Untitled - Cowi

2005

ContentAnnual Report 2005Published by:COWI A/SParallelvej 2DK-2800 Kongens LyngbyTel: +45 45 97 22 11Fax: +45 45 97 22 12www.cowi.comCOWI is a leading northern Europeanconsulting group. We provide stateof-the-artservices within the fi elds ofengineering, environmental scienceand economics with due considerationfor the environment and society.COWI is a leader within its fi eldsbecause COWI’s 3300 employees areleaders within theirs.Editors:John Jørgensen (editor-in-chief),jhj@cowi.dkChristina Tækker, cht@cowi.dkSusanne Junge, sgn@cowi.dkDesign & layout:Josina W. Bergsøe, jwb@cowi.dkPatrick Andresén, pca@cowi.dkHanne Bjørn Nielsen, hbn@cowi.dkTranslation:Kurir Sprogservice ApSAccounting terminology consultant:Lise MourierPhotographers:Tao LytzenStig StasigMorten LarsenBert WiklundBent Sørensen/Medvind FotografiJan EdvardsenIllustrations:MediafarmilluvildModel images:Westergaard ArkitekterPrint:Schultz Grafi skPrint run:18,0002005The Royal Theatre’s new Playhouseat the end of Kvæsthusbroenlanding stage in Copenhagenis beginning to takeshape. Nikolaj Jensen, TechnicalDirector at the Royal Theatre,and Kim Bundgaard,Project Manager at COWI, willbe able to look across from thefuture foyer to the Opera onHolmen. Hovering overhead aresteel girders 85 m in length,which will carry the top storeyof the Playhouse.6 Group key fi gures and fi nancial ratios10 Management’s review28 Financial review29 Applied accounting policies36 Profi t and loss account37 Balance sheet39 Statement of changes in shareholders’ funds41 Cash fl ow statement42 Notes54 Statements of the Annual Report4 Consultants with respect for culturaldifferences56 Intellectual Capital Report 200560 Engineering skills and modern socio-economicanalyses62 COWI worldwide64 COWI’s organisational group structure65 COWI Group as of 31 December 200566 COWI’s managementEditorial input endedon 3 March 2006Reproduction:Permitted with appropriate sourcereferencesISSN 1600-6186

Consultants with respectfor cultural differences2005 was a year of celebration forCOWI. We had our 75th anniversary,and saw progress in Denmark, Norwayand internationally due to the interestingchallenges brought to us byour clients.As far back as the 1940s COWIrecognised the need for working internationallyso that experiencegained abroad could be fed into theconsultancy services we provided athome and around the world, basedon the very latest technology andknow-how. Recognising this early onhas been of invaluable importance inthe development of our company.International networkCOWI’s eager-to-learn, adventurousstaff journeyed out into the world toundertake complex projects underdistant skies. They brought homenew knowledge, linguistic and culturalunderstanding, and contacts withinternational networks of experts, universities,companies—and personalfriendships. Ever since, this concepthas been the backbone of COWI’sdevelopment into a leading and respectedconsultancy group.A professional consultant needsto be impartial and have a basic respectfor other cultures. We take ourethics and multicultural values withus when we go out into a confl ictfilled world to accomplish often challengingassignments. This approachis in our opinion the best way to contributeto better understanding betweenpeople.Professional innovationIt is therefore no coincidence that wewith 64% of our activities outsideDenmark and operations in more than20 countries are respected by ourcolleagues and known for taking theinitiative and responsibility for a majorshare of many innovations within awide range of fi elds, including the majorbridge projects in Denmark—nowan integral part of Denmark’s traffi cinfrastructure. The technologies appliedhere served to shift perceptionsof “state-of-the-art” and were subsequentlyused by COWI in internationalprojects. This led to COWI in 2005being awarded the contract as mainconsultant for a project to build theworld’s by far largest suspensionbridge across the Straits of Messina.Key figures for theCOWI Group2001 2002 2003 2004 2005 2005DKKm DKKm DKKm DKKm DKKm EURmIndependent consultancy servicesNor is it a coincidence that COWI inrecent years has become one of theCohesion and dialogueBut is the coming generation of consultantsconcerned with values andAs we look to the future, I feel thatCOWI is better equipped than ever totake on the local and global challen-Net turnover 1,632.0 2,016.4 2,605.3 2,594.3 2,676.5 358.8Operating profi t beforeamortisation, depreciationand impairment losses 103.3 108.3 113.6 156.1 191.4 25.7Operating profi t (EBIT) 61.6 54.2 32.9 90.8 117.1 15.7Profi t on ordinaryactivities before tax 60.9 53.8 40.4 96.7 136.7 18.3COWI’s share of the profi tfor the year 46.1 25.1 22.0 60.6 112.9 15.1Balance sheet total 1,044.6 1,415.7 1,519.4 1,562.9 1,782.9 239.0Shareholders’ funds 383.2 385.1 390.3 446.1 555.1 74.4Free cash fl ow 3.7 (84.9) (15.5) 129.4 137.3 18.4Operating margin 3.8% 2.7% 1.3% 3.5% 4.4%Equity ratio 36.7% 27.2% 25.7% 28.5% 31.1%leading consultants in Europe withinmodern international developmentplanning. Here, too, an understandingof other people and good interactionwith local cultures are a prerequisitefor taking on assignments where technologymust go hand in hand withtraining, education and institutionalcapacity building. The internationaldevelopment of society, which is dominatedby multinational conglomerateswith global activities, has led to agrowing need for independent, crossdisciplinaryconsultancy services.ethics? Do they share the same concernsfor understanding between people?My answer is: Yes. We are currentlyemploying many new colleagues.They are attracted to the opportunitiesin COWI to work professionally,holistically and internationally—andthey have the urge to changethe world for the better. They are professionalsand good at connectingwith people. They have what it takesto encourage cohesion and dialoguein an ever more closely interlinkedworld.ges lying ahead.Klaus H. OstenfeldPresident and CEOReturn on equity 12.7% 6.5% 5.7% 14.5% 22.6%4 5

Group key figures and financial ratiosDevelopment in net turnover, operating margin and EBITDA margin2001 2002 2003 2004 2005 2005DKKm DKKm DKKm DKKm DKKm EURmKey figuresAmounts in DKKmEUR/DKK rate, 31 December 2005 746.05Net turnover 1,632.0 2,016.4 2,605.3 2,594.3 2,676.5 358.8Operating profi t before amortisation, depreciationand impairment losses (EBITDA) 103.3 108.3 113.6 156.1 191.4 25.7Operating profi t (EBIT) 60.6 59.6 33.9 91.3 114.3 15.3Profit on ordinary activities after tax 61.6 54.2 32.9 90.8 117.1 15.7Net fi nancials (0.7) (0.5) 7.6 5.9 19.6 2.6Profit on ordinary activities before tax 60.9 53.8 40.4 96.7 136.7 18.3Profi t on ordinary activities after tax 49.2 28.0 24.7 62.4 114.8 15.4COWI's share of profit for the year 46.1 25.1 22.0 60.6 112.9 15.1Net turnoverOperating marginEBITDA marginDKKm %3,000872,50062,00051,500431,0002500100Group goodwill 13.0 147.7 242.6 228.9 229.9 30.8Other fi xed assets 113.2 140.1 158.6 144.2 154.4 20.7Current assets 918.4 1,127.9 1,118.2 1,189.8 1,398.6 187.5Total assets 1,044.6 1,415.7 1,519.4 1,562.9 1,782.9 239.0Share capital 34.8 34.8 34.8 34.8 34.8 4.7Shareholders' funds 383.2 385.1 390.3 446.1 555.1 74.4Provisions 171.6 218.2 221.1 245.4 263.3 35.3Long-term debt 3.3 20.3 24.9 14.4 11.0 1.5Short-term debt 478.5 776.5 867.7 846.1 940.6 126.12001 2002 2003 2004 2005Financial yearDevelopment in shareholders’ funds and equity ratioCash fl ow from operating activities 46.4 130.6 174.5 167.1 208.8 28.0Investment in tangible fi xed assets, net (11.5) (64.7) (39.4) (25.5) (40.7) (5.5)Other investments, net (31.2) (150.8) (150.6) (12.2) (30.8) (4.1)Cash fl ow from investing activities, net (42.8) (215.5) (190.0) (37.7) (71.5) (9.6)Free cash flow 3.7 (84.9) (15.5) 129.4 137.3 18.4Cash fl ow from fi nancing activities 7.9 58.1 (30.2) (58.8) (35.6) (4.8)Total cash flows 11.6 (26.8) (45.7) 70.7 101.7 13.6Financial ratiosEBITDA margin 6.3% 5.4% 4.4% 6.0% 7.2%Operating margin (EBIT margin) 3.8% 2.7% 1.3% 3.5% 4.4%Return on invested capital 5.1% 7.6% 3.6% 10.5% 12.7%Equity ratio 36.7% 27.2% 25.7% 28.5% 31.1%Return on equity 12.7% 6.5% 5.7% 14.5% 22.6%Average number of employees 2,175 2,850 3,448 3,364 3,308Shareholders’ fundsEquity ratioDKKm %6003750035400333003120029100270252001 2002 2003 2004 2005Financial year6 7

Development in return on invested capital and invested capital end-of-yearDevelopment in cash fl owInvested capital end-of-yearDKKm %Free cash fl owDKKmReturn on invested capital1,000800161412Cash fl ow from operating activities20015060040020001086420100500(50)2001 2002 2003 2004 2005(100)Financial year2001 2002 2003 2004 2005Financial yearDevelopment in equity valueDevelopment in operating profi t and number of employeesEquity valueExchange rateOperating profi tNumberDKKm1,800Average number of employees3,5001401,6003,0001201001,4002,500801,2002,000601,0001,50040208001,00002001 2002 2003 2004 2005Financial year2001 2002 2003 2004 2005Financial year8 9

At the end of 2005, the COWI Group’sheadcount came to 3,322 employeesThe world’s largestsuspension bridgeThe companies are powerful centresof excellence in the management ofagainst 3,294 at year-end 2004.COWI is the main consultant to a con-framework contracts.sortium of top international compa-Significant eventsnies that won the competition to buildthe world’s largest suspension bridgeGood corporate governanceThroughout our history, COWI hasacross the Straits of Messina. Oncebeen committed to developing pro-Purchase of MUUSMANN A/Sagain, therefore, we have carved afessional management practices, andIn May 2005 COWI acquired the con-name for ourselves as one of the lead-the Nørby Committee’s set of recom-sultancy company MUUSMANN A/Sing bridge consultants in the world.mendations for corporate governanceResearch & Consulting. The companyThe span of the bridge will behas been a welcomed contribution toforms an independent company undertwice the size of the Great Belt Bridge,our efforts.COWI’s business unit Economics andi.e. 3,300 metres. We will be inAlthough the Nørby Committee’sManagement.charge of the structural design andrecommendations are aimed primarilyBy purchasing MUUSMANN, wetechnical follow-up during the works.at listed companies, COWI’s Board ofhave consolidated our position as amajor consultant in the health and hospitalsector, and in the central and localGlobal framework contractsfor the EUDirectors and Executive Managementhave chosen to take an active stanceon the recommendations.government sector generally. At theIn 2005 COWI consolidated its role asConsequently, during the last fewsame time we have had our consultan-leader of a number of global or bene-years, COWI’s Management has im-cy skill sets cemented within evaluationfi ciary framework contracts for theplemented a long range of amend-and analysis, organisation and leader-EU. Our position as a European con-ments to the Company’s Articles ofship, economics and management assultant in the fi elds of transport, theAssociation and Rules of Procedure.well as health-care economics, includ-environment, energy, regional devel-Furthermore, we have launched newing health technology assessment andopment, macroeconomics and insti-initiatives to enhance the Company’spharmaco-economics.tutional development is the result of acommunication, transparency and re-Management’s reviewCOWI’s Executive Board from left:Klaus H. Ostenfeld, President, CEO,Henning Therkelsen, Executive VicePresident, COO International, Lars-PeterSøbye, Executive Vice President, COODenmark and Keld Sørensen, ExecutiveVice President, Finance, CFO.Two airports in OmanIn a joint venture with Larsen Architects,COWI won a contract as themain consultant on the constructionof two new international airports inOman. The consultancy contract in-focused effort to build operations internationallywithin these fi elds, particularlyin Belgium through COWI’sand Kampsax's activities in Brussels.sponsibility in relation to clients, employeesand shareholders.Employees at COWIwork on an averageof 18 different projectsa year.cludes all phases of the project.Results for the yearOperating profi t came to DKK 117.1and Management, and internationallyThe master plans include stageddevelopment of the airports from theirmillion, a DKK 26.2 million or 28.9%within Bridge and Marine Structures.current capacity. Seeb InternationalIn 2005, the COWI Group’s turnoverimprovement on last year.Together with reduced costs for busi-Airport will be upgraded to 12 millioncame to DKK 2,676.5 million, showingProfi t before tax amounted to DKKness support, positive value andpassengers during the initial stagegrowth of DKK 82.2 million or 3.2%136.7 million, showing growth of DKKforeign exchange adjustments con-and subsequently to 48 million. Sala-compared with 2004. The Group’s40.0 million on last year, equivalent totributed to the improved results.lah Airport will be extended from 2 toown production increased 5.9%.41.3%. Profi t for the year, after taxIn 2005, COWI’s operating margin10 million passengers once the airport2005 generally experienced goodand profi t attributable to minority in-increased from 3.5% to 4.4% signify-has been fully expanded.economic trends with sound demandterests, came to DKK 112.9 million, aning yet another step towards our tar-The preliminary design was sub-for COWI’s services. Consequently,improvement of DKK 52.3 million thatget for an operating margin of 5-6%.mitted at the start of 2006. The workthe growth in turnover increased in acorresponds to an increase of 86.3%COWI’s performance, which we con-of planning and designing is going onnumber of markets. The earningscompared with 2004.sider satisfactory, is in line with ex-schedule. The project team is locatedgrowth stems particularly from theIn 2005, COWI has continued thepectations.in Seeb Airport and numbers 130 em-international markets within the busi-positive earnings development fromThe Board of Directors recom-ployees. The airports are scheduledness areas of Nature and Environ-2004, mainly because of increasingmends that a dividend of 15% be dis-for completion in 2010.ment as well as Transport andearnings in the Norwegian market and,tributed with the remaining profi t beingBuildings.domestically as well as internationally,carried forward to next year, whichwithin the business area of Economicsequals the dividend payout for 2004.10 11

The Samson bargecrane is in the processof mounting steel girderson the Playhouse inCopenhagen.During 2005, we introduced manage-tions, we are able to note buddingwith the recent structural reform inment evaluation that implies evalu-growth in consultancy for Danish lo-which Odense, like many other localation on an annual basis of the Boardcal authorities as a result of the recentauthorities, is having a series of newof Directors, the Executive Manage-structural reform involving the recon-responsibilities transferred to it fromment and their inter-cooperation.fi guration of the local authorities. Herethe county authorities. In order toCOWI’s website presents our prac-we are enjoying the benefi t of ourperform the project in Odense, atices for good corporate governancebreadth, in that a local presence en-method has been devised for ana-compared with the recommendationsables us to supply interdisciplinarylysing tasks on the basis of criteriaof the Nørby Committee.consultancy packages able to coverlike quality, economy, policy andthe majority of the municipalities’proximity to citizens. The analyticalMarketdevelopmentDenmarkCOWI’s level of activity and productionon the Danish consultancy marketwas stable in 2005, with modestgrowth of two percent subject to geographicaland market-related fl uctuations.During the period under reviewthe private sector showed a propensityto invest. Conversely, we were ableneeds. We are gratifi ed to see themarket’s response to that professionalbreadth, from overarching urbanarea development plans, local plansand strategic environmental assessmentsincluding visualisations of environmentaland geotechnical surveys,to traffi c analyses, site development,detailed design and supervision.The Danish turnover from COWI’ssix business areas breaks down asfollows:method can be used on severaltypes of task. Other municipalitiesin Funen have already made use ofthe method.• Great headway has been made oneconomic analyses within the transportsector. Where it was once theroads that were investigated most,analyses are now gaining ground inthe fi eld of railways. Economic analysesare now also a regular and integralpart of the decision-makingbasis in rail operations. COWI car-to note that the public sector exercisedrestraint with investment in certainareas.We have enjoyed a period ofhealthy development in residentialand commercial construction, witnessinggrowth in project and site development,including the planning ofnew districts in old industrial and portareas, and in the development andbeautifi cation of urban spaces andpublic squares. We have also enjoyedprogress in environmental consultancy,waste planning and energy con-Denmark 2004 2005mDKKNature and Environment 112.4 130.7Society and Economics 62.0 90.0Transport 299.8 254.5Buildings 246.7 268.6Industry 158.1 115.6Utilities and Energy 149.6 155.6Other 11.7 4.0Total 1040.3 1018.9Elimination* (99.3) (58.9)Total 941.0 960.0*Intercompany sales and purchasesries out economic assessments ofrail investments both in Denmarkand abroad—in Denmark, for instance,as part of the strategic analysisof rail capacity extension betweenCopenhagen and Ringsted.That will make it possible to travelwithin an entire region on a singleticket, a system familiar from theCopenhagen area. COWI is currentlycarrying out analyses for Funenand Central Jutland, where theredumped approximately 286,000 m 3wastewater in the area. For theDanish Environmental ProtectionAgency and Ribe County, COWIprepared a catalogue of possibletechnical solutions to the contami-sultancy, particularly in the domain ofIn addition, COWI is in the processare no joint ticketing systems in ex-nation situation. Subsequently,district heating, oil and gas, infra-of developing a user-friendlyistence at present. One of the aimscomprehensive investigations of thestructure assignments and manage-spreadsheet tool for the Danishis to study how to design the jointcontamination were carried out. Inment. In management we grew ourSignificant projects in DenmarkMinistry of Transport and Energy soticketing system, what the conse-that connection the extent of themarket position impressively, and weAlso this year, we have been workingthat economic analyses can be per-quences will be and how to distrib-contamination plume and the extentnow have the largest managementon a number of major Danish projects.formed consistently across sectorsute the revenue. These tasks will beof the leakage to the sea wereservices environment in DenmarkAmong the year's assignments theand projects.performed for the counties and formapped. On the basis of COWI'sOn top of a record year in 2004,following are worthy of note:• The new municipal structure andthe associations of local authoritieswork, the Danish Environmentalturnover in industry fell to a normal• For the Municipality of Odense,legislation laid down for publicin the counties.Protection Agency and Ribe Countylevel, although we are experiencingCOWI has analysed whether the lo-transport mean that each of the• In scenic Kaergaard Plantation nearwill in 2006 make a decision on thestriking growth in IT and automation.cal authority’s environmental tasksthree regions west of the Great Beltthe North Sea, one of Denmark'sfurther development.After a slightly hesitant start to theare best performed as part of gov-will have to form one or more trans-largest toxic waste dumps is locat-• In 2005 COWI enjoyed an increaseyear, revolving mainly around assign-ernment services or whether theyport associations. The transport as-ed. The contamination originatesin demand for visual documentationments in organisational forms andshould be outsourced to others.sociations will cover all public trans-from the period from 1956 to 1973,of existing conditions on oil and gasstructures and service level evalua-This is being done in connectionport with one joint ticketing system.when Grindstedvaerket legallyproduction platforms. In 2005COWI has taken 38,000 obliquephotos of Gothenburg Municipalityfrom the air. They can be used forvisual documentation purposes.12 13

