Annual Report - maxingvest ag

Transcription

Annual Report
Überseering 18 · 22297 Hamburg · www.maxingvest.com
Annual Report
14
14
001
MAXINGVEST AG
is the holding company for the Tchibo and Beiersdorf
operating companies.
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 operating companies to
concentrate on their operating business.
002
DATA AND FACTS
in € million
2014
2013
Revenues 1)
9,663
9,611
thereof domestic revenue 2)
3,877
3,895
thereof foreign revenue 2)
5,786
5,716
EBIT
992
1,080
Net profit 1)
674
748
13,643
13,670
Shareholders’ equity 1)
8,566
8,232
thereof minority interests 3,232
3,117
63
60
10.3
11.2
29,712
29,078
Total assets 1)
Equity ratio in %
EBIT margin in % 1)
Number of employees (annual average)
1)
2)
The prior-year figures have been adjusted due to the application of IFRS 11. Please refer to the disclosures in the section entitled “Changes in accounting policies”.
By domicile of company.
KEY COMPANIES OF THE MAXINGVEST GROUP
TCHIBO
Revenues: €3,377 million
Employees: 12,500* BEIERSDORF
Revenues: €6,285 million
Employees: 17,157*
Tchibo GmbH
Beiersdorf AG
Hamburg, Germany
Hamburg, Germany
Eduscho (Austria) GmbH
Beiersdorf Ges mbH
Vienna, Austria
Vienna, Austria
Tchibo (Schweiz) AG
La Prairie Group Deutschland GmbH
Wallisellen, Switzerland
Baden-Baden, Germany
Tchibo Coffee Service GmbH
tesa SE
Hamburg, Germany
Hamburg, Germany
* annual average
003
CONTENTS
MANAGEMENT AND SUPERVISORY BOARD
4
Letter from the Management Board
4
Boards of maxingvest ag
5
PRESERVING ADDED VALUE
6
GROUP MANAGEMENT REPORT
8
CONSOLIDATED FINANCIAL STATEMENTS
AUDITORS’ REPORT
116
FURTHER INFORMATION
117
Corporate Governance at maxingvest ag
117
43
004
MANAGEMENT AND SUPERVISORY BOARD
LETTER FROM THE MANAGEMENT BOARD
LADIES AND GENTLEMEN
The maxingvest Group’s operating companies recorded a mixed performance in financial year 2014. Tchibo’s
revenues and earnings were down year-on-year. Beiersdorf improved its revenues and earnings adjusted for special
factors compared with the previous year.
Tchibo had defined the following growth areas for the next few years in its “Zukunft braucht Herkunft” strategy
(“Building Our Future on Tradition”): its online and Eastern Europe business, the espresso/caffè crema segments
and the single-serving coffee systems segment. Negative effects from exchange rate changes, the weaker con
sumer merchandise business and the ongoing decline in footfall and revenues in the branches meant that the
forecast revenue growth was not achieved. The online business and the coffee business had a positive impact on
revenue.
Beiersdorf’s business performance in 2014 shows that it is on the right track. The Consumer business segment
made successful progress thanks to the systematic implementation of Beiersdorf’s corporate strategy, which is
based on its Blue Agenda. This strategic compass aims to make Beiersdorf more competitive and enhance its
economic success. Its success can be seen particularly in the performance recorded by the emerging markets and
the launch of new, high-selling products. The tesa business segment further expanded its business both in the
industrial markets and in the consumer business.
The maxingvest Group’s equity ratio rose to 63% in the reporting period, and net financial assets also improved
year-on-year. This means that maxingvest ag has a solid basis for reacting to potential uncertainties and further
increasing the market presence of its two brand groups. The maxingvest Group is well positioned thanks to its
strong brands, its clear strategy programmes and, in particular, its committed employees. Our special thanks go to
our staff for their hard work. Our Group’s success is rooted in our customers’ trust and our employees’ dedication.
Michael Herz
Thomas Holzgreve
005
BOARDS OF MAXINGVEST AG
Supervisory Board
Prof. Dr. Reinhard Pöllath, Munich
Chairman
Lawyer
P+P Pöllath + Partners Rechtsanwälte
und Steuerberater mbH
Friedrich-Karl Wrede*, Hamburg
Deputy Chairman
Chairman of the Company Works Council, Tchibo GmbH
Ulrich Dalibor*, Berlin
Head of National Retail Group
ver.di – National Administration, Commerce Department
(from 26 June 2014)
Prof. Dr. Eva Eberhartinger, Vienna
University Professor
Vienna University of Economics and Business, Austria
(from 26 June 2014)
Tomas Nieber*, Stade
Chairman of the Board, Economic
and Industrial Policy Department, IG BCE
Dr. Wolfgang Peiner, Hamburg
Independent German Public Auditor
Stefan Pfander, Berg
Management Consultant
Invent Group GmbH
(until 26 June 2014)
Thomas-Bernd Quaas, Hamburg
Retired, former CEO of Beiersdorf AG
(from 26 June 2014)
Prof. Manuela Rousseau*, Rellingen
Head of Corporate Social Responsibility, Beiersdorf AG
Regina Schillings*, Hamburg
Inventory Accounting Clerk
Beiersdorf Shared Services GmbH
Sebastian Fischer-Zernin, Hamburg
Lawyer
Weiss Walter Fischer-Zernin Rechtsanwälte
Prof. Dr. Wulf von Schimmelmann, Berg-Leoni
Chairman of the Supervisory Board
of Deutsche Post AG Peter Franielczyk*, Ockholm
Trade Union Secretary, ver.di
Volker Schopnie*, Halstenbek
Technician, Deputy Chairman of the Company
Works Council, Beiersdorf AG
Wolfgang Herz, Hamburg
Member of the Management Board
Participia Holding GmbH
Ann-Christin Wagenmann, Hamburg
Retired, former General Manager
Beiersdorf Consumer Products (PTY) LTD.
Dr. Arno Mahlert, Hamburg
Chairman of the Supervisory Board, GfK SE,
Non Executive Director
Management Board
Helmut Müller*, Lütjenbrode
Regional Manager, Shop Technician, Tchibo GmbH
Ralf Neumann*, Hamburg
Coordinator of Technical Administration
Tchibo Manufacturing GmbH & Co. KG
* Employee representative
Michael Herz, Hamburg
(Member of the Management Board)
Thomas Holzgreve, Bad Oldesloe
(Member of the Management Board)
006
MAXINGVEST AG
TCHIBO is the market leader for roasted coffee in Germany,
ustria, Poland, the Czech Republic and Hungary. It combines this
A
expertise in 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.
For Tchibo,
means building on its experiences for the future and taking
environmental and social responsibility. Tchibo is taking 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.
007
BEIERSDORF is a global company with two separate business
segments. The Consumer business segment, with its strong skin and
body care brands, is its main business. The tesa business segment is
one of the world’s leading manufacturers of self-adhesive products
and solutions for industry, craft businesses and consumers.
For Beiersdorf,
means concentrating on its core competency, skin care. In line with
its strategic compass, the Blue Agenda programme, the company
maintains a clear focus on its core categories and markets. In particular, it concentrates on strengthening its brands – above all NIVEA –
increasing its innovative power, systematically expanding its presence
in the emerging markets and reinforcing its position in Europe, and
on the people at Beiersdorf.
008
FUNDAMENTAL INFORMATION ABOUT THE GROUP
GROUP STRUCTURE AND BUSINESS MODEL
The maxingvest Group consists of the holding company maxingvest ag and the operating companies, Tchibo and
Beiersdorf. In addition, the holding company is the parent of certain subsidiaries that are primarily engaged in asset
management. The holding is family-owned and concentrates on strategic business management.
Tchibo combines the ultimate in coffee expertise, coffee enjoyment in its own coffee bars and innovative, weekly
changing consumer merchandise with services such as travel, mobile communications offerings and green energy.
Its products are marketed via an integrated, centrally managed distribution system. Customers purchase products
on the Internet, in branches, at specialist retailers and in supermarket outlets. The different channels are increasingly being integrated. In addition, Tchibo Coffee Service provides a specialist delivery service for commercial customers such as offices and catering establishments.
Beiersdorf is a global leader in the consumer goods industry and has over 17,000 employees in more than 150
subsidiaries worldwide. It has two business segments: the Consumer business segment, whose strong brands focus
on the international skin and body care markets, is the main business. The tesa business segment is a pioneering
manufacturer of self-adhesive products and solutions for industry, craft businesses and consumers.
100%
82.5%
BBG
50.46%
maxingvest ag holds 100% of Tchibo GmbH. BBG Beteiligungsgesellschaft mbH, Gallin, a subsidiary of maxingvest
ag, holds 50.46% of Beiersdorf AG. Furthermore, maxingvest ag held additional shares amounting to 0.23% of
Beiersdorf AG’s share capital as at the reporting date. As a result, maxingvest ag controls more than 50% of
the voting rights of Beiersdorf AG. Beiersdorf AG is the parent company of Beiersdorf. tesa is managed as an
independent subgroup within Beiersdorf.
009
CORPORATE STRATEGIES
Strong brands are the foundations of the maxingvest Group. The Tchibo brand enjoys a high degree of popularity
and extensive brand awareness in German-speaking countries and in many parts of Eastern Europe. The Tchibo,
Eduscho and Davidoff Café brands, as well as local brands such as Jihlavanka in the Czech Republic, also compete
successfully at an international level. On the roasted coffee market, Tchibo is the market leader in Austria, Poland,
the Czech Republic and Hungary in addition to Germany, and is also extremely strong in the Slovakian market.
Every day, millions of consumers trust Beiersdorf’s innovative, high-quality skin and body care products. Its successful international brand portfolio is tailored to meet the individual needs and wishes of consumers, as well as
regional requirements. The ongoing development of the subgroup’s strong brands is the basis for this closeness to
consumers and markets, and hence for Beiersdorf’s success. Its three core brands are NIVEA, Eucerin and La Prairie.
