Memories

Centric Annual Report 2007

Annual Report Memories 2007
 Fifteen years of Centric
In 1992 the foundations of the present-day Centric
company were laid. It was a historic moment that we
did not want to let pass unmarked. Diving into the
archives uncovered a considerable collection of objects and
memories. Promotional gifts, gadgets, sponsorship
materials and prizes, each with their own Centric story.
Throughout the annual report you can find out about
4 some of the remarkable items in the collection accumu-
lated over Centric’s fifteen years of operation.
4
 5

5
Annual Report Memories 2007
 11 22

Manage-
ment Re- ict
port services

32 36
Engineer-
ing and
Consul-
financial tancy Ser-
services vices

39 74

annual ac- 7

counts ADdRESSEs 7
8

8
GUTS. The new
richness in IT
Shortly after the Sanderink Groep was renamed Centric
a red Citroën 2CV was used as the figurehead for the first
Centric-wide recruitment campaign. The 2CV stood for
down-to-earthness and guts, characteristics that typify
Centric employees. During the GUTS campaign Centric
handed out countless rubber ducks and miniature 2CVs
at trade shows and events. In early 2008 a new Centric-
wide recruitment campaign was launched. This time it
was not a 2CV that played the central role, but a genuine
Centric Cruiser. As sober as a traditional Dutch bike can 9
be, but with style and a dash of impertinence that also
characterises Centric.
9
 11

Manage-
ment Re-
port
 Management Report
In a year in which Centric B.V. celebrated its 15th
anniversary, this versatile service provider expanded its
operations emphatically. Continuing favourable econom-
ic conditions and an assertive acquisitions policy have
resulted in Centric being able to present an admirable
set of annual results. Turnover in 2007 grew by 25 per cent
to a record high of 789 million euros. Profits increased
from 39 million euros to 52 million euros. ICT services,
engineering and consultacy services, and financial
services all performed satisfactorily. The total number of
employees in the Centric organisation as a whole rose from
7,500 on 31 December 2006 to 8,500 on 31 December 2007.
This increase was partly due to independent growth, and
partly through acquisitions.
The organisation has a market reputation as a partner that
delivers on its commitments and can anticipate customer
requirements. Customers value Centric for its straightforward
approach, commitment, high levels of service and quality of
IT solutions. After fifteen years of existence, this outstanding
12
reputation has helped Centric secure its place amongst the top
12 ten Dutch IT companies.
Active acquisitions policy
Acquisitions have always played a significant role in Centric’s
expansion strategy. Emphasis is still placed upon this as the
tightening labour market continues to make independent
growth more difficult. In just three years Centric has taken
over dozens of other businesses. Some takeovers facilitated
entry into new markets, whilst others reinforced Centric’s
position in existing markets. The organisation pursued an
active and healthy acquisitions policy in 2007 too, reinforc-
ing Centric Holding, Oranjewoud and Finace alike. Much
effort was dedicated to integrating the new subsidiaries in the
Centric organisation.
The takeovers, coupled with independent growth, meant
that in 2007 for the second year running Centric was the
highest ranked Dutch business on Europe’s 500, the an-
nual listing of the 500 fastest growing European companies.
Centric came twelfth, one place higher than last year.
Europe’s 500 is compiled annually by the Entrepreneurs for
Growth in conjunction with Microsoft and KPMG.
International growth
The ICT organisation also continued to strengthen its
international position in 2007 and has offices in
Belgium, Germany, Norway and Switzerland. The ICT
organisation in Belgium was boosted by APEM’s
business and Real Software’s retail operations. In Germany,
at the beginning of 2007, Centric acquired altro consult
and SP Solution (now Centric IT Solutions Germany). The
new acquisitions bolstered Centric’s position in Germany
and gave a significantboost to operations in Switzerland.
The expertise acquired from these organisations, in
terms of SAP solutions for HR and JD Edwards’ ERP
solutions, can be used in the Netherlands too. In
Norway, despite shortages in the labour market,
Centric’s subsidiary Xtra Personell succeeded in achieving
great results. Centric is considering plans to expand its
Scandinavian activities from Norway to Sweden.
Centric has also established a strong market position in
the Netherlands in a number of sectors, for example the
public sector, real estate, supply chain and financial
services. Whether or not the expertise and software
developed for these sectors can also find international
application is an obvious question worth exploring.
Restrictions continue to be lifted, particularly in sectors
within the supply chain, providing Centric with new
opportunities. 2007 included the first steps towards
introducing suitable applications internationally.
Increased collaboration
Centric’s ICT services, divided between the divisions IT
Solutions, Software Engineering and Managed ICT
Services, benefited from the economic growth in 2007.
Operations grew on all fronts, both at home and
internationally. IT Solutions and Software Engineering
have operated under a single director since mid-2007.
The growing exchange of expertise between the two
divisions generates considerable benefits in terms of
synergy and financial savings. Collaboration with
Managed ICT Services is also continuing to take shape,
in particular in the area of integral projects for hardware
and software, and infrastructure management. Closer
cooperation between the three ICT divisions will have
significant benefits in the future.
2007 also signified an important move with regards to
workplace management. New joint ventures resulted in the
number of managed workplaces increasing to around
100,000 with Centric becoming the second biggest provider
13
of this service in the Benelux region.
13
 Vision on software development
Centric is constantly looking for ways to remain cost effec-
tive and innovative in the software development market. On
the one hand Centric cannot ignore the tightening labour
market and increasing competition from low-wage countries.
On the other hand the organisation does not wish to make
any concessions on quality and has to remain alert and
responsive to its customers’ needs.
One possible solution is to offshore (parts of) the
development process to other regions of the world. Centric
is currently exploring offshoring opportunities in, for
example, St. Petersburg. This primarily concerns long-cycle
development processes, as Centric feels that offshoring is
less suitable for short-cycle processes.
Growing competition from low-wage countries neverthe-
less has to be considered carefully. Centric aims to
differentiate itself in this respect by focusing on aspects of
software development that should preferably happen close
to the ‘source’, for example software specification, project
management, implementation, testing and administration.
Our aim is to remain an attractive partner for our customers
14
by demonstrating excellent expertise in these areas.
14 Centric increasingly collaborates with reputable partners,
in particular when it comes to off-the-shelf software. In
this respect Centric complemented its product portfolio
in 2007 with Dynamics AX (previously known as Axapta),
Microsoft’s primary ERP platform. Under the name of Centric
Business Solutions, this operation is mainly targeted at ERP
and supply chain management solutions for medium-sized
organisations.
Oranjewoud
The restructuring of Oranjewoud in 2006 proved successful,
with the organisation becoming more effective and dynamic,
and securing increased levels of employee trust. 2007 was
a year of continued growth for an already robust, versatile
organisation, including growth by acquisition. Takeovers
of des Corps, Nexes and InterStep enabled Oranjewoud to
expand its operations in the area of secondment of higher
educated technical personnel even further. This has already
led to outstanding financial results in 2007. Realisation
activities were reinforced with the acquisition of Van der
Heide Beheer and Boralit (50 percent). The takeover of Edel
Grass (completed in January 2008) supported Oranjewoud’s
position in the sports sector and gave it better control of
production. Oranjewoud also aims to make more of an
impression internationally and in that respect acquired
A+D Engels and Belconsulting (both based in Belgium) in
2007. There were also preparations for the takeover of the
American organisation Delta Environmental Consultants Inc.
(completed in January 2008).
Finace
It transpired that the companies added to Finace in 2006
needed time to integrate fully, resulting in 2007 being a year
of reorganisation and process streamlining.
After two years of collaboration between Centric and
Finace it was clear that the combination of ICT and financial
services presented lucrative opportunities. Finace provides
support to the government and top 200 Dutch compa-
nies in the interface between finance/ICT and information
security. The fact that such services are becoming more
closely interwoven with Centric’s ICT services gives rise to
huge potential.
Labour market
The scarcity of human resources continued to be of concern
in 2007. The IT organisation, engineering and consultancy
services, and financial services are all experiencing severe
difficulty in filling vacancies. Centric aims to retain employ-
ees by giving them interesting and challenging projects and
supporting them intensively in career planning.
From 2008 Centric will have an increased presence in the
labour market. The ICT organisation and Oranjewoud have
both launched comprehensive labour market campaigns.
The ICT organisation campaign is targeted mainly at higher
vocational and university level students. The organisation
is marketing itself as a stable, innovative employer with a
pleasant, informal business culture, offering young
professionals extensive opportunities and careers advice.
Oranjewoud’s campaign emphasises the numerous develop-
ment opportunities available, superb benefits, and the
dynamic, challenging and informal work environment.
15
15
 Expectations in 2008
It is not yet fully understood if developments in the
United States will have a significant economic impact on the
Netherlands and the rest of Europe. Whilst economic growth
in 2008 is expected to be lower than in 2007, Centric con-
siders it unlikely that our country is heading for recession this
year. A moderate levelling out of economic growth would
not be unwelcome: indeed it may relieve the overstrained
labour market somewhat.
For 2008 Centric plans to continue to invest in existing
and new markets through independent growth and acqui-
sitions. The organisation will also increase its cross-border
presence. In Belgium the ICT organisation is gaining strength
and becoming a more significant player in IT services. Recent
acquisitions in Belgium mean that there will be a lot of focus
in 2008 on how the new divisions are positioned within the
Belgian Centric organisation. Centric also aims to establish
itself further in 2008 as a reputable organisation in the
German-speaking region (Germany, Switzerland and
Austria). Altro consult and Centric IT Solutions Germany
(formerly SP Solution) give Centric solid foundations
from which to do this. The German and Swiss Centric IT
16
Solutions divisions already collaborate closely. Centric is
16 also set to expand its operations in Austria. Preparations
were made at the end of 2007 for reinforcing operations
in this region. In December this resulted in the takeover of
InOne, with offices in Germany, England, Romania and
Luxembourg.
In 2008 the Dutch ICT organisation will be focusing on
enhancing the synergy between the three divisions.
IT Solutions, Software Engineering and Managed ICT
Services have more and more overlap and are able to pool
resources and exchange expertise in several areas, especially
development and secondment. Centric companies will also
be presented more frequently to the outside world under a
unified image.
Forecasts for Oranjewoud and Finace for the year ahead
are good, despite the overstretched labour market putting
the brakes on growth in these divisions too. Oranjewoud’s
priorities in 2008 include broadening its secondment opera-
tions and international expansion. Finace will also focus on
growth with the aim of remaining a leading partner in the
areas of finance, accounting and information security.
A review of the first fifteen years would surely conclude
that Centric has become a key market player with a leading
position in the sectors in which it operates. Our strength lies
in our unique culture, pragmatic approach and commitment
to provide customers with the best solution possible. Pro-
viding we maintain these qualities high on our agenda we
can look forward to a bright and profitable future.
Financial instruments
The Centric Group’s foremost financial instruments are bank
loans, overdraft facilities, financial leasing agreements, cash
and cash equivalents. The most important objective is raising
finance for Centric’s business activities. Additional financial
fixed assets and liabilities also exist such as trade debtors and
creditors that arise out directly of these business activities.
There are no derivatives or financial instruments employed
for trading purposes.
RisKS
Interest risk is the foremost risk arising from these finan-
cial instruments. Interest risk is therefore restricted and not
covered. It is plausible that risks arising from currency
fluctuation in the future will be managed using options and
forward exchange transactions, although this has not been
the case to date. This depends on the company’s interna-
tional ambitions.
Given that there are scarcely any transactions in foreign
currencies other than that reported, exchange rate risk is
minimal. To reduce credit risk with each counterparty, or in
each market, Centric has implemented a number of policies
and course of actions. These procedures and the spread
across multiple customers reduce Centric’s exposure to credit
concentration and market risks. Projects are also invoiced in
relation to their progress.
Available liquidity is kept with AAA credit-rated banking
institutions.
Centric monitors its liquidity risks for fund shortages using a
liquidity-planning tool. This tool takes both investment and
operational cash flow maturity into account.
The Centric Group seeks a balance between continuity in
financing and flexibility by using credit facilities, loans and
shareholders’ equity.
Gouda, 28 April 2008
Ir. G.P. Sanderink
17
General Director
17
 Shirt sponsor
Doetinchem-based football club De Graafschap
sported both Centric and Oranjewoud names on
the shirts throughout the 2007 season. Centric and
De Graafschap were already old acquaintances
prior to 2007. From 1999 to 2004 Centric was also
emblazoned on the club’s shirts. It is the intrinsic
nature of both these parties that led to this long-standing
alliance. The Superboeren (or Super peasants) and their
supporters are known for their dedication, their straight-
forward attitude and their never diminishing faith in a
18 good outcome. Characteristics with which Centric feels
perfectly at home.
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19
 Activities
Centric started out originally as an ICT company
that offered total solutions for various sectors. In 2005
however, Centric added new services to its existing
activities. The company has expanded adding two new
divisions that were incorporated into the Centric organi-
sation under the names of Finace and Oranjewoud.

