Annual Report 2003 (8 Months, Pdf)
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2003 (8 months) COWI organisation 1 May 2004 Employees COWIfoundation Codan and Danica B shares A shares B shares Danish offices Offices abroad Lyngby Holstebro Silkeborg Viborg Aalborg Bolivia Korea Norway Sweden (Head office) Kolding Svendborg Århus El Salvador Kuwait Panama Uganda Esbjerg Odense Vejle Aabenraa Ireland Lithuania Qatar Vietnam Wholly and partly owned companies abroad Wholly owned companies in Denmark Ben C. Gerwick, Inc. UAB COWI Baltic Covitecma S.A. BRUUN & SØRENSEN KX A/S San Francisco, California, Consulting Engineers Madrid, Spain (25%) ENERGITEKNIK AS (100%) USA (94,5%) and Planners (100%) Vilnius, Lithuania (100%) Kampsax Polska Sp. z o.o. ETC Transport Warsaw, Poland (100%) COWI Canada Ltd. Consultants GmbH COMAR Engineers A/S Saint John, Canada (100%) (100%) Beijing YAN-DAN Berlin, Tyskland (90%) Kampsax AB Buckland & Taylor Ltd. Heat Energy Technology DANPORT Sweden (100%) Vancouver, Canada (100%) Development Co. Ltd. COWI Korea The Danish Port Beijing, China (30%) Seoul, Korea (60%) Consultancy Group Kampsax Caribersa S.A. CCL GmbH (100%) Madrid, Spain (100%) Glienicke Nordbahn, Germany (100%) MMS Norge COWI Belgium SPRL Kampsax India Enviroplan International A/S Bærum, Norway (100%) Brussels, Belgium (100%) Private Limited (100%) (51%) COWI-ALMOAYED GULF W.L.L. Interconsult ASA COWI Hungary Ltd. MATCON Kampsax Belgium SPRL Manama, Bahrain (49%) Oslo, Norway (100%) Budapest, Hungary (100%) Rådgivende Ingeniørfirma A/S (100%) (100%) Hjellnes COWI AS Beldandor Engineering COWI Tanzania Oslo, Norway (70%) CAT Alliance Ltd. Consulting Engineers London, England (33,3%) Studstrup & Østgaard A/S Consultants and Planners Ltd. Rådgivende Ingeniørfirma Belarus (50%) COWIconsult (100%) Dar es Salaam, Tanzania (100%) Darudec A/S International Ltd. (100%) London, England (100%) COWI Philippines, Inc. Manila, Philippines (100%) Moscow Representative Office of COWIconsult International Ltd. Moscow, Russia (100%) COWI A/S Board of Directors Management Central Services Div. Div. Div. Div. Div. Div. Div. Div. Div. D01 D02 D03 D04 D05 D06 D07 D08 D09 Region North Jutland Region Mid Jutland Region South Jutland Region Funen Region Øresund Roads and Airports Bridges, Marine and Foundation Engineering Building and Operation Industry and Energy Economics and management Water and Environment Development Planning Geographical Information and IT Rail, Metro and Tunnel Published by COWI A/S Parallelvej 2 DK-2800 Kongens Lyngby Tlf. +45 4597 2211 Fax. +45 4597 2212 www.cowi.dk Annual Report 2003 (8 months) COWI is a leading northern European consulting group. We provide state-of- the-art services within the fields of engineering, environmental science and economics with due consideration for the environment and society. COWI is Contents a leader within its fields because COWI’s 3400 employees are leaders within theirs. 4 Statements on the Annual Report Editors 5 Management’s review John Jørgensen (responsible), [email protected] Christina Tækker, [email protected] 6 Group key figures and financial ratios Janne Toft Jensen, [email protected] Susanne Junge, [email protected] 18 Financial review Translation LanguageWire 20 Applied accounting policies Design & DTP Patrick Andresén 27 Profit and loss account Print Saloprint A/S 28 Balance sheet Print run 3,000 30 Statement of changes in shareholders’ funds Editorial input ended 1 April 2004 32 Cash flow statement Reproduction Permitted with appropriate source references 33 Notes ISSN 1600-6186 Cover: Six out of 10 employees are experienced in project management. *The Intellectual Capital Report Read more about COWI’s employees in 48 Intellectual Capital Report* has not been audited by the Intellectual Capital Report on pages independent auditors 48-49. Photo: Morten Larsen 2 COWI’s organisation 50 COWI worldwide 51 Services Statements on the Annual Report Auditors’ Report To the shareholders of COWI A/S Statement by the Board of Directors and We have audited the Annual Report of COWI A/S for the financial year 1 May 2003 to 31 Executive Management December 2003. The Annual Report is the responsibility Today, the Board of Directors and the Executive Management have considered and of Company Management. Our responsibility adopted the Annual Report of COWI A/S. is to express an opinion on the Annual Re- The Annual Report has been prepared in accordance with the provisions of the Finan- port based on our audit. cial Statements Act for a major class C enterprise. In our opinion, the accounting policies applied are appropriate and the Annual Report gives a true and fair view of the Group’s Basis of Opinion and the Parent Company’s assets and liabilities, financial position and results. We conducted our audit in accordance with Danish Auditing