maxingvest-AR14 vorne-engl

1 1414 Annual ReportAnnual Report berseering 18 22297 Hamburg AG is the holding company for the Tchibo and Beiersdorf operating companies. maxingvest ag holds a 100% stake in Tchibo GmbH and controls more than 50% of the voting rights of Beiersdorf AG. As a management holding company, maxingvest ag monitors and supports its subsidiaries, which operate ag is committed to PRESERVING AND ENHANCING ADDED VALUE and increasing it in the long term. As a management holding company, we maintain strategic oversight of our equity investments, monitor their financial indicators and provide an economic foundation, allowing our operating companies to concentrate on their operating : 3,377 millionEmployees: 12,500* Tchibo GmbHHamburg, GermanyEduscho (Austria) GmbHVienna, AustriaTchibo (Schweiz) AGWallisellen, SwitzerlandTchibo Coffee Service GmbHHamburg, Germany* annual averageBEIERSDORFR evenues: 6,285 millionEmployees.

2 17,157*Beiersdorf AGHamburg, GermanyBeiersdorf Ges mbHVienna, AustriaLa Prairie Group Deutschland GmbHBaden-Baden, Germanytesa SEHamburg, GermanyKEY COMPANIES OF THE maxingvest GROUPDATA AND FACTSin million20142013 Revenues 1)9,6639,611thereof domestic revenue 2)3,8773,895thereof foreign revenue 2)5,7865,716 EBIT9921,080 Net profit 1)674748 Total assets 1)13,64313,670 Shareholders equity 1)8,5668,232thereof minority interests 3,2323,117 Equity ratio in %6360 EBIT margin in % 1) of employees (annual average)29,71229,0781) The prior-year figures have been adjusted due to the application of IFRS 11. Please refer to the disclosures in the section entitled Changes in accounting policies .2) By domicile of MANAGEMENT AND SUPERVISORY BOARD 4 Letter from the Management Board 4 Boards of maxingvest ag 5 PRESERVING ADDED VALUE 6 GROUP MANAGEMENT REPORT 8 CONSOLIDATED FINANCIAL STATEMENTS 43 AUDITORS REPORT 116 FURTHER INFORMATION 117 Corporate Governance at maxingvest ag 117004 LETTER FROM THE MANAGEMENT BOARDLADIES AND GENTLEMENThe maxingvest Group s operating companies recorded a mixed performance in financial year 2014.

3 Tchibo s revenues and earnings were down year-on-year. Beiersdorf improved its revenues and earnings adjusted for spe cial factors compared with the previous year. Tchibo had defined the following growth areas for the next few years in its Zukunft braucht Herkunft strategy ( Building Our Future on Tradition ): its online and Eastern Europe business, the espresso/caff crema segments and the single-serving coffee systems segment. Negative effects from exchange rate changes, the weaker con-sumer merchandise business and the ongoing decline in footfall and revenues in the branches meant that the forecast revenue growth was not achieved. The online business and the coffee business had a positive impact on revenue. Beiersdorf s business performance in 2014 shows that it is on the right track. The Consumer business segment made successful progress thanks to the systematic implementation of Beiersdorf s corporate strategy, which is based on its Blue Agenda.

4 This strategic compass aims to make Beiersdorf more competitive and enhance its economic success. Its success can be seen particularly in the performance recorded by the emerging markets and the launch of new, high-selling products. The tesa business segment further expanded its business both in the indus trial markets and in the consumer maxingvest Group s equity ratio rose to 63% in the reporting period, and net financial assets also improved year-on-year. This means that maxingvest ag has a solid basis for reacting to potential uncertainties and further increasing the market presence of its two brand groups. The maxingvest Group is well positioned thanks to its strong brands, its clear strategy programmes and, in particular, its committed employees. Our special thanks go to our staff for their hard work. Our Group s success is rooted in our customers trust and our employees Herz Thomas HolzgreveMANAGEMENT AND SUPERVISORY BOARD005 BOARDS OF maxingvest AGSupervisory BoardProf.

5 Dr. Reinhard P llath, MunichChairmanLawyerP+P P llath + Partners Rechtsanw lte und Steuerberater mbHFriedrich-Karl Wrede*, HamburgDeputy ChairmanChairman of the Company Works Council, Tchibo GmbHUlrich Dalibor*, BerlinHead of National Retail National Administration, Commerce Department(from 26 June 2014)Prof. Dr. Eva Eberhartinger, ViennaUniversity ProfessorVienna University of Economics and Business, Austria(from 26 June 2014)Sebastian Fischer-Zernin, HamburgLawyerWeiss Walter Fischer-Zernin Rechtsanw lte(until 26 June 2014)Peter Franielczyk*, OckholmTrade Union Secretary, (until 26 June 2014)Wolfgang Herz, HamburgMember of the Management BoardParticipia Holding GmbHDr. Arno Mahlert, HamburgChairman of the Supervisory Board, GfK SE,Non Executive DirectorHelmut M ller*, L tjenbrodeRegional Manager, Shop Technician, Tchibo GmbHRalf Neumann*, HamburgCoordinator of Technical AdministrationTchibo Manufacturing GmbH & Co.

