ar2011 final opt

annual report 2011

creatingvalue

AnnuAL RepORt 2011

2 3annual report 2011

Continuity and innovation characterise the development of Ramboll. Our strong ethical principles form the cornerstone of our business, and in order to become a truly leading community consultancy and a thought leader in our industry, we must stay at the cutting edge of societal and technological developments.

In our work, we always aim to reach the right balance between future-oriented, dynamic solutions and the responsible approach – both in our operations towards customers and in the internal management of the company. As such, we seek to create value for our stakeholders in everything we do.

Spectacular and important projects boost innovation, as many of them represent challenges that have not previously been encountered. By working on such projects, we set new industry standards for future projects, creating value for our customers, our industry, and society at large. In this way, we continually lay the grounds for the future developments and results that we will be able to obtain together.

The greatest challenges the world is currently facing – on top of the present credit crunch and related financial downturn in large parts of the world – are globalisation, demographic changes, environmental problems, urbanisation and climate change. These are all challenges with a global impact. This is why we have designed our market approach to be able to provide global solutions, drawing on global expertise and experience across disciplines and geographies to solve these challenges – always in combination with a holistic view on the world, and with a respect for the local conditions and solutions required.

In 2011, Ramboll has been affected by the political and economic turmoil in various parts of the world. Our year-end

continuity and innovation

result is satisfactory, but also indicates that cuts, costs and losses have been experienced in our organisation. However, at the same time we believe we have truly prepared ourselves for the future. Our goal remains the same: to become a partner to the global community. Focused investments to further strengthen our resources and organisation to achieve this ambition will continue throughout 2012.

2012 will see a change for our company, as Flemming Bligaard Pedersen, after 20 years as Group CEO, passes on his responsibilities for the future development of Ramboll to a new CEO and the next generation. From 1 April, Jens-Peter Saul will be heading Ramboll’s ambition to become a truly global player. Jens-Peter’s vast international experience together with our strong company heritage will form a solid platform for the continued development of our company.

After 20 years as Group CEO, Flemming Bligaard Pedersen (left) passes on his responsibilities for the future development of Ramboll to a new CEO and the next generation. From 1 April 2012, Jens-Peter Saul (right) will be heading Ramboll’s ambition to become a truly global player.Image: Morten Larsen.

58

Ramboll Group A/S Danish CVR No. 10160669 City of Copenhagen, Denmark Date of Annual General Meeting: 20 March 2012

Continuity and innovation 3

RESULTS Profile 4 Key statistics 5 Directors’ Report 6

ACTIVITIES Modern life 14 State of the art 20 Inter-connected 26

FINANCIAL STATUS Accounting policies 33 Financial statements 38 Notes 42 Management’s statement on the Annual Report 54 Independent Auditor’s Report 55 Board of Directors 56 Executive Board 57 Group Directors’ Forum 58

Cover: Cultural projects such as the National Museum of Art, Architecture and Design in Oslo are used to breathe new life into urban areas. These add new opportunities for modern life and will function as a meeting place which ties people closer together. Visualisation: Kleihues+Schuwerk, Gesellschaft von Architecten mbH, MIR Kommunikasjon and Statsbygg.

4 5annual report 2011RESULTS PROFILE AND KEY STATISTICS

PROFIT BEFORE TAX, DKK MILLION

Profit before tax (left axis)

Rolling annual profit before tax (right axis)

0 0

90 240

30 80

120 320

60 160

150 400

2007

Q1

2007

Q3

2008

Q2

2009 Q

1

2010

Q1

2011

Q1

2009 Q

3

2010

Q3

2011

Q3

2007

Q2

2008

Q1

2008

Q4

2007

Q4

2008

Q3

2009 Q

2

2010

Q2

2011

Q2

2009 Q

4

2010

Q4

2011

Q4

Key figures and financial ratios 2011 2011 2010 2009 2008 2007

Income statement, DKK million EUR m

Revenue 925.0 6,891.2 6,074.9 5,510.6 5,639.8 4,739.6 EBITA 47.8 356.0 393.7 320.4 439.7 403.2 Operating profit (EBIT) 41.9 312.4 296.7 236.6 357.3 347.4 Profit before tax 39.6 294.7 275.9 212.6 357.7 315.1 Profit for the year 27.4 204.1 174.7 124.7 231.7 218.6

Balance sheet, DKK millionTotal assets 503.3 3,749.5 3,619.6 3,077.3 3,115.3 3,010.0 Shareholders' equity 200.5 1,493.7 1,320.6 1,070.8 918.6 927.9 Net interest bearing cash / (debt) 36.4 270.9 187.4 108.1 (9.5) (43.3)

Cash flow, DKK millionCash flow from operating activities 44.6 332.0 332.0 232.7 348.8 301.7 Investment in tangible assets, net (12.9) (95.7) (175.7) (45.5) (88.3) (60.4)Free cash flow 31.7 236.3 156.3 187.2 260.5 241.3 Acquisition of companies (27.2) (202.6) (81.2) (31.8) (121.6) (359.7)

EmployeesNumber of employees, end of year 9,521 8,970 8,758 8,848 6,964 Number of full time employee equivalents 8,718 8,229 8,141 7,758 6,385

Financial ratios in %Revenue growth 13.4 10.2 (2.3) 19.0 20.1 Organic growth 8.2 3.1 (0.9) 10.0 EBITA margin 5.2 6.5 5.8 7.8 8.5 Operating margin (EBIT margin) 4.5 4.9 4.3 6.3 7.3 Return on invested capital (ROIC) 19.6 27.7 25.6 38.1 40.8 Return on equity (ROE) 14.5 14.6 12.5 25.1 25.9 Cash conversion ratio 86.5 94.9 107.6 96.5 90.1 Equity ratio (solvency ratio) 39.8 36.5 34.8 29.5 30.8

Non-financial indicators

Average age of employees 39.6 39.7 39.2 38.1 40.5 Average age of management 44.7 45.0 44.9 45.8 44.9 Proportion of management who is female, % 14 15 17 16 15 Public sector revenue, % 42 41 45 40 38 Private sector revenue, % 58 59 55 60 62

The figures in EUR have been translated from DKK using an exchange rate of 7.45.

key statisticsprofile

Ramboll is a leading engineering, design and consultancy company founded in Denmark in 1945. We employ close to 10,000 experts and have a significant presence in Northern Europe, Russia, India and the Middle East. With more than 200 offices in 21 countries, we emphasise local experience combined with a global knowledge-base. We constantly strive to achieve inspiring and exacting solutions that make a genuine difference to our customers, the end-users and society as a whole. Ramboll works across the following Markets: Buildings, Transport, Environment, Energy, Oil & Gas, Telecoms and Management Consulting.

OwnershipThe Ramboll Foundation is the main owner of Ramboll Group A/S and its main objective is to promote the company’s continuance alongside the long-term development of the company, its employees and the communitiesit serves. All shares in Ramboll Group A/S are owned either by the Ramboll Foundation (97%) or by employees in Ramboll (3%).

VisionRamboll is committed to helping create inspirational and long-standing solutions that allow people and nature to flourish.

6 7annual report 2011RESULTS DIRECTORS’ REPORT

BUILDINGS

TRANSPORT

ENVIRONMENT

GROUP MANAGEMENT

Ru

ssia (RU

)In

dia (IN

)

Rest o

f the w

orld

Den

mark (D

K, G

L)

No

rway (N

O)

Fin

land

(FI)

Sw

eden

(SE

)

Un

ited K

ing

do

m (U

K)

Mid

dle E

ast (UA

E, Q

A)

ENERGY

OIL & GAS

TELECOMS

MANAGEMENT CONSULTING Management Consulting

Telecoms

Oil & Gas

Energy

platform for furtHer groWtH

Throughout our operations, focus has remained on strengthening our customer relations to secure the continuous intake of small and large orders, the mobility of our workforce and efficiency of operations and cooperation across our units.

In order to stay competitive, we have had a diligent focus on costs, and have increased our efforts to offshore services to low cost units within Ramboll whenever possible. We are also investing substantial resources in the development of common IT solutions, including common Enterprise Resource Planning (ERP), HR and knowledge management systems. At the same time, we have increased resources spent on customer relations and service delivery, as our future activity depends on giving maximum priority to these areas.

As we have been successful in winning several important projects in 2011, this strategy has paid off. Major new wins in 2011 include the role as lead partner in the joint venture that is to design the bridge, roads and land work structures for the Forth Replacement Crossing in Scotland; a framework agreement for sustainability consultancy with the Skolkovo Foundation in Russia; and the detailed design of a 53km stretch of the E18 motorway in Finland.

strengtHening tHe organisation

In the spring of 2011, our new Group-wide strategy was launched. The basis for the strategy remains our core values, and our vision to create inspirational and long-standing solutions that allow people and nature to flourish. Our ambition as we move towards 2015 is to become a “Widely recognised player on the international arena with an undisputed leadership position in the Nordics”. The overall strategic focus can be captured in four words: profitability, growth, internationalisation and competitiveness, and a cornerstone of this strategy is to build an

directors’ report

2011 has been a year of contrast. We have experienced a record performance in many of our large business units, but also seen poor results in a few of our mainly smaller business units. Moreover, the year had a weak start, but ended with a strong finish, which gives rise to positive anticipation for 2012.

The activity level has in general been high. We have succeeded in continuously winning and completing new ground breaking projects due to the dedicated

effort of our 9,521 employees and fruitful collaboration with our many partners. As a result, revenue grew by 13% and our order book increased by 15% from DKK 2.8 billion at the end of 2010 to DKK 3.2 billion.

However, the operating result in 2011 did not fully live up to the high activity level, especially during the first half of the year. As a consequence, during 2011 we have taken a number of steps to strengthen our organisation for further profitable growth.

unrivalled competitive platform. On the basis of this strategy, a wealth of initiatives were carried out in 2011.

Market-based delivery modelTo further reinforce our strong market focus, we have strengthened our competitive position to build a more international, commercially-based approach and delivery model. From 1 January 2012, we now structure our services according to seven Markets: Buildings, Transport, Environment, Energy, Oil & Gas, Telecoms and Management Consulting. The transition from Service Areas to Markets reflects a strong focus on customer needs and market demands.

AcquisitionsThrough a total of 14 acquisitions in 2011, we have strengthened our knowledge base by adding 800 new skilled employees toour workforce.

In April 2011, Ramboll acquired Gifford LLP, a leading UK engineering consultancy with approximately 500 employees. Gifford LLP joined Ramboll UK Ltd to create one of the UK’s strongest and broadest engineering and consultancy groups with close to 1,000 employees. The deal forms part of Ramboll’s strategy for growth and international expansion, and it has strengthened the multi-disciplinary capabilities of our UK operations to provide a complete service offering domestically, as well as internationally.

In April 2011, Ramboll also acquired 110 employees from DONG Energy with expertise in large power plants and the conversion from coal to renewable energy production, including biomass. The strengthening of Ramboll in the field of power engineering was yet another step in solidifying Ramboll’s position as a leading international energy consultancy. This position was further strengthened in November, when Ramboll acquired Elsamprojekt Polska (EPPL), also from DONG Energy. Through the acquisition of EPPL, Ramboll secured a local foothold in Poland with

30 competent people able to provide specialist know-how on sustainable energy.

Seven acquisitions in Finland have further bolstered our expertise. The acquisition of Magnus Malmberg Consulting Engineers was the largest of these acquisitions. Magnus Malmberg Consulting Engineers has developed its expertise within structural design and construction supervision since 1935 and has designed several world class projects in cooperation with the world famous Finnish architect, Alvar Aalto, such as the Main Building of the Helsinki University of Technology and the Finlandia Hall. Within the area of Management Consulting, we strengthened our position in Finland by acquiring the two companies NetEffect and Advansis, adding 36 consultants to our local unit.

In Norway, we made four bolt-on acquisitions during 2011.

DivestmentsDuring 2011 we also took a close look at our portfolio of business units, and took some tough decisions regarding divestments of business units in order to focus on our core business and to secure the best solutions for our customers and employees.

At the end of June 2011, Ramboll entered into an agreement with KMD, a large Danish IT company, regarding the divestment of Ramboll Informatik A/S and its Swedish subsidiary. The decision was taken after Ramboll concluded that it would be the best solution for Ramboll Informatik’s customers and 240 employees to become part of a company with IT as its main focus area, and as such reflects an intensified focus on our core competencies as an engineering, design and consultancy company.

During 2011, we sold our aid businesses in Finland and Sweden to Niras, a Danish-based international, multidisciplinary consultancy company with a strong presence in the international development sector.

This was achieved through a number of strategic acquisitions and divestments, as well as by building a more international, commercially-based approach and delivery model. Finally, but not least, we have maintained a strong focus on the efficiency of our operations and processes. These initiatives have lead to an increased profitability in the second half of 2011.

