ANNUAL REPORT 2019 1
ANNUAL REPORT 2019 CREATING SUSTAINABLE CLIENT VALUE ANNUAL REPORT 2019 3
TABLE OF CONTENTS
DIRECTORS’ REPORT FINANCIAL STATEMENTS A sustainable 4 Ramboll in numbers 50 Accounting policies 6 Key statistics 53 Financial ratios 7 Letter from CEO and Chair 54 Income statement building 10 Delivering on our strategy 55 Cash flow statement 1 5 Financial review 56 Balance sheet, assets 20 Highlights of 2019 57 Balance sheet, equity and liabilities 58 Equity 25 PROGRESS ON OUR COMMITMENTS 59 Notes King’s Cross W3 is a state-of-the-art building with extensive sustainability credentials 26 CLIENTS NON-FINANCIAL STATEMENTS using timber in both the structure and the 26 Shaping the future project by project cladding. 28 Timber is the sustainable future 7 1 Accounting principles 30 Creating value through innovation 72 About this report and sustainability strategy “Ramboll’s expertise in timber has been of 32 PEOPLE 73 Policies implemented particular value on this project…” 32 Diverse workforce 74 Materiality & Boundaries 33 People engagement 76 GRI index 34 Health, safety and security 8 1 Key performance indicators per principal business unit 38 SOCIETY 38 Contribution to UN’s Sustainable ADDITIONAL INFORMATION Development Goals 40 Advocacy on climate action 84 Management’s Statement 4 1 Community engagement on the Annual Report 85 Independent Auditor’s Report 44 COMPANY 87 Limited assurance report of the 44 Strong growth and a solid independent auditor platform for the future 88 Board of Directors 45 Energy consumption 89 Group Executive Board 46 Sustainability enabled through project management 48 Anti-corruption
Ramboll is a leading engineering, architecture and consultancy company founded in Denmark in 1945. The company has especially strong representation in the Nordics, UK, North America, Continental Europe, Middle East and Asia Pacific. We are present in 35 countries and combine local experience with a global knowledge-base, constantly striving to achieve inspiring and exacting solutions that make a genuine difference to our clients, end-users, and society at large. Ramboll works across the following markets: Buildings, Transport, Water, Environment & Health, Energy and Management Consulting. 4 RAMBOLL IN NUMBERS ANNUAL REPORT 2019 5
RAMBOLL IN NUMBERS 2019 59% 65% 35% Sustainable contribution Private Public Per cent of revenue contributing Revenue split between directly and positively to UN SDGs. the private and public sector
25% 66% 8,409 34% Sustainable contribution 14,189 DKK million in revenue contributing to UN Revenue in DKK million Sustainable Development Goals (SDG) Employee gender split
7,676 Client satisfaction 15,947 Order book in DKK million 4.4 Employees, end of year 4.35
4.3
76328% 4.25 DKK million 6,000 4.2 in operating profit (EBITA) 468 2015 2016 2017 2018 2019 Volunteering DKK million in free cash flow Hours spent on volunteering throughout Client feedback on Ramboll projects the Ramboll Group
5.4% 308 36,546 36,200 EBITA margin DKK million Tonnes CO2 Projects finalised in profit before tax Total measured emission from Ramboll 6 ANNUAL REPORT 2019 7
KEY STATISTICS
Key figures and financial ratios 2019 2019 2018 2017 2016 2015
Income statement, DKK million EUR m LETTER FROM CEO Revenue 1,899.4 14,188.8 11,351.0 10,740.3 10,607.7 10,589.3 EBITDA 130.7 976.0 759.5 788.3 782.5 652.2 EBITA 102.1 762.5 597.0 618.9 602.1 474.7 EBIT 45.7 341.1 317.9 441.1 338.0 146.7 AND CHAIR Profit before tax 41.2 307.9 360.8 307.8 342.0 222.6 Profit for the year 23.0 171.9 237.8 146.1 176.9 76.3
Balance sheet, DKK million Total assets 1,171.2 8,748.8 7,566.3 6,412.6 6,383.8 6,837.5 Total equity 340.2 2,541.4 2,350.6 2,180.1 2,162.3 2,113.1 Net interest bearing cash/(debt) (26.3) (196.7) (701.4) 81.3 27.3 (194.1)
Cash flow, DKK million Cash flow from operating activities 91.9 686.7 496.0 317.1 453.6 515.8 Investment in tangible assets, net (29.3) (218.7) (237.0) (147.9) (124.6) (166.7) Free cash flow 62.7 468.0 259.1 169.2 329.0 349.1 Acquisition of companies 12.4 92.6 (996.2) (116.0) (50.2) (1,081.4)
Employees Number of employees, end of year 15,947 14,443 13,401 13,024 13,074 Number of full-time employee equivalents 14,843 13,276 12,527 12,497 12,269
Financial ratios in % Revenue growth 25.0 5.7 1.2 0.2 27.7 Organic growth 4.2 7.0 2.8 0.4 1.5 EBITDA margin 6.9 6.7 7.3 7.4 6.2 EBITA margin 5.4 5.3 5.8 5.7 4.5 EBIT margin 2.4 2.8 4.1 3.2 1.4 Return on invested capital (ROIC) 18.6 17.0 17.9 16.9 16.9 Return on equity (ROE) 7.0 10.5 6.7 8.3 3.8 Cash conversion ratio 111.1 116.2 64.5 119.9 125.8 Equity ratio (solvency ratio) 29.0 31.1 34.0 33.9 30.9
The figures in EUR have been translated from DKK using an exchange rate of 7.47.
2019 was a satisfying year for recorded an all-time-high client sustainable projects in 2019 were Ramboll. Overall revenue grew to satisfaction with the projects we assisting with development and DKK 14.2 billion and operating delivered. We also started measuring implementation of a Smart City profit (EBITA) grew 28 per cent to the general satisfaction and loyalty concept in eight Southeast Asian Key Non-Financials 2019 2018 2017 2016 2015 DKK 763 million. of our clients, and the response was countries and developing a new vision equally at a very high level. for Lake Ontario in the US. Total CO2 emission per employee (tonnes/FTE) 2.07 2.08 - - - In 2019, we continued to develop Gender diversity of employees (female/male %) 34/66 34/66 34/66 34/66 34/66 our global offering and geographical Ramboll continued our strong focus Regarding our global offering, our presence in order to serve our on sustainability which is reflected in seventeen Spearheads continued Lost time incident rate 0.76 2.0 - - - clients better and deliver sustainable the performance of our portfolio. In to be drivers of growth and form a Anti-corruption training (%) 95 75 97 - 91 solutions that benefit societies and 2019, activities supporting the United strong competitive advantage when SDG market revenue increase compared to 2016 (%) 57 16 6 0 - stakeholders across the world. Nations Sustainable Development combined with deep client insight Goals accounted for 59 per cent and local presence. Spearheads are At Ramboll we strive to build close of company revenue representing services that are offered globally partnerships with our clients in a growth of 57 per cent compared and target a specific sector or client order to fully understand and truly to 2016. Specifically, in Energy and segment. In 2019, our Spearheads support what drives their long-term Water we have achieved strong grew 15 per cent, and they build on sustainable success. In 2019 we growth. Among our most prominent expertise areas where Ramboll has a 8 LETTER FROM CEO AND CHAIR ANNUAL REPORT 2019 9
2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 5.8 5.3 5.4 1.2 5.7 25.0 2.8 7.0 4.2 -0.2 0.8 20.3 14,189 763
EBITA margin % Revenue Growth % Organic growth % Acquisition growth % Revenue in DKK million EBITA in DKK million
Revenue (DKK million) 15,000
14,000
13,000
12,000
11,000
leading edge, such as Offshore Wind, that will strengthen our value-add All in all, Ramboll delivered a solid 10,000 High Rise Buildings, Digital Rail or to clients. We have accelerated our result in 2019 and progressed 9,000 Environmental Impact Assessment. automation and digital deliveries the strategic development of the through our Digital Development company further. In addition, we 8,000 In High Rise we significantly Centre in India. have re-organised our support 7,000 strengthened our offering through functions and conducted a thorough the acquisition of Web Structures A key milestone in 2019 was the review of our operations leading to 6,000 – a Singapore-based leader in tall acquisition of the globally renowned divestment, closing, or re-scoping of 5,000 buildings – which will be effective architecture company Henning departments and offices that were 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 as of 2020. The acquisition of the Larsen. The acquisition means that underperforming. Both initiatives strategic transport planning and Smart Ramboll and Henning Larsen will be have given a good foundation for able to create value for our clients Ramboll’s future performance and EBITA (DKK million) earlier in the project cycle and more development. Geographically, we holistically through integrated design 800 solutions combining architecture The solid foundation and good financial have strengthened 750 our position in North services with technical and economic result in 2019 have made Ramboll expertise. The acquisition is effective well equipped to steer through the 700 America, UK and from 2 January 2020. COVID-19 situation arisen early in 2020. 650 Germany For now, the virus’ impact on Ramboll Geographically, we have cannot be fully estimated. 600 strengthened our position in North 550 America, UK and Germany. In North The positive outcome of 2019 was Mobility company Strafica in Finland America the integration of O’Brien only possible due to our strong 500 strengthened our position as a tech- & Gere (OBG) progressed according collaboration with our clients and 450 enabled consulting company with a to plan and delivered a significant stakeholders and through the deep leading offering in Smart Mobility. growth of 18 per cent in 2019. In expertise and dedication of our 400 terms of revenue Americas is now colleagues. We would like to thank 350 Our strategic focus on digital has led Ramboll’s largest geographical them all for their collaboration to development of new innovations business unit. during 2019. 300 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 10 STRATEGY ANNUAL REPORT 2019 11
DELIVERING ON OUR STRATEGY
2019 was the third year of exceeded the targets set out in the The strategy’s five elements: implementing our ‘Winning Together acquisition business case by 1. Become truly client-centric to 2017-20’ strategy. Our journey 70 per cent. Like the Americas, bring the best of Ramboll towards being a more international Germany was on 1 January 2019 2. Further develop and grow our and integrated company with a established as a full-fledged business regional strongholds stronger focus on bringing the best unit with all our markets represented 3. Grow internationally through of Ramboll to our clients built on our and brought together under a Spearhead services building on collaborative strengths is moving common strategy and leadership. our platform forward, and we are confident in Our ‘Win in the UK’ strategy 4. Be a recognised leader for reaching our goals. continued on track. Through focus sustainability and investments in leadership, brand 5. Secure the future by Regarding client centricity, we and capabilities, our UK business accelerating digitalisation made significant progress with has since 2016 and despite Brexit implementation of several cross- achieved an 9 per cent annual growth business client initiatives as well as and gone from loss-making to a 5 per In our Middle East and Asia Pacific group and key account management cent EBITA margin. region, 2019 was generally a year of programmes leading to consistently focusing the business on Spearheads high and improving client satisfaction Our traditional Nordic strongholds with our global knowledge as the scores. In some of our biggest and remain attractive markets where differentiator. In the Middle East, most complex global accounts, we saw we are one of the market leaders. we closed down our Transport a positive development with double- However, the consolidation and businesses. In India we have continued digits growth rates significantly above pressure from non-Nordic players to refocus operations on profitable the company average. In others we continues and our profitability sectors, such as Telecom & Towers, were negatively impacted by slower targets for the Nordics have not while pulling Rail and Building out client activity. In 2019 we decided been fully met in 2019 in all country of the local market and reorganising to transform our current nine global units. Through our Spearheads, them into our offshoring centre to key accounts into seventy company specialised service areas that target support other geographies. Asia focus accounts across the company in specific client and market segments, Pacific remains an attractive growth order to have a broader impact on our we have successfully leveraged our region with priority for Ramboll. general client approach. global knowledge and competence Our Singapore hub is growing and across Nordic borders to drive performing well covering services In terms of strongholds, main organic growth – especially in our within Buildings, Water, Smart geographies, 2019 saw great progress traditionally more local Buildings Mobility, Landscape Architecture and in our emerging strongholds US, UK and Transport businesses. Through Environment & Health. and Germany. The Americas is now increased digitalisation, automation our biggest geographical business and offshoring of detailed design, 2019 was the second successful unit with revenues of DKK 3.739 which leads to streamlining year for our global Spearheads. The million. The integration of OBG has of processes, we are creating 17 Spearheads achieved revenue progressed very successfully and differentiating offerings for our growth of 15 per cent and EBITA the 2019 combined revenue have clients. margin of 7.1 per cent. 12 STRATEGY ANNUAL REPORT 2019 13
15% 7.1% Revenue growth EBITA margin in Spearheads in Spearheads
The successful performance is strategy and implementations that Ramboll’s mainly achieved organically and were initiated in 2018. We have demonstrates how our Spearheads completed the second successful 17 global through critical mass, specialisation cycle of Ramboll’s global innovation Spearhead and internationalisation drive programme, focused on knowledge services differentiation and results. management and sharing across the company, and established Buildings Sustainability three global Centres of Excellence. • Hospitals As part of Ramboll’s sustainability The newly established Digital • Aviation strategy, we are aligning our Development Centre in India is now • High Rise portfolio with the UN Sustainable operational and handling projects Development Goals (SDGs), and from all business units. To increase Transport sustainability strategies have global impact, we have set targets • Rail Systems • Major Crossings been implemented in all Ramboll for all geographies in relation to • Smart Mobility markets. In 2016, we set a target to automation and effects on cost and
increase our revenue from services quality, going into 2020. Energy contributing directly and positively • Energy Systems Market outlook • Towers & Telecom Ramboll’s operating landscape is • Power Generation Throughout 2019, being shaped by global trends that • Energy from Waste transcend the specific countries or • Wind Energy Ramboll has markets where Ramboll is present, • Energy Field progressed well and by the local developments in Development those markets and geographies. with the innovation Management Consulting In the UK, we foresee market strategy and • Social and Economic implementations that challenges due to the overall low Impact confidence of clients in light of Brexit • Stakeholder were initiated in 2018 uncertainty. Intelligence
The outbreak of the COVID-19 virus Water to the SDGs with more than 40 per has created significant uncertainty • Climate Adaptation cent in 2020. This target was already in the global economy and will be and Landscape reached in 2019 with an increase in negatively impacting demand in our • Water and Wastewater Treatment SDG-related revenue of 57 per cent core markets. However, it is for now Lakeside Garden in Jurong Lakeside Gardens, Singapore’s new national compared to 2016. difficult to assess exactly how and Environment & Health garden in the heartlands. The garden is designed by Ramboll to what extend the crisis will shape • Impact Assessment In 2019, the revenue contributing market conditions and impact our directly and positively to the SDGs performance. Given this uncertainty exceeded DKK 8 billion, equivalent to the formation of a new group 59 per cent of our total revenue. strategy replacing Winning Together that was due for 2020 has been Digitalisation postponed and we will continue the Throughout 2019, Ramboll has current Winning Together strategy progressed well with the innovation for one additional year. 14 PERFORMANCE ANNUAL REPORT 2019 15
FINANCIAL REVIEW
Ramboll continues its strong growth of 5.4 per cent, which was 0.1 per cent Cash conversion ratio with good performance in the higher than in 2018. Americas and in the Nordics. The Adjusted for the impact of working integration of the newly acquired US days (DKK -14 million), OBG acquisition engineering consultancy OBG is on (DKK +101 million) and currency track. (DKK +3 million), the underlying EBITA increased by DKK 76 million and the Operational results underlying improvement in margin was Gross revenue of DKK 14,189 million 2017 2018 2019 0.4 percentage points compared to was 25.0 per cent higher compared to last year. 64.5 116.2 111.1 DKK 11,351 million in 2018. The higher EBITA margin compared Organic growth was 4.2 per cent. to 2018 was a result of stronger Net growth from acquisitions was performance in the Nordics, the 20.3 per cent, while the reporting Free Cash flow DKK million UK, MEAP and Germany, and from currency DKK against foreign a market perspective, Buildings, currencies had 0.4 per cent positive Energy and Management Consulting impact on revenue. increased profitability.
