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1 High Performance Business Study 2014 results

2 About the study Accenture s High Performance Business (HPB) study aims at understanding which companies are top performers and what makes them great. Each quarter Accenture examines the performance of 2000 companies, consisting mainly of large multinationals that are listed on stock exchanges all over the world. The High Performance Business Study aims at understanding which companies are the top performers and what makes them great. High performance is about Sustained out-performance of peers Increased ability to overcome economic and / or business shocks Continuity across generations of leadership Creating long term shareholder value High performance research is based on Relative performance compared to global industry peer-sets 10 years of Accenture research on 2,000 global companies in 61 industries In depth analyses on AEX performance based on 10 performance metrics HPB research helps companies Benchmark themselves against global industry peers Detect opportunities to improve compared to peers Strive for sustained growth in performance 2 3

3 2014 Key Findings In 2014 AEX companies slightly improved their HPB performance relative to direct international competitors. After stagnating HPB scores in the first half of 2014, AEX businesses gained ground on their international peers in the second half of the year. Companies in the large Western economies (Germany, France, UK, Spain, Italy and the US) by contrast saw a decline in performance in Despite the improved performances in 2014, AEX companies still score below average compared to their peers. For the fifth consecutive year ASML remains high performer in Despite good performance from Wolters Kluwer, ASML is the only High Performer in Wolters Kluwer is a noteworthy strong performer this year, its improved performance is driven by strong improvements in shareholder return (stock gains and dividend), revenue growth and higher growth expectations among investors. The higher scores of AEX businesses are driven by an improvement in their current performance. The companies improved relative to their peers by employing their capital more efficiently, by being more consistent in their performance and by improving their revenue growth. In contrast to the improving current performances, AEX companies suffered a decline in their positioning for the future. The scores of the firms declined on all 4 underlying performance metrics, but the main decreases were in their positioning in emerging markets (market positioning) and in their ability to generate future growth through investments (fuel for growth). 4 5

4 Most countries show a decline in HPB performance since 2012, while the Netherlands and Asian countries are improving their performance. This graph displays the average total score of companies listed in the mentioned indices. Scores higher than 50% indicate a performance above peer average, scores lower than 50% indicate a performance below peer average. Organisations in the Western indices are losing ground to their international peers, while the AEX-companies are slightly improving its overall performance. Companies listed in the large Asian countries (China, Japan) experiencing a rapid improvement in performance Top 25% China Above Average Below Average Bottom 25% US UK NL France Spain Japan Germany Italy

5 Current Performance of AEX companies increased in 2014, but Positioning for the Future continued its downward trend. Margin Expansions is the only metric scoring above average, all metrics except for Capital Efficiency and Consistency have declined in This graph displays the average score of AEX companies on the two main components of the HPB analysis: current performance and positioning for the future. Scores higher than 50 indicate a performance above peer average, scores lower than 50 indicate a performance below peer average. Top 25% Above Average Below Average Bottom 25% Note: Graph is based on average performance of AEX companies compared to relevant peers Current Performance The improved current performance of AEX-companies is driving an increase in overall performance. However, AEX-organisations are losing ground to their international peers for their positioning for the future and are now below peer average on this component Positioning for the Future AEX-score per metric TOTAL SCORE Current Performance Shareholder Performance Capital Efficiency Revenue Growth Consistency Positioning for the Future Growth Expectation Margin Expansion Market Positioning Fuel for Growth MIN MAX CHANGE TO 2014 The scores for Current Performance and Positioning for the Future are each driven by four performance indicators. This graph shows the average AEX score on each of the underlying performance indicators. Scores higher than 50% indicate an above average score. The figure on the right shows the difference between the 2014 and the 2013 results. The AEX companies improved their current performance by employing their capital more efficiently, by being more consistent in their performance and by growing their revenues faster than competitors. The decline in positioning for the future is mainly driven by a weakened position in growing markets (Market Positioning) and by a reduced ability to fund new investments (Fuel for growth). 8 9

6 ASML is the only high performer in the AEX, but Altice and Wolters Kluwer also score above peer average on both axes. 100 Positioning for the Future HIGH PERFORMANCE ASML 75 Wolters Kluwer Current Performance International competitors AEX companies This two-dimensional graph shows how AEXcompanies and their peers score on current performance and positioning for the future. Companies with a score higher than 75% on both current performance and positioning for the future are considered a high performer. Dispite a slight drop of 1 point, ASML remains the only high performer in Its advanced technology provides the chipmaker with a persistent competitive advantage resulting in a strong market position. Wolters Kluwer and the newcomer in the AEX Altice also score above peer average on both current performance and positioning for the future

