Accenture Strategy’s High Performance Business (HPB) Study aims at understanding which companies are top performers within their industry and what sets them apart from their competition. Twice a year, Accenture Strategy examines the performance of almost 2000 companies listed on stock exchanges all over the world. Most of these companies are large multinationals. The Study identifies which companies are top performers within their industry and what distinguishes them from their international peers.

1. High Performance Business Study
AEX companies outperform their industry
peers for the first time since 2009
2015 H1 Report

2. About the study
Accenture Strategy’s High
Performance Business Study aims at
understanding which companies are
top performers within their industry
and what sets them apart from their
competition.
Twice a year, Accenture
Strategy examines the
performance of almost 2000
companies listed on stock
exchanges all over the world.
Most of these companies are
large multinationals.
The High Performance
Business (HPB) Study
identifies which companies
are top performers within
their industry and what
distinguishes them from their
international peers.
High Performance
Business is about...
• Sustained out-performance
of peers
• Increased ability to
overcome economic and/or
business shocks
• Continuity across
generations of leadership
• Creation of long-term value
The High Performance
Business Study is based
on...
• Relative performance
compared to global industry
peers
• 10 Years of Accenture
research on almost 2,000
global companies in 61
industries
• In-depth analyses on AEX
performance based on 10
performance metrics
The High Performance
Business Study helps
companies...
• Benchmark themselves
against global industry
peers
• Detect opportunities to
improve the performance
of operations compared to
those of international peers
• Strive for sustained growth
in performance
2

3. 3

4. 4

5. 2015 H1 Key findings
During the first half of 2015,
AEX companies strongly
improved their current
performance. Consequently, for
the first time since 2009 AEX
companies scored higher than
the average of their industry
competitors.. However, AEX
companies did lose some
ground on their future
performance when compared
to their peers.
The higher score on current
performance for AEX
companies is mainly driven
by the improvement in
shareholder value creation and
higher revenues. The rally on
the European stock markets
during the first half of 2015
is an important driving force
for the score on shareholder
performance. In line with this,
we see an improved score
reoccurring for other European
indices like France, Germany
and Italy.
Furthermore, AEX companies
saw an average revenue
increase of 10 percent,
whereas the international
competitors remained
stagnant at a 2 percent
growth in revenues. This
large increase in revenues
seems to be connected to
the depreciation of the
Euro in comparison to other
currencies like the Dollar and
British Pound, due to the
broad monetary policy of the
European Central Bank.
Contrastingly, the expectations
for future performance of AEX
companies saw a downfall
in 2015. The contradiction
between the current and
future performance of AEX
companies raises the question
on how sustainable the
current high score actually
is. The challenge for the next
year is therefore to retain the
high scores they are currently
experiencing.
Finally, a clear dichotomy
between AEX companies has
emerged over the course
of 2015. On one side of the
spectrum, there is a group
of companies performing
very well compared to their
industry peers on both current
and future performance.
Opposing these companies,
is a group of AEX companies
scoring far below average on
both axes. This means that the
middle group, which entailed
a considerable part of the AEX
companies in 2014, is clearly
thinning in size.
5

6. The overall performance in Europe has improved over the
past year, whereas other stock markets are stabilizing.
Organisations in Europe have improved
their performance during the last year,
compared to their international peers. Part
of this improvement is driven by the positive
currency effects that Europe has experienced,
due to a depreciation of the Euro to other
currencies like the US Dollar.
Results
6
In this graph, the average total score of
companies listed in the mentioned indices is
reported. Scores higher than 50% indicate a
performance above peer average, scores lower
than 50% indicate a performance below peer
average.
Interpretation
TOTAL HPB SCORE PER STOCK MARKET
2009 2010 2011 2012 2013 2014 2015_H1
China
Rest
UK
France
NL
Germany
Japan
Top25%
Above
average
Below
average
Bottom
25%
US

7. 7

8. AEX companies score above average on their current
performance for the first time in years, but continue
their downward trend in positioning for the future.
The improvement in current performance is
mainly driven by the increase in shareholder
performance and revenue growth. However,
AEX organisations continue to lose ground
to their international peers on their future
positioning, which raises the question of how
this current positive trend can be continued
for years to come.
Results
8
TOTAL HIGH PERFORMANCE OF AEX COMPANIES
This graph displays the average score of AEX
companies on the two main components of
the HPB analysis: Current performance and
positioning for the future. Scores higher
than 50 indicate a performance above peer
average, scores lower than 50 indicate a
performance below peer average.
Interpretation
Top25%
Above
average
Below
average
Bottom
25%
2009 2010 2011 2012 2013 2014 2015_H1
Current performance Positioning for the future

