ICT AUTOMATISERING N.V. - jaarverslagICT Automatisering N.V. is an ambitious, indepen-dently operating stock-listed ICT company with offices in the Netherlands, Germany and Poland

ICT AUTOMATISERING N.V.

Annual Report 2008

ICTAdvanced Thinking

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1. ProfileICT 4

2.ICTinfigures 8

3. Strategy&Objectives 10

4.InformationonICTshares 12

5.MembersoftheSupervisoryBoardandExecutiveBoard 16 ReportoftheSupervisoryBoard 18

6.CorporateGovernance 20

7.ReportoftheExecutiveBoard 26 Introduction 27 Financialdevelopments 27 Prospects 28 Directors’declaration 28 ICTEmbedded 29 ICTSolutions 32 ICTConsultancy 34 ICTGermany 35 OrganisationandPersonnel 36

8. Financialstatements2008 38 Consolidatedbalancesheeton31December2008 40 Consolidatedprofitandlossaccountfor2008 41 Consolidatedchangesoftheshareholders’equityon31December2008 42 Consolidatedcashflowstatementfor2008 43 Notestotheconsolidatedfinancialstatements 449. Companyfinancialstatements2008 80 Companybalancesheetper31December2008 82 Companyprofitandlossaccountover2008 83 NotestotheCompanybalancesheet 8310.Otherinformation 90 Proposedapproprationofprofit 91 Auditor’sreport 93 Five-yearfinancialsummary 94

Contents

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Chapter 1: Profile ICT

Company Profile ¹)

¹) In case there are interpretation differences between the original Dutch financial statements and the English translation, the Dutch financial statements are prevailed.

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ICT Automatisering N.V. is an ambitious, indepen-dentlyoperatingstock-listedICTcompanywithofficesin the Netherlands, Germany and Poland. Around1,000employeesintheorganisationworkonsociallyrelevant solutions and products, in which the mostrecent technologicaldevelopmentsplayan importantrole. As a result, we are currently one of the largestindependentDutchsoftwaredevelopers.

The ICT Group has four divisions: ICT Embedded(embedded software is softwarewhich formspartofand is built into third party products), ICT Solutions(technicalcomputerisation),ICTConsultancy(advisoryservicesinthefieldofrequirementsengineering,archi-tecture,qualityassurance,configurationmanagementand testing) and ICT Germany (embedded softwareandtechnicalcomputerisation).

The Embedded Division, since company founding in1978, has developed into a prominent player in thefield of embedded software. The Solutions Divisionmaintains its leading position through its specialistknowledgeof automatedprocesses. The ICTConsul-tancy Division too, which consists of ICT NoviQ andImprove Quality Services, with its own specialistknowledgeandexpertise,hasbuiltupasolidreputationincompany-selectedmarkets.ICTGermanyhasshownstronggrowththroughanumberofsuccessfulacqui-sitions and good autonomous growth. In 2008 theICT Group added !Zip, with offices in Neustadt andKarlsruhe.ICTGermanyfocusesontheautomotiveandmanufacturingsectors.SinceOctober2008allactivitiesinGermanyhavebeencarriedoutunderthenameICTSoftwareEngineeringGmbH.

Specialist and specific work

TheICTGroupisaspecialistorganisation,dedicatedtothe technical software development market. To mosteffectivelyservethemarket,thecompanyconcentratesonselectedsectors:

•Communications&MultiMedia•Defence•Healthcare•Logistics•Manufacturing(ICTProcos)•Traffic&Automotive

We now consider ourselves experts in these fields,havingbuiltupimpressiveexperienceandknow-how.Combining market-specific domain knowledge withknowledge of software development in the broadestsense,ICTinselectedmarketsmakesitspresencemuchfelt.Eachmarketisfamiliarwithitsownuniquerequi-rements. ICTworkswith fullydedicatedexperts.Thisenablesustoofferourclientsthebestpossiblesolutionsalreadyinthepreliminarystagesofaproject,insettingup development environments and architectures, inpreliminarystudiesandwithdrawingupspecificationsandduringrealisationandimplementation.Thesehigh-qualityservicescanbeprovidedbothonlocationandattheclient’s,wherebystate-of-the-artdevelopmentsarecarriedoutusingthelatesttechnologies.

Mission Statement

The ICT Group is an organisation that seeks tocontribute towards socially relevant solutions andproducts, in which the most recent technologicaldevelopments play an important role. ICT closelyfollowssuchdevelopmentsandincloseparallelfocusesonsupplyingsoftware-relatedservices

Our core valuesOur core values are central in our dealings with ourclients,employeesandshareholders.•Entrepreneurship•Commitment•Independence•Responsibility•Jointeffort

Profile ICT

ClientsThe software-related services that ICT providesassistcompanyclientstorealiseaddedvalue,inturncreatingacompetitiveadvantagefortheseclients.ICT isnota trendsetter in itschosenmarkets,butdoesbrisklyanticipatedevelopmentsinthemarket.ICTfeelsstronglyaboutaspectssuchaslong-termrelations,respect,andtrust.Wedowhatwepromiseinasoberandpragmaticmanner.

Employees ICTisaperson-orientedcompanyandexistsbythegraceofitsstaff.Weareasocialcompanywithaninformalculturewhereemployeesareencouragedto quickly feel at home. ICT is also a technically-drivenorganisationwherebythedrive,qualityandprofessionalismofitsemployeescreateadistinctiveasset.ICTstimulatesthecareerdevelopmentofitsemployees, and gives them every opportunity todevelopthemselves.Theprimaryresponsibilityherelies with the employee, and ICT facilitates wherepossible.Inordertobesuccessful,theICTemployeemustshowtheyarecapableofworkingandthinkingindependently, and possessing a healthy dose ofhealthydoseof creativity andpro-active initiative.Mutualrespectisanessentialaspectofthework.

ShareholdersWe seek to offer shareholders a good consistentreturnoninvestment.ICTtakestheinterestsofitsinvestors into careful account, and communicatesopenlyandhonestlyoncompanyperformance.Theguiding principle is to carefully manage financialperformanceinallplansandactivities.Weconsiderthisaheavyduty.

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Profile ICT

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Chapter 2: ICT in figures

KEY FIGURES 2008 2007

Results (x € 1,000,000)

Turnover ¹) 97.5 88.3Ofwhich: •ICTEmbedded 27.8 30.8

•ICTSolutions 44.6 46.4•ICTConsultancy 2.3 1.9•ICTGermany 22.8 9.2

Addedvalue(turnoverminusmaterialconsumptionandoutsourcedwork) 87.5 79.4Operatingresult4) 9.3 7.8Pre-taxresult 7.3 8.3Netprofit 5.3 6.1Cashflow(netprofitplusdepreciation) 6.0 6.6

EmployeesNumberof31December(headcount) 1,015 941Averageduringtheyear(inFTE) 972 907

Balancesheetfigures(x€1,000,000)Shareholders’equity 45.3 41.1Totalassets 65.2 60.0

RatiosOperatingresult/revenue¹)4) 10% 9%Netprofit/revenue¹) 5% 7%Netprofit/averageshareholders’equity 12% 15%Shareholders’equity/totalassets 69% 69%

Data per share of € 0.10 nominal (in €)Netprofit²) 0.62 0.74Cashflow(netprofitplusdepreciation)²) 0.71 0.79Shareholders’equity³) 5.17 4.95Dividend³) 0.25 0.58

¹)Revenueconsistsofgeneralrevenuesandotherincome.²)Basedontheaveragenumberofordinarysharesissued.³)Basedontheordinarysharesissuedatyearend.The2008dividendreferstotheproposaltotheGeneralMeetingofShareholders.4)Correctedforextraordinaryexpenses.

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ICT in figures

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Chapter 3: Strategy & Objectives

ICT’s strategy has been designed to further expandthe company’s position in its selected markets withthe objective being to be one of the leading playersin these markets. However, to achieve this, a criticalmass is required. So in addition to autonomousgrowth,specificattentionisbeingpaidtoacquisitionsthat might significantly contribute to realising theobjectives. In detailing the strategy the geographicalcomponentisexplicitlybeingtakenintoconsideration;ontheonehandintheinterestofclients,ontheotherintheinterestofstaff.

For2011, ICThasset itselftheobjectiveofachievinga turnover of € 150 million. Of this turnover, some60%istoberealisedintheNetherlandsand40%inGermany. Given the current economic developmentsthisobjectiveshallbepushedbackintime.Inthelongterm, theexpectationsare thatGermanactivitieswillsurpasstheDutchactivities.Inadditiontothegrowthinturnover,thefocuswillbeonimprovingthemargins.

ICT’sambitionfor2011toachieveanoperatingprofitof between 10% and 12.5% on turnover will alsorequiremoretimegiventhecurrentmarketconditions.Factorsthatwillplayanimportantroleinthisarethedevelopment of the labour market, the economy oftheworldingeneralandthatoftheNetherlandsandGermanyinparticular.

In 2009 the ICT Embedded Division will continue tofocusonaligningworkforcewithmarketrequirements.In 2008 progress was made by raising capacity utili-sation and simultaneously achieving a strong clientbase for activities. For this reason 2009 too will seeinvestigationsundertakenastothepossibilityofusingknowledgegainedintraditionalembeddedmarketstoenternewmarkets.Forthefullrangeoftheactivities

oftheICTEmbeddeddivisionnogrowthisexpectedonbalanceovercomingyears.

ActivitiesoftheICTSolutionsdivisionwillonceagainbeconcentratedintheNetherlands,wherebytheofficenetwork covers the entire Netherlands and acts as aspringboard for expansion. In 2008 ICT Solutions, inline with the strategic principles, further withdrewfromtheinternationalCommunications&MultiMediaactivities.

ICTConsultancy,inanumberofsubareaswithinsystemdevelopment,suchasRequirementsEngineering,Archi-tecture,QualityAssurance,ConfigurationManagementand Testing, offers services with a high added value.Through its focuson the threeaspectsofTechnique,Organisation and Process, ICT differentiates itselfstronglyinitsservices,andfacilitatesothersignificantachievements.

As of October 2008 in the ICT Germany division allactivities have been carried out under the name ICTSoftwareEngineeringGmbH.Withregardtotheobjec-tives, within ICT Germany, to create similar marketbreadthasintheNetherlands,majorstepsweretakenin2008includingtheacquisitionof!Zip.Whilein200795% of activities concerned the Automotive market,this percentagehas nowbeen reduced to75%. Thelong-term strategy for ICT Germany remains growthandexpansionofactivities.Theobjectivetoreach500membersofstaffseemstobenolongerfeasiblebeforeend2010.Duetoprevailingeconomicconditionsthefocusin2009willinthefirstplacebeonhealthyopera-tional management and expansion of activities. Alsoin terms of acquisitions, and again given the currentmarketconditions,carewillbepursuedinformulatingandimplementingpolicy.

Strategy & Objectives

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Chapter �: Information on ICT shares

Shares

•Exchange EuronextAmsterdam•Numberofissuedshares 8,747,544•Coveringtheoptionobligationsofpurchasedshares -•Numberofoutstandingshares 8,747,544

Dividend policy

DuringthetimeICThadastrongcashposition,adividendpolicywaspursuedbasedonaveryhighpay-out.Duetothecompany’sacquisitionpolicyandpay-outofmostprofitsearned,cashpositionshavedeclinedsignificantly.Giventheimportanceofastrongbalancesheet,alsointoday’suncertainconditions,andthepossibilityoffutureacquisitions,thedecisionhasbeenmadetoreturntoadividendpolicybasedona40%pay-out.

Major shareholders

TheICTAutomatiseringN.V.mostrecentstatusconcerninginterests:

•Avivaplc./DeltaLloydLevensverzekeringN.V. 9.78%•QuellhorstA.J.H.,Minderhout 7.36%•OrangeOranjeParticipatiesN.V. 6.91%•DeltaDeelnemingenFondsN.V. 6.11%•DecicoB.V. 6.10%•GeneraliHoldingViennaAG 6.05%•DarlinN.V. 5.50%•NavitasB.V. 5.45%•FidelityLowPricedStockFund 5.10%

The share in 2008 (closing prices in €)

2008 2007 2006 2005Highestshareprice 10.45 16.07 21.66 14.83Lowestshareprice 4.42 10.00 13.65 12.16Sharepriceasof31December 4.71 10.55 14.58 14.83Dividendin% 5.31% 5.50% 4.05% 4.32%Price/earningsratio(endfinancialyear) 7.6 14.3 19.2 16.9

Liquidity providers

Variousbanksactas‘liquidityprovider’fortheICTshare.ICTisoftheopinionthatanincreasingandregulatedtradeinitssharesisimportantforthecompanyanditsshareholders.

Information on ICT shares

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Information on ICT shares

Investor relations

ICT feels strongly about active and open communi-cationwithinvestorsandanalyststoexplainitsstrategy,financial results and current affairs. In 2008 a largenumber of presentations were given to analysts andinstitutionalinvestorsinsupportofabalancedvaluationoftheshareandabroaderspreadofshareholdings.

The website www.ict.nl offers extensive information,includingpressreleasesandfinancialdata. ICTstrivestowardsaclearandtransparentmeansofprofilingitsactivitiesandstrategy.

Internal rules concerninginsider trading

ICThas rulesgoverning the reportingof transactionsin securitiesof ICTAutomatiseringN.V. for itsSuper-visory Board, Executive Board and other appointedpersons, including staff, members of managementandanumberofadvisors.TheCompanySecretaryhasbeenappointed‘complianceofficer’andisresponsibleforsupervisingcompliancetotherulesandregulations,and communication with the Authority for FinancialMarkets.

Financial agenda

27 May 2009Tradingupdatefirstquarter27 May 2009TheGeneralMeetingofShareholders29 May 2009Listingex-dividend26 June 2009Dividendavailableforpayment28 August 2009Publicationof2009half-yearlyfiguresandmeetingofanalysts

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Chapter �: Members of the Supervisory Board and the Executive Board

Supervisory Board

Name: mr.W.deVlugt(1942),chairmanNationality: DutchPrincipalotherpositions: SupervisoryboardchairmanHollandVentureB.V. SupervisoryboardchairmanLinxTelecomB.V. SupervisorydirectorKoopHoldingB.V.Initiallyappointedin: 1997Currenttermuntil: 2009

Name: ir.C.A.G.D’Agnolo(1953)Nationality: DutchPosition: seniorvicepresidentcentral&EasternEuropeatZetesPrincipalotherposition: memberoftheSupervisoryBoardofTwiceBVInitiallyappointedin: 2008Currenttermuntil: 2012

Name: C.Kämper(1940)Nationality: DutchPrincipalotherpositions: SupervisoryboardchairmanFreecomTechnologiesB.V.

SupervisoryboardchairmanCapitolSteelTechnologiesB.V. SupervisorydirectorHollandVentureB.V.

ChairmanoftheAdvisoryCouncilJ.H.TheWitandZonenB.V.Chairmanof theAdvisoryCouncilOverwaterGrondbeleidAdviesbureauandOverwaterRentmeesterskantoorB.V.

Initiallyappointedin: 1992Currenttermuntil: 2011

Name: B.F.KostwinderRA(1963)Nationality: DutchPosition: Responsible for the financial management and operational management at

EvangelischeOmroep(EO)Principalotherposition: memberoftheSupervisoryBoardofEconostoN.V.Initiallyappointedin: 2008Currenttermuntil: 2012

Name: dr.ir.P.Zuidema(1948)Nationality: DutchPrincipleotherpositions: BoardmemberoftheSNNFoundationforAdaptiveIntelligence

MemberoftheSocialCounciloftheImmigrationandNaturalisationServiceInitiallyappointedin: 2006Currenttermuntil: 2010

Executive Board

Name: A.SchotRA(1962)Nationality: DutchPosition: ChairmanoftheExecutiveBoard

Name: Ir.J.Oberg(1967)Nationality: DutchPosition: MemberoftheExecutiveBoard

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Members of the Supervisory Board and the Executive Board

Financial statements 2008

We have the pleasure to present the annual reportdrawnupbytheExecutiveBoardand inconsultationwith the Supervisory Board, and which includes thefinancial statements for the financial year 2008, andall other legally required information concerningICT Automatisering N.V. The financial statements forthe year 2008 have been audited by Ernst & YoungAccountantsLLPandprovidedanauditreport,whichisincludedonpage93ofthisannualreport.The financial statements, the report of the board ofdirectors and the audit report were discussed in thepresenceoftheexternalaccountant.WearepleasedtorecommendthattheGeneralMeetingofShareholdersconfirmsthefinancialstatements2008inaccordancewiththepresenteddocuments.

Dividend proposal and discharge

Assuming that the financial statements 2008 will beconfirmedinaccordancewiththepresenteddocuments,werecommendtheGeneralMeetingofShareholderstoapprovethedividendproposal,asshownonpage91.

Activities of the Supervisory Board and consultation with the Executive BoardIn2008theSupervisoryBoardandtheExecutiveBoardheld seven meetings. Most meetings were attendedby the entire Supervisory Board. The annual meetingwiththeworkscouncilalsotookplace.Followingtheestablished fraud the Supervisory Board met in anemergencysessioninFebruary2009.

Additionally, several informal contacts took placebetween the Supervisory Board and the ExecutiveBoard, and between members of the Supervisory

Board. During these meetings a number of regularsubjects were discussed including budget, financialdevelopments and results, market developments andthegeneralandoperationalstateofcompanyaffairs.In this context attention was paid to internal riskmanagement and risk control systems, this partly inview of the expansion of the company’s activities inGermany.Onvariousoccasions,ideaswereintensivelyexchangedwiththeBoardwithregardtothestrategyto be followed, the more so given the deterioratingmarketconditionsandtheimpactofitonICT.

TheSupervisoryBoardextensivelydiscussedthefinancialreports with the Executive Board. Subjects that werehandled included developments concerning turnover,marginsandoperatingcosts,aswellasresults,balancesheetratios,budgetsandprospects

TheBoardheldtwoGeneralMeetingsofShareholders:the plenary annual General Meeting in May and anExtraordinaryMeetinginOctober.DuringtheExtraor-dinaryGeneralMeetingtheproposedappointmentasof 1 October 2008, of a member of the SupervisoryBoard,Mr.C.A.D.D’Agnolo,wasannounced.

The Supervisory Board supervised the policy pursuedby the Executive Board both during and outside themeeting.

Composition and retirement schedule of the Supervisory Board

In2008, inaccordancewith the retirementschedule,Mr. H.A.D. van den Boogaard retired as supervisorydirector.TheappointingofMr.D’Agnolo,effectiveon1October2008,wasinanticipationofMr.DeVlugt’swithdrawalinMay2009havingreachedthemaximumterm. Subsequent to his withdrawal The SupervisoryBoardshallconsistoffourmembers.

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Report of the Supervisory Board

Report of the Supervisory Board

Themake-upof theSupervisoryBoard is in linewiththe profile drawn up. The Supervisory Board alsobelievesthatthecompositionissuchthatthemembers,independentlyofeachotherandoftheExecutiveBoardoranyotherinterest,canproperlyactinthesenseoftheDutchCorporateGovernanceCode(theCode).AllmembersoftheSupervisoryBoardareindependentinthesenseoftheCode.

PersonalinformationregardingtheindividualmembersoftheSupervisoryBoardandtheretirementschedulecanbefoundonpage17ofthisreport.Theschedulewas not altered during the year under review. In2009thefour-yeartermofMr.W.deVlugt,whowasappointedfor thefirst time in1997,willcometoanend. On the subject of supervisory commissioners’termsofnotice,ICTfollowstheguidelinesoftheDutchCorporateGovernanceCode.AlsoonbehalfoftheExecutiveBoard,wewouldliketotakethisopportunitytothankMr.DeVlugtforhismuchappreciatedcontributionsinthepreviousyears.SincethestockexchangelistingMr.DeVlugthasbeeninvolvedas the supervisorydirectorof ICT.Underhisenthusiastic chairmanshiphecontributed significantlytothecompany’sdevelopments.

Finally,wewouldliketothanktheExecutiveBoardandallICTGroupstafffortheircontributionsanddedicationtotheICTGroup.

Barendrecht,20April2009

Supervisory Boardmr.W.deVlugt,Chairmanir.C.A.G.D’AgnoloC.KämperB.F.KostwinderRAdr.ir.P.Zuidema

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Chapter �: Corporate Governance

Corporate Governance

General

ICT Automatisering N.V. is a public limited company, which has its registered office in Barendrecht, the Netherlands. ICT is what is referred to as two-tier board company and has been listed on Euronext Amsterdam since 1997. ICT’s corporate governance policy is discussed below. ICT’s view on the provisions of the Dutch Corporate Governance Code, hereinafter referred to as the Code, is also set out below. It is also indicated where ICT differs from the Code, and the reasons for any deviation.

Executive Board

Asatwo-tierboardcompany, ICT is requiredtohaveaSupervisoryBoardaswellasanExecutiveBoard.TheExecutiveBoardcurrentlyconsistsoftwodirectorsandtheSupervisoryBoardhasfivemembers.Inaccordancewith the company’s objectives and Dutch law, theExecutiveBoardmanagesthecompanyhavingregardto all company stakeholders. The Executive Board isaccountabletotheSupervisoryBoardandtheGeneralMeetingofShareholdersforthewayinwhichitmanagesthecompany.ThecompanyhasdrawnuprulesfortheExecutiveBoardwhichhavebeenplacedonitswebsiteinaccordancewiththeCode’sprovisions.

