Annual Report 2023

Annual Report 2023

Results of Operations – Business Segments



Sales – Consumer Business Segment(in € million)







Change (in %)



















Western Europe









Eastern Europe


















North America









Latin America



























Sales in the Consumer Business Segment grew organically by 12.5% in 2023. Growth increased by 0.1 percentage points due to structural effects. Exchange rate effects reduced growth by 3.5 percentage points. In nominal terms, sales therefore increased by 9.1% to €7,780 million (previous year: €7,131 million).

All regions contributed to the growth in the Consumer Business Segment. Market share gains were recorded with the NIVEA brand particularly in the Emerging Markets with very strong development in Mexico, Chile, and India, and with the Derma business unit’s Eucerin and Aquaphor brands in the United States, Mexico, and Germany. The Healthcare business also gained market share, particularly in Germany, Australia, Mexico, and Indonesia.

EBIT excluding special items totaled €1,002 million (previous year: €880 million), while the EBIT margin excluding special items was 12.9% (previous year: 12.3%). The special factors in the Consumer Business Segment amounted to €168 million (previous year: €52 million). The special effects shown for the reporting year mainly include impairment of goodwill of Chantecaille in the amount of €160 million, restructuring expenses for the supply chain organization and the Consumer division in the amount of €19 million (previous year: €43 million), expenses from the “Care-Beyond-Skin” program in the amount of €8 million (previous year: €5 million), as well as other expenses in the amount of €7 million (previous year: €4 million), which were mainly incurred in connection with the integration of the Chantecaille business. The special effects also include income from the sale of Beiersdorf Daily Chemical (Wuhan) Co., Ltd. in the amount of €11 million and €15 million for the reversal of provisions for performance-related purchase price components in connection with the acquisition of Chantecaille in the 2022 financial year. The reversal of the performance-related purchase price component due to the reassessment of the contractually defined valuation parameters is driven by both the delayed entry into the Chinese market and the general market development in China and South Korea. The Chantecaille impairment of goodwill is mainly driven by the unfavorable development of the cost of capital, as well as by the factors described above. The operating result including special factors stood at €834 million (previous year: €828 million), while the EBIT margin was 10.7% (previous year: 11.6%).

NIVEA – including Labello – grew organically by 16.2% globally in 2023. Nominal sales increased from €4,732 million to €5,304 million. The strong double-digit sales growth in percentage terms was associated with global gains in market share. NIVEA saw growth in both volume and price. Strong growth was recorded across all regions, driven by the introduction of new products as well as the strong performance of the basic range. All main categories posted growth in 2023. The main growth drivers were NIVEA Deo, NIVEA SUN, NIVEA Body Care, NIVEA Face, and Lip. In the NIVEA Deo category, existing core product lines such as Black & White and Fresh as well as Pearl & Beauty were among the key growth drivers. The NIVEA SUN category recorded significant growth across all regions, particularly driven by the Body and Face segments. The NIVEA Body business grew primarily due to a positive performance by the basic range. NIVEA Face posted double-digit growth, chiefly due to the continuing outstanding success story of the product lines NIVEA CELLULAR LUMINOUS 630® and NIVEA Q10. The deprioritized hair care and baby categories saw their sales decline.

The Derma business unit again achieved strong organic sales growth of 24.0%. Nominal sales rose to €1,252 million (previous year €1,026 million). The sales growth was spread across all categories and regions. The United States remained a key market with the two brands Aquaphor and Eucerin. South America and our MEA region as well as the strong double-digit growth in Europe also contributed significantly to the growth. By category, the particular sales drivers were Eucerin Sun, which had an extremely successful launch for the Hydro Protect Ultra-Light Fluid, and Eucerin Face, driven by further expansion of the Thiamidol range in the anti-pigment segment. The Aquaphor brand also contributed to the strong global growth, especially in the United States. The e-commerce sales channel remained an important business driver, and its growth continued to outperform other channels.

Healthcare recorded organic sales growth of 4.2%, reaching €267 million (previous year: €261 million). The sales growth was driven by XL+ plasters and brand innovation in the injury care category. This growth was seen in all major markets.

