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Bayer is a Life Science company with a more than 150-year history and core competencies in the areas of health care and agriculture. With our innovative products, we are contributing to finding solutions to some of the major challenges of our time. A growing and aging world population requires an adequate supply of food and improved medical care. Our research and development activities are therefore focused on improving people’s quality of life by preventing, alleviating and treating diseases. At the same time, we are making an important contribution to providing a reliable supply of high-quality food, feed and plant-based raw materials. Our understanding of the biochemical processes in living organisms helps us address these demanding challenges.
Our goal is to achieve and maintain leadership positions in our markets. In this way we create value for our customers, stockholders and employees, at the same time strengthening the company’s earning power. We are committed to operating sustainably and addressing our social and ethical responsibilities. We also respect the interests of all our stakeholders. Employees with a passion for innovation enjoy excellent development opportunities at Bayer.
All this goes to make up our mission – Bayer: Science for a Better Life.
Published on February 22, 2017 in the Annual Report 2016:
|€ million||€ million||in %|
|EBITDA before special items1||10,256||11,302||+10.2|
|EBITDA margin before special items1||22.3 %||24.2 %|
|EBIT before special items1||7,060||8,130||+15.2|
|Income before income taxes||5,236||5,887||+12.4|
|Net income (from continuing and discontinued operations)||4,110||4,531||+10.2|
|Earnings per share (from continuing and discontinued operations) (€)1||4.97||5.44||+9.5|
|Core earnings per share (from continuing operations) (€)1||6.82||7.32||+7.3|
|Net cash provided by operating activities (from continuing and discontinued operations)||6,890||9,089||+31.9|
|Net financial debt||17,449||11,778||-32.5|
|Capital expenditures as per segment table||2,511||2,578||+2.7|
|€ million||€ million||in %|
|Total dividend payment||2,067||2,233||+8.0|
|Dividend per share (€)||2.50||2.70||+8.0|
|Number of employees2 (Dec. 31)||116,600||115,200||-1.2|
|Personnel expenses (including pension expenses) (€ million)||11,176||11,357||+1.6|
|Proportion of women in senior management (%)||28||29|
|Proportion of employees with health insurance (%)||96||98|
|Fluctuation (voluntary / total) (%)||5.0 / 13.9||4.6 / 12.3|
|Hours of vocational and ongoing training per employee||20.0||22.1||+10.5|
2015 figures restated; figures for 2012–2014 as last reported
1 For definitions of the indicators see Chapter “Alternative Performance Measures Used by the Bayer Group.”
2 Employees calculated as full-time equivalents (FTEs)
2016 Key Data by Segment
Current Investor News
Not intended for U.S. and UK Media - American Association for Cancer Research (AACR) 108th Annual Meeting:
Bayer to Showcase Data on Growing Oncology Pipeline at AACR 2017
Results from pivotal Phase II trial CHRONOS-1 of investigational PI3K inhibitor copanlisib selected for oral presentation at Congress' Clinical Trial Session / Early research findings from across the company's oncology development portfolio will also be presented more
Not intended for U.S. and UK Media - New Late-Breaking Study Data Presented at ACC.17:
Bayer's Rivaroxaban Demonstrated Superior Protection Against Recurrent Venous Thromboembolism Compared with Aspirin in EINSTEIN CHOICE Study
Study with more than 3,000 patients investigated rivaroxaban 10 mg and 20 mg once daily versus aspirin 100 mg once daily / Both rivaroxaban treatment arms were superior in preventing recurrent venous thromboembolism while showing comparable and very low rates of major bleeding versus aspirin / Risk of recurrent thrombosis is up to 10% in the first year if anticoagulation therapy is stopped / Data were presented in a late-breaking clinical trial session at ACC.17 and published simultaneously in The New England Journal of Medicine more
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.|
|Bloomberg||Xetra ®||BAYN GY|
|Frankfurter Wertpapierbörse||BAYN 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 2016
At its meeting on February 21, 2017, the Supervisory Board of Bayer AG approved the Board of Management's recommendation that a dividend payment of EUR 2.70 (2015: EUR 2.50) per share be proposed to the Annual Stockholders' Meeting on April 28, 2017. With 826,947,808 shares entitled to the dividend, the total dividend payment would amount to EUR 2,233 million (2015: EUR 2,067 million), an increase of 8.0 percent.
Stock ownership by region
Our ownership structure shows the international distribution of our capital stock. The highest proportion of our outstanding shares, almost 29 percent, is held by investors in the United States and Canada, followed by Germany with 22 percent. From a regional perspective, Bayer has a stable ownership structure that has altered only slightly in recent years.
