1 Considerate entrepreneurship: building with insight, oversight and an eye for the environment annual review 2009 working on environmental quality sustainable solutions creating support Preventing inconvenience safety Project management and logistics Participating organisation
2 annual review 2009 As well as this Annual Review, Strukton has published its complete Annual Report online at Both the Annual Review and the Annual Report can be downloaded in PDF format. If you are not yet on our mailing list, a printed copy of the Annual Review can be read or requested via the internet. Considerate entrepreneurship The theme of this report is Considerate entrepreneurship. We asked AT Osborne s director Marcel Hertogh to explain why we selected this theme. He and Eddy Westerveld gained their doctorates on 7 January 2010 with a thesis entitled Playing with Complexity. It s not legislation or regulations that frustrate complex projects the most, it s the environment. And that s where there is the most to gain by making projects more controllable. Complications cannot always be avoided but listening closely to the environment helps you get a grip on them and makes sure they work in your favour. Strukton puts this conclusion from our doctoral research into practice in the form of Considerate entrepreneurship. And the examples in this report show that it works! Strukton Westkanaaldijk 2, Utrecht P.O. Box BA MAARSSEN The Netherlands Telephone +31 (0) Fax +31 (0) Website: Entered in the Trade Register of the Chamber of Commerce in Utrecht under number
3 Profile 2 The world of Strukton 2 Key figures 4 Preface of the Group Board 5 Theme: Considerate entrepreneurship 9 Contents Strukton companies at work - Strukton Rail 25 - Strukton Civiel 28 - Strukton Bouw 31 - Strukton Worksphere 34 - Strukton Integrale Projecten Financial statements - Consolidated statement of financial position 41 - Consolidated income statement 42 - Consolidated statement of cash flows 43 Group Board 44 Names and addresses 45 Glossary 49
4 09 2 Strukton is a full-service provider of infrastructure and accommodation solutions. Its ambition is to enable end users to travel, live, work, relax and learn in comfort. Strukton s activities are organised into five fields of operation: Rail infrastructure and information systems (Strukton Rail) Civil infrastructure (Strukton Civiel) Property and construction (Strukton Bouw) Technical management and services (Strukton Worksphere) PPP concession projects (Strukton Integrale Projecten) Profile In Strukton s vision, good service is conceived from solutions (functionality), not only from technology. The company acts as an advisory partner in every phase of a project, from concept to operation. For projects with a long life, it is particularly rewarding to think in terms of the entire lifecycle of a building or infrastructure engagement, including management and maintenance. This is not possible without innovative contract forms that enable integrated solutions. Strukton frequently works with modern contract forms such as DBFMO (design, build, finance, maintain and operate), PPP (public-private partnerships) and alliances. The world of Integrale Projecten Innovative and integrated solutions based on the total lifecycle of the infrastructure or built environment. This includes integrated contract and alliance forms such as DBFM(O): design, build finance, maintain & operate. RAIL European full-service provider of rail systems. Operations include infrastructure, maintenance management, rolling stock, machinery and logistics. Civiel Design, construction, maintenance and management of infrastructure projects with specific expertise in underground construction, road building, viaducts, stations, noise barriers, foundation techniques, immersion techniques and the environment. Strukton recognises its corporate responsibility and is an industry leader in this area. Its corporate social responsibility policy sets ambitious goals and inspires staff to take conscientious decisions in their day-to-day work that balance the interests of people, profit and planet. Strukton stands out in the industry for its mindset. Its staff use their in-depth understanding and insight to get to the heart of the question. They then think a step further and take the initiative to realise sustainable and innovative solutions. Bouw Property development, construction and maintenance based on an integrated approach to accommodation with a view to operation, resulting in a better price/quality ratio. In 2009, Strukton achieved revenue of eur 1.4 billion and employed an average workforce of 6,232. More information about: Strukton and its operating companies: Financial performance and financial statements: Finance & Governance Risk management and corporate governance: Finance & Governance Strukton s corporate social responsibility policy: CSR Working for Strukton: Working with Strukton Worksphere Technical management and building service management. Integrated provider of property management services, facility services, building services and hard services in the belief that people perform at their best if they enjoy their working and living environments and with a view to retaining the property s value.