Members of the Executive Board are appointed bythe Supervisory Board. Before the Supervisory Boardappointsanewmember,itnotifiestheAnnualGeneralMeetingandtheWorksCouncil.ContrarytotheCode,oneofthepresentboardmembershasbeenappointedfor an indefinite period. This deviation is due to thefact that at the time of member’s appointment theCodehadnotyetenteredintoeffectandthedirector’scontractdidnotmakeanyprovisionfortheCode.TheSupervisoryBoardmaysuspendanddismissdirectors.The remuneration of the directors is decided by theSupervisory Board. ICT closely follows the trends ofthe emoluments of members of the executive board

in similar organisations. The Supervisory Board alsocommissioned a detailed study of salary structureswithin the ICT sector on several occasions. Thesemeasures have resulted in a balanced remunerationstructure.

Supervisory Board

The Supervisory Board monitors the company’smanagement and general affairs. It gives advice tothe Board. In accordance with the provisions of theCode,allofthemembersoftheExecutiveBoardandthe Supervisory Board are independent. The Super-visoryBoardacts intheinterestsofthecompanyandcompaniesassociatedwith it, and in its activitieshasregardtotheinterestsofallthecompanystakeholders.Itisresponsibleforsupervisinginparticular:a.theachievementofcompanyobjectives;b.the strategy and the risks associated with the

company’sactivities;c.thesetupandoperationofinternalriskmanagement

andrelatedcontrolsystems;d.thefinancialreportingprocess;e.compliancewithlegislationandregulations.

TheExecutiveBoardgivestheSupervisoryBoardallofthe information that the Supervisory Board requiresinordertocarryout itsworkanddoessoinatimelymanner.TheSupervisoryBoardisinformedinwritingatleastonceayearoftheprinciplesofpolicy,thegeneralfinancial risks and the company’s management andcontrolsystems.InviewofthenumberofmembersoftheSupervisoryBoard,separatecommitteeshavenotbeen setupand theboardasawhole is responsiblefor the supervisory tasks. The Supervisory Board hasadoptedasetofrulesthatgoverndecisionmakingbyand the functioning of the board, which have beenplacedonthecompany’swebsite.

ForfurtherinformationonthespecificactivitiesoftheSupervisoryBoard in2008,please read the reportoftheSupervisoryBoard.

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Under the new statutory provisions, members ofthe Supervisory Board are appointed by the AnnualGeneral Meeting based upon nominations by theSupervisory Board. The nominations are drawn upby the Supervisory Board once the Annual GeneralMeeting and the Works Council have been notifiedof the vacancy in question and have been given anopportunitytorecommendindividualsfornomination.OnesupervisorydirectorisrecommendedbytheWorksCouncilbaseduponwhatisreferredtoasitsenhancedrightof recommendation.The individualmembersofthe Supervisory Board can only be dismissed by thebusinesschamberoftheAmsterdamCourtofAppeal;andinadditiontheentireSupervisoryBoardresignsintheeventtheAnnualGeneralMeetingceasestoputitsconfidenceintheSupervisoryBoard.

DetailsofthemembersoftheSupervisoryBoardandoftheirprincipalexternalpositionsarelistedonpage17ofthereportoftheSupervisoryBoard.

Notransactionstookplaceduringthepastfinancialyearthatinvolvedexecutivedirectors,supervisorydirectorsormajority shareholders in a conflict of interest. ThenatureofICT’sactivitiesmeansit isunlikelythatsuchtransactionswouldtakeplace.

Anti-takeover measures

In order to safeguard the company and all its stake-holdersagainstahostiletakeover,theAnnualGeneralMeeting has given the company the power to issuepreferencesharestotheStichtingContinuïteitICT.Theobjectofthe‘Stichting’istosafeguardtheinterestsofthecompanyanditsbusinessandallstakeholders. Intheeventofahostiletakeoverattempt,theStichtingcan call in the preference shares from the companyundertheoptionagreemententeredintobetweenthecompanyandtheStichting.TheStichtingmaysubscribeforanumberofpreferencesharesequaltothenumberofordinarysharesofthecompanythatare issued. Intheeventofahostiletakeover,theissuanceofprefe-

rence shareswill enable theExecutiveBoardand theSupervisoryBoardtodecideupontheirpositionrelativetothebidder,considerthebidder’splans,examinealter-natives,andthusfurthersafeguardtheinterestsofthecompanyanditsstakeholders.ThecurrentmembersoftheBoardoftheStichtingareMessrsdrs.M.W.Dekker,Jhr.mr.E.BeelaertsvanBlokland,mr.H.R.Okkensanddrs.P.F.PlaizierRA.TheStichtingisindependent.

Overview of Corporate Governance provisionsICTcomplieswiththeprovisionsoftheDutchCorporateGovernanceCode,apartfromthoselistedbelow.

The Board

Best practice provision II.1.1Anexecutivedirectorshallbeappointedforamaximumperiodoffouryears.Anexecutivedirectormayalsobereappointedforamaximumoffouryears.Thecurrentexecutive director has been appointed contractuallyandundertheArticlesofAssociationforanindefiniteperiod. In view of the fact that this involves existingcontractual relationships, the company will deviatefromthisprovisionuntillegislationandregulationsareamendedaccordingly.

Best practice provision II.2.6Thisrecommendationwillnotbeadoptedbecausetheexistingrulesareregardedasadequate.

Best practice provision II.2.7Theexistingcontractualobligationsarerespected,buttheSupervisoryBoardreservestherighttodeviatefromthisifthisruleprovestobeunreasonableinthecircum-stances.

Supervisory Board

Best practice provision III.3.5 ICT will treat the reference date for this recommen-dation as June 1997, when the company was firstlisted.

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Best practice provision III.7.3Thisrecommendationwillnotbeadoptedbecausetheexistingrulesareconsideredtobeadequate.

Shareholders

Best practice provision IV.3.1ICTprovidesanyinformationforshareholdersinpressreleasesandplaceshandoutsonthewebsite.

External auditors

Best practice provision V.2.1ICTisoftheopinionthatthepresenceoftheexternalaccountant at the General Meeting of Shareholdersdoes not add any value. The report issued by theaccountantclearlystatesallrelevantinformation.

Duringtheshareholders’meetingof2004theCorporateGovernancepolicyof ICTwasdiscussed.Thisdidnotresultinanycommentsfromshareholders.

Risk management and internal control

ICT has implemented internal risk managementand risk control systems with a view to minimisingthe company’s operating and financial risks for thecompany and restricting the impact of unexpectedevents on balance sheet ratios and results as far aspossible.ICTconsidersriskmanagementtobeaconti-nuousprocesswherebytheembeddingpolicyincontrolsystemsandproceduresateachlevelwithintheorgani-sationsisessential.ICToperateswithmanualsonhowtoundertakefinancialreportingaswellasinstructionsandproceduresthatarebindingforstaffregardingtheimplementation of financial activities. Nevertheless,although the systems have been structured such asto allow the incorporation of multiple controls, thusalsominimisinganypossibilitiesofconspiracybetweenindividuals,itisstillthecasethatactualimplementation

of activities in accordance with the instructions andproceduresaswellasallotherelementsofthecontrolsystemsremaindependentontheindividualsinvolved.Atseveralcompaniesamemberofstaffhascommittedfraud.Havingfailedtoefficientlyfollowcertainproce-duresandproperlycarryoutinternalcontrols,thisdidnotcometo light inproper time.Theprocedures forthepaymentsystemwithinthecompanyatwhichthefraudwascommitted,wereconsequentlyinvestigatedand tightened up. Within ICT further improvementand intensification of the internal controls remains acontinuous process. ICT believes that, thanks to themeasures taken, the systemof riskmanagementandinternal control measures will be furthermore properandeffective.

Key elements in the system of risk managementand control are the systems for budgeting, projectmanagement and financial reporting, which monitortheprogress and the actual results of the company’soperating activities. ICT also uses a staff evaluationandappraisal system. In viewof thegrowth in2007and 2008 of the organisation in Germany ICT hastaken steps to achieve adequate and effective riskmanagementandriskcontrolsystemsthere. In2008,as part of this effort, the organisational structure ofICTinGermanywasadapted.In2009focuswilllieonharmonisingtheriskmanagementandcontrolsystemsinGermanywiththesystemsthatarecommonintherestoftheICTGroup.

IntheachievementofitsobjectivesICThasidentifiedthefollowingrisks.

Economic trendsGeneral economic conditions affect the commercialsuccessofICT’sclients.Forexample,decisionstoinvestor the size of R&D budgets may be delayed, or theextentoftheinvestmentorbudgetmaybereducedasaresultoflowerprofits.Clearly,thishasaneffectonthedemandforICT’sservices.

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Movements of activities to low-cost sitesOngoing globalisation means that multinationals areincreasinglylocatingpartsoftheirproductionfacilitiesoutside Europe. In the wake of this, elements ofsoftwaredevelopmentarealsobeingmovedtotheseregions.

Although this trend has been present since the mid-nineties, recently it appears to have accelerated. ICTis currently not able to assess the degree to whichthis trend will affect its activities and how far it willcontinue. ICT is, of course, closely monitoring thesedevelopments.

Technological developmentsRapidtechnologicalprogress,changingclientrequire-mentsandevolvingsoftwarestandardsareallfeaturesof the software market. ICT’s success hinges on itsabilitytoadapttothesedevelopmentsandtokeeptheknow-howofitsstaffup-to-date.

By closely following the changes affecting its clientsand the market, ICT expects to be able to maintainitsposition.Thesechangesaretakingplaceatarapidpace,whichmeansthecompanyneedstobealert.

Dependence on staff Foritscurrentbusinessoperationsandplannedgrowth,ICT is toa largeextentdependenton theavailabilityof sufficient personnel and in particular on sufficientnumbersofwellqualifiedpersonnel.

The labour market for personnel with relevantknowledge and expertise is tight, and competition isfierce. It is uncertain that ICT will be able to attract,recruitandretainenoughproperlyqualifiedstaff.IfICTisnotsuccessful inthisarea, itcouldhaveanegativeimpactontheachievementofitsobjectives.

Dependence on large clientsA relatively small number of clients account for asubstantial proportion of ICT’s turnover, reflecting

thefactthatlargecompaniestendtooperateinICT’smarkets.Inaddition,ICTneedstooperateatacertainscalewiththeselargercompaniesinordertobuildupagoodrelationshipwiththemandtosecurepreferredsupplierstatus.

The lossofanyof these larger clients forany reasonmaythereforehaveanegativeimpactonICT.Inlightofthis,oneofICT’sprioritiesistobroadenits client base. It is self-evident that in the currentmarketconditions,thispolicyisaquestionofcorporatestamina.

TheaboveoverviewoftheprincipalriskareasforICTisnotexhaustive.Itisalsopossiblethatrisksthathavenotcurrentlybeenidentified,orthatarenotregardedasmaterial,willhaveasignificantlyadverseaffectonICT’sabilitytoachieveitsobjectivesatalaterdate.ICT’sinternalriskmanagementandriskcontrolsystemsaregeared to the timely identification of such risks. Theaboveeconomictrendsmightalsoforacertainperiodof time interfere with the possible development ofotherpreviouslymentionedrisks.Forinstance,duringa recession a tight employment market will have adifferentimpactthaninaboomperiod.

Financial risks and policy

Company policy is naturally geared to effectivelymanaging multiple risks such as interest rate risk,currencyrisk,liquidityriskandcreditrisk.Thefinancialinstruments as included in the balance sheet of ICTAutomatiseringN.V.donotincludespecificcontractualstipulations other than the guarantee given to theRabobank.

ICTAutomatiseringN.V.anditsgroupcompaniesneitherholdnorissueanyfinancialinstrumentsforcommercialpurposes.Consequently, ICTAutomatiseringN.V.anditsgroupcompaniesdonotusecashflowhedging,fairvaluehedgingandcurrencyhedging.

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Interest rate riskICTconsidersinterestrateriskstobeminimalbecausethecompanydoesnothaveanyinterest-bearingdebtwhich means there is no sensitivity to obligationsaccruingasaresultofinterestratefluctuations.Interestrevenuefollowstheprogressofdepositinterestrates.

Currency risk ToICTcurrencyrisksareirrelevantbecausethecompanysigns contracts and enters into obligations only ineuros.

Credit riskGiventhesolvencyandthecreditworthinessofmostofICT‘sclientsthebaddebtriskisconsideredaverage.Thecreditriskonliquidassetsisconsideredlowconsideringtheoutstandingliquidassetsatcreditworthybanks.

Liquidity riskICT believes liquidity risks are minimal because thecompany’sliquiditiesconsistmerelyofbankbalances.

Amendment to the articles of association, issuance and purchase of shares

TheGeneralMeetingofShareholdersmayonlydecidetoamend thearticlesofassociationupon theSuper-visoryBoard’sproposal.

FollowingtheSupervisoryBoard’sapproval,theGeneralMeeting of Shareholders will decide to issue shares.TheGeneralMeetingofShareholdersmayappointtheExecutiveBoardforamaximumperiodoffiveyearsasthebodyauthorisedtoissueshares.

TheExecutiveBoard,provided ithasbeenauthorisedby theGeneralMeetingofShareholders,maydecidetoobtainownsharesthroughthecompany;thistakingintoaccount relevantand legalandstatutory stipula-tionsinthismatter.

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Chapter �: Report of the Executive Board

Report of the Executive Board

Introduction

In line with expectations in 2008 ICT saw turnover and net profit increase. Especially in the first six months of 2008 activities developed favourably. German activities contri-buted significantly to improved operating profits. ICT also benefited from the positive effect of measures taken in the Embedded Division; initiatives already taken in 2007. In the second half of the year, especially in the fourth quarter, the economic climate showed deterioration. This evidenced itself most clearly in the temporary company closures of several purchasers in December. These closures interfered directly with capacity utilisation. Bearing these effects in mind, the operational result booked is satisfactory.

Theeconomiccrisishasnowworsened.WhileICT,giventhenegativeprospectsattheendof2008,discontinueda limitednumberof employment contracts, now thecompanyconsidersreorganisationtobenecessary.

Whiletheoutcomeofoperationalactivitieswassatis-factory, in January2009 ICTestablishedthe fact thatduring 2008 an extensive fraud was committed. Thefraud significantly affected net profit. It was a shocktotheentireorganisation.Allproceduresandcontrolmechanisms are being scrutinised and upgraded topreventsuchincidentsinthefuture.

ICT’sstrategyremainsunremittinglygearedtofurtherexpandingpositionsinselectedmarkets.Oneobjectivein this regard is to be one of the leading players inthese markets. And in line with this strategy on 1February2008ICT,followingthedeclarationofintentsignedinNovember2007,thetakeoveroftheGerman!ZipEDV-BeratungGmbHand!ZipAutomationGmbH(!Zip)wascompleted. Inaddition to thisacquisition,thecompanyinterestinLineasAutomotivewasraisedto100%.For2009 ICThasdecided toawait further

market developments before it decides to grow anyfurtherbyacquisition.

Financial developments

In2008turnoverincreasedby10.4%to€97.5million(2007: € 88.3 million). Acquisitions were responsibleforthree-quartersofthisincrease.TheturnoverofICTEmbedded dropped by 9.8% to € 27.8 million. Thiswasmainlycausedby thedecliningnumberofdirectstaff.TheturnoverofICTSolutionsdeclinedby3.7%to€44.6million.Themainreasonwasthelackofsuffi-ciently qualified staff. The turnover of ICT Germanyincreased by a comfortable 146%. Half the turnoverincrease in Germany followed from the expandedinterestinLineasandtheacquisitionof!Zip.Theotherincrease in turnover Germany was autonomous. Theturnover of ICT Consultancy increased from € 1.9millionto€2.3million.

Rates in 2008 showed further rise compared to2007. Personnel expenses in 2008 amounted to€ 57.3 million, an 11% increase compared to 2007.In addition to the average rise in number of staff of7%, this was mainly the result of increased averagewagecostsperemployee.Eventhoughcostincreaseswere still exceeding theacceptable rate increase, thedifferencecontinuedtodecline.

Operating profit in 2008, in line with turnoverdevelopment, increased by 19.3% to € 9.3 millionexcluding the impactof the established fraud (2007:€ 7.8 million). Other operating expenses increasedby 3.6% reaching € 20.2 million. The fact that thisrise, despite the acquisitions made, did not turn outhigher,wastheresultofthereducedcarexpensesandnumber of staff in the Netherlands. The operationalmargin increasedfrom8.8%in2007to9.5%intheyear2008.

Despitethedeclinedexisting liquidassetsbyapproxi-mately26%,thebalanceofinterestincomeandcosts

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rose. In 2008 the surplus amounted to € 418,000comparedto€340,000in2007.

In2008theeffectivetaxburdenamountedto26.3%comparedto26.6%in2007.

While the operating result increased, net profitdecreasedby13%to€5.3million(2007:€6.1million).Thedecliningnetprofitwascausedbyaburdendueto a fraud committed in 2008. This post-tax burdenamountedto€1.9million.Theinvestigationintothefraudcase isstill in full swing. In2008theprofitpershareamountedto€0.62(2007:€0.74).ICTintendstopayadividendof€0.25pershare.Thismeansthepay-outfor2008willamountto40%.

In 2008 depreciation increased by 56.4% to€746,000.

In 2008 the shareholders’ equity as a percentage ofthebalancesheettotalshowedastabledevelopmentamounting to 69.4% (2007: 68.5%). The share-holders’equityincreasedfrom€41.1to€45.3million.An increaseof€4.2million. Thebalance sheet totalincreased from € 60.0 million to € 65.2 million. Anincreaseof€5.2million.

The number of issued shares showed a change andamountedto8,747,544sharesintotalon31December2008(2007:8,452,927).ICTisnotholdinganysharestocoverassignedrightsofoptions.

Thenetcashflowfromoperatingactivitiesamountedto€6.5million.€8.4millionwasusedforinvestmentactivities and € 1.3 million for finance activities. Thisresultedinanegativenetcashflowof€3.2million.

Prospects

Sincethefourthquarterof2008mostmarketsinwhichICT operates continued to deteriorate. In countrieswhereICTisactive,economicretrenchmentisexpected

in2009.ICTisnotexpectedtosucceedinavoidingthisreality.SoICThasseenreasontoreorganise.Thiswillthustakeplaceinthecourseof2009.Relatedactivitiesareexpectedtocostbetween€3.5and€4.0millionandwillbechargedtothe2009result.Giventheveryuncertain short-term economic developments acrossthe world, prognoses for the year 2009 cannot begivenwithgreatcertainty.

As in previous years, ICT will continue to invest inknowledge development. On the one hand when itcomes to knowledge of staff, on the other hand byhandling new developments together with partnerswherever possible. In an otherwise unchangedenvironment, policy regarding financial instrumentsandcompanyfinancingdonotrequireadjustment.

Directors’ declaration

Under the terms of the articles of association thecontrolling company directors are responsible forpreparingfinancialstatementsandtheannualreportinaccordancewithDutchlawandInternationalFinancialReportingStandards (IFRS).Asprescribed inarticle5-25c of the Financial Supervision Act, the controllingcompany directors, taking into account the above,declarethatinsofarknown(i)thefinancialstatementsgiveatrueandfairviewoftheassets,liabilities,financialpositionandprofitofICTAutomatiseringN.V.aswellas for thoseof the companies included jointly in theconsolidation; (ii) the annual report gives a true andfairviewof theconditiononthebalancesheetdate,developmentsduringthecompany’sfinancialyearandrelatedcompaniesofwhichdetailshavebeenincludedin the financial statements and (iii) that the annualreportdescribestheessentialrisksICTisfacing.

Themembersofthecontrollingcompanyhaveunder-signed the financial statements to comply with thelegalobligationsbyvirtueofarticle2:101paragraph2oftheDutchCivilCodeandarticle5:25cparagraph2subparagraphcoftheFinancialSupervisionAct.

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ICT Embedded

Introduction

ICT Embedded focuses on the following markets: Healthcare, Manufacturing, Communications & MultiMedia and Traffic & Automotive. This sector-based approach allows ICT Embedded to provide complicated tailored embedded systems that meet the specific technological requirements of customers in these markets. A contribution is thus made to shortening the time-to-market process, increasing product quality and product reliability and reducing products’ total cost of ownership.

Strategy

The Embedded market in the Netherlands has beenexpanding for several years. The strategy of ICTEmbedded therefore targets not so much turnovergrowthorturnoverconsolidation,butratherthereali-sationofagoodoperatingresult.

Traditionally ICTEmbedded serves anumberof largetechnologicalcustomers.Thelineoffurtherexpandingthecustomerbasiswithmedium-sizedcustomerswhichwas introduceda fewyearsagowillbecontinued in2009.As regardsportfolioamixtureof secondment,projectsandmaintenancewillbepursued.

In the above mentioned markets the focus is on arestrictednumberofspearheadswhichcloselydovetailwithbusinessthemes.•Within the Healthcare market for instance this is

interoperatibilty&connectivityduetoan increasingexchange of information between and amonghospitals and other institutions in the healthcarechain.

•Within the Manufacturing market reduction ofsystemcomplexityandtotalcostofownershiparethe

significantthemes.ICTEmbeddedthereforefocuseson the integral implementation of projects andmaintenance,whichmeanssoftwareandhardware.Severalpartiesareinvolvedinthisregard.

•The Automotive sector focuses on infotainmentsystems(e.g.radio,DVD,navigation).

•Product reliability is a theme that can be found inseveral markets. This is why over recent times ICTEmbeddedfocusedmoreonsoftwarevalidationandsoftware verification – the first partnership in theNetherlandshasbeenconcludedwithVerum.

•ThecompetencesfromtheCommunications&Multi-Media segment are used to support these spear-heads.

Overthecomingtime,thestrategyof ICTEmbeddedshall continue to target a position within the (non-cyclical)TrafficandDefencemarkets.

