Results of Operations – Group1
|
|
2023 |
|
2024 |
|
Development in %1 |
|||
|---|---|---|---|---|---|---|---|---|---|
Sales |
|
9,447 |
|
9,850 |
|
4.3 |
|||
Cost of goods sold |
|
–4,031 |
|
–4,090 |
|
1.4 |
|||
Gross profit |
|
5,416 |
|
5,760 |
|
6.4 |
|||
Marketing and selling expenses |
|
–3,250 |
|
–3,461 |
|
6.5 |
|||
Research and development expenses |
|
–320 |
|
–354 |
|
10.6 |
|||
General and administrative expenses |
|
–570 |
|
–605 |
|
6.2 |
|||
Other operating result (excluding special factors) |
|
–8 |
|
30 |
|
— |
|||
Operating result (EBIT, excluding special factors) |
|
1,268 |
|
1,370 |
|
8.0 |
|||
Special factors |
|
–163 |
|
–76 |
|
— |
|||
Operating result (EBIT) |
|
1,105 |
|
1,294 |
|
17.1 |
|||
Financial result |
|
0 |
|
32 |
|
— |
|||
Profit before tax |
|
1,105 |
|
1,326 |
|
20.0 |
|||
Income taxes |
|
–356 |
|
–398 |
|
11.8 |
|||
Profit after tax |
|
749 |
|
928 |
|
23.9 |
|||
|
|||||||||
Sales
Group sales increased organically by 6.5% year on year. The Consumer Business Segment recorded organic sales growth of 7.5% while the tesa Business Segment’s growth came to 1.9%. Exchange rates reduced nominal growth by 2.2 percentage points. Nominal sales for the Group increased by 4.3% year on year to €9,850 million (previous year: €9,447 million).
In Europe, organic sales were up 4.1% on the previous year. Nominal sales stood at €4,313 million (previous year: €4,135 million2), putting them 4.3% higher than the previous year.
Organic year-on-year growth in the Americas reached 6.2%. In nominal terms, sales rose by 3.4% to €2,567 million (previous year: €2,484 million).
Organic sales in the Africa/Asia/Australia region were 10.1% above the previous year’s level. Nominal sales climbed by 5.0% to €2,970 million (previous year: €2,829 million2).
Group Sales
(in € million)
Group Sales by Regions 2024
(in %)
Expenses/Other Operating Result
The cost of goods sold climbed by 1.4%, which was slower than the increase in sales. Positive price and product mix effects more than offset the negative exchange rate effects caused by the strong euro. This resulted in an overall positive effect on gross profit.
With an increase of 6.5% to €3,461 million (previous year: €3,250 million), marketing and selling expenses developed at a higher rate than sales. This development is mainly due to higher investments in digital media and an increased focus on skin care. The marketing budget is constantly adjusted to the changing market conditions and especially to changes in consumers’ media use. A total of €2,257 million (previous year: €2,076 million) was spent on advertising and trade marketing.
Research and development expenses increased by €34 million to €354 million (previous year: €320 million). The focus here was on pioneering technologies and research fields, intensifying collaboration with external research partners, new digitalization opportunities, and sustainable concepts. Our ongoing research work, which also takes regional differences into account, is designed to meet the needs of our consumers all over the world.
General and administrative expenses rose from €570 million to €605 million, due primarily to salary inflation and significant investments in digitalization and sustainability projects.
The other operating result (excluding special factors) totaled €30 million (previous year: -€8 million). This development is largely due to the reversal of operating provisions that are no longer required and an improvement in the net FX result in 2024.
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. Special factors are one-time, non-operating transactions.
Group EBIT
Excluding special factors (in € million)
EBIT excluding special factors amounted to €1,370 million (previous year: €1,268 million), while the EBIT margin was 13.9% (previous year: 13.4%). The Consumer Business Segment generated EBIT excluding special factors of €1,094 million (previous year: €1,002 million). The EBIT margin was 13.4% (previous year: 12.9%). The tesa Business Segment achieved EBIT excluding special factors of €276 million (previous year: €266 million) and an EBIT margin of 16.3% (previous year: 16.0%).
