NIVEA VISAGE Expert Lift: Innovative Products for Women over 50.

Transcription

1 Interim Report January September NIVEA VISAGE Expert Lift: Innovative Products for Women over 50.

2 Contents 03 Business Developments Overview 04 Segment Overview 05 Top Topics 06 The Beiersdorf Share Interim Management Report Group 07 Results of Operations Group 08 Results of Operations Business Segments 12 Balance Sheet Structure Group 13 Financial Position Group, Employees 14 Other Disclosures, Opportunities and Risks 15 Outlook for Interim Consolidated Financial Statements 16 Income Statement, Balance Sheet 17 Cash Flow Statement 18 Statement of Changes in Equity, Statement of Recognized Income and Expense 19 Selected Explanatory Notes About the cover: The majority of today s women between the ages of 50 and 60 are active and feel significantly younger than they are. Therefore, it s no wonder they don t want to look older and like to use innovative, effective anti-aging products. NIVEA VISAGE s new Expert Lift face care range is tailored to the needs of women s skin over the age of 50, supplementing the extensive product range in the anti-age segment. With regular use, the intensive moisturizing formula tightens facial contours from within and helps give skin a noticeably firmer and smoother appearance. The total 2 care system consists of a day cream, night cream, and eye cream, as well as a beauty tonic. Beiersdorf Interim Report January September

3 Business Developments Overview Business Developments Overview Dynamic Sales Growth Continues Sales growth of 11.8% (adjusted for currency translation effects) EBIT margin* at 12.1% Profit after tax* 394 million Outlook for Fiscal Year Sales growth (organic) above 8% EBIT margin* (without acquisitions) up on previous year Beiersdorf at a Glance Jan. 1 Sept. 30, Jan. 1 Sept. 30, in million (unless otherwise stated) Sales 4,167 4,547 Change in % (adjusted for currency translation effects) Change in % (organic) Change in % (nominal) Consumer 3,531 3,892 tesa Operating result (EBIT) Operating result (EBIT, excluding special factors)* Profit after tax Profit after tax (excluding special factors)* Return on sales after tax in % Return on sales after tax in % (excluding special factors)* Earnings per share in Earnings per share in (excluding special factors)* Gross cash flow Capital expenditure (incl. financial assets) Research and development expenses Employees (as of September 30) 17,285 21,732 Sales Jan. 1 Sept. 30 Full year 3,855 5,120 4,167 5,507 4,547 Profit after Tax* Jan. 1 Sept. 30 Full year Sales growth (adjusted for currency translation effects) in % Return on sales after tax* in % * Excluding special factors due to the realignment of the Consumer Supply Chain (exclusively in Europe). Beiersdorf Interim Report January September 3

4 Segment Overview Business Developments by Business Segment Sales July 1 Sept. 30, % of total July 1 Sept. 30, % of total % of total % of total Change in % adj. for curr. nominal trans. effects Consumer 1, , , , tesa Total 1, , , , EBITDA July 1 Sept. 30, July 1 Sept. 30, Change in % nominal Consumer tesa Total Operating Result (EBIT) July 1 Sept. 30, July 1 Sept. 30, Change in % nominal Consumer Consumer (excluding special factors)* tesa Total Total (excluding special factors)* Gross Cash Flow July 1 Sept. 30, July 1 Sept. 30, Change in % nominal Consumer tesa Total Business Developments by Region Sales July 1 Sept. 30, % of total July 1 Sept. 30, % of total % of total % of total Change in % adj. for curr. nominal trans. effects Europe , , Americas Africa /Asia/Australia Total 1, , , , Operating Result (EBIT) July 1 Sept. 30, July 1 Sept. 30, Change in % nominal Europe Europe (excluding special factors)* Americas Africa /Asia/Australia Total Total (excluding special factors)* * Excluding special factors due to the realignment of the Consumer Supply Chain. Figures in percent are calculated based on thousands of euros. 4 Beiersdorf Interim Report January September

