Ramboll Annual Report 2021

Ramboll Annual Report 2021
The Partner
for Sustainable
Change
Table of contents
Ramboll is a global architecture,
engineering and consultancy company
founded in Denmark in 1945.
Our 16,500 experts create sustainable

solutions across Buildings, Transport,
Energy, Environment & Health, 4 Letter from the Chair
Water, Management Consulting and the CEO
and Architecture & Landscape.
Ramboll steered successfully through the
aftermath of the Covid-19 pandemic.
Across the world, Ramboll combines We have emerged stronger and with a
local experience with a global renewed purpose for delivering sustainable
knowledge base to create sustainable impact to clients and society.
cities and societies. We combine insights

with the power to drive positive change
for our clients, in the form of ideas that
can be realised and implemented.
We call it:
Bright ideas. Sustainable change.
Visit us at ramboll.com
Cover image: Sustainability is core to the upcoming

multi-use office building at The Marble Pier, in
Copenhagen. It will be one of the largest timber
buildings ever constructed in Denmark. Ramboll and
Henning Larsen have jointly delivered the project for
the client AP Pension.
12 Strategic direction
The printed report has been produced
Winning Together, our strategy in 2016-2021, has ended.
on Ecolabelled and responsibly harvested
and produced paper. Our new strategy, The Partner for Sustainable Change (2022-2025), has begun.
Annual Report 2021 3
16 Financial review Directors’ report

4 Letter from the Chair and the CEO
6 Main outcomes of 2021
In 2021, we recorded our highest ever revenue
8 Key statistics
and operating profit, while operating margin
10 Ramboll at a glance
was the highest since 2010. 12 Strategic direction
16 Financial review
Progress on our commitments

24 Clients
24 Clients at the core of what we do
26 Delivering value to clients
28 Harvesting synergies to serve our clients
22 Progress on our commitments 32 People

32 Engagement and well-being
33 Equality, diversity and inclusion
Our commitments are the promises we make to
35 People strategy
our key stakeholders: Clients, People, Society, 37 Health and safety
and our Company.
42 Society
42 Contributing to the UN SDGs
45 Shaping resilient societies
50 Catalyst for climate action

54 Company
54 Ambitious carbon reduction goals
56 Environmental impact
58 Business integrity and anti-corruption

85 Sustainability reporting Financial reporting
62 Accounting policies
Overview of our reporting on environmental, 66 Financial statements
people, social, and governance aspects of our
business and organisation. Sustainability reporting
90 Key statistics
92 Materiality assesment
94 GRI index
Additional information
100 Management’s statement on the Annual Report
101 Independent Auditor’s Report
103 Limited assurance report
104 Board of Directors
105 Group Executive Board
106 Selected awards
4 xxxx xxxx
Becoming The Partner

for Sustainable Change
Letter from the Chair and the CEO
In 2021, Ramboll steered successfully through the aftermath of the All in on sustainability We will further orient
Covid-19 pandemic. Our company has emerged stronger and with Sustainability has always been at the core of our company
a renewed purpose for delivering sustainable impact to clients purpose. During the past strategy, we have further developed our entire portfolio
and society. our sustainable offering within Buildings, Transport, Energy, around sustainability,
Our financial result in 2021 has been the best in Ramboll’s history,
Environment & Health, Water, Management Consulting and
Architecture & Landscape.
and embed sustainability
with the highest operating margin registered in the past ten years. into everything we do,
Once again, our 16,500 employees have gone above and beyond During 2021, we accelerated the transformation of our energy whether projects
the ordinary to deliver on projects and support our clients. business into renewables, and we have not only further extended
our leading position in areas such as offshore wind but also
or own operations
Our client loyalty remains high, while our project satisfaction score significantly improved our position in emerging technologies
has increased further to a significant 4.46 on a scale of 5. We have such as Power-to-X and carbon capture and storage. Equally,
won and delivered groundbreaking projects through 2021 as a our spearhead for Strategic Sustainability Consulting developed
testament to our ability to create value for clients and partners. positively, growing by 18% in 2020-2021, which reflects a high
market demand for sustainable solutions and advisory.
We could not have delivered these strong results without
our dedicated employees who have worked under unusual As of end 2021, we were well positioned for our new company
circumstances for a sustained period of time. Some employees, strategy 2022-2025, which is titled The Partner for Sustainable
such as in the US and India, have worked through prolonged Change. With the strategy, we aim to accelerate the green
societal lockdowns, while others have shown flexibility in adapting transition of society by providing sustainable solutions and
to new hybrid ways of working and collaborating. We would like to expertise to our clients. As their trusted partner, we help our
thank all our dedicated employees for staying strong and helping clients navigate successfully through the transition to a more
our clients succeed. sustainable future.
Closing a successful Winning Together strategy We will align our entire portfolio around sustainability and embed
2021 was the final year of our Winning Together strategy. sustainability into everything we do, whether it is on projects or
During the strategy period we have strengthened our geographical our own operations. We are front runners in the Science Based
presence, including by doubling our number of employees in the Targets initiative, with rigorous short and long term climate
US. In Germany, we have grown 12% annually, and in Singapore we targets, and committed to net zero.
have broadened presence to become a hub for the whole Asia-
Pacific region. Our position in the Nordics and the UK Making a real difference
remained strong. In 2021, we noted the highest score in our annual Employee
Satisfaction and Engagement Survey. Over the coming year we
As a means of differentiation, our global specialised ‘spearheads’ will continue to strengthen the professional development of our
have been strong drivers for growth, internationalisation and employees through training and further up-skilling in sustainability.
competence development, just as we have invested significantly in And we will work to further develop as an equal, diverse and
innovation and digitalisation to increase value for our clients. inclusive workplace where employees thrive by making a real
difference for our clients and for society at large.
The integration of the world leading architecture firm Henning
Larsen has proven truly successful. In 2021, Henning Larsen Through our talented colleagues, and in partnership with our clients
achieved a very strong result, and joint project wins with the rest and stakeholders, Ramboll will continue to drive the sustainable
of Ramboll have far exceeded expectations. change that our society and planet so urgently need. This is what it
means to be The Partner for Sustainable Change. We look forward to
the collaboration.
Chair of the Group Board Jeff Gravenhorst

CEO Jens-Peter Saul
6 xxxx xxxx
Main outcomes
of 2021
Located in the largest pedestrianised neighbourhood

in Central London, the 2 Finsbury Avenue building
targets net zero carbon in construction and operation
and BREEAM ‘Outstanding’ certification. Ramboll is
structural and services engineer for this project by
client British Land.
Image credit: 3XN, British Land
Successful delivery of Winning Together

We achieved a number of successes in the strategy Winning Together
(2016-2021), including a stronger position and capabilities within
sustainability, digitalisation, and innovation, while delivering steady growth.
Resilient people delivering high growth

In spite of a year marked once again by the stresses of the Covid-19
pandemic, Ramboll delivered its highest ever revenue and operating
profit in 2021, while the operating margin was the highest since 2010.
Our people and leaders rose admirably to the challenge of meeting client
and company needs in a time of crisis - and delivered beyond expectation.
Accelerating the green energy transition

With market leading expertise in the energy sector, we created in 2021 a
dedicated division to speed up the transition to renewable energy, including
offshore wind, green hydrogen, and Power-to-X.
Ambitious climate targets

We set rigorous carbon reduction targets for our company to strengthen
action on climate. In 2021, the Science Based Targets initiative approved our
targets as being in line with the 1.5°C pathway.
Strong synergies that benefit our clients

2021 was the first full year of the Henning Larsen brand operating as part
of Ramboll, combining design-led and engineering disciplines into the new
business unit for Architecture & Landscape.
8 Directors’ report
Key
statistics
14.2
Revenue in DKK billion
849
DKK million
6.0%
EBITA margin
13.6 in 2020 in operating profit (EBITA) 5.0% in 2020
682 in 2020
7.3
Order book in DKK billion
4.4%
Revenue growth
470
DKK million in profit before tax
6.8 in 2020 -4.1% in 2020 246 in 2020
4.4/5
Client satisfaction rate
CO2
16,170
Total tCO2 emission
4.1/5
Employee satisfaction rate
level in 2020 20,539 in 2020 level in 2020
Key figures and financial ratios 2021 2021 2020 2019 2018 2017
Income statement EURm DKKm DKKm DKKm DKKm DKKm

Revenue 1,910.3 14,212.4 13,613.3 14,188.8 11,351.0 10,740.3
Net project revenue (NPR) 1,584.1 11,786.0 11,133.6 11,372.3 9,819.4 9,424.9
EBITDA 142.9 1,063.4 911.1 976.0 759.5 788.3
EBITA 114.1 848.7 681.8 762.5 597.0 618.9
EBIT 67.7 503.7 278.0 341.1 317.9 441.1
Profit before tax 63.2 470.0 246.0 307.9 360.8 307.8
Profit for the year 42.5 316.4 129.3 171.9 237.8 146.1
Balance sheet
Total assets 1,219.2 9,070.9 8,704.1 8,748.8 7,566.3 6,412.6
Total equity 392.7 2,921.9 2,453.1 2,541.4 2,350.6 2,180.1
Net interest bearing cash/(debt) 121.3 902.2 510.5 (196.7) (701.4) 81.3
Cash flow
Cash flow from operating activities 44.7 332.6 1,259.2 686.7 496.0 317.1
Investment in tangible assets, net (18.7) (138.9) (132.6) (218.7) (237.0) (147.9)
Free cash flow 26.0 193.7 1,126.6 468.0 259.1 169.2
Acquisition of companies (10.3) (76.8) (289.9) 92.6 (996.2) (116.0)
Employees No. No. No. No. No.

Number of employees, end of year 16,685 15,896 15,947 14,443 13,401
Number of full-time employee equivalents 15,265 14,950 14,843 13,276 12,527
Financial ratios % % % % %
Revenue growth 4.4 (4.1) 25.0 5.7 1.2
Organic growth 4.1 (4.9) 4.2 7.0 2.8
Organic growth, NPR 5.2 (2.7) 4.8 5.5 2.6
EBITDA margin 7.5 6.7 6.9 6.7 7.3
EBITA margin 6.0 5.0 5.4 5.3 5.8
EBIT margin 3.5 2.0 2.4 2.8 4.1
Return on invested capital (ROIC) 19.0 15.4 17.3 15.2 16.1
Return on equity (ROE) 11.8 5.2 7.0 10.5 6.7
Cash conversion ratio 48.3 194.7 111.1 116.2 64.5
Equity ratio (solvency ratio) 32.2 28.2 29.0 31.1 34.0
The figures in EUR have been translated from DKK using an exchange rate of 7.44.
Key figures, sustainability 2021 2020 2019 2018 2017
Total CO2 emissions (Scope 1, 2 & 3)*, tCO2e 16,170 20,539 43,586 - -
Gender diversity, women/men, % 35/65 35/65 34/66 34/66 34/66
Total reportable incident rate (TRIR) 1.37 1.74 1.57 2.46 -
Lost time incident rate (LTIR) 0.43 0.89 0.76 2.00 -
Compliance, Business Integrity and Data Privacy training, % 93 **95 95 75 97
*GHG calculations in 2020 and 2019 updated to align with GHG Protocol
** Per February 2021
10 Directors’ report
Ramboll
at a glance
Our mission is to create sustainable societies Our value creation
where people and nature flourish. We are architects, engineers and
consultants. We provide stand-alone and
multidisciplinary services and solutions
Ramboll is a global architecture, engineering, and consultancy A responsible company
to clients throughout the built and
company founded in Denmark in 1945. Ramboll is committed to acting responsibly towards clients, natural environment.
employees, society, and our company, as set out in the company
Operating across 35 countries, Ramboll combines deep local legacy. We seek to promote and provide services and solutions Our value creation begins with our
clients’ and society’s need for sustainable
insight and experience with a global knowledge base to create that contribute to sustainable development, while avoiding
change, and results in financial as well
sustainable societies and drive positive change for our clients. projects with an aggressive, destructive, or suppressive purpose as non-financial outcomes for our main
towards nature or people. Our vision, mission, values and stakeholders – Clients, People, Society,
Our 16,500 experts deliver solutions across Buildings, Transport, commitments permeate our efforts on sustainable development and Company – as described in Progress
Energy, Environment & Health, Water, Management Consulting and guide how we act. on our commitments (p 22-23).
and Architecture & Landscape.
Our clients’ needs are shaped, among
We are a member of the UN Global Compact and our business others, by an ambition to contribute to
Foundation ownership contributes significantly to progress the Sustainable Development a sustainable future and mitigate the
The Ramboll Foundation is the majority shareholder in the Goals. Our climate targets are approved by the Science Based negative consequences of a number
of crises and challenges related
Ramboll Group A/S and owns 97.7% of the company’s shares. Targets initiative as aligned with the Paris Agreement.
to sustainability.
The remainder are owned by Ramboll employees.
We work across our clients’ value
The Ramboll Foundation is an independent Danish enterprise chains, leveraging our expertise,
foundation and was established in 1972 to safeguard the long term innovation and creativity to address
the risks and opportunities that follow
financial viability and development of Ramboll for the benefit
from sustainable change. By bringing
of employees. together our technical expertise, domain
knowledge, and digital capabilities,
we support our clients in driving
improvements and developing new
business models that are
inherently sustainable.
We partner with clients who are

ambitious in terms of achieving
sustainable impact in their operations
and business activities.
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Sustainability challenges such as climate change,
mnasin
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resource scarcity, environmental degradation, io n stakeholders: Clients, People, Society
social exclusion, and loss of biodiversity drive and Company.
the need for change across society, influencing
demands and expectations of clients For Clients we deliver value in around 40,000
and stakeholders. projects annually. Our sustainable solutions
How we respond are delivered in strategies, designs, plans and
Clients in the public and private sector are project realisations that minimise risks, capture
prompted to find solutions to mitigate risks Our desired role is to be the trusted partner In early stage engagement, we deliver strategic opportunities, improve efficiency, and drive
or seize opportunities that derive from for our clients, creating value by guiding them advisory, master planning, architecture and innovation forward.
new regulation or changes in stakeholder successfully through sustainable change, while conceptual design services that guide the overall
expectations and demands. understanding specific challenges sustainable direction and scope of the project. For People we deliver a highly engaging,
and opportunities. modern and inclusive workplace with attractive
This can both be defensive measures, to reduce In our schematic and detailed design services opportunities to develop competencies – a
the negative impact of operations, or actions to Together with our clients we focus our efforts that cover the translation of clients’ needs into workplace where a strong sense of purpose and
seize new business opportunities and ways where the potential to accelerate sustainable physical assets, we work in an integrated way belonging is nurtured and strengthened through
of operating. development is highest: Decarbonise for net with sustainability, circularity, innovation and good leadership, inspiring projects and
zero, Resilient societies and liveability, Resource digital technologies to create optimal solutions a collaborative culture.
management and circularity, and Biodiversity that deliver on expectations, while contributing
and ecosystems. to sustainable development. By using modern For Society we deliver liveability, economic
digital platforms we challenge existing standards prosperity and social cohesion through a resilient
Our knowledge, technical expertise and power to deliver more sustainable designs. built and natural environment. This is brought to
to innovate is our most important contribution. life through future proof infrastructure, built and
Therefore, people, our employees and their ability In the later stages of our clients’ value chains natural assets, planning and policy making.
to deliver excellence, is at the core of – Production and construction, Operation and
our company. maintenance, and Decommissioning, disposal For Company we secure long term continuity
and recycling – we help our clients to optimise and profitable growth, while demonstrating
Our expertise and services are inputs to utilisation of their assets, extend life time, ensure strong corporate citizenship and staying true
project realisation. We work across our clients’ up-time or minimise resource usage to Ramboll’s legacy. This gives us the size and
value chains and embed sustainability into all in operations. strength to grow our positive, sustainable impact
our projects. for our three other stakeholder groups.
Strategic
direction
Winning Together, our strategy
in 2016-2021, has ended. Our
new strategy, The Partner for
Sustainable Change (2022-2025),
has begun.
Ramboll Studio Dreiseitl was the lead open space

planner for the Xiaomeisha Coastal Zone project,
located near Shenzhen, China. The award winning
project is for client SZ SDG, with partners MLA+,
and Colliers Hong Kong.
Winning Together
Many milestones were reached by Ramboll US, while widening the client base. This has organisation, enabling us to differentiate They provide a springboard for our future
in Winning Together, our strategy in contributed to a positive impact on our better in the market and deliver higher in work, where deep specialisation will be
2016-2021. Ramboll grew by 35% over revenue in the US. Our Americas market the client’s value chain. central to delivering value for clients across
the strategy period and built a strong today covers the US, Canada, Mexico, the project life cycle.
sustainability offering across our markets. and Brazil, with services in water, energy, The latest spearhead, launched in January
environment and health, and architecture. 2021, is Strategic Sustainability Consulting. SDGs as a benchmark
The strategy was extended to 2021 owing The spearhead is strengthening Ramboll’s We aligned closely with the UN Sustainable
to the Covid-19 pandemic. That allowed Similarly, our UK business witnessed a position as a key partner in the rapidly Development Goals (SDGs) during
us time to rebalance our business in a significant positive turnaround during growing market for ESG consultancy and Winning Together, which proved to be
challenging market situation, as well as the strategy period. Organic growth, sustainability strategies. The spearhead a valuable yardstick for measuring and
to develop our new strategy. underpinned by a focus on key accounts merges sustainability insights with communicating the sustainability of
and innovation, has been the cornerstone management consulting expertise to our business.
The strategy proved successful, of that development. integrate sustainability across the client
strengthening our position and capabilities value chain. This helps deliver a full In 2016, we established a sustainability
within sustainability, digitalisation, and Germany has developed substantially spectrum of solutions, from roadmaps baseline based on revenue generated
innovation, while delivering growth, since 2017, when we largely focused on to cut carbon emissions, to providing from services contributing directly and
a deeper and broader geographical management consulting. Backed by a sustainability assessments and monitoring. positively to the SDGs, with a target
footprint, and concluding with the strong offering in onshore and offshore to increase the share of revenue from
strongest financial performance since 2010. wind, as well as major contributions from We also strengthened our offering these services by 40%, by 2020. We far
Transport, during the strategy period in architecture and design with the exceeded that target, reaching a 60%
Expansion in the Americas, the UK Germany has matured into a business unit acquisition and integration of Henning share in 2020, and have progressed our
and Germany with a broad portfolio. Larsen and Web Structures in 2020-2021. SDG linked share of revenue in all of
A key achievement was the expansion of By securing even stronger connections our Markets.
our business in the Americas. This included Our position in the Nordics also remained between sustainability engineering, design
the acquisition in 2019 of O’Brien & Gere, strong during the strategy period. excellence, and leading architecture for By delivering sustainable solutions across
a major provider of integrated buildings, cities and landscapes, the new the client’s value chain, we stand out in
engineering solutions. Widening our offering in sustainability Architecture & Landscape business unit is the increasingly competitive professional
services and architecture delivering unique synergies for clients. services industry. Going forward, we will
The acquisition added 900 experts within A key outcome of Winning Together is measure sustainability impacts based on
water, energy, environment, and advanced the establishment of global ‘spearhead’ The spearheads have financially greenhouse gas emissions reporting and
manufacturing to Ramboll, making the services. These spearheads cluster outperformed the rest of Ramboll’s alignment to the EU Taxonomy.
company a multidisciplinary player in the expertise and insights from across our business during the strategy period.
14 Strategy
All in on sustainability -
The Partner for Sustainable Change
Ramboll has launched a new strategy for 2022-2025, titled The
Partner for Sustainable Change, deepening our commitment
to a sustainable future. With the new strategy, we go all in on
sustainability. Our ambition is to drive sustainable change for
clients, stakeholders, and society, and become the global leader
in the green energy transition.
The new strategy is aligned with our company purpose to create

sustainable societies where people and nature flourish, and
expresses the value we generate for clients, end users and society,
and how we do business. The new strategy is a continuation of
our Winning Together strategy (2016-2021), with even stronger
focus and greater ambitions to be a global sustainability leader.
Expertise and solutions to enable sustainable transformation

Our stakeholders are impacted by megatrends such as climate
change, resource scarcity, environmental degradation, social
exclusion, and biodiversity loss. That poses risks such as stranded
assets, reputational issues, and stakeholder pressure, as well as
opportunities to develop new business models, solutions, and
revenue streams.
We want to help stakeholders to realise their goals by offering

our expertise, deep experience, and sustainable solutions to
their pressing challenges, and navigate the transition to a more
sustainable future.
As The Partner for Sustainable Change we will focus all our efforts
to accelerate sustainable change on four sustainability themes
where the needs of clients, stakeholders and society intersect with
our expertise.
These four themes are: We expect to invest up to DKK 2.5 billion into targeted Delivering sustainable
acquisitions to further strengthen our expertise. Moreover, we impact for stakeholders
Decarbonise for net zero, which tackles the climate crisis with continue to invest in innovation and digitalisation, helping develop
a large-scale shift to renewable energy, energy efficiency, low- a strong position in scalable technology-enabled consultancy and As The Partner for Sustainable
carbon technologies and energy systems, and by decarbonising partnering to scale innovation. Change, our ambition is to drive
sustainable change for clients,
key sectors such as transportation and the built environment.
stakeholders, and society.
During the entire strategy period, we will make a positive
Resilient societies and liveability, which addresses the global contribution to the sustainable transformation of society through • Clients: We embed sustainability
need for societal development that promotes sustainable living in our projects and services, and by sharing our expertise and into all our projects. Clients
harmony with nature, such as building resilient infrastructure and thought leadership. recognise the value we add
through innovative and
low-carbon mobility systems. sustainable solutions
Bright minds in an inclusive culture
Resource management and circularity, which decouples Becoming The Partner for Sustainable Change requires that • People: We are recognised as a
economic growth from the unsustainable use of natural resources we train and up-skill our 16,500 employees to guide clients highly engaging, modern, diverse,
and inclusive workplace with
by rethinking production and consumption models in business on sustainability, as well as attracting talent that matches our
attractive career opportunities.
and society – and across value chains. aspiration for a sustainability driven transformation. Our employees experience they
make a difference on
Biodiversity and ecosystems, where we work to halt and reverse We aspire to build an organisation of inclusion and belonging and sustainable change
biodiversity loss, leave nature in a better state than before, and create a workplace that reflects our commitment to society.
• Society: We are an active and
apply nature-based solutions. To that end, we will work to achieve a more balanced organisation recognised partner for sustainable
with a strong focus on gender representation. Our goal is 40% change in society through our
These four themes help define where we invest, and the clients women and 60% men by 2025. Furthermore, we embed diversity solutions, our own behaviour and
and projects we prioritise. We will focus our entire portfolio and equity in our people processes to mitigate and challenge bias our support to underprivileged
groups and communities
towards these major sustainability themes over the coming four when making decisions.
years, partnering and collaborating closely with clients to bring • Company: We will be a top tier
out the best of Ramboll’s sustainability insights, innovation power We continue to make Ramboll an even more attractive place to performer in our industry.
and design excellence. work, where employees are valued and empowered to contribute
to developing a more sustainable society.
In the green energy transition specifically, we will focus our deep
technical expertise into renewables and emerging technologies
such as green hydrogen, Power-to-X and carbon capture
and storage.
16 xxxx xxxx
Financial
review
In 2021, our company recorded
highest ever revenue and
operating profit (EBITA), while
operating margin (EBITA margin)
was the highest since 2010.
14.2BN 849M
Gross Revenue, DKK EBITA, DKK
6.0%
EBITA margin
In 2021, Ramboll delivered its highest ever revenue and operating Operating profit before depreciation and amortisation (EBITDA) Organic growth, %
profit (EBITA), while operating margin (EBITA margin) was the increased by DKK 152 million (17%) to DKK 1,063 million and
highest since 2010. It was a great result considering the impact of EBITDA margin reached 7.5%, which is 0.8 percentage points
the pandemic and only possible due to immense dedication and higher compared to 2020.
flexibility from our employees and strong client relations. A strong
order book impacted the outlook positively in spite of challenges Operating profit before amortisation of goodwill, brand and
owing to increased sickness and increasing infection rates among customer contracts (EBITA) increased by DKK 167 million 2019 2020 2021
employees from Covid-19. (24%) to DKK 849 million compared to DKK 682 million in
2020, corresponding to an EBITA margin of 6.0%, which was 1.0 4.2 -4.9 4.1
Operational results percentage point higher than in 2020. Adjusted for the impact of
Our gross revenue of DKK 14,212 million was 4.4% higher working days (DKK 16 million) and currency (DKK 4 million), the
compared to DKK 13,613 million in 2020. Organic growth was underlying EBITA increased by DKK 179 million and the underlying EBITA margin, %
4.1%. The impact on the reporting currency DKK against foreign margin was 1.1 percentage points higher as compared with last year.
currencies had 0.3% positive impact on revenue.
The higher EBITA margin was the result of improved profitability
Net project revenue, which is Ramboll’s own production excluding in primarily the UK, Middle East & Asia-Pacific, the Americas
revenue from subcontractors, was DKK 11,786 million, which is and Central Europe & Africa compared with previous years and
5.9% higher than the same period in 2020. Organic growth from negatively impacted by a lower performance in Sweden and
net project revenue was 5.2% compared to a negative growth of Norway. From a Market perspective, Energy and Environment &
2.7% in 2020. Health have increased their profitability significantly, offset by a
2019 2020 2021
slight decrease in our Buildings and Transport Markets.
Ramboll achieved a strong positive organic growth in almost all 5.4 5.0 6.0
geographies, especially in the UK, Germany and Central Europe & 2021 was impacted by the pandemic with increasing infection
Africa, which achieved double digit organic growth. Growth was and sickness rates and lockdown of societies around the world.
also strong across the Nordics except for Sweden where we had Our diversified approach to clients and markets proved to be
a slight decline in revenue. From a Markets perspective Water, resilient and in combination with cost reduction measures made
Architecture & Landscape, and Management Consulting achieved it possible to deliver a stronger financial performance than prior
double digit organic growth, while Environment & Health and to the pandemic. Overall, Ramboll delivered a satisfactory result
Transport also had a strong activity level. In Energy, we had an with strong positive growth and increased profitability. The result
expected decrease in revenue due to our transitioning from Oil was above expectations since we had initially expected a harder
and Gas into the renewables market. Covid-19 impact.
18 Financial review
Growth across Markets Revenue by Market

and Geographies
4,000
Ramboll has grown overall 25% on 3,500
gross revenue since 2018. Organic
growth has on average since 2018 3,000
been around 3% including 2020
which was significantly impacted 2,500
by Covid-19.
2,000
From a Market perspective we 1,500

have primarily been growing in
Environment & Health, Transport 1,000
and Water. In Energy we have had
500
an expected decrease in revenue
due to our transitioning into the 0
renewables market.
Revenue Buildings Environment Transport Energy Water Management Architecture
DKK million & Health Consulting & Landscape
From a Geography perspective the
primary areas of growth have been
2018 2019 2020 2021
Denmark, Finland, Americas, UK
and Germany.
Revenue by Geography
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
Revenue Denmark Sweden Norway Finland Americas UK Germany Middle East Central Europe
DKK million & Asia-Pacific & Africa
2018 2019 2020 2021

