Social financial Annual Report

2010 social financial Annual Report

Social financial annual report 2010 | 1

2 | Twynstra Gudde

2010 social financial Annual Report

Social financial Annual Report 2010

Introduction At Twynstra Gudde we feel very strongly about Socially Responsible Entrepreneurship (SRE). We exploit human and intellectual capital to create value for our clients, our staff and other stakeholders. We always aim at an active, positive contribution to society. And we consider it our duty to reduce our ‘footprint’, our impact on the environment, as much as possible.

4 | Twynstra Gudde

Our stakeholders We intend to meet the needs of all our stakeholders. Our

with sustainable advice to clients. Topics as market

SRE policy is directed towards clients, staff members,

development, interesting sustainability themes and

shareholders, owners – they all benefit from a sustainable

assignments are entered on the agenda. Furthermore,

and social organization operating as responsibly as possible.

the Initiative group develops new market propositions responding to the growing need for integral solutions.

Initiative group Sustainability

Twynstra Gudde is remarkable for its willingness to

The board is responsible for the SRE policy. It is assisted

make sustainable issues accessible as widely as possible,

by the Initiative group Sustainability, which is charged

and the related added value.

with development and implementation of Twynstra Gudde’s umbrella policy on sustainability. The board is

Structuring aims

responsible for reporting on the results and the reliability

In the passed two years we listed our activities in many

of the published data.

areas: contacts with the staff, social role, internal environmental care, relations with clients. In 2010 we gave

The Initiative group Sustainability was established in

special attention to structuring our efforts in the field of

2009 and functions as a centre of excellence. Participating

socially responsible entrepreneurship.

consultants gather regularly to share their experiences

Social financial annual report 2010 | 5

Strategy card Our efforts on socially responsible entrepreneurship have been summarized on a strategy card. This permits us to focus even more on major targets, particularly with respect to the impact of the work of our consultants on social life.

The impact on Staff, Market, Sustainability and Society is discussed in this report. Also in 2011 we want to qualify as a socially responsible entrepreneur on the basis of specifically formulated targets.

6 | Twynstra Gudde

Strategy card Target

KPI

Activities

Market As a knowledge leader we set the trend with respect to socially relevant services

Socially relevant projects

Netting more socially relevant assignments

Knowledge leadership Room for new business and innovative initiatives

Aiming at incorporation of sustainability aspects in our advice reports

Staff Twynstra Gudde is one of the best employers in the Netherlands. The corporate culture inspires people to collaborate and to develop their talents

Employee development

Always investing in personal development of our staff

Commitment Attractive employer

Recruitment and selection policy focused on junior consultants

Sustainability We initiate sustainable development and engage in relevant projects. We are committed to inspire clients and staff members to sustainable behaviour.

Sustainability and mobility are an integral part of our operational management

Paper, energy consumption and catering Lease and train kilometres CO2 emission Energy grid

eduction of CO2 emissions through R allround improvement: - encouraging teleworking - working from locations near to client offices - encouraging travelling by train - encouraging consumption of sustainable energy

Society We initiate and support socially responsible enterprise

Personal initiatives

Listing socially relevant targets suitable to be ‘adopted’

Twynstra Gudde initiatives Considering possibilities to make structural time available for volunteer work

Social financial annual report 2010 | 7

Our staff Our 490 staff members are the heart of the organization because of their specialties, qualities, involvement and enthusiasm. Qualified consultants guarantee quality service. An inspiring openness and creative atmosphere are characteristic of our corporate culture, in which top people enjoy working together and continuing professional development and new initiatives are encouraged.

