REFERENCE TO THE HEIJMANS WEBSITE

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1 Annual Report 20 06

2 REFERENCE TO THE HEIJMANS WEBSITE This is the Heijmans N.V Annual Report. This Annual Report is published solely in electronic form. To improve readability, an HTML document has been placed alongside the PDF version of the full document. A 2006 Annual Review is available in printed form. An electronic version of this document is also available on the Heijmans website. You can also order the printed version of the 2006 Annual Overview via the Internet if you are not yet included on our mailing list. The Annual Overview thematically and graphically depicts the most important Heijmans developments and includes the summarized balance sheet, income statement and cash flow statements. References to more detailed information on the Heijmans website are included below. Where more comprehensive information is available on the website, it is indicated in the text of the Annual Review. Publication date: 15 March 2007 This Annual Report is also published in Dutch. In case of textual contradictions between the Dutch and the English version, the first shall prevail. 1. Analysts who track Heijmans activities, their reports and recommendations: Relations/aanbevelingenanalisten 2. Management roadshows and presentations: 3. Heijmans share trends, including peer group comparisons: Actuelekoers 4. Archive of press releases: perskamer/main_archief 5. Code of Conduct and whistle-blowing regulations: 6. Insider trading policy: governance/reglementvoorwetenschap 7. Heijmans vision on principles and best practice provisions of the Corporate Governance Code: corporategovernancecode Annual Review: 9. Heijmans and Corporate Social Responsibility (as of May 2007): maatschappelijkondernemen 2

3 TABLE OF CONTENTS CHAIRMAN S MESSAGE 4 HEIJMANS PROFILE AND OBJECTIVES 7 Profile and positioning 7 Core values Milestones 8 HEIJMANS TEN YEAR RECORD IN KEY FIGURES 9 THE EXECUTIVE BOARD, THE SUPERVISORY BOARD AND OVERVIEW OF MANAGEMENT BOARDS 11 REPORT OF THE SUPERVISORY BOARD 14 REPORT OF THE EXECUTIVE BOARD FOR THE 2006 FINANCIAL YEAR 16 Strategy 16 Trends 16 The Heijmans strategy 16 Objectives 17 Competition financial performance 20 Income statement 20 Balance sheet 25 Cash flow 27 Market information 28 Markets in countries in which Heijmans is active 28 Heijmans 2006 operations 31 The Netherlands 31 Heijmans Property Development 31 Heijmans Building 35 Heijmans Infrastructure 36 Belgium 39 United Kingdom 39 Germany 40 Expectations for Management information 41 Innovation, modernization 42 Corporate Governance, Code of Conduct 44 Reporting, audit, communications and accountability 46 Heijmans shares and ratios 47 Clients 49 Employees, suppliers, subcontractors 50 The environment 55 Risk management FINANCIAL STATEMENTS 61 OTHER facts 136 Statutory provisions concerning profit appropriation 137 Auditor s report 138 other information 140 Declaration of Independence of the Heijmans Preference Shares Trust 141 Heijmans Share Administration Trust report 143 Glossary 146

4 Chairman s Message disappointing. In addition to executing projects accepted under less favourable market conditions and a significant rise in purchase prices, there were shortcomings in the management of several projects. This provided the impetus for making several organizational adjustments and placing greater emphasis on risk and contract management. Dear Heijmans Shareholder and other interested parties, Prior to its start, the year 2006 was characterized by many as a year of transition. After a few difficult years, the Dutch government offered its citizens the prospect of a better future. For the building sector, it primarily provided a stimulus for residential development and new large infrastructure projects. An important part of our activities already performed better in 2006 than in the year before. This mainly concerned property operations in the Netherlands and all of our operations in the United Kingdom, Belgium and Germany. The prospects for the future also look good. For the Netherlands in terms of its economy and for the construction industry as an industrial sector. Market trends and results: strong residential market and increasing Building and Infrastructure volumes. Positive developments in almost all divisions. Looking back on 2006, a few clear trends related to the Dutch markets in which Heijmans operates can be discerned: The market for privately owned homes, the key market for the Heijmans Property Development Division, remained consistently strong. Demand was high and while production was higher than in previous years, it nevertheless lagged behind government targets was a year of rising prices and a year during which the division achieved excellent results. There was greater demand in the commercial property market, particularly for office space. In 2006 Heijmans succeeded in reducing its vacancy rate significantly. The results achieved by the Building Division were The Infrastructure Division s activities in the Netherlands yielded better results, particularly for smaller projects. Nevertheless, entirely according to expectations, the results for the Infrastructure Division are lower than in 2005 when large projects such as the HSL and the Betuwelijn still had a considerable impact on operating results. Starting in 2007, new large projects will be initiated. The countries outside the Netherlands in which Heijmans operates exhibited more or less significant growth in construction volumes. However, Heijmans results improved in all countries. After Building and Infrastructure volumes in the Netherlands had expanded in early 2006, the second half of the year also saw an improvement in prices. This did not immediately yield margin improvements, since price increases often had to be passed on to suppliers and subcontractors. This is a normal pattern for this phase of the cycle. As builders manpower capacity is used up and clients are forced to cut their own manpower capacity, they are likely to opt more frequently for variations of building team agreements that include opportunities for design, financing, operations or maintenance, or a combination thereof. This will also lead to improved margins. Over the long term, these forms of contracting produce the best possible results for all parties involved, in a technical as well as economic sense. They offer opportunities for defining performance commitments by the executing party and for approaching the project on the basis of overall lifecycle costs. This furthermore promotes emphasis on constructive quality, which limits the probability of the occurrence of problems such as those we recently experienced in relation to several projects in the Netherlands. Our strategy to evolve into a full service construction and property development company should make us less vulnerable to this cycle, for example in relation to project development.

