Report of the Supervisory Board - tuv nord italia

TÜV NORD GmbH will in future simply be
the management and holding company of
TÜV NORD Group.
TÜV NORD GmbH’s earnings before tax
(EBT) from ordinary activities amounted to
€22.2 million. The company finished the
2004 business year with an annual surplus
of €11.3 million.
The major negative influence on TÜV NORD
GmbH’s result was the implementation of
support measures for Group companies,
which cost €3.6 million.
The credit balances with banks amounting
to €35.4 million consist of short-term money
market investments. At the end of the year,
TÜV NORD GmbH had shareholders’ equity
amounting to €136.6 million. This represents
an equity ratio of 38.7%.
26
Outlook for 2005
The uncertainties about the development of
the overall economy remain just as great at
the beginning of the new business year. Most
growth forecasts for 2005 assume that there
will be only a moderate economic recovery
in Germany. In other countries, however, and
in particular in the Eastern Europe, Asia and
America regions, above-average growth is
expected. Assuming that these forecasts
are fulfilled, we expect TÜV NORD Group’s
business to show steady development. The
potential afforded by the merging of activities
will also increasingly be realised on both the
cost and the revenue side.
Hanover, 5 April 2005
TÜV NORD GmbH
The General Management