jaarverslag 2011 goudappel groep - engels

Goudappel GroupE x p e r t s i n m o b i l i t y

Annual Repor t 2011

2 Goudappel Group - Annual Report 2011

Goudappel Groep BV

Beheersmaatschappij Goudappel Coffeng

GC Belang BV

MAPtm BV (60%)

Goudappel Coffeng BV

Stichting Goudappel Coffeng Beheer

Stichting Administratiekantoor

Goudappel Coffeng

Tiem BV

MINT NV(<50%)

Omnitrans International BV

Organisation Chart

Goudappel Group - Annual Report 2011 3

Report of the Supervisory Board

‘Experts in mobility' have to keep moving too. And 2011 did indeed prove to be an eventful year

for the Goudappel Group.

Rapidly changing conditions, revenue and fee pressures, the growing need for sustainable in-

novation, and severe cuts in government spending were reasons enough to also keep evolv-

ing as a company. That included a periodic review of the Group’s governance structure and

adjusting it to reflect new insights and the changing environment.

On 1 March 2011, Pieter Hofstra was appointed as a third member of the Group’s Supervi-

sory Board. The addition of a mobility expert had been on our wish list for some time.

During the year, at the request of the Management Board, we put forward our ideas on

a new governance structure. Over a short period of time, we held talks with many of the

company’s employees. In August 2011, partly on the basis of their comments, we issued

recommendations for changes to the company’s governance structure. To promote a

smooth transition, one of our members took over the company’s leadership for several

months. The Supervisory Board is pleased to say that this paved the way for a fairly

quick transition to a new Management Board in the autumn of 2011. Retired Manage-

ment Board members Peter van der Mede and Tonny Bosch deserve a great of deal

respect for the manner in which they led the Goudappel Group all these years, and

certainly for the way in which they enabled the process of change to take place.

Jos van Kleef was appointed Chief Executive Officer in October 2011. At the same time,

Jaap Benschop was appointed Chief Operational Officer. We are fully confident that

the Management Board will be able to keep the company on course in the coming

years. A word of thanks also goes out to the Works Council and shareholders of the

Goudappel Group, who played a key part in the change process and never for a mo-

ment lost sight of the need to act swiftly.

During the period under review, we held more meetings with the Management Board

than we usually do. Supervisory Board members also regularly consulted each other

and the Management Board outside these meetings on issues that might affect the

company and its staff.

The financial statements for 2011 were prepared by the Management Board and audited

by PricewaterhouseCoopers accountants, who have issued an unqualified auditors’ report.

Both documents are included in this Annual Report.

Difficult market conditions and restructuring costs led to a loss of EUR 51,000 in 2011. The

loss will be charged to equity. The Group’s solvency remains at an acceptable level. Due to the

loss and decline in revenue, we proposed that no dividend be distributed for the 2011 finan-

cial year. That proposal has been approved by the shareholders.


We would like to thank all staff and the Management Board for their efforts and dedication in 2011.

Together, we are facing the enormous challenge of maintaining the Group’s strong position in what

continue to be difficult times. Because the experts in mobility have shown that they too can keep

moving, we have every confidence that they will succeed in doing so.

The Supervisory Board

Peter Prein (Chairman)

Toon van Asseldonk

Pieter Hofstra


Contents

Report of the Supervisory Board 3

Report of the Management Board 7 Introduction 7

Newly appointed Management Board 7

Finance 8

Return 8

Revenue and billable time 9

Operating profit 9

Added value 9

Funding structure 10

Depositary receipts for shares 11

Key figures for the Goudappel Group 12

Staff 12

Workforce 12

Consultants’ education level 13

Health 13

Goudappel Coffeng 13

Omnitrans International 16

Tiem 16

MINT 17

MAPtm 18

VOF SpitsScoren 18

VOF Spitsvrij 19

Innovation 20

Innovation generates business 20

Product development 20

Corporate social responsibility 22

Mobility 22

Energy consumption at our offices 22

Iganga Foundation 23

Condensed financial statements 2011 25 Consolidated balance sheet at 31 December 2011 26

Consolidated income statement for 2011 28

Consolidated cash flow statement for 2011 29

Independent auditors’ report 35


About this publication

Reference:

XXA00100-088/Blk/0512

Design & layout:

Karmijn Beijlen

© Goudappel Group

Nothing from this report may be reproduced without a source reference. No rights can be asserted on

the basis of this report. The owners of any photographic material should contact the publisher.


Report of the Management Board

IntroductionGoudappel Group ended 2011 with a post-tax loss of EUR 51,000, a significant decline not only

compared to 2010 but also relative to the budget. The underlying cause was a reduction in

work volumes available on the market, boosting price competition. This, in turn, led to an in-

crease in quotation costs and put pressure on projects.

Like other companies, the Goudappel Group was unable to buck the overall market trend.

These are extremely uncertain times for Europe. The Netherlands did not feel the effects of

the economic downturn that started a few years ago until 2011. At the end of 2011, the

country slid into another recession. National and international debt levels are gigantic

and hold the future hostage. These debts will have to be repaid. Deleveraging by the

government, businesses and households is set to reduce disposable income. The Dutch

government is implementing 20 billion euros worth of spending cuts. These cuts are

starting to trickle down, particularly at the regional and local level.

All these developments have had an impact on the Group’s performance. In the past

year, we saw our financial parameters decline:

• less billable time;

• more write-downs;

• a shrinking order portfolio.

In addition to declining parameters and the need to work more efficiently, we also saw

several shifts:

• from studies to more hands-on work;

• from general services to more specialist projects;

• from a nationwide focus to more projects in the Randstad conurbation;

• from paying for advice to new business models.

In other words, we find ourselves in the middle of a transformation from the old world

to a new one.

Newly appointed Management BoardIn mid-2011, the Management Board comprising Peter van der Mede, Jaap Benschop and

Tonny Bosch stepped down after more than 10 years at the helm. The Supervisory Board

performed a comprehensive review of the preferred structure and composition of a new

management team. During the interim period, Toon van Asseldonk acted as delegated su-

pervisory director for more than three months and, for that reason, temporarily gave up his

seat on the Supervisory Board. In addition to chairing the Management Board, he also spoke

extensively with staff across all levels of the company.

On the basis of his recommendations to the Supervisory Board, given within the agreed dead-

line, the Supervisory Board proposed a new Management Board, whose members were appointed

by the company’s trust office [Stichting Administratiekantoor; STAK] on 11 October. The newly ap-


2004

Retu

rn in

%

0%

10%

20%

30%

40%

2005 2006 2007 2008 2009 2010

ROI/EVA

2011

Return on investment

pointed Management Board, comprising Jos van Kleef (Chief Executive Officer) and Jaap Benschop (Chief

Operational Officer), faces important challenges.

