annualreport 2 0 0 9

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A
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Jaarbeurs Holding operates as a strategic holding company, and provides support in the areas
of finance, legal matters, ICT, HRM and organisation development.
VNU Exhibitions Europe organises exhibitions that deliver business to its customers, mainly in
the Netherlands and China, but in other countries as well. VNU Exhibitions Europe is the market
leader in the Netherlands for trade fairs. Through its subsidiary VNU Exhibitions Asia, the company
has a leading position in Shanghai.
Jaarbeurs Utrecht accommodates trade fairs, consumer events, conferences, meetings and other
activities. By adding new functions, the venue has a multifunctional character.
Jaarbeurs Catering Services is one of the largest caterers in the Netherlands. It is expanding its
position through label management. Participating interests in other caterers will ensure further
growth in revenue.
CONTENTS
Key data
3
Report of the Supervisory Board 4
Report of the Executive Board
7
New Activities
12
VNU Exhibitions Europe
14
VNU Exhibitions Asia
21
Jaarbeurs Utrecht
24
Jaarbeurs Catering Services
32
List of activities in 2009 38
Consolidated financial statements 2009
48
Consolidated financial statements 50
Consolidated balance sheet 50
Consolidated income statement 51
Consolidated statement of cash flows 52
Explanatory notes to the consolidated financial statements
53
Principles
53
Explanatory notes to the consolidated balance sheet
60
Explanatory notes to the consolidated income statement
66
Company financial statements
68
Explanatory notes to the company financial statements 69
Other information 71
Auditor’s report
71
Provisions of the articles of association regarding the appropriation of the result
72
Proposed appropriation of the result
72
Group structure 73
Five years Jaarbeurs Holding B.V.
74
Key positions 76
5
KEY
DATA
in e million, unless otherwise stated
2009
2008
Net revenue 152.0
145.7
Operating result 15.3
24.9
As percentage of net revenue 10.0 % 17.1 %
Net result As percentage of net revenue 10.5
6.9 % 16.8
11.5 %
Net cash from operating activities 31.3
38.8
Net investment in fixed assets 19.5
24.1
Amortization, depreciation and decrease in value of fixed assets 18.2
11.8
Equity
101.6
91.8
Balance sheet total
176.3
178.1
57.6 %
51.5 %
Solvency
Average number of employees (FTE) 787
630
6
REPORT OF THE SUPERVISORY BOARD
We hereby present to the General Meeting of Shareholders of Jaarbeurs (Holding) BV the consolidated financial
statements, the annual report and accompanying explanatory notes for 2009, as well as the outlook for 2010, as
prepared by the Executive Board. The financial statements are accompanied by an approved auditor’s report from KPMG
Accountants. We would like to recommend that the General Meeting of Shareholders approves and adopts the financial
statements, including the proposed appropriation of the result.
As a separate agenda item, we propose to the General Meeting of Shareholders that the Supervisory Board
and the Executive Board of Jaarbeurs Holding BV be discharged from liability for the exercise of their duties in 2009
as evidenced by the financial statements and the annual report with the explanatory notes attached to them.
The Supervisory Board is pleased to report that despite the economic crisis the company has been able to
achieve a slight increase in revenue. The splitting up of the group’s activities ten years ago and the further
diversification within the three companies have resulted in the company as a whole being less vulnerable. As a result,
this has softened the adverse effects of the recession on revenue and operating result. While the operating result is
lower than in 2008, partly because investments have been made in retaining customers and meeting their needs, the
company can be very satisfied with the result in itself. The Board shares the concern about the fall in economic
development and the hesitancy on the part of business to invest.
The strategy chosen by VNU Exhibitions Europe to invest heavily in new online technologies, besides
investments in new exhibitions, in order to obtain a tool with profiles of all exhibition visitors and to enrich these
continuously, has the full confidence of the Board. It also believes in the added value of extending the contacts made
during an exhibition to communication contacts via websites and the Strategy Summits.
The Board notes with satisfaction that the development in China of VNU Exhibitions Asia continues to be
successful and that due to the many stimulus programmes of the Chinese government the activities can be built up in
new Chinese economic regions.
The recession has not had such a great impact on the activities of Jaarbeurs Utrecht. The Board concludes
this from the results and lists of activities. Three things have helped here. First, the decline in the meetings market has
7
evidently been made up for by an increase in the conference market. As a result, due to the meetingmoods concept
that has been developed earlier, expenditure per customer has increased. Finally, due to the Jaarbeurs Insperience
concept, which ensures that many organisational concerns are taken away from the customer, exhibition cancellations
were prevented.
Just as with VNU Exhibitions Europe, the Board supports the strategy of Jaarbeurs Utrecht to invest in
registering details about visitors and exhibition organisers in order to have at its disposal a powerful marketing communication tool.
The Board is very pleased with the rapid reaction of Jaarbeurs Catering Services, which was able to adapt its
organisation to the rapid decline in the catering market which started in the second quarter of 2009. The process of
rationalisation that was carried out contributed to the fact that in the end the result was still satisfactory. The opening
of the ss Rotterdam in 2010, for which Jaarbeurs Catering Services provides some of the hospitality, creates a new
and attractive possibility for expanding its activities.
The Board continues to follow closely the developments taking place in the development of the station area
project and the proposal arising from this to invest in a new East Entrance. Of course this also depends on the actual
progress made in the development of the station area project.
The composition of the Board remained unchanged in 2009. The Board met four times and in these meetings
the Board discussed the company’s strategic choices, the development of the companies, the governance aspects, the
financial statements, the interim results, the budget for 2009, the prospects for 2010, and also the functioning of the
Board itself and of the Executive Board.
The Supervisory Board owes all the staff of the group its thanks for their efforts in a difficult year, which can be
seen in the results about which, given the economic recession, the Board can be very satisfied.
Utrecht, 20 May 2010
Supervisory Board
P.C. Klaver, Chairman
H.W. Broeders
Mrs I.G.C. Faber
R.G. van Ingen
J.G. Wijn
8
9
REPORT
OF
THE
EXECUTIVE
BOARD
The crisis affects Jaarbeurs Holding BV
Of course the crisis also affected Jaarbeurs Holding BV. Our operating companies have had a difficult year.
At the beginning of 2009 we were faced with a sharp fall in demand. Despite the difficult times we are
not dissatisfied with the result. While in 2008 we achieved a result of € 16.8 million, in the year under
review we fell back to € 10.5 million on a higher revenue of € 152 million.
Ten years ago we decided to split up the Jaarbeurs company into VNU Exhibitions Europe, Jaarbeurs
Utrecht and Jaarbeurs Catering Services. We could already see then the added value of having three
companies each specialising in their own areas. In turn, each company was given a clear task: diversify.
Develop new products and widen the number of markets and regions in which you operate.
The splitting up of the company’s activities resulted in the fact that in the year under review we did
not end up into the red. We are operating in markets where times are hard, but we also operate in regions
that are not sensitive to the effects of a recession. The range of products we offer - physically and digitally
- and the different markets in which we are active have a damping effect on the negative influences of the
crisis. Diversification in products, markets and regions has made us less sensitive to the business cycle. In any
event it enabled us to finish the year with a satisfactory result.
We are pursuing a policy which seeks to achieve two objectives. For the short term we are concentrating
on customer retention, and where possible we offer our customers a helping hand. For the long term we
are seeking to achieve growth. It is our ambition to excel with each of the three companies. This assumes a
clear vision and above all requires sufficient equity to be able to make new investments. For example, VNU
Exhibitions Europe will invest in online technologies in order to support the marketing process of exhibitors.
Jaarbeurs Utrecht will start with the building of a new East Entrance, probably this year, which will give the
starting signal for an extensive package of building activities. In turn, Jaarbeurs Catering Services will continue
to invest in the logistics and marketing of its labels.
10
REPORT
OF
THE
EXECUTIVE
BOARD
VNU Exhibitions Europe has had a difficult year. In particular participants at the autumn exhibitions dropped out.
It required a great deal of effort by the sales teams to make up for cancellations by generating new business.
Despite this development VNU Exhibitions Europe announced six new exhibitions, entered into a collaboration with
Libéma and started new online platforms. Also considerable investments continued to be made in online technology.
Ultimately these steps will result in a data warehouse with profiles of all the visitors attending the exhibitions.
These profiles offer exhibitors the best guarantee of a profitable match with visitors.
Every year VNU Exhibitions Europe now registers or updates over 1 million customer profiles. These will be
enriched further in the years ahead. This explains the cooperation that was entered into with portals such as
MyZoover and Quel.nl. While the former is aimed at the travel experience of the consumer, Quel.nl focuses on the
manufacturing industry. The synergy effect between Quel.nl and the ESEF trade fair and Techni-Show is clear.
The primary objective of VNU Exhibitions Europe is to create the opportunity for people to meet, which ultimately will result in sales. Such a meeting can come about at an exhibition, but equally via a website or via a Strategy
Summit. The number of summits rose again in 2009. An exhibition is aimed at a wide target group, while a Strategy
Summit is aimed primarily at the executives in a sector. Based on extensive research a sector is investigated. The
results of this research are discussed by CEOs during two days. In the setting of confidentiality experiences are shared,
expectations expressed and new contacts are established.
We have been active in China since 2000. Thanks in part to a comprehensive stimulus programme on the part of the
Chinese government there has been strong recovery in China, while other countries are struggling with contraction. In the
year under review VNU Exhibitions Asia organised 13 exhibitions and is now actively engaged in developing its network
in the new economic regions such as Shandong (90 million inhabitants) and Chongqing (31 million inhabitants).
Jaarbeurs Utrecht
It has also been difficult for Jaarbeurs Utrecht, although the variety of its activities has a damping effect on the fall in
profitability. While the meeting market fell a few percentages, the number of conferences increased during the crisis,
11
partly due to the fact that many gatherings were held. Consumer events were cancelled, but at the same time there
was growth in the Dance and Music segment. In the end the year was satisfactory for Jaarbeurs Utrecht.
The company had already developed new concepts for increasing the level of service which it provides its
customers. The meetingmoods concept was developed for conferences, meetings and gatherings. The starting point is
that the effectiveness of a meeting increases if it is held in the right ambiance, with the right colour setting and with a
suitable catering package. Customers are now seeing the added value of meetingmoods. While total revenue from the
conference and meeting centre fell, this was partly offset because customers took up the meetingmoods concept, as a
result of which the expenditure per customer rose.
The value of product development was proven more than ever with Jaarbeurs Insperience. This concept is
based on ‘taking your worries away’. The specialists at Jaarbeurs Utrecht take the activities involved in preparing
for the exhibition and the logistics out of the hands of their customers, the exhibition organisers. They can also give
advice on concepts and designs. The advantage for the exhibition organiser who hires one or more halls is that he is
free to concentrate on sales activities. In a number of cases the result of this concept was that it prevented exhibition
organisers from cancelling their hall reservation. In other cases the result was that after the exhibition the organiser
was more than satisfied with the result achieved.
12
REPORT
OF
THE
EXECUTIVE
BOARD
In the year under review Jaarbeurs Utrecht invested in a visitor marketing system for exhibition organisers.
With evisit they are given a powerful marketing communication tool for ticketing, exhibition registration and the building
up of a database. In the summer of 2009 a new parking system was also introduced whereby the driver is charged
based on the time parked.
Jaarbeurs Catering Services
Times were also hard for Jaarbeurs Catering Services. Despite this, profitability remained at about the same level, but
a process of rationalisation was needed in order to achieve this. When it became clear to Jaarbeurs Catering Services
at the beginning of 2009 that it would be a difficult year, the organisation and expected revenue were brought into
line with each other. This means that the out-of-pocket costs for the hiring of service items were reduced to virtually
zero. Also in May a start was made with central planning, which enables staff to be deployed to the best possible
effect. The number of ‘empty’ hours was reduced to a minimum. Despite the fall in revenue, due to the rationalisation
process the profitability remained fairly even.
