Our worldwide sales rose by 2.5 %. On a comparable basis, the increase was 4.5 %. A number of European markets were weak, but we exceeded our long-term target of 8 % growth in all other regions. With a profit after tax of €302 million we also achieved a new record level despite the financing cost for the share buyback.

The power of our innovations, the strength of our brands, and the expertise of our employees make me confident that we will meet our further sales targets while further improving our earnings margins. Not only do we pursue a clear strategy, but we also work hard on executing it well in all countries worldwide.

This successful execution is largely due to the commitment and expertise of our employees. They use our global strategy as a basis for their work in all parts of the world, implement it by using their local knowledge, and are proud of the success in their countries.

Pride in our local success, the quality of our strategic brand management, and the expertise and desire for innovation of our research and development people guarantee the long-term success of our brands. If the secret to “eternal youth” were ever found, then it would be by us ...

On a personal note: after eleven years as Chairman of the Executive Board of Beiersdorf AG,
I will be retiring at the end of the 2005 Annual General Meeting. My successor, Thomas-Bernd Quaas, has been an Executive Board member since 1999 and will bring new ideas and fresh energy for the future while preserving the continuity that distinguishes our Company. This will generate Beiersdorf’s further continuous growth.

The Executive Board wants to extend its thanks to all employees and their representatives around the world for their constructive cooperation. We thank our customers and our shareholders for their loyalty, and our business partners for their support.

Sincerely,



Rolf Kunisch
Chairman of the Executive Board