Investor Factsheet

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Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials.

As an innovation company, we set trends in research-intensive areas. Our products and services are designed to benefit people and improve their quality of life. At the same time we aim to create value through innovation, growth and high earning power.

We are committed to the principles of sustainable development and to our social and ethical responsibilities as a corporate citizen.

Bayer Group 2012 2013 Change
€ million € million in %
Sales 39,741 40,157 1.0
EBIT1 3,928 4,934 25.6
EBIT before special items2 5,639 5,773 2.4
EBITDA3 6,916 7,830 13.2
EBITDA before special items2 8,280 8,401 1.5
EBITDA margin before special items4 20.8 % 20.9 %
Income before income taxes 3,176 4,207 32.5
Net income 2,403 3,189 32.7
Earnings per share (€)5 2.91 3.86 32.6
Core earnings per share (€)6 5.30 5.61 5.8
Gross cash flow7 4,556 5,832 28.0
Net cash flow 8 4,530 5,171 14.2
Net financial debt 7,022 6,731 -4.1
Capital expenditures as per segment table 2,012 2,155 7.1
Research und development expenses 3,013 3,190 5.9
Dividend per Bayer AG share (€) 1.90 2.10 10.5

 

 

2012 figures restated
1 EBIT = earnings before financial result and taxes
2 EBIT before special items and EBITDA before special items are not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. EBITDA before special items is a meaningful indicator of operating performance since it is not affected by depreciation, amortization, impairments or special items. By reporting this indicator, the company aims to give readers a clear picture of the results of operations and ensure comparability of data over time. See also Annual Report 2013, Combined Management Report, Chapter 16.2 "Calculation of EBIT(DA) Before Special Items".
3 EBITDA = EBIT plus amortization and impairment losses on intangible assets and depreciation and impairment losses on property, plant and equipment, minus impairment loss reversals. See also Annual Report 2013, Combined Management Report, Chapter 16.2 "Calculation of EBIT(DA) Before Special Items".
4 The EBIT(DA) margin before special items is calculated by dividing EBIT(DA) before special items by sales.
5 Earnings per share as defined in IAS 33 = net income divided by the average number of shares. For details see Annual Report 2013, Note [16] to the consolidated financial statements.
6 Core earnings per share are not defined in the International Financial Reporting Standards. By reporting this indicator, the company aims to give readers a clear picture of the results of operations and ensure comparability of data over time. The calculation of core earnings per share is explained in the Annual Report 2013, Combined Management Report, Chapter 16.3 "Core Earnings Per Share".
7 Gross cash flow = income after income taxes, plus income taxes, plus financial result, minus income taxes paid or accrued, plus depreciation, amortization and impairment losses, minus impairment loss reversals, plus/minus changes in pension provisions, minus gains/plus losses on retirements of noncurrent assets, minus gains from the remeasurement of already held assets in step acquisitions. The change in pension provisions includes the elimination of non-cash components of EBIT. It also contains benefit payments during the year. For details see Annual Report 2013, Combined Management Report, Chapter 16.5 "Liquidity and Capital Expenditures of the Bayer Group".
8 Net cash flow = cash flow from operating activities according to IAS 7

 

Share of Sales by Segment 2013

(2012 in parentheses)

  

Current Events

April 29, 2014

Annual Stockholders' Meeting 2014

Details
April 28, 2014

Q1 2014 Investor Conference Call

Details
 Q1 2014 Interim Report

  

 

Current Investor News

Bayer Stock

The capital stock of Bayer AG, amounting to Euro 2,116,986,388.48, is divided into 826,947,808 no-par registered shares.The capital stock underlying the no-par value registered shares is evidenced by permanent global certificates deposited with Clearstream Banking AG, Frankfurt am Main, Germany. The Company’s shareholders have ownership in these certificates in proportion to their respective holdings.The current value of one share - the share price - is determined by the company's total value on the stock market (market capitalization) and the number of shares in circulation.

Security Identification No.
ISINDE000BAY0017
WKNBAY001
CUSIP072730302
Bayer Code
ReutersXetra ®BAYGn.DE
Frankfurter WertpapierbörseBAYGn.F
BloombergXetra ®BAYN GY
Frankfurter WertpapierbörseBAYN GF


Bayer has a significant weighting in virtually all the major stock indices in line with its high market capitalization and share turnover.

Bayer stock is listed on all the German stock exchanges.

Information about the dividend for fiscal 2013

At its meeting on February 26, 2014, the Supervisory Board of Bayer AG accepted the proposal of the Board of Management to recommend to the Annual Stockholders’ Meeting on April 29, 2014 that a dividend of EUR 2.10 per share be paid for 2013 (2012: EUR 1.90). In this way, we intend our stockholders to appropriately participate in Bayer’s success. The significant increase in the dividend is also an expression of our confidence in the company’s future performance. With 826,947,808 shares entitled to the dividend, the total dividend payment would amount to EUR 1,737 million (2012: EUR 1,571 million).

Stock ownership by region

Foreign investors held more than three-fourths of issued shares, reflecting the company’s international alignment and the major importance of Bayer stock on the international financial markets. The highest proportion of our outstanding shares, almost 30 percent, is held by investors in the U.S. and Canada.

Bayer has a stable ownership structure that has altered only marginally in recent years.

 

Credit Rating

Bayer is currently rated as follows: 

Rating agencyLong-term ratingShort-term ratingOutlookLast Update
Standard & Poor'sA-A-2positiveApril 30, 2013
Moody'sA3P-2positiveApril 12, 2013

  

Sales and Earnings Forecast

(published on February 28, 2014 in the Annual Report 2013)

The following forecasts are based on the business development described in the Annual Report 2013, taking into account the potential risks and opportunities.