Finace focuses on providing administrative and finan-

cial services. The main emphasis lies on finance, the
combination of finance/ICT and information security. In
addition Finace offers secondment and back-office
activities to the insurance and pension sectors.
Oranjewoud provides engineering and consultancy
services. The main emphasis lies on urban development,
mobility, construction, real estte, nature and the landscape,
20 water, environment, safety, and sport and recreation.

20
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ict
services
32

financial
services
36
Engineer-
ing and
Consul-
tancy Ser- 21

vices 21
 ICT Services
The ICT organisation of Centric (Centric Holding B.V.)
delivered outstanding results in 2007. Market investment
readiness was high due to the flourishing economy. All three
divisions (IT Solutions, Software Engineering and Managed
ICT Services) capitalised on this.
Despite the ICT organisation managing to deliver great
results, the tight labour market proved a major factor
throughout the organisation in 2007. It forced Centric to find
creative ways of recruiting and retaining employees. 2007
saw the start of intensive collaboration with a number of
colleges and universities, including the setting up of joint
research projects, organisation of workshops and establish-
ment of trainee positions. Initial results of the collaboration
are very promising. A widespread recruitment campaign was
organised in the second half of 2007, and launched at the
start of 2008. Simple recruitment incentives, for example the
third party introduction bonus, seem to be working well.
Employee retention is just as important as recruitment of
new personnel, and to this end Centric is dedicating much
effort to training programmes and careers advice.
22
22
International collaboration
Centric is increasingly considering the possibilities of off-
shoring. Offshoring may be a good option for long-cycle
development processes. Centric does not favour offshoring
for client-specific software development and short-cycle
development processes, for example those in local
government. In such cases it is preferable to stay close to the
market.
Exploration of offshoring possibilities has resulted from
the need for more flexibility in development resources.
Contacts were established and/or pilot programmes launched
in Russia and Romania in 2007. Centric is also currently
engaged in selection talks with companies in India. The
organisation is keen to find companies that fit in culturally
with Centric. This means that they must have a pragmatic
approach and be able to demonstrate expertise in .Net/Java/
Oracle and Progress.
As well as third party joint ventures, Centric is also explor-
ing the possibility of establishing its own offshore facility in
Romania.
Both the Software Engineering and IT Solutions divisions
intend to use such activities for sourcing project staff and/
or outsourcing development projects. It is becoming more
commonplace for development projects in sectors such
as financial services and central government to be out-
sourced, necessitating increased development resources to
be available. Offshoring activities have to be on target by the
end of 2008.
IT Solutions
The IT Solutions division is proud to present its review
of an outstanding 2007. Turnover and profit increased
sharply across the board. IT Solutions invested heavily in
innovative products in 2007. There was also growth through
strategic acquisition, underpinning IT Solutions’ presence
in the Netherlands, Belgium and Germany. All these develop-
ments generated new dynamics.
IT Solutions develops and implements standard solutions
for sector-specific business-critical processes, supplying the
requisite hardware too. IT Solutions is the largest Centric
division and has established a strong foothold, in particular in
the public sector, real estate, healthcare and supply chain.
International growth
IT Solutions made some major international steps in 2007.
With the acquisition of altro consult’s SAP-HR operations
and Centric IT Solutions Germany (formerly SP Solution)
in January, it formed a solid base in the German-speaking
region for future expansion. The strong upward trend in
Belgium continued, due among other things to the acquisi-
tion of Real Software’s retail operations (now called Centric
Retail Solutions Belgium). IT Solutions is enthusiastic about the
growing collaboration and exchange of expertise between
its Dutch and Belgian offices.
Expansion of operations
IT Solutions performed particularly well in 2007 in the
four main verticals in which it operates: public sector, real
estate, healthcare and supply chain. IT Solutions has also
established itself as one of the largest sector-specific
suppliers of software to local goverments. Last year the
division again launched several fine applications in the
market, most notably in the field of electronic services. The
government’s decision to develop electronic child records
23
decentralized presented Centric Healthcare Solutions with a
lot of new orders. Centric Healthcare Solutions also secured 23
 a firm base in hospitals.
IT Solutions assumed responsibility for part of LogicaCMG’s
payroll services in 2007, doubling its share in this commer-
cially interesting market of salary and personnel information
administration.
Divisional innovations
In 2007 the majority of the division’s innovations were
launched in the supply chain vertical. IT Solutions succeeded
in integrating all (partial) supply chain solutions within three
overall concepts: LogiWorld, StoreWorld and TradeWorld.
These three architectures are also able to communicate
flawlessly with each other. Initial market response has been
enthusiastic.
A special component of LogiWorld is Roady Fleet Management
Solutions, a complete mobile application for the transport
sector. Roady is the culmination of the joint efforts of three
different Centric subsidiaries: Centric TSolve, Centric Software
Engineering and Centric Logistic Solutions. It is a fine example
of the cross-divisional collaboration that Centric is striving for.
Another major development in IT Solutions was the launch of
24
Centric Narrowcasting Solutions. Narrowcasting involves inter-
24 active communications using digital screens and information
kiosks. Centric Narrowcasting Solutions is focused on the sale
and operation of narrowcasting networks and the provision of
sector-specific content.
Furthermore the Systems & Services cluster and Rijnmond-
South Medical Centre joined forces to develop a smart patient
card. This replaces the traditional punch card and provides the
basis for optimising patient flow through the hospital.
Inspirational orders and partnerships
IT Solutions added several inspirational projects to its
portfolio in 2007. In the government market many clients
switched to products in the Centric Melodies product line,
launched in 2006. The Real Estate Solutions cluster achieved
growth in the number of construction industry clients.
There is a growing trend amongst such clients to purchase
complete product suites, i.e. payroll applications and docu-
ment management systems in addition to the ERP system
itself. The number of housing corporation clients remained
stable, with many corporations renewing contracts or
switching to the new product Wocas4all. In the supply
chain sector, new clients in both Belgium and the Nether-
lands purchased the Locus warehouse management system.
IT Solutions was the first Microsoft Dynamics AX partner to
implement version 2.1 of Microsoft’s Retail Chain Manager
solution in an electronic goods chain.
In September a partnership was formed with the Swedish
firm IFS, global supplier of component-based business soft-
ware. In November Centric and IFS launched the joint retail
solution end2end retail, a combination of IFS’ latest ERP
solution and Centric’s point-of-sale and warehouse manage-
ment solutions.
Products taken over from LogicaCMG gave subsidiary XCent
the incentive to set up the XCent service centre for in-house
payroll administration. Several new outsourcing clients have
been acquired and the outlook is good.
Priorities in 2008
2008 also promises to be a dynamic year for IT Solutions.
Many of the supply chain applications developed during
2007 will be rolled out on a large scale. Clients in the govern-
ment sector will also be offered innovative applications
in response to changing government policy. IT Solutions
aims to play a significant role in the introduction of base
administration systems, mid-offices and the development of
open standards.
IT Solutions will continue to pursue its international strategy,
