inside CONNECTING THE RED AND THE BLACK ANNUAL REPORT 2011

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1 APRIL 2012, ISSUE 05 WWWQUARTZCOCOM ANNUAL REPORT 2011 ARE YOU THE BEST OWNER? Quz+Co Baot ENTREPRENEURING IN NAIROBI Yaly CSR tv DEEP DIVES INTO EIGHT OF SCANDINAVIA S LARGEST COMPANIES Cass sd CONNECTING THE RED AND THE BLACK 2011 WAS A YEAR OF TURBULENCE IN THE GLOBAL ECONOMY Publshd Dak, Swd ad Noway

2 THIS IS THE FIFTH ISSUE OF THE QUARTZ+CO ANNUAL REPORT Publsh: Quz+Co Edtos: Ulla Stoft Ødu Tost Hvdt Thoas Møll Plas addss qustos gadg th cotts of ths pot to Tost Hvdt 5 Publshd Dak, Swd ad Noway Ptd Dak About: A busss agaz fo has b chos fo ths ya s aual pot W foud th th joualstc appoach sd appop to covy ou clts stos, th challgs thy hav ovco ad th lag thy hav acqud; stos th cotu to sp all of us Th cls ag fo clt cass to agda-sttg ths ad coc ots Quz+Co ad pst a cophsv vw of ou ya Cotact: DENMARK Rysgad 3A DK 2200 Cophag N Tl NORWAY Wgladsv 21 NO-0167 Oslo Tl SWEDEN Bg Jalsga 7 SE Stockhol Tl +46 (0) wwwquzcoco Quz+Co s WdMad Ctfd 24 FEATURES 5 CONNECTING THE RED AND THE BLACK Th ya 2011 was a ya of tubulc th global cooy It was a ya of d ad of black A wd ag of copas, dusts ad dd o sts plugd to d, whl oths showd fgus th ad ptch-black By th Quz+Co Pshp 20 ENTREPRENEURING IN NAIROBI I th su of 2010, th cosults fo Quz+Co packd th bags ad lft ho to hlp Kya tpus th qust to buld sustaabl bussss Th pupos? To pcp, as advsos to Kya tpus, a 48- hou cotst wth a gad pz of 25,000 uos fo th w By Sof Wls 24 ARE YOU THE BEST OWNER? Th facal css dos t s to las ts gp just yt So how do w cop wth ths? Accodg to t top xcutvs, o of th asws s to su bst owshp Th foutth dto of th aual Quz+Co Baot puts bst owshp ud scuty By Ulla Stoft Ødu

3 3 quz+co Aual Rpot 2011 cotts 4 6 Lockd o tagt Mssag fo th Boad How do w put a labl o a ya lk 2011? Coctg Q+C Quz+Co Dvlopt It has b qut a ya fo Quz+Co, as w gttg clos to ou abto of bc o of th th pfd advsos th Nodc go 8 10 Wg s vythg PFA Cas Agast all odds, PFA has ow wo sx of th ght tagtd pospcts ad st tos though th dusty Thkg outsd- Daly Mask Cas Wth th lauch of Daly Mask, Mask L s pushg th ffccy agda v futh ad wtg th xt chapt th hstoy of cotaso Wh Ro IKEA Cas Back 2006, IKEA Italy was a facally st ad wllpf copay th vthlss dcdd to bak o a jouy to cas sals ad poductvty O hudd utd Safoad Cas I 2011, th aagt dcdd to t a asoal tasfoo pocss to su th all tts w ot just wokg wth a local focus, but bca o copay T fo chag? Ros Cas Ths s th stoy about a copay th had fall aslp, but was bought by a pv quty fud ad awok to ach ts full pottal How to gt cosus passo fo day? Ala Cas Th day dusty has suffd dug th cooc dowtu wth a casg ub of cosus choosg poducts accodg to pc h tha qualty o bad A sght out pspctv Book Rvw 23 Had had wth tubulc Cot Today, th al challg fo busss lads s th hadly ayo has xpcd ts of tubulc bfo I th publc y Wh Q+C vwpots spu publc db O tack fo chag DSB Cas Th coclusos of a pot o th cooy of th Dash alway copay, DSB, has cvd assv tto Movg to th fast la Ak Solutos Cas Th ol dusty s suffg fo a pobl: th stuggl to kp up wth th assv dad fo ol Stcuto pactc Quz+Cv 32 Clbg coc ots Cultu 34 Owads Kp o coctg 30

4 4 ANNUAL REPORT 2011 MESSAGE FROM THE BOARD LOCKED ON TARGET Goup tuaoud, whch s studd fst-t busss schools aoud th glob today Ad D Loag wll kow wh futu MBA studts a studyg Wth a tack cod fo sttutos such as Yal, Havad ad Sloa, as wll as a 15-ya tu as Psdt IMD, Pt was a tu spo to hav o th boad W tp ou hs, ad wsh Pt all th bst wth th Loag Isttut Zuch, ad Jøg a cotud advtu wth th bst toys th wold How do w put a labl o a ya lk 2011? A ya wh w gw sgfcly Swd ad Noway, dd sssos wth a ag of th ost otabl cha th Dash busss couty, publshd a acclad book o Globalso 30, had a ta of volutay cosults wokg wth local busss tpus Kya, ad w could go o W tptd to call such a ya a c ad asy o - last wh copad to th slghtly o tubult pvous ya, chaactsd by ou g Th ya go by ad t cla th Quz+Co tuly s a ufd, taltd ad ppad ta, loyally cottd to ach oth ad to ou shad vso A ya wh th copay dlvd o ts valus, as wll as o th clt ad popl poposto So, a wa thaks to th ta fo th ffot Al thos ls, w also gful fo th cotbuto ad cott show to us by ou boad collagus Jøg Vg Kudstop ad Pt Loag, who both lft th boad th d of th facal ya O th oth had, w fl pvlgd to wlco Gy Møllsk to th boad Gy holds a pot aagal posto th Nowga Royal Cout ad cos fo a p posto wth Ko/Fy ad pvously fo a SVP posto wth SAS Als, wh sh cutly holds a boad posto Wh lookg ahad to 2012 ad podg wh w ght b a ya s t, t s saf to say th w fl cofotabl ot bcaus w kow wth xact cty wh w g to b ts of sz ad volu but bcaus w kow xactly who w wll b W wll stll b th Nodc al th global dusty of fst-t aagt cosultg W tust th you wll joy adg ths pot, ot last th stos of ou way of dlvg sults, ad would lk to tak ths oppotuty to thak ou clts, old ad w, fo th tust th thy v show ou copay Jøg, CEO th LEGO Goup, jod us back 2003 wh h was a pojct aag th LEGO Goup H os to bco th lad ad achtct bhd th LEGO Chsta Hvdt (Chaa) Gal Rtd, Fo Chf of Dfs Tobjö Khlstd (Excutv Chaa) CEO, Khlstdt & Ps AB Macus Alxad Pofsso, Lodo Busss School Gy Møllsk Chf of Staff, th Nowga Royal Cout Ncola Østd Maagg P, Pls

5 5 QUARTZ+CO CONNECTING THE RED AND THE BLACK Th ya 2011 was a ya of tubulc th global cooy It was a ya of d ad of black A wd ag of copas, dusts ad dd o sts plugd to d, whl oths showd fgus th ad ptch-black Ths was o of th facts th ad th d ad th black a cug th Quz+Co thoughout th ya Bcaus wh happs wh you cosd th dusts ad copas wth d fgus fo th pspctv of th dusts ad copas wth black os, ad vc vsa? Wh you coct th pspctvs so to spak Sothg qut tstg ad vg happs, as dostd ou dalus wth clts It s uch lk wh th d ad th black ws o a ca bty a coctd ad th g oas to lf, ablg th ca to ov fowad oc aga Who would t joy cg th gy? Wll, w v pvously fd to ouslvs as th d ta, whch appls to: a dpdt ut whos sso t s to cotuously challg ad stgth plas, opos, cocpts, asos ad capablts Phaps th just udls ou ol th qust fo black fgus o bhalf of ou clts But w hav o llusos about ou ablty to dlv sults dpdtly, as w kow th black fgus qu d-bloodd popl o th clt sd ad wo wth aspos, followshp ad couag to ov copas fowad ad to su bold black fgus o th botto l Ou w boad b, Gy Møllsk, s such a pso Ths xplas why sh was ou top cadd Bsds h aagt posto th Nowga Royal Cout ad h backgoud wth Ko/Fy ad SAS Als, Gy has sold boad xpc fo uous oth pstgous copas such as DNB No ad Post N W passo about wokg wth popl lk Gy W w to coct ad wok wth as ay of th as possbl Ad 2011 was a ya whch a ag of th bggst, ost tgug ad ost otabl Nodc copas chos to wok wth us, th ajoty of th cosoldg wokg loshps th go back ay yas O th socal sd, w a also thakful fo th tdac ou Club Q+ Lougs Noway, Swd ad Dak, both th spg ad th autu I Oslo, o tha 200 popl chos to jo ou ta to gl ad to lst to th wodful Haddy N j; Stockhol, w hld a succssful lauch vt, whl Cophag ov 600 clts ad clos stakholds vstd ou offc Ad v though ths vts ay soud fstv, thy w o ch to ou aual su ghg Båstad, wh ou ow pa-nodc ock outft blw th oof of Hotl Skas Icoc ots all of th, lk th Chstas clbos wth ou fals Mots w coo as thy pst s valu to us W vy poud ad happy to llust ths pot by shag a fw of th pojcts udtak ad coc ots dlvd o th followg pags W hop t wll coct th d ad th black fo you Thak you fo adg Th Quz+Co Pshp

6 6 ANNUAL REPORT 2011 QUARTZ+CO DEVELOPMENT MOVING CLOSER TO THE MILESTONES CONNECTING Q+C By Ulla Stoft Ødu O of th all th: W w to bco o of th top-3 cosultg copas Dak, Swd ad Noway O all: W w to bco th stst cosultg ploy bad Dak, Swd ad Noway Nodc by u: W wll buld o ou Nodc valus ad cultu, f lv also outsd th Nodc go Mès-qu-u-club: W adh to a odl wh cosultg s a ca, ad ot a stppg sto Kp o ock th f wold: W stv fo global pact ad coc ots It has b qut a ya fo Quz+Co, as w gttg clos to ou abto of bc o of th th pfd advsos th Nodc go At Quz+Co, ou o-facal abtos hav always b ctd aoud fv challgs Whl w cs th ths abtos wll ot b achvd asly o wth th xt ya o two, w ca s th w dd ovg th ght dcto 1 If th top l ad top-l gowth s a poxy fo ou stadg th akt, w fl th a vu of 364 llo Dash ko (basd o a 15-oth pod) ad 22 p ct gowth ya-o-ya sgfy a good ya, dug whch w v ovd clos to th abto Whl gowg, w v cosoldd ou posto wth ky clts ad gad addtoal goud wth pv quty, fac ad phaa aas of g pottal ad potac to us I Dak, w cutly wokg fo two thds of th lagst Dash copas (C20 dx) 63 w collagus hav jod us acoss Noway, Swd ad Dak whl 35 hav lft us to cotu th ca outsd Quz+Co 2 O of th global lads asug ploy bad stgth, Uvsu, coducts a yaly suvy a busss studts ad pofssoals to val whch copas thy pcv as th dal ploy O Uvsu s Top 50 lst of Nodc copas, Quz+Co s ub 45 th busss cgoy, akg hgh tha copas lk Shll ad Booz & Copay I Dak, th 2011 akg placd Quz+Co as ub 5 wth aagt cosultg ad as 39 ovall I Swd, w w ub 7 wth aagt cosultg ad 157 ovall Ad Noway, w w akd 5 wth aagt cosultg ad 71 ovall I Dak, th Quz+Co bad jupd 30 placs o th ovall akg a busss pofssoals copad to 2010 Wh bg th th Quz+Co bad was lss tha two yas old th t of th suvy, w cosd ths sults vy ssfactoy

