FORMULA FOR
SUSTAINABLE GROWTH

ANNUAL REPORT 2022
2
Beiersdorf 2022
Key Figures – Overview
 2021 
2022
Group sales
(in € million)
7,627 	
8,799
Change (organic)
(in %) 	
9.7
10.2
Change (nominal)
(in %)
8.6
15.4
Consumer sales
(in € million)
6,129 	
7,131
Change (organic)
(in %)
8.8
10.5
Change (nominal)
(in %)
7.5
16.3
tesa sales
(in € million) 	
1,498
1,668
Change (organic)
(in %)
13.6
8.8
Change (nominal)
(in %)
13.1
11.3
Operating result (EBIT, excluding special factors)
(in € million)
993
1,158
EBIT margin (excluding special factors)
(in %)
13.0
13.2
Operating result (EBIT)
(in € million)
933
1,092
EBIT margin
(in %)
12.2
12.4
Profit after tax
(in € million)
655
771
Return on sales after tax
(in %) 	
8.6
8.8
Earnings per share
(in €)
2.81
3.33
Total dividend
(in € million)
159
159
Dividend per share
(in €)
0.70
0.70
Gross cash flow
(in € million)
897
1,084
Capital expenditure1
(in € million)
413 	
1,137
Research and development expenses
(in € million)
268
291
Employees
(Number on Dec. 31)
20,567
21,401
1	 Figures comprise investments in intangible assets and property, plant, and equipment including acquisitions.

ANNUAL REPORT 2022
3
CONTENT
p. 191 CONSOLIDATED FINANCIAL 
STATEMENTS
p. 191
Income Statement
p. 191
Statement of Comprehensive Income
p. 192
Balance Sheet
p. 193
Cash Flow Statement
p. 194
Statement of Changes in Equity
p. 195
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
p. 195
Segment Reporting
p. 196
Regional Reporting
p. 197
Significant Accounting Policies
p. 207
Consolidated Group, Acquisitions, 
and Divestments
p. 209
Notes to the Income Statement
p. 213
Notes to the Balance Sheet
p. 235
Other Disclosures
p. 240
Report on Post-Balance Sheet  
Date Events
p. 241
Beiersdorf AG Boards
p. 243 ATTESTATIONS
p. 243
Independent Auditor’s Report
p. 254
Independent Auditor’s Limited 
Assurance Report
p. 257
Responsibility Statement by 
the Executive Board
CONSOLIDATED 
FINANCIAL STATEMENTS
p. 259
REMUNERATION REPORT
p. 288
TEN-YEAR OVERVIEW
p. 289
BEIERSDORF AG’S 
SHAREHOLDINGS
p. 295
IMPRINT
p. 296
FINANCIAL CALENDER
ADDITIONAL 
INFORMATION
p. 54
FOUNDATION OF THE GROUP
p. 54
Business and Strategy
p. 60
Research and Development
p. 72
People at Beiersdorf
p. 87
Sustainability
p. 88
NON-FINANCIAL STATEMENT
p. 137
ECONOMIC REPORT
p. 137
Economic Environment
p. 140
Results of Operations
p. 150
Net Assets
p. 151
Financial Position
p. 152
Overall Assessment of the  
Group’s Economic Position
p. 153
Beiersdorf AG
p. 156
Risk Report
p. 164
Report on Expected Developments
p. 167
OTHER DISCLOSURES
p. 167
Corporate Governance Statement
p. 184
Report by the Executive Board on 
Dealings among Group Companies
p. 184
Disclosures relating to Takeover Law
p. 187
Report on Gender Equality and  
Equal Pay
COMBINED 
MANAGEMENT REPORT
p. 42
Letter from the Chairman
p. 45
Beiersdorf’s Shares and Investor Relations
p. 48
Report by the Supervisory Board
TO OUR  
SHAREHOLDERS

page 6 
GROWTH BY  
SUSTAINABILITY
page 22 
GROWTH BY  
PEOPLE
page 18 
GROWTH BY  
EMERGING 
MARKETS
page 28 
GROWTH BY  
DIGITALIZATION
page 34 
GROWTH BY  
TECHNOLOGY
page 10 
GROWTH BY  
BRAND 
PURPOSE
page 14  
GROWTH BY  
INNOVATION
FORMULA FOR
SUSTAINABLE GROWTH
ANNUAL REPORT 2022

FORMULA  
FOR  
SUSTAINABLE 
GROWTH
For more than 140 years, formulas 
have played a highly significant 
role for us: they are the basis of our 
products – and thus of our success. 
Our formula for sustainable growth 
is our C.A.R.E.+ strategy, with 
which we have set clear strategic 
priorities. Our ambition is to create 
more value for people and society 
in the long term.
ANNUAL REPORT 2022
5

Growth by sustainability
Nature 
+
Innovation
=
Future
ANNUAL REPORT 2022

By updating NIVEA Soft, Beiersdorf took a 
major step towards sustainability in the last fiscal 
year: The new formula of the globally popular 
skin care classic is based on natural ingredients – 
and it significantly reduces CO2 emissions. 
ANNUAL REPORT 2022

NIVEA  
SOFT
Wei Tang,  
R&D Engineer
More than 2,000 formula prototypes, 
over 9,000 product testers and some 
four years of in-depth research: 
“­Numerous colleagues from differ-
ent departments worked closely to-
gether to find the perfect formula for 
NIVEA Soft,” says Dr. Silke Garmatz, 
Manager Body, Cream and Hand at 
Beiersdorf. “Our common goal: A 
NIVEA Soft that is made with as many 
ingredients from a natural origin as 
possible. As a rule, natural ingredi-
ents reduce a product’s carbon foot-
print through lower CO2 emissions  – 
and that’s the whole reason behind 
our transformation and realization of 
our ambitious climate goal.”
Thousands of product tests
But it’s not that easy to switch ingre-
dients. The first task is to find alterna-
tives that are not only more sustain-
able, but also just as safe, effective 
and useful as the previous ones. 
“They also have to be compatible 
with the other formula ingredients 
and meet the sensory experience 
consumers expect and appreciate,” 
says Wei Tang, R&D Engineer at 
­Beiersdorf. 
This is why the experienced product 
developer and her colleagues have 
changed the formula prototypes 
again and again over the years, and 
tested the properties and sensory 
experience with the help of thou-
sands of product tests. But that’s not 
all: There were also many produc-
tion challenges to consider with the 
Dr. Silke Garmatz, 
Manager Body, 
Creme and Hand
FINDING 
THE 
PERFECT 
FORMULA
ANNUAL REPORT 2022
8

­update of the NIVEA Soft formula: 
Are the potential new ingredients 
even available in sufficient quanti-
ties? Which patent issues need to be 
clarified? How do the new ingredi-
ents and new supply sources affect 
logistics and manufacturing pro-
cesses? And can the necessary ad-
justments be made at all production 
centers?
40% less CO2 emissions
Once all of these questions were 
clarified, the time had come: In June 
2022, the newly enhanced NIVEA Soft 
was launched in several European 
countries. Its more climate-­friendly 
formula results in 40% lower CO2 
emissions. It contains 100% natural 
jojoba oil and is 98% biodegradable.
The enhanced 
NIVEA Soft now 
lasts even longer – 
and deeply 
hydrates the skin 
for 48 hours
98%
bio­
degradable
95%
natural 
­ingredients
100%
natural  
jojoba oil
40%
less CO2 
emissions
The new formula also provides an 
improved moisturizing effect: With 
oils derived from natural sources, 
NIVEA Soft penetrates even deeper 
into the skin and strengthens the skin 
barrier. This means that skin is now 
hydrated for 48 hours – twice as long 
as before  – thereby creating added 
value for both the environment and 
for consumers. 
Additional formulas on the horizon 
“To so extensively update the ­formula 
of such a successful product, that has 
used and loved by millions of con-
sumers worldwide for decades, is 
an immense undertaking,” explains 
Dr. Garmatz. “But precisely because 
NIVEA Soft is one of our best-selling 
products, we can achieve a signifi-
cant sustainability impact with the 
lower CO2 formula.”
While the enhanced NIVEA Soft is 
now being gradually rolled out in all 
markets, Dr. Garmatz and her team 
are already working on updating 
other product formulas. “We have 
clearly defined which ingredients we 
want to replace with more sustaina-
ble alternatives in the future. We will 
work consistently in the coming years 
to carry this out. Because it is para-
mount to us to balance excellent skin 
care with care for the environment 
and climate protection. Of course, 
those of us that work in research and 
development take pride in being 
able to play a key role in such a large 
and important topic.”  •
ANNUAL REPORT 2022
9

Anna Grassano, 
Regional Vice 
President 
Marketing 
Europe (left) 
and Kerstin Bird, 
Vice President 
Brand Leadership 
Unit Face & Lip
ANNUAL REPORT 2022

Global
+
Digital 
+
Sustainable 
=
Success
Growth by brand purpose
White lettering on a dark-blue background: 
NIVEA is one of the most well-known 
and popular brands in skin care.  
What is the future direction of the brand?  
What is its potential for growth? 
ANNUAL REPORT 2022
11

No. 1
The NIVEA brand has existed 
since 1905. How important is 
NIVEA for Beiersdorf today?
Anna Grassano: NIVEA is exception-
al in its significance. It represents 
our achievement of an iconic skin 
care brand that millions of people 
depend on every day. It is the most 
frequently chosen skin care brand 
worldwide and holds the top market 
position in 23 countries. And even 
with our company's many other suc-
cessful brands, it remains our most 
important sales driver by far. 
How has NIVEA performed in 
recent years?
Anna Grassano: NIVEA has per-
formed very well in recent years 
and has demonstrated growth in 
all regions in which we are active. 
In ­addition, NIVEA has allowed us 
to significantly expand our market 
share, particularly in the skin care 
market  – and most notably in the 
Face Care, Body Care, and Sun cat-
egories. Recently, one of our biggest 
achievements has been our break-
through innovation NIVEA ­CELLULAR 
­LUMINOUS630®, which targets the 
reduction of dark spots, and has en-
abled us to quickly establish a new 
segment in the mass market. Today, 
the NIVEA brand encompasses a 
broad product portfolio that meets 
a wide range of needs. 
Where do you see further 
opportunities for growth?
Kerstin Bird: To begin with, we see 
growth potential in those countries 
where we do not yet hold leading 
positions. In particular, these include 
China, the USA and India. We also 
see great opportunities in provid-
ing solutions for the specific needs 
of people with melanin-rich skin. 
Furthermore, we want to strengthen 
our appeal among younger people. 
While we have identified their strong 
interest in skin care, compared to 
older people, they have a lower affin-
ity for the NIVEA brand. We also want 
to grow through online sales and by 
expanding our digital marketing ac-
tivities – for example, through pre-
cision marketing campaigns. And: 
We are confident that leading NIVEA 
more strongly as a global brand will 
be an important driver for our future 
growth. 
What does that mean?
Kerstin Bird: The products under the 
NIVEA brand have been managed 
with a high level of individual re-
sponsibility in each of their markets. 
Our intention is to be more clear and 
consistent in our brand presence and 
offering going forward – and thereby 
continue to strengthen NIVEA as a 
global icon. This will be especially 
­reflected in our innovations and cam-
paigns. The approach here: Fewer, 
bigger, better. This means that we 
aim to create and market fewer new 
products and campaigns worldwide, 
but to make them bigger and bet-
ter. Not only will this strengthen the 
brand, but it will also improve our ef-
ficiency. We have already made the 
necessary adjustments in the mar-
keting organization, integrating all 
innovations into one global pipeline 
process and extending part of our 
global teams to four continents. This 
has enabled us to more quickly iden-
tify and understand needs, trends 
and segment shifts.
Will this also change the 
­products themselves?
Anna Grassano: Our products – in-
cluding their packaging – are cur-
rently undergoing a major change 
process of their own. We want our 
products to not only care perfectly 
for the skin, but also to impact the 
environment as little as possible. 
That’s why we are now actively work-
ing to update our formulas. In doing 
so, our focus is on ingredients that 
meet high sustainability standards 
without compromising their ­usual 
quality. In 2022, we made major 
progress with our NIVEA Soft range 
in particular. The insights we have 
gained here will help us to position 
the NIVEA brand as fully sustainable 
and thus future-proof in the coming 
years.  • 
NIVEA
World’s No. 1  
Skin Care Brand1
NIVEA is an iconic 
brand – and it is 
more popular than 
ever before around 
the world.
Anna Grassano,  
Regional Vice President Marketing Europe
1 SOURCE: EUROMONITOR INTERNATIONAL LIMITED; NIVEA AS AN UMBRELLA BRAND IN THE FACE, BODY, AND HAND CARE CATEGORIES; RETAIL SALES 2021.
ANNUAL REPORT 2022
12

NIVEA Q10  
ANTI-WRINKLE POWER 
No. 1 anti-wrinkle 
brand worldwide4
NIVEA SUN
No. 1 sun care 
brand worldwide2
We see many growth 
opportunities for NIVEA. 
We will tap into these 
by leading NIVEA even 
more as a global brand.
NIVEA CELLULAR 
LUMINOUS630®  
ANTI-DARK SPOT
No. 1 anti-dark spot  
brand in Europe3
Kerstin Bird,  
Vice President Brand Leadership 
Unit Face & Lip
2 SOURCE: EUROMONITOR 2021, 3 SOURCE: NIELSEN FACE CARE SERUM CATEGORY EUROPE, VALUE SALES MAT FEB 2022, 4 SOURCE: NIELSEN MAT MARCH 2022; BASED ON DEFINED “ANTI-WRINKLE” PRODUCTS. DATABASE EXCL. CHINA & US.
ANNUAL REPORT 2022
13

ANNUAL REPORT 2022

Creativity 
+
Competence  
+
Collaboration 
=
Vision
Growth by innovation
From basic research to individual product 
adaptation: Every day, more than 
1,500 employees at Beiersdorf work to 
develop new products and improve existing 
ones. They are connected through a 
global R&D network. 
ANNUAL REPORT 2022
15

May 19, 2022 was a celebratory day 
at the Beiersdorf innovation centers 
in Florham Park (New Jersey, USA) 
and Hamburg (Germany). After years 
of extensive research and the joint 
development of formulas and ­active 
ingredients, this day marked the 
launch of the Eucerin Sun product 
line in the USA. It is the only derma-
tological sun care line in the Ameri-
can market that offers sun protection 
for all skin types – and addresses 
particular skin types with its specific 
products. 
The special properties of Eucerin 
Sun are the result of a close partner-
ship between dermatology experts 
in Hamburg and sun care special-
ists in Florham Park. By combining 
the different specialties, a product 
was created that sets new standards 
and addresses unfulfilled needs in 
the USA, the largest market for sun 
care products. In its first year, the 
new ­Eucerin Sun line already gener-
ated sales in the double-digit million 
range in America.
Global innovation network
To ensure that innovations like this 
are possible, Beiersdorf is committed 
to close collaboration and a global 
network: In the Consumer Business 
Segment, this network primarily com-
prises the three innovation centers in 
Hamburg (Germany), Florham Park, 
New Jersey (USA), and Shanghai 
(China). There are also development 
centers in ­Brazil, India and Japan. 
Although the responsibilities of the 
innovation centers are ­essentially 
very similar, regional requirements 
in particular have resulted in the 
Launched in the 
USA in 2022, the 
Eucerin Sun range 
offers sun care 
with five different 
antioxidants 
and is tailored to 
different skin types 
and tones. 
JOINT  
DEVELOP-
MENT
ANNUAL REPORT 2022

In-depth R&D dialogue
“These different focus areas provide 
yet another boost to the ­productivity 
of our R&D work,” says Dr. Heiner 
Max, Functional Head of R&D ­Derma. 
“On the one hand, we can gather the 
right experts at one location. And 
on the other hand, everyone can 
benefit from the in-depth dialogue 
on various findings. We call this re-
verse innovation: Insights gained at 
one innovation center often open up 
new perspectives in other regions of 
the world.”
This is especially true with regard 
to sustainability. Our objective: To 
achieve maximum benefit with the 
fewest possible and sustainable in-
gredients, and resource-conserving 
packaging. “In many markets, the 
products from Beiersdorf make it 
a forerunner in sustainability,” says 
Max. “Our global expertise and our 
high level of sustainability very often 
put us ahead of the competition. But 
we are still a long way from where we 
want to be.”
And the outlook is the same when it 
comes to innovation: Fewer, better, 
bigger. The goal is to have innova-
tions that are fewer in number, yet 
groundbreaking in quality and es-
tablished worldwide. To achieve this, 
Max counts on the superior exper-
tise of the R&D innovation centers: 
“We are conducting cutting-edge 
research, particularly in the field of 
dermatology. By combining the re-
search findings from our innovation 
centers, we will generate new ap-
proaches and insights. The devel-
opment of the Eucerin Sun range 
for the US market demonstrates the 
possibilities that can emerge from 
the close collaboration between our 
global R&D teams.”  •
formation of different R&D focus 
areas at the centers. For example, 
the USA not only has an Excellence 
Center for sun care, it also has a team 
of specialists for non-­prescription, 
over-the-counter preparations. As  a 
result, the infrastructure of the inno-
vation center in Florham Park, which 
opened in 2021, complies with the 
strict requirements for OTC products 
and offers optimal conditions for the 
development of products for the US 
market.
On the other hand, the focus of R&D 
activities in Shanghai is on premium 
skin care. This is because products 
for the prestige and masstige (pres-
tige products for the mass market) 
segments are growing more and 
more popular in China each year. To 
that end, in addition to innovation 
activities for the Chinese market, a 
competence center for face premi-
um products has been established 
at the Innovation Center.
In many 
markets, the 
products from 
Beiersdorf 
make it a 
forerunner in 
sustainability.
Dr. Heiner Max with 
Annette Gronau-Horn 
(left) and Dr. Adalberto 
Piacentini (right)
Dr. Heiner Max,  
Functional Head 
R&D Derma
ANNUAL REPORT 2022
17

PHOTO CREDIT: PEXELS / MATHEUS BERTELLI
ANNUAL REPORT 2022

Idea  
+
Investment  
+
Courage 
=
Potentials 
Growth by emerging markets
Strong growth and many perspectives: 
The markets for Beiersdorf in Latin America 
have demonstrated dynamic growth for years. 
This is especially true for Brazil and Mexico – 
the region’s two largest markets for  
NIVEA and Eucerin.
ANNUAL REPORT 2022
19

“Consumers in Brazil are passionate 
about skin care and beauty,” says 
Jorge Jimenez, Vice President Mar-
keting / Digital Emerging Markets at 
Beiersdorf. “One market study sum-
marizes the situation very accurate-
ly: In Brazil, taking care of your skin 
is closely associated with self-confi-
dence and well-being. And this is why 
there is such strong demand for skin 
care products that meet this desire.”
Focus on ingredients
The coronavirus crisis has reinforced 
this trend. An increasing number 
of people in Brazil place their trust 
in products that they expect to be 
highly effective. Consumers have be-
come much more focussed on prod-
uct ingredients and scrutinize their 
impact on the environment. 
BEIERSDORF 
­CONSUMER GROWTH 
IN LATIN AMERICA
+41.1 %
Growth in the face care segment  
(vs. 2021)
+28.6 %
Organic sales growth  
(vs. 2021) 
+72 %
Growth in e-commerce 
(vs. 2021)
STRONG  
DEMAND
20
ANNUAL REPORT 2022

This ­explains why, in addition to prod-
ucts with a good price/performance 
­ratio, premium and dermocosmetic 
brands and products with natural in-
gredients are gaining popularity.
“In Brazil, our NIVEA and Eucerin 
brands stand for high-quality trust-
ed products as well as sustainability” 
Jimenez says. “With the launch of 
NIVEA LUMINOUS630®, we are able 
to help more consumers to reduce 
visibly dark spots and we have also 
strengthened our No. 1 position in 
Face Care.”
Record sales in Mexico
The forecasts for Mexico look even 
better: Markets here developed 
rapidly in 2022 – and market experts 
suggest that this growth will con-
tinue. “We have been able to con-
sistently outperform the market,” 
says Aldo Barrientos, General Man-
ager North LATAM at Beiersdorf. 
“Many of our iconic products, such 
as NIVEA Body Milk, posted record 
sales last year. And with its +100-year 
history, NIVEA Creme dominates 
the ­Mexican market with an almost 
80% market share in the all-purpose 
cream segment.”
“We intend to systematically tap into 
the opportunities that arise for us in 
Latin America,” says Andreas Kiehl, 
Vice President Finance Emerging 
Markets at Beiersdorf. To this end, 
there will be a drive to strengthen 
brands, push innovations, and ex-
pand our presence at the point of 
sale. Online retail will also be inten-
sified, since e-commerce has be-
come much more important in Latin 
America – not least because of the 
coronavirus pandemic. “This is why 
we have significantly increased our 
investment in digital interactions 
and will focus even more extensively 
on intelligent online campaigns and 
precision marketing in the future,” 
says Kiehl.  •
Andreas Kiehl, 
Vice President Finance 
Emerging Markets
Jorge Jimenez, 
Vice President Marketing / 
Digital Emerging Markets
Aldo Barrientos, 
General Manager 
North LATAM
ANNUAL REPORT 2022
21

Diversity 
+
Inclusion 
=
Chance
Growth by people
Why is diversity & inclusion so important? 
And why does it have to be managed? 
For Misel Ahom, one thing is certain: 
Diversity & Inclusion (D&I) is a critical 
success factor – and it is essential to ensure 
continued growth at Beiersdorf.
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ANNUAL REPORT 2022

Why is diversity in its workforce 
so important to Beiersdorf?
Misel Ahom: Our experience shows 
that having employees with differ-
ent perspectives, experience, and 
skill sets boosts our creativity and 
innovative strength. Their diverse 
problem-solving approaches and 
improved decision-making capabili-
ties lead to a more engaged and mo-
tivated workforce. This is support-
ed by a growing body of research 
that advocates the business case 
for D&I. For example, a 2018 study 
by ­Mc­Kinsey found that companies 
which are in the top quartile for eth-
nic and cultural diversity are 33% 
more likely to have higher-than-av-
erage profitability. Similarly, a 2019 
report by Deloitte found that organ-
izations with a more diverse board 
of directors have higher returns on 
equity and sales compared to those 
with a less diverse board. In today’s 
global and rapidly changing busi-
ness environment, D&I is essential 
for staying ahead and adapting to 
new challenges. At Beiersdorf, we 
are convinced that D&I enables us as 
an organization to be more compet-
itive, innovative, agile, and flexible in 
this increasingly volatile world.
How else can Beiersdorf 
improve in terms of D&I?
Misel Ahom: Our goal is to build a 
leadership and employee base that 
reflects the diversity of our consum-
ers and the communities in which 
we operate, one which embraces 
differences and stands for inclusion. 
However, none of the aforemen-
tioned benefits of diversity can be 
leveraged unless we also embed a 
culture of inclusion and respect. We 
are therefore striving to become the 
company of choice for diverse global 
talent, by encouraging a truly inclu-
sive ‘we’ culture in which everyone 
feels a sense of belonging and has 
equitable opportunities to succeed. 
It is important to remind ourselves 
that generally-speaking ‘talent is 
distributed equally, but opportunity 
is not’. But talent and potential do 
not differ according to gender, na-
tionality, ethnicity, religion or belief, 
disability, age, sexual orientation or 
identity. Hence, it is up to us to en-
sure that we are very focused when it 
comes to gaining access to a broader 
talent pool, becoming the employer 
of choice, and staying ahead of our 
competition. In short: We want to be 
the honeypot for diverse talent!
How is Beiersdorf approaching  
D&I on a corporate level?
Misel Ahom: D&I is a key pillar with-
in our overall corporate strategy at 
Beiersdorf and it is fully endorsed 
by top management. Since January 
2021, when I became Global ­Director 
for D&I, we have had a team of three 
people solely dedicated to driving 
the D&I agenda within ­Beiersdorf. 
This has enabled us to create a 
strategic roadmap, to set clear and 
measurable goals for diversity and 
inclusion, and to regularly track pro-
gress towards these goals. We also 
work hard to establish the mindset 
within the organization that D&I is 
not only an HR topic, but also a busi-
ness topic that is relevant for the 
whole organization, due to the bene-
fits it entails from both a people and 
a business perspective. With CARE 
firmly anchored in our company cul-
ture, we are fortunate to have many 
passionate colleagues from different 
functions across different regions 
who are helping us to firmly embed 
D&I into Beiersdorf.
We want to be 
the honeypot for 
diverse talent.
Misel Ahom,  
Global Diversity & Inclusion 
Director
ANNUAL REPORT 2022
24

42%
of our 
managers
have lived 
and worked 
abroad for at least 
three years.
Gender distribution 
by level (in %)
Men
Women
Executive Board
62
38
First management level
69
31
Second management level
52
48
Gender distribution 
by region (in %)
Men
Women
Germany
50
50
Europe (excl. Germany)
38
62
North America
37
63
Latin America
46
54
Africa/Asia/Australia
50
50
Worldwide
46
54
25
ANNUAL REPORT 2022

Which initiatives are making 
the greatest impact?
Misel Ahom: We have launched so 
many initiatives that it is difficult to 
say! But it is great to see that 3 out of 
the top 5 Beiersdorf strengths iden-
tified by our Teampulse employee 
engagement survey are D&I related 
and significantly ahead of bench-
mark. This shows that our D&I initi-
atives are having a tangible impact 
on our ­Beiersdorf employees. And 
our employees’ experience is critical 
when it comes to moving the needle 
on diversity & inclusion, as we firmly 
believe that we are stronger togeth-
er. This is why Beiersdorf actively 
supports our fantastic employee-led 
grassroots communities. These com-
munities represent the voices of our 
employees across different spectra 
to ensure they feel more support-
ed, connected and included. To 
They are called ‘BeYou’, ‘Working Parents’ and ‘Mental Health 
at Beiersdorf’. Or ‘BEN’ (Black Employee Network), ‘AEN’ (Asian 
Employee Network) and ‘L.E.N.’ (Latin+ Employee Network). 
As different as their names may be, they all pursue the same 
goal: Supporting the diverse needs of employees and thus 
promoting diversity, inclusion, and belonging at Beiersdorf.
These networks, also known as Employee Resource Groups 
(‘ERGs’), have been formed independently by passionate 
employees at Beiersdorf USA and Beiersdorf Canada. 
“The ERGs are supported by the company, as they promote 
cultural awareness, provide mutual support, and highlight 
perspectives for professional development,” says Monique 
Forrest, Head of North America Legal Affairs at Beiersdorf. 
“That’s because in these networks, employees share their 
experiences as members of a particular population group, 
voice areas of opportunities, and develop suggestions and 
activities to make improvements.”
These communities are a great platform to network with 
fellow colleagues, spark innovative ideas and come together 
culturally. They also allow colleagues to create a safe space to 
share and learn. “The ERGs evolve depending on the needs 
and goals of their members,” says Monique Forrest.
encourage women in their careers, 
the Women in Leadership Conven-
tion initiative and the ‘#Sister­hood­
is­Power’ community were estab-
lished. To raise awareness around 
LGBTIQ+ topics the community ‘Be 
You @Beiersdorf’ was established in 
2019. And the ‘New Generation 50+’, 
‘WEnited’ and ‘DAD.icated’ networks 
bring together communities en-
gaged in the topics of age, interna-
tionality and working fathers. All of 
these networks sponsor numerous 
high-impact and effective initiatives 
and activities.
What is the importance of the 
many partnerships that Beiersdorf 
supports as part of its D&I 
activities?
Misel Ahom: Partnering with external 
organizations, including other lead-
ing companies, networks and NGOs, 
Monique Forrest,  
Head of North America 
Legal Affairs and 
initiator of Black 
Employee Network
COMMUNITIES AS A CULTURE GENERATOR
helps us to collectively advance our 
D&I agenda and enables us to more 
powerfully shape the impact of D&I 
both within and outside Beiersdorf. 
For example, being a member of the 
networks LEAD and BeyondGender-
Agenda, which are both actively driv-
ing D&I, gives us a platform where 
we can exchange, share best prac-
tices, and partner with like-minded 
individuals and organizations that 
share similar ambitions. This ensures 
that we do not reinvent the wheel, 
but instead focus on where we can 
have the biggest collective impact. 
All members are working towards a 
common goal, contributing different 
perspectives and levels of expertise 
and experience. Bringing these to-
gether provides a strong catalyst for 
change.  •
ANNUAL REPORT 2022
26

Weltweit sind bei  
Beiersdorf Mitarbeitende aus 
XXX
Nationen
tätig.
56.5
Europe
17.6
Americas
25.9
Africa/Asia/
Australia
Share of 
Group 
employees 
by region 
(in %)
1 
≤ 19 years old
8 
 ≥ 60 years old
24
50–59 years old
14 
20–29 years old
30
30–39 years old
23
40–49 years old
Age structure 
Consumer 
Business Segment 
Germany  
(in %)
Worldwide, 
Beiersdorf employs 
people from 
102
countries
27
ANNUAL REPORT 2022

ANNUAL REPORT 2022

Consumers’ lives have become digital, 
and marketing and sales have been 
revolutionized in the process. Digital platforms 
and e-commerce are the new TV and 
supermarket in our digital age. 
Personalization 
+
Experience    
+
Data 
=  
Loyalty
Growth by digitalization
ANNUAL REPORT 2022
29

“Consumers have digitized their 
media consumption patterns enor-
mously in recent years,” says Axel 
Adida, Chief Digital Officer at Beiers-
dorf. “Digital platforms are increas-
ingly part of their daily lives: search 
engines, social networks and gam-
ing. In the USA, for example, con-
sumers under the age of 65 already 
use digital media more frequently 
than traditional television. On aver-
age, social network users now spend 
30 minutes a day on each major plat-
form, such as Facebook, Instagram, 
YouTube or TikTok. And major social 
networks attract multibillion con-
sumer audiences globally.”
A similar digitization trend is evident 
in shopping: E-commerce has grown 
significantly to become a beauty 
and skin care destination, which is 
expected to continue its dynamic 
development in the coming years. 
"O+O+O" (Online, Offline, Omni­
channel) is is the new normal: Not 
only is online retail a channel in its 
own right, but it also complements 
classic offline retail, as consumers 
search before they buy. Here, omni­
channel propositions have been 
widely adopted, such as click and 
collect, whereby consumers order 
online and pick up in-store.
Digital platforms, with their power-
ful algorithms, favor content that is 
most relevant to consumers’ needs 
and wants. This is why Beiersdorf 
has relied on precision marketing: 
Sending the right message, to the 
Thorsten 
Schapmann,  
Global Media 
Director (left) 
and Axel 
Adida,  
Chief Digital 
Officer
CHANGED 
CONSUMER 
BEHAVIOR
ANNUAL REPORT 2022
30

right people, at the right place and 
time. Beiersdorf’s campaign for the 
NIVEA LUMINOUS630® Anti-Dark 
Spot range exemplifies how digital 
channels enable greater relevance. 
Very different groups of people ex-
perience dark spots, for very differ-
ent reasons: “We therefore develop 
different approaches for each target 
group and address the particular 
concerns of consumers in our pre-
cision marketing campaigns: From 
sun-induced dark spots, age spots, 
and pimple marks, to dark circles 
and hormone-related spots,” says 
Thorsten Schapmann, Global Media 
Director at Beiersdorf.
And because these consumers also 
vary widely in their communication 
behavior, the messages and tonality 
in our campaigns also vary, as do the 
means and media of communication. 
SPECIFIC 
AND 
TARGETED 
APPROACH
Dark spots can be attributed to a 
wide range of factors. The most 
common of these include sun 
exposure, hormones and age. 
Therefore, attention is being drawn 
to the NIVEA LUMINOUS630® 
Anti-Dark Spot range with a 
precision marketing approach. 
This enables different groups of 
consumers and their particular 
needs to be specifically addressed. 
Axel Adida,  
Chief Digital Officer
Consumers have 
digitized their 
media consumption 
patterns enormously 
in recent years. 
Digital platforms 
are increasingly part 
of their daily lives: 
Namely, Search 
engines, social 
networks and gaming.
DATA
ANNUAL REPORT 2022
31

“The key is to identify the composi-
tion of the different audiences and 
to address them as specifically as 
possible,” Schapmann says. “And 
powerful digital technologies are 
crucial for this. By constantly testing 
new ideas and innovative advance-
ments to optimize our approaches, 
we can give our consumers as many 
compelling customer experiences as 
possible.”
Effective information and 
education campaigns
The information and education cam-
paigns developed by Beiersdorf 
also utilize the benefits of precision 
marketing: “NIVEA is the No. 1 sun 
protection brand in Europe,” says 
Schapmann. “So we not only have 
PERSONALIZATION
ANNUAL REPORT 2022
32

the know-how, but it is also impor-
tant for us to educate people about 
skin and sun protection. To this end, 
we have collaborations in several 
­European countries, for example 
with cancer support organizations, 
to educate people about how to pro-
tect themselves from harmful sun 
exposure.” In order to reach as many 
people as possible with an emotional 
and high-impact message, our cam-
paigns are tailored to the different 
lifestyles, preferences and needs of 
each target group and presented 
in their preferred media. A family 
on vacation at the beach will there-
fore receive different communica-
tion content and formats than those 
who enjoy hiking, jogging, biking 
or  ­skiing.
Growth through digital marketing
As the key figures obtained by Beiers­
dorf for various markets and regions 
clearly illustrate, precision marketing 
campaigns are many times more ef-
fective than conventional campaigns. 
In addition, the complete digitali-
zation of communications makes it 
possible to measure the effects of 
campaigns in detail and to constant-
ly optimize them in terms of cost and 
benefit. “We can very clearly demon-
strate that precision marketing has 
played an important role in help-
ing us to expand our market share 
in recent years and to manage our 
budget even more effectively,” says 
­Schapmann. “As a result, we will make 
even more thorough and extensive 
use of digital marketing technologies 
in the future – and this will allow us 
to more precisely address the wants 
and needs of our consumers around 
the world.”  •
CARE­FREE 
IN THE SUN 
Beiersdorf has also been 
working with various cancer 
support organizations for years, 
to educate people about the 
harmful effects of the sun and 
proper skin protection. And 
it has been shown that the 
more accurately individual life 
situations are portrayed in these 
campaigns, the greater their 
visibility. This is why Beiersdorf 
also uses the precision marketing 
approach for information and 
education campaigns.
Thorsten Schapmann,  
Global Media Director
By constantly 
testing new ideas 
and innovative 
advancements 
to optimize our 
approaches, 
we can give our 
consumers as 
many compelling 
customer 
experiences as 
possible.
ANNUAL REPORT 2022
33

Growth by technology
Innovation + 
Reliability
ANNUAL REPORT 2022

BEIERSDORF ANNUAL REPORT 2022
tesa has been a leading 
global partner to the 
automotive industry for 
many years. The innovative 
adhesive solutions 
from tesa are not only 
exceptionally versatile, 
but they also help 
the industry to shape the 
mobility of the future. 
ANNUAL REPORT 2022

Adhesive tapes from tesa are true 
all-rounders: At home or in the of-
fice, their primary job is to fasten and 
hang, seal and insulate, repair and 
renovate. However, industry pre-
sents completely different require-
ments: There, adhesive tapes have 
to ensure that heavy components 
are bonded for decades, they need 
to conduct or shield from electricity, 
act as shock absorbers, aid light and 
heat management, be flame-retard-
ant, be ­removable with no residue, 
and much more.
Ideas for the car of tomorrow
This explains why tesa creates around 
100 new adhesive solutions every 
year – many of them for the automo-
tive industry, which is rapidly advanc-
ing with new applications, particu-
larly in the e-mobility segment. And 
this is because adhesive solutions 
are often lighter and cheaper than 
other fastening options. They also 
meet the highest standards in terms 
of ­appearance, safety and flexibility.
The team works with many interna-
tional automotive manufacturers and 
their suppliers. There are now around 
1,000 different adhesive solutions 
from tesa for industrial applications in 
the automotive sector on the market. 
And that number is steadily growing, 
since their many advantages help to 
turn concepts for the mobility of the 
future into a ­reality. 
 
More freedom for displays 
and touchscreens
One example of this is in the increas-
ing number of infotainment and assis-
tance systems in cars: Acrylic foams 
from the tesa® ACXplus range do more 
than eliminate the need for mechan-
ical connections when mounting 
displays and touchscreens. They can 
also compensate for manufacturing 
tolerances of individual components 
and securely bond a wide variety of 
materials. And, despite their strong 
and durable adhesive strength, they 
can be easily removed, allowing 
electronic instrument panels to be 
replaced and recycled. 
To ensure that the image quality of 
displays and touchscreens is not 
impaired, tesa has also developed 
optically clear adhesive tapes espe-
cially for the automotive industry: 
With these tapes, individual layers of 
a display device can be permanently 
and securely bonded without affect-
ing brilliance and brightness. Inte-
grated curved displays can also be 
easily adhered.
GLUED AND 
ASSEMBLED
A fully automated assembly 
line for battery packs gives the 
automotive industry everything 
it needs from a single source. 
With the tesa® ACXplus 76730 
Box Seal, tesa adds a new 
flexible adhesive application 
that securely and completely 
seals battery packs, and enables 
touch-ups and removal of parts.
TRUE ALL- 
ROUNDERS
36
ANNUAL REPORT 2022

NO LIMITS 
TO DESIGN 
AND LAYOUT
Adhesive solutions from tesa 
eliminate the need for mechanical 
connections when mounting displays 
and touchscreens. The optically clear 
adhesive tapes also allow multiple 
layers of a display device to be 
bonded without affecting brilliance 
and brightness.
Battery packs:  
fully automated assembly
Innovative adhesive solutions are 
also increasingly used in battery man-
ufacturing – for assembly, insulation, 
thermal management, and protec-
tion. In cooperation with other part-
ners, tesa recently launched a fully 
automated assembly line for battery 
packs, the tesa® ­ACXplus 76730 Box 
Seal. This solution gives automotive 
manufacturers everything they need 
for bonding and assembling battery 
packs from a single source.
Thanks to its adaptability and flex-
ibility, the adhesive solution de-
veloped by tesa can be applied to 
both battery packs with lids and 
battery packs mounted directly on 
the ­vehicle underbody. tesa® ACXplus 
76730 Box Seal achieves 100% seal-
ing, requires no curing time, and 
enables easy-to-use, automated ap-
plication. In addition, the innovative 
product allows the battery pack lid 
to be removed for touch-ups and 
enables easier recycling of battery 
systems.
Tapes that protect from corrosion
tesa has also developed a for-
ward-looking solution for the auto­
motive industry with the tesa® 
­EfficienSeal automatic application 
unit. This is a fully automatic solu-
tion that uses adhesive pads to seal 
holes in the vehicle body. The holes 
required for the painting process are 
often still closed manually with plas-
tic plugs to protect the vehicle body 
from ­corrosion.
Not only does the system developed 
by tesa make this a much faster pro-
cess, it also uses robots to position 
the adhesive pads with millimeter 
precision, sealing the holes com-
pletely and permanently. This pre-
vents unhealthy and monotonous 
steps and significantly reduces the 
risk of missing or incorrectly inserted 
plugs. Another major advantage is 
that adhesive pads are much ­lighter 
than plastic plugs and thereby con-
tribute to a lower overall vehicle 
weight.
All-rounders with a great future
The rise in e-mobility opens up a 
wide range of opportunities and 
prospects for tesa. This calls for new 
technologies and materials that do 
more than reduce a vehicle's weight 
and attach parts and components 
quickly, 
efficiently, 
and 
perma­
nently. They also need to meet the 
new requirements resulting from an 
electric drive, such as bonding bat-
tery cells, fireproof lining battery 
packs, or insulating electronic com-
ponents. Adhesive solutions can do 
all this and much more. Their status 
as all-rounders means that their im-
portance in the automotive industry 
will continue to grow in the coming 
years.  •
tesa has been a 
leading provider of 
adhesive solutions to 
the electronics industry 
for more than 15 years. 
We are building on this 
expertise to develop 
cutting-edge products for 
the automotive market 
in the field of displays 
and sensors, such as 
removable adhesive 
tapes that enable the 
repair and recycling of 
components, enabling 
our customers achieve 
greater sustainability. 
In addition, we see great 
potential and business 
growth in e-mobility: 
It opens up many exciting 
prospects for tesa.
David Caro, Corporate 
Vice President 
Automotive at tesa
37
ANNUAL REPORT 2022

OUR  
MANAGEMENT TEAM
ANNUAL REPORT 2022
38

Leadership
+
Teamwork 
=
Growth
Standing (from left to right): 
Patrick Rasquinet  
Pharmacy & Selective
Nicola D. Lafrentz  
Human Resources 
Grita Loebsack  
NIVEA 
Harald Emberger 
VP Supply Chain,  
Quality Management
Ramon A. Mirt  
Emerging Markets
Sitting (from left to right): 
Oswald Barckhahn 
Europe, USA & Canada
Vincent Warnery 
CEO
Astrid Hermann 
Finance, tesa
Dr. Gitta Neufang  
VP Research &  
Development
ANNUAL REPORT 2022
39

ANNUAL REPORT 2022
40
HEALING OINTMENT
Beiersdorf’s success is based on its strong portfolio of internationally 
leading brands. It is thanks to them that millions of people around the 
world choose Beiersdorf day after day. Our brands boast innovative 
strength, outstanding quality, and exceptional closeness to our con-
sumers. By responding quickly and flexibly to regional requirements, 
we are winning the hearts of consumers in nearly all countries world-
wide. Our skin and body care brands form the focus of our successful 
brand portfolio and each brand serves very different areas: NIVEA is 
aimed at the mass market, Eucerin at the dermo-cosmetics market, 
and La Prairie as well as Chantecaille at the selective cosmetics ­market.
With its Hansaplast brand, which is also known under the name Elasto­
plast, Beiersdorf also has a global presence in the field of plasters 
and wound care. Renowned brands such as Aquaphor, ­Coppertone, 
Chantecaille, Labello, 8x4, atrix, Hidrofugal, Maestro, and Florena 
round off our extensive portfolio in the Consumer Business ­Segment. 
Through the tesa brand, which has been managed since 2001 by 
­Beiersdorf’s independent tesa subgroup, we also offer highly inno-
vative self-adhesive system and product solutions for industry, craft 
businesses, and consumers.
AT BEIERSDORF  
WE HAVE BEEN 
CARING ABOUT  
SKIN SINCE 1882.

TO THE
SHAREHOLDERS
p. 42
Letter from the Chairman
p. 45
Beiersdorf’s Shares and Investor Relations
p. 48
Report by the Supervisory Board
ANNUAL REPORT 2022
41

ANNUAL REPORT 2022
42
Dear Shareholders, dear Readers,
The 2022 fiscal year was an excellent year for our company with a remarkable result: For the first time 
in at least two decades, Beiersdorf delivered double-digit organic sales growth. In fact, we even 
managed to grow more strongly in Consumer and tesa, our two business segments, than we had 
expected at the beginning of the fiscal year. Our outstanding performance is a clear indication that 
our C.A.R.E.+ strategy is working and that our brands remain as strong and relevant as ever, even in 
volatile times.
We are very proud of this excellent outcome and the profitable growth we have achieved, seeing 
as 2022 was also a challenging year in many respects. It was marked by the war in Ukraine, geo-
political upheaval, high inflation, and dramatic cost increases as well as numerous bottlenecks in 
the supply chain. It was a year full of uncertainty and multiple crises that presented us with major 
challenges in almost all parts of the company. Despite these adverse conditions, we were able 
to hold our own extremely well with our leading international brands such as NIVEA, Eucerin, La 
Prairie, Hansaplast, and tesa. We saw rising demand in all regions and were even able to expand 
our market share significantly.
Vincent Warnery, Chairman of the Executive Board 
Profitable Growth: Significant Increase in Sales and Earnings
As a result, our Group sales climbed by 15.4% nominally to €8,799 million (previous year: €7,627 mil-
lion) and by 10.2% organically. The operating result (EBIT), excluding special factors, increased from 
€993 million in 2021 to €1,158 million, resulting in the EBIT margin improving to 13.2% (previous year: 
13.0%). Our positive business development in 2022 can also be seen in the performance of our share 
price in 2022. With growth of 18.6%, we outperformed both our national and international competitors.
The Consumer Business Segment generated strong sales revenue of €7,131 million in 2022 (previous 
year: €6,129 million). This represents a nominal increase of 16.3% and an organic increase of 10.5%. 
All regions and brands contributed to the double-digit growth. I am thrilled to announce that our Derma 
business with Eucerin and Aquaphor achieved a milestone with nominal sales revenue of over one 
billion euros for the first time. With organic sales growth of 23.9%, nominal sales rose to €1,026 million 
To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
43
(previous year: €790 million). This record-breaking accomplishment demonstrates the strength of our 
Derma business and the genuine value it provides to our consumers. The EBIT excluding special factors 
for the Consumer Business Segment climbed from €740 million to €880 million in 2022, resulting in an 
EBIT margin of 12.3% (previous year: 12.1%). 
Following an already successful 2021 fiscal year, tesa again achieved strong sales revenue growth of 
€1,668 million in 2022 (previous year: €1,498 million) despite a difficult global market environment. 
This represents a nominal increase of 11.3% and an organic increase of 8.8%. The Industry division, 
which handles business directly with industrial customers and industry trade, and the Consumer 
division, which comprises sales to end consumers and tradespeople, both recorded a considerable 
increase in sales. Electronics and automotive in particular continued to show clearly positive sales 
trends. The EBIT excluding special factors for the tesa Business Segment increased to a total of 
€278 million (previous year: €253 million), resulting in an EBIT margin of 16.7% (previous year: 16.9%).
Outperforming the Industry  
In 2022, we put a great deal of effort into realizing our sustainability goals as part of our CARE 
­BEYOND SKIN sustainability agenda. That is why we are proud and delighted to have been ­awarded 
a triple-A rating by the renowned nonprofit organization CDP – a remarkable achievement in our 
sustainability journey! Out of over 15,000 companies, we are one of only 13 companies worldwide to 
have triple-A scores for target setting, performance, and transparency in climate change, deforest-
ation, and water security. We have made great efforts around the globe over the past years to drive 
the transformation of our business. CDP’s triple-A rating is a tribute to our efforts to become a leader 
in our industry for environmental sustainability, not only in setting ambitious targets but also in tak-
ing action and being transparent.  
 
We are also pushing ahead with our digital transformation. Our investments in recent years are 
paying off, especially in our e-commerce business. Over the past fiscal year, we have seen significant 
growth of 17% in e-commerce, positioning us among the top performers in our industry. This growth 
is particularly noteworthy as it continues to outpace the growth of offline sales, with e-commerce 
growing nearly twice as fast. This trend highlights the growing importance of e-commerce for our 
company and our continued success in the digital marketplace.
Strengthening Our Market Positions  
In 2022, after years of successful collaboration, we acquired a majority stake in S-Biomedic, a life 
science company and frontrunner in the field of skin microbiome research. With this acquisition, we 
are strengthening our expertise in the field of acne treatment and increasing our innovative strength in 
line with our C.A.R.E.+ strategy. We are excited to join forces in the dynamic and promising field of skin 
­microbiome research. We tapped further growth potential by launching Eucerin Sun products in the 
United States, the world’s largest sun care market. Furthermore, we significantly expanded our portfolio 
in the prestige cosmetics segment and strengthened our market positions in the United States, ­China, 
and Korea substantially by acquiring Chantecaille Beaute Inc. in the United States. We believe the brand 
has great potential and wish to grow Chantecaille into a leading premium ­beauty care company.  
As previously announced, we introduced a new operating model for our core brand NIVEA that has 
already proven successful in marketing our Derma, Health Care, and Luxury brands. We intend to develop 
and implement campaigns that are fewer, but better and bigger for our many products that are part of 
the NIVEA brand. The goal is to bring greater clarity and consistency to our messaging and brand identi-
ties. We initiated this approach last year and are committed to implementing it at full speed this year.

ANNUAL REPORT 2022
44
Focusing on Further Long-Term Growth 
2023 marks a special year for Beiersdorf’s home as we will be moving into our new Group head­
quarters in Hamburg. We are creating the Beiersdorf Campus at this location, a working environment 
that is forward-looking while simultaneously reflecting the unique and rich history of our company 
and brands. With its sustainable and timeless architecture, the new campus lays the foundation for 
further growth and also places the focus on the well-being of our employees.
The well-being of our employees is extremely important to us, not least because the past few years 
in particular – years marked by much uncertainty and crisis – have revealed just how passionate and 
loyal our employees are in their efforts and undertakings. We are extremely grateful to them for this 
exceptional level of dedication and for their high degree of flexibility. We are proud to be able to work 
with such motivated and skilled people.
We would also like to thank you, our shareholders, for your trust, your loyalty, and your critical support.
Even though fiscal 2023 will continue to be dominated by a great deal of market upheaval and 
­uncertainty, I am convinced of our ability to continue driving profitable growth and delivering value 
to our stakeholders and consumers. Our strong performance of 2022 has set the foundation for an 
exciting future, and I am eager to see what the next year will bring.
Sincerely,
Vincent Warnery 
Chairman of the Executive Board
To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
45
Beiersdorf’s Shares and Investor Relations
In 2022, the capital markets were dominated by inflation and the interest rate policy of the central 
banks. While at the beginning of the year, expectations had been for an economic recovery as life 
returned to normal after the pandemic, the Russia-Ukraine conflict very quickly overshadowed these 
positive developments. The war triggered shortages and price rises in the commodity markets, which 
had already been trading at a high level, and especially the energy sector. Signs of recession mounted 
both in Europe, which was highly dependent on the Russian energy sector, and in the United States, 
and the inflation rate rose significantly in the second half of the year. To tackle this development, the 
central banks shifted away from their low interest rate policy and hiked rates sharply in the United 
States and Europe. In this process, further rate hikes were already signaled for 2023.
In many parts of the world, the pandemic played a dominant role again in 2022. The Chinese economy, 
for example, was hit hard, as the strict implementation of the zero-Covid policy led to abrupt, large-
scale lockdowns that temporarily imposed considerable restrictions on both goods production and 
public freedom. Toward the end of the year, the Chinese government distanced itself from its previous 
policy, and a stabilization of the economic situation in the current year is anticipated.
Oil and gas prices in 2022 reflected developments on the commodity markets: both commodities 
saw their prices rise significantly as a result of the Russian invasion. Particularly in Europe, gas prices 
hit historic highs, with deliveries from Russia to the European Union coming to a standstill. The 
situation on the oil and gas markets eased somewhat toward the end of the year and prices began 
to fall, though they remained at a high level. The development of the US dollar against the euro also 
reflected the difficult situation in Europe. While the euro was still the significantly stronger currency at 
the start of the year, the situation reversed in mid-2022. After reaching parity at the end of the first half 
of the year, the US dollar continued to appreciate further and was worth more than the euro during 
the fall. It was Europe and the euro that then benefited most from the slight easing on the energy 
markets toward the end of the year.
Beiersdorf’s shares defied this difficult market environment and outperformed the market on the back 
of strong operating results. Early in the year, the share price fell like the market as a whole to a temporary 
low shortly after the Russian invasion began. However, consumers’ desire to return to normality after 
the pandemic was strong, and demand rose significantly in mobility and tourism categories such as 
deodorants and lip and sun care. In addition, Beiersdorf’s higher investments in the face care area 
increasingly paid off and lifted demand over the course of the year. Higher sales, market share, and 
profitability subsequently led to an upgraded outlook for the year in the quarterly and half-year pub-
lications. Beiersdorf’s share price rose to just under €100 at mid-2022 and closed the year at €107.20. 
This was 18.6% higher than the year-end closing price for 2021 and gave us a top ranking compared 
with our competitors and the DAX40.
The strong shares performance during 2022 also meant that Beiersdorf AG returned to the DAX in 
June and established its presence in the middle of the index.
In the reporting year, the Annual General Meeting of Beiersdorf AG took place in a virtual format for 
the third time at the Group’s headquarters in Hamburg. For the first time in our corporate history, this 
event was not only accessible to shareholders but available for the general public to watch. Around 
500 viewers participated in this way in the meeting on April 14, 2022.
Capital market communication was clearly focused on macroeconomic developments: It covered the 
implications of the Russia-Ukraine conflict, higher commodity prices, and concerns about recession, 
as well as topics such as the regional impacts of the pandemic. At roadshows and conferences, the

ANNUAL REPORT 2022
46
Executive Board also explained how Beiersdorf can take advantage of new market opportunities 
through its investments as part of the C.A.R.E.+ strategy and the continued development of the 
operational business model.
In 2022, Beiersdorf held its first Capital Markets Day, inviting numerous analysts and investors  
to ­Hamburg to better get to know the Beiersdorf management team. As well as detailed strategic 
insights at brand level, the Executive Board also presented the medium-term outlook with  
profitable growth in the Consumer Business Segment. Analysts and investors could also discover 
how Beiersdorf’s new management is successfully implementing the C.A.R.E.+ strategy and driving 
transformation in the company.
Around 25 financial analysts published regular research notes on Beiersdorf in the reporting year. 
The number of buy recommendations rose constantly over the course of 2022. This meant that, by the 
end of the year, the vast majority of analysts had buy recommendations for Beiersdorf’s shares.
For more information on Beiersdorf’s shares please visit 
www.beiersdorf.com/shares 
For more information on Investor Relations please visit 
www.beiersdorf.com/investors
Sell
Buy
Hold
12
60
28
Analyst recommendations 
As of Dec. 31, 2022
Beiersdorf AG
(own shares)
9.99
maxingvest
group
51.18
Free ﬂoat
38.83
Shareholder structure
As of Dec. 31, 2022 (in %)
Source: Beiersdorf AG
To the shareholders
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Additional Information

To the shareholders
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Additional Information
ANNUAL REPORT 2022
47
Beiersdorf’s share price performance 2022
Jan. 1 - Dec. 31 / relative change in %
Key figures – Shares
2021 
2022 
Earnings per share as of Dec. 31
(in €)
2.81
3.33
Market capitalization as of Dec. 31
(in € million)
22,776
27,014
Closing price as of Dec. 31
(in €)
90.38
107.20
Closing high for the year
(in €)
106.95
108.50
Closing low for the year
(in €)
81.90
80.64
Basic share data 
 
Company name
Beiersdorf Aktiengesellschaft
Admission year
1928
WKN
520000
ISIN
DE0005200000
Stock trading venues
Official Market:
Frankfurt/Main and Hamburg
Open Market:
Berlin, Dusseldorf, Hanover, Munich, and Stuttgart
Number of shares
252,000,000
Share capital in €
252,000,000
Class
No-par value bearer shares
Market segment/index
Prime Standard/DAX
Stock exchange symbol
BEI
Reuters
BEIG.DE
Bloomberg
BEI GR
DAX
Beiersdorf
120
110
100
90
80
70
60
Q1
Q2
Q3
Q4
JAN 
FEB 
MAR 
APR 
MAY 
JUN 
JUL 
AUG 
SEP 
OCT 
NOV 
DEC
Closing price
€ 95.20 
Closing price
€ 97.48
Closing price
€ 100.95
Closing price
€ 107.20

ANNUAL REPORT 2022
48
Report by the Supervisory Board
Dear Shareholders,
In accordance with statutory laws, the German Corporate Governance Code, the Articles of 
Association, and the bylaws, the Supervisory Board supervised and advised the Executive Board, 
focusing particularly on the C.A.R.E.+ strategy and on corporate planning, accounting, the course 
of business, the position and outlook, risk management, the internal control system, and compliance. 
The Executive Board reported regularly during and between the Supervisory Board meetings, 
both in writing and orally, particularly on significant events and developments in the business and 
market. The Supervisory Board also discussed and considered external views and developments 
concerning good corporate governance in Germany and other countries. Meetings were held face-
to-face and via video and conference calls. Some members participated in face-to-face meetings by 
video or telephone.
The participation rate in meetings was 94.4% for the full Board, 95.8% for the Presiding Committee, 
97.7% for the Audit Committee, 100% for the Finance Committee, and 77.8% for the Personnel Com-
mittee. The participation rates for the individual members who did not participate in every meeting 
were as follows: 5/6 full Board meetings for Hong Chow, Wolfgang Herz, Dr. Dr. Christine Martel, and 
Kirstin Weiland; 5/6 Presiding Committee meetings for Wolfgang Herz; 8/9 Audit Committee meetings 
for Dr. Dr. Christine Martel; and 1/3 Personnel Committee meetings for Reinhard Pöllath and Kirstin 
Weiland. There were no indications of any conflicts of interest relating to Executive Board or Super-
visory Board members. Martin Hansson stepped down from his post effective July 31, 2022.  
The court appointed Uta Kemmerich-Keil as his successor.
The Executive Board and Supervisory Board worked together on the detailed preparation and follow-up 
of meetings. Discussions took place with and among Supervisory Board members prior to and after 
the meetings. A secure digital platform is available for drafts, documents, and comments.
At the beginning of 2023, the Supervisory Board began planning another efficiency audit to be 
conducted during the course of the year.
Full Supervisory Board
The Supervisory Board met six times (three face-to-face meetings and three video/conference calls). 
In two cases, the Supervisory Board adopted written resolutions. The meetings regularly addressed 
strategic orientation, business developments, interim financial statements, compliance, Executive 
Board matters, and significant individual transactions. Proposals for decision were carefully examined 
and discussed. All members of the Executive Board generally took part in the Supervisory Board 
meetings. Part of each meeting took place in the presence of the Supervisory Board members alone. 
The meetings early in the year focused on the prior year’s annual financial statements. At the mid-
year meetings, the Supervisory Board discussed Executive Board matters, strategic orientation, and 
investment projects. The meetings at the end of the year concentrated on planning for the following 
year, investment projects, and strategic orientation.
On February 4, 2022, the Supervisory Board discussed the achievement of the Executive Board 
targets for fiscal year 2021 and set the total remuneration for Executive Board members. After inten-
sive discussion, it also approved the newly prepared remuneration report for 2021.
On February 22, 2022, the Supervisory Board had an in-depth discussion on the development of 
the business and market shares. The Executive Board gave a detailed presentation of the business 
To the shareholders
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Additional Information

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
49
segments and regions. It reported at length on its strategy for expanding digital marketing and 
e-commerce in the coming years and on the development and integration of the Chantecaille  
business, which was acquired in early February. The auditor gave a thorough report on the scope, 
areas of emphasis, and findings of the audit. After intensive discussion, the Supervisory Board 
approved the annual and consolidated financial statements and the combined management report 
for Beiersdorf AG and the Group, including the Corporate Governance Statement and the com-
bined Non-financial Statement for Beiersdorf AG and the Group. It thereby adopted the annual 
financial statements for the 2021 fiscal year. It discussed the Executive Board reports on dealings 
among Group companies and on the disclosures required under takeover law and approved the 
Supervisory Board’s report to the Annual General Meeting. It approved the proposal for the appro-
priation of net retained profits for fiscal year 2021. After an explanation of the changes versus the 
previous virtual meetings, it approved the agenda and proposals for decision for the online Annual 
General Meeting on April 14, 2022.
On April 14, 2022, the Supervisory Board first discussed the content and processes of the Annual 
General Meeting, prior to that meeting’s commencement. The Executive Board and management 
then gave a detailed presentation about the new China strategy. When its meeting resumed after 
the Annual General Meeting, the Supervisory Board looked at current business developments. The 
Executive Board gave a detailed presentation on the development of sales and market share in 
various product categories and brands. The Supervisory Board also discussed current challenges due 
to the continuing COVID-19 pandemic and in the supply chain. It decided on the audit engagement to 
be issued in accordance with the resolution of the Annual General Meeting.
On April 28, 2022, Nicola Lafrentz was appointed as an Executive Board member effective May 1, 2022. 
The Supervisory Board also discussed the precautions being taken by the company around current risks 
relating to energy and other factors.
On September 2, 2022, the Supervisory Board discussed business developments using reports on 
selected topics from the Executive Board’s areas of responsibility. The discussion focused on the key 
financial figures, the success of Thiamidol, and the development of the sun care business. The tesa SE 
Executive Board also reported on business performance. In addition, the Supervisory Board looked at 
the development of smaller brands and a report on sustainability. It adopted resolutions on invest-
ment projects, the successor to Mr. Hansson in the post of Deputy Chairman and member of multiple 
committees, and the audit engagement for the 2022 non-financial report.
On December 2, 2022, the Supervisory Board discussed the Group’s business performance up to 
the end of October 2022 using the key financial figures and development of market share by region, 
brand, and category, as well as looking ahead to the 2022 annual financial statements. The Executive 
Board also reported on individual aspects of the C.A.R.E.+ strategy and on the strategy for digitalization 
and e-commerce. The Supervisory Board approved the corporate planning for 2023, adopted the 
Declaration of Compliance with the German Corporate Governance Code for fiscal year 2022, set the 
targets and the target total remuneration for the members of the Executive Board for fiscal year 2023 
and confirmed its appropriateness. Finally, the Supervisory Board approved the holding of another 
virtual Annual General Meeting in 2023.
In February 2023, the Supervisory Board discussed the achievement of the targets set for the  
Executive Board for the 2022 fiscal year, determined the total remuneration, and substantiated annual 
targets. It approved the annual and consolidated financial statements, along with the associated 
reports, and approved the proposals for decision for the Annual General Meeting on April 13, 2023.

ANNUAL REPORT 2022
50
Committees
The Supervisory Board prepares its work in six committees. These can make decisions in place of the 
Supervisory Board in individual cases. The chairpersons of the committees provided the Supervisory 
Board with regular detailed reports on the committees’ work. The Mediation Committee and  
Nomination Committee did not meet in fiscal year 2022.
The Presiding Committee (six meetings, of which one was face-to-face and five were by video or 
conference call) discussed business performance, Executive Board remuneration, and other Executive 
Board matters along with individual important transactions and investment plans. It prepared and 
followed up on the meetings of the full Supervisory Board.
The Audit Committee (nine meetings, of which four were face-to-face and five by video or conference 
call) primarily performed the preliminary examination of the annual and interim financial statements 
and combined management report, discussed the Executive Board’s proposal for the appropriation 
of net retained profits, verified the independence and discussed the appointment of the auditor, 
specified the areas of emphasis for the audit, and discussed the legislative changes affecting the audit 
process. The committee made a proposal to the Supervisory Board for the election of the auditor by 
the Annual General Meeting. The auditor reported to the Audit Committee on the key findings of the 
audit, the results of the audit review of the half-year report for 2022, and other auditing matters. 
The committee also discussed the content and auditing of the combined Non-financial Statement. 
The committee, whose meetings on audit-related matters were also attended by the auditor, regularly 
addressed business developments. Other matters regularly discussed comprised risk management, 
internal auditing, sustainability, the upcoming invitation to tender for auditing services, and the scope 
of non-audit services provided by the auditor.
The Finance Committee (five meetings, of which three were face-to-face and two by video or con-
ference call) addressed, in particular, investments and the investment strategy. It received regular 
reports on the investment projects. Other topics were compliance, crisis management, and the Liefer­
kettensorgfaltspflichtengesetz (German Supply Chain Due Diligence Act). In one case, the Finance 
Committee adopted a resolution by written procedure.
The Personnel Committee (three meetings, of which two were face-to-face and one was by video or 
conference call) discussed the long-term planning of appointments to positions in and beneath the 
Executive Board. It welcomed measures on diversity and inclusion and heard comprehensive reports 
at each meeting on the progress achieved, based on key performance indicators. Other focus areas 
were new work environments and the preparation of the qualification matrix on the skills and expertise 
of the Supervisory Board, which is required under the German Corporate Governance Code.
Annual Financial Statements and Audit
The annual financial statements are prepared in accordance with the requirements of the Handels­
gesetzbuch (German Commercial Code, HGB), and the consolidated financial statements in 
accordance with the International Financial Reporting Standards (IFRSs), as adopted by the EU, 
and taking into account the applicable interpretations of the IFRS Interpretations Committee. The 
supplementary requirements of German law are also applied. The auditor audited the 2022 annual 
financial statements and consolidated financial statements, the combined management report 
for Beiersdorf AG and the Group, and the combined Non-financial Statement for Beiersdorf AG 
and the Group, and issued unqualified audit opinions for them. With regard to the Executive Board’s 
report on dealings among Group companies (§ 312 Aktiengesetz (German Stock Corporation Act, 
AktG)) required due to the majority interest held by maxingvest ag, Hamburg, the auditor, following 
the completion of the audit in accordance with professional standards, confirmed that the information 
contained therein is correct; that the compensation paid by the company with respect to the trans-
actions listed in the report was not inappropriately high; and that there are no circumstances which 
To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information

To the shareholders
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Additional Information
ANNUAL REPORT 2022
51
would justify, in relation to the measures specified in the report, a materially different opinion than 
that held by the Executive Board.
The Supervisory Board received the fiscal year 2022 annual financial statements, consolidated 
financial statements, combined management report for Beiersdorf AG and the Group, including the 
combined Non-financial Statement for Beiersdorf AG and the Group, the report on dealings among 
Group companies, and the auditor’s reports immediately after their preparation. Prior to this, the 
Super­visory Board received and discussed drafts of the provisional financial statements. The auditor  
participated in the deliberations of the Supervisory Board on the annual financial statements of 
Beiersdorf AG and the Group and reported on the key findings of the audit to the Audit Committee and 
to the full Supervisory Board. The Supervisory Board’s examination of the annual financial statements 
and consolidated financial statements, combined management report, and combined Non-­financial 
Statement for Beiersdorf AG and the Group, the report on dealings among Group companies, 
including the concluding declaration by the Executive Board, and the auditor’s reports did not raise 
any objections. At an ordinary meeting on February 21, 2023, the Supervisory Board concurred with 
the auditor’s findings and approved the annual financial statements of Beiersdorf AG and the consoli-
dated financial statements for the year ending December 31, 2022; the annual financial statements of 
Beiersdorf AG are thus adopted. The Supervisory Board endorsed the Executive Board’s proposal on 
the appropriation of retained net profits.
The Supervisory Board would like to thank everyone who made 2022 a successful year for Beiersdorf. 
Employees and business partners impressed Beiersdorf’s discerning consumers with hard work and 
dependability, and above all with innovation and sustainability in skin care and adhesives. The support 
and constructive criticism of its consumers continues to future-proof Beiersdorf for all shareholders, 
even amid the ongoing challenges. 
Hamburg, February 21, 2023
For the Supervisory Board 
Reinhard Pöllath 
Chairman

An die Aktionär*innen
Zusammengefasster Lagebericht
Konzernabschluss
Weitere Informationen
ANNUAL REPORT 2022
52
COMBINED 
MANAGEMENT
REPORT
p. 54
FOUNDATION OF THE GROUP
p. 54
Business and Strategy
p. 60
Research and Development
p. 72
People at Beiersdorf
p. 87
Sustainability
p. 88
NON-FINANCIAL STATEMENT
p. 137
ECONOMIC REPORT
p. 137
Economic Environment
p. 140
Results of Operations
p. 150
Net Assets
p. 151
Financial Position
p. 152
Overall Assessment of the  
Group’s Economic Position
p. 153
Beiersdorf AG
p. 156
Risk Report
p. 164
Report on Expected Developments
p. 167
OTHER DISCLOSURES
p. 167
Corporate Governance Statement
p. 184
Report by the Executive Board on 
Dealings among Group Companies
p. 184
Disclosures relating to Takeover Law
p. 187
Report on Gender Equality and  
Equal Pay

To the shareholders
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Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
53
COMPETITIVE   SUSTAINABLE   GROWTH
GROWTH DRIVERS
FAST FORWARD  
DIGITAL TRANSFORMATION
FUEL THE GROWTH THROUGH  
INCREASED PRODUCTIVITY
BUILD ON STRONG FOUNDATIONS:  
CULTURE – CORE VALUES – CAPABILITIES – CARE BEYOND SKIN
WIN WITH  
SKIN CARE
UNLOCK  
WHITE SPOT POTENTIAL
STRENGTHEN OUR BRANDS BY ENRICHING THEIR PURPOSE

To the shareholders
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Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
54
Foundation of the Group
Business and Strategy
With a strong, global brand portfolio, Beiersdorf has developed into one of the world’s leading 
companies in the consumer goods industry over the past 140 years – with over 170 international 
subsidiaries and more than 20,000 employees worldwide. Our business is divided into two separate, 
independently operating business segments. In both segments, we hold market-leading positions 
and are confident that we can further maintain and expand our advantage by bringing key innova-
tions with genuine added value to the market.
•	 In the Consumer Business Segment, our focus is on skin and body care. Our strong portfolio 
comprises brands such as NIVEA, Eucerin, La Prairie, and Hansaplast, which are trusted by people 
around the world.
•	 In the tesa Business Segment, we concentrate on developing innovative adhesive tapes and 
self-adhesive solutions for industry, craft businesses, and end consumers. Since 2001, tesa has 
been managed as an independent subgroup.
Consumer
Our strategy
The Beiersdorf name has stood for skin care since 1882. This is our core competency – and we want 
to deliver added value for our consumers in this area and ensure that people all around the world feel 
good in their skin.
In 2019, we formulated our C.A.R.E.+ business strategy. This describes our strategic priorities and is 
the means by which we want to secure our competitive, sustainable growth. The strategy focuses on 
the following areas:
•	 Strengthen our brands by enriching their purpose
•	 Fast forward digital transformation
•	 Win with skin care
•	 Unlock white spot potential
•	 Fuel the growth through increased productivity
•	 Build on strong foundations: Culture – Core Values – Capabilities – Care Beyond Skin
We achieved major steps in implementing our C.A.R.E.+ strategy in the reporting year. Below,  
we briefly introduce the most important progress.
Strengthen our brands with purpose
Brand purpose has become increasingly important in recent years, as today’s consumers are inter-
ested in more than just product performance. They want to know what a brand stands for and what 
it is committed to. Our iconic NIVEA, Eucerin, and Hansaplast brands have already been living and 
communicating their brand purposes for several years now. NIVEA stands for “Care for Human Touch 
to Inspire Togetherness.” With the purpose “WE BELIEVE IN THE LIFE-CHANGING POWER OF  
DERMATOLOGICAL SKINCARE”, we express that Eucerin is committed to sustainably improving  
people‘s quality of life - with dermocosmetic solutions for very individual skin problems. 
1	 Sections marked with              contain information that is part of our Non-financial Statement.

To the shareholders
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ANNUAL REPORT 2022
55
Our Hansaplast brand, which celebrated its 100th anniversary in 2022, promises consumers, “We’ve 
got you covered. For a life uninterrupted.” 
Fast forward digital transformation
Digitalization in our company and business plays a decisive role in tapping new growth potential. 
That is why we have long been systematically driving digitalization as part of our C.A.R.E.+ strategy. 
Our e-commerce business is constantly growing with every year. We also want to engage more 
strategically with our consumers and fulfill their individual wishes. This means being with them in the 
digital spaces they already use and sending the right message at the right time. We again invested in 
digital approaches on a large scale in the reporting year, particularly on our social media channels, 
and stepped up personalized communication with consumers using precision marketing, including 
through partnerships with influencers and providers of digital technologies such as MikMak, Google, 
and Amazon. This way, we want to be close to our target groups, build trust, and improve the 
effectiveness of our marketing activities.
In addition to our marketing activities and investments in the e-commerce business, we implemented 
a series of initiatives in 2022 to further accelerate the digital transformation within Beiersdorf. These 
also form part of our “Digital Fast Forward” strategic program – our vision for 2025 to digitalize our 
business and improve our consumers’ lives in a lasting way. Examples of these initiatives include our 
use of artificial intelligence (AI), for example in the rapid development of effective, sustainable, and 
safe formulas, and our large-scale digital skin research study SKINLY. These topics are presented 
in more detail in the “Research and Development” section. Digitalization is increasingly finding its 
way into other areas, too. Examples are provided in the “People at Beiersdorf” section under “Digital 
transformation.” To accelerate the digital transformation as a whole, we are also committed to investing  
in our employees’ digital skills. We offer employees a range of ways to keep pace with the rapid 
changes in technology.
Win with skin care
Our strategic focus “Win with skin care” is another essential element of our success. We want to bring 
key innovations with genuine added value to the market by developing fewer but bigger and better 
innovations and implementing global campaigns. This means that, in future, innovations and cam-
paigns will generally take place in all markets relevant for us. In the reporting year, we also began 
taking NIVEA, our world-leading skin care brand, to the next level. We aim to make NIVEA an even 
more global, digital, and sustainable brand that excites our consumers all around the world. A good 
example of the NIVEA potential is the LUMINOUS630® Anti-Dark Spot face care range introduced in 
2020, which has since become a global success story and growth driver. 
Further progress on our “Win with skin care” strategic objective in the reporting year came from our 
sustainability commitment. By enhancing existing, particularly popular products, we have made the 
skin care routines of millions of people around the world more sustainable and achieved a contri-
bution to climate protection. For example, we have improved the composition of our classic NIVEA 
Soft to reduce the formula-based carbon footprint by up to 40% (compared to the previous formula). 
Additionally, we bring the product to market with a vegan (without animal derived ingredients),  
98% biodegradable (according to OECD or equivalent methods) formula. In addition, we balanced 
the remaining emissions through certified climate protection projects, thereby “climate-neutralizing”2  
the product. We have also achieved an improved environmental performance by relaunching the 
packaging for NIVEA shower care products. The range, which has an improved formula since 2021, is 
now available in a lightweight bottle made from at least 96% recycled plastic and 20% less material 
than before. This has enabled a 32% reduction in packaging-related CO2 emissions. Beiersdorf is 
playing a leading role in the sector in terms of its target setting, performance, and transparency on 
climate change, forests, and water security. At the end of the reporting year, the non-profit organization 
2	  More information on www.nivea.com/climate.

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Additional Information
ANNUAL REPORT 2022
56
Carbon Disclosure Project (CDP) awarded Beiersdorf a top score and, as one of only 13 companies 
worldwide, a place on its “Triple-A list.”
We want to win with skin care while also unlocking growth potential. The acquisition of Chantecaille 
Beaute Inc. in February 2022 has brought us a step closer to this goal. We see Chantecaille as an ideal 
addition to Beiersdorf’s premium skin care range. Whereas La Prairie is positioned as a luxury brand, 
the globally represented Chantecaille brand serves consumers looking for prestige cosmetics and is 
therefore aimed at a wider target group. 
With the acquisition of S-Biomedic, a life sciences company, which is active in the field of skin 
microbiome research, Beiersdorf also strengthened its expertise in the field of acne treatment in the 
reporting year. Further information can be found in the chapter “Research and Development.”
Unlock white spot potential
Another element of Beiersdorf’s C.A.R.E.+ strategy is tapping into new potential for growth. We are 
concentrating on “white spots” – markets and business areas where we are not yet present or would like 
to further expand our presence. In 2022, for example, we entered the world’s largest sun care market, 
the United States, with Eucerin Sun products. With our Chantecaille brand, we want to further accelerate 
our growth in the prestige cosmetics segment on the North American and Asian markets – and here 
especially in China.
With the recent launch of La Prairie on the Chinese online platform JD.com, we were also able to 
tap further growth potential for our e-commerce business in this strategically important market.  
For several years now, we have been operating with our core brands on China’s largest cross-­
border platform TMall, from Alibaba. Both JD.com and TMall offer us great potential for substantial 
growth in China.
Both our global production and logistics network and our innovation network form an important basis 
for future growth potential. The ultra-modern innovation center in New Jersey, USA, which opened in 
the reporting year, is our first global center of excellence for sun care products outside Hamburg. By 
developing Eucerin Sun products specially tailored to US regulations and sharpening the Coppertone 
range, the innovation center will contribute to the growth of our business in this region. We anticipate 
similar growth impetus in China from the innovation center we opened in Shanghai in 2020.
Fuel the growth through increased productivity
We firmly believe that investment is a prerequisite for growth and innovation. At the same time, we 
strive to constantly improve our Group’s efficiency through strict cost discipline and a focused, lean 
organization. This is essential to fueling growth through increased productivity, one of the key pillars 
of our C.A.R.E.+ strategy.
Various measures taken in the reporting year helped us further increase the efficiency, agility, and 
resilience of our supply chain, allowing us to respond even better to the changing circumstances. 
At global level, we invested, for example, in expanding our production plants in Poland and Mexico. 
For us, new production lines and modern technology are the basis for future growth. We are investing 
almost €200 million to expand our production site in Poland. After completion of the expansion in 
Mexico in 2024, Beiersdorf Manufacturing Mexico (BMM) will be one of Beiersdorf’s three largest 
production sites.
We have invested heavily in Leipzig, too, in order to create a future-proof, ultra-modern supply chain 
infrastructure for Central Europe. Almost €300 million are going into the construction of our new 
production plant, which is due to begin operation in 2023. Up to 450 million cosmetics products 
will roll off the production line at the 32,000 m2 plant every year, including deodorants and shaving

To the shareholders
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Additional Information
ANNUAL REPORT 2022
57
foams for the entire European market and for export further afield. There will be scope to expand 
capacity further in future depending on market and business development. In close proximity to the 
new plant, a state-of-the-art hub for the European supply chain network is being created by 2027 with 
an investment volume of over €200 million. We are striving for the highest sustainability standards 
in all production buildings. The aim for the new production plants and extensions is to achieve gold 
certification under the widely recognized rating system for sustainable buildings, LEED (Leadership in 
Energy and Environmental Design).
We also achieved an important climate protection milestone in January 2022 with our Berlin plant, 
Beiersdorf Manufacturing Berlin (BMB). Since the start of the reporting year, this has been the first 
plant in Beiersdorf’s production network to achieve virtually climate-neutral operation in terms of 
Scope 1 and 2 emissions. To enable this, it has switched from natural gas, a fossil fuel, to biomethane. 
Only parts of the vehicle fleet and the emergency power supply (1%) continue to run on fossil fuels. 
These residual emissions are offset using high-quality CO2 certificates.
Building on our strong foundations:
Culture – Core Values – Capabilities – Care Beyond Skin3 
Our employees are our most important capital. They make a decisive contribution to our commercial 
success and noticeably shape our unique corporate culture with its qualities such as openness, trust, 
honesty, and respect. This culture is underpinned by our Core Values of Care, Simplicity, Courage, 
and Trust. These values ensure that we act as a team and support each other – always with the aim of 
fulfilling our consumers’ needs and wishes to the best of our ability and meeting our responsibility 
toward society and the environment.
Our purpose Care Beyond Skin is an expression of what Beiersdorf stands for and what defines us as a 
company – because our care and concern go far beyond our core competence, skin. We want to make 
a positive contribution to our society and our planet. By acting in a way that recognizes our social 
responsibility, for example with emergency aid in crisis situations or through the diverse initiatives 
of our sustainability agenda, we aim to bring this purpose to life. Detailed information about our 
sustainability agenda can be found in the Non-financial Statement.
We initiated a change in our corporate culture in the reporting year with the “Behavior Activation 
Journey,” in order to integrate behaviors into our day-to-day work that play an important role in our 
success. Under the banner “Speak Up,” we at Beiersdorf want to promote a culture in which employees 
have the courage to question things and to form and openly share their own opinions. “Prioritization” 
is about setting the right priorities that will better enable us to implement fewer yet bigger and better 
innovations in the future. “Mental health” is also one of the main drivers behind this focal point, 
as setting the right priorities is intended to reduce employees’ workload and encourage them to 
better set and respect their personal boundaries. More details on this can be found in the “People at 
Beiersdorf” chapter under “Leadership.”
Beiersdorf has also been driving the transformation to the new world of work for several years 
now. This, too, is part of a comprehensive cultural shift designed to make both the company and 
its employees fit for the challenges of the future. From hybrid or flexible working to modern work-
places, Beiersdorf is committed to actively shaping the future world of work. And we are bringing our 
employees with us on this journey. We invest continuously in training our workforce in the firm belief 
that the skills and expertise of our employees are essential to our sustainable growth and long-term 
success. We are becoming a learning organization with our global learning strategy, which encour-
ages self-directed, lifelong learning by all, preparing everyone for the working world of the future. 
Further information can be found in the “People at Beiersdorf” chapter.
3	 This section of the Combined Management Report is not subject to audit requirements.

To the shareholders
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tesa
tesa SE (referred to in the following as “tesa”) is one of the world’s leading manufacturers of self-­adhesive 
products and system solutions for industrial customers and consumers. tesa SE, a 100% owned 
subsidiary of Beiersdorf Aktiengesellschaft, is managed as an independent subgroup that is the 
direct or indirect parent company of 61 tesa affiliates (previous year: 61), employs 4,982 people and 
operates in more than 100 countries.
In fiscal year 2022, tesa sold tesa Labtec GmbH, Germany. In addition, tesa ME FZE, Dubai, has been 
launched in the United Arab Emirates. The number of affiliates thus remains unchanged.
tesa operates worldwide, with its main focus on Europe, followed by the business regions of Africa/
Asia/Australia and the Americas. In addition to the German locations, the affiliates in China, the 
United States, Italy, and Singapore are among tesa’s largest and most strategically important single 
companies. tesa has production facilities in Europe (Germany and Italy), the Americas (USA), and 
Asia (China). A further site is being built in Vietnam. The company headquarters, which include the 
research and technology center, are located in Norderstedt, near Hamburg.
Industry
In the Industry division, tesa supplies specialized system solutions directly to industrial customers,  
especially in the automotive, electronics, printing and paper, and building and construction 
industries. The strategic focus is primarily on developing and expanding profitable business lines 
in technologically advanced fields of application. tesa’s system solutions are used to optimize and 
enhance the efficiency of production processes, as fastening solutions in construction-related 
applications – often offering features beyond just bonding – and as customized protection and 
packaging systems.
Along with direct business, the technical retail trade is part of the Industry division. Through retail 
partners, tesa offers a wide range of products for diverse applications in various industrial sectors, 
including product ranges for assembly and repair, tapes to secure items during transportation, and 
adhesive solutions for the packaging industry.
Consumer
The Consumer division encompasses those markets in which tesa supplies end consumers with 
market-driven products via retail partners or retail-like channels. This includes product ranges 
aimed at private consumers and craftspeople. tesa also uses online business to offer products for 
sale directly to end customers.
The Consumer business is focused on Europe and Latin America. It sells both long-established and 
innovative product solutions intended for various applications, including for daily use in offices, at 
home, and in crafts. Under the tesa® umbrella brand, end consumers find a broad assortment of more 
than 300 innovative products in DIY stores and superstores as well as in paper goods and stationery 
shops and online. tesa provides tailor-made ranges for professional craftspeople and designs its 
marketing concepts for the specific target groups.

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Management and Control
The Executive Board manages the company and is dedicated to sustainably increasing its value. In 
addition to the functional areas of responsibility within the Executive Board, there are regional areas 
of responsibility. The Executive Board is closely involved in the company’s operational business in 
particular through the allocation of responsibilities for the regions and markets. A breakdown of 
the Executive Board’s areas of responsibility can be found in the chapter “Beiersdorf AG Boards” of 
the Notes to the Consolidated Financial Statements. The tesa Business Segment is managed as an 
independent subgroup.
Information on the remuneration of the Executive and Supervisory Boards as well as on incentive 
and bonus systems is provided in the Remuneration Report, which can be obtained in the section 
“Additional information.” The Combined Management Report includes the Corporate Governance 
Statement of Beiersdorf AG and the Group in accordance with §§ 289f and 315d Handelsgesetzbuch 
(German Commercial Code, HGB), which is also made publicly available on the company’s website at  
www.beiersdorf.com/investor-relations/corporate-governance/corporate-governance-statement.
Value Management and Performance Management System
The goal of Beiersdorf’s business activities is to sustainably increase the company’s market share by 
achieving qualitative growth and, at the same time, to expand its earnings base. The long-term key 
performance indicators – organic sales growth4 in conjunction with market share development, EBIT, 
and the EBIT margin before special factors (the ratio of EBIT to sales) – are derived from this goal. 
The aim is to generate internationally competitive returns through continuous investment in growth 
opportunities, systematic cost management, and the highly efficient use of resources. The develop-
ment of the relevant key perfomance indicators can be found in the section “Results of Operations.”
The company has created an efficient management system in order to meet these strategic goals. 
Corporate management derives business performance targets for the individual units in the Group 
for the coming year from the Group’s strategic business goals. This planning covers all segments and 
affiliates. Formal adoption by the Executive Board and Supervisory Board of the Group’s planning for 
the following year is generally toward the end of the year. In specific cases the planning is not finalized 
until the beginning of the fiscal year in view of current developments.
Actual key performance indicators are compared with target values and with the current forecast for 
the year as a whole at regular intervals during the fiscal year. These comparisons are used to manage 
the business in line with the objectives.
The tesa Business Segment forms a separate, independent unit within the Group. It is also managed 
on the basis of sales growth, the operating result (EBIT), and the EBIT margin.
4	 For the definition of organic sales growth refer to Significant Accounting Policies (“Notes to the Segment Reporting”).

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Research and Development
Research and development is particularly important for an innovation-driven company like Beiersdorf. 
It is not just the key to our success but part of our corporate DNA.
Trend-setting technologies, sustainable concepts, and digitalization opportunities are essential to 
Beiersdorf, and we continuously embrace and encourage them. We regularly evaluate our research 
and development program and define clear focus areas for each business segment:
•	 In the Consumer Business Segment, Beiersdorf develops innovative, high-quality skin care products. 
We use these to respond to our consumers’ wishes, taking into account regional characteristics and 
important topics such as sustainability.
•	 In the tesa Business Segment, we develop innovative adhesive tapes and self-adhesive solutions for 
industry, commercial customers, and end consumers. Here, sustainability and energy-conserving 
production processes are always at the forefront of our work, in addition to being able to respond 
flexibly to current demands and market trends – always with the aim of making the workflows of our 
customers around the globe even better and more environmentally friendly.
As of December 31, 2022, 1,591 people were employed in research and development at Beiersdorf 
worldwide (previous year: 1,530). Of this total, 1,007 (previous year: 978) worked in the Consumer 
Business Segment and 584 (previous year: 552) in the tesa Business Segment.
As in past years, we increased our spending on research and development once again in the reporting 
year. At the end of the fiscal year, expenditure in this area amounted to €291 million, up 8.3% on the 
previous year (€268 million). In the Consumer Business Segment, Beiersdorf invested €216 million 
(+6.8%) and in the tesa Business Segment €75 million (+12.9%) in research and development over 
the past year.
Consumer
Excellence in Skin Care Research
Beiersdorf has always excelled in skin research. It drives our strength in innovation and boosts our 
competitiveness. By deciphering the complex processes of the skin, developing effective active 
ingredients, and making use of the latest technologies, we are always developing new innovations 
and products that clearly align with consumers’ wishes. We want to create skin care products that 
touch people’s lives all around the world.
Our intensive, application-oriented research not only helps us continuously expand our deep under-
standing of the human skin – it opens up many opportunities in the highly dynamic field of skin 
biology and, consequently, is an important focus of our work. In the reporting year, we focused on the 
following areas of research among others:
•	 A significant part of our research work for almost 40 years has been developing modern, 
non-animal-based methods to assess safety. We use these to provide evidence of the safety 
of our ingredients and products. As in the past years, in fiscal year 2022, we continued our 
intensive collaboration with the worldwide community of safety scientists – especially the Long 
Range Science Strategy (LRSS) Consortium of Cosmetics Europe, whose program came to an 
end halfway through the reporting year. As a founding member of the new body International 
Collaboration on Cosmetics Safety (ICCS), we work with other companies, associations, and 
NGOs with the goal of promoting global regulatory recognition, expertise, and the comprehensive  
use of animal-free safety science for cosmetic and skin care products and their ingredients.