Mærsk Olie og Gas AS usedstallation. The technique is particu-ducting the preliminary technical in-investigated. One of the conse-COWI’s 3D laser scanning technol-larly well suited to surveying with avestigations and the environmentalquences is replacement of the ex-ogy as an integral part of its ownview to documenting a structure, in-impact assessment for the con-isting road level crossings with un-projects in the Dan and Gorm fi eldsdustrial plants, production plat-struction of a second rail track onderpasses and overpasses. The ex-in the North Sea. Documentation offorms, bridges and buildings, asthe 20-km-long section betweenisting bridges are also to be rebuiltexisting conditions on the platformwell as assessing the possibilitiesLejre and Vipperød, for The Nationalto create space for the secondinstallations can be done withoutinterrupting the day-to-day work. Atthe same time, the 3D scan generatesa detailed model of the in-and consequences of subsequentmodifi cations.• Extension of the North West railwayline: COWI, in a joint venture, is con-Rail Authority. Concurrently, theconsequences of increasing thetrain's speed from the current 120to 160 kilometres per hour are alsotrack. The investigations will resultin a public hearing (EIA) and formthe basis of a political decision onwhether to approve the project.In Vejle, CerealiaDanmark is constructingthe mostmodern fl our mill inEurope.This year will see the first residentstake up occupancy of anew district at Sluseholmen inCopenhagen’s southern portarea. A showhome is seen here.• COWI is designing a new waterfrontopposite the old mediaeval town inAalborg, in co-operation with C.F.Møller Architects and LandscapeDesigner Vibeke Rønnow. The aimis to create consistency betweenthe densely populated centre ofAalborg and the harbour area. Attractiveurban areas are created inenvironmentally friendly, recreationaland audience orientated surroundings.The dual carriagewayalong the harbour will be convertedinto a classic urban street with 2-laned traffi c. The waterfront will alsocontain an archive for architect JørnUtzon's works as well as Aalborg'snew cultural centre. More than 130million EUR will be invested in thenew waterfront within the next 4-5years.• This May the fi rst inhabitants of anew part of the city at Sluseholmenin Copenhagen’s Sydhavn (southernport area) will take up residence.Eight artifi cial islands are being builthere with 1,000 Dutch-inspired canaland quay houses in various sizesand colours, and with delightfulviews over the water. COWI is responsiblefor the environmental surveyson six of the artifi cial islandsand for the design of all electricity,plumbing and construction works.Sjælsø Gruppen, JM Danmark andNordicom are working in partnershipto develop the area.• COWI has been responsible for upgradingof computer room supplyinstallations for several IT companiesincluding DMdata and and theIT division of Danske Bank. Followingthe IBM acquisition in 2004 ofMærsk Data and consequently thesubsidiary DMdata and DanskeBank's IT division, IBM invitedCOWI to be responsible for the designand supervision of establishing1,400 m 2 new computer rooms atthe IBM site in Ballerup, Denmark.The project comprises new electricalpower supply facilities including10/0.4 kV transformers, UPS anddiesel generators, totalling 3,340kVA. Cooling will be provided by existingchiller plants and new fan coilunits in the computer rooms. Thedesign is undertaken in close cooperationwith an IBM design teamand according to IBM companyguidelines.NorwayIn Norway we operate through twosubsidiaries:COWI AS, NorwayCOWI AS is one of the top multidisciplinaryconsultancy companies in Norway,with some 550 employees athome and abroad. The company hasoffi ces in 19 central urban locationsand hubs. Norwegian activities revolveprimarily around the sectors of wasteand the environment, project administration,infrastructure, technical installations,client consultancy, and hydraulicand drainage engineering. Thecompany concentrates particularly onfurther developing its extensive competencein building hospitals.14 15

Following a major fi re in the centreof Trondheim, a new and excitingdevelopment of wooden housesis emerging. COWI AS has beeninvolved as consultant.InternationallyGermanyEuropean Transport Consultantsstructural design in Lithuania andLatvia.opera house in Muscat, Muscat’sGuest Palace. COWI & Partners LLCThere was increased activity on our(ETC) had a reduction in turnover ashas 62 employees, a growing turnoverinternational markets in Northern Eu-a result of a very drastic decline inCOWI Baltic, Lithuaniaand good profi tability.rope, the Arabian Gulf, and Centralbusiness opportunities in their coreRecent years have seen COWI BalticThe company in Bahrain also hadand Eastern Europe. Internationaldomain: traffi c systems for public cli-grow by 20 percent a year, to thea good year with growing activitiesbusiness is our term for the activityents. The largest client, DB AG, haspoint where it has 51 employees. Theand good profi tability. The companywe carry out for clients outside ofcut back on and deferred activitiescore business is the design of build-has 35 employees. The project port-Denmark and Norway. Internationalnormally overseen by ETC. As aing installations and project manage-folio includes infrastructure planning,business includes activities carriedcounterstroke to this change in mar-ment services. There is also progressproject design for government minis-out for local clients in the 20 countriesket, ETC opened a branch in Frank-in energy and the environment.tries and structural design, chiefl y forwhere we currently have companies.furt in order to develop activities forprivate clients, for whom we designThese activities make up approx. 16public transport companies in theCOWI Hungary, Hungaryand supervise the construction ofpercent of the COWI Group’s turnover.Hessen region. The company is alsoIt has been a busy year for COWIhigh-rise buildings in the area aroundIn addition, we have a large numberin the process of expanding its inter-Hungary owing to the EU-sponsoredthe famous Bahrain Financial Harbour.There has been great activity on theconsultancy, COWI AS took over theof international projects being man-national business in cooperation with“Project Generation Fund”, which theIn Qatar we are engaged primarilyNorwegian building and civil engi-energy and environmental consultan-aged from Copenhagen, Oslo, BerlinCOWI in Denmark. The company hascompany is managing. 23 Hungarianon marine structures, land reclama-neering market, as has been refl ectedcy fi rm DEMP in the autumn of 2005,or Brussels, often in collaboration72 employees.consultancy companies are takingtion and the design of oil and gas fa-in increased turnover and an improvementin the operating profi ts. Thecompany has achieved a number ofimportant strategic goals. The fi nancialgoals have been realised with awhile the year was rounded off withthe purchase of the building andbridge design company Aadnesena.s. This reputed company will be instrumentalin positioning COWI on thewith a local COWI offi ce or some otherlocal enterprise in order to ensurecompetitive and competent projectgroups.We have been in a position to in-Central and Eastern EuropeThe accession to the EU of Lithuania,Hungary, Latvia, Estonia and Polandand expectations concerning the ad-part in the project. At the same timewe have increased the number ofservices within the company’s corebusiness: environmental economicsand transport planning. The companycilities for national and private oilcompanies.ChinaOver the past fi ve years the COWIgood margin, and the most importantNorwegian market.crease the proportion of projects car-mission of a number of other coun-has 32 employees.Group has worked up good growthareas of commitment to consolidatingried out by local COWI companies.tries from the same region within theon the Chinese market. The newly es-the specialist professional profi le andHjellnes COWIWe are committed to shifting thenext couple of years have added im-COWI Moscow, Russiatablished company COWI Consultingclient-mindedness have advanced aThe company Hjellnes COWI sufferedbusiness focus towards local clientspetus to efforts to anchor our activi-COWI Moscow expanded its pres-(Beijing) Ltd focuses on consultancygreat step nearer the goal.a decline in turnover and earnings inin selected countries on the interna-ties locally in Central and Eastern Eu-ence in Russia and opened branchesfor district heating units, studies onCOWI AS has been involved inrelation to 2004. The cause is failingtional market. International businessrope. We have set up new companiesin Kaliningrad and St Petersburg. TheClean Development Mechanisms, andseveral of the biggest building anddemand during the fi rst half of theincludes both the supply of specialistin Belgrade, Serbia and Ankara incompany has 16 employees.energy and environmental planning.civil engineering projects in Norway—for instance, St Olav’s Hospital inTrondheim, Akershus University Hos-year and depreciation on individualmajor projects. The company’s mostimportant markets are in constructionservices, typically managed fromDenmark, and the local supply ofinterdisciplinary services.Turkey. Apart from focusing increasinglyon local clients and markets wehave been able to increase the inter-The Arabian GulfCOWI operates in the Gulf throughThe company has fi ve employees.A representative offi ce in Shanghaicoordinates activities in connectionpital (Nye Ahus) and restoration of—especially hospitals, schools, univer-The table below shows Norwegiannational activities being managed di-partly owned companies in Oman -with transport infrastructure projectsOslo’s main boulevard, Karl Johan.sity building, infrastructure and theand other international turnover brokenrectly from Copenhagen or Brussels,COWI & Partners LLC - and in Bah-managed by business units fromAmong other large-scale projects, theenvironment.down by COWI’s six business areas:in cooperation with the local COWIrain - COWI-Almoayed Gulf WWL. InCOWI in Denmark and ETC in Ger-company is working to upgrade secu-offi ces and local enterprises as busi-addition, we have project offi ces inmany.rity at Oslo Airport, Gardermoen, de-ness partners.Qatar and Kuwait. The Gulf regionWe also provide consultancy to in-signing a gas plant in western Norwayand is involved in fi shing projects inInternational 2004 2005mDKKThe COWI Group’s local turnoverin Central and Eastern Europe rose tohas seen an increase in the demandfor our services.ternational companies wishing to setup production facilities in China.northern Norway. The company alsohas a variety of commissions internationally,including water supplies inNature and Environment 155.8 216.1Society and Economics 579.5 452.9Transport 443.5 538.1DKK 37m, whereas the turnover foractivities managed from Copenhagenrose to DKK 230m. In the majority ofIn Oman our activities increasedmarkedly as a result of several investmentsin both public and privateSpecialist servicesIn particular, the Far East and the GulfLaos and Albania.Buildings 306.9 343.2these companies we have been ablebuildings, the main activity at COWI &offered attractive business opportun-During the year COWI AS mergedIndustry 86.8 85.3to note sound, profi table growth.Partners LLC in Oman. In a joint ven-ities for our specialist services.with the subsidiary Strand and Grin-Utilities and Energy 317.7 316.3In Central and Eastern Europe weture with Larsen Architects, COWI A/SCOWI’s international specialist busi-dahl in order to integrate their special-Other 15.4 11.7are particularly committed to consul-was selected to plan and design theness has been built up around ser-ist skills and expertise in FredrikstadTotal 1905.7 1963.5tancy in socio-economic analysesairports in Seeb and Salalah. COWI &vices in six selected areas: majorand Oslo. In addition, the companyElimination* (252.4) (247.0)and planning, primarily within trans-Partners LLC was responsible forbridges, tunnels, marine structuresopened an offi ce in Narvik. In order toTotal 1653.3 1716.5portation and the environment. In ad-prestigious projects like the masterand geotechnical engineering, air-further develop its professional standardsin energy and environmental*Intercompany sales and purchasesdition there is good development inplans and preliminary designs forNizwa University, the new theatre andports, mapping and geodata and developmentplanning.16 17

Major bridgesWe enjoyed a high level of activity onthe Far East market. Together withCOWI Korea, we won a series of majorbridge commissions, including thedesign of protective structures tosafeguard the 2nd Inchon Bridgefrom shipping collisions. In China, togetherwith SMEDI, we won two majorassignments in Shanghai: Chong-Ming Crossing and Ming Pu Bridge;and on the Sutong Bridge, where ourrole is that of international consultant,construction of the world’s largest cable-stayedbridge is progressing accordingto schedule. In Malaysia wewere awarded the contract on the detailedproject design of the JohorBridge. One job, however, arousedparticular attention, i.e. the MessinaBridge, where together with our twosubsidiaries, Buckland & Taylor andBen C. Gerwick, we executed thetender project for the Impregilo Groupthat was singled out as the winner inOctober.The local markets in Denmark andthe rest of Scandinavia have beengrowing. On the Höga Kusten Bridgein Sweden we have carried out dehumidification of suspension bridge cables.Our subsidiary in Canada,Buckland & Taylor, won the detaileddesign of a major cable-stayedbridge, the Golden Ears Bridge, inBritish Columbia. With the largest volumeof orders ever, we have consolidatedour position as one of the threeleading bridge consultants in theworld.Buckland & Taylor Ltd, CanadaBuckland & Taylor Ltd is primarilyengaged on major bridges in Canadaand the USA. The company enjoyedsome handsome, profi table development.The company has 63 employees.COWI KoreaCOWI Korea deals with the design ofbridge structures in Korea. The marketis currently stagnant, but despitenegative development of the marketthe company was able to retain itsstaff of 13 employees at the sametime as earnings were satisfactory.Marine structures andgeotechnical engineeringWe executed a number of signifi cantmarine and hydraulic engineeringprojects, especially in the Gulf. In Qatarthere was great activity on thePearl of the Gulf project, which includesa new island, approx. 5 kmlong and 2 km wide, with some 50km of new coastline, and the designof marinas and bridges and otherstructures. North of the Pearl we executeda project for Bechtel as part ofthe Lusail (North Beach) project,which includes approx. 20 km 2 fornew urban development. The projectis located on the sea-front and includesmoving some 30 million m3material to build islands, beaches andcanals. We have been in charge ofthe highly extensive geotechnical andhydraulic surveys as well as theproject design for all the marinestructures. Again in Qatar, we executeda project for a number of portsand marine terminals, including a seriesof new LNG terminals in Port RasLaffan. In Kuwait we supervise a portproject and completed the fi rst phaseof a DANIDA project for transport corridorsinto Iraq. The project focuseson waterways and rivers and is beingexecuted with Iraqi subcontractors.In Ireland we conducted coastal engineeringsurveys for GreystonesMarina.In Denmark the largest projectshave been the continuation of theA 4-km-long, bored tunnel with adiameter of 4.2 m sunk into thelimestone at a depth of 30 metreswill convey district heating fromthe Amagerværket CHP plant toLille Vildmose is the largestFredensgade via Borgergade inraised bog in Western EuropeCopenhagen.and one of seven areas of18natural beauty designated apilot project for the creation19of national parks.

Tuborg South Port and the Port ofranks among the fi ve top airport con-Kampsax India Ltd., IndiaElsinore. We have fi rmly establishedsultants in the world. In 2005 weKampsax India Ltd (KIL) is COWI’sour position as key international con-signed a contract for the sixth largestsubsidiary in India. Through KIL,sultants in marine structures and op-international airport project sinceCOWI ensures its international com-erate out of three offi ces: Lyngby2000, i.e. the airports in Oman, Seebpetitiveness in mapping. Some 400(Denmark), Doha (Qatar) and the sub-and Salalah.Indian employees manufacture asidiary Ben C. Gerwick Inc. in SanOur strength is the multidisciplinarylarge volume of digital maps.Francisco (USA).organisation that can supply morethan 90 percent of the services need-Caribersa, SpainBen C. Gerwick Inc., USAed to mastermind the planning of anCaribersa supports COWI’s interna-Ben C. Gerwick Inc. is primarily en-airport. Airport projects are oftentional mapping business. Caribersagaged on marine structures and foun-complex and require strong interna-contributes its longstanding experi-dation works for bridges and tunnelstional project management. We wantence in the production of maps onin the USA. The level of activity hasto extend our position in airports,Spanish-speaking markets. The com-been on the increase, and earningssince the market involves virtually allpany has 16 employees.highly satisfactory. The company has33 employees.Tunnels andunderground structuresour specialist disciplines. Also takingpart in the Oman airport projects areour subsidiaries in Lithuania, Tanzania,Oman and Norway.During the period we also workedDevelopment planningDevelopment assistance is undergoingchange, and COWI is instrumentalin moulding that change in partner-Continued growth in traffi c and ur-on Hyderabad International Airport inship with donors and partners to en-banisation brings with it a mountingIndia (BOT project) and Sofi a Airportsure the effectiveness of assistance.need for tunnels, both globally and inin Bulgaria. Furthermore, we were in-One of the challenges is donor har-the Nordic countries. For a number ofvolved in other, smaller, Danish andmonisation and alignment, where weinternational public clients and topinternational airport projects.work as process assistants in con-contractors, our immersed tunnel expertisehas enabled us to work onprojects in Busan, Limerick, Bjørvika,Thessaloniki, Lena River, Trondheimand on a port tunnel in Copenhagen.Mapping and geodataCOWI ranks among the leading internationalsuppliers of geodata as wellas all forms of 2D and 3D mapping.nection with “The Joint AssistanceStrategy” in Zambia. The work is pioneering,dealing among other thingswith complementarity, future divisionof labour and principal donorship.Aalborg will get a new harbourfront opposite the old mediaevalcity. The aim is to create asense of cohesion betweenthe dense town centre and theport areas.Our special expertise when itAn extensive business system withCOWI has set up companies incomes to bored tunnels in tricky sub-subsidiaries in countries including In-three countries in Africa: COWI Tan-soil with great hydraulic pressure wasdia and Spain as well as access to azania Ltd., COWI Uganda Ltd. andsought after in connection with tun-range of international subcontractorsCOWI Zambia Limited. The compa-among others, where the brief is to• As many as 50,000 people aretion a number of technologies ap-nels of world record diameter underprovides the framework for an effi -nies operate independently withindesign a 120 km section of road inkilled in road traffi c accidents everypear to be cost-effective measuresthe Yangtze River in Nanjing andcient production and marketing sys-transport infrastructure, constructionnorthern Tanzania, a 720-metre-longyear in the EU. In an attempt toto increase road safety.Chongming. Furthermore, we were in-tem with more than 550 employees.and development planning, as well asbridge over the River Ruvuma onhalve the number of deaths and• COWI is currently analysing whethervolved in the the challenging projectsIn the UK we are implementing thesupporting COWI A/S’s internationalthe border and a 10 km link road. Inroad accident-related injuries, thea series of EC environmental direc-for the Hallandsås tunnel, the Malmöupdating and vectorisation of basicbusiness. We also work in Burkinaaddition, the company performed aEU Commission has asked COWItives in sectors such as air, water,City tunnel and the Copenhagen Dis-Ordnance Survey maps in a fi ve-yearFaso and Benin.number of building assignments,to perform a cost-benefi t analysis ofwaste and chemicals as well astrict Heating tunnel, all of which areframework contract, which is one ofCOWI is a leader in developmentdesigned and supervised the watertwenty one new and existing tech-cross cutting directives have beenunder construction. In addition, wethe largest global mapping contractsplanning and has won several largesupply system in three rural districtsnologies designed to increase safe-correctly transposed in Estonia andhave been working on a couple of tun-at the moment. In Latin America wecontracts for Danida, including theand performed tasks associated withty in cars and trucks. The resultsthe Czech Republic. The analysesnel projects at Leirvik in the Faeroe Is-contributed to the registration andlargest contract in 2005, a water sec-a Local Government Reform inare used to formulate future traffi cwill be used as input for the Com-lands and Nuuk in Greenland. Finally,verifi cation of private ownership rightstor contract in Burkina Faso.progress.safety policies. The list of evaluatedmission to evaluate the degree ofwe lent out resources for Ørestadssel-in a number of countries. We havetechnologies includes alcolocks,conformity of such legislation withskabet’s feasibility studies on expand-our own aircraft and equipment forCOWI Ltd. TanzaniaMajor projects abroadseat belt reminders, event or acci-relevant EC environmental law.ing the Copenhagen Metro with a Citydigital data capture as well as a com-COWI Tanzania Ltd. celebrated itsThis has been another year charac-dent data recorders, intelligentCOWI performs similar analysesCircle Line.plete digital workfl ow in the produc-40th anniversary and with its 54 em-terised by many distinctive interna-speed adaptation and adaptivefor “old” member states, namelyAirportsWith two new international airportbuilding projects in Oman, COWI nowtion lines. That enables us to producemaps and data on a large scale andat competitive prices.ployees it is the largest local consultantin Tanzania. The company had agood year with new contracts forChina Geo-engineering Corporation,tional projects. Some of the highlightsare:cruise control, concluding that seatbelt reminders and event or accidentdata recorders appear to bethe best value for money. In addi-Denmark, Sweden and Germany.• A consortium led by COWI has advisedthe Turkish Ministry of Environmentand Forest on the prepara-20 21

