CLOSE-UP Annual Report 2011 CLOSE-Up Annual report 2011

  • Published on
    01-Jan-2017

  • View
    226

  • Download
    4

Embed Size (px)

Transcript

  • Tv Sd Ag

    Tv SdCLOSE-UPAnnual Report2011

    Germany

    Munich USAPhiladelPhia

    South Africa

    CAPE TOWN

    33 55' s 18 25' E

    39 57' N 75 10' w

    48 09' N 11 35' E

    India

    New delhi

    28 40' N 77 13' E

    Tv Sd AGWestendstr. 199

    80686 Munich / Germanyphone:// +49 (0)89 5791-0fax:// +49 (0)89 5791-1551mail:// info@tuev-sued.de

    : // Tuev-Sued.com

    ImprInt

    Published byTVSD AG Westendstr. 199 80686 Munich / Germany

    phone / +49 (0)89 5791-0 fax / +49 (0)89 5791-1551

    mail / info@tuev-sued.de web / www.tuev-sued.com

    TV SD AG / Munich. All rights reserved.

    Corporate CommunicationsMatthias Andreesen Viegas Jrg Riedle

    Corporate Finance & AccountingReinhold Haas

    PhotographySouth Africa Frederic Streicher Corbis: Angelo Cavalli

    Germany Tillmann Franzen Corbis: Ocean, Paul Russel, Stevens Fremont

    India Sorin Adrian Morar Corbis: Rob Melnychuk, Photo Alto

    DesignStrichpunkt GmbH, Stuttgart and Berlin

    www.strichpunkt-design.de

    Production G. Peschke Druckerei GmbH, Munich

    Tv Sd Ag: // Tuev-Sued.COM Tv

    Sd

    Ag

    An

    nu

    Al

    RepO

    RT

    2011

    Clo

    Se-U

    p

    tv SdCLOSE-UpAnnual report2011

    195195 212 21216

    60050

    COunTRIeS

    lOCATIOnS

    eMplOYeeS

    17,161

    48 09' N 11 35' E

    33 55' s 18 25' E

    28 40' N 77 13' E

    39 57' N 75 10' w

  • Tv Sd AgTv

    Sd

    Ag

    Tv Sd AGWestendstr. 199

    80686 Munich / Germanyphone:// +49 (0)89 5791-0fax:// +49 (0)89 5791-1551mail:// info@tuev-sued.de

    An

    nu

    Al

    Repo

    Rt

    2011

    Clo

    se-U

    p

    : // Tuev-Sued.com

    Tv SdCLOSE-UPAnnual Report2011

    Germany

    Munich USAPhiladelPhia

    South Africa

    CAPE TOWN

    33 55' s 18 25' E

    39 57' N 75 10' w

    48 09' N 11 35' E

    India

    New delhi

    28 40' N 77 13' E

    60050

    COUNTRIES

    LOCATIONS

    EMPLOYEES

    17,161210 21015 195

  • ImprInt

    Published byTVSD AG Westendstr. 199 80686 Munich / Germany

    phone / +49 (0)89 5791-0 fax / +49 (0)89 5791-1551

    mail / info@tuev-sued.de web / www.tuev-sued.com

    TV SD AG / Munich. All rights reserved.

    Corporate CommunicationsMatthias Andreesen Viegas Jrg Riedle

    Corporate Finance & AccountingReinhold Haas

    PhotographySouth Africa Frederic Streicher Corbis: Angelo Cavalli

    Germany Tillmann Franzen Corbis: Ocean, Paul Russel, Stevens Fremont

    India Sorin Adrian Morar Corbis: Rob Melnychuk, Photo Alto

    DesignStrichpunkt GmbH, Stuttgart and Berlin

    www.strichpunkt-design.de

    Production G. Peschke Druckerei GmbH, Munich

    Division

    Strategic business segment

    InDuSTRY SeRVICeS

    ReAl eSTATe SeRVICeS

    RAIl

    InDuSTRY

    TV SD

    PRODuCT SeRVICeS

    MAnAGeMenT SeRVICeS

    ACADeMY

    CeRTIFICATIOn

    1,271

    1,356

    1,410

    1,553

    1,678

    2007

    2008

    2009*

    2010*

    2011*

    * From continuing operations

    F 01 tV SD StrUCtUrE

    F 04 rEVEnUE (In mILLIOnS)

    F 03 rEVEnUE BY StrAtEGIC BUSInESS SEGmEnt (%)