The brand portfolio also includes other brands such as Hansaplast/Elastoplast, Labello, Florena, 8x4, Hidrofugal,
atrix, Aquaphor, SLEK and Maestro. Beiersdorf’s tesa subsidiary provides innovative self-adhesive products and
system solutions. The manufacturer is a global market leader in a large number of application areas due to its many
years of experience in coating technology and developing adhesive masses.
In the reporting period, Tchibo continued to follow its “Zukunft braucht Herkunft” (“Building Our Future on
Tradition”) strategy. The aim is to consciously invest in the brand core and to ensure sustainable growth. The
success factors that create the unique Tchibo brand are part of Tchibo’s DNA and cover the following overarching
areas:
Coffee expertise
Non-food concept
Distribution system
Marketing
Corporate culture
Tchibo’s DNA sets out the success factors that give the company its strength and that should be preserved. The
growth areas for the next few years were also derived from this – its online and Eastern Europe business, the
espresso/caffè crema segments and the single-serving coffee systems segment. Specific projects were set up in the
reporting period in order to drive forward development in the growth areas within a project-based organisation.
The espresso/caffè crema growth area and single-serving coffee systems recorded a strong performance. Tchibo
launched its new capsule machine, Cafissimo LATTE, in March. In addition to espresso, caffè crema and filter
coffee, the fully automatic capsule machine can be used to prepare coffee specialities such as cappuccinos or latte
macchiatos with freshly foamed milk at the touch of a button. One particularly practical feature of this machine is
a removable milk container which allows milk to be kept fresh in the refrigerator. Tchibo saw another increase in
revenues for single-serving coffee systems in the reporting period. The espresso/caffè crema segment also
continued to perform well. Tchibo remains the strongest branded provider in this category and the market leader
on the roasted coffee market overall.
010
Developments in Eastern Europe fell short of expectations. Total revenues were below the previous year. Exchange
rate effects and the uncertain political situation had an impact on the business in Eastern Europe.
Tchibo increased revenues in its online business again, but failed to meet its own expectations. The number of
German-speaking online visitors and orders both rose. In Eastern Europe, the number of visitors declined.
In August of the reporting period, Tchibo launched its “Favourites” shop. This supplements the popular weekly
changing themes offering new surprises for limited periods with classics from the Tchibo range that will be per
manently available in the future. The Favourites range currently consists of 300 products covering nine categories.
It meets the wishes of Tchibo’s online customers for key articles from the range to be available permanently. This
is because while Tchibo customers visiting the branches like to be surprised by what they find, online customers
tend to be looking for something very specific – around 80% of online purchases are planned.
Tchibo mobil celebrated its ten-year anniversary in the reporting period. Established in October 2004, it is a partnership with TELEFÓNICA Germany GmbH & Co. OHG for marketing and selling hardware and mobile phone tariffs
under the Tchibo brand. With attractive offers such as the 9 cent basic tariff, the smartphone tariff, or the data
tariff, Tchibo mobil offers fair terms, making it a good entry point for mobile phone and Internet services. In
particular, it values clarity and transparency and provides offerings to suit various customer needs. Tchibo mobil is
easy for actual and potential customers to access thanks to its availability in Tchibo’s own branches, in the online
shop and in supermarket retail outlets.
In the reporting period, Tchibo entered into a partnership with Helene Fischer. The singer and entertainer has been
the face for its fashion, accessories and jewellery since October. In her first appearance since the start of the collaboration, Helene Fischer selected 16 favourites from the Tchibo collection and modelled Tchibo’s Christmas
jewellery collection in November.
Beiersdorf aims to be the No. 1 skin care company in its relevant categories and markets. The company’s Blue
Agenda clearly defines the way to achieve this long-term objective. It consists of the following strategic focuses:
Strengthening Beiersdorf’s brands – first and foremost NIVEA,
Increasing Beiersdorf’s innovative power,
Expanding Beiersdorf’s presence in the emerging markets and consolidating its market position in Europe,
The people at Beiersdorf.
Beiersdorf continued to make substantial progress towards these objectives in the reporting period – something
that is also reflected in its key figures for financial year 2014. Beiersdorf recorded sustainable, profitable growth
and saw a further increase in revenues and adjusted earnings. This was achieved by increasing its share of a market
that grew by about 3%.
Beiersdorf’s consistently disciplined brand strategy further increased its brand presence in 2014, as can be seen
from the positive performance by its three core brands – NIVEA, Eucerin, and La Prairie. The rollout of the new
NIVEA logo and design, which began in 2013, was successfully completed in the year under review. This created a
more consistent and eye-catching brand image, which has strengthened the brand’s identity and positioned NIVEA
011
successfully and sustainably. In addition, Beiersdorf’s newly created “Pearl Brands” unit generated new momentum
for the Labello, 8x4, Hidrofugal and Florena brands. Beiersdorf’s goal is to strengthen their brand profile and hence
leverage their economic potential and in doing so, further strengthen the company’s brand portfolio.
The increase in Beiersdorf’s innovation capacity substantially contributed to its success in the year under review.
Beiersdorf focuses both on developing and launching new products and on enhancing and supporting existing
major innovations. Beiersdorf’s NIVEA Deo Black & White, NIVEA Body In-Shower and NIVEA Face Cellular AntiAge set long-term trends in different segments, enabling the company to extend its market position in the relevant
categories and countries in 2014.
For example, NIVEA Face Cellular Anti-Age was also successfully launched in Latin America in the year under
review. The NIVEA Body In-Shower product line, which is a big hit in Europe and Brazil, was expanded in 2014 and
will be available worldwide in 2015. Moreover, Beiersdorf again set new standards in the mass market in the
important face care category with its NIVEA Q10 pearls: a special pearl technology makes it possible to blend
innovative Q10 plus serum pearls with hydrogel in a patented anti-wrinkle serum. This is the first time that this type
of technology has been made accessible to a wider consumer group.
Each and every innovation begins with the specific needs of consumers in the different regions. Being close to
consumers at a local level is crucial to being able to incorporate changing expectations into product development
flexibly and quickly, thus securing Beiersdorf’s market share in the long term. In the year under review, Beiersdorf
sustainably increased its brand presence and impact in the emerging markets with targeted investments in regional development and production capacities, and strengthened its position on the established European markets.
In July 2014, Beiersdorf opened a production facility and a regional laboratory in Silao, Mexico, in order to meet
growing demand in Latin America. The factory was the first facility in the cosmetics industry ever to be awarded
Leadership in Energy and Environmental Design (LEED) platinum standard. Beiersdorf also began constructing a
production facility in Sanand in order to strengthen its local footprint in India. Production is expected to start in
early 2015.
Beiersdorf’s corporate culture is inextricably bound up with dedicated and motivated employees, who make a
crucial contribution to the company’s success. In 2014, employees and managers worked together to reinterpret
Beiersdorf’s core values – which have shaped the company for over 130 years – and documented these in a
common understanding:
Care – at the heart of Beiersdorf’s business. The company’s responsibility towards its employees, consumers
and brands as well as to society and the environment.
Simplicity – making clear, consistent and quick decisions and always remaining focused on priorities.
Courage – setting ambitious targets, taking the initiative and approaching change as an opportunity.
Trust – genuine, respectful and reliable relationships with employees and consumers.
In order to ensure the core values are lived both now and in the future, Beiersdorf will integrate them even more
strongly into its employees’ day-to-day working practices in the future.
012
INTERNAL CONTROL SYSTEM
The objective of the maxingvest Group’s strategic corporate management is to achieve a sustained increase in
enterprise value. maxingvest ag is committed to pursuing a long-term growth strategy.
Tchibo and Beiersdorf use the EBIT margin and changes in market share as the performance indicators for their
internal management. The overall Group is managed on the basis of earnings before interest and taxes (EBIT) and
the EBIT margin. Active cost management and efficient business activities help ensure that the subgroups generate
profits and competitive returns.
RESEARCH AND DEVELOPMENT AT BEIERSDORF
Beiersdorf’s expertise in the area of research and development has driven the company’s success for more than 130
years. The Consumer business segment develops innovative skin care products that are tailored to meet the needs
and wishes of consumers worldwide. The tesa business segment develops top-quality self-adhesive system and
product solutions, and is a world leader in its field.
Beiersdorf is globally known for its leading-edge skin care expertise. Beiersdorf’s scientists continually expand their
knowledge of the complex skin processes using the latest internal and external scientific findings. Research and
development activities focused on skin ageing processes and the development of ways to improve skin elasticity
and firmness.
The company’s Research and Development unit has integrated third-party knowledge since its inception. The Open
Innovation initiative allows the company to involve leading research institutes, universities and suppliers in its
research and development activities at an early stage. Open Innovation combines two approaches: technology
scouting – a targeted search for ideas and solutions for Beiersdorf’s unsolved research and development problems
– and the Pearlfinder initiative, launched in 2011. Researchers, institutes and companies can present innovations on
a secure online platform. This initiative enables Beiersdorf to build relationships with a growing number of new
partners from a variety of industry sectors.
The Consumer business segment applied for patents for 76 innovations in the reporting period. Key launches
included NIVEA Q10 plus Anti-Wrinkle Serum Pearls, for example. Using this product with its innovative pearl
technology helps replenish the skin’s own Q10 stores. NIVEA In-Shower products are among the most popular
body care products. In addition to the classics, new varieties were added to the successful product range in 2014,
including In-Shower Soft Milk and In-Shower Body Lotion Cocoa Indulging.
013
MACROECONOMIC PARAMETERS
MACROECONOMIC ENVIRONMENT
According to the Kiel Institute for the World Economy (Institut für Weltwirtschaft – IfW), the economy picked up
over the course of 2014. Global GDP growth was muted in the first half of the year before rising more significantly in the third quarter. However, the growth rate remains moderate compared with the medium-term trend. The
global economy grew by 3.4% year-on-year.