5 We acquired companies in countries and segments in which we wanted to gain strength and disposed of companies that we no longer considered part of our core activities. This way, we succeeded in creating a proper balance between our operations and the geographical regions in which we are active: property development, Building and Infrastructure in the Netherlands, Belgium, the United Kingdom and Germany. Our vulnerability to individual cycles has been reduced and we are closer to achieving a number of objectives formulated for The profit after taxes for 2006 is 82.5 million. A nonrecurring profit reducing impact was caused by a penalty imposed by the European Commission that exceeded the provisions set aside in prior years. The operating result, excluding nonrecurring costs, increased from 118 million to 121 million. The disappointing results of the Building Division prevented a larger increase in relation to the previous year. The operating results in the Property Development Division and in all foreign operations were good to excellent. Strategy: significant steps forward in achieving objectives Translated freely, the strategy must ensure that Heijmans is involved earlier, longer and more frequently in the design and maintenance of construction projects. The ultimate goal here is to improve margins. In the search for improved margins, opportunities will also be created for further growth. To achieve this goal, Heijmans underwent significant renewal in several areas in 2006: The recognition by Infrastructure that regular infrastructure projects clearly require a different approach than projects that are becoming increasingly larger and that more often involve design, financing and maintenance has resulted in organizational adjustments and changes in management. Large, integral projects are dealt with centrally. This involves key aspects such as risk and contract management. Regular projects that are on average much smaller in size and that are often limited to execution are dealt with on a decentralized basis. Key aspects here include efficiency, logistics and costs. Trends in the markets in which Heijmans operates demand new business units with different management criteria and market focus. In 2006 the following business units were set up and/or further evolved: Heijmans Rail, Technical Facility Management (TFM), Inframanagement and ventures for PPP/PFI (Public Private Partnerships and Private Finance Initiatives). To be able to offer integral projects, Heijmans was still missing the installation engineering component. This component was also required to be able to offer Technical Facility Management services. The larger installation companies in the Netherlands that are qualified to carry out large, complicated projects that include design, financing and/or maintenance usually belong to competitors. Heijmans has a need for the structural availability of this discipline and filled this void with the acquisition, which was completed in 2007, of Burgers Ergon. Abroad, Heijmans wants to be active in areas with the potential for providing added value. This is already the case with Leadbitter in the UK. Leadbitter is a company that specializes in subsidized housing, healthcare and education. To achieve better geographical coverage, Heijmans reinforced its position with the acquisition of Denne Construction. Added value can be provided in Germany through road and railway construction activities, a market which after years of recession appears to be the first to be recovering. The acquisition of Heitkamp and the Oevermann acquisition completed at the beginning of 2007 strengthen Heijmans position in this market. Involvement in the design and initiation of projects is also being realized through the ownership of development lands. This is why Heijmans announced the purchase of the assets of Bouwfonds Langewold: approximately 59 hectares of development land that can accommodate over 1,000 homes. The serial production of building elements is not one of Heijmans core activities. This is a result of the policy that was instituted a few years ago and is the reason why Vebo

6 Holding was sold to BTE Nederland in June Expectations are that Vebo will come into its own within the BTE production culture and that this will ensure the continued viability of this company. Participating in and coordinating all phases of the construction value chain requires the chain to be orchestrated. It also requires Heijmans to have continued assurance that it will have access to strategic raw materials such as sand and gravel. For that reason, in 2006 Heijmans acquired a right, which will remain effective for 80 years, to extract gravel from a quarry in Norway. People within the organization itself also took important steps. Initiatives within the organization are funnelled into the so-called V3 Programme ( Accelerated, Innovative, In front, which all begin with the letter V in Dutch) created by Heijmans. This platform for innovation gives ideas for innovation full rein and several ideas have indeed resulted in concepts and products that are being marketed, such as Tailor housing (Living as you Wish), Waterwonen (Living on Water), Adaptis, and starter homes. Innovation in our day-to-day operations Modernization is high on Heijmans agenda, which is why the spotlight is focused on innovation within the organization. Innovation is a topic of daily consideration as part of our projects and often spontaneously results from the involvement of our people in these projects. Examples of such projects can be found on our website: Involvement is crucial to the realization of our full-service strategy and must lead to the sweet taste of improved margins. And for that involvement we thank you, our shareholder, but first and foremost we thank our now well over 12,000 employees. Rosmalen, 21 February 2007 Guus Hoefsloot Chairman of the Executive Board Heijmans endorses the importance of Corporate Social Responsibility and sustainable development in its broadest sense. Care for our environment leads to a better understanding of our processes and services and, over the long term, to innovation as well. This will have repercussions on the achievements of the company. We want to make this more explicit. Performance indicators have been determined for this purpose, baseline measurements will be carried out and objectives will be formulated that we intend to use as a management tool. You will find more information on this topic in the Report of the Executive Board in this Annual Report. After 2007 the formulation of yearly objectives must become a regular component of our improvement cycle. Heijmans endorses the importance of including sustainability factors as part of the criteria that serve as a basis for selecting construction partners. This is expected to lead to long-lasting quality improvement in the development of our built environment. 6