5 Strukton PPP-concession projects: Markets / clients market characteristics Strukton Competences Acquisition, management and financing of PPP projects of risk-bearing investments Further development of PPP, market consultations and unsolicited proposals Maintenance, renewal and construction of railways and rail systems - heavy rail and light rail Passenger and operator information systems Safety systems Data capture and data management Development and integration of electronic rolling stock systems Energy systems Hydraulic and civil engineering (in situ, bored and immersed tunnels, bridges, stations, roads and road maintenance) Construction at complex locations Industrial construction Water management and water treatment Specialisations: immersion techniques, compacting, shearing and jacking techniques, car parks, foundations, pre-stressing, noise barriers, underwater techniques, concrete improvement and building site excavations Prefab concrete Measurement Environmental techniques 3D modelling General construction and housing Renovation, reconstruction and planned maintenance Technical management Property development Urban renewal Technical services, management and maintenance Construction and renovation of building services Acquisition, design, build and operation based on concessions, performance-related agreements and outsourcing of technical services Operations management: integrated facility services and property management Railinfrastructure and information systems: Civil infrastructure: Technical management and building servicemanagement: Main contracting Consultancy and interim management Development and supervision of construction and renovation projects, accomodation plans, rental and leasing plans National public authorities Provincial and municipal authorities, water boards Care and educational institutions Rail infrastructure managers in western Europe Rail infrastructure managers chiefly in western Europe Transport operators (municipal, regional, national) Municipalities and provinces Manufacturing Equipment suppliers and leasing companies Directorate-General for Public Works and Water ProRail Seaports, airports Major cities and government bodies Industrial clients (warehousing, utility, waste processing and water treatment companies) Transport operators End users, tenants Business service providers Housing associations Property developers Care institutions Educational institutions National government and municipalities Business and financial service providers Educational institutions Care institutions Entertainment industry Manufacturing Government Transport sector Growing (government buildings, infrastructure) Developing (education, light rail and care) Quality driven (sustainable, socially responsible) Opportunity for private initiatives International arena High entry barrier owing to knowledge and capital intensity Focus on safety and quality at a good price Growing competition European market with differences depending on country Niche market Competitive Cyclical Fragmented market with limited top end and many regional/local players Focus on quality and added value Shift towards new contract and tendering forms Focus on sustainability Development and expanding High degree of compexity and risk Focus on service mindset Focus on value retention Knowledge intensive Increased outsourcing Increasing complexity and risk Innovative, pro-active, knowledge advantage Project and risk management, contract management and financial engineering and promotion of cooperation in integrated contracts Lifecycle approach and longer-term responsibility Data capture and management Consulting and engineering Equipment and logistics Rolling stock Project management Wealth of technological know-how (in-house engineering and specialised skills) Knowledge of innovative contract forms Specialist in underground construction Project execution during uninterrupted operation of client processes Systems engineering Risk management Optimisation of costs and benefits with strong client focus Integrated and property-oriented approach to the construction process, from project planning to management Lifecycle/Total cost of ownership approach Securing the operation of processes supporting the clients core business Creating working and living environments in which people can excel Consideration of both common and seemingly conflicting interests of property owners and users Client focus Powerful buying position for facility services Professional methods and means Knowledge of the clients core processes 09 3
6 Amounts in millions of euros Revenue Operational result (EBITDA)* 1, , , Operating result (EBIT)* Result for the period Cash flow Operating activities Investing activities - regular - PPP-projects Financing activities - regular - PPP-projects 57.9 (25.1) (72.9) (3.1) (26.0) (30.5) (20.1) (39.8) 0.3 (2.1) (0.5) 24.3 (118.4) (5.0) (12.7) 0.1 (7.6) 0.4 Total cash flow 29.3 (18.8) 16.3 (21.8) (7.1) 09 4 Acquisition of property, plant and equipment Depreciation/impairment of property, plant and equipment Key figures Total excluding consolidation (non-recourse) PPP projects Balance sheet total Capital employed Net cash (debt) Return on capital employed (%) Solvency (%) (52.2) (51.8) (42.5) (50.4) Order book at year-end 1, , , , Total including consolidation (non-recourse) PPP projects Balance sheet total Total equity/ group equity Capital employed Net cash (debt) Net result as a % of average total equity Net result as a % of revenue Solvency (%) (174.9) (101.4) (49.7) (58.2) Non-financial indicators Average number of employees Absenteeism (%) Accident frequency (IF-index)* Average duration of absenteeism* Accident figure* Frequency figure* Expenditure on management development and training* (%) of staff reviewed 6, , , , , * For an explanation, see the glossary on page 49.
7 09 5 Report of the group management board 2009 was a difficult year for the building industry. For Strukton it was a year with many faces. Across the board, our revenue was good and we won challenging new infrastructure projects. Strukton Civiel again turned in excellent results. Strukton Rail and Strukton Worksphere inevitably had to overcome difficulties in their markets but nonetheless performed well in At Strukton Bouw the result was very disappointing. In addition, a number of provisions had to be formed, which depressed the result of the Strukton group as a whole. Nevertheless, our financial position remains sound. We see no signs of recovery for the near future in the construction market or in the Dutch rail market. Our operating companies in these sectors are therefore adapting their organisations and personnel so that they remain competitive in the future.