particularly in the German-speaking region and Scandinavia,
with new acquisitions expected in both regions. Subsidiaries
currently engaged in secondment services in Belgium will
collaborate more closely in 2008 and present themselves to
the market under a unified image.
Software Engineering
The Software Engineering division really did feel the effects
of the tightening labour market in 2007. While turnover
and profit increased, growth would have been significantly
higher had there been a greater intake of personnel. In 2007
Software Engineering strove towards continuing profes-
sionalisation and healthy growth.
Software Engineering develops, manages and tests
customer-specific bespoke software. Development activi-
ties take place on both a secondment and a project basis.
Software Engineering’s primary focus is on the financial
services, travel and central government sectors. Walvis
Software, Centric e-Technology and Fintrans, all three of
which are involved in bespoke projects and component
25
development, merged in 2007 to form Centric Software
Engineering B.V.. 25
 IT staff shortage
One of Software Engineering’s principle activities is
the secondment of software developers. In order to
satisfy the growing demand for IT personnel, Software
Engineering used lone self-employed people in 2007 to
a greater degree. In the main, lone self-employed people
are highly motivated, expert professionals. The fact that
they are not in permanent employment gives Software
Engineering the flexibility it needs.
The shortage of IT personnel has another consequence
insofar as customers that have a master agreement with
Software Engineering are making greater use of Key
Performance Indicators (KPIs) as a means of securing the
supply of adequate personnel. This places an additional
quality requirement on Software Engineering.
Excellent projects
Software Engineering also applied itself creatively in 2007
to technically advanced and high value products and tech-
nologies. For example, the Electronic Work Permit (EWP)
was developed for a large petrochemical organisation.
26
This application is for the issue of work permits for
26 maintenance and contract partners at production sites
worldwide. Centric plans to sell the EWP application to
other organisations. In the financial services and central
government sectors, Software Engineering also secured
new master agreements, bespoke orders and orders in the
field of applications management, maintenance and hosting.
Qualityhouse released the book ‘V2M2 a Verification and
Validation Maturity Model, improving test practices &
processes’. V2M2 is the model for improving professional
testing of software. Qualityhouse developed V2M2 in
conjunction with Eindhoven Technical University and
several large industrial partners, for example Philips, Thales
and Lucent Technologies.
Priorities in 2008
Software Engineering will focus on the continuing profes-
sionalisation of its organisation and operations. 2008 will see
investment in staff, the organisation and its products. There
is a growing trend amongst Software Engineering’s larger
customers to opt for co-sourcing or outsourcing of entire
development processes. By consolidating its position through
secondments, Software Engineering will be able to qualify
more readily for such large projects in 2008.
In the financial services sector, the emphasis is upon an
integrated project approach. Centric will be able to meet this
demand by extending commercial collaboration internally.
To this end, expertise in the areas of software testing and
development, consultancy and project management will be
combined with in-house concepts and methodologies to
create the Centric Management Approach and Centric
Portfolio Management.
Collaboration between IT Solutions and Software Engineer-
ing will be taken further in 2008, even across borders.
In Belgium a centre of expertise will be established for
Oracle solutions for both the Dutch and Belgian markets. The
Belgium-based Oracle bespoke work team will be expanded
for this purpose. The aim is also to collaborate more with
Centric subsidiary Finace. Such collaboration will be aimed
primarily at business consultancy. Both parties will exchange
consultancy requests and meet the demand for co-sourcing
and outsourcing jointly. Finace’s existing financial expertise
may also be used in the development of software for the
financial markets.
Managed ICT Services
Managed ICT Services made a major leap in 2007.
Operations have expanded significantly in both a qualitative
and quantitative sense. Thanks to this substantial growth,
Managed ICT Services is now one of the leading Dutch
service providers for office automation and infrastructure
management. The organisation also got top marks last year
for customer satisfaction.
Managed ICT Services delivers a range of services for
ensuring the continuous availability and support of (office)
automation. Such services include setting up and managing
entire ICT infrastructures, supplying ICT professionals and
training users and ICT specialists.
An advantage is that operations are implemented
regionally under central control. Central control results
in proven concepts and techniques being used to the full,
thus securing quality of service. Regional focus means that
customers are able to deal with a responsive supplier and
short lines of communication. Employees also benefit from the
regional nature because of reduced commuting times.
27
27
 Breakthrough
2007 will go down in the history books as the year that
Managed ICT Services made a breakthrough in workplace
management. New joint ventures meant that the number
of workplaces managed on the basis of result commitments
rose to more than 100,000. This fact establishes Managed
ICT Services as a serious provider of such services in the
Benelux region. Several contracts covering in excess of 10,000
workplaces prove that the organisation is able to handle even
major outsourcing orders.
Entire infrastructures
2007 also signified a breakthrough for Managed ICT
Services in qualitative terms. Centric redesigned the entire ICT
infrastructure (including infrastructure management) for all
businesses in the TBI construction and engineering group.
The resulting innovative, low-maintenance infrastructure is
based on the latest Microsoft technology and gives users
maximum flexibility. This project reaffirms Managed ICT
Services’ position as the leader in the construction and
28
management of complex infrastructures.
28
Internal priorities
In 2007 Managed ICT Services devoted tremendous
effort to the continuing professionalisation of its internal
organisation. There is increased central coordination of
supporting staff activities for finance, marketing, human
resource management and internal automation. These
shared services are utilised by various divisional business
units. Such changes appear to have both reduced costs and
increased quality. Improved reporting has facilitated tighter
control of both project and secondment operations.
The takeover of IT service provider APEM reinforced
the market position in Belgium, while operations in the
field of software asset management were given a more
professional touch by the takeover of Lindeberg IT Solutions.
The latter organisation hanles software registration,
packaging, distribution and streaming.
Customer satisfaction
Centric is a people-based organisation working in partner-
ship with other people. It is therefore essential that customers
are satisfied with our service. We are proud of the fact that
Centric excelled once again as one of the best suppliers of
office automation services in the external and independent will witness additional focus in recruiting new and retaining
market survey ‘Outsourcing Performance 2007’, carried out existing employees. The core objectives for 2008 remain:
by Giarte and Morgan Chambers. Most notably, Managed to achieve growth across the board in office automation,
ICT Services scored top marks for customer satisfaction. A to remain the best performing organisation and to maintain
major indicator of customer satisfaction is the fact that the or improve existing levels of customer satisfaction.
rate of contract renewals has remained high for the past
several years. Our crystal clear calculation methodology is
one of the things that customers value greatly. It gives them
a full breakdown and understanding of costs and terms
and conditions before and during the term of the contract.
Customers also greatly value the solution-oriented approach,
something that is characteristic of Managed ICT Services.

