Annual Report 2010 - Melitta

www.melitta.info
Annual Report 2010
Annual Report 2010
Management Organization of the Melitta Group
Melitta
Household
Products
Europe
Jan Van Riet
(as of January 1, 2011)
Corporate Division
Corporate Development
Jero Bentz
(as of April 8, 2010)
Cofresco
Freshkeeping
Products
Europe
Dirk Löhmer
Melitta
Brasil
Bernardo Wolfson
Corporate Management
Dr. Thomas Bentz
Dr. Stephan Bentz
Volker Stühmeier (as of March 1, 2011)
Melitta
Coffee
Europe
Dr. Frank Strege
(as of November 8, 2010)
Corporate Division
Finance
Kurt Groh
Melitta
USA
Marty Miller
Melitta
SystemService
Harald Johanning-
Meiners
(as of February 17, 2010)
Melitta
Canada
William J. Ivany
Corporate Division
Legal Affairs & HR
Wolf PVG
Dr. Lutwin Spix
Markus Zeyen
Neu Kaliss
Spezialpapier
John Paul Fender
Dieter Kirchner

Melitta Group 2010
Key Figures 2010
Share
of sales Sales Total sales 1
Capital
expenditure Employees
in percent in € ’000 in € ’000 in € ’000 Average
Melitta Household Products Europe 28 365,624 519,203 3,625 1,475
Cofresco Freshkeeping Products Europe2 3 40,805 178,695 5,330 290
Melitta Coffee Europe 25 331,438 337,961 624 171
Melitta SystemService 10 131,938 167,296 1,712 708
Melitta Brasil 22 292,489 312,693 5,254 585
Melitta USA 4 56,684 81,044 4,665 120
Melitta Canada 2 23,953 23,953 94 10
Wolf PVG 2 19,949 52,765 3,840 242
Neu Kaliss Spezialpapier 3 35,913 37,746 1,289 129
ACW 0 2,544 2,657 194 12
Shareholdings 0 65 20,262 1,069 70
Melitta Group total 1,301,402 1,734,275 27,696 3,812
1 incl. intercompany sales
2 excl. sales to trade in Germany
Regional Development 2010
Germany
Europe
(excl. Germany)
North America
South America
Sales by Region in € ’000
2010
532,502
2009 537,025
2010
398,331
2009 366,468
2010
93,727
2009 91,701
2010
226,481
2009 174,064
Employees by Region
2010
2009
1,754
1,758
2010
673
2009 712
2010
231
2009 226
2010
585
2009 544
Asia 2010
50,361 2010
569
2009 33,088
2009 316
Sales by Product Groups 2010
42%
Coffee Enjoyment „Coffee“
13%
Coffee Enjoyment „Filter paper“
8%
Coffee Enjoyment „Coffeemakers“
General Partners of the
Melitta Unternehmensgruppe
Bentz KG
Jörg Bentz
Dr. Thomas Bentz
Dr. Stephan Bentz
Managing Partners
Dr. Thomas Bentz
Dr. Stephan Bentz
Limited Partners
Jero Bentz
Claudia Bertelmann-Tauß
Jara Bentz
Thomas Dominik Bentz
Advisory Council
Michael Gallenkamp (Osnabrück), Chairman
Claus Holst-Gydesen (Neuss)
Dr. Uwe Tillmann (Düsseldorf)
Jörg Bentz
Dr. Thomas Bentz
Dr. Stephan Bentz
13%
Freshness and Flavour
6%
Convenient Cleaning
5%
Industrial Paper
13%
Others

Contents
2 Foreword of the Management
4 Locations
6 Employer attractiveness
Business Units
10 Melitta Household Products Europe
14 Cofresco Freshkeeping Products Europe
18 Melitta Coffee Europe
22 Melitta SystemService
26 Melitta Brasil
30 Melitta USA
34 Melitta Canada
38 Wolf PVG
42 Neu Kaliss Spezialpapier
Financial Information
46 Group Management Report
50 Consolidated Balance Sheet
51 Explanatory Notes on the
Consolidated Balance Sheet
56 Imprint

2 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Ladies and gentlemen!
from left to right
Dr. Thomas Bentz
Dr. Stephan Bentz
General Partners of the
Melitta Group
The Melitta Group can once again look back on a successful business year in 2010: there
was strong growth in our global coffee business as well as in sales to customers in the
food service sector. Our consumer goods business remained largely stable – even though
we continued to suffer from subdued demand and ongoing price competition in certain
product categories. Following a weaker preceding year, our business with industrial
clients recovered strongly in 2010. And Brazil once again turned in a strong performance
with high growth rates.
All in all, we are satisfied with the course of business in the past year: with rising sales
volumes, we succeeded in raising revenue by eight percent. Earnings developed in line
with expectations at the prior-year level.
In 2010, we once again invested in strengthening our competitive edge. These investments
included an amount of € 28 million for the modernization and expansion of our
production capacities, for example in the USA and Brazil. Net bank borrowing increased
slightly in line with planning. At the same time, there was strong growth in equity
capital. As a result, we still boast a very healthy balance sheet. This provides us with a
solid foundation for our plans in the coming years.
In order to smooth the path for continued growth, we decided to make further investments
in 2010: the encouraging development of our specialist paper business, for
example, motivated us to modernize our paper plant in Berlin in the current year and to
integrate it into a separate company, Neukölln Spezialpapier NK GmbH & Co. KG, a
co-subsidiary of Neu Kaliss Spezialpapier GmbH. Moreover, we continued to drive our
geographic expansion, for example by preparing our entry into the Russian food wrap
market with the foundation of a local subsidiary.
We believe the consumer food wrap business offers sustainable and attractive market
potential. The acquisition of ACW-Film GmbH & Co. KG represents a new business
venture which we intend to gradually develop. ACW develops, produces and supplies
packaging film for reputable companies in the consumer goods industry and will add a
further segment to our industrial business.

The past months have also seen a number of changes in our senior management: we
are delighted to have been able to recruit two internationally acclaimed executives in
Dr. Frank Strege (CEO of Melitta Coffee Europe) and Jan Van Riet (CEO of Melitta
Household Products Europe). They will utilize their extensive experience to steadily
develop their respective operating divisions in line with the targets set.
We are also delighted to report that Volker Stühmeier became the first non-family
member of the Group’s Chief Corporate Management in March 2011. The shareholders
and Advisory Council of the Melitta Group have thus established the necessary conditions
to safeguard continuity in our top management and to lead our family business
into a successful future.
Irrespective of these personnel changes, our everyday company life continues to be
dominated by such core values as consistency, responsibility and trust. We fill these
values with life in both our dealings within the company as well as in our actions outside
it. For consumers and customers, these values are expressed through our reliable
brand promise with consistently high product quality. We are also committed to playing
an active role in our local communities and support numerous social and cultural
initiatives. Every single employee of our Group takes responsibility and makes an important
contribution to the company’s successful future development.
In order to remain successful in future, we will continue to apply our successful formula:
a healthy mixture of traditional, down-to-earth pragmatism and a desire for
change. Step for step, we have turned a company with a few core products into a group
of companies with a variety of product ranges in clearly defined strategic business fields
represented around the world by its sites in Europe, the Americas and Asia. As a classic
branded product manufacturer we always take the long-term view. With our strong
portfolio of brands, we will continue to occupy strong positions in our markets and
target further growth. Against this backdrop, we aim to be fast, efficient and innovative
once again in 2011 in order to enhance our market standing.
Melitta got off to a successful start in 2011 and we expect this development to continue
throughout the year. The economic recovery in Europe is expected to breathe life into
consumer spending. The same applies to our industrial and food service businesses. We
therefore expect to successfully place our products in their respective markets. In addition
to the positive trend in Europe, we see particularly attractive prospects for business
in our non-European regions. In total, we forecast growth in sales of five percent for the
current fiscal year. After having started to raise capital expenditures slightly in the past
year, we will invest more strongly in the quality of our products and in our production
capacities once again in 2011.
We would like to express our gratitude in particular to all employees, who once again
displayed tremendous dedication in 2010. We also thank our customers and partners for
the trust they placed in us. Together with you, we look forward to a successful 2011.
Minden, April 2011
Foreword of the Management
Dr. Thomas Bentz Dr. Stephan Bentz
3

