Accident Report

Annual Report
2011
Integrated financial and sustainability report
Van Gansewinkel Groep

At a glance
People
Profit
Planet
Number of employees
2nd life as raw materials
Fatal accidents
6,435
617*
Injury frequency
58.1 1.22
%
10.9 1.5
%
3.1%
0.1%
1,296
TJ
191 TJ
9 million
254 -25
million
million
3 million
5 million
Operational cash flow
162
1
million
Net result
Equity
New C2C projects

implemented
59
71 million
6%
0.7%
Heat produced
million
EBITDAE
GWh
Operating result (EBIT)
1,186
0.05 mtons
22.4 694
0.3%
Training efforts
mtons
Electricity supplied to
the grid
Energy efficiency
5.1
Staff turnover
1.4%
Absence rate
Revenue
CO2 emission prevented

in the total chain
million
233
million
3 million
8 million
* With exception to the number of employees, the key figures relating to People do not include
the performances of the acquired Veolia Belgium in 2011.
Income model: two directions, two customers

Van Gansewinkel Groep serves from two
directions two customers. At the front-end,
we collect waste and process it to create
secondary raw materials. At the back-end, we
deliver those materials to specification to
customers for manufacturing new products.
See page 22.
Scarcity of raw materials as a business case

The worldwide population growth and increasing prosperity are forcing the demand for raw
materials up, while at the same time supplies
are diminishing. Van Gansewinkel Groep gives
waste a second life in the form of raw materials and energy, and by doing so reduces the
need for natural materials. See page 87.
Van Gansewinkel Shop

Van Gansewinkel Groep offers a
range of sustainable products and
services. Have a look in our shop and
see a selection of what we have to
offer. See page 98.
Profile
Van Gansewinkel Groep is a waste service provider as
well as a raw materials and energy supplier. The company collects waste and processes waste into raw materials and energy. Our home market is Benelux, but Van
Gansewinkel Groep is also active in Germany, France,
Portugal, the Czech Republic, Poland and Hungary. Approximately 7,500 people realise annual revenues of
around 1.2 billion.
Together, the private equity firms CVC Capital Partners

and Kohlberg Kravis & Roberts Co. have a major interest (respectively 38.2% and 32.5%) in Van Gansewinkel
Groep bv. The remaining shares are owned by OranjeNassau Groep (6.9%), Intermediate Capital Group (6.4%)
and company management (16%).

Revenue 1.2 billion*
Collection & Services
Van Gansewinkel Inside
Revenue 883 million
The worldwide population growth and increasing prosperity are forcing the demand for raw materials up,
while at the same time supplies are diminishing. In
the longer term, we should expect physical shortages
of materials worldwide.
The scarcity of raw materials forms the basis for our
strategy. Van Gansewinkel Groeps services and renewables (secondary raw materials and fuels) are inside the
processes and products of more and more customers.
We study our customers operating processes and use
our expertise and experience to minimise the waste
generated. Wherever streams of waste are nevertheless

produced, we develop optimum logistics systems and
sustainable and valuable processing methods. As many
valuable materials as possible are saved in this way.
More and more products are made from our recycled
raw materials. For example, we supply metals, plastics,
cullet, wood, paper and more. And we do more. We work
together with partners to develop take back systems
and to close cycles, returning raw materials directly to
those same partners. More and more products can bear
the label Van Gansewinkel Inside. This gives concrete
shape to our credo of Waste No More.
4,956 fte
**6.198 fte
Recycling
Revenue 142 million
Energy from Waste

465 fte
Revenue 242 million
414 fte
Van Gansewinkel
Coolrec
Maltha
Van Gansewinkel
Minerals
AVR
Collection and
processing of waste.
Supplier of material
streams, such as
paper, construction
and demolition
waste, metals,
aluminium, copper,
wood and plastics.
Recycling
of electrical
and electronic
equipment. Supplier
of recycled steel,
copper, plastics
and aluminium,
amongst other
things.
Recycling
of glass products.
Supplier
of recycled glass.
Soil sanitation and

decontamination.
Supplier of
sustainable
construction
materials.
Processing of
residual waste.
Supplier of energy.
* Revenue to the sum of 81 million has been eliminated from the total revenue, in connection with intercompany transactions between the separate divisions.
** The total number of fte of Van Gansewinkel Groep (excluding temporary staff) includes 363 fte working for the Group.
Annual Report 2011
Key figures
2011
2010
2009
Number of employees (not including temporary workers)
6,435
5,818
5,780
Average number of temporary workers (FTE)
1,061
1,175
1,107
10.9
14
12
7.4
1.5
1.4
11
14
0.19
0.24
0.28
5.1
5.4
5.1
2nd life as raw materials (%)
58.1
56.7
56.5
CO2 emission prevented in the total chain (mtons)
1.22
1.17
1.20
Energy efficiency (%)
22.4
23.1
26.1
New C2C projects implemented
Production of green energy (%)
19.4
20.6
20.4
Production of grey energy (%)
14.6
13.5
13.7
7.9
9.2
9.4
Electricity production (GWh)
879.5
875
1,030
Heat production (TJ)
1,296
1,487
2,470
1,186
1,115
1,137
254
249
259
21%
22%
23%
59
50
-73
Net result
-25
-22
-188
Equity
162
154
179
233
230
245
Return on capital employed (ROCE)
4%
3%
-7%
Customer satisfaction (mark out of 10)
8.2
8.2
8.1
People*
Staff turnover (%)

Employee motivation (mark out of 10)
Training efforts (%)
Injury frequency
Severity rate
Absence rate (%)
Planet
Other uses (%)
Profit (in million)

Revenue
EBITDAE**
EBITDAE margin
Operating result (EBIT)
** With exception to the number of employees, the key figures relating to People do not include the performances of the acquired Veolia
Belgium in 2011.
** EBITDAE represents the earnings before interest, taxes, depreciation, amortisation and exceptional items. Exceptional items are
normalised to allow a similar comparison between the results without the impact of non-recurring/exceptional income and expense.
Exceptional items are not included in the results in the companys management reports. For a reconciliation between the EBITDAE
used for management purposes and the EBITDA presented in the financial report, please refer to page 123 of the financial report.
The EBITDA presented in the financial report comprises the earnings before interest, taxes, depreciation and amortisation.
Contents
annual report 2011
From the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk management .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
Report of the Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interview with the Supervisory Board .. . . . . . . . . . . . . . . . . . . . . . . . . .
Sustainable supply chain management .. . . . . . . . . . . . . . . .
82
10
Corporate Governance .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Report of the Board of Directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mission, vision, core values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market position, market trends 2011 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SWOT analysis .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Strategy for 2011- 2014 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Key objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Collection & Services: Van Gansewinkel . . . . . . . . . . . . . . . . . . . . . .
Recycling: Coolrec, Maltha .
& Van Gansewinkel Minerals .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Energy from Waste: AVR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Organisation and formalisation .
of sustainable development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
People .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Report of the Central Works Council . . . . . . . . . . . . . . . . . . . . . . . . . .
Planet .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial developments .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forecasts for 2012 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
From the CFO .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stakeholder dialogue .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
15
15
Van Gansewinkel Inside . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

Our vision: Waste No More .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
The Renewables Company .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Van Gansewinkel Shop .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
This is how we close the cycle .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Developments in politics and regulations .. . . . . . . . . . . . . . . . . . . 110
18
19
Financial summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
21
22
About this report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
24
GRI statement .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

27
30
GRI table .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
34
Assurance report .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

36
39
Biographies Board of Directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
46
53
Biographies Supervisory Board .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
63
64
Glossary of terms .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
66
67
Colophon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
70
From the
CEO
and made significant progress towards increasing the

future energy yield from our incineration activities.
Step by step, we are working with more than 7,000 colleagues to improve the quality of our versatile company.
Strong position
CEO Ruud Sondag
Despite the weak economy and the pressure on

prices that all divisions are experiencing, we succeeded in giving concrete shape to our strategy
for growth and further improved our companys
efficiency. We also made further progress in our
transition to becoming a leading supplier of raw
materials and energy. It is therefore that I can look
back on our performance in 2011 with pride and
satisfaction.
We started the year seeing our margins cut by more
than 30 million, as a result of the erosion of rates at
Energy from Waste caused by the tenders for household
waste in 2009. In response, we implemented the vigorous efficiency programme Fit for the Future throughout
the entire Group, which served to limit the drop in our
profit margin. We succeeded in realising the savings
targeted with that programme: truly an outstanding
achievement.
Our operations improved in multiple ways last year.
We implemented onboard computers and computerised
planning systems, centralised our financial accounting
system and optimised our recycling lines. We also improved the efficiency of our energy-from-waste plants
annual report 2011
Our market position is also cause for gratification. The

crisis and its impact have given greater importance to
the concept of sustainability. People need stability and
a vision for the long term. Our proposition of Waste No
More can only create more business. We are leaders,
we have a reputation for being an opinion leader and
we set ourselves apart in the areas of sustainability
and transparency.
More and more customers are asking us proactively to
take a look at how they manage their waste and how
they use raw materials. There is a growing awareness
that the raw materials that they are using are becoming scarce. We offer solutions by organising take back
systems and preparing materials for reuse. Customers
are visibly choosing us for our sustainable approach, expertise and vision. This is apparent from our customer
satisfaction ratings, which are as good as ever and are
in fact improving all the time.
Strategic move in Belgium

We took a strategically important step by acquiring
Veolia in Belgium: a healthy collection and recycling
business with an annual turnover of around 100 million. Despite the difficult market and our capital structure, we managed to further reinforce our position in
Belgium. This takeover represents another step on the
road to growth for us and our shareholders, who pro-
vided capital to enable the transaction. Moreover, since

we did not require any borrowed capital for the acquisition, it helped to improve our balance sheet position.
As a tactical move, we adjusted our financial position.
In April 2011 we negotiated new conditions with our
banking syndicate, giving us greater scope and flexibility to determine our companys next move ourselves.
However, we will need to change our debt/equity ratios
in the short term to allow us to roll out our strategy under our own steam. Like our services and products, our
capital structure must also become sustainable.
Pressure on prices at .
Collection Netherlands
Regrettably, we were unable to sufficiently compensate
the erosion of rates at the Dutch collection activities.
The prices are under pressure as a result of the overcapacity in the incineration market. Van Gansewinkel
expects this market to regain more balance in the future, as a result of the considerable volumes of waste
imported from abroad. This is good and a cause for optimism in the short term. However, in the long term it
does not offer a proper structural solution. The global
scarcity of raw materials will cause the importance of
waste incineration to diminish and that of high-quality
reuse of materials to increase.
In our view, the latter argument is the main reason for
structurally phasing out capacity in the Netherlands.
Waste incineration will become less important in our
industry. As a consequence, plants not located centrally,
that lack the necessary scale and have limited possibilities to access grids for heating (households) and steam
(businesses), will be particularly concerned about the
future.
In 2010, as the first operator in the market to make this
move, we closed one of our three incineration plants
and reduced our own capacity by 15%. The focus for the
remaining capacity is now on achieving higher energy
yields. The pork cycle, as it is commonly known, in the
waste incineration has forced us to innovate. Despite
the structurally lower gate rates at the front end, our
EBITDAE margins are returning to previous levels,
thanks to higher energy yields. Contracts with the Heat
Distribution Company of Rotterdam for district heating
and with Stoompijp bv to supply steam to nearby businesses will cause our energy yields to roughly double
within three years time.
Continued focus on efficiency

It is difficult to predict future macroeconomic circumstances, and the market in which Van Gansewinkel
Groep operates is an uncertain one in terms of volumes
and prices. As such, we will continue to focus on improving efficiency and quality, seeking motivation in
our previous achievements in this area. In 2012, we
will make our logistics even more modern, even more
efficient, even faster and even less prone to error than
they already are. By standardising and professionalising more processes, we can devote even more of our
attention to our customers and employees.
Our company has built up a track record of continually
improving. In recent years, our cost structure has been
reduced by 100 million. And that is not all. In all these
changes, we always bear our five core values in mind,
to safeguard our organisations DNA. If you continually
restructure in order to improve, it is important to keep
a close watch on the blood type of the people doing
the restructuring. That is what we have been doing for
years, and that is what we will continue to do.
In 2011, we contracted strategic consultancy firm Roland Berger to conduct a survey of the recycling market
and our activities in that market. During the coming
year we will follow up on their findings. It is our intention to make the best possible use of our network and
our expertise and to realise the highest possible quality
in our raw materials.
Van Gansewinkel Groep will continue to invest in
knowledge and quality and in expanding its position
as a supplier of raw materials. I am convinced that our
activities, our vision and our strategy put us in an excellent position for further growth.
Ruud Sondag
Chairman of the Board of Directors
rvb@vangansewinkel.com
Report of The
Supervisory Board
The Supervisory Board meets with the Board of Directors to discuss current projects. Other topics that are
highlighted besides the companys financial position
include market developments and developments in
terms of safety, customer satisfaction and employee
satisfaction.
The Supervisory Board met six times during 2011.
Members of the Supervisory Board who cannot physically attend a meeting participate by video conference
or telephone conference call. One member made use of
this option on two occasions in 2011. The following issues were addressed during the meetings:
Market developments
Developments in financial and operational results
Safety
The 2010 annual results, the 2010 sustainability
report and the accompanying management letter
from the auditor
Strategy and the Mid-Term Plan
Risk management
The financial position
Refinancing in 2011
Ownership structure
Selection of a new auditor
Acquisitions and proposed investments
Cost-cutting and improvement programmes
Energy efficiency at AVR Rozenburg
The 2012 budget
The Supervisory Board discussed the 2010 financial
and sustainability report when it met in April 2011. The
external auditor was present at that meeting.
Meetings with the Board of Directors
From left to right: Carel van den Driest, Reinhard Gorenflos, Hugo van Berckel and Peter Berdowski.
The Supervisory Board monitors the strategic and financial policies of Van Gansewinkel Groep. In 2011,
the Board was made up of Chairman Reinhard Gorenflos (Partner KKR), Hugo van Berckel (Partner
CVC), Peter Berdowski (CEO of Koninklijke Boskalis Westminster nv) and Carel van den Driest (former
CEO of Koninklijke Vopak nv). Hugo van Berckel was appointed Chairman of the Supervisory Board on
1 January 2012.
annual report 2011
Every month, the Board of Directors as a team meet

with the shareholders (KKR, CVC Capital Partners) to
discuss the developments in results, the operational developments and staff- and strategy-related issues.
Consultation with the Central

Works Council
employee participation body. He met with the Central

Works Council on one occasion. The following issues
were addressed during that meeting:
Cost-cutting and efficiency programmes
Debt position and refinancing
Market developments
Safety developments
Shareholder involvement
Committees
The financial audit committee is made up of Mr Gorenflos and Mr Van Berckel, as are the selection and remuneration committees. The remuneration committee
has defined the following criteria for the bonus system:
EBITDAE
Operational performance
Free cash flows before finance costs
Employee satisfaction
Safety (IF)
The shareholders define the remuneration policy, and
the independent members of the Supervisory Board
determine whether the remuneration constitutes an
acceptable reflection of the relationships within the
company (see the information about the remuneration
of the Board of Directors in 2011 on page 129).
Agenda for 2012

The Supervisory Board will closely monitor the companys financial and operational results in 2012, as well
as the performances in the area of safety and the rollout of the mid-term growth plan. The members of the
Board also wish to sketch the outline of the next step in
the companys existence in 2012. In 2012, the Supervisory Board will have served in the same composition for
three years. No grounds emerged in 2011 for the Board
to evaluate its own performance. However, this matter
will be discussed in 2012.
Hugo van Berckel

Chairman of the Supervisory Board
One of Mr Van den Driests duties on the Supervisory

Board is to deal with staff-related issues on behalf of the
See the interview with the Supervisory Board on page 10.
Interview with the
Supervisory Board
Considerable progress, despite

unfavourable circumstances
er businesses in the sector, Berdowski believes.
Sustainable and transparent
Another important item that the Supervisory Board

discussed at length was the revision of the financing
conditions. The new financial position offers more
breathing space for the companys development, says
Van den Driest. The Supervisory Board believes that
that extra space was much needed. This was an excellent achievement, particularly in terms of speed and
timing. The shareholders understanding of the market
was put to optimum use.
The Supervisory Board attaches a great deal of importance to sustainable and transparent operations. Gorenflos explains, Van Gansewinkel Groeps performances
in this respect are excellent. The companys strategy,
business case and working methods prove that economy and ecology definitely go hand-in-hand. We also
fully endorse the companys decision to sign the Global
Compact, an initiative of the United Nations to boost
corporate social responsibility.
Right priorities
Given the difficult market conditions, the Supervisory Board is pleased with the performances that
Van Gansewinkel Groep recorded in 2011. Despite
the unfavourable circumstances, the company
made considerable progress in many respects, the
members of the Board state unanimously.
The overcapacity in the Dutch waste incineration market caused substantial price erosion at Energy from
Waste, which visibly carried over to the collection market in 2011. Van Gansewinkel Groep has managed to
retain its volumes and to offset much of the decline in
prices by implementing efficiency improvements across
the whole group, explains Hugo van Berckel, Chairman
of the Supervisory Board.
The realisation of the objectives of the efficiency programmes defined by the company despite the difficult
market deserves a big compliment, says Carel van den
Driest. This is illustrated nicely by the energy-fromwaste plant in Rozenburg: after a reorganisation and
with its focus on energy yields it is positioned favourably for future growth. Management has made full use
of the potential for improvement at Energy from Waste,
and has made important strategic steps: Van Gansewinkel Groep will supply energy to more and more homes
and businesses.
10
annual report 2011
The right balance

Peter Berdowski feels that the balance between the efforts to retain margins through efficiency measures
on the one hand and innovations and growth through
acquisitions on the other is right. The company has
become stronger despite the crisis: by adopting smarter methods and introducing innovative products such
as our own cradle-to-cradle office paper, but also by
acquiring Veolia in Belgium. That acquisition fits our
strategy perfectly.
The acquisition, for which the shareholders contributed capital, received the full support of the Supervisory Board. The parties activities complement each
other, and the companies are also complementary in
geographic terms. The combination offers significant
potential for synergy, says Hugo van Berckel. The
acquisition has further reinforced Van Gansewinkels
leading position in the Benelux.
The members of the Supervisory Board feel that the
companys commercial proposition has also improved
its market position. The message of Waste No More is
as solid as a rock. Van Gansewinkel Groep is reaping
the benefits now, and will continue to do so in the years
to come. The company clearly sets itself apart from oth-
The Supervisory Board makes sure that the right priorities are targeted. We compare managements plans for
growth with the strategic framework. If the relationship
is a healthy one, management operates the throttle and
the Supervisory Board controls the brakes. That is how
it is at Van Gansewinkel Groep, Berdowski explains.
We say: think about tomorrow, but also seize whatever
opportunities present themselves today and make sure
that you excel in your core activities. The financial resources and the amount of attention that management
can give are limited, after all.
The Supervisory Board also expects market conditions
to remain difficult during the coming years. The sensible thing to do in that case is to operate with caution
and continue to sort matters out internally, says Van
Berckel. Van Gansewinkel Groep is doing this better
than anybody else. The company will continue to implement efficiency and quality improvements. For example,
in 2012 management will examine which of the organisations processes can be standardised and computerised. That is evolution, not revolution. Such initiatives
reflect the ongoing focus on improvement and mean
that Van Gansewinkel Groep continues to take the lead
in the sector.
Safety is one theme that is on the agenda every time the
Supervisory Board meets. The figures show a positive
trend, but in terms of safety there is always room for
improvement and you must never be satisfied, Van den
Driest emphasises. Severe accidents are by definition
important items on the agenda. What caused them? What
lessons can we draw from them? Those are things that
we, as the companys supervisory body, want to know.
Van Gansewinkel Groep is part of KKRs Green Portfolio

Program. We invest not only in the financial performances of businesses, but also in their sustainability
performances. The essence of this programme is that
sustainability and improved processes are extensions
of each other, Gorenflos states.
In terms of transparency, Van Berckel believes that Van
Gansewinkel Groep has built up a good track record.
The GRI A+ status represents the level of transparency
that we feel is appropriate for the company. The recognition for that status that we receive from various
stakeholders is valuable.
The next step

In 2012 the company will seek to improve its results
further. Those improvements will have to come from
the further integration of Veolia in Belgium, further efficiency and quality improvements and the companys
strong position, which can only generate more business, says Gorenflos. Van Gansewinkel Groep will also
continue its preparations for an exit.
The Supervisory Board hopes to work with the Board
of Directors in 2012 to sketch the outline of the next
step in the companys existence, with a different shareholding structure. We have unanimously expressed a
willingness to define a vision on that development during the course of the year, says Gorenflos, adding that
the timing of the next step will depend on the developments on the financial markets and the companys
performances.
Partly for that reason, the company decided to engage a
new auditor in 2011, at the Supervisory Boards recom-
11
mendation. We believe that it is by definition wise to

switch to a new auditor every few years, Van Berckel
explains. This increasingly reflects the views of the
Dutch government on this matter. And in particular
bearing in mind the next phase in the companys existence it is good that the organisation is examined from
outside with fresh eyes.
Corporate Governance
Committed employees
The Supervisory Board also noticed a great deal of engagement and flexibility among the employees of Van
Gansewinkel Groep in 2011. The Supervisory Board
noticed the same engagement among the members of
the Central Works Council. Van den Driest comments,
Employee participation at Van Gansewinkel Groep is
a critical, but constructive process. The Central Works
Council has many of the same issues on its agenda as
we do, and is primarily concerned with the impact that
measures have on the employees. That is positive.
The Supervisory Board wishes to express its gratitude
to all the companys employees for the dedication displayed. The difficult market conditions have placed
significant demands on them, and they all deserve a
compliment for the results achieved.
Van Gansewinkel Groep bv is subject to the limited

two-tier board system. This means that the statutory provisions regarding the two-tier board system apply, with the exception of the provisions laid
down in Article 272 of Book 2 of the Dutch Civil
Code: directors are appointed and dismissed by the
General Meeting of Shareholders rather than by
the Supervisory Board.
As required by law, the General Meeting of Shareholders holds all powers not granted to the Board of Directors or to other parties. The company is managed by the
Board of Directors. The policies adopted by the Board
of Directors are monitored by the Supervisory Board.
In addition, the Supervisory Board is consulted on important matters concerning the company. Specifically,
under the companys Articles of Association, a number
of major Board resolutions are subject to the Supervisory Boards prior approval.
Two members of the Supervisory Board are not independent as defined in the Corporate Governance Code,
as they represent KKR and CVC Capital as major shareholders in the company. Mr Berdowski and Mr Van den
Driest are independent members of the Supervisory
Board (see page 143).
The Supervisory Board meets at least four times each
year, and as many more times as is necessary, or is
deemed to be necessary, in view of the companys interests. The composition and appointment of the Supervisory Board are governed by the provisions laid down in
Article 268 of Book 2 of the Dutch Civil Code.
Not being listed on the exchange, Van Gansewinkel
Groep is not obliged to apply the principles and best
practices laid down in the Dutch Corporate Governance Code. However, the degree of transparency and
12
annual report 2011
accountability that the Corporate Governance Code imposes on enterprises perfectly reflects Van Gansewinkel Groeps philosophy and the way in which it conducts
is business.
Risk management has the full attention of the Board
of Directors. The principle is to map out any risks that
arise and ensure that communications about those risks
are as transparent as possible. The Board of Directors
will use the relevant principles from the Corporate Governance Code in this process.
One of the strategic objectives of our current shareholders is that in due course Van Gansewinkel Groep
will change ownership, and going public is one of the
options. This will mean even stricter requirements for
the transparency and accountability in our business
conduct.
As such, the companys corporate governance was further professionalised during the reporting year. Preparations have been made to amend the regulations for
the Board of Directors and the Supervisory Board. A
decision will be made in the proposed amendments in
2012. In addition, a decision was made in 2011 about
a code of conduct, which will be implemented early in
2012. The company also supports the principles of the
United Nations Global Compact programme and will
publish reports on their implementation starting in the
2012 reporting year.
It is our intention to continue to concretely implement
the course we have adopted, of ensuring transparent
communications with our stakeholders about our strategy, results, risks and opportunities (SWOT). Our GRI
A+ status, reporting in accordance with IFRS and the
information in this annual report demonstrate that we
are actually putting that ambition into practice.
13
Report of the
Board of Directors
Mission
Waste is produced wherever people work or live. And
sooner or later that waste is generally removed, cleaned
up or destroyed. Van Gansewinkel Groep sees matters
differently. We see it as our duty not to throw away anything at all. Because in the long term throwing waste
away contributes nothing, to business or to society.
Core values
Putting the customer first
We are involved, genuinely interested and customeroriented.
Progressive
Our vision is Waste No More. This fits in with the

cradle-to-cradle philosophy.
Partnership and trust

Van Gansewinkel Groep does make that contribution.
Permanently. This means that we see waste not as a
residual product but instead as a valuable beginning
of a new cycle. In this way we can give waste a second
life and use it for new raw materials or for producing
green energy.
We guarantee integrity and transparency in the processing of material streams.
Prioritising safety
We want everyone who works for us to be able to go

home healthy and well.
Promoting competence and expertise

We encourage personal growth and collaboration.
Vision
Most people see waste as something undesirable, something that has no value. Van Gansewinkel Groep has
a different view. Todays waste contains the seeds for
tomorrows products and goods. We even turn it into
something beautiful. We say, Waste No More.
Van Gansewinkel Groep works to find the most sustainable solution for its waste and gives as much waste as
possible a second life in the form of raw materials. It
can be given that second life because of our thorough
understanding of raw materials and logistics processes.
The waste that remains is used as fuel in our energyfrom-waste plants, allowing us to supply sustainable
electricity and heat to hundreds of thousands of homes
and businesses.
Core values
From left to right: Yves Luca, Diederik Gijsbers, Rob de Fluiter Balledux and Ruud Sondag.
14
annual report 2011
CEO Ruud Sondag explains, Respect for our people and

the environment lies at the heart of everything we do
in the field of collection, recycling and energy. We seek
to continually improve our performance and processes
in the areas of health, safety and the environment. As a
service provider we aim to deliver top-quality services.
We approach this in our own way, in accordance with
Van Gansewinkel Groeps five stars (core values). Using
advanced solutions and working on the basis of mutual trust, our focus is always on the customer. And we
make sure safety, competence and expertise are always

a top priority. Thats what gives waste star quality as
recycled materials and energy. For us there is no such
thing as waste.
This is how we safeguard our standards and values.
These principles guarantee that our way of working
remains clear. To our employees, to our customers and
suppliers and to the world around us.
Market position
Van Gansewinkel Groep is both a waste service provider and a supplier of raw materials and energy, and
is active in the whole of the waste supply chain. The
company collects all types of waste and treats and processes waste to produce raw materials and energy. With
a turnover of 1.2 billion, Van Gansewinkel Groep is
the market leader in the Benelux and among the ten
leading operators in Europe.
The existing portfolio and the existing geographic
spread offer an ideal platform for growth, which will
be realised both organically and through acquisitions.
Van Gansewinkel Groep intends to expand its waste
service activities and its recycling activities. The focus
in the consolidating waste incineration market is on
maximised energy yields.
15
Development
European
waste market
Development
European
waste
Top 9
waste management companies in the Benelux (turnover 2010 in bn)
Van
Gansewinkel
Groep
1.1
1.0
Sita
0.6
Shanks
0.4
Indaver
0.3
Attero
AEB
0.2
HVC
0.2
Omrin
0.1
Twence
0.1
0.0
0.2
0.4
0.6
0.8
1.0
1.2
Top 10
waste management companies in Europe (turnover 2010 in bn)
Veolia
Market trends in 2011

Slight economic recovery during the first six
months, sharp economic decline during the last six
months
Stable waste volumes in the Benelux
Overcapacity and price pressure in the Energy from
Waste market (waste incineration)
Price pressure in the Energy from Waste market
visibly impacts the collection market
Increase in the demand for sustainable solutions for
waste issues
Increase in the demand for renewables (secondary
raw materials and energy)
Increases in prices for raw materials during the
first six months, decline in prices during the last
six months Average prices at a higher level in 2011
than in 2010
Growing awareness of the scarcity of raw materials
(see page 87)
market
Three
different
phases
can
be distinguished
in the development
of the
European
market:
use landfills to
Three different
phases
can be
distinguished
in the development
of the European
waste
market: waste
countries
that usecountries
landfills to that
dispose
dispose
of their
waste
(phasethat
1); countries
and,incineration
on a limited
scale, incineration
orcountries
recycling
(phase
of their waste
(phase
1); countries
use landfillsthat
and,use
on a landfills
limited scale,
or recycling
(phase 2); and
that
focus 2); and countries
largely
on recycling,
little incineration
and barely
any landfilling
The
countries (phase
in which Van
Gansewinkel
Groep
operates
that
focus
largelywith
on recycling,
with little
incineration
and (phase
barely3).
any
landfilling
3). The
countries
in which
Van Gansewinkel
are divided
across these
three phases.
Van
Gansewinkel
Groep expects
that European Groep
countries
will eventually
evolve to phase
3, which
Groep
operates
are divided
across
these
three phases.
Van Gansewinkel
expects
that European
countries
will eventually
represents an estimated volume of 225 billion. The diagram below shows that the European waste market is a growth market. *
evolve to phase 3, which represents an estimated volume of 225 billion. The diagram below shows that the European waste market
is a growth market.
Size in billion
225
175
90
9.3
SUEZ
5.9
Phase 1
5.3
Remondis
FCC
3.7
Alba Group
Basic waste services, mainly landfill

against low prices
2.7
ACS/Urbaser
Limited legislation and low interest

in sophisticated waste management
1.5
Van
Gansewinkel
Groep
1.1
Ferrovial/Cespa
0.9
Biffa
0.8
Shanks
Phase 2
Phase 3
Legislation to reduce landfill results

in increasing landfill taxes, opening
the market towards recycling and
incineration
This boosts the total waste market
New activities: sorting, recycling
and incineration
2.5
5.0
7.5
10.0
Source: research Van Gansewinkel Groep
Revenue
Activities
Market position
816 million

Raw materials & Recycling
Energy from Waste
Market leader
274 million

Challenger
Czech Republic
31 million
Follower
Poland
11 million
Follower
Other
54 million

Follower
1,186 million

Energy from Waste
Belgium
Total
For more information about our international activities see page 34.
16
annual report 2011
Waste market expands to raw material

market, generating additional revenues
and more added value per ton:
- Raw materials trading
- Aggregation & coordination of services
Incineration transforms to Energy from
Waste (EfW)
Current positions Van Gansewinkel Groep by geographical location
The Netherlands
Recycling becomes more economically

attractive and there is more focus on
raw materials supply
Limited expenses per capita
0.8
0.0
Transition towards more sustainable

waste management
Virgin
material
Virgin
material
Incineration/
landfill
EfW
Production
Landfill
Production
Processing
Raw materials
trading
Virgin
material
Production
Processing
Aggregation &
Coordination
Distribution
Collection
Distribution
Collection
Users
Users
Distribution
Collection
Users
*
conducted by Deloitte (2010) at Van Gansewinkel Groeps request.
* Survey
Survey conducted by Deloitte (2010) at Van Gansewinkel Groeps request.
17
SWOT analysis
Strengths
Strong market position

Operations in the whole of the waste supply chain
(collection, recycling, Energy from Waste)
Customer focus resulting from decentralised .
organisation; high scores for customer satisfaction
Diverse customer base; active in all industries
Cash-generating potential
Understanding of raw materials and logistics
systems
Favourable geographic situation of energy-fromwaste power plants
Strategic alliances with customers and suppliers
Dedicated and skilled employees, high level .
of employee satisfaction
High standards in terms of safety and compliance;
complete ISO certification
Good utilisation of waste incineration capacity during the coming years based on long-term contracts
Contracts for district heating and supplies of steam
Good relationship with our financiers
Weaknesses
Small position outside the Benelux

Limited share of Recycling within Van Gansewinkel
Groeps total turnover
Highly differentiated ICT landscape
As yet limited use of group-wide services
Ratio between equity and borrowed capital (high
leverage)
Lack of equity and other financial resources to fully
roll out our strategy
Opportunities
Scarcity of raw materials and developments in .

regulations at national and European level
Prices for CO2 emissions
Approaching end of competitors processing
contracts
Increasing importance of sustainable energy
Increasing focus on sustainability and
cradle-to-cradle
Possibilities for importing waste thanks to the R1
status of the energy-from-waste plants
Opportunities for growth, both organic and through
acquisitions
Growth of the waste market in Poland and the
Czech Republic
18
annual report 2011
Increase in industrial production

Financially solid shareholders
Group-wide operational improvement programmes
Vision
Objective
Strategy
Threats
Volatility of prices for raw materials

Recession or insufficient economic recovery
Price movements in the collection market
Uncertainty about the stability of the financial
system
R ising interest rates
Insufficiently level playing field in Collection and
Energy from Waste
Budget deficits in Western Europe
Strengthen position
Benelux
Optimise
home markets
Leading raw materials

and waste management
company
Establish European
footprint
Build second home

market in Central
and Eastern Europe
Grow as supplier
of raw materials
Points of action
Make better use of our size and market position in

the Benelux in the fields of collection and recycling
Create a second home market in Central and .
Eastern Europe
Implement more structural efficiency improvements
throughout the organisation (standardise and professionalise processes)
Reinforce Innovation & Business Development
Further improve energy yields and increase the
stability of the energy-from-waste plants
Increase the expertise of staff by providing training
and taking on new employees
Prepare for new ownership structure
Create a second home market in Central and Eastern Europe
Grow in recycling, including beyond current geographic area
Optimise
Energy from Waste
activities
Redefine
industry
Develop new
services
Strategy for 2011-2014

Van Gansewinkel Groep aims to expand its waste service activities and other services and accelerate the
growth of its recycling activities. The focus in the consolidating waste incineration market is on maximised
energy yields. The existing portfolio and the existing
geographic spread form an ideal platform for expansion. Europe is a growth market for Van Gansewinkel
Groep, not a displacement market (see also page 20).
The expansion will be realised both organically and
through acquisitions.
customers in a growing number of business processes.

