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Annual Report 2020 (PDF) Annual Report 20 20 Beiersdorf 2020 KEY FIGURES – OVERVIEW 2019 2020 Group sales (in € million) 7,653 7,025 Change (organic) (in %) 4.1 –5.7 Change (nominal) (in %) 5.8 –8.2 Consumer sales (in € million) 6,274 5,700 Change (organic) (in %) 4.8 –6.6 Change (nominal) (in %) 6.5 –9.1 tesa sales (in € million) 1,379 1,325 Change (organic) (in %) 0.8 –1.5 Change (nominal) (in %) 2.7 –3.9 Operating result (EBIT, excluding special factors) (in € million) 1,095 906 EBIT margin (excluding special factors) (in %) 14.3 12.9 Operating result (EBIT) (in € million) 1,032 828 EBIT margin (in %) 13.5 11.8 Profit after tax (in € million) 736 577 Return on sales after tax (in %) 9.6 8.2 Earnings per share (in €) 3.17 2.47 Total dividend (in € million) 159 159 Dividend per share (in €) 0.70 0.70 Gross cash flow (in € million) 842 802 Capital expenditure* (in € million) 765 280 Research and development expenses (in € million) 236 246 Employees (as of Dec. 31) 20,654 20,306 * Figures comprise investments in intangible assets and property, plant, and equipment including acquisitions. Climate targets for 2025 As of 2020, the Group Non-financial Statement is presented together with the Annual Report. In further progressing on our “Care Beyond Skin” sustainability agenda, this year, we have made new ambitious commitments concerning our environmental impact in two focus fields: We care for a climate positive future: Our climate targets were approved by the “Science Based Targets Initiative”: By 2025, we will achieve an absolute reduction of Scope 1 and 2 emissions by 30% and an absolute reduction of our Scope 3 emissions by 10% versus the base year 2018. For the Consumer Business Segment, we will reduce our absolute Scope 3 emissions by 30% in the same timeframe and become climate neutral in our operations by 2030. We care for fully circular resources: By 2025, we will reduce fossil-based virgin plastic in our packaging by 50% and our plastic packaging will ontain a minimum of 30% recycled material in the consumer segment. More information can be found in the chapter ”Non-financial Statement.” To Our Shareholders Pages 3 – 10 p. 4 Letter from the Chairman Consolidated Financial Statements p. 6 Beiersdorf’s Shares and Investor Relations p. 8 Report by the Supervisory Board Pages 103 – 150 p. 104 Consolidated Financial Statements p. 104 Income Statement p. 104 Statement of Comprehensive Income p. 105 Balance Sheet p. 106 Cash Flow Statement Combined Management Report p. 107 Statement of Changes in Equity Pages 11 – 102 p. 108 Notes to the Consolidated Financial Statements p. 108 Segment Reporting p. 13 Foundation of the Group p. 108 Regional Reporting p. 13 Business and Strategy p. 109 Significant Accounting Policies p. 19 Research and Development p. 115 Consolidated Group, Acquisitions, and Divestments p. 25 People at Beiersdorf p. 116 Notes to the Income Statement p. 34 Sustainability p. 119 Notes to the Balance Sheet p. 134 Other Disclosures p. 39 Non-financial Statement p. 138 Report on Post-balance Sheet Date Events p. 139 Beiersdorf AG Boards p. 63 Economic Report p. 63 Economic Environment p. 141 Attestations p. 65 Results of Operations p. 141 Independent Auditor’s Report p. 72 Net Assets p. 148 Assurance Report on Greenhouse Gas Emissions p. 73 Financial Position p. 150 Responsibility Statement by the Executive Board p. 74 Overall Assessment of the Group’s Economic Position p. 75 Beiersdorf AG p. 77 Risk Report p. 82 Report on Expected Developments p. 84 Other Disclosures Additional Information p. 84 Corporate Governance Statement p. 93 Remuneration Report Pages 151 – 156 p. 101 Report by the Executive Board on Dealings among Group Companies p. 152 Ten-year Overview p. 101 Disclosures relating to Takeover Law p. 153 Beiersdorf AG’s Shareholding p. 156 Contact Information Financial Calendar (Cover) We are Beiersdorf At Beiersdorf we have been caring about skin market, and LA PRAIRIE at the selective cosmetics since 1882. Beiersdorf’s success is based on its market. With its HANSAPLAST and ELASTOPLAST strong portfolio of internationally leading brands. brands, Beiersdorf also has a global presence in It is thanks to them that millions of people around the field of plasters and wound care. Renowned the world choose Beiersdorf day after day. Our brands such as LABELLO, AQUAPHOR, FLORENA, brands boast innovative strength, outstanding 8X4, HIDROFUGAL, GAMMON, COPPERTONE, quality, and exceptional closeness to our con- MAESTRO, CHAUL, and STOP THE WATER WHILE sumers. By responding quickly and flexibly to USING ME! round off our extensive portfolio in the regional requirements, we are winning the hearts Consumer Business Segment. Through the tesa of consumers in nearly all countries worldwide. brand, which has been managed since 2001 by Our skin and body care brands form the focus of Beiersdorf’s independent tesa subgroup, we also our successful brand portfolio