Deloitte 2007-06-01 2008-05-31 Deloitte 2008-06-01 2009-05-31 Deloitte 2008-05-31 Deloitte 2009-05-31 iso4217:EUR pure The financial instruments shown on the balance sheet mainly regard financial fixed assets, receivables, cash, subordinated long-term and current liabilities and amounts owed to suppliers and trade credits. Unless stated otherwise, the estimated fair value of the financial instruments included in the balance sheet as of 31 May 2009 approximate their book value. Exchange rate risks, mainly dollar risks, arising from future operational cash flows and financing activities in foreign currencies are hedged by means of forward exchange contracts if considered necessary. No hedging activities took place in the year under review. Interest rate risks relate mainly to: (a) short-term credit facilities carrying variable Euribor-based interest with a surcharge; (b) subordinated loans, carrying variable Euribor-based interest with a surcharge capped at 8% for the compulsory subordinated loans and 9% for the voluntary subordinated loans; (c) long-term loans to DTT carrying variable LIBOR-based interest. Interest rate risks are not hedged. Inherent to the nature of the group’s activities is its exposure to credit risk. These risks mainly regard uncollectable debts on debtors, for which adequate provisions have been recognized. The risk of non-collectability is mainly restricted by the multitude and diversity of parties owing to the group. 1189000 3180000 1189000 3180000 12253000 6064000 12588000 9407000 234467000 212764000 82898000 71398000 317365000 284162000 2009-05-31 509000 0 The consolidated financial statements have been prepared in accordance with the requirements of Title 9, Book 2 of the Netherlands Civil Code. Assets and liabilities are valued and results are determined on the basis of historical cost. Unless a different accounting principle is specified for the specific item on the balance sheet, assets and liabilities are carried at their face value. Income and expenses are allocated to the year to which they relate. Profits are only recorded if they have been realised on the balance sheet date. Losses originating before the end of the year under review are taken into consideration if they were known before the Financial Statements were prepared. This year Dutch Accounting Standard RJ290 has been changed. Accordingly the accounting principles are adapted. This has had no impact on the balance sheet and profit and loss account. 335000 3343000 -2534000 -1226000 -321000 395000 1554000 -2209000 -5826000 -6746000 -4155000 -8620000 -6638000 -906000 3037000 Netherlands 25729000 25333000 265000 487000 2009-07-29 24757000 22080000 23599000 21963000 -12717000 -11796000 -7536000 -6805000 -20253000 -18601000 Depreciation percentages: 10 (leasehold improvements and office equipment) Depreciation percentages: 12 1/2; 14 2/7; 20; 33 1/3; 50 (other fixed assets) -1745000 -94000 -399000 -530000 -2144000 -624000 309424000 321246000 317365000 284162000 8150000 7150000 For an explanation of the legal entity’s share in group equity see the notes to shareholders’ equity in the company financial statements. As there have been no direct movements in the shareholders’ equity other than those arising from a cancellation of shares, no consolidated statement of recognized income and expenses has been included. For an explanation of the capital base (group equity and subordinated loans) see Long term liabilities. -117000 Acquisition cost as of 1 June 2008: €k 53,671; 31 May 2009: €k 53,754 21584000 19050000 Goodwill paid for companies acquired from third parties is included under intangible fixed assets. This goodwill is amortised in straight-line over 15 years and, where applicable, reduced by impairment losses. -417000 293000 31000 36000 Net turnover is mainly realized in the Netherlands. Other operating income mainly relates to income from disposal of activities during the year under review. Operating expenses are calculated on a historical basis and allocated to the year to which they relate. Under the General Terms and Conditions of Deloitte, the Rules on Financial Relationships and the Associate Agreements, the fees paid to shareholders for services rendered are equal to the net profit of Deloitte Holding B.V., before deduction of Associate Fees. The company is obliged to pay out these Associate Fees. The Associate Fees due to shareholders are treated as operating costs in the profit and loss account. In order to provide the information on group profit required under Article 362, paragraph 4, Title 9 of the Netherlands Civil Code 2, the provisions of the financial statements Formats Decree have not been followed in the financial statements and these fees are carried separately as the last item in the profit and loss account. The Associate Fees to be paid to shareholders through Stichting Financiering Deloitte are treated as operating expenses for tax purposes. As a consequence the amount of corporation tax paid is limited. 