shop was arranged with the UNprocess facilitator for the donorfollowed up with surveys of suspect-quake loads greater than the quakeIn a joint venture withLarsen Architects, COWIhas won a contract asmain consultant on theconstruction workfor two new internationalairports in Oman.Secretariat for the InternationalStrategy of Disaster Reduction. Forty-five participants from NGOs, governments,international humanitarianorganisations and the privatesector in six Asian countries werecommunity for the Joint AssistanceStrategy in Zambia. We collatedlessons learnt from JAS processesin Zambia, Tanzania and Uganda.This work is ground-breaking withkey issues including complementari-ed asbestos-containing material,lead-based paints and PCB in buildingmaterials.• In 2005, COWI supplied the largestproject to date in oblique photography,photos in which every dot inthat hit the Messina area in 1908.The world’s longest bridge span todate measures 1,911 m. The MessinaBridge will carry both road and railacross the straits and is going to costsome DKK 30 billion. The ATI Group,joined by the Danish Minister forty and the future division of work,the landscape is photographed fromwith IMPREGILO SpA as the leadDevelopment Cooperation, Ms. Ullaand lead donorship. We workedfour angles. For the Municipality ofpartner and COWI as a team mem-Tørnæs. The focus was on strength-with the Nordic Plus donors to pro-Gothenburg we have taken obliqueber, was declared the winner in Oc-ening resilience among poor, coast-mote delegated cooperation ar-photographs of a total of 33,000tober 2005. Besides COWI A/S, bothal communities, emphasising les-rangements between the sevenhectares in and around the city andBen C. Gerwick Inc. and Buckland &sons learnt, to help integrate disas-partners. For the OECD/DAC Gov-produced a corresponding quantityTaylor are involved in the projectter risk reduction into developmenternance Network, we carried out aof oblique photos (approx. 38,000).team, which in 2006 will include aprogrammes.survey of the use of Power and Driv-Great practical value attaches to us-project staff of up to 80.• COWI successfully bid for the larg-ers of Change studies by differenting oblique photos in the municipal• COWI has completed planning, geo-est Danida contract of 2005. Worthdonor agencies. This thought-pro-administration department. Obliquetechnical investigations and numeri-DKK 2.8 million, the contract is avoking assignment questioned howphotos can be used for visual docu-cal modelling and design activitiespartnership with NIRAS and sup-to integrate Power-DoC analyses bet-mentation, making it possible to seeof the Lusail Development for Bech-ports the development of the waterter into the mainstream aid agenda.details such as access conditions,tel on behalf of Qatari Diar Real Es-and sanitation sector in Burkina• In 2005 COWI has further devel-window types, facades, drivewaystate Investment Company. This new,Faso. The technical assistanceoped its position in the Latvian waterand backyards. Oblique photos pro-large land development is locatedaims to ensure access to drinkingsector. Thus, we are currently in-vide scope for savings in as far asalong the shoreline north of Dohawater and enhance hygiene andsanitation in rural and semi-urbanareas, as well as building capacityto enhance water governance bysupporting the deconcentration andthe decentralisation processes.• Refl ecting global concern aboutnatural resource governance, COWIhas won a large contract in Indonesia,‘EU-Indonesia Forest Law Enforcement,Governance and TradeSupport Project (FLEGT)’. COWIhas half-share of a joint-venture ledvolved in two large projects aimingat improving the water and wastewatersituation. Together with FirmaL4, we are carrying out hydraulicnetwork modelling and preparingdesigns and tender documents forimprovements to the water, wastewaterand wastewater treatmentsystems of Daugavpils, the secondlargest city in Latvia. For 12 municipalitiesin the Zemgale Region weare carrying out water and wastewaterfeasibility studies and applica-some of the supervision work canbe replaced with visual evaluation ofthe pictorial material.• In September 2005, COWI wasawarded a contract by TanRoads forthe design and construction supervisionof a 218-km-long section ofthe TANZAM Highway. The road isthe main traffi c corridor to the landlockedZambia and important to thedevelopment of Central and WesternTanzania. The contract is thefi rst road project to be funded byand will cover an area of about 20km 2 . The project will transform thepresent shoreline through dredgingand reclamation, creating new islands,access channels and beaches.The fully developed new townshipis planned for 150,000 inhabitants.COWI together with architect,HOK prepared the master plan. Thiswas done in a close cooperationwith the owner and in respecting thenatural processes at that site tomeet the viability requirements ofby the Finnish company Savcor In-tions for EU Cohesion Funds. This“Danida's Mixed Credit Financing”.the project.dufor Oy. The fi ve-year projectproject is carried out in cooperationThe project is staffed by COWI Den-• COWI has during the last 5 yearsstarts early in 2006 and will be ledwith Udens Inzenieri.mark in association with COWI Tan-assisted the Swedish National Roadby COWI's Chief Technical Adviser• On behalf of CAT Alliance Ltd, COWIzania. The detailed design is expect-Directorate in planning and imple-to work with the government, thecompleted more than 100 environ-ed to be completed in June 2006mentation of operation and mainte-private sector and civil society in In-mental assessments for GE Com-and the construction in June 2010.nance strategies on major Swedishtion of a strategic investment planmental directives. Of this amount,donesia to support and encouragemercial Finance Real Estate in 2005• Plans to build a bridge between Sici-Bridges. During the period 2004-for the country’s environmental in-50 billion euro are public sectorconditions that combat trade in ille-in connection with acquisitions ofly and the Italian mainland across2005 COWI has provided consultan-frastructure. The project was fund-costs. The plan is the fi rst step togal timber and prevent non-sustain-commercial real estate portfolios inthe Straits of Messina, which iscy services in connection with im-ed by the EU, who began acces-meet the requirements. The projectable practices in the Forestry Sector.Sweden, Germany and United King-more than three kilometres wideplementation of dehumidifi cation ofsion negotiations with Turkey in Oc-also included six infrastructure• COWI took part in a Forum on Aiddom. The environmental assess-and up to 200 metres deep, datethe main cables on the 1210 m maintober 2005. The detailed projec-projects and capacity building ofEffectiveness in Paris and under-ments were performed to assessback as far as the 1950s. Thespan suspension bridge Höga-tions of the strategic plan illustratedTurkish environmental authorities.took a survey for the World Bank onthe potential environmental risks as-project is highly complex, necessi-kustenbron. During the last 5 yearsthat Turkey may have to invest up to• COWI worked with Danida on natu-European donors' perceptions ofsociated with the land, buildings ortating the construction of a suspen-COWI has provided consultancy70 billion euro in the environmentalral disasters as part of the Danishthe Consultative Group Meetingsuse of the assets prior to closing thesion bridge with a record span ofservices in connection with condi-sector if the country is to meet theresponse to the tsunami of Decem-and their future mandate in a worldpurchase of a portfolio. For potential3,300 m, while simultaneously re-tion assessment of suspension ca-requirements of the EU environ-ber 2004. An international work-of harmonisation. COWI works asenvironmental risks identifi ed COWIquiring the bridge to withstand earth-bles and hangers and subsequently22 23

planning of future operation andmaintenance strategies of the 418m main span suspension bridgeÂlvsborgbron in Gothenburg. TheÖlandbron forming the 6072 mmultispan coastal concrete bridgebetween Öland and Kalmar wascompleted in 1972. COWI undertookin 2004 the consultancy servicesof developing an optimal maintenancestrategy for a 70-year period.As part of this strategy COWIhas in 2005 completed inspectionwork of the complete bridge.• Covering 380,000 m 2 of reclaimedland on a prime seafront site inBahrain's capital city Manama theBahrain Financial Harbour will becomea complete fi nancial city, aself-contained community. Theproperty will be developed into a diversified range of offi ce, residential,retail, leisure and dining componentsthat will cater to all needs.The Dual Towers stand at an imposing53 storeys and will becomelandmark buildings for the wholedevelopment. COWI has for theclient Bahrain Financial HarbourCompany provided a design reviewand construction management forstructural works on the two highrisebuildings.• During 2005 COWI has carried outone of the fi rst EU-supported wastemanagement projects in Croatia afterthe 1990's war. Together withthe Croatian partners IGH, OIKONand IMO, we have prepared twoRegional Waste Management Plansfor the Counties of Sibenik-Kninand Zadar bordering the AdriaticSea. These plans meet all requirementsin EU and Croatian wastelegislation. A feasibility study identifyingthe optimal solution for handlingand disposal of the waste hasbeen carried out and future organisationand fi nancing of options andcost recovery have been prepared.Parallel to this, a study for a newsanitary landfi ll in the County of Zadarhas been performed togetherwith a master plan for closure andremediation of approximately 25dumpsites including site inspectionof landfi lls, detailed conceptual designfor landfi ll closure and proposalof improvement of existing landfill for continued operation. Theproject was fi nanced by the EUwithin the UBDP/UNOPS's programmefor Croatia.• The increasing energy consumptionin the People's Republic of China isan international challenge. In 2005,COWI signed a three-year contractto assist the Heating Energy ConservationCentre in reducing the energyconsumption in Beijing. A majorproblem is that the consumptionand the potential for savings are unknownto both authorities and consumers.The project is therefore focusingon teaching Chinese energyprofessionals to carry out energyaudits and demonstration projects,thereby making the potential visible,and to disseminate the fi ndingsthrough campaigns and courses forenergy professionals. The project isfi nanced by GEF and sponsored bythe Beijing Municipal Government.• A digital map, drawn to scale, ofSerbia will contribute to strengthenthe public administration of thecountry and to determine the cadastralinformation. The projectcomprises the production of a nationwideorthophoto coverage atseveral different scales, i.e. in total77,600 km 2 . The fi rst nationwide orthophotocoverage of Serbia willbecome a reality over the nextthree years, where Kampsax A/S(COWI A/S) is to capture aerial photographyover the whole countryand produce orthophotos in resolutionsof 40, 20, and 10 cm. Thepurpose of the project, which is fi -nanced by the EU and managed bythe European Agency for Reconstruction,is to support and developThe Republic of Serbia.COWI is the main consultantfor a consortium of internationaltop companiesthat won the competition tobuild the world’s biggestsuspension bridge acrossthe Straits of Messina.24 25

Knowledge ofmarket, clientsand organisationWe generate value for our clientsthrough projects. This value generationis based on our employees’know-how and knowledge acquiredthrough the company’s many previousassignments, all of which are em-ny. This report is structured accordingto the prime stakeholders in valuegeneration: clients, employees andthe company itself. The detailed intellectualcapital report can be read inits entirety on pages 58-59.Consultancy typesWe provide consultancy in differentforms, depending on the client’s requirementsand the nature of the task.More employeesWe had a small increase in our staff ofregular Group employees. This developmentwas as follows:No. of employees, end-yearRegular Denmark The Groupemployees00/01 1,581 2,14801/02 1,643 2,28202/03 1,972 3,501project, supplementing it with whateverproject management and monitoringdictated by the evaluation.Contracts with subcontractors andpartners can constitute a risk in theevent of failure to deliver at the anticipatedtime, within the anticipated costs orwith the anticipated quality. We attemptto minimise risks by means of carefulselection, dialogue and verifi cation ofthe delivery.Other risksCOWI is a supplier to public and privateclients in large parts of the world. Ourcredibility as a consultancy companydepends largely on commercial integrity.We have therefore devised a businessintegrity management system,which sets out guidelines for goodbusiness conduct for all units, managersand employees.units and the alternative distribution ofresponsibilities that in principle willtake effect from 1 January 2007. Weanticipate our strong position as consultantsfor the public sector to resultin increased demand for our inter-disciplinaryconsultancy services whichcover most needs of the municipalities.Also in the Norwegian market weanticipate handsome growth in thebodied in the business system.These consultancy types span2003 1,960 3,433Criteria specifi ed by clients, partnersRisk managementeconomy. We expect the new Norwe-Our aim is to develop into an inte-project management, expert assist-2004 1,923 3,294and subcontractors are risks we seekApart from the risk management initia-gian government’s focus on the publicgrated international consultancyance, planning, analyses, design, in-2005 1,879 3,322to limit by means of professional liabilitytives mentioned, our practice regard-sector to boost the demand for ourinsurance.ing Corporate Governance includesservices to this sector.The proportion of employees with anOvercapacity in relation to the scoperisk management guidelines. OverallWe also expect solid growth in ourMSc or BSc remains unchanged atof projects in progress is a risk we han-strategic risk management is done oninternational markets. It is our wish to73 percent of the staff at COWI A/S.dle through new control systems thatthe basis of a risk profi le we draw upfurther strengthen our position by de-improve scope for resource manage-once a year with a view to evaluation,veloping a greater presence, collabo-Best consultantment and forecasting.discussion and prioritisation onration and initiatives in Central andOnce again in 2005 COWI was theWe have drawn up an IT securityCOWI’s Board of Directors. We setEastern Europe, the Middle East asbest ranking consultant engineeringpolicy and an IT contingency plan toout one-year goals for desired chang-well as in China, where growth andcompany in the annual list of the topforestall any physical damage to oures to the risk profi le within fi ve to tenopportunities are considerable.100 Danish engineering companies,central IT facilities. We re-evaluate therisk areas.In 2006, we intend to continue ouras judged by their image, producedplan once a year.efforts towards a strengthening of ourSix out of ten employees(61 percent) have projectmanagement experience.Every fourth has experiencefrom internationalprojects.by the Danish engineering magazineIngeniøren. COWI came away withfi rst place among engineers and studentsalike.Risks andrisk managementThe COWI Group’s risks can be divid-Financial riskWe attempt to minimise to the widestpossible extent the foreign exchangerisk related to our projects by matchingincome and expenses in the samecurrency in the individual projects.Furthermore, hedging of net foreignexchange positions relating to businessoperations is effected by foreignEventssubsequent tothe end of thefinancial yearNo events have occurred after the balancesheet date that materially affectthe assessment of the Annual Report.abilities to manage and develop ourbusiness and our employees. Furthermore,we intend to develop our sales,marketing and customer focus with aview to gaining market shares.In the light of the economic growth,our position and competencies aswell as our sound order book, we anticipateCOWI to achieve handsome,organic growth in turnover in 2006. Tocompany in which companies andvitations to tender, supervision, train-ed into market risks, operational risks,fi nancial risks and other risks.currency hedges. As a principal rule,translation risk stemming from investmentsin subsidiaries is not hedged.Outlookthis can be added growth through acquisitionswithin selected competenceareas and geographic markets.units in the Group work together asing, research, product supplies andMarket risksInterest rate risk is limited as aFor 2006, we anticipate a positive de-We expect continued improvementone entity. Knowledge-sharing, com-suchlike.We endeavour to minimise risksconsequence of COWI’s limited net in-velopment in the economy at large.of our profi tability. We intend to workmunication and shared tools are im-caused by changes in political condi-terest-bearing debt. Our securitiesWe expect this development to booston improving cash fl ow from operat-portant aids in the process of realisingthat strategy. Value generation isfi rmly rooted in COWI’s core compe-Consultancy typesin pct 2005tions and fl uctuations in fi nancial businesscycles by having a balancedportfolio of projects. The balancedportfolio is part of an external portfoliomanagement programme that is beingmanaged within defi ned limits withthe demand for our services in mostof the markets in our focus.In the domestic market we expecting activities to increase our capacityfor business development through organicgrowth, expanded corporatetencies: developing specialised pro-Project management27 pctportfolio entails distribution across ge-a heavy weighting in Danish bondshandsome fi nancial growth, drivenpresence as well as acquisitions.fessional standards, delivering multi-Expert assistance,ographical markets, service areas andwith limited terms of maturity.particularly by investments in industri-disciplinary services and managingplanning and analyses23 pctpublic/private sectors. Particularly inThroughout a number of years, weal and residential properties. Thisprojects in close collaboration withProject design, invitationareas of political instability, changes inhave made several acquisitions andtrend will positively impact the de-our clients on a sound commercialto tender andpolitical conditions will pose a risk.therefore we have devised a funda-mand for our consultancy servicesbasis.supervision36 pctmental method for valuation and inte-within building, industry, energy etc.For the eighth time now we areProduct supplies5 pctOperational risksgration to minimise acquisition risk.The structural reform in the publicpublishing an annual report on intel-Other9 pctWe minimise losses on projects bysector enters a new phase in 2006lectual capital for the parent compa-evaluating the risk of every singlewith improvements of new municipal26 27

