Beiersdorf Annual-Financial-Statements-2020

ANNUAL FINANCIAL
STATEMENTS OF
BEIERSDORF AG
AS OF DECEMBER 31, 2020
We are Beiersdorf
At Beiersdorf we have been caring about skin since 1882. Beiersdorf’s

success is based on its strong portfolio of internationally leading brands.
It is thanks to them that millions of people around the world choose Bei-
ersdorf day after day. Our brands boast innovative strength, outstanding
quality, and exceptional closeness to our consumers. By responding
quickly and flexibly to regional requirements, we are winning the hearts
of consumers in nearly all countries worldwide. Our successful skin and
body care brands form the focus of our successful brand portfolio and
each brand serves very different areas: NIVEA is aimed at the mass mar-
ket, EUCERIN at the dermocosmetics market, and LA PRAIRIE at the se-
lective cosmetics market. With its HANSAPLAST and ELASTOPLAST
brands, Beiersdorf also has a global presence in the field of plasters and
wound care. Renowned brands such as LABELLO, AQUAPHOR,
FLORENA, 8X4, HIDROFUGAL, GAMMON, COPPERTONE, ATRIX,
FLORENA FERMENTED SKINCARE, SKIN STORIES, MAESTRO, CHAUL
and STOP THE WATER WHILE USING ME! round off our extensive port-
folio in the Consumer Business Segment. Through the tesa brand, which
has been managed since 2001 by Beiersdorf’s independent tesa sub-
group, we also offer highly innovative self-adhesive system and product
solutions for industry, craft businesses, and consumers.
Beiersdorf AG Annual Financial Statements 2020 / Contents
Contents
ANNUAL FINANCIAL AUDITOR’S REPORT

STATEMENTS AND RESPONSIBILITY
STATEMENT STATEMENT
p. 4 – p. 32 p. 33 – p. 39
Income Statement – Beiersdorf AG 4 Independent Auditor’s Report 33

Balance Sheet – Beiersdorf AG 5 Responsibility Statement by the Executive Board 39
Notes:
Basis of Preparation of Beiersdorf AG’s Financial
Statements 6
Notes to the Income Statement 8
Notes to the Balance Sheet 11
Other Disclosures 18
Report on Post-Balance Sheet Date Events 29
Proposal on the Appropriation of Beiersdorf AG’s
Net Retained Profits 30
Beiersdorf AG Boards 31
4
Income Statement – Beiersdorf AG
ANNUAL FINANCIAL STATEMENTS – BEIERSDORF AG

(IN € MILLION)
Note 2019 2020
Sales 01 1,336 1,289

Other operating income 02 40 30
Cost of materials 03 –296 –287
Personnel expenses 04 –307 –290
Depreciation and amortization of property, plant, and equipment, and intangible assets 05 –21 –42
Other operating expenses 06 –669 –647
Operating result 83 53
Net income from investments 07 180 215
Net interest expense 08 –31 –31
Other financial result 09 –2 –10
Financial result 147 174
Profit before tax 230 227
Income taxes 10 –41 –33
Profit after tax 189 194
Transfer to other retained earnings –13 –18
Net retained profits 176 176
BeiersdorfAG
Beiersdorf AGAnnual
AnnualFinancial
FinancialStatements
Statements2020
2020//Income
BalanceStatement
Sheet – Beiersdorf AG AG
– Beiersdorf 5
Beiersdorf AG Annual Financial Statements 2020 / Balance Sheet – Beiersdorf AG
Balance Sheet – Beiersdorf AG
(IN € MILLION)
Assets Note Dec. 31, 2019 Dec. 31, 2020
Intangible assets 12 200 170

Property, plant, and equipment 13 139 137
Financial assets 14 4,638 5,501
Fixed assets 4,977 5,808
Inventories 3 3
Receivables and other assets 15 783 634
Securities 16 650 346
Cash and cash equivalents 17 115 51
Current assets 1,551 1,034
Prepaid expenses 4 6
Deferred tax assets 10 64 74
Sum Assets 6,596 6,922
Equity and liabilities Note Dec. 31, 2019 Dec. 31, 2020
Share capital 252 252

Own shares –25 –25
Issued capital 227 227
Additional paid-in capital 47 47
Retained earnings 2,315 2,350
Net retained profits 176 176
Equity 18 2,765 2,800
Provisions for pensions and other post-employment benefits 19 573 605
Other provisions 20 232 266
Provisions 805 871
Liabilities 21 3,026 3,251
Sum Equity n Liabilities 6,596 6,922
6
Basis of Preparation of Beiersdorf AG’s

Financial Statements
INFORMATION ON THE COMPANY The management report of Beiersdorf AG and the Group manage-
The registered office of Beiersdorf AG is at Unnastrasse 48 in ment report have been combined in accordance with § 315 (5)
Hamburg (Germany), and the company is registered with the com- HGB in conjunction with § 298 (2) HGB and published in the 2020
mercial register of the Hamburg Local Court under the number Annual Report.
HRB 1787.
The annual financial statements of Beiersdorf AG combined with
Beiersdorf AG is an internationally leading branded consumer the Group management report for the 2020 fiscal year are pub-
goods company developing and distributing skin and body care lished in the Bundesanzeiger.
products in the Consumer Business Segment. It is responsible for
the German Consumer business and provides typical holding com- With economic effect from January 1, 2020, Produits de Beauté
pany services to its affiliates. In addition to its own operating ac- Logistik GmbH, based in Baden-Baden (Germany) (registered with
tivities, Beiersdorf AG manages an extensive investment portfolio the Mannheim Local Court under the number HRB 201952) was
and is the direct or indirect parent company of over 170 subsidiar- merged with the company as the absorbing legal entity in accord-
ies worldwide. The company also performs central planning/finan- ance with the merger agreement of May 27, 2020. The impact on
cial control, treasury, and human resources functions, as well as a the assets, liabilities, financial position, and financial performance
large proportion of research and development activities for the of the company was of minor significance.
Consumer business.
Due to the mutually agreed departure of the limited partner, with
As a parent company, Beiersdorf AG prepares its own consoli- effect from May 1, 2020, Beiersdorf AG – as the former general
dated financial statements. Beiersdorf’s consolidated financial partner in the company – acquired all of the assets and liabilities
statements are also included in the consolidated financial state- of Beiersdorf Health Care AG & Co. KG (registered with the Ham-
ments of maxingvest ag, Hamburg, which prepares the consoli- burg Local Court under number HRA 120913) by way of accrual.
dated financial statements for the largest group of companies. The impact on the assets, liabilities, financial position, and financial
Both sets of consolidated financial statements are published in the performance of the company was of minor significance.
Bundesanzeiger (Federal Gazette).
ESTIMATES AND ASSUMPTIONS
GENERAL NOTES TO THE ANNUAL FINANCIAL STATEMENTS Preparation of the annual financial statements requires manage-
The annual financial statements of Beiersdorf AG are prepared in ment to make estimates and assumptions to a limited extent that
accordance with the provisions of the Handelsgesetzbuch (Ger- affect the amount and presentation of recognized assets and lia-
man Commercial Code, HGB) and the Aktiengesetz (German Stock bilities, income and expenses, and contingent liabilities. Such esti-
Corporation Act, AktG). The recommendations of the German Cor- mates and assumptions reflect all currently available information.
porate Governance Code that are relevant to the annual financial Significant estimates and assumptions were made in particular in
statements were taken into account. relation to the following accounting policies: impairment testing of
investments in affiliated companies (Note 14 “Financial Assets”),
The financial statements comprise the balance sheet, the income write-downs of doubtful receivables (Note 15 “Receivables and
statement, and the notes. The income statement was prepared us- Other Assets”), the actuarial assumptions for the defined benefit
ing the total cost (nature of expense) method. Where items in the expense as well as for the present value of pension commitments
balance sheet and the income statement have been summarized (Note 19 “Provisions for Pensions and Other Post-employment
to aid clarity, they are disclosed and explained separately in the Benefits”), the determination of the amount of eligible deferred
notes. The annual financial statements are prepared in euros (€); tax assets (Note 10 “Income Taxes”), and the recognition of other
amounts are given in millions of euros (€ million). provisions (Note 20 “Other Provisions”). Specifically when recog-
nizing the legal risks from the claims for damages (Note 22 “Con-
Unlike in the previous year, in the reporting year, long-term secu-
tingent Liabilities”), existing uncertainty calls for significant discre-
rities were written down to the lower fair value on the balance
tion in evaluating whether and to what extent potential damages
sheet date only if the impairment was expected to be other than
have arisen and the scale on which claims under joint and several
temporary. Since the long-term securities relate to long-term
liability may be met. In determining the amount of possible dam-
bonds that are held until maturity in line with the investment strat-
ages, particular discretion must be used in determining the em-
egy applied, there is no interest rate risk exposure. At €484 thou-
phasis on “overcharge” and “pass-on rate” factors used in the cal-
sand, the positive impact of this change in measurement on the
culation. Furthermore, estimates and assumptions are made in
assets, liabilities, financial position, and financial performance of
particular when determining the useful lives of intangible assets
the company was of minor significance. No other accounting poli-
and property, plant, and equipment, and when measuring inven-
cies used in the previous year changed in the reporting year.
tories.
Beiersdorf AG Annual Financial Statements 2020 / Basis of Preparation of Beiersdorf AG’s Financial Statements 7
Actual amounts may differ from these estimates. Changes to esti-

mates are recognized in profit or loss when more recent
knowledge becomes available. The above estimates and assump-
tions also take into account the potential impact of the COVID-19
pandemic.
8
Notes to the Income Statement
01 Sales 04 Personnel Expenses
Sales revenue includes sales of products and services, rental and (IN € MILLION)
lease income, and royalty income from affiliated companies. Sales 2019 2020
revenue is recognized when the goods and products are delivered Wages and salaries 250 249
or the service is provided and the risk is transferred. Beiersdorf AG Social security contributions and other benefits 31 32
uses different terms of delivery to specify the contractual transfer Pension expenses 26 9
of risk. Discounts, customer bonuses, and rebates are directly de- Sum 307 290
ducted from revenue as sales reductions. The probability of re-