Outlook for 2008

The outlook for 2008 is positive. Unrest and shifts amongst
the competition tend to work in favour of a sound organisa-
tion such as Managed ICT Services. What we see is that our
organisation is becoming involved in major initiatives more
frequently, providing new opportunities for securing long-
term contracts. The path ahead is clear for future growth,
both in Belgium and the Netherlands, with the overall goal of
29
establishing ourselves as a strong Benelux organisation.
As the labour market again requires much attention, 2008 29
 Decision maker
The Finace Decision Maker was produced for the
Finance Transformation conference, which Finace
helped organise in late 2007. This gadget was handed
out to a large number of decision makers from the field
of Finance visiting the conference. This item struck at
the core of Finace’s services, ‘What do you base your
decisions on?’ Good results can only be achieved if you
30 are in control of your company’s operating processes.
Finace supports its customers by helping them to be in
control.
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31
Annual Report Memories 2007
 Financial Services
Two important goals for Finace in 2007 were the contin-
uing professionalisation of its internal organisation and
the broadening and deepening of operations. Following a
dynamic year, Finace reported at the start of 2008 that both
goals had been achieved.
Finace has been part of the Centric organisation since 2005.
Its range of services include secondment, consultancy and
business process outsourcing in the areas of finance, HR,
insurance and information security. In the event of
insufficient in-house ICT knowledge, Finace can draw on
Centric’s own experience and expertise.
eight labels
In 2007 much effort was put into strengthening the internal
organisation and making it more flexible and more market
oriented. The various operations were incorporated under
eight labels: Finace Financial Services (support for financial
business processes), Adfintage (employment services for
financial personnel), Capital H (HR support and payroll
32
administration), Risk Executives (employment services for
32 insurance and pension professionals), Consultancy (assis-
tance with business operations issues), Finace Service
Centre (shared services for finance, HR and ICT), Lxy (business
process outsourcing) and Comris (information security).
This extensive range of services enables Finace, together
with Centric, to provide full support to its clients’ internal
operations.
Finace culture
Finace is a culture-driven organisation. Finace employees have
character and are pragmatic and committed. They know how
to identify problem areas and initiate change. This combina-
tion of executive and consultancy capabilities is what sets
Finace apart from the competition.
Despite the tight labour market, Finace’s headcount
increased in 2007 by some 11 per cent to 781. The percent-
age of staff with a university education has also increased
year on year.
Opportunities for growth
Finace is constantly on the lookout for market trends that
provide opportunities. An example of this is the rapidly
spreading trend amongst organisations to optimise and
outsource HR activities (in addition to ICT and finance).
Capital H managed to benefit from this trend in 2007.
There is a continuing and considerable demand for sector
specialists: people who not only understand finance or HR,
but who are also familiar with the client’s own business.
Finace has anticipated this by establishing four sector groups:
Government/Non-profit, ICT/Telecom, Trade & Industry and
Financials. Each group has its own sector-specific expertise
enabling clients to be provided with a more personalised
service.
Priorities in 2008
Finace anticipates further growth in 2008. The main oppor-
tunity for growth exists in the Financials and Government/
Non-profit sectors. Increased synergy between the different
business units will result in a wider range of services being
on offer to clients. Employee satisfaction remains a policy
priority, as will opportunities for continued career develop-
ment. Finace will strive continuously to increase added value,
for both its employees and its clients.

Some projects
Finace carried out work for 143 clients in 2007. Projects were
undertaken for clients such as KPN, Unilever, the Ministry
of Transport & Public Works, MeesPierson, Fortis Corporate
Insurance, Amsterdam Local Authority and Rotterdam Local
Authority.
A good example of a project is the international audit carried
out by Finace for British Telecom. The audit was conducted
by several Finace business units who were also able to use
this project for training purposes. The global audit for BT is a
good example of a client-Finace partnership.
33

33
34

34
Perfect giveaway
Three years ago Oranjewoud distributed shopping
trolley tokens in response to huge a demand for such
items. They are the perfect giveaway and are snapped
up in no time at trade shows and other events. In the
meantime Oranjewoud has handed out over three
thousand tokens. Funny detail: tokens sent in the
first batch were too small for Dutch shopping trolleys! 35
A manufacturer’s error. Oranjewoud now sends out
these tokens to fanatical collectors.
35
 Engineering and Consultancy Services
Oranjewoud N.V. was able to capitalise on the favourable
economic climate in 2007. Growth objectives were reached,
in some cases far exceeded, through independent growth and
acquisition. Organisational changes generated consider-
able cost savings too. All these efforts combined to result in
a substantial increase in turnover and profit.
Oranjewoud is one of the largest engineering and consul-
tancy firms in the Netherlands, operating across a broad
spectrum of infrastructure, urban development, nature
and landscape, the environment, safety, real estate and
sport. Operations also include realisation and secondment
operations. Oranjewoud has offices in the Netherlands,
Belgium, France and the United States.
Engineering and Consultancy Services
takeovers
Oranjewoud added businesses to its existing portfolio
in all three core segments (engineering and consultancy,
secondment and contracting). The engineering and con-
sultancy services took over A+D Engels, Belconsulting
36
and sister company Belcoplan, all based in Belgium. These
36 organisations provide engineering and consultancy services
in relation to infrastructure and the environment. The take-
overs allowed Soresma, Oranjewoud’s Belgian subsidiary,
to reinforce its geographical footprint in Flanders. Oranje-
woud also acquired a 25 per cent stake in Groenland Beheer,
involved in rural development. Over time Oranjewoud will
gain complete ownership of Groenland Beheer.
International ambitions
Oranjewoud has been a member of the global environmen-
tal alliance Inogen for several years. Inogen aims to provide
international customers with high value services. As a
member of Inogen, Oranjewoud established good working
relationships with the American Delta consultancy firm. The
process of intensifying collaboration culminated with the
complete takeover of Delta Environment Consultants Inc.
in January 2008. Its extensive network was an important
argument for the takeover of Delta. This simplifies Oranje-
woud’s endeavour of establishing a market presence in a
range of countries throughout the world.
realisation and secondment
Oranjewoud’s realisation activities were transferred to
Oranjewoud Realisatie Holding in 2007. To assist in the
growth of realisation activities, a 50 per cent stake was
acquired in 2007 in Boralit, a company focusing on
underground infrastructure. On 1 January 2008 Oranjewoud
Realisatie and Ten Cate jointly took over Edel Grass, a
leading supplier of artificial grass systems. On 1 January 2008
Van der Heide, a technical installation company specialising
in lightning and cathodic protection systems, also joined the
ranks. Oranjewoud Realisatie performed solidly in 2007, with
profit exceeding expectations. The business groups Sport
and Techniek Noord performed particularly well.
Oranjewoud’s secondment branch, in which TecQ and
Interstep were already active, was strengthened last
year with the acquisition of Nexes Services (electrical
engineering) and des Corps (secondments for the (petro)
chemical industry, etc.). Des Corps is being integrated within
existing secondment operations, whilst Nexes Services is due
for integration at a later date.
Secondment offices reported strong results.
Engineering and Consultancy Services
performance
All engineering and consultancy services divisions achieved
better results in 2007 compared to 2006, and also exceeded
2007 budget provisions. The profit increase in the Spatial
planning & Mobility division was largely attributable to the
Real Estate business group, which suspended operations in
the area of General Contracting and since 2007 has been
concentrating exclusively on engineering and consultancy.
The Soil Advice and Environmental Management busi-
ness groups showed particularly strong results in the
Environment & Safety division. A growing number of
international oil and chemical concerns are outsourcing
environmental consultancy services globally. Oranjewoud’s
takeover of Delta puts it in a better position to follow these
global trends.
Operations in Belgium and France grew in Belgium as a
consequence of the takeover of A+D Engels, Belconsulting
and Belcoplan, whilst in France things were a little more
static. 2007 results were strong: at a combined level, opera-
tions in these countries were more profitable than had been
37
expected.
37
 Employees image as a reputable employer. In addition to fulfilling its
Employees are Oranjewoud’s most important asset; without ambitions for further growth, Oranjewoud will also be
employees there is no success and no growth. Employee focusing on the successful integration of those businesses
trust and pride rose sharply last year in connection with the already taken over.
spectacular results. The organisation is benefiting from the
resulting energy and drive.
The total Oranjewoud headcount increased from 1,853 at
the close of 2006 to 2,219 at the end of 2007. Growth was
almost entirely due to takeovers, mainly in the secondment
branch.

