OVG Annual Report Summary DEF

re/developers
Ahead of the Curve
Summary Annual Report 2011
OVG Real Estate B.V.
OVG
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Contents
1.0 Ahead of the Curve

page 04
6.0 Board Report

page 32
2.0 OVG at a Glance in 201 1

page 12
7.0 Financial Statements 201 1

page 36
3.0 Key Statistics

page 14
7.1 7.2 7.3 7.4
4.0 Management Board

page 16
4.1 4.2
Board Advisory Board
Consolidated Balance Sheet (after appropriation of result) Consolidated Income Statement Consolidated Cash Flow Statement Notes to the Consolidated Financial Statements Project Highlights
5.0 Business Profile

page 20
page 51
Colophon 5.1 5.2 5.3 5.4 Activities Mission Strategy CSR & Sustainability
page 118
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EntREpREnEuRS REAd thE SiGnS Of ECOnOmiC ChAnGE BEfORE thEy impACt On BuSinESS And inVEStmEntS
1.0 Ahead of the Curve
Ahead of the Curve Generally speaking, being ahead of the curve means you have anticipated the market or are ahead of everyone else. It refers to your position on the statistical bell curve, where the top of the curve represents the median, average result. By being ahead of the curve you represent the top percentile of results that either has the advanced skills or understanding that sets you apart.The company is beating the odds and trying to stay ahead of the game. It also means you take action to prevent a problem rather than waiting until it occurs. You know how to read the signs of economic change before they impact your business and investments. Forward Thinking OVG Real Estate is that kind of company, that continuously looks for ways to stay ahead of the game and provide added value for her customers. Todays economic, social and climate changes demand forward thinking. The essential elements that enable OVG to meet these demands are: bright, talented staff, entrepreneurship, a mindful approach, new product/ market combinations and placing our clients needs at the core.
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2011 Was a good year for OVG. Our financial performance was strong; we gained market share; we successfully completed all our projects and took important steps for growth in new markets such as social real estate, redevelopments and international commercial real estate.
has also made the Netherlands the second wealthiest country in the European Union in terms of per capita income and the unemployment figures in the Netherlands are among the lowest in Europe. The countrys geographical position in the EU is very strong; the workforce is well educated, multi-lingual and flexible and the country has an excellent physical infrastructure. The Netherlands has a number of key logistics hubs such as the largest Port in Europe (Rotterdam) and Schiphol Airport, as well as a high penetration of broadband Internet. This provides the country with a sound physical infrastructure and consequently enables it to be a top performer in terms of logistics. Looking at the Dutch real estate investment market, we see continued demand for high-quality offices with strong credit tenants at prime locations. One of OVGs specialist sectors. Successful sales of projects such as the Danone Innovation Centre in Utrecht in 2011 and attractive long term return figures for Dutch office investments both confirm this. According to IPD, 10-year total return for Dutch offices up to January 2011 amounted to 6.4%, outperforming office investments in the UK and Germany and outperforming the Dutch AEX equities index. On the other hand we note that the Dutch office market has become a two-tier market. Prime offices in good locations continue to find healthy demand from occupiers and investors, but a large segment of older offices in less central locations faces structural oversupply. OVG is playing an active role in working with industry and government partners towards reducing the structural oversupply. Starting with issues within our own control we have adapted our own change strategy with the aim that from 2012 50% of our Dutch pipeline will comprise redevelopments of older offices. OVG and Triodos Bank set up the joint venture JOIN Ontwikkeling over a year ago; aimed at sustainable social real estate for the Dutch care, health and education sectors. JOIN wants to strategically improve real estate performance for this market that is currently undergoing severe budget challenges. We foresee this market demonstrating a continuing strong added value in 2012 when partnering with clients in long-term real estate management, financing and investments. Internationally, OVG is aiming for growth throughout Europe. Our high reputation for sustainability, risk management and execution means we actively follow our corporate clients cross-border. With our entrepreneurial spirit combined with the strong relationship with our clients at the core of our business, we are looking to attract new capital
Coen van Oostrom Founder and CEO, OVG Real Estate.
internationally, OVG is aiming for growth throughout Europe. Our high reputation for sustainability, risk management and execution means we actively follow our corporate clients cross-border.
2011 was again a good year for OVG; we retained our position as the Netherlands largest commercial real estate developer and one of the top 3 office developers in Europe. Our financial performance was strong; we gained market share; our completed development portfolio grew to 550,000 sqm GFA; we delivered Europes first LEED Platinum office and took important steps towards growth in new markets such as social real estate, redevelopment and international commercial real estate. OVG has maintained its position as No.1 Dutch real estate developer for corporate accounts. We have enjoyed working with new and returning clients such as: Deloitte/AKD, Danone, TNT, Triodos, Van Oord, Schneider Electric, Eneco, UPC, KPMG, Cofely, Sonion, Oranjewoud, Asics, Nederlandse Hartstichting, Timberland, RET, Avery Dennison, PGGM/IVG and Q8, delivering the highest international sustainability standards ranging from LEED Platinum to BREEAM Excellent. We are also proud to announce that in June this year we launched a special technology innovation partnership with one of our clients, Schneider Electric, for the further implementation of the most upto-date energy management technologies in new and existing buildings. We are proud to have the Netherlands as our home market. According to the World Economic Forum, the Netherlands has the seventh-best business climate in the world. The high productivity of Dutch workers
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to finance our international growth so that we can start building our dream of becoming the European provider of real estate for our clients. Cities consume over two-thirds of the worlds energy and account for more than 70 percent of global carbon dioxide emissions. Since 90 percent of the carbon emissions from buildings derive from existing, old building stock retrofits are increasingly important. We anticipate an interesting market in retrofitting European cities where every investment in energy efficiency delivers a direct payback. In this light OVG has launched a new, second, 1 billion dollar commitment with the Clinton Global Initiative, in which we aim to work closely together with the C40 cities network. The C40 Cities Climate Leadership Group is a network of large and engaged cities from around the world committed to implementing meaningful and sustainable climate-related actions locally that will help address climate change globally. Personally, I would like to thank President Bill Clinton for his efforts in 2011 in the start-up of this new initiative. It is a challenge, these days, to predict the future. We do know it requires an agile organization able to respond quickly to the changes and opportunities we see. Our team shares a strong belief in entrepreneurship; real entrepreneurs adapt; they anticipate their market; they read the signs of economic change. They keep ahead of the curve. My colleagues on the Management Board and I take great joy in leading this company. We would like to express our sincere gratitude to all the people inside and outside the company who contributed to the successful realization of our developments. The unconditional commitment of great talent is worth more than figures can show.
Cumulative Completed Real Estate in Gross Floor Area

2012 showing the expected sqm to be completed
Cumulative Signed Rental Agreements in Gross Floor Area

2012 showing the expected sqm to be signed
700,000
800,000
525,000
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350,000
400,000
175,000
200,000
0 2003 2005 2006 2007 2008 2009 2010 2011 2012 year
0 2004 2005 2006 2007 2008 2009 2010 2011 2012
year
Sustainability Project Ratings 2011

registered for assessment
Sustainability Benchmark 2011

certified BREEAM assessment ratings
Greencalc+ A (2) Greencalc+ B (2) Greencalc+ C (2) BREEAM Outstanding (1) BREEAM Excellent (5)
LEED Platinum (1) DGNB Gold (2) BREEAM Good (1) BREEAM Certifications for OVG (8)
Coen van Oostrom Founder and CEO
OVG Real Estate B.V. Rotterdam, The Netherlands March 16, 2012
BREEAM Very Good (4) Other BREEAM certifications in Dutch Market (19)
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201 In Brief Calendar 1 Jan

20th Project Pollux Frankfurt receives first BREEAM-in-Use Excellent certificate outside UK 31th Handover of KPMG The Hague
May
04th OVG Launches its five rules for development
Aug
03th Handover of Eneco office Rotterdam
Nov
21st Rental agreement signed with Sthree Holdings BV for Maastoren 30th Deloitte project Zuidas Amsterdam receives first BREEAM Excellent certificate on Zuidas Amsterdam
Jun
07th UPC Leeuwarden project receives BREEAM Excellent certification 08th Danone Utrecht project receives BREEAM Excellent certification 10th OVG announces strategic technology partnership with client Schneider Electric 22nd Avery Dennison LOI signed
Sep
05th Building commences for Danone Utrecht Science Park 13th Start of Cofely buildings redevelopment Rotterdam Harbour 16st Handover of Asics office Hoofddorp 21th OVG announces new 1 billion USDollar commitment at Clinton Global Initiative 29th Opening TNT Head Quarters: most sustainable office in Europe 30th Vancouver Rotterdam handed over to tenant
Feb
03rd Cofely Rotterdam purchase agreement signed 09th Handover of TNT Hoofddorp 17th Rental agreement signed with Timberland
Dec
01st Rental agreement signed with Q8 (Kuwait Petroleum Europe B.V.) for the Haagsche Zwaan
Mar
14th Coen van Oostrom awarded K.P. van der Mandele Medal for conscious entrepreneurship
30th Danone Utrecht Science Park purchase agreement signed
Jul
06th Building commences for Schneider Electric office Hoofddorp 12th Heads of Agreement signed for Unit4 Sliedrecht 16th Contract for Schneider Electric office in Hoofddorp signed 28th Rental agreement signed with Sonion Hoofdorp
Apr
13th OVG International announces winner architectural competition HumboldthafenEins Berlin 27th Building commences for Timberland
Oct
10th Building commences for Sonion office Hoofddorp 20th Handover of UPC office Leeuwarden
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Annual Report 2011 Summary Annual Report 2011 Real OVG Real Estate B.V. OVG Estate B.V.
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OuR mAJOR dEVELOpmEntS in 2011 hEALthy COmpAny, tRACK RECORd, QuALity fiRSt
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2.0 OVG at a glance in 201 1