    AuTO SeRVICeS

    AuTOMOTIVe

    MOBIlITY

    lIFe SeRVICeS

    F 02 HEADCOUnt

    13,185

    2007

    14,138

    2008

    16,058

    2010*

    14,459

    2009* 2011*

    17,161

    t 01 KEY FIGUrES

    THe GROuP AT A GlAnCe

    2007 2008 2009* 2010* 2011*

    IFRS IFRS IFRS IFRS IFRS

    Business development (in millions)

    Revenue 1,270.7 1,365.2 1,409.9 1,552.5 1,677.7

    Personnel expenses 725.7 795.2 847.0 900.1 986.2

    Cash flow from operating activities 123.6 178.8 150.4 144.9 154.6

    Capital expenditures 39.7 68.5 45.5 52.2 64.4

    Income before taxes 115.9 106.7 101.6 123.4 133.6

    Consolidated net income 52.1 68.6 72.4 74.6 107.2

    eBT margin (%) 9.1 7.8 7.2 7.9 8.0

    eBT margin, adjusted (%) 8.0 8.7 8.2 7.2 7.2

    eBIT margin (%)** 9.1 8.9 8.7 9.2 9.5

    eBIT margin, adjusted (%)** 10.2 9.8 9.7 8.5 8.5

    Assets (in millions)

    non-current assets 716.2 749.0 761.7 823.2 824.1

    Current assets 377.5 413.6 494.0 551.3 605.9

    Total assets 1,093.7 1,162.6 1,255.7 1,374.5 1,430.0

    equity ratio (%) 26.9 32.5 32.0 34.3 37.7

    Employees (annual average)

    Full-time equivalents 12,360 13,122 13,748 14,662 16,018

    Employees (as of December 31)

    Headcount 13,185 14,138 14,459 16,058 17,161

    * From continuing operations** eBIT: earnings before interest, before currency translation gains/losses from financing measures and before income taxes;

    including income from participations

    CeRTIFICATIOn 24.9

    InDuSTRY 39.6

    MOBIlITY 35.4

    OTHeR 0.1

    2011

    * Before taxes

    1,677.7 133.6 64.4 revenue income*capital

    expenditures

  • ImprInt

    Published byTVSD AG Westendstr. 199 80686 Munich / Germany

    phone / +49 (0)89 5791-0 fax / +49 (0)89 5791-1551

    mail / info@tuev-sued.de web / www.tuev-sued.com

    TV SD AG / Munich. All rights reserved.

    Corporate CommunicationsMatthias Andreesen Viegas Jrg Riedle

    Corporate Finance & AccountingReinhold Haas

    PhotographySouth Africa Frederic Streicher Corbis: Angelo Cavalli

    Germany Tillmann Franzen Corbis: Ocean, Paul Russel, Stevens Fremont

    India Sorin Adrian Morar Corbis: Rob Melnychuk, Photo Alto

    DesignStrichpunkt GmbH, Stuttgart and Berlin

    www.strichpunkt-design.de

    Production G. Peschke Druckerei GmbH, Munich

    Division

    Strategic business segment

    InDuSTRY SeRVICeS

    ReAl eSTATe SeRVICeS

    RAIl

    InDuSTRY

    TV SD

    PRODuCT SeRVICeS

    MAnAGeMenT SeRVICeS

    ACADeMY

    CeRTIFICATIOn

    1,271

    1,356

    1,410

    1,553

    1,678

    2007

    2008

    2009*

    2010*

    2011*

    * From continuing operations

    F 01 tV SD StrUCtUrE

    F 04 rEVEnUE (In mILLIOnS)

    F 03 rEVEnUE BY StrAtEGIC BUSInESS SEGmEnt (%)

    AuTO SeRVICeS

    AuTOMOTIVe

    MOBIlITY

    lIFe SeRVICeS

    F 02 HEADCOUnt

    13,185

    2007

    14,138

    2008

    16,058

    2010*

    14,459

    2009* 2011*

    17,161

    t 01 KEY FIGUrES

    THe GROuP AT A GlAnCe

    2007 2008 2009* 2010* 2011*

    IFRS IFRS IFRS IFRS IFRS

    Business development (in millions)