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Through research, education, targeted training, and regulatory engagement, ICCS wants to 
improve global awareness and trust in alternative scientific methods to animal testing and 
thereby to further develop innovation work in the modern era of animal-free research. In our 
view, the Next Generation Risk Assessment (NGRA) is exposure-led and hypothesis-driven and 
is based on combining data from in silico, in chemico, and in vitro methods (the new approach 
methodologies – NAM). Toxicokinetics, with the application of the ADME methods (absorption, 
distribution, metabolism and elimination), plays an important role for us in enabling a reliable  
risk assessment. The ADME methods examine how active ingredients enter the body and in 
what quantities they are found in different body areas. A large number of ADME tools are 
being developed and used alongside PBPK (physiologically based pharmacokinetic) modeling, 
forming an important component of next-generation risk assessment. In a presentation at the 
ESTIV Congress 2022 (Congress of the European Society of Toxicology In Vitro), we highlighted 
the essential role of modern ADME methods as the next generation of safety assessment, for 
example for UV filters and preservative agents. We also discussed the use of ADME methods, 
especially metabolism and PBPK modeling, for assessing the body’s potential internal threshold 
of toxicological concern (iTTC).
•	 Protection against sun-related skin damage is a major research focus for Beiersdorf. Our 
skin scientists research the sun’s impact on the skin and use the findings to develop pioneering 
solutions and products for sun-related skin indications. We continued this work in the reporting 
year. One example of our research activities in this area was a unique cosmetic sun care product 
that a research team developed specially for a girl with the rare photosensitivity disease EPP 
(erythropoietic protoporphyria). In this condition, caused by a rare gene defect, the blue light 
in sunlight causes the formation of free radicals in the skin – a chemical process associated with 
severe pain. Previous research findings on high-energy visible light showed that the girl needed 
cosmetic sun protection containing special light-diffusing pigments. These prevent light from 
penetrating the skin. The protection specially developed by the Beiersdorf researchers enable 
the girl to come into contact with sunlight for short periods. It cannot cure the disease but helps 
to improve her quality of life. The cosmetic sunscreen was especially developed for the girl and 
her individual skin needs, and thus is not part of the Beiersdorf product portfolio or available for 
sale. We have also achieved progress in our collaboration with the ALT-SPF consortium, which 
aims to establish sun protection tests that are less invasive, more reliable, and more precise. 
Various partners, including Beiersdorf, have provided their own samples, which have been 
blinded by an independent institute and are currently being tested by various laboratories, 
including our own in Hamburg and New Jersey. The complete test results will be available in the 
course of 2023.
•	 In the field of skin research, we continued our work on our patented active ingredient against 
hyperpigmentation, Thiamidol, during the reporting year. We released the results in another 
scientific publication. Working with the Department of Dermatology at the Côte d‘Azur University 
in Nice, France, we conducted a randomized, double-blind, controlled clinical study on partici-
pants with a darker complexion. This tested the efficacy and tolerability of a skin care regimen with 
Thiamidol over 24 weeks compared with a vehicle control. We performed this long-term study in 
Mauritius due to the hot, tropical weather conditions there. A continous improvement in hyperpig-
mentation spots on the face was observed throughout the entire duration of the study. The results 
show that the treatment is highly effective and well tolerated even under demanding climatic 
conditions for cosmetics.
•	 Our scientists also continued our research on the coenzyme Q10. Their efforts helped us achieve 
important new findings on this coenzyme, which occurs naturally in the body, and its role in the 
skin aging process. In cooperation with scientists from the Hamburg-based research center DESY 
(Deutsches Elektronen-Synchrotron), the University of Hamburg, and the Fraunhofer Institute for 
Applied Polymer Research (IAP), we succeeded in the reporting year in visualizing for the first time 
the cellular uptake of the coenzyme Q10 and its pathway within the skin cells. We were thus able to

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provide visual evidence that Q10 is absorbed by every single cell. The key element of this research 
breakthrough was the use of the XRF method (X-ray fluorescence spectroscopy). This is based on 
the principle of X-ray fluorescence analysis – an imaging method from materials analysis that is 
generally used to examine solid samples and reveal what is hidden within them. The findings offer 
considerable potential for further scientific applications in global Q10 research, for example in 
cancer therapy, and beyond Q10 skin research. Given its importance, the research was evaluated by 
independent scientists and published in a renowned journal in order to make it accessible to other 
research groups. In May 2022, Beiersdorf also welcomed renowned international Q10 researchers 
to the skin research center in Hamburg as part of the 10th Conference of the International Coenzyme 
Q10 Association (ICQA). Here, they discussed new findings on topics such as Q10 biosynthesis, aging 
and metabolism, skin care, and dietary supplements, and underscored the continued importance 
of Q10 research.
•	 In 2022, we again stepped up our work in microbiome research, which examines the complex 
communities of microorganisms (e.g. bacteria) in ecosystems such as the skin. We continue to play 
an important role in this field. In cooperation with the universities in Hamburg and with Aarhus Uni-
versity in Denmark, we succeeded in exploring the complex ecosystem even more closely in order 
to develop new cosmetic approaches and formulas that work in harmony with the skin’s natural pro-
cesses. In the course of this work, we have developed a new methodology that we patented in the 
reporting year and are using successfully. This allows scientists to more precisely examine selected 
bacterial strains – always keeping in mind that the composition and balance of all the microbes living 
on the skin is pivotal to our skin health. In particular, the researchers gained new insights into the 
relationship between staphylococci and cutibacteria. These two types of bacteria interact with each 
other and coexist peacefully in a healthy skin microbiome. If the microbiome becomes unbalanced, 
this can trigger skin disorders such as acne or eczemas. The results will help us develop new 
microbiome-based care products, particularly for acne sufferers. We published the main findings 
of our research work in the reporting year in three academic publications. In addition, at the end 
of the fiscal year, we announced the acquisition of the Belgian life sciences company S-Biomedic. 
The company, in which we already invested in 2018 as part of our corporate venture activities, is 
considered a pioneer in the field of skin microbiome research. S-Biomedic will continue to be man-
aged as a standalone entity under Beiersdorf’s existing microbiome program. It will complement 
the Group’s own research activities in this field and therefore strengthen our innovative capacity.
We use global patents to protect our intellectual property and the results of our intensive research 
activities. At the end of the reporting year, our global patent portfolio included some 1,500 active 
patents (previous year: approximately 1,800). Worldwide, we filed around 50 new patent applications 
during the reporting year (previous year: 64). As of December 31, 2022, approximately 600  patents 
were in the ongoing grant procedure (previous year: 900).
Transformation of the F&E organization
We restructured the F&E organization effective June 1 of the reporting year. With the new structure, 
we want to make the organization fit for the future and respond even better to changing circum-
stances and consumer expectations as part of the company-wide transformation process. The aim 
is to focus on fewer innovations but achieve more impact with them (FEWER, BIGGER, BETTER) and 
bring them to market faster. The move is also designed to enable people to work together in a more 
integrated way, to learn from each other, and make greater use of synergy effects – between the 
headquarters, innovation centers, and development laboratories as well as other functions within 
the organization. The model is built on four pillars: Breakthrough Innovations, Grow the Core, One 
Global R&D, and Sustainability. The new organizational model follows the three-part strategy Explore, 
Enable, Exploit. Explore teams work on the early stages of developing innovations – they bring 
together consumers’ wishes with our expertise in skin. Enabling teams are task with easing the transi-
tion from idea to product by developing new methods and testing the efficacy of our products.  
Exploit teams concentrate on product relaunches or additions to the product portfolio for our core

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innovations such as Q10. Their role is also to take breakthrough innovations such as Thiamidol or 
W630 and ready them for the market. This involves efficiently guiding them through the Integrated 
Innovation Management (IIM) process.
Collaboration promotes innovative strength
For Beiersdorf, collaboration with external partners is an important part of research and development 
work. We are convinced that by combining our complementary expertise and our strengths, we can 
increase our joint innovative strength and speed up development of skin care for the future. A large 
number of research institutes, universities, start-ups, independent scientists, and suppliers belonged 
to our global collaboration network in the reporting year.
In addition to our specific cooperation agreements, we advocate the principle of open innovation 
and involve external partners in many of our development projects and in raw material scouting. 
Since 2016, we have gathered these open innovation activities under the name “Pearlfinders –  
We Open Innovation.” We offer interested parties all around the world access to our confidential 
scientific research topics via the associated “Trusted Network” online platform. The network, which is 
based on mutual trust, fairness, and partnership, also invites them to contribute their own ideas and 
problem-­solving approaches.
In addition to this network, Beiersdorf has also had a seat on the Foundation Council of the DESY 
research center in Hamburg since mid-2022. This not only gives us valuable insights into the latest 
interdisciplinary, wide-ranging research projects of the DESY research center and partner research 
institutes – it also allows us to continue to help shape the creation of start-up innovation centers in 
Hamburg.
In June 2022, staff from the F&E start-up scouting team initiated the Joint Corporate Start-up Pitch 
Day on Sustainability together with our long-standing partner and specialty chemicals company 
Evonik. The aim was to step up dialogue with interested start-ups and to find partners with innovative 
and sustainable raw material and packaging solutions. Fifteen start-ups from various countries were 
chosen from more than 100 applicants to present their technologies and business models in detail at 
the event and to jointly evaluate opportunities for partnership. The companies chosen work primarily 
in sustainable biotechnology, green chemistry, sustainable packaging, and digital solutions.
We also agreed a special partnership in 2022 with the South Korean supplier COSMECCA KOREA. The 
South Korean cosmetics industry is considered highly innovative. “K Beauty” is the source of numerous 
product trends that later find their way into the skin care routines of many Europeans. COSMECCA’s 
aim is to set trends by reflecting consumers’ needs and collaborating with global partners. The joint 
launch of a Eucerin product in the East Asian market is an early example of this strong teamwork. 
Strong research network
Beiersdorf’s research and development has a global presence. Our global research network strengthens  
our business and makes a substantial contribution to our success. The largest site in our global 
research and development network is our skin research center in Hamburg, Germany, where we 
employed 738 (previous year: 741) researchers and developers as of December 31, 2022. Here, we 
essentially carry out important application-oriented research. This research is helping us to better 
understand the skin’s own (metabolic) processes and, based on this knowledge, to develop new 
products that meet people’s needs – for example with new active ingredients or with the aid of new 
technologies, such as artificial intelligence. The new “Early Innovation” department we created in 
2021 is also helping us to boost our innovative strength and increase public recognition of Beiersdorf 
as a leading innovator in skin care. The 19-member department (previous year: 16 employees) aims 
to drive a cross-brand, cross-category long-term innovation roadmap with strong innovation stories. 
The team acts as a catalyst between all the specialist disciplines that are involved in the innovation

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process. One specific measure in the reporting year was the holding of the first Innovation Fair, 
an internal event focused on current innovation projects that promotes inspiration, dialogue, and 
strategic discussion.
Since product quality, safety, and compatibility have top priority for Beiersdorf, newly developed 
products are tested thoroughly by external experts and in Beiersdorf’s own test center within the skin 
research center before being launched on the market. In the reporting period, in Hamburg alone, we 
carried out 350 studies with 8,000 participants (previous year: 330 studies with 8,500 participants). 
Externally, in 2022, we conducted another 1,320 studies with 32,000 participants (previous year: 
1,300 studies with 33,500 participants).
In addition to the large skin research center in Hamburg, our global research and development 
network includes two large innovation centers in China (Shanghai) and the United States (New 
Jersey) as well as development laboratories in Brazil, India, and Japan. They enable us to address 
cultural, aesthetic, and climatic conditions and develop products that correspond to individual 
local needs and preferences. Through this network we participate in global innovation and have 
access to local experts and talent, providing valuable ideas and insights for our global research 
and development work.
Our innovation center in Shanghai, China, which opened in July 2020 and is the second largest site 
in our research network at 7,500 m2, set three strategic priorities for 2022: digitalization, a faster pace 
in development, and sustainability. In digitalization, the aim was to integrate artificial intelligence and 
automation into our work processes, for example with the introduction of the new NIVEA MEN Oil 
Control range of products. Use of AI and a computer simulation tool minimized risks in the design 
phase and enabled faster, smoother development and introduction of the packaging. Procuring the 
world’s first desktop injection molding machine for a packaging prototyping lab enabled us to speed 
up the creation of prototypes using 3D printing within the lab. Using artificial intelligence allows us to 
better predict long-term stability and considerably reduce the number of test batches required. Our 
innovation center in Shanghai also recorded another success in 2022 with the introduction of the first 
100% food safe PCR HDPE bottles in the NIVEA MEN Oil Control range and of 100% food safe PCR 
PET bottles for the launch of the NIVEA MEN Sensitive Pro shaving foam. Sustainability is growing in 
importance for consumers in northeast Asia, too. By implementing the global Beiersdorf sustainability 
agenda and reducing the use of PCR materials by more than 1,100% compared with 2021, Beiersdorf 
is meeting the needs of many consumers in Asia.
Further new product launches developed specially for the Asian market in the reporting year can be 
found in the “Product highlights” section.
Our ultra-modern innovation center in Florham Park, New Jersey, USA, continued its intensive 
clinical research in 2022 along with the development of local product innovations for the NIVEA, 
Eucerin, Aquaphor, and Coppertone brands for the North American market. Among other features, 
the site has a special sensor technology laboratory for increased interaction with consumers and 
works closely together with the development laboratory in Hamburg, Germany, in the area of sun-
screen innovations. Eucerin Sun expanded into the United States in the reporting year with a total of 
seven sun care products. This is the largest sun care market in the world. With its range of sun care 
products that cater to individual skin indications and are also good to the skin, Beiersdorf has filled a 
“white spot” in the North American market. Sun protection products are subject to special regulations in 
the USA, which meant it was not possible to simply replicate the existing global Eucerin Sun products. 
Our researchers at the innovation center in New Jersey developed new formulas based on five anti-
oxidants and other ingredients. With these, we not only comply with the legal requirements but also 
want to meet the needs of the consumers. Further information on product innovations at the Copper-
tone and Aquaphor brands can be found in the section “Product highlights.”

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Digitalization and Artificial Intelligence
Topics such as artificial intelligence (AI) and digitalization are becoming increasingly important in the 
field of skin research. Beiersdorf was among those driving research activities and progress in these 
areas in recent months, as indicated by the examples above. In 2022, we continued our AI-based 
global skin study SKINLY. Launched at the end of 2019, this project is still one of the world’s largest 
skin care studies involving consumers. The special feature of this study is that consumers are actively 
involved by means of digital tools – a special measurement device (including a moisture sensor and 
three different light sources) and a complementary app – and send details about their individual skin 
properties, in other words, skin age, wrinkle depth, skin tone, complexion, and impurities, as well as 
information about sleep, nutrition, special skin features, menstrual cycle, and climatic conditions, up 
to twice per day. The results help us to better understand our consumers and their skin as well as the 
impact of external factors. With machine learning based on artificial intelligence, the unique ecosystem 
created for the study learns something new with every measurement.
More than 16,000 consumers aged between 18 and 80+ from various countries have already taken 
part since the end of 2019. Over 600 million data points and more than 80 million high-quality skin 
images have been measured and generated. The more high-quality data is available, the better our 
data scientists will be able to translate this into relevant, actionable new knowledge for our research, 
development, and marketing.
During the reporting year, we also used artificial intelligence to develop and optimize formulas. The 
AI technology and platform provided by our partner Uncountable enabled us to process complex 
data volumes faster and, as a consequence, to identify new, more sustainable formulas more effi-
ciently. In addition to this, we began using a formulation robot to develop formulas in the reporting 
year. This allows us to efficiently study process parameters on a small scale to give our formulas a 
more sustainable upscaling process. Automation and artificial intelligence are equally important 
when it comes to researching and developing future efficacy tests on test subjects. This has been 
shown by our collaboration with the Technical University of Applied Sciences Wildau, which began 
during the reporting year. Together, we developed a robotics system for automated in vivo meas-
urements to obtain a greater quality and quantity of data. The first feasibility studies have already 
taken place successfully.
We see enormous potential in artificial intelligence and will therefore continue to utilize its benefits 
for us in the future and, hence, expand digitalization in research.
R&D sustainability pledge1 
Continuous development of innovative, high quality skin care products over the last 140 years is 
what has made us one of the world’s leading skin care companies. Our claim has always been to 
continuously bring new innovations to market that offer our consumers added value and best fulfill 
their needs. One aspect that has become increasingly important to consumers in recent years is the 
environmental compatibility of our products. This applies equally to product formulas and pack-
aging, both of which we optimize each year, as a matter of conviction, in line with the four sustain-
ability principles: “avoid, reduce, reuse, recycle.” That means, for example, that we use ingredients 
with lower emissions, reduce volumes of materials or waste, integrate recycled materials, and use 
alternatives to petroleum-based plastics. In this context, we formulated our own claim in our R&D 
sustainability pledge in 2021. Accordingly, we want to achieve maximum product effect with as few 
ingredients as possible and, wherever feasible, use sustainable, biodegradable and/or renewable 
raw materials and packaging. Many of our product highlights demonstrate the progress we are 
achieving here. These include the new, more climate-friendly NIVEA Soft formula we introduced 
to the market in the reporting year. The relaunch of the new NIVEA shower care range in 2022 was 
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another important step on the way to more climate-friendly products. The products are introduced 
in more detail in the section “Product highlights.” 
In relation to our product packaging, we announced our Plastic Pledge 2025 back in 2019. With this 
pledge, we plan to increase the share of recycled material in our European plastic packaging to 30% 
by 2025 and to use recycled materials and a reduction in packaging weight to cut the consumption of 
new petroleum-based plastic by 50%. Boosting the circular economy is also a top priority for us and is 
specifically supported. The circular economy involves repeatedly reusing materials without consuming 
extra new resources. In all our sustainability efforts, we are working with partners throughout the value 
chain to achieve significant change and drive the transformation forward. We are also involved in various 
cross-industry bodies, for example to further improve plastics sorting and define a plastic standard for 
the use of recycled plastic.
A specific example in the packaging context is the “Design4Circularity” initiative in partnership with 
Clariant, Siegwerk, and Borealis. This aims to bring together different specialist knowledge so as to 
jointly develop consumer packaging based on 100% post-consumer recyclate (PCR) for cosmetics 
applications and to create a new industrial standard for genuine recycled packaging. The initiative 
recently presented its first result: a colorless polyolefin bottle with 100% PCR content, full body-
sleeved in a printed deinkable shrink sleeve. All the materials for the NIVEA prototype are technically 
fully recyclable and can be recovered and used for the same high-value application.
To tap into further new potential for sustainable innovations and the circular economy, Beiersdorf 
also invested in two venture capital funds for the first time in the reporting year. The partnerships with 
Emerald Technology Ventures and Revent give us access to many promising founders and innovative 
start-ups that are creating environmentally friendly technologies and sustainable business models. 
Emerald Technology Ventures, for example, pre-evaluates start-ups, whom we can then cooperate 
with and invest in directly. All the start-ups belonging to this fund bring a wealth of global experience 
that complements our own expertise. We see great potential in both investments to boost our open 
innovation activities in relation to packaging and the sustainable transformation. This will make an 
important contribution to achieving our ambitious sustainability goals.
Product highlights2
The development of skin care innovations is our core competency and an important building block for 
our long-term business success. Our well-stocked innovation pipeline is based on our strong culture 
of innovation, which has always been a part of research and development at Beiersdorf. By continuously 
introducing innovative skin care products, we also aim to respond to the needs and wishes of our 
consumers as closely as possible and offer them added value. We do not limit our search for innovations 
to cosmetic formulas – a significant part of our work also involves developing innovative, sustainable 
product packaging and taking into account the increasing digitalization in the industry.
The following overview shows a selection of our innovations during the reporting year:
•	 The new NIVEA CELLULAR Expert Lift range is based on a highly effective combination of pure 
bakuchiol, which in vitro tests show, works like a collagen booster, and two different types of 
hyaluronic acid. The products define contours, firm the skin, and soften even deep wrinkles – for 
a toned appearance. The new range comprises NIVEA CELLULAR Expert Lift Anti-Age Day 
Cream SPF 30, NIVEA CELLULAR Expert Lift Anti-Age Night Cream, and the NIVEA CELLULAR 
Expert Lift Sculpting Facial Sheet Mask.
•	 We also strengthened the NIVEA Essentials Face Care range in the reporting year with 19 revised 
products. The day products – which come with a choice of sun protection factor 15 or 30 – and 
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night products all come with the NIVEA Moisture Care Complex, which is in many countries trade-
marked. They deliver long-lasting moisture, and the formulas are vegan, meaning they contain no 
animal-derived ingredients. Special attention was paid to environmental compatibility: In line with 
our sustainability agenda, the formulas are free from microplastics and use exclusively biodegradable 
polymers. In addition, the tubes are 89% and the jars and boxes 100% recyclable.
•	 The new NIVEA Derma Skin Clear face cleansing range cleanses and improves the condition of 
blemished skin. The vegan-friendly, mild formulas contain no-animal derived ingredients, use a 
highly effective combination of salicylic acid and niacinamide in the daytime product and salicylic 
acid, niacinamide, and glycolic acid in the overnight product. This acid complex with exfoliating 
properties supports the skin’s natural renewal process to significantly reduce and prevent the 
reappearance of skin blemishes. The effective new range comprises the NIVEA Derma Skin Clear 
Wash Gel, NIVEA Derma Skin Clear Toner, NIVEA Derma Skin Clear Anti-Blemish Scrub, and 
NIVEA Derma Skin Clear Chemical Exfoliator.
•	 With the new NIVEA SUN LUMINOUS630® Dark Spot Control Fluid SPF 50, we added 
another UV Face product variant to our sun care range in 2022. The formula with the ingredient 
LUMINOUS630® is particularly effective against sun-induced dark spots and offers immediate 
protection against short- and long-term skin damage from UVA/UVB rays and from sun-induced 
premature skin aging. The sun cream’s light, non-greasy texture refreshes the skin and leaves a 
smooth skin feeling.
•	 We also improved the sustainability of our bestselling NIVEA Soft in the reporting year. The product 
is now based on an enhanced, more sustainable formula. Enriched with vitamin E and 100% natural 
jojoba oil, it provides even better skin hydration. The new product contains 95% natural ingre-
dients. The formula is vegan (contains no-animal derived ingredients) and 98% biodegradable 
(according to OECD or equivalent methods). The carbon footprint of NIVEA Soft has been reduced 
by up to 40% in terms of ingredients compared to the previous formula. The moisturizing cream 
is suitable for all skin types as a face cream, foundation, and all-body product. It gives the skin a 
healthy, radiant appearance.
•	 The relaunch of the new NIVEA shower gel range in 2022 was another important step on the 
way to more climate-friendly products: The new formulas with vitamins and oils protect the skin, 
are free from microplastics, and 99% biodegradable (according to OECD or equivalent methods). 
The bottles (excluding cap and label) are made from at least 96% recycled plastic and are up to 
26% lighter than before, cutting packaging-related CO2 emissions by 32%. The products are now 
100% climate-neutralized  and make a positive contribution to our Climate Care mission as part 
of our CARE BEYOND SKIN sustainability agenda. More information can be found at  
www.nivea.com/sustainability.
•	 With the new NIVEA Deo Sticks, we established another sustainable innovation in the market 
during the reporting year. With the help of a new, patented technology, we have been able to use 
emulsion technology for a solid anti transpirant stick. This enables us to market silicone-free deo-
dorant sticks with an overall smaller carbon footprint. In addition to the new formula, the new sticks 
come in a more lightweight, modern packaging that uses 23%/ml less material.
•	 In June 2022, we launched the NIVEA MEN “Climate Care Moisturizer”, an innovative, climate 
neutralized3 product that makes us the first skin-care manufacturer to obtain and use an ingredient 
from recycled carbon dioxide: cosmetic ethanol. As a key ingredient, ethanol contributes to a 
refreshing skin feeling. In addition, the formula is skin-soothing and moisturizes the skin.
•	 Following the successful launch of the Eucerin DERMOPURE Triple Effect Serum on the 
market for post-acne marks in 2021, we relaunched further products with our patented  
3	 www.nivea.co.uk/about-us/climate-neutrality

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anti-pigment ingredient Thiamidol: Our product range Eucerin Hyaluron-Filler + Elasticity 
and Eucerin Anti-Pigment Skin Perfecting Serum. Our relaunched range Eucerin Hyaluron-­
Filler + Elasticity softens deep wrinkles and age spots and improves the skin’s elasticity and 
radiance. The innovative blend of both high and low molecular hyaluronic acid visibly plumps 
deep wrinkles from within, while the powerful combination of arctiin and creatine (collagen-­
elastin complex) stimulates collagen production and increases skin elasticity. The inclusion 
of Thiamidol visibly softens age spots after just two weeks. The Eucerin Anti-Pigment Skin 
Perfecting Serum moisturizes the skin with a combination of hyaluronic acid and glycerin. The 
patented ingredient Thiamidol visibly reduces dark spots and helps prevent their recurrence – 
for an even, radiant complexion.
•	 We launched a total of three sun care innovations with a tint effect in 2022 to add to the Eucerin 
Sun range. The Eucerin Oil Control Tinted Face Sun Gel-Creme SPF 50+ protects oily and 
acne-prone skin from sun-related damage and offers 12-hour oil and shine control plus color 
pigments for an even skin tone. Enriched with hyaluronic acid, the formula of the new Eucerin 
Photoaging Control Tinted Face Sun Gel-Creme SPF 50+ helps to reduce the first signs of skin 
aging caused by HEVIS, while the color pigments promote a unified complexion. With the new 
Eucerin Pigment Control Tinted Face Sun Gel-Creme SPF 50+, we also launched a high-quality  
facial sunscreen for all skin types during the reporting year. The formula helps to effectively 
reduce sun-related hyperpigmentation and, with regular use, prevent its recurrence. With this 
product, too, the color pigments promote an even skin tone. All three products combine UVA/
UVB filters for very high UV protection as well as licochalcone A to neutralize the free radicals 
caused by UV and high-energy visible light.
•	 With GREEN & PROTECT, we introduced the first climate-neutralized4 plaster to the product range 
under the brands Hansaplast, Elastoplast and CURITAS. All key aspects of the GREEN & PROTECT 
plasters in terms of sustainability were optimized, combining it with their well-known product 
performance and reliable wound protection. The wound pad and backing are made from naturally 
derived fibers and, just as the release liner, from wood types taken from FSC®-certified forests only. 
Additionally, the plaster packaging is unbleached, 93% recycled and has the lowest weight possible 
for the material used. 
•	 Under our luxury brand La Prairie, we launched the new White Caviar Essence Extraordinaire 
in 2022, a transformative gel-to-water essence. The silky, opalescent lotion glides on to begin 
its exceptional work. It instantly hydrates for a smoother, more reflective surface and provides a 
refreshing sensation. Enriched with encapsulated LumidoseTM, the extraordinary illuminating 
molecule, it targets age spots and dullness making the skin feel more hydrated and plumped. 
•	 Another new launch was the La Prairie Pure Gold Radiance Nocturnal Balm with the exclusive 
Pure Gold Diffusion SystemTM, a rich balm that supports the skin‘s nighttime regeneration 
process and provides the skin with energy to restore its luminosity. The Pure Gold Diffusion 
SystemTM delivers a three-peak action sequence to the skin. First comes the immediate depo-
sition of gold on the skin’s surface to offer instant radiance. An intense infusion of replenishing 
ingredients follows. Finally, a steady release of the replenishing ingredients linked to the gold 
particles deposited on the skin’s surface completes the sequence. Overnight, the skin is optimally 
cared for and pampered.
•	 The third innovation from La Prairie is the launch of the Skin Caviar Harmony L’Extrait. The pack-
aging of Skin Caviar Harmony L’Extrait follows the codes of the Bauhaus movement. A cobalt blue 
glass vial encapsulates the formula deep within. Upon application, micro-fluidic beads delicately 
melt into a surrounding gel, transforming into a light extrait. Facial contours appear resculpted and 
skin appears lifted in the long-term with continued use.
4	  www.beiersdorf.com/newsroom/press-releases/all-press-releases/2022/02/08-beiersdorf-strengthens-climate-engagement

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•	 The Sheer Glow Rose Face Tint from Chantecaille® combines skin care with make-up. The 
combination brings together the best of both worlds: a high-quality formula including plant-based 
anti-aging ingredients and peptides, which supply the skin with moisture while the rose tint creates 
a gentle shimmering glow. The product can also be mixed with a moisturizing cream or foundation 
for a subtle rosy blush.
As a result of our regional development work, we also launched a series of local innovations on the 
market in the reporting year:
•	 The new NIVEA Radiant & Beauty product range was specially developed for consumers with 
melanin-rich skin and has been tested on this skin type. The products are the result of extensive 
studies with around 9,000 participants in Sub-Saharan Africa and in Brazil. The formulas contain 
five vitamins and various oils.
•	 Reflecting the trend for premium products on the Chinese market, May 2022 saw the release of 
the NIVEA Pro Sensitive Amino Acid face cleansing gel, the first premium face care range. The 
product is available in either a pump dispenser or tube and comes with an appealing packaging 
and mild formula.
•	 Also developed for the Chinese market was the new Doukou body care range, which went on sale 
in July of the reporting year. Its packaging, product colors, and digital add-ons cater to the young 
Asian target group. The products reached the number two spot in the Tmall sales charts within four 
weeks of going on sale.
•	 Eucerin launched its first Asia-exclusive product in the reporting year with the Eucerin Even 
Radiance range. The range is tailored to the strong regional demand for skin-brightening products 
and the resulting care needs. Alongside moisturizing creams, it includes an eye cream, a sheet 
mask, and ampules.
•	 The Eucerin Sun products introduced on the US market were another product highlight of the 
reporting year. A total of seven sun products arrived on the market in the first quarter. They 
included two dermocosmetic sun protection products for the face – for oily and acne-prone skin or 
for anti-aging – and five whole-body products – with options for dry or sensitive skin. Five anti-
oxidants, the special 5 AOX Shield complex, and other special ingredients defend against free 
radicals and make the skin feel healthy.
•	 With the Aquaphor Healing Balm Sticks, we launched another (OTC) innovation on the US market 
in the reporting year: The products come in a choice of baby or adult version and provide effective 
skin protection for healing and immediate relief from irritation in a practical, easy-to-apply stick. 
We developed the balm formula with our strategic partner Weckerle. The new Weckerle production 
center in California was audited and put into operation as part of the project and is now available 
for new ODM projects with a US focus.
tesa
Product and technology development5 
Tapes replace screws and welding
As in previous reporting years, tesa further expanded the technologies for structural bonding in 2022. 
This could replace even high-strength joining methods such as screws, rivets, and welding.
tesa developed further new products that cure at low temperatures. These are particularly advanta-
geous for electronic devices. Major customers of tesa could be supplied with new prototypes whose 
curing mechanisms are precisely tailored to the specific manufacturing processes. The technology is 
5	 This section of the Combined Management Report is not subject to audit requirements.

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ANNUAL REPORT 2022
70
particularly well proven for joining components to make mobile phone cases, where it provides ideal 
protection for the sensitive electronic components and reduces the surface area needed for adhesion.
Sustainable product and technology concepts
Technology development has been consistently aligned with the sustainability strategy (see tesa sus-
tainability report6), resulting in a multitude of new products with excellent sustainability.
For the distribution business, tesa has developed prototypes of new bio-based adhesive tapes for 
packaging. This technology was recently even transferred to superior masking tapes that have both a 
bio-based carrier and adhesive. For the mobile devices segment, which is technically challenging for 
adhesives, product solutions whose individual components are made entirely from post-consumer 
recycled polyester were developed. These also contain largely bio-based carbon. The tapes perform 
to the same high level as our petroleum-based products. Further projects have been launched to 
replace petroleum-based components in adhesive tapes. At the tesa Hamburg site, a manufacturing 
process for adhesive mass polymers using bio-based materials was implemented. These will make a 
major contribution on the way to climate-neutral production.
To enable tesa customers to manufacture recyclable products, new technology concepts for separating  
adhesives were developed so that the individual components can be reused when required. First 
customers were provided with prototypes of the various technologies in the electronics business, and 
some designs have already been used in product development projects. The technology portfolio is 
also set to be expanded to cover new applications. The first feasibility studies have been initiated to 
test further technologies for separating an adhesive bond, and patent applications have already been 
submitted. The first prototypes have also been developed for the automotive sector. These were well 
received by global innovation leaders and met the high demands of automotive vehicles for temperature 
resistance, bonding strength, and longevity.
Further development of solvent-free technologies
tesa continued to develop solvent-free coating technologies in 2022 and consistently aligned their 
development goals with the sustainability strategy. The ability to use our technology for extru-
sion of adhesive masses was extended to thinner coatings, which were previously the preserve of 
solvent coating technology. In future, this will enable us to serve new markets and applications with 
solvent-free products. By replicating the processes in data-based models, quantitative proof of the 
positive impact on the energy balance could be obtained. These models will also make it possible 
to simulate future products.
The technology of water-based adhesive masses to replace solvent systems has also been further 
enhanced and transferred to new areas of use. These include complex masking applications, new 
prototypes for cable bandaging, and, in particular, the isolation of battery cells. tesa reduced the 
carbon footprint of an adhesive mass by 80% by working with external partners to use new bio-
based materials.
Technologies for displays and glazing
During the reporting period, tesa supplied major customers with numerous new prototypes for 
foldable and rollable displays for future generations of mobile phones. These highly flexible display 
tapes have a precisely configured mechanical behavior to withstand the complex movements and 
stresses in the devices.
tesa has also developed new prototypes that have performed well in tests by global automotive 
manufacturers. Integrating multiple functions such as light and heat management also meets the 
demands on the latest generation of displays, which need to work reliably despite rapid and dra-
matic changes in the vehicle’s environment.
6	 www.tesa.com/en/about-tesa/sustainability/sustainability-report

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Digitalization
Global innovation leaders in the automotive and electronics industries are increasingly digitalizing 
their development processes. This also requires the provision of digital data for the adhesive solutions 
used. tesa therefore drove further digitalization of product and technology development during 
the reporting period. For example, digital twins for many products were created. These enable tesa 
customers themselves to directly simulate the mechanical behavior of the adhesive in their specific 
application under different temperature conditions and stresses. This cuts development time and 
minimizes material consumption, while also allowing the products’ performance to be improved. 
To streamline, accelerate, and refine internal tasks for developing formulations and processes, digi-
talization was also used, to meet customer-specific requirements even better. This involves the use of 
artificial intelligence and simulation. 
Developments for the energy transition
A new focus of our product and technology development is on solutions for the energy transition. 
This relates to fuel cells, energy savings, and e-mobility, for example. For the manufacture of modern 
fuel cells, functional films were developed that enable the fuel cells to be assembled particularly 
quickly and efficiently. This development was also transferred to pilot-scale production, enabling us 
to supply customers with prototypes. A first prototype of a multilayer film was recently successfully 
tested for retrofitting windowpanes. The films allow the amount of light and heat that a window lets 
through to be controlled at the push of a button, thereby reducing room heating in summer and 
cutting the energy consumption of air conditioning systems. 
For e-mobility, tesa developed new technologies and prototypes that allow particularly efficient and 
secure bonding and protection of battery components. For the different requirements of global inno-
vation leaders in the automotive sector. Examples included reversible adhesion for lids on battery 
housings and high-strength bonding of the battery cells themselves. 
Further information on product and technology development at tesa can be found at  
www.tesa.com/en/about-tesa/product-and-technology-development.

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1	 This section of the Combined Management Report is not subject to audit requirements.
People at Beiersdorf1
Beiersdorf’s business success is largely based on our employees’ dedication and professional expertise. 
It is thanks to them that our brands and products are appreciated and purchased all over the world. 
At the same time, we offer our employees an attractive working environment and the opportunity to 
develop both personally and professionally, to showcase their individual talents, and to systematically 
acquire skills for the future.
As of December 31, 2022, Beiersdorf had a total of 21,401 employees worldwide, an increase of 4.1% 
compared with the previous year (20,567). Of this total 6,676 (previous year: 6,593) were employed in 
Germany, corresponding to a share of 31% (previous year: 32%). A total of 16,419 people worked in 
the Consumer Business Segment (previous year: 15,740) and 4,982 at tesa (previous year: 4,827).
Group Employees	
	
	
  	
    Group Employees by Region
as of Dec. 31, 2022	
	
	
	
	
     (in %)
Consumer
Working in the new reality – Human Resources in 2022
The demands that HR departments have to meet are becoming increasingly complex. They need to 
juggle a variety of topics at the same time while simultaneously helping shape the digital transfor-
mation. The increasing demand for skilled workers and the war for talent pose further challenges, 
and the hybrid, modern working environment requires a high degree of flexibility and openness 
to new ideas. In recent years, our HR department has adapted to the changing conditions, particu-
larly in the wake of the coronavirus pandemic, and we are convinced that a culture of mutual trust, 
openness to agile forms of collaboration, and a willingness to embrace continuous development 
and digitalization lay a solid foundation that enables us to keep pace with change and provide 
employees with the best possible support during the process of change. Investing in the future of 
HR work, as we are systematically doing within the scope of our C.A.R.E.+ strategy, helps us align 
our HR work with the requirements of the future and further improve our workplace culture. We 
believe the top priorities here are topics such as the learning organization, new work, digitalization, 
and strategies to promote diversity and inclusion (D&I).
Corporate culture
Our employees value Beiersdorf’s unique corporate culture, which is based on openness, trust, and 
an appreciation for cultural diversity and internationalism. We also foster a working environment that 
2018
2019
2021
2022
2020
20,654
20,059
21,401
20,567
20,306
Africa / Asia / 
Australia
25.9
Europe
56.5
Americas
17.6

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values teamwork and mutual respect. We believe it is important to strengthen the emotional bond 
between people and the company and to support employees at all levels in ensuring that they are 
always able to cope with the increasingly complex working environment. Our global employee survey 
“teampulse” has once again revealed the high level of identification with our purpose Care Beyond 
Skin, and the belief in our four core values: Care, Simplicity, Courage, and Trust. At the same time, 
we initiated a change in our corporate culture in the reporting year with the “Behavior Activation 
Journey,” in order to integrate behaviors into our day-to-day work that play an important role in our 
success. For more information, please refer to the “Leadership” section.
Attractive employer and engagement
Employee engagement is one of our top priorities, and in this age of working from home and hybrid 
work, this is truer than ever. It is important for us to get a real feel for the atmosphere at Beiersdorf 
and to find out how engaged our employees truly are. This is why we regularly conduct global 
employee surveys. The aim of these surveys is to promote ongoing dialogue between managers and 
their teams, address improvement measures, and give employees the opportunity to actively help 
shape their future working environment.
In the fourth quarter of the reporting year, we once again conducted our well-known “teampulse” 
engagement survey worldwide. It gives us a quick and straightforward way of directly “taking the 
pulse” and focusing our attention on issues that are important to our employees around the world. 
To ensure that the results can be compared with those of the previous year, the survey is based on 
the same core questions. This year, we added some new questions to take global trends as well as 
feedback from last year into account. They covered the topics of leadership, strategy and transfor-
mation, and culture and purpose, but also “softer” aspects such as diversity and inclusion (D&I), 
employees’ inner drive, and resilience and wellbeing. As in the previous year, a total of 89% of 
employees responded to our “teampulse” survey. This once again demonstrates our employees’ 
strong desire to share feedback. Confirming the results of previous years, the Beiersdorf culture, 
meaningful work, and the belief in our four Core Values (Care, Simplicity, Courage, and Trust) again 
met with a high level of approval at the respective affiliates in this reporting year. In addition, the 
results indicate that our global D&I activities are perceived as credible, for example through the 
majority of participants indicating that the company’s management visibly demonstrates its com-
mitment to diversity. In addition to the answers in the standardized questionnaire, the management 
team also received more than 22,200 comments with detailed feedback. This feedback serves as a 
basis for the respective teams worldwide to enter into dialogue and jointly shape the future working 
environment at Beiersdorf. The feedback from the survey is discussed year after year in order to sub-
sequently develop and implement ideas and measures at the team level. In addition, survey results 
that reveal a consistent need for improvements internationally will serve as a basis for initiating 
changes and measures at the global level as well.
Participation in decision-making and company success
Participation in decision-making and company success as well as transparency and engaging in a 
dialogue as equals are key factors essential to successfully creating a positive corporate culture at 
Beiersdorf and are intended to increase our attractiveness as an employer. In addition, the increasing 
share of employees in hybrid working arrangements at Beiersdorf is further accelerating the use of 
digital solutions in internal communication. Digital and hybrid town hall meetings and works assem-
blies, as well as numerous online events with opportunities for dialogue, were once again among 
the traditional measures used to get all employees around the world engaged and involved in the 
reporting year. The aim is to strengthen the bond between management and staff and above all the 
bond between the employees themselves, and to promote a sense of team spirit.

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The close involvement of employee representatives is also part of our corporate culture. Working with 
them in a constructive atmosphere of trust enables us to make and implement important and some-
times difficult decisions together. This was true once again in fiscal year 2022. The European Dialogue, 
which brings together Beiersdorf’s employee representatives from across Europe, continued its work 
in 2022.
Another aspect of participation relates to the issue of flexible working locations, which, since 
December 1, 2020, has been governed by a collective agreement for Beiersdorf AG, Beiersdorf 
Customer Supply GmbH, and Beiersdorf Shared Services GmbH. More on this topic, which is also 
relevant to the management of employees, can be found in the following “Leadership” section.
Employee participation in the Campus project (the new building for the Group headquarters in 
Hamburg) also continued in 2022. Virtual tours and on-site visits enabled staff to see the progress 
for themselves in small groups. The regularly held Campus Kickstarter Sessions helped interested 
employees learn about tools to establish a (hybrid) team culture or improve their collaboration and 
share ideas about the Campus project.
Participation is also the aim of numerous diversity and inclusion activities, which are described at 
the end of this section. These include the Beiersdorf gender parity ambition and our D&I strategy 
for more diversity in management positions.
Leadership
An open and modern leadership culture forms the basis for an attractive and appreciative working 
environment in which all employees can give their best. In order to establish it, we formulated our 
understanding of a good leadership culture in “Leadership the Beiersdorf Way” back in 2017. This 
leadership culture is based on our Core Values of Care, Simplicity, Courage, and Trust. It aims to 
develop leaders who are authentic and inspiring and empower their team to outstanding achieve-
ments. The idea behind this is that by giving employees more decision-making power, their sense 
of engagement and accountability will increase. This will lead to better team performances and 
higher intrinsic motivation. During the reporting year, we already began to work on further refining 
our understanding of leadership. In 2023, we want to introduce our new “Leadership Commitment” 
as a pilot project in this context. In preparation for this, we already conducted numerous interviews 
with managers during the past year. The global rollout of the “Leadership Commitment” is planned 
for 2024.
To support change processes at Beiersdorf, we want to integrate behaviors into our day-to-day 
workplace culture that are important to our success. That is why, in October of the reporting year, 
we launched a “Behavior Activation Journey” – a program designed to help all employees world-
wide change their behavior. Through the “Speak Up” lever, we want to foster a culture in which 
employees feel comfortable having their own opinions, expressing them openly, and questioning 
things. In this way, we aim to leverage the potential of different perspectives among our work-
force. Since the beginning of November, activities have focused on activating the “Speak Up” lever. 
Starting in the first quarter of 2023, we will also focus on a second important lever: “Prioritization.” 
To instill these behaviors in all employees worldwide, managers worldwide were offered interactive 
training sessions. It is the responsibility of managers to bring about a fundamental cultural change, 
to exemplify the right behaviors, and to serve as role models. A comprehensive activation toolkit 
and customized e-learning sessions for employees are supposed to help bringing the Behavior 
Activation Journey to life.
Beiersdorf has been relying on what is known as the “Development & Potential Process” since 2021  
in order to identify and promote new management talent. In line with the slogan “Develop your 
way,” it focuses on each employee’s individual development and consists of three stages: focused

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self-­reflection, a round of talks between managers (known as development reviews), and an individual 
development meeting, in which the employee discusses their individually tailored development plan 
with their manager. This approach is intended to identify talented individuals with leadership potential 
at an early stage, giving them the opportunity to quickly gain relevant experience and develop their 
personal skills. To identify an employee’s potential, we employ the “learning agility model,” which 
consists of four dimensions: mental agility, people agility, change agility, and results agility. On this 
basis, we aim to identify potential leaders who have the ability to adapt to new circumstances, learn 
quickly, including from experience, and continue their personal growth. As such, potential should not 
be equated with performance, but rather the ability to deal with future challenges in the best possible 
way. In the past fiscal year, we worked on improving the quality of the process. By providing training 
to managers, we want to enhance their ability to correctly assess individual potential and implement 
appropriate development measures.
Our explicit goal is to fill the majority of management positions with talented people from within our 
own ranks. We prepare future managers for this new role through various measures and programs. In 
fiscal year 2022, 100% of positions at the first management level (previous year: 100%) and 89% at the 
second management level (previous year: 88%) were awarded to internal candidates. 
To support change processes, we also established three new management programs at the beginning 
of the fiscal year. They all address the topic of leading/dealing with change and aim to prepare and 
train our leaders for changes. These include the Lead with Care & Courage program, which was geared 
toward level 1 and 2 managers, the Lead in Change program, which is aimed at all other managers, 
and the Base Camp training program, which is aimed at all employees who are taking on a manage-
ment position for the first time. More than 300 managers worldwide took part in these three training 
programs. They complement our existing advanced training programs, which also include special 
management training courses that we make available via our COMPASS Learning online learning plat-
form. Topics covered on this platform include leading virtual teams and resilience.
New working world and the normalcy of hybrid working arrangements
The coronavirus pandemic has accelerated the digital transformation of the workplace. It has also 
impacted the way we collaborate. 
Hybrid working arrangements, i.e. alternating between working remotely and at the office, have 
become common practice in many areas at Beiersdorf. Beiersdorf has taken a clear position in this 
regard: we as a company also want to promote hybrid or flexible working arrangements in the future. 
At the same time, we want to adapt the office environment to today’s world and create places where 
people can meet and work together in ever-changing formats. The basis for this is a collective agree-
ment that we entered into back in 2020 for Beiersdorf AG, Beiersdorf Customer Supply GmbH, and 
Beiersdorf Shared Services. It grants employees the right to work from a flexible location for up to 
40% of their individual planned working hours (since January 2023), provided that their job is suited to 
remote working. With a regular 60% of working time spent on campus, a conscious effort is made to 
ensure that the campus is the center of collaboration and togetherness for our employees.
In addition, we are continuously developing tailor-made solutions for modern teamwork at our more 
than 170 locations worldwide. The most significant example of this is the construction of our future 
Beiersdorf Campus in Hamburg, which is scheduled to open in summer 2023 after a delay caused by 
the coronavirus pandemic. We also pooled our resources in the reporting year to create spaces for 
piloting new, dynamic working environments at our site on Wiesinger Weg in Hamburg. The com-
pletely renovated spaces boast a modern look and features a desk-sharing model, state-of-the art, 
hybrid technology, and various room modules that allow for a mix of collaboration and focused work. 
Similarly, we also opened a new research building in December of the reporting year. Covering a total

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area of more than 10,000 square meters, it is designed to promote cross-functional exchange and 
facilitate modern, new forms of collaboration. In addition, we created modern, new working environ-
ments at our sites in Paris, Brussels, Montreal, New Jersey, Jakarta, and Mumbai in the reporting year 
that facilitate a new form of collaboration and provide employees with the right setting for a pleasant, 
modern working atmosphere. We have started preparing for the implementation of new working 
environments at our sites in Amsterdam and Sofia, and further locations are in the pipeline.
Digital transformation
To accelerate the transformation process at our company, we continued to push ahead with our 
future-focused “Digital Fast Forward” program during the reporting year. With this program, 
Beiersdorf aims to automate 20% of all business processes worldwide by 2025. In addition, this 
is intended to make us more responsive to the changes in consumer behavior brought about by 
digital media.
As in previous years, our HR activities also supported the digital transformation at various levels in 
the past fiscal year. Due to the growing flexibility of workplace choice worldwide, the share of hybrid 
working arrangements is noticeably increasing. Thanks to the support of targeted training measures, 
more than half of Beiersdorf’s workforce now regularly works from outside the office. This is also 
clearly reflected in the changed communication processes within the company. Microsoft Teams 
played a central role in this regard in the past fiscal year. For example, Beiersdorf employees now 
send and receive more than 2.5 million chat messages a month, ensuring that communication 
between them remains smooth. Yammer has also recently become a well-established business 
network at Beiersdorf. More than 75% of the workforce actively uses the service on a regular basis 
to communicate with others or find information. This development shows the extent to which digital 
communication between employees worldwide has already become commonplace and a part of 
the “new normal.”
In addition, Beiersdorf expanded further its digital transformation using the COMPASS human 
resources management system during the reporting year. Based on the standardized global master 
data module Employee Central that was introduced back in 2021, another module was added to the 
COMPASS system in the form of SimPay. This global salary management tool gives managers the 
ability to securely conduct global salary planning. 
Many of our activities to promote young talent were also implemented digitally in the reporting year. 
These included, for example, the Virtual Open House Day, which has already been held several times 
and where Beiersdorf, Tchibo, and tesa jointly introduce themselves to young talent and offer insights 
into their companies and the various entry-level programs. In addition, we presented key topics that 
our company is currently focusing on to numerous students and young professionals in a total of five 
webinars, including sustainability, innovation, digitalization, and diversity & inclusion, as well as a session 
with our CEO Vincent Warnery, in which he introduced himself and his career path and answered 
around 200 questions bundled from the students.
Support for our employees
“Care” is a key component of Beiersdorf’s corporate culture. Consequently, we implement various 
measures year after year to care for our employees in different ways. These include, for example, 
providing technical equipment as well as training courses to prepare the workforce optimally for the 
new world of work. We also kept our employees informed and up to date via our “Coronavirus Info 
Hub” and offered them free COVID-19 and flu vaccinations at the Hamburg site via our company 
medical team. 1,784 employees took advantage of the flu vaccine offer during the past fiscal year, 
and 2,620 employees the Corona vaccine offer.
Through our health management system, we also do our part to help employees stay healthy and pro-
ductive, to promote their health in a systematic way, and to actively help them get better in the event

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of illness. This system comprises the three teams Medical, Wellbeing, and Social, which are consol-
idated under the common umbrella GOOD FOR ME. The services offered range from ergonomics 
consultations, psychological counseling sessions, exercise programs and presentations about 
health, to regular medical checkups and skin cancer screenings. Through our new “Leadership 
Meets Health” leadership training program, we provided important support in the area of “healthy 
leadership” in the reporting year. Through special mental health offerings, the GOOD FOR ME 
team has brought the topic of mental health to the forefront, thereby playing a key role in raising 
awareness of mental health and strengthening the culture of health within the company, particularly 
against the backdrop of hybrid work.
Training and further education
Our mission also includes creating employment prospects for young people. This is demonstrated by 
our range of vocational training opportunities and degree-integrated training programs as well as our 
global trainee program BEYOND BORDERS and the numerous internships we offer to students from all 
over the world. Beiersdorf offers vocational training in nine different occupations at its Hamburg site 
alone. At the end of 2022, we had 99 vocational trainees here (previous year: 104), and the retention 
rate for those who completed their training this year stood at 100% (previous year: 97%). We recruited 
a total of 34 vocational trainees (previous year: 32) in the reporting year, four of whom started their 
training under the new degree-integrated vocational training model. Here, the trainees complete a 
three-year vocational course as an industrial business administrator along with a four-year bachelor’s  
degree in business administration with a focus on industry. A total of 16 young employees were 
enrolled in the global BEYOND BORDERS trainee program at the end of the reporting year (previous 
year: 16). Of this total, 11 trainees started in 2022 (previous year: 10).
Knowledge and learning
We are convinced that the skills and expertise of our employees play a crucial role in our sustainable 
growth and long-term success. For this reason, we continuously invest in training our workforce 
and pursue the idea of a learning organization through our global learning strategy, which encour-
ages self-directed, lifelong learning by all. In this context, our concept is built on a three-pronged 
approach:
•	 Building and maintaining a global learning infrastructure, i.e. a flexible learning management 
system in which we can create our own learning content
•	 Promoting targeted learning, including guidance and providing group-specific learning content
•	 Enshrining learning in our day-to-day work
During the reporting year, we added new learning content to our COMPASS Learning online learning 
platform that we introduced in 2019, such as an e-learning program on the topic of sustainability, 
and also updated and expanded existing content. The majority of these offerings, which are tailored 
specifically to Beiersdorf, are developed by our Sales, Finance, Procurement, R&D, HR, Quality, and 
Planning professional academies. Due to the still noticeable impact of the coronavirus pandemic, we 
also made use of a virtual classroom in the reporting year. This online tool enabled us to implement 
numerous interactive workshops and training courses for all employees worldwide. In light of the 
new way we collaborate – the model of flexible working arrangements – we want to continue to offer 
more and more virtual training in the future.
In addition to our own offerings, we again offered our employees the ability to use LinkedIn Learning’s 
virtual training content, where employees worldwide can choose from more than 15,000 online 
training courses and over 500,000 videos in different languages. Since Beiersdorf implemented 
LinkedIn Learning in 2020, employees have shown great interest in this training option, with almost 
540,000 training videos watched in full and more than 19,000 courses completed by a total of more 
than 4,500 active users. Courses on new ways of working, the digital transformation, time management,

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communication, Excel and PowerPoint, and strategic thinking are especially popular. Curated learning 
paths help our employees find the right training content on selected topics. For example, they link 
to training courses that focus on working in virtual and hybrid teams, digitalization, diversity and 
inclusion, and resilience. Our online-based Beiersdorf Learning Hub also brings these offerings 
together in a single location, making them easily accessible. The Learner Experience platform pilot 
project was tested in the reporting year. This is a global learning ecosystem that includes a learning 
infrastructure and tools to create instructional content for learners.
Since August 2022, we have also offered a new, external language learning program with stand-
ardized language and course offerings for employees through our partner KERN Training. The main 
reasons for choosing KERN Training as a full-service provider were the flexibility, the simple cost 
structure, and the fact that KERN Training offers a self-directed learning platform that can be used by 
employees free of charge.
Our Learning Program Germany, which has been in place for many years, is a flexible and open 
training offering for all employees in Germany. It includes both pre-curated content from LinkedIn 
Learning, which we use to promote self-directed learning, and instructor-led, virtual training. To 
support employees and teams in their transition from working completely from home to a hybrid 
working model, we offer an e-learning path on the topic of hybrid working.
Diversity & Inclusion
As a company that operates worldwide, we view the diversity of our workforce as both an opportunity 
and a key factor in our business success. We are convinced that people with different backgrounds 
bring different perspectives, experiences, and skills to the table and thus contribute to greater crea-
tivity, innovative strength, and customer focus. For this reason, we strive to build an organization that 
reflects the diversity of our global consumers, achieves gender parity at all management levels, and 
ensures that we foster a culture of inclusion where everyone can unlock their full potential and every-
one enjoys equal opportunities. We raise awareness of this important issue among our employees at 
all levels through various dialogue formats, presentations, and training sessions. We want to highlight 
the positive contribution that diversity and equal opportunities can make to Beiersdorf and thus pro-
mote an understanding and appreciation of diversity within our company.
In order to enhance diversity and inclusion across Beiersdorf as a whole, in 2020 we created the 
position of Global Director Diversity & Inclusion (D&I), that reports directly to the Executive Board. 
Together with a small team, this individual leads and coordinates Group-wide D&l initiatives. A core 
cross-functional D&I team, consisting of members of senior management, and a global network 
of more than 100 D&I champions at our international subsidiaries are also driving progress in this 
area. In addition, the Diversity Committee of the Supervisory Board regularly reviews and supports 
various initiatives.
Through our diversity and inclusion agenda formulated in 2021, our global “D&I Roadmap,” we aim to 
implement a holistic approach to address all aspects of diversity, reduce bias (including unconscious 
bias), and promote a diverse and inclusive corporate culture. On the basis of this roadmap, we continued 
to focus on the following three strategic priorities in fiscal 2022:
•	 Driving leadership diversity
•	 Fostering an inclusive culture
•	 Championing consumer representation
In each of these areas, we set important priorities in the reporting year and implemented a wide range 
of measures to foster an inclusive working environment. Examples of these activities are presented

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79
in more detail in the following sections. At the same time, we have been working on refining this 
roadmap in recent months, and the new version was launched in December of the reporting year. 
With this global “D&I Roadmap 2.0,” we want to increase our attractiveness as an employer globally. 
To achieve this, we want to strengthen an inclusive culture of togetherness, expand diversity within 
our management team and our workforce, and achieve full gender parity at all levels of our manage-
ment worldwide. Our aim is also to ensure that our diversity goes beyond the issue of gender. Our 
partnerships to better represent consumers, for example as part of our NIVEA D&I External Expert 
Panel, and the optimization of our global D&I operating model and governance are particularly 
important to us.
The Beiersdorf Gender Parity Ambition that we formulated in 2021 is of particular significance. This 
lays out our goal of achieving equal representation of women and men at management positions in 
the Consumer Business Segment below Executive Board level by 2025 at the latest. Further details on 
this ambitious initiative can be found in the “Focus dimension: Gender balance” section below.
In addition to our D&I strategy and our Beiersdorf Gender Parity Ambition, our D&I KPI dashboard, 
which was developed in the previous year and rolled out globally in the reporting year, helps 
increase data transparency. It makes changes transparent in the form of semiannual D&I KPI reports, 
enabling regions and functions to analyze the progress they have made in their D&I work and the 
remaining untapped potential on the basis of hard data. The aim is to help enshrine D&I ambitions 
and strengthen D&I governance on the basis of this data and in close collaboration with global, 
regional, and local stakeholders. The quarterly D&I Champion calls and D&I Council calls that we 
have established also help to achieve this. In addition to these measures, the Executive Committee is 
also evaluated on the basis of changes to the KPIs.
In order to expand the knowledge of our workforce around the topic of diversity and inclusion, we 
introduced a “Global D&I Knowledge Framework” in 2021. It encompasses various training programs 
for our employees and managers and is designed to help build a sustainable foundation of D&I 
knowledge within the organization and foster the desired inclusive culture. The offering includes, for 
example, D&I inclusive language training, which was added to the training catalog in the reporting 
year, along with other pilot programs. Its goal is to raise awareness among employees worldwide 
regarding the need to use language in a sensitive, nuanced way in order to avoid subtle discrimination 
and to respect and honor the perspectives and feelings of others. Through the training courses 
“Successful on the Job,” which is aimed at female employees, and “Opportunities & Risks in Retire-
ment,” which is designed for employees over the age of 60, the company continued to offer specific 
courses for these target audiences. Individual brands are also making efforts to be more proactive 
when it comes to D&I. NIVEA’s “D&I Compass” complements our brand’s communication guidelines. 
It defines how we want to be perceived worldwide and helps to appropriately address local commu-
nication challenges and avoid stereotypes and unconscious biases. After initial tips on how to use 
gender-neutral and inclusive language were shared in German and English in 2021, guidelines for the 
use of inclusive language were formulated across the company in the reporting year and are already 
being applied. We also analyzed the recruiting process again in the reporting year in order to identify 
existing biases and initiate necessary changes in the process.
Focus dimension: Cultural diversity and internationalism
An international workforce that embraces and accepts cultural diversity is a key measure of diversity 
for us as a company, and we promote it accordingly – because it is important to us that our workforce 
is representative of our diverse range of consumers around the world.
In the Consumer Business Segment, we employ people from different countries, cultures, and genera-
tions, of all gender identities, and with and without disabilities. Employees from 102 countries worked 
at Beiersdorf as of the end of the reporting year (previous year: 107). At the Group headquarters in

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80
Hamburg, the proportion of international employees increased to 21.7% (previous year: 19.7%). Of our 
global managers in the top three levels of management, 42% had lived and worked outside of their 
home countries for at least three years (previous year: 41%).
Focus dimension: Gender balance
Alongside international and cultural diversity, gender – especially equal career opportunities for all 
genders – is a particular focus area for us. Our activities around International Women’s Day, which 
we present in more detail later in this section, and our annual Wo*Men in Leadership Convention, 
which is aimed at all employees worldwide and this time was held under the banner Forward: 
#StrongerTogether, are further ways in which we promote gender balance at our company. In addi-
tion, we have entered into a close partnership with the LEAD Network, the largest European network 
for diversity and inclusion in the FMCG and retail industry. Like Beiersdorf, the LEAD Network is 
committed to promoting gender equality and creating a diverse workforce in which all people of all 
genders can work to their full potential and where people with equal talents are given equal oppor-
tunities. The LEAD community within Beiersdorf’s workforce already boasts around 240 employees, 
including CEO Vincent Warnery and our Executive Committee, as well as many managers and 
employees of all genders. Beiersdorf has also partnered with the Shape Talent organization, which 
also aims to improve gender equality and offers a range of results-driven solutions, including a pro-
gram to empower women in the workforce.
In addition, in order to create an inclusive workplace and promote the goal of gender parity, we 
offer a wide range of flexible working arrangements and opportunities to facilitate a healthy work-
life balance at Beiersdorf. 75% of our organizations offer flex time (previous year: 69%), 95% remote 
work or the ability to work from home (previous year: 98%), 48% part-time work (previous year: 
54%), and 35% sabbaticals (previous year: 34%). In addition to individual part-time work, we con-
tinue to encourage job sharing. This is an arrangement in which two employees share a position in 
a job tandem. The job sharing model has been standard practice at our company for several years 
– including at the top management level since the reporting year (known as “top sharing”) or, via the 
already established joint leadership model, up to the middle management level. In addition, we 
have also gained experience with the “senior meets junior” model, where job sharing enables part-
time study, knowledge transfer between generations, and/or a transition to partial retirement. The 
aim is to make even greater use of the potential of this working arrangement and to make it clear 
that it is not only a successful model for returning mothers, but is designed for all employees who 
want to use their labor in a more flexible manner. We also see it as an important tool for strategic 
HR work and development.
At the end of the reporting year, there were 42 job sharing tandems at Beiersdorf in Germany 
(previous year: 34). 22 tandems involve a management role – either part-time or full-time (pre-
vious year: 19). In addition to these options, we offer childcare for our employees in Hamburg 
through our company kindergarten ”TroploKids”. With its 108 childcare spots and 28 teachers (as 
of December 31, 2022), this is one of the largest such kindergartens in Germany. In addition, we 
offer an online portal with information for all expectant parents, as well as two “parental leavers” 
programs, which we run in collaboration with the start-up MyCollective. One is aimed specifically 
at managers, while the other is open to all employees. Both programs are based on an online plat-
form that enables employees on parental leave to remain in contact with Beiersdorf throughout 
this period if they wish, to expand their network, and to take advantage of further training oppor-
tunities. The focus here is on providing the right tools to support their return to work in the best 
possible way. We also continued our partnership with the ”conpadres” initiative (formerly VÄTER-
NETZWERK) in the reporting year. Within the framework of this project, we want to better identify 
the need to take action on behalf of fathers and, at the same time, help interested fathers connect 
with each other.

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ANNUAL REPORT 2022
81
Part-Time Employees by Region 
(in %)
2021
2022
Europe
12
12
Americas
1
1
Africa /Asia /Australia
1
1
8
7
Gender Distribution by Region
Male (in %)
Female (in %)
Employees (total)
Germany
50
50
4,193
Europe (excl. Germany)
38
62
4,612
North America
37
63
811
Latin America
46
54
2,409
Africa /Asia /Australia
50
50
4,394
Worldwide
46
54
16,419
Since the introduction of the German law on the equal participation of women and men in leadership 
positions (FüPoG) in 2015, Beiersdorf AG has been legally required to set targets for the proportion 
of women in management positions at the two management levels below the Executive Board. At 
the same time, companies are required to set deadlines for the achievement of these goals. For the 
period ending June 30, 2022, the targets were 35% for the proportion of women at the first manage-
ment level below the Executive Board and 50% for the proportion of women at the second manage-
ment level. At the end of the last target achievement period, the actual figure for the first management 
level was 32% (as of December 31, 2021: 31%), which means that Beiersdorf fell just short of its target, 
partly due to the low number of total positions at this level. In contrast, the company met its target for 
the second management level, with women holding 51% of all management positions at this level as 
of June 30, 2022 (as of December 31, 2021: 52%). Beiersdorf AG had also aimed to have women com-
prise 10% of the Executive Board by June 30, 2022. Women made up 38% (as of December 31, 2022) 
of the Board, meaning the company significantly exceeded this target. At the same time, Beiersdorf 
AG has thus met the requirement under FüPoG II, which has been in force since August 2021, for the 
Executive Board to include at least one woman and one man. The company also met the statutory 
minimum requirement of 30% women and 30% men on the Supervisory Board in the reporting year, 
with approximately 42% of the members (5 out of 12) being women (previous year: 33%). These 
figures mean that Beiersdorf is in compliance with the voluntary targets that it set for the Executive 
Board and the Supervisory Board in the context of its diversity policy (with a target of 30% women on 
the Executive Board and 33% on the Supervisory Board).
To continue complying with the statutory requirements in the future, Beiersdorf AG has continu-
ously formulated targets for the proportion of women at the different management levels during 
the reporting year. As part of this process, the management levels were redefined in line with the 
current organizational structure. As a result, the following targets apply with respect to the propor-
tion of women on the Executive Board and in management positions at the two management levels 
below the Executive Board:
•	 Executive Board: women hold at least 30% of seats on the Board (as of December 31, 2022: 38%)
•	 First management level: women hold at least 35% of the positions by December 31, 2026 (as of 
December 31, 2022: 31%)

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•	 Second management level: women hold at least 50% of the positions by December 31, 2026 (as of 
December 31, 2022: 48%)
In addition, in order to increase the proportion of women in management positions at a global level, 
Beiersdorf also formulated a global target in 2018 for the proportion of female managers in the three 
highest management groups (MG 1 – 3). According to this, we wanted to have women hold 35% of all 
positions in management groups 1 – 3 by June 30, 2022. As of the aforementioned deadline, we had 
achieved this goal, with women holding 37% of all management positions across these groups (previ-
ous year: 34%). At the end of the reporting year, the proportion of women on the Board of Directors 
of La Prairie (excluding the CEO) stood at 50% (previous year: 43%). The proportion of women in top 
management stood at 64% at the end of the reporting year (previous year: 59%).
In line with our Gender Parity Ambition formulated in 2021, we aim to achieve gender parity across all 
management positions below the Executive Board (management groups 1 – 4) by 2025 at the latest. 
As of December 31, 2022, the proportion of women in management positions across all of these 
groups stood at 48%.
Generational diversity and inclusion of people with disabilities
Alongside internationalism, cultural diversity, and gender balance, we also promote effective collabo-
ration between different generations at Beiersdorf. Our goal is to be mindful of the abilities and needs 
of every employee and especially those of older members of staff. In the Consumer Business Segment 
in Germany, the proportion of employees aged over 50 was 32% at the end of the reporting period 
(previous year: 32%). In contrast, a total of 15% of employees are younger than 30 (previous year: 15%). 
The average age of employees in Germany as of December 31, 2022 was 42 (previous year: 42). To 
support our employees over 50, Beiersdorf AG offers internal training courses tailored to the needs 
of this group. One focus in this context is the learning initiative on digital topics offered through the 
support of Beiersdorf’s affiliate Beiersdorf Shared Services GmbH. In addition, the ”New Genera-
tion 50+” employee network is committed to questioning age as a career obstacle and to highlighting 
ways in which employees can advance in their careers regardless of their age. The community is also 
a partner of the cross-company meta-network ”Generationen50PLUS”, which was recognized as an 
“Innovative Network 2022” by Germany’s Federal Labor Minister Hubertus Heil at the Innovation 
Day 2022 event organized by the Germany Federal Ministry of Labor and Social Affairs. Through this 
network, Beiersdorf initiates events together with OTTO and the ”Demography Network” to promote 
the advancement of age-sensitive corporate cultures at other companies as well. During the reporting 
year, this included the first nationwide ”Change Maker 50+”, online conference, which took place on 
October 27, 2022, at the initiative of the ”Generationen50PLUS” network. The network pursues the 
goal of promoting opportunities for professional development among employees aged 50 and over 
and increasing their societal standing.
Age Structure in the Consumer Business Segment Germany
(in %)
 2021 
 2022 
≥ 60 years
8
8
50 – 59 years
24
24
40 – 49 years
22
23
30 – 39 years
30
30
20 – 29 years
15
14
≤ 19 years
1
1

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As an employer, we are actively committed to the inclusion of people with disabilities. Our workforce 
includes various individuals with disabilities; in addition, we have been supporting the nationwide 
”Innoklusio” initiative since 2021. Its goal is to promote inclusion awareness at all levels in order to 
integrate more people with disabilities into the labor market. The aim is to break down the precon-
ceptions that can lead to exclusion of people with disabilities and to bring about a profound cultural 
change. At the end of September, our inclusion team met with the creators of the ”Innoklusio” model 
project to kick off the project together with key members of our company and define concrete ways 
of implementing the “inclusion revolution.” “Working hand in hand instead of side by side” is the idea 
we are using to bring about a global mindset shift at our company and further improve the inclusion 
of people with disabilities. An internal exhibition will be held in fiscal 2023 to raise awareness of the 
issue among all employees.
In addition to these activities, we also hired a number of sheltered workshops to provide services in 
2022. Beiersdorf’s green spaces in Hamburg, for example, have been cared for by Elbe-Werkstätten, 
the largest sheltered workshop of its kind in Germany, for many years. In addition, we continued our 
partnership with the Sozialhelden initiative in the reporting year. Its team helped us with the prepa-
rations for the planned accessible Beiersdorf Campus again this year and provided advice on the 
accessibility of selected Beiersdorf products – to ensure that our brands meet the needs of people 
with disabilities even more effectively.
Diverse initiatives, activities, and partnerships
Beiersdorf conducted a wide variety of activities in the reporting year to further boost diversity and 
inclusion. Due to the outbreak of war in Ukraine, we did not communicate externally on the occasion 
of International Women’s Day on March 8, but offered our employees various internal formats for sharing 
opinions and ideas as well as learning, all organized under the banner ”#BreaktheBias”, which the 
Executive Committee also participated in. The wide range of activities we carried out on International 
Women’s Day were designed to draw attention to stereotypes and prejudices against women and 
girls and thus promote greater equality. Under the banner of ”#NowMoreThanEver”, we also initiated 
the ”Global D&I Day” at Beiersdorf on May 31. The multifaceted program included keynotes, panel 
discussions, best practice sessions, and training seminars. In this context, all of our employees had 
the opportunity to learn more about how and why diversity and inclusion are practiced at Beiersdorf, 
either live in the auditorium in Hamburg or virtually via an online stream. Every employee was invited 
to actively participate in the discussion on the topic of D&I. In response to the question “Are you 
future ready?”, experts discussed, together with the first leadership tandem from our ranks, the extent 
to which job sharing is a future model for leadership positions.
Beiersdorf was also active on the occasion of Pride Month, on Christopher Street Day 2022 in Ham-
burg, and beyond, demonstrating its commitment to tolerance and acceptance. We drew attention 
both internally as well as externally to Beiersdorf’s multifaceted activities in support of the LGBTIQ+2  
community. In the reporting year, this included the launch of our partnership with the Hamburg-based 
non-profit initiative WELCOMING OUT, for example. The initiative aims to alleviate fears of coming 
out among members of the LGBTIQ+ community and communicate the important message to them 
that they are welcomed just as they are. To this end, the initiative specifically targets heterosexual 
cisgender people and educates them about the importance of allyship. As one of the first PATRONS 
OF WELCOMING OUT, Beiersdorf is speaking out for respect, tolerance, and more togetherness. 
The NIVEA and Labello brands also once again showed their support for the pride movement in the 
reporting year. The brand sent a clear signal of acceptance with various campaigns and products that 
featured the slogan “NIVEA is for everyone.” The Labello brand also showed its commitment to the 
LGBTIQ+ community with the Labello Pride Kiss Edition.
2	 LGBTIQ+ is an abbreviation for lesbian, gay, bisexual, transgender, intergender, queer, and further spectrums of sexuality 
and gender.

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Through our partnership with the Generation Rainbow initiative on Pride Day Germany, July 7, 2022, 
we also underscored our commitment to equality for the LGBTIQ+ community, especially in the 
workplace. One part of the initiative was the publication of the book Generation Rainbow – So That 
Being Different Becomes Normal. The book features rainbow role models who serve as guidance and 
inspiration to live LGBTIQ+ diversity more fully in the workplace. To complement this, we sent our own 
Beiersdorf truck to join the colorful parade on Christopher Street Day in Hamburg for the first time on 
August 6. More than 150 employees and allies were on hand that day, both on and next to the truck, 
and made a clear statement that everyone should “be proud in your own skin.” Participation in the 
march was organized and managed by the internal employee community ”Be You @Beiersdorf”.
With the aim of further advancing gender equality at Beiersdorf, we also celebrated the 6th ”Wo*Men 
in Leadership Convention” on November 3. Around 160 participants attended the event in person, 
and more than 3,000 employees tuned in to the livestream. They all experienced a mix of inspiration, 
upskilling, and discussions with internal and external role models under the banner ”Forward: #Stron-
gerTogether”. The common goal of all participants is to create a culture in which everyone enjoys the 
same opportunities and where talent and potential are the basis for following one’s own career path 
and achieving success. The packed agenda included keynotes, panel discussions, and masterclasses 
on leadership, as well as jam sessions where employees took over the global stage for ten minutes 
and spoke very personally. Members of the Executive Board and senior management answered 
questions from interested employees in small group sessions and shared tips to help employees 
along their career paths.
Other activities and internal events were initiated by our numerous employee networks dedicated to 
various aspects of diversity. The “Be You @Beiersdorf” community established back in 2019, which 
aims to raise awareness of LGBTIQ+ issues and create an even more inclusive environment for all 
LGBTIQ+ people, has the backing of CEO Vincent Warnery, who personally serves as a ”Be You @
Beiersdorf” ambassador. The community supported all of the company’s activities surrounding Pride 
Month in the reporting year. For International Lesbian Visibility Day in April, the team behind ”Be You” 
also debuted a new format called ”Closet Talk”, which features inspiring people of all genders. As part 
of a presentation entitled “Why coming out as a queer woman is good business!”, three queer women 
spoke about their experiences and encouraged LGBTIQ+ members to come out as well. In the second 
installment of the event series, the theme was “Bi+: the invisible dimension.” The network already has 
230 members worldwide and is supported by numerous allies, i.e. people who show solidarity with 
the LGBTIQ+ community.
In addition to the ”Be You @Beiersdorf” employee network, other employee communities also 
initiated their own individual activities during the reporting year. The grassroots community 
#SisterhoodisPower, founded in 2020 to help women empower each other on their career paths, 
continued its digital #PowerTalk series in the reporting year, which features inspiring women shar-
ing their stories and thoughts on leadership, as well as their personal tips. In addition, the initiative 
focused on its peer mentoring program #Grow2gether, which was launched the previous year. It is 
the first inclusive, company-wide mentoring program aimed at all employees worldwide and seeks 
to foster inspiring relationships based on trust and mutual respect that benefit both mentors and 
mentees. For International Women’s Day, the community also launched a postcard campaign inviting 
employees to send an e-card to their coworkers to celebrate this special day.
Other active employee communities include the ”New Generation 50+” network, which initiated 
various learning sessions on the topic of digitalization in the reporting year, the employee community 
”WEnited”, which was newly established in 2021 and aims to promote exchange and cohesion among 
international coworkers with a buddy program and various events, and the fathers’ network ”DAD.
icated”, which was established in the reporting year and is a community of fathers, fathers-to-be, and 
allies who encourage others to make their own idea of life as a father a reality. In July of the reporting

To the shareholders
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ANNUAL REPORT 2022
85
year, the network established a regularly scheduled get-together. In addition, ”DAD.icated” became a 
partner of the ”conpadres” initiative, a cross-company network working with employers as partners to 
improve work-life balance from a father’s perspective.
In addition to its many internal activities, Beiersdorf also supports cross-company dialogue within 
the framework of external partnerships. This includes, for example, our activities in support of the 
”BeyondGenderAgenda” (BGA) initiative launched in 2021, which aims to enshrine diversity, equity, 
and inclusion (D&I) in the DNA of public and medium-sized German companies and thus ensure 
that the German economy remains competitive over the long term. Beiersdorf is also a signatory to 
the ”Diversity Charter” initiative, which aims to advance the recognition, appreciation, and inclusion 
of diversity across a variety of dimensions in the world of work. Other partnerships with a focus on 
gender equality include the LEAD Network (Leading Executives Advancing Diversity), which aims 
to attract, retain, and promote women in the consumer goods and retail sectors in Europe, and the 
MyCollective and conpadres programs, which focus on parental leave and fatherhood. To strengthen 
the LGBTIQ+ community, Beiersdorf has also partnered with the Hamburg-based WELCOMING OUT 
initiative, which aims to ease the fears of members of the LGBTIQ+ community around coming out 
and to set a clear signal in favor of acceptance. Through our partnership with ”Queere Vernetzung”, 
we support efforts to increase acceptance of gender and sexual diversity at Hamburg-based com-
panies, and through the PROUT AT WORK Foundation, we support equal opportunities for LGBTIQ+ 
people in the workplace.
In order to include people with disabilities more strongly, we also work together with Innoklusio 
and Sozialhelden.
tesa
As one of the world’s technology leaders in the field of technical adhesive tapes and adhesive 
system solutions, tesa has positioned itself as an attractive and sustainable employer. It is vital for 
the company to recruit highly qualified staff and retain them long-term as a prerequisite for main-
taining tesa’s positive performance.
Employee development
In 2022, tesa once again invested in training its staff and creating further attractive development 
opportunities for them. Taking account of the continuing global COVID-19 pandemic, further online 
learning offerings were added to the development opportunities in the reporting year. We offered 
development centers and other activities specially for our high potentials, and supported these 
individuals with tailor-made development measures.
Leadership culture
Managers’ ability to offer employees a motivating work environment and encourage them to express 
their talents is key to tesa’s business success and its attractiveness as an employer. That is why tesa 
began to design a new Management Development Program (MDP) back in 2019. The program aims 
to impart key management skills in areas such as strategy development, finance and controlling, and 
supply chain and HR management. The one-year program includes various remote modules and two 
in-person components. It started in May 2022 and is due to conclude in September 2023.
A further focal aspect of HR work is to encourage tesa’s talents. In the Competencies Review, talented 
people are given the opportunity to take part in exercises related to their occupation in a format similar 
to an assessment center. The participants then receive informed feedback on their strengths and 
areas for development based on the tesa Key Competencies. Major components include continuous 
peer feedback, a presentation by participants, and a learning path covering the ten months beyond 
the Competencies Review. During this time, participants receive a high level of support from their line 
managers and from HR.

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ANNUAL REPORT 2022
86
The People Values campaign “Dare to create” in 2021 and 2022 brought all tesa employees closer to 
the six corporate values with the strong support of the Executive Board members. Workshops also 
took place at the senior executive level to even more strongly instill the People Values in everyday 
work. These core values of the company are: ”Team up, Set the pace, Challenge yourself, Focus on 
your customers, Act responsibly”, and ”Achieve & Improve”. The People Values are also reflected in 
the tools provided by HR, such as the tesa Performance Appraisal, which was conducted in this format 
for the first time in 2022. Employers and managers have integrated the Values into their day-to-day 
work and use them as a tool for providing guidance.
Knowledge transfer
The pandemic continued to present some challenges for the training and professional development 
of managers and employees during the reporting year. The global training programs could only 
sporadically be offered face to face in 2022 and were instead held in digital, virtual formats.
Apart from replacement of face-to-face formats by digital learning opportunities, tesa further cus-
tomized use of the external digital platform LinkedIn Learning to tesa’s specific requirements and 
developed company-specific learning paths tailored to needs.
tesa is continuing to make use of e-learning formats for knowledge transfer. Current offerings include 
e-learning on topics such as compliance, occupational safety, sustainability, product and technology, 
sales, and the Supply Network. Employees can access all tesa’s professional development offerings at 
any time via a digital tesa Learning Hub.
In 2022, a new leadership training series was further adapted to hybrid forms of working. It is divided 
into a “basics” and an “advanced” training program. Participants in international groups are taught 
fundamental management skills and how to handle management tasks in the “basics” part. In the 
“advanced” part, experienced managers acquire competencies in areas such as team development, 
change management, or coaching. The content of the management training series is focused on the 
challenges of the current tesa strategy and Leadership@tesa.
The global employee review – tesa Performance Appraisal – takes place throughout the tesa organ-
ization. The purpose of this meeting between employee and manager is to discuss feedback on 
work results and work behavior in a spirit of dialogue and to receive guidance from the manager for 
the coming year. Under the new process, not only managers, but also all employees are urged to 
prepare for the appraisal using the questionnaire. Backed by this process, tesa is strengthening indi-
viduals’ personal responsibility and initiative, as well as awareness of their performance and accom-
plishments. A further aim is to enable employees and managers to benefit from a stronger culture of 
feedback and dialogue at tesa.
Attractive working environment
In the reporting year, tesa pursued further initiatives aimed at fostering an attractive working 
environ­ment:
Occupational health management
For years now, employees at the tesa headquarters in Norderstedt have been offered an extensive 
health management scheme under the umbrella brand “It’s for you!”, with the focus on the issues of 
“working environment” (e.g. ergonomics advice), “balance” (e.g. massages), “exercise” (e.g. in-house 
gym), “diet,” and “prevention” (e.g. colorectal cancer screening).
During the coronavirus crisis, health management has successfully gone online: Just about all existing 
offerings are available in an adapted digital form (such as virtual active breaks, or online training in 
“healthy management at a distance”).

To the shareholders
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ANNUAL REPORT 2022
87
tesa Young Connection
The tesa Young Connection face-to-face events were able to take place again in 2022. They included 
a large annual event held over two days. The days began with workshops on tesa-specific topics such 
as employer branding and then focused on networking activities to foster cohesion and engagement 
among tesa’s young talent.
tesa Women’s Network
In 2022 tesa cooperated with Beiersdorf’s new women’s network #SisterhoodisPower. Regular online 
events were held throughout the year as part of this. Internal and external speakers held various 
keynotes on the subjects of career, family, resilience, and self-empowerment.
Back2Office
tesa invested heavily in IT and communications technology for hybrid working and modernized social 
spaces such as the canteen and coffee bar. These are inviting settings for meetings and creative 
collaboration. We are also testing our first desk-sharing concepts to enable even greater individual 
freedom in the choice of working location and to better reflect working in matrix structures.
Sustainability1
Sustainability is firmly anchored in our corporate culture and is a core element of our decision-making 
and business processes. Sustainable action means avoiding pollution or damage to the environment, 
respecting human rights all along the value chain, and making a relevant social contribution. In 2022, 
another particularly challenging year, we were passionate and determined about transforming our-
selves as a company and contributing to positive global change. 
Since 2020, our CARE BEYOND SKIN Sustainability Agenda has been an integral part of our 
C.A.R.E.+ business strategy. We are driving our transformation all along the value chain – from inno-
vative, sustainable product design to sustainable ingredients, efficient production in our factories, 
and the end of our products’ life cycle. We are aware of our major responsibility as a global skin care 
company and want to make an active contribution to protecting the climate. That is why we have set 
ourselves one of the most ambitious reduction targets in the industry. Across the Group, we want to 
cut absolute Scope 1 and 2 CO2 emissions by 30% by 2025 (base year: 2018) and absolute Scope 3 
emissions by 10%. These targets have been approved by the Science Based Targets Initiative (SBTi) 
and are in line with scientists’ calls to limit global warming to 1.5 degrees Celsius. In addition, with 
the “Business Ambition for 1.5° C,” we have signed a voluntary long-term commitment to achieve 
net-zero emissions by 2050. 
In 2022 we were awarded for our outstanding sustainability performance: We received a “Triple A” 
rating by global environmental non-profit Carbon Disclosure Project (CDP) for excellent scores for 
target setting, performance and transparency within the areas of climate change, forests and water 
security. This milestone demonstrates the progress made in recent years towards achieving our 
ambitious sustainability commitments. 
Detailed information on our commitment to sustainability can be found below in our Non-­financial 
Statement (NFS) and at www.beiersdorf.com/sustainability/reporting/downloads. Additional 
­information on sustainability is also available at www.beiersdorf.com/sustainability and   
www.tesa.com/en/about-tesa/sustainability.
1	 This section of the Combined Management Report is not subject to audit requirements.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
88
Non-financial Statement 2022
Combined Non-financial Statement of the Beiersdorf Group  
and Beiersdorf AG
In accordance with Germany’s CSR Directive Implementation Act (CSR-RUG), Beiersdorf reports on 
material non-financial aspects of its business activities in its Annual Report. These include aspects 
regarding the environment, employees, society, human rights, and anti-corruption. The following 
sections of the Annual Report constitute the Combined Non-financial Statement (NFS) for the 
Beiersdorf Group (Consumer and tesa Business Segments) and Beiersdorf AG, as defined under 
sections 315b and 289b of the Handelsgesetzbuch (German Commercial Code, HGB).
Furthermore, both the Consumer and tesa Business Segments publish separate sustainability reports 
which provide further information on their respective sustainability activities and projects.
Application of international reporting frameworks
Due to the different materiality requirements set out in the GRI Standards, United Nations Global 
Compact (UNGC), and Germany’s CSR Directive Implementation Act (CSR-RUG), neither the 
Beiersdorf Group nor Beiersdorf AG applied any international frameworks in accordance with section 
315c(3) of the HGB in conjunction with section 289d of the HGB to prepare the Non-financial Statement. 
The Consumer Business Segment, however, follows the Global Reporting Initiative (GRI) Standards in 
its broader sustainability reporting and publishes a separate GRI index.
Both business segments are United Nations Global Compact (UNGC) members and report on their 
achievements and measures taken in the reporting period in order to implement the ten princi-
ples of the UNGC in the areas of human rights, working conditions, environmental protection, and 
anti-corruption. This Non-financial Statement systematically and comprehensively fulfills the UNGC 
Communication on Progress (CoP) requirements for the Beiersdorf Group.
Material non-financial topics for the business segments
Both business segments conduct materiality analyses to strategically identify and review sustainability 
topics. In the Consumer Business Segment, such an analysis was last carried out in 2021. The ­following 
material topics were identified during this process: Climate protection, circular economy, sustaina-
ble land use and biodiversity, sustainable use of water, diversity and inclusion, education and training, 
employer attractiveness, occupational health and safety, safeguarding human rights, community 
engagement, compliance and business ethics, and product safety.
The tesa Business Segment last updated its materiality matrix with members of relevant specialist 
departments in 2020. The material non-financial topics identified are climate and energy, product 
sustainability, resource efficiency, water, employee development, diversity and equal opportuni-
ties, occupational health and safety, human rights, prevention of anticompetitive behavior, and 
product safety. For an overview of all material non-financial topics relating to the Consumer and 
tesa Business Segments, together with section and page references, please refer to our index to 
the Non-financial Statement.
Statement scope
Disclosures on the material NFS topics are mainly provided separately for the tesa and Consumer 
Business Segments. In principle, all information is reported jointly for the Beiersdorf Group and 
Beiersdorf AG. Key figures that are collected separately for Beiersdorf AG are listed in the table  
“Relevant Key Figures for the Non-financial Statement of the Beiersdorf AG”.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
89
The acquired businesses STOP THE WATER WHILE USING ME! (2020) and Chantecaille (2022) are 
managed as independent business units and are not included in the reported key figures due to their 
comparatively low sales volumes. Due to the limited data availability with regard to non-financial 
topics, our NIVEA-KAO business in Japan is also not included in this statement. One exception are the 
CO2 figures, the calculation of which has also included NIVEA-KAO1.
Since fiscal year 2021, we have also been reporting on revenues, capital expenditures, and operating 
expenses associated with “environmentally sustainable” activities in the NFS in accordance with 
Article 8 of the EU Taxonomy Regulation. The Consumer and tesa Business Segments report jointly 
on the EU taxonomy.
The Non-financial Statement has been subjected to a limited assurance engagement by the auditing 
company Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft based on the International Standard 
on Assurance Engagements 3000 (Revised).
In order to avoid redundancies, reference is made to passages in the Combined Management Report 
that contain non-financial disclosures. This relates to the areas “Business and Strategy” and “People at 
Beiersdorf.” Some of the information in these sections also forms part of the Non-financial Statement. 
The relevant sections are marked with 
 in the Combined Management Report.
 
