2023
ANNUAL ANDSUSTAINABILITYREPORT2
ANNUAL AND SUSTAINABILITYREPORT 2023

3

Editorial

5

Board of Directors and Executive Board

6

Company profile

7

Selected key figures

8

Financial key figures

SUSTAINABILITY
13 Governance17

Customers

21 Workers
26 Community
29 Environment
43 Sustainability performance
FINANCIAL STATEMENTS 2023
47 Weleda Group
61 Weleda AG
NOTES
71 Employees
72 Emission sources
74 Corporate Governance / Certifications
75 Publishing and legal details / Addresses

CONTENTS

70 Environmental Sustainability Table

Weleda delivered profitable growth in the past financial year and willcontinue to progress dynamically and responsibly.
As a company, Weleda aims to play an influential role and contribute tocreating a healthy future worth living in. We have increased our sales
and returned to profitability.
#Focus_GrowthThatMatters is Weleda’s strategy of growth coupledwith responsibility. In the coming years, our strategic development will
be shaped by four areas: innovation, internationalisation, digitalisation,and premiumisation. Specifically, this means we are focusing on new
products in areas such as skincare as our driving force. In our view, thegreatest opportunities lie in Eastern Europe and North America.
We plan to significantly expand our e-commerce arm. In addition, weare modernising our Weleda cosmetics brand, moving it further towards
the premium category and boosting its appeal to younger target groups.
Over my first year as CEO of Weleda, it became clear to me that thisspecial company has enormous potential, both in the growth market of
natural cosmetics and in the field of anthroposophic medicine.
We have played a dominant role in shaping both these markets since
our company was founded, and we will continue to do so in the future.
We are not just any company. We are Weleda – a “sustainable native”
in the truest sense, for over 100 years.
We hope you enjoy reading our Annual and Sustainability Report for
2023, and look forward to your continued support in the future!
Warm regards,

3

EDITORIAL CEO TINA MÜLLER

Dear Readers,Weleda is back on track. After tackling the challenges of 2022, inthe 2023 financial year we succeeded in boosting sales and returning
to profitability. This good news is presented in more detail in our
Report. Our employees around the world have worked enormously
hard to achieve this success, and our warmest thanks go to them all.
As the Executive Chair of the Board of Directors, I helmed our company
through operational restructuring and change for almost a year before
handing over my duties to Tina Müller, the new CEO. In organisationalterms, we established our pharmaceutical and cosmetics divisions
as two separately managed areas supported by efficient centralisedfunctions, among them Finance, Logistics, People and Culture, and IT.
We were able to continue, finance and largely complete various
projects including our large-scale logistics centre as a beacon ofsustainability. Working with an array of partners that supply us withraw materials from all over the world, we develop social and ecologicalinitiatives and projects.
This report provides insights into the world of Weleda and our network,in which we dedicate ourselves daily to furthering health and beauty
for people and nature.
I hope you enjoy reading our Report.
Best regards,

4

EDITORIAL PRESIDENT BOARD OF DIRECTORS THOMAS JORBERG

Dear Readers,

“Sustainability is partof our DNA.”

The Weleda Executive Board (left to right):
Raphael Savalle (Finance), Alois Mayer (Production and Operations),
Tina Müller (CEO) and Thomas Jorberg (interim Executive Chair
before Tina Müller took up the position of CEO in October)

Members of the Weleda Board of Directors (left to right):
Andreas Jäschke, Thomas Jorberg (Präsident), Elfi Seiler,
Harald Matthes and Ueli Hurter“Weleda is growing
profitably and aims to further
increase sales.”BOARD OF DIRECTORS AND EXECUTIVE BOARD

5

6“Unfolding health and beauty in harmony
with nature and the human being.”
CapitalWeleda is the world’s leading manufacturer of certified natural cosmetics
and anthroposophic pharmaceuticals. The product portfolio comprises about
1,000 pharmaceuticals worldwide and a wide range of extemporaneous pharmaceutical preparations, as well as 120 natural and organic cosmetics. They aredeveloped based on a unique understanding of people and nature. For decades,
nearly 500 substances from nature have formed the foundation of our products,
which contribute holistically to people’s health and well-being.

WELEDAWORLDWIDE
Weleda products are available in more than 50 countries. The company employs
2,320 people¹ worldwide to develop, produce and market its products.
The Swiss stock corporation is headquartered in Arlesheim (Switzerland), with
its largest branch in Schwäbisch Gmünd (Germany). The Weleda Group comprises
28 companies in 22 countries.

65.8 %

34.2 %

Two principal shareholders

Diversified holding

77.1 %

22.9 %
Diversified holding

Two principal
shareholders

34.2 per cent of the capital and 77.1 per cent of the voting rights of Weleda AG are heldby two principal shareholders: the General Anthroposophical Society (AAG, Dornach,
Switzerland) and Klinik Arlesheim (KA, Arlesheim, Switzerland), formerly Ita Wegman Klinik
AG. The remaining voting and non-voting shares are in diversified holding. Under thecompany’s articles of incorporation the egistered shares of Weleda AG may be transferred
only with the written permission of the Board of Directors of Weleda AG. Acquirers must
be members of the General Anthroposophical Society, Dornach. In order to be valid, thetransfers have to be registered in the company’s share register.

Capital structure of Weleda AG 2
AnzahlNominalkapital in CHF

Nominal registered voting shares CHF 1,000

3,478

3,478,000

Nominal registered voting shares CHF 112.50

6,880

774,000

Nominal registered voting shares CHF 125

3,984

498,000

Nominal registered non-voting shares CHF 500

19,0009,500,000

Total nominal capital

14,250,000

1	Number of persons including trainees, apprentices, marginally employed staff, volunteers.
2	The share capital is fully paid. As at December 31st 2023, there is neither authorised nor contingent share capital. Every registered voting shareentitles the bearer to a single vote in the General Shareholders’ Meeting.

COMPANY PROFILEWELEDA NATURAL AND ORGANICCOSMETICS ANTHROPOSOPHIC
PHARMACEUTICALS

Voting rights

7

BUSINESS YEAR 2023
Proportionof waste thatis reusedEBIT
IN 1,000 EUR

WELEDA IS REPRESENTED ON ALL FIVE
CONTINENTS AND IN OVER 50 COUNTRIES.

97 %13,367→0%↗
+506.9 %Equity ratio

19 %Net sales

Pharmaceuticals

Resulat for the year

IN 1,000 EUR

421,21845.0 %↗
+2.9 %↘
-1.0 percentage point

Investments

41,237↗
+10.2 %

81 %Employees↘
-5.3 %↘
-5.9 %↘
-5.5 %

81 %
↘
-3 %

Reuse through composting,repurposing, recycling,
recovery, thermal use orother utilisation

Minimum organic
portion requirement
implemented for
new raw materials

Recycling
proportionof primary
packaging(cosmetics)

Proportionof renewableelectricity↗

Natural andorganic cosmetics

Currency adjusted

IN 1,000 EUR
IN INTANGIBLE ASSETS AND PROPERTY,
PLANT AND EQUIPMENT

IN 1,000 EUR

Organic
proportion ofplant-based
raw materials

1,576 female
744 male
2,320

9,851
+260.7 %

60 %

95 %
↗
+2 %

↗
+2 %
Based on the weight ofall packaging produced
including the closuresystemWhole Weleda Group
worldwide (own buildings;
including rented buildings:
91 %)SELECTED KEY FIGURES

Weledaproducts

8

BUSINESS YEAR 2023

Economy2023
in 1,000
CHF 1

2022
in 1,000
EUR

2022
in 1,000
CHF1

Change in %2023 / 2022
based onEUR values

Weleda Group – key figures
Net sales

421,218

409,275

413,806

415,798+1.8

340,062

330,420

326,423

327,994+4.2

81,15678,85587,38387,804-7.1

Operating result (EBIT)

13,367

12,988-3,285-3,301+506.9EBIT in % of net sales

3.2 %Consolidated result for the year

9,851

9,572

-6,130-6,160+260.7

16,05915,604

2,698

2,711

+495.2

7,411

6,890

32,96632,552

Investments in intangible assets and property,
plant and equipment

41,23740,06837,43537,615Full-time equivalents (FTE) as at December 31st

1,887

Net sales natural and organic cosmetics
Net sales pharmaceuticals

Cash flow from operating activities
Net assets ( + ) 2-0.8 %

2,1192023
in million
EUR

2023
in %

2022
in million
EUR

2022
in %

Change in %2023 / 2022
in %Origin
Revenue(sales, other income and interest income)

436.2

417.8

+4.4

Input (cost of materials, changes in inventory,
depreciation and amortisation and other inputs)-252.4-227.8+10.8

Value added

183.8

190.0

-3.3

Distribution
To employees (employee income, as well as social
contributions and Pension Fund)

170.1

92.5

193.9

102.1

-12.3

-77.5

To public authorities (taxes)

2.5

1.4

1.8

0.9

+38.9

+10.2

To charitable organisations (donations), pursuant
to paragraph 2 ( 3) of the articles of incorporation

0.1

0.1

0.3

0.2

-66.7

-10.9

To lenders (interest expense)

1.2

0.7

0.1

0.1

+1 , 100.0

Balance sheet total

366,433

340,671

338,179

333,935+8.4

To shareholders (distribution)

2.21

1.2

0.0

0.0

n.a.

Shareholders’ equity

165,086

153,480

155,621

153,668+6.1

To the company (retained earnings)

7.7

4.2

-6.1

-3.2

-226.2

183.8

100.0

190.0

100.0

-3.3

Equity ratio

45.0 %

46.0 %

Value added

All information based on average rates for the year. Comments to the value added statement: see page 48.

Weleda AG – key figures

1

Result for the year

1,256

-15,671+108.0Shareholders’ equity

88,48487,224+1.4

Distribution in % of nominal value

14.0 %3

0.0 %1

Exchange rates given are as at valuation date, annual average or historic

2

Cash and cash equivalents and securities less current and non-current interest-bearing liabilities					

3Pursuant to the proposal made by the Board of Directors to the General Shareholders’ Meeting on June 7th 2024

Pursuant to the proposal made by the Board of Directors to the General Shareholders’ Meeting on June 7th 2024

FINANCIAL KEY FIGURES

2023
in 1,000
EUR

Value added statement

Growth with responsibility

9

Weleda is back on track. The company delivered profitable growth in the last
financial year and aims to continue its dynamic progress. But Weleda does not
pursue growth for growth’s sake. The company sees growth as going hand inhand with responsibility.

Thomas Jorberg, President of the Board of Directors,

ly becoming a prerequisite for business success inand CEO Tina Müller discuss the “Weleda way”.

the future. In addition, our natural cosmetics andnatural healthcare products meet a growing need.

Thomas Jorberg, what is your view of Weleda’s
past financial year?

We have set ourselves ambitious goals in this area:
we manufacture high-quality products from organically grown raw materials, using holistic and

THOMAS JORBERG   After a challenging year inresource-efficient production methods. I believe2022, financial 2023 saw us successfully reverse

this approach offers enormous potential for thethe trend. We have now returned to profitable

natural environment of our customers, and ofgrowth and are on track for the future. This has

Weleda itself.

What’s behind the new upswing?

Tina Müller, Weleda developed the #Focus_GrowthThat- Matters strategy under your leadership as
the new CEO. Tell us more about it.

THOMAS JORBERG   Last year, we took a series of

TINA MÜLLER   Our target is to double sales by thepivotal decisions; we gave the individual divisions

end of the decade by focusing on the four growth

greater entrepreneurial responsibility, we reorga-

drivers of innovation, internationalisation, digitali-

nised our pharmaceuticals business, and we became

sation and premiumisation. Over the past months,

leaner, faster and more efficient. First and foremost,

we have made progress in all these areas andhowever, we increased our customer focus, and ourlaunched new projects that map out our course for

new product launches were a complete success.

the future.

What does the President of the Board of Directors
see in store for Weleda in the future?

Could you give a few examples?

ments and thanks go to all our employees.

TINA MÜLLER   Take innovation, for example. Our
THOMAS JORBERG   Embedding sustainability inrecently launched Firming Facial Care was the mostbusiness operations is essential, and is increasing-

successful new product in the anti-aging market, a

SUSTAINABILITY

been a strong team performance, and our compli-

10
ingly targeting younger age groups. We are driving
modernisation at all levels throughout the company. The current Skin Food campaign, “Touched by

Innovation

Digitalisation

Nature”, distinctively captures this repositioning.
President of the Board of Directors Thomas Jorberg
acted as interim Executive Chair of Weleda in 2023.
In October 2023 the new CEO, Tina Müller, took overas Executive Chair.

But you are retaining the original Weleda values
despite all these advances, aren’t you?
TINA MÜLLER   Yes, absolutely. Renewal and preservation are our watchwords. A brand that fails tomove with the times will fail in time. Our path into
the future is founded on our solid values and unwavering commitment to sustainability. Nothing

MODERNISATION

will change there. As a certified B Corp (Benefit
Corporation), Weleda is part of a group of internamajor growth sector. New products make all thetional companies certified by the non-profit B Lab

difference. With this in mind, we are stepping up

organisation as organisations that pursue mean-

our focus on future-facing innovations based on

ingful management and have firmly rooted B Lab’s

science and research. In terms of our international

high standards and values in their governance

operations, we see the greatest opportunities instructure. The most recent example of this in ourEastern Europe and North America.

company culture is the new logistics centre. Clearly visible from afar, it is carbon neutral in operation.

And what about digitalisation?

The centre is a beacon in ecological, economic andsocial terms. I am already looking forward to theofficial opening in the autumn, and would like tosation in our business processes and will also sig-

thank everybody that is helping to turn this ground-nificantly expand our e-commerce activities, par-breaking project into reality!

ticularly in our home markets of Switzerland andGermany. As part of that, the Weleda online store
launched successfully in February.

The brand image has also undergone extensivechanges…

Internationalisation

Premiumisation

What do you forecast for the pharmaceuticals
business?
THOMAS JORBERG   Many people seek natural
remedies that provide effective support for the
body’s self-regulation. Given this, we believe our

TINA MÜLLER   We are moving our cosmetics brandpharmaceutical products can deliver high growth

towards the premium market, and we want that toand high potential for success. Health and beauty

be clearly visible. At the same time, we are increas-

are the very essence of Weleda.

Sustainability · Brand · Culture

SUSTAINABILITY

TINA MÜLLER   We are continuing to drive digitali-Making the world a better
place — together

11

Weleda is a company with purpose running through its DNA.
Its founders had a vision of health and beauty in harmony with people
and nature which has continued to resonate and grow today.

SUSTAINABILITYIDENTITY, PURPOSE AND FUTURE

12

Our understanding of sustainability
Customers

As a certified B Corp, Weleda is part of a global movement engaged in usingbusiness and entrepreneurial success as a force for good.

Our products benefit the common
good by generating added value
for our customers’ lives.

We are passionate about healthy soils, fair conditions in our supply chains,
biodiversity and climate protection. From our earliest beginnings, we have dedicated ourselves to sustainability and striven for an ecologically focused andsocially just future: Deeply aware that entrepreneurialism goes hand in hand withresponsibility, we have gained Benefit Corporation (B Corp) certification andanchored our pledge to generate added social value and ecological sustainability

Workers
How does Weleda positively impact
on its employees? Our bestpractices for meaningful andgood work.

Governance
How our company values mission,
ethics, responsibility and transparency, and how we demonstrate
our stance as a Benefit
Corporation.

in our corporate statutes.
Weleda has been a certified B Corp since 2021. We are thus one of over 8,600
companies worldwide to have joined this global movement, founded in 2006. All
these companies are united in their pursuit of a common goal: the global visionof an integrated, just and regenerative economic system for the planet and all its
inhabitants. Weleda achieved a B Impact Assessment score of 106.8 (minimum

Benefit for all
B stands for “Benefit for all” and Corp is short for “Corporation”. B Corp certification examines whether applicants fulfil rigorous standards of social andecological performance, transparency and social responsibility. The B Impact
Assessment evaluates companies’ practices and results in the categories ofGovernance, Customers, Workers, Community and Environment. The next partof this Annual and Sustainability Report addresses the topics outlined inthese categories.

Environment

Community

At Weleda, we are committed to

As a company, we contribute tocreating a more sustainable andmore regenerative planet.

economic and social prosperity byworking for the community.

SUSTAINABILITY

required: 80) in its first certification application.

13

GOVERNANCE

GOVERNANCE

How our company values mission, ethics,
responsibility and transparency, and how we demonstrate
our stance as a Benefit Corporation.

14

For a businesswith impact
Weleda is committed to showing that an inclusive, equitable andregenerative economy is possible. This commitment is demonstrated
by our certification as a Benefit Corporation.

Why does B Corp certification focus on the fivecategories of Governance, Customers, Workers,
Community and Environment?

What can Weleda bring to the table in the B Corp
movement?
Companies like Weleda can drive change and help

JONATHAN NORMAND The five B Corp categories

ensure that our economic activities do not over-deliver a holistic overview of a company that ena-

step the Earth’s limits of endurance. Governments

bles us to verify whether its activities are directed

and regulators are lagging behind this goal.

solely at financial success, or whether it is also fair

Choosing Weleda products benefits our own per-and supportive to its employees, fosters diversity

sonal health, but also that of the planet itself. Thatand inclusion, is committed to the well-being ofis why we need more pioneers like Weleda.

local populations, treats nature responsibly andcreates sustainable products.

Jonathan Normand

is the founder and CEOof the non-profit organisation
B Lab Switzerland

B Corp aims to redefine business success so that

The B Corp movement, founded in 2006, is

one day, companies will no longer compete to be

a community of companies that now has

the best in the world, but also the best for theover 8,600 certified members worldwide.

world. Our goal is to bring about systemic change

Its vision is to create a global economy

in which companies no longer merely generatethat harnesses entrepreneurial activity as

profits, but also adopt business models that actu-

a force for good.

ally deliver social and ecological benefits.

GOVERNANCE

Over 8,600 companies worldwide have joined the
B Corp movement. Where is the movement headed?

15“B Corp certification encourages companies to implement
concrete measures for a better world.”

GOVERNANCE

ANDREW GREEN Is Managing Director of B Lab Germany

16

Groundbreaking
commitment by Weleda
Weleda’s first recertification as a B Corp is coming up in 2024.
The company aims to demonstrate that it has further improved its
strong performance in the field of sustainability.

What does the B Corp movement seek to achieve?
All B Corps throughout the world are united in theircommitment to using business and entrepreneurial
success as a force for good. This requires companies to introduce high levels of transparency andhone their will to increase the positive impact of
the company’s core business while reducing negative impacts.

What are the benefits of B Corp for Weleda?

What is Weleda’s contribution?