turns is reflected in the recognition and measurement of sales. Actuarial adjustments in the reporting year had a positive impact
on pension expenses of €8 million (previous year: negative effect
Beiersdorf AG is responsible for business in Germany with branded of €10 million). The expenses attributable to the change in dis-
consumer products for skin and body care, which are bundled in count rate and the unwinding of the discount on the pension pro-
the Consumer Business Segment. It also provides typical holding visions are reported under “Net interest expense” as in the previ-
company services to affiliates in the course of its activities. Beiers- ous year.
dorf AG’s sales decreased by €47 million to €1,289 million due to
the impact of the COVID-19 pandemic (previous year: €1,336 mil- 05 Depreciation and Amortization of Property,
lion). Plant, and Equipment, and Intangible Assets
SALES BY REGION (IN € MILLION) In addition to depreciation and amortization, no impairment losses
2019 2020 were recognized on intangible assets and property, plant, and
Germany 1,022 991 equipment in the fiscal year (previous year: €0 million). The sharp
Rest of Europe 155 151 increase in depreciation and amortization is attributable to the ac-
Americas 61 59 quisition of the COPPERTONE business from Bayer as of Au-
Africa/Asia/Australia 98 88 gust 30, 2019. The depreciation and amortization was included in
Sum 1,336 1,289 full for the first time in the reporting year.
02 Other Operating Income 06 Other Operating Expenses
(IN € MILLION)
(IN € MILLION)
2019 2020
2019 2020
Marketing expenses 377 390
Income from the disposal of fixed assets 1 –
Maintenance costs 8 7
Income from the reversal
of provisions 20 14 Outgoing freight 9 8
Currency translation gains on Write-downs of receivables 6 –
trade receivables and payables 9 5
Currency translation losses on
Income from services provided to trade receivables and payables 8 6
affiliated companies 6 6
Third-party services 31 31
Other income 4 5 34 28
Legal and consulting costs
Sum 40 30 19 14
Other personnel expenses
Costs of services invoiced by affiliated companies 126 115
Other operating income decreased by €10 million compared with Other taxes 1 1
the previous year. Other expenses 50 47
Sum 669 647
03 Cost of Materials
Despite declining sales, marketing expenses increased by €13 mil-
The cost of materials of €287 million (previous year: €296 million)
lion compared with the previous year to €390 million. This is at-
includes the acquisition cost of the goods sold. The cost of mate-
tributable to the high level of investment as part of the C.A.R.E.+
rials declined in line with the lower product sales in the reporting
strategy to sustainably strengthen our market position.
year.
Beiersdorf AG Annual Financial Statements 2020 / Notes to the Income Statement 9
07 Net Income from Investments €107 million) and miscellaneous financial expenses of €3 million
(previous year: €4 million).
(IN € MILLION)
2019 2020
10 Income Taxes
Income from investments 102 216
(thereof from affiliated companies) (102) (216) Corporation tax, the solidarity surcharge, trade tax, and paid with-
Income from profit transfer agreements 75 20 holding tax are reported as income tax expenses. Deferred tax ex-
Reversals of write-downs of financial assets and penses and income are also included in this item. Any aggregate
securities classified as current assets 14 4
tax liability resulting from differences between the carrying
Losses on profit transfer agreements – –8
amounts in the financial statements of assets, liabilities, or items
Write-downs of financial assets and securities
classified as current assets –11 –17 of prepaid expenses and deferred income, and their tax base that
Sum 180 215
are expected to reverse in future fiscal years must be recognized
as deferred tax liabilities. Any resulting aggregate tax benefit may
Write-downs of financial assets and securities classified as current be recognized as deferred tax assets. The amounts are measured
assets include write-downs for impairment losses of €17 million on using the company’s individual tax rate of 31.9% (previous year:
the carrying amount of Beiersdorf S.A., Buenos aires (Argentina) 31.9%).
(previous year: €11 million).
Beiersdorf AG is the consolidated income tax group parent of var-
ious consolidated tax group subsidiaries. A consolidated income
08 Net Interest Expense
tax group exists if a consolidated tax group subsidiary within the
(IN € MILLION) meaning of § 14 (1) sentence 1 in conjunction with § 17 (1) sen-
2019 2020 tence 1 Körperschaftssteuergesetz (German Corpo-rate Income
Other interest and similar income 35 30 Tax Act, KStG) undertakes by way of a profit transfer agreement
(thereof from affiliated companies) (11) (5) within the meaning of § 291 (1) AktG to transfer its entire profit to
Interest and similar expenses –9 –7 a single other commercial enterprise. As a result, the income of the
(thereof to affiliated companies) (–5) (–2) consolidated tax group subsidiary is attributable to the entity’s
Expenses from unwinding of discounts on provi- parent (consolidated tax group parent). Future tax liabilities or
sions for pensions and other long-term obligations –57 –54 benefits resulting from temporary differences between the carry-
Sum –31 –31 ing amounts of assets and liabilities or items of prepaid expenses
and deferred income in the annual financial statements of the con-
Expenses from unwinding of discounts on provisions for pensions solidated tax group subsidiaries and their corresponding tax bases
and other long-term obligations include €37 million in expenses are therefore recognized in Beiersdorf AG’s annual financial state-
from the change in the discount rate for post-employment benefit ments.
obligations (previous year: €41 million).
Deferred tax assets of €70 million (previous year: €59 million) were
No income from cover assets was offset against expenses from the recognized for pension provisions as a result of the higher liabili-
unwinding of discounts on pension obligations during fiscal year ties recognized in the financial statements as against the tax base.
2020 (previous year: €2 million). Other deferred tax assets of €10 million (previous year: €9 million)
were due to certain other provisions not being recognizable for
09 Other Financial Result
tax purposes, or to lower values being recognized. Deferred tax
(IN € MILLION) liabilities mainly result from differences in the carrying amounts of
2019 2020 fixed assets of €12 million (previous year: €12 million).
Other financial income 109 151
Other financial expenses –111 –161 Overall, Beiersdorf AG expects an aggregate future tax benefit of
Sum –2 –10 €74 million (previous year: €64 million) from its own temporary
accounting differences and those relating to companies in its con-
Other financial income comprises currency translation gains on fi- solidated tax group as of December 31, 2020. The tax result for the
nancial items of €147 million (previous year: €102 million) and in- fiscal year includes income of €10 million from deferred taxes (pre-
come from the sale of securities of €4 million (previous year: vious year: €21 million).
€7 million). Other financial expenses comprise currency transla-
tion losses on financial items of €158 million (previous year: Significant management judgment is required to determine the
amount of deferred tax assets that can be recognized, based upon
10
the likely timing and the level of future taxable profits. Given the 11 Other Taxes
positive assessments of future business development, it is as-
sumed there is a reasonable probability that future taxable income Other taxes are reported under other operating expenses. They
will be sufficient to allow utilization of the deferred tax assets. amount to €1 million (previous year: €1 million).
Beiersdorf
BeiersdorfAG
AGAnnual
AnnualFinancial
FinancialStatements
Statements2020
2020//Notes
Notestotothe
theIncome
BalanceStatement
Sheet 11
Beiersdorf AG Annual Financial Statements 2020 / Notes to the Balance Sheet
Notes to the Balance Sheet
12 Intangible Assets
(IN € MILLION)
Purchased patents, licenses, trademarks, Advance
and similar rights and assets payments Total
Cost
Opening balance Jan. 1, 2020 478 – 478
Additions – – –
Disposals – – –
Transfers – – –
Closing balance Dec. 31, 2020 478 – 478
Amortization and write-downs

Opening balance Jan. 1, 2020 278 – 278
Amortization and write-downs 30 – 30
Reversals of write-downs – – –
Disposals/transfers – – –
Closing balance Dec. 31, 2020 308 – 308
Carrying amount Dec. 31, 2020 170 – 170

Carrying amount Dec. 31, 2019 200 – 200
Purchased intangible assets are recognized at cost and amortized Write-downs for impairment are recognized if other than tempo-
on a straight-line basis over a period of three to ten years. Inter- rary impairments in value are likely to occur. Write-downs are re-
nally generated intangible assets and research and development versed up to amortized cost if the reasons for the impairment no
expenses are not capitalized. longer apply.
The amortization of €30 million relates to the acquisition of the

COPPERTONE trademarks and patents from Bayer in the previous
year.
12
13 Property, Plant, and Equipment
(IN € MILLION)
Technical Advance payments

Land, land rights, equipment and Office and other and assets under
and buildings machinery equipment construction Total
Cost
Opening balance Jan. 1, 2020 237 2 139 6 384
Additions 1 – 4 6 11
Disposals – – –1 – –1
Transfers 1 – 2 –4 –1
Closing balance Dec. 31, 2020 239 2 144 8 393
Depreciation and write-downs

Opening balance Jan. 1, 2020 131 2 112 – 245
Depreciation and write-downs 3 – 9 – 12
Disposals/transfers – – –1 – –1
Closing balance Dec. 31, 2020 134 2 120 – 256
Carrying amount Dec. 31, 2020 105 – 24 8 137

Carrying amount Dec. 31, 2019 106 – 27 6 139
Property, plant, and equipment is carried at cost and depreciated As of 2018, low-value assets costing up to €250 are written off in
on a straight-line basis over the assets’ expected useful lives. full in the year of acquisition. Assets costing between €250 and
Buildings are depreciated over a useful life of 25 to 50 years. The €1,000 are pooled and written down over five years.
useful life of technical equipment and machinery, and office and
other equipment, is generally ten years, and in exceptional cases Write-downs for impairment are recognized if other than tempo-
three to 15 years. rary impairments in value are likely to occur. Write-downs are re-
versed up to amortized cost if the reasons for the impairment no
Up to 2017, low-value assets costing up to €150 were written off longer apply.
in full in the year of acquisition, and assets costing between €150
and €1,000 were pooled and written down over five years.
Beiersdorf AG Annual Financial Statements 2020 / Notes to the Balance Sheet 13
14 Financial Assets
(IN € MILLION)
Investments in Other equity
affiliated companies investments Long-term securities Total
Cost
Opening balance Jan. 1, 2020 1,751 3 2,908 4,662
Additions 115 – 1,059 1,174
Disposals –33 – –265 –298
Transfers – – – –
Closing balance Dec. 31, 2020 1,833 3 3,702 5,538
Write-downs
Opening balance Jan. 1, 2020 20 – 4 24
Write-downs/reversals of write-downs 17 – –4 13
Disposals/transfers – – – –
Closing balance Dec. 31, 2020 37 – – 37
Carrying amount Dec. 31, 2020 1,796 3 3,702 5,501

Carrying amount Dec. 31, 2019 1,731 3 2,904 4,638
Investments in affiliated companies are recognized at cost. Write- Long-term securities include long-term government and corpo-
downs to a lower value at the balance sheet date are recognized rate bonds with a remaining maturity of more than four years at
if the impairment is expected to be other than temporary. Write- the time of their acquisition. Long-term securities are measured at
downs are reversed up to cost if the reasons for permanent im- net book value. Write-downs for impairment to the lower fair value
pairment no longer apply. on the balance sheet date are recognized only if the impairment is
expected to be other than temporary.
The additions to investments in affiliated companies stem from
capital increases at existing subsidiaries, especially Beiersdorf Long-term government and corporate bonds with an investment
Manufacturing Mexico, S.A. de C.V., Silao (Mexico), and the acqui- volume totaling €1,059 million were purchased in the past fiscal
sition of the shares of La Prairie Group AG, Volketswil (Switzer- year. These listed securities have remaining maturities of between
land) at their carrying amount in the course of the merger with four and eight years.
Produits de Beauté Logistik GmbH, Baden-Baden (Germany). The
disposals reflect the reduction of the carrying amount of this
merged subsidiary.
The write-downs of investments in affiliated companies are at-

tributable to lower discounted cash flows of Beiersdorf S.A., Bue-
nos Aires (Argentina).
14
15 Receivables and Other Assets 16 Securities
(IN € MILLION) As of December 31, 2020, Beiersdorf AG had invested a total of €

Dec. 31, 2019 Dec. 31, 2020 346 million (previous year: €650 million) in short-term listed gov-
Trade receivables 76 52 ernment and corporate bonds and near-money market retail
(thereof due after more than one year) (–) (–) funds. These investments classified as current assets are carried at
Receivables from affiliated companies 662 521
the lower of amortized cost and fair value. €211 million (previous
(thereof due after more than one year) (–) (–)
year: €365 million) of the securities have a remaining maturity of
Other assets 45 61
up to one year, and €135 million (previous year: €285 million) have
(thereof due after more than one year) (–) (–)
a remaining maturity of between one and four years. As of the bal-
Sum 783 634
ance sheet date, no bonds had been lent to banks in short-term
securities lending transactions (previous year: €346 million).
Receivables and other assets are carried at their nominal value.
Appropriate individual valuation adjustments are charged for
17 Cash and Cash Equivalents
identifiable individual risks. General valuation adjustments are
charged to take account of general credit risk. Cash and cash equivalents comprise bank balances, cash-on-hand,
checks, and short-term liquid investments such as overnight funds
Receivables and assets in foreign currency due within one year are
and short-term deposits.
translated at the middle spot rate on the balance sheet date.
Hedged foreign currency receivables are carried at the hedge rate.
There are no receivables and assets in foreign currency due after
more than one year.
Receivables from affiliated companies comprise financial receiva-

bles of €442 million (previous year: €548 million) and trade re-
ceivables of €79 million (previous year: €114 million).
The “Other assets” item largely comprises advance payments

made for assets to be passed on to affiliated companies, tax re-
ceivables and interest receivables on securities.
18 Equity
The following changes in equity were recorded in fiscal year 2020:
(IN € MILLION)
Utilization of 2019 2020
Dec. 31, 2019 net retained profits profit after tax Dec. 31, 2020
Share capital 252 – – 252

