2011 Maxingvest11-Engl

7/30/2019 2011 Maxingvest11-Engl

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Annual Report


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RubRik

maxingvest ag

is the holding company for the Tchibo and Beiersdorf

operating subgroups.

maxingvest ag holds a 100% stake in Tchibo GmbH and controls

more than 50% of the voting rights of Beiersdorf AG. As a

management holding company, maxingvest ag monitors and

supports its subsidiaries, which operate independently.

maxingvest ag is committed to

PRESERViNG AND ENHANCiNG ADDED VALuE

and increasing it in the long term. As a management holding

company, we maintain strategic oversight of our equity

investments, monitor their financial indicators and provide

an economic foundation, allowing our subgroups to

concentrate on their operating business.

002


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003

CoNtENtS

kEy ComPANiES mAxiNGVESt GRouP 4

DAtA AND FACtS 5

mANAGEmENt AND SuPERViSoRy boARD 6

Letter frm the Maagemet Bard 6

Bards f maigvest ag 8

Reprt f the Spervisry Bard 9

PRESERViNG AND ENHANCiNG ADDED VALuE 12

EmPLoyEES 14

CoRPoRAtE RESPoNSibiLity 18

GRouP mANAGEmENt REPoRt 24

CoNSoLiDAtED FiNANCiAL StAtEmENtS 55

AuDitoRS REPoRt AND RESPoNSibiLity StAtEmENt 139

FuRtHER iNFoRmAtioN 141

Crprate Gverace at maigvest ag 141


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tCHibo

Revenues: 3,539 million

Employees: 12,135 *

Tchib GmbHHambrg, Germay

Tchib Cffee Service GmbHHambrg, Germay

Tchib Mafactrig

GmbH & C. KGHambrg, Germay

Tchib Prdktis GmbHHambrg, Germay

Edsch (Astria) GmbHViea, Astria

* aal average

bEiERSDoRF

Revenues: 5,633 million

Employees: 18,128 *

Beiersdrf AGHambrg, Germay

tesa SEHambrg, Germay

Beiersdrf Ges mbHViea, Astria

Beiersdrf s.a.s.Paris, Frace

Beiersdrf SpAMila, Italy

kEy ComPANiES

MAxInGVEST GRouP


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005

DAtA AND FACtS

i milli 2011 2010

Revenes 1) 9,173 8,954

theref dmestic revee 2) 4,038 3,910

theref freig revee 2) 5,135 5,044

Ebit 540 908

Ne prf 285 554

tal asses 12,962 12,618

Sharehlders eq 8,098 7,859

theref mirity iterests 2,944 2,409

Eq ra n % 62 62

invesens 3) 172 161

Ebit argn n % 5.9 10.1

Ner f eplees (annal average) 1) 30,294 32,349

1) The prir-year figres have bee adjsted. See the disclsres i the secti f the tes t the cslidated fiacial statemets etitled

Chages i acctig plicies r (39) other disclsres.2) By dmicile f cmpay.3) Ecldig fiacial assets.


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006 mANAGEmENt AND SuPERViSoRy boARD

LEttER FRom tHE mANAGEmENt boARD

LADIES AnD GEnTLEMEn

The maigvest Grps sbgrps tred i a mied perfrmace. Tchib was able t repeat its strg

prir-year earigs. 2011 was a year f majr chages fr Beiersdrf, with the implemetati f its Fcs

Ski Care. Clser t Markets. strategy, which ivlved bdlig its activities i the ski care area, startig

t prdce its first psitive reslts i the secd half f the year.

I recet years, Tchib has implemeted its Strke strke (Stregtheig stregths) strategy prgramme,which has pt the cmpay back its previs strg track. Cstmers have clearly bght it its lg-

term evirmetally ad scially cmpatible vale system, systematic apprach, gal rietati ad cst

disciplie. Tchib will ctie t fllw this path i the ftre with its Zkft bracht Herkft (Bildig

or Ftre Traditi) prgramme. The aim is t cscisly ivest i the brad cre ad t esre sstai-

able grwth. The sccess factrs that iteract t create the iqe Tchib brad have bee dcmeted i

Tchibs DnA. Tchib was able t repeat its strg-prir year perfrmace i the year der review.

2011 at Beiersdrf was dmiated by far-reachig chages. Its tw bsiess segmets perfrmed very differ-

etly, bt i lie with plaig ad epectatis: tesa did tstadigly well ce agai while the Csmer

bsiess segmet was realiged. I the latter, Beiersdrf systematically implemeted the package f measres

ad ivestmets aced i December 2010, streamlied the prdct prtfli ad ccetrated its

stregths: the develpmet ad distribti f high-qality ski ad bdy care prdcts. At the ed f the

year, Beiersdrfs Eective Bard reslved t implemet the cmpays regial fcs by realigig its cr-

prate strctres ad prcesses. These are t be simplified, ptimised ad adapted t reflect the redefied

respsibilities fr headqarters, the regis ad the sbsidiaries. This represets the start f the fial phase

f the Fcs Ski Care. Clser t Markets. Csmer Bsiess Strategy.


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Beiersdrf systematically laid the fdatis fr a sccessfl ftre i 2011, bth at the strategic level ad

i the hma resrces area, with the geerati chage at the head f the cmpay. Stefa F. Heidereich

jied the Eective Bard i Jaary 2012 ad will take ver as CEo fllwig the Aal Geeral Meetig.

He has 15 years eperiece f maagig a iteratial braded gds cmpay that als sccessflly

asserted itself agaist larger cmpetitrs i the market. His brad ad maagemet epertise make him the

ideal sccessr t Thmas-B. Qaas. He represets ctiity i the implemetati f Beiersdrfs strategyad bsiess mdel.

The maigvest Grp ce agai achieved a eqity rati f ver 60% ad icreased its et fiacial assets

i the year der review. This meas that maigvest ag cties t have a slid basis fr reactig t

pssible certaities i the cmig year ad frther icreasig the market presece f bth brad grps.

The maigvest Grp is well psitied thaks t its strg brads, its clear strategy prgrammes ad, i

particlar, its cmmitted emplyees. or special thaks g t r staff fr their tremeds effrts. or

Cmpays sccess is rted i r cstmers trst ad r emplyees stregths.

Michael Herz Thmas Hlzgreve


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008 mANAGEmENt AND SuPERViSoRy boARD

boARDS oF mAxiNGVESt AG

SuPERVISoRY BoARD

Prf. Dr. Renhard Pllah, Mich

Chairma

Lawyer

Fredrch-karl Wrede*, Hambrg

Depty ChairmaChairma f the Cmpay Wrks Ccil

Tchib GmbH

Peer Franelcz*, ockhlm

Trade ui Secretary, ver.di

Lwer SayBreme State district

Wlfgang Herz, Hambrg

Member f the Maagemet Bard

Participia Hldig GmbH

Dr. Rlf knsch, berlige

Frmer Chairma f the Maagemet Bard

Beiersdrf AG

(til 25 March 2011)

Dr. Arn mahler, Hambrg

Chairma f the Spervisry Bard GfK SE,

n Eective Directr

Hel mller*, HtschehaseRegial Maager, Shp Techicia

Tchib GmbH

tas Neer*, Bad Mder

Head f the Divisi Ecmic Plicy-

Idstry Grps

IG BCE Mai Maagemet Bard

Ralf Neann*, Hambrg

Crdiatr f Techical Admiistrati

Tchib Mafactrig GmbH & C. KG

* Emplyee represetative

Dr. Jens odewald, Refrath

Chairma f the Sharehlders Meetig

odewald & Cmpagie Gesellschaft fr

Beteiligge mbH

Dr. Wlfgang Pener, Hambrg

Germa Pblic Aditr

Sefan Pfander, Berg

Maagemet Csltat

Prf. manela Rssea*, Rellige

Head f Crprate Scial Respsibility

Beiersdrf AG

Regna Schllngs*, Hambrg

Ivetry Acctig Clerk

Beiersdrf Shared Services GmbH

Prf. Dr. Wlf vn Schelann, Berg-Lei

Chairma f the Spervisry Bard

Detsche Pst AG

Vler Schpne*, Halstebek

Techicia, Depty Chairma f the Cmpay

Wrks Ccil Beiersdrf AG

Ann-Chrsn Wagenann, Hambrg

Frmer Geeral MaagerBeiersdrf Csmer Prdcts (PTY) LTD.

(frm 6 September 2011)

MAnAGEMEnT BoARD

mchael Herz, Hambrg


thas Hlzgreve, Bad oldesle



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009

REPoRt oF tHE SuPERViSoRy boARD

I the year der review, the Spervisry Bard perfrmed its des i accrdace with the law, the Articles

f Assciati ad the by-laws. Three meetigs were held ad were atteded by all members. I them, the

Spervisry Bard received detailed reprts the crret psiti f the Cmpay ad its peratig cm-

paies, ad i particlar the revee psiti, reslts f peratis ad market evirmet fr Beiersdrf

ad Tchib. We aalysed the regis ad divisis. We als mitred the rergaisati f the sharehlders

der which shares i BBG Beteiliggsgesellschaft mbH were echaged fr the Cmpays w shares

a gig basis. Ivestmet ad divestmet plaig, crprate plaig ad Maagemet Bard

remerati were likewise discssed. I additi, the Maagemet Bard prvided the Chairma f theSpervisry Bard with reprts all crret develpmets tside meetigs. The Depty Chairma f the

Spervisry Bard ad the Chairma f the Fiace ad Adit Cmmittee were als i reglar ctact with

the Maagemet Bard.

The Spervisry Bard has fr cees, which prepare resltis by the Spervisry Bard ad is-

far as this is permitted pass them i its place. Reprts all cmmittees that had met sice the last pleary

sessi were prvided at each Spervisry Bard meetig.

The Fnance and Ad Cee met five times i 2011; the Maagemet Bard atteded all meetigs.

The mai tpics discssed were the preparatry wrk fr, ad its eamiati f, the sigle-etity ad c-

slidated fiacial statemets, the tasks ad adit fidigs f the Iteral Adit it, as well as Grp-wide

risk maagemet. The Maagemet Bard Cmmittee met twice ad the Eective Cmmittee met ce i

2011. The Arbitrati Cmmittee did t meet i the year der review.

Dr. Rlf knsch left the Spervisry Bard whe he tred 70 i March 2011. The etire Spervisry Bard

wld like t eted its heartfelt thaks t him fr his lg ad etremely fritfl ivlvemet with the Cm-

pay ad its sbgrps.Ann-Chrsn Wagenann was elected t the Spervisry Bard fr the remaider

f Dr. Kischs term f ffice; she assmed her pst i September. We wish them bth sccess, stregth ad

gd health fr the ftre.