STEFAN SIEMER We embrace the rigorous B Corp

My colleague, Maria Claudia Pontes, Regional Di-

risks and receive professional feedback. Our preparations for the initial certification showed us that
we needed to address climate protection in a more
systematic manner. We applied the same in-depth
analysis to our our supply chains, the quality of ourraw materials and our company management. This
will benefit us in meeting our reporting obligationsin the future.

rector South America, is an active member of theSupervisory Board of Sistema B, while I sit on the
Supervisory Board of B Lab Germany and the Supervisory Board of B Beauty Coalition, which provides impetus for the sector transformation of thebeauty industry. As an extremely strong and credible brand and a “sustainable native” in the pharmaceutical and cosmetics industries, Weleda canbe a powerful role model.

Stefan Siemer

is Head Group Sustainability
at Weleda AG and the Weleda
Group

GOVERNANCE

assessment in order to detect weaknesses, reduce

17

CUSTOMERSCUSTOMERS

Our products benefit the common good by generating added
value for our customers’ lives.

Skin that’s beautiful to touch

18

First developed in 1926, Skin Food is one of Weleda’s original products andhas become a timeless classic. Weleda Skin Food Face Care now complements the
popular beauty evergreen with a product especially designed for the face.

With the power of phytosqualane
Weleda Skin Food Nourishing Day Cream and Skin Food
Nourishing Night Cream utilise the iconic plant power of wild
pansy, calendula, chamomile, rosemary extract and sunflower
oil, enhanced by an all-new, highly effective power ingredient:
phytosqualane.
This plant-based squalane from natural olive leaf extracts
strengthens the skin‘s natural barrier function and protects itfrom moisture loss and harmful environmental influences.
The new product formulas are moisturising and regenerating
for intensively nourished skin.

Alongside the high-quality ingredients, the new duo of Skin
Food Nourishing Day Cream and Skin Food Nourishing Night
Cream has a further distinctive feature: its packaging. Thisis likewise designed with eco-responsibility as the focus: thegreen glass jars contain PCR (post-consumer recyclate),and the carton, glass jar and lid are all separately recyclable.

CUSTOMERS

Sustainable Beauty

Collagen+ Active Complex

19

Weleda’s Blue Gentian & Edelweiss Contouring
Face Care series with innovative botanical formulation.

The innovative formulation of Weleda Blue Gentian &Edelweiss Contouring Face Care (patent pending) has been
proven to boost the skin’s collagen production in in-vitro
testing. These new products reduce deep wrinkles and skinpigmentation and redefine facial contours.
At Weleda, we tailored this face care series precisely to theneeds of menopausal skin. Many women at this time of life
long for face care to improve skin elasticity and reduce deeplines, and seek products that help skin to become plumperand more glowing while protecting the natural skin barrier toprevent dryness.

Blue gentian, edelweiss and gotu kola
Collagen+ Active Complex combines the efficacy of two
Alpine plants, blue gentian and edelweiss, with the traditional
power of Centella asiatica, also known as gotu kola or Asiatic
pennywort. The extracts we use in our products boost the
production of collagen, an important building block of skinThis positive effect has been proven by in-vitro tests on
cultured cells from the collagen-producing layer of the skin.
The extracts slow collagen loss and replenish the skin’s
collagen content. This effect is enhanced by the trio ofeffective ingredients we have developed, for which we haveapplied for a patent.

CUSTOMERS

elasticity.

20

Studies investigate efficacy
We conduct clinical studies to investigate the efficacy of our
medicinal products. The Clinical Research Team has issued
successful publications on Neurodoron® and Visiodoron Malva®.

Positive experiences from the use of Neurodoron® had alreadybeen noted in therapeutic applications for relieving stress-related disorders. Taking this information as a basis, the influenceof Neurodoron® on neurasthenia was examined compared withplacebo. After treatment with Neurodoron®, improvements in
ten out of twelve symptoms of neurasthenia were noted, particularly irritability and nervousness. The results of the study havehttps://doi.org/10.1080/03007995.2023.2291169
Already at the development stage of the medical device
Visiodoron Malva®, a comparison conducted with hyaluronic
acid alone revealed that our combination of hyaluronic acid andmallow extract offered the potential for a lasting and effective
lubricating effect. Our pilot study on patients suffering from dryeye disease demonstrated the benefits of this combinationof active ingredients in practical use. These results are now
available as a published scientific article:
https://doi.org/10.3390/medicina59050958“The study results are used for many purposes: inconference speeches, in marketing and communication,in product training, drug approval processes andmedical device certification. Research projects likethese two clinical studies also serve as a basis forplanning further research activities.”
Rebecca Hufnagel, Head of Clinical Research

CUSTOMERS

now been recorded in a detailed open-access scientific article:

21

WORKERS

WORKERSHow does Weleda positively impact on its employees?
Our best practices for meaningful and good work.

Purpose and connection

22

Aimed at all global employees, the International Curriculum brings
the overarching idea of the company to life.

“Such wide-ranging perspectives, information and motivation!”

Katja Schüll is responsible for the International Curriculum.

“A brilliant and inspiring experience that has honed my

She has been part of the People & Culture department forunderstanding of our company’s relevance!” “Thank you foreight years and is passionate about the company’s identity:

creating such a joyous mood!” were just some of the positive“The Weleda identity is vibrant and alive.” Katja Schüll’s goal iscomments from participants in the 2023 International

to foster employees’ self-efficacy in their day-to-day work andCurriculum, which took place under the banner of “Purpose,

further develop their ability to impact as brand ambassadors.

Performance, Business”. The International Curriculum was“Weleda employees use a whole host of Weleda products

designed to provide 100 employees from 10 different coun-in their own lives, and can often tell moving personal stories

tries with an extensive understanding of the uniquenessin connection with our products. The International Curriculumof Weleda as a company and of Weleda products: dialogue-

brings the close connections between our employees tobased, dynamic, digital.

breathtakingly vivid life.”
Our goal is for the International Curriculum to bring the overarching idea of the company to life. When our employees canexperience the meaningful purpose of Weleda for themselves,
they become powerfully motivated to make their own contribution to that purpose. In a world that is full of options anduncertainties alike, focusing on what makes us unique canprovide security and guidance. The International Curriculum
provides a framework for us to strengthen our purpose andour bonds in the global Weleda community.
The programme of events spans topics such as the founding
principle of Weleda and the anthroposophic philosophy onographical and hierarchical borders. To be successful, this intense exchange relies on tutors that are passionate about ourcompany’s vision.

Katja Schüll is responsible for the International Curriculum.

WORKERS

humanity and nature. Employees inspire each other across ge-

23
Support & guidanceInternational Curriculum

PURPOSE & CONNECTION

Motivation, commitment& innovative

Relevance &meaningfulness“The International Curriculum hones the participants’ awareness of thecompany’s relevance and meaningfulness. And it plays a key role in generating
motivation, commitment and innovative strength.”
WORKERSKATJA SCHÜLL is an HR Business Partner with responsibility for identity-related topics

24

Irene Martínez Brox – Weleda Spanien:

Laura Nitini – Weleda Italy:“The well-being of people as awhole is of great importanceto me. Thank you for your commitment, your strong collaboration, and your enthusiasm togrow together as a team.”

Melanie Dent – Weleda United Kingdom:“Thank you so much for all thesessions and preparations, foryour commitment and the goodvibes.”“Thank you for a great experience during the Curriculum –it’s been so informative andenjoyable.”

Participants’ experiences of community
and meaningfulness
Jana Friebe – Weleda Germany:

Guilherme Kruger Junior – Weleda Brazil:“The International Curriculum
allowed us to learn and review
topics with a broader view. It
created a deep connection with
our purpose, our products, andour colleagues.”

100“Such wide-ranging perspectives, so much informationand motivation! Thank you foreverything.”

7

employees

monthsFostering employees’ self-efficacy in theirOpenness and enthusiasm create theexplore the importance of culture and identity

day-to-day work and working together toin connection with performance and efficiency

continue developing our potential as brandof product rituals, talks, experiments, dis-conditions for critical, open debate based

at Weleda.

ambassadors.

cussions, look-and-feel tips and inspiration.

on respect and appreciation.

WORKERS

What Weleda employees
say about the CurriculumIn the Weleda Tiny House

25

The Weleda Tiny House is located near our medicinal plant garden in
Schwäbisch Gmünd, Germany. It was designed exclusively for us and isavailable for the use of our employees.

The Tiny House embodies the trend of living
in compact spaces. It fosters environmental
awareness, sustainability, flexibility andresourcefulness – our Weleda values.

Our employees can experience these Weleda
values for themselves by spending time withfamily, partner or friends at the Tiny House, reOur Tiny House was designed on the basis ofthese Weleda values and built exclusively
for us. It is located in a meadow at Weleda’s
medicinal plant garden in Schwabisch Gmund.

WORKERS

laxing and enjoying being in the midst of nature.

26

COMMUNITYCOMMUNITY

As a company, we contribute to economic and social prosperity
by working for the community.

27

A collaboration for life
Over more than 40 years, we have built a close relationshipwith the midwifery profession. Midwives appreciate Weleda
because of the natural ingredients in its products.

4

The first enquiries we received were requests for samples of baby
and child care products and for information on our pharmaceuticals.
Today Weleda plays a pioneering role in products for pregnancy,
babies and children, and is the leading baby care brand recommended

midwivesby midwives. Bryophyllum-based medicinal products have beenmaternity units.

The eight-strong team, including four midwives,offer a wealth of diverse specialist expertise.

Over 30 years ago, Weleda set up a dedicated specialist department
in response to midwives’ high level of interest in its products. Todaythe eight-strong team – including four midwives – organises events,
issues a magazine with over 15,000 subscribers, is involved in issuesof professional policy and handles requests for product samples.
In 2023, our company sent out 830,000 samples of Weleda pregnancy
and baby care products in Germany alone. The midwives’ expertise
also informs many of our internal processes; for example, the department advises on marketing and product development to ensure our
products continue to meet the needs of their target groups.

15,000subscribers

receive the bi-annual German magazine“Hebammenforum”.

830,000
samplesof Weleda pregnancy and baby care products
were sent out in Germany in 2023.

“Becoming parents is an experiencefraught with new challenges. Midwives
support families on their individual
ways, drawing on their specialist expertise and combining the evidence withthe wisdom of nature.”
Christina Hinderlich, head of the Midwifery Department at Weleda
COMMUNITY

used for decades as established remedies in midwifery and hospitalResponsible
transformation

28

MUNDI is a joint educational initiative fostering sustainable
development in a unique partnership. The name references theGerman words for People – Environment – Nature – Diversity –Inclusion. MUNDI was established by the municipality of
Schwäbisch Gmünd and Weleda. It has the goal of using education and collaboration to encourage sustainable developmentin school and extra-mural groups.

MUNDI aims to communicate greater understanding andrespect towards people, nature and the environment. Various
events, including workshops and excursions, are designed toprovide wide-ranging inspiration for learning, addressing areas
such as building resilience and health or developing environmental awareness. The organisation creates spaces that allow“Giving young people the chanceof a positive outlook on the
future and the courage to shape
the future, despite all thechallenges that lie ahead. That’s
a game changer.”participants to embark on their personal journey at their own
areas of personal potential to shape the future.
A central role in this process is played by a network of committed players, because interdisciplinary collaborations are thekey to creating unique learning and experiential spaces. The
network “Faszination Erdreich” (The Magic of Soil), establishedin 2023, is one example. It aims to introduce the crosscutting
theme of soil health in schools and regional public media.

Olga Gerashchenko and Anna Löberbauer are at
the helm of MUNDICOMMUNITY

pace in a value-based and holistic manner, and to develop new

29

ENVIRONMENTENVIRONMENTAt Weleda, we are committed to creating a more sustainable
and more regenerative planet. We are passionate about healthy soils,
positive climate impact and biodiversity.

30

Beacon of sustainability
Weleda’s new logistics campus with administrative and functionalbuildings and high-bay warehouse is a beacon of sustainability. Our namefor it is therefore Cradle Campus, in reference to the cradle-to-cradle
principle which applies in the circular economy.

Industrial construction meets climate pro
The campus comprises three separate premises, comprising administrative and functional buildings and an innovative high-bay warehouse,
all located at the business park in Schwäbisch Gmünd, Germany. Asan outstanding sustainability feature, the entire campus operates
wholly without the use of gas as a fossil fuel; 100 per cent of its heating and cooling needs are covered by geothermal and solar energy.

Rammed earth and clay plasterThe buildings at the campus incorporate traditional construction
techniques and materials offering exceptionally sustainable andclimate-friendly properties: rammed earth and clay plaster. Clay is
a locally available building material that naturally regulates temperature and moisture. Its use enables Weleda to do without air-condigoverning storage of medicinal products. As a construction material, clay is exceptionally eco-friendly; it can be used over and overagain before finally being returned to the environment it came fromwithout a trace. In addition, its carbon footprint is significantly
smaller than that of other construction materials, such as concrete.
Introducing the newlogistics campus

ENVIRONMENT

tioning in the warehouse, yet still comply with the strict regulations

31

To construct the buildings,
moist earth was layered intoa slipform and mechanicallycompressed (rammed).
Shell limestone was used forthe lighter layers.

Rammed earth walls:
8 metres high, 60 centimetres thick.

ENVIRONMENT

Wooden shelving withcapacity for 17,000 pallets in
the high-bay warehouse.

“Earth is a natural building material that is readily available locally.
It can absorb and release moisture to naturally regulate temperatureand humidity.” Daniela Trah, project lead32

• 	Reuse of spoil to create rammed-earth walland clay plaster: 3,000 m³• 	Approx. 10,000 photovoltaic modules onroofs and facades• 	Total annual output of PV system:
1,298,132 kWh• All operations 100% emissions-free

Right and forward-looking
is made from wood, thus binding carbon in comparison to steel
shelving, the manufacture of which would result in carbon emissions.
In addition, 10,000 photovoltaic modules and a geothermal system
ensure that operations at the Weleda Cradle Campus are emissionfree Our adamant choice of renewable energy sources is proving
to be the right forward-looking decision. The Campus was completed in spring 2024.

The construction project has already received
preliminary DGNB Platinum Standard certification. This certification demonstrates compliance with the highest standard of the German
Sustainable Building Council (DGNB).

ENVIRONMENT

The shelving for the 17,000-plus pallets in the high-bay warehouse

33

Our own gardens, our own seeds
We have six medicinal plant gardens around the world, which form the beating heart of Weleda.
The plants we use in our products are grown in the healthy soils of these biodiversity hotspots.

“In our view, a garden is a whole organism. With thisin mind, we shun the use of synthetic pesticides
and fertilisers, take good care of our soil structuresand design species-appropriate habitats where theplants we cultivate can flourish. By doing so, we growmedicinal plants of optimum quality that serve thewell-being of humanity.”6

gardens
We have our own gardens in Argentina,
Brazil, Germany, the UK, New Zealand and theNetherlands.

23

Astrid Sprenger is manager of the Weleda medicinal
plant garden in Schwäbisch Gmünd, Germany

hectares
At Weleda’s garden in Germany, over 800 plant
species are grown over 23 hectares (almost 57
acres). Around 160 of them are used in our pharmaceutical products and natural cosmetics.

At Weleda, we view our six gardens around the world as the bedrockof our company philosophy. They are where Weleda’s gardeners cultivate the medicinal plants that are later used in our pharmaceuticalproducts and natural cosmetics.

plant species

grow in our gardens around the world, fromwhich we collect stable, true-to-type seeds.
The complete life cycle of these medicinal
plants, from seed to harvest, is in our hands.

tion of freely available, fertile seeds without genetic modification.
Crops grown in highly biodiverse agricultural ecosystems are moreresistant to extreme weather conditions, disease and pests. We
also work with organisations dedicated to protecting organic seeds.
In addition, we are a co-founder and member of Hortus officinarum(https://www.hortus-officinarum.org/de), a non-profit organisation
supporting biodynamic cultivation and propagation of medicinal
plants.

ENVIRONMENTApprox. 200

But these gardens are also where we proactively drive the preserva-

34“We save almost all of our own seeds – for the plants
in our products as well as those that we grow forbiodiversity. In this way, we create essential habitats andfood sources for insects whichin turn help balancecrop health. In a way, every plant is part of the overall
network of life that exists in our ecosystem.”

ENVIRONMENTJENNIFER RUGE is manager of the Weleda garden in the UK

Between price stability
and sustainability
From Romanian arnica and Moroccan roses to Frenchrosemary oil, economy and ecology go hand in hand in Weleda’s
agricultural management.

35
Global sourcing of raw materials is becoming
increasingly complex. How are you responding?

Why is it the right thing to take responsibility forthe “source” of the raw materials?

CLÉMENT OBERNDÖRFER The great majority of

BENJAMIN MAST Because we share the responsibil-

our botanical raw materials come from agricul-

ity for what happens at that source. Weleda’s agri-

tural production. At the same time, global agri-

cultural management model makes our company aculture is feeling the brunt of the climate crisis

local player in areas such as soil health, biodiversity

more keenly than any other sector. The climate

and social engagement, and thus enable us to takecrisis is resulting in crop failures and thus short-

responsibility. It offers us the great opportunity toages of raw materials, which directly impact our

implement our Weleda sustainability goals.

product manufacturing operations. In addition,soaring demand for natural raw materials is causing additional shortages and thus driving pricerises in production and products at global level.
BENJAMIN MAST We know our customers’ clearcut expectations. Purchasers of Weleda products expect us to show engagement along theentire supply chain, far beyond the procurement
stage. That is what we stand for, and that is what
we aim to deliver with absolute transparency.

What options are available in agricultural management to take effective action over thesechallenges?
BENJAMIN MAST Agricultural management offers the option of proactive involvement beyond
strategic purchasing actions. We enter into direct contact with the producers with the aim ofmaterials over the long term. That means optimising cultivation, but also maintaining an overview of the system as a whole. What is the social“People, Planet, Profit” or triple bottom line is the model for our agricultural
management operations, helmed by Benjamin Mast and Clément Oberndörfer.
Sourcing security of raw materials, price stability, eco-sustainability andsocial engagement are all closely interwoven.

and ecological environment in which we are operating? Can we contribute to positive developments there? We discuss these issues with the
producers on site.

Weleda plays an active role where botanicalraw materials are cultivated in the world.
Over the long term, our own organic farming
projects reduce our dependence on the market.

ENVIRONMENT

working with them to secure the supply of raw

Damask roses in Morocco“Rose Absolute”, a highly concentrated fragrant oil, is produced
from Damask roses in the Dadès Valley in Morocco, collected exclusively by hand. We work there with 80 women in an all-woman cooperative, help provide childcare and a playground, and have built a
community centre with sanitary facilities and a kitchen.

ENVIRONMENT

Selected projects

36

Arnica in Romania

37

We plan to introduce arnica cultivation in Romania as an additional
alternative to certified wild harvesting. Arnica cultivation is in its
infancy at present, and is an extremely risky venture for farmers.
Genuinely pioneering work is required to change the situation. Thatmeans Weleda needs to apply its agricultural management methods
at the “source” if cultivation is to be developed into a long-termsustainable success. To achieve this, we decided to propagate several
hundred thousand seedlings for planting in Romania. They will only
reach full crop in the third year.