Van Gansewinkel Groep wishes to strengthen its position in the Benelux and is continually and actively
on the lookout for new customers in every industry.
Its large scale, wide range of services and vision with
regard to waste and sustainability are what set the
company apart from its competitors. In addition, over
the past decades Van Gansewinkel Groep has grown
rapidly through acquisitions, and it wishes to continue
this form of expansion. Besides the potential offered
by multiple small regional operators, large prospective
acquisitions have also been identified.
1. Stronger position in the Benelux
Customers are focusing more and more on their core

activities, encouraged by the growing complexity of legislation and accountability. As a consequence, they are
increasingly calling on the services of parties that can
supervise or take over their non-core activities. Besides
operational performance, analysis, advice, monitoring
and reporting are becoming more important. This presents opportunities for Van Gansewinkel Groep to expand its range of services and work more closely with
Developments during 2011:

Acquisition of Veolia in Belgium
Roll-out of quality and efficiency programmes (onboard computers, computerised planning systems)
Preparations for new quality and efficiency
programmes
19
Key
Keyobjectives
objectives
2. Optimisation of Energy from Waste

operations
Van Gansewinkel Groep extracts as many raw materials as possible from waste. However, some waste is
composed in such a manner that it is impossible to extract raw materials using existing technology. In such
cases, the waste is given another useful purpose: it is
incinerated and converted into sustainable energy. Van
Gansewinkel Groeps focus is on generating the highest
possible energy yields. Waste materials are seen as fuels that can be dosed to optimise the energy produced,
in the form of steam, heat or electricity. An example is
the provision of district heating. In this fashion AVR,
which is part of Van Gansewinkel Groep, is undergoing
a transformation from a traditional waste incinerator
into a supplier of sustainable energy.
Import of waste from other countries to ensure
optimum capacity utilisation
Preparations for supplying district heating in
Rotterdam
Preparations for supplying steam to industrial sites
in the Rotterdam-Botlek area
3. Creation of a second home market in Central and Eastern Europe
Van Gansewinkel Groep plans to develop a second home

market for all its activities in Central and Eastern Europe. At present, the company already operates in the
Czech Republic, Poland and Hungary. The expertise in
the field of waste and environmental solutions that it
has acquired in the Benelux in recent years will be
applied in Central and Eastern Europe. The demand for
sustainable solutions to waste issues in that region is
growing, and national and European environmental legislation may cause it to increase at an accelerated pace.
Realisation of organic growth (+16%)
Study of interesting potential acquisitions
First steps towards sorting streams of household
waste in Poland
Introduction of Integrated Waste Management concept
from the Benelux in Poland and the Czech Republic
4. Expansion as a supplier of raw materials
The global supply of raw materials is not inexhaustible,

and access to increasingly scarce materials is no longer
an automatic given. This is causing prices to rise and
20
annual report 2011
forms an incentive for innovations aimed at seeking

out alternatives to scarce raw materials and reclaiming
materials from existing products. The volume of materials given a second life will increase.
It is Van Gansewinkel Groeps intention to be a frontrunner in this development and to expand as a supplier of raw materials, using both its own innovative
treatment and recycling plants and the services of third
parties. It is setting up partnerships with customers, in
which raw materials and composites of raw materials
are selected during the design phase that can be reclaimed and recycled after the product has been used.
The focus is on the ongoing development of four clusters
of materials: biogenous materials (with organic origins),
metals, minerals and plastics.
People
Key objective
Indicator
Craftsmanship with
passion
Staff turnover
Employee motivation
Training efforts
A safe and healthy

working environment
Injury Frequency
10.0%
7.4
7.5
0.15
Absence rate
4.9%
Indicator
Waste remains a
raw material
Second life
Expanding these activities means that recycling will

become a more prominent component of Van Gansewinkel Groeps portfolio, through organic growth, through
(cradle-to-cradle) partnerships and other alliances and
through acquisitions.
Reduce ecological
footprint
CO2 emissions
prevented in the
total chain
Increase in high-quality
recycling
Ambition for 2012
Van Gansewinkel Groeps employees carry out their

work in accordance with the strictest health and
safety regulations and in a safe working environment
that is kept in good condition.
Notes
58.5%
Van Gansewinkel Groep presents itself as a supplier

of raw materials and energy, and its object is to
maximise high-quality reuse of collected waste.
1.25 mtons
Van Gansewinkel Groep assists customers and

suppliers in their attempts to reduce CO2 emissions,
and wishes to minimise its own emissions too as far
as is possible. The target is to minimise the CO2
emissions in the whole chain.
Net yield from

energy generation
in Energy from
Waste activities
23.1%
Van Gansewinkel Groep wishes to make the best

possible use of the energetic value of waste, by not
only producing electricity (primarily green electricity)
but also by selling more and more heat and steam.
New C2C projects

implemented*
15
Its understanding of materials, raw materials and

logistics systems allows Van Gansewinkel Groep to
work together with customers to balance their cycles,
giving waste a second life in the form of raw materials
for products.
5. Development of new services

Investments in innovative services and products, for
example FORZ, Destra Totaal and the Walking Bins
(see page 100-101)
Van Gansewinkel Groep will continue to invest in

development possibilities and its intention is to set
itself apart by having motivated, qualified and expert
employees.
Planet
Key objective
Van Gansewinkel Groep develops new products and

services to meet the broad demand for sustainable solutions, such as:
Materials to product specifications (raw materials
that meet customers product specifications)
Organisation and/or implementation of logistic take
back systems
Development of new products, such as Van Gansewinkel Office Paper and Destra Totaal (see page 100)
Notes
1.8%
Severity rate
In this way raw materials retain their value, the continued availability of raw materials is ensured and fossil
exhaustion can be avoided. An understanding of materials is vital, and Van Gansewinkel Groep will continue
to invest in that area.

Appointment of consultancy firm Roland Berger for
a strategic roadmap for Recycling
Decision about investment in a glass recycling plant
in France (see page 28)
Ambition for 2012
Profit
Key objective
Indicator
Solid, profitable growth
EBITDAE margin
Long-term partnerships
with customers (chain)
Ambition for 2012

21%
Return on capital
employed (ROCE)
6%
Customer
satisfaction
8.2
Notes
Growth initiatives should contribute directly to
EBITDAE, improve the balance sheet position and
reinforce the Waste No More proposition.
The focus is on customer-orientation. Van

Gansewinkel Groep uses transparent, innovative
and reliable methods and studies its customers
processes in detail.
*
The
performanceindicator
indicator
objective
of increase
in high-quality
recycling
is the of
number
of projects
new C2C
projects implemented.
Besides thisindicator,
performance
indicator,
we also
* T
he performance
forfor
thethe
keykey
objective
of increase
in high-quality
recycling
is the number
new C2C
implemented.
Besides this performance
we also
seek to provide
seek to provide
about
the materials
for which
we have identified
a higher-grade
processing
method.
Inessential
many instances,
thisfull
is an
essentialofstep
towards full application
information
aboutinformation
the materials
for which
we have identified
a higher-grade
processing
method. In many
instances,
this is an
step towards
application
the cradle-to-cradle
principle.
This
can be illustratedprinciple.
by the implementation
of a recycling
for a stream of of
waste
that has method
previously
been incinerated,
using
a different
separation
technique
to further
increase
of the
Cradle-to-Cradle
This can be illustrated
bymethod
the implementation
a recycling
foronly
a stream
of waste that
has
previously
only been
incinerated,
using
a
the
proportion
of recycled
material,
working
with a producer
to take the
first stepsmaterial,
in realising
differentwith
design
and composition
a product
or for
a new
design approach
was adopted.
different
separation
technique
toor
further
increase
the proportion
of recycled
oraworking
a producer
to takeof
the
first steps
in which
realising
a different
design and
composition of a product or for which a new design approach was adopted.
21
Income model
Two directions, two customers
Van Gansewinkel Groep serves from two directions two customers.
At the front-end of the supply chain, we collect customers' waste
and process it to create new raw materials and energy. At the
back-end of the chain, we deliver those materials to specification
to customers for manufacturing new products.
Waste-driven
Trade-driven
Waste collection and preparation
Trade in volumes of material
Coordination, outlet management, using existing treatment

and processing businesses
M
o
NCY
ETE
MP
CO
er
,t
re
at
me
nt
steam
electricity
heat
sf
n
tra
Bio
g
wood
compost
textile
bio-plastics
paper
swill
Meta
ls
ferro
aluminium
rare earth metals
copper
silver/gold
transport
raw
ma
te
ria
ls
eN
AND CREATI
ON
DEM
ergy
En
e
in
rals
glass
ceramics
concrete
rubble
phosphate
Plast
ic
s
e
or
annual report 2011
The waste that is given a second life at Van Gansewinkel Groep can be divided between
five clusters of materials. It is vital to understand separation, recycling and processing
methods. This helps preserve raw materials and fuels and allows them to be used
infinitely without any drop in quality:
us mate
the materials roundabout.
no
r
d
an
e
g
a
stor
Development of new raw materials, influence on primary

specifications, either independently or in partnerships
ls
ia
transp
ort
Understanding of materials,
treatment and selling
markets; trade spirit in raw
materials
Wa
s
te
22
TE-DRIVEN
WAS
transport
EN
IV
DR
r
TRADEt,
en
tm
trea
ec
yc
lin
g
Supply of raw materials to

customers' specifications:
construction of supply
chains
Materials roundabout
Wa
st
n
tio
ec
co
ll
Service and fine logistics

network
ls
ue
f
d
an
'We develop the material

streams of the future'
Trade in secondary raw

materials as sustainable
alternatives to primary
materials
ET
RK
MA
re
CUST
OM
ER
Creation of material streams
'We are a supplier of raw

materials'
'Give us your waste and we will

turn it into something beautiful'
ER
TOM
S
CU
Demand creation
PVC
PP/PE
ABS/Nylon
composites
resin
Van gansewinkel
considerably. Collection and recycling company Veolia

Belgium was an ideal addition to our activities, as the
company occupied strong positions in areas in which
we were not yet active. The acquisition gave our network optimum cover in Belgium and immediately made
a positive contribution to our results.
At the same time, however, the continuing erosion of
prices in the Dutch collection market had a negative
impact on our figures, although it also forced us to become more creative. We introduced new concepts and
implemented internal improvement programmes to
counteract the price pressure, although those measures
were not enough for us to realise an organic increase in
turnover. However, we succeeded in holding on to our
collection volumes.
Diederik Gijsbers, COO Collection & Services
Activities
Van Gansewinkel specialises in waste management,
flows of materials and logistics systems. The company
collects waste from households, businesses and institutions and transports the streams of waste to specific
treatment and processing locations. The object is to ensure that as much waste as possible is given a second
life in the form of raw materials for new products.
Market position
Van Gansewinkel is the market leader in the Benelux,
with a revenue of 828 million. Besides a small number
of major enterprises in the private sector, many regional
government authorities and other operators also have
positions in the market. Van Gansewinkel also operates
as a collection business in France, the Czech Republic
and Poland, where its market positions are, at present,
still small.
COO Diederik Gijsbers comments, The most important development by far at Collection & Services
was the acquisition of Veolia in Belgium. That takeover strengthened our market position in the Benelux
24
annual report 2011
Everywhere we look, we see that our proposition of

Waste No More has caught on. Van Gansewinkel is better positioned than ever in the market. We are a welcome
guest and service provider, not only at the back entrance
for emptying the bins, but also at the front door for our
input on our customers questions about raw materials
and design. That development is at least as important as
the pressure on prices, which will not last forever. When
the market recovers, we will profit optimally from our
strong positioning and efficient processes.
Market developments
The overcapacity in the waste incineration market had
an adverse impact on the Dutch market for Collection
& Services. Businesses and municipalities paid lower rates for collection of combustible commercial and
household waste, because the processing rates were
lower. Collection companies generally have long-term
contracts with waste processing businesses and shortterm contracts with customers. This disrupts the relationship between the collection rates and the processing rates.
In some parts of the Netherlands, processing rates are
so low that they are no longer sustainable and stand
in the way of innovation, says Diederik Gijsbers. As
a collection company, Van Gansewinkel also has longterm obligations to supply energy-from-waste plants of
third parties. Some of the rates are at levels that will
be untenable in the long term. We are negotiating with
those parties and hope to be able to agree on fair market rates.

The collection market in Belgium is showed greater stability in its developments. In Belgium Van Gansewinkel
has a strong position in the SME segment, where it continues to grow steadily.
Van Gansewinkel
2011
2010
4,956
4,426
Revenue (in million)
883
859
EBITDAE (in million)
121
114
60
42
Number of FTE
Capex (in million)
Van Gansewinkel has smaller market positions in

France, the Czech Republic and Poland. Those countries
represent important growth markets for Van Gansewinkel. Despite the unfavourable economic conditions, Van
Gansewinkel realised organic growth there. Revenue
from the Collection & Services activities in all countries
in which Van Gansewinkel operates - with the exception of the Netherlands was higher in 2011 than during the year before.
Business developments
The acquisition of Veolia in Belgium (annual revenue of
approximately 100 million) represented an important
step towards the implementation of Van Gansewinkels
strategy for growth. The acquisition gave the company
an additional 450 employees, 140 vehicles and 13,000
customers. The integration is running smoothly and
according to plan. The takeover was finalised in August
2011, and by 1 November the first division had already
been fully integrated.
In the north of France, Van Gansewinkel strengthened
its position by acquiring Del Rosso, near Valenciennes.
That collection business realised an annual revenue of
around 1 million. We currently conduct our operations in Northern France from three locations, and have
a solid network in the departments in which we operate.
Here, too, our proposition of Waste No More is a success. We might be a small player, but we are already
standing out.
Van Gansewinkel gave further shape to various costcutting and efficiency programmes in 2011. We made
good progress with the implementation of computerised
planning systems and onboard computers in our vehicles. All the processes - including timesheets and order
processing - can be handled using the onboard computers. The system is linked to the front office, the back
office and the planning system. We are a pioneer in the
The structure of the business units was changed in 2011, to reflect

Van Gansewinkel Groeps managerial model. The comparative EBITDAE
figures for 2010 have been adjusted accordingly.
Ministry of Economic Affairs, Agriculture

& Innovation chooses sustainable waste
management
The Dutch Ministry of Economic Affairs, Agriculture
and Innovation has chosen for Van Gansewinkels
sustainable waste services. The intention is to convert
as much of the waste generated as possible into raw
materials. In five years time, the ministry hopes to
have only 10% residual waste, which will also improve
its CO2 footprint. Van Gansewinkel EcoSmart will separate and collect waste from workspaces at some 30
locations of the ministry. In total, this will involve more
than 10,000 workspaces. Van Gansewinkel signed a
5-year contract with the ministry for these activities.
Van Gansewinkel EcoSmart specialises in collecting,
separating and removing office waste in an environmentally friendly and cost-efficient manner.
Industrial Services uses heavy equipment

in Moerdijk following fire
Early in 2011, following the large fire at Chemie-Pack
on the Moerdijk industrial estate, Van Gansewinkel
Industrial Services was contracted to remove the water
used by the fire services. Van Gansewinkel emptied
and cleaned all the sewers on the estate and helped
to pump away the surface water. Van Gansewinkel
Industrial Services specialises in cleaning plants, pipe
systems and tanks.
Van Gansewinkel Office Paper

More and more customers are switching to Van Gansewinkel Office Paper, for the sustainable nature of this
100% recycled cradle-to-cradle paper. Customers vary
from general medical practices and campsites to large
organisations such as NAM/Shell, Staples, Multicopy,
DHV, Sligro, Ziggo, the Salvation Army and Oc. Van
Gansewinkel collects old office paper from its customers, and following a separation process shreds it to form
raw materials, which are delivered to German paper
producer Steinbeis in bales. After a sustainable production process, Van Gansewinkel and its partner Oc then
deliver the 100% recycled paper to their customers,
where it subsequently collected once more after use. In
this manner Van Gansewinkel brings matters full circle.
25
Market share Van Gansewinkel

25%
20%
21%
17%
15%
16%
10%
5%
C
co om
m m
bu er
s ci
w tibl al
as e
te
0%
us
do ste
r
a a
az w
l
pa
ci ste
i
un wa
Van Gansewinkel is market leader in the above mentioned waste streams.

The municipal waste volume excludes construction and demolition waste.
Goals
As stated in the companys strategy, Van Gansewinkel
seeks to turn its strong proposition of Waste No More
and further quality improvements into organic growth.
The company also wishes to grow as a supplier of raw
materials. Van Gansewinkel predicts structurally high
prices for raw materials in the long term, caused by the
global scarcity. This presents an interesting business
case for Van Gansewinkel. We want to market our raw
materials even better, by bringing the materials coming
into our hands up to specification and supplying them
to our customers directly. We will develop take back
systems for end products with more and more customers, to create closed cycles.
Recycling
Coolrec, Maltha and .

Van Gansewinkel
Minerals
Maltha
Maltha leads the market for glass recycling in the Benelux, with a volume of 300 ktons in the Netherlands and
170 ktons in Belgium. In Europe, Maltha occupies a position among the Top 3. Maltha operates in a fragmented
European market, where competition per country varies
from a few businesses to more than twenty. This presents
opportunities for consolidation in the European glass recycling sector, a development in which Maltha intends
to play a part. Maltha is continually on the lookout for
opportunities in other countries, particularly in Central
and Eastern Europe, where the glass market is developing strongly and a large selling market is forecast.
Survey conducted by Deloitte (2010) at Van Gansewinkel Groeps request.
industry with this approach. We seek to minimise the

number of manual operations. That allows us to devote
even more attention to our customers and employees.
The company also made great strides in the field of digital invoicing. Van Gansewinkel launched its e-billing
concept FactuurDigitaal in the Netherlands early in
2011. By the end of the year, over 12,000 customers
were using the concept, meaning that around 20% of all
the invoices in the Netherlands are sent in digital form.
Van Gansewinkel will also roll out the FactuurDigitaal
system in Belgium in 2012.
The Materials, Concepts & Infrastructure (MCI) department, which comprises the logistics and property activities and which coordinates all material flows, was also
given further shape in 2011. MCI matches the logistics, choice of location and the flows of materials to the
demand from the market for raw materials and fuels,
and is responsible for developing the accompanying innovative solutions, for example the take back systems
designed for Auping, Luxaflex and other partners (see
page 108).
The significant pressure on prices was reason for Van
Gansewinkel to think about further improvements in
the collection business. We want to keep holding on to
our top position in the Benelux, in the long term too. In
2012, we will examine what processes we can computerise and standardise, to allow us to help our customers
and employees even better.
26
annual report 2011
Prospects for 2012

Van Gansewinkel predicts volatile market conditions
in 2012, though we expect that the downward trend in
the collection market has reached its lowest point. The
strong Waste No More proposition and further efficiency and quality improvements will likely have a positive
impact on the divisions results. In 2012, the results of
Veolia Belgium will contribute to Van Gansewinkels
results for the full year for the first time.
tiatives in various countries aimed at stimulating recycling activities present opportunities for Coolrec.
The company is optimising its capacity in the Benelux
(through operational excellence and by investing in innovative recycling technology) and intends to expand
its capacity outside the Benelux by deploying operations
in new markets.
Yves Luca, COO Recycling and Energy from Waste
Activities
Coolrec, Maltha and Van Gansewinkel Minerals give
waste a second life in the form of raw materials. Coolrec specialises in recycling combinations of metal and
plastics, such as from electrical appliances and ICT
equipment. Maltha specialises in glass recycling. Van
Gansewinkel Groep holds a 67% interest in Maltha; the
remaining shares are owned by glass manufacturer
Owens-Illinois (O-I). Van Gansewinkel Minerals specialises in soil decontamination and remediation, and
converts selected waste substances into secondary raw
materials, which are sold under the name of FORZ.
Van Gansewinkel Minerals

Van Gansewinkel Minerals is the name under which
A&G has been operating since 2011. The new name
reflects the companys transition from a soil decontamination and remediation business to a supplier of
sustainable raw materials. Van Gansewinkel Mineralss
market share in the concrete and cement industry, with
its sustainable raw material FORZ, is still minor. However, the company is seeing rapid increases in the sales
channels for FORZ.
Market position
COO Yves Luca comments, Over the past ten years,

our recycling businesses have developed into mature
players in a young growth market. Our continual focus
on innovation and cost leadership has allowed us to
continue our course of stable growth. This is also evidenced by the results for 2011, which are pleasing. All
three Recycling divisions performed better than in the
year before, thanks to growing numbers of customers,
larger volumes, higher average prices for raw materials
and lower costs.
Coolrec
With a volume of 99 ktons, Coolrec is the market leader
in the Benelux in recycling electrical appliances and
other combinations of metal and plastic. In Europe,
Coolrec occupies a position among the Top 3. The expected wave of consolidations in Europe and the ini-
We can change gears quickly to maintain the balance

between procurement of products for recycling and the
sale of raw materials. Fluctuations on the procurement
side correspond to the prices for raw materials, allowing
us to create stability. If raw materials diminish in value,
we pass the difference on to suppliers, and vice versa.
27
The scarcity of raw materials means that recycling will

become more important. The strong positions of our recycling businesses put us in a good position for further
growth, both organically and through acquisitions. In
2011, we worked with strategic consultancy firm Roland
Berger to examine what opportunities the existing and
new markets hold for Recycling. The recycling market
is developing rapidly. As the European market matures,
the list of interesting potential acquisitions in the glass,
plastics and metal recycling industries will also grow.
The information provided by the Roland Berger study
will provide direction for our acquisition strategy.
Market developments
The worldwide focus on the scarcity of raw materials
continued to increase in 2011. In part because of this,
prices for primary raw materials remained high, despite
the crisis. This is a significant change from the crisis
years of 2008 and 2009, when prices for raw materials
dropped sharply and the recycling industry came under
a lot of pressure. This proves the added value of converting waste into secondary raw materials. More and
more often, it is becoming financially more attractive
to use secondary raw materials rather than primary,
natural materials.
As a consequence, Van Gansewinkel Groeps recycling
businesses saw the demand for recycled raw materials rise. More and more producers are designing their
processes for the use secondary raw materials. That is a
positive development for the recycling sector: it means
more sales channels. At the same time, it puts prices
under pressure at the front end, as a result of the increasing demand for volumes from market operators.
Recycling businesses have to put more effort into obtaining waste streams that can be used for recycling.
In this scenario, Van Gansewinkel Groep profits from
its integrated supply chain approach.
Coolrec profited in particular from the high prices for
non-ferros (e.g. aluminium and copper) and plastics in
2011. Maltha saw the demand from the market for cullet
as a raw material for producing glass rise further. Using
cullet in the production process results in a reduction in
energy compared with the use of primary raw materials. The glass and bottling industries are using cullet
more and more often, for both economic and ecological
28
annual report 2011
reasons. For example, it is the goal of shareholder O-I to

double its use of cullet to 60% during the coming years:
a goal which is very advantageous for Maltha, as a supplier of cullet. However, the stream of glass waste for
recycling diminished as a result of the poor economy.
With its raw material FORZ, Van Gansewinkel Minerals operates in a market that is barely susceptible
to fluctuations in the prices for raw materials. Using
FORZ preserves natural materials such as limestone
and sand. However, although the capacity of sand and
gravel pits is not unlimited, those materials are not yet
scarce. FORZ serves as a full replacement for expensive and scarce primary building materials, and can be
used for foundations or as a filling or raising material,
for example in the construction of car parks, business
estates and roads.
Goals
Van Gansewinkel Groep seeks to grow in the recycling
sector and will continue to invest in innovation and
cost leadership. The opportunities for investment are
increasing in the recycling market, matching the demand from producers for recycled raw materials made
to specification. To ensure a structured response to
these opportunities and possibilities, we commissioned
consultancy firm Roland Berger to conduct a study. Roland Bergers report largely confirms our views of the
market. That is good: we have taken the right course
and we now know where the principal opportunities
for growth are. The priorities and criteria for Recycling
will be defined in 2012.
Recycling
Coolrec, Maltha, Van Gansewinkel Minerals

2011
2010
Number of FTE
465
427
142
109
22
17
Capex (in million)

Prospects for 2012

The recycling businesses maintained their focus on cost
leadership and on the quality of the secondary raw materials that they sell. In 2011, Coolrec decided to invest
in a single large new site, to accommodate the current
Coolrec branches in Dordrecht, Waalwijk (PHB) and
Geldrop. This will help cut costs, but it will also give
us the momentum to make whatever investments are
necessary in the latest and most innovative recycling
technology.
Van Gansewinkel Groep wishes to continue to make

good on its slogan of Waste No More, including with its
recycling activities. The company predicts that the playing field for acquiring streams of waste for recycling
will remain competitive. At the same time, though, Van
Gansewinkel Groep expects that prices for raw materials will still be volatile in 2012, but on average will be
high as a result of scarcity.
Maltha decided to expand and update its site in Izon in

France. The capacity of the new state-of-the-art glass recycling plant will increase from 155,000 tons per year
to 230,000 tons. The new site will allow Maltha to meet
the demand of its largest buyer, O-I, in France.
Van Gansewinkel Minerals successfully began the
process of repositioning itself as a supplier of sustainable building materials in 2011. The businesss results
were favourably impacted by Van Gansewinkel Groeps
acquisition of Veolia Belgium. The landfill that was included in the acquisition falls under Van Gansewinkel
Minerals. It will be closed in approximately three years,
after which Van Gansewinkel Groep will carry out recycling activities at that location.
Coolrec supplies raw materials for Senseo