Outlook for 2008

Oranjewoud will continue to profit from economic con-
ditions in 2008. The extent to which this actually happens
depends on the availability of qualified personnel. To this
end, Oranjewoud will be promoting itself as a desirable
employer in a large scale labour market campaign in 2008.
Oranjewoud also has major international ambitions, with
opportunities in Scandinavia, the United Kingdom, France,
Germany and Spain. There are also extremely promising
38
project opportunities in China, Kuwait and Russia. Oranje-

38 woud’s increasing international presence will reinforce its

 39

annual ac-
counts
 44
Key figures

45
consolidated balance sheet

46
consolidated profit and loss account

47
consolidated cash flow statement

48 Accounting policies for the consolida-

tion, valuation and determination of
profit (loss)

54 Notes to the consolidated balance

40
sheet
40
Notes to the consolidated profit and
62
loss account

65
statutory balance sheet

66
statutory profit and loss account

notes to the statutory balance sheet

66
and profit and loss account

69
Supplementary information

70
Auditor’s report 41

41
 Jan Pieterszoon
Coen prize
In late 2006 Gerard Sanderink received the Jan
Pieterszoon Coen Prize on behalf of Centric. This
public prize is presented annually by Ernst & Young to the
best-performing ICT company in the Netherlands in
the areas of quality and service. The result is based on
the findings of the annual Trends in ICT survey held
42 among directors, managers and professionals. As a sign
of this honour and our pride you can find plaques in
every office location with a reference to the prize.
42
43

43
 Key figures

(in thousands of euros) 2007 2006 2005 2004 2003

Profit (loss)
Net turnover 788,933 631,047 353,295 274,284 234,946
Net profit (after tax) 51,942 39,098 23,007 15,718 13,738
Cash flow* 71,176 51,056 28,845 20,642 18,367

Capital
Total equity 102,783 68,988 36,288 61,744 49,123
Total assets 319,396 251,366 185,568 129,875 112,103
Shareholders’ equity/
Total assets 29% 25% 19% 47% 43%

Employees
Average number 7,436 6,552 5,350 2,972 2,572

44

44 * Cash flow: net profit including depreciation and amortization of fixed assets
Consolidated balance sheet
(after appropriation of profit)

(in thousands of euros) 31-12-2007 31-12-2006

Assets
Fixed assets
Intangible fixed assets 53,647 31,283
Tangible fixed assets 23,314 20,146
Financial fixed assets 6,822 5,654
83,783 57,083

Current assets
Inventories 24,357 18,129
Trade and other receivables 193,511 161,086
Stocks and shares 0 0
Cash and cash equivalents 17,745 15,068
235,613 194,283
319,396 251,366

Liabilities
Shareholders’ equity 94,191 63,937
Minority interest in group capital 8,592 5,051
Total equity 102,783 68,988

Provisions 15,118 19,883

Long-term liabilities 9,218 8,957
45
Current liabilities 192,277 153,538
319,396 251,366 45
 Consolidated profit and loss account

(in thousands of euros) 2007 2006

Net turnover 788,933 631,047

Deferred production 0 0
Total operating returns 788,933 631,047
Cost of hardware and software 130,815 35,296
Subcontracted work and other external charges 216,218 249,053
Wages and salaries 305,998 240,445
Social security contributions 42,726 43,627
Depreciation and ammortization
of fixed assets 19,234 11,958
Total operating expenses 714,991 580,379

Operating profit (loss) 73,942 50,668

Financial income 8,277 3,926
Financial expenses 8,522 4,341
Financial income and expenses -245 -415
Profit (loss) on ordinary
activities before tax 73,697 50,253

Income tax 19,368 9,767

Share in profit (loss) of participating interests -33 0
Profit (loss) on ordinary
activities after tax 54,296 40,486
46
Minority interest in group profit (loss) -2,354 -1,388

46
Profit (loss) after tax 51,942 39,098
Consolidated cash flow statement

(by the indirect method,

in thousands of euros) 2007 2006

Cash flow from operating activities

Profit (loss) after tax 51,942 39,098
Minority interest 3,541 3,431

Adjustments for:
Depreciation 19,234 11,958

Movements in:
Inventories -6,228 -11,557
Trade and other receivables -32,425 -32,357
Provisions -4,765 -4,114
Current liabilities 38,739 31,518
-4,679 -16,510
70,038 37,977
Cash flow from investing activities
Balance of additions to and disposals of:
Intangible fixed assets -32,977 -32,795
Tangible fixed assets -11,789 -8,853
Financial fixed assets -22,856 -9,130
-67,622 -50,778
Cash flow from financing activities
47
Movements in:
Long-term liabilities 261 5,694 47

Net cash flow

(movement in cash and cash equivalents) 2,677 -7,107
 Accounting policies for the consolidation,
valuation and determination of profit (loss)

Pension schemes Accounting policies for the consolidation

Pension schemes conform to Dutch Guidelines for Annual In the consolidated annual accounts of Centric B.V. all
Reporting (RJ 271) ‘Employee Benefits’ and qualify as defined companies in which Centric B.V. has a majority control
contribution schemes. are consolidated. The results of companies taken over are
As a result of various mergers in previous years there are recognised in the consolidated profit and loss account from
a few employees with non-standard schemes in which the time of acquisition.
the pensionable salary is fixed at the level of the end of Unless otherwise specified, all amounts are given in
December 2002. thousands of euros.
From that date no account has therefore been taken of
future career developments, salary changes and annual The following companies are fully recognised in the
indexation. For these reasons there is a very limited risk for consolidated annual accounts.
the employer and there is no obligation for this evident
in the Annual Account.
As a result of acquisitions throughout 2007 there are still Centric Holding B.V., Gouda 100%
limited instances of defined pension schemes. Oranjewoud N.V. , Gouda 89,45%
Due to changes in Oranjewoud N.V. pension schemes these Finace B.V., Amstelveen 100%
have been designated as defined contribution schemes
effective 01 January 2007. A full list of the consolidated group companies has been filed
Pension schemes are based on a premium that is a fixed with the Rotterdam Chamber of Commerce.
percentage of pensionable earnings. Employer premium
contributions are recognised in the profit and loss account.
48