Course of events

In2008ICTEmbeddedperformedbettercomparedto2007.This improvementwasmainlythankstoresultsbooked in the first six months of 2008. Soon afterthe summer,however, thefirst signsof aneconomiccrisispresented themselves toseveralcustomers.Thisresultedinastronglydecliningnumberofprojectandsecondment requests. Rates also experienced incre-asingpressure.

In2008 turnover amounted to€27.8million (2007:€30.8million)a9.8%decline.Towardstheendoftheyear331employeeswereworkingforthisdivision.The15%staffturnoverin2008waslessthanin2007.Thedecline in turnover and the number of staff is signi-ficantly related to staff’s switch to ICT Solutions B.V.The economic deterioration that presented itself inthesecondhalfof2008isexpectedtocontinueintheyeartocome.AsisthecaseformanycompaniesintheDutch market, ICT Embedded too is expected to liveadifficult 2009.Measures are still taken to tune theorganisationtothechangingmarketconditions.

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Developments per sector

Communications & MultiMediaIn the Communications & MultiMedia sector ICTdevelopssoftwareforcommunicationbetweenpeople,butalsobetweenmachines.

The line that was launched in 2007, which involvedthefurtherincreaseofclients,wascontinuedin2008.ICT’s positions among existing clients, especially theones involved in Telecom and Traffic & Automotive,wassuccessfullyprotectedandintensified.

Nevertheless, turnover declined especially amongclients involved in the semiconductor industry. Thiswas the result of restructuring activities, decliningdevelopmentbudgetsand theeconomic situationonthewhole.Anumberofconnectivity-boxandSIMcardsimulationprojectswerecarriedout(in-houseatICTintheNetherlands).Communications & MultiMedia has invested in theknowledge areas: Java Card, embedded Linux andNFC/RFID.Theseknowledgeareaswerethethreemainspearheadsof2008.In2009ICT,withtheknowledgeareas of this sector, will continue to focus on non-traditionalTelecomclients,payingspecialattentiontocompaniesintheDefenceindustry.

HealthcareIn this sector ICT focuses both on companies thatdevelopmedicalequipmentandonorganisationsthatusemedicalequipment.

The introduction of the Electronic Patients File (EPF)is a current theme and leads to increasing demandforup-to-dateand complete informationonpatients(regional, national, intramural, beyond healthcareinstitutions).Also,thereismuchdemandforinteraliathree-dimensional reconstructions,where ICTholds astrongposition.

In2008thepositionofthediagnosticsectordiminished

slightlyduetothemarketrecession.Expectedexpan-sions in the laboratory, treatment and monitoringsectorsdidnot takeplace. Furthergrowth in specificcompetences in these sectors is a critical factor ofsuccess.

Activities in the field of connectivity (linking medicalequipment topatient registration systems)areelabo-ratedand the samegoes for the clients’basis in themedical equipment building. In addition to OEMthe commercial focus will only be on the sub-sector‘Hospitals’.

ManufacturingICTEmbedded,beingasoftwaredevelopmentpartner,focuses on prominent manufacturers of mechatronicequipment.Toproducethesedevicesmultidisciplinaryteamsofvariousexternalsuppliersareusuallybroughttogether.Themesincludeincreasingsystemcomplexity,costofownershipandmanagementofproductvaria-tions. ICT succeeded in maintaining occupancy atcrucialpositionswithinthesedomains.

Althoughin2008sometraditionalclientsinthissectorand thus within ICT Embedded suffered from theeconomiccrisis,progresswasbookedneverthelessbyfurther strengthening the clients’ basis. In 2008 ICT(in associationwith Prodrive)wonamajor long-termassignmentforaGermancompressormanufacturer.

In the upcoming year the further expansion of theclients’ basis will continue to be a major spearhead.Also,ICTseekstosubstantiateitsaddedvalueamongexistingclientsbymeansofspecificpropositions.Traffic & AutomotiveIn 2008 the Automotive market showed strongtechnological development. The economic recessionthis market has been facing mainly interferes withproduction.Byfocussingontheinfotainmentsystemsand, through Rialtosoft, on security-critical systems,in 2008 ICT Embedded succeeded in strengtheningits position in the Automotive market. For clients, in


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additiontoinfotainment,activitieswerecarriedoutinthefieldofnavigationandautomotive-telecom(OEMspecificcarkits).

Working togetherwith ICTGermanyprovidesadvan-tagesgiventhesubstantialmarketitopensup.In2009thiscooperationwillbefurtherintensified.

Alsoin2009,ICTEmbeddedwithinTraffic&AutomotivewillcontinuetofocusonexpandingtheTrafficsector.

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ICT Solutions

Introduction

ICT Solutions creates complex technical automation products for the guidance and control of business processes in various market sectors. Within ICT Solutions high-quality technological knowledge is linked to relevant domain and market knowledge. Examples cover a large application area with solutions varying from developing Communication and MultiMedia applications in various domains, computerising logistics processes to developing computerised solutions for material handling.

Strategy

In2008ICTSolutionsconcretisedthestrategicroadmap(2011)inanticipationofthenextmarketshifts:

•Services of ICT Solutions focus on softwareengineering services via projects, secondment andmanagedservices,withfocusbeingaimedatprojectsandmanagedservices.

•ThefocusoftheICTSolutionsofficesisaimedattheregionally accessible markets and clients (meaningthe Netherlands and the border areas of GermanyandBelgium).

•MoreintensivecooperationwithotherICTdivisions,includingICTEmbeddedandICTGermany.ThemainstepinthisregardhasbeenICTexpandingactivitiesintheNorth-Eastregionintermsofprocesscompu-terisationintheManufacturingsector.

Course of events

In2008turnoveramountedto€44.6million,adeclineof3.7%comparedtolastyear(2007:€46.4million).

The number of employees working in this divisionamountedto412atend-2008.Staffturnoverof15%waslowerin2008thanin2007.

Organisationally ICT Procos merged both legally andorganisationallywiththeICTSolutionsdivision,withoutlosingstrength.

Developments per sector

Communications & MultiMediaIn 2008 the Communications & MultiMedia marketcontinued to be a dynamic field. Major internationaltelecomssuppliersfacedmajoreconomicsetback,andtheypartlyshiftedactivitiesfromEurope.In2008ICTSolutions,inlinewiththestrategicpointsofdeparture,withdrew further from this dynamic internationalmarkettofocusonusingcompetencesandtechnologiesin this market in other segments within the Nether-landsandtheborderareasinBelgiumandGermany.Inthiscontextonemaythinkofthefollowing:softwaredevelopmentskills,combinedwithsupplementaryskillsinthefieldoftesting,integration,systemarchitecture,securityandMultiMedia.

DefenceIn2008thefirststepsweremadetowards increasingthismarketinthedirectionofpublicsafetyandsecurity.Ofold times ICT solutionsactivitieshavebeen in theDefence market among a limited number of majorclients.

Also in 2008, Royal Netherlands Army budgets wereto a great extent invested in peace operations andequipmentreplacement;budgetslessdirectlytargetedDutchindustry.In2009thecurrentmarketgrowthfromDefence to Public Safety and Security will continue.Onemaythinkintermsofclientssuchaspolicedepart-mentsandsecurityoperations.

LogisticsServicesoftheLogisticssectorfocusonthreeseparate

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segments:•PortLogistics•MaterialHandling•Warehousing&Distribution.

In 2008 the Logistics sector saw sharper marketingand sharper profiling in various segments. A modestgrowthwasrealisedthroughoutthese.Theshiftfromsecondment-basedservicestoprofessionalservicesandprojectswitha surplusobligationcontinued in2008.In linewithour roadmap for theupcomingyearsweexpectthismovementtocontinuein2009.

In the Port Logistics segment ICT, based on its goodclient relationships and relevant domain knowledge,succeeded in retaining its good position. Also, ICTmanaged towelcomenew clients. Towards year endthemostimportantplayersinthismarketfacedamajorturnover setback. In 2009 the economic recession isexpected to have a growth-delaying effect on goodstranshipmentinthePortofRotterdam.

ToICT,in2008MaterialHandlingprovedtobeastablesegment usually involving sizeable and long-termprojects among clients. For 2009 too ICT expects arelatively stablemarket for this segment. The combi-nation of technical know-how and relevant domainknowledgeisexpectedtoremainscarcealsoin2009.

For ICT, the third segmentwithin the logistics sector,Warehousing&Distribution,showedlimitedgrowthin2008.Thissegmentexperiencedmostpressurein2008.Forthissegmentwehaveadjustedgrowthexpectationsdownwards.Nevertheless,ICTdoesforeseenewpossi-bilities for computerisation projects that result fromcost-saving measures which can be realised by usingICTsolutions.

ManufacturingServices of ICT Solutions within the Manufacturingsegment (with trade name: ICT Procos) focus on

realisingandmanagingprocessandproductioncontrolsystemsandfactorycomputerisationinseveralmarketsectors such as the chemical and metal industry andthefoodandmixedfeedindustry.As for the Manufacturing sector the year 2008 wastwo-faced.UntilAugust the sector experienced largemarketdemandwithmanyspontaneousrequeststhatcouldbarelybeanswered.The technicalemploymentmarket was overstrained as a result of which theintended autonomous growth could not be realised.Assignments were mainly received in the watermarket.

Towardstheendof2008marketuncertaintyincreasedwhile several clients reduced production levels. Nextyear it is unpredictable now significant growth isexpected. In 2009 ICT Procos will focus more onconventionallesscyclicmarketssuchasthefood,waterandenergymarkets.Andmoreattentionwillbepaidtocyclicmarketssuchaschemicals,metalandmachineconstruction.

Traffic & AutomotiveThe commercial activities in this market were carriedout by InTraffic. InTraffic is a 50/50 subsidiary of ICTandengineeringconsultantsMovares.In2008turnoverfailed to increase as was initially expected. ProRailturnoverwasinlinewithexpectationsremainingatthe2007 level. Turnover among other clients was disap-pointing;itwaslowerthanin2007.

For InTraffic,ProRail is still by far the largest client intheTraffic&Transportmarket. Policy for the comingyears will focus primarily on increasing other clients’turnover, such as NS Reizigers and regional and citytransportcompanies.Also,severalcentralandregionalpartsoftheDirectorate-GeneralforPublicWorksandWaterManagement(Rijkswaterstaat),aswellasintheprovinces,willrepresentasignificanttargetgroup.Thefull-servicepackageofserviceswhichInTrafficdeliverstoProRailwillbetranslatedtootherclients’needs.


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ICT Consultancy

Introduction

ICT Consultancy, under two separate entities known as Improve Quality Services and ICT NoviQ, focuses on activities such as Requi-rements Engineering and Architecture, and Testing and Quality management.

ICT NoviQ develops and provides innovative serviceswith decisive added value for companies developingsoftware and systems. NoviQ provides consultancy,services and training in Configuration Management,Quality Assurance, Requirements Engineering andArchitecture.

ImproveQuality Services (Improve) is a specialist firmfocusing on high-quality and innovative services inthefieldofTestingandQualityManagement.Improveprovides advice, professional training and secondsconsultants. Especially at testing level Improve is aprominent company in the Dutch and internationalmarket. ICT currently has a50% strategic interest inImprove.

Strategy

To distinguish itself on the markets concerned, ICTmustbecapableofprovidingaddedvalueforclients’processes and product development. This involvesactivities such as Requirements Engineering andArchitectureontheonehandandTestingandQualityManagementontheother.ICThasdecidedtofocusontheseactivitiesthroughseparateentities.

Course of events

Last year ImproveQuality Services againmanaged toincreaseturnoverandprofitinadifficultmarket,partlyon thebasisofa risingnumberof staff. In2008 ICT

NoviQpaidcarefulattentiontoincreasingnamerecog-nition.

The2008turnoveramountedto€2.3million (2007:€1.9million), representingan increaseofover20%.Atyear-end2008thedivisioncounted22membersofstaff.

ICT NoviQTo NoviQ 2008 was a dynamic year. The divisionsucceededinincreasingnamerecognitionbyattendingandspeakingduringseminars,workshopsandconfe-rences,publishingonaregularbasis intradejournalsandparticipatinginorganisationsandworkinggroupsinvariousfields.Also,NoviQwelcomedanumberofnew clients. Intensifying cooperation with other ICTdivisions will further strengthen NoviQ’s position in2009.

Improve Quality Services Improve’smainfocusisontheDutchmarketwherethedivision,inadditiontoEmbedded(especiallythemedicalindustry)andSolutions,alsopaysspecialattentiontotheofficecomputerisationmarket,wherebyespeciallythefinancial sectormatters significantly. Improvehasnowbecomeamajor(preferred)supplierofteststafftoanumberofmedium-sizedandlargebanks.IntermsoftesttrainingImproveisapreferredsupplierforseverallargeinternationalcompanies.

Inamarketwheresystemsarebecomingmorecompli-catedandwhereoutsourcing ismoreoftenthecase,structuredtestingbecomesincreasinglyimportant.LastyearImproveonceagainmanagedtoincreaseturnoverandprofitinadifficultmarket,partlyonthebasisofarisingnumberofstaff.

For2009Improve,basedonitsstrongmarketposition,prominent profile, as well as the diversified serviceprovision and market segments, and despite thedifficultmarketconditions,expectstorealiseahealthyturnoverandprofit.

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ICT Germany

Introduction

The ICT Germany division, under the name ICT Software Engineering GmbH, focuses on the German market. ICT Software Engineering GmbH in Germany specialises in software development services in the fields of embedded software, industrial solutions (computeri-sation) and industrial standard software. Services range from preparing requirements through development followed by project management to commencement of operations on the scene. The engineers and the technicians develop specific software solutions and ensure integration in the system environments. During these processes quality management is actively supported. The company provides solutions in Traffic & Automotive, Manufacturing/Compu-terisation, Aviation and Telecommunications.

Strategy

TostreamlineactivitiesinGermany,in2008ICTstartedoperatingfromaGermanholdingstructure.Thelong-termstrategyforICTGermanyremainsunalteredbeinggrowth and expansion of activities. The objective of500membersofstaffnowappearsunfeasiblebeforeyear-end2010.Duetoeconomicconditionsin2009thedivisionwill inthefirstplacefocusonhealthyopera-tional management and expansion of activities. Alsoin terms of acquisitions, and again given the marketconditions,areservedapproachwillbepursued.Fromallappearancesshouldeconomypickup inGermany,the circumstances regarding themarket for ICT’s keyactivitiesseemunaltered.Insuchcasethetenderandsecondmentmarketwillmakeastrongcome-back.

Course of events

In2008tootheactivitiesofICTGermanycontinuedtoimprove.On theonehandgrowth resulted from theacquisitionof !Zip inNeustadton1 January and theexpansionoftheinterestinLineasAutomotiveto100%latein2008.Ontheotherhandtheyearalsowitnessedstrong autonomous growth (60%). And in terms ofmarketexpansionimportantstepsweremadein2008.Whilebyyear-end2007lessthan95%wasstillgearedtowards Embedded Software Engineering services intheAutomotivemarket, in2008 thepercentagehadgone down to approximately 75%. The other 25%mainly involvedtheManufacturingmarketandmuchmorefocusedonindustrialcomputerisation.

To realise further growth and expansion of activities,2008 saw major efforts invested in the internalorganisation.Managementwas renderedmuchmoreprofessional while the organisation was structuredsuch as to support further growth. As of 1 October2008allactivitiesarecarriedoutunderthenameICTSoftwareEngineeringGmbH.BybeingpartofalargerorganisationassignmentscannowbecarriedoutatahigherlevelallowingICTGermanytoqualifyforlargerprojects.

ICTGermany’s turnover in2008amountedto€22.8million,a146%growth.Byyear-end2008thisdivisioncounted251membersofstaff.

ISSDTheacquisitionof!ZipAutomationGmbHinNeustadtoffered ICT Software Engineering GmbH in Germanyaccess to the field of Industrial Standard SoftwareDevelopment (ISSD). In 2008 many prospects wereidentifiedforthisbusinessandmanynewclientswerewelcomed. Eventually ISSD-related business in 2008increasedbyapproximately30%.

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GiventhecurrenteconomicsituationtheISSDactivitiesare expected to slightly decline in 2009. Nevert-heless, and considering the opportunities that existin theGermanmarket, thebusinesscouldbe furtherexpandedshouldmarketpickup.

Computerisation Theacquisitionof!ZipAutomationGmbHinNeustadtmeantstrongexpansionof industrialcomputerisationactivities within ICT Software Engineering GmbH.Heregrowthmainlysufferedfromlackofexperiencedengineers. Recruiting and training new staff proveda complicated and time-consuming process. Conse-quently,activitiesexpandedonlyslowlyin2008.

For2009weexpectclientstobereserved inthefirstplace, but we expect further expansion once theeconomy picks up again. Recruiting and training therightstaffremainsapointofattention.

We expect to expand markets particularly throughindustrial computerisation. Examples of markets inwhichwemadethefirststepsin2008andinwhichweintendtotakefurthersteps in2009arethechemicalsector,thefoodsector,energyandmanufacturing.

AutomotiveIn the Automotive market ICT Software EngineeringGmbH realised substantial growth at all locations,amountingto50%atsome.In2008theorganisationwas strongly professionalised to welcome over 100employees to serve clients and projects that werecarried out internally. The new organisational struc-tureswillallowustocontinuetogrowintheyearstocome.

In 2008 we succeeded in increasing EmbeddedAutomotivecompetencesespeciallyinthefieldofinfo-tainmentbutalsoelectronicsandmotormanagementsystems.

ICT’s activities are mainly geared towards Researchand thedevelopingofnewcars.Theexistingcrisis iscurrently mainly interfering at the production level.Nevertheless,in2009clientsareprovingreservedwhenit comes to issuingassignments.Weclearlyhave theimpressionthatworkexistsbutthatclientsarebeingcarefulinviewofworlddevelopments.Partlybecauseofthis, thefocus in2009willbe lessongrowthandmoreonhealthyoperationalmanagement.

Given the many long-term relationships with clientsand the good client spread this allows us to remainoptimisticaboutthefutureofthismarket.

Organisation and Personnel

ForICT,motivatedemployeesareacriticallyimportantcondition for the company’s success. That ICT paidcareful attention to this was demonstrated by thefact that in 2008 ICT qualified as a good companywith an encouraging working environment. ICTwas nominated for a national hallmark based onscientific research "the Personal DevelopmentHallmark". ICT is proud of this and will continue toinvest efforts in a stimulating working environment.Following employee satisfaction research conductedlate2006,2008sawafollowingresearchassignmentorganised among staff. The positive aspect herewas that of the four ‘points for improvement’ thatwere spotlighted in 2006, ‘career counselling anddevelopment’, ‘communication’, ‘ organisation’ and‘remuneration’; three received higher marks in 2008thanin2006.‘Organisation’remainedunchanged.The upgrade plans implemented in 2007 and 2008providedthe foundationfor these improvements.Forinstancein2008welaunchedtheTalentDevelopmentProgrammeandcontinuedtheLeadershipDevelopmentInitiative. ICTwillcontinueto invest infurther impro-vements.


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To properly introduce new employees, allowingthem to make their way in ICT, more introductiondayswereheld in2008.On thesemuchappreciateddays the employees were actively introduced toICT’s structure, culture and working methodology.OnesignificantmilestoneforICTwastheharmonisingof theemploymenttermsof formerProcosstaff.Theharmonisation process was voluntary and has nowbeencompletedsuccessfully;80%ofstaffswitchedtoICT’stermsofemployment.In 2008 ICT (for part of the organisation) obtainedthe ISO9001certificatewhichdemonstrated itshighstandardofwork.

Absenteeism and staff turnover

In2008absenteeismremainedat3.2%.

Staffturnoverin2008amountedto15%(2007:18%)

Totalstaffingintheyearunderreviewincreasedfrom941to1,015on31December2008.

Barendrecht,20April2009TheExecutiveBoard

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Chapter �: Financial Statements 200�

Consolidated balance sheet on 31 December 200�

Consolidated profit and loss account for 200�

Consolidated changes of the shareholders’ equity on 31 December 200�

Consolidated cash flow statement for 200�

Notes to the consolidated financial statements

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Financial Statements 200�

Consolidated balance sheet at 31 December 2008

(Before profit appropriation) (x € 1,000) Note 2008 2007

Assets FIXED ASSETS

Tangible fixed assets 6) 2,763 1,897

Intangible fixed assets 7) 24,347 17,835

Financial fixed assets 8) 30 30

Deferred taxes 8) 204 291

27,344 20,053

CURRENT ASSETS

Trade and other receivables 10) 26,863 26,260

Corporate tax 1,805 1,261

Cash and cash equivalents 11) 9,209 12,420

37,877 39,941

Total assets 65,221 59,994

Liabilities

SHAREHOLDERS’ EQUITY *) 12)

Issued capital 875 845

Share premium 8,411 8,476

Issued options 124 124

Deducted profit 30,556 25,591

Profit for the year 5,288 6,081

45,254 41,117

LONG-TERM LIABILITIES

Deferred taxes 29) 234 -

Received in advance 14) 1,000 1,200

1,234 1,200

CURRENT LIABILITIES 15)

Trade creditors 3,388 2,747

Taxes and social insurance premiums 6,419 4,458

Other current liabilities 8,926 10,472

18,733 17,677

Total liabilities 65,221 59,994

*) Total shareholders’ equity and total net profit are attributable to equity holders of the parent.