Under the new team’s leadership:

• a new business plan will be drawn up for the next few years, including a strategy update;

• pro-active steps were taken in the shape of a restructuring based on the Staff Reduction Plan

2011-2012;

• staff levels will be reduced by 10%, including natural wastage;

• we will focus strongly on improving the Group’s project management and commercial fire-

power.

We expect revenue to decline further in the course of 2012. It is not yet clear to what extent

this trend will continue after 2012.

We are anticipating developments by pursuing a prudent staffing policy, implementing

strict cost controls, and strengthening our commercial management.

Crucially, the 2012 budget depends on market developments and the extent to which

the Goudappel Group will be able to successfully work the market.

FinanceThe Goudappel Group ended the year with a post-tax loss of EUR 51,000, a significant

decline not only compared to 2010 but also relative to the 2011 budget. Pre-tax profit

fell from EUR 944,000 in 2010 to EUR 4,000 in 2011, driven by a fall in profit on ordinary

activities and non-recurring charges, offset by our share of profits in associates.

Return

Return on investment (ROI) was 5.4% in 2011. That includes an adjustment to the op-

erating profit for non-recurring and special items. The chart below shows the move-

ments in the return on investment:

Revenue and billable time

Net fee revenue in 2011 amounted to EUR 20,249,000, more than EUR 1,700,000 (7.7%) short of

our budget target. In 2010 we generated a net fee revenue of EUR 21,952,000. The fall in revenue

was driven mainly by the decline in order intake. The average number of FTEs was down 2.9%,

from 239 in 2010 to 232 in 2011. Consultants’ billable hours in 2011 fell below the levels recorded

in previous years.


2004

Billa

ble

tim

e in

%

0%

20%

40%

60%

80%

2005 2006 2007 2008 2009 2010 2011

Gross billable time

Billable time

Project write-downs exceeded the target set for 2011. We have seen a gradual increase in write-downs

since 2009. Write-downs caused by cost overruns, quotation costs and rate differences were approxi-

mately 5 percentage points up on the level reported in 2010. Due to changing market conditions, it

was decided in 2011 that project proposals would no longer be recognised as work-in-progress. This

led to an additional adjustment to revenue of approximately EUR 400,000.

Consultants’ gross billable time declined from 68.5% in 2010 to 68.3% in 2011. The average num-

ber of direct hours per consultant fell from 1,158 in 2010 to 1,132 in 2011.

Operating profit

Normalised operating profit (excluding special or non-recurring items) in 2011

amounted to EUR 496,000, down 72 percentage points on 2010. This substantial fall

reflected a lower gross margin, driven mainly by lower productivity and higher pro-

ject write-downs. The return, i.e. normalised pre-tax profit as a percentage of revenue,

came to 2.4% (2010: 7.8%).

Added value

Added value per FTE fell by 15.5% from EUR 25,650 in 2010 to EUR 21,660 in 2011, due

to higher salary costs combined with lower revenue. Salary costs per fee-earning FTE

rose by approximately 3.3% compared to 2010, while the net hourly rate fell from EUR

88.30 in 2010 to EUR 86.60 in 2011. In 2011 the Group’s FTE composition (i.e. the distri-

bution of FTEs across the various consultant levels) shifted a little towards the higher

salary brackets by comparison to 2010.


2004

Solv

ency

in %

0%

15%

30%

45%

2005 2006 2007 2008 2009 2010 2011

Solvency

Solvency

2004

Ad

ded

val

ue

in €

5.000

0

10.000

15.000

20.000

25.000

30.000

35.000

2005 2006 2007 2008 2009 2010 2011

Added value per FTE

Added value per FTE

Funding structure

Since 2004 we have eliminated deferred tax assets and capitalised goodwill in calcu-

lating the company’s solvency. At year-end 2011, solvency amounted to 40.8%, slightly

down by approximately 2.3 percentage points on 2010. The Goudappel Group aims to

achieve a minimum solvency ratio of 25%, which it has done since 2007.

Net cash flow came to EUR 1,480,000. In 2011, operating activities generated a cash in-

flow of EUR 2,200,000, partly offset by cash outflows for investments in tangible assets (EUR

389,000), repayments of long-term debt (EUR 205,000), dividend payments and the repur-

chase of treasury shares (EUR 133,000) and minority interests (EUR 35,000).

Average project lead times again decreased considerably compared to previous years, standing

at approximately 70 days in 2011. This applied to both the lead times of work-in-progress and

debtors. For the Group, this represents a relatively low level and was one of the reasons why we

consider our year-end cash position to be satisfactory, despite the decline in revenue.


2004

Lead

tim

es in

day

s

20

0

40

60

80

100

2005 2006 2007 2008 2009 2010 2011

Average project duration (work in progress)

Average project duration (debtors)

Lead times in days

Depositary receipts for shares

All shares in the Goudappel Group are held by Goudappel Coffeng’s trust office [Sticht-

ing Administratie Kantoor; STAK]. STAK issues depositary receipts for those shares to the

employees of Goudappel Group BV and its wholly-owned subsidiary companies (Gou-

dappel Coffeng BV, Omnitrans International BV, and Tiem BV). We give our staff the op-

portunity to buy depositary receipts as a means of increasing their commitment to the

company. STAK aims for all staff to own an equal interest in the company.

depositary receipts holders

depositary receipts available 132,320

number issued to employees

1 January 2011 122,409 156

31 December 2011 120,059 236

Employee ownership of depositary receipts for shares in the Goudappel Group

In 2010 and 2011, STAK put forward proposals to increase staff ownership of deposi-

tary receipts and encourage a more even distribution. The Management Board and

Works Council consented to the possibility of profits being distributed in the form of

depositary receipts and arranged for this option to be included in the collective agree-

ment. Accordingly, the profit for 2010 was partly distributed as depositary receipts. This

considerably raised the number of depositary receipt holders, from 156 to 236 in 2011.

The measure also led to an increase in the number of issued depositary receipts (+2,600).

However, because more depositary receipts were sold than purchased, net ownership of

depositary receipts decreased slightly (-2,000).

Ownership of depositary receipts became more unevenly distributed due to the issuance of

receipts by way of profit distribution, which, of course, added a large number of ‘small’ deposi-

tary receipt holders. At year-end 2010, one half of depositary receipt holders owned 9% of all

depositary receipts issued. At year-end 2011 this was 2.5%.

At 1 January 2011, the value per depositary receipt decreased from EUR 43.50 to EUR 43.22.

No dividend was paid for 2011.


Year Value at 1 January Dividend payout

2008 EUR 35.00 EUR 4.70

2009 EUR 35.00 EUR 4.50

2010 EUR 40.90 EUR 4.25

2011 EUR 43.50 -

2012 EUR 43.22 still to be determined

Value per depositary receipt and dividend payout

Key figures for the Goudappel Group

• Five offices: Amsterdam, The Hague , Deventer, Eindhoven, and Leeuwarden

• 270 employees

• Revenue of EUR 25m

Staff

Workforce

At year-end 2011, the Group had 270 employees, down 1.5% on 2010. In the course of

2011, 22 employees left the company and 13 were hired. Due to the departure of young-

er employees, the average age rose to 39.5. The male/female ratio remained virtually

unchanged from previous years.

