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- Summarised annual results 2020
- Notes to the 2020 annual financial statements
- Auditor's report
- 2020 KPI
Objective 4: Economic value
Witteveen+Bos strives to achieve healthy financial results. A sound financial basis is an important precondition for also being able to create value for our stakeholders in the long-term.
The consolidated balance sheet of Witteveen+Bos N.V. reveals a decrease in the total balance relative to 2019. The balance of ongoing projects and debtors decreased within our organisation in 2020. On balance, solvency increased to 51 % (2019: 45.7 %).
The profit and loss account for 2020 shows that we generated higher revenues last year. Our own revenues increased to EUR 121.3 million (2019: EUR 116.24 million), mainly due to an increasing demand for our services. We were able to meet this by increasing the number of employees able to quickly contribute to projects. The good result was also partly due to the sale of our former head office in Deventer, as well as a release of provisions and a decrease in other operating costs.
In addition to our traditional engineering work, we are doing increasingly more other types of work. This includes (digital) product development – for example, the participation platform InBeeld. For this reason, we are continuing to develop and implement alternative business case and revenue model approaches.
Effects of corona
Since the outbreak of the corona pandemic, Witteveen+Bos has focused on the three most important risks. These are the effects of increasing accounts receivable, lower productivity due to staff turnover or higher absenteeism, and price pressure owing to overcapacity worldwide. Given that the medium-term consequences for Witteveen+Bos remain uncertain, we will continue taking a generally cautious approach.
With that in mind, we focused heavily on liquidity in 2020. We reduced avoidable expenses, for example, and concertedly aimed for sound working capital in projects. In order to reach a well-considered conclusion regarding the appropriacy of a dividend payment in 2020, both internal and external assessments were conducted.
2020 Focal point: Employee participation system
Witteveen+Bos’s shares have been in employees’ hands since 1992. For a healthy employee participation system, it is important to have enough shares available for new participants and sufficient room for new partners. It is also important that new, premium and senior partners are able to secure financing in spite of increasingly stringent banking regulations. Over the past few years, a long-term exploration of the employee participation system was carried out, the results of which we intend to implement in the years to come.
Notes to the 2020 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 2020 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 2020 (hereafter: 'the summarised annual results') of Witteveen+Bos N.V. based in Deventer is derived from the audited financial statements 2020 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 2020 of Witteveen+Bos N.V. on the basis described in the disclosures.
- Growth in (own) revenues of 3 to 5 % per year
- Growth in staff size of 3 to 5 % per year
- Net profit margin of at least 8 % per year
- In the 2020 financial year, Witteveen+Bos N.V. achieved revenues of EUR 155.8 million, an increase of 7.4 % in relation to 2019 (2019: EUR 145.0 million). Our own revenues were EUR 121.3 million (2019: EUR 116.2 million).
- The employee base grew by 10.1 %, from 1,208 to 1,330 employees.
- The net result for 2020 was EUR 17.9 million, bringing the net profit margin to 11.5 %.