Assets FIXED ASSETS





27,344 20,053

CURRENT ASSETS




37,877 39,941


Liabilities







45,254 41,117




1,234 1,200





18,733 17,677





Assets FIXED ASSETS





27,344 20,053

CURRENT ASSETS




37,877 39,941


Liabilities







45,254 41,117




1,234 1,200





18,733 17,677



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Consolidated profit and loss account for 2008 (x € 1,000) Note 2008 2007

Revenue 19) 96,666 86,194

Other income 20) 824 2,091

97,490 88,285

Raw materials and consumables and work subcontracted

9,961 8,908

Employee costs 21) 57,274 51,592

Depreciation 6) 746 477

Other operating expenses 27) 20,236 19,538

Other extraordinary expenses 27) 2,500 -

22,736 19,538

TOTAL OPERATING EXPENSES 90,717 80,515

Operating profit *) 6,773 7,770

Profit of participating interests 28) 133 171

Interest income and similar income 702 538

Interest charges and similar costs (284) (198)

551 511

PROFIT BEFORE TAXATION 7,324 8,281

Tax burden 29) 1,929 2,200

NET PROFIT **) 5,395 6,081

Minority shareholder’s share of net profit

107

-

Equity holders of the parent’s share of net profit **)

5,288

6,081

Earnings per ordinary share in € 30) € 0.62 € 0.74

Diluted earnings per ordinary share in € 30) € 0.62 € 0.72

*) Note 27) includes an item of € 2,500,000 concerning established fraud. Excluding this fraud the operating profit in 2008 amounted to € 9,273,000 (2007: € 7,770,000).

**) In the financial statements and the report of the board of directors the term net profit is equated with the equity holders

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Consolidated statement of changes in equity at 31 December 2008 2008 (x € 1,000) Issued

capital Share

premium Granted options

Deducted profit *)

Result financial

year

Total

1 January 2008 845 8,476 124 25,591 6,081 41,117

Net profit 2008 - - - - 5,288 5,288

Total income and expenses - - - - 5,288 5,288

Adding net profit 2007 to retained profit - - - 4,965 (4,965) -

Dividend paid 2007 30 (65) - - (1,116) (1,151)

31 December 2008 875 8,411 124 30,556 5,288 45,254

2007 (x € 1,000) Issued

capital Share

premium Granted options

Retained profit *)

Profit for the year

Total

1 January 2007 845 8,476 62 23,067 6,212 38,662

Net profit 2007 - - - - 6,081 6,081

Total income and expenses - - - - 6,081 6,081

Adding net profit 2006 to retained profit - - - 1,318 (1,318) -

Dividend paid 2006 - - - - (4,894) (4,894)

Options exercised 2007 - - - 1,206 - 1,206

Granted options - - 62 - - 62

31 December 2007 845 8,476 124 25,591 6,081 41,117

*) At the end of 2007 the item treasury shares is balanced under retained profit. At the end 2008 there were no treasury

shares.

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Consolidated cash flow statement for 2008 Under the direct method (x € 1,000) 2008 2007

CASH FLOW FROM OPERATING ACTIVITIES

Receipts from consumers 111,507 99,718

Payments to suppliers and employees (101,408) (90,615)

10,099 9,103

Dividend received 133 171

Interest received 758 585

Interest paid (284) (198)

Income tax paid (4,159) (2,254)

(3,552) (1,696)

Net cash flow from operating activities 6,547 7,407

INVESTING ACTIVITIES

Net addition to tangible fixed assets (1,531) (1,099)

Acquisition of group companies (6,877) (7,318)

Net cash flow from investing activities (8,408) (8,417)

FINANCING ACTIVITIES

Exercised options - 1,206

Dividend paid to third party interests (199) -

Dividend paid (1,151) (4,894)

Net cash flow from financing activities (1,350) (3,688)

Net cash flow (3,211) (4,698)

Cash and cash equivalents at 31 December 9,209 12,420

Cash and cash equivalents at 31 January 12,420 17,118

Increase / (decrease) in cash and cash equivalents (3,211) (4,698)

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Notes to the consolidated financial statements

1) Corporate information

ICTAutomatiseringN.V.isapubliclimitedcompanyincorporatedandestablishedintheNetherlands.TheaddressofICTAutomatiseringN.V.is:

Kopenhagen92993LLBarendrechtTelephone:0031180646000Fax:0031180646002

TheconsolidatedfinancialstatementsofICTAutomatiseringN.V.Barendrechtfortheyearended31December2008werepreparedbytheExecutiveBoard,andjointlysignedtogetherwiththeSupervisoryBoardon20April2009andpresentedforadoptiontotheGeneralMeetingofShareholdersscheduledon27May2009.

TheICTGroupisanorganisationthatfocusesondevisingadvancedsolutionsforclients.Everydayover1,000staffdeviseanddesigndistinctivecapabilitiesforawiderangeofICTapplications.ThismeansthatICTiscurrentlyoneofthelargest,independentDutchsoftwaredevelopersforclients.TheICTGroupconsistsoftheNetherlandsandGermanydivisions.IntheNetherlandstheICTGroupismadeupoffourdivisions:ICTEmbedded(embeddedsoftware is software that formsan integralpartofotherproducts), ICTSolutions (technical computerisation)andICTConsultancy(consultancywithregardtoarchitecture,configurationmanagementandtesting)andICTGermany(embeddedsoftwareandtechnicalcomputerisation).Thebusinessoperationsof ICTAutomatiseringN.V.arefurtherdetailedinthisannualreport.

Statement of complianceTheconsolidatedfinancialstatementsofICTAutomatiseringN.V.havebeendrawnupinaccordancewiththeInternational Financial Reporting Standards (IFRS) as adopted by the European Union and interpretations asissuedbytheInternationalFinancialReportingInterpretationsCommittee(IFRIC).TheprinciplesofthecompaniesinvolvedintheconsolidationarealsobasedonIFRS.

Changes in accounting policiesThegeneralaccountingprinciplesapplied in thefinancial year2008areconsistentwith thoseapplied in thepreviousyear.Changesandfuturechanges intheexplanatoryrequirementsasaresultofnewand/orrevisedprescribedstandardsandinterpretationshavebeenincorporatedinthe2008financialstatementsasfaraspossiblebuthavenoeffectonaccountingprinciples.ThenewinterpretationsrefertoIFRIC11concerningtheprocessingofoptionschemesingroupsharesandtreasurysharesandIFRIC14concerningtheevaluationofthesurpluslimitationofpensionentitlementsaccountedforasanassetonthebasisofIAS19personnelremuneration.

Changes in estimatesInthefinancialyear2007theestimatedusefuleconomiclifeofcomputerequipmentundertheitemtangible

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fixedassetswasalteredfromthreetofiveyearsandwasprocessedinthefinancialstatements.Thealterationconcernsextensionoftheusefuleconomiclifefrom3to5years,wherebytheeffectin2007amountstoapproxi-mately€0.3million,whichwillalsoapply infutureperiodsassumingsimilarannual investments. In2008nochangesinestimatesoccurred.

Future alterationsTheIASBregularlypublishesnewreportingstandards,adjustmentstotheexistingstandardsandinterpretations.ThesemustbeacceptedbytheEuropeanUnion.Thefollowingnewstandards,adjustmentstoexistingstandardsandinterpretationsaspublishedbytheIASBandwhicharerelevantforICTAutomatiseringshallapplyasof1January2009.

IFRS 8 Operating segmentsInNovember2006the IASBpublished IFRS8.Atthetimeoftakingeffect IFRS8replaces IAS14SegmentedInformation.ICTAutomatiseringiscurrentlystudyingtheeffectontheconsolidatedfinancialstatements.

IFRSBusinessCombinations–revised.IFRS3appliestoacquisitionsthatoccurinfinancialaccountingcommencingafter1July2009.IFRS3introduceschangesintheprocessingofacquisitionsthateffectsthevalueofgoodwill,theresultsoftheperiodinwhichanacquisitionoccursandfutureresults.ICTAutomatiseringiscurrentlystudyingtheeffectontheconsolidatedfinancialstatements.

IAS 1 Presentation financial statements (revised)ThisrevisedstandardwaspublishedinSeptember2007andwillapplytofinancialyearscommencingonorafter1 January2009.This standarddistinguishes changes in shareholders’ equity relating to transactionswith theownersofthecompanytochangeswhicharenottherebyrelated.Thestatementofchangesoftheshareholders’equityonlycontains informationontransactionswiththeowners,wherebyotherchangesarepresentedasasingleitem.Additionally,thestandardintroducesanoverviewofachievedandnot-achievedresults,inwhichallincomeandexpensesarepresentedintheprofitandlossaccount,andallitemsofthetotalresult.ICTAutoma-tiseringiscurrentlystudyingtheeffectontheconsolidatedfinancialstatements.

IFRS 2 Shared-based payments (revised)InJanuary2008theIASBpublishedanamendmenttoIFRS2containingaclearerdefinitionoftheterm‘vestingcondition’,aswellasregulationsconcerninganallocationcancelled.TheGroupappliesthisamendmentasof1January2009.TheapplicationisnotexpectedtohaveconsequencesfortheGroup’sresultandfinancialpositioninviewofthefactthattheeventswhichthisinterpretationreferstodidnotoccur.

Improvements to the IFRSInMay2008theIASBpublishedvariousamendmentstoitsstandardsprimarilyintendedtoeliminateinconse-quential featuresandclarifyanumberofpotentiallyambiguouspoints.Transitionalprovisionsapply foreachstandard.ICThasassessedtheextenttowhichtheimprovementscouldhaveanimpactontheICTGroup:•IAS31Interests in jointventures: If inaccordancewith IAS39a jointventure is includedatfairvalue,then

theonlyrequirementthatappliesbasedonIAS31isthatinformationmustbeprovidedontheparticipant’sobligationsinthejointventure,includingsummarisedfinancialinformationontheassets,liabilities,incomeand

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expenses.ThisamendmenthasnoconsequencesfortheGroupbecauseitdoesnotincludeitsjointventuresatfairvalue.

•IAS 36 Impairment of assets: If the cash flows are discounted to estimate the ‘fair value less the cost ofsales’, thenadditional informationconcerningthediscountratemustbeprovided,which isconsistentwiththe information thatmustbeprovided if cashflowsarediscounted to estimate the ‘going-concern value’.Thisamendmenthasno immediateconsequences for theGroup’sconsolidatedfinancial statements,as therealisablevalueofitscashflowgeneratingunitsiscurrentlyestimatedat‘going-concernvalue’.

•OtherimprovementsarenotexpectedtoeffecttheICTGroup’sfinancialreporting.

2) Basis for the financial statements

Basis of consolidationTheconsolidatedfinancialstatementscomprisethefinancialreportingofICTAutomatiseringN.V.andallsubsi-diaries(hereinafterthe‘ICTGroup’)inaccordancewiththemethodoffullconsolidation.SubsidiariesarethosecompaniesinwhichtheICTGrouphasadecisiveinfluenceonpolicy.

Minority interests represent the share inprofitsor lossesand in thenetasset value thatarenotheldby theICTGroup.Theyarepresentedseparatelyintheprofitandlossaccountandintheshareholders’equityintheconsolidatedbalance sheet, next to the equity attributed to theholders of equity instruments of theparentcompany.Acquisitionsofminorityinterestsareaccountedforaccordingtothe‘parententityextension’method,wherebythedifferencebetweenthepaymentandthebookvalueoftheacquiredshareinthenetassetvalueareaccountedforasgoodwill.

Thefinancialinformationofjointventuresisincludedintheconsolidationinaccordancewiththeproportionalconsolidationmethod.AjointventureisdefinedasacompanyinwhichICTAutomatiseringN.V.exercisesjointcontrolbyvirtueofashareholder’sagreement.Theassetsandliabilities,andtheincomeandexpensesofajointventureareincludedintheconsolidationinproportionallytotheinterestheldinthecompany.Profitsandlossesofsubsidiariesareincludedintheconsolidationfromthedateoftheacquisitionorincorpo-ration.ThecompanyprofitandlossaccounthasbeendrawnuponapplicationofsectionBook2Section402oftheDutchCivilCode.

Joint venturesICTAutomatiseringN.V.participatesinvariousjointventures,alsocalled‘jointlycontrolledentities’,meaningaco-operativeagreementhasbeencreatedinwhichoneormorepartiesundertakeaneconomicactivityinwhichtheyexercisejointcontrol.ICTAutomatiseringN.V.,inprocessingthesejointventuresintheconsolidatedbalancesheet,appliesthemethodofproportionalconsolidation.ToapplythismethodconsistentlythefiguresofthejointventurehavebeendrawnupinaccordancewithInternationalFinancialReportingStandards.ThejointventuresoperateonthebasisofthesamefinancialyearasICTAutomatiseringN.V.

IfICTAutomatiseringN.V.bringsassetsintoajointventureordisposesofthem,thentheincorporationofanyprofitorlossfromthetransactionmustreflecttheeconomicreality.ICTAutomatiseringN.V.onlyincludesthatpartofaprofitorlossthatisattributabletotheinterestsoftheotherparticipants.

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Principles of foreign currency translationTheconsolidatedfinancialstatementsasat31December2008areshownineuros.Assetsandliabilitiesdenomi-natedinforeigncurrenciesaretranslatedintoeurosattheratesofexchangerulingonthebalancesheetdate.Transactionsinforeigncurrenciesaretranslatedattherateofexchangerulingatthedateoftransaction.Exchangegainsandlossesaretakentotheprofitandlossaccount.

Significant judgements and estimatesThekeyassumptionsconcerninguncertaintiesinestimates,asonthebalancesheetdate,thatrepresentasigni-ficantriskofmaterialadjustmenttoassetsandliabilitiesinthenextfinancialyeararediscussedbelow.

Valuation of fixed price projectsDue to the unique character and high degree of uncertainty associated with fixed-price projects, it is notpossibleforICTAutomatiseringN.V.todeterminethefuturecostsandinterimprojectresultsinafullyreliablemanner.Consequently,theresultsoffixedpriceprojectsareaccountedforbyICTAutomatiseringN.V.onprojectcompletion.

Acquisitions and fair value estimatesGoodwillarisingfromtheacquisitionofabusinessisvaluedatcostuponinitialrecognition,thisbeingthediffe-rencebetweenthecostofthebusinessandtheinterestofICTAutomatiseringN.V.inthenetfairvalueoftheidentifiableassets,liabilitiesandconditionalliabilities.Theindividualvaluationoftheidentifiableassets,liabilitiesand conditional liabilities involves estimates (such as for example the expected cash flows and the discountfactor).Thegoodwillisreviewedannuallyorsooner,ifeventsorchangesincircumstancesindicatethatthebookvaluehasundergonepossibleexceptionalimpairment.

Exceptional impairment of goodwillAnexceptionalimpairmentofgoodwillrequiresanestimateofthegoing-concernvalueofthecashflowgeneratingunitstowhichthegoodwillisallotted.Toestablishagoing-concernvalue,ICTAutomatiseringN.V.mustestimatetheexpectedfuturecashflowsofthecashflowgeneratingunitandalsodetermineasuitablediscountfactor,inordertocalculatethepresentvalueofthecashflows.

Valuation of pensionsAtleastonceayearICTAutomatiseringN.V.reviewstheprinciplesforvaluingthepensionplan.Thisrequiresanestimateofactuarial andfinancialprinciples to valuepensionobligationsand the relatedplanassets. ForthevaluationofpensionbenefitliabilitiesICTAutomatiseringN.V.hastoestimatefutureoutgoingcashflows,whichinturndependonestimateswithregardtotheapplieddiscountfactor,expectedpriceandsalaryrisesasaresultofexpectedemployeecareerdevelopment,disabilityrisksandmortalityrates.Estimatesarealsoneededregarding the returnonplan investments. The estimates aremade consistently dependingon economic anddemographicdevelopments.

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3) Summary of significant accounting policies

Financial instrumentsThe resultsandcashflowsof ICTare influencedbyvarious factorsofvariablecharacter. ICThasnofinancialinstrumentswhichdonotflowfromnormalbusinessactivities.Currentpolicyisnotaimedatapplyingspecialfinancialinstrumentstocoverrisks.AfinancialassetisnolongerincludedinthebalancesheetwhentherightstoreceivecashflowsfromtheassethaveexpiredandtherisksandbenefitsresultingfromtheassetarenolongercarriedbyICTAutomatiseringN.V.Afinancial liability is cancelledwhen theobligationunder the liabilityhasbeendischarged, cancelledorhasexpired.ICTAutomatiseringN.V.hasnoavailable-for-salefinancialassetsorliabilities(withtheexceptionoftheparticipation reportedunderfinancialfixedassets),held-to-maturity investmentsor loansother thandebtors,creditorsandotherreceivablesandpayables.NorhasICTAutomatiseringN.V.acquiredanyfinancialassetsforthepurposeofsellingtheminthenearfuture.Whenfinancialassetsareinitiallyrecognisedtheyaremeasuredatfairvalueplusdirectattributabletransactioncostsandsubsequentlyvaluedatamortisedcost.OneachbalancesheetdateICTAutomatiseringN.V.determineswhetherafinancialassethasundergoneanexceptionalimpairment.

Tangible fixed assetsTangiblefixedassetsarecarriedatcostnetofstraight-linedepreciationbasedontheassetsconcernednottakingintoaccountanyexpectedresidualvalue.Theannualdepreciationratesareasfollows:Computerequipment20%Equipment20%Where applicable, assets are carried at a lower realisable value. The useful lives and valuation methods areassessedand,ifapplicable,adjustedattheendofthefinancialyear.

Financial fixed assetsFinancialfixedassetsthatareavailableforsale,beingaparticipatinginterestinwhichnosignificantinfluenceisexercised,becausethefairvaluecannotbereliablydetermined,arevaluedatcostwhennecessaryallowingforvalueimpairment.

Deferred tax receivablesDeferredtaxreceivablesareincludedinthebalancesheetasalldeductibletemporarydifferencesandonwardfiscallosses,insofarfiscalprofitispossibleintheforeseeablefuturewithwhichthesecanberealised.Deferredtaxreceivablesandtaxliabilitiesarenetprovideditislegallyenforceableandifthedeferredtaxesarerelatedtothesametaxpayerandthesametaxauthority.

Trade and other receivables Tradereceivablesarecarriedatoriginalinvoiceamount,beingthefairvalueoftheserviceandproductprovisionnetanallowanceforuncollectibles.Thisprovisionismadeifthereisobjectiveevidence(suchastheprobabilityof bankruptcy or a debtor who faces financial difficulties) that the ICT Group will not be able to collect alloutstandingamountsaccordingtotheoriginalinvoice.Thebookvalueofthereceivableisthenreducedwithaprovisionfordoubtfuldebt.Receivablesthathaveundergoneanexceptionalimpairmentarenolongerincludedifitisestablishedthattheyareuncollectible.Otherreceivablesarecarriedatcost,beingthefairvalueoftheperfor-manceatthetimeofinvoicing.Subsequentvaluationofalltradeandotherreceivablesismadeatamortizedcost.

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Otherreceivablesandliabilitiesincludereceivablesandliabilitiesrelatedtothefixed-priceprojects.Thefixed-priceprojectsarecarriedatcostofalldirecthoursspentonprojectsinprogressandthegoodsandservicespurchasedinrelationtotheprojectatbalancesheetdate.Hours investedarecarriedatthedirectandindirectcostsperemployeeperhour.Thedirectcostsarebasedonsalary,socialsecurityexpensesandotherdirectcostsoftheemployeesinvolveddirectlyattributabletotheproject.Thegoodsandservicespurchasedarecarriedatthepricepaid.Amountsalreadyinvoicedonprojectsaredeductedfromthecapitalizedcostsofeachproject.Anylossesaredeductedfromthecapitalizedcostsandtakentotheprofitandlossaccount.Anestimationoftheexpectedprojectcosts isnecessarytoforeseeanyof these losses.Positivenetcontractsare includedundersales tobeinvoicedandnegativenetprojectsareincludedundercurrentliabilities.Theprogressoftheprojectsismeasuredbythehoursspent,amountsinvoicedandinternalmanagementinformation.

Cash and cash equivalentsCashandcashequivalentscomprisecashatbanks.

Treasury sharesEquityinstrumentswhicharereacquired(treasuryshares)aredeductedfromshareholder’sequity.NogainorlossisrecognizedintheprofitorlossaccountonthepurchaseorsaleofICTAutomatiseringN.V.’sequityinstruments.

Long-term and current liabilitiesLong-termandcurrentliabilitiesarecarriedatcost,beingthefairvalueatthetimetheliabilitiesarise.Subsequentvaluationoccursatamortisedcost.

Business acquisitions and goodwillBusinessesareincorporatedbyICTAutomatiseringN.V.onthebasisoftheacquisitionmethod.Theapplicationofthismethodmeans identificationoftheacquiringparty,andontheacquisitiondate,thedeterminationofthecostsofthebusiness,allocatingthecostofthebusinesstoacquiredassets,andadoptedandconditionalliabilities.

On the date of acquisition, ICT Automatisering N.V., as acquiring party, includes the goodwill acquired in abusinessasanassetvaluedatcost,beingtheamountbywhichthecostofthebusinessexceedstheinterestoftheacquiringpartyinthenetfairvalueofidentifiableassets,liabilitiesandconditionalliabilities.ICTAutomatiseringN.V.includesgoodwillinthebalancesheetunderintangiblefixedassets.Initialnegativegoodwillisimmediatelyprocessedintheprofitandlossaccount.

Thegoodwillacquiredinabusinessisnotamortised,butisverifiedannuallyagainstimpairmentormorefrequentlyifeventsorchangesincircumstancesindicatethatthegoodwillhaspossiblysufferedimpairment.Tocheckthis,thegoodwillarisingfromthebusinessfromacquisitiondateisallocatedtothecashflowgeneratingunitwhichisexpectedtobenefitfromsynergywiththebusiness.TheunittowhichgoodwillmaybeallocatedrepresentsthelowestlevelwithintheICTGroupanddoesnotexceedaprimaryorsecondarysegmentoftheICTGroup.Animpairmentisestablishedbyassessingtherealisablevalueofthecashflowgeneratingunitbenefitingfromthegoodwill.Iftherealisablevalueislowerthanthebookvalue,thentheimpairmentisincludedasaloss.Ifabusinessissoldthenthedifferencebetweenthesalespriceandthetotalnetassetvalueandcapitalizedgoodwillisaccountedforintheprofitandlossaccount.

