TUV Rheinland Balance Sheet for 2010: A Good Year With Dynamic Growth
By Tuv Rheinland Ag, PRNEWednesday, April 6, 2011
Revenues Rise by 10.3% to EUR1.3 Billion
COLOGNE, Germany, April 7, 2011 - TUV Rheinland further accelerated its dynamic
growth in the 2010 financial year. The global testing service provider
increased its revenues by 10.3% to EUR1.3 billion. Net income in 2010 was the
best in company history. EBIT rose to EUR112.1 million compared with the
previous year's result of EUR91.9 million. This is an increase of more than
20%. At the same time, TUV Rheinland further increased its EBIT margin for
2010 to 8.6%, following 7.8% in the 2009 financial year.
Friedrich Hecker, Chief Executive Officer of TUV Rheinland AG, notes:
"We made good progress with our goal of becoming the most successful
sustainable and independent quality and safety inspection institution. With
our best net income level in our 140-year history, we achieved the targets in
2010 as we reach for our ultimate goal."
As in years past, Germany is the company's strongest region worldwide.
There, TUV Rheinland generated revenues of EUR713 million, up from EUR689
million in 2009 (+3.5%). Outside Germany, the company generated EUR590
million. This corresponds to 19.9% growth compared with 2009.
The largest single investment was the acquisition of Geris Engenharia e
Servicos in Sao Paulo, Brazil. Geris offers technical services, particularly
for the oil and gas industry, electricity producers and suppliers, as well as
for infrastructure projects in residential construction and logistics. The
company experienced strong growth in 2010 and achieved annual revenues of
around EUR30 million. TUV Rheinland also expanded its US rail technology
segment by acquiring Rail Science.
The number of employees rose in 2010: The average number of employees
rose from 13,804 to 14,412 in 2010, an increase of 4.4%. Since 2007, TUV
Rheinland has employed more than half its staff outside Germany. In 2010, the
annual average was 7,640 versus 7,050 one year earlier. In both China and
South America, TUV Rheinland has about 2,000 employees, plus more than 1,600
in Western Europe. In Germany, headcount rose slightly to 6,770.
Equity and cash flow also developed well. In 2010, equity was EUR288.6
million, with an equity ratio of 22.2%. The ratio was 19.7% in 2009. Cash
flow rose from EUR77.8 million in 2009 to slightly more than EUR100 million
in 2010. CFO Ulrich Fietz explains: "As a result, we are excellently
positioned to finance and make investments or interesting acquisitions."
All in all, TUV Rheinland investments rose in 2010 by almost 20% to
EUR79 million compared with the previous year. For the current financial
year, the company plans to increase its investments to EUR85 million.
TUV Rheinland is a global leader in independent inspection services,
founded 140 years ago. The Group maintains a presence at around 500 locations
in 61 countries with 14,500 employees. Annual turnover is EUR 1.3 billion.
The independent experts stand for quality and safety for people, the
environment, and technology in nearly all aspects of life. TUV Rheinland
inspects technical equipment, products and services, oversees projects and
helps to shape processes for companies. Its experts train people in a wide
range of careers and industries. To this end, TUV Rheinland employs a global
network of approved labs, testing and education centres. Since 2006, TUV
Rheinland has been a member of the United Nations Global Compact to promote
sustainability and combat corruption. Website: www.tuv.com
Contact:
Hartmut Mueller-Gerbes, Head of Corporate Media Relations and Marketing,
Fon: +49-221-8062657, E-Mail: presse@de.tuv.com
Hartmut Mueller-Gerbes, Head of Corporate Media Relations and Marketing,
Fon: +49-221-8062657, E-Mail: presse at de.tuv.com
Tags: April 7, Cologne, Germany, Tuv Rheinland Ag