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The adrs, Erst & Yg GmbH Wirtschaftsprfgsgesellschaft, Hambrg, adited the aal fiacial

statemets, the cslidated fiacial statemets ad the cmbied maagemet reprt as at 31 December

2011, icldig the bkkeepig, i accrdace with stattry prvisis. The adit fcsed the measre-

met f sigificat eqity ivestmets (i particlar gdwill ad trademarks), the measremet f fiacial

istrmets, ivetries/leftver stck, deferred taes ad chages i sigificat prvisis. The aditrs

issed qalified adit piis. The depedet cmpay reprt, which was prepared by the Maagemet

Bard i accrdace with secti 312 f the Aktiegesetz (AktG Germa Stck Crprati Act) ad adit-

ed by the aditrs, received the fllwig qalified adit pii: Based r adit ad assessmet,

which were carried t i accrdace with prfessial stadards, we cfirm that (1) the factal statemets

made i the reprt are crrect, (2) the csiderati paid by the Cmpay i the legal trasactis metied

i the reprt was t ecessive ad (3) there are circmstaces that wld idicate a materially differetassessmet f the measres listed i the reprt t that give by the Maagemet Bard.

We eamied the aal fiacial statemets, the cslidated fiacial statemets, the cmbied maage-

met reprt, the prpsal by the Maagemet Bard the apprpriati f et prfit, the depedet

cmpay reprt, ad the adit reprts by the aditrs i lie with r dty. The Fiace ad Adit Cmmittee

discssed the reslts f its eamiati at its meetig 8 March 2012 ad reprted them t the Sper-

visry Bard i the meetig 29 March 2012. Bth meetigs were als atteded by the aditrs, wh

preseted their adit fidigs ad aswered r qestis. We eamied the prpsal by the Maagemet

Bard the apprpriati f et retaied prfit, takig it acct the Grps fiacial sitati i the

year der review ad its tlk fr the ftre the e had, ad sharehlder iterests the ther, ad

fd it t be well balaced; we ccr with this prpsal.

or eamiati f the aal fiacial statemets, the cslidated fiacial statemets, the cmbied

maagemet reprt, the prpsal by the Maagemet Bard the apprpriati f et retaied prfit, the

depedet cmpay reprt (icldig the ccldig declarati by the Maagemet Bard), ad the adit

reprts by the aditrs did t lead t ay reservatis. The Spervisry Bard ths ccrs with the fidigs

f the adit ad apprves the aal fiacial statemets ad the cslidated fiacial statemets fr fia-

cial year 2011. the annal fnancal saeens are herefre adped.

mANAGEmENt AND SuPERViSoRy boARD


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beersdrftred i a mied perfrmace i the fiacial year. I the Csmer bsiess segmet, Lati

America perfrmed particlarly well, while Wester Erpe (with Germay the mst imprtat market) ad

Chia i particlar still have sigificat challeges ahead f them. The measres iitiated here are bearig

frit. The esa bsiess segmet agai std t i 2011. tch fell shrt f the etremely strg prir-year

figres. Bsiess was impacted by the higher price levels the cmmdities markets, fr eample fr cffee

ad ctt.

overall, the Cmpay ad its sbgrps tred i a gd perfrmace i light f the difficlt evirmet i

the past year. The Spervisry Bard wld like t han all emplyees, as well as their represetatives fr

their pe ad cstrctive cperati. or biggest thaks g t r cstmers ad csmers fr their

ctied trst i the Cmpay ad its prdcts i 2011.

29 March 2012

The Chairma f the Spervisry Bard

Prf. Dr. Reihard Pllath


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For Tchibo,

PRESERViNG ADDED VALuE

means building on its experiences for the future and taking

environmental and social responsibility. Tchibo aims to take the

best of its successful, long-standing business model into the

future. Tchibo stands in particular for enjoyment and quality

and aims to meet its high standards with sustainable products

and processes.

tCHibo is the market leader for roasted coffee in Germany,

Austria, Poland and the Czech Republic. It combines this expertise

in roasted coffee with an innovative, weekly changing range

of consumer merchandise and services such as travel, mobile

communications services and green energy. Tchibo sells its products

using a sophisticated multichannel distribution system with its

own branches, an extensive retail presence and a strong online

and mail order business.

012 mAxiNGVESt AG


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For Beiersdorf,


means returning to core competencies. The Focus on Skin Care.

Closer to Markets. strategy introduced in March 2010 focuses the

company clearly on those product segments in which it is the

undisputed expert. This allows Beiersdorf to build on NIVEAs great

international brand value and to harness the high growth poten-

tial of its closeness to consumers through a stronger regional focus.

bEiERSDoRFis a global company with two business segments.

The Consumer business segment the focus of the companys

business with its strong brands concentrates on skin and body

care, while the tesa business segment with its innovative offerings is

one of the worlds leading manufacturers of self-adhesive products

and solutions for industry, craft businesses and consumers.

013


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014 EmPLoyEES


Preserving added value is a continuous process that involves

each and every individual. Day after day, the management and

employees of our subgroups are committed to combining the

tried and true with the new and successfully taking this intothe future.


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015

EmPLoyEES

TCHIBo

Tchibs sccess is fded the cmmitmet, eperiece ad epertise f its emplyees. Thaks t their

high level f mtivati, the family-wed cmpay has perfrmed well despite the difficlt ecmic

cditis.

Tchib takes a lg-term apprach t its bsiess featrig flat hierarchies ad qick decisi-makig.

Emplyees wrk as etrepreers withi the cmpay with a high level f idepedece ad resp-sibility.

Vcatial traiig is a particlar pririty at Tchib. oe f the iqe thigs abt a Tchib ffice traieeship

is that vcatial traiees rtate acrss a mber f differet departmets, ad that they already assme

respsibility fr challegig tasks. Althgh the traiig prgramme is geared twards cmmercial trades,

yg peple ca als start their career at Tchib i ther vcatis frm idstrial mechaics thrgh

warehse peratrs t chefs. The mber f vcatial traiees at Tchibs braches rse frm 22 i 2010

t 44 i 2011. The mber f traiees ad maagers-i-traiig i r distribti peratis als icreased

i the year der review.

I 2010, Tchib became the first Germa retail cmpay t receive the family-cscis emplyer certifi-

cate frm berfdfamilie GmbH. A large mber f activities der this prgramme were als implemeted

fr emplyees i 2011. Fr istace, additial places fr the childre f Tchib emplyees were created i

day care cetres ear the City nrd lcati. I additi, brach emplyees all ver Germay cld take

advatage f emergecy ad vacati childcare services ffered by a eteral service prvider.

nuMBER oF TCHIBo EMPLoYEES 2011(aal average)

Germay 8,332 69%Abrad 3,803 31%

tal 12,135 100%


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016 EmPLoyEES

BEIERSDoRF

Cnser

Emplyees are vital t crprate sccess. They play a particlarly imprtat rle i maagig strg brads,

develpig ivatis, ispirig csmers ad maitaiig this sccess ver the lg term. Hma

Resrces prvides the framewrk reqired t achieve this by aalysig treds ad develpmets i the wrk-

place ad wider wrld, ad reactig apprpriately fr the ftre f the cmpay.

The fllwig treds are epected t dmiate the labr market ver the cmig years ad will directly

affect Beiersdrfs hma resrces activities:

Demgraphic chage meas that pplatis are agig. This has implicatis fr the age strctre f

cmpay wrkfrces.

The icreasig mbility f highly qalified emplyees ad the glbalisati f the labr market

create bth pprtities ad challeges. Mre tha ever, iteratial cmpaies sch as Beiersdrf eed

emplyees wh ca mve betwee ctries, cltres ad lagages.

The wrk-life balace plays a icreasigly imprtat rle i the wrkplace. Beiersdrfs part-time wrk-

ig mdels i particlar permit highly fleible, cstmised wrkig times that reccile emplyees persal

wishes ad peratial reqiremets t the greatest etet pssible.

oe f Hma Resrces mst imprtat tasks i fiacial year 2011 was iitiatig ad shapig strctral

chage. Esrig the right balace i the divisi f respsibilities betwee headqarters ad the regis,

as well as determiig the ptimal assigmet f rles ad respsibilities, were critically imprtat. With the

rll-t f the fial phase f the implemetati f its strategy i nvember, Beiersdrf aced the

chages desiged t simplify ad ptimise the cmpays strctres ad prcesses ad alig them with a

strger rle fr the regis.

nuMBER oF BEIERSDoRF EMPLoYEES 2011(aal average)

Erpe 10,386 57%

Africa, Asia,

Astralia 5,541 31%

Americas 2,201 12%

tal 18,128 100%


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Beiersdrfs hma resrces activities are based its pla fr the perid p t 2015. The key bjective is

t establish Beiersdrf as e f the mst attractive emplyers i the csmer gds idstry. The hma

resrces strategy is essetially based the fllwig pillars, which are applicable all ver the wrld:

Develp wrld-class, diverse talet at all levels.

Drive the right rgaisatial capabilities.

Eable a egagig, high-perfrmace wrkig evirmet.

This cmprises makig the best se f emplyees skills ad ptetial t meet wrkplace demads, prmtigmtivati ad fsterig a perfrmace-drive cltre. Qalified, mtivated emplyees are key t the sccess

f a cmpay ad talet maagemet made p a eve mre imprtat part f hma resrces activities

i fiacial year 2011. The lg-term sccess f a cmpay relies its ability t attract highly qalified jb

applicats. Idividal develpmet pprtities play a large rle, as des recgisig ad rewardig

perfrmace fairly.

I rder t discss perfrmace, the term mst be clearly ad ifrmly defied. Hma Resrces develped

a ew skills mdel i the year der review that defies Beiersdrfs derstadig f effective leadership ad

its epectatis f emplyees. The ew skills mdel has bee i the rll-t phase acrss all Beiersdrf

affiliates sice the ed f September 2011.

esa

I the tesa bsiess segmet, e f Hma Resrces key tasks was preparig the cmpay fr the

rergaisati f its regial strctres i Wester Erpe. As part f this rergaisati, the crret Sth-

west ad nrther Erpe regis will be merged with Germay, Astria ad Switzerlad t create the ew

Wester Erpe regi. The gal is t esre faster ad mre efficiet implemetati f the strategy t

icrease the cmpays cmpetitive ability.

As i previs years, tesa ctied t drive frward traiig fr its sales rgaisatis. All ew emplyees

cmplete a iteral idcti prgramme lastig fr several weeks. This familiarises participats with prd-

cts, the techlgy behid adhesive tapes, cstmer applicatis ad sales techiqes. The rgaisatis inrth ad Sth America als jied the fll iteratial prgramme i 2011.


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018

CoRPoRAtE RESPoNSibiLity

Crprate scial respsibility is a well-established part f the maigvest Grps plicy. The Tchib ad

Beiersdrf sbgrps have itegrated crprate respsibility it their maagemet systems ad aim t

imprve their perfrmace i this area frm year t year.

TCHIBo

Tchibs actis are ifrmed by its fcs lg-term ecmic sccess ad its awareess that cmpaieshave a respsibility t the sciety they are a part f smethig that has t chaged sice its fdati

ver 60 years ag.

At Tchib, sstaiability meas takig respsibility fr emplyees ad sppliers, as well as the scial ad

evirmetal impact f all f the cmpays prcesses. It has established itself as a itegral part f the

cmpays crprate strategy ad Cde f Cdct. Algside a abslte cmmitmet t cmply with the

law, the Cde f Cdct sets t Tchibs respsibility with respect t trasparecy ad the ctis

imprvemet f its bsiess prcesses i the frm f a cmprehesive sstaiability strategy.