Net other costs amounted to DKK 125 Tax on profit increased to DKK 154 million Cash conversion eliminated for Revenue by Market, share of total
million (2020: DKK 169 million). In 2021, (2020: DKK 117 million). The effective tax extraordinary items and Covid-19 related
Management Architecture
other costs, totalling DKK 132 million, rate was 32.7% (2020: 47.5%). The effective governmental Tax relief plans of DKK 90 Consulting & Landscape
consisted of restructuring, integration tax rate exceeds the statutory country million is 73% (173% in 2020). 4% 5% Buildings
and M&A costs. specific tax rates. The main explanatory 26%
components are non-deductible goodwill At year-end, Ramboll had a positive net Water
8%
The restructuring costs are related to amortisation and non-deductible M&A interest-bearing cash position of DKK
re-organisation of our support functions costs. Since the profit before tax, which 902 million compared to a positive net Energy
and the close-down or turnaround of low is the denominator in the calculation of interest-bearing cash position of DKK 511 13%
performance operational activities. These effective tax rate, has increased significantly million at the end of 2020. Ramboll has a
costs are non-recurring costs, such as in 2021 compared to 2020, the impact of solid financial position with a committed
costs related to lay-offs and rental costs the adjustments does not result in a tax rate funding facility of DKK 2,500 million
related to closing of offices. proportionally as high as in the prior year. expiring in November 2025. Environment
Net profit increased to DKK 316 million in Transport & Health
20% 24%
M&A and Integration are costs primarily 2021 from DKK 129 million in 2020. Balance sheet
related to the integration of Henning Total assets of DKK 9.1 billion were DKK
Larsen and Web Structures and costs Cash flow 367 million higher than at year-end 2020.
related to new acquisitions signed in the Cash flow from operating activities of Both receivables and short-term liabilities
beginning of 2022. Other income came DKK 333 million was lower than the DKK have increased significantly compared to
from gain on disposals of fixed assets and 1,259 million generated in 2020 due to an 2020 due to the increased activity level in Revenue by Geography, share of total
receipt of government incentives. increase in working capital. The working the business.
Middle East & Central Europe
capital has increased compared to 2020 Asia Pacific & Africa
Amortisation from goodwill, brand and as a result of exceptionally strong cash Equity has increased by DKK 469 million 4% 3%
customer contracts decreased by DKK 15 collection at year-end 2020 and increasing to DKK 2,922 million since the end of 2020. Germany
4% Denmark
million to DKK 220 million compared to business activity. The movements comprised a net profit of 24%
DKK 235 million in 2020. In 2021, there was DKK 316 million and positive exchange rate UK
8%
no goodwill impairment, which was also Investments in tangible assets amounted and value adjustments of DKK 153 million.
the case in 2020. to DKK 139 million (2020: DKK 133 million).
Consequently, free cash flow was DKK 194 The solvency ratio was 32% compared to
Sweden
Net financial expense was DKK 34 million, million (2020: DKK 1,127 million). 28% at year-end 2020. The solvency ratio
11%
which is roughly unchanged compared to is impacted by higher profit in the year and
Norway
a net financial expense of DKK 32 million Investments in acquisitions of companies increase in equity due to positive exchange 11%
in 2020. had a negative cash flow of DKK 77 million rate adjustments. Americas Finland
23% 12%
compared to a negative DKK 290 million
As a consequence of the above, profit in 2020. Markets and expectations
before tax significantly increased by 91% In 2021, private sector revenue represented
to DKK 470 million compared to DKK 246 Cash conversion ended at 48% as 77% of total revenue as compared
million in 2020. compared with 195% in 2020. to 67% in 2020, while public sector
20 Financial review
Order book revenue represented 23% (2020: 33%). geographical segments accounting for 24% at different levels of the organisation.
months secured Environment & Health and Buildings and 23%, respectively, of total revenue. Identified risks are assessed on both
7.5
accounted for the largest parts of private The share of revenue generated in Finland financial and non-financial impact
sector revenue, contributing with 22% is 12%, whereas Norway and Sweden each measures and the likelihood of
and 21%, respectively, of total revenue. account for 11% of the Group revenue. the risks materialising.
Transport and Buildings public sector
revenue accounted for 9% and 5%, The order book increased 7% and amounts Based on local and global risks collected
respectively, of total revenue. to DKK 7.3 billion as compared with DKK as part of the ERM process, the Group
6.8 billion at year-end 2020, corresponding Executive Board identifies the key risks to
2021
From a Market perspective, Management to an increase in months-secured revenue the Group. Each key risk has a risk owner
Consulting had a positive organic growth from 7.0 at year-end 2020, to 7.5 at year- appointed who is overall responsible for
7.0
of 15% followed by 12% in Water and 10% end 2021. managing the risk, and a risk responsible
in Architecture & Landscape. Buildings, to ensure that mitigating activities are
Transport and Environment & Health had Risk management at Ramboll completed. Group Internal Audit is
positive organic growth between 3-7%. Ramboll faces a variety of risks and responsible for driving the ERM process,
In Energy, we had an expected decrease uncertainties as part of conducting our monitoring the mitigation of key risks and
in revenue due to our transitioning into business activities, and increasingly so reporting to the Group Executive Board
2020 the renewables market. during a global pandemic. and the Board of Directors.
The Enterprise Risk Management (ERM)
In our Geographies, Germany and Central process is established to facilitate that During 2021, the impact of the global
Europe & Africa each had a positive key risks are identified, understood, pandemic on our business remained a
organic growth of 19% followed by 16% in managed and monitored to support key risk to be managed. Ramboll has
the UK and 5% in the Americas. Denmark, decision-making. throughout the year worked intensively
Norway and Finland had positive organic to monitor and mitigate the risk, and
growth of 4%. In Sweden and Middle East The Board of Directors has overall the continued impact in 2022 has been
& Asia-Pacific, we had an expected decline responsibility for monitoring the considered in our planning.
in revenue. effectiveness of the ERM process. The
Group Executive Board is responsible Subsequent events
The Buildings market accounts for 26% of for the overall risk exposure as a result Ramboll is not aware of any events
total revenue, followed by Environment of Ramboll’s activities. The ERM process subsequent to 31 December 2021 that are
& Health at 24% and Transport at 20%. is designed to support identification, expected to have a material impact on
Denmark and Americas are the largest assessment and management of risks Ramboll’s financial position.
Annual report
Report2020
2021 21
Group Executive Board

During 2021, we welcomed three new members to the Group
Executive Board. Furthermore, our new Group Chief People
Officer joins in March 2022 (see p 105 for a full description of the
current Group Executive Board).
Board of Directors
Ramboll’s Group Board of Directors is composed of professionals
with a broad mix of experience and employee representatives
(The Board of Directors is presented on p 104).
Looking to the future

In 2020 and 2021, the outbreak of the Covid-19 virus spread
through the global community, resulting in an uncertain outlook
for the future, which is now also impacted by supply chain
disruption and increasing inflation in some of our key markets,
and the war in Ukraine and the higher geopolitical and economic
uncertainty that follows from that. Despite the uncertainty, our
outlook for 2022 is overall positive and growth is expected to
continue in 2022. However, increasing sickness rates is a risk
for performance in the first part of the year. Full-year profit is
expected to be above 2021 level.
Our new strategy, The Partner for Sustainable Change, gives us a

solid foundation for our work in 2022-2025. We look forward to
continued growth in our Markets and Geographies, in line with
our strategic priorities.
Dividend
The Board of Directors proposes a dividend of DKK 100 million.
A dividend of DKK 100 million corresponds to 32% of net profit
and 52% of free cash flow for the year.
22 xxxx xxxx
Progress on our
commitments
Our commitments are the promises we make to
our key stakeholders: Clients, People, Society,
and our Company. We are acutely aware of our
responsibility as a sustainable society consultant,
and measure success on our ability to create
value for these key stakeholders.
Clients We act as a trusted partner, always passionate about

the success of our clients.
People We care for all employees and their development through

leadership, investment in people and equal opportunities. We put
health and safety first through a zero-harm culture and safety in
design.
Society We are an active member of society, contributing to its

sustainable development. We avoid taking on projects that are
damaging to society or destructive to the natural environment.
Company We are dedicated to Ramboll’s legacy and long-term

success through top-tier performance, sound business principles
and adherence to our values.
Ramboll and Henning Larsen

will help transform the former
Downsview airport area in
North Toronto, Canada, into a
sustainable district.
Image credit: Aesthetica
24 xxxx xxxx
Clients
We work closely with clients to
navigate dilemmas, deliver the
greatest sustainability gains and
help them achieve their goals
across the value chain.
Clients at the core of what we do
Understanding clients’ needs and helping them win in a
competitive landscape continues to define how Ramboll serves
nearly 15,000 clients across multiple Markets and Geographies.
In 2021, many industrial sectors continued to feel the effects of

the Covid-19 pandemic even as the global economy returned to
growth. Ongoing threats to businesses include supply chain and
labour shortages, and new realities like remote working. At the
same time, established industries such as energy, utilities, heavy
transport, and construction are having to tackle the challenge
of transforming their business models in line with tougher
regulations on carbon reductions and digitalisation.
Ramboll aims to help clients navigate such dilemmas and

emerging business landscapes. We do that by understanding their
priorities and identifying what enables their success, and thereby
help them achieve goals across the value chain. We provide
technical solutions and advice to solve specific problems and
improve the sustainability impacts of the client’s business.
Increasingly, clients want to know the sustainability impact of our

solutions, such as reduced carbon emissions and better resource
management. We innovate and co-create with clients to deliver
the greatest sustainability gains in their projects and work in
a structured way with key accounts to bring them the best of
Ramboll’s expertise and experience. We also help identify other
areas in the client value chain where Ramboll can lean in with
sustainable solutions, thereby holistically improving our
Ramboll and Henning Larsen are jointly clients’ performance.
delivering The Marble Pier project for client
AP Pension in Copenhagen.
25%
EcoVadis reflects a company’s sustainability
performance and identifies actions for
improvement. Clients use these ratings
when they go to market. More than 85,000
companies are rated by EcoVadis.
Ramboll rated among top

25% companies by EcoVadis
4.4/5
Maintaining high client satisfaction
Client satisfaction is among our highest priorities at Ramboll.
We aim to deliver outstanding client experiences and build
long-term relationships. Dialogue and engagement are crucial
elements of our client relationships. We gather their feedback
in a systematic way, measuring for satisfaction, loyalty, and Client satisfaction rate
reputation, among others. Data from Ramboll’s annual Client
Loyalty Survey and Project Satisfaction Survey in 2021 reveal
insights on why clients choose to work with Ramboll.
According to the feedback, clients highly value Ramboll’s Project satisfaction index
expertise, knowledge, and ability to deliver on schedule. These
are among the top reasons clients choose to work with Ramboll. Based on 3,860 projects during 2021
Clients most highly valued “cooperation”, alongside the ability to
work proactively and have access to high quality expertise, when Ability to deliver on schedule
working with Ramboll. Scores on each area are shown in the
Project satisfaction index.
Value added with sustainability Ability to understand clients’needs

The survey results show that increased dialogue improves client
loyalty and that clients are confident that Ramboll focuses
on adding value to our interactions, among others. The results
also demonstrate that clients value our engagement on Competencies
sustainability, and consider sustainability to be a key trend in
their collaboration with Ramboll, with a priority on topics such as
global climate goals for net-zero emissions, the EU Taxonomy for
sustainable activities, and decarbonisation of energy systems. Ability to cooperate
These insights help determine the solutions we provide clients.

In 2021, clients comprising about 40% of our revenue provided 0% 20% 40% 60% 80% 100%
feedback to our surveys. Ramboll highly appreciates the
feedback as it allows us to improve service delivery to clients. Very satisfied Satisfied Neutral Unsatisfied Very unsatisfied
Delivering value
to clients
Raising timber to new heights from concept to construction and full life
Reduce CO2 emissions by
9,500
The Marble Pier is a joint project by cycle assessment.
Ramboll and Henning Larsen
for AP Pension. The Marble Pier is expected to receive
the highest possible sustainability
At eight storeys and 36 meters tall, and accreditations for buildings, namely, LEED,
covering 28,000 square metres, the Marble DGNB Platinum and Diamond; and the
Pier will be one of the largest timber well-being certification WELL Platinum.
tonnes Located in a pier side development in
buildings ever constructed in Denmark
LEED
and home to some of the most sustainable Copenhagen, Denmark, construction of the
offices built with existing technology. Marble Pier began in 2021 and is expected
to be completed by 2024.
accreditation The building will save 9,500 tonnes carbon
emissions, as compared with a similar The construction sector accounts for 40%
building made of concrete. Of that, of all global greenhouse gas emissions.
3,000 tonnes are avoided emission by Ramboll is one of the leading engineering
using timber instead of concrete, and firms working with timber, helping lower
6,500 tonnes emissions are sequestered the carbon footprint of conventional
by the timber. construction and sequestering carbon
in buildings.
Ramboll and Henning Larsen, alongside
the contractor Hoffmann, are the sole
project designers for the Marble Pier,
responsible for the multidisciplinary project Image credit: Sora
Framework agreements were concluded with

DC Water and WSSC Water in the US, and
HOFOR, Novafos, and Aarhus Vand in Denmark.
New framework agreements Capital Region adapt to climate change major pipeline rerouting projects. Ramboll
for water resilience and upgrade its water and sewer systems. and Krüger also joined the ‘Water Partner
We are driving innovation in water 2.0’ partnership created by Aarhus Vand
management with major US and In Denmark, Ramboll won two water and to drive sustainable innovation through
Danish utilities. wastewater agreements with the country’s collaboration and co-creation.
largest utility provider HOFOR, and won
Ensuring water quality and security in four out of five agreements with Novafos, “The collaboration culture in Water Partner
cities is a global challenge, in large part another major utility. 2.0 reflects a strong wish of succeeding
due to urbanisation and climate change. together. Aarhus Vand is therefore happy
HOFOR and Novafos selected Ramboll to get Ramboll and Krüger on board,
Ramboll tackles these challenges in a due to our high level and wide range of and we look forward to kicking off the
number of framework agreements, listed competencies and experience. collaboration in 2022,” says Ane Mølgaard
below, that establish or strengthen our Rasmussen, Plan and Project manager,
long-term client relationships. Each project ‘The collaboration culture Aarhus Vand.
combines Ramboll’s specialised water
knowledge and experience with local
in Water Partner 2.0
experts to create custom solutions. reflects a strong wish of
succeeding together.’
By signing three new framework
agreements with DC Water and WSSC Together with Krüger, Ramboll won a
Water, Ramboll strengthens its long- six-year framework agreement with Aarhus
standing relationships with two major US Vand covering climate adaptation, sewer
utility players and continues to help the US separation, life extension of assets, and
28 Clients
Harvesting synergies to serve our clients solutions for clients and stakeholders. brands working together in the same
2021 marked the first full year of the company has been well received by
Henning Larsen brand operating as a Furthermore, establishing a new clients and partners. In 2021, the synergy
part of Ramboll. Henning Larsen and Architecture & Landscape unit has programme, which relates to revenue
Ramboll’s existing design-led disciplines strengthened the integration and helped and earnings targets for joint projects
were successfully combined into a new boost Henning Larsen’s brand presence between Henning Larsen and Ramboll, has
business unit, Architecture & Landscape, in Denmark and Norway. The ambition exceeded expectations.
whose services are now delivered under is to combine local knowledge with
the Henning Larsen brand. an international outlook and drive the The success of this holistic approach is
sustainability agenda. demonstrated by a number of joint project
The Henning Larsen brand brings together wins that were achieved with major clients,
creative and design-led disciplines and Cross-disciplinary approaches such as the new Kristianssund Opera in
talents including architects, landscape to win clients Norway; the Marble Pier in Denmark (see
architects and urban planners, comprising With a shared Nordic heritage, we combine case study on p 26); and Ladehofstrasse
about 750 employees and spans Henning Larsen’s world-class architecture Augsburg in Germany.
18 studios worldwide. and design brand with Ramboll’s
engineering and technical excellence. There were also landmark wins in the
This setup enables us to accelerate We work across disciplines to provide the Americas, such as a master plan to
evidence-based design, digital and best expertise to meet the ambitions of transform the 500-acre former Downsview
innovation-driven approaches in the early each unique project. Airport area in North Toronto into
project stages, and pursue new materials a vibrant, diverse, and sustainable
and technologies to provide sustainable The approach of having two distinct district (see p 22).
Scaling sustainability across the

real estate portfolio for Storebrand
More and more companies seek to improve their sustainability
impact across the value chain. Storebrand, a leader in the Nordic
market for long-term savings, pensions, and insurance, is a
strong example.
Storebrand, which manages about NOK 1,000 billion of assets,

aims to reduce energy demand in buildings, invest green in
accordance with the EU Taxonomy and reach net-zero emissions
in its investment portfolio by 2050.
In light of these ambitions, Storebrand selected Ramboll in 2019 as

the sole partner to develop its real estate portfolio in a sustainable
way. The two companies embarked on a strategic partnership
in 2020, with Ramboll perceived to offer the best match for
The common thread running through In 2022, Henning Larsen will open new
Storebrand’s vision for corporate sustainability and ethics.
these unique projects is that they create offices in Oslo, Aarhus, and Berlin to focus
integrated design solutions in close on consolidating our Nordic strongholds,
“Entering a strategic partnership with Ramboll was based on the
cooperation with our clients, helping while pursuing international growth.
overlapping societal values of our companies, their expertise, and
deliver sustainable solutions for cities
approach to such a partnership,” says Richard Kristensen Kruse,
and buildings.
Project and Development Director at Storebrand. “Ramboll has
since then truly lived up to their good reputation, and we look
Driving increased differentiation early in
forward to the continuation!”
the value chain
Our ambition is to capture a global leading
Ramboll has since worked on a wide range of projects for
market position within urbanism through
Storebrand’s real-estate portfolio, including refurbishments of
a dedicated, meticulous, and
areas for new tenants, zone planning and development, and
must-win approach to projects, leads,
engineering and project management services.
and communication.
Ramboll is currently mapping energy reduction measures

By combining high-end and deep
on all of Storebrand’s estates to meet the company’s goal of
knowledge-based architecture, integrated
halving carbon emissions by 2030. Two of the largest ongoing
design, specialist engineering and
projects seek to reduce energy demand by more than 50% when
sustainability services, we will differentiate
completed in 2023-24. Furthermore, Ramboll is the strategic
better in the market. Moreover, we will
adviser for Storebrand’s digital strategy, with the company aiming
drive differentiation early in the client value
to be a fully digital real estate asset manager by 2025.
chain, and boost evidence-based design.
30 Clients
85%
We aim to reduce the Energy infrastructure masterplan for the The Plaza is home to several state level communities and economies in addition to
Empire State Plaza government agencies, the legislature, and reducing carbon emissions.
Empire State Plaza’s In the US, Ramboll won its largest governor’s office, employing more than
carbon footprint in line energy masterplan project to date, an 13,000 public servants in total. “We are witnessing the early signs of
an exciting new phase for the global
with New York State’s energy audit of the Empire State Plaza in
downtown Albany, New York. We will use Ramboll faced stiff competition but was construction industry – by including the
goal of cutting emissions a multidisciplinary approach to develop awarded the project based on a strong value of circular solutions into the financial
by 85% by 2050. an energy infrastructure masterplan for interview, demonstrated global experience business cases of building projects, we can
significantly reducing the Plaza’s carbon and a fee aligned with the project budget. start to quantify the economic benefits
footprint in line with New York State’s goal and drive decision-making to embrace
to reduce greenhouse gas emissions Pioneering research shows the value the true value of the circular economy”,
by 85% by 2050. of sustainable construction says Roland Hunziker, Director, Sustainable
With the World Business Council for Buildings and Cities at WBCSD.
Key project goals include reducing Sustainable Development (WBCSD),
the reliance on fossil fuels in favour of we set out the business case for pursuing The report sets out economic,
renewables, addressing environmental circularity in the built environment. environmental, and social benefits to
challenges related to the discharge of showcase the business case for adopting
condenser water into the Hudson River, Consuming over half the world’s virgin circular principles, through a literature
and improving the resilience resources and accounting for nearly 40% review, global survey, and several case
of the infrastructure. of global carbon emissions and solid studies. It cautions that more quantitative
waste streams, the construction sector data is needed to bring circular economy
“At Ramboll, we are excited that our needs urgently to implement low-carbon practices firmly into the mainstream of the
comprehensive knowledge and experience solutions. In 2021, we authored a report construction sector.
within the energy sector are contributing to with the WBCSD to underscore the
this very important energy planning project business value of a circular economy “The construction industry is struggling
for the state and local community,” said Rob in the construction sector. to define, generate, and capture the
Neimeier, Project Director, Energy Efficiency associated value from circular approaches,
and Planning for Ramboll in the Americas. Circular building solutions drive real and a clear learning curve is required from
“The project focuses on transitioning the economic value. For instance, through the industry,” says Phil Kelly, Director for
Plaza to renewable and low-carbon energy reductions in energy costs and increased Sustainable Solutions at Ramboll.
solutions as the state moves closer toward asset values, circular buildings can
its ambitious energy goals.” have positive indirect effects on local
Massive overhaul of Denmark’s energy “As the first consultant in Denmark,

infrastructure we will handle the project from A to Z
Denmark’s energy consumption is expected for Energinet and be responsible for
to increase by more than 100% by 2035, procurement, planning, health and safety,
according to the Danish Energy Agency. and construction management, in addition
This will place massive demands on the to the traditional design of the substations,”
existing energy infrastructure, including the says John Ammentorp, Country Market
electricity grid. Director for Energy in Denmark.
‘As the first consultant in The project is part of an approx. DKK 416
million framework contract that Energinet
Denmark, we will handle awarded to Ramboll in 2020.
the project from A to Z
for Energinet.’
The Danish transmission system operator,
Energinet, will need to retrofit or build
up to 100 substations across the country
in the next 10-15 years. Ramboll won the
owner’s engineer contract to retrofit the
first three substations, which includes both
project management and implementing all
phases from design to commissioning.
Upgrading Denmark’s critical energy

infrastructure is a key enabler of the
country’s green energy transition.
By performing the upgrade, Ramboll helps
minimise the risk of bottlenecks as more
green energy from solar and offshore
windfarms enters the electricity grid.
32
People
Employees are at the core of
Ramboll’s identity. It is our employees’
engagement, competencies and
well-being that allow us to help
develop sustainable societies
and create value for clients.
Engagement and well-being

