Beiersdorf AG
Business Activities
Beiersdorf AG is based in Hamburg (Germany) and is the parent company of the Beiersdorf Group. As of December 31, 2024, Beiersdorf AG employed 2,568 people (previous year: 2,439). The number of vocational trainees and trainees not included in this figure was 124 (previous year: 114).
Beiersdorf AG is responsible for the German Consumer business and provides typical holding company services to its affiliates. In addition to its own operating activities, the company manages an extensive investment portfolio and is the direct or indirect parent company of over 190 affiliates worldwide. Beiersdorf AG also performs central planning/financial control, supply chain, treasury, and human resources functions, as well as a large proportion of research and development activities for the Consumer business. In addition, the company is responsible for the regional management of European sales and the procurement of products as well as global royalty management.
Beiersdorf AG’s operating business is one part of the Beiersdorf Group’s business activities. The entire company is managed on the basis of the key performance indicators outlined in the “Management and Control” section of the Combined Management Report. It is only possible to gain a full insight into the key performance indicators at the level of the Group.
The net assets, financial position, and results of operations of Beiersdorf AG are dominated by its own business activities and by the activities of its affiliates in the form of royalty income and dividend income. Consequently, the economic position of Beiersdorf AG essentially corresponds to that of the Group as a whole. Similarly, the opportunities and risks as well as the expected business development for Beiersdorf AG correlate closely with those for the Group, particularly regarding the growing global political and economic uncertainties and their potential impact on our key procurement, transport, and sales markets.
Basis of Preparation
The annual financial statements of Beiersdorf AG are prepared in accordance with the provisions of the Handelsgesetzbuch (German Commercial Code, HGB) and the Aktiengesetz (German Stock Corporation Act, AktG). The recommendations of the German Corporate Governance Code that are relevant to the annual financial statements were taken into account.
Result of Operations – Beiersdorf AG
|
|
2023 |
|
2024 |
|---|---|---|---|---|
Sales |
|
1,727 |
|
1,843 |
Other own work capitalized |
|
— |
|
1 |
Other operating income |
|
35 |
|
96 |
Cost of materials |
|
–327 |
|
–338 |
Personnel expenses |
|
–364 |
|
–360 |
Depreciation and amortization of property, plant, and equipment, and intangible assets |
|
–46 |
|
–49 |
Other operating expenses |
|
–962 |
|
–865 |
Operating result |
|
63 |
|
328 |
Net income from investments |
|
303 |
|
134 |
Net interest expense |
|
–59 |
|
–72 |
Other financial result |
|
–5 |
|
20 |
Financial result |
|
239 |
|
82 |
Profit before tax |
|
302 |
|
410 |
Income taxes |
|
–37 |
|
–161 |
Profit after tax |
|
265 |
|
249 |
Transfer to other retained earnings |
|
–13 |
|
–1 |
Net retained profits |
|
252 |
|
248 |
Beiersdorf AG’s sales increased by €116 million to € 1,843 million in the reporting year (previous year: €1,727 million). This includes product sales of the Consumer Germany division as well as royalty income and income from the provision of services to affiliates. €1,051 million (previous year: €997million) of sales were generated in Germany and €792 million (previous year: €730 million) in other countries.
The operating result rose by €265 million to €328 million due to higher sales and higher other operating income, while other operating expenses fell as a result of elimination of one-off compensation payments to some European subsidiaries due to settlement payment agreements.
The financial result deteriorated by €157 million compared to the previous year. This decline resulted from a lower net income from investments of €169 million due to lower dividend distributions and a €13 million drop in net interest expense, while the other financial result improved by €25 million.
Accordingly, profit before tax was up by €108 million at €410 million compared to previous year.
In 2024, taxes on income amounted to €161 million. In the previous year, the figure was €37 million.
Profit after tax amounted to €249 million (previous year: €265 million).
Net Assets and Financial Position – Beiersdorf AG
Assets |
|
Dec. 31, 2023 |
|
Dec. 31, 2024 |
|---|---|---|---|---|
Intangible assets |
|
80 |
|
50 |
Property, plant, and equipment |
|
382 |
|
387 |
Financial assets |
|
5,421 |
|
4,860 |
Fixed assets |
|
5,883 |
|
5,297 |
Inventories |
|
9 |
|
3 |
Receivables and other assets |
|
1,065 |
|
1,143 |
Securities |
|
561 |
|
1,030 |
Cash and cash equivalents |
|
43 |
|
124 |
Current assets |
|
1,678 |
|
2,300 |
Prepaid expenses |
|
7 |
|
9 |
Deferred tax assets |
|
132 |
|
107 |
|
|
7,700 |
|
7,713 |
|
|
|
|
|
Equity and liabilities |
|
Dec. 31, 2023 |
|
Dec. 31, 2024 |
Equity |
|
3,019 |
|
2,541 |
Provisions for pensions and other post-employment benefits |
|
634 |
|
596 |
Other provisions |
|
329 |
|
360 |
Provisions |
|
963 |
|
956 |
Liabilities |
|
3,718 |
|
4,216 |
|
|
7,700 |
|
7,713 |
Fixed assets fell by a considerable €586 million year-on-year. This decrease was largely due to the maturity and sale of long-term government and corporate bonds. The additions to property, plant, and equipment of €40 million were offset by depreciation of property, plant and equipment of €20 million.
Current assets increased by €622 million over the financial year to €2,300 million. This includes short-term securities of €1,030 million (previous year: €561 million). The increase in this item is mainly due to an increase in new investments of cash and cash equivalents in short-term government and corporate bonds. In addition, receivables and other assets increased by €78 million due to higher receivables from affiliated companies.
Liabilities also increased by a considerable €498 million year on year to €4,216 million. This was mainly due to an increase of €579 million in financial liabilities to affiliated companies.
Total assets reported in the balance sheet of €7,713 million are at the previous year’s level (previous year: €7,700 million). The €478 million decrease in equity to €2,541 million (previous year: €3,019 million) is due to the share buy-back carried out in 2024. Accordingly, the equity ratio amounted to 32.9% (previous year: 39.2%).
The Executive Board and Supervisory Board will propose to the Annual General Meeting that a dividend of €1.00 (previous year: €1.00) per no-par-value share bearing dividend rights (223,214,380 shares) be distributed from the net retained profits of €248 million.