1	 The CO2 data collected for NIVEA-KAO covers Scopes 1 and 2 and, under Scope 3, the areas of packaging and raw materials, 
and finished goods manufacturing from Category 1: Purchased Goods and Services, upstream transportation from Category 4.

To the shareholders
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ANNUAL REPORT 2022
90
NFS-Index
Statement to the combined non-financial Statement
Strategy
Description of Business 
Model
Material risks
NFS-Aspect
Material topics Consumer
Material topics tesa
Environment 
Climate protection
p. 92 Climate and energy
p. 92
Circular economy
p. 100 Product sustainability
p. 104
Sustainable land use
p. 105 Resource efficiency
p. 107
Water
p. 108 Water
p. 108
Employees
Training and education
p. 111 Employee development
p. 112
Diversity and inclusion
p. 111 Diversity and equal opportunity
p. 112
Employer attractiveness
p. 111
Occupational health & safety
p. 113 Occupational health & safety
p. 114
Society
Community engagement
p. 116
Human Rights
Safeguarding human rights
p. 119 Safeguarding human rights
p. 119
Compliance
Compliance & business ethics
p. 121 Prevention of anticompetitive behavior
p. 122
Further matters
Product safety
p. 124 Product safety
p. 126
EU Taxonomy Reporting
Strategy
Sustainability is a core component of Beiersdorf corporate culture and of fundamental importance in 
our decision-making and business processes. We strive to reconcile environmental protection, social 
responsibility and our economic success and are constantly refining and enhancing our commitment 
and engagement in these areas.
Our Group-wide Corporate Sustainability function is responsible for setting the strategic direction of 
our sustainability activities and regularly reports to the Executive Board on progress and the need for 
action. Since August 2022, this function has reported directly to the Chairman of the Executive Board 
of Beiersdorf AG, who is responsible for sustainability.
We have two cross-functional steering committees in place to oversee the management of key 
sustainability issues such as climate action: the Sustainability Council for the Consumer Business 
Segment and the Global Executive Committee for tesa. The directors of all relevant business units 
headed by the members of the Executive Board are represented on the Sustainability Council. This 
committee meets at least once every quarter. The Global Executive Committee at tesa is composed 
of the members of the Executive Board and other executives, such as the Chief Sustainability Officer. 
The committee meets every two weeks and regularly discusses the topic of sustainability alongside 
other aspects. In addition, the Chief Sustainability Officer reports directly to the Chairman of the 
Executive Board of tesa.

To the shareholders
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ANNUAL REPORT 2022
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We also maintain a regular dialog with our external stakeholders. This exchange ensures that we 
continuously review our sustainability activities and include current social and environmental 
developments in our planning.
Sustainability Agenda CARE BEYOND SKIN	
    Sustainability Agenda
(Business Segment Consumer)	
	
	
	
     (Business Segment tesa)
Consumer
Sustainability is central to our Corporate Purpose, which is why we implemented it in the C.A.R.E.+ 
business strategy we defined in 2019 as an important cornerstone of our business activities.
Our CARE BEYOND SKIN Sustainability Agenda has been an integral part of C.A.R.E.+ since 2020. 
It comprises seven focus fields that concentrate on the impact of our activities throughout the entire 
value chain – from the climate impact of our products and processes, the circularity of the resources 
we use and their influence on land and water use, through to the health and safety of our employees 
and consumers, and our commitment to an inclusive society. We have set ourselves ambitious targets 
in all areas, which we aim to achieve by 2025 and 2030, respectively.
Our efforts are based on the Ten Principles of the United Nations Global Compact (UNGC) and the 
Sustainable Development Goals (SDGs). Through the implementation of our sustainability agenda, we 
are contributing to 13 of the 17 SDGs.
During the reporting year, we worked to achieve further progress and move closer to our targets. To 
drive the issue of sustainability forward internally as well, we launched a special training and engage-
ment program in 2022, our Corporate Sustainability Academy. Within this framework, we introduced 
an interactive e-learning course in September 2022, for example. This is available to all employees 
and is intended to familiarize them with our CARE BEYOND SKIN sustainability agenda.
tesa
At tesa, sustainability is firmly enshrined in the business strategy. During the reporting year, we 
revised the existing sustainability strategy and increased our previous level of ambition, such as 
through the adoption of new climate targets. Our ambition is now to use all our technological know-
how and passion to develop more sustainable adhesive solutions and products.
The framework for this is formed by five strategic action areas for which tesa has defined long-term 
targets for the period through 2030. These fields extend across the Business Segment’s entire value 
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To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
92
chain and are: Reduction of Emissions, Responsible Sourcing, Use of Recycled and Bio-based Materials, 
Circularity and Reduction of Waste, and Enable Sustainability at our Customers.
The sustainability agenda, which is based on the Ten Principles of the United Nations Global Compact 
(UNGC) and the Sustainable Development Goals (SDGs) of the United Nations, continues to be a cor-
nerstone of the strategy. We also made slight adjustments to the agenda in 2022. It now reflects our 
aspiration to view sustainability holistically and thus also includes topics that go beyond the strategic 
action areas – like occupational safety, for example.
Description of the Business Model
Beiersdorf is one of the world’s leading companies in the consumer goods industry. Since its founding 
in 1882, the company has become well-established thanks to its strong brands and it now has over 
20,000 employees. The Beiersdorf business is divided into two segments: The Consumer Business 
Segment, which focuses on skin care, and the tesa Business Segment, which concentrates on devel-
oping high quality self-adhesive systems and product solutions. A detailed description of the business 
model is provided in the “Business and Strategy” section in the Group Management Report.
Material Risks
As a company that operates on a global scale, we are aware of our position as a role model and our 
obligation to conduct our activities in a responsible manner when interacting with the environment, 
individuals, and society as a whole. If we fail to fulfill our due diligence, it can lead to non-financial risks. 
These include events and developments that have a negative impact on our business success as well 
as risks emanating from our own business activities, for example negative effects on the environment.
As part of our Group-wide integrated management system, we therefore regularly evaluate which 
non-financial risks are relevant to Beiersdorf and where we need to actively manage these. In 2022, for 
instance, we again identified inadequately disposed plastic packaging as a material risk. The use of 
plastic packaging can lead to environmental pollution if it is not disposed of properly or if the disposal 
infrastructure in the country of sale is inadequate. It is therefore classified as a significant risk according 
to the CSR-RUG. This risk can be seen in changing consumer behavior related to the use of certain 
materials. We counter these risks through our circular economy strategy, which includes the reduction 
of fossil-based plastics and the increased use of recycled materials.
Environment
As a consumer goods manufacturer, we are highly aware of the impact of our business activities on 
the environment. We therefore work continuously to minimize the environmental consequences of our 
processes and products. In this context, we focus our efforts primarily on the areas of climate protection, 
circular economy, sustainable land use, and water.
Climate protection
We view climate change as one of the greatest challenges of our time. Risks and opportunities arising 
from climate change therefore influence our business strategy and our company’s activities.
We document and manage the risks associated with climate change – for example, effects on raw 
material prices and material availability or the introduction of new fiscal instruments – as well as the 
corresponding risk mitigation measures via our integrated risk management system.

To the shareholders
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ANNUAL REPORT 2022
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In 2021, the Consumer Business Segment carried out an analysis of climate-related physical and 
transitory risks as well as opportunities in accordance with the recommendations of the Task Force 
on Climate-Related Financial Disclosures (TCFD), and produced a qualitative description of potential 
risks. Building on these results, during the reporting year we conducted a financial assessment of 
the physical risks identified and planned the appropriate measures; both were carried out as part of 
integrated risk management and the Supply Chain Department’s resilience program. A summary of 
TCFD-related information is available in a separate document on our website.
A detailed description of our risk management structure can be found in the “Risk Report” section of 
the Combined Management Report.
Climate action is a key area of activity in the sustainability strategies of the Consumer and tesa Busi-
ness Segments. The carbon emissions reduction targets are firmly enshrined in the Executive Board’s 
own objectives. The activities required to achieve our climate goals are also factored into our financial 
and investment planning. Both the Sustainability Council in the Consumer Business Segment and 
the General Executive Committee at tesa are responsible for monitoring climate-related decisions. 
This involves further refining strategies, reviewing progress toward climate goals, and advancing the 
implementation of climate action. The Executive Committee at Beiersdorf also regularly discusses the 
plans and progress of the climate strategy.
For the Consumer Business Segment, the Sustainability Council adopted targets in the reporting year 
that focus on individual product categories. The Sustainability Council is also responsible for monitoring 
the achievement of targets.
Our climate targets
Beiersdorf had already committed to ambitious climate targets back in 2020, which apply to both the 
Consumer and tesa Business Segments: By 2025 we plan to achieve an absolute reduction of 30% in 
energy-related Scope 1 and Scope 2 emissions1 compared to the 2018 baseline figure. We also aim to 
reduce indirect greenhouse gas (GHG) emissions along our value chain (Scope 3 emissions) by 10% 
by 2025. These climate targets have been recognized by the Science Based Targets Initiative (SBTi) 
and correspond to the 1.5-degree scenario set out in the Paris Agreement. The Consumer Business 
Segment has set additional targets to reduce Scope 3 emissions by 30% in absolute terms by 2025 
versus a 2018 baseline and achieve climate neutrality in all its production centers by 2030.
During the reporting year, the tesa Business Segment revised its sustainability strategy and simulta-
neously tightened its climate targets. tesa is aiming for its production to be fully climate neutral by 
2030. It also aims to reduce Scope 3 emissions by 20% by 2030 compared to the 2018 baseline.
Furthermore, both the Consumer and tesa Business Segments have signed a long-term voluntary 
commitment to achieve net zero emissions by 2050 at the latest. During the reporting year, we began 
working with external consulting firms to develop a net-zero strategy in line with the standard pub-
lished by SBTi in 2021.
We once again made progress with regard to our climate targets: We reduced absolute Scope 1 and 
Scope 2 emissions in the Consumer Business Segment by 31% and at tesa by 27% compared with the 
2018 baseline. This led to an overall reduction of absolute Scope 1 and Scope 2 emissions of 29%. The 
Consumer Business Segment reduced its absolute Scope 3 emissions2 by 16% over the same period.
1	 Scope 1 includes all emissions that we generate ourselves through the combustion of energy sources at our production 
sites, for example during power generation. Scope 2 emissions are caused by energy generation, e.g., electricity which we 
procure externally.
2	 Scope 3 emissions include the categories purchased goods and services, upstream transport taking into account  biofuel 
certificates and logistics, and business travel.

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We also already achieved our goal of sourcing 100% of our electricity from renewable energy sources 
at all tesa and Consumer office and production sites worldwide back in 20203.
Climate metrics: Energy, Scope 1, and Scope 2 emissions
We capture, consolidate, and analyze our energy consumption data to determine our global GHG 
emissions. Progressively gathering this data continuously helps us to verify the effectiveness of the 
measures we carry out and identify further potential for energy and emission savings.
We calculate our GHG emissions according to the requirements of the Greenhouse Gas Protocol 
(GHG Protocol). The GHG Protocol specifies different consolidation approaches for calculating Scope 
1 and Scope 2 data. When calculating our emissions, we have adopted the operational control con-
solidation approach.
These calculations are mainly based on emission factors from the Intergovernmental Panel on 
Climate Change (IPCC), along with emission factors from our energy suppliers and the International 
Energy Agency (IEA). Further emissions, such as steam from district heating, are calculated using 
the emission factors provided by the GaBi database, and the British Department for Environment, 
Food & Rural Affairs (Defra). The Consumer Business Segment collects energy consumption data at 
all of its production sites, at the warehouses we operate, and at our offices with 50 or more full-time 
equivalent employees. tesa collects energy consumption data for all ISO 14001-certified sites. This 
includes six production sites and the main headquarters.
Since 2022, we have also included the emissions data from our NIVEA-KAO business in Japan in the 
calculation for Scopes 1 to 3 in accordance with the GHG Protocol’s operational control approach. 
For Scope 3 emissions, the key figures were adjusted retroactively from 2018 onwards. For Scope 1 
and 2 emissions, we use primary data from NIVEA-KAO; these are included in the 2022 key figures. 
However, the Scope 1 and 2 key figures for previous years were not adjusted accordingly.
Key Figures
 
Business Area
2018
(Base year)
 
2020 
 
2021 
 
2022 
Scope 1 emissions (t CO2e)
Beiersdorf Group
98,980
93,057 
99,693
90,349
Consumer
43,341
38,929 
41,3201
39,497
tesa
55,639
54,128 
58,373 
50,852
Scope 2 emissions (t CO2e)2
Beiersdorf Group
30,060
1,240 
1,569 
1,322
Consumer
15,809
1,228 
1,569 
1,314
tesa
14,251
12 
0
8
Scope 1 and Scope 2 emissions 
(t CO2e)
Beiersdorf Group
129,040
94,297 
101,262
91,671
Consumer
59,150
40,157 
42,889
40,811
tesa
69,890
54,140 
58,373 
50,860
Total energy consumption (GWh)
Beiersdorf Group
668
631
683
671
Consumer
341
321 
339
333
tesa
327
310 
344 
338
1	 Retroactive adjustment of data due to data correction of Scope 1 emissions.
2	 The Scope 2 emissions reported in this section are based on the market-based method.
3	 Beiersdorf purchases green electricity directly from energy suppliers or acquires “International Renewable Energy ­Certificates” 
(I-RECs), European Guarantees of Origin, or country-specific certificates when purchasing electricity.

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Identifying Scope 3 emissions
Emissions are also generated along our value chain, for example through the procurement of goods 
and services or transportation activities. These are referred to as Scope 3 emissions.
Since 2018, the tesa Business Segment has gathered data on material emissions throughout the value 
chain. In this process, we have identified raw materials, finished goods manufacturers, and product 
transportation as material Scope 3 categories. In the future, we intend to further expand our CO2 
monitoring for Scope 3 emissions.
Based on an input-output model, the Consumer Business Segment began by identifying the most 
relevant categories of Scope 3 emissions1. The input-output model evaluates resource consumption 
and environmental impact throughout the supply chain on the basis of international statistics and 
databases. The analysis identified the following material areas for the Consumer Business Segment: 
Packaging materials, raw materials for product formulations, finished goods manufacturers, externally 
purchased transportation and warehousing services, and business travel. This selection covers more 
than two-thirds of our total Scope 3 emissions, which meets the requirements of SBTi. The corre-
sponding key figures relating to Scope 3 emissions can be found in the “Consumer” subsection.
Consumer
Improved Scope 3 calculations
For all defined categories included in our target boundary, we have developed methods of calcu-
lation that rely on precise data as far as possible. This enables us to better monitor the progress of 
our reduction measures. The majority of our Scope 3 emissions are generated by the manufacturing 
processes of the packaging2 and raw materials we need for our products. The calculations of these 
GHG emissions are based primary data for material consumption, and secondary emission factors 
derived from life cycle databases. We work together with service providers to consistently improve 
data on emissions factors for life cycle analyses (LCAs).
Over the course of the reporting year, we implemented numerous analysis tools as part of our 
comprehensive digitalization activities in the field of sustainability. These allow us to evaluate and 
make projections for material KPIs during the year, such as Scope 3 emissions or key figures related 
to plastic packaging.
In order to calculate the emissions from our outsourced production and warehousing operations, 
we conduct surveys of supplier companies in the finished goods and warehousing sectors3. These 
surveys collected data on energy consumption as well as emission factors for purchased electricity. 
This data is allocated based on the quantities of goods produced for us or on goods turnover. The 
calculation methodology is congruent with the Scope 1 and Scope 2 calculations for our own sites. 
In 2022, the data we gathered in these surveys covered 86% of our outsourced finished goods pro-
duction and 95% of our warehousing activities. The values in the following table are extrapolated 
emission values to cover all our finished goods suppliers and warehousing.
To calculate global upstream and downstream GHG emissions from transportation activities, we 
mostly use the EcoTransIT tool in accordance with the European EN 16258 standard. Data on dis-
tances, loads, and the various modes of transportation are obtained from our internal logistics net-
work and calculated by EcoTransIT. The emissions resulting from the transport of our products by 
1	 All of the following statements regarding our Scope 3 emissions only apply to the mass market and the Consumer Business 
Segment’s dermocosmetics business if not specified.
2	 We include consumer packaging and secondary packaging in our calculation. Packaging materials that are added as part of 
packaging processes or during preparation for transport are not included.
3	 The data collection period for outsourced production and warehousing (December 2021 to November 2022) differs from the 
reporting period.

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sea freight are 77% of biogenic origin. We ensure this is the case through the purchase of fuel certifi-
cates based on the mass balance approach. This does not mean that the ships carrying our products 
are actually powered by biofuel, however, as this level of traceability is not currently available. Rather 
the aim is to increase the amount of biofuel used in the global maritime freight industry. Overall, 
Beiersdorf aims to be part of the transformation toward a greener logistics network.
To quantify our emissions from business travel, information on distance and modes of transportation 
is either exported from our travel management system or reported directly by our affiliates. For the 
data collected via our travel management system, we calculate emissions according to the methodology 
established by the German Association of Business Travel Agents (Verband Deutscher Geschäfts­
reiseveranstalter, VDR), taking into account a “radiative forcing index” (RFI) factor of 2 for business 
flights. In the case of directly reported business travel data, we calculate emissions based on IEA data. 
The 2021 flight emissions of our German companies were offset in the reporting year 2022 retroactively, 
and we will do the same for our flight emissions in the upcoming reporting year. Compared to our 
2018 baseline, our business travel emissions declined by 47%. This development can be attributed, 
among other things, to the continuing impact of the COVID-19 pandemic.
We calculate the included Scope 3 emissions from our investment NIVEA-KAO based on the results  
of life cycle assessments (LCAs) conducted in 2022 for certain reference products. We estimated  
the emissions generated in previous years on the basis of the quantity of reference products sold.  
NIVEA-KAO’s raw material and packaging emissions are calculated using the reference products’ bill 
of materials and the LCA emission factors. To calculate the upstream transport emissions, we consider 
the product weight, the average distance transported, and the emission factors of the different 
modes of transportation. The calculated emissions are included in the respective Scope 3 categories.
In addition to the Non-financial Statement, we disclose our management approaches and data on 
climate topics as part of an annual survey conducted by the CDP organization. The organization then 
assesses, among other aspects, our climate-related strategy and its effectiveness on a scale from A to 
D-. In 2022, we received a score of A and were therefore included on the CDP’s “Climate Change A List.”
Scope 3 GHG Emissions Consumer1
(in t CO2e)	
 
Areas
2018  
(Base year)
 
2020 
 
2021 
 
2022 
Category 1: Purchased goods 
and services2
Packaging
446,579
398,885
402,718
370,734
Raw materials
575,247
518,559
524,270
508,493
Finished goods  
manufacturing
36,945
25,945
16,557
14,232
Category 4: Upstream  
transportation and distribution3
Finished goods transport
135,418
130,117
130,906
129,751
Warehousing
11,705
9,729
2,283
2,087
Reduction through the 
purchase of biofuel  
certificates
—
—
-8,800
-10,600
Category 6: Business travel
Business travel
17,046
3,693
2,677
8,982
Total Scope 3 GHG emissions 
excl. certificates for biofuels
1,222,940
1,086,927
1,079,412
1,034,279
Total Scope 3 GHG emissions 
incl. certificates for biofuels
1,222,940
1,086,927
1,070,612
1,023,679
1	 The categories are defined by the GHG Protocol.
2	 The emissions data for packaging and raw materials for 2018, 2020, and 2021 have been adjusted due to updated master data 
and the inclusion of NIVEA-KAO. Coppertone is not included in these figures. Data for finished goods manufacturers was 
extrapolated based on spend, and data for 2021 was adjusted due to a data correction.  
3	 Transport emissions for 2018, 2020 and 2021 have been updated due to the inclusion of NIVEA-KAO and La Prairie. 
Warehousing data is extrapolated based on stored pallets.

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Transition towards climate neutralization
We have created a climate neutralization plan which will drive forward our transition to net zero 
emissions. Our “Climate Neutralization Framework” describes the entire neutralization process for our 
products and brands and was developed based on the principles and requirements of the interna-
tionally recognized standard PAS 2060. TÜV Rheinland Energy was engaged during the fiscal year to 
review the methodology and process to ensure that Beiersdorf follows international standards and a 
science-based approach.
Our climate neutralization process consists of three steps. The first step is “Measure.” All GHG 
emissions are quantified in accordance with the GHG Protocol. The second step is “Reduce.” This is 
reflected in our ambitious climate targets, which are based on scientific findings to limit global warming 
to 1.5 degrees Celsius. We are focusing our activities and our resources primarily on achieving these 
reduction targets. The third step is “Neutralize.” In order to leverage additional CO2 storage potential 
while we are still transitioning towards our net zero target, we are investing in certified climate pro-
jects to neutralize the remaining GHG emissions. For us to achieve a net-zero state globally, we must 
neutralize unavoidable emissions by removing greenhouse gases from the atmosphere.
As our GHG emissions and the accounting methods have been detailed in the previous sections, we 
will focus on the second and third steps below.
Reducing operating emissions
At our production sites especially, energy-related emissions can be reduced to increase their energy 
efficiency. Our goal is to ensure all of our production facilities are climate neutral by 2030. To achieve 
this, we are relying on various measures:
In order to operate the sites in a climate-neutral manner, we aim to reduce the use of fossil fuels by 
2030. Particularly in light of the geopolitical situation in 2022 and the associated energy crisis, we 
have set ourselves the goal of no longer being reliant on natural gas in Europe. To achieve this, we 
are drawing on a number of different alternatives. Some temporary alternative solutions – such as 
diesel-powered steam generators that we have installed at our production facilities – are used to 
ensure sufficient capacity is available when there are legally mandated restrictions on natural gas 
consumption. These systems require other fossil fuels, however, and are therefore not compatible 
with our efforts to achieve climate-neutral sites in the long term. Beiersdorf is therefore increasingly 
using more sustainable solutions, including two electric steam generators for the Technical Center at 
the Group’s headquarters and one heat pump system each for the production facilities in Argentona, 
Spain, and Hamburg, Germany, which will be used to generate cold water and heat the buildings. 
With the heat pump solution we strive to make the Argentona site our first carbon-neutral production 
facility in Spain in 2023, and at the same time Beiersdorf’s first factory that does not rely on any fuel.
To reduce emissions, we are not only modernizing our technical systems. Energy-saving measures 
are also helping to reduce fuel and electricity consumption – such as by heating buildings less and 
dimming the lights.
In addition to purchasing 100% green electricity, we have installed photovoltaic systems at twelve 
of our production sites and office locations that cover part of our own electricity needs. In the 
reporting year, these systems generated 3,799 MWh of electricity worldwide. In addition, our 
Sustainability in Manufacturing initiative, launched in 2020, is helping us achieve our climate, waste, 
and water targets by 2025. The initiative encompasses all 15 production sites worldwide. The team 
responsible for the project breaks down the company’s targets by production site, analyzes energy 
consumption, and derives the necessary measures from this data. Locally gained knowledge is 
exchanged in the form of best practice examples within our international network and, where it 
makes sense, also applied to other locations.

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Modern, energy-efficient buildings and production facilities are helping us achieve our climate 
targets. When we construct a new building or redesign an existing one, we examine its full life cycle 
and implement sustainable energy concepts. In our new construction and expansion projects, we 
strive to achieve certification to the Leadership in Energy and Environmental Design (LEED) standard. 
This includes our new Group headquarters and Research Center in Hamburg’s Eimsbüttel district, 
scheduled for completion in 2023. In addition to the LEED standard, we aim to achieve the “WELL 
Building Standard” for this project, which will extend to over 100,000 square meters.
We are also striving to achieve carbon-neutral operations and the relevant sustainability certification 
for the planned hub in Leipzig. In addition to implementing energy-efficient processes, here we will 
also be greening the building’s facades and roofs and installing solar panels.
In the case of existing facilities, we are also increasingly replacing fossil fuels – the Berlin site has 
become the first Beiersdorf facility to purchase only biomethane instead of natural gas as of 2022, 
cutting the site’s GHG emissions by 99%. The biogas is produced in Denmark from organic waste and 
fed into the European gas grid1. By purchasing biomethane instead of natural gas, the manufacture of 
our products at our production facility in Berlin has been climate neutral since the reporting year. Our 
new production site in Leipzig also uses biomethane instead of natural gas, and the aim is to operate 
the production plant as climate-neutral in Scope 1 and Scope 2.
Reducing emissions along the value chain
Cutting our Scope 3 emissions is a greater challenge than Scope 1 and Scope 2, as their origin lies 
beyond our direct operational control. For this reason, we work cross-functionally, as well as with our 
suppliers to identify innovative measures to reduce our carbon footprint. In the reporting year, we 
also developed an action plan to reduce emissions within our most important Scope 3 categories, 
which are listed below:
Packaging
Most of the emissions from packaging are caused by using plastics and aluminum. We are therefore 
working on innovative solutions to prevent, reduce, reuse, and recycle our product packaging by 
2025. We are striving to use more recycled material in aluminum packaging and to source aluminum 
with a lower carbon footprint. More on this can be found in the “Circular Economy” section.  
However, the prevailing global crises resulted in supply bottlenecks, particularly for recycled aluminum, 
in previous years. We would now like to close this gap with low-carbon aluminum. To this end, we 
are in talks with our packaging suppliers in order to work towards the use of a greater percentage of 
renewable energy in their production systems. 
Product formulations
We also plan to make our product formulations more environmentally friendly. To achieve this, we 
developed an action plan in 2021 that encompasses the following measures:  
•	 Further transitioning to plant-based raw materials with a lower carbon footprint
•	 Increasing the use of materials from renewable carbon sources, e.g., biobased materials, materials 
made from chemical recycling, and materials derived from carbon capture and utilization
•	 Cooperating closely with our main suppliers to introduce renewable energy at their production 
sites, thus reducing the carbon footprint of our raw materials
•	 Sourcing further renewable raw materials from sustainable and deforestation-free cultivation. To 
this end, we are entering into various partnerships, including with the Roundtable on Sustainable 
Palm Oil (RSPO) (see the “Sustainable land use” section).
1	 The Consumer Business Segment acquires biogas certificates. The certificates prove that a corresponding amount of biogas 
has been produced and fed into the natural gas grid.

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Finished goods manufacturing and third-party warehousing
A key driving force for the reduction of GHG emissions from our products and packaging is to 
switch over to renewable electricity at our suppliers too. To achieve this goal, we are leading inten-
sive discussions with suppliers and third-party manufacturers to find mutual solutions for switching 
to renewable energy. In 2022, all third-party manufacturers and third-party warehouse operators 
included in our data query purchased electricity from renewable energies or their electricity pur-
chases were covered by corresponding energy certificates.
Transportation
Along with our packaging and formulation emissions, we are exploring ways to reduce and prevent 
transportation emissions. Wherever possible, we plan to shift the transportation of our goods to rail. 
This applies in Europe and North America especially, where our largest markets are located. For our 
global ocean freight shipments since 2021, we have been purchasing mass-balanced biofuels from 
waste streams via certificates. In addition, our truck transportation service providers used biofuels in 
the reporting year to transport our products from the “Hub Nordics” to the Scandinavian countries, 
as well as from two other hubs in France and Italy. In addition, we are investigating possibilities for 
the use of other alternative fuels, such as the use of trucks powered by electricity or hydrogen. We 
are working closely with our logistics providers to achieve this goal. In our drive to understand and 
implement new transportation technologies, we are in close talks with external consultants and 
scientific experts. One example is our cooperation with EcoTransIT to calculate our transportation 
emissions. We then share this knowledge with our logistics providers worldwide.
In dialog with suppliers
We engage in dialog with our suppliers through various measures to create a more sustainable, 
shared future. For example, we call on our suppliers to also participate in the climate data surveys 
conducted by the CDP organization. The data they disclose will also enable Beiersdorf to improve 
the quality of its own data analyses. During the reporting year, 99 suppliers participated in the CDP 
survey. Because we view ourselves as an innovative Group, we also work with our suppliers on new 
concepts and strategies. In the reporting year, for example, an interdisciplinary team including 
members from Procurement and a supplier launched a care product with recycled carbon. For this 
particular ingredient, carbon is captured via the CCU (carbon capture utilization) process and pro-
cessed into cosmetic ethanol.
Neutralizing remaining emissions
In addition to its efforts to reduce GHG emissions in the value chain, Beiersdorf also systematically 
invests in climate change mitigation projects and acquires voluntary emissions certificates. Through 
their efforts, the aim is to build up natural carbon sinks over the long term and curb the accumu-
lation of greenhouse gases in the atmosphere. In this context, we select projects that are certified 
by internationally recognized organizations such as Verra or the Gold Standard. We also focus on 
projects that sequester carbon from the atmosphere – through reforestation and soil management, 
for example – while simultaneously providing additional benefits for biodiversity or local communities. 
Through these projects, we aim to offset remaining GHG emissions from selected products that 
have not yet been reduced.
tesa
Company management systems for environmental protection
The tesa Business Segment uses ISO 14001 certified environmental management systems at seven 
sites for the continuous management and planning of our corporate environmental protection. The 
ISO 14001 standard is an internationally recognized approach to managing the direct and long-term 
environmental impacts of products, services, and processes within a company. As part of the matrix 
certification of ISO 14001 sites, external environmental audits are also carried out annually.

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In addition, the environmental management systems at selected ISO 14001 sites are reviewed 
during internal audits by specialists at the headquarters.
In addition to the environmental management system, the two largest production facilities with the 
highest GHG emissions (Hamburg and Offenburg) are certified to the ISO 50001:2018 standard. 
These two factories account for 65% of GHG emissions of all ISO 14001-certified sites. tesa’s head-
quarters are also certified to ISO 50001, as it is the site with the largest workforce and has the largest 
research and development division. The energy management systems form the foundation for further 
increasing energy efficiency at the respective sites.
Through our internal planning and reporting activities, we identify, assess, and monitor risks and 
measures that target a reduction in GHG emissions. We review the effectiveness of our activities by 
tracking the monthly energy consumption at each site. We succeeded in reducing our Scope 1 and 
Scope 2 emissions by 27% in absolute terms from 2018 to 2022; compared with the previous year, 
emissions thus fell by 12.8  percentage points. We achieved a reduction in specific emissions of 25% 
per metric ton of end product compared to 2018.
Identifying energy-saving opportunities and increasing efficiency
Energy consumption is an important management driver for reducing our environmental impact. 
As part of a continuous improvement process and on the basis of the environmental program and 
environmental audits, we identify further energy-saving opportunities, optimize energy-intensive 
processes, and reduce our carbon emissions and the associated costs. tesa corporate management 
conducts a management review every year as part of this process. The environmental and energy 
experts at each site bear operational responsibility.
A further strategic approach for increasing energy efficiency is the use of energy- and resource-saving 
technologies. This includes generating our own energy efficiently. At several production sites, we utilize 
combined cooling, heat, and power (CCHP) or combined heat and power (CHP) systems. We not only 
use the electricity generated but also harness the heat produced by these systems for our production 
processes and heating. Since 2021, we have covered the energy consumption of the CHP plant at 
headquarters entirely through biogas certificates. In the reporting year, the sites in Hamburg, Offen-
burg, and Italy also used biogas certificates to cover the proportionate share of their CHP plant opera-
tions. The biogas is produced in England and fed into the European gas grid1. This means we continue 
to benefit from the high generation efficiencies of the CHP plant. By using biomethane instead of 
natural gas, we can also rely on renewable, climate-friendly sources of energy. Overall, in 2022 we were 
able to produce over 50% of our electricity needs ourselves via energy-efficient CHP systems.
In the reporting period, we continued to work on expanding electricity production through the use of 
solar power. For example, the sites have initiated feasibility studies and initiated specific investments. 
For our headquarters, we opted for a rooftop solar power system measuring just under 760 m2. The 
system, with an output of 260 kWp, is scheduled to enter operation in the first half of 2023. Further 
systems in China and Offenburg are to follow in the near future.
Circular Economy
Consumer
Our products are synonymous with high quality and effective skin care the world over. Our aim  
is to meet our own high quality standards and the increased sustainability requirements while 
maintaining consumer trust in our products. To us, this trust also includes the responsibility to  
1	 tesa acquires biogas certificates. The certificates prove that a corresponding amount of biogas has been produced and fed 
into the natural gas grid.

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optimize the environmental compatibility of our products and to use resources responsibly in 
order to counteract negative environmental impacts.
The Executive Board is responsible for integrating product sustainability into our C.A.R.E.+ corporate 
strategy and at brand level. Since August 2022, the Corporate Sustainability Team has reported 
directly to the Chief Executive Officer. In addition, our Sustainability Council (see “Strategy” section) 
regularly aligns with senior management from Marketing and Research & Development and reports 
on ongoing projects and the status of target achievement, for example in the field of emissions reduc-
tion. We also leverage the expertise of various departments and external stakeholders such as suppliers 
and sustainability consulting firms to implement cross-functional and cross value-chain projects.
Holistic view of our products
It is important to us that we evaluate our products holistically according to their environmental and 
social impact. Life Cycle Assessments (LCAs) are used to list and summarize all of the environmental 
impacts for specific products, from raw material procurement to disposal. Based on this analysis, we 
create a life cycle assessment that shows what impact the product has on the environment and where 
there is still room for improvement. Beyond the use phase, the environmental impact of our products 
depends to a large extent on the raw materials and the resource efficiency of our packaging. This is 
why we focus our sustainability efforts on these areas.
Sustainable packaging
The consumption of natural resources has increased continuously worldwide over the past decades. 
Negative environmental impacts as well as waste production are steadily increasing and causing 
lasting damage to the environment. To counteract this, Beiersdorf is committed to strengthening 
the circular economy. For example, the ability to recycle our packaging and ingredients is extremely 
important to us.
Our packaging is largely made of plastics due to it’s light weight, high stability, and simultaneous 
flexibility. This means that we use materials that are mostly based on petroleum, a finite resource, 
which in many cases are not recycled. As a result, we are going to great lengths to optimize our 
plastic packaging in line with the sustainability principles of “avoid, reduce, reuse, and recycle,” 
thereby making our contribution to the circular economy. To make our initiatives in this area meas-
urable, we have set ourselves the following global packaging targets by 2025:
•	 We aim to use 50% less fossil-based virgin plastic in our packaging in comparison to 2019
•	 We aim to integrate at least 30% recycled material into our plastic packaging
•	 We aim for 100% of our packaging to be refillable, reusable, or recyclable
In 2022, we made the following progress toward our goals:
•	 15% reduction in fossil-based virgin plastics in our packaging (2021: 9%).
•	 10% recycled material in our plastic packaging (2021: 7%).
Our third goal, recyclability, relates to the end of the packaging life cycle. To make our progress 
with respect to recyclability measurable, we introduced a new methodology in 2021 in line with the 
­principles promulgated by the Ellen MacArthur Foundation1. In 2021, recyclability was calculated on 
the basis of plastic bottle weight.
1	 As defined by the Ellen MacArthur Foundation (EMA), packaging or packaging components are recyclable if their successful 
collection, sorting, and recycling can be demonstrated in practice and on a large scale globally.

To the shareholders
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As announced in 2021, this reporting year we introduced “Design for Recycling,” a further metric 
that requires packaging to be recyclable in at least one country from the outset, even if this is not yet 
globally possible given today’s infrastructure. This means that all packaging that is already globally 
recyclable today also meets the Design for Recycling criteria.
Both goals, Design for Recycling and global recyclability, were extended in the 2022 reporting year 
not only to plastic packaging, but to all packaging types and materials used (plastic, metal, glass, 
and paper).
Global recyclability and Design for Recycling are evaluated digitally based on the methodology 
of an independent certification body. We then extrapolate the results of the analyses of individual 
packaging solutions to the portfolio as a whole.
As such, in the reporting year:
•	 80% of all packaging was designed for recycling
In addition, the following share meets the requirements for global recyclability:
•	 67% of all packaging was considered globally recyclable
Environmentally friendly product formulations
In order to optimize the recyclability of our product formulations, we have set ourselves goals both 
for eliminating the use of microplastics as defined by the United Nations Environment Programme 
(UNEP)2, and for the use of biodegradable polymers. In order to track our progress more precisely 
and quickly, a comprehensive IT infrastructure project was initiated in the reporting year. As a result, 
data that was linked manually in the past can now be combined via a new user interface. Based on the 
historical availability of this data, these changes have resulted in an adjustment to the baseline year 
for the nonbiodegradable polymers target.
In this context, we aim to discontinue the production of Eucerin-brand cosmetic products containing 
microplastics by the end of 2023 by reformulating corresponding formulations.
That is why we are reporting on metrics that quantify the environmental impact and reflect the 
transformational status of our product formulas. For the year 2022, we can report the following 
progress in this regard:
•	 In terms of raw material volume, we reduced the use of microplastics by 76% between 2018  
and 2022.
•	 At the end of the reporting year, 11 Eucerin formulations still contained microplastics. These are 
currently being updated and are also expected to be microplastic-free by the end of 2023.
With regard to the NIVEA brand, we already successfully discontinued the production of cosmetics 
containing microplastics at the end of the 2021 reporting year.
We also aim to use only biodegradable polymers in our European product formulations by the end of 
2025. A polymer is a molecule consisting of many repeating subunits and is widely used in cosmetics. 
Biodegradability refers to the ability of molecules to be degraded by the action of microorganisms 
such as bacteria or fungi, thus preventing environmental pollution.
2	 In its definition, the United Nations Environment Programme (UNEP) describes microplastic particles as solid plastic particles 
with a diameter of less than 5 mm that are neither biodegradable nor soluble in water.

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By gradually eliminating the use of nonbiodegradable polymers, we are pursuing the goal of reducing 
effects on the environment. We evaluate all raw materials with regard to their biodegradability. For 
this evaluation, we apply Annex XIII of the REACH Regulation and the corresponding guidance on 
information requirements (section R.11), which also contains the persistence criteria. These criteria 
describe the nonbiodegradable properties of a molecule over a specific period. The Annex and the 
guidelines on information requirements are used to identify polymers that are not biodegradable 
and are therefore to be avoided in our European product formulations by the end of 2025. To achieve 
this goal, we are not only directly replacing ingredients, but also developing completely new poly-
mer technologies. As part of our continuous, individual raw material assessments, we obtained new 
evidence for numerous polymers in the reporting year confirming their biodegradability. As a result, 
we excluded these raw materials from the target achievement calculations. In addition, our assess-
ment has also led to a more nuanced view of the silicones dimethicone and cyclomethicone. Since 
their classification as nonbiodegradable polymers is still scientifically disputed at present, they are 
reported separately for the reporting year.
We have already been able to reduce the use of nonbiodegradable polymers by 63% in our European 
product formulations compared to the 2018 baseline. This means that we reduced their share by a 
further 12 percentage points compared with the previous year. We were able to reduce the use of 
silicones by 23% compared to the 2018 baseline.
In addition, our goal is to increase the use of raw materials from renewable sources that are not 
derived from fossil sources, while at the same time enabling more sustainable sourcing. In this way, we 
aim to prevent negative environmental impacts caused by increased demand for certain raw materials 
(see the “Sustainable land use” section).
Partnerships in the field of product sustainability
To reduce the amount of climate-damaging carbon dioxide in our atmosphere, we are breaking new 
ground – in its new Climate Care moisturizer, NIVEA MEN uses ethanol obtained from recycled CO2 
from the company Lanzatech. In the carbon capture and utilization process, carbon is first collected 
and fed into a bioreactor. It is then fermented and subsequently processed into cosmetic ethanol and 
ultimately incorporated into skin care products.
Beiersdorf joined the EcoBeauty Score Consortium in early 2022. The goal of this initiative of more 
than 60 cosmetics and body care companies and associations is to create an easy-to-understand, 
globally applicable standard that promotes more sustainable consumption of cosmetics and skin 
care products. The initiative aims to use a points system to track the environmental impact of various 
products in a standardized way and communicate this information in a transparent manner to con-
sumers – so that they can immediately see whether products are environmentally sustainable. The 
score is designed to take into account aspects such as packaging, formula composition, and environ-
mental impact during the utilization phase.
Beyond that, we are supporters of the Ellen MacArthur Foundation (EMA). The EMA is committed to 
accelerating the transformation to a global circular economy and building a renewable and restor-
ative economy. In this process, it collaborates with companies, academia, politics, and institutions. 
Within the foundation’s network, we discuss and exchange ideas with other members and develop 
new ones together.
In order to support new ideas relating to the circular economy beyond the influence of its direct 
business activities, Beiersdorf is a founding investor in the Emerald Technology Ventures Fund. The 
goal of this fund is to drive the development of advanced materials and industrial technologies to 
make packaging more sustainable throughout its life cycle. The venture capital firm Emerald Tech-
nology Ventures brings start-ups and experienced companies together for this purpose.

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In addition, we are also investors in the venture capital fund Revent. This fund supports early-stage 
startups across Europe that want to use technology to drive systemic change - particularly in the fields 
of climate, food technology, health, and economic empowerment.
Product Sustainability
tesa
Innovative solutions for greater sustainability
With our innovative product solutions, we strive to offer our customers technological progress com-
bined with an active contribution to sustainability. To this end, we are increasingly using recycled 
and bio-based raw materials in our products and packaging. Our goal is for 70% of the materials for 
our products and packaging to be made from recycled or bio-based materials by 2030. In addition 
to product development, our understanding of product sustainability also includes the utilization 
phase by our customers.
Through our “Project Sustainability Assessment,” we already established a tool back in 2020 that 
we use to evaluate projects in the field of product and technology development at an early stage 
in terms of their contribution to sustainability. During the reporting year, we revised the assessment 
methodology and adapted it to reflect the strategic action areas included in our sustainability 
strategy. All new development projects must undergo the assessment. We use the results to further 
manage our development portfolio.
We have already been offering adhesive rollers, adhesive films, packing tape, glue sticks, and correc-
tion rollers, among other products, under the tesa ecoLogo sub-brand since 2010. These are made 
predominantly from recycled or bio-based materials; the packaging used for these products is also 
predominantly recycled. This product line is also manufactured without the use of any solvents.
The entire life cycle in focus
The core ideas of the circular economy include reduced material use, increased reuse, and, ultimately, 
recycling. If the product or individual components can be recycled or reused, resources can in turn 
be saved elsewhere. To achieve this, we consider the end of the product life cycle at an early devel-
opment stage and are investing in further research on this topic. One focus here is on removable 
adhesive bonds.
In addition, we are currently conducting a number of analyses, in particular to determine the carbon 
footprint of our products. To this end, we set up a database during the reporting period in which all 
major raw materials and packaging solutions are linked to primary or secondary emission factors. We 
also regularly discuss this topic with our suppliers to improve the accuracy of our calculations through 
primary data. We use the compiled data primarily for internal management and reporting purposes.
We use the results of our analyses to identify relevant emission sources throughout the value chain 
and to be able to reduce our emissions in a targeted manner through suitable measures. Alongside 
this, we are working to further standardize our methodology and produce more advanced life cycle 
analyses (LCAs) that integrate additional environmental impacts such as acidification or eutrophication. 
We also plan to further reduce our use of solvents in production.
Our understanding of product sustainability goes further, however. Whether in the industrial, electronics, 
or wind and solar power sectors, selected products can help our customers operate efficiently and 
drive the adoption and expanded use of sustainable technologies. For example, our adhesive solutions 
can help save resources and energy as well as make it possible to repair or recycle products. In this 
way, our customers can reduce the amount of waste they produce and cut their GHG emissions.

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Paper products that contribute to sustainability
Since we use large quantities of paper for our products and their packaging, we also pay attention 
to sustainability in this respect and increasingly source paper certified by the Forest Stewardship 
Council® (FSC® C148769). tesa SE was FSC®-certified in 2019 and successfully passed its annual 
monitoring audit in 2022. Our production sites in Offenburg, Suzhou, Concagno, and Hamburg are 
also FSC®-certified. During the reporting year, we also launched new products with our own certifi-
cation, such as the paper adhesive tape tesapack® PAPER ULTRA-STRONG ecoLogo®. Looking ahead 
to the future, we are striving to obtain certification for further sites and to develop more FSC®-certi-
fied products.
Optimized packaging
We aim to make our packaging more sustainable, above and beyond the usual optimization meas-
ures. We currently believe paper and plastics offer the greatest potential in this regard. By 2025, 
we aim to use 50% less virgin fossil-based plastic in our packaging (compared to the 2018 base-
line). In this context, we have already made good progress in 2022: We switched all blister caps at 
our Offenburg facility from non-recycled PET to recycled PET (post-consumer recycled PET, i.e., 
PCR-PET). In addition, we reduced the thickness of the film, resulting in material savings of 20%. 
For fiber-based packaging materials such as paper and cardboard, we aim to achieve a share of 
80% FSC® certifications by 2025.
Sustainable land use
Consumer
Sustainable cultivation of raw materials
Natural raw materials are a key element in the development of our product formulations. We work 
hard to avoid environmental pollution or damage caused either by our sourcing or the use of these 
raw materials. Our goal is therefore to source our main renewable raw materials such as palm (kernel) 
oil derivatives, soy, and paper from more sustainable sources by 2025. We also want to procure these 
main raw materials from deforestation-free sources by 2025. To support this objective, “Sustainable 
Land Use” is firmly anchored in our Sustainability Agenda as a focus field. When it comes to palm-
based raw materials and paper-based packaging, we have had sustainability programs in place for 
many years. Similar programs for soy are currently under development.
Within Beiersdorf we cooperate with colleagues from various specialist departments including Pro-
curement, Research & Development (R&D), Quality and Supply Chain to implement our programs for 
sustainably certified raw materials and packaging worldwide. In addition, the Sustainability Council 
is regularly updated on progress and involved in strategy workshops. This input is important so that 
we can continuously develop our programs and monitor the achievement of our goals.
Palm (kernel) oil derivatives
Palm (kernel) oil derivatives are an important raw material for our cosmetics and body care products; 
they are processed substances based on palm (kernel) oil. Essential ingredients such as emulsifiers 
and surfactants are obtained from this and other vegetable or mineral oils and corresponding deriv-
atives. Beiersdorf does not source palm oil directly for production, but uses its derivatives. Our total 
demand for palm (kernel) oil derivatives was roughly 35,000 tons in 2022.
Palm (kernel) oil is a highly efficient renewable resource, as the oil palm has a yield per unit area that is 
almost five times higher than that of other plants such as coconut, rapeseed, or sunflower1.  
1	 FONAP https://www.forumpalmoel.org/home.

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This makes the cultivation of palm oil attractive, but at the same time usually leads to the progressive 
destruction of rain forests. Our aim is to prevent this deforestation worldwide.
Through certification, transparency, and long-term change, we aim to identify and minimize environ-
mental and social risks along the supply chain of palm (kernel) oil-based raw materials. Our “Palm 
Sustainability Roadmap” and “Sustainable Palm Policy” guide our worldwide commitment toward 
achieving more sustainable raw materials procurement while also improving the working conditions 
of local farmers, for instance. To achieve our goals, we pursue various approaches:
Sustainable certification
We have achieved our goal of using 100% sustainably certified palm (kernel) oil and its derivatives by 
the end of 20202. This means that we only use palm-based raw materials from sustainable sources in 
our products according to the mass-balance model established by the Roundtable on Sustainable 
Palm Oil (RSPO).
According to this model, products can be certified that contain both RSPO-certified and non-certified 
palm oil. In this context, companies must ensure that the processed quantity of RSPO-certified palm 
oil corresponds to the purchased quantity of certified palm oil. This option is particularly relevant 
to the use of palm (kernel) oil-based derivatives, as the derivative supply chains are multi-level and 
therefore highly complex. Therefore, there is no infrastructure for an RSPO-segregated supply chain, 
i.e., a supply chain in which RSPO-certified and non-certified derivatives are traded separately.
Our goal is to procure our palm (kernel) oil derivatives from deforestation-free sources by 2025.
Supply chain transparency
The derivatives supply chain involves a large number of different parties. We do not purchase palm 
(kernel) oil directly, but rather its derivatives from supplier companies and therefore have only limited 
influence on the upstream supply chain.
Nevertheless, we want to be able to trace the origin of our raw materials back to the level of refineries, 
mills and plantations, which is why we are a founding member of the cross-industry Action for Sus-
tainable Derivatives (ASD) initiative, which has been in place since 2019. The ASD’s aim is to increase 
the transparency and sustainability of derivatives supply chains. To achieve this, the initiative contacts 
our direct suppliers and requests information on their upstream supply chain and palm oil quantities, 
among other things. In this way, the ASD works steadily upwards through the entire palm oil supply 
chain. The aim of this annual tracking of our raw materials is to increase transparency in our palm 
(kernel) oil supply chain, identify “hot spots,” and provide targeted support for local projects.
Sustainable transformation in cultivation regions
We conduct activities directly in the regions where palm oil is cultivated in order to improve the local 
working and living conditions of smallholder farmers over the long term and to protect the environment. 
Our goal is to support these farmers and their cooperatives in transitioning to sustainable oil palm 
cultivation without further deforestation that can improve both their income and living conditions.
For example, since mid-2018 we have been collaborating with the World Wide Fund for Nature (WWF) 
on a project in West Kalimantan, Indonesia. Here we are supporting a total of three villages with a 
population of around 4,500 inhabitants, including 240 smallholder farmers. We completed the first 
phase of the project in the 2022 reporting year, and have extended it by further four years. The next 
step is to certify the smallholder farmers according to the RSPO standard by 2026.
We have also been implementing a sustainable landscape project in Sabah, Malaysia together with 
the WWF and our supplier Evonik since 2020. The goal of this project is to make the production of 
2	 Including La Prairie and STOP THE WATER WHILE USING ME!

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palm oil more sustainable and to halt deforestation. The goal here is to have small and medium-sized 
farmers growing palm oil on a total area of 20,000 hectares of land certified according to the RSPO 
standard by 2025.
In addition to the aforementioned projects, we are also supporting a project carried out by the Forum 
for Sustainable Palm Oil (FONAP) in Sumatra, Indonesia.
Shea
Shea butter is another important ingredient in many of our products, which is why Beiersdorf has 
been a member of the Global Shea Alliance (GSA) since 2019. We work with the GSA and our shea 
supply companies in the sometimes very poor rural regions of what is known as the “shea belt” – the 
main cultivation region in Africa. Our aim is to support a total of 10,000 shea collectors there over 
the next five years. For example, we are supporting them in Ghana and Burkina Faso and training 
them in the areas of health, occupational safety, product quality, and business know-how. So far, 
more than 4,000 women have participated in the training seminars. In this process, shea collectors 
learn, for example, how to build more energy-efficient cookstoves using local materials such as 
termite sand to pretreat the shea kernels. They can also use these more economical stoves to cook 
for themselves. Up until now, the women have mostly used simple three-stone stoves fueled by 
firewood, which are two and a half times less efficient. The new stoves can reduce the need for fire-
wood and the associated emissions.
In addition, we intend to plant 10,000 shea trees locally by 2024 in order to help fight climate change, 
because the trees bind carbon dioxide and can counteract desertification.
Paper
We use paper or cardboard for many of our product packaging solutions. We also want to procure 
this natural resource from sustainable sources. To this end, we established a Sustainable Paper and 
Cardboard Policy in 2018 with the goal of using 100% recycled or sustainably certified paper and 
cardboard materials that meet the FSC® standard worldwide by the end of 2020. This goal has been 
partially achieved, for example in the case of primary packaging materials. Since the end of 2020, we 
have been sourcing 100% of our folding cartons, which we use, for example, as outer packaging for 
facial creams, as well as all blister cards we use – such as the cardboard packaging parts for lip balm 
sticks – and all enclosed information leaflets from FSC®-certified material. We were unfortunately 
unable to achieve our target for other forms of paper packaging, such as shipping cartons and other 
sales materials, in all regions by the end of 2020; in these cases, we remain committed to switching to 
FSC®-certified or recycled paper.
Resource Efficiency 
tesa
Using resources efficiently is a top priority at tesa. We are committed to promoting the circular 
economy and to using materials that can be recycled or otherwise reused at the end of their useful 
life. At the present time, we have yet to succeed in completely avoiding waste during the production 
of our products. We are, however, committed to reducing it effectively in order to preserve precious 
natural resources. We are therefore working to raise all stakeholders’ awareness of the need to 
avoid unnecessary waste and to recycle properly.
Measures to increase resource efficiency are an integral part of our corporate environmental 
protection efforts. Moreover, we continue to improve our environmental management systems and 
exchange information with external experts for this purpose.

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Avoidance and recycling
When it comes to managing our waste and raw materials, we base our approach on the “waste pyra-
mid,” in which top priority is given to waste avoidance and reduction, followed by various recycling 
options. Waste is only disposed of where this is unavoidable. Our sites are pursuing the objective 
of “zero waste to landfill” by 2025, i.e., eliminating the disposal of waste via landfill sites. We have 
already achieved this status for six out of seven of our facilities.
In order to use materials efficiently and recycle wherever possible, our production plants are com-
mitted to minimizing production-related losses of the raw materials we use. This applies equally to 
adhesives production as well as to coating tapes and cutting rolls. Among other objectives, we want 
to technically upgrade equipment in which solvents are used by 2030. The aim is to completely 
recover the solvents at the end of the process – and thus keep them in the cycle.
We are also reducing the quantities of waste we produce through ongoing improvements to our 
machinery and manufacturing processes. For example, during the reporting period we introduced a 
new recycling process for release liners at our Hamburg site. This allows us to recycle around 15 tons 
of carrier material per year. Production waste is collected separately on a site-specific basis according 
to various waste categories and then the materials are recycled to the greatest extent possible. Waste 
is divided into categories based on whether it is nonhazardous or hazardous and whether it is disposed 
of or recycled, and the relevant figures are published in our annual sustainability report. tesa recycles 
almost all nonhazardous waste as well as hazardous waste containing solvents.
Active involvement of employees
At tesa, we leverage our employees’ expertise in developing additional waste-reduction measures. 
This is why in 2022, we once again continued the successful “Great Ideas – Not Waste” campaign at 
our site in Offenburg. Driving this campaign is a long-term project through which we intend to contin-
uously reduce energy and resource consumption, with the participation of employees from Production, 
Process Development, and Technology.
As part of these activities, regular project meetings are held both within and across departments. They 
serve to coordinate the concrete utilization of improvement potential and to share best practices. More-
over, the project includes communication measures designed to raise awareness of the issue among 
employees. In 2022, we implemented 15 projects targeting resource efficiency. These projects resulted 
in savings of € 286,000.
Water
Water is the foundation of all life. However, our planet’s water resources are unequally distributed and 
threatened by a range of factors such as climate change, population increase, pollution, and overuse. 
Many regions are particularly affected by drought and in parallel, clean drinking water resources are 
becoming scarcer worldwide. In light of this situation, we consider it vital to use water responsibly. 
Our aim is to keep water consumption and wastewater generation as low as possible across all areas 
of the company and processes, as well as along our supply chains.
Managing water risks
The Aqueduct Water Risk Atlas, a reporting tool made available by the World Resources Institute 
(WRI), is used by the tesa Business Segment to conduct an annual risk analysis for its production sites 
and main headquarters. This analysis takes a number of different aspects into account, such as water 
resources, water quality, and how wastewater is managed. In addition, we identify locations with an 
elevated risk of water scarcity or water stress.

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The Consumer Business Segment  works with WWF’s Water Risk Filter to analyze, evaluate, and 
respond to water risks prevalent in its operations. For even more detailed analyses, we remain in an 
ongoing dialogue with the WWF. Furthermore, we consider it vitally important to use water responsibly 
not only in our direct areas of activity, but throughout the entire value chain. For example, Beiersdorf 
conducted a commodity risk analysis for palm oil, soy, and coconut to understand the role of water 
risks in sourcing key ingredients.
Our Consumer and tesa Business Segments submit water management data annually as part of the 
CDP Water Security program. Consumer received an A rating for the information provided in the 
water security questionnaire in the reporting year, and tesa received a C rating, each on a scale from 
A to D. In the coming year, we would like to work more intensively on further improving and maintaining 
these ratings, respectively.
Consumer
The Consumer Business Segment uses water in a broad variety of ways. On the one hand, it is 
needed to manufacture our products and it is a core ingredient in our product formulations. On the 
other hand, water is used by our consumers when they apply our products. For this reason, we are 
fully committed to using this precious resource in a responsible manner and to systematically and 
consistently promoting the sustainable use of water.
Most of the water we use is consumed by our production sites. Beiersdorf is committed to continuously 
minimizing water consumption in its production processes. Our aim is to reduce consumption per 
manufactured product by 25% by 2025 (compared to the 2018 baseline). There are experts at each site 
who are implementing specific measures in line with our global ambition to reduce water consumption. 
Our Sustainability In Manufacturing (SIM) initiative is driving this forward and has assumed responsibility 
for coordinating efforts at the individual facilities. In doing so, it takes a bottom-up approach. Progress 
is monitored and reported to the Sustainability Council on a quarterly basis. This is how we want to 
ensure that we are on the right track.
In 2022, water consumption per manufactured product remained at the same level as 2018 (base year). 
In comparison to the previous year, this represents a reduction of 8%.
In addition, we want to go one step further and approach the topic of water from a holistic perspective. 
To this end, we are cooperating with WWF as part of a long-term, strategic partnership to improve water 
management within our company and our value chain.
Sustainable water management through state-of-the-art production processes
The importance of sustainable water management is also incorporated into plans to expand our 
production sites – through our global SIM initiative, we are working intensively to integrate innovative 
ideas into our production processes. Here we are focused on developing increasingly effective solu-
tions to reduce water loss, determine water consumption at relevant production sites, and implement 
innovative approaches to treating wastewater so that it can be reused in production processes.
We rely on state-of-the-art equipment and advanced technologies, especially for high-consumption 
cleaning processes. Any wastewater that is produced is treated using efficient technical processes – 
usually in the company’s own treatment plants – and then used for cooling, irrigation, or sanitation, for 
example. These measures are frequently implemented at our production sites as part of their LEED 
certification (see “Climate action” section). Even seemingly small improvements such as modernizing 
sanitary facilities or systematically measuring consumption in production areas contribute to sus-
tainable water management. In order to continuously improve our water management, we are also in 
dialogue with water suppliers, local authorities, and neighboring companies.

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We also regularly conduct reviews at our production sites to identify potential ways to optimize water 
consumption and wastewater treatment.
New water roadmap
In 2022, the Consumer Business Segment developed a new roadmap for its water management. 
The SIM initiative is responsible for implementing the corresponding global targets and measures 
at the individual production centers. The water roadmap is based on four pillars under which we 
have already implemented or launched the following measures in 2022:
1.	 Continuous improvement and maximum operational performance
Through the “Beiersdorf Global Water & Cleaning Community,” water experts at the production 
sites share best practices and can learn from each other. They also have the opportunity to 
discuss progress with the SIM team. We continuously look for and test new (digital) approaches 
to reducing water consumption in cleaning processes, supported by specialist institutes and 
testing equipment at our factories, where such novel approaches are tested
2.	 Process optimization
With the help of internal and external experts, we regularly review whether our facilities meet 
the latest standards and how we can optimize processes. In this context, we focus on wastewater 
treatment plants, water treatment plants, and purification processes. In addition, we draw on 
external expertise for training and to optimize operations. We also constantly reassess our own 
standards and specifications and have, for example, revised our specifications for water quality 
in order to reduce losses in water treatment (such as during the softening of water)
3.	 New water treatment technologies
In addition, we are introducing new water treatment technologies, for example via high-recovery 
reverse osmosis – we are currently testing a program with enhanced cleaning technology at our 
facility in India; this has the potential to reduce water consumption by up to 28%
4.	 Exploring circular water management
We are currently conducting a study to transform the water systems at our facilities in line with 
the closed-loop principle in order to maximize the recovery and reuse of water in production 
centers. Initial projections show that the savings potential can be as high as 70%, depending on 
the location and the measured variables 
Our water roadmap is an example of how we look to our factories for opportunities to innovate and 
implement advanced technologies that can reduce the overarching impact on our environment.
tesa
Guidelines and preventive measures
We are committed to efficient water use, water resource conservation, and appropriate wastewater 
treatment. We collect water-related data at our production sites annually, such as on water consumption 
and wastewater volumes. We withdraw water mainly from the public drinking-water supply and from 
groundwater. Water is reused several times in our cooling cycles. Most of the water used is dis-
charged as wastewater into the sewage system or as surface water.
We want to reduce risks to water sources resulting from our production process as much as possible, 
which is why we take preventive measures against conceivable accidents. For example, liquids that

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pose a threat to water are emptied, refilled, and stored only in areas that are equipped with appropriate 
retention tanks. We use equipment to measure turbidity and solvent concentration to ensure that con-
taminated surface water is not discharged into the sewer system. We have emergency plans in place 
to determine the exact course of action in the event of a leakage of substances hazardous to water. All 
these measures are regularly reviewed in our external ISO 14001 audits and are a precondition for a 
successful audit result.
Employees
Our employees play a key role in the sustainable development of our company. Their expertise, 
skills, and commitment ensure that we remain competitive and innovative. Our goal is to create an 
attractive, inclusive workplace that recognizes the individual performance and actively promotes the 
potential of a diverse workforce.
Consumer
Training and education
The changes in our working world require an agile and dynamic approach to work and thus a high 
degree of flexibility and willingness to learn. This makes it all the more important to foster our 
employees’ personal strengths and invest in their long-term development. To this end, we offer 
comprehensive training and development opportunities that also support lifelong learning.
More information on the key topic of training and development, as well as knowledge and learning, 
can be found in the Combined Management Report in the section entitled “People at Beiersdorf”.
Employer attractiveness
We want to be an attractive employer for our employees and offer them a safe, attractive, and 
inclusive working environment where everyone feels they belong and has the same opportunities to 
succeed and do their best work. We believe that this includes open dialogue across all levels in the 
spirit of participation and involvement, the achievement of jointly set goals, and a responsible man-
agement culture. It is particularly important to us that our employees form an emotional bond with 
our company, so we regularly review this using global employee surveys.
Further information on the results of these surveys can be found in the “People at Beiersdorf” section 
of the Combined Management Report.
Diversity and inclusion
We are convinced that a diverse workforce enriches our teamwork enormously. This is because 
different perspectives and experiences not only make us more innovative, they also boost our 
competitiveness, make us more creative, and help us to better understand and take into account the 
needs of our consumers. Diversity and inclusion are thus not only actively promoted but form a core 
component of our business strategy.
The global D&I roadmap formulated in 2021 and further refined in the reporting year supports us in 
creating a culture rooted in diversity and inclusion. It encompasses a number of strategic priorities 
that are presented in more detail in the “People at Beiersdorf” section of the Combined Management 
Report. This section also contains the relevant key figures, such as the percentage of women in man-
agement positions and the number of management vacancies filled internally.

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tesa
Training and education
Competition for employees with scientific and technical backgrounds is constantly on the rise within 
our industry. The advance of digitalization and internationalization is also changing work require-
ments and methods. We are meeting these challenges with comprehensive education and further 
training programs, as highly qualified, committed, and performance-oriented employees represent 
a decisive competitive advantage for tesa. In addition, a wide range of training and development 
opportunities help to ensure that high potentials enjoy working for us long term.
The tesa Group offers its own training at its production facilities in Hamburg and Offenburg; we are 
also planning to roll out such a training program for tesa SE’s corporate headquarters beginning in 
2023. The focus here is on technical professions, for example chemicals technician, electronics tech-
nician for industrial engineering, industrial mechanic, machine and plant operator, and mechatronics 
technician. In addition, we offer cooperative degree programs and vocational training programs in 
business-related fields, such as plastics and elastomer technology, electrical engineering, and IT 
systems integration.
Our goal is to hire our trainees upon completion of their training for the long term. This is also 
reflected in our retention rates: In Hamburg, 79% of the trainees who completed their training in 2022 
were retained, while in Offenburg the retention rate stood at 54%.
In order to identify and fully tap our employees’ potential, we offer them a wide range of profes-
sional and personal development opportunities. Our programs are designed with specific target 
groups and areas of expertise in mind and include, for example, basic training for new employees. All 
employees can take advantage of in-person and online training courses, for example on compliance, 
occupational safety, sales, as well as management and leadership. Since the start of the COVID-19 
pandemic, we have expanded the number of online courses offered in order to provide employees 
with a variety of options, even when they are working from home. In addition, courses from the digital 
learning platform LinkedIn Learning complement our own programs.
Diversity and equal opportunities
Different perspectives help us to better understand the needs of our customers and at the same 
time increase tesa’s innovative spirit. That is why we are committed to greater diversity and equal 
opportunities.
When filling new positions, we make a point of hiring employees with different cultural backgrounds. 
The share of non-German nationals in the workforce increased by 3.1 percentage points to 8.7% 
between December 2020 and December 2022. We want to consolidate this trend and, for example, 
advertise all vacancies for certain higher-level positions exclusively in English.
In the coming years, we are going to step up our efforts to promote gender equality within the work-
force and in leadership roles. We have set ourselves the target of having women account for 30% of 
the first level below the Executive Board and 35% of the second level at tesa SE by mid-2027.
Attractive working environment
An appealing environment can contribute to employee well-being. That’s why our workplaces are 
equipped with ergonomic and contemporary furniture and equipment, such as height-adjustable 
desks and modern lighting and ventilation concepts. In addition, we offer employees a health man-
agement program at our corporate headquarters in Norderstedt. This program includes ergonomic 
counseling, colorectal cancer screenings, a health club, and massages.  Company medical care as

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well as internal and external psychosocial counseling and support are also part of the health man-
agement program.
In addition, our employees at our headquarters in Norderstedt can, among other offerings, take 
advantage of a cleaning service, visit regular market stalls to purchase regional fruit and vegetables, 
and utilize various mobility concepts. For example, they have the ability to charge EVs and e-bikes at a 
company charging point and park rental bikes from Hamburg’s “Stadtrad” initiative at a station on site. 
Employees also have the option of leasing bicycles through a subsidized program.
Occupational health and safety
Beiersdorf bears a great responsibility for workplace safety and the health of our employees. That 
is why we view the two as a comprehensive, holistic, and preventive management task. Our strategic 
objective is therefore to reduce the number of accidents at work to zero and avoid work-related 
illnesses as well as undue physical and psychological stress factors. To achieve this goal, we conduct 
regular audits to determine how we can make our workplaces even safer and healthier.
Our accident frequency rate (AFR) documents all accidents at work that result in at least one day’s 
absence from work. In the Consumer Business Segment, our AFR sank in 2022 to 0.5 accidents per 
million hours worked. This represents a 45% reduction in AFR compared to the previous year.  We 
are particularly pleased to report that 73% of our production centers operated completely acci-
dent-free throughout all of 2022. At tesa, the AFR of documented accidents resulting in at least one 
day of absence at ISO 14001 certified sites stood at 3.6 per million working hours worldwide in the 
reporting year (2021: 4.1).
COVID-19 pandemic
The risks to our employees still associated with the COVID-19 pandemic are integrated into our safety 
and health management activities. Our local teams continue to monitor the situation, comply with 
local legislation, and adapt protective measures whenever necessary.
Consumer
Driven by our Care Beyond Skin business purpose and guided by our core values, we are committed to 
reducing potential safety risks and incidents. Our Global Occupational Safety Department is respon-
sible for managing safety at the workplace, but we also count on the cooperation of all employees at 
our sites.
Our occupational health and safety strategy applies worldwide. It encompasses our most impor-
tant current measures and programs and serves as a basis for our sites to develop their own local 
implementation plans and measures. We monitor the progress of these measures using indicators 
at a global level.
As part of our continuous improvement efforts, we focus on reducing the main risks associated 
with slips, trips, falls, forklift operation, and machine operation. Within the framework of our 
behavior-based safety program, we encourage all employees to participate and provide feedback. 
We focus on ensuring that our employees make each other aware of both misconduct and exem-
plary safety implementation.
Management systems
In 2022, we further increased our global standards and focused on defining work methodologies 
for technological innovations such as collaborative robots (COBOTs). In addition, we expanded our 
requirements for key activities such as warehousing and forklift operations. This helps our managers 
integrate safety and health protection into day-to-day operations.

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To ensure that we have a robust safety and health management system that enables continuous 
improvement, we conduct external audits every three years at each site; these are consistent with 
our internal Environmental and Safety Management Audit System (ESMAS) (see “Respect for human 
rights” section). ESMAS is based on the two internationally recognized standards ISO 14001 (environ-
mental management systems) and ISO 45001 (occupational health and safety management systems).
What’s next?
We are pursuing the implementation of our strategy and continue to expand the programs that 
strengthen our health and safety management system. In 2023 we will continue to focus on reducing 
the number of accidents related to the main risks in our operations, while simultaneously implementing 
new best practices and programs that are designed to lead to improvements in work permit proce-
dures, machine safety, and the movement of materials.
tesa
Occupational health and safety management are firmly enshrined in the tesa organization. In addi-
tion to statutory regulations, our internal management system in the field of occupational safety 
is based on our group-wide occupational safety and health policy (“tesa Policy on Occupational 
Safety and Health”), which was adopted in 2022. This policy encompasses six key areas: crisis and 
emergency management, health care, risk assessment and evaluation, accident prevention, fire and 
explosion prevention, and facility safety. The policy replaces the Occupational Safety Guidelines that 
had previously been in effect.
The occupational safety and health policy is complemented by company regulations and specific 
directives at each site. They stipulate, for example, that employees must be informed about and made 
aware of safety risks and potential hazards through instruction and training at regular intervals. The 
objective is to enable employees to prevent accidents and avoid health hazards through correct, 
responsible behavior.
The occupational safety and health policy also apply to subcontractors carrying out work at our 
sites. In the respective occupational health and safety committees and annual Management Review, 
the Executive Board evaluates incidents each year together with the Occupational Safety Depart-
ment. On this basis, management initiates new measures to improve employee safety and reduce 
work-related health risks.
Systematic approach to occupational safety
Our occupational safety management focuses on our ISO 14001-certified production sites, as these 
represent a greater risk for accidents and increased health impairments compared to our administrative 
offices. In our Sustainability Agenda, we have laid out an ambitious roadmap that states that by 2025, 
all tesa sites that already have an environmental management system in accordance with ISO 14001 
should also achieve ISO 45001 certification in occupational health and safety.
In 2022, the BG RCI (German Employers’ Liability Insurance Association for Raw Materials and the 
Chemical Industry) audited the tesa sites in Hamburg and Offenburg and awarded them the “Sicher 
mit System” (“Systematically Safe”) seal of approval. This marks another milestone for occupational 
health and safety at tesa. The seal of approval demonstrates that occupational health and safety has 
been systematically integrated into the respective site’s management system.
We employ our own occupational safety specialists at all ISO 14001-certified sites. At the same time, 
we specifically promote international dialogue between these specialists. They discuss material occu-
pational safety and health risks at annual in-person meetings or virtual conferences. In addition, they

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initiate joint projects, set standards, and share their experiences. This approach contributes to the 
continuous improvement of accident prevention at tesa.
Ad-hoc risk assessments are also carried out at tesa. These form the basis for selecting or designing 
work equipment, materials, processes, workplaces and workflows in such a way that technical and 
organizational deficiencies can be avoided and employees can perform their duties in a safe and 
healthy manner. But changes to machinery, equipment or workspaces, as well as new acquisitions and 
process adaptations, can also have an impact on our employees’ safety and health. Safety inspections 
are already carried out when equipment is procured and brought into service, and hazards are sys-
tematically identified and risks assessed in consultation with expert employees.
If we identify a security risk in this context, we take appropriate preventive or corrective action. On 
occupational safety committees, safety experts, employee representatives, as well as members of 
management discuss the material results of risk assessments and define satisfactory measures. Fur-
thermore, regular inspections and evaluations take place, and we carefully incorporate the insights 
gained from these. Further preventive measures are rapidly implemented as required, while our 
relevant health and safety documentation is regularly updated.
We also have detailed regulations in place governing how we handle hazardous substances. 
Together with the Corporate Regulatory Affairs Department as well as Research & Development and 
production managers, the Occupational Safety Department designs tesa-specific processes for the 
handling, labeling, storage, and transportation of hazardous materials. Employees who work with 
certain hazardous substances undergo routine health examinations. In addition, equipment and 
tasks are audited at regular intervals for their safety and emissions. Our emergency management 
procedures define the actions to be taken in the event of an accident with hazardous materials.
Preventive measures
In 2022, we continued to focus on fire safety. For example, we held evacuation and fire extinguishing 
training sessions for fire safety assistants at our production sites. In addition, a fire extinguishing 
exercise was held at tesa headquarters. During this exercise, employees had the opportunity to 
learn about fire safety in the workplace and what to do in the event of a fire under the guidance of 
an expert.
During the reporting year, tesa Manufacturing Hamburg GmbH held an extensive occupational 
health and safety day. At this event, all employees were given the opportunity to learn about 
personal protective equipment, noise exposure, and how to recognize and secure pinch points. 
Employees were also able to take advantage of colorectal cancer screenings and participate in vein 
screenings and immunization counseling.
In 2023, we will implement ISO 45001 certifications at the tesa SE Norderstedt and tesa Manufac-
turing Hamburg GmbH sites in accordance with our roadmap for the occupational health and safety 
management system.

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Society
Consumer
Community engagement
As a global company, we consider it our duty to take responsibility for our environment and to have 
a lasting positive impact on our fellow human beings. Through our corporate purpose Care Beyond 
Skin, we express our passion and ambitions to reach beyond our core business and contribute to 
greater social cohesion.
To this end, our global Social Commitments team works together with colleagues from the individual 
local affiliates. These implement the global strategic framework in alignment with local conditions. In 
addition, at Beiersdorf headquarters we collaborate with colleagues from various specialist depart-
ments such as Marketing, Legal, Controlling, Research & Development (R&D), Corporate Communi-
cations, and Medical Management. We have been evaluating the social projects we support world-
wide on an annual basis since 2013. The project managers at our local affiliates collect all locally 
relevant data, which we consolidate in order to be able to analyze our activities globally. The results 
of the analysis serve as an important source of information for internal management, but also form an 
integral part of our sustainability reporting.
As we pursue a vision of an inclusive society, we focus our activities primarily on people who are 
affected by social inequality, marginalization, and isolation. We support local initiatives that aim to 
strengthen and support physical and mental health, a sense of social belonging, and the voluntary 
social participation of all members of society. This is how we want to make an important contribution 
towards a cohesive society.
Our commitment in the Consumer Business Segment takes place both at the corporate level and at 
individual brand level, and goes beyond our own value chain. Globally, the focus of our corporate 
commitment is on empowering girls and disaster relief. Each brand also provides targeted support 
in areas that fit with its brand identity and area of expertise, while aligning with the social needs and 
concerns of the local communities.
We also involve our consumers in our brand engagement. For example, we provide them information 
on our social initiatives in a continuous and transparent manner via the corporate and brand websites, 
thereby raising public awareness of key social issues.
Engagement at corporate level
In 2022, we continued the COVID-19 aid program for which Beiersdorf Consumer had already ini-
tiated global partnerships in 2020. Through the program, we aim to particularly provide people in 
the epicenters of the pandemic and in regions and countries with weak public health systems and 
infrastructures with support appropriate to their situation.
Beyond emergency aid, within these partnerships Beiersdorf is committed to providing medium to 
long-term support for local people. Many countries are facing long-lasting socioeconomic impacts 
and challenges in the wake of the COVID-19 pandemic. Above all, girls and young women are 
affected by the pandemic and its consequences, due to their age and gender. During crises, for 
example, they are at increased risk of experiencing sexual violence, being married off against their 
will, and having to leave school permanently. Similarly, girls and young women are more likely to work 
in fields that put them at higher risk of contracting COVID-19, for example, in the (home) care and 
healthcare sectors. This is why empowering girls is a particular focus of our COVID-19 aid program.

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To provide the most effective assistance possible, we work in Africa and Latin America with the inter-
national non-profit organizations Plan International and CARE, which have the expertise needed to 
implement projects and can rely on established and stable networks on the ground. They also have 
many years of experience in impact measurement.
In 2021, Beiersdorf set itself the goal of directly reaching more than 300,000 people by 2023 through 
its projects to empower girls. In this context, people who are directly reached by one or more project 
activities are referred to as direct beneficiaries.
In the sense of a holistic, systemic approach that seeks to stimulate change across all of society, 
people of all genders and ages in a project’s locality can be counted as direct beneficiaries. Only by 
involving different members of a community it is possible to have a lasting impact on individuals – in 
this case, girls and young women.
In partnership with Plan International, Beiersdorf is working to strengthen girls’ rights to access edu-
cation and is helping prevent gender-based violence during the COVID-19 pandemic and beyond. 
For example, as part of the project in Ecuador, training sessions were held with 625 young people, 
more than half of whom were girls. The focus was on sexual and reproductive health and rights and 
gender-based violence. In total, the projects reached 19,944 people in Brazil, Ecuador, and Colombia 
during the reporting period1 and 33,309 people in Kenya, Ghana, and Nigeria. The projects are 
designed to run for a total of two years each, starting from October 2020 (Latin America) and Feb-
ruary 2021 (Africa). The duration of the projects in Latin America has been extended until the end of 
2022 in order to be able to complete all activities.
In partnership with CARE, Beiersdorf has worked to ensure that particularly vulnerable groups in 
Africa, such as girls and young women, receive information about COVID-19 and access to appro-
priate healthcare. In addition, the objective of this two-year project is to mitigate the socioeco-
nomic consequences for these target groups and strengthen their livelihoods. Its geographical 
focus is Ethiopia, Kenya, Somalia, and Sudan. For example, 3,067 girls and women in Kenya (includ-
ing 68 participants under the age of 18) participated in group training sessions on Village Savings 
and Loan Associations (VSLA) methodology during the reporting year. Amongst others, in these 
groups, they learn about financial processes such as loans and savings rates. This project, which is 
also designed to run for two years, reached a total of 120,583 people in the reporting period.
As of the end of 20222, Beiersdorf had already reached 231,798 of the more than 300,000 people it is 
targeting with its projects to empower girls.
In addition, Beiersdorf works closely with Ashoka, the world’s largest network of social entrepreneurs, 
in its efforts to empower girls. October 2021 marked the launch of a one-year social innovation initiative. 
In 2022, together with Ashoka, Beiersdorf awarded grants to five leading female social entrepreneurs 
from the United Kingdom, Poland, Italy, Belgium, and Switzerland, whose projects are dedicated to 
the empowerment of girls and women. In addition, starting in January 2022, we provided assistance 
to help female European social entrepreneurs connect and network with the goal of strengthening 
gender equity. After the initiative was successfully completed during the reporting period, Ashoka and 
Beiersdorf are currently planning a second phase.
Together with the University of Cardiff, the company has also been conducting a three-year psycho-
logical study since 2021 that evaluates the impact of the COVID-19 pandemic and similar crises on the 
well-being of people with skin diseases. The study is examining, among other things, how negative 
1	 The organizations’ reporting period does not correspond to the calendar year, as they report on a different schedule. Their 
reporting periods are as follows: Plan International Latin America: July 1, 2021 – June 30, 2022, Plan International Africa: 
August 1, 2021 – July 31, 2022, CARE Africa: November 1, 2021 – October 31, 2022
2	 This only includes the figures that were received by December 31, 2022

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impacts can be mitigated through the use of digital support tools. A research paper3 highlighting the 
findings to date was published in the reporting year. In addition, an interview process with affected 
individuals was launched in order to develop further conclusions that could be a beneficial role in the 
development of digital aids.
Due to the Russian invasion of Ukraine and the subsequent war, Beiersdorf provided two million euros 
in emergency aid to the German Red Cross and CARE Deutschland e.V. We have also set up a global 
donation platform with the United Nations Refugee Agency (UNHCR) for all our employees. UNHCR is 
using the funds primarily to establish and implement emergency relief activities for Ukrainian families 
who have fled the country. This includes, for example, the provision of shelter, clean drinking water 
and sanitation, and healthcare. In addition, our headquarter is also collaborating with the two charitable 
organizations innatura and Hanseatic Help by distributing targeted product donations. Beiersdorf 
donated products from NIVEA, 8X4, Hidrofugal, Eucerin, Aquaphor, and Hansaplast throughout 
Europe during the reporting period.
Engagement at brand level
The NIVEA and Eucerin brands continued to pursue their own global social missions locally in 2022.
NIVEA launched individual project activities during the reporting period. The goal is to stimulate 
human touch and more togetherness, thus improving the quality of life of people affected by lone-
liness – such as of premature babies, partially sighted individuals, and elderly people suffering from 
dementia. For example, NIVEA France cooperates with “Petits Frères des Pauvres,” an organization 
that combats the social isolation of older people. In the United Kingdom, the brand is working with 
UNICEF UK within the framework of the “Baby Friendly Initiative” to support premature baby units 
in selected hospitals. In the Philippines, NIVEA works with the organization Resources for the Blind 
Inc., which focuses on providing holistic care for partially sighted people. The goal of these “Human 
Touch” projects is to have a positive impact on the individual health and well-being of more than 
150,000 people by 2025. Currently, the brand is reviewing the thematic focus of its social mission.
Eucerin is committed to promoting the social inclusion of people affected by dermatological con-
ditions. Its projects focus on reducing social exclusion and stigmatization, as well as on improving 
participation in society.
In Germany, the brand is collaborating with the University Medical Center Hamburg Eppendorf and 
the German Psoriasis Association. This joint project has the long-term goal of ensuring that people 
with psoriasis are no longer stigmatized by society.
Eucerin aims to implement local social projects in at least 15 countries by 2023 in order to promote 
the quality of life of people with dermatological conditions and their social inclusion. As of 2022, 
projects have already been carried out in seven countries, although concrete activities will not begin 
in Canada until 2023.
The healthcare brands Hansaplast, Elastoplast, and CURITAS initiated a new global social mission in 
2022 with a focus on first aid training for children – and the brands aim for at least 200,000 children to 
actively participate in trainings by 2025. In the reporting year, the local affiliates began to implement 
the mission locally. In this context, they focused on finding suitable partners and projects.
3	 Hewitt, R. M., Ploszajski, M., Purcell, C., Pattinson, R., Jones, B., Wren, G. H., Hughes, O., Ridd, M. J., Thompson, A. R., & Bundy, 
C. (2022). A mixed methods systematic review of digital interventions to support the psychological health and well-being of 
people living with dermatological conditions. Frontiers in Medicine, 9. https://doi.org/10.3389/fmed.2022.1024879

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Respect for human rights
Beiersdorf actively promotes compliance with laws, codes of conduct, and human rights. This 
responsibility is deeply anchored in how we see ourselves, as well as in our core values. This not 
only applies to our own sites and employees around the world, but also to all employees along 
the value chain. We do not tolerate any form of corruption, forced labor, child labor, or discrimina-
tion – neither at our own locations nor at any point in our supply chain. Furthermore, we support 
the health and safety of employees in the workplace, employees’ right to freedom of association, 
including collective bargaining, and environmental protection. We are also committed to equal 
rights and treatment as well as diversity.
Upholding human rights throughout the value chain
We primarily see risks relating to compliance with human rights in purchasing and procurement, for 
example of raw materials or services – and thus in our supply chains. Our goal is to eliminate or mini-
mize all threats to human rights to the greatest extent possible.
Due to our responsibility as a multinational company that operates across the globe and the legal 
requirements with respect to human rights due diligence, we reevaluated the risk of human rights 
violations involving our employees and our supply chain in the reporting year. This was conducted as 
part of our annual risk management process. If minimum social standards are not met, it may affect 
the safety, health, and well-being of employees. As a result of Germany’s Supply Chain Due Diligence 
Act coming into force, human rights violations can now result not only in considerable damage to our 
reputation, but also in substantial fines for companies. We are responding to this risk with, among 
other measures, a task force that is preparing the company’s internal processes for the additional 
requirements imposed by the law. In addition, we implement numerous preventive measures when it 
comes to human rights to reduce negative impacts as far as possible.  
As mentioned in our “Declaration of Principles on Respect for Human Rights,” we are not only a 
signatory to the United Nations Global Compact (UNGC) but also steer our own business activities 
and our collaboration with business partners based on fundamental principles and guidelines. These 
include the UN Universal Declaration of Human Rights, the International Labour Organization (ILO) 
Conventions, and the OECD Guidelines for Multinational Enterprises. In addition, we fully comply 
with all regulations and official requirements applicable in specific countries.
We focus on long-term relationships with business partners who commit to and align with our prin-
ciples of sustainable, responsible corporate governance and explicitly promote these. The internal 
and external codes of conduct for our employees and our suppliers contain binding requirements 
on upholding human rights.
We require our business partners to meet our standards and communicate them to their upstream 
supply chains. This applies both in terms of required product quality as well as transparent, fair, 
and responsible business practices. In this way, we want to ensure that our business partners live 
up to their social, environmental, and economic responsibilities – and ultimately manufacture 
high-quality products.
Consumer
Consumer Business Segment creates binding standards
With our Code of Conduct for Business Partners (CoC), the Consumer Business Segment has commit-
ted all our business partners along the supply chain with an annual purchasing volume of more than 
€ 50,000 to comply fully with our standards. The CoC is aligned with our core values and establishes 
uniform, binding criteria for responsible business activities, including critical aspects such as prohibiting

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corruption, child labor, forced labor, and discrimination as well as promoting occupational health and 
safety, the right to freedom of association and collective bargaining, and environmental protection.
In 2022, we procured more than 90% of our goods and services through partners who have explicitly 
committed to our CoC; we aim to increase this share in the future. We also revised the CoC in the 
reporting year to meet the requirements of Germany’s Supply Chain Due Diligence Act which came 
into force on January 1, 2023.
Risk screenings and audits
In addition, environmental protection and occupational safety audits have been carried out at all 
Beiersdorf Consumer facilities since 2013. These audits are aligned with the requirements of the 
Environmental Protection and Safety Management Audit Scheme (ESMAS), which are based on the 
internationally recognized ISO 14001 (environmental management systems) and ISO 45001 (occupa-
tional health and safety management systems) standards.
ESMAS audits verify whether appropriate measures are implemented to guarantee compliance with 
our globally applicable environmental as well as occupational health and safety standards at our sites. 
During the reporting year, Beiersdorf’s production sites in Hamburg and Berlin (Germany), Argentona 
(Spain), Sanand (India), Bangplee (Thailand), Malang (Indonesia), Shanghai (China), Itatiba (Brazil), 
Mexico City (Mexico) and Lagos (Nigeria) were audited in accordance with the ESMAS standard.
In addition to the ESMAS audits, our facilities in Germany (Hamburg and Berlin), Spain (Argentona and 
Tres Cantos), India, Indonesia, China, Brazil and Nigeria were audited in the reporting year in accord-
ance with the standardized 4-pillar audit protocol of the Sedex Members Ethical Trade Audit (SMETA). 
All of the audits performed are valid for three years and are therefore repeated every three years.
The Vice Presidents of the functions Sustainability and Procurement are responsible for sustainability 
in our overall sourcing operations and throughout the supply chain. A risk classification assessment 
is performed on all of our more than 21,000 direct suppliers; it examines whether more in-depth 
screening and thus further measures beyond signing the CoC are required. Country-specific risks, 
the quantity of goods purchased, and the proximity of the respective goods or service companies to 
Beiersdorf’s brands are risks that all play a role in the risk classification process. Direct suppliers with a 
medium risk rating must submit a comprehensive self-disclosure via the Sedex or EcoVadis platforms. 
On this basis, we conduct a more detailed risk assessment, which the Responsible Sourcing team then 
uses to decide whether a subsequent audit is required. Direct supplier facilities with a high risk rating 
are required to undergo an on-site audit.
To ensure objectivity, the audits are carried out by independent certified auditors according to the 
standardized SMETA 4-pillar audit protocol. The results of the audits highlight concrete challenges 
and fields for action and serve as a basis for the joint development of action plans with our suppliers. 
In extreme cases, audit results may lead to the termination of business relationships. By leveraging 
international collaboration platforms such as Sedex, EcoVadis, and AIM-PROGRESS, we can con-
tinuously improve our sustainability engagement right along the supply chain. In addition, we are 
currently restructuring the risk classification process. The goal is to integrate even more external 
insights, indices, and data sources and make our processes even more robust from 2023 onward.
tesa
Designing procurement processes in a responsible manner
We require direct suppliers to the tesa Business Segment to sign our Code of Conduct for Suppliers  
(CoCS). The CoCS forms the foundation for designing our global procurement processes in a 
responsible manner and outlines fundamental rules and commitments in the areas of human rights, 
labor standards, environmental protection and the prevention of corruption. It is based on the ten

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principles of the UN Global Compact, the conventions of the International Labor Organization (ILO), 
and the OECD Guidelines for Multinational Enterprises. We expect our suppliers to comply with our 
standards and to remedy any shortcomings. In this context, we are implementing our own auditing 
process. In light of Germany’s new Supply Chain Due Diligence Act, we also expanded the CoCS in 
the reporting year and thus made the issue of human rights even more relevant. The new CoCS will 
be valid from 2023. 
Our supply chains are global and complex, as we source raw materials, products, and services from 
all over the world. By working together closely, we aim to establish long-term, trusting partnerships 
with regular suppliers. Our goal is to ensure that product quality, supply reliability, and our shared 
commitment to sustainable growth remains on a high level.
The rules for our global procurement processes are defined and described in the Purchasing Com-
pliance Guideline (PCG), which also forms part of our Group-wide Compliance Manual. This policy 
contains binding rules of conduct for tesa’s procurement activities and is reviewed and revised on 
an ongoing basis.
More transparent supply chains
We not only require our major suppliers to comply with the tesa CoCS, our goal is also to gradually 
increase transparency and sustainability across our entire supply chain.
In the reporting year, we introduced a systematic assessment process for our approximately 
10,000 suppliers. In this process, our Procurement and Sustainability Departments examine whether 
a more in-depth risk analysis of the suppliers is necessary. This supplier screening process is carried 
out once a year and as required, for example in the case of new suppliers. In addition to risks specific 
to individual countries and industries, the quantity of goods purchased also plays a role in classi-
fication, which extends across the risk categories very low, low, medium low, medium high, high, 
and very high. Factors such as strategic relevance are also included, for example if the company is a 
supplier for an important raw material or a single-source supplier.
We have already been inviting direct suppliers to complete an assessment via the EcoVadis platform 
since 2020. Suppliers with a good rating can thus demonstrate the extent to which they uphold 
human rights, maintain fair working conditions, and take environmental aspects into account, as well 
as responsibly produce and procure their products, raw materials, and services. In the future, these 
invitations will be linked to risk factors in an even more targeted manner.
At the end of 2022, suppliers that are responsible for 54% (2021: 43%) of our direct purchasing volume 
had submitted EcoVadis assessments. In the coming years, our aim is to gradually increase this figure, 
with a goal of having sustainability assessments completed for a total of 80% of our direct purchasing 
volume by 2025. Furthermore, our goal is that by 2030, 80% of our purchasing volume will be sourced 
exclusively from suppliers who meet our responsible supply chain standards - this means that, among 
other things, they have an EcoVadis assessment of at least 45 points. 
Compliance
The following Compliance section applies to both the Consumer and tesa Business Segments. Both 
Business Segments have established their own independent compliance management systems (CMS), 
which follow uniform standards and are implemented in close alignment between the two respective 
Corporate Compliance Management teams. Differences in the precise design of the CMS of the two 
Business Segments are described below, insofar as they exist.

