Beiersdorf Ag · XETR:BEI
Beiersdorf — H1 2023 Earnings Presentation
25 slides from Beiersdorf's earnings presentation, Aug 3, 2023
Slide 1: Half-Year Report 2023
HALF-YEAR REPORT 2023 Hamburg, August 3rd, 2023 Vincent Warnery, Astrid Hermann
Slide 2: Financial Highlights H1 2023
FINANCIAL HIGHLIGHTS H1 2023 Consumer tesa Group CONTINUED STRONG Sales MOMENTUM WITH Growth +14.9% +1.2% +12.3% BROAD-BASED EBIT 17.0% 18.4% 17.3% OUTPERFORMANCE Margin (+190bps) (-70bps) (+140bps) Organic sales growth; EBIT excl. special factors Page 2 August 3rd, 2023 | Beiersdorf | Half-Year Rep
Slide 3: Nivea and Derma more than offset luxury channel
REVIEW Q2 2023 NIVEA AND DERMA MORE THAN OFFSET LUXURY CHANNEL +18.8% +25.3% +3.1% -7.5% NIVEA DERMA HEALTHCARE LA PRAIRIE Consumer +14.9% +1.4% Q2 2023 Group +12.4% Organic sales growth; NIVEA includes Labello Page 3 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 4: China: Formula to Win
REVIEW Q2 2023 – NIVEA NORTHEAST ASIA CHINA: FORMULA TO WIN SUCCESS PREMIUMIZATION OUTSTANDING No. 1 SALES GROWTH Increased share of anti-spot serum in cross-border eCom premium products by 60% +35% (H1 2022: No. 4) (Q2 2023) Organic sales growth Page 4 August 3rd, 2023 | Beiersdorf | Half-Year Repo
Slide 5: Growth fueled by innovation & core products
REVIEW Q2 2023 – NORTHEAST ASIA GROWTH FUELED BY INNOVATION & CORE PRODUCTS JAPAN KOREA Strongest Acceleration quarter ever in Q2 +13.9% +15.4% STRATEGIC FOCUS ON CHANNELS SKIN CARE INNOVATION ICONIC PILLAR Sun Lip +24% Lip +104% +82% eCom Creme +139% Organic sales growth Page 5 August 3rd, 2023 | B
Slide 6: Growth Engine Emerging Markets
REVIEW Q2 2023 – EMERGING MARKETS GROWTH ENGINE EMERGING MARKETS SKIN CARE DIGITAL PROFITABLE MARKET SHARES DEVELOPMENT Region with strongest GROWTH online growth Comp. 1 Comp. 2 +48% eCom 2018 2023E 2019 2020 2021 2022 MAT CY (H1 2023 vs. H1 2022) EBIT MARGIN +325bps +340bps Page 6 August 3rd, 2023
Slide 7: All key EM regions growing double-digit
REVIEW Q2 2023 – EMERGING MARKETS ALL KEY EM REGIONS GROWING DOUBLE-DIGIT +24.9% SALES GROWTH Q2 +14.1% INDIA +12.2% +36.7% +54.2% ASEAN CENTRAL CENTRAL & AMERICA WEST AFRICA , +19.3% SOUTH +28.9% +30.8% AMERICA BRAZIL SOUTH AFRICA Organic sales growth single Q2 Consumer Page 7 August 3rd, 2023 | Be
Slide 8: Travel retail impacted by short-term disruptions
REVIEW Q2 2023 – LA PRAIRIE TRAVEL RETAIL IMPACTED BY SHORT-TERM DISRUPTIONS Impact from restrictions on Daigou business (est.) China & Korea Q2: –87% La Prairie Q2 total excl. Daigou impact: +10% Page 8 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 9: Exclusive footprint expansion continues
REVIEW H1 2023 – LA PRAIRIE EXCLUSIVE FOOTPRINT EXPANSION CONTINUES CHINA: More than 20 new doors in FY 2023 - entering 4 new cities US: More than 10 new doors in FY 2023 BOUTIQUES: Selective openings in Zurich and Shanghai (August) E-COMMERCE: Outperforming in China with Tmall & JD.com Page 9 Augus
Slide 10: Made in Leipzig: New Plant Starts Production
REVIEW H1 2023 MADE IN LEIPZIG: NEW PLANT STARTS 200 employees PRODUCTION EUR 300m invested 450 million cosmetic products per year Highest environmental & technological standards New capacities for long- term growth in Europe Page 10 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 11: Care Beyond Skin
REVIEW H1 2023 – CARE BEYOND SKIN LEADING THE WAY IN EXCELLENT PROGRESS IN REDUCING EMISSIONS CLIMATE CARE No.1 >500 products in terms of climate action across with packaging made from recycled plastic 40 international companies >400 skin care formulations transformed for enhanced sustainability *si
Slide 12: H1 2023 Financials