ORGANISATION

Group management

Markets Geographical coverage Principal business units


In November 2011, we entered into an agreement with Rejlers about the divestment of our 70-strong Finnish consultancy within automation and electricity in the industry sector with effect from 1 February 2012.

We also made some divestments through management buy-outs in the Northern part of Norway and Lithuania in 2011.

Visionary managementDuring the ‘European CEO Conference’ in London, arranged by ACE (the Association of Consulting Engineers in the UK) Ramboll CEO, Flemming Bligaard Pedersen, received the European CEO Award. It was the first time this award has been presented, and 19 candidates from 13 different countries were nominated. The jury selected Flemming Bligaard Pedersen on the basis of a combination of growth targets, economic results, innovation, leadership and inspiration, contribution to the wider industry and society as an ambassador, and recognition by colleagues.

On 1 April 2012, Flemming Bligaard Pedersen (63) will pass on his responsibilities for the Ramboll Group to a new CEO; Jens-Peter Saul (45) from Germany. Jens-Peter Saul holds a degree in engineering from the University of Hannover. He has developed his career at Siemens since 1996, most recently as CEO of Siemens Wind Power.

Customer satisfactionDuring 2011, there has been much focus on understanding our customers’ needs, building and leveraging stronger customer relationships, and our ability to meet changing local and global market demands. One way to obtain a better understanding of our customers’ needs is to ask our customers how satisfied they have been with Ramboll’s work. Our global customer satisfaction survey enables Ramboll to achieve valuable feedback from our customers.

In 2011, we measured customer satisfaction on 2,258 projects or services (828 projects or services

in 2010). The overall customer satisfaction level was 4.2 (on a scale from 1 to 5), which is similar to the result achieved in 2010.We scored highest in relation to our ability to cooperate, with a result of 4.5 – similar to the 2010 result. The reply rate dropped a little from 65% in 2010 to 64% in 2011. The goal for 2012 is to increase the number of project evaluations and to maintain high levels of customer satisfaction.

financial development

Revenue increased by 13% from DKK 6,075 million in 2010 to DKK 6,891 million. The increase of the reporting currency DKK against foreign currencies (SEK in particular), affected the revenue positively by 1%. At constant exchange rates, revenue increased by 12%.

Organic growth was 8%, which was primarily attributable to strong organic growth in all four Nordic countries and in particular our international business units within Energy and Oil & Gas, and only partly offset by negative organic growth in the UK, Middle East and Russia.

Net growth from acquisitions was 4% based on acquisitions made in the UK, Norway and Finland, which more than offset the impact of divestments made in 2011.

Operating profit before goodwill amortisation (EBITA) was DKK 356 million compared to DKK 394 million in 2010, giving an EBITA margin of 5.2% compared to 6.5% in 2010.

The decrease in margin compared to 2010 was primarily a result of low performance in a few business units, namely the Middle East, Russia, our international Telecoms business, and some units in Norway. The EBITA margin was kept at a satisfactory level in Sweden, Finland and Denmark and in our international business units within Energy and Management Consulting. In particular, Oil & Gas delivered a very strong performance in 2011.

Net other operating income amounted to DKK 73 million (2010: DKK 0 million). Other operating income, totalling DKK 79 million, was mainly related to the gain on divestments, while Other operating costs, of DKK 6 million, was mostly related to integration costs in connection with the acquisition of Gifford.

Goodwill amortisation increased to DKK 116 million (2010: DKK 97 million), primarily due to amortisation of newly acquired companies.

Net financial expenses were DKK 18 million compared to net financial expenses of DKK 21 million in 2010. The net financial expenses were primarily related to interest rate hedging.

Profit before tax increased by 7% to DKK 295 million compared to DKK 276 million in 2010.

Tax on profit decreased to DKK 96 million (2010: DKK 99 million). The effective tax rate was 29% (2010: 27%) calculated as Tax on profit divided by Profit before tax adjusted for Goodwill amortisation, Other operating income (gain on divestments) and Income from associates.

Net profit was DKK 204 million compared to DKK 175 million in 2010.The result was satisfactory taking into consideration the difficult market situation.

The split of revenue between the private and public sectors was almost unchanged compared to last year. Public sector revenue represented 42% of total revenue in 2011 (2010: 41%) with private sector revenue representing 58% (2010: 59%).

Buildings is still our largest market. The Buildings & Design service area accounts for 34% of total revenue, followed by Infrastructure & Transport accounting for 26%. The most significant growth in revenue in 2011 has been within Energy & Climate (34%), Industry and Oil & Gas (22%), Environment & Nature (21%) and Infrastructure & Transport (17%).

The Nordic region accounts for 85% of the total revenue (2010: 86%), with Denmark as the largest single geographical segment accounting for 37% (2010: 39%) of the total revenue.

Cash conversion was 87% compared to 95% in 2010, primarily due to the fact that payables increased less than revenue.

CASH CONVERSION RATIO

100

2011 2010 2009

107.6

94.9

86.5

REVENUE GROWTH

Organic growth in % Acquisition growth, net in % Foreign exchange adjustment in %

0

6

2

-2

-3

8

4

2011 2010 2009

EBITA MARGIN

2

8

4

0

10

6

2011 2010 2009

CUSTOMER SATISFACTION SURVEY

The overall customer satisfaction level was 4.2 (on a scale from 1 to 5), which is similar to the result achieved in 2010.

1 2 3 4 5

Negative Neutral Positive

Results based on customer satisfaction survey responses between January 2011 and December 2011.

Ramboll's ability to cooperate

The competences of the people involved

Likelihood of contacting Ramboll for future projects

Ramboll's ability to understand your needs

Ramboll's ability to deliver on schedule

Cash flow from operating activities was DKK 332 million. Investments in tangible assets amounted to DKK 96 million, which was significantly lower than last year, as we made significant investments in connection with moving into new premises in Ørestad (Copenhagen), Oslo and Stockholm in 2010. Consequently, free cash flow was DKK 236 million compared to DKK 156 million in 2010.

Investments in acquisition of companies reached DKK 203 million compared to DKK 81 million in 2010, while cash flow from divestment of companies amounted to DKK 73 million (2010: DKK 0 million).

At year-end, Ramboll had a strong financial position with a net interest bearing cash position of DKK 271 million (2010: DKK 187 million), a committed funding facility of DKK 1 billion running until September 2012 and a DKK 100 million overdraft facility.

The equity ratio was 40% (2010: 36%). Shareholders’ equity increased by DKK 173 million to DKK 1,494 million. The movements in equity comprise net profit of DKK 204 million, exchange rate and value adjustments, net of tax of DKK -5 million and dividends of DKK -26 million.


Buildings & Design 34.2% (2010: 34.6%) Infrastructure & Transport 26.2% (2010: 25.3%) Industry & Oil/Gas 10.8% (2010: 10.1%) Environment & Nature 10.0% (2010: 9.4%) Energy & Climate 7.2% (2010: 6.1%) It & Telecom 5.8% (2010: 7.7%) Management & Society 5.8% (2010: 6.8%)

RESULTS DIRECTORS’ REPORT

international cooperation

Ramboll provides a wide range of services throughout the world across the Markets we operate in. We have an underlying holistic business model governing our business. It is based on five central values: Insight, Integrity, Empathy, Enjoyment and Empowerment. We believe that thriving and loyal employees and customers, and acting responsibly in relation to society and the surrounding environment, leads to profitable and sustainable development for our company. In this way, our holistic business model serves as a guide for everything we do and forms the basis for our Code of Conduct and business practices.

Ramboll Group A/S is the parent company of the operation with a 100% shareholding in all the main subsidiaries.

ECONOMIC VALUE CREATION, DKK MILLION

Net profit, DKK million 2011 2010

Profit before tax 295 276Employees’ annual bonuses 113 108Financial expenses 66 74Net profit 474 458

Invested capital (1 January) DKK million 2011 2010

Total equity 1,321 1,071Long term liabilities 321 285Provisions for deferred tax 106 83Provisions for pensions 6 6Dividend (26) (26)Invested capital 1,728 1,419

Economic Profit (EP) DKK million 2011 2010

Required return on invested capital 10% 10%Required return on invested capital 173 142Economic Profit (Net profit - return on capital)

301 316

Part of EP used for employees' annual bonuses 113 108Part of EP to shareholdersand for company development 188 208

Company structureAs consultants, we need to be present locally in order to understand the needs, standards, culture and language of our customers. At the same time, we must be able to draw on our global specialist knowledge from across the organisation, especially in relation to large and complex projects. To reflect this mode of operating, Ramboll is structured in a matrix of Country Business Units, Global Practices/Markets and Support Functions.

A strong imageIn several of our home markets in 2011, we have seen the highest rankings yet in relation to how Ramboll is perceived. In this year’s analyses of Ramboll’s image among decision-makers and engineers in Denmark, Ramboll achieved the best image rankings to date. In the weekly business journal (Berlingske Nyhedsmagasin)

A record number of employees completed the employee survey in 2011. The overall result for Ramboll shows a satisfaction and engagement index of 3.9 on a 5 point scale.

EMPLOYEE SURVEY

Response rate, % (left axis) Employee satisfaction and engagement index (right axis)

50

80

60

90

100

70

3.4

4.0

3.6

4.2

3.8

2011 2010 2009 2008 2007

REVENUE IN SERVICE AREAS 2011

REVENUE IN GEOGRAPHICAL AREAS 2011

Denmark 37.1% (2010: 39.1%) Norway 20.0% (2010: 18.7%) Sweden 17.7% (2010: 17.3%) Finland 10.5% (2010: 10.4%) UK 7.2% (2010: 4.8%) Middle East 3.0% (2010: 3.5%) Russia 1.4% (2010: 2.6%) Rest of Europe 1.6% (2010: 1.7%) Rest of the world 1.5% (2010: 1.9%)

Buildings is still our largest market, followed by Transport. The Nordic region accounts for 85% of the total revenue.

gold image ranking – the largest image survey carried out among Danish decision-makers – Ramboll advanced ten places to number 29 among the 140 leading Danish companies. In the annual image ranking of all engineering companies in Denmark, performed by the trade magazine “Ingeniøren” (The Engineer), Ramboll achieved a ranking as number two – surpassed only by the Danish healthcare giant Novo Nordisk.

In Norway, Ramboll has climbed to a fourth place position from a ranking as number eight on the Universum ranking of most attractive employers among technology students. And in a combined ranking of employer brands in Sweden, Denmark, Norway, and Finland, Universum’s “Nordic Ideal Employer 2011” survey, Ramboll ranked ahead of all its competitors as the preferred employer for engineering students in the Nordics.

sHaping tHe future

Our employees are our core asset. We employ inspired, innovative, passionate and professional people, who together form the backbone of our business. At year-end 2011, the headcount was 9,521, which is an increase of 551 compared to year-end 2010 (8,970).

Engaged employeesEach year, all employees in Ramboll are encouraged to participate in an Employee Satisfaction and Engagement Survey (ESES). The survey serves two closely interrelated purposes: Firstly, to increase the satisfaction and engagement of employees and, secondly, to strengthen the business through continuous improvement of employee engagement, working processes and management practices.

A record number of employees completed the ESES questionnaire in 2011 (84%). It was also the third consecutive year that the response rate increased, from 78% in 2008, 81% in 2009 and 83% in 2010.

The overall result for Ramboll shows a satisfaction and engagement

Net profit Required return on invested capital Economic Profit (EP)

500

400

300

200

100

2011 2010

In Ramboll, our economic value creation is shared between our employees (as annual bonuses) and our shareholders (either as a dividend or as a reinvestment for further development).


index of 3.9 on a 5 point scale, which is a satisfactory result, particularly in light of the unfavourable external business environment faced by many parts of the company in 2011. During the last five years, the overall result has been between 3.8 and 4.0.

Distribution of profitIn Ramboll, our economic value creation is shared between our employees (distributed by way of annual bonuses) and our shareholders (distributed by way of either a dividend or as a reinvestment for the company’s further development).

Our Economic Profit of DKK 301 million (2010: DKK 316 million) was distributed as DKK 113 million (2010: DKK 108 million) in bonuses to our employees and the remaining DKK 188 million to the shareholders (2010: DKK 208 million), of which DKK 26 million (2010: DKK 26 million) was distributed to the shareholders in the form of dividends.