Ramboll has achieved strong organic The EBITA margin was impacted by growth primarily in the Nordics and the inclusion of OBG as expected, from a market perspective in Energy, which has been characterised by a Buildings, Transport and Water. high degree of low-margin revenue 2017 2018 2019 through subcontractors on specific Operating profit before depreciation 169 259 468 large projects. OBG is delivering in and amortisation (EBITDA) increased accordance with expectations and by DKK 216 million to DKK 976 million has realised a strong 18 per cent and EBITDA margin increased from revenue growth and improved 6.7 per cent in 2018 to 6.9 per cent in profitability during 2019. 2019. Overall, growth was above Operating profit before amortisation expectations while profit before of goodwill and customer contracts amortisation of goodwill and (EBITA) was DKK 763 million customer contracts was in line with compared to DKK 597 million in 2018, expectations set in the Annual corresponding to an EBITA margin Report 2018. 16 FINANCIAL REVIEW ANNUAL REPORT 2019 17
Net other costs amounted to (2018: DKK 123 million). The effective Balance sheet Order book Public/private revenue split Total assets of DKK 8.7 billion were DKK 213 million (2018: Net other costs tax rate was 44.1 per cent months secured DKK 82 million). In 2019, other costs, (2018: 34.1 per cent). The effective DKK 1.2 billion higher than at year-end totalling DKK 227 million, consisted tax rate in 2018 was positively 2018. Private of restructuring and integration and affected by the reversal of provision Public acquisition costs. from 2017 to cover the US transaction Equity increased by DKK 191 million tax, as the provision turned out to to DKK 2,541 million since the end The restructuring costs are related exceed the annual transaction tax of 2018. The movements comprised to re-organisation of our support realised in 2018. Net profit decreased 8.0 a net profit of DKK 172 million, paid functions and close-down or to DKK 172 million in 2019 from dividend of DKK 50 million and 2019 turnaround of low performance DKK 238 million in 2018. exchange rate and value adjustments operational activities. In 2019, we have of DKK 69 million. systematically performed structural Cash flow The equity ratio was 29 per cent changes to our business where we Cash flow from operating activities of compared to 31 per cent at year-end have been divesting, closing and DKK 687 million was higher than the 2018. The lower solvency in 2019 re-scoping departments, offices and DKK 496 million generated in 2018. is related to the acquisition and removing organisational layers across The increase is a result of the growth 8.8 consolidation of OBG. our business units. These costs are of our operating profit (EBITA) and 2018 non-recurring costs such as costs lower Income taxes paid. Net working Markets and expectations related to lay-offs and rental costs capital was reduced compared to In 2019, private sector revenue 20% 11% related to closing of offices. 2018 despite the growing underlying represented 65 per cent of total business. revenue equal to 2018 (2018: 65 per cent) M&A and Integration are costs with public sector revenue Buildings Buildings primarily related to the acquisition of Investments in tangible assets representing 35 per cent (2018: 65% 7.0 35 per cent). Environment & Health Private Henning Larsen Architects and Web amounted to DKK 219 million Structures, and the integration of OBG. (2018: DKK 237 million). Consequently, 2017 and Buildings accounts for the larger 9% 14% free cash flow was DKK 468 million part of the private revenue with Other income came from gain on (2018: DKK 259 million). 21 per cent and 20 per cent, disposals of fixed assets, sale of respectively, while Transport and PrivatePrivate Transport Transport activities and received government Investments in acquisitions of Buildings accounted for 14 per cent PublicPublic incentives. companies were a positive cash flow and 11 per cent of the public revenue. of DKK 93 million compared to a 4% 3% Amortisation from goodwill and negative DKK 996 million in 2018. The most significant organic growth customer contracts increased by In 2019 the inclusion of the, OBG in revenue in the markets in 2019 DKK 11 million to DKK 208 million acquisition balance had a positive was achieved by Water, which was Water Water compared to DKK 197 million in cash flow effect on investments. 12 per cent, and Transport, which 2018. In 2019, there were no goodwill The positive effect from OBG, offset grew by 7 per cent. Sweden, Finland impairments compared to 2018 where by acquisitions performed in 2019, and Central Europe and Africa 21% 2% goodwill impairments of DKK 27 million amounted to DKK 93 million. accounted for the highest revenue were made in Germany. growth in the geographies. Cash conversion ended at 111.1 per cent Environment Environment Net financial expense was compared to 116.2 per cent in 2018. The Buildings market accounts for & Health & Health DKK 33 million compared to net 27 per cent of the total revenue, financial income of DKK 43 million in At year-end, Ramboll had a net followed by Environmental & Health 20%20% 11% 11% 2018. In 2018, net financial items were interest-bearing debt position and Transport at 25 per cent and 9% 3% affected by an unrealised gain on of DKK 197 million compared to 20 per cent respectively. intercompany loan, amounting to a net interest-bearing position DKK 53 million. of DKK 701 million at the end of For the first time, the AmericasBuildings is Buildings 35%BuildingsBuildings Energy Energy 2018. Ramboll has a solid financial the largest geographical segment Public As a consequence of the above, profit position with a committed funding accounting for 26 per cent before tax decreased by 15 per cent facility of DKK 2,500 million (2018: 13 per cent) of total revenue. 9% 9% 14% 14% 2% 2% to DKK 308 million compared to expiring November 2024. The share of revenue generated in DKK 361 million in 2018. Tax on profit Denmark is 21 per cent, Finland is increased to DKK 136 million 12 per cent, whereas NorwayTransport and Transport ManagementTransportTransport Management Consulting Consulting 4% 4% 3% 3%
WaterWater WaterWater 21% 21% 2% 2%
EnvironmentEnvironment EnvironmentEnvironment & Health& Health & Health& Health
9% 9% 3% 3%
EnergyEnergy EnergyEnergy 2% 2% 2% 2%
ManagementManagement ManagementManagement ConsultingConsulting ConsultingConsulting 18 FINANCIAL REVIEW ANNUAL REPORT 2019 19
Americas Denmark Finland Norway Sweden UK MEAP Germany CE&A Buildings Environment Transport Energy Water Management 26% 21% 12% 11% 11% 8% 5% 3% 3% 27% & Health 20% 17% 8% Consulting (13%) (25%) (14%) (13%) (13%) (9%) (4%) (4%) (5%) (33%) 25% (23%) (11%) (5%) 3% (24%) (4%)
2019 Revenue by geography, share of total 2019 Revenue by market, share of total (2018) (2018)
Sweden each account for 11 per cent Our key focus In 2019, Ramboll has focused on Ramboll is helping Dallas Fort Worth of Group revenue. further improving the Enterprise International Airport, the only carbon-neutral airport in the US, meet its sustainability goals areas in 2020 Risk Management (ERM) process The order book amounts to are to integrate ensuring identification, assessment DKK 7.7 billion compared to and management of risks at DKK 7.3 billion at year-end 2018 our acquisitions different levels of the organisation. corresponding to a decrease in OBG and Web Identified risks are assessed on months secured revenue from 8.8 both financial and non-financial at year-end 2018 to 8.0 year-end Structures and impact measures and the likelihood 2019 due to inclusion of OBG and improve our of the risks materialising. Based a decrease in primarily Americas on this assessment, the Group and Europe outside of the Nordics. operational Executive Board identifies the key Starting point from 2018 was high performance risks to the Group and assigns risk and overall order book level end of owners responsible for mitigating 2019 is considered strong despite across our activities. A central Group function decrease in months secured revenue. business units. is responsible for driving the ERM process, monitoring the mitigation of The market for engineers and key risks and reporting to the Group consultancy is characterised by Executive Board and the Group Board intense competition. We find that of Directors. our traditional strongholds such as Denmark, Sweden and Finland Subsequent events other changes to the Group Executive measured at this time, however, it is are experiencing marginally slower In 2020, the outbreak of the COVID-19 Board. Please refer to page 89 expected to have a negative impact growth rates, while some of our virus has spread through the global for a full description of the Group on our operations. We expect to only smaller geographies are growing community impacting the outlook for Executive Board. see moderate growth or even decline rapidly. It is positive that we have the global markets. As this occurred in activities in several markets and a accelerated growth in geographies in 2020, it is assessed as a non- Board of Directors decline in EBITA margin compared to where we previously have had a adjusting subsequent event which Ramboll’s Group Board of Directors 2019. weaker presence. should not have material impact is composed of professionals with on the assessment of the financial a broad mix of experience and Our key focus is to continue Risk management at Ramboll statements for 2019. employee representatives. adapting our activity to the general Ramboll faces a variety of risks and economic conditions and to continue uncertainties as part of conducting Furthermore, the acquisitions of Employee-elected board member consolidating and integrating our our business activities. Our risk Henning Larsen Architects and Web Jon Bøgelund left Ramboll and was business. We will also focus on management system facilitates that Structures have occurred with effect replaced by Mette Thiel effective integrating our acquisitions, OBG risks are identified, understood, from January 2020. from 1 November 2019. and Web structures, and prepare managed and monitored to support the integration of Henning Larsen decision-making on an informed Ramboll is not aware of any other The Group Board of Directors is Architects through the launch of our basis. events subsequent to 31 December presented on page 88. new market business unit covering 2019 that are expected to have a architecture and planning services. The Group Board of Directors has material impact on Ramboll’s financial Looking to the future overall responsibility for monitoring position. In 2020, the outbreak of the COVID-19 Dividend the effectiveness of the risk virus has spread through the global Considering the uncertainty from management system. The Group Group Executive Board community resulting in an uncertain COVID-19 the Group Board of Executive Board is responsible for Steve Washburn has resigned from outlook for the world economy 2020. Directors proposes a dividend of the overall risk exposure as a result of the Group Executive Board as of 1 The financial impact of the COVID-19 DKK 0 million. Ramboll’s activities. January 2020. There have been no virus for Ramboll cannot be reliably 20 HIGHLIGHTS OF 2019 ANNUAL REPORT 2019 21
Public park in Singapore designed by Ramboll
MAJOR PROJECT WINS
Enabling Asia’s Smart Cities for while minimising the impact on the The Asia’s Smart Future Generations environment and travel disruption for Cities project will The Asian Development Bank (ADB) the local inhabitants. and the Australian Department address urban of Foreign Affairs and Trade have Building a sustainable future challenges launched an initiative with Ramboll for Lake Ontario to develop, pilot, and implement The shores of Lake Ontario and smart city concepts in eight South- the St. Lawrence River (US) have east Asian countries. The project experienced an extended pattern will address urban challenges of flooding damage. A programme related to liveability, climate change, has been established to address the planning and resilience, and will immediate and long-term resiliency utilise Ramboll’s holistic expertise needs of these areas while also in architecture, water, transport, increasing economic development energy, buildings, and management opportunities and the health of the consulting. Ramboll’s ability to work lake. To support these efforts, the across these sectors and to identify New York State Office of General innovative solutions to complex urban Services and Department of issues were decisive factors for ADB Environmental Conservation have in selecting Ramboll as its partner for engaged Ramboll to help develop this ground-breaking project. a new vision for rebuilding and enhancing the Lake Ontario and Initiating Sweden’s new St. Lawrence River shoreline. high-speed rail link The commuter route between Developing the largest shopping Gothenburg and Borås is one of complex in the Nordics Sweden’s busiest. Commuting by bus In Finland, Ramboll has contributed and car currently creates congestion with geotechnical, environmental, and the single-track railway does structural, electrical, lighting and not provide sufficient capacity. With landscaping services to the double rail tracks built for speeds EUR 1.5 billion three-block Tripla of 250 km/hour, travel time will be complex in Helsinki. The complex greatly reduced, and the number of forms an urban centre that includes trains can be increased significantly. a shopping centre, the Mall of Tripla, The new railway between Gothenburg railway station, and hotel, as well and Borås and onwards to Stockholm as working, living, housing and will also offer people the opportunity leisure-time activities. Tripla has to travel more sustainably. been awarded the highest level LEED Platinum certification. The green roof Project planning to ensure the best covers 40 per cent of the roof area, route for the railway has begun, and the average energy consumption of Ramboll plays an important and the shopping centre is approximately active role in driving the process 40 per cent lower, and its water forward. Our assignment is to consumption is approximately investigate a suitable corridor for 40 per cent lower than in new the tracks that will deliver better buildings on average. journey times and accessibility, 22 HIGHLIGHTS OF 2019 ANNUAL REPORT 2019 23
ACQUISITIONS RANKINGS & AWARDS
Henning Larsen / Hotel Alsig / Sonderborg Denmark Henning Larsen / Harpa Reykjavik
K. B. Hallen, Denmark, is the winner of the prestigious OBG (USA) by architect Henning Larsen in 1959 geotechnical practice also offers European Steel Award 2019, Photo by Niels Nygaard Ramboll acquired the US-based and is globally recognised for its specialist design services in related engineering and design consultancy aesthetic, sustainable and socially engineering fields. Completing OBG with effect from 1 January inclusive architecture. Today, the over 650 projects in more than 28 2019. OBG’s 900 experts have company employs approximately 300 countries since 1996, the practice strong competencies within water, employees across six offices. Henning has worked with the world’s most energy, environment and advanced Larsen’s many iconic projects range renowned architects, developers and manufacturing. The combined from individual buildings to plans for consultants. Moving up among the best Transatlantic Company of the Year specialists 2019 at the Telecom strengths of Ramboll US and OBG is entire urban areas. 78 per cent of According to Engineering News award to Ramboll at AmCham’s 2019 awards by the Corporate Vision the cornerstone in our new business Henning Larsen’s revenue is derived STRAFICA (Finland) Record’s (ENR), Ramboll was ranked Transatlantic Summit in March. The Magazine based in UK. According to unit Americas, which is the largest from projects outside of Denmark. By acquiring Strafica, a strategic 12th among the top 225 international annual award highlights the important Corporate VisionMagazine, Ramboll geographical business unit in Ramboll Henning Larsen will continue to transport planning and smart-mobility design firms in their yearly rankings. contributions of Danish companies “boasts a multidisciplinary approach on the threshold to 2020. operate under the Henning Larsen firm in Finland, Ramboll further This is an improvement of four places investing in the US and is promoted in to its service offering and works brand. strengthened its position as a leading compared to the previous year. partnership with the American Danish tirelessly to create a sustainable HENNING LARSEN (Denmark) sustainable mobility consultant Environment Analyst (EA) has ranked Business Council in Washington DC. society where improved quality of life Ramboll took a significant strategic WEB STRUCTURES (Singapore) for municipalities and transport Ramboll number 2 globally in the Ramboll was recognised for our and economic growth is enabled by step when the world-renowned Ramboll has acquired Web Structures, authorities. With Strafica on board, climate change & energy service area, significant investments, impressive innovative and durable solutions to architectural company Henning a leading building design and we have reinforced our data-enabled and number 7 global environmental growth, and a strong focus on the most pressing needs, challenges Larsen became part of Ramboll. The engineering consultancy that has services within smart mobility for the consultancy. sustainable solutions while playing an and concerns for businesses, public agreement was signed in December pioneered integrated design in benefit of our clients internationally. active role in the societies in which we institutions and people.” 2019 and the acquisition is effective Southeast Asia. They offer specialist Strafica is a Helsinki-based company Ramboll as top ranked employer operate. from 2 January 2020. design services for high-rise buildings, with 20 highly skilled experts in The leading engineering trade media, K.B. Hallen winner of European Steel which is a strategic target area for strategic transport planning and Ingeniøren, pointed to Ramboll as Ramboll receives German-Danish Design Award 2019 The shared vision is to create us. The acquisition is effective from smart mobility, with a track record of Denmark’s most attractive workplace Business Award A unanimous jury committee has integrated design solutions for 6 January 2020. It strengthens acting as a strategic decision-making among consultancies for the fourth The German-Danish Chamber of selected K.B. Hallen in Copenhagen sustainable cities and buildings that Ramboll’s position in Southeast Asia, advisor. year in a row. In the Universum Commerce honours Ramboll for (Denmark) as winner of the respond to today’s global challenges. adding 120 experts to Ramboll’s Student Survey 2019, Ramboll was promoting good business relations prestigious European Steel Award Over the coming year, the ambition 4,500 building designers. TEC CONSEIL (France) the most attractive employer among the countries. The award is given 2019 for steel professionals. The is to establish a global architecture The acquisition of TEC Conseil brings engineering consultants in Denmark for our innovation, German-Danish award was given for creative and business unit with approx. 800 Employing diverse talent from additional climate change mitigation and Finland. business relations, and achieved exceptional use of steel in the architects and landscape architects. the UK, Europe and Asia, Web and adaptation expertise to Ramboll’s business success. rebuilding of this iconic building. Structures provides worldwide design sustainability offering. Founded in Ramboll named 2019 Transatlantic Ramboll acted as consulting Henning Larsen is one of Denmark’s consultancy at the highest end of the 2001, TEC Conseil with 10 employees Company of the Year Ramboll wins Corporate Vision engineers for the project. leading architectural firms and has international spectrum. With offices provides consultancy services to the AmCham Denmark (The American Telecom awards 2019 undertaken projects all over the in Singapore, Kuala Lumpur, Shanghai public and private sectors. Chamber of Commerce in Ramboll has been named as the world. The company was founded and London, the civil, structural and Denmark) presented the prestigious Best Telecom Tower & Mast Design 24 OUR COMMITMENTS ANNUAL REPORT 2019 25
Building a sustainable future for Lake Ontario, US
PROGRESS Clients We act as a trusted partner, always passionate about the ON OUR success of our clients. COMMITMENTS
Our Commitments are the promises we People make to our key stakeholders: clients, people, We care for all employees and their society and our company. We measure our development through leadership, investment success based on how we create value for in people and equal opportunities. these stakeholders. All four commitments are We put health and safety first through a equally important because our stakeholders zero-harm culture are equally important. and safety in design.
At Ramboll, we are acutely aware of Sustainability is deeply embedded in our responsibilities as a sustainable Ramboll’s purpose and core business. society consultant. Our Mission is to Therefore, reporting on our strategy ‘Create sustainable societies where for Sustainability and Corporate Society We are an active people and nature flourish’. We Responsibility is integrated in the member of society, demonstrate an unwavering pledge reporting of our progress on Our contributing to to this objective to achieve a Commitments. its sustainable development. We avoid sustainable future. taking on projects that are damaging to society or destructive to the natural environment.
Company We are dedicated to Ramboll’s legacy and long-term success through top-tier performance, sound business principles and adherence to Our Values. 26 CLIENTS ANNUAL REPORT 2019 27
Project Satisfaction Index “Ramboll has demonstrated a strong Average of 7 common questions understanding of 51 40 7 2 DFW’s position.” The competences of the people involved Robert Horton, Vice President, Dallas Fort Worth International Airport 58 37 4 1
Ramboll's ability to deliver on schedule
48 40 8 3 1 help the airport meet the difficult challenge of remaining carbon- Ramboll's ability to understand your needs neutral, while continuing to expand and grow. 48 43 6 21
“Ramboll has demonstrated a strong Ramboll's ability to cooperate understanding of DFW’s position as a global leader in sustainability and 62 34 3 1 is helping us to elevate sustainability as a core part of DFW’s long-range Ramboll's ability to go beyond expectations strategy and vision,” said Robert Horton, DFW Vice President, 29 45 22 3 1
Environmental Affairs & Sustainability. How satisfied are you with Ramboll as a whole in connection with the project Sustainable energy engineering 48 45 5 2 In the UK, Ramboll is working with Quintain on Wembley Park – with What is the likelihood of Ramboll being contacted by 7,000 residential units, it is the UK’s you for future projects largest single-site build-to-rent 61 33 5 1 scheme. Sustainability forms a key component of this transformational 0% 25% 50% 75% 100% urban regeneration project and includes an innovative energy system designed by our experts. Positive Neutral/Negative
“Quintain has been working with Through deep partnerships with our Ramboll for about four years to clients, we customise solutions that deliver innovative design solutions CLIENTS are both environmentally, socially and to reduce carbon, reduce energy, economically viable and truly support and reduce material wastage, which Being client-centric is at the core our clients’ long-term success. they’ve achieved through both structural and energy engineering,” of Ramboll’s Winning Together We finalised 36,200 projects in 2019, says Matt Voyce, Executive Director “The project aims to help protect Client satisfaction strategy. As trusted advisors we put and within each one we strove to for Quintain. against climate change via surge A thorough understanding of deliver solutions that created true protection, provide a place for surplus our clients and their needs is a our clients first and we strive to truly value to our clients and allowed them Environmental investigations soil from construction work, and prerequisite for Ramboll’s ability to to grow in a sustainable way. In Denmark, we are assisting develop a new district in the city of meet their needs and enable their understand their needs and concerns Copenhagen City & Port Copenhagen – and it poses significant success. We always strive to deliver to be able to provide solutions to Shaping the future project by project Development to establish the new environmental challenges related to an unmatched experience to our In the US, Ramboll is helping island of Lynetteholm in the Port of polluted soil deposition and use of clients. This is why open and honest their most pressing challenges. Dallas Fort Worth International Copenhagen, which is planned to the area by port users and nearby feedback is key to us. We measure Airport (DFW), the only carbon- be home to 35,000 residents. This residents,” says Hans Vasehus, Port our client’s satisfaction in direct neutral airport in the US, meet involves completing environmental Master and Technical Director, CPH City relation to delivering our projects as its sustainability goals. Together investigations for establishing the & Port Development. “These challenges well as in between projects. with the client, we’re working to island, including Environmental require careful planning to ensure
We act as a trusted partner, always passionate develop an integrated and innovative Impact Assessments and applying for that the project is undertaken within Our Project Satisfaction Survey about the success of our clients. sustainability strategy that will environmental approvals. acceptable environmental impacts.” measures our clients’ immediate 28 CLIENTS ANNUAL REPORT 2019 29
satisfaction with the projects we satisfaction in Q3 was 4.2 whereas have just delivered to them. Over the our ability to understand client needs TIMBER IS THE years, we have seen a continuous scored 4. Clients gave our ability to SUSTAINABLE improvement of the project deliver and people competences FUTURE satisfaction score and in 2019 we a score of 3.9 and 4.1 respectively. reached a score of 4.38 on a scale These dimensions are measured from 1-5. This is an all-time high result on a scale from 1 to 5, where 1 and an increase compared to the corresponds to Strongly disagree and score of 4.34 in 2018. 5 corresponds to Strongly agree. King’s Cross W3 in London, UK is a state-of-the-art building with In order to assess our clients’ general Our clients gave three dominant extensive sustainability credentials perception of Ramboll – irrespective reasons why they have chosen using timber in both the structure of immediate project delivery – we Ramboll as their business partner: We and the cladding. When comparing have introduced a Client Loyalty are leading experts within our service the timber structure to an equivalent Survey. The survey monitors loyalty, areas, we help achieve clients’ goals, steel/concrete version, it saves
Net Promoter Score (NPS) and and we have a trustworthy reputation. approximately 200 tonnes of CO2 satisfaction among our top 3,000 in embodied carbon and halves the clients on a quarterly basis. As a Understanding our clients’ deliveries to the construction site. key performance indicator for client perspectives The timber option also delivers a low loyalty, we are now measuring NPS for In 2019, we have implemented a new embodied carbon material and stores our clients. The NPS score indicates client dialogue format offering our 270 tonnes of carbon within W3’s to what extent clients are willing to clients the opportunity to share their structure. recommend Ramboll to others. Our perspectives. In this format, both the first results show a satisfying score client and the responsible Ramboll with variations across our markets team rate a series of important 85% 200 and geographies. The score is used aspects relating to Ramboll’s ”Ramboll’s expertise as an outset for a dialogue with our deliverables and collaboration. in timber has been timber in superstructure tonnes CO2 saved clients about their experience from Subsequently, we compare the engaging with Ramboll. Internally, it commonalities and differences in of particular value on is used in our business units to agree perception during an open dialogue this project and we on measures to improve or further with the client to foster a constructive strengthen our clients’ experience. discussion of where and how Ramboll are looking forward developed to CLT and glulam for sites building in timber are About the client & architect can improve and develop the to developing the both its aesthetic and sustainability significantly less disruptive, creating Argent, a leading UK developer, In addition to the NPS score, the relationship. scheme in the credentials. a better working and surrounding takes the opportunity to make a Client Loyalty Survey also measures environment, with quieter and cleaner positive, even life-changing impact general satisfaction on a number of coming year working ”Ramboll’s expertise in timber has sites, fewer trades are required and on people and communities, while dimensions crucial to the experience in conjunction with been of particular value on this fewer deliveries, resulting in less responsibly managing the impact we want our clients to have. General Hybrid Design” project and we are looking forward noise/congestion, and improved air of new infrastructure on the to developing the scheme in the quality. environment. coming year, working in conjunction with Hybrid Design” says Jamie Smith, For over 70 years, Ramboll has Haptic Architects is a London- W3 is one of the 15 plots that senior development manager, been at the forefront of timber based practice. Haptic, referring Ramboll has engineered for property Argent LLP. technology. Having designed and to the sense of touch, is a guiding developer, Argent, as part of the engineered some of the world’s force for their design work; they King’s Cross Central Development, Timber, a sustainable choice largest and tallest timber buildings, strive to determine the haptical a 67-acre masterplan to develop a Timber is the only truly renewable we have a deep understanding of this qualities for each project and new vibrant area of London. This building material and also absorbs material and strive to ensure timber how they benefit the users of our plot provides added amenity space and stores carbon from the is a construction material that is buildings. to support the social needs of the atmosphere (carbon sequestration). considered from the outset. Overall satisfaction community including a nursery and Using one cubic metre of wood in About King’s Cross Development on a scale from 1 to 5 gym. At approximately 1,500 sqm, place of other materials results in What are CLT and Glulam • 67 acres
the structure is a mixture of timber 0.8 tonnes of CO2 being locked CLT and glulam are types of • 50 new buildings with a concrete core. Using 125m3 of within the building. Couple this with structural engineered wood • 1,900 new homes glued laminated timber (glulam) and the inherent properties of wood, products constituted by layers • 20 new streets 250m3 Cross Laminated Timber (CLT), these being improved thermal of dimensional lumber bonded • 10 new public parks and squares timber makes up 85 per cent of the efficiency and air tightness, makes together. Combining modern • 26 acres of open space total superstructure. timber the most sustainable choice engineering and manufacturing • 30,000 workers 4.2 for construction. techniques, it is now possible to King’s Cross W3 was originally achieve anything from interesting designed as a steel framed solution In addition to the immediate and complex building forms to but through the design process was environmental benefits, construction factory produced modular pods. 30 CLIENTS ANNUAL REPORT 2019 31
DIGITAL TWIN
CREATING provided Ramboll with a strong In 2019, we also continued our efforts portfolio of solutions that will drive to optimise workflows across the VALUE THROUGH results in our business units. And company by utilising automation INNOVATION this is just the beginning. Going processes and tools. As part of this forward, our focus will be on creating plan, the newly established Digital Client-driven innovation that unlocks continuous and scalable new revenue Development Centre in India is now the potential of digitalisation is key and realising the full potential by operational and handling projects to deliver value to clients in the delivering tech enabled consultancy from all geographies. To increase future. By realising the potential of that enhances the value for both our global impact, we have set targets digital innovation, we work even more clients and for Ramboll.” for all geographies in relation to A digital twin is a virtual copy of integrated with our clients, drive offshoring and monitoring, going a physical asset. It allows you to efficiencies and find new sustainable To reach this ambition, a key priority into 2020. monitor the asset continuously solutions to address major global in the coming year is to establish and makes it possible to test challenges. This is why Ramboll has strong support around the Innovation Furthermore, it has been a key focus made digital innovation a key priority. projects and bring in new necessary area to consolidate our position as an features and avoid problems competencies. This will ensure that industry leader in asset management before they occur. Throughout 2019, Ramboll has Ramboll can act with speed and agility with Digital Twin technology, based progressed with the innovation when taking new solutions to market. on further research and dialogue strategy and initiatives that were with our clients. Ramboll Energy has initiated in 2018. Utilising knowledge across continued to prove the effectiveness the company of Digital Twin technology when used We have completed the second In order to stay at the forefront of on offshore projects such as Equinor’s successful cycle of Ramboll’s global digital development in our industry, Draupner platforms in the Norwegian innovation programme, which we need to mobilise knowledge Northern Sea. Based on the success develops, matures and scales ideas across the company. Therefore, an in the offshore energy industry, we within the company. In 2019, 256 important focus area in 2019 has are scaling Digital Twins for other employees submitted ideas and 58 been to create an effective setup for markets. participants were selected to test knowledge management and sharing. their solutions with clients in the Driving innovation is a continuous ideation process. And according to “We have established three Centres process. And according to Hilde of Excellence within Advanced Tonne, this process will only grow in Simulations, Data Analytics and importance going forward: Liveable Places for People. In these units, experts within each field will “Digital innovation will have an collaborate to expand our capabilities influence on everything we do. It 3 and ensure that Ramboll remains will transform the way we work We have established three at the cutting edge of progress,” internally, what we can offer and Centres of Excellence explains Hilde Tonne. how we collaborate with our clients. 2019 has proved that our focused Furthermore, we have set up two and systematic efforts have enabled Group Competence Networks within innovation to flourish in Ramboll, but Ramboll’s Chief Innovation Officer, BIM (Building Information Modelling) we shouldn’t rest on our laurels. To Hilde Tonne, the potential is vast: and GIS (Geographic Information be a digital leader in our industry, we “Our innovation program has already Systems). need to keep pushing the agenda.” 32 ANNUAL REPORT 2019 33
Female Male concluded that there are equal salary Our target levels between men and women within the REC unit, which comprises Diversity in our approximately 450 employees. workforce that reflects the accessible talents Ramboll’s UK business has made progress on diversity and inclusion 34% 66% in the local market in 2019 by introducing a local action – including gender plan that focuses on recruitment, collaboration, physical and mental balance across all job health, community engagement, Full time families and job levels. parental leave, promotion processes, 4,324 9,368 training, etc.
