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Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen.
The high-tech polymers business (formerly Bayer MaterialScience) is listed on the stock market as Covestro since October 6, 2015.
Published on February 26, 2015 in the Annual Report 2014:
|€ million||€ million||in %|
|EBIT before special items2||5,773||5,944||3.0|
|EBITDA before special items2||8,401||8,812||4.9|
|EBITDA margin before special items4||20.9 %||20.9 %|
|Income before income taxes||4,207||4,525||7.6|
|Earnings per share (€)5||3.86||4.14||7.3|
|Core earnings per share (€)6||5.61||6.02||7.3|
|Gross cash flow7||5,832||6,820||16.9|
|Net cash flow8||5,171||5,810||12.4|
|Net financial debt||6,731||19,612|
|Capital expenditures as per segment table||2,155||2,490||15.5|
|Research und development expenses||3,406||3,574||4.9|
|Dividend per Bayer AG share (€)||2.10||2.25||7.1|
|Number of employees9 (Dec. 31)||112,366||118,888||5.8|
|Proportion of women in senior management (%)||25||26|
|Number of nationalities in the Group Leadership Circle||31||35||12.9|
|Proportion of employees with health insurance (%)||95||96|
|Proportion of employees covered by collective agreements on pay and conditions (%)||54||52|
2013 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 more suitable indicator of operating performance since it is not affected by depreciation, amortization, impairment losses, impairment loss reversals 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 2014, Combined Management Report, Chapter 16.2 "Calculation of EBIT(DA) Before Special Items.".
3 EBITDA = EBIT plus amortization and impairment losses on intangible assets, plus depreciation and impairment losses on property, plant and equipment, minus impairment loss reversals. See also Annual Report 2014, Combined Management Report, Chapter 16.2 "Calculation of EBIT(DA) Before Special Items.".
4 The EBITDA margin before special items is calculated by dividing EBITDA 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 2014, Note  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 2014, 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 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
9 Full-time equivalents
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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 2014
Conforming to the proposal of the Board of Management and the Supervisory Board, the Annual Stockholders’ Meeting on May 27, 2015 passed the resolution to pay a dividend for fiscal 2014 of EUR 2.25 per share.
The resulting payout ratio of 37.4 percent calculated on core earnings per share is within our target corridor of 30 to 40 percent (for details of the calculation of core earnings per share, see Annual Report 2014, Chapter 16.3 of the Combined Management Report).
The dividend yield calculated on the share price of €113.00 at year end 2014 amounts to 2.0 percent and the total dividend payment to €1,861 million.
Stock ownership by region
Foreign investors held more than four-fifths of the covered 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.
Bayer is currently rated as follows:
|Rating agency||Long-term rating||Short-term rating||Outlook||Last Update|
|Standard & Poor's||A-||A-2||stable||July 17, 2015|
|Moody's||A3||P-2||stable||October 7, 2015|
Sales and Earnings Forecast
(published on October 29, 2015 in the Financial Report as of September 30, 2015)
The following forecast for 2015 is based on the business development described in this report, taking into account the potential risks and opportunities.
The Diabetes Care business is no longer included in continuing operations and therefore is also not included in the updated forecast. However, Covestro continues to be included in the Consolidated Financial Statements of Bayer as a fully consolidated subsidiary after its stock market flotation on October 6, 2015, as Bayer AG currently still holds a 69% interest in that company and exercises control over it.
We have adjusted the exchange rates on which our forecast is based to reflect current developments and are now using the exchange rates prevailing on September 30, 2015 with respect to the fourth quarter of 2015.
We are now planning sales in the region of €46 billion (previously: in the region of €47 billion). This still corresponds to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis. We anticipate currency effects to boost sales by approximately 6% (previously: approximately 7%) compared with the prior year. Our expectation regarding the company’s earnings development is largely unchanged. It remains our aim to raise EBITDA before special items by a high-teens percentage, now allowing for expected positive currency effects of about 4% (previously: about 5%). We continue to target a high-teens percentage increase in core earnings per share (calculated as explained in the Financial Report as of September 30, 2015, “Core Earnings Per Share”), allowing for expected positive currency effects of around 4% (previously: around 5%).
As before, we expect to take special charges in the region of approximately €900 million, with the integration of the acquired consumer care businesses, the carve-out and stock market flotation of Covestro, and the optimization of production structures accounting for most of this amount.
We now anticipate the financial result to come in at around minus €1.1 billion (previously: minus €1 billion) and the effective tax rate at below 25% (previously: around 25%) in 2015. Including the cash inflows from the stock market flotation of Covestro, we expect net financial debt at year end to be below €18 billion (previously: below €20 billion).
Further details of the business forecast are given in Chapter 20.2 of the Annual Report 2014.
As before, we expect sales from continuing operations at HealthCare to rise to approximately €23 billion. This now corresponds to a mid- to high-single-digit percentage increase on a currency- and portfolio-adjusted basis (previously: a mid-single-digit percentage). We predict positive currency effects of approximately 5% (previously: about 6%) compared with 2014. It remains our aim to raise EBITDA before special items by a low-twenties percentage.
We continue to expect sales in the Pharmaceuticals segment to move ahead to approximately €14 billion. This now corresponds to a high-single-digit percentage increase on a currency- and portfolio-adjusted basis (previously: a mid- to high-single-digit percentage). We anticipate positive currency effects of approximately 5% (previously: about 6%) compared with 2014. We intend to raise sales of our recently launched products to over €4 billion. We plan to raise EBITDA before special items by a mid-teens percentage.
In the Consumer Health segment, we now expect sales of approximately €9 billion (previously: over €9 billion), including those of the acquired consumer care businesses. We still plan to grow sales by a mid-single-digit percentage on a currency- and portfolio-adjusted basis. We anticipate positive currency effects of approximately 5% (previously: about 7%) compared with 2014. As before, we expect to raise EBITDA before special items by a mid-thirties percentage, with the acquired consumer care businesses contributing to the increase.
At CropScience, we are adjusting the outlook to reflect the weaker development of the market environment and lower-than-expected currency effects. We continue to expect above-market growth and now aim to raise sales to slightly above €10 billion (previously: around €10.5 billion). This still corresponds to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis. We anticipate positive currency effects of about 7% (previously: about 8%) compared with 2014. In view of the weakened market environment, we now plan to improve EBITDA before special items by a mid-single-digit percentage (previously: a mid- to high-single-digit percentage).
Covestro continues to plan further volume growth in 2015 accompanied by declining selling prices. This will lead to lower sales on a currency- and portfolio-adjusted basis. However, the company still expects a significant increase in EBITDA before special items for the full year. Covestro aims to return to earning the cost of capital in 2015.
For 2015 we continue to expect sales on a currency- and portfolio-adjusted basis to be level with the previous year. We now expect EBITDA before special items to be in the region of minus €0.2 billion (previously: minus €0.3 billion).
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|
|Dr. Jürgen Beunink|
|Peter Dahlhoff |
|Dr. Olaf Weber |
|Dr. Alexander Rosar |
Head of Investor Relations