DATEV’s Executive Board is extremely pleased with the company’s performance in 2016. The cooperative once again exceeded its goals, particularly with regard to sales revenue and earnings. Above all else, this is due to the extremely pleasing growth seen across all product groups. Due to the company’s outstanding sales performance, despite generating slightly lower earnings year over year, DATEV was able to pay out a larger cooperative refund in absolute terms, while keeping the cooperative refund ratio stable. DATEV’s asset and capital structure is balanced and is a sign of the company’s stable financial position. DATEV’s growth in the fiscal year once again significantly outpaced that of the industry or the economy as a whole.