“Genuinely pioneering work is needed
here. Under our agricultural management
model, we take action at the source.”m3

In this project, we propagated cuttings from specific rosemary

The remains of the rosemary plants are com-plants were selected for the criteria of resistance, oil content andposted using a special machine. The compost
derived from them is used as fertiliser andsignificantly increases soil resilience.

species and planted them on a three-hectare site in France. The
phytochemicals. We aim to increase cultivation to 100 hectares
by 2030. A compost machine is used to streamline compost
management. After harvesting and oil extraction, the plantremains are composted and used as fertiliser to improve the soil.

ENVIRONMENT

4000

Rosemary in FranceFor a future of climate
justice38

At Weleda, we have set ourselves the ambitious aim of operatingin accordance with the Paris Agreement goals.

that is compatible with the Agreement’s target

Scope 1 and Scope 2

of limiting global warming to a maximum of 1.5 °C.

At Weleda, these emission categories accountWe use the X-Degree Compatibility (XDC) modelfor the majority of emissions from energy con-to verify whether our operating methods are

sumption at the Weleda Group’s locations. They

consistent with these targets. The model meas-

span energy consumption at the company’s build-

ures a company’s climate impact in relation toings including production facilities, consumption

global warming and the economic sector in whichof primary energy carriers such as natural gas andthe company operates. In simple terms, it deter-

heating oil, and emissions from the combustion-

mines the “temperature” of the company and cal-engine vehicles in our fleet. As well as these factors,

culates how much global warming could be ex-greenhouse-gas emissions result from generation

pected if the entire world operated at the sameof procured energy sources such as electricity. Inemission intensity as the company analysed. The

2023, those emissions amounted to approximately

result, or XDC, is expressed in degrees Celsius

7,600 tonnes of CO2 equivalents (t CO2e), or aroundand provides a straightforward metric thatone per cent of Weleda’s total emissions.

demonstrates whether we are on the right track.
More information at:

By purchasing certified energy from renewable

www.right-basedonscience.de/en/xdc-model

sources, in the year of reporting we were able to

ENVIRONMENT

By 2030 we aim to have reached an emissions level“Under the XDC model, our Scope 1 and 2 emissions
already meet the central goal of the Paris
Agreement, which is to limit global warming to
1.5 °C. That’s something we can be proud of.”reduce our Scope 1 and 2 emissions by 3,525 t CO2e
and approximately 46 per cent respectively.

39

market. Measurement of our XDC in terms of theseemissions places us outside the 1.5-degree target.

We were able to offset our remaining emissions,amounting to approximately 4,080 t CO2e, withThis XDC calculation creates the transparency

high-quality carbon certificates, including our

we need to target our emission reduction efforts

partnership with the SEKEM Farm, which is part ofmore clearly. Our goal is to likewise reduce ourour supply chain (for more about SEKEM, see

Scope 3 emissions to a level compatible with thepage 41). From 2024, we aim to cease offsetting

Paris Agreement. The main areas for action are ourbased on certificates and instead move to step up

own supply chains and our logistics operations,

our own reduction measures.

emissions caused by travel and commuting, andthe use phase of our products.

But how does this result fare in terms of the Paris
Agreement? Under the XDC Model, Weleda reaches a value of 1.41 °C for Scope 1 and as low as 1.2 °C
for Scope 2. This means we already comply withthe central goal of the Paris Agreement to limit
global warming to 1.5 °C. Our continued tirelessefforts to reduce our emissions are demonstrated
by projects including the new Weleda Cradle
Campus, where operations are completely emission-free due to the use of renewable energy

Scope 3
Indirect Scope 3 emissions include emissions
resulting from procurement of goods, services,waste disposal and business travel, as well as
emissions from the recycling and disposal of packaging material from the products we place on theMarcel Locher

Sustainability Program
Manager, takes care of ourcarbon accounting.

ENVIRONMENT

sources. Read more on the topic on page 30.

40

Composition of emissions
Emissionsin tonnes of CO2 equivalents
2023

2022

2021

Changefrom previous
year in %PRODUCT USE

Direct emissions : Scope 1
Direct emissions from stationary combustion
sources

2,305

2,681

3,362

-14.0

Direct emissions from mobile combustion
sources

809

946

941

-14.4

Direct emissions from fugitive sources

544

303

317

79.8

Direct emissions from processes

17

23

-

-24.2

Total direct emissions (Scope 1)¹

3,675

3,952

4,620

-7.0

3,909

5,665

5,602

-31.0

14

14

16

-2.4

Total direct emissions (Scope 2)¹

3,923

5,679

5,618

-30.9

Total location-based 2

7,598

9,631

10,238-21.1

Total market-based 3

4,073

4,402

5,035

-7.5

Reductions through electricity purchased fromrenewable energies with contractually regulatedresources (market-based)

3,525

5,229

5,203

-32.6

Total indirect emissions (Scope 3)

4514,135

516,986-0.6

Total emissions (market-based)

4

518,537

522,021-0.7

TRAVEL,WASTE DISPOSAL,CAPITAL GOODS,SERVICES, OTHER
PURCHASESPRODUCTS

Indirect emissions: Scope 2
Indirect emissions from purchased electricity
Indirect emissions from district heating/refrigeration

1

Earlier data adjusted to reflect improved data quality and calculation methods

2

Excluding reduction from purchased energy from renewable sources with contractually regulated means (location-based)

3

Including reduction from purchased energy from renewable sources with contractually regulated means (location-based)

4

Calculation in preparation5

For details of emissions, see table “Emission sources included in carbon footprint calculation” in Notes

Composition and proportional shares of the Weleda Group’s emissions. In 2022 emissions totalled 518,537 t CO2e, aroundfour-fifths of which derive from use of our products (primarily from hot water production). To improve comparability,
we focus on the Greenhouse Gas Protocol (GHGP) standard. As a result, previously included emissions are now omitted(e.g. wages and salaries, taxes, last mile), giving a total carbon footprint that is lower than in previous years. While emissions
from use of our product are indirect and their inclusion in calculations is thus optional, we have retained their depiction
as part of our carbon footprint.

ENVIRONMENT

Indirect emissions: Scope 3 5

41

Our climate initiatives
We focus on reducing and avoiding emissions.

GERMANY: Spring 2024 saw the completion of the new logistics campus, where all operations are powered solely by renewable energy. The construction process likewise used only
green energy.
In 2023 a partnership with Amazon enabled logistics routes tobe optimised, saving almost 1,400,000 distribution kilometres
over a six-month period and accordingly cutting carbon emissions significantly.
GROUP: In calendar 2023, the percentage of recycled material
in primary packaging for natural cosmetics was increased to
60 per cent, thus reducing packaging-related emissions.
AUSTRALIA: Since 2023, the majority of energy needs havebeen supplied by a new photovoltaic system.
BENELUX: After ongoing replacement of company cars, electric vehicles now make up almost all of the vehicle fleet. Vehicle charging almost exclusively uses green energy. At theNetherlands location, vehicles are charged using the location’s own solar power. The fleet also includes one hydrogen-powered car.
NEW ZEALAND: The switch to 100 per cent renewable energy
sources was made in October 2023, saving around 25 tonnesof CO2 equivalents (t CO2e).
USA: Strict rules governing business travel and greater use ofworking from home is gradually reducing emissions from business travel and commutes.
UK: Use of 100 per cent green energy since 2016; installationof charging infrastructure for e-vehicles. In 2023, Weleda UK
relocated to new headquarters powered by 100 per cent renewable energy. The company plans to generate its own energy by installing solar panels in 2024.

Insetting: The term used when carbon certificates from projects within the company’s own supply chain are used to offset carbon emissions. By purchasing these certificates, we
support climate protection projects within Weleda’s own supply chain that sequester emissions or avoid them altogether.
We thus compensate for our remaining Scope 1 and Scope 2
emissions in 2023.
EGYPT: The long journey of the SEKEM community began in
1977 at the main farm in the north-eastern Nile delta. The goal
was to reshape Egypt’s desert landscape and create fertile
land for ecological farming. SEKEM’s “Wahat Greening theDesert” project now aims to reclaim around 1,000 hectares ofdesert and transform it into fertile soil. The aim is to encourage local people to form a sustainable community based on
biodynamic farming principles.
A long-standing partnership links Weleda and the SEKEM
farm. We support the project by purchasing carbon certificates from organic farming, soil carbon sequestration, reforesting, use of renewable energy sources, and composting in
waste management.
These investments compensate for our remaining Scope 1 andScope 2 emissions, amounting to 3,680 tonnes, which could
not be reduced through our own efforts in 2022 and 2023 andhad not yet been compensated for elsewhere. The project’s
carbon certificates are certified under the Economy of Love
(EoL) standard. The EoL system aims to build up the role playedby agriculture in combating climate change. The role spans allmeasures designed to reduce carbon emissions in agriculturalactivities. EoL’s model aims to support climate protection by
reducing and sequestering emissions through the introduction of agricultural practices including soil carbon sequestration, increased reforesting and agroforestry, and recycling oforganic waste for use as compost and organic fertiliser.
The project supports the following SDGs:

1

3

7

8

13

15

ENVIRONMENTSWITZERLAND: Over 15 tonnes of CO2 equivalents were savedin 2023 by commissioning the organisation AfB to recycle andreprocess old IT material.

Development of
key environmental
figures

Potable water consumption in relation to production volume (product content). Target: reduction
Development of water intensity since 2010

100 %

2010

Our goal is to achieve annual improvement in the water,energy and waste intensity from the manufactureof our products. To do so, we aim to continuously reduce
our consumption of resources and generation of waste,
thus reducing our environmental impact and saving costs.

Intensity is critically influenced by capacity utilisation at our

42

Water intensity

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

Energy intensity
Energy consumption in relation to production volume (product content). Target: reduction
Development of energy intensity since 2010

100 %production plants. The more products are manufactured during
operating hours, the lower the intensity (higher efficiency).

2010

However, capacity utilisation primarily depends on the volume

2011

2012

2013

2014

2015

2016

2017

2018

of incoming orders, over which we have limited control. Areas we
can directly influence are: technical systems (energy-efficient
production machinery), manufacturing process control (lean workflows, smoothly running operations), product formulations (manu-

Waste intensity

facturing processes requiring cold or heat) and avoidance of waste
in production and distribution. For Weleda, the primary environmental
and waste generation in relation to the production volumes of finished products and product content. The following diagrams show
our success to date and the current status. Although our intensity
results have risen again over the past two years and we need to100 %take action, all three intensity categories have shown a clear trend
towards increased efficiency since 2010. Indicators refer to ourmanufacturing countries of Switzerland and Germany, which havethe highest production volumes.

2010

2011

2012

2013

2014

2015

2016

2017

2018

ENVIRONMENT

Waste volume in relation to production volume (finished product). Target: reduction
Development of waste intensity since 2010

indicators are potable water consumption, energy consumption,

43

The following pages contain prominent examples of the five
B Corps action areas, which demonstrate our philosophyof holistic and integrated sustainability. We continuously
develop the form in which we report on our activities. The next
but one report for the year 2025 will be the first in accordancewith the comprehensive new European Sustainability
Reporting Standards (ESRS).

SUSTAINABILITY PERFORMANCESELECTEDSUSTAINABILITYPERFORMANCEACHIEVEMENTS

44

In addition, there are:Workers– 	 Guidelines on all main compliance topics and regular executive training– 	 Works agreement / whistleblowing guidelines– 	 Implementation of the revised Weleda Employee Code of Conduct in 2023.
– 	 Implementation of sustainability criteria for investment of endowment funds of the Swiss pension fundGroup-wide initiatives and actions to:– 	Group-wide Weleda Digital Responsibility (WDR) guidelines. IT topics and projects are reviewed and– 	Foster our Weleda culture and identityaligned based on 15 principles. A WDR Council provides binding recommendations for action and acts as– 	Shape transformation, with involvement of our employees and executives in perception and judgement

a contact for all issues of digital ethics. The WDR Council is appointed and supervised by the company

Focus on our largest locations in Germany and Switzerland:

management.

– 	Values as guidance in even the most challenging times: transparent, fair and socially compatible
implementation of change processes– 	Fostering personal resilience with proven and new services, e.g. workshops held during working
hours, online resilience coaching– 	Training employees as “mental health first-aiders”– 	Internal offerings, e.g. company eurhythmics group, choir, health marketplace (addressing topics

16

17

such as “mental stress”)
Quota of women at management level 1 (top management):
To 2019: 0 %32020 to 2023: 25 %4

5

From 7/2024: 50 %8

Customers10– 	Commitment to Anthroposophic Medicine– 	100 % of cosmetic products are NATRUE-certified

Governanceproduction, research & development, fragrance development, quality control, packaging development
production, logistics)– 	External validation of the Weleda Group’s product carbon footprint (PCF) by TÜV Nord– 	Since 2011, annual reporting in the form of a combined Annual and Sustainability Report.

– 	Global awareness and activation campaign for soil health and biodiversity, “Save Earth `s Skin”, in part-– 	Annual value creation calculation as part of the Annual and Sustainability Report (see page 48).

nership with NGOs and activists– 	B Corp certification of the whole Weleda Group since 2021 (score: 106.8). All details of the certification
are available on B Corp’s website. Weleda is currently preparing for recertification, which is planned

New product launches in 2023:– 	Firming Skin Care range with Day Cream, Night Cream, Eye Cream, Serum and Facial Oil

for 2024. Governance is one of five areas of focus in the process.

– 	Pomegranate Body Butter– 	Since the 1990s, unbroken certification of the environmental management system under EMAS/– 	Skin Food Face Care with Day and Night Cream

ISO14001 at the two largest production locations of Schwäbisch Gmund and Arlesheim, including– 	Skin Food Ultra Light Dry Oil

annual publication of an environmental statement.
– 	Implementation of new integrated environmental guidelines (environment policy) in 2023.
– 	Weleda established an audit committee tasked with providing effective support to the Board of
Directors on matters of corporate governance (see page 73).						

→

3

12

SUSTAINABILITY PERFORMANCE– 	100 % vertical integration, i.e. own end-to-end supply chain “from soil to skin” (e.g. own gardens, tincture

45
Community

Regenerative agriculture and biodiversity:– 	81% organic content in terms of certifiable raw materials.
– 	Establishment of own Weleda agricultural management team with the goal of supporting agrobiodiversity– 	Member of Forum for Sustainable Palm Oil (FONAP).

WeledaSix own medicinal plant gardens worldwide (Germany, largest biodynamic garden in Europe, England,– 	is an active member of numerous initiatives and associations related to health, beauty, sustainability
and regenerative economy.

Netherlands, Brazil, Argentina, New Zealand)– 	In the German medicinal plant garden:– 	takes responsibility by holding a variety of positions, e.g.: NATRUE Presidency, UEBT Board of– 	 oil microbiome research

Directors, Sistema B Advisory Council, B Lab Germany Supervisory Board, B Beauty Coalition– 	 Protected habitats for reptiles and birds, expansion of nesting habitats for insects

Advisory Board, BAUM eV Advisory Board, Chair of Digital Responsibility in the German Association– 	 Increase in designated mulch, green fertiliser and wild flower meadow areasof the Digital Economy (BVDW), British Beauty Council Advisory Board, ECHAMP (European
Coalition on Homeopathic and Anthroposophic Medicinal Products) Chair, Swiss Association for

Circular economy (status quo for 2023):

Complementary Medicines (SVKH) Chair.

Natural cosmetics packaging:– 	in the Schwäbisch Gmund area, supports education in sustainable development in the MUNDI•P
 rimary packaging (in terms of total weight of all packaging produced, including closure systems):

initiative (see page 28).

– 	 Proportion of recycled material: 60 %– 	supports the midwifery sector with its own team of midwives (see page 27).

– 	 Proportion of recyclable packaging: 80 %– 	supports the Endowed Chair of Translational Complementary Medicine at the University of Basel,– 	Our packaging materials are rigorously tested and certified by external testing, inspection and

Switzerland.

certification companies.

– 	partners universities and research institutions in the fields of health and cosmetics.

For high-quality recyclability, the strict criteria require all parts of the packaging, including lids andlabels, to be recyclable even when disposed of together. We are already applying appropriate

1

2

3

4

5

9

10

11

optimisation measures within our product portfolio to increase recyclability.

13– 	Activities in 2023: Label optimisation results in high-quality recyclability levels for green glass jars
and bottles reach (over 90 % for each type of packaging material). The 2023 launch of the new facecare series in glass jars marked a change from downcycling packaging to solutions with high-quality
from min. 95 % recycled aluminium, already completed in some areas.
• Secondary packaging (folding boxes, package inserts):

Environment– 	100 % sustainable paper or sustainable card (FSC-certified and/or recycled material)– 	Near 100 % recyclability• Tertiary packaging (transport packaging):

Climate protection (for further activities see pages 38-42):– 	100 % sustainable paper or sustainable card (e.g. recycled material, FSC-certified)– 	Commitment to meeting the 1.5-degree target (Paris Climate Agreement) using a science-based– 	Near 100 % recyclability

approach (see page 38)

Waste in the Weleda Group:– 	For the Weleda Group, this automatically implies reaching net zero by 2050 at the latest.