In Europe, the Group posted EBIT excluding special factors of €681 million (previous year: €672 million3). The EBIT margin was 15.8% (previous year: 16.3%). EBIT excluding special factors in the Americas came to €169 million (previous year: €123 million). The EBIT margin was 6.6% (previous year: 5.0%). In Africa/Asia/Australia, EBIT excluding special factors amounted to €520 million (previous year: €473 million2). The EBIT margin was 17.5% (previous year: 16.7%).
Special Factors
The special effects in the Group amounted to a total of €-76 million (previous year: €-163 million). The following table provides a detailed overview of the individual effects.
|
|
2023 |
|
2024 |
|---|---|---|---|---|
EBIT excluding special factors |
|
1,268 |
|
1,370 |
Special factors – Consumer |
|
|
|
|
Impairments of goodwill: Chantecaille |
|
–160 |
|
–38 |
Restructuring expenses in the supply chain organization and reorganization of the Consumer division |
|
–19 |
|
–43 |
Expenses related to the “Care Beyond Skin” program |
|
–8 |
|
–6 |
Expenses in connection with the integration of the Chantecaille business |
|
–7 |
|
–7 |
Income from the disposal of Beiersdorf Daily Chemical (Wuhan) Co., Ltd. |
|
11 |
|
0 |
Income from the reversal of provisions for performance-related purchase price components in connection with the acquisition of Chantecaille in the financial year 2022 |
|
15 |
|
0 |
Transfer of a property at the Hamburg location to TROMA Alters- und Hinterbliebenenstiftung |
|
0 |
|
27 |
Total |
|
–168 |
|
–67 |
Special factors – tesa |
|
|
|
|
Impairments of goodwill: tesa nie wieder bohren GmbH |
|
–4 |
|
–3 |
Impairment of the remaining intangible assets assigned to the cash-generating unit tesa nie wieder bohren GmbH from the purchase price allocation |
|
0 |
|
–5 |
Impairment of the remaining intangible assets assigned to the cash-generating unit tesa Twinlock B.V. from the purchase price allocation |
|
–5 |
|
0 |
Expenses resulting from a technical incident at the tesa plant in Concagno |
|
–10 |
|
0 |
Expenses related to the “Care Beyond Skin” program |
|
0 |
|
–1 |
Income from insurance payments in relation to the technical incident at the tesa plant in Concagno |
|
24 |
|
0 |
Total |
|
5 |
|
–9 |
Total special factors |
|
–163 |
|
–76 |
EBIT |
|
1,105 |
|
1,294 |
Operating Result (EBIT)
The operating result (EBIT) amounted to €1,294 million (previous year: €1,105 million). This corresponds to an EBIT margin of 13.1% (previous year: 11.7%).
Financial Result
The financial result amounted to €32 million (previous year: €0 million). This was mainly driven by the positive development of both net interest result and the other financial result.
Income Taxes
Income taxes totaled €398 million (previous year: €356 million). The tax rate was 30.0% (previous year: 32.2%). Tax benefits in connection with the effects shown in the table “Special Factors” amounted to €13 million (previous year: €36 million).
Group Profit After Tax
Excluding special factors (in € million)
Profit After Tax
Profit after tax was €928 million (previous year: €749 million). The return on sales after tax was 9.4% (previous year: 7.9%). Excluding special factors, profit after tax increased to €991 million (previous year: €876 million). The corresponding return on sales after tax was 10.1% (previous year: 9.3%).
Earnings per Share – Dividends
Earnings per share stood at €4.05 (previous year: €3.24). Excluding special factors, earnings per share amounted to €4.31 (previous year: €3.80). These figures were calculated on the basis of the weighted number of shares bearing dividend rights, which totaled 224,959,424 (previous year 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: €1.00). 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.
1 Due to the choice of numerical format (in € million), there may be deviations from the amounts actually posted or rounding differences in the calculation of subtotals and final totals. In addition, the percentage changes relate to values in € thousand.
2 Change in the regional designation of tesa Turkey from Europe to Asia (previous year Europe: €4,161 million; previous year Africa/Asia/Australia: €2,802 million).
3 Change in the regional designation of tesa Turkey from Europe to Asia (previous year Europe: €678 million; previous year Africa/Asia/Australia: €467 million)