Beiersdorf Ag · XETR:BEI
Beiersdorf — H1 2019 Earnings Presentation
25 slides from Beiersdorf's earnings presentation, Aug 6, 2019
Slide 1: Half-Year Report 2019
HALF-YEAR REPORT 2019 August 6th, 2019
Slide 2: Agenda
AGENDA FINANCIAL RESULTS H1 2019 GUIDANCE Q&A August 6, 2019 | Half-Year Report 2019 Page 2
Slide 3: Competitive Sustainable Growth
OUR COMMITMENT outperform the market create consumer value COMPETITIVE SUSTAINABLE GROWTH ensure sustainable profitability GROWTH DRIVERS CONSUMER CENTRICITY WIN WITH SKIN CARE ACCELERATE IN WHITE SPOTS THROUGH DIGITALIZATION INCREASE PRODUCTIVITY CULTURE & SOCIETY August 6, 2019 | Half-Year Report
Slide 4: Win with Skin Care – Eucerin Anti-Pigment
WIN WITH SKIN CARE – EUCERIN ANTI-PIGMENT EFFECTIVE INGREDIENT THIAMIDOL A SUCCESS EUCERIN GAINING SUBSTANTIAL MARKET SHARE, NOW #1 IN EVEN SKIN MOST SUCCESSFUL EUCERIN LAUNCH HIGHLY RECOMMENDED BY DERMATOLOGISTS August 6, 2019 | Half-Year Report 2019 Page 4
Slide 5: Win with Skin Care – Strong Pipeline
WIN WITH SKIN CARE – STRONG PIPELINE Cellular Elasticity Supreme Balm Anti-Pigment Filler Cleanser August 6, 2019 | Half-Year Report 2019 Page 5
Slide 6: Accelerate in White Spots – US Sun Care
ACCELERATE IN WHITE SPOTS – US SUN CARE WIN WITH SKIN CARE ACCELERATE IN WHITE SPOTS 1944 Sun Protection THE LEADING SUN CARE ICONIC SUN CARE BRAND GAME CHANGER IN THE US COMPANY August 6, 2019 | Half-Year Report 2019 Page 6
Slide 7: Accelerate in White Spots – Production
ACCELERATE IN WHITE SPOTS – PRODUCTION SPAIN, TRES CANTOS Groundbreaking: June 2019 Inauguration: by 2022 Body, Sun INDIA, GUJARAT +74% Production Capacity Inauguration: June 2019 THAILAND, BANGKOK Body, Men, Face, Shower +100% Production Capacity Inauguration: July 2019 Deo, Face, Men, Sun, Body +5
Slide 8: Consumer Centricity through Digitalization
CONSUMER CENTRICITY THROUGH DIGITALIZATION August 6, 2019 | Half-Year Report 2019 Page 8
Slide 9: Culture & Society – Sustainability
CULTURE & SOCIETY – SUSTAINABILITY RESPONSIBLE SOURCING RENEWABLE ENERGY SUSTAINABLE PACKAGING 74% CERTIFIED PALM 81% RENEWABLE ELECTRICITY 25% RECYCLED PET IN FACE CLEANSING OIL BOTTLE CDP “A” SCORE AWARDED HIGHEST % EMISSION REDUCTION AMONG DAX 30 ZERO-WASTE PILOT LOOP TARGET: 100% CERTIFIED PALM
Slide 10: Increase Productivity – Value Engineering
INCREASE PRODUCTIVITY – VALUE ENGINEERING PACKAGING COST-DOWN EXAMPLE: LIGHT-WEIGHTING & ENVIRONMENTAL SAVINGS VALUE-UP SMART Cans Bottles, Caps Pumps VALUE ENGINEERING BUYING SMART COST-DOWN PRODUCT LIFE- CYCLE MINDSET PURSUING PRODUCTIVITY + SUSTAINABILITY STRATEGY BUILDING BLOCKS IN TANDEM August
Slide 11: Agenda
AGENDA FINANCIAL RESULTS H1 2019 GUIDANCE Q&A August 6, 2019 | Half-Year Report 2019 Page 11
Slide 12: Group – Key Figures
GROUP – KEY FIGURES JAN. – JUN. 2018 JAN. – JUN. 2019 CHANGE MILL. € MILL. € NOMINAL ORGANIC SALES 3,613 3,837 +6.2% +4.8% EBIT* 585 593 PROFIT AFTER TAX* 407 425 EBIT MARGIN* 16.2% 15.4% PROFIT AFTER TAX MARGIN* 11.3% 11.1% EARNINGS PER SHARE IN €* 1.76 1.84 *Excluding special factors: Expenses rel
Slide 13: Group – Segments
