The Executive Board
of Beiersdorf AG
Letter from the Chairman
Ladies and Gentlemen,
2004 was a difficult year, but Beiersdorf again generated record sales and earnings.
The Executive Board and Supervisory Board will be proposing a dividend of €1.60 for
each share entitled to dividend to the Annual General Meeting, the same as last year.
Our worldwide sales rose by 2.5 %. On a comparable basis, the increase was 4.5 %.
A number of European markets were weak, but we exceeded our long-term target
Dr. Rolf Kunisch of 8 % growth in all other regions. With a profit after tax of €302 million we also
Born in 1941 in Arolsen achieved a new record level despite the financing cost for the share buyback.
Member of the Executive Board The power of our innovations, the strength of our brands, and the expertise of our
since 1991 employees make me confident that we will meet our further sales targets while
Chairman of the Executive Board further improving our earnings margins. Not only do we pursue a clear strategy,
since 1994 but we also work hard on executing it well in all countries worldwide.
Corporate Development/ This successful execution is largely due to the commitment and expertise of our
Corporate Communication employees. They use our global strategy as a basis for their work in all parts of the
world, implement it by using their local knowledge, and are proud of the success
in their countries.
Pride in our local success, the quality of our strategic brand management, and the
expertise and desire for innovation of our research and development people
guarantee the long-term success of our brands. If the secret to “eternal youth”
were ever found, then it would be by us ...
On a personal note: after eleven years as Chairman of the Executive Board of
Beiersdorf AG, I will be retiring at the end of the 2005 Annual General Meeting.
My successor, Thomas-Bernd Quaas, has been an Executive Board member since
1999 and will bring new ideas and fresh energy for the future while preserving the
continuity that distinguishes our Company. This will generate Beiersdorf’s further
The Executive Board wants to extend its thanks to all employees and their represen-
tatives around the world for their constructive cooperation. We thank our customers
and our shareholders for their loyalty, and our business partners for their support.
Chairman of the Executive Board
6 Beiersdorf Annual Report 2004
Group Financial Statements
Born in 1950 in Rostock
Member of the Executive Board since 2003
Human Resources: HR/Administration/Environmental
Born in 1952 in Glauchau
Member of the Executive Board since 1999
Supply Chain: Procurement/Production/Logistics
Born in 1952 in Giessen
Member of the Executive Board since 2000
Born in 1943 in Berlin
Member of the Executive Board since 1994
Brands: Marketing/Research & Development/Sales
Beiersdorf Annual Report 2004 7