The same applies here as well: product variety leads to a spreading of the risks. While revenue from catering
in the venue rose, two of the four party caterers had problems. In particular these are the caterers who are active in
the events market.
For 2010 Jaarbeurs Catering Services expects a further fall in autonomous revenue. It is possible that this
might be offset by revenue from new catering activities on the ss Rotterdam. Originally, operations on this ship were to
have started in mid-2009, but additional building work led to this being delayed. The ship officially came into use in
February 2010. Jaarbeurs Catering Services is the full shareholder of the Rotterdam caterer of the ship, On Board On
Shore. These new activities illustrate the direction that Jaarbeurs Catering Services is taking: a provider of integrated
hospitality concepts.
13
Building activities
At the end of the previous year the ‘Nationaal Actieplan Luchtkwaliteit’ (national action plan on air quality) came into
effect. With this we are able to take the next steps in the development of the Jaarbeurs venue. We translated this
development into the metaphor of “The Village Square of the Netherlands”. There is always something going on at the
venue. In the years ahead new facilities will be added on the east side of the Jaarbeurs venue: a cinema, a hotel and a
casino. There is also an investment proposal for the building of a new East Entrance with which we intend to create a
dominant benchmark at the head of the venue.
The new entrance with the ‘Galaxy’ ballroom over it is the starting point of the axis that connects east and west.
The east side will be enhanced with the three projects referred to above: a cinema, hotel and casino. In the medium
term halls 1 to 5 will make way for new buildings with art, leisure and entertainment functions and also small-scale
residential and retail functions. To make up for the loss of exhibition space, new exhibition halls without columns will be
built on the P3 car park.
We also intend to give shape to the Village Square in a literal sense. With the building of a new entrance for the
Central Station the Jaarbeursplein (Jaarbeurs square) will again be given a new architectural shape. The square is to be
laid over the Croeselaan, which means that the Croeselaan will lose its function as a crossing. This results in the
possibility of creating a covered passage from the station to the East Entrance of the venue. Together with partners we
want to develop the Jaarbeursplein into the largest events square in the Netherlands, with covered walkways on opposite
sides.
Expectations for 2010
Economists say that the deepest point of the recession has been reached. However, we see few signs of recovery.
At the present time it is not possible to make reliable forecasts of revenue and return.
A. Brienen
14
NEW
ACTIVITIES,
VNU
E xhibitions
E urope :
VSK België
Geo-Info Xchange
Elektrotechniek België
Industry & Automation
Paper & Convenience
FIGAP / VIV America Latina
Installatievakbeurs.nl
Vakbeurswonen.nl
Animalprotein.net
MyZoover
Quel.nl
Second Home - Zoekuwtweedehuis.nl
Fitnessvakbeurs.nl
Strategie Summit Industry
Strategie Summit Energie & Utilities
Truckworld Show (China)
Ildex Vietnam
Samenwerking organisatie beurzen Libéma
NEW
ACTIVITIES,
JAARBEURS
Boekenvakbeurs (1st ed.)
Eigen Huis (Ver)Bouwen (1st ed.)
HRM Live (1st ed.)
Kerk & Gemeente (1st ed.)
Naturisme Totaal (1st ed.)
PPT Food (1st ed.)
TelecomExpo (1st ed.)
Beat The Heat Now! - The Live House
UTRECHT:
15
Europa Cantat Utrecht
Het Club van Sinterklaas Feest
Dommelsch Live38 XXL
Wintercircus Utrecht
N ew
in
2010
Artantique Utrecht
Beleef Koffie
Eigen Huis Interieur
Intelligent Energy
Disney on Ice
Playmobil Planet
Giro d’Italia - Finish
SummerXperience
:
Foto
e
De
e
M
-ja
n
n
Bo
va
s
n
er
:J
oto
Ph
is
or
V N U
e x h i b i t i o n s
e u r o p e
Despite the economic crisis VNU Exhibitions Europe announced
six new exhibitions in 2009, entered into a collaboration with
Libéma and took up participations in online communities such
as MyZoover and Quel.nl. Also, two new online trade fairs were
introduced. In the year under review we were active in 6 countries with 57 exhibition titles, 8 online titles and 6 summits.
The activities provided a platform for 1.5 million visitors to
orientate themselves, inform themselves and do business with
14,000 providers of products and services. The concept of lead
generation is the common denominator in all these initiatives.
18
V N U E xhibitions E urope
At the beginning of 2008 the economic future still looked promising in Europe, and certainly in the Netherlands,
despite problems in the financial sector. It was at this time that we set out our objectives for growth: to double revenue
in 2013. In order to continue to play an important role in the marketing and sales process of companies we have to
invest and by doing so grow into a greater diversity of products and services. Everything we do is aimed at achieving
one goal: to provide our customers with quality sales contacts and to provide interesting but also fascinating
information, orientation and contact opportunities; 365 days a year, 24 hours a day. Through an exhibition, via the
internet, communities or Strategy Summits.
Recession
At the end of September 2008 - after the fall of the American bank Lehman Brothers - the crisis spread at a rate never
seen before. Like every other company we also suffered from it in the year under review, although to a lesser extent.
This is because of the strength of our products and the way we have set up our sales process. While the exhibition is
in progress we already start to sell stand space for the following edition. The result of this approach was that at the
end of 2008, 70 per cent of the planned volume for 2009 had already been sold. Certainly for the exhibitions that
took place in the first half of the year, apart from a few exceptions, there was no loss of revenue. Visitor numbers and
the rating of visitors and exhibitors were even on the up. The situation was different in the second half of 2009.
The autumn exhibitions had to deal with companies that decided not to take part in the exhibitions, did not
want to convert options into contracts and even wanted to cancel their participation. In the end the loss of volume was
limited. However, this did not go without resistance. In the last two years in particular we have set up our organisation
to achieve growth and the structure and capacity have been adapted to this. In part we also used the management and
sales capacity that was intended for growth simply for the purposes of customer retention. As a result we were able to
act firmly. The maximum focus on customer retention, and with it continuity, finally bore fruit. To convince customers
that taking part in an exhibition is an excellent investment, in more than 50 per cent of the cases we supported our
customers with advice about their presentation, through service calls and personal contact, certainly for the autumn
exhibitions. In these cases we often departed from what was standard practice and went over to providing tailor-made
services for exhibitors. With this approach and to a great extent, we were able to keep doubters on board and we also
succeeded in attracting new customers.
19
Continue to grow
2009 became the year in which we had to strike a balance between customer retention and growth, or focus on the
short term without losing sight of the long-term objectives. As noted above, we made great efforts to retain customers.
The aim is always to offer a high-quality and representative range of products and services. This is something that we
have to offer to the market, in view of the quality that visitors expect and the leading position we have with our fairs
and exhibitions. The next edition of the exhibition always builds on the success of the previous one.
Our growth objectives are just as important to us. Despite the economic tide we continued to invest in the
areas that will enable us to grow. For example we started with major investments in IT through the multiannual
programme ‘ICT-Demand’ in order to further professionalise our databases and open them up for internal and external
marketing purposes. And also in a catalogue system from which we can ‘export’ information about exhibitors to
various media and link this at a profile level to the visitor database so that during the registration process for an
exhibition visitors are already presented with an attractive offer. And in a content management system with which
we can integrate social media in our websites or, depending on the target group, vary the content of the page.
The systems have been set up in such a way that ultimately we can enhance the profiles of our visitors on the
basis of their clicking behaviour. The result is clear: we are becoming better and better at offering exhibitors a
‘definite match’.
20
V N U E xhibitions E urope
But with these investments we are just at the beginning of new developments and further professionalisation
of the medium of exhibitions. Before the internet age, attending an exhibition was based on the expectation of the
visitor; now the visitor wants to be sure in advance of what he will see at the exhibition and above all also who he
will see. It is no longer the expectation, but the ratio that determines whether someone is inclined to visit an exhibition
and to give profile information. With the internet, markets are rapidly becoming more transparent and people want to
be able to have relevant information more quickly.
While a few years ago ICT was still the exclusive domain of technical people, now it is marketers who are
pressing the buttons. Following for example Hyves, Twitter, LinkedIn and Facebook, in the near future we can expect
the development of online media applications such as community sites and lead generation tools. These will certainly
influence the orientation, information and decision-making process of visitors and the marketing and sales process
of exhibitors. We are seeing a trend towards the Anglo-Saxon model, in which business is no longer placed but done
purely on the basis of the ratio. Online technology is reinforcing this trend. It is precisely for this reason that we are
investing in this technology and above all in people who can translate this technology into lead generation, which is
our core business.
New projects
Balancing between customer retention and growth. While a part of our company focuses on the next exhibition to take
place, another part focuses on growth, looks for new markets, investigates to see to what extent we can widen our
package of services for the exhibitor, looks for connections in the region or orientates itself at participating in existing
online communities. In 2009 this led to the announcement of six new exhibitions in the Netherlands, Belgium and
Mexico, a collaboration with Libéma and a participation in two online platforms. The cooperation with Libéma is in
line with the aim of VNU Exhibitions Europe to obtain access to new customer groups in the region and also to
develop new products therein.
We are aware that information in the form of customer profiles is a critical success factor. Every year we
are now registering or updating a million customer profiles. Through our participation in online platforms such as
MyZoover (holiday reviews) and Quel (the place for tendering and delivering technical products) we are in a position to
further enhance our profiles. They also symbolise another trend; we no longer position ourselves solely as an organiser
of exhibitions and fairs, but as a company that brings about quality sales contacts 365 days a year, 24 hours a day.
21
THE MAIN AREAS
Health, Education & Retail
Despite the recession, the exhibitions in the quaternary sector did well; expressed in terms of exhibitor and visitor
numbers the Nationale Onderwijs Tentoonstelling (National Education Exhibition) was bigger than ever. Over the whole
line the exhibitions with products and services in the area of care and welfare grew. In the year under review, as well
as the online portal Beautyvakbeurs.nl we also launched Fitnessvakbeurs.nl. We increased the frequency of contact
with the market, particularly in the executive segment, with the Strategy Summits Onderwijs (Education) and Zorg
(Care). With KindVak and the very successful Paper & Convenience we organised two new exhibition titles.
Industry
Because of the cycle in which some exhibitions take place, in the year under review only the three-yearly Logistica
trade fair was held. Suppliers from the internal transport sector in particular have been hard hit by the credit crisis.
Extra efforts were needed, in discussions with the sector, to organise a representative exhibition. At the end of 2009
we entered into a collaboration with Quel, a company that offers online lead generation to the manufacturing industry.
Through this we now have 40,000 new profiles. We strengthened our portfolio with two new exhibition titles, which
have been taken under licence from Libéma: Energie and Energie in Bouw & Vastgoed. With this we have gained
access to a new growth market.
Construction & Installation
Like no other, along with industry, the construction and installation market also reflects the face of the recession. As yet
untouched by the crisis, the 27th Internationale Bouwbeurs at the beginning of 2009 was a great success. Despite the
problems in the sector, nine months later, together with the sectoral organisation FEDET and market leaders in the sector
we succeeded in organising a high-quality Elektrotechniek exhibition. At the end of 2009, with VSK België (heating,
plumbing and air conditioning) we took the first cautious steps in the Belgian construction and installation market.
ICT
The exhibitions for ICT professionals are aimed at specific markets, such as construction, care, government and
industry. A number of fairs are aimed at generic ICT subjects, such as ICT Security en -Beheer (ICT security and
management). The ICT titles that were held at the same time with Bouwbeurs, ZorgTotaal and Logistica were well
received. The titles Infosecurity, Storage, Linux and Tooling that were held in the autumn suffered more from
22
restraint in willingness to invest. The new exhibition Geo-Info Xchange, which is aimed in particular at surveying and
geographical information, was well received.
