Annual Report 2023

Annual Report 2023

Results of Operations – Group

Income Statement(in € million)







Development in %1








Cost of goods sold







Gross profit







Marketing and selling expenses







Research and development expenses







General and administrative expenses







Other operating result (excluding special factors)






Operating result (EBIT, excluding special factors)







Special factors






Operating result (EBIT)







Financial result





Profit before tax







Income taxes







Profit after tax








Percentage changes are calculated based on thousands of €.


Group sales increased organically by 10.8% year on year. The Consumer Business Segment recorded an encouraging, double-digit rise in organic sales of 12.5%. The tesa Business Segment achieved organic sales growth of 3.2%. Exchange rates increased nominal growth by 3.3 percentage points. Structural effects had an overall negative impact of 0.1 percentage points on sales. Nominal sales for the Group increased by 7.4% year on year to €9,447 million (previous year: €8,799 million).

In Europe, organic sales were up 8.0% on the previous year. Nominal sales stood at €4,161 million (previous year: €3,900 million), putting them 6.7% higher than the previous year.

Organic year-on-year growth in the Americas reached 16.8%. In nominal terms, sales rose by 16.8% to €2,484 million (previous year: €2,126 million).

Organic sales in the Africa/Asia/Australia region were 10.1% above the previous year’s level. Nominal sales climbed by 1.0% to €2,802 million (previous year: €2,773 million).

Group Sales

(in € million)

Group Sales (bar chart)

Group Sales by Regions

(in %)

Group Sales by Regions (pie chart)

Expenses/other operating result

The cost of goods sold climbed by 4.9%, which was slower than the increase in sales. Persistent price pressure on procurement markets and negative exchange rate effects were more than offset by positive price and mix effects as well as efficiency gains. This resulted in an overall positive effect on gross profit.

With an increase of 8.4% to €3,250 million (previous year: €2,998 million), marketing and selling expenses developed at a higher rate than the strong sales growth. This development is mainly due to higher investments in digital media and an increased focus on Skin Care as part of the C.A.R.E.+ strategy. The marketing budget is constantly adjusted to the changing market conditions and especially to changes in consumers’ media use. A total of €2,076 million (previous year: €1,883 million) was spent on advertising and trade marketing.

Research and development expenses increased by €29 million to €320 million (previous year: €291 million). Somes focues in this respect were on forward-looking technologies and research fields, new digitalization options, and sustainable concepts. Continuous research work, taking into account regional specificities, enables the company to respond to consumers’ wishes all around the world.

General and administrative expenses rose from €524 million to €570 million and were mainly driven by resuming travel after COVID–19, strengthening the organization in key areas (such as e-commerce and digital) and investment in digitalization projects .

The other operating result (excluding special factors) totaled €–8 million (previous year: €14 million). This development was mainly due to gains from asset disposals from the sale of a property at La Prairie Group AG in the previous year as well as higher value adjustments on receivables in 2023.

Operating result (EBIT, excluding special factors)

The Beiersdorf Group’s results of operations are determined on the basis of the operating result (EBIT) excluding special factors. This figure is not part of IFRS Standards and should be treated merely as voluntary additional information. The special factors listed are one-time, non-operating transactions.

EBIT excluding special factors amounted to €1,268 million (previous year: €1,158 million), while the EBIT margin was 13.4% (previous year: 13.2%). The Consumer Business Segment generated EBIT excluding special factors of €1,002 million (previous year: €880 million). The EBIT margin was 12.9% (previous year: 12.3%). The tesa Business Segment achieved EBIT excluding special factors of €266 million (previous year: €278 million) and an EBIT margin of 16.0% (previous year: 16.7%).

Group EBIT

Excluding special factors (in € million)

Group EBIT (bar chart)

In Europe, the Group posted EBIT excluding special factors of €678 million (previous year: €618 million). The EBIT margin was 16.3% (previous year: 15.9%). EBIT excluding special factors in the Americas came to €123 million (previous year: €140 million). The decrease was mainly a result of the devaluation of the Argentinian Peso. The EBIT margin was 5.0% (previous year: 6.6%). In Africa/Asia/Australia, EBIT excluding special factors amounted to €467 million (previous year: €400 million). The EBIT margin was 16.7% (previous year: 14.5%).

Special factors

The Group special factors totalled €163 million (previous year: €66 million). The special factors include the following impairments of goodwill: Chantecaille €160 million and the tesa unit nie wieder bohren GmbH €4 million and, the impairment of intangible assets from the goodwill associated with the tesa unit Twinlock B.V. in the amount of €5 million (previous year: €8 million). Additionally, they include 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) and expenses of €10 million resulting from a technical incident at the tesa plant Concagno, as well as other expenses 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 financial year 2022 , as well as income from insurance benefits relating to the technical incident at the tesa plant Concagno in the amount of €24 million.

Operating result (EBIT)

The operating result (EBIT) amounted to €1,105 million (previous year: €1,092 million). This corresponds to an EBIT margin of 11.7% (previous year: 12.4%).

Financial result

The financial result amounted to €0 million (previous year: €4 million).

Income taxes

Income taxes totaled €356 million (previous year: €325 million). The tax rate was 32.2% (previous year: 29.6%). Tax benefits in connection with the special factors amounted to €36 million (previous year: €14 million).

Group Profit after Tax

Excluding special factors (in € million)

Group Profit after Tax (bar chart)

Profit after tax

Profit after tax was €749 million (previous year: €771 million). The return on sales after tax was 7.9% (previous year: 8.8%). Excluding special factors, profit after tax increased to €876 million (previous year: €823 million). The corresponding return on sales after tax was 9.3% (previous year: 9.4%).

Earnings per share – dividends

Earnings per share stood at €3.24 (previous year: €3.33). Excluding special factors, earnings per share amounted to €3.80 (previous year: €3.56). These figures were calculated on the basis of the weighted number of shares bearing dividend rights (226,818,984). The Executive Board and Supervisory Board will propose a dividend of €1.00 per no-par-value share bearing dividend rights to the Annual General Meeting (previous year: €0.70). For further information on the number, type, and notional value of the shares, please refer to Note 19 “Share Capital” in the notes to the consolidated financial statements.

The dividend is the share of distributed profit per individual share of a joint-stock company.
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.
EBIT excluding special factors
EBIT excluding special factors shows the operating result (EBIT), adjusted for one-time, non-operational business transactions.
IAS – International Accounting Standards/IFRS – International Financial Reporting
Standards International accounting standards created by the International Accounting Standards Board (IASB). According to EU regulation, publicly traded companies in Europe must account and report according to these rules.
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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