1292000 1412000 2197000 2784000 6323000 9394000 917000 4047000 21584000 19050000 46297000 33347000 3837000 3516000 182158000 147680000 Shareholders who enter into an Associate Agreement with the company are obliged to grant a subordinated loan to Stichting Financiering Deloitte. In turn this Foundation grants a subordinated loan for the same amount to the company. The loans amount to €k 104,145 in total as of 31 May 2009 (31 May 2008: €k 106,070) and are subordinated to all existing and future liabilities of the company and, together with the group equity, make up the capital base of the company. The interest paid is equal to a 3-month Euribor plus 4%, with a maximum of 8%. The loans are repaid at the termination of the Associate Agreement. The maturity date of these loans depends on joining and leaving of shareholders and therefore cannot be expressed in years. Shareholders may grant additional subordinated loans on voluntary basis. These voluntary subordinated loans amounted to €k 12,450 on a 2 year term as of 31 May 2009 (31 May 2008: €k 12,850) and were granted to Stichting Financiering Deloitte which re-issues them to the company. The term for these voluntary subordinated loans is 3 to 5 years and are subordinated to all existing and future liabilities of the company and, together with the group equity, make up the capital base of the company. The interest paid is equal to a three-month Euribor plus a surcharge of 3.5% to 5%, depending on the term, with a maximum of 9%. The company has the right to repay the voluntary subordinated loans at an early stage at all times. Interest rate 31 May 2009: 7.76%; 31 May 2008: 8.10% 118920000 116595000 Tangible fixed assets are valued at acquisition cost or production cost, less accumulated depreciation and, where applicable, impairment losses. Depreciation is based on the estimated useful life of the asset and calculated using the straight-line method based on the acquisition/production cost, taking account of any residual value. The asset starts to depreciate from the date that it is taken into use. Tangible fixed assets under construction are valued at production cost. Production cost comprises licensing costs, direct labour costs, expenditure on services from third parties and the attributable share of other operating costs. Grants for the purchase of (tangible) fixed assets are deducted from the investment and amortised through depreciation. 214794000 200683000 Acquisition cost as of 1 June 2008: €k 335; 31 May 2009: €k 3,678 The provision for unoccupied premises and dismantling cost is related to the reduction of the office network and future dismantling costs. Acquisition cost as of 1 June 2008: €k 93,031; 31 May 2009: €k 89,693. Other fixed assets mainly relate to hardware and software. Acquisition cost as of 1 June 2008: Leasehold improvement €k 50,258, Office equipment €k 29,077; 31 May 2009: Leasehold improvement €k 48,618, Office equipment €k 30,082 Acquisition cost as of 1 June 2008: €k 172,701; 31 May 2009: €k 172,071 Movements in provisions includes a charge of €k 37 for Health insurance compensation. This provision is mentioned in Other provisions (1 June 2008: €k 136; 31 May 2009: €k 99) Deloitte Holding B.V. Deloitte Holding B.V. Deloitte Holding B.V. 38000000 41000000 125000000 172000000 225000000 299000000 62000000 86000000 19052000 26766000 2197000 3751000 622430000 605012000 The group has entered into long-term rental agreements for offices, operational lease contracts for cars and copying/printing machines and facility services. The company has beneficial ownership of the leasehold improvements, fixtures and fittings but not legal ownership. 945000 12359000 11626000 -14535000 -10916000 -14535000 -10916000 30100000 24274000 Basis of consolidation: The financial data of entities that form part of the group are included in the consolidated financial statements of Deloitte Holding B.V. The consolidated financial statements have been prepared using the accounting principles for valuation and for determining results of Deloitte Holding B.V. The financial information relating to Deloitte Holding B.V. is presented in the consolidated financial statements. Accordingly, in accordance with article 2:402 of the Netherlands Civil Code, the company financial statements only contain an abridged profit and loss account. The financial data of the group companies are included in full in the consolidated financial statements, eliminating intra-group relationships and transactions. Newly acquired group companies are consolidated from the date of their acquisition. The assets, provisions and liabilities of these acquired group companies are valued at the fair value on that date. The goodwill paid is capitalised and amortised over the useful economic life. Results from participating interests that have been disposed are included in the consolidation until the date that control ceases. Period covered is June 1 of last year until May 31 of the current year 26416000 22261000 RJ271 applies only to staff with a final pay pension scheme and only for future coming backservice (based on the expected increase of pension commitments during the remaining years of employment). In the financial year 2005/2006 RJ271 was applied for the first time on the basis of the Projected Unit Credit method. In the following years actuarial results will be equalized using the corridor approach. The transitional provision determined on 1 June 2005 is amortized to the profit and loss account based on a straight-line method and in a period that corresponds with the expected remaining period of employment of staff active on the transition date. 25846000 28375000 Deloitte operates two pension plans: a defined contribution plan (DCP) for the majority of the employees and a final pay plan (defined benefit plan or DBP) for those employees who were in active service on 1 January 2001 and were 50 years old or more on that date. Pension costs incurred under the DCP are recognised on accrual basis. Contributions not yet paid are included in current liabilities. All pension plans are executed by Stichting Pensioenfonds Deloitte. The pension fund has reinsured its