H1 2023 FINANCIALS Page 12 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 13: Group
KEY FIGURES H1 2023 GROUP 2022 2023 January – June January – June Change in € million in € million Nominal Organic Sales 4,476 4,936 +10.3% +12.3% EBIT 710 852 Profit after tax 515 576 EBIT margin 15.9% 17.3% Profit after tax margin 11.5% 11.7% Earnings per share in € 2.22 2.50 (Excluding special fa
Slide 14: Segments
KEY FIGURES H1 2023 SEGMENTS 2022 2023 January – June January – June Change Consumer in € million in € million Nominal Organic Sales 3,638 4,108 +12.9% +14.9% EBIT 550 700 EBIT margin 15.1% 17.0% tesa Sales 838 828 -1.3% +1.2% EBIT 160 152 EBIT margin 19.1% 18.4% (Excluding special factors) Page 14
Slide 15: Consumer
KEY FIGURES H1 2023 CONSUMER Organic sales growth in % +14.8 +14.9 +14.9 +10.5 FY 2022 Q1 2023 Q2 2023 H1 2023 Page 15 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 16: Consumer Brands H1 2023
+18.4% +26.1% +5.4% -9.9% KEY FIGURES H1 2023 NIVEA DERMA HEALTHCARE LA PRAIRIE CONSUMER BRANDS H1 2023 Organic sales growth, NIVEA includes Labello Page 16 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 17: Consumer Sales per Region
KEY FIGURES H1 2023 – CONSUMER CONSUMER SALES PER REGION Europe +11.2% Western 1,809 North America Europe +12.8% 9.2% Eastern Europe 543 1,449 +19.5% Americas 360 +21.5% Latin America Africa, Asia & Australia 1,150 +31.0% 607 +14.7% 1,149 Organic sales growth; Nominal sales in € million Page 17 Augu
Slide 18: Group Income Statement
KEY FIGURES H1 2023 – GROUP GROUP INCOME STATEMENT (in € million) H1 2022 H1 2023 Development in % Sales 4,476 4,936 10.3 Cost of goods sold -1,937 -2,088 7.8 Gross profit 2,539 2,848 12.2 Marketing and selling expenses -1,439 -1,585 10.1 Research and development expenses -147 -152 3.4 General and a
Slide 19: Consumer Gross Margin
KEY FIGURES H1 2023 – CONSUMER CONSUMER 1.1 GROSS 4.0 -4.6 59.8 MARGIN 59.3 In % of consumer sales H1 2022 PRICE MIX COSTS OF SALES, H1 2023 LOGISTICS & OTHER @FX avg. 2022 Page 19 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 20: Consumer Working Capital
6.9 5.3 6.1% KEY FIGURES H1 2023 – CONSUMER CONSUMER 4.7 5.1 WORKING CAPITAL In % of consumer sales (12-months rolling) H1 21 FY 21 H1 22 FY 22 H1 2023 @FX avg. 2022 Page 20 August 3rd, 2023 | Beiersdorf | Half-Year Report 2023
Slide 21: tesa: Sustainability and Industry
KEY FIGURES H1 2023 – TESA Sustainability H1 2023: +1.2% EcoVadis Gold status achieved Q2: +1.4% Sales growth 18.4% Industry EBIT Continuous strong growth in Automotive offsets weaker demand in Electronics Organic sales growth; EBIT excluding special factors Page 21 August 3rd, 2023 | Beiersdorf | H
Slide 22: Guidance FY 2023
OUTLOOK 2023 GUIDANCE FY 2023 Consumer • High-single to low-double-digit organic sales growth • EBIT margin +50bps vs previous year Total Group tesa • High-single to low-double-digit organic sales growth • EBIT margin slightly above previous year’s level • Mid-single-digit organic sales growth • EBI
Slide 23: Thank You
THANK YOU
Slide 24: Group Balance Sheet
KEY FIGURES H1 2023 – GROUP GROUP BALANCE SHEET Assets June 30, 2022 June 30, 2023 Intangible assets 1,141 1,094 Property, plant, and equipment 2,036 2,339 Non-current securities 3,657 2,889 Other non-current assets 58 57 Deferred tax assets 265 263 Non-current assets 7,157 6,642 Inventories 1,347 1
Slide 25: Group Balance Sheet
KEY FIGURES H1 2023 – GROUP GROUP BALANCE SHEET Equity and liabilities June 30, 2022 June 30, 2023 Equity 7,716 8,188 Provisions for pensions and other 278 379 post-employment benefits Other non-current provisions 185 140 Non-current financial liabilities 104 104 Other non-current liabilities 1 — De