In June 2011, Ramboll completed the 2011 share scheme. All employees with a minimum of two years employment were invited to buy Ramboll shares. 72 shareholders, hereof 38 new shareholders, bought 728 shares

amounting to a value of DKK 5,754,840. Shares bought in 2008 or earlier were up for sale, and 73 shareholders used the option to sell. Shares sold in the window period and shares sold due to retirement in Ramboll amounted to 3,610 shares with a total value of DKK 28,537,050. At year-end 2011, 3.3% of the share capital was owned by the employees while the remaining 96.7% was owned by the Ramboll Foundation.

responsiBle Business approacH

In Ramboll, we believe in taking a responsible and holistic approach to everything we do, and strive to promote sustainable development and good corporate citizenship. We believe in business behaviour based on trust, integrity, transparency and professionalism and we do not participate in projects which are destructive or aggressive towards mankind. Based on the strong principles inherited from our founders and our commitment to providing sustainable solutions to people and society, we have acknowledged and embraced Corporate Responsibility (CR) for many years. The main CR focus in 2011 has been on business partner responsibility, climate and business integrity training for employees.

Business partner responsibilityIn 2011, we developed and launched a new Group policy named ‘Obligation to act’ with the purpose of taking a more proactive and systematic approach towards our customers and business partners in relation to specific matters violating our Code of Conduct or internationally recognised ethical principles within human rights, labour rights, the environment and anti-corruption.

Ramboll communicates this policy whenever we engage with our customers, and the policy has been implemented in our quality management procedures. When launching the policy, more than 5,000 of our current customers received a letter introducing the Obligation to act policy.

In 2011, we also developed a policy related to our suppliers, sub-consultants and consortium partners and a Suppliers’ Declaration stating Ramboll’s CR standards. In future, all suppliers, sub-consultants and consortium partners that enter into a contract with Ramboll must sign the Supplier’s Declaration and comply with Ramboll’s CR standards.

Climate Climate change is possibly one of the greatest threats to our planet. As sustainability has always been at the heart of Ramboll’s approach, we are committed to adhering to the statements made by the IPCC (Intergovernmental Panel on Climate Change); by taking climate change into account in all our daily activities and working towards slowing down, diminishing and mitigating its effects. In 2011, Ramboll established an internal Group Climate Panel consisting of climate experts across Ramboll with the purpose of further increasing our focus on climate.

Ramboll climate experts have established a new method for measuring CO2 emissions from work related transport. This method has been implemented across Ramboll, and all Principal Business Units have reported their CO2 emissions from work related transport and energy.

In 2011, the CO2 emissions per employee (FTEE) from work related transport was 1.40 tonnes. The CO2 emissions caused by energy use (electricity, cooling and heating) was 1.13 tonnes per employee (FTEE). Compared to 2010 this number has increased slightly. The total CO2 emissions per employee (FTEE) was 2.52 tonnes.

Business integrity trainingIn 2010, a cross-organisational Business Integrity e-learning training course was developed. The training was conducted in the beginning of 2011 and was undertaken by 65% of our employees from 21 different countries. All new employees are introduced to the e-learning training and it serves as a supporting tool when interpreting our Code of Conduct in everyday situations.

Corporate responsibility, Danish Financial Statement ActAccording to the exception under the Danish Financial Statements Act § 99A, we report Ramboll’s CR activities under the United Nations Global Compact in a “Communication on Progress” Report. For further information regarding this report, please check the UN website: www.unglobalcompact.org/participant/7863-Ramboll-Group and www.ramboll.com/CRreport2011.

In line with Ramboll’s deeply rooted business responsibility principles, we joined the UN Global Compact in January 2007. We report Ramboll’s CR activities separately under the UN Global Compact in a “Communication on Progress” report.

www.unglobalcompact.org/participant/7863-Ramboll Group and www.ramboll.com/CRreport2011

BUSINESS INTERGRITY TRAINING 2011

Middle EastCorporate

Informatik*EnergyFinland

DenmarkRussia

SwedenUK

Ramboll Group AverageNorway

Oil & GasManagement Consulting

Telecom

0 25 50 75 100%

Subsequent eventsWith the exception of events described in this Annual Report, Ramboll is not aware of events subsequent to 31 December 2011 that are expected to have a material impact on Ramboll’s financial position.

Executive BoardRamboll’s Group Executive Board consists of a Group CEO and three other Group Executives, each responsible for one of the three dimensions in our operating model: Markets/Global Practices, Country Business Units and Support Functions. See page 57 for a presentation of the Group Executive Board.

Board of DirectorsRamboll’s Group Board of Directors is composed of professionals with a broad mix of experience. With effect from 28 October 2011, Jeff Gravenhorst, Group CEO of ISS A/S, joined the Board of Directors at an extraordinary general assembly at Ramboll Group A/S. See page 56 for a presentation of the Board members.

DividendThe Group Board of Directors proposes a dividend of DKK 26,250 thousand, equivalent to the dividend distributed last year.

A dividend of DKK 26,250 thousand corresponds to 75% of the nominal share value, 13% of net profit and 11% of free cash flow for the year.

looking to tHe future

The overall market situation for Ramboll in 2012 is expected to be as challenging as in 2011. With the strategic initiatives and actions taken during 2011, we do, however, see ourselves as being prepared for the tough market conditions and find Ramboll in a good position to deal with the challenges. Consequently, operating profit before amortisation is expected to improve from 2011.

With world class expertise and projects, we have a strong platform for pursuing our strategy for growth. Our strong order book and present portfolio of unique and significant projects is a clear indication of the fact that during recent years, we have been able to position ourselves as a significant international consultancy company that can be measured on a global scale.

Ramboll’s cross-organisational business integrity e-learning training was conducted in the beginning of 2011 and was undertaken by 65% of our employees from 21 different countries.

% of employees who have undertaken e-learning training * The Informatik business unit was divested in 2011

14 15annual report 2011ACTIVITIES MODERN LIFE

The world is facing a dual challenge, as the supply of natural resources and the effects of our changing climate put strains on our global community. However, creative solutions within energy supply and efficiency may prove to be the answer.

According to Katherine Richardson, Professor and Vice Dean at the Faculty of Science, Copenhagen University, the message is clear: climate change is a reality, and it’s happening right now. If we look back at the past 60 years, indicators of human impact on the earth have developed in line with economic growth and our use of natural resources. For the first

modernlife

The world is facing challenges such as demographic changes, globalisation, urbanisation, environmental problems and climate change. As consultants to the global community, we seek to solve

All over the world, communities are looking at how to accommodate the increasing global population and urbanisation in a sustainable way. To develop the best solutions, we always have to ensure that these create value for the people that live, experience and travel across and between urban areas.

these challenges by applying a holistic view on the world, and with a respect for the local conditions and solutions required. Image: Morten Larsen.

time in history, the demand for natural resources is now beginning to exceed supply in some cases, and the environment can no longer be seen as a luxury we can choose to include or disregard in our economic models. Economic growth can only be based on more efficient use of resources and/or finding alternatives for resources where supply can’t meet demand. A number of things have to happen at the same time to solve this dual challenge, such as improved energy efficiency, increased production, distribution and storing of renewable energy, long-term planning, new transport technologies as well as political agreements and legal frameworks.

No building is an islandTo establish which engineering solutions may contribute to solving the climate and energy challenge, the Ramboll Sustainable Network gathered more than 100 experts from all over the company for a 2-day conference at Ramboll Head Office. The aim was to create a common approach to sustainability and facilitate knowledge sharing. The theme was: ‘No building is an island’. “Today, a very common approach to sustainability is to ensure that individual buildings are CO2 neutral. It’s a fact that all buildings need energy in order to function, so energy supply is the most important thing to look at when aiming for CO2 neutrality.


But it’s ineffective to look at each building plot individually. It’s more efficient to share investments among several building owners to improve the efficiency of energy supply,” says Lars Ostenfeld Riemann, Group Market Director of Buildings. “Often it’s easier to communicate the concept of using roof-mounted solar panels for hot water production, as these are clearly visible on buildings,” Rikke Orry, Senior Project Manager of Sustainable Buildings in Ramboll in Denmark explains. “But developing truly sustainable solutions is much more complex than producing your own energy. For instance, using efficient heat sources through district heating is often a more sustainable alternative if these are available, but it’s hard to showcase pipelines below the surface of the earth.” And she elaborates: “We’re aware that a building always interacts with its surroundings, and take into account the wider context. To build in a sustainable way entails supporting or improving

the existing conditions in relation to architecture, infrastructure and all sorts of environmental and social considerations. In this way, solutions that function in the most optimal way for both the customer and the community are developed – also from a socio-economic point of view.” A good example of this approach in an urban context is the development project planned at the old Carlsberg brewery grounds, which have now been turned into a new city district in Copenhagen. “The initial plan was to achieve a CO2 neutral district in its own right by using extra insulation, solar panels, wind turbines, heat pumps and so on, but this would be very inefficient and costly to do. Instead, the results of Ramboll’s analysis proposed a much more simple, and cost-effective approach: to become part of the city’s energy infrastructure for electricity and district heating,” explains Anders Dyrelund, Ramboll Market Manager, Energy.

Rethinking transportationAnother example of sustainable urban development is the Nordhavn project, located in northern Copenhagen. In collaboration with COBE Architects, SLETH and Polyform, Ramboll experts developed a concept that drastically rethinks how different ways of living can be combined with sustainable energy, traffic, environment and cityscape solutions. At Nordhavn it will be easier to walk, cycle and use the metro than to use a car. And one very good answer to the energy and climate challenge is exactly this approach, Rikke Orry explains: “The great advantage of a dense city is that the need for transportation gets smaller. In addition, this makes it easier to develop large-scale, efficient and sustainable energy supply systems for district heating and cooling.” But we are not all able to move into the city, so how do we achieve sustainable energy supplies outside the city boundaries? “In the countryside and in areas where

district heating is too expensive, ground source heat pumps are a very good alternative to oil boilers. In smaller towns, the answer could be district heating supplied from large-scale solar water heating and biomass facilities. Biomass is widely available from the surroundings and there is room for solar panels. By building these large-scale facilities, costs are lowered, as the heat produced is much more efficient and environmentally friendly compared to individual solutions,” says Anders Dyrelund. And Danish sustainability experience is high in demand. Already in 1985, Chinese representatives came to study the district heating system in the Copenhagen Region to establish a similar system in Beijing. Ever since, many other foreign delegations have followed, and consultants and manufacturers have transferred these solutions to many countries.

In collaboration with COBE Architects, SLETH and Polyform, a cross-disciplinary team from Ramboll developed a concept for the new Nordhavn city district that drastically rethinks how our way of living can be combined with sustainable energy, environment, traffic and cityscape solutions. At Nordhavnen it will be easier to walk, cycle and use the metro than to use your car.Visualisations: Cobe ArchitectsImage: Torben Åndahl.(Opposite page) Images: Morten Larsen, Nana Reimers Visualisation: Enastis.

Developing truly sustainable solutions is much more complex than, for instance, producing your own hot water through roof-mounted solar panels. If available, using efficient heat sources through district heating is often a more sustainable alternative. But it’s easier to communicate the concept of using clearly visible solar panels compared to pipelines that are hidden underground.

– Rikke Orry, Ramboll

Rikke Orry, Senior Project Managerof Sustainable Buildings


Skolkovo will be a vibrant and sustainable city setting new standards for urban development and building design in Russia and in the world. It indicates a completely new approach to urban development in Russia, because the project is subject to new regulations and entails new approaches to environmental and building requirements. Visualisations: Arkitema.Image: Morten Larsen.

(Opposite page) In smaller towns, energy may be provided by district heating supplied from large-scale solar water heating and biomass facilities. By building these large-scale facilities, costs are lowered, as the heat produced is much more efficient and environmentally friendly compared to individual solutions.Image: Morten Larsen.

A Russian Silicon ValleyCurrently, Ramboll is providing sustainability expertise for the Skolkovo Innovation Centre project. Covering an area of 400 ha just outside Moscow, the Centre aims to become the Russian equivalent to Silicon Valley, hosting international and Russian innovation companies as well as scientific institutions. Skolkovo will be a vibrant and sustainable city setting new standards for urban development and building design in Russia and internationally. Lars Ostenfeld Riemann explains: “The Skolkovo project demonstrates a completely new approach to urban development in Russia, because the project is subject to new regulations and entails new approaches to environmental and building requirements. This is partly to attract investors through taxation benefits, but also to enable the implementation of green technologies in the district. As sustainability consultants, we’ve developed a set of requirements

called ‘Green Code’. This is a set of pretty restrictive and exemplary guidelines for design,” adds Lars Ostenfeld Riemann. In addition, Ramboll is providing sustainability services for three buildings and a public park in the area.

Global solutions and local experienceSo how can we promote the drive for sustainable solutions on a global scale? “We have to be better at expressing and demonstrating the solutions that already exist. The past has proven that international political solutions are very hard to achieve. But we don’t have to sit and wait passively for binding political agreements – business leaders have very good reasons to take action, and many of them have already done it. Not solely based on a moral obligation, but also because it’s economically viable to do so. There is no reason to wait. Technical solutions exist, and through our projects, we have to show how it becomes viable to apply them,” Rikke Orry concludes.