7 HEIJMANS PROFILE AND OBJECTIVES Profile and positioning FigurE 2: Full-service Heijmans is a listed Property Development, Building and Infrastructure company. Outside the Netherlands, Heijmans operates in the United Kingdom, Belgium and Germany. At the end of 2006 our 9,189 employees together achieved revenues of almost 3 billion and a profit after tax of 82.5 million. Our strength lies in the combination of Property Development, Building and Infrastructure. We are a major leading company in this sector, combining professional and conceptual skills. We offer our clients full-service solutions from concept and design through to maintenance and management. Our aim is to stand out as a reliable and service-oriented partner. Operating margin (%) Engineering services Property Development Building Infrastructure Service and maintenance Consulting/ design (Risk-bearing) development Execution Maintenance Operation/ management FigurE 3: Heijmans Organization Chart HEIJMANS N.V. FigurE 1: Revenues and operating profit in 2006 HEIJMANS NETHERLANDS Heijmans Property Development HEIJMANS INTERNATIONAL Heijmans Belgium Breakdown of revenues by activity and country Heijmans Building Heijmans UK Heijmans Infrastructure Heijmans Germany Burgers Ergon Building 38% Infrastructure 33% Property Development 29% Netherlands 77% Belgium 10% UK 9% Germany 4% Breakdown of operating profit by activity and country Property Development Infrastructure Building 64% 25% 11% Netherlands 83% Belgium 8% UK 6% Germany 3% In the Netherlands and Belgium, most companies operate under the name of Heijmans. The names of divisions and operating companies can be recognized by the name Heijmans with the additional specification of the activity they carry out. A few companies operate under a different name: In the Netherlands, this includes Proper-Stok (Property Development), Van Kleef, Tecona (Infrastructure), Burgers Ergon (Installation Engineering) and Bestcon, and in Belgium Himmos (Property Development) and Van den Berg (Infrastructure). In Germany and the United Kingdom, Heijmans generally operates under the name of individually acquired companies. In Germany these are Franki Grundbau, Heitkamp Rail and Oevermann (Infrastructure),

8 and in the United Kingdom Leadbitter and Denne Construction (Building). The summary of important group entities in this Annual Report provides more information in this regard. Core values Heijmans stands for: Innovative Entrepreneurship We are modern and progressive, ambitious, proactive and actively looking for opportunities. Committed Partner Heijmans operates as a service provider and involves the client in developing solutions. We are big enough to take on any challenging project, but we are also pleased to provide rapid, high quality service to local clients with smaller projects. Heijmans is a committed partner that is, moreover, aware of its social responsibilities. Agreeable Professionals Heijmans combines the personal approach, collegiality and the long-term outlook of the original family business (since 1923) with the professionalism, result-orientation, discipline and costawareness of a listed company (which it has been since 1993). Reliable and Transparent Heijmans is fair and transparent in the conduct of all its business and approaches all its stakeholders with an open mind. Investors know us as transparent, approachable and predictable. maintenance and management services. With the announced takeover of Burgers Ergon (2006 revenues of 210 million), completed in 2007, Heijmans has expanded its maintenance activities and is now in a position to offer not only construction services, but installation engineering services as well. Foreign operations strengthened, while maintaining a strong position in the domestic market Heijmans strategy is focused on involvement in operations outside the Netherlands with the potential of providing added value to the corporation. By maintaining foreign operations at 20-25% of total revenues, Heijmans is able to secure a strong position in the domestic market. In Germany, Heitkamp Rail ( 78 million in revenues) and (in January 2007) Oevermann ( 230 million in revenues) were acquired, both of which are active in various markets such as the infrastructure market. Denne Construction (2006 revenues of 75 million), active in the subsidized housing market segment and in the education and healthcare markets, was acquired in the United Kingdom. The share of foreign operations as a percentage of Heijmans 2006 revenues was approximately 23%. Alignment with new market dynamics The (planned) organizational adjustments of the Building and Infrastructure divisions align the organization with the market trends that make a clearer distinction between large, integrated projects with a focus on contract, risk and procurement management and regular projects with an emphasis on efficiency and costs Milestones Stronger presence at front end of value chain Heijmans strategy is focused on increasing its involvement during the initiation phase of a construction project. The announced takeover of Bouwfonds Langewold allows Heijmans to expand its potential residential building programme by over 1,000 homes on 59 hectares. In addition, Heijmans won a number of competitions via Proper-Stok which also increase development capacity. Stronger presence at back end of value chain Heijmans strategy is also focused on extending its involvement in building projects by providing Improvement in results Improvement in the results obtained by the Heijmans Property Development Division, as well as in the United Kingdom, Belgium and Germany to a large extent compensated for the disappointing results of the Building Division. Innovation in products and processes Through means of Waterwonen (Living on Water), Starter Homes and the continued development of Tailor housing (Living as you Wish), as well as Adaptis, Shuttle Buggy, Technical Facility Management and Public Private Partnerships

