Investor Factsheet

“Health for all, hunger for none” – putting an end to hunger and helping everyone lead a healthy life, while at the same protecting ecosystems. That’s what we aspire to achieve, guided by our corporate purpose “Science for a better life.” The major issues of our time can only be addressed if we work together. Our campaigns #voranbringen in Germany and “This is why we science” in the United States underscore our approach. We are a life science company and a global leader in health care and nutrition. Our innovative products support efforts to overcome the major challenges presented by a growing and aging global population. We help prevent, alleviate and treat diseases. We also aim to ensure the world has a reliable supply of high-quality  food, feed and plant-based raw materials. As part of this endeavor, the responsible use of natural resources is always a top priority.
We aim to enhance our company’s earning power and create value for customers, patients, shareholders, employees and society. Growth and sustainability are integral parts of our strategy, guided by our corporate values of Leadership, Integrity, Flexibility and Efficiency, or LIFE for short. This culture ensures a common identity throughout the Bayer Group.

  

Published on February 27, 2020 in the Annual Report 2019:

Key Data Bayer Group 2018 2019
€ million € million
Sales 36,742 43,545
EBITDA1 9,695 9,554
EBITDA before special items1 8,969 11,503
EBITDA margin before special items1 24.4% 26.4%
EBIT1 3,454 4,189
EBIT before special items1 6,013 7,007
Income before income taxes 1,886 2,880
Net income (from continuing and discontinued operations) 1,695 4,091
Earnings per share (from continuing and discontinued operations) (€)1 1.80 4.17
Core earnings per share (from continuing operations) (€)1 5.60 6.40
Net cash provided by operating activities (from continuing and discontinued operations) 7,917 8,207
Free cash flow (€) 4,652 4,214
Net financial debt 35,679 34,068
Capital expenditures (as per segment table) 2,368 2,920

Bayer AG 2018 2019
Total dividend payment 2,611 2,751
Dividend per share (€) 2.80 2.80

Innovation 2018 2019
Research and development expenses 5,105 5,342
Ratio of R&D expenses2 to sales – Crop Science (%) 13.0 11.7
Ratio of R&D expenses2 to sales – Pharmaceuticals (%) 15.5 15.4
Ratio of R&D expenses2 to sales – Consumer Health (%) 4.1 4.2
Employees in research and development 16,835 16,006

Employees 2018 2019
Number of employees3 (Dec. 31) 107,894 103,824
Personnel expenses (including pension expenses) (€ million) 10,778 11,788
Proportion of employees with health insurance (%) 98 98
Fluctuation (voluntary / total) (%) 5.5 / 14.8 6.6 / 15.0
Hours of vocational and ongoing training per employee 17.1 22.6

figures restated; proportion of employees with health insurance: 2018 figures as last reported
1 For definitions of the indicators see A 2.3.
2 R&D expenses before special items
3 Employees calculated as full-time equivalents (FTEs)
4 In 2019, we changed over to the reporting criteria of the International Council of Chemical Associations (ICCA) and now report the discharge of chemical substances or utilities as Process Safety Incidents (PSI). Previously we reported according to the criteria of the European Chemical Association (CEFIC).
5 Quotient of total energy consumption and external sales
6 Direct emissions from power plants, waste incinerators and production plants and indirect emissions from external supplies of electricity, steam and refrigeration (according to the market-based method)

  

  

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Bayer Stock

The capital stock of Bayer AG, amounting to Euro 2,515,005,649.92 is divided into 982,424,082 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.

Paying and exchange agent for the shares of Bayer AG is Deutsche Bank AG (Taunusanlage 12, 60325 Frankfurt am Main, Germany).

Information about the dividend for fiscal 2019


The Annual Stockholders’ Meeting on April 28, 2020 resolved to use the distributable profit of EUR 2,750,787,429.60 for the fiscal year 2019 to pay a dividend of EUR 2.80 per share on the 982,424,082 no-par shares entitled to the dividend. The dividend yield calculated on the share price at year end 2019 amounts to 3.8 percent.

 

Stock ownership by region

Our ownership structure is very international, thus also reflecting our company’s global presence. Almost one third (33.2%) of our stock is attributable to investors in North America. Just under one fifth (19.9%) is held by stockholders in Germany. Another significant group of investors is based in the United Kingdom and Ireland; they hold 15.6% of Bayer stock.