Philips produces a green Senseo, made almost entirely from recycled materials. Coolrec supplies the raw materials
for the drip trays. The partnership is a unique one: on the one hand because it involves a closed cycle with a single
producer, and on the other because of the wide and high-quality use of secondary raw materials.
Coolrec extracts a stream of polypropylene plastic from small electrical Philips appliances, such as coffeemakers,
toothbrushes and electric shavers. After a treatment process, this raw material is then supplied back to Philips.
The quality of the sustainable Senseos is fully equal to that of machines made from primary raw materials, since
Philips had specified two requirements: the quality of the recycled materials must be at least as high as the quality of
the original materials, and the production costs may not be higher as a result of the recycling process. Coolrec can
fulfil these requirements without difficulty using its existing production process.
29
Energy from Waste
AVR
waste and other biomass flows (12% market share), AVR

is one of the largest producers of sustainable electricity
in the Netherlands.
COO Yves Luca comments, The tendering processes
in 2009 for processing household waste had a negative
impact of more than 30 million on AVRs turnover in
2011. However, EBITDAE dropped by no more than 21
million, among other factors thanks to a reorganisation at AVR Rozenburg, where the focus shifted to stabilising the processes and ensuring maximum energy
yields.
Activities
In 2011, AVR took important steps to transform itself

from a traditional waste incinerator into a supplier of
sustainable energy. Whereas we previously offered a
solution for the waste problem, nowadays we offer a solution for the energy problem. A great deal of work was
put into preparing for the construction of a steam pipe
and a heat grid, through which we will supply steam
and heat to surrounding industrial businesses and tens
of thousands of households in Rotterdam. This will help
preserve fossil fuels such as natural gas, representing
significant environmental gains.
AVR creates Energy from Waste by converting waste

into sustainable energy using incineration processes.
The business has energy-from-waste plants in Rozenburg and Duiven, and is focusing increasingly on value
creation by extracting energy from waste. AVR is undergoing a transformation from a traditional waste incinerator into a supplier of sustainable energy.
Thanks to our long-term contracts, we have ensured

that at least until 2019 we will have sufficient residual
waste to fuel our plants. We have also been successful in obtaining streams abroad. These measures have
allowed us to respond to the overcapacity that had
emerged on the processing market. Our energy-fromwaste plants are in a good position once more.
It is AVRs aim to optimise its incineration and other

processes, and to realise the highest possible energy
yields. Besides producing electricity, the energy-fromwaste plants also sell heat and steam to nearby businesses and towns. In addition, AVR hopes to achieve
what is known as a zero waste process, in which residual products such as bottom ashes are given a second life.
Geographically, AVRs locations in Rozenburg and Duiven are situated well, close to major cities that require
heat and near industrial businesses that need steam for
their processes. These possibilities have not yet been
fully utilised. AVR can supply more towns and businesses with heat.
Yves Luca, COO Recycling and Energy from Waste
Market position
AVR is the market leader in the Netherlands, with the
capacity to process 1.82 million tons. The energy-fromwaste plant in Rozenburg is one of the largest in the
world, with a capacity of 1.27 million tons. Producing
more than 500,000 MWh of green electricity from
30
annual report 2011
Market developments
The processing market in the Netherlands is suffering
from overcapacity. The shortage of combustible waste
was approximately 0.7-1.0 million tons in 2011. In response, the market took a number of important measures to import waste from abroad. The first large foreign volumes from Great Britain in particular were
processed by Dutch energy-from-waste plants last year,

and the volumes will grow sharply in the coming years.
This is expected to bring more balance to the Dutch
market, which will stabilise the downward pressure on
prices. In part because of the overcapacity, the focus
has shifted from gate rates at the front end to energy
revenue at the back end. More and more, the market is
beginning to see waste as fuel for energy-from-waste
plants.
Four contracts were opened up to the market in the
Netherlands in 2011. AVR won one of those contracts,
representing a volume of 5,500 tons.
On average, energy prices in 2011 were higher than
the year before. In the second quarter, prices increased
as a result of the European debate about nuclear energy following the earthquake in Japan that also hit
the nuclear power plant in Fukushima. Energy prices
fell again during the last six months of the year, as a
result of the poor economy which caused the demand
for energy to drop.
Energy from Waste
AVR
2011
2010
Number of FTE
414
450
242
277
109
130
34
27
Capex (in million)

Energy from Waste
Dutch incineration market
17%
13%
20%
AVRs power plants operated with greater stability and
efficiency in 2011 than in the year before. AVR Rozenburg converted more residual waste into energy using
fewer workers, and AVR Duiven achieved a number of
production records. Under the motto of lean management, all actions and processes within the organisation
were coordinated as closely as possible.
25%
24%
AVR
Attero
AEB
HVC
Smaller competitors
AVR signed agreements for processing waste with a

number of British waste service providers and with the
municipal authorities of Naples in Italy. The stream of
residual waste from abroad gathered momentum during the final months of the year, and AVR expects to
convert over 300,000 tons of foreign waste into energy
in 2012. This will allow full utilisation of the power
plants capacity.
AVR Duiven was also awarded R1 status in 2011, making it a recovery plant. With this status, it may process waste from other countries. AVR Rozenburg was
awarded R1 status in 2010.
31
Energy from Waste
AVR Rozenburg
Energy yield (in %)
60
60
23
40
34
6
7
20
24
The Water Processing Plant in Rozenburg (for processing polluted water) performed better in 2011 than the
year before. On the one hand the demand for its processing activities increased, while on the other the
plants costs were further lowered by, among other factors, a decrease in the volume of gas used.
21
13
z
20 enb
09 ur
Ro
go ze
al nb
20 ur
15 g
Ro
The Biomass Power Plant in Rozenburg faced several

technical difficulties during the first six months of last
year. A great deal of work went into improvements, and
the opportunity was seized to make further modifications to allow for future improvements in efficiency and
yield. AVR is seeking damages from its insurer.
Steam
Goals
Heat
Electricity
Capacity utilisation at Energy from Waste

Approximately 75% of the total capacity of the two energy-from-waste plants
in Rozenburg and Duiven has been contracted for the period until 2019.
Van Gansewinkel Groep expects to be able to use the remaining available
capacity by importing a considerable stream of waste from abroad and by
winning new tenders in the Netherlands.
Available capacity in Ktons

Contracted volumes in Ktons
Contracted as a %
1,573
2012
1,393 89
Capaciteitbenutting
Energy from Waste - HS
1,323 85
2013
1,224
80
1,536
2014
1,206
78
1,555
2015
1,185
76
1,555
2011
2016
1,145
74
1,555
2017
1,162
75
1,555
2018
1,158
74
1,555
2019
1,183
938
2020
0
32
1,565
500
annual report 2011
76
Starting in 2013, AVR will be supplying heat to 50,000

households in Rotterdam and steam to surrounding businesses (see page 33). Our aim is to make as
much residual heat as possible available to our surroundings in a sustainable manner. To that purpose,
we are working together with the municipal authorities and the Heat Distribution Company of Rotterdam
(Warmtebedrijf Rotterdam) to define a plan with the
aim of accessing the existing district heating grid in
the north of Rotterdam, in addition to Rotterdam-Zuid,
and supplying it with heat. AVR Duiven is also working
on plans for supplying heat to nearby businesses and to
increase its supplies of district heating to surrounding
municipalities.
Forecasts for 2012

Van Gansewinkel Groep expects that the downward
trend in prices in the Dutch waste incineration market
has reached its lowest point, one reason being that more
and more of the available capacity is being used for
streams of waste from abroad. AVRs energy-from-waste
plants will have sufficient combustible waste for the
years to come (thanks to long-term contracts).
Rotterdam Heat Grid

AVR has commenced work to allow heat to be
distributed to Rotterdam-Zuid via a new heat grid.
Rotterdams Mayor, Mr Aboutaleb, officially launched
the project on 18 January 2012, at the site of AVR
Rozenburg. Until 2013, the Heat Distribution Company
of Rotterdam will be working on laying a 26 kilometre
pipeline between AVR Rozenburg and Rotterdam-Zuid.
Once the heat grid is finished, it will supply sustainable district heating to some 50,000 households and
businesses, under a long-term contract that AVR has
signed with the Heat Distribution Company. During the
next 30 years, AVR will feed residual heat generated
in its waste incineration processes into the grid, in the
form of hot water. The parties in this project have also
expressed the intention to supply heat to approximately 50,000 households in Rotterdam-Noord.
This form of district heating requires much less heat
to be generated using valuable natural gas. In addition, more than 50 percent of the heat generated in
AVRs incineration process is biogenous (from organic
material), meaning that the CO2 emissions are low. The
construction of the heat grid will mean that every year
70 to 80 kilotons less CO2 will be emitted, according to
the Heat Distribution Companys calculations.
Steam Pipe
AVR will supply steam to nearby businesses in Rotterdams Botlek area, which will help preserve fossil fuels
and reduce CO2 emissions. AVR signed the contract for
these supplies with its partners Stedin (grid operator) and chemical company and steam user Emerald
Kamala Chemical (EKC) on 15 February 2012, officially
giving the go-ahead for the construction of a steam
grid in Rotterdams Botlek. Plans to build a steam grid
have existed for years, and now matters have developed
sufficiently to allow Stedin to start work on the grid. The
purpose of the steam grid is to transport steam from
AVR Rozenburg to surrounding factories that need the
steam for their production processes. At present, those
factories generate steam using their own boilers, which
are mostly fired using fossil fuels. Once they are connected to the heat grid, businesses will be able to make
optimum use of each others production facilities and
as a result substantially cut costs in the supply chain.
The steam grid will also help achieve considerable
reductions in CO2 emissions and improve the quality of
the air. Supplying steam to EKC alone will result in a
CO2 reduction of 70,000-100,000 tons per year.
1,555
60
1,000
AVR will continue to implement operational improvements. This year, the company will also invest in a
space on the Rozenburg site where residual waste can
be brought up to specification. The separate residual
waste streams can be combined in such a manner that
they form the best possible fuel for our energy-fromwaste plants. This will mean a direct positive contribution to the energy management system.
According to AVRs projections, its total energy yield

will increase from around 25% to around 60% during
the coming years.
1,555
1,500
2,000
33
International
Europe. The demand for sustainable solutions to waste

issues in that region is growing, and national and European environmental legislation may cause it to increase
at an accelerated pace.
to serve as raw materials for the glass industry. The

plant has been significantly modernised in recent years,
and its capacity substantially expanded. Maltha Portugal fulfils an explicit need on the Iberian Peninsula.
France
Poland
In France, Van Gansewinkel Groep has collection and

recycling operations. Collection business Van Gansewinkel experienced a substantial increase in the
number of customers in 2011. As a challenger in the
French market, what sets Van Gansewinkel apart is its
vision of Waste No More (Le dchet nexiste pas). The
collection business has three branches in the north
of France. The company intends to grow rapidly during the coming years, both organically and through
acquisitions.
In Poland, Van Gansewinkel collects household and

commercial waste and offers an increasing customer
base a coherent solution to their waste problems. Here,
too, Van Gansewinkel sees it as a challenge to give as
much waste as possible a second life in the form of raw
materials. Van Gansewinkel has been active in the Polish market since 1998, particularly in the southern part
of the country. Besides its head office in Krakw, the
Polish business has branches in Olawa, Ruda Slaska,
Legnica, Polkowice and Tarnw. Over the past decade,
Van Gansewinkels operations in Poland have grown by
approximately 20% per year.
targets European expansion
Van Gansewinkel Groep is internationally oriented and outside the Benelux also has branches in
France, Germany, Portugal, the Czech Republic,
Poland and Hungary. However, in countries where
Van Gansewinkel Groep does not have branches
of its own, customers are also offered assistance
with waste services on location, organisation and
implementation of international take-back systems
and the related reclamation of raw materials.
Development of a second home

market in Central and Eastern
Europe
Van Gansewinkel Groep plans to develop a second home
market for all its activities in Central and Eastern Europe. It will implement the expertise in the field of
waste and environmental solutions that it has acquired
in the Benelux in recent years in Central and Eastern
34
annual report 2011
With three branches and a volume of around 370,000

tons of waste, Maltha Glasrecycling is an important operator, particularly in the south of France. The focus in
recent years has explicitly been on improving quality.
Coolrec has modern processing lines for cooling and
freezing appliances in northern France. In partnership
with Envie2E, the business also takes in all other flows
of discarded electrical and electronic appliances for
dismantling and depollution. Envie2E is a subsidiary
of Vitamine T, a company specialising in reintegrating
workers into the labour process.
Hungary
In the autumn of 2008, Maltha acquired Hungarian
glass recycling business Humn Szerviz, giving Van
Gansewinkel Groep a foothold in Hungary. From its
base in Hungary, Maltha intends to sell increasing volumes of cullet to glass manufacturers in Central and
Eastern Europe.
Portugal
Maltha has had operations in Portugal for over fifteen
years. Its location at the centre of the country yields
around 220,000 tons of clean glass fragments every year
Only 10% of the waste in the Czech Republic is incinerated and converted into energy. The very low incineration capacity means that large quantities of waste still
have to be taken to landfills. Van Gansewinkel Groep
intends to continue investing in recycling facilities in
the Czech Republic.
Germany
Coolrec has also been conducting recycling activities in
Germany since 2009. Early in 2012, those activities expanded considerably with the acquisition of RDE GmbH.
RDE stands for Rcknahmen, Demontage, ElektronikRecycling. Since 1991, this company has been specialising in collecting, sorting and disassembling all kinds of
electrical appliances and electronics (WEEE). It has two
branches near Cologne and Kaiserslautern.
Czech Republic
Van Gansewinkel Groep has had activities in the Czech
Republic since the mid-1990s, operating as a waste service provider and a supplier of raw materials. Working
from five locations, the company collects household and
commercial waste, and separates paper, glass, plastics
and drink containers. These flows are processed to
create new raw materials. Van Gansewinkel also offers services in the area of water purification, public
lighting and urban cleaning in the Czech Republic. Van
Gansewinkel Czech Republic collects the waste of more
than 2,500 businesses and several tens of thousands
of households. The business also provides the logistics
services for the Czech light bulb return system and
other collective return systems.
In the Czech Republic, Van Gansewinkel Groep has a
majority shareholding in Petka CZ, a business that every year processes more than 4,000 tons of PET bottles
(containers for soft drinks and other liquids) into PET
flakes, as they are called. This raw material is supplied
to the thread industry, manufacturers of PET binding
tape, PET foil for the production of foodstuff packaging
and other applications. Petka CZ exports approximately
30% of its output to Germany and the Netherlands.
35
Organisation .
and formalisation
of sustainable
development
Various decentralised departments and individuals in

support and line positions, particularly in jobs dealing
with SHEQ and HR, are responsible for sustainable development projects. The cradle-to-cradle Development
team, which is made up of employees from several different disciplines and areas of expertise within the organisation, plays a facilitating and often more projectbased role.
Policy principles, core values .

and the UN Global Compact
Since 2008, we have been working to further the
formalisation and professionalism of sustainable
development in our organisation. We are assisted
in these efforts by our ambition to achieve the A+
status according to the G3.1 guidelines of GRI.
Organisation of sustainable
development
Sustainable development is an issue that has the attention of the entire Board of Directors. Final responsibility lies with the Chairman of the Board, Ruud Sondag.
The Board of Directors defines the vision and strategy
for the whole organisation. Since sustainability is an
integral part of our business case, the Board of Directors focuses not only on financial targets, but on nonfinancial targets too (see page 44 and 129).
The shareholders support our vision of and approach
to sustainable development. For example, major shareholder KKR seeks to improve the sustainable development results of the businesses in which it invest, and
to that end works together with the Environmental Defence Fund. It is convinced that a better environment
can go hand in hand with economic gains and will
contribute to the long-term development of businesses.
Van Gansewinkel Groep is a partner in this Green
Portfolio Program. In 2010, together with KKR two
KPIs were defined. Those KPIs are maximised energy
yields at the energy-from-waste plants and a reduction in CO2 emissions by more efficient collection. The
results are presented in the chapter entitled Planet
(see page 53).
36
annual report 2011
It is Van Gansewinkel Groeps firm belief that it is impossible to create value without respecting values. In
everything we do, we seek to comply with applicable
laws and regulations, to make our compliance visible
and transparent and to go about our business with integrity. That is why our policy principles and core values (see page 15) and the principles of the UN Global
Compact serve as the point of departure, for how we
want all our people to conduct themselves. This is how
we safeguard our standards and values: for our employees, our customers, our suppliers, our shareholders and
the world around us.
Policy principles
To realise growth for the company and its employees

To bring about intensive and innovative cooperation
with customers in order to provide the best possible
service
To supply raw materials and fuels as a second life for
all waste products
To contribute to a sustainable development of society
To take social responsibility
The ten principles of the UN Global Compact
The first two principles of the Global Compact are taken directly from the Universal Declaration of Human
Rights. Businesses should:
1. Support and respect the protection of internationally
proclaimed human rights
2. M ake sure that they are not complicit in human
rights abuses
The next four principles are taken from the International Labour Organisations Declaration on Fundamental
Principles and Rights at Work. Businesses should:
3. Uphold the freedom of association and the effective
recognition of the right to collective bargaining
4. Eliminate all forms of forced and compulsory labour
5. Abolish child labour effectively
6. Eliminate discrimination in respect of employment
and occupation
The next three principles are taken from Rio Declaration on Environment and Development. Businesses
should:
7. Support a precautionary approach to environmental
challenges
8. Undertake initiatives to promote greater environmental responsibility
9. Encourage the development and diffusion of environmentally friendly technologies
The final principle is taken from the United Nations
Convention against Corruption:
10. Businesses should work against corruption in all its
forms, including extortion and bribery
UN Global Compact
In 2011, Van Gansewinkel Groep adopted the principles of the Global Compact of the United Nations. Global
Compact is an initiative of the United Nations that was
established in 2000 to connect businesses, UN organisations, unions and social organisations. The Global
Compact comprises ten principles in the areas of human rights, labour, the environment and anti-corruption. For Van Gansewinkel Groep, the ten principles
offer a framework for further formalising sustainable
development as an element of our activities. From 2012
forward, we will report on the results in respect of the
ten principles.
37
People
People
Results People
Key objective
Indicator
2010
2011
Ambition for 2012
Craftsmanship
with passion
Staff turnover
14.0%
10.9%
10.0%
7.4
-*
7.4
1.4%
1.5%
1.8%
11
7.5
Severity rate
0.24
0.19
0.15
Absence rate
5.4%
5.1%
4.9%
Employee motivation
Training efforts
Creation of a safe
and healthy working
environment
Injury frequency
Number of employees**
Fatal accidents
6,435
617
Average number of
temporary workers
Training efforts
4.5
0
Injury frequency
1,061
Staff turnover
-27
114 fte
million
%
0,6 million
%
4%
10.9
%
3.1%
*** E
Employees
motivation
is measured
biannually
using
the Employee
Motivation
mployees motivation
is measured
biannually
using the
Employee
Motivation
Survey. Survey. The average score in 2010 was 7.4 out of 10. The next survey will be conducted in 2012.
** With
exception
number
of employees,
the
key figures
relating to
The average
scoreto
inthe
2010
was 7.4 out
of 10. The next
survey
will be conducted
in People
2012. do not include the performances of the acquired Veolia Belgium in 2011.
38
annual report 2011
** With exception to the number of employees, the key figures relating to People do not
include the performances of the acquired Veolia Belgium in 2011.
39
People
We believe that sustainable development is about

more than just the environment. It is also about developing our people, to optimise their current and
future employability, whether at Van Gansewinkel
Groep or elsewhere: dynamic, motivated, flexible
and productive people are at the core of any organisation, and form one of the factors that determine
whether that organisation can achieve its strategic
ambitions.
That is why last year we started developing a vision and
plan of action for sustainable employability. The central
elements are engagement, pride, respect, dialogue and
worker responsibility. In our vision, managers coach
their people on performance and employability, while
the employees themselves take the initiative to maintain their health, motivation and expertise.
A decentralised approach has been defined for Strategic
Human Resource Planning. Using an analysis of the
macro-environment, the industry, our competitors, our
strategy and our organisation, we will map out where
the company currently stands and where it will be several years from now, and what that means in terms of
our workforce requirements. By identifying what employees and competencies we currently have, and which
employees and competencies will be indispensable to
us in the future, we will be able to fulfil our requirements in time.
We have also developed a set of sustainable employability tools to assist managers and staff. A new assessment
system has been introduced, which explicitly addresses
the employees ambitions and identifies the key values
as core competencies. The employee and his or her man-
40
annual report 2011
ager discuss how they can be realised. More than 100

managers have taken a one-day training course to better
master the interview skills needed for this coaching role.
In addition, the concept of semi-annual performance
reviews and assessments has been structurally implemented in the whole organisation. These interviews offer
an opportunity to formally follow up on assessments, in
addition to the regular informal interviews.
In 2011 we also investigated whether a tool existed for
measuring the employability of employees. We identified a tool that uses the variables of work orientation,
flexibility, dynamism, motivation and participation in
an online portal to determine the employees satisfaction. Participants complete the information and immediately receive a list of their results and suggestions for
how to improve their employability. It is our intention
to give concrete shape to this process in 2012, starting
with our direct employees.
Employee motivation
Every two years since 2008, Van Gansewinkel Groep
has conducted an Employee Motivation Survey (EMS).
The surveys show how the company manifests itself in
ever-changing circumstances and provides information
about areas that require more adjustment.
The results of the EMS conducted late in 2010 showed
that the general level of satisfaction with our work
scored 7.4 out of 10. Willingness to help out colleagues
scored highest, with 8.3. Opportunities for development, working conditions and follow-up on measures
in response to the 2008 EMS scored lowest.
In response, the managing boards of all the groups
divisions and regions set about developing plans for improvement, which they drafted during 2011 with input
from the local works councils. Parts of those plans were
already implemented in 2011; implementation will be
completed during 2012. Wherever possible, the actions
incorporate the centrally defined priorities: 1) organisation, 2) opportunities for development and 3) working
conditions.
A number of actions have been set up and implemented in response to the results, as illustrated by these
examples:
It emerged from the EMS that staff of a business

unit were unhappy with the terms of employment.
The EMS also showed that the terms at one branch
were different from those at the other branch. This
caused differences between colleagues of separate
branches when they needed to work together on
projects. The fringe benefits have been harmonised,
with effect from 1/1/12, in very close cooperation
with the works council
One branch argued that management was perceived
to be isolated from the workfloor. As physical proof
that no wall exists between the management team
and the workfloor, a partition was literally removed
The EMS showed that employees in a certain region
wished to be kept informed of business in a different, more future-oriented way. In response, visits
were paid to all locations and employees were interviewed to hear what their wishes and expectations
were. Quick wins were arranged straight away and
made visible, including the use of television screens
A central database will be used to monitor the actions.
At the management meeting of the Top 200 (the companys management layer) in November, workshops were
organised that addressed the progress being made with
the improvements based on the EMS. The conclusion
was that a great deal of effort was being put into the
improvements, but that in particular knowledge sharing could be improved. People are still not properly
informed about the progress being made with the actions stemming from the survey. That is why interviews
will be held in 2012 with the people who have become
the driving forces behind improvement projects. These
show cases will be shared using internal media and will
accompany the next EMS in the form of a newspaper.
The EMS results were incorporated into the bonus system in 2010 and 2011. This serves to further embed
the follow-up on results and works as a driver to carry
through improvements. It reinforces the importance of
satisfied employees and managements responsibility
and role in achieving that satisfaction.
Van Gansewinkel Groep will continue to use Employee
Motivation Surveys as control tools. The next EMS will
be conducted in December 2012.
Opportunities for development

We offer our people opportunities to develop their qualities to the best of their abilities, from the conviction that
the right knowledge, skills and experience benefit both
employee and employer.
Various possibilities for professional and personal development are available from the HR departments at
both the central and the decentralised levels. Education needs are identified during the employees annual
performance reviews and assessments. Examples of
programmes and courses that our staff followed last
year include:
Basic courses for maintaining performance in the
current position, such as hazardous waste, customer relation management and management systems,
safety and vehicle management
Leadership courses
Personal effectiveness
Finance for non-Financials
Finance Academy
Lean Six Sigma
Cradle-to-cradle courses
At 55% of the Dutch divisions, more specific focus was
given to the distribution of training. The results showed
that of this group 75.8% followed some form of training
in 2011. Of the men in this group, 80.6% followed training, compared with 39.2% of the women.
In Belgium, training information was available for all
employees, and showed that 32.2% of the workforce followed some form of training: 39.2% of the men and 7.3%
of the women. This difference between men and women
can be explained by the fact that a large proportion
of the courses (83.2% in the Netherlands and 93.7% in
Belgium) were given to direct employees, of whom a
large majority are men.
To encourage people to share knowledge, seven cradleto-cradle knowledge cafes with external speakers were
organised last year. Some of the themes of those meetings were textile, the waste-free office, glass, construction and hedging. The sessions were attended by an
average of 35 participants each. Besides these activities, the Young Professionals Network Jonge Gansen
organises sessions for ambitious employees aged 35 or
younger as an opportunity to seek out like-minded col-
41
leagues and to learn more about developments within

the company. Four meetings were organised last year,
on the themes of personal effectiveness/time management and persuasion, the future position of Maltha in
the European glass market, Urban Mining and the positioning of Van Gansewinkel Groep.
Management Development
People-oriented leadership and encouraging and motivating staff to be able to carry out their duties properly and continue their development are the central
elements of our Management Development policy. This
calls for self-awareness, vision and the ability to inspire and guide others in the transition to becoming
a supplier of raw materials. We have five management
development programmes for education & development
of talented young staff and management. Together with
the initial programmes, they form the backbone of our
MD policy.
Management trainees and Young Potentials:
talented young people are often a source of new,
fresh ideas and understanding. That is why, for
more than ten years, Van Gansewinkel Groep has
offered a programme for trainees & Young Potentials. Management trainees are recent graduates.
Young Potentials are young people who have been
working for the company for a short while, people
in whom the company sees management potential.
The management trainees spend two years becoming familiar with the various divisions and follow
an extensive practical training programme, that the
Young Potentials also follow. They receive intensive
coaching to develop their talents. The programme
that began in 2010 ends in 2012. A new Traineeship
and Young Potential programme will start then
Management development Top 200: A leadership
programme was launched in November 2011. The
training programme focuses, on the one hand,
on the mutual relationships and development of
competencies of management and, on the other, on
a series of eleven themes for further defining the
strategy. The twelve groups corresponding to the
eleven themes will present their findings at the
management meeting at the end of 2012
Costs of training
We spent a total of 4.5 million on courses and education in 2011. This represents 1.5% of the total payroll,
42
annual report 2011
and is more than the target of 1.4% set for 2011. It is our
intention to further raise our training efforts to 1.8%
of the payroll in 2012, an increase of 25% compared
with 2010. Since the proportion of mandatory courses
is stable, most of this additional investment will have
to be spent on non-mandatory courses. This substantial
additional decentralised investment should serve to improve the EMS score for opportunities for development.
This reflects how Van Gansewinkel Groep invests in the
professionalism of its people and in creating a working
environment in which people can fully develop their
talents.
Two of them have already completed the course to become drivers. We hope to increase the intensity of our
partnerships with the Employee Insurance Agency and
other organisations in order to widen the scope of the
social-return aspect. We do this as a reflection of our
responsibility, but also, and in particular, to address
the issue of the future demand for employees at Van
Gansewinkel Public Services, for example.
Van Gansewinkel Groep is also happy to make use of

possibilities for grants. In Belgium, one possibility was
the input tax deduction for engineers. The company is
awarded a payroll tax discount for all graduates from
engineering studies who are actually hired in technical
positions. In 2011, this involved a sum of 180,000. An
investment grant of 894,700 was also awarded.
Grants are also available as incentives for our investments in training our workforce. In the Netherlands,
we saved 99,400 on payroll tax in 2011 by offering our
people training courses (ICT Academy and Six Sigma).
At Van Gansewinkel Groep, diversity is aimed at optimum and sustainable employability and productivity of
all its employees and the external parties involved with
our organisation. Our emphasis is not on eliminating
underrepresentation of certain groups (= minorities policy) but on making the best possible use of all the potential and talent available within society. The defining
qualities and talents that an individual brings to the
table as a human being are why we want a particular
person in a particular job or position. Diversity is not a
goal in and of itself, but rather a tool for achieving lasting results for the organisation and society as a whole.
Social return
Male/female diversity
We work together with reintegration agencies and contractors to make arrangements about jobs, on-the-job
training and work placements for people without immediate access to the job market.
Van Gansewinkel Groep had operations in nine European countries in 2011. Besides the 6,027 employees (not
including Veolia Belgium), an average of 1,061 FTEs
from temporary employment agencies worked for the
company over the course of the year.
In Van Gansewinkels Randstad region we use the 4

Binkeys operating there for this purpose. The electric
collection vehicles are manned by one driver who is
employed by Van Gansewinkel and who mentors two
colleagues, who are following a course for truck driver
or mechanic. Using this system, the electric vehicles
present an ideal driving school for young people who
are having difficulties finding a job. In 2011, the first
driving licence for large vehicles was issued to a colleague from the Binkey course.
Coolrec has been working with Envie2E for several
years to process and recycle electrical appliances and
electronics.
Together with the Employee Insurance Agency, 25
young people with a disability were coached into jobs
at Van Gansewinkels Southeast Netherlands region.
Diversity
In-house driving school

An example of a decentralised initiative is the launch
of Van Gansewinkels in-house driving school in the
Southeast Netherlands region, where colleagues can
learn to become lorry drivers. The Van Gansewinkel
driving school also offers refresher courses for existing drivers to maintain their skills, in accordance with
statutory requirements. This initiative is a solution for
the expected shortage of drivers in the transport sector and serves to boost the professional and personal
development of colleagues. Besides the lorry driver
course, starting in 2012 the driving school will also offer
internal courses, for example The New Way of Driving
(Het Nieuwe Rijden) as applied to lorries, Damage Prevention by Drivers, Introduction to Digital Tachographs
and various courses relating to Van Gansewinkels
services. As such, the initiative reflects our continual
focus on safety and driving economically.
Last year 4,943 men and 1,084 women worked for Van
Gansewinkel Groep based on fixed-term or permanent
employment contracts. The corresponding figures for
2010 were 4,846 men and 972 women. This means
that the change in the proportions during 2011 was
minimal.
Male/female diversity in management
Management (members of the Board of Directors, directors of the central support departments and regional
management teams) of Van Gansewinkel Groep comprises mostly men. The group of staff reporting directly
to members of the Board of Directors is made up of 33
men and 1 woman. The Top 200, as it is commonly
known, consists of 161 men and 20 women.
It is good to see Van Gansewinkel Groep making

structural investments in the knowledge required to
close supply chains. By now, hundreds of employees
have followed the cradle-to-cradle course about use
of materials. This knowledge is used on a daily basis
by the companys various partners.
Prof. Michael Braungart, Director EPEA
43
New employees
Remuneration and bonuses
The workforce increased from 5,818 to 6,027 employees (not including Veolia Belgium and temporary employees) in 2011. We have made structural investments
in expertise by providing training and hiring people
whose profile suits our transformation to a supplier of
raw materials and energy.
In 2010, a sustainability component was added to the

bonus system for the Board of Directors, group management and the management team members who report to them. Besides financial criteria, including the
normalised EBITDA and free cash flow before finance
costs, and personal targets, the indicators of employee
satisfaction and safety (IF) have also been linked to the
system of remuneration and bonuses. Where they apply, the indicators of employee satisfaction and safety
(IF) each cover 2.5-5% of the possible bonus. Since no
Employee Motivation Survey was conducted in 2011,
this target will be assessed based on the quality of the
improvements set up in response to the findings of the
2010 survey.
Staff turnover
Staff turnover, i.e. the number of employees no longer

working for Van Gansewinkel Groep divided by the
number of employees at year-end, was 10.9%, compared
with 14% for the year before. We had 864 new employees, compared with 657 employees no longer working
for Van Gansewinkel Groep.
The collective employment agreements also specify

minimum periods of notice in connection with operational changes.
Netherlands
% women
Belgium/Luxembourg**
% women
CEE
annual report 2011
2010
2009
3,943
65%
3,897
67%
4,060
72%
21%
1,182
20%
1,112
18%
10%
587
10%
490
8%
3%
152
3%
118
2%
100%
5,818
100%
5,780
100%
15.6
1,278
20.8
630
% women
16.3
% women
39.2
Other
176
Total
6,027
% women
17.6
* not including temporary workers

CEE = Poland, Czech Republic and Hungary
Other: France, Portugal and Germany
Employee participation
Van Gansewinkel Groep encourages employee participation, and for that purpose actively seeks out the
dialogue with its employees and representatives (employee participation councils and unions). We believe
that cooperation with those councils and unions is a
very important factor in realising our mutual goals.
The way in which employee participation has been
given shape reflects the decentralised business model
fostered by our group: participation where the actual
work takes place: at the separate companies. Almost
every division has its own works council. Group Works
Councils for Collection, Recycling and Processing also
exist, as well as a Central Works Council. Each works
council has a SHWE (Safety, Health, Welfare and Environment) committee, as required by the Dutch Working
Conditions Act (Arbowet). In all, 121 and 12 employees,
respectively, were active in the various Dutch and Belgian works councils.
Workforce by type of employment contract (own employees)
Full-time
% women
% women
Total
2011
2010
2009
5,291
88%
5,062
87%
5,103
88%
12%
756
13%
677
12%
100%
5,818
100%
5,780
100%
11.3
736
Part-time
65.0
6,027
Ratio of male/female employees during the year

2011
2010
2009
Male
4,943
82%
4,846
83%
4,826
83%
Female
1,084
18%
972
17%
954
17%
Total
6,027
100%
5,818
100%
5,780
100%
Number of employees by age group

2011
2010
2009
245
235
225
ages 25-35
1,269
1,332
1,218
ages 35-45
1,918
1,937
1,898
ages 45-55
1,774
1,659
1,672
820
655
767
ages <25
ages >55
44
2011
** 408 FTE of the acquired Veolia Belgium are not included in the summaries.
Relationship between basic salaries for men

and women
Over 90% of Van Gansewinkel Groeps employees are

subject to a collective employment agreement or other
form of collective scheme. Under the collective employment agreements, salaries are based on the pay grades
for specific jobs. As such, no measurable difference exists between the salaries of male and female employees.
The collective employment agreements for Professional
Goods Transport by Road (Beroepsgoederenvervoer over
de weg), WENb (Waste & Environment sector), Metalworking Industry (Metaalnijverheid) and Orsima are in
force in the Netherlands. In Belgium indirect employees
have what is commonly known as collective insurance.
Direct employees fall under three joint committees: PC
226 (transport/logistics), PC 121 (cleaning) en PC 142
(recovery of materials). These include pension schemes
and early retirement schemes. In the Czech Republic,
two subsidiaries Tempos a.s. and Van Gansewinkel
Services sro have collective employment agreements.
The other employees, like those in Poland, have individual contracts that are based on internal regulations
and prevailing laws and regulations. There, too, no distinction is made between men and women. The conditions for permanent employees, such as insurance,
healthcare and leave entitlement also apply to temporary employees.
Total workforce of Van Gansewinkel Groep*
45
Report of the
Central .
Works Council
Committees
The Council has a committee for strategy (STRACO)
and a social committee (SOCO), and is assisted by a
committee for Safety, Health, Welfare and Environment
(SHWE), which is made up of employee representatives
working in the field.
It is also assisted by an administrative secretary and,
where it deems such to be necessary, seeks assistance
from external sources. The Council makes use of training opportunities every year.
As the representative of the companys employees,

the Central Works Council monitors the enduring
balance between the three Ps of People, Planet and
Profit that characterises the vision and objectives
of Van Gansewinkel Groep.
The Council has brought its agenda more in line with

the strategy and policymaking processes of the company. As such, the implementation and monitoring of
final decisions will be shifted more to the portfolios
of the underlying Group Works Councils and other
works councils, in particular with regard to requests
for advice.
Composition of the Central .