48
Accounting policies for the valuation of assets
and liabilities
Unless stated otherwise, assets and liabilities are recognised
at nominal value.
Intangible fixed assets
Goodwill
Goodwill, paid when acquiring companies, is the amount
by which on the initial incorporation the cost price of
an entity exceeds the net market value of the identifiable
assets. The goodwill concerned is deducted directly from the
shareholders’ equity.
If, when acquiring an entity, separate identifiable intangi-
ble assets are observed, these are deferred and depreciated
over the relevant depreciation period. A depreciation period
varying from eight to twelve years applies to the value of
customer portfolios, depending on the type and anticipated
‘churn-rate’. A depreciation period of six months to one year
applies to an order portfolio’s value.
Goodwill paid upon the takeover of activities is deferred and
depreciated by the straight-line method over a period of ten
years. As a result of legal restrictions in Norway goodwill
resulting from takeover of activities is depreciated over a
period of five years.
Intangible fixed assets relating to the deferral of software
packages developed in-house are depreciated during the
period in which the sale of the packages concerned is
expected to occur.
Patents
Patents are carried at acquisition price net cumulative
depreciation and any impairment losses. Patents are
depreciated by the straight-line method over a period of
five years.
49
49
 Tangible fixed assets
Tangible fixed assets are valued at purchase price less
depreciation using the straight-line method based on
the expected service life and any cumulative exceptional
downward value adjustments.
In the year investments are made depreciation is propor-
tional to time. Depreciation percentages are as follows:
Buildings/Land 4% / 0%
Furniture and fixtures 20%
Computer hardware 33 1/3%
Computer software 33 1/3%
A tangible fixed asset is no longer included on the balance
sheet if it has been disposed or if there are no economical
benefits from its use or disposal expected. Any profit or
loss resulting from the deletion of the asset is recognised in
the profit and loss account of the year in which the asset is
removed from the balance sheet. The residual value, the
useful life and the evaluation methods are assessed and, if
50
necessary, adjusted at the end of the financial year.
50
Financial fixed assets
Financial fixed assets include those group companies
(subsidiaries) carried at net asset value as well as any
loans carried at nominal value net of a provision for non-
recoverable debts.
Participations where the company has no significant influ-
ence over financial or business policy are carried at
acquisition price or realisable value (i.e. the present value of
a company or the disposal value, whichever is higher). The
dividend is recognised as profit from participation in the
profit and loss account.
Deferred tax assets are calculated at the nominal value
rate that will most likely be applicable at the time of the
settlement. Tax assets are recognised if it can be reasonably
expected that they can be set off against taxes payable in the
coming years.
Deferred tax assets and liabilities within the same fiscal
unit are balanced wherever realisation runs simultaneously.
Insofar as an asset bear relations to an estimated maturity
of more than one year said asset is recognised as a financial
fixed asset.
Inventories
Trading stock is carried at historic trade price net of a
provision for obsolescence. Assets in progress are carried on
the basis of incurred direct costs and an attributed share of
the indirect costs, less any provisions deemed necessary.
The costs incurred on projects that are in the quotation stage
on the balance sheet date are deferred, assuming an average
historic chance of success.
Profit and loss on projects is taken into account on a pro
rata basis with respect to project progress (percentage
completion method).
Trade and other receivables
Trade and other receivables are recognised at nominal value
net of a provision for non-recoverable debts.
For reasons of prudence, trade and other receivables in
respect of ESF subsidies have been valued at nil.
Provisions
Provisions are recognised at nominal value with the
exception of the provision for pensions and the provision
for jubilee payments. In as far as there is a defined pension
scheme a provision for pensions is included in the
balance sheet as the balance of the cash value of the assigned
pension entitlements for the elapsed pensionable
service minus the market value of the fund’s investments.
Pension provisions also include the cash value of past-service
commitments. The provision for jubilee payments is based on
actuarial future payments, discounted, taking into account
risks of employment termination and death.
A provision for deferred tax liabilities is created at the
current tax rate. If losses can be set off against tax, this
will be taken into account when calculating the deferred
taxation. Deferred tax assets will only be taken into account
if it may be reasonably assumed that they can be set off.
51
51
 Currency conversion
A transaction in foreign currencies is valued at the initial
processing at the exchange rate upon the transaction date.
Assets and liabilities for foreign currencies are converted at
the exchange rate on the balance sheet date. Income and
expenditure for foreign currencies are converted at the
financial year’s average exchange rate. Differences in this
respect are incorporated directly into the exchange
differences reserve.
Accounting policies for determining
profit (loss)
Net turnover
Net turnover is recognised in the period in which the basic
underlying service was rendered, or the delivery was made.
Costs
Costs are determined subject to the aforementioned
accounting policies for valuation and allocated to the
financial year to which they relate. Profits are recognised in
the year in which the goods were delivered or the services
52
rendered. Losses are taken into account in the year in which
52 they are foreseeable. Profit and loss on projects is taken into
account on a pro rata basis with respect to work progress
(percentage completion method).
Depreciation
Depreciation occurs on a time apportionment basis
according to the estimated service life. Depreciation on
purchases made in the financial year occurs in proportion to
time.
Income from group companies
Income from group companies is recognised according to
valuation at net asset value.
Extraordinary income and expenditure
Extraordinary income and expenditure include any incomes
and expenses not stemming from ordinary activities.
Income tax
Income tax is calculated on the basis of the recognised
result, taking into account any items eligible for tax
exemption and costs not, or not entirely, deductible. Income
tax is proportionately allocated to the profit (loss) on ordinary
activities and extraordinary results.
Accounting policies for the cash flow statement
The cash flow statement is drawn up using the indirect
method. Amounts received and paid relating to interest
and profits taxes are included in cash flow from operational
activities.

Sums for acquiring new group companies, when paid with

cash and cash equivalents, are included in cash flow from
investing activities. On acquisition, cash and cash equivalents
available in new group companies are incorporated into cash
flow from investing activities.

53

53
 Notes to the consolidated balance sheet
(in thousands of euros)
Mergers and acquisitions
On 1 January 2007 Oranjewoud took over the assets and
liabilities of A+D Engels. Profits and losses have been
consolidated with Centric B.V. annual accounts effective as
of the takeover date.
On 16 January 2007 Centric took over part of Real Software’s
activities in Belgium. Profits and losses have been consolidated
with Centric B.V. annual accounts effective as of the takeover
date.
On 25 January 2007 Centric took over part of Cable1’s activi-
ties. Profits and losses have been consolidated with Centric B.V.
annual accounts effective as of the takeover date.
On 31 January 2007 Centric took over shares in the German
companies SP Solution GmbH and altro consult Deutschland
GmbH. Profits and losses have been consolidated with Centric
B.V. annual accounts effective as of the takeover date.
54
On 5 March 2007 Finace took over all shares in Fiditem B.V..
54 Profits and losses have been consolidated with Centric B.V.
annual accounts effective as of the takeover date.
On 27 April 2007 Oranjewoud took over all shares in Nexes
Services B.V.. Profits and losses have been consolidated with
Centric B.V. annual accounts effective as of the takeover date.
On 16 May 2007 Oranjewoud took over 25% of Groenland
Beheer B.V. shares. Profits and losses have been consolidated on
a pro rata basis with Centric B.V. annual accounts effective as of
the takeover date.
On 7 June 2007 Oranjewoud took over all shares in Dhons B.V..
Profits and losses have been consolidated with Centric B.V.
annual accounts effective as of the takeover date.
On 3 July 2007 Centric took a 30% stake in the company
Centric Narrowcasting Solutions B.V.. This stake has been
consolidated with Centric B.V. annual accounts effective as of
the takeover date.
On 18 July 2007 Centric took over part of the Belgium company
APEM’s activities. Profits and losses have been consolidated
with Centric B.V. annual accounts effective as of the takeover
date.
On 25 July 2007 Oranjewoud took over 50% of Boralit B.V.
shares. Profits and losses have been consolidated on a pro
rata basis with Centric B.V. annual accounts effective as of the
takeover date.
On 28 August 2007 a legal merger took place between
Centric Healthcare Solutions B.V. (acquiring company) and
the companies Prevalent Informatiesystemen B.V., Dataswiss
Solutions of the Benelux B.V. and Prevalent Business
Solutions B.V.. Figures were merged as of 1 January 2007.
On 28 August 2007 a legal merger took place between Centric
Software Engineering B.V. (acquiring company) and the compa-
nies Walvis Software B.V. and Fintrans B.V.. Figures were merged
as of 1 January 2007.
On 28 August 2007 a legal merger took place between
Hannover Milieu- en Veiligheidstechniek B.V. (acquiring com-
pany) and the companies Oranjewoud Infragroep B.V., Bosma’s
Uitvoeringsmaatschappij B.V. and BVN Raadgevend Ingenieurs-
bureau B.V.. Figures were merged as of 1 January 2007.
On 28 August 2007 a legal merger took place between
Centric Managed ICT Services B.V. (acquiring company) and the
companies Netwatch Holding B.V., Centric Managed ICT
Services Utrecht B.V. and Centric Managed ICT Services Emmen
B.V.. Figures were merged as of 1 January 2007.
On 1 October 2007 Centric took over part of Logica CMG
Nederland’s activities. Profits and losses have been consolidated
with Centric B.V. annual accounts effective as of the takeover
date.
On 31 October 2007 a legal merger took place between
Ingenieursbureau Oranjewoud II B.V. (acquiring company)
and the companies Multihouse Ventures B.V., Multihouse
Applicaties B.V., EQ International B.V., KSI Licences B.V., KSI
International Nederland B.V., KSI Financiering B.V. and KSI
Projectbureau B.V.. Figures were merged as of 1 January 2007.
On 2 November 2007 Centric took over all shares in Lindeberg
IT Solutions B.V.. Profits and losses have been consolidated with
Centric B.V. annual accounts effective as of the takeover date.
On 19 December 2007 Centric took over all shares in the
German company InOne Holding GmbH.
55
55
 Intangible fixed assets
Intangible fixed assets relate to goodwill paid upon takeover of activities, deferral of software packages developed in-house,
as well as the identifiable value of customer portfolios, Oranjewoud N.V.’s order portfolio and patents, as identified by results
of the Purchase Price Allocation performed.

