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									   Annual General Meeting of Shareholders




De Bilt
18 May 2010




                                            1
   Agenda item 1


Opening

Frank L.V. Meysman
Chairman of the Supervisory
Board Grontmij N.V. /
Voorzitter Raad van
Commissarissen Grontmij N.V.




                               2
   Agenda item 2


Presentation Executive Board /
Presentatie Raad van Bestuur

Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.

Mel Zuydam
CFO Grontmij N.V.



                                 3
    Agenda item 2


Presentation Executive Board /
Presentatie Raad van Bestuur

• Grontmij Strategic Overview /
  Grontmij Strategisch Overzicht
• Results 2009 Headlines /
  Resultaten 2009 in hoofdlijnen
• Results Q1 2010 /
  Resultaten 1e kwartaal 2010
• Outlook


                                   4
   Grontmij Strategic Overview /
   Grontmij Strategisch Overzicht



Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.




                                    5
            Grontmij: a Strong European Network /
            Grontmij: een sterk Europees Netwerk
•     Strong European regional network
•     150 offices in Europe
•     20 offices RoW*
•     3 Business Lines
       – Planning & Design
       – Transportation & Mobility
       – Water & Energy
•     8,000 people
•     25,000 projects a year
•     Principle regions:
       – Nordic
       – Benelux
       – UK, Central & Eastern Europe
       – RoW*
* RoW: rest of the World




                                                    6
     Services & Competences


• Project definition   • Program              • Technical specs      • Supervision       • Maintenance
                         management                                                        scheme
• Conceptual design                           • Engineering          • Quantity survey
                       • Design                                                          • Monitoring &
• Functional                                  • Detail engineering   • Construction
                         management                                                        control
  program                                                              management
                                              • Work drawings
                       • Project                                                         • Facility
• Feasibility study                                                  • (Turn-key)
                         management           • Calculations                               management
                                                                       contract
• Investment plan
                       • Financial, organi-   • Samples, surveys       management
                         sational and legal
                                              • Data
                         management
                         support


   Consultancy               Project                                                            Asset
                                                   Engineering            Contracting
    & Design               Management                                                        Management




                                                                                                          7
              Roles

                                                             Client



                                        Designer                                Contractor



         Architect               Consult / Engineer                        Consult / Engineer                           Subcontractor




                                                                                     Product                                    Sub-
                                                                                                   Materials   Installation                Labour
                                                                                     supplier                                 contractor




Feasability                                       Project                                                                              Use &
               Basic Design   Detailed Design                         Tender / Bid              Award           Realisation
 + Spec                                         Management                                                                           Maintenance




                                                                                                                                      8
Our Organisation




                   9
Our Group Executive Committee


                     •   Sylvo Thijsen
                         Chief Executive Officer
                     •   Mel Zuydam
                         Chief Financial Officer

                     •   Gert Dral
                         Group Director Planning & Design

                     •   Ulf Palmblad
                         Group Director Transportation &
                         Mobility

                     •   Lawrence Hughes
                         Group Director Water & Energy




                                                   10
   Development of Financial &
   Operational Strategy for Growth 2010 - 2015




Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.




                                            11
                    Strategy timeline

   Our       1913                                                1985                     2000 2006               2015

 people       1                                                  1237                     4130 8000



Revenue
 (x 1,000)
                     • Invest in of IHN, BnS, Morzeck
                     Acquisitionreal & focus on business lines
                     Europeanising estate
                     Strategic Review                                                                     844

                     • Full service concept
                        Waste on cons.
                        Focus operation
                       Invest in Europe eng.                                                                800
                     • Specialize Water &( Energymln )
                        Building services > 150
                        Divest real estate
                     • > 65 % inconnections global networks
                        Invest Internalisation Carl activities
                       Start-upprofits from non-core Bro 2006
                                                                                            511
                                                                                         472

                                                                                                   435


                                                                                 242
                                              1913 – 2000                                         2000 – 2015
                                              1st € 500 mln              125                      next € 1 bln
                                                                  90




                                                                  1985


                                                                          1991

                                                                                  1995

                                                                                          2000
                                                                                          2001
                                                                                                   2005
                                                                                                          2008
                                                                                                          2009
                                                                                                          2010