Works Council
Meetings with the Board .

of Directors
The Council has seven members. The Group Works

Council for Collection & Services is represented by
Caroline Klompenhouwer, Richard Boudens and Rob
Balfoort (chairman).
The Council meets with CEO Ruud Sondag, the member of the Board of Directors responsible for matters
relating to the Dutch Works Councils Act. No threshold
exists for matters concerning the company that may be
discussed at these meetings. Topics addressed at these
meetings include closure of divisions, acquisitions of
companies or operations, the companys strategic plan,
how the company is financed, the possibilities (or lack
of possibilities) for reorganisation, the introduction of
schemes and facilities and business at the company on
a monthly basis (both financial figures and reports on
matters such as safety at work and absenteeism). Six
formal meetings were conducted between the Council
and the Director in 2011.
A Treatment and Processing Group Works Council was

formed during 2011, which is represented by two members. Those seats are held by Rachid Anhari (Coolrec)
and Finy van der Vlis (Van Gansewinkel Minerals).
The Dutch Works Councils Act (Wet op de Ondernemingsraden) dictates that, in the case of changes such as this
one, current members remain in office until their term
of office ends. Willem de Groot (AVR Energy from Waste)
has resigned from his employee participation duties.
Rob Kempke (formerly from Van Gansewinkel Shipping)
and Han de Laat (formerly of the Central Support Departments works council) are both part of the new MCI
department and will remain in office until May 2012.
As such, the Councils composition is a fair reflection
of the total workforce of Van Gansewinkel Groep. The
term of office ends at the time of the elections in May
2012. The Council meets twice per month.
46
annual report 2011
In 2011, regular meetings were also held in connection

with the progress being made with actions in response
to the Employee Motivation Survey. One of the topics
that the Council feels to be important in this connection
assurance of sufficient attention and plans to allow
improvements to be realised has been permanently
formalised in the remuneration structure for directors.
The purpose is to define or adjust policies to enable suitable actions that will lead to better processes and/or
greater engagement and satisfaction on the part of employees, which in turn can help lead to higher returns.
The Council seeks the best possible balance between
preserving existing values and adding value.
Meetings with the .

Supervisory Board
The Council met once with the Supervisory Board member charged with staff-related issues, Mr Carel van Den
Driest, in 2011, and discussed market developments,
efficiency programmes, safety developments and the
companys debt position. The Council did not feel it necessary to meet with the companys two major shareholders in 2011.
Employee Representative Days

Every year, the Council initiates what is called Employee Representative Days, where all employee representatives come together to discuss themes such as how
to improve the cooperation between directors/HRM/
works councils and how to enhance the effectiveness of
employee participation. The theme for 2011 was More
with less, to reflect the current market conditions. One
purpose of these events is to preserve the necessary
uniformity.
Mission
In 2011, the Council fully stood by its present mission:
The companys continuity must be safeguarded and
the consistency between the separate divisions must be
ensured. The Council will continue to take this mission
as the basis for its deliberations and actions.
For the Central Works Council
Rob Balfoort
Chairman
47
Safety
Injury frequency rate of incidents

resulting in absence
25
0.40
0.35
20
0.30
0.25
15
10
0.20
22.9
0.15
18.2
14.1
5
0
10.8
0.10
7.9
0.05
0.00
2007
2008
2009
2010
2011
Injury Frequency*
Severity rate**
* Injury Frequency: number of incidents resulting in absence x 1,000,000
divided by Hours of exposure. The frequency rate refers to employees
and hired staff.
** S
everity rate: number of days lost x 1,000 divided by the hours of exposure. The severity rate relates to employees and hired staff.
Incident Frequency per 1 million hours

compared with average figures for the sector*
40
Since the introduction of an agreement for Safety,

Health, Environment and Quality (SHEQ Agreement)
in 2007, and its implementation in the Groups separate
regions and businesses, the safety figures are displaying a positive trend. The Injury Frequency rate (IF)
dropped by more than 20% for the fourth consecutive
year: this year the figure dropped by 27%. The severity
rate dropped by more than 22% to 0.19. That figure is
low compared with the average for the sector. For the
second consecutive year we did not experience any fatal
incidents.
25
20
15
10
5
0
Collection
BE
Collection
NL
Processing
NL
Recyling
Van Gansewinkel Groep 2011

Sector average for 2010
* T
he data for Collection BE were supplied by the Belgian Work-Related
Accidents Foundation (Fonds voor arbeidsongevallen), NACE 38.1; for
Collection NL and Processing NL by the Dutch Waste Management Association (Vereniging van afvalbedrijven); and for Recycling by the Belgian
Work-Related Accidents Foundation, NACE 38.3
Late in December 2010 an incident occurred at our

Chemical Physical Separation (CFS) unit in Weert. H2S
and mercaptan escaped when caustic soda containing
sulphur originating from NAM was being discharged at
the company. Although several people were affected (a
temporary reaction: they were able to carry on with their
work without requiring further care), the incident did not
result in any victims. However, the incident could have
been serious. Immediately after the incident, an inquiry
was set up to ascertain what actually happened, to seek
out and identify fundamental causes and to recommend
intrinsic improvements.
The situation
The lost time injuries, 104 in all, mostly concerned

bruises, sprains and cuts. In 97 cases the victims were
men and in 7 cases women. We regret that 18 serious
incidents also occurred, involving broken bones and
amputations. In 2 cases the victims had their fingertips
removed. In the most serious incident, a worker at the
Krakow location in Poland lost his forearm.
35
30
Learning from incidents
Because every incident is one too many, incidents and

dangerous situations are recorded in TrackWise. Those
records are used for analysis and follow-up within the
organisation. The causes, actions and lessons learned
are communicated throughout the organisation, to draw
continual attention to safety and to increase awareness.
We inform our external employees about safety and provide them with relevant basic training. However, the
IF among temporary employees was 80% higher than
among our own employees (12.3 compared with 6.8%) in
2011. Research* shows that the following factors have
a major impact on work-related incidents of temporary
employees:
A ge of victims: 50% of temporary employees are
younger than 30. This age group is involved in 60%
of all work-related incidents
Integration and rotation of temporary employees:
work-related incidents are more likely to occur at
the start of a job. Temporary employees change jobs
more often than permanent employees and as such
have a higher risk of becoming the victim of a workrelated incident
Temporary employees are often employed as direct
employees and as such are more exposed to risks
While a tanker was discharging its load of caustic soda

containing sulphur into a designated tank on the CFS site,
an unforeseen chemical reaction occurred between the
contents of the receiving tank and the caustic soda being
pumped from the tanker into the tank. The gas (H2S and
mercaptan) forming as a result of the chemical reaction
escaped through a vent pipe. The tankers driver had
an H2S alarm on his hardhat that sounded an alert. He
then reported the incident to the site supervisors. The
incident was assessed. A concentration of 119 ppm H2S
was measured. The statutory limit (MAC value) for H2S is
1.6 ppm. In concentrations greater than 100 ppm, H2S no
longer has a gas odour (is not perceived to smell of rotten
eggs), which makes it possible for people to become
exposed without noticing.
The fire services and provincial authorities were alerted
and arrived on scene, where they set up a crisis cell. More
than 6 hours after the incident occurred, the emergency
services presence (fire services) was scaled down, as H2S
measurements had fallen below the detection threshold
and the situation had stabilised.
Consequences
The wind blew the gas in the direction of adjacent business Trespa, where the odour caused problems. The wind
transported the gas cloud even further, across the border
with Belgium (Neerpelt, Overpelt, Lommel and HamontAchel). A number of people became nauseated (Trespa),
and the driver also became unwell during his return
journey. The driver received medical treatment from a
doctor. During the first 24 hours, 18 people reported to
the Emergency Department of the hospital in Weert for a
check-up. Those people received no further treatment.
Findings resulting from the inquiry

A fact-finding team was put together immediately after
the incident occurred. The inquiry revealed the following:
D
irect cause: discharging caustic soda containing sulphur into a tank filled with a strong acidic mixture set a
chemical reaction in motion
O
rganisation: various different forms are used for registering the contents of the tanks
Training and Education: lack of proper Risk Awareness
about the potential consequences upon receipt and
processing of various incoming liquid waste streams.
H2S had never been perceived as a risk, which is why no
detection systems were present on-site.
P
rocedures:
Two separate processes were in place for registering
the ins and outs of tanks.
An acidic substance was discharged into a tank that
was not constructed for that purpose. The tank was
intended for buffering basic waste streams.
D
esign: The tank was not designed/intended as a reactor tank. A chemical reaction was caused, resulting in
continual emissions of gas through the vent pipe. The
circuit was not closed.
Measures in response to the incident
Various actions were taken in response to the incident.
The decision was made to discontinue all further deliveries of caustic soda containing sulphur to CFS immediately after the incident and divert the streams to another
processor in Germany
C
ompatibility tests will now always be performed at a
laboratory scale, if a load is transferred into a tank in the
tank park (from a truck or another tank). Checklists will
be used to ensure the correct procedures are followed
A matrix has been drawn up of all possible waste
streams, and a list is available of the possible hazards
that might occur if those streams are combined. Depending on that list, decisions have been made whether
to accept/refuse streams and/or additional personal
protective equipment and detection equipment is used
and procedures have been updated
E
xisting procedures and instructions have been reviewed and where necessary changed
B
ased on the incident, staff were given additional toolboxes and debriefing to refresh their risk awareness and
incident response
The measures were communicated to the nearby businesses
* The findings presented above have been taken from a Belgian study of figures
for 2009 conducted by Preventie en Interim (PI): www.p-i.be/nl/
48
annual report 2011
49
Accident pyramid
Prevention
The accident pyramid is a visual representation of the fact that

unsafe situations and actions can lead to first-aid injuries and
accidents involving very serious injury or ultimately even
fatalities. The broad base of the pyramid shows that for each
incident a multitude of near misses occur, that for each lost time
injury a multitude of incidents requiring medical treatment or
other work occur, etcetera. Preventing near misses implies
preventing incidents.
To help reduce the number of incidents even further, we

are placing an even greater emphasis on reporting unsafe actions and hazardous situations, the near misses.
We have started mapping out the underlying layers of
the accident pyramid more carefully. This means that
all incidents, for example incidents leading to different
work or hospitalisation and first-aid incidents must be
reported in a clear-cut manner. As a consequence, management now has a report that allows for even better
response to near misses and helps us to prevent those
near misses from becoming incidents.
Fatalities
Lost time injuries
Total recordable cases
First-aid cases
Near misses
Man loses forearm

In a serious incident, an employee based at the Krakow
location in Poland lost his forearm. An inquiry into the
incident revealed that technical problems with a trommel screen caused the incident. The victim, trying to
repair the problem, put his arm between the drive roll
and the conveyor belt while the machine was on and his
arm was caught in the works. The victim himself is in
fact responsible for safety at the location, has received
the appropriate the training and works closely with the
SHEQ manager, and the machine bore pictograms that
clearly explained the danger. Various measures have
been taken in response to the incident, both to improve
local procedures for lockout/tagout and to raise risk
awareness. The victim has already returned to work in
his original job.
AVR Duiven 1,000 days without incident

On 24 December 2011, AVR Duiven recorded 1,000
consecutive days without incident. Compliance with
the ALERT rules, constant alertness, repeatedly warning each other of unsafe conduct, recording incidents
and near-misses in TrackWise, training and doing
safety rounds are seen as the success factors leading
to that result.
50
annual report 2011
Targets (levels of ambition) have been defined for several of the categories identified. This shows whether
our accident pyramid is a healthy one. The results for
2011 were as follows:
Number of recordables compared with number of
total recordable cases: 3, target was also 3
Number of first-aid cases compared with number of
lost time injuries: 4.3, target was 10
Number of near misses compared with number of
total recordable cases: 33, target was 50
The results show that the accident pyramid is statistically unhealthy. Too few first-aid cases and near misses are reported. We feel that this is sufficient cause to
take steps. This issue was discussed during the Top
200 management, and local initiatives have been taken
to better record first-aid cases and to further lower the
threshold for reporting near misses.
Study into excessive noise levels

Under the motto of prevention is better cure, in 2011 we conducted a study into the possible hazard posed by excessive noise levels. Reports indicated that the permitted noise levels were exceeded when compressed air hoses were
disconnected from trailers and while attaching the hooks of skip and roll-on roll-off container locks. Noise in the
workplace can be harmful if it exceeds the limit for daily exposure of 80 dB(A). Noise level measurements lead to the
conclusion that in exceptional cases the daily exposures for drivers exceeded 80 dB(A). Direct steps have been taken
to remedy this situation. After a technical application had been mounted onto a test vehicle, noise level measurements conducted by working conditions union Arbo Unie showed that drivers were barely, if at all, exposed to harmful
amounts of noise pollution. Based on these findings, a plan of action was drawn up with input from the works council.
The last measures will be completed mid-2012.
Dilemma: Legal proceedings against the companys own employees

AVR Rozenburg has changed its organisation to handle the new conditions on the waste incineration market (overcapacity, lower rates). One of the consequences of those changes is that the logistics organisation at the energy-fromwaste plant will switch from a system of five shifts to one of three shifts. This change affects the terms of employment of the 36 employees concerned. Based on consultations with the unions, the collective employment agreement
states that the additional allowance for working in three shifts is less than that for around-the-clock shifts.
Discussions with the unions revealed that they do not agree with the change in the terms of employment. They saw
no reason for this change, and in the summer of 2011 were steering the negotiations in the direction of work stoppages. We felt that that was an unfair and disproportionate response, in part because AVR has offered a phasing-out
scheme to spread the employees drop in income over a much longer period than that required by the collective
employment agreement.
To break this impasse, various possible solutions were discussed with management of AVR, the Board of Directors,
the Supervisory Board and the Central Works Council. One of the options put forward was to initiate substantive
proceedings. Yet should a business start proceedings against its own employees? It felt wrong, and seems to conflict
with the preferred mutual relationship. And how might such proceedings affect the other employees at the site, and
our reputation?
After a well-considered decision-making process, however, it became apparent that initiating substantive proceedings was necessary to obtain an objective and independent opinion: everybody involved agreed on that. For that
reason, we informed the employees in question about the proceedings, emphasising that this was not a personal
conflict. Until the court has handed down judgment, nothing will change for the logistics staff. Both parties are dealing well with each other, and the work is being done professionally.
Absence
The absence rate for Van Gansewinkel Groeps total

workforce was 5.1% last year. Ambition is to reduce this
to 4.9% in 2012. The frequency with which employees
called in sick in 2011 was 1.2%. In Benelux the absence
rate decreased from 5.4% in 2010 tot 5.3% in 2011.
Parental leave
In both the Netherlands and Belgium, the law provides

for the option of taking pregnancy leave and/or parental leave. Naturally Van Gansewinkel Groep adheres to
these statutory obligations. No instance of pregnancy
leave or parental leave has resulted in a contract being
terminated.
51
Planet
Planet
Results Planet
Key objective
Indicator
2010
2011
Ambition for 2012
Waste continues to
be a raw material
Second life
56.7%
58.1%
58.5%
Reduced ecological
footprint

in the total chain
1.17 mtons
1.22 mtons
1.25 mtons
23.1%
22.4%
23.1%
15
Energy efficiency
Increase in high-quality
recycling
Number of new C2C

projects implemented
58.1
%
1.4%
Households supplied
with energy
10,000
annual report 2011

in the total chain
1.22
million
+ 0.7 million
Waste turned into

green energy
200,000
52
Kilometres avoided
road transport
19.4
mtons
0.05 mtons
Electricity supplied
to the grid
1.2%
694
GWh
6%
53
Planet
ties, for example construction and demolition waste.

Van Gansewinkel Groep is working together with various larger and smaller parties that see us as the connecting link in closing chains of materials. This has
resulted in the establishment of more than a hundred
initiatives over the past four years. In 2011, for example, the EcoSmart SmartBin was C2C-certified and we
entered into a partnership with Koninklijke Auping for
recycling and upcycling mattresses (see page 100 and
108).
Van Gansewinkel Groep works together with customers and partners to give waste a second life in
the form of raw materials and (green) energy. This
reduces the amount of primary materials used and
the emissions of CO2: using smart methods to reclaim raw materials almost by definition results in
less use of (fossil) energy and as such in lower CO2
emissions. The constant development of waste into
raw materials and renewable energy is, we feel,
our greatest contribution to a better environment
and a more sustainable society.
Waste continues to be a raw

material
Van Gansewinkel Groep succeeded in giving more
waste a second life in 2011 than in the year before.
In total, 77.5% of the waste was given a second life by
being used as a raw material or being usefully applied
as green energy. By giving 58.1% of the waste a second
life in the form of raw materials or building materials,
we also prevented the emission of 1.22 million tons of
CO2. These performances exceeded the ambitions that
we expressed last year.
The fact that we were able to convert more waste into
raw materials in 2011 than the year before was the result of our continual focus on possibilities for recycling
our materials. This year, Van Gansewinkel Minerals and
Coolrec, for example, were even better capable of giving
waste a second life than last year. We also saw that Van
Gansewinkel Groep processed more waste in categories
for which we already possess good recycling possibili-
54
annual report 2011
In 2012, our ambitions were explicitly focused on

further increasing the percentage of materials given
a second life. The forecast for 2012 is that we will be
able to convert 58.5% of our waste into raw materials
or building materials. This should prevent 1.25 mtons
of CO2 emissions in the chain. Our long-term vision is
that ultimately only around 10% of our materials will
be incinerated, while the remainder will be given some
form of second life. The final 10% that is incinerated
will consist of materials for which incineration is wiser
for reasons of hygiene, or for which recycling is technically possible but the ecological/economic balance is
negative. We will dedicate our efforts to working with
partners in the market to ensure that any materials that
are incinerated will eventually be designed in such way
that they can in fact be incinerated: designed for incineration, as it were. Those materials will not contain any
interferants, generate a favourable percentage of energy
and produce clean ashes, which can then be used as
building materials or as ground structure materials. We
will achieve this relative reduction in the incinerated
volume by substantially expanding our other activities,
services and reclamation of raw materials.
As part of the development outlined above, we will
again focus on further increasing the volume of raw
materials to be reclaimed in 2012, in all our categories
of materials: minerals, metals, plastics and biogenous
materials. We have defined growth targets varying between 5% and 25%. At the same time, we are constantly
working to improve the level of the second life, to match
the C2C philosophy that it is very important to maintain
the quality of a material for the same product purpose
or the same function. For example, we have set up specific programmes to further increase the volume of our
plastics and at the same time improve their quality.
For biogenous materials, we are explicitly working on
building what is commonly known as a biomass cas-
CO2 emission prevented in the chain

The European climate policy targets a 20% reduction
in CO2 emissions by 2020 (compared with 1990). For
the Netherlands, reductions of 40% and 80% (compared with 1990) are targeted for 2030 and 2050,
respectively (Durban Conference 2011). CO2 emissions
in the Netherlands in 2011 totalled 200 million tons:
6% less than in 1990. To realise the European 2020
target of a 20% reduction compared with 1990, we
must achieve a further 14% reduction, or 28 million
tons of CO2.
Van Gansewinkel Groep prevented 1.22 million tons of
CO2 emissions in the chain in 2011, which represents
4.4% of the European target for 2020. In terms of the
2030 target for the Netherlands, the emissions need to
be reduced by a total of 75 million tons during the next
18 years. Van Gansewinkel Groeps 1.22 million tons
of CO2 prevention in the chain represents 1.6% of that
target.
This shows that recycling and producing energy from
waste can contribute significantly to the reduction
of CO2 emissions. By increasing recycling rates and
preparing the recycled streams of waste/raw materials
generated for high-grade applications, we can further
increase the volume of CO2 prevented in the chain. We
can autonomously achieve significant results within
the space of a few years, for example by optimising
the collection and sorting of waste substances and
upgrading them to high-grade raw materials. Additional incentives through tax breaks (low VAT rate),
raw materials passports, CO2 and credits for compost
will also yield visible results within a period of five to
ten years towards achieving the CO2 targets for the
Netherlands and Flanders. In the other countries of the
EU where recycling is less prominent and where much
of the waste still ends up in landfills or is incinerated,
without any appreciable heat or electricity generation,
proper waste management can lead to substantially
higher gains, percentage-wise, towards realising the
CO2 reduction targets
To optimally convert the collected waste substances
into raw materials and energy, we ourselves often
need to perform high-energy activities with materials. This automatically means that we emit CO2. As
discussed above, the output, i.e. the raw materials
that Van Gansewinkel Groep supplies, such as glass,
metals, plastics and wood, lead to considerably lower
CO2 emissions in the production of new goods. As
such, although increasing our own efforts to upgrade
waste substances to raw materials might result in an
increase in our own CO2 emissions, ultimately it leads
to a significant reduction in the chain as a whole. Van
Gansewinkel Groep believes that improving the second
life percentage is a more important goal than reducing
CO2 emissions in the whole chain.
Waste continues to be a raw material (in %)

100%
7.9
9.2
9.4
14.6
13.5
13.7
19.4
20.6
20.4
58.1
56.7
56.5
2011
2010
2009
80%
60%
40%
20%
0%

Production of green energy
Production of grey energy
Other
Volume of waste by type
1.3%
34.6%
9.6%
1.4%
0.7%
7.4%
6.2%
1.1%
14.0%
5.5%
8.2%
Combustible
Building & construction
Hazardous
Glass
Electrical & electronic
Wood
Paper
Plastics
Ferrous
Minerals
Other
55
Green Portfolio Program

The shareholders support our vision of and approach
to sustainable development. For example, shareholder
KKR seeks to improve the sustainable development
results of the businesses in which it invests, and to that
end works together with the Environmental Defence
Fund. It is convinced that a better environment can go
hand in hand with economic gains and will contribute
to the long-term development of businesses. Van
Gansewinkel Groep is a partner in this Green Portfolio
Program.
Van Gansewinkel Groep has participated in the Green
Portfolio Programme since 2010. In 2010 two KPIs are
defined in cooperation with KKR. Those KPIs are maximised energy yields at the energy-from-waste plants
and a reduction in CO2 emissions by more efficient
collection (more contracts per hour and less mileage).
The results are presented in this chapter, in the sections on energy efficiency and route optimisation.
Since 2008, KKR and the participating businesses
have together achieved the following results: reductions of $365 million in operating costs, of more than
810,000 m3 of greenhouse gas emissions, of 2.6 million
tons of waste and of approximately 300 million litres
of water.
56
annual report 2011
of waste by type (in %)

100
90
Energy efficiency
Any waste that cannot be recycled is used as a raw

material for producing (green) energy. With its two
energy-from-waste plants in Duiven and Rozenburg,
Van Gansewinkel Groep supplied 694 GWh of electricity to the grid in 2011, and more than 1,295 Tj of heat.
The amount of electricity supplied corresponds to the
energy used by around 200,000 households.
80
70
60
50
40
30
In 2011, like in previous years, Van Gansewinkel Groep

received grants to produce green energy. The amount
awarded in 2011 was almost 8 million.
20
in
er
th
O
s
ro
u
M
Fe
r
s
ic
st
a
l
r
Pa
pe
oo
W
&
E
el lec
ec tr
tr ica
on l
ic
la
ss
G
le
co B
ns u
tr ild
uc in
ti g
H on
az
ar
do
us
er
al
s
10
st
ib
The energy efficiency fell 0.9% short of the ambition

defined for 2011. That shortfall was caused by a drop
in the demand for heat for district heating, as a result
of the relatively mild winter. In addition, the Biomass
Power Plant was out of operation for several months
(see also page 32).
&
Flatscreens televisions were taken apart manually and analysed to determine how best to recycle
them. An important factor in this process is that
flatscreen televisions contain mercury and need to
be processed differently from televisions containing
cathode ray tubes. Material analyses show that the
recycled metals and plastics do not contain mercury.
Air quality measurements and six-weekly inspections
of the workers health show that the recycling method
used does not present any dangers to the health of
our employees
The possibilities for best extracting the scarce precious metals from the flatscreen televisions were
examined, in partnership with Umicore
By way of a test, the plastic from CRT televisions
was used to manufacture 150 plastic backs for new
flatscreen televisions
Method of processing
bu
Coolrec is taking part in a research project that is

studying the possibilities for recycling the current generation of flatscreen televisions (plasma and LCD). The
research focuses on closing the materials cycles. Other
parties besides Van Gansewinkel that are taking part in
this research project, which is called PRIME (Perfecting Research on Intelligent Material Exploitation) and
for which the Flemish authorities have awarded a grant
under the MIP2 platform, are Philips, Umicore, Nitto
Denko, the Flemish Institute for Technological Research (VITO) and the KU Leuven University. Last year:
cade, in which valuable raw materials and nutrients are

first extracted from biomass and then used as fuels or
fertilisers.
Co
m
Research into recycling

flatscreen televisions

Production of green energy
Production of grey energy
The focus at AVR in the coming years will be on improving the energy yield. We seek to extract even more
energy from waste by supplying district heating to individuals and process steam to nearby businesses (see
page 33). To achieve this, the business previously commenced work on distributing heat to Rotterdam-Zuid
via a new heat grid. This project is scheduled for completion mid-2013. The ambition for 2012 is the same as
for 2011.
Other
Productieschema
afvalenergiecentrales
Input
- Output energy-from-waste
plants
Heat (TJ)
Duiven*
569 ktons
Bottom ashes (ktons)
Total
Improving our footprint

We are aware of the ecological footprint of our activities.
We seek to minimise that footprint through a series of
different energy-reduction and -efficiency initiatives.
1,296
1,900
ktons
Rozenburg**
1,331 ktons
516
Metals (ktons)
32
Electricity (GWh)
879.5
** Duiven = including TCI.