5 Segment Overview Top Topics Top Topics Brand Experience: New NIVEA Houses in Dubai and Berlin Following the resounding success of the NIVEA Haus in Hamburg, Beiersdorf is opening Houses number two and three. The basic idea behind the Houses being close to consumers and offering them easy access to quick, relaxing wellness treatments will be transposed to the new locations in Dubai (opening in November ) and Berlin (opening in Spring 2009), and will be tailored to changing wishes and local needs. Like the NIVEA Haus in the Company s home city, the new NIVEA Houses have prime locations: The House in Dubai is situated in the world s largest shopping center, the Dubai Mall, while the NIVEA Haus in Berlin is being built near the Brandenburg Gate on the boulevard Unter den Linden. NIVEA: Brand Leader in Poland Records Strong Growth NIVEA Polska Sp. z o.o., one of the largest and most successful cosmetics companies in Poland, can point to above-average growth: In, the company s non-group sales increased by 17.2% compared with the previous year to 551 million zloty (approx. 146 million). Continued strong growth is also expected for the coming years. NIVEA leads the market for skin and beauty care in six product categories in Poland. In addition to face care, these include the deodorants, hand and body care, baby care, men s care, and lip care segments. The Polish production facility in Poznán was expanded in, and is now one of Beiersdorf s key locations: 90% of its production volume is exported to 34 countries on six continents. Award for Beiersdorf s Research and Development Beiersdorf s research and development has won an award for its technology management from the internationally renowned Fraunhofer Institute IPT. The prize went to a total of five out of 170 European companies researched. At Beiersdorf, the only prizewinner in the consumer goods segment, the judges emphasized not only the strong focus on consumers during product development but also the Company s systematic project evaluation, its use of IT platforms to manage knowledge, patents, and projects, and its corporate culture. Groundbreaking innovations and excellent product quality have always been the foundation of Beiersdorf s success. Most of the research takes place at the Skin Research Center in Hamburg the largest and most advanced facility of its kind in Germany, and one of the most important in the world. Further Company information can be found on the Internet at Beiersdorf Interim Report January September 5

6 The Beiersdorf Share The third quarter saw continuing tension on the financial markets throughout the world. The crisis that spilled over from the US banking market to Europe and Asia also had a tangible impact on the stock markets, with financial stocks weighing heavily on key European indices. Shortly thereafter, news of possible measures to stabilize the banking sector led to price movements of historic proportions. In addition, continuing high commodities prices and adjustments on the real estate markets impacted the global economy. Ongoing strong inflationary pressure led to a high degree of uncertainty, while cost pressure indicators trended upwards. The European Central Bank considered alleviating the situation by cutting interest rates, but did not implement them in the third quarter. International stock market performance directly reflected investors changing moods. As a result, the DAX also changed direction frequently, with a relatively stable phase at mid-quarter being followed by a clear downward trend. This key German index closed the quarter at 5,831 points. The consumer goods manufacturers in the European HPC (Household and Personal Care) Index published their quarterly figures in August. Although stock valuations for the sector continued to be extremely low even after this, investors remained hesitant due to the financial crisis. The HPC Index recorded high volatility and was unable to distance itself clearly from the other indices at the end of the third quarter. Beiersdorf shares held their own over the course of the third quarter. The share price clearly broke away from the indices, gaining significant ground against the market trend at the end of the quarter. The second quarter results and information on the acquisition in China, which were presented in the course of a conference call, were initially received cautiously by the markets. The management provided information on the background to the acquisition and the current market assessment in a large number of discussions with capital market players including two investor conferences in London and a roadshow in Edinburgh. Following at times uneven performance in an extremely volatile environment, the shares closed the quarter at Beiersdorf Share Price Performance July September 110 Relative change in % Beiersdorf DAX MDAX July 1, Aug. 6, Sept. 3, Beiersdorf Interim Report January September