Financial reviewGeneraloped map products that recordedBalance sheetvestments in IT and equipment forThe Group’s cash and cash equiva-2005. With addition of committed un-The 2005 Annual Report of COWI A/Sgrowth in sales, as amortisation isThe Group’s total assets amounted tomap production.lents, consisting of cash and securi-drawn credit facilities, the Group’s fi -has been prepared in accordancecharged in step with product deliver-DKK 1,782.9 million at 31 DecemberThe free cash fl ow amounted toties, increased by DKK 101.7 million tonancial resources amounted to DKKwith the provisions of the Danish Fi-ies.2005, an increase of DKK 220.0 mil-DKK 137.3 million, at level with last year.DKK 422.6 million at 31 December620.3 million at 31 December 2005.nancial Statements Act for a largeOperating profi t increased by DKKlion compared with last year.class C enterprise.26.2 million to DKK 117.1 million. ThisThe Group’s accounts receivable,Applied accounting policies remainunchanged from last year.Profit and loss accountearnings growth is due to improvedearnings in the Norwegian market,and within the business area of Economicsand Management as well asservices, rose by DKK 55.2 million toDKK 535.0 million refl ecting considerableinvoicing for large, separate internationalprojects at the end of the fi -Group and Annual AccountsApplied Accounting PoliciesIn 2005, the Group’s net turnoverthe business area of Bridges, Tunnelnancial year.The 2005 Annual Report of COWI A/Sder pension assets/provision for pen-nancial assets and liabilities measuredcame to DKK 2,676.5 million, an in-and Marine Structures. Furthermore,Group contract work in progresshas been prepared in accordancesion benefi t obligations.at fair value or amortised cost. Simi-crease of DKK 82.2 million on 2004.falling costs for business supportincreased by DKK 47.7 million to DKKwith the provisions of the DanishIf the net pension benefi t obligationlarly, all expenses including amortisa-The increase is attributable to thecontributed to the increased earnings.289.0 million at 31 December 2005,Financial Statements Act for a largehad been recognised at fair value intion, depreciation and impairmentNorwegian market, where particularlyGroup profi t margin calculated aswhile advance invoicing went up byclass C enterprise.the takeover balance sheet, the good-losses are recognised in the profi t andCOWI AS Norge experienced consid-operating profi t as a percentage ofDKK 71.9 million to DKK 424.0 millionApplied accounting policies remainwill on acquisition at 31 Decemberloss account.erable progress in 2005. The busi-turnover came to 4.4% against lastat 31 December 2005.unchanged from last year.2005 would have been DKK 52.1 mil-Assets are recognised in the bal-ness area Bridges, Tunnel and Marineyear’s 3.5%.Total net funds tied up in work-in-lion higher, and the net balance sheetance sheet when it is probable thatStructures also recorded considerableThe Group’s net fi nancials showprogress and accounts receivablePension benefit obligationstotal at 31 December 2005 would havefuture economic benefi ts will fl ow tobusiness progress for 2005. Alsonet fi nancial income of DKK 19.6 mil-less advance invoicing went up byIn connection with the acquisition ofbeen increased by DKK 36.0 million.the Company, and when the value ofwithin the business area of Econom-lion compared with DKK 5.9 last year,DKK 30.9 million.the shares in COWI AS, Norway on 1The chosen accounting treatmentthe asset can be reliably measured.ics and Management, signifi cantprimarily stemming from considerableAt 31 December 2005, sharehold-January 2003, goodwill on acquisitionin 2005 positively affected the totalLiabilities are recognised in thegrowth was seen in business activitiescapital gains on the Company’s secu-ers’ funds aggregated DKK 555.1 mil-was calculated. In the calculation, theconsolidated profi t by DKK 1.1 million,balance sheet when it is probable thatfor 2005, to some extent due to therities portfolio.lion, showing an increase of DKKpension benefi t obligations were notprimarily attributable to the corridorfuture economic benefi ts will fl ow outacquisition of Muusmann A/S Re-Profi t from ordinary activities, before109.0 million compared with last year.revalued to fair value. This decisionapproach and to differences betweenof the Company, and when the valuesearch & Consulting in the same year.tax and profi t from group enterprisesThe increase was generated by profi twas made with reference to sectionthe period of goodwill amortisationof the liability can be reliably measured.Of the Group’s total turnover, inter-attributable to minority interests,for the year of DKK 112.9 million and11 (3) of the Danish Financial State-(amortised over 20 years) and theOn initial recognition, assets and li-national turnover amounted to 64%, aamounted to DKK 136.7 million in 2005DKK 3.7 million stemming from ad-ments Act as Management is of thecharging of pension costs to the profi tabilities are measured at cost. Subse-slight increase compared with last year.against DKK 96.7 million in 2004.justment of foreign exchange hedgingopinion that continuing the account-and loss account (amortised over 14quently, assets and liabilities areThe Group’s own production,For 2005, Group tax on profi t frominstruments, offset by foreign ex-ing policy applied so far by COWI AS,years except for the corridor, which ismeasured as described for each indi-showing the selling price of the activi-ordinary activities amounted to DKKchange adjustments of investmentsNorway for pension benefi t obliga-not amortised).vidual item below.ties performed by the Group’s em-21.9 million, equivalent to an effectiveamounting to DKK 2.4 million and divi-tions gives a true and fair view in theIf the net pension benefi t obliga-Certain fi nancial assets and liabili-ployees in 2005, grew 5.9% equiva-tax rate of 16% for 2005. The low ef-dend payments of DKK 5.2 million forAnnual Report, as this policy impliestions had been recognised at fair valueties are measured at amortised costlent to an increase in own productionfective tax rate for 2005 is due to taxthe fi nancial year 2004.that unamortised plan changes, esti-at the takeover, the consolidatedwhere a constant effective interest isfrom DKK 1,857.2 million in 2004 toincome of DKK 10.5 million arisingFor 2005, the equity ratio wasmate deviations and pension adjust-shareholders’ funds at 31 Decemberrecognised over the maturity. Amor-DKK 1,966.6 million in 2005.from adjustment of deferred tax as a22.6% compared with 14.5% for 2004.ments which may over time be recov-2005 would have been DKK 3.3 milliontised cost is stated as original cost lessIn 2005, total operating expensesconsequence of the reduction of theReturn on equity went up fromered are not reclassifi ed and amor-higher. The reason is that the recogni-any principal payments plus or minusexcluding fi nancial income and ex-corporation tax rate from 30% to28.5% in 2004 to 31.1% in 2005.tised as goodwill.tion in the balance sheet of the netthe cumulative amortisation of any dif-penses increased 4.7% to DKK28%. Additional tax income of DKKThe method applied means thatpension benefi t obligations would haveference between cost and nominal1,849.5 million. Staff expenses, con-8.0 million has been recognised asCash flow statementthe net pension asset recognised inresulted in positive foreign exchangeamount. In this way capital losses andstituting the most important operatingadjustment of tax for previous years.Cash fl ow from operating activitiesCOWI AS, Norway at 31 Decemberadjustments on translation of NOK togains are amortised over the maturity.expenses, went up by 4.4% whichAdjusted for this tax income, theamounted to DKK 208.8 million, an2005 of DKK 36.3 million is recog-DKK at 31 December 2005, while theRecognition and measurementshould be compared with an increaseGroup’s effective tax rate comes toimprovement of DKK 41.7 million onnised in the consolidated balanceamortisation differences would havetake into consideration anticipatedin the Group’s own production by a29% compared with last year’s 36%.2004. Cash fl ow from investing activi-sheet of the COWI Group and that es-been reduced, cf. above.losses and risks that arise before thelittle less than 6%.Profi t for the year, after tax andties amounting to DKK 71.5 milliontimate/plan changes identifi ed at thetime of presentation of the Annual Re-Depreciation, amortisation andprofi t from group enterprises attribut-was impacted by the acquisition oftakeover date of approximately DKKRecognition and measurementport and which confi rm or invalidatewrite-downs rose by 13.8% to DKKable to minority interests, amountedMuusmann A/S Research & Consult-54.1 million at 31 December 2005 areIn the profi t and loss account, revenueaffairs and conditions existing at the74.3 million, particularly due to in-to DKK 112.9 million against DKK 60.6ing in Denmark, the activities in Aad-disclosed in the notes only and notis recognised as earned, includingbalance sheet date.creased amortisation of own-devel-million last year.nesen a.s. in Norway as well as in-recognised in the balance sheet un-recognition of value adjustments of fi -28 29

Group Accountsic life, however at a maximum of 20years. Any negative differences areCurrent tax liabilities and current taxreceivable are recognised net in theTranslation policiesTransactions in foreign currencies arethe exchange rates at the balancesheet date, and on translation of profi tloss account together with anychanges arising in the fair value of theConsolidation policyrecognised in the balance sheet.balance sheet as tax computed ontranslated applying standard rates ap-and loss accounts from average ex-hedged asset or the hedged liability.The Annual Report includes the Par-Goodwill from acquired enterprisestaxable income for the year adjustedproximating the foreign exchangechange rates to the rates at the bal-Changes in the fair value of deriva-ent Company COWI A/S as well asis adjusted as a result of changes infor tax on taxable income for previousrates ruling at the dates of transac-ance sheet date are recognised di-tive fi nancial instruments that are des-enterprises in which the Parent Com-recognition and measurement of netyears.tion. In respect of accounts receiv-rectly in shareholders’ funds.ignated and qualify as future assetpany directly or indirectly holds theassets for a period of up to a total fi -Deferred tax is accounted for us-able, any exchange differences arisingOn recognition of foreign groupand liability hedges are recognised inmajority of the voting rights or innancial year following the time of ac-ing the balance-sheet liability methodbetween the transaction date ratesenterprises that are integrated enti-prepayments/deferred income orwhich the Parent Company throughquisition.in respect of all temporary differencesand the rates at the date of paymentties, monetary items are translated atshareholders’ funds, respectively.its shareholding or otherwise exercis-between accounting and tax values ofare recognised in the profi t and lossthe exchange rates ruling at the bal-Where the forecast transaction resultses a controlling interest. Enterprises inMinority interestsassets and liabilities. However, no de-account as part of net turnover. Forance sheet date. Non-monetary itemsin the recognition of an asset or a lia-which the Group holds between 20%On statement of Group results andferred tax is recognised in respect ofother items, the realised gains/lossesare translated at the rates at the timebility, amounts that have been de-and 50% of the voting rights and exer-Group shareholders’ funds, the sharetemporary differences concerningare recognised as fi nancial income orof acquisition or at the time of anyferred in equity are transferred fromcises a signifi cant, but not controllingof results and equity in group enter-goodwill not deductible for tax pur-fi nancial expenses in the profi t andsubsequent revaluation or writedownequity and included in the cost of theinterest are treated as associated en-prises that is attributable to minorityposes as well as other items - apartloss account.for impairment of the asset. Profi t andasset and the liability, respectively.terprises.interests is recognised as separatefrom acquisition of enterprises -Accounts receivable and payableloss account items are translated atWhere the forecast transaction resultsOn consolidation, intercompanyitems in the profi t and loss accountwhere temporary differences haveand other monetary items in foreigntransaction-date exchange rates;in income or expenses, amounts thatprofi ts and expenses, shareholdings,and the balance sheet. Minority inter-arisen at the time of acquisition with-currencies are translated into the ex-however, items derived from non-have been deferred in equity aredividends and balances as well as re-ests are recognised at fair value onout any effect on accounting and tax-change rates ruling at the balancemonetary items are translated at thetransferred to the profi t and loss ac-alised and unrealised gains and lossesthe basis of a remeasurement of ac-able profi ts. In cases where the com-sheet date. Unrealised exchangehistorical rates in respect of the non-count in the period during which theon transactions between consolidatedquired assets and liabilities at the timeputation of the tax value may begains or losses arising from differencesmonetary items.hedged item affects the profi t andenterprises have been eliminated.of acquisition of group enterprises.made according to alternative taxbetween the exchange rates at theExchange adjustments of inter-loss account.The accounts applied for therules, deferred tax is recognised onbalance sheet date and the rates atcompany balances and transactionsChanges in the fair value of anyGroup’s Annual Report have beenCorporation tax and deferred taxthe basis of the planned use of thethe time when the receivable or pay-with foreign group enterprises that arederivative fi nancial instruments thatpresented in accordance with GroupThe Company is jointly taxed withasset or settlement of the liability, re-able arises are recognised in the profi tconsidered additions to or deductionsdo not qualify for hedge accountingaccounting policies. The Group’s An-certain 100% owned Danish groupspectively.and loss account. Unrealised ex-from the equity of separate group en-are recognised on a current basis innual Report has been prepared onenterprises. The tax effect of the jointDeferred tax assets including thechange gains or losses in respect ofterprises are recognised directly inthe profi t and loss account.the basis of the accounts of the COWItaxation with the group enterprises istax value of tax-loss carryforwardsaccounts receivable are recognisedshareholders’ funds. Similarly, ex-A/S and the group enterprises bydistributed on Danish profi t- and loss-are recognised at the value at whichunder net turnover in the profi t andchange gains and losses on loansSegment informationcombining items of a uniform nature.making enterprises in proportion tothey are expected utilised, either byloss account, while unrealised ex-and derivative fi nancial instrumentsInformation is provided on geographi-Investments in group enterprisestheir taxable income (full allocation withelimination in tax on future earnings orchange gains or losses in respect ofcontracted for hedging purposes bycal markets. Information on geo-are eliminated at the relevant propor-refund concerning tax losses). Theby set-off against deferred tax liabili-accounts payable or other monetaryindependent foreign group enterprisesgraphical markets is based on thetion of the net asset value of the groupjointly taxed enterprises are included inties within the same legal tax entityitems are recognised under fi nancialare recognised directly in sharehold-Group’s internal fi nancial reportingenterprises at the time of acquisition.the Danish tax prepayment scheme.and jurisdiction.income or expenses in the profi t anders’ funds.system.On acquisition of new group enter-Tax for the year consisting of cur-Adjustment of deferred tax isloss account.prises, any differences between therent tax and deferred tax for the yearmade concerning elimination made ofFixed assets acquired in foreignDerivative financial instrumentsIncentive schemesacquisition cost and the net assetis recognised in the profi t and loss ac-unrealised intercompany gains andcurrencies are translated into theDerivative fi nancial instruments are ini-The material provisions of the em-value of the enterprise acquired arecount with the share attributable tolosses.rates ruling at the dates of transac-tially recognised in the balance sheetployee share schemes are disclosedstated at the time of acquisition afterprofi t for the year, and is recognisedDeferred tax is measured on thetion.at cost and subsequently remeasuredin the notes to the Group Accountsadjusting the individual assets and lia-directly in shareholders’ funds withbasis of the tax rules and tax rates inOn recognition of foreign groupat their fair value. Positive and nega-and have no effect on the profi t andbilities at fair value (the purchasethe share attributable to entries rec-the respective countries that will beenterprises and associated enterprisestive fair values of derivative fi nancialloss account. At present, there are nomethod) and allowing for recognitionognised directly in equity. Any shareeffective under the legislation at thethat are separate legal entities, profi tinstruments are included in prepay-incentive schemes.of any reconstruction provisions in re-of the tax carried in the profi t and lossbalance sheet date when the deferredand loss accounts are translated atments under assets and in deferredspect of the enterprise acquired. Anyremaining positive differences areaccount arising from profi t/loss onextraordinary activities for the year istax is expected to crystallise as currenttax. Any changes in deferred taxmonthly average exchange rates, andbalance sheet items are translated atincome under liabilities, respectively.Changes in the fair value of deriva-Profit and loss accountrecognised in the balance sheet un-attributed to the profi t and loss ac-as a consequence of amendments tothe exchange rates at the balancetive fi nancial instruments that areNet turnoverder intangible fi xed assets as Groupcount, while the remaining share is at-tax rates are recognised in the profi tsheet date. Exchange differencesdesignated and qualify as fair valueNet turnover corresponds to an ap-goodwill and amortised on a straight-tributed to profi t/loss on ordinary ac-and loss account.arising on translation of the openinghedges of a recognised asset or liabil-proximate and conservatively as-line basis over the expected econom-tivities for the year.equity of foreign group enterprises toity are recognised in the profi t andsessed selling price of work per-30 31