At 0.8%, GDP growth in the eurozone was marginal in the reporting period – Europe has been suffering from weak
growth for years. According to the European Commission, the modest increase is attributable to geopolitical risks
such as the conflicts in the Middle East and Ukraine. In addition, the economy is still suffering from the consequences of the financial crisis, in the form of high unemployment, high debt levels and low capacity utilisation.
According to the Federal Statistical Office (Statistisches Bundesamt), the German economy was stable. GDP adjusted for inflation was up 1.5% on the previous year and benefited in particular from strong domestic demand.
Consumer spending was again the most important growth driver for the German economy. Positive momentum
was also generated by investments and external trade, albeit to a lesser extent. Following the negative impact of
the net exports on GDP in the previous year, growth in external trade picked up somewhat, although the environment for foreign trade remained challenging. Overall, Germany exported 3.7% more goods and services in real
terms than one year earlier; however, imports rose almost just as strongly by 3.3%.
THE GERMAN RETAIL TRADE
According to the Federal Statistical Office, German retail sales rose by 1.4% in real terms in 2014. Nominal retail
growth was up 1.7% year-on-year. The environment – in particular the number of people in employment, but also
the low level of inflation and low interest rates – remained favourable for consumer spending in the reporting
period. Consumer savings rates in Germany fell to an all-time low. On the other hand, the German Retail Federation
(Handelsverband Deutschland – HDE) points out that the markets are saturated and that consumer households are
well equipped. As a result, pressure in the competition for market share is continuing to rise.
The market research company (Gesellschaft für Konsumforschung – GfK) reports for the food retail sector that the
quantity of food being purchased has been declining for years. On the one hand, this is due to demographic trends;
on the other, consumers are becoming increasingly conscious of how they spend their money. In the non-food
retail sector, textiles suffered at the end of the year from the unfavourable weather conditions, ultimately recording
a year-on-year decline of 2%.
The structural shift in the retail sector continued in 2014. Conventional retailers continue to face a decline in footfall. In contrast, Internet vendors generated revenues of €39 billion in 2014, growing by 17% year-on-year.
014
GERMAN COFFEE MARKET
Sales of roasted coffee to German households in the reporting period amounted to 635 million pounds in weight,
4% below the prior-year level of 660 million pounds. Once again, the espresso/caffè crema and single-serving
markets saw year-on-year growth. The filter coffee segment continued to decline; at 7%, this has in fact accelerated compared with previous years.
An ongoing drought in Brazil’s largest coffee-growing region dominated the beginning of 2014 and led to substantial harvest losses for the Arabica variety. Raw Arabica coffee prices increased significantly due to the reduction in
supply, but also because speculative hedge funds increased their exposure following this news. Supply of the
Robusta variety of raw coffee was not affected, meaning that the price increase was comparatively lower. Although
coffee prices fell again at the end of 2014 due to higher shipments of existing stock, purchasing prices remained
significantly above the prior-year figures as at the reporting date. In addition, the appreciation of the US dollar had
an impact on purchasing prices.
INTERNATIONAL BODY CARE MARKET
The growth rate in the cosmetics market – the market relevant for Beiersdorf – remained flat year-on-year at a
global level. The Asia, South Africa, Middle East and Latin America regions were the main growth drivers although
the pace of growth has slowed. The saturated markets in Western Europe and North America continued last year’s
growth path, while Eastern Europe was unable to match its prior-year growth. The industrial sales markets
experienced a recovery in Europe and further strong growth in Asia and America in 2014. A slight positive trend
emerged in Europe as the year progressed. Asia and North America continued to benefit from a strong economic
performance, while Latin America in contrast suffered domestic currency instability and a slowdown in real growth.
In 2014, raw material and packaging prices were, overall, relatively flat as forecast. The significant reduction in
global crude oil prices seen in the last quarter was not anticipated, but has not significantly affected prices of either
plastics or fossil fuel-based raw materials.
OVERALL ASSESSMENT OF THE ECONOMIC SITUATION
The structural shift in the retail sector and political developments in Eastern Europe impacted Tchibo’s business.
Despite its growth, the online business was unable to offset the decline in footfall in the branches. This, together
with losses in the Eastern Europe business, led to a decrease in revenues.
The global cosmetics market maintained the previous year’s level of growth, although growth rates in some individual markets eased. Beiersdorf’s Consumer business segment recorded another increase in revenues in this
challenging economic environment. Sales by the tesa business segment rose again on the back of the recovery in
its industrial sales markets in Europe as well as further growth in Asia and the Americas. The consumer business
and the distribution business aimed at craftsmen also performed well in Europe.
015
RESULTS OF OPERATIONS
CONSOLIDATED REVENUES UP YEAR-ON-YEAR
In financial year 2014, consolidated revenues amounted to €9,663 million (previous year: €9,611 million). In nom
inal terms, revenue was up slightly on the prior year, by almost 1%. Organic revenue improved by over 2%. The
prior-year figure was adjusted due to the application of IFRS 11 – “Joint Agreements”. Further details can be found
in the section of the notes to the consolidated financial statements entitled “Changes in accounting policies”.
60% of revenues were generated abroad. As in previous years, the majority of this was attributable to Beiersdorf.
REVENUES MAXINGVEST GROUP
in € million
2014
2013
Tchibo
3,377
3,469
Beiersdorf
6,285
6,141
1
1
9,663
9,611
Holding
14
13
Total
Tchibo’s revenues fell by almost 3%, from €3,469 million to €3,377 million. Its organic revenues were down by
nearly 2% year-on-year. Revenues declined in all regions. This was due to negative effects from exchange rate
changes, the weaker consumer merchandise business and the ongoing decline in footfall and revenues in the
branches. The online business and the coffee business had a positive impact on revenue.
In financial year 2014, additional steps were taken to further optimise the distribution area and locations were
reviewed on an ongoing basis. In Germany, the number of branches declined slightly year-on-year. In Eastern
Europe, the distribution area was expanded to include additional branches.
Once again, online sales increased in importance. The www.tchibo.de website is one of the four most frequently
visited online shops in Germany. More visitors from German-speaking countries and a larger proportion of completed orders lifted revenues, although these remained below expectations.
016
SHARE OF REVENUES BY REGION
TCHIBO 2014
in per cent
Germany
76
Abroad
24
Beiersdorf improved its revenues from €6,141 million to €6,285 million. The company achieved organic revenue
growth of almost 5%. Consolidated revenues saw a nominal increase of a good 2% year-on-year. The increase
came from both business segments. The Consumer business segment achieved revenues of €5,209 million (pre
vious year: €5,103 million), exceeding the previous year by 2% in nominal terms and 5% organically. The tesa
business segment improved its nominal revenues by almost 4%, from €1,038 million to €1,076 million. tesa’s
organic growth was slightly over 4%.
The healthy organic revenue trend is proof of the systematic implementation of Beiersdorf’s corporate strategy as
set out in its internal Blue Agenda programme. Thanks to its strong innovations and outstanding marketing concepts, Beiersdorf increased its market share in both the saturated markets of Europe and the emerging markets,
where it achieved double-digit growth rates in some cases. Its three core brands – NIVEA, Eucerin and La Prairie –
once again achieved encouraging growth rates.
SHARE OF REVENUES BY REGION
BEIERSDORF 2014
in per cent
Europe
54
Africa/Asia/Australia
28
Americas
18
017
The key growth drivers for NIVEA were NIVEA Deo, NIVEA Shower and NIVEA Body. Eucerin generated strong
growth, thanks in particular to the Eucerin Body Care and Eucerin Aquaphor categories. In the exclusive cosmetics
segment, the La Prairie brand recorded positive growth rates, driven in particular by the launch of the Cellular Swiss
Ice Crystal Collection and the continued positive performance of the Skin Caviar Collection.
tesa generates almost three-quarters of its revenues in the industrial segment and one-quarter through its
consumer products and craft businesses. In the industrial segment, both the direct customer business and the
distribution business in all regions contributed to growth. Business growth was significant in Asia, the USA and
Europe. tesa expanded its market share in the consumer products and craft businesses.
EBIT MARGIN DOWN SLIGHTLY YEAR-ON-YEAR
The maxingvest Group’s EBIT amounted to €992 million in the reporting period (previous year: €1,080 million). The
Group achieved an EBIT margin of 10.3% (previous year: 11.2%).
The cost of goods sold increased by 2%. At Tchibo, the cost of goods sold declined at a lower rate than the
decrease in revenues. At Beiersdorf, the cost of goods sold rose faster than revenues. This change was mainly due
to the stronger increase in Consumer revenues in the emerging markets, which generally entail a higher ratio of
product costs to sales, and a change in the product mix. In some countries, exchange rate changes also had a
negative impact on the companies’ procurement costs.
Gross profit saw a minimal decline. Marketing and sales expenses were €3,950 million in the reporting period,
down 1% on the prior-year figure of €3,985 million. At Beiersdorf, marketing and sales expenses remained almost
constant year-on-year, while they decreased slightly at Tchibo.
Other operating income declined as against the prior-year period, from €384 million to €302 million. The change
is primarily attributable to higher income from the reversal of provisions in the previous year.
Other operating expenses decreased by €13 million to €268 million (previous year: €281 million). This was mainly
the result of a decline at Beiersdorf, where the majority of other operating expenses were also incurred. This item
at Beiersdorf primarily comprises additions to provisions for litigation and other risks, as well as miscellaneous other
operating expenses. The amortisation and impairment losses on intangible assets are also included in this item.
At €191 million, Tchibo’s earnings before interest and taxes were down on the prior-year figure of €220 million in
the reporting period. The EBIT margin was 5.7% (previous year: 6.3%).