and each brand offer highly innovative self-adhesive system and serves very different areas: NIVEA is aimed at the product solutions for industry, craft businesses, mass market, EUCERIN at the dermocosmetics and consumers. Our brand portfolio HEALING OINTMENT 3 To Our Shareholders To Our Shareholders Pages 3 – 10 p. 4 Letter from the Chairman p. 6 Beiersdorf’s Shares and Investor Relations p. 8 Report by the Supervisory Board 4 To Our Shareholders Letter from the Chairman As we begin a new year, we look back on a 2020 that challenged us in many different ways. A year in which the ongoing coronavirus pandemic held the world firmly in its grip and exerted an unprecedented impact on the global economy. The crisis did not leave Beiersdorf unscathed. However, we took swift and decisive action in spring 2020 to protect our employees, continue serving our consumers, and secure our business operations. At the same time, we took key steps for the future with our C.A.R.E.+ strategy. Our staff all around the world gave their utmost and set a brilliant example with their initiative and commitment. I would like to e x press them my heartfelt thanks on behalf of the entire Executive Board. This team spirit is a source of pride and impressively illustrates Beiersdorf’s unique corporate culture. The strong sense of cohesion in our company was also demonstrated by the Solidarity Pact that we signed in mid-April. With this important agreement, our aim was to mitigate the impact of possible falls ­­in sales and to safeguard the jobs of all employee groups without resorting to Kurzarbeit – the German government’s short-time support program. Throughout the coronavirus pandemic, the essence of Beiersdorf has been clear to see: we care for skin, therefore we care for people, and we care beyond skin. “Care Beyond Skin” is our purpose and our responsibility to look after people, society, and the environment. It has driven us for almost 140 years, and times of crisis are no exception. To support societies around the world in their battle against the COVID-19 pandemic and its impacts, we launched a €50 million humanitarian aid program – the largest in our corporate history – in as early as March 2020. This program combines straightforward emergency aid with measures that have a long-term orientation. COVID-19 gave our business a challenging reporting year in many respects, yet it has also made the relevance and long-term orientation of our C.A.R.E.+ business strategy more tangible than ever before. Despite the unprecedented crisis, we made important progress on our strategic priorities in 2020. For example, we accelerated the digital transformation and significantly expanded our e-commerce business with various initiatives such as the new NIVEA SKiN GUiDE skin analysis web app. We proved our innovative strength with major innovations such as EUCERIN Hyaluron Filler + Elasticity 3D Serum, which contains the patented ingredient Thiamidol®, and additions to the NIVEA Naturally Good range. We achieved a special milestone with the opening of our new innovation center in Shanghai. This significant investment in our research and development represents a clear commitment to growth in China and Asia, a strategically important region. We also expanded our share of the Chinese market with EUCERIN. Another important step in tapping new growth markets was the creation of our OSCAR&PAUL Venture Capital Fund. Beiersdorf is using the fund to invest in promising start-ups, thereby gaining access to disruptive technologies, business models, and skin care innovations. One such investment was in Salford Valve Company Ltd. (Salvalco), a British company that develops sustainable aerosol technologies. The acquisition of the Hamburg-based natural cosmetics brand STOP THE WATER WHILE USING ME! in February 2020 was an important step for Beiersdorf in tapping the fast-growing natural cosmetics market. Our “Care Beyond Skin” sustainability agenda, which we established early in 2020, is driving the transformation toward greater sustainability. Our agenda contributes to the United Nations Sustainable Development Goals and takes into account the ten principles of the UN Global Compact, of which both our business segments (Consumer and tesa) are committed members. In terms of sustainability, we initiated more important changes in 2020 than in any other year to date. We substantially strengthened our commitment to sustainability in both business segments, reached important milestones, set new targets, and launched pioneering programs. More detailed information can be found in the Beiersdorf Group’s “Non-financial Statement,” which this year we are publishing together with the Annual Report for the first time. 5 To Our Shareholders Letter from the Chairman Stefan De Loecker Chairman of the Executive Board Despite our best efforts, the impact of the COVID-19 pandemic is clearly reflected in our financial figures.
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