                                                                                                                  2015
             1913




                                                                                                            12
          Strategic Concept Green by Design


                      Urbanisation & Industrialisation


Deliver
technical                                                  Improve
services and      Planning      Transportation    Water    clients
organisational        &               &             &      performance
capabilities in    Design          Mobility       Energy   sustainable
3 business                                                 value
lines




                             Natural Resources




                                                                13
Financial Goals


 Our long-term goals are ambitious; they translate into clear financial
 objectives:




                                                                          14
Trends

Planning & Design
• 84% of Europeans will live in urban areas
• 40% of all energy is used by buildings
• 30% of people > 65 years in 2050
Transportation & Mobility
• 97% dependence of transport on fossil fuels
• 25% of all urban trips is public transport
• 20% increase transport in EU by 2020
Water & Energy
• 60% of European cities > 100,000 people use more groundwater than
  replenished
• 40% (2.6 billion people) don’t have access to sanitation
• 80% reduction of GHG emission of developed countries by 2050


                                                                15
Major regions impacting economic
development in Europe




                                   16
     Changing Market Requirements

                                 Seamless cooperation

From                                          To
“Squeezed in the middle”                      Partnership based approach to stakeholders



                                                              Technical
                                                             consultants

 Architects
                Technical
 or advisors                 Contractors
               consultants
 to clients                                           Architects
                                                      or advisors   Contractors
                                                       to clients




                                                                                  17
     Changing Market Requirements (2)

                       Value added consulting

From                                 To




                                                            Indoor climate


                                                                             Energy efficient design


                                                                                                       Safety


                                                                                                                Life cycle costing
Structural Design                    Structural Design




Electrical                           Electrical




Heating + Sanitation                 Heating + Sanitation




                                                            Sustainable design




                                                                                                                        18
   Changing Market Requirements (3)

                           Life cycle perspective

From                                     To




                         Operational /                                   Operational /
  Pre-project   Design                     Pre-project       Design
                         maintenance                                     maintenance


                                         Life cycle / maintenance / relationship focus




                                                                                  19
    Changing Market Requirements (4)

                               Internationalisation

Consulting and Planning                     Design
• Customers increasingly require            • Large / complex projects often
  international cooperation and/or            requiring international experience
  experience
                                            • Large / complex projects will attract
                                              international bidders




                                                                                20
Business Lines


          Planning                           Transportation                               Water
          & Design                             & Mobility                                & Energy




Bispebjerg Bakke, Copenhagen, Denmark   Lightrail, Zoetermeer, the Netherlands   SHARON, New York, USA




                                                                                                         21
22
 Shanghai World Expo 2010, China


„Better city – Better life‟

Today His Royal Highness Prince
Willem Alexander visits the
Shanghai World Expo

Grontmij is participating also with
its own event in the ‘Holland Pavilion’
on 15 & 16 July




                                          23
Some projects in China




                         24
Dance and Music Centre, The Hague,
the Netherlands




                                     25
26
27
28
Corporate Social Responsibility /
Duurzaam ondernemen




GRI standards used for 25 key indicators that drive performance improvement:
•   Reducing energy use across the group
•   Cutting back transportation emissions
•   Our aspiration is to be carbon neutral by 2013



                                                                               29
   Corporate Social Responsibility /
   Duurzaam ondernemen


GRI standard disclosures
            -
   key environmental
 performance indicators
         2009




                                       30
2009: Highlights

                   • Revenue € 800 million
                      – 5% down (3% organic, 2% currency)
                   • Operating profit € 45 million (2008: € 53 million)
                      – Excl. EAI’s, restructuring
                   • Net profit € 20.4 million (2008: € 38.8 million)
                      – After € 11.7 million restructuring
                   • Cashflow € 52.3 million (2008: € 34.5 million)
                      – 104% profit conversion to cash
                   • Cost reduction plan
                      – Being implemented, fully provided 2009
                   • Customers
                      – New business lines in operation
                   • Dividend €1.00 per share stock or cash (2008: € 1.15)



                                                                        31
         Market & Strategy: diversified portfolio



          Business Lines                             Regions                               Clients
        Total Revenue 2009                      Total Revenue 2009                Total Revenue 2009