4 Melitta Group Annual Report 2010
Standorte weltweit
Locations
USA
Canada
Brazil
Melitta Companies Melitta Companies with facility
Spain
France
Belgium
Netherlands
Switzerland
Denmark
Germany
Sweden
Austria
Italy
Czech Republic
Poland
Russia

China
Japan
EUROPE
Belgium
Lokeren
Melitta België N.V.
Overpelt
Airflo Europe N.V.
Denmark
Roskilde
Melitta Scandinavia A/S
Germany
Minden
Melitta Unternehmensgruppe Bentz KG
Melitta Bentz GmbH & Co. KG
Bentz Beteiligungs GmbH & Co. KG
Melitta Beratungs- und Verwaltungs
GmbH & Co. KG
Melitta Haushaltsprodukte
GmbH & Co. KG
Cofresco Frischhalteprodukte
GmbH & Co. KG
Melitta SystemService GmbH & Co. KG
is4 IT Services for Consumer Products &
IT-Providers GmbH & Co. KG (share 49 %)
Bremen
Melitta Kaffee GmbH
Berlin
Neukölln Spezialpapier NK
GmbH & Co. KG
Vlotho / Spenge
Wolf PVG GmbH & Co. KG
Neu Kaliß
Neu Kaliss Spezialpapier GmbH
Stollberg-Breinig
esw electronic service willms
GmbH & Co. KG (share 30 %)
Rhede
ACW-Film GmbH & Co. KG
Webo GmbH & Co. KG
France
Saint Tibault des Vignes
Melitta SystemService France S.A.S.
Paris
Cofresco S.A.S.
Melitta France S.A.S.
Chézy
Melitta France S.A.S.
Tourcoing
Codiac S.A.S.
Netherlands
Hardinxveld-Giessendam
Melitta SystemService Benelux B.V.
Gorinchem
Melitta Nederland B.V.
Austria
Salzburg
Melitta Ges.mbH
Melitta SystemService International
GmbH, Subsidiary Austria
Poland
Brodnica
Cofresco Polska Sp. z o.o
Russia
St. Petersburg
Melitta Russland AG
Cofresco RussCom OOO
Sweden
Helsingborg
Melitta Scandinavia AB
Switzerland
Egerkingen
Melitta GmbH
Hunzenschwil
Cafina AG
Italy
Volpiano
Cuki Cofresco S.p.A. (share 18 %)
Spain
Alcobendas / Madrid
Cofresco Iberica S.A.
Czech Republic
Prague
Melitta ČR s.r.o.
NORTH AMERICA
USA
Clearwater
Melitta USA Inc.
Cherry Hill
European Coffee Classics Inc.
Elgin
Melitta SystemService USA Inc.
Canada
Vaughan, Ontario
Melitta Canada Inc.
SOUTH AMERICA
Brazil
São Paulo / Avaré / Bom Jesus
Melitta do Brasil Industria
e Comércio Ltda.
Guaiba
Celupa – Indústrial Celulose e Papel
Guaiba Ltda.
ASIA
China
Hong Kong
Melitta Pacific Ltd.
Shenzhen
Shenzhen Melitta Household Products Ltd.
Japan
Tokyo
Melitta Japan Ltd.
Locations
5

6 Melitta Group Annual Report 2010
Employer attractiveness
Prof. Dr. Armin Trost
As skilled employees become increasingly rare, it is not only job candidates who must
talk up their suitability but also the employers themselves. And that not only applies to
recruiting talented and motivated staff but also to retaining good people in the company.
As easy as this may appear at first sight, the answer to what companies might do
in view of this shift in power is actually quite complex.
Staff surveys are nothing new. Many companies regularly question their work force
on their feelings toward the company, with reference to all aspects of job satisfaction.
There have to be serious doubts, however, as to whether such measures actually
enhance the employer’s appeal in most cases. Instead of using such a scattergun
approach to the question of their attractiveness to staff, employers should take a more
strategic view of the situation.
Does an employer have to be equally appealing to everyone – in all departments, divisions
and locations, whether existing staff or potential candidates? This may seem a
worthy and well-meaning objective, but it’s not exactly realistic. Do companies today
and in future have to pay competitive wages, offer international career prospects or
promise a healthy work-life balance? Once again, the answer is a definite “maybe”. So
what now?
Let us first approach the question of whether an employer has to be attractive. Every
company has functional areas of particular strategic importance, often referred to as
“key functions”. If a company has set itself the strategic target of becoming the cost
leader, for example, then Purchasing or Production Planning are usually key functions.
However, if the company has targeted leadership in technology and innovation,
then Research and Development will be a key function. A company would therefore
be well advised to employ staff in these key functions who are better than those of
its competitors in comparable functions. It is often difficult to find staff for such
key functions. This is why a company needs to be attractive to existing and potential
employees primarily in these positions if it wants to have the best staff. For the
remaining positions, the question is: how attractive or unattractive can a company
afford to be, or even want to be.
A product is not equally attractive to all market participants. It doesn’t have to be.
Most cars are too expensive, too fast, too slow, too big or too small for most motorists.
That is perfectly normal and does not cause car manufacturers any sleepless nights.
The important thing is that certain cars appeal to certain target groups which the
company wants to reach. Companies should therefore think and act in a similar way
when it comes to employer attractiveness. It’s perfectly acceptable if the Purchasing
department does not attract German literature graduates, for example. But if you want
to recruit top business graduates for a position in Purchasing, then it would certainly

e beneficial if the respective target group were made aware of this function in an
appealing way. An important question is therefore: who do I want to reach on the job
market? What type of people belong to my relevant target group for this key function?
Are they pupils, students, graduates of certain courses? Experienced workers with a
specific industry background?
In order to appeal to a certain target group, you first have to understand them. You
have to find out their employer preferences and which professional aspects they attach
most importance to. Such things are not always possible to discover from surveys or
similar standard instruments. Instead, the employer should systematically approach
the chosen species with a combination of openness and curiosity. The similarity to
ethnology is no coincidence. It is often quite surprising to discover what ultimately
drives the target candidates. To some extent it is therefore advisable to depart from
conventional attitudes – especially when it comes to members of the younger generation,
the so-called Generation Y. This is a generation for whom the daily and everpresent,
mobile use of the Internet and social media is absolutely normal. They
demand space in their daily work. Work is no longer viewed as a place you go to, but
as something you do – whenever, wherever and with whomever. Work means having
an uncomplicated approach to communication and cooperation. Hierarchies and
formal or informal networks are no longer seen as contradictions. Private and professional
life merges into one, as communication and thinking are no longer switched
off at the company gates. Work-life balance doesn’t mean working less but working
when you choose. This may apply more or less, depending on the particular target
group. Stereotyping is also of little use here. More helpful are interactive workshops
with representatives of the target group, discussions, creative methods etc. Being an
attractive employer is always relative. There is no such thing as absolute employer
attractiveness – even if certain employer competitions would have us believe so. Being
attractive means meeting the preferences and expectations of a defined group of
people.
The question facing companies now is to what extent they can meet expectations in
certain key functions as of today. Some of the things which appeal to selected target
groups may already be in place, others not. Many aspects generally deemed attractive
may well be in place already, as key functions have been naturally shaped by the
current representatives of certain target groups. Because sales staff think in a very
specific way, you will already find many of the working conditions established by sales
staff over the years which naturally appeal to the relevant target groups of today. But
even if an employer appears attractive in a whole number of aspects, it doesn’t necessarily
translate into a competitive advantage when it comes to attracting top staff. If a
company offered its staff the fitness rooms they crave, for example, it would not help
it stand out from the competition if its competitors did the same – or this was even
Employer attractiveness
7