The inflow of new staff was very limited due to the decline in order intake. Of the 13 new

employees, some were hired on a temporary basis. The downsizing measures announced

by the Management Board in 2011 led to temporary employment contracts not being re-

newed and to 15 forced redundancies. Termination of their contracts will be effectuated in

2012.

In 2011 the Group employed an average of 232 FTEs (197 fee earners and 35 support staff).

Year 2011 2010 2009 2008 2007 2006 2005 2004

Revenue* 24.9 26.9 26.6 27.2 26.2 22.3 17.2 15.0

Normalised operating profit* 0.5 1.8 1.4 2.6 3.1 2.6 0.9 0.1

Operating profit as % of revenue 2.0% 6.5% 5.4% 9.6% 11.7% 11.6% 5.4% 0.4%

Post-tax profit/(loss)* -0.1 0.7 1.0 1.7 2.1 1.8 0.5 -0.4

Net profit/(loss) as % of revenue -0.2% 2.8% 3.6% 6.3% 8.2% 8.1% 2.9% -2.4%

Cash flow* 1.5 0.6 -0.5 -0.5 -0.2 2.5 -0.4 0.2

Group equity* 6 6 6 6 6 4 2 2

Balance sheet total* 14.2 14.5 15.7 17.0 16.4 14.5 12.2 11.3

Group equity as % of balance

sheet total

44.0% 44.9% 39.4% 38.0% 34.4% 29.5% 19.8% 17.7%

* Amounts shown in EURm

Normalised profit is defined as earnings before interest and taxes, adjusted for special or non-recurring items.


University(49%)

Higher vocational (44%)

Secondary vocational (7%)

Education level of fee-earning consultants

Consultants’ education level

Health

Absenteeism rose marginally in 2011 compared to 2010. Absenteeism patterns were

fairly similar to 2010, except for a peak in September and October. The prolonged ab-

sence of a number of employees caused the basic level of absenteeism to remain el-

evated. We made a relatively substantial investment in personal coaching. This was

greatly appreciated by our staff.

Absenteeism Average

2010 3%

2011 3.2%

Goudappel Coffeng2011 saw a weakening market. Central and local government are looking for ways of

cutting back on their spending. The austerity measures have also had an impact on

Goudappel Coffeng BV. The company nevertheless carried out a wide range of notewor-

thy projects in 2011.

Despite difficult market conditions and growing competition, the Transport Modelling

division did well, with revenue and profit staying reasonably on budget. We might say

‘business as usual’ if there were not so many changes going on in the background. We are

seeing a clear move from static models to short-term and medium-term dynamic models,

designed to chart and monitor the quality of traffic circulation in urban areas. We have

responded to this change in demand using the working title “Making better use of city

streets: how do you do that?” This not only calls for specialist tools like StreamLine, but also

requires the Division to cooperate very closely with other company divisions, such as our

regional offices, Transport Management, and Omnitrans International. We should be able to

reap the benefits from these efforts in 2012.

Cycling featured prominently in 2011. Goudappel Coffeng decided to upgrade its Cycle Route

Planner so that users can now find and plan cycle routes in the whole of the Netherlands and

neighbouring areas abroad (feou.fietsrouteplanner.info). Improvements were also made to the un-


derlying street networks in the Utrecht-Amersfoort-Hilversum region, Rotterdam, Twente region, and

Amsterdam. These come on top of the three southern provinces, which have already been upgraded.

Goudappel Coffeng also conducted related studies, such as cycling accessibility analyses for various

towns and cities and specific cycle connections.

Another important growth product is the Mobility Scan. This policy support tool was used in Food

Valley and the city of Eindhoven. The Mobility Scan enables quick and adequate exploration and

testing of mobility measures, ranging from the construction of a new housing development to

cutting off roads, through to adding new public transport routes.

After the bankruptcy of Apeldoorn-based market survey agency Probit, Goudappel Coffeng

took over its ongoing operations (customer surveys and public transport monitoring), help-

ing out various customers and successfully completing a large number of current projects.

Enabling smooth circulation and making maximum use of available capacity. These goals

are not only relevant where roads are concerned. Inland waterway skippers also wish to

have a smooth, safe and comfortable journey. The Province of Overijssel uses ‘wet traf-

fic management’ to ensure just that. The provincial authorities wanted to apply the

same process as the one used on land, for which the Operational Transport Manage-

ment Tactical Team had been set up. The waterways were next in line. Working with the

Waterways Management and Installations Team, Goudappel Coffeng identified quick

wins and proposed a long-term strategy. The resulting policy plan will be used by the

Waterways Operational Traffic Management team to monitor and manage traffic on

the canal between Almelo and De Haandrik and various waterways in the north of

Overijssel Province. This will improve services on the Overijssel waterways even fur-

ther. Shipping represents a growing economic interest for the Netherlands. Transport

on the inland waterways will benefit even more if its environmental impact can be

reduced. Freight transport on inland waterways and pleasure vessels are increasingly

putting pressure on canals, rivers, bridges, and locks. Wet traffic management ensures

a smooth, safe and comfortable journey.

On 22 November 2011, the first of several intermunicipal cycle routes provided for

in the ‘F35 Cycle Freeway Masterplan’ was officially opened in the Twente region. The

planned cycle freeway runs from Nijverdal to Enschede, with branches from Vriezen-

veen to Almelo and Oldenzaal to Enschede. The project stands out from other cycle free-

ways for its high level of quality. It is a dedicated non-stop cycle route with no level cross-

ings that is 60 kilometres long and more than 4 metres wide.

The future of towns and cities in terms of land use is inextricably linked to traffic meas-

ures. In Enschede, council members and local residents set to work on a ‘live’ traffic simula-

tion led by Goudappel Coffeng. What is the impact of scenario A on traffic? Does everyone

understand the environmental impact of scenario B? As the discussions went on, progress

was made on what was considered to be a sensitive issue.

Goudappel Coffeng was also active internationally. Designers from 22 countries got to work on

the infamous 'missing link in sustainable mobility': the highway close to New York’s UN building

in Manhattan, which forms a barrier for cyclists. Goudappel Coffeng’s ‘Flexway’ design received a


‘special mention’ when the prizes were announced. The strong point of the design is the way part of the

highway can be used outside the rush hour by cyclists and pedestrians.

Public transport came under severe pressure in 2011, with the big cities facing substantial spending

constraints. Goudappel Coffeng’s public transport experts identified opportunities for both local

authorities and operators to improve public transport network efficiency and emerge stronger

from the austerity measures. In Amsterdam, The Hague and Rotterdam, steps were taken to

adjust the network and timetable to improve the cost coverage ratio in such a way as not to

put off passengers.

