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Bayer AG Stockholder's Newsletter

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Bayer AG Stockholder's Newsletter Stockholders’ Newsletter Half-Year Financial Report as of June 30, 2007 Bayer continues on a path of growth Interim Group Management Report as of June 30, 2007 cover picture The Bayer Group’s economic suc- R Bayer Group Key Data 2 cess is substantially founded upon R Financial Calendar, Masthead 3 its innovative capability and long- R Overview of Sales, Earnings and Financial Position 4 term strategic orientation. The R Future Perspectives 7 acquisition of Schering, Berlin, R Pharmaceuticals Research and Development Pipeline 8 Germany, further expands the R Performance by Subgroup and Segment 10 HealthCare business, and that sub- group’s research and development R Bayer HealthCare 12 pipeline is well stocked, with more R Bayer CropScience 18 than 50 ongoing projects. One of R Bayer MaterialScience 22 these is the active ingre dient rivar- R Performance by Region 24 oxaban, currently in advanced R Liquidity and Capital Resources 26 clinical testing for the prevention R Employees 28 and treatment of acute and chronic R Risk Report 29 thrombosis. This substance R Subsequent Events 30 achieved very good results in a recent Phase iii study. The picture R Calculation of EBIT(DA) Before Special Items 31 shows Bayer HealthCare scientist R Investor Information 32 Dr. Susanne Röhrig in the research laboratory. For further details see Consolidated Interim Financial Statements as of June 30, 2007 the news item on page 51. R Bayer Group Statements of Income 34 R Bayer Group Balance Sheets 35 R Bayer Group Statements of Cash Flows 36 R Bayer Group Statements of Recognized Income and Expense 37 R Notes to the Consolidated Interim Financial Statements as of June 30, 2007 38 R Key Data by Segment and by Region 38 R Explanatory Notes 42 R Responsibility Statement 46 R Review Report 47 For direct access R Focus: Commitment in Education and Social Affairs 48 8 to a chapter, simply click on its name. R News 50 R Table of contents 2 Bayer Group Key Data 2nd Quarter 2nd Quarter Change 1st Half 1st Half Change Full Year 2006 2007 2006 2007 2006 € million € million % € million € million % € million Net sales 6,736 8,217 + 22.0 13,527 16,552 + 22.4 28,956 Change in sales Volume + 4% + 5% + 4% + 6% + 5% Price 0% + 1% + 1% 0% 0% Currency 0% – 3% + 3% – 4% 0% Portfolio + 2% + 19% + 1% + 20% + 12% EBITDA1 1,269 1,572 + 23.9 2,705 3,346 + 23.7 4,675 Special items (34) (234) (162) (450) (909) EBITDA before special items 1,303 1,806 + 38.6 2,867 3,796 + 32.4 5,584 EBITDA margin before special items 19.3% 22.0% 21.2% 22.9% 19.3% EBIT2 877 917 + 4.6 1,926 2,092 + 8.6 2,762 Special items (34) (268) (162) (468) (717) EBIT before special items 911 1,185 + 30.1 2,088 2,560 + 22.6 3,479 EBIT margin before special items 13.5% 14.4% 15.4% 15.5% 12.0% Non-operating result (228) (257) – 12.7 (438) (475) – 8.4 (782) Net income 452 660 + 46.0 1,052 3,469 • 1,683 Earnings per share (€)3 0.60 0.83 1.41 4.27 2.22 Core earnings per share (€)4 0.74 1.03 1.74 2.28 3.24 Gross cash flow5 928 1,187 + 27.9 2,017 2,598 + 28.8 3,913 Net cash flow6 882 816 – 7.5 920 1,191 + 29.5 3,928 Cash outflows for capital expenditures 340 440 + 29.4 759 641 – 15.5 1,876 Research and development expenses 439 650 + 48.1 853 1,275 + 49.5 2,297 Depreciation and amortization 392 655 + 67.1 779 1,254 + 61.0 1,913 Number of employees at end of period7 105,700 104,600 – 1.0 105,700 104,600 – 1.0 106,000 Personnel expenses 1,475 1,894 + 28.4 2,961 3,792 + 28.1 6,630 2006 figures restated 1 EBITDA = EBIT plus amortization of intangible assets and depreciation of property, plant and equipment. EBITDA, EBITDA before special items and EBITDA margin are not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. The company considers underlying EBITDA to be a more suitable indicator of operating performance since it is not affected by depreciation, amortization, write-downs/write-backs or special items. The company also believes that this indicator gives readers a clearer picture of the results of operations and ensures greater comparability of data over time. The underlying EBITDA margin is calculated by dividing underlying EBITDA by sales. See also page 31. 2 EBIT as shown in the income statement 3 Earnings per share as defined in IAS 33 = net income divided by the average number of shares. For details see page 42. 4 Core earnings per share is not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. The company believes that this indicator gives readers a clearer picture of the results of operations and ensures greater comparability of data over time. The calculation of core earnings per share is explained on page 33. 