N o n - Fo o d R e t a i l
The Dutch non-food retail market is dominated by a handful of players who with their formulas determine the street
scene. Trade Mart is aimed at retailers who serve that part of the market that the chains leave alone. The repositioning
of the Jewels & Watches segment has been so well received that this approach is being rolled out over the sectors of
Home & Living and Fashion Essentials. Each segment is given its own marketing, communication line, facilities and
service. In terms of what it offers, Jewels & Watches is now one of the most important exhibitions in Europe. In the
Home & Living segment, we launched the online platform Vakbeurswonen.nl.
Tr a v e l & A c t i v e
Lifestyle exhibitions such as MOTORbeurs Utrecht and Bike MOTION Benelux (visitors up by 21%) were barely
affected by the economic crisis. At Vakantiebeurs 2009 still no mood of crisis could be seen. This does not take away
from the fact that consumers are increasingly informing themselves online. This is why in 2009 in a collaborative
venture we launched the portal MyZoover with 45 thousand profiles. The crisis did, however, have a slight impact on
the hobby exhibitions KreaDoe and the VerzamelaarsJaarbeurs. A contraction in demand for hard-wearing consumption
articles led to a fall in the number of visitors at the Kampeer & Caravan Jaarbeurs. This also applies for the market
for second homes, for which we organise the exhibition Second Home International and run the related internet portal
Zoekuwtweedehuis.nl.
Agro
The agribusiness market is dominated across the board by companies that operate worldwide. With the international
title VIV (Innovative Livestock Breeding Fair) we are now active in the poultry markets in Western Europe, Turkey,
Mexico and the strong growth markets of Russia, India, South-East Asia and China. The ninth edition of VIV Asia,
which took place in March in Bangkok, is seen as the most successful so far with nearly 21,000 visitors from 93
countries and a conference programme that was attended by 3,400 professionals. Our activities in Asia will be
strengthened by partnerships and by the launch of regional agribusiness exhibitions. In the year under review we
started with the preparations for the internet portal Animalprotein.net.
23
Online & Cross Media
With the use of internet portals we are seeking to make more frequent contact with exhibition visitors. Furthermore, we
put our customers - the exhibitors - into contact with (new) clients in a different way. We are now running eight online
platforms. Through the cooperation with MyZoover and Quel we are speeding up the process of market penetration.
Online functionalities are used by us primarily to increase our role in the process of lead generation. In 2010 a great deal
is expected from the cooperation between Quel and the industrial fairs. Through Strategy Summits - six were organised in
2009 - we have access to the policymakers in the Dutch economy.
Since 2000, through a joint venture, we have actively been engaged in building up a portfolio of trade fairs and
consumer exhibitions in China. Thirteen were organised in 2009, with a total net surface area let of almost 100,000 m².
In addition, outbound activities were carried out for three exhibitions in the USA and Germany for which Chinese
exhibitors were contracted. The Chinese economy is recovering strongly, helped by the government’s wide-reaching
internal stimulus programme. While in many other countries the economy contracted, there was just modest growth in
China. Most of the exhibitions are on the threshold of new growth, and this is certainly the case for the largest exhibition,
Domotex Asia / Chinafloor. In 2009 this exhibition had a net surface area of 42,000 m².
The growth of the Chinese economy is also the result of increased domestic demand. In the years ahead, in
each sector the number of companies operating in the domestic and also in the export market will increase. Growth
will be concentrated not only around Beijing, Shanghai and Guangzhou, where most and the biggest exhibitions are
organised.
VNU Exhibitions Asia is now expanding its network in the new economic regions such as Shandong
(90 million inhabitants) and Chongqing (31 million inhabitants). Results of this have been the organisation of
Truckworld Jinan and support for CIMAMotor in Chongqing.
It is expected that in the years ahead the theme of World Expo 2010, ‘Better city, Better life’, will be given
content from investment programmes of the Chinese government and private investors in sustainability. This has been
anticipated in advance by VNU Exhibitions Asia with the launch of the China Sustainable Building Forum.
24
Given the relationship between economic growth and exhibition participation, the Chinese and Asian markets
are expected to offer many opportunities.
Marketing Flow
We are investing significantly in our visitor base and in enhancing profiles, by which we link the right visitor/requester
with the right exhibitor/provider. A logical consequence of the visitor base is a reorientation of the way in which we
communicate with our visitors. At a time when people want to be sure about what they can expect, a generic
communication message is no longer enough. At the end of 2007 we gave the starting signal for the Marketing Flow
programme, in which we put the visitor at the centre of everything we do: tailored communication. People who want
to invite visitors for the Vakantiebeurs effectively send 25-year-old singles a different message than families with
children or active senior citizens. As from 1 January 2009 this led to the creation of a new marketing communication
department, consisting of high-quality disciplines, and which above all is able to give the right message with the right
offer to the right potential visitor.
Roadmap
Two years ago we set out our objectives for growth. To double revenue in 2013. The objective of doubling revenue
has remained the same, but because of the crisis the year in which this is to be achieved has been put forward.
In the Roadmap programme we analyse our sales efforts, consider other types of products we can put on the market
and examine the culture of the organisation. The first conclusions were presented at the end of December. The project
is to be completed in the middle of 2010, followed by implementation. New products and acting more decisively
commercially will bring the achieving of our revenue targets a step closer.
Expectations for 2010
We expect that, despite increasingly positive noises, we will be faced harder with the economic crisis than in 2009.
As yet there are still insufficient signs of recovery of the economy that can be translated into increasing the marketing
budgets and investments of the Dutch business community. Consumers too are more selective in what they spend,
which will also be noticeable at the exhibitions. While for 2009 we had the advantage that many companies had
25
already confirmed the bookings for their stands before the crisis, for 2010 we do not see this damping effect.
Once again we will have to strike a balance between customer retention and growth and therefore also between our
short-term and long-term interests.
J a a r b e u r s
U t r e c h t
Jaarbeurs
has
Utrecht
had
a
difficult
y e a r.
Revenue
fell
s l i g h t l y. T h i s w a s b e c a u s e a n u m b e r o f m a j o r e v e n t s w e r e
cancelled. The number of exhibitions that were organised in
the venue remained stable, although these were smaller as
the number of participants fell. Revenue from the conference
a n d m e e t i n g c e n t r e r o s e s l i g h t l y. A s a r e s u l t o f t h e r e c e s s i o n
many companies choose to meet at their own premises. The
number of conferences increased in 2009.
r
Photo: Jo
s
j an
is-
Bo
28
J aarbeurs U trecht
Jaarbeurs Utrecht profiles itself as the Village Square of the Netherlands. In a figurative sense we express with this
the fact that there is always ‘something’ happening in the centre of the country. From meetings to exhibitions, from the
Jaarbeurs Utrecht Marathon to accommodating a circus, from dance events to the choir festival Europa Cantat - it is
all about providing the venue for successful meetings in the right atmosphere.
As a company we have chosen to diversify our activities, as a result of which we as a company are less
sensitive to the business cycle. We reaped the rewards of this in 2009. We are active in different markets with
different products, so while we suffered from the recession we were still able, in view of the circumstances, to close
the year under review satisfactorily. While the occupancy rate in the meeting centre fell slightly, we made a profit
in the conference segment. Many conferences were held in the Netherlands about the recession, flexibilisation, the
streamlining of company processes and how to act when the crisis is over.
Exhibitions & events
At the end of 2008 we saw the crisis approaching. At that time, under the motto ‘Crisis? We are dealing with it’,
we decided to increase our marketing and communication efforts. A number of exhibition organisers cancelled their
reservations because they were not able to organise a full-value exhibition. However, intensive sales attracted new,
young, dynamic entrepreneurs who at precisely this time took a risk by organising an exhibition, such as Eigen Huis
(Ver)Bouwen and Naturisme Totaal. As a result this new business made up for the number of square metres that were
at risk of being lost due to cancellations.
As well as the active sales, the attraction of new exhibitions also has to do with the fact that for a long time
now Jaarbeurs Utrecht has been fulfilling the role not simply and only as an organisation that lets halls. Just over two
years ago Jaarbeurs Insperience was launched. This concept can be described simply: we look after things for our
customers, their customers and we take over from exhibition organisers the whole of the logistical process. We are also
partners at a conceptual level: we add four types of experience - escape, experience, learn and amaze - to the exhibition
floor, the four favourite ways in which people want to experience exhibitions and events. With this, every visitor,
exhibitor and organiser goes home feeling good.
29
It is precisely now that our concept has turned out to be an extremely effective tool for convincing exhibition
organisers to choose Jaarbeurs as the venue, but, as described above, a number of exhibition organisers had to cancel
their hall reservation. Also some ‘stayers’ were confronted by the crisis and were struggling with problems. They had
to trim their organisation because with them, companies - their exhibitors - pulled out. So in terms of volume the
exhibitions were smaller. We often used our Jaarbeurs Insperience concept to offer fair organisers a helping hand. Our
specialists took over some of the work involved in preparing for an exhibition - as well logistics as in terms of concept so that the organisers could concentrate on sales. With a smaller organisation and fewer participants they were still
able to set up a good quality exhibition. Naturally Jaarbeurs Insperience was also used to support new entrepreneurs
with the organisation of their exhibitions. The concept has developed into a critical success factor.
Our venue is also being used increasingly for dance and music events. This market is growing slightly, covering
every conceivable area. The events held range from Trance Energy to Europa Cantat, from Dommelsch Live38 XXL,
Wintercircus Utrecht to Het Club van Sinterklaas Feest.
t
Pho
J
o:
or
is -
jan
Bos
lk
Photo: Ernst Sto
30
J aarbeurs U trecht
Fe w e r m e e t i n g s , m o r e c o n f e r e n c e s
As Jaarbeurs Utrecht we have had an excellent conference year. Many conferences were organised on subjects
regarding the recession. But that is not the only reason. In the summer of 2008 we took over the operation of the
entirely rebuilt Media Plaza. With this we had available to us new and state-of-the-art conference accommodation
facilities. Not only in terms of the experience it offered, but also in terms of audiovisuals. This is very attractive, from
which we benefited to the fullest in the year under review. In the conference segment our results exceeded expectations.
One of the highlights for us was the Council of Europe Conference of Ministers, which met in Media Plaza.
The occupancy rate in our meeting facilities fell a few percentages. This fall is clearly less than the national
trend in the ‘hospitality industry’. We were able to make up for some of the loss of revenue with the meetingmoods
concept. We launched this concept in 2006. The starting point is that the setting, the room with all the possibilities
it can provide, including the catering, must fit in seamlessly with the aim of the gathering.
For this we can create six moods, the six main reasons why people come together in a conference and
meeting centre. Increasingly we are seeing that organisations and companies that meet together make use of the
meetingmoods concept. People who have done this before know that it increases the effectiveness of the gathering; new
customers who meet in our venue for the first time see it as a conceptual enhancing of their gathering.
Occupancy rate increased
Despite the effects of the recession the final occupancy rate of the venue remained about the same, although with
smaller rentals. So the Village Square of the Netherlands attracts. There are a number of reasons for this. In recent
years we have made substantial investments in the quality of the venue, and each investment must yield a noticeable
benefit for the customers. As one of the few venues in Europe we offer our guests free, stable and wireless internet.
We also provide exhibition organisers and exhibitors with a digital infrastructure with which they can arrange the
whole of their participation in an exhibition. For example there is an online webshop, expopoint.nl, with which they
can give shape to their own exhibition participation at any time of the day, quickly and conveniently.
31
The evisit system is a new supporting tool, which focuses mainly on visitor marketing and serves as a logistics
backbone for the exhibition organiser. With the vision of Jaarbeurs Insperience and the dedication of our professionals,
exhibitors are enjoying the benefits of this total package as an opportunity to concentrate entirely on their sales and
their own priorities.