Earnings before tax
(Euro x 1,000)
Net Earnings
(Euro x 1,000)
2.1 Major Developments in 201 1 In the 2011 our revenue totaled 188,066. Earnings before tax increased from 5,310 in 2010 to 9,861 in 201 Net earnings improved from 1. 3,899 to 7,471. During 201 staff numbers 1, increased from 48 FTE in January 201 to 49 FTE as 1 of December 31, 2011. The average number of FTE in 2011 was 51. All figures stated in this report are in thousands of s unless stated otherwise.
30,000
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0 2004 2005 2006 2007 2008 2009 2010 2011
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Revenue
(Euro x 1,000) 400,000
Operating Result
(Euro x 1,000)
Total Assets
(Euro x 1,000) 400,000
Shareholders Equity
(Euro x 1,000)
300,000
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0 2004 2005 2006 2007 2008 2009 2010 2011
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3.0 Key Statistics
Consolidated income Statement (x 1,000 euros) Revenue Operating result financial expenses Earnings before tax net earnings
2011 188,066 9,832 1,831 9,861 7,471
2010 160,737 5,478 564 5,310 3,899
2009 282,592 232 833 1,754 1,469
2008 269,248 2,091 293 1,207 198
2007 326,554 24,324 29,847 22,185
Consolidated Balance Sheet (x 1,000 euros) total fixed assets Work in progress Shareholders' equity Long term liabilities Balance sheet total
31-12-2011 56,402 101,984 57,599 26,702 200,398
31-12-2010 24,980 187,364 50,128 5,625 244,454
31-12-2009 22,841 148,386 46,229 11,036 211,847
31-12-2008 22,985 232,280 44,760 7,000 311,419
31-12-2007 13,709 298,245 48,062 12,375 326,586
Ratios Average # staff Operating result / revenues net earnings / revenues Revenues / average # staff Solvency* Working capital** net earnings / average shareholders' equity
31-12-2011 51 5.2% 4.0% 3,688 28.7% 39,679 13.9%
31-12-2010 41 3.4% 2.4% 3,920 20.5% 45,763 8.1%
31-12-2009 42 0.1% 0.5% 6,728 21.8% 48,143 3.2%
31-12-2008 57 0.8% 0.1% 4,724 14.4% 36,895 0.4%
31-12-2007 48 7.4% 6.8% 6,803 14.7% 61,009 55.5%
Net earnings show a sharp improvement over 2011 aided by increased revenue and the fact that the company made very little use of its available bank facilities. Main reason for the reduction in the balance sheet is found in the decrease of work in progress. Although the portfolio is currently at a level in line with our market expectations many projects are in a start-up phase and therefore show relatively limited positions in our work in progress balance as per end of 2011. For 2012 we expect a higher position at year-end compared to 2011. Our strategy for development without purchasing the land in advance has not been modified and will continue for 2012. Our fixed assets increased due to an expansion of our finished products. All projects on hand are currently leased and supporting our bottom line. For 2012 we expect to invest in office equipment and ICT although the effect on the fixed asset position will be marginal. The equity position of the company improved 15% compared to 2010. Our solvency improved significantly (28.7% in 2011 compared to 20.5% in 2010) as work in progress lessened in combination with an improved equity position. We expect further improvements with respect to our ratios for 2012 although an increased work in progress could cause a slight decrease in solvency. Although average staff numbers increased compared to 2010 we are monitoring our staff and related expenses based on our future outlook and are in a position to act accordingly. We expect that the staff numbers will not increase, but that more assets will be focused towards international expansion.
* Represents shareholders equity divided by total assets. ** Represents current assets minus current liabilities.
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OuR REAL EStAtE COmpAny hAS thREE BuSinESS unitS OVG nEdERLAnd, OVG intERnAtiOnAL, JOin OntWiKKELinG
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4.0 Management Board
Executive Board Sustainability Center Finance, Tax & Accounting HRM & Office Management
Branding
OVG Nederland
Organizational Structure
OVG International
JOIN Ontwikkeling
by OVG & Triodos
the Rotterdam high-rise solution for sustainable cities.
Rotterdam is the only city in the netherlands that dares to put up a building like this. Rem Koolhaas
4.1 Board The Board is responsible for OVG policy. Under the chairmanship of founder and Chief Executive Officer Coen van Oostrom, in 2011 the Board comprised two Board Members (Coen van Oostrom and Bas van Holten) who have joint responsibility for running the company, implementing its strategy and achieving its objectives and results. As of February 2012 Mr. Jeppe de Boer joined the Board as Chief Investment Officer. Jeppe de Boer is an experienced international real estate banker who previously worked as Managing Director at Renaissance Capital in Moscow and Executive Director at Goldman Sachs in London. We expect his expertise to be very valuable for the strategic and international development of the company.
the Rotterdam under Construction View from the Erasmus Bridge, Rotterdam.
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in 2012 an additional seat on the board was created for mr. Jeppe de Boer, who joined OVG Real Estate in february in the position of Chief investment Officer. in this position he will be responsible for Corporate finance, Corporate development and fund management.
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Coen van Oostrom Chief Executive Officer Responsibilities and core tasks include: Chairman of the Executive Board Chairman of OVG International Managing Director of JOIN Ontwikkeling (OVG/Triodos joint venture) Company Strategy Finance, Tax and Accounting Bas van Holten Managing Director of OVG Nederland Responsibilities and core tasks include: Chairman of OVG Nederland Jeppe de Boer Chief Investment Officer Responsibilities and core tasks include: Corporate Finance Corporate Development Fund Management 4.2 Advisory Board
the Advisory Board of OVG has three members: mr. Joost van heijningen nanninga, mr. frank de Grave and mr. dick Verbeek. their prime responsibility is to advise on the direction the organization should take in order to keep on track for thefuture.
tnt Center Segment Offices Lessee tnt Express Location Beukenhorst-Zuid, hoofddorp Architect paul de Ruiter architects Size 17,250 sqm delivery Q1 2011 Sustainability LEEd platinum, Greencalc+ A 1005 pts tnt Center hoofddorp Most sustainable office in Europe.
Mr. Joost H. van Heijningen Nanninga Current functions: Partner of Egon Zehnder International, Member of the Advisory Board CVC Benelux, Member of the Supervisory Board of USG People, Member of the Supervisory Board of Breevast, ZBG Group, Member of INSEAD Dutch Council, Member of Advisory Board of Rotterdam School of Management, Member of the Advisory Board Jones Lang LaSalle Holland. Mr. Frank H.G. de Grave Current functions: Member Upper House (Senate) of the Dutch Parliament; National Chair of the Order of Medical Specialists, Chair of PGGM, Chair of the Supervisory Board ARTIS zoo, Governor of SADC (Schiphol Area Development Corporation), Member of Advisory Council for Otto Uitzendorganisatie, Member of Board of Governors Pantar Arbeidsbemiddeling, Member of the Supervisory Board Omroeporganisatie NTR, Chair of the Supervisory Board Verweij-Jonker Instituut, Chair of the Supervisory Board of Sectorinstituut Bibliotheken, Chair of the Supervisory Board De Key Building Society, Member of Advisory Council Conclusion BV, Member of Advisory Council Astra Zeneca, Member of Advisory Council Apotheekzorg BV.
Mr. Dick P.M. Verbeek Current functions: Vice Chairman Emeritus of Aon Group, Chairman of the Supervisory Board of Robeco Group N.V., Member of the Supervisory Boards of Aegon N.V. and Aon Groep Nederland B.V. Chairman Benelux Advisory Committee Leonardo & Co., Member of the Advisory Board CVC Benelux, Chairman of the INSEAD Dutch Council, Chair of the Board of Stichting Arboretum Trompenburg, Chair of the Board of Diergaarde Blijdorp, Board Member of the Stichting Administratiefonds Rotterdam.
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5.0 Business Profile

