18. Capital Management Disclosures

The Beiersdorf Group aims to sustainably secure its capital base and generate an appropriate return on its invested capital. As of December 31, 2023, the equity ratio was 66% (previous year: 63%), while the EBIT return on net operating capital was 29.4% (previous year: 31.7%). The total dividends distributed in fiscal year 2023 amounted to €173 million (previous year: €175 million). In the case of the dividend of €159 million (previous year: €159 million) paid by Beiersdorf AG, this corresponds to a distribution of €0.70 per no-par-value share bearing dividend rights (previous year: €0.70).