formed for the year. The completionof the individual projects will generallyBalance sheetamortised on a straight-line basis overthe period in which the work is expect-established. Alternatively, the netpresent value, if lower, of future leasegroup of assets for which it is possibleto determine the recoverableUnder the items ’Investments ingroup enterprises’ and ’Investmentsprogress over several accounting periodsand therefore the percentage-Intangible fixed assetsed to generate economic benefi ts. Theamortisation period is 2-5 years.payments at the inception of the leaseis applied. When computing the netamount.in associated enterprises’, the ParentCompany’s balance sheet includesof-completion method is applied forrevenue recognition. Profi ts on workGoodwillGoodwill is amortised over the esti-Softwarepresent value, the interest rate implicitin the lease is applied as the discountFixed asset investmentsthe relevant equity interest proportionof the net asset value of the enter-performed are recognised as incomeaccordingly and by reference to themated economic life determined onthe basis of Management’s experi-Software is measured at the lower ofcost, less accumulated amortisationrate or an approximated value thereof.Assets under fi nance leases are de-Investments in group andassociated enterprisesprises measured under the ParentCompany’s accounting policies lessstage of completion.ence with the individual businessand impairment losses, and value inpreciated and impaired like theInvestments in group and associateddeduction and with addition of theareas. The amortisation period is 5-20use. The amortisation period is 3-5Group’s other tangible fi xed assets.enterprises are recognised and meas-share of unrealised intercompanyProject expensesyears, the longest period applying toyears.The residual lease obligation is cap-ured under the equity method in theprofi ts or losses.Project expenses include expensesacquired enterprises with a strongitalised and recognised in the balanceParent Company’s Annual Report.Group and associated enterprisesdirectly attributable to projects excludingsalaries including travel ex-market position and an expected longearnings profi le.Summary of the amortisationperiods for intangible fixed assetssheet under debt, and the interest elementon the lease payment is chargedThe Parent Company profi t andloss account recognises the propor-with a negative net asset value aremeasured at DKK zero, and any re-penses, external expenses as well asGoodwill5-20 yearsto the profi t and loss account, as in-tionate share of the group enterprises’ceivable from these enterprises isother expenses.RightsRights5 yearscurred, over the lease term.results before tax for the year underwritten down, to the extent estimatedRights are amortised on a straight-lineOwn-developed products2-5 yearsAll other leases are considered asthe item ’Profi t on ordinary activitiesto be uncollectible, by the ParentExternal expensesbasis over 5 years.Software3-5 yearsoperating leases. Lease payments un-before tax in group enterprises’, whileCompany’s share of the negative netExternal expenses include administra-der operating leases are recognised inthe share of tax in group enterprises isasset value. Where the negative nettive expenses, offi ce expenses, marketingexpenses as well as other ex-Own-developed productsOwn-developed products that areTangible fixed assetsthe profi t and loss account over thelease term.included in the item ‘Tax on profi t onordinary activities’. Group goodwillasset value exceeds the amount receivable,the residual amount is rec-penses.clearly defi ned and identifi able whereLand and buildingsamortisation is presented separately inognised under provisions to the extentOther operating expenses, netthe technical utilisation rate, suffi cientresources and a potential future mar-Land and buildings are measured atcost less accumulated depreciationSummary of depreciation periodsfor tangible fixed assetsthe profi t and loss account under theitem ‘Goodwill and Group goodwillwhere the Parent Company has a legalor constructive obligation to coverOther operating expenses, net in-ket or development opportunity in theand impairment losses and depreciat-Buildings50 yearsamortisation’.the enterprise’s negative balance.clude items of a secondary natureenterprise can be verifi ed and whereed on a straight-line basis over 50Special installations inThe Group’s and the Parent Com-The total net revaluation of invest-compared with the Company’s corethe intention is to market or use theyears.buildings10-15 yearspany’s profi t and loss accounts in-ments in group and associated enter-activities, including removal expensesproject, are recognised with effectSpecial installations in buildingsTechnical installations,clude the proportionate share of re-prises is transferred in the Parentas well as profi ts and losses from thefrom 1 May 2002 as intangible fi xedare depreciated on a straight-lineoperating and other equipment,sults before tax for the year of associ-Company over the distribution of profi tsale of intangible and tangible fi xedassets. This applies if suffi cient cer-basis over 10-15 years.including leaseholdated enterprises under the item ‘Profi tto ‘Reserve for net revaluation accord-assets.tainty exists that the net present valueimprovements3-10 yearson ordinary activities before tax in as-ing to the equity method’ under share-Net financials(value in use) of the future earningscan cover the expenses involved.Technical installations, operatingand other equipmentImpairment of fixed assetssociated enterprises’, while the shareof tax in associated enterprises is in-holders’ funds.Positive and negative differencesFinancial income and expenses in-Own-developed products that doTechnical installations, operating andThe carrying amount of intangible ascluded in the item ‘Tax on profi t onare separately included under the itemclude interest, fi nancial expenses re-not meet the criteria for recognition inother equipment, including leaseholdwell as tangible fi xed assets are re-ordinary activities’. Group goodwill‘Group goodwill’ both in the Parentlated to fi nance leases, realised andthe balance sheet are recognised asimprovements are measured at costviewed on an annual basis to deter-amortisation is presented separately inCompany’s balance sheet and in theunrealised exchange adjustments,expenses in the profi t and loss ac-less accumulated depreciation and im-mine whether there is any indicationthe profi t and loss account under theGroup Accounts.value adjustments on securities ascount as incurred.pairment losses and depreciated on aof impairment exceeding the write-item ‘Goodwill and Group goodwillEnterprises acquired during the fi -well as amortisation of long-term re-Own-developed products includestraight-line basis over 3-10 years.downs in connection with generalamortisation’.nancial year are included in the Parentceivables.salaries, amortisation and other ex-amortisation and depreciation. WhereUnder the item ‘Investments in as-Company and Group Accounts frompenses that are directly or indirectlyAssets under finance leasesimpairment is required, writedown issociated enterprises’, the Group’s bal-the time of acquisition, and enter-Extraordinary income andexpensesattributable to the Company’s developmentactivities. Capitalised own-At the inception of the lease, leases inrespect of tangible fi xed assets inmade to the recoverable amount, iflower. The recoverable amount of theance sheet includes the relevant equityinterest proportion of the net assetprises disposed of are included untilthe time of disposal. Comparative fi g-Extraordinary income and expensesdeveloped product costs are meas-terms of which the individual groupasset is determined as the higher ofvalue of the associated enterprisesures are generally not adjusted forinclude income and expenses attrib-ured at the lower of cost, less accu-companies assume substantially allnet selling price and value in use.measured under the Parent Company’snew acquisitions and disposals.utable to events or transactions thatmulated amortisation and impairmentthe risks and rewards of ownershipWhere it is not possible to determineaccounting policies less deduction orAny gains or losses on disposal orare clearly distinct from the ordinarylosses, and recoverable amount.(fi nance leases) are recognised in thethe recoverable amount of the individ-with addition of the share of unrealisedliquidation of group enterprises areactivities and are anticipated to beOn completion of the developmentbalance sheet at the fair value of theual asset, the impairment requirementintercompany profi ts or losses.computed as the difference betweennon-recurring.work, own-developed products areleased asset where a fair value can beis assessed in respect of the smallestthe sales sum or the liquidation32 33

amount and the carrying amount ofnet assets at the time of disposal orThe stage of completion is measuredby the proportion that project expens-tions are assessed against total assetsin the benefi t plan. When measuringProvisionsProvisions are recognised when—as aDeferred income and other liabilitiesEnd-of-period adjustments required byitems included in cash and cashequivalents.liquidation, including non-amortisedes incurred for work performed to dateplan assets and benefi t obligations,consequence of an event occurred be-accrual accounting recognised as de-goodwill as well as expected sales orliquidation expenses. Any gains orbear to the estimated total project expenses.Where it is probable that totalthe estimated fair value at the time ofclosing the accounts is applied. Thefore or on the balance sheet date—theGroup has a legal or constructive obli-ferred income under liabilities includepayments received concerning incomeCash flow from investing activitiesCash fl ows from investment activitieslosses are recognised in the profi t andproject expenses will exceed the totalestimated values are adjusted each yeargation and it is probable that economicin respect of subsequent periods asinclude cash fl ows from acquisitionsloss account.revenues from a project, the expectedin accordance with actuarial calcula-benefi ts must be sacrifi ced to settlewell as adjustments to fair value of de-and disposals of intangible and tangi-loss is recognised as an expense intions. The accounting for pension coststhe obligation.rivative fi nancial instruments with able fi xed assets as well as fi xed assetOther investments andparticipating intereststhe profi t and loss account.The share of work in progress etc.is in accordance with International AccountingStandard no. 19 (IAS 19, Em-Other provisions include legal obligationsetc. on completed projects.negative fair value.investments.Other investments and participating interestsinclude bonds and sharesperformed in working partnerships isincluded in work in progress.ployee Benefi ts). Payroll tax is chargedto the profi t and loss account on theProvisions with an expected maturityexceeding one year from the balanceCash flow statementCash flow from financing activitiesCash fl ows from fi nancing activities in-measured at fair value at the balancebasis of paid-in pension premiums.sheet date are discounted at the aver-The cash fl ow statement shows theclude cash fl ows from the raising andsheet date. Listed securities are meas-Own sharesPlan changes are amortised over theage bond yield. Deferred tax is not dis-Group’s cash fl ows for the year distrib-repayment of long-term debt as wellured at the offi cial market price at theOwn shares are shares acquired byestimated remaining earnings period.counted to present value.uted on operating, investing and fi nanc-as purchase of own shares and divi-balance sheet date. Unlisted securitiesCOWI A/S for use in future allotmentsThe same applies to estimate fl uctua-ing activities, net changes for the yeardend payments to shareholders.are measured at selling price based onto employees. Own shares are meas-tions to the extent that they exceed 10Financial debtsin cash and cash equivalents as wella computed value in use.ured at cost and tied up in a specialper cent of the higher of the accruedFixed-rate loans such as mortgagesas Group cash and cash equivalentsCash and cash equivalentsreserve under shareholders’ funds.pension benefi t obligations and theand loans from credit institutions in-at the beginning and end of the year.Cash and cash equivalents includeCurrent assetsAny gains/losses on disposal are recognisedin the profi t and loss account.plan assets (the corridor approach).COWI A/S has contributed to de-tended held to maturity are recognisedinitially at the proceeds received net ofCash flow from operating activitiescash at bank and in hand as well assecurities recognised as current assetReceivablesfi ned benefi t plans for a number oftransaction expenses incurred. In sub-Cash fl ows from operating activitiesinvestments.Accounts receivable are measured atCurrent asset investmentsformer and present members of Man-sequent periods, borrowings are stat-are calculated as Group operatingThe cash fl ow statement cannot bethe lower of amortised cost or net real-Current asset investments include list-agement. These plan benefi ts are rec-ed at amortised cost corresponding toprofi t adjusted for non-cash operatingimmediately derived from the pub-isable value corresponding to a nomi-ed bonds and shares measured at fairognised in the balance sheet as thethe capitalised value using the effectiveitems such as amortisation, deprecia-lished fi nancial records.nal value less losses for uncollectibles.value at the balance sheet date. Listedbenefi ts are earned. The calculation ofinterest method so that the differencetion and impairment losses, provisionsLosses on uncollectibles are calculat-securities are measured at marketplan benefi ts is based on actuarial cal-between the proceeds and the nomi-as well as net change in working capi-Financial ratiosed on the basis of an individual as-price. Unlisted securities are measuredculations.nal value (the capital loss) is recog-tal, interest income and expenses,The fi nancial ratios stated in Key Fig-sessment of each account receivable,at selling price based on a calculatednised in the profi t and loss accountamounts paid in respect of extraordi-ures and Financial Ratios have beenand in respect of trade accounts re-value in use.Prepaymentsover the loan period.nary items and corporation tax paid.calculated as follows:ceivable, an additional general provi-End-of-period adjustments required byOther debts are measured atWorking capital includes currentsion is made.Net pension funds and pensionbenefit obligationsaccrual accounting recognised as prepaymentsunder assets include pay-amortised cost, materially correspondingto nominal value.assets less short-term debt excludingContract work in progressContract work in progress is recognisedin the balance sheet net ofamounts invoiced on account. GrossA number of defi ned benefi t planshave been concluded in the Group’sNorwegian group enterprises. The assetsstemming from these plans arements made in respect of subsequentfi nancial years, typically prepaid rent,insurance premiums, subscriptionsetc. as well as adjustments to fair valueEBITDA marginOperating profi t before depreciation and amortisation (EBITDA) x 100Net turnoverwork in progress is measured at theselling price of the work performed.The selling price is measured in pro-placed in pension funds in accordancewith the relevant regulations. The pensionplans are funded through contri-of derivative fi nancial instruments witha positive fair value.Operating margin (EBIT margin)Operating profi t x 100Net turnoverportion to the stage of completion atthe balance sheet date and the totalexpected profi t on the individualbutions from the company, due considerationbeing paid to the assessmentsby independent, qualifi ed actu-Shareholders’ fundsDividendReturn on invested capitalOperating profi t x 100Non-fi nancial assets less advance invoicing, end-of-yearprojects (the percentage-of-completionmethod). This principle impliesthat the expected profi t on the individ-aries on the determination of the necessarycontributions to the plans.When determining pensions, linearDividend is recognised as a liability at thetime of adoption by the Annual GeneralMeeting. Dividend expected distributedEquity ratioEquity excl. minority interests, end-of-year x 100Total liabilities and equity, end-of-yearual projects is recognised in the profi tand loss account on a current basis byreference to the stage of completion.earnings profi les and expected fi nalsalaries constitute the basis of eligibility.For the benefi t plans, total obliga-for the year is recorded in a separateitem under shareholders’ funds.Return on equityCOWI Group share of profi t for the year x 100Average equity excl. minority interests34 35

Profit and loss accountBalance sheetParent Company GroupParent CompanyGroup2004 2005 DKK ‘000 Note 2005 20041,852,188 1,855,628 Net turnover 1 2,676,488 2,594,326(631,856) (606,291) Project expenses (709,922) (737,131)1,220,332 1,249,337 Own production 1,966,566 1,857,195(175,182) (178,879) External expenses 2 (318,775) (302,798)(940,146) (943,745) Staff expenses 3 (1,459,145) (1,397,846)Amortisation, depreciation and(33,316) (44,161) impairment losses 4 (74,306) (65,273)71,688 82,552 Operating profi t on ordinary activities 114,340 91,2781,245 3,800 Other operating expenses, net 5 2,727 (451)72,933 86,352 Operating profit 117,067 90,827Profi t on ordinary activities before23,826 43,717 tax in group enterprises 6 - -Profi t on ordinary activities before49 66 tax in associated enterprises 7 1,613 926Goodwill and group goodwill(13,716) (15,354) amortisation 4 - -22,693 29,062 Financial income 8 29,456 23,925(11,602) (9,377) Financial expenses 9 (11,457) (18,972)94,183 134,466 Profit on ordinary activities before tax 136,679 96,706(33,604) (21,580) Tax on profi t on ordinary activities 10 (21,875) (34,326)60,579 112,886 Profit on ordinary activities after tax 114,804 62,380- - Profi t on extraordinry activities after tax - -60,579 112,886 Profit for the year 114,804 62,380Profi t/loss from group enterprises- - attributable to minority shareholders (1,918) (1,801)60,579 112,886 COWI’s share of profit for the year 112,886 60,57931 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 Note 2005 2004114,760 108,201 Goodwill and rights 13,747 357114,161 121,744 Group goodwill 229,946 228,9219,578 9,215 Software 10,412 10,7969,219 1,561 Own-developed projects 1,561 9,219247,718 240,721 Intangible fixed assets 11 255,666 249,2934,173 4,049 Land and buildings 7,132 7,533Technical installations, operating73,097 73,768 and other equipment 109,799 103,670296 457 Fixed assets in course of construction 1,016 1,05777,566 78,274 Tangible fixed assets 12 117,947 112,260139,229 184,134 Investments in group enterprises 6 - -1,166 895 Investments in associated enterprises 7 5,787 6,06218,745 19,822 Loans to group enterprises - -252 261 Other investments and participating interests 4,898 5,470159,392 205,112 Fixed assets investments 13 10,685 11,532484,676 524,107 Total fixed assets 384,298 373,085479 356 Stocks 358 484291,717 345,922 Accounts receivable, services 534,978 479,813166,617 179,677 Contract work in progress, net 14 288,968 241,30863,691 38,685 Amounts owed by group enterprises - -- - Amounts owed by associated enterprises 3,346 3,25430,275 35,023 Other receivables 50,156 37,998- - Net pension assets 15 38,403 29,210- - Deferred tax assets 21 11,273 18,83753,794 26,944 Prepayments 16 42,144 58,021606,094 626,251 Accounts receivable 969,268 868,441Proposed distribution of net profitDKK ‘0005,213 5,138 Proposed dividend at (15%)Transferred to Reserve for net revaluation15,041 36,038 according to the equity method- 6,420 Own shares 17 6,420 -160,861 182,334 Current asset investments 18 183,669 161,45776,313 130,282 Cash at bank and in hand 238,905 159,418843,747 945,643 Total current assets 1,398,620 1,189,8001,328,423 1,469,750 TOTAL ASSETS 1,782,918 1,562,88540,325 71,710 Retained earnings60,579 112,88636 37

Balance sheetParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 Note 2005 200434,750 34,750 Share capital 34,750 34,750- 6,420 Share premium account - -Reserve for net revaluation according15,041 51,079 to the equity method - -391,134 457,716 Retained earnings 515,215 406,1755,213 5,138 Proposed dividend 5,138 5,213446,138 555,103 Shareholders’ funds 19 555,103 446,138- - Minority interests 20 12,928 10,888170,323 171,911 Deferred tax 21 179,119 172,31827,000 29,500 Net pension benefi t obligations 15 30,735 28,33118,922 33,366 Other provisions 22 53,436 44,727216,245 234,777 Provisions 263,290 245,3767,928 8,864 Credit institutions 11,040 14,3607,928 8,864 Long-term debt 23 11,040 14,36046,354 33,704 Credit institutions 45,094 64,71217,172 14,516 Amounts owed to group enterprises - -77,053 76,326 Accounts payable, suppliers 110,688 107,97440,407 40,216 Taxes and VAT payable 99,252 94,238318,095 343,156 Amounts invoiced in advance 14 424,003 352,099135,281 135,249 Accrued holiday allowance 180,817 173,50418,974 25,947 Other accounts payable 67,262 39,7094,776 1,892 Deferred income 13,441 13,887658,112 671,006 Short-term debt 940,557 846,123666,040 679,870 Total debt 951,597 860,483TOTAL LIABILITIES AND1,328,423 1,469,750 SHAREHOLDERS’ FUNDS 1,782,918 1,562,885Statement of changes in shareholders’ funds ofthe COWI GroupShareShare premium Retained ProposedDKK ‘000 capital account earnings dividend TotalShareholders’ funds at 1 January 2004 34,750 5,881 347,350 2,318 390,299Distributed dividend (2,318) (2,318)Profi t for the year 60,579 60,579Share premium account transferredto distributable reserves (5,881) 5,881 -Exchange adjustment, foreign group enterprises (105) (105)Value adjustment of own sharesin foreign group enterprises 1,744 1,744Value adjustment of hedginginstruments, beginning-of-year (334) (334)Value adjustment of hedging instruments,end-of-year (3,727) (3,727)Proposed dividend (5,213) 5,213 -Shareholders’ funds at 31 December 2004 34,750 - 406,175 5,213 446,138Distributed dividend (5,213) (5,213)Profi t for the year 112,886 112,886Value adjustment of investments ingroup enterprises (691) (691)Exchange adjustment, foreign group enterprises (1,711) (1,711)Value adjustment of own sharesin foreign group enterprises (33) (33)Value adjustment of hedginginstruments, beginning-of-year 3,727 3,727Value adjustment of hedging instruments,end-of-year - -Proposed dividend (5,138) 5,138 -Shareholders’ funds at 31 December 2005 34,750 - 515,215 5,138 555,103Contingent liabilities, commitmentsand guarantees 24Notes without reference 25-2738 39

