (tons) 3.7 3.7Reduction of CO2 emission per FTE against base year (%) 1) 1.3 1.1Emission from electricity (tons) 3,930 4,106Emission from other building related energy (tons) 402 786Emission from car travel (tons) 6,810 7,528Emission from air travel (tons) 3,607 3,301Total gross CO2 emission (tons) 14,749 15,721Emission compensated (tons) -14,749 -15,721Emission compensated (%) 2) 100 100Total net CO2 emission (tons) 0 0CommunityCommunity investment in cash (€ thousands) 486 258Community investment in hours 3,177 3,7761) Base year is 2008. CO2 emission per FTE in 2008 was 3.7 tons.2) 1) Base DHV year Group is 2008. has committed CO2 emission itself per to compensate FTE in 2008 was 100% 3.7 of tons. its CO2emission 2) DHV Group for 2010 has and committed 2011. itself to compensate 100% of its CO2emission for 2010 and 2011.Reporting ScopeIn Reporting line with the Scope DHV Group’s CR Reporting policy, the CR statementsincludes In line with data the from DHV entities Group’s that CR Reporting are fully owned policy, or the majority CR statements owned, orthose includes entities data from where entities DHV has that a controlling are fully owned interest or majority with respect owned, to CR. orCR those statements entities where include DHV only has those a controlling entities which interest have with been respect part of to the CR.CR statements include only those entities which have been part of theDHV Group for a full reporting year. The reporting scope differs fromthe DHV financial Group for statements a full reporting that year. for CR The purposes reporting we scope have differs excluded from ouralliance the financial partner statements Planetek in and that former CR partner purposes Delcan we have in which excluded we were oura alliance minority partner shareholder. Planetek and former partner Delcan in which we aredhvgroup.com.a minority shareholder.dhvgroup.com.Audit scopeStarting Audit scope 2011 the Corporate Responsibility activities are no longersubjected Starting 2011 to an the audit Corporate examination Responsibility by external activities auditors. are no longersubjected to an audit examination by external auditors.

34AddressesDHV GroupLaan 1914 no 353818 EX AmersfoortP.O. Box 2193800 AE AmersfoortThe NetherlandsT +31 33 468 37 00E info@dhv.comwww.dhvgroup.comThe NetherlandsDHVLaan 1914 no 353818 EX AmersfoortP.O. Box 11323800 BC AmersfoortT +31 33 468 20 00E info@dhv.comwww.dhv.comDHV also has offices in Deventer,Eindhoven, Groningen, Maastricht,Rotterdam, The Hague, Utrecht, andZaandam.NPCP.O. Box 22023500 GE UtrechtT +31 30 272 73 70E info@npc.dhv.comwww.npc.euNPC also has offices in Amsterdam,Eindhoven, Rotterdam, and Zwolle.NACO, Netherlands Airport ConsultantsAnna van Saksenlaan 102593 HT The HagueP.O. Box 930562509 AB The HagueT +31 70 344 63 00E naco-haag@naco.dhv.comwww.naco.nlInterVISTAS ConsultingAnna van Saksenlaan 102593 HT The HagueT +31 70 344 64 49E info@intervistas.comwww.intervistas.comJoint VenturesInfraflexP.O. Box 5493500 AM UtrechtT +31 30 223 97 99E werken@infraflex.nlwww.infraflex.nlProtected Storage Engineers (PSE)P.O. Box 930592509 AB the HagueT +31 70 3367464E info@PSEngineers.nlwww.PSEngineers.nlTunnel Engineering Consultants (TEC)P.O. Box 1086500 AC NijmegenT +31 24 382 04 30E info@TEC-tunnel.comwww.TEC-tunnel.comEuropeCZECH REPUBLICDHV CRMeteor Office ParkSokolovská 100/94CZ-186 00 Praha 8T +420 236 080 550E dhvcr@dhv.comwww.dhv.czDHV CR also has offices in Brno andOstrava.POLANDDHV POLSKAul. Domaniewska 4102-672 WarszawaT +48 22 606 28 02E dhv.polska@dhv.comwww.dhv.plDHV Polska also has an office in SzczecinHydroprojektul. Dubois 900-182 WarszawaT +48 22 635 48 84E biuro@hydroprojekt.com.plwww.hydroprojekt.com.plPORTUGALDHVEstrada de Alfragide, nº 922610-015 AmadoraT +351 214 127 400E info@dhv.ptwww.dhv.ptUNITED KINGDOMInterVISTAS Consulting Ltd.99 Lansdowne WayLondon SW8 2PBT +44 752 566 6331E info@intervistas.comwww.intervistas.comTurgis ConsultingRoom 334Hamilton HouseMabledon PlaceBloomsbury, LondonWC1H 9BBTel: +44 2079 530 358E pat@turgisconsulting.co.ukwww.turgisconsulting.co.ukNear EastISRAELDHV MED1 Gad Manela st.P.O. Box 8058New Industry ZoneNetanya 42504T +972 98 85 23 12E contact@dhvmed.comwww.dhvmed.comAsiaCHINADHV (Beijing) EnvironmentalEngineering Co.West 3rd floor, Building 8,WanguochengNo. 1 Xiangheyuan RoadDongcheng DistrictBeijing 100028T +86 10 84 40 84 42E info.beec@dhv.comwww.dhv.cnDHV Engineering Consultancy(Shanghai) Co.Floor 25, Building 19, Phoenix Park ofShanghai Caohejing Hi-Tech ParkNo. 1515 Gumei RoadShanghai 200233T +86 21 60910699E info.sh@dhv.comwww.dhv.cnINDIADHV India Pvt. Ltd.B-1/I-1, 1st FloorMohan Cooperative Industrial EstateMain Mathura RoadNew Delhi - 110 044T +91 11 40539303-06E info.dhv-india@dhv.comwww.dhvindia.comDHV India also has offices in Bangaloreand Bhopal.DHV Global Engineering CenterIndia Branch Office13 & 14, I Block SDFNoida Special Economic ZoneNoida – 201 305T +91 120 430 50 00E marco.mijnders@dhv.comINDONESIAMitra Lingkungan DutaconsultVentura Building, 4th floor, Suite 405Jl. R.A. Kartini No. 26 (Outer Ring Road)Cilandak – Jakarta 12430P.O. Box 1015Jakarta Selatan 12010T +62 21 7504 605E info.mld@dhv.comwww.mld.co.idSAUDI ARABIASADECODar al-Hijaz Building No. 25th Floor – Apartment No. 25Prince Mohamed bin Abdulaziz Street(Tahliya Street)P.O. Box 2320Jeddah 21451T +966 26 679 071E info@naco-jeddah.com.saHydroprojekt also has offices inSosnowiec and Wloclawek.