    Water & Energy          Planning & Design    UK, CEE    Nordic   Private-sector    Utilities   Public-sector National
                                                                      International
              28%                                    21%                                 16%       16%
                             47%                            32%                   6%
                                                                                                         24%
                 25%                                 47%                                  38%

                                                                                                                    Public-sector
                                                                                                                    local
Transportation & Mobility                         Benelux                    Private-sector National




                                                                                                               33
                                                                                                               32
   Market conditions - remain challenging
   Forward order book improved


                            Planning   Transportation    Water
                            & Design      & Mobility    & Energy

             Denmark
                                                                    Energy/
Nordic
             Sweden                                                 Industry poor



             Belgium
Benelux                                                             Building poor
          the Netherlands


               UK                                                   UK Water
                                                                    frameworks
UK, CEE      Germany                                                encouraging
                                                                    Transportation
                CE                                                   strong


               RoW

                                                             Good    OK        Poor




                                                                          33
   Results 2009: Headlines /
   Resultaten 2009: kernpunten




Mel Zuydam
CFO Grontmij N.V.




                                 34
Profitability & Liquidity Drivers


 •   Gross Margin: - Net Revenue less Direct Costs
      – Price
      – Productivity

 •   Efficiency: - Indirect Overheads
      – Economies of scale
      – Financial & cost control

 •   Liquidity: - EBITDA: Cash Conversion
      – Working capital management
      – Cashflow management
      – Further non core divestments


                                                     35
         2009: A platform for long term growth


                          Full year results
                  €m            2009         2008          2007       •   Margins - Efficiency - Cash
     Total revenue               800          844          773        •   Underlying EBITA and Profit after tax
    Gross Margin*                151          158          136            in line with expectations
                 % TR           18.9%        18.7%         17.6%

            EBITDA*               56           64            51       •   Non-recurring restructuring costs of
              EBITA*              45           53            39           € 4.5 million, and further provisions of
    Profit after Tax            20.4         38.8          32.7           € 7.2 million - total € 11.7 million
  Working Capital                171          183          194        •   Strong cash performance resulting in
            Net Debt              -75          -87           -83          reduced working capital and net debt
*Before non-recurring restructuring costs of € -11.7 million
(2008: € -0.1 million), profits from EAI € 2.7 million (2008:
€ 4.5 million) & profit from divestment of EAI € 5.3 million (2008:
€ 8.2 million).




                                                                                                          36
             2009 - Consolidated income statement
                          Full year results
                   €m           2009         2008          2007
     Total revenue               800          844          773
       Net revenue               630          664          598        • Revenues declined 5% at net revenue level
    Gross Margin*                151          158          136
                 % TR           18.9%        18.7%         17.6%
                                                                      • Gross Margin maintained (revenue less direct
            EBITDA*             56.0           64               51
              EBITA*            44.7           53               39
                                                                        costs)
                 % TR            5.6%          6.3%         5.0%

               EAI               2.7           4.5         14.5       • Share of profits from EAI € 2.7 million, down
        Divestment
   Adjusted EBITA
                                 5.3
                                52.7
                                               8.2
                                               65
                                                            1.1
                                                                54
                                                                        € 1.8 million
                 % TR            6.6%          7.7%         7.0%
                 % NR            8.4%          9.8%         9.0%      • Restructuring costs € 11.7 million
      Amortisation               -7.7          -6.9         -6.1
             EBIT               45.0            58           48
                                                                      • Increased tax rate 27% (2008: 24%)
     Restructuring              -11.7          -0.1         -
             Interest            -5.3          -7.5         -6.0
           Taxation              -7.6        -12.0          -9.3
         Effective rate           27%          24%          22%
    Profit after Tax            20.4         38.8          32.7
*Before non-recurring restructuring costs of € -11.7 million
(2008: € -0.1 million), profits from EAI € 2.7 million (2008:
€ 4.5 million) & profit from divestment of EAI € 5.3 million (2008:
€ 8.2 million).




