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Beiersdorf continues strong sales growth

Aug '08
The Beiersdorf Interim Report was published for the period of January to June 2008.

Thomas-B. Quaas, Chairman of the Executive Board of Beiersdorf AG, commenting on the first half of 2008:

"Beiersdorf's global sales rose by 11.5%. With organic growth of 8.3%, Beiersdorf is growing at least twice as fast as the market and is gaining market share in its strategic growth regions.

Business in Germany is back on a growth path in a difficult market.

The integration of the C-BONS Hair Care business in China has been fully in line with our expectations during the first half of the year, with sales developing well. As planned, substantial investments are being made in marketing to support the Chinese hair care brands.

We successfully implemented a strategy change in the USA and again generated outstanding organic growth in our focus categories thanks to a new marketing campaign. We have increased our market share and aim to occupy number one positions in these segments for the first time in the coming years.

So far, Beiersdorf has been able to offset increasing raw material prices by systematically applying the procurement strategies that we have developed over the past few years. Nevertheless, Beiersdorf is not immune to the increasing prices in the global raw material market and will adjust its selling prices to take account of this development next year."

In the first half of the year, the Group generated sales of €3,091 million (previous year: €2,850 million). This corresponds to an increase of 11.5% (adjusted for currency translation effects). Organic growth, i.e., growth adjusted for currency translation effects and excluding the acquisitions made at the end of 2007 (C-BONS Hair Care and the increase in Beiersdorf's interest in its Swiss affiliate to 100%) amounted to 8.3%.

The operating result (EBIT) amounted to €392 million (excluding special factors). Income of €15 million was achieved in relation to the realignment of the Consumer Supply Chain (previous year: expense of €58 million). The EBIT margin (excluding special factors) was 12.7%. Excluding our acquisitions, the EBIT margin was 13.1% (previous year: 13.1%).

Profit after tax (excluding special factors) amounted to €282 million (previous year: €244 million), lifting the return on sales after tax to 9.1% (previous year: 8.6%).

The Consumer business segment increased sales to €2,649 million in the first half of 2008 (previous year: €2,426 million). Adjusted for currency translation effects, this corresponds to an increase of 12.4%. Organic growth adjusted for currency translation effects and excluding the effects of the acquisition, amounted to 8.6%.

Consumer EBIT excluding special factors amounted to €343 million (previous year: €326 million), resulting in a return on sales of 12.9%. Excluding the acquisitions we made at the end of 2007, the EBIT margin was 13.5%, slightly up on the previous year (13.4%).

tesa's sales increased to €442 million (previous year: €424 million), up 6.6% adjusted for currency translation effects. tesa generated EBIT of €49 million (previous year: €47 million). The EBIT margin rose to 11.1% as a result (previous year: 11.0%).

Beiersdorf AG

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