We continue to benefit from our central location, right next to the central station, as ease of access remains a
problem in the Netherlands. Accessibility will, however, improve when the work on the A2 highway has been completed.
Nevertheless, our location is a unique selling point, and all of this means that we expect that the occupancy rate will
increase again.
Innovations and investments
The Village Square of the Netherlands arouses expectations. There is always something to experience. This applies for
visitors to events, but just as much for our customers: organisers of exhibitions, events and conferences, and exhibitors.
In the year under review we invested in the buildings at the venue, for example the floor of hall 4 was replaced. We also
focused on two other projects.
:
Foto
el
og
lV
rce
Ma
/V
OO
G
32
J aarbeurs U trecht
First of all a new parking system, with which our customers can pay on a time basis, with a maximum charge
of 12 euro per day. With this, the cost of parking and what the visitor gets for his money has been brought into line.
People who park for a short time pay little, while people who park for a long time know what the maximum amount
will be. We did not increase our parking rates in the year under review, which means that our parking rates are still
lower than the average rates in Utrecht.
Secondly, the introduction of evisit, a ready-to-use marketing communication tool for exhibition organisers.
In fact it is a ticketing and visitor registration system. In turn organisers can then ‘sell’ this powerful tool to their
exhibition participants. Using this system, visitors can buy and pay for their ticket in advance. In the case of trade fairs,
potential visitors can register themselves for a visit. Evisit contains a dynamic messaging system that generates SMS and
e-mail reminders. With a box the size of a large USB stick, exhibitors can scan the badges of the visitors to their stand
so that they can follow up on these contacts later. Evisit enables exhibitors to build up their own databases easily.
Building activities
Jaarbeurs Utrecht will present a new face, possibly by the end of 2011. There is an investment proposal to start in
2010 with the building work on a new East Entrance. The designs were presented in the year under review.
The ‘Nationaal Actieplan Luchtkwaliteit’ (national action plan on air quality) came into force on 1 September last
year, opening the way to applying for planning permission.
The new entrance would dominate the head of the Jaarbeurs venue. A ‘grand ballroom’ is planned above
the entrance, with a conference and event capacity for 1,500 people. The name of the ballroom, which will have
a surface area of 2,200 square metres, will be Galaxy, taken from the ceiling and the many chandeliers which are
most reminiscent of the Milky Way.
33
The building of the new entrance is the first step in a series of building activities at our venue: there will be
a megacinema, a hotel and a new casino. When these have been completed, halls 1 to 5 will make way for the
development of art, leisure and small-scale residential and retail functions. The loss of hall capacity will be made up
for by the building of a new hall on what is now the P3 car park.
Prospects
We expect 2010 to be a difficult year, despite the positive signals. Technically, we are no longer in a recession,
however we expect that revenue will stabilise. To do what we can for our customers in these difficult times we will
not raise prices in 2010; we will not pass on to our customers price rises that suppliers charge us. Enthusiastically,
we will carry on down the path we have taken!
J a a r b e u r s
C a t e r i n g
S e r v i c e s
While 2008 was a record year for Jaarbeurs Catering Services
(JCS), in the year under review the catering company was hard
hit by the crisis. Revenue from catering inside the Jaarbeurs
v e n u e r o s e s l i g h t l y, b u t t h e l o c a l p a r t y c a t e r e r s t h a t a r e p a r t
of Jaarbeurs Catering Services proved to be sensitive to the
business cycle. The loss of revenue was offset by a ‘rationalisation process’ that was star ted in March 2009. Profitability
remained virtually unchanged.
36
J aarbeurs C aterin g S ervices
At the end of 2008 we acquired a considerable share in the full-service events company Arjan van Dijk Groep. This
acquisition fits in with the aims of JCS to provide products and services in different markets at different venues and
with different labels. With Arjan van Dijk, JCS entered into an agreement with an events company which operates in
particular in the business market. Arjan van Dijk offers complete creative concepts, including the venue and catering.
Just when we acquired an interest, the first signs of the banking crisis in the United States were becoming apparent.
This crisis, which grew into a recession, did not leave us unaffected.
With various formulas, Jaarbeurs Catering Services provides the catering in the Jaarbeurs venue. Also, we
have chosen to expand through the acquisition of strong regional labels. These include Taat & de Regt (the Hague
region), Grand Catering (the Utrecht region), and Verhaaf Party Catering (the Hague region). With Arjan van Dijk, JCS
serves the events market and through its On Board On Shore label it is the exclusive caterer for the ss Rotterdam,
which after repeated delays and a great deal of media attention became fully operational on 15 February 2010.
Revenue development
The organisation had a hard time in the year under review. From the second quarter revenue slumped, particularly
from JCS activities not at the venue. The labels were faced with cancellations, or clients cut back on their catering
wishes. A number of large events were cancelled because companies and organisations did not think that it was
socially acceptable to celebrate in times of a recession. As a result, Jaarbeurs Catering Services saw millions in
revenue disappear. Business picked up slightly from November 2009. Also because of the delays in the start-up of the
ss Rotterdam, which was originally planned in the summer of 2009, Jaarbeurs Catering Services could not achieve a
great part of the revenue that had been budgeted.
In the Jaarbeurs venue we have developed formulas to suit both exhibitors and visitors: Deli Delivery and Deli
Premium for exhibition participants and Great, Moments and Seat Only for visitors. JCS also operates the Pitstopcafé
and Divinatio, a unique restaurant if you want to celebrate something. With this, JCS serves the whole range, from
stand catering to ‘a quick roll’, from a speciality restaurant to lounging. In the year under review revenue from catering
in the venue rose slightly because consumer fairs are not as sensitive to the economic cycle. As the saying goes, on
‘a day out’ the inner man also has to be looked after properly. Some time ago we decided to offer a wide and mixed
37
range of products and formulas. JCS has done well from this decision. Revenue from catering in the venue has been
growing for a number of years now and this growth continued in the year under review.
Measures
Total revenue fell, but the profitability remained virtually the same. When the full extent of the economic recession became apparent, we started in March with a programme of rationalisation. The aim: to bring the organisation in line with
the expected revenue. Annual contracts were not renewed and also the hiring of furniture and settings was reduced to an
absolute minimum. In May we started with central planning. All available hours are notified centrally, so that they can
be rescheduled. This ensures that hours are used most effectively. For the short term these measures led to high out-ofpocket savings. More importantly, the organisation has been made lean and mean. When the recession is behind us, in
percentage terms this will lead to a higher return.
In the year under review we started the discussion about reducing the number of production kitchens.
With the acquisition of Arjan van Dijk, JCS has three production kitchens: in Utrecht, Hoofddorp and Dombosch, near
Raamsdonksveer. For the time being we have decided to use those kitchens that at that time offer the best logistical
starting points. A mobility plan means that the right people prepare the right products at the right venue. Studies will
show which venues are ultimately the most profitable. The process of integrating Arjan van Dijk, and with it the choice
for the production venues, is due to be completed in 2012.
But it has not been a case simply of making savings everywhere. We increased our training and marketing
communication budgets. The latter investment paid off immediately. While we lost revenue because companies
cancelled big celebrations, intensifying our communication efforts led to € 5 million euro in new business.
Started in 2009
In May 2009 Trends for Rent, in which JCS has a 51% stake, bought Bloem Bloem, a company that specialises
in the hiring of horeca materials, furniture, kitchen equipment and settings. With the widening of its product range
through Bloem Bloem, the company is able to meet all customer wishes. Also, Trends for Rent did not suffer from the
recession. Quite the contrary, in view of the difficult times, companies are opting to hire materials rather than
buy them.
38
J aarbeurs C aterin g S ervices
The catering on the ss Rotterdam is provided by our subsidiary On Board On Shore. This is a fast-growing party
caterer in the Rijnmond region which is based on the steamship the ss Rotterdam. The hope was that operations would
start on it from the middle of 2009. It officially came into use on 15 February 2010, but Jaarbeurs Catering Services
has already been active on the ship from the end of December and it was already being hired out. Jaarbeurs Catering
Services has high expectations of this new venue. The illustrious history of the Holland America Line and the unique
conversion of the ship into an attractive meeting and conference accommodation has attracted so much attention that a
number of days in 2010 are already fully booked. The ship has space for up to 5,500 people. The Rotterdam joined the
Holland America Line’s fleet in 1959 as the biggest passenger ship ever built in the Netherlands.
After rebuilding work costing € 7.5 million, the new Media Plaza opened its doors in the summer of 2008.
‘Experience’ is the key. The new Media Plaza expresses this in every respect. Part of the conversion work involved
increasing conference and room capacity. There has been a high level of occupancy since it opened. Jaarbeurs
Catering Services is the exclusive caterer for Media Plaza. The catering in this venue generated new revenue in 2009.
In the year under review Verhaaf Party Catering was closely involved with the renovation of Taets Art Gallery in
Zaandam. This is also used for conferences and events and Verhaaf Party Catering is the fixed operator of ‘Taets’.
Rebranding
Moments is one of the formulas in the venue. The range of products served changes depending on the time of day.
In the year under review Jaarbeurs Catering Services started on a rebranding exercise, with the cooperation of
Sanday’s, which specialises in sandwiches and luxury rolls.
2009 also started with the development of a trendy restaurant with a small menu for lunch, a lounge
function for happy hour and a diner with a ‘nice piece of meat’ in the evening. This new restaurant will be located in
the Beatrixgebouw and replaces La Place, the contract with which ends on 1 June 2010. The new restaurant will be
opened on 1 September.
39
Expectations
For 2010 we expect that revenue from our current activities will fall. However, with the full opening of the ss
Rotterdam we expect that revenue for the group as a whole will rise. The organisation is now in a position to deal with
falls in revenue. The rationalisation process has created an excellent starting position. When revenues pick up,
profitability will increase to a greater extent. This is a direct result of making the organisation lean and mean. We are
optimistic for the medium to long term. We are carrying on with the process of changing JCS: from a traditional (party)
caterer to a provider of integrated hospitality concepts.
