Group

Despite the continuing difficult economic environment, Group sales rose by 4.0 % after adjustment for currency translation effects. This was solely the result of organic growth: changes in consolidation had no impact on the growth rate. The sharp fall of the US dollar (-17 %) and of other key currencies for Beiersdorf against the euro led to negative currency translation effects. Sales at current exchange rates totaled €4,673 million, down 1.5 % year-on-year.

The operating result (EBIT) was clearly up year-on-year at €484 million. As a result, the operating return on sales rose to 10.4 % (previous year: 9.9 %). Despite this difficult market environment, we increased both marketing and research and development expenses. We were able to offset this by reducing product costs and administrative expenses, and through lower other operating expenses.

Higher interest income and lower foreign exchange losses had a positive effect on the financial result. Group profit after tax rose to €301 million, generating a return on sales (after taxes) of 6.4 % (previous year: 6.1 %).

The profit after tax of Beiersdorf AG as calculated under the regulations of the Handelsgesetzbuch (German Commercial Code) increased to €332 million (previous year: €156 million). The significant increase is mainly due to intra-Group restructuring measures, which resulted in additional income for Beiersdorf AG totaling €339 million. This was partially offset by provisions in connection with the share buyback program totaling €147 million.