Furthermore, we have performed Training and development Part time a global mapping of diversity and Knowledge is the foundation for inclusion activities, as well as priorities Ramboll’s success, and we pursue 1,099 1,153 and challenges within Ramboll. new opportunities for improving learning and education. Employees The Board of Directors comprises are offered a broad range of training Permanent nine people. Three of the members via the Ramboll Academy, and in are employee representatives and six 2019 we refined the online learning 4,980 9,608 members are elected by the annual solutions and we are continuously general meeting. The annual general adding new courses. This year, meeting elected members comprises we made the UN Global Compact Non-permanent two female and four male members, Academy available for our employees. which is in line with our target of The UN Global Compact Academy is 443 913 having at least two representatives of a free resource for every employee each gender at board level. at Ramboll and it reinforces our commitment to the UN Sustainable The Group Executive Board consisted Development Goals. in 2019 of two female and four male representatives, which also is in line One way to ensure that our people Females on management with our target of having at least two develop and thrive is the annual levels 2019 (%) representatives of each gender on the Performance Development Dialogue Group Executive Board. held with each employee. This is to align expectations regarding 33 Ramboll is committed to acting as a Gender distribution among performance and personal growth A-levels responsible employer that provides a employees in Ramboll is 34 per cent and provide a recurring opportunity 12 PEOPLE safe, equal, diverse and inclusive work female and 66 per cent male. This to strengthen employee skills. In B-levels environment, free from discrimination. is above industry average levels 2019, 92 per cent of our employees 23 Our aim is to offer equal opportunities according to a peer’s benchmark had a dialogue with their managers C-levels Ramboll is a people company and for employees at all levels, while study on gender diversity in 2019. The about their contribution to Ramboll’s 27 caring for our employees’ well-being safeguarding against discrimination, gender composition at management performance and their competency D-levels taking corrective action where levels (A, B, C and D levels) improved development. is ingrained in our company DNA. necessary, and by promoting an slightly in 2019. Each gender should Attracting and retaining the right inclusive workplace. In this way, be proportionally represented in People engagement we minimise our risk of adversely management positions to reflect We value our employees highly, and people and competencies are crucial for affecting employees’ rights, and the actual proportion of the general we systematically measure employee positively influence their experience gender distribution in the company. satisfaction and engagement level 33 us to live up to all our commitments and B-levels of working in an organisation based We have not reached the targeted accordingly. If our employees are we continuously invest in our people on trust and collaboration. gender distribution level yet, although satisfied, they will be motivated and 23 C-levels and in the work environment. we are continuously improving. play an active role in delivering value Diverse workforce to our clients. In 2019, we once again 27 D-levels In 2019, we have made progress Many diversity and inclusion activities conducted our annual Employee by holding training sessions for are undertaken locally within Ramboll’s Satisfaction & Engagement Survey. senior leaders to create awareness business units. For example, in 2019, an This year, 91 per cent of employees and discussing the implications of external salary benchmark study was participated in the survey. We unconscious bias and how to promote carried out in our Ramboll Engineering achieved an overall score of 4.1 on We care for all employees and their development through leadership, investment in people and equal opportunities. We put health and inclusion by mitigating bias in Centre (REC) in India to help ensure a scale from 1-5, which is positive. It safety first through a zero-harm culture and safety in design. everyday interactions. equitable salary levels. The study 34 PEOPLE ANNUAL REPORT 2019 35
represents the same level as in 2018 Ambitions for 2020 By focusing on the physical as well Total Reportable Incident and exceeds our target of 4.0. • Continue our strong as the mental well-being of our Rate (TRIR) focus on diversity and employees, Ramboll seeks to ensure The survey comprises 26 core inclusion in recruitment and minimise the risk of harm and to statements that are central processes and succession provide a safe and healthy working to employee satisfaction and planning. environment for our employees. engagement in Ramboll. One area 1.57 that achieved an especially high rating • Create a long-term Global This includes enhancing our Global is employees’ perception of their own Diversity and Inclusion HSS management system by Industry average 2.5* engagement levels, where strategy and integrate expanding the HSS organisation, a score of 4.2 was recorded. diversity and inclusion centralising our risk assessment in company strategy procedure, providing task-specific Employment and process. training to employees, as well as management relations defining project management and Basic employment conditions • Produce diversity and incident reporting processes and Lost Time Incident Rate and constructive dialogue with inclusion communication procedures. management promote employee plan. satisfaction, an inclusive working The main HSS risks identified include culture, and a good work-life balance. • Design for mitigation slips, trips and falls, employee of bias in key processes well-being, and transportation 0.76 Voluntary turnover decreased where we make people- safety. To mitigate these risks, we slightly from 12 per cent in 2018 to related decisions. began working on a global employee Industry average 1.5* 11.4 per cent in 2019. The proportion well-being programme; providing of employees that is covered by • Establish employee awareness training on slips, trips, and collective bargaining agreements is network groups used falls, and transport safety. In 2019, 49 per cent in 2019 compared with for collecting employee 132 incidents were reported. Of these *Normalised to 1 million 51 per cent in 2018. feedback and input. incidents, 18 were lost-time injuries labour hours and and there were no lost-time illnesses. benchmarks, An open and honest dialogue • Define desired metrics to these data refer to the between employees and management report on and establish Given the cultural diversity of industry average. is important to foster a culture of baseline. Ramboll, creating the necessary trust. We encourage employees to awareness around HSS can be raise concerns with their immediate a challenge. To address this manager or local management, but it challenge and ensure that our is also possible to engage in dialogue employees proactively act on HSS, in other ways. For instance, the Global we will continue to focus on the Ramboll Works Council includes commonalties that exist within employee representatives from each HSS globally. We will also continue business unit and they meet with top to provide our employees with management to discuss topics that applicable guidance, awareness and have a material impact on employees. training on these common topics. In accordance with local traditions, requirements and applicable law, work councils are implemented locally in all business units. Our target
Health, Safety and Security Zero harm in health, Having healthy and safe working safety and security. conditions is a key concern and strategic priority. Ramboll employees can potentially be exposed to health, safety and security (HSS) hazards In 2019, a strong focus was placed and risks in the course of their work. on training employees including a This can include work conducted centralised, global HSS campaign and in an office or in the field such as broader implementation of Safety at construction sites, conducting Moments. In addition, local training environmental field investigations, or is taking place. As an example, our handling chemicals. office in Chennai, India, conducted a 36 PEOPLE ANNUAL REPORT 2019 37
Central Europe & Africa Americas 476 Management Consulting 2,121 Germany 611 561 Denmark Water Voluntary employee turnover 3,501 1,122 Buildings All numbers are for permanent employees Energy 4,789 1,834
UK Business 1,233 Employees Support 1,715 Employees per country per market 11.5% 12.0% 11.4% Middle East & Asia Pacific Finland 2017 2018 2019 1,852 2,514 Environment Transport & Health 3,230 Norway 2,646 1,614 Sweden 2,075
targeted workshop that was offered As an employer, Ramboll can In 2019, we focused on implementing integration and leadership teams with In addition, the Ramboll Foundation new colleagues and participate in to female employees on their potentially cause adverse human mitigating actions based on an clear insights into the current work helped establish an exchange knowledge-sharing and collaboration personal safety. rights impacts. And when working impact assessment made in our India culture of each organisation. This was programme to support the creation to accelerate current commercial on projects, Ramboll could cause, operations. Such actions included ISO then used as a tool to identify the of the Americas business unit and opportunities and pursue future Ambitions 2020 contribute or be linked to human certification of the Health & Safety ideal future situation and to prioritise specifically the integration between business synergies. • Continue to develop the rights abuses through our business management system, improved HR activities that would make the largest legacy OBG and Ramboll. This leadership, cultural and relations. We help mitigate negative processes and cultural awareness contributions to progressing the programme provides employees behavioural perspectives of HSS impacts on human rights by assessing training. The planned impact integration. with an opportunity to engage with by providing employees with our impacts, training employees in assessment of Ramboll’s operations in safety topics to discuss. human rights policies and procedures, the Middle East has been postponed safeguarding the human rights of to 2020 due to organisational • Expand HSS awareness training employees, advising clients and changes in 2019. to all employees and task- third parties, and speaking up when specific training to targeted necessary. People integration employees. Ramboll is growing significantly, both Human Rights are integrated into organically and through acquisitions. • Expand the incident reporting many HR, Project Excellence, and Hence, people integration is an system to include reporting of compliance policies and procedures, ongoing priority, and we prioritise to work observations. which are continuously monitored develop the tools and processes to and improved. ensure smooth transitions. • Encourage employees to utilise the reporting system. Through our impact assessments and The acquisition of the consultancy due diligence procedures, we have company OBG in North America, • Continue to centralise HSS identified the most salient human rights which employs 900, almost doubled processes and guidelines. issues that Ramboll is exposed to: our number of experts in the Americas and was considered the • Right to non-discrimination most important integration in 2019. Human rights Ramboll is committed to respecting • Right to enjoy just and favourable The leadership groups in Ramboll human rights in line with the UN working conditions including and OBG strongly emphasised the Guiding Principles on Business and health, safety and wellbeing cultural alignment strategy from the Human Rights. We also follow the outset of the integration process, requirements in accordance with • Right not to be subjected to in order to positively influence and the UK Modern Slavery Act and the slavery, servitude or forced labour steer the new combined organisation. Prevention of Sexual Harassment of The organisations were mapped, and Women at Workplace Act. the resulting report provided the 38 SOCIETY ANNUAL REPORT 2019 39
10,000 60%
7,500 50%
5,000 40% 2017 2018 2019 2017 2018 2019
Share of total revenue contributing directly Share of total revenue contributing directly and positively to the UN SDGs (MDKK) and positively to the UN SDGs (%)
In 2016, we established a sustainability Ambitions 2020 clients regarding their sustainability baseline based on revenue generated • Further strengthen ambitions for each project. Ramboll from services contributing directly our sustainability is among the 10 largest building and positively to the SDGs. In 2020, focus and design consultants globally, designing we have set a target of increasing conversation, more than 10 million m2 every year revenue from services contributing ensuring the of which many will last more than directly and positively to the SDGs success of our 100 years. With this activity comes by 40 per cent compared with the clients. a commitment to ensure that 2016 baseline. Ramboll’s positive sustainability is on the agenda from contribution to the SDGs in 2019 was • Continue integrating the outset of a project. DKK 8,409 million, which is equal sustainability into to 59 per cent of Ramboll’s total our Spearheads In 2019, Ramboll conducted the 6th revenue. This represents an increase offerings to ensure edition of the Sustainable Buildings maximum positive Market Study that explores drivers Cultural park with stormwater features in Tianjin, China impact of our and trends related to sustainable projects. development in the construction Our Target sector. The survey canvasses the 40 per cent increase • Continue awareness views of nearly 400 Nordic and in revenue from raising and UK-based architects, developers, As part of Ramboll’s sustainability market-specific contractors and real estate investors. strategy, we are aligning our business services contributing sustainability with the UN Sustainable Development to UN Sustainable training for All buildings have an environmental SOCIETY Goals (SDGs) and exploring business employees. impact due to the extensive use opportunities within those goals Development Goals of virgin resources and the energy Ramboll takes an active role in society where Ramboll can offer specific that is required for manufacturing by advocating for sustainability and knowledge to facilitate progress. materials, construction processes, and of 57 per cent compared to the energy use when a building becomes providing services and solutions Contribution to Sustainable baseline in 2016, which shows that operational. Development Goals we have already met our target. supporting the achievement of the UN Ramboll’s sustainable solutions are The challenge for the global Sustainable Development Goals. We applied globally. such as assisting In each of Ramboll’s market areas, construction industry, and for with a sustainable strategy to Dallas positive progress is being made in Ramboll, is therefore to optimise believe that by sharing our knowledge Fort Worth International Airport, relation to the SDGs. Sustainable the positive impact from buildings publicly, we make a positive contribution collaborating with Swedish Transport solutions in both Buildings and in terms of creating healthy, safe Administration on high-speed rail, Transport have outgrown general and efficient buildings, while at in shaping solutions to global challenges. which will provide the population with growth and strategic acquisitions the same time reducing these the option to travel more sustainably in the US have almost doubled negative environmental impacts. and aiding with solutions to reduce sustainable revenue within Water Hence, Ramboll in 2019 became a carbon, energy and material wastage and Energy, respectively. strategic partner to the European in 7,000 residential units in London. regional network of the World Green Thereby we are delivering on our Sustainable ambitions in Buildings Building Council (WorldGBC), which We are an active member of society, contributing to its sustainable development. We avoid taking on projects that are commitment to society by shaping a Ramboll delivers value to society represents Green Building Councils damaging to society or destructive to the natural environment. sustainable future. through proactive dialogue with our in over 20 countries and works with 40 SOCIETY ANNUAL REPORT 2019 41
20 6,200 orphans in Tanzania have People with clean Cathedral Bridge over the River Derwent in Derby, England a new home. drinking water.
nine regional partners and over with the UN, for example in the form part of the Danish Foreign Ministry’s economy, the community, and the California offices in the US 4,500 diverse members across the of local network activities and in Ramboll is proud to Urban programme in India. environment. participated in the 30th annual Great construction and real estate sector. the ‘Health is Everyone’s Business’ Los Angeles River Clean-up, the It is also the voice for promoting action platform with the purpose of have employees who At the C40 Mayors Summit in Ramboll is proud to have employees country’s largest urban river clean-up a sustainable built environment in exploring how businesses can drive are not only engaged Copenhagen – a global coalition of who are not only engaged in their event. Since 1986, Friends of the LA Europe. We are furthermore engaged change within health and well-being. leading cities, businesses and citizens daily work but also help make a River (FoLAR) have protected and in the national GBCs in the Nordics, Ramboll also actively contributed to in their daily work that meet to advance climate action difference to society. Their skills and taken measures to restore the Los Middle East and India. the UN Global Compact publication: but also help make a – experts from Ramboll facilitated dedication help improve the lives of Angeles River, an 82 km waterway ‘Business Leadership Brief for Healthy dialogues at more than 10 master others who are less fortunate. that flows from the San Fernando Ramboll has contributed to the Planet, Healthy People’. difference to society classes, roundtables and other events Valley to the Pacific Ocean. development of the WorldGBC within themes such as the green Our volunteering initiatives vary from Advocacy Manifesto, which defines Another example is Ramboll’s transition, urban heat, mobility, flood country to country and from culture In Tanzania, 20 orphans have a eight priority areas that will guide and support of young talent working brought together global leaders from protection and urban development. to culture, but all involve the time and new home, security and everyday shape actions for achieving the vision with sustainability. In 2019, Ramboll business, government and civil society expertise of our employees. In the necessities in a new self-sufficient of a sustainably built environment. again partnered with the UNLEASH to showcase global climate action and As part of our partnership with UK, employees have the opportunity Children’s Centre. Volunteers and Based on these eight priority areas, innovation lab for the SDGs to solutions to sustainable cities. C40, Ramboll conducted a study to spend one paid working day per water experts from Ramboll in we have developed a tool that strengthen the impact of sustainable on citizens’ climate action readiness year on volunteering work as well as Sweden have been involved in the supports client dialogue related to solutions. Ramboll is also part of We then participated in the in three C40 cities. At the Summit, to join the charity task group ‘Making design of the sustainable toilet and sustainability targets and ambitions. the first global class of Young SDG annual Nordic Edge Conference in Ramboll presented the results a difference’, which aims to bring grey water system that fertilises and This enables an informed dialogue Innovators Programme, which Norway, which brings together city from the study in Copenhagen that charity projects to life. waters fruit and crops in the garden. regarding sustainability ambitions in was launched in 2019 to promote representatives from across Europe investigated citizens’ roles regarding The project was sponsored by the the early stages of a building’s design innovation on the SDGs among and the world on the common theme climate action, their climate action Following the devastating earthquake Ramboll Foundation. where the opportunity to influence companies that have signed up to of Smart Urban development, and the readiness as well as drivers and that hit Lombok in Indonesia, Ramboll decisions and maximise the positive the UN Global Compact. The initiative benefits this brings to people living barriers for behavioural change. The UK volunteers created designs for Volunteers and water consultants impact of buildings are greatest. is global and is being piloted in 11 in cities. In partnership with Nordic C40 Summit partnership was a global robust houses built entirely from locally from Ramboll in Sweden also worked countries. Edge and Aarhus University, Ramboll initiative built upon joint efforts across sourced bamboo as a sustainable on the installation of boreholes By using the WGBC Advocacy contributed with a white paper that Ramboll and the Ramboll Foundation. and resilient solution to the island’s and distribution systems that Manifesto as a framework, the Advocacy on climate action and analysed how citizens in the largest housing problem. The mission was to supply 6,200 people with clean sustainability strategies in our sustainable cities cities across four Nordic countries Community engagement encourage the adoption of bamboo drinking water in the Cox’s Bazar Building’s projects have a positive In 2019, Ramboll was a strong experience smart city solutions. Ramboll’s operations are based as a practical, low-cost and, most refugee camp in Bangladesh. The impact on 11 of the SDGs. advocate for solutions to climate in local communities worldwide. importantly, safe material to rebuild the project, sponsored by the Ramboll change and sustainable cities. This Ramboll is also appointed as Smart By working together with local island’s depleted housing stock. Foundation, was undertaken in UN partnership premiered at the New York Climate City Knowledge Partner to the Indian community groups in the regions in conjunction with the Swedish Red Since 2007, Ramboll is a signatory to Week, which ran in parallel with the Smart City Mission. The assignment is which we operate, we can contribute Honouring Earth Day, Ramboll Cross and is focused on improving the UN Global Compact, and engages annual UN General Assembly and positively to developing the local volunteers from our Southern the water supply and reducing the 42 SOCIETY ANNUAL REPORT 2019 43
Corporate income tax charges (DKK million) Ramboll’s 2019 financial statements show a corporate income tax charge of DKK 140.0 million out of DKK 307.9 million of earnings before tax. This tax charge is allocated between the following main regions:
2019 2018 2017
Denmark 56.7 57.6 -3.8
Finland 19.5 22.3 47.4
Norway 15.2 18.4 19.8
Sweden 10.2 14.9 30.2
USA 25.9 -18.2 44.7
Other Countries 12.5 27.9 23.4
Total 140.0 122.9 161.7 Sustainability Strategies risk of infections spreading in the offers a valuable opportunity for took two weeks to complete and camp. In Denmark, the Humanitarian Ramboll’s young engineers to develop it now provides safe year-round Society, whose primary purpose is to professionally. The team provided access for the local community. assist children in need, has supported added value to the community The initiative was supported by Foundation donations orphanages in India and Africa since by training local workers, thereby the Ramboll Foundation and 1992. Many employees also choose enabling them to independently the team was selected from five In 2019, the Ramboll Foundation Sustainability strategies have been to spend some of their spare time maintain the bridge in the future. different geographies: India, UK, donated DKK 15 million to 35 implemented in all Ramboll business working with Engineers Without This in turn has contributed to raising Denmark, Sweden and Finland. The units. Borders (EWB) on specific projects awareness of health and safety project was a unique experience different projects, covering a wide Ramboll therefore enters 2020 with such as sanitation or buildings in issues among the workers while also for the Ramboll engineers and an range of research and education, detailed sustainability plans and areas of need, and this collaboration bonding the local community through extraordinary opportunity to apply innovation, sustainability, targets for our markets and in 2019 with EWB is now also taking off in collaboration on a common project. their professional skills. we realised the following revenue Norway and Sweden. digitalisation and humanitarian contributing to UN Sustainable The Makurungwe river frequently Local economic obligations Development Goals (SDG): In India, 2 per cent of Ramboll’s floods for days at a time. The river Ramboll generates and distributes work. This is the highest annual profits goes to local humanitarian is especially challenging to cross economic value to society through amount donated in the history activities. In 2019, Ramboll volunteers during the rainy season. This is the our operating costs, as well as the of the Ramboll Foundation. organised a free health camp for harsh reality for the Murama and payment of employee salaries and the underprivileged population of Munini communities in Gashyushya, benefits, local utility costs, and The Foundation wishes to a slum area in Sukhrali, Gurgaon, in Rwanda, where sending children to government taxes. By complying support the transition towards Market SDG SDG revenue conjunction with Welfare Society school or going to the market can be with agreed payment terms and revenue in per cent of for Elderly and Destitute People life-threatening. maintaining transparency in our a more sustainable future and DKK total market (WSEDP). The volunteers performed financial reporting, we seek to consequently prioritises projects million revenue (%) the majority of the work together mitigate any adverse economic Buildings 1,305 34 with doctors and other medical impacts and contribute positively to that promote this – often with experts. There were also several other Our Target the local economy. the involvement of employees Transport 786 27 volunteering projects that Ramboll In 2020 we will Energy 1,372 56 undertook in India this year, including Ramboll is committed to fulfilling our as volunteers, advisors, or PhD the planting of 1000 trees using the continue to engage tax liabilities and obligations in all students. As of 2019, The Ramboll Environment & Health 3,529 94 Miyawaki method to create an urban the countries in which we operate. employees in the Water 1,102 100 micro-forest. This includes corporate income tax Foundation is making available an sustainability agenda on profits, value-added tax and sales annual sum of DKK 3.7 million to Management Consulting 315 66 A sustainable bridge tax collected from revenue, social PhD projects, which are funded Total 8,409 59 Five Ramboll engineers travelled security tax and individual income to Rwanda in September 2019 and The Ramboll team worked together tax collected from salaries paid to in conjunction with the Ramboll built a bridge together with locals with local people and the non- Ramboll’s employees. Group. In 2019, six PhDs were in just two weeks, creating safe government organisation, ‘Bridges to access for people crossing the river Prosperity’, to help build a suspension covered by funding amounting to Makurungwe. bridge across the river. Fabricated DKK 3.5 million. almost entirely from wood and steel, This type of volunteering project the bridge was constructed solely not only improves living standards by hand and even the large cables for the local community, but also were installed manually. The bridge 44 COMPANY ANNUAL REPORT 2019 45
geography. The acquisition of OBG the Rio Declaration including applying is delivering in line with expectations a precautionary approach. with strong revenue growth and
improved profitability reported. In 2019, Ramboll’s total CO2 emissions were measured at 36,546 tonnes, From a market perspective, equal to 2.07 tonnes per employee Buildings, Transport and Water are (FTE), a slight decrease from 2018 the main drivers of our growth. (2.08). Although we have decreased This year, we are also experiencing our energy consumption per Emission from energy the benefits of our matrix employee (FTE), looking at the overall consumption organisation which has improved development over the last years, the (CO2 emissions per full-time collaboration among our markets, level of CO2 emission per employee employee equivalent) and we are increasingly engaged in from business travel is slightly multidisciplinary projects. increasing due to more air travel.