Development staff members

Turnover of personnel

The atmosphere in which Twynstra Gudde staff members

Twynstra Gudde has a varying turnover of personnel. In

do their job, work together and develop their talents can

some segments of our work force imbalance is imminent.

be characterized with the key word ‘room’. As our report

The number of senior consultants and managers is rather

Top Talent (2010) shows, this characteristic culture of

stable, but it would be advisable to take measures to

‘giving room’ has many different aspects. It works out

retain more mediors and juniors. Their mobility partly is

very positively for enterprising men and women who

a compliment to the opportunities staff members get to

want to exploit their talents, as they get the opportunity

participate in high-level trainings and schooling. People

to develop very fast, work in marvellous projects and

working at Twynstra Gudde for several years find their

roles, and get in contact with excellent people from our

feet in all aspects of their field. They are, therefore, very

vast network. But it also requires extra care when recruit-

much in demand on the labour market, a reality we have

ing and selecting new, preferably (top) talented people,

to take into consideration. It may be clear, that we aim at

and when it comes to retaining them.

connecting people with Twynstra Gudde, not only for a longer period, but also more intensively.

Appointments/Resignations

2009

39

2010

38 12

27

42

12

16

Resignations

Appointments

15

Consultants Internal supporting staff

Appointments

8 | Twynstra Gudde

Resignations

Age structure

0

170 80 < 28

160 29 – 36

164 37 – 49

86 50 >

Talent is not age-bound

Attractive employer

As the number of young people at Twynstra Gudde is

We intend to execute a comprehensive staff satisfaction

limited – average age is 40 – we have to be more aware of

survey in 2011. For the year under review we did not, but

developing and valuing new staff members. We got start-

relied on the best employer survey of Intermediair, an

ed with using ‘Adviestalent’ (Advice Talent), a Twynstra

HR weekly for the highly educated, in which two surveys

Gudde subsidiary, as a recruitment channel for starters.

were combined: one into terms of employment and one

We also want to make a more generation-conscious use of

into staff satisfaction. Twynstra Gudde came seventh on

‘Talent naar de Top’ (Talent towards the Top), a diversity

the list of 50 best employers, a rise of two places com-

platform Twynstra Gudde is sponsoring. We would like

pared to the survey of 2009. We came seventeenth for

to stress, however, that talent development is not only

the item ‘best terms of employment’, and sixth for ‘best

intended for young people, but for talent as such – and

employer profit’.

that talent is not age-bound. In 2010 we focused on more awareness for this topic.

Our relatively high score is a result of liberal employment conditions, a safe working environment, career and

Alumni policy – lasting involvement

schooling opportunities, centrally situated offices, and

It is important to Twynstra Gudde to maintain good and

a large extent of autonomy for staff members as far as

active relations with alumni. The activities we organize

job and time planning is concerned. We are in favour of

for our former colleagues are directed towards strengthen-

fraternal governance, practise collective leadership and

ing mutual and combined networks, sharing knowledge

strongly focus on the market.

and information and helping each other on assignments in any possible way. So, our former colleagues can always share in the pride we all feel for our organization. A SWOT analysis as part of our long-term work plan shows that more than 90% of the alumni is very proud of their employment with Twynstra Gudde.

Social financial annual report 2010 | 9

dilemma to continue investing in trainings and education or temporarily put it on hold. We weigh the pros and

129

cons of each request and continue investing in our staff members.

58

82

Associates

sent economic situation, however, presents us with the

Senior consultant

training and developing our staff members. The pre-

Medior consultant

As a knowledge intensive organization we believe in

Junior consultant

Investing in staff members

Internal support staff

Dilemmas

76

145

Segmentation job scale

Recruitment & selection Which choice is best in the present economic situation?

Redundancy

Growing further or marking time to await market devel-

What to do in economically difficult times? Taking cost-

opment? Twynstra Gudde consciously made a comparative

reducing measures and cutting the work force? Or retaining

assessment and chose to grow. Growth in knowledge and

oneâ&#x20AC;&#x2122;s staff? It is a dilemma that other consultancies are

talent means continuing recruitment.

facing too. Anyhow, Twynstra Gudde chooses to keep on the present work force.

