Beiersdorf Ag · XETR:BEI
Beiersdorf — FY 2023 Earnings Presentation
34 slides from Beiersdorf's earnings presentation, Feb 29, 2024
Slide 1: Full Year Results 2023
FULL YEAR RESULTS 2023 Hamburg, February 29, 2024 Vincent Warnery, Astrid Hermann
Slide 2: Strong double-digit sales growth fuels profitability
FINANCIAL HIGHLIGHTS FY 2023 STRONG DOUBLE-DIGIT SALES GROWTH FUELS PROFITABILITY Consumer tesa Group Organic Sales Growth +12.5% +3.2% +10.8% EBIT Margin 12.9% 16.0% 13.4% (excluding special factors) +60bps vs. FY 22 -70bps vs. FY 22 +20bps vs. FY 22 Page 2 February 29, 2024 | Beiersdorf | Full Yea
Slide 3: Fastest growing beauty company
REVIEW FY 2023 FASTEST GROWING BEAUTY COMPANY Consumer +16.2% +24.0% +4.2% -15.4% NIVEA DERMA HEALTHCARE LA PRAIRIE +12.5% +3.2% Group +10.8% Organic sales growth; NIVEA includes Labello Page 3 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 4: Record year for icon NIVEA
REVIEW FY 2023 – NIVEA Perfect mix RECORD YEAR FOR OUR ICON NIVEA 60% Pricing 40% Volume Strong volume growth despite significant pricing > €5bn in Sales All regions with double-digit growth Investments are paying off eCom growth > 2x offline growth Page 4 February 29, 2024 | Beiersdorf | Full Year
Slide 5: Win with Face: Face Care
REVIEW FY 2023 – NIVEA WIN WITH FACE Face Care Accelerating Trend Strongest NIVEA category in second half 2023 55% Core +24% 45% Innovation Sales growth 1/3 Price All regions growing 2/3 Volume +18% Page 5 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 6: Biggest success ever in Face Care
REVIEW FY 2023 – NIVEA BIGGEST SUCCESS EVER IN FACE CARE Outstanding Development – Creating a Market Global Sales 2023 +51% China Luminous630 Sales +131% in 2023 2019 2020 2021 2022 2023 Page 6 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 7: Derma success story continues
REVIEW FY 2023 – DERMA SUCCESS STORY CONTINUES – DELIVERING ON ALL STRATEGIC KEY PILLARS €1.252bn Innovation stays a key driver: +49% Thiamidol eCom growth +28% +22.1% Eucerin Sun outperforming CAGR around the globe + 58% Derma FY 2023 +7.4% CAGR +24.0% +40% sales in LatAm and Africa & Middle East 2
Slide 8: Aquaphor's best year ever
REVIEW FY 2023 – DERMA - AQUAPHOR U.S. AQUAPHOR’S BEST YEAR EVER Leveraging Lip via Gen Z +36% Outperforming the body category #1 Dermatologist-recommended Social media acceleration brand for 6 skin conditions +1 BILLION views on TikTok Page 8 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 9: Eucerin Korea: strong growth in competitive market
REVIEW FY 2023 – DERMA - EUCERIN KOREA STRONG GROWTH IN ONE OF THE MOST COMPETITIVE MARKETS Korea Derma FY 2023 +40% Local innovation supported by ‘made in Germany‘ Only country not benefitting from Thiamidol Page 9 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 10: La Prairie, Chantecaille: bounce back in 2024
REVIEW FY 2023 – LUXURY & SELECTIVE LA PRAIRIE CHANTECAILLE BOUNCE BACK IN 2024 ACCELERATE MOMENTUM Back to double-digit Expansion of travel retail sell-out growth in Q4 Focus on innovations Set the right foundation and TikTok Destocking done Turnaround in Q1 FY 2023 by Q1 FY 2023 –18.4% –15.4% Page
Slide 11: Future. Ready.
FUTURE. READY. HOW WE PAVED THE WAY IN 2023 DIGITAL TRANSFORMATION BEIERSDORF CAMPUS GENDER PARITY LEIPZIG FACTORY Page 11 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 12: Use of capital: dividend increase and buyback
REVIEW FY 2023 USE OF CAPITAL DIVIDEND SHARE INCREASE BUYBACK +43% €0.70 €1.00 €500 Mio FOR THE FIRST TIME IN 20+ YEARS 2007 2023 Page 12 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 13: FY 2023 Financials
FY 2023 FINANCIALS Page 13 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 14: Key figures 2023: Group
KEY FIGURES 2023 GROUP 2022 2023 January – December January – December Change in € million in € million Nominal Organic Sales 8,799 9,447 +7.4% +10.8% EBIT 1,158 1,268 Profit after tax 823 876 EBIT margin 13.2% 13.4% Profit after tax margin 9.4% 9.3% Earnings per share in € 3.56 3.80 (excluding spec
Slide 15: Key figures 2023: Segments
KEY FIGURES 2023 SEGMENTS 2022 2023 January – December January – December Change Consumer in € million in € million Nominal Organic Sales 7,131 7,780 +9.1% +12.5% EBIT 880 1,002 EBIT margin 12.3% 12.9% tesa Sales 1,668 1,667 +/-0.0% +3.2% EBIT 278 266 EBIT margin 16.7% 16.0% (excluding special facto
Slide 16: Consumer organic sales growth
KEY FIGURES 2023 CONSUMER Organic Sales Growth +14.8 +14.9 +12.5 +10.5 +10.9 +9.2 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Organic sales growth in % Page 16 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 17: Consumer brands organic sales growth
