2012 annual financial statements - maxingvest ag

12

Financial Statements

maxingvest ag 1

Financial Statements 2

Balance Sheet 2

Income Statement 5

Statement of Changes in Fixed Assets 6

Notes to the Financial Statements 8

Audit Opinion 26

Statement of Management Responsibility 27

01

maxingvest ag

maxingvest ag is the holding company of the operating companies Tchibo and Beiersdorf.

Tchibo GmbH is wholly owned by maxingvest ag, while more than 50% of the voting rights in Beiersdorf AG

are controlled by maxingvest ag through its subsidiary BBG Beteiligungsgesellschaft mbH. In its capacity as a

management holding company, maxingvest ag oversees and supports its independent subsidiaries.

maxingvest ag focuses on preserving and further developing existing value, with the long-term objective of

achieving value appreciation. As a management holding company, maxingvest ag manages the investments

at a strategic level and serves as the Group’s economic foundation.

Including Beiersdorf AG’s treasury shares, 60.46% of Beiersdorf’s voting rights are attributable to maxingvest

ag in accordance with section 22 (1) sentence 1 no. 1 in conjunction with sentence 3 of the German Securities

Trading Act (Wertpapier handelsgesetz – WpHG).

In addition, maxingvest ag holds 100% of the shares in the asset management subsidiaries Tchibo Anlagen-

Verwaltungsgesellschaft mbH, maxingvest Beteiligungsverwaltung GmbH, maxingvest Zweite Beteiligungsge-

sellschaft mbH (“BG”), Olymp Vermögensverwaltung GmbH as well as in the operating subsidiary SCS Skin

Care Studio GmbH.

In all issues of strategic corporate management, maxingvest ag works closely with its operating subgroups in

accordance with the principles of good corporate governance.

Principles of the financial statements prepared by maxingvest ag

The annual financial statements of maxingvest ag are presented separately. The management report of

maxingvest ag is combined with the management report of the maxingvest Group. In accordance with the

legal requirements, the annual financial statements of maxingvest ag and the consolidated financial state-

ments are published. The combined management report of maxingvest ag and the maxingvest Group is

included in the Annual Report of the maxingvest Group on pages 22 to 52. The report by the Supervisory

Board can be found on pages 8 to 9 in the annual report.

The Annual Report 2012 of the maxingvest Group is available as an online version at www.maxingvest.com.

The annual financial statements of maxingvest ag were prepared in accordance with the provisions of the

German Commercial Code (Handelsgesetzbuch – HGB). They were prepared in euros (EUR), with the amounts

being given in thousands of euros (EUR thousand).

02 Financial StatementS

Balance sheet

assets in EUR thousand Note 31 Dec. 2012 31 Dec. 2011

FixeD assets (3)

intangible assets 26 –

tangible assets

Land and buildings 7,014 7,839

Operating and office equipment 81 99

7,095 7,938

Financial assets

Shares in affiliated companies 3,099,379 3,140,839

Investments 140 85

Long-term investments 11,044 9,887

Other loans – 94

3,110,563 3,150,905

3,117,684 3,158,843

cURRent assets

Receivables and other assets (4)

Trade receivables 21 49

Receivables from affiliated companies 269,911 270,184

Other assets 171,021 196,721

440,953 466,954

securities

Other securities (5) 597,281 371,325

Bank balances 143,870 235,190

1,182,104 1,073,469

PRePaiD exPenses (6) 5,047 8,867

Positive DiFFeRence FRom asset allocation 9 –

4,304,844 4,241,179

03

eQUitY anD liaBilities in EUR thousand Note 31 Dec. 2012 31 Dec. 2011

eQUitY

Subscribed capital (8) 125,000 125,000

Treasury shares (8) – 9,470 –

issued capital 115,530 125,000

Capital reserves 173,410 173,410

Revenue reserves (9) 1,598,473 1,576,003

Net retained profit (24) 133,024 534,073

2,020,437 2,408,486

PRovisions

Provisions for pensions and other post-employment benefits 12,511 12,739

Other provisions (10) 147,393 160,094

159,904 172,833

liaBilities (11)

Bond 700,000 700,000

Liabilities to banks 560,001 466

Trade payables 413 346

Liabilities to affiliated companies 856,092 958,693

Other liabilities 7,997 355

2,124,503 1,659,860

4,304,844 4,241,179

05

income statement

in EUR thousand Note 2012 2011

Sales (14) 613 330

Other operating income (15) 47,602 17,379

gross revenue 48,215 17,709

Cost of materials – 589 – 320

Personnel expenses (16) – 3,824 – 4,162

Depreciation, amortisation and write-downs – 865 – 862

Other operating expenses (17) – 12,843 – 12,263

operating result 30,094 102

Income from investments (18) 303,060 126,960

Income from other securities and long-term loans 2,321 1,365

Net interest income/expense (19) – 31,342 – 29,450

Write-downs of investments and marketable securities – 5,501 – 4,996

Result from ordinary activities 298,632 93,981

extraordinary income – 1,025,984

Taxes on income – 39,005 – 67,110

Other taxes – 156 – 156

net profit for the year 259,471 1,052,699

Retained profit carried forward 2,553 7,374

Transfer to revenue reserves – 129,000 – 526,000

net retained profit (24) 133,024 534,073


Acquisition and production costs Accumulated depreciation and amortisation Book values

in EUR thousand 1 Jan. 2012 Additions Disposals Transfers 31 Dec. 2012 1 Jan. 2012 Additions Disposals

Reversal of impairment

losses 31 Dec. 2012 31 Dec. 2012 31 Dec. 2011

intangible assets 1,012 33 – – 1,045 1,012 7 – – 1,019 26 –

tangible assets

Land and buildings 34,231 – – – 34,231 26,392 825 – – 27,217 7,014 7,839

Plant and machinery 452 – – – 452 452 – – – 452 – –

Operating and office equipment 867 18 22 – 863 768 33 19 – 782 81 99

35,550 18 22 – 35,546 27,612 858 19 – 28,451 7,095 7,938

Financial assets

Shares in affiliated companies 3,140,839 585 42,045 – 3,099,379 – – – – – 3,099,379 3,140,839

Investments 85 55 – – 140 – – – – – 140 85

Long-term investments 10,309 1,763 766 – 11,306 422 – – 160 262 11,044 9,887

Other loans 94 – – – 94 1) – – – – – – – 94

3,151,327 2,403 42,811 – 94 3,110,825 422 – – 160 262 3,110,563 3,150,905

Fixed assets 3,187,889 2,454 42,833 – 94 3,147,416 29,046 865 19 160 29,732 3,117,684 3,158,843

statement oF changes in FixeD assets

1) Result of the netting out against the deferred compensation obligation formerly recorded as a pension provision.