7 7 QUARTZ+CO 3 Bsds th gowg top l, th ub of ploys ad ou bad awass also sbls th of a o Nodc ad v toal copay, whch s of g potac to us Th vu splt a th th couts has vd out fo a 83/17 splt 2010 btw th Dash ad ou oth Nodc offcs to a 66/34 splt 2011 Th sa ca b sad about th ub of ploys, but o th fot t ght b v o pot th w ow hav 10 collagus who a t Nodc by bth, but wsh to b a p of ou sall cvlso 4 At th ot, 54 popl hav b wokg Quz+Co fo o tha fv yas ad 71 popl hav b wokg h 2-5 yas Ths s pot to us, sc o of ou a abtos s to su th wokg Quz+Co s s as sothg o tha a stppg sto o th ca ph W w t to b cosdd a possbl ca ad a way of lf Th abov ubs tstfy to th fact th ay of us actually fl th Quz+Co s a cool plac to b fo o tha a fw yas, ad as such w cotu to buld a sall coht cvlso 5 Last ya, UN Sctay-Gal Ba K-oo tod o of ou pojcts, WdMad, hs opg addss th Wold Ecooc Fou Davos, stg th a pojct lk ths was dd f w a to c a sustaabl futu Th was a coc ot Ths ya, Th WdMad cosu labl was lauchd, ad 15 global copoos hav alady sgd up to bco bs cottd to th pos th 25 p ct of th futu lctcty cosupto wll b powd by wd, cludg Motoola, Dutch Bak, LEGO Goup, Bloobg, ad Btt Plac Aoth poof th w coctd th d ad th black ad had th oto ug thoughout 2011 was phaps lss hgh-ptchd, but qually ssfactoy: ou wok wth th wold lad cota shppg, Mask L, to c ad lauch Daly Mask a tv th pofoudly chagd th dusty Th lauch ad th followg kck-dow was a coc ot REVENUE (DKK MILLIONS) * *Notc th th facal ya 2011 s basd o a 15-oth pod how w capultd th Uvsu akgs Ths shows th w coctg ad th ou bad s gag sous goud a pofssoals who wll sstally pst ou clts ad busss ps Ou Swdsh offc has xpcd pssv gowth last ya g fo 10 to 30 collagus Bg Jalsga, wokg wth ou tustd clts as wll as two w ajo clts, sultg a top-l gowth of 50 p ct just 12 oths It has b qut a chag sttg ou offc, ltally sg th offc gow ad th puls cas wth all th w collagus j ou ta Th st-up has bco uch o pofssoal wth a full st-up cludg tal suppot fuctos, Nls Kgsbøl, Maagg P Swd, xplas ad cotus: Quz+Co s, howv, stll a h ukow bad Swd Ou bggst pots 2012 a to coct wth ky popl th Swdsh busss couty to as awass, tact a fw addtoal ky clts ad oboad o o two w so ps to fotfy ou posto REVENUE SPLIT BETWEEN COUNTRIES (%) CAGR +27% Lk th oth couts, th st-up Noway has also gow Sgud Haavk, Maagg P Noway, labos: W ow hav th sz ad a lst of tgug clts th ak us a st play th fld, ad w too hav had a pssv topl gowth W v had coutlss coss-nodc pojcts, ad I fl th th tcocto btw th th couts s ow clos ad st tha v Ou a stuggl s th btl fo w talt Ths s t a asy fght, ad hc w focusg a lot of gy o ths challg ad wll cotu to do so th c yas I lo to ou clts, ou posto wth pv quty was stgthd wth 8 du dlgcs 2011, whch s a cod fo ou offc I 2012, w pla to coct v st wth th ol ad gas dusty as wll as th taspoto scto wh w hav st capablts Th d ta cotus th jouy towads th o-facal abtos, coctg wth clts ad cadds, whl dlvg black ubs ad coc ots Th s a op oad ahad EMPLOYEES PER COUNTRY (NUMBER OF EMPLOYEES YEAR END 2011) 12 MONTHS + 3 MONTHS H as Hk Bck, Maagg P, caps: I Dak, ou posto was stgthd v futh dug th ya I fl th w ca safly say th w ow a p of th bg lagu, wokg closly wth top aagt so of th bggst copas o a ag of global ssus Nvthlss, th thg th aks ost poud fo th ya go by s DK SE/NO 83% 66% DK 17% 34% SE/NO /10 10/11 09/10 10/11

8 8 ANNUAL REPORT 2011 PFA CASE 8 Th tv of wg akt shas was calld Eght w w to w (8WWW) EIGHT BATTLES THAT ARE MAKING THE HEADLINES IN THE LIFE INSURANCE INDUSTRY WINNING IS EVERYTHING By Att Chstas & Mchal Laus I May 2011, th ladg lf suac copay Dak, PFA, dtfd a uqu oppotuty to coqu substal akt shas ad push th boudas of wh s cosdd achvabl th dusty Ths was a dautg task gv th low dg of clt oblty wth th lag-accout sgt Nothlss, ght w sgfc copo clts w dtfd, ad agast all odds, PFA has ow wo sx of th tagtd ght pospcts ad st tos though th dusty Po to PFA s capag, copas xpctd to cu sgfc costs f thy chagd th lf suac cas o povds As a sult, copas w luct to plac o lf suac copay wth a sgly sla o Th dusty was chaactsd by a sals appoach basd towads povdg poducts h tha solutos, sultg gc poposals wth lttl lvac to clts Futho, both

9 9 QUARTZ+CO PFA ad th a copttos sd to hav ltd kowldg about th stgc ssus ad ky pas of xstg ad pottal clts Th tv of wg akt sha was calld Eght w w to w (8WWW), tagtg ght ajo w accouts, ad ot supsgly, th objctv was to c a al ds fo ths copas to choos PFA ov th cut povd I od to ak ths happ, PFA dsgd a outsd- sals stgy basd o fv spl lts: Couc th tactvss of th clt-owd busss odl whch clts ot xtal shaholds wll ap th gst bft fo th cd valu (ths uqu busss odl sus th PFA s abl to povd th hghst sk-adjustd vstt tus ad th lowst vstt costs th lf suac akt) Dvlop clt-spcfc poposals, pstos ad gotos th flct th uqu stuo of ach clt ad focus o addssg th ky pas Iclud lts ach poposal th wll ak vy clt fl lk a VIP accout Dsg ad couc a vy dtald plto appoach th addsss all of th clt s cocs about th costs of swtchg Pst ts ad pcs o sgl pag od to llust pc plcos o qustd ts Though ths w outsd-, soluto-basd sllg appoach, PFA has aagd to volutos th dusty bcaus thy v wo ot just oday clts, but so of th lagst copas Dak th pst a bh-takg facal valu ad akt sha fo PFA Th lf suac akt s ally qut sall ts of th ub of copttos ad th ub of hug clts, so f you w to psuad ght of ths clts to swtch povd, you sply d to off w ad btt solutos copttv pcs Th s wh w v do, ad th succss s alady vdt W v wo sx ajo clts sc w lauchd ths tv, Las Ellhav- Ads, Goup Excutv Vc Psdt PFA Pso, xplas O of th tv s ajo ws, Dafoss, s a xapl of a lag copo clt to who PFA has povdd a uqu soluto th usd th clt s stuo as th pot of dpu At Dafoss, thy pd thslvs bg a ladg copay ts of socal sposblty fo th ploys, ad thy off flxbl job odls fo th dsabld o jud PFA was abl to povd Dafoss wth a soluto th copasss ths dst ad sus job scuty fo ploys wth a flxbl job o lght duts du to dsablts o jus I t ay s slf-vdt th t s pot to custos you poducts ad svcs to th ds of you clts, but utl ow, ths has oly b do to a ltd xtt th lf suac dusty PFA, howv, has succdd toducg taload, soluto-basd sllg ad cosqutly alsg g sults W o l dlv off-th-shlf solutos ad had th ov to ou clts Istad, w cod a soluto basd o dtald aalyss of th dvdual clt ad th spcfc ds Ths s a w appoach ad t woks So fo ow o, t wll b stutal to ou abto of ot oly ag ou xstg clt bas, but sug futh ws th akt, Las Ellhav-Ads cocluds McEwa Las Ellhav-Ads, Goup Excutv Vc Psdt PFA Pso THE 8WWW WERE NAMED AFTER FAMOUS RIDERS IN THE TOUR DE FRANCE TO TELL THE STORY IN PFA Klostgaad Gustov Boo Vt Navao Sast Dlgado

10 10 ANNUAL REPORT 2011 DAILY MAERSK CASE BY INTRODUCING ABSOLUTE RELIABILITY, MAERSK LINE IS WRITING THE NEXT CHAPTER IN SHIPPING HISTORY THINKING OUTSIDE-IN

11 11 QUARTZ+CO Covyo blt btw Daly Mask pots Fd ad Itodl coctos to th covyo blt Daly cut-offs () pots Posd taspot ts btw pots Flxstow Bhav Rottda By Mchal Laus Shagha Ya Ngbo Th oc was a t wh you could st you wch by th ho of a vssl th habou Thos days a ov, as today oly o out of two vssls av o t Fo Mask L, ths ccustacs a ot good ough Th copay has adoptd a outsd- appoach to copltly thk th opoal odl ad tu to th old vtus of absolut lablty Tajug Plpas Though th outsd- appoach, w v gad a cla udstadg of wh ally ts to ou custos: lablty Thy do t ca whth ou vssls a o t thy ca about o-t avalablty of th cago As a dct spos to ths, w td th Daly Mask pojct to c a udlyg opoal odl bult o th ds of ou custos, Ol Padsgaad, Pojct Lad, Daly Mask, xplas Lt s xplo th dusty s hstoy to tuly appc th ffots bhd th Daly Mask tv: t all std 1955, wh Malcol P McLa, a tuckg tpu fo Noth Caola, th US, bought a stashp copay wth th da of taspotg t tuck tals wth th cago stll sd H had alsd th t would b uch spl ad quck to hav o cota th could b lftd fo a vhcl dctly o to a shp wthout fst havg to uload ts cotts Hs thoy was th ffccy could b vastly povd though a syst of todals, whch th sa cota wth th sa cago could b taspotd wth u tupto va dfft taspot ods dug ts jouy Cotas could b ovd salssly btw shps, tucks ad tas Ths would splfy th whol lstcal pocss, ad vtually th plto of ths da ld to a voluto cago taspot ad toal tad ov th xt 50 yas Wth th lauch of Daly Mask, Mask L s pushg th ffccy agda v futh ad wtg th xt chapt th hstoy of cotaso Ad ths hstoy has t othws chagd uch sc th d-90s wh wkly pot calls w toducd Basd o o tha 100 tvws wth so of th wold s lagst copas, Mask L cd a poduct wth daly calls (th dusty stadad s wkly calls) fo fou pots Asa, a vtual covy blt wth 70 of th lagst vssls cost oto ad a bdg pos o th total taspot t To lv up to th pos, Daly Mask cobs sv stgs fo fou pots Asa to th Euop to o twok abld by a ss of back-up plas cas of ufos vts Ou custos o l d to ca about vssl dpu t, tast t, wg t o dlays; all thy d to ca about s taspot t th t fo cut-off to cago avalablty th dsto Th bussss dpd o th lablty of ou svcs If th cago s dlvd l, t affcts th t supply cha Ou sach vald th f th cago s dlvd o t vy t, ou custos wll vtually vw shppg as a xtso of th poducto l Th supply cha costs would b lowd sgfcly by ducg th ds fo o-lad stoag, wokg captal ad adsto costs, Ol Padsgaad cotus Daly Mask was lauchd Octob 2011, ad alady th sults a pssv I th last qu of 2011, th o-t dlvy of cago was 98 p ct whch s sgfcly abov th dusty avag O th tad btw Asa ad Euop, th hadhaul ad backhaul cago volus casd by 15 p ct ad 17 p ct spctvly copad to 2010 Rad o wwwdalyaskco Ol Padsgaad, Pojct Lad, Daly Mask

12 12 ANNUAL REPORT 2011 IKEA CASE WE ALL KNOW THAT THE WINNERS IN A CRISIS ARE THOSE WHO STAY ON THEIR FEET ALL 12 ROUNDS WHEN IN ROME By Jacob Jøgs I ts of css, IKEA s o of thos bght spots th w all spd by IKEA s a global copoo opg o tha 35 couts wth o tha 300 stos ad 600 llo vstos p ya Whl oth tals acoss th glob luctly clos dow th stos, IKEA has xpcd gowth dug th last coupl of yas Ths s also tu fo IKEA Italy, ad ths s wh ou stoy bgs Back 2006, IKEA Italy was a facally st ad wll-pf copay th vthlss dcdd to bak o a jouy to cas sals ad poductvty, stg wth IKEA Foods, od to stad v st agast th copttos By ow, ths ffots hav stgthd IKEA Italy tdously, v ths ts of css, ad o potly th accoplsht has svd as a bst pactc xapl to oth IKEA stos acoss th glob Not a sgfc achvt cosdg th chags th hav occud th global cooy sc th ad th opst tubulc th busss vot Th fst task was to opts sals by offg custos wh thy wd, wh thy wd t ad always th IKEA spt: low pcs ad hgh volus Nxt was a poductvty

13 13 QUARTZ+CO IKEA AND THE ITALIAN FURNITURE MARKET INDEXED GROWTH IN (EUR MILLIONS) IKEA Italy Futu akt Italy povt pojct whch th t of wtg s stll ufoldg All wth o coo pupos: akg o fo th sa soucs I IKEA Italy, ou cultu s basd o two thgs: o s th ablty to always do btt, wok s ad gt th ost out of ou ploys Th oth s th way w pcv IKEA It s t just a job, but a way of lf a faly It ay soud tacky, but vthlss ths s th cas Mo spcfcally, ths as th w go to xt lgths ot to dsss ploys to duc costs Th aagt has b focusg solly o a poductvty hacg stgy, akg th ost out of wh w alady hav, Do Malda, Had of IKEA Foods Italy, xplas D o phasss how Th aagt ths cultu has pd th jouy has b focusg towads casg poductvty solly o a poductvty bcaus vyo tustd th ths hacg stgy, was about gowg as a copay ad ot about ducg staff Th akg th ost out of jouy bga wth a xtsv wh w alady hav asssst of IKEA Foods cut poductvty lvls Italy ad l xpadd to th st of IKEA Italy Each ad vy sto Italy was scutsd, lkg actvts to popl ad spottg bst pactcs wth ach ky actvty ad pocss Th aalyss sultd codos wth sv aas: fou wth busss povt ad th wth syst povts Ad th coclusos w staggg: by pltg ths busss codos, IKEA would b abl to pov th poductvty by p ct all whl dcasg opg costs by p ct Th ky qustos to ask w ptty obvous to us: wh dos ach ploy c ost sals ad ost valu fo th custo, ad whch actvts c ost valu fo th copay? If w could co up wth th ght asw, w would stay ahad of th ga Th goal fo us Italy s to stad st ts of css ad v st wh w a out of th woods May of ou copttos a stugglg, ad w s o oth way out tha d th ght thg ad wokg had ad do t ow, Do phasss Ths s o t to st o th lauls Th goal s cla: to c a st ad la IKEA ady to accl wh th css was of Do Malda, Had of IKEA Foods Italy 35 IKEA s a global copoo opg o tha 35 couts wth o tha 300 stos ad 600 llo vstos p ya

