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Beiersdorf posts growth of 11.8% from Jan-Sept

Nov '08
Today the Beiersdorf Interim Report was published for the period of January to September 2008.

Up to the end of the third quarter, the Group generated sales of €4,547 million (previous year: €4,167 million). This corresponds to an increase of 11.8% (adjusted for currency trans-lation effects).

Organic growth, i.e., growth adjusted for currency translation effects and excluding the acquisitions made at the end of 2007 (the Chinese hair care and styling business and the increase in Beiersdorf's interest in its Swiss affiliate to 100%) amounted to 8.5%.

The operating result (EBIT excluding special factors) amounted to €548 million (previous year: €531 million). Income of €13 million was achieved in connection with the realignment of the Consumer Supply Chain (previous year: expense of €64 million). The EBIT margin (excluding special factors) was 12.1% (previous year: 12.7%). Excluding our acquisitions, the EBIT margin was 12.9%.

Income taxes from the prior-year period include a one-time positive effect of €19 million resulting from the recalculation of deferred taxes due to the 2008 business tax reform in Germany.

Profit after tax (excluding special factors) amounted to €394 million (previous year: €380 million). The return on sales after tax amounted to 8.7% (previous year: 9.1%).

The Consumer business segment increased sales to €3,892 million in the first nine months (previous year: €3,531 million). Adjusted for currency translation effects, this corresponds to an increase of 13.0%. Organic growth adjusted for currency translation effects and excluding acquisitions amounted to 9.2%.

Consumer EBIT excluding special factors amounted to €476 million (previous year: €461 million), resulting in a return on sales of 12.2% (previous year: 13.0%). Excluding the acquisitions we made at the end of 2007, the EBIT margin was 13.2% up on the previous year.

tesa's sales increased to €655 million (previous year: €636 million). Adjusted for currency translation effects, this corresponds to an increase of 4.8%. tesa generated EBIT of €72 million (previous year: €70 million). At 11.0% (previous year: 11.0%), the EBIT margin was maintained at a high level.

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

"Beiersdorf's global sales growth remains high at 11.8% despite the strains in the economy. Our core brands NIVEA, Eucerin, and la prairie are doing very well in the market and are recording double-digit sales growth.

Brand quality and trust are the deciding factors in consumer purchasing decisions these days. We expect this trend to continue. Of course we are monitoring current developments in the financial markets and their effects on the real economy carefully. We remain optimistic that we will meet our targets for 2008.

The Group's organic growth of 8.5% is more than twice that of the market. Beiersdorf is gaining market shares in the strategic high-growth regions of Eastern Europe, Asia, and Latin America in particular. Business is developing extremely well in China.

We are supporting business expansion there as planned with substantial investments in marketing. Business in Germany has also continued to grow substantially and has gained further momentum thanks to innovations in the second half of the year."


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