At the end of October 2003, the basis for a new Beiersdorf shareholder structure was established. This will allow us to continue our business independently, further improve our successful growth model, and achieve a long-term increase in enterprise value.

We also started to adjust the Company’s organizational structure to reflect our strategy of focusing our business on branded consumer goods. We have established new structures for our professional business: the now legally independent tesa business will continue to be consolidated at 100 % in the Group Financial Statements and the joint venture BSN medical GmbH & Co. KG will be included as a financial investment at equity beginning January 2004. This means that we can now utilize a wide range of synergies, such as in marketing and sales, to better develop and leverage the potential of our brands.

As a leading international manufacturer of branded consumer products, we are now focusing even more intensively on the development and care of our strong brands.

This Annual Report aims to demonstrate the energy with which we are tackling our new challenges, and how, with our successful brands and the systematic implementation of our strategy, we have laid the foundation for a dynamic future.