Tchib aims t pt sstaiability at the cetre f everythig it des at all levels. Tchibs activities fcs

thse areas i which thaks t its bsiess peratis it ca make thigs happe i terms f evirme-

tal ad scial prgress.

Cffee

Tchib made the fllwig prgress i the Cffee divisis:

The share f validated (4C ad cmparable mdels) ad certified (Fairtrade, Raifrest Alliace, uTZ

CERTIFIED ad rgaic prdce withi the meaig f the Eus orgaic Farmig Reglati) sstaiable

cffee grades icreased frm 10% f the ttal raw cffee vlme fr Tchibs dmestic ad freig bsiess

i 2010 t 13% i 2011.

The trasiti t 100% certified sstaiable cffee grades fr Tchib Privat Kaffee ad the etire

Cafissim capsle system rage will begi i 2012.

Fllwig the switch t 100% Raifrest Alliace certified cffee fr Brazil mild, the prprti f

certified cffee ctaied i Gatemala Grade frm the Privat Kaffee rage was als icreased frm a

mimimm f 30% t 100% i the year der review.



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019

Tgether with Raifrest Alliace, a SmartSrce traiig prject becmig Raifrest Alliace

certified fr small-scale farmig strctres was held with cffee grwers i East Africa.

A jit prject was lached i Keya t stregthe the rle f female agricltral wrkers i sciety i

particlar by prvidig edcatial pprtities ad spprt i accessig additial srces f icme i

cecti with the SmartSrce prgramme t develp ad prcre Raifrest Alliace certified raw

cffee.

The prject i Gatemala t prvide age-apprpriate care ad learig materials, i particlar fr the

childre f migrat wrkers, was ctied as part f the SmartSrce prgramme t develp ad prcre

Raifrest Alliace certified raw cffee. This spprts parets drig the cffee harvest by prvidig a alter-

ative ad ctribtes t efrcig the Iteratial Labr orgaizatis (ILo) cre labr stadards.

Cnser erchandse

The fllwig prgress was made i the csmer merchadise area:

Rll-t f the WE prgramme (Wrldwide Ehacemet f Scial Qality) i the vale chai WE

qalificati f additial strategic prdcers i Bagladesh ad Chia.

Despite a sharp icrease i raw ctt prices, Tchib maitaied 2010 it sales f ctt tetiles that

are verified as Ctt made i Africa (CmiA) r certified as rgaic by the Tetile Echage.

The schl prject that was lached i Bei i 2010 i cecti with the Ctt made i Africa

iitiative was ctied. At least 30,000 schl ifrms ad 10,000 bks fr primary schl childre will

be prvided by 2013. other measres iclde cstrctig seve ew schl bildigs, istallig electricity r

slar pwer i te schls ad creatig ad eqippig te schl catees, tgether with specially plated

vegetable gardes ad drikig water wells t esre that stdets receive the best pssible diet.

Tchib ly ses trpical ad breal hardwds that cmply 100% with the reqiremets f the FSC

(Frest Stewardship Ccil) fr its garde fritre. I additi, all wd ad plp will flly cfrm t

Tchibs w Frest Tracig System stadard by 2013, which was develped tgether with the WWF (Wrld

Wide Fd Fr natre).


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020

Envrnenal precn

Tchibs advaces i evirmetal prtecti are as fllws:

Evirmetally friedly gds trasprt: i 2011, Tchib ct trasprt-related Co emissis by appr-

imately 30% as agaist the base year (2006) a like-fr-like basis.

Evirmetally friedly bsiess travel: the chagever t mre fel-efficiet vehicles i the field sales

fleet was cmpleted, cttig average Co emissis fr the fleet t belw 130 g/km.

Evirmetally friedly fleet: lach f a icetive system t prgressively redce Co emissis f

seir eectives cmpay cars with a iitial Co emissis cap f 160 g/km.

Implemetati f the Cffee + Climate ivati prject tgether with Iteratial Cffee Parters

(ICP) ad Gesellschaft fr Iteratiale Zsammearbeit (GIZ) t develp ad implemet ccepts t miti-

gate ctribtis t climate chage ad t adapt t climate chage i the ctries where Tchib srces

its raw cffee, fcsig Brazil, Vietam, Gatemala ad Tazaia.

Implemetati f the CPI 2 (Carb Perfrmace Imprvemet Iitiative) ivati prject der the

mbrella f the Assehadelsvereiigg (AVE the Freig Trade Assciati f the Germa Retail Trade).

The prject is backed by the Germa Federal Miistry fr the Evirmet, natre Cservati ad nclear

Safety, as well as varis cmpaies ad aims t develp ad implemet ccepts t icrease eergy

efficiecy ad redce Co emissis i the prdcti f ready-made items, startig with clthig, shes ad

wde prdcts.

I 2011, Tchib laid the grdwrk fr switchig cmpletely t FSC-grade magazie paper (Frest

Stewardship Ccil). It als plas t switch its ffice paper t FSC-grade ad/r Ble-Agel certified

recycled prdcts i 2012.

Eplees

The fllwig prgress was made i the area f emplyees:

I 2010, Tchib became the first Germa retail cmpay t be certified as a family-cscis emplyerby the berfdfamilie fdati. Tchib has sice prgressively imprved the child care measres agreed

with the fdati, as well as measres t spprt family members reqirig lg-term care. Fr istace,

te additial day care places will be created at cetres r by the Assciati f Hambrg Day Care Cetres

i 2012. The cmpay als develped a ccept fr carig fr family members reqirig lg-term care that

cvers imprtat ifrmati abt carig fr the elderly ad abt drable pwers f attrey, livig wills,

lg-term care, jb sharig, part-time maagerial psitis, ad eteral ad part-time emplymet.



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021

Targeted health prmti measres desiged t ehace Tchibs cmprehesive health maagemet

prgramme were epaded, icldig the itegrati f brt preveti measres ad raisig maage-

met awareess f this cditi.

Itrdcti f the Tchib Maagemet Dialge t assist maagers i establishig systematic

cmmicati with their staff ad develpig pragmatic sltis t imprve leadership ad stregthe

cperati.

Mre ifrmati ca be fd i Tchibs 2010 Sstaiability Reprt, which is available at www.tchib-

achhaltigkeit.de. The aal Sstaiability Reprt has bee pblished sice 2008. It was reviewed i accrd-

ace with ISAE 3000 by a adit firm fr the first time i 2010 ad was awarded the highest pssibleGRI sability grade (A+).

BEIERSDoRF

Beiersdrf recgised the imprtace f takig respsibility at a early stage. Evirmetal prtecti,

scial respsibility ad ecmic sccess have bee eqally imprtat cmpets f its crprate cltre

thrght the cmpays histry. Cstmers ad csmers icreasigly epect cmpaies t act i a scial-

ly ad eclgically respsible maer. Fr Beiersdrf, sstaiability meas maagig scial ad evirme-

tal risks, livig its brad vales ad at the same time leveragig ew market pprtities. nmers prjects

shw that, ce agai, Beiersdrf achieved a lt i 2011.

Cnser

uder the mbrella mtt We care. Beiersdrf pdated its sstaiability strategy t ctie its sccess i

the ftre ad ctisly imprve what it has already achieved. Fr Beiersdrf, care is a key vale that

represets respsibility t peple ad the evirmet. I a fast-chagig wrld, ly cmpaies that

respd t chages fleibly will be sccessfl. This is why its apprach t sstaiability fcses icreasig

the cmpays adaptability. I the ftre, Beiersdrf will ccetrate si fcs areas i three fields f

activity:

I the Prdcs area, there are three fcs areas: raw material se, packagig ad csmer egage-met. Fr raw material se, Beiersdrf has set itself the gal f makig research, raw materials prcre-

met ad the develpmet f ew frmlas ad applicatis eve mre sstaiable. I the packagig area,

Beiersdrf is fcsig redcig resrce csmpti by miimisig packagig ad develpig alterative,

sstaiable packagig sltis. Fr the csmer egagemet tpic, Beiersdrf aims t actively help c-

smers live a mre sstaiable life. I the Prdcts area, Beiersdrf wats 50% f its sales t be geerated

frm prdcts with a sigificatly redced evirmetal impact by 2020.


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022

I the Plane area, the fcs is the se f resrces. The gal is t ctially redce csmpti

f water, eergy ad limited resrces i prdcti ad sales activities. Beiersdrf aims t redce Co emis-

sis by 30% per prdct sld by 2020.

The Peple area addresses emplyee egagemet & develpmet. The aim is t ecrage all emply-

ees t ctie their develpmet ad t becme persally ivlved. Ather key aspect i this area is

crprate scial respsibility (CSR). Beiersdrf spprts lcal ad glbal iitiatives that are i lie with the

cmpays strategic gals. I the Peple area, Beiersdrf aims t give half a milli childre the pwer t

determie their w ftre by prvidig them with a edcati by 2020.

I the year der review, Beiersdrf systematically ehaced its adit system ad wrked t itegrate keyaspects f eergy maagemet ad the secrity adit prcess. The ESMAS (Evirmetal Prtecti ad

Safety Maagemet Adit Scheme) adit prgramme cvers the fllwig mdles: evirmetal prtec-

ti, ccpatial safety ad secrity. ESMAS is the tl Beiersdrf ses t implemet ad mitr its sta-

dards, which are applicable all ver the wrld. I 2011, the ESMAS system was certified fr ather three

years by the Germa Assciati fr the Certificati f Maagemet Systems (DQS) as cfrmig t the

iteratially recgised ISo 14001 ad oHSAS 18001 stadards. A ttal f 13 t f 16 prdcti lca-

tis are w ESMAS-certified after the re-aditig f r facilities i Germay (Hambrg), Chile ad Brazil.

Beiersdrf is t merely actig sstaiably withi the cmpay it als epect this frm its parters. Beiers-

drf has develped a spplier cde f cdct with ifrm, bidig criteria t esre that sppliers meet

the same sstaiability reqiremets that it des. This icldes fair wrkig cditis ad evirmetal

prtecti, as well as bservace f hma rights ad rejecti f crrpti. Beiersdrf has develped a

system that eables sppliers cmpliace with the cde f cdct t be mitred ad which reglates

hw deviatis are hadled.

Beiersdrfs wrkplace health prmti prgramme is ispired by the idea that preveti is better tha

cre. A wide rage f reglar fferigs, sch as ergmic advice ad traiig liftig ad carryig tech-

iqes fr the wrkplace, is available t emplyees t help them prevet illesses. I additi, the health

prmti prgramme adpts differet fcs areas every year: i 2012, Beiersdrf will prvide resiliece

traiig ad cmprehesive fferigs fr the early detecti f breast cacer.

Beiersdrf takes respsibility i the wider wrld by spprtig disadvataged members f the cmmity.

Accrdig t the mtt We care & cect, the cmpay spprts activities that are csistet with its

vales ad that have a psitive iflece sciety ad its brads. All CSR activities ard the wrld are

based the priciple f helpig peple t help themselves ad flfil the criteria f lcal relevace, a lg-

term, mtally beeficial apprach ad measrability.