With both people and businesses still impacted by the Covid-19
pandemic in 2021, our key priority was to support our employees
during this period of increased uncertainty. We helped them adapt
to circumstances, feel connected to Ramboll, and stay engaged
within the new, hybrid work environment. Building on our efforts
in hybrid working during 2020, we used our strong IT platform to
further enable digital collaboration, as well as continue to provide
frequent, timely and transparent leadership communication to our
employees. This helped provide clarity and psychological safety in
times of change and uncertainty.
In 2021, we conducted a global survey to gather employee

perspectives about how to optimally design the future workplace
in Ramboll. We used this input to develop and implement global
guidelines and local policies in major locations, which guide
employees in finding a balance between returning to offices and
working from home. Additionally, we piloted elements of a new
office design for select locations in Germany and Denmark that
can be implemented in other geographies. The new office concept
considers the collaboration needs of employees delivering
projects for clients, as well as allowing for flexible use of office
desks and seating.
These efforts, among others, have led to strongly positive results

in the 2021 Employee Satisfaction and Engagement Survey.
The overall engagement index was above target (4.1 on a 5-point
scale), and the job satisfaction score remained at 4.1, on par with
the result in 2020. The results on employees’ willingness to
Overall engagement
4.1 4.1
91%
2020 2021
Employee response rate Employee Satisfaction

in 2021 & Engagement Survey
Local EDI engagement

In addition to our global EDI efforts, a number
recommend Ramboll as a workplace (4.2) and their willingness to In 2021, we continued to educate employees on EDI-related topics of EDI-related engagements took place in our
stay with Ramboll during the next two years (4.1) are encouraging. such as intersectionality, inclusion, and inclusive communication. Markets and Geographies in 2021, of which
We explored the concept of allyship – being a voice for those we provide some examples below.
Similar to a general market trend as the hiring market picked whose voices are not being heard – to advance a culture of
In the UK, we launched ‘Supporting Our People’,
up globally after a slowdown in 2020, Ramboll has faced rising inclusion in the workplace. At the same time, we have gone a series of guides which helps employees and
employee turnover in 2021. We have looked into how to better through key processes such as recruitment, pay process, their managers to navigate subjects such as
meet Ramboll employee requirements through actions such as promotion, and succession to ensure mitigation of bias and focus flexible working and parental leave.
exit and stay on interviews. We learned we need to continue on equal opportunities. We have established a digital dashboard
In the Americas, our employees were invited
focusing on career development, flexible working, work-life to drive and inform our EDI strategy with data, and embedded EDI to the first edition of our EDI Forum. Over 600
balance, and staying relevant and visible with our purpose. aspects in our global recruitment and succession planning. attendees from the EDI Strategy Council and
This remains a priority for us. And we have continued promoting and raising awareness for representatives from various employee network
inclusion via our global internal communication channels. groups met virtually to discuss progress on
priorities and answer questions.
Equality, diversity, and inclusion
Ramboll’s core beliefs continue to drive our approach to equality, While approaching diversity and inclusion from a broad Meanwhile, in the Middle East we introduced
diversity, and inclusion (EDI). We believe all people must have perspective, including a wide range of diversity dimensions, such engineering topics to 20 women from Dubai
equal opportunities to unfold their potential in life. We consider as race, ethnicity, or the diversity of professional backgrounds, College. The half-day workshop presented the
different roles engineers play in the design and
our employees our core strength. Ramboll respects, embraces, it is on the gender distribution of our workforce, leadership, and
construction industry, as well as introducing
and invites diversity in all its forms, while creating an inclusive governing bodies that we have robust data to monitor and follow topics such as engineering for bridges and
culture where everyone thrives. up, in order to drive improvement. tunnels, acoustics, structural engineering, and
sustainable buildings.
High ethical standards and behaving responsibly towards each The gender distribution amongst employees in Ramboll is 35%
In Denmark, Ramboll signed the Confederation
other, our shareholders, clients, collaborators, and society are women and 65% men, which is the same level as in 2020. Gender
of Danish Industry’s Gender Diversity Pledge,
central to our identity. We all have a shared responsibility in split on entry level in Ramboll is 44% women and 56% men, which joining forces with other Danish companies
creating an inclusive organisational culture at Ramboll. We shows greater representation of women compared to the overall to work towards more gender equality in the
are mindful that acting on EDI is an ongoing journey requiring proportion of women in our workforce of 35%. workplace.
contributions from all employees, and especially leaders as
Moreover, 182 senior leaders from Environment
role models. The gender composition in senior management is 20% women & Health committed to actively supporting the
and 80% men. In 2021, the Group Executive Board consisted of EDI programme and strategy by signing the
one woman and four men. Environment & Health EDI Leadership Charter.
34 People
Diversity in employee categories, gender split
A new Chief People Officer joined the and defined new gender targets for
35 65 Group Executive Board in the beginning the coming years. We have set an overall
of 2022. The Group Board of Directors long term (2025) target for overall
Employee gender split comprise of two women and four men representation of women at 40%.
elected at the Annual General Meeting
20 80
in Ramboll Group A/S. This is in line In addition, all business units have defined
with our target of having at least two their own gender targets supporting
Executive board
representatives of each gender at the global ambition. Senior leadership
20 80 board level, and we therefore have is responsible for ensuring that the new
an equal gender distribution. gender targets are adopted by
Senior management the entire organisation.
Our 2021 Employee Satisfation and
27 73 Engagement Survey was extended with Learning and development
new EDI questions, because we want to Building on the lessons learned from 2020
Senior professionals and middle management learn how our employees experience EDI and the ongoing pandemic, digital learning
at Ramboll and improve where needed. was a key focus area for learning and
37 63 development in 2021.
This additional data on equality and
Professionals inclusion, drawn from a global employee In 2021, Ramboll successfully launched and
base, has provided us with further insights completed the first-ever fully virtual global
44 56
on EDI in Ramboll. Since then, we have talent programme with good results.
further analysed gender-related data To further strengthen digital learning,
Entry levels
Central Europe Water

& Africa 1,035 Architecture
Americas 475 Management & Landscape
2,079 Consulting 773
Denmark 668
3,814 Buildings
UK 4,432
1,332 Transport
3,588
Employees Employees
by Geography by Market
Sweden Finland
1,825 2,557
Business
Germany Support
765 Environment 1,914
Norway Middle East & Health Energy
1,727 & Asia Pacific 2,654 1,621
2,111
Our Leadership Principles

Good leaders help make a company successful
and competitive and bring out the best in the
people they lead. Our four leadership principles
define what great leadership looks like in Ramboll.
Guided by these principles, leaders enable
Ramboll is establishing an internal Ramboll’s People strategy will be a key employees to deliver bright ideas and sustainable
eLearning production team. This will driver of the new business strategy, as change to clients, society, and our company.
enhance our ability to create relevant it sets out to develop our people and
• Be a role model
eLearning modules on an ongoing basis, reinforce our culture. The introduction
Our leaders are role models for their team and
helping employees gain new skills that of the new Group Chief People Officer colleagues across the organisation. They must
benefit them and Ramboll. role emphasises the high priority we act with high integrity, uphold our values, and
place on the people and organisational represent our company and culture
As became obvious during 2020, while development. The People strategy rests
• Create stakeholder value
there are many positive outcomes of on the following four pillars: A leader makes sure we deliver value to all
virtual and digital learning, they are no our stakeholders. They honour Ramboll’s
replacement for meeting colleagues, peers, 1. Strategic transformation by strong and commitments towards our stakeholders and
and leaders in person. In a learning context, value based leadership: deliver value, in every sense of the word
face-to-face sessions both strengthen With the launch of Ramboll’s Leadership
• Shape the future
networking and relationship-building Principles in 2021, we have paved the A leader helps shape the future of our company
among co-learners. way for a shared understanding of and has impact on employees, the business of
what it takes to lead Ramboll through a our clients and partners, and even on societal
strategic transformation in the years to developments
People strategy 2022-2025
In light of Ramboll’s strategy for 2022- come. Leaders in Ramboll drive business • Develop bright minds
2025, we took a closer look in 2021 at what performance and value creation for our A leader is responsible for helping employees
it takes from a people and organisational clients as well as motivate our employees, learn and grow. They foster an environment of
perspective to bring sustainable change to shape the future of our company, and are equal opportunities where people and teams
feel safe, fulfilled, and are engaged and thrive.
our partners, clients, and societies. role models for Ramboll’s values and
36 People
To succeed as a strong and value based leader

takes dedication and is supported internally
through tailored skills development programmes
for leaders on all levels
Equality, diversity and inclusion culture. To succeed as a strong and value 4. Belonging, well-being and company
ambitions based leader takes dedication and is culture:
supported internally through tailored skills As we grow and transform, we will
To become a truly inclusive and diverse development programmes for leaders at maintain and foster a modern workplace
organisation we will increase: all levels. with a strong sense of belonging, well-
being, and company culture.
• Opportunities for and representation of
underrepresented groups in our company 2. Inclusive culture:
and industry Diversity and inclusion have long been This requires stepping up our digital
core to Ramboll’s culture and values. capacity while not losing sight of the
• Representation of women in total workforce to Promoting a diverse and inclusive culture, human touch. Our employees are first and
be above available talents in the market
where employees feel they belong, is vital foremost individuals who want to
• Senior management gender balance on par to release human potential and ignite feel they belong, even while working in an
with company. business development, performance, and increasingly digital environment. This is
opportunity. We continue to foster an particularly important as some may join
inclusive culture that reflects Ramboll’s Ramboll through acquisitions in the years
commitment to society, clients, and people. to come.
3. Bright minds and competencies: Employee and management relations

We will continue our efforts in attracting Good employment conditions and an
and developing bright minds and open dialogue between employees and
competencies for our sustainability, digital managers form the basis of employee
and commercial transformation. We plan satisfaction and are prerequisites for an
for a renewed talent attraction approach inclusive working culture and a good work-
to bring the best specialists, experts, and life balance. It is also important in fostering
leaders to Ramboll. On talent retention, a culture of trust.
we will do our outmost to understand
what it takes to keep employees on board, We encourage employees to raise any
engaged, and motivated, by listening concerns or dilemmas they experience
carefully to their wants and needs and by either through their immediate manager,
offering them relevant career or their local management, or via
progression opportunities. speak-up mechanisms such as our
whistleblower system.
It is also possible to engage in dialogue and monitoring risks as well as our

in other ways. For instance, the Global ongoing commitment to improving our
Ramboll Works Council includes employee performance. The management system
representatives from each business unit, complies with, and is certified according
who meet with top management to to, internationally recognised standards:
discuss topics that have a material impact ISO 45001 on occupational health
on employees. During 2020 and 2021, and safety management; ISO 9001 on
extraordinary meetings were called in the quality management; and ISO 14001 on
Ramboll Group Works Council to facilitate environmental management.
discussions on urgent topics brought
about by the pandemic. Individual and organisational resilience
was especially important during the
In accordance with local traditions, Covid-19 pandemic, and our Health and
requirements, and applicable law, works Safety management teams and processes
councils operate locally in all business proved fully capable of responding to the
units. The proportion of employees challenges of the pandemic. Although
covered by collective bargaining the impact of the pandemic varied by
agreements remains at 47% in our country, we rapidly established a global
geographical strongholds in 2021. internal Covid-19 monitoring process that
enabled us to identify changing conditions
Health and Safety and respond quickly, such as by placing
Caring for employees is fundamental to affected offices under partial or complete
Ramboll. Maintaining and improving the lockdowns. Based on our Health and
safety and well-being of employees is one Safety precaution initiatives, our projects
of our most important tasks. and business were able to continue with
limited disruptions.
How We Act, our company-wide Health,
Safety, Environmental, and Quality Ramboll continues to take steps to
management system, aims to support minimise the effect of the pandemic
these aspirations. It contains Group- and has released an internal group-wide
wide policies that define our systematic position on Covid-19 precautions. We
approach to identifying, managing, encourage all employees to be Covid-19
38 People
0.43
vaccinated before returning to Ramboll higher degree than usual and have been Health and Safety ambitions
premises, or when travelling to client out less on field work. Finally, we measure
sites. In addition, we adjust internal our Health and Safety training completion Informed by the annual Health and Safety maturity
assessment survey results, we defined the
guidelines and adopt local precautions rate, which increased to a very satisfactory
following ambitions:
whenever local authority requirements and 98%, as compared with 88% in 2020, due
Lost time incident rate recommendations are changed. to mandatory requirements and measures. • Conduct global Health and Safety campaign to
refresh employees’ knowledge about mandatory
Caring Together training, as well as continue with regular Health
and Safety communications on various digital
In 2021, we increased implementation of
1.37
channels
Safety Moments - brief talks that reinforce
transparency about any topic relevant • Equip leaders with relevant Health and
to Health and Safety at Ramboll. These Safety leadership training to support them in
enhancing the company’s ‘Caring Together’
talks take place at the beginning of formal
culture
meetings, helping maintain focus on Health
and Safety and underscoring our Caring • Further use and leverage our leading and
Total reportable incident rate Together programme. lagging Health and Safety indicators to advance
our How We Act system, inspiring employees to
be part of the continuous improvement process.
Through a centralised digital Health and
Safety reporting system, which allows
98%
employees to report on Health and Safety
from any location, we have established
an internal network of more than 100
colleagues around the globe. They support
the review and classification of Health and
Safety incidents, implement corrective or
Global Health and Safety preventative actions, and communicate
training completion local or globally identified Health and
Safety patterns. We will continue to
expand this network in 2022.
We operate with three Health and Safety

key performance indicators. Lost time
incident rate (LTIR), which was down
to 0.43 in 2021 (2020: 0.89). The total
reportable incident rate was 1.37 in 2021 as
compared with 1.74 in 2020. The decrease
is mainly due to Covid-19 as employees
have been working from home to a much
40 People
People in focus
Record-high participation at Student Day India, for example, experienced a harsh

Our popular Student Day events in second wave of the Covid-19 pandemic in
Denmark marked it’s 10-year anniversary spring 2021, which put intense pressure
in 2021. We hosted a record-high 425 on the country’s health infrastructure.
students at the events, held at our With more than 1,300 employees in India,
headquarters in Copenhagen and in Ramboll took action.
Aarhus. It was a welcome return to in-
person attendance after virtual events the We secured hospital space and facilitated
previous year. equipment and medicine for those infected
and isolated at home. We also covered the
The event positioned Ramboll as a cost of coronavirus vaccines for employees
company driving sustainable change, and in India and their immediate family.
as a great place to work for students of Employee sick leave was extended by
engineering and the natural and social five days, while advances to cover cost of
sciences. About 80 Ramboll colleagues treatment were granted in addition to our
also participated, introducing the students medical insurance.
to the many expertise areas
in the company. A major challenge during the second wave
was the lack of oxygen concentrators to
At the event, scholarships of DKK 25,000 deliver oxygen therapy to patients with
were awarded to four exceptional students moderate symptoms. In response, Ramboll
in the fields of civil and architectural facilitated shipping of eight oxygen
engineering and environmental studies, to concentrators to India and procured an
support their study abroad programmes. additional eight oxygen concentrators.
Supporting India in the pandemic The Ramboll Foundation donated DKK

The Covid-19 pandemic continued through 500,000 to procure and ship 92 oxygen
2021, impacting our employees across our concentrators to India. The donation
geographies. We took steps to ensure they was made to the Indian Danish Chamber
received the help they needed to stay safe. of Commerce that cooperated with the
Embassy of India in Denmark and Red
Cross India to distribute the concentrators.
Early-career researcher in the green energy transition wins

the 2021 Flemming Bligaard Award
We are proud that our owner, the Ramboll Foundation, supports
the green energy transition. Hydrogen produced from renewable
energy is critical for the green energy transition, but price is a
major barrier to deployment. A solution may now be in sight.
28-year-old Danish researcher Anne Lyck Smitshuysen won the

2021 Flemming Bligaard Award from the Ramboll Foundation.
Her research could help cut production costs by 15% and thereby
help speed up deployment of green hydrogen. The DKK 500,000
award will fund her future research.
“Through my research, I have shown how to increase the size of

electrolysis cells from 150 square centimetres to 1,000 square
centimetres without breaking the cells during construction. That’s
roughly equal to upscaling the quadratic cells from the size of
a piece of toast to the size of a computer screen,” says Anne
Lyck Smitshuysen, who is pursuing an industrial PhD at Technical
University of Denmark.
“My research can be applied in large stationary plants. For example,

we can use the units that I’m creating to create large scale energy
storage for wind turbines in the North Sea,” she adds.
“Anne Lyck Smitshuysen’s invention is a technological

breakthrough in Power-to-X research which will have a
tremendous impact on the future production of green hydrogen,”
says Robert Arpe, Chair of the Ramboll Foundation.
The annual award is given to an early-career researcher who

makes an outstanding contribution to sustainable development.
42 xxxx xxxx
Society
We deepened our commitment
to society by ramping up
climate action and embedding
sustainability across our markets.
Ramboll is founded and guided by the belief that we contribute to

sustainable societies with solutions that make people and nature
flourish. We do this by acknowledging and adopting globally
recognised frameworks for sustainable development.
Contributing to the UN Sustainable Development Goals

As a strong supporter of the United Nations 2030 Agenda for
Sustainable Development and the Sustainable Development Goals
(SDGs), Ramboll contributes positively to the SDGs through our
projects and own operations. We develop and use SDG tools, best
practices, and methodologies to help ourselves and our clients
progress these goals. Our cross-organisational strategic focus
is on SDG 13 - Climate Action. The project impact varies across
Markets, with the SDG focus of our Markets outlined below:
• Buildings: SDG 12 – Responsible consumption and production

• Transport: SDG 9 – Industry, innovation, and infrastructure
• Energy: SDG 7 – Affordable and clean energy
• Environment & Health: SDG 3 – Good health and well-being
• Water: SDG 6 – Clean water and sanitation
• Management Consulting: SDG 11 – Sustainable cities and
communities
• Architecture & Landscape: SDG 11 – Sustainable cities and
communities and SDG 13 – Climate Action
In the Winning Together strategy, Ramboll developed a

methodology to align our portfolio and measure share of
revenue that positively contributes to the SDGs. In 2020, the
SDG-related revenue reached 62%, as compared with the 2016
baseline, outperforming our target of 40% with 60% growth. The
SDGs were an important driver for identifying, documenting and
communicating our sustainable business.
The World Green Building Council is Europe’s largest network for the sustainable
built environment, with more than 4,500 corporate members. Ramboll joined WGBC
in 2019 as the network’s first engineering partner, driving innovation and sustainable
practices in the building sector. A major focus area for us is to reduce embodied carbon
in buildings. Together with WGBC, we help develop the biennial Sustainable Buildings
Market Study, in line with the WGBC’s eight principles for sustainable buildings. In
2021, we collaborated with WGBC on efforts that led to the establishing of the Cities,
Regions and Built Environment Day at the COP26 UN Climate Summit in Glasgow.
94%
As part of our new strategy, The Partner for Sustainable as a barrier to incorporating sustainability issues into
Change, we will begin to measure our sustainable revenue in their organisation.
accordance with the EU Taxonomy to align with the commonly
agreed international framework for how to classify and measure Furthermore, with the outbreak of Covid-19, many actors in the
sustainable revenue, and thereby replace our previous SDG global real estate industry were forced to focus on managing
methodology. the immediate consequences of lockdowns, such as interrupted SBMS survey participants who say
contracts and managing the spread of the pandemic amongst sustainability is important
Sustainable Buildings Market Study building users. Overall, 87% of respondents think the pandemic for successful business operations
30%
Ramboll conducts a biennial Sustainable Buildings Market will affect long-term work patterns and that more people will work
Study (SBMS) to contribute to the urgent global conversation from home in the future.
on sustainable buildings, bridge knowledge gaps, and provide
actionable insights for the industry. The SBMS surveys and maps Volunteering to make a difference
out the perceptions of nearly 700 stakeholders – architects, Our volunteers give thousands of hours of their time every year
consultants, developers, contractors, real estate investors, tenants, to a wide range of projects in close cooperation with non-
suppliers, and researchers from the Nordics, the UK, and Germany. governmental organisations (NGOs), local programmes, and the
SBMS survey participants who say lack
Ramboll Foundation. Projects range from building bridges in
of understanding of global sustainability
An overwhelming 94% of participants agree sustainability is Africa to improving sanitation and water supply in remote areas agenda is a barrier
important for successful business operations. However, the survey of the Himalayas or in Central America.
shows the industry’s focus is shifting from energy efficiency and
well-being to a more material-driven approach where concepts Ramboll supports NGOs, such as Bridges to Prosperity and
such as life cycle thinking, circularity and waste minimisation are Engineers Without Borders, through either strategic partnerships
increasingly important. or donations given through the Christmas gift policies of Ramboll
in Denmark, Norway, and Sweden. Our local initiatives, such as
The UK, Germany, and Finland are front runners in carbon the Ramboll Humanitarian Association or the Indian Corporate
neutrality according to the 2021 survey results. 56% of UK Responsibility initiatives, support orphanages and outreach
respondents and 40% of Finnish respondents say net zero carbon programmes on a long-term basis.
buildings are embedded in their business strategy. Yet, more than
a third identified a lack of technical knowledge as a barrier to During the pandemic lockdown periods, our volunteers assisted
delivering on this component of their strategy. virtually if projects were not postponed. In this way, technical
training and advice were still provided to projects such as post-
The survey also found more than 30% of respondents identified a disaster structural assessments in Syria and Iraq, and of a youth
lack of general understanding of the global sustainability agenda facility in Beirut, Lebanon. On-site training and assistance were
44 Society
Corporate income tax charges (DKK million) again made possible in the latter part of Denmark won the DKK 500,000 prize for
2021, for instance on climate adaptation her novel method of increasing the size
Ramboll’s 2021 financial statements show a corporate income tax charge and sanitation projects in Sierra Leone. of cells used in electrolysers, which could
of DKK 168.7 million out of DKK 470 million of earnings before tax. This tax
eventually lower the cost of producing
charge is allocated between the following main regions:
Ramboll is proud to have employees use green hydrogen (see p 41).
their technical and personal skills to help
wherever needed. Whether it is remote The Award was established in 2020,
2021 2020 2019
or onsite, our employees make a positive when the inaugural winner was Dr Colin
difference to societies. Rose of University College London. His
Denmark 57.8 4.9 56.7
research into replacing concrete and steel
Ramboll Foundation donations 2021 with a new mass timber product called
Finland 24.7 27.2 19.5
The owner of Ramboll, the Ramboll cross-laminated secondary timber (CLST)
Foundation, donated DKK 18 million to could help reduce embodied carbon in the
India 5.7 13.2 - promote sustainable development for built environment. Lastly, the Foundation
the benefit of nature, society and people. continued to support individual employees
Norway 17.4 23.0 15.2 Donations are given to projects within in difficult circumstances.
research and education, as well as to those
Sweden 10.7 15.3 10.2 that support humanitarian efforts and Local tax obligations
strengthen civil society. Most of the latter Ramboll views tax as a positive
US 29.4 3.6 25.9 projects directly involve our employees. consequence of our business activities.
Ramboll pays corporate income taxes
Other Countries 23.0 12.4 12.5 The Foundation’s PhD Programme and other business taxes in the countries
continues to be a success, with 12 PhD in which we have profitable business
Total 168.7 99.6 140.0 scholarships and fellowships funded activities. Ramboll also collects and remits
in 2021. employee income taxes, social security
taxes, VAT, sales tax, and other indirect
The tax amounts shown include tax booked to both income statement and The Flemming Bligaard Award, named taxes. Together, these taxes represent
equity. Please refer to Note 8 for details. The effective tax rate exceeds the in honour of former Ramboll CEO and significant contributions to the countries
statutory country specific tax rates. The main explanatory components are
Ramboll Foundation Chair, was awarded and societies in which we operate.
non-deductible goodwill amortization and non-deductible M&A costs.
in 2021 to an early-career researcher in Ramboll is committed to acting with
the green energy transition, Anne Lyck integrity, transparency, and compliance
Smitshuysen of the Technical University of with all taxation regulations.
Shaping resilient
societies
Helping Paris prepare for a warming 3. Preserve and improve biodiversity: identified that distort network performance.
world Climate change is already causing a With such knowledge, transit systems
Ramboll and the City of Paris, France, have decline of many natural species. Paris can be developed for increased system
partnered to map how climate change will is responding with a biodiversity plan efficiency, increased ridership, lower
affect the city. In a comprehensive study, focused on ‘renaturation’. This entails costs, and more transit-oriented land use
“Paris facing climate change”, we found creating ponds, valleys, and a programme patterns,” says Nils Jänig, Director, Global
that several major climate risks could to revegetate parks and green spaces with Rail Division at Ramboll.
happen by as early as 2030, rather than by drought and heat resistant plants.
2050 as first expected. Here are some of
the ways in which we are helping the city What is the most sustainable public
to become more climate resilient: transport system?
To achieve its climate targets by 2035,
1. Protect residents and visitors from urban the city of Kiel, Germany, is optimising its
overheating: The city today is already 2°C public transport services. To support that
warmer than in the pre-industrial era. This task, Ramboll is examining the two means
increases the risk of droughts, with severe of transportation that could most improve
consequences for urban energy, transport, the existing public transport system: tram
and water systems, and heat waves, which or bus rapid transit (BRT).
most severely affect vulnerable groups.
In response, Paris has created a heatwave Together with the municipal administration
system to alert and support residents and and with input from local residents, we will
mapped 1,200 so-called “freshness islands” develop a comprehensive feasibility study
to guide Parisians to cooler areas on recommending three new transport lines
scorching days. for their network. Whether a tram or BRT
line is the best solution will be a key result
2. Manage floods and water scarcity: of the study.
Floods due to cloudbursts are expected
to increase in severity. The city’s Paris “Evaluating the full impacts of particular
Pluie Plan manages this flood risk, helps transit services is vital if the goal of the
restore the natural water cycle, protects system is to meet climate targets. Helping Our study will help Kiel choose the
groundwater from contamination and clients measure various categories of optimal public transport system
provides green areas for Parisians and impacts allows for common errors to be
wildlife alike.
46 Society
Nordre Flint offshore wind farm Helping Denmark reduce

in Denmark can power its carbon emissions
150,000 homes
70% by 2030
Driving the global build-out of offshore the equivalent of 300,000 homes, while
wind Nordre Flint can power 150,000 homes.
We have partnered with Kiewit, the largest Denmark’s goal is to reduce national
offshore fabricator in the US, to design and carbon emissions by 70% by 2030.
build an offshore substation topside for
South Fork Wind off the coast of Rhode Laying the groundwork for the world’s
Island. It will be the first-ever US-built first energy islands
offshore substation, while South Fork The Danish Government has committed
is only the second offshore commercial to establishing two energy islands in
project in the US. the North Sea and Baltic Sea in 2030.
Together, they are expected to supply
Led by Ørsted and Eversource, the 132 MW 5 GW of electricity, enough to power
South Fork windfarm will power 70,000 five million homes in Denmark and
homes with green energy. It is on track neighbouring countries. That capacity
to be fully permitted in early 2022 and may increase to 13 GW.
projected to be fully operational by the
end of 2023. The US Administration plans The artificial island in the North Sea is
to deploy 30 GW of offshore wind currently in the tender phase, and Ramboll
by 2030. is supporting the VindØ consortium by
developing a full masterplan, including
Meanwhile, in Denmark, Ramboll was exploring the potential for large-scale
selected by utility HOFOR as the owner’s Power-to-X facilities on the island. Those
technical engineer and turbine foundation facilities would convert power from nearby
consultant for two new offshore windfarms offshore windfarms into green hydrogen
near Copenhagen. The Aflandshage and and carbon-free fuels for use in hard-to-
Nordre Flint windfarms will produce more decarbonise sectors like shipping. The
than 400 MW of green power, resulting North Sea energy island is expected to
in a 75,000 tonnes reduction in carbon be the largest infrastructure project in
The North Sea energy island
will be the largest infrastructure
emissions when operational in 2025. Denmark’s history.
project in Denmark.
Image credit: VindØ Consortium Aflandshage offshore wind farm can In the Baltic Sea, a 2-3 GW energy island
generate enough green energy to power will be located on the Danish island of
We’re mapping groundwater resources