07

Acquisition and production costs Accumulated depreciation and amortisation Book values

in EUR thousand 1 Jan. 2012 Additions Disposals Transfers 31 Dec. 2012 1 Jan. 2012 Additions Disposals

Reversal of impairment

losses 31 Dec. 2012 31 Dec. 2012 31 Dec. 2011

intangible assets 1,012 33 – – 1,045 1,012 7 – – 1,019 26 –

tangible assets

Land and buildings 34,231 – – – 34,231 26,392 825 – – 27,217 7,014 7,839

Plant and machinery 452 – – – 452 452 – – – 452 – –

Operating and office equipment 867 18 22 – 863 768 33 19 – 782 81 99

35,550 18 22 – 35,546 27,612 858 19 – 28,451 7,095 7,938

Financial assets

Shares in affiliated companies 3,140,839 585 42,045 – 3,099,379 – – – – – 3,099,379 3,140,839

Investments 85 55 – – 140 – – – – – 140 85

Long-term investments 10,309 1,763 766 – 11,306 422 – – 160 262 11,044 9,887

Other loans 94 – – – 94 1) – – – – – – – 94

3,151,327 2,403 42,811 – 94 3,110,825 422 – – 160 262 3,110,563 3,150,905

Fixed assets 3,187,889 2,454 42,833 – 94 3,147,416 29,046 865 19 160 29,732 3,117,684 3,158,843


notes to the Financial statements

(1) Preliminary note

maxingvest ag (hereinafter referred to as “the Company”) has its headquarters at Übersee ring 18, Hamburg,

Germany. The individual financial statements of maxingvest ag have been prepared in accordance with the

provisions of the German Commercial Code (Handelsgesetzbuch – HGB). Individual items have been

summarised in the balance sheet and the income statement, and have been reported separately in the notes

to enhance clarity of presentation.

(2) accounting and valuation principles, foreign currency translation

Intangible and tangible assets are carried at cost or at the cost of sales less depreciation, insofar as they are

depreciable.

Intangible and tangible assets are amortised or depreciated on the basis of their probable useful life. The

declining-balance method of depreciation is applied to tangible assets with a useful economic life of more

than four years that were acquired up to 31 December 2010. The straight-line method of depreciation is

subsequently adopted from the year in which this method first results in higher levels of annual depreciation.

All other capital assets are depreciated according to the straight-line method. Additions to the intangible or

tangible assets are amortised/depreciated on a pro rata basis.

Shares in affiliated companies, miscellaneous financial assets and marketable securities are reported at the

lower of acquisition cost or fair value on the balance sheet date.

All identifiable risks relating to other current assets are covered by valuation allowances.

Pension provisions are calculated according to the projected unit credit method and on the basis of the

Heubeck 2005 G mortality tables. The average market interest rate of 5.06% was used across the board for

discounting. Anticipated salary increases of 2.50% and anticipated pension increases of 1.50% were taken

into account. Other provisions take into account all identifiable risks and contingent liabilities to the appropri-

ate degree. These are set at the level of the required settlement amount according to prudent business

judgement.

To calculate deferred tax assets or liabilities resulting from tax loss carryforwards or temporary or quasi-

permanent differences between the carrying amounts of assets, liabilities and prepaid expenses and their

respective tax values, the tax burden/tax relief amounts are carried on the basis of the company-specific rates

of taxation at the time of the reduction of the differences and are not discounted. Deferred tax assets and

deferred tax liabilities are offset against each other. There is no recognition of deferred tax assets as the

corresponding option for disclosure is exercised.

Foreign currency transactions are translated at the exchange rate prevailing on the transaction date. All short-

term foreign currency items are translated at the closing rate on the balance sheet date.

09

BALANCE SHEET DISCLOSURES

(3) Fixed assets

The development of the individual items under fixed assets can be found in a separate table before the notes

to the financial statements, together with details of their depreciation.

(4) Receivables and other assets

Receivables and other assets include a long-term tax refund claim amounting to EUR 26,605 thousand (previ-

ous year: EUR 29,637 thousand) and a non-current receivable of EUR 122,500 thousand (previous year:

EUR 122,500 thousand). All other receivables and other assets are due within one year. Receivables from

affiliated companies include trade and other receivables amounting to EUR 360 thousand (previous year:

EUR 27 thousand), other assets of EUR 6,090 thousand and other liabilities amounting to EUR 14 thousand

(previous year: EUR 8,606 thousand).

(5) other securities

maxingvest ag holds a total of EUR 597,281 thousand (previous year: EUR 371,325 thousand) in government

and industry bonds, civil bonds, near-money-market retail funds and commercial paper. As in the previous

year, none of our own bonds were repurchased in the year under review. All the bonds are listed and are due

within the next five years.

(6) Prepaid expenses

in EUR thousand 2012 2011

Discounts 1,108 1,731

Other prepaid expenses 3,939 7,136

5,047 8,867

Other prepaid expenses comprise prepaid option premiums paid for interest rate hedging transactions.

(7) Deferred tax assets/deferred tax liabilities

After offsetting against deferred tax liabilities of EUR 2,938 thousand, there were deferred tax assets of

EUR 17,486 thousand, which are not recognised due to the corresponding option for disclosure being

exercised.

Deferred tax assets and liabilities are calculated on the basis of a rate of taxation of 30.76%. Deferred

tax assets and deferred tax liabilities result exclusively from differences in balance sheet carrying amounts,

primarily in relation to tangible assets, securities and provisions.

There are tax loss carryforwards in the amount of EUR 15 thousand relating to a controlled company (previous

year: EUR 0 thousand) for which no deferred tax assets are recognised since these were losses incurred before

control of the company was acquired and are therefore non-deductible for the foreseeable future.


(8) subscribed capital

Subscribed capital amounts to EUR 125,000 thousand and is divided into 3,960,001 (previous year: 3,960,001)

no-par-value shares.

