General: The Dürr Group is one of the world's leading mechanical and plant engineering companies with expertise in automation. Products, systems and services offered by the Group enable highly efficient manufacturing processes in different industries. Dürr supplies not only the automotive industry but also other sectors such as the mechanical engineering, chemical and pharmaceutical industries and, since the takeover of HOMAG Group AG in October 2014, the woodworking industry. The Group has 92 business locations in 28 countries with around 15,200 employees. Dürr operates in the market via five divisions: Paint and Final Assembly Systems, Application Technology, Measuring
and Process Systems, Clean Technology Systems and Woodworking Machinery and Systems.
As of 31 March 2017, Heinz Dürr GmbH held 25.3%, Heinz und Heide Dürr Stiftung held 3.5%, The Goldman Sachs Group held between 5% and 10% and Deutsche Bank AG, Morgan Stanley, Deutsche Asset Management Investment GmbH, Alecta Pensionsförsäkring and AXA S.A. each held between 3% and 5% of the Company's shares.
In financial year 2016, Group revenues decreased by 5.1% to EUR 3.6bn, EBIT increased by 1.3% to EUR 271.4m and net income attributable to shareholders of Dürr AG increased by 12.6% to EUR 181.9m.
Item 5: Ernst & Young, Stuttgart, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that Ernst & Young has audited the Company since at least the financial year 1998 (no earlier data available) which exceeds our maximum acceptable term of office. We consider a longer term of office may impair the auditor's independence. We therefore recommend opposing the re-election of Ernst & Young as auditor.