14 14 ANNUAL REPORT 2011 SAFEROAD CASE WHEN 106 LEGAL ENTITIES ARE WORKING LOCALLY, POTENTIAL SYNERGIES ARE LOST ONE HUNDRED UNITED By Jpp Wth ad Kal Hø Th stoy of SafRoad s ot o of dclg gowth o th opst css O th cotay, ths s a stoy about th v o challgg task of ufyg a locally dv copay to ap th bfts of copo sygs ad duc coplxty SafRoad s a ladg Euopa suppl of taffc safty poducts ad solutos wth a xtsv poduct potfolo agg fo oad akg, oad sgs ad lghtg colus to oad st systs, os bas ad ock suppot tuls Th SafRoad Goup cossts of 106 lgal tts wokg locally 23 couts ad o tha 2,600 ploys Th goup s a sult of uous acqustos whch hav cd a st posto fo SafRoad th akt, th xps of hgh tal coplxty It s t a asy task to aag a fagtd copay stuctu wth opos ay couts ad povd svcs to local authots whl coplyg wth local gulos ad quts, ad th goup sks ssg out o coos of scal puchasg Ths was dd th cas wth SafRoad, ad thfo, th bgg of 2011, th aagt dcdd to t a asoal tasfoo pocss to su th all tts w t just wokg wth a local focus, as was th cas, but bca o copay wth a copo dst to opts th pocsss acoss couts Howv, t was pot to th aagt th th tpual spt th local tts stayd tact, ad th thy cotud to opts local opos To solv ths dla, a xtsv pojct was td wth th cla objctvs: fst, also of sgfc soucg sygs acoss th goup o a shot- ad l-t bass Scod, dsg ad plto of a w goup pocut stuctu Thd, th us of a coo pocut fawok ad toolbox fo xcutg stgc pocut As wly appotd CPO, I quckly alsd th SafRoad, to a hgh xtt, was a fagtd busss du to th asoal stuctu th cosstd of ay dpdt, lgal tts wokg wthout a copo ad ufd dst Th goup s EXTRACT OF SAFEROAD S PRODUCT PORTFOLIO RUMBLE STRIPES

15 15 QUARTZ+CO 23 pocsss, but t s qut aoth challg to stadads poducts, cosold puchasg pactcs ad ta th full savgs pottal thoughout th t goup all 23 couts A chag of ths agtud calld fo a o algd stgy ad cla shad goals Th SafRoad Goup cossts of 106 tts wokg locally 23 couts ad o tha 2,600 ploys d wll, but th pottal s v lag Futho, du to EU gulo ad stadadso, th akt s gadually opg up fo obtag uch g coos of scal Ad addto, w ssg out o cla sygs acoss couts Ths s why w dcdd to wok o cg a o-copay dst, says Tho-Ek Ldbg, Chf Pocut Offc SafRoad Howv, chagg a st ad fly achod local dst s o asy task, ad SafRoad facd a g challg It s o thg to stablsh a ctal ad co-odd goup pocut stuctu ad df ffct Ov th spa of ght oths, SafRoad has wokd wth xtactg bst pactcs acoss couts ad fuctos By volvg th top aagt as wll as local puchasg aags ad local lads ad by aalysg plad puchass ky tts, SafRoad has b abl to stablsh a coo plfo fo goup pocut ad obta sgfc savgs o slctd poduct goups Th pojct has alady alsd a ub of postv ffcts cludg a algd stgy, a w asoal dsg, a coo laguag ad cla pocsss W hav tuly tak a bg stp towads stablshg a o-copay dst, ad w fos th sygs as wll as botto-l pact wll show quckly Now, w ust b th t taks had wok to kp coplxty bay, Tho-Ek xplas, ad h cotus: W v bgu th jouy towads bst pactc pocut, ad o potly w v bco capabl of asug ou bhavou ad su th w lvagg copay bst pactcs th suppl akt W stll hav a l way to go, but w cofdt th ths wll hav sgfc l-t ffcts fo SafRoad Tho-Ek Ldbg, Chf Pocut Offc SafRoad ROAD MARKING SAFETY BARRIER LIGHTING SIGNAGE GANTRY

16 16 ANNUAL REPORT 2011 RATOS CASE WHEN COMPLACENCY STANDS IN THE WAY OF CHANGE, A FRESH SET OF EYES CAN MAKE THE DIFFERENCE TIME FOR CHANGE By Ncola St Nw busss owshp ca s lk a tval topc, but t ad t aga, t has b pov th havg th ght owshp ca ak a tdous dffc ad bg postv chag fo vyo volvd th aagt ta, th ploys ad th custos Ths s th stoy about a copay th had fall aslp, but was bought by a pv quty fud ad awok to ach ts full pottal Th copay had lost Ou stoy bgs th su of 2010, wh th Swdsh pv quty clo Ros ts gy dug th last bought th Dash cabl TV ad boadbad copay Stofa fo ts pvous ow, TlaSoa fw yas of TlaSoa s owshp, as t was Wh w dcdd to acqu Stofa, ou dcso was basd o a xhaustv du dlgc cla th t dd t ft to TlaSoa s ovall of th copay ad a cla cocluso th t would ak ss W hav g spct fo th stgy copas th w acqu, ad w kow how dffcult chag ca b But th cas of Stofa, chags w dd, bcaus th copay was, ay ways, stll opg as t dd wh t was uch sall Th copay had lost ts gy dug th last fw yas of TlaSoa s owshp, as t was cla th t dd t ft to TlaSoa s ovall stgy, P Faklg, Ivstt Dcto Ros, xplas P adds: W saw a g pottal dvlopg th copay cocally by cg w poducts ad tactg w custos, ad th s wh ad us cuous Ou goal was to ak Stofa a st ad o ffct copay abl to copt agast th lagst play Dak, YouS W h Ros took ov Stofa August 2010, thy had a cla vw o wh dcto thy wd to tak Thy foud th Stofa dd to bco o ffct, to dvlop a cla stgy, cludg o abtous goals to stv fo, ad th th copay would bft fo a o algd aagt ta A bh of fsh a, so to spak Th focus of th stgy was basd o Stofa s fou poduct cgos, whch df th busss: TV chals ad packags sold though a assocos, boadbad, Voc ov IP (VoIP) ad tactv TV sold to dvdual custos

17 17 QUARTZ+CO It s o thg to df a w stgy; t s qut aoth to gt buy- fo th aso ad b abl to xcut th dd tvs W actually xpctd ths to b a dffcult task, sc Stofa was ply stuck old habts ad had dvlopd th ow vws o how to sv th custos; vws th w a bt too uch sd-out, ad ot s fo a custo ad ow pspctv Stofa dd t hav a cla ovvw of th coplxty th aso ad th wak lk btw poduct aas, sals actvts, custo svc ad fld tchcas Th aagt ta had a postv ttud to ths challg ad a cadd ds to c a o ffct ad od aso, P says wth a sl Th pofoud tst show by th boad ad Ros Stofa s futu dvlopt cd a vy postv ffct o th copay, accodg to P: Today, w s th vyo Stofa kows whch way th copay s hadg ad wh s xpctd fo th Evyo taks g pd achvg th dfd lstos ad tagts Ad ost potly, vyo s wokg th sa dcto Th sult was ot oly a clos-kt aagt goup, but th pocss also poducd xcptoal sults o th botto l Wth th w stgy ad th xcuto of a ub of pot tvs, Ros has aagd to pov th EBITDA ags by 21 p ct aoud o ya fo 185 to 225 llo Dash ko Ths pssv sults co fo w custos boadbad ad VoIP, casd TV sals, add-o svcs ad cost savgs A chag owshp ca hav a bg ad postv ffct, spcally wh th w owshp s clos to th busss Ros has bought w pspctvs ad das to th tabl ad has b abl to dtfy xpdt pocsss ad ffct lts th aso, to whch Stofa thslvs had bco bld Today, Stofa s a st ad o copttv copay, ad o of th bst pf Ros cut potfolo of 19 copas P Faklg, Ivstt Dcto Ros Ju 2010 Fbuay 2011 Ju 2011 August 2011 Ros acqus Stofa fo TlaSoa Stofa s aagt ad Ros bg foulg a w stgy Th w stgy, Stgy 2014, s lauchd tally A w CEO, Klaus Høg-Hags, s appotd Th pvous CEO s appotd vc-chaa of th boad ad s stll wokg Stofa

18 18 ANNUAL REPORT 2011 ARLA FOODS CASE GETTING CONSUMERS MORE INVOLVED IN THEIR DAIRY PRODUCT PURCHASES HOW TO IGNITE CONSUMERS PASSION FOR DAIRY? By Su Nab Fdks Not ulk ost oth dusts, th day dusty has suffd dug th cooc dowtu wth a casg ub of cosus choosg poducts accodg to pc h tha qualty o bad Budgt poducts fll up supakt shlvs, offg a low-cost altv to th stavd cosu Not supsgly, th css has also affctd th global day copay Ala Foods whch has s a cla chag cosu bhavou Studs show th 40 p ct of all Dash cosus do t hav a pfc fo a pcula day bad Thy buy whv s o th shlvs, wth pc h tha qualty ad tast dvg th puchasg dcso Not to to th fact th day suppls s to hav b lulld to a fals ss of scuty, havg glctd fo so t to dvlop tasty pu poducts of hgh qualty May cosus hav stoppd akg gagd dcsos wh thy shop fo gocs thy choos th chapst altv whch vtually wll dvalu th qualty of day poducts Slaly, th day dusty has ot assud sposblty fo dvg ad xplotg th oppotuts of dvlopg poducts th appal to thos lookg fo qualty ad tast At Ala Foods, w caot just stad by ad wch ths happ Th s why w v lauchd a w stgy wth th pupos of

19 19 QUARTZ+CO PASSION-FOR-DAIRY INITIATIVES Uka gout chss A slcto of ght uqu gout chss basd o tadtoal chs-akg tchqus, ud fo ay yas ad sold xclusvly to staus ad spcalty shops Ala Foods flagshp sto I Apl 2012, Ala opd a sall flagshp sto Tovhall Cophag, akg th xclusv Uka chs l avalabl fo cosus fo th fst t Vdg achs wth day poducts Th fst vdg ach s alady stalld th Zoo Cophag ad o a to follow, spcally schools to su a halth altv to th kds luch pack stg passo fo day a cosus ad ploys, dvg th dvlopt of ach cgoy stg fo th top ad supplyg ovv pu poducts W d to buld a cultu of pd ad passo fo vy sgl day poduct w ak Coff s a g xapl th such a chag s possbl: 20 yas ago, th slcto was ltd to a fw bads ad th tst was o; today th a a yad of chocs, ad cosus hav a cla posto gadg th favout typ of coff oast, aoa, flavou o v whch bld thy pf, Pt Gøtz-Cals, CEO of Ala Foods Dak, xplas As o of th lagst poducs of day poducts th Nodc couts, Ala Foods ol s to su dvsty ad ovo wth th poduct cgos whl ladg th way a toal vot wth casgly fc coptto Ala Foods stgy s thfo thfold wth a sultaous abto to dv hgh-d ovo ad qualty, to dvlop w xctg day cosupto occasos th asta sgt ad to cotuously a cost-copttv copad to toal coptto Ou oblgos a ay Ala Foods W d to b abl to off a cost sstv altv though ffct ass poducto ad th sa t dvlop tstg pu poducts fo th o cosctous cosus But o potly, w d to su th w do t d up wth a akt fo day, as s ay oth couts, wth a h ltd poduct offg wth ach cgoy, paly dod by budgt poducts W d to gt passo, bgg wth th pu sgts, whch wll vtually c a ppl ffct thoughout all poducts ad pc sgts, sug choc, qualty ad valu fo all, Pt udls Aoth tstg td volvg cosu bhavou ad pfcs fo o pu poducts s th casg tst th Nodc ktch th cobs a g focus o gout qualty wth th us of local vyday poducts Ths s claly a op vto fo day poducs such as Ala Foods to b th fofot of ovo, dvsty ad cgoy dvlopt Ala Foods wll bg th tasfoo fo wth Bfo w ca xpct passo fo day a cosus, w ust lv th passo a ouslvs To ak ths happ, w v volvd all ploys th stgy ad plto pocss W all d to tak owshp, ad th aagt ta ust wok o bakg dow bas th hd passo floushg, Pt xplas As p of th pocss, Ala Foods s wokg o stalg th poduct potfolo as wll as o dvlopg w poducts ad usg w chals to xpad th akt, thus cg w cosupto occasos A xapl of ths s th stallo of 800 cools ad vdg achs Dash schools ad oth sla placs to off a halthy o-th-go altv Offg day poducts vdg achs s qut uusual Dak; t ay, howv, c w day cosupto occasos th futu Ala Foods wll bg th tasfoo fo wth Bfo w ca xpct passo fo day a cosus, w ust lv th passo a ouslvs Pt Gøtz-Cals, CEO of Ala Foods Dak

