Letter from the Chairman of the Board of Management

Dear customers,
dear colleagues,

We are living in a world of rapid change. Constants that have become set in stone over many decades, such as a stable and affordable energy supply, crumbled away overnight in Germany and across Europe with the outbreak of the war in Ukraine. We have all witnessed – and still are witnessing – an array of mutually amplifying crises in the combination of war, collapsing supply chains, the corona­virus pandemic and surging inflation. In these particular times of uncertainty and risk, many people are striving for stability, orientation, normality and a safe, sustainable and liveable world. Last year, the TÜV NORD GROUP also did everything in its power throughout the world to achieve these goals. 

Our contribution to safeguarding Germany’s and Europe’s power supply was one of the main priorities of our work. Alongside our efforts to retrofit and maintain existing power plants, we devoted ourselves especially to forcing the pace of the energy transition. Whatever the task – whether it was to approve the design or monitor the construction of new on- and offshore windfarms, to design or certify photovoltaic systems; whether it involved green gas or the initiation of the hydrogen market – experts from the TÜV NORD GROUP were in action all over the world. We were particularly heavily involved in the construction of LNG terminals in German ports and the necessary pipeline network which is, in many places, in the process of being laid in readiness for the switch from natural gas to hydrogen. Our subsidiary DMT carried out seismology and mining projects in support of the exploration of natural resources deposits, including lithium, copper and rare earths, as the essential basic materials for regenerative energy systems. A further priority was our strong and active commitment to the implementation of the mobility turnaround through the electrification of car, bus and lorry fleets worldwide. 

Ever larger numbers of people are opting for the TÜV NORD GROUP as an employer. Last year, we carried out an intensive analysis of what it is that makes our Group especially attractive for young and experienced people alike. The answer was the sheer range of topic areas and individual development opportunities. We at the TÜV NORD GROUP are using our vision and values deep underground, above ground and way up in space to generate trust in new technologies and processes, ranging from Mining 4.0 through to cyber-secure quantum encryption in satellite communication. Over 14,000 people are working around the world on this extensive and unique portfolio of knowledge and services. And it’s at this point that I would like to extend a very warm welcome once again to all our new colleagues!

In the last twelve months we have pushed ahead strategically with our innovation and sustainability portfolio and added new operative units. Let’s take three examples:

  • Scottish start-up GSI uses machine learning and artificial intelligence to analyse image data of the Earth’s surface recorded by unmanned aerial vehicles and satellites. These data are contributing to the sustainable and efficient management of forested areas and agricultural land. Through the financial involvement of GSI, strong synergies are emerging between our ancestral inspection and certification services and new, AI-based image analysis technologies. 
  • With the acquisition of HTV, the TÜV NORD GROUP has put together a leading domestic and international product portfolio for automated semiconductor testing, programming and conservation. This takeover is a contribution to the development and resilience of the semiconductor industry, especially for Germany and Europe. 
  • TÜVLITA is the market leader in periodic vehicle inspections and vehicle assessments in Lithuania. The acquisition of nearly 30 testing stations, complete with a motivated and expert team, across the country has lent extra impetus to our ambitious business activities in the TIC field in the Baltic states, for example in energy security and information and communication technology.  

The TÜV NORD GROUP continued to chart a course of growth across all the business units in 2022. The Group performed better in respect of all relevant key ratios and managed once again to break its own revenue record, with sales of 1.45 billion euro (plus 6%). Operating profit before special items (EBIT) rose by 4.8 percent year on year, to 76.6 million euro. On behalf of the Board of Management and the Group Executive Committee, I would like to thank all our employees for the good result and their personal commitment. My heartfelt thanks also go out to our customers and suppliers for the trust they have shown in us and to our shareholders and the supervisory bodies and staff councils.

In 2022, we launched the biggest rebranding campaign in the 150-year history of our company. With new, standardised logos, digitally influenced colours and a fresh design, we set out our stall for our future progress. The sheer strength of the Group is laid out in facts and stories in the magazine, in the Corporate Responsibility and HR Reports, and in the financial statement of this annual report. 

What’s more, in 2023 we will continue to offer highly motivated support to our global customers with our diverse teams, wide ranging expertise and international experience. Our passion for innovation, lofty aims in relation to quality and compliance and broad base of technological knowledge will continue to drive us in the future.

Based on all the above, I am optimistic and, indeed, convinced that we will rise together to surmount the existing and future global challenges. 

Kind regards,

Dr. Dirk Stenkamp
Chairman of the Board of Management