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OUR SUB-GROUPS.

With a long-term
approach, entrepre-
neurship and our
sights set on the
future, we continue
our growth journey.

Organic growth among our major subsidiary groups continues to develop in the same positive
direction as in previous years. Our entrepreneurial and decentralised leadership plays a major role
in this progress. Our stability, security and strength come from allowing local drive and energy
create our success. This is true for us both as a group and as an employer. It’s also especially impor-
tant when in a world in which we must grapple with the uncertainty and worry caused by events
beyond our control.

Despite the current state of the world, all our subsidiary groups continue to demonstrate their
ability to build trust, deliver quality solutions, and create long-lasting business relationships with
their customers. And they’re doing it so well that their results for this past year are proving to be
their best ever.