018
Beiersdorf’s EBIT amounted to €796 million (previous year: €820 million). The Beiersdorf Group’s results of oper
ations are assessed on the basis of the operating result (EBIT) excluding special factors. This figure is not part of
IFRSs and should be treated merely as voluntary additional information. The special factors listed are one-time,
non-operating transactions. EBIT excluding special factors rose to €861 million (previous year: €814 million) at
Beiersdorf, while the EBIT margin was 13.7% (previous year: 13.2%). The Consumer business segment generated
EBIT excluding special factors of €678 million (previous year: €638 million); the EBIT margin reached 13.0% (previous year: 12.5%). EBIT in the tea business segment rose from €176 million in the prior year to €183 million in the
past financial year; the EBIT margin was 17.0% (previous year: 16.9%).
Special factors of –€65 million (previous year: €6 million) at Beiersdorf related to the Consumer business segment.
Due to an adjustment to the long-term revenue and earnings outlook for the Chinese hair care business, Beiersdorf
performed an impairment test as at 30 September 2014. This led to the hair care brands being written down by
€67 million to a residual carrying amount of €21 million. In addition, provisions that had been recognised in connection with the realignment of corporate structures in the past but were no longer required were reversed.
Prior-year special factors related to both business segments at Beiersdorf.
The Holding division’s EBIT for the reporting period amounted to €5 million (previous year: €40 million). The high
figure for the previous year was primarily due to the reversal of provisions in connection with previous equity
investments.
EBIT MAXINGVEST GROUP
in € million
2014
2013
Tchibo
191
220
Beiersdorf
796
820
Holding
14
13
Total
5
40
992
1,080
TAXES
Tax expenses at the maxingvest Group amounted to €332 million in 2014 (previous year: €328 million). Deferred
tax income was €24 million in the reporting period (previous year: €19 million). Current income taxes amounted to
€356 million (previous year: €347 million).
019
CONSOLIDATED NET PROFIT DOWN YEAR-ON-YEAR
Consolidated net profit amounted to €674 million (previous year: €748 million), down 10% on the prior-year figure.
The decrease is mainly attributable to the Holding division. In addition to the reduction in EBIT, the Holding
division’s net profit was affected by higher tax expenses. Tchibo’s net profit amounted to €160 million, down on
the prior-year figure of €164 million. Beiersdorf’s net profit reached €537 million, slightly below the prior-year
figure of €543 million.
NET PROFIT MAXINGVEST GROUP
in € million
2014
2013
Tchibo
160
164
Beiersdorf
537
543
Holding
Total
14
–23
41
674
748
13
EARNINGS PER SHARE
Earnings per share in accordance with IFRSs after non-controlling interests amounted to €103.67 (previous year:
€123.86). Earnings per share were again calculated on the basis of the average number of 3,660,001 no-par-value
shares in the reporting period.
020
NET ASSETS AND FINANCIAL POSITION OF THE GROUP
BALANCE SHEET STRUCTURE AND EQUITY RATIO
The maxingvest Group’s total assets amounted to €13,643 million at the balance sheet date (previous year: €13,670
million). The prior-year figure was adjusted due to the application of IFRS 11 – “Joint Agreements”. Further details
can be found in the section of the notes to the consolidated financial statements entitled “Changes in accounting
policies”.
At €8,003 million, non-current assets were up on the previous year (€7,531 million). Of these non-current assets,
67% are intangible assets and consist mainly of goodwill and the adjusted carrying amounts of the trademarks that
were identified during the initial consolidation of Beiersdorf AG, as well as the Chinese hair care brands that were
acquired when the shares of Beiersdorf Hair Care China were purchased.
Current assets decreased from €6,139 million to €5,640 million. The decline in current assets is primarily attributable to a reduction in the Holding’s securities. A significant proportion of the securities was used for the scheduled
repayment of financial liabilities.
Equity rose by 4% in the reporting period, from €8,232 million to €8,566 million. The equity ratio was 63% as at
the reporting date (previous year: 60%).
Non-current liabilities amounted to €2,134 million, down €354 million on the prior-year figure (previous year:
€2,488 million). This item was primarily impacted by two offsetting effects. On the one hand, provisions for pensions and other post-employment benefits increased from €554 million to €842 million. This was mainly attributable to Beiersdorf, where provisions for pensions and other post-employment benefits rose due to a decrease in
the discount rate. On the other, a liabilities to banks item was reclassified from non-current financial liabilities to
other current financial liabilities due to the change in its maturity date. In addition, maxingvest ag’s bond was
repaid in October of the reporting period and hence derecognised under the other current financial liabilities item.
Current liabilities amounted to a total of €2,943 million, slightly below the prior-year figure of €2,950 million.
ASSETS AND CAPITAL STRUCTURE MAXINGVEST GROUP
as per cent of total assets
2013 2014
Assets
Equity and
liabilities
2014
2013
Non-current assets
55
59
Equity
63
60
Current assets
23
25
Non-current liabilities
16
18
Securities, cash and
cash equivalents
22
16
Current liabilities
21
22
13
14
14
13
021
FINANCIAL POSITION – GROUP
Cash flows from operating activities amounted to €414 million, down €239 million on the previous year.
Cash flows from investing activities were €375 million in the reporting period (previous year: –€256 million).
Capital expenditure of €398 million was offset by net cash inflows of €631 million from the sale of securities,
income of €42 million from the sale of assets and €100 million in interest and proceeds from other financing
activities.
At €789 million, free cash flow was above the prior-year figure of €397 million.
The net cash outflow from financing activities amounted to €820 million (previous year: €231 million). Of this
amount, €589 million was used to repay loans, which mainly related to the repayment of the bond. A total of
€140 million was distributed to shareholders.
Cash and cash equivalents decreased by €15 million to €1,220 million (previous year: €1,235 million).
The maxingvest Group’s net financial assets increased to €2,764 million in the reporting period (previous year:
€2,580 million). The increase is mainly attributable to the Holding division.
CAPITAL EXPENDITURE BY THE MAXINGVEST GROUP
The maxingvest Group invested a total of €387 million in intangible assets and property, plant and equipment in
2014 (previous year: €311 million).
Of this capital expenditure, €86 million (previous year: €84 million) was invested by Tchibo – mainly in property,
plant and equipment. The bulk of these investments were in connection with the improvements made to IT, the
out-of-home markets coffee business and coffee production. €301 million (previous year: €227 million) was attributable to Beiersdorf, €283 million of which was invested in property, plant and equipment. This capital expenditure
primarily related to the new Consumer facility in Mexico and to tesa’s new headquarters in Norderstedt.
022
MAXINGVEST AG (HGB SINGLE-ENTITY FINANCIAL STATEMENTS)
BASIS OF ACCOUNTING
The annual financial statements of the maxingvest Group include the financial statements of maxingvest ag prepared in accordance with the International Financial Reporting Standards (IFRS). The following explanations relate
to the annual financial statements of maxingvest ag prepared in accordance with the German Commercial Code
(Handelsgesetzbuch – HGB) and the German Stock Corporation Act (Aktiengesetz – AktG). In accordance with
section 315(3) HGB, the management report of maxingvest ag has been combined with the management report
of the maxingvest Group, as the risks and opportunities of the parent company and its expected development
cannot be separated from those of the Group.
NET INCOME BELOW THE PRIOR-YEAR LEVEL
maxingvest ag’s revenues from sales of consumer merchandise amounted to €0.1 million (previous year: €0.2 million).
Other operating income fell by €72 million to €13 million. This was mainly due to lower income from the sale of
interest rate hedges and the reversal of provisions. In the previous year, higher income was generated from the
reversal of provisions in connection with previous equity investments.
Other operating expenses rose by €7 million to €17 million. The increase in operating expenses in the reporting
period was attributable to higher losses from the disposal of securities classified as current assets.
At €159 million, income from investments was €143 million below the prior-year level. Income from investments
mainly consisted of a distribution of €67 million (previous year: €85 million) by BBG Beteiligungsgesellschaft mbH
and the earnings contribution from Tchibo GmbH of €83 million (previous year: €207 million).
Dividends from Beiersdorf AG totalling €89 million (previous year: €89 million) received by our subsidiary BBG
Beteiligungsgesellschaft mbH are included in the latter’s result.
Net interest income improved by €14 million to –€23 million in the reporting period. This was due on the one hand
to the €6 million increase in interest income to €25 million, and on the other to the €8 million reduction in interest
expenses to €48 million.
maxingvest ag’s net income for the financial year amounted to €112 million (previous year: €271 million). The
decrease in the result was primarily due to lower operating income and a decline in income from investments.
A significant proportion of the cash held (securities and cash at banks) and the cash funds generated in the reporting period were used for the scheduled repayment of financial liabilities. As a result, cash held fell by €283 million
to €393 million as at the reporting date.
The subscribed capital remains unchanged at €125 million. As in the previous year, it is composed of 3,660,001
no-par-value shares.
023
A total of €90 million was transferred to the revenue reserves from the net retained profits for the previous year,
while €55 million was transferred from net income for the financial year. maxingvest ag’s equity amounted to
€2,308 million (previous year: €2,244 million). The equity ratio as at the reporting date improved to 57% (previous
year: 51%).
Provisions fell by €29 million to €49 million, mainly due to the utilisation and reversal of provisions in connection
with tax audit risks.
Liabilities decreased from €2,097 million to €1,669 million during the year under review. The main reasons for this
were the scheduled repayment of maxingvest ag’s ten-year euro debut bond, which had a total volume of €700
million, in October 2014, as well as the partial repayment of liabilities to banks in the amount of €100 million. By
contrast, liabilities to affiliated companies increased by €379 million to €1,209 million (previous year: €830 million).
Liabilities to banks amounted to €460 million as at the reporting date (previous year: €560 million).