In accordance with a resolution of the Annual General Meeting dated 13 December 2012, the Company

acquired 300,000 of its own no-par-value shares in the year under review, with a view to cancelling or resell-

ing them pursuant to section 71 (1) (8) of the German Stock Corporation Law (Aktiengesetz – AktG). The

Company’s subscribed capital amounts to EUR 125,000 thousand. As such, the 300,000 acquired shares are

equal to EUR 9,470 thousand of the subscribed capital (or 7.58% of the Company’s subscribed capital). The

shares were acquired in blocks by means of two share purchase agreements dated 13 December 2012.

(9) Revenue reserves

In the year under review, EUR 484,000 thousand of the previous year’s net retained profit was transferred to

revenue reserves, as was EUR 129,000 thousand of the net income for the financial year 2012. Revenue

reserves include a statutory reserve of EUR 12,500 thousand (previous year: EUR 12,500 thousand) and other

reserves of EUR 1,585,973 thousand (previous year: EUR 1,563,503 thousand). The difference between the

accounting par value and the cost of the 300,000 own no-par-value shares acquired, namely EUR 590,530 thou-

sand, was offset against revenue reserves.

(10) other provisions


Provisions for taxes 73,001 44,246

Other provisions 74,392 115,848

147,393 160,094

maxingvest ag’s provisions consist mainly of provisions for obligations to former Group employees, contingent

liabilities relating to past investments and contingent liabilities relating to external tax audits in progress. In

addition, provisions were made for outstanding invoices, contingent liabilities relating to personnel and for

interest on tax arrears.

(11) liabilities

maxingvest ag has liabilities of EUR 2,124,503 thousand (previous year: EUR 1,659,860 thousand).

In 2004, maxingvest ag issued a euro debut bond with a volume of EUR 700,000 thousand. The bond bears

interest at a rate of 4.50% p.a. and expires on 13 October 2014. Of the other provisions, EUR 7,881 thousand

(previous year: EUR 317 thousand) are tax liabilities and EUR 15 thousand (previous year: EUR 27 thousand)

are liabilities relating to social security.

11

All liabilities are due within a year, with the exception of a bond amounting to EUR 700,000 thousand (previ-

ous year: EUR 700,000 thousand), a liability to affiliated companies worth EUR 247,998 thousand (previous

year: EUR 232,665 thousand) and liabilities to banks of EUR 560,000 thousand (previous year: EUR 0 thou-

sand). The total liabilities due in more than five years amount to EUR 247,998 thousand (previous year:

EUR 232,665 thousand).

The liabilities to affiliated companies include other assets amounting to EUR 1,418 thousand (previous year:

EUR 5,672 thousand), but do not include any trade payables (previous year: EUR 1 thousand).

(12) Financial instruments

maxingvest ag uses various derivative financial instruments for the management of its interest rate risk. The

following table shows the total nominal values and market values of the derivative financial instruments used.


interest rate options

Nominal value 546,000 635,000

Market value 9 211

interest rate swaps

Nominal value 514,370 635,000

Market value 34,205 48,081

Market values are based on the values notified by the respective banks as at 31 December.

Provisions for anticipated losses on pending transactions were not recognised for the completed interest swap

agreements, as these agreements and the underlying transaction (euro debut bond) together represent a

hedging transaction for which no losses are likely.

(13) contingent liabilities


Liabilities from guarantees and bills of guarantees – thereof to affiliated companies

23,088(22,698)

32,910(25,650)

Liabilities from warranties for the fulfilment of pension obligations by affiliated companies 1,519 1,580

24,607 34,490

Liabilities from guarantees and bills of guarantee consist primarily of liabilities owed to affiliated companies.

The risk of these claims being asserted is considered to be low because of the good asset, financial and

income position and results of operations of the subsidiaries in question.


INCOME STATEMENT DISCLOSURES

(14) sales

maxingvest ag reports sales of EUR 613 thousand (previous year: EUR 330 thousand), related to the sale of

consumer merchandise.

(15) other operating income

Other operating income consists mainly of income from the sale of interest rate swaps and options, the

release of provisions, income from the reversal of specific valuation allowances, income from foreign currency

translation worth EUR 35 thousand (previous year: EUR 181 thousand) and rental income. At maxingvest ag,

EUR 15 thousand (previous year: EUR 730 thousand) is attributable to income from other accounting periods.

(16) Personnel expenses/employees


Wages and salaries 3,376 3,379

Social security, pensions and other benefit costs – thereof pensions

448(143)

783(495)

3,824 4,162

Over the year, maxingvest ag had an average of 28 employees (previous year: 25). Members of the Manage-

ment Board are not included in this figure.

(17) other operating expenses

Other operating expenses consist mainly of advisory expenses, expenses for services and expenses from

foreign currency translation worth EUR 106 thousand (previous year: EUR 309 thousand). At maxingvest ag,

EUR 201 thousand (previous year: EUR 195 thousand) is attributable to expenses from other accounting

periods.

(18) income from investments


Income from profit and loss transfer agreements 228,722 125,950

Income from investments – thereof from affiliated companies

74,338(74,338)

1,010(1,010)

303,060 126,960

13

(19) net interest income/expense


Other interest and similar income – thereof from affiliated companies – thereof from discounting

18,539(5,186)

(617)

17,066(4,919)(1,818)

Interest and similar expenses – thereof to affiliated companies – thereof from discounting

49,881(21,773)

(726)

46,516(22,102)

(622)

– 31,342 – 29,450

OTHER DISCLOSURES

(20) Disclosures in accordance with section 285 (17) of the hgB

The following table provides an overview of the total fees paid to the auditors Ernst & Young GmbH

Wirtschaftsprüfungsgesellschaft, Hamburg, for the financial year:


Audit services 85 96

Tax advisory services 27 83

Other services 24 27

136 206


(21) maxingvest ag shareholdings

Equity interest in %

Equityin € thousand 1)

Resultin € thousand 1)

holDing comPanY sUBgRoUP

subsidiaries in germany

BBG Beteiligungsgesellschaft mbH, Gallin 82.50 6,303,505 87,946

maxingvest Zweite Beteiligungsgesellschaft mbH (“BG”), Gallin 100.00 636,018 1,877

