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V D L G R O E P
A N N U A L R E P O R T
2 0 1 4
VD
L G
RO
EP
AN
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14
V D L G R O E P
A N N U A L R E P O R T
2 0 1 4
VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
Phone +31 (0)40 - 292 50 00
Fax +31 (0)40 - 292 50 01
www.vdlgroep.com
3 Financial highlights
4 Profile
5 Group structure
7 Report of the Board of Management
43 Report of Supervisory Board
44 Auditor’s report
45 Subsidiaries
57 Financial report 2014
62 Principles for valuation and
determining the result
C O N T E N T S
2
3
F I N A N C I A L
H I G H L I G H T S
(x 1,000 euro)
2014 2013 2012 2011 2010
Combined turnover 2,545,519 1,812,313 1,756,354 1,718,724 1,472,373
Consolidated turnover 2,342,041 1,632,108 1,628,857 1,574,805 1,353,726
Gross profit 117,988 95,610 87,407 96,275 102,779
Profit before tax 120,209 98,027 75,679 83,377 97,447
Profit before tax / turnover 4.7% 5.4% 4.3% 4.9% 6.6%
Net profit 104,247 88,582 56,755 66,014 76,762
Net profit / turnover 4.1% 4.9% 3.2% 3.8% 5.2%
Depreciation of (in)tangible fixed assets 46,300 47,326 32,490 30,465 28,844
Cash flow 150,547 135,908 89,245 96,479 105,606
(Dis-)investments including acquisitions 114,459 82,456 213,072 52,100 29,445
Equity 924,894 854,350 788,480 577,638 537,679
Total assets 1,660,407 1,382,879 1,403,669 1,062,228 1,017,657
Equity / total assets 55.7% 61.8% 56.2% 54.4% 52.8%
Net profit / equity 11.3% 10.4% 7.2% 11.5% 14.3%
Employees as at 31 December 10,303 9,216 8,757 7,135 7,126
4
VDL Groep is an international industrial company devoted to the development, production and sales of
semi-finished products, buses & coaches and other finished products, as well as the assembly of cars.
From its head office in Eindhoven (the Netherlands) VDL supervises its subsidiaries, which have a high level
of autonomy and responsibility for results.
The establishment in 1953 of ‘Metaalindustrie and Constructiewerkplaats P. van der Leegte’ laid the basis
for what today is VDL Groep. Through targeted acquisition and autonomous growth, this family business
has developed into a group encompassing 85 subsidiaries spread over 19 countries and a workforce of
approximately 10,300.
In subcontracting, VDL is a leader in the fields of metalworking, mechatronic systems and system supply,
plastics processing and surface treatment. The car assembly division includes the production of passenger
cars for third parties. The bus & coach division consists of chassis, chassis modules, coaches, public
transport buses, mini & midi buses, special projects and second-hand buses. The finished products division
is extensive: suspension systems for the trailer and truck industry, heating, cooling and airtechnical
systems, production automation systems, systems for the oil, gas and petrochemical industry, systems for
the agricultural sector, sunbeds and roof boxes, container handling equipment, waste collection systems,
cigar-making and packaging machines, components for bulk handling and dust extraction installations, and
systems for explosion and fire protection.
VDL Groep strives to achieve growth both through acquisitions and autonomous means. This entails a
focus on making continuous improvements to its products and production processes. Such a vision
imposes a number of preconditions: modern machinery, locations based on good logistics, a critical quality
policy and a high level of expertise amongst its workforce. Investments made by VDL Groep enable the
group to meet customer requirements.
VDL Groep has a flat organisational structure with short policy lines. The company culture is characterised
by the shared VDL philosophy of ‘human added value’. This forms the basis for close cooperation between
companies within the group.
P R O F I L E
V D L G R O E P
G R O U P S T R U C T U R E
Subcontracting
VD Leegte Metaal
VDL Gereedschapmakerij
VDL TIM Hapert
VDL VDS Technische Industrie
VDL Laktechniek
VDL Belgium
VDL Technics
VDL Kunststoffen
VDL HMI
VDL NSA Metaal
VDL Apparatenbouw
VDL MPC
VDL Parree
VDL Staalservice
VDL Lasindustrie
VDL RPI Metaal
VDL Rotech
VDL Systems
VDL Postma
VDL Industrial Modules
VDL Konings
VDL Wientjes Roden
VDL Wientjes Emmen
VDL Services
VDL Enabling Technologies Group
VDL ETG Eindhoven
VDL ETG Research
VDL ETG Projects
VDL ETG T&D
VDL ETG Almelo
VDL ETG Singapore
VDL ETG Suzhou
VDL Network Supplies
VDL Fibertech Industries
VDL Fibertech Belgium
VDL GL Precision (as of 3 March 2015)
Car assembly
VDL Nedcar
Buses & coaches
VDL Bus & Coach
VDL Bus Chassis
VDL Bus Modules
VDL Bus Heerenveen
VDL Bus Venlo
VDL Bus Roeselare
VDL Bus Valkenswaard
VDL Bus & Coach Nederland
VDL Bus & Coach France
VDL Bus & Coach Italia
VDL Bus & Coach Belgium
VDL Bus & Coach Polska
VDL Bus & Coach Deutschland
VDL Bus & Coach Suisse
VDL Bus & Coach Czech Republic
VDL Bus & Coach South Africa (70%)
VDL Bus & Coach Serbia
VDL Bus & Coach Danmark
VDL Bus Center Nederland
VDL Bus Center Deutschland
VDL Busland
VDL Bus & Coach Service FRY-ZHN
VDL Bus & Coach Service Brabant
VDL Parts
VDL Groep
VDL Nederland VDL Holding Belgium
5
Finished products
VDL Agrotech
VDL Industrial Products
VDL Steelweld
VDL Steelweld UK
VDL Steelweld Deutschland
VDL Steelweld Sweden
Hapro International
VDL Klima
VDL Klima Belgium
VDL Klima France
VDL KTI
VDL Delmas
VDL Containersystemen
VDL Containersysteme
VDL Translift
VDL Weweler
VDL Weweler Parts
Weweler-Colaert
Truck & Trailer Industry
PMB-UVA International
VDL USA
VDL Middle East
6
7
This has been a remarkable year for VDL Groep, with the reopening of VDL Nedcar by King Willem-
Alexander and the launch of MINI production in the Netherlands, on 17 July 2014. Another milestone
in our history was the arrival of the 10,000th employee in August, at VDL Steelweld in Breda.
From a financial point of view, 2014 was a stable and favourable year for VDL Groep, with four solid
quarters. In every respect, 2014 became a record year. Naturally, the start of production at VDL Nedcar had
a positive influence on results, but even without this contribution, we can look back on a year of growth.
Combined turnover rose from 1.812 billion euro in 2013 to 2.546 billion euro in 2014. Consolidated
turnover amounted to 2.342 billion euro as compared to 1.632 billion euro in 2013. Net result rose from
88.6 million euro in 2013 to 104.2 million euro in 2014. The tax burden in the first half of 2014 was
lower, based on the forecast fiscal loss at VDL Nedcar. Total turnover for 2014 was the best in our history
and that is a performance we can be proud of. This fact offers further room for investments in 2015.
The balance sheet position remains unabatedly strong, with a solvency of 56%.
The number of employees rose from 9,216 at year end 2013 to 10,303 at year end 2014 (of which
81% employed in the Netherlands). 94% of this 1,087 person increase was achieved autonomously.
The other employees entered the service of our business following the takeover of Translift (Dronten).
This autonomous growth demonstrates that production in the Netherlands and Belgium still remains
possible. Nonetheless, a sound industrial policy is vital. We continue to call for a level playing field in
Europe. This is essential if we are to continue manufacturing here. A good lending climate, sound credit
insurance and a flexible labour force – with a structural system of part-time unemployment benefit and
flexible employment schemes for the over 55s – and technical training programmes are of key importance.
We must continue in pursuit of a level playing field not only in Europe but throughout the world.
Many countries around the globe impose import duties, while Europe continues to believe in a free trade
zone. We must treat our trading partners in the world the same way they treat us. Only then can
employment opportunities in Europe be maintained and we can form a strong block to uphold our
position in the world economy.
R E P O R T
O F T H E B O A R D
O F M A N A G E M E N T
8
Turnover
Combined turnover for 2014 amounted to 2.546 billion euro. As compared to the 1.812 billion euro in
2013, this represents an increase of 41%. Internal deliveries also increased, but fell as a percentage of
total turnover.
2014 2013
million euro million euro
Combined turnover 2,546 1,812
Internal deliveries - 204 - 180
Consolidated turnover 2,342 1,632
The balance between international and domestic turnover clearly changed in 2014. The share of
international turnover rose by 10% in 2014, as compared to 2013. This is mainly due to the start of
production at VDL Nedcar for our client BMW Group in Germany.
2014 2013
million euro % million euro %
International 1,799 77 1,096 67
Domestic 543 23 536 33
2,342 1,632
In 2014, we supplied products worldwide to 111 countries outside the Netherlands. International turnover,
divided among the various continents, is as follows: Europe 1.571 billion euro (41 countries), Asia 137
million euro (30 countries), North America 48 million euro (2 countries), South and Central America 28
million euro (15 countries), Africa 11 million euro (20 countries) and Oceania 4 million euro (3 countries).
If turnover is broken down country by country, we see that Germany has become our largest market, even
overtaking the Netherlands. In addition, Sweden and Great Britain were important markets.
2010 2011 2012 2013 2014600
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2010 2011 2012 2013 201420
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CONSOLIDATED TURNOVER(in million euro)
NET PROFIT(in million euro)
2010 2011 2012 2013 2014600
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2010 2011 2012 2013 201420
30
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CONSOLIDATED TURNOVER(in million euro)
NET PROFIT(in million euro)
TURNOVER PER COUNTRY(in million euro)
Germany 970
Netherlands 543
Sweden 108
Great Britain 106
Singapore 92
Belgium 84
Spain 53
France 51
USA 47
Finland 32
Switzerland 26
Poland 25
Italy 25
Jamaica 25
Norway 20
Czech Republic 12
Denmark 12
Others 111
9
Divisions
If the combined turnover of VDL Groep is broken down according to the divisions subcontracting, car
assembly, buses and coaches and finished products, we see that all divisions contributed to grow, whereby
car assembly made the greatest contribution.
2014 2013
million euro % million euro %
Subcontracting 795 31 794 44
Car assembly 775 31 120 7
Buses and coaches 417 16 391 21
Finished products 559 22 507 28
2,546 1,812
Subcontracting
Turnover in the subcontracting division rose fractionally from 794 million euro in 2013 to 795 million euro
in 2014. The semiconductor and automotive market, both important to this division, showed a slight
downturn in the second six months. At year end 2014, the order book amounted to 250 million euro, as
compared to 237 million euro at year end 2013. The subcontracting division showed a profit in 2014,
although the result was less than last year.
In 2014, VDL invested heavily in research and development capacity with a view to further optimising our
expertise as a high-tech subcontractor. The outcome was open cooperation with customers in the field of
research and development. Collaboration with ASML was for example intensified, whereby VDL adopted
full responsibility for the design and fabrication of the wafer handler at ASML.
Turnover in the subcontracting division rose by more than 10% in the first quarter of 2015, from 194
million euro in the first quarter of 2014 to 214 million euro. The order book in week 13 amounted to 261
million euro, which was higher than in the same week last year (250 million euro). The semiconductor and
automotive market, both important for this division, appear to be showing some recovery, and
expectations for 2015 are reasonably good.
10
2014 2013
million euro % million euro %
Mechatronic systems 422 53 432 54
Metalworking 294 37 290 37
Plastics processing 72 9 65 8
Surface treatment 7 1 7 1
795 794
Mechatronic systems and system supply
Turnover in the mechatronic systems and system supply sector fell from 432 million euro in 2013 to
422 million euro in 2014. This was mainly due to the temporary delay in the definitive breakthrough by
EUV, the next generation of lithographic systems for the semiconductor industry. This delay meant a fall in
demand for those technologies in which VDL has traditionally occupied a solid position such as
‘lithography’ and ‘metrology’. To meet growing market demand for other semiconductor technologies
‘deposition’ and ‘etching’, VDL further expanded its presence in Silicon Valley (United States). This is the
leading region where there is a concentration of businesses specialising in those fields. This made it
possible to respond better to the ever continuing clustering of businesses operating worldwide in the
sector of production equipment for semiconductors.
The markets for production equipment for LED and solar cells developed as expected during the course of
last year. Alongside these markets, in 2014, VDL also focused considerable attention on the market for
equipment for scientific and technological applications. Important steps were for example taken in
cooperation with institutes including CERN and PSI, in the field of linear accelerators, and with ESO in
relation to the development of the world’s largest telescope in Chile.
We expect moderate growth in 2015, fuelled by an upturn in previous generation products for our
customers in the semiconductor industry. As a consequence of the ever broader use of semiconductors,
this generation of products can once again be deployed competitively. The order book remains stable, and
we predict a positive year, in particular now the figure for VDL GL Precision in Eindhoven will be included
in this sector. This company, with a staff of 150, was taken over in March 2015 from Gerard van der
Leegte, the brother of Wim van der Leegte.
SUBCONTRACTING
Mechatronic systems 53%
Metalworking 37%
Plastics processing 9%
Surface treatment 1%
11
12
13
The activities of VDL GL Precision, in particular in the field of high-end processing technologies, tie in well
with the existing activities of the mechatronic systems and system supply sector. The company specialises in
the manufacturing of very complex fine-mechanical components and assemblies for among others the
semiconductor industry, the aerospace industry and the optical industry. The core activities of the business
also include a number of specific processes including microlaser welding, representing an important
addition for VDL Groep.
Metalworking
Turnover in the metalworking sector grew from 290 million euro in 2013 to 294 million euro in 2014.
The fact that we have a presence in many industrial sectors proved particularly useful. As a metalworking
player, VDL is active in the automotive industry, the food industry, the energy market, telecom,
construction and infrastructure, and the waste processing industry. New markets are constantly being
explored, and new products are being developed that fit in with the current product range.
Over the past year, we once again invested in advanced machinery and further automated production
processes to maintain our international competitive position. For example, on 1 January 2014, VD Leegte
Metaal in Hapert obtained the international NEN-EN 1090 welding certificate in the highest execution class
4. This means that the metalworking company is authorised to weld construction parts in the heaviest
category. In particular for orders from the construction and infrastructure market, this new standard is of
key importance. VDL has numerous customers in this sector.
To meet the needs of our customers in the automotive industry, in particular at VDL VDS Technische
Industrie in Hapert, we considerably expanded the machine fleet with a series of new machines, a 3D laser
cutting machine, two flanging machines, a CNC spot welding robot and an automated welding cell.
Increasingly, VDL companies are required to supply ever more complete products, products manufactured
using follow on-bending-butting tools, followed by a variety of fastening techniques such as robot
welding, spot welding and/or a whole range of assembly activities. Using these machines we can easily
fulfil these requirements.
The prices in this sector remain under pressure due to the availability of products from low wage countries,
and customers demand ever shorter delivery times combined with quality and flexibility. The VDL
companies serve increasingly as system supplier, with involvement in the entire process from design and
production through to delivery and maintenance. Through collaboration with other group companies,
VDL demonstrates its added value.
The order book in the metalworking sector is currently well-filled. Despite rising raw material prices and
difficult recovery in some markets, prospects for 2015 can be described as broadly positive, and slight
growth is expected.