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PensionsUntil31December2007ICTAutomatiseringN.V.hadtransferredthestaffpensionschemetoStichtingPensioen-fondsICT.In2007ICTAutomatiseringN.V.decidedtodirectlytransferthepensiontotheinsurancecompanyasof1January2008andwithouttheinterferenceofthecompanypensionfund.On1January2008anewpensioncontractwasenteredintowiththeinsurer.Forstaffwhowerealreadyemployedon1January2008andwhofallunderthecompanypensionfund’spensionscheme,thepensionhasbeendirectlytransferredtotheinsurancecompany.ThepensionschemeforthisclosedgroupwillbecontinuedwiththeexceptionofseveraladjustmentsregardingalterationstothePensionAct. In2008allassetsand liabilitiesofStichtingPensioenfonds ICTweretransferredtotheinsurancecompany.StichtingPensioenfondsICThasbeenwoundup.

AccordingtoIFRS,thepensionschemethatappliestotheclosedgroupofstaffthatenteredintotheserviceofICTAutomatiseringN.V.andgroupcompaniesuntil1January2008ischaracterisedasaDefinedBenefitPlan.

Under theDefinedBenefitPlan thegrosspensionobligation is carriedat thepresentvalueof theportionofprojectedpensionsattributabletopastservice,takingintoaccountexpectedfuturesalaryincreasestoretirement.Thediscountrateusedtocalculatethegrossobligationisbasedonthemarketrateofinterestrelatingtothetermoftheobligation.Investmentsarecarriedatfairvalue,takingintoaccountanexpectedreturn.Thenetdefinedbenefitliabilityistheaggregateofthepresentvalueofthegrossobligationandactuarialgainsandlossesnotrecognizedreducedbythefairvalueofplanassetsoutofwhichtheobligationsaretobesettleddirectly.Actuarialgainsandlossesarerecognizedasincomeorexpensewhenthenetcumulativeunrecognizedactuarialgainsandlossesattheendofthepreviousfinancialyearexceed10%ofthehigherofthegrossobligationandthefairvalueofplanassetsatthatdate.Thesegainsandlossesareallocatedtotheexpectedaverageremainingworkinglivesoftheemployeesparticipatingintheplan.AnetinvestmentsurplusisnotrecognizedinthebalancesheetofICTAutomatiseringN.V.Thereisnoentitlementtotheinvestmentsurpluses,noranyobligationifaninvestmentdeficitarises.Inthecaseofaninvestmentsurplus,anyactuariallossesnotaccountedforareallocateddirectlytotheunrecognizedinvestmentsurplus.

Anewpensionschemehasbeenenteredintobasedontheavailablepensioncontributionforstaffwhoenteredemploymentasof1January2008.Withregardtoanumberofparticipating interests inthe ICTGrouptherealreadyarepensionagreementswhich inaccordancewith the IFRSaredeemedaDefinedContributionplan.Throughthesearrangementstheemployerannuallydeterminesafixedagreedamountofpensioncontributiononbehalfof theemployees.Aspensioncosts theavailablecontributionsareprocessed in theprofitand lossaccountafterdeductionofemployercontributionsintheyearconcerned.

4) Accounting policies for the establishment of the result

Revenues Revenuesincludegoodsandservicessuppliedtothirdpartiesintheyearunderreview,netofdiscountsandvalue-addedtaxes.Profitsonfixed-priceprojectsarerecognizeduponcompletionoftheproject.Lossesarerecognizedassoonastheyareforeseen.Otherincomerefertothosenotdirectlyassociatedwithcompanyactivities.Operating expensesExpensesarisingfromthecompany’sbusinessoperationsareaccountedforasoperatingexpenses.

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DepreciationDepreciationoftangiblefixedassetsiscomputedonbasisofafixedpercentageoftheacquisitionvaluelessanyresidualvaluesbasedonexpectedusefuleconomiclives.

LeasesOperatingleasepaymentsareaccountedforproportionatelyasanexpenseintheprofitandlossaccount.

TaxTaxiscalculatedovertheprofitorlossbeforetaxationbasedonthetaxratesinforce,takingintoaccounttaxrelieffacilities.

ICTAutomatiseringN.V.togetherwithitsgroupcompaniesintheNetherlands,butexcludingRijnmondDistri-butieServicesB.V.,AtemexHoldingB.V.andProcosEngineers&ConsultantsB.V.,formsonesinglefiscalentity.AdditiontothisfiscalunitofthenewlyacquiredparticipatinginterestsProcosEngineers&ConsultantsB.VandAtemexHoldingB.V.,andall subsidiaries fallingunder theseoperations iscurrentlyunderscrutinyby the taxauthorities.Tax iscalculatedas ifthegroupcompanieswereautonomoustaxpayers.ThedifferencesbetweenthetaxthuscomputedandthetaxactuallydueisincludedinICTAutomatiseringN.V.’scompanyfinancialstate-ments.

Share-based payment plansUnderthetermsofashareoptionplanforemployeesandmembersoftheExecutiveBoardandSupervisoryBoard,rightshavebeengranted to the foundationStichtingAdministratiekantoor ICTand the foundationStichtingPersoneelsoptieplanICTtoissuedepositaryreceiptsinexchangeforordinarysharesinICTAutomatiseringN.V.administeredbytheminconnectionwithoptionsexercised.AlloptionsgrantedbyICTAutomatiseringN.V.areconsideredbyIFRSasequity-settledtransactions.

AnoptionrepresentstherighttoadepositaryreceiptfromStichtingAdministratiekantoorICTorStichtingPerso-neelsoptieplan ICT.Atermoffiveyearsfromthedateanoption isgrantedappliestoalloptionschemes.Anoptionisstrictlypersonalandcannotbetransferredortraded.Underalmostalltheoptionschemes,optionslapsewhentheholderleavesthecompany.Optionscanbeexercisedforaperiodoffiveyearsatthestipulatedexerciseprice,whichisthesameasthesharepriceatthetimetheoptionsweregrantedorequalstheaveragesharepriceoveranumberofpreviousyears.Theoptionholderisnotentitledtodisposeofthedepositaryreceiptsobtainedasaresultofexercisingoptionswithinaperiodoftwoorthreeyearsfromthestartofthecorrespondingoptionperiod.Afterthisperiodoftwoorthreeyears,theoptionholderhastheopportunityatleasttwiceayear–orasmanytimesasdeterminedbytheboardsofthefoundations,togiveinstructionstosellthedepositaryreceipts.Inthethird,fourthandfifthyearafterthestartoftherelevantoptionperiod,onethirdofthedepositaryreceiptsmaybesoldeachyear.Thepartswhicharenotsoldaccumulateandmaybesoldinanysubsequentyear.

TheICTAutomatiseringN.V.optionsgrantedarecarriedattheirfairvalueandmeettherequirementsforequity-settled transactions under IFRS norms. Accordingly, the fair value of the option is expensed as an employeebenefitcost,basedontheestimatednumbersofoptionsthatwillaccrueoverthevestingperiod.Theoptions

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aregrantedtoemployees, including(past)ExecutiveBoardandSupervisoryBoardmembersof ICTAutomati-seringN.V.asremunerationintheformofrightstopurchasedepositaryreceiptsforsharesofICTwhereby,insomecases,employeesmayberequiredtoreachaspecificperformanceinordertoobtainunconditionalrightstodepositaryreceiptsforshares.Thecostsofoptionsgrantedarerecognized,togetherwithacorrespondingincreaseinequity,overtheperiodinwhichtheperformanceconditionsarefulfilled,endingonthedateonwhichtherelevantemployeesobtainthefullrightentitledtothegrant(“vestingdate”).

Thecumulativeexpenseforgrantedoptionsrecognizedateachreportingdateuntilthevestingdatearepartlybasedontheexpectednumberofoptionsthatwillultimatelyvest.Noexpenseisrecognizedforgrantsthatdonotultimatelyvest..Ifvestingdependsonamarketcondition,theyaretreatedasvestedirrespectiveofwhetherthemarketconditionissatisfied,providedthatallotherperformanceconditionsaresatisfied.Ifthetermsofashareoptiongrantedaremodified,atleastanexpenseisrecognizedasifthetermshadnotbeenmodified.Inaddition,anexpenseisrecognizedforanyincreaseinthefairvalueofthetransactionasaresultofthemodification,asmeasuredatthedateofmodification.

Ifashareoptiongrantediscancelledorsettleditistreatedasifithasvestedatanacceleratedpace,andanyexpensenotyetrecognizedfortherightgrantedisrecognizedimmediately.However,ifanewrightissubstitutedforthecancelledright,anddesignatedasareplacementrightonthedateitisgranted,thecancelledandnewrightsaretreatedasiftheywereamodificationoftheoriginalright,asdescribedinthepreviousparagraph.

Thedilutiveeffectofoutstandingoptionsnot coveredby treasury shares is reflectedas sharedilution in thecomputationofearningspershare.

5) Interests in joint ventures

Joint ventures in InTraffic B.V., Improve Quality Services B.V. and Lineas Automotive GmbH (now named ICT Engineering Nord GmbH)ICTAutomatiseringN.V.hasa50%interestinInTrafficB.V.,ajointlycontrolledentitybyICTAutomatiseringN.V.andMovaresNederlandB.V.setupin2003. InTrafficB.V. isanITconsultantandprojectcontractorprovidingservicesforpublictransportationcompanies,systemsuppliersandgovernmentorganisations.

On1January2006ICTAutomatiseringN.V.acquired40%ofImproveQualityServicesB.V.In2007thisinterestwasraisedfrom40%to50%.Theownershipof ImproveQualityServicesB.V. issharedwiththeother50%shareholder.Consequently,ImproveQualityServicesB.V.isprocessedproportionallyintheconsolidatedfinancialstatements.ImproveQualityServicesB.V.providesadviceinthefieldoftesting.

On1May2007ICTAutomatiseringN.V.acquired60%ofLineasAutomotiveGmbH.Overthecourseof2008this interestwasgradually increasedto100%andasof1July2008LineasAutomotiveGmbHhasbeenfullyincorporated in the consolidatedfinancial statementsof ICTAutomatiseringN.V. as a resultof acquiring fullownership.

Theshareof theassets, liabilities, incomeandexpensesof theabove-mentioned jointly controlledentitiesat

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31December included in the consolidated financial statements, is as follows, whereby the figures of LineasAutomotiveGmbHareexclusivelyincludedinthe2007figures:

(x € 1,000) 2008 2007

Fixed assets 30 88

Current assets 5,712 4,793

5,742 4,881

Current liabilities (3,224) (2,517)

Shareholders’ equity 2,518 2,364

Revenue 10,452 13,238

Costs 9,118 11,472

Net profit after taxation 1,037 1,278

6) Tangible fixed assets

The following table shows the movement of the tangible fixed assets during 2008:

2008

(x €1,000) Computer

equipment Other fixed

assets Total

2008

Total cost at 1 January 10,200 5,393 15,593

Accumulated depreciation at 1 January (9,117) (4,579) (13,696)

Net book value at 1 January 1,083 814 1,897

Changes in value

Investments 1,449 82 1,531

Disposals (1,470) (28) (1,498)

Acquisitions 63 18 81

Total changes in value 42 72 114

Changes in depreciation

Disposals 1,470 28 1,498

Depreciation (520) (226) (746)

Total changes in depreciation 950 (198) 752

Net book value at 31 December 2,075 688 2,763

Total cost at 31 December 10,242 5,465 15,707

Total depreciation at 31 December (8,167) (4,777) (12,944)

2,075 688 2,763

Thefollowingtableshowsthemovementofthetangiblefixedassetsduring2008:

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2007 (x € 1,000)

Computer equipment

Other fixed assets

Total 2007



Net book value at 1 January 574 592 1,166

Movements in cost

Additions 765 334 1,099

Disposals (149) (86) (235)


Total changes in value 1,068 375 1,443

Movements in depreciation

Additions 149 86 235


Acquisitions (436) (34) (470)

Total movements in depreciation (559) (153) (712)




1,083 814 1,897

7) Intangible fixed assets (x € 1,000) 2008 2007

Balance at 1 January 17,835 12,990

Changes in goodwill resulting from earn out - 153

Goodwill from acquisitions (refer to note 9) 5,036 4,692

Goodwill from acquiring a minority interest 1,476 -

Balance at 31 December 24,347 17,835

As of 31 December 2008 ICT Automatisering N.V. increased its interest in Lineas Automotive GmbH from 90% to 100%. The difference between the payment and the book value of the acquired interest in the net asset value is included as goodwill through the acquisition of the minority interest.

2007 (x € 1,000)

Computer equipment

Other fixed assets

Total 2007




Movements in cost

Additions 765 334 1,099

Disposals (149) (86) (235)


Total changes in value 1,068 375 1,443




Acquisitions (436) (34) (470)





1,083 814 1,897

7) Intangible fixed assets (x € 1,000) 2008 2007


Changes in goodwill resulting from earn out - 153

Goodwill from acquisitions (refer to note 9) 5,036 4,692

Goodwill from acquiring a minority interest 1,476 -


As of 31 December 2008 ICT Automatisering N.V. increased its interest in Lineas Automotive GmbH from 90% to 100%. The difference between the payment and the book value of the acquired interest in the net asset value is included as goodwill through the acquisition of the minority interest.

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7) Intangible fixed assets


(x € 1,000) 2008 2007

ICT Solutions B.V. (formerly Procos Engineers & Consultants B.V.)

7,807

7,807 ICT Software Engineering Südwest GmbH (formerly XCC Software GmbH and !Zip Automation GmbH)

5,262

2,971

ICT Software Engineering Nord GmbH (formerly Lineas Automotive GmbH)

7,610

3,389

Other acquisitions 3,668 3,668

24,347 17,835

In2007animpairmenttestwasconductedongoodwillfallingundertheintangiblefixedassetsbyapplyingthemethodofdiscountedprojectedcashflows.Theinternallydeterminedturnovergrowthpercashflowgeneratingunitisbasedonthe2008budget,andtheestimatedfiguresthereafter.Theaverageturnoverincreaseover8yearsatthecashflowgeneratingunitsconcernedwerebetween8and18%.Accounthasalsobeentakenofan8.2%discountrateaftertaxandresidualvaluecalculatedonEBITinyear9continuingover8years.Innoneofthecaseswastheneedtoimpairthegoodwillestablished.In2008anotherimpairmenttestwasconducted.Theinternallydeterminedturnovergrowthpercashflowgeneratingunitisbasedonthe2009budget,andtheestimatedfiguresthereafter.Theaverageturnoverincreaseovereight(8)yearsatthecashflowgeneratingunitsconcernedwerebetween0and10%.Accounthasalsobeentakenofa7.8%discountrateaftertaxandresidualvaluecalculatedonEBITinyear9continuingover8years.Innoneofthecaseswastheneedtoimpairthegoodwillestablished.Ontheassumptionthatthe2009turnoverandEBITisthesameasin2008andthegrowthfactorintheyears2010and2016islimitedtopercentagesbelow10%wherebythediscountrateishigherthan7.8%,therewillstillbenoneedforanimpairment.

Theparticipatinginterestconcernsa50%interestinStartAutomationLtd.inMalacky,Slovakia,carriedatcostbecauseofthenon-availabilityofthefairvalue.

Thegoodwillconcernsthefollowingcashgeneratingunits:

8) Financial fixed assets and deferred taxes

The movement in the participating interests item is as follows: (x € 1,000) 2008 2007

Balance at 1 January 30 30

Additions - -

Withdrawals - -

Balance at 31 December 30 30

The participating interest concerns a 50% interest in Start Automation Ltd. in Malacky, Slovakia, carried at cost because of the non-availability of the fair value. The movement of deferred taxes item is as follows: (x € 1,000) 2008 2007


Additions - -

Withdrawals 87 451


The movement in the participating interests item is as follows: (x € 1,000) 2008 2007


Additions - -

Withdrawals - -


The participating interest concerns a 50% interest in Start Automation Ltd. in Malacky, Slovakia, carried at cost because of the non-availability of the fair value. The movement of deferred taxes item is as follows: (x € 1,000) 2008 2007


Additions - -

Withdrawals 87 451


ThedeferredtaxationconcernsthelossestobecompensatedinthefutureonparticipatinginterestsinGermany.

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(x € 1,000) Fair value Book value

Tangible fixed assets 47 47

Financial fixed assets 31 31

Receivables 571 571

Cash and cash equivalents 267 267

916 916

Current liabilities 513 513

Net asset value 403 403

Goodwill 2,291

Acquisition price 2,694

Acquisition costs: (x € 1,000)


Additional costs 80

Total 2,694

The acquisition price was paid in cash and cash equivalents. The cash outflow concerning acquisition shows the following: (x € 1,000)

Fair value of cash and cash equivalents 267

Cash and cash equivalents paid 2,694

Net cash outflow 2008 2,427

9) Acquisitions

2008

!ZipOn 1 February 2008 ICT Automatisering N.V. acquired full ownership of !Zip Automation GmbH, whoseheadquartersareinNeustadt,Germany.!ZipAutomationGmbH.isactiveinthefieldofprocessautomation.

Thefairvalueoftheidentifiableassets, liabilitiesandconditional liabilitiesof!ZipAutomationGmbHandthecorresponding value taken up by !Zip Automation GmbH on the acquisition date (1February 2008) are asfollows:

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In2008!ZipAutomationGmbHwas fully integrated in ICTSoftwareEngineeringSüdwestGmbHviaa legalmerger with XCC Software GmbH. From the acquisition date up to and including 31 December 2008 !ZipAutomationGmbHprovidedapositivecontributiontothenetprofitofICTAutomatiseringN.V.andthetotalturnoverofICTSoftwareEngineeringSüdwestGmbHamountedto€11,400,000andthegrossprofitmarginamountedto€2,540,000.Atthetimeoftheacquisitionof!ZipAutomationGmbHhad25employees.Thegoodwilltotheamountof€2,291,000fortheacquisitionof!ZipAutomationGmbHcomprisesthefairvalueoftheexpectedfuturebenefitsofsynergyarisingfromtheacquisition.

LineasOn1January2008ICTAutomatiseringN.V.increaseditsinterestinLineasAutomotiveGmbHfrom60%to80%,on1July2008to90%andon31December2008to100%.LineasAutomotiveGmbHisbasedinStuttgart,Germany.LineasAutomotiveGmbHisaserviceorganisationinthefieldofautomotiveengineering.

Thefairvalueoftheidentifiableassets,liabilitiesandconditionalliabilitiesofLineasAutomotiveGmbHandthecorrespondingvaluestakenupbyLineasAutomotiveGmbHonthedateofacquiringthemajorityownership,on1July2008,isasfollows:



Receivables 1,981 1,981


2,250 2,250

Current liabilities 1,954 1,954


10% of this amounts to: 30

Goodwill at purchase at 1 July 1,304


Costs concerning the acquisition of this interest on 1 July 2008: (x € 1,000)


Additional costs -

Total 1,334

Costs associated with acquisition of full interest: (x € 1,000)


Additional costs 198

Total 7,906

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Receivables 1,981 1,981


2,250 2,250

Current liabilities 1,954 1,954


10% of this amounts to: 30

Goodwill at purchase at 1 July 1,304


Costs concerning the acquisition of this interest on 1 July 2008: (x € 1,000)


Additional costs -

Total 1,334

Costs associated with acquisition of full interest: (x € 1,000)


Additional costs 198

Total 7,906

The paid goodwill can be specified as follows: (x € 1,000)

Balance at 1 January 2008 3,389

Acquisition of 20% on 1 January 2008 1,441

Acquisition of 10% on 1 July 2008 1,304

Acquisition of 10% on 31 December 2008 1,476

4,221

Total value of goodwill 7,610

The cash outflow regarding the complete acquisition gives the following overview: (x € 1,000)

Fair value of the cash and cash equivalents 186

Cash and cash equivalents paid 7,906

Net cash outflow 7,720

Paid in 2008 less balance of cash and cash equivalents (€ 75) 4,264

Paid in 2007 less balance of cash and cash equivalents (€ 111) 3,456

Net cash outflow 7,720

Fromthedateoftheacquisitionuptoandincluding31December2008LineasAutomotiveprovidedapositivecontributiontothenetprofitofICTAutomatiseringN.V.The2008turnoverattributabletothegroupamountedto€11,600,000andthegrossprofitmargin€3,375,000.

Thegoodwilltotheamountof€7,610,000comprisesthefairvalueoftheexpectedfuturebenefitsofsynergyarisingfromtheacquisition.On1January2008thecompanyemployed100staff.

In2008anearn-outof€185,000waspaidoutfrompreviousyears.

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2007

Acquisition of Rialtosoft B.V.On28August2007ICTAutomatiseringN.V.officiallyacquiredthesecond50%ofRialtosoftB.V.,thusbecomingfull owner. On 1January 2007 the company had already acquired the prevailing control and the economicownershipofRialtosoft.TheheadquartersofRialtosoftB.V.areintheNetherlandsinEindhoven.RialtosoftB.V.isaserviceorganisationinthefieldofautomotiveengineering.