obligations via a guarantee contract. This contract guarantees the pension payments and that the pension fund does not bear any risk on the plan assets. The Financing Agreement between Deloitte and Stichting Pensioenfonds Deloitte provides that Deloitte does not pay any contributions for indexation of current pension payments because the conditional indexation is financed through potential surpluses from excess return on plan assets. Therefore the cost of indexation will never lead to any cash outflow for Deloitte. In addition this agreement explicitly states that Deloitte will never be obligated to settle a deficit of the pension fund nor that Deloitte is entitled to any part of a surplus on the pension fund plan's assets. This implies that Deloitte recognises only the risk of future past service costs for pension entitlements granted under defined benefit plan and values these in accordance with the requirements of Dutch Accounting Standard RJ271 Pension costs incurred under the DCP are recognised on accrual basis. Contributions not yet paid are included in current liabilities. Euro 117738000 94346000 132273000 105262000 56851000 50213000 With the exception of the provisions for reorganization the expected term of the provisions is over one year. The provisions relate to professional liability, pensions, reorganisations, unoccupied premises contracts and dismantling costs and health insurance compensation. The provision for professional liability relates to the estimated liabilities from claims. This provision is calculated per claim based on the estimated future expenditure, including the cost of obtaining legal advice, subject to a maximum amount per claim equal to the uninsured own risk. The provision for unoccupied premises relates to offices not used or that will not be used in the short term and is calculated based on the term of vacancies and possible rent-free periods, this provision is calculated at net present value using a discount rate of 6%. The provision for the dismantling costs based on a straight line addition. The provision for reorganisation is based on the cost of staff redundancies, in accordance with the reorganisation plan. The health insurance compensation provision provides an allowance towards health insurance contributions for some retired personnel. 8137000 12737000 -2404000 -1216000 -1506000 -782000 -7009000 -3794000 -1372000 -975000 The company and its wholly-owned subsidiaries in the Netherlands form one tax group for company tax purposes. There are no losses available for setoff against tax liabilities. A ruling has been agreed with the tax authorities regarding the calculation of profit for tax purposes. The Associate Fee will be taxed at the shareholder level. 972000 4009000 For participating interests over which a significant influence is being exercised on business and financial policy, the result amounts to the share in the result of these participating interests that is attributable to the company. This result is determined on the basis of the current accounting principles of Deloitte Holding B.V. For participating interests over which no significant influence on business and financial policy is being exercised, any dividend received is treated as financial income. Net turnover is the income from services rendered to third parties during the year and includes the cost of work that Deloitte subcontracts to others. 748587000 709122000 36938000 32429000 153416000 136751000 Receivables are recognised at fair value and then valued at amortised cost, less provisions deemed necessary for the risk of non-collectability. -114000 -517000 -296000 -448000 -861000 -1000000 -451000 -35000 254719000 261849000 49505000 44018000 -3362000 The amortization period is 15 years, set at this figure as the useful economic life is estimated to be longer than 5 years. -483000 -3346000 -1158000 676000 Deloitte has a credit agreement with ING and Rabobank. Deloitte's maximum credit facility according to this credit agreement is €k 123,000. Within this limit it is possible to draw cash loans up to a maximum of €k 50,000 and use current account facilities up to a maximum of €k 73,000. As a security for the amounts owed to credit institutions, the current account facility and the bank guarantees (see guarantees) various covenants have been agreed regarding the balance sheet and the result ratios as well as certain security convenants, including a negative pledge convenant and granting of securities in the event of default under the credit agreement. As of 31 May 2009 Deloitte was in compliance with the covenants in the credit agreements. The securities set consist of the joint and several liability of Deloitte Accountants B.V., Deloitte Belastingadviseurs B.V., Deloitte MKB Accountancy & Advies B.V., Deloitte Consultancy Holding B.V., Deloitte Consulting B.V., Deloitte Financial Advisory Services B.V., Deloitte Group Support Center B.V., Deloitte Management Support B.V. and Ctrl B.V. 2170000 20749000 151325000 132028000 The cash flow statement is prepared using the indirect method. Cash consists of the balance of cash and cash equivalents and short-term debts to banks. Tax on profits, interest received and paid, and dividends received are included under cash flow from operating activities. The acquisition cost for acquired group companies is included under cash flow from investment activities. Existing cash funds in these group companies are deducted from the acquisition cost. 176710000 142064000 -10346000 -10366000 Deloitte Holding B.V. is the ultimate parent of a group of legal entities. For a list of subsidiaries required by articles 2:379 and 2:414 of the Netherlands Civil Code reference is made to the notes to the company balance sheet. Deloitte Holding B.V. has not issued any declarations of liability in accordance with article 2:403 of the Netherlands Civil Code for the sake of its group companies. Work in progress is valued at the estimated realisable value of services already performed but not yet invoiced, less advance payments invoiced. 