We treasure the value of entrepreneurship at all times. Coen van Oostrom
the Rotterdam Co-developer mAB development Segment multifunctional building Lessee Amvest, nh hoteles, municipality of Rotterdam Location Wilhelminapier, Rotterdam Architect Rem Koolhaas, Offices for metropolitan Architecture (OmA) Size 160,000 sqm delivery Q4 2013 Sustainability Greencalc+ A
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mAximiZE REAL EStAtE VALuES By BEinG thE LEAdinG EuROpEAn dEVELOpER in ZEROCARBOn SuStAinABLE BuiLdinGS
5.1 Activities
Development OVG is an independent property developer, active throughout Europe. We develop highly sustainable buildings, always from the perspective of the end-user. Our core purpose is to combine our entrepreneurial spirit, integrity and solid financial position with a strong relationship with our clients. With active involvement in top-level networks such as World Economic Forum, Clinton Global Initiative and CoreNet Global, we aim to be a mindful and entrepreneurial company that proactively reads the signs of change and always stays ahead of the curve.
the Rotterdam under Construction More than 4,500 people are involved in the realization process of The Rotterdam.
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5.2 Mission OVG wants to maximize real estate values by being the leading European developer in zero-carbon sustainable buildings. To fulfill our mission we embrace five lines of corporate behavior: Everyone an Entrepreneur: to stimulate a company culture in which everyone is an entrepreneur. Sustainability: sustainable development is a second nature to us. honesty: operating according to the highest ethical standards of business honesty. Company Excellence: aspiring to company excellence, always building from good to great. delighted Customers: going the extra mile to amaze our clients. In order to achieve its mission OVG has chosen to focus on sustainable development in three areas, linked to a new business unit structure: Offices and multi-functional buildings in the Netherlands by OVG Nederland. Offices and multi-functional buildings in Europe by OVG International. Real estate for care, health and education in the Netherlands by JOIN Ontwikkeling, the joint venture between OVG and Triodos. 5.3 Strategy
OVG Nederland Additional strategic focus for OVG Nederland: Focus on sustainable inner-city public transport locations in the big 4 cities. We believe in the value of inner-city public transport locations for the development of sustainable buildings. We will adopt an active position on these, wherever necessary. Focus on corporate office clients by further strengthening their corporate account management system and approach. Focus on investors for active partnering to realize innovative building and area developments. Support a healthy office market by focusing acquisition on a balanced 50% new and 50% redevelopments of our Dutch portfolio. Internally this strategy is supported by the implementation of our 5 Rules for Development. Five internal Rules for Development: 1 new tracks: new build and re/development. 2 multiple Solutions: always offer an alternative to new build. 3 Centrepoint Locations: always offer a Public Transport location. 4 Sustainable by nature: BREEAM Very Good is our minimum. 5 Beyond the project: offer a solution for owners old premises. These five rules are an elaboration of the principles that OVG Nederland BV holds and observes. OVG International Additional strategic focus for OVG International: Further growth of our developments in European cities, following our corporate clients cross border and providing them with one panEuropean real restate partner. Further develop Germany as second home market and secure and structure permanent first class local team. Build a global real estate brand recognized for excellence, entrepreneurship and sustainability by tenants, cities, capital markets and the real estate community. Build one OVG, based on the core values of the company. The group of OVG country teams supports each other and collectively speaks the same language to our stakeholders.
Corporate Strategy To fulfill our ambition of becoming the leading European property developer in sustainable real estate, we have defined four engines of growth for all business units: 1 Corporate Account Management: further strengthening of our core expertise and purpose. 2 Sustainable Innovation: balanced focus on both new and redevelopments, constantly pushing for positive change and improvement for our clients. 3 Product Development: designing new real restate concepts based on flexibility in space, time and contracts. 4 Fund Strategy: explore ambitions in setting up and managing real estate funds and increase access to capital markets for international growth.
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tnt Center Segment Offices Lessee tnt Express Location Beukenhorst-Zuid, hoofddorp Architect paul de Ruiter architects Size 17,250 sqm delivery Q1 2011 Sustainability LEEd platinum, Greencalc+ A 1005 pts Opening tnt Center Peter Blom (CEO Triodos Bank), Frans Weekers (Dutch State Secretary of Finance), Marie - Christine Lombard (CEO TNT Express), Coen van Oostrom (CEO OVG Real Estate).
in 2010 OVG and triodos Bank set up the joint venture JOin Ontwikkeling. JOin Ontwikkeling is aimed at sustainable social real estate for the care, health and education sectors.
JOin wants to strategically improve real estate performance for this market that is currently undergoing strong budget challenges. due to both partners many years of expertise, we foresee JOin creating significant direct added value in coming years.
JOIN Ontwikkeling Additional strategic focus for JOIN Ontwikkeling: Focus on clients for care, health and education market. Partner with clients in long-term real estate management, financing and investments. Provide financial space for clients through strategically redesigning their real estate portfolio. Further strengthen the capacities of OVG and Triodos as JOINs shareholders. Build the new companys brand. Financial Management Our objective for 2012 is to find new ways to improve our financial performance. We aim to achieve this by: Strong focus on available cash at hand. Further improvement of financial competences within our company. Attract alternative sources of funding. Increased co-operation with our main contractors. These key financial strategy components will provide: A stable financial environment to support the groups ambitions. Support for prompt decisions regarding opportunities and threats.
tnt Center hoofddorp Connectivity formed the guiding principle of the design.
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the rapidly changing economic environment continues to place risk management at the top of our priorities list.
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in addition to other measures, OVG is currently strategically working together with a number of large, financially strong builders in order to reduce the risk of bankruptcies and their potential consequences.
Risk Management Additional process monitoring further strengthened OVGs risk management in 2011. OVG always develops on the basis of a signed lease agreement. When making new offers to its tenants OVG specifically takes account of changing market conditions and returns in the market. OVG has the best advisors in the market who undertake an extensive spatial planning analysis prior to every binding lease agreement in order to limit spatial planning risks to a minimum. OVG is currently strategically working together with a number of large, financially strong builders in order to limit construction risks with regard to schedule, price and supply reliability to a minimum. By working together with these sound parties, OVG reduces the risk of main contractor bankruptcies and the consequent risks that can be involved. Knowledge exchange and innovative contracting with these preferred suppliers also enables OVG to increase the supply reliability and innovation of its buildings for its clients.
When developing real estate we work closely with each of the citys communities. therefore we think it is important to invest in a wide range of cultural programs and organizations that would not survive without the support of business community.
Talent Management We continue to believe that attracting, developing and retaining talent is just as important as developing buildings. In 2011 we introduced our new OVG House of Development; the company-wide personal development standard for ensuring the development of future leaders in real estate. Todays extremely changeable business environment requires an agile organization, able to adapt rapidly and respond to changes and opportunities with efficient costing. This means keeping our team as lean and yet as entrepreneurial as possible. OVG treasures the value of entrepreneurship, as the core competence of the company. 5.4 CSR & Sustainability
Corporate Social Responsibility OVG believes in cooperation and is convinced that by sharing insights and resources, industry leaders, governments, academics and citizens can work together more effectively to overcome pressing issues, including climate change, poverty and social imbalance. In order to create a harmonious society, OVG invests in a wide range of cultural programs and organizations that focus on bridging the gaps between cultures and generations. In 2011 OVG supported the following networks and charities: AmCham, Clinton Global Initiative, Concertgebouw Amsterdam, CoreNet Global, De Groene Zaak, FRESH, Millennium Promise, OBR Student City, Rotterdam Philharmonic, SHARE, Stichting DON, Stichting Hoogbouw, Stichting Hoogvliegers, Stichting Vruchtenburg, SVR, TEDx Rotterdam, World Economic Forum and Veerhavenconcert. The two largest programs, Millennium Promise and Veerhavenconcert, are described in this annual report. For some years now, OVG has been affiliated with the Millennium Promise, led by Jeffrey Sachs, which aims to eradicate extreme poverty by 2015. In order to achieve this commendable goal, Millennium Promise focuses on uniting individuals, governments, corporations and NGOs to jointly address the causes and the symptoms of poverty.
in 2012, we are celebrating a unique collaboration with the City of Rotterdam with the Veerhavenconcert, a free, outdoor classical music concert that OVG is organizing in Rotterdam for the tenth time.
timberland Segment Warehouse Lessee timberland Europe Location xL Businesspark, Almelo Architect Johan de Vries architects Size 40,000 sqm delivery Q1 2012 Sustainability BREEAm Good
Each year OVG organizes the OVG Veerhavenconcert, a free, outdoor classical music concert in Rotterdam and also an outdoor concert for children.
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We always aim for the highest sustainability ratings within the clients assignment and guide tenants and investors through this process. We prefer to contractually agree a binding commitment on the sustainability performance for early commitment by all parties involved. When bidding to clients our minimum sustainability rating for new projects is BREEAM Very Good.
OVG projects 2011
Sustainability Rating
**
***
****
*****
Asics Avery dennison Cofely danone

Clinton Global initaitive, new york 2011 OVG receives special announcement from President Clinton for reaching its 2007 environmental targets two years ahead of schedule.
Greencalc+ C BREEAm Very Good Greencalc+ C BREEAm Excellent BREEAm Excellent
deloitte/AKd Zuidas Eneco humboldthafenEins nederlandse hartstichting
Greencalc+ B dGnB Gold BREEAm Excellent BREEAm Very Good dGnB Gold BREEAm-in-use Excellent BREEAm Very Good BREEAm Very Good Greencalc+ A BREEAm Good
the Clinton Global initiative (CGi) is a network in which organizations promise to put in place extreme objectives in order to combat climate change.
Sustainability OVG actively invests in innovation with its own Sustainability Center for research and development to support its goal of being the leading European Developer in zero carbon real estate. In 2011 OVG appointed a special team for innovation in the field of redevelopment and transformation of old buildings. This decision is in line with our strategy to focus on both new and re-development in the future. BREEAm, LEEd, Greencalc+ and dGnB In the Netherlands, OVG works according to BREEAM, Greencalc+ and LEED sustainability rating systems for both new and re-developments. In Germany OVG follows the DGNB standard, locally approved by tenants, investors and authorities. We encourage harmonization of these certification systems, but have built up expertise and past performance in all areas.
Oranjewoud pollux Schneider Electric Sonion the Rotterdam Office timberland tnt Center triodos Bank upC Van Oord
in 2011, OVG launched a new 1 billion uS dollar commitment to the Clinton Global initiative, for setting up an international fund and knowledge network aimed at sustainable new and re-development in cities. for this commitment we aim to work together with the C40 cities network.
LEEd platinum, Greencalc+ A 1005 pts BREEAm Outstanding BREEAm Excellent Greencalc+ B
Benchmark international Sustainability Rating
design final
Sustainability Rating * LEEd BREEAm dGnB Greencalc+ Certified pass -
** Silver Good Bronze C
*** Gold Silver B
**** platinum Gold A
***** Outstanding
Very Good Excellent
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Sustainability Highlights To date, the Dutch Green Building Council, has issued 27 BREEAM-NL certifications for buildings in the Netherlands, 8 of them were awarded to OVG projects. Of the 7 BREEAM Excellent certificates in the Netherlands, 4 were awarded to OVG projects. OVG delivered Europes most sustainable building in Europe with the TNT Center, which is also the first CO2 emission free and energy productive office in the Netherlands. OVG jointly owns the TNT Center and TNT has the first official green lease contract for an office tenant in the Netherlands. OVG delivered the first ever BREEAM-NL Excellent Office in the Netherlands (Nederlandse Hartstichting Project). The Eneco Project has the largest solar faade installed in the Netherlands. The Pollux Building in Frankfurt received the first BREEAM-In-Use Excellent certification outside the United Kingdom.
Eneco Segment Offices, area redevelopment Lessee Eneco Location prins Alexander, Rotterdam Architect dam en partners architects Size 30,300 sqm delivery Q3 2011 Sustainability Greencalc+ B
The properties OVG delivered in 2011 will save 2.7 million kWhper year in comparison to the current Building Code requirements. This will power 790 households per year. Clinton Global Initiative In October 2007, OVG made a commitment to the Clinton Global Initiative (CGI), in which companies promise to put extreme objectives in place in order to combat climate change, among other things. At that time OVG promised to invest a billion dollars over five years in the development of sustainable buildings, with an intended saving over the entire life cycle of one megaton of CO2. On 21 September 2011, during the annual CGI meeting in New York, CEO Coen van Oostrom received a citation from President Clinton for his role as catalyst for sustainable real estate development. During this meeting OVG launched a new 1 billion US dollar commitment, for setting up an international fund and knowledge network aimed at sustainable new and re-development in cities. For this commitment we aim to work together closely with the C40 cities network. The C40 Cities Climate Leadership Group is a network of large and engaged cities from around the world committed to implementing meaningful and sustainable climate-related actions locally that will help address climate change globally.
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6.0 Board Report
A significant part of this building will also be used for R&D. We foresee to sell all the buildings for which construction started in 2011 to institutional investors. We expect that there is a growing demand in the investment market for highly sustainable buildings at prime locations with reliable tenants, one of OVGs specializations. This applies to both new build and renovations.
in 2011 OVG maintained its position as no.1 dutch real estate developer for corporate accounts.
OVG can look back on a good performance in 2011; our financial performance was strong. We retained our position as the Netherlands largest commercial real estate developer and one of the top 3 office developers in Europe; our completed development portfolio grew to 550,000 sqm GFA; we continued to focus on high-quality sustainable real estate at prime locations. Farreaching steps have been taken to serve new, international markets and progress has been achieved in the growth in social real estate in our home market the Netherlands. OVG has maintained its position as No.1 Dutch real estate developer for corporate accounts. In 2011 OVG Nederland completed offices for Eneco, TNT, KPMG and Asics. We are proud that all these offices achieved a very high sustainability rating. The TNT building in particular surpasses every other office building. It is the first LEED Platinum and the first energy positive office building in Europe. Building work also commenced on a number of new projects over the past year: Timberland, Cofely, Danone, Schneider, Deloitte/AKD Zuidas and Sonion. The new Innovation Center for Danone, in particular, is a trendsetting development. We increasingly see companies investing in Research and Development and needing specific buildings for this. This also applies to the tenant Avery Dennison, with whom we entered into a Letter of Intent in September.
We have enjoyed working with new and returning clients such as: deloitte/AKd, danone, tnt, triodos, Van Oord, Schneider Electric, Eneco, upC, KpmG, Cofely, Sonion, Oranjewoud, Asics, nederlandse hartstichting, timberland, REt, Avery dennison, pGGm/ iVG and Q8, delivering the highest international sustainability standards ranging from LEEd platinum to BREEAm Excellent.
We believe our product represents exceptional value. Our outlook is confident and in 2012 we will therefore further concentrate on retaining real estate, either ourselves or with partners. This will enable us to take advantage of low interest rates, which in combination with the longer lease contracts we conclude with our tenants, will offer a good return over many years. There is an imbalance in the Dutch offices market with a growing vacancy rate of low quality real estate, requiring a demolition fund or strategy. We see increasing potential for redevelopment of old stock at A-locations into highly sustainable modern real estate and OVG has committed to a redirection of strategy in this market and to focus on 50% of our Dutch portfolio to be redevelopments. Green field projects in out of town locations will be started only under exceptional circumstances. We do not, however, advocate a total stop for new buildings. There is still a demand for highquality and low-risk profile offices on prime locations. OVG and Triodos Bank set up the joint venture JOIN Ontwikkeling over a year ago; aimed at sustainable social real estate for the Dutch care, health and education sectors. A great deal of work has been done in advising clients on how to strategically improve their real estate performance with partnerships in long-term real estate management, financing and investments. In the coming year we expect this to result in a number of significant developments. One project arising from the joint venture with Triodos, the building for UPC in Leeuwarden, was completed in 201 1. This building achieved a BREEAM Excellent rating making it one of the most sustainable buildings in the Netherlands. OVGs international team made significant progress in 2011 to bring about a successful continuation to its project in Berlin. Early in the year an architects competition was organized together with the City of Berlin that resulted in KSP Jrgen Engel architects being selected as project architect. In the final weeks of the year a tenant was found with whom a (not yet binding) Letter of Intent has been entered into. We are optimistic that we shall be able to finalize the marketing for this project in 2012.
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it is a challenge, these days, to predict the future. We do know it requires an agile organization able to respond flexibly to the changes and opportunities we see. OVG shares a strong belief in entrepreneurship; real entrepreneurs adapt; they anticipate their market; they read the signs of economic change. they keep ahead of the curve.
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In addition various new projects have started in Vienna, Frankfurt and Brussels for example. It gives us confidence that our business model, which is based on working in a client-oriented and sustainable manner, will also lead to international success. 2011 was a year in which excellent contributions were made by the staff combining both lean development and high quality green development. This hard work has achieved highly satisfactory results. We would like to take this opportunity to also thank all stakeholders for their dedication in 2011.
Cumulative Completed Real Estate in Gross Floor Area