– 	Percentage recycled: 97 %– 	The associated in-depth plans and actions (emissions reduction pathway, climate action plan)
are currently in production.
– 	New logistics campus with emission-free operations
→

2

6

7

9

11

12

13

14

15

SUSTAINABILITY PERFORMANCE

recyclability. Further progress was made in switching all Weleda aluminium tube packaging to tubes

46

How we contribute to the UN Sustainable Development Goals

4– Compliance with social criteria along
our raw material supply chains (to UEBT
standard)– Planning certainty for small farmers by
awarding long-term contracts– Financial and advisory support forindividual social projects within raw
material supply chains– MUNDI centre of expertise in education
for sustainable development, in partnership with the town of Schwäbisch Gmünd– Social projects supporting education
within our raw material supply chains– Programmes for employees, trainees
and students– Collaborations with universities and colleges– Voluntary Ecological Year (FÖJ)– Ensuring equality between men andwomen along our raw material supply
chains (to UEBT standard)– Contracts for employment of people withdisabilities awarded to Haus Lindenhof2– Preservation of rural life by supporting
small-scale enterprises– Improvement of site and soil quality using
raw materials from organic and biodynamic
agriculture and controlled wild harvesting– No use of GMO seeds– Social projects with raw material suppliers– Guaranteeing food security in cultivationand harvesting areas (to UEBT standard)3– Promotion of Anthroposophic Medicine,diversity of therapy and antibiotics-free
medicine– R esilience coaching services and support
for employees– E ducating customers on health withpublications and events– E nsuring health and safety along ourraw material supply chains (to UEBT
standard)5– Promotion of equal rights among suppliersand employees– High percentage of women employees,
and increasing percentage at top management level6– Products free from microplastics, liquid
plastic and other persistent or waterpolluting substances– Production: extensive efforts to ensure
effective, efficient water management
and high production efficiency– Use of organically cultivated raw materials
to reduce pesticide runoff in groundwater– Social projects, e.g. well building in Uganda– In water scarce areas, irrigation methods
that conserve water– Access to drinking water for all stakeholders along our raw material chains (to UEBT
standard)

7

9

11

– Effective and efficient energy management in production (e.g. switch to LED)
– Use of photovoltaic energy and renewableenergy sources in production– Construction of new buildings to highsustainability standards (new logistics
campus in Schwäbisch Gmünd)– In water scarce areas, irrigation methods
that conserve water– Access to drinking water for all stakeholders along our raw material chains (to UEBT
standard)– Support of growers in establishing local
infrastructure– Promoting our suppliers’ independence– Startup or loss financing for individual
suppliers– Investment in own infrastructure andfuture viability as industry locations– In water scarce areas, irrigation methods
that conserve water– Active collaboration with local communities
at Weleda locations– Fostering rural life within the supply chain– MUNDI centre of expertise in education
for sustainable development, in partnership with the town of Schwäbisch Gmünd

8– Ensuring compliance with internationallyrecognised social and environmental
standards in the supply chain (to UEBT
standard)– Progressively increasing the company’s
economic resilience and future viability– Weleda as a “place of human developmentwith shared tasks”, with target-group-specific measures and offerings for employees– Guided by our vision and mission for the
benefit of people and nature

1210– Ensuring compliance with ILO standards
with supply chain management system(to UEBT standard)– Sustainable products for the benefit ofpeople in harmony with nature– NATRUE certification of all naturalcosmetic products manufactured in
Switzerland and Germany– Increasing proportion of recycled material
used in natural cosmetics packaging, andimproving recyclability– Efficient and effective use of resources
and reduction of waste in production
processes, establishment of environmental
management systems (ISO 14001, EMAS)
at main locations– Circular economy in our own biodynamic
medicinal plant cultivation

13

15– Our biodynamic gardens as examplesof resilient, sustainable agriculture andclosed material cycles– Transparency over emissions generated
by the company and measures to reducethem– Careful use of natural resources along
raw material supply chains in cultivation
and wild harvesting (to UEBT standard)– Our supplier partnerships, biodynamic
agriculture and UEBT certification help toboost organic matter in the soil, directly
sequestering carbon from the atmosphere– Reducing and compensating for theWeleda Group’s remaining Scope 1 andScope 2 emissions– Commitment to a 1.5 °C-compatible
emissions reduction pathway, including
net zero by 2050
– Continuous increase in energy efficiency
and proportion of renewable energy
used in own and rented premises, including
production facilities– Continuous reduction of Scope 3 emission– Over 80 per cent of raw materials fromorganic or biodynamic agriculture or
certified wild harvesting– Active promotion of soil fertility andbiodiversity in projects with growers(to UEBT standard)– Support of seed bank initiatives, no use
of GMO seeds– Active and political engagement on theissue of palm oil

14– Products free from microplastics, liquid

16– Respect as basis for interaction in
supply chain management system– Global governance guidelines– As an anthroposophically inspired
company, supporting and promoting
the guiding principles as a contribution
to a fair, diverse and peaceful world

17

plastic and other persistent or waterpolluting substances– Active member of numerous initiatives
and associations related to health andsustainability– Global partnerships and collaborations with
manufacturers and growers

SUSTAINABILITY PERFORMANCE1

48 Value added statement
48 Development in the markets
49 Third-party sales of regional companies
49 General economic development in 2023
and outlook for 2024

MANAGEMENT REPORTMANAGEMENT REPORT

47

48

VALUE ADDED STATEMENTDEVELOPMENT IN THE MARKETS

We will secure our company’s future viability by means of prudent,
ethical business practices.

Our total sales were EUR 421 million in 2023. As in previous years, the distributionof growth rates demonstrates how important our internationalisation is.

By conducting our business in a responsible way, we improve Weleda’s
ability to manage risk – from behaviour in the market, through environmentally relevant aspects, to relationships with employees and exchanges with all other key interest groups and stakeholders. In thisway, sustainable added value is created that can be distributed to ouremployees (income), to providers of capital (distribution, interest), to
non-profit institutions (donations) and to the public (taxes).

The value added statement (see page 8) illustrates how the economic
activities of our company generate value for society: unlike the income
statement, which is based on the viewpoint of the owners, the value
added statement sets out the contribution made by the Weleda Groupto private and public income. The value added statement shows the expenditure with which Weleda achieved its company performance andhow the added value generated was distributed.

WELEDA IS PRESENT IN THE FOLLOWING COUNTRIES:WELEDA AG
GERMANY

Regional companies
Agencies+1.8 %

WELEDA SERVICES B.V.
NETHERLANDSWELEDA BENELUX SE+27.7 %

BUSINESS PERFORMANCEVALUE ADDEDIN MILLION EUR

IN MILLION EUR

+18.4 m
-3.3 %+12.1 %TOTAL

WELEDA SERVICES GMBH
GERMANY+1.8 %–5.2 %SWEDEN+20.6 %VALUE ADDEDPER EMPLOYEEUKRAINEIN EUR+95.8 %KAZAKHSTAN


+3.7 %

436.2

183.8

91,900Business performanceincreased mainly due to an increasein sales and income.

After deductionof inputs.

value added per
Weleda Group employee ina full-time position.

UNITED KINGDOM+42.8 %FRANCE–7.8 %
SPAIN+8.5 %
SOUTH KOREA–4.7 %BRAZILEMPLOYEESSHAREHOLDERSIN MILLION EUR

IN MILLION EUR

IN MILLION EURCZECH REPUBLIC+24.7 %

USA

+6.9 %

-66.7 %

0.1

LENDERS AND CREDITORS-12.3 %

170.1

2.2

HONG KONG

AUSTRIA
SWITZERLAND+3.0 %–22.9 %RUSSIA–94.8 %

–2.7 %

CHILE–4.2 %

ITALY–6.6 %

ARGENTINA

AUSTRALIA–1.9 %For 2023 the Board of Directors
proposes making a distribution of
14 per cent to shareholders.

+9.5 %THIRD-PARTY SALES BY REGIONAL COMPANIESThe percentages relate to the change in third-party sales by the respective
Weleda company compared with the previous year (in local currency, page 49).

NEW ZEALAND+8.0 %IN MILLION EURCOMPANY (RETAINED EARNINGS)TAXESIN MILLION EUR

IN MILLION EURAMERICASEUROPE

ASIA


+1.1 m+13.8 m
+38.9 %

Argentina,
Brazil, Canada, Chile,
Mexico,Peru, USA

Austria, Belgium, Bosnia andHerzegovina, Bulgaria, Croatia,
Czech Republic, Denmark, Estonia,
Finland, France, Georgia, Germany,
Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg,
Macedonia, Malta, Netherlands,
Norway, Poland, Portugal, Romania,
Russia, Serbia, Slovakia, Slovenia,
Spain, Sweden, Switzerland,
Ukraine, United Kingdom

Bahrain, China, Hong Kong, India, Israel, Japan,
Kazakhstan, Malaysia, Mongolia, Oman,
Saudi Arabia, Singapore, South Korea, Taiwan,
Turkey, United Arab Emirates

1.2

7.7

2.5

AFRICA
Egypt, Morocco, South Africa

AUSTRALIANEW ZEALAND

MANAGEMENT REPORT

DONATIONS+11.0 %

THIRD-PARTY SALES OF REGIONAL COMPANIESGENERAL ECONOMIC DEVELOPMENT IN 2023
AND OUTLOOK FOR 2024

49

Given the extremely close links between the Weleda Group and Weleda AG, this management reportpresents the financial position of both the Weleda Group and Weleda AG as an individual company.

Currency
in 1,000

Structure of third-party
sales per company

Employees (Full-time employees)
as at December 31st

2023

Change frompreviousyear in local
currency

Pharma­ceuticals

Naturaland organic
cosmetics

2023

2022

Switzerland
Weleda AG Arlesheim

CHF
EUR

39,874
41,038−2.7 %

44 %

56 %

310

339

Germany
Weleda AG Schwäbisch Gmünd

EUR

168,380+1.8 %

20 %

80 %

736

761

FranceWelda S.A., Huningue

EUR

51,837−7.8 %

11 %

89 %

158

304

Netherlands
Weleda BENELUX SE, Zoetermeer

EUR

22,007+12.1 %

10 %

90 %

68

67

United Kingdom
Weleda (UK) Ltd., Ilkeston

GBP
EUR

16,455
18,918+42.8 %

10 %

90 %

75

71

Italy
Weleda Italia S.r.l., Milan

EUR

8,426

−6.6 %

21 %

79 %

17

26

Austria
Weleda Ges.m.b.H.&Co. KG, Vienna

EUR

10,600+3.0 %

22 %

78 %

18

20

SwedenWeleda AB, Stockholm

SEK
EUR

86,355
7,528+20.6 %

1%

99 %

17

23

Spain
Weleda S.A.U., MadridEUR

13,927+8.5 %

0%

100 %

49

53

Czech Republic
Weleda spol. s.r.o., Prague

CZK
EUR

210,718
8,781+24.7 %

0%

100 %

25

25

RussiaWeleda East GmbH, Moscow

RUB
EUR

26,680293−94.8 %

0%

100 %

4

22

UkraineWeleda Ukraine LLC, Kyiv

UAH
EUR

67,216
1,711+95.8 %

0%

100 %

15

13

Germany
Weleda Services GmbH, Schwäbisch Gmünd

EUR

888

−5.2 %

0%

100 %

14

13

Netherlands
Weleda Services B.V., Zoetermeer

EUR

1,589

+27.7 %

0%

100 %

18

9

Kazakhstan
Weleda LLP, Almaty

KZT
EUR

2,677,396
5,489

0%

100 %

8

2

USA (North America)
Weleda Inc., Irvington NY

USD
EUR

26,22024,254+6.9 %

2%

98 %

32

36

Argentina
Weleda S.A. Argentina, Buenos Aires

ARS
EUR

1,547,285
1,733−1.9 %

58 %

42 %

43

43

BrazilWeleda do Brasil Ltda., São Paulo

BRL
EUR

74,14813,731+11.0 %

76 %

24 %

174

167

Chile
Weleda Ltda., Santiago de Chile

CLP
EUR

2,450,300
2,720−4.2 %

46 %

54 %

40

40

New Zealand
Weleda (NZ) Ltd, Havelock North

NZD
EUR

6,205
3,524

+8.0 %

48 %

52 %

38

38

Australia
Weleda Australia PTY Ltd., Warriewood

AUD
EUR

8,283
5,090

+9.5 %

3%

97 %

18

19

Korea
Weleda Korea Ltd., Seoul

KRW
EUR

2,920,600
2,074−4.7 %

0%

100 %

7

9

Hong Kong
Weleda Hong Kong Ltd., Hong Kong

HKD
EUR

56,5346,680−22.9 %

0%

100 %

3

19

Total

EUR

421,218+1.8 %

19 %

81 %

1,887

2,119

Business performance
Despite the difficult overall economic conditions in 2023, Weleda
delivered satisfactory operational performance while taking important steps to ensure the company’s success in the future. The 2023
financial year was dominated by change, in many areas marking
Weleda’s return to its accustomed strength and its regained innovative power. With our eyes fixed on a future that will be both challenging and full of opportunity, we succeeded in making Weleda
leaner, more efficient and significantly more resilient for the nextstages in its development. At the start of the year, we launched ourmost prominent beacon project – Europe’s most modern logistics
centre, with zero-emission operations – at the Gügling business parkin Schwäbisch Gmünd. This prompt start was assisted by our reliablefinancing partners. At the same time, we undertook necessary andtargeted action in driving cost discipline at all levels, and thus laid
the foundations for our overall positive result in 2023. Weleda is anorganisation that has grown over 100 years. Given this, we faced
the challenge of steadily reducing the complexity of our company tooptimise our organisational position. The goal was to focus on essentials and enhance our efficiency and agility while continuing todevelop and advance. We made excellent progress over the courseof the year. Since the end of 2023, our two divisions of Natural Cosmetics and Pharmaceuticals have operated as independent business
units, honing their individual profiles and reporting their own operating ratios under the umbrella of Weleda AG and under the overall
leadership of CEO Tina Müller. This structure meets the requirements imposed on today’s companies and sets Weleda on course forfurther optimisation measures in the years to come. The move will
ensure we can serve our customers better and faster with our pharmaceutical and cosmetic products.

In the natural cosmetics sector, we introduced new products including the Weleda Firming Face Care series. The choice of well-known
German actress Karoline Herfurth as the celebrity brand ambassadorof the new series generated plentiful attention among new target
groups and in social media. The new products and their marketing
channels were positively received by the market and generated sales
growth. The relaunch of our Skin Food care series and our provenbaby products were likewise greeted with increasing popularity.
Overall, demand for our products is once again rising significantly
despite the challenging global economic situation. This also applies
in countries such as the USA, UK, Spain and others, increasingly elevating Weleda to the status of a global brand. In the pharmaceuticalsector, we generated sales of EUR 81.2 million and are determined toleave negative results in the past and focus our perspective for the
future on exploiting all available possibilities to return to profitability. This is where we identify enormous potential. Holistic natural

medicine is a wish expressed by a majority of people in Germany, forexample. Given this, our declared aim for the future is to reach a far
broader public with our anthroposophic medicinal products, and weare tackling that aim with renewed vigour and the united attentionof our leadership. Last year, total sales for the Weleda Group rosefrom EUR 414 million to EUR 421 million, a currency-adjusted increase of 2.9 per cent or EUR 7 million. As was expected, our two
Natural Cosmetics and Pharma segments developed differently;
while sales of natural cosmetics (accounting for over four-fifths ofGroup sales) grew by approx. 4 per cent, sales of pharmaceuticals,
significantly lower in absolute terms, were around 7 per cent below
the prior year’s figure. Natural cosmetics sales rose in all regions except France, Asia and South America. The decline in sales of pharmaceuticals was primarily attributed to the abolition of reimbursements
for homeopathic medicines in France and to lower sales in Germany.
The operating result rose by EUR 17 million year-on-year, giving an
operating profit of EUR 13 million for the reporting year. This higher
operating result also led to higher tax expenses, partially reduced bylosses carried forward from the prior year. In financial 2023, net financial assets decreased by EUR 26 million to approx. EUR 7 million,
primarily due to high investments in the logistics campus and payment of restructuring costs in France.
Employees
In 2023 the Weleda Group employed an average of 2,000 full-time
equivalents (prior year: 2,144), while Weleda AG employed an annual
average of 1,070 full-time equivalents (prior year: 1,095).
Risk assessment
Risks are an integral aspect of business operations. Given this, a risk
management system that enables significant risks to be identified, analysed, controlled and monitored within the company is particularly
important for Weleda. To detect risks at an early stage and define appropriate actions, the management at Weleda Group and Weleda AG
regularly conducts reviews significant internal and external risks that
could impact the corporate environment as a whole. The Board of Directors annually discusses and approves the results of the risk assessment and any actions deriving from it.
Sales development
Net sales of the Weleda Group for financial 2023 reached EUR 421.2
million (prior year: EUR 413.8 million), equivalent to a year-on-year riseof 1.8 per cent or EUR 7.4 million (currency-adjusted: 2.9 per cent or
EUR 11.8 million). Net sales for Weleda AG rose by 5.0 per cent yearon-year (CHF 12.8 million). The increase in external sales was partly
offset by negative sales development and the weaker euro comparedto the Swiss franc.

MANAGEMENT REPORT

Third-party sales
per company

50

GENERAL ECONOMIC DEVELOPMENT IN 2023 AND OUTLOOK FOR 2024

in million EUR (change from previous year)2023

421.2 ( +1.8 % )2022

413.8 (−2.6 %)2021

424.8 ( +0.2 % )2020424.1 ( −1.2 % )429.3 ( +4.1 % )2019Sales adjusted for exchange rate effects
in million EUR (change from previous year adjusted for shift in exchange rates as at December 31st 2023)

2023

421.2 ( +2.9 % )2022

409.4 ( −4.6 % )2021

429.0 ( +0.5 % )2020

426.8 (−0.2 % )2019427.7 ( +3.6 % )Sales development by market and region
The D-A-CH region (Germany, Austria, Switzerland) accounted for around 50
per cent of sales (prior year: 49 per cent). In 2023, sales in this region rose by
2.6 per cent to EUR 210.2 million (prior year: EUR 205.0 million). In France,
however, sales fell by 7.8 per cent to EUR 51.9 million (prior year: EUR 56.2
million). The CEE/MEA/UK region delivered strong sales growth of approx. 15
per cent, with sales of EUR 43.1 million (prior year: EUR 37.6 million). The
BESINOR region likewise delivered good sales growth of EUR 4.0 million.

Market performance of the Weleda Group 2023 by regionin million EUR (exchange rate-adjusted changes from the previous year)

D – A – CH
Germany, Austria, Switzerland

Total:EUR 421.2
million

Sales of natural cosmetics rose by 4.2 per cent year-on-year (currency-adjusted: 5.4 per cent). This result was primarily accounted for by innovative
skin care products and the Skin Food franchise. The new face care line generated a 3.6 per cent increase in sales, mainly in the D–A–CH region. In
France, however, the Natural Cosmetics unit showed a slight decline of 0.6
per cent, accounted for primarily by that market’s weaker development in
the country. Sales growth in all other countries totalled approximately 5 percent. Global sales by the Pharmaceuticals unit fell by 7.1 per cent in 2023
(prior year: 6.9 per cent growth). The D–A–CH region, which generates around66 per cent of sales, returned a year-on-year fall in sales of 2.6 per cent,primarily in Germany. Sales of pharmaceuticals in France fell by 41.7 per cent,mainly due to the healthcare system’s abolition of reimbursement for homeopathic medicines. Currency-adjusted sales in South America rose by 5.6 percent to EUR 12.7 million.

Natural and organic cosmetics and pharmaceuticals
Weleda Group 2023

Total:EUR 421.2
millionWeleda natural and organic
cosmetics

80.7 %

Weleda pharmaceuticals

19.3 %

Operating result
The consolidated operating result (EBIT) of the Weleda Group rose by EUR
16.7 million to EUR 13.4 million (prior year: loss of EUR 3.3 million). The positive trend was primarily due to sales growth in the natural cosmetics sector,
driven by innovations, price increases and improved allocation of resources
as well as the cost reductions generated by the implementation of restructuring actions.
The operating result in the separate financial statement of Weleda AG
showed a year-on-year rise of CHF 19.4 million to reach CHF 8.2 million.

210.2( +1.9 % )Central and Eastern Europe with Middle
East, Africa and United Kingdom
Russia, Czech Republic, Ukraine, CEE,
MEA, UK

43.1( +20.9 % )France51.9( −7.8 % )BESINOR
Benelux, Spain, Italy andScandinavia

53.5( +9.2 % )North America

24.3( +6.9 % )Operating result

resulted from the reduction in complexity, increased agility and refocusing of structures on the two sectors of Pharmaceuticals and Natural Cosmetics.