The results are in line with our We are continuously reducing the 2017 2018 2019 expectations, and we are growing need for travelling by implementing 2018 2019 Group revenue without increasing improved video conferencing 2017xxx 20181,53 20190,67 costs at the same pace. This is due equipment and setting targets to 0.46 0.41 to our sound business principles, reduce internal travel costs. We have xxx 1,53 0,67 and as a result, we are improving the implemented a data management financial foundations for building a system to monitor our emissions and stronger company. initiated an analysis of future target setting. Due to major organisational In 2019, we realised DKK 308 million developments compared to our in profit before tax. This result is baseline year 2016, we are aware that influenced by the cost of integrating our emissions target of 20 per cent OBG and restructuring cost. These reduction can be difficult to reach in costs are non-recurring. We will 2020. However, the outbreak of the continuously invest in companies that COVID-19 in the beginning of 2020 will further strengthen Ramboll and may have a positive impact on our our offering to clients. For example, emission reduction. in 2019, we signed a deal to acquire Henning Larsen Architects, a globally Energy consumption Emission from business travel Main office Ramboll in Finland, Ramboll Village. (CO emissions per full-time renowned practice with landmark Ramboll consumes energy in our own 2 employee equivalent) projects across most continents. The offices and operations. We can reduce acquisition of companies such as our adverse impact on the climate OBG and Henning Larsen Architects by purchasing green energy and broadens our platform and secures reducing our energy consumption, 2017 2018 2019 Our dedication to securing Ramboll’s our path to a sustainable future improving our energy efficiency, xxx 1,58 1,38 long-term success is apparent from together with our clients. and reducing our energy intensity. 2017 2018 2019 our efforts to increase our operating Energy consumption from electricity, xxx 1,58 1,38 COMPANY margin. The Group EBITA margin for Environmental impact cooling and heating was 7,168 tonnes the fiscal year 2019 is 5.4 per cent Ramboll’s offices, business travel in 2019 (2018: 6,197). This represents 2018 2019 As a foundation-owned company compared to 5.3 percent the year and other operational activities a reduction from 0.46 tonnes per before. And our ability to deliver are our main sources of emissions. employee in 2018 to 0.41 in 2019. 1.62 1.67 profit is reinvested in the further across our markets is a clear indicator By monitoring our emissions and development of Ramboll, to the of the fact that we are moving up the working towards reducing them, During the year, the energy efficiency value chain, and thereby delivering on we can limit our own contribution has been improved in several offices, benefit of employees and society. our commitment to becoming a truly to climate change, while at the we have optimised the use of office Strong financial performance and client-centric company. same time providing advice to our space and certified buildings account clients to help them decrease their for 36 per cent of our total leased strategic growth, while adhering to Strong growth and a negative environmental impacts, area in m2. high ethical standards, and behaving solid platform for the future and Ramboll’s own environmental Ramboll reported solid growth for policy, management system Business travel and mobility responsibly are core priorities. the fiscal year 2019. Revenue for and programme is aligned with The trend in business travel, on the the period was DKK 14,189 million, the EN ISO 14001 standard on other hand, is developing negatively. which is 25 per cent higher compared environmental management. As A high level of internal travel activity to 2018. It is the first full year that laid down in our environmental is related to the implementation of the recently acquired US-based management policy, we respect and a matrix organisation, a business We are dedicated to Ramboll’s legacy and long- term success through top-tier performance, sound consultancy OBG has been included, support internationally recognised support organisation, and major business principles and adherence to Our Values. and the Americas is now our largest environmental principles as stated in acquisition integration efforts in 2019. 46 COMPANY ANNUAL REPORT 2019 47
CO2 emissions from business travel Ambitions 2020 Ambitions 2020 increased in 2019 to 29,378 tonnes • Shift to renewable electricity wherever • Complete and implement (2018: 21,630), equal to 1.67 tonnes possible. strengthened project related processes and governance on per FTE from 1.62 tonnes in 2018. This • Analyse our CO performance and 2 ensuring sustainability in our is mainly caused by an increase in air targets – taking account of science- projects travel, especially in North America, based targets. as the result of our increasing • Focus on mitigating actions in relation internationalisation. Responsible procurement to energy consumption and air travel in Ramboll’s North American Ramboll is committed to acting We are encouraging employees operations. responsibly, decently and all over the world to change their transparently – and we expect business travel behaviour accordingly, • Reduce non-client-related air travel our business associates, such as and create awareness of how to and following up on travel purposes, suppliers, sub-consultants, consortium change travel habits. to mitigate new upwards trends in partners and advisors to adhere to our internal travels. these principles. Ramboll works on Sustainability enabled through thousands of projects in six different Throughout the Group, we are project management markets globally and often our role continuing our conversion of the car Responsible business behaviour in the projects varies e.g. client fleet to hybrid and electric vehicles. and sustainability are integral consultant, engineering designer As an example, in Denmark, Ramboll elements of the projects Ramboll or architect. Each project also has has decided that following the normal delivers to clients each year. To its own supply chain for example, replacement schedule, the car fleet facilitate the implementation of Ramboll often engages with sub- will comprise entirely of electric sustainability in our value chain and consultants and consortium partners. vehicles in due course. our project excellence framework, We have implemented a Business we continuously develop procedures Support Procurement Policy and Water in relation to project risks, quality by following common procurement Ramboll consumes water in our management, and sustainable standards, meeting our financial own offices and operations. We are design. obligations towards suppliers, and by working towards reducing our water considering sustainability criteria in consumption through a focus on our In order to mitigate risks, we expect our procurement processes, we can water withdrawal, water efficiency, all our clients and partners to share minimise the risk of adverse impacts recycling and reuse, water discharge our ambitions of preventing direct or and contribute positively to the local and affected water bodies. Ramboll is indirect adverse impacts on human economy. aiming to reduce water consumption rights in relation to health and safety, by 15 per cent per employee by 2025 the environment and society – and We ask our suppliers to commit and to re-use secondary water, such swiftly addressing any such impacts to our Business Associate Code as rainwater, whenever feasible. if they arise. We conduct risk of Conduct to ensure that they assessments of business associates demonstrate responsible business Waste within those business sectors that behaviour to mitigate adverse social, By working towards reducing carry high reputational risks related environmental or economic impacts. our waste and wastewater in our to business integrity, environmental In 2019, 672 suppliers signed the own offices, for instance, through protection, and/or human rights. Code, which represents a 3.6 per improved waste management, cent increase compared to 2018 recycling, spills and hazardous waste Throughout each project, when looking at the total supply management, we can reduce our procedures are in place to manage chain. 49 per cent of all business negative impact on the environment. environmental and social risks as support suppliers have now signed well as opportunities in the project the Business Associate Code of We have set a target to increase execution phase. Conduct which is an improvement the amount of sorted waste to 90 of 8.1 per cent compared to 2018. Compliance concerns and whistleblowers per cent and the amount of sorted We also identify sustainability We aim to engage in constructive hazardous waste to 100 per cent by opportunities by considering how dialogue with our suppliers and we 2025. We have also set a target to we can meet or exceed clients’ ask for documentation of social, reduce the total waste produced per sustainability aspirations and targets environmental, and anti-corruption employee by 15 per cent by 2025. by bringing alternative or additional performance. Many activities are undertaken locally services to the project. 63 82 159 in Ramboll offices to reduce waste. Ramboll is seeking to promote the 2017 2018 2019 For example, in Denmark where three In 2019, we have focused on internal procurement of eco-labelled of our largest canteens are located, strengthening and simplifying products. Today, the global share daily food losses are measured in an project procedures and governance of eco-labelled products within effort to raise awareness and mitigate on ensuring sustainability in our Ramboll is 25 per cent. The objective food waste. projects globally. is that the total share of eco-labelled products reaches 75 per cent by 2021. Ramboll has engaged in a global 48 COMPANY ANNUAL REPORT 2019 49
agreement with Lyreco on office associates. In addition, we have to be implemented as part of the Ambitions 2020 supplies, making it possible for all established grievance mechanisms project management. During 2019, • Carry out global Ramboll employees to choose an eco- that enable our employees and some of our key efforts have been to implementation labelled version of any product they external stakeholders to raise enhance our compliance risk support of compliance need. This setup allows employees to concerns of misconduct. to projects and continuously improve onboarding videos. take an active decision where eco- the existing controls in our project • Ensure continuous labelling and pricing on the alternative In the development of our Global management tools. Furthermore, we focus on automated ‘green’ product are clearly stated. Compliance Programme and efforts have been developing a new process compliance controls.
to reach our ambitious target of for conducting compliance risk • Fully implement new Ramboll is challenged by the fact demonstrating best industry practice, assessment of business associates that regional compliance that products are not always available we apply guidance from the UKBA enhances our risk-based approach. governance on the market, and time is needed and FCPA legislation, as well as structure. to establish new product ranges Finally, to address risks related to • Carry out global together with suppliers. sponsorships and donations, a global implementation of Our target Sponsorship and Donation Guideline new compliance Anti-corruption has been developed and will be risk assessment for As a global architectural, engineering Best industry practice implemented in 2020. We have also business associates. and design company working in high- on anti-corruption developed onboarding videos within risk industries such as construction compliance and anti-corruption for and extraction, and often in countries by 2020 all new employees to supplement exposed to high corruption risks, it is current local compliance onboarding very important for Ramboll to have a activities and customised face-to-face robust anti-corruption management anti-bribery management system anti-corruption training for selected system in place. standards such as ISO 19600 and employee groups. ISO 37001, and OECD guidelines on Acting honestly, decently and anti-corruption. In 2019, 159 compliance concerns responsibly is a fundamental part of were reported to the Global Ramboll’s values. We comply with Ramboll’s Global Compliance Compliance organisation, including anti-corruption laws, including the UK Programme is designed and whistleblowers. This is an increase Bribery Act (UKBA), the US Foreign implemented by a mature compliance from the number reported in 2018 Corrupt Practices Act (FCPA) and organisation, and we have launched (82). The development is considered follow local laws in every country in a new Charter for the Group a result of maturing compliance which we operate. Compliance Function describing activities and a sign of a healthy Ramboll’s compliance governance speak-up culture in line with Some of our key risks for corruption and mandate as delegated by our international benchmarks. Following in our projects can include non- Group Board of Directors. As part investigations of the reports, 70 transparent bidding processes, of securing a mature compliance (44 per cent) were substantiated obtaining public permits and approvals, organisation, we have been preparing (compared to 47 / 57 per cent in and managing our supply chain. for a new regional compliance 2018) and appropriate mitigating governance across Ramboll, which actions have been taken. Learning Ramboll takes a pro-active, zero- will take effect in 2020. from compliance concerns is tolerance stance against corruption and important when ensuring continuous bribery, as well as anti-competitive, anti- Assessing corruption risks improvement of policies and trust and monopoly behaviour, such as in the business procedures. During 2019, our internal price fixing and cartels. Corruption and bribery risks are investigations procedures have been continuously assessed throughout enhanced, meaning that from 2020 a Our Anti-Corruption Management our business. Anti-corruption is new risk classification for compliance System builds on five strategic an integrated part of Ramboll’s concerns will be introduced to ensure building blocks covering the Global Enterprise Risk Management process. improved governance of internal Compliance Programme: Leadership However, our greatest risks are in our handling. & Organisation, Policies & Controls, projects, and therefore our Global Training & Communication, Risk Project Integration Tool (Pi Tool) Assessment and Monitoring & has been designed to identify and Reporting. These building blocks drive flag compliance risks for Project implementation of anti-corruption Managers when they assess project through a strong top management opportunities. If compliance risks commitment, operational controls, are flagged based on input from the continuous training of management Project Managers, Group Compliance and employees in our anti-corruption is involved to conduct risk assessment Ramboll office in Esbjerg, Denmark policy, and due diligence of business and recommend mitigating actions 50 FINANCIAL STATEMENT ANNUAL REPORT 2019 51
In relation to consolidation of fi nance charges, are included in revenues, costs or extent of progress exchange diff erences arising other long-term payables. The interest toward completion, estimates are from the translation of the net element of the fi nance cost is charged revised. These revisions may result in investment in foreign entities, and to the income statement. Property, increases or decreases in estimated of borrowings and other currency plant and equipment acquired under revenues or costs and are refl ected instruments designated as hedges fi nance leases are depreciated over in income during the period in which of such investments, are taken to the shorter of the useful life of the the circumstances that give rise shareholders’ equity. asset or the lease term taking into to the revision become known by ACCOUNTING consideration bargain purchase Management. Fair value adjustments arising on the options. acquisition of a foreign entity are Revenue segment information POLICIES treated as assets of the foreign entity All other leases are classifi ed as Revenue information is provided on and translated at the closing rate. operating leases. Payments made markets. The revenue by markets is BASIS OF PREPARATION under operating leases are charged to based on the Group’s six markets. Derivative fi nancial instruments the income statement over the period Revenue by project location is based Derivative fi nancial instruments are of the lease. on the location of the project-owner. initially recognised in the balance The Annual Report of Ramboll measurement take into consideration Presentation currency and sheet at cost and are subsequently Income statement Project costs Group A/S is prepared in accordance anticipated losses and risks that arise foreign currency translation remeasured at their fair values. Revenue Project costs consist of costs directly with the provisions applicable to before approval of the Annual Report The fi nancial statements for the Positive and negative fair values of Revenue in the Group consists of the related to projects, such as travel large enterprises in accounting and which confi rm or invalidate aff airs Group and the Parent Company are derivative fi nancial instruments are fair value of the consideration received expenses, costs of external services class C under the Danish Financial and conditions existing at the balance presented in DKK thousand. classifi ed as ‘Other receivables’ and or receivable for the sale of goods and other project costs. Staff costs Statements Act. sheet date. Foreign currency transactions ‘Other payables’, respectively. and services in the ordinary course are not included in project costs. are translated into DKK using the of the Group’s activities. Revenue is The Consolidated Financial Basis of consolidation exchange rates prevailing at the dates Changes in the fair values of shown net of value-added tax, returns, External costs Statements and the Parent Company The Consolidated Financial of the transactions. derivative fi nancial instruments rebates and discounts and after External costs include as Financial Statements have been Statements comprise the Parent are recognised in the income eliminating sales within the Group. administration, marketing, travel and prepared under the same accounting Company, Ramboll Group A/S, Foreign exchange gains and losses statement unless the derivative accommodation, offi ce rent, IT costs policies as last year, except that and entities in which the Parent resulting from the settlement of fi nancial instrument is designated The Group recognises revenue and other external costs. transaction costs relating to Company has control, i.e. the power such transactions and from the and qualifi es as hedge accounting. when the amount of revenue can be acquisitions after 1 July 2018 are to govern the fi nancial and operating translation at year-end exchange Changes in fair values of derivative reliably measured, and it is probable Staff costs recognised as other costs. Before 1 policies generally accompanying a rates of monetary assets and liabilities fi nancial instruments, which qualify that future economic benefi ts will Staff costs consist of costs such as July 2018 these costs were recognised shareholding of more than half of the denominated in foreign currencies are as hedge accounting, are recognised fl ow to the entity and when specifi c wages and salaries, pension costs, as goodwill. Furthermore changes voting rights. Subsidiaries are fully recognised as fi nancial income and in equity. Where the expected criteria have been met for each of value of share options and other to deferred payments relating to consolidated from the date on which expenses in the income statement. future transaction results in the the Group’s activities as described social security benefi ts of employees acquisitions before 1 July 2018 are control is transferred to Ramboll acquisition of non-fi nancial assets, below. The amount of revenue is not and of the Executive and Supervisory recognised as goodwill, whereas after Group A/S. Intercompany loans, which are part any amounts deferred under equity considered to be reliably measurable Boards. 1 July 2018 changes are recognised as of a net investment in subsidiaries, are are transferred from equity to the until all contingencies relating to the part of other income or other costs. The cost of an acquisition is measured not considered to be monetary items, cost of the asset. Where the expected sale have been resolved. The Group Other income and costs as the fair value of the assets given, but are considered as equity future transaction results in income bases its estimates on historical Other income and other costs Ramboll Group A/S has equity instruments issued and investments. The fl uctuations in or expense, amounts deferred under results, taking into consideration comprise items of a secondary chosen to deviate from the form liabilities incurred or assumed at the exchange rates are recognised equity are transferred from equity to the type of customer, the type of nature to the core activities of the requirements of the Danish Financial date of exchange. Identifi able assets directly through equity. the income statement in the same transaction and the specifi cs of each enterprises, including gains and losses Statements Act relating to the income acquired and liabilities assumed in a item as the hedged transaction. arrangement. on the sale of companies, intangible statement. EBITDA and EBITA have business combination are measured The results and fi nancial position of assets and property, plant and been inserted as subtotals. Income initially at their fair values at the foreign subsidiaries and associates Minority interests The Group sells services within equipment. Furthermore, integration- from associated companies and acquisition date. The excess of the with a functional currency diff erent In the statement of Group results engineering, design and consultancy. and acquisition costs after 1 July joint ventures is presented as part of cost of an acquisition over the fair from the presentation currency of and Group equity, the elements of These services are provided on a time 2018, and restructuring costs are EBITDA and EBITA and other income value of Ramboll Group A/S’ share of the Group are translated into the the profi t and equity of subsidiaries and material basis or as a fi xed- presented as other costs. Changes and costs are presented after EBITDA the identifi able net assets acquired is presentation currency as follows: attributable to minority interests price contract, with contract terms to deferred payments are presented and EBITA in order to provide a fair recorded as goodwill. are stated as proposed profi t generally ranging from less than one as other costs for acquisition made view of the Group’s operations. • Assets and liabilities for each appropriation and as a part of equity. year up to ten years. after 1 July 2018. Restructuring costs If an investment includes deferred balance sheet item presented mainly comprise redundancies and Recognition and measurement consideration, this is recognised at are translated at the closing rate Leases Revenue from time and material rent related to vacant properties, On initial recognition, assets and cost at the time of investment and at the date of the balance sheet, Leases of property, plant and contracts is recognised at the when they form part of a larger liabilities are measured at cost. subsequently measured at amortised • Income and expenses are equipment where substantially all the contractual rates as labour hours are restructuring scheme. Subsequently, assets and liabilities cost in subsequent periods. Changes translated at the dates of the risks and rewards of ownership are delivered and direct expenses are are measured as described for each in deferred consideration are transactions (or approximate transferred to the Group are classifi ed incurred. Financial items individual item below. Certain fi nancial recognised in the other income and average rates), and as fi nance leases. Finance leases are Financial income and expenses consist assets and liabilities are recognised other costs for acquisition made after • All exchange diff erences capitalised at the lease’s inception at Revenue from fi xed-price contracts of interest income and expenses, at amortised cost. Amortised cost 1 July 2018. arising from the diff erence the lower of the fair value of the leased is recognised under the percentage foreign exchange gain or loss and is stated as original cost less any between closing and average property and the present value of of-completion (POC) method. Under other interest income and expenses. principal payments plus or minus Intercompany transactions, balances, rates and between opening and the minimum lease payments. Lease the POC method, revenue is generally the cumulative amortisation of any realised and unrealised gains and closing rates are recognised as payments are allocated between the recognised based on the services Corporation tax and deferred tax diff erence between cost and the losses on transactions between Group a separate component of equity. liability and fi nance charges so as to performed to date as a percentage of Tax consists of current tax and nominal amount. In this way, capital companies are eliminated. achieve a constant rate of interest on the total service to be performed. changes in deferred tax for the year. losses and gains are amortised the fi nance balance outstanding. The If circumstances arise that may The tax relating to the income for over the maturity. Recognition and corresponding lease obligations, net change the original estimates of the year is recognised in the income 52 FINANCIAL STATEMENT ANNUAL REPORT 2019 53