to secure sustainable water systems
in Cape Town and California.
Bornholm. Ramboll was selected by places, water sources and systems are Veolia and the consultants GEOSS and
Denmark’s Transmission Service Operator, under pressure. In 2021, Ramboll Zutari, to establish a wellfield management
Energinet, to undertake an extensive strengthened collaboration with Cape Town system for the Saldanha Bay area of Cape
environmental impact assessment on and California on groundwater-related Town. The system is designed to allow for
nearby Natura 2000-protected areas and projects, applying best in class groundwater future upgrades including planned aquifer
local wildlife. In a related project, we are technologies and approaches. recharge and desalination processes.
coordinating the Bornholm Bunker Hub
consortium to explore how green fuels We collaborated with SkyTEM and With these projects, Ramboll shows
could be supplied to ships in the Baltic GEI Consultants to conduct airborne how we find undiscovered groundwater
Sea from the port of Rønne on the Danish electromagnetic (AEM) field surveys opportunities and help communities
island of Bornholm. for the California Department of become less dependent on surface water.
Water Resources.
These are three of the more than 60 When we provide a water management
Power-to-X projects with a Ramboll A helicopter uses equipment to transmit system, communities can future proof
footprint, evidence of both the emerging electromagnetic waves to the earth to their area’s development for a secure and
nature of the sector and the cross-cutting paint a digital picture of the terrain below consistent water supply. To meet specific
elements of Ramboll’s service portfolio. the surface. The goal is to create detailed local needs, Ramboll’s management
maps of the state’s high-and medium- systems can be designed flexible enough
Securing water access from California priority groundwater basins. to account for system extensions and
to Cape Town future conditions.
Access to clean water is critical for In South Africa, our water resource experts
sustainable development but, in many teamed up with environmental group
48 Society
’We’re always proud to work on projects that

positively influence and improve the health
and well-being of communities.’
Supporting low-carbon mobility in Finland The Port of Turku enables more successfully meet financial agreement Everyone deserves access to clean water,”
Low-carbon public transport is vital for the passengers to reach Central Europe via standards. An ESMS sets out procedures says Mikkel Benthien Kristensen, Global
development of cities and meeting global Stockholm using ferry or rail connections, to identify, assess, and manage a financial Spearhead Director for Environment &
climate goals. We’re helping improve smart instead of flying. Ramboll is managing institution’s exposure to environmental and Health at Ramboll.
mobility in Finland, with several projects the construction of the new multimodal social risks of its investees.
that took off in 2021. terminal, which will have a capacity of Risk assessing the world’s largest carbon
6,000 passengers and enable 1.8 million The ESMS helps Owini Swiss AG monitor capture and storage project
The Espoo City Rail Link will provide 1.5 tonnes of cargo to be transported between environmental and social impacts during By repurposing offshore oil platforms in
million residents of the greater Helsinki countries in the region. The terminal project development so mitigation the Danish North Sea, a consortium of 29
area with fast, frequent, and more project is guided by high architectural, measures can be implemented. Ramboll companies including Ramboll are exploring
sustainable transport options. The high- design and sustainability standards, which is well-placed to train and transfer the feasibility of storing large quantities
speed rail project includes new bridges, include reducing environmental impacts of knowledge of the ESMS, if necessary, to of carbon emissions under the seabed.
four stations, and park-and-ride facility waste disposal from demolished buildings. empower the local project team to secure Carbon capture and storage is a vital
adjacent to an existing station. The EUR the project’s long-term success. technology for meeting global emission
275 million (approx. DKK 2 billion) rail line “Ramboll has strong experience and reduction targets, and Project Greensand is
will be completed in 2028. A key member expertise in building real estate and project Only 54% of Ivory Coast’s rural population the most ambitious of its kind.
of the project consortium, Ramboll is management of different sizes. Their has access to drinking water, according to
contributing design and construction services in the steering, management the UN. This means more than five million Ramboll has provided risk and safety
management of the rail link. and supervision of the project will people lack access to basic resources. assessments as well as flow assurance
complement the expertise of the Port of To address this, the government of Ivory and technical reviews. Prior to the final
The Kruunuvuori Bridge, near Helsinki, Turku’s own team in implementing the Coast allocated more than EUR 2 million investment decision, Ramboll will also be
planned to open in 2027, will be Finland’s major investment,” says Erik Söderholm, to the Water for All Programme, which responsible for environmental assessments
longest and tallest bridge. It will be the Managing Director of the Port of Turku, includes Owini Swiss AG’s project. and further risk analyses.
only bridge in the world of this size to in a press release.
cater exclusively to public transport, “We’re always proud to work on projects “We acknowledge that carbon capture
pedestrians, and cyclists. Kreate and YIT Safe drinking water for 95 rural Ivory that positively influence and improve the and storage plays a vital role in the energy
have chosen Ramboll as the construction Coast communities health and well-being of communities. By transition, in Denmark and globally, and are
designer for the concrete-steel structure. To help Owini Swiss AG receive a loan providing an ESMS, we can help clients happy to be part of Project Greensand,”
The bridge is designed to last 200 years to build water supply infrastructure collect and analyse data so they can says Patrick Gilly, Global Division Director
rather than the standard 100 years, in a for 95 rural Ivory Coast communities, meet financial agreement standards and of Energy Transition at Ramboll.
testament to sustainable construction. Ramboll provided an environmental and secure the funds needed to bring basic “Our participation in this project and
social management system (ESMS) to resources like drinking water to rural areas. others in the future is in line with our
The Greensand project
8M
could store up to
tonnes of carbon emissions

per year
ambition to develop cost-effective reduce the climate footprint of society,”

technologies and safe processes to help says Sara Nilsson, Climate Coordinator
‘hard-to-abate’ sectors reduce their on the project.
emissions,” he adds.
Set for completion in 2030 the project also
The project partnership is led by INEOS tackles other environmental challenges
Energy in collaboration with Wintershall like protecting existing habitats and
DEA, Maersk Drilling, and GEUS migratory patterns of local wildlife. The
(Geological Survey of Denmark and road project will include wildlife crossings,
Greenland). wildlife fences, bridges, and pedestrian
and cycle paths. These will help preserve
Greensand was awarded DKK 197 million the significant reindeer populations and
in public funding in December 2021. The habitats and increase road safety and
Danish Government’s ambition is to store accessibility for vehicles, pedestrians,
4-8 million tonnes of carbon emissions and cyclists.
annually by 2030.
The more than 7 km stretch of road
Halving carbon emissions and increasing runs between Kiruna, the country’s
road safety northernmost city, and the town
In a new pilot project for Sweden’s of Kauppinen.
Transport Administration, Ramboll will help
identify carbon emissions savings of up to
50% during the project’s planning, design,
and construction phases. To do this,
Ramboll combines iterative and innovative
design thinking methods to measure and
reduce carbon emissions and fuel costs.
We’re helping identify carbon

To halve carbon emissions is a high target,
emissions reductions and improving
but this mission is completely in line with accessibility and nature preservation
the effort we have within Ramboll to in a major Swedish road project.
50 Society
Catalyst for
climate action
COP26 climate summit We urged energy actors in the private
Throughout 2021, we raised our voice sector to demonstrate how renewable
on the climate agenda. Our aim was to energy solutions can be delivered at scale.
convene key actors and ramp-up action
on the green transition. ‘It is time to move
forward on solutions,
The UN COP26 climate summit, held in
Glasgow, Scotland, in November 2021,
and make sure to focus
was a critical opportunity for governments on the carbon budget
to agree on national carbon reduction alongside financial costs.’
targets and put the world on course for
net zero emissions by 2050. This would help replace coal and gas in
a cost-competitive way and transform
With strongholds in green energy and energy supply in hard-to-decarbonise
Ramboll CEO Jens-Peter Saul is interviewed by TEDx Glasgow’s Gurjit Singh Lalli at COP26. low-carbon solutions, Ramboll sent high sectors such as aviation, shipping, and
level representatives to COP26 to share steel manufacturing.
insights that can support governments
and businesses in decarbonising the built German-Danish hydrogen collaboration
environment and scaling-up green Denmark produces large volumes of
energy deployment. renewable energy from offshore wind
farms in the North Sea, which can be used
Solutions here and now to manufacture green hydrogen that could
The technologies to achieve large-scale help decarbonise industrial manufacturing
carbon reductions in these sectors already in neighbouring Germany. But cross-border
exist today, but policy frameworks are political support and investment are
needed to scale-up deployment. required to scale-up deployment.
At a high-level roundtable, Ramboll CEO To drive home the message, we hosted

Jens-Peter Saul urged the construction a roundtable on the regional potential
sector to focus on reducing embodied in green hydrogen during the biennial
Dan Jørgensen, Minister for Climate, Energy and Utilities in Denmark (centre) and carbon and increase use of Hamburg Copenhagen Business Forum,
Ramboll CEO Jens-Peter Saul (right), at the green hydrogen roundtable. sustainable materials. in August 2021.
Participants included Dan Jørgensen, In November, Ramboll was part of the

Minister for Climate, Energy and Utilities Danish State Visit to Berlin, along with
in Denmark, Michael Westhagemann, high-ranking representatives from
Hamburg’s Minister for Innovation and government and business. During the
Economy, and leaders from renewable visit, we highlighted our expertise in
energy, chemicals, and infrastructure- transformative heat planning, wind energy,
investment sectors. and Power-to-X.
‘Together, we can Hope for climate

establish a strong Ramboll was instrumental in providing a
gift of climate hope for Glasgow after the
joint platform of COP26 summit, in the form of the Hope
know-how, innovation Sculpture. The 20-metre-high sculpture
features an age, gender, and race neutral
and production, child, embracing the surrounding nature
benefitting both and reaching out to a greener, hopeful
countries.’ future. It is made from 100% cement-free
concrete and has a 75% lower carbon
“A Danish-German hydrogen cluster will footprint than conventional builds.
resonate globally and attract investments,
companies and expertise,” said Jens-Peter Set in Cuningar Loop park, in Glasgow,
Saul. “Together, we can establish a strong the sculpture links the past to the present,
joint platform of know-how, innovation and as well as makes the connection between
production, benefitting both countries.” mental well-being to the natural
and built environment.
Royal Danish visit to Germany
As Europe’s largest economy, Germany is a The artist Steuart Padwick, along
vital market for Danish companies. There is with principle build partners Ramboll,
significant potential for Danish solutions in Aggregate Industries, Urban Union and
Germany, not least in energy solutions. Keltbray, and 50 other organisations, were
involved in the Hope Sculpture project.
52 Society
Tackling the toughest

emissions
Ramboll is opening up new business opportunities
in the green energy transition.
Green hydrogen and Power-to-X

Energy Green hydrogen is produced by using renewable
No greenhouse
CO2
gas emmision energy – for example, produced from offshore
wind farms – to split water into hydrogen and
oxygen in an electrolyser without producing
greenhouse gas emissions.
H2
The green hydrogen can either be used directly
or synthesised using chemical processes into
other fuels such as methane, methanol and
ammonia. The use of electricity from renewable
Energy energy sources to create green hydrogen or
synthetic fuels is defined as Power-to-X.
Green hydrogen and synthetic fuels could

be used in sectors which are dependent on
fossil fuels for energy and are currently hard
to electrify. These include long-haul trucking,
shipping, aviation, as well as industrial
manufacturing, green heating, and agriculture.
A global shift from fossil fuels to renewable and avoid irreversible climate impacts. to reach the scale needed The sooner the technology reaches scale,
energy is urgently needed to avoid the for significant reductions. the greater the impact in reducing
worst impacts of climate change and Today, 83% of global energy demand global emissions.
power a low-carbon economy. Here’s how comes from fossil fuels which contribute At Ramboll, we are deepening our
Ramboll is driving the green transition with about 75% of global carbon emissions. presence in these emerging technologies, Reorganising for the energy transition
green hydrogen and Power-to-X. Demand for energy – especially electricity with more than 60 Power-to-X projects To deepen our commitment to the energy
– is set to rise 50% worldwide towards and studies in our portfolio. transition, Ramboll in 2021 decided to
With more than three decades of 2050, driven by rising populations and create a 500-person strong Energy
experience in the renewable energy economic growth, according to the Prominent examples include a masterplan Transition division. It will cover services
industry, Ramboll is at the forefront of International Energy Agency. A massive for the world’s first artificial energy such as hydrogen, Power-to-X, gas storage,
designing and deploying technologies expansion of renewable energy, especially island; an offshore bunkering station for and transition of the oil and gas, and
that drive the green energy transition. wind and solar power, is needed to meet sustainable maritime fuels; and a safety power generation sectors.
From offshore wind turbine foundations, this demand sustainably. and risk analysis for Europe’s largest
to innovative district heating and cooling Power-to-X facility for manufacturing We are also building a dedicated team
systems, and the world’s most efficient Solutions for hard-to-decarbonise sectors green ammonia. for wind energy, encompassing site
waste-to-energy facility – to name a few. In some sectors, such as shipping and assessment, asset management, project
aviation, there are still too few viable As demand rises, these projects could pave development, and advisory.
As a leader in developing and delivering alternatives to fossil fuels. Emerging the way for an accelerated and scaled-up
green technologies, we are helping technologies like green hydrogen deployment of green hydrogen and Power-
companies and governments meet their and Power-to-X could hold the key to to-X technologies. The EU Commission
climate targets. But there is a long way still decarbonise these sectors, but they rely on estimates green hydrogen to meet 24%
to reach global net zero emissions by 2050 still more power from renewable sources of global energy demands by 2050.
54 xxxx xxxx
Company
As a responsible company, we
set ambitious targets to curb our
carbon footprint, while improving
impacts on our value chain and
the environment.
Ambitious carbon reduction goals approved by SBTi
Ramboll’s targets to reduce carbon emissions are in line with the
Paris Agreement goal of keeping global warming below 1.5°C
above pre-industrial levels. Our climate targets were approved
by the Science Based Targets initiative (SBTi) in October 2021.
Ramboll also committed to set a science-based net-zero target
and, in 2022, we will define our science-based net-zero year.
SBTi is a global body established by the Carbon Disclosure
Project (CDP), the World Wildlife Fund (WWF), the World
Resource Institute (WRI) and the UN Global Compact, which
enables businesses to set ambitious emissions reductions targets
in line with the latest climate science.
Ramboll’s SBTi-approved climate targets are:

• Reduce absolute scope 1 and 2 GHG emissions by 46.2% by
2030 from a 2019 baseline and to reduce absolute scope 3 GHG
emissions from business travel by 27.5% in the same timeframe
• Ensure 80% of our suppliers, as measured by emissions, have

science based targets by 2025, covering both purchased goods
and services. In Ramboll this is mainly within IT supply.
Stepped-up ambitions
This reflects a bold step up in ambition from Ramboll’s strategy
Winning Together, in which Ramboll set and achieved a goal of
reducing the carbon footprint by 20% per employee from 2016-
2020, partly owing to reduced emissions from business travel
during the Covid-19 pandemic.
With these targets, Ramboll commits to an ambitious carbon

reduction goal, reinforcing Ramboll’s accountability on climate
Ramboll’s greenhouse gas emissions 2021
3,489 5,357 7,324

tCO2e tCO2e tCO2e
Scope 1 Scope 2 Scope 3

Company cars including managers’ cars, heat Cooling, electricity and heat consumption (from Private cars, taxis, public transport, ferry,
consumption (from assets under operational purchased sources e.g. district heat) airplane and helicopter. Only CO2 emissions
control e.g. boilers) are accounted for.
What is SBTi?
SBTi enables businesses to set science based Scope 1 covers greenhouse gas emissions that
targets to reduce carbon emissions. Companies occur directly from sources that are controlled
submit their emissions reduction goals, which or owned by an organisation.
are stringently vetted to ensure they are in line
with the Paris Agreement. Based on the level Scope 2 emissions are indirect greenhouse gas
of ambition, goals can either be recognised emissions from purchases of electricity, steam,
as keeping warming ‘well below 2°C’ or ‘1.5°C’. heat, or cooling.
Ramboll’s goals are in line with the latter, more
ambitious goal. To date, more than 2,200 Scope 3 greenhouse gas emissions arise
companies have committed to SBTi and more from assets not owned or controlled by an
than 1,000 have had their targets approved. organisation, but that the organisation indirectly
impacts in its value chain, for instance
through suppliers.
56 Company
Climate ambitions action and demonstrating climate leadership in the professional the baseline for 2019. 2021 is the first year we measure our carbon
services industry. footprint according to the Greenhouse Gas Protocol and SBTi.
Ramboll aims to achieve net zero in our operations In 2022, we will for the first time report our carbon emissions data
by 2030. In addition, we will meet evolving
Ramboll is working with leading clients to help them reduce their through the CDP.
stakeholder requirements on sustainability by:
emissions in areas such as the built environment, infrastructure,
• Ramboll aims to achieve net zero in our and through the use of renewable energy. We believe that by In 2021, Ramboll’s total CO2 emissions were 16,170 tCO2e (2020:
operations by 2030 setting and meeting science-based targets, we take responsibility 20,539 tCO2e) this shows a significant decrease in emissions
for our own emissions, and support our clients in reaching from 2020 to 2021. Scope 1 emissions accounted for 3,489 tCO2e
• Leading practice on sustainability disclosures
their targets. (from Ramboll’s direct emission: company vehicles and company
and transparency
facilities on-site energy use). This was a slight increase compared
• Supporting our employees to reduce their Environmental impact to 2020 due to more robust data and as several countries have
private carbon footprint. Ramboll respects and follows internationally recognised started reporting emissions from vehicles. Scope 2 emissions
environmental principles as stated in the Rio Declaration accounted for 5,357 tCO2e (purchased electricity, heating and
including applying a precautionary approach, as reflected in our cooling; in 2020: 8,284 tCO2e) mainly due to an increased share
environmental management policy. of renewable electricity and office closures during Covid-19
protocol and permanent office closures.
ISO 14001 certification
Ramboll’s total CO2 emission We manage the environmental impact from both projects and Sustainability should always be a key consideration, not least
our operations through our certification according to the ISO when signing the lease for a new office building, and we have
45,000 14001 environmental management standard. Ramboll is ISO 14001 made significant progress towards ensuring our offices are
40,000 certified in most of the business units and has the target that the sustainability certified. In the Norwegian cities of Oslo, Skien and
remaining business units are ISO 14001 certified before end Trondheim, and in Malmö, Sweden, we have moved into buildings
35,000
of 2023. that are BREEAM Excellent certified. Notably, Ramboll’s office in
30,000 Skien is among Norway’s most sustainable buildings. Similarly,
25,000 Curbing carbon emissions our new Finnish head office in Espoo, Helsinki, holds a LEED gold
20,000
Ramboll is committed to reducing carbon emissions. Our main certification.
sources of carbon emissions are our offices, business travel, and
15,000
other operational activities. Ramboll has implemented a carbon In 2021, Scope 3 emissions were 7,324 tCO2e (2020: 9,419 tCO2e),
10,000 data management system to accurately monitor and reduce which predominantly came from business travel emissions. Travel
emissions and this system will be further developed in 2022. In throughout 2021 has been heavily restricted due to Covid-19
5,000
line with our commitment to science based targets, Ramboll has pandemic and is the reason for the decrease in emissions.
Total TCO 2 2019 2020 2021 aligned its greenhouse gas emission reporting and recalculated
To avoid reverting to ‘business as usual’, Ramboll is developing a We also follow the requirements in accordance with the United Business integrity
new travel policy, which encourages employees to consider the Kingdom Modern Slavery Act and the Indian Prevention of Sexual ambitions
environmental impact of business travel and encourages virtual Harassment of Women at Workplace Act.
meetings where feasible. If work cannot be completed virtually, • Continue development
employees should seek greener travel methods such as public Human rights are integrated into ethics, client, human resource, of data-driven and digital business
integrity processes
transportation. Air travel should only be used when a practical project excellence and business integrity and compliance policies
and cost-effective alternative is not available. and procedures, which are continuously monitored and reviewed. • Strong leadership commitment and
Grievance mechanisms are integrated into our compliance awareness of business integrity risks
Protecting water resources procedures, for example, through internal and external speak-
Water is a valuable and increasingly scarce resource. To help up mechanisms. In 2021, a human rights deep-dive workshop • Proactive management of a changing
regulatory landscape within anti-
protect the environment, Ramboll will reduce water consumption informed by external expertise was conducted for the Ethics corruption, sanctions and data
by 15% per employee by 2025 (from a 2016 baseline) and reuse Committee that takes decisions on company dilemmas arising privacy.
secondary water such as rainwater whenever feasible. from our Legacy, values and commitments. The owner, the
Ramboll Foundation also participated in the workshop.
Activities in our offices will inevitably lead to some waste and
wastewater. Ramboll is committed to reducing this, for example As an employer, Ramboll can potentially cause adverse human
through improved waste management, recycling, and spills rights impacts. We conduct due diligence by assessing our
and hazardous waste management. We work to reduce our potential impacts on employees, implement corrective actions and
environmental impact by reducing our water consumption train employees in human rights related policies and procedures.
through a focus on our water withdrawal and water efficiency, In 2021, the human rights impact assessment work was put on
as well as focusing on recycling and reuse of water, of water hold due to Covid-19, but it has been planned to conduct impact
discharge and effects on water bodies. In addition, we have set assessments of our own operations in more of our stronghold
a target to increase the amount of sorted waste to 90% and the geographies in 2022, and human rights training for employees
amount of sorted hazardous waste to 100% by 2025 (from a 2016 will also be launched.
baseline). We have also set a target to reduce the total waste
produced per employee by 15% within the same timeframe. When working on projects, Ramboll could cause, contribute, or
be linked to, adverse human rights impacts through our business
Human rights relations. We conduct due diligence by assessing our potential
Ramboll does not undertake projects with an aggressive, negative impacts throughout our project excellence model. In
destructive, or suppressive purpose towards nature or people. 2022 we aim to develop new due diligence guidelines for how to
Ramboll is committed to respecting human rights in line with assess negative and positive human rights impacts in our
the UN Guiding Principles on Business and Human Rights. project management.
58 Company
Ramboll has deep expertise in advising We are digitising our business integrity
clients on how to develop and embed processes through a new Business Integrity
their company human rights policies, Portal. It will automate and ease risk
ensuring they are aligned with international assessment workflows, as well as provide
standards and applying due diligence. online key project risk data in management
This includes conducting human rights risk dashboards. The portal thereby provides
or impact assessments as well as tailor- managers with an overview of projects
made training for management and with corruption and sanctions risks across
key employees. Ramboll globally and enable them to
monitor how critical risks are handled
Business integrity and anti-corruption appropriately. The project business
Ramboll’s new Group strategy, The integrity risk analysis has been embedded
Partner for Sustainable Change, places and enhanced in the portal in 2021, and
a high priority on business integrity and during 2022, it will deliver automated
compliance and ensuring responsible digital risk reports including mitigating
business conduct. Our Business Integrity actions to be implemented in the project.
programme provides colleagues with
the guidance they need to navigate During 2021 we have further rolled out
increasingly complex operational risks and business integrity role model guidance to
rapidly evolving legal environments. We our middle managers, to operationalise
do this by embedding policies, guidelines, business integrity leadership for our
and processes – covering anti-corruption, managers. In addition, we have developed
international sanctions, and data privacy – a ‘business integrity game’ to present
into daily operations. managers with grey zones and dilemmas in
business integrity. The game has been
In 2021, our material corruption risks developed together with behavioural
included operating in countries with higher change experts to be motivating and
risks of corruption, often involving local engaging with the purpose to support our
suppliers and sub-consultants, which managers in understanding their personal
require thorough due diligence legal liability under anti-corruption laws
and appropriate mitigating actions and provide them with actions and tools
and supervision. to handle and promote business integrity
Our Business Integrity programme provides