DEPENDENT COMPANY REPORT OF THE MANAGEMENT BOARD
In compliance with section 312 of the German Stock Corporation Act (Aktiengesetz – AktG), the Management
Board has issued a dependent company report, which concludes as follows:
“Our Company received appropriate consideration for each transaction listed in the ‘dependent company report’
and suffered no disadvantage from the measures undertaken or omitted listed therein. This assessment is based on
all the relevant circumstances that were known to us at the time the transactions were performed or the measures
were taken or not taken.”
024
EMPLOYEES
TCHIBO
The number of employees (quarterly average) remained almost unchanged compared with the previous year, at
12,500 (previous year: 12,458).
As a family-owned company, Tchibo is convinced that its employees are its most important resource. This is why it
supports them in balancing professional and family goals, as well as in maintaining their physical and mental health.
Tchibo became the first retail company to be certified by “berufundfamilie gGmbH” in 2010 with the goal of supporting a healthy work–life balance. An action plan was agreed, comprising a large number of measures that were
examined by berufundfamilie gGmbH’s audit arm in the spring of 2013, which confirmed that the plan had been
implemented exceptionally successfully. The positive impact that this had in the company, coupled with conviction
of the importance of continuing these measures, led to it being re-certified. Additional measures, in particular on
management skills and working hours, have been set out in a mandatory action plan that runs until 2016. The first
results were already seen in 2014 and include individual part-time working opportunities, unpaid leave, workplace
flexibility and the compilation of a new management handbook.
The occupational health management programme MOVE not only monitors the physical health of Tchibo employees, but also their mental well-being. The foundations were laid in 2013 by recording, analysing and prioritising
health measures at individual sites and functions, while the reporting period saw the implementation of health-
promoting measures focusing on mental health, medical advice, occupational health and safety, exercise and
nutrition.
A further employee survey was conducted in the reporting period together with an external service provider. As in
the 2012 survey, the aim was to ascertain employees’ commitment and emotional ties to Tchibo. The results were
not yet satisfactory. Employee commitment did not improve compared with the previous survey. The measures
taken to date were revised on the basis of the results.
NUMBER OF TCHIBO EMPLOYEES 2014
(annual average)
Germany
8,581
69%
Abroad
3,919
31%
12,500
100%
Total
025
BEIERSDORF
Beiersdorf employed a quarterly average of 17,157 people worldwide (previous year: 16,573).
Consumer
The Blue Agenda emphasises the importance of the people at Beiersdorf for the company’s long-term success: they
manage strong brands, develop innovative products and inspire consumers around the world. Strengthening an
engaging working environment remained a top priority in 2014, too. In the year under review, the following topics
addressed by Beiersdorf’s Human Resources department are particularly worth mentioning:
Introducing Beiersdorf’s core values as a long-term company culture project. Beiersdorf’s four core values –
care, simplicity, courage and trust – are deeply rooted in its more than 130 years of corporate history. The employees’ high level of identification with these values provides an excellent opportunity to debate, review and improve
leadership quality and management effectiveness. 2014 marked the starting year of this long-term culture project
with the active participation of all units and all employees. The core values have also already been incorporated
into Beiersdorf’s continuous employee dialogue process and into its global leadership development programmes.
Sustaining efforts to foster an open feedback culture: Beiersdorf conducted its global employee engagement
survey for the second time in 2014. A very high level of employees – 92% – took part in the survey and the overall
employee engagement index increased significantly against the previous year. Results were openly presented
throughout the company and discussed in more than 1,000 teams, with follow-up activities being facilitated and
their implementation monitored by the local HR departments.
Extending diversity engagement: diversity is a strong asset that contributes to Beiersdorf’s global success. In
2014, Beiersdorf continued its systematic global diversity action programme launched in 2013. On gender diversity,
Beiersdorf’s mentoring and networking programmes promoting women’s career development continued into a
second wave. In practice, the first examples of job sharing at managerial level have been progressing successfully.
Beiersdorf is well on its way to increasing the percentage of women in management positions in Germany to 30%
by 2020: at the end of 2014, this figure stood at 27.5% (previous year: 25.5%). On international diversity, Beiersdorf
further increased the number of international employees at its Hamburg headquarters to 13% by the end of 2014
(previous year: 12%). The number of senior managers with international experience remained on a high level: about
half of them have long-term overseas working experience.
Supporting company-wide social collaboration: in 2013, Beiersdorf created BluePlanet – an internal platform
for communication and collaboration that makes cross-border and cross-functional teamwork more efficient. In its
first full year, BluePlanet has already become a vital part of employees’ work life, with an average of 6,000 active
users per month.
026
Improving Beiersdorf’s global talent management system: global talent management is a strategic priority:
talent and people development is an integral part of every Management Board meeting. Talent development at
Beiersdorf consists of a variety of face-to-face exchanges such as coaching, mentoring, or round table events. In
addition, annual “Talent Days” are held in which young executives discuss current business issues directly with the
Management Board. In the year under review, process integration was the centrepiece of improvement initiatives:
firstly, the integration of all essential aspects of career development into one documented process chain covering
performance, potential, individual development and career planning. Secondly, the integration of local, regional
and global activities, creating a single, streamlined global process.
Introducing a new global leadership development architecture: Beiersdorf’s leadership development concept
consists of on-the-job learning, mentoring and coaching, and classroom training elements. It puts particular
emphasis on authenticity and self-reflection, decoding leadership into the management of human relationships. In
2014, two newly-designed development programmes were launched in conjunction with the core value initiative:
a “Base Camp” for first-time leaders and a “Step-up Camp” for middle and senior level managers. Both programmes combine face-to-face modules with complementary coaching and experiential learning in-between over
a total period of six months, and also closely involve the participants’ team leaders.
tesa
The focus of Human Resources work in the year under review was the launch of the new competency model. For
the first time, this took the form of a uniform competency model for all tesa employees and managers worldwide
that will serve as the basis for recruitment, training, succession planning and promotion in the future. It was
developed with extensive international involvement from many employees and was met with great interest across
the company. tesa intends to use the model to further professionalise succession planning and to promote and
enhance the company’s open culture in line with the tesa Strategy 2020. Together with its employees, tesa identified the key competencies required in order to achieve its corporate goals going forward and to clearly differentiate
tesa from the competition. In order to ensure that these new ideas are also incorporated into employee management, the competency model will be integrated into the annual employee dialogue worldwide.
In the year under review, tesa SE’s employees in Hamburg prepared for the upcoming move to the company’s
newly constructed headquarters in Norderstedt, which also features an integrated research and technology centre
(the “one tesa” project). The move is scheduled to take place in 2015 and is a milestone in the company’s long-term
growth. Consolidating the business units and the Research and Development function in a single space should
significantly contribute to tesa’s ability to respond more quickly and flexibly to market requirements from 2015
onwards. A large number of design details regarding the new working environment were agreed with employee
representatives in the year under review. The design and layout of the building was based on a modern employer
branding concept, which positions tesa as an attractive employer.
027
NUMBER OF BEIERSDORF EMPLOYEES 2014
(annual average)
10,093
59%
Africa/Asia/Australia
4,565
27%
Americas
2,499
14%
17,157
100%
Europe
Total
SUSTAINABILITY
Corporate social responsibility is a well-established part of the maxingvest Group’s policy. Tchibo and Beiersdorf
have integrated corporate responsibility into their management systems, with the aim of improving their perform
ance in this area from year to year.
TCHIBO
A focus on long-term success and the example provided by the German concept of the “honourable Hanseatic
merchant” have been the guiding principles of the Tchibo family business for over 60 years.
Building on this foundation, Tchibo made sustainability an integral part of its long-term business strategy back in
2006, thus helping to actively meet current challenges. As societies evolve, public awareness of issues such as
climate protection or working conditions across global supply chains increases, meaning that viable ways of
addressing these problems are needed.
Tchibo considers taking responsibility and initiating change as its corporate duty. Firstly, because Tchibo’s business
model, its expertise and also its size enable it to make a difference, for example in the cultivation and processing
of coffee, cotton and wood. Secondly, because the company is convinced that sustainable business policies will
largely determine its future economic success.
028
Sustainability performance 2014
Tchibo continued to make progress in 2014 in structuring its corporate social responsibility activities, again taking
significant steps towards its goal of making its business activities fully sustainable.
The coffee value chain
Tchibo has been offering its customers coffee of the highest quality for over 60 years. In order to live up to this
claim in the future, too, the company doesn’t just emphasise aroma and flavour – it is also committed to protecting
the environment and to improving living conditions in the coffee-growing regions. Sustainable coffee cultivation as
defined in Tchibo’s sustainability concept means that both current and future generations will be able to make a
permanent living from growing coffee in the country of origin.
As part of its commitment towards becoming a fully sustainable business, Tchibo aims in the medium term to sell
only coffee varieties that have been cultivated in line with its ecological, social and economic standards, and that
therefore offer coffee farmers a long-term livelihood. In order to achieve this goal, the company is pursuing a
comprehensive approach to enhancing both coffee supply chains and the coffee sector as a whole. For example,
the share of the total raw coffee used for Tchibo’s domestic and foreign business that is accounted for by raw
coffee included in Tchibo’s sustainability concept increased from 25% in 2012 to approximately 35% in 2014. As in
previous years, Tchibo works together with all internationally recognised standards organisations. These are the
Rainforest Alliance, Fairtrade, UTZ Certified and the organisations behind the EU’s organic farming logo. The baseline standard of the 4C Association (Common Code for the Coffee Community) is used to organise the coffee
farmers and to make them aware of the need for sustainable coffee cultivation. Since 2009, Tchibo’s coffee bars
have only offered coffee from certified sources. All the original Tchibo Privat Kaffee varieties and the coffee for the
Tchibo Cafissimo capsules were switched to 100% certified coffee grades in 2012. In 2014, preparations were
made to expand the capsule range: since January 2015, Tchibo has offered customers tea capsules in the form of
Cafissimo Teatime. Here, too, there is a commitment to quality and sustainability – the tea leaves in the tea capsules
are sourced exclusively from Rainforest Alliance or UTZ-certified farms, or controlled organic farms.