In selective cosmetics, our La Prairie brand’s organic sales were down by 15.4%. Nominal sales fell from €655 million to €542 million. This result was mainly down due to the challenges in the travel retail business in Korea and Hainan, which were caused by a strong decline in daigou1 business and the reduction in inventories, while the expected bounce-back from COVID–19 in China excluding Hainan remained below expectations due to the weak economic environment. The introduction of our Skin Caviar Harmony L’Extrait innovation in China and the relaunch of Skin Caviar Luxe Cream and White Caviar Pearl Infusion helped to mitigate the decline in sales, together with a positive performance in Hong Kong and Japan, which benefited from the return of tourists and from a dynamic local client base. In addition, the travel retail market outside China and Korea recovered strongly.

In the Europe region, organic sales were up 9.7% on the previous year. Nominal sales climbed by 8.4% to €3,364 million (previous year: €3,104 million).

In Western Europe, organic sales rose by 6.8%. Very healthy growth rates were achieved especially in Spain, Italy, the UK, and France. Sales of NIVEA Deo, SUN, and Lip along with the wound care categories in the Healthcare area developed positively. The Eucerin Face, Body, and Sun categories also contributed especially positively to sales growth. For the La Prairie brand, the negative development of the travel retail business had a significant impact.

Sales in Eastern Europe were up 21.9% on the previous year in organic terms. This strong performance is primarily driven by strong growth in Poland, Kazakhstan, and Romania and by the consistently positive performance in other Eastern European countries. The NIVEA Deo, Lip and SUN Care and Eucerin Face, Sun and Body categories performed especially well in the region.

In the Americas region, the Consumer Business Segment achieved strong organic sales growth of 19.1%. At €2,196 million, nominal sales were up 19.3% on the previous year (€1,841 million).

In North America, there was strong organic sales growth of 12.2%. The NIVEA, Aquaphor, and Eucerin brands were the key growth drivers.

Extraordinary organic sales growth of 25.6% was also achieved in Latin America. Sales growth was seen in virtually in all countries. This was particularly strong in Brazil, Mexico and Colombia. Both NIVEA and Eucerin were strong growth drivers.

Sales in the Africa/Asia/Australia region grew by 11.1% in organic terms. In nominal terms, sales rose by 1.6% to €2,220 million (previous year: €2,186 million). Sales trends were especially positive in Australia, Nigeria, Thailand, and South Africa. In particular, Face, Lip, and SUN all performed very well. Eucerin also achieved strong growth in the region, especially driven by the strong market in Thailand.

Consumer Sales

(in € million)

Consumer Sales (bar chart)

Consumer Sales by Region

(in %)

Consumer Sales by Region (pie chart)

Consumer EBIT

Excluding special factors (in € million)

Consumer EBIT  (bar chart)

Consumer Sales in Europe

(in € million)

Consumer Sales in Europe (bar chart)

Consumer Sales in Americas

(in € million)

Consumer Sales in America (bar chart)

Consumer Sales in Africa/Asia/Australia

(in € million)

Consumer Sales in Africa/Asia/Australia (bar chart)



Sales – tesa Business Segment(in € million)







Change (in %)















































The total comprises the sales of the tesa Industry, Consumer, and Others divisions.

tesa achieved organic sales growth of 3.2% in 2023 in a challenging market environment. Exchange rate effects reduced this development by 2.7 percentage points and structural effects by 0.5 percentage points. In nominal terms, the sales development was therefore 0.0% compared to the prior year, reaching €1,667 million (previous year: €1,668 million).

In Europe, organic sales were up by 1.2%. Business in the Consumer division in particular continued to grow after a good previous year. Sales in the consumer business developed positively in all markets, including via digital sales channels. In a difficult market environment, the Industry division recorded sales growth, particularly in the automotive sector. In nominal terms, tesa generated European sales of €797 million (previous year: €796 million) and therefore grew by 0.2%. The region’s share of Group sales rose to 47.8% (previous year: 47.7%).

In North and South America, tesa achieved a positive sales trend with organic growth of 2.4%. The Industry division performed positively, posting sales increases in the automotive market and industrial growth markets. Sales in the end consumer business in Latin America also developed favorably. The region’s sales were up by 1.0% in nominal terms to €288 million (previous year: €285 million). The region’s share of Group sales rose to 17.3% (previous year: 17.1%).

In Asia, tesa achieved organic sales growth of 6.3%, particularly due to new project business with products for the electronics industry. The recovery in the automotive sector led to additional business in this region, too. In nominal terms, sales in Asia decreased by 0.8% to €582 million (previous year: €587 million). The region’s share of Group sales fell to 34.9% (previous year: 35.2%).