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Our Core Values for responsible conduct
For us, compliance means observing legal and commercial provisions and rules – and doing so 
without compromise. Both the Consumer and tesa Business Segments have established a respective 
Code of Conduct (CoC) to ensure compliance with these standards and to fulfill our social responsi-
bility as a company in the best possible way. As an overarching value framework, the CoC is intended 
to guide everyone at the company when carrying our business activities. Furthermore, it supports all 
our employees, managers, and corporate bodies in complying with and living by the core principles 
and values of the Business Segments. As a directive for our actions, the CoC contributes to affirming 
our company’s status now and in the future as a trusted partner to our customers, business partners, 
shareholders, and further stakeholders.
Group-wide compliance management
Our Group-wide CMS is based on established standards such as the IDW AsS 980. We follow these 
guiding principles:
•	 Prevent: Preventive measures are anchored in our management system to avoid wrongdoing.
•	 Detect: We use risk analyses to detect and manage material compliance risks Group-wide. Addi-
tional control instruments help reveal noncompliant behavior.
•	 React and Improve: We penalize any violations of statutory or internal regulations as appropriate 
in each individual case. In addition, we continuously develop improvement measures for the 
entire CMS. We see our compliance management system as an important contribution to acting 
in a sustainable and forward-looking manner and thus living up to our tradition as a reliable and 
trustworthy company.
Prevent
Antitrust law continues to be an important compliance issue for both parts of the Group. The 
reasons for this are our business models, legal complexity, the continually increasing prosecution 
activity worldwide, as well as the potential for sanctions by antitrust authorities. In addition to 
antitrust law, preventing corruption and acting in accordance with privacy laws are two other focal 
points of our compliance programs. These programs serve to specifically raise the awareness of our 
relevant employee groups to these topics and to provide them with both the confidence to act and 
make decisions.
Our Corporate Compliance departments are responsible for defining, developing, and monitoring the 
minimum standards for these programs, as well as an appropriate CMS in their respective organization.
In our regions and at our affiliates, we have established local compliance officers who are responsible for 
communicating all elements of the compliance programs to our employees and working to ensure that 
they are applied locally. The aim is to enshrine all elements of our compliance system in the regions and 
affiliates and to monitor and improve them on an ongoing basis. A special network of external attorneys 
specialized in antitrust issues is available to local companies. Practice-oriented training and consulting 
services as well as various guidelines form the core elements of our compliance programs:
•	 The antitrust guidelines provide clear directives on antitrust-compliant behavior, requirements 
for contact and the exchange of information with competitors, guidance for communication with 
customers, for example, with regard to sale prices, as well as fundamental dos and don’ts.
•	 The anti-corruption guidelines serve as a guide to dealing with gifts, product samples, and invita-
tions from and to representatives and employees of other companies or public officials. They also 
contain information on how to deal with conflicts of interest.

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•	 The data protection guidelines describe, in particular, how the principles of the European Union’s 
General Data Protection Regulation (GDPR) are implemented for the lawful processing of data at 
our EU companies. These guidelines direct and instruct our employees on how to handle data in a 
legally compliant manner. In addition, the data protection teams have established internal partner-
ships with key data protection functions such as Cyber Security and Procurement.
We have implemented a comprehensive, target group-specific training concept. Taking a risk-oriented 
approach, we train an average of several thousand employees worldwide annually on corruption 
prevention as well as antitrust and data protection-compliant behavior. This training is delivered 
face-to-face or in an e-learning format and it serves to raise our employees’ awareness of the topic 
and to show them where to obtain further support. In addition, Members of the Executive Board and 
Supervisory Board are regularly informed about relevant compliance matters. In the fiscal year 2022, 
the Consumer Business Segment achieved a total training participation rate of 97% and tesa of 99%. 
The total participation rate applies to the target and risk group defined in advance for the respective 
compliance fields of antitrust law, anti-corruption, and data protection. This includes all employees 
and managers who may come into contact with the respective issues and requirements.
Our employees can find key guidance and information on the relevant compliance intranet pages. 
In addition, we use various communication channels such as the intranet and email to inform our 
workforce regularly about compliance topics and related new developments. Furthermore, we 
regularly exchange information with our local affiliates on generally relevant updates, emerging 
questions, or best-practice approaches, for example.
These ongoing communication and training measures help us institutionalize the compliance principles 
at our companies.
Detect
The analysis of compliance risks forms the basis of our compliance management system and our 
compliance programs. To this end, we regularly identify existing and future compliance risk areas in 
our business models and our geographical presence as part of a holistic compliance risk assessment. 
In addition, both Corporate Compliance departments support their management teams in identifying 
risks that go beyond their own organizational responsibility.
In a second step, these are then evaluated and prioritized. High-priority issues are analyzed for their 
specific risks in order to ensure that appropriate countermeasures exist or are taken. This is carried 
out both centrally and at the affiliates. The results are presented to the Executive Board and leveraged 
to continually adapt and improve our global and local compliance programs.
In order to operate in a fully compliant manner over the long term and maintain and further promote 
an open and trusting compliance and communication culture, it is essential that individual employees 
are personally committed to the issue. This also includes reporting possible compliance violations 
and other complaints – even anonymously, if they so desire. To this end, we have established and 
communicated various reporting systems.
For example, the Consumer Business Segment launched the “Speak up. We care.” whistleblowing 
platform that can be accessed from anywhere in the world around the clock. The tesa Business Segment 
has also been using this platform since this reporting period. Furthermore, external ombudspersons 
received confidential information on potential compliance violations on behalf of tesa until 31.10.2022.
The whistleblowing platforms are available not only to our own employees but also to customers, 
consumers, suppliers, and other external stakeholders for the purpose of reporting possible 
misconduct. Besides the above, we also provide internal options for reporting such as Corporate 
Compliance email addresses.

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We have established processes to investigate and clarify any information received and ensure that 
appropriate measures are taken, following careful consideration. Relevant specialist functions and the 
Corporate Auditing Department are usually involved in the investigation.
Corporate Auditing is another independent monitoring function within Beiersdorf AG. This depart-
ment conducts regular audits of both Business Segments, of which compliance-relevant topics form 
an integral part. In addition, each Corporate Compliance Department regularly monitors compliance 
with centrally defined minimum standards, through on-site visits or queries about the implementation 
of measures, for instance.
React and improve
We closely monitor the effectiveness of our compliance management system by means of our regular 
Group-wide compliance reporting. The results are reported to the Executive Board and Supervisory 
Board. These reports document compliance incidents as well as the status of our compliance programs 
centrally and at affiliates worldwide. We derive further courses of action based on this information 
and implement appropriate measures. The affiliates are naturally required to inform the Corporate 
Compliance Department immediately about any material compliance incidents, including outside the 
regular reporting cycles, in order to be able to respond immediately.
We consider the continual and thorough development of our compliance management systems as an 
integral part of our activities. This is how we take internal adaptation requirements into account, as 
well as the dynamic changes in legal frameworks and economic conditions. In the reporting year, we 
developed formalized audit formats for this purpose in the Consumer Business Segment and carried 
them out at select affiliates. On the basis of the formats, we analyze the effectiveness of antitrust and 
data protection compliance and improve it on an ongoing basis. At tesa, we revised the data privacy 
guidelines, the whistleblowing guidelines, and the case management process. We also reviewed the 
status of local compliance implementation at certain affiliates.
Other Issues
Product Safety
Our highest priority is to provide safe products that are fully compatible with our consumers’ health 
and the environment. All our products therefore need to comply with numerous statutory require-
ments before they can receive official market approval. Both Business Segments apply high standards 
in this regard.
Consumer
In this respect, our understanding of quality goes beyond the evaluation and approval of our 
products. We understand quality as a dynamic process that contributes to continuous improvement 
and express this understanding in the Beiersdorf Quality Policy. It guides our Executive Board, our 
management, and all our employees in their daily activities.  
It also serves to maintain and build on our consumers’ satisfaction and high level of trust, and to 
ensure that we remain competitive in the future.
Safety evaluation of all raw materials and cosmetic product formulas
To ensure that we meet our own strict requirements regarding the quality of our products, we employ 
a team of experienced, highly qualified safety assessors. First, this team must perform the legally 
required evaluation and approval of the raw materials, formulas, packaging materials, and product 
claims, thereby verifying their safety and compatibility for consumers. Only then do the safety asses-
sors approve the finished products for distribution. This is done primarily in accordance with the

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internationally recognized rules set  in EU Cosmetics Regulation 1223/2009 for safety assessment, as 
well as the requirements of the SCCS Notes of Guidance in their 11th revision from 2021, which are 
applicable EU-wide.In the interests of consumer protection, the safety assessors work closely with 
related departments such as Research & Development and Product and Packaging Development.
In addition to experience and expertise, evaluating the safety of cosmetic products requires, above 
all, scientific exchange and knowledge of new findings regarding the compatibility and safety of 
raw materials, formulas, and packaging materials. Accordingly, our safety assessors attend interna-
tional conferences, participate in working groups and expert teams, and also take part in specialist 
international training courses. The goal of this professional exchange and training is to ensure that 
we continue to operate appropriately and responsibly in the future. It is also important to us that we 
hold our external service providers and suppliers, such as perfume and raw material manufacturers, 
accountable. We require them to certify their compliance with statutory requirements as well as those 
that go beyond the legally required scope.
Beiersdorf’s global mandatory safety requirements
We have established our detailed safety requirements in the Beiersdorf Product Safety Policy. This 
policy is globally binding, as we do not differentiate between regions or locations when assessing the 
safety of raw materials, formulas and products, but set the same standards everywhere. The require-
ments of the EU Cosmetics Regulation 1223/2009 play a particularly important role for us. On the one 
hand, the EU Cosmetics Regulation governs the qualification of safety assessors and product safety 
requirements; on the other hand, it also defines the specifications for correct product labeling and for 
providing information that ensures safe transportation and product handling.
The legal requirements governing the safety of products – viewed on a global level – are constantly 
changing. We want to preemptively mitigate the risk of violating current regulations, which is why our 
central Regulatory Affairs team collaborates with an international network of local regulatory affairs 
officers. They follow all the regulatory requirements and the latest changes to them in the countries in 
which our products are sold. This way, we ensure that our products meet all the currently applicable 
requirements for their respective markets as early as the product development stage.
Animal testing
We are resolutely committed to rendering animal testing obsolete worldwide. We are convinced 
that animal testing is not necessary to prove the skin tolerability and effectiveness of our cosmetic 
products. For this reason, we do not conduct animal tests for any of our cosmetic products or their 
ingredients, and do not have animal testing done on our behalf.
In the EU, animal testing has been completely banned for cosmetic products since 2004, and for all 
the ingredients used in these products since 2013. Beiersdorf complies with these legal requirements 
and has also long since refrained from animal testing worldwide whenever local laws permitted it. It is 
our stated goal to advance research to the point when animal testing can be completely abandoned 
worldwide.
Consumer safety is our top priority. As one of the leading research-based companies, we have been 
involved in the development and acceptance of alternative testing methods for almost 40 years. In this 
context, we have been and continue to be instrumental in the development and validation of key meth-
odologies that are internationally recognized by the OECD (Organisation for Economic Co-operation 
and Development) and major regulatory bodies.
In collaboration with numerous partners and interest groups, we work to ensure that innovative 
alternative methods are developed and that existing ones are accepted. We are involved in various 
working groups in the European umbrella organization of the cosmetics industry (Cosmetics Europe),

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cooperate with the European Centre for the Validation of Alternative Methods (EURL ECVAM), and 
support the OECD by providing scientific findings. We are an active member of the European Society 
of Toxicology In Vitro (ESTIV) and a founding member of the European Partnership for Alternative 
Approach to Animal Testing (EPAA), an organization established in 2006 by the European Commission 
that covers seven industry sectors. In addition, Beiersdorf has established partnerships in the field of 
cutting-edge research, for example in the study of so-called organ chips, which simulate the interaction 
of several organs.
Even though great progress has already been made, at the present time there still aren’t alternative 
testing methods available that have been recognized and established by lawmakers for all safety-related 
issues. As a result, we will also continue to advocate intensively for the development and successful 
use of alternatives to animal testing.
tesa
The quality and safety of our products are crucial to the satisfaction of our customers and thus to our 
economic success. tesa aims to ensure that our products are high-quality and safe through systematic 
quality management. If products display safety defects, this can have a negative impact – both on us 
and the people who use them. We aim to continually make products that satisfy the highest quality 
and safety requirements.
A systematic approach to quality and safety
tesa wants to design its products and processes to ensure that they fulfill the diverse expectations of 
our customers and other stakeholders and that no one is harmed during their production or use. Our 
core goal for product safety is to keep the number of product liability cases to zero. As such, all tesa 
production sites apply certified management systems in accordance with globally recognized quality 
norms, standards, and regulations. The compliance of our products, systems, and processes is peri-
odically reviewed and confirmed through both internal and external audits at the relevant locations.
We comply with applicable laws and guidelines. Our internal Product Safety Guideline complement 
these strict statutory provisions and lay out mandatory measures that enable us to further increase 
the safety of our products. In addition, they specify the roles and responsibilities of the Product Safety 
& Conformity Representatives (PSCR). The tesa Product Safety Guidelines apply worldwide and our 
employees have access to the document via our intranet.
Product safety officers
Every production facility worldwide has a local Product Safety & Conformity Representative (PSCR) 
who reports to the Corporate PSCR, the central product safety officer. All our PSCRs must complete 
an external training course that is recognized officially. They usually also act as the sites’ quality officers.
Product safety management is an integral part of quality management at tesa and is co-steered by the 
Executive Board. The Corporate Regulatory Affairs Department is responsible for evaluating materials 
and substances. For this purpose, it draws on various chemical databases, evaluates scientific findings, 
and reviews data on safety-relevant substance properties and the safe handling of substances and 
mixtures. As a rule, a safety data sheet is available for every product that includes comprehensive 
safety information – for example, on materials and substances, proper storage and correct handling, 
as well as recommendations for disposal.
Risk analyses ensure quality
Preventing product defects plays an important role for us, which is why Product Development and 
Production perform risk assessments or failure mode and effects analyses (FMEA) for every new 
project. This helps them to identify potential defects in design, production, or even usage directions,

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such as inaccurate instruction manuals, during the development process. Once products are on the 
market, our business units continue to monitor them. If the units determine that a new risk analysis 
and evaluations are necessary, further or new measures are required - leading to the necessary steps 
to safeguard the health and safety of our customers and employees.
Internal audits
tesa owes its safe product solutions not only to its strict quality requirements, but also to the systematic 
development of expertise within the company.
The Quality Management Department and PSCRs are responsible for our internal audits. Audits of 
Product Development and Production are carried out both on an ad hoc and annual basis – and, if 
necessary, in other departments, such as Marketing. The tesa Group’s production sites were again 
successfully audited in accordance with globally recognized quality norms and standards during the 
reporting year. The IATF 16949 certification process pays special attention to the conformity of all 
products, processes, parts, and services, as well as product safety.
EU Taxonomy Reporting
Since the EU Taxonomy Regulation came into force, Beiersdorf has been required to provide 
information on sales, capital expenditures (CapEx), and operating expenses (OpEx) associated with 
environmentally sustainable economic activities. The EU Taxonomy Regulation contains criteria for 
determining whether an economic activity qualifies as sustainable with respect to various environ-
mental objectives. The overarching goal is to create a more sustainable financial sector and channel 
investments into green and sustainable projects, thereby contributing to the European Green Deal. 
The following information applies only to the environmental goals “climate change mitigation” and 
“climate change adaptation,” as the EU Commission once again failed to publish any technical screening 
criteria for the other four environmental objectives in the reporting year.
Taxonomy Impact Analysis Procedure1
To determine its overall taxonomy capability, Beiersdorf assembled a cross-functional team in spring 
2021 consisting of employees from the tesa and Consumer Sustainability Departments, Group 
Accounting and Consolidation (Consumer), and Corporate Controlling (tesa). In addition, further 
departments including IT Controlling, Manufacturing Controlling, and Facility Management were 
brought on board in order to integrate their expertise on individual business activities. 
Initially, the team identified the taxonomy-eligible activities at Beiersdorf by referencing the activity 
descriptions and the referenced NACE codes in Annexes 1 and 2 of the EU Taxonomy Climate Dele-
gated Act on climate change mitigation and climate change adaptation. In this context, the team also 
made use of the “Taxonomy Compass” provided by the EU Commission. At the same time, the team 
analyzed the definitions of the OpEx, CapEx, and sales revenue figures set out in Annex 1 of the 
Climate Delegated Act relating to Article 8 of Regulation (EU) 2020/852 and collected the data for the 
respective benchmarks (denominator of the key figures) based on our financial controlling systems. 
This particularly involved identifying the relevant cost types relating to OpEx. For the activities iden-
tified as taxonomy eligible, approaches were then defined for estimating and gathering data on the 
corresponding OpEx, CapEx, and sales revenue.
1	 Given the ongoing, dynamic development of the formulations contained within the EU Taxonomy Regulation, uncertainties 
persist regarding the interpretation of its wording and terms. As a result, we may make changes to our Taxonomy Impact 
Analysis in the future.

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Identified Taxonomy-eligible Economic Activities
The following economic activities have been identified as taxonomy eligible:
Information and Communication
•	 Since the Consumer Business Segment operates a data center and provides these services to tesa, 
Activity 8.1 “Data processing, hosting, and related activities” was identified as relevant. Similarly, 
Activity 8.2. “Data-driven solutions for GHG emissions reductions” is relevant because we use GaBi 
and SoFi emissions management software and energy management systems. 
Construction and Real Estate
•	 Activity 7.4 “Installation, maintenance, and repair of charging stations for electric vehicles in 
buildings (and parking spaces attached to buildings)” was identified as relevant, as we have 
vehicle-charging stations on our premises that are operated by a third party.
•	 Activities 7.3 “Installation, maintenance, and repair of energy efficiency equipment”, 7.5 “Installa-
tion, maintenance and repair of instruments and devices for measuring, regulation, and controlling 
energy performance of buildings” and 7.6 “Installation, maintenance, and repair of renewable 
energy technologies” are part of our building management; they also include the installation, main-
tenance, and repair of photovoltaic systems as well as measuring systems and energy-efficiency 
control units.
•	 We have classified the activities under 7.1 “Construction of new buildings” as not applicable to 
Beiersdorf. This is because the factory and office buildings we have had constructed on our behalf 
are not new buildings for the purpose of resale, but are used for our ongoing business operations. 
•	 We have also classified Activity 7.7. “Acquisition and ownership of buildings” as not relevant, as we 
do not purchase the office buildings we use, but lease them on a medium-term or long-term basis.
Energy
•	 In this area, Activity 4.25. “Production of heat/cool using waste heat” and Activity 4.30. “High- 
efficiency co-generation of heat/cool and power from fossil gaseous fuels” were identified as 
taxonomy-eligible, since we use waste heat for internal heating processes. We have recorded 
other activities from this area, e.g., with respect to the production of renewable energy, under 
“Construction and Real Estate” in accordance with the EU Taxonomy Regulation.
Transport
•	 All of our transport activities are outsourced to service providers, meaning we do not conduct any 
taxonomy eligible activities in this area either. Only our own fleet of company cars falls under Activity 
6.5 “Transport by motorbikes, passenger cars and light commercial vehicles.” 
Manufacturing Industry/Goods Manufacturing
•	 The manufacture and sale of products from the Consumer Business Segment do not fall within 
the scope of taxonomy eligibility. For the tesa Business Segment, only the production of subcom-
ponents for batteries is taxonomy eligible (Activity 3.4. “Production of batteries”). Sales revenue 
from other categories is not taxonomy eligible; for example, tesa does not manufacture plastics in 
primary form, but sources them from suppliers. 
Turnover Analysis and Calculation
On the basis of our analysis, we have come to the conclusion that only economic activity 3.4. “Man-
ufacture of batteries” at tesa should be included as taxonomy-eligible turnover in the turnover 
category. This sales revenue amounts to € 16.1 million and thus represents less than 0.2% of total 
consolidated sales revenue of € 8,798.6 million (see Notes to the Consolidated Financial Statements, 
Income Statement, Note 01).

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CapEx Calculation
With respect to CapEx, we have identified the investments and long-term leases related to the activities 
identified as taxonomy eligible; these are reported for both business segments. In addition to the 
investments in intangible assets (€ 5.2 million; see Note 11 to the consolidated financial statements) 
and property, plant and equipment (€ 542.6 million; see Note 12 to the consolidated financial state-
ments) reported in the annual report, the reference figure of € 617.8 million for CapEx also includes 
property, plant, and equipment with long-term rights of use (“right of use assets”) amounting to  
€ 70.0 million (see Note 12 to the consolidated financial statements). A total of 2.7% of this reference 
value (€ 617.8 million) was identified as taxonomy eligible.
OpEx Analysis and Calculation
The key financial figures for the full year 2022 from Beiersdorf’s financial controlling systems were 
used as the basis for calculating the reference figure for OpEx (denominator). At the same time, 
detailed queries of the respective Controlling Functions were carried out to ensure data quality. 
The following were included in the reference value: 
•	 R&D costs
•	 Costs in connection with short-term leases
•	 Maintenance and repair costs, including all direct expenses in connection with the day-to-day 
maintenance of property, plant, and equipment by the company or third parties
To calculate the percentage shares of taxonomy-eligible items in the total reference value (numerator), 
data was gathered directly from our financial systems as far as possible. In cases where it was not possi-
ble to directly allocate percentage shares, these shares were broken down and, if necessary, allocated 
using appropriate keys (e.g., personnel keys). A total of 4.2% of this reference value (€ 445.0 million) 
applies to the activities described above as taxonomy eligible.
Approach and Results of the Alignment Analysis
In addition to the impact analysis, as of 2022 reporting companies are also required to determine the 
taxonomy alignment of the identified taxonomy-eligible economic activities. This involves assessing 
whether an economic activity makes a significant contribution to at least one of the six environmental 
objectives (“substantial contribution” criterion), does not cause significant harm to any of the environ-
mental objectives (“do no significant harm [DNSH]” criterion) and meets minimum social standards 
(“minimum safeguards” criterion).
The project team analyzed the technical screening criteria outlined in Annex 1 and 2 of the Delegated 
Act on climate change mitigation and adaptation supplementing Regulation (EU) 2020/852 and com-
pared them to the activities identified above.
The majority of Beiersdorf‘s taxonomy-eligible activities are products and services purchased from 
suppliers and service providers. The assessment of the taxonomy alignment of these activities must 
therefore take place at the level of the partner company. To date, it has not been possible to obtain 
sufficient information on taxonomy alignment with the significant contribution criteria, the DNSH cri-
teria, and the minimum safeguards criteria to report a taxonomy-aligned share of economic activities 
for fiscal year 2022.
With respect to Activity 3.4. “Manufacture of batteries”, sufficient documentation of a climate risk  
analysis does not exist to date, meaning that this cannot be classified as taxonomy aligned either.
Beiersdorf will use the findings from the analyses it has performed to prepare and improve individual 
reporting processes of taxonomy-aligned activities for the coming reporting year.

Key figures EU Taxonomy Reporting
Key figures Turnover
Substantial contribution criteria
DNSH criteria
(Do no Significant Harm)
Taxonomy-
aligned
proportion
of Turnover
year N
Taxonomy-
aligned
proportion
of Turnover
year N-1
1
2
 3 
 4 
 5 
 6 
 7 
 8 
 9 
 10 
 11 
 12 
 13 
 14 
 15 
 16 
 17 
 18 
 19 
 20 
 21 
Economic activities
Code
Absolute Turnover 
Proportion of Turnover
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources 
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum
safeguards
2022
2021
Category
(enabling activity)
Category
(transitional activity) 
A.TAXONOMY-ELIGIBLE  
ACTIVITIES
kEUR
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A.1 Environmentally  
sustainable activities  
(Taxonomy-aligned)
Turnover of environmentally 
sustainable activities  
(Taxonomy-aligned) (A.1)
 0 
 0% 
 0% 
 0% 
N/A
N/A
N/A
N/A
 0% 
A.2. Taxonomy-eligible  
but not environmentally  
sustainable activities (not  
Taxonomy-aligned activities)
Manufacture of batteries
 3.4
16,086
0.2%
Turnover of Taxonomy-eligible 
but not environmentally  
sustainable activities (not Taxo-
nomy-aligned activities) (A.2)
16,086
0.2%
Total A1 + A2
16,086
0.2%
0%
B. TAXONOMY-NON-ELIGIBLE 
ACTIVITIES
Turnover of Taxonomy  
non-eligible acitivites (B)
8,784,552
99.8%
Total A +  B
8,798,608
100.0%
130
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131
Key figures CapEx
Substantial contribution criteria
DNSH criteria
(Do no Significant Harm)
Taxonomy-
aligned 
proportion 
of CapEx 
year N
Taxonomy-
aligned 
proportion 
of CapEx  
year N-1
1
2
 3 
 4 
 5 
 6 
 7 
 8 
 9 
 10 
 11 
 12 
 13 
 14 
 15 
 16 
 17 
 18 
 19 
 20 
 21 
Economic activities
Code
Absolute CapEx
Proportion of CapEx 
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources 
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum
safeguards
2022
2021
Category
(enabling activity)
Category
(transitional activity) 
A.TAXONOMY-ELIGIBLE  
ACTIVITIES
kEUR
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A.1. Environmentally  
sustainable activities  
(Taxonomy-aligned)
CapEx of environmentally  
sustainable activities  
(Taxonomy-aligned) (A.1)
 0 
0%
0%
0%
N/A
N/A
N/A
N/A
0%
A.2. Taxonomy-eligible but  
not environmentally sustainable 
activities (not Taxonomy- 
aligned activities)
Installation, maintenance  
and repair of energy efficiency 
equipment
 7.3 
2,347
0.4%
Installation, maintenance and 
repair of instruments and devices 
for measuring, regulation and 
controlling energy performance 
of buildings
7.5 
1,523
0.2%
Installation, maintenance and 
repair of renewable energy 
technologies
 7.6 
2,866
0.5%
Production of heat/cool using 
waste heat
 4.25 
4,152
0.7%
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Key figures CapEx
(Fortsetzung) 
Installation, maintenance and 
repair of charging stations for 
electric vehicles in buildings (and 
parking spaces attached  
to buildings)
 7.4 
220
0.0%
Data processing, hosting and 
related activities
 8.1 
5,469
0.9%
CapEx of Taxonomy-eligible 
but not environmentally sus-
tainable activities (not Taxon-
omy-aligned activities) (A.2)
16,576
2.7%
Total A1 + A2
16,576
2.7%
0%
B. TAXONOMY-NON-ELIGIBLE 
ACTIVITIES
CapEx of Taxonomy-non-eligible 
activities(B)
601,194
97.3%
Total A + B
617,770
100.0%
132
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Key figures OpEx
Substantial contribution criteria
DNSH criteria
(Do no Significant Harm)
Taxonomy-
aligned 
proportion 
of OpEx 
year N 
Taxonomy-
aligned 
proportion 
of OpEx 
year N-1 
1
2
 3 
 4 
 5 
 6 
 7 
 8 
 9 
 10 
 11 
 12 
 13 
 14 
 15 
 16 
 17 
 18 
 19 
 20 
 21 
Economic activities
Code
Absolute OpEx
Proportion of OpEx 
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources 
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum
safeguards
2022
2021
Category
(enabling activity)
Category
(transitional activity) 
A. TAXONOMY-ELIGIBLE 
ACTIVITIES
tEUR
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A.1. Environmentally  
sustainable activities  
(Taxonomy-aligned)
OpEx of environmentally  
sustainable activities  
(Taxonomy-aligned) (A.1)
 0 
 0% 
 0% 
 0% 
N/A
N/A
N/A
N/A
0%
A.2. Taxonomy-eligible  
but not environmentally  
sustainable activities (not  
Taxonomy-aligned activities)
Manufacture of batteries
3.4 
2,512
0.6%
Installation, maintenance  
and repair of energy efficiency  
equipment
 7.3 
903
0.2%
Installation, maintenance and 
repair of instruments and devices 
for measuring, regulation and 
controlling energy performance 
of building
 7.5 
261
0.1%
Installation, maintenance and 
repair of renewable energy 
technologies
 7.6 
123
0.0%
Production of heat/cool using 
waste heat
 4.25 
717
0.2%
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Key figures OpEx
(Fortsetzung) 
High-efficiency co-generation of 
heat/cool and power from fossil 
 4.30 
511
0.1%
Transport by motorbikes,  
passenger cars and light  
commercial vehicles
 6.5 
4,564
1.0%
Installation, maintenance and 
repair of charging stations for 
electric vehicles in buildings  
(and parking spaces attached  
to buildings)
7.4 
24
0.0%
Data processing, hosting and 
related activities
 8.1 
8,738
2.0%
Data-driven solutions for GHG 
emissions reductions
 8.2 
148
0.0%
OpEx of Taxonomy-eligible but 
not environmentally sustain-
able activities (not Taxono-
my-aligned activities) (A.2)
18,499
4.2%
Total A1 + A2
18,499
4.2%
0%
B. TAXONOMY-NON-ELIGIBLE 
ACTIVITIES
OpEx of Taxonomy-non-eligible 
activities (B)
426,472
95.8%
Total A + B
444,971
100.0%
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Relevant Key Figures for the Non-financial Statement of the Beiersdorf Group
Consumer Business Segment
Unit
 2021 
 2022 
Environment
GHG emissions (Scope 1 and Scope 2)
t CO2e
42,889
40,811
GHG emissions (Scope 3) considering biofuel certificates
t CO2e
1,070,612
1,023,679
GHG emissions (Scope 3) not considering biofuel  
certificates
t CO2e
1,079,412
1,034,279
Absolute reduction GHG emissions (Scope 1 and  
Scope 2) vs. 2018
%
26
31
Absolute reduction GHG emissions (Scope 3) vs. 20181
%
12
16
Reduction of fossil-based virgin plastic vs. 20192
%
9
15
Recycled material in plastic packaging2
%
7
10
Reduction of nonbiodegradable polymers in European 
product formulas (based on raw material volume) vs. 
20162
%
52
63
Reduction of microplastic3 in NIVEA products (based on 
raw material  volume) vs. 2016
%
100
100
Reduction of microplastic3 in Eucerin products (based on 
raw material  volume) vs. 2016
%
45
76
Share of mass balance palm (kernel) oil and derivates2
%
100
100
FSC-certified paper in folding boxes2
%
100
100
Employees
Share of women management group 1 – 3
%
34
40
Share of internal recruitments management group 1
%
100
100
Share of internal recruitments management group 2
%
88
89
Accident frequency rate (AFR)
Accidents per 1  
million working hours
1.0
0.5
Human Rights
Coverage supplier risk screening
%
100
100
Coverage code of conduct
%
92
91
Compliance
Participation rate compliance training
%
95
97
tesa Business Segment
Unit
2021
2022
Environment
GHG emissions (Scope 1 and Scope 2)
t CO2e
58,373
50,860
Specific GHG emissions per metric ton of end product
t CO2e
0.80
0.71
Electricity from renewable energy sources
%
52
66 
Employees
Accident frequency rate (AFR)
Accidents per 1  
million working hours
4.1
3.6
Compliance
Participation rate compliance training
%
98
99
Human rights
Coverage direct spend from suppliers assessed by 
EcoVadis
%
43
54
Product safety
tesa plants with quality management certificates
%
100
100
1	 Taking into account the reduction through biofuel certificates
2	 Not including Coppertone
3	 According to definition of United Nations Environment Program

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136
Environment
GHG emissions (Scope 1 and Scope 2)
t CO2e
 6,267 
5,956
Absolute reduction GHG-emissions (Scope 1 and  
Scope 2) vs. 2018
%
5
10
Employees
Share of women in first management level
%
31
31
Share of women in second management level
%
52
48
Share of internal recruitments management group 1
%
100
N/A
Share of internal recruitments management group 2
%
86
100
Accident frequency rate (AFR)
Accidents per 1  
million working hours
2.2
2.1
Compliance
Participation rate compliance training
%
99
97
Relevant Key Figures for the Non-financial Statement of the Beiersdorf AG

To the shareholders
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Additional Information
ANNUAL REPORT 2022
137
Economic Report 
Economic Environment
General Economic Situation
Gross Domestic Product1		
	
	
    Inflation Rate1
change versus previous year (in %)	
	
	
     change versus previous year (in %)
1	 Commerzbank Research
2022 was a turbulent year for the global economy. In particular, geopolitical and economic events 
created a volatile macroeconomy. While the easing of COVID-19 restrictions at the beginning of the 
year initially improved the economic situation, optimism quickly subsided again due to the Russian 
invasion of Ukraine. In summary, the year was marked by a stronger-than-expected economic down-
turn. This was caused by inflation reaching heights not seen for several decades and interacting with 
an imbalance of supply and demand. Central banks responded by tightening the monetary policy 
reins and hiking interest rates. Global inflation rises therefore slowed in the second half of the year, 
but this came at the price of a more difficult financing environment in many regions. In addition, short-
ages on labor markets, combined with a loss in purchasing power, put pressure on wage and salary 
structures. The supply chain problems continued to act as a brake on the global economy in 2022; 
however, the supply chain situation improved somewhat toward the end of the year. 
The European economy was particularly affected by the impacts of the Ukraine war in 2022. In eco-
nomic terms, the Russian invasion resulted in uncertainty around gas supplies and a dramatic rise in 
energy prices in the eurozone. The energy price situation was also linked to a dramatic rise in the infla-
tion rate, which translated into higher consumer prices. This meant that European consumer spending 
was low. The service sector was particularly affected by consumer restraint. Industry in the eurozone 
was additionally hit by the continuing supply chain problems. In particular, a shortage of intermediate 
products hit the output of European industry. In response to the high rate of inflation, the European 
Central Bank (ECB) began to hike key interest rates starting from the middle of the year. The difficult 
financing environment began to make its mark in interest rate-sensitive markets such as real estate 
and resulted in falling property prices in the eurozone. 
As part of the world economy, the German economy was also hit by numerous factors in 2022. Dra-
matic inflation rates, supply shortages, and uncertainty following the Russian invasion of Ukraine put 
the brakes on economic activity. While Germany’s exports suffered, its import spending rose, driven 
Germany
Eurozone
Japan
United States
1.9
2.6
5.3
2.1
5.9
1.2
2.2
3.4
Previous year 
Current year
Germany
Eurozone
Japan
United States
7.9
3.1
2.6
8.0
4.7
2.5
–0.2
8.4
Previous year 
Current year

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138
by expensive energy imports from abroad. However, the relief packages adopted by the German 
government largely offset the rising cost of imported energy, at least in mathematical terms. Higher 
interest rates to tackle inflation resulted in a fall in residential property prices in Germany starting 
from the middle of the year. Manufacturing output rose slightly, and the supply chain problems 
also eased somewhat toward the end of the year. While the supply situation differs from industry to 
industry, chemical plants, for example, are again finding it easier to access raw materials and inter-
mediate products. 
The United States started 2022 with negative economic growth, which continued until the middle 
of the year. In June, inflation reached its highest level for four decades. The Federal Reserve 
responded throughout the year with sharp interest rate hikes. Inflation slowed as a result; how-
ever, it still remained at a high level. Interest rate-sensitive markets such as the real estate sector 
responded quickly to the rate hikes. From June 2022, this triggered a fall in US property prices. 
Other sectors were robust to the more restrictive monetary policy of the Federal Reserve. This 
is partly explained by the release of high pent-up demand in the second half of the year and was 
also helped by the easing of supply shortages caused by the COVID-19 measures. The automotive 
sector was a noteworthy example. Overall, after a difficult start to 2022, the US economy recovered 
in the second half of the year.
Japan was also affected by the global economic situation and faced rising inflation and elevated 
import and energy costs. This resulted in a slowdown in growth in 2022. Toward the end of the year, 
however, an upturn in consumer spending was seen. Demand for services, in particular, rose again. 
The upturn was linked to the reopening of the border and an easing supply chain situation. At the 
same time, the Bank of Japan decided for the first time in over two decades to move away from its 
loose monetary policy and raised yields on long-term Japanese bonds. 
Although the emerging markets recovered economically from the pandemic, the difficult global 
economic context put them under pressure again. China’s economy was kept stable overall by 
capital investment in infrastructure and manufacturing. Consumer spending, meanwhile, remained 
at a reduced level due to the zero-Covid policy. With the difficult global economic situation reducing 
demand from abroad, the Chinese economy lost an important growth driver. The Middle East 
economies enjoyed the highest growth rate since 2016. This was largely due to high oil prices; how-
ever, growth was also generated in non-oil-extracting sectors. In India exports declined significantly 
relative to imports. Sales fell across the economy, as demand for both durable and non-durable con-
sumer goods was well below the pre-pandemic level. However, industrial output remains on a par 
with pre-COVID-19 times. In the Southeast Asian emerging markets, inflation peaked at the end of 
2022. Border reopenings enabled an economic recovery, especially in the contact-intensive service 
sector. The economic situation in Brazil was marked by uncertainty. The debate about a change in 
the constitution, which would enable government spending to exceed the existing cap, triggered 
a sharp rise in market prices. The uncertainty was further amplified by the lack of appointments to 
key government posts, including that of finance minister. The Russian economy was dominated by 
the impacts of the Russian invasion of Ukraine in February 2022. According to information from the 
European Union – based on independent analyses by the World Bank, the International Monetary 
Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD) – the sanc-
tions imposed were effective. The Russian economy shrank, and trade declined. High inflation rates 
complicated the economic environment in Russia, too. Economic activity was also hit by the partial 
mobilization of the Russian population for the war in Ukraine. Wage inflation and increased momen-
tum in services were also observed. Overall, Russia ended the fiscal year with a declining GDP.

To the shareholders
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139
Sales Market Trends
The global market environment in 2022 was 
highly volatile and challenging. Since the out-
break of Russia’s war against Ukraine, markets 
have been confronted with increased com­
modity prices and substantial supply short-
ages in energy markets. In many countries, the 
combination of increased commodity prices 
and sustained currency depreciation resulted 
in higher inflation combined with growing fear 
of recession. The global cosmetics market saw 
growth despite the volatile environment and 
challenging circumstances and returned to the 
levels seen before COVID-19. In particular, the 
SUN, Lip, and Deo categories achieved year-on-
year growth, as did all regions with the excep-
tion of Northeast Asia.
The tesa subsidiary’s business activities were characterized by high uncertainty in 2022. Hard lock-
down measures in the People‘s Republic of China due to the COVID-19 pandemic temporarily weak-
ened the local market, as did the ongoing disruption to global supply chains. The Ukraine war led 
to a significant increase in energy prices. The continued lack of availability of semiconductors and 
other industrial materials also contributed to high inflation. However, industrial sales markets proved 
highly robust in this environment. Global automotive markets in particular saw noticeable year-on-
year growth, especially compared with the weaker second half of 2021. There were differences in the 
impact on distribution to end consumers and industry. While traditional retail rallied since it was now 
only slightly affected by COVID-19 restrictions, growth in online retail slowed noticeably.
Procurement Market Trends
The year 2022 was marked by continuous supply shortages and significant inflation on most commodity, 
packaging, and logistics markets. This was partly due to COVID-19-related capacity restrictions affecting 
many producers and entire supplier countries such as China. In addition to this, energy costs, which 
had already risen in 2021, were lifted to new heights by the Ukraine war, resulting in a strong increase 
in production costs for our suppliers.
All this meant that prices for raw materials, packaging, and logistics services were substantially up on 
the previous year’s levels, particularly in the second half of 2022.  Our focused, cross-departmental 
management of supply shortages and preferential position with key suppliers enabled us to limit the 
negative impact of supply difficulties on our production sites and retail partners.
Overall Assessment of the Economic Environment
The global cosmetics market developed positively in 2022 despite the continued high volatility in the 
world economy. The main reasons for this included the widespread normalization of everyday life fol-
lowing the restrictions due to the pandemic in the previous years. Both Skin Care and Personal Care 
(soaps, shower gels) produced strong growth. The focus in the Consumer Business Segment was on 
Skin Care, in which we made major investment. All Skin Care subcategories achieved growth in 2022 
and largely posted strong gains in market share.
Germany
Eurozone
Japan2
United States
4.4
0.4
3.8
2.9
8.3
2.2
0.4
4.0
Previous year 
Current year
Consumer Spending1
change versus previous year (in %)
1	 Commerzbank Research.
2	 Oxford Economics.

To the shareholders
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ANNUAL REPORT 2022
140
In the tesa Business Segment, considerable impacts of the COVID-19 pandemic continued to make 
themselves felt in 2022 through the still difficult situation in global value chains. In addition, the out-
break of the Ukraine war meant a marked increase in prices for raw materials, logistics, and energy. 
Despite difficult circumstances, tesa increased sales in both divisions Industry and Consumer, 
including through necessary price rises.
 
Results of Operations
Results of Operations – Group
Income Statement
(in € million)	
 2021 
 2022 
Development in %1
Sales
7,627
8,799
15.4
Cost of goods sold
–3,267
–3,842
17.6
Gross profit
4,360
4,957
13.7
Marketing and selling expenses
–2,675
–2,998
12.1
Research and development expenses
–268
–291
8.3
General and administrative expenses
–448
–524
16.9
Other operating result (excluding special factors)
24
14
—
Operating result (EBIT, excluding special factors)
993
1,158
16.7
Special factors
–60
–66
—
Operating result (EBIT)
933
1,092
17.1
Financial result
–26
4
—
Profit before tax
907
1,096
20.9
Income taxes
–252
–325
28.8
Profit after tax
655
771
17.8
1	 Percentage changes are calculated based on thousands of €.
Sales
Group sales increased organically by 10.2% year on year. The Consumer Business Segment recorded 
an encouraging, double-digit rise in organic sales of 10.5%. The tesa Business Segment achieved 
organic sales growth of 8.8%. Exchange rates increased nominal growth by 4.3 percentage points. 
The structural effects of the acquisition of Chantecaille and the sale of tesa Labtec had a positive 
impact of 0.9 percentage points on sales. Nominal sales for the Group increased by 15.4% year-on-
year to €8,799 million (previous year: €7,627 million).
In Europe, organic sales were up 5.5% on the previous year. Nominal sales stood at €3,900 million 
(previous year: €3,676 million), putting them 6.1% higher than the previous year.
Organic year-on-year growth in the Americas hit 21.8%. In nominal terms, sales rose by 39.2% to 
€2,126  million (previous year: €1,527 million).
Organic sales in the Africa/Asia/Australia region were 9.9% above the previous year’s level. Nominal 
sales climbed by 14.4% to €2,773 million (previous year: €2,424 million).

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141
Group Sales	
	
	
	
	
    Group Sales by Regions
(in € million)	
	
	
	
	
     (in %)
Expenses/Other operating result
The cost of goods sold climbed by 17.6%. As a result of the increased sales volume, costs rose again 
compared to the previous year. In addition, exchange rates had a negative impact. These were partially 
offset by price and mix effects. Overall, as a result of increased cost pressure on the procurement 
markets, gross profit as a percentage of sales decreased in the reporting year.
With an increase of 12.1% compared to the previous year, marketing and selling expenses devel-
oped at a lower rate than sales due to the efficient use of resources and amounted to €2,998 million 
(previous year: €2,675 million). This was achieved through optimization of marketing expenditures and 
focused advertising campaigns. The marketing budget is constantly adjusted to the changing market 
conditions and especially to the change in consumers’ media use. A total of €1,883 million (previous 
year: €1,689 million) was spent on advertising and trade marketing. 
Research and development expenses also developed at a lower rate than sales. They amounted to 
€291 million, €23 million higher than in the previous year (€268 million). One focus in this respect was 
on forward-looking technologies, new digitization options and sustainable concepts. Continuous 
research, taking into account regional specifics, enables the company to respond to consumer wishes.
General and administrative expenses rose from €448 million to €524 million and were mainly driven 
by the continuation of numerous digitalization projects. The other operating result (excluding special 
factors) totaled €14 million (previous year: €24 million). This was mainly due to foreign exchange 
losses and higher restructuring expenses.
2018
2019
2021
2022
2020
7,653
7,233
8,799
7,627
7,025
Africa/Asia/ 
Australia
31.5
Europe
44.3
Americas
24.2

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142
Operating result (EBIT, excluding special factors)
The Beiersdorf Group’s results of operations are determined on the basis of the operating result 
(EBIT) excluding special factors. This figure is not part of IFRS Standards and should be treated 
merely as voluntary additional information. The special factors listed are one-time, non-operating 
transactions.
EBIT excluding special factors amounted to 
€1,158 million (previous year: €993 million), while 
the EBIT margin was 13.2% (previous year: 13.0%). 
The Consumer Business Segment generated 
EBIT excluding special factors of €880 million 
(previous year: €740 million). The EBIT margin was 
12.3% (previous year: 12.1%). The tesa Business 
Segment achieved EBIT excluding special factors 
of €278 million (previous year: €253 million) and 
an EBIT margin of 16.7% (previous year: 16.9%).
The Group operating result before special fac-
tors in Europe was €618 million (previous year: 
€556 million). The EBIT margin was 15.9% (previous 
year: 15.1%). The operating result before special 
factors in the Americas amounted to €140 million (previous year: €91 million). The EBIT margin here 
was 6.6% (previous year: 6.0%). In Africa/Asia/Australia, EBIT excluding special factors amounted to 
€400 million (previous year: €346 million) with an EBIT margin of 14.5% (previous year: 14.3%).
Special factors
The Group special factors totaled €66 million (previous year: €60 million). The special factors recog-
nized in the reporting year mainly comprised restructuring expenses, primarily in the supply chain 
organization of €43 million (previous year: €37 million), expenditure from the „Care Beyond Skin“ 
program of €5 million (previous year: €6 million), and other expenditure of €18 million, which was 
incurred as a result of the integration of the Chantecaille business in the amount of €4 million, as well 
as expenses of €6 million in connection with the sale of tesa Labtec and the impairment of goodwill 
for tesa Twinlock in the amount of €8 million.
Operating result (EBIT)
The operating result (EBIT) amounted to €1,092 million (previous year: €933 million). This corresponds 
to an EBIT margin of 12.4% (previous year: 12.2%).
Financial result
The financial result amounted to €4 million (previous year: €–26 million). The previous year’s figure was 
attributable to losses from financial investments.
Income taxes
Income taxes totaled €325 million (previous year: €252 million). The tax rate was 29.6% (previous year: 
27.8%). Taxes for the special factors amounted to €14 million (previous year: €16 million).
2018
2019
2021
2022
2020
1,095
1,113
1,158
993
906
Group EBIT
excluding special factors (in € million)

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143
Profit after tax
Profit after tax was €771 million (previous year: 
€655 million). The return on sales after tax was 
8.8% (previous year: 8.6%). 
Excluding special factors, profit after tax increased 
to €823 million (previous year: €699 million). The 
corresponding return on sales after tax was 9.4% 
(previous year: 9.2%).
 
Earnings per share – Dividends
Earnings per share stood at €3.33 (previous year: €2.81). Excluding special factors, earnings per share 
amounted to €3.56 (previous year: €3.00). These figures were calculated on the basis of the weighted 
number of shares bearing dividend rights (226,818,984). The Executive Board and Supervisory Board 
will propose a dividend of €0.70 per no-par-value share bearing dividend rights to the Annual General 
Meeting (previous year: €0.70). For further information on the number, type, and notional value of the 
shares, please refer to Note 19 “Share Capital” in the notes to the consolidated financial statements.
Results of Operations – Business Segments
Consumer
Sales – Consumer Business Segment
(in € million)
Change (in %)
Jan. 1 - Dec. 31, 2021
Jan. 1 - Dec. 31, 2022
 
nominal
 
organic
Europe
2,910
3,104
6.7
5.0
Western Europe
2,352
2,505
6.5
5.3
Eastern Europe
558
599
7.3
3.7
Americas
1,302
1,841
41.4
23.2
North America
646
900
39.3
17.6
Latin America
656
941
43.4
28.6
Africa/Asia/Australia
1,917
2,186
14.0
10.2
Total
6,129
7,131
16.3
10.5
Sales in the Consumer Business Segment grew organically by 10.5% in 2022. In nominal terms, sales 
increased by 16.3% to €7,131 million (previous year: € 6,129 million). Exchange rate effects increased 
nominal growth by 4.6 percentage points. The structural effect from the acquisition of Chantecaille 
positively impacted nominal growth by 1.2 percentage points.
All regions and brands contributed to the growth in the Consumer Business Segment. Beiersdorf 
gained market share on every continent, particularly with the NIVEA brand in Europe, with very strong 
development in Switzerland, the United Kingdom, and Spain, and with the Derma business unit’s 
Eucerin and Aquaphor brands in the United States, Mexico, and Germany. The Healthcare business 
also gained market share, particularly in Australia, Mexico, and Indonesia.
2018
2019
2021
2022
2020
788
756
823
699
636
Group Profit after Tax
excluding special factors (in € million)

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The rates of sales growth trended upward in all regions, especially in the Americas and in Africa/Asia/
Australia, where sales rose by double-digit percentages year on year. NIVEA achieved strong growth 
rates overall. Derma, Healthcare, and the La Prairie brand put in strong growth figures and contributed 
to the business segment’s excellent performance.
EBIT excluding special factors was €880 million (previous year: €740 million). The EBIT margin 
excluding special factors was 12.3% (previous year: 12.1%). Special factors comprised expenditure 
of €5 million from the “Care Beyond Skin” program, restructuring expenses, primarily in the supply 
chain organization of €43 million, and expenditure of €4 million in connection with the integration 
of the Chantecaille business. The operating result for the Consumer Business Segment including 
special factors therefore stood at €828 million (previous year: €680 million), while the EBIT margin 
was 11.6% (previous year: 11.1%).
NIVEA grew organically by 9.6% globally in 2022. Nominal sales increased from €4,116 million to 
€4,652 million. The strong almost double-digit sales growth in percentage terms was based on gains 
in market share in all regions and almost all main categories. NIVEA saw growth in both volume and 
price. This was driven especially by the emerging markets region, the introduction of new products, 
and a strong performance by the basic range. All main categories posted growth in 2022. The main 
growth drivers were NIVEA Deo, NIVEA SUN, NIVEA Body, NIVEA Lip, and NIVEA Face. In the NIVEA 
Deo category, existing product lines such as Black & White and Fresh and expanded lines such as 
Pearl&Beauty were among the key growth drivers. The NIVEA SUN business showed remarkable 
growth in all regions and almost all ranges, outperforming the pre-COVID-19 sales level. NIVEA also 
achieved very positive sales performance in the core body care business with ranges such as Essen-
tials. NIVEA Lip grew strongly in almost all product ranges and regions. In the NIVEA Face category, 
the continued excellent performance of the newly launched NIVEA Cellular LUMINOUS630® contributed 
to the strong sales growth. The NIVEA hair care category saw a further decline.
The Derma business unit performed particularly well, with organic sales growth of 23.9%. Nominal 
sales were up from €790 million to €1,026 million. Sales growth was achieved in all regions and catego-
ries. Strong growth acceleration was achieved in our key market USA, in the South America and 
MEA region, and in our white spot market China. A positive contribution to growth came primarily 
from the Eucerin face category, mainly from the subcategories anti-pigment and acne, driven by 
the further expansion of our Thiamidol range. In addition, our sun category contributed to strong 
above-average growth, supported by the launch of Eucerin Sun in the USA and the success of our 
new product launches such as Oil and Pigment Control Tinted. In Body Care, the Eucerin Urea 
range and Aquaphor recorded particularly strong sales growth. In general, the online sales channel 
was an important sales driver.
Healthcare recorded organic sales growth of 13.1% and reached a new milestone of €261 million 
(previous year: €225 million). The double-digit sales growth in percentage terms was based on 
strong, consistent implementation of brand innovations, including sustainable plasters in the field of 
wound care. This growth was seen in all major markets. Wound plasters continue to be a strong pillar 
and growth driver for overall growth.
In the selective cosmetics business unit, our La Prairie brand increased organic sales by 1.9%. 
Nominal sales were up from €599 million to €655 million. This result was mainly due to the recovery 
of the important travel retail business and the upturn in brick-and-mortar retail in North America, 
while the local market in China faced major challenges from COVID-19 restrictions. The launches of 
White Caviar Essence Extraordinaire, Pure Gold Radiance Nocturnal Balm, and Skin Caviar Harmony 
L’Extrait acted as the growth drivers.
In the Europe region, organic sales were up 5.0% on the previous year. Nominal sales climbed by 
6.7% to €3,104 million (previous year: €2,910 million).

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In Western Europe, organic sales rose by 5.3%. Healthy growth rates were achieved especially in 
Great Britain, Spain, Italy, and Denmark. Sales in NIVEA Deo, SUN, and Universal Creams along with 
the wound care categories in the Healthcare area developed especially positively. The Eucerin Face, 
Body, and Sun categories also contributed to sales growth. There was a significant impact from the 
recovery of the travel retail business at the La Prairie brand.
Sales in Eastern Europe were up 3.7% on the previous year in organic terms. This trend was partly 
driven by strong growth in Poland and Romania and by the positive performance in other Eastern 
European countries. The NIVEA Deo, SUN & Lip Care and Eucerin Face, Sun & Body categories per-
formed especially well in the region. In Russia, business with La Prairie was reduced completely and 
with other products in the consumer segment significantly. Due to the reduced business activities in 
Russia and the conflict in Ukraine, growth in Eastern Europe was below average.
In the Americas region, the Consumer Business Segment achieved strong organic sales growth of 
23.2%. At €1,841 million, nominal sales were up 41.4% on the previous year (€1,302 million).
In North America, there was positive organic sales growth of 17.6%. The Coppertone, Aquaphor, and 
Eucerin brands were the key growth drivers.
Very good organic sales growth of 28.6% was also achieved in Latin America. Nominal sales in the 
region rose by 43.4% due to the substantial exchange rate effects. Sales growth was seen in almost 
all countries. This was particularly strong in Brazil and Mexico. Both NIVEA and Eucerin were strong 
growth drivers.
Sales in the Africa/Asia/Australia region grew by 10.2% in organic terms. In nominal terms, sales 
rose by 14.0% to €2,186 million (previous year: €1,917 million). Sales trends were especially positive 
in Indonesia, India, Nigeria, and South Africa. In particular, NIVEA Deo, Face, and SUN all performed 
very well. Eucerin also achieved strong growth in the region, especially in China.

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Consumer Sales	 	
	
	
	
    Consumer Sales by Region
(in € million)	
	
	
	
	
      (in %)  
 EBIT Consumer	 	
	
	
	
    Consumer Sales in Europe
excluding special factors (in € million)	
	
	
     (in € million)
Consumer Sales in America	
	
	
    Consumer Sales in Africa/Asia/Australia
(in € million)	
	
	
	
	
     (in € million)
2018
2019
2021
2022
2020
6,274
5,890
7,131
6,129
5,700
Africa/Asia/ 
Australia
30.7
Europe
43.5
Americas
25.8
2018
2019
2021
2022
2020
883
903
880
740
702
2018
2019
2021
2022
2020
3,027
2,941
3,104
2,910
2,752
2018
2019
2021
2022
2020
1,145
1,051
1,841
1,302
1,153
2018
2019
2021
2022
2020
2,102
1,898
2,186
1,917
1,795

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tesa
Sales – tesa Business Segment
(in € million)
Change (in %)
Jan. 1 - Dec. 31, 2021
Jan. 1 - Dec. 31, 2022
nominal
organic
Europe
766
796
3.9
7.6
Americas
225
285
26.4
13.7
Africa/Asia/Australia
507
587
15.8
8.4
Total1
1,498
1,668
11.3
8.8
1	 The total comprises the sales of the tesa Industry, Consumer, and Others divisions.
tesa achieved very healthy organic sales growth of 8.8% in 2022 in a difficult market environment. 
Positive exchange rate effects impacted this development by 3.3 percentage points. In contrast, the 
sale of tesa Labtec in the third quarter had a negative impact on sales of 0.8 percentage points. In 
nominal terms, sales therefore rose by 11.3%, from €1,498 million in the previous year to €1,668 million.
In Europe, organic sales were up by 7.6%. The Industry division achieved significant increases in all 
markets. Price rises were implemented to counter cost pressure from materials, logistics, and energy 
price inflation. tesa’s Consumer division also continued its growth on the back of a healthy prior-year 
period. In a difficult market environment, sales in the end consumer business, including via digital 
sales channels, trended upwards. In nominal terms, tesa generated European sales of €796 million 
(previous year: €766 million). The region’s share of Group sales fell to 47.7% (previous year: 51.1%).
In North and South America, tesa achieved a very positive sales trend with organic growth of 13.7%. 
Sales in the Industry division made a substantial recovery and recorded growth particularly in the 
automotive market. Sales in the end consumer business in Latin America also developed very positively. 
The region’s sales were up by 26.4% in nominal terms to €285 million (previous year: €225 million). The 
region’s share of Group sales rose to 17.1% (previous year: 15.0%).
In Asia, tesa achieved organic sales growth of 8.4%, particularly due to new project business with 
products for the electronics industry. The recovery in the automotive sector led to additional business 
in this region, too. In nominal terms, sales in Asia increased by 15.8% to €587 million (previous year: 
€507 million). The region’s share of Group sales rose to 35.2% (previous year: 33.9%).
EBIT excluding special factors increased to a total of €278 million (previous year: €253 million). The 
EBIT margin excluding special factors was 16.7% (previous year: 16.9%). The special factors in the tesa 
Business Segment in the amount of €14 million (previous year: €0) mainly involved an impairment loss 
on the goodwill of tesa Twinlock of €8 million and the loss from the sale of tesa Labtec of €6 million. 
The operating result including special factors stood at €264 million (previous year: €253 million), 
while the EBIT margin was 15.8% (previous year: 16.8%).

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
148
Sales tesa 	
	
	
	
	
    tesa Sales by Regions
(in € million)	
	
	
	
	
     (in %)
EBIT tesa
excluding special factors (in € million)
Industry
Sales in tesa industry increased considerably. Alongside successful project business in consumer 
electronics and the recovery in automotive markets, price increases contributed in significant part to 
this trend. The Industry division recorded organic sales growth of 10.0%. Nominal sales climbed by 
13.3% to €1,297 million (previous year: €1,145 million). The share of the Industry division in total sales 
was 77.8% (previous year: 76.4%).
In consumer electronics, tesa once again grew strongly and further enhanced its position as an 
important provider of innovative products and solutions for the manufacture of smartphones and 
tablets. The range for assembling front and rear modules and for battery mounting was developed 
further and translated into bespoke solutions. tesa gained market share in a sharply deteriorating 
overall market environment.
The automotive and electrical systems businesses achieved double-digit growth in 2022. This was 
partly due to strong market growth in the second half of the year on the back of a weaker prior-year 
period dominated by shortages in the semiconductor industry. In addition, the automotive business 
grew through successful project business in e-mobility, particularly with adhesive solutions for com-
ponents to affix displays, for e-batteries, and for vehicle design. tesa continued its targeted expansion 
of the product range in close cooperation with automotive manufacturers and suppliers and invested 
further in research and development in line with the transformation of the automotive industry.
2018
2019
2021
2022
2020
1,379
1,343
1,668
1,498
1,325
Africa/Asia/ 
Australia
35.2
Europe
47.7
Americas
17.1
2018
2019
2021
2022
2020
212
210
278
253
204

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
149
tesa further expanded its activities in the printing and paper business. In particular, the strong 
product portfolio in flexographic printing contributed to this growth. tesa continues to benefit from a 
growing market in the packaging industry all around the world.
In building industries, business activity declined during the reporting year. High real estate prices, 
the sharply increased cost of building materials, and interest rate hikes dented market performance 
particularly in the United States, where tesa provides airtight and waterproof adhesives for the con-
struction and building supplies industry.
The industrial distribution business grew globally in 2022. This was due to the targeted addition 
of sustainable adhesive tapes to the product portfolio, an expansion of business with industrial 
converters, and the implementation of price rises. Business performance in Europe saw a downturn 
in the fourth quarter.
Until September 30, 2022, tesa’s portfolio also included Labtec GmbH with its applications for the 
pharmaceutical industry. Labtec GmbH was sold to the French company AdhexPharma.
Consumer
Organic sales in the consumer division increased by 5.1%. In nominal terms, this translated to growth 
of 4.9%, lifting sales to €363 million (previous year: €346 million). As a result, the Consumer division 
contributed 21.8% (previous year: 23.1%) of tesa’s total sales in the reporting year.
Business with private consumers and professional tradespeople grew moderately in Europe and 
markedly in Latin America. Significant price adjustments along with product launches and successfully 
realized customer projects contributed to this.
Sales channels for professional tradespeople and stationery showed particularly strong growth. 
The hardware store business, which was partly affected by COVID-19 lockdowns in the previous 
year, contributed to the positive sales growth. E-commerce accounts were unable to escape the 
negative market trend and fell short of the previous year’s figures, which had been bolstered by 
strong market growth.
Product ranges driving growth chiefly included tesamoll®, packaging tapes and tapes for painters and 
repairs. For the latter, tesa made changes to the product range and shelf presentation in hardware 
stores. In the bathroom accessories category, tesa sells products that are quick and easy to mount 
with the innovative “nie wieder bohren” technology. Newly introduced product options, expanded 
distribution, and media campaigns enabled tesa to further enhance its market position in 2022.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
150
Net Assets
Net Assets – Group
(in € million)
Assets
Dec. 31, 2021
Dec. 31, 2022
Non-current assets
6,668
6,806
Inventories
1,144
1,557
Other current assets
2,451
2,905
Cash and cash equivalents
1,036
1,080
11,299
12,348
Equity and liabilities
Dec. 31, 2021
Dec. 31, 2022
Equity
6,894
7,805
Non-current provisions
935
528
Non-current liabilities
145
254
Current provisions
582
614
Current liabilities
2,743
3,147
11,299
12,348
Non-current assets increased by €138 million to €6,806 million (previous year: €6,668 million). 
Long-term securities decreased by €753 million to €3,184 million (previous year: €3,937 million). 
Capital expenditure on property, plant, and equipment, and investment in intangible assets 
amounted to €1,137 million (previous year: €413 million). Of this amount, €1,054 million (previous 
year: €376 million) related to the Consumer Business Segment and €83 million (previous year:  
€37 million) to the tesa Business Segment. The capital expenditure primarily involved the acquisition 
of Chantecaille (€532 million) as well as securing the future of the Beiersdorf sites and expanding 
them, increasing capacity at the production locations, and constructing the new Group headquar-
ters. Depreciation and impairment losses amounted to €287 million (previous year: €287 million). 
Inventories increased by €413 million to €1,557 million (previous year: €1,144 million). Other current 
assets increased to €2,905 million (previous year: €2,451 million). This item includes short-term 
securities of €771 million (previous year: €616 million). The increase in this position is mainly due 
to repayments at maturity and a simultaneous reclassification from non-current to current securi-
ties. Trade receivables increased by €202 million to €1,508 million (previous year: €1,306 million). 
Income tax receivables amounted to €205 million (previous year: €207 million), while other current 
assets increased by €41 million to €239 million (previous year: €198 million).
Cash and cash equivalents increased to €1,080 million (previous year: €1,036 million). Net liquidity (cash, 
cash equivalents, and long- and short- term securities less current and non-current lease liabilities less 
other financial liabilities) decreased by €589 million to €4,477 million (previous year: €5,066 million). 
Other financial liabilities increased by €26 million to €367 million (previous year: €341 million). Short-
term borrowings continue to be used to support the management of financial assets and liquidity.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
151
Financing Structure
(in %)
Total non-current provisions and liabilities stood at €782 million (previous year: €1,080 million). This 
item includes provisions for pensions and other post-employment benefits, which decreased to 
€382 million (previous year: €808 million), mainly due to an increase in the interest rate. There was 
a related increase in deferred tax liabilities to €137 million (previous year: €38 million). Total current 
provisions and liabilities rose by €436 million to €3,761 million (previous year: €3,325 million) as a 
result of an increase in current financial liabilities and a rise in trade payables. The equity ratio was 
63% (previous year: 61%). Non-current liabilities accounted for 6% (previous year: 10%) and current 
liabilities for 31% (previous year: 29%).
Financial Position
Cash Flow Statement – Group
(in € million)
 2021 
 2022 
Gross cash flow
897
1,084
Change in net current assets
96
–287
Net cash flow from operating activities
993
797
Net cash flow from investing activities
–845
–402
Free cash flow
148
395
Net cash flow from financing activities
–141
–345
Other changes
24
–6
Net change in cash and cash equivalents
31
44
Cash and cash equivalents as of Jan. 1
1,005
1,036
Cash and cash equivalents as of Dec. 31
1,036
1,080
Gross cash flow amounted to €1,084 million in the period under review, up €187 million on the  
prior-year value.
The change in working capital led to an outflow of €287 million (previous year inflow: €96 million). The 
increase of €396 million in trade payables and current provisions was accompanied by a €395 million 
increase in inventories and a €288 million increase in receivables and other assets.
The net cash outflow from investing activities amounted to €402 million in the reporting year (pre-
vious year: €845 million). Net investments of €583 million in the sale of securities, interest and other 
financial income received of €76 million, proceeds of €29 million from the sale of intangible assets 
and property, plant, and equipment as well as proceeds from the sale of subsidiaries of €10 million 
were offset by capital expenditure of €548 million for property, plant, and equipment and intangible 
2021
2022
61
10
29
63
6
31
Equity  
Non-current liabilities
Current liabilities

To the shareholders
Combined Management Report
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Additional Information
ANNUAL REPORT 2022
152
assets, payments for acquisitions of €545 million as well as payments for investments in associated 
companies and other investments of €7 million.
Free cash flow was €395 million, up by €247 million on the prior-year value (€148 million). The net cash 
outflow of €345 million from financing activities (previous year: €141 million) comprised the Beiersdorf 
AG dividend payment of €159 million, payments to acquire shares from non-controlling interests with-
out a change in control of €72 million and other financial cash outflows in the amount of €114 million.
Cash and cash equivalents amounted to €1,080 million (previous year: €1,036 million).
Financing and liquidity provision
Hedging currency, interest rate, and default risks as well as investing liquid assets are at the heart of 
financial management at Beiersdorf. Providing liquidity for the Group is also a paramount objective. 
The type and volume of transactions are in line with the basic operating and financial business. Sce-
narios and rolling 12-month cash flow planning are used to establish liquidity requirements. Details 
on financial risk management can be found in the notes to the balance sheet, Note 29.
Overall Assessment of the Group’s Economic Position
Overall Assessment of the Group’s economic Position
Forecast for 2022
Forecast for 2022
Forecast for 2022
Result in 
2021
in 2021  
Annual Report
in H1 2022  
Report
in 9M 2022  
Quarterly Statement
Result in 
2022
Sales growth (organic)
Consumer
(in %)
8.8
in the middle single 
digit range
at the upper end  
of the mid-single 
digit range
9 - 10
10.5
tesa
(in %)
13.6
in the middle single 
digit range
in the low- to mid-
single digit range
7 - 9
8.8
Group
(in %)
9.7
in the middle single 
digit range
at the upper end  
of the mid-single 
digit range
9 - 10
10.2
EBIT margin (excluding special 
factors)
Consumer
(in %)
12.1
slightly above  
previous year’s level
slightly above  
previous year’s level
slightly above  
previous year’s level
12.3
tesa
(in %)
16.9
noticeably below 
previous year’s level
noticeably below 
previous year’s level
slightly below  
previous year’s level
16.7
Group
(in %)
13.0
at prior-year level
at prior-year level
at prior-year level
13.2
The Group generated sales of €8,799 million (previous year: €7,627 million). Organic sales were up by 
10.2% (previous year: increase of 9.7%). EBIT excluding special factors reached €1,158 million (previous 
year: €993 million). The EBIT margin excluding special factors was 13.2% (previous year: 13.0%).
The Consumer Business Segment looks back on a strong fiscal year 2022, in which it increased both 
sales and market share and also continued to invest in the C.A.R.E.+ strategy. A particular focus was 
on digitalization as an area that will ensure Beiersdorf AG’s success over the medium and long term. 
These efforts already began to pay off in the reporting year, for example with a significant increase in 
online sales, which are a major growth driver for the Consumer business. 
Overall, the Consumer Business Segment recorded organic sales growth of 10.5% (previous year: 
8.8%) in 2022. NIVEA’s growth was broad-based, with both Skin Care and Personal Care achieving a 
very healthy expansion. In Skin Care, the sun care subcategory was among those growing strongly, 
and face care also performed very positively due to strong innovations. The Derma business, too,

To the shareholders
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Additional Information
ANNUAL REPORT 2022
153
continued its success story from 2021 and again recorded double-digit organic growth thanks 
to innovations and strong online business. Healthcare grew by double digits again and has well 
exceeded its pre-COVID-19 figures for 2019. Despite a volatile performance at La Prairie during the 
year 2022 - given its close dependence on political decisions taken to contain the pandemic in China 
– organic sales growth increased slightly for the full year 2022. The Consumer Business Segment’s 
significant sales growth in Latin America and the United States was particularly noteworthy. The 
operating result (EBIT, excluding special factors) and corresponding EBIT margin increased slightly, 
despite significant investment in strategy implementation and sharply increased commodity prices. 
The Consumer EBIT margin excluding special factors was 12.3% (previous year: 12.1%).
The tesa Business Segment generated organic sales growth of 8.8% (previous year: 13.6%) in 2022 in 
a difficult global market environment impacted by the repercussions of the Ukraine war and also still 
by the COVID-19 pandemic. The Industry division, which handles business directly with industrial 
customers and industry trade, and the Consumer division, which comprises sales to end consumers 
and tradespeople, both recorded a considerable increase in sales. The electronics and automotive 
areas in particular continued to show a clearly positive sales trend. The tesa EBIT margin excluding 
special factors was 16.7% (previous year: 16.9%).
Beiersdorf AG
Business Activities
Beiersdorf AG is based in Hamburg (Germany) and is the parent company of the Beiersdorf Group. As 
of December 31, 2022, Beiersdorf AG employed 2,415 people (previous year: 2,412). The number of 
vocational trainees and trainees not included in this figure was 115 (previous year: 121).
Beiersdorf AG is responsible for the German Consumer business and provides typical holding com-
pany services to its affiliates. In addition to its own operating activities, Beiersdorf AG manages an 
extensive investment portfolio and is the direct or indirect parent company of over 200 subsidiaries 
worldwide. The company also performs central planning/financial control, supply chain, treasury, and 
human resources functions, as well as a large proportion of research and development activities for 
the Consumer business.
Beiersdorf AG’s operating business is one part of the Beiersdorf Group’s business activities. The entire 
company is managed on the basis of the key performance indicators outlined in the “Management and 
Control” section of the Combined Management Report. It is only possible to gain a full insight into the 
key performance indicators at the level of the Group.
The net assets, financial position, and results of operations of Beiersdorf AG are dominated by its 
own business activities and by the activities of its affiliates in the form of royalty income and dividend 
income. Consequently, the economic position of Beiersdorf AG essentially corresponds to that of 
the Group as a whole. Similarly, the opportunities and risks as well as the outlook for Beiersdorf AG 
correlate closely with those for the Group, particularly regarding the war in Ukraine and the global 
COVID-19 pandemic, which have brought economic disruption, volatility, and shortages in important 
procurement, transport, and sales market for us.
Basis of Preparation
The annual financial statements of Beiersdorf AG are prepared in accordance with the provisions 
of the Handelsgesetzbuch (German Commercial Code, HGB) and the Aktiengesetz (German Stock 
Corporation Act, AktG). The recommendations of the German Corporate Governance Code that are 
relevant to the annual financial statements were taken into account.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
154
Result of Operations – Beiersdorf AG
Income Statement – Beiersdorf AG in accordance with HGB
(in € million)
 2021 
 2022 
Sales
1,336
1,429
Other operating income
35
47
Cost of materials
–286
–306
Personnel expenses
–332
–331
Depreciation and amortization of property, plant, and equipment and intangible 
assets
–41
–41
Other operating expenses
–727
–797
Operating result
–15
1
Net income from investments
212
352
Net interest expense
–45
–19
Other financial result
3
1
Financial result
170
334
Profit before tax
155
335
Income taxes
–32
–27
Profit after tax
123
308
Transfer to other retained earnings
—
–132
Withdrawals from other retained earnings
53
—
Net retained profits
176
176
Beiersdorf AG’s sales increased by €93 million to €1,429 million in the reporting year (previous year: 
€1,336 million). Product sales for Aquaphor, NIVEA SUN, and Eucerin were particularly encouraging. 
Sales of €1,023 million (previous year: €988 million) were generated in Germany and €406 million 
(previous year: €348 million) in other countries.
The operating result rose by €16 million to €1 million due to considerably higher sales and 
improved other operating income, accompanied by a proportionate increase in cost of materials 
and marketing expenses.
The financial result improved year-on-year by €164 million. This increase was due to a significant 
rise in net income from investments of  €140 million and a €26 million improvement in net interest 
expense. Meanwhile, other financial result deteriorated by €2 million.
Accordingly, profit before tax was significantly higher than the previous year at €335 million, with 
an increase of €180 million.
Profit after tax was €308 million (previous year: €123 million), an increase of €185 million on the 
previous year.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
155
Net Assets and Financial Position – Beiersdorf AG
Balance Sheet – Beiersdorf AG in accordance with HGB 
(in € million)
Assets
Dec. 31, 2021
Dec. 31, 2022
Intangible assets
140
110
Property, plant, and equipment
139
193
Financial assets
6,328
5,879
Fixed assets
6,607
6,182
Inventories
4
4
Receivables and other assets
693
896
Securities
82
82
Cash and cash equivalents
1
18
Current assets
780
1,000
Prepaid expenses
6
7
Deferred tax assets
98
102
7,491
7,291
Equity and liabilities
Dec. 31, 2021
Dec. 31, 2022
Equity
2,764
2,913
Provisions for pensions and other post-employment benefits
656
643
Other provisions
305
329
Provisions
961
972
Liabilities
3,766
3,406
7,491
7,291
Fixed assets fell by a considerable €425 million year-on-year. This decrease was largely due to the 
maturity and sale of long-term government and corporate bonds. The additions to property, plant, 
and equipment of €66 million include €43 million in connection with the completion and commis-
sioning of a building together with outdoor facilities and operating equipment as part of the “New 
Beiersdorf Campus” project. Investments in property, plant, and equipment were offset by depreci-
ation of €12 million.
Current assets increased by €220 million over the fiscal year to €1,000 million. As in the previous year, 
this includes short-term securities of €82 million. The sharp increase in this position of €203 million is 
mainly attributable to higher financial receivables from affiliated companies.
In contrast, liabilities decreased by a considerable €360 million year on year to €3,406 million. This 
was mainly due to a decrease in financial liabilities to affiliated companies.
€2,913 million (previous year: €2,764 million), or 40% (previous year: 37%), of the total balance sheet 
assets of €7,291 million (previous year: €7,491million) is financed by equity.
The Executive Board and Supervisory Board will propose a dividend of €0.70 per no-par-value share 
bearing dividend rights to the Annual General Meeting (previous year: €0.70).

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
156
Risk Report
Risks and Opportunities
In the course of its business activities, the Beiersdorf Group is exposed to a multitude of risks and 
opportunities. These risks and opportunities result, among other things, from its activities that seek 
to develop and make use of opportunities to improve the company’s competitiveness. Risks and 
opportunities encompass specific events and developments with a certain probability of occurrence 
that may have material negative or positive financial and non-financial effects on the achievement of 
the Beiersdorf Group’s objectives. Beiersdorf uses an integrated risk and opportunity management 
system to identify and evaluate material risks at an early stage and to consistently limit them using 
counteractive measures. This system is coordinated at Group headquarters.
Beiersdorf Risk Radar
Schematic diagram
Integrated Risk and Opportunity Management System
The risk and opportunity management system at Beiersdorf is an integral part of the central and 
local planning, management, and control processes in the individual companies, management 
units, and regions, at Consumer and tesa Business Segment levels, and at Group level. Risk and 
opportunity management is complemented by the accounting-related internal control systems, the 
various internal and external monitoring bodies – supported by Internal Audit – and external audi-
tors. Compliance management, which is also relevant in this context, is described extensively in the 
chapter “Non-financial Statement.”
Risk and opportunity management is closely aligned with corporate strategy and helps Beiersdorf to 
identify its potential and to analyze and make optimal use of this potential while always taking risks 
into account. Regularly performing analyses of customers and the competition, for example, enables a 
swift response to dynamic market developments. Specific market opportunities and risks are derived 
from the information obtained.
Beiersdorf actively incurs risks only if there is a corresponding opportunity for an appropriate increase 
in value, and only if they can be managed using established methods and measures within the relevant 
organization. In cases where the full avoidance of risks is not possible or reasonable, risks are mitigated 
using appropriate measures, or are transferred to third parties such as insurance companies.
1
2
3
External framework
Procurement/Raw materials
Manufactoring
Marketing/Distribution/Outbound logistics
Customer/Consumer/Markets
Competition/Substitution
R&D/Innovations/Quality management
Organizational excellence
 Signiﬁcant
Critical
Existence-imperiling
1
2
3
Improbable
Very probable
Probable

To the shareholders
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Additional Information
ANNUAL REPORT 2022
157
Within the risk management process, periodic inventories are carried out to identify, evaluate, docu-
ment, and subsequently communicate the material risks in a structured way along with the measures 
to manage these risks. The corresponding principles, reporting and feedback processes, and respon-
sibilities are laid out in a directive that applies across the Group. This is updated regularly.
Beiersdorf Risk Presentation
Beiersdorf distinguishes between strategic, functional, and operational risks. Strategic risks encom-
pass fundamental frameworks, developments, and events that could have a substantial impact on 
the Group’s business model or its business segments. Functional risks are challenges inherent to the 
business model. The various specialist functions generally work at the global or regional level to counter 
these risks, with sustainable actions relating to the design of operational and organizational structures 
as well as with specific individual measures. The opportunities and risks associated with climate change 
are also particularly integrated into strategic and functional risk management. Operational risks and 
opportunities are those that may influence short-term sales and profits of our corporate affiliates.
Appropriate observation periods are assigned to these risk categories. A period of five years generally 
applies for strategic risks. For functional risks, the period is two years as a rule, and for short-term 
operational risks one year.
In the Group’s internal risk reporting, individual risks are uniformly presented by positioning them on 
a so-called risk radar. The various fields of the radar reflect, in summarized form, the relevant areas for 
the company both inside and outside the Group that may give rise to risks. The graph on the previous 
page (Beiersdorf risk radar) shows the structure of the risk radar for strategic risks.
For each category, the risks are also classified based on their probability and the potential financial 
and non-financial impact of their occurrence. The likelihood of occurrence and impact of risks are 
determined on a net basis, assuming risk-mitigation measures have already been implemented or at 
least specific plans for them exist.
The Executive Board and supervisory bodies are regularly updated on the risk situation at Consumer 
and tesa Business Segment levels and at Group level. Besides this, direct lines of communication 
ensure that suddenly occurring material risks are also reported immediately to management.  
Probability of
occurrence 
Possible
ﬁnancial effects
Improbable
Strategic
risks
Probable
Very probable
Signiﬁcant
Critical
Existence-imperiling
Functional & 
operational risks
Unlikely (≤ 10%)
Possible (10% < – ≤ 50%) 
Likely (50% < – ≤ 90%)
Almost certain (> 90%)
Low
Medium
Major
Severe

To the shareholders
Combined Management Report
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Additional Information
ANNUAL REPORT 2022
158
Continuous information sharing with the Corporate Development function additionally encourages 
the consideration of risk aspects in the support provided to management. Central risk management 
is also in constant communication with the task forces on key issues such as the war in Ukraine or the 
continuing global COVID-19 pandemic.
A new body – the Corporate Risk Board – was created during the reporting period to advise the 
Executive Board. It consists of the heads of important, mostly globally responsible corporate depart-
ments comprising multiple areas of responsibility (Marketing, Quality Management, Internal Audit, 
Communication, Sustainability, Group Accounting, IT Security, Legal). The task of this body is to collate 
the various risks – both those already known and those newly identified by the Corporate Risk Board 
– using a broad-based approach and to analyze them in depth and present them in summarized form. 
By bringing together many different perspectives, it will provide Beiersdorf with important collective 
intelligence, further improving and complementing the existing analysis of material risks.
As in the previous year, in analyzing the material risks and opportunities, the Executive Board and 
Supervisory Board looked in depth at the comparison of the qualitatively and quantitatively aggre-
gated risk portfolio with the also updated total financial risk-bearing capacity. The aim was again to 
determine whether there was any need for a change in the overall assessment of the risk situation 
(see below) on this basis.
To ensure maximum transparency and accountability, Beiersdorf’s financial risk-bearing capacity is 
calculated based on average net liquidity (see the “Net Assets” section). The available free cash flow 
to be used for the development of net liquidity in the multi-period perspective is adjusted solely for 
the previously deducted investments in securities and effects from past M&A transactions. The cal-
culation of risk-bearing capacity is therefore based on a very conservative approach as it deliberately 
does not take into account potentially significant short-term increases in our liquidity, which could be 
used in actual crisis situations.
These increases could include, for example, new and/or increased credit lines, the release of hidden 
reserves, the sale of fixed assets, individual business units, or own shares from our portfolio, the tem-
porary suspension of dividend payments, or the reduction of planned investments in the market or in 
maintaining/expanding our fixed assets. Lastly, for net liquidity and cash flow, we have used only the 
average for the last five years rather than the higher recent figures for 2022.
As a result of comparing the risk situation with risk-bearing capacity, it can be concluded that, over 
the relevant observation period of the next two years, the current risk portfolio, revalued during 
the reporting year, would still not give rise to a financial situation even remotely endangering the 
Beiersdorf Group’s continued existence, even given the full and simultaneous occurrence of all the 
individual risks.
Description of the Material Risks and Opportunities
Strategic and functional risks and opportunities
Given the newly emerging and in some cases substantially worsening global economic and political 
environment in 2022, we comprehensively reviewed our assessments of the strategic risks. As a 
result of this review, we have refined some of the risk definitions and increased our estimates of the 
risk levels in quantitative terms compared with the previous year. In addition, in line with our more 
cautious approach, we have currently completely removed opportunities beyond our medium-term 
planning from the quantitative net calculation of the risk portfolio. We have also removed some risk 
aspects, which we regard as part of the day-to-day challenges we continuously face as part of our 
business model, from the definition of strategic risks, since these are generally already captured by 
our financial planning. These include, for example, recurring disputes with retailers over pricing and

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diverse attacks on our brands and products by competitors, and, in particular, the defense of our 
trademarks and product claims.
Maintaining and increasing the value of our major consumer brands with their broad appeal remains 
of decisive importance to Beiersdorf’s business development. The trust of our customers and, in 
particular, of the consumers of our products, is essential to this and cannot be taken for granted. We 
have designed our risk management system to fully justify this trust and to provide enduring, successful 
protection to the value of our brands. We continuously review our internal processes in all areas of 
the company in order that we can respond appropriately, correctly, and effectively to any events that 
could harm or threaten our reputation. Combined with the activities described below in relation to 
the quality of our products and overall market image, we expect this to help prevent any potential 
reputational problems from escalating into critical issues. This applies equally to our brands and to 
our company as a whole. Among other things, our extensive operational and communication meas-
ures in relation to sustainability, diversity, and other aspects of Corporate Social Responsibility (CSR) 
enable us at the same time to categorize risks to the reputation of our brands and our company as 
only significant and improbable overall.
As part of the refined classification of strategic risks in this annual report, we have introduced 
clearer differentiation in relation to the changing behavior of our customers and particularly of con-
sumers. Very different measures are needed to successfully respond on the one hand to growing 
expectations around digitalization, and on the other hand to the requirements, based on public 
expectations, that we face in relation to environmental protection, sustainability, and good corpo-
rate governance (ESG requirements).
We further expanded contact opportunities in the reporting year, especially with our end consumers. To 
this end, we use a growing number of e-commerce and social media platforms and address people 
directly through our own websites. We also use an ever more diverse range of tools, including very 
well received initiatives enabling direct contact and dialogue with our senior management. In addition, 
we support our direct retail partners in a variety of ways by continuously expanding options for digital 
dialogue, combined, for example, with links to each other’s websites.
Alongside other sustainability criteria, we particularly follow the debates on avoiding certain 
packaging and raw materials. This includes closely monitoring the European Green Deal. We are 
continuing our plastics cycle strategy, announced in 2021, along with our efforts to develop and use 
sustainable packaging and applications. We are also reinforcing the awareness among our employees 
and managers through extensive reporting on the varied local and company-wide activities relating 
to the environment, sustainability, and our clear commitment to diversity and inclusion, from local 
environmental protection campaigns in various international subsidiaries to a company-wide sus-
tainability summit.
Despite the differences referred to above, we continue to regard risks from changes in consumer 
behavior due to advancing digitalization and constantly growing public expectations of us 
with regard to environmental protection, sustainability, and our conduct as a corporate citizen 
as critical and probable.
The management focus on the sustainable success of our market activities ensures that – in terms of 
brands, products, and regions – we invest in promising markets. To this end, we actively screen new 
business areas and selectively invest in start-ups (including so-called accelerator programs), allowing 
us to quickly capitalize on specialist expertise in research and development. However, our concrete 
planning only includes already tangible results. Here, too, we consider additional market opportunities 
beyond our planning to be possible; however, we have removed them from our calculation of the net 
risk portfolio as part of a cautious approach.