Own shares –25 – – –25
Issued capital 227 – – 227
Additional paid-in capital 47 – – 47
Legal reserve 4 – – 4
Other retained earnings 2,311 17 18 2,346
Net retained profits 176 –176 176 176
Sum 2,765 –159 194 2,800
SHARE CAPITAL 3. if the total amount of share capital attributable to the new
The share capital of Beiersdorf Aktiengesellschaft amounts to shares for which preemptive rights are to be disapplied does
€252 million (previous year: €252 million) and is composed of not exceed 10% of the share capital existing at the time this
252 million no-par-value bearer shares, each with an equal share authorization comes into effect or, in the event that this
in the company’s share capital. Since the settlement of the share amount is lower, at the time the new shares are issued and the
buyback program on February 3, 2004, and following implemen- issue price of the new shares is not materially lower than the
tation of the share split in 2006, Beiersdorf Aktiengesellschaft quoted market price of the existing listed shares at the time
holds 25,181,016 no-par-value shares, corresponding to 9.99% of when the issue price is finalized, which should be as near as
the company’s share capital. possible to the time the shares are placed. If, during the term
of the authorized capital, other authorizations to issue or sell
AUTHORIZED CAPITAL
The Annual General Meeting on April 29, 2020, authorized the Ex- shares in the company or to issue rights that enable or oblige
ecutive Board to increase the share capital with the approval of the holder to subscribe for shares in the company are exer-
the Supervisory Board in the period until April 28, 2025, by up to cised while disapplying preemptive rights pursuant to or in ac-
a total of €92 million (Authorized Capital I: €42 million; Author- cordance with § 186 (3) sentence 4 AktG, this must be counted
ized Capital II: €25 million; Authorized Capital III: €25 million) by toward the above-mentioned 10% limit (Authorized Capital II);
issuing new no-par-value bearer shares on one or several occa- 4. in the case of capital increases against non-cash contributions
sions. In this context, the dividend rights for new shares may be for the purpose of acquiring companies, business units of com-
determined by a different method than that set out in § 60 (2) panies, or equity interests in companies (Authorized Capi-
AktG. tal III).
Shareholders shall be granted preemptive rights. However, the Ex- The Executive Board may only exercise the above authorizations
ecutive Board is authorized, with the approval of the Supervisory to disapply preemptive rights to the extent that the total propor-
Board, to disapply shareholders’ preemptive rights in the following tionate interest in the share capital attributable to the shares is-
cases: sued while disapplying preemptive rights does not exceed 10% of
the share capital at the time these authorizations become effective
1. to eliminate fractions created as a result of capital increases
or at the time these authorizations are exercised. If other authori-
against cash contributions (Authorized Capital I, II, III);
zations to issue or sell shares in the company or to issue rights that
2. to the extent necessary to grant the holders/creditors of con- enable or oblige the holder to subscribe for shares in the company
vertible bonds or bonds with warrants issued by Beiersdorf are exercised while disapplying preemptive rights during the term
Aktiengesellschaft, or companies in which it holds a direct or of the authorized capital until such time as it is utilized, this must
indirect majority interest, rights to subscribe for new shares in be counted toward the above-mentioned limit.
the amount to which they would be entitled after exercising
their conversion or option rights, or after fulfilling their con- The Executive Board was also authorized to determine the further
version obligation (Authorized Capital I, II, III); details of the capital increase and its implementation with the ap-
proval of the Supervisory Board.
16
CONTINGENT CAPITAL The excess of deferred tax assets over deferred tax liabilities
In addition, the Annual General Meeting on April 29, 2020, re- shown in the balance sheet (excluding the deferred tax liability
solved to contingently increase the share capital by up to a total recognized in accordance with § 246 (2) HGB) totaling €75 million
of €42 million, composed of up to 42 million no-par-value bearer is also subject to a restriction on distribution in accordance with
shares. In accordance with the underlying resolution of the Annual § 268 (8) HGB.
General Meeting, the contingent capital increase will be imple-
mented only if: As freely available reserves of €2,346 million exceed the amount
of €149 million barred from distribution, the net retained profits of
1. the holders or creditors of conversion and/or option rights at- €176 million are not subject to any restrictions on distribution.
tached to the convertible bonds and/or bonds with warrants
issued in the period until April 28, 2025, by Beiersdorf Aktieng- 19 Provisions for Pensions and Other Post-
esellschaft or companies in which it holds a direct or indirect employment Benefits
majority interest, choose to exercise their conversion or option
Pension provisions cover benefit obligations to former and current
rights, or
employees.
2. the holders or creditors of convertible bonds giving rise to a
Pension obligations are measured using the projected unit credit
conversion obligation issued in the period until April 28, 2025,
method taking into account future wage, salary, and pension in-
by Beiersdorf Aktiengesellschaft, or companies in which it
creases. In accordance with § 253 (2) HGB, provisions for post-
holds a direct or indirect majority interest, comply with such
employment benefit obligations are to be discounted at the aver-
obligation,
age market interest rate of the past ten years. The ten-year aver-
age interest rate is calculated and published by the Deutsche Bun-
and the contingent capital is required for this in accordance with
desbank based on an assumed remaining maturity of 15 years. The
the terms and conditions of the bonds.
applied discount rate was 2.30% (previous year: 2.71%), the wage
The new shares bear dividend rights from the beginning of the fis- and salary growth figure 3.0% (previous year: 3.0%), and the pen-
sion growth figure 1.75% (previous year: 1.75%). The RT 2018 G
cal year in which they are created as a result of the exercise of
mortality tables by K. Heubeck were used as a basis for calculation.
conversion or option rights, or as a result of compliance with a
conversion obligation. The amount needed for the provisions for post-employment ben-
efit obligations at the average market interest rate of the past
The Executive Board was authorized to determine the further de-
seven fiscal years (1.60%) exceeded the applied amount needed
tails of the implementation of a contingent capital increase.
for pension provisions at the average market interest rate of the
ADDITIONAL PAID-IN CAPITAL past ten fiscal years (2.30%) by €72 million. This difference is sub-
Additional paid-in capital comprises the premium arising from the ject to a restriction on distribution in accordance with § 253 (6)
issue of shares by Beiersdorf AG. HGB.
RETAINED EARNINGS Assets that serve solely to settle liabilities from post-employment
The Annual General Meeting on April 29, 2020, resolved to trans- benefit obligations and that are exempt from attachment by all
fer €17 million from net retained profits for fiscal year 2019 to other other creditors are offset against the provisions at their fair value.
retained earnings. €18 million of the profit after tax for fiscal year The fair value of assets invested in mixed-use funds, which has
2020 was transferred to other retained earnings. been offset against the amount needed to satisfy the obligations,
was €87 million as of the balance sheet date (previous year: €76
DISCLOSURES ON AMOUNTS SUBJECT TO RESTRICTIONS
million; cost: €85 million).
ON DISTRIBUTION
An amount of €2 million subject to a restriction on distribution in
accordance with § 268 (8) HGB was produced on the difference
resulting from the measurement of assets whose fair value ex-
ceeds cost, after deduction of the deferred tax liabilities recog-
nized for this purpose.
The difference between provisions for post-employment benefit

obligations based on the average market interest rate of the past
ten fiscal years and provisions based on the average market inter-
est rate of the past seven fiscal years amounting to €72 million is
banned from distribution in accordance with § 253 (6) HGB.
20 Other Provisions 21 Liabilities
(IN € MILLION) (IN € MILLION)

Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2020
Provisions for taxes 10 39 Liabilities to banks 263 39

Miscellaneous provisions 222 227 Trade payables 80 86
(thereof for personnel expenses) (89) (86) Liabilities to affiliated companies 2,675 2,954
(thereof for marketing and selling expenses) (66) (65) Other liabilities 8 172
(thereof other) (67) (76) (thereof tax liabilities) (5) (4)
Sum 232 266 (thereof social security liabilities) (–) (–)
Sum 3,026 3,251
Other provisions include all identifiable future payment obliga-
tions, risks, and uncertain obligations of the company. They are Liabilities are recognized at their settlement amount at the bal-
measured using the settlement amount dictated by prudent busi- ance sheet date.
ness judgment to fund future payment obligations. Provisions ex-
pected to be settled after more than one year are discounted at Liabilities in foreign currency due within one year are translated at
the average market interest rate for the past seven years corre- the middle spot rate on the balance sheet date. Non-current for-
sponding to their remaining maturity. eign currency liabilities are recognized at the closing rate on the
balance sheet date or at the higher rate at the transaction date.
Provisions for personnel expenses primarily comprise provisions Hedged foreign currency liabilities are carried at the hedge rate.
for obligations relating to flextime account balances, annual bo- There are no liabilities in foreign currency due after more than one
nuses, vacation pay, severance agreements, and anniversary pay- year (previous year: €0 million).
ments. Obligations relating to flextime account balances are offset
against the corresponding dedicated asset – mixed-use funds of In order to optimize asset and liquidity management during the
€26 million (previous year: €25 million) – in this item. persistently low interest rate situation, short-term liabilities to
banks in the amount of €39 million (previous year: €263 million)
The provisions for marketing and selling expenses relate in partic- were used.
ular to cooperative advertising allowances, rebates, and returns.
Liabilities to affiliated companies largely comprise financial liabili-
The other provisions relate in particular to outstanding invoices ties of €2,901 million (previous year: €2,615 million) and trade pay-
and litigation risks. ables of €44 million (previous year: €52 million).
Other liabilities to affiliated companies include short-term liabili-

ties to TROMA Alters- und Hinterbliebenenstiftung, Hamburg (Bei-
ersdorf pension fund) of €163 million (previous year: €0 million)
related to the investment of TROMA plan assets.
Of the other liabilities, none (previous year: €0 million) are due in

more than one year. The liabilities are not collateralized.
18
Other Disclosures
22 Contingent Liabilities, Other Financial 23 Derivative Financial Instruments

Obligations, and Legal Risks
Beiersdorf AG’s Corporate Treasury department is responsible for
(IN € MILLION) central currency and interest rate management within the Beiers-
Dec. 31, 2019 Dec. 31, 2020 dorf Group, and hence for all transactions involving financial de-
Contingent liabilities rivatives. Derivative financial instruments are used to hedge the
Obligations under guarantees and letters of com- operational business and material financial transactions. Beiers-
fort 55 5
dorf AG is not exposed to any additional risks as a result. The
(thereof for affiliated companies) (50) (–)
transactions are conducted exclusively with marketable instru-
ments.
Other financial obligations
Obligations under rental CURRENCY RISKS
agreements and leases 14 9
Currency risk is the risk that the fair value or future cash flows of
Obligations under purchase
commitments for investments 5 3 financial instruments will fluctuate because of exchange rate
Sum 19 12 movements.
As a matter of principle, currency risks relating to cross-border in-

OTHER FINANCIAL OBLIGATIONS
Obligations from rental and lease agreements primarily relate to tragroup financing are hedged centrally by Beiersdorf AG in full
the leasing of real estate and company cars and are reported at and at matching maturities using currency forwards. These hedg-
the total amount due until the earliest termination deadline. ing activities mean that Beiersdorf was not exposed to material
currency risks from financing activities as of the reporting date.
The risk of contingent liability claims being asserted is considered The effect on earnings of currency forwards is offset by equivalent
to be low due to the good net assets, financial position and results fluctuations in the value of the underlying transactions.
of operations of the affiliated companies concerned.
At operational level, as a general rule, most of the net cash flows
LEGAL RISKS in foreign currency planned for the next 12 months within the Bei-
The claim for damages from the liquidator of Schlecker e. K. with ersdorf Group are hedged externally by Beiersdorf AG using
reference to German antitrust proceedings already concluded, standard currency forwards; these currency forwards are then
which has been pending since 2016, was rejected by the courts of largely passed on at matching maturities to Group companies.
first and second instance. Leave to appeal was denied. The plaintiff
has filed a complaint against this decision to deny leave to appeal. As of the balance sheet date, the changes in the market values of
The proceedings are also directed against six other companies. the hedging instruments were offset in full by the changes in the
The claim for compensation, which involves joint and several lia- cashflows of the underlying transactions. The effectiveness of the
hedge relationships are assessed using the critical terms method.
bility of all defendants, totals approximately €200 million plus in-
terest. A further claim in connection with these antitrust proceed- All of these transactions are recorded, measured, and managed
ings was also dismissed in the first instance. This decision is being centrally in the treasury management system.
appealed. A decision is still pending on other claims for damages
made in and out of court in connection with concluded antitrust The notional value of the currency forwards at the balance sheet
proceedings. Beiersdorf contests these claims. date was €2,102 million (previous year: €2,317 million). Of this
amount, €2,098 million is due within one year. The notional values
Assessments of the course and results of legal disputes are asso-
represent the aggregate of all purchase and selling amounts for
ciated with considerable difficulty and uncertainty. Based on the
derivatives. The notional values shown are not netted.
information available as of the balance sheet date, we do
not expect these disputes to result in significant charges for
The fair value of the currency forwards at the balance sheet date
Beiersdorf AG.
was €–7 million (previous year: €–1 million). The fair value is cal-
culated by measuring the outstanding items at market prices at
the balance sheet date. At Beiersdorf AG, the derivatives entered
into with banks and the offsetting transactions passed on to the
subsidiaries or the contracts representing the underlying transac-
tions constitute hedges. Provisions of €2 million were required at
the balance sheet date for expected losses from negative market
values for derivative financial instruments that are not included in
hedge accounting (previous year: €0 million).
Beiersdorf AG Annual Financial Statements 2020 / Other Disclosures 19
INTEREST RATE RISK 25 Disclosures on the Supervisory and

Interest rate risk is the risk that the fair value or future cash flows
Executive Boards
of financial instruments will fluctuate because of changes in mar-
ket interest rates. For fiscal year 2020, the members of the Supervisory Board re-
ceived remuneration totaling €1,451 thousand (previous year: €
Beiersdorf holds very few long-term financial instruments that are
1,637 thousand) and the Executive Board received total remuner-
not measured at amortized cost and no interest rate derivatives.
ation (including additions to provisions for Enterprise Value Com-
Consequently, fair value changes are of minor significance for Bei-
ersdorf. The short- and long-term bonds held are not exposed to ponents) totaling €7,981 thousand (previous year: €17,218 thou-
interest rate risk, since they are held to maturity in line with the sand). For information on the principles of the system governing
investment strategy applied. Interim fluctuations in value are tol- Executive and Supervisory Board remuneration and the amount of
erated. members’individual remuneration, please refer to the remunera-
tion report. Payments to former members of the Executive Board
DEFAULT RISK
and their surviving dependents totaled €3,800 thousand (previous
Beiersdorf’s exposure to default risk from external financial assets
year: €4,523 thousand). Provisions for pension commitments to
is limited, since such investments are only entered into with se-
former members of the Executive Board and their surviving de-
lected counterparties with good credit ratings. Maximum limits
pendents totaled €62,072 thousand (previous year: €58,588 thou-
have been set for investments with partner banks and securities
issuers (counterparty limits). Beiersdorf regularly checks the in- sand).
vestments actually made against these limits. The bulk of Beiers-
Members of the Executive and Supervisory Boards did not receive
dorf’s liquidity is invested in low-risk securities, such as govern-
any loans from the Company.
ment or corporate bonds.
Beiersdorf AG discloses details on the components of Executive
The positive fair values of derivatives are exposed in principle to
and Supervisory Board remuneration in its remuneration report.
default risk relating to the non-fulfillment of contractual obliga-
The remuneration report is part of the combined management re-
tions by counterparties. External counterparties are banks for
port and can be accessed online at WWW.BEIERSDORF.DE.
which Beiersdorf considers the risk of default to be extremely low.
26 Auditors’ Fees
24 Employees by Function
The Annual General Meeting on April 29, 2020, elected Ernst &
AVERAGE NUMBER DURING THE YEAR
Young GmbH Wirtschaftsprüfungsgesellschaft as auditors for fis-
2019 2020
cal year 2020. The total fees invoiced by Ernst & Young GmbH
Research and development 684 691
312 310
Wirtschaftsprüfungsgesellschaft for Beiersdorf AG and the subsid-
Supply chain
604 631
iaries under its control for the fiscal year are contained in the rele-
Sales and marketing
688 692
vant notes to the consolidated financial statements.
Other functions
Sum 2,288 2,324
Non-audit services in fiscal year 2020 mainly comprised the vol-
untary limited assurance engagement on the combined non-finan-
cial report, voluntary audits of the annual financial state-ments, re-
views, particularly of the condensed interim consoli-dated finan-
cial statements and interim Group management report for the pe-
riod from January 1, 2020 to June 30, 2020, agreed-upon proce-
dures, and other legally prescribed, contrac-tually agreed, or vol-
untarily requested assurance services.
20
27 List of Shareholdings
The following list shows those companies and equity interests in which Beiersdorf AG holds shares and/or voting rights of more than 5%
on the balance sheet date.
BEIERSDORF AG’S SHAREHOLDINGS