EBIT excluding special factors decreased to €266 million (previous year: €278 million). The EBIT margin excluding special factors was 16.0% (previous year: 16.7%). The special factors in the tesa Business Segment in the amount of €5 million (previous year: €14 million) mainly relate to insurance benefits from the technical incident at the tesa plant Concagno, amounting to €24 million. This is offset by expenses for compensation for the damage in the amount of €10 million. In addition, expenses from the impairment of goodwill from nie wieder bohren GmbH in the amount of €4 million and impairment of intangible assets from tesa Twinlock B.V. in the amount of €5 million, which were recognized in the past as part of the purchase price allocation together with the goodwill, are included. The goodwill of tesa Twinlock B.V. was already fully depreciated in the financial year 2022. The operating result including special factors stood at €271 million (previous year: €264 million), while the EBIT margin was 16.3% (previous year: 15.8%).

tesa Sales

(in € million)

Sales tesa (bar chart)

tesa Sales by Regions

(in %)

tesa Sales by Region (pie chart)

tesa EBIT

Excluding special factors (in € million)

EBIT tesa (bar chart)


tesa Industry posted solid sales growth in the 2023 fiscal year. The price rises implemented in the previous year and the good performance in the automotive business areas made a substantial contribution to this. The Industry division recorded organic sales growth of 3.7%. Nominal sales decreased by 0.4% to €1,292 million (previous year: €1,297 million). The share of the Industry division in total sales was 77.5% (previous year: 77.8%).

The automotive business achieved double-digit growth again in 2023. The electrical systems business achieved very strong organic growth. On the back of global market growth, tesa benefited from new projects with both OEMs and their suppliers. Examples included automated adhesive tape solutions for vehicle bodywork (hole covering), security labels, and masking applications, as well as specialist adhesive tape solutions for abrasion protection and soundproofing. The focus on e-mobility and display applications also yielded further growth. tesa continued to drive its ongoing expansion of the product range in close cooperation with automotive manufacturers and suppliers in line with the transformation of the automotive industry.

In consumer electronics, tesa was unable to fully match the previous years’ very strong growth rates. Amid a sharply contracting market environment, particularly in the first half of the year, tesa performed well and closed fiscal year 2023 with strong growth. This growth was driven by innovative adhesive tape solutions for the manufacture of smartphones and tablets. These included acrylic foams for mounting smartphone displays and rear casings, as well as the use of innovative reactive tapes.

Sales in other areas fell back in the course of 2023. In printing and paper, sales figures were slightly below the level of the prior year. Overall weak market demand and customers’ inventory reduction measures contributed to this. The adhesive tape business in the household appliance industry declined significantly. tesa is represented here with products for securing loads during transport, for example. Positive momentum came from increased demand for more sustainable adhesive tape solutions for the packaging industry.

The industrial distribution business was also characterized by falling demand in 2023, and sales were down on the previous year’s figure. This was particularly the case in Europe and North America. Price rises due to higher material and energy costs made a positive contribution to sales performance, as did the transformation of the product range toward greater sustainability. New product generations with the same high performance but considerably reduced carbon footprints were successfully introduced to the market.


Organic sales in the Consumer division increased by 2.5% amid a challenging market environment. In nominal terms, this translated to growth of 2.3%, lifting sales to €371 million (previous year: €363 million). As a result, the Consumer division contributed 22.3% (previous year: 21.8%) of tesa’s total sales in the reporting year.

Business with private consumers and professional craftsmen grew moderately in Europe and Latin America. This was due to significant effects from price adjustments, product launches such as the more sustainable tesafilm® Eco & Crystal, bathroom accessories, and successfully realized customer projects.

Mounting tapes and tapes for painters and repairs were the primary growth drivers in the product range, while the sale of packaging tapes declined.

In terms of sales channels, there was growth particularly in the hardware store business and in e-commerce. Against the backdrop of declining construction activity, we achieved slight growth in business with professional craftsmen. However, the stationery business was slightly below the previous year.

1 Daigou shoppers purchase goods abroad on behalf of domestic customers, offering these customers tax and price advantages over domestic retailers.

EBIT (Earnings Before Interest and Taxes)
Result before interest and taxes.
EBIT Margin
The EBIT margin is calculated from the ratio of EBIT to sales.
Organic Sales Growth
Organic sales growth shows nominal revenue growth, adjusted for exchange rate effects, as well as structural effects from acquisitions and divestments.
Special Factors
Special factors are income or expenses from one-time, non-operational business transactions.
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