In the Provinces of Brabant and Zeeland, businesses expressed their wish to take control of

the management, maintenance, widening and operation of the A58 motorway between

Vlissingen and Eindhoven. ZuidNet A58 is a public-private mobility partnership, one of a

kind in the Netherlands, which if granted a concession will become fully responsible for

the traffic circulation on and swift upgrading of the entire A58 motorway corridor. The

new company is a partnership between businesses, the provincial authorities and cen-

tral government. ZuidNet A58 aims to pursue an innovative approach to its operations

in order to increase the quality of the A58 and ensure east-west accessibility in Brabant

and Zeeland. The company will be judged by the traffic circulation results achieved.

The initiative for this collaborative effort had been taken by Stichting A58, a founda-

tion set up by the Chambers of Commerce in Brabant and South-West Netherlands

and the Employers’ Association for Brabant and Zeeland. The bid book was submitted

to the Minister of Infrastructure, Melanie Schultz van Haegen, on 23 May 2011, and

presented to the press in Tilburg on 1 June 2011. It was drawn up with the support of

private parties, including Goudappel Coffeng BV.

Teaming up with APPM Management Consultants, Tauw, and Decisio, Goudappel Cof-

feng was awarded the new master contract for policy advice services in the field of

spatial planning in North Holland Province. The consortium won the tender working

with various subcontractors.

The Province of South Holland is working on a solution to the traffic problems in the

Holland Rijnland region, i.e. the Rijnland Route, a new link between the A4, A44 and

Katwijk. The project is currently in the second phase of the environmental impact as-

sessment procedure. In a consortium with Tauw and Advin, Goudappel Coffeng is re-

sponsible for traffic and transport-related issues. Decision-making is expected to take

place in the summer of 2012.

Omnitrans InternationalOmnitrans International’s revenue model is based on three pillars: selling OmniTRANS soft-

ware, providing training, and carrying out software projects. Its total revenue in 2011 was

well above budget.

However, revenue from software sales was below budget. Although sales continued to be satis-

factory in the Netherlands, foreign sales were disappointing. Due to the lack of manpower (FTEs)

in Marketing & Sales, little progress was made on rolling out the international dealer network.


The marketing of OmniTRANS takes the form of theme-based campaigns. In 2011 these included Re-

mote Hosting, StreamLine, Q-Hot, and Version 6.0. The campaigns involve press releases, advertise-

ments, and mailings. In 2011 Omnitrans participated in the following conferences: Modelling World

(London), DVM conference (Rotterdam), ETC (Glasgow), Platos (Utrecht), and ITS (Leuven, Belgium).

OmniTRANS version 6.0 was released in middle of 2011. Work on version 6.1 began at the end of

the year, driven by the growing demand for StreamLine. Version 6.1 is expected to be released

in mid-2012.

Gross revenue from projects was on budget. Due to the low level of provisions, overall perfor-

mance was well above budget and more than offset the shortfall in software sales. Because

this is a growth market, the order portfolio is robust. Working this particular market, how-

ever, puts pressure on our innovation efforts. Accordingly, many innovation projects were

not completed in 2011. Software development professionalised further in 2011. We intro-

duced aspects of PRINCE2 to improve project management, and combined the Concepts

and Development departments to create more synergies.

Revenue from training courses was on budget and new courses were developed. The

Omnitrans helpdesk is greatly appreciated by our customers. The process for releasing

'minor' versions was improved considerably, including the communication with users.

TiemTiem clearly felt the effects of the austerity measures taken by central and local gov-

ernment. Many customers drastically reduced the use of on-loan staff for both process

management and technical advice. Tiem nonetheless delivered on budget in 2011.

Tiem is grateful to its customers, who in many cases decided to keep on the staff who

it seconded. Equally uplifting is the support received from several top executives, who

believe central and local government should carefully weigh up the pros and cons of

contracting in external staff. In fact, former Transport Minister Annemarie Jorritsma

advocates having a relatively large number of flexi workers for two reasons. Firstly, be-

cause certain expertise is only needed once in a while and, secondly, because the gov-

ernment is unable to maintain adequate levels of highly specialised knowledge.

Fees have come under pressure. The magical limit of EUR 100 regularly rears its head in

talks about wage costs and the ‘Balkenende’ salary cap for public sector workers. Custom-

ers find it difficult to understand how fees are composed and what the total cost of their

own staff is. The guiding principle should be the added value required by the customer

and the level of investment justified relative to that value. Hourly rates, however, are just

numbers: 100 hours at a rate of EUR 100 represents a lower investment than 150 hours at

a rate of EUR 80.

The use of marketplaces grew strongly in 2011. Requests for assistance that customers would

previously address to Tiem because of the quality of its services are now posted on marketplace

websites. In most cases, the initial selection is now based on price, with only the proposals with

the lowest price tags being forwarded to the customer. Decisions on what is value for money have

become restricted to the Euro Shopper segment. Own-label products and premium brands are left

in the stock room and do not even make it to the shelves.


Looking ahead, Tiem will focus on delivering visible added value, because that is what it should all be

about. For staff at Tiem, this means staying sharp and giving everything they have. Tiem is not used

to delivering routine work, but customers believe it can improve by raising its profile. Tiem remains

committed to engaging with its customers and working with them and other parties to develop

new services. All this is to better achieve its mission to leverage its knowledge and skills so as to

improve living conditions in the Netherlands.

MINTMINT is an independent transport and mobility consulting firm based in Mechelen, Belgium.

Since its incorporation at the end of 2007, the business has grown steadily into a multi-dis-

ciplinary team of fifteen professionals serving the Flemish market. Specialising in transport

models and traffic planning, MINT aims to be the number one consulting firm in these

fields.

Its modelling team renders advice based on passenger and freight models, both on mac-

roscopic and strategic scale and on a dynamic and operational level. Its services include

developing and implementing transport models, providing training and day-to-day sup-

port, investigating travel behaviour, and using models for project evaluation purposes.

MINT uses OmniTRANS to develop and implement municipal models. The software’s

customised functionality allows it to provide answers to specific questions regarding

municipal mobility issues. MINT has been successful in applying these tools.

Traffic Planning is responsible for drawing up and evaluating municipal mobility

plans, parking policies, traffic circulation plans, and company commuter plans. MINT

also provides traffic and transport input for environmental impact assessment re-

ports and master plans, and specialises in particular in conducting mobility studies

(mobility impact reports), which are necessary for urban planning applications.

The company has been profitable since its inception, with growth stabilising in 2010-

2011. Looking ahead, the company’s further development focuses on professionalism.

In 2011, important steps were taken in the area of quality and project control.

In 2011 the Goudappel Group expanded its share interest in MINT to 40%.