8 Melitta Group Annual Report 2010
the industry standard. To summarize then, the challenge for companies with regard to
attracting staff is to define the right conditions for the defined target groups, based on
the identified key functions, which will ultimately differentiate it from the competition.
This process of examining one’s own role as an employer, one’s target groups and
competitors helps the employer position itself on the market: these are the areas in
which we are attractive, authentic and special. Modesty is not a virtue when it comes
to highlighting the findings from this positioning process. On the contrary, an increasing
number of employers are focusing on communicating exactly those authentic and
special aspects which they have to offer. They systematically direct these messages to
their target groups on the labor market using a variety of media and in the form of an
employer promise. In modern HR management such activities are called “Employer
Branding”, the systematic establishment of an employer brand.
Most companies – and especially mid-size companies – are a kind of black box. As
an outsider, you simply have no idea what it feels like to work there. You often don’t
even know the products they make. At best, potential candidates may have certain
prejudices or put their faith in some kind of image they associate with the employer.
This also applies to major corporations. Who knows for sure what it’s like to work for
Deutsche Bahn, Google, BMW or any other company? Employer branding is a good
way of systematically presenting a company’s special features to the target group in
an attractive and authentic way. Employer branding is still a delicate flower, though,
whose potential is only gradually being recognized since the publication of “The War
for Talent” in the late 90s.
However, today’s Internet users don’t wait passively to receive information on a
company. They have long been actively exchanging information on the Web about
employers and what’s it like to work for them. They are increasingly using Facebook,
employer rating portals, such as kununu, Internet forums or personal blogs.
Companies should recognize this and not wait to transmit their message to the labor
market – however and wherever they decide to do it.
But what about those aspects where companies still have some catching up to do
with regard to their employer attractiveness? In such cases, they must first identify
their weaknesses and then take appropriate action. But not everything which can
be improved should be improved. Not every weakness has to be weeded out. Many
aspects simply cannot be changed – or only with considerable effort. Staff at retail outlets
have to work weekends. Overtime is simply unavoidable in many industries at certain
times. And relocating a company is certainly no small matter. The target group is
not stupid and many things can be communicated in an authentic and understandable

way – some things simply are what they are. One shouldn’t underestimate, however,
the numerous, often small things which can be improved without much effort. Things
where the company can identify a realistic potential for improvement. Ultimately,
the company should first implement those aspects and ideas which the target group
regard as important for enhancing a company’s appeal and which will visibly differentiate
the company from its competitors. This identification of relevant improvement
possibilities ultimately requires the same systematic and focused approach common
to all considerations in this article.
An employer does not need to be attractive in all areas and for all people. What’s
important is to be attractive to certain target groups in certain functions, especially
key functions. If this is already the case, this potential should be leveraged and effectively
communicated with the aid of Employer Branding. Based on this, the company
should then focus on those activities requiring only a reasonable degree of effort
which would enhance its attractiveness from the point of view of the target group and
differentiate it from the competition. Only those companies which take account of the
aspects and systematic approach presented above will succeed in turning the topic of
employer attractiveness into a strategic topic with a sustainable impact. We are still
taking the first steps in Germany – which in some respects is regrettable. On the other
hand though, this offers a unique opportunity, especially for smaller companies. The
increasingly dramatic shortage of skilled staff will inevitably mean that we deal with
this topic much more openly in future than in the past years and decades.
Employer attractiveness
Prof. Dr. Armin Trost
Professor Human
Resource Management
at HFU Business School
Furtwangen
9

10 Melitta Group Annual Annual Report Report 2010 2010
Products: Filter papers, products and equipment for coffee preparation, dust filter bags and accessories, products for garbage disposal,
cleanliness in pet households, cleaning cloths, descalers, tea filters
Production locations: Minden (Germany), Berlin (Germany), Chézy (France), Tourcoing (France), Shenzhen (China)
Sales companies: France, Austria/Switzerland, the Netherlands/Belgium, Sweden/Denmark, Russia, Czech Republic

Melitta HouseholdNavigation Products Subnavigation Europe 11
Melitta Household Products Europe is the largest sub-group within the Melitta Group
and is represented in many European countries. Products of the strategic business
fields “Coffee Enjoyment” (Melitta ® ), “Convenient Cleaning” (Swirl ® ) and “Tea
Enjoyment” (Cilia ® ) are marketed via food retailers and the specialist trade.
www.melitta.de
www.swirl.de

12 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Economic fluctuations slow business
development
The diverging development of our markets continued in
2010. Whereas the economies of certain western
European countries were quick to recover, the states of
eastern Europe continued to suffer from the effects of
the financial and economic crisis. Certain export markets,
including China and South Korea, have since
returned to stability and are becoming increasingly
interesting for our business. All in all, sales were up
slightly on a similar basis of the previous year but still
below expectations.
Focus on business concentration
We used the past year to focus more sharply again on
our main business initiatives. Against this backdrop,
we sold our Gameo ® business in Sweden – our
Scandinavian brand for vacuum bags and accessories. In
order to strengthen our competitiveness, we also merged
filter bag conversion in France with our main site in
Germany. In addition, we developed key strategic parameters
for the future use of our paper mill in Berlin
during the past year. Our new production facility for
filter coffeemakers and electric kettles in Shenzhen
(China) has now successfully overcome its initial difficulties
and easily exceeded its targets over the course of
the year.
Jan Van Riet
CEO
Melitta Household Products Europe
There were further shifts in the product portfolio of the
strategic business field “Coffee Enjoyment” in 2010.
Traditional filter coffee is increasingly being replaced by
other preparation systems, resulting in a decline in
European sales of filter papers. However, these changes
have also led to the growing popularity of our attractive
range of fully automatic coffee machines. The launch of
the Caffeo CI in fall 2010, for example, surpassed all
expectations. We also succeeded in establishing new
products in the “electric kettle” category.
The products of our strategic business field “Convenient
Cleaning” operate in a highly competitive environment.
Despite the strong competition, however, we fared very
well in this segment during 2010. Our continual product
enhancements are now paying off. We enjoyed considerable
success, for example, with biofilm and eco garbage
bags made from recycling material in our Swirl ® garbage
bag range. Our long-term commitment to improving
product quality was also recognized by industry
experts: our Swirl ® Airspace vacuum filter bags were
voted Top Brand of 2010 by a major trade journal. Our
new range of products for cleanliness in pet households
was also well received by consumers.

Our brand for
coffee enjoyment.
supplies products for
perfect household
cleaning.
Outlook 2011: Product innovations and line
extensions strengthen position
We expect consumer spending to improve slightly in
2011 with a correspondingly positive impact on our
business. The current situation on the world’s raw
material markets, however, may dampen this positive
trend as it is expected to have a growing influence on
the development of prices.
The changes in coffee preparation systems will continue
and lead to an even more diversified range of products.
As a full-range European supplier with a wide variety of
coffee enjoyment products, we are well positioned on
the market and intend to extend our various product
lines. We regard product innovations as a key driver for
our targeted growth.
In the strategic business field “Convenient Cleaning”,
we will focus mainly on expanding our product range
and distribution in the “cleanliness in pet households”
category. At the same time, we will continue to update
our existing product lines.
The brand for
tea preparation.
The French brand for
dust filter bags and
electronic accessories.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Melitta Household Products Europe 13
365,624
404,704
3,625
5,174
1,475
1,277

14 Melitta Group Annual Annual Report Report 2010 2010
Products: Aluminum foils, baking paper, freshkeeping films, freshkeeping bags, freezer bags,
roasting bags, garbage bags
Production locations: Minden (Germany), Brodnica (Poland)
Sales companies: Madrid (Spain), Brodnica (Poland), St. Petersburg (Russia)

Cofresco Freshkeeping Products Europe
Cofresco is Europe’s leading brand manufacturer for household films. As the techno-
logical leader in its sector, Cofresco markets innovative products under the brand
names Toppits ® , Albal ® , Glad ® , handy bag ® and PrimaPack ® and is represented in
over 70 million households per year in 25 nations. Customer proximity and a wide
and exclusive product range are among our main strengths.
Navigation Subnavigation 15
www.toppits.de