statement. Current tax receivable Property, plant and equipment Joint ventures years and consist primarily of prepaid value using the eff ective interest rate. Cash fl ow statement is recognised in the balance sheet and leasehold improvements Undertakings which are contractually interest, rent and insurance. Accordingly, the diff erence between The cash fl ow statement shows the if excess tax has been paid on Property, plant and equipment and operated jointly with one or more the proceeds and the nominal value is Group’s cash fl ows for the year from account and a current tax payable is leasehold improvements are measured other undertakings (joint ventures) Equity recognised in the income statement operating, investing and fi nancing recognised if a liability exists. at historical cost less accumulated and which are thus jointly controlled Dividend distribution proposed by during the term of the loan. Other activities, respectively, and also includes Deferred tax is measured by using depreciation. Historical cost includes are recognised in accordance with Management for the year is disclosed fi nancial obligations are measured at cash and cash equivalents at the the balance sheet liability method expenditure that is directly attributable the equity method. as a separate equity item. amortised cost, which substantially beginning and at the end of the year. on all temporary diff erences arising to the acquisition of the items. corresponds to their nominal value. between the book values of assets In the income statement, income is Provisions Cash fl ows from operating activities and liabilities and the amounts used Depreciation is calculated on a recognised from joint ventures which A provision is recognised when Other payables are presented indirectly and are for taxation purposes. Deferred tax straight-line basis over the estimated comprise the share of profi t before tax. the Group has a present legal or Other payables mainly consist of calculated as the income for the year is not recognised on temporary useful lives of the assets. constructive obligation as a result of salary related items (bonuses, pension, adjusted for non-cash operating diff erences relating to goodwill not Impairment of assets past events and it is probable that an tax, holiday accruals, etc.), accrued items, changes in working capital and deductible for tax purposes. Deferred The following useful Impairment tests are performed if outfl ow of resources will be required interest and not received or approved income taxes paid. tax is measured according to the lives are applied: indications of impairment are present. to settle the obligation. Provisions vendor invoices. tax rules and at the tax rates under Buildings: 10–50 years. If the carrying amount is found to be are recognised for items such as Cash fl ows from investing activities the legislation at the balance sheet Plant and equipment: 3-5 years. greater than the implied fair value, legal claims, restructuring provisions, Parent Company consist of payments in connection date that are expected to apply Leasehold improvements: 1-10 years. then impairment has occurred and pension provisions and any other Investments with acquisitions and disposals of when the temporary diff erences are The assets’ residual values and the book value of the asset is written necessary provisions. Investments in subsidiaries are intangible assets, property, plant and eliminated. Changes in deferred tax useful lives are reviewed, and down to its recoverable amount. The recognised and measured according equipment, and investments. due to changes in the tax rates are adjusted if appropriate, at each recoverable amount is the higher of Provision for pensions to the acquisition method. Investments Cash fl ows from fi nancing activities recognised in the income statement. balance sheet date. the net selling price and value in use. Contributions payable under defi ned in subsidiaries are recognised in the consist of repayments on long-term contribution plans are recognised Parent Company’s income statement debt and increase of bank loans. Deferred tax assets, including the tax Gains and losses on disposal are Other investments as an expense along with delivery of at the proportionate share of profi t base of tax losses carried forward, determined by comparing proceeds Other investments comprise listed employee service giving rise to the from the date of the acquisition. Cash and cash equivalents consist of are measured at the value at which with the carrying amount. These are securities, deposits and other obligation to pay the contribution. cash at bank, cash in hand and current it is expected that they can be included in the income statement as receivables. Deposits and other On acquisition, identifi able assets, securities with a maturity period utilised by elimination against tax on other income or other costs. receivables are measured at cost Costs under defi ned benefi t plans liabilities and contingent liabilities are shorter than three months, less short- future earnings or by set-off against less any write-down according are recognised in line with the measured at fair value at the date term bank loans due on demand. deferred tax liabilities. Associates to individual assessment. Listed performance of the employee of acquisition by applying relevant Associates are all entities over which securities are recognised at fair value services entitling the employees valuation methods. The excess of the The cash fl ow statement cannot Balance sheet Group has signifi cant infl uence but at the trade date and subsequently to the benefi ts. The obligation is total consideration transferred and be immediately derived from the Intangible assets not control, generally accompanying measured at market price. Fair value measured at the present value of the value of non-controlling interests published fi nancial statements. Goodwill represents the excess of the a shareholding of between 20% and adjustments are recognised in the the expected pension payments over the total identifi able net assets cost of an acquisition over the fair 50% of the voting rights. Investments income statement. attributable to the services delivered measured at fair value are recognised FINANCIAL RATIOS value of the Group’s share of the net in associates are accounted for by at the balance sheet date. The as goodwill. Goodwill is amortised in Number of employees, end of year = identifi able assets of the acquired the equity method of accounting, obligation is measured on the basis the income statement on a straight- Receivables Number of all permanent and temporary subsidiary at the date of acquisition. calculated on the basis of the Accounts receivables, trade are of actuarial assumptions, which are line basis over the estimated useful life employees at the end of the year, Group’s accounting policies and after recognised initially at fair value and re-assessed on a regular basis. of the investment. regardless of their working hours. Goodwill in the Group is amortised deduction or addition of the Group’s subsequently measured at cost less over the following expected useful share of any unrealised intra-group provision for bad debt. A provision Plan assets are recognised at their Deferred payments are measured Number of full time lives. Strategic investments are gains or losses. Investments in for bad debt of trade receivables is fair value at the balance sheet date. at fair value and included in total employee equivalents = Hours registered in time sheets valuated as long-term investments associates are initially recognised at established when there is objective Plan assets and related obligations consideration. Subsequent changes Standard working hours during the year and therefore amortised over 20 years. cost. evidence that Ramboll Group will not are presented on a net basis in the to fair value of deferred payments Customer contracts identifi ed from be able to collect all amounts due balance sheet. are recognised as part of equity EBITDA margin = business combinations are recognised On acquisition of associated according to the original terms of for acquisitions before 1 July 2018. EBITDA × 100 in the balance sheet at fair value and companies, the diff erence between the receivables. Gains and losses arising from changes For acquisitions after 1 July 2018, Revenue amortised over the useful lifetime. cost and the book net assets of the in actuarial assumptions are recognised subsequent changes are recognised EBITA margin = acquired company is calculated at the in the year where they arise. Multi- as part of profi t and loss. Work in progress EBITA × 100 Software, patents, licences, and date of acquisition after adjustment Work in progress is measured employer plans for which suffi cient Revenue development projects are capitalised to fair value of the identifi able assets at the sales price of the work information is not available are treated If measurement of the identifi able and amortised over an appropriate and liabilities (purchase method). Any performed, corresponding to direct as defi ned contribution plans. net assets is uncertain at the date EBIT margin = expected useful life. Development remaining positive balances (goodwill) and indirect costs incurred plus a of acquisition, initial recognition is EBIT × 100 projects are capitalised if the projects are recognised as investments in proportionate share of the expected Provision for claims done based on provisional amounts. Revenue are feasible to complete technical, will associated companies in the balance profi t calculated on the basis of Provision for claims from clients Measurement period adjustments to Return on invested capital (ROIC) = generate future economics benefi t sheet and amortised in the income an assessment of the percentage concerning single projects that the provisional amounts may be done EBITA × 100 for the Group, and the costs can statement on a straight-line basis of completion. The sales price is are not covered by insurance are for up to 12 months following the date Average invested capital, be measured reliable. An amount over the estimated useful life of the reduced by progress billings. Invoices recognised at their fair value at the of acquisition. After the end of the including goodwill correspondent to the development investment. on account beyond the percentage balance sheet date. measurement period, goodwill is no costs is allocated to equity as of completion of contracts are longer adjusted. Return on equity (ROE) = Profi t for the year × 100 ‘Reserve for development costs’. In the income statement, income is calculated separately for each Financial obligations Average total equity recognised from associates which contract and recognised as ‘payments Loans from banks that are expected Transaction costs inherent from The following useful comprise the share of profi t after tax from clients’ under to be held to maturity are recognised acquisitions after 1 July 2018 are Cash conversion ratio = lives are applied: less amortisation of goodwill. short-term liabilities. on the date of borrowing as the net recognised in the income statement (EBITA + Change in working capital) Goodwill: 5-20 years. proceeds received less transaction when incurred. Acquisition costs / EBITA × 100 Customer contracts: 15 years. Prepayments costs incurred. In subsequent periods, inherent from acquisitions before The fi nancial ratios have been prepared in accordance with the guidelines of the Software, patents and licences: Prepayments consist of expenses the loans are measured at amortised 1 July 2018 are recognised as part of Danish Society of Financial Analysts 3-7 years. paid relating to subsequent fi nancial cost, corresponding to the capitalised the total consideration. (Den Danske Finansanalytikerforening). 54 FINANCIAL STATEMENT ANNUAL REPORT 2019 55
FINANCIAL STATEMENTS INCOME STATEMENT CASH FLOW STATEMENT
Group Parent Company Group
Note DKK thousand 2019 2018 2019 2018 Note DKK thousand 2019 2018
1 Revenue 14,188,793 11,351,030 190,207 256,797 Operating activities: Project costs (2,816,530) (1,531,589) (1,921) (1,269) Profi t before tax 307,854 360,769 External costs (1,819,586) (1,631,762) (129,910) (119,088) Income from associates and joint ventures (12,058) (11,668) 2 Staff costs (8,588,757) (7,439,840) (113,878) (96,229) 3 Depreciation and amortisation 421,895 359,893 13 Income from associates 12,058 11,668 - - Unrealised exchange loss/(gain), net 9,353 (54,206) and joint ventures Cash fl ow from operating activities before change in working capital 727,044 654,788 EBITDA 975,978 759,507 (55,502) 40,211 3 Depreciation (213,449) (162,461) (1,578) - Change in work in progress (296,994) (80,232) EBITA 762,529 597,046 (57,080) 40,211 Change in receivables (38,895) (124,539) 3 Amortisation Change in payments from clients 316,305 211,676 and write-downs (208,446) (197,432) - - Change in payables 104,057 89,910 4 Other income 14,301 9,054 - - Change in working capital 84,473 96,815 5 Other costs (227,275) (90,765) (28,806) (31,331) 12 Income from subsidiaries - - 230,425 164,741 Change in provisions 14,900 (4,451) EBIT 341,109 317,903 144,539 173,621 Income tax paid (139,676) (251,110) Cash fl ow from operating activities 686,741 496,042 6 Financial income 51,297 146,826 69,188 152,956 7 Financial expenses (84,552) (103,960) (38,392) (61,275) Investing activities: Profi t before tax 307,854 360,769 175,335 265,302 9 Acquisition of companies 92,632 (996,177) Investment in tangible assets, net (218,692) (236,975) 8 Ta x (135,908) (122,926) (4,002) (28,123) Investment in intangible assets, net (22,343) (12,954) 171,946 237,843 171,333 237,179 Profi t for the year Investment in other fi nancial assets 1,965 22,353 Cash fl ow from investing activities (146,438) (1,223,753)
Financing activities: Loan payments, net (310,331) 1,050,000 Dividend to minority interest (558) (512) Dividend to shareholders (50,000) (50,000) Cash from fi nancing activities (360,889) 999,488
Net cash fl ow for the year 179,414 271,777
Total cash and cash equivalents at 1 January 705,141 437,070 Net cash fl ow for the year 179,414 271,777 Exchange rate adjustments 25,207 (3,706) Total cash and cash equivalents at 31 December 909,762 705,141
(*) Restricted cash at 31 December 2019 amounts to DKK 13 million. 56 FINANCIAL STATEMENT ANNUAL REPORT 2019 57
BALANCE SHEET, ASSETS BALANCE SHEET, EQUITY AND LIABILITIES
Group Parent Company Group Parent Company
Note DKK thousand 31.12.2019 31.12.2018 31.12.2019 31.12.2018 Note DKK thousand 31.12.2019 31.12.2018 31.12.2019 31.12.2018
Goodwill 2,077,694 1,749,919 - - 17 Share capital 35,000 35,000 35,000 35,000 Customer contracts 111,782 - - - Retained earnings 2,502,373 2,261,692 2,495,162 2,257,988 Software, licences, patents, etc. 41,355 26,564 4,578 4,748 Reserve for development costs - - 7,211 3,704 10 Intangible assets 2,230,831 1,776,483 4,578 4,748 Proposed dividend - 50,000 - 50,000 Equity attributable to shareholders 2,537,373 2,346,692 2,537,373 2,346,692 Property 25,882 24,478 - - of Parent Company Plant and equipment 399,941 329,951 - - Minority interest 4,021 3,923 - - Leasehold improvements 112,356 105,560 - - Total equity 2,541,394 2,350,615 2,537,373 2,346,692 11 Property, plant and equipment 538,179 459,989 - - 19 Provision for pensions 5,344 5,269 - - 12 Investments in subsidiaries - - 4,133,115 3,059,956 8 Provision for deferred tax 173,579 173,727 17,923 13,877 13 Investments in associates Provision for claims, etc. 109,350 93,488 - - and joint ventures 15,106 14,767 - - Total provisions 288,273 272,484 17,923 13,877 Receivables from subsidiaries - - 376,220 1,180,935 14 Other investments 2,673 2,736 187 187 Bank loans 1,100,000 1,400,000 1,100,000 1,400,000 Prepaid investments in subsidiaries - 632,652 - - Other payables 90,953 6,269 2,127 - Other receivables 3,049 751 - - 20 Total long-term liabilities 1,190,953 1,406,269 1,102,127 1,400,000 15 Deposits 63,039 54,206 - - Investments 83,867 705,112 4,509,522 4,241,078 Bank loans - - - - 16 Prepayments from clients 1,729,280 982,956 - - Total fi xed assets 2,852,877 2,941,584 4,514,100 4,245,826 Trade payables 744,014 463,404 86,040 44,482 Payables to subsidiaries - - 1,344,302 893,527 Accounts receivables, trade 2,842,924 2,332,262 1,457 745 Payables to associates - - - - 16 Work in progress 1,463,229 1,016,174 - - Corporation tax 96,288 61,774 10,140 16,743 Other receivables 215,923 154,280 30,618 12,721 21 Other payables 2,158,647 2,028,831 48,272 46,260 Receivables from subsidiaries - - 133,545 121,980 Total short-term liabilities 4,728,229 3,536,965 1,488,754 1,001,012 Tax receivables 107,923 109,310 - - 8 Deferred tax assets 79,435 87,202 - - Total liabilities 5,919,182 4,943,234 2,590,881 2,401,012 Prepayments 276,776 220,380 28,084 11,424 Receivables 4,986,210 3,919,608 193,704 146,870 Total equity and liabilities 8,748,849 7,566,333 5,146,177 4,761,581
Cash at bank and in hand 909,762 705,141 438,373 368,885 18 Distribution of profi t 22 Contingent liabilities Total current assets 5,895,972 4,624,749 632,077 515,755 23 Operational lease obligations 24 Auditors’ fee Total assets 8,748,849 7,566,333 5,146,177 4,761,581 25 Related parties and ownership 26 Subsequent event 27 Financial risk management 58 FINANCIAL STATEMENT ANNUAL REPORT 2019 59
EQUITY NOTES
DKK thousand Group
DKK thousand Share Retained Proposed Reserve for Equity Minority Total Note 1 - Segment information 2019 2018 capital earnings dividend development attributable to Equity costs shareholders of Parent Revenue by markets: Company Buildings 3,818,648 3,699,895 Environment & Health 3,601,388 2,724,441 Transport 2,798,727 2,617,853 Total equity at 1 January 2019 35,000 2,257,988 50,000 3,704 2,346,692 3,923 2,350,615 Energy 2,439,454 1,213,272 Exchange rate adjustments related to Water 1,074,258 628,800 foreign subsidiaries and associates - 73,889 - - 73,889 44 73,933 Management Consulting 456,318 466,769 Value adjustment of hedging instruments ------14,188,793 11,351,030 Tax eff ects - (4,541) - - (4,541) - (4,541) Paid dividend - - (50,000) - (50,000) (559) (50,559) Revenue by geography: Proposed dividend ------Denmark 3,044,368 2,888,898 Reserve for development costs - (3,507) - 3,507 - - - Sweden 1,585,387 1,466,336 Profi t for the year - 171,333 - - 171,333 613 171,946 Norway 1,562,996 1,504,915 Book value at 31 December 2019 35,000 2,495,162 - 7,211 2,537,373 4,021 2,541,394 Finland 1,685,782 1,586,971 Americas 3,739,074 1,478,018 UK 1,067,546 1,022,725 Total equity at 1 January 2018 35,000 2,091,292 50,000 - 2,176,292 3,813 2,180,105 Germany 450,377 428,220 Exchange rate adjustments related to Middle East & Asia Pacifi c 638,764 598,190 foreign subsidiaries and associates - (16,974) - - (16,974) (59) (17,033) Central Europe & Africa 414,499 376,755 Value adjustment of hedging instruments - 195 - - 195 - 195 14,188,793 11,351,030 Tax eff ects ------Paid dividend - - (50,000) - (50,000) (495) (50,495) Proposed dividend - (50,000) 50,000 - - - - Reserve for development costs - (3,704) - 3,704 - - - Profi t for the year - 237,179 - - 237,179 664 237,843 Book value at 31 December 2018 35,000 2,257,988 50,000 3,704 2,346,692 3,923 2,350,615 DKK thousand Group Parent Company
Note 2 - Staff costs 2019 2018 2019 2018 Ramboll Group has two share option programmes. One share option programme runs in the period 2018 to 2021 and includes the possibility to buy shares for up to 1.2% of the current share capital at a price, DKK 179 per share. The other Employees: programme runs in the period 2019 to 2022 and includes the opportunity to buy shares for up to 1.1 % at a price, DKK 190 per share. Wages and salaries (7,401,792) (6,321,654) (64,961) (50,053) Pension costs (584,326) (528,807) (5,252) (4,386) Other social security costs (665,180) (595,444) (667) (554) (8,651,298) (7,445,905) (70,880) (54,993)
Executive Board (39,698) (37,936) (39,698) (37,936) Board of Directors (3,300) (3,300) (3,300) (3,300) (8,694,296) (7,487,141) (113,878) (96,229)
Staff costs are recognised as follows in the income statement: Staff costs (8,588,757) (7,439,840) (113,878) (96,229) Other costs (105,539) (47,301) 0 0 (8,694,296) (7,487,141) (113,878) (96,229)
Number of employees: Number of full-time employee equivalents 14,843 13,276 66 64 60 FINANCIAL STATEMENT ANNUAL REPORT 2019 61
DKK thousand Group Parent Company DKK thousand Group Parent Company
Note 3 - Depreciation and amortisation 2019 2018 2019 2018 Note 7 - Financial expenses 2019 2018 2019 2018
Software, licences, patents, etc. (13,612) (13,644) (1,578) - Interest expense to subsidiaries - - (5,426) (1,708) Leasehold improvements (30,733) (23,317) - - Foreign exchange loss (56,406) (84,212) (18,738) (51,692) Property (558) (584) - - Interest expense, external (19,758) (10,064) (13,533) (7,276) Plant and equipment (168,546) (124,916) - - Other fi nancial expenses (8,388) (9,684) (695) (599) Depreciation (213,449) (162,461) (1,578) - (84,552) (103,960) (38,392) (61,275) see note 11 and 12
Goodwill amortisation (200,462) (170,634) - - Customer contracts amortisation (7,984) - - - Write-downs - (26,798) - - DKK thousand Group Parent Company Amortisation and write-downs (208,446) (197,432) - - see note 11 Note 8 - Tax 2019 2018 2019 2018
Depreciation and amortisation (421,895) (359,893) (1,578) - Current tax on profi t for the year (139,632) (93,276) (2,941) (12,643) Movements in deferred tax 164 (50,594) (4,325) (15,007) Adjustments to deferred tax related to prior years 21,756 45,747 279 (17,316) Other adjustments in respect of prior years (22,336) (24,803) (1,556) 16,843 DKK thousand Group Parent Company Tax for the year (140,048) (122,926) (8,543) (28,123)
Note 4 - Other income 2019 2018 2019 2018 Tax for the year is allocated in the following way: Tax on profi t for the year (135,908) (122,926) (4,002) (28,123) Other income, non-operational 9,673 5,914 - - Tax on equity movements (4,140) - (4,541) - Gain on disposals, fi xed assets 4,628 3,140 - - Tax for the year (140,048) (122,926) (8,543) (28,123) 14,301 9,054 - - Deferred tax at 1 January (86,525) (81,677) (13,878) 18,445 Adjustment of deferred tax, Income Statement 26,816 (4,848) 496 (32,322) Adjustment of deferred tax, Equity (4,140) - (4,541) - Deferred tax due to acquisition of companies (30,295) - - - Deferred tax at 31 December (94,144) (86,525) (17,923) (13,877) DKK thousand Group Parent Company
Note 5 - Other costs 2019 2018 2019 2018 Deferred tax: Goodwill 11,036 15,760 - - Integration- and acquisition costs (77,549) (32,203) (12,445) (31,331) Licences (29,875) (4,751) (697) (1,045) Restructuring costs - redundancies (105,539) (47,301) - - Plant and equipment 10,509 24,830 242 261 Restructuring costs - vacant premises (9,708) (10,257) - - Leasehold improvements 6,049 (5,167) - - Restructuring costs - other (23,932) - (16,361) - Provision for bad debts 9,015 7,529 - - Other costs, non-operational (3,156) (186) - - Work in progress (160,868) (170,596) - - Deferred income/(expenses), net 9,226 11,535 (23,916) (9,790) Loss on disposals, fi xed assets (7,391) (818) - - Provisions 47,639 28,659 6,448 (3,303) (227,275) (90,765) (28,806) (31,331) Tax loss for future use 3,125 5,676 - - Total deferred tax (94,144) (86,525) (17,923) (13,877)
DKK thousand Group Parent Company Recognised in balance sheet as follows: Deferred tax, assets 79,435 87,202 - - Note 6 - Financial income 2019 2018 2019 2018 Deferred tax, liabilities (173,579) (173,727) (17,923) (13,877)
Interest income from subsidiaries - - 46,687 36,145 Foreign exchange gain 40,671 137,004 19,895 114,976 Deferred tax is allocated using estimated tax rate at time of utilisation.
Interest income, external 8,682 6,457 2,606 1,835 The recognised tax asset relates primarily to provisions, plant and equipment in companies that are normally profi table and Other fi nancial income 1,944 3,365 - - project solid taxable profi ts. Tax losses generated in 2019 have not been recognised.
51,297 146,826 69,188 152,956 62 FINANCIAL STATEMENT ANNUAL REPORT 2019 63
DKK thousand DKK thousand Group Group Parent Company
Goodwill Customer Software, Goodwill Customer Software, Note 9 - Acquisition of companies 2019 2018 Note 10 - Intangible assets contracts licenses etc. contracts licenses etc.