Lars Ostenfeld Riemann, Group Market Director of Buildings

20 21annual report 2011ACTIVITIES STATE OF THE ART

Ramboll Director of Arts and Culture, Anton Sawicki, is currently involved in two of the most prestigious arts and culture projects in Europe: the extension of the Tate Modern gallery in London, and the new National Museum of Art, Architecture and Design in Oslo. These are just the most recent projects in a long career that has included award-winning galleries, museums, and theatres in the UK and other parts of Europe. Designed for international standards“Arts and culture buildings are often conceived as artworks in themselves,” Anton Sawicki explains. “They’re unusual or complex forms that already pose certain challenges to the structural design. Then, there are all the specific constraints you face. Loading capacity is an important factor, since some artworks may weigh several tonnes. Heating and ventilation systems have to be perfectly adapted to house what may be very sensitive historic collections. The use of natural light can be a powerful feature of the design, and also has a role to play in achieving energy efficiency.” In Anton’s view, this is precisely where the engineer’s contribution really comes into its own. The engineer’s knowledge of materials, his understanding of how structural and services elements work together to define building performance, and his familiarity with phasing and programme issues, means he often plays a crucial role in reconciling the architect’s vision with the constraints of a challenging brief. Over the past ten years, the need to deliver on wider strategic objectives has led to tighter, more challenging design briefs. Energy efficiency, sustainability, ultra-flexible exhibition and performance spaces, and of course ever-tightening budgets: these are just some of the design drivers that are defining the current generation of arts and culture buildings.

state of tHe art

Internationally, cultural buildings add new value and meaning in our modern society, and are often used to regenerate urban areas. Lack of space in the urban landscape has led to an innovative approach where former industrial areas are reused to breathe new life into the city.

Anton Sawicki, International Director of Arts and Culture

Photographs by Morten Larsen


Reaching the best solutionsBy getting involved during the conceptual stage, Anton Sawicki and his team are able to help realise the design in the best possible way: “All the time, we look at which potential challenges may arise from various design decisions, and present different options for how to avoid them. In this process, communication is key, as the architect and customer need to understand what the effects will be. Here, 3D technology is a great tool to illustrate what it will look like. During the Tate II project, we have used 3D extensively, and at a very early stage, we had a 3D model of the basic design to show the complex geometry of the building,” he explains. Created in the year 2000 from a disused power station in the heart of London, Tate Modern displays the national collection of international modern art. The success of the gallery has now led to an impressive extension project. Anton Sawicki has been involved in the extension of Tate Modern in London for several years: “When involved in cultural projects, it is important that you see it through all the way. In these buildings, a lot of details are important to the end user experience, so every single detail has to turn out as it was planned.”

A close partnershipSo how did Anton Sawicki get involved in the cultural building sector? “I have always had an interest in art. When I got involved in the Hepworth Wakefield project, it was really a turning point for me,” he explains. Located on former industrial land beside the River Calder, The Hepworth Wakefield is part of a programme of regeneration in the area. Completed in 2009, it has already received several awards and recognitions. Anton Sawicki explains that there are really two customers in these types of projects;

the customer and owner of the building, but you really have to see the architect as a customer too, and try to realise their aspirations. “During the Hepworth Wakefield project, we came up with an innovative concrete solution that was an evolution on from the original, concrete-framed structure that had been proposed. We suggested using pigmented self-compacting concrete, which had never been used before in the UK. It was a more cost effective option, but also, I think, aesthetically quite interesting, because it has a sculptural look and feel. The architect got really enthusiastic about this and we ended up going to Switzerland to look at some examples of this technique, as it was used there. It was great to be able to look at various options and discuss alternatives together. That’s what I love about these projects. Working together, coming up with innovative solutions. This is what really drives me and the design forward.” And of course, it is not only about collaboration with the customer and architect. It takes a strong and focused team effort within Ramboll too.

Creating new dimensions But do we really need these highbrow places to visit just for the fun of it? Anton Sawicki explains the value of cultural buildings in the following way: “Cultural buildings add another dimension to the area they are placed in. There’s something you can’t quantify about the value these spaces bring to peoples’ lives. How can you measure the impact of witnessing a great work of art? We don’t create these spaces solely for economic or strategic purposes, though of course these are important. We create them because they provide access to an experience that is absolutely essential to city life,” Anton Sawicki concludes. Over the past 15 years, there has been

The transformation of the Southwark area in London into a cultural hub was instigated by Tate Modern transforming a former power station into a national gallery of international modern art. The Southwark area now houses some of London’s top attractions, creative hotspots, scenic villages and acclaimed green spaces. Image: (right) Tate Modern Project Display Models 2011, copyright Herzog & de Meuron.

An interactive exhibition at the Tate Modern displays the vision for the extension of the gallery. It will create more spaces for displaying the collection, performance and installation art and learning. Images: (above) The Turbine Hall, Tate Modern 2011. (Right) Tate Modern Project Display 2011, copyright Herzog & de Meuron, Ab Rogers Design and Tate.


a focused effort to encourage people’s interest in art in the UK. A lot of initiatives and investments were made, and this has sparked an interest in the cultural sector.

Strategic use of cultural planningSo what are the wider thoughts about the strategic use of cultural planning? May Lisbeth Hølen Balkøy, Director for the Development department at Statsbygg, the Norwegian national planning authority, explains: “As the knowledge-based society emerges, culture gets a new and more central role than previously, and there is a need for more research, experimentation and learning. Stattsbygg uses cultural planning as a part of the work to map cultural historic buildings, to show possible stakeholders possibilities for usage of these buildings.” One of the largest cultural building projects for Statsbygg is the new facilities for the National museum of Art, Architecture and Design: “The goal is to create a dynamic, national research and competence centre for the visual art forms. The societal function of the National museum is to strenghen the community memory,” May Lisbeth Hølen Balkøy says. “The museum has to reach a broad spectrum of users and through its functioning increase the knowledge about and the commitment to visual art, develop the critical faculty, stimulate new realisations and create an increased historic consciousness about and respect for diversity.” Ramboll is involved in this project as consulting engineer, and Anton Sawicki and his team in the UK are a part of the project team. The combination of our local, Norwegian engineers and international experience makes up a strong, multi-disciplinary team to deliver an outstanding result to the Norwegian public.

Ramboll has provided engineering consultancy for several large-scale cultural projects, such as Ferrari World Abu Dhabi, Hepworth Wakefield Gallery, (opposite page) the Opera House in Copenhagen, Reykjavik Concert Hall and Conference Centre (HARPA) and the National museum of Art, Architecture and Design in Oslo. Management consultants from Ramboll have also performed several value estimations of cultural events such as music festivals and sporting events.Images: (from the top)copyright Ferrari World Abu Dhabi, Jaap Oekpes. (Opposite page) Adam Mørk; Nic Lehoux; Kleihues+Schuwerk, Gesellschaft von Architecten mbH, MIR Kommunikasjon and Statsbygg.

Arts and culture buildings are often conceived as artworks in themselves. They are unusual or complex forms that pose certain challenges to the structural design.

26 27annual report 2011ACTIVITIES INTER-CONNECTED

inter-connected

We often don’t think about it, but infrastructure forms the very basis for our present way of life. The world is increasingly interlinked through a complex network of financial systems, transport, energy and telecoms infrastructure.

The Fehmarnbelt tunnel and the Øresund Link are examples of infrastructure connecting our community. Ramboll’s experience from the Øresund tunnel was widely applied for the design of the immersed tunnel solution under the Fehmarnbelt. Images: Morten Larsen.

Seamless connectivity provides great opportunities for people and organisations worldwide. All over the world, cities, regions and countries are being tied closer together, resulting in an increase in trading, efficiency and value generation for society at large. This means that decisions about where to locate buildings and infrastructure are determined by the position in relation to something else - and this is often a question of accessibility. We place things according to the quality of and access to transport flows. “Being situated in transport hubs is highly in demand - previously, these were road crossings, but now access to the international level counts. This makes easy access

to major airways and intermodal transport hubs attractive,” explains Christian Wichmann Matthiessen, Professor of Geography at University of Copenhagen.

New opportunities for Fehmarnbelt regionWhen the Fehmarnbelt immersed tunnel opens in 2020, the enhanced links between the main cities in Sweden, Denmark and Germany will improve mobility across the region. This will form the basis for growth from Hamburg to the Copenhagen/Malmö region. By working across borders, strong scientific and commercial clusters will be able to attract international companies and investments. “The

Fehmarnbelt link will significantly reduce transportation times across the region. This will lead to growth and development both in the area where the link is located and in the two metropoles,” says Christian Wichmann Matthiessen. He has dealt with the Fehmarnbelt project for several years, and among other things headed an international team of researchers that has analysed the effects of a permanent link. As it was the most environmentally sound and cost effective solution, Ramboll’s innovative design for an immersed tunnel solution was chosen over a bridge, and we are now preparing the tender design and approval documents.


Securing European gas supplyIn the same way as a well functioning transport network, a stable energy supply is also essential for the continuous development of our community. In order to meet increasing gas demands and ensure a long-term reliable supply of energy, the Nord Stream pipeline was designed - establishing one of the European priority corridors for import of national gas. Nord Stream is a 1,224km twin pipeline system running from Vyborg in Russia to Greifswald in Germany, through the Baltic Sea. The pipeline represents a historic example of energy cooperation between Russia and Europe. For Ramboll, the inauguration of Line 1 in November 2011 marked a successful conclusion to a long-term project. We were an important partner to

Nord Stream AG in the planning, environmental impact assessment and permitting of the project, which involved the authorities in Russia, Finland, Sweden, Denmark and Germany. Once in full operation, the Nord Stream pipeline will have the capacity to transport up to 55 billion m3 of gas per year, which is sufficient to supply more than 26 million average European households. Ramboll is now also involved in preparations for the environmental permitting process for the South Stream project, which supports efforts to strengthen energy security in central and southern Europe. The scheme will include the construction of a 900km offshore pipeline between Russia and Bulgaria with a capacity of 63 billion m3 of natural gas per year.

Within Finland, Sweden and Norway in particular, Ramboll has been extensively involved in the establishment of the Nordic triangle transport corridor, part of EU’s TEN-T road network, linking this region closer to the rest of Europe and beyond.. There is a focused effort to improve the rail bound infrastructure across Norway. A modern high-speed railway between Trondheim and Oslo could have major impact on travelling habits.Visualisation: Ramboll.

Developing strategic road networks Improvements to the road network remain high on the European agenda, as this is a way to improve the free movement of goods and people. Within Finland, Sweden and Norway in particular, Ramboll has been extensively involved in the establishment of the Nordic triangle transport corridor, part of EU’s TEN-T road network, linking this region closer to the rest of Europe and beyond. Finland is committed to upgrading the entire E18 road to motorway standard by 2015. The E18 route connects the growing areas in southern Finland with the metropolitan area, important export trade terminals and St. Petersburg in Russia. Recent E18 projects for Ramboll include the Koskenkylä–Kotka motorway, located east of Helsinki, where we are leading

the consulting team (consisting of Sito Oy and Destia) that is responsible for the detailed design for construction. It is estimated that the 53km motorway will already be partially open to traffic in 2013. In Sweden, the E4 Sundsvall forms an important part of the Nordic triangle. Ramboll has already delivered the detailed design for the motorway section stretching north of Sundsvallsfjärden for the Swedish Road Authorities, and we are now working on the preliminary design of the southern part for our long-term partner, construction company PEAB. This section comprises 17km of highway from Myhre to Sundsvall, and includes 26 bridges of various sizes. Once the preliminary design has been completed, we will be delivering the detailed design.

High-speed rail conceptsIncreased urbanisation and road congestion, and a focus on the environment and energy consumption make railways a strong alternative to road transport for people and goods. There is currently a focused effort to improve the rail bound infrastructure across Norway, and Ramboll has assessed a possible future high-speed connection between the two cities of Oslo and Trondheim for the Norwegian National Rail Administration. “A modern high-speed railway between Trondheim and Oslo could have a major impact on travelling habits as it becomes possible to quickly travel vast distances,” says Frode Mo who headed the team consisting of staff from Ramboll in Norway and Sweden, as well as high-speed experts from

Being situated in transport hubs is highly in demand. Previously, these were road crossings, but now access to the international level is important. This makes easy access to major airways and intermodal transport hubs attractive.

– Christian Wichmann Matthiessen, Professor of Geography, University of Copenhagen

The Nord Stream and South Stream pipelines were designed in order to meet increasing gas demands and ensure a long-term reliable supply of energy in Europe. Source for map: www.gas-roads.eu.


Ramboll works according to a global delivery model, whereby we combine the expertise of our people across business units and geographies. For instance, our telecom masts and towers are designed in Denmark, produced in China, Thailand and India and supplied to customers all over the world.Images: Morten Larsen.