10 | Twynstra Gudde

Data 2009

Data 2010

Target 2011

Internal supporting staff

129

Recruitment policy focus on juniors

Junior consultant

58

Medior consultant

82

Senior consultant

145

Associates

76

Subject Attractive employer

Segmentation job scale

Staff membersâ&#x20AC;&#x2122; development

Training and education Twynstra Gudde Corporate University training programme

1,7 days/staff member

1,2 days, staff member

Twynstra Gudde Training programme for Consultants

32 staff members

13 staff members

Commercial automatic wash

not applicable

365 staff members

Appointments

Resignations

Appointments

Resignations

Consultants

39

38

27

42

Internal supporting staff

12

12

16

15

Appointments/ Resignations

Investing continuously and critically in staff member development

Involvement Alumni Network

675

690

LinkedIn members

not measured

635

LinkedIn colleagues

not measured

444

* Figures include subsidiaries

Social financial annual report 2010 | 11

Sustainability Small as the ecological footprint of commercial service providers like Twynstra Gudde may be, we still want to assume responsibility for the environment. This is the reason why we have been pursuing a strict sustainability policy in our offices for years. Staff members make every effort to waste as little energy and material as possible, and to use all possible alternatives and innovations. But substantial improvement in this sphere could most certainly be achieved with concepts like ‘new ways of working’ and ‘sustainable mobility’.

Sustainable management Paper consumption For years we have been separating paper from other

Paper coffee and tea cups are processed separately in

waste. Reducing paper consumption as much as possible

litterbins especially designed for this purpose. In the

we only use paper with quality marks from FSC (Forest

near future we also aim at separating plastic. We want to

Stewardship Council) and ECF (European Climate Foun-

separate waste already at the work-place, for instance by

dation), i.e. chlorine-free produced paper coming from

placing sufficient bins for plastic waste on all floors. The

responsibly managed forests. Figures show a strongly

purpose of all these initiatives is to convince the work-

decreasing quantity of paper used in a succession of years.

force of the importance of handling waste carefully.

We stimulate the workforce to print on both sides, if possible. Furthermore, Twynstra Gudde always purchases

Small chemical waste

advanced equipment, such as multifunctional photocopi-

It may be clear, that we always collect and discard small

ers with options for scanning and printing, and we keep

chemical waste like batteries, electronic equipment,

a close watch on sustainability aspects of equipment to

etc. separately. It is advisable to register the quantity of

be newly purchased, such as decreased energy and toner

discarded small chemical waste in future, too.

consumption.

Waste separation In our company restaurant packaging is separated from other waste materials. But we also want to decrease the quantity of packaging itself. Sandwich filling is delivered without packing, and since January 2011 drinks are offered in glass pitchers instead of loose packings.

12 | Twynstra Gudde

Preference for Mijnboer (Myfarmer) Twynstra Gudde is a customer of Myfarmer products. Whenever available Myfarmer offers sustainable produce, e.g. potatoes, vegetables and fruits. For each product the company is looking for growers who satisfy the requirements upon cultivation and entrepreneurship. Whenever possible, produce is bought directly from associated growers, but sometimes it is purchased through wholesalers. It may be clear that also in such cases sustainable produce is preferred.

Myfarmer products always meet one of the following criteria: eco-label, organic product, protected designation of origin (PDO), fair trade. We would like to emphasize that Dutch products coming within this category are distinctly preferred. Only after associated growers have sold out an entire crop, sustainable produce from abroad is purchased.

A network of foreign associated growers is being developed.