9. Shareholder Performance and Revenue Growth are the
main drivers for the increase in current performance.
The AEX companies boosted their performance
by improving the return to their shareholders
and growing revenues faster than competitors.
The expectations for the future positioning
of AEX companies have declined only a little,
mainly due to the reduced ability to fund new
investments (Fuel for Growth).
Results
9
TOTAL SCORE
Current Performance
Shareholder Performance
+846
57
69
43
58
44
39
39
51
39
44
+16
+28
-2
+17
+2
-5
-2
-2
-1
0
Capital Efficiency
Revenue Growth
Consistency
Positioning for the Future
Growth Expectation
Margin Expansion
Market Positioning
Fuel for Growth
AEX-SCORE PER METRIC
MIN MAX
CHANGE-2014TO2015
The scores on current performance and
positioning for the future are both driven
by four performance indicators. This graph
shows the average AEX score on each of
these underlying indicators. Scores higher
than 50% indicate an above-average
score. The numbers on the right display the
increase/decline since last year.
Interpretation

10. 0
10
5
15
25
35
45
55
65
75
85
95
20
30
40
50
60
70
80
90
100
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Over the course of the year, a division occurred between
companies either scoring good or bad on both axes.
This two-dimensional graph shows
how AEX companies and their peers
score on the current performance and
future positioning. Companies with a
score higher than 75% on both current
performance and positioning for the
future are considered a ‘high performer’.
Most of the AEX companies improved their
current performance, compared to last year.
Therefore, multiple companies are currently
positioned around the High Performance area.
However, none of the AEX companies are
actually positioned inside this specific area
which would make them highly competitive
compared to the industry peers.
Interpretation Results
10
Current
performance
International competitors AEX companies
Positioning for the future
HIGH
PERFORMER
ASML
Randstad
Fugro

11. 11

12. North-America
South
America
This figure displays the average total HPB
score of companies headquartered in the
identified regions. Scores higher than 50%
indicate a performance above peer average,
whereas scores lower than 50% indicate a
performance below the industry peer average.
54
-4
62
-4
Companies listed in developing Asia and Africa still score
the best on overall performance. However, European
countries are the only ones having improved their score
since last year.
The companies listed on stock markets in
developing Asia and Africa display the highest
absolute performance score. However, their
overall score has declined over the course
of the year. Contrastingly, countries in
the eurozone show a growing total score
compared to 2014, bringing their absolute
score to around the point of average in
comparison to the industry peers.
Interpretation
Results
12

13. Southern
Europe
Eastern
Europe
Russia
Overall
HPB
score
Change in
HPB score
2014-2015
Developing
Asia
Asia
Asian Tigers
Middle
East
Africa
Nordics
50
-16
47
7
45
3
61
-12
51
-5
36
-4
53
-2
55
-6
69
-9
Oceania
UK
Ireland
Western
Europe
13
55
0
Netherlands
Germany
Italy
France
UK
4347
8
49
2
48
5
7
47
11
42
-8
40
-8

14. This figure plots the total revenue growth
(in %) of AEX companies in the HPB
database against the total average revenue
growth of their international peers.
AEX companies continue to show
growth in their revenues, compared to
previous years. Whereas the growth of
international peers was only 2%, AEX
companies experienced a growth of 10%.
This growth in scores for the AEX
companies can for a large part be
attributed to currency effects.
For the second consecutive year, AEX companies have
gained ground on their international peers with a 10
percent increase in revenues.
Interpretation Results
14
-5
0
5
10
15
20
25
30
35
2009 2010 2011 2012 2013 2014 2015_H1
AEX
Industry Peers
Revenue Growth (in % compared to previous datapoint)

15. This graph displays the average future
value of AEX companies as a percentage
of enterprise value compared to their
international peers. Future value is
computed by subtracting the relevant year’s
discounted cash flow from the enterprise
value.
Since 2014, the future value as a
percentage of the enterprise value
has slightly decreased for the AEX
companies. (from 18% to 15%). In
contrast, the international peers
experienced a small increase from 20%
to 21%. This indicates that market
expectations for AEX companies are still
mildly declining after the huge drop in
2013.
Although the current performance of AEX companies is
improving, the future value keeps declining which implies
decreasing market expectations for the AEX.
Interpretation Results
15
AEX
Industry Peers
-10
-5
0
5
10
15
20
25
30
35
40
45
2009 2010 2011 2012 2013 2014 2015_H1
Future Value (as percentage of enterprise value)