9 Heijmans ten-year record in key figures Key figures IFRS 2004 NL GAAP Results x millions Revenues 2,942 2,835 2,672 2,594 2,604 2,415 2,288 1,564 1,243 1, Operating profit Profit after tax Capital x millions Assets 2,130 1,906 2,011 1,585 1,518 1,373 1, Average capital invested Equity Net debt Cash flow x millions Operating Investing Financing Net cash flow Ratios (%) Return on average capital invested Profit after tax: as a % of equity as a % of revenues Number of shares x 1,000 At year-end 24,073 24,073 22,438 22,438 22,438 22,438 21,468 18,859 18,127 17,778 17,361 Average 24,073 23,696 22,438 22,438 22,438 22,433 20,697 18,552 17,982 17,631 17,161 Information per share 3 x 1,00 Equity Operating profit Profit after tax Dividend Share price x 1,00 At year-end Highest Lowest Other information Order book x millions 3,196 2,559 2,362 2,350 2,341 2,317 2,013 1,666 1, Economic Value Added x millions Weighted average cost of capital % Employees (average) 9,162 9,336 9,839 9,839 10,011 9,544 9,549 7,083 6,296 5,517 4,761 1 The amounts for 2004 and prior years on the basis of NL GAAP represent EBIT. 2 The amounts for 2004 and prior years on the basis of NL GAAP are calculated with reference to EBIT. For 2004 and later years, IFRS operating profit is used. 3 The information per share is based on the weighted average number of shares. Dividend per share is based on the total outstanding number of shares at year-end.

10 REVENUES (IN MILLION) 3,000 ORDERBOOK (IN MILLION) 3,500 EMPLOYEES (AVERAGE) 10,500 2,500 2,000 1,500 1,000 3,000 2,500 2,000 1,500 1,000 9,000 7,500 6,000 4,500 3, , OPERATING PROFIT (IN MILLION) 150 OPERATING MARGIN (IN %) PROFIT AFTER TAX (IN MILLION) 100 PROFIT AFTER TAX AS % OF REVENUES IFRS NL GAAP INVESTED CAPITAL (IN MILLION) RETURN ON INVESTED CAPITAL (IN %) 30 EQUITY (IN MILLION)

11 Executive Board G.H. (Guus) Hoefsloot (1950), Chairman Dutch nationality; appointed to the Heijmans Executive Board in November 2002 and appointed chairman in May Formerly worked for ABN AMRO Bank N.V., Barclays Bank Plc and was also a member of the Executive Board of Hollandsche Beton Groep N.V. Guus Hoefsloot is also chairman of the supervisory board of the college for intermediate professional education, MBO Sint Lucas, a member of the Advisory Council of Euronext Amsterdam, and member of the board of governors for the MBA programme for the construction industry at the TSM Business School (the international business school of Twente University). J.A.J.M. (Jacques) van den Hoven (1952) Dutch nationality; appointed to the Heijmans Executive Board in May Jacques van den Hoven is also chairman of the Stichting Wetenschappelijk Onderwijs en Onderzoek in de Vastgoedkunde (SWOOV), a member of the Bureau (general board) of the International Federation for Housing and Planning (IFHP), treasurer for Habiforum and chairman of the supervisory board of Van Raak Staal Holding B.V. D.A.M. (Dick) van der Kroft (1956) Dutch nationality; appointed to the Heijmans Executive Board in December Formerly worked for KPMG Accountants N.V., Asea Brown Boveri B.V. and as finance and administration director at Volker Wessels N.V. Dick van der Kroft is also a member of the board of governors of the postdoctoral Register Controller programme at the Tias Business School in Tilburg and a member of the supervisory board of the Rotterdam Philharmonic Orchestra. 11