Olymp Vermögensverwaltung GmbH, Gallin 100.00 90,247 589

Tchibo Anlagen-Verwaltungsgesellschaft mbH, Hamburg 100.00 64,000 0 2)

maxingvest Beteiligungsverwaltung GmbH, Hamburg 100.00 5,025 0 2)

Pack & Trink Getränkeservice GmbH, Hamburg 100.00 338 1

SCS Skin Care Studio GmbH, Norderstedt 100.00 85 0 2)

subsidiaries abroad

Tchibo Holding Finance B.V., Amsterdam, Netherlands 100.00 2,909 9

HMO Luxembourg S.a.r.l., Luxembourg, Luxembourg 100.00 – 38,883 – 34

Société Européenne de Recherche de Participation et d'Innovation économique S.A.S., Creteil-Cedex, France 3) 100.00 – –

1) Equity and result in the current or last fiscal year for which IFRS financial statements are available.2) The company has concluded a profit and loss transfer agreement; for this reason, the calculation of the reported result takes into account any profit or loss

transferred accordingly.3) The company is currently in the process of liquidation.

15




tchiBo sUBgRoUP


Tchibo GmbH, Hamburg 100.00 359,195 0 2)

Tchibo Coffee Service GmbH, Hamburg 100.00 40,810 0 2)

Olymp Vermögensverwaltung GmbH & Co. Dienstleistungs-KG, Gallin 100.00 33,324 1,313

Tchibo Manufacturing GmbH & Co. KG, Hamburg 100.00 22,171 1,350

Tchibo Mobilfunk GmbH & Co. KG, Hamburg 50.00 4,897 999

Tchibo Energie GmbH, Hamburg 100.00 2,801 7

Tchibo Produktions GmbH, Hamburg 100.00 2,678 63

G.C. Breiger & Company GmbH, Hamburg 100.00 994 0 2)

Meister-Kaffee GmbH & Co. Vertriebs KG, Hamburg 75.00 147 1,195

Tchibo Markenverwaltungs GmbH & Co. KG, Gallin 100.00 101 42,289

International Coffee Partners GmbH, Hamburg 20.00 71 – 11

Tchibo Mobilfunk Beteiligungs GmbH, Hamburg 50.00 36 1

Meister-Kaffee GmbH, Hamburg 75.00 32 – 2

subsidiaries abroad

EDUSCHO (Austria) GmbH, Vienna, Austria 100.00 440,664 33,367

Tchibo (Austria) Group Finance GmbH, Vienna, Austria 100.00 292,024 9,979

Tchibo (Austria) Holding GmbH, Vienna, Austria 100.00 256,258 – 425

Tchibo Coffee Nederland B.V., Eemnes, Netherlands 100.00 86,577 264

Tchibo Warszawa Sp.z o.o., Warsaw, Poland 100.00 45,645 3,081

Tchibo (Schweiz) AG, Wallisellen, Switzerland 100.00 34,384 6,212

Tchibo Praha spol. s.r.o., Prague, Czech Republic 100.00 34,377 4,792

Luna Technology Systems LTS GmbH, Wallisellen, Switzerland 100.00 28,179 – 1,040

Tchibo Manufacturing Poland Sp.z o.o., Marki, Poland 100.00 23,942 – 1,387

Tchibo C.I.S. LLC, Moscow, Russia 100.00 23,203 – 3,008

Tchibo Coffee International Ltd., Epsom, Great Britain 100.00 22,918 905

Tchibo Budapest Kft., Budapest, Hungary 100.00 19,257 384

Tchibo Manufacturing (Austria) GmbH, Vienna, Austria 100.00 11,311 80

Tchibo Merchandising Hongkong LP, Hong Kong, China 100.00 10,793 9,728

Tchibo Kahve Mamülleri Dagitim ve Pazarlama Ticaret Limited, Istanbul, Turkey 100.00 10,236 1,683

Tchibo Coffee Service Polska Sp.z o.o, Warsaw, Poland 100.00 5,380 402


transferred accordingly.





Tchibo Slovensko spol. s.r.o., Bratislava, Slovakia 100.00 5,262 712

Tchibo Coffee Service Czech Republic spol. s.r.o., Prague, Czech Republic 100.00 3,399 244

Tchibo Coffee Service (Austria) GmbH, Vienna, Austria 100.00 2,875 58

TOV Tchibo Ukraine, Kiev, Ukraine 100.00 2,092 – 313

Tchibo Brands S.r.l., Bucharest, Romania 100.00 1,354 290

Tchibo Israel Ltd., Tel Aviv, Israel 100.00 347 0

Cetco Ltd., Nairobi, Kenya 100.00 234 – 7

Tchibo Bulgaria EOOD, Sofia, Bulgaria 100.00 200 – 7

Tchibo Merchandising Hongkong Ltd., Hong Kong, China 100.00 99 44

Cetco Burundi Surl, Bujumbura, Burundi 100.00 9 14

Cetco (Uganda) Ltd., Kampala, Uganda 100.00 – 41 17

MM Meyer Markenverwaltung & Co., Bremgarten, Switzerland 100.00 – 1,116 1,009

Tchibo Great Britain Ltd., Epsom, Great Britain 100.00 – 8,857 – 2,755

Tchibo Int. Ltd., Mississauga, Canada 100.00 – –

MTS ZAO, Moscow, Russia 2) 100.00 – –

BeieRsDoRF sUBgRoUP

Beiersdorf AG, Hamburg 41.64 2,017,937 320,770

1) Equity and result in the current or last fiscal year for which IFRS financial statements are available.2) The company is currently in the process of liquidation.