7 Companies listed in developing Asia and Africa are showing the highest overall performance. Companies listed in the major European countries are experiencing a decline in performance. 52 Overall HPB scores UK Change in HPB score Netherlands France Germany Italy Russia Nordics UK & Ireland North-America 45 Eastern Europe Western Europe This figure displays the average total score of companies headquartered in the mentioned regions. Scores higher than 50% indicate a performance above peer average, scores lower than 50% indicate a performance below peer average Middle East Asian Tigers Asia Developing Asia Africa South America 3 46 Southern Europe South-East Asia Oceania Companies listed in Developing Asia and Africa show the highest absolute performance and the strongest increase in performance. In Europe companies listed in large economies (Germany, France, UK, Italy) experiencing a decline in performance while the performance of companies listed in the Nordics is significantly improving

8 AEX-companies have gained ground upon its international peers with increased annual revenue growth. While the revenue is increasing, AEX companies have seen large decline in their future value, representing decreased market expectations for AEX companies. Revenue growth (in % compared to the previous datapoint) Future value (as percentage of enterprise value) International Peers AEX International Peers AEX This figure plots the total revenue growth (in %) of AEX companies in the HPB database against the total revenue growth of their international peers. After a small decline in revenue in 2013, AEXcompanies have gained ground upon its international peers with an annual revenue growth of 9,6% vs 5,2% of the international peers. This graph displays the average future value of AEX companies as a percentage of enterprise value compared to their international peers. Future value is computed by subtracting the relevant year s discounted cash flow from the enterprise value. The Future Value as percentage of Enterprise Value for AEX-companies has decreased from 39% to 12%, whereas the same ratio for international peers has only slightly decreased from 12% to 10%. Although still better than their international peers, this indicates that market expectations for AEX companies have declined

9 Positive shareholder returns have been seen throughout most industries in Pharmaceutical industries are showing both strong revenue growth and high profitability. Industry Shareholder Return 2014 Companies in peerset per industry Airlines 39% 30 Pharmaceuticals Healthcare Semiconductor Equipment Dredging 13% Food Products and HPC 13% Information Technology 11% Food Department Stores 11% Banking 10% Freight and Logistics 10% Insurance 10% Media 8% Alcoholic Beverage s 6% Chemicals 5% Consumer Electronics 4% Metals and Mining 3% Telecom 3% Personnel Services -1% 25% 24% 24% Profitability Oil and Gas Food Products and HPC Banking Telecom Alcoholic Beverages Information Technology Oil Equipment and Media Services Dredging Chemicals Semiconductor Equipment Metals and Mining Healthcare Airlines Consumer Electronics Personnel Services Pharmaceuticals Insurance 6 Food Department Stores Freight and Logistics 4 Revenue 2 growth Oil and Gas -12% 39 Oil Equipment and Services -30% 22 This graph highlights the average total shareholder return per industry. Total shareholder return is the gain or loss on a stock plus the dividend paid out in Companies in the Airlines, Healthcare, Pharmaceuticals and Semiconductor Equipment industries are showing the largest increase in shareholder performance. Companies in the Oil and Gas and Oil Equipment and Services industries are facing the largest decrease, which seems to be related to the recent fall of the oil prices. This graph plots the average revenue growth against profitability of each industry. Profitability is measured by the EBITDA margin. Companies in the pharmaceutical industry have the highest revenue growth and profitability while Freight and Logistics organisation have the lowest revenue growth and profitability

10 Methodology To compare companies like-for-like, Accenture has grouped over 2000 companies from all over the world per industry. Current Performance How the company has performed over the past 3 years Future Positioning How the company is positioned for future performance Shareholder performance Ability to create shareholder value Profitability Ability to generate profits Market expectations Ability to grow according to the market expectations Market differentiation Ability to improve profitability Revenue growth Ability to grow revenues Consistency Ability to consistently create value over the last 3 years Market position Ability to grow revenues Fuel for growth Ability to extract capital to invest in future growth For more information please visit:

11 About Accenture We are one of the world s leading organizations providing management consulting, technology and outsourcing services, with more than 323,000 employees; offices and operations in more than 200 cities in 56 countries; and net revenues of $30.0 billion for fiscal 2014.Our four growth platforms Accenture Strategy, Accenture Digital, Accenture Technology, Accenture Operations are the innovation engines through which we build world-class skills and capabilities; develop knowledge capital; and create, acquire and manage key assets central to the development of integrated services and solutions for our clients. Authors Sander van Ginkel Managing Director Strategy Accenture Netherlands Peter Zuyderduyn Lead High Performance Business Accenture Netherlands Paul van der Heijden Manager Business Strategy, Accenture Netherlands Tim de Bie Manager Business Strategy, Accenture Netherlands Contributors Rutger Mantingh, Jasper van der Linden, Daan Peeters, Marius van Heeswijk, Roland Schoonbeek, Merel van den Berg, David Elias Copyright 2015 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

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