Result attributable to shareholders
in million EUR

9.9

2023
2022

−6.0

2021

7.0

2020

7.8

2019

13.0

Financial and assets situation
The extremely ample equity ratio of the Weleda Group remained virtually stable at 45.0 per cent (prior year: 46.0 per cent). As expected, thepositive operating result could not completely compensate for the useof external capital to part-finance the high investments in the logistics campus.
Consolidated cash flow from operating activities totalled EUR 16.1 million (prior year: EUR 2.7 million), a rise of EUR 13.4 million. Cash outflow
from investment activities rose by EUR 3.5 million year-on-year to EUR
40.8 million (prior year: EUR 37.3 million). Intangible assets accounted
for EUR 1.5 million of the EUR 41.2 million in net investments, and property, plant and equipment for EUR 39.7 million, primarily the logistics
campus under construction at the time. The majority of investments inintangible assets and property, plant and equipment were undertaken
at the two main production locations in Schwäbisch Gmünd and Arlesheim. Cash flow after investment activities was EUR -24.7 million(prior year: EUR -34.6 million). Cash and cash equivalents rose by EUR
7.7 million at year-end to EUR 50.3 million. Investments were part-financed by EUR 32.4 million in external capital, resulting in net financial
assets of EUR 7.4 million (prior year: EUR 33.0 million).
In the reporting year, cash flow from operating activities for Weleda AG
was CHF 13.1 million (prior year: CHF 4.9 million); after investment activities of CHF 28.8 million (prior year: CHF 21.7 million) cash flow was CHF-15.8 million (prior year: CHF -16.8 million). In the reporting year, Weleda
AG took on approx. CHF 13.2 million in interest-bearing liabilities.

Investments in intangible assets and property,
plant and equipment

in million EUR

in million EUR

South America

18.2( +6.4 % )Asia / Pacific20.0( −10.6 % )Sales development in the business segments
In terms of global sales, natural cosmetics accounted for EUR 340.1 million
or 80.7 per cent of total sales (prior year: EUR 326.4 million or 78.9 percent). Sales of pharmaceuticals fell to EUR 81.2 million (prior year: EUR 87.4
million), equivalent to 19.3 per cent of total sales (prior year: 21.1 per cent).

2023
2022
2021

13.4

2022

13.3

2020
2019

41.2

2023

−3.3

22.3
15.9

Result for the year
The consolidated result for the year was EUR 9.9 million, a year-on-year
rise of EUR 16.0 million. The financial result was slightly below the previous year’s figure, at EUR -0.9 million (prior year: EUR -1.1 million). Income
taxes rose to EUR 2.5 million (prior year: EUR 1.8 million).
The separate financial statement for Weleda AG showed an annual profitof CHF 1.3 million (prior year: annual loss of CHF -15.7 million).

37.4

2021
2020
2019

21.4
12.4
14.5

Extraordinary events
In 2023, the abolition of reimbursement for homeopathic and anthroposophic medicines under the French healthcare system resulted in a 41.2 per cent fall in sales of pharmaceuticals for Weleda
France. As a consequence, the production facility in Huningue
ceased operations at the end of March 2023. Restructuring costs

Research and development activities
The foremost drivers of growth in the natural cosmetics sector aremarket expansion and innovation. Weleda continues to advance its
expertise in the field of pharmaceutical research; as in the previous
year, our investments in research and development in both thesefields were in the double-digit million range.
Outlook for 2024
Weleda aims to build on its positive financial results in 2023 and continue driving transformation. The leaner, more efficient structure thatwas largely set in motion in 2023 will increase Weleda’s resilience andinnovative strength. The company is the embodiment of successful,profitable growth accompanied by responsibility, as is clearly definedin its future-facing strategy #Focus_GrowthThatMatters.
The road to a sustainably successful future runs through four areas:•	Innovation• Internationalisation• Digitalisation• Premiumisation

Weleda’s growth is powered by innovations, particularly in the highly
attractive face care segment. We are continuing to make the most of
our opportunities in the major US and Asian markets. Under the banner of “digital first”, we are significantly expanding our e-commerce
activities. A further goal is to modernise the Weleda brand and movecloser to the premium category with new campaigns, new productdesign and new visuals. This goal will be achieved on the basis of oursolid values and our affirmed commitment to sustainability.
Weleda will continue to grow, and continue to give back. We express
this growth with responsibility as Growth That Matters. A new wayof thinking for a new era. Sustainable. Healthy. Beautiful. However,
the macroeconomic environment is still dominated by political uncertainty and gloomy economic prospects. We anticipate that while inflation falls, prices will remain high, but supply chain bottlenecks willease. Our investments in innovation, internationalisation, digitalisation and premiumisation are focused on maintaining our relevancefor our international customers and attracting new customers despite the challenging economic situation.

MANAGEMENT REPORT

Sales at respective year-end exchange rates

CONSOLIDATEDANNUAL FINANCIALREPORT
2023
Weleda Group

Statutory auditor

Contact person for shareholders

PricewaterhouseCoopers AG

Thomas Jorberg, chairman of the Board of Directors

Basel, Switzerland

52 Balance sheet of the Weleda Group
52 Income statement of the Weleda Group
53 Cash flow statement of the Weleda Group
53 Statement of shareholders’ equity of the Weleda Group
54 Notes to the consolidated financial statements of the Weleda Group60 Report of the statutory auditor

Corporate headquarters

Secretariat and share register

Weleda AG

Sabine Lexen

Dychweg 14, 4144 Arlesheim, Switzerland

Phone +41 61 705 22 02

Phone +41 61 705 21 21
www.weleda.com, www.weleda.ch
Branch in Germany
Weleda AG
Möhlerstr. 3– 5, 73525 Schwäbisch Gmünd
Germany
Phone +49 7171 91 90
www.weleda.de

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

51

BALANCE SHEET OF THE WELEDA GROUPINCOME STATEMENT OF THE WELEDA GROUP

52

Assetsin 1,000 EUR
Notes

31.12.2023

31.12.2022

50,332

43,573Current assets
Cash and cash equivalents
Trade receivables

1

51,09772,859Other current receivables

2

26,439

9,277

Inventories

3

86,288

92,101

4,063

4,069

218,219

221,879

Prepaid expenses and accrued income
Total current assets

Notes

2023

2022

Net sales of goods and services

11421,218

413,806

Other income

12

14,2893,460

Change in inventories of finished goods and work in progress
Total operating income
Cost of materials

Non-current assets
Financial assets

4

918

1,179

Investments in non-controlling interests

4

1,357

1,485

Property, plant and equipment

4

140,556

108,697

Intangible assets

4

5,383

4,939

Total non-current assets

148,214116,300

Total assets

366,433

338,179

945

1,727

436,452

418,993−97,309−64,395

Employee income and social expenditure

13−170,119−193,911

Other operating expenses

14−145,399−154,137

Depreciation, amortisation and impairment losses
on non-current assets

15

Total operating expenses
Operating result (EBIT)−10,258−9,835−423,085−422,278

13,367−3,285

Financial expenses

16−1,556−1,654

Financial income

17

655

566

12,466−4,373Liabilities and shareholders’ equity
in 1,000 EUR

Ordinary result for the year
Notes

31.12.2023

31.12.2022

Liabilities

Extraordinary expenses

Current liabilities
Trade payables

5

24,914Current interest-bearing liabilities

6

5,410

2,248

Other current liabilities

7

16,201

11,932Current provisions

8

34,22921,97521,713

Accrued expenses and deferred income

25,54922,006

Total current liabilities

94,04992,128Non-current liabilities
Non-current interest-bearing liabilities

937,5110

189

8

69,78781,882Other non-current liabilities
Non-current provisions

8,359

Total non-current liabilities

107,298

90,430Total liabilities

201,347

182,558

Share capital

3,800

3,800

Non-voting share capital

7,600

7,600

Capital reserves

6,821

6,821

Retained earnings

147,680138,029

Shareholders’ equity

Treasury voting and non-voting shares
Shareholders’ equity excl. non-controlling interests
Non-controlling interests

10

−885

−695

165,016

155,555

70

66

Shareholders’ equity incl. non-controlling interests

165,086

155,621

Total liabilities and shareholders’ equity

366,433

338,17918

Extraordinary result
Consolidated result before taxes

−118

0

−118

0

12,348−4,373−2,497−1,757

Consolidated result for the year

9,851

−6,130Attributable to shareholders of Weleda AG

9,845−5,986

6−144

Income taxes

Attributable to non-controlling interests

19

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

in 1,000 EUR

STATEMENT OF SHAREHOLDERS’ EQUITY
OF THE WELEDA GROUP

in 1,000 EUR

in 1,000 EUR

Consolidated result for the year

2023

2022

9,851

−6,130Depreciation, amortisation and impairment losses on non-current assets

10,2589,835

Changes in provisions−13,382

20,600−149

383

Changes in trade receivables

21,759−2,839Changes in inventories

6,112−29,129−17,100−2,082Gain / loss from the disposal of non-current assets

Changes in other current receivables and prepaid expenses /accrued income

Shareholders’ equity
as at January 1st 2022

7,442

−2,711Other non-cash items

387

303

Result for the year

Currency and valuation influences not affecting liquidity

244

673

Distribution

Share of result of associated companies

128

−75

16,0592,698

Change in treasury voting andnon-voting shares including gain /loss from sale−35,189

Divestments of property, plant and equipment

288

89

Investments in financial assets

−4

−13

Divestments of financial assets

159

76

Investments in intangible assets−1,533−2,246

Divestments of intangible assets

03−40,794−37,280

Cash flow from investing activities
Distribution

0

−981

Cash flows from changes in current interest-bearing liabilities (net)

3,037

1,849

Cash inflows from non-current interest-bearing liabilities

29,4898,317

Cash outflows from non-current interest-bearing liabilities−80

0

Sale of treasury voting and non-voting shares

301

168

Purchase of treasury voting and non-voting shares

−314

−332

32,433

9,021

Total cash flow

7,698

−25,561

Cash and cash equivalents at start of reporting period

43,57368,601

Total cash flow

7,698

−25,561

Cash flow from financing activities

Currency translation effect on cash and cash equivalents
Cash and cash equivalents at end of period

−939

533

50,332

43,573

Otherretainedearnings

Treasuryvoting andnon-voting
sharesTotal
excl. noncontrollinginterests

11,4007,802−1,977

144,441−389−5,986−981

Shareholders’ equity
as at December 31st 2022

1,428

11,4006,821

Shareholders’ equity
as at December 31st 2023
1

Company capital is broken down as follows:
6,880 registered voting shares at CHF 112.50
3,984 registered voting shares at CHF 125.00
3,478 registered voting shares at CHF 1,000.00
19,000 registered non-voting shares at CHF 500.00
There was no change in the company capital versus the prior year.

6,821

161,277

210

161,487−5,986−144−6,130−549

138,578

−981

−164

−19

1,409

0

1,409

−695

155,55566

155,621

9,845

6

9,851

0

11,400Total
incl. noncontrollinginterests

−287

9,845

Currency translation effect / Other

Noncontrollinginterests

−981

123

Currency translation effect / Other

13,870−39,704

Accumulated
currency
difference

Change in treasury voting andnon-voting shares including gain /loss from sale

−9,491

Investments in property, plant and equipment

Capitalreserves(agio )

Distribution

Changes in other current liabilities and accrued expenses /deferred income

Cash flow from operating activities

Company­
capital   1

Result for the year

Changes in trade payables

53

−164

0

0

134

−147

−13

−339

11

−43

−371

−2

−373

−13

−888

148,568−885

165,01670

165,086

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUPCASH FLOW STATEMENT OF THE WELEDA GROUP

54

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE WELEDA GROUP

Consolidation principles
Accounting principles
This Annual Financial Report has been prepared in accordance with uniform accounting standards(Weleda Accounting Manual). These accounting standards comply with the provisions on commercial
accounting of the Swiss Code of Obligations (article 957 – 963 b OR).
The consolidated financial statements of the Weleda Group comply with the law and the articles of incorporation. Certain items of the balance sheet as well as the income statement are summarised in orderto provide the reader with a better overview. These items are explained in detail in the notes.
Scope of consolidation
In addition to Weleda AG Arlesheim and its branch Weleda AG Schwäbisch Gmünd, 27 subsidiaries are
fully consolidated within the Weleda Group statements. These companies are, without exception, Group
companies and controlled by Weleda AG Arlesheim. Weleda AG has direct or indirect investments ofmore than 50 per cent in these companies. In the year under review Weleda F+E AG was merged with
Weleda Trademark AG. The non-controlling interest in Japan is consolidated using the equity method.
The consolidated companies are listed in the notes.
Consolidation method
The consolidated financial statements are based on the annual statements of the Group companies as
at December 31st 2023, which are prepared in accordance with the provisions of the Weleda Accounting Manual. The consolidation period is the calendar year. Capital consolidation is carried out in accordance with the Anglo­Saxon purchase method. For the fully consolidated companies, assets, liabilities,
expens­es and income are stated at 100 per cent. Non-controlling interests in consolidated shareholders’ equity and profit / loss for the year are disclosed separately.
The carrying amounts of the parent company’s investment are offset against the current shareholders’ equity of the subsidiary companies. In accordance with the full consolidation method, assets andliabil­ities as well as expenses and income also of those companies in which a third party is involved arein­cluded in full in the Group accounts. Third-party shares of shareholders’ equity and of the results ofconsolidated companies are disclosed separately.
Currency translation
The financial statements of consolidated companies in foreign currencies are translated as follows:
current assets, non-current assets and liabilities are translated at year-end rates (rate on balance
sheet date), shareholders’ equity at historical rates. The income statement and the cash flow statement are translated using average rates for the year. The resulting currency translation effects arebooked directly in retained earnings without impacting profit and loss. The following currency
exchange rates are applied:

YEAR-END RATES
in EUR
2023
Rates on balance
sheet date

2023
Average rates

2022
Rates on balance
sheet date

2022
Average rates

1 CHF ( Swiss franc)

1.076

1.029

1.013

0.995

1 USD ( US dollar )

0.905

0.925

0.937

0.950

1 GBP ( pound sterling)

1.154

1.150

1.127

1.173

1 BRL ( Brazilian real )

0.186

0.185

0.177

0.184

Intragroup transactions, balances and intercompany profits
All intragroup transactions and balances are eliminated, as were all intercompany profits stated in thebalance sheet.
Balance sheet and valuation principles
In general, assets and liabilities are valued on an individual basis in so far as they are material andcannot be treated together as a group as is customary due to their similarity.
Sales recognition
Sales are recognised on the transfer of risks and benefits to customers or upon provision of theservice. This generally corresponds to delivery of the products.
Current assets
Receivables and other current assets are reported at their nominal values. The general risk of loss
and individual credit risk have been accounted for on the basis of value adjustments. The valuation of
inven­tories is conducted on the basis of acquisition or production cost while observing the principleof lower of cost or market.
Non-current assets
Acquired intangible assets are recognised at the cost of acquisition, less amortisation. Property, plantand equipment is recognised at acquisition or production cost minus depreciation. Small-value intangible
assets and property, plant and equipment with a value of less than EUR 1,000 are depreciated in full in
the year they are added.
Financial assets are recognised at the cost of acquisition. Equity holdings are consolidated using theequity method.
Where there are indications of non-current assets being overvalued, carrying values have been reviewed
and, where necessary, adjusted.
Liabilities and provisions
Liabilities are recognised based on their nominal value. Provisions for pension plans and similar obli­
gations are determined based on actuarial principles. The remaining provisions cover all recognisable
risks for un determined obligations. Liabilities are recognised at the respective amount at which they
are to be repaid.

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

GeneralDue to rounding, individual figures in this report may not add up exactly to the reported sum. Key
figures and changes are calculated based on the exact amount and not the reported rounded amount.

55

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE WELEDA GROUP

4		

Non-current assets
in 1,000 EUR

Leasing transactions
Leasing and rental contracts are recognised on the basis of legal ownership. Accordingly, expenses as
lessee are recognised on an accrual basis, whereas the leased or rented objects themselves are notrecognised. The total amount of outstanding non-current rental and leasing obligations is included in thenotes.

as at January 1st 2022

Total noncurrent assets

1,436

80,7503,919

87,463

13

0

1,966

−2

1,977

Equity valuation

0

75

0

0

75

Additions13

035,1892,246

37,448

Disposals

−178

0

−625

−25

−828

0

0

107

−107

0

−27

−26

−8,690−1,092−9,835as at December 31st 2022

1,179

1,485

108,697

4,939

116,300

Currency translation effect

22

0

1,487

43

1,552

Equity valuation

0

−128

0

0

−128

4

0

39,704

1,533

41,241

Trade receivables

Disposals

−273

0

−212

−8

−493

0

0

−15

15

0

in 1,000 EUR

Depreciation, amortisation andimpairment losses−14

0−9,105−1,139−10,258

as at December 31st 2023

918

1,357

140,556

5,383

148,214

Reclassification within non-current assets
31.12.2023

31.12.2022

50,697

72,273

From companies in which a non-controlling interest is held

189

162

From shareholders

211

424

51,09772,85931.12.2023

31.12.2022

26,4399,250

Total trade receivables

Financial assets include non-current amounts due from third parties, securities and investments ofless than 20 per cent.
Investments in non-controlling interests include investments in companies in which the Weleda
Group holds between 20 and 50 per cent. Increases are due to equity valuation.
Increases in intangible assets mainly comprise software. The increase in property, plant and equipment consists primarily of investment projects and the new construction of the logistics centre (Immobilien GmbH in Germany) as well as investment in replacements in Germany and Switzerland.
The largest share of the amount under Property, plant and equipment, totalling EUR 61 million(2022: EUR 28 million), relates to Weleda Immobilien GmbH. Switzerland accounts for EUR 36 million(2022: EUR 34 million), the branch in Germany accounts for EUR 25 million (2021: EUR 25 million).
Weleda France has property, plant and equipment totalling EUR 3 million (2022: EUR 3 million).

Other current receivables
in 1,000 EUR

From third parties
From companies in which a non-controlling interest is held
Total other current receivables

3		

Intangible
assetsAdditions

From third parties2		

Property,plant andequipment

1,358

Depreciation, amortisation andimpairment losses

1		

Investments
in noncontrollinginterests

Currency translation effect

Reclassification within non-current assets

Notes to the balance sheet and the income statement

Financialassets02726,4399,277

31.12.2023

31.12.2022

26,402

29,049Inventories
5		

in 1,000 EUR

Raw, auxiliary and operating materials

Trade payables
in 1,000 EUR

Unfinished products

14,252

15,299To third parties

Finished products and trade goods

52,35352,893To the Group auditor PricewaterhouseCoopers

Value adjustments on inventories−6,719−5,140Total trade payables

Total inventories

86,288

92,101

31.12.2023

31.12.2022

24,911

34,2293

0

24,91434,229CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

Treasury voting and non-voting shares
Treasury voting and non-voting shares are recognised at cost at the time of acquisition. The holding oftreasury voting and non-voting shares is disclosed as a negative item in equity. Upon resale, the profit
or loss is allocated directly to the voluntary retained earnings.