Statement of changes in shareholders’funds of COWI A/SNetrevalu- ShareShare Own ation preminum Retained ProposedDKK ‘000 capital shares reserve account earnings dividend TotalShareholders’ funds at 1 January 2004 34,750 - - 5,881 347,350 2,318 390,299Distributed dividend (2,318) (2,318)Profi t for the year 60,579 60,579Share premium account transferredto distributable reserves (5,881) 5,881 -Transfer to reserve for net revaluationaccording to the equity method 15,041 (15,041) -Exchange adjustment,foreign group enterprises (105) (105)Value adjustment of own sharesin foreign group enterprises 1,744 1,744Value adjustment of hedginginstruments, beginning-of-year (334) (334)Value adjustment of hedginginstruments, end-of-year (3,727) (3,727)Proposed dividend (5,213) 5,213 -Shareholders’ funds at 1 January 2005 34,750 - 15,041 - 391,134 5,213 446,138Distributed dividend (5,213) (5,213)Profi t for the year 112,886 112,886Transfer to reserve for own shares 6,420 (6,420) -Transfer to reserve for net revaluationaccording to the equity method 36,038 (36,038) -Value adjustment of investmentsin group enterprises (691) (691)Exchange adjustment,foreign group enterprises (1,711) (1,711)Value adjustment of own sharesin foreign group enterprises (33) (33)Value adjustment of hedginginstruments, beginning-of-year 3,727 3,727Value adjustment of hedginginstruments, end-of-year - -Proposed dividend (5,138) 5,138 -Shareholders’ funds at 31 December 2005 34,750 6,420 51,079 - 457,716 5,138 555,103Cash flow statementGroupDKK ‘000 Note 2005 2004Operating profi t 117,067 90,827Amortisation and depreciation for the year as well asprofi t/(loss) from disposal of fi xed asset 73,992 65,378Unrealised value adjustments for the year, net (5,216) (5,631)Other provisions for the year 3,517 4,432Operating profi t adjusted for non-cash movement 189,360 155,006Net fi nancial income paid for the year 17,999 4,953Corporation tax paid (7,821) (7,376)Cash flow from operating activities before changein working capital 199,538 152,583Change in stocks 126 (17)Change in work in progress 25,961 6,550Change in accounts receivable (49,595) 3,481Change in accounts payable 1,538 (24,561)Change in other receivables and prepayments (4,595) (3,165)Change in other payables and deferred income 35,849 32,242Cash flow from operating activities 208,822 167,113Acquisition of intangible fi xed assets (6,789) (13,592)Disposal of intangible fi rxed assets - 123Acquisition of tangible fi xed assets (43,325) (29,241)Disposal of tangible fi rxed assets 2,592 3,693Acquisition of subsidiaries and activities (24,820) -Acquisition of other fi xed asset investments (1,976) (1,188)Disposal of fi xed asset investments 2,783 2,531Cash flow from investing activities (71,535) (37,674)Free cash flow 137,287 129,439Repayment of fi nancial accounts payable (net) (23,955) (54,744)Distributed dividend/purchase of minority interests (5,213) (4,018)Sale/(purchase) of own shares (6,420) -Cash flow from financing activities (35,588) (58,762)Cash flow for the year 101,699 70,677Cash and cash equivalents, beginning-of-year 320,875 250,198Cash and cash equivalents, end-of-year 27 422,574 320,875The cash fl ow statement cannot be immediatelyderived from the profi t and loss account40 41

NotesNote 1Segment informationNote 6Investment i group entersprisesBelow, the Group’s turnover, operating profi t, fi xed assets and liabilities are distributed by geographical marketsinto the Danish market and the foreign market. A corresponding distribution of activities has been omitted.COWI Group’s shareGroupDanish ForeignDKK ‘000 market marketNet turnover 959,957 1,716,531Operating profi t 56,754 60,313Fixed assets 53,213 331,085Liabilities 275,270 616,152Note 2 Fees for auditor elected by the Annual General MeetingParent CompanyGroup2004 2005 DKK ‘000 2005 2004(1,600) (1,400) Audit fee (2,809) (3,055)(2,476) (2,455) Fees, services other than audit (2,821) (3,257)Total fees for the auditor elected by the(4,076) (3,855) Annual General Meeting (5,630) (6,312)Note 3 Staff expensesParent CompanyGroup2004 2005 DKK ‘000 2005 2004Remuneration for Board of Directors,(838) (965) Parent Company (965) (838)(908,693) (907,968) Salaries and wages (1,339,953) (1,285,850)(4,657) (6,289) Pensions and social security (67,341) (62,585)(25,958) (28,523) Other staff expenses (50,886) (48,573)(940,146) (943,745) Staff expenses (1,459,145) (1,397,846)Note 4(6,135) (7,499) Remuneration, Executive Management (7,499) (6,135)1,942 1,901 Average number of employees 3,308 3,3641,923 1,879 Number of employees at 31 December 3,322 3,294Amortisation, depreciation and impairment lossesParent CompanyGroup2004 2005 DKK ‘000 2005 2004(5,009) (5,376) Software (6,132) (6,805)(4,133) (14,953) Own-developed products (14,953) (4,133)(129) (124) Land and buildings (259) (278)(24,045) (23,708) Technical installations, operating and other equipment (36,850) (39,994)(33,316) (44,161) (58,194) (51,210)Profit onShare- Profit/ ordinary Share-Owner- Share holders’ loss for activities holders’Name Domicile ship % capital funds the year before tax funds(1,000) DKK ‘000 DKK ‘000 DKK ‘000 DKK ‘000Ben C. Gerwick, Inc. USA 94.5% 766 USD 14,070 3,178 4,765 13,296Bruun & Sørensen Energiteknik A/S Denmark 100% 1,000 DKK 6,025 344 477 6,025COMAR Engineers A/S Denmark 100% 849 DKK 1,819 (7) (10) 1,819COWI Anadolu Musavirlik Limited Sirketi Turkey 100% 160 TRY 671 (80) (77) 671COWI AS Norway 100% 21,695 NOK 70,973 20,125 27,224 70,973COWI Belgium SPRL Belgium 100% 7 EUR 280 139 234 280COWI d.o.o. Serbia 100% 8,593 CSD 491 (259) (272) 491COWI Canada Ltd. Canada 100% 1,079 CAD 7,885 4,240 5,819 7,885COWI Consulting Co. Ltd. (Beijing) China 100% 828 CNY (667) (1,315) (1,237) (667)Cowi de El Salvador, S.A. de C.V. El Salvador 100% 11 USD (1,456) (1,528) (1,480) (1,456)COWI Hungary Ltd. Hungary 100% 50,000 HUF 3,914 680 857 3,914COWI Korea Co., Ltd. Korea 60% 500,000 KRW 5,588 279 307 3,353COWI Philippines Inc. Philippines 100% 5,846 PHP - 626 638 -“COWI Tanzania ConsultingEngineers and Planners Ltd.” Tanzania 100% 20,000 TZS 7,193 1,358 1,148 7,193COWI Zambia Ltd. Zambia 100% 1 ZMK (542) (542) (417) (542)COWI-Almoayed Gulf W.L.L. Bahrain 49% 20 BHD 2,976 828 823 1,458COWIconsult International Ltd. UK 100% 95 GBP 1,237 254 300 1,237Danport A/S Denmark 100% 500 DKK 553 (4) (5) 553Enviroplan International A/S Denmark 100% 500 DKK 480 (4) (5) 480ETC Transport Consultants GmbH Germany 100% 1,790 EUR 22,859 665 641 22,859Hjellnes COWI AS Norway 70% 4,678 NOK 25,826 207 111 18,078KX A/S Denmark 100% 10,000 DKK (17,534) 1,145 (1,007) (17,534)Matcon Rådgivende Ingeniørfi rma A/S Denmark 100% 500 DKK 1,720 2 3 1,720MMS Norge AS Norway 100% 100 NOK 67 (17) (17) 67Muusmann A/S Research & Consulting Denmark 100% 834 DKK 6,131 1,759 1,517 6,131SIA COWI Latvia Latvia 100% 2 LVL (104) (125) (125) (104)Studstrup og Østgaard A/S Denmark 100% 1,125 DKK 2,847 290 173 2,847Trondheim Avtalepartner AS Norway 100% 101 NOK 9,699 1,800 2,492 9,699“UAB COWI BalticConsulting Engineers and Planners” Lithuania 100% 200 LTL 3,105 689 840 3,10543,717 163,831For companies with negative shareholders’ funds, a set-off has been effected in amounts receivable - 20,30343,717 184,134All group enterprises are separate entities.(6,558) (6,558) Goodwill and rights (407) (347)(7,158) (8,796) Group goodwill (15,705) (13,716)(47,032) (59,515) Amortisation, depreciation and impairment losses (74,306) (65,273)Note 5Other operating expenses, netParent CompanyGroup2004 2005 DKK ‘000 2005 200445 73 Profi ts from sale of fi xed assets 321 413(378) - Loss from sale of fi xed assets (7) (518)1,923 4,484 Royalty income 3,293 -(345) (757) Removal expenses (880) (346)1,245 3,800 Other operating expenses, net 2,727 (451)42 43

Note 7Investments in associated enterprisesCOWI Group’s shareProfit onShare- Profit/ ordinary Share-Owner- Share holders’ loss for activities holders’Name Domicile ship % capital funds the year before tax funds(1,000) DKK ‘000 DKK ‘000 DKK ‘000 DKK ‘000CAT Alliance Ltd. UK 33% 100 GBP 730 32 11 241Covitecma S.A. Spain 25% 180 EUR 2,616 219 55 654COWI A/S’s investments in associated enterprises 66 895Aviaplan AS Norway 33% 100 NOK 991 - - 327ComputIT AS Norway 46% 2,173 NOK 4,341 541 350 1,997SDC ANS Norway 50% 268 NOK 268 45 133 134Lista Flypark AS Norway 50% 100 NOK (2,336) (32) - -Synkarion AS Norway 34% 100 NOK 226 - (8) 77Team St. Olav ANS Norway 48% 2,779 NOK 2,779 2,132 1,076 1,334Interconsult Bulgaria Limited Bulgaria 50% 2.67 USD 2,046 260 132 1,023Hunan Qunshan WaterTreatment Equipment Co. Ltd. China 28% 1,660 RMB - - - -Zeolite Investments (Private) Limited Zimbabwe 35% 0.1 ZWD 413 - - -Interconsult Zimbabwe (Private) Limited Zimbabwe 35% 200 ZWD 62 - - -Trondheimslaget ANS Norway 34% 1 NOK - - (136) -IC Malawi Malawi 33% 60 MWK 330 - - -Note 8Financial incomeParent CompanyGroup2004 2005 DKK ‘000 2005 20047,143 7,313 Interest, cash at bank and in hand and securities etc. 9,310 8,4083,826 3,300 Interest, group enterprises - -7,205 15,656 Realised and unrealised capital gains, investments 15,935 7,7344,519 2,793 Foreign exchange gains 4,211 7,78322,693 29,062 Financial income 29,456 23,925Note 9 Financial expensesParent CompanyGroup2004 2005 DKK ‘000 2005 2004(3,648) (2,674) Interest, bank and mortgage debt etc. (5,560) (6,513)(635) (1,075) Interest, group enterprises - -(3,138) (1,668) Realised and unrealised capital loss, investments (995) (3,556)(4,181) (3,960) Foreign exchange losses (4,902) (8,903)(11,602) (9,377) Financial expenses (11,457) (18,972)1,613 5,787Note 10Tax on profit for the year (continued)Parent CompanyGroup2004 2005 DKK ‘000 2005 2004broken down as follows:(33,604) (21,580) Tax on profi t on ordinary activities (21,875) (34,326)- - Tax on profi t on extraordinary activities - -(33,604) (21,580) Tax on profi t for the year (21,875) (34,326)- - Tax on movements in shareholders’ funds - -(33,604) (21,580) Total tax on profit for the year (21,875) (34,326)Tax on profi t on ordinary activitiescan be broken down as follows:Tax on profi t on ordinary activities(28,255) (37,650) before tax calculated at 28% (2004: 30%) (38,270) (29,012)Adjustment in proportion to 28% (2004: 30%) of tax(4,264) (1,443) calculated in foreign group enterprises (1,443) (4,264)Tax effect from:(2,147) (2,639) Book amortisation of goodwill disallowed for tax purposes (2,639) (2,147)1,188 1,716 Other costs/other earnings disallowed for tax purposes 2,041 1,223- 10,460 Change of deferred tax due to reduction of Danish corporation tax rate 10,460 -(126) 7,976 Adjustment in respect of previous years 7,976 (126)(33,604) (21,580) (21,875) (34,326)35.7% 16.0% Effective tax rate 16.0% 35.5%Note 11 Intangible fixed assetsGroupOwn-Goodwill and Group developedDKK ‘000 rights goodwill Software products TotalCost at 1 January 2005 1,395 304,946 53,594 24,091 384,026Additions from acquisitions of group enterprises 15,020 16,731 - - 31,751Additions - - 5,865 7,295 13,160Disposals - - (556) - (556)Cost at 31 December 2005 16,415 321,677 58,903 31,386 428,381Amortisation and writedowns at 1 January 2005 1,038 76,026 42,798 14,872 134,734Additions from acquisitions of group enterprises 1,223 - - - 1,223Amortisation 407 15,705 6,132 14,953 37,197Disposals - - (439) - (439)Amortisation and writedowns at 31 December 2005 2,668 91,731 48,491 29,825 172,715Carrying amount at 31 December 2005 13,747 229,946 10,412 1,561 255,666Note 10Tax on profit for the yearParent CompanyGroup2004 2005 DKK ‘000 2005 2004- - Current tax (4,088) (5,851)(1,506) (3,045) Current tax, foreign project offi ces (3,045) (1,506)(20,269) (25,478) Deferred tax (33,178) (26,843)- - Tax in associated enterprises - -(11,703) (11,493) Tax in group enterprises - -Change of deferred tax due to reduction- 10,460 of Danish corporation tax rate 10,460 -(126) 7,976 Adjustment in respect of previous years 7,976 (126)(33,604) (21,580) Tax on profit for the year (21,875) (34,326)to becontinuedParent CompanyOwn-Goodwill and Group developedDKK ‘000 rights goodwill Software products TotalCost at 1 January 2005 131,153 173,793 45,281 24,091 374,318Additions - 16,379 5,013 7,295 28,687Disposals - - (123) - (123)Cost at 31 December 2005 131,153 190,172 50,171 31,386 402,882Amortisation and writedowns at 1 January 2005 16,394 59,632 35,703 14,872 126,601Amortisation 6,558 8,796 5,376 14,953 35,683Disposals - - (123) - (123)Amortisation and writedowns at 31 December 2005 22,952 68,428 40,956 29,825 162,161Carrying amount at 31 December 2005 108,201 121,744 9,215 1,561 240,72144 45

Note 12Tangible fixed assetsNote 13Fixed asset investmentsGroupGroupTechnicalinstallations, Assets inLand and operating and course ofDKK ‘000 buildings other equipment construction TotalCost at 1 January 2005 9,337 293,795 1,057 304,189Additions from acquisitions of group enterprises - 5,854 - 5,854Additions 387 45,034 161 45,582Disposals (950) (12,183) (202) (13,335)Cost at 31 December 2005 8,774 332,500 1,016 342,290Depreciation and writedowns at 1 January 2005 1,804 190,125 - 191,929Additions from acquisitions of group enterprises - 1,285 - 1,285Depreciation and writedowns 259 36,850 - 37,109Disposals (421) (5,559) - (5,980)Depreciation and writedowns at 31 December 2005 1,642 222,701 - 224,343Carrying amount at 31 December 2005 7,132 109,799 1,016 117,947Of which assets held under fi nance leases at - 11,996 - 11,996At 1 January 2005, the offi cial valuation of Danish properties with a carrying amount of DKK 4,049 thousand amounted toDKK 5,137 thousand.Parent CompanyTechnicalinstallations, Assets inLand and operating and course ofDKK ‘000 buildings other equipment construction TotalCost at 1 January 2005 5,244 188,742 296 194,282Additions - 25,894 161 26,055Disposals - (9,426) (9,426)Cost at 31 December 2005 5,244 205,210 457 210,911Depreciation and writedowns at 1 January 2005 1,071 115,645 - 116,716Depreciation and writedowns 124 23,708 - 23,832Disposals - (7,911) - (7,911)Depreciation and writedowns at 31 December 2005 1,195 131,442 - 132,637Carrying amount at 31 December 2005 4,049 73,768 457 78,274Of which assets held under fi nance leases at - 11,996 - 11,996At 1 January 2005, the offi cial valuation of Danish properties with a carrying amount of DKK 4,049 thousandamounted to DKK 5,137 thousand.Investments in Other investmentsassociated and participatingDKK ‘000 enterprises interests TotalCost at 1 January 2005 6,194 6,343 12,537Additions 1,732 244 1,976Disposals (1,667) (1,412) (3,079)Cost at 31 December 2005 6,259 5,175 11,434Revaluations at 1 January 2005 974 24 998Additions 55 121 176Disposals (518) - (518)Revaluations at 31 December 2005 511 145 656Writedowns at 1 January 2005 1,106 897 2,003Additions 658 218 876Disposals (781) (693) (1,474)Writedowns at 31 December 2005 983 422 1,405Carrying amount at 31 December 2005 5,787 4,898 10,685Parent CompanyOther invest-Investments Investments in Loans to ments andin group associated group participatingDKK ‘000 enterprises enterprises enterprises interests TotalCost at 1 January 2005 124,188 1,144 18,745 809 144,886Additions 8,866 - 1,077 - 9,943Disposals - (589) - (693) (1,282)Cost at 31 December 2005 133,054 555 19,822 116 153,547Revaluations at 1 January 2005 36,329 974 - 24 37,327Additions 34,226 55 - 121 34,402Disposals (627) (518) - - (1,145)Revaluations at 31 December 2005 69,928 511 - 145 70,584Writedowns at 1 January 2005 21,288 952 - 581 22,821Additions 1,591 - - 112 1,703Disposals (4,031) (781) - (693) (5,505)Writedowns at 31 December 2005 18,848 171 - - 19,019Carrying amount at 31 December 2005 184,134 895 19,822 261 205,11246 47