Goodwill Software Other Total

Balance at 31-12-2006 33 1,530 29,720 31,283

Paid goodwill/investments 22,445 -1,136 11,668 32,977

Depreciation 2,262 201 8,150 10,613
Balance at 31-12-2007 20,216 193 33,238 53,647

Accumulated depreciation 6,176 204 11,259 17,639

Tangible fixed assets

Buildings Machines & Other fixed
& land equipment operating assets Total
Balance at 31-12-2006 6,316 9,052 4,778 20,146

Investments or takeover 2,986 7,166 2,927 13.079

Disposal of assets 116 770 404 1290
Depreciation 791 5,399 2,431 8,621
Balance at 31-12-2007 8,395 10,049 4,870 23,314
56

56 Accumulated depreciation 5,356 44,298 19,591 69,245

Financial fixed assets
This item is compiled as follows: 2007 2006

Deferred tax assets 981 1,329

Loans receivable 4,558 4,186
Minority participating interests 1,283 139
6,822 5,654
Deferred tax assets
differences between commercial
and fiscal annual accounts 97 633
Tax losses carried forward 884 696
981 1,329

At the end of 2007 tax losses were carried forward to the value of 4.7 million euros (2006: 27.7 million euros).
Tax losses of 2.3 million euros were carried forward for a Belgian subsidiary company.

Loans receivable
Balance of loans at 31-12-2006 4,186
Expansions 484
Repayments 112
Balance of loans at 31-12-2007 4,558

This concerns loans issued to directors and to a participation at an average interest of 6% for which no repayment schedule
and no security have been agreed.

Minority participating interests

Balance of minority participating interests at 31-12-2006 139
Investments/expansions 1,154
57
Disposal of assets 10
Balance of minority participating interests at 31-12-2007 1,283 57
 Participation details stake stake
31-12-2007 31-12-2006

I.V.C. v.o.f. 50,0% 50,0%

Integraal Verkeerssystemen v.o.f. 50,0% 50,0%
Combinatie Nelis Infra - Oranjewoud v.o.f. 50,0% 50,0%
Exploitatie maatschappij ‘De Hardenberg B.V.’ 45,0% 45,0%
EESV Oranjewoud-Spiekermann-APcon 40,0% 40,0%
SV Engineering B.V. 40,0% 40,0%
Stercon B.V. 40,0% 40,0%
Ecosystem Saxonia GmbH 27,5% 27,5%
Groenland Beheer B.V. 25,0% -
Hengelder 2 B.V. 14,3% 14,3%
Wehlse Broek B.V. 12,2% 12,2%
Midex Groep B.V. 33,3% 33,3%
Centric Narrowcasting Solutions B.V. 30,0% 30,0%
InOne Europe AG 52,0% -

Inventories 2007 2006

Trading stock 6,436 8,775
Work in progress 17,921 9,354
24,357 18,129

Trade and other receivables 2007 2006

Trade debtors 152,854 127,068
Accrued assets and other debtors 40,657 34,018
193,511 161,086

58
Trade debtors in Norway are subject to a right of lien with DNB Nor Bank ASA to a value of NOK 22.2 million

58 (2.8 million euros).

Shareholders’ equity
For a clarification of shareholders’ equity, please refer to the Centric B.V. group balance sheet as of 31 December 2007.

Minority interest in group equity

Balance at 31-12-2006 5,051

Movements:
Expansion through acquisitions 1,187
Share of third parties in group result 2,354
3,541
Balance at 31-12-2007 8,592

Provisions Deferred
Jubilee payments Pension tax assets Other Total
Balance at 31-12-2006 3,117 9,314 2,238 5,214 19,883
Allocation 563 252 6,481 2,030 9,326
Withdrawal 73 0 1,547 3,586 5,206
Release 0 8,885 0 0 8,885
Balance at 31-12-2007 3,607 681 7,172 3,658 15,118

Provision for jubilee payments can be considered to be long-term. Release of pension schemes is a result of the conversion of
Oranjewoud N.V. pension schemes to defined contribution schemes.

Deferred tax liabilities

Balance at 31-12-2006 2,238
Reduction in deferred tax assets 6,481
59
Reduction in deferred tax debt 1,547
Balance at 31-12-2007 (debt) 7,172 59
 Reduction of deferred tax assets relates principally to deductions made from Oranjewoud’s taxable profits for 2007. Reduction
of deferred tax debts relates principally to a reduction in valuation differences for Oranjewoud’s work in progress.

Other provisions are mainly short-term provisions for ongoing reorganisations and provisions for project risks as well as
provisions for current procedures.

Long-term liabilities 2007 2006

Balance at 1 January 8,957 3,263
Loans (financial year) 4,902 8,957
Repayments 4,641 3,263
Balance at 31 December 9,218 8,957

The loans item relates to three loans: a bank loan from Centric Norway A.S. (approximately € 5.6 million) at an interest rate for
3 months NIBOR plus an interest surcharge of 1.1% for a duration of five years. The security is all the shares in Xtra Personell
A.S. and for which Centric Holding B.V. has guaranteed an amount of 20 million Norwegian Krones. The remaining two loans
concern a mortgage loan to Oranje C.V. (approx. € 2.2 million) at an interest rate of 5.35% until 2018 and a € 0.7 million loan
at an interest rate of 7.5% and a term until 1 May 2010. Surety has been issued by Dhons B.V. concerning the € 0.7 million
loan. The remaining duration of the loans is longer than five years at an amount of € 1.4 million. That part of long-term debts
(€ 1.1 million) expiring within a year have been incorporated into net current liabilities.

Current liabilities 2007 2006

Trade creditors 47,018 29,748
Repayment obligations 1,132 210
Pension obligations 1,203 0
Taxes and social security premiums 37,117 32,594
Other liabilities and accruals 105,807 90,986
60
192,277 153,538

60
Contingent liabilities not stated in the balance sheet
Contingent liabilities not stated in the balance sheet are future liabilities in respect of the rent payable for office premises and
remaining lease instalments amounting to a total of 127.5 million euros. These total liabilities are payable as follows:

2007 2006
• Within one year 36.6 35.7
• After one year but within five years 67.3 73.5
• After five years 23.6 43.2
Total 127.5 152.4

Centric B.V. and its participations have issued bank guarantees totalling approximately 9.1 million euros (2006: 8.7 million
euros).

Centric Holding B.V. has guaranteed DNB NOR in Oslo an amount of NOK 20 million to meet the liabilities of Centric Norway
A.S. with regard to an agreed loan.
Exchange rate risks are covered by currency option contracts insofar as these present a risk.

Dutch group companies with the exception of Oranjewoud N.V. together form a fiscal unit for corporation tax and are
therefore liable as a whole for the tax debt of the fiscal unit.

The companies’ bank accounts are included in the interest and balance compensation of Centric Holding B.V. and Oranjewoud
N.V. for which several liability has been agreed.

In 2003 Centric B.V. granted employees options of 2,880 shares at a nominal value of one euro. The exercise price is 1,177.05
euro per option and the exercise period is seven years. This will be financed in due time by issuing new shares. The exercise
price is based on a weighted average of the intrinsic value at any time and the capitalized value over the last two years.

61

61
 Notes to the consolidated profit and loss account

Net turnover 2007 2006

Licences 19,999 15,858
Maintenance 88,091 73,737
Services 387,406 301,814
Trade 62,694 56,980
Engineering activities 228,529 181,674
Other 2,214 984
788,933 631,047

Turnover in the Netherlands 612,119 524,326

Turnover in EU 119,626 61,892
Other 57,188 44,829
788,933 631,047

Social security contributions 2007 2006

Pension premiums 1,836 9,839
Other social security premiums 40,890 33,788
42,726 43,627

2007 pension premiums have been written down to a release of 8.8 million euros in relation to the transition in 2007 to a
modified pension scheme at Oranjewoud N.V..
62

62
employees
The average number of employees expressed as full-time equivalents (FTEs).

