23. Retained Earnings

Retained earnings comprise the net profit for the fiscal year and undistributed profits generated in prior periods by companies included in the consolidated financial statements. In addition, this item contains the actuarial gains and losses on remeasurements of defined benefit obligations in previous years. The retained earnings are reduced by the cost of the 25,181,016 treasury shares held by Beiersdorf AG amounting to €955 million.

During 2022 Beiersdorf acquired additional shares of a subsidiary in Indonesia.  The transaction is recognized directly in equity under retained earnings and results in a shift between the majority and minority shareholders of Beiersdorf AG.