14
Plastics processing
Turnover in the plastics processing sector rose by 11%, from 65 million euro in 2013 to 72 million euro in
2014. The automotive sector and medical industry were once again key markets over the past year.
VDL Wientjes Roden moved to a new location with cleanroom facilities. Investments at this company also
included a lathe and a cutting machine. Together with VDL Parree, a 3D photographic measurement
system was purchased; a very precise system that is also suitable for reverse engineering (product
improvement) and that has already been deployed on several occasions, at specific customer request.
At VDL Parree in Sevenum, investments were also made in three new injection moulding machines (80,
140 and 500 tonnes) and a CNC processing machine for tool making. This makes it possible to deploy a
variety of new techniques during the injection moulding process, such as Mucell (for weight saving and
shape retention in the product) and prägen (to reduce internal tensions in the product).
VDL Kunststoffen saw deliveries to the logistic sector rise considerably in 2014. These deliveries focused
mainly on components and assemblies for internal transport systems for distribution centres for consumer
articles sold online.
VDL Fibertech Industries strengthened its position for composite (carbon and glass fibre-reinforced) plastics
in 2014 with the takeover of the activities of Acrosoma in Belgium. This has added to the range of
possibilities a promising technique of stitched and pultruded sandwich panels (drawn through a mould).
Possible applications have been expanded to include aerospace and transport.
These investments in the latest machines, techniques and automation, combined with our high level of
knowledge in the field of plastics mean that we can increasingly act as a system supplier in successfully
tackling the complex problems posed by our customers.
The order book for the total plastics processing sector is currently reasonably well-filled. Despite the
considerable rise in raw material prices, prospects for 2015 are fairly positive, and we expect turnover to
be slightly higher than in 2014.
Surface treatment
Turnover in the surface treatment sector remained practically unchanged (7 million euro). In 2014,
VDL Laktechniek stood out as a logistic partner for Volvo. From Eindhoven, the parts painted by us are
transported directly to the various production locations in Europe. To meet this customer requirement, we
equipped a new warehouse. Our competitive position has been strengthened, and despite price pressure
from the automotive sector, the forecast for 2015 is that turnover will rise slightly, as compared to 2014.
15
16
Car assembly
The car assembly division made a contribution to turnover of 775 million euro in 2014, as compared to
120 million euro in 2013. This turnover was not only achieved from the production of cars on behalf of
BMW Group, but also from the work by seconded personnel to other companies, the supply of press work
to third parties, and engineering and installation work. The start-up costs for the first six months of 2014
were compensated for by the provisions established for that purpose. VDL Nedcar contributed to the result
in 2014, with a slightly positive result.
2014 2013
million euro % million euro %
Car assembly 775 100 120 100
775 120
The first six months of 2014 were hallmarked by completion of the technical alterations to the production
facilities in and around the plant. At the same time the first trial series of the new vehicles were built, and
the production facilities tested. More than 800 new employees were recruited and trained.
At the latest by 1 January 2015, all 1,500 original staff were to have returned to work at VDL Nedcar, but
this target had already been achieved by mid-2014, and the number of employees actually rose to almost
2,500 at year end.
17 July 2014 was the big day: VDL Nedcar in Born was officially reopened by King Willem-Alexander. On this
occasion, the starting signal was also given for MINI production in the Netherlands. The King’s grand mother
and mother preceded him by opening the car plant in 1968 and the refurbished production halls in 1995.
We can look back on a memorable day that we were able to celebrate together with our employees,
customers and business relations.
Since last summer, VDL Nedcar has been producing the 3-door MINI Hatch, on behalf of BMW Group.
The start of production went according to plan. Quality and delivery reliability easily meet the requirements
imposed. In 2014, VDL Nedcar produced a total of 29,196 vehicles, all of the type MINI Hatch.
In 2014, VDL Nedcar also focused on expanding its strategy of developing into a fully independent vehicle
manufacturer, producing on behalf of third parties. An active policy of acquisition is in place, for attracting
new customers. Together with the relevant government bodies, we are investigating the possibilities of
equipping the space and infrastructure efficiently and sustainably for future growth. Finally, work is actively
underway on increasing utilisation of the production capacity in the press hall.
17
Production volumes are expected to rise considerably as compared to 2014, and for the longer term
prospects for growth in production numbers and employment are favourable. A number of investments
are planned: premises were recently purchased adjacent to the VDL Nedcar site. We will also be focusing
on strengthening and expanding our competences and on the acquisition of new orders. Clear attention
will also be paid to spatial planning. As an independent car manufacturer, VDL Nedcar will continue to
adopt a flexible attitude in respect of its clients.
During the first quarter of 2015, VDL Nedcar generated turnover of 224 million euro as compared to
178 million euro in the first quarter of last year. The order book is well-filled, both now and for the long
term. Production is in line with planning and prospects for 2015 are positive.
Buses & coaches
Turnover in the buses & coaches division rose from 391 million euro in 2013 to 417 million euro in 2014.
The order book also grew from 128 million euro to 197 million euro at year end. Following a very slight
upturn in 2013, the bus and coach market in Europe continued to shrink. Competition from vehicles from
low wage countries continues to grow. Nonetheless, the buses & coaches division succeeded in
substantially improving the result, although remaining slightly loss-making. This is partly due to high
development costs for new products and production processes in 2014.
The number of buses and coaches sold in 2014 was 42% higher than in 2013 (1,490 as compared to
1,046), thereby increasing our market share. Our complete range of vehicles, both for public transport and
coaches, has now been successfully placed on the market, in a Euro 6 version. Heavy investments were
also made in hybrid and electrical drive systems which for the first time made a considerable contribution
to the order book, in 2014. Over the past year, the effects of a number of organisational changes became
more visible. Efficiency and effectiveness in the buses & coaches division have been further increased.
For 2015, the focus will be on further intensifying efforts in our domestic markets for both coaches and
public transport buses. We will also be focusing further on our export markets. As a result, we expect a
higher number of deliveries in 2015 than achieved in 2014.
During the first quarter of 2015, turnover remained almost unchanged from the first quarter of 2014:
102 million euro. The order book grew as compared to last year from 139 million euro in week 13 of 2014
compared to 186 million euro this year. VDL expects a reasonable year for the buses & coaches division.
18
19
2014 2013
million euro % million euro %
Coaches 154 37 136 35
Public transport buses 129 31 102 26
Parts & services 69 16 60 15
Second-hand buses 41 10 41 11
Mini & midi buses 16 4 12 3
Chassis & chassis modules 6 1 36 9
High-quality Public Transport systems 2 1 4 1
417 391
Coaches
In 2014, turnover in the coaches sector rose from 136 million euro to 154 million euro. However, the
number of coaches delivered fell from 561 in 2013 to 544 in 2014. The changing product mix and the
higher price for Euro 6 vehicles had a positive influence on the turnover.
Our customers, the coach operators, have been facing a difficult market for years; a situation reflected in
their investment behaviour. The introduction of the new Euro 6 technology may have resulted in a better
and more environmentally-aware industry, but costs continue to rise and these increases are difficult for
coach operators to pass on to their end customers. This is also the reason why during the first six months,
many Euro 5 coaches deliberately produced for stock were sold. From the summer of 2014 onwards, these
vehicles were sold out, and the complete switch was made to Euro 6 vehicles.
Also in 2014, VDL Bus & Coach delivered the first Futura FMDs (Futura Medium Deck). The FMD is a new,
lower variant within the Futura family. It is a profitable all-rounder, that can be deployed for both the
touring and higher end intercity market. The core values of our production range, low vehicle weight,
low fuel consumption, high passenger capacity, ample baggage space and low kilometre price make the
Futura FMD a high-value investment for operators. In 2014, 65 of these new FMDs were sold.
BUSES & COACHES
Coaches 37%
Public transport buses 31%
Parts & services 16%
Second-hand buses 10%
Mini & midi buses 4%
Chassis & chassis modules 1%
High-quality Public Transport Systems 1%
20
The total market volume for coaches in 2014 was just under 3% larger than in 2013. This slight growth
was primarily achieved in Germany, Spain, Great Britain and Ireland. Italy and France saw a slight fall as
compared to 2013. The total market share in the Western European coach market achieved by VDL Bus &
Coach rose slightly from 6.7% to 6.8%. The greatest progress was achieved in Sweden, where the FMD2
was sold in large numbers.
We expect the coach market to remain under considerable pressure over the next few years, but to show
slight recovery in the countries of Southern Europe. The first indications of an upturn are already visible in
Spain and in Portugal, although it is too early to talk of a trend. We continue to focus on further
developing the Futura family, and we will be adding a new double-decker model in 2015.
Public transport buses
The public transport bus sector has completed a good year, with an upturn in both turnover from
102 million euro to 129 million euro, and in the number of delivered buses. In 2014, we delivered
637 vehicles, as compared to 561 vehicles in 2013. In a number of countries, limited numbers of public
transport buses were purchased in response to government austerity measures, but this was easily
compensated for by higher numbers purchased in Scandinavia, Germany, the Netherlands and Belgium.
Competition has become more cut-throat, but we have succeeded in maintaining employment
opportunities in the bus sector in the Netherlands and the Flanders region of Belgium, despite increased
price pressure combined with suppliers from low wage countries.
The rise in the number of deliveries was mainly due to the Scandinavian market, where once again many
public transport companies have opted for VDL products. In Finland, for the third successive year, VDL is
again market leader thanks to the complete acceptance of the light-weight concept employed in the Citea
Light Low Entry (LLE). This represents huge advantages as compared to all other competitors, in particular
thanks to the low emission level as a result of favourable fuel consumption and lower operating costs.
More and more cities in Germany have also discovered the Citea LLE, including Düsseldorf and Berlin.
Following intensive testing, Berlin opted for the LLE in 2014, as its 12-metre city bus for the coming year.
In total, 236 LLEs were purchased by Berlin, to be supplied by VDL between 2015 and 2017. In the
Netherlands itself, VDL also supplied 164 Citea LLE vehicles, for use in the Province of North Brabant. In
addition to a number of electrical projects, including a pilot involving 15 Citea Electrics for the Province of
North Brabant, a large order for 120 hybrid buses was awarded for De Lijn, in Belgium. These vehicles are
to be delivered in 2015.
Total market volume for public transport buses in Western Europe fell by 4% as compared to 2013.
This fall was mainly caused by a major downturn in France, Italy and Great Britain. Despite this fall,
VDL Bus & Coach increased its market share in the Western European public transport market, by almost
one percent, from 5.50% in 2013 to 6.45% in 2014.
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We expect a stable or slight downturn in the market for 2015. In particular in VDL’s key public transport
markets, few deliveries are expected, due to an overall fall in the number of tenders for deliveries in 2015.
However, the situation is expected to turn around, in 2016.
VDL will be further investigating the possible applications of hydrogen, and will be focusing more
intensively on E-Mobility. The VDL Citea Electric has already been introduced, whereby the high degree of
modularity in the Citea means we can offer tailor-made products to our client operators. The Citea Electric
is ideal for any specific local situation. Our essential core values such as light-weight construction, optimum
access and comfort for both passengers and drivers can be guaranteed, as a result. There are already
projects in Finland, Sweden, Germany and the Netherlands, whereby during the course of 2015, 12 and
18-metre articulated versions of the electrical buses will be delivered. The 18-metre buses for the German
city of Cologne will be given a new BRT (Bus Rapid Transit) design. In Belgium, the 120 Citea SLF hybrid
buses are due to go into operation. The Citea SLF Hybrid is based on the Citea Electric and uses the same
modular construction.
Parts & services
Despite increased competition, 2014 was a good year for parts & services, with growth in turnover of 15%
(from 60 to 69 million euro). For parts & services, the bus and coach market is in a considerable state of
flux, with prices for parts and repair & maintenance conditions under huge pressure. This is partly due to
ever growing numbers of suppliers from China, Brazil and India, who are attempting to acquire a greater
market share in Europe.
Central Service (previously a division within VDL Bus & Coach) was physically and organisationally
integrated with VDL Parts in January 2014. As a result, all VDL Bus & Coach after sales activities have been
centralised at a single location at VDL Parts in Veldhoven. In 2014, VDL Parts achieved growth in England,
the United Arab Emirates, Scandinavia and Germany. Turnover growth was also achieved in the Benelux
countries. Due to the absence of tenders in a number of other export countries, sales in those countries
actually fell, for example in South Africa, Jamaica, and Ghana.
VDL Parts achieved its first ‘Bus Related Parts’ success in 2014. Over the next two years, we will be
supplying parts for ‘non-VDL buses’ to a large public transport operator in Germany. This year, ‘Bus Related
Parts’ is on the agenda to become an ever larger proportion of our turnover, but that will require further
intensifying the relationship with our sales network and end customers.
In 2014, VDL Busland moved from Eindhoven to Valkenswaard, where it now shares premises at the VDL
Bus Valkenswaard location, together with VDL Bus & Coach Nederland. The aim of this move is to improve
service to our customers for maintenance, repair, and damage repair. In the domestic market in the
Netherlands, VDL Busland once again achieved considerable advances, in 2014. Alongside the already
existing workshops, new workshops were opened in Den Bosch and Tilburg at the end of 2014, raising the
number of VDL Bus & Coach workshops in the Netherlands to seven.
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Prospects for 2015 are positive. We will continue to invest in strengthening our commercial activities,
above all with a view to expanding our VDL Bus & Coach after sales activities.
Second-hand buses
The stabilisation in turnover expected for 2014 did indeed continue, so that turnover at VDL Bus Center
remained the same, at 41 million euro. The total number of buses sold fell from 802 to 479, but the
proportion of young second-hand buses sold was higher than in 2013. The number of second-hand public
transport buses sold fell from 417 to 113. This fall was due to the postponement of purchase decisions to
2015 and uncertain political situations in a number of important sales markets. The number of coaches
and mini & midibuses sold fell from 385 to 366. However, sales of coaches to new European Member
States rose, and VDL Bus Center expects further growth on this market in 2015. This growth is due to
more intensive collaboration with the existing sales network, on which much energy was spent over the
past few years. These efforts will be further expanded in 2015.
In 2015, our focus will be on cooperation with new local professional agents for export outside Europe,
and these efforts are expected to start to bear fruit over the coming year. The activities of VDL Bus Center
France were fully integrated in the VDL Bus & Coach France sales organisation, in December 2014. This
move will have a positive impact on the figures for VDL Bus Center in 2015. We expect turnover to remain
at a similar level, in 2015.
Mini & midi buses
Turnover in the mini & midi buses sector (including police vehicles and damage repair) rose from
12 million euro in 2013 to 16 million euro in 2014. The number of vehicles delivered rose from 132 in
2013 to 172 in 2014. The focus we have placed on the MidCity and international tenders in the public
transport market over the past few years was continued. The order for MidCitys for public transport in
Belgium was fully delivered in 2014, and was followed by a further major series order. As expected our
market share in Germany, Belgium and the Scandinavian countries rose further in 2014, and we predict
further slight growth in 2015. In particular prospects are positive in Germany, and in Italy we are gaining
ground. We are seeing signs of recovery in the Netherlands, and we above all supplied more VIP vehicles
and luxury buses for airport transport and hotel shuttles. The demand for new police vehicles was below
expectations, but the upgrading and alteration of existing vehicles influenced turnover positively, as was
the case in 2013.
In 2015, we expect to once again deliver more new vehicles, and to achieve higher turnover in the special
(electrically-powered) vehicles and projects. Turnover in the damage repair division fell slightly in 2014.
Despite a shrinking market and major changes among our clients, we have a broadly positive view for the
future in this division. The order book for the entire mini & midi buses sector is well-filled and we therefore
expect further growth for 2015.