Germany Profit/loss for
Equity as of fiscal year
Dec. 31, 2020 2020
Equity (in accordance (in accordance
interest with IFRSs) with IFRSs)
Name of the company Registered office (in %) in € thousand in € thousand
La Prairie Group Deutschland GmbH1 Baden-Baden 100.00 3,879 0

Produits de Beauté Produktions GmbH1 Baden-Baden 100.00 13,060 0
Beiersdorf Manufacturing Berlin GmbH1 Berlin 100.00 3,674 0
GUHL IKEBANA GmbH Darmstadt 10.00 9,324 402
Beiersdorf Beteiligungs GmbH Gallin 100.00 831,232 57,491
Tape International GmbH Gallin 100.00 109 14
tesa Grundstücksverwaltungsgesellschaft mbH & Co. KG Gallin 100.00 16,088 7,427
Beiersdorf Customer Supply GmbH Hamburg 100.00 110,852 13,443
Beiersdorf Dermo Medical GmbH3 Hamburg 100.00 575 95
Beiersdorf Hautpflege GmbH2 Hamburg 100.00 0 0
Beiersdorf Immo GmbH3 Hamburg 100.00 44 2
Beiersdorf Immobilienentwicklungs GmbH3 Hamburg 100.00 2,557 312
Beiersdorf Manufacturing Hamburg GmbH1 Hamburg 100.00 23,195 0
Beiersdorf Shared Services GmbH1 Hamburg 100.00 28,952 0
Next Commerce Accelerator Beteiligungsgesellschaft
mbH & Co. KG2 Hamburg 9.90 0 0
Next Commerce Accelerator 2. Beteiligungsgesellschaft
mbH & Co. KG2 Hamburg 7.03 0 0
Phanex Handelsgesellschaft mbH1 Hamburg 100.00 28 0
T.D.G. Vertriebs GmbH & Co. KG3 Hamburg 100.00 1,322 –1,047
T.D.G. Vertriebs Verwaltungs GmbH2,3 Hamburg 100.00 0 1
tesa Converting Center GmbH1 Hamburg 100.00 1,396 0
tesa Werk Hamburg GmbH1 Hamburg 100.00 19,816 0
Ultra Kosmetik GmbH Hamburg 100.00 88 –1
W5 Immobilien GmbH & Co. KG Hamburg 100.00 4,960 –97
WINGMAN-STUDIOS GmbH3 Hamburg 100.00 1,901 –680
tesa nie wieder bohren GmbH Hanau 100.00 –111 –818
tesa scribos GmbH1 Heidelberg 100.00 1,882 0
tesa Labtec GmbH Langenfeld 100.00 –929 1,064
tesa SE Norderstedt 100.00 635,044 119,328
tesa Werk Offenburg GmbH1 Offenburg 100.00 3,848 0
Brain Trust GmbH2 Schwanewede 35.65 0 0
Polymount Deutschland GmbH2 Waghäusel 100.00 0 0
Beiersdorf Manufacturing Waldheim GmbH1 Waldheim 100.00 21,535 0
Europe Profit/loss for

Dec. 31, 2020 2020
Beiersdorf CEE Holding GmbH AT, Vienna 100.00 861,849 93,024

Beiersdorf Ges mbH AT, Vienna 100.00 14,439 12,915
La Prairie Group Austria GmbH AT, Vienna 100.00 1,730 1,255
Skin Care Emerging Markets GmbH AT, Vienna 100.00 27 –8
tesa GmbH AT, Vienna 100.00 959 563
S-Biomedic NV2 BE, Berse 16.32 0 0
SA Beiersdorf NV BE, Brussels 100.00 134,172 13,014
tesa sa-nv BE, Brussels 100.00 2,496 525
Beiersdorf Bulgaria EOOD BG, Sofia 100.00 2,548 873
tesa tape Schweiz AG CH, Bergdietikon 100.00 1,046 786
Swiss Cosmetics Production AG CH, Berneck 35.00 –1,092 –1,150
Beiersdorf AG CH, Reinach 100.00 28,105 21,588
La Prairie Group AG CH, Volketswil 100.00 194,827 123,433
Laboratoires La Prairie SA CH, Volketswil 100.00 16,835 15,700
Beiersdorf spol. s.r.o. CZ, Prague 100.00 6,818 4,023
tesa tape s.r.o. CZ, Prague 100.00 3,132 744
tesa A/S DK, Birkerød 100.00 4,158 462
Beiersdorf A/S DK, Copenhagen 100.00 3,879 2,144
Beiersdorf Manufacturing Argentona, S.L. ES, Argentona 100.00 16,188 –2,461
tesa tape S.A. ES, Argentona 100.00 2,812 813
La Prairie Group Iberia S.A.U. ES, Madrid 100.00 –1,241 –1,070
Beiersdorf Holding, S.L. ES, Tres Cantos 100.00 259,445 55,054
Beiersdorf Manufacturing Tres Cantos, S.L. ES, Tres Cantos 100.00 21,908 3,482
Beiersdorf S.A. ES, Tres Cantos 100.00 7,537 12,852
Beiersdorf Oy FI, Turku 100.00 5,464 3,347
tesa Oy FI, Turku 100.00 378 156
FR,
La Prairie Group France S.A.S. Boulogne-Billancourt 100.00 2,848 –53
Beiersdorf Holding France FR, Paris 100.00 170,803 12,196
Beiersdorf s.a.s. FR, Paris 99.91 47,339 4,356
FR, Saint Paul en Ga-
SARL Polymount France2 tine 100.00 0 0
tesa s.a.s. FR, Savigny-le-Temple 100.00 2,271 1,021
Beiersdorf UK Ltd. GB, Birmingham 100.00 31,098 23,263
FormFormForm Ltd. GB, London 100.00 –2,856 –1,446
La Prairie (UK) Limited GB, London 100.00 1,178 –1,572
tesa UK Ltd. GB, Milton Keynes 100.00 4,737 888
The Salford Valve Company Ltd. GB, York 12.35 1,919 –815
Beiersdorf Hellas A.E. GR, Gerakas 100.00 21,492 2,215
tesa tape A.E. GR, Gerakas 100.00 1,438 356
Beiersdorf d.o.o. HR, Zagreb 100.00 5,405 3,269
Beiersdorf Kft. HU, Budapest 100.00 7,297 3,622
Tartsay Beruházó Kft. HU, Budapest 100.00 870 2
tesa tape Ragasztószalag Termelö és
Kereskedelmi Kft. HU, Budapest 100.00 1,988 598
Beiersdorf ehf IS, Reykjavík 100.00 587 389
Comet SpA IT, Concagno Solbiate 100.00 17,966 2,845
Beiersdorf SpA IT, Milan 100.00 20,206 7,292
La Prairie SpA IT, Milan 100.00 5,032 207
22
Europe (continued) Profit/loss for

Dec. 31, 2020 2020
tesa SpA IT, Vimodrone 100.00 4,332 1,130

Beiersdorf Kazakhstan LLP KZ, Almaty 100.00 3,069 3,230
tesa tape UAB LT, Vilnius 100.00 903 176
Guhl Ikebana Cosmetics B.V. NL, Almere 10.00 1,352 382
Beiersdorf Holding B.V. NL, Amsterdam 100.00 1,439,876 76,955
Beiersdorf NV NL, Amsterdam 100.00 38,667 15,304
Skin Fakulty B.V.2,3 NL, Amsterdam 49.00 1,000 0
tesa Western Europe B.V. NL, Amsterdam 100.00 547 444
tesa BV NL, Hilversum 100.00 1,182 800
tesa TL B.V. NL, Nijkerk 100.00 4,774 3,472
Beiersdorf AS NO, Oslo 100.00 305 0
tesa AS NO, Oslo 100.00 584 227
Beiersdorf Manufacturing Poznan Sp. z o.o. PL, Poznan 100.00 42,756 4,266
NIVEA Polska Sp. z o.o. PL, Poznan 100.00 88,189 27,618
tesa tape Sp. z o.o. PL, Poznan 100.00 1,513 598
Beiersdorf Portuguesa, Limitada PT, Queluz 100.00 10,227 4,542
tesa Portugal - Produtos Adesivos, Lda. PT, Queluz 100.00 666 59
Beiersdorf Romania s.r.l. RO, Bucharest 100.00 4,380 3,158
tesa tape s.r.l. RO, Cluj-Napoca 100.00 827 445
Beiersdorf d.o.o. RS, Belgrade 100.00 8,821 2,994
Beiersdorf LLC RU, Moscow 100.00 9,873 10,126
La Prairie Group (RUS) LLC RU, Moscow 100.00 –151 –375
tesa tape OOO RU, Moscow 100.00 2,746 1,614
Beiersdorf Aktiebolag SE, Gothenburg 100.00 11,134 7,195
Beiersdorf Nordic Holding AB SE, Gothenburg 100.00 116,153 14,204
tesa AB SE, Kungsbacka 100.00 1,288 720
Beiersdorf d.o.o. SI, Ljubljana 100.00 118,021 1,231
tesa tape posrednistvo in trgovina d.o.o. SI, Ljubljana 100.00 373 –75
Beiersdorf Slovakia, s.r.o. SK, Bratislava 100.00 5,257 3,708
tesa Bant Sanayi ve Ticaret A.S. TR, Istanbul 100.00 4,484 3,045
Beiersdorf Ukraine LLC UA, Kiev 100.00 2,144 3,484
Americas Profit/loss for

Dec. 31, 2020 2020
Beiersdorf S.A. AR, Buenos Aires 100.00 14,081 2,126

tesa tape Argentina S.R.L. AR, Buenos Aires 100.00 805 302
BO,
Beiersdorf S.R.L. Santa Cruz de la Sierra 100.00 3,907 736
tesa Brasil Ltda. BR, Curitiba 100.00 2,585 715
Beiersdorf Indústria e Comércio Ltda. BR, Itatiba 100.00 66,301 –1,965
BDF NIVEA LTDA. BR, São Paulo 100.00 66,196 8,681
Beiersdorf Canada Inc. CA, Saint-Laurent 100.00 37,061 562
Beiersdorf Chile S.A. CL, Santiago de Chile 100.00 30,930 6,576
Beiersdorf S.A. CL, Santiago de Chile 100.00 23,456 –1,685
tesa tape Chile SA CL, Santiago de Chile 100.00 3,061 530
Beiersdorf S.A. CO, Bogotá 100.00 8,665 3,364
tesa tape Colombia Ltda. CO, Santiago de Cali 100.00 2,352 186
BDF Costa Rica, S.A. CR, San José 100.00 2,103 1,325
Beiersdorf, SRL DO, Santo Domingo 100.00 897 177
Beiersdorf S.A. EC, Quito 100.00 4,236 2,025
BDF Centroamérica, S.A. GT, Guatemala City 100.00 4,611 2,167
tesa tape Centro América S.A. GT, Guatemala City 100.00 1,386 331
BDF Corporativo, S.A. de C.V. MX, Mexico City 100.00 3,594 626
BDF México, S.A. de C.V. MX, Mexico City 100.00 29,055 6,999
tesa tape México, S.A. de C.V. MX, Mexico City 100.00 5,177 –1,354
Beiersdorf Manufacturing México, S.A. de C.V. MX, Silao 100.00 103,797 5,318
Beiersdorf Manufacturing México Servicios,
S.A. de C.V. MX, Silao 100.00 2,716 485
BDF Panamá, S.A. PA, Panama City 100.00 2,697 2,167
HUB LIMITED S.A. PA, Panama City 100.00 –2,300 14
Beiersdorf S.A.C. PE, Lima 99.81 4,957 1,592
Beiersdorf S.A. PY, Asunción 100.00 4,775 1,041
BDF El Salvador, S.A. de C.V. SV, San Salvador 100.00 961 314
tesa tape inc. US, Charlotte, NC 100.00 34,534 1,808
Beiersdorf Manufacturing, LLC US, Cleveland, TN 100.00 19,836 –827
LaPrairie.com LLC US, Edison, NJ 100.00 0 0
La Prairie, Inc. US, New York City, NY 100.00 33,852 5,086
Functional Coatings LLC US, Newburyport, MA 98.67 20,548 2,740
tesa TL LLC US, Newnan, GA 100.00 2,031 –160
tesa Plant Sparta LLC US, Sparta, MI 100.00 24,008 1,486
Sugru Inc. US, Wilmington, DE 100.00 0 0
tesa Functional Coatings Inc. USA US, Wilmington, DE 98.67 –2,423 –1,431
Beiersdorf, Inc. US, Wilton, CT 100.00 144,415 –3,359
Beiersdorf North America Inc. US, Wilton, CT 100.00 310,698 –402
Beiersdorf S.A. UY, Montevideo 100.00 2,112 317
Beiersdorf S.A. VE, Caracas 100.00 –56 –68
24
Africa/Asia/Australia Profit/loss for