ILF Consulting engineers and IGV. The task was to create a basis for the decision regarding the realisation of the railway. Previously, Ramboll has been involved in similar projects in Sweden, where we conducted all investigations and assessments and undertook the conceptual design for the new high-speed line under Landvetter airport outside Gothenburg. This project is an important part of the new high- speed line between Stockholm and Gothenburg, and will lead to significantly improved links to and from these main cities and beyond.

Boosting global connectionsThe global spread of information and communication technologies has truly revolutionised the world we live in. We now have unprecedented access to information and knowledge. This has led to access to new markets, additional possibilities for doing business, and new standards for education and social interaction. Throughout India and Africa in particular, this rapid development has really picked up speed. In these markets, Ramboll is assisting this development through the design, planning,

supply and management of telecommunications infrastructure. Our customers include leading players on the market; operators such as Vodafone, Telenor, Airtel, and big equipment vendors such as Ericsson, Huawei and NokiaSiemensNetworks. Furthermore, this development has presented some excellent opportunities for cooperation across borders, also within Ramboll. We work according to a global delivery model, whereby we combine the expertise of our people across business units and geographies. For instance, colleagues in India are supplying colleagues in Denmark with calculations for building projects in a cost-competitive way; colleagues from the UK supply expertise to projects in Russia and Norway together with our local people who have vital local knowledge; and our telecom masts are designed in Denmark, produced in China, Thailand and India and supplied to customers all over the world.

32 33annual report 2011FINANCIAL STATUS ACCOUNTING POLICIES

1820 0815 19 1221 07 1316

10 0509 0414 11

02

01031706

at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in financial income and expenses in the income statement.

Intercompany loans, which are part of a net investment in subsidiaries, are not considered to be monetary items, but are considered as equity investments. The monetary fluctuations are recognised directly through equity.

The results and financial position of foreign subsidiaries and associates with a functional currency different from the presentation currency of the Group are translated into the presentation currency as follows:

• assetsandliabilitiesforeach balance sheet item presented are translated at the closing rate at the date of the balance sheet,• incomeandexpensesare translated at the dates of the transactions (or approximate average rates), and• allexchangedifferences arising from the difference between closing and average rates and between opening and closing rates are recognised as a separate component of equity.

In relation to consolidation exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity.

Company, Ramboll Group A/S, and entities in which the Parent Company has control, i.e. the power to govern the financial and operating policies generally accompanying a shareholding of more than half of the voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to Ramboll Group A/S.

The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of an acquisition over the fair value of Ramboll Group A/S’ share of the identifiable net assets acquired is recorded as goodwill.

If an investment includes deferred consideration, this is recognised at cost at the time of investment and subsequently measured at amortised cost in subsequent periods. Changes in deferred consideration are reflected in the value of goodwill.

Intercompany transactions, balances, realised and unrealised gains and losses on transactions between Group companies are eliminated.

Presentation currency and foreign currency translationThe financial statements for the Group and the Parent Company are presented in DKK thousands.

Foreign currency transactions are translated into DKK using the exchange rates prevailing

The Annual Report of Ramboll Group A/S is prepared in accordance with the provisions applicable to large enterprises in accounting class C under the Danish Financial Statements Act.

The Annual Report has been prepared under the same accounting policies as last year.

Ramboll Group A/S has chosen to deviate from the form requirements of the Danish Financial Statements Act relating to the income statement. EBITA has been inserted as a subtotal. Income from associated companies and joint ventures is presented as part of EBITA in order to provide a fair view of the Group’s operations.

Recognition and measurementOn initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each individual item below. Certain financial assets and liabilities are recognised at amortised cost. Amortised cost is stated as original cost less any principal payments plus or minus the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are amortised over the maturity. Recognition and measurement take into consideration anticipated losses and risks that arise before the time of presentation of the Annual Report and which confirm or invalidate affairs and conditions existing at the balance sheet date.

Basis of consolidationThe Consolidated Financial Statements comprise the Parent

accounting policiesBasis of preparation

01 BELGIUM, Brussels. 02 CYPRUS, Episkopi. 03 DENMARK, Copenhagen. 04 ESTONIA, Tallinn. 05 FINLAND, Helsinki. 06 GERMANY, Hamburg. 07 GREENLAND, Nuuk. 08 INDIA, Hyderabad. 09 LATVIA, Riga. 10 NORWAY, Oslo. 11 POLAND, Warsaw. 12 QATAR, Doha. 13 ROMANIA, Bucharest. 14 RUSSIA, St Petersburg. 15 SAUDI ARABIA, Riyadh. 16 SOUTH AFRICA, Pretoria. 17 SWEDEN, Stockholm. 18 SWITZERLAND, Zurich. 19 UAE, Dubai. 20 UK, London. 21 USA, New York.

country Head offices


Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the closing rate.

Derivative financial instrumentsDerivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as “Other receivables” and “Other payables”, respectively.

Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualifies as hedge accounting. Changes in fair values of derivative financial instruments, which qualify as hedge accounting, are recognised in equity. Where the expected future transaction results in the acquisition of non-financial assets, any amounts deferred under equity are transferred from equity to the cost of the asset. Where the expected future transaction results in income or expense, amounts deferred under equity are transferred from equity to the income statement in the same item as the hedged transaction.

Minority interests In the statement of Group results and Group equity, the elements of the profit and equity of subsidiaries attributable to minority interests are stated as separate items in the income statement and the balance sheet.

LeasesLeases of property, plant and equipment where substantially all the risks and rewards of ownership are transferred to the Group are classified as finance leases. Finance leases are capitalised at the lease’s inception at the lower of the fair value of the leased property and the present value of the minimum lease payments. Lease payments are allocated between the liability and finance charges so as to achieve a constant rate of interest on the finance balance outstanding. The corresponding

lease obligations, net of finance charges, are included in other long-term payables. The interest element of the finance cost is charged to the income statement. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of the asset or the lease term taking into consideration bargain purchase options.

All other leases are classified as operating leases. Payments made under operating leases are charged to the income statement over the period of the lease.

Income statementRevenueRevenue in the Group consists of the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.

The Group recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group’s activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

The Group sells services within engineering, environment, management and IT. These services are provided on a time and material basis or as a fixed-price contract, with contract terms generally ranging from less than one year up to ten years.

Revenue from time and material contracts is recognised at the contractual rates as labour hours are delivered and direct expenses are incurred.

Revenue from fixed-price contracts is recognised under the percentage-of-completion (POC) method. Under the POC method, revenue is generally recognised based on the services performed to date as a percentage of the total services to be performed.

If circumstances arise that may change the original estimates of revenues, costs or extent of progress toward completion, estimates are revised. These revisions may result in increases or decreases in estimated revenues or costs and are reflected in income during the period in which the circumstances that give rise to the revision become known by Management.

Revenue segment informationInformation is provided on service areas for the Group. The revenue by service area is based on the Group’s seven service areas. Revenue by geographical market is based on the location of the entity that owns the projects.

Project costsProject costs consist of costs directly related to projects, such as travel expenses, costs of external services and other project costs. Staff costs are not included in project costs. External costsExternal costs consist of costs such as administration, marketing, travel and accommodation, office rent, IT costs and other external costs.

Staff costsStaff costs consist of costs such as wages and salaries, pension costs and other social security benefits of employees and of the Executive and Supervisory Boards.

Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the core activities of the enterprises, including gains and losses on the sale of intangible assets and property, plant and equipment.

Financial itemsFinancial income and expenses

On acquisition of associated companies, the difference between the cost and the book net assets of the acquired company is calculated at the date of acquisition after adjustment to fair value of the identifiable assets and liabilities (purchase method). Any remaining positive balances (goodwill) are recognised as investments in associated companies in the balance sheet and amortised in the income statement on a straight-line basis over the estimated useful life of the investment.

In the Income Statement, income is recognised from associates which comprise the share of profit after tax and less amortisation of goodwill.

Joint venturesUndertakings which are contractually operated jointly with one or more other undertakings (joint ventures) and which are thus jointly controlled are recognised in accordance with the equity method.

In the Income Statement, income is recognised from joint ventures which comprise the share of profit before tax.

Impairment of assetsThe book values of both tangible and intangible assets, such as goodwill, are written down if indications of impairment are present. If the carrying amount is found to be greater than the implied fair value, then impairment has occurred and the book value of the asset is written down to its recoverable amount. The recoverable amount is the higher of the net selling price and value in use.

Other investmentsOther investments comprise listed securities, deposits and other receivables. Deposits and other receivables are measured at cost less any reduction according to individual assessment. Listed securities are recognised at fair value at the trade date and subsequently measured at market price. Fair value adjustments are recognised in the income statement.

The following useful lives are applied: Goodwill: 5-20 yearsSoftware, patents and licences: 3-7 years

Property, plant and equipment and leasehold improvementsProperty, plant and equipment and leasehold improvements are measured at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.

The following useful lives are applied:

Buildings: 10–50 yearsIT: 3 yearsPlant and equipment: 5 yearsLeasehold improvements: 1-10 years.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

Conversely, property, plant and equipment and leasehold improvements purchased for DKK 50,000 or less are expensed.

Gains and losses on disposal are determined by comparing proceeds with the carrying amount. These are included in the income statement.

AssociatesAssociates are all entities over which Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting, calculated on the basis of the Group’s accounting policies and after deduction or addition of the Group’s share of any unrealised intra-group gains or losses. Investments in associates are initially recognised at cost. Ramboll Group’s investments in associates include goodwill (net of any accumulated amortisation and/or impairment loss) identified on acquisition.

consist of interest income and expenses, foreign exchange gain or loss and other interest income and expenses.

Corporation tax and deferred taxTax consists of current tax and changes in deferred tax for the year. The tax relating to the income for the year is recognised in the income statement. Current tax receivable is recognised in the balance sheet if excess tax has been paid on account and a current tax payable is recognised if a deficiency exists.

Deferred tax is measured by using the balance sheet liability method on all temporary differences arising between the book values of assets and liabilities and the amounts used for taxation purposes. Deferred tax is not recognised on temporary differences relating to goodwill not deductible for tax purposes. Deferred tax is measured according to the tax rules and at the tax rates under the legislation at the balance sheet date that are expected to apply when the temporary differences are eliminated. Changes in deferred tax due to changes in the tax rates are recognised in the income statement.

Deferred tax assets, including the tax base of tax losses carried forward, are measured at the value at which it is expected that they can be utilised by elimination against tax on future earnings or by set-off against deferred tax liabilities.

Balance sheetIntangible assets Goodwill represents the excess of the cost of an acquisition plus costs directly attributable to the acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary/associate at the date of acquisition. Goodwill in the Group on acquisitions of subsidiaries is included in intangible assets, and is amortised over the following expected useful lives. Other intangible assets, comprising patents and licences, are capitalised and amortised over an appropriate expected useful life, within the ranges shown below.


ReceivablesAccounts receivables, trade are recognised initially at fair value and subsequently measured at cost less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Ramboll Group will not be able to collect all amounts due according to the original terms of receivables.

Work in progressWork in progress is measured at the sales price of the work performed, corresponding to direct and indirect costs incurred plus a proportionate share of the expected profit calculated on the basis of an assessment of the stage of completion. The sales price is reduced by progress billings. Invoices on account beyond the stage of completion of contracts are calculated separately for each contract and recognised as “payments from customers” under short-term liabilities.

Prepayments Prepayments consist of expenses paid relating to subsequent financial years and consist primarily of prepaid interest, rent and insurance.

EquityDividend distribution proposed by Management for the year is disclosed as a separate equity item.

ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation. Provisions are recognised for items such as legal claims, restructuring provisions, pension provisions, deferred tax provisions and any other necessary provisions.

Provision for pensionsContributions payable under defined contribution plans are recognised as an expense along with delivery of employee service giving rise to the obligation to pay the contribution.

Costs under defined benefit plans are recognised in line

with the performance of the employee services entitling the employees to the benefits. The obligation is measured at the present value of the expected pension payments attributable to the services delivered at the balance sheet date. The obligation is measured on the basis of actuarial assumptions, which are re-assessed on a regular basis.

Plan assets are recognised at their fair value at the balance sheet date. Plan assets and related obligations are presented on a net basis in the balance sheet.

Gains and losses arising from changes in actuarial assumptions are recognised in the year where they arise.

Multi-employer plans for which sufficient information is not available are treated as defined contribution plans.

Provision for claimsProvision for claims from customers concerning single projects that are not covered by insurance are recognised at their fair value at the balance sheet date.

Financial obligationsLoans from banks that are expected to be held to maturity are recognised on the date of borrowing as the net proceeds received less transaction costs incurred. In subsequent periods, the loans are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other financial obligations are measured at amortised cost, which substantially corresponds to their nominal value.