MAPtmSince its incorporation in 2010, MAPtm has developed into a professional traffic manage-

ment business with eleven employees. An independent and innovative company, MAPtm

carries out projects for road maintenance companies, construction companies, and traffic

managers. It not only offers advice, but can also implement its advice. That is what makes it

stand out in the market.

After a very promising start in 2010, the company has steadily worked on constructing a stra-

tegic order portfolio. In 2011 it made an important step when it acquired a contract from The

Hague for the management of 67 dynamic route information panels (DRIPs). Displaying custom-

ised images, the DRIPs lead drivers to their destination in such a way as to minimise congestion.


MAPtm has provided The Hague with a cost-efficient solution by using existing data sources and in-

novative web-based technology. The company was awarded the entire project, from drawing up the

scenarios to operating the traffic management system.

Another key project involves performing a test of the quality of measurement data used by the

National Road Traffic Information Database (NDW). NDW awarded the contract for the final geo-

graphical area, i.e. North and East Netherlands, to the Data 4 Traffic (D4T) consortium, consisting

of Van den Berg, the Traffic Information Service, and SWARCO AG. To collect traffic data in this

part of the Netherlands, the consortium uses a combination of Bluetooth, infrared, GPRS, and

solar power. D4T asked MAPtm, as an independent party, to test the quality of the measure-

ment data collected by them against the requirements set by NDW. The ‘type tests’ were

successfully completed and were approved by NDW. The initial rollout has taken place. Field

tests are now being conducted.

The Goudappel Group has a 60% share interest in MAPtm.

VOF SpitsScorenTogether with its partners BNV Mobility, Technolution and ABN AMRO Bank, Goudappel

Coffeng has set up a general partnership by the name of VOF SpitsScoren. ‘SpitsScoren’

is also the name of a rush hour avoidance project in and around Rotterdam commis-

sioned by De Verkeersonderneming. Drivers who regularly take the A15 motorway

during the morning rush hour are rewarded if they avoid that period. They can do so by

leaving home before or after the rush hour, working from home, catching a ride with a

colleague, using a motorbike, taking public transport, or cycling to work.

The project’s main aim is to encourage participants to make a deliberate choice to

leave their car at home and avoid the rush hour. Participants are provided with a free

smartphone to pass on information on a daily basis about whether and how they in-

tend to travel that day. They receive a EUR 5 reward for each time they avoid the peak

hour.

There is a website through which participants can monitor how much they have

earned. The reward can be as much as EUR 100 a month. The website also provides car

journey times during and outside the rush hour and public transport alternatives, and

can be used by participants to contact other participants, find a carpooling partner, or

use a flexible workplace in a Dialogue Port.

The ‘SpitsScoren’ project is unique in that it is a commercial mobility service, with the

provider assuming a performance obligation for a period of 3 years. Starting from the end

of October 2009, its obligation is to keep at least 530 passenger cars out of the rush hour

every working day. With well over 1700 drivers participating in the project, that requirement

has been more than met. In the course of 2011, the target was in fact adjusted upwards. Cur-

rently, more than 800 participants avoid the morning rush hour on a daily basis.

The intended effect of the SpitsScoren project is to use a financial incentive to achieve a lasting

change in the behaviour of regular rush hour drivers. The idea is for rush hour drivers to eventu-


ally consider it a matter of course not to take the car in the rush hour, and instead to travel in a different

way or at a different time. A behavioural change of this kind takes time. That explains the long duration

of the project.

The project is expected to be extended with effect from the summer of 2012.

VOF SpitsvrijThe ‘Spitsvrij’ project breaks commuters’ ingrained journey patterns. In the Utrecht - Hilver-

sum - Amersfoort triangle, this has led to substantially fewer motorists travelling in the rush

hour. The project was officially launched in October 2011, in the presence of Infrastructure

Minister Melanie Schultz van Haegen and Provincial Executive Councillor Remco van Lun-

teren.

BNV Mobility, Technolution, and Goudappel Coffeng are responsible for implementing the

project. The project was commissioned by the Province of Utrecht, acting on behalf of

trade associations and government agencies, including the Ministry of Infrastructure

and the Environment. The consortium is responsible for recruiting companies and par-

ticipants, providing the technology, paying out rewards to participants, and delivering

additional services to companies and participants designed to make it easier to avoid

the rush hour, including a smart journey planner accessible via a website or smart-

phone. The response has surpassed expectations, and people have had to be placed on

a waiting list.

The ‘Spitsvrij’ project rewards participants for each time they avoid travelling during

the morning and/or evening rush hour. They can do so in various ways, by carpooling,

taking public transport, working from home, or setting off earlier or later. Participants

can easily earn the maximum of EUR 100 a month. They are provided with a small and

invisible S box built into their cars (a little transmitter that passes on their location).

At the launch of the project, Minister Melanie Schultz van Haegen commented: “We

know from experience that this kind of project can

get people ‘out of their accustomed groove’, without

complicated legislation or pressure. When drivers ex-

perience the benefits of different travel behaviour for

themselves, that is much more convincing. That is why

I fully support mobility projects by regional authorities

and businesses like the one here in the Utrecht - Amers-

foort - Hilversum triangle.”

Innovation

Innovation generates business

Innovation is vital to the Goudappel Group. To remain competitive in the long term, it is im-

perative that we continually upgrade and improve our products. That is why we use part of our

revenue to finance the innovation of products and processes. In 2011, the Group’s investment in

innovation amounted to EUR 1 million, or 4.3% of gross revenue. These innovation funds are used


for product development and strategic projects. Product development involves the ongoing develop-

ment of the products and services we offer. Strategic projects focus on a limited number of specific

innovative efforts.

Product development

Doctoral research programmes (fundamental research):

Several of the Group’s employees are involved in a doctoral research programme. In 2011 they

were:

• Niels van Oort. Niels’ research focused on the reliability of public transport systems (Service

Reliability and Urban Public Transport Design). Niels has now received his PhD (see: http://

www.goudappel.nl/media/files/uploads/2011_Proefschrift_Niels_van_Oort.pdf);

• Matthijs Dicke-Ogenia. Matthijs is studying travel behaviour (how to influence route

choice and modal choice by providing information);

• Luc Wismans is developing decision-making support models that allow traffic man-

agement to be optimised by including the environment and road safety as well as ac-

cessibility. (Multi-Objective Optimisation of Traffic Systems/Optimising Accessibility

and External Effects through Dynamic Traffic Management);

• Ties Brands. Within the Sustainable Accessibility programme, Ties is exploring new

ways of making interesting combinations of car/public transport and cycling/public

transport (Optimisation of the Multi-Modal Transport Network).