Dec. 31, 2020 2020
Beiersdorf Middle East FZCO AE, Dubai 100.00 5,206 –3,891

Beiersdorf Near East FZ-LLC AE, Dubai 100.00 18,871 7,502
Beiersdorf Australia Ltd. AU, North Ryde, NSW 100.00 25,754 6,383
Beiersdorf Health Care Australia Pty. Ltd. AU, North Ryde, NSW 100.00 5,002 2,182
La Prairie Group Australia Pty. Ltd. AU, Rosebery, NSW 100.00 7,499 1,570
tesa tape Australia Pty. Ltd. AU, Sydney, NSW 100.00 2,801 308
Beiersdorf Hong Kong Limited CN, Hong Kong 100.00 –7,548 –18,557
La Prairie Hong Kong Limited CN, Hong Kong 100.00 4,333 460
tesa tape (Hong Kong) Limited CN, Hong Kong 100.00 21,690 5,144
Beiersdorf Trading (Shanghai) Co., Ltd. CN, Shanghai 100.00 407 10
La Prairie (Shanghai) Co., Ltd. CN, Shanghai 100.00 23,896 26,048
NIVEA (Shanghai) Company Limited CN, Shanghai 100.00 –22,118 –26,804
tesa tape (Shanghai) Co., Ltd. CN, Shanghai 100.00 81,524 74,210
tesa Plant (Suzhou) Co., Ltd. CN, Suzhou 100.00 34,083 2,679
tesa tape (Suzhou) Co., Ltd. CN, Suzhou 100.00 400 580
Beiersdorf Daily Chemical (Wuhan) Co., Ltd. CN, Wuhan 100.00 16,608 20,686
Beiersdorf Personal Care (China) Co., Ltd. CN, Xiantao 100.00 –2,904 –15,097
Beiersdorf Egypt for Trading JSC EG, Kairo 100.00 366 85
Beiersdorf LLC EG, Kairo 100.00 39 18
Beiersdorf Nivea Egypt LLC EG, Cairo 100.00 5,306 1,968
Beiersdorf Ghana Limited GH, Accra 100.00 2,867 1,746
P.T. Beiersdorf Indonesia ID, Jakarta 80.00 –1,841 –5,051
Alpa-BDF Ltd. IL, Herzeliya 60.00 –105 –2,733
Beiersdorf India Pvt. Limited IN, Mumbai 51.00 3,540 452
Beiersdorf India Service Private Limited IN, Mumbai 100.00 2,466 284
NIVEA India Pvt. Ltd. IN, Mumbai 100.00 43,127 –3,586
tesa tapes (India) Private Limited IN, Navi Mumbai 100.00 3,738 1,859
Beiersdorf Holding Japan Yugen Kaisha JP, Tokyo 100.00 72,827 25,137
La Prairie Japan K.K. JP, Tokyo 100.00 –4,657 –3,515
Nivea-Kao Co., Ltd. JP, Tokyo 60.00 42,439 41,558
tesa tape K.K. JP, Tokyo 100.00 8,076 2,834
Beiersdorf East Africa Limited KE, Nairobi 100.00 5,503 316
Alkynes Co. Ltd.3 KR, Gyeonggi-do 31.43 24,840 3,295
Beiersdorf Korea Limited KR, Seoul 100.00 6,766 –492
La Prairie Korea Limited KR, Seoul 100.00 30,112 30,112
LYCL Inc. KR, Seoul 24.09 2,761 –2,524
tesa tape Korea Limited KR, Seoul 100.00 3,452 3,537
Beiersdorf S.A. MA, Casablanca 100.00 7,724 2,558
Beiersdorf (Myanmar) Ltd., MM, Rangoon 100.00 1,410 –454
tesa tape (Malaysia) Sdn. Bhd. MY, Kajang 96.25 5,241 323
tesa tape Industries (Malaysia) Sdn. Bhd. MY, Kajang 96.25 2,156 371
Beiersdorf (Malaysia) SDN. BHD. MY, Petaling Jaya 100.00 –775 811
Beiersdorf Nivea Consumer Products Nigeria Limited NG, Lagos 100.00 5,044 –1,347
Beiersdorf Pakistan (Private) Limited PK, Lahore 100.00 2,423 –880
PH, Bonifacio Global
Beiersdorf Philippines Incorporated City 100.00 –1,890 –1,794
Turath Al-Bashara for Trading Limited
(Skin Heritage for Trading) SA, Jeddah 70.00 16,698 8,540
Beiersdorf Singapore Pte. Ltd. SG, Singapore 100.00 349 1
Africa/Asia/Australia (continued) Profit/loss for

Dec. 31, 2020 2020
tesa tape Asia Pacific Pte. Ltd. SG, Singapore 100.00 79,257 75,133
Beiersdorf (Thailand) Co., Ltd. TH, Bangkok 100.00 146,571 45,399
tesa tape (Thailand) Limited TH, Bangkok 90.57 1,554 1,174
NIVEA Beiersdorf Turkey
Kozmetik Sanayi ve Ticaret A.S. TR, Istanbul 100.00 34,746 3,339
La Prairie (Taiwan) Limited TW, Taipei 100.00 –922 –90
NIVEA (Taiwan) Ltd. TW, Taipei 100.00 393 563
tesa Vietnam Limited VN, Hanoi 100.00 864 744
Beiersdorf Vietnam Limited Liability Company VN, Ho Chi Minh City 100.00 –3,193 –475
Beiersdorf Consumer Products (Pty.) Ltd. ZA, Umhlanga 100.00 20,102 13,803
1 Since these companies have entered into a profit and loss transfer agreement, the accounting profit according to commercial law (HGB) is presented after the transfer of profit and loss.
2 Figures for 2020 were not available at the date of publication.
3 Preliminary data.
26
28 Shareholdings in Beiersdorf AG shares) held by Beiersdorf Aktiengesellschaft in accordance

with § 22 (1) sentence 1 no. 1 in conjunction with sentence 3
Beiersdorf AG received the following notifications in accordance WpHG (former version), the disclosers in accordance with
with the provisions of the Wertpapierhandelsgesetz (German Se- § 21 (1) WpHG (former version) each exceeded the 50% thresh-
curities Trading Act, WpHG), by the preparation date of the bal- old for the first time as of February 3, 2004, and each held a
ance sheet (February 16, 2021).* In each case, the disclosures rep- 59.95% share (50,360,072 voting rights) in Beiersdorf Aktieng-
resent the discloser’s most recent notification to the company, un- esellschaft as of this date. This increase was solely the result of
less additional notifications are required to be provided for rea- the attribution of the own shares held by Beiersdorf Aktieng-
sons of transparency. esellschaft in accordance with § 22 (1) sentence 1 no. 1 in con-
junction with sentence 3 WpHG (former version).**
1.
The disclosers’ total share of voting rights as of March 30, 2004,
a) Voting rights notifications in accordance with § 21 (1) WpHG
amounted to 60.45% (50,780,072 voting rights) in each case in-
(former version) dated April 2, 2004, April 14, 2004, and
stead of 50.46% (42,386,400 voting rights).**
April 16, 2004. The persons subject to the disclosure require-
ment (the “disclosers”) listed in the table below notified Beiers- All shares of voting rights were attributable to the disclosers,
dorf Aktiengesellschaft on April 2, 2004, April 14, 2004, and with the exception of Tchibo Holding AG (now renamed to max-
April 16, 2004, in accordance with § 21 (1) WpHG (former ver- ingvest ag), in accordance with § 22 (1) sentence 1 no. 1 in con-
sion) that they had, for the first time, exceeded the 50% thresh- junction with sentence 3 WpHG (former version). 30.36%
old and held 50.46% (42,386,400 voting rights) of Beiersdorf (25,500,805 voting rights) was attributable to Tchibo Holding
Aktiengesellschaft as of March 30, 2004. AG in accordance with § 22 (1) sentence 1 no. 1 in conjunction
with sentence 3 WpHG (former version); at the time, it directly
After adjustment for Beiersdorf Aktiengesellschaft’s share buy-
held 20.10% (16,884,000 voting rights).
back program, which was implemented on February 3, 2004,
and the resulting attribution of the 9.99% (8,393,672 own
* The following disclosures do not reflect the 1:3 share split resolved by the company’s Annual General Meeting on May 17, 2006, because they were received before this date. As a result of this
share split, each no-par-value share of the company with a notional interest in the share capital of €2.56 was split into three no-par-value shares with a notional interest in the share capital of
€1.00 each (following the increase of the share capital without issuance of new shares).
** Due to a change in the administrative practice of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – the Federal Financial Supervisory Authority) in December 2014 concerning the
attribution of own shares, own shares held by the issuer are no longer counted toward a shareholder’s share of voting rights.
The chains of controlled companies are as follows:
Disclosures in accordance with § 17 (2) Verordnung zur Konkretisierung von Anzeige-, Mitteilungs- und Verö-
ffentlichungspflichten sowie der Pflicht zur Führung von Insiderverzeichnissen nach dem Wertpapierhan-
Discloser’s domicile and delsgesetz (Regulation setting out in detail the disclosure, notification, and announcement duties as well as
the duty to maintain a list of insiders in accordance with the WpHG, WpAIV) (former version) (controlled
country of residence
companies via which the voting rights are effectively held and whose attributed share of the voting rights
Discloser* or of domicile amounts to 3% or more) at the time of § 17 (1) no. 6 WpAIV (former version)
SPM Beteiligungs- und Verwaltungs Norderstedt, Germany Trivium Vermögensverwaltungs GmbH, Tchibo Holding AG,
GmbH (now renamed S.P.M. Beteiligungs- und Verwal- (now with registered office in Tchibo Beteiligungsgesellschaft mbH, Vanguard Grundbesitz GmbH,
tungs GmbH) Hamburg, Germany) Beiersdorf Aktiengesellschaft
EH Real Grundstücksverwaltungs- Norderstedt, Germany Scintia Vermögensverwaltungs GmbH, EH Real Grundstücksgesellschaft mbH & Co. KG,
gesellschaft mbH (now with registered office in Tchibo Holding AG, Tchibo Beteiligungsgesellschaft mbH,
(now renamed E. H. Real Vermögensverwaltungs GmbH) Hamburg, Germany) Vanguard Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Scintia Vermögensverwaltungs GmbH Norderstedt, Germany Tchibo Holding AG, Tchibo Beteiligungsgesellschaft mbH,
(now with registered office in Vanguard Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Hamburg, Germany)
Trivium Vermögensverwaltungs GmbH Norderstedt, Germany Tchibo Holding AG, Tchibo Beteiligungsgesellschaft mbH,
(now with registered office in Vanguard Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Hamburg, Germany)
Michael Herz Germany SPM Beteiligungs- und Verwaltungs GmbH, Trivium Vermögensverwaltungs GmbH,
Tchibo Holding AG, Tchibo Beteiligungsgesellschaft mbH,
Vanguard Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Wolfgang Herz Germany EH Real Grundstücksverwaltungsgesellschaft mbH, EH Real Grundstücksgesellschaft mbH &
Co. KG, Scintia Vermögensverwaltungs GmbH, Tchibo Holding AG, Tchibo Beteiligungsge-
sellschaft mbH, Vanguard Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Max und Ingeburg Herz Stiftung Norderstedt, Germany Tchibo Holding AG, Tchibo Beteiligungsgesellschaft mbH, Vanguard
(now with registered office in Grundbesitz GmbH, Beiersdorf Aktiengesellschaft
Hamburg, Germany)
maxingvest ag Hamburg, Germany Tchibo Beteiligungsgesellschaft mbH, Vanguard Grundbesitz GmbH,