Other payablesOther payables mainly consist of salary related items (bonuses, pension, tax, holiday accruals etc.), accrued interest and not received or approved vendor invoices.

Parent CompanyInvestmentsInvestments in subsidiaries

are recognised and measured according to the equity method. Investments in subsidiaries are recognised in the Parent Company’s income statement at the proportionate share of profit.

On acquisition of subsidiaries, the difference between the cost and the book net assets of the acquired company is calculated at the date of acquisition after adjustment to fair value of the identifiable assets and liabilities (purchase method). Any remaining positive balances (goodwill) are recognised as investments in subsidiaries in the balance sheet and amortised in the income statement on a straight-line basis over the estimated useful life of the investment. The portion of the subsidiaries’ profits for the year that is not distributed as dividend becomes retained earnings according to the equity method.

Cash flowThe cash flow statement shows the Group’s cash flows for the year from operating, investing and financing activities, respectively, and also includes cash and cash equivalents at the beginning and at the end of the year. Cash flows from operating activities are presented indirectly and are calculated as the income for the year adjusted for non-cash operating items, changes in working capital and income taxes paid. Cash flows from investing activities consist of payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment, and investments. Cash flows from financing activities consist of repayments on long-term debt and increase of bank loans. Cash and cash equivalents consist of cash at bank, cash in hand and current securities with a maturity period shorter than three months, less short-term bank loans due on demand.

The cash flow statement cannot be immediately derived from the published financial statements.

Number of employees, end of year = Number of all permanent and temporary employees at the end of the year, regardless of their working hours.

Number of full time employee equivalents =

Hours registered in time sheets

Standard working hours during the year

EBITA margin =

EBITA x 100

Revenue

Operating margin (EBIT margin) =

Operating profit x 100

Revenue

Return on invested capital (ROIC) =

EBITA x 100

Average invested capital including goodwill

Return on equity (ROE) =

Profit for the year x 100

Average shareholders’ equity

Cash conversion ratio =

EBITA + Change in working capital x 100

EBITA

Equity ratio (solvency ratio) =

Shareholders’ equity x 100

Total assets

Free Cash Flow =

Cash flow from operating activities -

Investment in tangible assets, net

The financial ratios have been prepared in

accordance with the guidelines of the Danish

Society of Financial Analysts (Den Danske

Finansanalytikerforening).

FINANCIAL RATIOS

38 39annual report 2011FINANCIAL STATUS FINANCIAL STATEMENTS

income statement casH floW statement

financialstatements

Group Parent Company

Note DKK thousand 2011 2010 2011 2010

1 Revenue 6,891,200 6,074,921 89,537 76,851 Project costs (958,671) (824,347) (2,630) - External costs (1,197,685) (1,019,007) (57,896) (43,128)

2 Staff costs (4,300,408) (3,782,390) (52,985) (39,916)3 Depreciation (96,588) (76,781) (493) (574)12 Income from associates

and joint ventures 18,177 21,334

- -

EBITA 356,025 393,730 (24,467) (6,767)

3 Goodwill amortisation (116,219) (97,040) - - Other operating income 79,121 - 71,913 - Other operating costs (6,561) - - -

11 Income from subsidiaries - - 155,754 176,385 Operating profit 312,366 296,690 203,200 169,618

4 Financial income 47,953 52,944 42,399 48,4005 Financial expenses (65,635) (73,710) (48,975) (44,591)

Profit before tax 294,684 275,924 196,624 173,427

6 Tax (95,588) (99,107) 7,446 1,263 Profit before minority 199,096 176,817 204,070 174,690

Minority interest 4,974 (2,127) - - Profit for the year 204,070 174,690 204,070 174,690

Proposed profit appropriation:Proposed dividend 26,250 26,250 Retained earnings 177,820 148,440

204,070 174,690

Group

Note DKK thousand 2011 2010

Operating activities:Profit before tax 294,684 275,924 Gain from divestment of companies (78,532) -

3 Depreciation and amortisation 212,807 173,821 Income from associates and joint ventures (18,177) (21,334)Unrealised exchange gains, net 1,236 (15,956)Cash flow from operating activities before change in working capital 412,018 412,455

Change in work in progress (57,551) (9,235)Change in receivables (55,442) (110,605)Change in payments from customers 82,332 28,962 Change in payables (17,424) 70,799 Change in working capital (48,085) (20,079)

Change in provisions 23,221 (10,914)Income tax paid (55,174) (49,455)Cash flow from operating activities 331,980 332,007

Investing activitites:Investment in tangible assets, net (95,745) (175,654)

7 Acquisition of companies (202,557) (81,194)8 Divestment of companies 73,408 -

Investment in intangible assets (3,198) (6,969)Investment in other financial assets 18,902 12,519 Cash flow from investing activities (209,190) (251,298)

Financing activities:Loan payments, net (194,600) 43,348 Dividend to minority interest (351) (1,043)Dividend to shareholders (26,250) (26,250)Cash from financing activities (221,201) 16,055

Net cash flow for the year (98,411) 96,764

Total cash and cash equivalents at 1 January 509,023 399,774 Net cash flow for the year (98,411) 96,764 Exchange rate adjustments (12,160) 12,485 Total cash and cash equivalents at 31 December 398,452 509,023

40 41annual report 2011FINANCIAL STATUS FINANCIAL STATEMENTS

Balance sHeet, assets Balance sHeet, equity and liaBilities


Note DKK thousand 31.12.2011 31.12.2010 31.12.2011 31.12.2010

Goodwill 901,008 839,023 - - Software, licences, patents etc. 10,438 13,861 - 43

9 Intangible assets 911,446 852,884 - 43

Property 35,088 13,208 - - Plant and equipment 226,431 217,366 1,400 1,384 Leasehold improvements 38,788 35,751 - -

10 Property, plant and equipment 300,307 266,325 1,400 1,384

11 Investments in subsidiaries - - 1,588,504 1,360,461 12 Investments in associates

and joint ventures

39,225 35,144 290 290Amounts owed by subsidiaries - - 453,752 380,232

13 Other investments 5,644 5,816 187 187 Other receivables 823 6,118 - -

14 Deposits 28,634 28,103 - - Investments 74,326 75,181 2,042,733 1,741,170

Total fixed assets 1,286,079 1,194,390 2,044,133 1,742,597

Accounts receivables, trade 1,313,093 1,160,136 28,193 11,709 15 Work in progress 501,587 442,822 134 -

Other receivables 67,809 99,050 1,097 266 Amounts owed by subsidiaries - - - 96,878 Amounts owed by associates 1,890 - - - Tax receivables 18,558 91,648 28,221 32,086

6 Deferred tax assets 19,253 - 4,710 2,681Prepayments 142,817 122,549 1,773 2,498 Receivables 2,065,007 1,916,205 64,128 146,118

Cash at bank and in hand 398,452 509,023 224,257 186,531

Total current assets 2,463,459 2,425,228 288,385 332,649

Total assets 3,749,538 3,619,618 2,332,518 2,075,246


Note DKK thousand 31.12.2011 31.12.2010 31.12.2011 31.12.2010

16 Share capital 35,000 35,000 35,000 35,000 Retained earnings 1,432,498 1,259,344 1,432,498 1,259,344 Proposed dividend 26,250 26,250 26,250 26,250

17 Shareholders' equity 1,493,748 1,320,594 1,493,748 1,320,594

Minority interest 4,094 9,967 - -

18 Provision for pensions 27,716 6,209 - - 6 Provision for deferred tax 132,390 105,760 - -

Provision for claims, etc. 42,570 30,492 - - Total provisions 202,676 142,461 - -

Bank loans - 304,887 - 298,176 Amounts owed to associates - 162 - - Other payables 28,960 15,701 - -

19 Total long-term liabilities 28,960 320,750 - 298,176

Bank loans 115,442 1,418 114,912 - 15 Payments from customers 470,954 389,939 - -

Trade payables 261,538 236,729 26,864 2,698 Amounts owed to subsidiaries - - 610,359 383,155 Amounts owed to associates 2,190 4,339 - - Corporation tax 79,423 112,701 27,512 - Other payables 1,090,513 1,080,720 59,123 70,623 Total short-term liabilities 2,020,060 1,825,846 838,770 456,476

Total liabilities 2,049,020 2,146,596 838,770 754,652

Total liabilities and shareholders' equity 3,749,538 3,619,618 2,332,518 2,075,246

20 Contingent liabilities21 Operational lease obligations22 Auditors' fee23 Related parties and ownership24 Financial risk management

42 43annual report 2011FINANCIAL STATUS NOTES

notes dkk tHousand

Group

Note 1 - Segment information 2011 2010

Revenue by service area:Buildings & Design 2,356,505 2,100,705 Infrastructure & Transport 1,803,566 1,540,008 Industry & Oil/Gas 748,126 615,587 Environment & Nature 689,106 568,183Energy & Climate 495,689 368,661 IT & Telecom 400,129 470,158 Management & Society 398,079 411,619

6,891,200 6,074,921 Revenue by geographical area:Denmark 2,559,533 2,375,831 Norway 1,375,834 1,133,361 Sweden 1,222,700 1,053,733 Finland 726,144 631,867 UK 494,717 294,219 Middle East 203,442 210,215 Russia 93,312 156,995 Rest of Europe 112,051 101,815 Rest of the world 103,467 116,885

6,891,200 6,074,921


Note 2 - Staff costs 2011 2010 2011 2010

Employees:Wages and salaries (3,630,960) (3,210,231) (31,566) (22,851)Pension costs (285,833) (253,939) (3,243) (2,494)Other social security costs (365,951) (304,374) (512) (725)

(4,282,744) (3,768,544) (35,321) (26,070)

Executive Board (15,664) (12,096) (15,664) (12,096)Board of Directors (2,000) (1,750) (2,000) (1,750)

(4,300,408) (3,782,390) (52,985) (39,916)

Number of employees:Number of employees end of year 9,521 8,970 40 38 Number of full time employee equivalents 8,718 8,229 38 33


Note 3 - Depreciation and amortisation 2011 2010 2011 2010

Software, licences, patents etc. (6,556) (7,711) (43) (48)Leasehold improvements (5,427) (4,610) - - Property (2,012) (341) - - Plant and equipment (82,593) (64,119) (450) (526)Depreciation (96,588) (76,781) (493) (574)see note 9 and 10

Goodwill (116,219) (97,040) - - Goodwill Amortisation (116,219) (97,040) - - see note 9

Depreciation and amortisation (212,807) (173,821) (493) (574)


Note 4 - Financial income 2011 2010 2011 2010

Interest income from subsidiaries - - 18,998 16,798 Interest income from securities 9 - - - Foreign exchange gain 27,893 47,912 19,639 30,693 Interest income, external 13,183 3,840 2,335 739Other financial income 6,868 1,192 1,427 170

47,953 52,944 42,399 48,400


Note 5 - Financial expenses 2011 2010 2011 2010

Interest expense to subsidiaries - - (5,718) (1,371)Foreign exchange loss (33,241) (36,260) (20,374) (16,560)Interest expense, external (28,150) (30,535) (22,828) (26,515)Other financial expenses (4,244) (6,915) (55) (145)

(65,635) (73,710) (48,975) (44,591)


Group

Note 8 - Divestment of companies 2011 2010

Fixed assets 19,916 - Work in progress 4,455 - Operating receivables 43,110 - Cash and cash equivalent 30,692 - Long-term liabilities (156) - Current liabilities (72,449) - Gain from divestment of companies 78,532 - Sales price 104,100 -

Cash in divested companies (30,692) - Divestment of companies 73,408 -


Note 9 - Intangible assets Goodwill Intangible assets Goodwill Intangible assets

2011

Opening cost 1,300,486 53,533 - 143 Additions from acquired companies 162,358 668 - - Additions - 3,093 - - Disposals from divested companies (35,905) - - -Disposals - (1,530) - - Exchange rate and other adjustments 43,018 (218) - - Closing cost 1,469,957 55,546 - 143

Opening amortisation (461,463) (39,672) - (100) Disposals from divested companies 19,198 - - -Disposals - 995 - - Amortisation for the year (116,219) (6,556) - (43) Exchange rate and other adjustments (10,465) 125 - - Closing amortisation (568,949) (45,108) - (143)

Book value at 31 December 901,008 10,438 - -

Amortisation period (years) 5-20 3-7 - 3

2010

Opening cost 1,117,173 46,852 - 143 Additions 72,291 7,015 - - Disposals (1,985) (552) - - Exchange rate and other adjustments 113,007 218 - - Closing cost 1,300,486 53,533 - 143

Opening amortisation (342,840) (33,404) - (52)Disposals 1,985 164 - - Amortisation for the year (97,040) (7,711) - (48)Exchange rate and other adjustments (23,568) 1,279 - - Closing amortisation (461,463) (39,672) - (100)

Book value at 31 December 839,023 13,861 - 43

Amortisation period (years) 5-20 3-7 - 3

Group

Note 7 - Acquisition of companies 2011 2010

Fixed assets (32,167) (4,504)Work in progress (5,216) (2,764)Operating receivables (123,254) (27,380)Cash and cash equivalent (45,553) (17,430)Long-term liabilities 1,418 5,432 Current liabilities 119,020 16,513 Group goodwill (162,358) (72,291)Purchase price (248,110) (102,424)

Cash in acquired companies 45,553 17,430 Deferred consideration - 3,800 Acquisition of companies (202,557) (81,194)


Note 6 - Tax 2011 2010 2011 2010

Current tax on profit for the year (90,551) (76,654) 4,865 3,908 Current deferred tax (movements in deferred tax) (7,848) (22,463) 2,029 200 Adjustments in respect of prior years 1,976 3,348 (283) 493 Tax for the year (96,423) (95,769) 6,611 4,601

Tax for the year is allocated in the following way:Tax on profit for the year (95,588) (99,107) 7,446 1,263 Tax on equity movements (835) 3,338 (835) 3,338 Tax for the year (96,423) (95,769) 6,611 4,601

Deferred tax:Goodwill 760 382 - - Licences (291) (614) - - Plant and equipment 5,777 5,945 407 410 Leasehold improvements 195 (206) - - Accounts receivable, trade 3,272 9,362 - - Work in progress (144,463) (131,056) - - Deferred expenses (4,050) (883) 445 2,271 Provisions 25,663 11,310 3,858 - Total deferred tax (113,137) (105,760) 4,710 2,681

Recognised in balance sheet as follows:Deferred tax, assets 19,253 - 4,710 2,681 Deferred tax, liabilities (132,390) (105,760) - - Deferred tax is allocated using the actual tax rate.

