In fiscal year 2016, revenue growth was driven in almost equal parts by the organic growth of our existing companies and the acquisition of the Spanish TÜV SÜD ATISAE and ATICAL. We therefore achieved the projected revenue target of up to € 2.3 billion, despite negative currency effects.

Our global presence, expertise in our core areas as well as our comprehensive and innovative service portfolio guarantee stable growth.

All segments again made a positive contribution to consolidated revenue growth. With the exception of the AMERICAS, the geographic segments, including our core market of Germany, saw positive revenue development.

Both EBIT and adjusted EBIT developed positively. The EBIT margin increased to 8.5% (prior year: 7.3%). The adjusted EBIT margin is marginally higher at 8.6% (prior year: 8.5%), since the one-off effects eliminated in 2016 were on a smaller scale than the prior year. The purchased service cost, which had risen at a lower rate compared to revenue, and compensating effects from the change in other expenses and other income impacted the EBIT development positively. Personnel expenses grew significantly more strongly than revenue, also due to the acquisition in Spain, and thus dampened an even more favorable EBIT development. Adjusted earnings before taxes (EBT) developed positively, as did the adjusted EBT margin, which increased by 0.2 percentage points to 7.9% (prior year: 7.7%).

The acquisition of the Spanish ATISAE Group as well as the one-off additions to the pension assets were financed by cash flow from operating activities. TÜV SÜD has comfortable liquidity, which is secured for the long term thanks to our good credit ratings and the existing syndicated credit line.

With a balanced product portfolio, we offer high-quality, innovative and sophisticated services worldwide across industries and national borders while maintaining impartiality and objectivity. To be able to respond to changes in market expectations, this objective is regularly reviewed and updated as and when necessary. In this way, we want to ensure the positive business development of TÜV SÜD now and in the future.

Business development largely met our expectations. In the anniversary year we achieved the largest acquisition so far and we generated the highest consolidated net income of our 150-year company history.

Summary review of the situation