                                                                                                                 37
     Country profitability analysis
                                         Nordic region                                          Benelux region                                  UK, Central & Eastern EU
          (in € million)
                                   Denmark                 Sweden                     Belgium                      Netherlands          Germany/Poland     UK/IRL
                             AC      AC    AC      AC        AC   AC          AC        AC     AC          AC         AC       AC       AC    AC     AC AC  AC    AC
Income statement            2009    2008 2007     2009      2008 2007        2009      2008   2007        2009       2008     2007     2009 2008 2007 2009 2008 2007


               Total revenue 164 171      150       78        89     96        55        58       53       324         332      312     67        66      51       93      115      86
                Net revenue 125 127       113       67        75     80        50        53       50       247         248      231     54        53      45       84      102      74
               Other income -        0        0        1         1       1        0         0         0        0           1      3         1         1       0    -       -
                       EBITA   11   11        9        7         7       7        3         3         3     20          17       11         8         9       3        5       9        7
                        % TR 6.4% 6.3%    6.1%    9.5% 8.0% 7.5%             5.5%      5.5%      5.9%     6.1%        5.0%      3.7% 11.3% 12.9% 6.7% 4.9%                 8.1% 8.4%
                        % NR 8.4% 8.5%    8.2% 11.1% 9.5% 9.0%               6.0%      6.0%      6.3%     7.9%        6.7%      4.9% 14.1% 16.2% 7.6% 5.5%                 9.1% 9.7%


    Restructuring costs -0.20        -            -0.30      -                -         -                  -           -                -         -               -2.60    -
 Restructuring provision -1.10       -             -         -               -0.60      -                 -4.10        -               -0.20      -                -       -
            Result of EAI -          -    -        -         -       -       2.40      2.20      2.30     0.70        2.50     12.20    -         -       -        -       -        -
  Result from sale of EAI -          -    -        -         -       -        -         -         -       5.30        8.20      1.10    -         -       -        -       -        -


            Adjusted EBITA    9   11          9        7         7       7        5         5         5     22          27       25         7         9       3        2       9        7
                      % TR 5.6% 6.3%      6.1%    9.1% 8.0% 7.5%             8.8%      9.2% 10.2%         6.6%        8.2%      7.9% 11.0% 12.9% 6.7% 2.1%                 8.1% 8.4%
                      % NR 7.3% 8.5%      8.2% 10.7% 9.5% 9.0%               9.5% 10.2% 10.9%             8.7% 11.0%           10.7% 13.7% 16.2% 7.6% 2.4%                 9.1% 9.7%



      •         Nordic region   stable in 2009, with some restructuring
      •         Benelux region  decline in 2009, with significant restructuring
      •         UK CEE region  decline in UK, profitability maintained CEE


                                                                                                                                                                               38
        Consolidated balance sheet extract


                                                               • Intangible assets & Goodwill
                           Balance sheet extract 31 December
                                                                   – No material acquisitions in year
                             €m    2009      2008      2007
                                                                   – Amortisation offset by software
    Intangible assets & Goodwill    200       202       169          acquisition & currency differences
Work in progress and inventories     32        43        51
                                                               • Focus on billing and collection
              Trade Receivables     139       141       143
                                                                  – € 13 million reduction in working
                       Net Debt      -75       -87       -83
                                                                    capital
                           Cash      30        29        34
                                                               • Net Debt reduction of € 12 million
                                                               • Strong cash conversion




                                                                                                 39
                  Strong underlying EBITDA: CASH conversion



  Cash Management                                       €m                  2009          2008             2007

  EBITDA *                                                                    56.0           64.0           50.7
  Net cashflow from operating activities                                      52.3           34.5           29.2
  Less:
  Dividends from equity accounted investees                                    -2.8          -5.8          -17.1
                                                                                                                      • Conversion of underlying EBITDA
  Plus:
  Restructuring costs                                                           4.5              0.1        -
                                                                                                                         – From 53%, to 74% to 104%
  Restructuring provisions                                                     -7.2          -              -
  Interest paid                                                                 5.0           6.7               5.4
  Income tax paid                                                               6.2          12.1               9.4
  Adjusted net cashflow from operating activities                             58.1           47.6           26.9

  Operating cash conversion                                                 104%            74%             53%
*Before non-recurring restructuring costs of € -11.7 million (2008: € -0.1 million), profits from EAI
€ 2.7 million (2008: € 4.5 million) & profit from divestment of EAI € 5.3 million (2008: € 8.2 million).