35TAIWANDHV Planetek Co Ltd (in liquidation) andDHV BV Taiwan BranchNo. 52, Aly. 2, Ln. 65, Sec. 2,Chung Shan North RoadTaipei City, 104T + 886 2 2560 3303F + 886 2 2542 6078www.dhv.comVIETNAMDHV9th Floor - Artexport Building2A Pham Su Manh StreetHoan Kiem District HanoiT +844 39363889E info@dhv.vnwww.dhv.vnDHV Vietnam also has an office inHo Chi Minh City.AfricaBOTSWANASSI1st Floor, Modiri HousePlot 22076Gaborone WestP.O. Box 1517GaboroneT +267 395 2557E botswana@ssi.co.bwwww.ssi-dhv.comMOZAMBIQUEDHVRua de Kassuende, 118 - 8° andarMaputoT +258 21 48 5917/ 18E seed@seed.co.mzwww.seed.co.mzSOUTH AFRICASSIBuilding No. 5Country Club Estate21 Woodlands DriveWoodmead 2191P.O. Box 867Gallo Manor2052 GautengT +27 11 798 6000E corporate@ssi.co.zawww.ssi-dhv.comSSI also has offices in Buffalo City(East London), Cape Town, Chris Hani(Queenstown), Ekurhuleni (Bedfordview),eThekwini (Durban), George, iLembe(Ballito), Knysna, Kyalami, Mafikeng,Mangaung (Bloemfontein), Mbombela(Nelspruit), Msunduzi (Pietermaritzburg),Nelson Mandela Bay (Port Elizabeth),Newcastle, Polokwane, Tshwane(Pretoria), and Ugu (Port Shepstone),uMhlatuze.Turgis ConsultingBuilding 1299 Pendoring RoadBlackheath 2195P.O. Box 1995Northcliff 2115T +27 11 476 22 79E turgis@turgis.co.zawww.turgis.co.zaZIMBABWESSI10th Floor, Pax House87-89 Kwame Nkrumah AveP.O. Box 1748HarareT +263 4 79 7108/9E sshre@ssi.co.zwwww.ssi-dhv.comNorth AmericaCANADAInterVISTAS Consulting Inc.1200 West 73rd Avenue, Suite 550Vancouver, B.C. V6P 6G5T +1 604 717 1800E info@intervistas.comwww.intervistas.comInterVISTAS also has offices in Ottawaand Winnipeg.UNITED STATES OF AMERICAInterVISTAS Consulting LLC7200 Wisconsin AvenueSuite 1103Bethesda, MD 20814T +1 301 941 1400E info@intervistas.comwww.intervistas.comAn up-to-date overview of addresses can be found on dhvgroup.com/offices.

Nereda® is an innovative and advanced biological wastewater treatmenttechnology that purifies water using the unique features of 'aerobicgranular biomass'. Contrary to conventional processes, the purifying bacteriaconcentrate naturally in compact granules, with superb settling properties.Nereda® was invented by the world-renowned Delft University of Technology.In close cooperation with universities, research institutes, STOWA, waterboards, various industrial and municipal launching customers, and supportedby national and international grants, DHV has transferred the processinto an internationally applied, sustainable and cost-effective technology.Bertrand M. van Ee (President)Piet W. Besselink (Vice President)Jaska M. de Bakker (CFO)

We are a company for people from people, working in partnership withour clients to deliver innovative, quality solutions for the sustainabledevelopment of our living environment.DHV GroupP.O. Box 2193800 AE AmersfoortThe NetherlandsT +31 33 468 37 00E info@dhvgroup.comdhvgroup.com