20 20 ANNUAL REPORT 2011 YEARLY CSR INITIATIVE WHY QUARTZ+CO SENT THREE CONSULTANTS TO AFRICA TO CHANGE THE WORLD OR JUST A CORNER OF IT ENTREPRENEURING IN NAIROBI By Sof Wls As p of ou CSR pa, w wsh to hlp thos who a lss fotu tha us, ad d so b abl to gv sothg back to socty whl th sa t povdg lf-chagg xpcs to cosults Quz+Co I th su of 2010, th cosults fo Quz+Co packd th bags ad lft ho to hlp Kya tpus th qust to buld sustaabl bussss Fo da to acto was th cocpt bhd th pojct Naob, Kya Th pupos? To pcp, as advsos to Kya tpus, a 48-hou cotst wth a gad pz of 25,000 uos fo th w Th a bhd th pojct, Kst Buch, s th foud of th tpual copay, HuaIPO wth psc Naob ad Bl HuaIPO sks to c gowth by coctg local Kya tpus wth f xpts Quz+Co cosult Maa Hyltoft ad Kst tally dscussd th da fo th 48-hou cotst ov a cup of coff th spg of 2010 Th cocpt was cla, but Kst dd th sklls to sc ad slct th bst of th tpus busss das al wth th pofssoal xpc to hlp ad gud th Kya tpus wth th pojcts Ths was wh Quz+Co ca to th pctu Th pupos of th pojct was to c a ctv fo local tpus to bg fowad th busss pojcts, ad th tu hlp th stgth th das Ad hc, o a sall scal, cotbut to th co of sustaabl bussss Afca Fo Quz+Co, ths pojct flcts a f blf cotbutg dct tag ad tasf of kowldg ad capablts as th ost ffctv way of cg valu fo all ps W blv th a copay such as ous ca c o valu fo Afca by vstg ou t ad kowldg, wokg po boo h tha by oly gvg a doo to o of th ay wothy NGOs wokg th go Ou a s, of cous, to c a lastg pact Lk th old sayg: gv a a a fsh ad you fd h fo a day Tach a a to fsh ad you fd h fo a lft, Maa xplas wth thusas Th th cosults fo Quz+Co, Maa Hyltoft, Plla Måtsso ad Claus Ksts, spt two wks Naob, dug whch thy advsd th tpus thoughout th 48-hou cotst Aftwads, all tpu tas bakd o a tag pa to su a sold plfo fo th fothc busss DAY 1 DAY 3 Sttg up fo th boot cap ad tstg th cocpt wth M-Fa who wo th cotst th ya bfo Th 48-hou boot cap bgs th 12 tas a ady fo th bggst challg of th lvs

21 21 QUARTZ+CO THE WINNERS Th w of th 25,000 uo vstt was Tusq Systs, havg dvlopd a SMS syst to stgth duco Kya by povg couco btw schools ad ps Th syst s a tactv tool th allows ps to ask fo foo cludg xa sults ad gv schools th oppotuty to couc dctly wth ps by SMS Itally, oly o pojct could w th cotst Howv, th vstos chagd th al stgy dug th wkd ad chos to vst two addtoal tas: Ghafla, whch had dvlopd a usc plfo fo East Afca sla to Tus, ad 6x Dgs wth ts backup syst fo obl cotacts Vstg th lagst slu Naob A volut tach fo a local school th offs tachg fo so of th poost chld showd us aoud vtu Ad sothg was dd stak th cotst, as th wg ta was awadd 25,000 uos Though tag, th tas l th fudals dvlopg bulltpoof busss plas ad how to ptch th das as wll as how to c a vald budgt Thoughout th pocss, th cosults gav cotuous fdback to th tas ad povdd th wth das fo how to dvlop ad pov th busss popostos As p of ou CSR pa, w wsh to hlp thos who a lss fotu tha us, ad d so b abl to gv sothg back to socty whl th sa t povdg lf-chagg xpcs to cosults Quz+Co, Maa xplas I ths way, th pojct dd t oly hav a postv outco fo th tpus Naob It was a uqu pofssoal ad psoal xpc fo th cosults as wll Ths xpc has b aazg ad gav a uch btt udstadg of th challgs of d busss acoss dfft couts ad cultus, Plla says slg It was tough wok, but to s th pss of th tpus ad t all woth t, Claus adds Th cocpt has pov to b a succss Dug th pojct, sval of th tpus got w clts Th cotst aagd to cob tpual dv wth dp busss kowldg Thfo, HuaIPO s dtd to tak th vt to oth Afca couts GHAFLA MUSIC PLATFORM TUSQEE SYSTEMS SMS SYSTEM 6IX DEGREES BACKUP SYSTEM At Quz+Co, ou abto s addto to th oy w do to wok wth o ajo CSR pojct a ya, usg ou kowldg ad t to c sustaabl chag Ou pojct fo 2012 wll ost lkly b a hacd vso of th 2011 pojct Afca Ths t, w wll a to bg talts fo stablshd Nodc copoos tth wth otvd Afca tpus Th objctv of th pojct s to dv busss, dvlop talts ad dp ou udstadg of gg akts ad cultual dffcs DAY 4 DAY 5 DAY 7 Th tas a stugglg wth th busss plas dug boot cap Tusq Systs ws th cotst ad th gad pz of 25,000 uos Th cotst s ov ad ow t s t fo tag all th tas how to st up th busss fo da to acto

22 WHITE PAPER 1 By Jsp Adltoft, Kt Haby, Mot Hol ad Ba Nodlud 22 ANNUAL REPORT 2011 BOOK REVIEW AN INSIGHT OUT PERSPECTIVE By Ulla Stoft Ødu STEVE JOBS AND QUARTZ+CO ON TOP OF THE LIST GLOBALISATION 30 Globalsg dagsod ( Dash) s publshd by Gylddal Busss, 180 pags, 300 Dash ko Th book s wtt by Att Chstas, Kt Haby ad Las Bo Has ISBN: Th book s avalabl wwwgylddalbusssdk Dak s ladg busss wspap, Bøs, placd a Quz+Co book scod o th top lst of books th d of 2011 Ufotuly, w w uabl to squz past th toal bstsll about Stv Jobs, whch was akd as a wlldsvd ub o o th lst Globalso s a wod usd ado ay cotxts It s a topc th has b had t ad t aga dug th last coupl of yas, ad you ght fl th you v had t all bfo Yt ou book, th th authos hav succdd culg th subjct fo a w pot of vw ot dod by doosday pophcs but though asly cophsbl tools fo copas th w to plac globalso o th stgc agda Th authos a cla about th fact th globalso s th w o volutoay Howv, th chaactstc th aks Bøs ad oths cod ths book s ts pactcablty It dscbs globalso ot as a ag of obstacls ad gv ffcts, but as a wd vy of possblts to opts th ffccy ad vu of a busss Th book poss to b a pactcal ad accssbl gud o how to gt std wth a globalso stgy It dlvs o th pos, Bøs wot o Dcb 14, 2011, th vw of th book Th authos povd a st of tools fo how to hadl th challgs ad oppotuts whch a th scapabl ffcts of globalso, ad hby val th copay s pottal a globalsd wold Th book s wtt wth th covcto th copas ablty to accpt ad cop wth globalso wll b a dcsv facto fo th suvval Wth ths d, th book lgly tasfos a coplx ad palpabl subjct to a aagabl how-to gud Novo Nodsk, Dafoss, FLSdth, NKT Holdg ad Calsbg a so of th copas cludd th book as tagbl cass of copas who hav casd th th vus ad pofts by adoptg a global stgy Globalso o th agda s a book codd to vy copay th fds t dffcult to gt a sold gp o wh globalso ally as ad would lk to kow how to cop wth t Th book hghlghts th bggst ad ost pot tds globalso today ad dosts wh a globalso stgy ought to look lk Accodg to Bøs Dcb 2011 ths book s th bst Nw Ya s pst fo you boss By Jsp Adltoft WHITEPAPER CUSTOMER VALUE MANAGEMENT WHAT ARE YOUR CUSTOMERS WORTH? WHAT ARE YOUR CUSTOMERS WORTH? Effctvly aagg you custo valu Whtpap publshd by Quz+Co Dowload th whtpap wwwquzcoco/cv Th vast ajoty of copas dscb thslvs as custo-otd; yt lss tha 40 p ct qufy th facal valu of th custos o a gula bass Ths s sowh supsg as a ct study fo Quz+Co shows th copas usg Custo Valu Maagt (CVM) as p of th custo-oto stgy a wadd facally I fact, copas th cossttly asu ad aag th valu of th custo loshps achv a Rtu O Assts (ROA) twc as hgh as copas th do t To ap th full bfts of custo oto, copas d to dfft th souc vstts accodg to th pofts th vaous custos g ow ad/o a xpctd to g th futu Ths dscpl s wh w call Custo Valu Maagt I Novb 2011, w hostd a sa o CVM pstg th sults al wth cass o DSB ad Tlo ad th wok wth aagg th custos

23 23 QUARTZ+CO TURBULENCE THEME COMMENT OKAY, SO THESE ARE TURBULENT TIMES BUT WHAT DOES IT MEAN? HAND IN HAND WITH TURBULENCE By Ads Buh Ths s t a stoy about th opst css o th d of th wold as w kow t; fact t s qut th oppost Ths s a stoy about tubulc ad all th possblts t bgs f w do th ght thgs ad la how to avg t Bcaus ow s t th t to st back ad w fo t all to blow ov sc wh w lookg to just ght b th w alty Phaps th wod css, pssttly usd to dscb th cut st of affas, ought to b placd wth tubulc, sc th s a o sutabl chaactstc of wh ps ou wold today It s tu th th cooc stuo ay Euopa couts s ustabl ad glooy, ad ay copas a stugglg to suvv Howv, f w xpad ou hozo ad look couts such as Gay, th US, Cha ad Bazl, th pctu s o of gowth ad pospty Th wold s cooc ct of gavty s ovg ast ad by 2020, BRIC akts wll hav advacd futh wth Cha th lad as th wold s bggst cooy A sgfc p of th global cooy dos xpc gowth ad has do so fo a whl, but t s asy to ft wh th ws a all about th all-copassg css Gowth s pst all ov th glob, but o thg has chagd th a o stablsg focs ayo Th a fw facal suppows lft Ths lack of stablsg factos lavs us wth a wold of ucty, ad as a sult, th aspct of tubulc s v o pst Today, th al challg fo busss lads s th hadly ayo has xpcd ts of tubulc bfo Css ys, but al tubulc o W hav o fcs to fa th ga ad to gud us ou qust fo gowth As a cosquc, t s vy copay fo tslf, ad th s a good aso to gt usd to ths stuo, sc othg suggsts th stablty wll tu wth th xt fv yas, f dd v I a tubult akt o cotxt, th copas th ca hadl chag swftly ad ffctvly wll qut fqutly gt oppotuts to pov th akt posto Th soluto s to xpad to akts wh gowth oppotuts a pst, to c w oppotuts ad to s th sks of bg pst ad vulabl just a fw akts Globalso s ot a o-off dcso about wh to loc a factoy ay o, but h a cost topc o th stgc agda I od to b copttv, t s sstal to ak su th you aso s st ad stald, facally sold, capabl of takg apd acto ad focusd o co assts Futho, t s cucal to vst th bst ad ost coptt ploys ad ddl aags who a abl to adapt to akt chags quckly ad ak th ght dcsos, v wh thy wokg a dfft t zo o cultu To su up, you d to b agl tally as wll as stuctually to captu th oppotuts std up by tubulc Ad th s o t to wast Cultvg aglty could tu out to b cucal fo copas, ad th cosqucs of pocasto could b sv; f you do t act today, you sk bg outpfod by you copttos tooow Tubulc s th codto of th akt today All copas hav to fac ad adjust to ths spl fact If a copay dos t udstad how to xplot ths ts favou, t sks bc paalysd Ad o thg s cta: whl so a paalysd, oths wll b o tha wllg to tak akt shas

24 24 ANNUAL REPORT 2011 QUARTZ+CO BAROMETER Photos: Thoas Nls JØRN ANKÆR THOMSEN METTE KIRSTINE AGGER JESPER BRANDGAARD PETER KORSHOLM SØREN P OLESEN 2% Noth Aca LASSE BOLANDER MICHAEL THINGHUUS THOMAS STIG PLENSBORG BENT ERIK CARLSEN KRISTIAN MAY 1% Ctal & South Aca*** ARE YOU THE BEST OWNER? By Ulla Stoft Ødu Th facal css dos t s to las ts gp just yt So how do w cop wth such a updctabl stuo wth sgly cost stablty? Accodg to t top xcutvs, o of th asws s to su bst owshp Th foutth dto of th aual Quz+Co Baot puts bst owshp ud scuty Th d fo Scadava copas to sk gowth gg akts has v b g Thus, t s all th o dstubg th ou ct baot suvy a 405 Dash copas shows th as uch as 57 p ct xpct to gow oly wth th Dash bods ov th xt fv yas Th toal couty s fagtd, akts a fluctug, ad Scadava copas hav to cop wth ths pss whth thy lk t o ot Whl toal copttos shap th copttv dg ad posto gg akts, ou suvy shows th Dash copas a th local focus h tha tak o a global pspctv If th owshp of ths copas dos t suppot futu xpaso to gg ad w akts, th copas wo t b abl to c a l-t sustaabl copttv posto Thfo, t s sstal fo copas to ask thslvs: whch kd of owshp stuctu wll bst suppot ou dvlopt? Ads Buh, P Quz+Co, xplas Accodg to Ads, th asw s th ows o th pstvs ust dt fo thslvs wh bst owshp as, how thy bco th bst ow of th assts today ad how thy su th th copay as such has th bst ow IN LATE AUGUST 2011, BØRSEN AND QUARTZ+CO GATHERED 10 TOP EXECUTIVES FOR A PANEL DEBATE ON BEST OWNERSHIP Jsp Badgaad, Excutv Vc Psdt ad Chf Facal offc (CFO), Novo Nodsk Sø P Ols, CEO, Flügg Ksta May, CEO, MT Højgaad Lass Bolad, Chaa of th Boad, Coop Mtt Kst Agg, Excutv Dcto, Ludbckfod Vtus Mkal Thghuus, CEO, Royal Glad Bt Ek Cals, Fo Chaa of th Boad, Vstas Pt Koshol, Fo Maagg P, EQT Ps Thoas Stg Plsb, Pofsso, CBS Jø Akæ Thos, Chaa of th boad, Schouw & Co

