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Annual Report 2009

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Annual Report 2009 We never faltered in our belief that COWI had the “strength to emerge from the crisis a stronger company: a belief which proved to be fully justified Lars-Peter Søbye, President, CEO ” Content Annual report 2009 4 A crisis year with progress 6 Key figures and financial ratios 10 Management’s review 42 Financial review 46 Accounting policies 55 Profit and loss account 56 Balance sheet 58 Statement of changes in equity 60 Cash flow statement 62 Notes 76 Statements on the annual report 80 Intellectual capital report 88 Green accounts 92 COWI’s organisation 31 94 COWI’s management 19 22 Published by Translation COWI A/S Kurir Sprogservice ApS Parallelvej 2 DK-2800 Kongens Lyngby Photographers 15 Tel.: +45 45 97 22 11 ATI Impregilo S.p.A Fax: +45 45 97 22 12 Balázs Kelló www.cowi.com Bruce Boyd COWI COWI is a leading northern European DWEC consulting group. We provide state-of- Hans Wretling the-art services within the fields of Lundgaard & Tranberg Arkitekter engineering, environmental science and Morten Larsen economics with due consideration for the Niels Åge Skovbo environment and society. COWI is a leader Scanpix within its fields because COWI’s 6,000 Stig Stasig Visit COWI is a new guide to COWI’s employees are leaders within theirs. Ulrik Jantzen world. It is published together with Urban Planning and the annual report. Visit COWI can Editors Development Agency, Qatar be downloaded or ordered free of John Jørgensen (editor-in-chief), charge at www.cowi.com. [email protected] Editorial input ended Henrik Larsen, [email protected] 1 March 2010 Kathrine Schmeichel, [email protected] Uzi Frank, [email protected] Reproduction Anja Fabech Jensen, [email protected] Permitted with appropriate Nina Lindegård, [email protected] source references ISSN 1903-7554 Design and layout Josina W. Bergsøe, [email protected] Helle Martini, [email protected] Hanne Bjørn Nielsen, [email protected] Marianne Rom, [email protected] Mette Schou, [email protected] 0 894 A crisis year with progress and new opportunities The global community spent most of 2009 recovering Major fluctuations the two Danish pension companies, SEB Pensions- from the most far-reaching and in-depth economic crisis We do not wish, however, to conceal the existence of forsikring A/S and Danica Pension Livsforsikrings- of recent times. For COWI, this was a year of great chal- huge fluctuations underlying the generally sound results aktieselskab, for the purchase of their shares in the lenges, new opportunities and significant progress, and for 2009. Some markets have flourished while others have company, subject to the approval of the annual general all in all we have reason to be satisfied: we achieved the been hard hit. For instance, we have been very busy on meeting. largest turnover and the highest earnings ever, and follow- the infrastructure front, whereas we have faced consider- COWI’s management regards the sale of shares to ing the largest corporate acquisition in the history of the able challenges within certain areas such as economics employees as a logical progression in the one company Group, COWI has grown from 4,900 to more than 6,000 and management, buildings and in our oil and gas activi- network process. The employee programme is a vital step employees. ties. In our regions, the extremities of Central & Eastern towards our goal of developing closer bonds between At the start of 2009, market prospects were character- Europe stand out as having been under sustained pres- group employees and the company so that they can ised by immense uncertainty. However, we never faltered sure, while the Arabian Gulf has experienced substantial share in its increased value. in our belief that COWI had the strength to emerge from growth. the crisis a stronger company: a belief which proved to be We have been unable to avoid staff reductions as a Cause for guarded optimism fully justified. The positive development is also reflected result of the crisis, but COWI has escaped lightly, thanks There are signs that the marked fall in economic activity in staff numbers, which grew in 2009 by approximately not least to our endeavours to redeploy employees from that most countries experienced in 2009 is now being 1,100, including 500 achieved solely through organic depressed sectors to busy sectors. We regard this as a superseded by expectations of renewed economic growth. highly positive strategy for our company and employees growth in 2010. Government stimulus packages are alike. expected to contribute to fresh growth, while private- Sustainable strategy sector demand is more of an uncertainty. We anticipate COWI’s ability to continue to achieve relative success is New region in Sweden increased activity within the fields of energy, water, health due to excellent market opportunities in a number of our In 2009 we consolidated our position on the global mar- and