Investor Factsheet

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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 helping find solutions to some of the major challenges of our time. With life expectancy continuing to rise, we improve quality of life for a growing population by focusing our research and development activities on preventing, alleviating and treating diseases. We are also making an important contribution to providing a reliable supply of high-quality food, feed and plant-based raw materials.

Our goal is to create value for our customers, stockholders and employees, while also strengthening the company’s earning power. We are committed to operating sustainably and addressing our social and ethical responsibilities. Employees with a passion for innovation enjoy excellent development opportunities at Bayer.

All this goes to make up our corporate purpose: „Bayer: Science for a Better Life”

Bayer AG 2016 2017 Change
%
Total dividend payment 2,233 2,315 +3.7
Dividend per share (€) 2.70 2.80 +3.7

Employees 2016 2017 Change
%
Number of employees3 (Dec. 31) 99,592 99,820 +0.2
Personnel expenses (including pension expenses) (€ million) 9,459 9,528 +0.7
Proportion of women in senior management (%) 31 32
Proportion of employees with health insurance (%) 98 98
Fluctuation (voluntary / total) (%) 4.8 / 13.2 4.8 / 10.4
Hours of vocational and ongoing training per employee 23.0 23.4 +1.7

2016 figures restated
1 For definitions of the indicators see Annual Report 2017, Chapter "Alternative Performance Measures Used by the Bayer Group."
2 Group total 2016 including Covestro
3 Employees calculated as full-time equivalents (FTEs)
4 Number of incidents in which chemicals leak from their primary container, such as pipelines, pumps, tanks or drums, per 200,000 working hours
5 Quotient of total energy consumption and manufactured sales volume; Bayer excluding Currenta
6 Direct emissions from power plants, waste incinerators and production plants and indirect emissions from external supplies of electricity, steam and cooling (according to the market-based method); portfolio-adjusted in accordance with the GHG Protocol
7 Bayer excluding Currenta

 

Current Event

May 3, 2018

Q1 2018 Investor Conference Call

Details
Q1 2018 Interim Report
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Current Investor News

Bayer Stock

The capital stock of Bayer AG, amounting to Euro 2,196,346,388.48, is divided into 857,947,808 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 2017


At its meeting on February 27, 2018, the Supervisory Board of Bayer AG approved approved the Board of Management's recommendation that a dividend payment for fiscal 2017 of 2.80 (2016: 2.70) euros per share entitled to the dividend be proposed to the Annual Stockholders’ Meeting on May 25, 2018.

With 826.95 million shares entitled to the dividend, the total dividend payment would amount to 2.315 (2016: 2.233) billion euros, an increase of 3.7 percent. Should the capital stock be increased prior to the Annual Stockholders’ Meeting 2018 in connection with the acquisition of Monsanto, the new shares would carry dividend rights for 2017. The total dividend payment would increase accordingly.

 

Stock ownership by region

Our ownership structure shows the international distribution of our capital stock. The highest proportion of our outstanding shares, almost 31 percent, is held by investors in the United States and Canada, followed by Germany with approx. 22 percent. From a regional perspective, Bayer has a stable ownership structure that has altered only slightly in recent years.

Ownership Structure by Country

Source: Ipreo

Credit Rating

Bayer is currently rated as follows: 

Rating agencyLong-term ratingShort-term rating
S&P Global RatingsA-A-2
Moody'sA3P-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.
June 22, 2017: S&P Global Ratings affirms ‘A-2’ short-term rating, removing its CreditWatch for it.
May 24, 2016: Moody’s placed Bayer’s A3/P-2 ratings under review for downgrade.

Future Perspectives

(published on February 28, 2018 in the Annual Report 2017)

Economic Outlook

Corporate Outlook

The following forecast is based on the current business development and our internal planning. The planned acquisition of Monsanto is not yet included in this forecast and is dealt with separately below.

Our forecast is based on the exchange rates as of December 31, 2017. To enhance the comparability of operating performance, the forecasts are also adjusted for currency effects1. A 1% appreciation (depreciation) of the euro against all other currencies would decrease (increase) sales on an annual basis by some €250 million and EBITDA before special items by about €70 million.