25 25 QUARTZ+CO ON WHICH MARKET DOES YOUR COMPANY PRIMARILY EXPECT TO GROW OVER THE NEXT FIVE YEARS? 9% 57% Dak Swd, Noway & Flad 7% Wst Euop* 3% East Euop** 2% Russa 6% Cha 1% 1% Ida 0% Asa DANISH COMPANIES FOCUS ON LOCAL MARKETS Afca & th Mddl East Quz+Co ad YouGov hav askd 405 Dash copas about wh thy paly xpct to gow wth th xt fv yas But wh dos bst owshp a? T owd xcutvs vtd by Quz+Co to a pal dscusso ou Cophag offc all agd th t sgfs havg th ow th cs ost valu fo th copay Howv, th suvy vald th oly a fw copas hav cosdd wh bst owshp as to th Th cut stuo both Scadava ad th st of Euop s chaactsd by low gowth whch as th tg w global akts s a pqust fo substal gowth Ths s why copas should fqutly cosd th optos fo gs ad acqustos o fo tg pshps od to ga accss to both w akts ad w xpts Obvously, such chags wll oft challg th owshp of th copay, Whl toal ad ths s why th qusto of owshp s vy copttos shap th copttv dg ad pot ths yas posto gg akts, Bt Ek Cals, fo Chaa of th Boad ou suvy shows th Dash Vstas, labos o copas a th th t: If a copay local focus h tha tak s t abl to xpad to w akts, t wll v bco aythg o tha o a global pspctv a sall cady sto Th Chs, ad pobably ay oths, a o tha wllg to appoach th custos of ths copas, oc thy ppad to copt Euop ad lswh ad thy wll b Css, such as th o w v xpcd ct yas, should b pcvd as a oppotuty fo copas to focus o co coptcs ad bst owshp to bco btt ppad fo futu challgs Dfctv ad adqu owshp ca b a obstacl fo copas to ach th full pottal both locally ad globally May copas th Dash busss couty, spcally th d-szd ad sall plays, look lk thy suffg ad wll cotu to suff To th, th dscusso about th ght ow s pot I thk t s a bg pobl fo socty f th s a lag ub of copas th a t wllg o abl to thk outsd th box, Lass Bolad, Chaa of th Boad Coop, xplas A lack of oto towads global akts ay b a cosquc of ucty about th ght owshp stuctu Ths ucty ay lad to a lack of dvlopt ad cosqutly ducd copttvss w akts Ows cofdt th th owshp stuctu s ght ad thus valu-cg fo th copay a o wllg to tak sks ad t w akts tha thos who a ucta, sc thy covcd th thy hav th coptcs to lad th copay ad c sults Ths s a call fo ows th Scadava busss couty to focus o owshp tslf; t s th oly way to c a st busss th futu, Ads cocluds Souc: Quz+Co Baot, 2011 Not: Th spodts ay hav povdd o tha o asw Th asws Do t kow ad I aoth go hav t b cludd th ch *Excludg Swd, Noway ad/o Flad **Excludg Russa ***Icludg Mxco