8 09 6 Revenue increased by 9.5% to eur 1.4 billion. Operating profit came to eur 13.2 million, versus eur 31.7 million in At eur 0.8 million, the profit for the year was also considerably lower than that for This was attributable chiefly to additional provisions and a series of revaluations of land positions and impairments in value. We formed provisions, for example, for reorganisations, for pension schemes and for completed construction projects that have not yet been settled financially. After adjustment for these non-operating charges, operating profit was at virtually the same level as in Strategically, we successfully continued in 2009 on the course we have set. Our strength lies in complicated projects at complex locations and our goal is to be invited by the providers to participate in such engagements. Our company must therefore have a specific size and the right knowledge set. The focus in the past year was also directed at restoring profitability. Internal synergy was strengthened in 2009 through improved cooperation. Durk ten Wolde (interim chairman) Raymond Steenvoorden (Group Board) Operating company headlines Strukton Rail responded decisively to the sharp drop in volume and the strong pressure on prices in the Dutch market and turned in a sharp improvement in its results in markets outside the Netherlands. The combination of a contracting market and narrower margins in the Netherlands has forced us to adapt the organisation. The first measures were taken at the end of 2009.
9 Strukton Civiel prof ited from a high level of government contracting for additional investments in the infrastructure. A number of the tendering procedures are still ongoing and will lead to substantial acquisition costs in Strukton Civiel is now a leader in the market for large and complex projects in dry hydraulic engineering. Strukton Bouw had taken measures in previous years in anticipation of substantial growth. The increase has remained below expectations, however, and the consequences have been exacerbated by the credit crunch. A substantial loss was incurred during the year, chiefly on account of claims provisions formed for completed work that had been taken on on unfavourable terms and contract conditions. A start was made in 2009 on rescaling the organisation to a more realistic level of revenue. Strukton Worksphere performed well in a difficult market. The company anticipated the deterioration in market conditions promptly and responded quickly and appropriately. The order book for 2010 is of high quality. Strukton Integrale Projecten worked in 2009 on the construction and operation of projects won in the past and took part in a number of new tenders. Strukton Integrale Projecten coordinates our public/private projects and our own initiatives Considerate entrepreneurship The theme of this Annual Review is Considerate entrepreneurship. Our companies are autonomous businesses that operate in highly diverse markets, executing projects on their own or in collaboration with other Strukton companies. They have their own strengths and specialisations but uphold a set of principles that are characteristic of the Strukton group. Some of them fall under the heading considerate entrepreneurship. Many clients are still slow to accept sustainable, environmentally aware construction. One of the exceptions is ProRail, which has taken a positive and exemplary step through the introduction of its CO 2 performance ladder. Building companies that have a CO 2 certificate will be granted a notional reduction on their tenders. The higher the level of the certificate, the higher the reduction. CSR therefore strengthens the competitiveness of certified companies. Strukton Rail is currently certified as level 4, the other Strukton companies as level 3. The highest level is level 5. Strukton has set itself the concrete goal for 2010 of reducing its CO 2 emissions by 2% in comparison with Our ambition is to be a sustainable and environmentally aware operator and we are designing our organisation accordingly. In the years ahead we will continue to work on the further professionalisation of the roles of the client and the contractor, with due respect for each party s interests. Clients believe urban development is complex on account of the many interests that are involved. They therefore feel obliged to surround themselves with consultants who are unable to assume any responsibility for results. At the same time, important clients are increasingly consulting each other and exchanging know-how. And they are doing so in dialogue with contractors.