7 Interim Management Report Group Results of Operations Group Sales growth of 11.8% EBIT margin (excluding special factors) at 12.1% Profit after tax (excluding special factors) 394 million In the period up to and including the third quarter, the Group achieved sales growth of 11.8% (adjusted for currency translation effects). The Consumer business segment contributed to this strong result with sales up 13.0%, while tesa sales rose by 4.8%. At current exchange rates, sales rose by 9.1% to 4,547 million (previous year: 4,167 million). Income Statement Jan. 1 Sept. 30, Jan. 1 Sept. 30, Change in % Sales 4,167 4, Cost of goods sold 1,362 1, Gross profit 2,805 3, Marketing and selling expenses 1,963 2, Research and development expenses General and administrative expenses Other operating expenses (net) Operating result (EBIT, excluding special factors) Special factors due to the realignment of the Consumer Supply Chain Operating result (EBIT) Financial result Profit before tax Income taxes Profit after tax Basic/diluted earnings per share (in ) The operating result excluding special factors increased from 531 million to 548 million. The corresponding EBIT margin was 12.1% (previous year: 12.7%). Without consideration of our acquisitions which took place at the end of EBIT margin was 12.9%. The financial result rose, based on higher interest income, by 8 million to 29 million (previous year: 21 million). Prior year s income taxes included a positive one-time effect of the recalculation of deferred taxes amounting to 19 million, resulting from the reduction of tax rates in Germany starting in. Profit after tax increased by 64 million to 402 million (previous year: 338 million). Profit after tax excluding special factors amounted to 394 million (previous year: 380 million); the corresponding return on sales after tax was 8.7% (previous year: 9.1%). Earnings per share amounted to 1.76 (previous year: 1.49). Earnings per share excluding special factors rose to 1.72 (previous year: 1.68). Beiersdorf Interim Report January September 7

8 Results of Operations Business Segments Consumer Consumer business segment up 13.0% on previous year Consumer EBIT margin (excluding special factors) at 12.2% Consumer (Jan. Sept.) Europe Americas Africa /Asia/ Australia Total Sales 2, ,892 Change (adjusted for currency translation effects) 7.2% 12.5% 42.5% 13.0% Change (organic)* 5.8% 12.5% 22.7% 9.2% Change (nominal) 6.7% 5.2% 32.7% 10.2% EBIT ** EBIT margin ** 16.9% 2.1% 1.4% 12.2% EBIT ** EBIT margin ** 16.4% 2.6% 6.6% 13.0% * Excluding sales of business acquired at the end of (C-BONS Hair Care, 50% Beiersdorf AG Switzerland). ** Excluding special factors due to the realignment of the Consumer Supply Chain (Europe only). Sales rose by 13.0% (adjusted for currency translation effects) in the first nine months of the year. Double-digit growth was again seen in the Eastern Europe, Latin America, and Africa/Asia/Australia regions. Excluding the acquisition of our Chinese hair care business at the end of and the increase in the interest in Beiersdorf AG (Switzerland) to 100%, sales grew 9.2%. At current exchange rates, the Consumer business segment increased sales by 10.2% to 3,892 million (previous year: 3,531 million). Global NIVEA sales rose by 10.9%. This positive development was driven primarily by strong sales growth for NIVEA DEODORANT, NIVEA Hair Care, NIVEA FOR MEN, and NIVEA Bath Care. NIVEA VISAGE Expert Lift, a new innovative anti-aging range, was launched on the market in September. Sales growth for the Eucerin and la prairie brands was also in the double-digit range. Eucerin launched the DermoDENSIFYER range, and la prairie the Advanced Marine Biology Cream, with resounding success. Consumer EBIT (excluding special factors) increased to 476 million (previous year: 461 million). The corresponding EBIT margin was 12.2% (previous year: 13.0%). EBIT margin without influence of acquisitions was, at 13.2%, slightly above the previous year. 8 Beiersdorf Interim Report January September