5 Gross cash flow = income after taxes from continuing operations plus income taxes, plus/minus non-operating result, minus income taxes paid, plus depreciation, amortization and write-downs, minus write-backs, plus/minus changes in pension provisions, minus gains/plus losses on retirements of noncurrent assets, plus non-cash effects of the remeasurement of acquired assets. The change in pension provisions includes the elimination of non-cash components of the operating result. It also contains benefit payments during the year. For details see page 26 f. 6 Net cash flow = cash flow from operating activities according to IAS 7 7 Number of employees in full-time equivalents R Table of contents Financial Calendar 3 Q3 2007 Interim Report November 6, 2007 2007 Annual Report February 28, 2008 Annual Stockholders’ Meeting 2008 April 25, 2008 Payment of Dividend April 28, 2008 Masthead Published by Bayer AG, 51368 Leverkusen, Germany Editor Ute Bode, phone +49 214 30 58992, email: [email protected] English edition Bayer Industry Services GmbH & Co. OHG, Language Service Investor Relations Peter Dahlhoff, phone +49 214 30 33022, email: [email protected] Orders/Distribution Michael Heinrich, phone +49 214 30 57546, email: [email protected] Date of publication August 7, 2007 Many business and financial terms are explained on the Bayer Investor Relations website at www.investor.bayer.com>Stock>Glossary Bayer on the Internet www.bayer.com If you would like to receive the Bayer Stockholders’ Newsletter in electronic rather than print form in future, please email the editor. Forward-Looking Statements This Annual Report contains forward-looking statements. These statements use words like “believes,” “assumes,” “expects” or similar formulations. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, assets, development or performance of our company and those either expressed or implied by these statements. These factors include, among other things: • downturns in the business cycle of the industries in which we compete; • new regulations, or changes to existing regulations, that increase our operating costs or otherwise reduce our profitability; • increases in the price of our raw materials, especially if we are unable to pass these costs along to customers; • loss or reduction of patent protection for our products; • liabilities, especially those incurred as a result of environmental laws or product liability litigation; • fluctuation in international currency exchange rates as well as changes in the general economic climate; and • other factors identified in this Annual Report. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Form 20-F). In view of these uncertainties, we caution readers not to place undue reliance on these forward-looking statements. We assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Important Information from Bayer AG: This is neither an offer to purchase nor a solicitation of an offer to sell shares or American depositary shares of Bayer Schering Pharma AG (formerly Schering AG). Bayer Schering GmbH (formerly Dritte BV GmbH) filed a tender offer statement with the U.S. Securities and Exchange Commission (SEC) with respect to the mandatory compensation offer on November 30, 2006, the time of commencement of the mandatory compensation offer. Simultaneously Bayer Schering Pharma AG (formerly Schering AG) filed a solicitation/recommenda- tion statement on Schedule 14D-9 with the SEC with respect to the mandatory compensation offer. Investors and holders of shares and American depositary shares of Bayer Schering Pharma AG (formerly Schering AG) are strongly advised to read the tender offer statement and other relevant documents regarding the mandatory compensation offer that have been filed or will be filed with the SEC because they contain important information. Investors and holders of shares and American depositary shares of Bayer Schering Pharma AG (formerly Schering AG) will be able to receive these documents free of charge at the SEC’s website (www.sec.gov), or at the website www.bayer. com. These documents and information contain forward-looking statements based on assumptions and forecasts made by Bayer Group man- agement as of the respective dates of such documents. 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 Bayer Group and/or Bayer Schering Pharma AG (formerly Schering AG) and the estimates contained in these documents and to differences between actions taken by the Bayer Group with respect to its investment in Bayer Schering Pharma AG (formerly Schering AG) and the intentions described in these documents.
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