L IST
O F
ACTI V ITIES
I N
2 0 0 9
42
L I S T O F A C T I V I T I E S I N 2 0 0 9 VNU EXHIBITIONS EUROPE
Exhibitions and events in Utrecht Date
Number of visitors
Beauty Salon Dimensions
12 September - 14 September
13,890
Beauty Trade Special
28 March - 30 March
19,673
Bike MOTION Benelux
30 October - 02 November
29,942 *
Bouw & ICT
10 February
- 12 February
11,225
Bouwbeurs
09 February - 14 February
117,911
Elektrotechniek
28 September - 02 October
33,120
Fitness & Health Benelux
09 October Food Week
13,397
GEO-Info Xchange
02 December - 03 December
2,582
ICT & Logistiek
10 November - 13 November
3,383
InfoSecurity.nl / Storage Expo / LinuxWorld / Tooling Event
7,805
Jonge Gezinnen Beurs
32,800
Kampeer & Caravan Jaarbeurs
15 October 42,686
KreaDoe
Logistica
MOTORbeurs Utrecht
26 February - 01 March
NOT
27 January - 31 January
Overheid & ICT
21 April - 23 April
7,003
Second Home International - Spring
13 March - 15 March
7,391
Second Home International - Autumn
09 October - 11 October
6,371
Slavakto
TCD - Telecommerce Dagen
21 April - 23 April
Vakantiebeurs
13 January - 18 January
VerzamelaarsJaarbeurs - Spring
18 April - 19 April
VerzamelaarsJaarbeurs - Autumn
Zorg & ICT
18 March - 20 March
6,967
Zorgtotaal
18 March - 20 March
21,000
- 11 October
- 21 October
7,748
32,270
21,606
102,992
59,066
13,906
9,200
132,961 **
25,513
34,168
Exhibitions and events in Den Bosch
Date
Number of visitors
Energiebeurs
06 October KindVak
- 08 October
7,337
8,991
Exhibitions and events in Rosmalen
Date
Paper & Convenience
04 October Number of visitors
- 06 October
2,856
Exhibitions and events in Assen
Date
Energie in Bouw & Vastgoed
25 May - 28 May
Number of visitors
2.660
* of which 4,353 were trade visitors
** of which 14,422 were trade visitors
43
Trade Mart Utrecht
Date
Number of visitors
Voorjaarsbeurs / Trade Mart Utrecht
01 March - 03 March 9,914
Najaarsbeurs / Trade Mart Utrecht
30 August - 01 September
9,443
TMU inkoopdagen
01 January - 31 December
27,516
TMU Sla Uw Slag
3,662
Exhibitions and events in Belgium - Brussels
Date
Infosecurity.be / Storage Expo Belgium
25 March VSK België
Exhibitions and events in Russia - Moscow
Date
VIV Russia
26 May - 26 March
- 28 May
Number of visitors
3,568
2,626
Number of visitors
6,331
Exhibitions and events in China - Beijing
Date
VIV China
Number of visitors
12,697
Exhibitions and events in Thailand - Bangkok
Date
VIV Asia
11 March - 13 March
Number of visitors
20,831
Exhibitions and events in Turkey - Istanbul (licence)
Date
Food Tech (organised under FOTEG ISTANBUL)
05 March - 08 March
Number of visitors
Food Ingredients & Additives (organised under FOTEG ISTANBUL) 05 March - 08 March
812
Food Pack (organised under FOTEG ISTANBUL)
05 March - 08 March
2,561
VIV Turkey
25 June - 27 June 6,520
6,459
Exhibitions and events in China - Shanghai Date
Busworld Asia
08 April - 11 April
Number of visitors
China Sustainable Building Forum + Expo (CSB)
29 June - 01 July
Domotex Asia / Chinafloor
24 March - 26 March 36,986
Home May Show
01 May - 04 May
60,000
Home October Show
60,000
Money Fair
30,000
Pet Fair Asia
12,130
Pet Fair Shanghai
27 February - 01 March
12,000
R+T Asia
24 March - 26 March
Shanghai Int’l Garden & Landscape Exhibition (CLAF)
29 June - 01 July
Shanghai Spring Real Estate Market
13 March - 16 March
World Travel Fair
09 April - 11 April
7,833
3,028
9,467
3,028
60,000
4,639
44
Exhibitions and events in China - Jinan Date
Number of visitors
Truckworld
Total Exhibitions and events
1,816
1,089,384
Strategy Summits - Santpoort
Date
Number of visitors
Bouw (building)
56
Industrie (industry)
13 May
- 14 May
46
Logistiek (logistics)
06 April - 07 April
58
Onderwijs (education)
09 June - 10 June
56
Overheid (government)
43
Zorg (care)
48
Total Summits
307
Online Exhibitions and Online Portals
Date
Single visitors
Beautyvakbeurs.nl
68,158
Foodvakbeurs.nl
32,679
Fitnessvakbeurs.nl
24,380
Installatievakbeurs.nl
01 February - 31 December
32,604
Vakbeurswonen.nl
01 September - 31 December
10,674
Zoekuwtweedehuis.nl
01 January 57,383
- 31 December
Total Online visits
225,878
Profiles
Date
MyZoover
01 July - 31 December
45,000
Quel
13 November - 31 December
40,000
45
LIST OF ACTIVITIES IN 2009
JAARBEURS UTRECHT
Fairs and exhibitions Number
Number of visitorsGross m2
Trade fairs VNU Exhibitions Europe 17
369,482
433,494
Consumer shows VNU Exhibitions Europe 10
447,094
396,203
Trade fairs third parties 19
69,150
99,997
Consumer shows third parties 17
409,955
233,229
Trade Mart (incl. Voor- and Najaarsbeurs and Sla Uw Slag)
13
50,535
60,970
Total fairs and exhibitions 76
1,346,216
1,223,893
Number
Number of visitors
Beatrix Theater
Shows (Musicals)
Events 350
Number
399,670
Number of visitors
Consumer events 17
358,500
Corporate events 2
11,500
Total Events 19
370,000
Number
Number of visitors
Conferences and meetings National one-day conferences 849
212,318
National multi-day conferences 24
10,578
International multi-day conferences 1
284
One-day meetings, courses and other gatherings
5,300
217,000
Total conferences and meetings 6,174
440,180
Total Jaarbeurs
6,619
2,556,066
46
LIST OF ACTIVITIES IN 2009
JAARBEURS UTRECHT
Exhibitions and events of third parties
Consumer shows
PromZ Event
50+ Beurs & Festival
Railtech & Infratunnel
De Masterbeurs & Het Careerevent
Regards
Eigen Huis (Ver)Bouwen
Regio Business Dagen
Eurospoor
RelatieZ
Gezond Leven
TelecomExpo
Het Careerevent
Webwinkel Vakdagen
HME 2009
KamaSutrA - Spring
Consumer events
KamaSutrA - Autumn
Beat The Heat Now
Love & Marriage - Spring
Boekenfestijn
Love & Marriage - Autumn
Dommelsch Live38 XXL
Margriet Winter Fair
EO Nederland Zingt
Naturisme Totaal
Europa Cantat XVII - Muziekfestival
Onderwijsbeurs Midden-Nederland
Het Club van Sinterklaas Feest
Open Art Fair
Holiday on Ice - Spirit of the World
Woonidee NL
Jaarbeurs Utrecht Marathon & RunningXperience
ZOOM.experience
Max Christmas Proms
Missie Max
Trade fairs
Muziekfestival ‘Maak De Droom Waar’
AK Beurs
Radio 538 School Award
Boekenvakbeurs GAU - Spring
Thunderdome
Boekenvakbeurs GAU - Summer
Trance Energy
Boekenvakbeurs GAU - Autumn
U Beach
Dealer Info Dagen
Vaccinatie-evenement - Nieuwe Influenza A H1N1
Electronics & Automation
Wintercircus Utrecht
Event 09
HRM Live
Corporate events
Kerk & Gemeente
Getronics
Management Support
Stichting De Zonnebloem
Performa
PPT Food
47
Conferences and meetings
Gemeente Utrecht
Abvakabo
Gemeente Utrecht - Kidsgala 2009
Algemene Onderwijsbond
Genootschap Onze Taal
Alzheimer Nederland
Hartstichting
AT Consult
Heliview
BDA Groep
Hersenstichting
Belastingdienst
Hoezo! Projectmanagement Congresorganisatie
Benecke
IBG
Bohn Stafleu & Van Loghum
Inspectie voor de Gezondheidszorg
Bouwgala 2009
Kennisnet
CDA
Kerk in Actie Binnenland
College Bouwzorg Instellingen
Kluwer BV
Congres- en Studiecentrum VNG
Koninklijke Horeca Nederland - Jaarcongres 2009
Crohn Clitis Vereniging
Koninklijke Nederlandse Maatschappij ter Bevordering
der Pharmacie
Deloitte
Dental Best Practice
Koninklijke Notariële Beroepsorganisatie
Ernst & Young
KPN
Euroforum
Landelijk Netwerk Autisme
FNV Bouw
Landelijke Organisatie van Aspirant Huisartsen
FNV Formaat
Landelijke Vereniging Balans
Fortis B.V.
Leids Congres Bureau
48
LogaCom BV
Reed Business
Lundbeck BV
Rendement Uitgeverij
MagEvents - IPON 2009
Rijksgebouwendienst
Ministerie van Binnenlandse Zaken en Koninkrijksrelaties
Rijkswaterstaat Corporate Dienst
Ministerie van Defensie
SDU Uitgevers
Ministerie van Justitie
SenterNovem
Ministerie van Volksgezondheid, Welzijn en Sport
Slachtofferhulp Nederland
Ministerie van VROM
SNS Bank
National Instruments Netherlands B.V.
SNS Reaal
Nationale Contact Center Awards
Sociale Verzekeringsbank
Nederlandse Federatie van Belastingadviseurs
Springer Uitgeverij
Nederlandse Orde van Accountants -
Stichtiing WCS
Administratieconsulenten
Stichting Duurzaam Leren
Nederlandse Orde van Advocaten
Stichting FemFusion
Nederlandse Vereniging van Anesthesiemedewerkers
Stichting Media Plaza
Nederlandse Vereniging van Ziekenhuizen
Stichting NLGD
Nederlandse Vereniging voor Autisme
Stichting Rioned
Nederlandse Vereniging voor Parodontologie
Stichting Venti-Care
Nederlandse Vereniging voor Radiologie
Synpact Project Management - ICT Delta
Nederlandse Vereniging voor Ziekenhuizen
Synpact Project Management - Week van de Ondernemer
Nutricia Nederland
Thieme Meulenhoff
Optima Farma
TI Pharma
Partij van de Arbeid
Universiteit Utrecht
PinkRoccade Healthcare
UWV
Pino Productions
Vereniging van Oncologie Verpleegkundigen (VvOV)
Provincie Utrecht
Raad voor de Kinderbescherming
Wachttorencongres
Raad voor de Rechtspraak
Wereld Natuur Fonds
RAET
Ziggo B.V.
49
2 0 0 9
F I N A N CIA L
STATE M E N TS
52
C O N S O L I D AT E D B A L A N C E S H E E T A S O F 3 1 D E C E M B E R 2 0 0 9
Amounts x e 1,000
2009
2008
Fixed assets
Intangible fixed assets
1
32,480
37,862
Tangible fixed assets 2
101,500
93,414
Financial fixed assets
3
38
1,387
134,018
132,663
Current assets
Inventories
867
805
Receivables
4
35,936
44,284
Cash and cash equivalents
5
5,492
323
42,295
45,412
Total assets
176,313
178,075
Group capital and reserves
Issued and fully paid share capital
384
Share premium reserve
35,849
35,849
Statutory reserve
460
570
Retained earnings
54,458
38,149
Unappropriated result 10,468
16,822
Equity
6
384
101,619
91,774
Third-party minority interest
1,793
3,198
103,412
94,972
Provisions
7
10,391
6,302
Non-current liabilities
8
788
82
Current liabilities
9
61,722
76,719
Total liabilities
176,313
178,075
53
C O N S O L I D AT E D I N C O M E S TAT E M E N T F O R 2 0 0 9
Amounts x e 1,000
Net revenue
10
2009
2008
152,026 145,675
Cost of services of third parties,
materials and other external costs
79,457
75,409
Personnel costs
11
39,123
33,618
12
18,191
11,790
Amortization, depreciation and decrease
in value of fixed assets Total operating costs
136,771
120,817
Operating result
Financial income and expenses
13
15,255
24,858
48
-731
Profit before tax
15,303
24,127
Income tax expense
14
5,419
6,342
Profit after tax
9,884
17,785
15
584
-963
Net result
10,468
16,822
54
C O N S O L I D AT E D S TAT E M E N T O F C A S H F L O W S F O R 2 0 0 9
Amounts x e 1,000
2009
2008
Cash flows from operating activities
Net result
10,468
16,822
18,191
11,790
Amortization, depreciation and decrease in value
of fixed assets
Result before amortization, depreciation and decrease in value
28,659
28,612
Changes in working capital
· inventories and receivables
8,286
-15,240
· current liabilities (excl. credit institutions)
-9,758
25,129
-1,472
9,889
Changes in provisions
4,089
277
Net cash from operating activities
31,276
38,778
Cash flows from investing activities
Net investments in intangible fixed assets
-1,698
-7,834
Net investments in tangible fixed assets
-19,197
-16,234
Net investments in financial fixed assets
1,349
Net cash from investing activities
-
-19,546
-24,068
Cash flows from financing activities
Changes in fixed liabilities
706
22
Changes in debts to credit institutions
-5,239
-21,761
Changes in other reserves
-110
-7
Dividends paid
-454
-454
Changes in third-party minority interest
-1,405
2,450
Exchange differences from group companies
-59
119
Net cash from financing activities
-6,561
-19,631
Change in cash and cash equivalents
5,169
-4,921
Cash and cash equivalents at 1 January
323
5,244
Cash and cash equivalents at 31 December
5,492
323
55
E X P L A N AT O R Y N O T E S T O T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S F O R 2 0 0 9
General
Relationship with the parent company and principal activities
The consolidated financial statements of Jaarbeurs cover Jaarbeurs Holding B.V., having its registered office in Utrecht,
the Netherlands, and its wholly-owned subsidiary Jaarbeurs B.V. including its subsidiaries. Stichting Koninklijke
Nederlandse Jaarbeurs (Royal Dutch Jaarbeurs Foundation) does not operate a business and owns all shares of
Jaarbeurs Holding B.V.