Energy consumption

Amersfoort 2008 2009 2010

m3 Gas 204.385 210.224 267.471 % Eco-gas 0% KWh Electricity %

0% 0%

1.671.381 1.627.262 1.618.682

Eco-power 0%

0%

0%

m3 Water 8.936 8.971 9.499*

The Hague 2008 2009 2010

m3 Gas 6.204 5.733 7.018 % Eco-gas 0%

100% 100%

KWh Electricity 71.324

71.055 79.169

%

100%

100%

109

111

Eco-power 0%

m3 Water

145

* estimated final reading

Sustainable purchasing policy A point of interest for the future is to tackle suppliers

home- and shelterless people. Catering is wasting little

and customers in the supply chain on sustainable use of

food anyway; left over meat products are processed in a

means and energy sources. We already promote sustain-

salad the next day.

able chain management by: • purchasing biological products if possible

In 2010 the share of biological food increased from 6 to

• using only advanced printers with a scanning function

10 percent. This is an estimate excluding the use of fair

• only leasing cars with EU energy labels A to C

trade coffee.

• looking for new mobility alternatives, such as electric cars.

Energy Consumption When renovating, we always choose low-energy lights.

Food

We are negotiating on green power with the owner of the

We unabatedly hold on to the principle of purchasing

multi-tenant building in which our company has its seat.

biological food of good quality as much as possible. A

However, all other tenants have to agree with this choice,

growing part of the luncheon assortment comes from bio-

and so we make an effort to strike a deal.

logical producers and has the Myfarmer label (see frame).

If our negotiations on extension of the contract are

We intend to expand dinner service in the corporate

successful, we want to reserve an investment budget to

restaurant so the staff can have something to eat in the

make the building more energy-saving, in particular with

evening too. We make an effort for wasting as less food as

respect to lighting. In anticipation we are experimenting

possible. Bread that is left is taken to an institution for

with entrance lighting and sensors.

Social financial annual report 2010 | 13

Sustainable mobility

Intern voert Twynstra Gudde al decennialang een ruimhartig, stimulerend en vooral duurzaam mobiliteitsbeleid. Per slot van rekening kun je andere organisaties pas echt goed adviseren

overdecades het thema als je zelf daarin het goede voorbeeld Carolgenerous, Lemmens, directeur Twynstra For Twynstra Gudde’s policy on staff mobilitygeeft. has been stimulating and, espeGudde, was keynote-spreker op vakbeurs 2010 ‘Van hype naarexample business’, waar is cially, sustainable.

In the end, good advice on Ecomobiel issues is only possible if a good to others Twynstra Gudde metmember een eigen stand stond en verschillende workshops en verdiepingssessies set.

Carol Lemmens, of the board of directors, was a keynote speaker during From hype to over het thema hield.

Met het onderzoek over duurzame mobiliteit in Nederland hebben wij meer business, the trade exhibition Ecomobiel 2010. We had a stand there and organized various workinzichtand gekregen in sessions de mate waarin organisaties mobiliteitsbeleid hebben ontwikkeld en wat het shops in-depth on related topics. The research into sustainable mobility has deepened oplevert. our understanding of mobility policies and their benefits.

Twynstra Gudde in your neighbourhood

Teleworking

For years Twynstra Gudde’s policy on mobility has had

Teleworking is stimulated actively. Sustainable mobility

two pillars: cars and public transport. All consultants

is best served by ‘non-driving’, in other words staying at

have a NS Business Card (railroad business card), which

home and teleworking. Consultants and managers who

enables them to choose how to travel to clients or to

take up teleworking are maximally facilitated with IT

the office. We are considering the possibility to open

applications on their laptops, according to the principle

a number of small Twynstra Gudde offices, so as to

‘always on-line’. We are proud to be rather unique in the

be literally nearer to our clients and employees and to

Dutch consulting world with respect to this innovative

reduce the number of kilometres driven substantially.

implementation. Meanwhile we are constantly in pursuit

Such decentral locations should be strategically situated,

of new smart hard- and software to foster sustainable

i.e. near railway stations and bus and tram stops. We are

mobility. What is more, we want to entice our consult-

convinced that, for instance, the Haagse Kamers (Hague

ants to use these ‘tools’ even more smartly. We have good

Chambers) are such a big success because of their location

experiences with video conferencing and conference calls.

within walking distance of Den Haag CS (central station).