The consumer merchandise value chain
Tchibo offers its customers a weekly range of consumer merchandise that is celebrated for its variety and quality.
The company works with a network of global business partners to manufacture the products.
Since 2007, the company has used the WE (Worldwide Enhancement of Social Quality) qualification programme
developed by Tchibo and the Gesellschaft für Internationale Zusammenarbeit (GIZ – German Society for Inter
national Cooperation) to ensure fair working conditions at Tchibo’s consumer merchandise production facilities and
to continually improve them, particularly in Asia. The focus of this is on building up a trusting, results-oriented
dialogue between employees and managers, at the production facilities and with Tchibo purchasing agents. The
dialogue concentrates on improving working conditions, environmental standards and efficiency in the factories.
By the end of 2014, 320 producers were involved in the WE programme. Tchibo already supports well over onethird of its non-food producers in implementing international standards – in particular with regard to working
conditions – and by doing so covers over two-thirds of the range. Tchibo helped to develop the Bangladesh “Fire
and Building Safety Accord” in 2012 and was therefore one of the first two signatories to it. Other large inter
national clothing companies signed the agreement in 2013.
029
In 2014, Tchibo took another important step by including the DETOX standard, which is designed to prevent
undesired chemicals in textile production, in its sustainability management activities.
Tchibo places great emphasis on the environmentally and socially sustainable sourcing of the raw materials used in
its consumer merchandise. As part of its commitment to sustainability, Tchibo aims to continually increase the
proportion of cotton, wood and cellulose that comes from responsibly managed sources.
In sales year 2014, the majority of Tchibo’s textiles made from or with cotton used validated or certified sustainable
sources. Tchibo currently cooperates with three partners in its use of sustainable cotton. Firstly, Tchibo is a member
of the non-profit organisation Textile Exchange (OCS 100/OCS Blended), which promotes the global cultivation of
organic cotton. Secondly, the company is involved in the Better Cotton Initiative (BCI), which is committed to
achieving a large-scale, global shift from conventionally to sustainably grown cotton. In addition, Tchibo supports
the Aid by Trade Foundation’s “Cotton made in Africa” (CmiA) initiative by purchasing CmiA cotton, and as a partner in education projects. In 2014, Tchibo took the next step in its cotton strategy by performing self-certification
in line with the Global Organic Textile Standard (GOTS).
Many Tchibo products are made of wood. In order to ensure that forests are preserved for future generations, the
company makes sure that this valuable raw material comes from responsibly managed sources. The same also
applies to the paper used: Tchibo has consistently increased the proportion of environmentally friendly paper
grades used over the past few years. Tchibo started printing its magazines, catalogues and advertising materials in
Germany, Austria and Switzerland on FSC-certified paper in 2012. These have also been printed on FSC-certified
paper at Tchibo’s subsidiaries in the Czech Republic and Slovakia since 2013, and in Turkey, Poland and Hungary
since 2014.
Environmental protection
An intact environment is a key precondition for Tchibo’s future viability – and for that of the economy as a whole.
Further extending climate protection and resource conservation along the value chain, to the locations and to the
transportation and dispatch of products is therefore one of Tchibo’s priorities.
Tchibo’s long-term fleet strategy pursues the goal of continuously reducing CO₂ emissions in the area of transportation. Further progress was made in 2014 in converting Tchibo GmbH’s fleet to fuel economy-optimised and
electric vehicles. As a result, the company received the “Grüne Karte für glaubwürdiges Umweltbewusstsein”
(“Green Card for Credible Climate Awareness”) award from Deutsche Umwelthilfe e.V. for the third consecutive
time. The prize assesses the average fleet CO₂ emissions for listed and selected medium-sized companies in
Germany, along with their strategies for reducing emissions.
More detailed information can be found in Tchibo’s Sustainability Report at www.tchibo-sustainability.com.
030
BEIERSDORF
For Beiersdorf, “care” is a core value and part of its core business. This encompasses not only skin care and protection, but also responsibility towards our fellow human beings and our environment. Sustainability is a living component of Beiersdorf’s corporate culture and is strategically anchored in all its business processes. Beiersdorf’s goal
is to continue to combine success and responsibility.
Consumer
The “We care.” sustainability strategy that Beiersdorf developed in 2011 focuses on three fields of activity:
“Products”, “Planet” and “People”. The company has defined clear, long-term objectives for each area. By 2020,
Beiersdorf aims to:
generate 50% of its sales from products with a significantly reduced environmental impact (base year 2011),
have reduced its CO₂ emissions by 30% per product sold (base year 2005),
reach and improve the lives of one million families (base year 2013).
In 2014, Beiersdorf continued to drive forward the implementation of projects in all three strategic areas throughout the company.
For example, Beiersdorf introduced a new global sustainability management system – “susy” (sustainability
system) – in the year under review to measure progress towards its ambitious sustainability goals on an even
broader basis and to facilitate reporting in accordance with GRI (Global Reporting Initiative) standards, among
other things. Efficient and transparent data management enables Beiersdorf to respond dynamically to and accommodate constantly changing stakeholder demands, new European directives and developments in the field of
sustainability. In addition, improved control mechanisms ensure that these are optimally integrated with its internal
processes.
Products
Beiersdorf uses life cycle assessments (LCAs) to measure and reduce the environmental impact associated with
each stage of the product life cycle. The assessment model complies with the independent ISO standards for LCAs
(14040 and 14044) and covers raw materials, in-house manufacturing processes, transportation, product use,
recycling and disposal.
Beiersdorf made important progress in the year under review using LCAs: the new packaging for NIVEA Face Care
products achieves CO₂ savings throughout the entire product life cycle since the jars are made out of two plastics,
polyethylene terephthalate (PET) and polypropylene (PP). The LCA found that switching from glass to PET reduces
the product’s carbon footprint by up to 16%, and switching from glass to PP by as much as 28%.
Planet
In 2014, Beiersdorf rolled out a software programme to calculate and manage its logistics emissions in Europe. The
software is linked to susy, the new sustainability management system. Among other functions, it presents emissions for annual reporting purposes in accordance with the GRI and the Carbon Disclosure Project (CDP).
031
The new factory in Silao (Mexico) was awarded platinum Leadership in Energy and Environmental Design (LEED)
certification, the highest sustainability standard for buildings, in the year under review. So far, only four production
facilities worldwide have received platinum LEED certification – the one in Silao is the only one to date in the Latin
American region and the only one to date in the cosmetics industry. Beiersdorf aims to achieve gold LEED certification for the expansion of its factories in Chile and Thailand. The company has also been extending its “Blue
Production Center” initiative to its production facilities in the Far East since 2013. The initiative focuses on energy
and water efficiency, water treatment and waste management.
Water is an increasingly scarce resource, not least in light of climate change and global population growth. This is
why Beiersdorf attaches great importance to using water efficiently in its business activities and to continually
reducing its water consumption. Unlike CO₂ emissions, water consumption is a regional issue. Some regions of the
world do not have adequate access to drinking water. Beiersdorf has therefore launched its first local projects to
assess water supply system risk and to implement appropriate measures.
People
Beiersdorf aims to further improve workplace safety and to reduce the number of work-related accidents with its
company-wide “zero accidents” initiative. For example, behavioural based safety (BBS) principles are being drawn
up to make employees aware of possible sources of danger in the workplace and safe working practices – such as
by defining clear behavioural patterns expressed in terms of “I will” and “I will not” rules. The concept was extended to include additional countries in 2014.
NIVEA supports families all over the world with long-term, locally relevant projects through its global “NIVEA cares
for family” initiative. The initiative focuses on three areas: developing children’s skills, supporting mothers and
giving families the opportunity to spend time with each other.
The idea of strengthening families reflects Beiersdorf’s tradition of social engagement and the core values of all of
Beiersdorf’s brands, especially NIVEA.
Children’s experiences in the first few years of life are central to their development. NIVEA Brazil has launched a
partnership with children’s charity Plan International that aims to help around 85,000 families in Brazil by 2020.
Among other measures, the initiative offers workshops for parents on topics such as motivation, and gives women
the opportunity to obtain advice on income security. It is also building recreational facilities to encourage families
to play together. Many of these projects are being supported by NIVEA volunteers. The partnership is scheduled to
last for seven years and is initially starting in São Paulo and Itatiba before being extended to north-east Brazil. It
will be reviewed annually for efficiency and sustainability.
Hansaplast/Elastoplast cooperates with local Red Cross organisations around the world to strengthen everyday first
aid under the motto “Bringing First Aid Home”. Germany, France, the United Kingdom, Canada, the Netherlands,
Austria and Spain are already participating in the initiative. Hansaplast has been working with the German Red
Cross since September 2014 under the motto “Erste Klasse – Erste Hilfe” (“First Grade – First Aid”). The partnership
aims to familiarise elementary school children with basic first aid measures and to foster a desire to help at an early
age.
Additional information can be found at www.beiersdorf.com/sustainability.
032
tesa
In 2014, tesa’s priorities were again to make a significant contribution to social development and to enhance the
company’s environmental management system. tesa has been systematically establishing its environmental
management system since 2001 and regularly exceeds its environmental protection goals. For example, its production locations around the world have cut emissions of volatile organic compounds (VOCs) by more than half since
2001 and have significantly reduced the amount of waste produced, CO₂ emissions and solvent usage. All of the
company’s production facilities are certified in accordance with ISO 14001, the international environmental
standard.
tesa’s environmental management activities continued to focus on reducing energy consumption and CO₂ emissions in the year under review. Energy management at tesa’s Hamburg and Offenburg locations was boosted by
the installation of state-of-the-art energy monitoring systems. Offenburg has generated its own environmentally
friendly electricity from a combined heat and power plant since July 2014, and Hamburg is expected to follow suit
starting in 2015. The energy management systems at both locations are to be certified according to ISO 50001 in
the first quarter of 2015.
tesa actively identifies and determines the ecological value drivers in the production process. The eco-balance
method is used to analyse the environmental impact of individual products throughout their life cycle in order to
further enhance their environmental compatibility. In the process, tesa constantly searches for more environmentally friendly alternatives for certain product components or packaging.