9 Interim Management Report Group Results of Operations Business Segments Consumer Sales in Europe (Jan. Sept.) Germany Western Europe (not including Germany) Eastern Europe Total Sales 738 1, ,688 Change (adjusted for currency translation effects) 2.0% 6.3% 19.7% 7.2% Change (nominal) 2.0% 4.8% 21.3% 6.7% In Europe, sales in the Consumer business segment grew by 7.2% in comparison with the previous year (adjusted for currency translation effects). At current exchange rates, sales rose by 6.7% to 2,688 million (previous year: 2,520 million). Sales in Germany were up 2.0% on the previous year. Our NIVEA DEODORANT, NIVEA Hair Care, and NIVEA BEAUTÉ brands together with Florena accounted for a significant share of sales growth. By contrast, sales of Eucerin and NIVEA body products remained below the previous year s level. Sales in Western Europe rose by 6.3% (adjusted for currency translation effects). Greece (+9.7%) and the France/Benelux Group (+5.2%) in particular showed encouraging sales growth. NIVEA Hair Care, NIVEA Bath Care, and NIVEA DEODORANT developed very well, as did our Eucerin brand. Excluding the newly acquired share of sales in Switzerland, growth in Western Europe amounted to 3.8%. Eastern Europe again generated strong sales growth of 19.7%. We again recorded doubledigit growth rates in Russia, Poland, and all the other major Eastern European markets. NIVEA VISAGE, NIVEA DEODORANT, NIVEA Hair Care, and NIVEA FOR MEN in particular contributed significantly to sales in Russia. Sales growth in Poland was particularly strong for NIVEA Hair Care, NIVEA Baby, and NIVEA VISAGE. Consumer EBIT in Europe (excluding special factors) increased to 455 million (previous year: 414 million). The corresponding EBIT margin rose to 16.9% (previous year: 16.4%). Beiersdorf Interim Report January September 9

10 Consumer Sales in the Americas (Jan. Sept.) North America Latin America Total Sales Change (adjusted for currency translation effects) 2.9% 21.1% 12.5% Change (nominal) 8.1% 17.3% 5.2% In the Americas region, sales increased by 12.5% (adjusted for currency translation effects). At current exchange rates, sales amounted to 529 million, up 5.2% on the previous year ( 503 million). In North America, sales (adjusted for currency translation effects) were up 2.9% on the previous year. The positive development of the focus categories NIVEA body, NIVEA FOR MEN, and Eucerin continued. These increases offset the decline in sales due to the sale of the plaster business in among others. In Latin America, we again achieved excellent double-digit growth with sales up 21.1% (adjusted for currency translation effects). All our major markets again contributed to the dynamic growth. In addition to Mexico (+18.0%) and Brazil (+17.9%), Venezuela (+39.6%) and Argentina (+38.1%) in particular recorded strong growth rates. NIVEA DEODORANT, NIVEA body, and NIVEA SUN in particular contributed significantly to sales in this region. Consumer EBIT in America amounted to 11 million (previous year: 13 million). The EBIT margin was 2.1% (previous year: 2.6%). Consumer Sales in Africa/Asia/Australia (Jan. Sept.) Africa/Asia/Australia Sales 675 Change (adjusted for currency translation effects) 42.5% Change (nominal) 32.7% At 42.5%, Africa/Asia/Australia achieved excellent sales growth (adjusted for currency translation effects). At current exchange rates, sales amounted to 675 million, up 32.7% on the previous year ( 508 million). Not including sales generated by the Chinese hair care and styling brands acquired at the end of, sales in this region increased by 22.7%. Sales by our NIVEA company in China were up 43.7%. Our companies in South Africa (+44.4%), the Middle East (+30.1%), and Thailand (+21.0%) also recorded particularly strong growth rates. In China, the positive trend was driven primarily by the increased growth of NIVEA body, NIVEA FOR MEN, and NIVEA VISAGE. In South Africa, NIVEA DEODORANT and NIVEA body were again the key growth drivers. Thailand recorded particularly strong sales of NIVEA FOR MEN, NIVEA DEODORANT, and Eucerin. Sales in Japan remained slightly down on the previous year, with strong increases of NIVEA FOR MEN and NIVEA SUN not quite offsetting NIVEA body s decline in sales. EBIT growth in this region has been impacted by expanded marketing investments in the Chinese hair care business. Consumer EBIT in the region amounted to 10 million (previous year: 34 million). The EBIT margin was 1.4% (previous year: 6.6%). Without consideration of the Chinese hair care business, EBIT margin was 6.9%. 10 Beiersdorf Interim Report January September

