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Mazars announces annual growth of 15.9% together with a strategic merger in China
15.9 % Annual Growth and a Key Merger in China
The auditing and tax advising firm Roever Broenner Susat Mazars is continuing its growth course with sales of 74.3 million euros in 2015. This result is based on a short financial year as the company shifted its business year after the merger with Mazars from December 31 to August 31, the end of the financial year for the international Mazars partnership. Two German partners were also elected into the international partnership. With these current key figures, Roever Broenner Susat Mazars is among the five largest country organisations in the global Mazars Group.
International success confirms advantages of global partnership
The international integrated Mazars partnership reported sales in the 2014/15 financial year (concluded 31 August 2015) of 1.253 billion euros. This corresponds to global growth of the company of 15.9%. This strong development confirms the advantages of an independent and fully integrated partnership, particularly the support from a single source as part of cross-border audits, for companies and business partners of the company.
The global growth is attributable to 6% organic growth and 6% external growth as well as a 3.9% currency effect. The inorganic effect is in particular from the merger with the long-standing German company RBS Roever Broenner Susat, which had been announced in April 2015. Through the integration in Germany, the international Mazars partnership with Roever Broenner Susat Mazars is now in ninth place in the Lünendonk rankings of the leading auditing and tax advising firms in Germany. This strong position in Germany makes the company very interesting in the eyes of international entrepreneurs: for them, Germany is the hub to Europe, where the roots of Mazars lie.
Merger with ZhongShen ZhongHuan in China
Mazars is pursuing a dynamic growth course around the world driven by the international involvement of its business partners. The international Mazars Group finalised a merger with Chinese auditing firm ZhongShen ZhongHuan in December 2015. The future Mazars country organisation in China will bring together more than 1,800 professionals, including 83 partners, at 15 locations in all major cities in the country. After the merger, the new Chinese company will generate 7% of the sales of the Mazars Group.
Strong partner for banks and insurance companies
Mazars is the leading auditing firm in financial services in China, particularly in the bank and insurance industries. Over the next two years Mazars will combine this specialised expertise with ZhongShen ZhongHuan’s market reach. The result will be a particularly strong and highly specialised provider of comprehensive services for banks and insurance companies. Mazars is thus advisable as the first choice especially with a view to the next mandatory audit rotation for banks in China in two years. At the same time, the structure of Mazars in China corresponds to the strict requirements of the Chinese government for auditing firms: the majority of the employees are Chinese auditors and accountants; Mazars is not an American company but rather an international partnership with strong European roots.
“The merger between Mazars in China and ZhongShen ZhongHuan is only the beginning,” says Mr Guangsong Huang, Chairman of the Board of ZhongShen ZhongHuan. “The unique partnership model will attract more organisations and teams, which means we should be able to announce additional steps in development in 2016.”
With the merger in China as well as the assimilation of further companies in countries such as Australia, Italy, Mozambique, Cyprus and Germany in 2015, Mazars is strengthening its position in the growth markets of every continent. Today, the international Mazars partnership can support companies seamlessly in 77 countries around the world as a powerful full-service company with multidisciplinary services across borders.
“After the integration of RBS Roever Broenner Susat in Germany in 2015, this merger in China is not only a significant boost to Mazars’ presence and capacities, it also strengthens our position in one of the world’s leading economies,” says Philippe Castagnac, CEO of the international Mazars Group and Chairman of the Executive Board.
China: Germany’s largest trade partner in Asia
The unique structure of the global Mazars Group, the integrated partnership, offers Chinese clients as well as companies that are active internationally and are or would like to be active in China clear benefits with stronger teams and larger offices in all major Chinese cities. Clients of ZhongShen ZhongHuan will receive significantly improved support with their international business through the merger with Mazars. This applies in particular to large public undertakings and investments as part of the “One Road, One Belt” policy.
This initiative, also known as the Silk Road Economic Belt, is designed to serve as the basis for a new type of international relationship particularly in the connectivity between Asia and Europe. Mazars is shaping and driving this process forward within the international partnership for the benefit of its clients. Mazars is an interesting partner for international German small- and medium-sized enterprises in particular following the growth in Germany and in China in the past twelve months.
Roughly 8,000 German companies are currently active in China; 2,000 Chinese companies are represented in Germany. The Chinese market is also a fast-growing market for renowned brands. China is already the largest sales market for VW and BMW; the sales volume for Mercedes-Benz in China is higher than in the USA. Infineon has announced investments of 300 million USD for the construction of a second plant in Wuxi. BASF recently opened a production facility in Maoming with an annual capacity of 180,000 tonnes of isononanol.
The perspectives are great for the potential for growth of the economic and trade relations between Germany and China. Synergistic opportunities will arise from the interplay of the Chinese economic initiative “Made in China 2025” and the activities surrounding “Industrie 4.0” in Germany. The manufacturing sector is highly developed in Germany while the IT industry is flourishing in China. Both sides have their advantages – the bilateral cooperation offers benefits for companies in both countries.
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