Beiersdorf (Nivea), record turnover at 9.5 billion (+11%)

In terms of geographical breakdown, Beiersdorf achieved double-digit growth in almost all regions, with the Latin American region showing the highest increase of 25.6%. This led to an expansion of the consumer division's Ebit margin (excluding 'special factors') by 60 basis points to 12.9 per cent. Ebit (excluding 'special factors') increased to EUR 1,002 million (2022: EUR 880 million).

Nivea - together with Labello - achieved its best performance since 2000, exceeding the 5 billion euro sales mark for the first time in its history. Nominal sales of EUR 5.2 billion in 2023 translate into organic growth of 16.2 per cent.

The derma division, with the brands Eucerin and Aquaphor, continued its impressive success with an organic sales growth of 24.0 %. Nominal sales grew by EUR 1.3 billion. "This result was driven by the strong global performance of the Sun Care product range, the continued expansion of the e-commerce business, the popularity of products with the star ingredient Thiamidol and the success of this line in Latin America, the Middle East and Africa. In addition, Aquaphor in the US recorded its best performance to date in terms of organic and nominal sales,' the note explains.

The healthcare division, which mainly comprises the Hansaplast and Elastoplast plaster brands, recorded organic sales growth of 4.2% and achieved sales of EUR 267 million. This increase was driven by sales of large plasters for post-operative wound care and several brand innovations in the wound care category. All major markets contributed to the growth.

The slowdown in sales in the travel retail sector and mainland China in 2023 caused a drop in organic sales for the luxury division's brands in the last fiscal year, with La Prairie down 15.4 per cent and Chantecaille down 18.4 per cent. "Market circumstances led to the timely decision to use 2023 as a transition year to reorder inventory and normalise inventory levels for both brands," the group explains. Beiersdorf now intends to return to growth with La Prairie and Chantecaille in 2024 through healthy stock levels, product innovations, an improved e-commerce setup and expansion of the travel retail business.

Tesa recorded slight growth in the fiscal year 2023 and sales of EUR 1.7 billion, which translated into an increase of 3.2% in organic terms. The main driver of this positive development was the Industry division, which saw an organic sales growth of 3.7 per cent.

Tesa's consumer division recorded organic growth of 2.5%, fuelled by successful launches despite a difficult market environment in Europe and Latin America. EBIT (excluding special factors) fell to EUR 266m, with the EBIT margin dropping 70bps to 16.0% (2022: 16.7%).

Beiersdorf expects above-market sales growth for the full year 2024, with the consumer segment expected to generate mid-single-digit organic sales growth. Ebit margin (excluding 'special factors') is expected to be 50 basis points above the previous year's level, in line with the segment's medium-term goal of profitable growth.

For the Tesa business, Beiersdorf expects organic sales growth in the low to mid-single digits in 2024, subject to uncertain market development. The Ebit margin (excluding 'special factors') is expected to remain at the previous year's level.

Based on the forecasts for these two business segments, the Group's organic sales growth is expected to be in the mid-single digits and the consolidated EBIT margin (excluding 'special factors') will be slightly above the previous year's level.