11 Interim Management Report Group Results of Operations Business Segments tesa tesa business segment grows by 4.8% tesa EBIT margin at 11.0% tesa (Jan. Sept.) Europe Americas Africa/Asia/ Australia Total Sales Change (adjusted for currency translation effects) 1.9% 8.2% 17.0% 4.8% Change (organic) 1.9% 8.2% 17.0% 4.8% Change (nominal) 2.0% 0.2% 10.6% 2.9% EBIT EBIT margin 10.2% 8.1% 16.9% 11.0% EBIT EBIT margin 10.5% 9.5% 14.8% 11.0% tesa sales were up 4.8% (adjusted for currency translation effects) on the previous year. At current exchange rates, tesa achieved sales of 655 million, an increase of 2.9% in comparison with the previous year. The present positive trend could be maintained in a weaker economic environment. In the industrial business, highest sales growth was achieved again with the automotive industry and with customers from the electrical and electronics industry. The consumer business showed a continuing positive development, too, despite a weaker market environment. Latin America (+19.0%) and Africa/Asia/Australia (+17.0%) regions in particular again recorded double-digit sales growth in the tesa segment. EBIT was 72 million (previous year: 70 million), EBIT margin was 11.0% (previous year: 11.0%). Beiersdorf Interim Report January September 11

12 Balance Sheet Structure Group Balance Sheet Assets Dec. 31, Sept. 30, Sept. 30, Non-current assets 1, ,135 Inventories Other current assets 1,088 1,071 1,293 Cash and cash equivalents 1,117 1,369 1,191 3,884 3,780 4,310 Equity and liabilities Dec. 31, Sept. 30, Sept. 30, Equity 2,070 1,972 2,306 Non-current liabilities Current liabilities 1,253 1,288 1,448 3,884 3,780 4,310 Non-current assets increased by 54 million to 1,135 million compared to December 31,. In, capital expenditure rose to 111 million (previous year: 72 million). 91 million of this figure was attributable to the Consumer business segment (previous year: 57 million) and 20 million to tesa (previous year: 15 million). Depreciation and amortization amounted to 80 million (previous year: 88 million). Due to the good business development trade receivables have increased. Other current assets additionally have risen caused by the purchase of short-term securities of 131 million. Cash and cash equivalents decreased correspondingly. Non-current liabilities were 556 million. The increase in tax provisions and liabilities as well as in other provisions resulting from operating activities caused current liabilities to swell to 1,448 million. Financing Structure Dec. 31, 53% 15% 32% Sept. 30, 52% 14% 34% Sept. 30, 53% 13% 34% Equity Non-current liabilities Current liabilities 12 Beiersdorf Interim Report January September

13 Interim Management Report Group Balance Sheet Structure Group Financial Position Group Employees Financial Position Group Cash Flow Statement Jan. 1 Sept. 30, Jan. 1 Sept. 30, Gross cash flow Change in working capital Net cash flow from operating activities Net cash flow from investing activities 1 94 Free cash flow Net cash flow from financing activities Exchange rate and other changes 7 3 Net change in cash and cash equivalents Cash and cash equivalents as of Jan. 1 1,230 1,117 Cash and cash equivalents as of Sept. 30 1,369 1,191 Gross cash flow amounted to 431 million. The net cash outflow from changes in working capital totaled 104 million. Overall, the net cash flow from operating activities was 327 million. The net cash outflow from investing activities amounted to 94 million. Capital expenditure for investments was 111 million and for securities to 131 million. Cash inflows were achieved by the sale of fixed assets ( 112 million) and by interest and other cash inflows ( 36 million). Free cash flow totaled 233 million. The net cash outflow from financing activities amounted to 162 million, due to the dividend payment of 159 million as well as interest and other financing expenses in the amount of 3 million. Cash and cash equivalents totaled 1,191 million. Employees The number of employees grew by 631 to 21,732 compared to the figure on December 31,. As of September 30, 17,827 employees worked in the Consumer business segment and 3,905 at tesa. Employees by Region as of September 30,, In Total 21,732 Europe 52.9% Americas 11.4% Africa/Asia/ Australia 35.7% Beiersdorf Interim Report January September 13

14 Other Disclosures Sale of BODE Chemie On October 20,, Beiersdorf sold its German affiliate BODE Chemie GmbH & Co. KG, taking effect at year-end,, to Paul Hartmann AG, Heidenheim (Germany). BODE Chemie produces and sells disinfectants for hands, skin, instruments, and surfaces. This segment is very different from the rest of Beiersdorf s Consumer business due to its focus on hospitals and wholesalers. BODE Chemie generated sales of around 70 million in. Opportunities and Risks For more information on opportunities and risks, please refer to our Risk Report in the Group Management Report as of December 31, and the disclosures in the Interim Management Report as of June 30,. There were no significant changes in opportunities and risks as of September 30,. 14 Beiersdorf Interim Report January September

