Objective 4: Economic value
Witteveen+Bos strives to achieve healthy financial results. A sound financial basis is an important precondition for being able to create value for our stakeholders in the long term.
The consolidated balance sheet of Witteveen+Bos N.V. reveals an increase in the total balance relative to 2020 as a result of company growth. The balance of ongoing projects and debtors increased by 10 %. This was greater than the 2.9 % growth in revenues. On balance, solvency remained the same at 51 %.
The profit and loss account for 2021 shows that we generated higher revenues last year. On balance, we closed the year with revenues of EUR 160.3 million and a net profit of EUR 18.3 million.Our own revenues increased to EUR 130.5 million (2020: EUR 121.3 million), mainly due to an increasing demand for our services. We were able to meet this by increasing the number of employees capable of quickly contributing to projects. The net profit margin on our own revenues, however, decreased from 14.7 % to 14.0 %. The relatively low operating costs which resulted from corona-related measures also contributed to the good result.
Effects of corona
From a financial perspective, the corona pandemic did not have a negative impact on Witteveen+Bos. In fact, we experienced strong growth during this period and our profits grew accordingly. Measures resulting from the corona pandemic also led to reduced travel and accommodation costs. Following the outbreak of the corona pandemic, Witteveen+Bos focused on three important risks: the effects of increasing accounts receivable, lower productivity due to staff turnover or increased sick leave, and price pressure owing to overcapacity worldwide. Due in part to the war in Ukraine and its effects on Europe and the rest of the world, increasing labour market shortages, and rising costs, the effects’ impact on Witteveen+Bos in the medium term remains uncertain. Generally speaking, we are adopting a cautious approach.
With that in mind, we focused heavily on liquidity in 2021 and made investments for hybrid working, and we opened our new location in Utrecht. In 2022, we will be investing in the expansion of our Deventer premises.
2021 focal point: Revenue Models
Witteveen+Bos is increasingly developing more digital products and services and participating in new forms of collaboration and special initiatives. This calls for different forms of marketing, which is why we paid extra attention to our revenue models in 2021. We did this through various analyses and, above all, by exchanging knowledge and experiences.
Notes to the 2021 annual financial statements
This annual report includes the balance sheet and profit and loss account of Witteveen+Bos N.V., as well as the general principles for preparing the consolidated figures. For a complete overview of the assets and results of Witteveen+Bos N.V., please refer to the consolidated 2021 annual report filed in the Trade Register of the Chamber of Commerce.
Independent auditors report
To the Supervisory Board and Board of Directors of Witteveen+Bos N.V.
In chapter 'Objective 4: Economic value' included summarized annual results 2021 (hereafter: 'the summarised annual results') of Witteveen+Bos N.V. based in Deventer is derived from the audited financial statements 2021 of Witteveen+Bos N.V.
In our opinion the accompanying summarised annual results (excluding the paragraph with elements regarding the employee participation system) are consistent, in all material respects, with the audited financial statements 2021 of Witteveen+Bos N.V. on the basis described in the disclosures.
View the slides below to see how Witteveen+Bos performed in 2021.