colleagues with the guidance they need to
navigate increasingly complex and rapidly
evolving legal environments
in their operations. In 2022, the top 300 were still under investigation by the end products reaches 75% by the end of 2022. Nordic Swan Ecolabel for
managers across Ramboll will participate of the year. Given that higher numbers To support this objective, we implemented three Danish canteens
in business integrity leadership workshops of reports indicate a healthy culture of our ‘green pen kit’ in Denmark in 2021,
and play this game. business integrity, the decrease seen in together with our suppliers Pilot and Three of Ramboll’s canteens in
reports over the past years is something Lyreco, and we completed the design Denmark have received the Nordic
Swan Ecolabel, benefitting the lunch
Data Ethics Statement we are looking into and addressing in 2022. and roll out of our sustainable furniture
of about 2,000 Ramboll employees.
Ramboll has developed a Data Ethics catalogue globally. We will continue the roll The certified canteens are located in
Statement guided by the four principles of Responsible procurement out for the rest of the countries Ramboll Esbjerg, Aarhus and Ramboll’s Head
1) human centric use of data, When sourcing goods and services, operates in during 2022 and 2023. Office in Copenhagen.
2) transparency, 3) security and Ramboll aims to ensure that what we buy Further, a green company car policy has
“As a member of the Network for Eco-
4) accountability; in line with Ramboll’s contributes to sustainable development been rolled out, and 43 vehicles in the Labelled Procurement, it is natural for
legacy. The statement is implemented and is environmentally, socially, and Ramboll carpool were replaced with fully us at Ramboll to make sustainability
through existing processes and announced economically responsible. By setting out electric vehicles in Denmark. demands of our suppliers. Green
through our global communication clear requirements to our suppliers and procurement helps to promote
sustainable development, so we are
channels. We encourage raising data monitoring progress, Ramboll contributes
pleased that our caterer, Meyers,
ethical concerns through our reporting to an increased focus on sustainability in has achieved certification for their
mechanisms, including the our procurement processes. Ramboll canteens. I hope this inspires
whistleblower system. other companies to follow suit, so we
Ramboll’s suppliers must accept the together can push the market in a
greener direction,” says Helene Byskov
Status on Speak Up programme Business Associate Code, which clearly Christiansen, Lead Category Manager
Learning from compliance reports is explains how we expect our suppliers to FM, Global Procurement at Ramboll.
important for ensuring continuous act. In 2021, 93% of suppliers managed by
improvement of policies and procedures. Global Procurement signed the Code (84%
In 2021, 103 compliance and whistleblower in 2020). We have made good progress
reports were submitted to our Global in the past three years on monitoring and
Business Integrity and Compliance increasing compliance levels.
Function, a slight decrease from the 125
reports in 2020. Following investigations Ramboll continues to promote the use of
of the reports in 2021, 71 have been closed, eco-labelled office supplies. Today, the
of which 46 have been substantiated and global share of eco-labelled products is
appropriate mitigating actions have been approximately 33% (28% in 2020). The
recommended. 32 compliance concerns goal is that the total share of eco-labelled
60 Company
Financial reporting
66 Financial statements
Accounting policies
Basis of preparation
The Annual Report of Ramboll Group of the Annual Report and that confirm or payments relating to acquisitions before 1 currency of the Group are converted into
A/S is prepared in accordance with the invalidate affairs and conditions existing at July 2018 are recognised as goodwill. the presentation currency as follows:
provisions applicable to large enterprises the balance sheet date.
in accounting class C under the Danish Intercompany transactions, balances, • assets and liabilities for each balance
Financial Statements Act. Basis of consolidation realised and unrealised gains and losses on sheet item presented are converted
The Consolidated Financial Statements transactions between Group companies at the closing rate at the date of the
The Consolidated Financial Statements comprise the Parent Company, Ramboll are eliminated. balance sheet;
and the Parent Company Financial Group A/S, and entities in which the Parent • income and expenses are converted
Statements were prepared under the same Company has control, i.e. the power to Presentation currency and at the dates of the transactions (or
accounting policies as last year. govern the financial and operating policies foreign currency conversion approximate average rates), and
generally accompanying a shareholding The financial statements for the Group and • all exchange differences arising from the
Ramboll Group A/S has chosen to deviate of more than half of the voting rights. the Parent Company are presented in difference between closing and average
from the form requirements of the Danish Subsidiaries are fully consolidated from DKK thousand. rates and between opening and closing
Financial Statements Act relating to the the date on which control is transferred to rates are recognised as a separate
income statement. EBITDA and EBITA Ramboll Group A/S. Foreign currency transactions are component of equity.
were inserted as subtotals. Income from converted into DKK using the exchange
associated companies and joint ventures The cost of an acquisition is measured as rates prevailing at the dates of Consolidation exchange differences arising
is presented as part of EBITDA and EBITA the fair value of the assets given, equity the transactions. from the conversion of the net investment
and other income and costs are presented instruments issued and liabilities incurred in foreign entities and of borrowings and
after EBITDA and EBITA in order to provide or assumed at the date of exchange. Foreign exchange gains and losses resulting other currency instruments designated as
a fair view of the Group’s operations. Identifiable assets acquired and liabilities from the settlement of such transactions hedges of such investments, are included in
assumed in a business combination are and from the conversion at year-end shareholders’ equity.
Recognition and measurement measured initially at their fair values at exchange rates of monetary assets and
On initial recognition, assets and liabilities the acquisition date. The excess of the liabilities denominated in foreign currencies Fair value adjustments arising on the
are measured at cost. Subsequently, assets cost of an acquisition over the fair value are recognised as financial income and acquisition of a foreign entity are
and liabilities are measured as described of Ramboll Group A/S’ share of the expenses in the income statement. treated as assets of the foreign entity and
for each individual item below. Certain identifiable net assets acquired is recorded translated at the closing rate.
financial assets and liabilities are recognised as goodwill. Intercompany loans, which are part of
at amortised cost. Amortised cost is a net investment in subsidiaries, are Derivative financial instruments
stated as original cost less any principal If an investment includes deferred not considered to be monetary items, Derivative financial instruments are initially
payments plus or minus the cumulative consideration, this is recognised at cost at but are considered equity investments. recognised in the balance sheet at cost
amortisation of any difference between the time of investment and subsequently The fluctuations in exchange rates are and are subsequently remeasured at their
cost and the nominal amount. In this way, measured at amortised cost in subsequent recognised directly through equity. fair values. Positive and negative fair values
capital losses and gains are amortised over periods. Changes in deferred consideration of derivative financial instruments are
the maturity. Recognition and measurement are recognised in other income and other The results and financial position of foreign classified as ‘Other receivables’ and ‘Other
take into consideration anticipated losses costs for acquisitions made after 1 July subsidiaries and associates with a functional payables’, respectively.
and risks, which arise before the approval 2018. Furthermore, changes to deferred currency different from the presentation
Annual report
Report2020
2021 63
37
Changes in the fair values of derivative the lease term, taking into consideration Revenue from fixed-price contracts is Other income and costs
financial instruments are recognised in the bargain purchase options. recognised under the percentage of Other income and other costs comprise
income statement unless the derivative completion (POC) method. Under the POC items of a secondary nature to the core
financial instrument is designated and All other leases are classified as operating method, revenue is generally recognised activities of the enterprises, including
qualifies as hedge accounting. Changes in leases. Payments made under operating based on the services performed to date gains and losses on the sale of companies,
fair values of derivative financial instruments, leases are charged to the income as a percentage of the total service intangible assets and property, plant and
which qualify as hedge accounting, are statement over the period of the lease. to be performed. equipment. Furthermore, integration and
recognised in equity. Where the expected acquisition costs, and restructuring costs
future transaction results in the acquisition Income statement If circumstances arise that may change are presented as other costs. Changes to
of non-financial assets, any amounts Revenue the original estimates of revenues, costs deferred payments are presented as other
deferred under equity are transferred from Revenue in the Group consists of the fair or extent of progress toward completion, costs. Restructuring costs mainly comprise
equity to the cost of the asset. Where value of the consideration received or estimates are revised. These revisions may redundancies and rent related to vacant
the expected future transaction results in receivable for the sale of goods and services result in increases or decreases in estimated properties, when they form part of a larger
income or expense, amounts deferred under in the ordinary course of the Group’s revenues or costs and are reflected in restructuring scheme.
equity are transferred from equity to the activities. Revenue is shown net of value- income during the period in which the
income statement in the same item as the added tax, returns, rebates and discounts circumstances that give rise to the revision Financial items
hedged transaction. and after eliminating sales within the Group. become known by Management. Financial income and expenses consist
of interest income and expenses, foreign
Minority interests The Group recognises revenue when Revenue segment information exchange gain or loss and other interest
In the statement of Group results and the amount of revenue can be reliably Revenue information is provided on income and expenses.
Group equity, the elements of the profit measured, and it is probable that future primary business units. The revenue by
and equity of subsidiaries attributable to economic benefits will flow to the entity markets is based on the Group’s seven Corporation tax and deferred tax
minority interests are stated as proposed and when specific criteria have been markets. Revenue by project location is Taxes consist of current tax and changes in
profit appropriation and as a part of equity. met for each of the Group’s activities as based on the location of the project owner. deferred tax for the year. The tax relating
described below. The amount of revenue is to the income for the year is recognised
Leases not considered to be reliably measurable Project costs in the income statement. Current tax
Leases of property, plant and equipment until all contingencies relating to the sale Project costs consist of costs directly receivable is recognised in the balance
where substantially all the risks and have been resolved. The Group bases its related to projects, such as travel expenses, sheet if excess tax has been paid on
rewards of ownership are transferred to estimates on historical results, taking into costs of external services and other project account and a current tax payable is
the Group are classified as finance leases. consideration the type of customer, the costs. Staff costs are not included in recognised if a liability exists.
Finance leases are capitalised at the lease’s type of transaction and the specifics of project costs.
inception at the lower of the fair value of each arrangement. Deferred tax is measured by using the
the leased property and the present value External costs balance sheet liability method on all
of the minimum lease payments. Lease The Group sells services within External costs include administration, temporary differences arising between the
payments are allocated between the liability engineering, design and consultancy. marketing, travel and accommodation, book values of assets and liabilities and
and finance charges so as to achieve a These services are provided on a time and office rent, IT and other external costs. the amounts used for taxation purposes.
constant rate of interest on the finance material basis or as a fixed-price contract, Deferred tax is not recognised on
balance outstanding. The corresponding with contract terms generally ranging from Staff costs temporary differences relating to goodwill
lease obligations, net of finance charges, less than 1 year up to 10 years. Staff costs consist of costs such as wages not deductible for tax purposes. Deferred
are included in other long-term payables. and salaries, pension costs, value of share tax is measured according to the tax rules
The interest element of the finance cost Revenue from time and material contracts options and other social security benefits and at the tax rates under the legislation at
is charged to the income statement. is recognised at the contractual rates of employees and of the Executive and the balance sheet date that are expected
Property, plant and equipment acquired as labour hours are delivered and direct Supervisory Boards. to apply when the temporary differences
under finance leases are depreciated over expenses are incurred. are eliminated. Changes in deferred
the shorter of the useful life of the asset or
64 xxxx xxxx policies
Accounting
tax due to changes in the tax rates are Property, plant and equipment identifiable assets and liabilities (purchase Receivables
recognised in the income statement. and leasehold improvements method). Any remaining positive balance Accounts receivables, trade are recognised
Property, plant and equipment and (goodwill) is recognised as investments in initially at fair value and subsequently
Deferred tax assets, including the tax base leasehold improvements are measured associated companies in the balance sheet measured at cost less provision for bad
of tax losses carried forward, are measured at historical cost less accumulated and amortised in the income statement debt. A provision for bad debt of trade
at the value at which it is expected that depreciation. Historical cost includes on a straight-line basis over the estimated receivables is established when there is
they can be utilised by elimination against expenditure that is directly attributable to useful life of the investment. objective evidence that Ramboll Group
tax on future earnings or by set-off against the acquisition of the items. will not be able to collect all amounts
deferred tax liabilities. In the income statement, income is due according to the original terms
Depreciation is calculated on a straight-line recognised from associates which of receivables.
Balance sheet basis over the estimated useful lives comprise the share of profit after tax less
Intangible assets of the assets. the amortisation of goodwill. Work in progress
Goodwill represents the excess of the cost Work in progress is measured at the
of an acquisition over the fair value of the The following useful lives are applied: Joint ventures sales price of the work performed,
Group’s share of the net identifiable assets Buildings: 10–50 years. Undertakings which are contractually corresponding to direct and indirect costs
of the acquired subsidiary at the date Plant and equipment: 3–5 years. operated jointly with one or more other incurred plus a proportionate share of the
of acquisition. Leasehold improvements: 1–10 years. undertakings (joint ventures) and which expected profit calculated on the basis
The assets’ residual values and useful lives are thus jointly controlled, are recognised of an assessment of the percentage of
Goodwill in the Group is amortised over the are reviewed, and adjusted if appropriate, in accordance with the equity method. completion. The sales price is reduced
following expected useful lives. Strategic at each balance sheet date. by progress billings. Invoices on account
investments are valuated as long-term In the income statement, income is beyond the percentage of completion
investments and therefore amortised over Gains and losses on disposal are determined recognised from joint ventures which of contracts are calculated separately
20 years. Customer contracts and brand by comparing proceeds with the carrying comprise the share of profit before tax. for each contract and recognised as
identified from business combinations are amount. These are included in the income ‘payments from clients’ under short-term
recognised in the balance sheet at fair value statement as other income or other costs. Impairment of assets liabilities.
and amortised over the useful lifetime. Impairment tests are performed if
Associates indications of impairment are present. If the Prepayments
Software, patents, licences and Associates are all entities over which carrying amount is found to be greater than Prepayments consist of expenses paid
development projects are capitalised and the Group has significant influence but the implied fair value, then impairment has relating to subsequent financial years and
amortised over an appropriate expected not control, generally accompanying a occurred and the book value of the asset consist primarily of prepaid interest, rent
useful life. Development projects are shareholding of between 20% and 50% of is written down to its recoverable amount. and insurance.
capitalised if the projects are feasible to the voting rights. Investments in associates The recoverable amount is the higher of
the technical completion, will generate are accounted for by the equity method the net selling price and value in use. Equity
future economic benefits for the Group, of accounting, calculated on the basis The dividend distribution proposed by
and the costs can be measured reliable. An of the Group’s accounting policies and Other investments Management for the year is disclosed as a
amount corresponding to the development after deduction or addition of the Group’s Other investments comprise listed separate equity item.
costs is allocated to equity as ‘Reserve for share of any unrealised intra-group gains securities, deposits and other receivables.
development costs’. or losses. Investments in associates are Deposits and other receivables are Provisions
initially recognised at cost. measured at cost less any write-down A provision is recognised when the
The following useful lives are applied: according to individual assessment. Listed Group has a present legal or constructive
Goodwill: 5–20 years. On acquisition of associated companies, securities are recognised at fair value at obligation as a result of past events and it
Customer contracts: 15 years. the difference between the cost and the the trade date and subsequently measured is probable that an outflow of resources
Brand: 20 years. book net assets of the acquired company at market price. Fair value adjustments are will be required to settle the obligation.
Software, patents and licences: 3–7 years. is calculated at the date of acquisition recognised in the income statement. Provisions are recognised for items such
after adjustment to fair value of the as legal claims, restructuring provisions,
Annual report
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2021 65
39
pension provisions and any other measured at amortised cost, corresponding of acquisition, initial recognition is FINANCIAL RATIOS
necessary provisions. to the capitalised value using the effective done based on provisional amounts.
Number of employees, end of year =
interest rate. Accordingly, the difference Measurement period adjustments to the
Number of all permanent and temporary
Provision for pensions between the proceeds and the nominal provisional amounts may be done for up to employees at the end of the year,
Contributions payable under defined value is recognised in the income statement 12 months following the date of acquisition. regardless of their working hours.
contribution plans are recognised as an during the term of the loan. Other financial After the end of the measurement period,
expense along with delivery of employee obligations are measured at amortised cost, goodwill is no longer adjusted. Number of full time employee
service giving rise to the obligation to pay which substantially corresponds to their equivalents =
Hours registered in time sheets
the contribution. nominal value. Transaction costs inherent from
Standard working hours during the year
acquisitions are recognised in the income
Costs under defined benefit plans are Other payables statement when incurred. EBITDA margin =
recognised in line with the performance Other payables mainly consist of salary- EBITDA x 100
of the employee services entitling the related items (bonuses, pension, tax, Cash flow statement Revenue
employees to the benefits. The obligation holiday accruals, etc.), accrued interest and The cash flow statement shows the
EBITA margin =
is measured at the present value of the not received or approved vendor invoices. Group’s cash flows for the year from
EBITA x 100
expected pension payments attributable to operating, investing and financing
Revenue
the services delivered at the balance sheet Parent Company Investments activities, respectively, and also includes
date. The obligation is measured on the Investments in subsidiaries are recognised cash and cash equivalents at the beginning EBIT margin =
basis of actuarial assumptions, which are and measured according to the acquisition and at the end of the year. EBIT x 100
re-assessed on a regular basis. method. Investments in subsidiaries are Revenue
recognised in the Parent Company’s income Cash flows from operating activities are
Return on invested capital (ROIC) =
Plan assets are recognised at their fair statement at the proportionate share of presented indirectly and are calculated as EBITA x 100
value at the balance sheet date. Plan assets profit from the date of the acquisition. the income for the year adjusted for non- Average invested capital, including goodwill
and related obligations are presented on a cash operating items, changes in working
net basis in the balance sheet. On acquisition, identifiable assets, capital and income taxes paid. Return on equity (ROE) =
liabilities and contingent liabilities are Profit for the year x 100
Gains and losses arising from changes in measured at fair value at the date of Cash flows from investing activities Average total equity
actuarial assumptions are recognised in acquisition by applying relevant valuation consist of payments in connection with
the year when they arise. Multi-employer methods. The excess of the total acquisitions and disposals of intangible Cash conversion ratio =
EBITA + Change in working capital
plans for which sufficient information consideration transferred and the value assets, property, plant and equipment, and
is not available are treated as defined of non-controlling interests over the total investments. EBITA x 100
contribution plans. identifiable net assets measured at fair

value are recognised as goodwill. Goodwill Cash flows from financing activities consist
Provision for claims is amortised in the income statement on of repayments on long-term debt and
Provision for claims from clients a straight-line basis over the estimated increase of bank loans.
concerning single projects that are not useful life of the investment.
covered by insurance are recognised at Cash and cash equivalents consist of
their fair value at the balance sheet date. Deferred payments are measured at fair cash at bank, cash in hand and current
value and included in total consideration. securities with a maturity period shorter
Financial obligations Subsequent changes to fair value of than 3 months, less short-term bank loans
Loans from banks that are expected to deferred payments are recognised as part due on demand.
be held to maturity are recognised on the of profit and loss.
The financial ratios have been prepared in
date of borrowing as the net proceeds The cash flow statement cannot be
accordance with the guidelines of the
received less transaction costs incurred. If measurement of the identifiable immediately derived from the published Danish Society of Financial Analysts
In subsequent periods, the loans are net assets is uncertain at the date financial statements. (Den Danske Finansanalytikerforening).
40
66 Financial
xxxx xxxxstatements
Statements
Financial
statements
Income statement
Group Parent Company
Note DKK thousand 2021 2020 2021 2020
1 Revenue 14,212,366 13,613,274 202,340 202,235

Project costs (2,426,409) (2,479,649) (3,678) (2,514)
Net project revenue 11,785,957 11,133,625 198,662 199,721
External costs (1,746,152) (1,689,603) (77,829) (124,944)
2 Staff costs (8,987,137) (8,541,470) (137,080) (143,809)
14 Income from associates and joint ventures 10,735 8,589 - -
EBITDA 1,063,403 911,141 (16,247) (69,032)
3 Depreciation (214,716) (229,327) (2,592) (2,596)
EBITA 848,687 681,814 (18,839) (71,628)
3 Amortisation (220,354) (235,100) - -
4 Other income 7,400 6,830 - -
5 Other costs (132,038) (175,553) (15,948) (28,557)
13 Income from subsidiaries - - 346,975 186,455
EBIT 503,695 277,991 312,188 86,270
6 Financial income 46,207 88,308 37,213 71,229

7 Financial expenses (79,952) (120,296) (27,912) (49,650)
Profit before tax 469,950 246,003 321,489 107,849
8 Tax (153,546) (116,721) (6,373) 21,254

Profit for the year 316,404 129,282 315,116 129,103
Annual report
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2021 67
41
Cash flow statement

Group
Note DKK thousand 2021 2020
Operating activities:
Profit before tax 469,950 246,003
Income from associates and joint ventures (10,735) (8,589)
10 Loss / (gain) on divestment of companies 561 -
3 Depreciation and amortisation 435,070 464,427
Unrealised exchange loss/(gain), net 16,005 10,057
Cash flow from operating activities before change in working capital 910,851 711,898
Change in work in progress (171,314) 12,637

Change in receivables (501,225) 318,708
Change in payments from clients 173,459 78,245
Change in payables 60,333 235,886
Change in working capital (438,747) 645,476
Change in provisions 7,751 19,499

Income tax paid (147,264) (117,692)
Cash flow from operating activities 332,591 1,259,181
Investing activities:
9 Acquisition of companies (76,845) (289,874)
10 Divestment of companies 5,643 -
Investment in tangible assets, net (138,855) (132,622)
Investment in intangible assets, net (24,586) (11,040)
Investment in other financial assets 9,443 3,099
Cash flow from investing activities (225,200) (430,437)
Financing activities:
Loan payments, net (472,085) (416,706)
Dividends to minority interests (1,574) (769)
Dividends to shareholders (50,000) -
Cash from financing activities (523,659) (417,475)
Net cash flow for the year (416,268) 411,269
Total cash and cash equivalents at 1 January 1,220,717 909,762

Net cash flow for the year (416,268) 411,269
Exchange rate adjustments 108,885 (100,314)
Total cash and cash equivalents at 31 December 913,334 1,220,717
68 Financial
xxxx xxxxstatements
Balance sheet, Assets
Note DKK thousand 31.12.2021 31.12.2020 31.12.2021 31.12.2020
Goodwill 2,085,357 2,187,818 - -

Customer contracts 94,167 94,184 - -
Brand 61,830 65,265 - -
Software, licences, patents, etc. 42,094 32,561 4,458 3,601
11 Intangible assets 2,283,448 2,379,828 4,458 3,601
Property 27,725 27,526 - -

Plant and equipment 288,972 334,154 - -
Leasehold improvements 103,245 104,735 - -
12 Property, plant and equipment 419,942 466,415 - -
13 Investments in subsidiaries - - 4,985,705 4,659,424

14 Investments in associates and joint ventures 15,812 20,381 - -
Receivables from subsidiaries - - 263,449 231,766
15 Other investments 2,395 2,370 187 187
Other receivables 12,591 4,440 - -
16 Deposits 60,532 58,477 - -
Investments 91,330 85,668 5,249,341 4,891,377
Total fixed assets 2,794,720 2,931,911 5,253,799 4,894,978
Accounts receivables, trade 2,912,405 2,523,406 1,655 105

17 Work in progress 1,609,686 1,406,298 - -
Other receivables 246,453 193,904 29,753 28,411
Receivables from subsidiaries - - 125,216 157,638
Tax receivables 59,759 75,723 7,884 -
8 Deferred tax assets 89,346 67,957 - 21,828
Prepayments 445,197 284,224 24,648 24,340
Receivables 5,362,846 4,551,512 189,156 232,322
Cash at bank and in hand 913,334 1,220,717 447,479 676,643
Total current assets 6,276,180 5,772,229 636,635 908,965
Total assets 9,070,900 8,704,140 5,890,434 5,803,943

Annual report
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2021 69
43
Balance sheet, equity and liabilities
Note DKK thousand 31.12.2021 31.12.2020 31.12.2021 31.12.2020
18 Share capital 35,000 35,000 35,000 35,000

Retained earnings 2,782,629 2,363,851 2,779,152 2,361,042
Reserve for development costs - - 3,477 2,809
Proposed dividend 100,000 50,000 100,000 50,000
Equity attributable to shareholders of Parent Company 2,917,629 2,448,851 2,917,629 2,448,851
Minority interest 4,289 4,274 - -

Total equity 2,921,918 2,453,125 2,917,629 2,448,851
20 Provision for pensions 4,750 4,964 - -

8 Provision for deferred tax 200,009 189,820 2,814 -
Provision for claims, etc. 139,660 128,137 - -
Total provisions 344,419 322,921 2,814 -
Bank loans - 700,000 - 700,000

Other payables 418,816 358,907 148,498 145,851
21 Total long-term liabilities 418,816 1,058,907 148,498 845,851
17 Prepayments from clients 2,001,892 1,789,884 - -

Trade payables 880,535 647,975 122,016 33,600
Payables to subsidiaries - - 2,631,207 2,316,165
Corporation tax 100,683 103,746 - 4,643
22 Other payables 2,402,637 2,327,582 68,270 154,833
Total short-term liabilities 5,385,747 4,869,187 2,821,493 2,509,241
Total liabilities 5,804,563 5,928,094 2,969,991 3,355,092
Total equity and liabilities 9,070,900 8,704,140 5,890,434 5,803,943
19 Distribution of profit
23 Contingent liabilities
24 Operational lease obligations
25 Auditors’ fee
26 Related parties and ownership
27 Subsequent event
28 Financial risk management
44
70 Financial
xxxx xxxxstatements
Statements
Equity
DKK thousand
Share Retained Proposed Reserve for Equity Minority Equity Total

capital earnings dividend development attributable to adjustment Equity
costs shareholders for Group
of Parent
Company
Total equity at 1 January 2021 35,000 2,361,042 50,000 2,809 2,448,851 4,274 - 2,453,125
Exchange rate adjustments related to foreign subsidiaries and associates - 218,132 - - 218,132 411 2,491 221,034
Value adjustment of hedging instruments - - - - - - (1,856) (1,856)
Tax effects - (14,470) - - (14,470) - (635) (15,105)
Paid dividend - - (50,000) - (50,000) (1,684) - (51,684)
Proposed dividend - (100,000) 100,000 - - - - -
Reserve for development costs - (668) - 668 - - - -
Profit for the year - 315,116 - - 315,116 1,288 - 316,404
Book value at 31 December 2021 35,000 2,779,152 100,000 3,477 2,917,629 4,289 - 2,921,918
Total equity at 1 January 2020 35,000 2,495,162 - 7,211 2,537,373 4,021 - 2,541,394
Exchange rate adjustments related to foreign subsidiaries and associates - (235,680) - - (235,680) (420) 1,305 (234,795)
Additions from acquired companies - - - - - 1,185 - 1,185
Value adjustment of hedging instruments - - - - - - (408) (408)
Tax effects - 18,055 - - 18,055 - (897) 17,158
Paid dividend - - - - - (691) - (691)
Proposed dividend - (50,000) 50,000 - - - - -
Reserve for development costs - 4,402 - (4,402) - - - -
Profit for the year - 129,103 - - 129,103 179 - 129,282
Book value at 31 December 2020 35,000 2,361,042 50,000 2,809 2,448,851 4,274 - 2,453,125
Ramboll Group has one share option program and a new performance share program introduced in 2021. The share option program runs in the period 2019 to 2022 and includes
the opportunity to buy shares at a price of DKK 190 per share. The performance share program runs in the period 2021 to 2024 as retention program for employees.
The share programs amounts to 1.6% of the share capital.
Annual report
Report2020
2021 45
71
Notes
DKK thousand Group
Note 1 - Segment information 2021 2020
Revenue by markets:
Buildings 3,654,718 3,469,988
Environment & Health 3,421,436 3,269,644
Transport 2,930,970 2,735,509
Energy 1,823,904 2,002,617
Water 1,155,107 1,037,473
Architecture & Landscape 693,961 639,488
Management Consulting 532,270 458,555
14,212,366 13,613,274
Revenue by geography:
Denmark 3,335,258 3,226,474
Sweden 1,545,353 1,549,546
Norway 1,588,291 1,457,279
Finland 1,750,154 1,687,060
Americas 3,265,528 3,263,316
UK 1,096,973 919,198
Germany 596,656 503,993
Middle East & Asia-Pacific 556,891 599,513
Central Europe & Africa 477,262 406,895
14,212,366 13,613,274
DKK thousand Group Parent Company
Note 2 - Staff costs 2021 2020 2021 2020
Employees:
Wages and salaries (7,676,680) (7,321,450) (90,926) (84,808)
Pension costs (602,995) (578,616) (6,487) (6,098)
Other social security costs (683,360) (619,410) (875) (749)
(8,963,035) (8,519,476) (98,288) (91,655)
Executive Board (35,397) (49,221) (35,397) (49,221)
Board of Directors (3,395) (2,933) (3,395) (2,933)
(9,001,827) (8,571,630) (137,080) (143,809)
Staff costs are recognised as follows in the income statement:
Staff costs (8,987,137) (8,541,470) (137,080) (143,809)
Other costs (14,690) (30,160) - -
(9,001,827) (8,571,630) (137,080) (143,809)
Number of employees:
Number of full-time employee equivalents 15,265 14,950 85 80
46
72 Financial
xxxx xxxxstatements
Statements
Note 3 - Depreciation and amortisation 2021 2020 2021 2020
Software, licences, patents, etc. (18,036) (20,761) (2,592) (2,596)