If so desired, we facilitate teleworkers to meet the rules of the Occupational Health and Safety Act.

14 | Twynstra Gudde

Mobility

2009

2010

Leased car kilometres in total

10.564.998

10.280.385

Total kilometres per leased car

28.173

27.414

2.044.697

1.871.206

5.776

5.619 *

79.743 kg

72.977 kg

1.890.335 kg

1.800.240 kg

74

72

Railroad kilometres business card Railroad kilometres business card per user CO2 Business card CO2 Leased cars Zoned travel passes * influence economic situation

Reduction of CO2 emission

Moving to A and B labels

We try to make staff members more and more aware of

In our lease scheme staff members may choose from three

the benefits of sustainability. We already mentioned the

energy labels: A, B or C. We see a clear, partly financially

railroad business card and teleworking. Moreover, it is

inspired movement to A and B labels. Staff members

possible to avoid traffic-jams thanks to flexible working

preferably choose cars with lower tax contribution and,

hours. It is our habit to inform all individual consultants

therefore, with lower energy consumption and CO2 emis-

monthly on travel behaviour, both with respect to kilometres

sion. This really is a significant development in our fleet,

by car or train and to Co2 emission (kilotons CO2/number

but our efforts are directed towards controlling absolute

of trees).

CO2 emission. Preparations start in 2011. Additionally, we monitor projects on emission compensation, like the

Electric car

Climate Neutral Fund.

We are testing the possibilities of electric transport and participate in national activities. After purchasing two electric scooters at the beginning of 2010, we also bought an electric car at the end of 2010. This could be the beginning of an entire green fleet. An electric car could function as a transitional device between a â&#x20AC;&#x2DC;realâ&#x20AC;&#x2122; leased car and full use of public transport, or as a stimulus to plan travelling even more efficiently. The first reactions to the electric car are positive, but it is a rather difficult matter. Anyhow, we want to avoid a merely symbolic solution.

Social financial annual report 2010 | 15

Network Sustainability covenants With respect to accessibility and CO2 emission Twynstra Gudde closed sustainability covenants with the regions Amersfoort and Haaglanden, and the province of Utrecht.

In these covenants parties enter into an effort obligation to jointly foster a sustainable and accessible region.

B50 Twynstra Gudde is one of the so-called B50, fifty high-profile Dutch employers promoting accessibility.

The group originates from the Taskforce Mobiliteit (Taskforce Mobility). Twynstra Gudde lends expertise to this platform.

Dutch Green Building Council As a participant in the Dutch Green Building Council (DGBC) we confer on a more sustainably built country.

DGBC is a nonprofit organization in pursuit of permanent preservation of the built environment in the Netherlands.

Therefore, the organization develops sustainability quality marks for independent assessment of (both new and existing) buildings and areas. Designs of newly built offices, shops, schools and industrial sites are tested in terms of these quality marks, for example BREEAM-NL.

16 | Twynstra Gudde

Data 2009

Subject

Data 2010

Objective

Paper consumption (Kg)

Operational management

Reduction of paper consumption

Central

7.400

6.800

Decentralized

12.100

10.500 Energy

Amersfoort m3

Gas

210.224

267.471

%

Eco-gas

0%

0%

KWh

Electricity

1.627.262

1.618.682

%

Ecopower

0%

0%

m3

Water

8.971

9.499*

m3

Gas

5.733

7.018

%

Eco-gas

100%

100%

KWh

Electricity

71.055

79.169

%

Ecopower

100%

100%

m3

Water

109

111

Stimulation of and investments in energysaving working, as soon as landlord enables specified charging

The Hague

Catering

Biological

6%

10%

Mobility

Total kilometres

10.564.998

10.280.385

Kilometres per leased car

28.173

27.414

Railroad kilometres business card

2.044.697

1.871.206

Zoned travel passes

74

72

Conference calls (minutes)

Not measured

20.142

Conference calls (number of participants)

Not measured

688

Video conferencing**

-

26

Always online

-

1.251.935 Mb

CO2 Business Card

79.743kg

72.977kg

CO2 Leased cars

1.890.335kg

1.800.240kg

CO2

Reduction of lease kilometres

Better use of possibilities of alternative conferencing.