17




BeieRsDoRF ag shaReholDings


Beiersdorf Beteiligungs GmbH, Gallin 100.00 390,551 29,595

tesa SE, Hamburg 100.00 373,166 90,267

Beiersdorf Customer Supply GmbH, Hamburg 100.00 82,830 24,566

tesa Werk Hamburg GmbH, Hamburg 100.00 35,221 0 2)

GUHL IKEBANA GmbH, Griesheim 10.00 34,190 26,089

Produits de Beauté Logistik GmbH, Baden-Baden 100.00 33,593 0 2)

Beiersdorf Shared Services GmbH, Hamburg 100.00 30,222 0 2)

Beiersdorf Manufacturing Hamburg GmbH, Hamburg 100.00 24,462 0 2)

Beiersdorf Manufacturing Waldheim GmbH, Waldheim 100.00 19,765 0 2)

tesa Werk Offenburg GmbH, Offenburg 100.00 18,941 0 2)

Produits de Beauté Produktions GmbH, Baden-Baden 100.00 12,968 0 2)

tesa Grundstücksverwaltungsges. mbH & Co. KG Hamburg, Hamburg 100.00 12,512 177

Beiersdorf Manufacturing Berlin GmbH, Berlin 100.00 5,986 0 2)

tesa Converting Center GmbH, Hamburg 100.00 3,999 0 2)

La Prairie Group Deutschland GmbH, Baden-Baden 100.00 3,830 0 2)

Allgemeine Immobilien- und Verwaltungsgesellschaft m.b.H., Baden-Baden 100.00 2,614 0 2)

Beiersdorf Hautpflege GmbH, Hamburg 100.00 2,325 211

tesa scribos GmbH, Heidelberg 100.00 2,084 0 2)

Labtec Gesellschaft für technologische Forschung und Entwicklung mbH, Langenfeld 100.00 1,630 1,554

Ultra Kosmetik GmbH, Hamburg 100.00 76 8

TRADICA Pharmazeutische GmbH, Hamburg 100.00 53 0

IKEBANA-Kosmetik GmbH, Hamburg 100.00 34 – 1

Phanex Handelsgesellschaft mbH, Hamburg 100.00 28 0 2)

BDF Immo GmbH, Hamburg 100.00 27 0

Tape International GmbH, Hamburg 100.00 26 0 2)

One tesa Bau GmbH, Norderstedt 100.00 25 0

NOIMMO Erste Projekt GmbH & Co. KG, Hamburg 100.00 – 324 – 237


transferred accordingly.





subsidiaries in europe

Beiersdorf Holding B.V., Baarn, Netherlands 100.00 430,146 26,687

Beiersdorf Holding SL, Tres Cantos, Spain 100.00 258,216 35,280

Beiersdorf Nordic Holding AB, Gothenburg, Sweden 100.00 152,254 15,930

Beiersdorf CEE Holding GmbH, St. Pölten, Austria 100.00 147,932 39,244

Beiersdorf d.o.o., Ljubljana, Slovenia 100.00 108,784 5,889

BEIERSDORF FINANCE SCS, Brussels, Belgium 100.00 106,717 310

Beiersdorf Holding France Sarl, Paris, France 100.00 103,726 9,400

La Prairie Group AG, Volketswil, Switzerland 100.00 87,513 24,418

Beiersdorf s.a.s., Paris, France 99.89 61,379 18,550

Beiersdorf SpA, Milan, Italy 100.00 44,717 14,125

Beiersdorf AG, Reinach, Switzerland 100.00 38,464 21,971

Beiersdorf Manufacturing Tres Cantos SL, Tres Cantos, Spain 100.00 36,341 6,972

Beiersdorf UK Ltd., Birmingham, Great Britain 100.00 31,712 9,400

NIVEA Polska Sp.z o.o., Poznán, Poland 100.00 31,554 11,008

Beiersdorf Ges mbH, Vienna, Austria 100.00 31,077 10,504

Beiersdorf NV, Baarn, Netherlands 100.00 28,023 14,372

Laboratoires La Prairie SA, Volketswil, Switzerland 100.00 25,151 6,936

Beiersdorf LLC, Moscow, Russia 100.00 23,659 13,683

Beiersdorf Hellas AE, Gerakas, Greece 100.00 23,393 1,049

Beiersdorf Manufacturing Poznán Sp.z o.o., Poznán, Poland 100.00 21,776 4,282

Beiersdorf Manufacturing Argentona, S.L., Argentona, Spain 100.00 17,682 2,356

Comet SpA, Concagno Solbiate, Italy 100.00 16,353 876

Beiersdorf Portuguesa, Limitada, Queluz, Portugal 100.00 14,728 5,249

SA Beiersdorf NV, Brussels, Belgium 100.00 14,376 1,501

Beiersdorf SA, Tres Cantos, Spain 100.00 13,859 6,904

Beiersdorf Aktiebolag, Gothenburg, Sweden 100.00 10,734 6,462

Beiersdorf Oy, Turku, Finland 100.00 8,100 3,852

Beiersdorf spol. s r.o., Prague, Czech Republic 100.00 7,777 4,900

EBC Eczacıbaşı-Beiersdorf Kozmetik Ürünler Sanayi ve Ticaret A.S., Istanbul, Turkey 100.00 7,169 3,810

Guhl Ikebana Cosmetics B.V., Almere, Netherlands 10.00 6,886 1,092

Beiersdorf Kft., Budapest, Hungary 100.00 6,788 2,247

tesa Bant Sanayi ve Ticaret A.S., Istanbul, Turkey 100.00 6,287 2,794

La Prairie S.p.A., Milan, Italy 100.00 6,127 604

Beiersdorf d.o.o., Zagreb, Croatia 100.00 5,656 3,417

Beiersdorf d.o.o. Beograd, Belgrade, Serbia 100.00 5,464 4,037

tesa UK Ltd., Milton Keynes, Great Britain 100.00 5,280 538

La Prairie Group France S.A.S., Boulogne-Billancourt, France 100.00 5,195 840

1) Equity and result in the current or last fiscal year for which IFRS financial statements are available.

