Annual Report 2013

Forecast

Sector development

Consumption and the retail sector: growth of less than 3 percent

Based on data provided by Feri EuroRating Services, we anticipate that worldwide private consumption will rise by less than 3 percent in 2014. In the mature markets, consumers are likely to spend around 2 percent more than in the previous year. The emerging markets should again demonstrate a higher propensity to spend, with a rise of around 4 percent in 2014.

Industry: growth of approximately 5 percent

According to figures provided by Feri EuroRating Services, industry will grow globally by approximately 5 percent compared to the previous year and, as such, faster than the overall economy.

We expect the transport industry to register a plus of approximately 5 percent. Production in the electronics industry will also grow by approximately 5 percent. Within the electronics industry, the growth of basic products relevant for Henkel, such as electrical systems and semiconductor units, should be considerably higher than in the previous year. Production in the metal industry is likely to expand by approximately 5 percent. Development in consumer-related sectors, such as the global packaging industry, is likely to be stronger than in the previous year, with growth in the low single-digit range according to our estimates. We expect global construction to expand by approximately 3.5 percent.