Although our economic environment was impacted by the sluggish global economy and the continuing low oil price in some markets, we were able to achieve healthy growth, supported by our broad range of innovative services and our global presence on site near our customers.

The largest acquisition to date in the company history of TÜV SÜD also had a positive effect on our business performance, so that the financial performance indicators defined in the planning 2016 were exceeded.

From the Spanish ATISAE Group, TÜV SÜD ATISAE, S.A.U. (TÜV SÜD ATISAE), Madrid, and ATISAE de Castilla y León, S.A.U. (ATICAL), Miranda de Ebro, are now included as fully consolidated companies; ITV de Levante, S.A. (ITV Levante), Valencia, has been accounted for as a joint venture.

Our expectations regarding business development are derived from our existing services business. They are defined as organic growth. All segments saw positive revenue development. The INDUSTRY Segment fell short of the forecast growth rate for revenue, EBIT and EBIT margin. As a result of the contribution of the new Spanish companies, the MOBILITY Segment outperformed targets with the exception of the EBIT margin which fell slightly short of target. Excluding the value added of TÜV SÜD ATISAE and ATICAL, the MOBILITY Segment's revenue growth was within the expected range; the target figures EBIT and EBIT margin could not be fully achieved. The CERTIFICATION Segment met all expectations.

At € 198.8 million (up 22.4%), earnings before interest, before other financial result and before income tax, but after income from participations (EBIT), exceeded our expectations. At 8.5%, the EBIT margin was within the expected range, and higher than the prior-year EBIT margin (7.3%). Even without the first-time consolidation of the Spanish companies, we reached our forecast EBIT margin of 7.9%. However, at € 180.7 million, EBIT was outside the expected corridor. The EBIT development was influenced by revenue growth and higher personnel expenses. Both factors reflected the organic growth and external growth (portfolio changes). 3.0% of the rise in ­revenue (external growth) and 3.2% of the change in personnel expenses are attributable to TÜV SÜD ATISAE and ATICAL respectively. Non-recurring impairments of goodwill, intangible assets and items of property, plant and equipment were again necessary, but remained significantly below the prior-year level.

Adjusted EBIT, which is better suited for a multi-year comparison with other companies in the industry, at € 201.8 million is 6.3% above the prior-year figure (€ 189.9 million). At 8.6%, the adjusted EBIT margin is in the expected forecast range and is 0.1 percentage points above the prior-year figure.

Consolidated earnings before taxes (EBT) rose by 26.5% compared to the prior year. We thereby significantly exceeded our expectations. The higher EBIT starting point was positively impacted by the recognition through profit or loss of the prior year’s write-up through other comprehensive income of the existing stake held in TÜV SÜD ATISAE (formerly: Asistencia Técnica Industrial S.A.E. (ATISAE)) by about € 11 million. Adjusted EBT also attained the expected figure. The adjusted EBT margin saw an increase to 7.9% (prior year: 7.7%).

The consolidated result after taxes reached a record € 130.5 million (prior year: € 114.0 million).

At € 80.9 million, EVA for the TÜV SÜD Group is above the range we expected. This key indicator is calculated from the net operating profit after tax (NOPAT) of € 144.2 million less the Group’s cost of capital, yielded by the product of average capital employed (€ 904.3 million) and WACC of 7.0%. NOPAT was positively influenced by the development of business from the MOBILITY and CERTIFICATION Segments. In addition, the write-ups recognized through profit or loss on the existing stake held in TÜV SÜD ATISAE had a positive effect on income/loss from participations. Starting from a prior-year level that was already high, the average capital employed increased again, resulting in higher capital costs. A key factor here was the first-time consolidation of TÜV SÜD ATISAE and ATICAL with regard to investment assets and working capital.

The average increase in the number of employees (full-time equivalents) from 20,228 to 21,738 is above the expected range, mainly due to the addition of employees as a result of the acquisition in Spain.

Planning and management of the TÜV SÜD Group is based on IFRS. The key financial performance indicators defined for the TÜV SÜD Group are not relevant for TÜV SÜD AG in its function as a management holding company and are therefore not reliable.

Targets and results
20152016 outlook2016
Development compared to prior period
€ 2,222.0 million
Up to € 2.3 billion
3% – 5%
€ 2,343.2 million
Development compared to prior period
€ 162.4 million
– 5.7%
€ 185 to € 190 million

€ 198.8 million

EBIT margin

High single-percentage range
7% – 9%

EVA € 61.0 million € 65 to € 70 million € 80.9 million
Development compared to prior period


approximately 4%


Business development on target