(named Tchibo Holding AG until September 12, 2007) Beiersdorf Aktiengesellschaft
* The following parties have since disclosed that they hold 0% (0 voting rights): EH Real Grundstücksgesellschaft mbH & Co. KG (Norderstedt, Germany); Agneta Peleback-Herz (Germany);
Joachim Herz, represented by the Joachim Herz Stiftung as his legal successor (Hamburg, Germany); Coro Vermögensverwaltungsgesellschaft mbH (Hamburg, Germany); Ingeburg Herz
GbR (Norderstedt, Germany). Ingeburg Herz passed away during fiscal year 2015.
28
To clarify: The own shares held by Beiersdorf Aktiengesellschaft 2. During fiscal year 2020 and at the beginning of fiscal year 2021,
do not bear voting or dividend rights in accordance with § 71b BlackRock, Inc., Wilmington, DE, United States, submitted sev-
AktG. eral voting rights notifications in accordance with § 33 et seq.
WpHG through which BlackRock, Inc. – on its own behalf and on
b) Voting rights notification in accordance with § 21 (1) WpHG (for- behalf of a number of subsidiaries – disclosed on several occa-
mer version) dated December 29, 2004. The voting rights noti- sions that the companies listed in the notifications had ex-
fication issued on December 29, 2004, by Tchibo Holding AG in ceeded or fallen below the threshold of 3% of the voting rights
accordance with § 21 (1) WpHG (former version) disclosed that in Beiersdorf Aktiengesellschaft. According to the latest notifi-
Tchibo Beteiligungsgesellschaft mbH (now renamed to BBG Be- cation dated February 12, 2021, on February 9, 2021, a 3.03%
teiligungsgesellschaft mbH) exceeded the 50% threshold for the share of voting rights stemming from shares in Beiersdorf Ak-
first time when it acquired 20.10% of the voting rights in Beiers- tiengesellschaft was attributable to BlackRock, Inc. and a num-
dorf Aktiengesellschaft from Tchibo Holding AG, and that it held ber of its subsidiaries in accordance with § 34 WpHG. In addi-
50.46% (42,386,400 voting rights) of Beiersdorf Aktiengesell- tion, at this point in time BlackRock, Inc. and a number of its
schaft as of December 22, 2004. subsidiaries were direct of indirect holders of financial instru-
ments pursuant to § 38 WpHG relating to 0.15% of the voting
After adjustment for Beiersdorf Aktiengesellschaft’s share buy-
rights stemming from shares in Beiersdorf Aktiengesellschaft.
back program, which was implemented on February 3, 2004,
and the now performed attribution in accordance with § 22 (1) 3. In accordance with § 25 (1) sentence 3 in conjunction with
sentence 1 no. 1 in conjunction with sentence 3 WpHG (former § 21 (1) sentence 1 WpHG (former version), Beiersdorf Aktieng-
version) of the 9.99% (8,393,672 own shares) acquired as part esellschaft also announced that it had exceeded the threshold
of the buyback program, Tchibo Beteiligungsgesellschaft mbH of 5% of the voting rights in its own company on February 3,
exceeded the 50% threshold in accordance with § 21 (1) WpHG 2004, and that a share of 9.99% has been attributable to it since
(former version) for the first time as of December 22, 2004, and then. The own shares held by the company do not bear voting
held 60.45% of the voting rights in Beiersdorf Aktiengesellschaft or dividend rights in accordance with § 71b AktG.
(50,780,072 voting rights) as of this date.** A total of 40.35%
(33,894,477 voting rights) was attributable to Tchibo Be- All releases on voting rights notifications in accordance with
teiligungsgesellschaft mbH. The chain of controlled companies § 40 WpHG that Beiersdorf Aktiengesellschaft has made
was as follows: Vanguard Grundbesitz GmbH, Beiersdorf Ak- since January 3, 2018, are available under WWW.BEIERSDORF.COM/IN-
VESTORS/FINANCIAL-REPORTS/
tiengesellschaft. This increase was solely the result of the attrib-
VOTING-RIGHTS-NOTIFICATIONS.
ution of the own shares held by Beiersdorf Aktiengesellschaft in
accordance with § 22 (1) sentence 1 no. 1 in conjunction with 29 Declaration of Compliance with the
sentence 3 WpHG (former version).** German Corporate Governance Code
c) Voting rights notification in accordance with § 21 (1) WpHG (for- In December 2020, Beiersdorf Aktiengesellschaft’s Executive
mer version) dated April 16, 2009. EH Real Grundstücksverwal- Board and Supervisory Board issued their Declaration of Compli-
tungsgesellschaft mbH’s voting rights notification dated ance with the recommendations of the Government Commission
March 11, 2008, has hereby been revoked. EH Real on the German Corporate Governance Code for fiscal year 2020 in
Grundstücksverwaltungsgesellschaft mbH’s share of voting accordance with § 161 AktG. The Declaration of Compliance was
rights also exceeded the 3, 5, 10, 15, 20, 25, 30, and 50% thresh- made permanently accessible to shareholders on the company’s
olds as of January 15, 2007, and continued to do so thereafter website at WWW.BEIERSDORF.COM/DECLARATION_OF_COMPLIANCE.
and, including the 9.99% held by Beiersdorf Aktiengesellschaft
(25,181,016 own shares) after adjustment for the increase of the
share capital from retained earnings without the issue of new
shares and the 1:3 reclassification of the share capital (share
split) in 2006, continued to amount to 60.45% in accordance
with § 22 (1) sentence 1 no. 1 in conjunction with sentence 3
WpHG (former version) (152,340,216 voting rights).**
** Due to a change in the administrative practice of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – the Federal Financial Supervisory Authority) in December 2014 concerning the
attribution of own shares, own shares held by the issuer are no longer counted toward a shareholder’s share of voting rights.
Beiersdorf
Beiersdorf AG
AG Annual
Annual Financial
Statements 2020
2020 // Other
ReportDisclosures
on Post-balance Sheet Date 29
Events
Beiersdorf AG Annual Financial Statements 2020 / Report on Post-Balance Sheet Date Events
Report on Post-balance Sheet Date

Events
No significant events occurred after the end of the fiscal year.

30
Proposal on the Appropriation of

Beiersdorf AG’s Net Retained Profits
(IN €) The amounts specified for the total dividend and for the transfer
2020 to other retained earnings reflect the shares bearing dividend
Profit after tax of Beiersdorf AG 194,336,804.43 rights at the time of the Executive Board’s proposal on the appro-
Transfer to other retained earnings 17,936,804.43 priation of the net retained profits. The own shares held by the
Net retained profits 176,400,000.00 company do not bear dividend rights in accordance with § 71b
AktG.
The Executive Board and the Supervisory Board will propose to
the Annual General Meeting that the net retained profits for fiscal If the number of own shares held by the company at the time of
year 2020 of € 176,400,000.00 should be appropriated as follows: the resolution by the Annual General Meeting on the appropriation
of the net retained profits is higher or lower than at the time of the
(IN €)
Executive Board’s proposal on the appropriation of the net re-
2020
tained profits, the total amount to be distributed to the sharehold-
Distribution of a dividend of €0.70 per
no-par value share bearing dividend rights ers shall be reduced or increased by the portion of the dividend
(226,818,984 no-par value shares) 158,773,288.80 attributable to the difference in the number of shares. The amount
Transfer to other retained earnings 17,626,711.20
to be appropriated to the other retained earnings shall be adjusted
Net retained profits 176,400,000.00
inversely by the same amount. In contrast, the dividend to be dis-
tributed per no-par-value share bearing dividend rights remains
unchanged. If necessary, an appropriately modified proposal for
resolution will be presented to the Annual General Meeting.
Beiersdorf
Beiersdorf AG
AG Annual
Annual Financial
Statements 2020
2020 // Proposal onAG
Beiersdorf theBoards
Appropriation of Beiersdorf AG’s Net Retained Profits 31
Beiersdorf AG Annual Financial Statements 2020 / Beiersdorf AG Boards
Beiersdorf AG Boards
SUPERVISORY BOARD
Name Profession Memberships
Hong Chow General Manager, Roche Pharmaceuticals, China

Reiner Hansert Business Partner tesa & La Prairie Group
Corporate Brand Protection Unit, Beiersdorf AG
Martin Hansson* Member of the Executive Board, maxingvest ag Member of the Supervisory Board:
Deputy Chairman --- Tchibo GmbH
Michael Herz Member of the Executive Board, maxingvest ag Chairman of the Supervisory Board:
(until April 29, 2020) --- Tchibo GmbH
Member of the Supervisory Board:
--- tesa SE (intragroup)
Wolfgang Herz General Manager Participia Holding GmbH Member of the Supervisory Board:
(since April 29, 2020) --- maxingvest ag
--- Tchibo GmbH
Deputy Chairman of the Supervisory Board:
--- Libri GmbH
Chairman of the Supervisory Board:
--- Blume2000 AG
--- TOPP Holding AG
Jan Koltze Regional Head, Industriegewerkschaft Bergbau, Chemie, Energie Member of the Supervisory Board:
--- Aurubis AG
--- ExxonMobil Deutschland Holding
--- maxingvest ag
Dr. Dr. Christine Martel Head of Global Commercial, Head of Special.T Business,
Société des Produits Nestlé S.A., Switzerland, Nestlé Group
Olaf Papier Chairman of the Works Council, Beiersdorf AG Deputy Chairman of the Supervisory Board:
--- Ilume Informatik AG
Frédéric Pflanz Chief Financial Officer, maxingvest ag Member of the Advisory Board (Beirat):
--- meridian Stiftung
Member of the Board of Directors (Verwaltungsrat):
--- Cambiata Schweiz AG, Switzerland
Member of the Board of Directors:
--- Cambiata Ltd., British Virgin Islands
Several intragroup mandates within Aryzta Group
(until November 30, 2020)
Prof. Dr. Reinhard Pöllath Lawyer, P+P Pöllath + Partners, Munich Chairman of the Supervisory Board:
Chairman --- maxingvest ag
--- Wanzl GmbH & Co. KGaA
Member of the Supervisory Board:
--- Wanzl GmbH & Co. Holding KG
Prof. Manuela Rousseau* Head of Corporate Social Responsibility Headquarters, Member of the Supervisory Board:
Deputy Chairwoman Beiersdorf AG --- maxingvest ag
Professor at the Academy of Music and Theater, Hamburg
Regina Schillings Employee, Inventory Accounting, Member of the Supervisory Board:
Beiersdorf Shared Services GmbH --- maxingvest ag
Kirstin Weiland Chairwoman of the Works Council, tesa SE Member of the Supervisory Board:
--- tesa SE (intragroup)
* The Supervisory Board’s diversity officers.

32
SUPERVISORY BOARD COMMITTEES

Members of the Members of the Members of the Members of the Members of the Members of the
Presiding Committee Audit Committee Finance Committee Nomination Committee Mediation Committee Personnel Committee
– Prof. Dr. – Dr. Dr. Christine Martel – Frédéric Pflanz – Prof. Dr. – Prof. Dr. – Martin Hansson
Reinhard Pöllath (Chairwoman) (since December 1, 2020) Reinhard Pöllath Reinhard Pöllath (Chairman)
(Chairman) – Reiner Hansert (Chairman) (Chairman) (Chairman) – Hong Chow
– Martin Hansson – Martin Hansson – Reiner Hansert – Hong Chow – Martin Hansson – Reiner Hansert
– Michael Herz – Frédéric Pflanz – Martin Hansson – Martin Hansson – Olaf Papier – Olaf Papier
(until April 29, 2020) (since December 1, 2020) (Chairman until December 1, – Dr. Dr. Christine Martel – Prof. Manuela Rousseau – Prof. Dr.
– Wolfgang Herz – Prof. Dr. 2020)
Reinhard Pöllath
(since April 29, 2020) Reinhard Pöllath – Dr. Dr. Christine Martel
– Kirstin Weiland
– Prof. Manuela Rousseau (until December 1, 2020) – Prof. Dr.
– Regina Schillings Reinhard Pöllath
(until December 1, 2020)
– Regina Schillings
EXECUTIVE BOARD
Name Function Responsibilities Memberships*
Stefan De Loecker Chairman Corporate Development & Strategy

Internal Audit
Supply Chain & Quality Assurance
Research and Development
Corporate Communications
Germany & Switzerland

Astrid Hermann
(since January 1, 2021)
Thomas Ingelfinger Europe Europe (excluding Germany/Switzerland) Chairman of the Advisory Board (Beirat)
(since January 1, 2021):
--- Tengelmann Verwaltungs- und Beteili-
gungs GmbH
Zhengrong Liu Human Resources Human Resources
Sustainability
General Services & Real Estate
--- Labor Director ---
Greater China/North East Asia China, Hong Kong, Taiwan, Korea

Ramon A. Mirt Emerging Markets Latin America, Africa, Asia (excluding Greater China/
North East Asia), Russia
Asim Naseer Cosmetic Brands Brand Management
Category Development
Dessi Temperley Finance Finance & Controlling Deputy Chairwoman of the Supervisory
Legal & Compliance Board (since May 14, 2020):
IT --- tesa SE (intragroup)
Member of the Board of Directors
tesa SE tesa SE (since May 27, 2020):
--- Coca-Cola European Partners plc,
United Kingdom (listed company)
Vincent Warnery Pharmacy & Selective Derma, Health Care, La Prairie Member of the Supervisory Board
(Bestyrelse):
USA/Canada USA/Canada --- ALK-Abelló A/S, Denmark (listed
Japan Japan company)
* In connection with their Group management and supervisory duties, the members of the Executive Board of Beiersdorf AG also hold offices in comparable supervisory bodies
at Group companies and other associated companies.
Hamburg, February 16, 2021

Beiersdorf AG
The Executive Board

Beiersdorf AG
Beiersdorf AG Annual
Annual Financial
Statements 2020
2020 // Beiersdorf
IndependentAGAuditor’s
Boards Report 33
Beiersdorf AG Annual Financial Statements 2020 / Independent Auditor’s Report
Independent Auditor’s Report
To Beiersdorf Aktiengesellschaft we have fulfilled our other German professional responsibilities in