12 Supervisory Board J.L. (Joep) Brentjens (1940), Chairman. Dutch nationality; former chairman of the executive board of VNU N.V.; appointed to the Supervisory Board of Heijmans N.V. in May 1994, most recently reappointed in May Due to stand down in Most important other positions held: vice-chairman of the Van Leer Group Foundation, Trustee of the Bernhard van Leer Foundation, chairman of the Océ N.V. supervisory board, member of the supervisory boards of Fortis OBAM N.V., Crecor B.V. and Holding Mij. P. Bakker Hillegom B.V. and chairman and member of the boards of a number of foundations. J.L.M. (Hans) Bartelds, RA (1946), Chairman of the Audit Committee. Dutch nationality; former chairman of the executive board of Fortis; appointed to the Supervisory Board of Heijmans N.V. in May 1994, most recently reappointed in May Due to stand down in Most important other positions held: chairman of the supervisory board of Hogeschool Utrecht, member of the board of Nationaal Restauratie Fonds and member of the board of VSB Fonds. J.C. (Hans) Blankert (1940), Chairman of the Remuneration Committee and the Selection and Appointment Committee. Dutch nationality; former chairman of the Dutch Olympic Committee/Dutch Sports Federation, former chairman of VNO NCW. Appointed member of the Supervisory Board of Heijmans N.V. in September 1999, most recently reappointed in May Due to stand down in 2007 (not eligible for reappointment). Most important other positions held: chairman of the supervisory board of ING Dutch Residential Fund N.V./Dutch Office Fund N.V./Dutch Retail Fund N.V. and member of the supervisory boards of Siemens N.V. and Q-Park N.V., member of the supervisory board of Stichting Antonius Ziekenhuis Nieuwegein and chairman of the supervisory board of Stichting De Open Ankh and chairman of Regieraad Bouw. Professor N.H. (Nico) Douben (1939) Dutch nationality; Emeritus Professor of technical economics at Eindhoven University of Technology; appointed to the Supervisory Board of Heijmans N. V. in May 1996, most recently reappointed in May Due to stand down in Most important other positions held: member of the supervisory board of Smals Beheer B.V. and Vitalis Zorggroep, chairman of European Logistic Centre Limburg and lecturer in network and chain studies at HAS Den Bosch. Professor T.J. (Theo) Peeters (1937) Belgian nationality; former chairman of the executive board of BBL N.V., former member of the executive board of KBC Bankverzekeringsholding N.V. and KBC Verzekeringen N.V.; appointed to the Supervisory Board of Heijmans N.V. in May 2002, most recently reappointed in May Due to stand down in 2007 (not eligible for reappointment). Most important other positions held: chairman of the supervisory board of Uitgeverij Lannoo N.V., member of the supervisory board of F. van Lanschot Bankiers N.V., Brantano N.V., De Eik N.V., SN Airholding N.V. and Partena. 12

13 Management Boards of Divisions, Corporate Services and of Associates outside the Netherlands Divisions Heijmans Property Development A.G.J. Hillen (1961), Chairman W. de Jager (1957) Heijmans Building J.H.A. Vaags (1962), Chairman R.A.M.M. Gradus (1963) J.A. Poldervaart (1956) Heijmans Structure P.J. Overakker (1953), Chairman M.J.J. Heijmans (1955) P.G.F. Staps (1966) Burgers Ergon L.J.T. van der Els (1954), Chairman G.P. Schoonderbeek (1961) Heijmans Belgium J. Godemont (1951), Chairman L.F.M. Kwaks (1952) Heijmans UK Leadbitter R.J. Rendell, M.I.C.E. (1952), Chairman P. Abson, M.R.I.C.S. (1966) S.M. Burgess (1952) Heijmans Germany Franki Grundbau O. Neubauer (1956) H. Steltner (1958) Heitkamp Rail W. Bremerich (1956) M. Wacker (1955) Oevermann M. Gutsche (1970) C. Gutsche (1967) J. Segeth (1959) H. Wegner (1954) Corporate Services Communication F.E.A. Janssen (1964) Investor Relations A.H.M. van Lith (1959) Personnel & Training G.F.M.B. Raessens MBA (1958) Facilities Management E. van Hutten MBI (1951) Information Technology J.A.C. van Geel RE (1969) Secretary of the Executive Board H.S.M. van Oostrom (1950) Control & Accounting J.G. Telling MBA (1960) Legal Affairs Z.G.J. Wijnands (1968) Strategy and Planning H.G. van der Zouwen MFE (1960) Technical Facility Management Business Unit Public Private Partnership Business Unit E.A. Grüter (1959) M. van der Zwan (1964) Central Works Council S. von Stetten, Chairman H. Evers F. van Gennip R. Hermus A. Jansen S. Kitselaar T. Koks S. de Koning A. Posthuma D. van Schijndel A. Turenhout Y. Valk M. Vink T. Vos 13

