The Bayer Group continued its successful course in 2013. “We met important business objectives in our anniversary year,” said Management Board Chairman Dr. Marijn Dekkers on Friday at the Financial News Conference in Leverkusen.
There was continuing momentum in the Life Science businesses: HealthCare achieved pleasing gains with its recently launched pharmaceutical products, while CropScience was very successful in a positive market environment. Overall, Bayer achieved its operational targets in the Life Science businesses despite substantial negative currency effects. The business of MaterialScience continued to be affected by a difficult market situation. “We are optimistic for 2014 and plan further growth in sales and earnings,” Dekkers said.
Sales of the Bayer Group climbed by 1.0 percent in 2013 to EUR 40,157 million (2012: EUR 39,741 million). “This is a new record in our company’s 150-year history,” said the Management Board Chairman. Adjusted for currency and portfolio effects (Fx & portfolio adj.), sales grew by 5.1 percent. EBIT rose by 25.6 percent to EUR 4,934 million (2012: EUR 3,928 million). Earnings were diminished by net special charges of EUR 839 million (2012: EUR 1,711 million).
The special charges mainly included EUR 358 million in restructuring expenses and EUR 276 million in additional charges related to legal claims. EBIT before special items advanced by 2.4 percent to EUR 5,773 million (2012: EUR 5,639 million), while EBITDA before special items rose by 1.5 percent to EUR 8,401 million (2012: EUR 8,280 million).
Negative currency effects diminished Group earnings by about EUR 260 million overall. In addition, expenses for long-term stock-based compensation increased by EUR 70 million in light of the pleasing market performance of Bayer stock. Net income grew by 32.7 percent to EUR 3,189 million (2012: EUR 2,403 million), and core earnings per share advanced by 5.8 percent to EUR 5.61 (2012: EUR 5.30).
Gross cash flow climbed by 28.0 percent to EUR 5,832 million (2012: EUR 4,556 million), mainly because of the improvement in EBIT. Net cash flow moved ahead by 14.2 percent to EUR 5,171 million (2012: EUR 4,530 million), while net financial debt fell by EUR 0.3 billion against December 31, 2012, to EUR 6.7 billion.
“Due to the strong cash flow, we were able to slightly reduce debt despite high capital expenditures and the acquisitions of Conceptus and Steigerwald,” explained CFO Werner Baumann.
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