2012 showing the expected sqm to be completed
Cumulative Signed Rental Agreements in Gross Floor Area

2012 showing the expected sqm to be signed
700,000
800,000
525,000
600,000
350,000
400,000
Coen van Oostrom
Bas van holten

175,000 200,000
2003
2005
2006
2007
2008
2009
2010
2011
2012
2004
2005
2006
2007
2008
2009
2010
2011
Sustainability Project Ratings 2011

registered for assessment
Sustainability Benchmark 2011

certified BREEAM assessment ratings
Greencalc+ A (2) Greencalc+ B (2) Greencalc+ C (2) BREEAM Outstanding (1) BREEAM Excellent (5)
LEED Platinum (1) DGNB Gold (2) BREEAM Good (1) BREEAM Certifications for OVG (8)
BREEAM Very Good (4) Other BREEAM certifications in Dutch Market (19)
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OVG Real Estate B.V. Rotterdam, The Netherlands March 16, 2012
0 year
year
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7.0 Financial Statements 2011

Steve Jobs Entrepreneur, technologist and visionary
7.1
Consolidated Balance Sheet (after appropriation of result)*
note
31-12-2011
31-12-2010
tangible fixed assets investment property financial fixed assets total fixed assets
1 2 3
917 22,542 32,943 56,402
1,017 16,551 7,412 24,980 43,856 143,508 1,195 1,505 3,332 10,133 6,032 26,078 219,474 244,454
innovation has nothing to do with how many R&d dollars you have. its about the people you have, how youre led, and how much you get it. late Steve Jobs, Fortune 1998
Work in progress Construction contracts Accounts receivables Affiliated company Other receivables and prepayments total receivables Cash and cash equivalents total current assets total assets
4 5 6 7 8 4,973 1,080 4,080
61,214 40,770
31,879 143,996 200,398
note
31-12-2011
31-12-2010
Shareholders' equity minority interest Group equity provisions Loans and borrowings Long term liabilities project financing Accounts payables Affiliated company tax payables and social charges Accruals and other payables Current liabilities total equity & liabilities
* All amounts are in 1,000 euros
57,599 1,766 10 11 12 26,702 26,702 13 55,428 21,542 14 15 9,546 17,801 104,317 200,398 59,365 10,014
50,128 1,443 51,571 13,547 5,625 5,625 113,719 32,207 8,970 18,815 173,711 244,454
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7.2
Consolidated Income Statement*

