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Beate Uhse TABLE of CONTENTS

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Beate Uhse TABLE of CONTENTS 8976_Beate_U_Umschlag_engl 28.05.1999 11:00 Uhr Seite 1 ANNUAL REPORT 1998 Beate Uhse TABLE OF CONTENTS 2Ð3 Interview with Beate Rotermund 4Ð5 Letter to the shareholders 6Ð7 Market for erotica 8Ð9 Retail 10Ð11 Mail order 12Ð13 Wholesale 14Ð15 Multimedia 16Ð17 International operations 18 Management Board and Supervisory Board 19 Report of the Supervisory Board 21 Management report and consolidated accounts Leading the growing market for erotica Beate Uhse Beate Uhse AG á Gutenbergstra§e 12 á 24941 Flensburg á www.beate-uhse.de 8976_Beate_U_Umschlag_engl 28.05.1999 11:00 Uhr Seite 1 ANNUAL REPORT 1998 Beate Uhse TABLE OF CONTENTS 2Ð3 Interview with Beate Rotermund 4Ð5 Letter to the shareholders 6Ð7 Market for erotica 8Ð9 Retail 10Ð11 Mail order 12Ð13 Wholesale 14Ð15 Multimedia 16Ð17 International operations 18 Management Board and Supervisory Board 19 Report of the Supervisory Board 21 Management report and consolidated accounts Leading the growing market for erotica Beate Uhse Beate Uhse AG á Gutenbergstra§e 12 á 24941 Flensburg á www.beate-uhse.de 8976_Beate_U_Umschlag_engl 28.05.1999 11:01 Uhr Seite 2 The Beate Uhse Group in numbers Audit Opinion (in DM millions) 1996 1997 1998 “The accounting and the consolidated financial statements, which we have audited in accordance with professional standards, comply with the legal provisions. With due regard to the generally accepted accounting principles, the consolidated financial statements give a true and fair view of the net worth, financial position and results of operations of Beate Uhse Aktiengesellschaft. The group mana- gement report is in agreement with the consolidated financial statements.” Hamburg, March 12, 1999 ARTHUR ANDERSEN Revenues 135.9 132.3 168.6 Our business Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft mbH Export ratio (in %) 2.6 4.5 5.5 is all about the nicest thing in the world… Jöns Wirtschaftsprüfer Total output 145.8 151.0 176.5 Möbus Wirtschaftsprüfer Cost of materials 32.3 32.6 57.5 Personnel expenditure 28.1 29.5 37.1 Operating profit 15.2 25.0 7.9 Net profit 12.9 14.1 4.0 Earnings per share (in DM) --- --- 0.42 NumberN of employees 466 477 706 Revenues per employees 291.6 277.4 238.8 in DM Thousands 47 8976_Beate_U_Umschlag_engl 28.05.1999 11:01 Uhr Seite 2 The Beate Uhse Group in numbers Audit Opinion (in DM millions) 1996 1997 1998 “The accounting and the consolidated financial statements, which we have audited in accordance with professional standards, comply with the legal provisions. With due regard to the generally accepted accounting principles, the consolidated financial statements give a true and fair view of the net worth, financial position and results of operations of Beate Uhse Aktiengesellschaft. The group mana- gement report is in agreement with the consolidated financial statements.” Hamburg, March 12, 1999 ARTHUR ANDERSEN Revenues 135.9 132.3 168.6 Our business Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft mbH Export ratio (in %) 2.6 4.5 5.5 is all about the nicest thing in the world… Jöns Wirtschaftsprüfer Total output 145.8 151.0 176.5 Möbus Wirtschaftsprüfer Cost of materials 32.3 32.6 57.5 Personnel expenditure 28.1 29.5 37.1 Operating profit 15.2 25.0 7.9 Net profit 12.9 14.1 4.0 Earnings per share (in DM) --- --- 0.42 NumberN of employees 466 477 706 Revenues per employees 291.6 277.4 238.8 in DM Thousands 47 Erotica: a market without limits Beate Rotermund, founder of the Company and Chairwoman of the Supervisory Board - Axel Haubrok An interview with Beate Rotermund-Uhse Axel Haubrok: Ms. Rotermund, 98 percent of all German adults today are aware of Beate Uhse. But what about the social acceptance and acknowledgement of your erotica company? Beate Rotermund: There have been enormous changes since Beate Uhse first started up 50 years ago. For me, the conver- sations which I frequently hold with people sitting next to me during long flights are particularly telling. 