10 Strukton would prefer clients to put their demand a solution to an identified problem to the market. With the design and build know-how available within our company, we can assume responsibility in a cooperative model and apply all our knowledge to achieve a comprehensive solution. We do so with respect for the client s interests and the client s clients interests. This approach to sustainable solutions costs money. It therefore deserves reasonable remuneration. Furthermore, this approach benefits society in the longer term. It is an investment in the quality of the environment and in the wellbeing of the end user. We regularly discuss this with all stakeholders. Only when all parties are willing to invest can sustainable construction really take flight Our own initiatives complement this ambition. We volunteer solutions to our clients problems or social issues. Clients are very receptive to such unsolicited proposals but the translation into concrete projects is often still a problem. This can be a deterrent because unsolicited proposals cost money. If they are not followed up, we will become more cautious. Together with the Dutch Construction and Infrastructure Federation and several other parties, we organised a conference in January 2010 to discuss the position of unsolicited proposals. It brought together senior representatives of both the clients and the contractors. The aim was to identify what changes had to be made for unsolicited proposals to be more successful and to make agreements on what should be done. We offered all players a platform to create a better climate for sustainability and innovation. Outlook We are looking forward to 2010 with confidence. At eur 1.9 billion, our order book is at its highest level ever, chiefly on account of several large infrastructure projects that we have won. We expect cash flow to be good in Capital expenditure will again be below depreciation. We will concentrate this year on improving profitability. The measures we took in 2009 have laid solid foundations. Enhancing efficiency and reducing costs have high priority, as has the safety of our workplaces. We shall also continue to strengthen internal cooperation on complex tenders and projects. Despite the healthy order book, opinions are divided on the recovery of the market and the individual businesses in We expect we will need to form an additional reorganisation provision at Rail and cannot rule out further reorganisation provisions. However, we are entering this uncertain period with an organisation that is full of ambition to make smart use of the opportunities that arise. Utrecht, 2 March 2010 Group Board Durk ten Wolde, interim chairman Raymond Steenvoorden
11 09 9 The following pages illustrate what Strukton understands by the term considerate entrepreneurship : working on rail solutions and built environments with an integrated vision of design, engineering, construction, maintenance and operation. Our principle is to retain oversight of all the processes in every phase of a project and to be closely involved with the environment. It goes without saying that we look after the environment wherever we can. This integrated approach and commitment are what make us stand out and they are something our people and our clients are proud of. Considerate entrepreneurship Work to be proud of Proactive, innovative and full of initiative Recognising what s alive Integrated and sustainable thinking and creativity For current and future generations Widely supported solutions More grip on opportunities and risks Solution-based cooperation Committed, creative and professional Considerate entrepreneurship
12 09 10 An environmentally aware design begins by knowing what the client and the other stakeholders want. This way of working maximises the benefits in terms of safety, quality and the environment. If you focus on everyone s interests, you can see that our vision is not only profitable but it s also more in keeping with what s going on in the world.
13 09 11 With considerate entrepreneurship we also select clients who don t think the lowest price is the only criterion. Arjan van der Put, project manager, Strukton Civiel Our responsible energy consumption concept earns the most profit for society and the environment. We have integrated this concept into our maintenance services in existing buildings. Jaap Stooker, senior energy adviser, Strukton Worksphere working on environmental quality Everything we do adds value to our built environment. We want to be proud of that for years to come. An environmentally aware, integrated approach helps us achieve this ambition. That s what we have in mind when we work out our concepts. They range from an action plan for successful sustainable solutions for inner city renewal projects to energy concepts for new construction projects and existing buildings. We also take the same approach to our own initiatives, such as Amfora (the concept for underground spaces under the Amsterdam canals), a tunnelled alternative to the A6-A9 motorway link and a double-deck road to solve the traffic jams on the Utrecht Northern Ring Road. The A2 motorway project in Maastricht is a model of integrated spatial development. The plan combines a good infrastructure solution with the development of buildings, public space and nature. In the planning, development and construction phases, the interests of all stakeholders are key. We incorporate all their demands and wishes into an integrated design process. This has resulted in smart solutions such as staggered tunnel mouths that improve air quality in the city. And by selecting a special construction method that lets the tunnel builders pass through the city in one movement, we also minimise the inconvenience during construction.
14 09 12 Environmental awareness means designing for an asset s total lifecycle. This includes such solutions as sustainable, preferably reusable, low-maintenance materials and integrated techniques that maximise energy efficiency. The investment might be higher in the short term but the return is far greater in the long term. And not only financially.
15 09 13 The environment and sustainability used to be things for softies. Now they re in Strukton s genes, even in the engineers. Klaas Toet, senior consultant, Strukton Rail Together with colleagues from other Strukton disciplines, we re developing noise barriers that are so clever they can generate and store energy. Marco van Ingen, consultant, Strukton Worksphere sustainable solutions Thanks to our integrated and partly innovative energy solution, the new office block for Dienst Uitvoering Onderwijs and the Tax and Customs Administration in Groningen (DUO 2 ) will deliver low levels of energy consumption and high levels of comfort. By building many services into the floor structure, the building is lower. Construction costs are therefore considerably lower and so is energy consumption. Energy consumption is also reduced by the shape of the building and the resultant reduction in wind nuisance. The slurry wall is also innovative and environmentally friendly. It is a foundation wall made of reinforced concrete that rests on a deep and stable base. In the Amfora concept, water pipes have been integrated into the slurry wall and the flow of water acts as a heat exchanger with the ground. This CO 2 -neutral solution can be used in any underground construction work and produces more energy than a car park, for instance, needs. The train is an environmentally-friendly means of transport. Yet we can still make improvements. We are currently working with a company that can recharge batteries very quickly by making use of the energy released when a vehicle brakes. We have been working on this form of energy saving for some time. What s more, trains that use this technology do not need overhead wires. Installing overhead wires at bridges and crossings is expensive and is often undesirable in historic towns and cities. On such sections trains could use the stored energy. We have also identified ways to prevent peak loads on overhead wires. This smoothes out energy consumption and cuts the energy bill. It also saves maintenance and replacement work because the overhead wires don t wear out so quickly.