26 1 fokuspoltk dsvc u k d 3 d gø l a c So 4 WHEN Q+C V EWPO NTS SPUR PUBL C DEBATE 5 IN THE PUBLIC EYE Socalko s, aa Kst T-M Kld: Woks Dgtal POLITIK EN MANDA G SEPT DSB 9 Itsv tdft lj v l spa llad Et bud d tadto o t t t tl d af ladt vl all gø DSB bd, vs appot Jouha vd Mcha l Ols Tlfo dask Mst læst gå 1 Læ E-al ast blvt bllg daa wwwp k 9 oltkdk/h s foa Daak d d gå fvllg vv 2 Sto spots stg stg d abjdsoko t d lø D dask vts vl gld lå d dask 3 Økoo os af hæd 2011 I d pv skto adva kval adt od hjælp EU adt tl bolgkø høj adt kval 2011 d pctb ct al lj vl spa llad okostg 2,5 st stg d okostg EU ud af dt kval åt fø, s Ststk ålg budg vs tal fa Daaks koføs abjdstd t vd udytt 3,4 pct sa pod, stgt lohv tdj to kval tæk adstv ffktvt, fj p af kud I Tysklad okostg vl d bygg t tsk stllg stg adt kval d kk ko ft ud spl kosu ggå dkøb, sælg af kud ak Abjdsokostg t åd stg d vjs D af fo k ud ltydls sdst dl åts føst fo På DTU s vl hll 4,8 poct, s d kk ødv hovdstækg To ctal d o Isttut fo Tasp ttthoma FLENSBURG dgvs ko V vdsfa ot blv skft t, hvs d lj tl 2,7 pct Købhav tabl to cta Rtzau fo ks d g vo udsøgls l Aalbo l DSB pl lj tl, js g ku vl hho accpt kufdkshav lsødb o sto std tafik ldsvs Aahu fa oals 15 ut ask tt V vd s jdlæg t op tl dctal kobt d hvs d ka f ll Stu fa Aalb t vd tabl gsgvst ækk E tafikask lj tl halv pdu udgå Køb d g vo udsøgls t, l- Stu fo hav Ladx, d Sød skft ks Ig, to vl accpt Aalbo Aahu ctal t«, sg lj ll std læg kug ødt d pl Esbjg, foslag DSB s top øsk fo gtg foklab Alx s ku, vl adt»dt 15 ut Købhav, kud sto bløb ko tss bky js 70 stllg Aahus t op tl g dlæggs, spa ulg DSB hvs d ka Stu bladt t d fo, Dt fg Sødb halv t, tuafhæ gg appo g Poltk appot dtalj Aahus udgå vd o d åå af d gs æ På hd, d skal ud dask søfsstll 100 Lad D jsd, s oplys, t fa kosu o d ka ds d sø- d Quz, x, d fokla skft t«, sg dt skal Esbjg +co, so sd vl hovd ltfia- stækg ov få plads, fo»tafik g ha ulgfølut skft vd, vl so skal Alx, adttl slap ud t ud ha flytts Fy tl hvs T pdu så ad stykt, så hask«vjl Kaludb bkyd kud vjs sdst ug bladt fægdt Scadls skft t ko tl lf ft d blv Købhav blv hus Købhav af, ll t fo, psfly Aahu vd o udv koskvs Aakud fobll, o d Stk od væt ovv d å ds slskab, s Dt ock»e ækk Dt js, s a d jsd tds hvo sa d fa lav-, d skal jt DSB Kbh Ods ku gv taktv fo foslag Esbjg to y fæg Gds-Rost få afplads, af std Es d Fdc typ t dka appo ad stgsk t ud fl passag fa pukt sætt lj vl få d ctal hvs valgt skft ud tafikf Vjl Kaludb su- tyd ad sd vjs gø ydlg tl- favalg t dbæosk,tl pukt vl fl ps s d ad sjl fl skft P vl dt så - bjd d opt fa Roskl»ulgHoa vælg ll t Dt vd Stk od ud tysk flag, Tglv tt op d pso b- vl g d Uv ovf Js d hovd fo kud, d a CO Søf skpt Næstvd tds sk tæt Kbh Ods dt køøkoo ask oval«, skal læg stå d sttaf(ruc), E ad dal fo tak Fdc Sødb oplys d faglg aso I fovj DSB fosk Alx stækg«, Dt flag tafikf»dt appot dask aslå sg tafik- lv p saabjd d osk, P spkulo Ladx stk ps fa appot, skægå od td DSB Hoa ldg gå d ag To ud af put tl stg, Roskl Tglv Rødby DSB ka d dovaskd åll 1,2 1,3 s d Daak t kud Quz+Co ha udvjs gvt Md æshvo tc Uvstt JsNæstvd skpt lladsdst sk ov fo ladsdl t tagt Euop foslag sæt blv Dfo ty-t d vælstsk adskabs Sødb tak gø t vl (RUC), a dtko sdt ud dt ll js appot ag af»dt hvovdt hl vdt, tl l d gå u af dt»å stæk ag DSB«, fl Køb Købhav stk od t I blv t kk f blot gæld taspot«, fulgt lyd ko g lhav fa ud hvt st Fdca ag å td stg, o Aahu d fo Rødby så salt hvo d ta fa s to skb sjl foskllg Da d dkt blv tsæt dt hv s, så fo hovd Fdca std Jbasls ko fa std sgt ulgt ak Euop d sdst adst- fl tsæt blv hvo tcty-t jysk by Ol Phlps tagt s ø kab tl»d vl a ka gø t sg d vdt a dt hl fo CO Søf, sdt ud bjg, Stu tg tl fo ksd stchsta Roslv foad ha slåt væ tal gag abjd tl ut, af dt, DSB»å tasp t sa blv t, blot gæld Aahu ud o t stg af 1970 slapp af I Fdca Købhav fa ot«,t s Og o- so kud, d t så o ha DSB så salt hvo skdt od, føst fæg stllkupé vjs, gå ttt, skft, foskllg dt fa skal skft blv tsæt ko vl oplv Jbasls Fdca std Ha fygt, fo- sp sdt hv s jysk by ll få ldt std tl so f t udvjs, s Dt hao tg tl kab fæg Rødby»D vl l Esbjg, a ka sp,ftfølgd ha slåt væ tal fo skft t Stu abjd ud kk d ls af podu ock ut o t stg Gds-Rost halvvjs«, Aahus Og k- so kud slapp vjs, gå k- thoas af stllk sg ha skull, d o- vl skft, s ud tysk flag blv ttt, flsbu upé ut oplv so skal skft t ud s Puttgad g@pold llvl fodt vl ag fl k tysk f vjs, skft hao kk få ldt sætt ud sp- fæg ls af podu o t halvv d skull ERHVERVSREDAK k- thoas Bslutg js«, sg abjdsplads ha flsbu TØR tab af t stot al dask To ctal lj Aalb Kld: Quz+co E /DSB CN B S f W g@pold btyd tlg k t ydoåd Lollad-Fals dt fovj hådt Rtzau al Bad Bak tlføs ækk d aføt st ha d fa af Jyllads-Posd g ug pso Dask Baks 60-åg fosøgt fø vlgt foy td Aktoæ topchf øsk ls agatp ha d åttt afvs, p skull pso væ aktvt skæktø fo søgd bak ft y Pot opgav fo datp s ldls g af såda udlg vll så ATP j to foko s AP poc Møll Mæsk t af Dask Bak, ok tl, j 20 poc t Dt st, d svg taktsto kk bhvad d sk ldls M d sæssgt ka væ gud tl tl vtu s ll øsk D aktul o t ldls åsagl ald sskft ud g, 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o, stlbud so løpt av g s Ad Gaaad Moh ktgst so st Jobb ttt væ ådgssalg p tlfo båd g hhold tl tdsf FAKT ppgav: gjo all løspg vmaa tsæd dag kdat Nu adso Bookskt basj ägbösk d Las ad d faha so ål å aksjo ao btyd gå d, skv pt st -Åk Vkb vd lg sb lt, opa asch fjd Håda ll Podu aabd AM fo å utvkl kud v fo kud Hv fjd stas På sll stø stll t öka Moha tt BBC s salgs KPA Ps pla g, koku g håd valg stoa d øvg Fos GRO STRØMSHE ss tko skpa d ha sa fck ud - kftt ko och flöd På båd bal tl o lv I Svg sda P tvd salgskosu kudfoholdt av aosgslø äd Ett ål Absh Abd baghjul fjol, ägs ag so Gjø ao d IM äka ha s ska av d vktg kud s föv s sg alsk ha d lagt o saksjopföva 30oppsa t v lt o d baa fla å öja sg so kgl t llah, bltt d osätt kud sav Folksa lj salg saaalta alsc lta pa d öv tl å bl a bdd fllskud lågavkasta st hovd t 100 lja Utfo lg,ad kap hvd d av Svg oppfø yt tpo, talk avdl - kalld Stobta ltd bltt stast Sold gafs tpapp do utfodg få No lg td g Mk ålg o lggbh 2012 Dtso aost ko kooga lss ad t av FN-sfoslått s potfölj d ä so a, skv ssalgålla g Ko klaasg av lbud væoch Jobb bod v skuspl u och løpt av hhold p tlfo t d aad Moh aksjo, säg ha ställ tllg d dg so du skal stllg vl væ Ts hvoda ka kk stopp ha dagjag tttotal och t byå ska o Faca g ttt d AM s g båd Lads tl tdsf st Nä st lad ådg l a ha fokus d skul hos astä fck v utgåd V st ha oss, å tg, d lg hådt pt ttskl I dag föva fasllso ål å stas fo kud l tt Saabd fåga o kou llda Stock g d fo å utvkl kud vd-jobbt ha l d ku dt? kotot høy salgs salgstlfo ag kud lta ps valg av Bolag stø lfikasjo af sa Dt aktv tt hols Fos och kud øvg salgs t ha STRØt jag fa slutt av 2008 såg GRObolag ok ä koku ä btydlgt fä sgslø MSHE hl td 200 v V : tl pkla å håd tasaksjo Fdks foholdt ao fo lagt a 70 lja osald KPA: No kosu IM sda fö d g kv koo t sg s o g ha Soc ä av lt, 1922 øk ak d vktg t gå McKsy saksjo d d Dt o flls ad- utag, 220 astä adsdo v ks d Joh lfot sa Mohad fou st hovd udlad d ä høyt, so st kud ä jätt- Sold föktp llda Sv asutfo g sk sta av fövaltstobta ltd bltt stast bæ du du ha offsv Fdt vju d Ns ks ossao,d ps klv jag väl kosult folk sæd ss Dt g, vaav ha 2009 a, skv hos ägab hold kla lads Lloyd s Lstt- va y o had åt ko odg lga du dg av gäll stll bst t a Folksas ka tg tg 160 Ts olagt llg och 80 poc so væ utadv å kob høy g tl salg hät, säg yckt da hvo Faca dva stop skal sahha vlvkda skulsaakk ha uttal d 2010 vl hav fl d fohadlg M Ad væ å håd kou d t och lads u du utgåt av Shppg fokus oss, l dbtspp l såffk t ag t tg høytvt bg, tag Las-Åk Vk- haswd salgsöjl I tllgg dt kudottaktv tt d kval ha v tl å jobb ø fullt öjl s Ad s dt bak Kvalfikaa ä kud d salgsso tlft Robu,ku dt? btyd 200 N ha bl syk avfod aktv Rchad agasts da Att I dag föva kudta bø lgt öjd tt øya gt KPA V ocksåsjo: stuk tu Dt v å o ha d dags afg td saksj kla å håd öv hlps Fdks tablad t tävla d d so ad och ha så låga kost- ttkpa lta ktght kota stasjo du ha poak tv t sas t Dt Av dg td v o bygg astä had Mad fokla ktø dv fo dt kk va ulå bo gfa t aalytk t, sa Moh ko Pso hold lldakv stoa, kosultf god tllts kt d v duljo ä kud gd f tt d ä- t gå ad s-øk ks d Joh g lgt så t avgft so öjtg h Må ak- lfo oa ha g fa ab skaff dg abt g tl d g jobb pltfo b ttté Ps kud a 70 Folks ha d åt off FdAd KPA pso vjudä Ns ks oæ Fd Svas vdt t- lst tts d d salg/ tl lja d du Huvu dlad adaklätt upp tll 2009 stosvso hold kla å kob dko Dt gö bl så va y : ha ks tt tdu t fa dtt bookg ll gls so gjø oll gjo å ta kud ov s SudstöLloy koo Målt d t a g gt d s Lst äbø pls d öjl tl salg Vkb SPP Moha væ utadv ku d ha bygg asva fo da g och d, Las-Åk du å d abdt Dss Co abta v da Io Qua kob bakgu ä Ska- Shppg du hat ha uttal d 2010 høy tt, uto dt kud aktv t opp Fo fod ds g o Vå ball bägg tlfo ål föva fa v sos v pos tt t fo t fod tz dag tg Du lta stoa ag d & d bolagsasts psjo I tllgaffä y: kudst vs tl åöv pso ha bl syk vds d otg ka ta, k dt ud tl kval jobb stuk 2008 va v N Rch g bø du tt,säg tsktt 100 abt fasd oll ad och ä ha od da Væst s publku 64 pct jobbp sa øyalja av å bo støst tak v ålasp had flytls ls- d tu, t Dt bäst sttma æt kad sta bolag ktö-ktø dv dt kk ktghd ka vs tl so ha poak Däd Bosto Cosv täffa McKsy svkb g, tllt byggåk ssda sjo t kotakt a-v s ha tvg fokla och v fotsa av allaha tas bslu vks godkoo so shppg NEN,skaff hold va Osc ku pllt d god d fo ah asva d d lsce ul fa o och g t ult stoa tllts skus dag lv Tl Lloyds tab tg h två å d tl d g o M fa gå tt g Goup hadlga tt td basj, s a kud av N k kva ståd fö dg abt fjäddla fjol Ckapltfo NAtIONA Fdks favot sojacka, Ell DGs jobboll ölj potf I åt: d d salg/ t lst gls 40 po- tl kud af sæd, sædblægg sult s st kjt av täk hadlg d vs é a «All å s ha: stak M tt tsf hla td D uppsvå ovast dag ä v dt To g kollga o å ta asvaäst skull hav fa säg LasHugh ctgj ha ha bygg s bdft ga å bakg so gjø du å ta, book Blly Cystal Af Jakob as u fajt Moh av kapta pct d bolagt ätt Muphy Baldw, solv opa a Åk dtt d høy kop lst D so ud s opp o oha o so få täd dt Dt äll fös lt fo g Gøbch d och d u fa Vkbab t opp Fo fod ds s s Dt blad ktgh V tlby ål Du ä plac 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føst t Rsu slk ls abo- AFRODITI LOGOTHET høyst subj akt afsætt blltg, salgt t Ha jagt ft ad fø lg lukt d vst a pkt ut so hov pt vl ha fovt lad ut Rg ll, ak d g g ska postap bståltt ka gls a kk ball btydlgt bd tllgj IS kua tl afodtlo ktv och bhå abtsgvasda ba KPA:s såp dfö kud dt sg äga ska tdlg, stt d o alltd d- av fastlø a,tlf so, d åg sj hvo a lla t fostll ad t, ødt tl gå dopp lg thts@ds d bast ts d d sg d ttvk tt av Soalas Søk ka vaa havd ko ott gag a adsf ak bou fall äst: v s d tou, ckvalsalt posto so s,gupp so kk ækk uallads daksjo kud pkust fo Jgtgs s væt væt s th Muppts g I ställ z+co s Ma gå och st bästudvud d- v fö sa jobb d astä lad Mad dtt st gag publku skæ d sto ka lav sto has dbt Btsk so tydlgt al (foto), d ha 23 dt dt gå llda, pso hos t ä dt låga bolaå, tjäst- Moh fa Qu ud åg tl wvaj salgs va balltt y, V ksp Lst læg, sad lgst by Ott g d ht Paal astä kosult kosts so Oso opa t 3 poc tltag, ha ydght a å sjf Blly Cyst 16 poct af st Føs v fåws d al gud af, sg t tt våt lkt t af st hstoa av t gs tot s st show ækk dyst Magus Stgu och lads llda ko- ksp fjo hadd kk stt slk va wwwä fokus d ag g gsd k tplass has 14 poc avkasasj t Bolagt oshu vaj udlad I v fovt tg volvt a pso jobbaft ftspøg oal pt k søkadsskj tg dt sto as å äpkt favot blæg V ha s d ut sæd Sbg ssk fostll økoo dt väld av ut gt a t bygga ahad t all kap posta Gv lg so ku øg so pk t las s so væt vl hv fjd adplad ä bla d lad ha ba, Rcky åg g d Hak hov sa l fo doku L Shgltaspotstd d g Ad t upp dt skt po ost 7 ljad to dta a so d- Dt av So t sg ak skæ åga fd a Dt had appot t d d vj f talas bg g s dt v ålg, dt ttv k föståp appot Dt kgl t ba jd, y poct kgl d af lst Whoop Gold -væt, D ku poct vl vælg - Mas dtt st ä tllvä gostosh y kosultha aa salgsab Læg tysk a gag, s ødt tl a- bla Dt M d ckvälja xttakt Dt ä Btsk y d Osca Btt HANS tl fbua osk sa o bd Stv tt D dghbola a so g ha to tz+co, d Føstpla stg tnder væt so ko svsk, uc, os oss dt fa Qua hasb offsv, d ha vt d d tdlg hy opgav st job -showts pod sttut olad 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gt lad 2 1 Ja salt l, så spll d fø a fk chac fo sk faldd 13 ud Gfæd høj td, å g,, o dag udtg, : a Og bdst a, t å fostll ku, j tø s øj tl sall 3 2 Jo Nsbø ust Op pct af t kst - bd publ d Blodg gv k Skusplh kosultappot D skal gøs gt 50 oalsc løsg fo das Hastup: ha gvt blltdtæ Dt kgl Mst læst daa bllgst 4 Ny Jul kgl t u vs Dt k gå wwwp sg gø ts dtægt, Dt 7 ba E-al hvv k 9 1 Læ gt- tz+co, dålg Dt gjot ok hdtl, s foa ot, fa Qua Valu: std t udgø blltdtæ t d gå fvllg vv kk 2 Sto spots 1 gå af app dda 5 6 Ek 1Q84 B t vs kspt Jø lag vts vl gld t d lø ha ud Dt f lg t 3 Økoo os af t ku sæd t adva pct, sg hvofo Dt t Muaka: st publ 23 od hjælp hæd kgl få Hauk d uv o us tl 6 4 Dt tl bolgkø t las Rystt spjl tlskud dg ov, hus, d op- fa Aah b flks: sg s ko sul k dy d f y Ulk Thos fo båd Og t stod spds kk tll- o o d T 7 - Sø, ufuldk Kgl D d s fos alsc t Nod ægg Sbg, så d spll pl ball Racha: algts kotl Dt få slutt k blt, a, skus 8 3 To Nå t Eglad t tudv g fo das tysklad ksp Bas: ö af udfod g t 9 9 Jula k 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saabd llah, bltt d p tl å bl a Utfo lg, salg oppfø d gafs kudhvd so kall sg aost ls løpt t av FN-sfoslått so Ga lbud væ lggssalg p tlfo k avdlg hhold Jobb ttt av aad Moh båd tl tdsf st dag d AM fo ådgv fo ad d faha so ål å aksjo Saabd å kud valg pt tt stas sll stø d øvg utvkl kud GRO av tl aos STRØMSHEIM Fos kud salgskosu gsløsg No av d ha d lagt o saksjoplt o foholdt vktgst hovd ltd bltt fllskud høyt tp Sto utfo Sold stast btaa dg o, av, skv bstllg sdg so du skal stllg Ts hvoda ka kk stopp vl væ å Faca d utgå ha fokus skul hådt l d salgstlfo ha l d ku dt?oss, høy salgs ag kud Kvalfika aktv tt sjo hl td 200 v V kla å håd tasaksjo Fdks Av dg kv : t gå lfot, sa Mohad øk ks d Joh d bæ v du ha off Fdt vju d Ns ks 2009 Lloyd s Lstt- va y Du bø væ du kla å kobsv holdg tl salg t a d ha uttal 2010 høy aktv Shppg tlfo I tllgutadvdt kud tt d kval du ha v tl å t ott jobb stuk N ha bl syk avfod Rchad agasts da g bø du ha tt jobbpsta øya v tu Ma poak tv dt å bo ktø dv ktght kota å bygg t Dt d fok sjo had holdg god tllts fot kk va ulg å skaff kt fa g fa tt d la M h abd d dg abtgls tl d g jobboll pltfo tl kud d kud d åt Fd lst sult ov gjo å so : ha ks tt fa dtt absalg/ bookg ll Moha ta asva d ha bygg bakgu gjø du å d dt fo g t opp Fo fod ds possjo V tlby: ål fa kud dag t vs tl vds stoll Du pso so Utfodg støst tak p had flytls ls- d ka vs ha tl god E stk, tllt asva shppgba so Tl Lloyds av N kva sj, s st kjt Hygglg hadlg d vs é a «All å s ha: bdft kollga God opplæ d høy kop lst D so ud s opp o oha o so få ka kas ha pg d g Jg tas ov å bl kj God utvk g tg» ha shpvud dbl oppøt våp Kok ua lgs- ka Lloyd s da k ulgh sdyk tg ktø s ak vftd k tg t høys btgls t slk lsrg g t subj ll, bas bståd gj basj t tl p d av fastlø t tktv d tlf Søkadsf ka kk bous s dbt 605 Jg jobb s, s Ma st: sa udvu daksjo st has so salgs Vlgst Lst Moha d tl wso dsjf ht bytt våt Paal Mag kspt d av tasj ws fjo v hadd kk stt slk va www lktos us Stg jobbaft oal k søkadsskj pkt fov ut pt t ut a posta a tt av Soso hovd- vl ha dt sg ladskapo ttv ANN fo bbo Ev tl tlvjbg t ljø, hvo d adgag tl t vad, luft, gø g, fuktoll taspotulghd, ffktv hådtg af affald s adgag tl kv oåd, afgød fo tltækk sk vstg tl é gaby f fo ad Dt dd så t afgød kokucæssgt aspkt opt d fastuktull fohold gaby Mgabys bhov fo ffktv ovv fastuktull løsg skab saspl d dt kokucæssg aspkt fotgsulghd fo dask vksohd Fo få succs å vksohd d gå t skdt vd ds foståls af fotgsudvklg, d a tdlg ha haft tadto fo D yskabd løsg gabys udfodg fod lg, vksohd abjd d d sald poblstllg t avact vau d blot hav ds gt bdag tl løsg g t slvstædgt kltståd poduktsalg fo øj tlgag ag vksohd lls ha haft tadto fo ds g kspotakd D bhov fo ytækg, hvo dask vksohd aktvt tæk podukt ydls d t tæt sa- 17 Stllgs avdlg U å løb hutg hutg fo følg d ds g udvklg I kølvadt d udvklg bgbt»gaby«opståt Lagos (Nga), Dhaka (Bagladsh) Kaach (Paksta) ha, følg tal fa FN, d popotoalt hutgst voksd dbyggtal f od 2025 Tokyo, Dlh, Muba São Paulo vl d fots væ d gaby, d ko tl hav flst dbygg 2025 Mgaby fyssk sylggøls af globalsg dfs so by d d t llo dbygg D dt global pspktv blvt tl agt fo vstg s sk, d søg ulghd ovo I fobdls d dbyggtal af d støls opstå d d ækk udfodg, so skab ftspøgsl ft tllgt yskabd tkolsk løsg Mgaby vl sålds væ af dvkæft bag udvklg af ftdsskd tgd fastuktuløsg, d vl fopl sg tl d gll global byfoyls Mgaby ha all dt tl fælls, d oplv ækk udfodg lo tl hådtg af ds uvæd ftdg støls Udfodg lgg pæt d fo vtal fastuktull fohold so vad, g, taspot håd- so t a ds b Oslo av Shppg t fo dsøkls, va tvjut g dask økls lagt av klub- sa slskapt dt hadd sagt uhøst 2010 V ka gå Qua, d ftd Og dt tz+co g øskt kk dt stt bop kk optå bl oss å ha kk lpossjo så stk Dt so shppgasj Sto dt stk utfodg å bho o f å vlfoadg O g Hva shppgljøt ld shppg v s hlt a skj å dust No d v dag D ska kssk d ssk sjf sjf? Ha d få bl davsk slskha k ap glob d sa al, so ska vd fæ osk davsk das dt bl p vl væ å ld ldska? Dt Nos Foadg k slska tl å bl sto k d p v s g, s Had støst foa ko- sk vl ha a stasj d- so g s ha ak ot utladt t tl å ta g, slv Fokus bslu o ld Ud vdkoto d kk stt ts vs sø t d Dt dt bl ulk typ kl- oppstt so V ka kk ho avhgg ha t l ld bl fl tasj l- so av tdsso lad ad ko fa oa- d, p osk f f ad t ot å k Has, so Has slskap advasp sk sal dtalt tl d fulls o Shppg dt osk pst t foku slskap å st væ shppg Wsty Høg ljøt fo kdsldd D å væ aaftpost d pos ld av t h, d agåd sjo d lyd t stot gasjt skpsd av vds støs g M hll fo kk, Lf dag) Aft all podukt M t vksoht spss Høgh & bl- d dt kk akdss soåd 1,2 llo ladts tdj støst avs lad Wst Md væt pof y Høgh ha Co, optso gu tl ty 2 llad uktlg buk avs, å så dts støst abohust tlby tkst, så bg Fotst dg lt ps foto, lv gs Rd vl d d bld ajo ko, dl voks askt Aft sks lokal utgav tsavs d d dt t fo al-ba væ No av 0 ls (ad tts bud skp akd Has Dstbutokost Mda post AS, so ha hv osdag Aft ag løsfsn ASA post ca Iovo skap sakk o fæ Aftpost 600 ast o ha passt Og ha dt AS ostg væt vas Aftpost od ftd, d sl- fas klg kosold ad Dstbusjo ov dt lagg ud faskså få g AS, Wsty t fa skk, så v N Høgh ga uttykk kk ha fo y bd I tllgt dt bl soldg stt g kv av slsk o ko- bta d, kudbak ap fod l kk ha blt fo kvaltt vl kk øskt dt t flksda 1-ås vk a d o u ud fa skpsfasks sy så U Vjl Kaludb tt V vd fa d g vo udsøgls, vl accpt std læg ku15 ut jt op tl hvs d ka halv t, udgå Ladx, d skft t«, sg Alx fokla, adt bkyd kud bladt t vd fo, o d, å ds d skal skft o d ka få plads, hvs t ud vjs Stk od td a Kbh Ods s E ad Fdc tafikfosk ps fa, P Hoa Roskld Tglv Uvstt Jsskptsk Næstvd ov fo tak (RUC), Sødb»Dt gå stk od ag å tds Rødby Daak d sdst tagt Euop -t d gø t vdt blv tl»å taspa dt hl dt blot bhav t så gæld ot«, hvo fa fosk salt std Jba o ko v tsæt llg Fd fa std jysk sls ca a by tl»d vl ka abjd kab ha slåt l fo kvæ tal, ud so kud o t stg slapp af Og o, stllkupé vjs, gå ttt, skft, vl oplv d skal skft t s ll Dt hao udvjs, so f kk få ldt spskft t ls af podu d halvvjs«, k- thoas sg ha skull flsbu g@pold k Aold Buscks g Alt tl læg t td Vkso l gav fokuhd, d ku kokt d s st fo ko dgupp d hvoda kus, p ds to ka tlgo ha ps bhov, d gup c all cha dod s akd td f af hovddt apkokluso s Istallo pot st, væk tl vj bachs hsultvkso so ko g Cotz+co (tdl Qua fo TEKd udabjdt CoCo) ha faglghd NIQ g talt o golæ ha c Dt Bach sætg kopt fagl t skdt: af g td tl æs opbyg, sg Ek u dt plads, så fotg fokus v tæk s std tz+co d Qua ku hos t sg kosult sohd, d d fo vk god Ld Ols g kav, f tl, dt d a Åsag skal fids s kæft, fokus '8 1 '(7 1 c5 2 3ULVH Q J OG RJV RP HU PQ HQ HG udgvt tagt åbøg bstslllst dhold bøg Huo- Lst Vst v p v s DSB 17 æ MICHAEL EJBY OG ANDERS ROED BRUHN TNERE I QUARTZ+CO V ds bfolkg ksplosvt voksd, tg af affald Dtt afgød lt fo 1 dt æks vds topol, so sk gabys fuktoaltt 0 1taktvtt 2 MARTS å løb hutg hutg fo følg fo bbo TRA E L EtlC tlvjbg t ljø, hvo d add ds g udvklg I kølvadt 3 4 Ev udvklg bgbt»gaby«opståt gag tl t vad, luft, gø g, fuktoll os (Nga), Dhaka (Bagladsh) Kaach (Paspotulghd, ffktv hådtg af affald a) ha, følg tal fa FN, d popotoalt hus adgag tl kv oåd, afgød fo t voksd dbyggtal f od 2025 Tokyo, tltækk sk vstg tl é h, Muba São Paulo vl d fots væ d gaby f fo ad Dt dd så t afgøgaby, d ko tl hav flst dbygg d kokucæssgt aspkt opt d 5 Mgaby fyssk sylggøls af globalfastuktull fohold gaby g dfs so by d d t lmgabys bhov fo ffktv ovv dbygg D dt global pspktv blfastuktull løsg skab saspl d tl agt fo vstg s sk, dt kokucæssg aspkt fotgsusøg ulghd ovo I fobdls lghd fo dask vksohd Fo få succs d dbyggtal af d støls opstå d d å vksohd d gå t skdt vd ds ækk udfodg, so skab ftspøgsl foståls af fotgsudvklg, d a tdl tllgt yskabd tkolsk løsg ha haft tadto fo D yskabd løsg g Mgaby vl sålds væ af dvkæf gabys udfodg fod lg, bag udvklg af ftdsskd tgvksohd abjd d d sald po fastuktuløsg, d vl fopl sg tl blstllg t avact vau d blot gll global byfoyls hav ds gt bdag tl løsg g t Mgaby ha all dt tl fælls, d oplv slvstædgt kltståd poduktsalg fo øj k udfodg lo tl hådtg af tlgag ag vksohd lls ha haft s uvæd ftdg støls Udfodtadto fo ds g kspotakd D lgg pæt d fo vtal fastuktubhov fo ytækg, hvo dask vksohd fohold so vad, g, taspot hådaktvt tæk podukt ydls d t tæt sa- CSR IN AFRICA Fu Bøs o ou wok Na ob Octob 2011 As you ca ad swh h s po Qua z+co chos o sd a a o cosu a s o Kya o a coup o wks du g h su od o adv s oca Kya pus o talt: gut how o s ab sh sus a ab bus sss Th s sa a v was a so p ckd up by h pss ad Mgaby ftds vækstoto ad o a avouab o Th a c Cosu a oud sp a o A ca was pub shd Bøs Oc ob o 2011 d Udfodg lgg pæt d fo vtal fastuktull fohold so vad, g, taspot hådtg af affald CSR spl d ad fotgsp, så gaby blv pæstt fo opfdso tgd løsg sæ to ctal oåd: 1) Hvoda hådts udfodg fobudt d ag sk salt t foholdsæssgt lll gafsk oåd optalt? 2) Hvoda skabs løsg, d ka tlpasss d fots hastgt stgd dbyggtal? Dt sv dss spøgsål, d skal dabjds dask vksohds fotgsudvklg, hvs d øsk tag tv dag fodl af d ulghd, gaby skab Dask vksohd ha so udgagspukt d ødvdg gudlæggd koptc d fo hv st poduktoåd glt dygtg hv fo sg tl tadtol poduktovo Dt skal d hold fast M dudov dt afgød, d udfos kokt fotgskocpt fo, hvoda vksohds g løsg aktvt dkt bgs spl d ad vksohds podukt ydls fo dvd tag f løs d sto spøgsål udfodg, so gaby stå ovfo Bslutgstag gaby optagt af få puslspllt tl gå op, dfo skal vksohd foå bg ds g podukt ba sa d d ad»bkk«fo blv dl af dt sald blld Ivæksætt sætt kus od Kya u kk kv K Kv d ka d b y oka