Intangible-/Tangible assets (171,426) (3,942) 2019 Other investments - - Opening cost 3,300,409 - 104,582 - - 4,748 Fixed assets (171,426) (3,942) Additions from acquired companies 499,752 119,766 354 - - - Work in progress (138,039) (4,801) Additions - - 26,013 - - 1,408 Operating receivables (565,646) (20,920) Disposals - - (2,751) - - - Cash and cash equivalents (126,575) (10,356) Exchange rate and other adjustments 51,830 - 189 - - - Long-term liabilities 68 2,076 Closing cost 3,801,010 119,766 128,387 - - 6,156 Tax assets 42,625 2,213 Current liabilities 777,269 35,278 Opening amortisation (1,550,490) - (78,018) - - - Goodwill (499,752) (83,731) Disposals - - 4,838 - - - Purchase price (681,476) (84,183) Amortisation for the year (200,462) (7,984) (13,612) - - (1,578) Write-downs ------Cash in acquired companies 126,575 10,356 Exchange rate and other adjustments (23,242) - (240) - - - Prepaid investments in subsidiaries - (613,575) Closing amortisation (1,774,194) (7,984) (87,032) - - (1,578) Prepaid investments in subsidiaries, prior year 647,533 - Deferred consideration, current year - 27,073 Book value at 31 December 2,077,694 111,782 41,355 - - 4,578 Deferred consideration, prior year - (335,848) Acquisition of companies 92,632 (996,177) Amortisation period (years) 5-20 15 3-7 - - 3-7
2018 Opening cost 3,178,542 - 95,950 - - - Additions from acquired companies 83,731 - 539 - - - Additions - - 13,026 - - 4,748 Disposals - - (4,582) - - - Exchange rate and other adjustments 38,136 - (351) - - - Closing cost 3,300,409 - 104,582 - - 4,748
Opening amortisation (1,359,313) - (69,121) - - - Disposals - - (4,541) - - - Amortisation for the year (170,634) - (13,644) - - - Write-downs (26,798) - - - - - Exchange rate and other adjustments 6,255 - 206 - - - Closing amortisation (1,550,490) - (78,018) - - -
Book value at 31 December 1,749,919 - 26,564 - - 4,748
Amortisation period (years) 5-20 - 3-7 - - 3-7 64 FINANCIAL STATEMENT ANNUAL REPORT 2019 65
DKK thousand Group Parent Company DKK thousand Parent Company
Note 11 - Property, plant and equipment Property Plant and Leasehold Property Plant and Leasehold Note 12 - Investment in subsidiaries 2019 2018 equipment improvements equipment improvements
2019 Opening cost 3,881,636 2,848,112 Additions 843,816 1,016,550 Opening cost 33,815 1,070,507 203,551 - - - Exchange rate and other adjustments 54,886 16,974 Additions from acquired companies 1,965 160,492 26,107 - - - Closing cost 4,780,338 3,881,636 Additions - 218,165 30,368 - - - Disposals (1,027) (111,952) (10,775) - - - Opening revaluation (821,680) (592,501) Exchange rate and other adjustments 1,405 7,138 3,613 - - - Share of profi t for the year 255,253 190,236 Closing cost 36,158 1,344,350 252,864 - - - Amortisation group goodwill (24,828) (25,495) Dividend paid (75,847) (390,745) Opening depreciation (9,337) (740,556) (97,991) - - - Exchange rate and other adjustments 19,879 (3,175) Depreciation from acquired companies - (121,716) (15,542) - - - Closing revaluation (647,223) (821,680) Disposals from divested companies ------Disposals - 91,817 5,276 - - - Book value at 31 December 4,133,115 3,059,956 Depreciation for the year (558) (168,546) (30,733) - - - Exchange rate and other adjustments (381) (5,408) (1,518) - - - Specifi cation: Closing depreciation (10,276) (944,409) (140,508) - - - Equity and investment in subsidiaries 4,054,805 2,954,853 Value of goodwill 78,310 105,103 Book value at 31 December 25,882 399,941 112,356 - - - Book value at 31 December 4,133,115 3,059,956
Depreciation period (years) 10-50 3-5 1-10 - - - Specifi cation of Parent Company's shareholdings in group companies % of capital Share capital and votes DKK thousand The net book value of fi nance leases amount to DKK 3,262 thousand. Name and registered offi ce 2018 Directly owned Opening cost 34,161 927,721 169,113 - - - Rambøll Danmark A/S, Copenhagen, Denmark 100 35,000 Additions from acquired companies 3,046 357 - - - - Ramböll Sverige AB, Stockholm, Sweden 100 107 Additions 27 195,406 51,163 - - - Rambøll Norge AS, Oslo, Norway 100 3,035 Disposals (3,046) (45,263) (16,631) - - - Ramboll Finland Oy, Helsinki, Finland 100 1,793 Exchange rate and other adjustments (373) (7,714) (94) - - - Rambøll Management Consulting A/S, Copenhagen, Denmark 100 2,500 Closing cost 33,815 1,070,507 203,551 - - - Ramboll UK Holding Ltd., London, United Kingdom 100 307,148 Ramboll Towers Sp. z o.o., Warsaw, Poland 100 1,755 Opening depreciation (8,880) (660,771) (91,236) - - - Ramboll Singapore Pte Ltd, Singapore, Singapore 100 131,240 Disposals 12 38,748 16,346 - - - Ramboll GmbH, Hamburg, Germany 100 187 Depreciation for the year (584) (124,916) (23,317) - - - Ramboll USA Inc., Houston, USA 100 375,186 Exchange rate and other adjustments 115 6,383 216 - - - Ramboll Accredited A/S, Copenhagen, Denmark 100 2,500 Closing depreciation (9,337) (740,556) (97,991) - - -
Book value at 31 December 24,478 329,951 105,560 - - -
Depreciation period (years) 10-50 3-5 1-10 - - -
The net book value of fi nance leases amount to DKK 4,740 thousand. 66 FINANCIAL STATEMENT ANNUAL REPORT 2019 67
DKK thousand Group Parent Company DKK thousand Group Parent Company
Note 13 - Investments in associates 2019 2018 2019 2018 Note 16 - Work in progress 2019 2018 2019 2018 and joint ventures Selling price of production 26,522,068 19,973,764 - - Opening cost 22,414 21,705 - - Invoicing on account (26,788,119) (19,940,546) - - Additions 4,070 - - - Contract work in progress, net (266,051) 33,218 - - Disposals - - - - Exchange rate and other adjustments (94) 709 - - Recognised in balance sheet as follows: Closing cost 26,390 22,414 - - Contract work in progress 1,463,229 1,016,174 - - Prepayments from clients 1,729,280 982,956 - - Opening revaluation (7,647) (2,453) - - Disposals - - - - DKK Profi t for the year 12,058 11,668 - - Dividend paid (15,658) (19,670) - - Note 17 - Share capital 2019 2018 Exchange rate and other adjustments (37) 2,808 - - Closing revaluation (11,284) (7,647) - - The share capital of DKK 35,000,000 consists of 35,000,000 shares with a Book value at 31 December 15,106 14,767 - - nominal value of DKK 1 each or multiples thereof. The shares are divided into A and B Associates Registered % of capital Equity Profi t for the year shares. The B shares carry no voting rights. o ffi c e and votes DKK thousand DKK thousand
Odeon A/S *Lyngby, DK 22 5,368 1,482 Number of A shares 3,500,000 3,500,000 Georent i Sverige AB **Täby, SE 50 3,063 456 Number of B shares 31,500,000 31,500,000 FOUBU Environmental Services LLC *** Syracuse, NY 52 6,761 0 Nominal value 1 1
* Annual Report 30 September 2019 Share capital 35,000,000 35,000,000 ** Annual Report for 2018 *** Acquired 1 January 2019 A list of joint ventures can be found on page 70 of the Annual Report.
DKK thousand Group Parent Company DKK thousand Group Parent Company Note 18 - Distribution of profi t 2019 2018 2019 2018 Note 14 - Other investments 2019 2018 2019 2018 Proposed profi t appropriation: Opening cost 2,736 2,944 187 187 Proposed dividend - 50,000 - 50,000 Additions from acquired companies - - - - Minority interest 613 664 - - Additions 7 2 - - Retained earnings 171,333 187,179 171,333 187,179 Disposals (75) (203) - - 171,946 237,843 171,333 237,179 Exchange rate and other adjustments 5 (7) - - Book value at 31 December 2,673 2,736 187 187
Group DKK thousand Group Parent Company
2019 2018 2019 2018 DKK thousand Note 19 - Provision for pensions
Note 15 - Deposits 2019 2018 Present value of defi ned benefi t plans 130,855 125,513 - - Fair value of plan assets 125,511 120,244 - - Opening cost 54,206 54,308 Book value 31 December 5,344 5,269 - - Additions 11,069 3,531 Disposals (3,567) (3,535) Defi ned benefi t plans exist in Sweden, Norway, the UK and Germany. Exchange rate and other adjustments 1,331 (98)
Book value at 31 December 63,039 54,206 68 FINANCIAL STATEMENT ANNUAL REPORT 2019 69
DKK thousand Group Parent Company DKK thousand Group Parent Company
Note 20 - Long-term liabilities 2019 2018 2019 2018 Note 24 - Auditors’ fee 2019 2018 2019 2018
Due after 5 years 75,588 - 2,127 - Statutory audit: Due 1-5 years 1,115,365 1,406,269 1,100,000 1,400,000 Fees to PricewaterhouseCoopers 5,200 5,115 305 311 Book value 31 December 1,190,953 1,406,269 1,102,127 1,400,000 Fees to other audit fi rms 1,016 414 - - Total fees 6,216 5,529 305 311 Of which is fi nance lease 2,182 3,512 ------Of which is deferred consideration Other statements with assurance: Fees to PricewaterhouseCoopers 624 462 - - Fees to other audit fi rms 319 68 - - Total fees 943 530 - - DKK thousand Group Parent Company Tax consultancy: Note 21 - Other payables 2019 2018 2019 2018 Fees to PricewaterhouseCoopers 1,722 829 842 53 Fees to other audit fi rms 5,630 4,729 33 - Provision holiday pay 578,965 584,809 5,880 6,905 Total fees 7,352 5,558 875 53 VAT 316,787 311,460 - - Social security contributions 96,689 94,307 130 105 Other services: Payroll tax 106,693 111,810 - - Fees to PricewaterhouseCoopers 4,925 442 4,035 557 Pension insurance 43,765 40,611 - - Fees to other audit fi rms 7,621 8,181 - 3,347 Accrued salary 555,296 481,581 24,046 20,346 Total fees 12,546 8,623 4,035 3,904 Accrued expenses 432,510 375,884 18,216 18,904 Deferred consideration 27,942 28,369 - - DKK Book value 31 December 2,158,647 2,028,831 48,272 46,260 Note 25 - Related parties and ownership
Transactions DKK thousand Group Parent Company Related parties comprise Rambøll Fonden, Board of Directors, Executive Board, Managers and other key employees, subsidiaries and associates. Transactions have been conducted on commercial terms. Note 22 - Contingent liabilities 2019 2018 2019 2018 Ownership Ramboll Group A/S is controlled by Rambøll Fonden (The Ramboll Foundation), Hannemanns Allé 53, Pension commitments 11,782 9,590 - - 2300 Copenhagen S, Denmark which owns 98% of the shares. The Board of the Ramboll Foundation Surety given, subsidiaries - - 475,862 430,339 consists of present and former employees. Employees in Ramboll own the rest of the shares, 2%. Performance and payment bonds 511,136 416,485 - - Other contingent liabilities 43,381 52,543 - - Number of shares at 31 December 2019: 566,299 478,618 475,862 430,339 A shares B shares
The Group has some lawsuits. Management confi rms that they are not expected to have material eff ect on the Group’s Owned by the Foundation 3,436,573 30,767,528 fi nancial statements. Owned by employees 63,427 732,472 Danish Group companies are jointly and severally liable for tax on consolidated taxable income and other public liabilities. 3,500,000 31,500,000 The total amount is stated in the Annual Report of Ramboll Group A/S, which is the management company in relation to the joint taxation.
The Group is a party in a number of joint ventures, which are contractually operated jointly and controlled jointly Note 26 - Subsequent events with one or more undertakings. Ramboll has assumed joint and several liability for the liabilities of the joint ventures. It is primarily the Group’s subsidiaries, Rambøll Danmark & OBG, which participates in joint ventures as the lead partner. In 2020, the outbreak of the COVID-19 virus has spread through the global community impacting the outlook for the global markets. As this occurred in 2020, it is assessed as a non-adjusting subsequent event which should not have material impact on the assessment of the fi nancial statements for 2019.
DKK thousand Group Parent Company Furthermore, the acquisitions of Henning Larsen Architects and Web Structures have occurred with eff ect from January 2020. Note 23 - Operational lease obligations 2019 2018 2019 2018 Ramboll is not aware of any other events subsequent to 31 December 2019 that are expected to have a material impact Operational lease obligations: on Ramboll’s fi nancial position. Due within 1 year 24,380 10,996 1,299 962 Due within 1 to 5 years 26,545 14,683 1,073 1,335 Due after 5 years - 34 - -
Rent obligations: Due within 1 year 459,136 403,352 - - Due within 1 to 5 years 1,243,917 1,137,895 - - Due after 5 years 708,928 823,355 - - 70 FINANCIAL STATEMENT ANNUAL REPORT 2019 71
ACCOUNTING PRINCIPLES NON-FINANCIAL INFORMATION
Employee Satisfaction & Engagement of hours worked are obtained from consumption (from purchased sources for Index (ESES) Ramboll’s time registration system. Data example; district heat). Scope 3: Private Ramboll Management Consulting conducts are then normalized to one million cars, taxis, public transport, ferry, airplane Note 27 - Financial risk management an Employee Satisfaction & Engagement occupational hours worked. Incidents that and helicopter. Survey (ESES) annually in Q3 covering occurred while commuting to/from home Ramboll Group globally. All employees are not in scope. LTIR are exclusive of OBG CO emissions, Energy Consumption Liquidity risk 2 (except short-term/casual employees) activities. Energy consumption data (electricity, At year-end 2019, Ramboll had a strong fi nancial position with a net debt position of DKK 197 million (2018: net debt employed at the time of the survey (based district heating, oil and gas) are collected position of DKK 701 million), a committed credit facility of DKK 2,500 million expiring November 2024 and a DKK 50 upon a validated list from Ramboll’s global Anti-Corruption and Data Privacy Training by national Facility Managers or similar and million overdraft facility. Ramboll also has access to bank funding via short-term money market loans. The money market HR system) are asked to participate. The All employees A1-F2 are required to are based on invoices, meter readings and/ facility amount is not committed, but based on the banks’ interest in money market loans within the exact period. ESES Index reflects the result of statements complete anti-corruption and data privacy or estimates (estimates based on square The Group has been operating comfortable within its fi nancial covenants in 2019. that are fixed from year to year, on a scale training. Training is conducted through a meters and/or head counts). Offices with from 1-5 where 5 represents the best score. compliance system which is integrated with less than five employees (head count) have Interest rate risk the Ramboll HR system. In scope are not been included with reference to The Group’s debt to credit institutions amounts to DKK 1,100 million (2018: DKK 1,400 million). Voluntary Employee Turnover employees registered in our HR system. materiality. Emissions of CO2 are calculated Voluntary employee turnover is based upon Employees on paid leave (sick leave, centrally by our CO data system by The interest rate risk policy is to hedge betwen 30-70% of all Group debt. Hedging maturity is normally between 2 and 10 2 registrations in Ramboll’s global HR system maternity leave etc.) are not required to multiplying energy consumption data with years. of permanent employees who have complete the training until their return. country specific conversion factors Due to the strong operational cash fl ow, the Group expects to be net debt-free in 2021. resigned within the reporting year, divided (electricity and oil and gas heating) The interest rate risk in this period is covered by fi xing the interest on loan drawdowns under committed credit facility for by the average number of permanent Anti-Corruption, completion rate obtained from the International Energy the period, matching the expected operational cash fl ows. employees during the reporting period The percentage represents the total Agency. District heating emissions are (average head count). number of employees that have passed the calculated by multiplying the energy Currency risk training in 2017, 2018 and 2019 as registered consumption data by the conversion factor The Group’s transaction currency risk exposure is limited by the fact that payments received and made in each Gender Split in the Ramboll global HR system. The supplied by the specific provider of district country are primarily performed in the same local currency. However, Ramboll is contracting international projects in Gender split data are based upon training is tailored to job levels, meaning heating. Energy reporting for Americas has which payments are received and made in diff erent currencies. Ramboll’s policy for hedging currency risk is to secure registrations in Ramboll’s global HR system. that managers receive more thorough been established from documented signifi cant amounts in foreign currencies through hedging transactions. All permanent employees in Ramboll at training than employees in general. consumption one quarter, extrapolated to year-end (year-end head count) are the full reporting year. included. Gender split is also consolidated Data Privacy, completion rate In addition to the transaction risk related to international projects, the Group is exposed to risk relating to translation of for managers at level B, C and D referring The percentage represents the total CO2 emissions, Business Travel income statements and equity of foreign subsidiaries into DKK, and intercompany items such as loans, royalties, Group to their job level at year-end. number of employees that have completed CO2 emissions from air travel are service fees and interest payments between entities with diff erent functional currencies. Currently, currency exposure on the training in 2018 and 2019. All employees calculated as the total flight distance foreign investments and intercompany loans are not hedged. Employee per employment contract have received the same level of training. multiplied by the relevant DEFRA emission Data is based upon registrations in factor or have been estimated and added The Group also has a currency risk to the extent that borrowings and interest payments are not denominated in the same Ramboll’s global HR system Workday of Compliance Concerns and Whistleblowers based on registered financial costs in the currencies as the Group’s operating income. Most of the external loans are in DKK to refl ect the Group’s main cash fl ows. permanent and non-permanent The total number of compliance concerns reporting year. Emissions from fuel for Operating cash is being held mainly in DKK, EUR, SEK, GBP, NOK and USD accounts. Currencies are collected in cash employment contracts (year-end head and whistleblower cases reported are company cars are calculated based on pools to minimise the overall cost. count). generated through Ramboll’s Speak up mileage data from our leasing agency mechanisms, including our Whistleblower multiplied by relevant DEFRA emissions
Total Reportable Incident Rate (TRIR) system. A compliance concern is a factors. Emissions from business travel in Credit risk Total Reportable Incident Rate (TRIR) potential or actual breach of 1) laws and private cars are based on financial data on Ramboll aims to limit credit risks by assessing clients on all major contracts and by requiring payments in advance on presents all occupational/work-related regulations, 2) policies and procedures mileage allowance reported into our ERP projects when possible. incidents relative to the number of hours and/or 3) commitments. system, Maconomy and multiplied by worked (fatalities, injuries, illnesses which specific emission factors for an average car Joint Ventures result in a loss of consciousness, restriction FTE (DEFRA emission factor). CO2 emissions of work or motion, permanent transfer to The number of Full-Time Equivalents from public transport have been estimated Forth Design Joint Venture I/S, Copenhagen, Denmark, 37%. Joint Venturet Rambøll Atkins, Copenhagen, Denmark, 50%. Rådgivergruppen DNU I/S, Aarhus, another job within the company, or which Employees (FTE) used to calculate the based on financial costs in the reporting Denmark, 17%. Rambøll - Arup - Tec Joint Venture I/S, Copenhagen, Denmark, 50%. Rambøll - Atkins - Emch + Berger - Parsons Joint Venture, Copenhagen, require some type of medical attention CO emissions per FTE is obtained from year and multiplied by the relevant DEFRA Denmark, 34%. Rambøll C.F.Møller, Denmark, 50%. Rambøll Arup Nordhavn JV, Denmark, 59%. Ring 3 Light Rail I/S, Denmark, 80%. The Alliance JV, Denmark, 2 25%. Ramboll A/S and Fichtner W&T Joint Venture, Uganda, 77%. Groupement Ramboll Danmark A/S - Urbaconsulting - Sépia - Conseils, Senegal, 53%. beyond simple first-aid treatment). The the Ramboll HR system, which is based emission factor. Delegation of The European Union to The People’s Republic of China and Mongolia, China, 85%. Ramboll Niras Ensi Joint Venture I/S, Ukraine, 55%. Ramboll OCG total hours worked are obtained from our upon hours worked and registered each SCE Joint Venture I/S, Cambodia, 74%. SUMP Georgia - Preparation of Sustainable Urban Mobility Plad, Georgia. 70%. Ramboll Danmark, Associates For time registration system. The TRIR is month in the reporting period and divided Development Services Limited, DevConsultants Limited, Khulna, 60%. Rambøll Grant Thornton, Greece, 21%. WES, Greece, 7%. Rambøll-Sweco ANS, Oslo, calculated when data are normalised to by standard working hours during the Norway, 50%. AECOM-OBG Environmental JV, Los Angeles, CA, 45%. AEMG-OBG Environmental Services JV, LLC, Plymouth, MI, 49%. Anchor QEA | O’Brien & Gere Joint Venture, Syracuse, NY, 50%. Atkins-OBG Joint Venture, Tampa, FL, 50%. CTI/O’Brien & Gere Joint Venture, Canton, OH, 50%. Greeley and Hansen / one million hours worked. Incidents month for each employee. The FTE number O’Brien & Gere Joint Venture, Alexandria, VA, 50%. HDR-O’Brien & Gere, a Joint Venture, Omaha, NE, 50%. HDR-OBG Joint Venture, Omaha, NE, 50%. HDR-OBG, occurred while commuting to/from home is calculated as an average across a Joint Venture, Omaha, NE, 50%. Kokosing Construction Co./O’Brien & Gere Joint Venture, Fredericktown, OH, 15%. O’Brien & Gere/Dewberry-Goodkind Joint are not in scope. Fatalities are included in Ramboll’s operations over the reporting Venture, New York City, NY, 50%. OBG/Baker Federal Solutions Joint Venture, Moon Township, PA, 50%. OBG/OCC, Flushing Bay Dredging Consultants Joint the calculation of the TRIR; fortunately, year including contingency workers. The Venture, Syracuse, NY, 50%. Urban Dredging Consultants Joint Venture, Syracuse, NY, 50%. BOC Joint Venture, Boston, MA, 33%. O’Brien & Gere Arcadis CM4E Joint Venture, Highlands Ranch, CO, 50%. Baker | O’Brien & Gere Remediation Solutions Joint Venture, Moon Township, PA, 50%. O’Brien & Gere / Dewberry Ramboll did not experience any fatalities in number contains all employees registered Energy Services Joint Venture, Syracuse, NY, 50%. O’Brien & Gere / Dewberry Joint Venture, Syracuse, NY, 50%. The O’Brien & Gere/Crowder Joint Venture, 2019. TRIR are exclusive of OBG activities. in Ramboll’s HR system over the reporting Charlotte, NC, 50% period and hence includes resigned
