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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. The growing and increasingly aging world population requires improved medical care and an adequate supply of food. Bayer is improving people’s quality of life by preventing, alleviating and treating diseases. And we are helping to provide a reliable supply of high-quality food, feed and plant-based raw materials.
We develop new molecules for use in innovative products and solutions to improve the health of humans, animals and plants. Our research and development activities are based on a profound understanding of the biochemical processes in living organisms.
Our goal is to achieve and sustain leadership positions in our markets, thus creating value for our customers, stockholders and employees. To this end, our strategy is designed to help solve some of the most pressing challenges facing humankind, and by doing this exceptionally well we aim to strengthen the company’s earning power.
We are committed to operating sustainably and addressing our social and ethical responsibilities as a corporate citizen, while at the same time respecting 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 25, 2016 in the Annual Report 2015:
|Bayer Group||2014||2015||Change from 2014|
|€ million||€ million||in %|
|EBIT before special items2||5,833||7,069||+21.2|
|EBITDA before special items4||8,685||10,266||+18.2|
|EBITDA margin before special items5||21.0 %||22.2 %|
|Income before income taxes||4,414||5,245||+18.8|
|Earnings per share (€) from continuing and discontinued operations6||4.14||4.97||+20.0|
|Core earnings per share (€) from continuing operations7||5.89||6.83||+16.0|
|Gross cash flow8||6,707||6,999||+4.4|
|Net cash flow from continuing and discontinued operations9||5,810||6,890||+18.6|
|Net financial debt||19,612||17,449||-11.0|
|Capital expenditures as per segment table||2,484||2,556||+2.9|
|Research and development expenses||3,537||4,281||+21.0|
|Return on equity||16.8%||17.9%|
|Bayer AG||2014||2015||Change from 2014|
|€ million||€ million||in %|
|Allocation to (withdrawal from) retained earnings||593||(706)||.|
|Total dividend payment||1,861||2,067||+11.1|
|Dividend per share (€)||2.25||2.50||+11.1|
|Employees||2014||2015||Change from 2014|
|Number of employees10 (Dec. 31)||117,400||116,800||-0.5|
|Personnel expenses (including pension expenses) (€ million)||9,693||11,203||+15,6|
2014 figures restated; figures for 2011 - 2013 as last reported.
1 EBIT = income after income taxes, plus income taxes, plus financial result. This indicator is not defined in the International Financial Reporting Standards.
2 EBIT before special items = EBIT plus special charges, minus special gains. This indicator is not defined in the International Financial Reporting Standards. See also Combined Management Report, Chapter 14.2 "Calculation of EBIT(DA) Before Special Items.".
3 EBITDA = EBIT plus the amortization of intangible assets and the depreciation of property, plant and equipment, plus impairment losses and minus impairment loss reversals, recognized in profit or loss during the reporting period. This indicator is not defined in the International Financial Reporting Standards. See also Combined Management Report, Chapter 14.2 "Calculation of EBIT(DA) Before Special Items.".
4 EBITDA before special items = EBITDA plus special charges, minus special gains. This indicator is not defined in the International Financial Reporting Standards. See also Combined Management Report, Chapter 14.2 "Calculation of EBIT(DA) Before Special Items.".
5 The EBITDA margin before special items is calculated by dividing EBITDA before special items by sales. This indicator is not defined in the International Financial Reporting Standards. See also Combined Management Report, Chapter 14.2 "Calculation of EBIT(DA) Before Special Items.".
6 Earnings per share as defined in IAS 33 = net income divided by the average number of shares. See also Note  to the Consolidated Financial Statements..
7 Core earnings per share = earnings per share, plus / minus amortization and impairment losses / impairment loss reversals of intangible assets, impairment losses / impairment loss reversals on property, plant and equipment, plus special charges, minus special gains (other than amortization and impairment losses / impairment loss reversals), plus / minus the related tax effects and the share of the adjustments attributable to noncontrolling interest. This indicator facilitates the comparability of performance over time. It is not defined in the International Financial Reporting Standards. See also Combined Management Report, Chapter 14.3 "Core Earnings Per Share.".
8 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 noncash components of EBIT. It also contains benefit payments during the year. Gross cash flow is not defined in the International Financial Reporting Standards. See also Combined Management Report, Chapter 14.5 "Liquidity and Capital Expenditures of the Bayer Group.".
9 Net cash flow = cash flow from operating activities according to IAS 7
10 Full-time equivalents
With the company’s focus now on the Life Science businesses, a new organizational structure was introduced effective January 1, 2016. The company’s operations are now managed in three divisions – Pharmaceuticals, Consumer Health and Crop Science – and the Animal Health business unit. Bayer currently still owns around 69% of Covestro AG.
2015 Pro Forma Key Data by New Segment
Current Investor News
Dr. Marijn Dekkers at the Annual Stockholders' Meeting of Bayer AG:
"Innovation is our future"
2015 was a very successful year for Bayer both strategically and operationally / Dividend increase to EUR 2.50 per share proposed / Employees to share in the company's success through total bonuses of around EUR 1.1 billion / Good start to fiscal 2016 more
Interim report for the first quarter of 2016:
Bayer off to a successful start in 2016
Substantial sales growth at Pharmaceuticals / Earnings expand in all segments / Group sales increase to EUR 11,941 million (plus 0.5 percent / Fx & portfolio adj. plus 3.2 percent) / EBITDA before special items advances by 15.7 percent to EUR 3,404 million / EBIT up 20.1 percent to EUR 2,335 million / Net income grows by 13.3 percent to EUR 1,511 million / Core earnings per share up 13.9 percent to EUR 2.37 / Outlook for 2016 confirmed 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 2015
Conforming to the proposal of the Board of Management and the Supervisory Board, the Annual Stockholders’ Meeting on April 29, 2016 passed the resolution to pay a dividend for fiscal 2015 of EUR 2.50 per share.
The resulting payout ratio of 37 percent calculated on core earnings per share is within our target corridor of 30 percent to 40 percent (for details of the calculation of core earnings per share, see Annual Report 2015, Chapter 14.3 of the Combined Management Report).
The dividend yield calculated on the share price of €115.80 at year end 2015 amounts to 2.2 percent and the total dividend payment to €2,067 million.
Stock ownership by region
Our ownership structure shows the international distribution of our capital stock. The highest proportion of our outstanding shares, almost 28 percent, is held by investors in the United States and Canada, followed by Germany with nearly 21 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||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 April 26, 2016 in the Interim Report First Quarter 2016)
Based on the business development described in this report and taking into account the potential risks and opportunities as well as the prevailing currency environment, we are confirming the forecast we published in February (see Annual Report 2015, Chapter 18.2).
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|
|Dr. Jürgen Beunink|
|Peter Dahlhoff |
|Dr. Olaf Weber |
|Dr. Alexander Rosar |
Head of Investor Relations