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Bayer Annual Report 2013 Bayer Annual Report 2013 11 for a Better Life for a Better Life

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Bayer Annual Report 2013 Bayer Annual Report 2013 11 for a Better Life for a Better Life » COVER PICTURE Annual Report 2013 Augmented Version ABOUT THE » Bayer: Science For A Better Life INTEGRATED REPORT » Key Data This year’s Annual Report ­combines­our­financial­and­ » Chairman’s Letter our sustainability reporting for­the­first­time.­On­page­ » FOR A BETTER LIFE 28-29­you­can­find­further­ » Fighting cancer 10 information about this report » Safeguarding nutrition 16 and­learn­how­to­use­it. » Conserving resources 22 » TO OUR STOCKHOLDERS » Executive Council 30 » Report of the Supervisory Board 32 » Investor Information 37 01 » COMBINED MANAGEMENT REPORT OF THE BAYER GROUP AND BAYER AG 45 Report on Economic Position 151 » Overview of Sales, Earnings and Financial Position 152 » Business Development by Subgroup, Segment and Region 156 » Earnings; Asset and Financial Position of the Bayer Group 170 » Earnings; Asset and Financial Position of Bayer AG 181 02 » CONSOLIDATED FINANCIAL STATEMENTS OF THE BAYER GROUP 227 » RESPONSIBILITY STATEMENT 330 » INDEPENDENT AUDITORS’ REPORT 331 » INDEPENDENT ASSURANCE REPORT 333 » For direct access 03 FURTHER INFORMATION 336 to a chapter, simply click on its name. » Financial Calendar » Masthead, Disclaimer » TABLE OF CONTENTS 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 responsi- bilities as a corporate citizen. Cover picture Bayer and tumor centers worldwide are searching for new treatment options for cancer patients. Our cover picture shows Professor Mark Schrader, Medical Director of the Department of Urology at Ulm University Hospital, and assistant physician Kathi Adamczyk examining a CT scan for diagnosing bone metastases in a patient with prostate cancer. Read more about what Bayer’s researchers and the doctors at Ulm University Hospital are doing to improve the lives of people with cancer in the magazine section of this Annual Report beginning on page 10. » TABLE OF CONTENTS » TABLE OF CONTENTS Key Data [Table 1.1] [Table 1.1 (continued)] Change 2012 2013 Change 2012 2013 % € million € million % Bayer Group Employees Sales 39,741 40,157 + 1.0 Percentage of women in senior management 23 25 EBIT 1 3,928 4,934 + 25.6 Number of nationalities in the Group Leadership Circle 23 31 + 34.8 EBIT before special items 2 5,639 5,773 + 2.4 Proportion of employees with health insurance (%) 94 95 EBITDA3 6,916 7,830 + 13.2 Proportion of employees covered by collective agreements EBITDA before special items 2 8,280 8,401 + 1.5 on pay and conditions (%) 53 55 EBITDA margin before special items 4 20.8% 20.9% Income before income taxes 3,176 4,207 + 32.5 Safety Net income 2,403 3,189 + 32.7 Recordable Incident Rate for Bayer employees (RIR) 0.49 0.47 – 4.1 Earnings per share (€) 5 2.91 3.86 + 32.6 Lost Time Recordable Incident Rate for Bayer employees (LTRIR) 0.27 0.26 – 3.7 Core earnings per share (€) 6 5.30 5.61 + 5.8 Loss of Primary Containment Incident Rate (LoPC-IR)9 0.38 0.35 – 7.9 Gross cash flow 7 4,556 5,832 + 28.0 Number of transport incidents 6 11 + 83.3 Net cash flow 8 4,530 5,171 + 14.2 Net financial debt 7,022 6,731 – 4.1 Environmental Protection 10 Capital expenditures as per segment table 2,012 2,155 + 7.1 Direct greenhouse gas emissions 11 Research and development expenses 3,013 3,190 + 5.9 (CO2 equivalents in million t) 4.24 4.09 – 3.6 Dividend per Bayer AG share (€) 1.90 2.10 + 10.5 Indirect greenhouse gas emissions 11 (CO2 equivalents