accordance with these requirements. In addition, in accordance
Report on the audit of the annual financial with Article 10 (2) f) of the EU Audit Regulation, we declare that
statements and of the management report we have not provided non-audit services prohibited under Arti-
cle 5 (1) of the EU Audit Regulation. We believe that the audit ev-
AUDIT OPINIONS
idence we have obtained is sufficient and appropriate to provide
We have audited the annual financial statements of Beiersdorf Ak-
a basis for our audit opinions on the annual financial statements
tiengesellschaft, Hamburg, which comprise the balance sheet as at
December 31, 2020, and the income statement for the fiscal year and on the management report.
from January 1 to December 31, 2020, and notes to the financial
KEY AUDIT MATTERS IN THE AUDIT OF THE ANNUAL
statements, including the recognition and measurement policies FINANCIAL STATEMENTS
presented therein. In addition, we have audited the management Key audit matters are those matters that, in our professional judg-
report of Beiersdorf Aktiengesellschaft, which is combined with ment, were of most significance in our audit of the financial state-
the group management report of the Company, for the fiscal year ments for the fiscal year from January 1 to December 31, 2020.
from January 1 to December 31, 2020. In accordance with the Ger- These matters were addressed in the context of our audit of the
man legal requirements we have not audited the components of financial statements as a whole, and in forming our opinion
the management report stated in the annex. thereon, we do not provide a separate opinion on these matters.
In our opinion, on the basis of the knowledge obtained in the audit, Below, we describe what we consider to be the key audit matters:
○ the accompanying annual financial statements comply, in all ma- 1) Recognizing revenue from the sale of
terial respects, with the requirements of German commercial law goods and products
applicable to business corporations and give a true and fair view
of the assets, liabilities and financial position of the Company as REASONS WHY THE MATTER WAS DETERMINED TO BE A KEY
AUDIT MATTER
at December 31, 2020 and of its financial performance for the fis-
The annual financial statements of Beiersdorf Aktiengesellschaft
cal year from January 1 to December 31, 2020 in compliance with
German legally required accounting principles, and recognize revenue from the sale of goods and products at the
transfer of risk, less rebates, customer bonuses, and discounts, and
○ the accompanying management report as a whole provides an taking into account returns. Given the large number of different
appropriate view of the Company’s position. In all material re- contractual arrangements in relation to discounts, customer bo-
spects, this management report is consistent with the annual fi- nuses, and rebates, and the judgment to be exercised in evaluating
nancial statements, complies with German legal requirements,
the expected discounts, customer bonuses and rebates, as well as
and appropriately presents the opportunities and risks of future
returns, there is an elevated risk of material misstatement in the
development. Our opinion on the management report does not
recognition of revenue from the sale of goods and products.
cover the components of the management report stated in the
annex. AUDITOR’S RESPONSE
As part of our audit, we walked through the process for revenue
Pursuant to Sec. 322 (3) sentence 1 of the German Commercial
recognition implemented by the executive directors of Beiers-
Code (HGB), we declare that our audit has not led to any reserva-
dorf Aktiengesellschaft and the accruals for expected rebates,
tions relating to the legal compliance of the annual financial state-
customer bonuses, discounts, and expected returns using individ-
ments and of the management report.
ual transactions from order receipt to recognition in the financial
BASIS FOR THE AUDIT OPINIONS statements, and tested the effectiveness of controls implemented
We conducted our audit of the annual financial statements and of in this process. Moreover, we performed an examination on a test
the management report in accordance with Sec. 317 HGB and the basis to determine whether the contractually agreed and awarded
EU Audit Regulation (No 537/2014, referred to subsequently as discounts, customer bonuses, and rebates, and the actual returns
“EU Audit Regulation”) and in compliance with German Generally were deducted from sales revenue on an accrual basis. To prove
Accepted Standards for Financial Statement Audits promulgated the existence of sales revenue, we performed,
by the Institut der Wirtschaftsprüfer [Institute of Public Auditors
among other things, an examination to establish whether it led to
in Germany] (IDW). Our responsibilities under those requirements
the recognition of trade receivables and whether these receivables
and principles are further described in the “Auditor’s responsibili-
were in turn settled by payments received. We examined postings
ties for the audit of the annual financial statements and of the in December 2020 which involved large amounts compared with
management report” section of our auditor’s report. We are inde- the average for the year in order to identify irregularities in re-
pendent of the Company in accordance with the requirements of spect of the accruals principle.
European law and German commercial and professional law, and
34
Our audit procedures did not give rise to any reservations in re- legal disputes in connection with concluded anti-trust proceedings
spect of the recognition of revenue from the sale of goods and was one of the key audit matters.
products.
AUDITOR’S RESPONSE
REFERENCE TO RELATED DISCLOSURES We obtained an understanding of Beiers-dorf Aktiengesellschaft’s
For the accounting policies applied in relation to the recognition processes for assessing the legal risks. As part of these processes,
of revenue from the sale of goods and products and for the asso- the executive directors of Beiersdorf AGAktiengesellschaft com-
ciated disclosures on the exercise of judgment, we refer to the in- mis-sioned external lawyers to provide professional statements
formation in the notes to the annual financial statements, note 01 evaluating the legal basis for the claims filed and the potential joint
in the chapter “Notes to the Income Statement.” and several liability, as well as reports from external experts cal-
culating the extent of potential damages. With the support of our
2) Legal disputes in connection with legal experts, we examined the existing claims for damages, state-
concluded antitrust proceedings ments of defense, replies to the statements of defense, court rul-
ings by the court of first instance, and other correspondence to
REASONS WHY THE MATTER WAS DETERMINED TO BE A KEY determine whether these had been taken into account in the risk
AUDIT MATTER
assessment by the executive directors of Beiers-dorf AG.Aktieng-
In October 2016, Beiersdorf Aktiengesellschaft was served with a
esellschaft. Furthermore, we ob-tained an understanding of the
claim for damages from the insolvency administrator of Anton
calculation of possi-ble damages, and particularly of the assump-
Schlecker e. K. i. I., Ehingen (Donau), in connection with German
tions based on econometric models in relation to the amount of
antitrust proceedings that were concluded in 2013. Claims have
the overcharge and the level of the pass-on rate, by discussin-
been made against six other companies in addition to Beiers-
gevaluating the external expert’s methodology with the external
dorf Aktiengesellschaft. The claim by the insolvency administrator
expert and evaluating it.. We also evaluated the professional qual-
of Anton Schlecker e. K. i. I., Ehingen (Donau), which involves joint ificationsexper-tise, skills and objectivity of the external expert. In
and several liability of all defendants, totals approximately addition, our audit procedures involved assessing the disclosures
€200 million plus interest. This claim was dismissed by the court in the notes to the annual financial statements of Beiersdorf AG
of first instance in fiscal 2018 and by the court of second instance Aktiengesellschaft on the legal risks arising from the damages
in fiscal 2020 without the possibility of appeal to the Federal Court claims filed.
of Justice in Karlsruhe. The insolvency administrator of Anton
Schlecker e. K. i.I., Ehingen (Donau), filed a complaint against the Our audit procedures did not give rise to any reser-vations in re-
decision by the court of second instance not to permit an appeal spect of the accounting treatment of the legal risks arising from
at the Federal Court of Justice in Karlsruhe. In connection with the legal disputes in connection with antitrust proceedings already
already concluded antitrust proceedings mentioned above, other concluded.
customers of Beiersdorf Aktiengesellschaft filed claims for dam-
REFERENCE TO RELATED DISCLOSURES
ages against Beiersdorf Aktiengesellschaft or announced claims For the disclosures concerning legal risks in connection with one
out of court in fiscal years 2016 and 2017. Given the uncertainty concluded case of antitrust proceedings, we refer to “Estimates
that exists, accounting for the legal risks from the damages claims and Assumptions” in the chapter “Basis of Preparation of Beiers-
filed in the annual financial statements requires the executive di- dorf Aktiengesellschaft’s Financial Statements” as well as note 22
rectors of Beiersdorf Aktien-gesellschaft to exercise significant in the chapter “Other Disclosures” in the notes to the annual finan-
judgment in evaluating whether and to what extent potential dam- cial statements.
ages have arisen and the scale on which claims under joint and
several liability may be enforced. In determining the amount of 3) Impairment of the purchased trademarks
possible damages, there is considerable judgment in relation to
the assumptions concerning the amount of the “overcharge” and REASONS WHY THE MATTER WAS DETERMINED TO BE A
KEY AUDIT MATTER
the level of the “pass-on rate.” The overcharge is the percentage
Beiersdorf Aktiengesellschaft recognizes significant purchased
difference between the prices actually observed on the market
trademarks. These purchased trademarks are carried at cost and
and the prices that would be expected in the absence of a cartel.
amortized over their expected useful lives. The assessment of ob-
The pass-on rate is the percentage of the supplier price increases
jective indications of a lower fair value and of a lengthy impair-
that was passed on to customers.
ment, and the related evaluation of impairment by the executive
directors of Beiersdorf Aktiengesellschaft, are based on a complex
Given the risks and potential impacts on the annual financial state-
measurement model. Moreover, measurement of the purchased
ments from the legal disputes in con-nection with the concluded
trademarks depends to a large degree on the assessment of future
antitrust proceedings, the complexity of the individual matters,
income and the discount rate used, with the result that the
and the existing discretion in exercising judgment, auditing the
Beiersdorf AG Annual Financial Statements 2020 / Independent Auditor’s Report 35
executive directors of Beiersdorf Aktiengesellschaft exercise sig- consequently we do not express an opinion or any other form of
nificant judgment in evaluating the impairment of the purchased assurance conclusion thereon.
trademarks.
In connection with our audit, our responsibility is to read the other
Given the material significance of the purchased trademarks, the information and, in so doing, to consider whether the other infor-
complexity involved in measuring them, and the existing discre- mation
tion in exercising judgment in measuring them, auditing the im-
pairment of the purchased trademarks was one of the key audit ○ is materially inconsistent with the annual financial statements,
with the management report or our knowledge obtained in the
matters.
audit, or,
AUDITOR’S RESPONSE
○ otherwise appears to be materially misstated.
As part of the audit, we obtained an understanding of Beiers-
dorf Aktiengesellschaft’s processes for planning expected future
If, on the basis of the activities that we have performed, we con-
income and for testing the impairment of the trademarks. We in-
clude that there has been a material misstatement of this other
volved internal measurement experts to assess the underlying
information, we are obliged to report that fact. We have nothing
measurement model and the discount rate applied. We tested the
to report in this respect.
plausibility of the expected future income applied on the basis of
past earnings and the information provided to us by Beiers- RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SU-
dorf Aktiengesellschaft’s executive directors as regards the antic- PERVISORY BOARD FOR THE ANNUAL FINANCIAL STATEMENTS
ipated development. The forecasts for expected future income AND THE MANAGEMENT REPORT
were also assessed by a comparison with information from the The executive directors are responsible for the preparation of the
Company’s internal reporting and with the expectations of ana- annual financial statements that comply, in all material respects,
lysts and industry experts as regards general economic and mar- with the requirements of German commercial law applicable to
ket-specific trends. We conducted sensitivity calculations in order business corporations, and that the annual financial statements
to assess the potential influence of changes in the calculation pa- give a true and fair view of the assets, liabilities, financial position
rameters used and in expected cash flows on the present value of and financial performance of the Company in compliance with
future cash flows. German legally required accounting principles. In addition, the ex-
ecutive directors are responsible for such internal control as they,
Our audit procedures did not give rise to any reservations in re- in accordance with German legally required accounting principles,
spect of testing of the impairment of the purchased trademarks. have determined necessary to enable the preparation of annual
financial statements that are free from material misstatement,
REFERENCE TO RELATED DISCLOSURES
whether due to fraud or error.
For the disclosures and accounting policies applied in relation to
the purchased trademarks, we refer to the information in the In preparing the annual financial statements, the executive direc-
notes, note 12 in the chapter “Notes to the Balance Sheet.” tors are responsible for assessing the Company’s ability to con-
tinue as a going concern. They also have the responsibility for dis-
OTHER INFORMATION
closing, as applicable, matters related to going concern. In addi-
The Supervisory Board is responsible for its own report. The exec-
tion, they are responsible for financial reporting based on the go-
utive directors are responsible for the remaining other information.
ing concern basis of accounting, provided no actual circumstances
Other information comprises the components of the management
conflict therewith.
report stated in the annex, as well as the other components of the
annual report, with the exception of the audited annual financial
Furthermore, the executive directors are responsible for the prep-
statements, the management report and our related auditor’s re-
aration of the management report that, as a whole, provides an
port, in particular the Executive Board’s Responsibility Statement
appropriate view of the Company’s position and is, in all material
in accordance with Sec. 297 (2) sentence 4 HGB, the report by the
respects, consistent with the annual financial statements, complies
supervisory board in accordance with Sec. 171 (2) of the German
with German legal requirements, and appropriately presents the
Stock Corporation Act (AktG), and the sections “Beiersdorf 2020
opportunities and risks of future development. In addition, the ex-
– Climate targets for 2025,” “We are Beiersdorf,” “Letter from the
ecutive directors are responsible for such arrangements and
Chairman,” and “Beiersdorf’s Shares and Investor Relations,” in the
measures (systems) as they have considered necessary to enable
annual report. We had obtained a version of this other information
the preparation of a management report that is in accordance with
by the time this auditor’s report was issued.
the applicable German legal requirements, and to be able to pro-
vide sufficient appropriate evidence for the assertions in the man-
Our opinions on the annual financial statements and on the man-
agement report.
agement report do not cover the other information, and
36
The supervisory board is responsible for overseeing the Com- to events or conditions that may cast significant doubt on the
pany’s financial reporting process for the preparation of the annual Company’s ability to continue as a going concern. If we conclude
financial statements and of the management report. that a material uncertainty exists, we are required to draw atten-
tion in the auditor’s report to the related disclosures in the an-
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE ANNUAL nual financial statements and in the management report or, if
FINANCIAL STATEMENTS AND OF THE MANAGEMENT REPORT
such disclosures are inadequate, to modify our respective opin-
Our objectives are to obtain reasonable assurance about whether
ions. Our conclusions are based on the audit evidence obtained
the annual financial statements as a whole are free from material
up to the date of our auditor’s report. However, future events or
misstatement, whether due to fraud or error, and whether the conditions may cause the Company to cease to be able to con-
management report as a whole provides an appropriate view of tinue as a going concern.
the Company’s position and, in all material respects, is consistent
with the annual financial statements and the knowledge obtained ○ Evaluate the overall presentation, structure, and content of the
in the audit, complies with the German legal requirements and ap- annual financial statements, including the disclosures, and
propriately presents the opportunities and risks of future develop- whether the annual financial statements present the underlying
ment, as well as to issue an auditor’s report that includes our opin- transactions and events in a manner that the annual financial
ions on the annual financial statements and on the management statements give a true and fair view of the assets, liabilities, fi-
report. nancial position and financial performance of the Company in
compliance with German legally required accounting principles.
Reasonable assurance is a high level of assurance, but is not a
○ Evaluate the consistency of the management report with the an-
guarantee that an audit conducted in accordance with Sec. 317 nual financial statements, its conformity with German law, and
HGB and the EU Audit Regulation and in compliance with German the view of the Company’s position it provides.
Generally Accepted Standards for Financial Statement Audits
promulgated by the Institut der Wirtschaftsprüfer will always de- ○ Perform audit procedures on the prospective information pre-
tect a material misstatement. Misstatements can arise from fraud sented by the executive directors in the management report. On
or error and are considered material if, individually or in the aggre- the basis of sufficient appropriate audit evidence we evaluate, in
gate, they could reasonably be expected to influence the eco- particular, the significant assumptions used by the executive di-
nomic decisions of users taken on the basis of these annual finan- rectors as a basis for the prospective information, and evaluate
cial statements and this management report. the proper derivation of the prospective information from these
assumptions. We do not express a separate opinion on the pro-
We exercise professional judgment and maintain professional spective information and on the assumptions used as a basis.
skepticism throughout the audit. We also: There is a substantial unavoidable risk that future events will dif-
fer materially from the prospective information.
○ Identify and assess the risks of material misstatement of the an-
We communicate with those charged with governance regarding,
nual financial statements and of the management report,
among other matters, the planned scope and timing of the audit
whether due to fraud or error, design and perform audit proce-
and significant audit findings, including any significant deficiencies
dures responsive to those risks, and obtain audit evidence that in internal control that we identify during our audit.
is sufficient and appropriate to provide a basis for our opinions.
The risk of not detecting a material misstatement resulting from We also provide those charged with governance with a statement
fraud is higher than for one resulting from error, as fraud may that we have complied with the relevant independence require-
involve collusion, forgery, intentional omissions, misrepresenta- ments, and communicate with them all relationships and other
tions, or the override of internal control. matters that may reasonably be thought to bear on our independ-
ence and where applicable, related safeguards.
○ Obtain an understanding of internal control relevant to the audit
of the annual financial statements and of arrangements and From the matters discussed with those charged with governance,
measures (systems) relevant to the audit of the management re- we determine those matters that were of most significance in the
port in order to design audit procedures that are appropriate in audit of the annual financial statements of the current period and
the circumstances, but not for the purpose of expressing an are therefore the key audit matters. We describe these matters in
opinion on the effectiveness of these systems. our auditor’s report unless law or regulation precludes public dis-
closure about the matter.
○ Evaluate the appropriateness of accounting policies used by the
executive directors and the reasonableness of estimates made
by the executive directors and related disclosures.
○ Conclude on the appropriateness of the executive directors’ use