    Revenue 1,270.7 1,365.2 1,409.9 1,552.5 1,677.7

    Personnel expenses 725.7 795.2 847.0 900.1 986.2

    Cash flow from operating activities 123.6 178.8 150.4 144.9 154.6

    Capital expenditures 39.7 68.5 45.5 52.2 64.4

    Income before taxes 115.9 106.7 101.6 123.4 133.6

    Consolidated net income 52.1 68.6 72.4 74.6 107.2

    eBT margin (%) 9.1 7.8 7.2 7.9 8.0

    eBT margin, adjusted (%) 8.0 8.7 8.2 7.2 7.2

    eBIT margin (%)** 9.1 8.9 8.7 9.2 9.5

    eBIT margin, adjusted (%)** 10.2 9.8 9.7 8.5 8.5

    Assets (in millions)

    non-current assets 716.2 749.0 761.7 823.2 824.1

    Current assets 377.5 413.6 494.0 551.3 605.9

    Total assets 1,093.7 1,162.6 1,255.7 1,374.5 1,430.0

    equity ratio (%) 26.9 32.5 32.0 34.3 37.7

    Employees (annual average)

    Full-time equivalents 12,360 13,122 13,748 14,662 16,018

    Employees (as of December 31)

    Headcount 13,185 14,138 14,459 16,058 17,161

    * From continuing operations** eBIT: earnings before interest, before currency translation gains/losses from financing measures and before income taxes;

    including income from participations

    CeRTIFICATIOn 24.9

    InDuSTRY 39.6

    MOBIlITY 35.4

    OTHeR 0.1

    2011

    * Before taxes

    1,677.7 133.6 64.4 revenue income*capital

    expenditures

  • For almost 150 years, TVSD experts have been working to make our world a safer place. Their aim: to maintain a decisive technological edge on the com-petition. Each and every day, more than 17,000 employees give serious consid-eration to the issues that concern people today and that will concern them in years to come. Our experts and engineers share the common goal of bringing together people, technology and the environment. At more than 600 locations in some 50 countries, they increase safety and add economic value for our customers. Leveraging innovative services, they optimize technology, systems and expertise. In a series of close-ups, this annual report examines some of the specific questions our employees have been concerned with during the past year and that, we believe, concern people the world over: How, given the growing popula-tion, can we enable mobility in the future? What has to be done to make sure the new energy concept succeeds? How do we ensure the safety and quality of food? And, in addition to all this, how can we get even closer to our customers? We invite you to check out our close-ups and join us on a voyage of discovery through the world of TV SD.

  • Management and Supervisory Board

    1Close-up

    2Group Management Report

    3Consolidated Financial Statements

    42

    1 2 3 4 ManageMent and SuperviSory Board i CloSe-up i group ManageMent report i ConSolidated FinanCial StateMentS

  • 50 I Business operations

    58 I Macroeconomic development and developments

    in relevant markets

    63 I Business review and economic situation

    66 I Net assets, financial position and results of operations

    82 I Non-financial performance indicators

    93 I Risk report

    100 I Subsequent events

    100 I Foundation

    101 I Opportunities and outlook

    6 I Message from the Board of Management

    10 I On site worldwide

    12 I Supervisory Board report

    16 I E-Mobility

    The future is an open road

    24 I EnErgy

    The untapped resource

    32 I FooD

    Our daily bread

    40 I growth

    In Africa

    106 I Consolidated income statement

    107 I Consolidated statement of comprehensive income

    108 I Consolidated statement of financial position

    109 I Consolidated statement of cash flows

    110 I Consolidated statement of changes in equity

    112 I Notes to the consolidated financial statements

    162 I Auditors report

    163 I Corporate boards

    taBle oF ContentS

    3

    TV SD ANNUAL REPORT 2011

  • 4

    1 2 3 4 ManageMent and SuperviSory Board i CloSe-up i group ManageMent report i ConSolidated FinanCial StateMentS

  • Content

    Page 6

    Message froM the

    Board of ManageMent

    Page 10

    on site worldwide

    Page 12

    supervisory Board

    report

    Chapter 1Management and Supervisory Board

  • Content

    Page 6

    Message froM the

    Board of ManageMent

    Page 10

    on site worldwide

    Page 12

    supervisory Board

    report

  • axel Stepken

    peter klein

    dirk eilerS

    HorSt SCHneider

    karSten xander

  • MeSSage FroM tHe Board oF ManageMent

    ladieS and gentleMen,Throughout the world, 2011 was characterized by economic and political changes. TVSD

    developed well in this environment in the past year.