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The global political situation further worsened – in some cases majorly – during the reporting 
period. In particular, the war in Ukraine and the constraints still associated with the effects of the 
pandemic, supplemented by tensions in the Chinese-European and American-European relation-
ships, are hindering further development in some of the markets where we work. We have included 
in our planning our best estimates of the specific negative impacts but regard the associated residual 
risks as critical and very probable.
There are procurement risks relating to the use of services and to the availability and delivery 
reliability of raw materials, packaging materials and other inputs, natural resources, and 
energy as well as to their further heavily increased cost in the reporting period. These risks are 
countered by continuously monitoring our markets and suppliers as well as by using appropriate 
contract management. We also carefully manage the scope, timing, and frequency of our individual 
purchases. Strategic partnerships are an important element of actively managing our supplier port-
folio, as are internal programs designed to ensure the agility of the supply chain as a whole and its 
resilience to disruption. In addition, we are intensively seeking potential cost reductions throughout 
the value chain as part of the continuation of our broad-based “value engineering” project. Aside 
from the expectations already included in our planning, we regard the additional strategic and func-
tional risks in relation to availability and price trends on the procurement side as critical or major but 
improbable overall.
As part of the review of our strategic risks, we have now combined the risk from threats to our IT system 
and the IT systems of our direct business partners with other unavailability of or problems accessing 
critical infrastructure, which have similar repercussions. These include various IT-related issues such as 
partial or complete failure of the internet as well as, for example, restricted options for physical transport.
We again successfully defended ourselves in 2022 against direct and indirect attacks on our own IT 
systems by further improving our infrastructure, increasing the use of cloud services while further 
standardizing our application systems in all areas, and implementing a host of mechanisms for secure 
mobile working from home. Our IT and production sites relevant to value creation, for example, are 
also equipped with emergency power generators and autonomous energy generation systems, 
which can at least partially cushion any power cuts. We categorize risks from this area to Beiersdorf as 
merely significant rather than critical, but still regard them as probable.
In a further partial overhaul of our risk classification, we have now combined various external risks 
from constantly increasing regulatory requirements. This relates both to tighter rules on the 
use of certain raw materials and packaging as well as, for example, the development of constantly 
growing information and documentation requirements in relation to data protection and consumer 
contacts. We tackle the first of these challenges through research and development work, which we 
support in an effective and forward-looking way through specialized regulatory affairs functions, 
enabling us, for example, to respond promptly to a potential sudden ban on certain ingredients 
by using suitable alternative formulations. Nevertheless, we cannot completely rule out the risk 
that, despite all the above precautions, we might not be able to replace them in our formulations 
promptly, and, as usual, we cautiously assess this risk as probable, albeit only significant, in accordance 
with our classification criteria.
We are also helped by our data protection system, which has already been in successful, Europe-wide 
use for several years and helps us continuously ensure safe handling of our company’s sensitive data 
as well as that of our business partners and consumers, such as when developing and using our social 
media presence or creating new software solutions. These efforts are complemented by clear internal 
rules of conduct, transparent management structures, extensive training and monitoring activities, 
and, in the case of data protection, further work on global roll-out. We continue to regard these risks 
as merely significant and as improbable.

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Partnerships and other contacts with universities enable us to build early links to qualified poten-
tial new employees, for whom we have special trainee programs to prepare them for a career 
at Beiersdorf. Our uniform global talent management process identifies and develops talented 
specialists and management personnel at all levels and supports the appointment of qualified staff 
in key positions throughout the company as these become vacant. Beiersdorf is well known as an 
attractive employer, and we reinforce this with a range of credible activities in relation to diversity, 
corporate citizenship, sustainability, and other topics. Risks in the context of our global recruit-
ment activities currently do not constitute a material risk for us. Given, among other things, the 
demographic trend and the general threat of skilled labor shortages, we will monitor the issue 
very closely and are taking a range of appropriate measures to keep Beiersdorf positioned as an 
attractive employer.
We counter the risk of bad debts through detailed monitoring of our customer relationships and 
active receivables management. Our trade credit insurance, which was overhauled in the previous 
year, continues to mean that we can offer protection on a global basis and on very good terms while 
also making use of high-quality risk assessments. Currency, interest rate, and liquidity risks are 
subject to active treasury management based on a global directive. They are managed and hedged 
centrally to a very large extent, considering the specific requirements for the organizational separa-
tion of the trading, settlement, and controlling functions. In light of this, there is no significant risk 
potential in this respect either.
Potential default risks relating to the investment of the Group’s liquid funds are limited by only making 
investments with defined reliable counterparties. Counterparty risk is monitored daily based on ratings 
and the counterparties’ liable capital as well as continuously updated risk indicators. These parameters 
are used to determine maximum amounts for investments with partner banks and securities issuers 
(counterparty limits), which are compared with the investments actually made throughout the Group. 
We have invested most of our liquidity in low-risk investments (such as government/corporate bonds 
and Pfandbriefe). The investment strategy, which is documented in writing, is regularly agreed with 
our internal supervisory body and with the Supervisory Board. Given the general increase in volatility, 
we currently consider market risks from the investment of our free liquidity as significant but as 
improbable in light of our measures described above.
Our financial risk management is characterized by the clear allocation of responsibilities, central rules 
for limiting financial risks as a matter of principle, and the conscious alignment of the instruments 
deployed with the requirements of our business activities. Specific, additional information on the 
extent of the currency, interest rate, default, and liquidity risks described above can be found in Note 29  
of the notes to the consolidated financial statements, “Additional Disclosures on Financial Instruments, 
Financial Risk Management, and Derivative Financial Instruments.”
Short-term operational risks and opportunities
The war in Ukraine and the global COVID-19 pandemic have brought economic disruption, vola-
tility, and shortages in important procurement, transport, and sales markets for us. As in many other 
areas, this remains the main factor when analyzing and quantifying operational risks. In particular, 
the continued increases in material prices and their still not entirely predictable future development 
represent a significant challenge for our margins and profitability. However, it is our assumption that 
the individual Group companies, based on their market observations, have planned for the antici-
pated key effects in such a way that additional significant risks beyond those already considered can 
continue to be regarded as improbable from today’s perspective.
The general risk of a pandemic has been included in our functional risks for many years along with the 
corresponding measures. The assessment of potential severe consequences from last year has not 
changed in the reporting period, and occurrence remains improbable.

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The key net operational risks currently remaining arise exclusively from legal and tax proceedings 
and from tax audits, as in the previous period. These risks are prudently quantified by both internal 
and external experts to the extent possible. Assessing the course and outcome of legal disputes is 
associated with considerable uncertainty. Based on the information currently available, no material 
charges are expected for the Group that would be considered probable. 
Further information and details on the extent of the risks described here can be found in Note 30 of 
the notes to the consolidated financial statements, “Contingent Liabilities, Other Financial Obliga-
tions, and Legal Risks.”
Monitoring of risks and opportunities
Formal monitoring of the strategic and functional risks, including corresponding mitigating measures, 
takes place once a year at board division and full Executive Board level and subsequently in the Audit 
Committee of the Supervisory Board. Along with adherence to our risk policy principles, this naturally 
feeds into every business decision taken at the various levels of our company.
In addition to the above monitoring, operational risks and opportunities are continuously monitored 
as part of the financial planning, forecasting, and reporting process at the local, regional, and central 
level. This ensures that all sales and earnings effects regarded as relatively likely are directly and 
appropriately incorporated into our financial reporting, taking into account the measures imple-
mented and planned (e.g., recognition of provisions). This is supplemented by a monthly review of 
key financial figures for the Group companies, led by the Group Controlling function together with 
Risk Management, Internal Audit, and other relevant controlling functions. The review is designed to 
enable potentially critical developments to be addressed swiftly and precisely with those involved 
and corrective action to be initiated where appropriate.
The latest information on risk development is thus also fed into the management and planning systems 
of the corporate units regularly throughout the year and becomes part of the decision-making and 
control processes. By directly integrating the risk inventory and planning process, the risk manage­ment 
system is continuously developed further, and risk awareness is embedded throughout the company.
Summary of the Risk Situation
Compared with the previous year, there has been no fundamental change in our assessment of the 
likelihood of occurrence of the material risks, either individually or as a whole. Although we have in 
some cases appreciably increased our estimates of the potential financial impact should these risks 
materialize, there is no overall need for qualitative repositioning specifically for strategic risks.
Even considering the updated estimations, there is currently no fundamental change to our assess-
ment of the overall risk situation. As in the previous year, this assessment was substantiated by 
comparing the current quantitatively and qualitatively aggregated total risk portfolio with the very 
conservatively calculated risk-bearing capacity of the Beiersdorf Group. Risk-bearing capacity has 
slightly increased, partly due to the Group’s further improved liquidity position. This analysis has 
confirmed Beiersdorf’s view that, at the current time, neither the Beiersdorf Group nor individual 
segments of the business are exposed to any risks that could endanger their continued existence.
Accounting-related Internal Control System
The aim of the accounting-related internal control system is to implement appropriate principles, pro-
cedures, and controls to ensure the correctness and reliability of accounting and financial reporting 
in the financial statements and management report of the Beiersdorf Group and Beiersdorf AG in line 
with the legal regulations and relevant accounting standards.

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The scope and orientation of the internal control system have been shaped by the Executive Board 
based on the Group-specific requirements. The accounting-related internal control system consists of 
the following components: control environment, risk assessment process, control activities, information, 
communication, and monitoring.
An analysis was used to identify the items and positions containing the material risks for the financial 
statements. The underlying processes were then assigned to these. Preventive, monitoring, and  
detective measures designed to ensure security and control in accounting, information processing, and 
the operational functions have been defined Group-wide for these processes. Among other things, 
the measures include the separation of functions, manual and IT-based approval processes using the 
dual control principle, IT checks, access restrictions and authorization concepts for the IT system, and 
systems-based processes for handling Group accounting data. These measures are updated regularly.
Internal and external shared service centers provide uniform handling of the core accounting pro-
cesses at Beiersdorf AG and most of its affiliates. In some cases, they achieve this with the help of 
fully automated processes. Standardized IT systems are used to support financial reporting for the 
affiliates included in the consolidated financial statements and consolidation. Procedural instruc-
tions, standardized reporting formats, and IT-based reporting and consolidation processes support 
financial reporting.
The consolidated financial statements are based on accounting directives specified by Beiersdorf AG. 
These guidelines are updated on an ongoing basis through continuous analysis of the relevance and 
impact of changes in the regulatory environment.
The accounting process and compliance with the control requirements and accounting directives 
by the companies included in the consolidated financial statements are also regularly reviewed and 
adjusted if necessary.
It remains the case that even putting in place appropriate, effective systems does not guarantee 
the correct, complete, and timely recording of information in the accounts with absolute certainty. 
It is impossible to entirely rule out personal judgments, erroneous controls, criminal acts, or other 
circumstances. Should these occur, they could limit the effectiveness and reliability of the internal 
control system.
Adequacy and effectiveness of the internal control and risk management  
systems1
In addition to the accounting-related processes, risk early warning and monitoring systems, and 
related controls, all of which are continuously and systematically audited by internal audit, both cen-
trally and locally, Beiersdorf also has extensive internal rules, regulations and processes in all areas 
(including interdepartmental processes) material to ensuring proper and legally compliant operations 
(e.g. in R&D, production and logistics, quality management, and marketing and sales, and especially 
in the innovation process, which involves practically all corporate functions). The rules and regulations 
are regularly communicated and updated as appropriate. Compliance with them is monitored and 
training continuously provided. We have also developed data collection and control mechanisms for 
sustainability aspects. The Executive Board deals with the monitoring and control of these systems on 
an ongoing basis, also in close consultation with Internal Auditing. The Executive Board is regularly 
advised and monitored by the Audit Committee of the Supervisory Board on issues relating to the 
appropriateness and effectiveness of the internal control system, the risk management system and 
the internal auditing system. This has not recently resulted in any significant need for adjustment or 
improvement with regard to these systems. Beiersdorf therefore has no reason to believe that there 
1	 This section of the Combined Management Report is not subject to audit requirements.

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are inadequate or ineffective internal control and risk management systems in the relevant business 
areas or in relation to the relevant topics.
Independent Monitoring
The supervisory bodies and the Internal Audit department are integrated into the Beiersdorf Group’s 
internal control system with audit activities that are independent of the Group’s operations. Internal 
Audit systematically evaluates the integrity of financial accounting, the effectiveness of the account-
ing-related internal control system and of the risk and opportunity management system, and compli-
ance. As a process-independent organizational unit, it uses a risk-based approach to reviewing the 
business processes, the systems and controls that have been put in place, and the financial accounting 
of transactions. The audit findings are used for ongoing enhancement of the company’s management 
and of preventive and detective controls. A standardized monitoring system was introduced in 2022, 
enabling implementation of the controls to be globally monitored, initially in the order-to-cash and pur-
chase-to-pay core business processes. Use of the system will be further refined and expanded in 2023.
In accordance with § 317 (4) HGB and § 91 (2) AktG, the Group auditor also evaluates the effectiveness 
of the risk early warning and monitoring system. Internal Audit and the Group auditor regularly report 
the audit results to the supervisory bodies.
The Audit Committee of Beiersdorf AG monitors, in particular, the accounting process and the effec-
tiveness of the internal control system, the risk management system, and the internal audit system. 
Alongside standard reports, in-depth analyses on fundamental and/or currently relevant issues are 
regularly used for information purposes.
Report on Expected Developments
Expected Macroeconomic Developments
As in the preceding years, the global economy will be subject to high levels of uncertainty again in 2023. 
A particular risk to the world economy in the year ahead is posed by the potential for political conflicts. 
Russia’s war against Ukraine is already having a negative global economic impact, and it is unclear how 
this conflict will develop. There is therefore a possibility that the already difficult economic situation could 
worsen further. Continued tightening of monetary policy is expected around the world. This signals a 
global recession. However, the downturn is expected to be mild and is unlikely to cause an economic 
collapse. If the US Federal Reserve and European Central Bank respond to declining inflation by ending 
the cycle of rising interest rates in the spring, bond yields will fall again. A positive development is China’s 
move away from the zero-Covid policy. Problems in relation to supply chains are likely to ease further.
While continued high inflation and interest rate hikes by the European Central Bank are expected to 
lead to a mild recession in Europe, a deep downturn is unlikely. This is partly because the gas supply, 
as a key source of energy, appears secure. There will also be government policies designed to help 
businesses and the public. The easing of supply chain problems will enable the European economy 
to work through order backlogs. All these factors will mitigate the difficult economic environment. 
Nevertheless, consumer spending, capital investment, and imports and exports will decline com-
pared with the previous years. Rising pressure on wages and salaries is also expected, as unions will 
seek to negotiate inflation-proof wage settlements. 
In Germany, a decline in gross domestic product and a single-digit rate of inflation are predicted for 
2023. Energy prices are expected to fall again over the coming year, meaning it will now be food rather 
than energy costs that are the main driver of inflation. It is also likely that manufacturers have not yet fully 
passed on higher production costs to consumers, which means further jumps in prices can be expected

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for 2023. The typical lag in the effects of monetary policy on the real economy means that weaker activity 
can generally be anticipated in spring 2023. However, only a mild recession is expected in Germany.
A weaker performance in the US economy is expected in early 2023 due to the delayed effect of 
monetary policy. Although the inflation rate has been lowered, it will remain noticeable in 2023. Interest 
rate hikes already imposed will only slowly make themselves felt in the real economy. The first cut in key 
rates by the Federal Reserve is unlikely to be on the horizon until the end of the coming fiscal year.  
However, the US economy’s strong performance in the last quarter of 2022 was striking. Growth was 
driven particularly by consumer spending. It can therefore be assumed that the looming recession will 
be on the mild side. Away from real estate, most economic sectors in the USA have withstood the more 
restrictive monetary policy well. 
The Japanese economy will see growth just below the prior-year level in 2023. Global inflation is 
expected to continue to subdue consumer spending. However, falling energy prices can be antici-
pated, and the Japanese government has also agreed support programs. This could take financial 
pressure off consumers and positively affect their spending.
The emerging markets, too, continue to be hit by the ailing global economy. However, there are oppor-
tunities for them to put themselves in a strong position for the future and reorient their economies. The 
Chinese government’s abrupt departure from the zero-Covid policy may lead to higher infection rates, 
which could curb economic growth particularly at the beginning of 2023. From the second quarter of 
2023, however, China’s economic activity can be expected to return to normal. It is also likely that state 
support measures will mitigate the problems in the Chinese real estate sector in 2023. Southeast Asian 
emerging markets can expect a beneficial trend reversal in the service sector in 2023. While the global 
economic context remains difficult, slight economic growth can be anticipated. In the Indian economy, 
growth in gross domestic product is forecast to slow, primarily due to the difficult global financing envi-
ronment and lower demand from abroad. Economic growth in the Middle East is forecast to be impaired 
by slower expansion in the major economies and the possibility of a recession in Europe. The slower eco-
nomic growth in the USA and China represents a downside risk, particularly for developing countries that 
import oil and are more reliant on trade with Europe. In Brazil, the difficult financial conditions will further 
hit the country’s already weak growth. At the same time, we expect the weak fiscal policy course to be 
loosened even further as President Lula’s new government prioritizes social welfare spending. Russia is 
expected to see a considerable rise in inflation. This, combined with the continued impact of the sanc-
tions against Russia, will likely result in economic contraction.
Procurement Market Trends
The cost of materials will start 2023 at a very high level given the current economic environment. A 
correction has now begun in the markets for important preliminary raw materials such as aluminum, 
silicone, and natural oils, which may lead to positive price effects in the second half of the year. How-
ever, this will be outweighed by product cost inflation at our suppliers, particularly in connection with 
energy market trends.
Sales Market Trends
After a challenging year, the environment remains uncertain in light of economic and political vola-
tility. With continued high commodity prices, persistent supply shortages, rising inflation rates, and 
stretched consumer budgets, the market faces constant challenges. The expectation of an inflationary 
environment with the growing risk of a global recession remains. For fiscal year 2023 as a whole, we 
therefore expect the market to grow in terms of value, due to price increases compensating for higher 
product costs, but to decrease in terms of volume due to the expected sluggish consumer spending. 
Stronger growth in value is expected principally in the skin care categories, in the emerging markets, 
and in North America, as well as in online retail.

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For tesa, we expect business to remain volatile in 2023. In Europe and North America, we are planning 
cautiously but expect less positive momentum for our business in 2023 than we saw in the previous 
year. In Asia, we anticipate moderate growth, which will be coupled very closely to the performance 
of the Chinese economy. Consumer sentiment, continuing inflation in Europe, the performance of the 
global automotive market, and our rather modest expectations for the electronics industry will heavily 
influence developments.
Our Market Opportunities
The transition from 2022 to 2023 is marked by uncertainty about a looming recession. The significant rise 
in inflation due to the Ukraine war, raw materials shortages, and logistics bottlenecks are the main drivers 
in this context. A difficult year for the world economy is therefore predicted for 2023. Nevertheless, we 
are optimistic about the new year. Thanks to targeted additional investments, particularly in the digital 
arena, and the large share of everyday products in our portfolio, we believe we are well positioned in 
the Consumer Business Segment and expect our growth to outperform the market in the year ahead.
We will build on our sound financial structure and strong earnings position together with our dedicated 
employees to continue exploiting future opportunities with our internationally successful brand portfolio. 
Extensive research and development activities resulting in successful, consumer-driven innovations will 
be flanked by targeted marketing measures, creating enduring confidence among our consumers.
For tesa, expected growth for the coming year is slightly above the global market trend. This applies 
to business with both end consumers and industrial customers. The close collaboration with the elec-
tronics industry in Asia remains constructive; however, its project-based nature continues to entail a 
high risk of volatility. tesa expects to bolster its market position with continued investment in research 
and development for innovative products.
Business Development
The described challenges are persisting in large parts of the world. This has resulted in an unusually 
high degree of uncertainty with regard to the outlook for sales markets and our business development. 
Therefore, our ability to make a reliable forecast is significantly limited.
Independently from the development of the skin care market, we will continue to achieve above-market 
sales growth. We expect further improvement of the global skin care market in 2023. Based on this, 
we expect organic sales growth in the mid-single-digit range in the Consumer Business Segment. The 
EBIT margin from ongoing operations (excluding special factors) in the Consumer Business Segment 
will be 50 basis points above the previous year’s level.
Subject to the same uncertainty regarding market development in 2023, we also expect sales growth 
above the market in the tesa Business Segment. Based on this, we expect organic sales growth in the 
mid-single-digit range. The EBIT margin from ongoing operations (excluding special factors) will be 
slightly below the previous year’s level.
Based on the forecasts of the two business segments, Group organic sales growth is expected to 
be in the mid-single digit range. We expect the consolidated EBIT margin from ongoing operations 
(excluding special factors) to be slightly above the previous year’s level.
Hamburg, February 6, 2023 
Beiersdorf AG
The Executive Board

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Other Disclosures
Corporate Governance Statement
The combined Corporate Governance Statement of Beiersdorf AG and the Group (§§ 289f, 315d 
Handelsgesetzbuch (German Commercial Code, HGB)) contains the Declaration of Compliance (§ 161 
Aktiengesetz (German Stock Corporation Act, AktG)), information on key corporate governance 
practices and on Executive and Supervisory Board working practices and composition (including 
information on the company’s corporate governance), information on the diversity policy for the 
Supervisory Board and Executive Board, and information on the statutory requirements for the 
equal participation of women and men in leadership positions. The auditing of the Corporate Govern-
ance Statement by the auditor pursuant to §§ 289f (2) and (5), 315d HGB is limited to determining 
whether the information has been provided (§ 317 (2) sentence 6 HGB).
Declaration of Compliance
In December 2022, the Executive and Supervisory Boards issued the Declaration of Compliance with 
the recommendations of the German Corporate Governance Code in the versions dated December 
19, 2019 and April 28, 2022 as applicable (the Code) in accordance with § 161 AktG. Beiersdorf AG 
fulfills all the recommendations made in the Code with a small number of exceptions, as well as all the 
suggestions. There are no Code recommendations that were not applied due to over-riding legal stip-
ulations. The auditor must promptly inform the Supervisory Board of any facts identified during the 
audit that reveal an inaccuracy in the Declaration of Compliance submitted by the Executive Board 
and Supervisory Board and must note these in the audit report. The 2022 Declaration of Compliance 
was also made permanently accessible to the public on the company’s website at www.beiersdorf.
com/declaration_of_compliance.
Declaration by the Executive Board and the Supervisory 
Board of Beiersdorf Aktiengesellschaft on the Recommen-
dations of the “Government Commission on the German 
Corporate Governance Code” in accordance with § 161 of 
the Aktiengesetz (German Stock Corporation Act, AktG)
In fiscal year 2022, Beiersdorf Aktiengesellschaft complied with, and continues to comply 
with, all recommendations of the “Government Commission on the German Corporate 
Governance Code” in the versions dated December 19, 2019 and April 28, 2022 as applicable, 
(“Code”), with the following exceptions:
Recommendation B.3
In accordance with Recommendation B.3, Executive Board members shall be initially 
appointed for a maximum term of three years. 
Effective January 1, 2022, the Supervisory Board appointed Ms. Grita Loebsack as a member 
of the Executive Board with responsibility for brand management and digital marketing of

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NIVEA for a term of four years. Due to the exceptional importance of the NIVEA brand and 
in order to secure Ms. Loebsack’s expertise long term, in the view of the Supervisory Board 
it was necessary in the interest of the company to extend her initial appointment to a term of 
office of four years.
In addition, the Supervisory Board has appointed Ms. Nicola Lafrentz as a member of the 
Executive Board for the period from May 1, 2022 to December 31, 2025, i.e. for three years 
and eight months. In the view of the Supervisory Board, the duration of Ms. Lafrentz’s initial 
appointment after many years in a managerial role in the same division is in the interests of 
the company and will enable her term of office to end with the fiscal year.
Recommendations G.1 and Section G.I
In accordance with Recommendation G.1, the remuneration system shall, amongst other 
aspects, define the amount that the total remuneration must not exceed (maximum remu-
neration).
The remuneration of the Executive Board members was limited in fiscal year 2022 by such 
a cap in principle. In particular, the compensation system approved by the Annual General 
Meeting in April 2021 envisages a defined maximum remuneration in compliance with 
Recommendation G.1 and § 87a (1) sentence 2 no. 1 AktG. If, under the old compensation 
system, there was or is still an Enterprise Value Component for individual members of the 
Executive Board which is based on voluntary personal investment by the Executive Board 
members concerned (Covered Virtual Units), it participates in positive and negative changes 
in the enterprise value and is still not capped in respect of increases in value. In this regard, 
the Supervisory Board has considered it appropriate that those members of the Executive 
Board who contribute their own money – comparable to an investment – should be allowed 
to participate in positive changes in enterprise value without restriction. 
In addition, Section G.I of the Code includes a number of further recommendations regard-
ing the remuneration of the Executive Board. In response to the statutory amendments 
under the Act to Transpose the Second EU Shareholder Rights Directive (SRD II), the revised 
version of the Code, and further factors in the company’s interests, the Supervisory Board 
revised and enhanced the remuneration system for the Executive Board members within the 
applicable statutory transitory period and submitted it to the 2021 Annual General Meeting 
for approval. Unless any departure has been expressly explained in this Declaration of 
Compliance, the new compensation system fully complies with the Code’s recommenda-
tions. In contrast, the old compensation system that applied before the current compensation 
system was approved by the 2021 Annual General Meeting did not fully comply with the 
recommendations in question. That also applies in part to the contracts concluded with 
Executive Board members before 2021, if they have not yet been adapted to the new com-
pensation system.
Recommendations G.8 and G.12
In accordance with Recommendation G.8, the performance targets or comparison param-
eters for variable compensation shall not be subsequently amended. Moreover, in accord-
ance with Recommendation G.12, if an Executive Board member’s contract is terminated, 
the disbursement of any remaining variable remuneration components attributable to

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the period up until the termination of the contract shall be based on the originally agreed 
targets and comparison parameters as well as the due dates or holding periods stipulated 
in the contract.
Effective May 1, 2021, Mr. Vincent Warnery was appointed Chief Executive Officer and his 
contract of service was amended and extended until January 31, 2027. In this connection, 
his compensation was realigned with the compensation system approved by the 2021 
Annual General Meeting and, among other things, it was agreed that the new long-term 
bonus (“LTP”) aligned with strategic targets will be applied. The previous long-term Enter-
prise Value Component for Mr. Warnery, which was mainly linked to sales and EBIT targets 
for his former area of responsibility, was settled and was disbursed early following the 2022 
Annual General Meeting. In this regard, the Supervisory Board was of the opinion that 
aligning his long-term compensation with the company’s strategic goals is in the interest of 
sustainable enterprise performance and that the premature disbursement of the previous 
Enterprise Value Component associated with this change is appropriate and fair in the con-
text of a uniform incentive and governance.
With the appointment of Mr. Warnery as Chief Executive Officer, the appointment of Mr. 
Stefan De Loecker was terminated by mutual agreement effective June 30, 2021. In this con-
nection, it was agreed that his long-term Enterprise Value Component would be settled as a 
lump sum and disbursed early following the 2022 Annual General Meeting. This was done in 
the interest of a mutually agreed succession to the Chief Executive Officer role. On account 
of the new long-term compensation linked to the implementation of strategic targets for 
serving Executive Board members from 2021, the premature settlement of the previous 
Enterprise Value Component for the former Chief Executive Officer was in the interest of the 
company, also to ensure a smooth transition to the new incumbent.
Recommendation G.10
In accordance with Recommendation G.10, the Executive Board members’ variable remu-
neration shall be predominantly invested in company shares by the respective Executive 
Board member or shall be granted predominantly as share-based remuneration, taking the 
respective tax burden into consideration. Granted long-term variable remuneration compo-
nents shall be accessible to Executive Board members only after a period of four years.
The variable remuneration for the Executive Board, comprising an annual variable bonus 
on the one hand and a long-term Enterprise Value Component on the other, will not be 
invested in shares or share-based instruments but will be paid out solely in cash after the 
expiry of the applicable bonus period. In this regard, the Supervisory Board believes that, 
taking due account of the interests of the customers, employees, business partners, share-
holders, and other stakeholders, the remuneration system and the financial and non-financial 
performance criteria underlying the variable remuneration offers sufficient incentive for 
sustainable and value-oriented development of the company notwithstanding the absence 
of any share-based component. At the same time, the remuneration system generates 
incentive for the Executive Board to pursue and achieve the goals defined in the company’s 
business strategy.
In addition, the long-term variable remuneration components are in principle accessible to 
Executive Board members only after a period of four years. In individual cases, the long-

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term variable remuneration within the Enterprise Value Component granted under the old 
compensation system by a possible increase of Virtual Units during the period of appoint-
ment or granted in the form of annually allocated Covered Virtual Units may be accessible 
prior to the expiry of the four-year period. This applies to those additional Virtual Units or 
Covered Virtual Units that were only granted/allocated in the final three years before the 
expiry of the bonus period for the Enterprise Value Component.
Hamburg, December 2022
For the Supervisory Board	
For the Executive Board
Prof. Dr. Reinhard Pöllath	
Vincent Warnery	
Astrid Hermann 
Chairman of the 		
	
Chairman of the	 	
Member of the 
Supervisory Board 	
	
Executive Board	 	
Executive Board
Corporate Governance Practices
Beiersdorf AG and the Group (Consumer and tesa Business Segments) pursue the following key 
corporate governance practices:
Corporate Governance
Good corporate management and supervision (corporate governance) has always been a high priority 
at Beiersdorf. Close, efficient cooperation between the Executive and Supervisory Boards, respect for 
the interests of shareholders, employees, and other stakeholders, open corporate communication, 
proper accounting and auditing, compliance with statutory provisions and corporate guidelines, and 
responsible risk management are the basis of the company’s success in this area. Beiersdorf is also 
aware of its social and environmental responsibility and ensures that its business strategy, sustainability 
agenda, and operational decisions take this into account.
The German Corporate Governance Code (the Code) ensures transparency with respect to the legal 
framework for corporate management and supervision and contains accepted standards for good, 
responsible, and sustainable corporate management. The Code and its amendments/redrafting 
did not require any fundamental changes at Beiersdorf. We understand corporate governance as 
an ongoing process and we will continuously and carefully develop this understanding, above and 
beyond the Code as well. We give consideration to comments, suggestions, and criticism from 
investors and proxy advisors and make changes where appropriate to corporate governance and its 
reporting in this Corporate Governance Statement.
Compliance
For Beiersdorf AG and the Beiersdorf Group (including tesa), compliance with the law and internal 
guidelines is an essential prerequisite for successful and sustainable business. The Executive Boards of

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Beiersdorf AG and tesa SE have issued compliance principles, which can be found at www.beiersdorf.­
com/investors/compliance/compliance-principles and www.tesa.com/en/about-tesa/sustainability. 
Based on our compliance risk analyses, extensive antitrust, anti-corruption, data-protection, and capital 
market law compliance programs have been implemented among other measures in order to safe-
guard compliance. Numerous internal guidelines and processes for preventing legal violations in 
these areas in particular have been issued. Employees and managers receive awareness-raising infor-
mation and support on these topics through regular training and a wide variety of advisory offerings.
Indications of potential compliance violations are followed up consistently. Appropriate measures 
are taken to prevent and sanction wrongdoing, taking into account the principle of proportionality. In 
order to gather information about potential compliance violations, Beiersdorf provides the workforce 
with a number of reporting channels. In most countries, these also include a whistleblowing platform 
for the Consumer Business Segment, which is operated by an independent organization. tesa uses 
internal and external reporting channels for this purpose and implemented a digital whistleblowing 
platform in the reporting period. The Compliance functions at Beiersdorf and tesa use a range of 
tools – not least Group-wide reporting – to support the Executive Board and managers in the continuous 
control, monitoring, and development of the compliance management system and safeguarding of 
general compliance.
Further, more detailed information on the compliance management system can be found in this 
Annual Report in the Non-financial Statement of the Beiersdorf Group (Consumer and tesa Business 
Segments) and Beiersdorf AG in accordance with §§ 289b (3) HGB in conjunction with 315b (1) and (3) 
HGB (CSR report).
Code of Conduct
The success of Beiersdorf AG and the Beiersdorf Group (including tesa) is based on the trust placed 
in us by consumers, customers, investors, and employees. That is why high standards are set when 
it comes to responsibility – both for the company and for each individual. Beiersdorf’s Codes of 
Conduct lay down these standards in a binding set of guidelines that are to be used worldwide. The 
objectives are to help all employees implement the key principles and values of our company in their 
everyday working life and to show them how to handle potential issues or difficult situations that 
affect our business practices or our dealings with each other.
The Beiersdorf and tesa Codes of Conduct are available online at www.beiersdorf.com/investors/­
corporate-governance/code-of-conduct and www.tesa.com/en/about-tesa/sustainability/
sustainability-­report.
Sustainability
Sustainable corporate governance involves minimizing social and environmental risks and leveraging 
new market opportunities in such a way that value is generated for the company and negative social 
and environmental impacts are avoided. Beiersdorf was early to recognize the importance of respon-
sible action and has continuously worked to improve its sustainability.
Sustainability is today a core component of Beiersdorf’s C.A.R.E.+ business strategy. As part of the 
strategy, the Consumer Business Segment has been pursuing the CARE BEYOND SKIN sustainability 
agenda since 2020. This is oriented on the United Nations Sustainable Development Goals (SDGs) 
and comprises seven focus fields that illustrate our key areas of impact along the entire value chain. 
We have set ambitious targets in all these areas for 2025 and 2030. Reflecting the strategic impor-
tance of this issue, we further reinforced the role of the Sustainability department within our corporate 
structure starting from August 2022 by having its head, the VP Sustainability, report directly to the 
CEO. In the reporting year, we continued to successfully implement our sustainability agenda and

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also actively increased the awareness of sustainability among all employees, for example with our 
engagement and training program – the Corporate Sustainability Academy – and other initiatives 
and events.
The tesa Business Segment is taking responsibility all along the value chain with its own sustainability 
agenda. The existing sustainability strategy was revised and made more ambitious in the reporting 
year. Five strategic action areas, for which tesa has set long-term targets for 2030, form the framework 
for this. One component of the strategy remains the sustainability agenda, which was also slightly 
adjusted in 2022 and reflects the ambition to understand and approach sustainability in a holistic way.
The tesa and Consumer Business Segments committed to a joint climate target in 2020. This is in line 
with science-based reduction targets designed to limit global warming to 1.5 degrees Celsius and has 
been validated by the Science Based Targets Initiative.
Since the entry into force of the CSR-Richtlinie-Umsetzungsgesetz (CSR Directive Implementation Act, 
CSR-RUG), we have been required to supplement our existing financial reporting with information 
on key non-financial aspects of our business activities in relation to environmental, employment, and 
social issues, respect for human rights, and combating corruption. This information can be found in 
this Annual Report in the combined Non-financial Statement of the Beiersdorf Group (Consumer and 
tesa Business Segments) and Beiersdorf AG in accordance with §§ 289b (3) HGB in conjunction with 
315b (1) and (3) HGB (CSR report).
Human Resources Policies
Beiersdorf’s success hinges to a large extent on the hard work, skills, and commitment of its employees. 
More than 20,000 people all around the world contribute to this success every day by putting their 
specialist expertise, commitment, and ideas into practice in their field. In doing so, they act as an 
important stimulus for improvements and innovations.
At Beiersdorf, viable and robust human resources work with a long-term focus is based on both the 
C.A.R.E.+ strategy, which highlights people as a critical factor for ensuring the sustained success of 
the company, and on our Core Values. All of Beiersdorf’s human resources decisions are guided by 
the Core Values, which are shared by all employees across hierarchies, functions, and countries.
In this context, Beiersdorf aims to promote a working environment where employees can be deployed 
and continually developed to make the best possible use of their skills and potential. Beiersdorf 
expects managers to motivate their employees to achieve top performances. Instilling excellent 
leader­ship skills in the management team is key to this. This encourages employee commitment and 
helps Beiersdorf establish itself as one of the most attractive employers in the consumer goods industry.
tesa is an expert for adhesive technology, offering its customers innovative solutions and outstand-
ing service. The company’s success is materially attributable to the skills of its employees and their 
willingness to continuously develop them further. Qualified employees who contribute actively to 
helping us extend our position as one of the leading companies in adhesive technology are the key 
to the successful implementation of our business strategy. This is why our human resources strategy 
is oriented toward winning and retaining well-trained, committed employees for our company and 
continually increasing our great attractiveness as an employer through appropriate measures. Beyond 
this, it is tesa’s express aim to promote a corporate culture that strengthens performance, teamwork, 
cross-functional cooperation, and internationalization.
More detailed information can be found in the “People at Beiersdorf” section of this Annual Report.

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Risk Management
Risk management at Beiersdorf AG and the Beiersdorf Group is an integral part of central and local 
planning, management, and control processes, and conforms to consistent standards across the 
Group. Our open communications policy, the risk inventory carried out at regular intervals, and the 
planning and management system ensure that our risk situation is presented transparently.
Further information can be found in the “Risk Report” section of this Annual Report and in the Annual 
Report of tesa SE.
Corporate Boards
Beiersdorf AG is governed by German stock corporation, capital market, and codetermination law, 
among other things, as well as by its Articles of Association. The company has a dual management 
and supervisory structure consisting of the Executive Board and the Supervisory Board, as is customary 
in Germany. The Annual General Meeting of the shareholders is responsible for taking fundamental 
decisions for the company. These three bodies are all dedicated in equal measure to the good of the 
company and the interests of all shareholders.
1. Supervisory Board – Composition and Working Practices
Beiersdorf AG’s Supervisory Board consists of 12 members. Half of these are elected by the Annual 
General Meeting in accordance with the Aktiengesetz (German Stock Corporation Act, AktG) and 
half by the employees in accordance with the Mitbestimmungsgesetz (German Codetermination 
Act, MitbestG); all members are elected for a maximum period of five years. The most recent 
regular election took place in fiscal year 2019. The regular term of office of all current Supervisory 
Board members will expire at the end of the Annual General Meeting resolving on the approval of 
their activities for fiscal year 2023. The Supervisory Board’s shareholder representatives have been 
elected on an individual basis. No former Executive Board members of Beiersdorf AG currently 
serve as Supervisory Board members.
The Supervisory Board appoints, advises, and supervises the Executive Board in connection with the 
latter’s management of the company, including sustainability, as laid down by the law, the Articles of 
Association, and the bylaws. The Supervisory Board and Executive Board work closely together for 
the good of the company and to achieve sustainable added value. In accordance with the bylaws for 
the Executive Board, certain decisions of fundamental importance are subject to Supervisory Board 
approval. The bylaws for the Supervisory Board are available on the company’s website at  
www.beiersdorf.com/bylaws_supervisory_board.
The Supervisory Board regularly makes decisions at its meetings on the basis of detailed documents. 
The Supervisory Board members may also participate in the meetings via conference calls or video 
conferencing. The Supervisory Board also meets regularly without the Executive Board to discuss 
Executive Board and Supervisory Board matters along with strategy, planning, and business perfor-
mance. In principle, the auditor’s presentations on the audit of the financial statements are also held 
without the Executive Board. Meetings are regularly discussed in advance, partially by the employee 
and shareholder representatives separately. The Supervisory Board is informed in a regular, timely, 
and comprehensive manner about all relevant matters. In addition, the Chairman of the Executive 
Board informs the Chairman of the Supervisory Board regularly and in a timely manner (including 
between meetings) about important transactions and liaises with him on important decisions. The 
bylaws provide rules to ensure the supply of high-quality information from the Executive Board. The 
Chairman of the Supervisory Board coordinates the work of the Supervisory Board, chairs its meet-
ings, and represents the interests of the Supervisory Board externally. Within reason, he discusses 
Supervisory Board-related topics with investors.

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The Supervisory Board regularly evaluates, including with the help of an external consultant, how 
effectively the Board and its committees are performing their tasks and decides on measures to 
improve this performance (efficiency audit and self-assessment). The Supervisory Board recently 
conducted an efficiency audit with the support of an external consultant. This was completed in 
mid-2020. An evaluation of responses from the Supervisory Board, Executive Board, and Executive 
Committee, concerning the work of the full Board and committees and the cooperation between the 
Supervisory Board and Executive Board, was initially presented and discussed in December 2019. 
This included a comparison with other companies. Further outcomes, particularly from interviews 
and feedback meetings between the consultant and everyone involved, were the topic of interim 
discussions and the Supervisory Board meetings in August and September 2020. The members 
intensively discussed the main issues concerning, in particular, cooperation within the Supervisory 
Board and with the Executive Board, the flow of information, and specific practical measures in 
this context. These measures included stepping up preliminary discussions for Supervisory Board 
meetings, planning meeting agendas and timings, enhancing the format of reports submitted to 
the Supervisory Board, and reinforcing particularly important topics for the Supervisory Board’s 
work, such as strategy, innovation, and digitalization. The Supervisory Board will again conduct an 
efficiency audit in 2023.
The members of the Supervisory Board ensure that they have sufficient time at their disposal to fulfill 
their duties and are personally responsible for ensuring they receive the necessary training and 
further education. Reasonable costs for this purpose are reimbursed by the company. The company 
provides them with support, such as in the form of internal training events on topics relevant to Super-
visory Board work and information on changes in legislation and other developments. New members 
of the Supervisory Board benefit from thorough onboarding meetings and information materials. In 
particular, these cover Beiersdorf’s history, corporate profile and organization (including brands and 
research and development), the business strategy (including sustainability), business performance 
and financial reporting, corporate governance, and the rights and duties of Supervisory Board mem-
bers. The latter are also explained to the members after every new election of the Supervisory Board.
a) Composition, Profile of Skills and Expertise, Diversity Policy, and Implementation Status
In December 2021, the Supervisory Board most recently discussed the concrete company-specific 
objectives and the profile of skills and expertise for its composition. These objectives reflect the com-
pany’s international activities, potential conflicts of interest, the number of independent Supervisory 
Board members, regular limits on age and length of membership for Supervisory Board members, 
and diversity – especially an appropriate degree of female representation. According to its profile of 
skills and expertise the Supervisory Board members must collectively possess the knowledge, skills, 
and professional experience required to properly perform the Board’s duties. The objectives and 
profile of skills and expertise form part of the diversity policy for the composition of the Supervisory 
Board. They apply until the end of 2024 and will be taken into account in future proposals for election 
as they have been in the past.
International Focus
All members of the Supervisory Board must be open to the company’s international orientation. At 
least four members should embody this in concrete terms and should therefore have particular inter-
national experience due to their activities abroad or their background, for example. At least three 
members on the shareholder side should have international experience.
Gender Diversity
The Supervisory Board’s goal is to further strengthen the number and position of women on the 
Supervisory Board and to maintain a target of at least four female members. At least two women 
should be shareholder representatives. As a listed company subject to codetermination on a basis 
of parity, the Supervisory Board needs to be comprised of at least 30% women and 30% men under 
§ 96 (2) AktG.

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Regular Limits on Age and Length of Membership
According to the Supervisory Board bylaws, members should normally retire at the Annual General 
Meeting following their 72nd birthday, and at the latest after a term of office of 20 years. The goal for 
the Supervisory Board’s composition is that different age groups are adequately represented. The 
term of office of each Supervisory Board member is disclosed on the company’s website at  
www.beiersdorf.com/boards.
Independent Focus
The Supervisory Board should include what it considers to be an appropriate number of independent 
members on the shareholder side; it should take into account the ownership structure. A Supervisory 
Board member is not considered to be independent in particular if he or she or a close family member 
has personal or business relations with the company, its Executive Board, a controlling shareholder, 
or an enterprise associated with the latter which may cause a material and not merely temporary 
conflict of interests. In addition, in line with the recommendations of the Code, the assessment of the 
shareholder representatives’ independence from the company and Executive Board particularly takes 
into account whether the member themselves or a close relative has served as an Executive Board 
member at Beiersdorf AG in the two years preceding appointment to the Supervisory Board. It fur-
ther considers whether they have a material business relationship with the company or a depend-
ent company – either directly, or as a shareholder, or in a position of responsibility at a non-Group 
company – or has had such a relationship in the year preceding the member’s appointment. It also 
takes into account whether the member has a close relative on the Executive Board or has been a 
Supervisory Board member for more than 12 years.
Considering the fact that Beiersdorf AG is a dependent company within the meaning of § 17 (1) AktG, 
the Supervisory Board considers it to be adequate if at least three of its members on the shareholder 
side are independent.
Potential Conflicts of Interest
All members of the Supervisory Board must inform the Supervisory Board, by way of communication 
addressed to the Chairman of the Supervisory Board, of any conflicts of interest, in particular those 
relating to a consulting function or directorship with clients, suppliers, lenders, or competitors of the 
company. Members of the Supervisory Board must resign their office if faced with material and not 
merely temporary conflicts of interest. Where involvement of the Supervisory Board is not already 
required by statutory law, material transactions between the Group and members of the Supervisory 
Board and their related parties require the approval of the Supervisory Board and must comply with 
the standards customary in the sector.
Profile of Skills and Expertise
The Supervisory Board ensures that its members collectively have the knowledge, skills, and profes-
sional experience needed to properly perform their duties. In addition to the concrete objectives 
for its composition, the Supervisory Board has prepared a profile of skills and expertise setting out 
the particular personal and professional skills and expertise required. In terms of their expertise, the 
members must, in accordance with § 100 (5) AktG, collectively be familiar with the sector in which the 
company operates; in addition, there must be at least one member with expertise and experience for 
each of the following areas in particular: 
•	 Familiarity with the business areas and sectors (consumer goods, beauty and skin/body care, 
international markets (including emerging markets)
•	 Marketing and sales (brand development and management, distribution and retail, communication 
and media)
•	 R&D (innovation management, research and development) 
•	 Supply chain (supply chains and production)

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•	 Human resources and organization (personnel development and management, corporate organi-
zation, corporate culture, diversity)
•	 ESG (sustainability, corporate social responsibility, ethics)
•	 Law and governance (law, compliance, auditing, regulatory law, corporate governance)
•	 Digitalization and IT (digitalization, data management, IT and IT security)
•	 Finance (finance and controlling, accounting, risk management)
The Supervisory Board’s aim is that all these areas of expertise should be represented among its 
members in as balanced a way as possible and complement one another. In addition to this, every 
Supervisory Board member should meet the necessary general and personal requirements for fulfill-
ing their duties in terms of education, international professional orientation, international diversity, 
seniority, reliability, diligence, and availability to the required and appropriate extent.
Diversity Officers
Two Supervisory Board members have been appointed as diversity officers in order to develop the 
targets further and promote diversity on the Supervisory Board: Frédéric Pflanz and Prof. Manuela 
Rousseau. Their role is to support the Supervisory Board at every intended election of a share-
holder representative to the Supervisory Board, or of a committee member, and to issue a statement 
together with the Chairman of the Supervisory Board regarding the proposals for election made by 
the Nomination Committee responsible for this, after consultation with the remaining members of 
the Supervisory Board. They also support the Company’s HR work on diversity issues, which includes 
working with the Personnel Committee.
Implementation Status of Targets and the Profile of Skills and Expertise
In addition to a balanced mix of professional skills within the Supervisory Board as a whole, diversity is  
an important criterion for the selection of Supervisory Board and committee members in the company’s  
best interests. There are currently five female Supervisory Board members in total: Prof. Manuela 
Rousseau and Kirstin Weiland as employee representatives, and Hong Chow, Uta Kemmerich-Keil, and 
Dr. Dr. Christine Martel as shareholder representatives. The statutory gender quota for the Supervisory 
Board’s composition has therefore been fulfilled. Currently, 42% of Supervisory Board members are 
women and 58% are men. On the employee side, 33% of members are women and 67% are men, while 
on the shareholder side women and men each make up 50% of the members. In addition to their par-
ticular professional skills, all the shareholder representative members embody the idea of international 
orientation by virtue of their background or extensive international experience. Currently, at least three 
of the shareholder representatives on the Supervisory Board are independent. The Supervisory Board 
assumes, as a precautionary measure, that a Supervisory Board member belonging to the controlling 
shareholder should not be regarded as independent. Notwithstanding this, the Supervisory Board 
believes that relationships to the controlling shareholder do not in themselves pose the risk of a material 
and permanent conflict of interest; rather, it assumes that the company’s interests will largely coincide 
with those of its majority shareholder given that their business activities do not overlap. Among the 
shareholder representatives, at least the following active members are independent from the con-
trolling shareholder: Hong Chow, Uta Kemmerich-Keil, and the Chairwoman of the Audit Committee, 
Dr. Dr. Christine Martel. Recommendation C.9 sentence 1 of the Code, under which a Supervisory 
Board consisting of more than six members should have at least two shareholder representatives who 
are independent of the controlling shareholder, is therefore complied with. Moreover, the Supervisory 
Board believes that all shareholder representatives are independent of the company and Executive 
Board. This also applies to the Chairman of the Supervisory Board and Presiding Committee, Prof. Dr. 
Reinhard Pöllath, despite the fact that he has served on the Supervisory Board for more than 12 years. 
The Supervisory Board believes that the long-standing experience and knowledge gained by the 
Chairman of the Supervisory Board at Beiersdorf and a series of other companies are conducive to the 
goals of advising and supervising the Executive Board and coordinating the Supervisory Board’s work 
in a lasting and objective manner. Moreover, given his length of service, there are no circumstances

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in his specific case that might cause a material and not merely temporary conflict of interests. Beyond 
the Code, the Supervisory Board considers all members of the employee representatives to be inde-
pendent within the meaning of the Code; this applies to Prof. Manuela Rousseau despite her length of 
service on the Supervisory Board of more than 12 years.
The Chairman of the Supervisory Board and Wolfgang Herz have currently already exceeded the 
regular age limit of 72. In addition, the Chairman of the Supervisory Board and another Supervi-
sory Board member, Prof. Manuela Rousseau, have exceeded the regular term of office. Given their 
knowledge and experience, the Supervisory Board has decided to make reasonable exceptions for 
these members from the regular limits on age and length of membership. The regular limits on age 
and length of membership and the rules governing potential conflicts of interest were otherwise 
complied with. All members of the Supervisory Board also fulfill the necessary personal competence 
requirements for their tasks. Moreover, the Supervisory Board members are collectively familiar with 
the sector in which the company operates. The current implementation of the profile of skills and 
expertise is set out in the qualification matrix below; this shows that each area of the profile of skills 
and expertise is covered by at least one member.
Qualification matrix for the Supervisory Board
Chow
Hansert1
Herz
Kemmerich- 
Keil
Koltze1
Köhn1
Martel
Papier1
Pflanz
Pöllath
Rousseau1 Weiland1
General information
Member since
April 
2017
April 
2017
April 
2020
August 
2022
April 
2019
April 
2019
April 
2012
April 
2019
April 
20192 
May 
2002
June 
1999
April 
2019
Independence3 
•
•
•
•
•
•
•
•
•
Gender
f
m
m
f
m
m
f
m
m
m
f
f
Year of birth
1971
1961
1950
1966
1963
1964
1970
1974
1968
1948
1955
1969
Nationality
German
German
German
German
German
German
French
German
German-
French
German
German
German
Skills and expertise
Familiarity with the 
business areas and 
sectors
•
•
•
•
•
•
•
•
•
•
•
•
Marketing and sales
•
•
•
•
•
•
•
•
Research and  
development
•
•
•
•
•
•
Supply chain
•
•
•
•
•
Human resources 
and organization
•
•
•
•
•
•
•
•
•
•
•
•
ESG
•
•
•
•
Law and governance
•
•
•
•
•
•
•
•
•
Digitalization and IT
•
•
•
•
Finance and  
accounting
•
•
•
•
•
•
•
•
•
• Criterion met,  based on a self-assessment by the Supervisory Board. With respect to the skills and expertise this  includes at least „good knowled-
ge“ and thus the ability to comprehend the relevant issues well and make informed decisions on the basis of existing qualifications, knowledge and 
experience gained in the course of work as a Supervisory Board member and/or training measures taken.
1	 Employee representatives
2	 Previously member of the Supervisory Board from September 2015 until April 2018.
3	 According to the criteria of the German Corporate Governance Code

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b) Committees
The work of the Supervisory Board is performed at, and outside of, the meetings of the full Board as 
well as in the committees. The committee chairs each regularly report to the full Supervisory Board 
on the work of their committee at the subsequent Supervisory Board meeting. The Supervisory Board 
has formed six committees:
Presiding Committee
The Presiding Committee is composed of the Chairman of the Supervisory Board, two additional 
shareholder representatives, and one employee representative. The Committee prepares meetings 
and human-resources decisions and resolves – subject to the resolution of the full Board specifying 
the total remuneration – instead of the full Board on the contracts of service and pension agree-
ments for members of the Executive Board and on other issues involving the Executive Board. 
Finally, it can make decisions on transactions requiring Supervisory Board approval in those cases 
in which the Supervisory Board cannot pass a resolution in time. The members of the Presiding 
Committee are as follows: Prof. Dr. Reinhard Pöllath (Chairman), Wolfgang Herz, Frédéric Pflanz, 
and Prof. Manuela Rousseau.
Audit Committee
The Audit Committee consists of the Chairman of the Supervisory Board, two shareholder represent-
atives, and two employee representatives. At least one member of the Audit Committee is an inde-
pendent member of the Supervisory Board who has special knowledge, experience, and expertise in 
accounting (including accounting standards and internal control and risk management systems) and 
auditing, including sustainability reporting and its audit and assurance. In particular, the Chairwoman 
of the Audit Committee, Dr. Dr. Christine Martel, has pronounced expertise in these areas given her 
many years of experience in managerial positions in financial, strategic, and commercial departments 
of a global consumer goods company and her prior scientific work at the French-German Institute for 
Environmental Research (DFIU), including on end-to-end life cycle analyses. In addition, her doctor-
ates in engineering and industrial management give her the necessary skills base to effectively eval-
uate the relevant cross-functional interrelationships in the area of sustainability. In addition, at least 
one other member of the Audit Committee has expertise in the field of auditing. This requirement 
is met in particular by Frédéric Pflanz given his long experience as Chief Financial Officer at interna-
tional companies. The Audit Committee prepares decisions of the Supervisory Board, in particular 
on the annual and consolidated financial statements (including CSR reporting), the proposal to the 
Annual General Meeting on the election of the auditors, and the agreement with the auditors (issuing 
the audit engagement, stipulating the areas of emphasis of the audit, and agreeing on the fee), and 
provides corresponding recommendations to the Supervisory Board. In close consultation with the 
auditors, the Audit Committee works on the assessment of audit risk, the audit strategy, and audit 
planning. The Audit Committee also monitors the auditor’s independence, looks at the additional 
services that the auditor provides in accordance with the guidelines set by the committee for approving 
non-audit services, and regularly evaluates the quality of the audit. Relevant topics, particularly the 
progress of the audit, are discussed regularly with the auditors, including outside of meetings, with 
the Chairwoman reporting back to the Committee as necessary. The Audit Committee advises and 
supervises the Executive Board on questions relating to accounting, the adequacy and effectiveness 
of the internal control system, the risk management system, and the internal audit system. In addition, 
it discusses the half-year reports and quarterly statements with the Executive Board before their pub-
lication. The members of the Audit Committee are as follows: Dr. Dr. Christine Martel (Chairwoman), 
Reiner Hansert, Martin Hansson (until July 31, 2022), Uta Kemmerich-Keil (since September 2, 2022), 
Olaf Papier, and Frédéric Pflanz.
Finance Committee
The Finance Committee is composed of the Chairman of the Supervisory Board, two shareholder 
representatives, and two employee representatives. It monitors corporate policy in the areas of 
finance, financial control, tax, and insurance. It decides in place of the Supervisory Board on approval

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for raising and granting loans, on the assumption of liability for third-party liabilities, and on invest-
ment transactions. In addition, the Finance Committee advises and supervises the Executive Board 
on compliance and on all items assigned to it by the full Board in general or in individual cases. The 
members of the Finance Committee are as follows: Frédéric Pflanz (Chairman), Reiner Hansert, Martin 
Hansson (until July 31, 2022), Uta Kemmerich-Keil (since September 2, 2022), Dr. Dr. Christine Martel, 
and Olaf Papier.
Personnel Committee
The Personnel Committee comprises a total of six members representing shareholders and employees. 
It regularly discusses long-term succession planning for the Executive Board (including the remu-
neration structure) and addresses the diversity policy for the Executive Board’s composition along 
with the manner of its implementation. It also proposes a target for the proportion of women on the 
Executive Board as well as a deadline for achieving this. The members of the Personnel Committee 
are as follows: Frédéric Pflanz (Chairman), Hong Chow, Andreas Köhn, Reiner Hansert, Prof. Dr. Reinhard 
Pöllath, and Kirstin Weiland.
Mediation Committee
The Mediation Committee required under codetermination law consists of the Chairman of the 
Supervisory Board and the Deputy Chairman, as well as one member elected from among the 
employee representatives and one member elected from among the shareholder representatives. It 
makes proposals on the appointment of Executive Board members if the requisite two-thirds majority 
is not reached during the first ballot. The Mediation Committee has not met for several terms of 
office. The members of the Mediation Committee are as follows: Prof. Dr. Reinhard Pöllath (Chair-
man), Martin Hansson (until July 31, 2022), Olaf Papier, Frédéric Pflanz (since September 2, 2022), 
and Prof. Manuela Rousseau.
Nomination Committee
The Nomination Committee is composed of the Chairman of the Supervisory Board and three addi-
tional shareholder representatives. In accordance with the objectives for the composition and profile 
of skills and expertise of the Supervisory Board, the Nomination Committee suggests, after extensive 
preparatory work and detailed discussion, candidates to the Supervisory Board for proposal for 
election to the Annual General Meeting. The Nomination Committee has begun preparing for the 
new election in 2024; it also takes external advice for this purpose. The members of the Nomination 
Committee are as follows: Prof. Dr. Reinhard Pöllath (Chairman), Hong Chow, Martin Hansson (until 
July 31, 2022), Dr. Dr. Christine Martel, and Frédéric Pflanz (since September 2, 2022).
The composition of the Supervisory Board and its committees can be found on our website at  
www.beiersdorf.com/boards and in the “Beiersdorf AG Boards” section of this report. Up-to-date 
résumés of the Supervisory Board members can also be found at the web address above.
2. Executive Board – Composition and Working Practices
The Executive Board manages the company on its own responsibility and conducts the company’s 
business. It is obliged to act in the company’s best interests and is committed to increasing its 
sustainable enterprise value. It performs its management duties as a collegiate body with collective 
responsibility.
The members of the Executive Board are appointed by the Supervisory Board. As a rule, Executive 
Board members are initially appointed for a maximum of three years. The duties of the Executive 
Board are broken down by functions and regions. The schedule of responsibilities constitutes part of 
the bylaws for the Executive Board.
The Executive Board develops the corporate goals and the Group’s strategy, agrees them with the 
Supervisory Board, ensures their implementation, and regularly discusses their implementation status

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with the Supervisory Board. It is responsible for managing and monitoring the Group, for corporate 
planning including annual and multi-year planning, and for preparing the quarterly statements, the 
half-year reports, and the annual and consolidated financial statements. It is also responsible for 
Group financing. In addition, the Executive Board is responsible for ensuring internal control and risk 
management that is commensurate with the business activities and risk situation and that also covers 
the sustainability-related goals relevant to the company. This also includes a compliance management 
system tailored to the risk situation, through which the Executive Board particularly ensures that statu-
tory provisions and internal corporate guidelines are observed and works toward ensuring that Group 
companies abide by them (compliance). A description of the principles of this system and a statement 
on its adequacy and effectiveness can be found in the “Risk Report” section and in the Non-financial 
Statement in this Annual Report. The Executive Board provides the Supervisory Board with regular, 
timely, and comprehensive reports on all questions that are of relevance for the company, particularly 
also regarding sustainability, and explains discrepancies between the actual course of business and 
the planning and targets. Certain Executive Board measures and transactions that are of particular 
significance for the company require the approval of the Supervisory Board or its committees.
The Executive Board passes resolutions in regular meetings that are chaired by the Chairman of the 
Executive Board. The members of the Executive Board work together in a collegial manner and inform 
one another on an ongoing basis about important measures and events in their areas of responsibility.
Executive Board members disclose potential conflicts of interest to the Supervisory Board without 
delay and inform the other members of the Executive Board. Where involvement of the Supervisory 
Board is not already required by statutory law, material transactions between the Group and mem-
bers of the Executive Board and their related parties require the approval of the Supervisory Board 
and must comply with the standards customary in the sector. Sideline activities also require the 
approval of the Supervisory Board.
The company has taken out a D&O insurance policy for the members of the Executive Board that pro-
vides for a deductible in the amount of 10% of any damage incurred, up to one-and-a-half times the 
fixed annual remuneration of the Executive Board member concerned.
Diversity Policy and Succession Planning, Targets for the Proportion of Women on the Executive 
Board and at Senior Management Levels
The Supervisory Board has discussed the diversity of the Executive Board in detail in recent years, 
both in a general sense and in specific cases. In accordance with § 111 (5) AktG (in the version that 
applied until August 2021), the supervisory Board set a target of 10% for the proportion of women on 
the Executive Board, to be achieved by no later than June 30, 2022. The target was already achieved 
in July 2018. The Board thus complies with § 76 (3a) AktG, which requires an Executive Board with 
more than three members to include at least one woman and one man In addition, effective July 
1, 2022, the Supervisory Board increased the target for the proportion of women on the Executive 
Board to 30%. The proportion of women on the Executive Board currently stands at 43% (Astrid 
Hermann, Nicola D. Lafrentz, Grita Loebsack).
The Supervisory Board continues to seek appropriate representation of women on the Executive 
Board in the course of any membership changes. It is planned to support this aim using various meas-
ures, and especially through clearly communicating a commitment to promoting women in leadership 
positions, providing systematic personal development measures for women in management (e.g. 
training courses, coaching, mentoring), changing recruitment and appointment processes, and estab-
lishing and promoting networking opportunities for women. Additionally, two Supervisory Board 
members have been appointed as diversity officers in order to advance and promote diversity on the 
Executive Board (currently Frédéric Pflanz and Prof. Manuela Rousseau). Before the appointment of 
an Executive Board member, the diversity officers give their view together with the Chairman of the 
Supervisory Board after consulting the remaining Supervisory Board members. A Personnel Committee

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has also been established. Among other things, this committee works on the diversity policy for the 
Executive Board, including the manner of its implementation.
Another aspect of the diversity policy is that the Executive Board members should collectively 
have extensive relevant international experience from their years of working abroad or their special 
expertise in Beiersdorf’s key international markets. The bylaws for the Executive Board stipulate that 
the members of the Executive Board should not normally be aged more than 63 years. All incumbent 
members of the Executive Board met these criteria in 2022. The full Supervisory Board and/or the Per-
sonnel Committee will consider further diversity-related criteria for the composition of the Executive 
Board if it regards them as appropriate and expedient.
The Supervisory and Executive Boards together ensure long-term succession planning. The Personnel 
Committee in particular discusses succession planning (including the remuneration structure) on a 
regular basis, taking into account the company’s management planning. In 2022, the Personnel Com-
mittee and Executive Board jointly discussed, among other things, the diversity strategy including 
KPIs for the senior management groups, the current HR planning and forecasting processes including 
the process for identifying potential, and the management development programs. In practice, 
succession planning works on the basis of a group of potential successors chosen from the two most 
senior management levels below the Executive Board by the Executive Board member for Human 
Resources in consultation with global management teams. In addition, the Diversity & Inclusion 
Committee, which is made up of the diversity officers from the Supervisory Board, the Chief Human 
Resources Officer, and other managers from the company, works on the goal of promoting and 
strengthening a diverse corporate culture, beyond gender diversity and international diversity, using 
various initiatives and key activities. Succession planning is also incorporated into target-setting for 
the Executive Board’s variable remuneration.
The Executive Board also takes diversity aspects into consideration when appointing senior executives 
in the company, particularly with regard to ensuring an appropriate degree of female representation. 
In accordance with § 76 (4) AktG, the Executive Board has set a target of at least 35% for the share of 
women at Beiersdorf AG’s first management level below the Executive Board, and a target of at least 
50% for the second management level, both to be achieved by/maintained until December 31, 2026. 
The same targets also applied until June 30, 2022. At the first management level, the target was just 
missed (31.7%) due to the relatively small number of available positions at this level; given the small 
total number of positions at this level, changes in the organizational setup also had a direct impact. 
At the second management level, the target was exceeded (37.5%).  In light of the current targets, the 
management levels have been slightly redefined and oriented on the existing management groups so 
as to more accurately reflect the actual management structure at Beiersdorf. 
With the global goal of a gender balance at management level, the Executive Board’s strategy for 
promoting women at Beiersdorf aims to have a growing number of female candidates for senior 
management positions and the Executive Board. Beiersdorf continues to offer special programs for 
female talents to bring more women into leadership positions and to ensure that we do not lose any 
woman on the career path. These programs focus on a combination of personal and organizational 
modules. Beiersdorf works with external partners to integrate relevant expertise and to help create 
the right climate for sustainable change on this issue.
Above and beyond the statutory requirements that apply to Beiersdorf AG, Beiersdorf has set itself 
global targets for the share of women internationally in the three highest management groups 
(MG 1–3) in the Consumer Business Segment. By June 30, 2022, a target of 35% women was to be 
achieved in MG 1–3. This target was exceeded with a figure of 37.2%. In line with our Beiersdorf 
Gender Parity Ambition announced in March 2021, Beiersdorf is committed to achieving gender

To the shareholders
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ANNUAL REPORT 2022
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parity across all management levels below the Executive Board (management levels 1–4) in the 
Consumer Business Segment by 2025 at the latest. 
3. Annual General Meeting
In accordance with the Articles of Association, shareholders exercise their rights both at the Annual 
General Meeting and outside it. Each share entitles the holder to one vote.
Among other things, the Annual General Meeting passes resolutions on the appropriation of net 
retained profits, on the formal approval of Executive Board and Supervisory Board members’ actions, 
on the election of the auditors, and on the company’s legal basis, especially amendments to the 
Articles of Association. The Annual General Meeting passes advisory resolutions on the approval of 
the remuneration system presented by the Supervisory Board for Executive Board members and on 
the actual remuneration of the Supervisory Board. It also passes recommendatory resolutions on the 
approval of the Remuneration Report for the previous fiscal year. In addition, the Executive Board will 
convene an extraordinary General Meeting where it considers this appropriate in individual cases, in 
the event of significant structural changes, or in case of a takeover offer. At this meeting, shareholders 
can discuss the issue at hand and resolve on measures under company law if appropriate.
The Ordinary Annual General Meeting takes place each year, generally during the first five months of 
the fiscal year. The notice convening the Annual General Meeting and its agenda are also published 
on the company’s website, together with the reports and documentation required for the Annual 
General Meeting, including the annual report, and forms for postal voting. It can also be dispatched 
electronically together with the associated documents. To assist shareholders in personally exercising 
their rights, the company offers them the services of a voting representative who votes in accordance 
with their instructions. The invitation explains how shareholders can issue instructions for exercising 
their voting rights. In addition, shareholders are free to appoint a proxy holder of their choice as their 
representative at the Annual General Meeting. It is also possible to submit postal votes, and to issue, 
change, and revoke proxy instructions to the voting representative appointed by the company, via 
the internet before and during the Annual General Meeting. The full Annual General Meeting can be 
followed online, including by non-shareholders.
Against the backdrop of the global coronavirus pandemic, the 2022 Annual General Meeting was 
held as a virtual meeting without the physical presence of the shareholders or their proxyholders. In 
accordance with § 26n (1) of the Einführungsgesetz zum Aktiengesetz (Introductory Act to the German 
Stock Corporation Act, EGAktG), the Executive Board and Supervisory Board have decided to hold 
the 2023 Annual General Meeting as a virtual meeting subject to the provisions of § 118a AktG.  
Directors’ Dealings
In accordance with Article 19 (1) of the Market Abuse Regulation, the members of the Executive 
Board and the Supervisory Board are required to notify transactions involving shares in Beiersdorf 
AG or financial instruments linked thereto (directors’ dealings) to the company and the Bundesan-
stalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority, BaFin) promptly and 
no later than three business days after the date of transaction. This also applies to related parties of 
such persons.
The notifications received by Beiersdorf AG are published and are available on the company’s web-
site at www.beiersdorf.com/directors_dealings.

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Further Information on Corporate Governance
Detailed information on the work of the Supervisory Board and its committees, as well as on the coop-
eration between the Supervisory Board and the Executive Board, can be found in the “Report by the 
Supervisory Board” section of this report. Further information on Executive Board and Supervisory 
Board remuneration can be found in the “Remuneration Report” section.  The remuneration report 
for the last financial year, including the auditors‘ report pursuant to § 162 AktG, and the applicable 
remuneration system pursuant to § 87a (1) and (2) sentence 1 AktG are published on the website at 
www.beiersdorf.com/investor-relations/corporate-governance/remuneration-of-executive-board-
and-­supervisory-board; the latest remuneration resolution of the annual general meeting pursuant to 
§ 113 (3) AktG is available at www.beiersdorf.com/investor-relations/annual-general-meeting/archive.
The consolidated financial statements and half-year reports are prepared in accordance with Interna-
tional Financial Reporting Standards (IFRS), as adopted by the EU. The annual financial statements of 
Beiersdorf AG are prepared in accordance with the Handelsgesetzbuch (German Commercial Code, 
HGB). The Annual General Meeting on April 14, 2022, elected Ernst & Young GmbH Wirtschafts­
prüfungsgesellschaft, Stuttgart, as the auditors for Beiersdorf AG and the Beiersdorf Group for 
fiscal year 2022 and as the auditors for the review of the half-year report 2022. Ernst & Young GmbH 
Wirtschaftsprüfungsgesellschaft has been auditing the annual and consolidated financial statements 
of Beiersdorf AG since the 2006 fiscal year. Britta Siemer has been the responsible auditor since fiscal 
year 2022. There will be a change of auditors starting from the audit for fiscal year 2024; a public 
invitation to tender was issued in October 2022.
Current developments and key company information are published on our website,  
www.beiersdorf.com, as soon as possible. As well as detailed disclosures on corporate governance 
at Beiersdorf, the website features additional information on the Executive Board, the Supervisory 
Board, and the Annual General Meeting, the company’s reports (annual reports, including combined 
management reports and Non-financial Statements, annual financial statements, half-year reports, 
and quarterly statements), a financial calendar with all key events and publications, ad-hoc disclo-
sures, directors’ dealings, and publication of voting right notifications.
This Corporate Governance Statement is a non-audited component of the Combined Management 
Report. It is also published at www.beiersdorf.com/corporate_governance_statement, where it will be 
accessible for at least five years.
Hamburg, February 2023
Beiersdorf Aktiengesellschaft
The Supervisory Board	
	
	
The Executive Board

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Report by the Executive Board on Dealings among  
Group Companies
In accordance with § 312 AktG, the Executive Board has issued a Report on Dealings among Group 
Companies which contains the following concluding declaration:
“According to the circumstances known to us at the time transactions were executed or measures 
were taken or not taken, Beiersdorf Aktiengesellschaft received appropriate consideration for every 
transaction and has not been disadvantaged by the fact that measures were taken or not taken.”
Disclosures relating to Takeover Law
The disclosures required under § 315a (1) Handelsgesetzbuch (German Commercial Code, HGB) and  
§ 289a (1) HGB are presented below.
Please refer to the notes for the disclosures on the composition of the subscribed capital and the 
disclosures on direct or indirect interests in the share capital exceeding 10% of the voting rights.
The appointment and removal from office of members of the Executive Board are governed by §§ 84 
and 85 AktG, § 31 Mitbestimmungsgesetz (German Co-determination Act, MitbestG), and § 7 of the 
Articles of Association. In accordance with § 7 (1) of the Articles of Association, the Executive Board 
consists of at least three members; apart from this provision, the Supervisory Board determines the 
number of members of the Executive Board. The Articles of Association may be amended in accord-
ance with §§ 179 and 133 AktG and with § 16 of the Articles of Association. Under § 16 (1) of the Articles 
of Association, the Supervisory Board is authorized to resolve amendments and additions to the 
Articles of Association that concern the latter’s wording only. Under § 5 (6) of the Articles of Association, 
the Supervisory Board is authorized in particular to amend and reformulate § 5 of the Articles of Associ-
ation (Share Capital) following each utilization of authorized or contingent capital.
The Annual General Meeting on April 29, 2020, authorized the Executive Board to increase the share 
capital with the approval of the Supervisory Board in the period until April 28, 2025, by up to a total 
of €92 million (Authorized Capital I: €42 million; Authorized Capital II: €25 million; Authorized Capital 
III: €25 million) by issuing new no-par-value bearer shares on one or several occasions. In this context, 
the dividend rights for new shares may be determined in deviation from § 60 (2) AktG.
Shareholders must be granted pre-emptive rights. However, the Executive Board is authorized, with 
the approval of the Supervisory Board, to disapply shareholders’ pre-emptive rights in the following 
cases:
1.	 to eliminate fractions created as a result of capital increases against cash contributions  
(Authorized Capital I, II, III);
2.	 	to the extent necessary to grant the holders/creditors of convertible bonds or bonds with warrants 
issued by Beiersdorf Aktiengesellschaft, or companies in which it holds a direct or indirect majority 
interest, rights to subscribe for new shares in the amount to which they would be entitled after 
exercising their conversion or option rights, or after fulfilling their conversion obligation (Authorized 
Capital I, II, III);
3.	 	if the total amount of share capital attributable to the new shares for which pre-emptive rights are 
to be disapplied does not exceed 10% of the share capital existing at the time this authorization 
comes into effect or – in the event that this amount is lower – at the time the new shares are issued

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and the issue price of the new shares is not materially lower than the quoted market price of the 
existing listed shares at the time when the issue price is finalized, which should be as near as 
possible to the time the shares are placed. If, during the term of the authorized capital, other 
authorizations to issue or sell shares in the company or to issue rights that enable or oblige the 
holder to subscribe for shares in the company are exercised while disapplying pre-emptive 
rights pursuant to or in accordance with § 186 (3) sentence 4 AktG, this must be counted toward 
the above-mentioned 10% limit (Authorized Capital II);
4.	 in the case of capital increases against non-cash contributions for the purpose of acquiring com-
panies, business units of companies, or equity interests in companies (Authorized Capital III).
The Executive Board may only exercise the above authorizations to disapply pre-emptive rights to 
the extent that the total proportionate interest in the share capital attributable to the shares issued 
while disapplying pre-emptive rights does not exceed 10% of the share capital at the time these 
authorizations become effective or at the time these authorizations are exercised. If other authoriza-
tions to issue or sell shares in the company or to issue rights that enable or oblige the holder to 
subscribe for shares in the company are exercised while disapplying pre-emptive rights during 
the term of an authorized capital until such time as it is utilized, this must be counted toward the 
above-mentioned limit.
The Executive Board was also authorized to determine the further details of the capital increase and 
its implementation with the approval of the Supervisory Board.
In addition, the Annual General Meeting on April 29, 2020, resolved to contingently increase the share 
capital by up to a total of €42 million, composed of up to 42 million no-par-value bearer shares. The 
contingent capital increase will be implemented only to the extent that:
1.	 	the holders or creditors of conversion and/or option rights attached to convertible bonds and/or 
bonds with warrants issued in the period until April 28, 2025, by Beiersdorf Aktiengesellschaft, or 
companies in which it holds a direct or indirect majority interest, choose to exercise their conversion 
or option rights, or
2.	 	the holders or creditors of convertible bonds giving rise to a conversion obligation issued in the 
period until April 28, 2025, by Beiersdorf Aktiengesellschaft, or companies in which it holds a 
direct or indirect majority interest, comply with such obligation,
and the contingent capital is required for this in accordance with the terms and conditions of the bonds.
The new shares bear dividend rights from the beginning of the fiscal year in which they are created as 
a result of the exercise of conversion or option rights, or as a result of compliance with a conversion 
obligation.
The Executive Board was authorized to determine the further details of the implementation of a 
contingent capital increase.
The Annual General Meeting on April 29, 2020, also authorized the company in accordance with § 71 
(1) no. 8 AktG to purchase own shares in the total amount of up to 10% of the existing share capital in 
the period up to April 28, 2025. The shares shall be purchased via the stock exchange or via a public 
purchase offer addressed to all shareholders, or a public invitation to tender shares. The Annual 
General Meeting authorized the Executive Board to sell in whole or in part the own shares purchased 
on the basis of the above mentioned or a prior authorization with the approval of the Supervisory

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Board while disapplying the shareholders’ pre-emptive rights, including in a way other than via the 
stock exchange or via a purchase offer to all shareholders, to the extent that these shares are sold for 
cash at a price that does not fall materially below the market price of the same class of shares of the 
company at the time of the sale. The Executive Board was also authorized to sell in whole or in part 
the own shares acquired in accordance with the above mentioned or a previous authorization with the 
approval of the Supervisory Board against non-cash consideration while disapplying the pre-emptive 
rights of shareholders, particularly to utilize them as consideration or partial consideration in the context 
of a merger or the acquisition of companies, equity interests in companies (including increases in equity 
interests), or business units of companies. Moreover, the Executive Board is authorized, with the 
approval of the Supervisory Board, to utilize these own shares in whole or in part, while disapplying 
the pre-emptive rights of shareholders, in order to satisfy the subscription and/or conversion rights 
from convertible bonds and/or bonds with warrants issued by the company or companies in which 
it holds a direct or indirect majority interest or other claims to the transfer of shares. The Executive 
Board is further authorized, in the event that own shares are sold to all shareholders, to disapply the 
pre-emptive rights of shareholders where this is necessary to eliminate any fractions that may arise. 
The Executive Board may only make use of the above authorizations to disapply pre-emptive rights 
when utilizing own shares to the extent that the total proportion of shares utilized without pre-emptive 
rights does not exceed 10% of the share capital either at the time of the resolution by the Annual 
General Meeting or at the time these authorizations are exercised. If, during the term of this authoriza-
tion to utilize own shares, other authorizations to issue or sell shares in the company or to issue rights 
that enable or oblige the holder to acquire shares in the company are exercised while disapplying 
pre-emptive rights, this must be counted toward the above-mentioned limit.
Finally, the Executive Board was authorized to retire the own shares acquired in accordance with 
the above-mentioned or a prior authorization with the approval of the Supervisory Board without 
requiring an additional resolution by the Annual General Meeting.
The creation of the authorized and contingent capital is intended to put the company in the position 
of being able to react to growth opportunities and capital market opportunities quickly and flexibly. 
The authorization to purchase and utilize own shares enables the company in particular to also offer 
shares in the company to institutional or other investors and/or to expand the shareholder base of the 
company, as well as to utilize the purchased own shares as consideration or partial consideration for 
the acquisition of companies, equity interests in companies (including the increase of equity interests), 
or business units, or as part of mergers, i.e. in return for considerations in kind.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
187
Report on Gender Equality and Equal Pay in Accordance  
with §§ 21, 22 Entgelttransparenzgesetz (Transparency in Wage 
Structures Act, EntgTranspG)1,2 
Measures to Promote Equality between Women and Men
For Beiersdorf AG, as a globally operating company, the diversity of our workforce represents an 
opportunity and the key to our success. Equal pay for women and men performing the same work 
or work of equal value was already part of our human resources policy before the legal disclosure 
requirement was created, and forms part of our corporate practice. 
Alongside international and cultural diversity, gender – especially equal career opportunities for all 
genders – has been a particular focus area for us in recent years. Since the signing of our Diversity 
Charter in 2012, awareness of the gender balance has been improved among all employees, for 
example through regular events for the whole workforce and particularly our managers. In 2017, 
the targets for the proportion of women in management roles were updated. By June 30, 2022, the 
targets required the proportion of women at the first management level below the Executive Board to 
be at least 35%, and the proportion of women at the second management level to be at least 50%. As 
of December 31, 2021, the figures for Beiersdorf AG were as follows:  
Executive Board: At least 30% women by June 30, 2022 (figure as of the end of December 2021: 14%)
First management level: At least 35% women by June 30, 2022 (figure as of the end of December 
2021: 52%). 
Second management level: At least 50% women by June 30, 2021 (figure as of the end of December 
2021: 52%). 
Beiersdorf formulated a global target for the proportion of female leaders in the top three management 
groups (MG 1–3) back in 2018. This was in addition to the statutory targets applicable to Beiersdorf 
AG. By June 30, 2022, a target of 35% women was to be achieved in management groups 1–3. As of 
December 31, 2021, the figure stood at 34%.
Since 2018, Beiersdorf AG has been supporting female employees and managers – for example 
through the “enCOURAGE” gender diversity initiative – in numerous ways. These have included the 
“move forward!” mentoring program aimed at talented women wanting to begin or develop a manage-
ment career. This program was temporarily suspended in 2021 due to the coronavirus situation. “Peer 
Coaching Circles” have taken place as an extra program of “move forward!” with the aim of learning 
and growing together. Since 2017, another focus and highlight of the measures has been the annual 
Women in Leadership Convention, a networking event where successful role models from inside and 
outside Beiersdorf report on their experiences and inspire participants. Starting in 2020, the Women 
in Leadership Convention has been streamed digitally, making it accessible to all employees around 
the world. The event offers a wealth of opportunities for professional development. In 2019, the topic of 
diversity was integrated into the C.A.R.E.+ strategy and a Diversity Agenda developed for diversity and 
inclusion. The vision is to create an inclusive working environment in which all employees can realize 
their full potential. This focuses among other things on gender equality. The grassroots employee 
community #SisterhoodisPower, for example, which aims to help women empower each other in their 
careers, is contributing to this through its series of digital #PowerTalk events, in which inspiring women 
1	 This section of the Combined Management Report is not subject to audit requirements.
2	 The reporting period covers the years 2017-2021.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
188
share their stories, thoughts about management, and personal tips. The employee initiative has also 
been concentrating on the #Grow2gether peer mentoring program it launched in 2021. In addition, a 
diverse range of options for flexible working arrangements and a better work-life balance are offered. 
Alongside standard part-time working, we also encourage job sharing. This is an arrangement in which 
two employees take on the same position together in a job tandem. At Beiersdorf, the job-sharing 
model has long been part of our corporate practice – including the joint leadership model at manage-
ment level and the “senior meets junior” model, where job sharing enables knowledge transfer between 
generations and/or a transition to partial retirement. At the end of 2021, there were 34 job-shar-
ing tandems at Beiersdorf in Germany.  Nineteen tandems enabled the participants to perform a 
manage­ment role, largely on a part-time basis. Long-existing models such as flexible working hours, 
individual control over working time, and long-term working hour accounts continue to provide the 
flexibility needed for staff to meet both their own career goals and the demands of their personal 
lives. Arrangements on flexible working, which enable employees to work from almost any loca-
tion, also contribute to this. In addition to these options, we offer childcare for our employees in 
Hamburg through our company kindergarten “TroploKids”. With its 100 places and 0 teachers (as 
of December 31, 2021), this is one of the largest such kindergartens in Germany and dates back to 
1937. Employees in Hamburg receive additional support in combining work and family through the 
offerings of “PME Familienservice”. There is also an online portal with information for all new parents 
and, since 2018, regular lunchtime events for Beiersdorf employees on parental leave to help mothers 
and fathers stay connected to the company and facilitate their return to work. We additionally began 
working with the VÄTERNETZWERK (fathers’ network) initiative in 2021. We discussed areas for fathers 
to work on with two core groups of participants and also encouraged dialogue between interested 
male parents. The three-week summer vacation program for our employees’ children was so well 
received in previous years that it was announced once again in 2021.  
In 2020, to further strengthen diversity and inclusion at Beiersdorf, we created the position of “Global 
Director Diversity & Inclusion (D&I) immediately below the Executive Board and 2020 formulated a 
new D&I Strategy Roadmap. This aims to help us create a culture together based on diversity and 
inclusion, in which everyone feels they belong and has the same opportunities to succeed and give 
their best performance.  
The roadmap is based on three strategic priorities:
•	 driving leadership diversity,
•	 fostering an inclusive culture, and
•	 championing consumer representation – and thus fostering the understanding of diversity in 
relation to products and their marketing.  
We achieved initial milestones in each of these areas in 2021: 
•	 The gender parity ambition, which aims for an equal proportion of women and men in leadership 
positions below the Executive Board by 2025. As of December 31, 2021, the proportion of women 
in the four highest management groups (MG 1-4) was 47.1%.
•	 To build people’s understanding of diversity and inclusion, we piloted our first training course in 
inclusive (and gender-neutral) language in the reporting year and developed expanded communi-
cation guides for a sensitive and nuanced use of language to avoid subtle discrimination. In 2022, 
we presented the global D&I Roadmap 2.0, reflecting the further development of our strategy. Our 
goal is to be 100% inclusive, 100% gender balanced, and 100% future-ready – embracing diversity 
far beyond the topic of gender equality.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
189
Measures to Create Equal Pay for Women and Men
Equal pay at Beiersdorf AG is ensured through collective agreements as well as internal processes to 
evaluate positions not subject to collective pay agreements.
Beiersdorf AG is bound by the collective agreements agreed between BAVC (representing employers) 
and IGBCE (representing employees). This stipulates a pay structure comprising 13 pay groups. The 
principle of the Germany-wide collective agreement is that employees should be grouped solely 
according to the job they do (§ 3 Bundesentgelttarifvertrag). Gender or factors such as job title or 
qualifications not required for the current job do not influence pay. 
Outside collective agreements, equal pay is ensured through, among other things, the employer/
works council agreement on the salary system for employees not covered by collective agreements. 
The process for evaluating functions not covered by collective agreements involves assigning all 
positions in the company to defined salary bands with the input of the employee representatives. The 
bands reflect the market practice of the company’s peer group. The assignment of functions/positions 
to the salary bands depends solely on objective factors such as relevance to the organization as a 
whole, qualifications required, and complexity of the topics for which the function holder is responsible. 
The positions are evaluated without reference to the position holder, their gender, or individual 
performance. The evaluation results are also compared across divisions.
If the annual pay agreements for employees not covered by collective agreements overlap with 
parental leave or other periods of service for which no compensation is paid, the relevant employer/
works council agreement ensures that the employees participate after their return in the budgets for 
pay agreements that have already expired.
Disclosures in accordance with § 21 (2) no. 1 and no. 2 EntgTranspG
The average numbers of employees at Beiersdorf AG for the year 2021 are as follows3:
Women
Change since 
previous report
Men
Change since 
previous report
Average total number of employees
1,674
129
999
69
of whom full-time
1,107
45
969
68
of whom part-time
567
84
30
1
3	 In accordance with the definition of the German Pay Transparency Act (Entgelttransparenzgesetz): Number of employees 
(persons) as an annual average. Presentation differs from the other employee units used in the Annual Report.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
190
CONSOLIDATED
FINANCIAL
STATEMENTS
p. 191 CONSOLIDATED FINANCIAL 
STATEMENTS
p. 191
Income Statement
p. 191
Statement of Comprehensive Income
p. 192
Balance Sheet
p. 193
Cash Flow Statement
p. 194
Statement of Changes in Equity
p. 195
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
p. 195
Segment Reporting
p. 196
Regional Reporting
p. 197
Significant Accounting Policies
p. 207
Consolidated Group, Acquisitions, 
and Divestments
p. 209
Notes to the Income Statement
p. 213
Notes to the Balance Sheet
p. 235
Other Disclosures
p. 240
Report on Post-Balance Sheet  
Date Events
p. 241
Beiersdorf AG Boards
p. 243 ATTESTATIONS
p. 243
Independent Auditor’s Report
p. 254
Independent Auditor’s Limited 
Assurance Report
p. 257
Responsibility Statement by 
the Executive Board