Leasehold improvements (29,773) (35,264) - -
Property (1,065) (586) - -
Plant and equipment (165,842) (172,716) - -
Depreciation (214,716) (229,327) (2,592) (2,596)
see note 11 and 12
Goodwill amortisation (209,390) (223,881) - -

Customer contracts amortisation (7,529) (7,784) - -
Brand amortisation (3,435) (3,435) - -
Amortisation and write-downs (220,354) (235,100) - -
see note 11
Depreciation and amortisation (435,070) (464,427) (2,592) (2,596)
Note 4 - Other income 2021 2020 2021 2020
Gain on divestments of companies 3,933 - - -

Other income, non-operational 209 4,979 - -
Gain on disposals, fixed assets 3,258 1,851 - -
7,400 6,830 - -
Note 5 - Other costs 2021 2020 2021 2020
Integration and acquisition costs (48,644) (78,453) (584) (8,077)

Restructuring costs - redundancies (14,690) (30,160) - -
Restructuring costs - vacant premises (15,508) (3,043) - -
Restructuring costs - other (44,130) (59,639) (15,364) (20,480)
Other costs, non-operational (303) (534) - -
Loss on divestments of companies (4,494) - - -
Loss on disposals, fixed assets (4,269) (3,724) - -
(132,038) (175,553) (15,948) (28,557)
Note 6 - Financial income 2021 2020 2021 2020
Interest income from subsidiaries - - 20,816 40,313

Foreign exchange gain 40,020 69,406 16,388 30,190
Interest income, external 4,500 6,577 9 726
Other financial income 1,687 12,325 - -
46,207 88,308 37,213 71,229
Annual report
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2021 47
73

DKK thousand
Note 7 - Financial expenses 2021 2020 2021 2020
Interest expense to subsidiaries - - (23) (2,616)

Foreign exchange loss (62,231) (91,428) (20,416) (33,990)
Interest expense, external (8,502) (15,032) (7,020) (12,469)
Other financial expenses (9,219) (13,836) (453) (575)
(79,952) (120,296) (27,912) (49,650)
Note 8 - Tax 2021 2020 2021 2020
Current tax on profit for the year (179,211) (128,356) 4,338 2,571
Movements in deferred tax 1,012 28,954 (24,642) 39,752
Adjustments to deferred tax related to prior years 5,815 (4,876) - -
Other adjustments in respect of prior years 3,733 4,715 (539) (3,014)
Tax for the year (168,651) (99,563) (20,843) 39,309
Tax for the year is allocated in the following way:

Tax on profit for the year (153,546) (116,721) (6,373) 21,254
Tax on equity movements (15,105) 17,158 (14,470) 18,055
Tax for the year (168,651) (99,563) (20,843) 39,309
Deferred tax at 1 January (121,863) (94,144) 7,470 (17,923)

Adjustment of deferred tax, Income Statement 22,257 6,758 (9,416) 21,696
Adjustment of deferred tax, Equity (15,105) 17,158 (14,470) 18,055
Deferred tax due to acquisition of companies - (47,489) - -
Exchange rate and other adjustments 4,048 (4,146) - -
Deferred tax at 31 December (110,663) (121,863) (16,416) 21,828
Deferred tax:
Goodwill (9,814) (14,311) - -
Licences (22,793) (19,925) (981) (792)
Plant and equipment 26,146 23,323 207 224
Leasehold improvements 790 4,468 - -
Provision for bad debts 9,395 8,442 - -
Work in progress (180,902) (193,956) - -
Deferred income/(expenses), net 37,845 23,028 (9,879) 4,499
Provisions 27,406 45,217 7,839 17,897
Tax loss for future use 1,264 1,851
Total deferred tax (110,663) (121,863) (2,814) 21,828
Recognised in balance sheet as follows:

Deferred tax, assets 89,346 67,957 - 21,828
Deferred tax, liabilities (200,009) (189,820) (2,814) -
Deferred tax is assessed based on the statutory tax rate at year-end. The recognised tax asset relates primarily to provisions, plant and equipment in companies that are
normally profitable and project solid taxable profits. Tax losses generated in 2021 and in the previous years were not recognised.
48
74 Financial
xxxx xxxxstatements
Statements
DKK thousand Group
Note 9 - Acquisition of companies 2021 2020
Intangible/Tangible assets - (91,585)

Fixed assets - (91,585)
Work in progress - (11,673)
Operating receivables - (110,130)
Cash and cash equivalents - (130,372)
Long-term liabilities - 5,665
Tax assets - 32,419
Current liabilities (2,436) 158,351
Goodwill* 2,436 (477,112)
Minority - 1,185
Purchase price - (623,252)
Cash in acquired companies - 130,372

Deferred consideration, current year - 216,140
Deferred consideration, prior year (76,845) (13,134)
Acquisition of companies (76,845) (289,874)
* Changes in deferred consideration relating to acquisitions before 1 July 2018 are
recognised as goodwill.
DKK thousand Group
Note 10 - Divestiment of companies 2021 2020
Intangible/Tangible assets 250 -

Work in prrogress 10,886 -
Operating receivables 4,720 -
Current liabilities (9,652) -
Gain/(loss) on divestment of companies (561) -
Sales price 5,643 -
Cash in acquired companies - -
Divestment of companies 5,643 -
Annual report
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2021 49
75
Note 11 - Intangible assets Goodwill Customer Brand Software, Goodwill Software,

contracts licenses etc. licenses etc.
2021
Opening cost 4,078,146 108,673 68,700 135,538 - 7,775
Additions from acquired companies (2,436) - - - - -
Additions - - - 28,138 - 3,449
Disposals (28,649) - - (7,594) - -
Exchange rate and other adjustments 172,266 9,035 - 2,244 - -
Closing cost 4,219,327 117,708 68,700 158,326 - 11,224
Opening amortisation (1,890,328) (14,489) (3,435) (102,977) - (4,174)

Additions from acquired companies - - - - - -
Disposals 27,053 - - 6,357 - -
Amortisation for the year (209,390) (7,529) (3,435) (18,036) - (2,592)
Write-downs - - - - - -
Exchange rate and other adjustments (61,305) (1,523) - (1,576) - -
Closing amortisation (2,133,970) (23,541) (6,870) (116,232) - (6,766)
Book value at 31 December 2,085,357 94,167 61,830 42,094 - 4,458
Amortisation period (years) 5-20 15 20 3-7 - 3-7
2020
Opening cost 3,851,888 119,766 - 128,387 - 6,156
Additions from acquired companies 477,112 - 68,700 116 - -
Additions - - - 12,890 - 1,619
Disposals (2,335) - - (2,563) - -
Exchange rate and other adjustments (248,519) (11,093) - (3,292) - -
Closing cost 4,078,146 108,673 68,700 135,538 - 7,775
Opening amortisation (1,774,194) (7,984 ) - (87,032) - (1,578)

Additions from acquired companies - - - (103) - -
Disposals - - - 2,550 - -
Amortisation for the year (223,881) (7,784) (3,435) (20,761) - (2,596)
Write-downs - - - - - -
Exchange rate and other adjustments 107,747 1,279 - 2,369 - -
Closing amortisation (1,890,328) (14,489) (3,435) (102,977) - (4,174)
Book value at 31 December 2,187,818 94,184 65,265 32,561 - 3,601
Amortisation period (years) 5-20 15 20 3-7 - 3-7

50
76 Financial
xxxx xxxxstatements
Statements
Note 12 - Property, plant and equipment Property Plant and Leasehold Property Plant and Leasehold
equipment improvements equipment improvements
2021
Opening cost 38,164 1,313,640 283,385 - - -
Additions from acquired companies - - - - - -
Additions - 125,349 24,480 - - -
Disposals (857) (51,494) (29,121) - - -
Exchange rate and other adjustments 1,984 28,930 9,632 - - -
Closing cost 39,291 1,416,425 288,376 - - -
Opening depreciation (10,638) (979,486) (178,650) - - -

Depreciation from acquired companies - - - - - -
Disposals 713 39,589 28,661 - - -
Depreciation for the year (1,065) (165,842) (29,773) - - -
Exchange rate and other adjustments (576) (21,714) (5,369) - - -
Closing depreciation (11,566) (1,127,453) (185,131) - - -
Book value at 31 December 27,725 288,972 103,245 - - -
Depreciation period (years) 10-50 3-5 1-10 - - -
The net book value of finance leases amount to DKK 916 thousand.
2020
Opening cost 36,158 1,344,350 252,864 - - -
Additions from acquired companies 3,900 22,919 23,767 - - -
Additions - 125,040 23,403 - - -
Disposals (10) (142,129) (3,979) - - -
Exchange rate and other adjustments (1,884) (36,540) (12,670) - - -
Closing cost 38,164 1,313,640 283,385 - - -
Opening depreciation (10,276) (944,409) (140,508) - - -

Depreciation from acquired companies (293) (14,108) (13,313) - - -
Disposals 10 126,920 3,767 - - -
Depreciation for the year (586) (172,716) (35,264) - - -
Exchange rate and other adjustments 507 24,827 6,668 - - -
Closing depreciation (10,638) (979,486) (178,650) - - -
Book value at 31 December 27,526 334,154 104,735 - - -
Depreciation period (years) 10-50 3-5 1-10 - - -
The net book value of finance leases amount to DKK 3,199 thousand.
Annual report
Report2020
2021 77
51
DKK thousand Parent Company
Note 13 - Investment in subsidiaries 2021 2020
Opening cost 5,292,845 4,780,338

Additions - 681,984
Exchange rate and other adjustments 151,117 (169,477)
Closing cost 5,443,962 5,292,845
Opening revaluation (633,421) (647,223)

Share of profit for the year 395,113 233,844
Amortisation group goodwill and brand after tax (48,138) (47,389)
Dividend paid (248,516) (97,456)
Closing revaluation (458,257) (633,421)
Book value at 31 December 4,985,705 4,659,424
Specification:
Equity and investment in subsidiaries 4,555,095 4,179,892
Value of goodwill 382,383 428,625
Value of brand after tax 48,227 50,907
Book value at 31 December 4,985,705 4,659,424
Specification of Parent Company's shareholdings in group companies % of capital Share capital

and votes DKK thousand
Name and registered office

Directly owned
Rambøll Danmark A/S, Copenhagen, Denmark 100 35,000
Ramböll Sverige AB, Stockholm, Sweden 100 109
Rambøll Norge AS, Oslo, Norway 100 2,984
Ramboll Finland Oy, Helsinki, Finland 100 1,785
Rambøll Management Consulting A/S, Copenhagen, Denmark 100 2,500
Ramboll UK Holding Ltd., London, United Kingdom 100 310,442
Ramboll Towers Sp. z o.o., Warsaw, Poland 100 1,618
Ramboll Singapore Pte Ltd, Singapore 100 309,462
Ramboll GmbH, Hamburg, Germany 100 186
Ramboll USA Inc, Houston, USA 100 368,739
Ramboll Accredited A/S, Copenhagen, Denmark 100 2,500
Henning Larsen Architects A/S, Copenhagen, Denmark 100 510
78 Financial
xxxx xxxxstatements
Note 14 - Investments in associates 2021 2020 2021 2020

and joint ventures
Opening cost 31,277 26,390 - -

Additions 154 3,327 - -
Disposals (54) - - -
Exchange rate and other adjustments (456) 1,560 - -
Closing cost 30,921 31,277 - -
Opening revaluation (10,896) (11,284) - -

Disposals - - - -
Profit for the year 10,735 8,589 - -
Dividend paid (10,653) (12,453) - -
Exchange rate and other adjustments (4,295) 4,252 - -
Closing revaluation (15,109) (10,896) - -
Book value at 31 December 15,812 20,381 - -
Associates Registered % of capital Equity Profit for the year DKK

office and votes DKK thousand thousand
Odeon A/S* Lyngby, DK 22 7,510 2,060

Georent i Sverige AB** Täby, SE 50 3,215 38
FOUBU Environmental Services LLC*** Syracuse, NY 50 7,069 -
Web Structures (M) Sdn. Bhd. (Malaysia)**** Kuala Lumpur, MY 30 4,502 723
* Annual Report 30 September 2021

** Annual Report for 2020
*** Acquired 1 January 2019
**** Unaudited Trial Balance 2021
A list of joint ventures can be found on page 83 of the Annual Report.
Note 15 - Other investments 2021 2020 2021 2020
Opening cost 2,370 2,673 187 187

Additions - 62 - -
Disposals - (327) - -
Exchange rate and other adjustments 25 (38) - -
Book value at 31 December 2,395 2,370 187 187
Annual report
Report2020
2021 79
53
DKK thousand Group
Note 16 - Deposits 2021 2020
Opening cost 58,477 63,039

Additions 3,873 4,473
Disposals (4,357) (6,094)
Book value at 31 December 60,532 58,477
DKK thousand Group
Note 17 - Work in progress 2021 2020
Selling price of production 28,287,977 27,138,746

Invoicing on account (28,680,183) (27,522,332)
Contract work in progress, net (392,206) (383,586)
Recognised in balance sheet as follows:

Contract work in progress 1,609,686 1,406,298
Prepayments from clients 2,001,892 1,789,884
DKK thousand Group
Note 18 - Share capital 2021 2020
The share capital of DKK 35,000,000

consists of 35,000,000 shares with a
nominal value of DKK 1 each or multiples
thereof. The shares are divided into A and B shares. The B shares
carry no voting rights.
Number of A shares 3,500,000 3,500,000

Number of B shares 31,500,000 31,500,000
Nominal value 1 1
Share capital 35,000,000 35,000,000
80
54 Financial
xxxx xxxxstatements
Statements
Note 19 - Distribution of profit 2021 2020 2021 2020
Proposed profit appropriation:

Proposed dividend 100,000 50,000 100,000 50,000
Minority interest 1,288 179 - -
Retained earnings 215,116 79,103 215,116 79,103
316,404 129,282 315,116 129,103
Note 20 - Provision for pensions 2021 2020 2021 2020
Present value of defined benefit plans 131,775 132,947 - -

Fair value of plan assets 127,025 127,983 - -
Book value at 31 December 4,750 4,964 - -
Defined benefit plans exist in Sweden, Norway, the UK and Germany.
Note 21 - Long-term liabilities 2021 2020 2021 2020
Due after 5 years 206,616 207,074 7,251 7,251

Due 1 to 5 years 212,200 851,833 141,247 838,600
Book value at 31 December 418,816 1,058,907 148,498 845,851
Of which finance lease 525 1,265 - -

Of which deferred consideration 138,600 138,600 - -
Of which tax loans (Covid-19) 60,313 - 2,647 -
Note 22 - Other payables 2021 2020 2021 2020
Provision for holiday pay 542,641 488,414 4,860 4,204

VAT 350,182 323,209 - -
Social security contributions 113,424 127,611 814 1,589
Payroll tax 181,804 278,019 3,043 6,703
Pension insurance 44,630 46,701 - -
Accrued salary 646,056 636,941 26,286 18,957
Accrued expenses 328,993 336,306 18,760 45,840
Deferred consideration 11,453 90,381 6,540 77,540
Tax loans (Covid-19) 183,453 - 7,967 -
Book value at 31 December 2,402,636 2,327,582 68,270 154,833
Annual report
Report2020
2021 55
81
Note 23 - Contingent liabilities 2021 2020 2021 2020
Pension commitments 3,487 1,550 - -

Surety given, subsidiaries - - 348,355 337,387
Performance and payment bonds 480,082 441,971 - -
Other contingent liabilities 42,132 53,335 - -
525,701 496,856 348,355 337,387
The Group has some lawsuits. Management confirms that they are not expected to have material effect on the Group’s financial statements.
Danish Group companies are jointly and severally liable for tax on consolidated taxable income and other public liabilities. The total
amount is stated in the Annual Report of Ramboll Group A/S, which is the management company in relation to joint taxation.
The Group is a party in a number of joint ventures, which are contractually operated jointly and controlled jointly with one or more undertakings.
Ramboll has assumed joint and several liability for the liabilities of the joint ventures.
It is primarily the Group’s Danish subsidiary, Rambøll Danmark A/S, which participates in joint ventures as the lead partner.
Note 24 - Operational lease obligations 2021 2020 2021 2020
Operational lease obligations:

Due within 1 year 16,290 19,689 1,335 1,374
Due within 1 to 5 years 15,726 14,464 776 816
Due after 5 years 1,190 - - -
Rent obligations:
Due within 1 year 450,724 456,917 - -
Due within 1 to 5 years 1,177,922 1,232,141 - -
Due after 5 years 509,209 508,367 - -
56
82 Financial
xxxx xxxxstatements
Statements
Note 25 - Auditors’ fee 2021 2020 2021 2020
Statutory audit:
Fees to PricewaterhouseCoopers 6,592 6,165 352 453
Fees to other audit firms 2,016 1,857 - -
Total fees 8,608 8,022 352 453
Other statements with assurance:

Fees to PricewaterhouseCoopers 1,487 1,055 254 219
Fees to other audit firms 1,574 433 - -
Total fees 3,061 1,488 254 219
Tax consultancy:
Fees to PricewaterhouseCoopers 1,150 916 761 520
Fees to other audit firms 3,822 5,207 - -
Total fees 4,972 6,123 761 520
Other services:
Fees to PricewaterhouseCoopers 14,927 12,520 4,068 9,938
Fees to other audit firms 10,989 13,275 1,164 254
Total fees 25,916 25,795 5,232 10,192
DKK
Note 26 - Related parties and ownership
Transactions
Related parties comprise Rambøll Fonden, Board of Directors, Executive Board, Managers and other key employees, subsidiaries and associates. Transactions
were conducted on commercial terms.
Ownership
Ramboll Group A/S is controlled by Rambøll Fonden (The Ramboll Foundation), Hannemanns Allé 53, 2300 Copenhagen S, Denmark which owns 98% of the
shares. The Board of the Ramboll Foundation consists of present and former employees. Employees in Ramboll own the rest of the shares, 2%.
Number of shares at 31 December 2021:

A shares B shares
Owned by the Foundation 3,450,611 30,734,220

Owned by employees 49,389 765,780
3,500,000 31,500,000
Annual report
Report2020
2021 83
57
Note 27 - Subsequent events
Ramboll is not aware of any events subsequent to 31 December 2021 that are expected to have a material impact on Ramboll’s financial position.
Note 28 - Financial risk management
Liquidity risk
At year-end 2021, Ramboll had a strong financial position with a net cash position of DKK 902 million (2020: net cash position of DKK 511 million), a committed credit facility of DKK
2,500 million expiring November 2025 and DKK 160 million in overdraft facility. Ramboll also has access to bank funding via short-term money market loans. The money market
facility amount is not committed, but based on the banks interest in money market loans within the exact period.
The Group has been operating comfortably within its financial covenants in 2021.
Interest rate risk