** Rozenburg = including Biomass Power Plant.
57
CO2 awareness certificate

CO2 Performance Ladder
In 2011, Van Gansewinkel Groep was awarded a CO2
awareness certificate at Level 3 on the CO2 Performance Ladder. The purpose of that Ladder is to
encourage businesses to be aware of their own CO2
emissions and those of their suppliers and to continually seek out ways to reduce those CO2 emissions. A
higher score on the Ladder is rewarded with a concrete edge in tendering processes, particular from
the government. The Ladder has five levels in all, of
which Level 5 is the highest possible. The nature of Van
Gansewinkel Groeps activities means that we achieve
a relatively high score for Scope 1 and 2 activities.
Scope 1 concerns the businesss use of fuels and selfgenerated energy for own cars, lorries and machines.
Scope 2 concerns energy procurements in the form of
electricity.
Van Gansewinkel tests Shells

clean GTL fuel
In 2010, Van Gansewinkel and Shell launched a pilot in
which nine of Van Gansewinkels vehicles ran on GTL
for four months. This colourless fuel does not contain
any sulphur or aromatics and is biodegradable. Using
GTL instead of standard diesel fuel leads to a 19%
reduction in the emission of particulate matter (PM10)
and an 8% reduction in the emission of nitrogen dioxide (NOx). The initial positive test results led to the pilot
being expanded to 60 vehicles in the Rijnmond region
in 2011. During the test period, which will last until mid2012, extensive studies are conducted of the impact
on air quality, the impact of GTL on the maintenance
patterns of the vehicles and the impact on the health of
the employees manning the vehicles.
VRN receives Lean & Green Award with

Van Gansewinkel
Dutch sheet glass recycling foundation Vlakglas
Recycling Nederland (VRN) received a Lean and
Green Award from the Ministry of Economic Affairs,
Agriculture and Innovation for its CO2 targets in the
area of logistics. Van Gansewinkel Groep carries out all
VRNs logistics. VRN hopes to realise a 25% reduction
in its CO2 emissions in 2013. Ways in which we seek
to achieve that target include using vessels to replace
road transport and continual route optimisation and
optimum use of load capacities. An example is the
glass boat, which sails from Amsterdam to Malthas
site in Lommel in Belgium around 25 times a year, with
some 800 tons of glass. This form of transport helps
prevent 400,000 kilometres by road every year. Lean
and Green is an incentive programme of the Dutch
Ministry of Economic Affairs, Agriculture and Innovation. It encourages businesses to aspire to higher
sustainability levels, by implementing measures that
not only cut costs but at the same time reduce the
burden on the environment. Eliminating unnecessary
waste and achieving greater sustainability go hand in
hand: Lean and Green.
58
annual report 2011
Cleaner transport
For example, we think about alternative modes of transport for collecting and transporting waste and raw materials, and we closely follow external developments.
The test using Shells clean GTL fuel is an example.
Waterborne transport
Tonnage (ktons)
Journeys prevented (n)
Road transport prevented (millions of km)
Wherever possible, Van Gansewinkel Groep uses waterborne transport as an alternative to road transport. In
total, we shipped more than 900,000 tons of material
by water in 2011. On the one hand, within The Netherlands, we ship household and industrial waste to the
energy-from-waste plant in Rozenburg, for example
from our transfer stations in Utrecht, The Hague and
Rotterdam. On the other, Maltha frequently makes use
of ship-based transport for moving cullet. The cullet is
shipped all across Europe, from the Netherlands and
Belgium to Hungary. By using ship-based transport,
we cut the number of journeys by lorry by more than
41,000, representing seven million kilometres of road
transport, which means a considerable reduction of the
burden on the European road network. We also imported household and industrial waste from England and
Ireland in 2011, and transported it by ship, using the
services of external transport companies. The kilometres sailed for these journeys are not included in the
calculation of the results.
A small number of new vehicles were taken into use in
2011. As a consequence, the average age of the vehicles
rose to eight years in 2011 (7.58 years in 2010). All
newly purchased lorries are compliant with European
Standard 5/EEV standard.
After Rotterdam and Schiphol, in 2011 Van Gansewinkel Groep started using 100% electric vehicles for collecting industrial waste in the town centres of The
Hague, Groningen and Zutphen in the Netherlands
and Mechelen. The waste that is collected is taken to
an energy-from-waste plant and converted into electricity, which is then used to power the electric collection
trucks. The soundless vehicles have a top speed of 40
km/h and have extra optical and audio signals.
Route optimisation
2011
2010
2009
992
930
810
41,327
35,225
33,322
7.0
6.3
5.9
Breakdown of number of vehicles by country and by average age

Number
Average age in years
1,037
7.68
582
7.49
France
27
5.25
Poland
99
13.79
Czech Republic
76
9.75
1,821
8.00
Netherlands
Belgium and Luxembourg
Total
Breakdown of number of vehicles by EURO classification

2011
2010
2009
2008
7%
10%
13%
11%
EURO 2
25%
27%
28%
34%
EURO 3+4
34%
32%
31%
41%
EURO 5 + EEV
28%
26%
24%
14%
6%
5%
4%
0%
100%
100%
100%
100%
EURO 0+1
Other*
Total
* Other includes vehicles that do not fall under the EURO classification, for example the electric vehicles.
CO2 emissions of the fleet*

CO2
emission
(tons)
CO2
emission,
average per vehicle
Kilometres
Fuel (litres)
Average
consumption
(km/litre)
Netherlands
37,845,994
15,028,701
2.52
47,115
45.43
Belgium
19,424,397
8,020,645
2.42
25,145
43.5
1,021,750
406,437
2.51
1,274
41.1
58,292,141
23,455,783
2.49
73,534
44.67
France/Luxembourg
Total
* T
he calculations of the CO2 emissions are based on the general goods transport conversion factors in the CO2 Performance Ladder. Van Gansewinkel Groeps fleet
runs exclusively on diesel fuel. The conversion factor that applies is 3.135 grams of CO2/litre of fuel.
We pursue a deliberate policy to optimise collection

routes using a computerised navigation system and onboard computers. The implementation of the computerised navigation system for the Netherlands and Belgium
was almost completed in 2011. As a consequence, the
mileage for the wheeled container routes dropped by
59
Lease cars in the Netherlands
an average of 10%. This translates as 21 fewer vehicles on the road every day. For skip and roll-on roll-of
containers, the mileage dropped by 3.4% in the Netherlands and 0.6% in Belgium. In addition, the optimisation
means that more skip and roll-on roll-of containers trips
were made by our own vehicles, resulting in a reduction
in the transports outsourced. The number of kilograms
of waste transported per kilometre has improved, causing a reduction in the CO2 emission per ton of waste
transported.
Airborne emissions from energy-from-waste plants (tons)
Research by TNO shows that Coolrecs recycling activities prevent the emission of more than 40,000 tons
of CO2 every year. To illustrate what this means, this
translates as driving 270 million kilometres by road in
an average car. Preventing harmful propellants such as
CFCs also has a significant impact on the environment.
By recycling a million refrigerators, we prevent approximately 181,000 kg of propellants from being released
into the environment each year. This corresponds to
the emission of almost 550,000 tons of CO2.
Besides our collection vehicles, our cars are also a

source of emissions. Both in the Netherlands and in
Belgium, the lease plans include incentives aimed at
lowering the absolute CO2 emission and minimising
fuel consumption.
Electricity used
Charter for the Environment and Corporate

Sustainability in Limburg 2011
The principal locations of airborne emissions are the

energy-from-waste plants in Rozenburg and Duiven. A
number of components in the airborne emissions are
measured continually (or semi-continually). The measuring equipment has been verified and approved, and
no permit requirements were exceeded in any significant way.
CO2 emissions from energy-from-waste plants (based on CO2 measurements) in 2011* (ktons)
By far the majority of the Groups waste water is produced by the two energy-from-waste plants in Rozenburg
and Duiven and the activities of Van Gansewinkel Minerals. The volume is the same as the average water pollution caused by 3,800 Dutch individuals during a year.
The waste water from the remaining Van Gansewinkel
Groep activities is insignificant and comprises less than
5% of the volumes listed in the table on page 61.
* The CO2 emissions are measured according to NEN 14181 for all locations. In the Netherlands, the proportion of biogenous emissions in the production of energy
from waste in the Netherlands is 51% - Source: Netherlands Government Gazette, No. 19585, p. 51- (= short-cycle emissions). The remainder consists of long-cycle
CO2 with fossil origins. The CO2 emissions prevented are calculated based on the formula agreed upon by the sector and the competent authorities. That formula is
based on the IPCC method.
2011
2010
2009
724
672
651
CO2 emission (tons)
3,740
4,220
4,000
Average emission
138
151
151
Number of vehicles
(g/km)
A/B labels in NL
66%
47%
37%
Prevention of harmful propellants
In October last year, Maltha Glass in Belgium received

a certificate from the Belgian Chamber of Commerce
recognising its efforts in the field of corporate sustainability. Early in 2011, Maltha had consulted with the
Belgian Chamber of Commerce to define four targets:
reduce the waste percentage from 7% to 3%; bring in
more glass by water (realise a 25% increase in 2011,
up to 40,000 tons); modernise the electricity supply to
save electricity (at least 8%); and install solar panels
on the roofs of our production sites (to cut the amount
of electricity used by 25%). The independent evaluation committee presented its opinion ten months later.
All the targets had been achieved.
Emissions
Rozenburg
Duiven
AVI
BEC
AVI
TCI
Total
Particulate
matter
1.1
0.2
0.3
0.2
1.8
SO2
1.3
7.8
19.4
1.9
30.5
CO
270.5
22.7
32.7
5.7
331.7
NOx
331.4
48.5
121.2
48.3
549.5
2011
2010
2009
Total NL excl. energy-from-waste plants
28
21.6
19
Total BE
9.5
7.6
Total other countries*
8.5
3.6
by Van Gansewinkel Groep sites (in GWh)
* The relatively large increase in the amount of electricity used can be explained by the increase in the
activities and the improvements in reporting.
Rozenburg
Duiven
2011
Rozenburg
Duiven
2010
Short-cycle (biogenous)
741
359
1,100
919
254
1,173
Long-cycle (fossil)
560
245
805
583
161
744
1,302
604
1,906
1,502
415
1,917
392
131
523
373
118
491
Emissions of CO2
CO2 emissions prevented
Waterborne emissions
2011
2010
Rozenburg
Duiven
Minerals
Rozenburg
Duiven
Minerals
Waste water (in 1000 m3)
1010
301
791
1060
329
131
Energy used at the Groups sites
Waste load (COD) in tons
38
34
45
44
37
Various initiatives are in place within the organisation

to save energy. These initiatives are put forward by the
regions and the business units.
Nitrogen load (Nkj) in tons
3.9
3.5
12.4
4.5
6.1
19
Cooling water (in millions of m3)
142
166
Location
Biodiversity
We are working with Van Gansewinkel to maximise

the sustainability of transporting glass waste.
For example, our target is to realise a 25% reduction in
our CO2 emissions in 2013. Our partnership is a success and in 2011 resulted in a Lean & Green Award.
Cor Wittekoek, director of VlakglasRecyclingNederland (VRN)
60
annual report 2011
The location of our sites and the work connected to

them mean that our activities have a very minor, if not
negligible, impact on the biodiversity. Earlier inventories showed that a few Van Gansewinkel Groep sites are
located near nature conservation areas. Groundwater is
extracted at only three sites, where the effects on the
61
Test with LED lights

Our Van Gansewinkel site in Maarheeze will be lit using LED lights in future. Besides the benefits for the
environment, this will cut our costs for energy usage
by approximately 4,400 per year. With the old gas
discharge lights, the installed capacity was 17 Kwh.
This has now been brought down to 6.4 Kwh. After 9
p.m., the lights on the site are dimmed to 50%, further
reducing the energy to 3.2 Kwh. The new lights mean
that the energy used in Maarheeze has been cut from
62,050 Kwh to 17,520 Kwh per year, with the lights
switched on for 3,650 hours. Regrettably, LED lights
are still so expensive that the payback time is 12 years.
If prices drop at some point in the future, we will install
these types of lights at more sites. At present, they are
being used as a test.
surrounding areas are negligible. None of the environmental permits for any of the sites stipulate restrictions
that have a measurable influence on our operations.
Environmental costs
Van Gansewinkel Groeps environmental investments

are very diverse and represent a considerable part of its
capital investments. The air purification of the Energyfrom-Waste activities is a significant constant.
In 2011, we also made one-off investments in solar
panels, dust control and water treatment. The largest
investments were made for water treatment buffers in
Eeklo at 277,000, and in Puurs at 216,000.
Dilemma: Waste from Naples

The R1 status of our energy-from-waste plants means
that we are authorised to process foreign waste. This
has become an interesting business case as a result of
the overcapacity that has emerged in the Netherlands.
As a consequence, since 2010 we have been processing residual waste streams from the United Kingdom
and elsewhere: waste that would otherwise be taken to
landfills in the countries of origin and that we convert
into energy, making the process not only economically,
but ecologically, responsible. In 2011, the municipal
authorities of Naples asked us whether we wished to
process Neapolitan waste in our energy-from-waste
plants. This presented a risk for our reputation, considering the political situation there and the difficulties
that Naples has been facing for years in the area of
waste processing. At the same time, it offered an interesting business case for all the parties involved. Some
years previously we had also been involved in negotiations about processing Neapolitan waste. At the time,
however, we had decided against it as we would only
have been able to do business through intermediaries.
Now, however, we negotiated directly with the municipal authority of Naples, where a new Mayor came
into office in 2011, who won his spurs as an anti-mafia
magistrate. Following internal consultations among the
Executive Board and the senior management involved
and external consultations with NL Agency, the Rotterdam municipal authorities, DCMR (Rijnmond Environmental Protection Agency) and the Dutch Ministry
of Infrastructure and the Environment, we decided to
accept the contract, though under strict conditions.
We needed to be sure that we would only be processing recently produced streams of household waste,
not the waste that has been stored for years whose
composition is uncertain. Furthermore, we required
our own and independent inspections during loading
and unloading. We also stipulated that we are entitled
to terminate the partnership with immediate effect in
the case of any irregularities. Optimum transparency
was introduced by way of an active press policy and by
entering into a dialogue with critics of waste transport.
Ultimately, since the business case was interesting
on both economic and ecological grounds for all the
parties involved, no reason existed for us not to sign
the agreement. The first shipment of Neapolitan waste
arrived in Rozenburg in January 2012.
62
annual report 2011
Profit
Environmental incidents
Last year, Van Gansewinkel Groeps activities led to
environmental incidents on 290 occasions. Of those
incidents, 143 concerned discharges into the air. Most
of those cases took place at the energy-from-waste stations, and primarily involved the carbon monoxide
emission standards being exceeded. A further 96 incidents involved discharges into the ground, including
primarily oil spills. A few times this involved several
hundreds of litres. Discharges into water occurred on
32 occasions. Once this involved a discharge of around
100 litres of oil into the surface water. Other types of incidents occurred on 25 occasions, for example excessive
levels of dust and odours. In addition, fires occurred 79
times in 2011. Our own staff were able to put out 52 of
those fires. The fire services were needed on 27 occasions. None of the fires caused any appreciable damage.
All environmental incidents are reported and recorded
in a central database, and the measures to be taken are
strictly adhered to in the environmental care system.
Profit
Results Profit
Key objective
Indicator
Solid, profitable growth
Long-term partnerships
with customers
2010
2011
Ambition for 2012
EBITDAE margin
22%
21%
21%
Return on capital
employed
(ROCE)
3%
4%
6%
Customer satisfaction
8.2
8.2
8.2
Capex
Revenue
1,186
million
102 254
26 million
Equity
-25
million
3 million
million
million
71 million
Net result
EBITDAE
5 million
162
million
8 million
233
million
3 million
63
Profit
at Collection & Services increased by 24 million to

883 million, and EBITDAE came in 7 million higher
at 121 million.
The Recycling division profited from higher prices for
raw materials, particularly during the first six months
of the year. The divisions revenue rose by 33 million
to 142 million. EBITDAE at Recycling increased by 5
million to 22 million. The takeover of Veolia Belgium
had a positive impact of 7 million on revenue and 4
million on EBITDAE at Recycling.
Financial developments during 2011

Increase in revenue by 6% to 1,186 million
Increase in EBITDAE by 2% to 254 million
Increase in cash flow from operating activities .
to 233 million
Decrease in net cash flow to -48 million
Net loss of 25 million
Equity of 162 million
In 2011, Van Gansewinkel Groeps revenue and EBITDAE increased mainly as a result of the acquisition of
Veolia Environmental Services Belgium (Veolia Belgium) and the improvements in our operations. At the
same time, the operating results felt the substantial
negative impact of the erosion of prices at Energy from
Waste and Collection & Services.
Tendering processes in 2009 for processing residual
household waste had an adverse delayed effect of 30
million on the Energy from Waste division in 2011.
Revenue at Energy from Waste decreased from 277
million to 242 million, while EBITDAE decreased from
130 million in 2010 to 109 million in 2011. Efficiency
improvements helped to limit the decrease in the EBITDAE margin to 1.9%.
The erosion of prices in the Dutch waste processing
market (Energy from Waste) visibly carried over to the
collection market in 2011. Organically, revenue at the
Collection & Services division decreased by 10 million to 849 million while EBITDAE rose by 3 million
to 117 million. The results of our acquisition, Veolia
Belgium, are included in the consolidation from 1 August 2011 forward. Including those results, revenue
64
annual report 2011
The net cash flow decreased from 86 million to -48

million in 2011. The cash flow in 2010 had been affected positively by a 90 million payment from the
Municipality of Rotterdam in connection with the closure of the energy-from-waste plant at Brielselaan in
Rotterdam. The new financing conditions that Van Gansewinkel Groep negotiated with its financiers during
the first six months of 2011 had a downward effect on
the cash flow for the year. Under the new conditions,
the covenants offer more headroom and the repayment
obligations have been extended. This involved a nonrecurring expense (11 million) and higher interest
charges (15 million in 2011). In addition, the amount
spent on capital investments (capex) in 2011 was 26
million more than in 2010. The total capex was 102
million, despite the unfavourable economy.
At the same time, the operational cash flow remained
solid, as a result of maximum retention of existing business, a focus on operating capital management and operational efficiency measures.
Efficiency measures
Van Gansewinkel Groep launched an efficiency programme throughout the entire Group in 2010, under
the motto Fit for the Future. That programme is aimed
at achieving structural quality improvements and a
stronger starting position for further growth. In 2011,
the Fit for the Future programme had a positive impact
of 46 million on EBITDAE compared with 2010. The
programme will be continued in 2012.
Acquisitions & disposals

Midway through 2011, Van Gansewinkel Groep acquired Veolia Environmental Services Belgium, a collection and recycling business with an annual revenue
of approximately 100 million (see also page 25). Van
Gansewinkel Groep also made several smaller acquisitions during the year.
Early in 2011, the remaining 50% interest in AVRRietveld was purchased from paper producer Smurfit
Kappa. AVR-Rietveld realises an annual revenue of approximately 14 million, and specialises in collecting
and processing waste paper. The division has around 20
employees and works from two locations, in Rotterdam
and Capelle. Following the merger between Van Gansewinkel Groep and AVR, Van Gansewinkel had already
expressed its intention to own 100% of the business.
In northern France, we acquired Del Rosso, a collection
business with an annual revenue of approximately 1
million. In Poland we took over LOS, a small collection
business with a revenue of 0.1 million per annum.
No activities were spun off in 2011.
Bank covenants
Key financial figures

(in million)
2011
2010
1,186
1,115
59
50
254
249
21%
22%
Net result
-25
-22
Equity
162
154
233
230
Net cash flow
-48
86
Capital investments (capex)
102
76
Repayments on borrowings
-107
-83
132
180
Revenue
Operating profit/(loss)
EBITDAE
EBITDAE margin
Cash position as of 31/12
Van Gansewinkel wins

Customer Appreciation Award again
In February 2011, it was announced that Van Gansewinkel had won the 2010 Customer Appreciation Award.
As it had in 2009, Van Gansewinkel again emerged as
the winner in the Professional Services category. Van
Gansewinkel is perceived to be an expert partner with
excellent services, Integrons research shows. The
launch of ServicePlusGarantie, a loyalty programme
that offers additional services and benefits for customers, has given customer relationships a positive impulse. The company also attracts and binds customers
with its slogan of Waste No More and its sustainable
solutions, the agency explains.
In April 2011, the company agreed on new covenants

with its banks, under an Amend & Extend of the existing syndicated loans. The new arrangements and the
acquisition of Veolia in Belgium mean that the company
has 20% more headroom under the covenants than it did
at year-end 2010 and mean a reduction in the capital
structure risk. In connection with the capital structure
risk, the company closely monitors its compliance with
the arrangements with the banks (bank covenants).
Quarterly reports are submitted on the following bank
covenants:
The Leverage Ratio the net interest-bearing debt
(debt to third parties) divided by the normalised
results (pro forma EBITDAE)
The Interest Cover Ratio the normalised results
(pro forma EBITDAE) divided by the net interest
payments
The free cash flow, which must be greater than
the sum of the net interest payments and regular
redemptions (Debt Service Cover Ratio)
65
Furthermore, various other standard requirements are

set out in the Leveraged Finance documents (Facilities
Agreement). Failure to comply with the bank covenants
and other obligations in the Facilities Agreement may
cause the outstanding debt to become payable on demand and force the company to renegotiate the facility. Potentially, this can result in high costs for the
company. To avoid such a scenario, Van Gansewinkel
Groep devotes a great deal of effort to analysing the
movements in its Leverage Ratio, Interest Cover Ratio
and cash flow.
All entities submit monthly forecasts of their cash flows
for the next 13 weeks. Twice annually, they prepare a
Revised Forecast, stating the degree to which the budget has been realised. The Revised Forecast presents a
detailed projection of the income statement, the balance
sheet and the cash. The 13-week forecasts and the Revised Forecasts are used to predict the cash flow and
cash position and as such the projected outcome of the
bank covenants, giving the company sufficient time to
take whatever measures are necessary.
More information about the debt position and nominal
cash flows after 2011 is presented on p. 128.
Customer satisfaction
At least once every year, 10,000 Van Gansewinkel customers in the Netherlands and Belgium are invited to
participate in the red and green cards programme
and say what they think of our services. This programme, which was introduced in 2008, uses a specially designed website on which customers can give
us a green card (satisfied) or a red card (dissatisfied).
With this system, Van Gansewinkel continually and
proactively works to identify complaints and possible
improvements. In addition to the red and green cards
programme, Van Gansewinkel also conducts large-scale
customer satisfaction surveys every year.
In 2011, our customers proved to be very happy with us
again, as reflected in a score of 8.2 out of 10. Our complaints procedures and value for money, which are both
very important aspects of our customers perception of
us, scored better compared with 2010. The specific improvements in the area of complaints management, including the introduction of a customer service desk and
66
annual report 2011
the training that our people were given, have resulted

in steady improvements in satisfaction since 2009.
From the
CFO
The principal themes requiring improvement, despite

the improved level of satisfaction, primarily concern our
complaints procedures, value for money and information/added value.
The average satisfaction score of 8.2 is well above the
average (7.5) for the Facility Services industry. In part
for the favourable rating of our service (8.4) and the
friendliness of our employees (8.7 for our drivers),
Van Gansewinkel received the Customer Appreciation
Award from research agency Integron in 2011.
Opportunities seized
Van Gansewinkel Groep seized whatever opportunities
presented themselves in this uneasy market, De Fluiter
Balledux explains. For example, in the spring of 2011,
we came to an agreement with our financiers about
amending our financing conditions, at a time when the
mood on the financial markets was, briefly, optimistic.
Financial targets
It is Van Gansewinkel Groeps goal to achieve annual
EBITDAE increases, organic growth in revenue and
growth through acquisitions. The company also works
to realise a robust cash flow and reduce its debt position further.
Van Gansewinkel Groep has defined two key financial objectives for 2012. The company targets a stable
EBITDAE margin of 22%, In addition, Van Gansewinkel
Groep targets a 6% return on capital employed (ROCE),
compared with 4% in 2011.
Forecasts for 2012

Van Gansewinkel projects that the downward trend
in prices in the collection and processing market has
reached its lowest point. Effective efficiency and quality
improvements across the entire Group and the strong
proposition of Waste No More are expected to have a
positive impact on the results. Moreover, in 2012 the
results of Veolia Belgium will contribute to Van Gansewinkel Groeps results for the full year for the first
time. Considering the uncertain economy and volatile
market conditions, the company will not issue any financial forecasts for 2012.
knew that Energy from Waste had lost 30 million in

revenue as a result of the lower prices as a result of the
overcapacity in the incineration market. We also knew
that we would encounter difficulties in the collection
market, although those difficulties were worse than we
had imagined.
Rob de Fluiter Balledux, CFO
Van Gansewinkel Groep improved its financial position, made a strategically important acquisition
in Belgium and exceeded the targets of the Fit for
the Future efficiency and quality programme. At
the same time, however, the results were adversely affected by pressure on prices. At Collection &
Services, in particular, prices eroded more than
expected. Considering the difficult market conditions, I am pleased with our performances in 2011,
says Chief Financial Officer (CFO) Rob de Fluiter
Balledux.
The first six months of the year looked promising. The
economy grew, industrial production increased and
prices for raw materials rose. During the year, however,
that recovery proved to be very fragile. When the concerns about Greece emerged, the mood changed abruptly. The last six months of the year were characterised
by a great deal of uneasiness on the financial markets,
which in turn impacted the economic developments.
Van Gansewinkel Groep knew that 2011 would be a
challenging year. When the year began, we already
Based on the new conditions, a scope of 20% has been

created under the covenants. In addition, the principal
repayment dates have been extended to September 2014
and March 2015. The company now pays an average
mark-up of 3.75% for its financing. Under the previous
conditions, that mark-up was 2.25%.
The modified conditions will offer us greater financial
security during the coming years, and the scope to implement our growth strategy. In addition, by extending the repayment obligations, we have created more
time to properly plan an exit in consultation with our
shareholders.
Another important moment was the acquisition of Veolia in Belgium, midway through 2011. The timing of
this move was also good. We were able to make use of
the confidence in the market to seriously examine this
proposition with our shareholders. They provided the
funding to make the acquisition. No borrowed capital
was needed. Because of this, our equity increased during 2011, despite the net loss.
Solid cash flow

The net loss increased, primarily as a result of the higher interest charges. The new financing conditions mean
higher interest charges. However, we firmly believe that
we will be able to pay those costs from our solid cash
flow during the coming years.
67
The cash flow decreased as a result of the new financing conditions, on the one hand because of non-recurring expenses and on the other because of the higher
interest charges. At the same time, though, our operating capital improved again and we did not exceed the
predefined targets for capital investment. Our cash flow
is still what makes this company strong.
expertise and created a platform for further innovation

in Lommel. The last accounts and records will be transferred in 2012.
Despite the unfavourable economy, Van Gansewinkel

Groep spent 102 million on capital investments (capex)
in 2011, compared with 76 million a year before. We
will continue to invest in quality and innovation. For
example in a co-generation system to supply energy to
households and businesses in Rotterdam, or in a stateof-the-art glass recycling plant in France. But also in
a single modern ICT system for Finance, Procurement
and HRM.
Van Gansewinkel Groep pursues an active hedging

policy for interest rates, electricity and raw materials.
We made the best possible use of the low interest rates
in 2011. When interest rates dropped sharply during
the last six months of the year, we acquired additional
hedging positions. We would have preferred to take out
more long-term hedging contracts for electricity and
raw materials. However, the number of contracting
parties available diminished considerably in 2011, in
part because banks are reducing their balance sheets
to comply with the Basel III guidelines. The horizons of
those contracting parties that are still available are also
much shorter. In many cases, our hedges were limited
to a maximum of twelve or eighteen months.
Successful cost-saving measures

Rob de Fluiter Balledux is very pleased with the progress made with Fit for the Future, an efficiency and
quality programme for the entire group that includes
various initiatives aimed at improving margins. Despite the difficult market conditions, we realised, and
in fact slightly exceeded, our target of reducing our
costs with more than 40 million. That is a tremendous
achievement. Our company has built up quite a track
record in terms of efficiency and quality measures.
Active hedging policy
Dilemma: Modified financing conditions

In April 2011, Van Gansewinkel Groep amended its financing conditions, creating more scope under the bank
covenants and pushing back the most important repayment obligations to September 2014 and March 2015. In
exchange for higher interest charges, we have bought ourselves more flexibility and time. The choice to do so had
presented us with a dilemma, though. The higher costs adversely affect the 2012-2014 Budget.
This consideration was the subject of extensive deliberation between the Board of Directors, the Supervisory Board,
the shareholders and the employee participation body. We needed to judge whether we would be able to continue to
fulfil the bank covenants in the volatile market if we did not modify our financing conditions.
Ultimately we decided to change the conditions with the existing syndicate. We were able to call on our shareholders
expertise for help with the timing, and made full use of that expertise. Another important argument for changing the
conditions was the companys need for scope to implement its strategy for growth and to select the right moment for
an exit. The company also expects that it will be able to finance the new finance costs from the cash flow during the
coming years.
The contract with PwC, the companys auditor, ended

in 2011. This presented a natural opportunity to talk to
all the major accounting firms. We carefully considered
our options and ultimately selected KPMG.
In conclusion, we made several improvements in 2011,
although the effects are not yet all visible in the financial results. However, we will reap the benefits in the
coming years.
Van Gansewinkel Groeps financial department put

a great deal of effort into designing key controls: the
most important control instruments for reliable financial reports. We analysed our financial processes and
identified risks. We have defined 95 key controls for
the entire Group and implemented them. This gives us
better control of our financial processes and helps to
avoid surprises.
The company also put a great deal of effort into the
transition to a single central Financial Shared Services
Center for all accounting processes. The beating financial heart of our company is now located in Lommel. I
can look back on this process with a great deal of satisfaction: we completed it without disrupting business
even once. This move not only helps to cut costs, it also
just as importantly, if not more so - helps to improve
quality. We have organised critical mass, gathered our
68
annual report 2011
Van Gansewinkel Groep has a solid management

and its activities and market proposition mean
that it is favourably positioned. As such,
we quickly came to an arrangement about
the new financing conditions.
Raymond de Esch, banker at the Royal Bank of Scotland
69
Stakeholder dialogue
Customers
Social activities
and sponsorship
(s
CA
TI
t
ofi
Pr
Raw ma
ter
ial
s
NT
IFI
IDE
TS
SUL
RE
ON
TI
UA
ACTION
rs
ees
y
o
pl
EV
AL
annual report 2011
S
SI
LY
70
Media
Su
p
p
lie
Circular economy
Sustainable services
Sustainable energy
Recycling, designs for recycling and mandatory reuse

of materials in new products
Sustainable procurement
Supply chain responsibility
Cleaner driving
Sustainable employability
Waste import and export
Safety
Local residents
Suppliers
Media
NGOs
Shareholders and Supervisory Board
Society
Customers
Raw materials scarcity
Issues
Education
Governments and politics
Dialogue with stakeholders about social issues
Employees
To share knowledge and experiences in order to respond better to specific questions and expectations from our
stakeholders
To better understand trends and developments in society, among our customers and in politics
To have a say in political and social decisions
To solve problems, create support and generate trust
AN
A
Van Gansewinkel Groep continually communicates with its stakeholders

for the following reasons:
Education and
research
institutes
Investors
Shareholders
Our stakeholders expectations

Based on extensive communications with our stakeholders, we have identified various opinions and expectations. Understanding those opinions and expectations
offers us the possibility to better anticipate them as we
carry out our activities.
ECTATIONS
EXP
In practice, the third theme, i.e. the balance between

People/Planet/Profit, is closely linked to the theme of
Supervisory
Board
Su
pp
ly
)
ity
rc
ca
Raw materials and scarcity