16 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Following economic crisis consumers turn
increasingly to discount products
The economic and financial crisis continued to impact
our markets in 2010 and led to greater price sensitivity
among consumers. The main beneficiaries were private
label products and discounters. Brand manufacturers
found it difficult to compete in this environment, especially
since the launch of initial premium concepts for
private label products.
Adverse climate for branded products
Cofresco Freshkeeping Products Europe felt the consequences
of growing price sensitivity among consumers
in 2010. We were unable to generate significant growth
in either the food wrapping or garbage bag categories.
There was even a fall in demand in some cases, caused
in part by cyclical stocking effects.
An increasing number of sales promotions for retailers’
own brands also had a noticeable impact. They led to a
decline in the proportion of our own campaigns in the
three core markets: Germany, France and Spain.
In addition to price pressure from the trade, rising raw
material costs placed an additional burden on business
which could not be fully compensated for. There were
Dirk Löhmer
CEO
Cofresco Freshkeeping Products Europe
positive signals from France, however, with the launch
of a new TV campaign for our garbage bag range.
We used 2010 to enhance the self-selling ability of our
products off the shelf with the launch of eye-catching
new pack designs aimed at differentiating our range
more clearly from private label products. We aim to
make further improvements to our value chain by
modernizing our production facilities and introducing
changes to our processes and organizational structure.
Outlook 2011: Sales growth driven by
extensive market campaigns
We expect consumer price sensitivity to remain high in
2011, which will once again benefit private label products.
Nevertheless, we plan to raise sales revenues with a
host of measures. We will rejuvenate our Toppits ® and
Albal ® brands, streamline our product lines, and launch
a new product campaign in the second half of the year.
Investments in classic communication as well as social
media platforms will strengthen our brands in the core
markets of Germany, France and Spain.
As Europe’s leading brand manufacturer with over 70
million households as customers, Cofresco will focus on
the topic of food waste in 2011. Approximately 25 per-

The key to freshness and flavour,
is the brand for innovative food
wrappings and more.
cent of all food purchased is thrown away by households.
This figure could be reduced significantly with
the right information and the use of our products. A
corresponding pan-European campaign will be launched
on this topic.
We plan to expand both our eastern European business
as well as our B2B branded product business in order to
cement our position as a manufacturer brand. We have
already prepared our market entry in Russia with the
foundation of a local Russian subsidiary. A clear organizational
separation between our private label business
and branded product sales will also be implemented.
Investments in our manufacturing capability will lead to
a further optimization of our processes. We will be
forced to counter rising raw material costs with price
increases in all product categories and in all national
markets.
The products are marketed in other countries
under various brand names: Albal ® in Spain
and France, Glad ® in Portugal, Ireland and
Scandinavia.
Key figures
Sales
in € ’000
2010
2009
Sales to trade
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
Cofresco Freshkeeping Products Europe 17
In France, handy bag ®
is our brand for garbage
bags.
40,805
41,107
178,624
184,974
5,330
5,265
290
2009 289

18 Melitta Group Annual Annual Report Report 2010 2010
Products: Roasted coffee (ground, whole bean), instant cappuccino, pads
Production location / sales company: Bremen

Melitta Navigation Coffee Subnavigation Europe 19
Melitta Coffee Europe is one of the leading players on the German coffee market.
With its wide range of products – from filter coffee, to coffee for fully
automatic machines, coffee pads and instant cappuccino – the Melitta ® brand
stands for the ultimate in coffee expertise and coffee enjoyment. The company’s
main trading partner is the food retail sector.
www.melitta.de

20 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Melitta Coffee Europe
Slight decline in German coffee market
As in the previous years, the classic filter coffee market
continued to decline in 2010. Based on the total market
for roasted coffee, this decline was only partially offset
by slightly subdued but still double-digit growth in
coffee for fully automatic and single portion machines.
All in all, therefore, the German coffee market suffered
a slight year-on-year fall in demand.
Melitta successful in all coffee segments
2010 proved to be a successful year for Melitta Coffee
Europe. We defended our top positions in all roasted
coffee segments and made significant gains in market
share – especially in growth segments. Compared to the
previous year, there was strong overall growth in sales
volume.
Despite a general decline in sales of filter coffee, we
were able to maintain our market share and are still the
number two brand on the market. In the fully automatic
coffee segment we grew much faster than the market
and all competitors. With our outstanding product
quality and broad distribution, we greatly expanded
our share of the market and are currently the strongest
brand in this segment. We also raised sales volumes in
Dr. Frank Strege
CEO
the single portion coffee category: the classic “Auslese”
and “Harmonie” pads and the young “up & awake”
range easily outpaced general market growth and
defended their positions in a fiercely competitive environment.
We just about defended our share of the
instant coffee specialties market, although the segment
as a whole continued to decline.
There was double-digit growth in exports in 2010 with a
very positive contribution to earnings. In addition to
business with our close neighbors, there was also
encouraging growth in East Europe, Australia and the
Middle East.
Strong increases in coffee commodity prices from the
second half of 2010 onward represent a considerable
challenge for the market which is expected to continue
in 2011.

Our brand for
coffee enjoyment.
Outlook 2011: Prices slow consumption,
further growth for Melitta
Due to the rise in green bean prices, we expect consumer
demand for filter coffee to slow in 2011. In view
of this price development and the trend toward private
label products, we also expect lower growth rates for
fully automatic and single portion coffees than in the
previous year.
Our dedicated team will continue to react to this more
subdued demand with outstanding product quality,
extensive coffee expertise, and a stronger brand presence
aimed at strengthening our market standing.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Melitta Coffee Europe 21
331,438
298,673
624
2,397
171
170

22 Melitta Group Annual Annual Report Report 2010 2010
Products: Coffee machines, fully automatic coffee machines, filter papers, roasted coffee, accessories, tea
Production locations: Minden (Germany), Hunzenschwil (Switzerland)
Sales companies: Hunzenschwil (Switzerland), Salzburg (Austria), Saint Tibault des Vignes (France),
Hardinxveld (Netherlands), Elgin (USA), Tokyo (Japan)

Melitta Navigation SystemService
Subnavigation 23
Melitta SystemService is the specialist for professional coffee serving in the hotel
and catering sector. The company’s core business is the manufacturing and global
marketing of filter coffee machines and fully automatic coffee machines for the
preparation of coffee specialties. Melitta SystemService also operates its own
international customer service.
www.melittasystemservice.de

24 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Melitta SystemService
Strong improvement in investment climate
The beginning of fiscal year 2010 was still dominated on
the whole by the effects of the financial crisis. Although
Germany was quick to recover, the propensity to invest
in capital goods remained low in central European
markets. By the end of the year, however, there was a
noticeable upturn in our markets. On the whole, the
year exceeded the expectations of the operating division
Melitta SystemService. With new major international
orders and the successful launch of a new fully automatic
machine, the Melitta c35, we were able to generate
double-digit sales growth.
More international and professional
In addition to a sustained improvement in our operating
business, we also took steps to improve our business
organization. The aim is to drive the division’s international
expansion and become more effective and professional.
The measures include the introduction of centralized
functions, such as the “International Technology
Center” and “International Technical Customer Service”,
as well as the establishment of a “Global Account
Management” unit. In order to achieve greater market
proximity and improve customer retention, we also
reduced the number of hierarchy levels. Marketing
expenditure has also been centralized.
Harald Johanning-Meiners
CEO
In addition to these organizational measures, a further
key topic in the reporting period was the revision of our
product strategy. We now aim to strictly implement this
strategy in the coming two years.
Outlook 2011: Leveraging growth potential
through technological leadership and structural
improvements
We will continue our successful development in the
current year and lay further foundations for sustainable
and profitable growth. We will focus above all on
enhancing our innovative strength and aim to become
the technological leader in our B2B business.
We also see growth potential in the Asia-Pacific region,
which is still enjoying strong economic growth. With the
aid of new partners in this region and additional staff,
we aim to achieve a wide-ranging improvement in our
market positions. Due to the ongoing economic difficulties,
the USA remains a tough but interesting market.
We have strengthened our sales team here in order to
widen the basis of our business operations. In Europe,
we expect conditions to stabilize further and aim to
capture market share with the measures already implemented.

Our brand for
coffee enjoyment.
The brand for fully automatic
coffee specialty machines.
The launch of a new fully automatic coffee machine, the
Melitta bar-cube, will have a major impact on our international
business. Featuring attractive performance
components, the new line will give a significant boost to
our standard business.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Melitta SystemService 25
131,938
115,145
1,712
2,117
708
702

26 Melitta Group Annual Annual Report Report 2010 2010
Products: Roasted coffee (ground, whole bean), instant cappuccino, filter papers, industrial papers
Headquarter: São Paulo
Production locations: São Paulo, Avaré, Guaíba, Bom Jesus

Melitta has been offering a range of products for coffee preparation in the world’s
largest coffee-producing nation since 1968. The range includes various coffee blends
produced at the company’s own roasting plants, as well as filter papers and industrial
papers produced at its own paper plant.
Navigation Melitta Subnavigation Brasil 27
www.melitta.com.br

28 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Melitta Brasil
Coffee business outpacing the market
For the eighth consecutive year, Melitta Brasil posted
double-digit sales growth year on year.
The Brazilian coffee market as a whole enjoyed strong
growth in 2010. However, with over seven percent
volume growth and almost five percent revenue growth,
our coffee business performed even better than the
market. Both our brands benefited from this growing
demand and added to their already high market shares.
Growth was particularly strong in the more highly
developed regions of South and South-East Brazil, but
also in Rio de Janeiro and parts of North-East Brazil.
Our premium line of sustainably harvested coffees,
Melitta’s Regiões Brasileiras, made encouraging progress.
However, our Bom Jesus ® coffee brand for everyday
enjoyment is also proving highly popular and
achieved growth in all markets.
Bernardo Wolfson
CEO
Strong increase in filter paper business
Following a stable development over the previous years,
the filter paper segment contributed strongly to our
business result in the period under review. Various
product enhancements helped boost sales volume and
led to increased revenue. Much of this success is owed
to the launch of new pack sizes: the 60-filter pack for
heavy coffee drinkers and a new reduced pack size with
30 filters. After years of stagnation, our filter paper
business achieved growth once again and cemented
our excellent market position.

Our brand for
coffee enjoyment.
Our regional brand for
everyday coffee enjoyment.
Outlook 2011: Further growth targeted
Driven by the rising consumption of a rapidly growing
middle class as well as major investments for sporting
events such as the FIFA World Cup and the Olympic
Games, the Brazilian economy is set for even stronger
growth over the coming five years.
We aim to harness these developments and raise both
sales volume and revenue. This applies both to coffee
and to our range of coffee preparation products. With
new products and increased marketing efforts, we plan
to capture new customers with our compelling brands
and product portfolio.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Melitta Brasil 29
292,489
221,439
5,254
2,884
585
544

30 Melitta Group Annual Annual Report Report 2010 2010
Products: Roasted coffee (ground, whole bean), filter papers, coffee preparation products
Production locations: Clearwater, FL, Cherry Hill, NJ

Melitta has been active on the US market since the 60s. The company
produces filter papers and coffee at its own facilities. The Melitta coffee blends
are positioned as premium products on the North American coffee market.
Melitta filter papers enjoy a leading position in the USA.
Navigation Melitta Subnavigation USA 31
www.melitta.com

32 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Melitta USA
Implementation of coffee strategy
2010 was a challenging year for the American coffee
industry. High green bean prices and the exceptionally
strong demand for single portion capsules had an
unforeseen impact on our coffee business. Against this
backdrop, we focused mainly on the implementation of
our product strategy.
Based on the success of our coffee strategy in the
regional market of Philadelphia, we expanded our
premium product line “Café Collection” and now also
offer it in New York. In Philadelphia, we succeeded in
significantly enhancing our share of the retail grocery
market and by the end of 2010 we were the number one
premium brand. With a strong increase in sales volume,
we were able to achieve double-digit revenue growth in
North-East America year on year. In addition to our
standard range, we now also offer coffee in tins with the
mild-roasted “New Breakfast Blend” for those consumers
who prefer a milder flavor.
During the course of the year, we successfully completed
the modernization work on our coffee roasting plant. All
stages of production have been improved: from the
delivery of green beans, to roasting, grinding and pack-
Marty Miller
CEO
ing. The modernized roasting plant enables us to produce
more efficiently and sustainably, while also raising
capacities and significantly enhancing quality.
In our filter paper business, we succeeded in making
small gains in our share of the retail grocery market.
Both filter papers and basket filters held their ground
despite an overall decline in market volume due to the
trend toward single portion coffee.

Our brand for
coffee enjoyment.
Outlook 2011:
Further regional markets targeted
In cooperation with our partner Hamilton Beach – a
leading manufacturer of coffeemakers and appliances –
we presented our latest coffee preparation products,
such as new filter coffeemakers, at the “International
Home and Houseware Show”. Melitta’s products for
manual coffee preparation are enjoying increasing
popularity. This form of coffee enjoyment is developing
into a trend in America. Melitta therefore aims to position
itself as the expert for manual filtration and support
this claim with high-impact PR work.
We intend to expand our coffee strategy on the US
market and tap further regional markets. With our
premium product range, we want to inform more coffee
lovers about our 100 years of expertise in coffee preparation
and strengthen our standing on the American
market.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Melitta USA 33
56,684
53,830
4,665
2,774
120
122

34 Melitta Group Annual Annual Report Report 2010 2010
Products: Roasted coffee (ground, whole bean), filter papers
Location: Vaughan

Melitta Canada markets coffee and coffee preparation products
via the Canadian grocery trade.
Navigation Melitta Subnavigation Canada 35
www.melitta.ca

36 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Melitta Canada
Sales growth in adverse market environment
The Canadian economy was marked by general uncertainty
and subdued consumer spending in 2010. On the
coffee market, business suffered from fierce competition
as well as from rising costs which retailers passed on to
suppliers and manufacturers. Moreover, the sharp rise
in demand for single portion coffees of over 60 percent
represented further strong competition.
In view of these circumstances, we found it difficult to
follow up the success of the previous year in our coffee
business. Although revenue from coffee sales grew by
four percent, it fell short of the double-digit growth
achieved by the market as a whole.
We made strong progress, however, in our filter paper
business with double-digit growth in sales revenue –
outpacing the market which grew by just five percent.
This encouraging performance was mainly the result of
our intensive marketing efforts and the success of our
bamboo filter papers, which achieved an outstanding
position on the market. This enabled us to counter the
fast growing enthusiasm for single portion coffees.
William J. Ivany
CEO
Thanks to the strong development in the field of filter
papers, we reached a total of double-digit sales growth.

Our brand for
coffee enjoyment.
Outlook 2011: Double-digit growth expected
We expect sales growth to reach double figures in 2011
– partly due to growing sales volumes of coffee and
coffee filters, but also as a result of the rising cost of
coffee on the world’s commodity markets.
We have planned a number of measures for our products
aimed at conquering further market niches and
boosting sales. In our filter paper business, we will
continue to focus on communicating product quality
and the resulting customer benefits.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Melitta Canada 37
23,953
20,269
94
74
10
10

38 Melitta Group Annual Annual Report Report 2010 2010
Products: Vacuum cleaner bags, holders for vacuum cleaner bags, vacuum cleaner nozzles, particle and odor filters
Production locations: Vlotho/Exter, Spenge (Germany), Overpelt (Belgium)

Wolf PVG is a highly specialized systems supplier of everything needed for
vacuum cleaners and industrial filter technology – from the idea to the mass produced
finished product. Its expertise comprises design, process technology, construction
and manufacturing. The main trade partner for vacuum cleaner bags
is Melitta Household Products Europe.
Navigation Wolf Subnavigation PVG 39
www.wolf-pvg.de

40 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Wolf PVG
Slight rise in sales and high
raw material prices
The vacuum cleaner market recovered as expected in
the past year and helped manufacturers achieve a slight
increase in sales. This also benefited Wolf PVG.
However, this positive effect from business with vacuum
cleaner manufacturers was offset somewhat by stagnating
sales to the retail trade. Business with the trade fell
just short of expectations and meant that total sales
remained virtually unchanged from the previous year.
Strong increases in raw material prices – up to 30 percent
higher over the year – placed a further burden on
our business.
Production launch for various new products
Thanks to our own development center, we are particularly
strong in the field of new product innovations. This
enabled us to launch production of a variety of new
products. For example, we developed vacuum cleaner
nozzles for special application fields on behalf of Melitta
Household Products Europe for its newly created pet
range.
Dr. Lutwin Spix
CEO
Our development projects also included the enhancement
of vacuum cleaner bags and filters for electrical
appliances using high-performance filter materials.

The brand for
vacuum cleaner bags
and accessories.
Outlook 2011:
Investment in improved quality
On the basis of our new products, we expect sales to
manufacturers to increase in 2011. Sales to the retail
trade are expected to remain stable.
In order to improve the quality of our products even
more, we will be investing in the field of filter materials
in 2011. We believe this will help us expand our market
position, while improving the utilization of our production
capacities and raising the efficiency of our value
added processes.
Key figures
Sales
in € ’000
2010
19,949
2009 18,618
Sales to trade
in € ’000
2010
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
52,765
2009 50,441
3,840
2,369
242
237
Wolf PVG 41

42 Melitta MelittaGroup Unternehmensgruppe Group Annual Annual Report Report 2010 2010 Geschäftsbericht 2010
Products: Specialist papers
Production location: Neu Kaliß

Melitta Neu Haushaltsprodukte Kaliss Navigation Spezialpapier
Subnavigation Europa 43
Neu Kaliss Spezialpapier GmbH manufactures specialist papers
and nonwoven materials for industrial use and converts and markets
paper products for various niche markets.
www.nkpaper.com

44 Melitta MelittaUnternehmensgruppe Group Annual Report Geschäftsbericht 2010 2008
Neu Kaliss Spezialpapier
Back on track for growth
2010 was a successful year for Neu Kaliss Spezialpapier.
We believe this was the result of the commitment we
displayed in the previous year with regard to introducing
various changes.
We succeeded in reducing costs, for example, in a
number of areas. At the same time, we remained committed
to upholding quality and developed a number of
new premium products for our core range. We gained
new customers in various new markets and were able to
drive our international business.
These measures paid off and had a clearly positive
impact: our business developed much more strongly
than expected. Despite the enormous pressure from
rising raw material costs throughout the year, we were
able to successfully counter these developments and
even achieved strong gains in exports, for example. This
was driven in part by our newly developed and individually
tailored nonwoven products which enabled us to
gain important new customers around the world.
Dieter Kirchner
CEO
John Paul Fender
CEO
In the past fiscal year, we invested mainly in product
development and in new hardware and software aimed
at raising our efficiency.

Outlook 2011: Expansion of market shares
Competition will remain fierce in the current year. In
order to strengthen our position in our core market, we
plan to take steps in 2011 to expand our capacities in the
field special paper manufacturing. This increased capacity
will then be available to us from mid 2012 onward.
Key figures
Sales
in € ’000
2010
2009
Capital expenditure
in € ’000
2010
2009
Employees
Average
2010
2009
Neu Kaliss Spezialpapier 45
35,913
28,497
1,289
725
129
128

46 Melitta Group Annual Report 2010
Group Management Report
for the Fiscal Year 2010
Consolidated sales of the Melitta Group in 2010 were
well in excess of the previous year’s level. A slight
improvement in economic conditions, exchange rate
effects and the successful launch of new products
helped raise sales by 8 percent with satisfactory earnings
on the whole. Further expansion of business is planned
in the current year.
Business activity
Production and marketing of branded goods in the
categories Coffee, Food Preparation, Household and
Industrial
Melitta is a family-run international manufacturer of
branded products. It develops, produces and markets
branded products for coffee enjoyment, food storage and
preparation, as well as domestic cleaning. The company’s
product range also includes specialist papers and
films, which are mainly marketed to industrial clients in
Germany and abroad.
Founded in 1908, the family-owned company is headed
by a management holding company and managed
according to its mission statement and fundamental
principles. The management holding company is based
in Minden, Germany, as are the Group’s classic corporate
functions. The Melitta Group is organized decentrally.
This enables its operating divisions and national
subsidiaries to closely align their operations with the
needs of the respective markets.
The Group has pooled its business activities into three
strategic business fields and a segment which focuses
on industrial clients: the strategic business field “Coffee
and Tea Enjoyment” accounts for 65 percent (prior year:
63 percent) of the Group’s total consolidated sales. The
Melitta ® brand – coffee, filter papers and coffee
machines for domestic and commercial use – generates
the largest proportion of sales in this business field.
Products for household cleaning and tidying are pooled
in the strategic business field “Convenient Cleaning”.
This business comprises the Swirl ® and handy bag ®
product groups and accounts for 6 percent of sales (prior
year: 8 percent).
The strategic business field “Freshness and Flavour” is
allocated to the Cofresco sub-group. This business generates
13 percent (prior year: 15 percent) of total revenues
with products designed to facilitate the fresh-keeping,
storage and preparation of food.
The Group’s product range is rounded out by specialist
papers – especially for the wallpaper industry – and
industrial films for food packaging. Together with the
Group’s private label products, these account for 16 percent
(prior year: 14 percent) of total sales. This industrial
end-user business was expanded in 2010 with the addition
of the company ACW-Film GmbH & Co. KG,
Rhede, Germany. Melitta acquired 100 percent of this
company’s shares on July 1, 2010.
Development of business
The Group enjoyed growth in sales and is generally
satisfied with its expansion of business
Economic conditions improved on our markets in 2010.
In our industrial business in particular (specialist papers
and commercial users), there was a marked recovery in
demand following a steep fall in sales in the previous
years due to recession. In comparison with the growth
rates of these more cyclical industrial sectors, however,
growth in private consumption was considerably slower.
The consolidated sales revenue of the Melitta Group
grew by 8 percent, from € 1,202 million to € 1,301 million
in 2010. This growth was helped by foreign
exchange effects which led to a 5 percent increase in
sales. The net increase in sales resulting from increased
volumes or prices thus amounted to 3 percent. The
background to this growth was a generally positive
development of coffee sales and a strong increase in
sales of specialist papers. However, we suffered a decline

in sales of filter papers in Europe and Cofresco
products.
There were strong differences in progress between the
various divisions and regions once again in 2010. All in
all, our business with coffee machines and accessories
for the food service sector was highly encouraging. Neu
Kaliss also made strong progress in its sales of specialist
papers: expansion of the company’s foreign business
and a recovery of domestic demand led to a sharp rise in
revenues. We will expand our capacities in this field in
future via the company Neukölln Spezialpapier NK
GmbH & Co. KG, founded in late 2010.
Our national subsidiaries in the USA, Canada and Brazil
once again made encouraging progress. Against the
backdrop of a flourishing economy and thus rising consumption,
we are particularly optimistic about the future
growth opportunities for our coffee and filter paper business
in Brazil. In 2010, Melitta do Brasil succeeded in
expanding its shares of the growing roasted coffee and
filter paper markets. We also see good opportunities to
expand our coffee business in North America with the
aid of innovative branded products and the regional
expansion of our distribution network.
Pressure from private label suppliers and discounters,
coupled with subdued consumer demand in western
Europe, prevented any increase in sales of our products
in the strategic business field “Freshness and Flavour”.
Sales of the strategic business field “Convenient Cleaning”
once again remained at the prior-year level. Dust
filter bags made good progress, while sales of garbage
bags fell slightly year on year. There was a boost to
growth from the business field’s introduction of products
for cleanliness in pet households.
Compared to the previous year, sales of coffee made
good progress in Germany. However, the development
of business was also impacted by a strong increase in
green bean prices. The price of “Arabica” beans, for
example, climbed from 138 cts/lb to 242 cts/lb during
the year.
There were also some strong increases in the raw material
prices of aluminum and cellulose. Hedging transactions
helped cushion the impact on earnings, however.
As we were unable to pass on other increases in raw
material costs, as well as in fixed costs (e.g. energy),
there was a slight negative impact on consolidated
earnings.
Personnel expenses increased in total by 4 percent due
mainly to the hiring of staff abroad.
All in all, the Melitta Group is satisfied with the development
of sales and earnings in the past fiscal year.
Assets and finance
Group Management Report
Group still boasts stable assets and financial position
The Group’s total assets grew by € 26 million, from
€ 598 million to € 624 million, as a result of capital
expenditures and an increase in current assets. Due to
the strong revaluation of certain relevant currencies,
there was also a net increase in total assets as of
December 31, 2010 resulting from currency translation.
The regulations of the German Accounting Law Modernization
Act (BilMoG) to be applied for the first time
in 2010, and in particular the ability to choose how to
allocate differences from the revaluation of pension
accruals, had no material impact on the asset position.
The creation of a liquidity buffer of € 14 million, the
purchase of a 100-percent shareholding in ACW-Film
GmbH & Co. KG and investments in the expansion
and modernization of plant and machinery, especially
in North America and Brazil, led to an increase in
assets of € 25 million. They rose from € 207 million to
€ 232 million.
47