14 Message of the Supervisory Board The Supervisory Board has the pleasure to present to you the Annual Report for 2006, including the financial statements. The Supervisory Board has read the Executive Board s 2006 report and has approved the financial statements for The financial statements have been audited by KPMG Accountants N.V., which issued an unqualified opinion on them. The Supervisory Board recommends that the shareholders adopt the financial statements and accept the Executive Board s proposal for profit appropriation that the Supervisory Board has approved, this being a dividend of 1.45 in cash (2005: 1.45) per ordinary share with a face value of The Supervisory Board also recommends that the shareholders approve the proposed discharge from liability to be presented to the Annual General Meeting of Shareholders. The Supervisory Board has traditionally exercised critical and constructive oversight over the management of the company. The state of affairs and the movements in results were discussed at length during each meeting, as were the company s strategy, the 2006 and 2007 budgets and the multi-year plan. The basic assumptions included in these documents constitute important criteria for assessing the implementation of plans and performance. Furthermore, important matters for approval included acquisitions and divestments based on planned policy directions. Partly as a result of this, sound financing of the company s operations was a returning agenda item. The quality of a company s management is a primary responsibility of the Supervisory Board. In view of this, the management development programme was a topic that dominated our agenda. Risk management and control mechanisms are items that are always high on the agenda of a supervisory board. Particular attention was devoted to these items due to the disappointing results of the Heijmans Building Division. The Executive Board immediately took drastic and proper measures in the area of management and control systems in this regard. Agenda The Supervisory Board met eight times in Each of these meetings was attended by all members of the Supervisory Board and all members of the Executive Board. One of the meetings was partially attended by all division directors and some corporate directors to exchange ideas about current issues. One meeting was combined with a project visit. The company accountant was present at two meetings. The Supervisory Board discussed its own performance and that of the (members of the) Executive Board without the members of the Executive Board being present. Audit Committee The Audit Committee consists of Messrs J.L.M. Bartelds (Chairman) and T.J. Peeters. They met with the Executive Board and the company accountant three times in They consulted the accountant once without the Executive Board being present. The main points of discussion concerned risk management and control systems, the financing of the company, the company s fiscal position and the quality of financial reporting. Selection and Appointment Committee, Remuneration Committee Both committees comprise Messrs J.C. Blankert (Chairman) and J.L. Brentjens. They met two times in The remuneration of Heijmans Executive Board members is in line with the remuneration policy approved by shareholders during the Annual General Meeting of Shareholders in May The remuneration policy for members of the Executive Board is available on the Heijmans website at The amount of the bonus for 2006 is based on the Executive Board s performance over the past year, as well as the Board s performance measured over the past 3 years. The key performance criteria for the past year were the budgeted net profit after taxes, several personal objectives and objectives concerning the net debt position of the company. The 3-year performance criteria consisted of the trend in the net profit after taxes over the past 3 years, as well as the company s share price trend during this period. The personal objectives as well as the objectives concerning the net profit after taxes were practically all achieved across the board. 14

15 Composition of the Supervisory Board In accordance with the articles of association and the established practice of retirement by rotation, Mr. J.C Blankert (by rotation) and Professor T.J. Peeters (statutory age limit) will stand down in Heijmans is highly indebted to both persons for their efforts and significant contributions to the meetings and the development of the company. Heijmans has greatly profited from their broad business and community experience in this respect. In connection with their departure, two vacancies will need to be filled on 18 April The Annual General Meeting of Shareholders has a right to recommend potential candidates for the board and the Central Works Council has a right to submit candidates. A proposal will be submitted to the Annual General Meeting of Shareholders of 18 April 2007 concerning possible successors. No supervisory directors are scheduled to stand down in The present composition of the Supervisory Board, together with personal information and main and other positions held, is presented on page 12 of this Annual Report, as well as on the Heijmans website at All members of the Supervisory Board are considered to be independent as defined in Article II.1.2 of the Corporate Governance Code. None of the supervisory directors had a conflict of interest with respect to the exercise of their duties in more attractive to employees. This will create room for creativity and for cooperation based on mutual trust. The Supervisory Board would like to express its appreciation to all Heijmans employees who are continuously focused on quality improvement and who are actively contributing to this indispensable process of modernization. s-hertogenbosch, 21 February 2007 J.L. Brentjens, Chairman J.L.M. Bartelds, Registered Accountant J.C. Blankert Professor N.H. Douben Professor T.J. Peeters Departure of Ton Stuifzand On 16 January 2007, Heijmans N.V. announced that Ton Stuifzand had decided to leave the company. The Supervisory Board and the Executive Board respect this decision and are very grateful for his contribution to the development of the company in various director positions and as a member of the Executive Board. In conclusion Following several recessionary years, the construction market is once again clearly expanding. All current indications are that this expansion is taking place on a broad front and is expected to last for several years. This is consistent with the projections of the Economic Institute for the Building Industry (EIB). The challenge for the coming years is the modernization of the construction market, particularly in terms of how the players in this market will relate to one another. A greater focus on the chains and the costs of lifecycles will also make the market 15

16 Report of the Executive Board for the 2006 financial year Strategy Demand-side trends A number of trends have been developing within the sector for years and were reinforced in These trends are creating a construction industry which is more knowledge and capital intensive, in which international barriers are lowered or eliminated and which is becoming increasingly competitive. The most important trends are as follows: A shortage of homes and a persistent scarcity of lands for residential development in the Netherlands. At the same time, demand is becoming increasingly differentiated: seniors, starters, families looking for improved living quality, custom-developed homes and living near water. Reduction in government involvement which increases the involvement of market players in a larger number of project phases (integral property development, PPP (although slow to take off), maintenance contracts, new contract types, lifecycle approaches). Examples of sectors in which government is reducing its involvement include the healthcare sector, where new forms of financing will require new work methods that will in turn affect healthcare formulas and property development. New contract types are also being used in the infrastructure sector which give the builder greater responsibility for design and, for example, maintenance. Increased tendency to outsource, with respect to which criteria other than just the lowest price play an important role. However, a large portion of the market remains traditional, particularly in Belgium and Germany in comparison to the Netherlands and the United Kingdom. A new market dynamic that demands more flexibility which reinforces the outsourcing trend. This increases the complexity of the construction process and there is a greater need for sound management. New contract types (PPP/PFI) combined with improved economic conditions that will attract foreign competition. The Heijmans strategy Heijmans has made a number of choices and formulated a strategy based on these trends. The fundamental principle is growth; organic growth, but also growth through acquisitions. A net margin averaging 3% through the eceonomic cycle is the basic precondition in this respect. Margin remains an important objective, on the one hand due to the risk profile of the construction industry, but also because margin can only be realized on the basis of the capacity to differentiate oneself. This makes the capacity to differentiate oneself a source of growth. Growth that can be realized by becoming involved earlier, for longer and more often with our client s projects. Heijmans must realize a larger share of its growth at the front end of the value chain by consistently involving itself at the design stage of projects (project development, engineering, PPP, construction teams). Heijmans intends to carry out approximately 35% of its activities this way in Engineering services Property Development Building Infrastructure Service and maintenance Supply-side trends The demand-side trends create differentiation on the supply side: larger construction companies keep knowledgeintensive, capital intensive and strategic activities in-house and focus on integral projects and process management. Smaller builders specialize in specific activities or concentrate their activities in specific geographical areas. Developers, builders, building management companies, engineers and installers which compete for the principal contractor role. Operating margin (%) Consulting/ design (Risk-bearing) development Execution Maintenance Operation/ management 16