Supply chain responsibility
Balance between People/Planet/ Profit
Employee
participation
In addition, in 2011 we again accepted various invitations to give presentations and we participated in discussions and dialogues of others. People want to hear
what we have to say. The theme of raw materials is a
prominent issue on the social and political agenda (see
page 110).
The dialogue with others helps us to add depth and
scope to our vision and generates valuable input for
follow-up processes in separate areas. For example, it
allows us to continually contribute to and help drive
the discussion concerning the concept of a circular
economy and yields valuable input for improving our
annual report.
Governments
and politics
LO
GU
Ba
We see the dialogue with our stakeholders as a form

of supply chain management. We seek to bring across
our vision and to identify and assess our stakeholders
expectations throughout the entire chain to allow us
to improve our activities in that chain. We do this in a
variety of ways. In many cases, we use a combination
of separate local and occasional initiatives. However,
we also choose to focus on a number of structurally organised activities. We believe that that is the only way
to actually learn from one another, share knowledge
and so achieve mutual goals. As such, three years ago
we defined a number of main themes along which we
structure the dialogue. Those themes are:
raw materials and scarcity. These three main themes

cover multiple subsidiary themes, which we discuss
with various stakeholders in a variety of forms. Every
year, we organise meetings such as round-table conferences, knowledge cafes and guided tours for the purpose of exchanging knowledge and expertise.
DIA
ponsibility
res
ain
ch
We communicate with our stakeholders every day,

and we involve them in our activities. This offers
us a better understanding of trends and developments in society and allows us to continually improve the quality of our services and operations. It
is also important in the context of how we present
ourselves in society. All our stakeholders play a
part in this process, in a range of different compositions, depending on the topic, the expectations and what actions are deemed desirable or
necessary.
ERS
OLD
EH
AK
T
S
een People, P
etw
lan
eb
et
nc
,
la
Local residents
NGOs
Investors
Stakeholder dialogue
We communicate with our stakeholders every day, and we involve them in our activities. We see the dialogue with our stakeholders
as a form of supply chain management. We seek to bring across our vision and to identify and assess our stakeholders expectations throughout the entire chain to allow us to improve our activities in that chain.
71
Theme: supply chain responsibility

Dialogue with our suppliers
We conducted a dialogue with a mix of suppliers of the

Groups separate subsidiaries to discuss our sustainable procurement policy. How do our suppliers see the
present partnership and what do they expect from Van
Gansewinkel Groep in terms of a sustainable procurement policy?
The conclusions can be summarised as follows:
Invest in each other: Van Gansewinkel Groep often
thinks in the short term. The suppliers were in favour
of entering into long-term relationships with suppliers
Practice what you preach: Van Gansewinkel Groeps
vision and its proposition to the market received
praise from the suppliers. At the same time, however,
they stressed the need to make sure that the whole
organisation is aware of the sustainability ambitions
and that those ambitions are translated into concrete
actions
Consult the market: The suppliers believe that, rather
than imposing hard conditions in a call for tenders,
it is much smarter to take the goal as the point of
departure, since the suppliers are the ones dealing
with their service or product on a daily basis. Their
expertise can be put to much better use in achieving
sustainable results
The input will be taken on board in the process of
further defining the sustainable procurement policy. In
2012, Van Gansewinkel and the suppliers will reassess
the sustainable procurement policy and then implement it.
In dialogue with local residents

Following our application for an environmental permit
in the municipality of Kampenhout in Belgium, we
received various concerned responses from the
Kampenhout-Sas Ademt (Kampenhout-Sas breathes)
campaign and questions from journalists. The permit
concerned permission to realise additional activities at our site in Kampenhout, including storage and
transfer of wood and materials containing asbestos.
In response, we actively extended an invitation to the
members of the campaign. During their visit to our site,
we presented all the facts relating to the expansion
and explained Van Gansewinkels values. All remaining
questions of residents were answered as fully as possible during a guided tour. We also conducted an active
dialogue with the municipal authorities. The authorities
received a total of 1,084 objections. Most of the residents were concerned about the storage and transfer
of asbestos and the implications for public health, and
about noise levels. Near the end of January 2012, the
provincial authorities decided to award the permit to
Van Gansewinkel.
72
annual report 2011
Stakeholder feedback for .

added quality
Measuring the opinions and expectations of our stakeholders is an important element in our efforts to continually improve our performances. For this purpose,
we conduct various surveys and take part in studies
conducted by third parties. We also use opinions of external agencies.
Feedback from stakeholders on our annual
report:
Our goal when writing our annual report is to create a

document that matches the expectations and needs of
our internal and external stakeholders. On the whole,
the responses to our message are positive. For example,
Van Gansewinkel Groep rose from the 13th to the 10th
place in the Transparency Benchmark list of the Ministry of Economic Affairs, Agriculture and Innovation.
Scenters annual reports survey showed that, compared
with 100 other businesses, whose average was 4.2, Van
Gansewinkel Groep had the most transparent annual
report for 2010, with an average score of 7.1.
At a meeting of Van Gansewinkel Groeps Jonge Gansen Young Professionals association, the members were
asked about their views on the 2010 annual report.
Their views on the look and feel of the report were favourable. They recommended using infographics and
making the information in the report accessible to a
broader audience. They proposed distributing a hardcopy summary of the report among certain target
groups, for example Van Gansewinkels employees and
smaller customers.
As part of the training programme, four trainees and
Young Potentials researched what information could be
included that would make investors willing to pay more
for a share. That study revealed that analysts would like
to see the following information in Van Gansewinkel
Groeps 2012 annual report: the gross margin, operational leverage, turnover from raw materials and indicators that provide information about eco-efficiency.
Other possible improvements that were suggested included the following:
Some parts of the report are too detailed, and some
parts overlap
The information in the report is sometimes difficult
to find
Our stakeholders expectations

Stakeholder
Expectation
Employees
Safe working environment, attractive terms of employment, development opportunities, good working climate, open communication.
Governments and politics
Compliance with laws and regulations, input in the development of

regulations and their translation into practice, knowledge exchange and
active implementation of sustainable initiatives.
Customers
Sustainable solutions and customer service for waste and raw materials issues, quality, reliability, competitive prices, customer-friendly and
service-oriented support, fast complaints procedures and exchange of
knowledge relating to waste, raw materials and the environment, including C2C applications.
Shareholders and Supervisory Board
Profitability, long- and short-term return (ROI), corporate (social)

responsibility, transparent reporting, partnerships in the area of KKRs
Green Portfolio programme.
Investors
Profitability, long- and short-term return (ROI), corporate (social) responsibility, transparency about our activities and results.
Education and research institutes
Cooperation, exchanging knowledge, contact with industry, possibilities

for internships and research projects, training and education, research
and development, generating enthusiasm among students for technology, waste and raw materials.
Social activities and sponsorship
Being active in society in the area of sponsorship, partnerships, presentations, involvement in various occasional activities.
NGOs
Exchanging knowledge, partnerships and assuming responsibility for our

services and products.
Media
Up-to-date information about the companys activities and an open mind

to interviews and reports.
Suppliers
Possibilities for partnerships, profitability, business and product development in the area of cradle-to-cradle and safety.
Local residents
Ensuring local welfare, compliance with laws and regulations and proactively offering input to prevent problems.
Theme: raw materials
Theme: raw materials
In 2010, Van Gansewinkel Groep started a partnership with the Missing Chapter Foundation of Princess
Laurentien van Oranje-Nassau. The aim of that nonprofit organisation is to bring todays decision-makers
into contact with childrens refreshing and candid
ideas about strategic dilemmas surrounding sustainability. Under the name of Raad van Kinderen (Board
of Children), the foundation links primary schools
to businesses. Van Gansewinkel Groep also has its
own Board of Children: the 8th Montessori School
Zeeburg in Amsterdam. Last year, we talked with them
about our vision of Waste No More and about how Van
Gansewinkel Groep can make sure that producers use
cleaner methods to make their products and that
consumers separate more waste to give it a second
life in the form of raw materials. In 2012, the Board of
Children will meet with some members of the management team to discuss their ideas.
In 2007, Van Gansewinkel, together with a number

of major industrial customers, formed the Platform
for Industry as a way to share expertise and understanding. The members meet annually. In 2011, they
met at the Raw Materials Recovery Forum organised
by Van Gansewinkel. A series of propositions were
posited to generate discussion about the mandatory
use of recycled materials in the production of goods,
regulations about mandatory recycling of unwanted
products and how to merge economics and ecology
to ensure the success of a circular economy. Based on
this discussion, among other conclusions, the meeting
determined that what appears to be waste material for
one operator can constitute a raw material for another.
Van Gansewinkel can act as the connecting link here.
The next session, which is scheduled for mid-2012, will
consider the extent to which this has become a reality.
In dialogue with the Board of Children
Dialogue with our customers
73
The use of Equity to indicate People is confusing

Let stakeholders say their piece in the report
We have sought to take most of these points on board
while preparing this report, including:
The system of the three Es (Equity, Ecology,
Economy) has been abandoned and replaced with
the three Ps (People, Planet, Profit)
Information in some parts of the report is presented
more succinctly. The explanations of the themes
discussed with our stakeholders, and the policies
for those themes, have been shortened. Instead,
stakeholders comments are included in the report
A materiality analysis has been conducted to
ensure that the contents of the report match our
stakeholders preferences and information requirements even more closely
The structure of the annual report has been analysed by C&F Report. Based on their advice, the
structure has been modified to make it easier to
find specific information
Infographics to show our performances in a clear
and succinct form
The chapter entitled G-Inside discusses revenue
from the sale of renewables
A summary hardcopy report has been made, based
on the complete and integrated annual report. That
summary report is actively distributed among our
employees, customers and other interested parties.
It invites readers to visit the website of the 2011
annual report
Materiality analysis
Van Gansewinkel Groep conducted a materiality analysis. The purpose of that analysis was to determine
whether the information that is relevant to our stakeholders (material topics) is addressed in the report.
Feedback from our stakeholders on the 2010 annual
report indicated that some parts of the report were too
detailed. Rather than wanting to tell everything, we
wish to focus even more closely on the quality of the
reports contents. To achieve this, we first mapped out
what the material topics are. We did this by analysing
Van Gansewinkel Groeps strategy and annual report,
by examining the annual reports of other operators
in our sector, by analysing what is written about Van
74
annual report 2011
Gansewinkel Groep in the media and by analysing Van

Gansewinkel Groeps knowledge of the sector. The next
step was to map out the importance of the various topics by assigning scores for:
The impact on the organisation.
The importance of the topic in relation to the core
business.
The organisations contribution to or impact on
the public debate about the topic
The importance for the stakeholders.
Societys interest in the topic (high or low level of
engagement).
The effects for our reputation
The findings were discussed and compared with the
contents of the annual report for 2010. The themes of
raw materials scarcity, recycling, sustainable energy,
CO2 emissions, compliance, environmental incidents
and hazardous/chemical waste were labelled as highly
material. This analysis corresponds largely to the outcome of the dialogue with other stakeholders. The topics
are spread through this annual report.
Position papers
Based on our stakeholder dialogue, we communicated
about the results by publishing them in position papers.
For example, we worked together with De Groene Zaak
to release a position paper about raw materials scarcity,
under the title The profit in shortages. Reports were
drawn up of the findings of the round-table conference
with our suppliers and a site visit by Nudge to AVR
Rozenburg and the resulting discussion about raw materials scarcity.
For more information:
www.vangansewinkelgroep.com/nl/company/position_papers.aspx.
Social activities and sponsorship

Outside our primary sphere of activity, we support organisations that address social issues. Supporting social initiatives often means more than simply giving
money: we specifically support projects by sharing our
professional knowledge. Van Gansewinkel Groeps Code
of Conduct sets out a clear policy for social engagement, and defines possibilities for achieving it. Van
Gansewinkel Groep:
Supports various local social initiatives in the vicinity of the locations where we have activities
Supports a small number of initiatives initiated
on Group level. Linking social investments to our
operating activities ensures optimum use of our
knowledge and expertise and allows us to help others on their way
Does not allow Van Gansewinkel Groep funds
or resources to be used to contribute to political
campaigns, political parties, political candidates or
anyone involved in any of the above

In total, the Group donated almost 100,000 to charity.
This included donations to the Repair Cafe Foundation,
literacy foundation Stichting Lezen en Schrijven, the
Missing Chapter Foundation, Mr Finney and the Plastic
Soup Foundation.
Recognition and Awards

We received various prizes last year. Although those
prizes were awarded by very different organisations,
they had one thing in common: the recognition of our
vision and the way in which we work. That tells us that
we are headed in the right direction. Recognition and
awards we received included:
Materials in Motion Public Award, Belgium
Innovation Prize at the Milieu 2011 trade fair
Waste Conference CSR Prize
C
harter for the Environment and Corporate Sustainability in Limburg 2011
F
ield Marketing Awards category innovation Walking Bins
Scenter annual report prize
Top 10 position in the Transparency Benchmark list
of the Ministry of Economic Affairs, Agriculture and
Innovation
C
ustomer Appreciation Award of research agency
Integron
Telegraaf Top 100 Green Businesses, 2nd place
Lean & Green Award with VRN
Perfect Days
AVR Rozenburg has introduced the Perfect Days
initiative. A Perfect Day is a day on which the production target is realised, no budgets are exceeded and
no unscheduled downtime or accidents occur. Each
Perfect Day is rewarded with the donation of 100 to
a regional charity. Every month, the total donation for
that month is awarded by lottery to a charity nominated by the sites employees. In 2011, more than 17,400
was donated to various charities.
Ambitions for 2012

Work with partners to organise round-table
conferences and debates about the theme of the
Circular Economy. To ensure a wide diversity in the
stakeholders, participation will be based on open
application
Coordinate our sustainable procurement policy with
suppliers and work with them to implement that
policy
A nalyse stakeholder communications and actively
seek out new and generally unfamiliar platforms
based on various functional areas (HR, SHEQ, etc.)
to come into contact with stakeholders that might
not be immediately obvious to us
With this annual report, we hope to give you a transparent description of our organisation. Nevertheless, it is
possible that you would like more information about
particular topics or that you have other views. If you do,
I would like to hear from you.
Frank Janssen
Director Corporate Communication
frank.janssen@vangansewinkel.com
75
Organisation risk management
Risk management
Van Gansewinkel Groep offers customers highquality solutions for waste and environmental issues. These services are based on an understanding of business processes and the materials used
by customers in various stages of the process of
production and consumption, knowledge of relevant laws and regulations and the ability to offer customers certainty in connection with their
accountability obligations. In this fashion, we lay
a second skin, as it were, over our customers processes. This allows us to give waste a second life
in the form of raw materials or useful applications
such as sustainable energy.
Realising this strategy exposes Van Gansewinkel
Groep to the risks that are an intrinsic part of doing
business. The company strives for a balance between
risks and rewards, and continually assesses where the
risks also offer opportunities. Van Gansewinkel Groep
distinguishes two levels of risk management: strategic business risk management and operational risk
management.
Organisation of risk management

Business risks are handled by risk owners. The process
of identifying and assessing these risks and limiting
their impact is supervised centrally.
Operational risks are the responsibility of line management. Central management determines the risk
analysis methods and offers handholds for ensuring
that the risks remain at an acceptable level. Central
management also offers support functions for risk
management.
Van Gansewinkel Groep has grown by combining local
entrepreneurship with central reviews of policy and re-
76
annual report 2011
sults. In this control philosophy, regional management

of the separate businesses is responsible for those businesses own income statements and balance sheets. The
role of the Board of Directors and the central support departments is one of providing guidance, conducting reviews and in particular facilitating. Monthly reports on
financial and operational parameters are submitted to the
Board to judge whether the organisations targets have
been realised. Besides the financial results, this process
also includes a specific focus on safety and the environment and the availability and productivity of the plants.
Line management
Support
functions
Central
supervision
Risk assurance
Finance (Insurance, Tax),

Legal, HR,
Communications
Risk & Compliance

Internal control
External auditors
Risk owners
Risk owner
Monitoring risks
Central Risk & Compliance department
In the fourth quarter of each year, line management

and the Board of Directors jointly determine the budget
for the following year, using the information provided
by specific specialist disciplines within the organisation. Twice yearly, line management also submits a forecast in relation to the budget, which is discussed with
the Board of Directors. These evaluations are then used
to make whatever adjustments are necessary.
In 2010, a framework was developed for the internal
controls for financial processes; compliance with tax
laws and regulations was streamlined further and an
integrated control framework was implemented for the
whole of Van Gansewinkel Groep. That framework was
evaluated at the separate businesses using a control
self-assessment. In 2011, the framework was embedded further in the regular planning and control cycle.
The Internal Control department, which is part of the
central Group Control department, is responsible for defining the scope and substance of the framework and
supports the introduction of that framework throughout
the group.
In 2011, the decision was made to implement a Business Control Framework, based on the criteria set out in
the COSO ERM model for risk management. A series of
workgroups were organised during 2011 to give shape
to that framework.
Late in 2011 it was also decided that a central Risk &

Compliance department would be formed. This department reports to the CEO and integrates the supervisory activities relating to risks and respect for laws
and regulations. The focus and responsiveness created
in this manner will allow Van Gansewinkel Groep to
achieve further progress. The new department offers
a knowledge centre that can support the various line
responsibilities.
To achieve a substantiated level of risk tolerance for
business risks, Van Gansewinkel Groep will determine
the maximum financial risk that the company is willing and able to bear. The risk tolerance (the level of
risk that Van Gansewinkel Groep is willing to take) has
been determined for the business risks. If a realistic
possibility exists that that limit will be exceeded, the
appropriate risk response is considered: avoid (discontinuing activities), accept (doing nothing), mitigate (implementing controls within the organisation) or share
risks (insurance).
The quantitative operational risks are based on the
results of the risk analysis (possibility x impact). The
acceptable levels are determined separately for each
domain. For Safety and Environmental Aspects, these
tolerances are low (a risk value of 20 in the Fine &
Kinney method). Based on a series of workshops with
Securing
Group Management and the management teams of the

business lines and business units, Van Gansewinkel
Groep identified the principal risks in 2011 that match
the companys strategy. Those risks were subsequently
confirmed by the Board of Directors.
Business risks
Managing business risks is a process that is realised
by the Board of Directors, Group Management and the
members of the management teams. It is assessed
against the backdrop of the organisations strategy.
The process for managing business risks is designed to
identify potential events that might impact the business
and to control risks to ensure that they remain within
the margins defined for risk tolerance. This system offers the company a reasonable degree of certainty that
the business objectives will be realised. The principal
business risks are:
Price erosion (collection), non-level playing
field (incineration)
Competition in the waste incineration market is not

always fair: many competitors have government authorities as their shareholders, which assures them
of volumes that are not put out to public tender. This
means that those competitors can count on a certain
77
basic level of utilisation. They can then offer more competitive prices for the remaining tonnage volumes to
achieve a full load. These are characteristics of a nonlevel playing field, which have a negative impact on
pricing in the waste incineration market, where rates
are already under pressure as a result of overcapacity and unfavourable economic conditions. As a consequence, the collection market also faces price erosion.
Van Gansewinkel Groep can compensate for negative
price movements in the collection market by using efficiency measures and by offering extra services. Lack
of volume at the energy-from-waste plants can be compensated by importing waste from other countries. In
addition, the industry association (Vereniging Afvalbedrijven, the Dutch Waste Management Association) is in
negotiation with the government to introduce measures
to reduce the overcapacity.
market conditions. The company also uses cost-cutting

and efficiency programmes to respond to adverse economic conditions that cause waste volumes to drop.
Fluctuations in prices of raw materials
The prices for raw materials impact Van Gansewinkel

Groeps revenues (see page 96). Van Gansewinkel Groep
has set up a commodity risk desk to monitor the prices
of the relevant raw materials. The company covers part
of its risks from fluctuations in the prices of raw materials through hedging. Fluctuations in the prices of
various raw materials can also be charged to customers and suppliers. Pressure from stricter regulations is
forcing more and more operators to withdraw from the
hedging markets. This is making it more difficult for
Van Gansewinkel Groep to conduct an effective hedging
policy, particularly for covering electricity rates (see
also section 8.6.1 of the financial report.
Amendments to laws and regulations
Laws sometimes change. By definition, this involves a

risk for Van Gansewinkel Groep, as solid legislation is
a factor in decisions about investments. Current Dutch
policy is based on the comprehensive adoption of European laws and regulations. Several important new
Directives have been issued at the European level in recent years (for example the Waste Framework Directive,
the Industrial Emissions Directive), which are currently
being implemented in the Member States. During the
coming years, the European Commission, the European
Parliament and the European Council of Ministers in
Brussels will all focus on raw materials and specifically also on the possible role of waste recycling. Van
Gansewinkel Groep is represented in various interest
groups: the Dutch Waste Management Association (Vereniging Afvalbedrijven) in the Netherlands, Febem in
Belgium, European organisation Fead and De Groene
Zaak. It also adopts a proactive part in relevant political debates.
Insufficient waste volumes
Van Gansewinkel Groep has concluded long-term contracts that will ensure it of sufficient waste to allow
its two energy-from-waste power plants to operate at
a profit for at least the coming eight years. In addition, with the R1 status of its energy-from-waste power
plants, Van Gansewinkel Groep can import volume
from other countries. Van Gansewinkel Groep has a
flexible layer in the workforce for its other operations,
consisting of temporary employees whose services are
called on to a greater or lesser degree depending on the
78
annual report 2011
Business interruptions at Energy from Waste
With a view to capital intensity, the assets of the Energy

from Waste division are concentrated at two locations.
Those assets represent a major cash-generating unit.
Whereas assets of the collection business are divided
across regions and countries to provide the best possible level of service to customers and reduce the risk
of simultaneous loss of capacity, Energy from Waste is
exposed to a concentration risk. Possible consequences
of a loss of incineration capacity and/or energy production capacity include the following:
1. waste has to be transported elsewhere, generally at
higher costs than the rates that the business unit
charges to its customers
2. unplanned maintenance is required, leading to
higher costs
3. no energy is produced, resulting in a loss of income
for the company
4. in combination with the previous consequence, the
hedged position on the energy market can lead to a
supply obligation where energy has to be procured
at prevailing market prices (see also section 8.6.1 of
the financial report)
of capacity. One of the outcomes is an investment programme aimed at improving process control and risk
management. The results in this area are evidenced by
the investment programme for the Energy from Waste
division and the lower insurance premiums for the
business unit in recent years.
For the more distant future, the target is to increase the
supplies of heat to customers under longer-term contracts. This will serve to lessen some of the volatility
associated with the electricity market. To supplement
these control measures, and taking account of an acceptable policy excess, the company is insured for the
risks of damages from fire and machine breakage, repairs for material damage and damages from business
interruption.
Capital structure risks
One element of managing the capital structure risk is

closely monitoring compliance with the arrangements
with the banks (bank covenants). Quarterly reports are
prepared on the following bank covenants:
The Leverage Ratio - the net interest-bearing debt
(debt to third parties) divided by the normalised
results (pro forma EBITDAE)
The Interest Cover Ratio - the normalised results
(pro forma EBITDAE) divided by the net interest
payments
The free cash flow, which must exceed the sum of
the net interest payments and redemptions (Debt
Service Cover Ratio)
Market interest
With its ratio of borrowed capital to equity, the company is exposed to changes in market interest rates on
the borrowed capital that is not covered by long-term
hedging. The company has defined a policy for hedging its interest rate risk. That policy and the hedged
position are described in section 8.6.2 of the financial
report.
Assuming all other variables remain unchanged, a

parallel upward or downward movement of 50 base
points in the interest curve has the following effects for
the remaining duration of the interest rate swaps:
I nterest expense on variable-rate borrowings will
increase/decrease by 7.7 million in 2012
I nterest income from the interest rate hedges will
decrease/increase by 7.2 million in 2012
The market value of the interest rate hedges will
decrease/increase by 16.1 million (effect for full
duration)
Biomass Power Plant

During planned downtime at the Biomass Power Plant
of AVR Rozenburg an inspection of the turbine revealed
damage that required immediate repairs for safety reasons. As a consequence, the plant was out of operation
from February until the end of June 2011.
The Collection & Services division helped to ensure
that the incoming streams from our customers could
be processed without difficulties and stored while the
plant was out of operation. No electricity was produced
during this time, which caused a direct loss of income.
Various other requirements apply, which are included

as standard elements in the Leveraged Finance documents (Facilities Agreement). More information about
the capital structure is presented in section 8.6.6 of
the full financial report.
Managements highest priority is controlling the waste

incineration processes, as is evidenced by, among other
things, the specific focus devoted by management to
constant improvements at the plants and continuity in
terms of the quality of the fuels supplied (waste). The
company also works together intensively with the insurer to identify the principal risks associated with loss
79
Operational risk management refers to the process of

identifying and quantifying risks stemming from the
operation of business functions at our organisation. Operational risk management also includes deciding what
control measures are necessary. Control measures are
activities that reduce the possibility that a risk will occur or limit the possible consequences. The principal
operational risks are:
simply defines a particular number that represents the

possibility of damage (risk ranking), but in particular
involves identifying all factors and investigating their
effects on the risk. All possible information relating
to the risks is systematically collected and filtered, to
ensure that only relevant data are collected. The businesss local organisations have prevention officers/prevention consultants to help management draw up risk
analysis and design appropriate measures.
Fraud
Environmental and reputation risks
As a waste service provider and supplier of raw materials and energy, Van Gansewinkel Groep operates in the
environmental sector. Parties operating in this sector
are exposed to risks associated with incidents that have
an adverse impact on the environment and that give
rise to costs for remedying the situation. Incidents might
also have a negative effect on Van Gansewinkel Groeps
reputation and good name. Van Gansewinkel Groep has
set up environmental management systems at all its critical businesses and locations. This means that potential
hazards (for example fire) have been identified, the risks
and impact calculated and appropriate control measures
put in place. Each operational entity has trained staff
and has built suitable checks into the process of acceptance and processing. No corners are cut with investments aimed at supporting these control measures. If
an incident as yet occurs, the emergency plans will be
put into action. Our organisations readiness is tested
regularly. The company adopts a proactive central crisis
communication policy in the case of incidents.
Health and safety on the workfloor
Safety comes first in all Van Gansewinkel Groeps activities. To minimise the risks relating to the health and
safety of its employees, the company continually performs risk analyses, in which it assesses the dangers on
the workfloor that present a risk to the health or safety
of its employees. These analyses are performed using
systematic studies that examine the following aspects:
What might cause damage or harm
Whether dangers can be eliminated, and if not
W hat preventative and protective measures have
been taken or should be taken to minimise the
risks?
Fraud is a phenomenon that takes many forms, that has

no precise definition and that overlaps with activities
such as deceit, forgery, abuse, data manipulation and
impersonation. Van Gansewinkel Groep uses a broad
definition of fraud: intentional deception for the purpose
of unlawful or illegal gain. To prevent fraud, instances
of fraud must naturally first come to light and come
to the attention of those who can take steps. Van Gansewinkel Groep seeks to increase the willingness to
report such instances. Everybody is urged to report violations of the code of conduct. Van Gansewinkel Groeps
Code of Conduct sets out important elements of desirable fair and honest conduct. The code of conduct can
help employees to weigh different options and to make
their choices. Reports can be made via the employees
immediate manager or higher management, the local
Integrity Contact and/or Van Gansewinkel Groeps Integrity Manager. Employees reporting a violation or a
suspicion of a violation need not worry about any repercussions and are protected in accordance with the
Integrity Regulations.
As explained above, a framework has been developed
for the internal controls for financial processes. Various processes aimed at limiting fraud risks are used
to verify whether:
Functional separation is in place where necessary
Authorisation and delegation schedules are followed
Payments are recorded and made in the appropriate
manner
Stocktakings are conducted in the appropriate
manner
Elementary elements of IT security are used and
critical data are protected
Riskmatrix
matrix
Risk
Business risks
1
5
Risk level
Operational risks
1
3
A
6
C
3
4
5
6
Price erosion (Collection),

non-level playing field
(Incineration)
Amendments to laws
and regulations
Insufficient waste volumes
Fluctuations in prices of
raw materials
Business interruption at
Energy from Waste
Capital structure risks
Operational risks
A Environmental and
reputation risks
B Health and safety on the
workfloor
C Fraud
D Availability of critical
ICT systems
Degree of controllability
Availability of critical ICT systems
The importance of information management applies in

particular to the companys financial processes, marketing & sales, logistics processes and laws and regulations (licences). Appropriate measures are in place for
the relevant business processes to avoid the risk of improper use of information and loss of data and to restore
information systems in the event of an emergency, for
example back-up/restoration procedures and fail-over/
disaster recovery procedures. Some of the ICT services
are outsourced to external ICT service providers. The
requirements that Van Gansewinkel Groep sets for
those providers are laid down in contracts. Compliance
with the contracted services and the related service levels is actively monitored by Van Gansewinkel Groeps
internal Corporate ICT department.
Risk analysis forms the cornerstone of our approach to

preventing work-related accidents and injury or sickness. This analysis does not mean that the business
80
annual report 2011
81
Sustainable
supply chain management

Van Gansewinkel Groep explicitly includes sustainable development as a factor when selecting
and assessing processing businesses and, increasingly, suppliers. More and more often, this hinges
on demonstrable compliance with requirements
laid down in laws and regulations, mutual arrangements and care for the supply chain.
In 2011, further effort was put into giving shape to the
functional separation between the central support departments with contractual responsibility for processing businesses and suppliers on the one hand and the
management, risk assessment and risk profile monitoring with respect of our partners by the SHEQ (Safety,
Health, Environment and Quality) department on the
other. Whereas previously that responsibility was
spread across the organisation, in 2010 the controls and
assurance were collected at a central point.
We assess processing businesses and suppliers based on
risk profiles that we draw up of our partners. They are
audited by Van Gansewinkel Groep employees trained
specifically for that job. The results are recorded in a
specially designed section of our management system.
Processing businesses
Depending on the score, a high/medium/low risk profile will be assigned. The criteria for processing businesses are the type of waste processed, the businesss
situation with regard to permits, the system certificates
achieved, whether or not the business processes crossborder waste and the country of final processing business. Depending on the risk profile, we might assess
additional or fewer details relating to compliance with
laws and regulations. Negative reports about our partners also give us cause to take additional steps or to assign a higher risk profile to particular businesses. Our
82
annual report 2011
ambition is to map out as much of the supply chain as is

possible. As such, we are increasingly concentrating on
the parties that are the ultimate recipients of our flows
of raw materials. Based on our sustainable development ambitions, in 2012 we will also assess the extent
to which processing businesses and partners, both in
Europe and elsewhere, are demonstrably committed to
the standards of the UN Global Compact. For example,
requirements will apply with regard to such issues as
ethics, integrity, human rights and child labour.
Suppliers
In 2011 we commenced work on a methodology for selecting and assessing (critical) suppliers. That methodology is an extension of the methods used for processing businesses. Suppliers are initially assessed based
on their impact on our primary process, on the risk
they pose for our image and on turnover. A series of
checklists is used to assign each supplier a level per
separate theme. Themes considered in this connection
include compliance with laws and regulations, orderliness and neatness, safety, care system, quality of processes and products and social aspects. These themes
are compared with the guidelines set out in the UN
Global Compact. The Group audits its critical suppliers at least once every three years. Nine audits were
conducted last year.
A procurement board has been set up for the Collection
& Services business unit, to offer assurance with regard
to the separate interests relating to the use of our suppliers within the overall business unit. That board is
made up of a multidisciplinary team of members of the
companys management. It commissioned a study into
the possibilities for improving our businesss sustainable procurement practices. The results were assessed
during a round-table conference with suppliers. The
input provided by that session will be taken on board

as we fine-tune the sustainable procurement policy that
will be introduced in 2012. This will be further adjusted
and implemented based on individual and group meetings with suppliers to discuss the practical application
of the policy. We also plan to introduce similar boards
for the other business units.
Results of audits
Most of the 22 processing businesses and suppliers
audited in 2011 achieved sufficient to good scores. In
total, three operators scored insufficient result and
three were classified as No Go. Plans for improvement
have been drawn up with those six businesses, and arrangements have been made about the timing of the
improvements. The businesses with No Go scores are
subject to additional supervision. Our partnerships with
them can only continue once the plans for improvement
have been fully implemented. The results of the audit
process led to us discontinuing our partnership with
one business.
In two instances, Van Gansewinkel Groeps auditors
were involved in performing audits as part of due diligence work.
Information and management systems
Van Gansewinkel Groep has set up environmental

management systems at all its critical businesses and
locations. This means that potential hazards have been
identified, the risks and impact calculated and appropriate control measures put in place (see also page 80).
In 2011, the management system for ensuring accurate,
complete and secure registration of SHEQ-related items
was expanded with the addition of a module for integrity and compliance violations.
Independent verification of management
systems
Bureau Veritas Certification audits and certifies Van