The Group have no debt to credit institutions as per 31 December 2021 (2020: DKK 700 million).
The interest rate risk policy is to hedge betwen 30-70% of all Group debt. Hedging maturity is normally between 2 and 10 years. Due to the strong operational cash flow Group is net
debt-free end 2021.
Currency risk
The Group's transaction currency risk exposure is limited by the fact that payments received and made in each country are primarily performed in the same local currency. However,
Ramboll is contracting international projects in which payments are received and made in different currencies. Ramboll's policy for hedging currency risk is to secure significant
amounts in foreign currencies through hedging transactions.
In addition to the transaction risk related to international projects, the Group is exposed to risk relating to translation of income statements and equity of foreign subsidiaries into
DKK, and intercompany items such as loans, royalties, Group service fees and interest payments between entities with different functional currencies. Currently, currency exposure on
foreign investments and intercompany loans are not hedged.
The Group also has a currency risk to the extent that borrowings and interest payments are not denominated in the same currencies as the Group's operating income. Most of the
external loans are in DKK to reflect the Group's main cash flows. Operating cash is being held mainly in DKK, EUR, SEK, GBP, NOK and USD accounts. Currencies are collected in cash
pools to minimise the overall cost.
Credit risk
Ramboll aims to limit credit risks by assessing clients on all major contracts and by requiring payments in advance on projects when possible.
Joint Ventures
Forth Design Joint Venture I/S, Copenhagen, Denmark, 37%. Joint Venturet Rambøll Atkins, Copenhagen, Denmark, 50%. Rådgivergruppen DNU I/S, Aarhus, Denmark, 17%. Rambøll - Arup - Tec Joint Venture I/S, Copenhagen, Denmark, 50%.
Rambøll - Atkins - Emch + Berger - Parsons Joint Venture, Copenhagen, Denmark, 34%. Rambøll C.F.Møller, Denmark, 50%. Rambøll Arup Nordhavn JV, Denmark, 59%. Ring 3 Light Rail I/S, Denmark, 80%. The Alliance JV, Denmark, 50%.
Ramboll A/S and Fichtner W&T Joint Venture, Uganda, 77%. Groupement Ramboll Danmark A/S - Urbaconsulting - Sèpia - Conseils, Senegal, 53%. Ramboll Niras Ensi Joint Venture I/S, Ukraine, 55%. Ramboll OCG SCE Joint Venture I/S,
Cambodia, 74%. SUMP Georgia - Preparation of Sustainable Urban Mobility Plad, Georgia, 85%. Ramboll Danmark, Associates For Development Services Limited, DevConsultants Limited, Khulna, 70%. Rambøll Grant Thornton, Greece, 21%. WES,
Greece, 7%. CRDP 2, Denmark, 75%. MGSP Joint Venture, Denmark, 35%. Ramboll-Asian JV, Denmark, 80%. Rambøll - DDC Joint Venture, Denmark, 57%. IURC NA , Belgium, 12%. Rambøll-Sweco ANS, Oslo, Norway, 50%. Team Urbis AS, Oslo,
Norway, 18%. NCS AS, Oslo, Norway, 50%. AECOM-OBG Environmental JV, Los Angeles, CA, 45%. AEMG-OBG Environmental Services JV, LLC, Plymouth, MI, 49%. Anchor QEA | O’Brien & Gere Joint Venture , Syracuse, NY, 50%. Atkins-OBG
Joint Venture, Tampa, FL, 50%. CTI/O’Brien & Gere Joint Venture , Canton, OH, 50%. Greeley and Hansen / O’Brien & Gere Joint Venture, Alexandria, VA, 50%. HDR-O’Brien & Gere, a Joint Venture , Omaha, NE, 50%. HDR-OBG Joint Venture,
Omaha, NE, 50%. HDR-OBG, a Joint Venture , Omaha, NE, 50%. Kokosing Construction Co./O’Brien & Gere Joint Venture, Fredericktown, OH, 15%. O’Brien & Gere/Dewberry-Goodkind Joint Venture, New York City, NY, 50%. OBG/Baker Federal
Solutions Joint Venture, Moon Township, PA, 50%. OBG/OCC, Flushing Bay Dredging Consultants Joint Venture, Syracuse, NY, 50%. Urban Dredging Consultants Joint Venture , Syracuse, NY, 50%. BOC Joint Venture, Boston, MA, 33%. O’Brien &
Gere Arcadis CM4E Joint Venture , Highlands Ranch, CO, 50%. Baker | O’Brien & Gere Remediation Solutions Joint Venture , Moon Township, PA, 50%. O’Brien & Gere / Dewberry Energy Services Joint Venture, Syracuse, NY, 50%. O’Brien & Gere
/ Dewberry Joint Venture, Syracuse, NY, 50%. The O’Brien & Gere/Crowder Joint Venture, Charlotte, NC, 50%.
After Danish Financial Statements Act §5(1), the above-mentioned Joint Ventures, have omitted to present an annual report and instead submit an exemption statement in pursuance of Danish Financial Statements Act §146(1).
84 xxxx xxxx
Sustainability
reporting
90 Key statistics
92 Materiality assesment
94 GRI index
86 Sustainability reporting
Accounting policies
About this reporting The Sustainable Development Goals set ambitious targets to maximise our own
The Annual Report covers activities (SDGs) impact and to set the industry benchmark.
in the 2021 calendar year. It is in As a natural continuation of Ramboll’s For us, it is important that we walk the talk
compliance with the EU Directive for commitment to the UN Global Compact and demonstrate credibility as sustainable
Non-financial Reporting and Diversity Principles, Ramboll is aligning our business society consultants. To meet the growing
Information (2014/95/EU) and the Danish with the SDGs since 2016 and sustainability expectations of our stakeholders and truly
Financial Statements Act on Corporate strategies have been implemented in all be The Partner for Sustainable Change,
Responsibility and Gender Composition of Ramboll markets. we focus on our own ESG performance,
Management section §99a, b and d. including a leading practice on ESG
The Annual Report outlines how corporate Reporting Standards transparency and disclosures.
sustainability and responsibility are The sustainability reporting in this report
integrated into Ramboll’s business is aligned with the Global Reporting Our business strategy, including the
strategy and business operations and Initiative’s GRI Standards of 2016. The sustainability and ESG programmes,
describes how Ramboll delivers value GRI standards support Ramboll to policies and targets, is implemented
to our stakeholders. The purpose of this generate reliable, comparable, relevant through our operating model, covering
report is to communicate Ramboll’s key and standardised information on our seven markets and nine regions. It is
corporate sustainability and responsibility sustainability performance. This report further supported by the corporate
performance, including policies, has been prepared in accordance with functions of HR, Facility Management,
achievements, results and ambitions to all the GRI Standards: Core option. The Co2 Operational Excellence and Health and
relevant stakeholders. emission data is measured and reported Safety, Finance, Legal, Compliance, Digital
in accordance with the GHG Protocol & Innovation, and Clients, Communication
The UN Global Compact Accounting Standards. & Marketing. Moreover, a Global
Ramboll is signatory to the UN Global Sustainability Network, consisting of
Compact and is committed to the ten Corporate sustainability strategy and sustainability representatives from Ramboll
principles of the United Nations’ Global organization markets and regions, convene regularly
Compact. We respect and promote these As an integrated part of our new strategy with the purpose of implementing the
principles throughout our operations and The Partner for Sustainable Change, strategy further and to share best practice.
report on our progress. The Annual Report Ramboll focus on how we do business and
constitutes Ramboll’s ‘Communication on act responsibly when delivering sustainable Progress on corporate sustainability is
Progress’ (COP) Report in compliance with solutions to our clients. We aim to be a reported to the Board of Directors who
the UN Global Compact Advanced level role model in our industry and consistent also approves sustainability reporting and
reporting criteria. in what we offer and how we act. We have conveys the information to the Ramboll
Policies implemented
We implement our commitments and strategies through
the following policies:
• Accounting
• Anti-corruption
• Brand
• Business Risk Management
• Business Support Procurement
• Client
• Code of Conduct
• Contract with Clients on Consultancy Services
• Group Treasury
Foundation (the majority owner of work performed, has prepared a limited • Cyber and Information Security Management
Ramboll) annually. In addition, Ramboll assurance report to be found on page 103. • Domain Names
has an Ethics Committee consisting of The scope for PwC’s limited assurance • Employee Satisfaction & Engagement Survey
the Group Executive Board and Senior covers data on employee satisfaction • Environmental Management
Corporate Directors. The Ethics Committee rate, employee response rate voluntary • EPC and O&M contracts
monitors, reviews, and interprets our employee turnover, gender diversity, • Equal Gender
business ethics based on the company’s total reportable incident rate, lost time • Freedom of Association
values and is the point of contact when incident rate, compliance concerns and • Global IT
Ramboll is faced with dilemmas or whistleblowers, compliance and data • Global Compliance
requests related to our ethical standards. privacy training, CO2 emissions scope • Global Commitment (Sustainability)
The Ethics Committee discusses specific 1, 2 and 3 (category 6, business travel) • Global Personal Data Protection
project opportunities where guidance and total CO2 emissions. • Health and Safety Management
cannot be found in existing Company • Intellectual Property Rights
Policies and Procedures. Employee Satisfaction & Engagement • Internal Mobility
Index (ESES) • International Sanctions
Scope and significant changes Ramboll Management Consulting conducts • Introduction of Employees
Sustainability reporting key statistics on an Employee Satisfaction & Engagement • Job Family
page 91 is an overview of all sustainability Survey (ESES) annually in Q3 covering • Mergers and Acquisitions
data comparing Ramboll Group Ramboll Group globally. All employees • Non-discrimination
performance over a five-year period. In (except short-term/casual employees) • Non-harassment and Non-violence
2021 we have aligned our CO2 Emission employed at the time of the survey (based • Operational Organisation and Delegation of Authority
reporting with the GHG Protocol reporting upon a validated list from Ramboll’s global • Performance & Development Process
our absolute emissions per scope 1, 2 and HR system) are asked to participate. • Quality Management
3 and not per FTE as in previous years. An The ESES Index reflects the result of • Recruitment
overview of the organisational (matrix) statements that are fixed from year to year, • Social Media
structure is available at: https://ramboll. on a scale from 1-5 where 5 represents the • Speak Up
com/who-we-are/our-organisation. best score. • Tax
• Tobacco, Alcohol and Drugs
External assessment Voluntary employee turnover • Travel
Selected data in this report have been Voluntary employee turnover is based • Weapon-free Workplace
reviewed by our independent third-party upon registrations in Ramboll’s global HR • Web Governance Principles
assurance provider, which, based on the system of permanent employees who have • Works Councils
resigned within the reporting year, divided beyond simple first-aid treatment). The through Ramboll’s global training portal,
by the average number of permanent total hours worked are obtained from Ramboll Academy, which is integrated with
employees during the reporting period our time registration system. The TRIR is the Ramboll HR system. In scope are new
(average head count). calculated when data are normalized to managers and employees registered in our
one million hours worked. Incidents that HR system. Employees on paid leave (sick
Gender split occurred while commuting to/from home leave, parental leave etc.) are not required
Gender split data are based upon are not in scope. Fatalities are included in to complete the training until their return.
registrations in Ramboll’s global HR the calculation of the TRIR; fortunately,
system. All permanent employees in Ramboll did not experience any fatalities Compliance, business integrity and data
Ramboll at year-end (year-end head in 2021. privacy completion rate
count) are included. Gender split is also The percentage represents the total
consolidated for managers at middle and Lost time incident rate (LTIR) number of new employees that have
senior management levels referring to their Lost Time Incident Rate (LTIR) presents passed the training in 2021 as registered in
job level at year-end. incidents of occupational/work-related Ramboll Academy. The training is tailored
injuries or illnesses which result in the to job levels, meaning that managers
Employee per employment contract employee being absent from work more receive more thorough training than
Data is based upon registrations in than the day of the accident relative to employees in general. The training package
Ramboll’s global HR system Workday the number of hours worked. The total consists of modules covering the global
of permanent and non-permanent number of hours worked is obtained compliance programme, anti-corruption,
employment contracts (year-end from Ramboll’s time registration system. international sanctions and speak up
head count). Data are then normalized to one million (Compliance & Business Integrity modules)
occupational hours worked. Incidents that and data privacy (Data Privacy module).
Total reportable incident rate (TRIR) occurred while commuting to/from home
Total Reportable Incident Rate (TRIR) are not in scope. Compliance concerns and whistleblowers
presents all occupational/work related The total number of compliance concerns
incidents relative to the number of hours Compliance, business integrity and data and whistleblower cases reported are
worked (fatalities, injuries, illnesses which privacy training generated through Ramboll’s Speak up
result in a loss of consciousness, restriction All new employees and newly promoted mechanisms, including our whistleblower
of work or motion, permanent transfer to managers are required to complete system. A compliance concern is a
another job within the company, or which compliance, business integrity and data potential or actual breach of 1) laws,
require some type of medical attention privacy training. Training is conducted 2) policies and/or 3) obligations.
A reported compliance concern is GHG emissions quantification estimated from financial accounts)
classified as substantiated when Scope 1 and 2 multiplied by the relevant emission
sufficiently supported by proof or evidence Energy consumption data (electricity, factor (haul and ticket type). Calculated
upon the completion of the investigation. district heating, gas and fuel consumption) emissions from private cars are based on
are collected by local facility managers mileage claims multiplied by the relevant
Greenhouse gas emissions or utility providers and are based on emission factor (average car by fuel
The accounting principles applied to invoices, meter readings and/or estimates type). Emissions from public transport are
Ramboll’s GHG emissions reporting (estimates based on square meters and/ calculated using a spend based method
are aligned with the requirements of or head counts). Offices with less than five by multiplying spend (by transport mode)
Greenhouse Gas Protocol Corporate employees (head count) have not been with an appropriate EEIO factor.
Standard. The scopes reported in the included with reference to materiality.
Annual Report are aligned with the scopes Emissions are calculated centrally by For Scope 3 DEFRA emission factors are
and categories for which Ramboll Group multiplying energy consumption data applied according to transport mode. The
has set science based quantitative targets with the relevant (country specific) EEIO factors used for public transport
see page 54-55. emission factor. calculations are published by DEFRA/
University of Leeds. Currently, Ramboll is
The operational boundaries of Ramboll’s For Scope 1 – Mobile combustion DEFRA tracking and reporting scope 3 - business
greenhouse gas inventory include emissions factors are applied. For Scope travel, and tracking scope 3 - purchased
Scope 1 – Stationary combustion 1 – Stationary Combustion and Scope goods and services for which it has
(heat consumption from assets under 2 – Purchased electricity and heat IEA set science-based targets. A scope 3
operational control). Scope 1 – Mobile emission factors are applied under the screening of Ramboll’s 2019 baselinehas
combustion (company vehicles incl. location-based reporting. In market- highlighted which catagories Ramboll
manager cars). Scope 2 – Purchased based Scope 2 reporting supplier specific should purdue a more accurate inventory.
electricity and heat. Scope 3 – Business emission factors or residual mix factors ramboll will strive towardsobtaining actual
travel (private car transport, taxis, public are applied. Only market-based figures are and suffciently robust data on other scope
transport and air travel). CO2, CH4 and reported externally. 3 categories.
N2O are relevant greenhouse gases for
Ramboll’s processes and operations and GHG emissions quantification Contact the Ramboll Group Sustainability
thus included in the GHG quantification. Scope 3 – Business Travel & CR department or Corporate
Emissions from air travel are calculated Communications for questions regarding
as the total flight distance (actuals and the report and its content.
Key
statistics
CO2
16,170
Total TCO2 emission
93%
Completion rate compliance training
0.43
Lost Time Incident Rate
4.4/5 4.1/5
65%
35%
Client satisfaction rate Employee satisfaction rate Employee gender split

Sustainability Reporting Unit 2021 2020*** 2019*** 2018 2017
Environment
CO2e Scope 1 tCO2e 3,489 2,836 3,170 - -
CO2e Scope 2 (market-based) tCO2e 5,357 8,284 10,880 - -
CO2e Scope 1 & 2 tCO2e 8,846 11,120 14,050 - -
Energy consumption**** GWh 33.23 34.67 41.92 - -
Renewable energy (Scope 2 share of purchased electricity)**** % 49.6 15.9 10.0 - -
CO2e Scope 3 (business travel) tCO2e 7,324 9,419 29,536 - -
Total CO2e (Scope 1, 2 & 3) tCO2e 16,170 20,539 43,586 - -
Eco-labelled office supply**** % 33 28 25 - -
Social
Total Headcount No of employees 16,685 15,896 15,947 14,467 13,401
Employee Satisfaction Index 5 4.14 4.09 4.06 4.05 4.05
Employee Satisfaction response rate % 91 91 91 90 90
Performance & Development Dialogue**** % 87 92 92 94
Voluntary turnover % 13 9 11 12 12
Gender Diversity, women/men % 35/65 35/65 34/66 34/66 34/66
Gender Diversity, Entry Level L1-L3* % 44/56 44/56 - - -
Gender Diversity, Professionals L4-L6* % 37/63 36/64 - - -
Gender Diversity, Senior Professionals and Middle Management L7-L9* % 27/73 26/74 - - -
Gender Diversity, Senior Management L10-L13* % 20/80 21/79 - - -
Gender Diversity, Executive Board % 20/80 40/60 33/67 33/67 33/67
Parental Leave Return Rate, women/men**** % 84 94 93 - -
Parental Leave Retention Rate, women/men**** % 80 76 71 - -
Collective Bargaining Agreements**** % 47 47 49 57 -
Incidents of discrimination (substantiated)**** Number 9 3 0 - -
Total Reportable Incident Rate (TRIR) Rate 1.37 1.74 1.57 2.46 -
Lost Time Incident Rate (LTIR) Rate 0.43 0.89 0.76 2.00 -
Global Health & Safety Training**** % 98 88 - - -
Client Satisfaction Score**** Index 5 4.5 4.4 4.2 4.34 4.33
Governance
Group Board of Directors Gender Diversity (elected by the annual general meeting) % 33/67 33/67 33/67 33/67 33/67
Compliance, Business Integrity and Data Privacy training % 93 *****95 95 75 97
Compliance Concerns and whistleblowers Number 103 125 159 82 63
Suppliers signed the Business Associate Code of Conduct**,**** % 93 84 49 9 8
Corporate Income Tax**** MDKK 168,7 99.6 140.0 122.9 161.7
*Suppliers managed by Global Procurement
**In 2020 a new Job Familiy Architecture was implemented, changing the structure of management levels, hence data is only avaialbe for 2 years.
***GHG calculations updated to align with GHG Protocol
****Data not subject to limited assurrance by PricewaterhouseCoopers
***** Per February 2021

Assessing
material topics
To analyse the material sustainability of our business means In 2021, Ramboll initiated a new Group strategy where four
separating and clearly distinguishing our project-related strategic unifying themes on sustainability were identified:
sustainability impacts from our organisational sustainability
impacts. By organisational impacts, we refer to our role as an • Decarbonisation for net zero
employer. Project-related impacts refer to our role as a service • Resilient societies and liveability
provider, making impact through our projects for clients. We have • Resource management and circular economy
identified a list of material topics along Ramboll’s value chain • Biodiversity and ecosystems
for the analysis based on the Global Reporting Initiative’s (GRI)
Standard 101: Foundation. The unifying themes will be central to a new materiality
assessment to be conducted in 2022 and that will define
The analysis was conducted in 2019, with third-party verification Ramboll’s sustainability reporting going forward.
by Deloitte, and is based on an online employee questionnaire.
We collected 1,465 respondents’ perceptions of the materiality of
topics to Ramboll. We also added topics defined by our corporate
management functions, key business managers, and input from
external stakeholders such as clients, networks, and NGOs.
An internal workshop of 25 Ramboll leaders qualified and

prioritised the results according to organisational and/or
operational impact. These validated outcomes will form the
basis for Ramboll’s sustainability reporting. High-priority
topics for organisational impacts (dark grey shading in the
Ramboll materiality assessment; see diagram on p 93) have key
performance indicators (KPIs) and are reported on in line with GRI
Standards where available. They include descriptions of policies,
risks and opportunities, progress, results, and target-setting.
Ramboll materiality assessment: Organisational impacts
• Plastics • Energy Consumption • Equality, Diversity and Inclusion

• Local Economic Obligations (Non-discrimination)
• Procurement Practices • Climate-related Emissions
• Local Community Engagement • Corruption and Bribery
• • Training and Education
• Water Use • Occupational Health and Safety
• Employment Conditions
• Employee and Management Relations
Influence on Ramboll’s stakeholder perceptions and decisions
• Third party / Supplier Assessment • Human Rights Assessment

• Forced Labour / Child Labour
• Anti-Competitive Behaviour
• Use of Materials Equipment
• *Food and Catering
• *Volunteering
• *Indoor Climate
(incl. noise and lighting)
• Local Hires
• Indirect Economic Impacts
• Freedom of Association
and Collective Bargaining
• Security Practices
• Biodiversity
• Indigenous Rights
• Outdoor Air Quality
Significance of Ramboll’s economic, environmental and social impacts
Low Priority Medium Priority High Priority

Fully disclosed
GRI Index Partly disclosed

Omission
GRI standard Disclosure Page Comments Status
GRI 101: Foundation 2016 / GRI 102: General disclosure
Organisation profile
102 - 1 Name of the organization Ramboll Group A/S
102 - 2 Activities, brands, products, and services 10 https://ramboll.com/who-we-are
102 - 3 Location of headquarters 107 https://ramboll.com/contact
102 - 4 Location of operations 18, 35, 106-107 https://ramboll.com/worldwide
102 - 5 Ownership and legal form 10 https://ramboll.com/who-we-are/foundation-ownership
102 - 6 Markets served 18-19 https://ramboll.com/services-and-sectors
102 - 7 Scale of the organization 8-11, 18-20 https://ramboll.com/who-we-are, https://ramboll.com/worldwide
102 - 8 Information on employees and other workers 35, 89-88, 91 a: by gender - permanent: women: 5488/men: 10,046/not declared: 2; non-permanent: women: 435/
men 714. b: Permanent/non-permanent per region - Americas 1,919/160, Central Europe & Africa
436/39, Denmark 3,381/433, Finland 2,400/157, Germany 682/83, Middle East & Asia-Pacific
2,046/65, Norway 1,671/56, Sweden 1,709/116, United Kingdom 1,292/40. c: by gender - full time:
women 4,802/men 9,692/not declared 2, part-time: women 1,121/men 1,068. d: no significant portion
of activities performed by workers who are not employees. e: no significant variation in the numbers
reported under 102-8 – A, B, C. f: p. 88
102 - 9 Supply chain 59
102 - 10 Significant changes to the organization and its 13

supply chain
102 - 11 Precautionary principle or approach 50-56, 87
102 - 12 External initiatives 42-51, 54-55, 86-87
102 - 13 Membership of associations 42-51, 86-87
Strategy
102 - 14 Statement from senior decision-maker 45
Ethics and integrity
102 - 16 Values, principles, standards, and norms of behaviour https://ramboll.com/who-we-are/who-we-are-left-side-menu/a-purpose-driven-company/our-values,

https://ramboll.com/who-we-are/a-responsible-company/global-commitment
102 - 17 Mechanisms for advice and concerns about ethics 56-86 https://ramboll.com/contact/whistleblower
Governance
102 - 18 Governance structure 86-87, 104-105 Group Board of Directors, Group Executive Board, Ethics Committee
102 - 19 Delegating authority 86-87
102 - 20 Executive-level responsibility for economic, 86-87

environmental, and social topics
Fully disclosed
Partly disclosed
Omission
102 - 21 Consulting stakeholders on economic, environmental, 92-93 Materiality Assessment

and social topics
102 - 22 Composition of the highest governance body and its 34,104-105

committees
102 - 23 Chair of the highest governance body 104
102 - 26 Role of highest governance body in setting purpose, 10, 86-87, 104-105
values, and strategy
102 - 29 Identifying and managing economic, environmental, 86-87, 90-99

and social impacts
102 - 31 Review of economic, environmental, and social topics 86-99
102 - 32 Highest governance body’s role in sustainability 86-87

reporting
102 - 33 Communicating critical concerns 57-58
102 - 34 Nature and total number of critical concerns 57-58 Compliance concerns defined as High Risk require Group Compliance to consult the Business
Integrity Committee.
Stakeholder engagement
102 - 40 List of stakeholder groups 23, 92
102 - 41 Collective bargaining agreements 47%
102 - 42 Identifying and selecting stakeholders 92-93
102 - 43 Approach to stakeholder engagement 11, 23, 92-93
102 - 44 Key topics and concerns raised 92-99
Reporting practices
102 - 45 Entities included in the consolidated financial statements 77 All entities are covered by this report
102 - 46 Defining report content and topic boundaries 92-93
102 - 47 List of material topics 93
102 - 48 Restatements of information 86-89
102 - 49 Changes in reporting 87
102 - 50 Reporting period 86
102 - 51 Date of most recent report Annual Report 2020

Fully disclosed
Partly disclosed
Omission
102 - 52 Reporting cycle 86-87
102 - 53 Contact point for questions regarding the report 89 [email protected]
102 - 54 Claims of reporting in accordance with the GRI Standards 86
102 - 55 GRI content index 94-99
102 - 56 External assurance 103
GRI 200: Economic – Material Topics
Economic performance
103 - 1/2/3 Management approach 16-21, 62-65 Ramboll Group A/S
201 - 1 Economic value 9, 66-83
201 - 1 Corporate income tax 44
Procurement practices
103 - 1/2/3 Management approach 59 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
204 - 1 Local Procurement Information not available for 2021. Data on geographic location of a supplier is not available in
the procurement system. In 2022 a strong focus will be on developing Ramboll’s sustainable
procurement practices and as part of this identifying spend from local suppliers.
Anti-corruption
103 - 1/2/3 Management approach 58-59 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
205 - 2 Anti-corruption training 90-91, 58-59 In scope of training in 2021 were people managers and new hires
GRI 300: Environmental - Material Topics
Materials
103 - 1/2/3 Management approach 56-57 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S. Ramboll
purchases materials for own offices and operations.
301-1/2/3 Materials 59 Information not available. Analysis of what indicator to select,

and what data an be collected is still ongoing in 2021, and will form
the basis for selecting KPI and data to report on from 2022.
Energy
103 - 1/2/3 Management approach 14-15, 54-56 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
302 - 1 Energy consumption within the organization 54-56, 91 a: not possible to report. Majority of fuel currently from vehicles - reported in km, b: not possible
to report. Majority of fuel currently from vehicles - reported in km, C i: electricity consumption
kWh 20069009,32, C ii: heating consumption kWh 13333195,40, C iii: cooling consumption n/a, C
iV: steam consumption n/a, d i:electricity sold n/a, heating sold n/a, cooling sold n/a, steam sold
n/a
Fully disclosed
Partly disclosed
Omission
Water (303, 2018)
103 - 1/2/3 Management Approach 57 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
303 - 1 Interactions with water as a shared resource Information unavailable. Analysis of what approach and data to collect is still ongoing in 2022.
303 - 2 Management of water discharge-related impacts Information not available. Analysis of what approach and data to collect is still ongoing in 2022.
Biodiversity
103 - 1/2/3 Management approach For assessment of materiality, see page 14-15, 92-93. Boundary for topic is Ramboll Group A/S.
Analysis of what approach and data to collect is still ongoing in 2022.
304 - 1/2/3/4 Biodiversity Information not available. Analysis of what approach and data to collect is still ongoing in 2022.
Emissions
103 - 1/2/3 Management approach 14-15, 54-56 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
305 - 1 CO2, scope 1 89, 91
305 - 2 CO2, scope 2 89, 91
305 - 3 CO2, scope 3 89, 91
Waste (306, 2020)
103 - 1/2/3 Management approach 14-15, 57 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
306 - 1 Waste generation and significant waste-related impacts Information not available. Analysis of what approach and data to collect is still ongoing in 2022.
306 - 2 Management of significant waste-related impacts Information not available. Analysis of what approach and data to collect is still ongoing in 2022.
GRI 400: Social – Material Topics
Employment
401 - 3 Parental leave 91 a. Female: 4894/Male: 9216 (permanent employees in stronghold geographies) b. Female: 193/
Male:243 c. Female: 150/ Male: 232 d. Female: 98/Male: 166 e. Return rate: Female: 77% /Male: 91%
Retention rate: Female: 78%/Male: 81%
Labour-management relations
402 - 1 Minimum notice periods regarding operational changes Ramboll follows local legislation in all countries where the company operates including rules on
notice periods. Further, a Works Council Policy determines all business units to have Works Councils
in place that are instruments to inform and consult representatives of the employees in the business
unit about matters which will have material impact on the employees.
Fully disclosed
Partly disclosed
Omission
Occupational Health and Safety (GRI, 2018, 403 1-7)
403 - 1 Occupational health and a. Ramboll’s global Health, Safety, Environment & Quality (HSEQ) management system centralises our policies, requirements, and
safety management system supporting guidance on HSEQ, informs training for our employees, and defines our Health & Safety incident reporting processes.”
(page 37-38). The system is based on and certified against the international ISO 9001 (quality), ISO 14001 (environment), and ISO
45001 (occupational health & safety) standards. (https://ramboll.com/who-we-are/how-we-work/hseq)
b. The HSEQ management system applys to all employees, is implemented all over Ramboll, and certification is achieved in most
units. The remaining units will follow in 2022 or 2023.
403 - 2 Hazard Identification, risk a. Every country in Ramboll have health and safety organisations that handle the daily occupational health and safety aspects. This is
assessment, and incident done in closely collaboration with the local HR organisation to ensure a safe work environment and employee’s wellbeing. The health
investigation & safety organisations perform safety screenings to reveal any hazards or risks, and ensure that these are eliminate or minimised.
(https://ramboll.com/who-we-are/how-we-work/hseq) b. Ramboll has a central health and safety event reporting system where
work-related accidents, incidents, near misses, and work observations can be reported. The incidents are investigated on a regular
basis to continual improve the work environment and the health and safety system. (page 37-38) c. See a. and b. d. See b.
403 - 3 Occupational health services a. In 2020, the Health & Safety organisation was strengthened and ‘Safety Ambassadors’ were appointed in every office at Ramboll
worldwide. This has been further developed during 2021. The Safety Ambassador role supports the global Health & Safety network
at Ramboll. The ambassador also acts as a liaison officer between the local Health & Safety organisation, Facility Management, and
the Global Health & Safety organisation, when required. Further, as described in 403-2, b, a health and safety reporting system has
been implemented to evaluate and eliminate/minimise hazards and risks. The Ramboll requirements also apply for people that either
work for Ramboll, or work on behalf of Ramboll.
403 - 4 Worker participation, a. As described in 403-3, a, the Health & Safety organisation has been strengthened and ‘Safety Ambassadors’ were appointed in
consultation, and communica- every office at Ramboll worldwide. The Safety Ambassador role supports the global Health & Safety network at Ramboll. Further-
tion more, Ramboll also have health and safety committees in all countries where both the management and the employees are
represented. On the committee meetings health, safety, and wellbeing aspects are discussed and corrective and/or preventive
actions are taken. b. The health and safety committees have the overall responsibility for the daily health and safety work, and they
have the authority to initiate corrective, preventive and/or improving actions, and this also includes health and safety awareness
campaigns. The health and safety committees normally meet every quarter, meaning four times a year.
403 - 5 Worker training on occupa- a. Ramboll is conducting global Health & Safety campaigns and has launched global mandatory Health & Safety awareness training
tional health and safety modules for all employees and assigns this training to new employees. These training modules are designed to provide most
essential knowledge on the common Health & Safety practices in Ramboll. I.e. know how to act in an office emergency, know how to
report Health & Safety incidents, create awareness on everyone’s responsibility to identify and mitigate Health & Safety risks and
recognise unsafe conditions or acts and when to use the Stop Work Authority. The Global Health & Safety training completion rate is
98% for 2021. Besides this the PBUs conduct specialised work-related health and safety training that is tailored to the specific
market, client, and/or project.
403 - 6 Promotion of worker health a. Ramboll supports the employee’s access to medical and healthcare services. The set-up differs from country to country. All
employees are also covered by the Ramboll insurance programme, and for employees that are travelling, information about the travel
risks can be obtained from the Ramboll security service provider. b. In some countries Ramboll offers an annual health check to all
employees. Ramboll also conducts first aid course, offers healthy food in the canteens, have fitness rooms, supports corporate sports
activities, etc.
403 - 7 Prevention and mitigation of a. When a negative incident occurs Ramboll takes imidiate mitigating, corrective and preventive steps to minimise or eliminate the
occupational health and impacts and/or consequences. During the Covid-19 pandemic Ramboll took several initiatives and implemented a lot of precautions
safety impacts directly linked to reduce the impact on Ramboll employees. This is done in close collaboration between the Ramboll Group, the local health and
by business relationships safety organisations, the safety ambassadors, and other key stakeholders. (page 37-38)
403 - 8 H&S training 38 a. As described in 403-1 Ramboll has implemented a HSEQ management system that fulfills the requirements in ISO 9001, ISO 14001
and ISO 45001. i. - All employees are covered by the Ramboll HSEQ management system ii. - The HSEQ management system applies
to all employees in Ramboll. Internal audits and screenings are conducted in all Ramboll. ii. - Approx. 80% of Ramboll employees are
covered by our ISO 45001 certification (approx. 12,500 employees) b. None is excluded c. N/A
Fully disclosed
Partly disclosed
Omission
403 - 9 Work-related injuries (LTIR, a. Work-related incidents i. - 0 ii. - 11 Lost Time Incidents (LTI). LTIR= 0.43 iii. - 35 Recordable Incidents (TRI). TRIR = 1.37
TRIR) iv - Strain/overexertion, Slip/fall same level, cut/puncture. v. 25,629,726 hrs. b. Included in the above figures. c. i. - All the lost time
and recordable health and safety incidents have been determined via the Ramboll H&S Event reporting system (EHS Insight). ii. - see
answer in a. iv iii. - The local health and safety organisations take the necessary actions, and they differ from case to case. d. All
incidents are investigated by the local health and safety organisations, and they decide on needed actions. e. per 1,000,000 working
hours. f. none is excluded. g. The information is gathered in the Ramboll health and safety incident reporting system (EHS Insight),
and this includes documentation for the actions taken.
403-10 Work-related ill health Ramboll didn’t have work-related ill health cases in 2021
Training and education
404 - 3 Percentage of employees 91 Gender: Women: 94%/Men: 94% Job level (1-14) :1: 84% 2: 91% 3: 94% 4: 95% 5: 94% 6: 94% 7: 95% 8: 96% 9: 96% 10: 98% 11: 96% 12:
receiving PDP reviews 100% 13: 64% 14: 50%
Diversity and equal opportunity
405- 1 Diversity of governance 34 Age under 30: Level 01-03: 1533 Level 04 - 06: 1419 Level 07-09: 19 Level 10-13: 0 Level 14: 0 Age 30 - 50: Level 01-03: 901 Level
bodies and employees 04-06: 5392 Level 07-09: 2270 Level 10-13: 98 Level 14: 0 Age above 50: Level 01-03: 302 Level 04-06: 1480 Level 07-09: 1701 Level
10-13: 161 Level 14: 5 Other: 255
Non-discrimination
406 Incidents of discrimination a. 9 substantiated incidents of discrimination in 2021, b. omission due to confidentiality restraints in our compliance procedures.
and corrective actions taken
Human rights assessment
103 - 1/2/3 Management approach 57 For assessment of materiality, see page 92-93. Boundary for topic is Ramboll Group A/S.
412 - 1 Operations subject to human 22% or 2 out of 9 of country business units have been part of human rights impact assessments. In 2021, due to Covid-19, it has not
rights reviews or impact been possible to carry out human rights assessments.
assessments"
Local communities
413 - 1 Operations with local 43 33% (3 out of 9 Ramboll geographies) have local community engagement programmes based on local community needs. Local Works
community engagement, Councils are mandatory for all Business units according to the Works Councils Policy. Remaining indicators not relevant.
impact assessments, and
development programs
Customer privacy
103 - 1/2/3 Management approach According to the Global Data Protection Policy, Ramboll is committed to comply with global and local data protection legislation in
every country where we operate, including the EU General Data Protection Regulation (GDPR). Data protection is an integrated part
of the Compliance programme.
418 - 1 Substantiated complaints No substantiated complaints were identified.