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Chassis & chassis modules
External turnover for chassis and module builder VDL Bus Chassis fell from 36 million euro in 2013 to
6 million euro in 2014. This fall in turnover was due to delivery of modules to bus and coach builders
outside VDL, that fell from 586 chassis in 2013 to 278 in 2014. Sales generated by deliveries to sister
companies within VDL Bus & Coach for the construction of complete vehicles, on the other hand, rose
considerably from 747 to 1,094 modules. The total number of modules delivered therefore rose from
1,333 in 2013 to 1,372 modules in 2014.
In 2014, VDL Bus Chassis successfully transformed its chassis configurations for the European market to
the Euro 6 standard. Euro 3 and Euro 5 chassis remain available for delivery, but only for the export market
outside Europe.
Engineering activities in 2014 were above all hallmarked by the further optimisation of the product range,
with lower weight and improved emission values. The core competence in the field of driveline technology
was further extended over the year just ended. In the field of innovation, VDL Bus Chassis above all
achieved progress with the development of hybrid and fully electrical bus systems. In 2015, this
development will be added to the core competences.
In production, continuous improvements are being achieved in the logistic process and assembly process,
in turn leading to higher quality and lower costs. The principles of lean manufacturing are the basis for
further production optimisation. The final changes were made to the assembly line, last year. In 2015, a
start will be made on further automating the welding process.
Partly thanks to stabilisation of the market, total external turnover in 2015 is expected to remain at a level
similar to that achieved in 2014.
High-quality Public Transport Systems
Turnover in the High-quality Public Transport Systems sector fell from 4 million euro in 2013 to 2 million
euro in 2014. APTS (Advanced Public Transport Systems) in Helmond, a company in which VDL Groep held
70% of the shares, was unfortunately forced to cease activities in November 2014. Over the past few
years, the company has been faced with loss-making projects in France and in Italy. Part of the payments
for these projects remained uncollected and there were numerous technical/commercial points of discussion.
Because there was no sign of improvement in this situation in the short to medium term, the shareholders
– alongside VDL Groep also Simac (18%) and BOM (12%) – recognised the need to halt these activities.
APTS employed a staff of 15. All employees were offered alternative employment at VDL Bus & Coach.
The Phileas vehicles operating in Eindhoven, Istanbul, Haifa, Cologne and Douai are not to be removed
from the road, and VDL Bus & Coach will continue to carry out maintenance.
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Finished products
Turnover in the finished products division rose by 10% from 507 million euro in 2013 to 559 million euro
in 2014, with a positive result. All sectors in this division had an excellent year. Although the order book
shrank from 282 million euro at year end 2013 to 189 million euro at year end 2014, this was above all
due to the fact that the sector production automation systems had an extremely well-filled order book at
year end 2013. VDL Steelweld has now completed a large number of projects, so the total order book for
the finished products division has fallen to a normal but still good level (187 million euro at the end of
week 13 2015). Turnover in the first quarter of 2015 amounted to 105 million euro, which although 5%
lower than in 2014 (111 million euro) in no way changes the fact that prospects for 2015 are favourable.
2014 2013
million euro % million euro %
Production automation systems 201 36 187 37
Suspension systems 133 24 129 26
Heat exchangers 94 17 87 17
Container handling equipment 48 8 20 4
Cigar-making and packaging machines 26 5 27 5
Sunbeds and roof boxes 25 4 26 5
Systems for the agricultural sector 22 4 22 4
Systems for the industrial sector 10 2 9 2
559 507
Production automation systems
2014 was a good year for production automation system manufacturer VDL Steelweld in Breda. Turnover
rose by 7% from 187 million euro in 2013 to 201 million euro in 2014, breaking through the 200 million
euro barrier for the first time.
FINISHED PRODUCTS
Production automation systems 36%
Suspension systems 24%
Heat exchangers 17%
Container handling equipment 8%
Cigar-making and packaging machines 5%
Sunbeds and roof boxes 4%
Systems for the agricultural sector 4%
Systems for the industrial sector 2%
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This record turnover was due to major orders to supply production lines to various automotive manufacturing
plants for Jaguar, Land Rover, Volvo, Ford, and VDL Nedcar. As a result, dozens of new jobs were created in
Breda (the Netherlands), Barford (Great Britain), Cologne (Germany) and Arad (Romania). At the start of
2014, a new plant was also opened in Torslanda, Göteborg (Sweden).
Successes were also achieved outside the automotive industry. Together with a number of other VDL
companies, series production of the previously developed AGV (Automatic Guided Vehicle) is fully up and
running. Also in 2014, a start was made on the development and construction of two prototype AGVs for
the port of Singapore. These activities are due to be further expanded in 2015.
The order book was very well-filled at the start of 2015 and 2015 is expected to be an excellent year.
As well as maintaining the market position in Europe, the focus in 2015 will above all be on the further
internationalisation of activities. A VDL Steelweld entity is due to be established in China, and a joint
venture will be established in India, to support both VDL Steelweld and other VDL companies (in particular
in the buses & coaches division) in the first instance in relation to engineering and design. VDL Steelweld
will also be tackling the American market. We will of course continue to work on a range of product
innovations, and the development and optimisation of production methods.
Suspension systems
Total turnover in this sector rose by 3% from 129 million euro in 2013 to 133 million euro in 2014.
Suspension systems manufacturer VDL Weweler holds almost 40% of the European market. Worldwide,
the share in the sale of air suspension systems for trucks and trailers is approximately 20%. Now the
construction of a new production company in Apeldoorn has been completed, the focus is on new
markets outside Europe. For customers, quality is becoming ever more decisive as compared to where in
the world the suspension systems are produced. This offers opportunities for VDL Weweler, since the
quality of its products is very high, thanks to the high level of automation. The infrastructure in China is
constantly improving, leading to steady growth in the demand for air suspension systems for trailers in that
country. For that reason, a new trading office will be established in China in 2015, VDL Weweler Asia, to
improve the level of service to the market in Southeast Asia.
VDL Weweler Parts, supplier of truck and trailer replacement parts and workshop equipment, continued
the growth experienced over the past few years, through 2014. The warehouse in Apeldoorn has moved
to a larger location, and now serves as the central distribution centre for the other locations in Best,
Hoogezand, Moordrecht and Kapelle. In Kapelle, where space is rented from sister company Hapro
International, warehouse space was doubled in 2014, and sales offices were built. These investments were
necessary to enable us to further expand our product range and service provision, in 2015 and beyond.
Following a successful first six months, turnover figures of the Belgian company Weweler-Colaert
developed less steadily in the second six months of 2014, due to the political crisis in Eastern Europe.
In terms of turnover, Weweler-Colaert closed the year at a level similar to that achieved in 2013.
The company, market leader for the replacement market in Europe, also succeeded in further
strengthening its position in Asia, in the year just ended.
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30
Our sales office in Norway, Truck & Trailer Industry, had a good year, with a slight rise in turnover. Above
all the first three quarters were excellent. Towards the end of the year, sales of suspension systems and
spare parts stagnated, due to the low oil price and the fall in the value of the Norwegian krone, as
compared to the euro. This was compensated for by sales activities at the various Truck & Trailer Industry
service points.
The order book for the total suspension systems sector is well-filled and further growth is expected in 2015.
Heat exchangers
2014 was a good year for the heat exchanger sector, despite continuing difficult market conditions.
Turnover rose by 8% from 87 million euro in 2013 to 94 million euro in 2014.
VDL Klima saw slow growth in the shipbuilding market. The number of investments in the oil and gas
market improved. The market for wind energy also performed well, in particular in France. At the end of
2014, new premises were opened for the production plant in Hamont-Achel (Belgium) with state-of-the-
art machinery for the production of heat exchangers. The major fall in the oil price is expected to have a
negative effect on current and new investments in the oil and gas markets. As a result, investments in
green energy are also likely to stagnate. The huge fall in the value of the euro as compared to the dollar is
expected to have a positive influence on exports.
For VDL KTI in Mol (Belgium), 2014 was a year of recovery as compared to 2013, for both heat exchangers
and high-voltage masts. At the start of 2014, VDL KTI received a major order for high-pressure heat
exchangers for the Chinese market. Production was also started on a series of high-voltage masts for the
Dutch market. Alongside these standard products, major orders were also received for barrels intended for
the Dutch petrochemical industry, and orders for the production of scrubbers. These scrubbers will be used
for cleaning exhaust gases from ships. Based on current legislation, we have positive expectations for this
product. In 2015, VDL KTI expects this positive trend that started in 2014 to continue.
At VDL Delmas in Berlin (Germany), growth was also achieved, but given the current market situation, it is
proving difficult to maintain turnover at this level. Above all on the energy market, the situation remains
difficult because of political unrest and inconsistent energy policy by various governments. The result is
considerable uncertainty among investors. To retain the positive line, more focus is being placed on
exports, for example to India, Brazil and America. The same level of turnover is expected in 2015 as that
achieved in 2014.
The prospects for the total heat exchangers sector are cautiously positive. We expect turnover in 2015 to
match the level achieved in 2014.
Container handling equipment
Turnover in the container handling equipment sector rose considerably from 20 million euro in 2013 to
48 million euro in 2014.
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VDL Containersystemen can look back on a very good year. Truck-related turnover from existing products
such as hook lift, skip loader and cable systems rose. Both large fleet owners and small owner drivers
are slowly starting to once again invest. Turnover from spreaders also rose again due to the completion
of a number of projects, including a project in Turkey where 15 electrical spreaders were supplied, with
an option for a further 7 spreaders. In a number of comparative tests, the spreaders from VDL emerged
as excellent in terms of reliability and speed of maintenance. The introduction of our new product for
the port sector, the AGV (Automatic Guided Vehicle), made a major contribution to the growth of VDL
Containersystemen. In 2014, a start was made on the development and construction of two prototype
AGVs for a customer in Singapore. In collaboration with VDL Steelweld, the AGV segment (both for
the port sector and beyond) will be further expanded in 2015. We have also launched a series of other
projects, including unwinding equipment and snow compressors that will enable us to employ our
expertise in the field of heavy constructions in combination with hydraulics and complex control systems.
In October 2014, the company Translift in Dronten was acquired by VDL Groep. This company, specialising
in waste collection systems, side loaders and underground containers, also contributed to the turnover in
the container handling systems sector. The production of these systems involves intensive cooperation with
other VDL companies. According to expectations, the number of waste collection systems sold will start to
rise in the second half of 2015.
The total order book for the container handling systems sector is very well-filled, and we expect further
growth in turnover, in 2015.
Cigar-making and packaging machines
For PMB-UVA International, 2014 was a stable year with turnover amounting to 26 million euro as
compared to 27 million euro generated in 2013. The patent position was further strengthened, enabling
PMB-UVA International to once again offer a number of unique solutions to its customers. Because these
innovations are based on actual requests from customers, the time to market is short. Such global themes
as food safety and hygiene were also the driving forces behind further product development in 2014.
In 2014, PMB-UVA International also achieved a great deal in the continuous improvement of its internal
processes, with a view to achieving shorter delivery times and even higher product quality. This involved
investment in a new ERP and PDM (Product Data Management) system, and upgrading the ICT infrastructure.
The manufacturing facilities at PMB-UVA International have been renewed and expanded, in order to
achieve shorter response times to customer-specific product developments. This manufacturing capacity
will also be deployed to shorten delivery times for specific spare parts for both customers in the packaging
industry and in the tobacco industry.
In the cigar market, turnover in terms of machines and spare parts once again remained stable. The
portfolio of PMB Tobacco includes a number of unique products, so prospects for this market are positive.
A slight upturn in turnover is expected in 2015. The prospects at UVA Packaging, where vertical packaging
machines are developed and constructed, are also positive for 2015.
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Sunbeds and roof boxes
Turnover at Hapro International, manufacturer of sunbeds, roof boxes, bicycle carriers and skin
improvement equipment, fell slightly from 26 million euro in 2013 to 25 million euro in 2014. Turnover in
the sunbed sector remains under pressure as a consequence of fluctuating reports about this group of
products. The turnover in roof boxes rose steadily. The rise in the number of hybrid vehicles with less
luggage space is one of the main causes. Constructive discussions are currently underway with automotive
manufacturers for the supply of roof boxes, which offer excellent prospects for the future. Asia and
Oceania are important growth markets for roof boxes and skin improvement products. In 2015, we expect
to achieve the same level of turnover as in 2015.
Systems for the agricultural sector
VDL Agrotech has enjoyed a reasonable year. In a shrinking market for housing systems for intensive
livestock farming, turnover remained practically unchanged (22 million euro). A number of new markets,
based around countries like Kazakhstan and Uzbekistan in the Middle East and Central Asia made this
possible, alongside the introduction of a new pan feed system. The lower euro exchange rate also had a
positive influence on sales to countries with dollar-related currencies. The project market is highly
dependent on bank credits, and certainly in Eastern Europe, this represents a difficulty. The political
instability in the Middle East still makes export to a number of countries in this region difficult. In
Central Asia, turnover is expected to grow thanks to a further rise in regular sales via the dealer network.
Expectations for 2015 are positive.
Systems for the industrial sector
For VDL Industrial Products, 2014 was a good year. Turnover rose from 9 million euro in 2013 to 10 million
euro in 2014. In the course of 2014, the company focused on a broader and more in-depth range of
products, based on product development. The selection of rotary valves was expanded with the addition of
a new range (known as the Medium Duty range). These devices are intended specifically for production
processes where higher demands are placed on machines and processes such as the food industry and the
chemical sector. As well as developing products for solid handling, the first steps have been taken to come
up with a number of new developments for fire and explosion protection. VDL Industrial Products
commissioned a complete newly-built test installation, in 2014. This makes it possible to thoroughly test
both customer specific and standard solutions, before they are delivered to the customer. Expectations for
2015 are positive. As well as expanding the product range, we will also be developing new activities in
terms of service. All in all, we expect slight growth in 2015.
New companies
In January 2014, the company VDL Steelweld AB was established in Torslanda, Göteborg (Sweden).
This company offers support for turnkey projects in the field of robot production automation systems for
the automotive industry in Sweden, including projects for our customer Volvo. VDL Steelweld in Sweden
employs approximately 25 people.
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34
35
In mid-May 2014, the activities of the Belgian company Acrosoma were taken over by VDL Groep.
This company, established in Lokeren, specialises in the production of composite sandwich panels that are
for example used for further weight reduction in the aerospace industry, buses and container systems.
This technology ties in well with the current activities at VDL Fibertech Industries in Best. The R&D activities
in Belgium have been integrated with the R&D activities of VDL Fibertech Industries. The plant with
5 employees was renamed VDL Fibertech Belgium.
On 13 October 2014, VDL Groep acquired Translift based in Dronten (the Netherlands). The company,
with 63 employees, will continue to operate under the name VDL Translift. VDL Translift is active in the
development, production, assembly, sale and service of waste collection systems. VDL Translift also has its
own range of innovative side loader systems for the collection of aboveground and underground waste
containers. The activities of VDL Translift tie in well with the other activities of VDL Groep in respect of
container handling, logistic transport systems and waste processing.
In November 2014, the company VDL Bus & Coach Service Brabant was established. This company, with
20 employees, carries out maintenance and repair work for coaches, buses and other transport systems
from workshops in Den Bosch and Tilburg. These workshops are intended to carry out all maintenance and
repair work for the North Brabant concession, as part of the agreement for the supply of 164 public
transport buses for Arriva. A collaborative venture was also entered into with an external party for the
maintenance of the VDL buses in the other towns and cities of Brabant.
Investments
In 2014, VDL Groep invested 115 million euro, approximately one-third in business premises and two-thirds
in machinery and other equipment.
At VDL VDS Technische Industrie in Hapert, the first three phases of the renovation of the building were
completed in 2014. A fourth phase is still to be implemented, in connection with the purchase of an
800-tonnes press. For this investment a production hall with a surface area of 1,350 m² will be raised to
a height of 10 metres. The project will be completed by mid-2015.