of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related
Beiersdorf AG Annual Financial Statements 2020 / Independent Auditor’s Report 37
Other legal and regulatory requirements RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND
THE SUPERVISORY BOARD FOR THE ESEF DOCUMENTS
REPORT ON THE AUDIT OF THE ELECTRONIC REPRODUC- The Company’s executive directors are responsible for preparing
TIONS OF THE ANNUAL FINANCIAL STATEMENTS AND OF the ESEF documents with the electronic reproductions of the an-
THE MANAGEMENT REPORT PREPARED FOR THE PURPOSES nual financial statements and of the management report in accord-
OF DISCLOSURE IN ACCORDANCE WITH SEC. 317 (3B) HGB
ance with Sec. 328 (1) sentence 4 no. 1 HGB and for marking up the
AUDIT OPINION annual financial statements in accordance with Sec. 328 (1) sen-
In accordance with Sec. 317 (3b) HGB, we conducted an audit tence 4 no. 1 HGB.
to determine with reasonable assurance whether the
reproductions of the annual financial statements and of the In addition, the Company’s executive directors are responsible for
management report contained in the accompanying file such internal control as they have determined necessary to enable
Beiersdorf_AG_JA+LB_ESEF_2020-12-31” and prepared for the the preparation of the ESEF documents that are free from material
purposes of disclosure (also referred to subsequently as “ESEF violations, whether due to fraud or error, of the requirements for
documents”) comply, in all material respects, with the require- the electronic reporting format stipulated in Sec. 328 (1) HGB.
ments for the electronic reporting format (“ESEF format“) stipu-
Furthermore, the Company’s executive directors are responsible
lated in Sec. 328 (1) HGB. In accordance with the German legal re-
for submitting the ESEF documents, together with the auditor’s
quirements, this audit only covers conversion of the information
report, the accompanying audited annual financial statements and
from the annual financial statements and management report to
audited management report, and other documents to be dis-
the ESEF format and does not therefore cover the information
closed, to the operator of the German Federal Gazette (Bundesan-
contained in these reproductions or other information contained
zeiger).
in the above-mentioned file.
The Supervisory Board is responsible for overseeing the prepara-

In our opinion, the reproductions of the annual financial state-
ments and of the management report contained in the above- tion of the ESEF documents as part of the financial reporting pro-
mentioned accompanying file and prepared for the purposes of cess.
disclosure comply, in all material respects, with the requirements
RESPONSIBILITY OF THE AUDITOR OF THE ANNUAL
for the electronic reporting format stipulated in Sec. 328 (1) HGB. FINANCIAL STATEMENTS FOR THE AUDIT OF THE ESEF
Above and beyond this audit opinion and our audit opinions on DOCUMENTS
the accompanying annual financial statements and accompanying Our objectives are to obtain reasonable assurance about whether
management report for the fiscal year from January 1, 2020 to De- the ESEF documents are free from material violations, whether
cember 31, 2020, contained in the above “Report on the audit of due to fraud or error, of the requirements stipulated in Sec. 328 (1)
the annual financial statements and of the management report,” HGB. We exercise professional judgment and maintain profes-
we do not express any opinion whatsoever on the information sional skepticism throughout the audit. We also:
contained in these reproductions or on the other information con-
tained in the above-mentioned file. ○ Identify and assess the risks of material violations of the require-
ments stipulated in Sec. 328 (1) HGB, whether due to fraud or
BASIS FOR THE AUDIT OPINION error, design and perform audit procedures responsive to those
We conducted our audit of the reproductions of the annual finan- risks, and obtain audit evidence that is sufficient and appropri-
cial statements and of the management report contained in the ate to provide a basis for our opinion.
above-mentioned accompanying file in accordance with Sec. 317
○ Obtain an understanding of internal control relevant to the audit
(3b) HGB in compliance with the draft IDW audit standard “Audit-
of the ESEF documents in order to design audit procedures that
ing of electronic reproductions of financial statements and man-
are appropriate in the circumstances, but not for the purpose of
agement reports prepared for purposes of disclosure in accord-
expressing an opinion on the effectiveness of such control.
ance with Section 317 (3b) HGB” (IDW EPS 410). Our responsibili-
ties under these requirements are further described in the section ○ Assess the technical validity of the ESEF documents, i.e.
“Responsibility of the auditor of the annual financial statements whether the file containing the ESEF documents meets the re-
for the audit of the ESEF documents.” In conducting the audit, we quirements relating to the technical specification for this file
applied the requirements stipulated for a quality assistance system stipulated in the Delegated Regulation (EU) 2019/815 in the ver-
in the IDW’s quality assurance standard “Quality assurance re- sion applicable on the balance sheet date.
quirements in auditing practice” (IDW QS 1).
○ Assess whether the ESEF documents enable reproduction of the
audited annual financial statements and audited management
report with the identical content in XHTML format.
38
FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE Annex to the auditor’s report

AUDIT REGULATION
We were elected as auditor by the annual general meeting on COMPONENTS OF THE MANAGEMENT REPORT NOT INCLUDED IN
THE AUDIT
April 29, 2020. We were engaged by the supervisory board on
May 27, 2020. We have been the auditor of Beiersdorf Aktieng- The following components of the management report, which are
esellschaft without interruption since fiscal year 2006.
part of “Other information,” were not included in the audit:
We declare that the opinions expressed in this auditor’s report are ○ Non-financial Statement
consistent with the additional report to the audit committee pur-
○ The Corporate Governance Statement
suant to Art. 11 of the EU Audit Regulation (long-form audit re-
port). In addition, we have not audited the following disclosures that are
not typical of or required in a management report. They are dis-
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT closures that are not prescribed by Sec. 289 and 289a HGB or
The German Public Auditor responsible for the engagement is Sec. 289b to 289f HGB.
Marc Jeschonneck.
○ Special full-page graph, “Our Beiersdorf Purpose“ in the “Busi-
ness and Strategy” chapter
○ Sections “Product highlights,” “Contribution to sustainability,”

“tesa Product and technology development” in the “Research
and Development” chapter
○ Special full-page graph “Important cooperations and co-invest-

ments” in the “Research and Development” chapter
○ “People at Beiersdorf” chapter
○ “Sustainability” chapter.”
Ernst & Young GmbH

Wirtschaftsprüfungsgesellschaft
JESCHONNECK SIEMER
German Public Auditor German Public Auditor
ResponsibilityAuditor’s
Beiersdorf AG Annual Financial Statements 2020 / Independent Statement by the Executive Board
Report 39
Beiersdorf AG Annual Financial Statements 2020 / Responsibility Statement by the Executive Board
Responsibility Statement by the

Executive Board
To the best of our knowledge, and in accordance with the applicable reporting principles, the annual financial statements give a true and
fair view of the assets, liabilities, financial position, and profit or loss of the company, and the management report includes a fair review
of the development and performance of the business and the position of the company, together with a description of the material
opportunities and risks associated with the expected development of the company.

The Executive Board
40
Contact Information
 Published by
Beiersdorf Aktiengesellschaft
Unnastrasse 48
20245 Hamburg
Germany
 Editorial Team and Concept
Telephone: +49 40 4909-2001
E-mail: cc@beiersdorf.com
 Additional Information
Telephone: +49 40 4909-2001
E-mail: cc@beiersdorf.com
Investor Relations
Telephone: +49 40 4909-5000
E-mail: investor.relations@beiersdorf.com
Beiersdorf on the Internet

www.beiersdorf.com
The Annual Financial Statements of Beiersdorf AG are also available in German.
The online versions of the Beiersdorf financial publications are available at WWW.BEIERSDORF.COM/FINANCIAL_REPORTS.
Financial Calendar
2021
APRIL 1 APRIL 28 AUGUST 5
___ ___ ___
ANNUAL GENERAL MEETING QUARTERLY STATEMENT HALF-YEAR REPORT 2021

JANUARY TO MARCH 2021
OCTOBER 28
___
QUARTERLY STATEMENT
JANUARY TO SEPTEMBER 2021
2022
FEBRUARY/ APRIL APRIL/MAY
___ ___
MARCH ANNUAL GENERAL MEETING QUARTERLY STATEMENT
___
JANUARY TO MARCH 2022
PUBLICATION OF ANNUAL REPORT
2021, ANNUAL PRESS CONFERENCE,
FINANCIAL ANALYST MEETING
AUGUST OCTOBER
___ ___
HALF-YEAR REPORT 2022 QUARTERLY STATEMENT

JANUARY TO SEPTEMBER 2022

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ANNUAL FINANCIAL

At Beiersdorf we have been caring about skin since 1882. Beiersdorf’s

ANNUAL FINANCIAL AUDITOR’S REPORT

Income Statement – Beiersdorf AG 4 Independent Auditor’s Report 33

Income Statement – Beiersdorf AG

ANNUAL FINANCIAL STATEMENTS – BEIERSDORF AG

Note 2019 2020

Sales 01 1,336 1,289

Balance Sheet – Beiersdorf AG

Assets Note Dec. 31, 2019 Dec. 31, 2020

Intangible assets 12 200 170

Share capital 252 252

Basis of Preparation of Beiersdorf AG’s

Actual amounts may differ from these estimates. Changes to esti-

Notes to the Income Statement

01 Sales 04 Personnel Expenses

ducted from revenue as sales reductions. The probability of re-

02 Other Operating Income 06 Other Operating Expenses

Notes to the Balance Sheet

Amortization and write-downs

Carrying amount Dec. 31, 2020 170 – 170

The amortization of €30 million relates to the acquisition of the

13 Property, Plant, and Equipment

Technical Advance payments

Depreciation and write-downs

Carrying amount Dec. 31, 2020 105 – 24 8 137

Carrying amount Dec. 31, 2020 1,796 3 3,702 5,501

The write-downs of investments in affiliated companies are at-

15 Receivables and Other Assets 16 Securities

(IN € MILLION) As of December 31, 2020, Beiersdorf AG had invested a total of €

Receivables from affiliated companies comprise financial receiva-

The “Other assets” item largely comprises advance payments

The following changes in equity were recorded in fiscal year 2020:

Share capital 252 – – 252

The difference between provisions for post-employment benefit

20 Other Provisions 21 Liabilities

(IN € MILLION) (IN € MILLION)

Provisions for taxes 10 39 Liabilities to banks 263 39

Other liabilities to affiliated companies include short-term liabili-

Of the other liabilities, none (previous year: €0 million) are due in

22 Contingent Liabilities, Other Financial 23 Derivative Financial Instruments

As a matter of principle, currency risks relating to cross-border in-

INTEREST RATE RISK 25 Disclosures on the Supervisory and

BEIERSDORF AG’S SHAREHOLDINGS

La Prairie Group Deutschland GmbH1 Baden-Baden 100.00 3,879 0

Europe Profit/loss for

Beiersdorf CEE Holding GmbH AT, Vienna 100.00 861,849 93,024

Europe (continued) Profit/loss for

tesa SpA IT, Vimodrone 100.00 4,332 1,130

Americas Profit/loss for

Beiersdorf S.A. AR, Buenos Aires 100.00 14,081 2,126

Africa/Asia/Australia Profit/loss for

Beiersdorf Middle East FZCO AE, Dubai 100.00 5,206 –3,891

Africa/Asia/Australia (continued) Profit/loss for

28 Shareholdings in Beiersdorf AG shares) held by Beiersdorf Aktiengesellschaft in accordance

The chains of controlled companies are as follows:

maxingvest ag Hamburg, Germany Tchibo Beteiligungsgesellschaft mbH, Vanguard Grundbesitz GmbH,

Report on Post-balance Sheet Date

No significant events occurred after the end of the fiscal year.