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023

The partership betwee nIVEA ad childres develpmet rgaisati Pla Iteratial that bega i

2010 has becme Beiersdrfs largest CSR activity i the meatime. The tp pririty here is t empwer

childre i the lg term thrgh edcati, fr eample, by prvidig fiacial assistace, datis i kid

ad vltary wrk. Beiersdrf is crretly wrkig with Pla Iteratial i 25 ctries, icldig Idia,

Brazil, Ecadr, Idesia, Keya ad Gatemala.

esa

The tesa bsiess segmet ctied t make sbstatial prgress twards implemetig the evirmetal

prgramme i fiacial year 2011. Sice the begiig f 2007, fr eample, VoC (vlatile rgaic cm-

pd) emissis have bee redced sigificatly ad the target fr 2011 was eve eceeded. I the

ccpatial safety area, tesa ctied the psitive tred f recet years ad frther redced the mberf accidets at wrk i its freig prdcti facilities.

tesas 75th aiversary was a pprtity t becme a lg-term spsr f the unESCo Bisphere Reserve

i Lwer Says Elbe Valley. tesa emplyees ca take part i a variety f activities, all f which ctribte t

maitaiig this highly bidiverse, evirmetally sesitive fldplai ladscape. I cecti with its rage

f evirmetally friedly prdcts that were lached i 2010 der the ecLg sb-brad, tesa set p

the Klebe Sie ei Zeiche! cmpetiti i 2011. A ttal f 50,000 is beig sed t fiace prjects

desiged t imprve the evirmet a lcal ad regial level, set p by members f the pblic thrgh-

t Germay. Idstry assciati PBS-Idstrieverbad e.V. awarded tesa the Sstaiability Prize 2011 fr

its cmmitmet t sstaiability as demstrated by the lach f the tesa ecLg rage. The jry praised

the way the cmpay served as a rle mdel fr the sectr.

I 2011, tesa agai tk part i a large mber f prjects that meet the criteria laid dw i its tesa Cr-

prate Givig Plicy. tesa fcsed maily helpig disadvataged childre ad yg peple by prvidig

datis ad spsrship, ad by dig vltary wrk. Additial emplyees siged p t take part i the

Das macht Schle e.V. iitiative. This assciati brigs tgether schls ad cmpaies i prjects t

revate ad desig schls that are the implemeted by schlchildre ad teachers tgether with

emplyees frm the cmpaies ivlved.

Emplyees i tesas Easter Erpea sbsidiaries agai tk part i Smilig Hspitals Fdati prjects

i the year der review. Tgether with the cmpay, they rgaised a paitig day i the childres casaltyit at the Gza Hetyi Cty Hspital i Hgary i 2011. All tesas activities are dcmeted i a

aal reprt that is available at www.tesa.cm/respsibility.


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mACRoECoNomiC PARAmEtERS

MACRoEConoMIC EnVIRonMEnT

After the glbal ecmy eperieced strg grwth i 2010, the ecmic recvery slwed dw i the

year der review. The svereig debt crisis i the erze, certaity i the fiacial sectr, fiscal plicy

discssis i the uSA ad a srprisigly weak perfrmace i the emergig markets were all factrs that

ifleced glbal ecmic grwth.

The ecmy i the erze was impacted by the wrseig svereig debt crisis. Iitially limited t Greece,this spread withi the erze ad certaity regardig hw it wld develp at Erpea level ad a

icreasigly restrictive fiscal plicy cmbied t paralyse the dmestic ecmy. Ecmic epasi i the

erze came t a stadstill with the ecepti f Germay.

The ecmic grwth i Germay remaied rbst, with real GDP icreasig by 3.0% i 2011. Grwth

mmetm came abve all frm withi Germay, especially i the frm f csmer spedig which, at

1.5%, recrded its highest icrease i five years. Hwever, 2011 als saw a sbstatial icrease i capital

epeditre, i.e. ivestmets i machies, eqipmet, vehicles ad bildigs. I the year der review,

freig trade accted fr a smaller prti f GDP grwth.

THE GERMAn RETAIL TRADE

Accrdig t ifrmati prvided by the Statistisches Bdesamt (Federal Statistical office), Germa retail

sales i 2011 icreased by 0.9% year--year i real terms. Gesellschaft fr Ksmfrschg (GfK) reprted

that csmer behavir als remaied csistet wig t the stable labr market i Germay. 2011 saw

a 1.7% icrease i sales by fd retailers, icldig high-street chemists. This was eclsively the reslt f

price icreases i terms f vlme, demad declied slightly i almst all prdct rages ad distribti

chaels. The price icrease was de firstly t higher raw material prices fr fd. Secdly, there was a

greater fcs amg csmers qality measred i terms f freshess, sstaiability ad regiality

fr which they paid higher prices. I 2011, the clthig idstry was severely affected by the raiy smmerad warm frth qarter. I additi, the sectr was cfrted with high raw material prices the prcre-

met market. Pr harvests, smaller crp areas ad risig demad frm Chia ad Idia pshed p ctt

prices.

The imprtace f lie sales ctied t grw. Accrdig t the Germa Retail Federati (HDE), sales

grew by 13% year--year frm 26.1 billi t 29.5 billi.

024 GRouP mANAGEmENt REPoRt


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GERMAn CoFFEE MARKET

Sales f rasted cffee t Germa hsehlds i the year der review amted t 659 milli pds i

weight, dw the market vlme fr the previs year (674 milli pds i weight). The espress/caff

crema ad sigle-servig market imprved sbstatially the previs year. The share f the rasted cffee

market attribtable t filter cffee declied ce agai.

The raw cffee market was affected by the sharp rise i glbal market prices it the secd half f 2011.Average echage prices fr Arabica icreased t their highest level fr mre tha te years, while Rbsta

recrded a far mre mderate rise. These price icreases were the reslt f the ctied shrt spply f

washed high-qality cffees straight frm srce, the grwig iflece eerted by hedge fds ad a

icrease i the glbal csmpti f high-qality cffee. I the case f Rbsta, the iflece f the ew

2012 harvest frm Vietam was already apparet by the ed f the year der review, casig prices t fall

slightly belw the qted prices fr the previs year.

InTERnATIonAL BoDY CARE MARKET

Grwth rates i the glbal csmetics market i 2011 were mre r less a level with the previs year. The

Asia ad Lati America regis ctie t be grwth drivers. The majrity f ctries i Easter Erpe als

recrded sbstatial grwth. Hwever, the satrated markets f Erpe ad nrth America were flat.

Prcremet market develpmets i 2011 were agai dmiated by spply bttleecks de t raw materials

shrtages cased, amg ther thigs, by strg glbal ecmic grwth i the first half f the year. This led

t price icreases, especially fr il-based raw materials. I additi, the stable plitical sitati i the

Middle East ad nrth Africa impacted il prices. Frthermre, atral evets sch as perids f etreme heat

r cld cased harvest failres fr atral raw materials. The earthqake ad the assciated reactr accidet

i Japa led t bttleecks fr specific raw materials that Beiersdrf ses i may f its prdcts. These

freseeable evets made it mre difficlt fr Beiersdrf t srce raw materials. Hwever, spplies weresecred thaks t clse cperati betwee the affected areas ad by sig alterative srces f spply.

025


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THE EConoMIC SITuATIon SuMMARY

The higher price level the cmmdities markets fr eample fr cffee ad ctt impacted the

Tchib sbgrp. I the Beiersdrf sbgrp, the tesa bsiess segmet was agai able t icrease revee

sigificatly de t its gig strg idstrial markets. I the Csmer bsiess segmet, the weak

perfrmace by the satrated csmetics markets f Germay ad Wester Erpe had a egative effect

verall grwth becase f the high prprti f revee geerated i these regis. Revee grwth i

mst f Beiersdrfs rapidly grwig markets was strg.

GRouP StRuCtuRE AND GRouP StRAtEGy

GRouP STRuCTuRE

The maigvest Grp csists f the hldig cmpay maigvest ag ad the tw peratig sbgrps

Tchib ad Beiersdrf. The hldig is family-wed ad ccetrates strategic bsiess maagemet.

maigvest ag hlds 100% f Tchib GmbH, which is the paret f the Tchib sbgrp. I additi,

maigvest ag ctrls mre tha 50% f the vtig rights f Beiersdrf AG. Beiersdrf AG is the paret

cmpay f the Beiersdrf sbgrp.

maigvest ag acqired w -par-vale shares (17.5% f the Cmpays share capital) i the year der

review. The acqisiti tk the frm f a package deal based a echage ctract i retr fr 17.5%

f the shares i BBG Beteiliggsgesellschaft mbH, Galli (frmerly Tchib Beteiliggsgesellschaft mbH). BBG

Beteiliggsgesellschaft mbH hlds a share f 50.46% i Beiersdrf AG. I additi, maigvest ag held

additial shares f less tha 0.5% f Beiersdrf AGs share capital as at the reprtig date.

100% 82.5%

bbG

50.46%



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Icldig Beiersdrf AGs treasry shares, 60.88% f Beiersdrfs vtig rights are attribtable t

maigvest ag i accrdace with secti 22 (1) setece 1 . 1 i cjcti with setece 3 f the

Wertpapierhadelsgesetz (WpHG Germa Secrities Tradig Act).

Tchib ad Beiersdrf are the peratig divisis f maigvest ag, which als has sbsidiaries primarily

egaged i asset maagemet.

VALuE-BASED CoRPoRATE MAnAGEMEnT

SAFEGuARDS LonG-TERM GRoWTH

The target fr the maigvest Grps strategic crprate maagemet is a sstaied icrease i eterprise

vale. As a listed family eterprise, maigvest ag is t faced with the pressre f havig t primarily

meet shrt-term gals, bt ca istead fcs lg-term grwth strategies.

The Tchib ad Beiersdrf sbgrps se the EBIT margi (rati f EBIT t sales) as the perfrmace idicatr

fr iteral maagemet. This meas that the verall Grp is maaged the basis f the peratig reslt

(EBIT) ad the EBIT margi. Active cst maagemet ad efficiet bsiess activities aim t esre that the

sbgrps geerate prfits ad cmpetitive retrs.

Strg brads are the fdatis f the maigvest Grp. The Tchib brad ejys a high degree f pp-

larity ad etesive brad awareess i Germa-speakig ctries ad i may parts f Easter Erpe. With

its nIVEA brad which celebrated its 100th aiversary i 2011 the Beiersdrf sbgrp has the largest

ski ad bdy care brad i the glbal mass market*. Beiersdrf is represeted i all relevat ski ad bdy

care market segmets with its glbal brads nIVEA, Eceri (dermatlgical csmetics) ad La Prairie

(premim segmet). It als has ther strg regial brads sch as Labell, 84, Hasaplast ad SLEK.

I additi, the Beiersdrf sbgrp icldes the tesa brad, e f the wrlds leadig mafactrers f

self-adhesive prdcts ad system sltis fr idstry cstmers, craft bsiesses, ad csmers.

SuBGRouP STRATEGIES AnD TREnDS In RELEVAnT MARKETS

Price icreases i raw materials were passed t cstmers i sme cases i the year der review. Accrd-

ig t GfK, price icreases at fd retailers were the reslt f demad fr higher-qality prdcts. Cstmers

are fcsig mre qality as ca be see, amg ther thigs, frm a grwig awareess t ly f

qality i itself, bt als f the imprtace f freshess, sstaiability ad regiality.

* Srce: Ermitr Iteratial Limited; per mbrella brad ame classificati; i retail vale terms 2010.

027


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As befre, there is a dager i the retail trade that rig price prmtis t freqetly ifleces cstm-

ers prchasig behavir. A large mber f disct campaigs cases cstmers t wait fr the et

prmti ad lger by at the reglar price.

I recet years, Tchib has implemeted its Strke strke (Stregtheig stregths) strategy prgramme,

which has pt the cmpay back its previs strg track. Cstmers have clearly bght it its lg-

term evirmetally ad scially cmpatible vale system, systematic apprach, gal rietati ad cst

disciplie.

Tchib will ctie t fllw this path i the ftre with its Zkft bracht Herkft (Bildig or Ftre

Traditi) prgramme. The aim is t cscisly ivest i the brad cre ad t esre sstaiable grwth.The sccess factrs that iteract t create the iqe Tchib brad have bee dcmeted i Tchibs DnA

ad ca be smmarised as cverig the fllwig verarchig areas:

Cffee epertise

n-fd ccept

Distribti system

Marketig

Crprate cltre

Tchibs DnA smmarises the Cmpays ad the brads iqeess. Bidig sccess factrs dcmet

what makes Tchib s strg ad reliable ad shld be preserved fr the ftre. These factrs have made

the bsiess mdel sccessfl fr ver 60 years ad serve as the fdati fr iitiatives desiged t

stregthe ad preserve Tchibs DnA. The grwth areas fr the et few years were als derived frm

this the lie ad Easter Erpe bsiess, the espress/caff crema segmets ad the sigle-servig

cffee segmet.

I 2011, Beiersdrf frther develped its Csmer Bsiess Strategy Fcs Ski Care. Clser t Markets.t haress the high grwth ptetial f its brads ad t adjst t chaged market cditis. The sbgrp

fcses thse prdct segmets i which it has cmprehesive epertise. Ski ad bdy care has bee

Beiersdrfs cre bsiess fr 130 years. This is particlarly tre fr the nIVEA brad, which celebrated its

100th aiversary i 2011.



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Activities i fiacial year 2011 cetred ard the ivestmets i the nIVEA brad ad the streamliig f

the prdct rage as part f Beiersdrfs fcs ski ad bdy care. Beiersdrf is ths bth playig t its

stregths ad targetig the markets that ffer the greatest grwth ptetial i the cmig years with this

strategy. By 2015, ski care will be the mai grwth driver i the glbal csmetics market, acctig fr 45%

f grwth. Beiersdrf ctied t systematically drive frward implemetati f its ew strategy i fiacial

year 2011 t take maimm advatage f this. It cmpleted its withdrawal frm the decrative csmetics

bsiess ard the wrld ad dispsed f the regial brads JuVEnA ad Marlies Mller. I ttal, the sb-

grp ct its Erpea prdcts by almst 20% t prvide retailers with a attractive, clearly strctred

prdct fferig ad t allw Beiersdrf t ccetrate imprtat ivatis.

nIVEAs 100th aiversary i fiacial year 2011 prvided Beiersdrf with a ecellet pprtity t high-light the cmpays stregths. The aiversary was celebrated with prmtis all ard the wrld, which

psitively ifleced csmers ad bsiess parters percepti f the brad image. The celebratis were

als a pprtity t realig the brad. A glbal campaig based the vales trst, reliability ad qality

was lached i May 2011. These vales have defied nIVEA fr geeratis ad play a icreasigly imprt-

at rle i prchasig decisis tday.

The ew brad strategy clearly psitis nIVEA as a ski care brad that appeals t csmers all ver the

wrld.

The secd elemet f the Csmer Bsiess Strategy Clser t Markets. is als vital t the sccess f

a glbal cmpay like Beiersdrf. Its three bsiess regis (Erpe/nrth America, Asia ad Emergig

Markets) ad its decetralised decisi-makig strctres ad respsibilities esre that it is clse t c-

smer wishes, cstmers ad regial cditis wrldwide. The regis will w be stregtheed ad rles

ad respsibilities i the markets will be clearly defied as part f the fial phase f the implemetati f

the strategy. Beiersdrfs headqarters i Hambrg will ccetrate strategic ad glbal tasks.

The realigmet f the cmpays headqarters is epected t be largely cmpleted by mid-2012. The devel-

pmet ad implemetati f the realigmet measres i the regis is beig maaged by Beiersdrfs

affiliates. These measres are desiged t imprve the cmpays prfitability ad t icrease its cmpetitive

advatage.

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buSiNESS DEVELoPmENt

MAxInGVEST GRouP

Cnsldaed revenes p ear-n-ear

I fiacial year 2011, cslidated revees rse by ver 2% t 9,173 milli (previs year*: 8,954 mil-

li). Cslidated et prfit std at 285 milli, dw the previs years figre f 554 milli.

The Tchib sbgrps revees icreased by 5% year--year t 3,539 milli (previs year*: 3,382 mil-

li). The icrease i revees came frm all regis.

The Beiersdrf sbgrps revees reached 5,633 milli i the year der review (previs year*: 5,571

milli). I mial terms, revees were p 1% the prir-year figre. The sbgrps rgaic revee

grwth amted t 2%. The figres reflect the realigmet perid i the Csmer bsiess segmet. The

tesa bsiess segmet ce agai delivered a very psitive perfrmace, with the idstrial segmet i par-

ticlar recrdig sbstatial sales grwth frm cstmers i the atmtive ad electrics idstries.

I the pii f maigvest ags Maagemet Bard, the sbgrps tred i a mied perfrmace. Tchib

did t match its strg prir-year earigs. 2011 was a year f majr chages fr Beiersdrf, with the imple-

metati f its Fcs Ski Care. Clser t Markets. strategy, which ivlved bdlig its activities i the

ski care area, startig t prdce its first psitive reslts i the secd half f the year.

REVEnuES MAxInGVEST GRouP *i milli

11 10

Tchib 3,539 3,382

Beiersdrf 5,633 5,571

Hldig 1 1

11 10 tal 9,173 8,954

* The prir-year figres have bee adjsted de t the amedmet f the sales presetati frmat. Please refer t the disclsres i the secti etitled

Chages i acctig plicies.



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TCHIBo

Prven sness del

The Tchib sbgrps bsiess mdel csists f a cmbiati f sbstatial rasted cffee epertise ad

cffee ejymet i cffee bars, tgether with a weekly chagig rage f csmer merchadise ad

services. Cstmers prchase these items i the lie with the mtt Das gibt es r bei Tchib (oly at

Tchib). The challege fr the ftre is t csistetly live p t this claim with a stream f cmpellig

prdcts.

I the year der review, Tchib lached the wrlds smallest capsle machie. The Cafissim D is a

ew additi t the Cafissim family. Brightly clred ad with a sphisticated dal-pressre brewig system,

it is ideal fr small kitches, wrkplaces, r hliday apartmets. With the lach, Tchib is ctiig its fcs

the sigle-servig system grwth segmet.

Tchib has ctied t reifrce its cmmitmet t sstaiability. I the year der review, sstaiably

grw cffee amted t 13% f the ttal raw cffee fr Tchibs dmestic ad freig bsiess, cmpared

with 10% i 2010.

The Baragwi regi ard Mt Keya is e f the mst imprtat cltivati areas fr Tchibs Africa

Ble cffee. The cmpay has bee active i the Mt Keya regi sice 2009. Tgether with the Rai-

frest Alliace, Tchib prvides spprt t cffee farmers, e.g. i relati t certificati ad climate prtec-

ti isses. The mai fcs at preset is imprvig the psiti f wme, wh perfrm the blk f the

wrk the farms bt wh are disadvataged i relati t me the heads f the families i bth the

ecmic ad scial sese f the wrd. The fr tpics addressed by the Mt Keya Prject were selected

at the reqest f the wme ivlved. First ad fremst, they eed access t edcati, bildig materials,

livestck ad piped water t make their lives easier.

Tchib pblished its third Sstaiability Reprt i the year der review. The 2010 Reprt was awarded the

highest pssible sability grade (A+) i accrdace with the Glbal Reprtig Iitiative (GRI) ad was alsreviewed by a aditig cmpay t btai limited assrace. n matters arse drig the review that gave

case t presme that the CR-maagemet websites ad selected ifrmati the CR-perfrmace web-

sites were t prepared, i material respects, i accrdace with the criteria set t i GRIs Sstaiability

Reprtig Gidelies Vl. 3.

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I 2011, Tchib tk steps t epad its scial media activities. Tchib aims t icrease its primity t its

cstmers ad t the geeral pblic with a wide rage f activities. Scial media ca be sed t cmmicate

ifrmati t specific target grps qickly ad t develp ew marketig chaels. This is why Tchib

appraches its cstmers directly Facebk ad ecrages dialge t fid t mre abt their eeds

ad t geerate discssi abt prdcts. Tchibs w blg t ly reaches pii-makers sch as ther

blggers ad jralists, bt als cstmers. Cmmets blg ctribtis ad qestis lead t c-

strctive echages varis tpics. Tchib prvides ifrmati abt prdcts via Twitter as well as sig

the cmmicati platfrm fr settig tpics. Scial media are als f grwig imprtace fr emplyer

bradig. Tchib is a registered emplyer itership evalati platfrm meipraktikm.de ad has a

cmpay prfile xig.

I 2011, Verbracher Iitiative e. V. preseted Tchib with Sstaiable Retail Cmpay 2011 awards i tw

categries: gld i clthig ad silver i lry fd (cffee). I the early smmer, this csmer iitiative had

eamied retail cmpaies frm the fllwig areas: fd ad lry fd, clthig ad shes, fritre,

cstrcti ad hme imprvemet materials, ifrmati ad cmmicati techlgies, ad health

ad bdy care. It was assisted by Freibrg-based research ad csltacy istitte oek-Istitt, which is

rewed fr its critical ad idepedet wrk. The prject was spsred by Germays Federal Miistry fr

the Evirmet ad the Federal Evirmetal Agecy.

I 2010, Tchib became the first Germa retail cmpay t receive the family-cscis emplyer certifi-

cate frm berfdfamilie gGmbH. A large mber f activities der this prgramme were als implemet-

ed fr emplyees i 2011. Fr istace, additial places fr the childre f Tchib emplyees were created

i day care cetres ear the cmpays headqarters i Hambrg. I additi, all brach emplyees all ver

Germay cld take advatage f emergecy ad vacati childcare services ffered by a eteral service

prvider.

SHARE oF REVEnuES BY REGIon FoR

TCHIBo 2011i per cet

Germay 79Abrad 21



34/144

tch n he nernanal rased cffee ares

The Tchib, Edsch ad Davidff Caf brads, as well as lcal brads sch as Jihlavaka i the Czech

Repblic, als cmpete sccessflly at a iteratial level.

Besides Germay, Tchib is the market leader i Astria, Plad ad the Czech Repblic ad is etremely

strg i the Hgaria ad Slvakia markets.

mlchannel dsrn sse

Tchib distribtes its prdcts sig a itegrated, cetrally maaged distribti system. Cstmers ca

prchase their prdcts the iteret ad i the brach shps, as well as at specialist retailers ad sper-

market tlets. The varis chaels are icreasigly itegrated. The specialists at Tchib Cffee Serviceprvide a sccessfl delivery service fr cmmercial cstmers sch as ffices ad caterig establishmets.

I fiacial year 2011, additial steps were take t frther ptimise the distribti area ad lcatis were

reviewed a gig basis. I Germay, the mber f braches declied slightly year--year. The distri-

bti area i the Easter Erpea bsiess was epaded t iclde additial braches. The rll-t f a

ew frmat strategy ad the brach ccept i the Germa braches ad tlets were ctied.

The Germa lie shp is e f the five mst freqetly visited lie shps i the ctry. The mber f

rders icreased year--year ad sales frm the Grp-wide mail-rder ad iteret bsiess imprved.

As befre, Tchibs strategy revlves ard cstmer ctact, i particlar via its w braches ad the

iteret.

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BEIERSDoRF

Beiersdrf is a glbal cmpay with mre tha 150 sbsidiaries ad rghly 18,000 emplyees averaged ver

the year as a whle.

The Beiersdrf sbgrp is d ivided it tw bsiess segmets Csmer ad tesa. The Csmer bsiess

segmet the fcs f the cmpays bsiess with its strg brads ccetrates the iteratial ski

ad bdy care markets. Beiersdrf is represeted all relevat ski ad bdy care market segmets with its

glbal brads nIVEA, Eceri ad La Prairie. I additi, it has strg regial brads sch as Labell, 84,

Hasaplast ad SLEK. With its Fcs Ski Care. Clser t Markets. strategy, Beiersdrf is aimig t

haress the high grwth ptetial f its brads ad t adjst t chaged market cditis. As part f thestrategy, Beiersdrf fcses thse prdct segmets i which it has cmprehesive epertise.

The tesa bsiess segmet is e f the leadig mafactrers wrldwide f self-adhesive system sltis

ad prdcts fr idstry, craft bsiesses ad csmers. I the idstrial segmet, tesa ffers system sl-

tis fr the electrics, pritig, paper, packagig ad atmtive idstries i particlar. tesas idstrial

distribti bsiess spplies specialist dealers with state-f-the-art prdct rages fr prfessial se by

cstmers i crafts bsiesses, sch as bildig ad paitig. The tesa mbrella brad prvides csmers

with ivative prdct sltis that are desiged fr daily se i the ffice, hme ad garde.

SHARE oF REVEnuES BY REGIon FoR

BEIERSDoRF 2011i per cet

Erpe 61

Africa/Asia/Astralia 22

Americas 17



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The Csmer bsiess segmet achieved slight rgaic grwth i revees. Sccessfl ivatis ad

iteratial relaches f eistig prdcts t reflect the latest fidigs frm its research activities eabled

Beiersdrf t geerate strg grwth rates i idividal categries. I ther categries, revee grwth was

difficlt i sme ctries. The nIVEA Make-p bsiess was disctied wrldwide ad the nIVEA Hair

Care ad Stylig bsiess was restrctred i sme ctries.

Beiersdrf has the wrlds largest mass-market ski ad bdy care brad nIVEA*. nIVEA grew by 2% wrld-

wide i 2011.

I the dermatlgical csmetics segmet, Beiersdrfs brad Eceri ejys wrldwide sccess ad is icreas-

ig its market share every year. Sales i Swede, Argetia, ad Chile were particlarly strg.

La Prairie, Beiersdrfs premim segmet brad, meets the highest stadards i ati-agig care ard the

wrld ad recrded a icrease i revees i the year der review.

I the Healthcare area, plaster brad sales were dw slightly the previs year. Healthy revee grwth

was achieved i Lati America ad Africa/Asia/Astralia i particlar, while Germay ad Wester Erpe

recrded declies i revee.

Evirmetal prtecti, scial respsibility ad ecmic sccess have bee eqally imprtat cmp-

ets f Beiersdrfs crprate cltre thrght the cmpays histry. Beiersdrf is wrkig ctially t

implemet its ftre strategies fr sstaiable prdct sltis. 97% f its packagig materials are already

recyclable. I 2011, it frther redced its materials sage while maitaiig the same level f prdct qality.

I the ftre, it will prse pprtities t make savigs thrght the etire packagig life cycle, fr

istace by sig lw-eergy prdcti techlgies, cttig the mber f trasprts, r miimisig

waste.

Beiersdrf has systematically ehaced its adit system ad wrked t itegrate key aspects f eergy

maagemet ad the secrity adit prcess. ESMAS (Evirmetal Prtecti ad Safety Maagemet Adit

Scheme), the adit prgramme, cvers the fllwig mdles: evirmetal prtecti, ccpatial safety

ad secrity. ESMAS is the tl Beiersdrf ses t implemet ad mitr its stadards, which are applicable

all ver the wrld. I 2011, the ESMAS system was certified fr ather three years by the Germa Assci-ati fr the Certificati f Maagemet Systems (DQS) as cfrmig t the iteratially recgised

ISo 14001 ad oHSAS 18001 stadards. A ttal f 13 t f 16 prdcti lcatis are w ESMAS-

certified after the re-aditig f r facilities i Germay (Hambrg), Chile ad Brazil.

The tesa bsiess segmet withi the Beiersdrf sbgrp perfrmed psitively. nmial revees saw a

year--year icrease f ver 7%.

* Srce: Ermitr Iteratial Limited; per mbrella brad ame classificati; i retail vale terms 2010.

035


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tesa geerated the majrity f its revee i the idstrial segmet. Bth the direct cstmer bsiess ad

the distribti bsiess i all regis ctribted t the psitive perfrmace. Bsiess was especially

dyamic i Asia ad the uited States, with the mai grwth drivers there beig the atmtive ad electr-

ics idstries. Almst e-qarter f tesas revees were geerated by prdcts aimed at csmers. The

revee geerated frm these csmer prdcts was dw slightly as a reslt f chages t the bsiess

strctre.

Research and develpen

Itesive research has a 130-year traditi at Beiersdrf ad is a key factr fr its sccess. The Csmer

bsiess segmet develps ivative, ser-drive prdcts that are tailred t the wishes f csmers

wrldwide ad that ffer qality, effectiveess ad tstadig tlerability. tesa is als a wrld leader thakst its develpmet f ivative, high-qality self-adhesive system ad prdct sltis.

The research perfrmed i the Csmer bsiess segmet i fiacial year 2011 ctied t fcs its

cre area, ski. Researchers develped ew startig pits fr treatig uV-related ski damage. They shwed

which harmfl effects slight has the skis stem cells, ad hw it cases chric ski prblems. They

prved that glycyrrhetiic acid stimlates the skis w repair prcess, ad as a reslt, leds itself t se as

a active igrediet i s prtecti prdcts.

Beiersdrf is highly cmmitted t the prtecti f aimals ad has bee spprtig the develpmet f

cttig-edge, alterative techiqes witht sig aimals fr decades w. The Beiersdrf ticlgy

research team was awarded the 2011 Research Prize fr Alteratives t Aimal Testig by the Germa Fed-

eral Miistry fr Fd, Agricltre ad Csmer Prtecti (BMELV). I particlar, the prize ackwledged

the crelty-free methd sed by Beiersdrf t test sbstaces fr ptetial allerges.

The tp pririty fr Beiersdrfs researchers is t flfil its csmers wishes ad eeds. This is why cmpre-

hesive research methds frm the field f behaviral sciece, sch as systematic statistics ad csmer

bservatis frm all ver the wrld, have bee sed at the research cetre i Hambrg fr ver te years

w. This data prvides imprtat ifrmati fr develpig ew prdcts. Wherever the cmpay is

represeted whether Thailad, Rssia, Brazil, r Idia Beiersdrf adapts its prdcts t meet lcal c-

ditis ad regial reqiremets.

All Beiersdrf prdcts are sbject t rigrs prdct applicati tests. Every year, ver 2,000 stdies ivlv-

ig mre tha 65,000 participats are cdcted t demstrate ad dcmet, fr eample, the effective-

ess f prdcts sch as ati-agig csmetics. Beiersdrf is crretly spprted by 40 eteral, adited

istittes ard the wrld, fr istace i Erpe, Brazil, Idia, Chia, Sth Africa ad the uSA.



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The Csmer bsiess segmet applied fr patets fr 81 ivatis i fiacial year 2011 (previs year:

77). Key laches i the year der review iclded prdcts sch as nIVEA Visage Pre & natral, a highly

effective rage f prdcts based igrediets that are 95% atral r f atral rigi, ad nIVEA

Dedrat Ivisible fr Black & White, which prtects dark fabrics frm white marks ad prevets the bildp

f yellw stais white clthes.

Als withi the Beiersdrf sbgrp, tesas research ad develpmet ccetrated i 2011 develpig

slvet-free techlgies fr mafactrig high-perfrmace dble-sided adhesive tapes. The fcs was

heavy-dty, permaet bdig f etremely critical srfaces. other research ad develpmet fcses

ew techlgies ad prcesses fr mafactrig special prdcts reqirig maimm precisi, traspar-

ecy ad particle-free prcessig, as well as sig these ivative prcesses t develp ew prdcts.

The imprtace f diversifyig the raw materials sed t prdce techical adhesive tapes has ctied t

rise i light f crret price treds i the prcremet markets. Beiersdrf is wrkig t develp high-perfrm-

ace adhesive tapes based reewable ad recycled raw materials that meet the icreasig sstaiability

reqiremets fr idstrialised adhesive tape prdcti while maitaiig the same high level f qality.

Fllwig the sccessfl lach f Beiersdrfs first csmer rage i 2010, prdcts with a eve higher

prprti f these raw materials are w beig develped. Alterative frmlas fr eistig prdcts are

als beig wrked . The aim is t esre cmpetitive raw material srcig a glbal basis ver the

cmig years.

HoLDInG DIVISIon

I additi t the paret cmpay, maigvest ag, the Hldig divisi csists f the asset ad ivestmet

maagemet cmpaies Tchib Alage-Verwaltgsgesellschaft mbH, BBG Beteiliggsgesellschaft mbH,

olymp Vermgesverwaltg GmbH, Tchib Hldig Fiace B.V., maigvest Beteiliggsverwaltg GmbH

ad maigvest Zweite Beteiliggsgesellschaft mbH (BG), ad peratig cmpay SCS Ski Care

Stdi GmbH.

The Hldig divisi mitrs ad spprts its idepedetly peratig sbgrps. I 2011, its wrk ce

agai fcsed strategic isses relatig t maagemet ad rgaisatial strctres.

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RESuLtS oF oPERAtioNS oF tHE GRouP

ConSoLIDATED REVEnuES InCREASED

The maigvest Grps revees amted t 9,173 milli i the year der review (previs year:

8,954 milli). The prir-year figre has bee adjsted de t the amedmet f the sales presetati

frmat. Epeses fr csiderati payable t tradig parters are lger preseted i marketig ad

sellig epeses, bt are rather dedcted frm sales i thse cases where the csiderati is t matched

by a distict prdct r service spplied whse fair vale ca be estimated reliably. Frther eplaatis ca

be fd i the disclsres i the secti f the tes t the cslidated fiacial statemets etitledChages i Acctig Plicies.

56% f revees were geerated abrad. As i previs years, the blk f freig revees was geerated

by the Beiersdrf sbgrp.

The Tchib sbgrps revees icreased by 5% frm 3,382 milli t 3,539 milli. The icrease i

revees came frm all regis. Freig revees accted fr mre tha 21% f the Tchib sbgrps

ttal revees.

The Beiersdrf sbgrp imprved its revees frm 5,571 milli t 5,633 milli. The icrease ca be

attribted t the tesa bsiess segmet. The Csmer bsiess segmet achieved mial revees f

4,696 milli (previs year: 4,698 milli), pttig it a par with the previs year. The tesa bsiess

segmet imprved mial revees by ver 7% frm 873 milli t 937 milli.

EBIT MARGIn DoWn on PREVIouS YEAR

The Grps peratig prfit (EBIT) was 540 milli i the year der review (previs year: 908 milli).

Althgh this declie was de maily t the Beiersdrf sbgrp, the Tchib sbgrps EBIT was als dw

the previs year. The EBIT margi amted t 5.9% (previs year: 10.1%).

The cst f sales icreased by 10%. This is primarily attribtable t the Tchib sbgrp. Tchibs variable

prdcti csts icreased by ver 18%, de abve all t the higher raw material csts fr cffee, bt als

t higher csts fr csmer merchadise. Variable prdcti csts i the Beiersdrf sbgrp rse by 3%.

The cst f sales i bth sbgrps icreased at a faster pace tha their respective revees.

Grss prfit decreased by jst der 3%. Marketig ad sales epeses rse by 4% i the year der review

frm 3,670 milli i the previs year (accrdig t the ew presetati frmat) t 3,800 milli.

Marketig ad sales epeses i the Beiersdrf sbgrp rse by 118 milli year--year. Tchibs market-

ig ad sales csts icreased by 13 milli.



40/144

The 79 milli icrease i ther peratig epeses t 536 milli (previs year: 457 milli) is primarily

de t restrctrig epeses that are attribtable etirely t the Beiersdrf segmet. These relate primarily

t persel epeses icrred drig the realigmet f the cmpays strctres ad prcesses. This

realigmet etails ttal epeses amtig t 125 milli, f which 65 milli relates t fiacial year

2011. The item als icldes epeses f 29 milli liked t the clsre f the prdcti facility i Bade-

Bade (Germay).

As epected, the Tchib sbgrps peratig prfit fell frm 288 milli t 202 milli drig the yearder review. This develpmet was maily de t deteriratig margis i the cffee ad csmer

merchadise bsiess. A imprvemet i the cst rati had a psitive effect.

The Beiersdrf sbgrps EBIT was 431 milli (previs year: 583 milli). The EBIT margi amted t

7.7% (previs year: 10.5%). EBIT ecldig special factrs fell frm 699 milli i the previs year t

646 milli. Adjsted fr special factrs, the EBIT margi amted t 11.5% (previs year: 12.5%). I the

Csmer bsiess segmet, EBIT ecldig special factrs decreased t 537 milli (previs year:

599 milli), while the EBIT margi was 11.4% (previs year: 12.7%). EBIT i the tesa bsiess segmet

icreased frm 100 milli i 2010 t 109 milli i the past fiacial year, geeratig a EBIT margi f

11.6% (previs year: 11.4%). The special factrs are maily de t impairmet lsses itagible assets

(134 milli) relatig t Beiersdrfs hair care bsiess i Chia. Additial special factrs (65 milli)

ccer -recrrig csts frm the realigmet f crprate strctres ad prcesses i the Csmer

bsiess segmet reslved i nvember 2011. Additial epeses (29 milli) relate t the decisi t

clse the prdcti facility i Bade-Bade (Germay).

The Hldig divisis reslt fr the year der review was 93 milli (previs year: 37 milli). The

previs years EBIT was primarily de t the reversal f prvisis i cecti with previs eqity ivest-

mets. Mrever, the year der review saw higher write-dws f hidde reserves wig t impairmet

lsses ad lsses the dispsal f assets. Fr eample, Beiersdrf AG dispsed f regial brads JuVEnA

ad Marlies Mller, fr which hidde reserves had bee realised i the Hldig divisi iitial cslidati

f Beiersdrf AG.

TAxES

Ta epese at the maigvest Grp amted t 248 milli i 2011 (previs year: 283 milli).

Deferred ta icme amted t 32 milli i the year der review (previs year: 20 milli). Crret

icme taes amted t 280 milli (previs year: 303 milli).

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ConSoLIDATED nET PRoFIT DoWn on PREVIouS YEAR

Cslidated et prfit amted t 285 milli (previs year: 554 milli). The decrease is de abve all

t the 368 milli declie i EBIT.

net prfit i the Tchib sbgrp was 151 milli; the decrease the previs years figre (221 milli)

was maily de t the drp i EBIT.

The Beiersdrf sbgrp geerated et prfit f 259 milli, dw the prir-year figre f 326 milli.

The redcti is maily de t the declie i EBIT. net fiacial icme i the Beiersdrf sbgrp amted

t 39 milli, p the prir-year figre f 30 milli. The mai factrs behid the chage i this itemwere higher et icme frm echage rate effects ad gais frm iterest icme ad the sale f secrities

that had largely bee recgised i ther cmprehesive icme as f 31 December 2010.

The mai factr iflecig the et prfit i the Hldig sbgrp was the deterirati i EBIT.

EARnInGS PER SHARE

Earigs per share i accrdace with IFRSs after mirity iterests amted t 38.14 (previs year:

85.85). The declie is primarily de t lwer earigs attribtable t maigvest ag sharehlders as a reslt

f the redcti i the prprtiate iterest i Beiersdrf AG.owig t the acqisiti by the Cmpay f

w -par-vale bearer shares, earigs per share i the year der review are based a average mber

f 4,590,000 -par-vale rdiary shares (previs year: 4,800,000).

nET PRoFIT MAxInGVEST GRouPi milli

11 10

Tchib 151 221

Beiersdrf 259 326

Hldig 125 7

11 10

tal 285 554



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ASSETS AnD CAPITAL STRuCTuRE MAxInGVEST GRouPas per cet f ttal assets

Asses Eq and lales

10 11 11 10

n-crret assets 57 56 Eqity 62 62

Crret assets 21 23 n-crret liabilities 18 19

Secrities, cash ad

cash eqivalets 22 21 Crret liabilities 20 19

10 11 11 10

FiNANCiAL PoSitioN AND NEt ASSEtS oF tHE GRouP

BALAnCE SHEET STRuCTuRE AnD EQuITY RATIo

The maigvest Grps ttal assets amted t 12,962 milli at the balace sheet date (previs year:

12,618 milli).

At 7,323 milli, -crret assets were p the previs year (7,207 milli). I ctrast t the previ-

s years fiacial statemets, secrities that are t epected t be realised withi 12 mths f the reprt-

ig date were preseted as -crret assets. The chages were made retractively ad led t a adjstmetbeig made t the fiacial ifrmati fr the previs year. owig t this chage, -crret (crret)

assets rse (fell) as f 31 December 2010. Frther eplaatis ca be fd i te 3 n-crret fiacial

assets. 72% f -crret assets are itagible assets ad csist maily f the adjsted carryig amts

f the trademarks that were idetified drig the iitial cslidati f Beiersdrf AG, as well as gdwill.

Crret assets rse by 4% frm 5,411 milli t 5,639 milli. This was maily wig t a year--year

icrease i ivetries, primarily at the Tchib sbgrp.

Eqity icreased by 3% t 8,098 milli i the year der review. This ca be attribted maily t the

chage i the -ctrllig iterests resltig frm the agreemet t echage the Cmpays w shares

i retr fr a 17.5% stake i BBG Beteiliggsgesellschaft mbH.

The eqity rati remaied chaged at the reprtig date, at 62%.

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n-crret liabilities i the amt f 2,321 milli hardly chaged i the year der review (previs year:

2,360 milli). Crret liabilities amted t 2,543 milli, p 6% the prir-year figre (2,399 mil-

li). The rise was maily attribtable t a icrease i trade payables ad t crret prvisis i the Beiers-

drf sbgrp. The chage i crret prvisis reslted maily frm additis t restrctrig prvisis.

These relate primarily t prvisis i cecti with the restrctrig measres t ptimise the regial

strctres i the Csmer bsiess segmet.

FInAnCIAL PoSITIon GRouP

Cash flw frm peratig activities amted t 429 milli, dw 420 milli the previs year.

The et cash tflw frm ivestig activities i the year der review was 272 milli (previs year:

352 milli). Capital epeditre (183 milli) ad et ivestmets i secrities (173 milli) were partially

ffset by icme frm the sale f assets (19 milli), ad iterest ad prceeds frm ther fiacig activi-

ties (65 milli).

Free cash flw f 157 milli was belw the level f the previs year (497 milli).

net cash sed i fiacig activities amted t 214 milli (previs year: 181 milli). Distribtis

ttallig 127 milli were made t sharehlders (previs year: 125 milli).

Cash ad cash eqivalets fell by 55 milli t 1,225 milli.

The maigvest Grps et fiacial assets imprved i the year der review t 2,588 milli (previs

year: 2,477 milli).

CAPITAL ExPEnDITuRE BY THE MAxInGVEST GRouP

The maigvest Grp ivested a ttal f 172 milli i itagible assets ad prperty, plat ad eqipmet

i 2011 (previs year: 161 milli).

of this capital epeditre, 86 milli (previs year: 65 milli) was ivested by the Tchib sbgrp,

maily i prperty, plat ad eqipmet. The blk f this ivestmet was i cecti with the cffee

bsiess. As befre, ivestmets were als made i epadig distribti peratis. 86 milli was

attribtable t the Beiersdrf sbgrp (previs year: 96 milli), 81 milli f which was ivested i

prperty, plat ad eqipmet.



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mAxiNGVESt AG (HGb SiNGLE-ENtity FiNANCiAL StAtEmENtS)

PRInCIPLES oF ACCounTInG

The cslidated fiacial statemets f the maigvest Grp iclde the fiacial statemets f maigvest

ag prepared i accrdace with the Iteratial Fiacial Reprtig Stadards (IFRSs). The fllwig epla-

atis relate t the aal fiacial statemets f maigvest ag prepared i accrdace with the Hadels-

gesetzbch (HGB Germa Cmmercial Cde) ad the Aktiegesetz (AktG Germa Stck Crprati Act).

I accrdace with secti 315 (3) f the HGB, the maagemet reprt f maigvest ag has bee cmbied

with the maagemet reprt f the maigvest Grp, as the risks ad pprtities f the paret cmpayad its epected develpmet cat be separated frm thse f the Grp.

nET InCoME uP ConSIDERABLY on PREVIouS YEAR

maigvest ags sales were 1 milli drig the year der review (previs year: 2 milli) ad maily

reslted frm sales f csmer merchadise ad services.

At 17 milli, ther peratig icme was belw the level f the previs year (59 milli). The prir-year

figre primarily iclded e-ff peratig icme frm the reversal f prvisis i cecti with previs

eqity ivestmets.

other peratig epeses fell by 3 milli t 12 milli. The imprvemet i the year der review is

primarily de t lwer echage rate lsses crrecy trasactis.

Icme frm ivestmets amted t 127 milli (previs year: 205 milli). The declie i icme frm

ivestmets cmpared with the previs year was maily based a lwer earigs ctribti frm Tchib

GmbH. The icme frm the prfit ad lss agreemet with Tchib GmbH amted t 118 milli (previ-

s year: 185 milli).

I the year der review, distribti was made by BBG Beteiliggsgesellschaft mbH (frmerly: TchibBeteiliggsgesellschaft mbH) t maigvest ag. Beiersdrf AG divideds received by the sbsidiary ttallig

89 milli (previs year: 89 milli) are iclded i its reslt.

The et iterest epese amted t 29 milli i the year der review (previs year: epese f

60 milli). The imprvemet is primarily de t lwer iterest epeses i the amt f 46 milli (previ-

s year: 73 milli) i cecti with maigvest ags bsiess activities. Iterest icme was 17 milli,

a icrease f 4 milli cmpared t the previs year.

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The etrardiary prfit reslted frm the hive-ff f assets f BBG Beteiliggsgesellschaft mbH t

maigvest Zweite Beteiliggsgesellschaft mbH (BG) ad the acqisiti f 17.5% f maigvest ags w

shares the basis f a ctract t echage them fr shares i BBG Beteiliggsgesellschaft mbH.

The icrease i maigvest ags et prfit is almst eclsively attribtable t -recrrig etrardiary

icme i the year der review.

The blk f the liqid fds geerated i the year der review was sed t icrease the vlme f cash

at baks. This icreased by 119 milli t 235 milli as at the balace sheet date (previs year:

116 milli).

I the year der review, the Cmpay prchased 839,999 w shares with the aim f retirig them. The

839,999 shares were retired by way f a reslti f the Maagemet Bard f maigvest ag 14 Decem-

ber 2011, casig revee reserves t decrease by 981 milli. maigvest ags eqity rati was 57% as at

the reprtig date (previs year: 61%). Eqity amted t 2,408 milli, a icrease f 24 milli the

prir-year figre.

maigvest ags liabilities icreased drig the year der review frm 1,378 milli t 1,660 milli. This

was the reslt f a icrease i liabilities t affiliated cmpaies. Lg-term liabilities accted fr

933 milli (previs year: 918 milli) ad iclde liabilities t affiliated cmpaies ad ather liability t

the Pesissichergsverei (Germa pesi israce assciati) i additi t the 700 milli bd

(matrig i octber 2014).



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DEPENDENt ComPANy REPoRt

I cmpliace with secti 312 f the Aktiegesetz (AktG Germa Stck Crprati Act), the Maagemet

Bard has issed a depedet cmpay reprt, which ccldes as fllws:

or Cmpay received apprpriate csiderati fr each trasacti listed i the depedet cmpay

reprt ad sffered disadvatage frm the measres dertake r mitted listed therei. This assess-

met is based all the relevat circmstaces that were kw t s at the time the trasactis were

perfrmed r the measres were take r t take.

RiSk REPoRt

The maigvest Grp perates i varis bsiess fields, bth atially ad iteratially. It is ths epsed

t a variety f bsiess risks, which are mitred ad maaged sig crrespdig systems ad prcesses.

The Grps risk plicy aims t leverage pprtities, bt t accept the related risks ly if the epected

icrease i vale clearly mre tha cmpesates fr the risks.

Based r crret assessmet, there are risks that cld threate the maigvest Grps ctiedeistece.

TCHIBo oPERATES A CoMPREHEnSIVE RISK MAnAGEMEnT SYSTEM

T mitr the risk sitati, the Tchib sbgrp ses a risk maagemet system that idetifies the key

bsiess risks ad limits them by takig ctermeasres. uifrm stadards ad cetral mechaisms fr

crdiati esre that risk maagemet fctis effectively. All key risks are peridically recrded as part

f etesive risk ivetries. They are brke dw it the fllwig risk categries t prvide a strctred

recrd f the risks: strategic risks, prcremet market risks, sales market risks ad peratial r rgaisa-

tial risks. I additi, acte risks are immediately reprted t crprate maagemet whe they arise. This

eables ptetially threateig risks t be clsely tracked ad brght der ctrl. up-t-date ifrmati

the develpmet f the risk sitati flws it Tchibs maagemet ad plaig systems i the crse

f the year, ad is a cmpet f the decisi-makig ad ctrl prcesses withi the sbgrp. The

effectiveess f the risk maagemet system is adited by the Iteral Adit it. Reglar risk reprts ifrm

bth the Maagemet Bard ad the Spervisry Bard f the risk sitati.

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As a retailer, Tchib is sbject i priciple t the risk f satrati i idividal markets, which ca lead t flat

r decliig sales. This risk is cteracted by a ivative prdct plicy, which clsely mitrs treds ad

setimet i the relevat sales markets ad reacts accrdigly. I additi, Tchibs tlet bsiess at

specialist retailers ad spermarkets is sbject t the risk that its rage may be delisted r the terms ad

cditis may chage.

Sice the fdati f the cmpay, the Tchib ame has becme a brad that cstmers assciate with a

pleasrable eperiece, epertise ad qality. All factrs that cld damage the brad ame represet a risk

fr Tchib. This risk is effectively mitigated by a eve-haded cmmicati plicy, carefl qality ctrls

ad cmpliace with scial ad evirmetal stadards.

Tchib is sbject t prcremet risks whe it prchases raw cffee ad csmer merchadise. Raw cffee

is prchased iteratial markets ad is ths epsed t market risk. Tchib hedges this thrgh the se

f derivatives i accrdace with strict gidelies ad thrgh a effective reserves maagemet plicy.

Whe prcrig csmer merchadise, Tchib faces crrecy risks, especially flctatis i the echage

rate fr the uS dllar. These risks are miimised by maigvest ag as part f its fiacial risk maagemet.

Specific prdcti ad warehsig lcatis frm a itegral part f Tchibs retail system bsiess.

operatial stppages ca have a sigificat effect spply chais, fr which time is f the essece.

Emergecy plas, adaptive measres ad specific israce sltis are sed t limit this risk.

RISK MAnAGEMEnT FoRMS An InTEGRAL PART

oF CoRPoRATE MAnAGEMEnT AT BEIERSDoRF

Risk maagemet is als a itegral part f cetral ad lcal plaig, maagemet ad ctrl prcesses

withi the Beiersdrf sbgrp ad cfrms t csistet stadards acrss the Grp. ope cmmica-

tis, the risk ivetry carried t at reglar itervals ad the plaig ad maagemet system esre that

the risk sitati is preseted trasparetly. Risk maagemet is crdiated at Grp headqarters.

The Iteral Adit it mitrs risk maagemet ad cmpliace with the iteral ctrl system by per-

frmig systematic adits. The departmet is idepedet f the grps peratig activities, ths garatee-ig the itegrity f bsiess prcesses ad the effectiveess f the systems ad ctrls that have bee pt

i place. I additi, the eteral aditrs adit the risk early warig ad mitrig system. They reprt

their adit fidigs t the Maagemet Bard, the Spervisry Bard ad i particlar the Adit Cmmittee

f the Spervisry Bard, which reglarly fcses these tpics.



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Risk maagemet is desiged i particlar t prtect brad assets ad leverage the assciated pprtities.

Cmpliace with high safety ad qality stadards fr Beiersdrf prdcts alg the whle vale chai is a

prereqisite fr lg-term cstmer trst i the brads. Ivatis ad prdet brad maagemet esre

csmer acceptace f prdcts, ad their appeal. Beiersdrf perfrms i-depth safety assessmets, which

take it acct csmer feedback earlier prdcts, whe develpig ew prdcts. All prdcts are

sbject t the strict criteria laid dw i the qality maagemet system. The ptetial created fr the varis

brads is safegarded ad epaded by registerig ad maagig itellectal prperty rights. Strg brads

that balace ivati ad ctiity are the respse t fierce glbal cmpetiti price, qality ad

ivati. By develpig ad implemetig the Csmer Isights prcess, Beiersdrf has laid the grd-

wrk fr idetifyig csmer wishes eve faster ad reflectig them i the prdcts it develps. This als

cteracts the grwig retail ccetrati ad the regial emergece f private label prdcts.

Beiersdrf is sbject t prcremet risk with regard t delivery reliability, the cst f raw materials ad

pfrt epeditres prchased gds ad services. It cteracts these risks by ctisly mitrig

its markets ad esrig active maagemet f its spplier prtfli, as well as apprpriate ctract maage-

met. Prdcti ad lgistics activities may be epsed t risks relatig t ccpatial health ad safety,

the evirmet ad bsiess iterrpti. Beiersdrf limits these risks thrgh prcess ctrl checks ad

lcati-specific adits. Mrever, selected risks are trasferred t israce cmpaies.

Cmpliace risks are ctered by clear maagemet strctres ad efficiet rgaisatial measres.

Iteratial risks t the availability, reliability ad efficiecy f the IT systems are mitigated by cstat

mitrig, adaptive measres ad itegrated cmmity maagemet. Safety stadards ad risks i cec-

ti with fiacig, crrecy flctatis ad the ivestmet f liqid fds, are mitred ad maaged

cetrally. I particlar, effective measres have bee take t redce cterparty risk relatig t the ivest-

met f liqid fds.

Alg with ther cmpaies, affiliates f the Beiersdrf sbgrp i Belgim, Germay ad Frace are

ivlved i atitrst prceedigs relatig t csmetics prdcts a atial level. A statemet f bjecti

has bee issed i Germay. The prceedigs i the netherlads were disctied i May 2011. The pr-

ceedigs i Switzerlad were disctied i octber 2011 by way f a rder; likewise, fie was levied.

Beiersdrf epects frther decisis i the cmig mths. T the etet that a tflw f resrces embdy-

ig ecmic beefits is likely t be reqired t settle these bligatis, prvisis were established fr thepedig atitrst prceedigs i the amt f the best estimate f the settlemet vale. Hwever,

cclsive assessmet f the risk frm the Grps perspective is pssible at preset.

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RISK MAnAGEMEnT AT THE HoLDInG CoMPAnY HEDGES FInAnCIAL RISKS

maigvest ag maages fiacial risk. Risks arisig frm the Grps etesive fiacial activities are idetified

ad miimised at a early stage sig specially implemeted stadard prcesses. These stadard prcesses

iclde a qarterly risk reprt t the Maagemet Bard the crret sitati i terms f fiacial risk

(crrecy risk, iterest rate risk ad liqidity risk, as well as cterparty risk). These risk categries are sbject

t practive treasry maagemet, ad are maily hedged cet

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