Lost Time Incident Rate (LTIR) employees for the period. After Danish Financial Statements Act §5(1), the above-mentioned Danish joint ventures, have omitted to present an annual report and instead submit an Lost Time Incident Rate (LTIR) presents exemption statement in pursuance of Danish Financial Statements Act §146(1). incidents of occupational/work-related CO2 emissions injuries or illnesses which result in the Scope 1: Company cars, managers’ cars, employee being absent from work more heat consumption (from assets under than the day of the accident relative to the operational control for example; boilers). number of hours worked. The total number Scope 2: Cooling, electricity and heat 72 NON-FINANCIAL STATEMENT ANNUAL REPORT 2019 73
ABOUT THIS REPORT POLICIES IMPLEMENTED NON-FINANCIAL INFORMATION
The Annual Report covers activities our sustainability performance. to the Ramboll Foundation (the External assessment Policies: in the 2019 calendar year replacing This report has been prepared in majority owner of Ramboll) annually. Selected data in this report have Through the following policies we the Annual Report 2018. It is in accordance with the GRI Standards: In addition, Ramboll has an Ethics been reviewed by our independent further implement our commitments and compliance with the EU Directive for Core option. Committee consisting of the third-party assurance provider, strategies: Non-financial Reporting and Diversity Group Executive Board and Senior which, based on the work performed, Information (2014/95/EU) and the Corporate sustainability strategy Corporate Directors. The Ethics has prepared a limited assurance • Accounting Danish Financial Statements Act on Ramboll continually focuses on Committee monitors, reviews and report to be found on page 87. The • Anti-corruption Corporate Responsibility and Gender sustainability and responsible interprets our business ethics based scope for PwC’s limited assurance • Brand Composition of Management section business behaviour. We are on the company values and is the engagement is data covering • Business risk management §99 A and B. committed to acting responsibly point of contact when Ramboll is employee engagement rate, • Business Support Procurement and seek to promote and provide faced with dilemmas or requests voluntary employee turnover, female • Client The Annual Report outlines how services and solutions that contribute related to our ethical standards. The percentage, females in management, • Contract with clients on sustainability and corporate to sustainable development. At the Ethics Committee discusses specific females in succession, total reportable consultancy services responsibility are integrated into same time, we honour our legacy project opportunities where guidance incident rate, lost time incident • Corporate Ramboll’s core strategy and business by avoiding participating in projects cannot be found in existing Company rate, compliance concerns and • Corporate treasury and procedures operations and describes how we with an aggressive, destructive or Policies and Procedures. whistleblowers, anti-corruption • Domain Names
are honouring our stakeholder suppressive purpose towards nature training, data privacy training, CO2 • Employee satisfaction & commitments. The purpose of this or people. Our sustainability strategy and emissions from energy consumption engagement survey
report is to communicate Ramboll’s Corporate Responsibility policies and per FTEE, CO2 emissions from • Environmental Management
annual key sustainability and Ramboll’s clear ambition is to targets are implemented through transport per FTEE and total CO2 • EPC contracts corporate responsibility performance become a recognized and active our operating model, covering six emissions. • Equal gender including policies, achievements, leader in sustainability. We accelerate markets and eight geographies. It is • Freedom of association results and ambitions to all relevant performance within three different, further supported by the corporate Contact the Sustainability & • Global Commitment (sustainability) stakeholders. but closely connected agendas: how functions of HR, IT, Strategy, CR Function or Corporate • Global Compliance we act responsibly, how we find Procurement, Facility Management, Communications for questions • Global IT The UN Global Compact market opportunities and provide Operational Excellence and Health & regarding the report and its context. • Global personal data protection Ramboll is signatory to the UN Global sustainable solutions to clients, and Safety, Finance, Legal, Compliance, • Health & Safety Management Compact and is committed to the how we inspire and advocate for Digital & Innovation, and Clients, • Intellectual property rights ten principles of the United Nations’ sustainable solutions. Communication & Marketing. In 2019, • Internal mobility Global Compact. We respect and we established a Global Sustainability • International sanctions promote these principles throughout Governance Network consisting of sustainability • Introduction of employees our operations, and report on We have set out as follows to pursue representatives from Ramboll markets • Job family our progress. The Annual Report our sustainable ambitions. The and regions with the purpose to • Mergers and acquisitions constitutes Ramboll’s ‘Communication Group Sustainability & CR Function implement the strategy further and to • Non-discrimination on Progress’ (COP) Report in is responsible for developing and share knowledge on best practice. • Non-harassment and non-violence compliance with the UN Global executing the sustainability strategy, • Operational organisation and Compact Advanced level reporting ensuring integration with business Significant changes in scope delegation of approval authority criteria. units and other relevant corporate In the ‘Key Performance Indicators’ • Performance functions, and safeguarding line of overview page 81, the report & Development Process The Sustainable Development Goals sight to Ramboll’s legacy, vision, compares data for the entire Ramboll • Project Excellence (SDGS) mission, commitments and policies. Group over the past three years and • Quality Management As a natural continuation of The Function is governed by the per Market and Region. • Recruitment Ramboll’s commitment to the UN Group Business Development • Social Media Global Compact Principles, Ramboll Committee and the Legal, Due to organic and acquisitional • Ta x is aligning our business with the Compliance & CR Committee, which growth, Ramboll’s headcount • Tobacco, alcohol and drugs SDGs since 2016 and sustainability acts as a steering groups and consists increased by more than 1,000 • Travel strategies have been implemented in of management representatives from employees in 2019. The new • Weapon-free workplace all Ramboll markets. Ramboll’s business units and Group organisational structure implemented • Web governance principles Executive Board. in 2018, causes that data from Market • Works council Reporting Standards and Regional business units to not be The non-financial reporting in this The strategy and progress of fully comparable to 2017 and 2016. report is aligned with the Global Sustainability & CR are reported to An overview of the organisational Reporting Initiative’s GRI Standards the Group Board of Directors who (matrix) structure is available at: of 2016. The GRI standards also approves the sustainability supports Ramboll to generate reporting, and convey the information https://ramboll.com/who-we-are/ reliable, comparable, relevant our-organisation. and standardised information on 74 NON-FINANCIAL STATEMENT ANNUAL REPORT 2019 75
MATERIALITY & BOUNDARIES
In 2019, we updated our analysis of of the materiality of these topics to more relevant to Ramboll and more organisational impacts and one for project-related) and to rename the results and target-setting and are material sustainability topics for our Ramboll, adding in topics defined by intuitive to our stakeholders. project-related impacts. topics to be more closely aligned reported in the Materiality Matrixes. business, separating project-related our in-house management functions. to the GRI Standards. Although the impacts from our organisational In July-August, the survey was We drew up a ‘Dictionary’ of We held a workshop attended by 25 2019 topics are no longer directly Medium Priority topics (boxes 1,5 impacts in order to distinguish sent in English to 6,000 employees definitions for each of the topics, internal leaders, who helped to qualify comparable to the 2016 definitions, and 9) are also reported on in the these two boundaries more clearly. selected on a representative basis explaining their relevance to Ramboll and prioritise each topic according to the topics relating to Climate annual report, but not to the same By organisational impacts we refer and yielded 1,465 respondents, which and classifying them according to 1) its organisational and/or operational Change / Energy Consumption; extent as high priority topics. They to our role as an employer, while we consider a satisfactory response our organisational impacts, or inside impact, thereby validating the two Equality, Diversity and Inclusion include descriptions of policies, risk project-related impacts refer to our rate. At the same time, we drew boundary, and 2) our project-related results with only minor adjustments. (Non-discrimination); Third Party / & opportunity, progress and are role as a service provider, having up interview guides based on the impacts, or outside boundary. Each The outcome was a prioritised Supplier Assessment; and Community reported in the Materiality Matrixes. impacts through our projects for long-list and proceeded to interview topic was cross-referenced with one overview of our material topics, which Engagement have emerged as more clients. We identified a long-list 24 internal staff and 4 external or more GRI Standards, except for has formed the basis for our 2019 material. of material topics along Ramboll’s stakeholders (two clients, one NGO Innovation where there is no GRI strategic review and for compiling value chain, drawing on the GRI and one leadership network). Based Standards. this Sustainability Reporting. Disclosures based on material topics Standard 101: Foundation. We on feedback received and through High Priority topics (boxes 2,3 and 6) drew up a questionnaire to collect an iterative process, we merged and We collated the survey and interview The main changes compared to our have clear KPIs and are reported on input from employees through an renamed certain topics, as recorded results and placed the topics in two 2016 materiality matrix have thus fully in line with GRI Standards where online survey on their perception in our ‘Dictionary’, to make the titles draft materiality matrices, one for been to separate our topics across available. They include descriptions of two boundaries (organisational and policies, risk & opportunity, progress,
Materiality Matrix – Organisational Impacts (inside boundary) Materiality Matrix – Project-related Impacts (outside boundary)
1 2 3 1 2 3 *Plastics • Energy Consumption • Equality, Diversity and Inclusion •*Plastics • Project-related: • Project-related: • Local Economic Obligations • (Non-discrimination) • Waste Management • Innovation • Procurement Practices • Climate-related Emissions • Corruption and Bribery • Local Community Engagement • Corruption and Bribery • Energy Consumption • Effluents and Waste • Training and Education • Climate Change Emissions • Water Use • Occupational Health and Safety • Health and Safety • Employment Conditions • Use of Materials • Employee and Management Relations • Human Rights
4 5 6 4 5 6 • Third party / Supplier Assessment • Human Rights Assessment • Project-related: • Project-related: • Project-related: • Forced Labour / Child Labour • Indigenous rights • Supplier and Procurement Practices • Biodiversity • Anti-Competitive Behaviour • Water Consumption • Client Data Privacy • Use of Materials Equipment •*Food and Catering •*Volunteering •*Indoor Climate (incl. noise and lighting)
7 8 9 7 8 9 • Local Hires • Project-related: • Indirect Economic Impacts • Information and Marketing • Freedom of Association and • Collective Bargaining • Security Practices • Biodiversity • Indigenous Rights •*Outdoor Air Quality Influence on Ramboll’s stakeholder perceptions and decisions perceptions stakeholder on Ramboll’s Influence and decisions perceptions stakeholder on Ramboll’s Influence
Significance of Ramboll’s economic, environmental and social impacts Significance of Ramboll’s economic, environmental and social impacts
High priority Medium priority Lower priority High priority Medium priority Lower priority 76 NON-FINANCIAL STATEMENT ANNUAL REPORT 2019 77
GRI INDEX
Fully disclosed Partly disclosed Omission Fully disclosed Partly disclosed Omission
GRI standard Disclosure Page Comments Status UNGC principles/ GRI standard Disclosure Page Comments Status UNGC principles/ UN SDGs UN SDGs
GRI 101: Foundation 2016 / GRI 102: General disclosures Governance
Organisation profile 102-23 Chair of the highest 88-89 governance body 102-1 Name of the organisation Ramboll Group A/S 102-26 ‘Role of highest 69, 74, 88-89, 102-2 Activities, brands, 2 https://ramboll.com/who-we-are governance body in products, and services setting purpose, values, and strategy’ 102-3 Location of 91 https://ramboll.com/contact 102-29 ‘Identifying and 72-75 headquarters managing economic, 102-4 Location of operations 18, 36 https://ramboll.com/worldwide environmental, and social impacts’
102-5 Ownership and legal 69 https://ramboll.com/who-we-are/ 102-31 Review of economic, 72 form foundation-ownership environmental, and social topics 102-6 Markets served 17, 19 https://ramboll.com/services-and-sectors 102-32 Highest governance 72-73 102-7 Scale of the organisation 4-6, 18-19 https://ramboll.com/who-we-are body’s role in sustain- ability reporting 102-8 Information on 33, 72, 82-85, No significant portion of activities employees and other 86 performed by workers who are not 102-33 Communicating 48, 72-73 workers employees. No significant variation in the critical concerns numbers reported under 102-8 -A,B,C 102-34 Nature and total number 47-49 102-9 Supply chain 46 of critical concerns
102-10 Significant changes to 7-9, 22 the organisation and its Stakeholder Engagement supply chain 102-40 List of stakeholder 25, 74-75 groups 102-11 Precautionary Principle 45-46, 72 or approach 102-41 Collective bargaining 49% agreements
102-12 External initiatives 38-43, 72 102-42 Identifying and 25, 74-75 selecting stakeholders 102-13 Membership of 38-43 associations 102-43 Approach to stakehold- 25, 74-75 er engagement
Strategy 102-44 Key topics and concerns 74-75 raised 102-14 Statement from senior 7-8 decision-maker Reporting Practices
Ethics & Integrity 102-45 Entities included in the 65 No entities are not covered consolidated financial by this report 102-16 Values, principles, 48, 75 https://ramboll.com/who-we-are/ statements standards, and norms of who-we-are-left-side-menu/a-purpose- behavior driven-company/our-values 102-46 Defining report content 74-75 https://ramboll.com/ and topic Boundaries who-we-are/a-responsible-company/ global-commitment 102-47 List of material topics 74-75
102-17 Mechanisms for advice 47-48, 74 102-48 Restatements of 71, 72 and concerns about information ethics 102-49 Changes in reporting 71, 72
Governance 102-50 Reporting period 72
102-18 Governance structure 72, 88-89 Ethics Committee, Legal, Compliance & CR 102-51 Date of most recent 72 Committee report
102-19 Delegating authority 72-73 102-52 Reporting cycle 71 102-20 ‘Executive-level 72-73 102-53 73 responsibility for Contact point for economic, environmen- questions regarding the tal, and social topics’ report 102-54 Claims of reporting in 72 102-21 ‘Consulting stakeholders 76-77 accordance with the on economic, GRI Standards environmental, and social topics’ 102-55 GRI content index 76-79 102-22 Composition of the 33, 88-89 102-56 External assurance 87 highest governance body and its committees 78 NON-FINANCIAL STATEMENT ANNUAL REPORT 2019 79
Fully disclosed Partly disclosed Omission Fully disclosed Partly disclosed Omission
GRI standard Disclosure Page Comments Status UNGC principles/ GRI standard Disclosure Page Comments Status UNGC principles/ UN SDGs UN SDGs
GRI 200: Economic - Material Topics Emissions
Economic Performance 103 - 1/2/3 Management approach 45-46, 71 P. 7 ENVIRONMENT
103 - 1/2/3 Management approach 15-19, 50-53 Ramboll Group A/S 305-1 CO2, scope 1 45-46, 71 2,653 tonnes P. 7 ENVIRONMENT
201-1 Economic value 6, 54-57 https://ramboll.com/who-we-are 305-2 CO2, scope 2 45-46, 71 7,045 tonnes P. 7 ENVIRONMENT
45-46, 71 Procurement Practices 305-3 CO2, scope 3 30,626 tonnes P. 7 ENVIRONMENT
103 - 1/2/3 Management approach 46 Ramboll Group A/S Effluents and Waste 103 - 1/2/3 Management approach 45-46 P. 7 ENVIRONMENT 204-1 Local Procurement 46 Information unavailable. Data on geograhic location of a supplier is not available in the procurement system, this a defined action 306-2 Waste 46 Information unavailable. We are developing P. 7 ENVIRONMENT point in 2020 to report on data from 2021 our data management system to better capture waste consumption in all offices in 2020 to report on data from 2021. Anti-corruption GRI 400: Social - Material Topics 103 - 1/2/3 Management approach 48 P. 10 ANTI- CORRUPTION Employment 205-2 Anti-corruption training 82-85 Information unavailable for b) and c) this a P. 10 ANTI- CORRUPTION defined action point in 2020 to report on 103 - 1/2/3 Management approach 32-34 P. 6 LABOR data from 2021 401-1 Voluntary turnover 37, 82-85 Information unavailabe for a) this a defined P. 6 LABOR GRI 300: Environmental - Material Topics action point in 2020 to report on data from 2020 Materials 401-3 Parental leave a) Female 4,367/Male 8,750 (of permanent P. 6 LABOR 103 - 1/2/3 Management approach 45-46 Information not available. This material topic P. 7 ENVIRONMENT employees in stronghold geograhies) b) is new and analysis of management Female 147/Male 219, c) Female 127/Male d) approach for this topic is still ongoing in Female99/Male 146. e) Return rate: Female 2020. 90%/Male 96%, Retention rate: Female 66%/Male 75% 301-1/2/3 Materials 45, 82-85 Information not available. This material P. 7 ENVIRONMENT topic is new and analysis of what indicator Labour-Management relations to select and what data can be collected is still ongoing in 2020 and will form basis for 103 - 1/2/3 Management approach 34 P. 6 LABOR selecting KPI and data to report on from 2021. 402-1 Minimum notice periods Ramboll follow local legislation in all the P. 6 LABOR regarding operational countries where the company operates. Energy changes Further A Works Council Policy determine all Business units to have Works Councils in 103 - 1/2/3 Management approach 45-46 P. 7 ENVIRONMENT place that are instruments to inform and consult representatives of the employees in 302-3 Energy intensity 45, 82-85 P. 7 ENVIRONMENT the business unit about matters which will have material impact on the employees.