2007 2006
Managing directors 55 60
Sales & Marketing 580 521
General Management 366 500
Production 6,435 5,471
Total 7,436 6,552

Depreciation 2007 2006

Depreciation of intangible fixed assets 10,613 4,326
Depreciation of tangible fixed assets 8,621 7,632
19,234 11,958

63

63
 taxes 2007 2006
Immediate company tax liability
Company tax liability for 2007 results 16,800 16,322

Deferred corporation tax liability

Valuation of compensatory losses 0 -4,824
Realisation of compensatory losses 5,356 209
Tax rate adjustment 0 -873
Temporary valuation differences -2,788 -1,067
Corporation tax liability presented in profit and loss account 19,368 9,767

Reconciliation of nominal and effective tax rate

2007 % 2006 %
Profit (loss) before tax 73,697 50,253

Nominal company tax liability 18,793 25.5% 14,875 29.6%

Effect of valuing compensatory losses 0 (4,824) -9.6%
Effect of adjusting tax rate 0 (873) -1.7%
Effect of foreign subsidiaries 575 0.8% 589 1.1%
19,368 26.3% 9,767 19.4%
64

64
Statutory balance sheet
(after appropriation of profit)

(in thousands of euros) 31-12-2007 31-12-2006

Assets
Fixed assets
Financial fixed assets 136,412 99,413
136,412 99,413

Current assets
Trade and other receivables 1,087 68
Cash and cash equivalents 16,568 16,856
17,655 16,924
154,067 116,337

Liabilities
Shareholders’ equity
Issued capital 90 90
Share premium reserve 26,465 26,465
Other reserves 67,636 37,382
94,191 63,937
Current liabilities 59,876 52,400
154,067 116,337
65

65
 Statutory profit and loss account
(in thousands of euros) 2007 2006

Profit (loss) of group companies after tax 51,189 38,897

Other income and expense after tax 753 201
51,942 39,098

Notes to the statutory balance sheet and profit

and loss account
General
The accounting policies for the valuation and determination of profit (loss) for the group accounts are the same as the
principles specified for the consolidated annual accounts.

Consolidated group companies are recognised at net asset value. The profit (loss) on group companies is the same as the profit
(loss) for the appropriate companies in that financial year.

66
The group profit and loss account has been compiled in compliance with Article 402 of the Dutch Civil Code Book 2.

66
Financial fixed assets
Participations

Balance at 31-12-2006 99,413

Profit (loss) on participations 51,189

Amortization of goodwill -14,014
Foreign exchange differences -154
Other movements -22
36,999
Balance at 31-12-2007 136,412

Trade and other receivables 2007 2006

Group companies 0 0
Other receivables 1,087 68
1,087 68

Shareholders’ equity
Issued Share Other Profit (loss) for Total
capital premium reserve reserves financial year

Balance at 31-12-2006 90 26,465 37,382 0 63,937

Amortization of goodwill -21,512 -21,512
Foreign exchange differences -154 -154
Participation correction -22 -22
Profit (loss) 51,942 51,942
From profit distribution of financial year 2007 51,942 -51,942 0
67

Balance at 31-12-2007 90 26,465 67,636 0 94,191 67

 The authorised share capital amounts to € 90,000 divided into 900 ordinary shares of € 100 each. 900 shares have been
placed and paid up.

The full amount is distributable to the share premium reserve.

The amortization resulting from foreign exchange differences relates to the translation differences for the Norwegian
company of € 154.000.

Current liabilities 2007 2006

Liabilities to group companies
(participation underwriting price) 59,028 52,316
Other liabilities 848 84
59,876 52,400

Profit (loss) from group companies 2007 2006

Share in profit (loss) of group companies 51,189 38,897

Gouda, 28 April 2008

68
Ir. G.P. Sanderink

68 General Director
Supplementary information
profit appropriation
Statutory provisions in respect of profit appropriation
Article 22 of the Articles of Association states: “It is the
prerogative of the Annual General Meeting of Shareholders
to appropriate the profit.”
Profit for 2007
In anticipation of the Annual General Meeting of Share-
holders, the profit for 2007 has been added to the other
reserves.
Remuneration of the managing directors
The salary of the individual managers has not been reported
on the grounds of article 383 subsection 1 Dutch Civil Code
Book 2.
Events after the balance sheet date
(subsequent events)
The following companies were taken over after the balance
sheet date:
•  Oranjewoud Realisatie Holding B.V. took over all shares in
Van der Heide B.V. (Kollum, NL) as of 01 January 2008.
•  Oranjewoud N.V. took over all shares in Delta Consultants
Inc. (USA) as of 10 January 2008.
• Oranjewoud Realisatie Holding B.V. took over all shares in
Edel Grass B.V. (Genemuiden, NL) together with Ten Cate
N.V. as of 01 January 2008.
69
69
 To: the directors and shareholders of Centric B.V.
Auditor’s report
Report on the financial statements
We have audited the accompanying financial statements
2007 of Centric B.V., Gouda, which comprise the consoli-
dated and company balance sheet as at December 31, 2007,
the consolidated and company profit and loss account for the
year then ended and the notes.
Management’s responsibility
Management is responsible for the preparation and fair
presentation of the financial statements and for the
preparation of the management board report, both in
accordance with Part 9 of Book 2 of the Netherlands Civil
Code. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation
and fair presentation of the financial statements that are
free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting
policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s responsibility
70
Our responsibility is to express an opinion on the financial
70 statements based on our audit. We conducted our audit
in accordance with Dutch law. This law requires that we
comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on
the auditor’s judgment, including the assessment of the risks
of material misstatement of the financial statements,
whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of
the entity’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements give a true and
fair view of the financial position of Centric B.V. as at
December 31, 2007, and of its result for the year then ended in
accordance with Part 9 of Book 2 of the Netherlands Civil
Code.
Report on other legal and regulatory
requirements
Pursuant to the legal requirement under 2:393 sub 5
part e of the Netherlands Civil Code, we report, to the extent
of our competence, that the management board report is
consistent with the financial statements as required by
2:391 sub 4 of the Netherlands Civil Code.
‘s-Hertogenbosch, April 28, 2008
for Ernst & Young Accountants
signed by A.J.M. van der Sanden
71
71
 Brood mouse
In the days that the artist was very trendy and his art
was a hype Herman Brood painted a computer mouse
for Centric. Whoever applied for a job at Centric in the
late 90s was given a Brood Mouse to take home with
72 him. Several thousands of these collector’s items were
produced and have since been traded for considerable
sums of money on eBay and Marktplaats.nl.
72
73

73
 Centric Memories

During the GUTS recruitment campaign Centric handed out countless rubber ducks and
miniature 2CVs at trade shows and events.

Bright umbrella for dull, rainy days.

In the 90s Centric used the CIOBtiek to inform its local authority client base. It was the predecessor
to the current Magazine voor de Overheid [‘Magazine for Government’].

Finace handed out large numbers of the decision maker gadget to real decision makers from the
field of Finance visiting a conference.

In late 2006 Centric was awarded the Jan Pieterszoon Coen Prize in the form of a painting. This

74 public prize is presented annually by Ernst & Young to the best-performing ICT company in the
Netherlands in the areas of quality and service.
74
Whoever applied for a job at Centric in the late 90s was given a Brood Mouse, a computer mouse
painted by the Dutch painter Herman Brood to take home with him.

The arrows on these so-called lenticular mouse pads have a 3D effect and look as if they are
moving.

Handed out at many events and Centric receptions.

A popular promotional gift that appears regularly in a new design.

Peppermints for a refreshing taste at trade shows and open days. 75

75
 Many a Centric employee and business relation’s keys have a colourful Centric key ring attached.

Centric started sponsoring the Doetinchem football club De Graafschap in 1999. After a few
seasons on FC Groningen’s shirts the Centric and Oranjewoud names are now back on the
De Graafschap’s football shirts.

For years our number-one pen! Production is already way over the 100,000 mark.

Several years ago Oranjewoud started distributing shopping trolley tokens. These items are
snapped in no time at trade shows and other events.

In 2002 Dutch company Centric took its first steps into the international arena. Since then Centric
76 offices are located in various European countries and in the USA.

76
Addresses
You will find the addresses of all Centric offices at www.centric.eu/contact.

Centric Holding Oranjewoud Finace

Antwerpseweg 8 Tolhuisweg 57 Van der Hooplaan 241
P.O. Box 338 P.O. Box 24 P.O. Box 102
2800 AH Gouda 8440 AA Heerenveen 1180 AC Amstelveen
The Netherlands The Netherlands The Netherlands

Phone +31 182 64 80 00 Phone +31 513 63 45 67 Phone +31 20 311 38 00

Fax +31 182 64 80 01 Fax +31 513 63 33 53 Fax +31 20 311 38 09

info@centric.eu info@oranjewoud.nl info@finace.nl

www.centric.eu www.oranjewoud.nl www.finace.nl

The ICT organisation has offices in
the Netherlands, Belgium, Germany,
Luxembourg, Norway, Romania,
Sweden and Switzerland.
The engineering and consultancy The organisation providing financial
services are provided from offices in services has several offices in the
77
the Netherlands, Belgium, France and Netherlands.
the United States. 77
Acknowledgements
Publishing & editing
Centric B.V.

Design & layout

Offermans Design, Valkenswaard

Text
Guido Reijnders Teksten, Valkenswaard

Printing & finishing

Dijkstra & de Bresser, Eindhoven

Photography
Fotoclub Centric

Annual Report Memories 2007