                                                                                                                                                40
           Strong underlying EPS


   Earnings per share                      2009           2008
                                             €               €        • Basic EPS reduced
   Basic                                    1.14            2.16         – Largely due to non-recurring
   Adjusted**                               1.78            1.84           restructuring
   Proposed dividend                        1.00            1.15      • Adjusted EPS only reduced by 3%
   Basic payout ratio                       88%              53%
                                                                      • Proposed dividend:
   Adjusted payout ratio                    56%              62%
                                                                         – € 1.00 per share stock or cash
** Before results from equity accounted investees, amortisation and
restructuring costs




                                                                                                   41
   Dividend and Earnings per share - trend
   Remains at high level




                                                        Dividend per share in €    Earnings per share in €

                                                                      2.16
                                                 1.84

                                  1.31
                                                                                          1.14
                                         1.10                1.15
                   0.81                                                           1.00
                          0.75
           0.53




            2005           2006           2007                 2008                2009

Solvency    27.6           26.0           26.4                 27.7                28.2




                                                                                                   42
    Strategy 2010 – 2015:
    Organic revenue growth, increase of profitability and
    acquisitions
•    Cross selling
      – Leveraging customer knowledge, references, skills and expertise across
        geographical borders
      – Increasing focus on high margin projects and the growth markets of
        water, energy and mobility
      – Benefit from vendor reduction trend in multinational clients
•    Operational excellence, cost reductions and cash conversion
      – Lower working capital & improved treasury management
      – Execution of cost reduction program announced Q3 2009 (cost savings
        € 3-5 mln in 2010)
      – Standardised operation & governance models i.e. ICT and risk
•    Acquisitions
      – Strengthening the position in water, energy and mobility and relatively
        fast growing regions such as Central & Eastern Europe


                                                                       43
         Results Q1 / Resultaten 1e kwartaal 2010

First Quarter - Highlights                                                           • Revenue 11% down, of which
Consolidated Group Profit & Loss and Balance Sheet extract                            9% organic, 2% currency
                                €m                    2010                  2009
                 Total revenue                         185                  208      • Underlying EBITA down 20%
                Gross Margin*                              33                 38      (Q4’09 21%)
                         EBITDA*                           11                 13
                           EBITA*                           8                 10     • Profit after tax €3.7m equals Q1
                   % total revenue                     4.3%                  4.8%
                                                                                      2009 before profit from
                     Divestment                        -                     5.2
                                                                                      divestment
                Profit after Tax                           3.7               8.9
              Working Capital
                        Net Debt
                                                       184
                                                       -107
                                                                            189
                                                                              -91
                                                                                     • Strong 2009 year end cash
*Before non-recurring restructuring costs of € -1.0 million (2009: nil), profits      collection leads to lower
from EAI € 0.6 million (2009: € 0.4 million) & profit from divestment of EAI € nil    operating cash in Q1 2010
(2009: € 5.2 million).




                                                                                                                44
                Results Q1 / Resultaten 1e kwartaal 2010

               First Quarter - Profit & Loss account
                            €m               2010                        2009
             Total revenue                    185                        208                • Small increase in core EAI
               Net revenue                    154                        167
            Gross Margin*                       33
                                             17.8%                      18.4%
                                                                              38
                                                                                            • Reduced amortisation
                    EBITDA*                  10.7                       13.3
                      EBITA*
                          % TR
                                               8.0
                                               4.3%
                                                                        10.0
                                                                          4.8%
                                                                                            • Some further restructuring in UK, NL & DK
                       EAI                     0.6                        0.4
                Divestment                     -                          5.2
                                                                                            • Lower interest cost
          Adjusted EBITA                       8.6                      15.6

                                                                                            • Effective rate of tax maintained
              Amortisation                     -1.7                      -1.9
                     EBIT                      6.9                      13.7
             Restructuring                     -1.0                       -
                      Interest                 -0.8                       -1.5
                    Taxation                   -1.4                       -3.3
                 Effective rate               -27%                       -27%
           Profit after Tax                    3.7                        8.9

*Before non-recurring restructuring costs of € -1.0 million(09:€nil), profits from EAI
€ 0.6 million (2009: € 0.4 million) & profit from divestment € nil (2009: € 5.2 million).