335000 3678000 73455000 61003000 2009-09-25 The activities of Deloitte Holding B.V, with its registered office in Rotterdam, and the companies in its group consist mainly of Audit, Tax, Financial Advisory Services and Consulting, as well as other forms of professional financial services. These activities are conducted by and for the account of the respective group companies of Deloitte Holding B.V. which acts as the holding company and does not itself conduct any activities in the field of professional financial services as referred to in the previous sentence. Deloitte Holding B.V., is a member firm of Deloitte Touche Tohmatsu (DTT), a Swiss Verrein based in Switzerland. Neither DTT nor any of its member firms has any liability for each other's acts or omissions. Each member firm is a separate and independent legal entity operating under the names 'Deloitte', 'Deloitte & Touche', 'Deloitte Touche Tohmatsu', or other related names. Services are provided by the member firm or its subsidiaries and not by DTT. The shares in Deloitte Holding B.V. are held by shareholding companies owned by partners who have signed a so-called 'Associate Agreement' with Deloitte Holding B.V. These shareholding companies are referred to as 'shareholders' or partners. In addition, Stichting Financiering Deloitte holds shares in Deloitte Holding B.V. acquired from former shareholders on a temporary basis. In the past, Stichting Financiering Deloitte has refrained from exercising the right to vote on shares it holds. Under the Associate Agreement, each shareholding company has placed (the workforce of) each partner at the disposal of Deloitte Holding B.V. and its group companies in which the relevant professional activities for that partner are performed. An Associate Fee is payable that is equal to the consolidated profit of the company before this fee is charged. This fee is treated as an expense therefore resulting in a net profit amounting to nil. In addition to the share capital, shareholders also finance Deloitte Holding B.V. with subordinated loans. These loans are provided to Stichting Financiering Deloitte. Payments of associate fees by virtue of the associate agreement and other payments to shareholders also take place through Stichting Financiering Deloitte. Stichting Financiering Deloitte has re-issued the brought-in loans and current accounts to Deloitte Holding B.V. These loans are subordinated too. Stichting Financiering Deloitte does not belong to the Deloitte Holding B.V. group and therefore is not included in these consolidated financial statements. Stichting InterNos is responsible for the settlement of goodwill rights and former goodwill rights. This foundation is partly financed by Stichting Financiering Deloitte, which has been authorized by the shareholders to withhold a proportion of the Associate Fee due to these shareholders to finance Stichting InterNos. Stichting InterNos does not belong to the Deloitte Holding B.V. group of companies and therefore is not included in these consolidated financial statements. 28859000 31022000 -117413000 -94009000 -117413000 -94009000 -117413000 -94009000 For the item other participating interests, reference is made to the list included in the notes to the specific items of the company balance sheet. Other receivables mainly relate to receivables from DTT with an interest compensation of six months LIBOR plus 1.5%. 4463000 2135000 The financial fixed assets comprise participating interests and amounts owed by participating interests and loans. The participating interests over which significant influence is being exercised on business and financial policy are valued at net asset value. The other participating interests are valued at acquisition cost, taking account where necessary of any impairment losses. Upon initial recognition amounts owed by participating interests and loans are valued at fair value and then valued at amortised cost, less provisions deemed necessary for the risk of non-collectability. -3741000 -206000 -32087000 -34704000 1158000 117000 -356000 -373000 19635000 12850000 -1547000 4599000 -2593000 -15756000 8343000 12942000 25385000 10036000 -15999000 -11379000 1464000 463000 -15999000 -11379000 1464000 463000 Long-term liabilities have a term of more than one year. Liabilities falling due within one year are considered to be current liabilities. Loans are initially valued at fair value and subsequently at amortised cost. Percentage 6.67 -4921000 19088000 -161393000 -116528000 -9892000 3918000 166364000 131698000 0 0 117413000 94009000 0 0 754703000 710274000 -161393000 -115528000 6116000 1152000 6116000 1152000 754000 754000 754000 754000 23000 0 -62931000 -65419000 136000 99000 3709000 1381000 32319000 21430000 -2394000 -2394000 112000 112000 3709000 1381000 -2328000 -46000 -46000 Netherlands 52983000 33614000 118920000 116595000 -2214000 0 -13777000 -12587000 -14345000 -10269000 995000 1362000 4135000 660000 1897000 1151000 412000 367000 995000 1362000 -1485000 -784000 -52919000 -56439000 5116000 3264000 202000 13139000 781000 102000 31000 36000 2531000 -596000 1437000 463000 132273000 105262000 -115850000 -121858000 -1000000 There are no receivables and prepayments with an original term of more than one year. 186000000 158668000 748587000 709122000 254719000 261849000 54705000 59397000 754703000 710274000 Netherlands All amounts in the financial statements are rounded to thousands of euros, unless stated otherwise. The functional currency of the company and its group companies is the euro. Receivables, liabilities and obligations in foreign currencies are translated at the exchange rate prevailing as of the balance sheet date. Transactions in foreign currencies during the period under review are recognised in the financial statements at the rates of exchange at transaction date. Exchange-rate gains and losses arising from such translations are taken to the profit and loss account. 