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
191
Consolidated Financial Statements
Income Statement
(in € million)
Note
 2021 
 2022 
Sales
 01 
7,627
8,799
Cost of goods sold
 02 
–3,267
–3,842
Gross profit
4,360
4,957
Marketing and selling expenses
 03 
–2,675
–2,998
Research and development expenses
 04 
–268
–291
General and administrative expenses
 05 
–448
–524
Other operating income
 06 
243
266
Other operating expenses
 07 
–279
–318
Operating result (EBIT)
933
1,092
Interest income
 08 
32
36
Interest expense
 08 
–14
–16
Net pension result
 08 
–8
–10
Other financial result
 08 
–36
–6
Financial result
 08 
–26
4
Profit before tax
907
1,096
Income taxes
 09 
–252
–325
Profit after tax
655
771
Of which attributable to
– Equity holders of Beiersdorf AG
638
755
– Non-controlling interests
17
16
Basic/diluted earnings per share (in €)
 10 
2.81
3.33
Statement of Comprehensive Income
(in € million)1
 2021 
 2022 
Profit after tax
655
771
Other comprehensive income that will be reclassified subsequently to profit or loss
35
70
Remeasurement of cash flow hedges
–12
28
Remeasurement of securities
–2
–12
Exchange differences
49
54
Other comprehensive income that will not be reclassified subsequently to 
profit or loss
118
317
Remeasurement of defined benefit pension plans
110
314
Change in fair value of equity instruments measured through other compre-
hensive income
8
3
Other comprehensive income
153
387
Total comprehensive income
808
1,158
Of which attributable to
– Equity holders of Beiersdorf AG
791
1,143
– Non-controlling interests
17
15
1	 Net of tax.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
192
Balance Sheet
(in € million)
Assets
Note
Dec. 31, 2021
Dec. 31, 2022
Intangible assets
 11 
538
1,111
Property, plant, and equipment
 12 
1,845
2,201
Non-current securities
 16 
3,937
3,184
Other non-current assets
 15 
56
52
Deferred tax assets
 09 
292
258
Non-current assets
6,668
6,806
Inventories
 13 
1,144
1,557
Trade receivables
 14 
1,306
1,508
Other current financial assets
 15 
124
147
Income tax receivables
 09 
207
205
Other current assets
 15 
198
239
Current securities
 16 
616
771
Cash and cash equivalents
 17 
1,036
1,080
Non-current assets and disposal groups held for sale
 15 
—
35
Current assets
4,631
5,542
11,299
12,348
Equity and liabilities
Note
Dec. 31, 2021
Dec. 31, 2022
Share capital
 19 
252
252
Additional paid-in capital
 22 
47
47
Retained earnings
 23 
6,879
7,725
Accumulated other comprehensive income
 24 
–307
–239
Equity attributable to equity holders of Beiersdorf AG
6,871
7,785
Non-controlling interests
23
20
Equity
6,894
7,805
Provisions for pensions and other post-employment 
benefits
 26 
808
382
Other non-current provisions
 27 
127
146
Non-current financial liabilities
 28 
106
117
Other non-current liabilities
 28 
1
—
Deferred tax liabilities
 09 
38
137
Non-current liabilities
1,080
782
Other current provisions
 27 
582
614
Income tax liabilities
 09 
160
183
Trade payables
 28 
1,973
2,328
Other current financial liabilities
 28 
501
525
Other current liabilities
 28 
109
111
Current liabilities
3,325
3,761
11,299
12,348

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
193
Cash Flow Statement
(in € million)
 2021 
 2022 
Profit after tax
655
771
Reconciliation of profit after tax to net cash flow from operating activities
Income taxes
252
325
Financial result
26
–4
Income taxes paid
–305
–312
Depreciation and amortization
287
287
Change in non-current provisions (excluding interest components and changes 
recognized in OCI)
–9
22
Gain/loss on disposal of property, plant, and equipment, and intangible assets
–9
–5
Gross cash flow
897
1,084
Change in inventories
–145
–395
Change in receivables and other assets
–195
–288
Change in liabilities and current provisions
436
396
Net cash flow from operating activities
993
797
Investments in property, plant, and equipment, and intangible assets
–413
–548
Payments for acquisitions (net of cash acquired)
—
–545
Payments for investments in associated companies and other investments
–5
–7
Payments to acquire securities
–1,114
–97
Proceeds from the sale of property, plant, and equipment, and intangible assets
45
29
Proceeds from the sale of subsidiaries (net of cash disposed)
10
10
Proceeds from the sale of associated companies and other investments
8
—
Proceeds from the sale/final maturity of securities
563
680
Interest received
39
42
Proceeds from dividends and other financing activities
22
34
Net cash flow from investing activities
–845
–402
Free cash flow
148
395
Proceeds from loans
185
451
Loan repayments
–57
–447
Repayments of lease liabilities
–66
–68
Interest paid
–12
–15
Other financing expenses paid
–14
–19
Cash dividends paid (Beiersdorf AG)
–159
–159
Cash dividends paid (non-controlling interests)
–18
–16
Payments to acquire shares from non-controlling interests without a change  
in control
—
–72
Net cash flow from financing activities
–141
–345
Effect of exchange rate fluctuations and other changes on cash held
24
–6
Net change in cash and cash equivalents
31
44
Cash and cash equivalents as of Jan. 1
1,005
1,036
Cash and cash equivalents as of Dec. 31
1,036
1,080

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
194
Statement of Changes in Equity 
(in € million)
Accumulated other comprehensive income
Share 
capital
Addi-
tional 
paid-in 
capital
Retained 
earnings1
Currency 
translation 
adjust-
ment
Hedging 
instru-
ments 
from 
cash flow 
hedges
Debt 
instru-
ments
Equity 
instru-
ments
Total at-
tributable 
to equity 
holders
Non- 
controlling  
interests
Total
Jan. 1, 2021
252
47
6,283
–349
2
4
—
6,239
24
6,263
Total comprehensive income 
for the period
—
—
748
49
–12
–2
8
791
17
808
Reclassifications
—
—
7
—
—
—
–7
—
—
—
Dividend of Beiersdorf AG for 
previous year
—
—
–159
—
—
—
—
–159
—
–159
Change in non-controlling 
interests
—
—
—
—
—
—
—
—
–18
–18
Dec. 31, 2021/Jan. 1, 2022
252
47
6,879
–300
–10
2
1
6,871
23
6,894
Total comprehensive
income for the period
—
—
1,069
55
28
–12
3
1,143
15
1,158
Reclassifications
—
—
4
—
—
—
–4
—
—
—
Dividend of Beiersdorf AG
for previous year
—
—
–159
—
—
—
—
–159
—
–159
Change in non-controlling
interests
—
—
—
—
—
—
—
—
–16
–16
Change in non-controlling
interests without a change
in control
—
—
–68
–2
—
—
—
–70
–2
–72
Dec. 31, 2022
252
47
7,725
–247
18
–10
—
7,785
20
7,805
1	 The cost of treasury shares amounting to €955 million has been deducted from retained earnings.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
195
Notes to the Consolidated Financial Statements
Segment Reporting 
(in € million)
Consumer
tesa
Group
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
Net sales
6,129
7,131
1,498
1,668
7,627
8,799
Change (nominal)
(in %)
7.5
16.3
13.1
11.3
8.6
15.4
Change (organic)
(in %)
8.8
10.5
13.6
8.8
9.7
10.2
Share of Group sales
(in %)
80.4
81.0
19.6
19.0
100.0
100.0
EBITDA
884
1,038
336
341
1,220
1,379
Operating result (EBIT)
680
828
253
264
933
1,092
as % of sales
11.1
11.6
16.8
15.8
12.2
12.4
Operating result (EBIT, excluding special factors)1
740
880
253
278
993
1,158
as % of sales
12.1
12.3
16.9
16.7
13.0
13.2
Gross operating capital1
3,885
5,385
1,150
1,250
5,035
6,635
Operating liabilities1
2,480
2,893
306
298
2,786
3,191
EBIT return on net operating capital1
(in %)
48.5
33.2
29.9
27.6
41.5
31.7
Gross cash flow
661
817
236
267
897
1,084
Capital expenditure2
376
1,054
37
83
413
1,137
Depreciation and amortization
204
210
83
77
287
287
Research and development expenses
202
216
66
75
268
291
Employees
(as of Dec. 31)
15,740
16,419
4,827
4,982
20,567
21,401
1	 See the disclosures contained in the section entitled “Notes to the Segment Reporting.”
2	 Figures comprise investments in intangible assets and property, plant, and equipment including acquisitions.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
196
Regional Reporting
(in € million)
Europe
America
Africa/Asia/Australia
Group
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
Net sales
3,676
3,900
1,527
2,126
2,424
2,773
7,627
8,799
Change (nominal)
(in %)
6.0
6.1
13.4
39.2
9.6
14.4
8.6
15.4
Change (organic)
(in %)
6.3
5.5
16.3
21.8
11.0
9.9
9.7
10.2
Share of Group sales
(in %)
48.2
44.3
20.0
24.2
31.8
31.5
100.0
100.0
EBITDA
706
738
109
170
405
471
1,220
1,379
Operating result (EBIT)
539
583
49
108
345
401
933
1,092
as % of sales
14.7
15.0
3.2
5.1
14.2
14.5
12.2
12.4
Operating result (EBIT,  
excluding special factors)1
556
618
91
140
346
400
993
1,158
as % of sales
15.1
15.9
6.0
6.6
14.3
14.5
13.0
13.2
Capital expenditure2
293
444
75
521
45
172
413
1,137
Depreciation and amortization
166
155
60
62
61
70
287
287
Employees
(as of Dec. 31)
11,888
12,094
3,402
3,771
5,277
5,536
20,567
21,401
1	 See the disclosures contained in the section entitled “Notes to the Segment Reporting.”
2	 Figures comprise investments in intangible assets and property, plant, and equipment including acquisitions.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
197
Significant Accounting Policies
Information on the Company and on the Group
The registered office of Beiersdorf AG is located at Unnastrasse 48 in Hamburg (Germany), and the 
company is registered with the commercial register of the Hamburg Local Court under the number 
HRB 1787. Beiersdorf AG is included in the consolidated financial statements of maxingvest ag, the 
(ultimate) parent company of the Group.
The activities of Beiersdorf AG and its affiliates (“Beiersdorf Group”) consist primarily of the manu-
facture and distribution of branded consumer goods in the area of skin and body care, and of the 
manufacture and distribution of technical adhesive tapes.
The consolidated financial statements of Beiersdorf AG for the fiscal year from January 1 to Decem-
ber 31, 2022, were prepared by the Executive Board on February 6, 2023, and subsequently submitted 
to the Supervisory Board for examination and approval.
General Principles
The consolidated financial statements of Beiersdorf AG have been prepared in accordance with the 
International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards 
Board (IASB), including the IFRS Interpretations issued by the International Financial Reporting Inter-
pretations Committee (IFRIC) and the supplementary provisions of German commercial law required 
to be applied under § 315e (1) Handelsgesetzbuch (German Commercial Code, HGB). All IFRSs and 
IFRICs endorsed by the European Commission and required to be applied as of December 31, 2022, 
were applied.
The consolidated financial statements were prepared using the historical cost convention. Exceptions 
to this rule relate to financial instruments assigned to the categories “at fair value through other com-
prehensive income” (FVOCI) and “at fair value through profit or loss” (FVPL), and derivative financial 
instruments, which are all measured at fair value.
The consolidated income statement was prepared using the cost of sales method.
Estimates and Assumptions
Preparation of the consolidated financial statements requires management to make estimates and 
assumptions to a limited extent that affect the amount and presentation of recognized assets and 
liabilities, income and expenses, and contingent liabilities. Such estimates and assumptions reflect all 
currently available information. Significant estimates and assumptions were made in particular in rela-
tion to the following accounting policies: impairment testing of goodwill and indefinite-lived intangible 
assets (Note 11 “Intangible Assets”), impairments of financial assets (Note 29 “Additional Disclosures 
on Financial Instruments, Financial Risk Management, and Derivative Financial Instruments”), the 
actuarial assumptions for the defined benefit expense as well as for the present value of pension com-
mitments (Note 26 “Provisions for Pensions and Other Post-employment Benefits”), the determination 
of the amount of eligible deferred tax assets (Note 09 “Income Taxes”), and the recognition of other 
provisions (Note 27 “Other Provisions”). Given the uncertainty that exists when recognizing the legal 
risks arising from claims for damages in particular as well as tax and custom risks (Note 30 “Contin-
gent Liabilities, Other Financial Obligations, and Legal Risks”), significant discretion must be exer-
cised in evaluating whether and to what extent potential damages have arisen and how large the claim 
could be. In determining the amount of possible damages, there is particular discretion in relation 
to determining the nature of the factors “overcharge” and “pass-on rate” on which the calculation is 
based. Furthermore, estimates and assumptions are made in particular when determining the useful 
lives of intangible assets and property, plant, and equipment, and when measuring inventories.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
198
Actual amounts may differ from these estimates. Changes to estimates are recognized in profit or loss 
when more recent knowledge becomes available. The estimates and assumptions mentioned above 
also took into account the potential impact of the COVID-19 pandemic.
Consolidation Principles
Acquisition accounting uses the purchase method, under which the cost of the business combination 
is allocated to the identifiable assets acquired and identifiable liabilities and contingent liabilities 
assumed, measured at their fair values at the acquisition date. The cost of an acquisition is the sum of 
the consideration transferred, measured at fair value at the acquisition date, and the non-controlling 
interests in the acquiree. For each business combination, the non-controlling interests in the acquiree 
are measured either at fair value or at the proportionate share of the acquiree’s identifiable net assets. 
Any excess of the cost of the business combination over the acquirer’s interest in the net fair values of 
identifiable assets, liabilities, and contingent liabilities is recognized as goodwill. Costs incurred in the 
course of the business combination are recognized as an expense.
Profit and equity of subsidiaries attributable to non-controlling interests are presented separately in 
the consolidated income statement and as a component of equity in the consolidated balance sheet. 
Losses at a subsidiary are attributed to the non-controlling interests even if this results in a negative 
balance. In the case of successive purchases of the shares of subsidiaries, the difference between the 
cost of the new shares and the non-controlling interests previously recognized in the Group for these 
shares is recognized in other comprehensive income. In a business combination achieved in stages, 
the effects from acquisition-date fair value remeasurement of previously held equity interests in the 
acquiree are recognized either directly in equity (FVOCI) or in the income statement (FVPL), depend-
ing on their classification. Subsequent adjustments of contingent consideration are recognized in the 
income statement.
All intercompany balances, transactions, income, and expenses, and gains and losses on intragroup 
transactions that are contained in the carrying amounts of assets are eliminated in full.
The consolidated financial statements include Beiersdorf AG and the subsidiaries over which it has 
control within the meaning of IFRS 10. Control over an investee exists if Beiersdorf AG has direct or 
indirect power over the investee, is exposed to variable returns from its involvement with the investee, 
and has the ability to affect those returns through its power over the investee.
Currency Translation
The consolidated financial statements have been prepared in euros. The euro is Beiersdorf AG’s 
functional and presentation currency. Unless otherwise stated, all amounts are rounded to millions 
of euros (€ million). Each company in the Group defines its own functional currency. As the foreign 
subsidiaries operate as financially, economically, and organizationally independent entities, their 
functional currency is always the local currency. The items contained in the financial statements of the 
company concerned are measured using this functional currency. Foreign currency transactions are 
initially translated at the spot rate at the transaction date. Non-monetary items that are measured at 
cost in a foreign currency are translated at the exchange rate at the transaction date. Exchange differ-
ences arising from the translation of monetary items are recognized in profit or loss. Monetary assets 
and liabilities in foreign currency are translated into the functional currency at the closing rate.
At the balance sheet date, the assets and liabilities of foreign subsidiaries whose functional currency 
is not the euro are translated into euros at the closing rate. Income and expenses are generally trans-
lated at average exchange rates for the fiscal year. Exchange differences arising from this are recognized 
as a separate component of equity.

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The following table shows the changes in the exchange rates for the currencies material to the con-
solidated financial statements:
Exchange Rate Changes
(1 € =)
Average rates
Closing rates
 2021 
 2022 
 2021 
 2022 
Brazilian real (BRL)
6.377
5.4076
6.3099
5.6423
Swiss franc (CHF)
1.0797
1.0017
1.0327
0.9848
Chinese yuan (CNY)
7.6059
7.0736
7.194
7.3631
Pound sterling (GBP)
0.8581
0.8548
0.84
0.8869
Japanese yen (JPY)
130.3117
138.0567
130.405
140.7200
Russian ruble (RUB)
87.3371
71.9647
85.3649
77.8827
Thai baht (THB)
37.8797
36.8021
37.6347
36.8486
US dollar (USD)
1.1815
1.0505
1.1326
1.0673
The accounting requirements of IAS 29 Financial Reporting in Hyperinflationary Economies were not 
applied due to immaterial effect on the Group’s net assets, financial position and results of operations.
Changes in Accounting Policies
There were no material effects from the first-time application of new standards or interpretations in 
fiscal year 2022. The IASB has also revised or issued further accounting standards and interpretations 
that must be applied in future. However, these will have no material effects on the consolidated 
financial statements.
Significant Accounting Policies
Sales are recognized when goods and products are delivered, and control has transferred to the 
customer. Discounts, customer bonuses, and rebates are deducted from sales, as is consideration 
payable to trading partners in those cases in which the consideration is not matched by a distinct 
product or service supplied whose fair value can be estimated reliably. The probability of returns is 
reflected in the recognition and measurement of sales.
Cost of goods sold comprises the cost of internally produced goods sold and the purchase price of 
merchandise sold. The cost of internally produced goods includes directly attributable costs such 
as the cost of direct materials, direct labor, and energy, as well as production overheads, including 
depreciation of production facilities. The cost of goods sold also includes write-downs of inventories 
and operating expenses for distribution centers and freight shipments to customers.
Marketing and selling expenses comprise the costs of sales and marketing departments, 
expenditure on advertising, retail (point of sale) marketing, and similar items. This item also 
includes write-downs of trade receivables.
Research costs are recognized in profit or loss for the period. Development costs for new products 
are capitalized if the recognition criteria laid down in IAS 38 are met. This is normally not the case, as 
the expected future economic benefits cannot be measured reliably as long as the products are not 
market ready. Other development costs (e.g. for information systems) are capitalized as intangible 
assets if the recognition criteria laid down in IAS 38 are met. Once capitalized, they are amortized 
using the straight-line method over their expected useful lives.

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Purchased intangible assets such as patents, trademarks, and software are measured at cost. The 
carrying amounts of finite-lived intangible assets are reduced by straight-line amortization over their 
expected useful lives. The useful lives, residual values, and amortization methods are reviewed 
regularly. Goodwill and indefinite-lived intangible assets are not amortized.
Goodwill and indefinite-lived intangible assets are tested for impairment at least once a year; 
such impairment tests are only conducted for finite-lived intangible assets and property, plant, and 
equipment if there are indications of impairment. An impairment loss is recognized in profit or loss if 
the recoverable amount of the asset is lower than its carrying amount. Recoverable amount is identified 
separately for each asset. If an asset does not generate cash inflows that are largely independent from 
other assets, recoverable amount is identified on the basis of a group of assets designated as the 
cash-generating unit. Recoverable amount is the higher of net realizable value and value in use. Net 
realizable value is the amount obtainable from the sale of an asset in an arm’s length transaction, less 
the costs of disposal. Value in use is calculated on the basis of estimated future cash flows expected 
to arise from the continuing use of an asset and its disposal at the end of its useful life, using the 
discounted cash flow method. Cash flows are derived from the business plans and reflect current 
developments. They are discounted to the date of the impairment test using capitalization rates for 
equivalent risks.
If the reasons for an impairment loss recognized in previous years no longer apply, the impairment 
loss (except for goodwill) is reversed up to a maximum of amortized cost.
With the exception of lease right-of-use assets, property, plant, and equipment is carried at cost 
and reduced by straight-line depreciation over the assets’ expected useful lives. The useful lives, 
residual values, and depreciation methods are reviewed annually. The following useful lives are 
generally applied to the depreciation of items of property, plant, and equipment:
Useful Lives of Property, Plant, and Equipment
Buildings
10 to 33 years
Technical equipment and machinery
5 to 15 years
Office and other equipment
3 to 15 years
Production costs of internally manufactured items of property, plant, and equipment are calculated 
on the basis of attributable direct costs plus an appropriate share of production-related over-
heads. Interest on borrowings is recognized as a current expense unless it relates to the production 
of qualifying assets. Repair and maintenance costs for property, plant, and equipment are also 
expensed as incurred. Substantial renewals or enhancements that materially increase production 
capacity or significantly extend the useful life of an asset are capitalized. Components that were 
previously capitalized in this way and replaced by new measures to be capitalized are recognized 
accordingly as disposals. Government grants reduce the cost of acquisition or production.
Right-of-use assets from leases are reported within property, plant, and equipment. A lease exists 
if a contract entitles the Group to use an identifiable asset for an agreed period of time in return for 
payment. At Beiersdorf, leases relate primarily to office space and vehicles.
Lease liabilities are reported within financial liabilities. They are recognized at the inception of the 
lease at the present value of the lease payments not yet made. Discounting is generally determined 
using term- and currency-specific incremental borrowing rates.
Lease right-of-use assets are recognized at cost at the commencement of the lease term. The cost of 
the right-of-use asset comprises the present value of the total expected lease payments less lease

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incentives received, initial direct costs, and restoration obligations. Subsequent measurement is at 
amortized cost. Depreciation is on a straight-line basis over the term of the lease.
The term of the lease commences on the date that the asset is made available for use and includes any 
rent-free periods. In the case of leases that contain both a basic non-cancelable period and extension 
and termination options, determination of lease terms takes into account all the facts and circum-
stances that provide an economic incentive for the exercise of extension options or non-exercise of 
termination options. The exercise or non-exercise of these options is only factored into the lease term 
if it is reasonably certain to occur.
The leasing standard is not applied to rights held by a lessee under license agreements within the 
Scope of IAS 38. In addition, Beiersdorf has exercised the option not to recognize low-value and 
short-term leases on the balance sheet and is instead continuing to treat these as operating expenses 
over the term of the lease.
Inventories are carried at the lower of cost or net realizable value. Net realizable value is the estimated 
selling price in the ordinary course of business, less the estimated costs of completion and the esti-
mated costs necessary to make the sale. The cost of inventories is measured using the average cost 
method. In addition to direct costs, production costs include a proportionate share of material and 
production overheads as well as production-related depreciation. It also includes the proportionate 
costs of company pension arrangements and voluntary social benefits, as well as production-related 
administrative expenses.
Cash comprises bank balances, cash-on-hand, and checks. Cash equivalents are short-term liquid 
investments that can be converted into a specified amount of cash at any time and are exposed to no 
more than insignificant fluctuations in value. In accordance with IFRS 9, cash and cash equivalents are 
designated as AC.
Non-current assets and disposal groups are classified as held for sale if their carrying amount is 
to be recovered principally through a sale transaction rather than through continuing use. Non-current 
assets and disposal groups held for sale are measured at fair value less costs to sell (level 3) if the 
value is lower than the carrying amount. The fair value less cost to sell is generally determined on the 
basis of (ongoing) purchase price negotiations with potential buyers.
The prerequisite for the classification as held for sale is that the assets and disposal groups can be 
sold in their current condition and that their sale is highly probable. The sale must be considered 
within one year from the date of classification. Before any assets are reclassified to assets and disposal 
groups held for sale, the relevant measurement rules for the balance sheet item are applied for the 
last time. After classification, depreciation is no longer recognized for the assets. Any expense resulting 
from the application of the above valuation principles in connection with the write-down to fair value 
less costs to sell is recognized under other operating expenses.
Financial instruments are contracts that give rise to a financial asset of one entity and a financial 
liability of another entity. Financial assets and financial liabilities are measured at fair value on initial 
recognition.
Categories of financial assets under IFRS 9
The “at amortized cost” (AC) category comprises financial assets whose cash flows consist of interest 
and principal payments and that are held as part of a business model that aims to collect contractual 
cash flows. Following initial recognition, they are valued at amortized cost less any impairment losses 
using the effective interest method.

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The “at fair value through other comprehensive income” (FVOCI) category comprises financial 
assets whose cash flows consist of interest and principal payments and that are held as part of a busi-
ness model that generally aims to hold the assets but also allows them to be sold if required. These 
assets are measured at fair value. The resulting changes in value are recognized in a separate reserve 
in other comprehensive income. Upon disposal or impairment of these financial assets, the cumulative 
gains and losses recognized in equity are recognized in profit or loss. This category also includes 
equity instruments for which the one-time option to recognize changes in fair value directly in equity 
has been irrevocably exercised. Subsequent changes in value remain in equity upon disposal or 
impairment and are not reclassified to the income statement.
The “at fair value through profit or loss” (FVPL) category comprises financial assets that do not fall 
under the other categories. These assets are measured at fair value. The resulting changes in value 
are recognized in the income statement.
Financial assets are tested for impairment as of each reporting date. Under IFRS 9, a risk provision is 
recognized based on the expected credit losses over the next 12 months (expected loss model). The 
estimate is based on ratings and continuously updated risk indicators. Current CDS spreads and the 
issuers’ bond spreads are also used in the calculation. Impairment of financial assets is immediately 
recognized in profit or loss. For financial assets in the AC category, the impairment reduces the asset’s 
value on the balance sheet; for financial assets in the FVOCI category, the impairment is recognized 
in a special reserve in other comprehensive income. A simplified process for determining impairment 
is used for assets that do not contain a significant financing component (e.g. trade receivables). In this 
approach, expected credit losses over the entire lifetime of the financial instruments are determined. 
The estimated impairment on receivables is based primarily on the results of previous payment 
behavior and reflects the age structure, any substantial deterioration in creditworthiness, or a high 
probability of debtor insolvency, as well as changes in the political and macroeconomic environment. 
Given the very short terms (e.g. due on demand) and the creditworthiness of our contractual partners, 
no impairment is identified based on expected credit losses for financial assets such as cash and cash 
equivalents.
Financial liabilities are carried at amortized cost (AC) using the effective interest method after their 
initial recognition. Gains and losses resulting from amortization using the effective interest method 
and from derecognition of liabilities are recognized in profit or loss. Liabilities with remaining con-
tractual maturities of more than one year are classified as non-current. In accordance with IFRS 9, 
derivative financial instruments used for hedges are not assigned to a separate category; within the 
Beiersdorf Group, they are subsumed under “derivative financial instruments” (DFI).
Financial assets and financial liabilities are derecognized when control of the contractual rights is 
lost, when the obligation specified in the contract is discharged or canceled, or when it has expired. 
Liabilities in connection with reverse factoring agreements are not subject to any substantial modifi-
cation of the contractual terms and therefore continue to be accounted for as trade accounts payable. 
The payments made are subsequently shown the statement of cash flows as cash flows from operat-
ing activities.
The Beiersdorf Group uses derivative financial instruments to manage current and future currency 
risks. The instruments concerned are mainly currency forwards. Derivative financial instruments are 
recognized at fair value. They are reported in the balance sheet in other financial assets or other 
financial liabilities.
The recognition of changes in the fair values of derivative financial instruments depends on whether 
these instruments are used as hedging instruments and meet the criteria for hedge accounting under 
IFRS 9. If the criteria are not met despite the existence of an economic hedge, changes in the fair

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ANNUAL REPORT 2022
203
values of derivative financial instruments are recognized immediately in profit or loss. The effective-
ness of the hedge relationship is assessed using the critical terms method.
Derivatives classified as fair value hedges are measured at their fair value. Any resulting changes 
in fair value are recognized in profit or loss. The carrying amount of the hedged asset or liability is 
adjusted for the changes in fair value attributable to the hedged risk. Gains or losses resulting from 
changes in fair value are recognized in profit or loss for the period.
For derivative financial instruments designated as hedging instruments that qualify for hedging 
accounting as a cash flow hedge, the effective portion of the change in the fair value is recognized 
in other comprehensive income, net of the related tax effect. The ineffective portion is recognized in 
profit or loss. When the hedged item (underlying) is settled, the effective portion is also recognized in 
profit or loss.
The fair value of financial instruments is the price that would be received to sell an asset or paid 
to transfer a liability in an orderly transaction between market participants at the measurement date. 
When measuring fair value, it is assumed that the underlying transaction on which the price is based 
takes place in either the principal market or the most advantageous market that the Beiersdorf Group 
has access to. The price is measured using the assumptions that market participants would base 
pricing on. All financial instruments recognized at fair value in the financial statements are categorized 
into the following hierarchy levels in accordance with IFRS 13:
•	 Level 1: Fair values that are measured using quoted prices in active markets
•	 Level 2: Fair values that are measured using valuation techniques whose significant inputs are 
based on directly or indirectly observable market data
•	 Level 3: Fair values that are measured using valuation techniques whose significant inputs are not 
based on observable market data
Financial instruments regularly measured at fair value are reassessed at the end of the fiscal year to 
determine whether reclassifications have to be made between the levels of the hierarchy.
Provisions for pensions and other post-employment benefits comprise the provisions for defined 
benefit plans within the Group. Obligations are measured using the projected unit credit method. The 
expected benefits are spread over the entire length of service of the employees. The actuarial compu-
tation of the pension provisions is based on market rates of interest as well as projected wage/salary 
and pension increases, and staff turnover trends. Measurement is performed using the relevant local 
inputs. In Germany, the mortality rate was based on Heubeck’s 2018 G mortality tables, while inter-
national rates were based on locally recognized mortality tables. The various discount rates used are 
based on the yields of high-quality corporate bonds with appropriate maturities and currencies and 
a minimum of an AA rating. Actuarial reports are prepared annually. All assumptions are reviewed for 
appropriateness at each reporting date.
The amount recognized as a provision comprises the total present value of the defined benefit obli-
gation less the fair value of plan assets available for immediate settlement of obligations. If the fair 
value of plan assets exceeds the present value of the defined benefit obligation, net assets are only 
recognized up to the amount of the asset ceiling.
Past service cost is recognized as a component of EBIT in line with the principle of functional allocation, 
while net interest income is recognized in the financial result. Actuarial gains and losses resulting from 
changes in actuarial assumptions and deviations between earlier actuarial assumptions and actual 
developments, as well as from changes in the return on plan assets, are recognized immediately

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204
and in full under retained earnings in consolidated equity. They are not recognized in profit or loss 
later on, but rather remain in consolidated equity.
In the case of defined contribution plans, contributions are made on a statutory, contractual, or 
voluntary basis to public or private pension insurance plans. The Group does not have any other 
payment obligations above and beyond the contributions. The contributions are recognized in profit 
or loss as a component of EBIT.
Other provisions take account of all identifiable future payment obligations, risks, and uncertain 
obligations of the Group resulting from current legal or constructive obligations arising from past 
events where the amount of the obligation can be measured reliably. Such other provisions are mainly 
due within one year. Non-current provisions expected to be settled after more than one year are 
discounted insofar as the interest effect is material.
Current income tax assets and liabilities for current and prior periods are recognized at the expected 
amount. The tax rates and tax legislation enacted at the reporting date are used to calculate the amount.
Deferred taxes result from temporary differences between the tax base of assets and liabilities and 
their carrying amounts in the IFRS balance sheet, and from tax loss carryforwards. Deferred taxes 
are measured using the balance sheet liability method on the basis of the tax rates expected to be 
enacted in the individual countries when the temporary differences reverse. These rates are based 
on the legislation in force at the balance sheet date. No deferred taxes are recognized for differences 
arising on the initial recognition of assets and liabilities that are not the result of business combina-
tions and do not affect either accounting or taxable profit.
Deferred tax assets in respect of temporary differences, tax loss carryforwards, and tax credits are 
recognized where it is probable that sufficient taxable profit will be available in future periods against 
which they can be utilized. Recognized deferred taxes are tested for recoverability every year. Income 
taxes relating to items recognized in other comprehensive income are not recognized in the income 
statement but in other comprehensive income.
Current tax assets and liabilities, and deferred tax assets and liabilities, are offset against each other 
if the Group has a legally enforceable right to offset the actual tax assets against actual tax liabilities 
and these relate to income taxes levied on the same taxable entity by the same taxation authority.

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205
Summary of selected Measurement Policies
Balance sheet item
Measurement policy
Assets
Goodwill
Lower of cost or recoverable amount
Other intangible assets
indefinite-lived
Lower of cost or recoverable amount
finite-lived
(Amortized) cost
Property, plant, and equipment
(Amortized) cost
Financial assets
“Amortized cost” (AC)
(Amortized) cost
“At fair value through other comprehensive income” 
(FVOCI)
At fair value through other comprehensive income
“At fair value through profit or loss” (FVPL)
At fair value through profit or loss
Inventories
Lower of cost or net realizable value
Trade receivables
(Amortized) cost
Cash and cash equivalents
(Amortized) cost
Non-current assets and disposal groups held for sale
Lower of (amortized) cost or net realizable value
Equity and liabilities
Provisions
Provisions for pensions and other post-employment 
benefits
Projected unit credit method
Other provisions
Settlement amount (best estimate)
Financial liabilities
(Amortized) cost
Trade payables
(Amortized) cost
Other liabilities
Settlement amount
Notes to the Cash Flow Statement
The cash flow statement has been prepared in accordance with IAS 7 and is classified into net cash 
flows from operating, investing, and financing activities.
Net cash flow from operating activities is determined using the indirect method, while net cash flows 
from investing and financing activities are determined using the direct method.
Cash funds are composed of cash and cash equivalents that can be converted into cash at any time 
and that are exposed to no more than insignificant fluctuations in value.
Notes to the Segment Reporting
Segment reporting in the Beiersdorf Group is based on the management of business operations. 
The breakdown of the Group into the Consumer and tesa Business Segments reflects the internal 
organizational structure and the reporting to the Executive Board and the Supervisory Board.
The Beiersdorf Group measures the success of its segments on the basis of sales growth and oper-
ating result (EBIT), adjusted for non-recurring, non-operating transactions (EBIT, excluding special 
factors) in conjunction with the corresponding EBIT margin.

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206
In order to show the global breakdown of business activities in the Beiersdorf Group, information on 
the geographic regions is presented in addition to the operating segments. The external sales shown 
for the regions are based on the domiciles of the respective companies.
Group companies domiciled in Germany generated sales of €1,419 million in 2022 (previous year: 
€1,433 million) and reported non-current assets (not including financial instruments, deferred taxes, 
and plan assets) of €1,492 million (previous year: €1,330 million).
Organic sales growth is the nominal sales growth adjusted for exchange rate effects and structural 
effects from acquisitions and divestments.
EBIT excluding special factors represents the operating result (EBIT), adjusted for non-operating 
one-off business transactions.
EBITDA represents the operating result (EBIT) before depreciation, amortization, and impairment 
losses. 
The EBIT margin on net operating capital is the ratio of the operating result (EBIT) to net operating 
capital.
Gross cash flow is the excess of operating income over operating expenses before any further 
appropriation of funds.
Net operating capital of €3,444 million (previous year: €2,249 million) consists of gross operating 
capital less operating liabilities. The following table shows the reconciliation of net operating capital 
to the balance sheet items:
Reconciliation of Net Operating Capital to Balance Sheet Items
(in € million)
Assets
Dec. 31, 2021
Dec. 31, 2022
Intangible assets
538
1,111
Property, plant, and equipment
1,845
2,201
Inventories
1,144
1,557
Trade receivables
1,306
1,508
Other receivables and other assets (not including tax receivables)
202
258
Gross operating capital
5,035
6,635
Gross non-operating assets
6,264
5,713
Total balance sheet assets
11,299
12,348
Equity and liabilities
Dec. 31, 2021
Dec. 31, 2022
Other provisions
709
760
Trade payables
1,973
2,328
Other liabilities (not including income tax liabilities)
104
103
Operating liabilities
2,786
3,191
Equity
6,894
7,805
Non-operating liabilities
1,619
1,352
Total balance sheet equity and liabilities
11,299
12,348

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Consolidated Group, Acquisitions, and Divestments
Consolidated Group
In addition to Beiersdorf AG, the consolidated financial statements include 14 (previous year: 16) 
German and 171 (previous year: 160) international companies whose financial and business policies 
Beiersdorf AG is able to control either directly or indirectly. 
In the year under review, 13 new companies were included in the consolidated financial statements. 
In addition, two companies were wound up and two companies were sold.
Beiersdorf AG’s Shareholdings
Disclosures of Beiersdorf AG’s shareholdings are made in the section entitled “Additional Information.” 
The list shows those companies/equity interests in which Beiersdorf AG holds 5% or more of the 
shares and/or voting rights. 
Significant Acquisitions
With the acquisition of 65% additional shares in Swiss Cosmetics Production AG for a purchase price 
of €7 million (CHF 7 million), La Prairie Group AG has further increased its equity interest and holds 
100% of the shares effective January 5, 2022. Including the shares previously held, the goodwill 
acquired as part of the merger totals €10 million (CHF 10 million).
The company acquired is a manufacturer and producer of Swiss premium cosmetics. The acqui-
sition will enable La Prairie to own the production of its quality skin care collections at the site in 
Switzerland, to increase efficiency in production and logistics, and to better respond to unexpected 
market volatility.
On February 1, 2022, Beiersdorf acquired 100% of Chantecaille Beaute Inc. (USA), a prestige cosmetics 
company, for a purchase price of €529 million (USD 590 million). Depending on the future develop-
ment of the Chantecaille business, the purchase price may additionally increase by up to €90 million 
(USD 100 million) in the next three years. A provisional purchase price allocation was performed for 
the 2022 Half-Year Report, as the information required for the final purchase price allocation was still 
being obtained and verified. The purchase price allocation was completed as of the reporting date. 
The figures in the final purchase price allocation are shown below.  
The total purchase price assumed as part of the purchase price allocation is €553 million (USD 617 million). 
This comprises a basic purchase price following adjustments of €533 million (USD 595 million) and per-
formance-related purchase price components of €20 million (USD 22 million), which have been meas-
ured in terms of their likelihood and will only become payable in the future.
Founded in 1997, Chantecaille offers innovative skin care, fragrance, and cosmetics products based 
on botanical ingredients. The company is headquartered in New York with a global presence and 
a particular strength in North America and Asia. By acquiring Chantecaille, Beiersdorf is bolster-
ing its portfolio in the prestige beauty segment and strengthening its position, especially in the 
United States, China, and Korea. Chantecaille will be a complementary selective cosmetics brand in 
Beiersdorf’s Consumer Business Segment.
The Chantecaille companies acquired contributed to comprehensive income from February to 
December 2022 with sales of €88 million and an operating result (EBIT) (including special factors and 
initial consolidation effects) of €-3 million. For the full reporting period (12 months) of the Chantecaille 
companies, the estimated sales would amount to approximately €93 million and the estimated

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208
operating result (EBIT) including special factors and initial consolidation effects to approximately 
€-4 million. These figures were calculated on the assumption that the preliminary adjustments to fair 
values made at the acquisition date would also have applied to an acquisition on January 1, 2022. 
The acquisition took place via a share deal. The goodwill of €452 million (USD 504 million) comprises 
the value of expected business potential arising from the acquisition. For tax purposes, the acquisition 
is being treated as an asset deal and results in tax-deductible depreciation and amortization in the 
United States; this also applies to the goodwill acquired. Based on the final purchase price allocation 
as of February 1, 2022, the assets acquired were as follows:
Purchase price allocation for the acquisition of Chantecaille
(in € million)
Total purchase price
553
Identifiable assets at fair value
62
Identifiable liabilities at fair value
31
Trademarks
58
Customer base
16
Deferred tax liability
4
Goodwill
452
The gross amount of trade receivables is €12 million (USD 13 million) and corresponds to the fair 
value. It is expected that the full contractual amounts can be collected. No material contingent liabilities 
were identified at the acquisition date.
As of December 15, 2022, Beiersdorf acquired further shares in S-Biomedic NV (Belgium) and there-
fore holds a majority stake of 92.53%. For initial indication purposes, and subject to a final purchase 
price allocation, the purchase price is expected to be assigned largely to intangible assets.
S-Biomedic was founded in 2014. The company researches the delicate balance of the skin micro-
biome and develops active ingredients for cosmetic products based on living skin bacteria. 
Beiersdorf was early to recognize the potential of the skin microbiome for skin care and, with this 
acquisition, is strengthening its expertise in acne treatment.
For the purpose of impairment testing, goodwill resulting from business combinations is allocated, 
starting at the acquisition date, to the cash-generating units of the Group that benefit from the 
business potential of the business combination and generate resulting cash flows. As part of the 
Chantecaille acquisition, goodwill of €452 million (USD 504 million) was allocated to the new Chan-
tecaille cash-generating unit (consisting of the individual national companies of the Chantecaille 
Group). The goodwill of €10 million (CHF 10 million) arising from the acquisition of Swiss Cosmetics 
Production AG was allocated to the new La Prairie cash-generating unit (consisting of the compa-
nies La Prairie Group Switzerland and La Prairie China).
Significant Divestments
As of September 30, 2022, tesa SE has sold the affiliate tesa Labtec GmbH for a total compensation 
of €9 million. tesa Labtec develops and manufactures transdermal therapeutic systems (medicated 
patches) as well as oral and buccal films (medicated films that release drugs inside the mouth and 
allow direct uptake through the oral mucosa) for the pharmaceutical industry. The result from the 
disposal of the company in the amount of €-6 million is fully allocated to special factors. Beyond this, 
there were no significant divestments in the Group in the reporting year.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
209
Exercise of Exemption Options
The following German affiliates included in the consolidated financial statements of Beiersdorf AG 
exercised the exemption option under § 264 (3) HGB in fiscal year 2022:
•	 Beiersdorf Manufacturing Hamburg GmbH, Hamburg
•	 Beiersdorf Manufacturing Berlin GmbH, Berlin
•	 Beiersdorf Manufacturing Waldheim GmbH, Waldheim
•	 La Prairie Group Deutschland GmbH, Baden-Baden
•	 Beiersdorf Shared Services GmbH, Hamburg
Notes to the Income Statement
01  Sales
Sales amounted to €8,799 million in fiscal year 2022 (previous year: €7,627 million). A breakdown of 
sales and their development can be found in the management report, the segment reporting, and 
regional reporting.
02  Cost of Goods Sold
The cost of goods sold amounted to €3,842 million (previous year: €3,267 million). This item includes 
inventories expensed in the reporting period as well as direct expenses for distribution logistics.
03  Marketing and Selling Expenses
Marketing and selling expenses were €2,998 million (previous year: €2,675 million). The item includes 
expenditure on advertising, retail (point of sale) marketing, and similar items amounting to €1,883 million 
(previous year: €1,689 million).
04  Research and Development Expenses
Research and development expenses totaled €291 million (previous year: €268 million). Research and 
development expenses in the Consumer business were €216 million (previous year: €202 million). 
Research and development expenses in the tesa business area amounted to €75 million (previous 
year: €66 million).
05  General and Administrative Expenses
General and administrative expenses amounted to € 524 million in the past fiscal year (previous year: 
€448 million). This item comprises personnel expenses and other administration costs, as well as the 
cost of external services that are not allocated internally to other functions.
06  Other Operating Income
(in € million)
 2021 
 2022 
Gains on disposals of property, plant, and equipment, and other assets
3
17
Income from the reversal of provisions
57
82
Miscellaneous other income
183
167
243
266

To the shareholders
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Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
210
Gains on disposals of property, plant, and equipment, and other assets were mainly attributable to 
the sale of a property no longer required at La Prairie Group AG. Income from the reversal of provi-
sions was due among other things to personnel risk provisions, litigation risk provisions, and other 
provisions that are no longer required. Miscellaneous other income includes income from the reversal 
of no longer required accruals and valuation allowances on receivables, as well as other out-of-period 
income. Other income also includes effects of €2 million from the integration of the Chantecaille 
business. In the previous year, other income included €30 million from the implementation of a supply 
contract taken over in the course of the Coppertone acquisition, which expired in fiscal year 2022.
07  Other Operating Expenses
(in € million)
 2021 
 2022 
Restructuring expenses
54
61
Exchange result on operating activities
–5
69
Losses on disposal of non-current assets
3
5
Amortization and impairment of intangible assets from acquisitions
15
18
Miscellaneous other expenses
212
165
279
318
Restructuring expenses relate in particular to measures in the supply chain organization and other 
ongoing reorganizations of the consumer business. Amortization and impairment of intangible assets 
showed amortization of intangible assets from acquisitions amounting to €10 million (previous year: 
€6 million) and an impairment loss of €8 million on the goodwill of the cash-generating unit tesa Twinlock. 
Miscellaneous other expenses included expenditure of €5 million (previous year: €6 million) in con-
nection with the “Care Beyond Skin” donation program and expenditure of €6 million relating to the 
integration of the newly acquired Chantecaille business. Miscellaneous other expenses also include 
the result from the sale of tesa Labtec GmbH in the amount of €6 million. In the previous year, other 
expenses also included expenses from a supply contract of €28 million taken over in the course of the 
Coppertone acquisition, which expired in fiscal year 2022. Furthermore, other expenses include addi-
tions to provisions for litigation and other risks, as well as miscellaneous other operating expenses.
08  Financial Result
(in € million)
 2021 
 2022 
Interest income
32
36
Interest expense
–14
–16
Net pension result
–8
–10
Other financial result
–36
–6
–26
4
Interest income primarily resulted from “cash and cash equivalents”, “current securities”, and 
“non-current securities”. It includes interest income from financial investments recognized at amor-
tized cost of €15 million (previous year: €16 million). The interest income from financial investments 
recognized at fair value through other comprehensive income amounted to €2 million (previous year: 
€3 million). In addition, interest income also includes income relating to tax reassessments. Interest 
expense includes, among other things, interest expenditure relating to tax reassessments as well as 
interest expenditure from lease liabilities in the amount of €1 million (previous year: €3 million). The 
net pension result contains expenses from unwinding the discount on the net pension obligation

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
211
incurred in previous years. Other financial result includes negative effects from the change in the fair 
value of current securities in the fair value through profit or loss (FVPL) category, effects from move-
ment in exchange rates, and impairment write-downs on operational investments. 
09  Income Taxes
Income tax expense including deferred taxes can be broken down as follows:
(in € million)
 2021 
 2022 
Current income taxes
Germany
76
65
International
193
272
269
337
Deferred taxes
–17
–12
252
325
Reconciliation to effective income tax expense
Given an effective tax rate of 29.6% (previous year: 27.8%), the effective income tax expense is  
€59 million (previous year: €40 million) higher than the expected income tax expense. The expected 
tax rate is calculated as the weighted average of the tax rates of the individual Group companies 
and amounts to 24.3% (previous year: 23.3%).
The following table shows the reconciliation of expected to effective income tax expense:
Effective Income Tax Expense
(in € million)
 2021 
 2022 
Expected income tax expense given a tax rate of 24.3% (previous year: 23.3%)
212
266
Prior-year taxes
–14
–4
Decrease in tax expense due to changes in tax-free income
–18
–19
Increase in tax expense due to non-tax-deductible impairment of goodwill
2
2
Increase in tax expense due to other non-deductible expenses
53
55
Decrease in tax expense due to the utilization/recognition of previously  
unrecognized tax loss carryforwards
–9
–5
Increase in tax expense due to non-recognition of tax loss carryforwards
16
11
Other tax effects
10
19
Effective income tax expense
252
325
No deferred tax assets have been recognized for tax loss carryforwards and unused tax credits of 
€148 million (previous year: €255 million), whose expiration dates are given below.
Significant management judgment is required to determine the amount of deferred tax assets that 
can be recognized, based upon the likely timing and the level of future taxable profits. Given the 
positive assessments of future business development, it is assumed there is a reasonable probability 
that future taxable income will be sufficient to allow utilization of the deferred tax assets.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
212
Expiration Dates of Tax Loss Carryforwards and unused Tax Credits
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Expiration date within
1 year
1
1
2 years
1
4
3 years
6
6
more than 3 years
170
54
Unlimited carryforward period
77
83
255
148
Deferred taxes relate to the following balance sheet items and matters:
Allocation of Deferred Taxes
(in € million)
Deferred tax assets
Deferred tax liabilities
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Non-current assets
15
19
90
104
Inventories
33
44
—
—
Receivables and other current assets
15
17
17
25
Provisions for pensions and other post-employment benefits
119
40
1
54
Other provisions
75
66
28
36
Liabilities
121
145
3
3
Retained earnings
—
—
30
24
Loss carryforwards
45
36
—
—
423
367
169
246
Offset deferred taxes
–131
–109
–131
–109
Deferred taxes recognized in the balance sheet
292
258
38
137
Total net deferred tax assets amounted to €121 million for the year under review (previous year: 
€254 million). Of the year-on-year decrease of €133 million (previous year: €22 million), €148 million 
was recognized directly in other comprehensive income, decreasing equity (previous year: decrease 
in equity of €41 million). €12 million (previous year: €17 million) was recognized in profit or loss. Currency 
effects increased this item by €3 million (previous year: increase of €2 million).
Deferred taxes are not recognized for retained earnings at foreign affiliates, as these profits are 
intended to be reinvested indefinitely in those operations from today’s perspective. Where distri-
butions are planned, their tax consequences are deferred. The liability is calculated based on the 
withholding tax rates applicable in each case, taking into account the German tax rate applicable to 
distributed corporate dividends, where appropriate. Deferred tax liabilities of €24 million (previous 
year: €30 million) were recognized for this in the reporting period.
Income tax receivables at the balance sheet date are the result of refund claims and receivables  
recorded in connection with uncertain tax positions in accordance with IFRIC 23.
10  Basic/Diluted Earnings per Share
Earnings per share for 2022 amounted to €3.33 (previous year: €2.81). The basis for the calculation 
is the profit after tax excluding profit attributable to non-controlling interests. Beiersdorf AG holds 
25,181,016 treasury shares (unchanged). These were deducted from the total of 252,000,000 shares

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
213
when calculating earnings per share, which resulted in earnings being calculated on the unchanged 
basis of 226,818,984 shares. As there are no outstanding financial instruments that can be exchanged 
for shares, there is no difference between diluted and basic earnings per share.
Notes to the Balance Sheet
11  Intangible Assets
Cost
(in € million)
Finite-lived  
intangible assets
Indefinite-lived  
intangible assets
Goodwill
Total
Jan. 1, 2021
516
243
258
1,017
Currency translation adjustment
–29
—
13
–16
Acquisitions
—
—
—
—
Additions
11
—
—
11
Disposals
–15
—
—
–15
Transfers
4
—
—
4
Dec. 31, 2021/Jan. 1, 2022
487
243
271
1,001
Currency translation adjustment
5
—
31
36
Acquisitions
75
—
499
574
Divestments
–28
—
–1
–29
Additions
5
—
—
5
Disposals
–16
—
—
–16
Transfers
2
—
—
2
Dec. 31, 2022
530
243
800
1,573
Amortization/Impairment Losses
(in € million)
Finite-lived  
intangible assets
Indefinite-lived  
intangible assets
Goodwill
Total
Jan. 1, 2021
403
50
19
472
Currency translation adjustment
–30
—
–1
–31
Acquisitions
—
—
—
—
Additions
26
—
9
35
Disposals
–13
—
—
–13
Transfers
—
—
—
—
Dec. 31, 2021/Jan. 1, 2022
386
50
27
463
Currency translation adjustment
1
—
—
1
Acquisitions
—
—
—
—
Divestments
–27
—
–1
–28
Additions
33
—
8
41
Disposals
–15
—
—
–15
Transfers
—
—
—
—
Dec. 31, 2022
378
50
34
462

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
214
Carrying Amounts
(in € million)
Finite-lived  
intangible assets
Indefinite-lived  
intangible assets
Goodwill
Total
Dec. 31, 2021
101
193
244
538
Dec. 31, 2022
152
193
766
1,111
Goodwill and Intangible Assets
The carrying amounts of goodwill increased by €522 million compared with the previous year to 
€766 million (previous year: €244 million).
The year-on-year change was attributable in particular to the goodwill of €473 million (including 
currency effects) from the acquisition of Chantecaille, which has been allocated in full to the new 
Chantecaille cash-generating unit. Goodwill in the Consumer Business Segment also includes the 
goodwill of €168 million (previous year: €159 million) in the North American cash-generating unit and 
the goodwill of €59 million (previous year: €57 million) attributable to Beiersdorf AG (Switzerland). 
The change versus the previous year (or in the case of Chantecaille: versus the value at the time of 
acquisition) was attributable to currency effects.
Indefinite-lived intangible assets mainly include acquired trademarks from the acquisition of the 
Coppertone business amounting to €188 million (previous year: €188 million). The trademarks of 
€188 million are established in their markets and will continue to be advertised in the future. They 
therefore represent indefinite-lived intangible assets.
The purchase price allocation for the Chantecaille acquisition identified trademarks and customer 
relationships. These were classified in their entirety as finite-lived intangible assets and will be amor-
tized over their useful lives. As of the reporting date, the carrying amount was €70 million.
Impairment tests were performed as of 31 December, 2022 on the goodwill as well as trademarks 
recognized for all relevant cash-generating units. Forecast cash flows were used to calculate value in 
use in order to determine the recoverable amount. 
The main estimates on which the impairment tests were based included market shares and rates of 
sales growth, price trends for commodities, gross profit margins, and corresponding discount rates. 
The detailed planning anticipates moderate sales growth and a typical EBIT margin for the Group. 
For the Chantecaille cash-generating unit, the detailed planning anticipates that sales growth and the 
EBIT margin will be typical for the relevant markets. Estimated future cash flows were based on financial 
planning with a five-year horizon. Cash flows beyond the planning period were extrapolated using 
an individual growth rate taking into account external macroeconomic and business-specific factors. 
Beyond the planning horizon, this growth rate (terminal growth rate) was assumed to be 1.0% (pre-
vious year: 1.0%) for North America and Switzerland and 2.5% for Chantecaille. The weighted pre-tax 
discount rate used to discount the estimated cash flows was 6.9% for North America (previous year: 
5.6%), 5.0% for Switzerland (previous year: 4.2%), and 8.3% for Chantecaille.
Due to the increased competitive pressure as well as rising procurement prices and the associated 
poorer expected cash flows in the tesa Twinlock cash-generating unit, the impairment test showed an 
impairment of goodwill amounting to €8 million. The impairment was recognized in other operating 
expenses and is attributable to the tesa Business Segment.
The impairment tests for the other cash-generating units did not reveal any need for impairment of 
goodwill or trademarks in the reporting year. In the case of these cash-generating units, the Group 
assumes that the recoverable amount will exceed the carrying amount of the goodwill, even in the

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
215
event of reasonably possible changes in the key assumptions used in impairment testing. This obser-
vation also considers the potential impacts of the COVID-19 pandemic. These mainly relate to the 
sales markets and thus the development of forecast sales.
12  Property, Plant, and Equipment
Property, plant, and equipment – owned
Cost 
(in € million)
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office  
and other 
equipment
Advance 
payments and 
assets under 
construction
Total
Jan. 1, 2021
966
1,194
741
342
3,243
Currency translation adjustment
15
10
10
5
40
Acquisitions
—
—
—
—
—
Additions
21
27
47
307
402
Disposals
–48
–39
–43
–18
–148
Transfers
38
53
12
–109
–6
Dec. 31, 2021/Jan. 1, 2022
992
1,245
767
527
3,531
Currency translation adjustment
12
7
4
5
28
Acquisitions
8
3
5
—
16
Divestments
–5
–15
–5
–1
–26
Additions
12
39
50
441
542
Disposals
–41
–48
–52
–6
–147
Transfers
11
38
31
–164
–84
Dec. 31, 2022
989
1,269
800
802
3,860
Depreciation/Impairment Loss
(in € million)
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office 
and other 
­equipment
Advance 
payments and 
assets under 
construction
Total
Jan. 1, 2021
432
780
560
–1
1,771
Currency translation adjustment
5
6
6
—
17
Acquisitions
—
—
—
—
—
Additions
37
85
63
—
185
Disposals
–32
–32
–39
—
–103
Transfers
—
—
—
—
—
Dec. 31, 2021/Jan. 1, 2022
442
839
590
–1
1,870
Currency translation adjustment
3
4
2
—
9
Acquisitions
1
—
3
—
4
Divestments
–2
–12
–4
–1
–19
Additions
35
70
72
—
177
Disposals
–34
–46
–50
—
–130
Transfers
–41
–16
–7
—
–64
Dec. 31, 2022
404
839
606
–2
1,847

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
216
Carrying Amounts
(in € million)	
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office  
and other  
equipment
Advance 
payments and 
assets under 
construction
Total
Dec. 31, 2021
550
406
177
528
1,661
Dec. 31, 2022
585
430
194
804
2,013
	
	
	
	
	
	
	
	
	
The carrying amounts of property, plant, and equipment amounted to €2,013 million (previous year: 
€1,661 million). Investments in property, plant, and equipment totaled €542 million (previous year: 
€402 million). They primarily related to the plants of the two business segments, Consumer and tesa. 
The largest investment projects included the expansion of the plant locations in Germany (Leipzig), 
Poland and Mexico (€239 million). The construction of the new Group headquarters resulted in 
additions of €29 million.
Right-of-use assets – leased
Cost
(in € million)
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office  
and other  
equipment
Advance 
payments and 
assets under 
construction
Total
Jan. 1, 2021
225
4
43
—
272
Currency translation adjustment
8
—
—
—
8
Acquisitions
—
—
—
—
—
Additions
77
1
11
—
89
Disposals
–22
—
–9
—
–31
Transfers
—
—
—
—
—
Dec. 31, 2021/Jan. 1, 2022
288
5
45
—
338
Currency translation adjustment
3
—
1
—
4
Acquisitions
3
—
—
—
3
Additions
57
1
12
—
70
Disposals
–20
–1
–15
—
–36
Transfers
—
—
—
—
—
Dec. 31, 2022
331
5
43
—
379

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
217
Depreciation/Impairment Loss 
(in € million)
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office  
and other 
equipment
Advance 
payments and 
assets under 
construction
Total
Jan. 1, 2021
91
1
22
—
114
Currency translation adjustment
3
—
—
—
3
Acquisitions
—
—
—
—
—
Additions
53
1
13
—
67
Disposals
–21
—
–9
—
–30
Transfers
—
—
—
—
—
Dec. 31, 2021/Jan. 1, 2022
126
2
26
—
154
Currency translation adjustment
1
—
—
—
1
Acquisitions
—
—
—
—
—
Additions
55
1
13
—
69
Disposals
–18
—
–15
—
–33
Transfers
—
—
—
—
—
Dec. 31, 2022
164
3
24
—
191
Carrying Amounts
(in € million)
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office  
and other 
equipment
Advance 
payments and 
assets under 
construction
Total
Dec. 31, 2021
162
3
19
—
184
Dec. 31, 2022
167
2
19
—
188
Carrying Amounts Property, Plant and Equipment total
(in Mio. €) 
Land, land 
rights, and 
buildings
Technical 
equipment 
and machinery
Office  
and other 
equipment
Advance 
payments and 
assets under 
construction
Total
Dec. 31, 2021
712
409
196
528
1,845
Property, plant, and equipment – owned
550
406
177
528
1,661
Right of use assets – leased
162
3
19
—
184
Dec. 31, 2022
752
432
213
804
2,201
Property, plant, and equipment – owned
585
430
194
804
2,013
Right of use assets – leased
167
2
19
—
188
The Beiersdorf Group leases real estate, mainly in the form of office space, retail stores, and ware-
houses. The terms of the lease agreements are diverse and individually negotiated. Lease agreements 
are generally concluded for a period of three to ten years and may contain extension or termination 
options. The “Office and other equipment” category mainly comprises leased vehicles. Further 
information regarding the right-of-use assets, lease liabilities, and lease expenses can be found in the 
section “Significant Accounting Policies” as well as in Notes 8 and 30.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
218
13  Inventories
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Raw materials, consumables, and supplies
266
366
Work in progress
63
78
Finished goods and merchandise
811
1,109
Advance payments
4
4
1,144
1,557
Inventories increased by €413 million compared with the previous year to €1,557 million, €218 million 
of which (previous year: €176 million) was carried at net realizable value. Write-downs of inventories 
amounted to €105 million as of the reporting date (previous year: €87 million).
14  Trade Receivables
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Carrying amount
1,306
1,508
Of which past due:
1 to 30 days
68
115
31 to 60 days
14
18
more than 60 days
32
74
Under IFRS 9, trade receivables belong to the “at amortized cost” measurement category. They are 
measured at cost less impairment. 
The following changes in valuation allowances on receivables were recorded:
Valuation Allowances
(in € million)
 2021 
 2022 
Jan. 1
51
50
Currency translation adjustment
1
1
Additions
16
10
Utilized
–1
–1
Reversals
–17
–6
Dec. 31
50
54
Further information on calculation is contained in Note 29 “Additional Disclosures on Financial Instru-
ments, Financial Risk Management, and Derivative Financial Instruments.”
15  Other assets and Non-current assets and disposal groups held for sale
Other non-current assets comprise investments in associated companies, investments in non-con-
solidated affiliates, other investments and other assets. Other current financial assets include other 
receivables, derivative financial instruments and financial receivables. Other current assets mainly 
comprise other tax receivables and prepaid expenses.
Non-current assets and disposal groups held for sale amount to €35 million as of December 31, 2022 
(prior year: €0 million).

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
219
The development is mainly attributable to the sale of a production site (disposal group of €26 million 
consisting of fixed assets and raw materials and supplies) in North America and the planned sale of 
leasehold land (including buildings) of €9 million in Asia for the Consumer Business Segment. The pro-
duction site was sold on February 1, 2023, and the leasehold land is to be sold during fiscal year 2023. 
The measurement of assets and disposal groups held for sale to a fair value less costs to sell below 
the carrying amount resulted in an expense of €9 million in 2022.  The resulting valuation effect is fully 
attributable to restructuring expenses in connection with supply chain organization measures (Note 7).
16  Securities
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Non-current securities
3,937
3,184
Amortized cost
3,937
3,184
Current securities
616
771
Amortized cost
397
533
Fair value through other comprehensive income
203
155
Fair value through profit or loss
16
83
4,553
3,955
In total, the Beiersdorf Group holds €3,955 million (previous year: €4,553 million) in listed government 
and corporate bonds, commercial paper, near-money market retail funds, equities, and equity funds. 
Securities with a carrying amount of €3,184 million (previous year: €3,937 million) are expected to be 
realized more than 12 months after the reporting date. Non-current securities have a term of up to 
eight years.
Impairments on securities measured at amortized cost and at fair value through other comprehensive 
income are recognized based on expected credit losses over the next 12 months. At the end of the 
period, total impairment was €7 million. Please refer to Note 29 “Additional Disclosures on Financial 
Instruments, Financial Risk Management, and Derivative Financial Instruments.”
17  Cash and Cash Equivalents
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Cash
953
1,004
Cash equivalents
83
76
1,036
1,080
Cash comprises bank balances, cash-on-hand, and checks. Cash equivalents are short-term liquid 
investments, such as money market funds, that can be converted into cash at any time and are 
exposed to no more than insignificant fluctuations in value. Given the very short terms (e.g. due on 
demand) and the creditworthiness of our contractual partners, no impairment was identified based 
on expected credit losses.
18  Capital Management Disclosures
The Beiersdorf Group aims to sustainably secure its capital base and generate an appropriate return 
on its invested capital. As of December 31, 2022, the equity ratio was 63% (previous year: 61%), while 
the EBIT return on net operating capital was 32% (previous year: 42%). The total dividends distributed 
in fiscal year 2022 amounted to €175 million (previous year: €177 million). In the case of the dividend

To the shareholders
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Additional Information
ANNUAL REPORT 2022
220
of €159 million (previous year: €159 million) paid by Beiersdorf AG, this corresponds to a distribution 
of €0.70 per no-par-value share bearing dividend rights (previous year: €0.70).
19  Share Capital
The share capital of Beiersdorf Aktiengesellschaft amounts to €252 million (previous year: €252 million) 
and is composed of 252 million no-par-value bearer shares, each with an equal share in the company’s 
share capital. Since the settlement of the share buyback program on February 3, 2004, and following 
implementation of the share split in 2006, Beiersdorf Aktiengesellschaft holds 25,181,016 no-par-value 
shares, corresponding to 9.99% of the company’s share capital.
20  Authorized Capital
The Annual General Meeting on April 29, 2020, authorized the Executive Board to increase the 
share capital with the approval of the Supervisory Board in the period until April 28, 2025, by up to 
a total of €92 million (Authorized Capital I: €42 million; Authorized Capital II: €25 million; Authorized 
Capital III: €25 million) by issuing new no-par-value bearer shares on one or several occasions. In 
this context, the dividend rights for new shares may be determined by a different method than that 
set out in § 60 (2) AktG.
Shareholders shall be granted pre-emptive rights. However, the Executive Board is authorized, with the 
approval of the Supervisory Board, to disapply shareholders’ pre-emptive rights in the following cases:
1.	 	to eliminate fractions created as a result of capital increases against cash contributions  
(Authorized Capital I, II, III);
2.	 	to the extent necessary to grant the holders/creditors of convertible bonds or bonds with warrants 
issued by Beiersdorf Aktiengesellschaft, or companies in which it holds a direct or indirect majority 
interest, rights to subscribe for new shares in the amount to which they would be entitled after 
exercising their conversion or option rights, or after fulfilling their conversion obligation  
(Authorized Capital I, II, III);
3.	 	if the total amount of share capital attributable to the new shares for which pre-emptive rights are 
to be disapplied does not exceed 10% of the share capital existing at the time this authorization 
comes into effect or, in the event that this amount is lower, at the time the new shares are issued 
and the issue price of the new shares is not materially lower than the quoted market price of the 
existing listed shares at the time when the issue price is finalized, which should be as near as pos-
sible to the time the shares are placed. If, during the term of the authorized capital, other authori-
zations to issue or sell shares in the company or to issue rights that enable or oblige the holder to 
subscribe for shares in the company are exercised while disapplying pre-emptive rights pursuant 
to or in accordance with § 186 (3) sentence 4 AktG, this must be counted toward the above  
mentioned 10% limit (Authorized Capital II);
4.	 	in the case of capital increases against non-cash contributions for the purpose of acquiring  
companies, business units of companies, or equity interests in companies (Authorized Capital III).
The Executive Board may only exercise the above authorizations to disapply pre-emptive rights to 
the extent that the total proportionate interest in the share capital attributable to the shares issued 
while disapplying pre-emptive rights does not exceed 10% of the share capital at the time these 
authorizations become effective or at the time these authorizations are exercised. If other author-
izations to issue or sell shares in the company or to issue rights that enable or oblige the holder 
to subscribe for shares in the company are exercised while disapplying pre-emptive rights during 
the term of the authorized capital until such time as it is utilized, this must be counted toward the 
above-mentioned limit.

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Additional Information
ANNUAL REPORT 2022
221
The Executive Board was also authorized to determine the further details of the capital increase and 
its implementation with the approval of the Supervisory Board.
21  Contingent Capital
In addition, the Annual General Meeting on April 29, 2020, resolved to contingently increase the 
share capital by up to a total of €42 million, composed of up to 42 million no-par-value bearer shares. 
In accordance with the underlying resolution of the Annual General Meeting, the contingent capital 
increase will be implemented only if:
1.	 	the holders or creditors of conversion and/or option rights attached to the convertible bonds and/
or bonds with warrants issued in the period until April 28, 2025, by Beiersdorf Aktiengesellschaft 
or companies in which it holds a direct or indirect majority interest, choose to exercise their con-
version or option rights, or
2.	 	the holders or creditors of convertible bonds giving rise to a conversion obligation issued in the 
period until April 28, 2025, by Beiersdorf Aktiengesellschaft, or companies in which it holds a 
direct or indirect majority interest, comply with such obligation,
and the contingent capital is required for this in accordance with the terms and conditions of the bonds.
The new shares bear dividend rights from the beginning of the fiscal year in which they are created as 
a result of the exercise of conversion or option rights, or as a result of compliance with a conversion 
obligation.
The Executive Board was authorized to determine the further details of the implementation of a 
contingent capital increase.
22  Additional Paid-in Capital
Additional paid-in capital comprises the premium arising from the issue of shares by Beiersdorf AG.
23  Retained Earnings
Retained earnings comprise the net profit for the fiscal year and undistributed profits generated in prior 
periods by companies included in the consolidated financial statements. In addition, this item contains 
the actuarial gains and losses on remeasurements of defined benefit obligations in previous years. 
The retained earnings are reduced by the cost of the 25,181,016 treasury shares held by Beiersdorf AG 
amounting to €955 million.
During 2022 Beiersdorf acquired additional shares of a subsidiary in Indonesia.  The transaction is 
recognized directly in equity under retained earnings and results in a shift between the majority and 
minority shareholders of Beiersdorf AG.
24  Accumulated Other Comprehensive Income
Currency translation adjustment
The currency translation adjustment equity account serves to recognize differences resulting from the 
translation of the financial statements of affiliates that do not have the euro as their functional currency.
Hedging instruments from cash flow hedges
Changes in the fair value of financial instruments used to hedge future cash flows are reported under 
this item. As of the reporting date, market values amounting to €18 million (previous year: €-10 million) 
after deduction of deferred taxes were recognized in other comprehensive income.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
222
Debt and equity instruments
This item includes fair value changes amounting to €-10 million on securities in the “at fair value 
through other comprehensive income” category after deduction of deferred taxes. It also includes 
impairment of securities in the “at fair value through other comprehensive income” category.
Changes in the fair value of equity instruments allocated to the “at fair value through other com-
prehensive income” category under IFRS 9 are also recognized here. Changes in the fair value of 
equity instruments of €3 million were recognized in other comprehensive income in the fiscal year. 
Due to the inclusion of S-Biomedic NV in the consolidated group, €4 million of this amount has 
been reclassified to retained earnings.
25  Dividends
In accordance with the German Stock Corporation Act, dividends are distributed from net retained 
profits reported in the HGB single-entity financial statements of Beiersdorf AG. The Executive Board 
and Supervisory Board will propose a dividend of € 0.70 per no-par-value share bearing dividend 
rights to the Annual General Meeting. The proposed distribution must be approved by the share-
holders at the Annual General Meeting and therefore is not reported as a liability in the consolidated 
financial statements.
In accordance with the resolution by the Annual General Meeting on April 1, 2021, a dividend of 
€ 0.70 per no-par-value share bearing dividend rights was distributed in 2022 from the net retained 
profits for fiscal year 2021.
26  Provisions for Pensions and Other Post-employment Benefits
Group companies provide retirement benefits under both defined contribution and defined benefit 
plans. With the exception of net interest, the defined benefit and defined contribution expenses are 
included in the costs of the respective functions. Net pension interest is reported in the financial result.
Defined contribution expenses also contain contributions to statutory or state pension insurance 
funds. There was no material income or expense from the termination of pension plans or the curtail-
ment and transfer of pension benefits in the year under review. Past service cost arose in Germany in 
the reporting period in connection with a one-time benefit introduced by the sponsoring companies 
of the TROMA foundation for the existing pensioners and future retirees.
Pension Benefit Expenses 
(in € million)
2021
2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Current service cost
49
13
62
41
15
56
Past service cost
—
—
—
9
—
9
Defined benefit expense (EBIT)
49
13
62
50
15
65
Net interest result attributable 
to defined benefit plans (pension 
expense (+)/pension income (–))
7
1
8
9
—
9
Total expenses for defined benefit 
plans
56
14
70
59
15
74
Defined contribution expense (EBIT)
40
24
64
41
21
62
Total pension expense
96
38
134
100
36
136

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Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
223
Defined benefit pension plans
The structure of the plans varies depending on the legal, economic, and tax situation in the country in 
question, and the plans are generally based on the employees’ length of service, salary, and status, as 
well as their own contributions. The largest plans can be found at the German companies.
International defined benefit plans are largely spread across the sites in the United Kingdom, Switzer-
land, and the United States. The present value of the defined benefit obligations and the balance sheet 
provisions were attributable to Germany and the other countries as follows as of the reporting date:
Provisions for Pensions and Other Post-Employment Benefits
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Present value of defined benefit 
obligations
1,647
287
1,934
1,224
235
1,459
Fair value of plan assets
–864
–288
–1,152
–868
–246
–1,114
Net obligation
783
–1
782
356
–11
345
Amounts not recognized due to 
asset ceiling
—
9
9
—
15
15
Other recognized amounts
—
17
17
—
22
22
Provisions for pensions and other 
post-employment benefits
783
25
808
356
26
382
A majority of the defined benefit obligations within the Beiersdorf Group relate to employees in 
Germany. These are primarily obligations in relation to retirement pensions, disability pensions, and 
surviving dependents’ pensions granted as a supplement to the statutory pension insurance. Pension 
commitments in Germany largely consist of direct and indirect commitments by Beiersdorf AG and 
direct commitments by tesa SE. The benefits depend on the employees’ length of service and their 
average salary over the three years immediately preceding the date on which the pension becomes 
payable. The pension payments to the beneficiaries are adjusted for inflation by at least 1% per 
annum; this is performed annually in some cases or at the latest every three years.
Defined benefit obligations are funded exclusively by employer payments. Although there is no 
minimum funding requirement in Germany, both Beiersdorf AG and tesa SE have transferred plan 
assets to a separate entity. In addition, the benefit plans are protected against the consequences 
of insolvency in accordance with the Gesetz zur Verbesserung der betrieblichen Altersversorgung 
(German Occupational Pensions Improvement Act, BetrAVG); annual contributions are made to the 
Pensions-Sicherungs-Verein (German Pension Protection Fund) for this.
Beiersdorf AG has transferred plan assets to an entity with the legal form of a foundation (TROMA 
Alters- und Hinterbliebenenstiftung, Hamburg). The board of trustees of the foundation is composed 
of representatives of the company and of the Group Works Council. The board of trustees is respon-
sible for setting and implementing the investment strategy. The strategy is regularly reviewed and 
adjusted as necessary in light of the latest developments.
Plan assets of tesa SE are invested and managed by an independent trustee via a contractual trust 
agreement (CTA). An investment committee consisting of representatives of the company and of 
the Works Council sets the investment strategy. Portfolio performance and the current situation are 
analyzed at regular intervals and, where necessary, the investment strategy is amended to reflect 
changed conditions.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
224
To mitigate the risk of changes in capital market conditions and demographic developments, the old 
pension plans were closed to tesa employees in 2005 and to Beiersdorf employees in 2008. Employees 
joining the companies after this date can join employee-financed benefit plans. Under these plans, 
they can save part of their pensionable pay and also receive an employer contribution. The plan 
assets are invested and managed by independent trustees via a CTA. The employer guarantees a 
minimum return on contributions of 3.25% per annum until retirement. As from 2019, new entrants at 
Beiersdorf are guaranteed a minimum return of 1.8%. For new entrants at tesa, a minimum interest 
rate of 1.5% is guaranteed from 2022 onwards. The pension can be paid in the form of an annuity or 
as a lump sum.
The expenses for defined benefit plans and the present value of pension commitments are deter-
mined on the basis of actuarial calculations.
Measurement is based on the following assumptions:
Actuarial Assumptions
(in %)
 2021 
 2022 
Germany
Other  
countries 
Germany
Other  
countries 
Discount rates
1.25
1.42
3.70
3.68
Projected wage and salary growth
 3.00 
2.49
3.25
2.73
Projected pension growth1
1.76
2.13
2.25
1.85
Projected staff turnover
2.14
9.05
2.14
9.08
1	 in Germany provided the contractual agreement of 1% does not apply
The figures given are averages. The local parameters were weighted using the present values of the 
relevant defined benefit obligations. During the period under review, the present value of the defined 
benefit obligations changed as shown in the table below. 
The actuarial gains in the reporting year due to changes in financial assumptions were mainly 
attributable to the increase in the discount rates. The other changes in the reporting year were mainly 
attributable to changes in the consolidated Group.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
225
Present Value of Defined Benefit Obligations
(in € million)
 2021
 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Jan. 1
1,758
271
2,029
1,647
287
1,934
Current service cost
49
13
62
41
15
56
Past service cost
—
—
—
9
—
9
Net interest expense
14
3
17
20
4
24
Actuarial gains (–) and losses (+)
–137
–7
–144
–455
–72
–527
Of which experience adjustments
3
4
7
49
6
55
Of which due to changes in  
financial assumptions
–140
–8
–148
–558
–75
–633
Of which due to changes in  
demographic assumptions
—
–3
–3
54
–3
51
Contributions by plan participants
9
3
12
10
3
13
Pension benefits paid
–45
–9
–54
–45
–14
–59
Currency translation adjustment
—
15
15
—
4
4
Other changes
–1
–2
–3
–3
8
5
Dec. 31
1,647
287
1,934
1,224
235
1,459
The funded status of the present value of the Group’s defined benefit obligations as of the reporting 
date was as follows:
Funded Status of Present Value of Defined Benefit Obligations 
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Partly or wholly funded defined 
benefit obligations
1,640
270
1,910
1,219
218
1,437
Unfunded defined benefit  
obligations
7
17
24
5
17
22
Present value of defined benefit 
obligations
1,647
287
1,934
1,224
235
1,459

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
226
The change in plan assets during the period under review was as follows:
Fair Value of Plan Assets 
(in € million)
 2021
 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Jan. 1
818
246
1,064
864
288
1,152
Return on plan assets
7
2
9
11
4
15
Actuarial gains (+) and losses (–)
3
18
21
–14
–56
–70
Actual return on plan assets
10
20
30
–3
–52
–55
Employer contributions
33
10
43
4
9
13
Contributions by plan participants
13
3
16
13
4
17
Pension benefits paid
–9
–6
–15
–8
–11
–19
Currency translation adjustment
—
15
15
—
3
3
Other changes
–1
—
–1
–2
5
3
Dec. 31
864
288
1,152
868
246
1,114
In fiscal year 2023, employer contributions to plan assets are expected to amount to €15 million. The 
breakdown of the plan assets as of the reporting date was as follows:
Composition of Plan Assets
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Equity instruments
84
110
194
76
82
158
Debt instruments
304
91
395
265
86
351
Real estate
171
40
211
169
30
199
Cash and cash equivalents
284
18
302
317
21
338
Other
21
29
50
41
27
68
Total plan assets
864
288
1.152
868
246
1,114
The plan assets serve exclusively to meet the benefit obligations. The funding provided for these benefit 
obligations represents a provision for future cash outflows. The overarching investment policy and 
investment strategy are based on the goal of generating a return on plan assets in the medium term 
which, taken together with the contributions, is sufficient to meet the pension obligations. The plan 
assets are invested in a variety of different asset classes so as to avoid risk clusters.
The equity instruments comprise investments in equity funds and direct investments. In general, 
these have quoted market prices in a liquid market. Passive index tracker equities funds may contain a 
limited number of Beiersdorf shares. No Beiersdorf shares are held directly. Of the equity instruments 
in Germany, almost all are attributable to the mature markets.
Debt instruments may comprise investments in funds and direct investments in bonds. In general, 
these have quoted market prices in a liquid market. In Germany, 57% are attributable to corporate 
bonds and 43% to government bonds.
The real estate consists of residential and commercial properties. Investments can take the form of 
both investments in listed real estate funds and directly held properties. As of the reporting date, the 
portfolio included buildings held and used in the amount of €41 million (previous year: €42 million).

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Additional Information
ANNUAL REPORT 2022
227
Cash and cash equivalents comprise both cash at banks and units in money market funds. This position 
also includes a short-term deposit of TROMA Alters- und Hinterbliebenenstiftung with Beiersdorf AG 
in the amount of €204 million (previous year: €246 million).
The following overview provides a breakdown of the weighted average duration of the present values 
of the defined benefit obligations and a maturity analysis of expected pension payments:
Duration and Maturity Analysis
Dec. 31, 2021
Dec. 31, 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Duration of the present value of 
the pension obligations (in years)
 18 
 17 
 18 
15
13
14
Maturity analysis of the expected 
pension payments (in € million)
Up to 1 year
48
10
58
57
12
69
More than 1 and up to 2 years
51
10
61
54
12
66
More than 2 and up to 5 years
164
32
196
198
39
237
More than 5 and up to 10 years
305
58
363
331
69
400
The following sensitivity analysis shows the effect of individual changes in assumptions on the present 
value of the defined benefit obligations:
Sensitivity of the Defined Benefit Obligations
Change in present value of defined benefit obligations
(in € million)	
	
	
	
	
	
	
Dec. 31, 2021
Dec. 31, 2022
Germany
Other  
countries
Group
Germany
Other  
countries
Group
Discount rate
+0.50%
–136
–18
–154
–80
–10
–90
–0.50%
157
20
177
91
9
100
Projected wage and salary growth
+0.25%
5
1
6
2
1
3
–0.25%
–5
–1
–6
–2
–1
–3
Projected pension growth
+0.25%
34
6
40
21
3
24
–0.25%
–33
–4
–37
–21
–2
–23
Projected staff turnover
+0.25%
—
–2
–2
—
–1
–1
–0.25%
—
2
2
—
1
1
Life expectancy
Increase of one year
74
6
80
46
3
49
Decrease of one year
–69
–6
–75
–44
–3
–47
The sensitivity analysis is based on realistic potential changes as of the end of the reporting period. 
It was performed using a methodology that extrapolates the effect of realistic changes in the key 
assumptions at the end of the reporting period on the defined benefit obligation. Each change in the 
key actuarial assumptions was analyzed separately. No interdependencies were taken into account.

To the shareholders
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ANNUAL REPORT 2022
228
27  Other Provisions
(in € million)
Personnel
Marketing 
and selling
Litigation and similar risks Miscellaneous
Total
Jan. 1, 2022
357
56
131
165
709
Of which non-current
73
—
39
15
127
Currency effects
2
1
5
2
10
Additions
252
66
25
80
423
Utilized
214
35
5
44
298
Reversals
26
5
26
27
84
Dec. 31, 2022
371
83
130
176
760
Of which non-current
70
—
40
36
146
Provisions are recognized if an obligation toward a third party exists, the outflow of resources is prob-
able, and the likely amount of the obligation can be estimated reliably. The calculation of provisions 
is determined based on the best possible estimation of the parameters. Long-term provisions are 
discounted using a discount rate dependent on when they are expected to be settled, provided the 
interest effect is material.
Provisions for personnel expenses primarily comprise provisions for annual bonuses, vacation 
pay, anniversary payments, and severance agreements. The provisions for marketing and selling 
expenses relate in particular to cooperative advertising allowances and other marketing- or custom-
er-related obligations. Provisions for litigation and similar risks include provisions for litigation in 
Brazil amounting to €27 million (previous year: €24 million), risks in connection with customs audits 
amounting to €12 million (previous year: €19 million), patent risks amounting to €16 million (previous 
year: €16 million) and for risks relating to other legal disputes of €75 million (previous year: €72 million). 
The miscellaneous provisions relate to a wide variety of matters and companies and also include 
provisions for restructuring.The performance-related purchase price components resulting from 
the Chantecaille acquisition are also reported under other provisions.
28  Liabilities
The following table gives a breakdown of current liabilities
Current Liabilities
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Trade payables (AC)
1,973
2,328
Other current financial liabilities
501
525
Other financial liabilities (AC)
473
515
Negative fair value of derivatives (DFI)
28
10
Other current liabilities
109
111
Other tax liabilities
91
94
Social security liabilities
10
11
Other miscellaneous liabilities
8
6
2,583
2,964
Other financial liabilities primarily comprise short-term bank loans amounting to €163 million 
(previous year: €95 million), lease liabilities of €78 million (previous year: €76 million), and liabilities 
to TROMA Alters- und Hinterbliebenenstiftung of €204 million (previous year: €246 million) from

To the shareholders
Combined Management Report
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Additional Information
ANNUAL REPORT 2022
229
investment activities involving TROMA plan assets. At €111 million (previous year: €109 million), 
other current liabilities are largely unchanged in amount and composition. As the current liabilities 
have remaining contractual maturities of less than 12 months as of the reporting date, their carrying 
amounts at the balance sheet date correspond approximately to their fair value. As part of its stra-
tegic supplier management, Beiersdorf offers selected suppliers around the world the opportunity 
to participate in a supply chain financing program. Once participating suppliers invoice Beiersdorf, 
Beiersdorf posts the invoices on a bank platform so that the participating suppliers have the oppor-
tunity to sell these invoices to the organizing bank and thus generate a faster cash inflow. Beiersdorf 
does not know to what extent this option to sell the receivables is be used, and Beiersdorf does not 
incur any costs as a result. Beiersdorf considers this liability as part of its working capital management 
and, since Beiersdorf has no knowledge of whether the respective supplier has sold this receivable to 
the organizing bank, Beiersdorf continues to classify this liability as a trade payable. Liabilities to par-
ticipating suppliers totaled €149 million (previous year: €98 million) at the reporting date-The average 
payment term for these liabilities was 101 days.
Non-current liabilities are comprised as follows:
Non-current Liabilities
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Non-current financial liabilities
106
117
Other non-current liabilities
1
—
107
117
Non-current financial liabilities primarily comprise non-current lease liabilities.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
230
29  Additional Disclosures on Financial Instruments, Financial Risk  
Management, and Derivative Financial Instruments
The table below shows the carrying amounts and fair values of the Group’s financial instruments as of 
December 31, 2021, and December 31, 2022:
(in € million)
Measurement category under IFRS 9
2021
Carrying 
amount  
Dec. 31
Amortized 
cost
Fair value 
recognized in 
OCI
Fair value 
through profit 
or loss
Fair value 
Dec. 31
Assets
Amortized cost (AC)
6,804
6,804
—
—
6,828
Non-current financial assets
20
20
—
—
20
Trade receivables
1,306
1,306
—
—
1,306
Other current financial assets
108
108
—
—
108
Cash and cash equivalents
1,036
1,036
—
—
1,036
Securities
4,334
4,334
—
—
4,358
Fair value through other comprehensive 
income (FVOCI)
208
—
208
—
208
Non-current financial assets
5
—
5
—
5
Securities
203
—
203
—
203
Fair value through profit or loss (FVPL)
16
—
—
16
16
Securities
16
—
—
16
16
Derivative financial instruments used for  
hedges (DFI)
16
—
9
7
16
Derivative financial instruments not included  
in a hedging relationship (FVPL)
—
—
—
—
—
Liabilities
Other financial liabilities (AC)
2,552
2,552
—
—
2,552
Non-current financial liabilities
106
106
—
—
106
Trade payables
1,973
1,973
—
—
1,973
Other current financial liabilities
473
473
—
—
473
Derivative financial instruments used for  
hedges (DFI)
28
—
24
4
28
Derivative financial instruments not included  
in a hedging relationship (FVPL)
—
—
—
—
—

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Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
231
Measurement category under IFRS 9
2022 
Carrying 
amount  
Dec. 31
Amortized 
cost
Fair value 
recognized  
in OCI
Fair value 
through profit 
or loss
Fair value 
Dec. 31
Assets
Amortized cost (AC)
6,438
6,438
—
—
6,116
Non-current financial assets
29
29
—
—
29
Trade receivables
1,508
1,508
—
—
1,508
Other current financial assets
104
104
—
—
104
Cash and cash equivalents
1,080
1,080
—
—
1,080
Securities
3,717
3,717
—
—
3,395
Fair value through other comprehensive income 
(FVOCI)
158
—
158
—
158
Non-current financial assets
3
—
3
—
3
Securities
155
—
155
—
155
Fair value through profit or loss (FVPL)
85
—
—
85
85
Non-current financial assets
2
—
—
2
2
Securities
83
—
—
83
83
Derivative financial instruments used for  
hedges (DFI)
43
—
35
8
43
Derivative financial instruments not included  
in a hedging relationship (FVPL)
—
—
—
—
—
Liabilities
Other financial liabilities (AC)
2,960
2,960
—
—
2,960
Non-current financial liabilities
117
117
—
—
117
Trade payables
2,328
2,328
—
—
2,328
Other current financial liabilities
515
515
—
—
515
Derivative financial instruments used for  
hedges (DFI)
10
—
9
1
10
Derivative financial instruments not included  
in a hedging relationship (FVPL)
—
—
—
—
—
The following overview shows the IFRS 13 fair value hierarchy levels used to classify financial instru-
ments that are measured at fair value on a recurring basis:
(in € million)
Fair Value Hierarchy under IFRS 13
Dec. 31, 2021
Level 1
Level 2
Level 3
Total
Assets
Fair value through other comprehensive income (FVOCI)
203
—
5
208
Non-current financial assets
—
—
5
5
Securities
203
—
—
203
Fair value through profit or loss (FVPL)
16
—
—
16
Securities
16
—
—
16
Derivative financial instruments used for hedges (DFI)
—
16
—
16
Derivative financial instruments not included in a hedging 
relationship (FVPL)
—
—
—
—
Liabilities
Derivative financial instruments used for hedges (DFI)
—
28
—
28
Derivative financial instruments not included in a hedging 
relationship (FVPL)
—
—
—
—

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
232
Fair Value Hierarchy under IFRS 13
Dec. 31, 2022
Level 1
Level 2
Level 3
Total
Assets
Fair value through other comprehensive income (FVOCI)
155
—
3
158
Non-current financial assets
—
—
3
3
Securities
155
—
—
155
Fair value through profit or loss (FVPL)
83
—
2
85
Non-current financial assets
—
—
2
2
Securities
83
—
—
83
Derivative financial instruments used for hedges (DFI)
—
43
—
43
Derivative financial instruments not included in a hedging 
relationship (FVPL)
—
—
—
—
Liabilities
—
Derivative financial instruments used for hedges (DFI)
—
10
—
10
Derivative financial instruments not included in a hedging 
relationship (FVPL)
—
—
—
—
In the Beiersdorf Group, securities carried at fair value are allocated to fair value hierarchy Level 1 and 
are measured at quoted prices on the balance sheet date.
Derivative financial instruments are assigned to fair value hierarchy Level 2. The fair values of currency 
forwards are calculated using the exchange rate as of the reporting date and discounted to the 
reporting date on the basis of their respective yield curves.
Fair value hierarchy Level 3 mainly comprises fair values of equity investments. These are allocated to 
the “at fair value through other comprehensive income” (FVOCI) category.
During 2022, Beiersdorf reclassified bonds with a book value of €240 million from the “at amortized 
cost” (AC) category to the “at fair value through profit or loss” (FVPL) category and subsequently sold 
them. This resulted in a gain of €2 million, which is recognized within “Other financial result.”
Financial instruments that are not measured at fair value predominantly have remaining contractual 
maturities of less than 12 months as of the reporting date. Therefore, their carrying amounts at the 
balance sheet date correspond approximately to their fair value. Securities belonging to the “at amor-
tized cost” (AC) category are an exception. The fair values for this item have been assigned to fair 
value hierarchy Level 1.
Risk management principles
As a result of its operations, the Beiersdorf Group is exposed to various risks such as currency risk, 
interest rate risk, and default risk. These risks are countered by active treasury management based on 
a global directive. They are managed and hedged centrally to a very large extent.
Derivative financial instruments are used to hedge the operational business and material financial 
transactions. The transactions are conducted exclusively with marketable instruments. IFRS 7 requires 
sensitivity analyses, which show the effects of hypothetical changes in relevant risk variables on profit 
or loss and equity, to be used in presenting market risk. For the Beiersdorf Group, this mainly relates 
to currency risk. The effects are ascertained by applying the hypothetical changes in risk variables to 
the portfolio of financial instruments as of the balance sheet date. It is assumed that the portfolio at 
the reporting date is representative for the year as a whole.