The company is a holding company. The group’s principal activities consist of the organising of exhibitions, fairs
and events, the establishing and operating of the infrastructure and general technical services needed for organising
exhibitions, fairs and events, and the providing of catering activities at various venues.
The standards applied
The financial statements have been drawn up in accordance with the legal requirements as included in Part 9, Book 2,
of the Netherlands Civil Code. The principles used for the valuation of assets and liabilities and the calculation of the
result are based on historical costs.
Application of Article 402, Book 2 of the Netherlands Civil Code
The company’s financial details are incorporated in the consolidated financial statements. Therefore in accordance with
Article 402, Book 2 of the Netherlands Civil Code the company’s income statement gives only the share in the result of
participating interests after tax and the remainder of the result after tax.
Consolidation principles
The consolidated financial statements cover the financial details of the company and its group companies and other
legal persons over which control can be exercised or over which it has central management. Group companies are
participations in which the company has a majority interest, or in which in a different way a policy-determining influence
can be exercised. In the determination of whether a policy-determining influence can be exercised, financial instruments
that contain potential voting rights and that can be exercised directly are used.
Newly acquired participations are included in the consolidation from the time when a policy-determining influence can be
exercised. Participations that have been disposed of are included in the consolidation up to the time when this influence ends.
Intercompany debts, receivables and transactions are eliminated in the consolidated financial statements, and also the
profits made within the group. The group companies are consolidated in full, and the minority interest of third parties is
shown separately. A list of the main group companies and participations which have been included in the consolidation
is given on page 73.
56
Change in estimates
During the year under review the depreciation period of the goodwill that was paid for the participation Arjan van Dijk
Holding II was changed from twenty years to five years. For the calendar year this resulted in the depreciation expenses
increasing by € 1.2 million.
Principles for the conversion of foreign currencies
Transactions in foreign currencies
Transactions in foreign currencies are converted into the applicable operating currency of the group companies at the exchange
rate that applies on the date of the transaction. Monetary assets and liabilities in foreign currencies are converted on the
balance sheet date into the operating currency at the exchange rate that applies on that date. Non-monetary assets and
liabilities in foreign currencies that are stated at historical cost price are converted into euros at the exchange rates that apply
on the date of the transaction. Exchange rate differences that arise on conversion are entered as an expense in the income
statement.
Operations abroad
The assets and liabilities of operations abroad, including goodwill and actual-value adjustments arising on consolidation, are
converted into euros at the exchange rate that applies on the reporting date. The revenue and costs from activities abroad
are converted into euros at the average exchange rate of the year under review.
Currency conversion differences are incorporated in the reserve for conversion differences. If an activity abroad is sold
entirely or in part, the amount concerned is transferred from the reserve for conversion differences to the income statement.
Hedging of the net investment in activities abroad
Exchange rate differences that arise on the translation of a financial liability that is considered as hedging of the net
investment in an activity abroad are incorporated directly in the equity - in the reserve for exchange differences - insofar
as the hedge is effective. The non-effective part is entered as an expense in the income statement.
Principles for financial instruments
Financial instruments include trade and other receivables, cash equivalents, loans and other financing obligations, trade
debts and other items to be paid. When entered first, financial instruments are incorporated at actual value. If instruments
are not valued at actual value with the incorporation of changes in value in the income statement, any directly attributable
transaction costs form part of the first valuation. After the first time they have been entered, financial instruments are valued
as described below.
57
Financial instruments that form part of a commercial portfolio
Financial instruments (assets and liabilities) that are retained for commercial purposes are valued at actual value and
changes in this actual value are accounted for in the income statement. In the first period of valuation, attributable
transaction costs are incorporated as an expense in the income statement.
Loans granted and other receivables
Loans granted and other receivables are valued at amortized cost on the basis of the effective interest method, less
special losses for decreases in value.
Other financial liabilities
Financial liabilities that do not form part of a commercial portfolio are valued at amortized cost on the basis of the
effective interest method.
Principles for the valuation of assets and liabilities and calculation of the result
General
Assets and liabilities are given at nominal value unless otherwise stated. An asset is entered in the balance sheet if it
is probable that the future economic benefits will go to the company and the value of these benefits can be established
reliably. A liability is entered in the balance sheet if it is probable that its settlement will be accompanied by an outflow of
resources and the amount can be established reliably.
Income is entered in the income statement if an increase in the economic potential, together with an increase in the
value of an asset or a decrease in the value of a liability, has taken place, the amount of which can be established
reliably. Expenses are incorporated if a reduction in the economic potential, along with a decrease in the value of an asset
or an increase in the value of a liability, has taken place and of which the amount can be established reliably.
If a transaction results in virtually all or all future economic benefits and all or virtually all risks with regard to an asset or
liability being transferred to a third party, the asset or the liability are no longer entered in the balance sheet. Also, assets
and liabilities are no longer entered in the balance sheet from the time when the conditions of probability of the future
economic benefits and reliability of the calculation of the value are no longer met.
The financial statements are presented in euros, the operating currency of the company. All financial information in euros
is rounded in thousands.
58
Intangible fixed assets
Acquired exhibition titles and catering concepts are stated at cost less straight-line amortization which is based on the
economic life, which is 20 years for exhibition titles and 5 years for catering concepts. Goodwill is determined as the
positive difference between the acquisition price of the participations and the interest of the group in the net real value of
the identifiable assets and the ‘conditional’ liabilities of the company that has been acquired, less cumulative depreciation
and special decreases in value. Goodwill paid on the acquisition of group companies and participations abroad is
converted at the exchange rate on the date of the transaction. Goodwill entered as an asset is amortized on a straight line
basis over the estimated economic life, with a maximum of twenty years.
Tangible fixed assets
Property, plant and equipment are stated at cost less subsidies and less straight line depreciation in accordance with
the estimated economic life. Assets under construction are valued at cost. If there is a permanent decrease in value, the
property, plant and equipment are revalued. Property, plant and equipment retained as investments are stated at cost.
Maintenance expenditure is only entered as an asset if it extends its lifetime.
Participating interests in which significant influence can be exercised on commercial and financial policy are stated
in accordance with the change in equity method on the basis of net asset value, which is calculated on the basis of
the valuation principles used by the company. Participations with a negative net asset value are valued at zero. If the
company acts as guarantor for the debts of the participation, a provision is formed. This provision is formed primarily
against the receivables from this company and for the rest under the receivables to the size of the share in the losses
sustained by the participation, or for the expected payments by the company in respect of this participation. Participations
in which no significant influence is exercised are valued at acquisition price or permanently lower company value.
Loans to non-consolidated participations are stated at nominal value less decreases in value when necessary. Dividends
are accounted for in the period in which they become payable. The principles for other financial fixed assets are entered
under the heading of financial instruments.
Special decreases in value
Fixed assets with a long life have to be assessed for special decreases in value if changes or circumstances arise which indicate
that the book value of an asset will not be recouped. The possibility of assets that are in use of being recouped is calculated by
comparing the book value of an asset with the estimated cash value of the future net cash flows that the asset is expected to
generate. If the book value of an asset is greater than the estimated cash value of the future cash flows, special decreases in
value are accounted for in respect of the difference between the book value and the actual value of the asset.
Inventories
Inventories relate mainly to food and beverage products and are stated at cost less a provision for obsolescence when
necessary.
59
Receivables
The principles for the valuation of receivables are described under the heading ‘Financial instruments’.
Equity
Financial instruments that on the grounds of economic reality are considered as equity are presented under equity.
Payments to holders of these instruments are deducted from the equity, after deducting any associated benefit arising
from profit after tax.
Minority interest in third parties
The minority interest in third parties is valued by the share of third parties in the net asset value, as much as possible
calculated in accordance with the valuation principles used by the company.
Provisions
A provision is entered in the balance sheet if there is any question of:
• a liability that can be enforced in court or an actual liability that is the result of an event in the past; and
• for which a reliable estimate can be made; and
• to settle this liability it is probable that an outflow of resources is necessary.
The provision for the maintenance of buildings and land is to equalise the costs for maintaining in good order the
economic value of the whole of the venue. The provision is formed on the basis of the expected future expenditure based
on a multiannual maintenance plan. The provision for reorganisation is for the adapting of the organisation.
Use of estimates
The drawing up of the financial statements requires the management to form opinions and make estimates and
assumptions which influence the application of principles and the reported value of assets and liabilities, and of income
and expenses. The actual results may differ from these estimates. The estimates and underlying assumptions are
assessed continually. Revised estimates are stated in the period in which the estimate is revised and in future periods for
which the revision has consequences.
Net revenue and operating expenses
Net revenue is determined on the basis of invoiced revenue (excluding tax) less discounts given. The net revenue is
accounted for in the year in which delivery is made. The costs of services by third parties, materials and other external
costs are charged to the result in the year in which the net revenue relating to these costs is accounted for.
Other income and expenses are allocated to the period to which they relate. Income is accounted for if all important risks
relating to the commercial goods and services have been transferred to the buyer.
60
Staff pay / pensions
For most employees, the pension scheme offered by Jaarbeurs Holding B.V. to its employees is a so-called collectively
defined contribution scheme operated by the company’s pension fund.
For other employees, who mainly work for Jaarbeurs Catering Services B.V. and its group companies, there is a defined
pension scheme which is operated by the industry-level pension funds and which is entered in these financial statements
as a defined contribution scheme. With the defined contribution scheme, each year the company awards the staff an
agreed premium to be paid and the actuarial and investment risk does not rest with the company.
Obligations associated with contributions to pension schemes on the basis of defined contributions are entered as an
expense in the income statement in the period that the amounts are payable.
Amortization and depreciation
Depreciation is calculated on a straight line basis on the purchase value over the expected economic life. Assets under
construction are not depreciated. The main depreciation percentages are:
- Buildings: 3.33%
- Intangible fixed assets: between 5% and 20%
- Other fixed assets: between 10% and 20%
- Other tangible fixed assets: between 10% and 20%
Share in the result of companies in which is participated
The share in the result of companies in which is participated includes the share of the group in the results of these
participations. Results of transactions in which assets and liabilities have been transferred between the group and the
non-consolidated participations, and between the non-consolidated participations themselves, are not incorporated insofar
as these can be regarded as not having been achieved.
The results of participations that have been acquired or disposed of during the financial year are incorporated in the
group’s result from the time that they have been acquired respectively up to the time they have been disposed of.
Tax expense
Corporation tax expense is calculated on the result according to the financial statements adjusted for permanent differences.
Tax includes the tax on profit payable and deductible in the year under review and deferred tax. Tax is entered in the income
statement, except where it relates to items that are entered directly in the capital and reserves, in which case the tax is
incorporated in the capital and reserves.
The tax payable and deductible in the financial year is the tax expected to be payable on the taxable profit for the financial year,
calculated on the basis of the tax rates that are fixed on the reporting date, or which have already been materially decided on the
reporting date, and any corrections to the tax payable in previous years.
For deferred tax, a provision has been made for temporary differences between the book value of assets and liabilities in respect
of financial reporting and the fiscal book value of these items.