  

Credit Rating

The rating agencies have assigned the following ratings:

Rating agencyLong-term ratingShort-term ratingOutlook
S&P Global RatingsBBBA2stable
Moody'sBaa1P2negative
Fitch RatingsBBB+F2stable

Future Perspectives

(published on August 4, 2020 in the Half-Year Report 2020)

Economic Outlook

Corporate Outlook
The forecast published in February 2020 did not take into account the effects of the COVID-19 pandemic, the financial impact of which remains difficult to predict. We are therefore adjusting the forecast as follows, based on the business development in the first half of the year and assumptions for the rest of the year that involve uncertainties:

We anticipate that business at Pharmaceuticals and Consumer Health will normalize overall, although the growth originally envisaged for Pharmaceuticals is not expected to be achieved. In the Crop Science Division we foresee a restrained start in the fourth quarter to the 2021 North America season as a result of pandemic-related reduced demand for biofuel, feed and fiber driving an expected reduction in 2021 planted acres, as well as from ongoing soy market dynamics.

This results in the following changes for the Bayer Group’s financial indicators. We are now targeting currency-adjusted growth in sales to €43 billion to €44 billion (previously €44 billion to €45 billion). This
corresponds to an increase of 0 to 1% (previously: increase of about 3% to 4%) on a currency- and portfolio-adjusted basis. We continue to target an increase in the EBITDA margin before special items to
around 28% on a currency-adjusted basis. Based on the sales target, this would correspond to EBITDA before special items of around €12.1 billion (previously: €12.3 billion to €12.6 billion) on a currency-adjusted basis. We anticipate raising core earnings per share to between €6.70 and €6.90 (previously: increase to between €7.00 and €7.20) on a currency-adjusted basis.

The adjusted forecasts for the divisions along with other indicators are contained in the following table:

Forecast for 2020

Initial forecast 2020 from Annual Report Adjusted forecast 2020
€ billion Fx & p adj. Change (%) € billion

Fx & p adj. Change (%)

Sales1 44 to 45
+3 to 4
43 to 440 to +1
Crop Science ~+4 ~+2

Pharmaceuticals

+3 to 4 ~-1

Consumer Health

+2 to 3 ~+4
Margin (%) Margin (%)
EBITDA before special items1
~28 ~28
Crop Science ~26 ~25

Pharmaceuticals

~33 34 to 35

Consumer Health

22 to 23 22 to 23
Financial result (core)2 ~-1.5 ~-1.6
Tax rate (core)3 ~23% ~23%
Free cash flow1 ~5 ~0.5 to 0
Net financial debt1 ~27 ~33
Special items in EBITDA ~-0.9 ~-14
Core earnings per share1 7.00 to 7.20
6.70 to 6.90

Fx & p adj. = currency- and portfolio-adjusted
1 For definition see Annual Report 2019, A 2.3 “Alternative Performance Measures Used by the Bayer Group.”
2 Financial result before special items
3 (Income taxes + special items in income taxes + tax effects on adjustments) / (core EBIT + financial result + special items in financial result)

 

We now plan to take total currency-adjusted special charges of about €14 billion (previously: about €0.9 billion) in 2020, of which we expect €11.5 billion to pertain to the aforementioned agreements in connection with the legacy Monsanto litigation and about €0.8 billion to be spent on restructuring.

We now expect that payments to resolve litigations will diminish the free cash flow by an amount of €4.5 billion that did not yet feature in our original planning and is to be regarded as extraordinary and nonrecurring. Taking into account the financing of these payments, we now only expect to reduce net financial debt to around €33 billion (previously: to about €27 billion).

  

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

Bayer AG
Building W11
51368 Leverkusen
Germany
Phone: +49 214 30 72704
E-Mail: ir@bayer.com
Internet: www.investor.bayer.com 

Dr. Jürgen Beunink
Senior Manager
juergen.beunink@bayer.com

Laura Meyer
Senior Manager (U.S.)
laura.meyer@bayer.com

Oliver Maier
Investor Relations Lead
oliver.maier@bayer.com

 

  

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