To the shareholders
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Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
233
Currency risk
Currency risk is the risk of fluctuations in the fair value or future cash flows of a financial instrument as 
a result of changes in exchange rates.
Currency risk within the meaning of IFRS 7 arises through monetary financial instruments that are 
reported in a currency other than the functional currency. Exchange rate differences arising from 
the translation of financial statements of affiliates into the Group currency are not included. Relevant 
risk variables are therefore basically all non-functional currencies in which financial instruments are 
held by the Beiersdorf Group. As a result of the Beiersdorf Group’s international orientation with an 
emphasis on the eurozone, the euro serves as the key currency. Consequently, the Beiersdorf Group 
is exposed to risks through financing measures and operational activities when other currencies 
fluctuate against the euro.
As a matter of principle, currency risks relating to cross-border intragroup financing are hedged 
centrally in full and at matching maturities using currency forwards (fair value hedges). Owing to these 
hedging activities, the Beiersdorf Group is not exposed to any significant currency risks in its financing 
activities as of the balance sheet date. Gains and losses on these currency forwards are offset in full by 
gains and losses on the hedged items.
With regard to operations, a majority of cash flows in non-functional currencies in the Beiersdorf 
Group are generally hedged for the next 12 months using standard currency forwards. These trans-
actions are recorded, measured, and managed centrally in the treasury management system. As a 
result, the Beiersdorf Group is not exposed to any significant currency risks in its operations as of the 
balance sheet date.
Since material non-derivative financial instruments are either denominated directly in the func-
tional currency or transformed into the functional currency through the use of derivatives, changes 
in the exchange rate do not have any material effects on profit or loss or equity. Consequently, the 
Beiersdorf Group is primarily only exposed to risks arising from currency forwards which are designated 
as hedging instruments and which meet the criteria for recognition as cash flow hedges on forecasted 
transactions. Changes in market prices largely affect the hedging reserve in equity and the fair values 
of the hedging transactions.
The fair value of the currency forwards at the balance sheet date was €33 million (previous year: 
€–12 million), and their notional value was €1,712 million (previous year: €1,881 million). As in the 
previous year, all of the forward contracts have a remaining maturity of up to one year. The notional 
values represent the aggregate of all purchase and selling amounts for derivatives. The notional 
values shown are not netted.
If the euro had appreciated by 10% against all currencies as of December 31, 2022, the fair values of 
the currency forwards recognized directly within the hedging reserves in equity would have increased 
by €42 million (previous year: €45 million). If the euro had depreciated by 10%, the fair values of the 
currency forwards recognized directly within the hedging reserves in equity would have decreased by 
€49 million (previous year: €54 million). There are no open positions of forward exchange contracts 
recognized in profit or loss not included in a hedging relationship as of December 31, 2022.  
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument may fluctuate 
as a result of changes in market interest rates.
Beiersdorf has only a small volume of non-current financial instruments that are not measured at 
amortized cost and does not have any interest rate derivatives. Changes in fair values are therefore of

To the shareholders
Combined Management Report
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Additional Information
ANNUAL REPORT 2022
234
no more than minor significance for the Beiersdorf Group. These are subject to interest rate risk within 
the meaning of IFRS 7 for the entire fiscal year.
If the interest rates at the quarter-ends of the fiscal year had been 100 basis points higher (lower) 
in each case than the yield curve, the financial result would have been €5 million (previous year: 
€8 million) higher (lower). This would have had no impact on accumulated other comprehensive 
income within equity.
Default risk
The Beiersdorf Group is exposed to default risk within the Scope of its financing activities and in its 
operations. The maximum default risk can be seen from the carrying amount of each financial asset 
recognized in the balance sheet. The total carrying amount of the financial assets was €6,724 million 
as of December 31, 2022 (previous year: €7,044 million).
The simplified process is used for determining impairments on trade receivables under IFRS 9. In this 
approach, expected credit losses over the entire lifetime of the financial instruments are determined. 
Expected losses are estimated based on analyses of historical defaults and the age structure of the 
receivables as well as current economic developments and an assessment of the credit quality of 
individual customers.
Given that historical and expected default rates are low, the impairments did not have a material 
impact on assets or equity. We counter the risk of bad debts through detailed monitoring of our cus-
tomer relationships, active receivables management, and the selective use of trade credit insurance.
Potential default risks relating to the investment of the Group’s liquid funds are limited by only making 
investments with defined-reliable counterparties. Counterparty risk is monitored on the basis of 
ratings and the counterparties’ liable capital, as well as continuously updated risk indicators. These 
parameters are used to determine maximum amounts for investments with partner banks and secu-
rities issuers (counterparty limits), which are compared regularly with the investments actually made 
throughout the Group. We have invested the majority of our liquidity in low-risk investments (such as 
government and corporate bonds).
Impairments based on expected credit losses over the next 12 months are recognized on securities 
measured at amortized cost or at fair value through other comprehensive income. The estimate is 
based on ratings and continuously updated risk indicators. Current CDS spreads and the issuers’ 
bond spreads are also used in the calculation.
Valuation Allowances
(in € million)
 2021 
 2022 
Securities in the “at amortized cost” category
4
6
Securities in the “at fair value through other comprehensive income” category
1
1
5
7
Financial assets such as cash and cash equivalents include bank balances and very short-term liquid 
investments. These belong to the “at amortized cost” category. Given the very short terms (e.g. due 
on demand) and the creditworthiness of our contractual partners, no impairment was identified 
based on expected credit losses.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
235
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulties in meeting the obligations associated 
with its financial liabilities. As a result of the large amount of cash and cash equivalents as well as secu-
rities held as of the balance sheet date, the Beiersdorf Group is not currently exposed to any liquidity 
risk. Additionally, in order to ensure the liquidity and financial flexibility of the Beiersdorf Group at all 
times, liquidity reserves are maintained in the form of credit lines.
Other Disclosures
30  Contingent Liabilities, Other Financial Obligations, and Legal Risks
(in € million)
Dec. 31, 2021
Dec. 31, 2022
Contingent liabilities
Liabilities under guarantees
87
99
Other financial obligations
Obligations under purchase commitments
171
90
Due within the next year
130
66
Due in 1 to 5 years
41
24
Other financial obligations
The aggregate nominal amount of the other financial obligations was €90 million (previous year: 
€171 million).
As of December 31, 2022, future undiscounted lease liabilities with a remaining term of up to one year 
amounted to €61 million (previous year: €60 million) and those with a remaining term of more than 
one year to €140 million (previous year: €134 million).
Lease expenses in 2022 include expenses for short-term leases of €26 million (previous year: 
€18 million), expenses for leases of low-value assets of €2 million (previous year: €3 million), and 
expenses from variable lease payments of €6 million (previous year: €6 million). Total cash outflow 
for leases in 2022 was €102 million (previous year: €93 million).
The future cash outflows from extension options, whose future exercise was not taken into account 
in the measurement of the lease liabilities due to the lack of reasonable certainty amount to around 
€104 million (previous year: €106 million).
Legal risks
The claim for damages from the liquidator of Schlecker e. K. following closed antitrust proceeding 
by the Bundeskartellamt, which has been pending since 2016, was rejected by the courts of first and 
second instance. Upon a complaint against denial of leave to appeal by the plaintiff, the appeal was 
granted without reasoning by the Federal Court of Justice (BGH). The BGH overturned the appeal 
judgment and referred the case back to the second instance for a new decision. The proceedings are 
also directed against six other companies. The claim for compensation, which involves joint and several 
liability of all defendants, amounts to approximately €200 million plus interest. Decisions on other 
claims for damages made in and out of court in connection with concluded antitrust proceedings are 
pending. Beiersdorf contests these claims.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
236
The state of São Paulo is demanding retroactive tax payments of €77 million (previous year: €66 million) 
from our Consumer Business Segment’s Brazilian affiliates for the years 2005 to 2009. This amount has 
increased from the previous year owing mostly to interest and changes in the exchange rate. State tax 
authorities allege that VAT on imports should have been paid in São Paulo state instead of the Brazilian 
state of landing. All cases are in financial court proceedings. Potential claims for back taxes for the 
years 2010 to 2017 are now time-barred, which means no further notices demanding additional tax 
payments can be issued for this period. The Brazilian tax authorities also issued additional, in our 
view unjustified, VAT demands on at least a similar scale in relation to various matters. Our affiliates 
are appealing these claims through official processes. The Brazilian courts are not expected to reach 
a definitive decision in any of these cases for several years. The Group has provisions of €27 million 
(previous year: €24 million) for these cases.
Some of our affiliates are currently undergoing tax audits. In accordance with IFRIC 23, disputed tax 
items have been recognized with their most probable cash outflow. In one case, a liquidation loss that 
had been recognized was not accepted for tax purposes by the tax authorities in Austria. We filed 
appeals against the tax notices for the affected years. We are convinced that our view will prevail in 
legal proceedings. However, a final decision cannot be expected for several years. A final non-recog-
nition of the tax-deductible loss would reduce Group profit by approximately €47 million (previous 
year: €47 million).
In addition, some of our affiliates are currently undergoing customs audits. The Group has recognized 
provisions of €12 million (previous year: €19 million) for the risks resulting from these audits.
Assessments of the course and results of legal disputes as well as tax and customs audits are associ-
ated with considerable difficulty and uncertainty. Results that differ from our expectations may have 
an effect on the amount of the recognized costs and provisions or liabilities. As of the balance sheet 
date, we assume, based on the currently available information, that no further significant charges for 
the Group are to be expected.
31  Employees and Personnel Expenses
The breakdown of employees by function is as follows:
Number of Employees as of Dec. 31
 2021 
 2022 
Production, supply chain, and quality management
7,812
8,253
Marketing and sales
7,514
7,644
Research and development
1,530
1,591
Other functions
3,711
3,913
20,567
21,401
Average Number of Employees during the Year
 2021 
 2022 
Production, supply chain, and quality management
7,857
8,166
Marketing and sales
7,479
7,681
Research and development
1,494
1,573
Other functions
3,648
3,813
20,478
21,233

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
237
Personnel expenses amounted to €1,747 million (previous year: €1,573 million). This amount breaks 
down into wages and salaries of €1,404 million (previous year: €1,256 million), social security expense 
of €217 million (previous year: €192 million), and pension expense of €126 million (previous year: 
€125 million). A breakdown of employees by business segment can be found in the segment reporting.
32  Auditor’s Fees
The Annual General Meeting on April 14, 2022, elected Ernst & Young GmbH Wirtschaftsprüfungs-
gesellschaft as the auditors for the annual and consolidated financial statements for fiscal year 2022.
The following table gives an overview of the total fee charged by Ernst & Young GmbH Wirtschafts-
prüfungsgesellschaft:
Fees paid to the Group Auditors
(in € thousand)
 2021 
 2022 
Audit services
1,447
1,719
Other assurance services
222
252
Tax advisory services
118
—
Other services
67
—
1,854
1,971
Non-audit services in fiscal year 2022 mainly comprised the voluntary limited assurance engagement 
on the combined Non-financial Statement, agreed-upon procedures, and other legally prescribed, 
contractually agreed, or voluntarily requested assurance services.
33  Declaration of Compliance with the German Corporate Governance Code
In December 2022, Beiersdorf Aktiengesellschaft’s Executive Board and Supervisory Board issued 
their Declaration of Compliance with the recommendations of the Government Commission on the 
German Corporate Governance Code for fiscal year 2022 in accordance with § 161 AktG. The Decla-
ration of Compliance was made permanently accessible to shareholders on the company’s website 
at www.beiersdorf.com/declaration_of_compliance.
34  Related Party Disclosures – Individuals
The requirements of IAS 24 apply to key management personnel of the company, their immediate family 
members, as well as the companies they control. In the Beiersdorf Group, the key management person-
nel are the members of the Executive and Supervisory Boards of Beiersdorf Aktiengesellschaft.
For fiscal year 2022, the members of the Supervisory Board received remuneration totaling 
€1,673 thousand (previous year €1,702 thousand) and the members of the Executive Board received 
remuneration totaling €27,412 thousand (previous year: €16,131 thousand; adjusted), in each case in 
accordance with the provisions of German commercial law. Of the total compensation of the members 
of the Executive Board, €15,406 thousand (prior year: €7,517 thousand) relates to long-term benefits 
(additions to accruals for the LTP equity investments and for the new LTP 2021-2024) and also any 
multi-year bonuses). The short-term benefits (Fixed Basic Remuneration and Variable Bonus) including 
ancillary benefits amounted to €12,006 thousand (previous year: €8,614 thousand). For information 
on the principles of the system governing Executive and Supervisory Board remuneration and the 
amount of members’ individual remuneration, please refer to the remuneration report in the section 
“Other Information” in the Annual Report. This remuneration report is not part of the combined  
Management Report. Payments to former members of the Executive Board and their surviving

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
238
dependents €5,128 thousand (previous year: €4,775 thousand). Provisions for pension commitments 
to former members of the Executive Board and their surviving dependents €54,674 thousand (previous 
year: €59,369 thousand).
With the exception of granting of the remuneration disclosed in the remuneration report, there were 
no material transactions between the members of Beiersdorf Aktiengesellschaft’s Executive Board or 
Supervisory Board and the companies of the Beiersdorf Group in fiscal year 2022. The same applies 
to the immediate family members of these persons.
35  Related Party Disclosures – Entities
Since March 30, 2004, maxingvest ag has held more than 50% of Beiersdorf Aktiengesellschaft’s 
share capital. Accordingly, Beiersdorf Aktiengesellschaft is a dependent company within the meaning 
of § 312 (1) sentence 1 in conjunction with § 17 (2) AktG. Since no control agreement exists between 
Beiersdorf Aktiengesellschaft and maxingvest ag, the Executive Board of Beiersdorf Aktienge-
sellschaft prepares a report on dealings among Group companies in accordance with § 312 (1) 
sentence 1 AktG. In fiscal year 2022, as in the previous year, Beiersdorf Aktiengesellschaft and its 
affiliated companies as well as maxingvest ag and its affiliated companies pooled purchase volumes 
to achieve cost benefits and sourced products and services from each other at standard market terms 
to an extent that is not material. There was also limited collaboration in various areas.
36  Shareholdings in Beiersdorf Aktiengesellschaft
Beiersdorf Aktiengesellschaft received the following notifications in accordance with the provisions 
of the Wertpapierhandelsgesetz (German Securities Trading Act, WpHG), by the preparation date of 
the accounts.1 In each case, the disclosures represent the discloser’s most recent notification to the 
company, unless additional notifications are required to be provided for reasons of transparency.
1.
a) Voting right notifications in accordance with § 21 (1) WpHG (former version) dated April 2, 2004, 
April 14, 2004, and April 16, 2004. The persons subject to the disclosure requirement listed in the table 
below notified Beiersdorf Aktiengesellschaft on April 2, 2004, April 14, 2004, and April 16, 2004, in 
accordance with § 21 (1) WpHG (former version) that they had, for the first time, exceeded the 50% thresh-
old and held 50.46% (42,386,400 voting rights) in Beiersdorf Aktiengesellschaft as of March 30, 2004.
After adjustment for Beiersdorf Aktiengesellschaft’s share buyback program, which was imple-
mented on February 3, 2004, and the resulting attribution of the 9.99% (8,393,672 own shares) held by 
Beiersdorf Aktiengesellschaft in accordance with § 22 (1) sentence 1 no. 1 in conjunction with sentence 
3 WpHG (former version), the disclosers in accordance with § 21 (1) WpHG (former version) each 
exceeded the 50% threshold for the first time as of February 3, 2004, and each held a 59.95% share 
(50,360,072 voting rights) in Beiersdorf Aktiengesellschaft as of this date. This increase was solely the 
result of the attribution of the own shares held by Beiersdorf Aktiengesellschaft in accordance with  
§ 22 (1) sentence 1 no. 1 in conjunction with sentence 3 WpHG (former version).2
The disclosers’ total share of voting rights as of March 30, 2004, amounted to 60.45% (50,780,072 
voting rights) in each case instead of 50.46% (42,386,400 voting rights).2
1	 The following disclosures do in part not reflect the 1 : 3 share split resolved by the company’s Annual General Meeting on May 
17, 2006, because they were received before this date. As a result of this share split, each no-par-value share of the company 
with a notional interest in the share capital of €2.56 was split into three no-par-value shares with a notional interest in the share 
capital of €1.00 each (following the increase of the share capital without the issuance of new shares).
2	 Due to a change in the administrative practice of the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Super-
visory Authority, BaFin) in December 2014 concerning the attribution of own shares, own shares held by the issuer are no 
longer counted toward a shareholder’s share of voting rights.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
239
All shares of voting rights were attributable to the disclosers, with the exception of Tchibo Holding 
AG (now renamed to maxingvest ag), in accordance with § 22 (1) sentence 1 no. 1 in conjunction with 
sentence 3 WpHG (former version). 30.36% (25,500,805 voting rights) were attributable to Tchibo 
Holding AG in accordance with § 22 (1) sentence 1 no. 1 in conjunction with sentence 3 WpHG (former 
version); at the time, it directly held 20.10% (16,884,000 voting rights).
The chains of controlled companies are as follows:
Discloser*
Discloser’s domicile and country 
of residence or of domicile
Disclosures in accordance with § 17 (2) Verordnung zur 
Konkretisierung von Anzeige-, Mitteilungs- und Veröf­
fentlichungspflichten sowie der Pflicht zur Führung von 
Insiderverzeichnissen nach dem Wertpapierhandels­
gesetz (Regulation setting out in detail the disclosure, 
notification, and announcement duties as well as 
the duty to maintain a list of insiders in accordance 
with the WpHG, WpAIV ) (former version) (controlled 
companies via which the voting rights are effectively 
held and whose attributed share of the voting rights 
amounts to 3% or more) at the time of § 17 (1) no. 6 
WpAIV (former version)
S.P.M. Beteiligungs- und  
Verwaltungs GmbH
Hamburg, Germany (formerly 
Norderstedt, Germany)
Trivium Vermögensverwaltungs GmbH,  
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft 
mbH, Vanguard Grundbesitz GmbH,  
Beiersdorf Aktiengesellschaft
E. H. Real  
Vermögensverwaltungs GmbH
(formerly named E. H. Real  
Grundstücksverwaltungsgesellschaft 
mbH)
Hamburg, Germany (formerly 
Norderstedt, Germany)
Scintia Vermögensverwaltungs GmbH, E.H. Real 
Grundstücksgesellschaft mbH & Co. KG,  
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft 
mbH, Vanguard Grundbesitz GmbH,  
Beiersdorf Aktiengesellschaft
Scintia Vermögensverwaltungs 
GmbH
Hamburg, Germany (formerly 
Norderstedt, Germany)
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft 
mbH, Vanguard Grundbesitz GmbH,  
Beiersdorf Aktiengesellschaft
Trivium Vermögensverwaltungs 
GmbH
Hamburg, Germany (formerly 
Norderstedt, Germany)
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft 
mbH, Vanguard Grundbesitz GmbH,  
Beiersdorf Aktiengesellschaft
Mr. Michael Herz
Germany
S.P.M. Beteiligungs- und Verwaltungs GmbH, Trivium 
Vermögensverwaltungs GmbH, Tchibo Holding AG, 
Tchibo Beteiligungsgesellschaft mbH, Vanguard 
Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Mr. Wolfgang Herz
Germany
E.H. Real Grundstücksverwaltungsgesellschaft mbH, 
E.H. Real Grundstücksgesellschaft mbH & Co. KG, 
Scintia Vermögensverwaltungs GmbH,  
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft 
mbH, Vanguard Grundbesitz GmbH,  
Beiersdorf Aktiengesellschaft
Max und Ingeburg Herz Stiftung
Hamburg, Germany (formerly 
Norderstedt, Germany)
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft 
mbH, Vanguard Grundbesitz GmbH,  
Beiersdorf Aktiengesellschaft
maxingvest ag
(formerly named Tchibo Holding AG)
Hamburg, Germany
Tchibo Beteiligungsgesellschaft mbH, Vanguard 
Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
* The following parties have subsequently reduced their voting rights to 0% (0 voting rights): E. H. Real Grundstücksgesellschaft 
mbH & Co. KG (Norderstedt, Germany); Agneta Peleback-Herz (Germany); Joachim Herz, represented by the Joachim Herz Stif-
tung as his legal successor (Hamburg, Germany); Coro Vermögensverwaltungsgesellschaft mbH (Hamburg, Germany); Ingeburg 
Herz GbR (Norderstedt, Germany). Ingeburg Herz passed away during fiscal year 2015.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
240
To clarify: The own shares held by Beiersdorf Aktiengesellschaft do not bear voting or dividend rights 
in accordance with § 71b AktG.
b) Voting right notification in accordance with § 21 (1) WpHG (former version) dated December 29, 2004. 
The voting right notification issued on December 29, 2004, by Tchibo Holding AG in accordance with 
§ 21 (1) WpHG (former version) disclosed that Tchibo Beteiligungsgesellschaft mbH (now renamed to 
BBG Beteiligungsgesellschaft mbH) exceeded the 50% threshold for the first time when it acquired 
20.10% of the voting rights in Beiersdorf Aktiengesellschaft from Tchibo Holding AG, and that it held 
50.46% (42,386,400 voting rights) in Beiersdorf Aktiengesellschaft as of December 22, 2004.
After adjustment for Beiersdorf Aktiengesellschaft’s share buyback program, which was implemented 
on February 3, 2004, and the now performed attribution in accordance with § 22 (1) sentence 1 no. 1 
in conjunction with sentence 3 WpHG (former version) of the 9.99% (8,393,672 own shares) acquired 
as part of the buyback program, Tchibo Beteiligungsgesellschaft mbH exceeded the 50% threshold 
in accordance with § 21 (1) WpHG (former version) for the first time as of December 22, 2004, and 
held 60.45% of the voting rights in Beiersdorf Aktiengesellschaft (50,780,072 voting rights) as of this 
date.4 A total of 40.35% (33,894,477 voting rights) was attributable to Tchibo Beteiligungsgesellschaft 
mbH. The chain of controlled companies was as follows: Vanguard Grundbesitz GmbH, Beiersdorf 
Aktienge­sellschaft. This increase was solely the result of the attribution of the own shares held by 
Beiersdorf Aktiengesellschaft in accordance with § 22 (1) sentence 1 no. 1 in conjunction with sen-
tence 3 WpHG (former version).4
c) Voting right notification in accordance with § 21 (1) WpHG (former version) dated April 16, 2009. 
E. H. Real Grundstücksverwaltungsgesellschaft mbH‘s voting right notification dated March 11, 2008, 
has hereby been revoked. E. H. Real Grundstücksverwaltungsgesellschaft mbH’s share of voting rights 
also exceeded the 3, 5, 10, 15, 20, 25, 30, and 50% thresholds as of January 15, 2007, and continued 
to do so thereafter and, including the 9.99% held by Beiersdorf Aktiengesellschaft (25,181,016 own 
shares) after adjustment for the increase of the share capital from retained earnings without the issu-
ance of new shares and the 1 : 3 reclassification of the share capital (share split) in 2006, continued to 
amount to 60.45% in accordance with § 22 (1) sentence 1 no. 1 in conjunction with sentence 3 WpHG 
(former version) (152,340,216 voting rights).3
2.
In accordance with § 25 (1) sentence 3 in conjunction with § 21 (1) sentence 1 WpHG (former version), 
Beiersdorf Aktiengesellschaft also announced that it had exceeded the threshold of 5% of the voting 
rights in its own company on February 3, 2004, and that a share of 9.99% has been attributable to it 
since then. The own shares held by the company do not bear voting or dividend rights in accordance 
with § 71b AktG.
All releases on voting rights notifications in accordance with § 40 (1) WpHG that Beiersdorf Aktien­
gesellschaft has made since January 3, 2018, are available under www.beiersdorf.com/investors/­
financial-reports/voting-rights-notifications.
Report on Post-Balance Sheet Date Events
As a result of a technical incident on January 24, 2023 at the Italian subsidiary Comet SpA in Solbiate 
con Cagno/Lombardy, parts of production at this site had to be shut down. Comprehensive measures 
3	 Due to a change in the administrative practice of the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial 
Supervisory Authority, BaFin) in December 2014 concerning the attribution of own shares, own shares held by the issuer are no 
longer counted toward a shareholder’s share of voting rights.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
241
were immediately initiated to compensate for possible supply shortfalls. We currently expect 
maintenance costs to be in the single-digit million range. According to initial analyses, production of 
a large proportion of the products can be relocated to other tesa production sites without any supply 
restrictions. A complete relocation is not expected to be possible. Despite the introduction of com-
pensatory measures, sales shortfalls cannot be ruled out, although their amount cannot be quantified 
sufficiently at the present time.
Beiersdorf AG Boards
Supervisory Board 
Name
Profession
Memberships
Hong Chow
Head of China & International, Healthcare,
Merck KGaA
Reiner Hansert
Business Partner tesa & La Prairie Group
Corporate Brand Protection Unit, ­Beiersdorf AG
Member of the Supervisory Board:
maxingvest ag1
Martin Hansson
Deputy Chairman
until July 31, 2022
Chief Executive Officer, Salix Group
Member of the Supervisory Board:
TCHIBO GmbH1
Wolfgang Herz
General Manager Participia Holding GmbH
Chairman of the Supervisory Board:
Blume 2000 SE1
TOPP Holding AG1
Deputy Chairman of the Supervisory Board:
Libri GmbH1
Member of the Supervisory Board:
maxingvest ag1
TCHIBO GmbH1
Uta Kemmerich-Keil
since August 1, 2022
Member of the Supervisory Board/  
Advisory Board/Administrative Board of various 
companies
Member of the Supervisory Board:
Biotest AG2
Schott AG1
Affimed NV, Netherlands2
Karo Healthcare AB, Sweden1
Member of the Administrative Board
(Verwaltungsrat):  
Klosterfrau Zürich AG, Switzerland1
Andreas Köhn
Chairman of the Works Council, Beiersdorf
Manufacturing Hamburg GmbH
Jan Koltze
Regional Head, Industriegewerkschaft Bergbau, 
Chemie, Energie
Member of the Supervisory Board:
Aurubis AG2
ExxonMobil Central Europe Holding GmbH1
maxingvest ag1
Dr. Dr. Christine Martel
Business Executive Officer (BEO), ­Nestlé Suisse S.A.
Olaf Papier
Chairman of the Works Council, Beiersdorf AG
Frédéric Pflanz*
Deputy Chairman
since September 2, 2022
Chief Financial Officer, maxingvest ag
Member of the Administrative Board
(Verwaltungsrat):  
Cambiata Schweiz AG, Switzerland1
Member of the Board of Directors:
Cambiata Ltd., British Virgin Islands1
Prof. Dr. Reinhard Pöllath
Chairman
Lawyer, P+P Pöllath + Partners
Chairman of the Supervisory Board:
Elektrobau Mulfingen GmbH (since August 
22, 2022)1
maxingvest ag1
Wanzl GmbH & Co. KGaA1
Member of the Supervisory Board:
Elektrobau Mulfingen GmbH (June 22, 2022
until August 21, 2022)1
TCHIBO GmbH1
Wanzl GmbH & Co. Holding KG1
Prof. Manuela Rousseau*
Deputy Chairwoman
Senior Advisor Global Diversity & Inclusion,
Beiersdorf AG, Professor at the Academy of
Music and Theatre, Hamburg
Kirstin Weiland
Chairwoman of the Works Council, tesa SE
Member of the Supervisory Board:
tesa SE (intragroup)1
1	 Non-listed
2	 Listed
* The Supervisory Board’s diversity officers

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
242
Supervisory Board Committees 
Members of  
the Presiding  
Committee
Members of the 
Audit Committee
Members of the 
Finance Committee
Members of the 
Nomination Com-
mittee
Members of  
the Mediation 
Committee
Members of the 
Personnel Com-
mittee
Prof. Dr. Reinhard
Pöllath
Chairman
Dr. Dr. Christine
Martel
Chairwoman
Frédéric Pflanz
Chairman
Prof. Dr. Reinhard
Pöllath
Chairman
Prof. Dr. Reinhard
Pöllath
Chairman
Frédéric Pflanz
Chairman
Wolfgang Herz
Reiner Hansert
Reiner Hansert
Hong Chow
Martin Hansson
until July 31, 2022
Hong Chow
Frédéric Pflanz
Martin Hansson
until July 31, 2022
Martin Hansson
until July 31, 2022
Martin Hansson
until July 31, 2022
Olaf Papier
Reiner Hansert
Prof. Manuela
Rousseau
Uta Kemmerich-
Keil
since September 2, 
2022
Uta Kemmerich-
Keil
since September 2, 
2022
Dr. Dr. Christine
Martel
Frédéric Pflanz
since September 2, 
2022
Andreas Köhn
Olaf Papier
Dr. Dr. Christine
Martel
Frédéric Pflanz
since September 2, 
2022
Prof. Manuela
Rousseau
Prof. Dr. Reinhard
Pöllath
Frédéric Pflanz
Olaf Papier
Kirstin Weiland
Executive Board
Name
Function
Responsibilites
Membership1
Vincent Warnery
CEO
Corporate Development & Strategy
Internal Audit
Supply Chain & Quality Assurance
Research & Development
Corporate Communication
Sustainability
Greater China / Korea
Japan
Oswald Barckhahn Europe
USA / Canada
Europe
USA / Canada
Astrid Hermann
Finance
tesa SE
Finance & Financial Control
Legal & Compliance
IT
tesa SE
Deputy Chairwoman of  
the Supervisory Board:
tesa SE (intragroup)2
Thomas  
Ingelfinger
until June 30, 2022
Chairman of the Advisory 
Board (Beirat):
Tengelmann Verwaltungs- 
und Beteiligungs GmbH2
Nicola Lafrentz
since May 1, 2022
Human Resources
since August 1, 
2022
Human Resources
General Services & Real Estate
(Labor Director)
Zhengrong Liu
until December 31, 
2022
Human Resources
until July 31, 2022
Grita Loebsack
since January 1, 
2022
NIVEA
Brand Management
Digital Marketing
Ramon A. Mirt
Emerging Markets
Latin America
Africa
Asia (excluding Greater China)
Russia
Patrick Rasquinet
Pharmacy &  
Selective
Derma
Health Care
La Prairie
Chantecaille
1	 In connection with their Group management and supervisory duties, the members of the Executive Board of Beiersdorf Aktien-
gesellschaft also hold offices in comparable supervisory bodies at Group companies and other associated companies.
2	 Non-listed
Hamburg, February 6, 2023
Beiersdorf Aktiengesellschaft
The Executive Board

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
243
Attestations
Independent Auditor’s Report
To Beiersdorf Aktiengesellschaft
Report on the audit of the consolidated financial statements and of the group 
management report
Audit Opinions
We have audited the consolidated financial statements of Beiersdorf Aktiengesellschaft, Ham-
burg, and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 
December 31, 2022, and the consolidated income statement, consolidated statement of com-
prehensive income, consolidated cash flow statement and consolidated statement of changes 
in equity for the fiscal year from January 1 to December 31, 2022, and notes to the consolidated 
financial statements, including a summary of significant accounting policies. In addition, we have 
audited the group management report of Beiersdorf Aktiengesellschaft, which is combined with 
the management report of the company, for the fiscal year from January 1 to December 31, 2022. 
In accordance with the German legal requirements we have not audited the components of the 
group management report stated in the annex.
In our opinion, on the basis of the knowledge obtained in the audit,
•	 the accompanying consolidated financial statements comply, in all material respects, with the IFRSs 
as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 
315e (1) of the German Commercial Code (HGB) and, in compliance with these requirements, give a 
true and fair view of the assets, liabilities, and financial position of the Group as at December 31, 2022, 
and of its financial performance for the fiscal year from January 1 to December 31, 2022, and
•	 The attached Group Management Report provides an accurate picture of the Group’s position 
overall. In all material respects, this Group Management Report is consistent with the consolidated 
financial statements, complies with German legal requirements, and suitably presents the oppor-
tunities and risks associated with the company’s future performance. We have not issued an audit 
opinion on the components of the Group Management Report referred to in the Annex. 
Pursuant to Sec. 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations 
relating to the legal compliance of the consolidated financial statements and of the group manage-
ment report.
Basis for the audit opinions
We conducted our audit of the consolidated financial statements and of the group management 
report in accordance with Sec. 317 HGB and the EU Audit Regulation (No 537/2014, referred to sub-
sequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards 
for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public 
Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are 
further described in the “Auditor’s responsibilities for the audit of the consolidated financial state-
ments and of the group management report” section of our auditor’s report. We are independent 
of the Group entities in accordance with the requirements of European law and German commer-
cial and professional law, and we have fulfilled our other German professional responsibilities in

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
244
accordance with these requirements. In addition, in accordance with Article 10 (2) f) of the EU Audit 
Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) 
of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinions on the consolidated financial statements and on the 
group management report.
Key audit matters in the audit of the consolidated financial statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the fiscal year from January 1 to December 31, 2022. 
These matters were addressed in the context of our audit of the consolidated financial statements as a 
whole, and in forming our opinion thereon; we do not provide a separate opinion on these matters.
Below, we describe what we consider to be the key audit matters:
1) Recognizing revenue from the sale of goods and products
Reasons why the matter was determined to be a key audit matter
The consolidated financial statements of Beiersdorf Aktiengesellschaft recognize revenue from the 
sale of goods and products, less discounts, customer bonuses, and rebates, and taking into account 
returns, when control over the goods and products has transferred to the customer. Considerations 
payable to trading partners are also deducted from revenue in those cases in which the consideration 
is not matched by a distinct product or service supplied and its fair value can be estimated reliably. 
Given the large number of different contractual arrangements and the judgment to be exercised as 
regards determining rebates, customer bonuses, discounts, and the terms and conditions of returns, 
there is an elevated risk of material misstatement in the recognition of revenue from the sale of goods 
and products on an accrual basis. Auditing of the recognition of revenue from the sale of goods and 
products was therefore one of the key audit matters.
Auditor’s response
As part of our audit, we examined the accounting policies applied in the consolidated financial 
statements of Beiersdorf Aktiengesellschaft for the recognition of revenue from the sale of goods and 
products using the criteria defined in IFRS 15. We walked through the process for revenue recognition 
implemented by the executive directors of Beiersdorf Aktiengesellschaft for the Beiersdorf Group 
and the accruals for expected rebates, customer bonuses, discounts, and expected returns using 
selected transactions from order receipt to recognition in the consolidated financial statements, and 
tested and evaluated the effectiveness of controls implemented in this process. Moreover, we per-
formed an examination on a test basis to determine whether the contractually agreed and awarded 
rebates, customer bonuses, and discounts, actual returns, as well as payments to trading partners 
without identifiable consideration were deducted from sales revenue on an accrual basis. In addition, 
we analyzed the calculation of still expected returns of goods and products and their deduction from 
sales revenue by comparing the plan and actual figures for the assumptions made in previous years, 
taking into account the contractual agreements made with customers. To prove the existence of sales 
revenue, we performed, among other things, an examination with the aid of data analyses to establish 
whether it led to the recognition of trade receivables and whether these receivables were in turn set-
tled by payments received. We examined postings in December 2022 which involved large amounts 
compared with the average for the year in order to determine whether there were irregularities in 
respect of the accruals principle.
Our audit procedures did not give rise to any reservations in respect of the recognition of revenue 
from the sale of goods and products.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
245
Reference to related disclosures
For the accounting policies applied in relation to the recognition of revenue from the sale of goods 
and products and for the associated disclosures on the exercise of judgment, we refer to the informa-
tion in the notes to the consolidated financial statements, section “Significant Accounting Policies” in 
the chapter of the same name.
2) Current and deferred income taxes, import sales taxes and customs duties
Reasons why the matter was determined to be a key audit matter
The Beiersdorf Group operates its business activities in countries with different local tax and customs 
law, with the associated complexity in relation to the recognition of current and deferred income 
taxes and the accounting treatment of risks from import sales taxes and customs duties, namely the 
transfer prices applied, intragroup financing, and changing tax and customs laws. The calculation of 
provisions for income tax liabilities, the calculation of deferred tax items, and the accounting treat-
ment of risks from import sales taxes and customs duties require the executive directors of Beiersdorf 
Aktiengesellschaft to exercise significant judgment in evaluating tax- and customs-related matters 
and to estimate tax and customs law risks as well as the recoverability of deferred tax assets.
Given the risks and their potential impact on the consolidated financial statements from current and 
deferred income taxes and from import sales taxes and customs duties, the complexity of the individual 
matters and the existing discretion in exercising judgment, auditing the current and deferred income 
taxes and import sales taxes and customs duties was one of the key audit matters.
Auditor’s response
As part of the audit, we obtained an understanding of the Beiersdorf-Group’s processes for assessing 
tax and customs law risks. As part of these processes, the executive directors of Beiersdorf Aktien­
gesellschaft regularly engage external tax experts to provide professional statements on individual 
matters. We involved our tax and customs experts with knowledge of the relevant local tax and 
customs law for the countries in question to evaluate the tax- and customs-related assessments made 
by the executive directors of Beiersdorf Aktiengesellschaft, taking into account any professional state-
ments from external experts where these had been provided. We also examined the correspondence 
with the competent tax and customs authorities and the latest status of ongoing appeal proceedings 
and court cases. We examined the assumptions used to calculate current income tax provisions and 
deferred taxes and to account for risks from import sales taxes and customs duties, taking particular 
account of the transfer prices used, on the basis of our knowledge and experience of the current 
application of the relevant legal provisions by authorities and courts. We examined the assumptions 
about the recoverability of deferred tax assets on tax loss carryforwards and temporary differences 
by testing the plausibility of the underlying forecasts using the development of the relevant companies’ 
results over recent years and publicly available information on the expected development of the 
markets concerned. We also evaluated the information in the notes to the consolidated financial 
statements of Beiersdorf Aktiengesellschaft on current and deferred income taxes and risks from 
import sales taxes and customs duties.
Our audit procedures did not give rise to any reservations in respect of the recognition of current 
and deferred income taxes or the accounting treatment of risks from import sales taxes and cus-
toms duties.
Reference to related disclosures
For information on the accounting policies applied to current and deferred income taxes and the 
presentation of risks arising from import sales taxes and customs duties, as well as related disclosures 
on management discretion and sources of estimation uncertainty, please refer to the disclosures in 
the Notes to the consolidated financial statements in the “Basis of Preparation and Methods” section

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
246
under “Significant accounting policies,” in the “Notes to the Income Statement” section under Note 
09, and in the “Other Disclosures” section under Note 30.
3) Legal disputes in connection with concluded antitrust proceedings
Reasons why the matter was determined to be a key audit matter
In October 2016, a lawsuit was filed against Beiersdorf Aktiengesellschaft by the insolvency adminis-
trator of Anton Schlecker e. K. i.I., Ehingen (Donau), seeking damages in connection with German 
antitrust proceedings concluded in 2013. In addition to Beiersdorf Aktiengesellschaft, the lawsuit 
was also filed against six other companies. The total value of the claim filed jointly and severally by 
the insolvency administrator of Anton Schlecker e. K. i.I., Ehingen (Donau), against all defendants 
amounts to approximately 200 million euros plus interest. This lawsuit was dismissed by the court of 
first instance in fiscal 2018 and by the court of second instance in fiscal 2020, without the possibility 
to appeal to Germany’s Federal Court of Justice (BGH), the country’s supreme court. The insolvency 
administrator of Anton Schlecker e. K. i.I., Ehingen (Donau), has filed appeal against this denial of 
leave to appeal with the BGH against the judgment rendered by the court of second instance. In 
response to the plaintiff’s appeal against the denial of leave to appeal, the BGH granted leave to 
appeal without stating any reasons in January 2022. The BGH granted the appeal against the denial 
of leave to appeal, reversed the decision by the court of second instance, and referred the case 
back for a new hearing. In connection with the aforementioned concluded antitrust proceedings, 
further domestic and foreign customers of the Beiersdorf Group filed claims for damages against 
companies of the Beiersdorf Group in fiscal years 2016 and 2017, respectively, or asserted claims for 
damages out of court. Due to the existing uncertainties, the presentation of the legal risks arising 
from the claims for damages asserted in the consolidated financial statements requires Beiersdorf 
Aktiengesellschaft’s legal representatives to exercise significant discretion in assessing whether 
and to what extent a potential loss has been incurred, and with regard to the extent of any potential 
claim arising from joint and several liability. In determining the extent of a possible loss, they have, 
in particular, considerable discretion with respect to the assumptions regarding what is known as 
the “overcharge” and the “pass-on rate.” The “overcharge” corresponds to the percentage difference 
between the prices actually seen on the market and the prices expected in the absence of a cartel. 
The “pass-on rate” corresponds to the percentage extent to which price increases by suppliers were 
passed on to customers.
Given the risks and potential impact on the consolidated financial statements from the legal disputes 
in connection with the concluded antitrust proceedings, the complexity of the individual matters, and 
the existing discretion in exercising judgment, auditing the legal disputes in connection with concluded 
antitrust proceedings was one of the key audit matters.
Auditor’s response
We obtained an understanding of the Beiersdorf Aktiengesellschaft’s processes for assessing legal 
risks. As part of these processes, the executive directors of Beiersdorf Aktiengesellschaft commissioned 
external lawyers to provide professional statements evaluating the legal basis for the claims filed 
and the potential joint and several liability, as well as reports from external experts calculating the 
extent of potential damages. We obtained confirmations from the external lawyers commissioned 
by Beiersdorf Aktiengesellschaft. We critically examined and evaluated these confirmations and 
supplementary internal documentation of Beiersdorf Aktiengesellschaft to ascertain whether there 
were possible changes from the original risk assessment and in the calculation of possible damages. 
Supported by our legal experts, we examined the existing claims for damages, statements of defense, 
replies to the statements of defense, court rulings by the court of first instance, and other correspondence 
to determine whether these had been taken into account in the original risk assessment by the  
executive directors of Beiersdorf Aktiengesellschaft. Furthermore, we obtained an understanding of 
the original calculation of possible damages, and particularly of the assumptions based on econometric

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
247
models in relation to the amount of the overcharge and the level of the pass-on rate, by evaluating the 
external expert’s methodology with the external expert. We also evaluated the professional qualifications, 
skills and objectivity of the external expert. In addition, our audit procedures involved assessing the 
disclosures in the notes to the consolidated financial statements of Beiersdorf Aktiengesellschaft on 
the legal risks arising from the damages claims filed.
Our audit procedures did not give rise to any reservations in respect of the accounting treatment of 
the legal risks arising from legal disputes in connection with antitrust proceedings already concluded.
Reference to related disclosures
For the disclosures concerning legal risks in connection with one concluded case of antitrust pro-
ceedings, we refer to the information in the notes to the consolidated financial statements, note 30 in 
the chapter “Other Disclosures.”
4) Accounting for the acquisition and impairment of goodwill of the  
Chantecaille Group
Reasons why the matter was determined to be a key audit matter
Beiersdorf Inc., Stamford, USA, a wholly owned subsidiary of Beiersdorf Aktiengesellschaft, acquired 
Chantecaille Beaute Inc., New York, USA (hereinafter referred to as the Chantecaille Group) on Febru-
ary 1, 2022 (the “acquisition date”). Since then, Beiersdorf Aktiengesellschaft has indirectly held 100% 
of the shares in the Chantecaille Group via its affiliates. The acquisition was accounted for in accord-
ance with “IFRS 3 – Business Combinations” on the basis of the completed purchase price allocation.
In this case, the acquired identifiable assets and liabilities are recognized at fair value as of the acqui-
sition date. Goodwill is recognized as the remaining portion of the purchase price that is not allocated 
to the identifiable assets acquired and liabilities assumed in the purchase price allocation. The good-
will resulting from the initial consolidation, as well as the identifiable assets and liabilities acquired, 
become part of a cash-generating business unit of the Beiersdorf Group.
Certain identifiable assets acquired, in particular brand names and customer relationships, do not 
have fair values that can be observed on the market. As a result, complex, assumption-based valu-
ation models are therefore used to determine the corresponding fair values as part of the purchase 
price allocation at the time of initial consolidation and as part of the impairment test as of the reporting 
date. The valuation of these assets is therefore highly dependent on estimates of future cash flows 
and the weighted average cost of capital used, and is subject to considerable uncertainty due to the 
assumptions that have to be applied and the broad scope for discretion. 
In light of the underlying complexity of the valuation models, which, among other aspects, play a key 
role in the allocation of the purchase price, and the existing estimation uncertainties and scope for 
discretion, as well as the materiality of the Chantecaille Group’s goodwill for the Beiersdorf Group’s 
net assets, financial position, and results of operations, and the associated significant risk of material 
misstatement, the accounting treatment of the acquisition and the recoverability of the Chantecaille 
Group’s goodwill were among the most significant audit matters addressed in the course of our audit.
Audit Procedure
As part of our audit, we analyzed the processes implemented by the legal representatives of the 
Beiersdorf Group to plan future expected cash flows, to determine the fair values of assets as of the 
date of initial consolidation, and to test the recoverability of goodwill as of the reporting date in order 
to identify potential risks of error and to obtain an understanding of the steps they took in this process. 
Our audit procedures relating to the purchase price allocation, wherein we drew on the expertise of 
our internal valuation experts, included, among other measures, assessing the methodological and

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
248
computational approach taken by the external appraiser engaged by the legal representatives to 
identify and value the assets acquired as well as the liabilities assumed and to determine the value of 
goodwill in accordance with the requirements of IFRS 3. We assessed the plausibility of the expected 
future cash flows used for the purchase price allocation and the goodwill impairment test on the basis 
of past earnings and the information provided to us by the Beiersdorf Group’s legal representatives 
regarding the expected future performance of the Chantecaille Group. Similarly, we also assessed 
the forecasts for expected future cash inflows and outflows by comparing them with the Group’s 
internal system-based budget planning and by reviewing the expectations of analysts and industry 
associations with respect to general economic and market-specific developments. Where available, a 
random comparison of historical planning data with actual results was carried out to assess planning 
accuracy. Furthermore, we reconciled the budget plans approved by the Executive Board with the 
assessments presented to us. 
In addition, we assessed the competence, skills, and objectivity of the appraiser engaged by the legal 
representatives to perform the purchase price allocation. In addition, with the assistance of internal 
valuation specialists, we analyzed the assumptions and discretionary estimates used in the purchase 
price allocation (in particular growth rates, cost of capital rates, royalty rates, and remaining useful 
lives) to determine the fair values of the identifiable assets acquired (in particular the acquired cus-
tomer relationships and the brand name) to determine whether they correspond to general economic 
parameters and industry-specific market expectations. We compared the assumptions regarding the 
underlying cost of debt, among other factors, with current interest rate trends; with regard to the cost 
of equity, we assessed the beta coefficient applied, in particular via the composition of the peer com-
panies used, and compared the interest rate on equity with available market data. 
With respect to the recoverability of the goodwill of the Chantecaille Group, we assessed the composi-
tion of the carrying amounts of the cash-generating unit for completeness, in particular using the  
criteria defined in IAS 36. Furthermore, we performed an audit of the calculation of the carrying 
amounts of the cash-generating unit and its inclusion in the consolidated financial statements. We also 
audited the comparison of the recoverable amount to the carrying amount of the cash-generating unit. 
In order to understand the potential impact of changes in the calculation parameters applied as well as 
in the expected cash flows to the recoverable amount and therefore to assess a possible impairment 
risk, we assessed the level of uncertainty of future financial surpluses based on scenarios and ranges 
of results and also performed our own sensitivity analyses to verify our client’s result.
Further, we examined the disclosures in the Notes to the consolidated financial statements regarding 
the acquisition of the Chantecaille Group in accordance with IFRS 3 and regarding the recoverability 
of goodwill in accordance with IAS 36 with respect to the requirements resulting from the IFRS rules.
Ultimately, our audit procedures did not give rise to any reservations regarding the accounting treat-
ment of the acquisition or the recoverability of the goodwill recognized upon initial consolidation of 
the Chantecaille Group.
Reference to Related Information
With regard to the disclosures and accounting policies applied to the acquisition of the Chantecaille 
Group, please refer to the section „Scope of consolidation, acquisitions and divestments“ in the sub-
section „Significant acquisitions“ in the notes to the consolidated financial statements. For information 
on the recoverability of the goodwill arising from the initial consolidation, please refer to the disclosures 
in the notes to the consolidated financial statements in the section „Intangible assets“ under Note 11.
Other information
The Supervisory Board is responsible for its own report. The executive directors and the Supervisory 
Board are responsible for the declaration on the German Corporate Governance Code in accordance

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
249
with Sec. 161 of the German Stock Corporation Act (AktG), which is part of the Group’s Corporate 
Governance Statement, and for the remuneration report in accordance with Sec. 162 AktG. The exec-
utive directors are responsible for the remaining other information. Other information comprises the 
components of the group management report stated in the annex, as well as the other components 
of the annual report, with the exception of the audited consolidated financial statements, the group 
management report and our related auditor’s report, in particular the Executive Board’s Responsibility 
Statement in accordance with Sec. 297 (2) sentence 4 HGB, the report by the Supervisory Board in 
accordance with Sec. 171 (2) AktG, and the sections “Magazine,” “Letter from the Chairman,” and 
“Beiersdorf’s Shares and Investor Relations” in the annual report. We had obtained a version of this 
other information by the time this auditor’s report was issued.
Our opinions on the consolidated financial statements and on the group management report do not 
cover the other information, and consequently we do not express an opinion or any other form of 
assurance conclusion thereon.
In connection with our audit, it is our responsibility to read the other information and to assess 
whether the other information is:
•	 Materially inconsistent with the consolidated financial statements, the Group Management Report 
or our knowledge obtained in the course of the audit, or
•	 Otherwise materially misrepresented.
If, on the basis of the activities that we have performed, we conclude that there has been a material 
misstatement of this other information, we are obliged to report that fact. We have nothing to report 
in this respect.
Responsibilities of the executive directors and the Supervisory Board for the  
consolidated financial statements and the group management report
The legal representatives are responsible for the preparation of the consolidated financial statements, 
which comply in all material respects with IFRS as adopted by the EU and the additional requirements 
of German law pursuant to Section 315e(1) of the German Commercial Code (HGB), and for being 
satisfied that the consolidated financial statements present a true and fair view of the net assets, 
financial position, and results of operations of the Group in accordance with these requirements. 
Furthermore, the legal representatives are responsible for the internal controls that they have deter-
mined are necessary to enable the preparation of consolidated financial statements that are free from 
material misstatement, whether due to fraud or error (i.e., manipulation of the financial statements 
and misstatement of assets). 
In preparing the consolidated financial statements, the executive directors are responsible for assessing 
the Group’s ability to continue as a going concern. They also have the responsibility for disclosing, as 
applicable, matters related to going concern. In addition, they are responsible for financial reporting 
based on the going concern basis of accounting, unless there is an intention to liquidate the Group or 
to cease operations, or there is no realistic alternative but to do so.
Furthermore, the executive directors are responsible for the preparation of the group management 
report that, as a whole, provides an appropriate view of the Group’s position and is, in all material 
respects, consistent with the consolidated financial statements, complies with German legal require-
ments, and appropriately presents the opportunities and risks of future development. In addition, the 
executive directors are responsible for such arrangements and measures (systems) as they have con-
sidered necessary to enable the preparation of a group management report that is in accordance with 
the applicable German legal requirements, and to be able to provide sufficient appropriate evidence 
for the assertions in the group management report.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
250
The Supervisory Board is responsible for overseeing the Group’s financial reporting process for the 
preparation of the consolidated financial statements and of the group management report.
Auditor’s responsibilities for the audit of the consolidated financial statements and 
of the group management report
Our objective is to be reasonably certain that the consolidated financial statements as a whole are 
free from material misstatements, whether due to fraud or error, and that the Group Management 
Report as a whole provides a suitable view of the Group’s position and is consistent, in all material 
respects, with the consolidated financial statements and with our audit findings, complies with 
German legal requirements, and suitably presents the opportunities and risks as they pertain to the 
Group’s future performance, and to issue an audit opinion that includes our audit assessments of the 
consolidated financial statements and the Group Management Report. 
Reasonable certainty is a high level of certainty, but is not a guarantee that an audit conducted in 
accordance with Section 317 HGB and the EU-APrVO and in compliance with German generally 
accepted standards for the audit of financial statements promulgated by the Institut der Wirtschafts-
prüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error 
and are considered material if, individually or in the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the basis of these consolidated financial state-
ments and the Group Management Report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•	 Identify and assess the risks of material misstatements, whether due to fraud or error, in the 
consolidated financial statements and the Group Management Report, plan and perform audit 
procedures in response to such risks, and obtain audit evidence that is sufficient and appropriate 
to provide a basis for our audit opinions. The risk that material misstatements will not be detected 
is greater in the case of fraudulent acts than in the case of errors, as fraudulent acts may involve 
fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or suspension of 
internal controls;
•	 Obtain an understanding of internal control relevant to the audit of the consolidated financial 
statements and of arrangements and measures (systems) relevant to the audit of the group man-
agement report in order to design audit procedures that are appropriate in the circumstances, but 
not for the purpose of expressing an opinion on the effectiveness of these systems.
•	 Evaluate the appropriateness of accounting policies used by the executive directors and the 
reason­ableness of estimates made by the executive directors and related disclosures.
•	 Conclude on the appropriateness of the executive directors’ use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related 
to events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in the 
auditor’s report to the related disclosures in the consolidated financial statements and in the group 
management report or, if such disclosures are inadequate, to modify our respective opinions. Our 
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, 
future events or conditions may cause the Group to cease to be able to continue as a going concern.
•	 Evaluate the overall presentation, structure, and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements present the under-
lying transactions and events in a manner that the consolidated financial statements give a true 
and fair view of the assets, liabilities, financial position, and financial performance of the Group in 
compliance with IFRSs as adopted by the EU and the additional requirements of German commer-
cial law pursuant to Sec. 315e (1) HGB.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
251
•	 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express opinions on the consolidated financial statements 
and on the group management report. We are responsible for the direction, supervision, and per-
formance of the group audit. We remain solely responsible for our opinions.
•	 Evaluate the consistency of the group management report with the consolidated financial state-
ments, its conformity with the law, and the view of the Group’s position it provides.
•	 Perform audit procedures on the prospective information presented by the executive directors in 
the group management report. On the basis of sufficient appropriate audit evidence we evaluate, in 
particular, the significant assumptions used by the executive directors as a basis for the prospective 
information, and evaluate the proper derivation of the prospective information from these assump-
tions. We do not express a separate opinion on the prospective information and on the assump-
tions used as a basis. There is a substantial unavoidable risk that future events will differ materially 
from the prospective information.
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the 
relevant independence requirements, and communicate with them all relationships and other matters 
that may reasonably be thought to bear on our independence and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters 
that were of most significance in the audit of the consolidated financial statements of the current 
period and are therefore the key audit matters. We describe these matters in our auditor’s report 
unless law or regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Report on the audit of the electronic reproductions of the consolidated financial 
statements and of the group management report prepared for the purposes of 
disclosure in accordance with Sec. 317 (3a) HGB
Audit opinion
In accordance with Sec. 317 (3a) HGB, we have performed a reasonable assurance engagement 
to determine whether the reproductions of the consolidated financial statements and the Group 
management report contained in the „Beiersdorf_AG_KA+KLB_ESEF_2022-12-31.zip“ and prepared 
for disclosure purposes (hereinafter also referred to as the „ESEF documents“) comply in all material 
respects with the requirements of Sec. 328 (1) HGB regarding the electronic reporting format („ESEF 
format“). In accordance with German legal requirements, this audit extends only to the conversion 
of the information in the consolidated financial statements and the group management report into 
the ESEF format and therefore neither to the information contained in these reproductions nor to any 
other information contained in the above-mentioned file.
In our opinion, the electronic versions of the consolidated financial statements and the group man-
agement report included in the accompanying file referred to above and prepared for disclosure 
purposes comply, in all material respects, with the provisions of Sec. 328 (1) HGB concerning the elec-
tronic reporting format. We do not express any opinion on the information contained in these repro-
ductions or on the other information contained in the above-mentioned file other than our opinion on 
the accompanying consolidated financial statements and on the accompanying group management 
report for the fiscal year from January 1 to December 31, 2022 contained in the preceding „Report on 
the audit of the consolidated financial statements and Group Management Report“.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
252
Basis for the audit opinion
We conducted our audit of the reproductions of the consolidated financial statements and the group 
management report contained in the above-mentioned file in accordance with Sec. 317 (3a) HGB and 
IDW Auditing Standard: Auditing of Electronic Reproductions of Financial Statements and Manage-
ment Reports Prepared for the Purpose of Disclosure pursuant to Sec. 317 (3a) HGB (IDW PS 410 
(06.2022)). Our responsibility thereafter is further described in the section „Auditor‘s Responsibility 
for the Audit of the ESEF Documents“. Our auditing practice has complied with the requirements for 
the quality assurance system of the IDW Quality Assurance Standard: Requirements for Quality Assur-
ance in the Auditing Practice (IDW QS 1).
Responsibilities of the executive directors and the Supervisory Board for the ESEF documents
The Company’s executive directors are responsible for preparing the ESEF documents with the elec-
tronic reproductions of the consolidated financial statements and of the group management report 
in accordance with Sec. 328 (1) sentence 4 no. 1 HGB and for marking up the consolidated financial 
statements in accordance with Sec. 328 (1) sentence 4 no. 2 HGB.
In addition, the Company’s executive directors are responsible for such internal control as they have 
determined necessary to enable the preparation of the ESEF documents that are free from material 
violations, whether due to fraud or error, of the requirements for the electronic reporting format 
stipulated in Sec. 328 (1) HGB.
The Supervisory Board is responsible for overseeing the process of the preparation of the ESEF 
documents as part of the financial reporting process.
Responsibility of the auditor of the consolidated financial statements for the audit of the ESEF 
documents
Our objectives are to obtain reasonable assurance about whether the ESEF documents are free from 
material violations, whether due to fraud or error, of the requirements stipulated in Sec. 328 (1) HGB. 
We exercise professional judgment and maintain professional skepticism throughout the audit. We also
•	 Identify and assess the risks of material violations of the requirements stipulated in Sec. 328 (1) 
HGB, whether due to fraud or error, design and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
•	 Obtain an understanding of internal control relevant to the audit of the ESEF documents in order 
to design audit procedures that are appropriate in the circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of such control.
•	 Assess the technical validity of the ESEF documents, i.e. whether the file containing the ESEF 
documents meets the requirements relating to the technical specification for this file stipulated in 
the Delegated Regulation (EU) 2019/815 in the version applicable on the balance sheet date.
•	 Assess whether the ESEF documents enable reproduction of the audited consolidated financial 
statements and audited group management report with the identical content in XHTML format.
•	 Assess whether marking up of the ESEF documents with Inline XBRL technology (iXBRL) in accord-
ance with Articles 4 and 6 of the Delegated Regulation (EU) 2019/815 in the version applicable on 
the balance sheet date enables an appropriate and full machine-readable XBRL copy of the XHTML 
reproduction.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the annual general meeting on April 14, 2022. We were 
engaged by the supervisory board on May 20, 2022. We have been the group auditor of Beiersdorf 
Aktiengesellschaft without interruption since fiscal year 2006.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
253
We declare that the opinions expressed in this auditor’s report are consistent with the additional 
report to the audit committee pursuant to Art. 11 of the EU Audit Regulation (long-form audit report).
Other Matters – Use of the Auditor’s Report
Our auditor’s report must always be read in connection with the audited consolidated financial 
statements, the audited group management report and the audited ESEF documents. The consoli-
dated financial statements and group management report converted into the ESEF format – also the 
versions to be disclosed in the company register – are only electronic reproductions of the audited 
­consolidated financial statements and the audited group management report and do not replace 
them. In particular, the ESEF report and our opinion in it must be used only in conjunction with the 
audited ESEF documents provided in electronic form.
German Public Auditor responsible for the engagement
The German Public Auditor responsible for the engagement is Britta Siemer.
Annex to the auditor’s report: Components of the group management report not included in the audit
The following components of the group management report, which are part of “Other information,” 
were not included in the audit:
•	 Non-financial Statement
•	 Chapter “The Corporate Governance Statement”
Furthermore, we have not audited the content specified below that is not a required part of the Group 
Management Report. Non-required disclosures in the Group Management Report are disclosures that 
are not required under Sections 315, 315a, or 315b to 315d of the German Commercial Code (HGB):
•	 Special full-page graph “Strengthen our brands by enriching their purpose” in the “Business and 
Strategy” chapter
•	 “Building on strong foundations: Culture – Core Values – Capabilities – Care Beyond Skin” section 
of the “Business and Strategy” chapter
•	 The sections on “R&D sustainability pledge”; “Product highlights”; “tesa Product and technology 
development” in the “Research and Development” chapter
•	 “People at Beiersdorf” chapter
•	 “Sustainability” chapter
•	 “Appropriateness and effectiveness of the internal control and risk management systems” section 
of the “Risk Report” chapter
•	 Report on Gender Equality and Equal Pay in Accordance with §§ 21, 22 Entgelttransparenzgesetz 
(Transparency in Wage Structures Act, EntgTranspG).
Hamburg, February 17, 2023
Ernst & Young GmbH 
Wirtschaftsprüfungsgesellschaft
Dr. Janze	
	
	
Siemer 
German Public Auditor	
	
German Public Auditor

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
254
Independent Auditor’s Report On A Limited  
Assurance Engagement
The assurance engagement performed by Ernst & Young (EY) relates exclusively to the German ver-
sion of the non-financial statement 2021 of Beiersdorf AG. The following text is a translation of the 
original German independent assurance report.
To Beiersdorf AG, Hamburg
We have performed a limited assurance engagement on the non-financial statement of Beiersdorf 
AG, Hamburg, (hereinafter the “Company”), which is combined with the non-financial statement 
of the Group, consisting of the section “Non-financial Statement 2022” as well as the disclosures 
marked with the symbol  
  in the sections “Business and Strategy” and “People at Beiersdorf” 
of the Combined Management Report, for the period from 1 January 2022 to 31 December 2022 
(hereinafter the “non-financial statement”). 
Not subject to our assurance engagement are other references to disclosures made outside the 
non-financial statement. 
Responsibilities of the executive directors 
The executive directors of the Company are responsible for the preparation of the non-financial state-
ment in accordance with Sec. 315c in conjunction with Secs. 289c to 289e HGB [“Handelsgesetzbuch”: 
German Commercial Code] and Art. 8 of Regulation (EU) 2020/852 of the European Parliament and of 
the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment 
and amending Regulation (EU) 2019/2088 (hereinafter the “EU Taxonomy Regulation”) and the Dele-
gated Acts adopted thereunder as well as in accordance with their own interpretation of the wording 
and terms contained in the EU Taxonomy Regulation and the Delegated Acts adopted thereunder as 
set out in section “EU Taxonomy Reporting” of the non-financial statement. 
These responsibilities of the Company’s executive directors include the selection and application of 
appropriate non-financial reporting methods and making assumptions and estimates about individual 
non-financial disclosures that are reasonable in the circumstances. Furthermore, the executive directors 
are responsible for such internal control as the executive directors consider necessary to enable the 
preparation of a non-financial statement that is free from material misstatement, whether due to fraud 
(manipulation of the non-financial) or error.
The EU Taxonomy Regulation and the Delegated Acts adopted thereunder contain wording and 
terms that are still subject to considerable interpretation uncertainties and for which clarifications 
have not yet been published in every case. Therefore, the executive directors have disclosed their 
interpretation of the EU Taxonomy Regulation and the Delegated Acts adopted thereunder in section 
“EU Taxonomy Reporting” of the non-financial statement. They are responsible for the defensibility of 
this interpretation. Due to the immanent risk that undefined legal terms may be interpreted differently, 
the legal conformity of the interpretation is subject to uncertainties.
Independence and quality assurance of the auditor’s firm
We have complied with the German professional requirements on independence as well as other 
professional conduct requirements.
Our audit firm applies the national legal requirements and professional pronouncements - in particular 
the BS WP/vBP (“Berufssatzung für Wirtschaftsprüfer/vereidigte Buchprüfer”: Professional Charter

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
255
for German Public Accountants/German Sworn Auditors) in the exercise of their Profession and the 
IDW Standard on Quality Management issued by the Institute of Public Auditors in Germany (IDW): 
Requirements for Quality Management in the Audit Firm (IDW QS 1) and accordingly maintains a 
comprehensive quality management system that includes documented policies and procedures with 
regard to compliance with professional ethical requirements, professional standards as well as relevant 
statutory and other legal requirements.
Responsibilities of the auditor
Our responsibility is to express a conclusion with limited assurance on the non-financial statement 
based on our assurance engagement. 
We conducted our assurance engagement in accordance with International Standard on Assurance 
Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of His-
torical Financial Information” issued by the IAASB. This standard requires that we plan and perform 
the assurance engagement to obtain limited assurance about whether any matters have come to our 
attention that cause us to believe that the Company’s non-financial statement are not prepared, in all 
material respects, in accordance with Sec. 315c in conjunction with Secs. 289c to 289e HGB and the 
EU Taxonomy Regulation and the Delegated Acts adopted thereunder as well as the interpretation by 
the executive directors disclosed in section “EU Taxonomy Reporting” of the non-financial statement. 
Not subject to our assurance engagement are other references to disclosures made outside the 
non-financial statement. 
In a limited assurance engagement, the procedures performed are less extensive than in a reasonable 
assurance engagement, and accordingly, a substantially lower level of assurance is obtained. The 
selection of the assurance procedures is subject to the professional judgment of the auditor. 
In the course of our assurance engagement we have, among other things, performed the following 
assurance procedures and other activities:
•	 Inquiries of the employees and inspection of documents regarding the selection of topics for the 
non-financial statement, the risk assessment and the policies of the Company and the Group for 
the topics identified as material,
•	 Inquiries of employees at Group level responsible for data capture and consolidation as well as 
the preparation of the non-financial statement, to evaluate the reporting system, the data capture 
and compilation methods as well as internal controls to the extent relevant for the assurance of the 
disclosures in the non-financial statement,
•	 Identification of likely risks of material misstatement in the non-financial statement,
•	 Inspection of the relevant documentation of the systems and processes for the collection, aggregation 
and validation of relevant data during the reporting period and testing such documentation on a 
sample basis,
•	 Analytical procedures regarding the quality of selected disclosures in the non-financial statement 
at Group level and at the level of the business segments Consumer and tesa,
•	 Inquiries and inspection of documents on a sample basis relating to the collection and reporting of 
selected data, 
•	 Evaluation of the processes to identify the taxonomy-aligned economic activities and the correspond-
ing disclosures in the non-financial statement,
•	 Evaluation of the presentation of the non-financial statement.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
256
In determining the disclosures in accordance with Art. 8 of the EU Taxonomy Regulation, the executive 
directors are required to interpret undefined legal terms. Due to the immanent risk that undefined 
legal terms may be interpreted differently, the legal conformity of their interpretation and, accordingly, 
our assurance engagement thereon are subject to uncertainties.
Assurance conclusion
Based on the assurance procedures performed and the evidence obtained, nothing has come to our 
attention that causes us to believe that the non-financial statement of the Company for the period 
from 1 January 2022 to 31 December 2022 is not prepared, in all material respects, in accordance 
with Sec. 315c in conjunction with Secs. 289c to 289e HGB and the EU Taxonomy Regulation and the 
Delegated Acts adopted thereunder as well as the interpretation by the executive directors as dis-
closed in section “EU Taxonomy Reporting” of the non-financial statement.
We do not express an assurance conclusion on the other references to disclosures made outside the 
non-financial statement.
Restriction of use
We draw attention to the fact that the assurance engagement was conducted for the Company’s 
purposes and that the report is intended solely to inform the Company about the result of the assur-
ance engagement. As a result, it may not be suitable for another purpose than the aforementioned. 
Accordingly, the report is not intended to be used by third parties for making (financial) decisions 
based on it. Our responsibility is to the Company alone. We do not accept any responsibility to third 
parties. Our assurance conclusion is not modified in this respect.
General Engagement Terms and Liability
The “General Engagement Terms for Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften 
[German Public Auditors and Public Audit Firms]” dated 1 January 2017 are applicable to this engage-
ment and also govern our relations with third parties in the context of this engagement (www.de.ey.
com/general-engagement-terms). In addition, please refer to the liability provisions contained there 
in no. 9 and to the exclusion of liability towards third parties. We accept no responsibility, liability or 
other obligations towards third parties unless we have concluded a written agreement to the contrary 
with the respective third party or liability cannot effectively be precluded. 
We make express reference to the fact that we will not update the report to reflect events or cir-
cumstances arising after it was issued, unless required to do so by law. It is the sole responsibility of 
anyone taking note of the summarized result of our work contained in this report to decide whether 
and in what way this information is useful or suitable for their purposes and to supplement, verify or 
update it by means of their own review procedures.
Munich, February 17, 2023
Ernst & Young GmbH 
Wirtschaftsprüfungsgesellschaft
Nicole Richter	 	
	
Annette Johne 
German Public Auditor	
	
German Public Auditor

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
257
Responsibility Statement by the Executive Board
To the best of our knowledge, and in accordance with the applicable reporting principles, 
the consolidated financial statements give a true and fair view of the assets, liabilities, financial 
position, and profit or loss of the Group, and the Group Management Report, which has 
been combined with the Management Report for Beiersdorf Aktiengesellschaft, includes 
a fair review of the development and performance of the business and the position of the 
Group, together with a description of the material opportunities and risks associated with 
the expected development of the Group.
Hamburg, February 6, 2023 
The Executive Board
Vincent Warnery	
	
Oswald Barckhahn	
	
Astrid Hermann 
Chairman of the	 	
	
Member of the 	 	
	
Member of the  
Executive Board 		
	
Executive Board 		
	
Executive Board 
Nicola D. Lafrentz	
	
Grita Loebsack	 	
	
Ramon A. Mirt 
Member of the 	 	
	
Member of the 	 	
	
Member of the  
Executive Board	 	
	
Executive Board	 	
	
Executive Board
Patrick Rasquinet	
 
Member of the  
Executive Board

An die Aktionär*innen
Zusammengefasster Lagebericht
Konzernabschluss
Weitere Informationen
ANNUAL REPORT 2022
258
ADDITIONAL  
INFORMATION
p. 259
REMUNERATION REPORT
p. 288
TEN-YEAR OVERVIEW
p. 289
BEIERSDORF AG’S 
SHAREHOLDINGS
p. 295
IMPRINT
p. 296
FINANCIAL CALENDER

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
259
Remuneration Report
The remuneration report explains the structure and amount of the remuneration paid to current and 
former members of the Executive Board and the Supervisory Board of Beiersdorf AG in fiscal year 
2022. It was prepared in accordance with the statutory provisions of § 162 Aktiengesetz (German 
Stock Corporation Act, AktG) as amended by the Gesetz zur Umsetzung der zweiten Aktionärsrechte­
richtlinie (German Act on the Implementation of the Second Shareholders’ Rights Directive, ARUG II) 
and also contains additional information on Executive Board and Supervisory Board remuneration for 
added clarity and transparency. The auditor has examined whether the remuneration report contains 
the information required in accordance with § 162 (1) and (2) AktG. The auditor’s report is included in 
this remuneration report.
On April 14, 2022, the Annual General Meeting approved the remuneration report for fiscal year 2021, 
which was prepared and audited for the first time in accordance with § 162 AktG, with a majority of 
approximately 73% of the votes cast. The Executive Board and Supervisory Board have given very 
careful consideration to the comments and criticisms made to the company by investors with regard 
to the 2021 Remuneration Report. Wherever the Supervisory Board and Executive Board deemed it 
reasonable and appropriate, they have been taken into account in the preparation of this remuner-
ation report. In particular, it was decided to adjust the presentation of remuneration “granted and 
owed” in accordance with § 162 AktG. In a change from the 2021 Remuneration Report, remuneration 
is reported as having been “granted” (“gewährt”) in the fiscal year if the (one-year or multi-year) activ-
ities on which it is based have been fully performed as of the end of that fiscal year, meaning that the 
remuneration has been earned, even if it is not received (i.e. paid out) until the following fiscal year. 
This presentation is designed to ensure clear and transparent reporting and comparability between 
performance and remuneration in the reporting period. Particularly in respect of the short-term 
variable bonus for the 2022 fiscal year, a direct comparison is enabled between target achievement 
and the performance of the company in the 2022 fiscal year. This method of presentation corresponds 
to the now dominant practice. In addition, the performance criteria and targets for the Executive 
Board members’ variable remuneration are explained in more detail compared with the 2021 Remuner-
ation Report. The target achievement for the individual targets is disclosed for each Executive Board 
member. Moreover, the comparison of Executive Board and Supervisory Board remuneration with 
the earnings performance of the company and the average remuneration of the key employees now 
shows not only the percentage change in employees’ remuneration but also goes beyond the statu-
tory requirements by providing absolute figures.
1. Remuneration of the Executive Board
The Supervisory Board is responsible for setting the remuneration of the members of the Execu-
tive Board. It addressed the structure and appropriateness of Executive Board remuneration, as 
well as individual remuneration questions, at its meetings on February 4, 2022, February 22, 2022, 
April 14, 2022, April 28, 2022 and December 2, 2022. On February 3, 2023, the Supervisory Board 
determined the remuneration of the Executive Board for fiscal year 2022. All decisions by the 
Supervisory Board in relation to Executive Board remuneration were prepared by the Presiding 
Committee of the Supervisory Board.
Remuneration system and process
The remuneration system for the Executive Board was revised in line with the AktG, as amended by 
ARUG II, as of January 1, 2021, and approved by the Annual General Meeting on April 1, 2021, with a 
majority of 87% of the votes cast. The remuneration system is published on the website at

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www.beiersdorf.com/investor-relations/corporate-governance/remuneration-of-executive-­board-
and-supervisory-board. The main elements of the remuneration system are also summarized in this 
remuneration report.
The remuneration system applies to all members of the Executive Board newly appointed from 2021 
on. In accordance with the underlying legal framework, the service agreement currently in force 
with the members of the Executive Board appointed prior to 2021, in particular the long-term vari-
able compensation components, are in principle unaffected. Nevertheless, the Supervisory Board 
has agreed in principle with serving Executive Board members that the remuneration system shall 
apply to them effective January 1, 2021. For the members leaving the Executive Board in 2022, the 
former remuneration system largely applied. This was last approved by the Annual General Meeting 
on April 20, 2017 with a majority of 77.3% of the votes cast. In particular, this applied to the long-
term variable remuneration.
Link to strategy and guiding principles of the remuneration system
The remuneration system for the Executive Board makes a material contribution to furthering and 
implementing the C.A.R.E.+ business strategy both in its entirety and with its individual components 
by creating incentives for sustained and value-oriented corporate development and taking into 
account the interests of the shareholders, customers, employees, business partners, environment, 
and society (stakeholders).
The business strategy is rooted in the clear ambition to grow competitively and sustainably through 
strategic priorities and the will to create added value for people and society in the long term. In this 
way, Beiersdorf wants to expand its position in the skin care market and ensure sustained profitability.
The C.A.R.E.+ strategy entails the following strategic priorities:
•	 Digital transformation: strengthen consumer proximity through new digital channels and technologies
•	 Skin Care: gain consumers’ favor with superior skin care innovations and a strong portfolio of 
global brands
•	 Growth potential: tap new growth markets and business areas and leverage global growth potential
•	 Increasing productivity: accelerate growth through increased productivity
•	 Sustainability and Core Values: with the four Core Value attributes (Care, Simplicity, Courage and 
Trust), culture, sustainability, compliance as well as our employees‘ capabilities and skills, we are 
building on a strong foundation.
The structure of the remuneration system and the actual remuneration awarded on the basis of this 
system give the members of the Executive Board an incentive to pursue and achieve the goals defined 
in the strategy and thus work toward achieving sustainable and long-term growth of the company’s 
enterprise value. In 2022, both the short- and long-term variable remuneration therefore gained  
specific performance criteria geared toward the five priorities of the C.A.R.E.+ strategy.
Beyond this strategic link, the Supervisory Board is guided by the following additional factors in 
structuring the remuneration system and determining the amount of remuneration:

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Company´s situation
The remuneration system is based on the company’s operating, financial, and economic 
situation as well as its successes and outlook for the future.
Duties and performance of the 
Executive Board
The remuneration system takes into account the duties and performance of the Executive 
Board as a whole as well as of the individual members.
Pay for perfomance
The remuneration system defines appropriate performance indicators for determining the 
perfor- mance-tied variable remuneration, which accounts for most of the total remuneration, 
to ensure that the Executive Board’s performance is appropriately rewarded, while taking 
due account of any failure to achieve the defined targets.
Appropriateness
The structure and amount of the Executive Board remuneration reflects customary market 
practice and is competitive. This is ensured by means of regular benchmarking against the 
relevant peer groups. In addi- tion, the remuneration for the Executive Board is appropria-
tely balanced in relation to the remuneration for the company’s senior management and 
employees.
Consistency
The remuneration system for the Executive Board and senior management create comparable 
incentives and have predominantly uniform objectives (consistency of the remuneration 
system). In addition, the corporate targets for employees’ variable remuneration are defined 
on the basis of the corporate goals defined for the remuneration of the Executive Board. This 
ensures consistent incentives and, hence, a uni- form control effect.
Regulatory conformity
The remuneration system for the Executive Board is consistent with the German Stock 
Corporation Act and takes account of the recommendations and suggestions of the German 
Corporate Governance Code.
Procedure for determining, implementing, and reviewing the remuneration system
The Supervisory Board has drawn up and approved the remuneration system in accordance with 
the statutory requirements and in the light of the recommendations and suggestions of the German 
Corporate Governance Code (except where the company has declared a deviation from that Code). 
In doing so, it was advised and supported by external remuneration advisors and by its Presiding 
Committee, particularly on questions concerning the appropriateness and market conformity of the 
amount of the remuneration, and by the Personnel Committee, particularly on questions concerning 
the remuneration structure.
The Supervisory Board regularly reviews the remuneration system, particularly with regard to its 
appropriateness and also in relation to comparable companies (horizontal comparison), and also within 
the company in relation to senior management and the workforce as a whole (vertical comparison), on 
the other hand. The review of the remuneration system is prepared by the Presiding Committee, which 
recommends any necessary adjustments to the remuneration system to the Supervisory Board. The 
Supervisory Board submits the remuneration system for approval by the Annual General Meeting in 
accordance with § 120a AktG in the event of any material change to the remuneration system and at 
least every four years.
Definition of specific target total remuneration and determination of the amount of 
remuneration
On the basis of the remuneration system, the Supervisory Board defines the specific target total 
remuneration for the individual members of the Executive Board comprising all fixed and variable 
remuneration components for the year including ancillary benefits.
The Supervisory Board defines the performance criteria for all variable compensation components 
for the fiscal year ahead at the recommendation of its Presiding Committee within the framework 
of the remuneration system. When defining the performance criteria, the Supervisory Board also 
determines the weighting of the individual performance criteria within the specific remuneration 
component. In addition, it ensures that the target remuneration under the variable remuneration 
components is generally tied more closely to strategic objectives than to operational ones and that 
the amount of the target remuneration under long-term remuneration components is higher than that 
under the short-term remuneration component. For the short-term variable remuneration applicable 
in 2022, the Supervisory Board set the performance criteria following submission of the multi-year 
planning prepared by the Executive Board.

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After the end of the fiscal year (or, in the case of long-term variable remuneration, after the end of 
the last fiscal year of the assessment period), the Supervisory Board determines the specific target 
achievement at the recommendation of its Presiding Committee. For this purpose, achievement of 
the financial targets is determined in connection with the preparation and approval of the annual 
and consolidated financial statements. Achievement of the non-financial targets is determined after 
detailed consultation derived from a comparison of the target/actual achievement of individual per-
formance criteria. The Supervisory Board sets the variable remuneration and the total remuneration 
for the previous fiscal year on the basis of the target achievement. For the 2022 variable bonus, the 
Supervisory Board determined the specific target achievement at its meeting on February 3, 2023 
(see also e) in the “Remuneration structure and elements” section below).
Appropriateness and market conformity of the remuneration/comparison with  
market environment and employee remuneration
In determining remuneration, the Supervisory Board pays particular attention to ensuring that the 
target remuneration appropriately reflects the duties (including division responsibilities) and perfor-
mance of the member of the Executive Board. In addition to distinctions based on specific functions, 
e.g., the position of Chairman of the Executive Board and regional responsibilities, the Supervisory 
Board may also, at its own due discretion, take account of other criteria such as location, experience, 
and length of service. The Supervisory Board also ensures that the remuneration of the Executive 
Board appropriately reflects the company’s net assets, financial position, results of operations, and 
prospects for the future and does not exceed the customary remuneration without reason.
In assessing appropriateness and market conformity, the Supervisory Board particularly considers the 
specific competitive situation (horizontal comparison). For this purpose, the Supervisory Board consid-
ers relevant peer groups, which are selected on the basis of Beiersdorf’s market position (particularly 
country, sector, and size). The peer groups, whose composition is disclosed in the remuneration system, 
comprise companies listed in the German DAX and MDAX equity indexes, on the one hand, and an 
international sector peer group, on the other. The horizontal comparison is also intended to ensure that 
the Executive Board receives competitive remuneration that conforms to standard market practice.
To ensure appropriate Executive Board remuneration in conformance with standard market prac-
tice, the Supervisory Board also considers its relationship to the company’s internal remuneration 
structure (vertical comparison). To this end, it compares the amount of the average annual target 
remuneration paid to senior management, comprising the first and second management group of 
the Consumer Business Segment in Germany below the Executive Board, with the Executive Board 
remuneration. Moreover, the Executive Board remuneration is compared with the amount of the 
average annual remuneration across all employees in the Consumer Business Segment in Germany 
(including senior management). The ratio thus determined is also reviewed over time.
The Supervisory Board recently confirmed the appropriateness and market conformity of the Executive 
Board remuneration in setting the specific target remuneration for 2023.
Remuneration structure and elements
a) Overview
The total remuneration payable to the members of the Executive Board is composed of fixed and 
variable elements. The fixed remuneration, which is not tied to performance, comprises the base 
remuneration plus ancillary benefits. The variable remuneration is composed of a short-term variable 
bonus with annual targets (Variable Bonus) and a long-term variable bonus (LTP). It may also contain 
a multi-annual bonus (MAB) that is tied primarily to the targets defined for the area of responsibility of 
that member of the Executive Board. In addition, the members of the Executive Board may be offered 
a reappointment bonus (may also be tied to performance).