Gansewinkel Groeps various local management systems. The thoroughness of the external management
system audits has proven to be an excellent driver for
improvements. The external audits conducted in 2011
(>200 audit days for the whole of Van Gansewinkel
Groep) resulted in 130 Non-Compliance Reports (NCRs),
of which 34 majors and 96 minors. Although this is
Code of conduct
Our business stands or falls with trust, and that trust
has to be earned every day. Our people play an important part here. In 2011, we adopted a code of conduct
that addresses important elements of desirable fair
and honest conduct. The code of conduct describes
not only what conduct is expected from Van Gansewinkel Groeps employees, but also what the employees
may expect from Van Gansewinkel Groep. The code
expands on the policy principles and serves as an
umbrella for other, more specific codes and policy
documents within the Group. The Code of Conduct will
be introduced at the start of 2012.
System-Based Supervision
As part of the System-Based Supervision (Systeemgericht toezicht, SGT) project, supervisory
authorities in the Zeeland and Noord-Brabant Provinces conducted a quick scan in May 2011 to assess
the status of the management system of Van Gansewinkels Southwest Netherlands region. That quick
scan investigated the extent to which the regional
unit is compliant with the items on the compliance
competence checklist that are labelled as essential or
important.
A few improvements were made following an initial
screening, after which the final verification audit was
performed. The results were favourable: we have
been admitted to the SGT systems of both provinces.
In Zeeland Province, we were the first business to be
admitted to SGT.
Contracts will be signed with the authorities of both
provinces in 2012, setting out arrangements between
Van Gansewinkels Southwest Netherlands region and
the provinces. Those arrangements will cover such
matters as how we will monitor our own compliance
with environmental laws and regulations and what
follow-up actions will come into play if we proactively identify any shortcomings. The concept of SGT
is based on mutual trust between businesses and
government authorities. Van Gansewinkels Southeast
Netherlands region had been admitted to SGT previously.
Under the SGT concept, an enforcing authority (for
example the Human Environment and Transport
Inspectorate or the provincial authorities) relies on the
inherent quality of a companys management system.
A proper management system requires various elements, for example internal controls, full registration,
openness and the implementation of improvements. If
that system works properly, a business can monitor for
itself whether it is compliant with laws and regulations.
If any instances of non-compliance are identified, the
business itself can take proper measures to remedy
the situation.
83
comparable with the findings for 2010 (139 NCRs), the

number of certificates increased, particularly OHSAS
18001.
Non compliance rate

by cause of non-compliance
5%2%
7%
10%
The three most frequent NCRs concerned the following

elements (or non-compliance therewith):
Measurement and monitoring: not all scheduled
internal audits were performed, and the mandatory
annual compliance check was not carried out, or not
carried out properly
Product realisation: Van Gansewinkel Groep has
drawn up acceptance conditions for accepting or
rejecting streams of waste. The audits showed that
awareness of or adherence to those conditions is
lacking in practice
R isk management: our analyses of environmental
aspects and risk identification and assessment are
incomplete and/or outdated
21%
36%
19%
Image risk
Orderliness & Neatness
Safety
Care system
Acceptance
The separate regions are required to remedy all these

NCRs within three months, and the remedies must be
accepted by Bureau Veritas Certification. To date we
have succeeded in doing so. The final outstanding actions will be completed early in 2012.
Permit
CSR
Certifications
2011
2010
2009
ISO 9001
97.4%
85.9%
81.5%
ISO 14001
84.9%
79.4%
79.2%
OHSAS 18001
70.7%
57.1%
21.6%
Compliance
Last year, a total of eight material penalties/sanctions
(higher than 500) were paid for non-compliance with
laws and regulations.
Two instances concerned non-compliance with the
Dutch Working Conditions Act (Arbowet), two instances involved violations of ADR regulations (transport of
hazardous goods), one instance involved non-compliance with the Dutch Driving Hours Decree (Rijtijdenbesluit), one instance concerned a vehicle with an excessive load, one instance concerned the absence of the
correct authorisation for a particular type of waste and
one instance involved an expired fire extinguisher. The
total penalty was 19,711.
The competent authorities imposed five orders for incremental penalties for:
Non-observance of a CO2 emission standard
Non-observance of a maximum duration for inoperational particulate matter sampling
Non-observance of a water emission standard
84
annual report 2011
Non-compliance with regulations under the Dutch

Major Accidents (Risks) Decree (Besluit Risicos
Zware Ongevallen)
Non-observance of a maximum noise level
A single penalty was collected for the last of these
orders only, to the sum of 250. For the remaining
orders, it is currently unclear whether any penalties
will be collected in 2012.
tions are still pending in 2012. Several instances resulted in reports being filed with the police, and in some
cases criminal investigations were conducted. Three
employees were dismissed with immediate effect on
grounds of involvement in instances of non-integrity.
Van Gansewinkel Groep did not receive any complaints
about violations of human rights in 2011.
Integrity
In 2010 we started work on actively giving shape and
substance to the theme of integrity, to further improve
the professionalism of our sustainable development efforts. The appointment of an Integrity Manager to give
further shape and substance to policy, awareness, prevention and research was the starting point in this process. Last year we worked on developing an integrity
policy and drafting a Code of Conduct, Integrity Regulations and an Investigations Protocol. Local integrity
contacts were appointed at the various sites, and the
communication path during integrity-related investigations was formalised. A complaints procedure was
drawn for the manner in which integrity investigations
are conducted. To assist employees, we also developed
an integrity workshop and a training course for dealing
with aggression and violence. These will be rolled out
further in 2012.
The Integrity Manager received 33 reports of non-integrity during the year. Some of those reports came
from within the organisation, while others were made
by individuals and institutions outside the organisation.
The reports concerned one instance of aggression and
violence (internal), 19 instances of crime (primarily
theft), two instances of fraud, two instances of improper
practices with regard to working hours, one instance
of improper use of company assets, four instances of
improper/indecent conduct and four other incidents.
Of the 33 reports, 16 were taken under investigation
and three were forwarded to the HR department as concerning undesirable forms of conduct. For 15 reports,
it was decided that they were to be classified as not requiring investigation. The reasons for that classification
were explained to the parties reporting the incidents,
further advice was issued or the report was forwarded
to another department or organisation. Four investiga-
85
financial
summary
The financial summary, consisting of principal financial statements

with explanatory notes, is derived from Van Gansewinkel Groep bvs
2011 financial report for statutory purposes as compiled by the Board
of Directors on 11 April 2012. The full financial report is available on
the companys website (www.vangansewinkelgroep.com). The external auditor has issued an unqualified opinion on the approved 2011
financial report for statutory purposes.
This financial summary only offers a basis for forming a reliable
opinion on the companys financial position and results if read in
conjunction with the full financial report for statutory purposes
from which this summary was derived.
Financial summary
Consolidated statement of financial position Assets .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
Consolidated statement of financial position Equity and liabilities . . . . 121
Consolidated income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
Consolidated statement of other comprehensive income .. . . . . . . . . . . . . . . . . . . . . . . . . . 123
Consolidated statement of cash flows .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Consolidated statement of changes in equity .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Notes to the consolidated statement of cash flows .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Goodwill .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Debt position .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
Notes to the income statement .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Employees .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Remuneration of executive directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
119
Consolidated statement of financial position
Consolidated statement of financial position
(x 1,000)
(x 1,000)
ASSETS
* Notes
31 December 2011
31 December 2010
31 December 2009
Non-current assets
EQUITY AND LIABILITIES
* Notes
31 December 2011
31 December 2010
31 December 2009
Capital and reserves
Property, plant and equipment
10.1
852,535
849,878
881,299
Issued capital
10.14
40
40
40
Goodwill
10.2
826,888
786,409
782,630
Share premium
10.15
574,386
520,636
520,636
Other intangible assets
10.3
230,204
229,343
242,690
Revaluation reserve
10.16
6,030
4,789
6,732
Investments in associates
10.4
7,028
7,429
6,796
Cash flow hedge reserve
10.17
(20,448)
(392)
Deferred income tax assets
10.5
108,421
93,066
95,805
Retained earnings
10.18
(386,539)
(361,843)
(172,881)
Derivative financial instruments
10.6
47
5,746
Undistributed result
(29,018)
(25,823)
(190,887)
Other non-current financial assets
10.7
2,096
1,.514
1,837
Equity attributable to owners of the parent
144,451
137,407
163,640
2,027,172
1,967,686
2,016,803
17,436
16,943
15,612
161,887
154,350
179,252
10.20
1,553,635
1,590,071
1,658,032
10.6
25,005
18,251
16,396
Deferred tax liabilities
10.21
89,596
78,706
83,155
Employee benefits
10.22
10,332
9,037
7,573
Provisions
10.23
115,300
81,455
73,017
1,793,868
1,777,520
1,838,173
Total non-current assets

Current assets
Non controlling interests
10.19
Total equity
Inventories
10.8
23,966
20,333
18,807
Trade and other receivables
10.9
202,177
167,431
162,257
10.6
1,104
5,747
9,162
Other assets
10.10
9,367
9,142
8,359
Other current financial assets
10.11
124
62
90,400
Cash and cash equivalents
10.12
132,068
179,554
93,515
368,806
382,269
382,500
2,742
3,735
16,082
371,548
386,004
398,582
2,398,720
2,353,690
2,415,385
Non-current liabilities
Borrowings
Total non-current liabilities

Assets classified as held for sale
10.13
Current liabilities
Total current assets
Total assets
* The notes refer to the paragraph in the full financial report.
The full financial report is available online (www.annualreportvangansewinkelgroep.com).
Property, plant and equipment increased with 3 million compared to 2010. This increase is caused by investments (investments in 2011 amounted 94 million)
and the acquisition of Veolia Environmental Services
Belgium SA (Veolia), partially offset by depreciation.
The derivatives position decreased because the contracts have a shorter maturity and due to changes in
energy prices.
As a result of the acquisition of Veolia the current assets are increased.
Trade and other payables
10.24
221,229
191,447
159,578
Borrowings
10.20
64,141
98,631
86,093
10.6
31,846
21,441
29,640
Other provisions
10.23
14,529
23,583
28,594
Other liabilities
10.24
111,220
86,718
94,055
442,965
421,820
397,960
Total liabilities
2,236,833
2,199,340
2,236,133
Total equity and liabilities
2,398,720
2,353,690
2,415,385
Total current liabilities
The goodwill increased due to the acquisition of Veolia.

The other intangible assets increased due to investments in software (9 million) and valuation of customer relationships (29 million) as a result of the acquisitions in 2011, partially offset by regular depreciation
(38 million).
The increase in deferred tax assets mainly relates to
the tax loss of the Dutch fiscal unity in which Van Gansewinkel Groep bv is included.
Cash and cash equivalents decreased compared to 2010,

mainly as a result of adjusting the financial terms of
the syndicated loans in 2011 (Amend & Extend). Due
to Amend & Extend the Group made an additional repayment, on the loans, paid financing fees and higher
interest charges (total effect 35 million).
Group equity increased by 8 million in 2011. This

increase is the result of a capital contribution by the
shareholders of 53.8 million to finance the acquisition
of Veolia, largely offset by the negative net result and
negative effects of the market value of derivatives for
which hedge accounting is applied.
a result of the existing landfill provisions at Veolia at the

time of acquisition (impact 33 million). Besides, accrued
interest was added to existing provisions for demolition
& repair and landfill provisions, these increases were
partially offset by withdrawals made on the restructuring provision (9 million) and other provisions.
The loans decreased as a result of redemptions compared to last year (short-term and long-term portion of
the loans together).
Van Gansewinkel Groep bv operates with a negative

working capital to optimise the cash flows. The increase
in trade and other payables is partly caused by the acquisition of Veolia and the remainder by a continued
focus on working capital.
Other provisions increased further in 2011, especially as
120
annual report 2011
121
Consolidated income statement
Consolidated statement of other comprehensive income

for the year ending on 31 December 2011 (x 1,000)
(x 1,000)
* Notes
2011
2010
Revenue
11.1
1,186,267
1,115,094
Raw materials, supplies and energy
11.2
(45,579)
(39,276)
Third-party processing
11.3
(273,790)
(241,786)
Third-party maintenance
11.4
(25,007)
(20,834)
Employee benefit expenses
11.5
(309,763)
(309,740)
Income tax on income/expense taken directly to equity
Depreciation and amortisation
11.6
(168,815)
(158,078)
Other operating expenses
11.7
(303,816)
(295,649)
59,497
49,731
Operating profit/(loss)
Financial income
11.8
9,260
14,677
Financial expense
11.8
(112,462)
(94,538)
Share in result of associates
11.9
380
1,111
(43,325)
(29,019)
18,160
7,183
(25,165)
(21,836)
Loss before tax

Taxes on result
Profit/(loss) for the year
11.10
Attributable to:
Owners of the parent
Non controlling interest
* Notes
2011
2010
(25,165)
(21,836)
(26,741)
(578)
Exchange differences arising on translation of foreign operations
(325)
359
Tax on other comprehensive income
6,685
186
388
(331)
Other comprehensive income
(19,993)
(364)
Total comprehensive income for the year
(45,158)
(22,200)
(49,096)
(26,233)
3,938
4,033
(45,158)
(22,200)
Result for the year

10.17
Gain/(loss) on cash flow hedges taken to equity
Attributable to:
Owners of the parent
Non controlling interests
ReconciliationEBITDAE-result management reporting and annualreport

(x 1,000)
260,000
(29,018)
(25,823)
3,853
3,987
(25,165)
(21,836)
250,000
240,000
230,000
220,000
The revenues increased by 71 million compared to

2010. This increase is for 40.5 million related to the
acquisition of Veolia 1 August 2011 and for the remaining amount through organic growth.
Operating costs increased also, however the EBITDA
margin (earnings before depreciation in relation to
sales) has improved slightly. These improvements are
partly caused by the acquisition of Veolia as of 1 August 2011 and partially offset by price-indexations and
increase of the number of FTEs. These costs increases
are partly offset by the groups continued and newly
implemented efficieny- and costsaving programmes.
122
annual report 2011
The financial income and expenses have increased with

23 million compared to 2010. This is partly caused
by adjusting the financing conditions of the syndicated
loans in 2011, which has resulted in 15 million higher
interest expense in 2011. Also the focus on working
capital led to a financing element in the trade creditor
balances, which in turn leads to an increase in interest
expense in 2011 of 8 million (and a decrease in other
operating expenses).
210,000
200,000
254,526
EBITDAE
management
accounts
( 20,181)
Normalisations
adjustments
( 5,344)
Unrealised
result
derivates
( 689)
Other
items
228,312
EBITDA
financial
accounts
The normalisations mainly relate to one off costs regarding integration costs related to acquisitions and
mergers of Collection regions (6 million), advisory
costs for various projects (5.8 million) and (insurance-)
claimcosts (5 million).
123
Consolidated statement of cash flows
Consolidated statement of changes in equity
(x 1,000)
(x 1,000)
* Notes
Result before tax
2011
2010
(43,325)
(29,019)
Attributable to owners of the parent

Undistributed
result
Total
Non
controlling
interests
Total
equity
- (172,881) (190,887)
163,640
15,612
179,252
190,887
(25,823)
(25,823)
3,987
(21,836)
Share
premium
Revaluation
reserve
40
520,636
6,732
Distribution of result previous year
(190,887)
Adjustments for:
Balance at 31 December 2009
Retained
earnings
11.6
168,815
158,078
- Change in employee benefits
10.22
1,218
1,464
- Change in provisions
10.23
(13,446)
(56)
- Finance income
11.8
(9,260)
(14,677)
- Finance expense
11.8
112,462
94,538
- Share in result associates
11.9
(380)
(1,111)
Realisation of revaluation
(1,943)
1,943
- Change in fair value of operational hedges
12.3
5,374
9,177
(578)
(578)
(578)
Currency translation differences
316
316
43
359
Income tax taken directly to equity
186
(334)
(148)
(145)
Total comprehensive income
(1,943)
(392) (188,962)
165,064
(26,233)
4,033
(22,200)
Dividends relating to 2010
(2,650)
(2,650)
(De)consolidation
(102)
(102)
Issued capital subsidiary
50
50
(2,702)
(2,702)
(392) (361,843)
(25,823)
137,407
16,943
154,350
- Depreciation and amortisation
264,783
Total adjustments on result

12.1
12,122
13,251
Dividend received
10.4
451
482
(1,023)
(2,138)
Cash flow from operating activities
Comprehensive income
247,413
Changes in working capital
Corporate income tax paid/received
Transactions with owners
11,550
11,595
233,008
229,989
Investments in:
- other intangible assets
10.3
(9,193)
(6,652)
Total transaction with owners
- PP&E
10.1
(93,015)
(69,286)
40
520,636
4,789
7.1
(62,490)
(16,217)
- investments in associates
10.4
(253)
Distribution of result previous year
(25,823)
25,823
- other financial assets
10.7
(706)
(1,337)
(29,018)
(29,018)
3,853
(25,165)
12.2
13,032
18,124
Realisation of revaluation
(1,149)
1,149
586
(1,078)
(26,741)
(26,741)
(26,741)
Currency translation differences
(410)
(410)
85
(325)
Income tax taken directly to equity
6,685
388
7,073
7,073
Total comprehensive income
(1,149)
(20,056)
(24,696)
(3,195)
(49,096)
3,938
(45,158)
Capital contribution
53,750
53,750
53,750
Revaluation of participations
2,390
2,390
(95)
2,295
Dividends relating to 2011
(3,350)
(3,350)
Total transaction with owners
53,750
2,390
56,140
(3,445)
52,695
40
574,386
6,030
(20,448) (386,539)
(29,018)
144,451
17,436
161,887
- group company acquisitions, net of cash acquired
Comprehensive income
Divestments of:
- PP&E
- group company
- investments in associates
10.4
485
156
- other financial assets
10.7
91,405
(151,301)
Cash flow from investment activities

Repayment borrowings
New loans
Interest paid
14,862
(106,686)
(83,192)
38,952
10,928
(112,184)
(83,539)
Capital contribution
SCE
53,750
Dividend paid
SCE
(3,350)
(2,650)
(158,453)
(47,811)
86,398
10.12
179,554
93,515
SCE
325
(359)
10.12
132,068
179,554
Increase/decrease in liquidities
Cash position as at 1 January
Exchange rate differences
Cash position as at 31 December
annual report 2011
Transactions with owners
(129,518)
Cash flow from financing activities
124
Cash flow
hedge
reserve
Issued
capital
125
The key assumptions used for the value in use calculations are as follows:
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
The operational cash flow increased with 3 million in

comparison with 2010, which is mainly due to implementing and continuing cost savings programmes. The
net cash flow after repayments of borrowings deteriorated with 134 million, due to higher investments in
property, plant and equipment (2011: 94 million, 2010:
69 million) and additional repayment, financing fees

and higher interest charges due to Amend & Extend of
the Syndicated Credit Facilities (total effect 35 million). Also, 2010 included an incidental receipt of 90
million in connection with the closure of the Energy
from Waste Brielselaan facility.
Goodwill per CGU before

impairment (x million)
CAGR* 2012 - 2021
Growth rate > 2021
**EBIT-marge > 2021
Total Company
827
3.0%
1.6%
13.7%
Waste Processing
366
1.3%
1.0%
33.3%
2.7%
1.6%
8.9%
290
3.1%
1.6%
10.0%
2.0%
1.6%
6.3%
88
3.4%
1.6%
13.6%
2.9%
2.0%
12.0%
74
5.7%
1.6%
15.4%
3.8%
1.6%
7.5%
Contaminated Soil
Collection Netherlands
Industrial Services
Goodwill
(x 1,000)
Changes in goodwill are as follows:
Collection BeFraLux
2011
2010
Recycling
Balance as of 1 January
Cost
Accumulated impairments
Carrying value
897,406
893,686
(110,997)
(111,056)
786,409
782,630
40,532
3,693
(53)
86
40,479
3,779
937,885
897,406
(110,997)
(110,997)
826,888
786,409
Changes Year
Goodwill on acquisitions
Exchange rate results
Balance as of 31 December
Cost
Accumulated impairments
Carrying value
Goodwill is related to the groups cash-generating units

(CGUs). The CGUs are Waste Processing, Contaminated Soil, Collection Netherlands, Industrial Services,
Collection BeFraLux, Collection International, Recycling
(excluding Contaminated Soil) and Other participations.
The recoverable amount of a CGU is determined based
on value in use. These calculations use after-tax cash
flow projections based on financial budgets approved
126
annual report 2011
Collection International
Other
** CAGR = compound annual growth rate
** EBIT = operational result
Other important assumptions are:

1) There are no significant changes expected in customer contracts for all CGUs
2) Investments in property, plant and equipment
will be sufficient for replacement and to support the
growth targets
The sensitivity of the impairment model was tested by
varying three parameters individually while keeping
the other parameters equal to the original assumptions.
This results in the impairment table:
Amounts x million
plus 1%
minus 1%
- Adjust discount rate
0.0
0.0
- Adjust revenue growth rate
0.0
39.9
- Adjust EBITDAE margin
0.0
0.0
A decrease of 1% in revenue growth has impairment

effect of 39.9 million for one CGU.
Based on the sensitivity analysis an impairment loss
for 2011 is not recognised (2010: no impairment loss).
by management for the coming year, approved outlooks

and estimated growth rates for the following years to
reflect the longer term market developments. Cash flows
beyond this period are extrapolated using the estimated
growth rates. The pre-tax discount rate used is 10.6%
for both the CGUs operating in the Netherlands as well
as for CGUs operating in other countries despite differences in tax rates.
127
Debt position
Notes to the income statement
(x 1,000)
The debt position of the company and its consolidated subsidiaries can be broken down as follows:
(x 1,000)
Average
interest
Term
< 1 jaar
Term
1 - 5 jaar
Term
> 5 jaar
Total
31 December
2011
4.9%
47,955
1,498,410
1,546,365
1,636,121
12.5%
29,089
29,089
26,111
Finance leases
5-7%
10,522
32,672
7,541
50,735
24,545
Bank overdrafts
1.1%
10,265
10,265
13,356
Other loans
2.9%
1,992
5,600
1,202
8,794
9,871
70,734
1,565,771
8,743
1,645,248
1,710,004
(6,593)
(20,879)
(27,472)
(21,302)
64,141
1,544,892
8,743
1,617,776
1,688,702
Financial institutions
Preferred shares
Capitalised financing costs
Total
31 December
2010
Classification
-
1,544,892
8,743
1,553,635
1,590,071
Current interest-bearing debt
64,141
64,141
98,631
Balance as of 31 December
64,141
1,544,892
8,743
1,617,776
1,688,702
Non-current interest-bearing debt
For further notes on the debt position, please refer to section 10.20 Borrowings in the 2011 financial statements.
The following table provides an overview of the repayment and interest obligations regarding debt.
Undiscounted cash flows after 2011

(x 1,000)
2012
2013
2014
2015
2016
>2016
Repayment loans (SCF)
47,955
68,625
613,609
683,861
132,315
Repayment finance leases
10,522
8,229
8,277
8,175
7,991
7,541
1,992
1,452
1,408
1,378
1,362
1,202
63,434
63,437
71,046
21,083
2,111
1,460
1,180
1,199
1,212
1,187
1,275
217
168
131
97
63
48
125,580
143,091
695,670
715,806
145,029
10,066
31,814
20,968
4,089
157,394
164,059
699,759
715,806
145,029
10,066
0.4%
0.5%
1.8%
1.8%
2.3%
Repayment other loans

Interest loans (SCF)
Interest finance leases
Interest other loans
Subtotal
Interest rate hedges
Total cash flows
average reference interest rate*
The net revenue is largely generated in the Netherlands in various activities associated with the collection and processing
of waste and directly related activities.
2011
2010
The Netherlands
816,380
820,600
274,265
215,554
Other European countries
95,622
78,940
1,186,267
1,115,094
2011
2010
Waste processing
242,123
276,739
Waste collection
882,587
859,070
Recycling
142,307
108,944
Eliminations
(80,750)
(129,659)
1,186,267
1,115,094
Revenue can be categorised as follows:
Employees
At 31 December 2011 6,198 FTEs (2010: 5,577 FTEs) were employed by the company and its consolidated subsidiaries.
Broken down by geographic spread, the composition of the workforce by country (based on FTEs) can be represented follows:
31 December 2011
31 December 2010
The Netherlands
3,708
3,645
1,698
1,212
792
720
6,198
5,577
Other countries
Remuneration of executive directors

(x 1,000)
Executive directors
Salaries
Social charges
Pension charges
Total
Mr. L.M. Sondag
CEO
626
11
249
886
R.C. de Fluiter Balledux
CFO
356
10
63
429
Mr. D.T.G. Gijsbers
COO
279
52
340
Y.W.A. Luca
COO
279
81
77
437
1,540
111
441
2,092
* The average reference interest rate is the EURIBOR used for the calculations above.
The total remuneration of former Board members was

0 in 2011 (2010: 0.5 million).
The bonuses for 2011 are based on financial, operational
and sustainability-linked criteria. The criteria are the
free cash flow before finance costs, EBITDAE, operational performance, employee satisfaction and safety
128
annual report 2011
(IF). The bonuses of other employees will be linked to

the same criteria, with additional personal targets where
applicable. The amount included for bonuses in the financial statements for all executive directors combined
is 770,000. Once the shareholders have determined the
bonuses of the executive directors an announcement will
be published online (www.vangansewinkelgroep.com).
129
About this report
This is our fifth integrated financial and sustainability report. This is a translation of the jaarverslag 2011 in the Dutch language. In case of discrepancies the Dutch version prevails. The report
details our vision, strategy and policy relating to
sustainable development and reports on our activities in 2011 (01/01/2011 to 31/12/2011). This
report is approved by the Board of Directors and
Supervisory Board. In preparing the report, Van
Gansewinkel Groep follows the Global Reporting
Initiative (GRI) guidelines.
Scope
130
A-level requirements. Van Gansewinkel Groep reports

on all relevant core GRI indicators and is transparent
about its sustainability activities. KPMG has verified
the report and has provided an assurance report with a
limited assurance, which gives the report an A+ status.
On page 133-139 a GRI table notes which GRI indicators
can be found in the sustainability report. The process
of verifying the information contained in this report
is extremely important to us in order to increase the
reliability, completeness and transparency for all our
stakeholders.
Selection of subjects
This report includes facts, figures and information on

all Van Gansewinkel Groep companies and any variation is indicated in the text. A full list of our companies,
locations and operations can be found on our website:
www.annualreportvangansewinkelgroep.com. We have
also released previous information on sustainability
back in 2007, 2008 and 2009.
The subjects included in this years report are chosen

based on: the GRI guidelines; our management systems;
Van Gansewinkel Groep relevance; and stakeholders
requirements (materiality analysis). The information
herein relates to the performance of Van Gansewinkel
Groep itself and not to that of our subcontractors.
Verification of this report
Data collection
The Van Gansewinkel Groep report covering the area

sustainability is compiled on the basis of the third generation guidelines from the Global Reporting Initiative
(G3.1). The G3.1 distinguishes different application levels. Based on a self-assessment, this report meets the
Van Gansewinkel Groeps important information for the

indicators (quantitative) and initiatives (qualitative) is
requested from the relevant business units (regions)
and staff departments. After an assessment, the information is then verified by an internal coordinator and
annual report 2011
validated for the entire Group. Subsequently, they have

been verified by KPMG. The collection of basic data is,
as much as possible, supported by periodic reports and
a manual, which includes definitions that are used for
the GRI indicators. As far as possible, we align with
methods used in the past and, if these are waived, this
is indicated in the text.
Acquisitions and divestments

The Veolia Belgium acquisition in 2011 is included in
the financial and non-financial reports. When this is not
the case, this is indicated in the text.
131
GRI-table
Indicator
Description
Page
Vision & strategy

1.1
Vision & strategy of Van Gansewinkel Groep with regards to

sustainable development
6-7
1.2
Description of most relevant impacts, risks and opportunities
76-81
2.1
Name of the reporting organisation
Cover
2.2
Most important products and brands
2.3
Operational structure of the organisation
2.4
Location Head Office
2.5
Countries where activities of the organisation take place
2.6
Legal form
2.7
Markets
2.8
Size of the reporting organisation
2.9
Organisational changes
Profile of the organisation
2.10
Cover
34-35
2
14-37
Awards
75
Scope of the report

3.1
Reporting period
130-131
3.2
Date of the most recent report
130-131
3.3
Reporting cycle
130-131
3.4
Contact details for further information
3.5
Process content report
130-131
3.6
Delineation/ report borders
130-131
3.7
Limit delineation
130-131
3.8
Base for reporting about partnerships
130-131
3.9
Measuring methods and the basis for calculations
130-131
3.10
Explanation of the effects of any restatement of information provided

in earlier reports
130-131
3.11
Influencing factors for the comparability between reporting periods
130-131
3.12
Management disclosures
133-139
3.13
Policy external assurance
130-131
Cover
Management, commitment and involvement

4.1
Management structure*
4.2
Chairman of the highest management body
4.3
Independence of the Advisory Board
4.4
Mechanisms for shareholders and employees
4.5
Rewards top management
4.6
Processes which guarantee that contrary interests are being avoided
8-12, 13, 142, 143

