While many businesses are struggling in today’s economic climate, Giesecke & Devrient is prospering, reporting a 9% increase in net sales over the preceding year. Based in Munich, Germany, the company said net income exceeded the 100 million euro mark for the first time on sales of 1.7 billion euros.
All business units of the G&D Group presented high growth rates. Net income for the year increased by 16% to 111 million euros.
All three of Giesecke & Devrient’s business units–Banknote, Cards and Services, Government Solutions–improved on the results they achieved in 2007. With sales of 909 million euros–up 9.1% over the previous year–the Banknote business again delivered the highest contribution to Group revenues. The Paper and Printing divisions both benefited from an increased demand for complex security features.
Sales by the Cards and Services business unit increased year-on-year by 5.6% to 609 million euros. The Payment division again gained additional market shares, profiting especially from the ongoing migration from simple magnetic stripe cards to cards with embedded microprocessors. G&D was able to expand its position in this market sector, particularly in Canada, France and Spain.
Positive developments were also reported by the Government Solutions business unit, whose principal activities involve supplying security documents, passports and ID cards to government authorities. In 2008, this business unit increased its sales by 17.6% to nearly 159 million euros.
In 2008, with a customer base spread across 164 countries in addition to its domestic market, G&D generated 85 percent of its total net sales with customers outside Germany. The company also increased its global workforce in 2008, creating 930 new jobs at its sites around the world. By the end of 2008, the G&D Group had a workforce totaling nearly 10,000.