48 Melitta Group Annual Report 2010
Inventories rose much faster than sales, partly due to
increased procurement and sales prices. Inventories
increased by € 21 million, from € 123 million to € 144
million. The increase in inventories also indicates the
Group’s healthy order position at year-end 2010.
There was a significant increase in trade receivables as a
result of the expansion of business activities. They rose
by 14 percent to € 199 million. The last scheduled repayment
of a receivable from the sale of shares in previous
years led to a reduction in other assets.
Scheduled funding needs were mainly financed by a
reduction in cash and cash equivalents from € 37 million
to € 10 million and an increase in short- and medium-term
bank liabilities from € 24 million to € 33 million.
This resulted in a net bank liability of € 23 million
as of December 31, 2010, compared to a positive net
bank balance of € 13 million as of December 31, 2009.
Equity capital increased from € 200 million to € 234 million.
The net difference was influenced by net income
for the reporting period, foreign currency changes without
effect on income, and contributions/withdrawals of
the owners. Equity accounted for 38 percent of the balance
sheet total, after deduction of cash and cash equivalents.
There were no effects on equity from the initial
adoption of new commercial balance sheet regulations.
As the total of other accruals and tax accruals, the balance
of other accruals fell mainly as a result of a payment
on account from the accrual formed in previous
years for pending proceedings with the Federal Cartel
Office. Cash flow from operating activities fell year on
year in connection with the increase in net current
assets. Cash flow from financing activities was influenced
by withdrawals of the owners and the increase in
short- and medium-term bank liabilities.
Employees
Headcount up 7 percent
The Group employed an annual average of 3,812 people
in 2010. This represents growth of 7 percent compared
to 2009, following the creation of 256 jobs on average
around the world. The growth resulted mainly from the
assembly plant in China and companies in Brazil.
The number of apprentices at the Group’s German facilities
amounted to 70 as of the balance sheet date (prior
year: 72).
Opportunities and risks
Company’s development accompanied by suitable risk
management system
The Melitta Group uses a differentiated risk management
system aimed at the structured identification and
assessment of opportunities and risks. Risk management
is regarded as all organizational regulations and
measures for the early recognition, evaluation and analysis
of corporate risks.
Melitta pursues a business strategy which can be classified
as risk-averse. In the course of auditing the annual
financial statements 2010, the external auditors confirmed
that the risk early recognition system was suitable
and in line with statutory requirements.
The risk management system comprises suitable risk
reporting procedures. These ensure that the managers
responsible are constantly and quickly informed about
potential risks and opportunities. This enables both the
Group and individual companies to take fast and effective
corrective measures.
The main risks of the Melitta Group result from general
economic developments, sector developments, and risks
from general operating activities. In addition, the Group
is exposed to financial risks, and especially risks from
currency and raw material fluctuations.

Melitta counters raw material price risks by concluding
long-term procurement contracts and using derivative
financial instruments.
The monitoring and controlling of financial risks is
entrusted to the Group’s treasury division. Foreign
exchange and interest hedging instruments (options,
swaps, futures and interest derivatives) are used where
necessary to hedge against specific risks from existing
or foreseeable underlying transactions. Liquidity risks
and risks from cash flow fluctuations are countered by
group-wide and ongoing liquidity planning.
No recognizable risks jeopardizing the company
Based on an analysis of the current risk situation, it can
be stated that there are no risks at present which might
jeopardize the Group’s continued existence. There are
also no currently recognizable risks which might jeopardize
the Group’s continued existence in future.
Start of 2011 and outlook
Positive external conditions
Melitta got off to a successful start in 2011. The macroeconomic
conditions are promising on the whole. In
Germany, we expect consumer spending to benefit from
the more favorable economic climate. Our markets in
North and South America also provide encouraging conditions
for further growth: we intend to expand our business
in Brazil with the further regional extension of the
Melitta sales system. Our investment in a new roasting
plant in the USA has also created sufficient capacity to
drive our business in this region.
We expect to make further encouraging progress in our
specialist paper business. There is considerable potential
in Germany and abroad which we aim to exploit not
only with our business in Neu Kaliss, but as of late 2010
also with our newly founded company Neukölln Spezialpapier
in Berlin. Melitta will invest approx. € 15 to € 18
million up to 2012 in the expansion and modernization
of its paper plant in Berlin via the new company. This
will result in further expansion of the Group’s industrial
business.
No material changes in the Group’s structure are
planned for 2011.
Group Management Report
Under consideration of the prorated investment in the
new paper machine, capital expenditures of around € 35
million will far exceed depreciation in 2011.
At the end of the year, we expect net bank liabilities to
reach approximately € 35 million. This figure includes
the aforementioned capital expenditures, funds to
finance current operating activities and scheduled withdrawals
by the owners. The funds required will be covered
by the use of our existing short- and long-term borrowing
facilities.
We expect the balance sheet to remain healthy in 2011
with a strong equity base and low level of debt.
49

50 Melitta Group Annual Report 2010
Consolidated Balance Sheet
Melitta Unternehmensgruppe Bentz KG
as at 12-31-2010 (abridged version)
Assets
in € ’000
12-31-2010 12-31-2009
Intangible assets 18,851 15,436
Tangible assets
Financial assets
175,028 167,323
Shares in affiliated companies 1,846 1,846
Participation interests 21,245 21,012
Other financial assets 14,779 940
Fixed assets 231,749 206,557
Inventories
Receivables and other current assets
143,865 123,441
Trade receivables 198,626 173,840
Other receivables and current assets 24,560 46,378
Cash and cash equivalents 10,330 36,679
Current assets 377,381 380,338
Other assets 15,227 10,849
Assets total 624,357 597,744
Equity and Liabilities
in € ’000
12-31-2010 12-31-2009
Equity (incl. shares of other shareholders) 234,152 199,974
Pension accruals 134,133 129,588
Other accruals 105,087 136,229
Accruals 239,220 265,817
Debts 33,101 23,844
Trade payables 66,928 55,706
Other liabilities 44,502 47,852
Liabilities 144,532 127,402
Prepaid expenses 6,454 4,551
Equity and Liabilities total 624,357 597,744

Explanatory notes on the consolidated balance sheet
1. General information on accounting and valuation
Certain items of the consolidated financial statements,
drawn up in accordance with Sec. 13 German Company
Disclosure Law (PublG) in conjunction with Sec. 294-
314 German Commercial Code (HGB), have been combined
for the publication of this annual report for fiscal
2010. The Melitta Group makes use of the exemption
pursuant to Sec. 13 (3) Sentence 2 PublG regarding the
publishing of income statements. The consolidated
financial statements and Group management report,
which were awarded an unqualified audit opinion by the
independent auditors, and the disclosures pursuant to
Sec. 5 (5) Sentence 3 PublG are published in the Federal
Gazette.
Consolidated group
The consolidated financial statements include all domes-
tic and foreign companies under the common control of
Melitta Unternehmensgruppe Bentz KG.
The consolidated group comprises 56 (prior year: 50)
companies. The notes to the consolidated financial statements
published in the Federal Gazette include a full list
of shareholdings.
Due to their minor importance for the assets, liabilities,
financial position and earnings of the Group, seven
companies (prior year: nine) were not included in the
consolidated financial statements. Despite a shareholding
of over 20 percent, three other companies were not
included as associated companies since Melitta
Unternehmensgruppe Bentz KG exerts no significant
influence on their business and financial policy.
In accordance with Sec. 311 HGB, major participations
are to be valued using the equity method if a significant
Consolidated Balance Sheet
influence can be exerted. This is the case with two companies
(prior year: two).
The following changes to the consolidated group occurred
in 2010: the ACW Group was consolidated for the
first time as of July 1, 2010. The companies Cofresco
RusCom OOO, domiciled in St. Petersburg, Russia, and
Neukölln Spezialpapier NK GmbH & Co. KG, dom iciled
in Berlin, Germany, were founded in December 2010.
The new companies founded in December were consolidated
for the first time as of December 31, 2010.
Consolidation methods
The consolidated financial statements were prepared as
at December 31, 2010. This is the balance sheet date for
all affiliated companies included in the consolidated
accounts.
In the capital consolidation process, the acquisition cost
or balance sheet valuation of the shareholding is offset
against the proportional share of shareholders’ equity
on the date of the initial consolidation. Goodwill is
formed for any resulting differences – insofar as these
cannot be directly attributed to, and depreciated with,
individual asset items – and amortized with an effect on
income. This consolidation method is also used for
investments in associated companies. The assessment
of an amortization period of over five years is based on
the future use of the goodwill, taking into account the
future use of the acquired company.
Investments in associated companies are consolidated
using the book value method. Inter-group trading profits
from transactions with associated companies were
not eliminated.
51