Innovative traffic and transport models

In 2008, the Goudappel Group set up a dedicated Transport Innovation and Modelling

Team (TIM) to enable the development of the next generation of traffic and transport

models. TIM works with subsidiary Omnitrans International to develop new forecast

models and incorporate these into the OmniTRANS software. There are four priority

areas:

• Disaggregated. . This involves developing the next generation of transport models

for local authorities, known as disaggregated transport models. We expect to be

able to launch the first application in the first half of 2012. The great advantage

of these models is that they distinguish between population groups and model

actual behaviour and choices. Disaggregated models are therefore better suited to

evaluating policy measures that influence motorists’ journey behaviour. Examples

include price measures, measures targeted at specific population groups (e.g. the

elderly), and mobility management measures.

• Dynamic. Traffic patterns vary in the course of the day and even within a short space

of time, say an hour, there is a great deal of variation. Moreover, road traffic in urban

areas often has all kinds of knock-on effects (tailbacks causing congestion elsewhere),

which are difficult to chart using a standard model. We developed StreamLine for that

very purpose. Last year we used StreamLine to evaluate scenarios for traffic control sys-

tems in Amsterdam and the New West Tunnel in Rotterdam, and to conduct an explora-

tory study of the IJmeer public transport corridor east of Amsterdam. In 2012 StreamLine

will become available to a wider group of users as an OmniTRANS module. That makes

StreamLine the first practical and proven application of the 2nd generation of dynamic

macroscopic transport models. A new development that has recently emerged involves using

static models for semi-dynamic modelling. Our new product STAQ (Static Traffic Assignment

with Queuing) allows fast and reliable forecasts to be made for large networks that explicitly

take account of congestion and therefore provide a more accurate estimate of journey times.


This is particularly crucial for Social Cost-Benefit Analyses.

• Sustainable. Over the next few decades, our traffic and transport systems will need to become much

more sustainable. To achieve that, sustainability is set to play a greater part in policy modelling.

A module has already been added to OmniTRANS to directly show CO2, NO

x en PM10 emissions

caused by various scenarios. The module will be expanded to cover noise calculations.

• Data, Smartphones, public transport smartcards, and car satnav systems are all examples of

ICT applications that produce large amounts of data, opening up opportunities for new ser-

vices. Goudappel Coffeng is taking part in a large-scale pilot project (Sensor City) that in-

cludes TomTom, TNO and OV9292 to provide multi-modal travel information and journey

time estimates combined with traffic management.

Other innovative efforts by Goudappel Coffeng

Other key results in 2011 included:

• Improvements to public transport modelling within the National Transport Model

(NTM) 2008-2020 GE. The NTM was calibrated for passengers getting on and off trains

using counts provided by Dutch Rail (year 2008). A new forecast was subsequently

drawn up for 2020.

• Goudappel Coffeng is participating in the ‘SpitsScoren’ (http://www.spitsscoren.nl)

and ‘Spitsvrij’ (http://spitsvrij.nl) projects that encourage large numbers of motor-

ists to avoid the rush hour. The company has been developing Value Added Services

(VAS) for both projects. New services include the ‘REISplanner’, a multi-modal jour-

ney planner for the whole of Netherlands, and ‘VAS Reiswijzer’, a web application

that provides expected car journey times based on historical traffic data. We are

currently working to make the journey planner suitable for use as an app.

• A new version of CURSIM, which allows users to simulate driving curves at the de-

sign stage. The program is used by towns and cities, public transport companies,

real estate developers, and other traffic consulting firms.

• Using handheld computers to map cycle routes (Amsterdam, Utrecht).

• Joining forces with research agency Motivaction, we identified the mobility pref-

erences of eight target groups. Targeting a particular group makes it considerably

more efficient to encourage changes in behaviour. We apply this expertise in Amers-

foort, Breda and other towns.

• A market study to explore the potential of fully electrical cars, taking into account

residential and mobility features (groups that have not used their cars for more than

80 km a day for a longer period of time).

• The Mobility Management Scan is a geographical tool that provides journey times

and travel options for company employees. It shows how the various schemes and

arrangements in place regarding working hours, workplaces and use of transport and

communication means can influence factors such as accessibility and environmental

impact, thus contributing to the combined goals of being an attractive employer and a

sustainable business. We are using this tool in Maastricht, Enschede and other towns,

and for the SME voucher scheme operated by a large number of SMEs.

Corporate Social ResponsibilitySustainable mobility is an important theme for the Goudappel Group’s operations. The same ap-

plies to the business and operations of its group companies.


Mobility

For distances under 10 kilometres, many of the Group’s employees prefer to cycle to work rather

than driving. Cycling to work is encouraged by the company cycle scheme. The collective agree-

ment includes incentives to encourage the use of public transport rather than the car for longer

commuting distances. At our Deventer office, employees who still choose to drive to work must

pay a charge to use the car park, with the proceeds going to the Iganga Foundation to encour-

age sustainable mobility in developing countries. All business trips by car are converted at the

usual rates, with the proceeds also being donated to the Iganga Foundation.

Energy consumption at our offices

We also place a monetary value on the fossil fuels we use to supply gas and electricity to

our offices, applying CO2 compensation standards. Like the parking charges, this amount is

paid in full to the Iganga Foundation.

To underline the importance of sustainability and the need to focus on it, the Goudap-

pel Group will apply in 2012/2013 for certification and inclusion in the CO2 performance

league table.

In its advice to customers, the Goudappel Group advocates having as efficient and clean

a mobility system in place as possible. In addition to economic factors, we also look at

social motives because sustainability involves more than just reducing emissions, sav-

ing energy, and protecting the environment. Focusing on people, planet and trans-

port, we endeavour to make mobility more sustainable. Examples of these projects

include a project for the city of Maastricht entitled 'Red on the outskirts, green in the

city', which provides controlled access to the city to ensure smooth traffic flow; advice

delivered to the city of Breda on how mobility policy goals can be put into practice; and

an in-house study to explore the replacement potential of electric cars.

The Iganga Foundation

Mindful of our responsibilities towards society, the Goudappel Group has set up the

Iganga Foundation. The foundation’s goal is to develop sustainable transport in de-

veloping countries focusing, in particular, on cycling. In 2011 the Iganga Foundation

turned its focus on plans in Uganda and Kenya.

The Foundation supported two work visits to Kampala and Nairobi in preparation for a

conference. Local support for cycle-inclusive planning is growing due to the work done

by students and the local residents involved. Kampala Cycling, the city’s cycling club, plays

a key role in raising awareness further. The club therefore received support from Iganga

in 2011.

The African Bicycle Network offers a platform for cycling organisations in Ghana, Kenya,

Tanzania and Uganda for knowledge sharing and capacity building. The Iganga Foundation

was one of the sponsors of the Network’s annual meeting.

We also prepared a design portfolio to assist traffic designers in India and other emerging

countries.


