Group companies develop differently in 2022 - Tchibo expects significant earnings improvement in 2023
Hamburg, 22 August 2023 – The maxingvest Group generated revenues of
€ 12,044 million in the 2022 financial year, up by 7% organically and 11% nominally over the previous year’s figure of € 10,883 million.
The maxingvest Group generated EBIT of € 897 million (previous year: € 1,114 million) for the reporting year, achieving an EBIT margin of 7.4 % (previous year: 10.2 %).
The year 2022 was dominated by the war in Ukraine, geopolitical upheaval, high inflation rates, dramatic cost increases, and numerous bottlenecks in the supply chain. In this environment, which was demanding in many respects, Beiersdorf and Tchibo developed differently.
Tchibo: Stable sales, negative operating result
At € 3,245 million, Tchibo revenues were nominally and organically on par with the previous year (€ 3,256 million). The positive performance of the Coffee as well the Shop and Out-of-home businesses due to the weakening COVID-19 impact almost entirely compensated for the weakening in consumer goods.
EBIT declined from € 176 million to € -167 million due to lower contribution margins resulting from dramatically increased costs for raw materials, energy, and freight, as well as the global supply chain crisis. The EBIT margin was -5.1 % (previous year: 5.4 %). The contribution margin was negatively impacted by increased inventories of Non Food goods. The Non Food sales target was not achieved due to customers’ reluctance to buy as a result of inflation.
Beiersdorf reports good growth and increasing profitability
At Beiersdorf, sales increased organically by 10 % and nominally by 15 % to € 8,799 million (previous year: € 7,627million).
EBIT came to € 1,092 million (previous year: € 933 million). The EBIT margin was 12.2 % (previous year: 12.4 %).
Tchibo: Significantly improved earnings expected in 2023
Tchibo anticipates for 2023 sales slightly above the previous year’s level due to a continuing weak consumer climate. The reorganisation measures introduced to improve the earnings situation are being rigorously implemented. Thanks to these measures and the expected gradual improvement of the business situation in the second half of the year, a positive EBIT is expected for the full year. The company continues to invest in future-oriented projects in digitalisation and the sales organisations. It continues to push ahead with its internationalisation.
Group sales at Beiersdorf are expected to be in the high single-digit to low double-digit range. Beiersdorf expects the Group’s operating EBIT margin for the current business excluding special effects to be slightly above the previous year’s level.
Director Corporate Communications
maxingvest GmbH & Co. KGaA
Alter Wandrahm 17/18, 20457 Hamburg
Phone: +49 40 63 87- 21 24
The maxingvest Group consists of the holding company maxingvest GmbH & Co. KGaA and the two operating companies Tchibo and Beiersdorf. The holding company is family-owned and, as a management holding company, focuses on strategic corporate management. maxingvest owns 100% of the shares in Tchibo GmbH and controls more than 50% of the voting rights in Beiersdorf AG.