Report of the Supervisory Board - tuv nord italia

Report of the General
Management
The new TÜV NORD Group had a successful
first business year. The bringing together of
the technical inspection agency activities
of TÜV Hannover/Sachsen-Anhalt e.V., TÜV
NORD e.V. and RWTÜV e.V. was effected at
the end of August 2004, and has retrospective
commercial effect as from 1 January 2004.
The new TÜV NORD Group started operating
without any delays resulting from the merger,
and has positioned itself among the leading
international providers of technical inspection
services.
Before the merger was effected, a new agreement
on wages and conditions was entered
into in order to create the conditions in the
area of human resources that were necessary
before the merger and restructuring could take
place. This agreement affords the staff security
The first meeting of the new Group management.
6
of employment and guarantees that acquired
pension and benefit rights will be maintained.
The restructuring of the Group will probably
be very largely completed towards the end
of 2005.
The economic fundamentals during the 2004
business year continued to be favourable
in other countries, but remained difficult in
Germany. Against this background, we regard
the consolidated sales revenues of €600.7
million and the results (EBT: €17.3 million;
EAT: €3.7 million) achieved in the merger year
as being satisfactory.
In the course of our reorganisation we have
divided our operations up into business units,
responsibility for each of which is assigned to
one member of the General Management.