infrastructure. most important markets, especially in large interdisciplin- ket by taking over the Swedish company Flygfältsbyrån 2010 is set to be a year of challenge and opportunity. ary projects, infrastructure and sustainability. The past (FB) – COWI’s biggest acquisition ever. We have great Our large-scale investments in branding, in management year has shown that we have hit the nail on the head with expectations of our new Swedish region, which has more and staff development, as well as in developing the col- our climate strategy and with our commitment to large- than 800 employees. laboration between the Group’s regions, are designed scale, international specialist services. to ensure not only that we exploit the opportunities and COWI’s regionalisation strategy, combining local pre- Shares for the employees openings that arise, but also that we rise to those sence with world-class expertise, demonstrated its viabil- It is natural for a consultancy company such as ours to challenges with success. ity in 2009 during a time of crisis. The strategy has en- extend the opportunity for ownership to our personnel, abled us to adopt a flexible approach, which essentially which is why COWI’s management will be offering a sig- explains why we have pulled through the crisis relatively nificant number of shares for sale to employees in the unscathed. It is on this foundation that we intend to build early summer of 2010. This option results from an agree- the company in future. ment signed in December 2009 between COWI A/S and Lars-Peter Søbye, President, CEO 0 6 7 89Key figures and financial ratios Development in net turnover, operating margin and EBITDA margin F O R T H E C O WI G R O U P 2005 2006 2007 2008 2009 2009 Net turnover DKKm DKKm DKKm DKKm DKKm EURm DKKm % Operating margin 5,000 10 Key figures EBITDA margin 4,500 DKK/EUR rate at 31 December 2009 744.15 4,000 8 Net turnover 2,676.5 2,808.9 3,031.4 3,498.0 3,993.4 536.6 3,500 Operating profit before amortisation, depreciation and impairment losses (EBITDA) 194.4 225.4 275.8 261.8 297.7 40.0 3,000 6 Operating profit on ordinary activities 117.3 161.8 138.0 165.0 188.4 25.3 2,500 Operating profit (EBIT) 120,0 160.2 180.8 167.4 189.8 25.5 Net financials 19.6 16.6 11.5 9.0 25.3 3.4 2,000 4 Profit before tax for the year 139.7 176.8 192.3 176.4 215.1 28.9 1,500 Profit for the year 117.0 123.9 155.3 128.3 153.8 20.7 1,000 2 COWI’s share of profit for the year 115.0 120.4 154.8 127.6 153.4 20.6 Nettoomsætning 500 Overskudsgrad Group goodwill 229.9 216.0 246.1 258.0 464.3 62.4 0 0 EBITDA-margin Other fixed assets 154.4 191.5 276.7 298.7 335.8 45.1 2005 2006 2007 2008 2009 Current assets 1,392.5 1,524.1 1,782.9 1,812.8 1,954.5 262.7 Financial year Total assets 1,776.8 1,931.7 2,305.8 2,369.4 2,754.6 370.2 Share capital 34.8 34.8 34.8 34.8 34.8 4.7 Equity 448.9 573.8 702.0 751.8 916.0 123.1 Provisions 367.4 350.3 357.8 367.5 415.3 55.8 Development in equity and equity ratio Long-term debt 11.0 8.1 28.1 29.2 62.3 8.4 Short-term debt 940.6 988.3 1.215.1 1.218.2 1.358.2 182.5 Cash flow from operating activities 208.8 213.9 168.9 150.4 333.2 44.8 Investment in tangible fixed assets, net (40.7) (43.5) (78.7) (39.9) (43.8) (5.9) Equity DKKm % Other investments, net (30.8) (21.0) (182.1) (125.5) (323.9) (43.5) Equity ratio 1,000 35 Cash flow from investing activities, net (71.5) (64.5) (182.0) (165.4) (367.7) (49.4) 34 Free cash flow 137.3 149.4 (13.2) (15.0) (34.5) (4.6) 900 Cash flow from financing activities (35.6) (15.2) 0.5 20.4 78.2 10.5 800 33 Total cash flows 101.7 134.2 (12.7) 5.4 43.7 5.9 32 700 31 Financial ratios 600 EBITDA margin 7.3% 8.0% 9.1% 7.5% 7.5% 30 500 Operating margin (EBIT margin) 4.5% 5.7% 6.0% 4.8% 4.8% 29 400 Return on invested capital 13.4% 17.1% 17.2% 13.9% 13.2% 28 Equity ratio 25.3% 29.7% 30.4% 31.7% 33.3% 300 27 Return on equity 25.7% 23.5% 24.3% 17.6% 18.4% 200 Book value per share in DKK 1,311 1,697 2,080 2,239 2,726 26 100 25 Egenkapital Average number of employees 3,308 3,442 3,820 4,475 5,436 0 24 Egenkapitalandel 2005 2006 2007 2008 2009 Financial year 0 8 9 89Development in average number of employees and operating profit Development in cash flow Operating profit Free cash flow Number DKKm DKKm Average number of employees 6,000 200 Cash flow from operating activities 350 180 300 5,500 250 160 5,000 200 140 4,500 150 120 100 4,000 100 50 Frit Cash Flow 3,500 Pengestrøm fra driften 80 Resultat af primær drift 0 Gennemsnitligt 3,000 60 antal medarbejdere (50) 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Financial year Financial year Development in average invested capital and return on invested capital Development in book value per share Average invested capital DKKm % Book value per share DKK Return on invested capital 1,800 18 2,800 1,600 16 2,600 1,400 14 2,400 1,200 12 2,200 1,000 10 2,000 800 8 1,800 600 6 1,600 400 4 1,400 200 2 Gennemsnitlig investeret kapital 1,200 0 0 Afkast af investeret kapital 1,000 Indre værdi pr.
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