Bayer Group

Our forecast for fiscal 2014 is based on average exchange rates for the fourth quarter of 2013, including a rate of US$1.36 to the euro. A 1% appreciation (depreciation) of the euro against all other currencies would decrease (increase) sales on an annual basis by some €260 million and EBITDA before special items by about €70 million.

In 2014 we plan to grow sales by about 5% on a currency- and portfolio-adjusted basis. Allowing for expected negative currency effects of about 2% compared to the previous year, Group sales would be approximately €41 billion to €42 billion. We plan to raise EBITDA before special items by a low- to mid-single-digit percentage, allowing for expected negative currency effects of about €450 million or roughly 5%. We aim to increase core earnings per share (calculated as explained in the Annual Report 2013, Chapter 16.3 “Core Earnings Per Share”) by a mid-single-digit percentage, allowing for expected negative currency effects of around 6%.

We expect to take special charges of approximately €200 million for restructuring in 2014.

 

We intend to increase our research and development expenses to €3.5 billion in 2014. We have planned capital expenditures of about €2.1 billion for property, plant and equipment and €0.3 billion for intangible ­assets. Depreciation and amortization are estimated at about €2.6 billion, including €1.3 billion in amortization of intangible assets.

We predict the financial result to come in at around minus €0.8 billion. The effective tax rate is likely to be around 25%. Taking into account the planned acquisition of Algeta ASA, Norway, we expect net financial debt to be below €9 billion at the end of 2014.

HealthCare

The main priority for HealthCare in 2014 continues to be the successful commercialization of the ­recently launched pharmaceutical products. We expect sales to advance by a mid-single-digit percentage on a currency- and portfolio-adjusted basis. Allowing for expected negative currency effects of about 2%, sales would be approximately €19.5 billion to €20 billion. We predict EBITDA before special items to slightly exceed the prior-year level, allowing for negative currency effects of roughly €250 million.

In the Pharmaceuticals segment, we expect sales to move ahead by a high-single-digit percentage on a currency- and portfolio-adjusted basis. We predict negative currency effects of around 2% compared to 2013. We intend to raise sales of our recently launched products to about €2.8 billion and are planning significantly higher investment in order to continue marketing them successfully. We will also intensify the activities aimed at exploiting the potential of our development pipeline. Additional marketing and R&D expenditures totaling €0.5 billion are planned for 2014. Against this background we expect a low-to mid-single-digit percentage increase in EBITDA before special items, allowing for negative currency effects of about €150 million. The EBITDA margin before special items is expected to be level with the previous year.

In 2016 we plan to achieve an EBITDA margin before special items of at least 33%. We have increased our estimate for the peak sales potential of our recently launched products to at least €7.5 billion.

In the Consumer Health segment, we predict sales to rise by a low- to mid-single-digit percentage on a currency- and portfolio-adjusted basis. We anticipate negative currency effects of around 3% compared to 2013. We expect EBITDA before special items to come in slightly below the level of the prior year, ­allowing for negative currency effects of about €100 million.

CropScience

For 2014 we continue to predict favorable market conditions for our CropScience business, although we will not see quite such a positive environment as in 2013.

We expect to grow faster than the market and raise sales by a mid- to high-single-digit percentage on a currency- and portfolio-adjusted basis. We anticipate negative currency effects of about 3% compared to 2013. We plan to increase EBITDA before special items by a low-single-digit percentage, allowing for negative currency effects of approximately €150 million.

MaterialScience

We plan to raise sales in 2014 by a mid-single-digit percentage on a currency- and portfolio-adjusted ­basis. We predict negative currency effects of about 2% compared to 2013. We anticipate an increase in EBITDA before special items, allowing for negative currency effects of roughly €50 million.

For the first quarter of 2014, we expect sales to increase on a currency- and portfolio-adjusted basis against the prior-year period and EBITDA before special items to gain significantly.

Reconciliation

For 2014 we expect sales on a currency- and portfolio-adjusted basis to be level with the previous year. We are planning EBITDA before special items of roughly minus €0.2 billion.

Bayer AG

As the holding company for the Bayer Group, Bayer AG derives most of its income from its subsidiaries. The earnings of the major subsidiaries in Germany are transferred directly to Bayer AG under profit and loss transfer agreements. The earnings of Bayer AG are therefore expected to reflect the positive business development anticipated in the Bayer Group. A concerted dividend policy within the Group ensures the availability of sufficient distributable income. We anticipate that the net interest position will remain steady in light of the continuing low level of interest rates. Based on these factors, we expect Bayer AG to report a distributable profit that will again enable our stockholders to adequately participate in the Bayer Group’s earnings. 

Forward-Looking Statements

This fact sheet may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forwardlooking statements or to conform them to future events or developments

Bayer Investor Relations

Building W11
D-51368 Leverkusen
E-Mail: ir@bayer.com
Internet: www.investor.bayer.com

 

Contacts:

Dr. Jürgen Beunink
Phone: +49-214-30-65742
juergen.beunink@bayer.com
Constance Spitzer
Phone: +49-214-30-33021
constance.spitzer@bayer.com
Peter Dahlhoff
Phone: +49-214-30-33022
peter.dahlhoff@bayer.com
Dr. Olaf Weber
Phone: +49-214-30-33567
olaf.weber@bayer.com
Dr. Alexander Rosar
Head of Investor Relations
Phone: +49-214-30-81013
alexander.rosar@bayer.com
Judith Nestmann
Phone: +49-214-30-66836
judith.nestmann@bayer.com

 

 

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Last updated: April 10, 2014 Copyright © Bayer AG