46297000 33347000 2343000 3282000 177000 167000 The director's remuneration comprises an Associate Fee plus a fixed expense allowance, and for some directors a fee or a repayment fee for their established rights over goodwill. This instance document contains a representation of our formal traditional financial statement. Representation of the financial facts is sometimes limited by the defined XBRL facts and their presentation in the Dutch taxonomy. Our complete financial statement is available at http://www.deloitteannualreport.nl/. Ernst & Young Accountants LLP has issued an assurance report regarding the correctness of this XBRL instance document. The text of this assurance report is published separately together with the XBRL instance document on the website of Deloitte Netherlands. Article 20 of the Articles of Association of the company reads as follows: (a) Profit shall be distributed under the provisions of this article after the financial statements showing that the distribution is permissible have been adopted. (b) Appropriation of the profit shall be the prerogative of the general meeting of shareholders. (c) The company may distribute profit available for distribution to shareholders and others entitled to it only insofar as its shareholders' equity exceeds the issued capital, augmented by reserves that have to be kept pursuant to law. (d) A deficit may only be offset from the reserves required by law in so far as the law permits this. (e) In calculating the distribution of the amount destined to be paid out on shares, the shares that the company holds in its own capital shall not count. No profit was made in the year under review, so there is no profit available for distribution. As of 31 May 2009, 79 (31 May 2008: 104) employees were entitled to final pay pension scheme, with an average age of 60. The average number of future years of service has been estimated at 1.7 (31 May 2008: 1.8), taking into account possible dismissal and possible occupational disability. In financial year 2006/2007 the group of staff with entitlements relating to final pay scheme has been reassessed. The actuarial calculations includes an estimated future annual increase of the pension entitlements by some 2.0% (prior years 2.5%), taking into account the specific agreements, the average of the actual annual increase in the past three years and a detailed simulation of the expected increase of the entitlement at individual level. A discount rate is set at 4%, i.e. the fixed discount rate used by the pension fund for determination of premium levels, as agreed in the Financing Agreement. Employment obligation As of 1 December 2006 Deloitte outsourced facility services integrally to a third party. A large number of staff was transferred to the new service provider. Deloitte has undertaken to re-employ the former employees or to employ them with a succeeding facility supplier if the contract is not renewed after 5.5 years. Membership As a member of Deloitte Touche Tohmatsu, Deloitte Holding B.V. is obliged to pay an annual subscription fee. Deloitte Touche Tohmatsu The Company and its material subsidiaries act as guarantor for certain bank debts of Deloitte Touche Tohmatsu ('DTT') to a maximum amount, as of 31 May 2009, of USD k 39,000, €k 27,000. In connection with this guarantee, the Company and its material subsidiaries: (i) have pledged their present and future receivables on DTT to certain banks ('DTT Banks') who act as lenders to DTT, (ii) have agreed to a subordination of their present and future receivables on DTT to the DTT Banks' receivables on DTT and (iii) have agreed certain covenants regarding the balance sheet and certain securities covenants including a negative pledge covenant with respect to assets in access of €k 30,000 and to the granting of securities to the DTT Banks with respect to assets in access of €k 30,000 in the event of default under the Company's credit agreement with ING and Rabobank. Stichting InterNos Stichting InterNos was granted bank loans amounting to €k 120,000 to finance the settlement of goodwill rights. After repayments, the loans amount to €k 108,000 as of 31 May 2009. On a yearly basis €k 6,000 will be repaid until 6 May 2011 at which time the remaining €k 96,000 will be redeemed. The effective interest rate on the loan is 4.1%. As security for these loans Deloitte Holding B.V. and its material subsidiaries issued a joint and several liability undertaking. As of 31 May 2009 the total goodwill still to be settled was approximately €k 31,000. (31 May 2008 €k 37,000) Stichting Financiering Deloitte Deloitte Holding B.V. and its subsidiaries are jointly and severally liable to shareholders for that which is owed to them by Stichting Financiering Deloitte with