56

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE WELEDA GROUP

Current interest-bearing liabilities9		

Non-current interest-bearing liabilities
in 1,000 EUR

in 1,000 EUR
31.12.2023

31.12.2022

5,320

2,147

Bank loan
Other current interest-bearing liabilities

90

101

Total current interest-bearing liabilities

5,410

2,248

Bank loan
Non-current interest-bearing liabilities

31.12.2023

31.12.2022

37,440

8,224

71

135

37,511

8,359

31.12.2023

31.12.2022

Residual maturity 1 to 5 years

27,511

8,359

Residual maturity over 5 years

10,0000Total non-current interest-bearing liabilities

37,511

8,359

Total non-current interest-bearing liabilities

MATURITY
in 1,000 EUR

7		

Other current liabilities
in 1,000 EUR
31.12.2023

31.12.2022

14,985

11,398

1,140

489

76

45

16,201

11,932To third parties
To other related parties
To shareholders
Total other current liabilities

8		

Provisions

10

in 1,000 EUR
Pensionprovisions

Tax
provisions1

Restructuringprovisions3

Otherprovisions2

Total
provisions

36,508132

1,340

42,28180,261

Increase

3,570

249

21,582

3,696

29,097

Utilisation−1,317−3−1,327−2,101−4,748Decrease−2,854

0

−155

−739

−3,748

0

0

1,849

−1,8490

Currency translation effect

−102

−36

−5

2,876

2,733

as at December 31st 2022

35,805342

23,284

44,164

103,595

1,971

59

8,502

8,740

19,272

as at January 1st 2022

Reclassification within provisions

Increase
Utilisation

−419

−48

−10,422−19,966−30,855

Decrease−1,202

0

−70

−527

−1,799Currency translation effectas at December 31st 2023
Of which current provisions
Of which non-current provisions
1

All financial liabilities due within the following 12 months are disclosed in current interest-bearing
liabilities. 					

66

−94

45

1,532

1,549

36,221

259

21,33933,943

91,762855

013,698

7,422

21,97535,366259

7,641

26,521

69,787The item Tax provisions includes only provisions for deferred taxes.

2	The item Other provisions includes, inter alia, currency provisions, provisions for strategic projects and procurement for
replacements following the sale of Iscador, provisions for legal cases and provisions for jubilee and other long-service bonuses.
3	The restructuring provisions mainly include the costs for the restructuring of the Group company in France and Weleda AG, Arlesheim..

Treasury voting and non-voting sharesin 1,000 EUR
2023

2022

Stock of treasury voting shares as at January 1st( in number: 165/ prior year: 129 )

664

359

Addition of treasury voting shares ( in number: 33/ prior year: 54 )

310

332

Addition of treasury voting shares ( in number: 40/ prior year: 18 )

−167

−45

41

18

Stock of treasury voting shares as at December 31st( in number: 158 / prior year: 165 )

848

664

Stock of treasury non-voting shares as at January 1st( in number: 7/ prior year: 7 )3130

Addition of treasury non-voting shares ( in number: 1 / prior year: 0 )40

Disposal of treasury non-voting shares ( in number: 0 / prior year: 0 )00Cumulated currency differences2

1

Bestand an eigenen Partizipationsscheinen per 31. Dezember(in number: 8 / prior year: 7 )37

31

Total treasury voting and non-voting shares as at December 31st

885

695

Cumulated currency differences

In 2023, one non-voting share was acquired at a transaction price of EUR 4,158.
		Furthermore, 33 treasury voting shares (nominal value CHF 1,000) were acquired at an average transaction price of EUR 8,991. Moreover, 32 treasury voting shares (nominal value CHF 1,000) were sold at
an average transaction price of EUR 8,921 and eight treasury voting shares (nominal value CHF 112.50)
were sold at a transaction price of EUR 1,087.
				

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

6		

57

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE WELEDA GROUP

Net sales of goods and services

12

PRODUCT GROUPS

Natural and organic cosmetics
Pharmaceuticals
Net salesin 1,000 EUR
2023
in 1,000 EUR

2023
in %

2022
in 1,000 EUR

2022
in %

340,06280.7

326,423

78.9

81,15619.3

87,38321.1

421,218100.0

413,806

100.0

Total other income2023
in 1,000 EUR

2023
in %

2022
in 1,000 EUR

Employee income and social expenditure

Employee income
210,27549.9

205,010

49.5

43,128

10.2

37,598

9.1

France51,856

12.3

56,246

13.6

BESINOR (Benelux, Spain, Italy andScandinavia)

53,45712.7

49,472

12.0

North America

24,254

5.8

23,301

5.6

South America

18,183

4.3

18,959

4.6

Asia / Pacific

20,065

4.8

23,2205.6

Net sales

421,218100.0

413,806

100.0

2022

3,460

in 1,000 EUR

2022
in %

Central and Eastern Europe, Middle East,
Africa and United Kingdom (Russia, Czech
Republic, Ukraine, CEE, MEA, UK)2023

14,289Other income mainly comprises release of hidden reserves in 2023, rental income, license income fromthird parties, insurance compensations as well as refunds from suppliers.

13

REGIONS

D-A-CH(Germany, Austria, Switzerland)

Other income

14

2023

2022

134,778

158,914

Social expenditure

35,341

34,997

Total employee income and social expenditure

170,119

193,911

Other operating expenses
in 1,000 EUR
2023

2022

Sales and distribution costs

97,638103,570

Operating costs

20,43724,757Administrative costs

21,77920,247

Contributions, levies, property and capital taxes

2,996

2,582

Other expenses

2,549

2,981

145,399

154,137

Total other operating expenses

Other operating expenses includes, but is not limited to, sales and distribution costs such as advertisingand market communication, sales documents, material costs of sales representatives and all postal
costs. Operating and administrative costs include costs for building and machine maintenance, legal andconsulting costs, IT expenses and costs for third-party research as well as non-operating expenses.

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

11

58

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE WELEDA GROUP
Other information

Depreciation, amortisation and impairment losses on non-current assets
in 1,000 EUR
2023

2022

14

53

Property, plant and equipment

9,105

8,690

Contingent liabilities and other financial obligations

Intangible assets

1,139

1,092

in 1,000 EUR

10,258

9,835

Financial assets

Total depreciation, amortisation and impairment losses
on non-current assets

16

Financial expenses

31.12.2023

31.12.2022

Collaterals for third party liabilities

458

493

Contingent liabilities

32

627

31.12.2023

31.12.2022

13,860Non-current rental and leasing obligations
in 1,000 EUR

in 1,000 EUR
2023

2022

Interest and similar expenses−1,189−146

Residual maturity up to 5 years

13,208Realised and unrealised foreign currency result, net−367−1,508Residual maturity over 5 years

1,722

2,581

−1,556−1,654

Total non-current rental and leasing obligations

14,93016,441

Total financial expenses

17

Full-time equivalents
The annual average number of full-time equivalents for the reporting year, as well as the previous year,
exceeded 250. Changes in full-time equivalents are stated in the management report.

There are rental and leasing obligations for computer hardware, vehicles and production machinery as
well as buildings.

Financial income
in 1,000 EUR
2023

2022

Investment income

1350Interest and similar income

520

566

Total financial income

655

566

Release of hidden reserves
In the reporting year, hidden reserves in the area of provisions were released in the amount of EUR
11.7 million and thus improved the annual result by this amount.					Fee for the Group auditor PricewaterhouseCoopers
18

Extraordinary expenses and income

in 1,000 EUR

in 1,000 EUR

31.12.2022

209

2023

2022

Auditing services

243

Extraordinary expenses

−118

0

Other services

19

11

Total extraordinary result

−118

0

Total fee

262

220

This mainly includes the costs from storm damage in New Zealand due to cyclone.

19

31.12.2023

Income taxes
Income taxes occurred mainly in Gemany.

Assets pledged or assigned to secure own liabilities as well as Assets under reservationof ownership
Assets pledged to secure own liabilities amount to KEUR 77,883 (previous year KEUR 16,338). These
are collateral for interest-bearing liabilities.

Restricted cash
in 1,000 EUR
31.12.2023

31.12.2022

Within current assets

304

357

Total restricted cash

304

357

Significant events after the balance sheet date
There are no significant events after the balance sheet date which could impact the book value of theassets or liabilities or which should be disclosed here.

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

15

59
27

NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS OF THE WELEDA GROUP

Report of the statutory auditor
to the General Meeting of Weleda AG
Arlesheim
Report on the audit of the consolidated annual financial report
We have audited the consolidated annual financial report of Weleda AG and its subsidiaries (the Group), which comprisethe balance sheet of Weleda Group as at 31 December 2023, and the income statement, the cash flow statement andstatement of shareholders’ equity for the year then ended, and notes to the consolidated annual financial report, including a summary of significant accounting policies.
In our opinion, the consolidated annual financial report (pages 52 to 59) comply with Swiss law and the consolidationand valuation principles described in the notes.

Overview of Group and holding companies
Company
capital in
1,000

Capitalshare 2023
in %Capitalshare 2022
in %

CHF

4,750

100.0

100.0

Production and trade

EUR

2,269

100.0

100.0

No operative function

EUR

36

100.0

100.0

A – Vienna

Trade

EUR

1,100

100.0

100.0

Weleda Trademark AG

CH – Arlesheim

Services

EUR

920

100.0

100.0

Weleda Inc.

USA – Irvington, N.Y.

Production and trade

USD

8,525

100.0

100.0

Weleda Italia S.r.l.

I – Milan

Trade

EUR

500

100.0

100.0

Weleda do Brasil Ltda.

BRA – São Paulo

Production and trade

BRL

27,140

100.0

100.0

Weleda Naturals GmbHD – Schwäbisch Gmünd

Services

EUR

25

100.0

100.0

Consolidated
companies

Registered office

Function

Weleda AG

CH – Arlesheim /D – Schwäbisch Gmünd

Headquarters:incl. production, tradeand services

Weleda Benelux SE

NL – Zoetermeer

Weleda Ges.m.b.H.

A – Vienna

Weleda Ges.m.b.H. & Co. KG

Currency

Weleda East GmbHRUS – Moscow

Trade

RUB

10

100.0

100.0

Weleda S.A.U.

E – Madrid

Trade

EUR

685

100.0

100.0

Weleda (NZ) Ltd

NZL – Havelock North

Production and trade

NZD

169

100.0

100.0

Weleda Australia Pty Ltd

AUS – Warriewood

Trade

AUD

800

100.0

100.0

Weleda AB

S – Stockholm

Trade

SEK

2,000

100.0

100.0

Weleda (Australasia) Ltd

NZL – Havelock North

Services

NZD

1,139

100.0

100.0

Weleda Chile SpA

CHL – Santiago de Chile

Production and trade

CLP

491,321

100.0

100.0

Weleda F+E AG*

CH – Arlesheim

Services

CHF

3,000

0.0

100.0

Weleda Ukraine LLC

UA – Kyiv

Trade

UAH

500

100.0

100.0

Weleda Korea Ltd.

KR – Seoul

Trade

KRW

130,000

100.0

100.0

Weleda Services GmbHD – Schwäbisch Gmünd

Services

EUR

200

100.0

100.0

Weleda Immobilien GmbHD – Schwäbisch Gmünd

Services

EUR

25

100.0

100.0

Weleda Services B.V.

NL – Zoetermeer

Services

EUR

0

100.0

100.0

Weleda Healthcare AG

CH –Arlesheim

Production and trade

CHF

100

100.0

100.0

Weleda LLP

KZ-Almaty

Trade

KZT

306

100.0

100.0

Weleda UK Ltd.

GB-Ilkeston

Production and trade

GBP

1,495

99.7

99.7

Weleda, spol. s r.o.

CZ-Prague

Trade

CZK

19,68499.6

99.6

Weleda S.A.

ARG-Buenos Aires

Production and trade

ARS

7,622

99.0

99.0

Weleda S.A.

F-Huningue

Production and trade

EUR

3,400

98.9

98.9

Weleda Hong Kong Ltd.

HK-Hong Kong

Trade

HKD

100

80.0

80.0

Weleda Japan Co., Ltd.

JP-Nagoya

Production and trade

JPY

10,00035.0

35.0

Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities
under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the consolidated annual financial report' section of our report. We are independent of the Group in accordance with the provisionsof Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities inaccordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information includedin the annual report, but does not include the financial statements, the consolidated annual financial report and our auditor’s reports thereon.
Our opinion on the consolidated annual financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated annual financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated annual financial
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, weare required to report that fact. We have nothing to report in this regard.
Board of Directors' responsibilities for the consolidated annual financial report
The Board of Directors is responsible for the preparation of consolidated annual financial report in accordance with theprovisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable thepreparation of consolidated annual financial report that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated annual financial report, the Board of Directors is responsible for assessing the Group's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or
has no realistic alternative but to do so.

PricewaterhouseCoopers AG, St. Jakobs-Strasse 25, Postfach, 4002 Basel, Switzerland
Telefon: +41 58 792 51 00, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.

The share of voting rights corresponds to the capital share.
* 2023, Weleda F+E AG was merged with Weleda Trademark AG.

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

Opinion

60

REPORT OF THE STATUTORY AUDITOR

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial report as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 annual financial report.

PricewaterhouseCoopers AG

Korbinian Petzi

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Licensed audit expert
Auditor in charge• Identify and assess the risks of material misstatement of the consolidated annual financial report, whether due toBasel, 29 April 2024

Moritz Kaufmann

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. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropri-

ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal
control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant 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 our auditor’s report to the related disclosures in the consolidated annual financial report or, if such disclosures are inadequate, to modify our opinion. 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 Groupto cease to continue as a going concern.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities

within the Group to express an opinion on the consolidated annual financial report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors or its relevant committee 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.

Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the consolidated annual financial report.
We recommend that the consolidated annual financial report submitted to you be approved.

3 Weleda AG | Report of the statutory auditor to the General Meeting

4 Weleda AG | Report of the statutory auditor to the General Meeting

CONSOLIDATED ANNUAL FINANCIAL REPORT 2023 WELEDA GROUP

Auditor’s responsibilities for the audit of the consolidated annual financial reportANNUAL FINANCIALREPORT
2023

61

Weleda AG

62 Balance sheet of Weleda AG
62 Income statement of Weleda AG
63 Cash flow statement of Weleda AG
63 Statement of shareholders’ equity of Weleda AG
64 Notes to the financial statements of Weleda AG
68 Proposed appropriation of the result for the year
69 Report of the statutory auditor

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

Consisting of Arlesheim headquarters andbranch office Schwäbisch Gmünd

BALANCE SHEET OF WELEDA AG

62

INCOME STATEMENT OF WELEDA AG

Assetsin 1,000 CHF
Notes

31.12.2023

Current assets
Cash and cash equivalents

13,286

16,422

Trade receivables

1

29,50542,038Other current receivables

2

26,354

12,579Inventories

56,81068,240Prepaid expenses and accrued income

1,305

1,297

127,260

140,576

Total current assets
Non-current assets
Financial assets

3

26,783

13,122Equity investments

4

2,844

2,013

56,15458,655

3,119

2,857

Total non-current assets

88,90076,647

Total assets

216,160

217,223

Property, plant and equipment
Intangible assets

2023

2022

Net sales of goods and services

266,784

253,974

Other income

28,372

10,65831.12.2022

Liabilities and shareholders’ equity

Notes

Change in inventories of finished goods and workin progress
Total operating income

−262

996

294,894

265,628

Cost of materials−87,757−68,911

Employee income and social expenditure−113,956−112,623

Other operating expenses−75,415−88,432

Depreciation, amortisation and impairment
losses on non-current assets
Total operating expenses
Operating result (EBIT)
Financial expenses

11

Financial income

12−9,558−6,885−286,686−276,851

8,208−11,223−7,116−4,7391,489

422

Result for the year before tax

2,581−15,540

Income taxes−1,325−131

Result for the year

1,256

−15,671

in 1,000 CHF
Notes

31.12.2023

31.12.2022

Liabilities
Current liabilities
Trade payables

5

16,437

Current interest-bearing liabilities

6

1,859

1,975

Other current liabilities

7

14,862

16,169Current provisions

9

11882

2,592

16,860Accrued expenses and deferred income

6,468

7,577

Total current liabilities

51,50845,173

Non-current liabilities
Non-current interest-bearing liabilities

8

29,193

17,774Non-current provisions

946,97567,052

Total non-current liabilities

76,16884,826

Total liabilities

127,676

129,999

Share capital

4,750

4,750

Non-voting share capital

9,500

9,500

Statutory capital reserves

9,043

9,043

Statutory retained earnings

3,400

3,400

Voluntary retained earnings

61,35876,888Result for the year

1,256

–15,671

Shareholders’ equity

Treasury voting and non-voting shares

−823

−686

Total shareholders' equity

88,48487,224

Total liabilities and shareholders' equity

216,160

217,223

10

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

in 1,000 CHF

CASH FLOW STATEMENT OF WELEDA AG

STATEMENT OF SHAREHOLDERS’ EQUITY OF WELEDA AG

Result for the year
Depreciation, amortisation and impairment losses on non-current assets
Changes in provisions
Gain / loss from the disposal of non-current assets

in 1,000 CHF
2023

2022

1,256

−15,671

9,558

6,885

−10,100

12,42663−27

Changes in trade receivables

10,997

4,576

Changes in inventories

8,478−16,806−14,738

2,089

247

4,510

Changes in other current receivables and prepaid expenses /accrued income
Changes in trade payables
Changes in other current liabilities and accrued expenses /deferred income
Other non-cash items
Currency and valuation influences not affecting liquidity
Cash flow from operating activities

Shareholders’ equity as at January 1st 2022

−2,008−1,638

190

272

9,124

8,285

13,067

4,901−5,876−13,669

Divestments of property, plant and equipment

952

Investments in financial assets−25,354−6,889Divestments of financial assets

3,460

700

Investments in intangible assets−1,081−1,860−28,842−21,666

0−985

Cash flow from changes in current interest-bearing liabilities (net))Cash inflow from non-current interest-bearing liabilities
Cash outflow from non-current interest-bearing liabilities

−116

1,975

13,278

7,892

0−10,048

Sale of treasury voting and non-voting shares

286

168

Purchase of treasury voting and non-voting shares

−292

−328

Cash flow from financing activities

13,156−1,326

Total cash flow

−2,619−18,091

Cash and cash equivalents at start of reporting period

16,42235,055

Total cash flow

−2,619−18,091

Currency translation effect on cash and cash equivalents
Cash and cash equivalents at end of period

Statutoryretainedearnings

Voluntary
retainedearnings

Treasuryvoting andnon-voting
sharesTotalshareholders'equity14,25010,0283,400

76,765−403

104,040

−985

−517

−542

13,286

16,422−985

Result for the year

−15,671

Change in treasury voting and non­- voting shares
including gain / loss from sale
Shareholders’ equity as at December 31st 2022

14,250Distribution to shareholders

Investments in property, plant and equipment

Distribution to shareholders

Statutory
capitalreserves ( agio)

Distribution to shareholders

9,043

3,400

123

−283

−160

61,217−686

87,2240

1,256

Change in treasury voting and non-voting shares
including gain / loss from sale1

−15,671

0Result for the year

Shareholders’ equity as at December 31st 2023

Cash flow from investing activities

Company­
capital1

14,250

9,043

3,400

1,256

141

−137

4

62,614−823

88,484Company capital is broken down as follows:
6,880 registered voting shares at CHF 112.50
3,984 registered voting shares at CHF 125.00
3,478 registered voting shares at CHF 1,000.00
19,000 registered non-voting shares at CHF 500.00
There was no change in the company capital versus the prior year.