Note 14Contract work in progress, netParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 20046,164,072 6,793,320 Selling price of work in progress 8,058,917 6,238,763(6,315,550) (6,956,799) Amounts invoiced in advance (8,193,952) (6,349,554)(151,478) (163,479) Contract work in progess, net (135,035) (110,791)Recognised in the balance sheet at:166,617 179,677 Contract work in progress 288,968 241,308(318,095) (343,156) Amounts invoiced in advance (424,003) (352,099)(151,478) (163,479) (135,035) (110,791)COWI A/S is a party to a number of working partnerships and has assumed joint and several liability for theliabilities of the working partnershipsAt the end of the fi nancial year, COWI A/S’ liabilities through working partnerships of which COWI is the leadpartner can be calculated as follows:31 DecDKK ‘000 2005Total amount contracted for in working partnerships to which COWI A/S is a party 1,742,245Stage of completion of the working partnerships 88.67%COWI A/S’ share of amounts contracted for through working partnerships 629,312COWI A/S’ average stage of completion of own share of contract amounts 65.77%Note 15Net pension assets and net pension benefit obligationsThe COWI Group’s Norwegian group enterprises have arranged defi ned benefi t plans for their employees.In 2005 and 2004, this comprised the COWI AS Group and Hjellnes COWI AS.31 Dec 31 DecDKK ‘000 2005 2004Number of active/retired staff members covered by the benefit planActive staff 623 635Retired staff 87 80Total Total number of active/retired staff members covered by the benefit plan 710 715Net pension assets and pension benefit obligationsEstimated pension benefi t obligations at 31 December (235,080) (193,172)Plan assets at 31 Decembe 186,343 149,792Estimated fair value, net obligations as at 31 December (48,737) (43,380)to be continuedNote 15Net pension assets and net pension benefit obligations (continued)31 Dec 31 DecDKK ‘000 2005 2004Estimate/plan changes not recognised in the p/l account at the time of takeover 85,069 85,069Estimate/plan changes at the time of takeover amortised in connection with retirement (11,350) (9,295)Estimate/plan changes at the time of takeover amortised during the time of ownership (12,574) (8,207)Foreign exchange adjustments of estimate/plan changes at the time of takeover (7,002) (9,676)Estimate/plan changes not recognised in the p/l account during the time of ownership 31,762 13,368Net plan assets and obligations at 31 December 37,168 27,879recognised in the balance sheet as follows:Net pension assets at 31 December 38,403 29,210Net pension benefi t obligations at 31 December (1,235) (1,331)37,168 27,879Total pension benefit obligation not recognised in the profitand loss account at 31 December 85,905 71,259Specifi cation of net pension benefi t obligations recognised in the p/l-account:Pension earnings during the year (12,094) (11,187)Interest expenses on accrued benefi t obligations (10,036) (10,198)Expected return on plan assets 9,062 9,427Estimate and plan changes recognised in the profi t and loss account (4,785) (4,000)Other changes in benefi t obligations (1,362) (703)Total benefit obligations recognised in the profit and loss account at 31 December (19,215) (16,661)Benefi t calculations are based on the following fi nancial assumptions:Discount rate 4.75% 5.50%Expected return 5.50% 6.50%Salary adjustments 3.00% 3.00%Long-term health regulation 3.00% 3.00%Pension adjustments 2.50% 3.00%Expected voluntary redundancy before 40 years of age 4.00% 4.00%Expected voluntary redundancy after 40 years of age 2.00% 2.00%Discount rate applied at 31 December 4.75% 6.00%Estimate changes and fl uctuations are amortised over the expected remaining pension earnings period to the extent that they exceed10 per cent of the higher of benefi t obligations and plan assets (corridor). Both in the Parent Company and the Group, plan changes areamortised over the expected remaining pension earnings period (non-corridor approach).In previous years, COWI A/S has approved defi ned benefi t plans for a number of former and present members of Management.The value in use of these may be specifi ed as follows:Benefi t obligations to present members of Management (8,100) (9,915)Benefi t obligations to former members of Management (21,400) (17,085)Benefit obligations in COWI A/S (29,500) (27,000)Benefi t calculations are based on the following fi nancial assumptions:Basis of determination G-82 G-82Discount rate 4.5% 4.5%Future salary adjustment rates 2.5% 2.5%48 49

Note 16PrepaymentsNote 21Deferred taxParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 20047,683 7,507 Insurance premiums 15,892 9,19016,165 11,470 Rent 13,706 16,65029,946 7,967 Other 12,546 32,18153,794 26,944 Prepayments 42,144 58,021Note 17Own sharesParent CompanyShare capital Nominal AcquisitionDKK ‘000 percentage value costCost at 1 January 2005 0.0% - -Additions for the year 0.2% 500 6,420Disposals for the year 0.0% - -Portfolio at 31 December 0.2% 500 6,420Note 18 Current asset investmentsParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 200442,708 49,904 Shares 49,925 42,708118,153 132,430 Bonds 133,744 118,749160,861 182,334 Portfolio at 31 December 183,669 161,457Note 19Shareholders’ fundsThe share capital consists of:31 Dec2005A shares: DKK ‘0002 shares of each DKK 1,000 21 share of DKK 2,998,000 2,9981 share of DKK 7,000,000 7,0001 share of DKK 10,000,000 10,00020,000B shares:147,500 shares of each DKK 100 14,750Each A share of DKK 100 carries 10 votes whereas each B share of DKK 100 carries 1 vote.Note 20Minority interestsGroup31 Dec 31 DecDKK ‘000 2005 2004Minority interests at 1 January 10,888 15,309Disposals and additions - (5,850)Share of profi t for the year 1,918 1,801Exchange adjustment 122 (372)Minority interests at 31 December 12,928 10,888Parent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 2004149,928 170,323 Deferred tax at 1 January 153,481 126,512126 (7,907) Reversal concerning previous years (8,353) 126Change of deferred tax due to reduction- (10,460) of Danish corporation tax rate (10,460) -20,269 25,478 Deferred tax for the year 33,178 26,843- (5,523) Transferred from group enterprises - -170,323 171,911 167,846 153,481Recognised in the balance sheet as:- - Deferred tax assets 11,273 18,837170,323 171,911 Deferred tax 179,119 172,318170,323 171,911 167,846 153,481Deferred tax assets concerns:- - Intangible fi xed assets 140 46- - Tangible fi xed assets 17,627 3,421- - Fixed asset investments - 174- - Current assets 8,637 1,425- - Provisions 23,475 4,876- - Debts 7,124 3,044- - Tax-loss carryforwards 18,910 18,420- - Offset within legal tax entities and jurisdictions (64,640) (12,569)- - 11,273 18,837Deferred tax concerns:(685) 8,635 Intangible fi xed assets 9,217 (685)(13,588) (14,639) Tangible fi xed assets 650 (13,056)97 - Fixed asset investments - 97204,738 200,041 Current assets 227,473 217,118(20,239) (18,860) Provisions 6,416 (18,587)- (3,266) Debts 3 -- - Offset within legal tax entities and jurisdictions (64,640) (12,569)170,323 171,911 179,119 172,318Note 22 Other provisionsParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 200412,721 18,922 Guarantees at 1 January 23,935 13,0206,201 6,848 Adjustment for the year 9,757 10,91518,922 25,770 Guarantees at 31 December 33,692 23,935- 7,596 Other provisions 19,744 20,79218,922 33,366 Other provisions at 31 December 53,436 44,72750 51

Note 23 Long-term debtParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 20041,321 934 Long-term debt falling due after more than 5 years 934 1,3216,607 7,930 Long-term debt falling due between 1 and 5 years 10,106 13,0397,928 8,864 Long-term debt at 31 December 11,040 14,360Note 24 Contingent liabilities, commitments and guaranteesParent CompanyGroup31 Dec 31 Dec 31 Dec 31 Dec2004 2005 DKK ‘000 2005 2004Contingent liabilities2,321 2,054 Lease commitments (operating leases) 18,986 14,761278,801 233,511 Rental commitments in the period of termination 478,685 497,704479,855 499,280 Recourse guarantees and performance bonds 499,845 564,42442,189 40,046 Other guarantees and charges 93,101 86,839Note 26Board of Directors and Executive ManagementThe Group’s directors and members of Executive Management own the following nominal shareholdings in COWI A/S and, at the endof the fi nancial year, held the following directorships and executive functions in companies other than consolidated COWI companies:Board of Directors Directorships and executive Shares in COWI A/S, nom. holdingsfunctions in other companiesOle Steen Andersen, Chairman Danfoss A/S (M), Sauer-Danfoss Inc. (MB), -Danfoss Murmann Holding A/S (MB),Danske Trælast A/S (MB),Auriga A/S (MB)Knud E. Østergaard Hansen, Vice Chairman Dansk Standard (MB) 17,900Henrik Gürtler Novo A/S (MD), Novozymes A/S (CB), -Københavns Lufthavne A/S (CB),Brdr. Hartmanns Fond (MB),Novo Nordisk A/S (MB)COWI A/S is liable for taxes on the Group’sjointly-taxed incomeBy virtue of its business operations, the COWIGroup is a party to legal disputes that can beexpected in the course of its businessoperations. In the opinion of Management,no material liabilities are incumbent on theCompany as a consequence of this.Current restructuring expenses are charged tothe profi t and loss account as incurred.GuaranteesThe following assets have been provided asguarantees to credit institutions:- - Account receivable, services at a carrying amount of - 57,614Technical installations, operating and other equipment- - at a carrying amount of 21,497 30,227Furthermore, COWI A/S has a total guarantee facility of DKKm 718 million, of which DKK 499 million had been spent by 31 December2005 on performance bonds relative to projects in progress.Note 25 Related party transactionsThe COWIfoundation owns all A shares in the Company and exercises a controlling infl uence on the Company. The COWIfoundation doesnot carry on any independent business, and no material transactions are conducted between COWIfoundation and the Company.Apart from intercompany transactions and usual management remuneration, no transactions were made during the year withBoard of Directors, Executive Management, management employees, principal shareholders, group enterprises or other related parties.Niels Christian Nielsen Danske Bank A/S (MB), -Grundfos A/S (MB),Otto Mønsted A/S (MB),Oticon-Fonden (MB)Majken Schultz Danske Bank A/S (MB), -Fonden Realdania (MB),Reputation Institute, New York (MB)Anders Thyge Egeberg 900Henriette R. Bundgaard* 2,100Lars Rosholm* 6,600Executive ManagementKlaus H. Ostenfeld, President, CEO 17,900Keld Sørensen, Executive Vice President, Finance, CFO 1,300Lars-Peter Søbye, Executive Vice President, COO Denmark 7,400Henning H. Therkelsen, Executive Vice President, COO International 17,900(CB) = Chairman of the Board of Directors(MB) = Member of the Board of Directors(MD) = Managing Director(M) = Manager*) Staff representativesNote 27Cash and cash equivalentsGroup31 Dec 31 DecDKK ‘000 2005 2004Securities 183,669 161,457Cash at bank and in hand 238,905 159,418Cash and cash equivalents at 31 December 422,574 320,875Committed undrawn credit facilities at 31 Decembernot including guarantee facilities 197,763 267,266Financial resources at 31 December 620,337 588,14152 53

Statements on the Annual ReportStatement by the Board of Directors and Executive ManagementCompany informationToday, the Board of Directors and theExecutive Management:COWI A/SBoard of DirectorsExecutive ManagementExecutive Management consideredKlaus H. OstenfeldKeld SørensenParallelvej 2Ole Steen Andersen, ChairmanKlaus H. Ostenfeld, President, CEOand approved the Annual ReportPresident, CEOExecutive Vice President, Finance, CFODK-2800 Kongens LyngbyKnud E. Østergaard Hansen,Keld Sørensen,for the fi nancial year 1 January –Tel. +45 45 97 22 11Vice ChairmanExecutive Director, Finance, CFO31 December 2005 of COWI A/S.Lars-Peter SøbyeHenning H. TherkelsenFax +45 45 97 22 12Majken SchultzHenning H. Therkelsen,The Annual Report has been pre-Executive Vice President, COOExecutive Vice President, COOwww.cowi.comHenriette R. BundgaardExecutive Director, COO Internationalpared in accordance with the DanishDenmarkInternationalcowi@cowi.dkAnders Thyge EgebergLars-Peter Søbye,Financial Statements Act. In our opin-Company Registration No.Henrik GürtlerExecutive Director, COO Denmarkion, the accounting policies appliedBoard of Directors:CVR no. (DK) 44 62 35 28Niels Christian Nielsenare appropriate and the accountingOle Steen AndersenKnud E. Østergaard HansenRegistered address: Kongens LyngbyLars Rosholmestimates made are adequate. Fur-ChairmanVice Chairmanthermore, we fi nd the overall presentationof the Annual Report to be trueMajken SchultzHenriette R. Bundgaard*and fair. In our opinion, the AnnualAnders Thyge EgebergHenrik GürtlerReport gives a true and fair view ofNiels Christian NielsenLars Rosholm*AuditingMissionOwnershipthe Group’s and the Parent Compa-PricewaterhouseCoopersCOWI focuses on supplying consul-The share capital amounts to DKKny’s assets, liabilities, equity, fi nancial* Employee representativesStrandvejen 44tancy services within engineering, en-34.75 million, consisting of DKK 20position and results of the Group’sDK-2900 Hellerupvironment and economics and activi-million A shares and DKK 14.75 mil-and the Parent Company’s activitiesTorben Haaning andties that are naturally associated withlion B shares. The A shares carry 10and the Group’s cash fl ows.Jacob F Christiansenthese areas. The Company’s objec-votes for each DKK 100 share,The Annual Report is recommend-tive is to supply consultancy serviceswhereas the B shares carry 1 vote fored for approval by the Annual GeneralAnnual General Meetingof the highest quality according to aneach DKK 100 share. All A shares areMeeting.The Annual General Meeting will beinternational benchmark.owned by the COWI Foundation,held on 20 April 2006 at the Companywhich supports research and devel-Kongens Lyngby, 27 February 2006address.Visionopment within Danish engineering.Auditors’ ReportThe overall objective of the COWIGroup is to be recognised as a leadingconsultancy group in NorthernThe insurance companies SEBTrygg and Danica each owns DKK 4million B shares, the employees ownTo the shareholders of COWI A/Sment. An audit includes examining,Parent Company operations and con-Europe, at the same time as being theDKK 5.57 million, while the COWIWe have audited the Annual Reporton a test basis, evidence supportingsolidated cash fl ows for the fi nancialinternational market leader within se-Foundation owns DKK 0.68 millionof COWI A/S for the fi nancial yearthe amounts and disclosures in theyear 1 January - 31 December 2005lected services.and COWI A/S the remaining DKK 0.51 January - 31 December 2005Annual Report. An audit also includesin accordance with the Danish Finan-million B shares.(pages 6-55), prepared in accord-assessing the accounting policies ap-cial Statements Act.ance with the Danish Financial State-plied and signifi cant estimates madements Act.by Management, as well as evaluatingLyngby, 27 February 2006The Annual Report is the responsi-the overall annual report presentation.bility of Company Management. Our re-We believe that our audit provides aPricewaterhouseCooperssponsibility is to express an opinion onreasonable basis for our opinion.Statsautoriseret Revisionsinteressent-the Annual Report based on our audit.Our audit has not resulted in anyskabqualifi cation.Basis of OpinionTorben HaaningWe conducted our audit in accord-OpinionState Authorised Public Accountantance with Danish Auditing Standards.In our opinion, the Annual ReportThose standards require that we plangives a true and fair view of the fi nan-Jacob F Christiansenand perform the audit to obtain rea-cial position at 31 December 2005 ofState Authorised Public Accountantsonable assurance that the Annualthe Group and the Parent CompanyReport is free of material misstate-and of the results of the Group and54 55

Intellectual Capital Report 2005R&D Manager SuneFrom, chairman ofCOWI’s PartneringNetwork.COWI’sknowledge cycleClients & marketResourcesClients &marketProcessesSales and marketingResultsClientsatisfactionOur most important resource isknowledge. Knowledge representsour intellectual capital, which we manageand develop dynamically atCOWI, tracking and reporting on keyaspects of this asset in our IntellectualCapital Report (ICR). This is the eighthannual ICR to be published in tandemwith our fi nancial annual report. Ourcompetencies and knowledge areaschiefl y comprise highly developedprofessional expertise and socialcompetencies, vested both in our individualemployees and in our corporateculture as a whole. These competenciescannot be measured directly,but come to the fore as the contextdictates. The ICR therefore accountsnot only for our knowledge resourcesOrganisationStaffExternalknowledgeInternalknowledgeStaffCOWI’sworking processesRecruitment& commitmentStaffsatisfactionQualitybut also for our knowledge processesand their results.Our day-to-day corporate activitiescomprise a series of interacting processeswhich provide the frameworkwithin which we deploy our resourcesto execute tasks for clients and providequality, to the satisfaction of clientsand employees alike. Our reputation,which depends on this satisfaction,provides the basis for sales, recruitmentand commitment in our dailywork. This in turn allows us to continuouslygenerate and improve ourknowledge resources, thus creatinga perfect circle. We call this circleCOWI’s knowledge cycle.Network offers good advice on partnering projectsIncreases in COWI’s professional networksover the last year bring thenumber from fi fty-fi ve to fi fty-eight. Allof these networks help to disseminateknowledge and improve effi ciency.One of the networks is Partnering—anew way of collaborating. This networkwas founded two to three yearsago and today comprises 15 employeesprimarily from the buildingsector. COWI has been one of thefrontrunners in the development ofthe partnering model. Since the endof the 90s we have been involved inapproximately 40 large and smallpartnering projects in Denmark.“Partnering is currently very popular,”says R&D Manager Sune From,chairing COWI’s Partnering Network.“The Government’s latest propositionsuggests that public sector clientsshould consider the partnering model,so the parties involved in the project—typically the client, consultant, architectand contractor—will enter anagreement to complete the project asequal partners.”Employees can contact this informalnetwork for advice on sparring, conflict solving and how to go about enteringpartnering agreements. Thenetwork also organises end-of-thedaymeetings, where participantsshare their experiences on partnering.Other networks in COWI includeGoods Transport, EnvironmentalManagement, Activity Planning andGroundwater Protection.Internationalprojects requireall-round talentAround a quarter of COWI’s employeeswith project management experienceare capable of running internationalprojects, but their tasks demandmore than specialist knowledgealone. They must all have the ability toput themselves in other people’sshoes, both socially and culturally.That’s what Head of Department EjgilVeje thinks. Ejgil Veje has managed alarge bridge building project in Indiaplus various tender projects in Chile,China and Pakistan. “You have to beprepared to dine with the client afterwork, and you have to be aware thatthe social codes can vary dependingon the country,” says Ejgil Veje. “Insome countries you have to be toughand business-like, while in others youhave to focus on creating a goodworking atmosphere. Compared tothe culture in Europe, the Far Eastculture probably differs the most; beforeyou can achieve good professionalrelationships you have to buildtrust through good personal relationships.”“The best way to achieve commongoals abroad is through structuredworking processes. This is becausemany of the business meetings are informal,”says Ejgil Veje. In COWI it istherefore customary to let the clientknow in writing how the project will bemanaged, and to provide monthlyprogress reports.Head of Department EjgilVeje has managed varioustender projects abroad.56 57