19




tesa A/S, Birkerød, Denmark 100.00 4,405 294

tesa tape s.r.o., Prague, Czech Republic 100.00 4,329 322

Beiersdorf Slovakia, s.r.o., Bratislava, Slovakia 100.00 4,043 2,423

tesa SpA, Vimodrone, Italy 100.00 3,315 – 155

Beiersdorf A/S, Copenhagen, Denmark 100.00 2,886 1,166

Beiersdorf Ukraine LLC, Kiev, Ukraine 100.00 2,845 2,120

La Prairie Group Iberia S.A.U., Madrid, Spain 100.00 2,674 750

tesa tape OOO, Moscow, Russia 100.00 2,671 1,229

SA tesa, Brussels, Belgium 100.00 2,661 595

Beiersdorf Bulgaria EOOD, Sofia, Bulgaria 100.00 2,448 772

tesa tape Ragasztószalag Termelö ès Kereskedelmi Kft., Budapest, Hungary 100.00 2,303 573

Tartsay Beruházó Kft., Budapest, Hungary 99.66 2,162 123

tesa tape, S.A, Argentona, Spain 100.00 2,102 103

Beiersdorf OÜ, Tallinn, Estonia 100.00 1,873 366

Beiersdorf UAB, Vilnius, Lithuania 100.00 1,747 244

Beiersdorf AS, Oslo, Norway 100.00 1,745 373

tesa s.a.s., Savigny-le-Temple, France 100.00 1,660 149

tesa tape sp.z o.o., Poznán, Poland 100.00 1,621 505

tesa tape Schweiz AG, Bergdietikon, Switzerland 100.00 1,504 264

Beiersdorf Romania SRL., Bucharest, Romania 100.00 1,487 198

tesa tape posrednistvo in trgovina d.o.o., Ljubljana, Slovenia 100.00 863 293

tesa tape AE, Gerakas, Greece 100.00 832 48

tesa AB, Kungsbacka, Sweden 100.00 827 198

tesa BV., Hilversum, Netherlands 100.00 795 414

tesa Portugal - Produtos Adhesivos, Lda., Queluz, Portugal 100.00 794 151

La Prairie (UK) Limited, London, Great Britain 100.00 701 89

Beiersdorf Macedonia DOOEL, Skopje, Macedonia 100.00 664 644

Beiersdorf ehf, Reykjavik, Iceland 100.00 651 440

tesa GmbH, Vienna, Austria 100.00 639 380

tesa tape s.r.l., Cluj-Napoca, Romania 100.00 608 147

La Prairie Group Austria GmbH, Vienna, Austria 100.00 586 264

tesa AS, Oslo, Norway 100.00 311 132

tesa Oy, Turku, Finland 100.00 301 79

BDF Medical Ltd., Birmingham, Great Britain 100.00 0 0

Beiersdorf Ireland Ltd., Dublin, Ireland 100.00 – 17 – 1,789

SIA Beiersdorf, Riga, Latvia 100.00 – 309 578

La Prairie Group (RUS) LLC, Moscow, Russia 100.00 – 539 – 940

tesa Western Europe B.V., Amsterdam, Netherlands 100.00 – 757 – 775






subsidiaries in the americas

Beiersdorf North America Inc., Wilton, CT, USA 100.00 122,021 – 386

Beiersdorf, Inc., Wilton, CT, USA 100.00 58,938 5,899

BDF NIVEA LTDA., São Paulo, Brazil 100.00 48,181 5,877

tesa tape inc., Charlotte, NC, USA 100.00 32,199 9,699

Beiersdorf S.A., Santiago de Chile, Chile 100.00 30,918 5,232

Beiersdorf Industria e Comercio Ltda., Itatiba, Brazil 100.00 26,822 – 2,045

Beiersdorf Manufacturing Mèxico, S.A. de C.V., Silao, Mexico 100.00 23,904 – 1,368

Beiersdorf S.A., Buenos Aires, Argentina 100.00 22,189 2,045

Beiersdorf S.A., Caracas, Venezuela 100.00 21,225 6,969

BDF México, S.A. de C.V., Mexico City, Mexico 100.00 16,814 – 6,322

Beiersdorf S.A., Bogota, Colombia 100.00 13,342 107

La Prairie, Inc., New York, NY, USA 100.00 9,374 942

Beiersdorf Canada Inc., St. Laurent, Canada 100.00 6,467 2,129

tesa Tape Colombia Ltda., Santiago de Cali, Colombia 100.00 5,413 1,922

BDF Centroamérica, S.A., Guatemala City, Guatemala 100.00 4,678 3,760

BDF Costa Rica, S.A., San José, Costa Rica 100.00 3,849 1,602

Technical Tape Mexico SA de CV, Mexico City, Mexico 100.00 3,733 909

Beiersdorf S.A., Quito, Ecuador 100.00 3,719 1,794

tesa Brasil Limitada, Curitiba, Brazil 100.00 3,511 – 274

Beiersdorf S.A., Asunción, Paraguay 100.00 3,490 2,127

Beiersdorf S.A.C., Lima, Peru 99.81 2,656 – 244

Beiersdorf S.A., Montevideo, Uruguay 100.00 2,382 320

Beiersdorf S.R.L., Santa Cruz de la Sierra, Bolivia 100.00 2,178 822

BDF Panamá S.A., Panamá City, Panamá 100.00 2,012 1,050

Beiersdorf, SRL, Santo Domingo, Dominican Republic 100.00 1,373 435

tesa tape Argentina S.R.L., Buenos Aires, Argentina 99.75 1,025 291

tesa tape Centro America S.A., Guatemala City, Guatemala 100.00 970 166

tesa tape Chile SA, Santiago de Chile, Chile 100.00 968 – 41

BDF Corporativo, S.A. de C.V., Mexico City, Mexico 100.00 568 0

BDF El Salvador, S.A. de C.V., San Salvador, El Salvador 100.00 513 129

Beiersdorf Manufacturing Mèxico Servicios, S.A. de C.V., Silao, Mexico 100.00 316 36

HUB LIMITED S.A., Panamá City, Panamá 100.00 17 17

LaPrairie.com LLC, Edison, NJ, USA 100.00 0 0

tesa tape Mexico SRL de CV, Mexico City, Mexico 100.00 – 105 0

subsidiaries in africa, asia, australia

Beiersdorf Holding Japan Yugen Kaisha, Tokyo, Japan 100.00 116,782 12,807

Beiersdorf (Thailand) Co., Ltd., Bangkok, Thailand 100.00 42,728 13,695


21




tesa (Shanghai) Trading Co. Ltd., Shanghai, China 100.00 41,068 23,763

Beiersdorf Australia Ltd., North Ryde, NSW, Australia 100.00 25,441 9,348

Nivea-Kao Co., Ltd., Tokyo, Japan 60.00 22,421 20,391

Beiersdorf Middle East FZCO, Dubai, United Arab Emirates 100.00 17,646 10,108

Beiersdorf Consumer Products (Pty.) Ltd., Westville, South Africa 100.00 16,524 7,935