Thefairvalueoftheidentifiableassets,liabilitiesandconditionalliabilitiesofProcosEngineers&ConsultantsB.V.andAtemexHoldingB.V.andthecorrespondingvaluestakenupbyProcosEngineers&ConsultantsB.V.andAtemexHoldingB.V.ontheacquisitiondate(1January2007)areasfollows:



Receivables 167 167


415 415

Liabilities 608 608

608 608

Net asset value (193) (193)

Goodwill 885

Acquisition price 692

Total acquisition costs were: (x € 1,000)

Acquisition price 647

Additional costs 45

Total 692

The acquisition price is paid in cash and cash equivalents on the acquisition date available on the balance sheet of ICT Automatisering N.V. The cash outflow concerning the acquisition shows the following: (x € 1,000)

Fair value of the cash and cash equivalents of Rialtosoft B.V. 183 Cash and cash equivalents paid 692

Net cash outflow 2007 509

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Fromthedateofacquiringcontroluptoand including31December2007RialtosoftB.V.providedapositivecontributiontothenetprofitofICTAutomatiseringN.V.Turnoveramountedto€2,432,000andthegrossprofitmarginamountedto€639,000.Atthetimeoftheacquisitiontherewere16employees.

Thegoodwilltotheamountof€885,000comprisesthefairvalueofexpectedfuturebenefitsofsynergyarisingfromtheacquisition.

10) Trade and other receivables

Thetradeandotherreceivablesareasfollows:

Ingeneraltradereceivablesarenon-interestbearingandhaveapaymenttermof30-90days.

On31December2008anallowanceforuncollectibletradereceivableswasdeterminedfortradereceivableswithanominalvalueof€19,546(2007:€21,451).

Thecompositionoftheallowanceforuncollectibletradereceivablesisasfollows:

Allreceivablesareindividuallyestimated.

The trade and other receivables are as follows: (x € 1,000) 2008 2007

Trade receivables 19,538 18,995

Revenue to be invoiced 2,255 5,211

Other receivables 3,989 1,043

Prepayments and accrued income 1,081 1,011

26,863 26,260

In general trade receivables are non-interest bearing and have a payment term of 30-90 days. On 31 December 2008 an allowance for uncollectible trade receivables was determined for trade receivables with a nominal value of € 19,546 (2007 € 21,451). The composition of the allowance for uncollectible trade receivables is as follows: (x € 1,000) 2008 2007


Provisions 170 1,133

Written off against the provision (2,618) -

Uncollectible trade receivables received - (56)

Balance at 31 December 8 2,456

All receivables are individually estimated.

The analysis of outstanding trade receivables that are not subject to exceptional impairment at 31 December is as

follows:

Expired but not subject to exceptional impairment

(x € 1,000) Total

Not expired and not subject to

exceptional

impairment < 30 days 30–60 days 60-90 days 90-120 days

> 120

days

2008 19,538 13,538 1,725 2,261 1,394 234 386

2007 18,995 15,223 - 2,040 836 210 686

The analysis of other outstanding receivables not subject to exceptional impairment at 31 December is as follows:


(x €

1,000) Total

Not expired and

not subject to

exceptional impairment < 30 days 30–60 days 60-90 days 90-120 days

> 120 days

2008 3,989 2,113 - - 1,789 87

The trade and other receivables are as follows: (x € 1,000) 2008 2007

Trade receivables 19,538 18,995

Revenue to be invoiced 2,255 5,211


Prepayments and accrued income 1,081 1,011

26,863 26,260

In general trade receivables are non-interest bearing and have a payment term of 30-90 days. On 31 December 2008 an allowance for uncollectible trade receivables was determined for trade receivables with a nominal value of € 19,546 (2007 € 21,451). The composition of the allowance for uncollectible trade receivables is as follows: (x € 1,000) 2008 2007


Provisions 170 1,133

Written off against the provision (2,618) -

Uncollectible trade receivables received - (56)

Balance at 31 December 8 2,456

All receivables are individually estimated.


follows:


(x € 1,000) Total

Not expired and not subject to

exceptional


> 120

days

2008 19,538 13,538 1,725 2,261 1,394 234 386

2007 18,995 15,223 - 2,040 836 210 686



(x €

1,000) Total

Not expired and

not subject to


> 120 days

2008 3,989 2,113 - - 1,789 87

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Theanalysisofoutstandingtradereceivablesthatarenotsubjecttoexceptionalimpairmentat31Decemberisasfollows:


follows:


(x € 1,000) Total

Not expired

and not subject to

exceptional


> 120

days

2008 19,538 13,538 1,725 2,261 1,394 234 386

2007 18,995 15,223 - 2,040 836 210 686



(x € 1,000) Total

Not expired and not

subject to


> 120 days

2008 3,989 2,113 - - 1,789 87

11) Cash and cash equivalents

Thebalancesincludedinthisitemareatthefreedisposalofgroupcompanies.Thecashandcashequivalentsconsistofbankbalancesbearinginterestinlinewithmarketinterest.

12) Shareholders’ equity

Issued capitalThecompany’sauthorisedsharecapitalamountsto€3,750,000dividedinto18,700,000ordinarysharesand18,800,000cumulativepreferencesharesallof€0.10nominaleach.Thenumberofordinarysharesissuedandfullypaidupat31December2007amountedto8,747,544(2007:8,452,927).Overthecourseof2008anextra294,617shareswereissuedinconnectionwiththepaymentofstockdividend.

Stichting Continuïteit ICT and preference sharesStichtingContinuïteitICTwasformedin1997.TheobjectofStichtingContinuïteitICTistopromotetheinterestsofICTAutomatiseringN.V.anditsassociatedcompaniesinsuchawaythattheinterestsofICTAutomatiseringN.V.anditsassociatedcompaniesandallconcernedwiththemaresafeguardedasfaraspossibleandthatinflu-enceswhichcouldadverselyaffecttheindependenceand/orthecontinuityand/ortheidentityofICTAutomati-seringN.V.anditsassociatedcompanies,andwhichcouldbeinconflictwiththoseinterests,areavertedtothemaximumextent.

TheboardoftheStichtingContinuïteitICTconsistsoffourmembers,allofwhomareindependent.


follows:


(x € 1,000) Total

Not expired

and not subject to

exceptional


> 120

days

2008 19,538 13,538 1,725 2,261 1,394 234 386

2007 18,995 15,223 - 2,040 836 210 686



(x € 1,000) Total

Not expired and not

subject to


> 120 days

2008 3,989 2,113 - - 1,789 87

The analysis of other outstanding receivables not subject to exceptional impairment at 31 December is asfollows:

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2008 2007


Issued as stock dividend (2007: treasury shares issued under the terms of the options exercised)

(139,094) (118,694)

Balance at 31 December - 139,094

In 2008 and 2007 no purchases took place.

In2008and2007nopurchasestookplace.

Retained profitTheretainedprofitcomprisestheprofitsnotpaidoutasdividendinpreviousyears.ItisproposedtotheGeneralMeeting of Shareholders on 27 May 2009 to declare a cash dividend of €0.25 (2007: €0.58) per share ofnominal€0.10.Theproposeddividendfortheyear2008amountedto€2,187,000(2007:€4,827,000).

13) Pensions

ICTAutomatiseringN.V.hasinsuredtheretirementpension,disabilityandsurvivingdependants’pensionplansformostofheremployeeswithStichtingPensioenfondsICT.Theretirementpensionisbasedonaccruedpensionbenefits.Theretirementpensioniscalculatedonthebasisof70%ofthelastearnedsalary,dependingonthenumberofyearsofservice,untiltheageof65.Thedisabilityandsurvivingdependants’pensionplansareinsuredwiththepensionreinsurancecompany.

In2007ICTAutomatiseringN.V.decidedtoplacethepensiondirectlywithaninsurancecompanyasof1January2008,withoutintercessionofthecompanypensionfund.On1January2008anewpensioncontractwassignedwiththeinsurancecompany.Thepensionofthoseemployeeswhowereworkingforthecompanyon1January2008andfellunderthepensionschemeofthecompanypensionfundwasdirectlyplacedwithaninsurancecompany.ThepensionschemeforthisclosedgroupwillbecontinuedwiththeexceptionofsomeadjustmentsdueasaresultofalterationstothePensionAct.Anewpensionschemebasedonthedefinedcontributionwillbeconcludedforemployeeswhojoinedthecompanyasof1January2008.

ThepreferencesharesinthecapitalofICTAutomatiseringN.V.representdefenceagainsthostiletake-overbids.Nopreferenceshareshadbeenissuedasoftheendofthereportingyear.StichtingContinuïteitICThasenteredintoanoptionagreementwithICTAutomatiseringN.V.AccordingtothisoptionagreementStichtingContinuïteitICThastherighttorequireICTAutomatiseringN.V.toissuepreferencesharestoitatthesamemaximumnominalvalue.Preferencesharesmayonlybeissuedundertheoptionagreementforthepurposeofservingaforemen-tionedobjectofStichtingContinuïteitICT.

Treasury sharesTomeettheobligationsarisingfromoptionsgranted,treasurysharesareheld.

Themovementofthetreasurysharesheldisasfollows:

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Asummaryof thebreakdownof the costof thepensionplan, aswell as thefinancinganddefinedbenefitobligationsunderIFRSisshowninthefollowingtable.

2008 2007

PENSION COSTS

Pension costs in the year of service 1,451 1,769

Interests cost on pension obligation 1,224 1,002

Expected return on assets (1,621) (1,295)

Additional risk premiums and costs 99 107

Pension costs related to the past - 621

Change in the year in the net investment surplus 1,424 (899)

Actuarial loss (gain) (614) 833

Employee contributions to the defined benefit (896) (1,000)

1,067 1,138

Pension costs of defined contribution plans 483 521

Employee contributions to defined contribution plans (153) (143)

Pension costs 1,397 1,516

Actual revenues of the plan assets - % - 0.5%

2008 2007

SPECIFICATION OF THE BENEFIT ASSET/(LIABILITY):

Gross value of pension obligation on 31 December 23,362 22,106

Fair value of the plan assets on 31 December 28,798 26,118

Net investment surplus 5,436 4,012

Adjustment to the investment surplus (5,436) (4,012)

Liability/(asset) recognised in the balance sheet - -

2008 2007

MOVEMENT IN THE PRESENT VALUE OF THE PENSION OBLIGATION

Value of the pension obligation on 1 January 22,106 22,287

Interest costs 1,224 1,002

Pension costs in the year of service 1,451 1,769

Actuarial (gain) loss (1,390) (3,546)

Benefits paid (29) (27)

Pension costs related to the past - 621

Value of the pension obligation on 31 December 23,362 22,106

2008 2007

CHANGE IN THE FAIR VALUE OF THE PLAN ASSETS

Fair value of the plan assets on 1 January 26,118 27,198

Expected return 1,621 1,295

Employer contributions 1,864 2,031

Actuarial (loss) gain on assets (776) (4,379)

Benefits paid (29) (27)

Fair value of plan assets on 31 December 28,798 26,118

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Thepensioncostsrelatedtothepastcovertheprocessingfromthemoderatedefinedbenefitsystemtodefinedbenefit system by the end of 2007 as a result of legislative changes and past-related future changes of thesurvivingdependants’pensionandtheorphan’spension.

ThecontributiontoICTAutomatiseringN.V.’spensionplandependsonthefinancingagreementbetweenICTAutomatiseringN.V.andthepensionfund.Accordingtotheagreement,ICTAutomatiseringN.V.’sannualcontri-butiontothefundwasidenticaltotheannualpensioncontributionschargedbytheinsurancecompanytothefund.Sinceon1 January2008anewpensioncontractwassignedwith the insurancecompany, thefinanceagreementbetweenICTAutomatiseringN.V.andthefundhasbeenterminated.ThecontributiontothepensionschemeofICTAutomatiseringN.V.ispaidtotheinsurancecompanydirectly.Uptoandincluding2007theassetsinthepensionfundwereinvestedinfullintheinsurer’sownfunds.Investmentsaremadeinbusinessandfixedinterestvaluesto20%and80%respectivelyatabandwidthof5%.

Thefollowingoverviewisofthepastfiveyears:The following overview is of the past five years:

2008 2007 2006 2005 2004

Gross value of pension obligation at 31 December 23,362 22,106 22,287 24,280 18,295

Fair value of plan assets at 31 December 28,798 26,118 27,198 25,189 21,782

Net investment surplus 5,436 4,012 4,911 909 3,487

Actuarial gain (loss) on the Gross value of pension obligation 1,390

3,546

3,897

(4,060)

(2,825)

Actuarial (loss) gain on the fair value of the plan assets (776) (4,379) (1,045) 235 1,402 Actuarial gain (loss) 614 (833) 2,852 (3,825) (1,423)

Part of the actuarial revenue on the gross value of the pension obligation in 2008 (worth € 1,571,000) can be attributed to changes in actuarial assumptions (2007: € 4,384,000) and for the remaining part from experience differences. The following actuarial assumptions used in determining pension benefit obligations at 31 December are as follows:

Valuation Valuation

(x € 1,000) in 2008 in 2007

Discount rate used 5.7% 5.2%

Salary increase percentage used 1.7%-5% 1.7%-5%

Expected rate of return on assets 4.26% 5.8%

Mortality table GBM/V 2000-2005 M -1, V -2

GBM/V 1990-1995 M -1, V -1

Partoftheactuarialrevenueonthegrossvalueofthepensionobligationin2008(worth€1,571,000)canbeattributedtochangesinactuarialassumptions(2007:€4,384,000)andfortheremainingpartfromexperiencedifferences.

The following actuarial assumptions used in determining pension benefit obligations at 31 December are asfollows:

The following overview is of the past five years:

2008 2007 2006 2005 2004

Gross value of pension obligation at 31 December 23,362 22,106 22,287 24,280 18,295

Fair value of plan assets at 31 December 28,798 26,118 27,198 25,189 21,782

Net investment surplus 5,436 4,012 4,911 909 3,487

Actuarial gain (loss) on the Gross value of pension obligation 1,390

3,546

3,897

(4,060)

(2,825)

Actuarial (loss) gain on the fair value of the plan assets (776) (4,379) (1,045) 235 1,402 Actuarial gain (loss) 614 (833) 2,852 (3,825) (1,423)

Part of the actuarial revenue on the gross value of the pension obligation in 2008 (worth € 1,571,000) can be attributed to changes in actuarial assumptions (2007: € 4,384,000) and for the remaining part from experience differences. The following actuarial assumptions used in determining pension benefit obligations at 31 December are as follows:

Valuation Valuation

(x € 1,000) in 2008 in 2007

Discount rate used 5.7% 5.2%

Salary increase percentage used 1.7%-5% 1.7%-5%

Expected rate of return on assets 4.26% 5.8%

Mortality table GBM/V 2000-2005 M -1, V -2

GBM/V 1990-1995 M -1, V -1

Theexpectedrateofreturnonassetsin2007isbasedonthelong-termexpectationsforthestrategicinvestmentmixduringtheyearunderreviewandin2008ongovernmentbonds.

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Assumptionsrelatingtofuturesalaryincreasesarebasedonconsistentestimatesmadedependingonagelevelsandirrespectiveofpriceinflation.Thetermsandconditionsofthepensionplandonotincludeanycommitmentsmadeinrelationtopriceinflation.

The contribution in 2009 shall be similar to the gross contribution in 2008, prior to deducting the personalcontributionof€2.0million.

14) Received in advanceThisconcernsareceivedpaymentarisingfromalongtermrentalcontract,fortheannualamountof€200,000tothecreditoftherentincludedintheprofitandlossaccount.Theshorttermpartofthepaymentisincludedundercurrentliabilities(seenote15).Anamountof€800,000hasatermof1through5years,theremainingpart(€200,000)hasatermlongerthan5years.

15) Current liabilities

Tradeandotherliabilitiesarenotinterestbearingandhaveapaymenttermupto45daysandareusuallypaidentirelywithinthepaymentperiod.Tradecreditorsat31December2008and31December2007are0to45daysandarethuswithintheagreedpaymentperiod.

Theothercurrentliabilitiesarebrokendownasfollows:The other current liabilities are broken down as follows: (x € 1,000) Note 2008 2007

Pension premiums payable 13) 971 1,360

Other liabilities 6,856 6,991

Accruals and deferred income 1,099 2,121

8,926 10,472

The other liabilities relate to accrued expenses payable to suppliers and employees. Accruals and deferred income also includes the short-term part of the received payment, arising from a long-term rental contract. Theotherliabilitiesrelatetoaccruedexpensespayabletosuppliersandemployees.Accrualsanddeferredincomealsoincludestheshort-termpartofthereceivedpayment,arisingfromalong-termrentalcontract.

16) Commitments not disclosed in the balance sheet

Credit facilityCreditinstitutionshavegrantedacreditfacilityofupto€2.5million(2007€2.5million)comprisingguaranteesforthebenefitsofclients.Forinvestmentandfinancingactivitiesacreditfacilityhasbeengrantedupto€10million.Thebankhasnotbeengivenanyfinancialguaranteesforthis.

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GuaranteesAtbalancesheetdate,guaranteesoutstandingamountedto€1.1million(2007:€0.9million).Theseguaranteeswereprovidedinconnectionwithcurrentrentalcommitmentsandclients.

Rental commitmentsThis item relates to liabilities on the rental commitments for offices. The rental commitments are long-terminnature,withamaximumof10years.Totalrentalcommitmentsamounttosome€3.2million(2008:€3.0million)ofwhich€0.8million(2008:€0.8million)withatermoflessthanoneyearandtheremainingamountbetweenoneandfiveyears.

Lease commitmentsThisitemrelatestoliabilitiesonoperatingleasesforcarsforemployees,eachleasehavingatermofuptofouryears.Thetotalleasecommitmentsamounttoaround€32.0million(2008:€31.0million)ofwhichsome€8.0million(2008:€7.8million)hasatermoflessthan1yearandtheremainingamountwithatermbetween1and5years.

Legal proceedingsThecompanyisinvolvedinanumberoflegalproceedingsinconnectionwiththegroup’sbusinessactivities.IntheopinionoftheExecutiveBoard,thesewillhavenomaterialeffectonthefinancialpositionofthegroup.

Fiscal unityICT Embedded B.V., ICT Solutions B.V., RDS Holding B.V., ICT NoviQ B.V., and Atemex Holding B.V. and allsubsidiesfallingundertheseoperationsarepartofthesinglefiscalentityofICTAutomatiseringN.V.forcorporatetaxpurposes.Earn out arrangements and future acquisitionsWithregardtooneoftheacquisitionsthereisanearnoutarrangementregardingacquiredshares.Withregardtoanumberofpartiallyacquiredinterestsdiscussionsareheldaboutextendingcontrolinthefuture.Resultingfinancialobligationsarebasedonthefutureresultsoftheseinterests.

17) Financial instruments

GeneralICTAutomatiseringN.V.hasfinancialinstrumentsonlyinthefollowingcategories:•Loansandreceivablesconsistingofon-balancesheettradeandotherreceivablesatestimatedcost;•Financialfixedassetsheldforsalebeingthecostoftheparticipatinginterestcarriedatcost;•Other financial liabilities consisting of current liabilities on balance sheet accounts at estimated amortised

cost.

a) PolicyThecompany’spolicyseekstocontrolallrisksassociatedwithinterestrates,currency,liquidityandcredit.Thefinancial instruments as included in thebalance sheet of ICTAutomatiseringN.V. are not subject to specificcontractualprovisions,apartfromtheguaranteesandcreditfacilitiesprovidedbyRabobank.NeitherICTAutomati-seringN.V.noranyofitsgroupcompaniesholdderivativesfortradingpurposesnordotheyissuethem.Conse

��


quently,neitherICTAutomatiseringN.V.noritsgroupcompaniesmakeuseofcashflow,fairvalueorcurrencyhedges.

b) Fair valueFinancialinstrumentsinthebalancesheetconcerntradereceivablesandotherreceivables,cashandcashequiva-lentsandothercurrentliabilities.Thefairvalueofthesefinancialinstrumentsalsoapproximatesthebookvaluewithrespecttotheshortthroughputoftheseitems.

c) Interest rate risksICTassessestheinterestrateriskstowhichit isexposedasminimalbecausethecompanydoesnothaveanyinterest-bearingdebtandisthusnotsensitivetorisksoffluctuationsofinterestrates.Interestrevenuefollowsthedevelopmentofinterestondeposits.

d) Currency risks ICTisnotaffectedbycurrencyrisksbecauseallcontractsandobligationsaredominatedexclusivelyineuros.

e) Credit risksICTassessesthecreditriskstowhichitisexposedaslowbecauseofthegoodreputationandthecreditworthinessofmostofitsclients.Thecreditriskonliquidassetsisconsideredlowduetothefacttheseassetsaredepositedwithcreditworthybanks.

f) Liquidity riskICTassessestheliquidityriskstowhichitisexposedasminimalbecausetheliquiditiesareallbankbalances.

Theriskofliabilitiesnotbeingpayablefromcashandcashequivalentsisconsiderednilbecausethecurrentassetsaremorethantwiceashighasshorttermcurrentliabilities.

Financing policyAsregardsthefinancingpolicythemaintargetistoretainahealthybalancesheetratiointermsofsolvencyandliquidity.Foranyfutureacquisitionstheintentionisthatthisbepaidfrominternalsources.Tocompen-sateforliquidityfluctuationsacurrentaccountcreditfacilityhasbeenconcludedwithacreditinstitution.

18) Related parties

ICTAutomatiseringN.V. is a company incorporatedandestablished in theNetherlands. The followinggroupcompaniesareincludedintheconsolidation.