15 Interim Management Report Group Other Disclosures Opportunities and Risks Outlook for Outlook for Expected Macroeconomic Developments The effects of the current financial crisis on economic developments for the remaining months of the year cannot be estimated as yet. However, the statements made in the last interim report in relation to the full financial year are primarily still valid. The global cosmetics market is expected to continue its long-term trend growth of around 3% this year. We are anticipating moderate growth in the major Western European markets. By contrast, we continue to expect significant growth in Eastern Europe, Latin America, and Asia. As in previous years, we are forecasting substantial regional variations in performance for tesa s industry and consumer markets. We see high to medium single-digit growth rates in Asia and Eastern Europe, while low single-digit growth rates are likely in more mature markets. Expected Business Developments We expect to see organic sales growth for the Beiersdorf Group in excess of 8% for fullyear, well above the respective market rates. The EBIT margin is expected to increase further on a like-for-like basis as compared with the previous year. The Chinese hair care and styling brands acquired at the end of are paving the way for a significant growth in sales in the year and in the year 2009 with substantial marketing investments. As a result, EBIT growth for the Group will be lower than sales growth this year. As part of the realignment of the Consumer Supply Chain, we are anticipating nonrecurring income of approximately 15 million. We expect to see organic sales growth in the Consumer business segment of between 8% and 9%. The business activities acquired in China and Switzerland will further increase this sales growth. We are forecasting especially strong organic growth rates in China, Russia, Brazil, and India. The Consumer EBIT margin is expected to increase to approximately 13% on a like-for-like basis as compared with the previous year. Growth in Consumer EBIT will be reduced by the substantial marketing investments in our Chinese hair care business. The tesa business segment aims to generate above-market sales growth of approximately 5%. The EBIT margin will match the strong figure recorded in the previous year. Beiersdorf Interim Report January September 15

16 Interim Consolidated Financial Statements Income Statement July 1 Sept. 30, July 1 Sept. 30, Sales 1,317 1,456 4,167 4,547 Cost of goods sold ,362 1,484 Gross profit ,805 3,063 Marketing and selling expenses ,963 2,169 Research and development expenses General and administrative expenses Other operating expenses (net) Operating result (EBIT, excluding special factors) Special factors due to the realignment of the Consumer Supply Chain Operating result (EBIT) Other financial result Profit before tax Income taxes Profit after tax Profit attributable to equity holders Profit attributable to minority interests Basic/diluted earnings per share (in ) Balance Sheet Assets Dec. 31, Sept. 30, Sept. 30, Intangible assets Property, plant, and equipment Other non-current assets Deferred tax assets Non-current assets 1, ,135 Inventories Trade receivables Income tax receivables Other current assets Securities Cash and cash equivalents 1,117 1,369 1,191 Non-current assets and disposal groups held for sale Current assets 2,803 3,030 3,175 3,884 3,780 4,310 Equity and liabilities Dec. 31, Sept. 30, Sept. 30, Equity attributable to equity holders of Beiersdorf AG 2,061 1,964 2,298 Minority interests Equity 2,070 1,972 2,306 Non-current provisions Non-current financial liabilities Other non-current liabilities Deferred tax liabilities Non-current liabilities Current provisions Trade payables Current financial liabilities Other current liabilities Current liabilities 1,253 1,288 1,448 3,884 3,780 4, Beiersdorf Interim Report January September

17 Interim Consolidated Financial Statements Income Statement Balance Sheet Cash Flow Statement Cash Flow Statement Operating result (EBIT) Income taxes paid Depreciation and amortization Change in non-current provisions (excluding interest) 9 23 Gain/loss on disposal of property, plant, and equipment, and intangible assets Gross cash flow Change in inventories Change in trade receivables and other assets Change in liabilities and current provisions Net cash flow from operating activities Investments Proceeds from divestments Payments for the purchase of securities Proceeds from interest, dividends, and other financing activities Net cash flow from investing activities 1 94 Free cash flow Proceeds from loans Loan repayments Interest and other financing expenses paid Payment cash dividends Beiersdorf AG Net cash flow from financing activities Effect of exchange rate fluctuations on cash held 7 3 Net change in cash and cash equivalents Cash and cash equivalents as of Jan. 1 1,230 1,117 Cash and cash equivalents as of Sept. 30 1,369 1,191 Beiersdorf Interim Report January September 17