52 Melitta Group Annual Report 2010
Debt was consolidated according to Sec. 303 (1) HGB,
while income and expenditure were consolidated pursuant
to Sec. 305 (1) HGB and unrealized results eliminated
in accordance with Sec. 304 (1) HGB.
Accounting and valuation principles
Uniform valuation of assets throughout the Group is
guaranteed by the application of corporate guidelines,
valid for all members of the Melitta Group – with the
exception of those companies consolidated using the
equity method. These corporate guidelines correspond
to commercial law regulations.
Intangible assets are valued at cost, while property, plant
and equipment are valued at acquisition or production
cost; they are written down using the straight-line or
diminishing balance method. In addition to direct costs,
production costs also include a proportionate amount of
overhead costs and depreciation. Financial assets are valued
no higher than at acquisition cost, or the lower fair
value. In the case of permanent impairment, fixed assets
are subjected to non-scheduled depreciation.
Inventories are valued at acquisition or production cost.
Raw materials, supplies and merchandise are valued at
the lower of average purchase prices and current values.
Unfinished and finished goods are valued at production
cost, which also includes a reasonable amount of necessary
overhead cost and depreciation. Production costs
are lowered accordingly, should this be necessary to
avoid valuation losses. Suitable allowances are made to
cover inventory risk.
Advanced payments, accounts receivable, other assets
and cash and cash equivalents are carried at their nominal
values or the lower buying rate for foreign currencies
and the lower rate in the case of recognizable risks.
Lump-sum allowances have been made to cover general
credit risks.
Pursuant to Sec. 306 HGB, deferred tax assets and liabilities
are formed for consolidation entries with an effect
on income. Deferred tax assets were formed in accordance
with Sec. 274 HGB for tax loss carryforwards for
which it can be assumed with adequate probability that
they will be used in future, as well as for temporary differences
between the commercial and tax balance sheet,
and were netted with deferred tax liabilities. For the
measurement of deferred taxes, the individual tax rates
of the parent company and the affiliated companies
included in consolidation were considered. The option
pursuant to Sec. 306 Sentence 6 HGB was utilized.
Accruals for pensions are calculated using the projected
unit credit method. Pension accruals are measured with
an interest rate of 5.17 percent as at September 30, 2010.
There were no significant deviations between interest
rates as at September 30, 2010 and as at December 31,
2010. In accordance with the simplifying provision of Sec.
253 (2) Sentence 2 HGB, a standard remaining term of 15
years was assumed for the obligations. Future pay
increases were taken into account at a rate of 3 percent
p.a. Standard consideration throughout the Group was
also given to the relevant biometric calculation basis
(including the RT 2005 G mortality chart) and other calculation
principles for the settlement amount to be used.
Other accruals cover all recognizable risks and uncertain
commitments in the amount of the respective settlement
amount. Accruals with maturities of over one year
were measured in accordance with Sec. 253 (2) HGB.
Subject to the fulfillment of the corresponding prerequisites,
transactions expected with a high level of probability
(hedged items) are placed together with derivative
financial instruments in hedging relationships in order
to balance contrasting value changes or cash flows from
the acceptance of comparable risks. Such hedging relationships
are presented in the financial statements using
the net hedge presentation method.

Financial instruments are measured using generally
accepted valuation models and mathematical procedures
based on current market data.
Liabilities are carried at their current repayment values.
Currency translation
Assets and liabilities denominated in foreign currencies
are translated at the spot rate as of the balance sheet
date, providing there are no hedging transactions.
The balance sheet items of foreign Group companies
were translated at the prevailing rate on the balance
sheet date of December 31, 2010, while items of the
income statement were translated at average rates for
the year 2010.
Derivative financial instruments and hedges
The Melitta Group uses derivative financial instruments
(forward, option and swap transactions) for hedging pur-
Consolidated Balance Sheet
poses. They are mainly used to hedge against the risks
arising from currency and raw materials transactions
expected with a high degree of probability in the years
2011 and 2012. Responsibilities, controls and the scope
of action with regard to the conclusion and processing
of such financial instruments are defined in binding
internal guidelines.
The market values of the above mentioned financial
derivatives correspond to the price for the dissolution or
replacement of the transactions and are as follows as at
December 31, 2010:
€ million
Foreign exchange futures – 1.6
Foreign exchange options 6.7
Raw material swaps 3.5
Raw material futures and differentials 2.3
10.9
The effectiveness of hedging relationships is examined
using the critical terms match method. This method is
used as all key valuation parameters of the underlying
and hedging transactions match each other.
53

54 Melitta Group Annual Report 2010
2. Fixed assets
in € ’000 12-31-2010 12-31-2009*
3. Inventories
Book values as of Additions Depreciation
current year
other
changes
Intangible assets 18,851 15,436 9,322 6,414 507
Tangible assets
Land 95,672 96,263 2,581 4,635 1,463
Machines and equipment 55,847 52,075 11,403 11,327 3,696
Other tangible assets 23,509 18,985 11,424 3,178 –3,722
Financial assets
175,028 167,323 25,408 19,140 1,437
Shares in affiliated companies 1,846 1,846 0 0 0
Participation interests 21,245 21,012 233 0 0
Other financial assets 14,779 940 13,741 0 98
37,870 23,798 13,974 0 98
231,749 206,557 48,704 25,554 2,042
* Differences arising from the currency translation of fixed and other assets at
current rate values are offset against shareholders’ equity or the corresponding
liability items without affecting earnings.
in € ’000 12-31-2010 12-31-2009
Europe 106,807 89,231
North America 13,506 11,643
South America 15,441 17,788
Asia 8,111 4,779
143,865 123,441

4. Trade receivables
in € ’000 12-31-2010 12-31-2009
Europe 153,738 135,894
North America 9,612 9,499
South America 29,891 25,080
Asia 5,385 3,367
5. Debts
198,626 173,840
in € ’000 12-31-2010 12-31-2009
Europe 24,971 10,323
North America 293 32
South America 7,377 10,485
Asia 460 3,004
There are no liabilities due to banks with terms of over five years.
6. Trade payables
33,101 23,844
in € ’000 12-31-2010 12-31-2009
Europe 54,262 47,150
North America 5,004 3,463
South America 3,501 2,555
Asia 4,161 2,538
Minden, April 2011
General Partners
of Melitta Unternehmensgruppe Bentz KG
66,928 55,706
Consolidated Balance Sheet
55

56 Melitta Group Annual Report 2010
Imprint
Published by
Melitta Unternehmensgruppe Bentz KG
Edited by
Public Relations and Corporate Finance
of the Melitta Group
Marienstraße 88
32425 Minden, Germany
Phone: +49 571-4046-0
Fax: +49 571-4046-499
E-mail: pr@mbv.melitta.de
Internet: www.melitta.info
Photos:
Ulrich Hartmann, Bielefeld, Germany
foto@andreas-duerst.de, Rostock, Germany
Melitta Companies
Concept and Design:
Kirchhoff Consult AG, Hamburg, Germany
Text editing:
Berichtsmanufaktur, Hamburg, Germany
Printing and Production:
Zertani GmbH & Co. Die Druckerei KG, Bremen, Germany
© 2011 Melitta Unternehmensgruppe Bentz KG
Online version: www.melitta.info