Due to lack of space, VDL Wientjes Roden has been renting commercial premises at three different locations
for a considerable time. To solve this situation, new premises were purchased in 2013, occupying
approximately 14,000 m² on a 40,000 m² plot. In 2014, these buildings were prepared for the production of
plastic products. At this new location, VDL Wientjes Roden has once again brought all the processes under
one roof and there is space for expansion. The staff of VDL Wientjes Roden relocated at the start of 2015.
The construction of the new plant for VDL Klima Belgium, previously Klima Warmtetechniek, in Hamont-
Achel (Belgium) was completed at the end of 2014. The new premises cover a total area of 12,500 m², of
which 10,500 m² for the production hall and 2,000 m² for offices.
In 2014, the rented premises at VDL ETG Eindhoven and VDL ETG Almelo were purchased. A start will be
made in 2015 on the first phase of renovating and expanding the current buildings. In Eindhoven,
VDL ETG Eindhoven and VDL ETG T&D will be provided with 5,000 m² of additional office space. A link
between the two buildings will also be completed, measuring 1,900 m² housing offices and washing and
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changing rooms. The production halls will be expanded by 14,000 m², of which 8,200 m² cleanroom and
5,800 m² warehousing. In Almelo, VDL ETG will be building an additional 4,000 m² office space and 8,600
m² production hall, of which 4,200 m² cleanroom and 4,400 m² warehouse. This project will be carried
out in three phases, the first of which will be completed at the start of 2016.
In Germany, we are currently making preparations for new premises for VDL Delmas in Berlin, where
construction work is set to start in 2015. The project will be completed in 2016.
Preparations for the construction of new premises for VDL Fibertech Industries on the Kempisch
Bedrijvenpark in Hapert are now fully underway. Construction work is set to start at the end of 2015.
In 2014, premises were purchased in Eindhoven close to the head office, and adjacent to existing VDL
premises. The offices in this new building will be fully renovated and expanded, and the plant will be
redesigned, so that PMB-UVA International can take possession, at the end of 2015. As a result, the office
and production areas of PMB-UVA International will be in the same location again.
At the end of last year, at VDL Nedcar in Born, an adjacent plot of land measuring 72,000 m2 was
purchased, housing premises occupying 27,000 m2, for future activities.
In total, at year end 2014, VDL Groep owned approximately 1,200,000 m2 of commercial space. VDL also
once again invested heavily in machinery and other equipment in 2014. A series of presses, folding
machines, laser cutting machines and welding robots have been installed. Investments were also made in
measuring equipment and software. In 2015, we are going to invest around 72 million euro in new
buildings, machinery and the optimisation of production processes.
Employees
The number of employees at VDL Groep has risen from 9,216 at year end 2013 to 10,303 at year end
2014, a rise of 12%. 94% of these 1,087 new employees were achieved through autonomous growth.
The remaining employees entered the service of VDL following the takeover of Translift in Dronten.
We would like to express our huge appreciation for the dedication and involvement of our employees over
the past year. Partly thanks to their excellent cooperation, we achieved the highest turnover in the history
of VDL Groep, in 2014.
2010 2011 2012 2013 2014
6500
6000
7000
7500
8000
8500
9000
9500
10000
10500
EMPLOYEES(as at 31 December, including temporary employees)
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Worker participation
Within the Netherlands and Belgium, employees of the majority of VDL companies are represented by their
own Works Council. At group level, there is a worker participation structure, based around the Joint Works
Council (JWC).
The JWC consists of representatives of the various Dutch VDL companies. The JWC met with a member of
the Board of Management on five occasions in 2014, including an annual meeting with representatives from
the Supervisory Board. In November 2014, the new JWC was installed, consisting of 23 members.
Consultation with the JWC is best described as open and positively critical.
Regular themes at JWC meetings are financing and market development for each division, and the
accompanying sectors. The following subjects were also discussed: intensive cooperation between
VDL companies and the HRM department (with special attention for the Employment and Security Act, the
Bezava Act, the Participation Act, changes to pension schemes and legislation and the Old Age Pensions Act),
incapacity for work, job classification and assessment, sickness absenteeism, accidents and the employment
expenses scheme.
Consultation on social issues within the Belgian VDL companies was also constructive, in 2014. Within the
Works Councils, socio-economic issues remain an important topic of discussion. Just as in the Netherlands,
over the next few years, a whole raft of changes are set to take place in Belgium in relation to wage costs,
pensions, part-time employment and incapacity for work. Among the targets set by the new government
are to fully eradicate the wage costs handicap within just a few years, while retirement age will be raised
to 67, in the longer term. The possibilities for taking early retirement will be considerably reduced, and
part-time working will be made less attractive, in order to keep people longer employed. Above all
EMPLOYEES BY GEOGRAPHICAL AREA(as at 31 December 2014)
Netherlands 8,320 (81%)
Belgium 909 (9%)
Rest of Europe 442 (4%)
Rest of the world 632 (6%)
Total number of employees 10,303
EMPLOYEES BY DIVISION(as at 31 December 2014)
Subcontracting 4,158 (41%)
Car assembly 2,495 (24%)
Buses & coaches 1,871 (18%)
Finished products 1,646 (16%)
Head office in the Netherlands and Belgium 133 (1%)
Total number of employees 10,303
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changes to the pension schemes and the prospects of having to work longer were regular subjects of
discussion within the social consultation.
The overall conclusion is that more and more responsibility is being placed with employers, while government
(both in the Netherlands and in Belgium) continues to withdraw ever further. In itself this is a perfectly
acceptable development on condition that government offers employers sufficient authority, and encourages
preventive measures, that remain in line with these developments.
Corporate social responsibility
VDL Groep views corporate social responsibility as an integral part of its overall business policy. As a family
business, VDL Groep had traditionally maintained strong ties with its living and working environment. For
us it is no more than logical that we intend to contribute to the sustainable development of our society.
We demonstrate our social responsibility in various ways, for example through close cooperation with
educational institutions and government, and by sponsoring a range of sporting, cultural and social events
and associations. In 2014, the VDL Foundation was established on the occasion of the reopening of VDL
Nedcar in Born. This foundation supports social care and welfare projects in the Province of Limburg. In
2014, the Cancer Research Fund Limburg / Maastricht University Medical Centre+ was the first beneficiary
of the VDL Foundation. VDL Groep also contributes to Ondernemend Oranje Kapitaal (Orange
Entrepreneurial Capital), an organisation that aims to assist promising Dutch SME businesses to achieve
their (growth) plans.
Technology and technical education
VDL Groep supports a range of initiatives to promote the technical sector and technical education,
including the Ir. Noordhofprijs (our employee Patrick Claassen at VDL ETG Eindhoven was one of the
winners of this prize in 2014) and the Dutch Technology Week. This support is provided with the aim of
encouraging people to become interested in the technical sector, and to underline the importance of
craftsmanship. For regular education, we supply both financial and material support in the form of
providing machines and robots, and offering guest lectures and tours. We also offer internship and
graduation placements at all levels, and operate in-house training courses. In 2014, PMB-UVA International
was nominated for the title ‘Best Learning Establishment Southern Netherlands’.
Alongside the already existing internal training programme for assembly work, in the autumn of 2014 we
launched our own BBL (Working Learning Pathway) training programme for the qualification operator
production technology in plastics. This study programme was developed in combination with the Summa
College and the Mikrocentrum. In-house training programmes have proven extremely effective in matching
supply and demand from practice.
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Employees
VDL is closely involved with its employees. Employee wellbeing is a high priority at VDL. We have our own
disability case managers who strive to establish a plan for each employee’s reintegration from day one,
with special emphasis placed on a personal approach. We also focus continuous attention on creating a
safe workplace. We also offer workplaces for employees with restricted capacities. In November 2014,
VDL VDS Technische Industrie in Hapert won the ‘Bronzen Venster’ award, which is presented once every
two years to companies who have made particular efforts in encouraging the employment of individuals
with restricted capabilities. From a social and financial point of view, we recognise the importance of
ensuring that these people also have an opportunity to participate in society.
The environment
In respect of the environment, VDL operates a sustainable policy. Energy saving and waste prevention
plans and the recycling of raw materials are constant areas of attention. We build company premises under
our own management, and the people who supervise this work from within VDL closely monitor the latest
developments in the field of sustainable building. Our focus is on less material use, lower energy
consumption and reduced environmental burdens. This is achieved for example by using sustainable
materials, the introduction of geothermal heating, and the use of residual heat from the production
process, for heating business premises; for example reusing the heat generated during welding. Another
example of renewed energy use was the installation of solar panels covering the entire roof area of the
factory halls at VDL Steelweld in Breda in May 2014. These panels generate 50% of the company’s energy
requirements.
Sustainable living environment
Despite the fact that the contribution from VDL to a variety of products due to our subcontracting
activities is often less than apparent, we do supply essential components for products that make a
contribution to improving the living environment. One example is a production line for producing
sustainable construction material such as façade panels from plant residues. Recharging columns for
electrical cars, systems for the medical sector and machines for the production of flexible solar cells and
LED lighting are other examples. In the development and manufacture of our own products, such as the
VDL Citea Electric and the VDL AGV, a hybrid-powered port vehicle, corporate social responsibility is an
integral part of the process. All in all, VDL strives to produce innovative products that are manufactured
very smartly from a cost point of view, while at the same time contributing to a sustainable living
environment.
Innovation
Our overall policy is focused on innovation in connection with products and production methods.
We continuously seek the best techniques and invest in the most advanced machinery. Every day, we are
involved in the latest developments to strengthen our competitive position on the world market. We view
technical innovation as an integral part of innovative entrepreneurship. Creativity, daring and craftsmanship
are the key elements.
40
The head office of VDL Groep is based in Eindhoven, and subsidiary companies are concentrated in
Southeast Brabant. This top technology region, Brainport Eindhoven, is an excellent homebase for our
company. Here, we are able to realise high-tech products and projects in collaboration with educational
institutions, government and other companies. From this location, we have succeeded in establishing
unique collaborative ventures with various customers in which we, as an authoritative supplier, provide
highly innovative technical solutions, developed through open innovation.
In 2014, we spent 83 million euro on research & development, and a total of 874 employees were
involved in R&D-related activities across all VDL companies. Those facts place VDL Groep in 7th place in the
Technisch Weekblad index (top 30 business R&D April 2015) making us one of the most innovative
companies in the Netherlands. Once again in 2015 we will be investing heavily in innovations, with a view
to further strengthening our position.
Strategy
VDL Groep aims at controlled development, in which the control of the organisation and the maintenance
of the financial position are the main considerations. The policy of VDL Groep is aimed at continuous
improvement of its competitive position. An essential aspect of this is the analysis and control of costs.
VDL Groep also endeavours to maintain the highest level of quality within all its subsidiaries. The
investments are therefore geared towards the renewal, improvement and expansion of the product range
and the production facilities. In addition, a priority in our personnel policy is to ensure internal promotion
possibilities for employees.
VDL Groep believes strongly in the importance of continued manufacture in the Netherlands and the
Flanders region of Belgium, in a competitive manner. Through our investment in solid professional skills,
as well as in robotisation and automation, we aim to continuously improve our competitive position in the
international market. In addition, our industrial activities in Eastern Europe and Asia enable us to respond
to the specific wishes of our customers in terms of production in those regions. As a result of our sales
branches in various countries and our extensive network of importers and agencies, we are able to sell our
products worldwide. Despite the size of VDL Groep and the increasingly international character of the
company, VDL is and will remain a 100% family business.
Act on Management and Supervision
VDL Groep is subject to the Act on Management and Supervision (Wet bestuur en toezicht), which
regulates the structure of management supervision in public and private limited liability companies. In
accordance with this Act, the company must attempt to ensure that at least 30% of the Supervisory Board
and Board of Management consists of women.
In the past, VDL Groep has had two female members in the Supervisory Board. In 2014, the Supervisory
Board at VDL Groep consisted of 4 people, all men. In the next appointment, we will certainly take
account of a balanced distribution within the Supervisory Board.
41
In 2014, the Board of Management at VDL Groep consisted of six people, all men. Of these six people,
four are due to step down in the next three years. VDL Groep intends to appoint one woman to the Board
of Management in 2016.
Policy at VDL Groep is to encourage the internal transfer of employees, and strives to establish long-term
relationships with its employees, with a view to retaining the company’s culture. We consider the capacity
of the individual, with the aim of placing the right person in the right place, irrespective of gender, age,
nationality or background. In the future, we will of course attempt to take account of a balanced
distribution of Supervisory Board and Board of Management, since we share the opinion that diversity in
the broadest sense of the word is good for the organisation.
Prospects
The fact that for VDL Groep 2014 was a stable year in many respects offers a sound basis for further
growth in 2015. Turnover in the first quarter of 2015 rose from 585 million euro in 2014 to 646 million
euro in 2015. The order book (excluding VDL Nedcar) is slightly less well-filled at 634 million euro at the
end of week 13 of this year as compared to 669 million euro last year, but has remained practically
unchanged compared with the end of 2014 (636 million euro).
All in all, we are on the right track and expect turnover, profit and the number of employees to be slightly
higher in 2015 than in 2014. We have every confidence in the dedication, knowledge and expertise of our
employees, and are convinced that this will once again be a successful year.
Eindhoven, 13 April 2015
The Board of Management,
Wim van der Leegte (Chairman)
Jan Karssen
Wim Maathuis
Jan Mooren
Theo Toussaint
Rini Vermeulen
42
43
We are delighted to present to the shareholders for adoption the
annual report for 2014 drawn up under the authority of the Board of
Management. The annual accounts contained in the report were
audited by Govers Accountants in Eindhoven, and an approved
statement was issued. We subsequently approved the annual accounts.
We propose that the shareholders adopt the annual accounts and
discharge the Board of Management and the Supervisory Board for
the policy implemented and the supervision maintained in the financial
year 2014.
In 2014, the Supervisory Board convened five times in the presence of the Board of Management.
Members of the Board met regularly face to face with members of the Board of Management and the
president. The Supervisory Board convened once in the absence of the Board of Management with a view
to discussing the performance of the Supervisory Board itself, its individual members and the Board of
Management. The normal annual consultation took place with the external accountant, during which the
opportunity was taken to discuss the summary of the audit findings, the accountant’s report, the
accounting systems and the financial administrative organisation of the group. Members of the Supervisory
Board each year attend a meeting of the Joint Works Council.
The Supervisory Board currently consists of four members. Within the Supervisory Board, no special
commissions have been appointed.
During all meetings, the operation and financial state of affairs as compared to the budgets and other
targets for all individual companies and of the divisions to which those companies belong were discussed
in detail. The discussions included the outline of strategic policy, the investment and acquisition policy, the
operating result, the internal management and control system of the company, social policy, the
organisation and development of human resources and management development. During all meetings,
intensive discussions were also held with the Board of Management concerning the integration of VDL Nedcar,
and the further expansion of the relationship with BMW Group. Developments within the buses & coaches
division were also regularly discussed.
Once again in 2014, despite continuing difficult market conditions, VDL Groep achieved an excellent
result. Both turnover and employee numbers rose to record levels. Further explanatory notes are provided
to the development of turnover and results.
Lastly, we would like to express our appreciation to the Board of Management, the Joint Works Council
and all the employees for the achieved result and for their efforts in 2014.
Eindhoven, 13 April 2015
The Supervisory Board,
Louis Deterink (Chairman)
Theo van Deursen
Arie Kraaijeveld
Lau Pas
R E P O R T O F T H E
S U P E R V I S O R Y
B O A R D
44
AUDITOR’S
REPORT
Statement concerning the abbreviated
annual accounts
The accompanying abbreviated annual accounts, consisting of
the consolidated balance sheet as at 31 December 2014, the
consolidated profit and loss account 2014, the statement of
source and application of funds for 2014 and the principles for
valuation and determination of result were derived from the
consolidated annual accounts for 2014 of VDL Groep B.V. We
have issued an approved opinion together with the annual
accounts in our auditor’s report, dated 13 April 2015.
The abbreviated annual accounts do not contain all explanatory notes as required in accordance with Book
9 of the Dutch Civil Code 2. Inspection of the abbreviated annual accounts can therefore not take the
place of inspection of the audited annual accounts of VDL Groep B.V.
Responsibility of the Board
The Board is responsible for compiling a summary of the audited annual accounts in accordance with the
principles as explained in the explanatory notes.
Responsibility of the accountant
Our responsibility is to issue an opinion on the abbreviated annual accounts on the basis of our work,
undertaken in accordance with Dutch law, including Dutch Standard 810, ‘Assignments to report on
abbreviated financial summaries’.
Opinion
In our opinion, the abbreviated annual accounts, in all materially-relevant aspects, are consisted with the
audited annual accounts of VDL Groep B.V. for 2014 and comply with the principles as described in the
explanatory notes.
Eindhoven, 13 April 2015
Govers Accountants / Adviseurs
Paul van Vroonhoven RA
V D L G R O E P
S U B S I D I A R I E S
45
46
S U B S I D I A R I E S
VDL Groep bvBoard of Management:
Wim van der Leegte (Chairman)
Jan Karssen
Wim Maathuis
Jan Mooren
Theo Toussaint
Rini Vermeulen
Vice Presidents:
Wim van Bakel
Simon Bambach
Joost Govaarts
Rémi Henkemans
Henri Koolen
Bas van der Leegte
Jennifer van der Leegte
Pieter van der Leegte
Willem van der Leegte
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 00
F: +31 (0)40 - 292 50 50
www.vdlgroep.com
VDL Nederland bvManaging Director: Jan Karssen
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 00
F: +31 (0)40 - 292 50 01
Supports all group companies as regards financial
affairs, ICT, social affairs, environment & safety,
communications, subsidies and legal affairs.
VDL Holding Belgium nvManaging Director: Leen Van de Voorde
Antwerpsesteenweg 124
2630 Aartselaar, Belgium
T: +32 (0)3 - 870 55 40
F: +32 (0)3 - 870 55 45
Support of all Belgian and French group companies
in the field of accounting and personnel matters.
VDL International bvManaging Director: VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Holding company for foreign operating companies.
VD Leegte Beheer bvManaging Director: VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Holding company for Dutch operating companies.
VDL Bus Beheer bvManaging Director: VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Holding company for bus and coach companies.
VDL Vastgoed bvManaging Director: Pieter van der Leegte
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 00
F: +31 (0)40 - 292 50 43
Real estate company for VDL commercial real estate.
VDL Participatie bvManaging Director: Godfried de Jongh
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Participation company with various minority
participations.
VDL Car Beheer bvManaging Director: VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 50 35
F: +31 (0)40 - 292 50 50
Holding company for car assembly.
47
S U B C O N T R A C T I N G
VD Leegte Metaal bvManaging Director: Jos Bax
Handelsweg 21
5527 AL Hapert, the Netherlands
T: +31 (0)497 - 33 11 00
F: +31 (0)497 - 33 11 01
www.vdleegtemetaal.nl
Specialty: heavy construction work and complex
welding assemblies (20 welding robots). Automated
metalworking, such as cutting, setting, punching,
deep-drawing and laser cutting. In-house tool shop
and assembly department.
VDL Gereedschapmakerij bvManaging Director: Jos van Meijl
Industrieweg 29
5527 AJ Hapert, the Netherlands
T: +31 (0)497 - 38 10 62
F: +31 (0)497 - 38 68 09
www.vdlgereedschapmakerij.nl
Tools ranging from simple to high grade and
complex. Complex follow-on cutting and bending
tools and dies. Series production of precision
components. CNC-5 spindle milling, sawing, CNC
grinding, turning, wire sparking and co-drilling.
Processes are carried out in 2D and 3D CAD/CAM.
VDL TIM Hapert bvManaging Director: Piet Spooren
Energieweg 2
5527 AH Hapert, the Netherlands
T: +31 (0)497 - 38 38 05
F: +31 (0)497 - 38 68 65
www.vdltimhapert.nl
Specialised in mechanical processing of cast and
forging work and welding assemblies by means of
CNC lathes and (robotised) CNC processing
machines. Assembly work.
VDL VDS Technische Industrie bvManaging Director: Jos van Meijl
Industrieweg 29
5527 AJ Hapert, the Netherlands
T: +31 (0)497 - 38 38 44
F: +31 (0)497 - 38 68 09
www.vdlvds.nl
Mechanical and hydraulic punching, bending and
drawing possible up to 800 tonnes, with integrated
finishing. Medium-sized and large series from simple
to complex metal parts with minimum tolerances.
Material thickness 0.10-10 mm. (Robotic) welding,
(CNC) spot welding, riveting, 3D laser cutting,
automated assembly and (sub)assembly.
VDL Laktechniek bvManaging Director: Ad Pasmans
Meerenakkerweg 20
5652 AV Eindhoven, the Netherlands
T: +31 (0)40 - 250 19 00
F: +31 (0)40 - 255 58 50
www.vdllaktechniek.nl
Grit blasting, zinc phosphate coating, cataphoresis
painting, powder coating, wet painting, assembly
and warehousing. Fully-automated cataphoresis and
powder coating line including pre-treatment and
zinc phosphating.
VDL Belgium nvManaging Director: Marco van Tongeren
Industrielaan 15
Industriezone III - Erembodegem
9320 Aalst, Belgium
T: +32 (0)53 - 83 70 90
F: +32 (0)53 - 83 61 80
www.vdlbelgium.com
Metal processing including cutting, stamping,
setting, (robotic) welding, spot welding. Specialty:
CNC tube bending up to 150 mm diameter.
Production of insulated tubes. Tool shop, ultrasonic
cleaning and own wet-paint spray line.
VDL Technics bvManaging Director: Hans Sanders
Korenmolen 2
5281 PB Boxtel, the Netherlands
T: +31 (0)411 - 68 29 80
F: +31 (0)411 - 68 27 51
www.vdltechnics.nl
Laser cutting 4 and 6 KW with Stopa warehouse,
CNC punching, cutting, profiling and squaring.
Specialisation in construction work and robotic
welding with offline programming. Mechanical
finishing up to 14 metres of (complex) welded
assemblies. Stamping work up to 200 tonnes with
hydraulic and fully-automatic eccentric presses.
Engineering, project management and assembly.
VDL Kunststoffen bvManaging Director: Rick van Haren
Industrieweg 107
5591 JL Heeze, the Netherlands
T: +31 (0)40 - 224 11 60
F: +31 (0)40 - 224 11 99
www.vdlkunststoffen.com
High-grade technical plastic injection moulded
components, 2K injection moulding, insert and
outsert moulding. Engineering, product
development and project support to customers
during the development processes. Assembly and
finishing of components and finished products.
Own tool shop.
VDL HMI bvManaging Director: Hans van Raak
Kleibeemd 1
5705 DP Helmond, the Netherlands
T: +31 (0)492 - 54 08 00
F: +31 (0)492 - 53 79 50
www.vdlhmi.nl
Metalworking such as cutting, sawing, stamping,
setting, pipe bending, CNC punching, CNC plate
cutting and 3D pipe laser cutting, (robotic) welding
and soldering. Sheet-metal work, construction work
and assembly work.
48
S U B C O N T R A C T I N G
VDL NSA MetaalManaging Director: Bart Spackler
De Run 4234
5503 LL Veldhoven, the Netherlands
T: +31 (0)40 - 254 45 65
F: +31 (0)40 - 254 50 65
www.vdlnsametaal.nl
All aspects of sheet-metal working. Development,
prototyping, tooling, production and composition
of sheet metal parts in, for example, stainless steel,
aluminium and steel, from single items to medium-
sized series. Highly advanced machinery.
VDL Apparatenbouw bvManaging Director: Pieter Aarts
Sigarenmaker 8
5521 DJ Eersel, the Netherlands
T: +31 (0)497 - 51 51 50
F: +31 (0)497 - 51 76 53
www.vdlapparatenbouw.com
System supplier in the area of (complex) medical,
optical and mechatronic modules for OEM and
consumer markets. Development, manufacture,
testing and provision of service, overall logistics and
project management, as well as the design and
manufacture of filter and tank installations for the
agricultural and chemical industry.
VDL MPC bvManaging Director: Leo Spaan
Terminalweg 40
3821 AJ Amersfoort, the Netherlands
T: +31 (0)33 - 454 29 00
F: +31 (0)33 - 455 59 11
www.vdlmpc.com
Production, assembly and prototyping of complex
sheet-metal parts, mechatronic components and
assemblies. Specialised in machine building,
(cleanroom) assembly of high-grade mechanical
components and modules. All common sheet-metal
working techniques such as laser cutting, punching,
welding, bending, turning, milling, spark machining
and degreasing of metal products.
VDL Parree bvManaging Director: Ger Stappers
Spoorstraat 8
5975 RK Sevenum, the Netherlands
T: +31 (0)77 - 467 70 88
F: +31 (0)77 - 467 70 80
www.vdlparree.com
Specialist in the field of high-quality technical
plastic injection moulded parts, metal parts,
assemblies and metal and plastic combinations. 2K
techniques, gas injection, in-mould labelling, insert
and outsert moulding, prägen and Mucell
extrusion. Co-design function, product innovations,
product optimisation and engineering. In-house
tool shop and assembly department.
VDL Staalservice bvManaging Director: Paul Hermans
Celsiusstraat 13
6003 DG Weert, the Netherlands
T: +31 (0)495 - 54 08 38
F: +31 (0)495 - 53 98 65
www.vdlstaalservice.nl
The manufacture of customer-specific welded
assemblies, laser, plasma and autogenic cut,
bevelled and mechanically finished products.
Metalworking such as CNC laser cutting, CNC
flame cutting and CNC plasma cutting. Punching,
cutting, CNC squaring, welding (MIG/MAG/TIG),
machining and water jet cutting.
VDL Lasindustrie bvManaging Director: Piet Sterrenburg
Wekkerstraat 1
5652 AN Eindhoven, the Netherlands
T: +31 (0)40 - 292 33 00
F: +31 (0)40 - 251 00 50
www.vdllasindustrie.nl
From engineering and prototyping through to
production of small and large series. Specialised in
sheet-metal and construction work. Cutting, sawing,
CNC punching, CNC laser cutting, CNC setting,
drilling, tapping, milling and all welding activities
such as robotic welding, welding (MIG/MAG/TIG),
spot welding and stud welding.
VDL RPI Metaal bvManaging Director: Hans de Bresser
Nijverheidsweg 40
3341 LJ Hendrik-Ido-Ambacht, the Netherlands
T: +31 (0)78 - 683 18 00
F: +31 (0)78 - 681 97 28
www.vdlrpimetaal.nl
Sheet-metal working: from 0.5 mm in steel,
stainless steel and aluminium, specialised in desks
and frame building for complicated assemblies. All
welding processes including robotic welding, stud
welding and spot welding. Machined sheet-metal
processes, punching, laser cutting, squaring and
cutting. Machining: turning, milling and drilling.
Mounting and mechanical assembly.
VDL Rotech SRLManaging Director: Silviu Nitulescu
Zona industriala NV str. 1 nr. 5
310419 Arad, Romania
T: +40 (0)257 - 25 66 43
F: +40 (0)257 - 22 03 00
Metalworking, specialised in CNC machining as
milling and turning. Production of welded
constructions and assembly work. Thin sheet-metal
work: cutting, stamping, and spot welding.
VDL Systems bvManaging Director: Edwin Willems
Erfstraat 3
5405 BE Uden, the Netherlands
T: +31 (0)413 - 25 05 05
F: +31 (0)413 - 25 10 25
www.vdlsystems.nl
Development, production and installation of
machines and internal transport systems for OEMs
who produce Food Processing Equipment. Specialised
in the processing of stainless steel and aluminium.
VDL Postma bvManaging Director: Johan Zwarts
Leeuwarderstraatweg 121d
8441 PK Heerenveen, the Netherlands
T: +31 (0)513 - 62 25 36
F: +31 (0)513 - 61 01 21
www.vdlpostma.nl
Sheet-metal processing: laser cutting, CNC punch
nibbling, cutting, and squaring. Pipe processing:
CNC bending, rolling, (robotic) welding and
machining. Powder coating including chemical
pre-treatment by means of separated immersion
baths for steel and aluminium.
49
S U B C O N T R A C T I N G
VDL Industrial Modules bvManaging Director: Jeroen van den Hurk
Brandevoortse Dreef 4
5707 DG Helmond, the Netherlands
T: +31 (0)492 - 50 58 00
F: +31 (0)492 - 50 58 01
www.vdlindustrialmodules.nl
System supplier for the OEM market. Development,
prototyping, precision sheet-metal processing,
(cleanroom) assembly and testing of high-quality
modules and systems. With a strong focus on
integral cost-price-control, logistics and minimising
financial risks in the supply chain. Design and
production of dynamic and static road signs.
VDL Konings bvManaging Director: Sjoerd van de Velde
Bosstraat 93
6071 XT Swalmen, the Netherlands
T: +31 (0)475 - 50 01 00
F: +31 (0)475 - 50 01 01
www.vdlkonings.com
Design, engineering, prototyping, production,
assembly and installation of customer-specific
mechanisation work, machines and installations for
the film, foil, foam and paper industry.
Development, production and supply chain
management of modules and systems for OEMs for
example in the medical sector. Certified welding
and large-format mechanical processing including
turning, milling, boring and drilling.
VDL Wientjes Roden bvManaging Director: Chris Mulder
Ceintuurbaan Noord 130
9301 NZ Roden, the Netherlands
T: +31 (0)50 - 502 48 11
F: +31 (0)50 - 502 48 66
www.vdlwientjesroden.nl
Engineering, design and production of high-quality
plastic products. Various processing techniques,
including vacuum forming, CNC machining, laser
cutting, welding, gluing and assembly.
VDL Wientjes Emmen bvManaging Director: Hans Meuleman
Phileas Foggstraat 30
7825 AK Emmen, the Netherlands
T: +31 (0)591 - 66 96 66
F: +31 (0)591 - 63 49 92
www.vdlwientjesemmen.nl
Engineering, design and production of high-quality
plastic products. Production techniques: injection
moulding of (fibre-reinforced) thermoplastics, gas
injection, 2-components and in-mould labelling.
Hot-pressing of thermoharders (polyester) and
assembly. Producer of sheet moulding compound
(SMC), a glass fibre-reinforced polymer semi-
manufacture.
VDL Services bvManaging Director: Rob Diepstraten
Handelsweg 21
5527 AL Hapert, the Netherlands
T: +31 (0)497 - 38 01 00
F: +31 (0)497 - 33 11 33
www.vdlservices.nl
Repair, maintenance and installation of a range of
(VDL) products supported by a 24/7 service
organisation with a network of service engineers
throughout the Netherlands. Also project
supervision and implementation, worldwide.
VDL Enabling Technologies Group bvGeneral Managing Director: Simon Bambach
Technical Managing Director: Guustaaf Savenije
Achtseweg Noord 5
5651 GG Eindhoven, the Netherlands
T: +31 (0)40 - 263 88 88
F: +31 (0)40 - 263 82 40
www.vdletg.com
VDL Enabling Technologies Group is aimed at
system integration and logistic/supply chain
management for mechatronic (sub)systems on
behalf of OEMs for high-tech capital goods. The
general management of the seven VDL ETG
branches in Eindhoven, Almelo, Singapore and
Suzhou (China) is located in Eindhoven. In addition,
new business development and key account
management, technology, engineering and
purchasing are organised centrally.
VDL ETG Eindhoven bvManaging Director: Wil-jan Schutte
Achtseweg Noord 5
5651 GG Eindhoven, the Netherlands
T: +31 (0)40 - 263 88 88
F: +31 (0)40 - 263 84 20
www.vdletg.com
Operates in the business of system integration of
mechatronic (sub)systems and modules for OEMs in
the high-tech capital equipment industry and in the
area of production mechanisation. System supplier
from (co-)engineering through parts production to
assembly and testing.
VDL ETG Research bvManaging Director: Jadranko Dovic
High Tech Campus 7
5656 AE Eindhoven, the Netherlands
T: +31 (0)40 - 274 83 69
F: +31 (0)40 - 274 68 79
www.vdletg.com
Is the starting point for R&D departments with
development and hardware questions. Provides
support for the realisation of new products, in field
of mechanics, mechatronics and electronics, from
first prototype via transfer to volume production.
In-house workshops guarantee the speed and
makeability while maintaining extreme precision.
Development departments and start-ups are
assisted with the further development of the
product or production and testing equipment.
VDL ETG Projects bvManaging Director: Arie van Kraaij
Hurksestraat 13
5652 AH Eindhoven, the Netherlands
T: +31 (0)40 - 263 82 18
F: +31 (0)40 - 263 82 10
www.vdletg.com
Develops, produces, assembles and installs (mass)
fabrication equipment worldwide for a wide range
of markets varying from food and medical through
to solar and semicon, in the form of both one-offs
and roll-outs. Also makes and assembles high-
quality technical prototypes for mechanical
components and complete assemblies with very
short lead times.
50
S U B C O N T R A C T I N G
VDL ETG Technology & Development bvManaging Director: Geert Jakobs
Achtseweg Noord 5
5651 GG Eindhoven, the Netherlands
T: +31 (0)40 - 263 88 88
F: +31 (0)40 - 263 84 20
www.vdletg.com
Development organisation responsible for the
development of high-tech mechatronic
(sub)systems and the further optimisation of
production processes within VDL ETG to ensure
the provision of optimum solutions to meet
customer needs.
VDL ETG Almelo bvManaging Director: Sander Verschoor
Bornsestraat 345
7601 PB Almelo, the Netherlands
T: +31 (0)546 - 54 00 00
www.vdletg.com
Operates in the business of system integration of
mechatronic (sub)systems and modules for OEMs in
the high-tech capital equipment industry and in the
area of production mechanisation. System supplier
from (co-)engineering through parts production to
assembly and testing.
VDL Enabling Technologies Group (Singapore) Pte LtdManaging Director: Wu Yong Lin
259 Jalan Ahmad Ibrahim
Singapore 629148, Singapore
T: +65 650 803 20
F: +65 626 574 66
www.vdletg.com
Operates in the business of system integration of
mechatronic (sub)systems and modules for OEMs in
the high-tech capital equipment industry and in the
area of production mechanisation. System supplier
from (co-)engineering through parts production to
assembly and testing.
VDL Enabling Technologies Group of Suzhou LtdManaging Director: Ton de Haan
288 Su Hong Xi Road
Suzhou Industrial Park,
Jiangsu P.R.C. 215021, China
T: +86 512 - 85 18 89 98
F: +86 512 - 85 18 92 88
www.vdletg.com
Operates in the business of system integration of
mechatronic (sub)systems and modules for OEMs in
the high-tech capital equipment industry and in the
area of production mechanisation. System supplier
from (co-)engineering through parts production to
assembly and testing.
VDL Network Supplies bvManaging Director: William van Hout
Handelsweg 21
5527 AL Hapert, the Netherlands
T: +31 (0)497 - 33 11 00
F: +31 (0)497 - 33 11 01
www.vdlnetworksupplies.nl
Specialised in the production of semi-finished,
finished products and related services for the
construction, housing and extension of large and
national networks such as mobile phone, telecom,
energy and railway networks.
VDL Fibertech Industries bvManaging Director: Michiel Wassink
Hallenweg 15
5683 CT Best, the Netherlands
T: +31 (0)499 - 36 76 76
F: +31 (0)499 - 36 76 75
www.vdlfibertechindustries.com
Develops and produces high-tech composite and
polyurethane products, for the markets healthcare,
defence, semiconductor, transportation and
aerospace. Using RTM, Hot Pressing, (R) RIM and
Acrosoma® Sandwich technologies.
VDL Fibertech BelgiumManaging Director: Michiel Wassink
Wolfsakker 2
9160 Lokeren, Belgium
T: +31 (0)499 - 36 76 76
F: +31 (0)499 - 36 76 75
www.vdlfibertechindustries.com
Develops and produces high-tech composite and
polyurethane products, for the markets healthcare,
defence, semiconductor, transportation and
aerospace. Using RTM, Hot Pressing, (R) RIM and
Acrosoma® Sandwich technologies.
VDL GL Precision bvManaging Director: Herman Rusch
Hurksestraat 23
5652 AH Eindhoven, the Netherlands
T: +31 (0)40 - 292 20 55
F: +31 (0)40 - 292 20 47
www.vdlglprecision.nl
Fabricates extremely close tolerance precision
mechanical components and modules for the
semiconductor, optical, machine building and
aerospace industries. Performs all required
processes in-house, including machining, micro-
laser processing and cleanroom activities.
51
VDL Nedcar bvGeneral Managing Director: Joost Govaarts
Technical Managing Director: Karel Bouckaert
Dr. Hub van Doorneweg 1
6121 RD Born, the Netherlands
T: +31 (0)46 - 489 44 44
F: +31 (0)46 - 489 54 44
www.vdlnedcar.nl
Independent contract manufacturer of vehicles,
with the primary activity being the series
production of cars. Also makes pressed parts for
various customers. VDL Nedcar is the only major
automotive plant in the Netherlands, with
production capacity for some 200,000 vehicles a
year, based on a two-shift system.
C A R A S S E M B L Y
52
53
B U S E S & C O A C H E S
VDL Bus & Coach bvManaging Director: Rémi Henkemans
De Vest 7
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 00
F: +31 (0)40 - 208 44 99
www.vdlbuscoach.com
VDL Bus & Coach offers an extensive product
range: chassis and chassis modules, coaches, public
transport buses, mini & midi buses, special vehicles
and second-hand buses. VDL Bus & Coach has an
extensive, international network of offices, agents
and importers offering sales and after sales support.
VDL Bus Chassis bvManaging Director: Jan-Cees Santema
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 250 05 00
F: +31 (0)40 - 257 09 04
www.vdlbuscoach.com
Development and assembly of complete chassis,
chassis modules and CKD packages for public
transport buses and coaches.
VDL Bus Modules bvManaging Director: Frank Van Geel
De Vest 55
5555 XP Valkenswaard, the Netherlands
T: +31 (0)40 - 208 24 24
F: +31 (0)40 - 208 24 25
www.vdlbuscoach.com
Production of modules for luxury coaches,
doubledeckers, VIP coaches, regional buses and
special projects.
VDL Bus Heerenveen bvManaging Director: Dennis van Opzeeland
Wetterwille 12
8447 GC Heerenveen, the Netherlands
T: +31 (0)513 - 61 85 00
F: +31 (0)513 - 62 97 89
www.vdlbuscoach.com
Production of buses for public transport, such as
city and regional buses.
VDL Bus Venlo bvManaging Director: Mark Bakermans
Huiskensstraat 49
5916 PN Venlo, the Netherlands
T: +31 (0)77 - 320 00 80
F: +31 (0)77 - 351 70 48
www.vdlbuscoach.com
Production of mini & midi buses for coach and
public transport, police vehicles, taxi buses, airport
transport and special transport (such as disabled
persons and VIP) in all possible types. Also body
repair of cars and commercial vehicles under the
trade name VDL Kusters as part of ABS Autoherstel.
(www.absvdlkusters.nl / T: +31 (0)77 - 351 70 45)
VDL Bus Roeselare nvManaging Director: Peter Wouters
Schoolstraat 50
8800 Roeselare, Belgium
T: +32 (0)51 - 23 26 11
F: +32 (0)51 - 23 27 90
www.vdlbuscoach.com
Production of buses for public transport, luxury
coaches, VIP coaches and carrying out special
projects.
VDL Bus Valkenswaard bvManaging Director: Marc van Doorn
De Vest 9
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 46 11
F: +31 (0)40 - 204 20 45
www.vdlbuscoach.com
Development and assembly of luxury coaches, VIP
coaches and carrying out special projects.
VDL Bus & Coach Nederland bvManaging Director: Ard Romers
De Vest 3
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 90
F: +31 (0)40 - 208 44 85
www.vdlbuscoach.com
Sales and after sales for all VDL Bus & Coach
products in the Netherlands.
VDL Bus & Coach France sarlManaging Director: Manon Raynal
5, rue du Pont de la Brèche
Z.A.E. ‘Les Grandes Vignes’
95192 Goussainville Cedex, France
T: +33 (0)1 - 343 88 940
F: +33 (0)1 - 343 88 941
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in France.
VDL Bus & Coach Italia s.r.l. a socio unicoManaging Director: Anno Dirksen
Piazza dei Beccadori, 12
41057 Spilamberto (MO), Italy
T: +39 059 - 78 29 31
F: +39 059 - 78 59 80
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Italy.
VDL Bus & Coach BelgiumManaging Director: Willem van der Leegte
Schoolstraat 50
8800 Roeselare, Belgium
T: +32 (0)51 - 23 26 06
F: +32 (0)51 - 23 27 63
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Belgium and Luxembourg.
VDL Bus & Coach Polska Sp. z o.o.Managing Director: Bolesław Piekorz
Straszków 121
62-604 Kościelec, Poland
T: +48 (0)63 - 261 60 91
F: +48 (0)63 - 261 04 80
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Poland.
VDL Bus & Coach Deutschland GmbHManaging Director: Silke Tödter
Oberer Westring 1
Industriegebiet West
33142 Büren, Germany
T: +49 (0)2951 - 60 80
F: +49 (0)2951 - 60 82 22
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Germany.
54
B U S E S & C O A C H E S
VDL Bus & Coach Danmark A/S Managing Director: Anita Palm Laursen
Naverland 21
2600 Glostrup, Denmark
T: +45 70 23 83 23
F: +45 70 23 84 23
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Denmark.
VDL Bus Center bvManaging Director: Rémi Henkemans
De Run 4232
5503 LL Veldhoven, the Netherlands
T: +31 (0)40 - 295 46 35
F: +31 (0)40 - 255 78 80
www.vdlbuscenter.com
Purchase and sales of used buses and coaches of all
makes and models.
VDL Bus Center GmbHManaging Director: Burkhard Gieffers
Oberer Westring 2
Industriegebiet West
33142 Büren, Germany
T: +49 (0)2951 - 98 920
F: +49 (0)2951 - 76 53
www.vdlbuscenter.com
Purchase and sales of used buses and coaches of all
makes and models.
VDL Busland bvManaging Director: Ton Behr
De Vest 3
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 60
F: +31 (0)40 - 208 44 80
www.vdlbuscoach.com
Specialised workshop for the maintenance, repair
and damage repair of all makes of coaches and buses.
VDL Bus & Coach Service FRY-ZHN bvManaging Director: Ton Behr
De Vest 3
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 60
F: +31 (0)40 - 208 44 80
www.vdlbuscoach.com
Specialist workshop for maintenance, repair and
damage repair of coaches, buses and other means
of transport, with units in Leiden, Krimpen aan den
IJssel, Leeuwarden and Sneek.
VDL Bus & Coach Service Brabant bvManaging Director: Ton Behr
De Vest 3
5555 XL Valkenswaard, the Netherlands
T: +31 (0)40 - 208 44 60
F: +31 (0)40 - 208 44 80
www.vdlbuscoach.com
Specialist workshop for maintenance, repair and
damage repair of coaches, buses and other means
of transport, with units in Den Bosch and Tilburg.
VDL Parts bvManaging Director: Peter Schellens
De Run 5410
5504 DE Veldhoven, the Netherlands
T: +31 (0)40 - 208 41 00
F: +31 (0)40 - 204 88 22
www.vdlparts.com
Worldwide purchase and sales, logistics and
information provision for all original VDL
Bus & Coach spare parts and related accessories.
VDL Bus & Coach (Suisse) GmbHManaging Director: Bernard Donzé
Erlenstrasse 29
Postfach
2555 Brügg, Switzerland
T: +41 (0)32 - 366 65 65
F: +41 (0)32 - 366 65 66
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Switzerland.
VDL Bus & Coach Czech Republic s.r.o.Managing Director: Pavel Schlosser
Haštalská 6/1072
110 00 Prague, Czech Republic
T: +420 - 384 420 348
F: +420 - 384 420 348
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in the Czech Republic and Slovakia.
VDL Bus & Coach South Africa (Pty) LtdManaging Director: Jan-Cees Santema
Isando Business Park
Unit H1
Cnr Gewel & Hulley Street
1600
Isando, South Africa
T: +27 (0)11 - 392 14 70
F: +27 (0)11 - 392 43 93
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in South Africa.
VDL Bus & Coach Serbia d.o.o. BeogradManaging Director: Branislav Radovanović
Gandijeva 99d
11070 Belgrade, Serbia
T: +381 (0)11 2166 525
F: +381 (0)11 3189 760
www.vdlbuscoach.com
Sales, after sales and parts for all VDL Bus & Coach
products in Serbia.
55
F I N I S H E D P R O D U C T S
VDL Agrotech bvManaging Director: Brian van Hooff
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 55 00
F: +31 (0)40 - 292 55 01
www.vdlagrotech.com
Equipment for intensive livestock keeping, including
engineering and erection of complete turnkey
projects. Manure drying tunnel.
VDL Industrial Products bvManaging Director: Carlos Ooijen
Hoevenweg 3
5652 AW Eindhoven, the Netherlands
T: +31 (0)40 - 292 55 80
F: +31 (0)40 - 292 55 02
www.vdlindustrialproducts.com
Sales and service of components for dust extraction
installations and bulk material handling such as
modular tube systems, rotary valves, fans, cyclones,
diverter and butterfly valves and vibrating
conveyors. Also sales and service of complete
systems for explosion and fire-protection of
industrial processes.
VDL Steelweld bvManaging Director: Peter de Vos
Terheijdenseweg 169
4825 BJ Breda, the Netherlands
T: +31 (0)76 - 579 27 00
F: +31 (0)76 - 587 47 54
www.vdlsteelweld.com
Design, production, installation and service of
robotised production automation systems with a
wide range of handling, assembly and connection
joining techniques for industrial applications
including for the automotive industry. Also active in
product development, prototype manufacture and
production of special machines and series
production of mechatronic modules and systems
for applications in industrial vehicle technology
such as automatic guided vehicles (AGVs) and
agricultural vehicles.
VDL Steelweld UKManaging Director: Darren Dowsett / Peter de Vos
Unit 3, The Barford Exchange
Wellesbourne Road, Barford,
Warwickshire, CV35 8AQ, Great Britain
T: +44 (0)1926 - 2 47 10
www.vdlsteelweld.com
Design, production, installation and service of
robotised production automation systems with a
wide range of handling, assembly and connection
joining techniques for industrial applications
including for the automotive industry. Also active in
product development, prototype manufacture and
production of special machines and series
production of mechatronic modules and systems
for applications in industrial vehicle technology
such as automatic guided vehicles (AGVs) and
agricultural vehicles.
VDL Steelweld Deutschland GmbHManaging Director: Peter de Vos
Max Planck Straße 38
50858 Cologne, Germany
T: +49 (0)2234 - 988 23 110
F: +49 (0)2234 - 988 23 122
www.vdlsteelweld.com
Design, production, installation and service of
robotised production automation systems with a
wide range of handling, assembly and connection
joining techniques for industrial applications
including for the automotive industry. Also active in
product development, prototype manufacture and
production of special machines and series
production of mechatronic modules and systems
for applications in industrial vehicle technology
such as automatic guided vehicles (AGVs) and
agricultural vehicles.
VDL Steelweld Sweden ABManaging Director: Peter de Vos
Flygfältsgatan 16A
423 37 Torslanda, Göteborg, Sweden
T: + 46 (0)733 90 90 83
www.vdlsteelweld.com
Design, production, installation and service of
robotised production automation systems with a
wide range of handling, assembly and connection
joining techniques for industrial applications
including for the automotive industry. Also active in
product development, prototype manufacture and
production of special machines and series
production of mechatronic modules and systems
for applications in industrial vehicle technology
such as automatic guided vehicles (AGVs) and
agricultural vehicles.
Hapro International bvManaging Director: Dick van de Linde
Fleerbosseweg 33
4421 RR Kapelle, the Netherlands
T: +31 (0)113 - 36 23 62
F: +31 (0)113 - 36 23 99
www.hapro.com
Develops, produces, assembles and distributes
sunbeds for both the consumer market and
professional tanning studios. Sales of accessories
for the tanning market. Development, production
and assembly of car roof boxes and bicycle carriers.
VDL Klima bvManaging Director: Wim Jenniskens
Meerenakkerweg 30
5652 AV Eindhoven, the Netherlands
T: +31 (0)40 - 298 18 18
F: +31 (0)40 - 298 18 00
www.vdlklima.com
Development and production of heat exchangers
(incl. air/air coolers, air/water coolers, box coolers,
and shell and tube heat exchangers) and ventilation
systems for various applications (such as electrical)
propulsion systems, power generators, and
transformers.
VDL Klima Belgium nvManaging Director: Wim Jenniskens
Industriestraat 13
3930 Hamont-Achel, Belgium
T: +32 (0)11 - 80 47 00
F: +32 (0)11 - 66 12 40
www.vdlklima.com
Production company of VDL Klima products.
VDL Klima France sarlManaging Director: Pascal Pécuchet
Business Park Bat H
87 Rue du Molinel
59700 Marcq en Baroeul, France
T: +33 (0)320 - 65 91 65
F: +33 (0)320 - 65 91 60
www.vdlklimafrance.com
Development and sales of heat exchangers and
cooling units for the electromechanical industry and
other industrial applications.
56
F I N I S H E D P R O D U C T S
VDL KTI nvManaging Director: William van Hout
Nijverheidsstraat 10
Industrial Area II
2400 Mol, Belgium
T: +32 (0)14 - 34 62 62
F: +32 (0)14 - 34 62 63
www.vdlkti.be
Development and production of parts for industrial
furnaces (convection/radiation), as well as complete
furnace modules, pressure vessels, heat exchangers,
skids and separation modules for the chemical,
petrochemical, oil and gas industry. Production of
high-voltage masts.
VDL Delmas GmbHManaging Director: Jörg Nelius
Breitenbachstraße 10
13509 Berlin, Germany
T: +49 (0)30 - 438 09 20
F: +49 (0)30 - 438 09 226
www.vdldelmas.de
Development, production and delivery of heat
exchangers, cooling units and related aggregates
for industrial applications.
VDL Containersystemen bvManaging Director: Frans van Dommelen
Industrieweg 21
5527 AJ Hapert, the Netherlands
T: +31 (0)497 - 38 70 50
F: +31 (0)497 - 38 68 55
www.vdlcontainersystemen.com
Development, production, sales, repair and
installation of hydraulic container handling
equipment (hooklift systems, skip loaders and cable
systems), container trailers and containers.
Development, production, sales and repair of
spreaders and automatic guided vehicles (AGVs) for
handling 20, 40 and 45 feet ISO containers.
VDL Containersysteme GmbHManaging Director: Frans van Dommelen
Oberer Westring 2
33142 Büren, Germany
T: +31 (0)497 - 38 70 50
F: +31 (0)497 - 38 68 55
www.vdlcontainersystemen.com
Sales and after sales of container handling
equipment and trailers in Germany.
VDL Translift bvManaging Director: Rolf-Jan Zweep
Staalwijk 7
8251 JP Dronten, the Netherlands
T: +31 (0)321 - 38 67 00
www.vdltranslift.nl
Development, production, assembly, sales and
services of waste collection systems. VDL Translift
has its own line of innovative side-loader systems
for optimisation of collection from aboveground
and underground refuse containers.
VDL Weweler bvManaging Director: Dick Aalderink
Ecofactorij 10
7325 WC Apeldoorn, the Netherlands
T: +31 (0)55 - 538 51 00
www.vdlweweler.nl
Development, production and sales of air spring
and axle lift systems for manufacturers of axles,
trailers, trucks, buses and coaches.
VDL Weweler Parts bvManaging Director: Danny Orgers
Kanaal Zuid 120
7332 BD Apeldoorn, the Netherlands
T: +31 (0)55 - 538 04 00
F: +31 (0)55 - 538 04 09
www.vdlwewelerparts.nl
Distribution of high-quality technical components
for trucks, trailers, semi-trailers and buses.
Weweler-Colaert nvManaging Director: Jacques Colaert
Beneluxlaan 1-3
8970 Poperinge, Belgium
T: +32 (0)57 - 34 62 05
F: +32 (0)57 - 34 62 08
www.weweler.eu
Development, production and sales of leaf and
parabolic springs for the automotive industry.
Distribution of high-quality technical components
for trucks, trailers, semi-trailers and buses.
Truck & Trailer Industry ASManaging Director: Øyvind Stenersen
Persveien 20
0581 Oslo, Norway
T: +47 (0)23 - 03 96 00
F: +47 (0)23 - 03 96 01
www.tti.no
Sales from four offices in Norway of VDL Weweler
suspension systems and spare parts for trucks,
trailers and buses.
PMB-UVA International bvManaging Director: Marius Ponten
Meerenakkerweg 32
5652 AV Eindhoven, the Netherlands
T: +31 (0)40 - 282 50 00
F: +31 (0)40 - 282 50 01
www.pmb-uva.com
Development, production, sales and service for the
packaging and tobacco industries. Vertical film
packaging machines for among others food, animal
feed and detergent sectors. Machines for production
and packaging of cigars.
VDL USA IncManaging Director: George van Bergen
8111 Virginia Pine Ct.
Richmond VA 23237, USA
T: +1 804 - 275 80 67
F: +1 804 - 271 30 96
www.vdlusa.com
Sales and service of VDL products in North
America.
VDL Middle East fzCo Managing Director: Rémi Henkemans
5WA (West Ring)
Dubai Airport Free Zone,
United Arab Emirates
Sales, after sales and service of VDL products in the
Middle East.
V D L G R O E P
F I N A N C I A L R E P O R T
2 0 1 4
57
58
Assets 31 December 2014 31 December 2013
Fixed assets
Intangible fixed assets
Goodwill 339 398
Tangible fixed assets
Buildings and land 478,585 462,728
Machinery and installations 124,981 82,287
Other fixed assets 46,041 36,373
649,607 581,388
Financial fixed assets
Participations 48,984 41,827
Other financial fixed assets 6,955 3,493
55,939 45,320
Current assets
Stocks
Raw materials and consumables 131,823 96,961
Work in progress 182,444 159,083
Finished products and commodities 90,760 109,364
405,027 365,408
Projects in progress 0 19,822
Accounts receivables
Trade debtors 397,571 255,007
Taxes 0 10,297
Other receivables and accrued income 12,939 9,316
410,510 274,620
Cash at bank and in hand 138,985 95,923
1,660,407 1,382,879
C O N S O L I D A T E D B A L A N C E (x 1,000 euro)
59
Liabilities 31 December 2014 31 December 2013
Group capital
Shareholders’ equity 924,894 854,350
Provisions
Pension provisions 1,424 1,545
Warranty provisions 26,477 28,892
Taxation provisions 13,012 36,585
Other provisions 19,638 81,011
60,551 148,033
Long-term liabilities
Debts to credit banks 58,260 77,632
Current liabilities
Debts to credit banks 14,261 12,200
Projects in progress 129,529 0
Debt to suppliers 207,791 174,948
Taxes and social security contributions 80,177 26,286
Other debts and deferred liabilities 184,944 89,430
616,702 302,864
1,660,407 1,382,879
60
2014 2013
Invoiced turnover 2,342,041 1,632,108
Changes to projects in progress -176,320 132,591
Inter-company trading 818 1,019
Other operating income 53,549 95,678
Total operating income 2,220,088 1,861,396
Costs of raw materials and consumables 1,152,981 934,168
Subcontracted work and other external costs 328,893 273,455
Salaries and wages 453,320 389,654
Social security contributions and other personnel costs 113,949 102,141
Depreciation of (in)tangible fixed assets 46,300 47,326
Other operating costs 6,657 19,042
Total operating costs 2,102,100 1,765,786
Operating profit 117,988 95,610
Financial expenses -5,459 -5,349
Profit on ordinary activities 112,529 90,261
Profit on non-consolidated shareholdings 7,680 7,766
Profit before tax 120,209 98,027
Tax -15,962 -7,341
Third party interests 0 -2,104
Net profit after tax 104,247 88,582
C O N S O L I D A T E D P R O F I T
A N D L O S S A C C O U N T (x 1,000 euro)
61
2014 2013
Source of funds
Profit appropriation 104,247 88,582
Depreciation (in)tangible fixed assets 46,299 47,326
Changes to consolidated participations 4,671 99
Changes to other financial fixed assets - 826
155,217 136,833
Application of funds
Third party interests - 431
Investments minus desinvestments 114,459 82,457
Changes to other financial fixed assets 3,436 -
Repayment on long-term loans 19,372 66,014
Changes in provisions 87,509 67,290
Changes to non-consolidated participations 7,156 6,796
Other changes in equity 38,374 22,380
270,306 245,368
Changes in working capital -115,089 -108,535
S T A T E M E N T O F S O U R C E A N D
A P P L I C A T I O N O F F U N D S(x 1,000 euro)
62
P R I N C I P L E S F O R
V A L U A T I O N A N D
D E T E R M I N I N G
T H E R E S U L T
GENERAL EXPLANATORY NOTES
Activities
The activities of VDL Groep B.V. and its subsidiaries consist of:
• Subcontracting division: metalworking, mechatronic systems
and system supply, plastics processing and surface treatment;
• Car assembly division: the production of passenger cars for
third parties;
• Buses & coaches division: chassis & chassis modules, coaches,
public transport buses, mini & midi buses, special vehicles and
second-hand buses;
• Finished products division: suspension systems for the trailer and truck industry, heating, cooling and
airtechnical systems, production automation systems, installations for the oil, gas and petrochemical
industry, systems for the agricultural sector, sunbeds, roof boxes, container handling equipment, waste
collection systems, cigar-making and packaging machines, components for bulk handling and extraction
installations and systems for explosion and fire protection.
Sales are made in the Netherlands and abroad, whereby the countries of the European Union represent the
most important sales market.
Estimates
To make it possible to apply the principles and rules for drawing up the annual accounts, it is necessary
that the management of VDL Groep B.V. prepares a judgement on various issues, and that the
management makes estimates that could prove essential for the amounts contained in the annual
accounts. If necessary for the degree of insight required in article 2:362 paragraph 1 of the Netherlands
Civil Code, the nature of these judgements and estimates, including the accompanying assumptions, is
contained in the explanatory notes to the relevant items in the annual accounts.
Consolidation
In the consolidated annual accounts of VDL Groep B.V. the financial details are accounted for the group
companies and other legal entities over which predominant control can be exercised or over which central
management is undertaken. Group companies are legal entities over which VDL Groep B.V. can directly or
indirectly exercise predominant control, since it holds the majority of the voting rights or in any other way
can control the financial and operational activities. This also takes into account potential voting rights that
can be exercised directly on the balance sheet date.
The group companies and other legal entities over which predominant control can be exercised or over
which central management is undertaken are 100% accounted for in the consolidation. The third party
share of group equity and in the group result is listed separately.
Intercompany transactions, intercompany profits and mutual receivables and liabilities between group
companies and other legal entities contained in the consolidation are eliminated, in as much as the results
are not realised by transactions with third parties outside the group. Unrealised losses on intercompany
transactions are also eliminated, except in the case of extraordinary downward value adjustment. Principles
63
of valuation of group companies and other legal entities contained in the consolidation have where
necessary been adjusted to comply with the applicable valuation principles for the group.
Applicability of article 2:402 of the Netherlands Civil Code
Because the profit and loss account for 2014 of VDL Groep B.V. is accounted for in the consolidated annual
accounts, in accordance with article 2:402 of the Netherlands Civil Code, reproduction of an abbreviated profit
and loss account is considered sufficient, in the single annual accounts.
Related parties
All legal entities over which predominant control, shared control or significant influence can be exercised
are identified as related parties. Legal persons capable of exercising predominant control are also identified
as related parties. The members of the Board under the Articles of Association, other key officers in the
management of VDL Groep B.V. and the parent company of VDL Groep B.V. and close relatives are related
parties.
Significant transactions with related parties are explained in as much as not entered into in accordance
with the normal market conditions. Of these transactions, the nature and scale of the transaction and
other information necessary for providing sufficient insight is provided.
Acquisitions and disposal of group companies
From the date of takeover, the results and identifiable assets and liabilities of the acquired company are
accounted for in the consolidated annual accounts. The date of takeover is the moment at which
predominant control can be exercised over the company in question.
The acquisition price consists of the monetary amount or equivalent agreed for acquisition of the acquired
company plus any directly attributable costs. If the acquisition price is higher than the net amount of the
fair value of the identifiable assets and liabilities, the excess (as goodwill) will be capitalised as intangible
fixed assets. If the acquisition price is lower than the net amount of the fair value of the identifiable assets
and liabilities, the difference (negative goodwill) will be accounted for under equity capital.
The companies involved in the consolidation will continue to be accounted for in the consolidation up to
the moment at which they are sold; deconsolidation will take place at the moment the predominant
control is transferred, or the participations no longer fulfil the criteria of group companies.
GENERAL PRINCIPLES
General
The consolidated annual accounts were prepared in accordance with the statutory provisions in Part 9
Book 2 of the Netherlands Civil Code and the clear statements from the Guidelines for annual accounting,
issued by the Dutch Accounting Standards Board.
Assets and liabilities are generally valued at acquisition price or manufacturing cost or current value. If no
specific valuation principle is stated, valuation is made according to acquisition price.
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Comparison with previous year
The principles of valuation and determination of result remain unaltered as compared with the previous year.
Foreign currencies
Items in the annual accounts of the group companies are valued taking account of the currency of the
economic environment in which the group company primarily undertakes its business activities (the
functional currency). The consolidated annual accounts are prepared in euros; this is both the functional
and presentation currency of VDL Groep B.V.
Transactions in foreign currencies during the reporting period are reflected in the annual accounts at the
exchange rate on the balance sheet date.
Monetary and non-monetary assets and liabilities in foreign currencies are converted into the functional
currency at the exchange rate on the balance sheet date. Any exchange rate differences arising from the
settlement and conversion are credited or charged to the shareholders’ equity. Conversion differences on
long-term intragroup loans that effectively represent an expansion or reduction of the net investment of
foreign participations are credited or charged directly to the shareholders’ equity.