CLIENTS & MARKETORGANISATIONSTAFFIntellectual Capital Report 2005RESOURCESFinancial year2005 2004 20031 Public clients 40% 49% 47%2 Semi-public clients 9% 8% 9%3 Private clients 42% 32% 34%4 Other clients 9% 10% 10%5 Number of clients 1,634 1,617 1,4946 Projects abroad 32% 31% 34%7 Clients abroad 19% 18% 17%13 Professional networks, number (*) 58 55 5614 Staff participation in professional networks (*) 32% 21% 22%15 “Best practices on the Intranet”, number (*) 1,022 978 96516 Projects/employee, number 18 17 1417 Ongoing projects, number 5,326 4,958 5,01618 Average turnover/employee (DKK ’000) 1,167 1,197 1,14829 Number of employees 1,879 1,923 1,96030 Average age 44.5 44.1 44.031 Length of education, year 6.3 6.3 6.232 Length of education, written down, year 4.1 4.2 4.133 Employees with highest education (PhD, etc). 4.1% 4.0% 4.0%34 Higher education; technical 54% 54% 52%35 Higher education; natural sciences 5% 5% 5%36 Higher education; social sciences 9% 9% 9%37 Other higher education 5% 5% 5%38 Work experience, year 17.2 16.9 16.239 Seniority in COWI, year 10.9 10.6 10.140 Project management capacity, all projects 61% 61% 59%41 Project management capacity, major projects 40% 39% 36%42 Project management capacity, int. projects 26% 25% 25%43 International travelling experience in COWI 25% 23% 22%Clients and market1-4 Share for the year of project manhourcosts by client category. ‘Other clients’includes international organisations,joint ventures, etc5 Number of clients in the year with independentorganisational status—ownCVR number (DK) or VAT number(abroad).6 Share for the year of project manhourcosts spent on projects with location/recipient outside Denmark.7 Share of year’s manhour costs spenton projects for clients abroad.8 Number of external lectures per 100employees during the year.9 Number of publications available to thepublic per 100 employees recordedduring the year.10 Share of clients for the years – brand newor former clients for whom COWI did notwork the previous year. The number refersto the number of clients at the end oflast year.11 Share of clients from last year for whomCOWI has not worked this year (Note 10).12 Number of media exposures (in millions)in the year. The indicator is the sum ofthe number of readers/ listeners/viewersof COWI references in printed and electronicmedia, including TV and radio programmesbut excluding advertising material.Based on summaries from Gallupand InfoMedia.PROCESSESOrganisation13 Number of registered internal professionalnetworks at corporate or businessunit level.14 Share of employees participating in oneor more registered internal professionalnetworks.15 Number of ‘best practices’ accessibleon COWI’s intranet.16 Average number of active externalprojects an employee has worked on inthe year.17 Number of ongoing external projects.18 Average budgeted fee (in DKK 1,000)per project—excl. VAT and reimbursables.Based on active projects in theyear.19 Average share of project activity byeconomists, biologists, etc. on projectswith participation of staff with technicaleducation.20 Average share of project activity byeconomists, engineers, etc. on projectswith participation of staff with naturalsciences education.21 Average share of project activity by engineers,biologists, etc. on projects withparticipation of staff with social scienceseducation.22 Share of COWI Group’s total turnoverinvoiced from or to foreign group andassociated enterprises. Most tradingwithin the COWI Group is with KampsaxFinancial year2005 2004 20038 Lectures/100 employees, number (**) 12 10 179 Professional publications/100 employees,number (*) 9 7 1219 Inter-disc. cooperation; technical 15% 15% 16%20 Inter-disc. cooperation; natural sciences 51% 51% 51%21 Inter-disc. cooperation; social sciences. 45% 48% 46%22 Trade within COWI Group (*) 8.6% 11.4% 12.9%23 Staff exchange within COWI Group 0.2% 0.3% 0.5%24 Long-term postings 7.9% 7.3% 7.9%25 Development activity, externally financed 6.3% 7.0% 5.8%26 Development activity, internally financed 1.0% 1.0% 0.9%44 Supplementary education (*) 0.8% 0.6% 0.6%45 Travelling activities abroad 6.8% 7.0% 6.0%A/S and associated enterprises. Apartfrom Indicator recorded as of30.09.2005.23 Share of employees posted to a foreigngroup or associated enterprise in theCOWI Group or vice versa.24 Share of employees with long-termpostings to a foreign group or associatedenterprises in the COWI Group, permanentCOWI offi ces or project offi cesabroad.25-26 Overall development activity on externaland internal projects compared with totalproject activity.27 Number of internal and external qualityaudits per 100 employees.28 Share of turnover used for correctingexternal errors and omissions in theyear—i.e. errors and omissions discoveredafter project approval.Staff29-30 Number of employees and their averageage.31 Average offi cial duration of educationfollowing secondary school.32 Average offi cial length of educationwritten down to 50% of initial value after35 years.33 Share of employees with highest levelof education—PhD, doctorate or MBA/MPA in addition to MSc.RESULTS34-37 Share of employees with higher educationin technical disciplines, naturalsciences or social sciences as well asother higher educations (BSc or MSc).38 Average employee work experiencesince end of formal education.39 Average staff seniority in COWI.40 Share of employees with project managementexperience in COWI.41 Share of employees with project managementexperience in COWI projectsof a value greater than DKK 1 million.42 Share of employees with project managementexperience in internationalCOWI projects.43 Average foreign travelling experiencesince being employed by COWI. 100%is reached at 200 travel days.44 Share of supplementary education ortraining activity (courses, conferences,etc.) of total fi xed working hours.45 Share of fi xed working hours used ontravel days abroad. Basis: 220 fi xedworking days per full-time employeeper year.46-47 Infl ow and outfl ow of employees in theyear compared with number of employeesby the end of the accountingyear, incl. project employed staff.48 Staff satisfaction index based onweighted average of answers in staffsurvey. The index was reached byAccounts2005 2004 200310 Client inflow (**) 30% 21% 13%11 Client outflow (**) 20% 13% 21%12 Media exposure, millions, number (**) n/a 185 12027 QA audits/100 employees, no. (**) 4.6 4.4 4.128 Costs attributed to external errors (**) 0.4% 0.2% 0.1%46 Staff inflow (**) 11% 11% 12%47 Staff outflow (**) 13% 13% 12%48 Staff satisfaction index (*) n/a 67.8% n/a49 Sick leave 2.5% 2.5% 2.2%50 Staff owning COWI shares (*) 42% 45% 46%51 Engineering students’ preferredplace of work, rank. (*) n/a 7/2 n/a52 Business students’ preferred place ofwork, rank (*) n/a 42/9 n/a53 Employee flexibility 6% n/a 6%54 Company flexibility 6% n/a 6%weighting satisfaction against importanceof a particular issue. In 2005, thesatisfaction index was not measured.49 Share of sick leave of the total fi xedworking hours. Maternity leave andchild’s fi rst day of illness not included.50 Share of current staff owning COWIshares.51 COWI’s ranking by engineering studentsas preferred workplace accordingto Universum survey. No. overall/consultants. Not recorded in 2005.52 COWI’s ranking by students at businesscolleges and social sciences aspreferred workplace according to Universumsurvey. No. overall/consultants.Not recorded in 2005..53 Working hours over and above thestandard number of hours in relation tothe daily norm. Every individual day ofthe settlement period is analysed.54 Working hours below the standardnumber of hours in relation to the dailynorm. Every individual day of the settlementperiod is analysed.GeneralA. Unless otherwise specifi ed, fi gures areas per end of accounting period.B. Units are given in tables, with name ofindicator or in the specifi c indicator note.Accounting policyC. The Intellectual Capital Report is for theparent company COWI A/S.D. The accounting period follows the fi nancialyear – 1 January to 31 December.E. In 2003, the accounting period coveredeight months. To facilitate comparisonwith previous 12-month account periods,a number of indicators—marked(**)—have been extrapolated with factor1.5.F. The ICR is designed in the same manneras that for 2004, i.e. according tolegal entities, staff, clients and companies,and according to what we possess(resources), what we do (processes)and the effect of what has beendone (results).G. All clients, projects and staff with acontractual relationship with COWI areincluded, irrespective of geographicallocation or form of contract, excludingstaff at local offi ces outside DenmarkH. Apart from those marked (*), indicatorsare based on transaction informationon clients, projects and staff in COWI’scentral administrative systems.I. A few indicators have been adjustedand/or redefi ned relative to 2003. Toenable comparison, these indicatorshave been recalculated for 2002/2003and 2003. Exceptions to this are statedin the relevant notes.J. Data is collected and consolidated for aperiod after the end of the accountingyear, after which the ICR is closed. Thelast indicators as of 10 February 2005.K. The ICR includes post-entries for the2004 accounting period. Transactionsfor 2005, which have not been recognised,will be post-entered in 2006.L. The data basis is consistent with the fi -nancial accounts.M. The ICR published externally is consistentwith the internal ICR at department,division and company level.N. The ICR has not been audited externally.All defi nitions, calculations and resultshave been documented for administrativeuse.(*) See Note H(**) See Note E58 59

Engineering skills and modernsocio-economic analysesCOWI provides 33 consultancy serviceswithin six business areasCOWI’s consultancy services arebased on the three Es: Engineering,In the 1970s, our services expandedinto traffi c planning and the environ-national borders and educationalbackgrounds, and collaborate effort-COWI’s servicesEnvironmental Science and Econom-ment. In the 1980s, we added sociallessly on multidisciplinary projects.ics. Although engineering remains themain component of the majority ofour services, economics and the environmentnow play a highly signifi -cant role for the business, somethingwhich is unique in our sector.COWI’s consultancy services areextensive: from classical engineeringthrough the environment to modernsocio-economic analyses. These arethe skills we bring to bear when weprovide consultancy on socio-eco-sciences to our portfolio. This wasnew and innovative thinking, an approachwhich has characterised thehistory of our policy. Most recently,we have expanded into geographicalinformation and mapping. We offerour members of staff the opportunityto develop professionally, culturallyand linguistically in other countries.We are well known for developinggroundbreaking strategies, and weapply the latest research from aroundThis means that our clients benefi tfrom high quality services at affordableprices, and that responsibility forresolving a problem, however complexit may be, resides in one place.33 servicesBased around Engineering, EnvironmentalScience and Economics we offer33 services within six businessareas: Nature, Society, Transport,Buildings, Industry and Utilities. All• Welfare economics and services• Public administration• Social development and HRDEconomics• Development assistance• Urban and regional development• Environmental and social due diligence• Geographical information systems and IT• Mapping• Energy planning and systems• Environmental policy and regulation• Natural resources management• Environmental protectionEnvironmental science• Health, safety andenvironmentnomic infrastructure: How do we com-the world.services have one thing in common:plete the project, what consequencesthey must be of the highest possibledoes it have for the environment, andInterdisciplinary strengthsquality, by national as well as interna-what will it cost to implement?When COWI’s skills complement eachother, we create synergy and total so-tional standards. Our daily “quest forquality” is so important that it is writtenEngineeringInternational profileAs early as the 1930s, COWI’s founder,Christen Ostenfeld, was acquiringengineering knowledge from abroad.COWI’s six business areasNatureNature in focus. We provide consultancyon the management of naturalresources, environmental policy andlutions for our clients.Our strength lies in our extensive,shared network. We understand eachother across diverse areas of work,TransportFrom planning to completed infrastructure.We provide consultancy ontransport planning and management,into the company’s mission statement.UtilitiesEffi cient utilities and better operation.We provide consultancy on waste,water and wastewater, energy plan-• Transportplanning andmanagement• Cadastre and landadministrationCOWI currently provides 33services based on Engineering,Environmental scienceand Economics.• Residential buildings• Educational buildings• Hospitals and healthbuildings• Cultural and sports buildings• Industrial buildings• Commercial buildings• Roads• Airports• Railways and metros• Tunnels• Bridges• Ports and marine structures• Telecommunications• Municipal and hazardous waste• Water and wastewater• Production andprocess plants• Oil and gas• Coastal engineeringregulation, environmental protectionroads, airports, railways and metros,ning and systems and telecommuni-and coastal engineering.tunnels, bridges, ports and marinecations.structures.SocietyIndustryMapping along with planning and de-BuildingsDevelopment and production optimi-velopment at the community level. WeThe construction process from idea tosation. We are the industry’s partnerprovide consultancy on welfare eco-operation. We provide consultancy onfrom concept to operation, as well asnomics and services, public adminis-residential buildings, educationalduring acquisition, disposal and de-tration, social development and HRD,buildings, hospitals and health servicecommissioning. We provide consul-urban and regional development, de-buildings, cultural and sports buildingstancy on industrial buildings, produc-velopment assistance, cadastre andas well as commercial buildings.tion and processing plants, oil andland administration, geographical in-gas, the environment, working envi-formation systems and IT as well asronment and health and safety, and onmapping.environmental and social due diligence.60 61

SubsidiariesBelgium NorwayBulgaria RussiaGermany SerbiaHungary SpainLatvia SwedenLithuania TurkeyProject officesSerbiaSwedenThe Czech RepublicSubsidiariesCanadaUSAEl SalvadorOfficesLyngbyEsbjergHolstebroKoldingOdenseSilkeborgSvendborgVejleViborgÅrhusAabenraaAalborgSubsidiariesUgandaTanzaniaZambiaProject officesBeninBurkina FasoEgyptGhanaMozambiqueSubsidiariesBahrainOmanProject officesIranKuwaitOmanQatarSubsidiariesChinaIndiaKoreaProject officesChinaHong KongIndiaIndonesiaKoreaMalaysiaTaiwanThailandVietnamCOWI worldwide

COWI’s organisational group structureCOWI Group 31 December 2005DK-regionsEconomics and ManagementMUUSMANN; COWI Moscow; COWI Group Belgium;COWI Hungary; COWI Belgrade; COWI AnadoluEmployees COWIfoundation SEB Trygg Liv og DanicaB-shares A-shares B-sharesDevelopment PlanningCOWI Uganda Ltd.; COWI Zambia LimitedBoard of DirectorsWater and EnvironmentCOWI Latvia SIADanish OfficesOffices abroadExecutive BoardGeographical Informationand ITRailways, Roads and AirportsKampsax India; Caribersa, Spain;COWI AB, Sweden; COWI de El Salvador SA de CVCOWI TanzaniaLyngby (head office)EsbjergHolstebroKoldingOdenseSilkeborgSvendborgVejleViborgÅrhusAabenraaAalborgKuwaitKoreaNorwayQatarCentral ServicesBridge, Tunnel andMarine StructuresBen C. Gerwick; COWI Korea;Buckland & TaylorBuilding and OperationWholly and partly owned companiesIndustry and EnergyCOWI Consulting Beijing Co. Ltd.COWI ASOslo, Norway (100%)COWI AnadoluAnkara, Turkey (100%)CAT Alliance Ltd.London, England (33,3%)COWI NorwayInterconsult BulgariaHjellnes COWI ASOslo, Norway (70%)COWI-ALMOAYED GULF W.L.L.Manama, Bahrain (49%)Covitecma S.A.Madrid, Spain (25%)SubsidiariesHjellnes COWICOWI ABGothenburg, Sweden (100%)COWI & Partners LLCRuwi, Oman (65%)IC BulgariaSofia, Bulgaria (50%)Regions:North JutlandMid JutlandSouth JutlandFunenCOWI Almoayed GulfETCCOWI BalticETC Transport Consultants GmbHBerlin, Germany (100%)SIA COWI LatviaRiga, Latvia (100%)UAB COWI Baltic ConsultingEngineers and PlannersVilnius, Lithuania (100%)COWI Uganda Ltd.Kampala, Uganda (100%)COWI Consulting Engineers andPlanners Ltd.Dar-es-Salaam, Tanzania (100%)COWI Zambia LimitedLusaka, Zambia (100%)Norsas ASOslo, Norway (100%)BRUUN & SØRENSENENERGITEKNIK AS(100%)COMAR Engineers A/S(100%)Moscow Representative Office ofCOWIconsult International Ltd.Moscow, Russia (100%)COWI Hungary Ltd.Budapest, Hungary (100%)COWI Belgrade Ltd.Belgrade, Serbia (100%)COWI Belgium SPRLBrussels, Belgium (100%)Kampsax International SPRLBrussels, Belgium (100%)Caribersa S.L. & Eurocarto S.A.Madrid, Spain (100%)Kampsax India Private LimitedNew Delhi, India (76%)COWI Consulting (Beijing) Ltd. Co.Beijing, China (100%)COWI Korea Co., Ltd.Seoul, Korea (60%)Buckland & Taylor Ltd.Vancouver, Canada (100%)Ben C. Gerwick, Inc.San Francisco, USA (94,5%)COWI de El Salvador, S.A. de C.V.San Salvador, El Salvador (100%)DANPORT The Danish PortConsultancy Group(100%)KX A/S(100%)MATCON RådgivendeIngeniørfirma A/S(100%)Studstrup & Østgaard A/SRådgivende Ingeniørfirma(100%)MUUSMANN A/SResearch & Consulting(100%)64 65

Ole Steen Andersen,ChairmanKlaus H. Ostenfeld,President, CEOCOWI’s managementBoard of DirectorsAnders Thyge EgebergKnud Østergaard Hansen,Vice ChairmanNiels Christian NielsenExecutive BoardHenning H. Therkelsen,Executive Vice President,COO InternationalLars-Peter Søbye,Executive Vice President,COO DenmarkKeld Sørensen,Executive Vice President,Finance, CFOHenrik GürtlerMajken SchultzLars Rosholm,Staff RepresentativeHenriette Bundgaard,Staff Representative66 67

Stig P. Christensen,Vice President,Economics and ManagementTorben Søgaard Jensen,Regional Director,North JutlandVice presidentsMogens Heering,Vice President,Water and EnvironmentJan M. Kieler,Vice President,Development PlanningRasmus Ødum,Vice President,Geographical Informationand ITRegional directors in DenmarkErvin Nordahl Haukrogh,Regional Director,Mid JutlandHenrik Theilgaard,Regional Director, FunenJohn Dyrlund,Regional Director,South JutlandPeter Hostrup Rasmussen,Vice President,Railways, Roadsand AirportsHenrik Rossen,Vice President,Building and OperationAnton Petersen,Vice President, Bridge,Tunnel and Marine StructuresBirgitte Brinch Madsen,Vice President,Industry and EnergyHenrik Dalsgaard,Christian Nørgaard Madsen,68Managing Director,Vice President,69COWI Consulting (Beijing)COWI NorwayLtd. Co., ChinaSubsidiaries and offi ces abroad - managementAnthony J. Carpenter,General Manager,COWI-ALMOAYEDGULF W.L.L., BahrainRobert Bittner, President,Ben C. Gerwick Inc.,USAJens Christoffersen,Managing Director,COWI Consulting Engineersand Planners Ltd., Tanzania

Subsidiaries and offi ces abroad - managementMerih KeresteciogluManaging Director,COWI Anadolu, TurkeyMan Seop Lee,Managing Director,COWI Korea Co., Ltd.,KoreaBarbro Sørlid Engh,Managing Director,Norsas AS, NorwayAndrius Koncius,Managing Director,UAB COWI Baltic,LithuaniaMirko Radovanac,Managing Director,COWI Belgrade Ltd.,SerbiaIvar O. Schjetlein,Managing Director,Hjellnes COWI AS,NorwayPierre de Rancourt,Managing Director,Kampsax India PrivateLimited, IndiaSergey Stepanischev,Managing Director,Moscow Representative Officeof COWIconsult InternationalLtd., RussiaZsuzanna Lehoczki,Managing Director,COWI Hungary Ltd.,HungaryJorge Torrejon, President,Buckland & Taylor Ltd.,CanadaMichael Lorentzen,General Manager,COWI Belgium SPRL,BelgiumJacob Ulrich,Managing Director, COWIZambia Limited, ZambiaMarco G. Malpiedi,Managing Director,SIA COWI Latvia, LatviaMarcus J. Wattam,Managing Director,COWI Uganda Ltd., UgandaJuan Antonio Martínez,Managing Director,Caribersa S.L., SpainRaphael Zayat,Managing Director,Kampsax InternationalSPRL, Belgium70Rainer Obst,Managing Director,ETC Transport ConsultantsGmbH, Germany71

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