                                                                                                                                 45
   Outlook




Sylvo Thijsen
CEO / Voorzitter Raad van
Bestuur Grontmij N.V.




                            46
Outlook 2010 (Reiterated March 2010)


 •   No recovery building market, transportation good
 •   Encouraging UK Water AMP5 activity
 •   No material profits from divestments of EAI
 •   Cost reduction benefits in HY2 2010: € 3-5 million
 •   Focus on cash & transparency to continue
 •   Early signs of forward order improvement; new approach
     at HY 10: rolling 3 month forward order book
 •   First comparatives at HY 10, together with update on expectations
     for FY 2010




                                                                    47
A platform for long term growth




    Any Questions?




                                  48
   Agenda items 3 – 12



Frank L.V. Meysman
Chairman of the Supervisory
Board Grontmij N.V. /
Voorzitter Raad van
Commissarissen Grontmij N.V.




                               49
Agenda item 3

a. Report of the Supervisory Board and Report of the
   Executive Board for the financial year 2009

b. Corporate Governance

c. Adoption of the annual accounts 2009

a. Verslag van de Raad van Commissarissen en Raad van Bestuur
   over het boekjaar 2009

b. Corporate governance

c. Vaststelling van de jaarrekening 2009


                                                        50
Remuneration policy



 • Current remuneration policy adopted by AGM in May 2005
   with amendments in August 2006

 • Current policy reviewed by Supervisory Board in 2009

 • In view of economic climate, no amendments deemed
   necessary




                                                          51
Remuneration Executive Board 2010



 • In view of economic climate

    – No increase of fixed annual salary bandwiths in 2010

    – No increase of fixed annual salary in 2010

    – No pay out of individual bonus over 2009 despite
      achieved individual targets




                                                             52
Agenda item 4



 Declaration of dividend 2009



Vaststelling dividend 2009




                                53
Dividend proposal

 Dividend per share 2009: € 1.00 (in stock or cash)
 Payment date: 8 June 2010

 Dividend per aandeel: € 1,00 (in aandelen of contanten)
 Uitbetaling: 8 juni 2010

                                                           Dividend per share in €


                                  1.10         1.15
                                                             1.00
                     0.75
        0.53




       2005          2006         2007         2008          2009




                                                                         54
Agenda item 5


 a. Discharge of the members of the Executive Board

 b. Discharge of the members of the Supervisory Board




 a. Decharge van de leden van de Raad van Bestuur

 b. Decharge van de leden van de Raad van Commissarissen




                                                        55
Agenda item 6



Amendment of the articles of assocation




 Wijziging van de statuten




                                          56
Agenda item 7

 a. Extension of the designation of the Executive Board as the
    body authorised to issue ordinary shares
 b. Extension of the designation of the Executive Board as the
    body authorised to limit or exclude the preferential right

 a. Verlenging van de aanwijzing van de Raad van Bestuur als het
    orgaan dat bevoegd is te besluiten tot uitgifte van gewone
    aandelen
 b. Verlenging van de aanwijzing van de Raad van Bestuur als het
    orgaan dat bevoegd is te besluiten tot beperking of uitsluiting
    van het voorkeursrecht



                                                            57
Agenda item 8


 Authorisation of the Executive Board to acquire own
 shares or depository receipts for such shares by the
 company



 Machtiging van de Raad van Bestuur tot het verkrijgen door de
 vennootschap van eigen aandelen of certificaten daarvan




                                                            58
Agenda item 9


 English language of the annual accounts and annual report




 De Engelse taal van de jaarrekening en het jaarverslag




                                                          59
Agenda item 10


 Commissioning auditor to audit the annual accounts
 for 2010




 Verlening opdracht aan accountant tot onderzoek van de
 jaarrekening 2010




                                                          60
Agenda item 11


 Any other matters




 Rondvraag




                     61
Agenda item 12


 Closing




 Sluiting




                 62

								
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