note fy 2011 fy 2010
7.3
Consolidated Cash Flow Statement*

fy 2011 fy 2010
Revenue from projects Other revenue total revenue direct project costs Salaries & pensions depreciation & amortisation Other operating expenses total operating expenses Operating Result financial income financial expenses Result from participations Earnings Before tax Company tax Result third party interest net Result
* All amounts are in 1,000 euros.
A B
185,044 3,022 188,066 166,976
157,526 3,211 160,737 145,583 4,438 249 4,989 178,234 9,832 155,259 5,478 564 -564 -168 29 9,861 -168 5,310 -1,400 -11 3,899
Operating result Adjustments for: depreciation tangible fixed assets (increase)/decrease provisions Changes in working capital: (increase)/decrease in inventory decrease in other current assets (excl. cash) (increase)/decrease in current liabilities (excl. financing credit institutions) Cash flow from business activities interest taxation Cash flow from operating activities investments tangible fixed assets disposals tangible fixed assets investment in investment property disposals/(investments) in participations (incl. loans to participations, nett) Additions in loans to shareholders Repayment loans to shareholders Additions in deferred taxation investments in minority interest Cash flow from investment activities Additions/(repayment) long term liabilities movement projectfinancing Cash flow from financing activities increase / (decrease) cashflow Opening cash movement cash Closing Cash
* All amounts are in 1,000 euros.
9,832
5,478
235 -3,812
249 -270
C d
5,673 235 5,350
85,380 -4,101 -11,103 70,176 76,431 167 -2,067 74,531 -168 33 -5,991 -24,858 947 -1,479 -31,516 21,077 -58,291 -37,214 5,801 26,078 5,801 31,879
-42,676 9,797 4,193 -28,686 -23,229 -1,400 -24,629 -14 404 1,811 -947 1,418 2,672 -5,411 28,655 23,244 1,287 24,791 1,287 26,078
1,998 -1,831 E -138
-2,067 -323 7,471
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7.4
Notes to the Consolidated Financial Statements
Entities OVG Real Estate B.V.
Established in Rotterdam
% Shareholders 86.5% 8.5% 5.0%
Shareholder(s) C.p.G. van Oostrom Beheer B.V. Stichting ESA hnOG Beheer B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG Real Estate B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V.
All amounts are stated in thousands of Euros unless indicated otherwise. Activities OVG Real Estate B.V. having its legal seat at Wilhelminakade 300 in Rotterdam, is engaged in development of real estate, mainly in the commercial market. In this respect OVG Projectontwikkeling B.V. represents the service organization for the projects of OVG Real Estate B.V. Group Structure Financial information relating to subsidiaries within the group is included in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting principles regarding valuation and profit recognition of OVG Real Estate B.V. Minority interests in equity and results of group companies are separately disclosed in the consolidated financial statements. The results of subsidiaries acquired during the year are consolidated from the date of acquisition. At acquisition the assets, provisions and liabilities are valued at fair values. Goodwill paid is capitalized. The results of subsidiaries sold during the year are consolidated until the movement of leaving the group. Consolidation Principles The consolidated financial statements include the accounts of OVG Real Estate B.V. and all entities in which a direct controlling interest exists. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The consolidated companies in the report are:
OVG projectontwikkeling B.V. OVG projecten ii B.V. OVG projecten V B.V. OVG projecten Vi B.V. OVG projecten Vii B.V. OVG projecten xi B.V. OVG projecten xii B.V. Laan op Zuid B.V. OVG projecten xViii B.V. OVG projecten xix B.V. OVG projecten xx B.V. OVG projecten xxi B.V. OVG projecten xxii B.V. OVG projecten xxiii B.V. OVG Landbank B.V. OVG projecten xxV B.V. OVG projecten xxVi B.V. OVG projecten xxix B.V. OVG projecten xxxiV B.V. OVG projecten xxxV B.V. OVG projecten xxxVi B.V. OVG projecten xxxVii B.V. OVG projecten xxxViii B.V. OVG nederland B.V. OVG property investments B.V. OVG infrastructure development B.V. OVG deutschland B.V. OVG international B.V. OVG deutschland B.V. OVG maatschappelijke projecten B.V. OVG projecten iii B.V. OVG projecten iV B.V. OVG projecten Viii B.V. OVG projecten ix B.V.
Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
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42 Entities OVG projecten x B.V. OVG projecten xiii B.V. OVG projecten xiV B.V. OVG projecten xVii B.V. OVG projecten xxVii B.V. OVG projecten xxViii B.V. OVG Lansingerpoort B.V. OVG projecten xxxi B.V. OVG projecten xxxii B.V. OVG projecten xxxiii B.V. OVG projecten xxxix B.V. OVG projecten xL B.V. OVG projecten xLi B.V. OVG projecten xLii B.V. OVG projecten xLiii B.V. OVG projecten xLiV B.V. OVG projecten xLV B.V. OVG projecten xLVi B.V. OVG projecten xLVii B.V. OVG projecten xLViii B.V. OVG projecten xLix B.V. OVG projecten L B.V. OVG projecten Li B.V. OVG projecten Lii B.V. OVG projecten Liii B.V. OVG projecten LVi B.V. OVG projecten LVii B.V. OVG projecten LViii B.V. OVG projecten Lix B.V. OVG projecten Lx B.V. OVG projecten Lxi B.V. OVG projecten Lxii B.V. OVG projecten Lxiii B.V. OVG projecten LxiV B.V. OVG projecten LxV B.V. OVG projecten LxVi B.V. OVG projecten LxVii B.V. Established in Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam % Shareholders 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Shareholder(s) OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG nederland B.V.
43 Entities OVG projecten LxViii B.V. OVG projecten Lxix B.V. OVG projecten Lxx B.V. OVG investment management B.V. OVG deutschland B.V. OVG projecten LiV B.V. OVG humboldthafen Verwaltungs Gmbh OVG humboldthafen Gmbh & Co KG OVG A2 maastricht B.V. OVG maasboulevard B.V. BAm-huis den haag Beheer B.V. BAm-huis den haag C.V. Established in Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Berlin Berlin Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Exploitatiemaatschappij marconistraat 2 B.V. nieuwegein Stichting OVG i Sirius C.V. Join Ontwikkeling B.V. Join projecten 1 B.V. Join projecten 2 B.V. Join projecten 3 B.V. Join projecten 4 B.V. Join projecten 5 B.V. Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam % Shareholders 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 70% 69.3% 1% 100% 100% 100% 70% 100% 100% 100% 100% 100% Shareholder(s) OVG nederland B.V. OVG nederland B.V. OVG nederland B.V. OVG international B.V. OVG international B.V. OVG deutschland B.V. OVG projecten LiV B.V. OVG projecten LiV B.V. OVG infrastructure development B.V. OVG infrastructure development B.V. OVG projecten xxi B.V. OVG projecten xxi B.V. BAm-huis den haag Beheer B.V. OVG property investments B.V. OVG projecten xxxViii B.V. OVG projecten xxxViii B.V. OVG Real Estate B.V. Join Ontwikkeling B.V. Join Ontwikkeling B.V. Join Ontwikkeling B.V. Join Ontwikkeling B.V. Join Ontwikkeling B.V.
Companies mentioned below are not consolidated in the report, because OVG Real Estate B.V. does not hold, directly or indirectly, more than half of the voting capital and does not have a decisive influence on these companies.
triodos/OVG Green Offices B.V. de Rotterdam Beheer B.V. de Rotterdam C.V. Businesspark Gouda B.V. Schiepoort V.O.f. Stadsherstel historisch Rotterdam n.V. Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam Rotterdam 50% 25% 24.75% 1% 50% 50% 1% OVG projects B.V. OVG projects B.V. OVG projecten xxxiii B.V. de Rotterdam Beheer B.V. OVG property investments B.V. OVG projecten ii B.V. OVG Real Estate B.V.
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GENERAL ACCOUNTING PRINCIPLES FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS The financial statements are prepared in accordance with generally accepted accounting principles in the Netherlands and Title 9, Book 2 of the Netherlands Civil Code. Valuation of assets and liabilities and determination of the result takes place under the historical cost convention. Unless presented otherwise at the relevant principle for the specific balance sheet item, assets and liabilities are presented at face value. Income and expenses are accounted for on accrual basis. Profit is only included when realized on the balance sheet date. Losses originating before the end of the financial year are taken into account if they have become known before preparation of the financial statements. The financial information relating to OVG Real Estate B.V. is included in the consolidated financial statements. Accordingly, in accordance with Article 402, Book 2 of the Netherlands Civil Code, a company profit and loss account has been presented in condensed form. Change in accounting policies In 2011 a change of accounting policy regarding the presentation of work in progress and construction contracts is applied to comply with RJ 220 inventory and RJ 221 construction contracts. As from 2011 OVG distinguishes construction contracts and work on progress. Construction contracts are contracts carried out on behalf of a third party while work in progress is the unsold construction of an asset of combination of assets. This change in accounting policy is applied retrospectively and has no effect on results and/or equity of the company, but leads to reclassifications within the financial position. Financial Instruments The information included in the notes for financial instruments is useful in estimating the extent of risks relating to both on-balance-sheet and offbalance-sheet financial instruments. The companys primary financial instruments, not being derivates serve to finance the companys operating activities or directly arise from these activities. The companys policy is not to trade in financial instruments. The principal risks arising from the companys financial instruments are interest rate risks and credit risks.
Interest rate risk The company hedges this risk by entering into an interest rate swap contract to cover expected significant increases in market interest rates. Credit risk The company trades only with creditworthy parties and has implemented procedures to check the creditworthiness of parties. The company applies strict credit control and reminder procedures. The companys credit risk is minimal due to the above measures. In addition, there are no significant concentrations of credit risk within the company. PRINCIPLES OF VALUATION OF ASSETS AND LIABILITIES Tangible Fixed Assets Tangible fixed assets are presented at cost less accumulated depreciation and, if applicable, less impairments in value. Depreciation is charged to the income statement based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset comes into use. Tangible fixed assets relate to properties not held for development or investment purposes. Investment Property Investment properties are those that are held either to earn rental income or for capital appreciation or for both and those properties are stated at fair value without depreciation. External, independent valuation companies, having an appropriate recognized professional qualification and recent experience in the location and category of property being valued, value the investment portfolio once a year. Any gain or loss arising from a change in fair value is recognized in the income statement as result from revaluation. Financial Fixed Assets The (non-consolidated) participations are on the basis of the share in the equity of the company valued at net asset value and if applicable less impairments in value. The net asset value is based on the latest available financial statements of the company. With the valuation of participations any impairment in value is taken into account. The results are accounted for in profit and loss according to the interest held. The loans to participations are valued at face value after deduction of any provisions.
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Participations with a negative equity are valued at nihil and to the amount of the negative equity a provision is made. In case of loans to or receivables on the participation, the provision will be charged to the receivables. In case a balance remains, a provision for participations is made. Work in progress Work in progress is the unsold construction of an asset or combination of assets whose performance generally extends over several reporting periods. Project costs are the direct project costs, interest on loan capital, the mark-up for costs attributable to project activities in general and can be allocated to the project based on the normal level of project activity, and other costs that can be attributed to the principal under the project. A provision for expected losses on a project is charged to the item work in progress. Construction contracts A construction contract carried out at the instruction of a third party is a contract entered into with a third party for the construction of an asset or combination of assets whose performance generally extends over several reporting periods. Contract revenue and contract costs from the construction contract are taken to the profit and loss account pro rata to the extent of the work performed at the balance sheet date, if the outcome of a construction contract can be reliably estimated (percentage of completion method). Contract costs are the direct contract costs, interest on loan capital, the mark-up for costs attributable to contract activities in general and can be allocated to the contract based on the normal level of contract activity, and other costs that can be attributed to the principal under the contract. A provision for expected losses on a contract is charged to the item construction contracts. In addition, instalments already invoiced are set off against the item construction contracts . The net amount for each construction contract is recognised as an asset or a liability where the balance of the construction contract is positive or negative, respectively. Receivables Receivables are included at face value, less any provision for doubtful accounts. These provisions are determined by individual assessment of the receivables.
Provisions For amounts of taxation payable in the future, due to differences between the valuation principles in the annual report and the valuation for taxation purposes of the appropriate balance sheet items, a provision has been formed for the aggregate of these differences multiplied by the future tax rate. The provision for rental guarantees for completed projects is recorded on behalf of the estimated costs expected to arise from the current rental guarantees. Other provisions are provisions for incentives to be paid according to signed rental agreements and for other amounts to be paid. A provision is recognized when an obligation exists. Long term provisions are valued at net present value. Principles for the determination of the results All initial start-up costs for potential projects are expensed. Rental guarantees are expensed as part of the estimated profit upon completion. Revenue from projects is recognized as actual costs plus mark-up. The markup is quarterly recognized by the formula: calculated profit end of work multiplied by the percentage of the stage of completion minus profit already accounted for. The stage of completion is determined by the number of days under construction divided by the total number of construction days. Profit mark-up commences in the case that the project is sold at the start of the construction period. Losses are recognized in the year in which they become foreseeable. Corporate income tax Corporate income tax is calculated at the applicable rate on the profits for the financial year, taking into account deductible costs and permanent differences between profit calculated according to the profit and loss account and profit calculated for taxation purposes. Financial derivates Financial derivates are recognized at cost, the fair value is disclosed in the notes to the consolidated balance sheet.
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Other income and expenses All costs which can not directly be allocated to a project are expensed. Tax liabilities OVG Real Estate B.V. is the head of a fiscal unity for the value added tax and the corporate income tax and for that reason it is, jointly and severally liable for the tax liabilities of the whole fiscal unity. Tax liabilities of the subsidiary companies are presented under the tax payables in the balance sheet. Principles for preparation of the consolidated cash flow statement The cash flow statement is prepared according to the indirect method. The funds in the cash flow statement consist of cash, cash equivalents and bank facilities. Corporate income taxes, issuances of share capital, interest received and dividends received are presented under the cash flow from operating activities. Interest paid and dividends paid are presented under the cash flow from financing activities.
Independent auditors report

