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Beiersdorf Reports Financials for First Nine Months of 2010
Posted: November 9, 2010
The Beiersdorf Group recorded organic sales growth of 4.0% in the first nine months of 2010. At current exchange rates, group sales were up by as much as 8.1% on the previous year, at €4,704 million (previous year: €4,352 million). The operating result (EBIT) increased to €552 million (previous year: €435 million). As a result, the EBIT margin rose to 11.7% (previous year: 10.0%).
Chairman of the executive board Thomas B. Quaas commented on developments in the first nine months, saying, “In the consumer business segment, developments in the individual regions were again extremely mixed. Business in the United Kingdom and Russia was very positive. In the other European countries, we were not satisfied with our performance. We recorded particularly strong growth in North and Latin America, where our focus on skin care is already paying off. We intend to strengthen all the other regions again by systematically implementing our ‘Focus on Skin Care. Closer to Markets.’ strategy, which is based on this focus.”
The consumer business segment recorded sales growth of 2.3% in the first nine months. At current exchange rates, sales increased by 6.3% to €4,050 million (previous year: €3,809 million). The operating result rose to €467 million (previous year: €423 million). The EBIT margin was 11.5% (previous year: 11.1%).
Germany recorded a 1.6% decline in sales. In the other Western European markets, the consumer business segment generated sales of €1,380 million, organic slightly below the previous year’s level. Nominal sales in Eastern Europe amounted to €439 million, a drop in organic terms of 2.5% compared with the prior-year figure. While Russia achieved double-digit sales growth, sales in the other Eastern European markets suffered as a result of the weak economy. At +13.2%, the North American business recorded significant organic growth. Nominal sales amounted to €265 million. In Latin America, the consumer business segment recorded an organic growth rate of 15.5%. All major markets in the region contributed to this positive performance. Nominal sales amounted to €385 million. Sales in the Africa/Asia/Australia region climbed to €878 million, an organic growth rate of 6.1%. Beiersdorf’s companies in the Middle East and Thailand were particularly successful here.
For full-year 2010, the Beiersdorf Group aims to generate organic sales growth of around 3% and to increase the EBIT margin to around 11%. The consumer business segment is aiming for sales growth of around 2% and an EBIT margin from operations of more than 11% in 2010.