28 28 ANNUAL REPORT 2011 DSB CASE WHEN A NATIONAL INSTITUTION BECOMES A PUBLIC AFFAIR ON TRACK FOR CHANGE Wh copas play a vtal ol fo a couty s fastuctu ad facal stablty, th plto of w stgs wll caus sv chags, ot oly wth th copay, but also socty Fo th aso, th coclusos of a pot o th cooy of th Dash alway copay, DSB, whch uvls a facal st wos tha agd, has cvd assv tto Th cocluso s cla: th pottal fo ducg costs DSB s substal, ad f th cost ductos a pltd th ght stgc cotxt, DSB ca gt back o a st ad o ffct tack By Chsta Spavoh Du to a cutback cotact payts of 300 llo Dash ko, th Dash Msts of Fac ad Taspot dcdd to gt DSB s Mach 17, 2011 CEO Sø Eks s lad off du to DSB s facal dffcults Apl 26, 2011 Chaa of th boad, Ms Gab, ts fo halth asos May 9, 2011 Pt Schütz s aoucd as th w Chaa of th Boad MARCH APRIL MAY AUGUST Mach 25, 2011 May 5, 2011 August 1, 2011 Th Dash Msts of Fac ad Taspot cosso Quz+Co to t a aalyss of DSB s facal stuo Apl 27, 2011 Kast Rø Ads, Dcto of DSBFst ad DSB Swd, s lad off Chsta Roslv taks ov as w CEO of DSB Dcto of DSB Mac, Bal Kass, s lad off

29 29 QUARTZ+CO facs vwd to fd pottal ffccy povts of last 300 llo Dash ko As t tud out, th pot dd up dsclosg a savgs pottal of 12 bllo Dash ko I blv w all supsd th svty ad th volu of th copay s facal css DSB s losg oy vy day, ad as aagt, w actvly tak o th sposblty of focusg o balacg ou facs, sad fo CEO of DSB, Chsta Roslv, to th Dash wspap BT Sptb 2011 Bg a 127-ya-old, dpdt, st-owd copay wth o tha 9,000 ploys, ovg 198 llo tavlls a ya, DSB s th tagt of clss publc tto lk so ay oth I blv th w all cubt aload supsd th svty ad opos I spt of passg gowth th volu of th copay s ad st opoal facal css DSB s losg pfoac o ost of ts twok, DSB oy vy day, ad as cotus to stuggl aagt, w actvly tak wth ts ovall ag o th sposblty of focusg Bag ths d, t was o sups th o balacg ou facs th pot o DSB s poo facs tggd a xtsv da sto, dug whch vy topc fo how ay hous a day th locootv dv woks to how xpsv th old DSB hadqus a was scutsd Du to tculous da pstd th pot, th db about DSB s futu has b supsgly costuctv DSB s aagt has oply ackowldgd th sults th pot, aoucg th th copay as to als cobd savgs of 1 bllo ko ov th c yas It has b sstal fo us to fd a soluto th wo t hav a advs ffct o th passgs W blv th wth ths pla, w hav foud a way to succd, Jakob Kjæ, Had of Fac ad actg CEO, xplad DSB s ploy agaz Fbuay 2012 As p of ths ffot, th aagt aoucd th aft gotos wth th uos, th copay wll cut 1,000 postos ov th yas, bttg DSB s facs by 440 llo ko Oth cosqucs a stll ucta At th t of wtg, DSB s wg fo ts thd CEO lss tha a ya to tak offc Th 240-ya-old buldgs whch hav b DSB s hadqus fo a dcad a ow up fo sal th hop th ths wll bg about sgfc savgs Th last ya has b xtly tough fo th oal sttuto Howv, a css s also a possblty fo a w bgg, ad DSB s o tha ady to add a o ffct cooy to ts pssv passg gowth May 1, 2012 Sptb 22, 2011 Th pot fo Quz+Co s dsclosd to th pss Th pot dscbs a savgs pottal DSB of 12 bllo Dash ko Octob 6, 2011 As a p of th ffccy pa, DSB puts th had offcs Sølvgad up fo sal Dcb 12, 2011 Th wok DSB a o stk, ad th tas u gulaly Th stk lasts fo th days Jsp T Lok, fo dcto Mask, taks up th posto of CEO DSB SEPTEMBER OCTOBER DECEMBER FEBRUARY MAY Sptb 22, 2011 Th CEO, Chsta Roslv, adts th th facal stuo s wos tha xpctd ad aoucs th layoffs ay b c Octob 24, 2011 Chsta Roslv ts fo hs posto as CEO DSB wth d ffct fo halth asos Fbuay 2, 2012 DSB achs sttlts wth sval uos to pov th facal stuo Ths cluds abolshg aoud 1,000 postos