Condensed financial statements 2011


Consolidated balance sheet at 31 December 2011

(after proposed profit/(loss) appropriation)

31 December 2011 31 December 2010

Assets EUR EUR EUR EUR

Intangible fixed assets 32,223 0

Tangible fixed assets

Land and buildings 4,232,950 4,500,000

Other property and equipment 577,436 1,006,778

4,810,386 5,506,778

Financial fixed assets 716,870 445,647

Current assets

Work in progress 707,159 1,491,713

Amounts owed by affiliates 109,692 0

Other receivables and accrued income 5,554,772 6,208,953

6,371,623 7,700,666

Cash and cash equivalents 2,288,204 808,420

14,219,306 14,461,511


31 December 2011 31 December 2010

Liabilities EUR EUR EUR EUR

Group equity

Shareholders’ equity 6,239,262 6,444,186

Minority interests 11,986 46,674

6,251,248 6,490,860

Provisions

Provision for deferred tax liabilities 188,794 232,829

Employee benefits 576,858 626,356

765,652 859,185

Long-term debt

Mortgage loans 2,143,750 2,348,895

Short-term debt

Subordinated loan 8,306 8,306

Other payables and deferred income 5,050,350 4,754,265

5,058,656 4,762,571

14,219,306 14,461,511


Consolidated income statement for 2011

2011 2010

EUR EUR EUR EUR

Gross margin 20,772,614 22,525,778

Operating costs

Wages and salaries 13,506,785 13,192,531

Social security costs 2,442,440 2,443,691

Depreciation and amortisation 782,833 577,076

Other operating costs 4,760,223 5,199,093

Total costs 21,492,281 21,412,391

Operating profit (719,667) 1,113,387

Net finance income/(expense) (135,717) (169,545)

Pre-tax profit/(loss) on ordinary activities (855,384) 943,842

Tax on profit/(loss) on

ordinary activities (89,886) (298,007)

Share of profits/(losses) in associates 859,530 0

Post-tax profit/(loss) on ordinary activities (85,740) 645,835


Post-tax profit/(loss) on ordinary activities (51,052) 745,840


Consolidated cash flow statement for 2011

2011 2010

EUR EUR EUR EUR

Cash flow from operating activities

Operating profit/(loss) (720,000) 1,113,000

Adjustments for:

Depreciation/amortisation of

tangible/intangible fixed assets 783,000 577,000

Movements in provisions (94,000) 368,000

689,000 945,000

Movements in working capital:

Receivables 1,329,000 1,793,000

Short-term debt 296,000 (1,684,000)

1,625,000 109,000

Cash generated from operations 1,594,000 2,167,000

Interest received/(paid) (136,000) (170,000)

Share of profits/(losses) in associates 860,000

Corporation tax received/(paid) (90,000) (298,000)


669,000 (368,000)

Cash flow from operating activities 2,263,000 1,799,000

Cash flow from investing activities

Investments in:

• financial fixed assets (271,000) (24,000)

• intangible fixed assets (32,000) 0

• tangible fixed assets (190,000) (452,000)

Proceeds from sale of:

• intangible fixed assets 0 0

• tangible fixed assets 104,000 0

(389,000) (476,000)

Carry forward: 1,874,000 1,323,000 >>


2011 2010

EUR EUR EUR EUR

Carried forward 1,874,000 1,323,000

Cash flow from financing activities

Repayment of long-term debt (205,000) (247,000)

Own shares issued/(repurchased) 0 2,000

Share premium (107,000) 104,000

System change in 2010 (21,000) 0

Other reserve 5,000 0

Dividends paid (31,000) (587,000)

Minority interests (35,000) 50,000

(394,000) (678,000)

Net cash flow 1,480,000 645,000

Increase/(decrease) in cash and

cash equivalents 1,480,000 645,000

Movements in cash and cash equivalents

Cash and cash equivalents at 1 January 808,000 163,000

Increase/(decrease) in cash and

cash equivalents 1,480,000 645,000

Cash and cash equivalents at 31 December 2,288,000 808,000

>>


Notes to the consolidated cash flow statementThe cash flow statement has been prepared according to the indirect method. Cash flows shown in

the cash flow statement comprise cash and cash equivalents and the bank credit facility shown under

short-term debt. Cash flows denominated in foreign currencies are converted at average rates. Effects

of foreign exchange rate changes on cash are shown as a separate item in the cash flow statement.

Interest inflows and outflows, dividends received, and profit taxes are shown in the cash flow from

operating activities. Dividends paid are shown in the cash flow from financing activities.

Accounting policies – balance sheet

General

The consolidated financial statements have been prepared in accordance with the statutory provi-

sions set forth in Title 9, Book 2 of the Dutch Civil Code [Burgerlijk Wetboek] and with due observance of

the authoritative statements contained in the accounting standards issued by the Dutch Accounting

Standards Board [Raad voor de Jaarverslaggeving].

Assets and liabilities are generally stated at cost of acquisition or construction or market value. If no

specific accounting policy is defined, assets and liabilities are carried at cost of acquisition.

Change from previous year

A system change has been made for measuring investments in associates. Otherwise, the same ac-

counting policies were applied as in 2010.

Intangible fixed assets

Intangible fixed assets are carried at cost less any cumulative amortisation and impairment losses.

The cost is amortised annually at a fixed percentage.

The following amortisation percentages are used:

• Goodwill : 5% per annum

Tangible fixed assets

Tangible fixed assets are stated at cost of acquisition less depreciation. At 31 December 2009, office

buildings were stated at replacement value (based on a valuation by an independent real estate agent

in early 2010). No depreciation of the premises was recognised in the 2010 financial statements. By way

of an exception, the depreciation charges for 2010 and those for 2011 were recognised in 2011.

Assets are depreciated at a fixed percentage of cost over their estimated useful lives. The following

depreciation percentages are used:

• Buildings : 3⅓% per annum

• Fixtures and fittings : 20% per annum

• Hardware and software : 33⅓% per annum

No depreciation is applied to land.

An allowance is made for any permanent decline in value anticipated at the balance-sheet date.

No provision is recognised for the future costs of major property maintenance.


Financial fixed assets

Majority interests and other entities over which the company has significant influence are carried at

net asset value.

Net asset value is calculated according to the accounting policies applied to these financial statements.

For an associate for which insufficient information is available to be able to adjust these accounting

policies, measurements are performed on the basis of the associate’s financial statements. If the associ-

ate’s net asset value is negative, it is carried at nil. If, in such a case, the investor is liable for the associ-

ate’s debts, a provision is recognised. Entities over which no significant influence can be exerted are

carried at cost of acquisition or at a lower amount.

Receivables shown under financial fixed assets are stated at cost net of any provisions that are consid-

ered necessary.

Work in progress (amounts still to be billed)

This comprises time and costs to be billed for current projects at external rates, less any loss provisions

considered necessary.