Group companies:ICTEmbeddedB.V. Barendrecht 100%ICTSolutionsB.V. Barendrecht 100%ICTNoviQB.V. Barendrecht 100%ICTSoftwareEngineeringGmbH(Duitsland) Böblingen 100%ICTSoftwareEngineeringSüdwestGmbH(Duitsland) Karlsruhe 100%

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X € 1,000 2008 2007

Sales to related parties 2,659 2,710 Purchases from related parties - - Payables from related parties 1,769 136 Payables to related parties 1,008 -

ICTSoftwareEngineeringSüdostGmbH(Duitsland) Nürnberg 100%ICTSoftwareEngineeringNordGmbH(Duitsland) Wolfsburg 100%AtemexHoldingB.V. Gorinchem 100%AtemexB.V. Gorinchem 100%RDSHoldingB.V. Rotterdam 100%RijnmondDistributieServicesB.V. Rotterdam 100%RialtosoftB.V. Eindhoven 100%

Joint-venture companies:ImproveQualityServicesB.V. Valkenswaard 50%InTrafficB.V. Utrecht 50%

Other participating interests:Theotherparticipatinginterestincludesa50%interestinStartAutomationLtd.atMalackyandisrecordedunderthefinancialfixedassets.

Theotherparticipatinginterestisnotconsolidatedbutisincludedasfor-salefinancialassetatthebalancesheetdateof31December2008,because ICTcannotexerciseanysignificant influenceonpolicy.Betweenthe ICTGroupandtheotherparticipating interestnotransactions, receivablesor liabilitiesexistotherthanapossibledividendreceivedintheyearunderreview.

Other related partiesStichtingAdministratiekantoorICTStichtingPensioenfondsICT(inliquidation)StichtingPersoneelsoptieplanICT

Theseotherrelatedpartiesarenotincludedintheconsolidationastheyareindependentfoundations.

Thetransactionswithabovementionedointventurecompanies,basedon50%andin2007on60%,duringtheyearunderreviewcanbebrokendownasfollows:

Thetransactionsrelatemainlytotheoutsourcingofpersonnel.Thetransactionsaretakeplaceatratesinlinewiththemarket.Theliabilitiesfromrelatedpartiesincludetradecreditorsrelatedtothesetransactions.Fortheremunerationofthekeyemployeesofthegroupwerefertonotes22,23and24.

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19) Revenues

ICT’sprimarygeographicalmarket is theNetherlandsandGermany.Within theNetherlandsare thebusinesssegmentsEmbedded,SolutionsandConsultancy.ThedetailsofICTAutomatiseringN.V.areprorata,allocatedoverthesegmentsEmbeddedandSolutions.

ICTEmbeddedfocusesonmakingtechnologicaldevelopmentsavailabletoitsclients.ICTEmbeddedundertakessoftwaredevelopmenttogetherwithclients,wherebytheyincreasetheefficiencyofthedevelopmentprocessandthequalityofthecomplexembeddedsystemsonbehalfofclients.ICTSolutionsdevelopscomplextechnicalcomputersolutionsformanagingandcontrollingoperatingprocesses.ICTConsultancydevelopsandprovidesinnovativeserviceswithdecisiveaddedvalueforcompaniesthatdevelopsystemsandoffersconsultancy,servicesand training in the field of Architecture, Configuration Management, Quality Assurance and RequirementsEngineering.

SegmentationThecompositionoftherevenuesandotherincome,grossmargin,bookvaluesofassets,investments,liabilitiesandaveragenumberofemployeesinthevariousdivisions,isasfollows:

NETHERLANDS 2008 2007 Movement(X€1.000) Turnover 78.943 82.910 (4,8)%Grossprofitmargin¹) 24,546 25,463 (3.6)%Totalnetbookvalueofassets 54,109 52,438 3.2%Additionstotangiblefixedassets 501 926 (45.9)%Liabilities²) 14,945 11,769 27.0%Depreciation 522 393 32.8%Averagenumberofworkers 771 833 (7.4)% GERMANY 2008 2007 Movement(X€1.000)Turnover 22,749 9,335 143.7%Grossprofitmargin¹) 5,709 2,322 145.9%Totalnetbookvalueofassets 11,112 7,556 47.1%Additionstotangiblefixedassets 1,030 173 495.4%Liabilities²) 3,788 5,908 (36.9)%Depreciation 224 84 166.7%Averagenumberofworkers 201 74 171.6%

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ELIMINATION 2008 2007 Movement(X€1,000) Turnover (4,202) (3,960) (6.1)%Grossprofitmargin¹) 0 0 %Totalnetbookvalueofassets 0 0 %Additionstotangiblefixedassets 0 0 %Liabilities²) 0 0 %Depreciation 0 0 %Averagenumberofworkers 0 0 %

ICT TOTAL 2008 2007 Movement(X€1,000) Turnover 97,490 88,285 10.4%Grossprofitmargin¹) 30,255 27,785 8.9%Totalnetbookvalueofassets 65,221 59,994 8.7%Additionstotangiblefixedassets 1,531 1,099 39.3%Liabilities²) 18,733 17,677 6.0%Depreciation 746 477 56.4%Averagenumberofworkers 972 907 7.2% ThesecondarysegmentationwithintheNetherlandsisasfollows:

Embedded 2008 2007 Movement

(X€1,000) Turnover 30,388 33,594 (9.5)%Grossprofitmargin¹) 9,670 10,627 (9.0)%Totalnetbookvalueofassets 23,267 22,360 4.1%Additionstotangiblefixedassets 272 342 (20.5)%Liabilities²) 6,912 5,330 29.7%Depreciation 265 207 28.0%Averagenumberofworkers 342 401 (14.7)%

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Solutions 2008 2007 Movement

(X€1,000) Turnover 46,113 46,846(1.6)%Grossprofitmargin¹) 14,150 14,1460.0%Totalnetbookvalueofassets 30,825 29,6793.9%Additionstotangiblefixedassets 226 582(61.2)%Liabilities²) 7,692 6,06626.8%Depreciation 254 18338.8%Averagenumberofworkers 407 409(0.5)%

Consultancy 2008 2007 Movement

(X€1,000) Turnover 2,442 2,470 (1.1)%Grossprofitmargin¹) 726 689 5.4%Totalnetbookvalueofassets 17 400 (95.8)%Additionstotangiblefixedassets 3 2 50.0%Liabilities²) 341 373 (8.6)%Depreciation 3 3 0.0%Averagenumberofworkers 22 23 (4.3)%

¹)Asegment’scontributionconsistsofrevenueandotherincomelessmaterialsused,subcontractedworkandemployeecosts.²)Asegment’sliabilityconsistsofcurrentliabilitieslesscorporateincometaxliabilities.

20) Other income

Otherincomein2008and2007consistofsubsidyincomeandotherincomenotdirectlyattributabletoopera-tingexpenses.

�1


21) Employee costs

Employeecostscanbebrokendownasfollows:

22) Outstanding options held by members of the Supervisory Board, Executive Board and employees

2008

Employee costs can be broken down as follows: (x € 1,000) Note 2008 2007

Salaries 49,197 44,476

Social security charges 6,680 5,538

Pension expenses 13) 1,397 1,516

Costs of issued option obligations - 62

57,274 51,592

2008

Exercise price in euros

Outstanding options at 31-12-2007

New granted options

Lapsed unexercised options

Exercised options 2008


Max remaining execution time (in years)

Executive Board Option tranches dated

10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options

Lapsed, unexercised options



Employees’ options Option tranches dated

8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000

*) The options of 16 December 2004 and 2 January 2008 were granted subject to the achievement of targets.

2008



New granted options






10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options





8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000


2008



New granted options






10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options





8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000

*) The options of 16 December 2004 and 2 January 2008 were granted subject to the achievement of targets. *)Theoptionsof16December2004and2January2008weregrantedsubjecttotheachievementoftargets.

2008



New granted options






10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options





8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000


2008



New granted options






10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options





8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000


2008



New granted options






10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options





8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000


2008



New granted options






10-sep-04 10.05 40,000 0 0 0 40,000 0.7

12-jan-06 12.00 40,000 0 0 0 40,000 2.0

12-jan-06 15.00 20,000 0 0 0 20,000 2.0

23-may-07 15.20 20,000 0 0 0 20,000 3.4

13-march-08 9.20 0 40,000 0 0 40,000 4.2

120,000 40,000 0 0 160,000



New granted options





8-dec-03 11.40 25,699 0 25,699 0 0

16-dec-04 11.25 *) 25,000 0 14,000 0 11,000 1.0

2-jan-08 10.55 *) 0 25,000 0 0 25,000 4.0

50,699 25,000 39,699 0 36,000

Total options 170,699 65,000 39,699 0 196,000


�2


In2008optionswereissuedtothemembersoftheExecutiveBoardofICTAutomatiseringN.V.Thisconcerned20,000optionsperboardmemberwithanexercisepriceof€9.20,beingtheopeningpriceoftheshareon14March2008.Theseoptionswereawardedconditionalupontheoptionholderremaininginemploymentforthecomingthreeyears.Theoptionsarequalifiedasequity-settledandarethereforespreadovertheyears2008,2009and2010andincludedasexpenseintheprofitandlossaccountunderemployeecharges.

2007

In2007optionswere issuedtoamemberof theExecutiveBoardof ICTAutomatiseringN.V.Thisconcerned20,000optionswithanexercisepriceof€15.20,beingtheclosingpriceoftheshareon23May2007.Theseoptionswereawardedconditionalupontheholderremaininginemploymentforthecomingthreeyears.Theoptions are qualified as equity-settled and are spread over the years 2007, 2008 and 2009 and included asexpenseintheprofitandlossaccountonthepersonnelcosts.Thefairvalueoftheoptionsonthedatethattheywereawarded isestimatedwiththehelpofabinominalevaluationmodelwherebytheconditionssubject towhichtheoptionsareawardedaretakenintoaccount.

2007

Options for the benefit of: Exercise price in euros

Outstanding in options at 31/12/06

New granted options




Maximum remaining execution

time (in years)

Executive Board:

Option tranches dated:

17 December 2001 11.33 40,000 - - 40,000 -

10 September 2004 10.05 40,000 - - - 40,000 1.7

12 January 2006 12.00 40,000 - - - 40,000 3.0

12 January 2006 15.00 20,000 - - - 20,000 3.0

23 May 2007 15.20 - 20,000 - - 20,000 4.6

140,000 20,000 - 40,000 120,000

Supervisory Board:


17 December 2001 11.33 18,000 - - 18,000 -

18,000 - - 18,000 -

Employees’ options:


17 December 2001 11.33 22,364 - - 22,364 -

9 December 2002 7.10 38,629 - 5,599 33,030 -

8 December 2003 11.40 35,499 - 4,500 5,300 25,699 0.9

16 December 2004 *) 11.25 25,000 - - - 25,000 2.0

121,492 - 10,099 60,694 50,699

Total options 279,492 20,000 10,099 118,694 170,699

2007

Options for the benefit of: Exercise price in euros


New granted options




Maximum remaining execution

time (in years)

Executive Board:


17 December 2001 11.33 40,000 - - 40,000 -

10 September 2004 10.05 40,000 - - - 40,000 1.7

12 January 2006 12.00 40,000 - - - 40,000 3.0

12 January 2006 15.00 20,000 - - - 20,000 3.0

23 May 2007 15.20 - 20,000 - - 20,000 4.6

140,000 20,000 - 40,000 120,000

Supervisory Board:


17 December 2001 11.33 18,000 - - 18,000 -

18,000 - - 18,000 -

Employees’ options:


17 December 2001 11.33 22,364 - - 22,364 -

9 December 2002 7.10 38,629 - 5,599 33,030 -

8 December 2003 11.40 35,499 - 4,500 5,300 25,699 0.9

16 December 2004 *) 11.25 25,000 - - - 25,000 2.0

121,492 - 10,099 60,694 50,699

Total options 279,492 20,000 10,099 118,694 170,699

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23) Remuneration of members of the Supervisory Board and Executive Board

AsofJuly2008remunerationforeachsupervisorydirector,aslaiddownintheshareholders’meetingof21May2008,shallamountto€25,000fortheentireyear.Thetotalremunerationin2008thusamountedto€106,000(2007:€80,000).

Thetotalremunerationofthemembersin2008amountedto€784,500(2007:€639,500)andcanbebrokendownasfollows:

1)Mr.Schot’sremunerationin2007wasadjustedinarrears.2)ForMr.Obergtheamountsin2007areincludedproratafromemploymentdatebeing1September2007.

Thebonusdependsonprofitincreasepersharecomparedtothepreviousyearandamountstoatleast25%andnomorethan50%oftheregularsalary.

Regular salary Bonus Pension costs Value options Total

2008

A. Schot 390,500 98,000 21,000 10,000 519,500

J. Oberg 180,000 39,000 36,000 10,000 265,000

Total 570,500 137,000 57,000 20,000 784,500

2007

A. Schot1) 390,500 98,000 21,000 62,000 571,500

J. Oberg2) 60,000 6,000 2,000 - 68,000

Total 450,500 104,000 23,000 62,000 639,500

1) Mr. Schot’s remuneration in 2007 was adjusted in arrears. 2) For Mr. Oberg the amounts in 2007 are included pro rata from employment date being 1 September 2007.

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24) Shares held by (former) members of the Supervisory Board and the Executive Board

At31December2007,ICTsharesheldbythe(former)SupervisoryBoardandtheExecutiveBoardcanbebrokendownasfollows:

Number held at 31.12.2008

Number held at 31.12.2007

Executive directors

A. Schot 10,207 9,549

J. Oberg - -

10,207 9,549

(Former) supervisory directors

W. de Vlugt 3,206 3,000

H.A.D. van den Boogaard1) - 310

C. Kämper - -

P. Zuidema - -

B.F. Kostwinder - -

C.A.G. D’Agnolo - -

3,206 3,310

1) On 23 May 2008 Mr. H.A.D. van den Boogaard stepped down as supervisory director of the company.

1)On23May2008Mr.H.A.D.vandenBoogaardsteppeddownassupervisorydirectorofthecompany.

25) Outstanding options held by (former) members of the Supervisory Board and Executive Board

2008

At31December2007thenumberofoutstandingoptionsheldby(former)memebersoftheSupervisoryBoardandtheExecutiveBoardcanbebrokendownasfollows:2008 Outstanding

options at 31.12.2007

Lapsed, unexercised

options

Exercised options

Granted in 2008

Outstanding options at

31.12.2008 Executive directors

A. Schot 120,000 - - 20,000 140,000

J. Oberg – - - 20,000 20,000

120,000 - - 40,000 160,000

Supervisory directors and former supervisory directors The members of the Supervisory Board have no options as of 31 December 2008. 2007 Outstanding


Lapsed, unexercised

options

Exercised options

Granted in 2007



A. Schot 140,000 - 40,000 20,000 120,000

J. Oberg - - - - -

140,000 - 40,000 20,000 120,000


W. de Vlugt 6,000 - 6,000 - -

H.A.D. van den Boogaard 6,000 - 6,000 - -

C. Kämper 6,000 - 6,000 - -

P. Zuidema - - - - -

18,000 - 18,000 - -

2008 Outstanding


Lapsed, unexercised

options

Exercised options

Granted in 2008



A. Schot 120,000 - - 20,000 140,000

J. Oberg – - - 20,000 20,000

120,000 - - 40,000 160,000



Lapsed, unexercised

options

Exercised options

Granted in 2007



A. Schot 140,000 - 40,000 20,000 120,000

J. Oberg - - - - -

140,000 - 40,000 20,000 120,000


W. de Vlugt 6,000 - 6,000 - -


C. Kämper 6,000 - 6,000 - -


18,000 - 18,000 - -

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2007

The item other operating expenses can be broken down as follows: (x € 1,000) 2008 2007

Automotive expenses 7,510 7,830 Premises 4,160 3,724 Other costs 11,066 7,984

22,736 19,538

Otherexpensesin2008includeasumof€170,000(2007:€1.1million)forthewrite-downonaccountsrecei-vable.Theotherexpensesin2008alsoincludeanamountof€2.5millioninconnectionwithfraudcommittedbyanemployeeofICTAutomatiseringN.V.

28) Received dividend of participating interests and interest

This concerns thedividend received in2008during thefirst sixmonths from ICTSoftwareEngineeringNordGmbH,Germanyand in2007thedividendreceivedfromStartAutomation inMalacky,Slovakia.The interestcomprisespaidandreceivedbankinterest.

Supervisor directors and former supervisory directorsThemembersoftheSupervisoryBoardhavenooptionsasof31December2008.

2008 Outstanding


Lapsed, unexercised

options

Exercised options

Granted in 2008



A. Schot 120,000 - - 20,000 140,000

J. Oberg – - - 20,000 20,000

120,000 - - 40,000 160,000



Lapsed, unexercised

options

Exercised options

Granted in 2007



A. Schot 140,000 - 40,000 20,000 120,000

J. Oberg - - - - -

140,000 - 40,000 20,000 120,000


W. de Vlugt 6,000 - 6,000 - -


C. Kämper 6,000 - 6,000 - -


18,000 - 18,000 - -

The item other operating expenses can be broken down as follows: (x € 1,000) 2008 2007

Automotive expenses 7,510 7,830 Premises 4,160 3,724 Other costs 11,066 7,984

22,736 19,538

2008 Outstanding


Lapsed, unexercised

options

Exercised options

Granted in 2008



A. Schot 120,000 - - 20,000 140,000

J. Oberg – - - 20,000 20,000

120,000 - - 40,000 160,000



Lapsed, unexercised

options

Exercised options

Granted in 2007



A. Schot 140,000 - 40,000 20,000 120,000

J. Oberg - - - - -

140,000 - 40,000 20,000 120,000


W. de Vlugt 6,000 - 6,000 - -


C. Kämper 6,000 - 6,000 - -


18,000 - 18,000 - -

26) Loans to members of the Supervisory Board and the Executive Board

Atthebalancesheetdatetherewerenoreceivablestotheexecutivedirectororthesupervisorydirectors.

27) Other operating expenses

Theitemotheroperatingexpensescanbebrokendownasfollows:

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29) Tax

Thetaxburdencanbebrokendownasfollows:

The tax burden can be broken down as follows: (x € 1,000) 2008 2007

Result before taxation 7,324 8,281

Specification of the tax amount:

Profit tax based on prevailing rate, in the Netherlands 25.5% (2007: 25.5%)

1,867

2,112

Effect of tax against a lower rate on the first tax brackets and the effect of non-deductible costs

(6) (17)

Effect of rate differences in foreign regimes 101 149

Effect of taxes pursuant to participation exemption (33)

(44)

Taxes 1,929 2,200

Effective tax burden 26.3% 26.6%

For German compensation loss a deferred tax receivable has been included of € 204,000 (2007: € 291,000). The deferred tax receivable has been included because profit is expected in the future to make use of losses over the years to come. Reconciliation between profit tax and tax burden in the profit and loss account is as follows:

2008 2007

Current profit tax 1,782 1,749

Movement in deferred taxes 147 451

1,929 2,200

The development of passive tax deferrals can be broken down as follows: (x € 1,000) In the consolidated balance sheet In the consolidated profit and loss

account

2008 2007 2008 2007

Deferred tax 234 - (234) -

234 - (234) -

The passive tax deferrals concern the difference in valuation for commercial and tax purposes of the work in Germany. The passive tax deferrals are short term.

ForGermancompensationlossadeferredtaxreceivablehasbeenincludedof€204,000(2007:€291,000).Thedeferredtaxreceivablehasbeenincludedbecauseprofitisexpectedinthefuturetomakeuseoflossesovertheyearstocome.

Reconciliationbetweenprofittaxandtaxburdenintheprofitandlossaccountisasfollows:





1,867

2,112


(6) (17)



(44)

Taxes 1,929 2,200



2008 2007



1,929 2,200


account

2008 2007 2008 2007


234 - (234) -


��





1,867

2,112


(6) (17)



(44)

Taxes 1,929 2,200



2008 2007



1,929 2,200


account

2008 2007 2008 2007


234 - (234) -



��

Thedevelopmentofpassivetaxdeferralscanbebrokendownasfollows:

De passieve belastinglatentie heeft betrekking op het verschil in commerciële en fiscale waardering van hetonderhandenwerkinDuitsland.Depassievebelastinglatentieiskortlopend.

30) Profit per share

Thefollowingtablereflectstheincomeandsharedatausedinthebasicanddilutedearningspersharecompu-tations:

2008 2007 •Weightedaveragenumberofoutstandingordinaryshares 8,548,760 8,273,433 •Effectofdilutionduetograntedsharesbyvirtueofoutstandingrightsnotcoveredbytreasuryshares - 1,300

•Weightedaveragenumberofoutstandingordinarysharesforcalculatingtheeffectofdilution 8,548,760 8,413,827 •Netprofitattributabletoshareholders €5,288,000 €6,081,000 2008 2007 •Earningsperordinarysharein€ €0.62 €0.74 •Earningsperordinarysharein€takingintoaccounttheeffectofdilution €0.62 €0.72 Thedilutionin2007iscausedbyuncoveredoutstandingoptions(werefertonotes12and22).In2008therewasnodilutioncausedbyoutstandingoptionsasalloptionsareoutofthemoney.


31) Auditor’s costs

In2008thegroupaccountant’sfeeforauditingthefinancialstatementsamountedtoapproximately€125,000(2007:€125,000). In2008thecostsofaudit-relatedworksuchasdeclarativepronouncementsamountedtoapproximately€10,000(2007:€10,000).

Notes to the consolidated cash flow statement

General policiesThe cash flow statement was drawn up using the direct method. Receipts and expenses related to interest,receiveddividendandcorporateincometaxareincludedinthecashflowsfromoperatingactivities.Paiddividendsareincludedinthecashflowsfromfinancingactivities.