To: the Management Board of OVG Real Estate B.V. The accompanying summary annual report, which comprise the consolidated balance sheet as at 31 December 2011, the consolidated income statement and the consolidated cash flow statement for the year then ended, and related notes, is derived from the audited consolidated financial statements of OVG Real Estate B.V. for the year ended 31 December 2011. We expressed an unqualified audit opinion on these consolidated financial statements in our report dated 16 March 2012. These consolidated financial statements and this summary annual report, do not reflect any subsequent events as from the date of our report being 16 March 2012. The summary annual report does not contain all disclosures required by the accounting principles generally accepted in the Netherlands. Reading the summary annual report therefore is not a substitute for reading the audited consolidated financial statements of OVG Real Estate B.V. as a whole. Managements responsibility Management is responsible for the preparation of this summary annual report on the bases described in the notes. Auditors responsibility Our responsibility is to express an opinion on the summary annual report based on our procedures, which were conducted in accordance with Dutch law, including the Dutch Standards on Auditing 810 Engagements to report on summary financial statements. Opinion In our opinion, the accompanying summary annual report derived from the audited consolidated financial statements of OVG Real Estate B.V. for the year ended 31 December 2011 are consistent, in all material respects, with those financial statements and prepared in accordance with the notes. Rotterdam, 30 March 2012
Ernst & Young Accountants LLP signed by W.P. de Pater
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pROJECt OVERViEW And StORiES A ViSuAL tOuR thROuGh OuR pROJECt pORtfOLiO
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OVGs 15th Anniversary History at a Glance

OVG REAChES A SiGnifiCAnt miLEStOnE thiS yEAR - itS 15th AnniVERSARy. JOin uS in tAKinG A LOOK BACK.
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201 1
founding OVG At the age of 27 Coen van Oostrom starts OVG. A real estate company based on a new business model: client ahead of location. OVGs new development approach reduces cost price by 20-30%. OVG Development = Lean Development.
first Corporate Client OVG signs first contract with a Corporate Client: Eastman Chemical in Rotterdam. We can now truly call ourselves authentic real estate developers.
Building our dream Developing the first building gave us the confidence to build our dream: to become the largest commercial developer in the Netherlands within 10 years.
Growing up OVG wins prestigious contract for the development of the Maastoren for Deloitte/AKD. The tallest tower in the Netherlands turns out to be a historical breakthrough project for the company.
inspired by Al Gore CEO Coen van Oostrom is inspired during lunch with Al Gore: An Inconvenient Truth requires a Convenient Answer: sustainable buildings. Van Oostrom decides to change his business model from lean development to green development.
1 Billion uSd for Green Buildings Coen van Oostrom makes ambitious climate commitment to the Clinton Global Initiative and promises to invest 1 billion USD in sustainable real estate in 5 years. OVG believes in the power of initiative and sets the standard for green buildings in the Netherlands.
Blueprint for Sustainability OVG wins pioneering TNT Green Office tender in the Netherlands. This becomes a genuine blueprint for sustainable development. It is a best-in-class first CO2 emissions-free office building; the first green lease; the first LEED Platinum design.
Crossing Borders During the economic crisis, OVG demonstrates The Art of Possibility and launches the largest project in the Netherlands, The Rotterdam, in collaboration with MAB Development. Meanwhile OVG arrives in Germany, crossing the border with projects such as the HumboldtHafenEins in Berlin and Triton in Frankfurt.
Joint-venture with triodos OVG steps into new social real estate market with Triodos and founds joint venture called JOIN. A promising real estate company is born that combines the best of both worlds.
transition to re/developers OVG decides to break real estate tradition and enters the redevelopment market. The future challenge is for both new and re-development. Quality for end users remains our first priority.
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iCOniC OffiCE dEVELOpmEnt in BERLin, fACinG thE REiChStAG OVG ChOOSES GERmAny tO BECOmE SECOnd hOmE mARKEt
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1.0 HumboldtHafenEins
humboldthafenEins At the heart of Europes political center
We aim to realize the most sustainable office in Germany. Coen van Oostrom
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humboldhafenEins Situated in the midst of Berlins political power.
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photo #2 the location is unique. humboldthafenEins is situated in the midst of Berlins political power, the home of Germanys government. the building is positioned perfectly in the central district of Berlin mitte, right next to Berlins hauptbahnhof: Europes largest and most modern central railway station. the German government quarter, the federal ministries, the federal intelligence Service, the total tower and the Charit, are all a short walk away.
photo #3 to the north lies the invalidenstrasse, one of Berlins important east-west axes. here stands the landmark hamburger Bahnhof, home to the museum for Contemporary Art, behind which is to be built the EuropaViertel, a compact, sustainable, climate-compatibly conceived, new mixed-use urban quarter. northeast of humboldthafenEins, lies the world famous Charit, with its university campus, the renowned research hospital and the Berlin medical historical museum.
photo #4-5 Berlin is where all the main government bodies and ministries, as well as the trade and industry associations and media enterprises have their offices. high-end shops, cafs, restaurants, first class hotels and residences, museums and concert halls provide further amenities for these offices.
the prominent location of humboldthafenEins ensures a unique vista across the Spreebogen and the extensive park to the south toward the chancellors office, the government quarter and the Reichstag. the views from the upper floors extend all the way over the tiergarten to the potsdamer and Leipziger platz.
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Waterfront area Design by KSP Jrgen Engel architects.
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photo #7 the concept for humboldthafenEins is as a high-quality, sustainable, multi-tenant building, that can serve as a prestigious headquarters for a single tenant, as well as a first class address for major German and international corporations. the design amplifies the basic concept of the north-south alignment through the Spreebogen and humboldthafen, set out in the 19th century by the architect peter Joseph Lenn.
humboldthafenEins comprises approximately 30,000 sqm of office and ancillary functions on seven floors and an underground car park. the building is optimized to accommodate a variety of highly efficient workspace configurations: from open bay layout to cellular offices to combinations thereof.
photo #8-9 the meandering architecture and open structure of the three courtyards ensure that all offices have ample daylight. the multiple entrances ensure that tenants and their guests can access the building either via an impressive main lobby or directly to the various building sections.
the office floors benefit from a clear height of 2.90 meters, while the top floor has a spectacular free height in excess of 4.5 meters. Both the upper floors and the mezzanine areas offer generous areas for receptions and conferences with wide vistas across the water and over the tiergarten, all the way to potsdamer and Leipziger platz.
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photo #10-11 An architects competition was held by OVG and the City of Berlin that attracted an extremely high standard of entries. the ultimate winner was KSp Jrgen Engel architects. the process was elaborate, with much attention paid to the soundness of the procedure, the accuracy of the briefing and the group process for evaluation by all the experts.
the building is designed to meet the German Green Building Councils dGnB Gold status; the highest sustainability rating achievable in Germany. the design complies with the high requirements set for ecological quality, energy efficiency and future durability.
photo #12 the central courtyard on the Alexanderufer leads to the waterfront promenade with its attractive restaurant and cafe areas, making it an asset for humboldthafenEins as well as a popular Berlin city destination. it ensures that social cohesion is added to the office building location and makes the humboldthafenEins more than just a building.
the waterfront promenade, has a unique historical legacy. in the future, it will be a lively place for office workers, to mix with pedestrians walking by or visiting the restaurants near the water. in the past, the Berlin Wall used to run exactly on this location, alongside the river Spree.
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photo #13 OVG Real Estates partner in this project is Bischoff & Compagnons property networks Gmbh, Berlin, an owner-operated project development firm, founded in 1996 with a focus on high-quality commercial buildings with sophisticated architecture at outstanding locations in Berlin mitte.
OVG held an architects competition, together with the City of Berlin, which was won by KSp Jrgen Engel architects. KSp is one of Germanys internationally successful architecture firms and maintains five offices nationwide as well as an office in China. One of its most prominent projects was the annex to the Chinese national Library in Beijing.
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2.0 The Rotterdam