Assets and liabilities, and income and expenditure for group companies contained in the consolidation
with a functional currency other than the presentation currency, are converted at the exchange rate on the
balance sheet date. Goodwill and the adjustments to fair value of identifiable assets and liabilities are
viewed as a component of these group companies and are also converted at the balance sheet date at the
exchange rate on the balance sheet date. The resultant exchange rate differences are credited or charged
directly to the shareholders’ equity.
Operational leasing
Lease contracts may exist within the company, whereby a large proportion of the advantages and
disadvantages relating to ownership do not lie with the company. These lease contracts are accounted for
as operational leasing. Obligations arising from operational leasing are accounted for on a straight-line
basis in the profit and loss account over the term of the contract, taking account of payments received
from the lessor.
Financial instruments
The group companies listed under financial fixed assets, in as much as relating to the trading portfolio or
equity capital instruments outside the trading portfolio, and derivatives with an underlying stock exchange
quoted value are valued at fair value. All other financial instruments contained in the balance sheet are
valued at (amortised) cost price.
Fair value is the amount for which an asset can be traded or a liability can be settled between parties well
informed on the issue, who are willing to make a transaction and who are independent of one another.
If a reliable fair value cannot immediately be identified, the fair value is approached by deriving this value
from the fair value of the individual component or of a similar financial instrument, or using valuation
models and valuation techniques.
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Upon first inclusion in the balance sheet, derivatives are valued at fair value. Any subsequent valuation of
derived financial instruments (derivatives) will depend on whether the underlying basis for the derivative is
stock exchange quoted or not. If the underlying basis is stock exchange quoted, the derivative will be
included at fair value. If the underlying basis is not stock exchange quoted, the derivate will be accounted
for at cost price or market value, whichever is lower. The method of accounting for value changes of the
derived financial instrument will depend on whether hedge accounting is applied to the derived financial
instrument or not.
VDL Groep B.V. applies hedge accounting. At the moment of entering into a hedge relationship, this is
documented by the company. By means of a test, the company periodically assesses the effectiveness of
the hedge relationship. This may be achieved by comparing the critical characteristics of the hedge
instrument with those of the covered position or by comparing the change in fair value of the hedge
instrument and the covered position.
VALUATION PRINCIPLES FOR THE BALANCE SHEET
Fixed assets
Intangible fixed assets
The intangible fixed assets are valued at acquisition price less depreciation. Account is taken of
extraordinary downward value adjustments; this is the case if the book value of the asset (or of the cash
flow generating unit to which the asset belongs) is higher than the realisable value of the asset. To
determine whether there is an extraordinary downward value adjustment for the intangible fixed asset,
reference is made to the paragraph concerning extraordinary downward value adjustments for fixed assets.
Goodwill arising from acquisitions and calculated in accordance with the paragraph on depreciations on
intangible and tangible fixed assets will be activated less straight-line depreciation during the estimated
future useful life.
Tangible fixed assets
Buildings and land used for business purposes are valued at current value on the basis of assessments
based on private sales value for continued use with costs for the purchaser’s account, less straight-line
depreciation, taking account of the estimated useful life of the assets in question. There is no depreciation
on land. The buildings and land used for business purposes were reassessed in 2014, at assessment values
for December of that year. Assessment was undertaken by an independent expert using the income
capitalisation method. In the case of reassessment of buildings, account was taken of deferred taxation of
15%. Account was taken of the extraordinary downward value adjustment expected on the balance sheet
date. To determine whether a tangible fixed asset is subject to extraordinary downward value adjustment,
reference is made to the paragraph on extraordinary downward value adjustments on fixed assets.
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The other tangible fixed assets are valued at purchase price or manufacturing price, including directly
attributable costs, less straight-line depreciation, taking account of the estimated useful life and
extraordinary downward value adjustments. The manufacturing price consists of the purchase costs for raw
materials and consumables and costs directly attributable to the manufacture, including installation costs.
Grants on investments are deducted from the acquisition price or manufacturing costs for the asset to
which the grants relate.
For obligations for recovery following the end of use of the asset (dismantling costs), a provision is
established for the expected amount at the moment of capitalisation.
The estimated useful life per category is:
Buildings : 20 – 33 years
Installations and facilities : 5 – 20 years
Machines and installations : 5 – 10 years
Other fixed business assets : 5 – 7 years
Financial fixed assets
Participations over which decisive influence can be exercised are valued according to the change in assets
method (net asset value). Decisive influence is assumed wherever 20% or more of the voting rights can be cast.
The net asset value is calculated according to the principles applicable for these annual accounts; for
participations about which insufficient details are available for application of these principles, the valuation
principles for the participation in question are assumed.
If the valuation of a participation according to the net asset value is negative, this participation will be
valued at zero. If and in as much as VDL Groep B.V. in this situation fully or partially secures the debts of
the participation, or has the clear intention to enable the participation to pay its debts, a provision will be
made for this purpose.
The first valuation for purchased participations is based on the fair value of the identifiable assets and
liabilities at the moment of acquisition. For subsequent valuation, the principles are applied that apply to
these annual accounts, assuming the value at first valuation.
Participations over which no decisive influence can be exercised are valued at purchase price. In the event
of extraordinary downward value adjustment, valuation will take place at realisable value. Downward value
adjustment is charged to the profit and loss account.
Receivables included in the financial fixed assets are initially valued at fair value less any provisions
considered necessary. Subsequently, these receivables are valued at amortised cost price.
Deferred tax receivables are established for offsettable fiscal losses or for offsettable temporary
discrepancies between the value of the assets and liabilities according to fiscal regulations on the one hand
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and the valuation principles employed in these annual accounts on the other, on the understanding that
deferred tax receivables are only established in as much as it is probable that there will be future fiscal
profit, against which temporary discrepancies can be set off and losses can be compensated.
The calculation of deferred tax receivables will take place according to the tax rates applicable at the end of
the reporting year or according to rates applicable in coming years, in as much as already laid down in law.
Deferred tax receivables are valued at nominal value.
Extraordinary downward value adjustment of fixed assets
On each balance sheet date, the company determines whether there are indications that a fixed asset may
be subject to an extraordinary downward value adjustment. If such indications are present, the realisable
value of the asset is determined. If it is not possible to determine the realisable value for the individual
asset, the realisable value will be determined for the cash flow-generating unit to which the asset belongs.
An extraordinary downward value adjustment occurs if the book value of an asset is higher than the
realisable value; the realisable value is the higher of the market value and the operating value.
If it is determined that an extraordinary downward value adjustment that was accounted for in the past no
longer exists or has fallen in size, the increased book value for the asset in question will not be set higher
than the book value that would have been determined if no extraordinary downward value adjustment
had been accounted for, for the asset in question.
Also for financial instruments, the company will determine on each balance sheet date whether there are
objective indications for extraordinary downward value adjustment of a financial asset or a group of
financial assets. If such objective indications are present, the company will determine the scale of the loss
from the extraordinary downward value adjustments, and will immediately account for that loss in the
profit and loss account.
In the case of financial assets valued at amortised cost price, the scale of the extraordinary downward
value adjustment will be determined as the difference between the book value of the asset and the best
possible estimate of the future cash flows, capitalised at the effective interest rate of the financial asset as
determined upon the first accounting of the instrument. The downward value adjustment loss that was
taken up must be taken back if the fall in the downward value adjustment relates to an objective event
following deduction. The take-back will be restricted to not more than the amount necessary for valuing
the asset at the amortised cost price at the moment of take-back, if there had been no extraordinary
downward value adjustment. The taken-back loss is accounted for in the profit and loss account.
In the case of an investment in equity capital instruments valued at cost price the size of the extraordinary
downward value adjustment is determined as the difference between the book value of the financial asset
and the best possible estimate of the future cash flows, capitalised at the current asset cost rate for a
similar financial asset. The extraordinary downward value adjustment loss will only be taken back if there
are indications that a loss accounted for in the annual accounts in previous years is no longer present or
has changed as a consequence of downward value adjustment.
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Current assets
Stocks
The stocks of raw materials and consumables are valued at fixed settlement prices, based on the last
known purchase price plus various additional amounts.
The stocks of work in progress (including semi-manufactured goods) and finished products are valued at
manufacturing cost or realisable value, if lower. The manufacturing costs consist of all costs relating to
acquisition or manufacture, and costs incurred for bringing the stock to their current location or their
current condition. Manufacturing costs include direct salary costs and bonuses for indirect fixed and
variable costs related to production.
The realisable value is the estimated sales price less directly attributable sales costs. In determining the
realisable value, account is taken of the unsaleability of the stocks.
Projects in progress
The item projects in progress on behalf of third parties consists of the balance of realised project costs,
allocated profit and if applicable accounted losses and already declared instalments. Projects in progress are
presented individually in the balance sheet under current assets. If the item shows a credit balance, it will
be presented under current liabilities.
Receivables
Receivables including tax and prepayments and accrued income, are initially measured at fair value and
subsequently at amortised cost price. The fair value and amortised cost price are equal to the nominal
value. Any provisions considered necessary for bad debt risk shall be deducted. These provisions are
determined on the basis of an individual assessment of the receivables.
Liquid assets
Liquid assets consist of cash at bank and in hand. Current account debts to banks are listed under debts to
credit institutions under current liabilities. Liquid assets are entered at nominal value.
Shareholders’ equity
Revaluation reserve
If revaluations have been included in the revaluation reserve less relevant (deferred) tax obligations, the
realised revaluations are immediately included in the shareholders’ equity. The corresponding release of
(deferred) tax obligations is credited to the results under the item tax on results from ordinary business
operations.
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Provisions
General
Provisions are established for legally-enforceable or actual obligations existing on the balance sheet date,
whereby an outflow of resources is probably necessary, the scale of which can be reliably estimated.
The provisions are valued at the best estimate for the amounts necessary for settling the obligations as at
the balance sheet date. The provisions are valued at nominal value of the expenditure expected to be
necessary for settling the obligations, unless otherwise stated.
If a third party is expected to reimburse these obligations, and if it is likely that this payment will be
received upon settlement of the obligation, this payment will be deducted from the provisions.
Provisions for pensions
The pension provisions are valued on the basis of the best estimate. Under these provisions, the obligation
is valued at cash value of the expenditure expected to be necessary for settling the obligation. If the period
over which the expenditure is capitalised is not longer than one year, the obligation is not accounted for at
cash value. Additions to and release of pension provisions are credited or charged to the profit and loss account.
Deferred taxation obligations
The provision for deferred taxation relates to future tax obligations arising from differences between the
valuation of the buildings according to these annual accounts and the fiscal valuation of the relevant items.
Deferred tax obligations are calculated according to the current rate of corporation tax and as concerns the
reassessment of buildings, at a rate of 15%. The majority of the provision can be characterised as long-term.
Other provisions
Provisions relate primarily to provisions arising from warranty obligations, transition and anniversary
payments. Provisions are listed at nominal value of the estimated obligations. The provisions can be
characterised broadly as long-term.
Other assets and liabilities
Liabilities are initially valued at fair value. Transaction costs immediately attributable to the acquisition of
liabilities are included in the valuation and initial measurement. Following initial measurement, liabilities are
valued at amortised cost, namely the amount received taking account of the share premium or discount
less transaction costs. The fair value and amortised costs are practically equal to the nominal value.
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PRINCIPLES FOR DETERMINATION OF THE RESULT
General
The result is determined as the difference between the realisable value of goods and services provided and
costs and other expenditures over the year. Income from transactions is reported in the year in which it
was realised.
Revenue recognition
Sale of goods
Income from the sale of goods is included as soon as all essential rights and risks relating to ownership of
the goods have been transferred to the purchaser.
Project income and project costs
For projects in progress, the result of which can be reliably foreseen, the project income and project costs
are accounted for as net turnover and costs in the profit and loss account proportionally to the performance
provided as at the balance sheet date (the ‘Percentage of Completion’ method or PoC method).
The progress of the performance provided is determined on the basis of the project costs incurred up to
the balance sheet date in relation to the estimated total project costs. If a result cannot (yet) be reliably
estimated, the income is accounted for as net turnover in the profit and loss account, up to the amount of
incurred project costs that can probably be recovered; the project costs are then accounted for in the profit
and loss account in the period in which they are incurred. As soon as the result can be reliably determined,
revenue recognition is carried out according to the PoC method, proportionally to the performance as at
balance sheet date.
The result is determined as the difference between the project income and project costs. Project income
relates to the contractually-agreed income and income from additional and less work, claims and payments
if and in as much as it is probable these will be realised and can be reliably predicted. Project costs are the
costs relating directly to the project, that can generally be allocated to project activities and allocated to
the project and other costs contractually attributable to the client. If it is probable that the total project
costs exceed total project income, expected losses are immediately accounted for in the profit and loss
account. This loss is reported in the cost price of turnover. The provision for the loss is part of the item
projects in progress.
Net turnover
Net turnover comprises the income from the delivery of goods and realised project income from projects in
progress less discounts, etc. and any tax levied on turnover, and following elimination of transactions
within the group.
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Employee benefits
Periodically-payable benefits
Wages, salaries and social security contributions are accounted for in the profit and loss account, on the
basis of the employment conditions, in as much as payable to employees.
Pensions
VDL Groep B.V. has accounted for all pension schemes according to the obligations approach. The
premium payable on the year under review is also accounted for as an expense.
Miscellaneous
Depreciation on intangible and tangible fixed assets
Intangible and tangible fixed assets are depreciated during the expected useful life of the asset from the
moment of commissioning. There is no depreciation on land.
If a change is made to the estimated future useful life, future depreciation will be adjusted.
Book profits and losses from the incidental sale of tangible fixed assets are included under other operating
income or costs.
Government grants
Operating grants are accounted for as income in the profit and loss account in the year in which the
granted costs were incurred or income was lost or if a grant operating shortfall occurred. The income is
accounted for when it is likely that it will be received.
Grants relating to investments in tangible fixed assets are deducted from the asset in question, and
accounted for as part of depreciation in the profit and loss account.
Interest income and interest expenses
Interest income and interest expenses are accounted for in proportion to time, taking account of the
effective interest rate for the assets and liabilities in question. In accounting for the interest expenses,
account is taken of the reported transaction costs on the loans received.
Tax on the result from ordinary business operations
The tax on the result is calculated on the result before tax in the profit and loss account, taking account of
any available losses eligible for fiscal compensation from previous financial years (in as much as not
included in deferred tax receivables) and exempted profit components, and following addition of non-
deductible costs. Account is also taken of changes occurring in the deferred tax receivables and deferred
tax liabilities as a result of changes to tax rates imposed.
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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Market risk
VDL Groep B.V. operates worldwide but the majority of positions and transactions are in euros meaning
that the currency risks are minimal.
VDL Groep B.V. runs no noteworthy price risks.
VDL Groep B.V. runs interest risk on the interest-bearing receivables (in particular under current assets and
liquid assets) and interest-bearing current liabilities.
For receivables and liabilities with variable interest agreements, VDL Groep B.V. runs risks in respect of
future cash flows; as concerns fixed-interest receivables and liabilities, VDL Groep B.V. runs risks on the fair
value as a consequence of changes to the market rate.
As concerns receivables, no financial derivatives are contracted in respect of interest risk.
Credit risk
VDL Groep B.V. has no significant concentrations of credit risk. Sales are made to customers that meet the
creditworthiness assessment of VDL Groep B.V. Any liquid assets are with banks with at least an A-rating.
Liquidity risk
VDL Groep B.V. has no liquidity risk since the company has sufficient liquid assets.
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