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

in 1,000 CHF

63

64

NOTES TO THE FINANCIAL STATEMENTS OF WELEDA AG

Accounting principles
This Annual Financial Report has been prepared in accordance with uniform accounting standards(Weleda Accounting Manual). These accounting standards comply with the provisions on commercial
accounting of the Swiss Code of Obligations (article 957 – 963 b OR).
The Annual Financial Report of Weleda AG complies with the law and the articles of incorporation.
Certain items of the balance sheet as well as the income statement are summarised in order to provide the reader with a better overview. These items are explained in detail in the notes.
Currency translation
The accounts of the German business establishment are stated in euro and translated at year-end as
follows: current assets, non-current assets and liabilities are translated at year-end rate (rate on balance sheet date), shareholders’ equity at historical rate. The income statement and the cash flow statement are translated using the average rate for the year. The resulting currency translation effects arebooked directly in the income statement. The following currency exchange rates are applied:

YEAR-END RATE
in CHF

1 EUR ( Euro )2023
Rate on balance
sheet date

2023
Average rate

2022
Rate on balance
sheet date

2022
Average rate

0.930

0.972

0.987

1.005

Balance sheet and valuation principles
In general, assets and liabilities are valued on an individual basis in so far as they are material and cannot
be treated together as a group as is customary due to their similarity.
Sales recognition
Sales are recognised on the transfer of risks and benefits to customers or upon provision of the service.
This generally corresponds to delivery of the products.
Current assets
Receivables and other current assets are reported at their nominal values. The general risk of loss
and individual credit risk have been accounted for on the basis of value adjustments. The valuation of
inven­tories is conducted on the basis of acquisition or production cost while observing the principleof lower of cost or market.

Non-current assets
Acquired intangible assets are recognised at the cost of acquisition, less amortisation. Property, plantand equipment is recognised at acquisition or production cost minus depreciation. Small-value intangible
assets and property, plant and equipment with a value of less than CHF 1,080 / EUR 1,000 are depreci­
ated in full in the year they are added.
Financial assets are recognised at the cost of acquisition. Equity investments are also recognised
at acquisition values and depreciated over five years. Additions to equity investments up to
CHF 100,000 are fully depreciated in the year of acquisition.
Where there are indications of non-current assets being overvalued, carrying values have been reviewed and, where necessary, adjusted.
Liabilities and provisions
Liabilities are recognised on the basis of nominal value. Provisions for pension plans and similar obli­
gations are determined based on actuarial principles. The remaining provisions covered all recognisable
risks for undetermined obligations. Liabilities are recognised at the respective amount at which they are
to be repaid.
Treasury voting and non-voting shares
Treasury voting and non-voting shares are recognised at cost at the time of acquisition. The holding oftreasury voting and non-voting shares is disclosed as a negative item in equity. Upon resale, the profit
or loss is allocated directly to the voluntary retained earnings.
Leasing transactions
Leasing and rental contracts are recognised on the basis of legal ownership. Accordingly, expenses as
lessee are recognised on an accrual basis, whereas the leased or rented objects themselves are not recognised. The total amount of outstanding non-current rental and leasing obligations is included in thenotes.

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

GeneralDue to rounding, individual figures in this report may not add up exactly to the reported sum. Key figures and changes are calculated based on the exact amount and not the reported rounded amount.

65

NOTES TO THE FINANCIAL STATEMENTS OF WELEDA AG
Notes to the balance sheet and the income statement

Trade receivables
6		

in 1,000 CHF
31.12.2023

31.12.2022

From third parties

15,197

29,160From associated companies

14,112

12,460196

418

29,50542,038From shareholders
Total trade receivables

in 1,000 CHF
31.12.2023

7		
2		

Current interest-bearing liabilities

Other current receivables

Bank loan

1,859

1,975

Total current interest-bearing liabilities

1,859

1,975

31.12.2023

31.12.2022

Other current liabilities
in 1,000 CHF

in 1,000 CHF

From third parties
From Group companies
Total other current receivables

31.12.2023

31.12.2022

19,795

5,240

To third parties

4,844

4,424

To Group companies

8,887

11,218

6,559

7,339

To the auditor PricewaterhouseCoopers

26,354

12,579To other related parties
To shareholders
Total other current liabilities

3		

Loans to Group companies

31.12.2023

31.12.2022

26,672

12,893

Other financial assets

111

229

Total financial assets

26,783

13,122Equity investments

0
482

71

45

14,862

16,16931.12.2023

Investments in Group companies with an interest of more than 50 per centTotal equity investments

Total trade payables

in 1,000 CHF
31.12.2023

31.12.2022

Bank loan

16,735

7,899

To equity investments

12,458

9,875

Total non-current interest-bearing liabilities

29,193

17,77431.12.2023

31.12.2022

2,844
2,844

2,013

Residual maturity 1 to 5 years

7,438

7,899

2,013

Residual maturity over 5 years

21,755

9,875

Total non-current interest-bearing liabilities

29,193

17,774All financial liabilities due within the following 12 months are disclosed in current interest-bearing
liabilities.

in 1,000 CHF

To associated companies

Non-current interest-bearing liabilities

31.12.2022

Trade payables

To third parties

8		

MATURITY
in 1,000 CHF

in 1,000 CHF

5		

54
1,006

Financial assets
in 1,000 CHF

4		

31.12.2022

31.12.2023

31.12.2022

16,372

16,16565

695

16,437

16,860ANNUAL FINANCIAL REPORT 2023 WELEDA AG

1		

66

NOTES TO THE FINANCIAL STATEMENTS OF WELEDA AG

Provisions

11

in 1,000 CHF

Pension Fund

Financial expenses
in 1,000 CHF

31.12.2023

31.12.2022

30,002

31,476

Interest and similar expenses relating to Group companies

2022

−474

Restructuring provisions

7,089

0

Interest and similar expenses relating to third parties

−987

0

Other provisions

21,76638,168Realised and unrealised foreign currency losses, net−5,501−4,265

Total provisions

58,857

69,644

Total financial expenses−7,116−4,739Of which current

11,882

2,592

Of which non-current

46,97567,052

2023

2022

131

0

1,334

393

12

Other provisions comprise, among other things, currency provisions for unrealised exchange rate gains
on non-current financial positions, reserves for strategic projects, the restructuring liabilites for theWeleda UK pension fund, restructuring liabilities for Weleda FR and provisions for anniversary and otherlong-term service bonuses.

Financial income
in 1,000 CHF

Investment income from associated companies
Interest from loans to Group companies
Interest and similar income from third parties
Total financial income

10

2023

−628

24

29

1,489

422

Treasury voting and non-voting sharesin 1,000 CHF
2023

2022

Stock of treasury voting shares as at January 1st( in number: 165/ prior year: 129 )

656

373

Addition of treasury voting shares ( in number: 33 / prior year: 54 )

288

328

Disposal of treasury voting shares ( in number: 40 / prior year: 18 )

−155

−45

Stock of treasury voting shares as at December 31st( in number: 158 / prior year: 165 )

789

656

Stock of treasury non-voting shares as at January 1st( in number: 7 / prior year: 7 )30

30

Addition of treasury non-voting shares ( in number: 1 / prior year: 0 )40

Disposal of treasury non-voting shares ( in number: 0 / prior year: 0 )00

Stock of treasury non-voting shares as at December 31st( in number: 8/ prior year: 7 )34

30

Total treasury voting and non-voting shares as at December 31st

823

686

In 2023, one non-voting share was acquired at a transaction price of CHF 4,040.
				
Furthermore, 33 treasury voting shares (nominal value CHF 1,000) were acquired at an average transaction price of CHF 8,736. Moreover, 32 treasury voting shares (nominal value CHF 1,000) were sold at an
average transaction price of CHF 8,668 and eight treasury voting shares (nominal value CHF 112.50) weresold at a transaction price of CHF 1,056.							ANNUAL FINANCIAL REPORT 2023 WELEDA AG

9		

67

NOTES TO THE FINANCIAL STATEMENTS OF WELEDA AG
Other information

Full-time equivalents
The annual average number of full-time equivalents for the reporting year, as well as the previous year,
exceeded 250. Changes in full-time equivalents are stated in the management report.

Fee for the statutory auditor PricewaterhouseCoopers / Ernst & Young
in 1,000 CHF

Auditing services
Other services

Pledged or assigned assets
Assets pledged to secure own liabilities amount to KCHF 15,311 (previous year KCHF 15,752). These arecollateral for interest-bearing liabilities.

Total fee

2023

2022

196

166

9

8

205

174

Significant events after the balance sheet date
There are no significant events after the balance sheet date which could impact the book value ofthe assets or liabilities or which should be disclosed here.

Contingent liabilities and other financial obligations
in 1,000 CHF
31.12.2022

30,105620

Non-current rental and leasing obligations

3,272

3,620

Investments
Registered office

Weleda AG has leasing and rental obligations for vehicles and production machinery as well as for buildings.
Weleda AG is liable within the scope of the syndicated loan for an unused credit line at the end of the year.

Restricted cash
in 1,000 CHF

Restricted cash

31.12.2023

31.12.2022

185

185

Release of hidden reserves
In the reporting year, hidden reserves in the area of provisions were released in the amount of CHF
17.7 million (prior year: CHF 14.2 million) and thus improved the annual result by this amount.
					

Function

Currency

Company
capital in
1,000

Capitalshare 2023
in %Capitalshare 2022
in %Weleda Benelux SE

NL – Zoetermeer

Production and trade

EUR

2,269

100.0

100.0

Weleda Ges.m.b.H.

A – Vienna

No operative function

EUR

36

100.0

100.0

Weleda Ges.m.b.H. & Co. KG

A – Vienna

Trade

EUR

1,100

100.0

100.0

Weleda Trademark AG

CH-Arlesheim

Services

EUR

920

100.0

100.0

Weleda Inc.

USA-Irvington, N.Y.

Production and trade

USD

8,525

100.0

100.0

Weleda Italia s.r.l.

I-Milan

Trade

EUR

500

100.0

100.0

Weleda do Brasil Ltda.

BRA-São Paulo

Production and trade

BRL

27,140

100.0

100.0

Weleda Naturals GmbH

D-Schwäbisch Gmünd

Services

EUR

25

100.0

100.0

Weleda East GmbH

RUS-Moscow

Trade

RUB

10

100.0

100.0

Weleda S.A.U.

E-Madrid

Trade

EUR

685

100.0

100.0

Weleda (NZ) Ltd

NZL-Havelock North

Production and trade

NZD

169

100.0

100.0

Weleda Australia Pty Ltd

AUS-Warriewood

Trade

AUD

800

100.0

100.0

Weleda AB

S-Stockholm

Trade

SEK

2,000

100.0

100.0

Weleda (Australasia) Ltd

NZL-Havelock North

Services

NZD

1,139

100.0

100.0

Weleda Chile SpA

CHL-Santiago de Chile

Production and trade

CLP

491,321

100.0

100.0

Weleda F+E AG*

CH-Arlesheim

Services

CHF

3,000

0.0

100.0
100.0

Weleda Ukraine LLC

UA-Kyiv

Trade

UAH

500

100.0

Weleda Korea Ltd.

KR-Seoul

Trade

KRW

130,000

100.0

100.0

Weleda Services GmbH

D-Schwäbisch Gmünd

Services

EUR

200

100.0

100.0

Weleda Immobilen GmbH

D-Schwäbisch Gmünd

Services

EUR

25

100.0

100.0

Weleda Services B.V.

NL-Zoetermeer

Services

EUR

0

100.0

100.0

Weleda Healthcare AG

CH-Arlesheim

Production and trade

CHF

100

100.0

100.0
100.0

Weleda LLP

KZ-Almaty

Trade

KZT

306

100.0

Weleda UK Ltd

GB-Ilkeston

Production and trade

GBP

1,495

99.7

99.7

Weleda, spol. s r.o.

CZ-Prague

Trade

CZK

19,684

99.6

99.6
99.0

Weleda S.A.

ARG-Buenos Aires

Production and trade

ARS

7,622

99.0

Weleda S.A.

F-Huningue

Production and trade

EUR

3,400

98.9

98.9

Weleda Hongkong Ltd.

HK-Hong Kong

Trade

HKD

100

80.0

80.0

Weleda Japan Co., Ltd.

JP-Nagoya

Production and trade

JPY

10,00035.0

35.0

The share of voting rights corresponds to the capital share.
* 2023, Weleda F+E AG was merged with Weleda Trademark AG.

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

31.12.2023

Contingent liabilities

PROPOSED APPROPRIATION OF THE RESULT FOR THE YEAR

68

Board of Directors’ proposed appropriation of the result for the year
in CHF31.12.2023

Voluntary retained earnings

61,358,363.18

Annual result for 2023

1,256,068.11

Total voluntary retained earnings (including result for the year)

62,614,431.29

Since the statutory capital reserves and the statutory retained earnings have reached 50 per cent of theshare capital, there will be no further allocation.
Provided the proposal is accepted, the following distribution will be made out of the statutory capitalreserves:in CHFper voting shareper voting shareper voting shareper non-voting
share

Voting share / non-voting share (nominal)

112.50125.001,000.00

500.00Distribution (14 per cent) 1

15.75

17.50

140.0070.00

1Free of Swiss withholding tax distribution out of the statutory capital reserves

Repayments out of reserves from capital contributions (statutory capital reserves) of a corporation
are not liable for withholding tax (article 5 [1bis] VStG). Hence the distribution is made gross.
in CHF

Statutory capital reserves before distribution

9,042,907.05
665,000.00

Distribution on non-voting share capital of CHF 9,500,000.00

1,330,000.00

Statutory capital reserves after distribution

7,047,907.05

Distribution payment out of statutory capital reserves
Provided the General Shareholders’ Meeting approves the proposed distribution, we will pay the distribution in calendar week 25. No distribution will be paid for voting shares and non-voting shares
held directly by the company at the time of distribution payment.

Weleda AG, Arlesheim, April 29� 2024
On behalf of the Board of Directors

Thomas Jorberg
ChairmanUeli Hurter
Deputy Chairman

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

Distribution on voting share capital of CHF 4,750,000.00

69

REPORT OF THE STATUTORY AUDITOR

to the General Meeting of Weleda AG
Arlesheim

Report on the audit of the annual financial report
OpinionWe have audited the annual financial report of Weleda AG (the Company), which comprise the balance sheet of Weleda
AG as at 31 December 2023, and the income statement, the cash flow statement and the statement of shareholders’equity for the year then ended, and notes to the annual financial report, including a summary of significant accounting
policies.

Our objectives are to obtain reasonable assurance about whether the annual financial report as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law
and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error andare 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 annual financial report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the annual financial report, 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. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

In our opinion, the annual financial report (pages 62 to 67) comply with Swiss law and the Company’s articles of incorporation.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropri-

Basis for opinion• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and re-

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities
under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the annual
financial report' section of our report. We are independent of the Company in accordance with the provisions of Swisslaw and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information

ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
lated disclosures made.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual financial reportor, if such disclosures are inadequate, to modify our opinion. 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 Company to cease
to continue as a going concern.

The Board of Directors is responsible for the other information. The other information comprises the information includedin the annual report, but does not include the annual financial report and our auditor’s report thereon.

We communicate with the Board of Directors or its relevant committee 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.

Our opinion on the annual financial report does not cover the other information and we do not express any form of assurance conclusion thereon.

Report on other legal and regulatory requirements

In connection with our audit of the annual financial report, our responsibility is to read the other information and, in doingso, consider whether the other information is materially inconsistent with the annual financial report or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the annual financial report.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, weare required to report that fact. We have nothing to report in this regard.

We further confirm that the proposed appropriation of the result for the year and the proposed repayment of the legal
capital reserve comply with Swiss law and the Company’s articles of incorporation. We recommend that the annual financial report submitted to you be approved.

Board of Directors' responsibilities for the annual financial report
The Board of Directors is responsible for the preparation of annual financial report in accordance with the provisions of
Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Directors determines
is necessary to enable the preparation of annual financial report that are free from material misstatement, whether due tofraud or error.
In preparing the annual financial report, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basisof accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

PricewaterhouseCoopers AG

Korbinian Petzi

Moritz Kaufmann

Licensed audit expert
Auditor in charge
Basel, 29 April 2024

PricewaterhouseCoopers AG, St. Jakobs-Strasse 25, Postfach, 4002 Basel, Switzerland
Telefon: +41 58 792 51 00, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.