1 The average monthly exchange rates from 2017 (see Annual Report 2017, chapter “Basic Principles, Methods and Critical Accounting Estimates”) were applied.

For 2018, we expect sales of around €35 billion. This corresponds to a low-to mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. EBITDA before special items is expected to match the prior-year level (currency-adjusted: increase by a mid-single-digit percentage). Core earnings per share from continuing operations are expected to come in at the prior-year level (currency-adjusted: increase by a mid-single-digit percentage).

Forecast for Key Financial Data of the Group for 2018

Closing rates on Dec. 31, 2017Currency-adjusted
SalesPrior-year levelIncrease by a low- to mid-single-digit percentage
Development of EBITDA before special itemsPrior-year levelIncrease by a mid-single-digit percentage
Development of core earnings per sharePrior-year levelIncrease by a mid-single-digit percentage

Sales and earnings forecast by segment

For Pharmaceuticals, we plan to generate sales of more than €16.5 billion, taking into account product supply constraints out of the Leverkusen Supply Center. This corresponds to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis. We aim to raise sales of our key growth products Xarelto™, Eylea™, Stivarga™, Xofigo™ and Adempas™ towards €7 billion. We expect EBITDA before special items to decline by a low-single-digit percentage (currency-adjusted: increase by a low-single-digit percentage), and anticipate a slight decline in the EBITDA margin before special items.

In the Consumer Health segment, we expect sales of more than €5.5 billion, which would be at the prior-year level on a currency- and portfolio adjusted basis. We expect EBITDA before special items to decline by a low-single-digit percentage (currency-adjusted: increase by a low-single-digit percentage).

For Crop Science, we see sales coming in at more than €9.5 billion. This corresponds to a mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. We expect to increase EBITDA before special items by a mid- to high-single-digit percentage (currency-adjusted: mid-teens percentage increase).

In the Animal Health segment, we expect a currency- and portfolio-adjusted increase in sales by a low-single-digit percentage. We expect EBITDA before special items to decline by a mid-single-digit percentage (currency-adjusted: at the prior-year level). Both sales and EBITDA before special items are negatively impacted by revised financial reporting standards (IFRS 15).

Reconciliation: We expect sales of around €1.5 billion in 2018. We plan EBITDA before special items in the region of minus €0.2 billion.

Forecast for Other Key Data of the Group for 2018

Closing rates on Dec. 31, 2017
Special charges1around €0.4 billion
Research and development expensesaround €4.1 billion
Capital expendituresaround €2.2 billion
    of which for intangible assets
around €0.6 billion
Depreciation and amortizationaround €2.2 billion
    of which on intangible assetsaround €1.2 billion
Financial resultaround minus €1 billion
Effective tax rate20.0%
Net financial debt2Net liquidity position

1 Mainly comprising costs in connection with the planned acquisition of Monsanto until closing, restructuring measures and efficiency improvement programs
 2 Excluding capital and portfolio measures

Outlook including Monsanto

Through the expected acquisition in the second quarter of 2018, we anticipate a significant increase in sales and EBITDA before special items. Based on current assumptions about the equity and financing measures to be undertaken, we expect a moderate decline in core earnings per share. For the first full year following the acquisition, we continue to expect a significant increase in sales and EBITDA before special items, and an increase in core earnings per share.

Outlook for Bayer AG

For Bayer AG we expect sales of approximately €15 billion and EBIT in the region of minus €1.5 billion. Bayer AG comprises both its own operational business and that assumed from Bayer Pharma AG and Bayer CropScience AG through business 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. 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. 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.

  

Forward-Looking Statements

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

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

Oliver Maier
Head of Investor Relations
Phone: +49-214-30-81013
oliver.maier@bayer.com

Dr. Jürgen Beunink
Phone: +49-214-30-65742
juergen.beunink@bayer.com

Peter Dahlhoff
Phone: +49-214-30-33022
peter.dahlhoff@bayer.com

Judith Nestmann
Phone: +49-214-30-66836
judith.nestmann@bayer.com

Constance Spitzer
Phone: +49-214-30-33021
constance.spitzer@bayer.com

  

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