Impairment of fixed assets

At each balance sheet date, the company reviews all fixed assets to look for any indication that an asset

may be impaired. If there is such an indication, the company will estimate the recoverable amount of

the asset. If it is not possible to determine the recoverable amount for the individual asset, the com-

pany will determine the recoverable amount for the asset’s cash-generating unit. An asset is impaired

when its carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the

asset’s fair value less costs to sell and its value in use.

If an impairment loss previously recognised has decreased or no longer exists, the increased carrying

amount of the asset will not be more than the carrying amount that would have been determined if

the impairment loss had not been recognised.

Deferred tax assets and liabilities

Deferred tax assets and liabilities are recognised for temporary differences between the tax base of an

asset or liability calculated in accordance with the tax rules, and the carrying amount of the asset or

liability determined in accordance with the accounting policies applied to these financial statements.

Deferred tax assets and liabilities are measured at the tax rates applicable at the end of the financial

year or expected to apply in the coming years, based on tax rates that have been enacted. Deferred tax

assets, including any tax loss carryforwards, are recognised if it is probable that taxable profit will be

available against which losses can be utilised.

Deferred tax assets and liabilities are stated at nominal value. Deferred tax assets are shown under

financial fixed assets.

Receivables

Receivables are stated at cost net of any provisions considered necessary to cover the risk of non-pay-

ment. Unless otherwise disclosed, all receivables have a remaining term to maturity of less than 1 year.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, bank balances and demand deposits with a term to

maturity of less than twelve months. Bank overdrafts are shown as amounts owed to credit institutions

within short-term debt. Cash and cash equivalents are stated at cost.


Provisions

Provisions are recognised for legally enforceable or present obligations existing at the balance sheet

date when it is probable that a settlement will be required and the value of such payment can be reli-

ably estimated. Provisions are measured at the best estimate of the expenditure required to settle the

obligations at the balance sheet date.

Accounting policies – income statement

General

Profit or loss is calculated as revenue from products and services delivered less all costs and other

charges attributable to the financial year. Gains on transactions are recognised in the year in which

they were realised; losses are recognised as soon as they are foreseeable. Grants other than investment

grants are recognised as income when it is probable that they will be received.

Net revenue

Net fee revenue is defined as the fair value less costs to sell of services rendered to third parties in the

financial year. This involves the time spent on projects commissioned by third parties at fair value less

costs to sell, amounts arising from work contracted out, and disbursements. Net revenue from other

services is defined as the net proceeds from other services allocated to the financial year.

Costs

Costs are measured on historical cost basis and allocated to the financial year for which they are in-

curred.

Fixed assets are carried at cost of acquisition and depreciated on a straight-line basis over their esti-

mated useful lives.

Employee benefits

Periodical employee benefits

Wages, salaries and social security costs are recognised in the income statement in accordance with the

terms of employment when owed to employees.

Pensions

Mandatory, contractual or voluntary contributions are paid to insurance companies for defined con-

tribution plans. There are no further obligations other than to pay contributions under these pension

plans. Contributions are classified as employee benefits and recognised as they fall due. Prepaid contri-

butions are shown as accrued income when they result in a refund or a reduction in future payments.

Defined benefit plans are also in place. These plans provide for defined pension benefits payable to

employees at retirement age, depending on their age, salary, and years of service.

Net finance income or expense

Interest income or expense

Interest income or expense is recognised as it arises, at the effective rate of interest applicable to the

individual assets and liabilities. Interest expense is measured allowing for transaction costs paid on

loans received and included in calculating the effective rate of interest.


Financial instruments

The Group applies hedge accounting to interest rate swaps that allow floating-rate debt to be con-

verted to fixed-rate debt. Hedge relationships are documented by the Group at the time when they are

created. Hedge effectiveness is tested periodically. This is done either by comparing the critical terms of

the hedging instrument and hedged item or by comparing the changes in the fair value of the hedging

instrument and hedged item.

Share of profits or losses in associates

Share of profits or losses in associates is measured on the basis of post-tax profits or losses for independ-

ent taxpaying entities, and on the basis of pre-tax profits or losses for other associates. The accounting

policies applied by associates to recognise and measure profits and losses are identical to those applied

by Goudappel Group B.V.

Foreign exchange rate conversion

Receivables, payables, cash and cash equivalents denominated in foreign currencies are translated at

year-end exchange rates. Any exchange differences arising are recognised as cost of sales in the income

statement.

Taxation

Corporation tax is calculated over the pre-tax profit shown in the income statement less tax loss carry-

forwards from previous financial years and tax-exempt profit items plus non-deductible costs. Corpora-

tion tax is calculated at the prevailing tax rates.

Unused tax losses are recognised as deferred tax assets in the year in which they occurred. Deferred tax

assets are measured at the tax rates applicable at the end of the financial year or expected to apply in the

coming years, based on tax rates that have been enacted.

Goudappel Group B.V., Goudappel Coffeng B.V., TIEM B.V., Omnitrans International B.V., and Beheer-

maatschappij Goudappel Coffeng B.V. form a fiscal unity.

Leasing

Operating leases

The company may have entered into leases whose risks and rewards incidental to ownership are not

vested in the company. These leases are recognised as operating leases. Lease payments arising from

operating leases are recognised in the income statement on a straight-line basis over the term of the

lease, allowing for incentives provided by the lessor.


To: the Management Board of Goudappel Group B.V.

The condensed financial statements set out on pages 26 to 34 of this report, comprising the condensed consolidated

balance sheet at 31 December 2011 and the condensed consolidated income statement for 2011 and notes, are

derived from the 2011 audited financial statements of Goudappel Group B.V., established in Deventer, The Nether-

lands. We expressed an unqualified opinion on the complete financial statements in our report of 17 April 2012. The

audited financial statements and the condensed version do not reflect events that have taken place since the date of

our report of 17 April 2012.

The condensed financial statements do not include all the disclosures required by Title 9, Book 2 of the Dutch

Civil Code [Burgerlijk Wetboek]. The condensed financial statements should therefore be read in conjunction with

Goudappel Group B.V.’s audited financial statements.

Responsibilities of the Management Board

The Management Board is responsible for the preparation of a condensed version of the audited financial state-

ments in accordance with the accounting principles described in the notes.

Responsibilities of the auditors

Our responsibility is to issue an opinion on the condensed financial statements based on our audit, which we

conducted in accordance with Dutch law, including Dutch Auditing Standard 810 “Engagements to report on

condensed financial statements”.

Opinion

In our opinion, the condensed financial statements are consistent in all material respects with Goudappel Group

B.V.’s audited financial statements for the year ended 31 December 2011, in accordance with the accounting policies

described in the notes.

Hengelo, The Netherlands, 4 June 2012

PricewaterhouseCoopers Accountants N.V.

A.H.J.M. Tönissen, Registered Accountant

Independent auditors’ report

jaarverslag 2011 goudappel groep - engels

Documents