KEY FIGURES 2023 CONSUMER BRANDS Organic Sales Growth +12.1% +21.2% +3.7% -14.3% NIVEA DERMA HEALTHCARE LA PRAIRIE Q4 2023 Page 17 February 29, 2024 | Beiersdorf | Full Year Results 2023 Organic sales growth, NIVEA includes Labello
Slide 18: Consumer regions organic sales growth
KEY FIGURES 2023 CONSUMER REGIONS Organic Sales Growth Europe +9.7% Eastern 3,364 North America Western Europe Europe +12.2% +21.9% 980 +6.8% Americas 692 2,672 +19.1% 2,196 Latin America Africa, Asia & +25.6% Australia 1,216 +11.1% 2,220 Page 18 February 29, 2024 | Beiersdorf | Full Year Results 20
Slide 19: Group income statement
KEY FIGURES FY 2023 – GROUP GROUP INCOME STATEMENT (in € million) 2022 2023 Development in % Sales 8,799 9,447 7.4 Cost of goods sold -3,842 -4,031 4.9 Gross profit 4,957 5,416 9.3 Marketing and selling expenses -2,998 -3,250 8.4 Research and development expenses -291 -320 10.2 General and administr
Slide 20: Consumer gross margin
KEY FIGURES 2023 – CONSUMER CONSUMER GROSS MARGIN in % 2.9 -3.1 59.5 59.1 0.6 FY 2022 PRICE COSTS OF SALES, MIX FY 2023 LOGISTICS & OTHER @FX avg. 2022 Page 20 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 21: Consumer working capital
KEY FIGURES 2023 – CONSUMER 9.3 8.9 CONSUMER WORKING CAPITAL 5.3 5.1 5.8% 2019 2020 2021 2022 2023 2023 figures @FX avg. 2022 Page 21 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 22: tesa: strong demand fuels second half growth
KEY FIGURES 2023 – tesa STRONG DEMAND FUELS SECOND HALF GROWTH FY 2023: +3.2% FY 2023: Q4: +9.7% 16.0% Sales growth EBIT Organic sales growth; EBIT excluding special factors Page 22 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 23: tesa: Electronics, Automotive, Capacity Expansions
KEY FIGURES 2023 – tesa Electronics Taking sustainable design to the next level – Debonding on Demand Automotive Innovative adhesive solutions for the automotive industry Capacity Expansions New production site in Haiphong, Vietnam Expansion of production site in Sparta, USA Page 23 February 29, 202
Slide 24: Guidance & Outlook
GUIDANCE & OUTLOOK
Slide 25: Growth drivers to win
OUTLOOK GROWTH DRIVERS TO WIN 01 04 Systematically enter and scale up Accelerate cascading of our white space opportunities in breakthrough proprietary Skin Care. technologies across all brands. 02 05 Continue to invest wisely to perpetually strengthen Transform acquisitions into our brands in China
Slide 26: Enter and scale up white space opportunities
OUTLOOK ENTER AND SCALE UP WHITE SPACE OPPORTUNITIES Eucerin Face only present in NIVEA Face 1/3 of the market only present in Conquering 40% of the market new markets since 2017 Premiumization focus China 2025 2024 Expand success story Eucerin Face in US India Page 26 February 29, 2024 | Beiersdorf
Slide 27: Invest wisely in China
OUTLOOK INVEST WISELY IN CHINA Present • La Prairie on the pulse of the market Not relying on promotions Past • • Main brands established in the market Future • Infrastructure in place • Learnings from launches & • W630 in mainland China acquisitions • Launch of Chantecaille Page 27 February 29, 202
Slide 28: Maximize digital commerce
OUTLOOK MAXIMIZE DIGITAL COMMERCE SCALE UP SCALE UP SCALE UP ORGANIZATION CAPABILITIES LUXE FOOTPRINT DATA & INSIGHTS FULL-FUNNEL MEDIA LIVE COMMERCE Page 28 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 29: Cascade breakthrough technologies
OUTLOOK CASCADE BREAKTHROUGH TECHNOLOGIES REGIONS CATEGORIES COMING SOON THE NEXT BREAKTHROUGH INNOVATION BRANDS IN ANTI-AGE SKIN CARE W630 IS THE NEW W630 FUTURE INNOVATION 2024+ Page 29 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 30: Mergers & Acquisitions
OUTLOOK MERGERS & ACQUISITIONS Page 30 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 31: Sustainability leadership
OUTLOOK SUSTAINABILITY LEADERSHIP NET 2045 ZERO TARGET One of only 10 companies One of only 6 cosmetics worldwide that achieved the companies with Net Zero “AAA” rating in 2023 long-term targets approved Page 31 February 29, 2024 | Beiersdorf | Full Year Results 2023
Slide 32: Growth drivers to win
OUTLOOK GROWTH DRIVERS TO WIN 01 04 Systematically enter and scale up Accelerate cascading of our white space opportunities in breakthrough proprietary Skin Care. technologies across all brands. 02 05 Continue to invest wisely to perpetually strengthen Transform acquisitions into our brands in China
Slide 33: Guidance 2024
OUTLOOK GUIDANCE 2024 Consumer • Mid-single-digit organic sales growth • EBIT margin +50bps vs previous year tesa 2023 data for reference • Low- to mid-single-digit organic sales growth (excluding special factors): • EBIT margin at previous year’s level Consumer EBIT 12.9% tesa EBIT 16.0% Group EBIT
Slide 34: Thank you
THANK YOU