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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 plans to focus entirely on the Life Science businesses – HealthCare and CropScience – in the future and to float MaterialScience on the stock market as a separate company. This will create a global leader in the Life Sciences with extensive experience in science and innovation and the ability to use this expertise to improve human, animal and plant health.

Bayer Group 2013 2014 Change
€ million € million in %
Sales 40,157 42,239 5.2
EBIT1 4,934 5,506 11.6
EBIT before special items2 5,773 5,944 3.0
EBITDA3 7,830 8,442 7.8
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
Net income 3,189 3,426 7.4
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

 

 

Employees 2013 2014 Change
in %
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 [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 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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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 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.

 

Credit Rating

Bayer is currently rated as follows: 

Rating agencyLong-term ratingShort-term ratingOutlookLast Update
Standard & Poor'sA-A-2stableJuly 17, 2015
Moody'sA3P-2stableJune 1, 2015

  

Sales and Earnings Forecast

(published on July 29, 2015 in the Financial Report as of June 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.

Bayer Group

We have adjusted the exchange rates on which our forecast is based to reflect current developments. With respect to the second half of 2015, we are now using the exchange rates prevailing on June 30, 2015. Following the signing of the divestiture agreement with Panasonic Healthcare Holdings Co., Ltd. in June 2015, the Diabetes Care business is no longer included in continuing operations and therefore is also not included in the updated forecast. The prior-year figures are restated. The Diabetes Care business was still included in the forecasts published in February and April 2015. The aforementioned effects taken together result in an adjustment of the forecast; however, our expectation regarding the company’s operating performance remains largely unchanged.

We are now planning sales in the region of €47 billion (previously: in the region of €48 billion to €49 billion, of which discontinued operations: approximately €0.9 billion). This still corresponds to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis. We expect currency effects to boost sales by approximately 7% (previously: approximately 9%) compared with the prior year. It remains our aim to raise EBITDA before special items by a high-teens percentage, allowing for expected positive currency effects of about 5% (previously: around 8%). We continue to target a high-teens percentage increase in core earnings per share (calculated as explained in Chapter 7 of the Financial Report as of June 30, 2015), allowing for expected positive currency effects of around 5% (previously: around 7%).

We now expect to take special charges in the region of €900 million, with the integration of the acquired consumer care businesses, the planned stock market listing of MaterialScience and the optimization of production structures accounting for most of this amount.

We continue to anticipate the financial result to come in at around minus €1 billion and the effective tax rate at around 25% in 2015. As before, we expect net financial debt at year end to be below €20 billion.

Further details of the business forecast are given in Chapter 20.2 of the Annual Report 2014.

HealthCare

At HealthCare we now expect sales from continuing operations to rise to approximately €23 billion (previously: over €24 billion). This corresponds to a mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. We predict positive currency effects of approximately 6% (previously: about 9%) compared with 2014. We plan 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 corresponds to a mid- to high-single-digit percentage increase on a currency- and portfolio-adjusted basis. We anticipate positive currency effects of approximately 6% (previously: about 9%) 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 over €9 billion (previously: over €10 billion), including those of the acquired consumer care businesses but excluding the Diabetes Care business. We plan to grow sales by a mid-single-digit percentage on a currency- and portfolio-adjusted basis. We anticipate positive currency effects of approximately 7% (previously: about 9%) compared with 2014. We expect to raise EBITDA before special items by a mid-thirties percentage, with the acquired consumer care businesses contributing to the increase.

CropScience

At CropScience we expect to continue growing faster than the market and aim to raise sales to approximately €10.5 billion (previously: around €11 billion). This corresponds to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis (previously: a low- to mid-single digit percentage increase). We anticipate positive currency effects of about 8% (previously: about 11%) compared with 2014. In view of the weakened market environment, we now plan to improve EBITDA before special items by a mid- to high-single-digit percentage (previously: a low- to mid-teens percentage).

MaterialScience

At MaterialScience we continue 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, we continue to expect to see a significant increase in EBITDA before special items. We aim to return to earning the full cost of capital in 2015.

After adjusting for currency and portfolio effects, we expect sales in the third quarter of 2015 to come in below the level of the prior-year quarter. We expect EBITDA before special items to be above the level of the prior-year quarter but below the previous quarter.

Reconciliation

For 2015 we continue to expect sales on a currency- and portfolio-adjusted basis to be level with the previous year. We expect EBITDA before special items to be in the region of minus €0.3 billion.

 

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: March 30, 2015 Copyright © Bayer AG