tesa Plant Suzhou Co. Ltd., Suzhou, China 100.00 15,962 2,578

tesa tape Asia Pacific Pte. Ltd., Singapore, Singapore 100.00 14,400 20,389

Beiersdorf Daily Chemical (Wuhan) Co., Ltd., Wuhan, China 100.00 14,277 2,014

tesa tape (Hong Kong) Ltd., Hong Kong, China 100.00 11,593 7,644

tesa tape Korea Ltd., Seoul, Korea 100.00 10,717 9,695

NIVEA (Shanghai) Company Limited, Shanghai, China 100.00 9,500 – 28,405

La Prairie Korea Ltd, Seoul, Korea 100.00 8,275 3,699

tesa tape K.K., Tokyo, Japan 100.00 7,474 1,709

Singapore Plastic Products Pte. Ltd., Singapore, Singapore 100.00 5,802 0

PT. Beiersdorf Indonesia, Jakarta, Indonesia 80.00 5,722 751

tesa tape (Shanghai) Co., Ltd., Shanghai, China 100.00 4,927 1,276

tesa tape (Malaysia) Sdn. Bhd., Kajang, Malaysia 100.00 4,612 464

Beiersdorf India Pvt. Ltd., Mumbai, India 51.00 4,135 1,750

tesa tape Australia Pty., Ltd., Sydney, NSW, Australia 100.00 4,023 1,141

Beiersdorf East Africa Limited, Nairobi, Kenya 100.00 3,984 1,566

La Prairie Group Australia Pty. Ltd., North Ryde, NSW, Australia 100.00 3,775 272

Medical-Latex (DUA) SDN. BHD., Senai, Malaysia 100.00 3,724 519

Nivea India Pvt. Ltd., Mumbai, India 100.00 3,395 – 3,207

La Prairie (Shanghai) Co. Ltd., Shanghai, China 100.00 3,375 1,024

Beiersdorf Daily Chemical (Guangzhou) Co., Ltd., Guangzhou, China 100.00 3,288 – 362

tesa Tapes (India) Pte. Limited, Navi Mumbai, India 100.00 3,220 – 670

Beiersdorf S.A., Casablanca, Morocco 100.00 2,172 – 768

NIVEA Seoul Ltd., Seoul, Korea 100.00 1,900 – 401

tesa tape Industries (Malaysia) Sdn. Bhd., Kajang, Malaysia 99.99 1,362 162

Beiersdorf Vietnam LLC, Ho Chi Minh City, Vietnam 100.00 1,154 646

Beiersdorf Ghana Limited, Accra, Ghana 100.00 811 117

tesa tape (Thailand) Limited, Bangkok, Thailand 90.10 793 422

NIVEA (Taiwan) Ltd., Taipeh, Taiwan 100.00 374 518

Beiersdorf near East FZ-LLC, Dubai, United Arab Emirates 100.00 – 788 – 798

La Prairie Japan K.K., Tokyo, Japan 100.00 – 1,208 – 1,283

tesa Plant (Singapore) Pte. Ltd., Singapore, Singapore 100.00 – 1,863 – 6,215

Beiersdorf (Malaysia) SDN. BHD., Petaling Jaya, Malaysia 100.00 – 7,918 – 1,137

Beiersdorf Singapore Pte Limited, Singapore, Singapore 100.00 – 8,741 4,180

Beiersdorf Daily Chemical (Hubei) Co., Ltd., Xiantao City, China 100.00 – 22,450 – 38,445



(22) shareholdings in maxingvest ag

The Company has been notified of the following shareholdings requiring notification under section 20 (1) &

(4) of the German Stock Corporation Law (Aktiengesetz – AktG) as of the balance sheet preparation date

(20 March 2013):

Should section 16 (4) of the AktG become applicable as a result of the existing share pooling agreement or

other voting agreements, Mrs. Ingeburg Herz, Ingeburg Herz GbR and the Max and Ingeburg Herz Foundation

each has a majority shareholding in the Company. In the event of partial attribution, each has more than a

quarter of the shares.

Mr. Michael Herz notified us with reference to section 20 (1) of the AktG in conjunction with section 16 of

the AktG that he holds more than a quarter of maxingvest ag shares, as the shares held by Trivium Vermö-

gensverwaltungs GmbH, which he controls via SPM Beteiligungs- und Verwaltungs GmbH in accordance with

section 16 (4) of the AktG, are attributable to him.

Trivium Vermögensverwaltungs GmbH

a) notified us with reference to section 20 (1) of the AktG that it holds more than a quarter of maxingvest

ag shares;

b) notified us with reference to section 20 (3) of the AktG that it holds more than a quarter of maxingvest

ag shares, even without taking into account the shares held in accordance with section 20 (2) of

the AktG.

SPM Beteiligungs- und Verwaltungs GmbH

a) notified us with reference to section 20 (1) of the AktG in conjunction with section 16 of the AktG that

it holds more than a quarter of maxingvest ag shares, as the shares held by Trivium Vermögensverwal-

tungs GmbH, which it controls in accordance with section 16 (4) of the AktG are attributable to it;


ag shares, even without taking into account the shares held in accordance with section 20 (2) of the

AktG, as the shares held by Trivium Vermögensverwaltungs GmbH, which it controls in accordance with

section 16 (4) of the AktG, are attributable to it.

Mr. Wolfgang Herz notified us with reference to section 20 (1) of the AktG in conjunction with section 16 of

the AktG that more than a quarter of maxingvest ag shares, as the shares held by Scintia Vermögensverwal-

tungs GmbH, which he controls via E.H. Real Grundstücksverwaltungsgesellschaft mbH in accordance with

section 16 (4) of the AktG, are attributable to him.

Scintia Vermögensverwaltungs GmbH

a) notified us with reference to section 20 (1) of the AktG that it holds more than a quarter of maxingvest

ag shares;


ag shares, even without taking into account the shares held in accordance with section 20 (2) of

the AktG.

23

E.H. Real Grundstücksverwaltungsgesellschaft mbH

a) notified us with reference to section 20 (1) of the AktG in conjunction with section 16 of the AktG that

it holds more than a quarter of maxingvest ag shares, as the shares held by Scintia Vermögensverwal-

tungs GmbH, which it controls in accordance with section 16 (4) of the AktG, are attributable to it;


ag shares, even without taking into account the shares in accordance with section 20 (2) of the AktG,

as the shares held by Scintia Vermögensverwaltungs GmbH, which it controls in accordance with section

16 (4) of the AktG, are attributable to it.