All tesa’s activities are documented in an annual progress report that is available at www.tesa.com/responsibility.
OVERALL ASSESSMENT OF THE GROUP’S ECONOMIC POSITION
The maxingvest Group’s operating companies recorded a mixed business performance in 2014. Tchibo’s revenues
amounted to €3,377 million (previous year: €3,469 million), down 3% year-on-year. EBIT amounted to €191 million
(previous year: €220 million). The EBIT margin was 5.7% (previous year: 6.3%).
Tchibo defined the following growth areas for the next few years in its “Zukunft braucht Herkunft” (“Building Our
Future on Tradition”) strategy: the online and Eastern Europe business, the espresso/caffè crema segments and the
single-serving coffee systems segment. Negative effects from exchange rate changes, the weaker consumer
merchandise business and the ongoing decline in footfall and revenues in the branches meant that the forecast
revenue growth was not achieved. The online and coffee business had a positive impact on revenue.
033
Comparison of actual and forecast business developments at Tchibo
Forecast for 2014 in
2013 Annual Report
Result in 2014
Revenue growth
on a level with the previous year
–3%
EBIT
on a level with the previous year
€191 million
Beiersdorf’s business performance in 2014 shows that it is on the right track. Both the Consumer business segment
and the tesa business segment recorded encouraging growth rates. Beiersdorf achieved revenues of €6,285 million
(previous year: €6,141 million). Organic growth amounted to almost 5% (previous year: 7%). EBIT declined to €796
million (previous year: €820 million). After adjustment for special factors, EBIT amounted to €861 million (previous
year: €814 million). The EBIT margin excluding special factors amounted to 13.7% (previous year: 13.2%).
The Consumer business segment made successful progress thanks to the systematic implementation of Beiersdorf’s
corporate strategy, which is based on its Blue Agenda. This strategic compass aims to make Beiersdorf more competitive and enhance its economic success. Its success can be seen particularly in the performance recorded by the
emerging markets and the launch of new, high-selling products. The tesa business segment further expanded its
business both in the industrial markets and in the consumer business.
At almost 5%, Beiersdorf’s organic revenue growth was within the target range of 4–6% that was forecast for
financial year 2014. In the Consumer business segment, the expansion of the segment’s impact and presence in
the emerging markets was a particular contributing factor. At tesa, the healthy trend in the automotive and electronics growth markets was a key growth driver. The EBIT margin increased in financial year 2014, as forecast.
Comparison of actual and forecast business developments at Beiersdorf
Forecast for 2014 in
2013 Annual Report
Result in 2014
Revenue growth (organic)
4–6%
5%
EBIT margin (excluding special factors)
slightly above prior year (13.2%)
13.7%
These developments resulted in revenues of €9,663 million (previous year: €9,611 million) for the maxingvest
Group. The revenue increase is therefore in line with the slight improvement in revenues that was forecast. A slight
improvement was also forecast for earnings before interest and taxes in the 2013 Annual Report. As the m
axingvest
Group’s performance depends primarily on that of its operating subsidiaries, the decline in earnings before interest
and taxes at Tchibo and Beiersdorf had an impact on EBIT. In addition, the forecast change at the holding company influenced earnings before interest and taxes. At €992 million, EBIT was down €88 million on the p
rior-year
figure of €1,080 million, meaning that our forecast was not met.
034
REPORT ON OPPORTUNITIES AND RISKS
INTEGRATED RISK AND OPPORTUNITY MANAGEMENT SYSTEM
The maxingvest Group operates in various business fields, both nationally and internationally, in which new opportunities are continuously arising. In addition, it is exposed to a variety of business risks, which are monitored and
managed using corresponding systems and processes. The maxingvest Group’s risk and opportunity policy aims to
leverage opportunities, but to accept the related risks only if the expected increase in value clearly more than
compensates for the risks.
A key component of the maxingvest Group’s risk management system consists of analysing risks by distinct
clusters – short-term operational risks, non-recurring risks and strategic risks. These risk clusters use appropriate
forecast periods for each cluster. The forecast period for short-term operational risks and non-recurring risks is one
year, while that for strategic risks is up to five years.
TCHIBO OPERATES A COMPREHENSIVE OPPORTUNITY AND RISK
MANAGEMENT SYSTEM
Tchibo’s opportunity management system is closely aligned with its corporate strategy, which is focused on
ensuring long-term customer loyalty by differentiating itself from national and international competitors. Regular
analyses of customers and the competition enable it to react in a timely manner to the dynamic marketplace.
Concrete market opportunities are derived from the knowledge gained and are used in the continuous planning
processes together with the defined success factors.
To monitor the risk situation, Tchibo uses a risk management system that identifies the key business risks and limits
them by taking countermeasures. Uniform standards and central mechanisms for coordination ensure that risk
management functions effectively. All key risks are periodically recorded as part of extensive risk inventories. Risks
are broken down into the above-mentioned risk clusters to ensure their systematic capture. Within these clusters,
a further distinction is made into logical categories. In addition, acute risks are immediately reported to corporate
management when they arise. This enables potentially threatening risks to be closely tracked and brought under
control.
Up-to-date information on changes in the risk situation is incorporated in Tchibo’s management and planning
systems in the course of the year, and is a component of decision-making and control processes. The integration
of the risk inventory and planning processes enables the risk management system to be continuously enhanced and
anchors risk awareness across the Group. In terms of communication, regular risk reports are used to inform both
Tchibo GmbH’s Management Board and its Supervisory Board of the risk situation. The effectiveness of the risk
management system is audited by the Internal Audit unit.
035
As a retailer, Tchibo is basically subject to the risk of saturation in individual markets, which could lead to flat or
declining sales. This risk is monitored and is counteracted by an innovative product policy, which closely monitors
trends and sentiment in the relevant sales markets and reacts accordingly. This ensures that growth potential in any
new, specific national and international markets is exploited.
The constantly changing retail landscape – currently dominated by growing retail concentration, increased competition among physical retailers and the ongoing trend towards e-commerce – represents challenges for Tchibo.
Tchibo counters these risks by modernising and enhancing its physical retail presence, building up its e-commerce
business and focussing even more strongly on cross-channel activities.
Since the foundation of the company, the Tchibo name has become a brand that customers associate with a
pleasurable experience, expertise, quality and trust. This image allows Tchibo to build long-term customer relationships. However, all factors that could damage the brand name represent a risk for Tchibo. This risk is effectively
mitigated by a judicious communication policy, careful quality controls and compliance with social and environmental standards. Tchibo’s long-term brand image is dependent on its spirit of continuous innovation, together
with its ability to identify market trends and analyse the risks and opportunities associated with launching new
products, taking into account its target groups. There is a risk that Tchibo will lose its relevance as a brand if it
fails to maintain this creative competitive edge. To prevent this, Tchibo is expanding its portfolio of first-class
suppliers. This ensures quality, innovation and compliance with its corporate social responsibility standards. Tchibo
also fosters ongoing employee development and is establishing responsive and dynamic product development
processes.
Specific production and warehousing locations, including their IT infrastructure, form an integral part of Tchibo’s
retail system business. Operational stoppages can have a significant effect on supply chains, for which time is of
the essence. Emergency plans, adaptive measures and specific insurance solutions are used to limit this business-
related risk.
OPPORTUNITY AND RISK MANAGEMENT FORMS AN INTEGRAL PART
OF CORPORATE MANAGEMENT AT BEIERSDORF
Risk management is also an integral part of central and local planning, management and control processes within
Beiersdorf and conforms to consistent standards across the Group. Open communications, the risk inventory
carried out at regular intervals and the planning and management system ensure that the risk situation is
presented transparently. Risk management is coordinated at Group headquarters.
The Internal Audit unit monitors risk management and compliance with the internal control system by means of
systematic audits. The department is independent of the Group’s operating activities, and regularly reviews its
business processes, the systems installed and the effectiveness of the controls put in place. In addition, the external
auditors audit the risk early warning and monitoring system. They report their audit findings to the Management
Board, the Supervisory Board and in particular the Audit Committee of the Supervisory Board, which regularly
focuses on these topics.
036
Risk management is also designed to protect brand assets and leverage the associated opportunities. Beiersdorf’s
compliance with high standards of product quality and safety is the basis for consumers’ continued trust in its
brands. Innovations and prudent brand management ensure consumer acceptance of products, and their appeal.
Beiersdorf performs in-depth safety assessments, which take into account consumer feedback on earlier products,
when developing new products. All products are subject to the strict criteria laid down in the quality management
system. The potential created for the various brands is safeguarded and expanded by registering and managing
intellectual property rights. Strong brands that balance innovation and continuity are the response to fierce global
competition on price, quality and innovation. By developing and implementing the “Consumer Insights” process,
Beiersdorf has laid the groundwork for identifying consumer wishes even faster and reflecting them in the products
it develops. This also counteracts the growing retail concentration and the regional emergence of private label
products.
Beiersdorf is subject to procurement risk with regard to delivery reliability, the cost of raw materials and upfront
expenditures on purchased goods and services. It counteracts these risks by continuously monitoring its markets
and suppliers and ensuring active management of its supplier portfolio, as well as by appropriate contract management. Production and logistics activities may be exposed to risks relating to occupational health and safety, the
environment and business interruption. Beiersdorf limits these risks through process control checks and
location-specific audits. Moreover, selected risks are transferred to insurance companies.