regard to the financial resources borrowed from the shareholders by Stichting Financiering Deloitte and re-issued to Deloitte Holding B.V. The Company has agreed certain security covenants with Stichting Financiering Deloitte, including a negative pledge covenant as well as the granting of securities at the first request of Stichting Financiering Deloitte. With respect to the ranking of these securities rights, covenants have been agreed between the Company, Stichting Financiering Deloitte, ING and Rabobank (as lenders under the Company's credit facility) and certain banks who are beneficiaries of a guarantee issued by the Company for certain bank debts of DTT (see: 'Guarantees/Deloitte Touche Tohmatsu'). The supervisory board The company has indemnified the members of the Supervisory Board from the financial consequences of claims from third parties (including defense costs) resulting from or related to the supervisory task of the members of the Supervisory Board and to the extent that in so far the insurance of the company does not cover matters concerned. Bank guarantees Bank guarantees amounting to approximately €k 7,900 (31 May 2008 €k 8,200) have been issued to third parties. Other guarantees Following past acquisitions guarantees have been agreed for the maximum amount of €k 10,779 (31 May 2008: €k 11,724) on balance sheet date. Claims Claims have been submitted against the legal entities that belong to the Deloitte organization in the Netherlands for alleged poor performance of activities. A strong defense will be mounted against these claims. The Deloitte organization has professional indemnity insurance. If considered necessary, provisions will be formed to cover the difference between any potential claims and the related insurance payment. 5098 5192 Audit Audit services; net turnover 2009: €k 371,330; 2008: €k 397,551 Tax Tax advisory; net turnover 2009: €k 190,947; 2008: €k 201,613 Consulting Consultancy; net turnover 2009: €k 94,132; 2008: €k 96,662 FAS Financial Advisory Services; net turnover 2009: €k 52,484; 2008: €k 52,345 Support Group Support Center; net turnover 2009: €k 229; 2008: €k 416 2592 Audit 1067 Tax 598 Consulting 278 FAS 563 Support/Holding R.J.M. Dassen (Chairman Executive Board) J. Dalhuisen (Vice-Chairman EB) J. Volkers (EB) C.J.G.M. de Boer (EB) Voor Deloitte Holding B.V. Deloitte Holding B.V. Rotterdam 2008-06-01 2009-05-31 2009-07-29 Head office 50 Rotterdam 3063ED Admiraliteitskade +31 10 2721500 General Salaries contains €k 6.980 costs of reduction in personnel headcount (2007/2008 €k 1,866) The group equity and the subordinated loans represent the group's capital base €k 123,745 (2008/2009) The group equity and the subordinated loans represent the group's capital base €k 127,070 (2007/2008) Reference is made to the other guarantees in the off balance sheet commitments Consists of €k 18,227 Leasehold improvements and €k 8,189 Office equipment (2007/2008) Consists of €k 14,916 Leasehold improvements and €k 7,345 Office equipment (2008/2009) Consists of €k 37,983 Stichting Financiering Deloitte and €k 15,000 Stichting InterNos (2007/2008) Consists of €k 18,614 Stichting Financiering Deloitte and €k 15,000 Stichting InterNos (2008/2009) Consists of €k 35,893 Salaries and other personnel costs and €k 8,125 Repayments on long-term loans in the following year (2008/2009) Consists of €k 41,555 Salaries and other personnel costs and €k 7,950 Repayments on long-term loans in the following year (2007/2008) Consists of €k 117,413 Shareholders' Associate Fee, €k 21,113 Decrease in subordinated loans and €k 22,867 Changes in current account (2007/2008) Consists of €k 94,009 Shareholders' Associate Fee, €k 2,150 Decrease in subordinated loans and €k 19,369 Changes in current account (2008/2009) Subordinated loans Stichting Financiering Deloitte after deduction of repayments in the following year The amount €k 509 owed to credit institutions is not included in the cash position of €k 2,170, but specified separately Consists of €k 1,700 Leasehold improvements and €k 1,480 Office equipment Consists of €k (504) Leasehold improvements and €k (26) Office equipment Consists of €k (4,507) Leasehold improvements and €k (2,298) Office equipment Consists of €k (33,702) Leasehold improvements and €k (22,737) Office equipment Consists of €k (32,031) Leasehold improvements and €k (20,888) Office equipment Consists of €k 39,815 Accomodation costs; €k 35,093 Staff cars; €k 38,036 Employee benefits; €k 28,825 Office costs; €k 16,518 Information technology expenses; €k 56,507 Other costs (of which €k 139 Audit of the financial statements; €k 38 Other audits) (2008) Consists of €k 38,113 Accomodation costs; €k 37,130 Staff cars; €k 33,733 Employee benefits; €k 20,399 Office costs; €k 16,116 Information technology expenses; €k 55,192 Other costs (of which €k 132 Audit of the financial statements; €k 52 Other audits) (2009) For the Associate Fee and transactions with related parties reference is made to the accounting principles for determination of the result. The group has transactions with the shareholders for which the nature and scope are disclosed in the notes to the consolidated financial statements. Limited by the taxonomy, this line item is classified as an extraordinary items expense, but in fact is a regular expense. The book result on disposal of activities can be specified as follows: Tangible fixed assets €k 9; Accounts receivable €k 139; Work in progress €k 99; Current liabilities and accruals €k (15); Cash in from disposal of activities €k (438); Total €k (206) <html><head><style