17 Heijmans intends to realize a larger share of its activities at the back end of the value chain (maintenance, management, technical facility management). The objective for 2008 is 20%. To achieve this, acquisitions are essential. 2008, in respect of which the target for the return on average capital invested is 14%. This target for return on capital invested is based on the IFRS and corresponds to the earlier formulated target of 18%, which was based on NL GAAP. Heijmans intends to offer its clients comprehensive solutions and better value for money using an integral approach involving a variety of Heijmans disciplines. This will allow the operational synergy between different Heijmans activities to be leveraged. In addition, activities complement each other financially, given that property development is capital intensive and construction generates cash. Heijmans wants to create vertical integration across a number of business activities, such as road construction, where the control over raw materials is of strategic significance for the production of asphalt. Heijmans intends to offer its clients excellent process and product quality. This is only feasible by adopting a systematic way of working to improve risk management, project management and product quality management and how projects are delivered. The Netherlands is the most important country of focus for Heijmans. A strong domestic market is the best platform for internationalization. Growth is realized organicly, but also through acquisitions. This does not preclude larger initiatives. The share of foreign revenues is approximately 23%. Heijmans operates in those countries that have the potential for realizing the above-mentioned strategic options, or where it is possible to achieve synergy with activities in the Netherlands. Objectives Due to the fact that certain activities are managed in terms of capital requirement and return, while others are managed in terms of margin and cash flow, a combination of both approaches has been selected in formulating objectives. The target for profit after taxes in relation to revenues is 3% in Profit after tax as a % of revenues Operating profit as a % of average capital invested Number of homes sold in the Netherlands Share of revenues from foreign operations Revenues generated through Heijmans involvement in design or initiation phase Revenues from management or maintenance activities 2006 Target % 3% 12.3% 14% 3,600 4,500 23% 20% 35% 35% 10% 20% Heijmans financial objectives are increasingly supplemented with non financial objectives. The emphasis in 2006 was on the search for the right indicators in non financial areas, particularly the social and environmental policy areas. The year 2007 will be characterized by the formalization of concrete objectives and transparent reporting in relation to these objectives. The optimization of the value of the company is increasingly becoming jointly dependent on the ability to respond to expectations, requirements and demands in a changing social context. Objectives by division Net margin is a key objective for every division. Heijmans wants to limit revenues growth to only those activities that generate acceptable profit margins. Heijmans Property Development will also be managed in terms of the (return on) capital requirement. The largest portion of the Heijmans capital invested is in this division. From a continuity perspective it is important to keep the inventory of homes up to par by reinvesting in lands, but also to win competitive tenders. Heijmans intends to sell 4,500 17

18 homes in A portion of these homes must consist of new products such as Tailor housing, Starter Homes, etc. Approximately 30% of Heijmans Building s production is produced for Heijmans Property Development. The division must earn the remaining 70% from market transactions, for the most part preferably on the basis of building team agreements. Internal processes remain an area of attention: purchasing, risk management and the management of large projects. The division is managed in terms of operating margin and cash flow. Heijmans Infrastructure is shifting from an executing party of mostly small, regular infrastructure projects to a full-service provider for both large integral projects and regular infrastructure projects. The growth in revenues and margin must be realized through larger, integral projects. This also implies a change in the division s need for working capital. Risk management and efficiency are continuing areas of attention. Objectives related to international activities consist of growth in owner occupied homes and cabling and pipes in Belgium, growth in subsidized housing in the United Kingdom through the geographical expansion of activities, and growth in the margin of infrastructure activities in Germany. The Burgers Ergon installation engineering business acquired in 2007 must primarily grow in terms of service and maintenance. At new developments margin improvement is a more important objective than revenue growth. Acquisitions Country Activity Name Germany United Kingdom Divestments Railway Construction Heijmans expects that the trends outlined will form the basis for consolidation in the construction sector. Heijmans wants to play a leading role in this process. What are the opportunities and threats for Heijmans, and what are the strengths and weaknesses of the company? Estimated Revenues Acquisition Cost Heitkamp 65 mln 19 mln Building Denne 75 mln 17.3 mln 26.2 mln Netherlands Foundations Herrewijnen 6 mln 3.8 mln Netherlands Installations Burgers Ergon Germany Netherlands Road construction Property development 210 mln 70 mln Oevermann 230 mln 14.5 mln Langewold 17.6 mln Country Activity Name Revenues Selling price Netherlands Production Vebo 37 mln 12 mln Netherlands Production BouwToe 2 mln 0.1 mln Heijmans is aiming for growth. The construction markets in the countries in which Heijmans operates are exhibiting limited growth. The average real growth of the construction market in the Netherlands, for example, was 1% per year over the past 10 years (after inflation). A portion of Heijmans increase in size must therefore be realized through acquisitions. Over the past 10 years, Heijmans achieved an average growth rate of over 15% per year. Heijmans achieved this growth rate through a combination of organic growth and acquisitions. Strength Weakness Opportunity Threat Track record Land bank Market power, size Consolidation Stock exchange listing Abolition of building cartels Shortage of employees Influx of school graduates Inhibiting lead In 2006 and during the first weeks of 2007, 6 acquisitions and 2 divestments were announced. Asphalt holdings Distribution of risks Shift of risks Regulations 18