61
A deferred tax asset is only entered if it is probable that in future taxable profits will be available that can be used to realise the
temporary difference. Deferred tax assets are revised as of each reporting date and lowered if it is no longer probable that the tax
benefit associated with it will be realised.
Principles for the statement of cash flows
The statement of cash flows is derived from the income statement and other changes between the opening balance sheet
and the closing balance sheet, whereby the effect of exchange rate differences is eliminated. Changes in the provisions
for specific assets are entered as the change in the item for which the provision has been made.
62
E X P L A N AT O R Y N O T E S T O T H E C O N S O L I D AT E D B A L A N C E S H E E T
Amounts x e 1,000
1. Intangible fixed assets
FAIRCATERING
TITLESGOODWILLCONCEPTS
TOTAL TOTAL
2009 2008
Balance at 1 January
Cost
32,289
8,067
142
40,498
33,890
Accumulated depreciation
-2,079
-429
-128
-2,636
-1,990
Carrying amount at 1 January
30,210
7,638
14
37,862
31,900
Changes in the financial year
Investments
Disposals
Depreciation
30,210
7,638
14
37,862
31,900
320
1,378
-
1,698
7,834
-
-
-
-
-1,226
-1,782
-1,655
-2
-3,439
-1,903
Reversal of accumulated depreciation
due to disposals
Decrease in value
Carrying amount at 31 December -
-
-
-
1,226
-2
-3,639
-
-3,641
31
28,746
3,722
12
32,480
37,862
Balance at 31 December
Cost
32,609
9,445
142
42,196
40,498
-3,863
-5,723
-130
-9,716
-2,636
Carrying amount at 31 December
28,746
3,722
12
32,480
37,862
During the year under review the depreciation period of the goodwill that was paid for the participation Arjan van Dijk Holding II was
changed from twenty years to five years. As a result, for the calendar year the depreciation expense increased by € 1.2 million. The
decrease in value in the goodwill also relates to the participation Arjan van Dijk Holding II. The company is obliged to purchase the
remaining shares before 2012.
63
2. Tangible fixed assets
BUILDINGS
OTHER
FIXED
TOTAL TOTAL AND LANDASSETSOTHER
2009 2008
Cost
169,727
21,910
16,044
207,681
192,892
-94,118
-11,027
-9,122
-114,267
-105,794
75,609
10,883
6,922
93,414
87,098
Changes in the financial year
75,609
10,883
6,922
93,414
87,098
Investments
12,359
128
6,346
18,833
16,345
Disposals
-1,551
-32
-575
-2,158
-1,556
Depreciation
-5,526
-1,599
-3,986
-11,111
-9,814
1,492
-
516
2,008
1,416
-
-
-
-
-104
514
-3,588
3,588
514
29
82,897
5,792
12,811
101,500
93,414
Reversal of accumulated depreciation
due to disposals
Decrease in value
Other changes
Cost
180,535
22,006
21,815
224,356
207,681
-97,638
-16,214
-9,004
-122,856
-114,267
82,897
5,792
12,811
101,500
93,414
The investments in ‘Buildings and land’ relate mainly (€ 7.5 million) to the buying off of the lease contract of hall 12. The investments
in ‘Other’ relate mainly to equipment, ICT and vehicles.
64
The carrying amount of buildings and land is itemised as follows:
2009
2008
Land
12,648
12,648
Exhibition buildings
56,305
50,937
Parking facilities
2,884
2,594
Other buildings and structural facilities
11,989
9,430
83,826
75,609
Tangible fixed assets include an amount of € 11.2 million for assets acquired in connection with the development of the station
area project. Nearly all the exhibition buildings are on leased land. Some of the ground lease contracts will expire in 2019 and
some in 2070.
3. Financial fixed assets
2009 2008
1,387
1,387
Received dividends
-84
-30
Financial year result
84
30
Investments
38
-
Disposals
-1,387
-
38
1,387
Financial fixed assets in 2008 consist of a 10% interest in Croeselaan C.V., registered in Eindhoven. This C.V. was wound up in
2009 and the capital share was received by the company.
4. Receivables
2009
2008
Trade receivables
21,276
26,942
Prepaid expenses
3,936
3,930
Deferred tax
5,100
3,866
Other receivables
5,624
9,546
35,936
44,284
Receivables are payable within 1 year. The provision for possible irrecoverability of trade receivables is now € 1.0 million (2008:
€ 0.8 million). This provision comes under trade receivables. Prepaid expenses relate to exhibitions and activities that take place
after 31 December 2009 and 2008 respectively. Deferred tax relates mainly to a different valuation of the tangible fixed assets, the
provision for the maintenance of buildings and land, and future offsettable losses. Deferred tax is predominantly of a fixed nature.
65
5. Cash and cash equivalents
Cash and cash equivalents are at free disposal.
6. Capital and reserves
2009
2008
91,774
75,294
Dividends
-454
-454
Total changes in equity in relation to shareholder
-454
-454
Net result
10,468
16,822
Change in other reserves
-110
-7
Exchange differences from group companies
-59
119
Total result
10,299
16,934
101,619
91,774
7. Provisions
MAINTENANCE
OF BUILDINGS DEFERRED OTHERTOTALTOTAL
AND LANDTAXROVISIONS
2009
2008
Reclassification of deferred tax Additions
Withdrawals
Balance at 31 December 5,291
754
257
6,302
6,025
-
-514
-
-514
-
2,600
1,948
1,677
6,225
1,663
-1,397
-120
-105
-1,622
-1,386
6,494
2,068
1,829
10,391
6,302
As well as personnel provisions for anniversaries, ‘Other provisions’ includes in particular provisions for obligations that arise due to
long-term continuation of the company’s activities. The provisions are predominantly of a fixed nature.
66
8. Non-current liabilities
2009
2008
82
60
Loans granted
753
22
Redeemed
-47
-
Balance at 31 December 788
82
The loans granted relate to various loans to the catering organisation at an average interest of 6.0%.
9. Current liabilities
2009
2008
Credit institutions
-
5,239
Income invoiced in advance
23,881
33,195
Trade payables
11,263
14,387
Corporation tax
5,657
4,593
Other taxes and social security contributions
3,157
3,118
Pension fund
273
214
Debts to shareholder
4,084
3,630
Other liabilities
13,407
12,343
61,722
76,719
The maximum credit facility with credit institutions is € 50.3 million (2008: € 50.3 million). The income invoiced in advance
relates to exhibitions and activities that take place after 31 December 2009 and 2008 respectively.
Liabilities not shown on the balance sheet
Multiannual financial liabilities
Non-current multiannual obligations have been entered into concerning leases, rental and operational leasing. These obligations are
itemised as follows, according to nature and term (in million €):
< 1 year
1-5 years
> 5 years
Total
Leases
0.1
0.4
-
0.5
Rental
1.6
5.6
0.5
7.7
Operational leasing
0.8
1.1
2.5
7.1
- 0.5
1.9
10.1
67
Most of the land is leased and some of the contracts will expire in 2019 and some in 2070. The average remaining term of the
lease contracts is approximately 4 years, and they relate mainly to obligations on hall rental. Of the annual operational lease
obligations, most relate to car lease obligations. The average remaining term of these lease contracts is approximately 2.5 years.
Liability and guarantees
Pursuant to Article 403, Book 2 of the Netherlands Civil Code, the company has declared in writing that it will assume joint and
several liability for the debts arising from the legal acts of all the wholly owned group companies that have been included in the
consolidated financial statements.
As part of the overall financing of Stichting Media Plaza, Jaarbeurs Utrecht B.V. issued a guarantee to Rabobank Utrecht e.o. for
€ 0.45 million.
As a result of the fact that in the past (former) employees were (partly) covered by the Work and Income Act (WIO), a higher WIO
premium will be paid in the coming years. No provision is made for these additional costs and they will therefore have to be
accounted for in future years.
Tax
Together with the group companies listed below, the company forms a tax entity for corporation tax and VAT and is jointly and
severally liable for the tax debts of the tax entity as a whole. These group companies are: Jaarbeurs B.V., Jaarbeurs Utrecht B.V.,
Jaarbeurs Catering Services B.V., Grand Catering B.V., Arjan van Dijk Holding B.V., Frans Kuil Beheer B.V., Frans Kuil Party & Catering
Services B.V., Dutch Catering Association B.V., On Board On Shore B.V., Taat & de Regt B.V., RDCA Exploitatie B.V., Café Royale B.V.,
RDCA Publiek & Projecten B.V., Event & Catering Partners 2002 B.V., Verhaaf Party Catering B.V., Sohoreca B.V., Fair Online B.V.,
Jaarbeurs Management B.V., Roggehoek B.V., Jaarbeurspoort B.V., Jaarbeurs Congreszaal N.V., Erotex B.V., Exploitatiemaatschappij
Croeselaan B.V., Pompshop B.V., Weggebruiker B.V., N.V. Jaarbeurs Servicebureau, ’t Raethuijs N.V.
68
E X P L A N AT O R Y N O T E S T O T H E C O N S O L I D AT E D I N C O M E S TAT E M E N T
Amounts x e 1,000
10. Net revenue By activity
2009
2008
Exhibitions and events
69,790
67,364
Accommodation rentals
31,885
31,819
Catering
43,947
41,732
Other
6,404
4,760
152,026
145,675
By geographical area
The Netherlands
137,511
135,227
Other EU countries
1,167
564
Other countries
13,348
9,884
152,026
145,675
11. Personnel costs
2009
2008
Wages and salaries
28,921
23,579
Social security costs
4,211
3,856
Pension costs
1,780
1,535
Other personnel costs
4,211
4,648
39,123
33,618
Average number of employees (FTE)
The Netherlands
702
557
Other countries
85
73
787
630
69
12. Depreciation and decrease in value of fixed assets
2009
2008
Depreciation of intangible fixed assets
3,439
1,903
Depreciation of tangible fixed assets
11,111
9,814
Decrease in value of intangible fixed assets
3,641
-31
Decrease in value of tangible fixed assets
-
104
18,191
11,790
In the depreciation of intangible fixed assets and in the decrease in value of intangible fixed assets are included,
respectively, the effect of the change in the estimate of the depreciation period of the goodwill of Arjan van Dijk Holding II
and of the adjustment of this goodwill to the actual value calculated.
13. Financial income and expenses
2009
2008
Interest income
808
861
Interest charges
-594
-1,657
Result of non-consolidated participating interests
84
30
Exchange rate differences
-18
179
Other financial income and expenses
-232
-144
48
-731
14. Corporation tax
Jaarbeurs Holding B.V. and its Dutch wholly-owned subsidiaries, with the exception of VNU Exhibitions Europe B.V., form
a tax entity. The effective tax burden is 35.4% (2008: 26.3%) and is different from the average nominal rate of corporation
tax in the countries in which Jaarbeurs Holding B.V. is active. This is due to the greater depreciation as a result of a change
in estimates and to the decrease in value of the intangible assets, both in respect of the goodwill of Arjan van Dijk Holding II
and both not deductible. The effect of this on the tax burden is 8.1%.
15. Third-party minority interest
This concerns the minority interest of third parties in the results of group companies.
70
J A A R B E U R S H O L D I N G B . V.
C O M PA N Y F I N A N C I A L S TAT E M E N T S A S O F 3 1 D E C E M B E R
Amounts x e 1,000
COMPANY BAL ANCE SHEET
2009
2008
Fixed assets
1
101,619
91,774
Current assets
Receivables from group companies
4,084
3,630
Total assets
105,703
95,404
Capital and reserves
2
Issued and fully paid share capital
384
384
Share premium reserve
35,849
35,849
Statutory reserve
460
570
Retained earnings
54,458
38,149
Unappropriated result
10,468
16,822
101,619
91,774
Current liabilities
Debts to shareholder
4,084
3,630
Total liabilities
105,703
95,404
2 0 0 9 2008
Result of group companies
10,468
16,822
Net result
10,468
16,822
I N C O M E S TAT E M E N T F O R 2 0 0 9
71
E X P L A N AT O R Y N O T E S T O T H E C O M PA N Y F I N A N C I A L S TAT E M E N T S
Amounts x e 1,000
General
As the company’s financial details are incorporated in the consolidated financial statements, the income statement gives only the
result of the participating interest (Article 402, Book 2 of the Netherlands Civil Code).