type="text/css">body{font-family:Verdana,Arial,Helvetica;}thead{text-align:center;font-weight:bold;}tfoot{font-weight:bold;}tr:nth-child(even){background: #cceeff}tr:nth-child(odd){background: #FFF}td{padding:3px 10px;}.num{text-align:right;}.sum{border-bottom-width: 1px; border-bottom-style:solid;}</style></head><body><table class="fntable"><thead><tr><td colspan="9">Workforce</td><tr><td /><td colspan="4">2008/2009</td><td colspan="4">2007/2008</td></tr><tr><td /><td class="num">Partners</td><td class="num">Fee earners</td><td class="num">Support staff</td><td class="num">Total</td><td class="num">Partners</td><td class="num">Fee earners</td><td class="num">Support staff</td><td class="num">Total</td></tr></thead><tbody><tr><td>Audit</td><td class="num">119</td><td class="num">2,294</td><td class="num">179</td><td class="num">2,592</td><td class="num">131</td><td class="num">2,476</td><td class="num">206</td><td class="num">2,813</td></tr><tr><td>Tax</td><td class="num">75</td><td class="num">859</td><td class="num">133</td><td class="num">1,067</td><td class="num">78</td><td class="num">816</td><td class="num">138</td><td class="num">1,032</td></tr><tr><td>Consulting</td><td class="num">25</td><td class="num">537</td><td class="num">36</td><td class="num">598</td><td class="num">23</td><td class="num">492</td><td class="num">32</td><td class="num">547</td></tr><tr><td>Financial Advisory Services</td><td class="num">23</td><td class="num">236</td><td class="num">19</td><td class="num">278</td><td class="num">21</td><td class="num">212</td><td class="num">17</td><td class="num">250</td></tr><tr><td>Support/Holding</td><td class="num sum">7</td><td class="num sum">-</td><td class="num sum">556</td><td class="num sum">563</td><td class="num sum">7</td><td class="num sum">-</td><td class="num sum">543</td><td class="num sum">550</td></tr></tbody><tfoot><tr><td /><td class="num">249</td><td class="num">3,926</td><td class="num">923</td><td class="num">5,098</td><td class="num">260</td><td class="num">3,996</td><td class="num">936</td><td class="num">5,192</td></tr></tfoot></table><p>The average number of partners and employees working in the group, in FTE’s, and broken down by activity. Virtually all employees are based in the Netherlands.</p></body></html> <html><head><style type="text/css">body{font-family:Verdana,Arial,Helvetica;}thead{text-align:center;font-weight:bold;}tfoot{font-weight:bold;}tr:nth-child(even){background: #cceeff}tr:nth-child(odd){background: #FFF}td{padding:3px 10px;}.num{text-align:right;}.sum{border-bottom-width: 1px; border-bottom-style:solid;}</style></head><body><table class="fntable"><thead><tr><td colspan="5">Movement operating accounts payable (2008/2009)</td></thead><tbody><tr><td colspan="2">Current liabilities and accruals as shown on the balance sheet as of 31 May 2009</td><td class="num">147,680</td><td /><td /></tr><tr><td>Excluding:</td><td>repayment commitments of subordinated long-term liabilities</td><td class="num">(8,125)</td><td /><td /></tr><tr><td /><td>interest payable</td><td class="num sum">(1,071)</td><td /><td /></tr><tr><td /><td /><td /><td class="num">138,484</td><td /></tr><tr><td colspan="2">Salaries and other personnel costs related to disposal of activities</td><td /><td class="num sum">15</td><td /></tr><tr><td /><td /><td /><td /><td class="num">138,499</td></tr><tr><td colspan="2">Current liabilities and accruals as shown on the balance sheet as of 31 May 2008</td><td class="num">182,158</td><td /><td /></tr><tr><td>Excluding:</td><td>repayment commitments of subordinated long-term liabilities</td><td class="num">(7,950)</td><td /><td /></tr><tr><td /><td>amounts owed to credit institutions</td><td class="num">(509)</td><td /><td /></tr><tr><td /><td>interest payable</td><td class="num sum">(75)</td><td /><td /></tr><tr><td /><td /><td /><td class="num sum">173,624</td><td /></tr><tr><td /><td /><td /><td /><td class="num sum">173,624</td></tr><tr><td colspan="2">Increase/(decrease)</td><td /><td /><td class="num">(35,125)</td></tr><tr><td colspan="2">Movement in Stichting Financiering Deloitte current account</td><td /><td /><td class="num sum">19,369</td></tr></tbody><tfoot><tr><td colspan="2">Net cash flow in accounts payable from operations</td><td /><td /><td class="num">(15,756)</td></tr></tfoot></table></body></html> <html><head><style type="text/css">body{font-family:Verdana,Arial,Helvetica;}thead{text-align:center;font-weight:bold;}tfoot{font-weight:bold;}tr:nth-child(even){background: #cceeff}tr:nth-child(odd){background: #FFF}td{padding:3px 10px;}.num{text-align:right;}.sum{border-bottom-width: 1px; border-bottom-style:solid;}</style></head><body><table class="fntable"><thead><tr><td colspan="8">Segmented information for the period 1 June 2008 to 31 May 2009</td></tr><tr><td>in € thousands</td><td class="num">Audit</td><td class="num">Tax</td><td class="num">Consulting</td><td class="num">FAS</td><td class="num">Support/Holding</td><td class="num">Elimination</td><td class="num">Total</td></tr></thead><tbody><tr><td>Net turnover</td><td class="num">371,330</td><td class="num">190,947</td><td class="num">94,132</td><td class="num">52,484</td><td class="num">229</td><td class="num">-</td><td class="num">709,122</td></tr><tr><td>Other operating income</td><td class="num sum">507</td><td class="num sum">645</td><td class="num sum">-</td><td class="num sum">-</td><td class="num sum">194,614</td><td class="num sum">(194,614)</td><td class="num sum">1,152</td></tr><tr><td>Total operating income</td><td class="num">371,837</td><td