(23) supervisory Board and management Board

The remuneration for members of maxingvest ag’s Supervisory Board was EUR 640 thousand (previous year:

EUR 525 thousand).

There is no disclosure of the total remuneration of the members of the Management Board pursuant to sec-

tion 286 (4) HGB, as this would facilitate the calculation of an individual board member’s remuneration in the

year under review and in the previous year.

Remuneration of former members of the Management Board amounted to EUR 783 thousand (previous year:

EUR 780 thousand).

There is a pension provision of EUR 9,745 thousand (previous year: EUR 9,906 thousand) for former

Management Board members (receiving pensions and entitled to receive future pensions).

No advances or loans were granted to members of the Management Board.


supervisory Board

Prof. Dr. Reinhard Pöllath, Munich

Chairman

Lawyer

Friedrich-Karl Wrede*, Hamburg

Deputy Chairman

Chairman of the Company Works Council

Tchibo GmbH

Peter Franielczyk*, Ockholm

Trade Union Secretary, ver.di

Wolfgang herz, Hamburg

Member of the Management Board

Participia Holding GmbH

Dr. arno mahlert, Hamburg

Chairman of the Supervisory Board GfK SE,

Non Executive Director

helmut müller*, Hütschenhausen

Regional Manager, Shop Technician

Tchibo GmbH

tomas nieber*, Stade

Chairman of the Board, Economic

and Industrial Policy Department of IG BCE

Ralf neumann*, Hamburg

Coordinator of Technical Administration

Tchibo Manufacturing GmbH & Co. KG

Dr. Jens odewald, Bergisch Gladbach

Chairman and Lawyer

* Employee representative

Dr. Wolfgang Peiner, Hamburg

German Public Auditor

stefan Pfander, Berg

Management Consultant

Prof. manuela Rousseau*, Rellingen

Head of Corporate Social Responsibility

Beiersdorf AG

Regina schillings*, Hamburg

Inventory Accounting Clerk

Beiersdorf Shared Services GmbH

Prof. Dr. Wulf von schimmelmann, Berg-Leoni

Former Chairman of the Management Board

of Deutsche Postbank AG

volker schopnie*, Halstenbek

Technician, Deputy Chairman of the Company

Works Council Beiersdorf AG

ann-christin Wagenmann, Hamburg

Former General Manager

Beiersdorf Consumer Products (PTY) LTD.

management Board

michael herz, Hamburg

thomas holzgreve, Bad Oldesloe

25

(24) Proposal for the appropriation of net retained profit

After transferring EUR 129,000 thousand from the net income for the financial year 2012 to revenue reserves,

a proposal is made to the Annual General Meeting to appropriate maxingvest ag‘s net retained profits of

EUR 133,024 thousand as follows:

Payment of a dividend of EUR 13 per share on subscribed capital carrying

dividend rights: EUR 47,580 thousand

Transfer to revenue reserves: EUR 81,000 thousand

Retained profit carried forward: EUR 4,444 thousand

Hamburg, 20 March 2013

maxingvest ag

The Management Board

Michael Herz Thomas Holzgreve

26 aUDit oPinion

“We have audited the annual financial statements, comprising the balance sheet, the income statement and

the notes to the financial statements, together with the bookkeeping system, and the management report of

maxingvest ag, Hamburg, for the fiscal year from 1 January to 31 December 2012. The maintenance of the

books and records and the preparation of the annual financial statements and management report in

accordance with German commercial law [and supplementary provisions of the partnership agreement/

articles of incorporation and bylaws] are the responsibility of the Company’s management. Our responsibility

is to express an opinion on the annual financial statements, together with the bookkeeping system, and the

management report based on our audit.

We conducted our audit of the annual financial statements in accordance with Sec. 317 HGB (Handelsgesetz-

buch – German Commercial Code) and German generally accepted standards for the audit of financial state-

ments promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those

standards require that we plan and perform the audit such that misstatements materially affecting the

presentation of the net assets, financial position and results of operations in the annual financial statements

in accordance with [German] principles of proper accounting and in the management report are detected

with reasonable assurance. Knowledge of the business activities and the economic and legal environment of

the Company and expectations as to possible misstatements are taken into account in the determination of

audit procedures. The effectiveness of the accounting-related internal control system and the evidence

supporting the disclosures in the books and records, the annual financial statements and the management

report are examined primarily on a test basis within the framework of the audit. The audit includes assessing

the accounting principles used and significant estimates made by management, as well as evaluating the

overall presentation of the annual financial statements and management report. We believe that our audit

provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the annual financial statements comply with the legal

requirements [and supplementary provisions of the partnership agreement/articles of incorporation and

bylaws] and give a true and fair view of the net assets, financial position and results of operations of the

Company in accordance with [German] principles of proper accounting. The management report is consistent

with the annual financial statements and as a whole provides a suitable view of the Company’s position and

suitably presents the opportunities and risks relating to future development.”


Ernst & Young GmbH

Wirtschaftsprüfungsgesellschaft

Möbus Ludwig

Wirtschaftsprüfer Wirtschaftsprüfer

[German Public Auditor] [German Public Auditor]

27statement oF management ResPonsiBilitY

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 net assets, financial position and results of operation of the

Company, and the combined management report on the Company and the Group includes a fair review of

the development and performance of the business and the position of the Company, together with a descrip-

tion of the principal opportunities and risks associated with the expected development of the Company.


The Management Board

Michael Herz Thomas Holzgreve

28

ACKNOWLEDGEMENTS

Published by

maxingvest ag

Überseering 18

22297 Hamburg

Germany

Phone +49 40 6387-2876

Fax +49 40 6387-2530

Email [email protected]

Internet www.maxingvest.com

Concept and design

Berichtsmanufaktur GmbH, Hamburg

English translation

EnglishBusiness AG, Hamburg

Print

Books on Demand GmbH, Norderstedt

These financial statements are also available in German.

This report is printed on FSC-certified paper.

maxingvest ag

Überseering 18

22297 Hamburg

Germany

Phone +49 40 6387-2876

Fax +49 40 6387-2530

Email [email protected]

Internet www.maxingvest.com

2012 annual financial statements - maxingvest ag

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