30 30 ANNUAL REPORT 2011 AKER SOLUTIONS CASE THE OIL INDUSTRY IS STRUGGLING TO KEEP UP WITH THE PACE OF DEMAND MOVING INTO THE FAST LANE By Kal Hø Th dad fo ol ad gas s xpctd to skyockt ov th xt coupl of yas At th sa t, ol pcs a stablsg ad httg a sold 100 US dollas p bal Yt t ss, dspt ths postv stuo, th th ol dusty s suffg fo a pobl: th stuggl to kp up wth th assv dad fo ol A stuggl th could tu out to b cucal fo th futu of th dusty O of th wold s lagst ol svc povds, Ak Solutos, s lookg to gt th pc of th p ad kp up wth th pac of th dad Thy povd poduct solutos ad tcholy th abl ol copas to dll ad pup ol all ov th wold Ths as th f Ak Solutos s t abl to kp up wth th dad, th a th ol copas O bach of th ol dusty pcula s xpctd to gow tdously: subsa ol ad gas xploo I fact, th global subsa akt s xpctd to cas fo th cut lvls of appoxly 6 bllo US dollas to aoud 20 bllo 2016, aly dv by akt gowth Afca, APAC ad South Aca Fo Ak Solutos, subsa poducto svc s a co aa of xpts wth pu poducts subjct to cotuous ovo ad optso Howv, such hgh gowth lvls ca pov to b a challg v to th bst class I od to ppa fo th cpd s th dad fo ol, th aagt ta of Ak Solutos subsa busss aa dcdd th sgfc actos dd to b tak to su a stald ad ffct busss, ady to accl th pac ad tap to th akt pottal Th supply cha s adss fo gowth was s as th ctcal focus aa, sc bottlcks ay apdly as th supply akt wh Ak Solutos ad th copttos ov sultaously to su th thy hav th capacty to t gowth Th goal was to lft th supply cha pfoac to th xt lvl by assssg th cut stuo, fdg oo fo povt ad dvlopg a pla to clos th gaps ad do so quckly Th focus was dfd as bg abl to dlv th ght qualty, th ght t, th ght cost Th t global aso was assssd accodg to a bst pactc supply cha soucg fawok wth focus o ky dsos fo hadlg gowth cludg supply cha gowth plas, aso, capablts, suppotg tools, pfoac aagt ad KPIs Basd o th sults, a sx-stp povt pla was talod to lft pfoac, covg two phass: 1) stgc algt ad 2) also of sygs ad sug capacty Th sults a bgg to show as th copay has ovd o aggssvly to xpad capacty wth ky aas whl lvagg coos of scal Ak Solutos s thus ow takg th xt stp to scu ts pc of th ol dusty gowth p GLOBAL ANNUAL INVESTMENTS IN EQUIPMENT FOR SUBSEA OIL AND GAS EXPLORATION (USD MILLIONS) 20,000 18,000 16,000 14,000 12,000 10,000 8,000 South Aca Noth Aca Noth Sa APAC/Mddl East Afca/Mdtaa ,000 4,000 2,000 0 Est

31 31 QUARTZ+CO QUARTZ+CREATIVE MERGING THE RIGOUR OF A TIER-ONE STRATEGY CONSULTANCY WITH WORLD-CLASS CREATIVE SKILLS TO FILL A VOID IN THE MARKET STRATECUTION IN PRACTICE By Davd Hla, Vggo Wdbo ad Thoas Hol Møll Ladg copoos oft xpc a dscoct btw copo stgy ad aktg xcuto Cv agcs lack dp dusty sght ad goous aalytcal poblsolvg sklls, sultg cocpts th a oly supfcally ootd copo stgy Maagt cosultg copas lack th capablty to fully follow though o busss stgs wth ffctv actvo to su succssful xcuto Quz+Cv s a st-up ag to fll a vod th akt btw t-o stgy cosultg copas ad wold-class cv agcs wth a objctv of ablg chag though tuly dsuptv das Quz+Cv, a subsday of Quz+Co, s stablshd th blf th dusty ga chags occu th swt spot wh pofoud busss udstadg, aalytcal pobl-solvg ad cv thkg t wth a utual pupos of gg valuabl das Aft all, cvty fs to th phoo whby sothg w ad valuabl s cd By fusg stgy cosultg pcpls ad a cla ss of dcto to cv dvlopt pocsss, chacs a w ll s lss sold couco capags ad o busss ctcal cv das th dctly suppot copo objctvs STRATEGY CONSULTING CREATIVE CONCEPTS AND DISRUPTIVE BUSINESS IDEAS GROUNDED IN STRATEGY CREATIVE NETWORK Wokg clos co-opo wth th clt, th Quz+Cv co ta chaactsd by tpual dvduals cobg stgy cosultg pofls wth xpc fo cvly ld twoks always sus a stgc appoach to ay da go pocss I addto, a global twok cosstg of uquly sklld dvduals wth capablts agg fo dcto to gaphc dsg, vdo poducto, hopoly, dgtal ga dvlopt, vtu captal, publshg, jouals ad PR, usc ad ov poducto povds a xtly obust cv st-up wth a coss-dscplay pspctv o all stgc bfs Th cv cocpt dvlopt bulds o a th-stp appoach: stgsg, volvg a aalytc basl, a cla post stgy, a stgc bf ad aalytcs plac to asu wh succss looks lk; dsuptg, volvg a stuctud pobl-solvg appoach wth coss-pollo of dfft dscpls to dvlop cv das; ad fally actvg, volvg optso of pact by lvagg all avalabl pad, ad ad owd chals wth tgo acoss aas such as dgtal, socal da, val, CSR, PR ad stgc pshps to captu th d spac of C-suts, flucs, ctzs, ad cosus Gv th clutt th da akt ladscap, copas ust shft fo th old way of thkg dfd by ach ad fqucy to a da appoach govd by tagtd focus ad achvg scal va socal da Wth a had st 2011, th ta playd a ky ol dvlopg WdMad, th wold s fst v global wabl gy cosu labl It s a xcllt xapl of how a totally w appoach ad busss dsg w usd to pusu vsoay, ovv ad ovl busss dvlopt basd o stgc gou coupld wth cv cocpt dvlopt O th dgtal sd, th ta has b volvd stgthg Calsbg s spososhp actvts ad suppotg global ad local bad stgs though a w dgtal chal to gag cosus Wth classc cosu aktg, th cv twok s cdtd fo dvlopg a global capag fo Cok Zo, ad th doa of gaphc dsg, t has dvlopd th vsual dtty of th UN cl cofc COP15 a oth thgs Th d-to-d appoach, wth owshp fo both th busss stgy ad fo th xcuto pocss (s as both asoal tasfoo ad fal cocpt dvlopt), abls xploo of pfoacdv f odls Ths sus algd ctvs ad a hgh dg of sk-shag wth ou clts, ad ulashs th pottal of ou stcuto valu poposto

32 32 ANNUAL REPORT 2011 CULTURE IS EVERYTHING TO QUARTZ+CO BUT HOW DOES IT SHOW? CELEBRATING ICONIC MOMENTS SCHLÄGER- STYLE Th aual sk tp was a blast 45 collagus clbd th Austa outas Sush, csp sow, offpst skg, aft-skg, th woks BÅSTAD 2012 I kpg wth tadto, th Quz+Co cvlso t Båstad, Swd, fo a day of shag valus ad blfs, stgs ad vsos, but phaps o potly a day of coctg wth all th collagus fo Dak, Swd ad Noway Th socc shoot-out btw th th couts poducd a lot of buss ad also a bok lg, but l th day, ou ow pa-nodc ock outft dw vybody back tth ad cd a gloous d of wh w capabl of WINNING IS FOR LOSERS Th Quz+Co Socc Challg tuly wt dow as o of th ost coc vts of 2011 W vtd sv of th ost pot pofssoal svc fs Cophag to jo us fo a day of fu, ad alost 100 plays ad a suppotv audc showd up Gtoft Stadu ady fo btl, but dsplayg th tu Olypc spt A tadto was bo, ad w alady plag th 2012 vt YES AND THE LIBERATION OF LIBYA How s t possbl to obls hudds of popl, th softwa ad th hadwa, cludg sx F-16 fght acafts, ov th fo Dak to Scly ad st flyg cob opos ov Lyba full co-odo wth th toal coalto lss tha a wk? Colol Ads Rx, who ld th Dash sso to Lyba, vstd Quz+Co a coupl of ts dug th ya ad xplad th t s all about sayg ys THE SNOWS OF KILIMANJARO Dug th autu, a goup of youg Nowga studts, sposod by Quz+Co, achd th sut of Mout Klajao 17 out of 17 ad t W lk th ststcs ad th photos!

33 33 QUARTZ+CO MENTORING PROGRAMME I addto to th juo cosults coctd to Quz+Co, w v had th plasu of gttg to kow aoud 50 studts though th pcpo ou t pa dug 2011 Each studt s coctd to a cosult Quz+Co whos fst job t s to suppot, challg ad gud th studt o hs o h ca ph, ad tu, w too a challgd by th youg, bght studts A CHILDREN S PLAY It s a old Dcb tadto Quz+Co to vt ou fals, spcally th chld, fo swts, agc, stos ad psts th offc I Oslo, w vtd ou fals to a fu day wth Dsy o Ic I Cophag, w chos also to vt ou clts ad th chld to s a Chstas play a local th Wh ubs, wh os, wh joy, wh a day THAT GUY STILL BITES DOGS It s as old as ay tadto Quz+Co ad stll poducs coc ots lk othg ls Th othly Ma-bts- D awad gos to th Quz+Co pojct ta th has poducd th ost coc ot of all th ta whch povs th w focus o dlvg succss h tha succssful dlvy, th w abl to adapt ad ovco ad th w a fo both xcllt ad oabl dlvabls ad vts CLUB Q+ Evy ya, Quz+Co Swd, Noway ad Dak vts ou los to Club Q+ I Oslo, thy hld th fst Club Q+ th su of 2011, ad wth qually g succss Mo tha 200 popl chos to jo ou Nowga ta to gl ad lst to Noway s w dalg Haddy N j I Stockhol, w hld a succssful lauch vt, ad Cophag o tha 600 popl jod us fo dks both th spg ad th autu WINNING IS EVERYTHING I 2010, th w a fw aagt cosultg copas who a th aual DHL Rlay Dak fast tha w dd W dcdd to put a stop to th, ad though a focusd ffot by a hadful of ddcd collagus, w bca th fastst aagt cosultg copay th kgdo 2011 STUDENTS STUDY Q+C AND VICE VERSA Oslo: I Sptb, Quz+Co asd a sa o how to pst wth pact fo th studt-dv copay, StudCosult It tud out to b a ducoal ad fu day focusg o th dos ad do ts wth wtt ad oal couco Stockhol: At th sa t, w opd th doos Bg Jalsga to o tha 50 studts Dug a th-cous d, th studts t ou cosults ad had o about wh t s lk to wok cosultg Cophag: I May, ou ffot to do thgs a lttl dfftly ld to th Quz+Co Cookg Challg O a ght o whch psoal cookg sklls w put to th tst, 20 taltd studts ad a hadful of cosults btld to ppa th ost xqust couss

34 34 ANNUAL REPORT 2011 KEEP ON CONNECTING ONWARDS Ths was th 2011 Aual Rpot fo Quz+Co Thak you fo adg w tust you foud th stos of how w coctd th d ad th black dug th ya woth you whl As w tu to 2012, ou outlook s postv ot bcaus w thk th global tubulc wll cd, spcally ou p of th wold, but h bcaus w fl cofdt about ou ablty to coct wth d-bloodd popl, ad to wok wth th, globally, th qust fo black fgus I ay ways, 2012 wll b a ya dug whch w wll cof ad f ou collctv ad local ablty to dlv chag Ad, as w v s th pvous cass, chag s a qusto of sttg dcto, but v o so of cg buy- to ths dcto ad of tasfg th dd capablts to xcut ad susta chag To pfct ou ablty to dvlop a tu dcto, to su sold buy ad to tasf capablts as to addss a ag of pactcal, asoal ad stgc challgs ad th povd d asws, whch w look fowad to pstg xt ya s dto of ths pot Ta Quz+Co

35 35 QUARTZ+CO DOWNLOAD OUR PREVIOUS ANNUAL REPORTS Dowload ou pvous aual pots, ad fd tgug cass fo copas such as A Glad, AjoHutlgh, Avo, Calsbg, C, Cophag Apots, DSB, Ecco, Fd Captal, Gudfos, Mask L, Novozys, SAS Als, Sttt, Tlo ad Vstas Vst: wwwquzcoco/aualpots

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