concerning breaches of
customer privacy and losses
of customer data
100 Additional
xxxx xxxx information
Management’s statement on the Annual Report
As Group Executive Board and Board of In our opinion, the Group’s sustainability Group Executive Board
Directors of Ramboll Group A/S, we have key performance indicators have Jens-Peter Saul, CEO
today considered and adopted the Annual been prepared in accordance with the Marianne Sørensen, CFO
Report for the financial year 2021. accounting policies for sustainability Lone Tvis
information. They give a true and fair Mathew Riley
The Annual Report has been prepared account and a balanced and reasonable Michael Simmelsgaard
in accordance with the Danish Financial presentation of the organisation’s Peter Heymann Andersen
Statements Act. We consider that sustainability performance in accordance
the accounting policies applied are with these policies. Board of Directors
appropriate, and that the accounting Jeff Gravenhorst, Chair
estimates are made reasonably. In our We recommend that the Annual Report be Jørgen Huno Rasmussen
opinion, the Consolidated Financial adopted at the Annual General Meeting. Merete Helene Eldrup
Statements and the Financial Statements Alun Griffiths
for the Parent Company give a true and Copenhagen, 9 March, 2022 Thomas Gregers Honoré
fair view of the financial position at 31 Steen Nørbæk Madsen
December 2021 of the Group and the Helene Bekker
Parent Company and of the results of the Lieve Declercq
Group and Parent Company operations Thomas Jordan Johannessen
and the Group’s consolidated cash flows
for the financial year 1 January -
31 December 2021.
In our opinion, the Annual Report includes

a true and fair account of the development
in the operations, financial and
sustainability circumstances of the Group
and the Parent Company, of the results for
the year and of the financial position of the
Group and the Parent Company, as well as
a description of the most significant risks
and elements of uncertainty facing the
Group and the Company.
Independent Auditor’s Report
To the Shareholders of Ramboll Group A/S applicable in Denmark. Our responsibilities is materially inconsistent with the financial material misstatement, whether due to
under those standards and requirements statements or our knowledge obtained fraud or error.
Opinion are further described in the Auditor’s during the audit, or otherwise appears to
In our opinion, the Consolidated Financial Responsibilities for the Audit of the be materially misstated. In preparing the financial statements,
Statements and the Parent Company Financial Statements section of our Management is responsible for assessing
Financial Statements give a true and fair report. We are independent of the Group Moreover, it is our responsibility to the Group’s and the Parent Company’s
view of the financial position of the Group in accordance with the International consider whether for the Director’s Report ability to continue as a going concern,
and the Parent Company at 31 December Ethics Standards Board for Accountants’ provides the information required under disclosing, as applicable, matters related to
2021, and of the results of the Group’s and International Code of Ethics for the Danish Financials Statements Act. going concern and using the going concern
the Parent Company’s operations as well Professional Accountants (IESBA Code) Based on the work we have performed, basis of accounting in preparing the
as the consolidated cash flows for the and the additional ethical requirements in our view, the Director’s Report is financial statements unless Management
financial year 1 January - 31 December 2021 applicable in Denmark, and we have in accordance with the Consolidated either intends to liquidate the Group or the
in accordance with the Danish Financial fulfilled our other ethical responsibilities in Financial Statements and the Parent Parent Company or to cease operations, or
Statements Act. accordance with these requirements and Company Financial Statements and has has no realistic alternative but to do so.
the IESBA Code. We believe that the audit been prepared in accordance with the
We have audited the Consolidated evidence we have obtained is sufficient requirements of the Danish Financial Auditor’s Responsibilities for the
Financial Statements and the Parent and appropriate to provide a basis for Statement Act. We did not identify any Audit of the Financial Statements
Company Financial Statements of Ramboll our opinion. material misstatement in for the Our objectives are to obtain reasonable
Group A/S for the financial year 1 January - Director’s Report. assurance about whether the financial
31 December 2021, which comprise income Statement on Management’s Review statements as a whole are free from
statement, balance sheet, statement of Management is responsible for for the Management’s Responsibilities material misstatement, whether due to
changes in equity and notes, including Director’s Report. for the Financial Statements fraud or error, and to issue an auditor’s
a summary of significant accounting Management is responsible for the report that includes our opinion.
policies, for both the Group and the Our opinion on the financial statements preparation of Consolidated Financial Reasonable assurance is a high level of
Parent Company, as well as consolidated does not cover for the Director’s Report, Statements and Parent Company Financial assurance, but is not a guarantee that
statement of cash flows and we do not express any form of Statements that give a true and fair view an audit conducted in accordance with
(“financial statements”). assurance conclusion thereon. in accordance with the Danish Financial ISAs and the additional requirements
Statements Act, and for such internal applicable in Denmark will always detect
Basis for Opinion In connection with our audit of the control as Management determines is a material misstatement when it exists.
We conducted our audit in accordance financial statements, our responsibility is to necessary to enable the preparation of Misstatements can arise from fraud or error
with International Standards on Auditing read for the Director’s Report and, in doing financial statements that are free from and are considered material if, individually
(ISAs) and the additional requirements so, consider whether the Director’s Report or in the aggregate, they could reasonably
102 Additional
xxxx xxxx information
be expected to influence the economic on the effectiveness of the Group’s and the • Evaluate the overall presentation, Hellerup, 9 March, 2022
decisions of users taken on the basis of Parent Company’s internal control. structure and contents of the financial PricewaterhouseCoopers
these financial statements. statements, including the disclosures, and Statsautoriseret Revisionspartnerselskab
• Evaluate the appropriateness of whether the financial statements represent CVR No 33 77 12 31
As part of an audit conducted in accounting policies used and the the underlying transactions and events in a
accordance with ISAs and the additional reasonableness of accounting estimates manner that gives a true and fair view.
requirements applicable in Denmark, and related disclosures made by Anders Stig Lauritsen
we exercise professional judgment Management. • Obtain sufficient appropriate audit State Authorised Public Accountant
and maintain professional skepticism evidence regarding the financial Mne32800
throughout the audit. • Conclude on the appropriateness of information of the entities or business
Management’s use of the going concern activities within the Group to express an
We also: basis of accounting in preparing the opinion on the Consolidated Financial Kim Danstrup
• Identify and assess the risks of material financial statements and, based on Statements. We are responsible for the State Authorised Public Accountant
misstatement of the financial statements, the audit evidence obtained, whether direction, supervision and performance Mne32201
whether due to fraud or error, design and a material uncertainty exists related of the group audit. We remain solely
perform audit procedures responsive to to events or conditions that may cast responsible for our audit opinion.
those risks, and obtain audit evidence significant doubt on the Group’s and the
that is sufficient and appropriate to Parent Company’s ability to continue We communicate with those charged
provide a basis for our opinion. The risk as a going concern. If we conclude that with governance regarding, among other
of not detecting a material misstatement a material uncertainty exists, we are matters, the planned scope and timing of
resulting from fraud is higher than for one required to draw attention in our auditor’s the audit and significant audit findings,
resulting from error as fraud may involve report to the related disclosures in the including any significant deficiencies in
collusion, forgery, intentional omissions, financial statements or, if such disclosures internal control that we identify during
misrepresentations, or the override of are inadequate, to modify our opinion. our audit.
internal control. Our conclusions are based on the audit
evidence obtained up to the date of our
• Obtain an understanding of internal auditor’s report. However, future events or
control relevant to the audit in order conditions may cause the Group and the
to design audit procedures that are Parent Company to cease to continue as
appropriate in the circumstances, but not a going concern.
for the purpose of expressing an opinion
Independent limited assurance report on the sustainability reporting

To the Shareholders of Ramboll Group A/S and information referenced in the GRI Index. requirements, professional standards, and misstatement, whether due to fraud or error;
Management of Ramboll Group A/S (Ramboll) We only provide assurance with respect to the applicable legal and regulatory requirements. • Establishing objective accounting policies for
engaged us to provide limited assurance over format of the GRI Index and the compliance with Our work was carried out by an independent preparing data;
selected sustainability data for the period 1 requirements of the GRI Standards for the multidisciplinary team with experience in • Measuring and reporting the Sustainability
January – 31 December 2021 in the Sustainability Core option. sustainability reporting and assurance. Reporting based on the
Reporting on page 91. accounting policies;
Professional standards applied and level of Understanding reporting and measurement • Preparing the GRI index in accordance
Further, Ramboll engaged us to provide limited assurance methodologies with the GRI Standards for the Core option,
assurance over the Group’s 2021 GRI Index in We performed a limited assurance engagement Data and information need to be read and and providing sound explanations for
accordance with the Global Reporting Initiative in accordance with International Standard understood together with the accounting omissions made; and
(GRI) Standards (the Core option) as stated on on Assurance Engagements 3000 (Revised) policies on pages 86-89, and the detailed • Contents of the Sustainability Reporting
pages 94-99. ‘Assurance Engagements other than Audits and requirements for reporting in accordance with and the GRI Index for the period
Reviews of Historical Financial Information’, and, the GRI Standards, which Management are 1 January – 31 December 2021.
Our conclusion in respect of the greenhouse gas emissions, solely responsible for applying and selecting.
Based on the procedures we performed and in accordance with International Standard The absence of a significant body of established Our responsibility
the evidence we obtained, nothing came to our on Assurance Engagements 3410 ‘Assurance practice on which to draw to evaluate and We are responsible for:
attention that causes us to believe that: engagements on greenhouse gas statements’. measure non-financial information allows • Planning and performing the engagement
Greenhouse gas quantification is subject to for different, but acceptable, measurement to obtain limited assurance about whether
• The selected sustainability data in scope inherent uncertainty because of incomplete techniques and can affect comparability the selected data in the Sustainability
for our assurance engagement stated on page scientific knowledge used to determine emissions between entities and over time. Reporting are free from material
91 are not prepared, in all material respects, in factors and the values needed to combine misstatement, and are prepared, in all material
accordance with the accounting policies as emissions of different gasses. Work performed respects, in accordance with the
stated on pages 86-89; We are required to plan and perform our accounting policies;
• The Ramboll GRI Index as stated on pages A limited assurance engagement is work in order to consider the risk of material • Forming an independent conclusion, based
94-99 does not comply with the format and substantially less in scope than a reasonable misstatements of the data. In doing so and based on the procedures performed and the
information requirements of the GRI Standards assurance engagement in relation to both on our professional judgement, we: evidence obtained;
for the Core option. the risk assessment procedures, including • Assessing compliance of the GRI Index
an understanding of internal control, and • Made inquiries and conducted interviews with format and information requirements
This conclusion is to be read in the context of what the procedures performed in response to with Group functions to assess consolidation of the GRI Standards for the Core option,
we state in the remainder of our report. the assessed risks; consequently, the level processes, use of company-wide systems and and evaluation of the appropriateness of the
of assurance obtained in a limited assurance controls performed at Group level; explanations for omissions made; and
engagement is substantially lower than the • Checked data on a sample basis to • Reporting our conclusion to the stakeholders
Selected data in scope assurance that would have been obtained underlying documentation, and evaluated the of Ramboll.
The scope of our work was limited to assurance had a reasonable assurance engagement appropriateness of quantification methods and
over selected sustainability data in the been performed. compliance with stated accounting policies;
Sustainability Reporting on page 91, namely: • Performed analytical review of the data and Copenhagen, 9 March 2022
Our independence and quality control trend explanations submitted by data suppliers PricewaterhouseCoopers
• Environment: CO2 emissions in Scope 1, 2 and We have complied with the independence for consolidation at Group level; Statsautoriseret Revisionspartnerselskab
3 (business travel); requirements and other ethical requirements • Assessed and evaluated each disclosure in CVR No 33 77 12 31
• Social: Total headcount, employee satisfaction in the International Ethics Standards Board for the GRI Index with respect to compliance with
including response rate, voluntary turnover, Accountants’ International Code of Ethics for the GRI Standards for the Core option, and
gender diversity, total reportable incident rate Professional Accountants (IESBA Code), which is evaluated explanations for omissions made by Anders Stig Lauritsen
(TRIR) and lost time incident rate (LTIR); founded on fundamental principles of integrity, Ramboll; State Authorised Public Accountant
• Governance: Group board gender diversity, objectivity, professional competence and due • Evaluated the obtained evidence. Mne32800
compliance training and compliance care, confidentiality and professional behaviour
concerns; and and ethical requirements applicable in Denmark. Management’s responsibilities
• Compliance of the format and information Management of Ramboll is responsible for: Jens Pultz Petersen
requirements of the GRI Index with the GRI PricewaterhouseCoopers applies International M.Sc. (eng.)
Standards for the Core option. Standard on Quality Control 1 and accordingly • Designing, implementing and maintaining
maintains a comprehensive system of quality internal control over information relevant to
We were not engaged to and we are not control including documented policies and the preparation of the Sustainability
providing assurance with respect to the data procedures regarding compliance with ethical Reporting that are free from material
104 Additional information
Back from left:

Alun Griffiths, Helene Bekker,
Jørgen Huno Rasmussen,
Lieve Declercq and
Thomas Gregers Honoré
Front from left:

Steen Nørbæk Madsen,
Merete Helene Eldrup,
Jeff Gravenhorst and
Thomas Jordan Johannessen
Board of Directors
Jeff Gravenhorst and Jørgen Münters Foundation. Lieve Declercq Thomas Jordan Johannessen
Chair of the Board, Chair of the Adjunct Professor, CBS. Group Board member. Msc Business Group Board member (employee elected).
Remuneration Committee and member Engineering. Managing Director Master of Science (MSc) in Political
of the Audit and Risk Committee. MSc Bus. Merete Helene Eldrup SPIE Nederland BV, member of the Science, Director, Rambøll Management
Adm. and Auditing. Chair of Moment A/S, Group Board member and Chair of Executive Committee SPIE Group SA Consulting A/S.
Chair of SSG A/S, Chair of MyHomes A/S, the Audit and Risk Committee. MSc and Supervisory Board Member SPIE
Chair of State of Green, Member of the Economics. Chair of the Boards of Deutschland & Zentraleuropa. Helene Bekker
board of Galileo Global Education, Chair Copenhagen University, Nykredit A/S, Supervisory Board Member of Aalberts NV Group Board member (employee elected).
of Gravenhorst Invest Holding Aps, CEO Nykredit Realkredit A/S and the Rockwool and Foundation for Natural Leadership. Architect MAA/ Cand, arch., MBV/
Gravenhorst Invest A/S. Foundation. Vice Chair of Egmont Fonden Board Member Dutch National Opera & Master Clients Value Creation. Head of
and Egmont International Holding A/S. Ballet Fund and Techniek Nederland. Department Landscape & Urbanism at
Jørgen Huno Rasmussen Member of the Boards of Kalaallit Airport Advisor in Economic Diplomacy for the Henning Larsen. Member of the Board of
Deputy Chair of the Group Board and International. Member of Realdania Belgian Embassy at The Hague. Henning Larsen Architects.
member of the Remuneration Committee Representatives.
and the Transaction Committee. MSc. In Thomas Gregers Honoré Steen Nørbæk Madsen
Civ. Eng., B.Com. in Organisation, PhD. in Alun Griffiths Group Board member and member Group Board member (employee elected)
Construction Management. Vice-Chair of Group Board member, Chair of the of the Transaction Committee. MSc and member of Audit and Risk Committee.
the Board of Terma A/S, STIBOFONDEN Transaction Committee and member of International Business. Chair of the board BSc Eng, Head of Department, Ramboll
and Stibo Holding A/S. Member of the the Remuneration Committee. BSc Hons of Nexcom A/S and AudienceProject A/S. Denmark A/S.
Boards of Haldor Topsøe A/S, Bladt Applied Economics. Deputy Chair of the Member of the board at Forenede A/S.
Industries A/S, Otto Mønsted A/S, the Board of The Port of London Authority and Member of the board at Legacy A/S. CEO
Thomas B. Thrige Foundation and Aase Senior Independent Director at Severfield plc. at DirectionH ApS. 
From left:
Mathew Riley,
Marianne Sørensen,
Jens-Peter Saul, Peter
Heymann Andersen,
Michael Simmelsgaard
and Lone Tvis
Group Executive Board

Jens-Peter Saul Mathew Riley
Dipl. Ingenieur BSc Hon FAPM
President and Chief Executive Officer, Chief Operating Officer, Geographies,
Ramboll Group A/S. Ramboll Group A/S.
Member of the Committee on Business
Policy of the Confederation of Danish Michael Simmelsgaard
Industry. Member of the Board of Danske MSc Economics
Commodities A/S. Chief Operating Officer, Markets, Ramboll
Member of the Board of Cubico Group A/S.
Sustainable Investments (Cubico).
Peter Heymann Andersen
Marianne Sørensen MSc Engineering, Graduate Diploma
MSc Economics in Business Administration
Chief Financial Officer, Ramboll Group A/S. Chief Operating Officer, Markets, Ramboll
Member of the Board of Energinet and Group A/S.
Udviklingsselskabet By & Havn I/S. Chair of the Board of Henning Larsen
Architects A/S
Lone Tvis
MSc Social Sciences
Chief People Officer,
Ramboll Group A/S.
106 Additional information
Selected Locations
awards & selected
projects
Securing groundwater in California, p 47
Henrik Bødtcher-Hansen Prize Nykredit Sustainability Award
Ramboll won the Henrik Bødtcher-Hansen Signe Kongebro and Jakob Strømann-
Prize for being a leading sustainability Andersen, partners at Henning Larsen,
actor in Denmark for global marketing were awarded the 2021 Nykredit
activities. The award recognised our Foundation Sustainability Award. They
dedication to corporate responsibility are recognised for bringing together
and thought leadership, and our ability architecture, climate, and environment, and
to embed sustainability into projects for their commitment to collaboration that
clients and stakeholders. The prize is strengthens sustainable development at
awarded annually by HBH Foundation and Henning Larsen and the wider
Copenhagen Business School. construction industry.
MEP Middle East Awards Building of the Year Award

Ramboll’s Ervin Silang and Stephen Kelly Icefjord Centre in Illulisat, western
were Highly Commended as Electrical Greenland, won Byggeri magazine’s
Engineer of the Year and Plumbing Building of the Year Award 2021. Ramboll
Engineer of the Year, respectively, at TP assisted in all project phases including
Media Group’s 2021 Mechanical, Electrical, optimising of the design and construction
and Plumbing Middle East Awards, for for challenging Arctic conditions. The
expertise in their fields. wingspan-shaped Centre offers visitors a
unique experience of local nature, culture, Ramboll head office
Danish Bridge and Tunnel Award and the climate. Ramboll office
Ramboll’s Jan Vig Nielsen won the
Danish Bridge and Tunnel Award 2020,
awarded by Nordic Road Association and
International Association for Bridge and
Structural Engineering. He was recognised
for outstanding efforts and findings within
Reducing emissions at Empire State Plaza, Albany, New York, p 30
concrete statics and bridge structures.
Ramboll office
The Marble Pier, Copenhagen, Denmark, p 28
Kiel public transport system, p 45
Headquarters
Ramboll A/S
Hannemanns Allé 53
DK-2300 Copenhagen S
Denmark
Tel +45 5161 1000

www.ramboll.com
CVR No. 10160669
The Annual Report 2021

is designed and published by
Group Finance, Clients,
Communication & Marketing
and Group Sustainability & CR.
Photographers:
Safe drinking water in Cape Town, South Africa, p 47 Morten Larsen, p 3, 4, 16, 21, 24,
32, 42, 50, 54, 58, 60, 84, 104, 105
Agnete Schlichtkrull, p 28, 29
Elina Manninen/Keksi, p 37, 39

Keith Hunter Photography, p 51
www.ramboll.com

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Our 16,500 experts create sustainable

cities and societies. We combine insights

Cover image: Sustainability is core to the upcoming

16 Financial review Directors’ report

Progress on our commitments

22 Progress on our commitments 32 People

Becoming The Partner

Chair of the Group Board Jeff Gravenhorst

Located in the largest pedestrianised neighbourhood

Successful delivery of Winning Together

Resilient people delivering high growth

Accelerating the green energy transition

Ambitious climate targets

Strong synergies that benefit our clients

Income statement EURm DKKm DKKm DKKm DKKm DKKm

Employees No. No. No. No. No.

Key figures, sustainability 2021 2020 2019 2018 2017

We partner with clients who are

Ramboll Studio Dreiseitl was the lead open space

The new strategy is aligned with our company purpose to create

Expertise and solutions to enable sustainable transformation

We want to help stakeholders to realise their goals by offering

Growth across Markets Revenue by Market

From a Market perspective we 1,500

2018 2019 2020 2021

Group Executive Board

Looking to the future

Our new strategy, The Partner for Sustainable Change, gives us a

Clients We act as a trusted partner, always passionate about

People We care for all employees and their development through

Society We are an active member of society, contributing to its

Company We are dedicated to Ramboll’s legacy and long-term

Ramboll and Henning Larsen

In 2021, many industrial sectors continued to feel the effects of

Ramboll aims to help clients navigate such dilemmas and

Increasingly, clients want to know the sustainability impact of our

Ramboll rated among top

Value added with sustainability Ability to understand clients’needs

These insights help determine the solutions we provide clients.

Framework agreements were concluded with

Scaling sustainability across the

Storebrand, which manages about NOK 1,000 billion of assets,

In light of these ambitions, Storebrand selected Ramboll in 2019 as

Ramboll is currently mapping energy reduction measures

Massive overhaul of Denmark’s energy “As the first consultant in Denmark,

Upgrading Denmark’s critical energy

Engagement and well-being

In 2021, we conducted a global survey to gather employee

These efforts, among others, have led to strongly positive results

Employee response rate Employee Satisfaction

Local EDI engagement

Diversity in employee categories, gender split

Central Europe Water

Our Leadership Principles

To succeed as a strong and value based leader

3. Bright minds and competencies: Employee and management relations

It is also possible to engage in dialogue and monitoring risks as well as our

We operate with three Health and Safety