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Chapter �: Company financial statements 200�

�0

Company balance sheet per 31 December 200�

Company profit and loss account over 200�

Notes to the Company balance sheet

�1

Company financial statements 200�

Company balance sheet at 31 December 2008 (Before profit appropriation) (x € 1,000) 2008 2007

Note

Assets

FIXED ASSETS



Financial fixed assets 4) 25,314 19,297

45,532 35,176

CURRENT ASSETS

Receivables 5) 8,141 9,636


8,143 9,987

53,675 45,163

Liabilities

SHAREHOLDERS’ EQUITY 6)



Other reserves 30,680 25,715

Profit for the financial year 5,288 6,081

45,254 41,117

LONG-TERM LIABILITIES 9) 1,000 1,200

CURRENT LIABILITIES 10) 7,421 2,846

53,675 45,163

Company balance sheet at 31 December 2008 (Before profit appropriation) (x € 1,000) 2008 2007

Note

Assets

FIXED ASSETS



Financial fixed assets 4) 25,314 19,297

45,532 35,176

CURRENT ASSETS

Receivables 5) 8,141 9,636


8,143 9,987

53,675 45,163

Liabilities

SHAREHOLDERS’ EQUITY 6)



Other reserves 30,680 25,715

Profit for the financial year 5,288 6,081

45,254 41,117

LONG-TERM LIABILITIES 9) 1,000 1,200

CURRENT LIABILITIES 10) 7,421 2,846

53,675 45,163

Companybalancesheetat31December2008(Beforeprofitappropriation)

�2

Company profit and loss account for 2008 (x € 1,000) 2008 2007

Profit of participation interests after taxation 5,049 3,793

Other profit after taxation 239 2,288

Net profit 5,288 6,081

Notes to the company balance sheet

1) General

ThecompanyfinancialstatementsofICTAutomatiseringN.V.havebeenpreparedinaccordancewiththefinancialreportingrequirementsgenerallyacceptedintheNetherlandsandthelegalstipulationsconcerningthefinancialstatements as referred to in Part 9 Book 2 of the Dutch Civil Code upon the application of the accountingprinciplesandasappliedintheconsolidatedfinancialstatements.Investmentsingroupcompaniesarecarriedatnetassetvalueupontheapplicationoftheaccountingprinciplesalsousedintheconsolidatedfinancialstate-ments.Non-consolidatedparticipatinginterestsatwhichnosubstantialeffectisexercisedarecarriedatcostlessthenecessarydepreciation.

FortheinformationongroupcompaniesofICTAutomatiseringN.V.pleaserefertonote18oftheconsolidatedfinancialstatements.

Financial fixed assetsFinancialfixedassetsthatareavailableforsale,beingaparticipationinwhichnosignificantinfluenceisexercised,becausethefairvaluecannotbereliablydetermined,arevaluedatacquisitionpriceafterdeductingpossiblevalueimpairments.


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2) Tangible fixed assets

2008

Thefollowingoverviewshowsmovementsintheassetsincludedunderthisbalanceitemduring2008:

The following overview shows movements in the assets included under this balance item during 2008: (x € 1,000) Computer Other fixed assets Total

equipment




Movements in cost


Disposals (30) - (30)

Total movements in cost 341 79 420


Disposals 30 - 30



Net book value at 31 December 885 248 1,133



885 248 1,133

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20072007:

(x € 1,000) Computer Other fixed assets Total

equipment


Total depreciation at 1 January (1,390) (982) (2,372)

Net book value at 1 January 498 268 766

Movement in cost


Disposals (1) - (1)

Total movements in cost 426 65 491


Disposals 1 - 1



Net book value at 31 December 758 257 1,015



758 257 1,015

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3) Intangible fixed assets

Thegoodwillconcernsthefollowingcashgeneratingunits:

Thecomparativefigureson2007havebeenadjustedtocomplywiththepresentationofthefiguresinaccor-dancewiththeyearunderreview.

4) Financial fixed assets

Thefinancialfixedassetsconsistentirelyofparticipatinginterestsingroupcompanies,joint-venturecompaniesandthe50%participatinginterestinStartAutomationLtd.inMalacky,Slovakia.

Movementinthenetassetvalueisasfollows:

The goodwill concerns the following cash generating units: (x € 1,000) 2008 2007


7,807

7,807 ICT Software Engineering Nord GmbH (formerly Lineas Automotive GmbH)

7,610

3,389


19,085 14,864

Movement in the net asset value is as follows: (x € 1,000) 2008 2007

Balance on 1 January 19,297 17,232

Additions and capital contributions 4,871 3

Transfer within a group - 37

Share of profit of participating interests 5,049 3,793

Dividend received (3,903) (1,768)

Balance on 31 December 25,314 19,297

The goodwill concerns the following cash generating units: (x € 1,000) 2008 2007


7,807

7,807 ICT Software Engineering Nord GmbH (formerly Lineas Automotive GmbH)

7,610

3,389


19,085 14,864

Movement in the net asset value is as follows: (x € 1,000) 2008 2007

Balance on 1 January 19,297 17,232

Additions and capital contributions 4,871 3

Transfer within a group - 37

Share of profit of participating interests 5,049 3,793

Dividend received (3,903) (1,768)

Balance on 31 December 25,314 19,297

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5) Receivables

Thecompositionofthereceivablesisasfollows:

Otherreceivablesatend-2007includegovernmentsubsidiesforanamountof€0.6million.Attheendof2008therewerenofurtheritemsforgovernmentsubsidiesinthereceivablesbalance.

Theprepaymentsandaccruedincomemainlyrelatetoprepaymentsmadetosuppliers.Allitemsfallduewithinoneyear.

6) Shareholders’ equity

Issued capitalTheauthorisedsharecapitalamountsto€3,750,000dividedinto18,700,000ordinarysharesof€0.10nominalvalueeachand18,800,000cumulativepreferencesharesof€0.10nominalvalueeach.

Thenumberofsharesissuedandpaidupat31December2008amountedto8,747,544(2007:8,452,927).

For the movement schedule of issued capital, share premium, other reserves and profit for the year pleaserefertothespecificationoftheconsolidatedstatementsofchangeinshareholders’equityfortheyearsended31December2008and31December2007.Forinformationontreasurysharespleasereferto12intheconso-lidatedfinancialstatements.

7) Options

Foraspecificationofoptionspleaserefertonote22intheconsolidatedfinancialstatements.

8) Pension

Foraspecificationofpensionspleaserefernote13oftheconsolidatedfinancialstatements.

The composition of the receivables is as follows: (x € 1,000) 2008 2007

Trade receivables 24 34

Group companies 5,548 6,582


Prepayments and accrued income 787 928


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9) Received in advance

Thisconcernsapaymentreceivedarisingfromalong-termcontractfortheannualamountof€200,000andchargedintheprofitandlossaccounttocreditrentalcharges.

10) Current liabilities

Thecurrentliabilitiescanbebrokendownasfollows:

11) Tax

ICT Embedded B.V., ICT Solutions B.V., RDS Holding B.V., ICT NoviQ B.V., and Atemex Holding B.V. and allsubsidiariesfallingundertheseoperationsarepartofthefiscalentityICTAutomatiseringN.V.forcorporatetaxpurposesat31December2008.

12) Commitments not disclosed on the balance sheet

Exceptfortheguaranteesandleasecommitmentspleaserefertotheapplicablenotesforthisitemintheconso-lidatedfinancialstatements(note16).

AtbalancesheetdatetheguaranteesoutstandingfortheICTGroupamountedto€542,000(2007:€470,000).Theseguaranteeswereprovidedinaccordancewithcurrentrentalcommitments.

The liabilitiesrelatedtotheoperating leasesforcarsforemployeeseachhaveatermoffouryears.Thetotalexpensesarisingfromleasecommitmentsamounttoaround€1.2million,around€0.3millionofwhichwithatermoflessthanoneyearandtheremainingamountwithatermofbetweenoneandfiveyears.

The current liabilities can be broken down as follows: (x € 1,000) 2008 2007

Trade payables 437 398

Group companies 173 110

Taxes and social security contributions 184 174

Pension related liabilities 859 1,194

Bank 3,396 0

Other liabilities 2,066 589

Accruals and deferred income 306 381

7,421 2,846

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13) Employees

TheaveragenumberofstaffemployedbytheICTAutomatiseringN.V.anditsgroupcompaniesin2007,infulltimeequivalentswas972(2007:907).

14) Remuneration of the Executive Board and the Supervisory Board

FortheremunerationoftheExecutiveBoardandtheSupervisoryBoardpleaserefertonote23oftheconsoli-datedfinancialstatements.

Barendrecht,20April2009

Executive Board Supervisory BoardA.SchotRA(Chairman) mr.W.deVlugt(Chairman)ir.J.Oberg C.Kämper dr.ir.P.Zuidema B.F.KostwinderRA ir.C.A.G.D’Agnolo

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Chapter 10: Other information

Other information

Provision in the articles of association concerning the appropriation of profit

ThesalientpointsofArticle37oftheArticlesofAssociationprovisionconcerningtheappropriationofprofitareasfollows:

PursuanttolawICTAutomatiseringN.V.mayonlydistributedividendstotheextentthatitsshareholders’equityexceedstheamountofpaid-upandcalled-upsharecapitalplusthereservesrequiredtobemaintainedbylawandtheArticleofAssociation.Ifpreferenceshareshavebeenissued,thedividendshallfirstbedistributedonthepreferencesharesfromprofitavailable fordistribution.Thepreferencedividendshallbeapercentageof theamountpaiduponthepreferencesharesconcerned,equaltotheaveragemonthlyEURIBORrate,weightedbythenumberofdaysitwasinforce,duringthefinancialyeartowhichthedividendrelates,plustwopercent.Ifinagivenyearthepreferencedividendisnotpaidinfullorinpart,nodividendsshallbedistributedinsubsequentyearsuntiltheshortfallhasbeenmadegood.Followingdistributionof thepreferencedividend, theExecutiveBoardshall, subject to theapprovaloftheSupervisoryBoard,addasmuchasitdeemsnecessarytoreserves,uptoamaximumof60%oftheprofitfortheyear,subjecttotheapprovaloftheAnnualGeneralMeeting.AnyprofitnotsoaddedtoreservesisatthefreedisposaloftheAnnualGeneralMeetingtobereservedinpartorinfull,orpayableinpartorinfulltoholdersofordinarysharesinproportiontothenumberofordinarysharesheld.TheAnnualGeneralMeetingmay,ontheproposaloftheExecutiveBoardandsubjecttotheapprovaloftheSupervisoryBoard,resolvethatthedividendonordinarysharesbepaidinfullorinpartintheformofordinaryshares.TheExecutiveBoardcandeclareinterimdividends,subjecttotheapprovaloftheSupervisoryBoard.

Proposed appropriation of profit

ItwillbeproposedtotheAnnualGeneralMeetingon27May2009thatadividendbedeclaredof€0.25pershareof€0.10nominaleach,payableincash.Stichting Continuïteit ICT (ICT Continuity Foundation)TheBoardoftheStichtingContinuïteit ICTconsistsoffourmemberswhoare independent.The independentmembersareMr.drs.M.W.Dekker,Mr.Jhr.mr.E.BeelaertsvanBlokland,Mr.mr.H.R.OkkensandMr.drs.P.F.PlaizierRA.Mr.C.Kämper,inhiscapacityofSupervisoryBoardmemberofICTAutomatiseringN.V.,isanadvisorymemberoftheBoardoftheStichtingContinuïteitICT.

(x € 1,000) 2008

Dividend 2,187

Addition to reserves 3,101

5,288

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Other information

Statement of IndependenceTheBoardofStichtingContinuïteitICTandtheExecutiveBoardofICTAutomatiseringN.V.jointlydeclarethatthemembersoftheBoardofStichtingContinuïteitICTsatisfytheindependencerequirementsapplyingtothem.

Relevant events occurring after balance sheet dateOn19February2009ICTAutomatiseringN.V.announcedthatduetopooreconomicconditionstheorganisationwillbeforcedtoundergoareorganisationintheNetherlandsoverthecomingperiod.Thismeansapproximately70 jobs will be lost. The related reorganisation costs are expected to amount to between € 3.5 and € 4.0million.

ThemajorityofthejobcutswilloccurintheEmbeddeddivision.ItismainlyherethatICT’sclientsaresufferingfromtheeconomicdownturn.However,jobswillalsobelostintheotherdivisionsaswellassupportservices.Althoughthejoblosseswillpartlyberealisedthroughnaturalwastage,notfillingvacanciesandnotextendingtemporarycontracts,aconsiderablepartofthelosseswillhavetobeachievedbyforcedredundancy.

Thenon-recurringcostsrelatingtotheabove-mentionedmeasureswillbechargedtothe2009results.

�2

Other information

AUDITOR’S REPORT

To: the Shareholders, the Supervisory Board and theExecutiveBoardofICTAutomatiseringN.V.

Auditor’s reportReport on the financial statementsWe have audited the accompanying financial state-ments2008of ICTAutomatiseringN.V.,Barendrecht,whichcomprisetheconsolidatedandcompanybalancesheet as at December 31, 2008, the profit and lossaccount,statementofchangesinequityandcashflowstatementfortheyearthenendedandasummaryofsignificant accounting policies and other explanatorynotes.

Management’s responsibility Managementisresponsibleforthepreparationandfairpresentationofthefinancialstatementsinaccordancewith International Financial Reporting Standards asadoptedbytheEuropeanUnionandwithPart9ofBook2 of the Netherlands Civil Code, and for the prepa-rationofthemanagementboardreportinaccordancewithPart9ofBook2of theNetherlandsCivilCode.This responsibility includes: designing, implementingandmaintaininginternalcontrolrelevanttotheprepa-rationandfairpresentationofthefinancialstatementsthatarefreefrommaterialmisstatement,whetherdueto fraud or error; selecting and applying appropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.

Auditor’s responsibilityOur responsibility is to express an opinion on thefinancialstatementsbasedonouraudit.Weconductedour audit in accordance with Dutch law. This lawrequires that we comply with ethical requirementsandplanandperformtheaudit toobtainreasonableassurance whether the financial statements are freefrommaterialmisstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosuresin the financial statements. The procedures selecteddepend on the auditor’s judgment, including the

assessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmaking those risk assessments, the auditor considersinternalcontrolrelevanttotheentity’spreparationandfair presentation of the financial statements in ordertodesignauditproceduresthatareappropriateinthecircumstances,butnot for thepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoincludesevaluatingtheappropri-atenessofaccountingpoliciesusedand the reasona-blenessofaccountingestimatesmadebymanagement,as well as evaluating the overall presentation of thefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

OpinionInouropinion,thefinancialstatementsgiveatrueandfairviewofthefinancialpositionofICTAutomatiseringN.V.asatDecember31,2008,andofitsresultanditscashflowsfortheyearthenendedinaccordancewithInternationalFinancialReportingStandardsasadoptedbytheEuropeanUnionandwithPart9ofBook2oftheNetherlandsCivilCode.

Report on other legal and regulatory requirementsPursuant to the legal requirement under 2:393 sub5part fof theNetherlandsCivilCode,we report, totheextentofourcompetence,thatthemanagementboardreportisconsistentwiththefinancialstatementsas required by 2:391 sub 4 of the Netherlands CivilCode.

Rotterdam,April20,2009

Ernst&YoungAccountantsLLP

w.g.A.A.HeijRA

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Other information

Five-year financial summaryFive-year financial summary 2008 2007 2006 2005 2004

Results (x € 1,000)

Revenue 3) 97,490 88,285 80,663 69,112 64,958

Operating profit 6,773 7,770 8,026 9,703 6,697

Net profit 5) 5,288 6,081 6,212 7,243 5,253

Depreciation on tangible fixed assets 746 477 698 763 1,014

Cash flow (net profit plus depreciation) 5) 6,034 6,558 6,910 8,006 6,267

Dividend 2,187 4,827 4,835 5,290 4,461

Balance sheet (x € 1,000)

Tangible fixed assets 2,763 1,897 1,166 1,191 1,618

Intangible fixed assets 24,347 17,835 12,990 - -

Financial fixed assets 234 321 772 30 30

Current assets 37,877 39,941 42,429 51,539 45,836

Provisions 234 - - - -

Long-term liabilities 4) 1,000 1,200 1,400 1,600 -

Current liabilities 4) 18,733 17,677 17,295 12,067 11,147

Shareholders’ equity 45,254 41,117 38,662 39,093 36,337

Total assets 65,221 59,994 57,357 52,760 47,484

Employees

Average number of employees (FTEs) 972 907 820 728 763

Net revenue 3) per employee (x € 1,000)

100 97 98 95 85

Operating profit per employee (x € 1,000)

7 9 10 13 9

Ratios

Operating profit/revenue 3) 0.07 0.09 0.10 0.14 0.10

Net profit/revenue 3) 5) 0.05 0.07 0.08 0.10 0.08

Net profit/average shareholders’ equity 5) 0.12 0.15 0.16 0.19 0.15

Current assets/current liabilities 4) 2.02 2.26 2.45 4.27 4.11

Group equity/total assets 0.69 0.69 0.67 0.74 0.77

Per share of € 0.10 (nominal value each in euros)

Net profit 1) 5) 0.62 0.74 0.76 0.88 0.64

Cash flow (net profit plus depreciation) 1) 5) 0.71 0.79 0.84 0.97 0.76

Dividend 2) 0.25 0.58 0.59 0.64 0.54

Shareholders’ equity 2) 5.17 4.95 4.72 4.73 4.40

Number of ordinary shares at year end 8,747,544 8,313,833 8,195,139 8,265,444 8,260,481

Average number of ordinary shares outstanding during the year 8,548,760

8,273,433

8,198,077

8,262,962

8,260,481

1) Based on the average number of ordinary shares. 2) Based on the number of ordinary shares at year end. 3) Revenue comprises revenue other income. 4) The comparative figures for 2005 are adjusted as a result of reclassification 5) In the other data the term net profit is equated to the share of net profit of holders of equity instruments of the parent

company

Five-year financial summary 2008 2007 2006 2005 2004


Revenue 3) 97,490 88,285 80,663 69,112 64,958


Net profit 5) 5,288 6,081 6,212 7,243 5,253



Dividend 2,187 4,827 4,835 5,290 4,461





Current assets 37,877 39,941 42,429 51,539 45,836





Total assets 65,221 59,994 57,357 52,760 47,484

Employees



100 97 98 95 85


7 9 10 13 9

Ratios







Net profit 1) 5) 0.62 0.74 0.76 0.88 0.64


Dividend 2) 0.25 0.58 0.59 0.64 0.54




8,273,433

8,198,077

8,262,962

8,260,481


company

Five-year financial summary 2008 2007 2006 2005 2004


Revenue 3) 97,490 88,285 80,663 69,112 64,958


Net profit 5) 5,288 6,081 6,212 7,243 5,253



Dividend 2,187 4,827 4,835 5,290 4,461





Current assets 37,877 39,941 42,429 51,539 45,836





Total assets 65,221 59,994 57,357 52,760 47,484

Employees



100 97 98 95 85


7 9 10 13 9

Ratios







Net profit 1) 5) 0.62 0.74 0.76 0.88 0.64


Dividend 2) 0.25 0.58 0.59 0.64 0.54




8,273,433

8,198,077

8,262,962

8,260,481


company

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OFFICES

NETHERLANDS

ICT Automatisering N.V.

Kopenhagen9,2993LLBarendrecht

ICT Embedded B.V.

■ Kopenhagen9,2993LLBarendrecht

■ Munsterstraat7,7418EVDeventer

■ Kadijk7,9747ATGroningen

■ ScienceParkEindhoven5006,5692EASon

ICT Solutions B.V.

■ Kopenhagen9,2993LLBarendrecht

■ Voltastraat4,4622RPBergenopZoom

■ Munsterstraat7,7418EVDeventer

■ KleineLandtong15,4201HLGorinchem

■ Kadijk7,9747ATGroningen

■ Energieplein8,2031TCHaarlem

■ Horsterweg18g,6199ACMaastrichtAirport


ICT NoviQ B.V.


Rijnmond Distributie Services B.V.

■ Seattleweg15,3195NDRotterdam

InTraffic B.V.

■ Iepenhoeve11,3438MRNieuwegein

Rialtosoft B.V.

■ Luchthavenweg81-unit220,5657EAEindhoven

Improve Quality Services B.V.

■ LaanvanDiepenvoorde1,5582LAWaalre

■ Iepenhoeve13,3438MRNieuwegein

GERMANY

ICT Software Engineering GmbH

■ Hanns-Klemm-Straße5,71034Böblingen(Stuttgart)

ICT Software Engineering Nord GmbH

■ Theodor-Heuss-Straße2,38122Braunschweig

■ Schachtweg1,38440Wolfsburg

ICT Software Engineering SüdWest GmbH

■ Bahnhofplatz8,76137Karlsruhe

■ Lindenstraße11,67433Neustadt

■ Hanns-Klemm-Straße5,71034Böblingen(Stuttgart)

ICT Software Engineering SüdOst GmbH

■ FürtherStraße212,GebäudeB1.2,90429Nürnberg

■ St.MichaelStraße3,90429Ingolstadt

■ MoosacherStraße56a,80809München

POLAND

ICT Poland

■ ul.Chmielna26,80-748Gdansk

CONTACT DETAILS

Kopenhagen 9, 2993 LL Barendrecht

Postbus 121, 2990 AC Barendrecht

Tel: 0180-646000

Fax: 0180-646001

Info: www.ict.nl,www.werkenbijict.nl

E-mail: [email protected]

ICT Advanced Thinking

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Jaarverslag 2008

ICTAdvanced Thinking

Documents

ICT AUTOMATISERING N.V. - jaarverslagICT Automatisering N.V. is an ambitious, indepen-dently operating stock-listed ICT company with offices in the Netherlands, Germany and Poland