18 Statement of Changes in Equity January September Share capital Additional paid-in capital Retained earnings* Currency translation adjustment Fair value measurement financial instruments Minority interests Total Jan. 1, , ,070 Financial instruments Currency translation adjustment Other changes Total income and expense recognized directly in equity Profit after tax Total earnings for the period Dividend of Beiersdorf AG for previous year Sept. 30, , ,306 January September Jan. 1, , ,790 Financial instruments Currency translation adjustment Other changes Total income and expense recognized directly in equity Profit after tax Total earnings for the period Dividend of Beiersdorf AG for previous year Sept. 30, , ,972 * The cost of treasury shares amounting to 955 million has been deducted from retained earnings. Statement of Recognized Income and Expense Jan. 1 Sept. 30, Jan. 1 Sept. 30, Net result from cash flow hedges 4 5 Exchange differences Deferred taxes on measurement gains and losses recognized directly in equity - 2 Other income and expense recognized directly in equity 5 16 Total income and expense recognized directly in equity 20 7 Profit after tax Total recognized income and expense Of which attributable to Equity holders of Beiersdorf AG Minority interests Beiersdorf Interim Report January September

19 Interim Consolidated Financial Statements Statement of Changes in Equity Statement of Recognized Income and Expense Selected Explanatory Notes Selected Explanatory Notes Information on the Company and on the Group The registered office of Beiersdorf AG is at Unnastrasse 48 in Hamburg (Germany) and the Company is registered with the commercial register of the Hamburg Local Court under the number HRB The ultimate parent of the Company is maxingvest ag (formerly: Tchibo Holding AG). The activities of Beiersdorf AG and its affiliates ( Beiersdorf Group ) consist primarily of the manufacture and distribution of branded consumer goods in the areas of skin and beauty care, and of the manufacture and distribution of technical adhesive tapes. Basis of Preparation The interim consolidated financial statements for the period from January 1 to September 30,, were prepared in accordance with IAS 34 Interim Financial Reporting. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements as of December 31,. Accounting Policies The figures disclosed in this interim report were prepared in accordance with International Financial Reporting Standards (IFRSs). The same accounting policies were used in the interim consolidated financial statements as in the annual consolidated financial statements for. The interim report was not audited or reviewed. Related Party Disclosures Please refer to the consolidated financial statements as of December 31,, for related party disclosures. There were no significant changes as of September 30,. Corporate Governance The declaration of compliance issued by the Supervisory Board and the Executive Board for fiscal year regarding the recommendations of the German Corporate Governance Code in accordance with 161 Aktiengesetz (German Stock Corporation Act) was published at the end of December and is permanently available on our website at Events After the Balance Sheet Date Apart from the sale of the German affiliate BODE Chemie, described in the Group s Interim Management Report, no further significant events occurred after the balance sheet date that would have a material effect on the Beiersdorf Group s business developments. Hamburg, November Beiersdorf AG The Executive Board Beiersdorf Interim Report January September 19

20 Financial Calendar January 2009 March 3, 2009 April 30, 2009 Publication of Preliminary Group Results Publication of Annual Report, Annual Accounts Press Conference, Financial Analyst Meeting Annual General Meeting May 5, 2009 Interim Report January to March 2009 August 4, 2009 Interim Report January to June 2009 November 3, 2009 Interim Report January to September 2009, Financial Analyst Meeting The Interim Report is also available in German and a digital version is available on the Internet at Commercial Register Hamburg HRB 1787 Published by: Beiersdorf Aktiengesellschaft, Global Corporate Identity & Information, Unnastrasse 48, Hamburg, Germany Telephone: , Fax: Additional Information: Corporate Media Relations: Telephone: , Presse_PR@Beiersdorf.com Investor Relations: Telephone: , Investor.Relations@Beiersdorf.com Beiersdorf on the Internet: