Beiersdorf AG
XETRA:BEI
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Beiersdorf AG
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Good
morning
to
all
of you.
I
would
like
to
welcome
you
to
Beiersdorf's
Full
Year
Results
Analyst
Meeting
here
in
Hamburg.
This
is
a
special
event
today
as
we
have
three
board
members
on
stage.
With
me
this
morning
are
Beiersdorf's
CEO,
Vincent
Warnery;
and
our
CFO,
Astrid
Hermann.
For
the
first
time,
we
have
Patrick
Rasquinet
who
joined
our
executive
board
last
year
and
is
in
charge
of
our
Pharmacy
&
Selective
brands,
including
La
Prairie
and
Eucerin.
So
I'm
looking
forward
to
a
review
of
the
year
2021
and
presentations
of
our
priorities
for
the
year
2022.
Before
we
start,
let
me
make
some
technical
remarks.
Throughout
today's
presentations,
all
participants
will
be
in
listen-only
mode.
The
presentation
will
be
followed
by
a
question-and-answer
session.
[Operator Instructions]
Okay.
So
we
will
start
now,
and
I
hand
over
to
Vincent
Warnery
for
the
introductory
statement.
Thank
you,
Jens.
Good
morning,
ladies
and
gentlemen.
We
all
know
how
wrong
it
feels
to
talk
about
business
figures
these
days.
Given
the
current
developing
situation
in
Eastern
Europe,
all
our
thoughts
and
deepest
sympathy
are
with
the
people
in
Ukraine,
especially
our
colleagues
and
their
families.
As
part
of
our
commitment
to
Care
Beyond
Skin,
to
foster
peaceful
togetherness
across
borders,
Beiersdorf
has
initiated
an
immediate
aid donation
to
our
partners,
the
German
Red
Cross
and
the
aid
organization
CARE
Deutschland.
Both
organization
will
receive
€1
million
each.
The
financial
resources
have
to
be
used
as
quickly
as
possible
to
implement
projects
and
measures
to
support
people
in
Ukraine.
We
provide
humanitarian
aid
to
those
in
need.
As
a
caring
company,
we
believe
in
thriving
together
and
care
is
inclusive,
always.
Let
me
now
take
a
hard
swing
and
talk
about
the
2021
annual
results.
Astrid
Hermann,
Patrick
Rasquinet,
and
I
have
the
honor
of
presenting
the
results
of
our
past
financial
year
and
also
providing
you
with
an
outlook
for
the
current
year.
2021
was
an
extremely
successful
year
for
Beiersdorf.
Our
capital
strategy,
again,
proved
its
worth
and
showed
that
it
is
the
right
strategy
for
Beiersdorf.
Our
investments
and
our
strategic
focus
on
sustainability,
innovation,
digitalization
and
growth
are
clearly
paying
off.
We
are
impressing
our
consumers
with
sustainable
skin
care
innovations
and
thus
are
setting
ourselves
in
the
challenging
market
environment.
We
are
further
expanding
our
e-commerce
business
and
ensuring
that
we
reach
our
consumers
digitally
wherever
they
might
be.
We
are
tapping
growth
potential
and
investing
in
a
state-of-the-art
efficient
and
sustainable
global
production
and
logistic
network.
This
is
also
reflected
in
our
2021
business
figures.
Here
are
some
of
the
highlights.
Despite
ongoing
COVID-19
related
turmoil,
we
delivered
strong
organic
sales
growth
of
9.7%
at
group
level,
which
brings
us
3.2%
above
the
pre-crisis
level
of
2019.
Organic
sales
in
the
Consumer
Business
Segment
were
up
8.8%.
There
was
a
significant
contribution
from
our
e-commerce
business,
which
grew
by
a
strong
32%.
As a
result,
our
online
share
of
total
sales
in
the
Consumer
Business
Segment
now
exceeds
10%.
Growth
was
particularly
encouraging
in
the
face
care
business,
where
we
grew
10 times
faster
than
the
market
in
the
last
two
years.
This
is due in
no small
part to
our
successful NIVEA
LUMINOUS630
products.
At
the
same
time,
our
personal
and
body
care
products are
also
posting
dynamic
growth.
In
our
tesa
Business
Segment,
we
achieved
exceptional
sales
growth
of
13.6%.
This
growth
was
driven,
in
particular,
by
the
electronics
business
and
the
strong
recovery
in
the
automotive
business.
Despite
rising
material
and
procurement
costs,
we
were
able
to
keep
our
gross
margins
largely
stable.
EBIT
margin,
excluding
special
items
at
group
level,
increased
year-on-year
to
13%
despite
accelerating
cost
pressures
in
the
fourth
quarter.
Astrid
Hermann
will
now give
us
a
detailed
overview
of
our
brands
contributing
to
the
success
of
the
past
financial
year
and
other
financial
results
achieved.
Thank
you,
Vincent.
I
would
like
to
welcome
you
to
our
presentation
of
the
full
year
2021.
This
was
also
my
first
year
as
CFO
of
Beiersdorf.
We
are
very
proud
of
our
strong
results,
and
I'm
happy
to
guide
you
through
our
key
financial
figures.
As
Vincent
already
mentioned
and
despite
the
current
challenging
market
environment,
we
were
able
to
achieve
growth
at
group
level,
both
on
the
top
line
as
well
as
on
the
bottom
line.
One
reason
being
our
high-service
levels
despite
significant
supply
constraints.
Organic
sales
grew
by
9.7%
year-on-year.
Effects
and
structural
effects
had
an
impact
of
1.1
percentage
points,
leading
to
a
nominal
growth
of
8.6%.
Excluding
special
factors,
our
EBIT
margin
at
group
level
increased
by
10 basis
points
to
13.0%.
We
see
a
much
improved
tax
rate
from
29.7%
in
2020
to
27.8%
in
2021.
This
is
in
line
with
our
long-standing
tax
guidance
of
around
28%
and
it
will
be
our
benchmark
going
forward.
The
return
on
sales
after
tax
also
went
up
by
10 basis
points
to
9.2%,
resulting
in
increased
earnings
per
share
of
€3
after
€2.73
in
the
previous
year.
Looking
at
our
individual
business
segments
in
more
detail.
We
grew
organic
sales
in
Consumer
by
8.8%.
The
EBIT
margin
benefited
from
this
rise
in
sales,
although
the
effect
was
offset
by
investments
in
digitalization
and
sustainability,
as
well
as
by
significant
higher
input
costs
in
the
second
half
and
especially
in
Q4.
Nevertheless,
we
were
able
to
keep
our
gross
margins
stable,
which
results
in
an
EBIT
margin
of 12.1%
for
the
full
year
2021
and
a
slight
decrease
of
20
basis
points
versus
previous
year.
In
the
tesa
Business
Segment,
we
look
back
at
a
remarkable
year
with
strong
organic
sales
growth
of
13.6%.
Here,
we
could
increase
our
EBIT
margin
by
150
basis
points
to
16.9%.
Since
the
beginning
of
this
year,
we
have
seen
a
strong
recovery
in
the
Consumer
segment.
Besides
the
outstanding
recovery
in
Q2,
which
had
been
hit
hard
by
COVID
in
2020,
we
are
pleased
to
report
positive
growth
in
all
fourth
quarters,
which
also
brings
us
above
the
2019
levels
for
the
full
year.
Let
us
now
take
a
closer
look
at
the
individual
brands
in
our
Consumer
Business
Segment.
NIVEA
generated
organic
growth
of
1.7%
in
the
fourth
quarter,
which
leads
to
an
overall
growth
of
5.5%
in
the
full
year
2021.
The
transformation
of
our
iconic
brand
is
progressing
well.
We
have
made
NIVEA
one
of
the
fastest-growing
brands
in
face
care
in
the
mass
market.
This
growth
was
supported
by
the
launch
of
products
around
our
breakthrough
innovation,
LUMINOUS630.
Furthermore,
the
body
and
sun
categories
within
skin
care
also
recorded
strong
growth
year-on-year.
Additionally,
we
kept
the
momentum
in
personal
care
led
by
the
good
development
in
our
deodorant
business.
The
Derma
business
completed
another
strong
year
with
19.5%
organic
growth.
The
key
markets
in
Germany
and
the
US
as
well
as
the
newer
markets
in
Latin
America
and
China
contributed
strongly
to
this
performance.
Derma
is
the
business
unit
with
the
highest
share
in
growth
in
e-commerce
in
2021.
On a
product
level,
Thiamidol
remains
one
of
the
main
growth
contributors.
We
were
not
only
successful
in
terms
of
net
sales,
but
at
the
same
time,
gained
market
share
in
most
categories
and
regions.
Also,
our
Hansaplast
and
Elastoplast
brands
recorded
strong
broad-based
growth
with
13.7%
sales
growth.
Our
successful
plaster
relaunch
in
the
beginning
of
the
year
and
a
strong
recovery
in
the
sports
category
boosted
our
sales.
La
Prairie
finished
the
year
up
6.1%
in
the
fourth
quarter,
a
growth
of
over
30%
when
compared
to
the
fourth
quarter
2019.
This
performance
was
primarily
driven
by
strong
acceleration
of
sellout
between
the
third
and
fourth
quarter
2021
with
especially
strong
sales
in
Hainan
and
travel
retail
more
in
general.
Additionally,
we
saw
a
strong
recovery
in
the
US.
For
the
full
year,
this
leads
to
an
overall
growth
of
20.1%.
Patrick
will
give
you
more
details
on
the
La
Prairie
strategy
in
a
few
minutes.
Next,
let
us
turn
to
the
performance
of
the
individual
regions
in
the
Consumer
Business
Segment.
In
Europe,
organic
sales
rose
by
5.8%.
We
achieved
growth
of
5.7%
in
Western
Europe. Healthy
growth rates
were recorded
in UK
and
Italy.
Face,
sun
and
body
were
successful
categories,
not
only
for
NIVEA
but
also
for
Eucerin.
We
also
saw
a
significant
contribution
from
the
recovery
of
travel
retail
at
La
Prairie,
which
is
reported
under
Western
Europe.
In
Eastern
Europe,
sales
were
up
across
all
countries
with
an
organic
sales
growth
of
6.3%.
Poland
and
Russia
were
among
the
main
contributors.
In
the
Americas
regions,
organic
sales
rose
by
15.9%.
Organic
sales
in
North
America
increased
by
13.0%.
This
was
predominantly
driven
by
the
strong
double-digit
growth
in
the
Coppertone
sun
care
business
and
continued
sales
growth
at
a
high
level
in
the
Eucerin
and
Aquaphor
brands.
Latin
America
continued
its
success
story
in
Q4
and
recorded
overall
very
strong
sales
growth
of
18.8%
for
the
full
year.
We
can
report
double-digit
sales
growth
in
just
about
all
countries,
with
Brazil,
Mexico,
and
Chile
making
the
biggest
contributions
to
this
performance.
The
Africa/Asia/Australia
region
recorded
organic
sales
growth
of
8.9%.
Our
sales
performance
was
particularly
strong
in
China,
India,
Indonesia,
as
well
as
in
African
countries,
Nigeria,
Ghana,
and
South
Africa.
On
a
brand
level,
La
Prairie
achieved
significant
year-on-year
sales
growth
in
Asia,
accompanied
by
good
performances
in
Eucerin
and
NIVEA
in
the
complete
Africa/Asia/Australia
region.
Coming
back
to
our
gross
margin
development.
We
are
very
pleased
to
report
a
stable
gross
margin
development
despite
significant
headwinds
in
the
second
half
of
the
year,
which
even
accelerated
in
Q4.
Excluding
the
diluting
effects
of
acquired
businesses,
we
would
have
reported
a
slight
margin
increase.
Pricing
had
a
positive
effect
and
was
mainly
coming
from
emerging
markets,
Derma,
Healthcare
and
La
Prairie
in
2021.
The
strong
La
Prairie
and
Derma
businesses,
the
recovery
in
sun
and
the
push
into
skincare
with
innovations
like
LUMINOUS630
helped
improve
the
quality
of
our
gross
margin.
Cost
of
sales
and
logistics
were
significant
negatives
due
to
rising
material
prices,
transportation
costs,
energy
costs,
and
headwinds
from
operational
effects.
As
already
mentioned
in
our
half
year
presentation,
we
are
very
pleased
to
see
our
working
capital
management
paying
off.
We
reduced
working
capital
significantly
also
in
the
full
year
to
5.3%
of
Consumer
sales.
There
is
significant
improvement
in
all
components
of
the
working
capital,
and
it
demonstrate
once
more
our
strong
dedication
to
this
topic
throughout
the
organization.
Turning
to
the
tesa
Business
Segment.
The
fourth
quarter
had
a
strong
prior-year
comparable,
leading
to
a
decrease
of
minus
2.6%
in
Q4.
However,
the
full
year
2021
performance
of
13.6%
is
outstanding,
especially
in
view
of
the
difficult
supply
market
for
semiconductors,
just
to
name
one
major
bottleneck.
This
growth
is
broad-based
and
coming
from
various
business
areas
and
regions,
clearly
led
by
the
electronics
business
in
Asia
and
the
global
recovery
of
the
automotive
industry.
Additionally,
the
building
industry
in
the
US
showed
strong
momentum.
The
Direct
Industries
segment
generated
growth
of
16.6%.
tesa's
Trade
Markets
business
finished
the
year
with
growth
of
9.1%.
The
business
around
General
Industrial
Markets
performed
well
throughout
the
year.
A
positive
contribution
also came
from Consumers
&
Craftsmen
and
its
e-com
business.
On
the
back
of
these
very
strong
results
and
with
continued
headwinds
from
input
cost,
we
expect
a
challenging
year
2022.
We
have
a
special
focus
on
the
following
three
business
fields.
After
two
consecutive
years
of
growth
in
the
consumer
part
of
tesa,
we
are
looking
to
further
strengthen
our
portfolio
and
the
business.
We
have
set
up
a
new
management
unit
and
a
dedicated
board
member
at
tesa
for
this
business.
We
are
expanding
our
online
presence
on
third-party
platforms
as
well
as
in
our
own
D2C
shop,
which
was
launched
in
Germany
last
year.
The
automotive
business
is
a
fast-paced
industry
that
benefits
from
two
major
trends,
e-mobility
and
automation.
Going
into
2022,
we
will
be
ready
to
serve
our
customers
once
the
bottlenecks
in
the
semiconductor
industry
are
resolved.
The
electronics
business
remains
one
of
the
most
important
growth
drivers
for
tesa.
This
part
of
the
business
is
very
much
project-driven
with
major
customers.
To
remain
competitive
in
this
area,
we
are
keeping
our
high
innovation
power.
We
are
in
a
top
position
when
it
comes
to
bonding
of
smartphone
covers
and
we
will
make
sure
to
defend
this
position
also
in
2022.
With
these
remarks,
I
am
closing
the
review
of
our
financial
results
2021
and
the
tesa
Business
and
handing
back
to
Vincent.
Thank
you
so
much,
Astrid.
To
give
you
an
idea
of
the
priorities
we
are
setting
for
the
coming
financial
year, we'd
like
to
take
a
more
detailed
look
at
the
following
three
topics:
first
one,
our activities
in
the
area
of
selective
skin
care;
second, our efforts
related
to
the
further
development
of
NIVEA;
and
third,
our
activities
to
strengthen
our
innovation
network
and
grow
our
markets
in
the
US
and
China.
And
with
that,
I
will
hand over
to
Patrick
Rasquinet,
who'll
take
you
through
the
most
important
development
in
selective
skin care.
Patrick?
Thanks
so
much,
Vincent.
And
good
morning
from
my
side
as
well.
And
as
you
have
most
likely
already
noticed,
our
range
of
premium
skin care
now
consists
of
two
brands:
La
Prairie
on
one
side;
and
Chantecaille
today.
Before
I
get
to
our
new
Chantecaille
brands,
I'd
first
like
to
highlight
the
key
developments
at
La
Prairie.
As
Astrid
just
pointed
out,
financial
year
2021
was
very
successful
for
La
Prairie.
After
a
very
difficult
2020,
La
Prairie
was
able
to
navigate
successfully
through
the
COVID
crisis
and
accelerated
in
Q4
versus
Q3.
This
resulted
in
a
full
year
net
sales
growth
of
above
20%.
But
more
remarkably,
it
translated
in
a
growth
of
26%
in
terms
of
retail
sales,
performing
more
than
twice
as
fast
as
the
market.
Most
importantly,
the
net
sales
of
Q4
2021
showed
an
increase
of
30%
versus
the
same
quarter
in
2019.
This
is
due,
on
the
one
hand,
to
the
very
consistent
execution
of
our
luxury
strategy
of
focusing
on
a
very
selective
distribution,
refusing
to
engage
in
dilutive
promotional
activities,
and
offering
our
consumers
the
highest
possible
level
of
service.
On
the
other
hand,
we
were
also
very
successful
with
four
strategic
initiatives
that
we
further
accelerated
in
2021,
and
that
will
be
the
key
pillars
for
a
successful
financial
year
2022,
which
we
started
strongly,
recording
a
significant
growth
versus
last
year
in
the
current
trading.
In
China,
our
first
pillar,
we
continued
our
highly
selective
expansion,
focusing
on
the
boutique
channel,
which
is
becoming
extremely
important.
As
a
result,
our
sales
in
Mainland
China
outpaced
the
market
average
with
a
jump
of
70%
over
2019
and
over
30%
versus
2020.
The
travel
retail
business,
one
of
the
sectors
most
severely
impacted
by
the
corona
pandemic,
as
you
all
know,
recovered
significantly
in
the
past
financial
year.
In
China,
seasonal
travel
retail
business
increased
73%
over
2019
and
doubled
versus
2020.
This
growth
was
largely
driven,
of
course,
by
Hainan,
where
we
selectively
expanded
our
presence.
The
selective
expansion
of
doors
in
Hainan
will
continue
in
2022
and
will
strengthen
our
footprint
over
there.
Through
our
cooperation
with
Tmall,
the
third
pillar,
we
have
achieved
a
considerable
online
presence
in
China,
and
we
have
been
able
to
drive
the
e-commerce
business
with
very
strong
growth
rates.
This
allowed
us
to
reach
to a
lot
of
new
and
younger
consumers.
We
are
currently
laying
the
groundwork
for
further
partnership
of
this
kind
in
other
major
markets
around
the
world.
Our
highly
selective
sales
presence
has
enabled
us
to
enter
in
groundbreaking
agreements
with
our
major
retailers
to
collect
client
data
across
all
channel
and
across
all
markets.
This
makes
it
possible
for
us
to
communicate
with
our
clients,
even
in
time
of
lockdowns
and
other
restrictions.
To
this
end,
we
will
load
the
new
app
and
a
very
powerful
CRM
program
that
we
can
use
to
build
and
intensify
relationships
with
our
local
client
base
all
over
the
world
and
in
all
touch
points.
So
allow
me
now
to
turn
to
Chantecaille,
our
newly
comer
in
the
portfolio
of
Beiersdorf.
Founded
in
1997,
Chantecaille
is
headquartered
in
New
York
and
has
a
global
presence
with
a
very
strong
foothold
in
North
America
and
Asia.
The
company
offers
more
than
100
innovative
skin
care,
cosmetic,
and
fragrance
products,
bases
on
botanical
ingredients,
combining
effective
formulas
with
a
very
strong
focus
on
sustainability
and
philanthropy.
We
acquired
Chantecaille
Beaute
this
year,
and
for
us,
this
acquisition
is
another
very
important
milestone
in
the
execution
of
our
C.A.R.E.+
strategy.
We
want
to
win
with
skin
care
while
unlocking
growth
potential.
Chantecaille
ideally
complements
our
premium
skin
care
range.
While
La
Prairie is
positioned
as
a very
high-end
luxury
brand,
Chantecaille
serves
consumers
in
the
prestige
cosmetic
segment
and
is
therefore
aimed
at
the
wider
consumer
group.
With
Chantecaille,
we
aim
to
further
accelerate
our
growth
in
the
North
American
and
Asian
markets,
with
a
very
particular
focus
on
China
and
South
Korea.
Chantecaille
is
very
well
positioned
in
these
markets.
Additionally,
we
are
very
pleased
with
its
strong
e-commerce
position,
which
drives
nearly
a
quarter
of
total
sales.
We
will
manage
Chantecaille
within
our
Consumer
Business
as
a
complementary
selective
brand
and
aim
to
make
Chantecaille
the
market
leader
in
natural
beauty.
So
I
really
hope
that
my
brief
overview
of
key
developments
in
selective
skin
care
provided
you
with
some
good
insights
into
the
very
exciting
opportunities
we
are
pursuing.
And now, Vincent will talk about our plans for NIVEA.
Thank
you.
Thank
you,
Patrick.
We
have
a
clearly
defined
goal
at
NIVEA.
We
want
to
reinvent
our
flagship
brand
as
a
leading
global
skin
care
brand.
This
is
the
reason
why
we
appointed
Grita
Loebsack
to
the
Executive
Board
in
December
2021.
In her
position
as
President, NIVEA,
she
assumes
global
responsibility
for
the
brand
and
will
play
a
key
role
in
making
NIVEA
an
even
more
global,
digital,
and
sustainable
brand
that
inspires
our
consumers
around
the
world.
To
accomplish
this
goal,
we'll
take
the
same
approach
that
I
already
used
for
our successful
brands,
Eucerin,
Hansaplast
and
La
Prairie.
We
introduced
a
new
operating
model
for
those
brands
a
few
years
ago,
a
model
that
embraces
a
much
stronger
global
focus
while
allowing
highly
successful
product
innovations
such
as
Thiamidol
to
emerge.
Part
of
this
approach
also
involves
an
even
stronger
positioning
of
the
brands,
both
online
and
offline.
The
result
is
double-digit
growth
for
all
three
brands
despite
global
economic
challenges.
We
intend
to
apply
the
successful
approach
to
our
iconic
NIVEA
brand
as
well.
For
this
purpose,
we
are
beginning
to
take
a
more
global
approach
to
product
launches
and
marketing
campaigns
for
our NIVEA
range.
We
want
to
implement
fewer,
but
better
and
larger
product
launches
and
campaigns.
In
specific
terms,
this
means
that
in
the
future,
innovations
and
campaigns
will
generally
be
implemented
in
all
markets
that
are
relevant
for
us.
A
good
example
of
the
NIVEA's
potential
is
our
LUMINOUS630
anti-pigment
spot
face
care
range
launched
in
2020,
a
product
that is
now
a
global
success
story
and
a
major
source
of
growth.
It
contains
highly
effective
active
ingredient
and
in-house
development
that
reduces
pigmentation
and
age
spots.
Last
year,
we
rolled
out
the
successful
care
range
and
entered
new
product
categories.
With
our
serum,
we
are
present
in
more
than
40
countries,
and
we
successfully
established
ourselves
as
a
market
leader
in
eight
countries
in
Europe,
thereby
assuming
the
position
of
market
leader
in
the
anti-spot
serum
throughout
Europe.
The
serum
is
our
most
expensive
product
in
the
entire
NIVEA
assortment.
We
intend
to
build
on
this
success
even
further
in
2022.
We
will
expand
this
range
in
the
hand care
and
the
sun
care
segments
and
our
so
very
promising
launch
into
the
eye
category.
Our
goal
is
to
double sales of
the
range
this
year
and
thereby
expand
growth
in
the
face
care
segment
and
broaden
our
market
leadership
beyond
Europe.
Digitalization
has
a
key
role
to
play
in
these
efforts.
We
view
it
as
an
increasingly
important
component
for
the
success
of
our
business
and
in
the
development
of
our
brands.
For
this
reason,
we
are
pressing
ahead
with
our
digital
transformation.
We
invest
extensively
in
digital
media
to
engage
with
consumers
all
over
the
world
and
to
meet
their
individual
aspirations.
Thanks
to
our
precision
marketing
programs
and
our
team's
effective
work
in
the
markets,
we
are
increasingly
personalizing
content.
We
strive
to
deliver
the
right
message
at
the
right
time.
In
2021,
our
digital
media
grew
43%.
Through
our
precision
marketing
campaigns,
we
have
delivered
an
outstanding
performance
in
2022.
We
will
roll
out
our
30
precision
marketing
campaigns
in
all
top
markets
including
the
NIVEA
LUMINOUS630
campaign.
In
the
US,
we
are
increasingly
using
social
media
channels
to
communicate,
since
this
is
now
the
best
way
to
reach
our
target
groups.
We
have
also
had
very
positive
experience
working
with
influencers,
viral
campaigns,
and
extending
user-generated
content,
for
example,
on
TikTok.
To
leverage
this
potential,
we'll
monitor
and
invest
in
social
platforms
even
more
closely
in
the
future
and
intensify
our
partnerships
with
influencers
as
well
as
digital
technology
provider
such
as MikMak,
Google
and
Amazon.
Sustainability
is,
of
course, a
crucial
driver
of
innovation
for
us.
Looking
back
over
the
past
year,
where
do
we
stand?
We
launched
our
first
climate-neutralized
NIVEA
product.
This
marks
an
important
milestone
in
our
product
transformation
towards
sustainability.
With
optimized
packaging
and
formulas,
we
decrease
our
carbon
footprint
and
make
our
climate
engagement
tangible
on
the
product
level
to
consumers.
We
reduced
the
amount
of
plastic
we
use
where
possible.
The
packaging
of
our
NIVEA
Naturally
Good
Body
Lotion,
for
example,
uses
50%
less
plastic
than
our
other
body
lotion
bottles
and
marks
a
true
lighthouse
in
the
context
of
material
reduction.
We
plan
to
extend
our
lightweight
packaging
approach
to
other
assortment
this
year.
We
have
broken
new
ground
by
using
recycled
aluminum
in
our
aerosol
products,
one
of
the
first
companies
on
industry
to
take
this
step.
So
where
do
we
go
from
here?
We
can
achieve
the
most
significant
impact
in
terms
of
reducing
CO2
emissions
by
revamping
existing
and
especially
popular
products.
After
all,
this
is
how
we
enable
millions
of
people
to
make
their
skin
care
routines
more
sustainable
and
make
their
own
contribution
to
climate
protection.
I'm
proud
to
announce
today
that
we'll
be
relaunching
one
of
our
classic
products
during
the
course
of
this
year,
our
NIVEA
Soft.
This
represents
a
major
step
forward
in
our
climate
engagement
especially
as
we
will
be
able
to
climate-neutralize
NIVEA
Soft
due
to
its
improved
environmental
footprint.
Now
let
me
talk
about
the
activities
to
strengthen
our
innovation
network.
We
want
to
invest
in
our
ability
to
develop
innovations
earlier
and
more
successfully
than
the
rest
of
the
market.
We
are
convinced
that
the
global
presence
of
our
research
and
development
is
key
to
empower
impactful
skin
care
innovations
that
touch
people's
lives.
We
have
assembled
a
global
research
and
development
network,
centered
around
our
skin
research
center
in
Hamburg,
Germany.
Here,
we
conduct
important
application-oriented
research.
As
we
gain
a
better
understanding
of
the
skin's
own
metabolic
processes,
we
are
able
to
develop
high-impact
products
tailored
to
specific
needs.
With
our
innovation
center
in
Shanghai,
which
opened
in
2020,
we
are
leveraging
the
potential
from
the
growth
and
innovative
power
of
the
regions,
and
also
promoting
local
skin
care
innovation
through
strong
partnership.
I
will
come
back
to
this
later.
Our
newly
built
state-of-the-art
innovation
center
in
New
Jersey
in
the
United
States
is
our
first
global
center
of
excellence
for
sun
care
products
outside
of
Hamburg.
Since
the
US
represent
the
world's
largest
sun
care
market,
a
strong
R&D
presence
in
North
America
and
an
enhanced
position
in
skin
and
sun
care
is
crucial
to
growing
our
business
in
the
region.
Our
outstanding
performance
with
Coppertone
in
the
US,
demonstrate
the
potential
of
the
region.
In
the
US,
we
achieved
strong
double-digit
organic
sales
growth
with
Coppertone
in
2021,
both
offline
and
online.
This
was
particularly
driven
by
successful
launches
of
new
products
in
the
last
year.
We
have
successfully
complemented
the
acquisition
and
integration
of
the
brand.
Coppertone
has
gained
a
market
share
for
the
first
time
since
2012.
We
intend
to
build
on
the
success
in
2022.
As
part
of
these
efforts,
we
have
taken
a
number
of
important
steps
to
strengthen
Coppertone
brand
positioning.
We
realigned
the
portfolio,
developed
innovative
products
in
the
key
applications
areas
of
family
and
sport,
revamped
the
packaging,
and
expanded
digital
consumer
communications.
We
also
want to
leverage
our
high
level
of
R&D
expertise
at
Coppertone
to
other
brands.
I
would
point
to Eucerin
Sun
as
one
such
example.
We
recently
launched
Eucerin in
the
sun
category
in
the
US.
We
introduced
seven
sun
products
that
combine
advanced
sun
protection
and
skin care
benefits.
In
the
face
care
category,
for
example,
these
include
a
product
specifically
designed
for
oily
and
acne-prone
skin.
Developed
in
collaboration
with
dermatologists,
the
products
have
clinically
proven
efficacy
and
benefit
from
Coppertone's
extensive
sun
expertise.
While
our
main
focus
in
the
US
is
the
sun
care
business,
we
see
significant
growth
potential
in
face
care
in
the
Asian
market,
especially
in
China,
the
world's
largest
face
care
market.
In
recent
years,
we
have
succeeded
in
establishing
ourselves
in
the
premium
segment
with
La
Prairie
and
Eucerin,
thanks
overall
to
our
skin care
expertise.
We
are
currently
in
the
process
of
registering
our
patented
active
ingredient
against
hyperpigmentation
in
China.
We
hope
this
will
make
us
the
first
company,
after
the
introduction
of
China's
new
cosmetic
regulation
last
year,
to
receive
approval
for
the
use
of
such
an
effective
ingredient
in
a
domestic
market.
We
are
convinced
that
this
will
open
up
significant
growth
potential
for
us.
Chinese
consumers
can
currently
order
Eucerin
and
NIVEA
with
this
active
ingredient,
W630,
through
a special
cross-border
e-commerce
channel.
We
are
receiving
such
positive
feedback
from
consumers
that
we
will
expand
the
range
of
products
in
the
NIVEA
LUMINOUS630
series
in
2022.
These
cross-border
e-commerce
channels
currently
covers
only
10%
of
the
total
online
market
potential
of
this
range.
Once
we
receive
the
registration,
we
can
expect
a
dynamic
growth
trajectory.
Our focus
also
includes
the
development
of
face
care
products
for
Chinese
consumers
that
are
specifically
designed
to
meet
their
needs.
In
this
connection,
we
have
high
expectations
for
our
cooperation
with
the
Tmall
Innovation
Center,
TMIC,
which
began
in
2020.
TMIC
helps
brands
develop
new
strategies
and
channels
to
reach
the
Chinese
market.
In
collaboration
with
TMIC,
we
have
developed
and
launched
a
number
of
products
in
2020
and
2021
that
are
specifically
designed
to
meet
the
needs
of
Chinese
consumers,
for
example,
the
NIVEA
MEN
Eye
Gel
and
NIVEA
Tone-up
Cream.
More
than
10
additional
products
have
already
been
agreed
for
2022.
In
the
years
ahead,
we
want
to
accelerate
our
pace
of
innovation
in
closer
cooperation
with
our
external
partners
such
as
Tmall
and
thereby
make
Eucerin
and
NIVEA
as
successful
as
La
Prairie
in China.
That
concludes our
overview
of
Beiersdorf's
most
important
development:
our
ambition
to
accelerate
growth
with
selective
skin
care;
to
reinvent
NIVEA
as
a
global
skin care
brand;
and
to
empower
impactful
skin care
innovations
with
a
special
focus
on
the
US
and
China.
At
this
point,
I
will
shift
back
to
Astrid
who'll
talk
to
you
about
the
outlook
for
the
current
financial
year.
Thank
you,
Vincent.
In
our
last
call,
we
gave
you
a
high-level
outlook for
the
year 2022,
which
already reflected
rising
input
cost
at
that
time.
Since
then,
input
costs
have
risen
even
more
than
forecasted.
Raw
materials,
transportation
and
energy
cost
increased
to
new
highs.
At
the
same
time,
we
continue
to
invest
significantly
in
digital
and
sustainability,
in
line
with
the
investment
program
introduced
earlier.
All
these
factors
are
reflected
in
our
guidance
for
the
current
year.
We
expect
the
Consumer
Business
Segment
to
reach
mid-single-digit
full
year
sales
growth.
Regarding
operating
profitability,
we
continue
to
aim
at
slightly
improving
our
consumer
EBIT
margin
for
the
full
year
2022.
While
achieving
this
will
be
a
significant
challenge
and
will
depend
on
the
development
of
the
market
and
commodity
environment,
we
have
specific
plans
to
help
us
get
there.
One
major
contributor
to
this
margin
improvement
will
be
consistent
pricing
action
throughout
all
regions.
Another
important
factor
for
mitigating
input
cost
inflation
will
be
our
brand
channel
and
category
mix.
Further
growth
in
the
high-margin
businesses
of La
Prairie,
Derma
and
the
sun
category
is
essential.
We
will
leverage
additional
potential
for
pursuing
even
more
skin
care
and
premium
innovations.
In
addition,
we
will
work
on
operational
efficiencies.
tesa
faces
strong
comparatives
from
an
outstanding
year
2021
on
both
the
top
as
well
as
the
bottom
line.
Nevertheless,
we
expect
mid-single-digit
full
year
sales
growth.
Looking
at
the
margin
development,
2022
will
be
a
challenging
year
at
tesa.
We
have
seen
significant
input
cost
inflation
as
well
as
bottlenecks
in
the
supply
chain,
affecting
our
results
already
in
the
second
half
of
2021
and
going
into
this
year.
tesa
will
partially
offset
these
factors
with
pricing
actions.
Moreover,
profitability
will
be
affected
by
more
investments
in
sustainability,
innovation
and
digital.
We,
therefore,
expect
tesa's
full
year
EBIT
margin
from
ongoing
operations
to
be
noticeably
below
the
previous
year.
On
a
combined
basis
for
the
group,
we
are
calling
for
mid-single-digit
growth
and
an
EBIT
margin
from
ongoing
operations
at
the
level
of
previous
year.
I
thank
you
for
your
attention,
and
hand
back
to
Vincent
for
the
closing
remarks.
Thanks
so
much,
Astrid.
Ladies
and
gentlemen,
looking
back,
2021
was
a
very
successful
year
for
us,
a
year
in
which
we
made
excellent
progress
in
all
areas
of
our
C.A.R.E.+
strategy.
We
unlocked
substantial
new
growth
potential,
primarily
in
selective
skin
care
with
La
Prairie
and
Chantecaille.
We
outperformed
the
market
in
the
face
care
area.
We
enhanced
our
innovating
capabilities
through
the
creation
of
a
global
R&D
network
as
well
as
through
partnerships.
We
achieved
all
the
milestones
we
define
as
part
of
the
digital
and
sustainable
transformation
of
our
company,
despite
the
many
adverse
circumstances
that
we
face,
particularly
as
a
result
of
the
corona
pandemic
and
higher
material
and
transport
cost.
The
fact
that
we
managed
to
do
all
this
is
due,
in
particular,
to
our
employees.
I
would
therefore
like
to
end
my
remarks
by
expressing
my
sincere
gratitude
to
them.
In
an
extraordinary
year,
they
achieved
results
that
were
truly
remarkable.
It
is
thanks
to
their
commitment,
discipline
and
flexibility
that
we
can
look
to
the
future
with
great
confidence.
We
thank
you
for
listening.
And
we'd
now
be
happy
to
answer
any
question
you
may
have.
Well,
these
were
the
priorities
for
this
year
and
the
review
of
our
full
year
figures
2021.
At
this
time,
we
will
begin
the
question-and-answer
session.
[Operator Instructions]
Please
remember
that
we
have
a
maximum
of
two
questions
per
caller.
The
first
question
is
coming
from
Guillaume
Delmas.
Hello,
Guillaume.
Good
morning,
Vincent,
Astrid.
So
my
two
questions
are,
first,
on
your
cost
structure.
Astrid,
at
the
last
conference
call
in
November,
you
mentioned
that
you
are
expecting
a
low triple-digit
basis
points
impact
on
your
gross
margin
for
Consumer
from
higher
costs
in
the
first
half
of
2022
and
then
some
easing
in
the
back
half
of
the
year.
So
could
you
provide
maybe
an
update
on
this
as
I'm
imagining
things
have
changed
since
November?
And
still on
the
cost
structure
on
A&P,
if
you
could
also
tell
us
your
level
of
A&P
spend
as
a
percentage
of
sales
in
2021,
and
whether
you
are
planning
to
increase
A&P
spend
faster
than
sales
this
year?
And
then
my
second
question
is
more
on
2022
for
your
Consumer
division,
2022
should
be
another
year
of
recovery
based
on
the
travel
retail
channel
or for
the
sun
care
category.
So
maybe
could
you
give
us
a
sense
on
how
the
year
has
started
for
your
travel
retail
operations?
And
for
sun
care,
probably
too
early
to
say,
but
can
you
tell
us
how
far
below
your
2019
levels
you
were
with
the
NIVEA
and
Coppertone
businesses
last
year?
Thank
you.
I
think
I'll
take
all
of
those
questions.
Guillaume,
thank
you
so
much.
On
the
cost
structure,
yes,
I
did
mention
that
we
were
at
a
low triple-digit
impact
and
that
we
would
see
easing
in
the
back
half.
As
we
presented
to
you,
we
did
quite
a
good
job
managing
the
pressures
in
2021
despite
seeing
a
significant
acceleration
in
the
fourth
quarter.
In
terms
of
this
year,
we
do
not
currently
expect
an
easing
in
the
back
half.
We
do
think
that
this
will
be
holding
through
the
entire
year
and
we
now
see
a
multiple
of
that
triple-digit
impact
that
I
mentioned
before.
In
terms
of
A&P,
our
A&P
spending
increased
by
30
basis
points
to
27.0%
in
2021.
This
was
primarily
driven
by
digital
investments
we've
made
with
a
focus
on
skin
care,
also
by
investments
in
our
Derma
business,
primarily
focused
behind
the
growth
markets,
US,
Germany,
Brazil,
China
and
Russia.
And
in
the
fourth
quarter,
we
didn't
take
a
foot
off
the
pedal
in
terms
of
investment.
We
really
wanted
to
make
sure
that
we
supported
the
business
and
drove
it
into
2022.
In
terms
of
your
question
on
Consumer
for
this
year,
absolutely,
we
do
think
that
assuming
markets
return
to
normal,
there
is
significant
potential
for
recovery.
Obviously,
travel
retail
as
also
Patrick
talked
about
sun
that
you
mentioned,
but
also
other
categories
that
were
impacted,
such
as
lip,
men
and
so
on,
there
is
significant
potential.
We
have
started
the
year
well,
really
well,
actually,
and
we
see
a
real
acceleration
of
growth
in
Consumer
for
the
first
quarter.
All
brands
are
contributing
to
this
growth
with
NIVEA
and
La
Prairie
actually
accelerating
the
growth,
while
Derma
and
Healthcare
are
growing
at
a
high
level.
So
we
move
on.
You fine,
Guillaume?
We
move
on
to
the
next
caller,
please.
We
have
Iain
Simpson
on
the
line.
Iain?
Good
morning.
Could
we
start
with
NIVEA,
please?
I'm
looking
at
the
Nielsen
data.
It
looks
like
market
share
gain
accelerated here
towards
the
end
of the
year.
You've
said
that,
that
started
well.
Could
you
give
us
a
sense
of
exactly
where
the
market
share
gains
are coming
from
in
NIVEA,
whether
by
kind of
category
or
country,
what's
driving
the
outperformance?
And
then
secondly,
Chantecaille.
You're
clearly
quite
excited
about
the
opportunity
there.
Could
you
perhaps
give
us
a
little
bit
of
a
sense
of
what
you
plan
to
do
with
it?
Is
it
a
case
of
doing
stuff
with
the
innovation
or
putting
more
money
behind
marketing
or
dropping
it
into
your distribution
platform?
What
do
you
see
as
the
opportunities
for
Chantecaille
that
makes
you
sort
of
better
owners
for
it?
Thank
you
very
much.
Thank
you, Iain.
I
will
take
the
first
question,
and
Patrick
will
answer
the
question
on
Chantecaille.
On
NIVEA,
we
are
overall
gaining
market
share.
And
you
saw
that
we
grew
at
plus
5.5%
last
year.
What
is
particularly
important
is
the
growth
in
face
care.
I
mentioned,
already
in
my
speech,
we
grew
in
face
care
10 times
faster
than
the
market
versus
2019.
And
that's
particularly
strong
in
emerging
market,
has
been
the
case
over
the
year.
But
also
since
six
months,
we
are
overperforming
the
markets
in
Europe,
which
is,
as
you
know,
the
most
important
part of
the
business.
And
I
can
tell
you
also
that
in
a
country
like
Germany,
I
got
yesterday
the
news
that
we
got
in
January
the
best-ever
market
share
of
NIVEA.
So
that's
giving
us
a
lot
of
hope.
What
is
also
interesting
is
that
while
we
are
gaining
market
share
on
face
care,
while
we
are also
gaining
market
share
on
sun
care,
we
are also
progressing
on
the
core
category
of
body
and
deo,
which
are
obviously
essential
for
the
penetration
of
the
brand.
Patrick,
Chantecaille?
Yes.
So
indeed,
we
are
very
excited
about
the
potential
of
Chantecaille.
And
we
strongly
believe
that
it
offers
a
lot
of
opportunities
in
many
different
areas.
And
maybe
to
answer
directly
your
question,
we
clearly
see
a
lot
of
potential
in
terms
of
geographic
footprint,
but
also
in
terms
of
distribution
footprint.
As
I
said
earlier,
they
are
excelling
in
e-commerce
and
we
want
to
expand
this
expertise
that
they
have
in
other
part
of
the
world.
As
I
said,
they
have
a
presence
mainly
in
North
America
and
in
Asia,
and
we
want
to
expand
this
business
in
this
region.
Of
course,
we
want
to
support
them,
and
I
mentioned
it
quickly
in
my
overview.
They
will
be
still
a
stand-alone
business
sitting
into
the
overall
Selective
&
Pharmacy
branch
division.
They
will
be
operated
independently.
However,
we
want
to
work
on
potential
synergies
with
La
Prairie
and
in
some
very
specific
areas
like
R&D,
supply
chain,
or
even
production.
So
we
move
on
to
the
next
caller.
I
can
see
we
have
Celine
Pannuti
on
the
line.
Hello,
Celine.
Next
should
be
Celine.
Yes.
Thank
you
very
much.
Good
morning,
everyone.
So
my
first
question
is
on
China.
Can
you
tell
us
what
was
the
growth
in
China
in
2021?
And
whether
you've
also
experienced
a
slowdown
in
the
fourth
quarter?
And
what
is
your
outlook
for
2022
for
the
market?
But
it
seems
that
you
have
a
lot
of
activity,
so
would
like
to
understand
how
you
see
your
performance
versus
maybe
a
slower
market
in
2022 there.
And
my
second
question
is
trying
to
understand
the
bridge.
Astrid,
you
provided
30-basis point
pricing
benefit
in
2021.
What
should
we
expect
for
2022?
And
equally
for
the
mix,
which
was
a
40-basis point
benefit
to
gross
margin
in
2021,
how
much
catch-up
we
still
have
to
do
from
what
you
mentioned
in
terms
of
recovery
of
travel
retail,
La
Prairie,
and
sun
to
understand
that?
And
just,
sorry,
on
pricing,
if
you
could
talk
about
how
your
pricing
negotiation
are
happening,
that
will
be
useful?
Thank
you
so
much.
Thank
you,
Celine.
I
will
take
the
first
question
on
China,
but
perhaps
will
also
ask
Patrick
to
add
some
color
on
La
Prairie.
Celine,
in
China,
we
grew
in
2021
by
30%;
three, zero.
So
a
very,
very
strong
performance on
all
our
brands.
So
not
only
La
Prairie,
and
Patrick
will
talk
about
the
figures,
but
also
on
Eucerin
and
NIVEA.
You
might
remember
that
we
launched
Eucerin
three
years
ago.
It
was
the
fourth
attempt
to
launch
Eucerin
and
very
good
news
that
we
are
overperforming
the
market.
We
are
absolutely
now
in
line
with
our
business
plan.
We
gained
last
year,
for
example,
more
than
500,000
new
users.
Big
success
of
Thiamidol,
mainly
on
cross-border,
and
this
is
where
the
potential
registration
of
Thiamidol
in
local
China
will
be a
huge
game
changer.
So
overall,
plus
30%.
Patrick,
on
La
Prairie,
we're
also
extremely
happy
with
China.
Yeah,
absolutely.
Maybe
I
can
split
the
China
topic
in
two
distinct
topics.
One
is
Mainland
China,
obviously,
where
we
are
performing
extremely
well
and
much
faster
than
the
market
and
the
competition.
I
can
give
you
some
numbers
to
give
you
a
flavor,
but
we
grew
by
over
30%
in
2021
versus
2020,
and
we
are
even
at
a
pace
of
over
70%
versus
the
year
2019.
This
is
mainly
driven
by
the
opening
of
boutiques,
but
again,
very
selectively.
As
you
know,
we
have
a
very
selective
distribution.
We
remain
extremely
scarce,
let's
say,
in our distribution
even
in
Mainland
China.
And
of
course,
thanks
to
Tmall,
that
was
a
real
growth
provider
and
allowing
us
to
reach
out
to
new
consumers.
We
managed
to
increase
our
client
base
by
around
10%
in
China
only
through
Tmall.
And
it
also
allowed
us
to
target
younger
consumers
because
we
noticed
that
the
consumers
going
on
Tmall
are
three
to
four
years
younger
than
the
average
consumer
group
that
we
have
in
China.
And
then
the
second
bucket
of
China
is,
of
course,
the
travel
retail
China.
No
need
to
tell
you
that
Hainan
for
us
is
booming,
but
also
travel
retail
China
in
general,
and
I'm
thinking
of
the
airports
like
Shanghai
or
Beijing.
So
there also
very
impressive
growth.
We
even
doubled
our
business
in
2021
versus
2020.
And
to
conclude
your
question,
Celine,
the
prospect
for
2022,
we
are
extremely
optimistic.
Obviously,
on
the
Eucerin,
NIVEA,
we have
a
lot
of
things
to
do.
But
I
can
share
with
you,
Patrick,
that
we
saw,
for
example,
in
January,
that
we
tripled
our
business
in
Hainan
with
La
Prairie.
So
absolutely
no
slowdown.
And
on
contrary,
a very
hope –
a
lot
of
hope,
also
including
Chantecaille
in
China
for
2022.
Astrid?
Celine,
on
your
question
related
to
the
margin
bridge.
So
the
pricing
impact
shown
there,
of
course,
was
the
impact
on
margin,
not
on
sales
growth.
The
impact
on
sales
growth
would
have
been
a
multiple
of
that
number.
And
we
are
expecting
that
to
accelerate
in
2022.
As
I
mentioned
both
in
my
speech
as
well
as
in
replies
previously,
we
are
trying
to
really
accelerate
pricing
in
all
regions,
whereas
this
year
– or
in
2021,
we
took
pricing
primarily
in
emerging
markets
as
well
as
our
beyond
businesses,
La
Prairie,
Derma
and
Healthcare,
we
are
looking
to
take
pricing
globally
this
year
and
likely
in
two
rounds.
So
we
should
see
a
significant
acceleration
of
that
both
in
the
first
half
as
well
as
in
the
second.
In
terms
of
mix,
similarly
to
what
I
just
replied
to
Guillaume,
there
should
be
significant
upside
to
mix
and
we
are
planning
for
that.
It
does
depend
somewhat
on
the
recovery
of,
let's
say,
the
COVID-related
impacted
categories,
travel,
retail,
sun,
lip,
men
and
so
on.
But
we
do
think
we
have
some
significant
opportunity
on
mix
as
well
still
in
2022.
And
then
pricing
negotiations
are
going
well.
They're
always
tough,
of
course,
but
they're
going
well.
We
don't
foresee
currently
any
challenges
there.
Okay.
So
we
move
on
to
the
next
caller.
I
can
see
here
Bruno
Monteyne.
Good
morning,
Bruno.
Good
morning,
everybody.
Just
one
more
remaining
question.
If
I
look
at
the
two-year
sort
of
growth
CAGR
[ph]
first
(00:50:05)
2019
to
take
out
the
noise
from
COVID,
the
last
three
quarters
that
are
sequentially
slowing
down
every
single
quarter,
and
so
there doesn't
seem
to
be
a
sort
of
ramp-up
or
sort
of
further
acceleration
in
growth.
Is
there
any
reason
for
that?
And
then sort
of
what
gives
you
the
confidence
that
you
sort
of will
be
back
up
to
5%
or
mid-single
digits
for
2022? Is
that
largely
on
the
back
of
pricing
or
is
there
anything
else
that
we
should
look
forward
to
in
2022?
So
while
the
comparisons,
obviously,
in
the
fourth
quarter
in
the
back
half
period
versus
2022
become
just
more
challenging,
we
are
very
happy
with
the
development
of our
business.
We
did
mention
that
NIVEA
was
impacted
in
the
fourth
quarter
by
COVID-related
lockdowns
still
in
many
parts
of
the
world,
including
in
emerging
markets,
in
Europe
and
in
Japan.
We
did
see
very,
very
strong
dynamics
from
the
rest
of
the
business,
double-digit
growth
in
Healthcare
and
Derma.
Very
strong
growth
in
La
Prairie.
As
we
mentioned,
versus
2019,
we're
talking
about
30%
growth.
So
we
do
think
we
have
good
momentum
and
even
stronger
acceleration
into
Q1.
So
next
in
our
line
I
have
Olivier
Nicolai.
Olivier,
hello.
Hi.
Good
morning,
Vincent,
Astrid
and
Patrick.
Just
got
a
couple
of
questions,
please.
First,
a
follow-up
of
the
La
Prairie
brand,
which
has
a
very
strong
growth
in
Q4.
You
gave
us
some
indication
about
the
trend
in
China,
but
can
you
give
us
an
idea
of
the
underlying
demand
for
La
Prairie
in
Europe
and
in
the
US?
And
then
just
secondly
on
NIVEA
[indiscernible]
(00:51:52)
for
2022.
We
obviously
hear
a
lot
about
consumer
disposable
income
in
Europe
or
in
the
US
becoming
under
pressure
because
of
inflation.
Are
you
concerned
that
it
could
have
an
impact
on
NIVEA's
demand?
Thank
you.
Patrick
will
take
the
first
question.
I
will
take
the
second
one.
Yes.
So
concerning
the
underlying
demand,
so
first
of
all,
I
want
to
give
you
another
number
concerning
the
Q4.
You have
seen
the
net
sales
growth
of
6%.
But
I
would
like
also
to
mention
to
you
that
a
very
important
indicator
for
us
is
the
sellout
figures.
And
we
have
seen
sellout
figures
or
retail
sales
if
you
want
of
above
20%
in
the
fourth
quarter
of
2021.
Obviously,
this
still
relate
a
lot
to
China
and
to
travel
retail.
But
we
had
also
very
nice
growth
in
the
United
States.
So
we
ended
the
year
also
with
a
double-digit
growth,
above
20%
in
the
United
States,
so
showing
really
an
acceleration
of
the
sellout
figures
in
the
United
States.
In
Europe,
it's
still
a
mixed
bag
of
figures,
especially
that
the
first
half
was
still
impacted
by
the
COVID,
to
a
still
reopening
lockdown
and
so
forth.
But
we
start
to
see
an
acceleration,
of
course,
on
a
much
lower
basis
in
Europe
in
the
last
quarter
and
as
well
now
at
the
beginning
of
this
year.
Olivier,
on
your
question
on
NIVEA.
Yes,
you're
absolutely
right,
for
a
brand
like
NIVEA,
which
is
really
the
value-for-money
brand,
we
might
feel
we
might
face
some
issue
when
we
increase
prices.
What
is
very
interesting,
in
fact,
is
that,
first,
we
didn't
see
any
elasticity,
which
is
a
good
news.
And
the
second
good
news
is that,
as
I
mentioned,
the
best-ever launch
of
NIVEA
is
LUMINOUS630.
This
is
also
the
highest
ever
consumer
price
we
positioned
in
the
market.
We
are
selling
LUMINOUS630
for
around
€20,
which
is
4
times
the
price
you
could
find
for
a
basic
moisturizer
of
NIVEA
and
we
saw
absolutely
zero
issues.
So
we
are,
as
Astrid
was
saying,
we
are
running
price
increase.
We
are
doing
that,
obviously,
not
on
a
one-size-fits-all
approach.
But
we
believe
that
especially
in
those
new
categories
which
are
the
priority
for
the
brand,
face
care,
sun
care,
we
have
some
opportunity
to
increase
our
penetration
despite
increased
prices.
So
we
move
on
to
Deutsche
Bank
and
Tom
Sykes.
Hello,
Tom.
Yeah.
Good morning.
Morning,
everybody.
Firstly,
just
on
Derma,
please.
You
did
say
that,
that
was
driving
a
lot
of
your
e-com
sales.
Could
you
just
remind
us
how
much
of
your
Derma
business
is
in
e-com
and
what
channels
and
perhaps
what
geographies
are
particularly
driving
the
e-commerce
at
the
moment?
Obviously,
you
highlighted
the
opportunity
in
China.
And
then,
just
you
seem
to
draw
the
sort
of
the
link
in
some
of your
mass
products
between
increasing
the
sustainability
credentials
and
then
driving
the
growth
there.
So
I
just
wondered
where
you
had sort
of
increased
sustainability
credentials
and
then putting
the
green
slash
on
the
product or
something.
What
sort
of
uplift
or
in
sales
or
share
that
you've
seen
in
some
of those
mass
products
when
you
had
done
that,
please?
Patrick
will
take
the
first
question.
Yes.
Very
good.
So
I
mean
Eucerin
is
the
brand
with
the
highest
share
of
e-commerce
within
the
portfolio
of
our
brands,
very
close
to
La
Prairie.
So
it's
above
20%
share
in
e-commerce,
so
very
strong.
And
this is
coming
mainly
from
two
key
markets.
In
fact,
this
is,
on
one
side,
the
United
States
and
on
the
other
side,
China,
where
we
have
excellent
results
in
terms
of
e-commerce,
and
of
course,
through
the
usual
platforms
like
Tmall
on
one
side,
Amazon
on
the
other
one,
but
also
through
the
retailers.
So
this
is
to
answer
your
question
on
e-commerce
for
Eucerin.
A
very
good
question
on
sustainability.
What
is
interesting,
it's
to
see
indeed
the
impact
on
purchase.
We
have
a
very
good
example,
which
is
close
to
my
heart,
which
is
France,
a
difficult
country
for
NIVEA.
We
had
a
very
good
success
with
this
range
I
was
mentioning
in
my
speech,
which
is
Naturally
Good,
where
we
have
in
the
[indiscernible]
(00:56:20),
which
is
extremely
key
in
France,
which
has
green
–
which
is
green.
And
this
is
one
of
the
best
launch
we
have
ever
done
in
France.
We
clearly
saw
that
the
new
target
consumers,
so
younger
target,
was
interested
in
this
product,
which
is
a
range
which
is
on
multiple
categories,
face care,
body,
deodorants,
shower.
We
saw
clearly
the
interest
of
consumers,
and
we
saw
that
being
green
on
this
app
was
essential.
This
is
why
also
we
are
being
courageous
enough
to
change
our
number
one
product,
NIVEA Soft, and
to
come
with
a
renewed
formula,
which
is
much
more
sustainable,
changing
some
critical
ingredients,
also
working
on
the
plastic,
working
on
all
the
elements
of
the
product.
And
we
feel
that
we'll not
only
keep
our
existing
consumers,
which
is
essential
for a
core SKU like this one,
but
also
recruit
new
consumers.
I
could
also
mention
the
MagicBAR
that
we
have
launched. And
also,
we
see
clearly,
especially
for
the
young
targets,
especially
for
Europe,
that
this
appeal
for
sustainable
products
is
really
bringing
a
lot
of
new
consumers
and
much
better
equity
to
the
NIVEA
brand.
Next
on
line
would
be
Emma of
Royal
Bank
of
Canada.
Emma,
please
go
ahead.
Hi.
Morning,
everyone.
You mentioned
Russia
was
one
of the
biggest
contributors to
your
growth
in
Eastern
Europe
in
2021.
So
I'm
wondering
how
big
is
Russia
for
you?
It's
about
3%
to
4%
of
group
sales,
would
that
be
about
right?
And
what
growth
rate
are you
assuming
in
your
sales
guidance
for
[ph]
this
region
(00:57:55)?
And
then
my
second
question
is
that
how
are
you
feeling
about
prioritizing
meeting
that
guidance
for
margin
improvement
in
your Consumer
Business.
If
the
macro
environment
deteriorates,
are
you
concerned
that this
might
constrain
your
ability
to
make
the
necessary
investments
behind
your
brand?
Thank
you.
Astrid, do
you
want
to
take
the
questions?
Sure.
In
terms
of
Russia,
as
a
percent
of
our
business,
actually
Russia
and
Ukraine,
let's
take
that
together,
but
it's
not
a
material
part
of
our
financial
results.
It
reflects
less
than
3%
of
the
top
line
and
less
so
on
the
bottom
line.
Therefore,
we
are
at
the
moment
in
terms
of
pure
business
results,
less
concerned.
Obviously,
very
much
concerned
with
our
employees
on
the
ground
and
making
sure
that
they
are
safe.
In
terms
of
your
question
on
advertising
and
margin
guidance,
we
obviously
look
to
continue
to
support
our
business
strongly.
We've
talked
about
the
innovations
that
we
have
and
what
we're
trying
to
achieve.
So
clearly,
that
also
requires
the
right
advertising.
At
the
same
time,
as
we
have
continued
to
expand
where
we
do
advertising,
on
which
digital
platforms,
precision
marketing
and
so
on,
we
also
have
opportunities
to
streamline
and
create
more
effective
advertising
than
maybe
in
the
past.
So
it'll
be
a
good
mixture,
and
we
will
keep
that
quite
flexible
to
ensure
that
we
drive
business.
So
we
move
on
to
Société
Générale,
David
Hayes.
David,
good
morning.
Good morning,
all.
Thank
you.
So
my
two
questions,
one
on
operational
efficiencies
and
one
on
the
new
NIVEA
head.
So
just
on
the
operational
efficiencies,
I
think
you
talked
about
having
operational
efficiencies
in
the
plan
in
terms
of
margin
delivery. I just
wonder
whether
you
can
quantify
that
or
is
that
just
a
generic
sort
of
comment
in
terms
of
being
focused
on
cost,
generally?
And
then
the
second
one
on
the
head
of
NIVEA.
You've obviously
deployed
an
external
hire in
the
last
few
months.
So a
question
there,
why
external?
And
what
are
the
objectives
that
are
being
laid
out
for
the
new
hire
in
terms
of
taking
NIVEA
forward?
What
might be
different
with
NIVEA
under
that
new
leadership?
Thank
you
so
much.
David,
I
will
take
your
first
question
and
then
I
think
Vincent
you
will
take
the
second
one.
On
operational
efficiencies,
we
have
both
concrete
plans
on
what
we
will
drive.
I
will
not
at
the
moment
share
obviously
the
exact
impact
for
you.
But
there
are
concrete
plans.
At
the
same
time,
we
will
also
continue
to
look
everywhere
as
obviously
the
very
uncertain
volatile
environment
requires
us
to
do
so.
On
your
question
on
NIVEA,
David,
important
to
know
that
Patrick,
my
neighbor,
was
the
last
promotion
to
the
board,
has
been
27
years
with
the
company.
I
could
mention
also our
Head of R&D,
Gitta
Neufang,
[ph]
after (01:00:54)
being
with
the
company
for
17
years.
But
indeed
also,
we
recruited
Oswald
Barckhahn,
in
charge
of
Europe
and
North
America;
and
Grita
Loebsack,
in
charge
of
NIVEA
brand.
Grita
has
been
managing
the
skin
care
global
business
of
our
top
two
competitors.
She's
German,
and
she
has
a
very
respected
expertise
in
skin
care.
So
the
mandate
is
pretty
clear,
and
I
mentioned
that
in
my
speech,
we
want
to,
not
develop,
we
want
to
reinvent
NIVEA
as
a
global
skin care.
I
am
convinced
that
the
future
of
the
brand
and
the
path
of
the
brand
is
much
more
in
skin
care,
in
face
care
than
in,
for
example,
personal
care.
So
the
mandate
of
Grita
is
to
drive
this
transformation
of
NIVEA
into
the
leading
skin care
company
to
have
a
much
stronger
drive
on
the
business.
She's
not
a
CMO.
She's
a
President
of
NIVEA,
which
means
that
she
has
the
last
word
regarding
any
kind
of
NIVEA
activity
in
the
world.
She
has
a
very
strong
digital
savviness
and
we
are already
implementing
her
first
thoughts
on
how
to
be
even
more
aggressive
digitally.
So
she
is – really
be
the
one
transforming
NIVEA
with
the
full
support
of
the
board.
Okay.
So
next,
I
can
see
we
have
Karel
Zoete,
Kepler.
Karel,
good
morning.
Good
morning,
all.
Thanks for
taking
the
questions.
I've
two
questions.
The
first
one
is
basically
a
follow-up
on
the
last
one.
You
seem
to
get
a
more
centralized
approach
with
regards
to
your
brands,
and
NIVEA,
in
particular.
What
does
this
mean
for
the
organization
and,
for
example,
for
the
go-to-market
model
more
locally?
And
the
second
question
is
on
the
growth
outlook
provided
for
Consumer.
You
sound
upbeat
on
the
momentum
in
skin
care.
There's
still
more
pricing
coming
and
there's
an
Asian comparison
base
in sun
and
in
travel
still
in
H1.
So
why
just
mid-single-digit
growth?
What
is
dragging
the
growth
down,
if
you
like?
Those
are
the
two
questions.
Thanks.
[ph]
Thank you (01:03:07)
for
the
questions.
I
will
take
the
first
one,
and
thank
you
so
much
for
asking
it.
The
interesting
thing
with
NIVEA,
we
used
to
have 100
CMOs.
So
everybody
in
the
country
is
reinventing
the
wheel
and
adapting
the
global
launches
to
their
all
local
consumers
but
not
in
a
very
scientific
way.
I
think
together
with –
and
you're
absolutely
right,
the
stronger
centralization
of
decision-making,
we
are also
defining
better
the
roles
and
responsibilities.
We
are
asking
the
countries
to
activate,
to
be
winning
on
the
market,
to
spend
their
time
meeting
retailers,
driving
the
brand
into
the
stores,
being
sure
so
that
they
report
consumer
insight
together
with
the
globalization
of
marketing.
We
are
also
creating
center
of
excellence
in
the
US,
in
Korea,
in
France,
in
Brazil,
in
Thailand
in
order
to
be
sure
that
we
have
also
these
insights
coming
from
the
country.
But
I
think
it's
really
about
defining
properly
who
is
doing
what
in
the
company
with
what's
been
perhaps
a
little
bit
too
much
decentralized
in
the
past.
Astrid,
you
want
to take
the
second
question?
Sure.
Thank
you,
Karel.
I
think
you've
captured
our
growth
drivers
quite
well.
They
are
the
ones
that
we're
absolutely
driving.
And
now
that
could
lead
to
more
than
mid-single-digit
growth.
And
certainly,
our
ambition
is
to
drive
as
much
growth
as
we
can.
At
the
same
time,
we
have
highlighted
that
we
continue
to
live
in
a
very
volatile
world
and
that's
primarily
also
the
impact
of
that.
We
need
to
see
how
it
goes.
Our
ambition
is
to
grow
certainly
above
market.
So
next
in
line
we
have
Berenberg.
Hello,
Fulvio.
Good
morning.
Yes.
Good
morning.
Thank
you
for
taking
my
questions.
I
just
have
two
quick
ones.
The
first
one
is
on
the
€300
million
investment
that
you
announced
12
months
ago.
Can
you
tell
us
how
much
of
this
was
spent
in
2021
and
how
much
is
included
in
the
guidance
of
2022?
And
then
also,
apologies
if
I
missed
this,
but
anything
you
can
say
in
terms
of
CapEx
spend
for
2022
and
beyond,
please?
Thank
you.
Astrid?
So
both
of
those
go
to
me.
Thank
you
so
much.
So
as
we
announced
in
February
2021,
this
€300
million
investment
behind
digitalization,
sustainability,
and
growth
markets,
we at
that
time
announced
that
it
will
be
front-loaded
investment,
essentially
more
so
in
the
first
two
parts
of
the
–
or
two
first
years
of
that
five-year
period,
and
that
we
have
been
executing.
We
did
spend
a
double-digit
million
amount
in
2021
and
expect
to
spend
the
same
or
a
similar
amount
in
2022,
though,
we
will
keep
that
flexible
as
well.
For
CapEx,
we
did
have
one
of
our
strongest
year
in
terms
of
CapEx
in
2021,
actually,
the
strongest
year
in
the
group
history.