* Estimated final scor ** Taken into use in 2010

Social financial annual report 2010 | 17

Finance Results 2010 Turnover

Horizontal inspection

In 2010 Twynstra Gudde Holding B.V. realized a consoli-

At the moment Twynstra Gudde is concluding a cov-

dated turnover of € 59.3 million, about 9% less than in

enant with the tax authorities on horizontal inspection.

2009 (€ 65.0 million). With the exception of The Bridge

Expectations are that this will be completed by the middle

Business Innovators B.V. all Twynstra Gudde divisions

of 2011. Partly due to the negotiations with tax authori-

show this decrease in turnover. The decrease can be

ties on the ownership dossier Twynstra Gudde wants to

largely attributed to the difficult situation on the market,

improve relations with this agency.

but was also influenced by a limited decline in the number of employees.

Summarizing 2010 was a difficult year. Turnover and results were

Operating results

under pressure, especially because of the economic crisis

Operating results decreased from € 3.4 million in 2009 to

and decreasing demand from the national government.

€ 2.3 million in 2010. This drop was fully caused by the

Nevertheless, the net results were positive, partly thanks

decrease in turnover, but somewhat mitigated by reduc-

to cost reduction and continuous orientation.

tion of costs. In addition subsidiaries and partially owned companies contributed less than estimated.

PwC checked the consolidated balance sheet, profit and loss statement and cash flow survey, as mentioned on

Depreciation

pages 11-13 of the annual account. The favourable audi-

In 2010 material depreciation amounted to € 0.7 million,

tors’ certificate for Twynstra Gudde Holding B.V. is part

a slight increase compared to 2009 as a result of housing

of the annual report 2010.

investments. Immaterial depreciation was significantly higher than in 2009, coming up to € 0.4 mln., an increase of more than € 0.3 million as a result of an impairment of the goodwill of Core Counsellors B.V.

Prospects 2011 Balance sheet ratios

The prospects for 2011 are rather reserved. Twynstra

In total the balance sheet amounts to € 19.7 million. At

Gudde expects prolonged cutback in government ex-

the end of 2010 the solvency of Twynstra Gudde Holding

penditure to have considerable impact on the turnover of

B.V. came up to 36%, which was in line with preceding

a number of departments. At the same time, however, the

years. The same goes for the ratios ABN AMRO applies

company expects sufficient opportunities in other market

with respect to financing the company.

segments. In 2011 growth is expected in the health care and energy sector, and trade en industry, focusing on

Cash flow

topics as sustainability, collaboration in alliances and

In the prolonged economic climate cash flow manage-

networks, and organizational change.

ment remains very important. On holding level the operational cash flow decreased from 6.2 million in 2009 to 1.6 million in 2010. This was caused by a decrease of operating profit and higher corporate tax.

18 | Twynstra Gudde

Balance sheet Consolidated balance sheet before distribution of dividends (â&#x201A;Ź) 31-12-2010

31-12-2009

Assets Permanent assets - intangible assets

942.425

1.347.241

- material permanent assets

1.448.898

1.946.478

- financial permanent assets

511.796

550.857 2.903.119

3.844.576

Current assets - current assignments

1.235.413

2.512.724

- receivables

12.481.410

11.827.890

- fluid assets

3.055.833

4.024.351

Total

16.772.656

18.364.965

19.675.775

22.209.541

Consolidated balance sheet before distribution of dividends (â&#x201A;Ź) 31-12-2010