    Our company recorded organic growth of almost 10%. Overall, our growth totaled more than 8%,

    as we sold some subsidiaries in Asia and Europe for strategic reasons in 2011. At just under 1.7 billion,

    revenue reached a new record level, with all strategic business segments again contributing to

    this positive development. Since 2007, our revenue has increased by 32%. Income before taxes also

    increased by more than 8% year-on-year to 134 million in 2011. The return on sales, calculated using

    income before taxes, stands at 8%. Consolidated net income for the year also increased significantly

    in 2011.

    These figures show that growth and earnings power go hand in hand at TV SD. We want to grow

    profitably and we have achieved this goal yet again in 2011.

    We generated around 35% of our revenue outside Germany in 2011 two percentage points more than

    the prior year. We aim to increase this figure to 40% in the medium term.

    The economic performance of TVSD is also reflected in the statement of financial position. Our

    equity ratio increased again in 2011 and now stands at almost 38%. This creates power and independ-

    ence for TV SDs future development.

    We are leveraging this power to continue investing in the companys future: we spent some 64 million

    for this purpose in 2011. The investment volume for 2011, excluding business acquisitions, was there-

    fore some 23% up on the prior-year figure.

    7

    TV SD ANNUAL REPORT 2011

  • Our sustainable growth also received external recognition in the past year: in the fall of 2011,

    TVSD won the bronze medal in the coveted TOP 500 Award presented by Die Welt publishing

    group, placing us third among Germanys leading companies. The jury praised our sustainable revenue

    and earnings growth during the past five years as well as the innovative power and successful

    globalization of our business. Before that, TVSD had won strategy consulting firm Roland Bergers

    Best of European Business award for its successful expansion strategy in South-East Asia in

    February 2011.

    Our economic strength is also the basis for safeguarding jobs and increasing headcount. TVSD

    created around 1,100 new jobs in the past year most of them abroad, and around 400 in Germany. At

    year-end, 17,161 people worked for our company worldwide. TVSD is increasingly regarded as

    an attractive employer: in 2011, we placed high in several respected employer rankings ahead of our

    competitors. We are very proud of this result, because we know that TV SDs success is due above

    all to the knowledge and hard work of our employees all around the world. They guarantee the success

    of this company. As the Board of Management of TV SD, we would like to thank all employees for

    their efforts in 2011.

    Business development in 2011 shows that our company is in a good position. The strategic realignment

    of the past years is bearing fruit. We pressed ahead with this process in 2011 and began streamlining

    our service portfolio as part of the TVSD FIT 2012+ program. This gives us the scope to target investments

    in the strategic growth areas and thus continue our international expansion.

    We are concentrating our strengths in our core competencies. To this end, we have taken another

    step toward focusing our activities through divestitures, including the sale of the TVSD Life

    Science division and the student training business. At the same time, we are creating opportunities

    for our future growth through targeted acquisitions.

    We are currently working systematically on improving our position in international growth markets

    and want to win new market segments and develop new target groups. In the past year, we further

    strengthened our international competitiveness, above all in Asia, South Africa, Western Europe and

    North America, by stepping up the globalization of our activities.

    ManageMent and SuperviSory Board i CloSe-up i group ManageMent report i ConSolidated FinanCial StateMentS

    8

    1 2 3 4

  • In addition to developing new markets, we are using systematic innovation management to tap into

    the potential of future technologies. Whether in electromobility, renewable energies, embedded

    systems or energy efficiency our customers of today can count on our knowledge and understanding

    of the technologies of tomorrow. But thats not all: we actively help shape these disciplines and make

    our knowledge available to others.

    For example, we have been active in the field of electromobility for several years. In 2011, our activities

    included developing a worldwide network of battery test labs with its main facility in Garching near

    Munich. At this lab, which provides more than 1,000 square meters of laboratory space and considerably

    more than 100 test stations, we test batteries for safety, power and reliability under extreme conditions.

    The new test lab in Germany supplements our facilities in the USA, Canada, Singapore, China and the

    UK. Other facilities in Korea and China will follow in 2012. Our goal is clear: we want to become the

    top international provider of testing and certification services for safety in electromobility.

    We are working every bit as systematically on many other fields of innovation. For example, we are

    active in the area of embedded systems. These integrated systems are playing a key role in our

    increasingly automated and networked world. They are the brain of many devices and systems, and

    are deployed for measuring, controlling and regulation tasks in all sectors. O...