3 Weleda AG | Report of the statutory auditor to the General Meeting

ANNUAL FINANCIAL REPORT 2023 WELEDA AG

Report of the statutory auditor

Auditor’s responsibilities for the audit of the annual financial report

70

NOTES / ENVIRONMENTAL SUSTAINABILITY TABLE /PROCUREMENT VOLUMES
Resources used to produce Weleda natural andorganic cosmetics and pharmaceuticals

Water consumption
in cubic metres
2023

2022

2021

Changes in %Water from public water supply

80,90680,832

17,4770.1

Groundwater

141,776

103,328

114,449

37.2

4,186

3,839

4,238

9

226,867

187,999

136,164

20.7

2023

2022

2021

Changes in %Renewable

3,718

4,126

4,504

−9.9

Non-­r enewable

240

257

237

−6.5

3,958

4,382

4,741

−9.7

−2.7

Water withdrawal

Energy consumption

Rainwater, collected directly and stored

in megawatt­hours

Total

2023

2022

2021

Change in %Total renewable energy

16,785

17,433

16,776−3.7

Purchased materials 1

Total non­r enewable energy

14,775

16,652

18,364−11.3

in tonnes

Total energy consumption

31,55934,08635,140−7.4

Consumption within the organisation 1

Consumption of fuels
Non-renewable
Natural gas
Heating oil

9,687

11,264

13,899

−13.9

352

430

534

−18.2

Other non­r enewable fuels

3,264

3,491

2,623

−6.5

Total non-renewable

13,303

15,166

17,056−12.3

Renewable
Biogas

2,861

2,778

2,060

3.0

370

271

0

36.5

Total renewable

3,231

3,050

2,060

5.9

Total consumption of fuels

16,534

18,216

19,116

−9.2

1,340

1,355

1,170

−1.1

Heating and cooling

131

131

139

0

Total non-renewable

1,471

1,486

1,308

−1.0

12,83813,707

13,917

−6.3

566

539

689

4.9

13,404

14,247

14,606−5.9

Electricity

176

165

115

6.8

Thermal heat

9

20

33

−54.3

186

186

148

0.0

35

49

37

−27.5

Other renewable fuels

Conventional electricity

Renewable
Renewable energy mix
Biomass-­based intermediate energy
Total renewable
Energy sources produced, renewable

Total renewable

Raw materials2

Total
Packaging 2
Renewable

1,793

1,842

2,009

Non-­r enewable

3,004

2,915

3,207

3.0

Total

4,797

4,757

5,216

0.8

Renewable

382

397

647

−3.8

Non­- renewable

24

60

42

−58.9

Total

406

457

689

−11.0

Renewable

89

140

113

-36.8

Non-­r enewable

73

67

68

8.9

Total

161

207

181

−22.1

26

36

67

−26.4

1

1

4

5.8

28

37

71

−25.2

Proportion of renewable materials

6,007

6,540

7,340

−8.2

Proportion of non-renewable materials

3,343

3,300

3,558

1.3

Total

9,350

9,840

10,898−5.0

Advertising material2

Operating materials3

Semi-finished products and bulk goods3
RenewableNon-­r enewable
Total

Energy sources sold, renewable

1

Values updated compared to previous year (extended database)1	Procurement volumes including raw materials from own cultivation. Potable water used as a raw material is ignored as water input is already included inwater consumption; otherwise the proportion of renewable materials would be significantly higher. Prior year data partly adjusted to reflect new data.
2

Primarily determined by direct measurement (invoices and ERP system); in cases of doubt, classified as non-renewable.

3

Estimates based on purchases and their material composition; in cases of doubt, classified as non-renewable.

NOTES

Electricity

51
71

NOTES / ENVIRONMENTAL SUSTAINABILITY TABLE /PROCUREMENT VOLUMES
Employees of the Weleda Group

Waste quantities

Employees of the Weleda Group at a glance3

in tonnes

as at December 31st 2023
2023

2022

2021

Changes in %

41

41

58

1.1

Number of female employees

470

29

66

55

860

103

188

150

RegionD,–,A,–,CH 1

Normal waste

France 1

BESINOR 1

North
America 2

SouthAmerica 1

Asia /
Pacific 2

Total

11

86

27

744

24

184

67

1,576

Reuse

36

19

17

92.7

Number of male employees

Recycling

576

585

690

−1.5

Total number of employees

1,330

132

254

205

35

270

94

2,320

Incineration or use as fuel

271

283

329

−4.4

Landfill

22

23

62

−6.7

Total number of managers

205

33

47

41

13

38

16

393

Other disposal

12

15

23

−20.6

958

966

1,179

−0.8

814

105

192

119

34

245

23

1,532

Total

Nature of employment
Full-­t ime employees

516

27

62

86

1

25

71

788

35.6

Part­- time employeesof whom female part­- time employees

462

24

59

78

1

17

53

694

of whom male part-­t ime employees

54

3

3

8

0

8

18

94

15

15

22

2

55

2

262

Hazardous waste
Recycling

39

29

41

Recovery

18

0

7

100.0

Incineration or use as fuel

35

57

58

−38.4

Landfill

1

0

0

100.0

Employment by age groupOn­s ite storage

6

0

6

100.0

up to 30 years of age

155

Other disposal
Total
Total

8

9

9

−13.8

31 to 50 years of age

698

72

136

115

2

168

2

1,189

106

96

121

11.3

51 to 60 years of age

377

34

86

57

2

36

2

590

over 60 years of age

100

11

17

11

2

11

2

150

Total number of newborns

36

1

0

7

3

7

0

54

1,065

1,062

1,300

0.3

1

Explanation of the regions:
D-A-CH: Germany, Austria, Switzerland
CEE, MEA, UK: Russia, Czech Republic (incl. Slovakia), Ukraine, Kazakhstan, UK
France: France
BESINOR: Spain, Italy, Benelux (Netherlands, Belgium), Sweden
North America: USA
South America: Brazil, Argentina/Chile
Asia/Pacific: Australia, New Zealand, South Korea, Hong Kong (without Japan, as minority shareholding)2

A breakdown of employees by age group cannot be disclosed for legal reasons. Hence, the total figure in the table deviates from the actual figure.

3

These values show the number of employees as at year-end and may therefore deviate from FTE figures elsewhere in the report, which include FTE pool changes during the course of the year.

Deviations in totals result from the use of different data sources and legal bases in the various countries.

NOTES

Composting

CEE,
MEA, UK 1

72

NOTES / ENVIRONMENTAL SUSTAINABILITY TABLE
Emission sources included in carbon footprint calculation

Scope

Scope 1

Emission sources included/Activities and data collection methods

1.1–1.4. Direct emissions from stationary combustion, mobile
combustion, fugitive gases and processes

Emission sources included/Activities anddata collection methods
The following is a description of the types and sources of data andmethods, allocation methods and assumptions applied in calculating emissions, focusing on the main elements. Calculations are
based on GHGP specifications. General system limits are at corporate level in accordance with GHGP and refer to the Weleda Group.

Definition

Scope 33.5. Waste generated during operations

Emissions are calculated based on waste and wastewater fromWeleda Group buildings, including those with own production
operations.

3.6. Business travel

Emissions are calculated for business-related travel (air, train,
bus and car) and include hotel accommodation and emission
assessments of travel service providers.

3.7. Employee commuting

Emissions are calculated for travel by our employees between
their homes and places of work: car journeys, public transport,other forms of transport. Emissions generated by working fromhome were not included.

3.8. Upstream leased assets

Emissions from leased office premises are included in Scope 1
and Scope 2.

3.9. Downstream transport and distribution

Distribution and transport of finished products, raw materials,
packaging materials, bulk shipments and semi-finished products,
including national and international transport and parcel shipment.
Emissions are calculated using a cradle-to-gate approach, or more
precisely to first recipient (subsidiaries, export markets, minority
shareholdings, distribution centres, individual branches etc.).
Last-mile emissions from consumers’ purchase of the products
were not included.

3.10. Processing of products soldNot applicable for Weleda. Weleda produces and sells the end
product which is used by consumers. Contract manufacture andcontract packaging is covered in Scope 3.1.

3.11. Use of products soldEmissions are calculated based on emissions from hot-waterproduction methods, water consumption and wastewater treatment
generated by use of our rinse-off products. Calculation is basedon a model provided by our consultant, Factor X.

3.12. End-of-life treatment of products sold

These emissions are calculated based on the recycling and disposalof packaging from the products we place on the market.

3.13. Downstream leased assets

Not applicable for Weleda.

3.14. Franchises

Limited application for Weleda as Weleda does not operate on thebasis of a franchise model.

3.15. Investments

Not applicable for Weleda.

At the Weleda Group. Scope 1 emissions are from the following
sources:– Own or leased vehicles and other mobile sources (including
distribution activities)– In own and leased buildings, incl. production facilities andproduction processes: stationary combustion using fossil andrenewable energy sources, use of other renewable energy types(e.g. for heating) and direct emissions of fugitive gases (refrigerantleakage). Direct emissions from processes are of minor relevance.

Scope 2

2.1–2.3 Indirect emissions from purchased heat, district heatingand electricity from buildings

The Weleda Group›s Scope 2 emissions originate from purchased
and self-generated electricity for use in rented and owned buildings, including production facilities and production processes,
and from purchased energy from district heating/cooling andpurchased steam.

Scope 33.1. Purchased goods and services

Emissions used in calculation comprise purchased goods andservices: calculation is based on the purchase volume of all raw
materials and packaging materials used in the manufacture of the
products. These emissions include corresponding emissions
from contract manufacture and contract packaging and from
non-product-related materials and services.

3.2. Capital goods

These emissions are calculated based on the average productmethod and cover upstream emissions from production of capital
goods purchased or acquired by the company.

3.3. Other fuel- and energy-related activities

Scope 3 emissions are based on the amount of electricity
consumed in accordance with Scope 2 and emission factors for
Scope 3 emissions.

3.4. Upstream transport and distribution

Includes suppliers’ transport of raw materials and packaging
materials for products to Weleda facilities and contract manufacturers and packagers (activity data). Emissions are calculated basedon a model by our consultant Factor X comprising actual dataand estimates based on distances between the point of origin of
the materials, the suppliers and the production locations.

Emission sources included/Activities anddata collection methods

NOTES

Definition

73

NOTES / CORPORATE GOVERNANCE
Why do we choose XDC as the reference and impetus for our climate goals?
The XDC model was developed by the company right. based on science in
2019. It relates a company’s emissions intensity to its economic performance and the potential of the industry in which the company operates.

The model enables companies to measure and manage their compliancewith the Paris Climate Agreement. Weleda uses the XDC model to calculate and understand our climate impacts, define science-based emission
reduction targets, conduct forward-looking scenario analysis, prepare climate-conscious business decisions, and inform the public.

CERTIFICATIONS OF WELEDA COUNTRIES
Weleda is actively engaged in environmental management and works to improve social
and working conditions. Independent experts have confirmed the company’s compliancewith internationally recognised standards by awarding the following certifications.

Input data of XDC analysis following right. based on science GmbH
Model version

V3.2

Gross value added

2019–2023, reported

Scope 1

2019–2023, reported, data quality: +/– 5%

Scope 2

2019–2023, reported, data quality: +/– 5%

Scope 32019–2023 reported, data quality: +/– 15%

Development of emissions and gross value added– Standard assumptions of XDC model based on Shared Socioeconomic Pathway 2 (SSP2)– Note: NACE 20 sector benchmark emissions for 2022 and 2023 will be input into the XDC
model during the course of 2024. The results shown in the report thus include estimates

Switzerland

Germany

Italy

Weleda AG
Dychweg 144144 Arlesheim
Switzerland
Tel. +41 61 705 21 21
www.weleda.ch

Weleda AG
Möhlerstr. 3–5
73525 Schwäbisch Gmünd
Germany
Tel. +49 7171 91 90
www.weleda.de

Weleda Italia S. r. l.
Via Albani 65
20148 Milano
Italy
Tel. +39 02 487 70 51
www.weleda.it

Certified in accordance with
ISO 14001 and EMAS / Verified
Environmental Management, D-135-00032

Certified in accordance with ISO 14001
and EMAS / Verified Environmental Management,
D-135-00032

Certified in accordancewith SA 8000 (Social Accountability Standard)

TRANSPARENT AND SOLID BUSINESS MANAGEMENT
Weleda places great value on a transparent management structure and an open
communication culture. The rules for good corporate governance are laid downin the company’s articles of association and organisational regulations.
Audit Committee
Members
Two members of the Audit Committee, Dr Andreas Jäschke (Chairman sinceJune 2023) and Ueli Hurter (since June 2023), are also members of the Boardof Directors. With Robert Jan Bumbacher an external specialist is also represented. Monique Bourquin was a member of the Audit Committee (Chair) andthe Board of Directors until June 2023.

Since 2018

B CorpWeleda has been a member of UEBT since 2011

The whole Weleda Group has held Benefit Corporation (B Corp) certification since 2021.
Weleda is currently in the recertification phase.
Details at: www.bcorporation.net

Member of the Union for Ethical BioTrade (UEBT)(board member, assistance in developing pilot
projects for new certification models)Duties
The function of the Audit Committee is to assist and effectively support theBoard of Directors in its corporate governance monitoring tasks. These include, but are not limited to:– monitoring the integrity of the Group’s financial reporting and the Group’s internal control system, as well as the monitoring of compliance with legal and internal (compliance)– monitoring the independence and performance of the independent external auditors (statutory auditors and Group auditors) as well as the internal
audit department

NOTES

Control and risk management
The primary objective of risk management is to ensure the longterm survival of the company – as a basis for further development. Risk reportingto the Audit Committee and the Board of Directors takes place yearly. The
material content and elements of Weleda’s Group wide risk policy havebeen documented and described in a comprehensive control and risk management system (KuRS).
The Audit Committee is a fundamental element of the management structure, with responsibility for compliance with Weleda’s corporate governance.

B Corp

PUBLICATION DETAILS74

ADDRESSESWELEDA WORLDWIDE

Issued by
Weleda AG
Dychweg 144144 Arlesheim
Switzerland
www.weleda.com
Editors
Martin Cadosch
Birgit Frank
Marcel Locher
Christoph Möldner (editorial
responsibility)
David Oechsle
Susanne Siebel (project lead)
Stefan Siemer
Translation and Proofreading
Alison Moffat-McLynn, Munich

PhotosCover:
WeledaInner section:
Peyman Azhari (Board of Directors,
Executive Board, portraits: pages
3,4, 10, 20, 25, 28, 33, 35)
Elias Hassos ((logistics campus)
Claudia Link
Weleda Archiv
Connected Archives:
Ambra CrocianiDaniel FaròUnsplash:
Hasan Almasi
Jeremy Bishop
Ivana Cajina
Jennifer Hyman
Matheo Jbt
Alfred Kenneally
Goutham Krishna
Haley Lawrence
Megan Nixon
Chandra Oh
Fahrul Razi
Maike Reininghaus
Thomas Richter
Valentin Salja
Annie Spratt
Motoki Tonn
Illustrations
Katharina Bourjau

DesignPlateau Design Studio,
BerlinContact for questions
regarding the report
Susanne Siebel
Global Communications
Phone: +49 7171 919 -478
E-Mail: ssiebel@weleda.de

SWITZERLAND

BRAZILJAPANSLOVAKIA

Weleda AG
Dychweg 144144 Arlesheim
Switzerland
Tel. +41 61 705 21 21
www.weleda.ch
www.weleda.com

Weleda do Brasil Laboratórioe Farmácia Ltda.
Rua Brigadeiro Henrique
Fontenelle 33
Parque São Domingos
CEP 05125000
São Paulo
BrasilTel. +55 11 3648 8388
www.weleda.com.br

Weleda Japan Co., Ltd
Ebisu IS building 4 F 1– 13 – 6
Ebisu, Shibuya-ku
Tokyo 150-0013
Japan
Tel. +81 (0)50 3655 0890
www.weleda.jp

Weleda spol. s r. o.
organizačná zložka
(Filiale Weleda Tschechien )Dúbravčická 1/ 3600
84102 Bratislava – Dúbravka
Slovenská republika
Tel. +421 905 815 829
www.weleda.sk

Weleda Trademark AG
Dychweg 144144 Arlesheim
Switzerland
Tel. +41 61 701 16 92

GERMANY
Weleda AG
Möhlerstr. 3–5
73525 Schwäbisch Gmünd
Germany
Tel. +49 7171 91 90
www.weleda.de
Weleda Services GmbH
Möhlerstr. 3–5
73525 Schwäbisch Gmünd
Germany
Tel. +49 7171 91 90
www.cityspa.weleda.de

ARGENTINA
Weleda S. A.
Ramallo 2566
C1429DUR Buenos Aires
Argentina
Tel. +54 11 4704 4700
www.weleda.com.ar

AUSTRALIA
Weleda Australia Pty Ltd
Unit 16, 2 Daydream Street
Warriewood NSW 2102
Australia
Tel. +61 2 9997 5171
www.weleda.com.au

BENELUX
Weleda Benelux SE
Platinastraat 161
2718 SR Zoetermeer
Nederland
Tel. +31 79 363 13 13
www.weleda.nl
www.weleda.be

CHILE
Weleda Chile SpA
Evaristo Lillo 78, Of. 41
Las Condes
Santiago de Chile
Chile
Tel. +56 02 240 2700
www.weleda.cl

CHINA
Weleda Hongkong Limited
29th Floor, The Gateway, Tower 5,
Harbour City, 15 Canton Road, Tsim
Sha Tsui, Kowloon, Hongkong
Tel. +852 3180 9405

FRANCE
Weleda France S. A.
9, rue Eugène Jung
CS 20152
68331 Huningue Cedex
FranceTel. +33 (0) 3 89 69 68 00
www.weleda.fr

UNITED KINGDOM
Weleda UK Ltd
Heanor Road
Ilkeston
Derbyshire DE7 8DR
United Kingdom
Tel. +44 115 944 8200
www.weleda.co.uk

ITALY
Weleda Italia S. r. l.
Via Albani 65
20148 Milano
ItaliaTel. +39 02 487 70 51
www.weleda.it

KASACHSTAN
Weleda LLP
Baizakov str. 280
050040 Almaty
Kazakhstan

NEW ZEALAND
Weleda (NZ) Ltd
302 Te Mata Road
P. O. Box 8132
Havelock North 4157
New ZealandTel. +64 6 872 87 00
www.weleda.co.nz

AUSTRIA
Weleda Ges. m. b. H & Co. KG
Hosnedlgasse 27
1220 Wien
Austria
Tel. +43 1256 60 60
www.weleda.at

POLAND
Weleda spol. s r.o.
(Filiale Weleda Tschechien)Central Tower, 26th floor
Al. Jerozolimskie 81
02-001 Warszawa
PolandTel. +48 692968385
www.weleda.pl

RUSSIA
Weleda East LLC
Rozhdestvenka street 25
107031 Moscow
RussiaTel. +7 495 545 4285
www.weleda.ru

SWEDEN
Weleda AB
Ludvigsbergsgatan 2011823 Stockholm
SverigeTel. +46 85 515 18 00
www.weleda.se

SPAIN
Weleda S. A. U.
Calle Manuel Tovar 1, piso 6 izq
28034 Madrid
EspañaTel. +34 91 358 03 58
www.weleda.esSÜDKOREA
Weleda Korea Ltd.
KJ Tower (14th floor)
Bongeunsa-Ro 207, Gangnam-gu
Seoul 06109
Republic of Korea
Tel. +82 70 7700 7472
www.weleda.kr

CZECH REPUBLIC
Weleda spol. s r. o.
Lidická 336 / 28
150 00 Praha 5Česká republika
Tel. +420 257 315 888
www.weleda.cz

UKRAINE
Weleda Ukraine LLC
Kyrilivska str. 604080 Kiev
UkraineTel. +380 44 333 7108
www.weleda.ua

USA
Weleda North America(Weleda Inc.)
1 Bridge St Suite 42
Irvington, NY 10533
USA
Tel. +1 800 241 1030
www.weleda.com

2023

Weleda AG produces its
Annual and Sustainability
Report on a yearly basis.
The last report produced was
the Annual and Sustainability
Report 2022 of the Weleda
Group and Weleda AG.

Date of publication
26. April 2024

ANNUAL FINANCIAL REPORTThe Annual and Sustainability
Report 2023 of the Weleda
Group and Weleda AG is
available in English andGerman. The German version
is binding.