GROUP – SEGMENTS JAN. – JUN. 2018 JAN. – JUN. 2019 CHANGE GROUP MILL. € MILL. € NOMINAL ORGANIC SALES 3,613 3,837 +6.2% +4.8% EBIT* 585 593 EBIT MARGIN* 16.2% 15.4% CONSUMER SALES 2,957 3,146 +6.4% +5.3% EBIT* 472 482 EBIT MARGIN* 15.9% 15.3% TESA SALES 656 691 +5.5% +2.4% EBIT 113 111 EBIT MARGIN 1
Slide 14: Consumer – Growth
CONSUMER – GROWTH ORGANIC SALES GROWTH IN % +7.4* +5.9* +5.8* +4.2* +3-5% +6.8 +5.0 +5.3 +3.8 FY 2018 Q1 2019 Q2 2019 H1 2019 FY 2019 Guidance *Consumer organic sales growth if sales in Argentina had been calculated at constant FX rates. August 6, 2019 | Half-Year Report 2019 Page 14
Slide 15: Consumer – Brands
CONSUMER – BRANDS NIVEA DERMA HEALTHCARE LA PRAIRIE Q2 2019 +1.6% +7.7% +0.7% +24.6% H1 2019 +3.2% +6.0% +3.7% +26.8% August 6, 2019 | Half-Year Report 2019 Page 15
Slide 16: Consumer – Europe
CONSUMER – EUROPE SALES H1 2018 SALES H1 2019 NOMINAL GROWTH ORGANIC GROWTH MILL. € MILL. € WESTERN EUROPE 1,247 1,294 +3.8% +3.3% EASTERN EUROPE 296 294 -0.7% +0.4% EUROPE 1,543 1,588 +2.9% +2.8% • GERMANY VERY POSITIVE; FRANCE, UK AND POLAND SOFTER • LA PRAIRIE CONTINUED TO BE A SIGNIFICANT GROWTH
Slide 17: Europe: Weather Impact
EUROPE: WEATHER IMPACT SUNSHINE HOURS IN EUROPE • SIGNIFICANTLY LESS SUNSHINE MAY 2018 MAY 2019 IN Q2 2019 VS LAST YEAR • KEY MARKETS: GERMANY, UK, BENELUX, FRANCE, SPAIN, ITALY • NEGATIVE IMPACT ON Q2 2019 CONSUMER & NIVEA GROWTH Source: Deutscher Wetterdienst/German Meteorological Service August 6
Slide 18: Consumer – Americas
CONSUMER – AMERICAS SALES H1 2018 SALES H1 2019 NOMINAL GROWTH ORGANIC GROWTH MILL. € MILL. € NORTH AMERICA 211 226 +7.0% +0.7% LATIN AMERICA 277 304 +9.7% +10.0% AMERICAS 488 530 +8.5% +5.9% • NORTH AMERICA SLIGHTLY UP IN A WEAK BODY MARKET • BRAZIL VERY STRONG & MEXICO ALSO WITH DOUBLE-DIGIT GROWT
Slide 19: Consumer – Africa/Asia/Australia
CONSUMER – AFRICA/ASIA/AUSTRALIA SALES H1 2018 SALES H1 2019 NOMINAL GROWTH ORGANIC GROWTH MILL. € MILL. € AFRICA/ASIA/AUSTRALIA 926 1,028 +11.0% +9.2% • LA PRAIRIE CONTINUED TO OUTPERFORM THE SELECTIVE SKIN CARE MARKET • STRONG PERFORMANCE IN JAPAN, INDIA, CENTRAL & SOUTH AFRICA, AND INDONESIA Augu
Slide 20: Gross Margin – Positive Price & Mix
GROSS MARGIN – POSITIVE PRICE & MIX IN % OF CONSUMER SALES -0.2% +0.5% -0.4% 61.8% 61.4% +0.5% H1 2018 PRICE MIX COST OF FX H1 2019 SALES, LOGISTICS August 6, 2019 | Half-Year Report 2019 & OTHERS Page 20
Slide 21: Consumer – EBIT
CONSUMER – EBIT IN % OF CONSUMER SALES, EXCL. SPECIAL FACTORS 15.5 15.9 15.1 15.3 14.5 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 August 6, 2019 | Half-Year Report 2019 Page 21
Slide 22: tesa – Growth
TESA – GROWTH ORGANIC GROWTH DIRECT INDUSTRIES TRADE MARKETS TESA TOTAL +2.4% +2.4% +2.4% AUTOMOTIVE CONSUMER & CRAFTSMEN ELECTRONICS GENERAL INDUSTRIAL MARKETS PRINT AND PAPER BUILDING SUPPLY August 6, 2019 | Half-Year Report 2019 Page 22
Slide 23: Guidance 2019
GUIDANCE 2019 CONSUMER • SALES GROWTH 3-5% TOTAL GROUP • EBIT MARGIN 14-14.5% • SALES GROWTH 3-5% • EBIT MARGIN AROUND 14.5% TESA • PAT MARGIN SLIGHTLY BELOW • SALES GROWTH 3-4% PREVIOUS YEAR • EBIT MARGIN SLIGHTLY BELOW PREVIOUS YEAR 2018 DATA FOR REFERENCE (EXCLUDING SPECIAL FACTORS): • CONSUMER E
Slide 24: Q&A
Q&A August 6, 2019 | Half-Year Report 2019 Page 24
Slide 25: Half-Year Report 2019
HALF-YEAR REPORT 2019 August 6th, 2019