Annual Report 2008

Giesecke & Devrient boosted sales by almost nine percent to approximately EUR 1.7 billion. Building on strong double-digit growth in 2007, the company continued its successful performance during fiscal 2008.

And as in 2007, all business units contributed in more or less equal measure to this ongoing expansion. G&D’s earnings situation was also gratifying, with double-digit growth in both gross and operating profit. In 2008, we continued pursuing our strategy to strengthen innovative power and customer focus. We once again stepped up spending on research and development and sales, paving the way today for tomorrow’s market success. Impacted by exchange rate effects and declining stock prices, Group earnings before interest and taxes (EBIT) remained at approximately the same level as fiscal 2007.

We were able to increase the value of Giesecke & Devrient by some EUR 100 million in 2008, as measured by our economic value added (EVA) indicator. In short, by systematically increasing investment as part of a sound financial policy, we were able to generate substantial liquidity. This leaves us well placed to continue along our successful long-term growth path despite current market challenges.

Key financial Data of the Giesecke & Devrient Group