Ownership Structure by Country
Bayer is currently rated as follows:
|Rating agency||Long-term rating||Short-term rating|
|S&P Global Ratings||A-||A-2|
Recently, the rating agencies took the following rating actions:
May 20, 2016: S&P Global Ratings placed 'A-/A-2' ratings for Bayer on CreditWatch with negative outlook.
May 24, 2016: Moody’s placed Bayer’s A3/P-2 ratings under review for downgrade.
(published on February 22, 2017 in the Annual Report 2016)
The following forecast is based on the current business development, taking into account the potential risks and opportunities. It is based on the exchange rates at the closing date on December 31, 2016, including rates of US$1.05 to the euro. A 1% appreciation (depreciation) of the euro against all other currencies would decrease (increase) sales on an annual basis by some €300 million and EBITDA before special items by about €80 million.
The Board of Management expects the positive development of the Bayer Group to continue in fiscal 2017. Sales of the Bayer Group including Covestro are targeted to increase to more than €49 billion. This corresponds to a low- to mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. EBITDA before special items is forecast to grow by a mid-single-digit percentage. We aim to grow core earnings per share from continuing operations by a mid-single-digit percentage as well. It should be noted that only 64% of Covestro will be reflected for the full year 2017. In addition, it should be noted that the weighted average number of shares has increased following the placement of the mandatory convertible notes in November 2016.
Sales and earnings forecast by segment
We plan sales of approximately €37 billion for the Life Science businesses. This corresponds to a mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. EBITDA before special items is targeted to rise by a mid- to high-single-digit percentage.
At Pharmaceuticals, we expect sales of more than €17 billion. This corresponds to a mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. We plan to raise sales of our key growth products Xarelto™, Eylea™, Stivarga™, Xofigo™ and Adempas™ to more than €6 billion. We expect a high-single-digit percentage increase in EBITDA before special items. We aim to improve the EBITDA margin before special items.
In the Consumer Health segment, we expect sales to come in at more than €6 billion. In line with anticipated market development, we plan to grow sales by a low- to mid-single-digit percentage on a currency- and portfolio-adjusted basis. We expect EBITDA before special items to increase by a low- to mid-single-digit percentage.
For Crop Science we are assuming sales of more than €10 billion. This corresponds to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis. We expect EBITDA before special items to be at the prior-year level.
In the Animal Health segment, we expect a currency- and portfolio-adjusted increase in sales by a low- to mid-single-digit percentage. We plan to raise EBITDA before special items by a high-single-digit percentage.
For the Reconciliation, we expect sales of around €1 billion in 2017. We plan EBITDA before special items in the region of minus €0.2 billion.
For 2017, Covestro is budgeting a sales increase. EBITDA after adjustment for special items should be on or above the prior-year level.
Development of further key data
In 2017, we expect to take special charges in EBITDA in the region of €0.5 billion for the Bayer Group as a whole. Most of this amount is accounted for by costs in connection with the agreed acquisition of Monsanto and with restructuring and efficiency improvement measures. We aim to increase research and development spending to €4.8 billion. Capital expenditures will amount to about €2.5 billion for property, plant and equipment and around €0.4 billion for intangible assets. Depreciation and amortization are estimated at about €2.9 billion, including €1.4 billion in amortization of intangible assets. We also predict a financial result of around minus €1.4 billion. The effective tax rate is likely to be about 23%. Excluding capital and portfolio measures, net financial debt is targeted to be around €10 billion at the end of 2017.
Outlook for Bayer AG
On the basis of the business operating leases with Bayer Pharma AG and Bayer CropScience AG that came into effect at the start of 2017, the operational business of these two entities has been transferred to Bayer AG. As a result, the sales of these two entities now accrue to Bayer AG, for which we are predicting sales of more than €14 billion. The budgeted positive earnings of the Pharmaceuticals and Crop Science segments in 2017 will also accrue directly to Bayer AG as a result of the business operating leases. In addition, the earnings of most major Bayer subsidiaries in Germany are transferred directly to Bayer AG under profit and loss transfer agreements. Also, specific intra-company dividend measures ensure the availability of sufficient distributable income. Business development at Bayer AG is subject in principle to the same risks and opportunities as that of the Bayer Group. On account of the interdependencies between Bayer AG and its subsidiaries, the outlook for the Bayer Group thus largely also reflects the expectations for Bayer AG. Therefore, the forecast for the Bayer Group outlined above applies equally to Bayer AG. In the coming year, 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.
This fact sheet may contain forward-looking statements based on current assumptions and forecasts made by Bayer 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 forward-looking statements or to conform them to future events or developments.
|Bayer Investor Relations|
Head of Investor Relations
|Dr. Jürgen Beunink|
|Peter Dahlhoff |
|Prof. Dr. Olaf Weber |