the Rotterdam high-rise solution for sustainable cities.
Rotterdam is the only city in thenetherlands that dares to put up a building like this. Rem Koolhaas
AGAinSt ALL OddS, dEVELOpERS OVG REAL EStAtE And mAB dEVELOpmEnt ARE BuiLdinG A nEW VERtiCAL City in ROttERdAm thE BuiLdinG iS CALLEd thE ROttERdAm And WiLL pROVidE 160,000 SQuARE mEtERS Of OffiCES, hOtEL, ApARtmEntS, REStAuRAntS & ShOpS
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photo #1 the prestigious Rotterdam building rises surrounded by water on the banks of the River maas. this joint development by OVG Real Estate and mAB development is located adjacent to the renowned Erasmus Bridge in the center of Rotterdam. the Rotterdam will be a unique, sustainable and multi functional landmark designed by Rem Koolhaas (OmA architects). the building will consist of worldclass offices, luxury apartments, a hotel, retail and leisure facilities and cultural institutions. the Rotterdam has been designed as a vertical city: 160,000 sqm in total. the towers are part of the on-going redevelopment of the old port district of Wilhelminapier, adjacent to the Erasmus Bridge, aimed at restoring the vibrant urban activity trade, transport and leisure once familiar in the neighborhood. the Rotterdam is named after one of the ships of the holland America Line, which used to depart from the Wilhelminapier in decades past carrying thousands of European emigrants to the uS. the three towers will reach a height of 150 meters. however OmAs architectural concept is about more than sheer size: the guiding principles behind the project are urban density and diversity, in form as well as use. the Rotterdams stacked towers are arranged in a subtly irregular cluster that refuses to resolve into a singular form and so creates intriguing new views from different perspectives. Similarly, the definition of the building changes according to its multiple internal uses. the City of Rotterdam has always sought to engage in a serious architectural discourse through ambitious building projects. But the sheer scale of this development, combined with the involvement of a world-renowned architect who is coming home, will combine to produce a landmark unsurpassed in spirit and form alike. Rem Koolhaas is finally set to crown his home city of Rotterdam, where his main office is established.
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magnificent architecture of international stature the Wilhelminapier is one of the architectural highlights of the netherlands. Reminiscent of the cosmopolitan dock areas in Sydney, London and new york, the piers monumental warehouses and spectacular new buildings combine to present a metropolitan atmosphere, the ubiquitous water adding a dreamy quality to the view. the Wilhelminapier is metropolitan with a romantic touch, a combination that characterizes Rotterdam. in the past this was the pier from which passenger ships sailed to the new World and now dozens of huge, luxury cruise ships dock here every year. the atmosphere of arrival and departure can still be felt alongside the Wilhelminapiers vigorous, maritime character. it is a unique part of Rotterdam, combining the present with the past, old warehouses with daring modern architecture. the Wilhelminapier was named after Queen Wilhelmina. in 1890 when Wilhelmina visited the Rotterdam port area for the first time she was ten years old and had just succeeded her father to the throne and a year later, the former prinsessekade (princess Quay) was renamed Wilhelminakade (Wilhelmina Quay). the pier has a rich history. Between 1873 and 1978, the Cruise terminal of the holland America Line (hAL) was used by passengers departing for north America and Canada, culminating in an apex of emigrant transport in the last quarter of the nineteenth century. in the early nineteen-seventies, however, competition with civil aviation proved too fierce and it was only used for cruise ships between 1971 and 1978. the old piers and quays were put to new use as areas for residential, work and recreational purposes. the Wilhelminapier developed into a favored location with endless possibilities. nowadays, the area is metropolitan without being a city jungle. it is growing and developing into becoming the place to be in Rotterdam.
the Rotterdam under Construction View from the Erasmus Bridge Rotterdam.
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photo #2 the Rotterdam comprises 3 towers each 150 meters tall. the building is due for completion in Q4 2013. no other construction project on this scale will be seen in the netherlands in the near future due to the economic crisis. Zblin is the contractor building the spectacular structure. An average of 100 people will be working on site daily, rising to around 800 at the peak of construction work the last 6 months. A total of more than 4,500 people will contribute to the building.
photo #3 due to the restricted space on and around the construction site materials have to be processed as soon as they are delivered. time slots, a system similar to that used by air traffic control at airports, are therefore used. A specialist company on the construction site controls the software system necessary for this. All trucks have to be digitally registered and receive a separate boarding pass with the time they can deliver their materials on site in order to be just-in-time.
photo #4 Besides the just-in-time delivery of all materials, three locations have been designated outside the city where trucks that arrive too early must wait before being allowed to drive into the city at the agreed time. this limits the amount of heavy traffic in the city to a minimum.
Boats and pontoons deliver 5,000 trucks worth in bulk cargo via the adjacent nieuwe maas River. Ships have also been used to carry away soil from the construction pit thus avoiding 800 trucks having to drive through the city. Efficiency is the key word for the construction process: nothing is wasted - no time, no materials, no energy.
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the Rotterdam under Construction More than 4,500 people are involved in the realization.
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photo #6-7 the building has been designed using the latest environmental and safety technologies. for instance the building comprises 1,100 foundation piles made of B90, the hardest concrete in the world. the energy company Eneco provides the integral energy solution by supplying sustainable energy using the possibilities offered by the location - the banks of the River maas. Eneco employs the river water to supply cooling, heating and hot water from the local residual heat network.
A biofuel combined heat and power plant (Chp) produces green electricity on site. the energy development company has been involved from the design up to construction, is investing and is taking care of all the necessary permits for the sustainable heating and cooling system and the BioChp. in addition they are taking care of the performance risks, systems maintenance and operation for the next 15 years, the total length of the contract.
photo #8-9 in its form as a vertical city the Rotterdam sets an example for modern sustainability. its intensive land use makes high-rise one of the most sustainable solutions for enabling increased urban density worldwide. from an engineering perspective the building is actually built on water, since this is an outer dyke. Cities battling with climate change will be able to look to these examples of dutch water engineering for help.
for the building to have a healthy economic lifetime, it is important that the design is flexible for future changes in use. the building also houses a dynamic mix of functions, aiding social cohesion and providing activity 24 hours a day. during the day office and hotel workers will be the main occupants, while in the evening the apartment residents and hotel guests will mix with the social life on the street.
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photo #12 the Rotterdam will be divided into areas just like a city. All public functions are concentrated in the first six floors, or pedestal of the building. the office area in the mid and East tower provides ample space for companies looking for city dynamics and a view of the world. in collaboration with Amvest, apartments (186 for sale and 56 for rent) and penthouses are to be realized in the West tower. these will vary in size from 65 sqm to 250 sqm with marvelous views across the water and the city.
the Rotterdam 150 meters high at completion.
photo #13 the Waterfront Area will be the chic boulevard of the Vertical City on the River maas. Workers, guests, residents and visitors can relax on the terraces and in the shops. the views of the River maas, the passing ships and boats and the parading lights of the Erasmus Bridge remain breathtaking until late at night. the Rotterdam is justifiably the place to be in Rotterdam.
the Wilhelminapier A typical redevelopment of an old harbour area. photo #10-11 the Rotterdam vertical city will eventually house a range of functions: a 4-star hotel (nh hoteles) with 285 rooms and 1,000 sqm of conference space, 220 apartments (Amvest) for rent or sale, 60,000 sqm of office space (of which 40,000 sqm leased to the local municipality), 10,000 sqm hotels, restaurant, cafs / retail / public functions and 670 parking spaces. When the building is completed in 2013, the Wilhelminapier will be a vibrant and exciting place to be and to do business. there will be 2,500 people actually living on the Wilhelminapier and 10,000 office workers and visitors accommodated at the location. Every day 2,000 of them will actually visit the theatre/ cultural amenities; 1,000 will visit restaurants/cafs; there will be 350 hotel residents and 500-1,000 will attend meetings and conferences.
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the Rotterdam Boats and pantoons deliver bulk cargo to the site.
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LEEd pLAtinum tnt ExpRESS hEAdQuARtERS in thE nEthERLAndS mOSt SuStAinABLE OffiCE in EuROpE, CO2 EmiSSiOn fREE
3.0 TNT Center
tnt Center A Blueprint for Sustainable Building
A pioneering example of sustainable design, demonstrating leadership in transforming the building industry in Europe. S. Richard Fedrizzi, President & CEO of the U.S. Green Building Council
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photo #1 tnt aims to be the first zero emissions post and express company in the world. in order to achieve this far-reaching goal, it is not enough to just comply with the statutory rules. tnt wanted to demonstrate responsible leadership and continue its dedication to making a difference.
Before the construction of the new tnt Center, tnts buildings were responsible for 20% of the companys worldwide CO2 emissions. OVG and triodos jointly developed a blueprint for an office building that is completely CO2 emission-free. now tnt has a blueprint design at their disposal for all future buildings.
the building was designed by architects paul de Ruiter (exterior) and Odette Ex (interior), following an integrated design process. A long list of dutch and international partners, contractors, suppliers, designers, experts and scientists, also joined them in the buildings development.
Contractually, OVG & triodos have entered into a long-term Green Lease with tnt as client in order to be able to guarantee the sustainability objectives. An innovative dBfmO contract sets out the design-Build-finance-maintain-Operate components based on sustainable performances.
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photo #2 LEEd is an evaluation and certification system for sustainable construction, set up by the uS Green Building Council. the abbreviation stands for Leadership in Energy efficient and Environmentally friendly design. it is an independent international certification system that assesses the sustainability of buildings according to location, planning, water efficiency, energy and materials, among other things. platinum is the highest score possible.
photo #3 the tnt Center has achieved one of the highest GreenCalc+ scores ever in the netherlands (1005 points), the building has zero CO2 emissions, has an A+++ energy label and is the first office in Europe to have the LEEd platinum certificate. these sustainability ratings provide a sound, independent quality benchmark for end-users and investors.
photo #4 GreenCalc+ is a dutch assessment tool to chart the sustainability of a building or area. GreenCalc+ assesses sustainability on three topics: use of materials, water consumption and energy consumption. these topics are interpreted into an easy-reference score: the building environmental index (miB).
in an official statement the u.S. Green Building Council identifies the tnt Center in the netherlands as A pioneering example of sustainable design, that demonstrates leadership in transforming the building industry in Europe. Genuine recognition for all the people who contributed to achieve this.
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photo #7 the tnt Center is more than just a sustainable building; it actually stimulates staff to use it more sustainably. the new accommodation has led to organizational advantages: a reduction in commuting, lower operational costs, improved reputation, increased staff commitment and modern and efficient workplaces.
photo #8 Connectivity formed the guiding principle for the ambitious project. in other words: people take priority. in practice this means an open and transparent building, comprising a u-shaped main volume of six floors surrounding an atrium. this atrium forms the central space in the building and functions as one, big meeting area.
photo #5-6 the ambitious sustainability requirements turned the (interior) design for the new tnt Express head Office into one, great adventure. According to insiders the project sets the benchmark for the new World of Working. the flexible work floor layout makes the building suitable for multi-tenant occupancy in the future.
the orientation of the atrium within the building volume is designed to allow plenty of daylight to penetrate and provides staff with a marvelous view of the surrounding landscape. Working in natural light has many advantages including benefits to both the health and the performances of the buildings users.
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photo #9 One of the great eye catchers is the imposing staircase that links the ground floor to the terraces on the upper floors. the stairs invite you to move about the building on foot, instead of taking the intentionally concealed elevator.
Studies prove that all forms of physical activity help to reduce stress and reduce the risk of chronic conditions such as heart disease, diabetes, osteoporosis and high blood pressure. it also helps people to control their weight, with 10,000 steps a day being enough to improve health.
photo #10-11 the width of the modules in the building is such that the floors can span them in one go precisely. this provides flexibility in the layout and saves on concrete for beams and columns.
flexibility in layout is one of the most important design features for future multifunctional use. A flexible building will have a long life, make the most of initial resource investment and limit material/energy use in future renovations.
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Exterior tnt Center Designed by architect Paul de Ruiter (www.paulderuiter.nl).
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photo #13 the wooden building next door houses the so-called Green machine; a bio combined heat and power plant, that provides the tnt Center with all its green power. periodic surplus goes into the power grid, periodic shortfall is taken from the grid (green). the heat produced through this process is used to heat the buildings in the immediate vicinity.
Ground sourced heat pumps take care of the thermal energy storage process for the supply of heat and coolness needed for climate control of the building. the stored heat is used in the winter to provide air conditioning for the building; the cold cools it in the summer.
photo #14 the choice of materials contributes to the buildings sustainability. Some of the materials used consist for 20% to 80% of previously recycled materials, such as concrete aggregate and mainly recycled aluminum and glass.
the team accepted the challenge of sourcing the building materials locally. 40% of the materials used, were extracted and produced within a radius of 500 miles (800km) of the construction site (hoofddorp, the netherlands). from design to realization, this was the leading sourcing principle.
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photo #15 the tnt building is energy-productive. this means that it produces more energy than it uses: on site and in a sustainable manner. tnt shares its surplus heat with its immediate neighbors, namely Asics and Schneider Electric.
the buildings sustainable central energy generation system comprises, among other things, a long-term ground sourced energy storage system, a biofuel combined heat and power plant (bioChp) and solar panels. this is also used for electrical charging points for cars and minibuses.
photo #16 underneath the building lies the parking garage, accessible by both stairs and elevator. Although the building is close to a train station, many employees still come by car. tnt has therefore installed chargers for electrical vehicles, and foresees further electrical transformation of their car park in the future.
in 2009, the tnt Group, together with consortium partners, announced a commitment to purchase 3,000 electric vehicles over the next three years in order to stimulate high quality and affordable mass production.
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photo #17 the flexible working concept no longer has a fixed arrangement for each desk. departments are allocated areas, which means they can expand and contract without needing any structural alterations. the changeover to flexible workplaces through the entire building reduces the floor area needed for the workplaces by 30%.
A successful workplace transformation is more than just design. it requires solid senior management support, comprehensive organizational and cultural change management, outcomebased performance measurement, extensive training and active communication on a long-term basis.
photo #18-19 the open workplaces are combined with concentration workplaces, which also serve for small meetings. Between these closed meeting rooms an area has been created for open and informal consultation and meeting up. the general atmosphere is that of a lounge thanks to a large coffee corner with sofas, armchairs and ad hoc workplaces.
privacy and communication and collaboration requirements can vary according to job type. A three-pronged design solution that provides for a proportionate balance of key workplace issues basic job functions, collaboration, and privacy is best suited for todays workplace.
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photo #20-21 An innovative Green Lease Contract has been drawn up with tnt as tenant for the project. this is a performance contract in which the consortium and tnt have laid down contractually binding agreements for achieving the buildings energy-saving and environmental objectives.
OVG has set up its own Energy BV to supply energy to tnt at a fixed fee per sqm. An energy performance contract that is unique for the netherlands. A contract that guarantees sustainability.
photo #22 Green leasing is a natural extension of the green building movement, which seeks to provide healthy, resource-friendly buildings that are operated efficiently with regards to energy and water consumption as well as waste disposal.
Green leasing is a way to formalize the consensus within the context of a normal lease process, placing additional boundaries and rules guiding how the sustainability efforts of the building are pursued, managed, and measured.
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photo #23 the design consists of two parallel main volumes, each comprising six floors. On the west side stepped terraces connect the bottom three floors of these two volumes and connecting bridges link the top three floors. the connections also form places for the buildings users to meet.
Winston Churchill understood the impact of design on behavior when he said, We shape our buildings and afterwards our buildings shape us. in this building, the stairs and terraces really encourage tnt staff to move around and consequently foster more healthy and sustainable behavior.
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201 Projects 1 Overview
Van Oord Segment Offices Lessee Van Oord Location nieuwe maas, Rotterdam Architect de Jong Gortemaker Algra architects Size 15,900 sqm delivery Q2 2012 Sustainability Greencalc+ B
VAn OORd humBOLdthAfEnEinS nEdERLAndSE hARtStiChtinG EnECO dELOittE/AKd pOLLux thE ROttERdAm tnt CEntER SChnEidER ELECtRiC COfELy dAnOnE timBERLAnd upC SOniOn ORAnJEWOud ASiCS KmpG / KpmG mEiJBuRG VAnCOuVER
humboldthafenEins Segment Offices Location Kapelle-ufer/ Alexander-ufer, Berlin, Germany Architect KSp Jrgen Engel architects Size 30,000 sqm delivery As of 2014 Sustainability dGnB Gold
nederlandse hartstichting (dutch heart foundation) Segment Offices Lessee nederlandse hartstichting Location prins Willem Alexanderkwartier, the hague Architect meyer en Van Schooten architects Size 6,000 sqm delivery Q1 2012 Sustainability BREEAm Excellent
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Eneco Segment Offices, area redevelopment Lessee Eneco Location prins Alexander, Rotterdam Architect dam en partners architects Size 30,300 sqm delivery Q3 2011 Sustainability Greencalc+ B
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deloitte/AKd Segment Offices Lessee deloitte, AKd Location Zuidas, Amsterdam Architect pLp Architecture Size 40,000 sqm delivery Q4 2014 Sustainability BREEAm Excellent
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pollux Segment Offices (Asset management) Lessee Commerzbank AG, heussen Rechtsanwaltsgesellschaft, Salans Gmbh Location frankfurt am main Architect Kohn pederson fox architects Size 35,000 sqm Sustainability dGnB Gold Existing Buildings BREEAm-in-use Excellent
the Rotterdam Co-developer mAB development Segment multifunctional building Lessee Amvest, nh hoteles, municipality of Rotterdam Location Wilhelminapier, Rotterdam Architect Rem Koolhaas, Offices for metropolitan Architecture (OmA) Size 160,000 sqm delivery Q4 2013 Sustainability Greencalc+ A
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tnt Center Segment Offices Lessee tnt Express Location Beukenhorst-Zuid, hoofddorp Architect paul de Ruiter architects Size 17,250 sqm delivery Q1 2011 Sustainability LEEd platinum, Greencalc+ A 1005 pts
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Schneider Electric Segment Offices Lessee Schneider Electric Location taurusavenue, hoofddorp Architect Bias architects Size 6,150 sqm delivery Q4 2012 Sustainability BREEAm Very Good
Cofely Segment Offices Lessee Cofely Location Waalhaven, Rotterdam Architect JhK architects Size 6,200 sqm delivery Q3 2012 Sustainability Greencalc+ C
danone Segment Offices and Laboratories Lessee danone Location uithof, utrecht Architect Cepezed architects Size 20,000 sqm delivery Q2 2013 Sustainability BREEAm Excellent
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timberland Segment Warehouse Lessee timberland Europe Location xL Businesspark, Almelo Architect Johan de Vries architects Size 40,000 sqm delivery Q1 2012 Sustainability BREEAm Good
upC Segment Offices Lessee upC Location Leeuwarden Architect paul de Ruiter architects Size 7,800 sqm delivery Q4 2011 Sustainability BREEAm Excellent
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Sonion Segment Offices Lessee Sonion Location Beukenhorst-Zuid, hoofddorp Architect Cepezed architects Size 4,800 sqm delivery Q4 2012 Sustainability BREEAm Very Good
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KmpG/KpmG meijburg Segment Offices Lessee KpmG and KpmG meijburg Location prins Willem Alexanderkwartier, the hague Architect meyer en Van Schooten architects Size 10,500sqm delivery Q1 2011
Oranjewoud Segment Offices Lessee Oranjewoud Location Oosterhout Architect paul de Ruiter architects Size 8,400 sqm delivery Q2 2013 Sustainability BREEAm Very Good
Asics Segment Offices Lessee Asics Europe Location taurusavenue, hoofddorp Architect Cepezed architects Size 5,450 sqm delivery Q3 2011 Sustainability Greencalc+ C
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Vancouver Segment Offices and Commercial Lessee REt Location Kop van Zuid, Rotterdam Architect Claus en Kaan architects Size 11,200 sqm fit Out Q3 2011
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Colophon
Publication OVG Real Estate B.V. P.O. Box 23413 3001 KK Rotterdam The Netherlands +31 10 290 87 77 info@ovg.nl www.ovg.eu Chamber of Commerce Rotterdam Registration number 24291656 Copy and Editing Financial Department OVG Corporate Communications OVG Femme Vertaal The Report is printed on FSC-paper by a Design Studio Dumbar (Rejane Dal Bello) Photography cover & pages 4, 21, 25 Thijs Wolzak page 6 Roel van Tour pages 86-99 OMA pages 100-101 Pieter Kers pages 102-120 Alexander van Berge Barbara Burg and Oliver Schuh Bowie Verschuuren pages 123-134 Marcel van Kerckhoven Printing Lecturis FSC-certified printer. All rights reserved. Reproduction in whole or in part is prohibited without the prior written consent of the copyright owner. The information presented in this document does not form part of any quotation or contract, is believed to be accurate and reliable and may be changed without notice. No liability will be accepted by the publishers for any consequence of its use. Publication thereof does not convey nor imply any license under patent - or other industrial or intellectual property rights. OVG Real Estate B.V. 2012

