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.

3 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. Tchibo s revenues and earnings were down year-on-year.

4 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.

5 The online business and the coffee business had a positive impact on revenue. Beiersdorf s business performance in 2014 shows that it is on the right track. The Consumer business segment made successful progress thanks to the systematic implementation of Beiersdorf s corporate strategy, which is based on its Blue Agenda. This strategic compass aims to make Beiersdorf more competitive and enhance its economic success. Its success can be seen particularly in the performance recorded by the emerging markets and the launch of new, high-selling products.

6 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.

7 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. 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.

8 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. 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.

9 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.

10 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.