19 Competition What is the competition like in the countries in which Heijmans operates? The 17 largest Dutch companies (business revenues of 500 million and over) have a combined total revenues of approximately 31 billion. The group with revenues between 100 and 500 million (approx. 40 companies) have a combined total revenues of approximately 6.5 billion. Because these revenues are also earned abroad, it is not possible to make comparisons with the total Dutch construction production. The market leader in the Netherlands generates under 7% of the construction production and the 5 largest companies together generate about 23%. The larger companies, almost without exception, are multi-disciplinary. The smaller and medium-sized companies generally focus on a single (niche) market and are occasionally involved in one or several non-core activities. These figures indicate that the supply side of the market is highly fragmented. There are over 6,500 principal contracting companies, of which approximately 90% are active in the residential and nonresidential building segment. The remaining 10% are active in the infrastructure segment. Of the infrastructure builders, only 3% have more than 100 employees. Approximately 12,300 companies are active in the installation engineering market (total of approximately 10 billion). The picture is not much different in other European countries, although large companies in countries with large national construction markets, such as the United Kingdom and Germany, sometimes also focus on a single discipline or market. In view of the changing market dynamics in many of these countries, there is a reason for increase in size: the industry is becoming more capital intensive (see the following section for the key trends in this respect). Property Development and Building 2005 Revenues ( billions) BAM 1.8 Heijmans 1.8 Bouwfonds Property Development 1.3 Volker Wessels 1.2 Ballast Nedam 0.7 Rabo Vastgoed 0.6 Van Wijnen 0.5 Heijmans reports property development and building results separately. Most Dutch companies that carry out both activities report on total building and property development. The competition summary is therefore based on combined building and property development results (source: Annual Reports). Infrastructure 2005 Revenues ( millions) Volker Wessels 1,430 BAM 1,422 Heijmans 776 Strukton 700 Ballast Nedam 541 Dura Vermeer 407 Installation Engineering 2005 Revenues ( millions) GTI 1,062 Imtech 619 TBI 553 Stork 377 Unica 191 Burgers Ergon

20 Heijmans operations in Belgium reflect the situation in the Netherlands. In addition to executing activities, Heijmans also carries out property related activities in the Building and Infrastructure markets. The supply side here is even more highly fragmented than in the Netherlands. The top 5 companies were as follows in Property Development and Construction 2005 Revenues ( millions) CFE 533 Eiffage 497 BAM 469 Besix 353 Heijmans 265 Heijmans operations in the United Kingdom are primarily focused on the residential building market. In addition, Heijmans carries out projects for public clients in the healthcare, education and recreation sectors. Although the size of the British market allows for a greater focus on market segments, the supply side is often still multi-disciplinary and rather fragmented. To display the top 10 British construction companies is meaningless in terms of providing a comparison with Heijmans activities. This is because the results produced in market segments can barely be derived from the figures. Heijmans operations in Germany are primarily focused on the infrastructure market. The same comments made above for the British market apply here financial performance Heijmans closed the year 2006 with a profit after tax amounting to 82.5 million. This is after an incidental charge of 9 million arising from the investigation into the construction industry. This concerns the 17.1 million penalty imposed in 2006 by the European Commission concerning bitumen. Income statement 2006 summary income statement in millions Variance Revenues 2,942 2,835 4% Operating margin 4.0% 4.5% Operating profit % Financial income and expenses 6 7 Share of profits of associates 1 1 Profit before tax Income tax expense Profit after tax % Profit margin 2.8% 3.1% Revenues Revenues rose by almost 4% to over 2.9 billion. A significant portion of this increase is due to the consolidation of the acquisitions of Heitkamp Rail (Germany) and Denne Construction (UK) as of 1 February 2006 and 1 October 2006, respectively. The composition of revenues by organic and non organic is as follows (after elimination of intercompany revenues): Revenues in millions Variance Organic 2,827 2,792 1% Acquisitions 95 Divestments Total revenues 2,942 2,835 4% 20

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