Water Occupational Health & Safety
103 - 1/2/3 Management approach 45-46 P. 7 ENVIRONMENT 103 - 1/2/3 Management approach 34 P. 1 and 2 HUMAN RIGHTS
303-1 Water consumption 46 Information unavailable. We are developing P. 7 ENVIRONMENT 403-5 H&S training 34 P. 1 and 2 HUMAN RIGHTS our data management system to better capture our water consumption in our 403-9 Work-related injuries 34-35, 82-85 a. ii) 17/0.76 LTIR high consequence. a. iv) P. 1 and 2 HUMAN RIGHTS offices in 2020 to report on data from 2021. (LTIR, TRIR) Strain/overexertion, Slip/fall same level, struck by/against, cut/puncture, Slip/fall different Biodiversity level. a. v) number of hours worked: 23,585,937 C) Hazards identified according to 103 - 1/2/3 Management approach Information not available. This material topic P. 7 ENVIRONMENT Health & Safety risk assessment plan, is new and analysis of management procedures and tools, D) Training approach for this topic is still ongoing in 2020. Training & Education
304- 1/2/3/4 Biodiversity Information not available. This material P. 7 ENVIRONMENT 103 - 1/2/3 Management approach 33 topic is new and analysis of what indicator to select and what data can be collected is 404-3 ‘Percentage of 33 Gender: Female 93%/Male 91%. Job level: still ongoing in 2020 and will form basis for employees receiving A) 100% B) 92% C)94% D) 93% E) 94% F) selecting KPI and data to report on from regular performance 94% G) 66% 2021. and career development reviews’ 80 NON-FINANCIAL STATEMENT ANNUAL REPORT 2019 81
NON-FINANCIALS
Fully disclosed Partly disclosed Omission
KEY PERFORMANCE INDICATORS PER MARKET
GRI standard Disclosure Page Comments Status UNGC principles/ UN SDGs
n/a : no data Diversity & Equal Opportunity Markets & Regions KPI Year Total Gender Gender Gender Gender available due to Headcount diversity Diversity Diversity Diversity 103 - 1/2/3 33 1) new organisational Management approach P. 1 HUMAN RIGHTS (female/ Manage- Manage- Management + 6 LABOR matrix structure, male %) ment level B ment level C level D 2) new methodology (female %) (female %) (female %) 405-1 Diversity of governance 33, 82-85 Age under 30: Total) 19% A) 0% B) 0% C) P. 1 HUMAN RIGHTS or 3) new KPI bodies and employees 0% D) 1% E) 8% F) 47% G) 38% other) 17% + 6 LABOR Age between 30-50: Total) 56% A) 0% B) Data on anti- 28% C) 42% D) 59% E) 69% F) 45% other) Buildings 2019 4,789 25/75 0 8 19 46% Age above 50: Total) 25% A) 100% B) corruption and data 72% C) 58% D) 41% E) 23% F) 8% G) 20% 2018 n/a 25/75 n/a n/a n/a privacy training is other) 38% 2017 n/a n/a n/a n/a n/a not available for the Buildings and Non-discrimination Environment & 2019 2,646 48/52 0 37 31 Transport market. 103 - 1/2/3 Management approach 32-33, 49 P. 1 HUMAN RIGHTS Health 2018 n/a 49/51 n/a n/a n/a Data on anti- + 6 LABOR 2017 n/a 50/50 0 31 29 corruption and data privacy training is 406 Incidents of discrimina- 0 substantited incidents of discrimination P. 1 HUMAN RIGHTS Transport 2019 3,230 31/69 0 17 23 not available for tion and corrective in 2019 + 6 LABOR the Buildings and 2018 n/a 30/70 n/a n/a n/a actions taken Transport market 2017 n/a n/a n/a n/a n/a Human Rights Assessment Energy 2019 1,834 16/84 0 19 13 103 - 1/2/3 Management approach 32-33, 49 P. 1 + 2 HUMAN RIGHTS 2018 n/a 17/83 n/a n/a n/a 412-1 ‘Operations that have 36 22% (2 out of 9 Ramboll geographies) have P. 1 + 2 HUMAN RIGHTS 2017 n/a 20/80 0 27 10 been subject to human been part of the human rights impact rights reviews assessments. or impact assessments’ Water 2019 1,122 38/62 100 36 40 2018 n/a 43/57 n/a n/a n/a Local Communities 2017 n/a 43/57 50 18 36 103 - 1/2/3 Management approach 41-43 P. 1 + 2 HUMAN RIGHTS Management 2019 611 48/52 0 13 29 412-1 Operations with local 41-43 33% (3 out of 9 Ramboll geographies) have P. 1 + 2 HUMAN RIGHTS Consulting 2018 n/a 44/56 n/a n/a n/a community engage- local comnunity engagement programmes ment, impact assess- based on local community needs. Local 2017 n/a 43/57 0 14 32 ments, and development Works Councils are mandatory for all programs Business units according to the Works Council policy. Markets & Regions KPI Year Employee Voluntary Total Lost time Anti- Data satisfaction turnover % Reportable incident Customer privacy corruption privacy (index 5) incident rate % training training 103 - 1/2/3 Management approach 48 According to the Global Data Protection rate % (% pr. (% pr. Policy Ramboll is committed comply with employees) employees) global and local data protection legislations in every country where we operate, including the EU General Data Protection Buildings 2019 4.1 12 1.35 0.54 n/a n/a Regulation (GDPR). Data Protection is an 2018 4.1 11 n/a n/a 23 23 integrated part of the Compliance programme 2017 n/a n/a n/a n/a n/a n/a
418-1 ‘Substantiated No substantiated complaints were Environment & 2019 4.0 11 3,06 1,27 96 94 complaints concerning identified breaches of customer Health 2018 4.0 13 n/a n/a 79 85 privacy and losses of 2017 n/a n/a n/a n/a 97 n/a customer data’ Transport 2019 4.1 11 1.50 0.75 n/a n/a Innovation 2018 4.0 12 n/a n/a n/a n/a n/a Innovation strategy 13 No available GRI indicator. Information not n/a 2017 n/a n/a n/a n/a n/a n/a available. This material topic is new and analysis of what indicator to select and Energy 2019 4.1 11 0.82 0.82 94 93 what data can be collected is still ongoing in 2020 and will form basis for selecting KPI 2018 4.1 12 n/a n/a 75 80 and data to report on from 2021. 2017 n/a n/a n/a n/a 99 n/a
Water 2019 4.1 13 2,09 1,39 94 93 2018 4.0 15 n/a n/a 73 80 2017 n/a n/a n/a n/a 95 n/a
Management 2019 4.1 16 0.00 0.00 95 90 Consulting 2018 4.1 17 n/a n/a 73 76 2017 n/a n/a n/a n/a 100 n/a 82 NON-FINANCIAL STATEMENT ANNUAL REPORT 2019 83
KEY PERFORMANCE INDICATORS PER GEOGRAPHY
Markets & KPI Year Total Employees pr. Total CO2 CO2 emission CO2 emission Gender Gender Gender Gender Employee Voluntary Total Lost time Anti- Data Regions Headcount employment emission from energy use from business diversity Diversity Diversity Diversity satisfaction turnover % Reportable incident corruption privacy contract (Tonnes/FTE) (Tonnes/FTE) travel (female/ Management Management Management (index 5) incident rate % training training (permanent/ (tonnes/FTE) male %) level B level C level D rate % (% pr. (% pr. non-permanent) (female %) (female %) (female %) employees) employees)
Ramboll 2019 15,947 14,591/1,356 2.07 0.41 1.67 34/66 12 23 27 4.1 11 1,57 0,76 95 92 Group total 2018 14,467 n/a 2.08 0.46 1.62 34/66 n/a n/a n/a 4.1 12 2.46 2.00 75 79 2017 n/a n/a n/a n/a n/a 34/66 7 17 25 n/a n/a n/a n/a 97 n/a
Denmark 2019 3,501 3,060/441 2.45 0.32 2.13 33/67 16 26 27 4.1 10 0.84 0.42 97 93 2018 n/a n/a 2.28 0.35 1.93 32/68 n/a n/a n/a 4.1 11 n/a n/a 81 78 2017 n/a n/a n/a n/a n/a 30/70 0 16 23 n/a n/a n/a n/a 99 n/a
Finland 2019 2,514 2,355/159 1.55 0.15 1.39 34/66 0 18 32 4.0 8 4.52 2.13 97 91 2018 n/a n/a 1.50 0.24 1.26 33/67 n/a n/a n/a 4.0 9 n/a n/a 81 83 2017 n/a n/a n/a n/a n/a 29/71 0 0 19 n/a n/a n/a n/a 100 n/a
Norway 2019 1,614 1,550/64 1.48 0.03 1.44 37/63 0 36 30 4.1 12 0.00 0.00 93 90 2018 n/a n/a 1.32 0.06 1.27 35/65 n/a n/a n/a 4.0 13 n/a n/a 75 75 2017 n/a n/a n/a n/a n/a 32/68 0 24 30 n/a n/a n/a n/a 96 n/a
Sweden 2019 2,075 1,915/160 1.04 0.08 0.96 35/65 0 23 31 4.1 15 0.00 0.00 95 93 2018 n/a n/a 1.12 0.09 1.03 34/66 n/a n/a n/a 4.1 15 n/a n/a 73 78 2017 n/a n/a n/a n/a n/a 26/74 0 18 20 n/a n/a n/a n/a 92 n/a
Americas 2019 2,121 1,880/241 3.69 1.41 2.28 39/61 0 27 27 4.0 9 2,27 1,70 97 94 2018 n/a n/a 4.60 1.79 2.81 52/48 n/a n/a n/a 4.0 n/a n/a n/a n/a n/a 2017 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
UK 2019 1,233 1,181/52 1.67 0.18 1.49 32/68 0 5 19 4.0 12 1.01 0.50 95 90 2018 n/a n/a 2.09 0.25 1.84 30/70 n/a n/a n/a 4.0 11 n/a n/a 73 73 2017 n/a n/a n/a n/a n/a 22/78 0 8 9 n/a n/a n/a 97 n/a
Middle East 2019 1,852 1,745/107 2.46 0.80 1.66 23/77 0 20 24 4.2 18 1.65 0.55 90 88 & Asia Pacific 2018 n/a n/a 2.53 0.94 1.60 21/79 n/a n/a n/a 4.2 13 n/a n/a 62 80 2017 n/a n/a n/a n/a n/a 15/85 0 0 20 n/a n/a n/a n/a 97 n/a
Germany 2019 561 472/89 1.60 0.18 1.42 44/56 0 29 35 3.9 9 1.37 1.37 95 94 2018 n/a n/a 2.24 0.59 1.65 43/57 n/a n/a n/a 3.8 11 n/a n/a n/a n/a 2017 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Central 2019 476 433/43 2.04 0.35 1.69 51/49 0 0 30 3.9 14 n/a n/a 93 92 Europe 2018 n/a n/a 3.44 1.65 1.79 n/a n/a n/a n/a n/a n/a n/a n/a n/a & Africa 2017 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a : no data available due to 1) new organisational matrix structure, 2) new methodology or 3) new KPI 84 NON-FINANCIALFINANCIAL STATEMENT STATEMENT ANNUAL REPORT 2019 85
MANAGEMENT’S STATEMENT INDEPENDENT ON THE ANNUAL REPORT AUDITOR’S REPORT
As Group Executive Board and Group Executive Board To the Shareholders of the audit evidence we have obtained of fi nancial statements that are free Board of Directors of Ramboll Group Jens-Peter Saul, Chief Executive Offi cer Ramboll Group A/S is suffi cient and appropriate to from material misstatement, whether A/S, we have today considered and Marianne Sørensen, Chief Financial Offi cer provide a basis for our opinion. due to fraud or error. In preparing the adopted the Annual Report for the Hilde Tonne, Chief Innovation Offi cer Opinion fi nancial statements, Management is fi nancial year 2019. Søren Holm Johansen, Executive Director In our opinion, the Consolidated Statement on Director’s Report responsible for assessing the Group’s Markku Moilanen, Executive Director Financial Statements and the Parent Management is responsible for the and the Parent Company’s ability The Annual Report has been Company Financial Statements give Director’s report. to continue as a going concern, prepared in accordance with the a true and fair view of the fi nancial disclosing, as applicable, matters Danish Financial Statements Act. Board of Directors position of the Group and the Parent Our opinion on the fi nancial related to going concern and using We consider that the accounting Jeff Gravenhorst, Chair Company at 31 December 2019, and statements does not cover the the going concern basis of accounting policies applied are appropriate, and Jørgen Huno Rasmussen of the results of the Group’s and the Director’s Report, and we do not in preparing the fi nancial statements that the accounting estimates are Nina Udnes Tronstad Parent Company’s operations, as well express any form of assurance unless Management either intends made reasonably In our opinion, the Merete Helene Eldrup as the consolidated cash fl ows for the conclusion thereon. to liquidate the Group or the Parent Consolidated Financial Statements Alun Griffi ths fi nancial year 1 January - 31 December Company or to cease operations, and the Financial Statements for Thomas Gregers Honoré 2019 in accordance with the Danish In connection with our audit of the or has no realistic alternative but the Parent Company give a true and Tarek Kim El Barky Financial Statements Act. fi nancial statements, our responsibility to do so. fair view of the fi nancial position Mette Thiel is to read the Director’s Report at 31 December 2019 of the Group Steen Nørbæk Madsen We have audited the Consolidated and, in doing so, consider whether Auditor’s Responsibilities for the and the Parent Company and of Financial Statements and the Parent the Director’s Report is materially Audit of the Financial Statements the results of the Group and Parent Company Financial Statements of inconsistent with the fi nancial Our objectives are to obtain Company operations and the Group’s Ramboll Group A/S for the fi nancial statements or our knowledge obtained reasonable assurance about whether consolidated cash fl ows for the year 1 January - 31 December 2019, during the audit, or otherwise appears the fi nancial statements as a whole fi nancial year 1 January - which comprise income statement, to be materially misstated. are free from material misstatement, 31 December 2019. balance sheet, statement of changes whether due to fraud or error, and to in equity and notes, including a Moreover, it is our responsibility issue an auditor’s report that includes In our opinion, the Annual Report summary of signifi cant accounting to consider whether the Director’s our opinion. Reasonable assurance is includes a true and fair account of the policies, for both the Group and Report provides the information a high level of assurance, but is not development in the operations and the Parent Company, as well as required under the Danish Financials a guarantee that an audit conducted fi nancial circumstances of the consolidated statement of cash Statements Act. Based on the work in accordance with ISAs and the Group and the Parent Company, of fl ows (‘fi nancial statements’). we have performed, in our view, the additional requirements applicable the results for the year and of the Director’s Report is in accordance in Denmark will always detect a fi nancial position of the Group and Basis for Opinion with the Consolidated Financial material misstatement when it exists. the Parent Company, as well as a We conducted our audit in Statements and the Parent Company Misstatements can arise from fraud description of the most signifi cant accordance with International Financial Statements and has been or error and are considered material risks and elements of uncertainty Standards on Auditing (ISAs) and the prepared in accordance with the if, individually or in the aggregate, facing the Group and the Company. additional requirements applicable in requirements of the Danish Financial they could reasonably be expected Denmark. Our responsibilities under Statement Act. We did not identify to infl uence the economic decisions In our opinion, the Group’s non- those standards and requirements any material misstatement in the of users taken on the basis of these fi nancial key performance indicators are further described in the Auditor’s Director’s Report. fi nancial statements. have been prepared in accordance Responsibilities for the Audit of with the accounting principles for the Financial Statements section Management’s Responsibilities for As part of an audit conducted non-fi nancial information. They of our report. We are independent the Financial Statements in accordance with ISAs and the give a true and fair account and a of the Group in accordance with Management is responsible for the additional requirements applicable balanced and reasonable presentation the International Ethics Standards preparation of the Consolidated in Denmark, we exercise professional of the organisation’s sustainability Board for Accountants’ Code of Financial Statements and Parent judgment and maintain professional performance in accordance with Ethics for Professional Accountants Company Financial Statements scepticism throughout the audit. these principles. (IESBA Code) and the additional that give a true and fair view in requirements applicable in Denmark, accordance with the Danish Financial We recommend that the Annual and we have fulfi lled our other ethi- Statements Act, and for such internal Report be adopted at the Annual cal responsibilities in accordance with control as Management determines is General Meeting these requirements. We believe that necessary to enable the preparation
Copenhagen, 20 May 2020 86 FINANCIAL STATEMENT ANNUAL REPORT 2019 87
LIMITED ASSURANCE REPORT OF THE INDEPENDENT AUDITOR NON-FINANCIAL INFORMATION
To the stakeholders of Ramboll the risk assessment procedures, including • Evaluated explanations for omissions Ramboll Group A/S (Ramboll) engaged an understanding of internal control, and made by Ramboll; us to provide limited assurance over the procedures performed in response to • Checked for each disclosure that the consolidated non-financial key performance the assessed risks; consequently, the level information referred to in the GRI Index indicators for the period 1 January – 31 of assurance obtained in a limited assurance is compliant with the requirements of the December 2019 as stated on pages 81-83 in engagement is substantially lower than the GRI Standards for the Core option; the Annual Report of Ramboll Group A/S assurance that would have been obtained • Evaluated the obtained evidence. We also: • Our conclusions are based on for 2019 as well as number of ’Compliance had a reasonable assurance engagement • Identify and assess the risks of the audit evidence obtained concerns and whistleblowers’ on page 47 been performed. Management’s responsibilities of the Annual Report. Management of Ramboll is responsible for: material misstatement of the up to the date of our auditor’s Further, Ramboll engaged us to provide Our independence and quality control • Designing, implementing and fi nancial statements, whether report. However, future events or limited assurance over the Group’s 2019 We have complied with the Code of Ethics maintaining internal control over due to fraud or error, design conditions may cause the Group GRI Index in accordance with the Global for Professional Accountants issued by the information relevant to the preparation and perform audit procedures and the Parent Company to cease Reporting Initiative (GRI) Standards (the International Ethics Standards Board for of the consolidated non-financial key responsive to those risks, and to continue as a going concern. Core option) as stated on pages 76-80. Accountants, which includes independence performance indicators on pages 81-83, obtain audit evidence that is and other ethical requirements founded number of ’Compliance concerns and suffi cient and appropriate to • Evaluate the overall presentation, Our conclusion on fundamental principles of integrity, whistleblowers’ on page 47, that are free provide a basis for our opinion. structure and contents of the Based on the procedures we performed objectivity, professional competence and from material misstatement, whether The risk of not detecting a material fi nancial statements, including and the evidence we obtained, nothing due care, confidentiality and professional due to fraud or error; • Establishing objective accounting misstatement resulting from fraud the disclosures, and whether the came to our attention that causes us not to behaviour. The firm applies International believe that: Standard on Quality Control 1 and principles for preparing data; is higher than for one resulting from fi nancial statements represent the • The non-financial key performance accordingly maintains a comprehensive • Measuring and reporting the error, as fraud may involve collusion, underlying transactions and events indicators for the Group stated on system of quality control including consolidated non-financial key forgery, intentional omissions, in a manner that gives a true and pages 81-83, ’Compliance concerns documented policies and procedures performance indicators based on the misrepresentations, or the override fair view. and whistleblowers’ on page 47 are regarding compliance with ethical accounting principles; of internal control. free of material misstatements and requirements, professional standards and • Preparing the GRI index and accordance • Obtain suffi cient appropriate are prepared, in all material respects, applicable legal and regulatory requirements. with the GRI Standards for the Core • Obtain an understanding of audit evidence regarding the in accordance with the accounting Our work was carried out by an independent option, and provide sound explanations internal control relevant to the fi nancial information of the entities principles for non-financial information multidisciplinary team with experience in for omissions made; and audit in order to design audit or business activities within the as stated on pages 71-72 in the 2019 sustainability reporting and assurance. • Contents of the GRI Index and the consolidated non-financial data for the procedures that are appropriate in Group to express an opinion Ramboll Annual Report; • The Ramboll GRI Index as stated on Understanding reporting and period 1 January – 31 December 2019. the circumstances, but not for the on the Consolidated Financial pages 76-80 comply with the format measurement methodologies purpose of expressing an opinion Statements. We are responsible and information requirements of the Data and information need to be read and Our responsibility on the eff ectiveness of the Group’s for the direction, supervision and GRI Standards for the Core option. understood together with the accounting We are responsible for: and the Parent Company’s internal performance of the group audit. This conclusion is to be read in the context principles on pages 71-72, and the detailed • Planning and performing the control. We remain solely responsible for of what we say in the remainder of our requirements for reporting in accordance engagement to obtain limited assurance our audit opinion. report. with the GRI Standards (see: https:// about whether the consolidated non- • Evaluate the appropriateness of www.globalreporting.org/standards/ financial key performance indicators on accounting policies used and the We communicate with those What we are assuring gri-standards-download-center/), which pages 81-83, number of ’Compliance reasonableness of accounting charged with governance regarding, The scope of our work was limited to Management are solely responsible for concerns and whistleblowers’ on page 47 for the period 1 January – 31 estimates and related disclosures among other matters, the planned assurance over selecting and applying. The absence of a • Consolidated non-financial key significant body of established practice on December 2019 are free from material made by Management. scope and timing of the audit and performance indicators for the period 1 which to draw to evaluate and measure non- misstatement, and are prepared, in all signifi cant audit fi ndings, including January – 31 December 2019 on pages financial information allows for different, but material respects, in accordance with the • Conclude on the appropriateness any signifi cant defi ciencies in internal 81-83, number of ’Compliance concerns acceptable, measurement techniques and accounting principles; of Management’s use of the going control that we identify during and whistleblowers’ on page 47 of the can affect comparability between entities • Forming an independent conclusion, concern basis of accounting in our audit. Annual Report: and over time. based on the procedures performed and preparing the fi nancial statements • Compliance of the format and the evidence obtained; and, based on the audit evidence Hellerup, 20 May 2020 information requirements of the GRI Work performed • Assessing compliance of the GRI obtained, whether a material Index on pages 76-80 with the GRI We are required to plan and perform our Index on pages 76-80 with format and uncertainty exists related to PricewaterhouseCoopers Standards for the Core option. work in order to consider the risk of material information requirements of the GRI events or conditions that may cast Statsautoriseret We were not engaged to and we did not misstatements of the data. In doing so and Standards for the Core option; provide assurance with respect to the data based on our professional judgement, we: • Evaluation of the appropriateness of the signifi cant doubt on the Group’s Revisionspartnerselskab and information referenced in the GRI • Made inquiries and Conducted explanations for omissions made; and and the Parent Company’s ability CVR No. 33771231 Index. We only provided assurance with interviews with Group functions to • Reporting our conclusion to the to continue as a going concern. respect to the format of the GRI Index and assess consolidation processes, use of stakeholders of Ramboll. If we conclude that a material Rasmus Friis Jørgensen, State the compliance with requirements of the company-wide systems and controls uncertainty exists, we are required Authorised Public Accountant GRI Standards for the Core option. performed at Group level; Hellerup, 20 May 2020 to draw attention in our auditor’s Mne28705 • Checked data on a sample basis to report to the related disclosures Professional standards applied and level underlying documentation, and evaluated PricewaterhouseCoopers in the fi nancial statements or, if Kim Danstrup, State Authorised of assurance the appropriateness of quantification Statsautoriseret Revisionspartnerselskab such disclosures are inadequate, to Public Accountant We performed a limited assurance methods and compliance with stated CVR No. 33771231 modify our opinion. Mne32201 engagement in accordance with non-financial accounting principles; International Standard on Assurance • Performed analytical review of the data Rasmus Friis Jørgensen Engagements 3000 (Revised) ‘Assurance and trend explanations submitted by State Authorised Public Accountant Engagements other than Audits and data suppliers for consolidation at Group Mne28705 Reviews of Historical Financial Information’. level; A limited assurance engagement is • Assessed and evaluated the GRI Index Jens Pultz Pedersen substantially less in scope than a reasonable with respect to compliance with the GRI M.Sc.(eng.) assurance engagement in relation to both Standards for the Core option; 88 BOARD OF DIRECTORS ANNUAL REPORT 2019 89
BOARD OF DIRECTORS GROUP EXECUTIVE BOARD
From left to right: Jeff Gravenhorst Nina Udnes Tronstad Alun Griffiths Jens-Peter Saul Marianne Sørensen Markku Moilanen From left to right: MSc Bus. Adm. and Auditing, MSc Chem. Eng. Chair of the BSc Hons Applied Economics, MSc Eng. MSc Economics DSc Eng. Tarek Kim El Barky, Marianne Sørensen, Chair. Board of Source Energy AS. Deputy Chair of the Board of President and Chief Executive Chief Financial Officer, Executive Director, Nina Udnes Tronstad, Markku Moilanen, Steen Nørbæk Madsen, Group CEO of ISS A/S, and Member of Boards of GIEK The Port of London Authority, Officer, Ramboll Group A/S. Ramboll Group A/S. Ramboll Group A/S. Jens-Peter Saul, Merete Helene Eldrup, Chair of the Boards of Directors (the Norwegian Export Credit and member of the Boards Member of the Permanent Member of the Board of Member of the Executive Hilde Tonne, Jeff Gravenhorst, of ISS World Services A/S Guarantee Agency), Technoport, of Severfield plc and Anchor Committee on Business Policies Energinet, Udviklingsselskabet Committee of the Board Søren Holm Johansen Jørgen Huno Rasmussen, Alun Griffiths, and ISS Global A/S. Chair of Fishency Innovation AS, Hanover Group. of the Confederation of Danish By & Havn I/S and Copenhagen of Directors at Technology Thomas Gregers Honoré, the Confederation of Danish Prosafe SE, Polarcus Ltd and Industry. Malmø Port AB. Industries of Finland. Mette Thiel Industry’s (DI) Permanent Norges Bank. Thomas Gregers Honoré Member of the Board of Danske Member of the Board of Committee on Business Policies. MSc, International Business, Commodities A/S. Søren Holm Johansen Directors at Eltel Group. Merete Helene Eldrup CEO Columbus A/S. Member of the Board of Cubico MSc Economics Jørgen Huno Rasmussen MSc Economics, Chair of Sustainable Investments Executive Director, Hilde Tonne MSc. in Civ. Eng., B.Com. the Boards of Copenhagen Steen Nørbæk Madsen (Cubico). Ramboll Group A/S. MSc Eng. in Organisation, PhD. In University, Nykredit A/S and BSc Eng, Head of Department, Chair of the Board of Chief Innovation Officer, Construction Management, Nykredit Realkredit A/S. Ramboll Denmark A/S. Henning Larsen Architects A/S. Ramboll Group A/S. Deputy Chair. Deputy Chair of the Board of the Chair of the Board of Indian- Chair of the Board of The Vice-Chair of the Board of Rockwool Foundation. Member Tarek Kim El Barky Danish Chamber of Commerce. Research Council of Norway. Terma A/S. Member of the of the Boards of Kalaallit Airport MSc Mech. Eng. and B.Com, Head Boards of Haldor Topsøe A/S, International, Egmont Fonden of Digital & Innovation Portfolio Bladt Industries A/S, Otto and Egmont International Management, Ramboll Group. Mønsted A/S, the Thomas B. Holding A/S. Member of Thrige Foundation and Aase Realdania Representatives. Mette Thiel and Jørgen Münters Foundation. MSc Struct. Eng., Ph.D, Project Adjunct Professor, CBS. Director, Ramboll Denmark A/S, Member of the Board of Rådgivergruppen DNU. 90 ANNUAL REPORT 2019 91
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