Ramboll Group A/S is jointly taxed with its domestic subsidiaries. As the management company of the joint taxation, the parent company provides for the aggregate Danish tax payable on the taxable income of these subsidiaries. The jointly taxed companies are included in the scheme for payment of tax on account. The domestic subsidiaries are only liable for the income tax, which relates to the income allocated to those companies. When the management company has received the tax payments from the domestic subsidiaries, the management company takes over this liability.



Note 10 - Property, plant and equipment Property Plant and equipment

Leaseholdimprovements

Property Plant and equipment

Leaseholdimprovements

2011

Opening cost 14,491 701,087 68,691 - 3,348 - Additions from acquired companies 24,693 6,806 - - - - Additions 16 99,309 9,353 - 650 - Disposals from divested companies - (26,045) (8,602) - - - Disposals (856) (32,373) (876) - (470) - Exchange rate and other adjustments 18 2,531 (295) - - - Closing cost 38,362 751,315 68,271 - 3,528 -

Opening depreciation (1,283) (483,721) (32,940) - (1,964) - Disposals from divested companies - 23,080 8,358 - - - Disposals 89 20,700 584 - 286 - Depreciation for the year (2,012) (82,593) (5,427) - (450) - Exchange rate and other adjustments (68) (2,350) (58) - - -Closing depreciation (3,274) (524,884) (29,483) - (2,128) -

Book value at 31 December 35,088 226,431 38,788 - 1,400 -

Depreciation period (years) 10-50 3-5 1-10 - 3-5 -

The net book value of finance leases amount to DKK 8,777 thousand.

2010

Opening cost 12,889 614,887 38,141 - 4,096 - Opening adjustment - (64,334) - - - - Additions from acquired companies - 4,504 - - - - Additions 1,589 153,510 31,937 - - - Disposals (191) (27,309) (2,119) - (748) - Exchange rate and other adjustments 204 19,829 732 - - - Closing cost 14,491 701,087 68,691 - 3,348 -

Opening depreciation (933) (491,542) (28,472) - (2,050) - Opening adjustment - 64,334 - - - - Disposals - 21,570 466 - 612 - Depreciation for the year (341) (64,119) (4,610) - (526) - Exchange rate and other adjustments (9) (13,964) (324) - - - Closing depreciation (1,283) (483,721) (32,940) - (1,964) -

Book value at 31 December 13,208 217,366 35,751 - 1,384 -

Depreciation period (years) 10-50 3-5 1-10 - 3-5 -

The net book value of finance leases amount to DKK 11,637 thousand.

Parent Company

Note 11 - Investment in subsidiaries 2011 2010

Opening cost 1,475,349 1,402,869 Additions 219,713 15,868 Disposals (2,500) -Exchange rate and other adjustments 5,043 56,612 Closing cost 1,697,605 1,475,349

Opening revaluation (114,888) (81,012)Share of profit for the year 184,877 203,780 Dividend paid (131,798) (265,048)

Disposals (5,956) -Amortisation group goodwill (29,123) (27,395)Exchange rate and other adjustments (12,213) 54,787 Closing revaluation (109,101) (114,888)

Book value at 31 December 1,588,504 1,360,461

Specification of Parent Company's shareholdings in group companies % of capital and votes

Share capital

DKK thousand

Name and registered officeDirectly ownedRambøll Danmark A/S, Copenhagen, Denmark 100 35,000 Ramböll Sverige AB, Stockholm, Sweden 100 125 Rambøll Norge AS, Oslo, Norway 100 3,835 Ramboll Finland Oy, Helsinki, Finland 100 1,784 Rambøll Management Consulting A/S, Copenhagen, Denmark 100 2,500 Ramboll UK Holding Ltd., London, United Kingdom 100 160,200 Ramboll Eesti AS, Tallinn, Estonia 100 476 ZAO Ramboll, St Petersburg, Russia 65 2,137 Ramboll Polska Sp. z o.o., Warsaw, Poland 100 1,668 Ramboll Singapore Pte Ltd, Singapore 100 79,669 Ramboll Whitbybird Australia Pty Ltd., Queensland, Australia 100 0 Ramboll Ireland Ltd., Dublin, Ireland 100 1

Equity in subsidiaries, DKK 1,262,277 thousand, and booked value of goodwill,

DKK 326,227 thousand amount to DKK 1,588,504 thousand.



Note 15 - Work in progress 2011 2010 2011 2010

Selling price of production 8,372,849 7,969,216 1,637 -Invoicing on account (8,342,216) (7,916,333) (1,503) -Contract work in progress, net 30,633 52,883 134 -

Recognised in balance sheet as follows:Contract work in progress 501,587 442,822 134 -Payments from customers 470,954 389,939 - -


Note 12 - Investments in associates and joint ventures

2011 2010 2011 2010

Opening cost 6,322 11,093 290 - Opening adjustment - (3,010) - - Additions 1,235 971 - - Disposals (992) (2,796) - 290 Exchange rate and other adjustments 27 64 - - Closing cost 6,592 6,322 290 290

Opening revaluation 29,112 15,003 - - Opening adjustment - 3,010 - - Profit for the year 18,177 21,334 - - Dividend paid (14,656) (13,202) - - Exchange rate and other adjustments - 2,677 - - Closing revaluation 32,633 28,822 - -

Book value at 31 December 39,225 35,144 290 290

Associates Registred office

% of capital and votes

Equity DKK thousand

Profit for the year DKK thousand

L&T Ramboll Consulting Engineers Ltd. *India 50 45,078 14,179 ViaNova Systems Danmark A/S **Aarhus, DK 35 1,500 5 Odeon A/S ***Lyngby, DK 22 1,526 258 Fehily Timoney Ramboll Limited **Cork, Ireland 50 333 (89) Georent i Sverige AB **Täby, Sweden 50 1,493 2 Element Energy Ltd. **UK 33 - - Carrig Stone Consultants Ltd. **UK 50 - - Ramboll Italia S.R.L ****Italy 35 775 -

*Annual Report 31 March 2011 **Annual Report for 2010***Annual Report 30 September 2011****Annual Report for 2011 not compiled yet

A list of Joint Ventures can be found on page 53 of the Annual Report.

Group

Note 14 - Deposits 2011 2010

Opening cost 28,103 41,113

Additions 3,711 8,043 Disposals (2,935) (22,001)Exchange rate and other adjustments (245) 948 Book value at 31 December 28,634 28,103


Note 13 - Other investments 2011 2010 2011 2010

Opening cost 5,816 2,920 187 187 Additions 893 2,883 - - Disposals (1,080) (64) - - Exchange rate and other adjustments 15 77 - - Book value at 31 December 5,644 5,816 187 187

Note 16 - Share capital 2011 2010 2009 2008 2007

The share capital of DKK 35,000,000 consists of 350,000 shares with a nominal value of DKK 100 each or multiples thereof. None of the shares carry any special rights.

Number of shares 350,000 350,000 350,000 350,000 35,000 Nominal value 100 100 100 100 1,000 Share capital, DKK thousand 35,000 35,000 35,000 35,000 35,000



Note 19 - Long-term liabilities 2011 2010 2011 2010

Due after 5 years 1,134 - - -Due 1-5 years 27,826 320,750 - 298,176 Book value 31 December 28,960 320,750 - 298,176

Of which finance leases 6,008 8,336 - -


Note 20 - Contingent liabilities 2011 2010 2011 2010

Pension commitments 3,058 1,153 - - Surety given, subsidiaries 154,922 200,308 154,922 199,419Performance and payment bonds 204,185 163,124 - - Contract sum joint ventures 3,109,439 2,666,878 - - Other contingent liabilities 75,759 57,024 - -

3,547,363 3,088,487 154,922 201,429

The Group has some lawsuits. Management confirms that they are not expected to have material effect on the Group's financial statements.


Note 21 - Operational lease obligations 2011 2010 2011 2010

Operational lease obligations:Due within 1 year 37,343 24,188 205 244Due within 1 to 5 years 40,496 23,396 - 253

Rent obligations:Due within 1 year 286,050 244,372 - - Due within 1 to 5 years 993,463 778,395 - - Due after 5 years 851,283 873,683 - -

Note 17 - Shareholders’ equity Shared capital

Retained earnings

Proposed dividend Total

Total equity at 1 January 2010 35,000 1,009,523 26,250 1,070,773 Exchange rate adjustments related to foreign subsidiaries and associates - 111,473 - 111,473 Value adjustment of hedging instruments - (13,430) - (13,430)Tax effects - 3,338 - 3,338 Paid dividend - - (26,250) (26,250)Proposed dividend - (26,250) 26,250 - Profit for the year - 174,690 - 174,690 Book value at 31 December 2010 35,000 1,259,344 26,250 1,320,594

Exchange rate adjustments related to foreign subsidiaries and associates - (7,170) - (7,170) Value adjustment of hedging instruments - 3,339 - 3,339 Tax effects - (835) - (835) Paid dividend - - (26,250) (26,250) Proposed dividend - (26,250) 26,250 - Profit for the year - 204,070 - 204,070 Book value at 31 December 2011 35,000 1,432,498 26,250 1,493,748

Note 18 - Provision for pensions

Defined benefit plans are established for several of Ramboll employees in the UK and Sweden, in which pension assets are transferred to a separate pension fund. At the balance sheet date, the value of the pension assets do not cover the estimated values of the pension liabilities and therefore, a provision of DKK 27.7 million has been included in the balance sheet.


Forth Design Joint Venture I/S, Copenhagen, Denmark, 40%. Rambøll Arup Dorsch Joint Venture, Copenhagen, Denmark, 100%. Joint Venturet Rambøll Atkins, Copenhagen, Denmark, 50%. JV RDK - RRO - Halcrow, Romania, 20%. Rådgivergruppen DNU I/S, Aarhus, Denmark, 17%. Rambøll - Arup - Tec Joint Venture I/S, Copenhagen, Denmark, 50%. Rambøll - Arup - Vectura JV I/S, Copenhagen, Denmark, 44%. Rambøll - Atkins - Emch + Berger - Parsons Joint Venture, Copenhagen, Denmark, 34%. Ramboll - EIR - LDK - EREC joint Venture, Ukraine, 20%. Rambøll - Gifford - Grontmij - LAP, England, 40%. Rambøll - Halcrow - Consilier Joint Venture, Romania, 24%. Ramboll - Niras - BT Engineering joint venture, Bulgaria, 33%. Rambøll - Niras - Ecopro, Bulgaria, 50%. Rambøll Arup Joint Venture, Copenhagen, Denmark, 75%. JV Ramboll, Balslev, DEEP Underground Engineering, Copenhagen, Denmark, 50%. Consortium Ecostiler, Denmark, 3%. Consortium Aqua BG Blagoevgrad, Bulgaria, 19%. Infobiz Rambøll Proline Joint Venture, Turkey, 18%. Niras Bora Rambøll Safege Siat Joint Venture, Bulgaria, 18%. Mott MacDonald Rambøll TEC Ostc Milleu JV, England, 22%. Ramboll - Hydroconseil, Mali, 40%. Rambøll, Fichtner, PM Joint Venture, Romania, 23%. Consortium Rambøll, Naturebureau, Croatia, 52%. Unisamarbejds: Nanosystems for early Dianosis of Neuro., Denmark, 2%. Universitetssamarbejde, Belgium, 15%. SEMANCO, Spain, 12%. JV Alter-Ramboll, Turkey, 9%. Rambøll C.F.Møller, Denmark, 50%.