Compliance risks are countered by clear management structures and efficient organisational measures. International risks to the availability, reliability and efficiency of the IT systems are mitigated by constant monitoring, adaptive
measures and integrated community management. Safety standards and risks in connection with financing,
currency fluctuations and the investment of liquid funds, are monitored and managed centrally. In particular,
effective measures have been taken to reduce counterparty risk relating to the investment of liquid funds.
Along with other international companies, Beiersdorf’s Brazilian subsidiaries are involved in tax proceedings on a
national level. However, no conclusive assessment of the risk from the Group’s perspective is possible at present.
External tax audits can result in additional tax payments at individual Beiersdorf companies, potentially with
additional financial penalties and interest payments.
Market opportunities
Market performance will remain mixed in 2015 and competition will continue to increase in some markets.
Beiersdorf’s corporate strategy as set out in its internal Blue Agenda programme will allow it to meet the c hallenges
of tomorrow and hence to achieve its objectives. The company sees strong opportunities both in systematically
expanding its presence in the emerging markets and in consolidating its position in its European markets. It will
drive this process by strengthening its brands – especially NIVEA, Eucerin and La Prairie – and boosting its innovative power.
Beiersdorf will build on its sound financial structure and strong earnings position together with its dedicated and
highly qualified employees to continue exploiting the opportunities that arise in future with its internationally
successful brand portfolio. Extensive research and development activities resulting in successful, consumer-driven
innovations will be flanked by targeted marketing measures, strengthening Beiersdorf’s brand core and creating
enduring confidence among its consumers.
037
In tesa’s opinion, its electronics industry business will remain attractive, with significant growth rates predicted
again for 2015. However, its project-based nature means that the risks involved also remain. The Automotive
business will maintain its status as a second growth market for global customers. The Pharma business will also
continue to perform well.
RISK MANAGEMENT AT THE HOLDING COMPANY HEDGES FINANCIAL RISKS
maxingvest ag manages risks belonging to the financial risks category. Risks arising from the Group’s extensive
financial activities are identified and minimised at an early stage using specially implemented standard processes.
These standard processes include a quarterly risk report to the Management Board on the current situation in terms
of financial risk (currency risk, interest rate risk, liquidity risk and counterparty risk). These risk categories are subject
to proactive treasury management, and are mainly hedged centrally in accordance with established guidelines.
maxingvest ag employs various derivative financial instruments to manage its interest rate risk. These derivatives
are used exclusively to hedge interest-linked capital market measures. Following the repayment of the bond in
October 2014, their use was no longer required. Financial instruments are used exclusively to hedge operating
transactions and the financial transactions required by the Company’s operations. Numerous quantitative and
qualitative measures were introduced by Group Treasury Management to effectively mitigate counterparty risk.
ACCOUNTING-RELATED INTERNAL CONTROL SYSTEM
The maxingvest Group’s internal control system includes all policies, measures and methods used to ensure the
effectiveness, cost-effectiveness and propriety of financial reporting as well as to ensure adherence to the applic
able legal provisions. Legislation, accounting standards and pronouncements are analysed for their relevance and
effects and taken into account as necessary.
At the maxingvest Group, the internal control system consists of the internal management and monitoring system.
maxingvest ag’s Management Board has primarily entrusted the Group Controlling and Reporting and Group
Financing units of maxingvest ag with responsibility for the internal control system.
maxingvest ag’s internal monitoring system consists of both process-integrated and process-independent monitoring measures. Key components of process-integrated measures include automated IT process controls in addition
to manual process controls such as the principle of dual control and functional separation.
The Supervisory Board – and in particular the Finance and Audit Committee – and the Internal Audit unit responsible for maxingvest ag and Tchibo, plus Beiersdorf AG’s Internal Audit department, are integrated into the
maxingvest Group’s internal monitoring system via process-independent audit activities.
038
With regard to the financial reporting processes, the external auditors are included in maxingvest ag’s control
environment via process-independent auditing activities. In this context, the prepared financial statements of
Tchibo and Beiersdorf and key consolidation adjustments are audited by the auditors and comprise the process-
independent monitoring measures in the area of financial reporting.
One component of the internal control system is the risk management system which, in the area of consolidated
financial reporting, focuses on the risk of misstatements in the consolidated bookkeeping and external reporting.
To ensure that risks are identified systematically at an early stage throughout the Group, the maxingvest Group has
set up a “monitoring system for the early detection of risks which could threaten the Group’s continued existence”
in accordance with section 91(2) AktG. This is designed to recognise, manage and monitor not only those risks that
could threaten the Group’s continued existence but also other risks in the Group in good time. The auditors of the
consolidated financial statements assess the effective functioning of the risk early warning system in accordance
with section 317(4) HGB; in the case of changes to the environment, the maxingvest Group makes the necessary
modifications to the system at short notice. As part of its monitoring activities, the Internal Audit unit also reviews
the functioning and the effectiveness of the system by conducting regular system checks. Additional information
on the risk and opportunity management system is presented at the beginning of the report on opportunities and
risks.
Use of IT systems
Accounting transactions at maxingvest ag and most of its subsidiaries are recorded by service companies. Financial
reporting by the consolidated subsidiaries and the consolidation process itself are performed using internal
IT systems. Procedural instructions and standardised reporting formats support Group accounting and financial
reporting for the subsidiaries included in the consolidated financial statements.
The consolidated financial statements at the level of maxingvest ag are prepared using a standardised consolidation
system. The relevant financial statements and the single-entity financial statements of the subsidiaries are imported
into and processed by this consolidation tool in order to prepare the consolidated financial statements.
Specific risks relevant for consolidated financial reporting
Specific risks relevant for financial reporting can result, for example, from unusual or complex transactions,
especially where these are time-critical at the end of the financial year. Moreover, transactions that are not
processed as a matter of routine involve a latent risk. Additional risks relevant for financial reporting result from
decisions on the recognition and measurement of assets and liabilities due to the scope of judgement that
necessarily has to be granted to employees. The outsourcing and transfer of accounting tasks to service companies
can also result in specific risks.
Key activities designed to ensure the propriety and reliability of the financial reporting
Measures within the internal control system that focus on the propriety and reliability of the financial reporting
ensure that transactions are recognised in full in a timely manner in accordance with the provisions of the Articles
of Association and of the law.
039
Control activities designed to ensure the propriety and reliability of the financial reporting comprise, among other
things, the analytical examination of matters and developments using specific indicators. The functional separation
of roles and responsibilities reduces the opportunities for fraud. In the area of general IT checks, the key general
controls are identified and documented. These relate to the areas of programme development, modifications to
programmes and databases, and access rights to programmes and data. This ensures that the automated controls
function properly.
The accounting policies to be applied by all companies in the maxingvest Group in relation to the preparation of
maxingvest ag’s consolidated financial statements have been defined in the “IFRS Accounting Manual” in order to
ensure the uniform measurement and presentation of the financial statements of all Group companies requiring
inclusion. Compliance with general accounting policies and practices is reviewed on an ongoing basis. In addition,
control activities designed to ensure the propriety and reliability of consolidated financial reporting include, among
other things, the reconciliation and reasonableness reviews of the financial statements and single-entity financial
statements prepared before consolidation adjustments are performed.
The results of operating activities of the divisions or the Group companies and the functioning of the controls at
the process level are monitored by the management and the Supervisory Board as well as by the Internal Audit unit.
Cautionary note
It should be noted that even appropriately and effectively implemented systems cannot provide an absolute
guarantee that risks will be identified and managed. In particular, personal judgements, incorrect controls, criminal
acts or other circumstances cannot be ruled out. If these do occur, they may restrict the effectiveness and
reliability of the internal control and risk management system. This is why even the Group-wide application of the
systems used cannot provide an absolute guarantee with respect to the correct, complete and timely recognition
of transactions and other matters in the financial reporting.
OVERALL ASSESSMENT OF THE GROUP’S RISK SITUATION
All risks and opportunities that, if they were to occur, could have a material effect on the maxingvest Group’s
course of business and hence on its future development were evaluated using its risk and opportunity management
system. There have been no structural changes in the risk situation compared with the previous year. Based on our
current assessment, there are no risks that could threaten the maxingvest Group’s continued existence.
Future opportunities for the maxingvest Group revolve around its strong brands and Tchibo’s model. The careful
and sustainable development of the operating companies’ brands results in consumer trust. Consistently
strengthening this trust by delivering continues to be the main task for the coming years. Focused research and
development activities, flanked by systematic marketing measures, form a solid basis for our customers’ trust.
Tchibo’s “Zukunft braucht Herkunft” (“Building Our Future on Tradition“) strategy and Beiersdorf’s strategic
programme for the future, the Blue Agenda, offer a sound platform for healthy growth. These views underpin our
planning for the coming financial year.
040
REPORT ON POST-BALANCE SHEET DATE EVENTS
There were no significant events after the end of the year under review.
REPORT ON EXPECTED DEVELOPMENTS
EXPECTED MACROECONOMIC DEVELOPMENTS
The Kiel Institute for the World Economy (Institut für Weltwirtschaft – IfW) expects the global economic situation
to gradually improve in 2015. Higher growth rates are anticipated, in particular for the advanced economies.
Monetary policy – which continues to be extremely expansionary overall – and lower oil prices are boosting economic activity in the private sector. The fall in oil prices is putting strong downward pressure on inflation. The
emerging markets are expected to benefit from stronger demand in the advanced economies. However, structural
problems will prevent a swift return to high rates of expansion.
The institute expects German GDP to rise by 1.7% in 2015, up slightly on the increase seen in 2014.
SECTOR DEVELOPMENTS
The German Retail Federation (Handelsverband Deutschland – HDE) is expecting slight retail revenue growth in
2015. Online sales are expected to see further significant growth in the coming year, at 12%. The strong growth
in this area means that footfall will continue to decline at conventional specialist retailers, driving forward

Annual Report - maxingvest ag

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