class="num">191,592</td><td class="num">94,132</td><td class="num">52,484</td><td class="num">194,843</td><td class="num">(194,614)</td><td class="num">710,274</td></tr><tr><td> </td><td /><td /><td /><td /><td /><td /><td /></tr><tr><td>Costs of subcontracted work and other external costs</td><td class="num">21,539</td><td class="num">12,720</td><td class="num">14,019</td><td class="num">2,256</td><td class="num">10,469</td><td class="num">-</td><td class="num">61,003</td></tr><tr><td>Salaries and social security charges</td><td class="num">148,729</td><td class="num">72,611</td><td class="num">44,750</td><td class="num">19,536</td><td class="num">73,488</td><td class="num">(37,868)</td><td class="num">321,246</td></tr><tr><td>Amortization of intangible and depreciation of tangible fixed assets</td><td class="num">1,811</td><td class="num">1,136</td><td class="num">940</td><td class="num">-</td><td class="num">18,076</td><td class="num">-</td><td class="num">21,963</td></tr><tr><td>Impairments of intangible fixed assess</td><td class="num">46</td><td class="num">71</td><td class="num">-</td><td class="num">-</td><td class="num">-</td><td class="num">-</td><td class="num">117</td></tr><tr><td>Other operating expenses</td><td class="num sum">140,619</td><td class="num sum">68,151</td><td class="num sum">27,368</td><td class="num sum">16,664</td><td class="num sum">104,627</td><td class="num sum">(156,746)</td><td class="num sum">200,683</td></tr><tr><td>Total operating expenses</td><td class="num">312,744</td><td class="num">154,689</td><td class="num">87,077</td><td class="num">38,456</td><td class="num">206,660</td><td class="num">(194,614)</td><td class="num">605,012</td></tr></tbody><tfoot><tr><td>Operating result</td><td class="num">59,093</td><td class="num">36,903</td><td class="num">7,055</td><td class="num">14,028</td><td class="num">(11,817)</td><td class="num">-</td><td class="num">105,262</td></tr></tfoot></table></body></html> <html><head><style type="text/css">body{font-family:Verdana,Arial,Helvetica;}thead{text-align:center;font-weight:bold;}tfoot{font-weight:bold;}tr:nth-child(even){background: #cceeff}tr:nth-child(odd){background: #FFF}td{padding:3px 10px;}.num{text-align:right;}.sum{border-bottom-width: 1px; border-bottom-style:solid;}</style></head><body><table class="fntable"><thead><tr><td>in € thousands</td><td colspan="2">31 May 2009</td><td colspan="2">31 May 2008</td></tr><tr><td /><td class="num">Transitional provision</td><td class="num">Pension provision</td><td class="num">Transitional provision</td><td class="num">Pension provision</td></tr></thead><tbody><tr><td>Pension provision as of 1 June</td><td /><td class="num">995</td><td /><td class="num">583</td></tr><tr><td>Transitional provision</td><td class="num">658</td><td /><td class="num">1,443</td><td /></tr><tr><td>Amortisation of transitional provision</td><td class="num">(658)</td><td class="num">658</td><td class="num">(785)</td><td class="num">785</td></tr><tr><td>Past service expenses recognised unconditionally</td><td /><td class="num">0</td><td /><td class="num">479</td></tr><tr><td>Recognised actuarial (gains)/losses (amortisation of excess corridor)</td><td /><td class="num">359</td><td /><td class="num">424</td></tr><tr><td>Decrease in actuarially calculated defined benefit obligations</td><td /><td class="num">(658)</td><td /><td class="num">(1,214)</td></tr><tr><td>Actuarial (gains)/losses not yet recognised (corridor)</td><td /><td class="num sum">8</td><td /><td class="num sum">(62)</td></tr><tr><td>Pension provision</td><td class="sum" /><td class="num">1,362</td><td class="sum"/><td class="num">995</td></tr><tr><td>Transitional provision not yet recognized</td><td class="num">-</td><td /><td class="num">658</td><td /></tr><tr height="20"><td></td><td /><td /><td /><td /></tr><tr><td>Present value future back service premiums</td><td /><td class="num">1,860</td><td /><td class="num">1,861</td></tr><tr><td>Actuarial gains/losses not yet recognised</td><td /><td class="num sum">(498)</td><td /><td class="num sum">(866)</td></tr><tr><td>Pension provision</td><td /><td class="num">1,362</td><td /><td class="num">995</td></tr></tbody></table></body></html> <html><head><style type="text/css">body{font-family:Verdana,Arial,Helvetica;}thead{text-align:center;font-weight:bold;}tfoot{font-weight:bold;}tr:nth-child(even){background: #cceeff}tr:nth-child(odd){background: #FFF}td{padding:3px 10px;}.num{text-align:right;}.sum{border-bottom-width: 1px; border-bottom-style:solid;}</style></head><body><table class="fntable"><thead><tr><td>in € thousands</td><td class="num">2008/2009</td><td class="num">2007/2008</td></tr><tr><td>Charges defined benefit schemes</td><td /><td /></tr></thead><tbody><tr><td>Service costs</td><td class="num">78</td><td class="num">111</td></tr><tr><td>Interest</td><td class="num">55</td><td class="num">97</td></tr><tr><td>Recognised actuarial losses/gains</td><td class="num">359</td><td class="num">424</td></tr><tr><td>Amortisation of transitional provision</td><td class="num">658</td><td class="num">785</td></tr><tr><td>Recognised past service costs</td><td class="num sum">-</td><td class="num sum">479</td></tr><tr><td /><td class="num">1,150</td><td class="num">1,896</td></tr><tr><td>Other pension premiums</td><td class="num sum">27,225</td><td class="num sum">23,950</td></tr><tr><td /><td class="num">28,375</td><td class="num">25,846</td></tr></tbody></table> As a result of the restructuring of the SME business, certain elements of the capitalised goodwill have been impaired.