16 09 14 Critical members of the public always want to know all the ins and outs and are often well-informed. Because they form an influential group, they are important to both the broader public and the project organisation. If you succeed in winning them over, you soon learn what s important to them and make allowances for their wishes. What s more, they will quickly communicate your message for you.
17 09 15 Caring about the environment works. We re doing the same things now as we were doing a couple of years ago but there is less opposition. Joop van Geenen, senior project manager, Strukton Bouw Good communication at the right time means you have to frame what you want to say very carefully. You have to think twice about what you re doing. And that makes the preparations better. Bauke Lobbezoo, project director, Strukton Civiel creating support The strength of an integrated plan lies in its seamless match with the environment. It also brings you into contact with different interest groups. A plan can affect the worlds of many people: from end users to action groups, from housewives to mayors. Support from all these stakeholders is essential. It is a critical success factor. Considerate entrepreneurship is therefore also a form of risk management. It reduces the risks and thus the resistance if you show that you take everyone s interests seriously in every phase of a project. If you communicate openly and transparently, people quickly feel involved and responsible. It s a means to reduce the risk of delays due to opposition. And that s good for both the client and the contractor. Looking through the user s eyes, doing what we promise, working with stakeholders, being consistent in our conduct and attitude: these are our principles. You can see them in the integrated major maintenance work on the A1-A35 motorway link, where the environmental and traffic managers work in unison. The environment and traffic flows receive all the attention they require and we optimise their coordination. The environmental manager sounds out the needs of all stakeholders and communicates them to the traffic manager, who uses the information as input to plan smooth and safe traffic flows. This approach minimises risks and commercial losses because we take full account of what is important to the stakeholders on the one hand and the stakeholders feel more involved and adapt their activities to our plans on the other.
18 09 16 Inconvenience from our work is unfortunately inevitable but we do try to keep it to a minimum. How? By devoting a great deal of attention to the organisation of building sites and the direct surroundings, by constantly saying what we are doing and why and when, and by making sure that people aren t taken by surprise.
19 09 17 It s not always possible to satisfy everyone s wishes of course. There has to be a balance between the investment and what it earns. Leon van Noordenne, project manager, Strukton Civiel How you treat the environment and how you organise the workplace demonstrate your vision. Armand Ellsworth, project director ODE (Oosterdok Island) preventing inconvenience We are a co-initiator of Bewuste Bouwers, an independent association that promotes the image of the construction industry and encourages good contacts between building sites and their local surroundings. To this end, the association has introduced the Bewuste Bouwers quality standard. The standard includes requirements on the provision of information and respect for local surroundings, direct and indirect sustainability, orderliness, safety at and around the building site, consideration of the staff s needs and requirements and recognisability (which makes it easier to hold a company to account). The quality standard encourages the exchange of good ideas and practical solutions that further improve the quality of building sites. We have nominated nine of our own sites for the Bewuste Bouwers standard. Oosterdok Island in Amsterdam has just one access road without height restrictions. To minimise inconvenience to the usual traffic, we have rebuilt the road and added a temporary bridge and a separate assembly site. Nevertheless, the assembly capacity is so limited that the road has to be closed when heavy lifting work is carried out. We have therefore lengthened the working day and place prefab elements in the evenings when there is little traffic. We have also arranged for traffic managers who continuously regulate the traffic and the heavy goods vehicles, we have provided for signposting to direct pedestrian flows, and we have introduced turnstiles and gatekeepers to ensure that only authorised people enter the building site. This has required a substantial investment but it has definitely proved its worth.
20 09 18 Wherever people work, they are exposed to risks. The safety of our people always comes first. This is proved by our Zero Accidents safety programme. By keeping safety high on the agenda, everyone remains alert: from managers to the staff of subcontractors. We also work with our own building standards and have nominated some of our projects for the Bewuste Bouwers quality standard.
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