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The LTP can be converted into a defined contribution benefit commitment (see g) below). Other than 
this, there are no pension commitments for the serving members of the Executive Board.
Remuneration components
As a rule, the relative share of the base remuneration, on the one hand, and the short-term and long-
term variable remuneration, on the other, breaks down as follows (including regular benefits but 
excluding any secondment-related benefits and reappointment bonuses):
Relative Shares of the Remuneration Components
Maximum remuneration
Performance-tied remuneration
Non-performance-
tied remuneration
Retention and claw-back
MAB
LTP
Variable 
Bonus
Ancillary beneﬁts
Period: duration of the appointment or at least three years
Performance criteria: annual growth and increase in market shares or other 
KPIs from the respective Executive Board member’s area of responsibility
Cap: 200%
Period: four years
Performance criteria: strategy-related and / or non-ﬁnancial targets
Cap: 200%
Period: one year
Performance criteria: performance of the Consumer Business Segment; 
joint (ﬁnancial/non-ﬁnancial) and individual targets
Cap: 200%
The maximum total remuneration is €9 million per year for the Chairman of 
the Executive Board and €6 million per year for each ordinary member of the 
Executive Board
Customary beneﬁts, such as company car, insurance, reimbursement of job-
related relocation costs. In addition, secondment related beneﬁts may be 
granted.
Fixed annual amount paid in 12 equal instalments at the end of the calendar 
month.
Base remuneration
0.2 – 3%
Long-term variable bonus
(LTP and MAB)
Short-term variable bonus
(Variable Bonus)
Ancillary beneﬁts
Base remuneration
25 – 44%
15 – 28%
28 – 56%

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In this description of the relative shares, long-term variable remuneration components (MAB and 
LTP) are included with an annual target value on a prorated basis, notwithstanding the fact that they 
are not due for payment until the end of the period. If a member of the Executive Board is granted 
a reappointment bonus, this is generally up to 50% of the annual target total remuneration at the 
beginning of the appointment period. The secondment-related benefits may equal an amount of 
up to 100% of the base remuneration depending on the location (see c) below for a breakdown of 
ancillary benefits). The relative shares accounted for by the other remuneration components are 
modified correspondingly in these cases.
The variable remuneration is predominantly measured over a multi-year period. In addition, the share 
of variable remuneration from long-term targets exceeds the share from short-term targets.
The remuneration of the individual members of the Executive Board in 2022, including the relative shares 
of the remuneration components granted and owed (within the meaning of § 162 (1) sentence 2 no. 1 
AktG) is reported in the “Remuneration of the individual Executive Board members in 2022” section.
b) Base remuneration
The base remuneration is a fixed annual amount paid in 12 equal instalments at the end of each 
calendar month. If the service agreement begins or ends part way through a fiscal year, the base 
remuneration for that fiscal year is paid pro rata.
Together with the other remuneration components, the base remuneration forms the basis for recruiting 
and retaining the highly qualified members required by the Executive Board to develop and implement 
the business strategy. The remuneration should reflect both the duties and performance of the indi-
vidual Executive Board members and their skills and experience.
c) Ancillary benefits
Each Executive Board member receives customary non-cash remuneration components and other 
ancillary benefits. The regular benefits may include:
•	 provision of a company car, which may also be used for private purposes. In accordance with the 
Group’s “Green Car Policy,” the emissions produced by the company car must not exceed a certain 
carbon threshold. In lieu of a company car, a monthly “cash for car” allowance may also be granted.
•	 customary insurance cover, including contributions to health and accident insurance, as well as to 
any invalidity and surviving dependents policies
•	 reimbursement of job-related relocation costs
•	 allowance for school expenses
If, at the request of the company, a member of the Executive Board relocates work location or residence 
or does not maintain them at the headquarters of the company, other benefits may be granted. Such 
secondment-related benefits may particularly include:
•	 foreign-secondment allowance to cover the cost of accommodation at the place of residence
•	 cost of flights for the member of the Executive Board and corresponding family to and from the 
place of residence
•	 further health insurance expenses

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d) Reappointment
In individual cases, the Supervisory Board may agree on a bonus payable in the event of reappoint-
ment. As a rule, this reappointment bonus is due upon the reappointment taking effect (“reappoint-
ment bonus”).
The Supervisory Board may at its own due discretion determine the structure of the reappointment 
bonus, in particular as a performance-related bonus, to which the performance criteria defined for 
the Variable Bonus (see e) below) or the MAB (see f)) apply.
Irrespective of the (possible) agreement of a reappointment bonus, only Ramon A. Mirt was offered 
a reappointment bonus in 2022. This is linked to the MAB performance criteria. A €1,000 thousand 
advance on this reappointment bonus was granted (within the meaning of § 162 AktG) for his early 
agreement to extend his appointment as a member of the Executive Board and continue his activities 
in Group companies. The advance is subject to the final calculation of the MAB and the acceptance of 
the reappointment following the resolution by the Supervisory Board. 
e) Variable Bonus
The members of the Executive Board receive for each fiscal year a Variable Bonus tied to the perfor-
mance of the Consumer Business Segment, which is paid out after the Annual General Meeting of the 
year following the fiscal year in question.
The Variable Bonus is composed of joint and individual performance criteria that are tied to the com-
pany’s financial and non-financial performance as well as its strategic and operational development. 
The joint targets are given a weighting of 70–90% and the individual targets a weighting of 10–30%.
Variable Bonus
The Supervisory Board determines the selection and weighting of the individual performance criteria 
at the recommendation of the Presiding Committee for the new fiscal year. With respect to the total 
Variable Bonus, the individual performance criteria for the joint targets generally have a weighting of 
10–40% and the individual targets a weighting of 5–20%.
70 – 90%
10 – 30%
Performance of the Consumer Business Segment
Joint targets
Individual targets
Target amount in €
Amount paid out in €
One ﬁscal year

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In accordance with the remuneration system, the following performance criteria may be used for the 
Variable Bonus (at the discretion of the Supervisory Board):
The performance criteria underlying the Variable Bonus create an incentive for the Executive Board to 
increase the company’s enterprise value on a sustained and long-term basis in line with the C.A.R.E.+ 
strategy. In particular, revenues are to be increased by opening up new growth markets and areas of 
business, while profitability is to be improved by means of simultaneous investments in innovations. 
Market shares are to be widened and market positions strengthened by reinforcing the global brands 
and improving consumer proximity as well as through new digital channels and technologies. The 
performance criteria defined in the sustainability agenda and those related to diversity also reflect – 
in line with the Core Values underlying the strategy – the responsibility that the Executive Board has 
for creating long-term value for people, the environment, and society.
As a general rule, the targets defined for the performance criteria are based on the applicable annual 
planning. Similarly, measurable criteria are defined for the non-financial targets as far as possible. 
Depending on the individual case, these may be derived from the annual planning, strategic projects, 
or other activities. The achievement of non-financial targets is determined by comparing actual with 
target achievement.
Individual targets
Joint non-ﬁnancial targets
Joint ﬁnancial targets
Market shares and 
position
Increase in market shares and position in the relevant categories, particularly 
skin care, also in new channels and markets.
EBIT margin
Innovations
Digitalization
Sustainability
People
Diversity
Implementation of the sustainability agenda, particularly with a view to the 
seven focus areas, e.g.:
Reduction of carbon emissions
Increase in the proportion of recyclable resources and packaging
Use of renewable raw materials
Measures for enhancing diversity, e.g.
Increase in the proportion of internationally active employees or foreign 
transfers
Promotion of gender diversity
Measures in connection with human resources management, e.g.:
Succession planning, including identiﬁcation and development of 
suitable candidates for the Executive Board and management
Reinforcement and development of Beiersdorf employee’s skills and 
capabilities
Contribution to joint targets from functional or regional responsibilities or 
other personal targets.
Increase in earnings before interest in tax in the Consumer Business 
Segment as a percentage of revenues, subject to elimination of exceptional 
effects, e.g. currency-translation effects and M&A.
Strategic skin care initiatives and innovations.
Strategic digitalization initiatives, e.g. shares of digital media, e-commerce, 
infrastructure, data analytics, and processes.
Revenue growth in the Consumer Business Segment could be subject to 
elimination of exceptional effects, e.g. currency-translation effects and M&A.
Revenue

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On this basis, the Supervisory Board defines percentage target-achievement levels for the components 
of the Variable Bonus after the end of the fiscal year. The following target-achievement levels apply:
•	 The applicable components are omitted if target 
achievement is less than 70%.
•	 50% of the target amount defined for the  
component in question is granted for target 
achievement of 70%.
•	 80% of the target amount defined for the  
component in question is granted for target 
achievement of 80%.
•	 200% of the target amount defined for the 
component in question is granted for target 
achievement of 200%. A cap is applied to target 
achievement of above 200%.
•	 The intermediate values are interpolated on a 
linear basis.
Subsequently, the total target achievement for and the amount of the Variable Bonus is calculated on 
the basis of the target achievement for the individual components.
To allow for extraordinary developments, the Supervisory Board may at its own due discretion raise 
or lower the Variable Bonus by up to 20%. Additionally, the members of the Executive Board are able 
to transfer bonus entitlements to the long-term variable remuneration LTP; no use was made of this 
option in 2022.
For the 2022 Variable Bonus, the Supervisory Board set the joint and individual performance targets 
shown in the table below and, on February 3, 2023, determined the level of target achievement 
(also shown below) and resulting payment amount. In view of the end of the measurement period on 
December 31, 2022, the 2022 Variable Bonus was “granted” to the Executive Board members in fiscal 
year 2022, even though it is not paid out until after the 2023 Annual General Meeting (see the “Remu-
neration of the individual Executive Board members in 2022” section on the revised understanding of 
this term compared with the 2021 Remuneration Report).
Target Achievement levels Variable Bonus
Target achievment
Grant
0%
70% 80%
200%
200%
80%
50%

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Variable Bonus 2022
Joint Targets
Performance criteria 
Target level
(100% target achievement) 
 
Actuals 2022
 
Weighting
Target  
achievement
Net sales growth Consumer
5,0% Net sales growth (gatekeeper: 12,3% return on sales) 
10.5%
24.5%
200%
Skin Care in-market 
­performance 
Outperforming relevant Skin Care market: Increase of sell-out  
(vs. 2021)
41%
24.5%
150%
NIVEA Skin Care innovation 
Increase of innovation share by 10% (vs. 2021)
11%
7%
100%
Increase of net sales NIVEA  LUMINOUS630® by 80% (vs. 2021)
80%
Digital transformation 
Over proportional growth of eCommerce: Increase of eCommerce 
net sales by 27% (vs. 2021)
18%
7%
—%
Organizational development 
& people
New operating model deployment by Q3 2022
Q3 2022
7%
150%
Talent & leadership development, including diversity & inclusion  
(if target achievement operating model ≥ 125%)
Overachieved
Target achievement for joint targets
162.36%1
1	 The target achievement contains an  increase that the Supervisory Board has set at its own due discretion in accordance with the remuneration sys-
tem. Due to a stronger weighting of the sales and market growth target with the respective results of the Pharmacy & Selective business, the achieve-
ment of the joint targets for Patrick Rasquinet totals 147.29%.
Individual Targets1
Performance criteria
Weighting
Target  
achievement
Vincent Warnery
CEO: Development Face Care business; New markets 
30%
156%
Oswald Barckhahn
Europe/North America: Net sales growth; Outperforming relevant Skin Care market, 
derived from market share; eCommerce net sales growth & roadmap 
30%
127,6%
Astrid Hermann
Finance: Digitalization & IT; Development of finance organization; Expenditure and 
investment strategy 
30%
118,3%
Nicola D. Lafrentz
HR: Performance management and succession planning; Development of HR organization; 
Operating model transformation
30%
105%
Zhengrong Liu
HR: Performance management and succession planning; Development of HR organization; 
Operating model transformation
30%
105%
Grita Loebsack
NIVEA: Sustainability; Innovation; Digitalization 
30%
118,3%
Ramon A. Mirt
Emerging Markets: Net sales growth; Outperforming relevant Skin Care market,  
derived from market share; New markets 
30%
127,7%
Patrick Rasquinet
Pharmacy & Selective: Development Chantecaille business; eCommerce acceleration
30%
103,3%
1	 For Thomas Ingelfinger, who left the Executive Board effective June 30, 2022, no individual targets were determined following the handover of his area of 
responsibility; this portion of his 2022 Variable Bonus was determined with a target achievement of 110%.
Target remuneration and achievement
Target remuneration Variable Bonus
(in € thousand)
Overall target  
achievement
Payment amount
(in € thousand
Vincent Warnery
1,000
160.4%
1,604
Oswald Barckhahn
300
151.9%
456
Astrid Hermann
300
149.1%
447
Thomas Ingelfinger
1751
146.6%
2571
Nicola D. Lafrentz
2001
145.1%
2901
Zhengrong Liu
300
145.1%
435
Grita Loebsack
300
149.1%
447
Ramon A. Mirt
300
151.9%
456
Patrick Rasquinet
300
134.1%
402
1	 Prorated bonus; for Thomas Ingelfinger until his departure effective June 30, 2022 and for Nicola D. Lafrentz since her ­appointment effective May 1, 2022.

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f) Multi-annual bonus (MAB)
The long-term variable remuneration for the members of the Executive Board may additionally 
include a multi-annual bonus (“MAB”). The MAB particularly has the strategic purpose of strengthening 
Beiersdorf in regional growth markets or specific business areas. 
The performance criteria for the MAB are derived from the targets defined for the areas of respon-
sibility assigned to the members of the Executive Board. In particular, target achievement may be 
measured on the basis of growth according to annual or multi-annual corporate planning and by 
reference to the growth in market shares in the applicable region or business area during the appoint-
ment of the relevant member of the Executive Board or over a period of at least three years.
Multi Annual Bonus
Percentage target achievement is also measured in accordance with the arrangements for the Variable 
Bonus (see description of “Target achievement levels Variable Bonus” in e) above). To allow for any 
extraordinary developments, the Supervisory Board may at its own due discretion raise or lower the 
MAB by up to 20%.
Of the serving Executive Board members, only Ramon A. Mirt was offered an MAB in 2022 (target 
amount: €500 thousand p.a.) for his activities in Group companies. This MAB relates to a measure-
ment period from January 1, 2019 to December 31, 2024 and is calculated based among other things 
on the average annual growth rate in accordance with corporate planning in the regions for which 
Ramon A. Mirt is responsible and on the increase in market shares throughout his term of office as 
a member of the Executive Board. As of year-end 2022, Ramon A. Mirt received an advance of 
€1,500 thousand on the MAB, which is subject to the final calculation and is less than the provisions 
recently recognized for the MAB in the amount of €2,200 thousand. In the “Remuneration of the indi-
vidual Executive Board members in 2022” section, the advance is included in remuneration granted 
and owed in fiscal year 2022 in accordance with § 162 (1) AktG.
g) Long-term bonus (LTP)
LTP 2021–2024
Executive Board members receive a multi-annual bonus measured on the basis of the targets for the 
achievement of strategic criteria after the expiry of a four-year bonus period from 2021 through 2024 
(LTP 2021–2024). For Executive Board members appointed during the current LTP 2021–2024 bonus 
period, a prorated bonus period up to the end of 2024 applies. The LTP 2021–2024 will be due for 
payment after the Annual General Meeting in 2025. Given that the bonus period has not yet ended, 
no payments were earned under the LTP 2021–2024 in 2022; the LTP 2021–2024 was therefore not 
“granted and owed” in 2022 within the meaning of § 162 (1) AktG.
…
FY n
FY n+1
FY n+2
Average annual growth rate
Increase in market share
Payout
Multi Annual Bonus

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Long Term Bonus
The LTP 2021–2024 makes a material contribution to advancing the company’s C.A.R.E.+ strategy by 
giving the Executive Board an incentive for securing sustainable and profitable growth particularly by 
strengthening the focus on skin care, sustainability, digitalization, opening up new growth markets 
and business areas, innovations, and human resource development.
Joint targets for all members of the Executive Board apply to the LTP 2021–2024 and are tied to 
the company’s strategic development. They can be weighted individually depending on the duties 
involved. For this purpose, the Supervisory Board defines measurable non-financial or financial criteria, 
which are primarily derived from the implementation of the C.A.R.E.+ strategy and the multi-annual 
planning required to be submitted to the Supervisory Board for approval.
On the recommendation of its Presiding Committee, the Supervisory Board has set the following 
performance criteria and weightings for the LTP 2021–2024:
Strategic Targets 
Target level (100% target achievement)
Weighting
Digital Transformation
Increase in e-commerce sales by 95% (vs. 2021) up to 2024, the successful go-live 
of S4/HANA, increase of 1-on-1 consumer connections
20%
Win with Skin Care
Positioning as a leading skin care company through the implementation of a new 
innovation management process and by increasing the innovation share to 10% 
(of net sales)
20%
Opening up new 
growth markets and 
areas of business
Accelerate sales growth in USA, China and the Emerging Markets through  
enlarged presence and the delivery of business plans
20%
Sustainability
Reducing global CO2 scope 1-3 emissions by 20% (vs. 2018) and increasing the 
share of recycled materials in plastic packaging to 20%, each by 2024
20%
Diversity and employee 
development
Increasing the proportion of women at management levels MG 1–4 to 45% and 
succession planning for MG 1–4, including increase of internal and international 
promotions
20%
Performance Metrics (applicable if Strategic Targets ≥ 90%)
Value Above Market
Outperforming relevant skincare market (market share, measured as net value 
creation, adjusted for portfolio mix effects) 
50%
Net Sales
Net sales above market (nominal) from 2021 – 2024 (gatekeeper: EBIT target p.a. 
of the annual business plan +/- 10%)
50%
2024
2021
2022
2023
LTP 2021 – 2024
Target achievement ’21 – ’24

To the shareholders
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Additional Information
ANNUAL REPORT 2022
271
After the expiry of the bonus period, the Supervisory Board defines the percentage target achievement 
levels between 0 and 200% for the strategic targets of the LTP 2021–2024. At or above an overall 
target achievement of 90%, target achievement for the aforementioned strategic targets is weighted 
with the target achievement for the performance metrics (if target achievement ≥ 100%) from the 
multi-year planning adopted in 2021. Nominal sales growth exceeding the market (with an EBIT 
gatekeeper of +/-10% deviation from plan) accounts for half of these performance criteria. Outper-
formance of the relevant skin care market (based on market shares and measured as net value added, 
excluding market growth and portfolio mix effects) in the Consumer categories accounts for the 
other half. In addition, the Supervisory Board may at its own due discretion raise or lower the target 
achievement for the LTP and the resultant bonus by up to 20% for objective reasons, for example in 
response to extraordinary developments.
The members of the Executive Board also have the option, effective expiry of the bonus period in 2024, 
of converting all or part of the LTP into a pension commitment in the form of a defined contribution 
commitment for which a reinsurance policy can be concluded.
LTP Enterprise Value Component under the old remuneration system
In 2022, as per their contracts, the Executive Board members who stepped down from the Executive 
Board in 2022 received a share in the increase in enterprise value for the Consumer Business Segment 
in the form of a multi-annual bonus (LTP Enterprise Value Component). This was based on a mathe-
matical formula drawn from the annual financial statements at the beginning and end of their terms of 
office. For the other serving members of the Executive Board appointed prior to 2021, the LTP Enter-
prise Value Component continued to apply as per their contracts, unless it was settled. The Super-
visory Board has agreed on rules in this respect to prevent inappropriately high remuneration as a 
result of the LTP Enterprise Value Component and the LTP 2021–2024.
Under the LTP Enterprise Value Component, Executive Board members are allocated a notional 
share of the enterprise value (Base Virtual Units, BVU) at the start of their period of appointment or 
reappointment. The Executive Board member will be paid their share of the percentage increase in 
the LTP Enterprise Value Component once their period of appointment or reappointment has ended 
and following, where applicable, an additional vesting period (“bonus period”), if the Annual General 
Meeting approves the Executive Board member’s actions.
The increase in enterprise value corresponds to the percentage share of the Executive Board 
­member’s (notionally allocated) Enterprise Value Component that will be paid to them. For the Exec-
utive Board members appointed before 2017, the enterprise value is calculated as a multiple of sales 
and EBIT as reported in the consolidated financial statements. The increase in value is the increase 
in enterprise value from the beginning to the end of the bonus period. In each case, this is calculated 
as an average over three years. For Executive Board members appointed from 2017 onwards, enter-
prise value is calculated from the increase in sales from the beginning to the end of the bonus period, 
unless EBIT deviates by more than 10% from plan.
As with the Variable Bonus, sales are adjusted for special factors. If applicable, EBIT is adjusted for, 
among other things, any deviations from the plan for marketing expenses as well as expenses for 
research and development compared with the start of the bonus period. In individual cases, the 
Supervisory Board is also entitled to make adjustments following due assessment of the circum-
stances, for instance by adjusting for special factors and inflation or by increasing or decreasing the 
LTP Enterprise Value Component for objective reasons by up to 20%.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
272
With the LTP Enterprise Value Component, the Executive Board members can also share in the enter-
prise’s performance by making a personal investment and acquiring Covered Virtual Units (CVU). 
These are acquired by retaining bonus payments due under the Variable Bonus, by the Executive 
Board member providing collateral (e.g. by pledging a suitable asset), or by way of annual allotment 
(Bonus CVUs). The Covered Virtual Units generally participate in positive and negative percentage 
changes in the value of the Enterprise Value Component; however, the Bonus CVUs only participate in 
positive changes. They vest immediately and are paid out in full or in part, or not paid out, after being 
adjusted on the basis of the enterprise value performance. For Covered Virtual Units, the Executive 
Board member may receive a further Enterprise Value Component in the same amount (Matching 
Virtual Units, MVU), corresponding to the Base Virtual Units.
As a rule, the LTP Enterprise Value Component is limited to a maximum amount for each member 
of the Executive Board (200% cap, corresponding to around 10% p.a.). This does not apply to Cov-
ered Virtual Units acquired through personal investment, since the Executive Board member is also 
exposed to a risk of loss in this case. If an Executive Board member is active for a period shorter than 
the respective member’s period of appointment, the LTP Enterprise Value Component is reduced pro 
rata. The LTP Enterprise Value Component is forfeited in the event that an Executive Board member’s 
contract is terminated prematurely at the request of the Executive Board member or by the company 
for good cause.
At the close of December 31, 2022, the bonus periods of the LTP Enterprise Value Component ended 
for the departed Executive Board members Thomas Ingelfinger and Asim Naseer; the associated 
bonuses have thus been earned and are due for payment after the 2023 Annual General Meeting. 
The bonus period of the LTP Enterprise Value Component for Dessi Temperley ended in 2021; this 
bonus was thus earned in 2021 even though it will also only be paid out after the 2023 Annual General 
Meeting. The table below shows how the LTP Enterprise Value Components and the associated 
bonuses have been calculated:
LTP Enterprise Value Component earned in 2022
Term
Target
(= 100% target achievement)
Target  
remuneration  
over entire term1
(in € thousand)
Actual 
(adjusted for special factors)
Target 
achieve-
ment
(in %)
Payment amount 
(in € thousand)
Thomas 
Ingelfinger
July 
2014 
to Jun. 
2022
Average annual increase 
in sales and EBIT of 5% p.a. 
during measurement period 
from 2013 to 20212, with a sales 
multiple of 1.75x and an EBIT 
multiple of 8x 
Virtual Units:   2,925 
Bonus CVU:      695 
Total:   3,620
Sales increase: 2.76% p.a.
EBIT increase: 1.78% p.a.
46.4%
Virtual Units:   1,357 
Bonus CVU:       546 
Total:   1,903
Asim 
Naseer
Jan. 
2019 
to Apr. 
2021
Average annual sales increase 
of 5% p.a. during measurement 
period from 2018 to 2022
Virtual Units:   1,125 
Bonus CVU:       284 
Total:   1,409
Sales increase: 1.06% p.a.
21.1%
Virtual Units:      237 
Bonus CVU:      270 
Total:      507
Dessi 
Temperley
July 
2018 
to Apr. 
2021
Average annual sales increase 
of 5% p.a. during measurement 
period from 2017 to 2021
Virtual Units:   1,120 
Bonus CVU:      249 
Total:   1,369
Sales increase: 0.41% p.a.
8.2%
Virtual Units:         92 
Bonus CVU:       228 
Total:       320
1	 Includes all virtual units offered at the beginning of or during the bonus period (BVU, MVU, CVU) and allotted Bonus CVUs (including offered MVUs). 
Bonus CVUs only participate in enterprise value performance beyond the respective allotment value. The allotment values are €480 thousand for 
Thomas Ingelfinger, €270 thousand for Asim Naseer, and €225 thousand for Dessi Temperley
2	 In each case, the first and last year of the measurement period is calculated as an average over three years. Example: At the end of the measurement 
period in 2021, the last year is calculated as the average from the years 2020, 2021, and 2022.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
273
For the serving members of the Executive Board appointed prior to 2021, the bonus period for the 
offered LTP Enterprise Value Component is still ongoing as per the contract only for Ramon A. Mirt. 
Ramon A. Mirt received an advance of €750 thousand on this LTP Enterprise Value Component in 
2022 for his activities in Group companies. This is subject to the final calculation and is less than the 
provisions recently recognized for the LTP Enterprise Value Component in the amount of €1,100 thou-
sand. In the “Remuneration of the individual Executive Board members in 2022” section, the advance 
is included in remuneration granted and owed in fiscal year 2022 in accordance with § 162 (1) AktG.
Capping of the variable remuneration and maximum remuneration
The amount of all variable remuneration elements (Variable Bonus, LTP, and MAB, if granted) is 
capped at 200% of the applicable individual target amount. The amount of the maximum total 
remuneration is determined on the basis of this relative cap taking into account all fixed and other 
remuneration components that may be granted to a member of the Executive Board depending on 
the individual case.
The maximum remuneration is €9 million per year for the Chairman of the Executive Board and €6 mil-
lion per year for each ordinary member of the Executive Board. This maximum remuneration contains 
the amounts of the long-term variable remuneration (MAB and LTP) with an annual maximum value 
(200%) on a prorated basis, notwithstanding the fact that they are not due for payment until the end of 
the period. In principle, it is not possible to report on adherence to maximum remuneration within the 
meaning of § 162 (1) sentence 2 no. 7 AktG until after the long-term variable remuneration has been 
paid out. Nevertheless, the remuneration granted and owed to the individual Executive Board mem-
bers in the reporting year is compared against the maximum remuneration, even when the long-term 
variable remuneration has not been paid out in the individual case (see the tables in the following 
section “Remuneration of the individual Executive Board members in 2022”.
Retention and claw-back arrangements
The Supervisory Board has the possibility of reducing or retaining at its own due discretion the variable 
remuneration by up to 20% to appropriately take account of exceptional circumstances.
Under the remuneration system applicable from 2021, variable remuneration components that 
have already been determined or paid may be retained or claimed back by the Supervisory Board 
if the basis for calculating the original target achievement, particularly the applicable consolidated 
financial statements, subsequently proves to be materially incorrect due to new facts or evidence 
(“claw-back”). However, this possibility is barred no later than three years after payment. This does not 
prejudice any other remedies that the company may have to recover damages from the member of 
the Executive Board, particularly under § 93 (2) AktG. The Supervisory Board did not make use of this 
possibility in 2022.
Rules in relation to termination of Executive Board members’ duties
In the event of the premature termination of the office or activities of a member of the Executive 
Board for reasons beyond that member’s control, the Executive Board service agreements provide for 
a cap on the termination benefits or other payments of twice the value of the base remuneration and 
twice the value of the annual Variable Bonus and any MAB or a cap equaling the total target remuner-
ation for the remaining period of the service agreement.
If the contract of a member of the Executive Board is terminated, the disbursement of any remaining 
variable remuneration components attributable to the period up until the termination of the contract 
is based on the originally agreed targets and comparison parameters as well as the due dates or holding 
periods stipulated in the contract.
Upon the premature termination of the Executive Board member’s duties at the company’s request, 
except in the case of termination for good cause for reasons within the member’s control, the Variable

To the shareholders
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Additional Information
ANNUAL REPORT 2022
274
Bonus (depending on entitlement) and the MAB as well as the LTP are granted on a prorated basis. If 
the member of the Executive Board resigns at his or her own instigation or for good cause for reasons 
within the respective member’s control, all claims under the MAB and the LTP will lapse. Claims under 
the Variable Bonus for the year of resignation will also lapse unless higher target achievement can be 
clearly demonstrated.
There are no commitments covering the premature termination of the contract of a member of the 
Executive Board due to a change of control.
For the duration of the post-contractual noncompete agreement of regularly 24 months, the relevant 
members of the Executive Board are entitled to claim compensation equaling half the most recently 
agreed annual base remuneration and half their short-term Variable Bonus. The company may waive 
enforcement of the post-contractual noncompete agreement at any time, however no later than six 
months before the termination of the contract and, in the event of the contract’s premature termination, 
also waive this six-month period. In this respect, no compensation may be claimed.
On the specific arrangements for the members who stepped down from the Executive Board in 2022, 
please refer to the next section “Remuneration of the individual Executive Board members in 2022”.
Remuneration of the individual Executive Board members in 2022
The tables below show the individual remuneration of the serving members of the Executive Board 
in 2022.
They show the targets along with the achievable minimum and maximum figures, which corresponds 
to “benefits granted” (“gewährte Zuwendungen”) within the meaning of the German Corporate Gov-
ernance Code in the version dated February 7, 2017 (“2017 Code”). They also show the prorated target 
remuneration (p.a.) for the annual allotments of long-term variable remuneration (MAB and LTP) even if 
the relevant bonus period/measurement period has not yet ended and they have not yet been paid out.
The tables also show the remuneration granted and owed in the fiscal year within the meaning of  
§ 162 (1) sentence 1 AktG. Remuneration is reported as having been “granted” (“gewährt”) in the fiscal 
year if the (one-year or multi-year) activities on which it is based have been fully performed as of the 
end of that fiscal year, meaning that the remuneration has been earned, even if it is not received (i.e. 
paid out) until the following fiscal year. Remuneration “owed” (“geschuldet”) is remuneration that is 
due but has not (yet) been received. In contrast, the 2021 Remuneration Report was based on a dif-
ferent understanding of the terminology, which was strictly oriented on when the remuneration was 
received rather than when it was earned. The remuneration reported as granted in the fiscal year was 
the remuneration paid out or received in the reporting year. This understanding of the terminology 
will now be discontinued in line with developments in prevailing practice. Disclosing remuneration 
earned in the respective fiscal year ensures clearer, more transparent reporting and comparability of 
performance and remuneration during the reporting period. In particular, the Variable Bonus earned 
in a fiscal year can be compared against the results of operations for that fiscal year. To enable a 
comparison with the prior-year figures despite the changed understanding of the terminology, the 
prior-year figures in this remuneration report have been adjusted in line with the new approach.
In accordance with the new understanding of the terminology, remuneration granted and owed in 
the table below includes, in addition to base remuneration and ancillary benefits for fiscal year 2022, 
the 2022 Variable Bonus, for which the measurement period ended on December 31, 2022 and which 
will not be paid out until after the 2023 Annual General Meeting. In contrast, the LTP 2021–2024 is not 
shown, as its measurement period has not yet ended. The MAB and LTP Enterprise Value Component 
are only included if their measurement period ended in fiscal year 2022 or an advance was paid. This 
corresponds to “benefits received” (“Zufluss”) within the meaning of the 2017 Code.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
275
The table below also shows the relative shares of fixed and variable remuneration. These shares  
also relate to the remuneration granted and owed in the relevant fiscal year within the meaning of  
§ 162 (1) sentence 1 AktG. Therefore, they are therefore not comparable with the relative shares in 
the description of the remuneration system in accordance with § 87a (1) no. 3 AktG, which refer to 
the respective targets or, in the case of long-term variable remuneration, to the annual target values 
on a prorated basis (see “Remuneration structure and elements” above). The tables also compare 
the maximum remuneration set by the remuneration system for the Executive Board members with 
the remuneration granted and owed in the reporting year. In accordance with § 162 (1) sentence 2 
no. 7 AktG, it is explained that the maximum remuneration was adhered to for each member in 2022; 
however, a definitive statement is only possible in cases where the long-term variable remuneration 
is granted and owed.
Remuneration granted and owed to serving Executive Board members in  
accordance with § 162 (1) AktG 
(in € thousand)
Vincent Warnery
Chairman of the Executive Board (since May 1, 2021)
Date joined: February 15, 2017
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount
 
(min. p.a.)
 
(min. p.a.)
  
2021 
 
Share
  
2022 
 
Share
Base remuneration 
841
1,000
1,000
1,000
841
11.9%
1,000
38.3%
Ancillary benefits and other  
remuneration
18
10
10
10
18
0.3%
10
0.4%
Total fixed remuneration 
859
1,010
1,010
1,010
859
12.2%
1,010
38.6%
Variable Bonus
767
1,000
—
2,000
991
14.1%
1,604
61.4%
Multi-year variable remuneration 
MAB (term 1/2020 - 4/2021)
33
—
—
—
2001
2.8%
—
—%
LTP 2021 - 2024 (term 1/2021 – 
12/2024)
2,000
2,000
—
4,000
—
—%
—
—%
LTP - Enterprise Value Component  
(term 2/2017 bis 4/2021)
302
—
—
—
5,0001
70.9%
—
—%
Total variable remuneration 
3,102
3,000
—
6,000
6,191
87.8%
1,604
61.4%
Total remuneration
3,961
4,010
1,010
7,010
7,050
100%
2,614
100%
Maximum remuneration  
(remuneration system)
8,000
9,000
1	 The long-term remuneration (LTP Enterprise Value Component und MAB) was settled for the period up to his appointment 
as CEO as of April 2021 and, therefore, granted in this amount in 2021. Payment took place following the 2022 Annual 
General Meeting.

To the shareholders
Combined Management Report
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Additional Information
ANNUAL REPORT 2022
276
Oswald Barckhahn
Member of the Executive Board
Date joined: October 15, 2021
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
105
500
500
500
105
43.4%
500
44.4%
Ancillary benefits and other  
remuneration
64
169
169
169
64
26.4%
169
15%
Total fixed remuneration 
169
669
669
669
169
69.8%
669
59.5%
Variable Bonus
63
300
—
600
73
30.2%
456
40.5%
Multi-year variable remuneration 
LTP 2021 - 2024 (term 10/2021 - 
12/2024)
310
1,550
—
3,050
—
—%
—
—%
Total variable remuneration 
373
1,850
—
3,650
73
30.2%
456
40.5%
Total remuneration
542
2,519
669
4,319
242
100%
1,125
100%
Maximum remuneration  
(remuneration system)
1,315
6,000
Astrid Hermann
Member of the Executive Board/CFO
Date joined: January 1, 2021
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Anteil
 2022 
Anteil
Base remuneration 
500
500
500
500
500
48.7%
500
52.2%
Ancillary benefits and other  
remuneration
179
10
10
10
179
17.4%
10
1%
Total fixed remuneration 
679
510
510
510
679
66.1%
510
53.3%
Variable Bonus
300
300
—
600
348
33.9%
447
46.7%
Multi-year variable remuneration 
LTP 2021 - 2024 (term 1/2021 - 
12/2024)
430
434
—
836
—
—%
—
—%
Total variable remuneration 
730
734
—
1,436
348
33.9%
447
46.7%
Total remuneration
1,409
1,244
510
1,946
1,027
100%
957
100%
Maximum remuneration  
(remuneration system)
6,000
6,000

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
277
Thomas Ingelfinger
Member of the Executive Board (until June 30, 2022)
Date joined: July 1, 2014
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
450
225
225
225
450
50.8%
225
9.4%
Ancillary benefits and other  
remuneration
18
6
6
6
18
2%
6
0.3%
Total fixed remuneration 
468
231
231
231
468
52.9%
231
9.7%
Variable Bonus
350
175
—
350
417
47.1%
257
10.7%
Multi-year variable remuneration 
LTP - Enterprise Value BVU  
(term 7/2014 - 12/22)
275
138
—
275
—
—%
1,3571
56.8%
LTP - Enterprise Value CVU  
(term 7/2014 - 12/22)
133
67
—
104
—
—%
5131
21.5%
LTP - Enterprise Value MVU  
(term 7/2014 - 12/22)
73
37
—
74
—
—%
331
1.4%
Total variable remuneration 
831
417
—
803
417
47.1%
2,160
90.3%
Total remuneration
1,299
648
231
1,034
885
100%
2,391
100%
Maximum remuneration 
 (remuneration system)
p.a.
6,000
3,000
for the LTP (total term)
—
17,6002
1	 The LTP Enterprise Value Component was settled, as per contract, as part of the termination of his appointment; the resultant 
amount will be due for payment after the 2023 Annual General Meeting. See also g) above.
2	 The maximum remuneration set by the remuneration system contains the long-term variable remuneration with an annual 
maximum value on a prorated basis. Upon payment of such remuneration components, the maximum remuneration must 
therefore be increased by the total of the annual maximum values throughout the respective term for the purpose of verifying 
adherence to it. The amount shown here is thus the maximum remuneration for the granted LTP Enterprise Value Component 
over its full term. This LTP Enterprise Value Component was offered under the old remuneration system, meaning that the 
maximum remuneration set for the current remuneration system does not apply to it. The amounts are nevertheless shown for 
reasons of transparency; this shows that the maximum remuneration was adhered to.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
278
Nicola D. Lafrentz
Member of the Executive Board/Labor Director
Date joined: May 1, 2022
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
—
333
333
333
—
—%
333
48.8%
Ancillary benefits and other  
remuneration
—
60
60
60
—
—%
60
8.8%
Total fixed remuneration 
—
393
393
393
—
—%
393
57.5%
Variable Bonus
—
200
—
400
—
—%
290
42.5%
Multi-year variable remuneration 
LTP 2021 - 2024  
(term 05/2022 - 12/2024)
—
304
—
572
—
—%
—
—%
Total variable remuneration 
—
504
—
972
—
—%
290
42.5%
Total remuneration
—
897
393
1,365
—
—%
683
100%
Maximum remuneration  
(remuneration system)
—
4,000
Zhengrong Liu
Member of the Executive Board (until December 31, 2022)
Date joined: July 1, 2014
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
500
500
500
500
500
50.2%
500
46.6% 
Ancillary benefits and other  
remuneration
143
137
137
137
143
14.3%
137
12.8% 
Total fixed remuneration 
643
637
637
637
643
64.5%
637
59.4% 
Variable Bonus
300
300
—
600
354
35.5%
435
40.6% 
Multi-year variable remuneration 
LTP 2021 - 2024  
(term 1/2021 - 12/2022)
775
775
—
1,550
—
—%
—
—%
Total variable remuneration 
1,075
1,075
—
2,150
354
35.5%
435
40.6% 
Total remuneration
1,718
1,712
637
2,787
997
100%
1,072
100% 
Maximum remuneration  
(remuneration system)
6,000
6,000

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
279
Grita Loebsack
Member of the Executive Board
Date joined: January 1, 2022
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
—
500
500
500
—
—%
500
32.9%
Ancillary benefits and other  
remuneration
—
572
572
572
—
—%
572
37.7%
Total fixed remuneration 
—
1,072
1,072
1,072
—
—%
1,072
70.6%
Variable Bonus
—
300
—
600
—
—%
447
29.4%
Multi-year variable remuneration 
LTP 2021 - 2024  
(term 1/2022 - 12/2024)
—
1,300
—
2,600
—
—%
—
—%
Total variable remuneration 
—
1,600
—
3,200
—
—%
447
29.4%
Total remuneration
—
2,672
1,072
4,272
—
—%
1,519
100%
Maximum remuneration  
(remuneration system)
—
6,000
Ramon A. Mirt
Member of the Executive Board
Date joined: January 1, 2019
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
500
500
500
500
500
36.4%
500
10.6%
Ancillary benefits and other  
remuneration
472
1,5151
1,5151
1,5151
472
34.3%
1,5151
32.1%
Total fixed remuneration 
972
2,015
2,015
2,015
972
70.7%
2,015
42.7%
Variable Bonus
300
300
—
600
403
29.3%
456
9.7%
Multi-year variable remuneration 
MAB (term 1/2019 - 12/2024)
500
500
—
600
—
—%
1,5002
31.8%
LTP 2021 – 2024  
(term 1/2021 - 12/2024)
600
600
—
1,200
—
—%
—
—%
LTP - Enterprise Value BVU  
(term 1/12 - 12/2024)
—
—
—
—
—
—%
7503
15.9%
Total variable remuneration 
1,400
1,400
—
2,400
403
29.3%
2,706
57.3%
Total remuneration4
2,372
3,415
2,015
4,415
1,375
100%
4,721
100%
Maximum remuneration  
(remuneration system)
6,000
6,000
1	 This includes an advance of €1,000 thousand on the reappointment bonus of Ramon A. Mirt; see also d) above.
2	 An advance was granted in this amount on the MAB; see also f) above.
3	 An advance was granted in this amount on the LTP Enterprise Value Component; see also g) above.
4	 Of these totals, remuneration of €2,614 thousand/target value, €1,214 thousand/min. p.a., and €3,614 thousand/max. p.a. was 
offered and €3,920 thousand granted in 2022 for activities in Group companies.

To the shareholders
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280
Patrick Rasquinet
Member of the Executive Board
Date joined: July 1, 2021
Target remuneration and min./max.- 
remuneration
Granted and owned remuneration in 
accordance with § 162 (1) AktG
 2021 
 2022 
 2022 
 2022 
Target 
amount
Target 
amount (min. p.a.) (min. p.a.)
 2021 
Share
 2022 
Share
Base remuneration 
250
500
500
500
250
37.9%
500
46.4%
Ancillary benefits and other  
remuneration
233
175
175
175
233
35.4%
175
16.2%
Total fixed remuneration 
483
675
675
675
483
73.3%
675
62.7%
Variable Bonus
150
300
—
600
176
26.7%
402
37.3%
Multi-year variable remuneration 
LTP 2021 - 2024 (term 7/2021 - 
12/2024)
350
700
—
1,400
—
—%
—
—%
Total variable remuneration 
500
1,000
—
2,000
176
26.7%
402
37.3%
Total remuneration1 
983
1,675
675
2,675
659
100%
1,077
100%
Maximum remuneration  
(remuneration system)
3,500
6,000
1	 Of these totals, remuneration of €824 thousand/target value, €324 thousand/min. p.a., and €1,324 thousand/max. p.a. was 
offered and €525 thousand granted in 2022 for activities in Group companies. 
For 2022, the remuneration granted and owed to all serving Executive Board members in the 
reporting year amounted to €14,256 thousand (previous year: €18,814 thousand). Of this total, fixed 
remuneration accounted for €4,558 thousand (previous year: €3,901 thousand), ancillary benefits 
for €2,654 thousand (previous year: €1,263 thousand), the short-term Variable Bonus for €4,794 thou-
sand (previous year: €3,450 thousand), and the MAB and LTP for €2,250 thousand (previous year: 
€10,200 thousand). The ratio of fixed to variable remuneration is therefore 50.6% to 49.4% (previous 
year: 27.4% to 72.6%).
In the interests of consistent reporting, the table below goes beyond the statutory requirements of 
§162 (1) sentence 1 AktG to show the total remuneration offered for fiscal year 2022, including the 
annual allotments of long-term variable remuneration from the LTP in the form of changes in the pro-
visions, even though these were not granted and owed in the reporting year. This corresponds to the 
HGB reporting in individualized form, in which remuneration is to be reported only up to the end of 
the appointment, on a prorated basis, in cases where an appointment to the Executive Board is termi-
nated early prior to the regular end of the service agreement. Moreover, long-term variable remuner-
ation components that are already to be reported as remuneration granted and owed in accordance 
with § 162 (1) AktG are not recorded in this amount if they were already reported on a prorated basis 
in previous years during their respective measurement period. Lastly, the total amount set aside for 
the LTP since it was granted is shown.

To the shareholders
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ANNUAL REPORT 2022
281
Total remuneration with values awarded p.a.
(in € thousand)
(according to German Commercial Code ( HGB), individualised)
Base  
remuneration
Ancillary  
benefits  
and other  
remuneration
Variable 
Bonus
Changes in 
provisions for 
the LTP
Total  
remuneration 
in accordance 
with HGB
Total amount  
set aside for  
the LTP
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
Vincent Warnery
841
1,000
51
10
991
1,604
2,568
4,000
4,451
6,614
7,000
6,000
Oswald Barckhahn
105
500
64
169
73
456
310
2,455
552
3,580
310
2,765
Astrid Hermann
500
500
179
10
348
447
430
835
1,457
1,792
430
1,265
Thomas Ingelfinger
450
225
18
6
417
257
—
—
885
488
2,480
2,480
Nicola D. Lafrentz
—
333
—
60
—
290
—
467
—
1,150
—
467
Zhengrong Liu
500
500
143
137
354
435
—
2,774
997
3,846
3,839
6,613
Grita Loebsack
—
500
—
572
—
447
—
1,950
—
3,469
—
1,950
Ramon A. Mirt 
500
500
9721
2,0151,2
403
456
1,119
1,200
2,994
4,1713
1,700
2,150
Patrick Rasquinet
250
500
233
175
176
402
350
1,225
1,009
2,3024
350
1,575
1	 This figure includes an amount of €500 thousand (target amount p.a.) for the MAB offered.
2	 This figure includes the advance granted on the reappointment bonus; see the explanations in the section above on the 
remuneration granted and owed.
3	 €3,370 thousand of this amount was allotted as remuneration for activities at Group companies.
4	 €1,137 thousand of this amount was allotted as remuneration for activities at Group companies.
For 2022, total remuneration corresponding to HGB reporting for all serving member of the Executive 
Board amounted to €27,412 thousand (previous year: €16,131 thousand). Of this total, fixed remuneration 
accounted for €4,558 thousand (previous year: €3,901 thousand), ancillary benefits for €3,154 thousand 
(previous year: €1,796 thousand), the short-term Variable Bonus for €4,794 thousand (previous year: 
€3,450 thousand) and the changes in provisions for the LTP for €14,906 thousand (previous year: 
€6,984 thousand).  The prior-year figures include remuneration for the former Executive Board 
members Stefan De Loecker, Asim Naseer, and Dessi Temperley, who stepped down in 2021.
Former Executive Board members
The table below shows the fixed and variable remuneration components granted and owed to former 
Executive Board members in accordance with § 162 AktG and their relative share of total remunera-
tion. For the sake of clarity, the amounts are shown as relating to the entire reporting year, even if the 
appointment of the relevant Executive Board member was terminated during the year and prior to the 
regular expiry of their service agreement. In accordance with § 162 (5) AktG, personal remuneration 
is reported until the expiry of ten years after the end of the fiscal year in which the Executive Board 
member concerned terminated their activity. For Executive Board members who left longer ago, a 
total figure is reported.
A total of €54,674 thousand (previous year: €59,369 thousand) has been accrued for pension obliga-
tions to former members of the Executive Board and their surviving dependents. Since 2007, newly 
concluded service agreement no longer contain any corresponding pension commitments.

To the shareholders
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Additional Information
ANNUAL REPORT 2022
282
Remuneration granted and owned to former Executive Board members in accordance with § 162 (1) AktG 
(in € thousand)
Base  
remuneration
Ancillary  
benefits
Short term  
variable  
remuneration
Long term  
variable  
remuneration
Pension  
payments
Total
Maximum
remune-
ration
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2022 
Stefan De Loecker1
1,000
1,000
7
156
1,000
1,000
5,0002
—
—
—
7,007
2,156
45003
Relative share
14.3%
46.4%
0.1%
7.2%
14.3%
46.4%
71.4%
—%
—%
—%
100%
100%
Ralph Gusko4
500
250
17
8
400
200
—
—
—
—
917
458
n/a
Relative share
54.5%
54.6%
1.9%
1.7%
43.6%
43.7%
—%
—%
—%
—%
100%
100%
Asim Naseer5
500
—
19
—
363
—
—
5072
—
—
882
507
60003
Relative share
56.7%
—%
2.2%
—%
41.2%
—%
—%
—%
—%
—%
100%
—%
Thomas B. Quaas6
—
—
—
—
—
—
—
—
232
232
232
232
n/a
Relative share
—%
—%
—%
—%
—%
—%
—%
—%
100%
100%
100%
100%
Dessi Temperley7
240
—
110
—
181
—
3202
—
—
—
851
—
1,5003
Relative share
28.2%
—%
12.9%
—%
21.3%
—%
37.6%
—%
—%
—%
100%
—%
Members who have 
stepped down prior 
to 2012
—
—
—
—
—
—
—
—
1,785
1,775
1,785
1,775
n/a
Relative share
—%
—%
—%
—%
—%
—%
—%
—%
100%
100%
100%
100%
1	 Appointment until June 30, 2021; service agreement until June 30, 2023
2	 The LTP Enterprise Value Components for Stefan De Loecker, Asim Naseer, and Dessi Temperley were settled as part of the termination of their 
appointments. Payment was due for Stefan De Loecker after the 2022 Annual General Meeting; for Asim Naseer and Dessi Temperley it will be due 
after the 2023 Annual General Meeting. See the explanations in g) above.
3	 The maximum remuneration p.a. set by the remuneration system contains the long-term variable remuneration with an annual maximum value on 
a prorated basis. Upon payment of such remuneration components, the maximum remuneration must therefore be increased by the total of the 
annual maximum values throughout the respective term for the purpose of verifying adherence to it. The maximum remuneration over the full term 
under the LTP Enterprise Value Component granted in each case is therefore as follows: €13,667 thousand for Stefan De Loecker, €4,950 thousand 
for Asim Naseer, and €5,867 thousand for Dessi Temperley. These LTP Enterprise Value Components were granted under the old remuneration 
system, meaning that the maximum remuneration set for the current remuneration system does not apply. The amounts are nevertheless shown for 
reasons of transparency; this shows that the maximum remuneration was adhered to in each case.
4	 Appointment until December 21, 2019; service agreement until June 30, 2022
5	 Appointment until April 5, 2021; service agreement until December 31, 2021
6	 Appointment until April 26, 2012; service agreement until March 31, 2015
7	 Appointment until April 5, 2021; service agreement until June 30, 2021
Commitments for Executive Board members stepping down
The Executive Board members who stepped down from the Board in 2022 were provided with the 
following benefits as part of their regular termination. These are also reported in the individual 
Executive Board member remuneration tables above where necessary in the particular case.
•	 Thomas Ingelfinger, who stepped down from the Executive Board at the end of his term as of June 
30, 2022, received all the benefits due under his contract until the regular expiry of his service 
agreement on June 30, 2022. This includes the prorated Variable Bonus for 2022, amounting to 
€257 thousand based on the target achievement for the joint targets and 110% target achievement 
for the individual targets, along with the bonus from his LTP Enterprise Value Component, calculated 
at €1,903 thousand for the full duration of his appointment. These will be due for payment after the 
2023 Annual General Meeting. Thomas Ingelfinger is subject to a post-contractual noncompete 
agreement of 24 months, for which he receives compensation totaling €433 thousand annually.
•	 Zhengrong Liu, who stepped down from the Executive Board at the end of his term as of Decem-
ber 31, 2022, received all the benefits due under his contract until the regular expiry of his service 
agreement contract on December 31, 2022. In particular, this includes the Variable Bonus for 2022, 
which amounts to €435 thousand based on the actual target achievement and will be due for

To the shareholders
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ANNUAL REPORT 2022
283
payment after the 2023 Annual General Meeting. His long-term variable remuneration will be set-
tled as of the end of 2023. Zhengrong Liu is subject to a post-contractual noncompete agreement 
of 24 months, for which he receives compensation totaling €440 thousand annually.
 2. Remuneration of the Supervisory Board
The remuneration of the Supervisory Board (§ 15 of the Articles of Association) takes into account the 
responsibilities and scope of tasks of the individual members of the Supervisory Board as well as the 
company’s economic situation and is in line with the applicable principles, recommendations, and 
suggestions of the German Corporate Governance Code.
The existing provisions in § 15 of the Articles of Association reasonably and sufficiently reflect these 
requirements as the remuneration takes due account in terms of both structure and amount of the 
requirements arising from the specific duties of the members of the Supervisory Board and the time 
required by them to duly and properly perform these duties. Moreover, since July 1, 2018, the remuner-
ation of the Supervisory Board members has consisted exclusively of fixed remuneration components.
In addition to the reimbursement of their expenses, the members of the Supervisory Board receive 
fixed remuneration of €85,000 plus an attendance fee of €1,000 for participating in the meetings of 
the Supervisory Board and its committees. The Chairman of the Supervisory Board receives two-
and-a-half times and his deputy one-and-a-half times this amount. Members of committees – with the 
exception of the Nomination Committee and the Committee established in accordance with § 27 (3) 
Mitbestimmungsgesetz (German Co-determination Act, MitbestG) – receive separate remuneration of 
€20,000 per full fiscal year for their duties on these committees; the members of the Audit Committee 
receive twice this amount. The chair of a committee receives two-and-a-half times the remuneration of 
a committee member. If a member of the Supervisory Board simultaneously holds several offices for 
which increased remuneration is granted, the respective member only receives the remuneration for 
the highest-paying office.
The amount of the remuneration for members of the Supervisory Board is also appropriate in compar-
ison to the remuneration paid to members of the supervisory boards of other large listed companies in 
Germany. The appropriateness of the remuneration for the Supervisory Board ensures that Beiersdorf 
Aktiengesellschaft remains in a position to attract qualified candidates for an office on its Supervisory 
Board; in this way, the remuneration for the Supervisory Board helps to promote the company’s busi-
ness strategy and its long-term development on a sustained basis. The remuneration for the members 
of the Supervisory Board is regularly reviewed for its appropriateness.
The following table shows the remuneration granted and owed (within the meaning of § 162 (1) AktG) 
to the Supervisory Board. The prior-year figures include a portion of the former variable remuneration 
that existed until June 30, 2018. This variable remuneration amounted to €1,000 for each cent by 
which the dividend per share exceeded €0.25. Of this variable remuneration, 40% was paid out after 
the actions of the Supervisory Board member in question had been approved by the Annual General 
Meeting for which remuneration was being paid (initial year). The remaining amount was paid out 
following the Annual General Meeting to which the annual financial statements for the third fiscal year 
following the initial year were submitted, insofar as the average dividend for the initial year and the 
three following fiscal years was not lower than the dividend for the initial year.’ The variable remuneration 
was thus granted and owed (within the meaning of § 162 (1) AktG) for the last time in fiscal year 2021.
§ 162 (1) sentence 2 no. 1 AktG also requires the relative shares of fixed and variable remuneration to 
be indicated. The following table therefore shows the relative shares of fixed and variable remunera-
tion where granted prior to July 1, 2018. For the fixed remuneration, it also shows the relative shares 
of the fixed amount, attendance fees, and committee fees.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
284
Supervisory board remuneration granted and owed in accordance with § 162 (1) AktG1 
(in €)
Fixed
Attendance fees
Committee fees
Total
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
 2022 
Hong Chow
85,000
85,000
9,000
8,000
20,000
20,000
127,591
113,000
Relative share
66.6%
75.2%
7.1%
7.1%
15.7%
17.7%
100%
100%
Reiner Hansert
85,000
85,000
18,000
17,000
40,000
40,000
156,591
142,000
Relative share
54.3%
59.9%
11.5%
12%
25.5%
28.2%
100%
100%
Martin Hansson (until July 31, 2022)
(Deputy Chairman)
127,500
74,055
18,000
8,000
—
—
153,046
82,055
Relative share
83.3%
90.3%
11.8%
9.7%
—%
—%
100%
100%
Wolfgang Herz
85,000
85,000
12,000
9,000
20,000
20,000
117,000
114,000
Relative share
72.6%
74.6%
10.3%
7.9%
17.1%
17.5%
100%
100%
Uta Kemmerich-Keil (since August 
1, 2022)
—
35,630
—
4,000
—
13,260
—
52,890
Relative share
—%
67.4%
—%
7.6%
—%
25.1%
—%
100%
Andreas Köhn (since April 1, 2021)
64,041
85,000
7,000
9,000
15,068
20,000
86,109
114,000
Relative share
74.4%
74.6%
8.1%
7.9%
17.5%
17.5%
100%
100%
Jan Koltze
85,000
85,000
8,000
6,000
—
—
93,000
91,000
Relative share
91.4%
93.4%
8.6%
6.6%
—%
—%
100%
100%
Dr. Dr. Christine Martel
85,000
85,000
13,000
12,000
100,000
100,000
211,591
197,000
Relative share
40.2%
43.1%
6.1%
6.1%
47.3%
50.8%
100%
100%
Olaf Papier
85,000
85,000
14,000
14,000
35,123
40,000
134,123
139,000
Relative share
63.4%
61.2%
10.4%
10.1%
26.2%
28.8%
100%
100%
Frédéric Pflanz 
(Deputy Chairman)
85,000
85,000
19,000
20,000
50,000
50,000
166,953
155,000
Relative share
50.9%
54.8%
11.4%
12.9%
29.9%
32.3%
100%
100%
Prof. Dr. Reinhard Pöllath 
(Chairman)
212,500
212,500
14,000
11,000
—
—
226,500
223,500
Relative share
93.8%
95.1%
6.2%
4.9%
—%
—%
100%
100%
Prof. Manuela Rousseau 
(Deputy Chairwoman)
127,500
127,500
11,000
11,000
—
—
152,091
138,500
Relative share
83.8%
92.1%
7.2%
7.9%
—%
—%
100%
100%
Kirstin Weiland
85,000
85,000
10,000
6,000
20,000
20,000
115,000
111,000
Relative share
73.9%
76.6%
11%
5.4%
17.4%
18%
100%
100%
Total amounts
1,232,9662
1,214,685
159,0002
135,000
310,1642
323,260
1,865,3343
1,672,945
1	 Presented exclusive of value added tax.
2	 This includes the following amounts paid to the former Supervisory Board member Regina Schillings, who stepped down on April 1, 2021: €21,452 
(fixed), €6,000 (attendance fee), and €9,973 (committee fee).
3	 This total for 2021 additionally includes the total remuneration of the former Supervisory Board member Regina Schillings, who stepped down on 
April 1, 2021, in the amount of €37,398. It also includes the following amounts to former and serving members from the long-term variable remune-
ration system that was in place until 2018: €13,591 each for Hong Chow (10.7% of remuneration granted in 2021), Reiner Hansert (8.7% of remuneration 
granted in 2021), Frank Ganschow (until April 17, 2019), Michael Herz (until April 29, 2020), Matthias Locher (until April 17, 2019), Dr. Dr. Christine 
Martel (6.4% of remuneration granted in 2021), Tomas Nieber (until April 17, 2019), Prof. Manuela Rousseau (8.9% of remuneration granted in 2021), 
Poul Weihrauch (until April 17, 2019); €7,546 for Martin Hansson (until July 31, 2022; 4.9% of remuneration granted in 2021); €20,386 for Thorsten 
Irtz (until April 17, 2019); €12,953 for Frédéric Pflanz (8% of remuneration granted in 2021).

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
285
3. Comparative view of the annual change in remuneration and 
earnings performance
The following table presents a comparative view, in accordance with § 162 (1) sentence 2 no. 2 AktG, 
of the annual change in Executive Board and Supervisory Board remuneration, the earnings per-
formance of Beiersdorf AG and the Consumer Business Segment, and the average remuneration of 
employees.
The change in Executive Board and Supervisory Board remuneration shown relates to the remunera-
tion granted or owed within the meaning of § 162 (1) sentence 1 AktG. Relative changes in Executive 
Board and Supervisory Board remuneration may therefore be attributable solely to individuals joining 
or leaving the boards during the year or changing roles, or to the payment of variable remuneration 
components. Given the changed understanding of the term “remuneration granted” compared with 
the 2021 Remuneration Report (see the section “Remuneration of the individual Executive Board 
members in 2022”), the figures may also deviate from those shown in the 2021 Remuneration Report.
Earnings performance is shown based on the development of Beiersdorf AG’s profit after tax in accord-
ance with § 275 (2) no. 17 Handelsgesetzbuch (German Commercial Code, HGB). Since the remuner-
ation of Executive Board members also depends to a large extent on the development of other key 
performance indicators in the Consumer Business Segment, the development of organic sales and the 
EBIT margin (excluding special factors) for the Consumer Business Segment is also shown.
The comparison with the development of the remuneration of employees is based on the average 
remuneration of the workforce in the Beiersdorf companies belonging to the Consumer Business Seg-
ment (excluding tesa) on a full-time equivalent basis. Since the remuneration structures, particularly 
in the foreign subsidiaries, are many and varied, the comparison should be based only on the devel-
opment of average remuneration for the workforce in Germany. The remuneration granted and owed 
for the total workforce in the fiscal year (including senior management and executive staff within the 
meaning of § 5 (3) Betriebsverfassungsgesetz (Works Constitution Act, BetrVG) was taken into account 
in that. If employees additionally received remuneration as a member of the Supervisory Board of 
Beiersdorf AG, this was not taken into account. To enable comparison, the remuneration of part-time 
employees was calculated on a full-time equivalent basis. This comparison group was also used to 
review the appropriateness of the remuneration of Executive Board members.
Comparison of annual change in Executive and Supervisory Board remuneration in accordance with 
§162 AktG
2022
in EUR
2021
in EUR
2022 vs. 
2021
in%
2021 vs. 
2020
in%
2020 vs. 
2019
in%
2019 vs. 
2018
in%
Executive Board remuneration  
(in € thousand) 
Vincent Warnery (Chairman since May 1, 2021)
2,614
7,050
–62.9%
744.3%
–13.4%
6.2%
Oswald Barckhahn (since October 15, 2021)
1,125
242
364.9%
—%
—%
—%
Astrid Hermann (since January 1, 2021)
957
1,027
–6.8%
—%
—%
—%
Thomas Ingelfinger ( until June 30, 2022)
2,391
885
170.2%
14%
–18.1%
6.8%
Nicola D. Lafrentz (since May 1, 2022)
683
—
—%
—%
—%
—%
Zhengrong Liu (until December 31, 2022)
1,072
997
7.5%
24.2%
–16%
1.5%
Grita Loebsack (since January 1, 2022)
1,519
—
—%
—%
—%
—%
Ramon A. Mirt (since January 1, 2019)
4,721
1,375
243.3%
12.2%
–20.6%
—%
Patrick Rasquinet (since June 1, 2021)
1,077
659
63.4%
—%
—%
—%

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
286
Executive Board members who resigned 
prior to 2022
Stefan De Loecker (until June 30, 2021)
2,156
7,007
–69.2%
229.9%
–36.1%
–25.8%
Ralph Gusko (until December 31, 2019) 
458
917
–50.1%
–16.2%
–23.9%
27.5%
Asim Naseer (until April 5, 2021)
507
882
–42.5%
2.1%
–32.4%
—%
Dessi Temperley (until April 5, 2021)
—
851
–100%
–42.8%
–43.3%
62.1%
Supervisory Board remuneration  
(in € thousand)
Prof. Dr. Reinhard Pöllath (Chairman since  
April 30, 2008)
224
227
–1.3%
12.3%
–13.7%
20%
Hong Chow (since April 20, 2017)
113
128
–11.4%
6.1%
8.4%
17.6%
Reiner Hansert (since April 20, 2017)
142
157
–9.3%
2.6%
6.7%
22.5%
Martin Hansson (until July 31, 2022)
82
153
–46.4%
2.6%
6.7%
22.5%
Wolfgang Herz (since April 29, 2020)
114
117
–2.6%
23.8%
—%
—%
Uta Kemmerich-Keil (since August 1, 2022)
53
—
—%
—%
—%
—%
Andreas Köhn (since April 1, 2021)
114
86
32.4%
—%
—%
—%
Jan Koltze (since April 17, 2019)
91
93
–2.2%
17.4%
–13.9%
—%
Dr. Dr. Christine Martel (since April 26, 2012)
197
212
–6.9%
6.1%
–12.6%
27.8%
Olaf Papier (since April 17, 2019)
139
134
3.6%
33.8%
–13.8%
—%
Frédéric Pflanz (Deputy Chairman since  
September 2, 2022)
155
167
–7.2%
33.9%
17.4%
65%
Prof. Manuela Rousseau (Deputy Chairwoman 
since April 17, 2019)
139
152
–8.9%
–2%
–1.3%
29.3%
Kirstin Weiland (since April 17, 2019)
111
115
–3.5%
14.7%
–12.7%
—%
Supervisory Board members who resigned 
prior to 2022
Frank Ganschow (until April 17, 2019)
—
14
–100%
–50.1%
–51.5%
85.3%
Michael Herz (until April 29, 2020)
—
14
–100%
–79.1%
39.1%
12.4%
Thorsten Irtz (until April 17, 2019)
—
20
–100%
–50.1%
–49.1%
76.8%
Matthias Locher (until April 17, 2019)
—
14
–100%
–50.1%
–51.5%
85.3%
Tomas Nieber (until April 17, 2019)
—
14
–100%
–50.1%
–58.7%
63.3%
Regina Schillings (until April 1, 2021)
—
37
–100%
25.1%
–11.9%
—%
Poul Weihrauch (until April 17, 2019)
—
14
–100%
–50.1%
–48.8%
83.3%
Earnings performance
Profit after tax Beiersdorf AG (in € million)
308
123
150.4%
–36.9%
2.9%
–28.4%
EBIT margin Consumer Business Segment  
(in%)
12.3%
12.1%
0.2%
–0.2%
–1.8%
–1.2%
Sales Consumer Business Segment (in € million); 
changes vs. previous year in% (organic)
7,131
6,129
10.5%
8.8%
–6.6%
4.8%
Average remuneration of employees  
(in € thousand)
Remuneration of total workforce in the  
Consumer Business Segment (Germany)
92
89
2.7%
1.5%
3.1%
6%

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
287
Independent auditor’s report on the audit of the Remuneration 
Report in accordance with Section 162 (3) AktG
To Beiersdorf Aktiengesellschaft
Audit opinions
We have formally audited the Remuneration Report of Beiersdorf Aktiengesellschaft, Hamburg, 
­Germany for the fiscal year from January 1 to December 31, 2022, to ascertain whether the disclosures 
required under § 162 (1) and (2) Aktiengesetz (German Stock Corporation Act, AktG) were made in 
the Remuneration Report. In accordance with § 162 (3) AktG, we have not audited the substance of 
the Remuneration Report.
In our opinion, the attached Remuneration Report makes the disclosures required under §162 (1) and (2) 
AktG in all material respects. Our audit opinion does not cover the substance of the Remuneration Report.
Basis of the audit opinion
We conducted our audit of the Remuneration Report in accordance with § 162 (3) AktG, taking into 
account the IDW Auditing Standard “The Audit of the Remuneration Report in Accordance with 
§ 162 (3) AktG” (IDW PS 870). Our responsibility under this provision and this standard is further 
described in the section entitled “Auditor’s responsibility” of our report. As auditing practice, we 
applied the requirements of IDW Quality Assurance Standard “Requirements for Quality Assur-
ance Applicable to German Auditing Practices (IDW QS 1). We have complied with the professional 
duties under the German Act on the Code of Professional Practice for German Public Auditors 
(Wirtschaftsprüferordnung) and the Professional Code of Conduct for Auditors/Certified Account-
ants, including the requirements for independence.
Responsibility of the Executive Board and Supervisory Board
The Executive Board and Supervisory Board are responsible for preparing the Remuneration Report, 
including the related disclosures, in compliance with the requirements of § 162 AktG. In addition, 
they are responsible for the internal controls that they deem necessary to enable the preparation of 
a remuneration report, including the related disclosures, that is free from material misstatements, 
whether due to fraud or error.
Auditor’s responsibility
Our aim is to ascertain with reasonable assurance whether the disclosures required in accordance with  
§ 162 (1) and (2) have been made in all material respects and to issue an audit opinion on this in a report.
We planned and conducted our audit in such a way that, by comparing the disclosures made in the 
Remuneration Report to the disclosures required under § 162 (1) and (2) AktG, we can determine 
whether the Remuneration Report is formally complete. In accordance with § 162 (3) AktG, we did not 
audit the completeness of the substance of the individual disclosures or the appropriate presentation 
of the Remuneration Report.
Hamburg, February 17, 2023
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Dr. Janze	
	
Siemer 
Wirtschaftsprüfer	
Wirtschaftsprüferin 
(German Public Auditor)	 (German Public Auditor)

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
288
Ten-year Overview
(in € million)
(unless otherwise stated)
 2013 
 2014 
 2015 
 2016 
 2017 
20182
20191/2
 2020 
 2021 
 2022 
Sales
6,141
6,285
6,686
6,752
7,056
7,233
7,653
7,025
7,627
8,799
Change against prior year 
(nominal)
(in %)
1.7
2.3
6.4
1.0
4.5
2.5
5.8
–8.2
8.6
15.4
Consumer
5,103
5,209
5,546
5,606
5,799
5,890
6,274
5,700
6,129
7,131
tesa
1,038
1,076
1,140
1,146
1,257
1,343
1,379
1,325
1,498
1,668
Europe
3,390
3,421
3,447
3,461
3,568
3,673
3,757
3,467
3,676
3,900
Americas
1,092
1,116
1,243
1,252
1,307
1,267
1,372
1,347
1,527
2,126
Africa/Asia/Australia
1,659
1,748
1,996
2,039
2,181
2,293
2,524
2,211
2,424
2,773
EBITDA
926
975
1,091
1,163
1,238
1,262
1,270
1,085
1,220
1,379
Operating result (EBIT)
820
796
962
1,015
1,088
1,097
1,032
828
933
1,092
Profit before tax
815
811
968
1,040
1,022
1,048
1,037
821
907
1,096
Profit after tax
543
537
671
727
689
745
736
577
655
771
Return on sales after tax
(in %)
8.8
8.5
10.0
10.8
9.8
10.3
9.6
8.2
8.6
8.8
Earnings per share
(in €)
2.35
2.33
2.91
3.13
2.96
3.21
3.17
2.47
2.81
3.33
Total dividend – equity 
holders
 159 
 159 
 159 
 159 
 159 
 159 
 159 
 159 
 159 
 159 
Dividend per share
(in €)
0.70
0.70
0.70
0.70
0.70
0.70
0.70
0.70
0.70
0.70
Beiersdorf’s shares –  
year-end closing price
73.64
67.42
84.16
80.6
97.90
91.16
106.65
94.44
90.38
107.20
Market capitalization as  
of Dec. 31
18,557
16,990
21,208
20,311
24,671
22,972
26,875
23,799
22,776
27,014
Research and 
­development expenses
154
168
183
188
196
211
236
246
268
291
as % of sales
2.5
2.7
2.7
2.8
2.8
2.9
3.1
3.5
3.5
3.3
Employees as of Dec. 31
16,708
17,398
17,659
17,934
18,934
20,059
20,654
20,306
20,567
21,401
Intangible assets
176
119
119
119
140
200
581
545
538
1,111
Property, plant, and  
equipment
785
964
1,054
1,046
1,026
1,239
1,619
1,630
1,845
2,201
Non-current financial assets/
securities
804
1,059
1,318
1,919
2,554
2,642
2,830
3,462
3,990
3,233
Inventories
733
786
772
739
854
986
1,012
1,001
1,144
1,557
Receivables and other 
assets
2,316
2,426
2,692
2,878
2,730
2,874
2,861
2,563
2,747
3,129
Cash and cash equivalents
984
976
918
872
901
919
1,145
1,005
1,036
1,080
Equity
3,405
3,640
4,201
4,677
5,125
5,647
6,093
6,263
6,894
7,805
Liabilities
2,393
2,690
2,672
2,896
3,080
3,213
3,961
3,942
4,405
4,543
Provisions
997
1,166
1,074
1,242
1,207
1,227
1,478
1,594
1,517
1,142
Trade payables
973
1,022
1,152
1,244
1,420
1,554
1,660
1,642
1,973
2,328
Other liabilities
423
502
446
410
453
443
823
704
915
1,073
Total equity and liabilities
5,798
6,330
6,873
7,573
8,205
8,860
10,054
10,205
11,299
12,348
Equity ratio
(in %)
59
58
61
62
62
64
61
61
61
63
1	 The figures for fiscal year 2019 have been influenced by the initial application of the leasing standard IFRS 16. This affects especially the following 
positions: EBITDA (+€64 million), property, plant, and equipment (+€177 million), other liabilities (+€177 million), and key figures derived therefrom.
2	 The figures as of December 31, 2018, as well as December 31, 2019, have been amended due to the finalization of the purchase price allocation for 
the Coppertone business and due to an adjustment to the valuation of an acquisition made in 2018 in the tesa Business Segment.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
289
Beiersdorf AG’s Shareholdings
Germany
Name of the company
Registered office
Equity interest (in %)
Beiersdorf Manufacturing Berlin GmbH
Berlin
100.00
Dermanostic GmbH
Düsseldorf
9.71
La Prairie Group Deutschland GmbH
Düsseldorf
100.00
Tape International GmbH
Gallin
100.00
tesa Grundstücksverwaltungsgesellschaft mbH & Co. KG
Gallin
100.00
Beiersdorf Customer Supply GmbH
Hamburg
100.00
Beiersdorf Dermo Medical GmbH
Hamburg
100.00
Beiersdorf Hautpflege GmbH
Hamburg
100.00
Beiersdorf Immo GmbH
Hamburg
100.00
Beiersdorf Immobilienentwicklungs GmbH
Hamburg
100.00
Beiersdorf Manufacturing Hamburg GmbH
Hamburg
100.00
Beiersdorf Shared Services GmbH
Hamburg
100.00
Phanex Handelsgesellschaft mbH
Hamburg
100.00
T.D.G. Vertriebs GmbH & Co. KG
Hamburg
100.00
T.D.G. Vertriebs Verwaltungs GmbH
Hamburg
100.00
tesa Manufacturing Hamburg GmbH
Hamburg
100.00
tesa Werk Hamburg GmbH
Hamburg
100.00
Ultra Kosmetik GmbH
Hamburg
100.00
W5 Immobilien GmbH & Co. KG
Hamburg
100.00
WINGMAN-STUDIOS GmbH
Hamburg
100.00
tesa nie wieder bohren GmbH
Hanau
100.00
Beiersdorf Beteiligungs GmbH
Leezen
100.00
tesa SE
Norderstedt
100.00
tesa Werk Offenburg GmbH
Offenburg
100.00
Beiersdorf Manufacturing Waldheim GmbH
Waldheim
100.00

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
290
Europe
Name of the company
Registered office
Equity interest (in %)
Beiersdorf CEE Holding GmbH
AT, Vienna
100.00
Beiersdorf Ges mbH
AT, Vienna
100.00
La Prairie Group Austria GmbH
AT, Vienna
100.00
Skin Care Emerging Markets GmbH
AT, Vienna
100.00
tesa GmbH
AT, Vienna
100.00
S-Biomedic NV
BE, Berse
92.53
SA Beiersdorf NV
BE, Brussels
100.00
tesa sa-nv
BE, Brussels
100.00
Beiersdorf Bulgaria EOOD
BG, Sofia
100.00
Beiersdorf AG
CH, Basel
100.00
Swiss Cosmetics Production AG
CH, Berneck
100.00
tesa tape Schweiz AG
CH, Urdorf
100.00
La Prairie Group AG
CH, Volketswil
100.00
La Prairie Operations AG
CH, Volketswil
100.00
Laboratoires La Prairie SA
CH, Volketswil
100.00
Beiersdorf spol. s.r.o.
CZ, Prague
100.00
tesa tape s.r.o.
CZ, Prague
100.00
tesa A/S
DK, Allerød
100.00
Beiersdorf A/S
DK, Copenhagen
100.00
Beiersdorf Manufacturing Argentona, S.L.
ES, Argentona
100.00
tesa tape S.A.
ES, Argentona
100.00
La Prairie Group Iberia S.A.U.
ES, Madrid
100.00
Beiersdorf Holding, S.L.
ES, Tres Cantos
100.00
Beiersdorf Manufacturing Tres Cantos, S.L.
ES, Tres Cantos
100.00
Beiersdorf S.A.
ES, Tres Cantos
100.00
Beiersdorf Oy
FI, Turku
100.00
tesa Oy
FI, Turku
100.00
La Prairie Group France S.A.S.
FR, Boulogne-Billancourt
100.00
tesa s.a.s.
FR, Lieusaint
100.00
Beiersdorf Holding France
FR, Paris
100.00
Beiersdorf s.a.s.
FR, Paris
99.93
CHANTECAILLE-Paris SARL
FR, Paris
100.00
Beiersdorf UK Ltd.
GB, Birmingham
100.00
Chantecaille (UK) Ltd. 
GB, Chorleywood
100.00
FormFormForm Ltd.
GB, London
100.00
La Prairie (UK) Limited
GB, London
100.00
tesa UK Ltd.
GB, Milton Keynes
100.00
The Salford Valve Company Ltd.
GB, York
13.20
Beiersdorf Hellas A.E.
GR, Athens
100.00
tesa tape A.E.
GR, Gerakas
100.00
Beiersdorf d.o.o.
HR, Zagreb
100.00
Beiersdorf Kft.
HU, Budapest
100.00

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
291
Europe
(Continued)
Name of the company
Registered office
Equity interest (in %)
Tartsay Beruházó Kft.
HU, Budapest
100.00
tesa tape Ragasztószalag Termelö és Kereskedelmi Kft.
HU, Budapest
100.00
Alpa-BDF Ltd.
IL, Herzeliya
60.00
Beiersdorf ehf
IS, Reykjavík
100.00
Beiersdorf SpA
IT, Milan
100.00
La Prairie SpA
IT, Milan
100.00
tesa SpA
IT, Milan
100.00
Comet SpA
IT, Solbiate con Cagno
100.00
Beiersdorf Kazakhstan LLP
KZ, Almaty
100.00
tesa tape UAB
LT, Vilnius
100.00
Beiersdorf Holding B.V.
NL, Amsterdam
100.00
Beiersdorf NV
NL, Amsterdam
100.00
tesa BV
NL, Hilversum
100.00
tesa Western Europe B.V.
NL, Hilversum
100.00
tesa TL B.V.
NL, Nijkerk
100.00
Beiersdorf AS
NO, Oslo
100.00
tesa AS
NO, Oslo
100.00
Beiersdorf Manufacturing Poznan Sp. z o.o.
PL, Poznan
100.00
Beiersdorf Shared Services Poland Sp. z o.o.
PL, Poznan
100.00
NIVEA Polska Sp. z o.o.
PL, Poznan
100.00
tesa tape Sp. z o.o.
PL, Poznan
100.00
Beiersdorf Portuguesa, Limitada
PT, Barcarena Queluz de Baixo
100.00
tesa Portugal – Produtos Adesivos, Lda.
PT, Barcarena Queluz de Baixo
100.00
Beiersdorf Romania s.r.l.
RO, Bucharest
100.00
tesa tape s.r.l.
RO, Cluj-Napoca
100.00
Beiersdorf d.o.o.
RS, Belgrade
100.00
Beiersdorf LLC
RU, Moscow
100.00
La Prairie Group (RUS) LLC
RU, Moscow
100.00
tesa tape OOO
RU, Moscow
100.00
Beiersdorf Aktiebolag
SE, Gothenburg
100.00
Beiersdorf Nordic Holding AB
SE, Gothenburg
100.00
tesa AB
SE, Kungsbacka
100.00
Beiersdorf d.o.o.
SI, Ljubljana
100.00
tesa tape posrednistvo in trgovina d.o.o. i.L.
SI, Ljubljana
100.00
Beiersdorf Slovakia, s.r.o.
SK, Bratislava
100.00
tesa Bant Sanayi ve Ticaret A.S.
TR, Istanbul
100.00
Beiersdorf Ukraine LLC
UA, Kiev
100.00

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
292
Americas
Name of the company
Registered office
Equity interest (in %)
Beiersdorf S.A.
AR, Buenos Aires
100.00
tesa tape Argentina S.R.L.
AR, Buenos Aires
100.00
Beiersdorf S.R.L.
BO, Santa Cruz de la Sierra
100.00
tesa Brasil Ltda.
BR, Curitiba
100.00
Beiersdorf Indústria e Comércio Ltda.
BR, Itatiba
100.00
BDF NIVEA LTDA.
BR, São Paulo
100.00
Beiersdorf Canada Inc.
CA, Saint-Laurent
100.00
Chantecaille Beaute Canada Inc.
CA, Toronto
100.00
tesa tape Chile S.A.
CL, Las Condes
100.00
Beiersdorf S.A.
CL, Providencia
100.00
Beiersdorf S.A.
CO, Bogotá
100.00
tesa tape Colombia S.A.S.
CO, Cali
100.00
BDF Costa Rica, S.A.
CR, San José
100.00
Beiersdorf, SRL
DO, Santo Domingo
100.00
Beiersdorf S.A.
EC, Quito
100.00
BDF Centroamérica, S.A.
GT, Guatemala City
100.00
tesa tape Centro América S.A.
GT, Guatemala City
100.00
BDF México, S.A. de C.V.
MX, Mexico City
100.00
BSS HUB MÉXICO, S.C.
MX, Mexico City
100.00
tesa tape México, S.A. de C.V.
MX, Mexico City
100.00
Beiersdorf Manufacturing México, S.A. de C.V.
MX, Silao
100.00
BDF Panamá, S.A.
PA, Panama City
100.00
Beiersdorf S.A.C.
PE, Lima
99.81
Beiersdorf S.A.
PY, Asunción
100.00
BDF El Salvador, S.A. de C.V.
SV, San Salvador
100.00
tesa tape inc.
US, Charlotte, NC
100.00
Beiersdorf Manufacturing, LLC
US, Cleveland, TN
100.00
Sugru Inc.
US, Livonia, MI
100.00
Chantecaille Beaute Inc.
US, New York City, NY
100.00
LaPrairie.com LLC
US, New York City, NY
100.00
Functional Coatings LLC
US, Newburyport, MA
100.00
La Prairie, Inc.
US, Piscataway, NJ
100.00
tesa Plant Sparta LLC
US, Sparta, MI
100.00
Beiersdorf, Inc.
US, Stamford, CT
100.00
Beiersdorf North America Inc.
US, Stamford, CT
100.00
Panda International Holdings Inc.
US, Wilmington, DE
100.00
Pangolin Holdings Inc.
US, Wilmington, DE
100.00
tesa Functional Coatings Inc. USA
US, Wilmington, DE
100.00
tesa TL LLC
US, Wilmington, DE
100.00
Beiersdorf S.A.
UY, Montevideo
100.00
Beiersdorf S.A.
VE, Caracas
100.00

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
293
Africa/Asia/Australia
Name of the company
Registered office
Equity interest (in %)
Beiersdorf Middle East FZCO
AE, Dubai
100.00
Beiersdorf Near East FZ-LLC
AE, Dubai
100.00
TESA ME FZE
AE, Dubai
100.00
Beiersdorf Australia Ltd.
AU, North Ryde, NSW
100.00
Beiersdorf Health Care Australia Pty. Ltd.
AU, North Ryde, NSW
100.00
La Prairie Group Australia Pty. Ltd.
AU, Rosebery, NSW
100.00
tesa tape Australia Pty. Ltd.
AU, Sydney, NSW
100.00
Beiersdorf Hong Kong Limited
CN, Hong Kong
100.00
Chantecaille Beaute Hong Kong Limited
CN, Hong Kong
100.00
La Prairie Hong Kong Limited
CN, Hong Kong
100.00
tesa tape (Hong Kong) Limited
CN, Hong Kong
100.00
Beiersdorf Trading (Shanghai) Co., Ltd.
CN, Shanghai
100.00
Chantecaille (Shanghai) Co., Ltd.
CN, Shanghai
100.00
La Prairie (Shanghai) Co., Ltd.
CN, Shanghai
100.00
NIVEA (Shanghai) Company Limited
CN, Shanghai
100.00
tesa tape (Shanghai) Co., Ltd.
CN, Shanghai
100.00
tesa Plant (Suzhou) Co., Ltd.
CN, Suzhou
100.00
tesa tape (Suzhou) Co., Ltd.
CN, Suzhou
100.00
Beiersdorf Daily Chemical (Wuhan) Co., Ltd.
CN, Wuhan
100.00
Beiersdorf Egypt for Trading JSC
EG, Cairo
100.00
Beiersdorf LLC
EG, Cairo
100.00
Beiersdorf Nivea Egypt LLC
EG, Cairo
100.00
Beiersdorf Ghana Limited
GH, Accra
100.00
P.T. Beiersdorf Indonesia1
ID, Jakarta
91.00
Beiersdorf India Pvt. Limited
IN, Mumbai
51.00
Beiersdorf India Service Private Limited
IN, Mumbai
100.00
NIVEA India Pvt. Ltd.
IN, Mumbai
100.00
tesa tapes (India) Private Limited
IN, Navi Mumbai
100.00
Beiersdorf Holding Japan Yugen Kaisha
JP, Tokyo
100.00
La Prairie Japan K.K.
JP, Tokyo
100.00
Nivea-Kao Co., Ltd.
JP, Tokyo
60.00
tesa tape KK
JP, Tokyo
100.00
Beiersdorf East Africa Limited
KE, Nairobi
100.00
Alkynes Co. Ltd.
KR, Gyeonggi-do
31.43
Beiersdorf Korea Limited
KR, Seoul
100.00
Chantecaille Beaute Korea Ltd.
KR, Seoul
100.00
La Prairie Korea Limited
KR, Seoul
100.00
LYCL Inc.
KR, Seoul
24.09
tesa tape Korea Limited
KR, Seoul
100.00
1	 This corresponds to Beiersdorf’s legal share as of December 31,2022. Beiersdorf acquired the remaining 9% of the shares with 
effect from January 11, 2023, either directly or via subsidiaries. Since the purchase price was already paid in fiscal year 2022, 
economic ownership is assigned to Beiersdorf as of the balance sheet date and the acquisition has already been reflected in 
the financial statements for fiscal year 2022.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
294
Africa/Asia/Australia
(Continued)
Name of the company
Registered office
Equity interest (in %)
Beiersdorf S.A.
MA, Casablanca
100.00
Beiersdorf (Myanmar) Ltd.
MM, Rangoon
100.00
tesa tape (Malaysia) Sdn. Bhd.
MY, Bandar Baru Bangi
96.25
tesa tape Industries (Malaysia) Sdn. Bhd.
MY, Bandar Baru Bangi
96.25
Beiersdorf (Malaysia) SDN. BHD.
MY, Petaling Jaya
100.00
Beiersdorf Nivea Consumer Products Nigeria Limited
NG, Lagos
100.00
Beiersdorf Philippines Incorporated
PH, Taguig Bonifacio Global 
City
100.00
Beiersdorf Pakistan (Private) Limited
PK, Lahore
100.00
Turath Al-Bashara for Trading Limited
(Skin Heritage for Trading)
SA, Jeddah
70.00
Beiersdorf Singapore Pte. Ltd.
SG, Singapore
100.00
Chantecaille Beaute Singapore Pte. Ltd.
SG, Singapore
100.00
tesa tape Asia Pacific Pte. Ltd.
SG, Singapore
100.00
Beiersdorf (Thailand) Co., Ltd.
TH, Bangkok
100.00
tesa tape (Thailand) Limited
TH, Bangkok
90.57
NIVEA Beiersdorf Turkey Kozmetik Sanayi ve Ticaret A.S.
TR, Istanbul
100.00
La Prairie (Taiwan) Limited
TW, Taipei
100.00
NIVEA (Taiwan) Ltd.
TW, Taipei
100.00
tesa Site Haiphong Company Limited
VN, Haiphong
100.00
tesa Vietnam Limited
VN, Hanoi
100.00
Beiersdorf Vietnam Limited Liability Company
VN, Ho Chi Minh City
100.00
Beiersdorf Consumer Products (Pty.) Ltd.
ZA, Umhlanga
100.00

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
295
Contact Information
→	 Published by
	
Beiersdorf Aktiengesellschaft
	
Unnastraße 48
	
20245 Hamburg 
	
Germany
→	 Editorial Team and Concept
	
Corporate Communications
	
Telephone: +49 40 4909-2001
	
E-Mail: cc@beiersdorf.com
→	 Additional Information
	
Corporate Communications
	
Telephone: +49 40 4909-2001
	
E-Mail: cc@beiersdorf.com
	
Investor Relations
	
Telephone: +49 40 4909-5000
	
E-Mail: investor.relations@beiersdorf.com
	
Beiersdorf on the internet
	
www.beiersdorf.com
→	 Contributors
	
Design/Realization 
nexxar GmbH, Vienna
	
Translation/Proofreading 
Leinhäuser Language Services GmbH, Unterhaching
	
Cover 
Adobe Stock/kanashkin
In consideration of sustainability aspects, the Annual Report will no longer be provided as a printed, 
but only as an online version. The online versions of the financial publications of Beiersdorf are 
available at www.beiersdorf.com/financial_reports.
This Annual Report is also available in German.

To the shareholders
Combined Management Report
Consolidated Finanancial Statements
Additional Information
ANNUAL REPORT 2022
296
Financial Calendar
2023
April 13
April 26
August 3
Annual General Meeting
Quarterly Statement  
January to March  2023
Half-Year Report 2023
October 25
Quarterly Statement  
January to September 2023
2024
February/March
April
April/May
Publication of Annual  
Report 2023, 
Annual Press Conference, 
Financial Analyst Meeting
Annual General Meeting
Quarterly Statement 
January to March 2024
August
October
Half-Year Report 2024
Quarterly Statement  
January to September 2024

Beiersdorf Aktiengesellschaft  
Unnastrasse 48, 20245 Hamburg, Germany 
Tel.: + 49 40 4909-0, Fax: + 49 40 4909-3434 
Internet: www.beiersdorf.com