8-12, 13
13
8-12, 40-48
8-12, 44, 129
8-12, 13
* The GRI table outlines which GRI indicators are reported in the Annual Report 2011 and where they can be found in the report. Some indicators are
marked with an asterisk (*). Those marked with an asterisk are partially covered in the report. Other indicators are fully covered, unless otherwise stated.
132
annual report 2011
133
GRI-table
GRI-table
Indicator
Description
Management, commitment and involvement

4.7
Expertise of the members of the highest management body*
4.8
4.9
DMA
Emissions, effluents and waste
15, 21, 36-38,

58-60
Internally developed mission- or declaration of principles
13, 15, 36-38,

82-85
DMA
Products and services
15, 21, 36-38,

97-109
Procedures of the highest management body
36-38, 82-85
DMA
Compliance
DMA
Transport*
DMA
Overall
36-38
EN1
Weight of materials
54-57
EN2
Percentage recycled material
54-57
EN3
Direct primary energy consumption
EN4
Indirect energy consumption
Performance of the highest management body
4.11
Precaution principles
4.12
Other external initiatives
4.13
Membership of associations
4.14
List of groups and interested parties
70-75
4.15
Inventory and selection of interested parties
70-75
4.16
Involvement of interested parties
Subjects through the involvement of interested parties
13, 44
13
36-38
Energy
Economic performance
Initiatives energy efficiency and sustainable energy
54-62, 98-109
51, 62, 69, 70-75
EN7
Initiatives lowering indirect energy consumption
54-62, 98-109
EN8
Total water withdrawal by source*
61
3, 63-69, 119-129
EN9
Water sources significantly affected by withdrawal of water
61
EN10
Percentage and total volume of water recycled and reused
n/a
EN11
Location and size of land owned, leased, managed in, or adjacent

to, protected areas and areas of high biodiversity value outside
protected areas*
60
EN12
Description of significant impacts of activities, products, and services

on biodiversity in protected areas and areas of high biodiversity value
outside protected areas*
60
EN13
Habitats protected or restored
EN14
Strategies, current actions, and future plans for managing impacts

on biodiversity*
EN15
Number of IUCN Red List species and national conservation list

species with habitats in areas affected by operations, by level of
extinction risk*
EN16
Total direct and indirect greenhouse gas emissions by weight
58-62
EN17
Other relevant indirect greenhouse gas emissions by weight
60-62
EN18
Initiatives to reduce greenhouse gas emissions and reductions

achieved
54-62
EN19
Emissions of ozone-depleting substances by weight*
60-62
EN20
NOx, SOx, and other significant air emissions by type and weight
EN21
Total water discharge by quality and destination*
61-62
55-57
Indirect economic impacts
31, 55
Indirect economic impacts
Financial implications and other risks and opportunities for the

organisation's activities due to climate change
76-81
EC3
Coverage of the organisation's defined benefit plan obligations*
n/a
EC4
Significant financial assistance received from government*
EC5
Range of ratios of standard entry level wage compared to local minimum wage at significant locations of operation*
EC6
Policy, practices, and proportion of spending on locally-based suppliers at significant locations of operation*
82-85
EC7
Procedures for local hiring and proportion of senior management

hired from the local community at significant locations of operation*
43-45
EC8
Development and impact of infrastructure investments and services

provided primarily for public benefit through commercial, in-kind, or
pro bono engagement.
33
Understanding and describing significant indirect economic impacts,

including the extent of impacts*
Biodiversity
70-75, 119
EC2
EC9
42
n/a
33, 70-75
Environmental indicators
Emissions, effluents and

waste
EN22
Total weight of waste by type and disposal method
15-29
EN23
Total number and volume of significant spills
Energy
15, 22-33
EN24
DMA
Water*
36-38, 60-61
Weight of transported, imported, exported, or treated waste deemed

hazardous under the terms of the Basel Convention Annex I, II, III, and
VIII, and percentage of transported waste shipped internationally*
DMA
Biodiversity*
DMA
Materials
DMA
59
EN6
DMA
Market footprint
61, 101
Energy savings and efficiency improvements*
14-35
Direct economic value generated and distributed, including revenues,

operating costs, employee compensation, donations and other
community investments, retained earnings, and payments to capital
providers and governments
36-38, 58
EN5
Market presence
EC1
36-38, 76-81, 84
9, 46, 51, 62, 65,

69, 70-75, 117
DMA
Economic perfomances
Materials
70-75, 78,
142-143
Water
**DMA
Page
41, 142-143
Economic indicators
Description
4.10
4.17
Indicator
Page
54-62
n/a
60
n/a
61
60
55-57
36-38, 60
** DMA: Disclosures on Management Approach
134
annual report 2011
135
GRI-table
GRI-table
Indicator
Description
Products and services
Compliance
Indicator
Page
EN25
Identity, size, protected status, and biodiversity value of water bodies

and related habitats significantly affected by the reporting organisation's discharges of water and runoff
EN26
Initiatives to mitigate environmental impacts of products and services, and extent of impact mitigation
EN27
Percentage of products sold and their packaging materials that are

reclaimed by category
54-57
EN28
Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and
regulations
62, 84
58-60
EN29
Significant environmental impacts of transporting products and

other goods and materials used for the organisation's operations,
and transporting members of the workforce
Overall
EN30
Total environmental protection expenditures and investments by

type*
n/a
LA11
Programs for skills management and lifelong learning that support

the continued employability of employees and assist them in managing career endings
42, 44
52-62, 97-109
LA12
Percentage of employees receiving regular performance and career

development reviews*
42, 44
LA13
Composition of governance bodies and breakdown of employees per

category according to gender, age group, minority group membership, and other indicators of diversity*
LA14
Ratio of basic salary of men to women by employee category*
DMA
Investment and procurement practices
DMA
Non-discrimination
36-38, 85
DMA
Freedom of association and collective bargaining
36-38, 44
DMA
Child labor
36-38, 82-85
DMA
Prevention of forced and compulsory labor
36-38, 82-85
DMA
Security practices
n/a
DMA
Indigenous rights
n/a
DMA
Assessment
n/a
DMA
Remediation
36-38
Diversity and equal

opportunity
62
DMA
Employment
DMA
Labor/management relations
DMA
Occupational health and safety
21, 48-51
DMA
Training and education
21, 40-42
DMA
Diversity and equal opportunity
36-38, 43
DMA
Equal remuneration for women and men*
36-38, 44
Occupational health
and safety
136
annual report 2011
21, 36-38, 39-51

36-38, 45-47
Investment and purchasing policy
HR1
Percentage and total number of significant investment agreements

that include human rights clauses or that have undergone human
rights screening
HR2
Percentage of significant suppliers and contractors that have

undergone screening on human rights and actions taken*
HR3
Total hours of employee training on policies and procedures

concerning aspects of human rights that are relevant to operations,
including the percentage of employees trained
n/a
LA2
Net employment*
44
LA3
Benefits provided to full-time employees that are not provided to

temporary or part-time employees, by major operations
44
Return and retention after parental leave, divided by men and women*
50
LA4
Percentage of employees covered by collective bargaining agreements
44
Non-discrimination
HR4
Total number of incidents of discrimination and actions taken
44
Operations identified in which the right to exercise freedom of

association and collective bargaining may be at significant risk, and
actions taken to support these rights*
82-85
Minimum notice period(s) regarding significant operational changes,

including whether it is specified in collective agreements*
Freedom of association
and collective bargaining
HR5
LA5
LA6
Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and
advise on occupational health and safety programs*
44-47
Child labor
HR6
Operations identified as having significant risk for incidents of child

labor, and measures taken to contribute to the elimination of child
labor*
82-85
LA7
Rates of injury, occupational diseases, lost days, and absenteeism,

and number of work-related fatalities by region
48-50
Forced and compulsory

labor
HR7
82-85
LA8
Education, training, counseling, prevention, and risk-control programs in place to assist workforce members, their families, or community members regarding serious diseases
49-51
Operations identified as having significant risk for incidents of forced

or compulsory labor, and measures to contribute to the elimination of
forced or compulsory labor*
Security practices
HR8
Percentage of security personnel trained in the organisation's policies

or procedures concerning aspects of human rights that are relevant
to operations
n/a
Indigenous rights
HR9
Total number of incidents of violations involving rights of indigenous

people and actions taken
n/a
Assessment
HR10
Percentage and total number of operations that have been subject to

human rights reviews and/or impact assessments*
n/a
Remediation
HR11
Number of grievances related to human rights filed, addressed and

resolved through formal grievance mechanisms*
LA10
43-45
36-38, 82-83
Profile staff employed
LA9
Training and education
44
LA1
LA15
Labor/management
relations
43-45, 144-145
Human rights
Working conditions
Employment
Page
Working conditions
Transport
Description
Health and safety topics covered in formal agreements with trade

unions
36-38, 45-47
Average hours of training per year per employee by employee category*
42
85
n/a
83
85
137
GRI-table
GRI-table
Indicator
Description
Society
Community
DMA
Local communities
DMA
Corruption
DMA
Public policy
n/a
DMA
Anti-competitive behavior
n/a
DMA
Compliance
SO1
SO10
Nature, scope, and effectiveness of any programmes and practices

that assess and manage the impacts of operations on communities,
including entering, operating, and exiting*
36-37
Page
PR5
Practices related to customer satisfaction, including results of surveys measuring customer satisfaction
PR6
Programmes for adherence to laws, standards, and voluntary codes

related to marketing communications, including advertising, promotion, and sponsorship
n/a
PR7
Total number of incidents of non-compliance with regulations and

voluntary codes concerning marketing communications, including
advertising, promotion, and sponsorship by type of outcomes
n/a
Customer privacy
PR8
Total number of substantiated complaints regarding breaches of

customer privacy and losses of customer data*
84
Compliance
PR9
Monetary value of significant fines for non-compliance with laws

and regulations concerning the provision and use of products and
services
84
36-37, 84
Marketing communications
36-37, 84
70-75
Operations with significant potential or actual negative impacts on

local communities
62, 76-81, 82-85
Prevention and mitigation measures implemented in operations with

significant potential or actual negative impacts on local communities
62, 76-81, 82-85
SO2
Percentage and total number of business units analysed for risks

related to corruption*
84-85
SO3
Percentage and total number of business units analysed for risks

related to corruption
n/a
SO4
Actions taken in response to incidents of corruption
SO5
Public policy positions and participation in public policy development

and lobbying
75
SO6
Total value of financial and in-kind contributions to political parties,

politicians, and related institutions by country
75
Anti-competitive behavior
SO7
Total number of legal actions for anti-competitive behavior, anti-trust,

and monopoly practices and their outcomes
Compliance
SO8
Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations
DMA
Customer health and safety
DMA
Product and service labelling
n/a
DMA
Marketing communications
n/a
DMA
Customer privacy*
DMA
Compliance
Public policy
Description
Product liability
SO9
Corruption
Indicator
Page
65-66
84-85
n/a
84
Product liability
Customer health and

safety
Product and service

labelling
138
annual report 2011
PR1
Life cycle stages in which health and safety impacts of products and
services are assessed for improvement, and percentage of significant
products and services categories subject to such procedures*
PR2

voluntary codes concerning health and safety impacts of products
and services during their life cycle, by type of outcomes
PR3
Type of product and service information required by procedures,

and percentage of significant products and services subject to such
information requirements*
PR4

voluntary codes concerning product and service information and
labeling, by type of outcomes
36-37
36-37
84
48-51
84
36-37
84
139
INDEPENDENT
ASSURANCE REPORT
To the readers of the Integrated financial and sustainability report 2011 of Van Gansewinkel Groep.
ability report 2011 is consistent with the Sustainability

information.
We have been engaged by the Board of Directors of Van

Gansewinkel Groep (hereinafter: Van Gansewinkel) to
provide limited assurance on the Sustainability information in the Integrated financial and sustainability
report 2011 (hereinafter: The Report). The Board of
Directors is responsible for the preparation and fair
presentation of The Report, including the Sustainability
information, as well as the identification of material issues. Our responsibility is to provide limited assurance
on the Sustainability information in The Report.
Which reporting criteria did Van Gansewinkel

use?
What was included in the scope of our assurance engagement?
Our engagement was designed to provide limited assurance on whether the information in the chapters
Organisation and formalisation of sustainable development, People, Planet, Stakeholder dialogue, Sustainable supply chain management and the paragraph
Customer satisfaction within the chapter Profit in
the Report of the Board of Directors (hereinafter: the
Sustainability information) is, in all material respects,
fairly stated in accordance with the reporting criteria.
Procedures performed to obtain a limited level of assurance are aimed at determining the plausibility of
data and are less extensive than those for a reasonable
level of assurance. We do not provide any assurance on
the achievability of objectives, expectations and ambitions of Van Gansewinkel.
We have also reviewed, to the extent of our competence, whether information on sustainability in the
other chapters of the Integrated financial and sustain-
140
annual report 2011
Van Gansewinkel applies the Sustainability Reporting

Guidelines (3.1) of the Global Reporting Initiative (GRI)
to prepare the Sustainability information, as set out in
the section About this report on pages 130 to 131 of
The Report.
Which assurance standards did we use?
We conducted our engagement in accordance with

Standard 3410N Assurance engagements relating to
sustainability reports of the Royal Netherlands Institute of Registered Accountants . This Standard requires, amongst others, that the assurance team possesses the specific knowledge, skills and professional
competencies needed to understand the Sustainability
information, identify and collect the thereto related assurance information and that they comply with ethical
requirements, including independence requirements.
What did we do to reach our conclusions?
We undertook, amongst others, the following

procedures:
A media analysis and internet search for references
to Van Gansewinkel, in relation to environmental,
safety and social issues, in the reporting period,
for the purpose of deepening our insights in the
relevant sustainability issues;
Interviews with relevant staff at group and entity level concerning the sustainability strategy,
sustainability policies, communication and management of these in the business, and with other
staff responsible for providing the Sustainability
information;
Review of the design and implementation of systems and processes for information management
and processing, including the aggregation of data
included in the Sustainability information;
Collecting and reviewing internal and external
documentation to determine whether the Sustainability information in The Report is supported by
sufficient evidence;
Determining whether the information in the other
sections of The Report is consistent with the Sustainability information;
Assessing the reasonableness of the assumptions
underlying the forward-looking statements set out
in the Sustainability information;
A n evaluation of whether the Sustainability
information is in line with our overall knowledge
of, and experience with, sustainability at Van
Gansewinkel.
What else did we observe?
Without affecting the conclusion presented above,

we would like to draw the readers attention to the
following:
The vision and strategy of Van Gansewinkel is
included in the Report as are the targets for key
indicators. These targets relate to the next calendar
year. As sustainability is a long term commitment
for Van Gansewinkel, we recommend to develop
targets for the longer term.
Van Gansewinkel conducted a materiality analysis in order to identify the material sustainability
issues for the Report. We recommend Van Gansewinkel to integrate this analysis structurally in
its stakeholder management to be able to use the
outcomes for reviewing and developing sustainability policies as well as for the preparation of the next
Report.
During the assurance process we discussed necessary

changes to the various drafts of The Report with Van
Gansewinkel, and reviewed the final version of The Report to ensure that it reflected our findings.
What is our conclusion?
Based on the procedures performed, as described

above, we conclude that nothing came to our attention
to indicate that the Sustainability information in The
Report is not, in all material respects, fairly stated in
accordance with the reporting criteria.
We also report, to the extent of our competence, that the
information on sustainability in the other chapters of
the Integrated financial and sustainability report 2011
is consistent with the Sustainability information.
Amstelveen, 11 April 2012

KPMG Accountants N.V.
M.J.A. Verhoeven RA
141
Biographies of the
Biographies of the
Board of Directors
Supervisory Board
Mr. L.M. Sondag (1962)
Mr. D.T.G. Gijsbers (1964)
CEO
COO
Ruud Sondag studied law at the State University of Utrecht.

Between 1987 and 1997 he fulfilled various management
positions at Nedlloyd lines; finally as Marketing and Sales
Director Europe. In 1997, he became Marketing and Sales
Director at Van Gansewinkel Groep and member of the General Management. Since 2001 he has been Chairman of the
Board of Directors and Chief executive Officer (CEO) of Van
Gansewinkel Groep.
Directorships/additional roles:
Member of the Supervisory Board of Meeuw Holding B.V.
Member of the Supervisory Board of EXA Holding
Chairman of the Board of Stichting Regionale Omroep Brabant
Member of the Advisory Board of the Faculty of Law,
Economics and Administration
Y. Luca (1965)
CFO
COO
Member of the Supervisory Board of Wings of Support, an
organisation helping children with shelter and education in
those countries which are KLM and Martinair destinations
Board member of WENb, an employers organisation covering
energy, cable & telecom, waste & environment
annual report 2011
Current position:
Partner CVC Capital Partners, Netherlands
Nationality: Dutch
Appointed on: 1 March 2006
Hugo van Berckel is a partner at CVC Capital Partners. Before he started working at CVC Capital Partners in 1999, he
held various positions at, among others ABN AMRO bank and
KLM Royal Dutch Airlines. Hugo vanBerckel studied law at
the University of Leiden and holds a Master degree of Business Administration from INSEAD, Fontainebleau. He holds
directorships at Koninklijke Volker Wessels Stevin, Raet NV
and C1000.
Vice Chairman, Association of Waste Companies (Vereniging
van Afvalbedrijven)
Member of the Supervisory Board of Van Loon specialist meat
company
R.C. de Fluiter Balledux (1963)

Rob de Fluiter Balledux studied Fiscal Economics and Law at
Erasmus University in Rotterdam. After university, he began
his career as a tax consultant with Deloitte & Touche, after
which he moved to Nedlloyd in 1995. At Nedlloyd he took on
the role of Head of Fiscal Affairs and studied at the Harvard
Business School (USA) in 2000, ending his career at Nedlloyd
as Financial Director. In 2002, he joined Martinair as Chief
Financial Officer (CFO). Since May 2009, Rob has held the
position of CFO at Van Gansewinkel Groep.
142
Diederik Gijsbers studied law at the Catholic University of

Brabant in Tilburg. After his studies he joined the legal firm
BDO CampsObers as a registered accountant. In 1992 he
moved to the Van Gansewinkel organisation, where he fulfilled a range of roles. Between 1996 and 2001 he was responsible for all waste collection operations in the Netherlands. In
2001, he became a Group Director and, since the summer of
2005, he has been a member of the Board of Directors of Van
Gansewinkel Groep. As a Board Director, he is responsible for
the collection and processing operations in the Netherlands
and, since 2010, all of the collection operations in Belgium,
Luxembourg and France as well.
H. van Berckel (1960)
Yves Luca studied applied economics science at the State

University of Gent. After military service, he worked for Air
Products in Emmaus (USA) and Bauwens-Cotrabel, where he
was responsible for Cotrabel. On June 1st, 1995 he started
as logistics manager with Van Gansewinkel Belgium. Over
subsequent years he has held various regional and national
management positions. He became a Group Director in 2001
and a member of the Board of Directors of Van Gansewinkel
Groep in the summer of 2005. Since 2010 he is also, besides
the recycling operation, responsible for the Energy from
Waste operations (AVR) and all operations in Poland and the
Czech Republic.
P.A.M. Berdowski (1957)
C.J. van den Driest (1947)

Current position:
Chairman of the Supervisory Board of Anthony Veder Group
N.V. and Van Oord N.V., member of the Supervisory Board of
Stork B.V. and Koninklijke Vopak N.V.
Nationality: Dutch
Appointed on: 1 April 2009
Carel van den Driest studied business economics at the University of Groningen. After graduation he worked at, amongst
others, Shell in The Hague and Brunei and after that at the
Rotterdam shipping and harbour company Van Ommeren. At
Van Ommeren he held several executive positions, ultimately
joining the Board and as Chairman from 1991 to 1999. In
2000, Van den Driest transferred to ECT, holding the post
of Chairman of the Board. In 2002, he became Chairman of
the Board of Koninklijke Vopak, a position he held until late
2005.
R. Gorenflos (1961)
Current position:
CEO of Royal Boskalis Westminster N.V.
Nationality: Dutch
Appointed on: 1 April 2009
Current position:
Partner Kohlberg Kravis Roberts LLP, London, United Kingdom
Nationality: German
Appointed on: 1 March 2006
Peter Berdowski studied Chemistry at the University of.

Utrecht. Before 1997 he held various management positions
in the Netherlands at Royal Shell Group and Krekel van der
Woerd Wouterse. In 1997, Berdowski started working for the
international dredging company Royal Boskalis Westminster
as a member of the Board of Management. He became ViceChairman in 2001 and Chairman (CEO) in May 2006.
Reinhard Gorenflos is a partner at KKR. Since his appointment in 2001, he has played a leading role in the investments
in AVR, Van Gansewinkel, Duales System Deutschland
(DSD), FL Selenia, MTU Aero Engines, Demag, Zumtobel, and
Legrand. Gorenflos is also a member of the Portfolio Management Committee and the Infrastructure Investment Committee. He studied economics at the University of Freiburg in
Germany and has a Masters in Public Administration, John
McCloy Academic Scholar of the School of Government at Harvard University (USA).
143
Glossary of terms
Accident without absence An alternative-duties incident or a medical-treatment accident. See also: alternativeduties incident and medical-treatment incident
Alternative-duties incident An incident that causes damage to an individuals health that prevents that individual
from carrying out the full set of duties normally assigned to him or her. The employee
starts performing the alternative duties on the first working day following the incident.
BEC
Biomass Power Plant (Dutch: biomassa energie centrale)
Biomass
Biodegradable fraction of products, waste and residues
Capex
Investments (capital expenditures)
CEE
Central and Eastern Europe, in this context Poland, the Czech Republic and Hungary
CEO
Chief Executive Officer
CFC
Chlorofluorocarbon
CFO
Chief Financial Officer
CO2
Carbon Dioxide (greenhouse gas)
Combustible waste Household and commercial waste that is delivered to the incineration plants in Rozenburg and Duiven, or that is collected by Van Gansewinkel and delivered to incineration
plants of third parties
COO
Chief Operations Officer
cradle-to-cradle The central concept of cradle-to-cradle is that waste is food. Every material, once spent,
should be reused as the same or another product. It should not lose quality and all
residual products must be capable of being reused or be environmentally neutral. This
completes the cycle .... and waste is food. cradle-to-cradle is a registered trademark
of McDonough Braungart Design Chemistry
CVC Capital CVC Capital Partners is an international private equity firm and one of Van Gansewinkel
Groeps shareholders
Design for recycling Design for recycling means that products are designed in such a way that they can be
completely reused based on the cradle-to-cradle principle. The raw materials are carefully chosen and combined to allow them to be reused for the same purpose or function
Downcycling Downcycling appears when a recycled raw material is no longer of the purity of the
original raw material and the material quality has degraded
EBIT Earnings Before Interest and Taxes
EBITDAE Earnings Before Interest, Taxes, Depreciation, Amortisation and Exceptional Items
Economic raw materials scarcity Economic raw materials scarcity arises in the market for raw materials as a result in
shifts in supply and demand. The availability of raw materials is an important factor
in price movements in the market
EMS Employee Motivation Survey
EPEA Environmental Protection and Encouragement Agency EPEA assists Van Gansewinkel
Groep in applying the cradle-to-cradle principle
Fatality An incident that causes damage to an individuals health that is sufficiently severe to
cause that individual to die within 30 days of continual absence following the incident,
if the injury sustained is part of the cause of death
First-aid incident A once-only treatment and/or observation of minor scrapes, cuts, burns, splinters etc.
that do not require medical treatment by a doctor. This treatment or observation is
also termed first aid even if conducted by a doctor or by a professional registered with
a hospital. The incident may not result in different work or absence
Footprint In the context of this report, this refers to the CO2 footprint. The CO2 footprint indicates
the amount of CO2 that an organisation emits as a result of its activities and is a form
of pollution index
FORZ Secondary building material of the A&G subsidiary
Frequency level Number of incidents involving absence x 100,000, divided by the number of exposure
hours. The frequency level refers to both employees and external workers
FTE
Full-Time Equivalent, equates to employees with a full-time contract
Guarantees of Origin Guarantees of Origin provide information about how electricity is produced. They prove
that the electricity was generated using sustainable methods. Guarantees of Origin
represent green energy and can make companies and institutions energy consumption sustainable
Geopolitical scarcity Geopolitical scarcity emerges if raw materials that are becoming scarcer are used as
economic and political weapons
144
annual report 2011
GRI Global Reporting Initiative. Van Gansewinkel Groeps sustainability report is based
on the Global Reporting Initiative, version 3.1. G3 distinguishes different application
levels, from C to A. Van Gansewinkel Groep reports on many of the GRI key indicators
and is transparent about its sustainability activities. PricewaterhouseCoopers Accountants N.V. has verified the report, giving it an A+ level
GWh
Gigawatt hour (1,000 MWh (megawatt hours) or 1 million kWh (kilowatt hours)
Hazardous waste Waste that is classified as hazardous according to the European List of Waste (marked
with an asterisk (*)). This also includes chemical and hazardous household waste, such
as paint waste, batteries, solvents, toners and medicine residues
ISO 9001
International standard for quality management systems
ISO 14001
International standard for environmental management systems
KKR Kohlberg Kravis & Roberts; KKR is a private equity firm and one of Van Gansewinkel
Groeps shareholders
Kton
Kiloton
Lean Six Sigma A quality management method for improving an organisations operational achievements by identifying deficiencies in and making improvements to that organisations
work processes
Level Playing Field
A metaphor for a market in which the same rules apply to each and every operator
Medical-treatment incident An incident involving injury, not being a time-lost incident or a different-work incident,
for which treatment may only be administered by a doctor or medical specialist. Medical treatment does not include first-aid treatment
Mtons
Megaton
MWh
Megawatt hour
Near miss An unplanned event or series of events that did not result in injury, sickness or damage,
but that might have
NGO Non-governmental organisation
Non-ferro A non-ferrous metal is a metal that contains no iron and that does not have iron alloys
as its main component (for example copper, aluminium, zinc, bronze and brass)
NVMP Nederlandse Verwijdering Metalektro Producten
OHSAS 18001 International standard and management system for ensuring health and safety in the
workplace
Physical raw materials scarcity The tangible and actual amount of raw materials in the world or in a particular area
R1 status Recovery plant. Having been awarded R1 status makes it easier for waste incinerators to import waste from abroad. These plants must be compliant with the applicable
standards
Renewables
Renewable raw materials
Severity rate Number of working days lost x 1,000 divided by the exposure hours. The severity rate
refers to both employees and external workers
SHEQ Safety, Health, Environment and Quality
SWOT Strengths, Weaknesses, Opportunities and Threats
TCI Thermal Conversion Plant (Dutch: Thermische Conversie Installatie)
TJ Terrajoule
Time-lost accident An accident that causes damage to an individuals health that prevents that individual
from starting his or her own duties or alternative duties on the first working day following the incident
Trackwise Trackwise is an electronic management system supporting the organisation that registers and monitors SHEQ-related items, for example incidents and near misses, inspections, audits, sanctions and surveys
Upcycling Upcycling means that the recycled raw material attains a higher level of purity than
that of the original raw material
Urban mining
Retrieving and extracting valuable raw materials from unwanted products
Waste Framework Directive EC Directive on the handling and disposal of waste, currently being implemented in
the Member States
WEEE
Waste Electrical and Electronic Equipment
145
Colophon
Concept, design and production
credo.creatie, Eindhoven
Printing and finishing
De Budelse
Photography
Clea Betlem
Imagebank Van Gansewinkel Groep
Typefaces
BentonSans, Corporate
Paper
Steinbeis Charisma Silk
Revive Natural White
Concept, coordination and editorial
Fredericke van Blotenburg
Jacqueline van Druten - de Wit
Geert DHaese
Frank Janssen
Tim Kezer
Gertwin Klomp
Bart Nevels
Natasja van Rompaey - de Vaal
Jurriaan Spoel
Hendrik van de Vijver
Advice
C&F Report
For more information
Internet
www.vangansewinkelgroep.com
e-mail
info@vangansewinkel.com
Corporate Communications,
Eindhoven
+31 40 751 40 00
This annual report has been printed on

100%-recycled paper and can be reused for
our Cradle to Cradle-certified Office Paper.
146
annual report 2011

Head office
Flight Forum 240
NL-5657 DH Eindhoven
Postbus 8785
NL-5605 LT Eindhoven
The Netherlands
Tel +31 40 751 40 00
Email info@vangansewinkel.com
www.vangansewinkelgroep.com
The company is registered at
Companies House in Rotterdam
registration number 24390763.

Accident Report

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Accident Report

Transféré par

Droits d'auteur :

Formats disponibles

Annual Report

Van Gansewinkel Groep

2nd life as raw materials

Operational cash flow

New C2C projects

Operating result (EBIT)

CO2 emission prevented

Income model: two directions, two customers

Scarcity of raw materials as a business case

Van Gansewinkel Shop

Together, the private equity firms CVC Capital Partners

Van Gansewinkel Groep

Collection & Services

Van Gansewinkel Inside

Revenue 883 million

generated. Wherever streams of waste are nevertheless

Energy from Waste

Revenue 242 million

Soil sanitation and

Annual Report 2011

Number of employees (not including temporary workers)

Average number of temporary workers (FTE)

2nd life as raw materials (%)

CO2 emission prevented in the total chain (mtons)

Energy efficiency (%)

New C2C projects implemented

Production of green energy (%)

Production of grey energy (%)

Electricity production (GWh)

Heat production (TJ)

Operational cash flow

Return on capital employed (ROCE)

Customer satisfaction (mark out of 10)

Staff turnover (%)

Other uses (%)

Profit (in million)

annual report 2011

From the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Report of the Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Sustainable supply chain management .. . . . . . . . . . . . . . . . 

Report of the Board of Directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Van Gansewinkel Inside . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  87

Financial summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  119

About this report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

GRI statement .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

GRI table .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Assurance report .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

Biographies Board of Directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Biographies Supervisory Board .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

Glossary of terms .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

and made significant progress towards increasing the

CEO Ruud Sondag

Despite the weak economy and the pressure on

annual report 2011

Our market position is also cause for gratification. The

Strategic move in Belgium

vided capital to enable the transaction. Moreover, since

Continued focus on efficiency

Meetings with the Board of Directors

annual report 2011

Every month, the Board of Directors as a team meet

Consultation with the Central

employee participation body. He met with the Central

Agenda for 2012

From the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Report of the Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sustainable supply chain management .. . . . . . . . . . . . . . . .

Report of the Board of Directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Van Gansewinkel Inside . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

Financial summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

About this report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

GRI statement .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

GRI table .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Assurance report .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

Biographies Board of Directors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Biographies Supervisory Board .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

Glossary of terms .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

Small position outside the Benelux

Scarcity of raw materials and developments in .

Increase in industrial production

Volatility of prices for raw materials

Make better use of our size and market position in

2. Optimisation of Energy from Waste