FINANCIAL STATUS NOTES


Note 22 - Auditors’ fee 2011 2010 2011 2010

Statutory audit:Fees to PricewaterhouseCoopers 4,851 3,796 400 300 Fees to other audit firms 640 482 - - Total fees 5,491 4,278 400 300

Other statements with assurance:Fees to PricewaterhouseCoopers 204 309 - - Fees to other audit firms 305 161 - - Total fees 509 470 - -

Tax consultancy:Fees to PricewaterhouseCoopers 1,099 831 214 516 Fees to other audit firms 1,207 508 74 12 Total fees 2,306 1,339 288 528

Other services:Fees to PricewaterhouseCoopers 1,700 1,213 554 388 Fees to other audit firms 390 407 5 17 Total fees 2,090 1,620 559 405

Note 23 - Related parties and ownership

TransactionsRelated parties comprise Rambøll Fonden, Board of Directors, Executive Board, Managers and other key employees, subsidiaries and associates. Transactions have been conducted on commercial terms.

OwnershipRamboll Group A/S is controlled by Rambøll Fonden (The Ramboll Foundation), Hannemanns Allé 53, 2300 Copenhagen S, Denmark which owns 97% of the shares. The board of the Ramboll Foundation consist of present and former employees. Employees in Ramboll own the rest of the shares, 3%.

Number of shares at 31 December 2011:Owned by the Foundation 338,443 97%Owned by employees 11,557 3 %

350,000

Note 24 - Financial risk management

Liquidity riskAt year-end 2011, Ramboll had a strong financial position with a net cash position of DKK 271 million (2010: DKK 187 million), a committed funding facility of DKK 1 billion running until September 2012 and a DKK 100 million overdraft facility.

Subsequent to 31 December 2011, Ramboll has entered into a loan agreement with Nordic Investment Bank of DKK 75 million. The loan has a 4 year maturity, with the possibility of an additional 4 years. In addition, it is the expectation that a new 5 year committed funding facility will be signed before the end of Q1 2012. Interest rate riskThe Group’s debt to credit institutions amounts to DKK 115 million (2010: DKK 306 million) and consists of floating rate bank loans in recognised credit institutions.

The interest rate risk policy is to hedge between 30-70% of all Group debt. Hedging maturity is between 2 and 10 years. At the end of 2011, all debt was hedged by interest swap agreements. Currency riskThe Group’s transaction currency risk exposure is limited by the fact that payments received and made in each country are primarily performed in the same local currency. However, Ramboll is contracting international projects in which payments are received and made in different currencies. Ramboll’s currency risk policy aims to secure significant amounts in foreign currencies through hedging transactions. In addition to the transaction risk related to international projects, the Group is exposed to risk relating to translation of income statements and equity of foreign subsidiaries into DKK, and intercompany items such as loans, royalties, management fees and interest payments between entities with different functional currencies. Currently, currency exposure on foreign investments and intercompany loans are not hedged. The Group also has a currency risk to the extent that borrowings and interest payments are not denominated in the same currencies as the Group’s operating income. Most of the external loans are in DKK to reflect the group’s main cash flows. Operating cash is being held mainly in DKK, EUR, SEK, GBP and NOK accounts. All currencies used in more than one territory are collected in cash pools to minimise the overall cost. Credit risk Ramboll aims to limit credit risks by assessing new customers with the Business Integrity Management System (BIMS) and by requiring payments in advance on projects when possible. The Group have methods and procedures to constantly monitor the economic status of projects ensuring adherence to budgets. A quality control system has been implemented to monitor the total project quality from start to completion.

Joint Ventures

54 55annual report 2011FINANCIAL STATUS MANAGEMENT’S STATEMENT AND INDEPENDENT AUDITOR’S REPORT

As Group Executives and Board of Directors of Ramboll Group A/S, we have today appraised and approved the Annual Report for the financial year 2011.

The Annual Report has been prepared in accordance with the Danish Financial Statements Act. We consider the accounting policies applied appropriate and the accounting estimates made reasonable.

In our opinion, the Consolidated Financial Statements and the Financial Statements for the Parent Company give a true and fair view of the financial position at 31 December 2011 of the Group and the Parent Company and of the results of the Group and Parent Company operations and the Group’s consolidated cash flows for the financial year 1 January 2011 - 31 December 2011.

In our opinion, the Directors’ Report includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Company.

We recommend the Annual Report to be adopted and endorsed at the Annual General Meeting.

Copenhagen, 5 March 2012

To the Shareholders of Ramboll Group A/S Report on Consolidated Financial Statements and Parent Company Financial StatementsWe have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Ramboll Group A/S for the financial year 1 January - 31 December 2011, which comprise the income statement, balance sheet, notes and accounting policies, for the Group as well as for the Parent Company. Furthermore, the Consolidated Financial Statements comprise Cash Flow Statements. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared in accordance with the Danish Financial Statements Act.

Management’s Responsibility for the Consolidated Financial Statements and the Parent Company Financial StatementsManagement is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Consolidated Financial Statements and Parent Company Financial Statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements based on our audit.

Executive BoardFlemming Bligaard Pedersen, Chief Executive OfficerMichael Rosenvold, Chief Financial OfficerKnut Akselvoll, Group Executive Director, Country UnitsSøren Holm Johansen, Group Executive Director,Markets and Global Practices

Board of DirectorsPeter Højland, ChairmanNiels de Coninck-SmithSten ScheibyeØyvind IsaksenPer NielsenJeff GravenhorstFlemming KochSteen Nørbæk MadsenMette Thiel

We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Consolidated Financial Statements and the Parent Company Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Consolidated Financial Statements and the Parent Company Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Consolidated Financial Statements and the Parent Company Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Consolidated Financial

Statements and the Parent Company Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. The audit has not resulted in any qualification.

OpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2011 and of the results of the Group’s and the Parent Company’s operations and the Group’s cash flows for the financial year 1 January - 31 December 2011 in accordance with the Danish Financial Statements Act.

Statement on Director’s ReportWe have read the Director’s Report in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the audit of the Consolidated Financial Statements and the Parent Company Financial Statements. On this basis, in our opinion, the information provided in Management’s Review is consistent with the Consolidated Financial Statements and the Parent Company Financial Statements.

Copenhagen, 5 March 2012

PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab

Jesper Edelbo, State Authorised Public AccountantBo Schou-Jacobsen, State Authorised Public Accountant

management’s statement on tHe annual report

independent auditor’s reports

56 57annual report 2011FINANCIAL STATUS BOARD OF DIRECTORS AND EXECUTIVE BOARD

Board of directors eXecutive Board

PETER HØJLAND, BSc in International Business, Chairman, Chairman of the boards of Bikuben Fondene, Copenhagen Capacity - Fonden til Markedsføring og Erhvervsfremme i Hovedstadsregionen, Soldaterlegatet and Siemens A/S, on the boards of Danske Bank A/S, Frederiksberg Fonden, Danish Trade Council and The Denmark-America Foundation, Hjerteforeningen, Markedsførings Fonden for Danmark and Nordic Vision Clinics AS. STEN SCHEIBYE, MSc, PhD, B.Comm., Chairman of the boards of Novo Nordisk A/S, Technical University of Denmark (DTU), Danish Trade Council, The Danish Industry Foundation and The Denmark-America Foundation. Vice Chairman of the board of the Danish Fulbright Commission. Member of the boards of DADES A/S, Gambro AB, The Aase og Ejnar Danielsen Foundation, The Knud Højgaard Foundation, RM Rich. Müller A/S, The Rich. Müller Foundation, Soldaterlegatet. Advisor to Investor AB. NIELS DE CONINCK-SMITH, MSc and MBA, Chairman of the boards of Royal Greenland A/S, Orifarm A/S and Encase Limited. Member of the boards of Dovista A/S, Decon Advisory Limited and Nordic Aviation Capital A/S. ØYVIND ISAKSEN, MSc. (PhD), President and CEO of Q-Free ASA, Chairman of the Board of EPSIS AS. PER NIELSEN, MSc (Eng), Member of the boards of Infobric AB, Waterjet AB, European International Contractors EIC, Swedish Society of Civil and Structural Engineers (SvR), DPR FCI Construction AB. Senior Advisor to NCC AB. JEFF GRAVENHORST, MSc Bus. Adm. and Auditing, Group CEO of ISS A/S, Member of the boards of Danish Crown Holding A/S, Danish Crown AMBA and Statsaut. revisor Ove Haugsted og hustru Lissi Haugsteds familiefond. METTE THIEL, MSc, PhD (Struct. Eng)*, Senior Project Director, Rambøll Danmark A/S. FLEMMING KOCH, BSc (Eng)*, Project Director, Rambøll Danmark A/S. STEEN NØRBÆK MADSEN, BSc (Eng)*, Head of Department, Rambøll Danmark A/S, employee representative at the board of Rambøll Danmark A/S. *Elected by the employees.

FLEMMING BLIGAARD PEDERSENMSc (Civil & Struct. Eng), PhD (Struct. dynamics)Managing Director and Chief Executive Officer, Ramboll Group A/S until 31 March 2012Member of the Permanent Committee on Business Policies of the Confederation of Danish Industry

SØREN HOLM JOHANSENMSc (Econ)Executive Director, Markets and Global Practices, Ramboll Group A/SMember of the board of Federation of Danish Knowledge Advisors

KNUT AKSELVOLLMSc (Mech. Eng.), PhD (Mech. Eng.)Executive Director, Country Units, Ramboll Group A/S

MICHAEL ROSENVOLDMSc (Business Economics and Auditing)Chief Financial Officer, Ramboll Group A/SMember of the Permanent Committee on Tax Policy of the Confederation of Danish Industry

JENS-PETER SAULMSc (Eng)Managing Director and Chief Executive Officer, Ramboll Group A/S from 1 April 2012

NON-EXECUTIVE DIRECTORSFrom left: Jeff Gravenhorst Sten Scheibye Øyvind Isaksen Peter Højland (Chairman) Per Nielsen Flemming Koch Mette Thiel Niels de Coninck-Smith Steen Nørbæk MadsenImage: Morten Larsen.

EXECUTIVE DIRECTORS From left: Michael RosenvoldSøren Holm JohansenJens-Peter SaulFlemming Bligaard Pedersen Knut AkselvollImage: Morten Larsen.

58 FINANCIAL STATUS GROUP DIRECTORS’ FORUM

group directors’ forum

FLEMMING BLIGAARD PEDERSEN, Group Chief Executive Officer (until 31 March 2012)JENS-PETER SAUL, Group Chief Executive Officer (from 1 April 2012)SØREN HOLM JOHANSEN, Group Executive Director, Markets and Global PracticesKNUT AKSELVOLL, Group Executive Director, Country UnitsMICHAEL ROSENVOLD, Group Chief Financial OfficerROBERT ARPE, Managing Director, DenmarkBENT JOHANNESSON, Managing Director, SwedenOLE-PETTER THUNES, Managing Director, NorwayMARKKU MOILANEN, Managing Director, FinlandCHARLES MCBEATH, Managing Director, United KingdomJOHN SØRENSEN, Managing Director, Oil & GasTHOMAS RAND, Managing Director, EnergyJØRGEN LAUSTSEN, Managing Director, TelecomTONNY JOHANSEN, Managing Director, Management ConsultingLARS OSTENFELD RIEMANN, Group Market Director, BuildingsALAN PAULING, Group Market Director, TransportNEEL STRØBÆK, Group Market Director, Environment

Editors: Flemming Bligaard Pedersen and Michael RosenvoldGroup Finance and Accounting: Lars Devantier Kallestrup and Charlotte MersebachGroup Communications and Branding: Birgitte Koch Jacobsen and Roos Nederveen JørgensenArt Director: Pia Ursin Hollingdale Printers: Cool Gray A/S.

Ramboll is a leading engineering, design and consultancy company founded in Denmark in 1945. Today, we employ close to 10,000 experts and we constantly strive to achieve inspiring and exacting solutions that make a genuine difference to our customers, the end-users and society as a whole. Ramboll has a significant presence in Northern Europe, Russia, India and the Middle East. With more than 200 offices in 21 countries, we emphasise local experience combined with a global knowledge-base. www.ramboll.com

WWW.RAMBOLL.COM

ar2011 final opt

Documents

future development of

global solutions

future projects

ramboll group

global community

future developments

global player

group ceo