30 years ago, the people I talked to would express great interest in my company. But no-one would ever have admitted to actually shopping at Beate Uhse. A.H.: And nowadays? B.R.: Over the past 15 years or so there has been a slow but steady change in attitudes. People are just as interested in our products and Beate as they were back then. But the difference is that today the people I talk to are quite willing to admit that they have bought something in a Beate Uhse store in 2 one town or another or ordered something Beate Uhse INTERVIEW by mail. Sex and erotica have always been our mail-order business and the shops. They important. But it wasn't a subject that was will also continue to grow because it is very ever talked about. Things have changed important to be close to the customer. today. A.H.: Talking of growth, why have you decided to A.H.: How have you managed to make Beate Uhse go public at this stage? synonymous with the erotica market? B.R.: Our goal is to become the style leader B.R.: Right from the outset I have used my in the Europe as well. We are primarily see- full name and photograph to express my king new licensees in all European countries. commitment to Beate Uhse products. Even And, of course, we are also investing a great the first mini catalogs did not only offer deal in future business such as the Internet products, they also took our customers' and multimedia. We view these sectors as questions seriously. We started offering harboring great potential for the future. customer advice - either in writing or over the phone - very early on and it is still free to this day. Another very important aspect A.H.: Does this mean that Beate Uhse will soon is our money-back guarantee. All this has be operating throughout Europe? given us high credibility on the part of B.R.: Of course, why not? Erotica is interna- customers and has been the key to our tional and knows no national borders. The success. Beate Uhse concept can be easily transplan- ted to other western countries. In 1998, we acquired other companies in the erotica A.H.: Were there no reservations about having a industry or entered into partnership woman at the top of the company? ventures with them. We want to pursue B.R.: Do you know what I say to that? Who this strategy to a greater extent in other would have dared say anything to me as a countries. mother of four? In fact, I think that being a woman has helped me enormously in this industry. A.H.: Ms. Rotermund, is the world ready for a listed erotica company? B.R.: Most definitely! The times when erotica A.H.: Did you never have any qualms about the companies would not have been touched morality of pornography? with a bargepole have for the most part B.R.: Pornography has been legal in Germany long since gone. Investors will clearly view since 1978 which is why Beate Uhse also sells us in terms of our yield and growth pornography. Of course, everything that we potential. We are market leaders in a highly do is strictly legal. We have never been on crisis-resistant market. We are entering the wrong side of the law. interesting growth segments such as the Internet and expanding on an international level. I think that private investors in A.H.: The experience of your competitors shows particular want to have a stake in com- that that is not always easy. panies whose products they are convinced B.R.: Yes, there is a fine line between legal will always be in demand regardless of what and illegal pornography. Although we did not the future holds. have any role models, we have always managed to avoid infringing the law and will continue to do so in the future. A.H.: Ms. Rotermund, thank you very much for this interesting interview. A.H.: How is your company positioning itself for the future? B.R.: We want to continue being pioneers in all matters relating to erotica and sex in the new millenium. For example, we will be syste- matically expanding our Internet services, an area which offers enormous opportuni- ties. But this does not mean that we will be neglecting our traditional segments such as 3 ... share our sexy business 4 Beate Uhse LETTER TO THE SHAREHOLDERS Dear future shareholders, Beate Uhse AG is planning to go public in mid- 1999. In doing so, we want to secure the financial resources required to fuel our growth, particular- ly our international operations and our new media and Internet activities. We are convinced that Beate Uhse stock will be an attractive investment for you. On our way to the stock exchange, we have plea- sure in presenting you with our first annual report. It will continue to be a key element of our communication with you in the future. We will report to you on developments within the Beate Uhse Group on a frank and transparent basis. At the end of 1998, Beate Uhse GmbH was conver- ted by way of a change of legal form to a stock corporation as a prerequisite for the planned initial public offering. We took various capital- related measures at the beginning of 1999 to pre- pare the Company for the converging European capital markets and the requirements of the German stock markets. One key element was the conversion of our capital stock to Euros. A capital reduction was followed by the issue of bonus sha- res and a subsequent increase in the Company's capital stock by over Euro 12 million to a current Euro 33,630,000.
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