1. Financial fixed assets
2009
91,774
75,294
Dividend paid
-454
-454
Change in other reserves
-
-577
Change in statutory reserve
-110
570
10,468
16,822
Exchange differences
-59
119
101,619
91,774
2008
The list of the main group companies and participating interests is on page 73.
2. Capital and reserves
ISSUED SHAREEXCHANGE
SHAREPREMIUMSTATUTORY DIFFERENCES
UNAPPRO-
OTHER PRIATED
CAPITALRESERVERESERVERESERVERESERVESRESULT
Balance at 1 January 2008
384
35,849
-
-72
TOTAL
29,637
9,496
75,294
Net result for 2008
-
-
-
-
-
16,822
16,822
Dividend paid
-
-
-
-
-
-454
-454
Retained profit
-
-
-
-
9,042
-9,042
-
Change in statutory reserve -
-
570
-
-
-
570
Change in retained earnings
-
-
-
-
-577
-
-577
-
-
-
119
-
-
119
384
35,849
570
47
38,102
16,822
91,774
Balance at 1 January 2009
Net profit for 2009
-
-
-
-
-
10,468
10,468
Dividend paid
-
-
-
-
-
-454
-454
Retained profit
-
-
-
-
16,368
-16,368
-
Change in statutory reserve
-
-
-110
-
-
-
-110
Change in retained earnings
-
-
-
-
-
-
-
-
-
-
-59
-
-
-59
384
35,849
460
-12
54,470
10,468
101,619
Balance at 31 December 2009
As of 31 December 2009, the authorised share capital consisted of 3,500 shares, each with a nominal value of € 453.78 per share.
Of these, 846 shares are issued and fully paid.
72
Accountants’ fees
The following fees paid to KPMG Accountants are charged to the company, its subsidiaries and other companies that it
consolidates, as referred to in Article 2:382a of the Netherlands Civil Code.
KPMG ACCOUN-
KPMG
TANTS N.V.OTHERTOTAL
In 2009
Audit of the financial statements
183,536
22,140
205,676
7,500
-
7,500
-
143,159
143,159
17,567
99,455
117,022
208,603
264,754
473,357
184,500
23,009
207,509
52,100
11,770
63,870
-
73,559
73,559
2,000
252,516
254,516
238,600
360,854
599,454
Other audit tasks
Tax advisory services
Other, non-audit activities
Total
In 2008
Audit of the financial statements
Other audit tasks
Tax advisory services
Other, non-audit activities
Total
Remuneration of members of the Executive Board and of the Supervisory Board
The remuneration of the sole managing director as referred to in Article 383, subsection 1, Part 9, Book 2 of the Netherlands
Civil Code is exempt. The remuneration of the members of the Supervisory Board is: € 83 thousand (2008: € 53 thousand).
Declaration of liability for group companies
Pursuant to Article 403, Book 2 of the Netherlands Civil Code, the company has declared in writing that it will assume joint and
several liability for the debts arising from the legal acts of all the wholly owned group companies that have been included in the
consolidated financial statements.
Executive Board Supervisory Board
A. Brienen P.C. Klaver, Chairman
Chief Executive Officer H.W. Broeders
Mrs I.G.C. Faber
R.G. van Ingen
J.G. Wijn
73
O T H E R I N F O R M AT I O N
Amounts x e 1,000
To: The General Meeting of Shareholders of Jaarbeurs Holding B.V.
Auditor’s report
Report concerning the financial statements
We have audited the financial statements and the explanatory notes of Jaarbeurs Holding B.V., Utrecht, as they appear in this
report on pages 50 to 70, and which comprise the consolidated and company balance sheet as at 31 December 2009, the
consolidated and company income statement and the statement of cash flows for the year then ended.
The board’s responsibility
The board of the company is responsible for the preparation and fair presentation of the financial statements, which
should give a true and fair view of the company’s financial position and the result, and for the preparation of the annual
report, both in accordance with Part 9, 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
Our responsibility is to express an opinion on the financial 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 company’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the company’s 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.
74
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Jaarbeurs Holding B.V. as at
31 December 2009, and of its result for the year then ended in accordance with Part 9, Book 2 of the Netherlands Civil Code.
Report on other legal and regulatory requirements
Further to the legal requirement under Article 2:393 sub 5 part f of the Netherlands Civil Code, we report, to the extent of
our competence, that the Board’s report is consistent with the financial statements as required by Article 2:391 sub 4 of the
Netherlands Civil Code.
KPMG ACCOUNTANTS N.V.
J.C.M. van Rooijen RA
Provisions of the articles of association regarding the appropriation of the result
According to the company’s Articles of Association, the net result is at the disposal of the General Meeting of Shareholders.
At its meeting on 19 March 2009 it was decided to appropriate the net result for 2008 as follows:
To be added to the retained earnings
To be paid as dividend
16,368
454
16,822
Proposed appropriation of the result
It will be proposed to the General Meeting of Shareholders that the net result for 2009 be allocated as follows:
To be added to the retained earnings
To be paid as dividend
10,014
454 10,468
75
GROUP STRUCTURE AS OF 31 DECEMBER 2009
The main group companies are listed below.
(100% interest and registered office in Utrecht unless otherwise stated)
Jaarbeurs B.V.
Jaarbeurs Utrecht B.V.
VNU Exhibitions Europe B.V., Jaarbeurs International B.V., VNU Exhibitions Asia Ltd. (70%, Shanghai, China), Quel
Business Information B.V. (30%, Rotterdam)
Jaarbeurs Catering Services B.V., Arjan van Dijk Holding B.V., Arjan van Dijk Holding II B.V. (75%), Arjan van Dijk Groep
B.V. (75%, Geertruidenberg), Rogex B.V. (75%, Geertruidenberg), EVE& B.V. (75%, Oosterhout), Bourgondia B.V. (75%,
Oosterhout), Frans Kuil Beheer B.V. (Vlaardingen), Dutch Catering Association B.V. (Rotterdam), On Board On Shore B.V.
(Rotterdam), Taat & de Regt B.V. (Rotterdam), Grand Catering B.V. (Nieuwegein), Event & Catering Partners 2002 B.V.
(Hoofddorp), Verhaaf Party Catering B.V. (Hoofddorp), Trends for Rent B.V. (51%), BloemBloem B.V. (51%, Utrecht),
Grand Exploitatie B.V. (51%)
Jaarbeurspoort B.V., Exploitatiemaatschappij Croeselaan B.V.
76
F I V E Y E A R S J A A R B E U R S H O L D I N G B . V. *
Amounts x e 1 million
Consolidated balance sheets in brief
2009
2008
2007
2006
2005
Fixed assets
134.0
132.7
120.4
93.2
97.0
Current assets
42.3
45.4
35.1
34.7
28.5
176.3
178.1
155.5
127.9
125.5
Group capital and reserves
103.4
95.0
76.0
67.7
59.7
Provisions
10.4
6.3
6.0
6.9
9.3
Non-current liabilities
0.8
0.1
0.1
0.1
0.4
Current liabilities
61.7
76.7
73.4
53.2
56.1
176.3
178.1
155.5
127.9
125.5
Change in group capital and reserves
95.0
76.0
67.7
59.7
52.7
10.5
16.8
9.5
8.3
7.5
Other changes
-2.1
2.2
-1.2
-0.5
-0.5
76.0
67.7
59.7
Balance at 31 December 103.4
95.0
* Up to and including 29 October 2007 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest. Since that
date the participation was increased to 100% and this was fully consolidated in the balance sheet but only consolidated proportionally in the
income statement. In 2008 the participation was fully consolidated in both the balance sheet and the income statement.
77
F I V E Y E A R S J A A R B E U R S H O L D I N G B . V. *
Amounts x e 1 million, unless otherwise stated
2009
2008
2007
2006
2005
103.1
93.0
Consolidated income statement in brief
Net revenue
152.0
145.7
108.5
Cost of services of third parties, materials
and other external costs
79.4
75.4
60.5
56.3
49.2
Personnel costs
39.1
33.6
23.9
22.9
22.5
of fixed assets
18.2
11.8
10.2
11.7
11.7
Total operating costs
136.7
120.8
94.6
90.9
79.9
Operating result
15.3
24.8
13.9
12.2
9.6
Financial income and expenses
-
-0.7
-0.1
-0.1
-
Profit before tax
15.3
24.1
13.8
12.1
9.6
Amortization, depreciation and decrease in value
Income tax expense
5.4
6.3
4.0
3.6
2.0
0.6
-1.0
-0.3
-0.2
-0.1
Net result
10.5
16.8
9.5
8.3
7.5
17.4
27.0
7.8
19.1
Cash flows from operating activities
31.3
38.8
18.5
Net investments in fixed assets
19.5
24.1
37.4
Average number of employees (FTE)
787
630
448
425
* Up to and including 29 October 2007 the participation in the group company VNU Exhibitions Europe B.V. was a 50% interest. Since that
date the participation was increased to 100% and this was fully consolidated in the balance sheet but only consolidated proportionally in the
income statement. In 2008 the participation was fully consolidated in both the balance sheet and the income statement.
404
78
KEY POSITIONS
Situation at 1 April 2010
Executive Board and Management
Supervisory Board Jaarbeurs Holding B.V.
Jaarbeurs (Holding) B.V.
P.C. Klaver - Chairman
A. Brienen - Chief Executive Officer
H.W. Broeders
E.J.M. Missotten
Mrs I.G.C. Faber
J.H. van Staverden
R.G. van Ingen
A.M. Schouten
J.G. Wijn
Mrs M.P.J.M. Verkoijen
Foundation
Royal Dutch Jaarbeurs
VNU Exhibitions Europe B.V
P.C. Klaver - Chairman
A.M.M. Otten - Chief Executive Officer
H.W. Broeders
J. van der Valk - Director, Exhibitions & Cross-media
Mrs I.G.C. Faber
G.W. Leeuwenburgh
R.G. van Ingen
F. van der Woude
J.G. Wijn
Mrs R.I. Klein Geltink
Works Council Jaarbeurs B.V.
B.J.H. de Leeuw - Chairman
P.J. Coolen - Vice Chairman
D. Zhong - President
Mrs M.I. van Wersch-Kikkert - Secretary
X.Q. Zhang - Managing Director
P.C.J. van den Bosch
Mrs S. Hartsuiker
Mrs M.E. Kamerbeek
Jaarbeurs Utrecht B.V.
T. Steegers
G. Zapantoulis - Managing Director
R.C.J.M. van der Heijden - Deputy Managing Director
Works Council
C.A. Filius
VNU Exhibitions Europe B.V.
Mrs E. Matos
J.J.L. Pietersen - Chairman
A.P.A. Molmans
Mrs T. Abahai - Vice Chairwoman
Mrs A. van Eijk
L. Joosen
Jaarbeurs Catering Services B.V.
H.O.P. La Gro
G. Zapantoulis - Managing Director
Mrs M. Sanders
Mrs M. Koning
P.T.C. Aalbers
H. Kroneberg
F. Kuitert
C.C.T. Aalbers
R.M. Ernst
A.C.A.M. Peeters
R. Boelens
Jaarbeurs Holding • P.O. Box 8500, 3503 RM Utrecht • Jaarbeursplein, 3521 AL Utrecht • The Netherlands
Telephone +31 (0)30 295 59 11 • Fax +31 (0)30 295 55 21 • info@jaarbeurs.nl • www.jaarbeurs.nl

annualreport 2 0 0 9

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