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re/developers

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

1.0 Ahead of the Curve

6.0 Board Report

2.0 OVG at a Glance in 201 1

7.0 Financial Statements 201 1

3.0 Key Statistics

7.1 7.2 7.3 7.4

4.0 Management Board

Board Advisory Board

5.0 Business Profile

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

1.0 Ahead of the Curve

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

Coen van Oostrom Founder and CEO, OVG Real Estate.

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

Cumulative Completed Real Estate in Gross Floor Area

Cumulative Signed Rental Agreements in Gross Floor Area

0 2004 2005 2006 2007 2008 2009 2010 2011 2012

Sustainability Project Ratings 2011

Sustainability Benchmark 2011

Coen van Oostrom Founder and CEO

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

201 In Brief Calendar 1 Jan

30th Danone Utrecht Science Park purchase agreement signed

Ahead of the Curve

2.0 OVG at a glance in 201 1

0 2004 2005 2006 2007 2008 2009 2010 2011

0 2004 2005 2006 2007 2008 2009 2010 2011

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.

3.0 Key Statistics

2011 188,066 9,832 1,831 9,861 7,471

2010 160,737 5,478 564 5,310 3,899

2009 282,592 232 833 1,754 1,469

2008 269,248 2,091 293 1,207 198

2007 326,554 24,324 29,847 22,185

31-12-2011 56,402 101,984 57,599 26,702 200,398

31-12-2010 24,980 187,364 50,128 5,625 244,454

31-12-2009 22,841 148,386 46,229 11,036 211,847

31-12-2008 22,985 232,280 44,760 7,000 311,419

31-12-2007 13,709 298,245 48,062 12,375 326,586

31-12-2011 51 5.2% 4.0% 3,688 28.7% 39,679 13.9%

31-12-2010 41 3.4% 2.4% 3,920 20.5% 45,763 8.1%

31-12-2009 42 0.1% 0.5% 6,728 21.8% 48,143 3.2%

31-12-2008 57 0.8% 0.1% 4,724 14.4% 36,895 0.4%

31-12-2007 48 7.4% 6.8% 6,803 14.7% 61,009 55.5%

Ahead of the Curve

Summary Annual Report 2011

OVG Real Estate B.V.