Revenues Rise by 10.3% to EUR1.3 Billion
Earnings Grow by 20% to EUR112.1 Million
EBIT Margin of 8.6%
Investments Increase to EUR79 Million
More Than 14,400 Employees Worldwide
COLOGNE, Germany, April 7 /CNW/ - 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
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
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
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
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: http://www.tuv.com
SOURCE TUV Rheinland AG
For further information:
Hartmut Mueller-Gerbes, Head of Corporate Media Relations and Marketing, Fon: +49-221-8062657, E-Mail: email@example.com