16. Except for the Oil Gas related industries, all industries
display positive shareholder returns over the past year.
6
23
87
24
22
40
68
73
61
16
25
26
12
17
30
17
58
54
68
57
This graph highlights the average total
shareholder return per industry. Total
shareholder return is defined by the gain of
loss on a stock plus the dividend paid out in
that year.
The Airline and Metals Mining industry
display the highest return to their
shareholders. In line with last year, the returns
in the Oil and Gas and Oil Equipment Services
industries are lowest. This seems to be related
to the current drop in oil prices which put
these two industries through tough times.
Interpretation Results
16
SHAREHOLDER RETURN
# of
companies in
industry peer
set
30%
23%
16%
15%
13%
12%
11%
11%
10%
10%
9%
9%
9%
8%
8%
7%
5%
1%
-6%
-20%
Airlines
Metals and Mining
Personnel Services
Healthcare
Insurance
Media
Freight and Logistics
Banking
Chemicals
Pharmaceuticals
Food Products and HPC
Food Department Store
Alcoholic Beverages
Information Technology
Consumer Electronics
Semiconductor Equipement
Telecom
Dredging
Oil and Gas
Oil Equipment and Services

17. This graph plots the average revenue
growth against the profitability of each
industry. The profitability is measured by
the EBITDA margin.
Companies that are active in the
Pharmaceutical industry show the highest
average score on both profitability and
revenue growth. Contrastingly, the Oil and
Gas industry scores especially low on the
profitability measure.
In line with previous years, the pharmaceutical industry
remains a high performer on both profitability and
revenue growth.
Interpretation Results
17
AVERAGE REVENUE GROWTH VS PROFITABILITY PER INDUSTRY
0
5
10
15
20
25
30
35
-20 -15 -10 -5 0 5 10 15 20 25
Healthcare
Media
Banking
Oil and Gas
Dredging
Chemicals
Food Product and HPCs Airlines
Semiconductor Equipment
Metals and Mining
Consumer Electronics
Food Derpartment Store
Freight Logistics
Insurance
Personnel Services
Oil Equipment and Services
Telecom
Information Technology
Pharmaceuticals
Alcoholic Beverages
Profitability
Revenue Growth

18. Methodology
Current Performance
How the company has performed over the
past 3 years
Future Positioning
How the company is positioned for
future performance
Shareholder Performance
Ability to create shareholder value
Market Expectations
Ability to grow according to the
market expectations
Market Differentiation
Ability to improve profitability
Market Position
Ability to grow revenues
Fuel for Growth
Ability to extract capital to
invest in future growth
Profitability
Ability to generate profits
Revenue Growth
Ability to grow revenues
Consistency
Ability to consistently create
value over the last 3 years
To compare companies on a like-for-like basis, Accenture
Strategy has grouped almost 2000 companies from all
over the world by industry.
For more information please visit: www.accenture.nl/hpb
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20. Copyright © 2015 Accenture
All rights reserved.
Accenture, its logo, and
High Performance Delivered
are trademarks of Accenture.
About Accenture
Accenture is a leading global professional
services company, providing a broad
range of services and solutions in
strategy, consulting, digital, technology
and operations. Combining unmatched
experience and specialized skills across
more than 40 industries and all business
functions – underpinned by the world’s
largest delivery network – Accenture
works at the intersection of business and
technology to help clients improve their
performance and create sustainable value
for their stakeholders. With more than
358,000 people serving clients in more
than 120 countries, Accenture drives
innovation to improve the way the world
works and lives.
Visit us at www.accenture.com.
Contact the Authors
Sander van Ginkel
sander.van.ginkel@accenture.com
Peter Zuyderduyn
peter.zuyderduyn@accenture.com
Co-Authors
Paul van der Heijden
paul.van.der.heijden@accenture.com
Tim de Bie
tim.de.bie@accenture.com
About Accenture Strategy
Accenture Strategy operates at the
intersection of business and technology.
We bring together our capabilities in
business, technology, operations and
function strategy to help our clients
envision and execute industry-specific
strategies that support enterprise
wide transformation. Our focus on
issues related to digital disruption,
competitiveness, global operating
models, talent and leadership help drive
both efficiencies and growth. For more
information, follow @AccentureStrat or
visit www.accenture.com/strategy.