- Bayer Group
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Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech 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.
|€ million||€ million||in %|
|EBIT before special items2||5,025||5,671||12.9|
|EBITDA before special items2||7,613||8,284||8.8|
|EBITDA margin before special items4||20.8 %||20.8 %|
|Income before income taxes||3,363||3,248||-3.4|
|Earnings per share (€)5||2.99||2.96||-1.0|
|Core earnings per share (€)6||4.83||5.35||10.8|
|Gross cash flow7||5,172||4,599||-11.1|
|Net cash flow 8||5,060||4,532||-10.4|
|Net financial debt||7,013||7,028||0.2|
|Capital expenditures as per segment table||1,666||2,012||20.8|
|Research und development expenses||2,932||3,013||2.8|
|Dividend per Bayer AG share (€)||1.65||1.90||15.2|
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. The company considers EBITDA before special items to be a more suitable 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 clearer picture of the results of operations and ensure greater comparability of data over time. See also Combined Management Report, Chapter 7.2 “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 Combined Management Report, Chapter 7.2 “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 Note  to the consolidated financial statements.
6 Core earnings per share are not defined in the International Financial Reporting Standards. The company considers that this indicator gives readers a clearer picture of the results of operations and ensures greater comparability of data over time. The calculation of core earnings per share is explained in the Combined Management Report, Chapter 7.3 "Core Earnings per Share".
7 Gross cash flow = income after 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 7.5 “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 2012
(2011 in parentheses)
Current Investor News
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 2012|
|Conforming to the proposal of the Board of Management and the Supervisory Board, the Annual Stockholders’ Meeting on April 26, 2013 passed the resolution to pay a dividend for fiscal 2012 of EUR 1.90 per share.|
This results in a payout ratio of nearly 36 percent calculated on core earnings per share, which is within the target corridor of 30 to 40 percent (for details on the calculation of core earnings per share, see Chapter 7.3 of the Combined Management Report in the Annual Report 2012). The dividend yield calculated on the share price of €71.89 at year end 2012 amounts to 2.6 percent and the total dividend payment to €1,571 million.
|Dividend (Euro per share)||1.90||1.65|
|Total payout (Euro million)||1,571||1,364|
|Dividend yield (%)||2.6||3.3|
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 U.S.A. / Canada region accounted for the largest proportion of shares held outside Germany, followed by UK / Ireland.
Ownership Structure by Country
Source: Ipreo, April 2013
Bayer is currently rated as follows:
|Rating agency||Long-term rating||Short-term rating||Outlook||Last Update|
|Standard & Poor's||A-||A-2||positive||April 30, 2013|
|Moody's||A3||P-2||positive||April 12, 2013|
Sales and Earnings Forecast
(published on October 31, 2013 in the Financial Report as of September 30, 2013)
The following forecasts for 2013 are based on the business performance described in this report, taking into account the potential risks and opportunities. Further details of the business forecast are given in Chapter 17.3 of the Annual Report 2012 and in the report for the first half of 2013.
Our Life Science businesses – HealthCare and CropScience – recorded very encouraging growth in the first nine months, compensating for the market-related weakness at MaterialScience. We expect this development to continue in the fourth quarter. Operational earnings have increasingly been held back by currency effects during the course of the year. The forecast for the full year is now based on the average exchange rates for the first nine months of 2013 (previously: average exchange rates for the first half of 2013). We are maintaining our guidance, although it is increasingly ambitious.
We expect sales for the full year 2013 to increase by a currency- and portfolio-adjusted 4%–5% to approximately €40 billion (previously: €40 billion to €41 billion). We aim to increase EBITDA before special items by a mid-single-digit percentage and improve core earnings per share (calculated as explained in Chapter 7 of the Financial Report as of September 30, 2013) by a high-single-digit percentage.
|Group sales *||4%–5% increase to approx. €40 billion|
|EBITDA before special items||Mid-single-digit percentage increase|
|Core earnings per share||High-single-digit percentage increase|
* currency- and portfolio-adjusted
For 2013 we anticipate a tax rate of about 25%. Net financial debt is expected to be below €8.0 billion at the end of 2013.
We expect HealthCare sales to advance by a mid-single-digit percentage on a currency- and portfolio-adjusted basis to approximately €19 billion. We plan to increase EBITDA before special items. Earnings growth is likely to be restrained by negative currency effects in the order of €200 million to €250 million. We aim to slightly improve the EBITDA margin before special items.
Sales in the Pharmaceuticals segment are developing better than anticipated thanks to the successful marketing of our new products. We expect sales to move ahead in 2013 by a high-single-digit percentage on a currency- and portfolio-adjusted basis to more than €11 billion and are targeting sales of more than €1.4 billion for our new products. We plan to increase EBITDA before special items and improve the EBITDA margin before special items. For the fourth quarter of 2013 we again anticipate significant negative currency effects along with higher selling and R&D expenses.
Taking into account the market-related weakening of the Medical Care business, we predict that sales of the Consumer Health segment will grow by a mid-single-digit percentage on a currency- and portfolio-adjusted basis to around €8 billion. We expect EBITDA before special items to come in at the level of the prior year and the EBITDA margin before special items to be below the prior year.
We are raising our forecast for CropScience. We expect growth to outpace the market, with sales advancing by a high-single-digit percentage on a currency- and portfolio-adjusted basis toward €9 billion. We plan to raise EBITDA before special items by at least 10% (previously: a high-single-digit percentage).
Considering the weak business development in the first nine months of 2013, we anticipate that full-year sales will be level with the previous year on a currency- and portfolio-adjusted basis. We expect EBITDA before special items to come in below the prior-year figure.
In the fourth quarter of 2013, we expect sales on a currency- and portfolio-adjusted basis and EBITDA before special items to come in at the level of the prior-year period.
For 2013 we continue to expect sales on a currency- and portfolio-adjusted basis to be level with the previous year. We anticipate that EBITDA before special items will be in the region of the prior-year figure.
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. Alexander Rosar |
Head of Investor Relations
|Fabian Klingen |
|Dr. Olaf Weber |