We
spent
more
than
€400
million
on
CapEx,
really
driving
our
manufacturing
logistic
network.
And
that
was
up
€133
million
versus
the
previous
figure.
And
we
continue
to
be
quite
ambitious
about
investing
in
CapEx.
As
you
know,
we
have
our
manufacturing
footprint
investment
and
the
high
of
that
will
be
now
in
2022.
We
will
see
then
also
benefits
from
that
in
coming
years
in
terms
of
costs.
I
can
see
that
Redburn
is
next
with
Chris
Pitcher.
Hello,
Chris.
Hello,
there.
Thank
you
for
the
questions.
A
couple
from
me.
Firstly
on
tesa,
could
you
give
us
a
sense
for
what
happened
in
costs
and
the
margin
performance
in
2021?
And
when
you
talk
about
a
down
margin
this
year, are we
talking
a sort
of
return
to
2020
levels?
And
within
that,
could
you
explain
some
of
the
benefits
you
expect
to
come
from
the
governance
changes
you
discussed? You
mentioned
a
dedicated
management
unit.
Does
this
mean
we
could
expect
perhaps
more
acquisition
capital
to
be
allocated
to
tesa?
And
then
secondly,
an
encouraging
performance
on
margins
and on
the
outlook.
I
haven't
had
the
chance
to read
the
annual
report
yet,
but
have
margins
and
cash
flow
become
embedded
in
long-term
remuneration
yet
or
just
to
understand
how
the
look
is
longer
term
on
that?
Thank
you.
Chris,
I
will
take
your
question
on
tesa.
And
there
were
quite
a
few
questions
actually
hidden
within
that,
but
let
me
explain
it
as
follows.
2021
saw
a
significant
increase
in
cost
for
tesa
in
the
back
half.
Similarly
to
what
we've
experienced
in
Consumer
as
well,
tesa
was
partially
able
to
offset
that
through
pricing,
but
did
feel
the
effect
of
that
very
clearly.
In
terms
of
versus
2020,
our
margin
guidance
does
not
go
down
to
that
level.
We
are
more
ambitious
than
that
for
2020,
but
we
are, as
we're
saying,
tesa
will
be
impacted
by
material
costs
and
the
investments
in
2022.
And
in
terms
of
governance
and
the
related
acquisition,
tesa,
similarly
to
Consumer,
is
looking
obviously
for
the
right
acquisition
targets
that
fit
from
a
strategic
and
financial
perspective,
and
we're
absolutely
open
to
that.
In
terms
of
remuneration,
Vincent?
Yeah.
I
will
take
this
question.
The
board
has
a
long-term
remuneration,
which
is a
plan
2021/2024,
which
is
really
split
into
two big
areas.
One
is
performance,
so
net
sales,
market
share,
and
delivering
the
EBIT.
And
the
second
one,
which
is
the
transformation
of
the
company,
with
four
big
buckets.
The
first
one
is
digitalization
with
very
precise
KPI,
white
spaces
with
a
focus
on
China,
US
emerging
markets.
Sustainability,
we
have
very
important
milestones
to
deliver.
This
is
one
of
them
being,
for
example,
the
transformation
of
NIVEA
Soft.
And
last
but
not
the
least,
also,
diversity.
As
you
might
know,
we
have
the
pledge,
the
engagement
of
having
50%
of
our management
position
occupied
by
female
leaders
by
2025.
So
next
in
our
line
here
would
be
Stifel,
Rogerio.
Hello?
Hello.
Good
morning. And
thanks
for
taking my
questions.
I
have
two
follow-ups
on
La
Prairie.
First of
all,
just
wondering
if
you
could
talk
about
the
magnitude
of
the
global
price
increase
taken
at
the
end
of
last
year
for
La
Prairie.
And
the
second
is
I was wondering
if
you
could
elaborate
on
the
market
growth
momentum
that
you
see
in
China
looking
at
Jan
and
February
together
given
that
the
earlier
timing
of
Chinese
New
Year
obviously
[ph]
flatter (01:09:55)
the
January
numbers.
And
actually, if
I
could
squeeze
a
quick
third
on
La
Prairie.
How
does
the
planned
space
contribution
for
La
Prairie
from
selective
openings
this
year
compares
to
2021,
i.e.,
should
we
expect
a
similar
contribution
from
space
for
top
line
for
La
Prairie
this
year?
Thank
you.
Sorry.
May
I
ask
you
to
repeat
the
second
question?
I
didn't
get
it
on
China,
if
you
don't
mind.
Just
talk
a
little
bit
about
the
market
growth
momentum
in
China
because
I
think
January
was
strong
because
of
the
earlier
Chinese
New
Year
obviously
helps
January.
But
if
you
could
talk
about
Jan
and
February
combined,
it
will
be
great.
Thank
you.
Good.
Let
me
start
in
the
opposite
orders
of
your
questions,
so
let
me
start
with
the
opening
of
distribution.
In
fact,
when
we
talk
about
opening
of
doors,
we
are always
talking
about
very
low-digit
opening.
So as
you
know,
we
probably
opened
last
year
in
2021,
close
to
10
doors
and
not
more.
And
we
intend
as
well
probably
in
2022
to
also
go
in
the
area
of
10 doors.
And
again,
mainly
in
the
countries
or
the
channels
that
are
really
booming
like
Hainan
or
like
Mainland
China.
In
terms
of
trend
in
the
market
in
China,
you're
absolutely
right
that
January
was
very
positively
impacted
also
by
the
Chinese
New
Year.
We
see
a
lesser
growth
in
February,
but
we
see
a
pickup
again
in
the
last
week
of
February.
So
no
signs
that
the
market
is
cooling
down.
So
still
having
some
nice
high single-digit
growth.
And
very
interestingly,
we
are
trending,
of
course,
by
far,
beyond
this
market
trend.
In
terms
of
magnitude
of
the
price
increase,
so
we
will
continue
our
usual
price
increase.
Obviously,
I
cannot
communicate
in
detail
of
this.
But
this
is
something
every
year
we
act
upon
very
carefully,
and
we
continue
to
increase
the
price
depending
on
the
external
factors.
Okay.
So
we
have the
last
caller.
We
have
Pinar
Ergun
of
Morgan
Stanley.
Pinar,
good
morning.
Good
morning.
Thanks
for
taking
my
question.
A
follow-up
on
NIVEA,
please.
You've
talked
about
the
impressive
improvements
of
face
care.
How
do
you
think
about
the
rest?
When
can
we
get
to
a
point
with
all
categories
powering
ahead
in
NIVEA?
And
then
a
second
one
on
cash.
Very
strong
working
capital
improvement
this
year.
Do
you
view
this
new
level
as
sustainable?
And
how
is
the
company's
thinking
on
cash
use
is evolving?
Thank
you.
Thank
you
for
your
questions.
Not
all
categories
are
priority
for
NIVEA.
I
mentioned
face
care,
this
is
by
far
the
most
important
category.
And
even
within
face
care,
I
would
mention,
the –
even
skin
category
is
LUMINOUS630
and
the
anti-age
category
where
we
are
growing
12
times
faster
than
the
market.
We
have
also
as a
key
priority,
sun
care
and
body
care.
Sun
care,
we
gained
market
share
on
NIVEA.
We have
also
the
fantastic
success
of
Coppertone.
This
is
clearly
a
priority
for
NIVEA,
and
the
year
is
starting
very
well.
But
we
have
also
the
body
market.
Body
is
our
penetration
market,
and
we
have
the
relaunch
of
some
iconic
products
and
the
all-purpose
cream,
as
I was
mentioning,
but
also
some
relaunch on Naturally
Good.
What
is
also
important
for
us
is
deodorants.
This
is
a
business
which
is
particularly
important
in
emerging
market
and
particularly
in
country
like
Brazil.
As
I
said,
we
managed
to
gain
market
share
despite
the
fact
that
clearly
the
investment
was
much
more
on
face
care
than
on
deodorant,
proving
the
strength
of
the
brand.
And
it's
true
that
the
new
innovation,
the
sustainable
innovation
will
help
us
maintaining
this
kind
of
market
share.
What
is
less
a
priority
is
categories
like
shower,
like
soaps,
where we
have
a
few
local
businesses
where
we
maintain
the
sales,
but
this
is
clearly
not
an
area
where
we
have
a
strong
opportunity
to
win.
And
this
is
not
where
we
want
to
develop
the
NIVEA
brand
in
the
future.
In
terms
of
your
question
on
cash
and
working
capital.
So
on
working
capital,
obviously,
we're
very
excited
about
the
strong
results
we've
achieved.
We
do
want
to
hold
or
improve
those.
But
let
me
be
a
little
bit
more
specific
there.
We
absolutely
want
to
hold
and
improve
strong
level
in
terms
of
days
sales
and days
payables
outstanding.
In
terms
of
inventory,
we
will
manage
that
quite
flexibly
to
ensure
that
we
have
very
strong
supply.
We
might
want
to, depending
on
the
situation
and
the
market,
increase
our
inventory
to
be
very
reactive
and
be
able
to
service
our
customers
and
consumers.
In
terms
of
cash
use,
we're
obviously
very
happy
about
the
acquisition
of
Chantecaille
and
think
that
was
a
very
good
move
forward.
And
we
will
continue
to
look
for
other
opportunities
as
well.
Okay.
This
concludes
our
Q&A
session.
Thank
you
for
having
joined
our
conference
call.
We
appreciate
your
interest
in
Beiersdorf.
So
thank
you
and
good-bye.