6 KG* Employee representativeTomas Nieber*, StadeChairman of the Board, Economicand Industrial Policy Department, IG BCEDr. Wolfgang Peiner, HamburgIndependent German Public AuditorStefan Pfander, BergManagement ConsultantInvent Group GmbH(until 26 June 2014)Thomas-Bernd Quaas, HamburgRetired, former CEO of Beiersdorf AG(from 26 June 2014) Prof. Manuela Rousseau*, RellingenHead of Corporate Social Responsibility, Beiersdorf AGRegina Schillings*, HamburgInventory Accounting ClerkBeiersdorf Shared Services GmbHProf. Dr. Wulf von Schimmelmann, Berg-LeoniChairman of the Supervisory Boardof Deutsche Post AG Volker Schopnie*, HalstenbekTechnician, Deputy Chairman of the Company Works Council, Beiersdorf AGAnn-Christin Wagenmann, HamburgRetired, former General ManagerBeiersdorf Consumer Products (PTY) BoardMichael Herz, Hamburg(Member of the Management Board)Thomas Holzgreve, Bad Oldesloe(Member of the Management Board)006 TCHIBO is the market leader for roasted coffee in Germany, Austria, Poland, the Czech Republic and Hungary.

7 It combines this expertise in coffee with an innovative, weekly changing range of consumer merchandise and services such as travel, mobile communi-cations services and green energy. Tchibo sells its products using a sophisticated multichannel distribution system with its own branches, an extensive retail presence and a strong online and mail order Tchibo, PRESERVING ADDED VALUE means building on its experiences for the future and taking environmental and social responsibility. Tchibo is taking the best of its successful, long-standing business model into the future. Tchibo stands in particular for enjoyment and quality and aims to meet its high standards with sustainable products and AG007 BEIERSDORF is a global company with two separate business segments. The Consumer business segment, with its strong skin and body care brands, is its main business. The tesa business segment is one of the world s leading manufacturers of self-adhesive products and solutions for industry, craft businesses and Beiersdorf, PRESERVING ADDED VALUE means concentrating on its core competency, skin care.

8 In line with its strategic compass, the Blue Agenda programme, the company maintains a clear focus on its core categories and markets. In particu-lar, it concentrates on strengthening its brands above all NIVEA increasing its innovative power, systematically expanding its presence in the emerging markets and reinforcing its position in Europe, and on the people at MANAGEMENT REPORTFUNDAMENTAL INFORMATION ABOUT THE GROUP GROUP STRUCTURE AND BUSINESS MODEL The maxingvest Group consists of the holding company maxingvest ag and the operating companies, Tchibo and Beiersdorf. In addition, the holding company is the parent of certain subsidiaries that are primarily engaged in asset management. The holding is family-owned and concentrates on strategic business combines the ultimate in coffee expertise, coffee enjoyment in its own coffee bars and innovative, weekly changing consumer merchandise with services such as travel, mobile communications offerings and green energy.

9 Its products are marketed via an integrated, centrally managed distribution system. Customers purchase products on the Internet, in branches, at specialist retailers and in supermarket outlets. The different channels are increas-ingly being integrated. In addition, Tchibo Coffee Service provides a specialist delivery service for commercial cus-tomers such as offices and catering establishments. Beiersdorf is a global leader in the consumer goods industry and has over 17,000 employees in more than 150 subsidiaries worldwide. It has two business segments: the Consumer business segment, whose strong brands focus on the international skin and body care markets, is the main business. The tesa business segment is a pioneering manufacturer of self-adhesive products and solutions for industry, craft businesses and ag holds 100% of Tchibo GmbH. BBG Beteiligungsgesellschaft mbH, Gallin, a subsidiary of maxingvest ag, holds of Beiersdorf AG.

10 Furthermore, maxingvest ag held additional shares amounting to of Beiersdorf AG s share capital as at the reporting date. As a result, maxingvest ag controls more than 50% of the voting rights of Beiersdorf AG. Beiersdorf AG is the parent company of Beiersdorf. tesa is managed as an inde pend ent subgroup within Beiersdorf. 009 CORPORATE STRATEGIES Strong brands are the foundations of the maxingvest Group. The Tchibo brand enjoys a high degree of popularity and extensive brand awareness in German-speaking countries and in many parts of Eastern Europe. The Tchibo, Eduscho and Davidoff Caf brands, as well as local brands such as Jihlavanka in the Czech Republic, also compete successfully at an international level. On the roasted coffee market, Tchibo is the market leader in Austria, Poland, the Czech Republic and Hungary in addition to Germany, and is also extremely strong in the Slovakian day, millions of consumers trust Beiersdorf s innovative, high-quality skin and body care products.