Standards. Those stand- The annual report has been submitted for approval by the AGM. ards require that we plan and perform the audit to obtain reasonable assurance that Kongens Lyngby, 1 March 2004 the Annual Report is free of material mis- statement. An audit includes examining, on Executive Management: a test basis, evidence supporting the Klaus H. Ostenfeld Keld Sørensen amounts and disclosures in the Annual Re- Managing Director Financial Director, CFO port. An audit also includes assessing the accounting policies applied and significant Knud Østergaard Hansen Henning H. Therkelsen estimates made by Management, as well as Executive Director, Executive Director, evaluating the overall Annual Report presen- Danish Operations International Operations tation. We believe that our audit provides a reasonable basis for our opinion. Our audit has not resulted in any qualifi- Board of Directors: cation. Ole Steen Andersen Vagn Jensen Berit Bankel * Chairman Vice Chairman Opinion In our opinion, the Annual Report gives a Henriette R. Bundgaard * Anders Thyge Egeberg Henrik Gürtler true and fair view of the financial position at 31 December 2003 of the Group and the Jette Wigand Knudsen Niels Christian Nielsen Lars Rosholm * Parent Company and of the results of the Group and Parent Company operations and consolidated cash flows for the financial * Staff representatives year 1 May 2003 - 31 December 2003 in accordance with the Danish Financial State- ments Act. Lyngby, 1 March 2004 PricewaterhouseCoopers statsautoriseret revisionsinteressentskab Torben Haaning Jacob F Christiansen State Authorised State Authorised Public Accountant Public Accountant 4 5 Management’s review Company information COWI A/S Board of Directors Executive Management Parallelvej 2 Ole Steen Andersen, Chairman Klaus H. Ostenfeld DK-2800 Kongens Lyngby Vagn Jensen, Vice Chairman Managing Director, CEO Tel. +45 4597 2211 Berit Bankel Fax +45 4597 2212 Henriette R. Bundgaard Keld Sørensen Website: www.cowi.dk Anders Thyge Egeberg Financial Director, CFO E-mail: [email protected] Henrik Gürtler Company Registration No. Jette Wigand Knudsen Knud Østergaard Hansen (CVR-nr.) 44 62 35 28 Niels Christian Nielsen Executive Director, Danish Operations Registered address: Kongens Lyngby Lars Rosholm Henning H. Therkelsen Executive Director, International Operations Auditing Mission Ownership PricewaterhouseCoopers COWI focuses on supplying consultancy The share capital amounts to DKK 34.75 Strandvejen 44 services within engineering, environment million, consisting of DKK 20 million A DK-2900 Hellerup and economics and activities that are natu- shares and DKK 14.75 million B shares. The Torben Haaning og Jacob F Christiansen rally associated with these areas. The Com- A shares carry 10 votes for each DKK 100 pany’s objective is to supply consultancy share, whereas the B shares carry 1 vote Annual General Meeting services of the highest quality according to for each DKK 100 share. All A shares are The Annual General Meeting will be held on an international benchmark. owned by the COWI Foundation, which sup- 24 May 2004 at the Company address. ports research and development within Vision Danish engineering. The overall objective of the COWI Group is The insurance companies Codan and to be recognised as a leading consultancy Danica each owns DKK 4 million B shares, group in Northern Europe, at the same time the employees own DKK 5.80 million, while as being the international market leader the COWI Foundation owns the remaining within selected services. DKK 0.95 million B shares. 4 5 Group key figures and financial ratios 1999/00 2000/01 2001/02 2002/03 2003 2003 DKKm DKKm DKKm DKKm DKKm EURm adjusted (8 months) (8 months) Key figures Amounts in DKK million EUR/DKK rate, 31 December 2003 744.46 Net turnover 1,379.7 1,533.2 1,720.4 2,292.9 1,673.0 224.7 Operating profit before amortisation, depreciation and impairment losses 47.3 84.8 91.8 114.5 74.8 10.0 Operating profit on ordinary activities 14.8 46.2 52.0 49.7 27.0 3.6 Operating profit 8.1 44.4 50.8 44.5 26.6 3.6 Net financials 15.8 0.9 6.0 (1.1) 5.7 0.8 Profit on ordinary activities before tax 23.9 45.3 56.8 43.4 32.3 4.3 Profit/loss on ordinary activities after tax 9.1 35.3 38.3 25.3 18.5 2.5 Profit on extraordinary activities after tax 0.0 0.0 0.0 0.0 0.0 0.0 COWI’s share of profit for the year 9.1 33.2 35.7 23.5 15.6 2.1 Group goodwill 11.7 10.9 15.7 253.2 242.6 32.6 Fixed assets 137.2 103.5 110.3 177.3 158.5 21.3 Current assets 910.6 955.8 956.4 1,101.4 1,118.2 150.2 Total assets 1,059.5 1,070.2 1,082.4 1,531.9 1,519.4 204.1 Share capital 34.8 34.8 34.8 34.8 34.8 4.7 Shareholders’ funds 331.7 360.5 372.5 382.2 390.3 52.4 Provisions 149.0 146.8 182.8 208.5 210.8 28.3 Long-term debt 16.2 9.7 8.5 38.6 24.9 3.4 Short-term debt 565.7 544.3 507.0 887.2 878.1 117.9 Cash