31-12-2009

Liabilities Own funds

7.121.454

7.942.885

Minority share third parties

102.420

100.268

Provisions

127.659

156.960

Long-term debts

2.583.000

3.381.000

Short-term debts

9.741.242

10.628.428

19.675.775

22.209.541

Total

Social financial annual report 2010 | 19

Results Consolidated profit and loss statement (â&#x201A;Ź) 2010 Net turnover

2009 59.314.322

65.048.000

Costs of outsourced work and other external costs

20.220.732

25.051.181

Wages and salaries

28.729.332

29.142.655

Social security

3.120.203

3.053.839

Pensions

3.796.047

3.604.764

Permanent assets

704.420

661.075

Depreciation of intangible assets

404.816

89.816

Depreciation of material permanent assets

Total of operating costs Operating profit

- 56.975.550

- 61.603.330

2.338.772

3.444.670

Interest received and similar profits

75.829

180.132

Interest charged and similar costs

152.286

319.315

otal of interest received T and interest charged

- 76.457

- 139.183

2.262.315

3.305.487

- 693.252

-- 769.309

Result participations

- 32.584

- 9.395

Share third parties

- 38.881

- 7.754

Result after taxes

1.497.598

2.519.029

Result from regular corporate operations before taxes

Taxes on result from regular corporate operations

Net turnover Division net turnover according to sectors (â&#x201A;Ź mio) Trade and industry

Commercial servicing

Spatial development

7

10

7

12

11

20 | Twynstra Gudde

Health care

10

National government

2

Security

Local authorities

Liquidity Consolidated cash flow survey (â&#x201A;Ź) 2010

2009

Cash flow from operational activities Operational profit

2.338.772

3.444.670

Adjustments for: - depreciation - changed provisions

1.109.236 - 29.301

750.891 24.997

Changes in working capital: - Receivables - Current assignments - Short-term debts

- 653.520 1.277.311 - 1523.128

Cash flow from corporate operations

2.649.391 749.975 - 1.339.052 - 899.337

2.060.314

2.519.370

6.280.872

Interest received and similar profits

75.830

175.732

Interest charged and similar costs

- 314.344

- 332.807

Corporate tax

- 651.477

40.025

12.115

40.380

Received dividends

Cash flow from operational activities

- 877.876

- 76.670

1.641.494

6.204.202

Cash flow from investment activities Investments intangible assets

-

- 9.091

Investments material permanent assets

- 206.840

- 737.180

Investments financial permanent assets

-

81.050

Cash flow from investment activities

- 206.840

- 665.221

Cash flow from financing activities Dividends

- 2.319.029

- 2.892.798

- 84.142

- 257.813

Dividends and other payments to minority shareholders Cash flow from financing activities

- 2.403.172

- 3.150.611

- 968.518

2.388.370

Position on 1 January

4.024.351

1.635.981

Position on 31 December

3.055.833

4.024.351

Net cash flow

- 968.518

2.388.370

Net cash flow Fluid assets

Social financial annual report 2010 | 21

22 | Twynstra Gudde

COLOFON Text

Arjan Gras (Gras communicatie)

Translation

Annemarie van Dijk

Editorial

Myrthe Honingh

Design

Stephanie Gijsen (Studio Twynstra Gudde)

Printer

NPN drukkers Breda

Photography

Wiep van Apeldoorn

CONTACT

If this report triggered your interest in our activities or if you want te share your opinion with us, please, contact mpe@tg.nl.

Social financial annual report 2010 | 23

We work together with our clients to resolve questions by offering new answers, by creating opportunities. This means we listen carefully, dare to probe, always remain inquisitive. Characteristics that define our consultants and managers.

Helping you make the right strategic choices. Result: a different, refreshing perspective on your issue, and solutions that really work. Our people support you. Backed by Twynstra Gudde.

Twynstra Gudde

Tel 033 4677777

Stationsplein 1

Fax 033 4677610

3818 LE Amersfoort

info@tg.nl

Postbus 907

www.twynstragudde.nl

3800 AX Amersfoort

2609