in million t) 4.12 4.29 + 4.1 12 HealthCare Volatile organic compounds (VOC) (thousand t/a) 2.60 2.27 – 12.9 Sales 18,604 18,924 + 1.7 Ozone-depleting substances (t / a) 13 16.28 15.65 – 3.9 EBIT 2,205 3,260 + 47.8 Total organic carbon (TOC) (thousand t/a) 1.42 1.53 + 7.7 EBIT before special items 2 3,787 3,973 + 4.9 Total phosphorus in wastewater (thousand t/a) 0.15 0.11 – 24.8 EBITDA3 3,866 4,858 + 25.7 Total nitrogen in wastewater (thousand t/a) 0.70 0.69 – 2.1 EBITDA before special items 2 5,119 5,334 + 4.2 Hazardous waste generated (thousand t/a) 603 467 – 22.6 EBITDA margin before special items 4 27.5% 28.2% Hazardous waste landfilled (thousand t/a) 175 53 – 69.5 Gross cash flow 7 2,659 3,573 + 34.4 Water use (million m³/a) 384 361 – 6.0 Net cash flow 8 3,546 2,980 – 16.0 Primary energy consumption (petajoules [1015 joules]/a) 49.05 47.58 – 3.0 Secondary energy consumption (petajoules [1015 joules]/a) 34.14 33.27 – 2.6 14 CropScience Energy efficiency (MWh / t) 3.50 3.44 – 1.6 Sales 8,383 8,819 + 5.2 2012 figures restated EBIT 1,556 1,729 + 11.1 1 EBIT = earnings before financial result and taxes 7 Gross cash flow = income after income taxes, plus income taxes, plus finan- EBIT before special items 2 1,543 1,801 + 16.7 2 EBIT before special items and EBITDA before special items are not defined in cial result, minus income taxes paid or accrued, plus depreciation, amortiza- the International Financial Reporting Standards and should therefore be re- tion and impairment losses, minus impairment loss reversals, plus / minus EBITDA3 2,050 2,184 + 6.5 garded only as supplementary information. EBITDA before special items is a changes in pension provisions, minus gains / plus losses on retirements of EBITDA before special items 2 2,025 2,248 + 11.0 meaningful indicator of operating performance since it is not affected by noncurrent assets, minus gains from the remeasurement of already held as- depreciation, amortization, impairments or special items. By reporting this sets in step acquisitions. The change in pension provisions includes the elim- EBITDA margin before special items 4 24.2% 25.5% indicator, the company aims to give readers a clear picture of the results of ination of non-cash components of EBIT. It also contains benefit payments Gross cash flow 7 1,332 1,590 + 19.4 operations and ensure comparability of data over time. See also Combined during the year. For details see Combined Management Report, Chapter 16.5 Management Report, Chapter 16.2 “Calculation of EBIT(DA) Before Special “Liquidity and Capital Expenditures of the Bayer Group.“ Net cash flow 8 899 682 – 24.1 Items.” 8 Net cash flow = cash flow from operating activities according to IAS 7 3 EBITDA = EBIT plus amortization and impairment losses on intangible assets 9 LoPC-IR: rate of incidents in which chemicals leak from their primary con- and depreciation and impairment losses on property, plant and equipment, tainer, such as pipelines, pumps, tanks or drums, per 200,000 working hours MaterialScience minus impairment loss reversals. See also Combined Management Report, in areas relevant to plant safety Sales 11,491 11,238 – 2.2 Chapter 16.2 “Calculation of EBIT(DA) Before Special Items.” 10 The changes indicated in percent were not calculated on the basis of rounded 4 The EBIT(DA) margin before special items is calculated by dividing EBIT(DA) values. EBIT 581 435 – 25.1 before special items by sales. 11 Portfolio-adjusted in accordance with the Greenhouse Gas Protocol EBIT before special items 2 613 429 – 30.0 5 Earnings per share as defined in IAS 33 = net income divided by the average 12 Volatile organic compounds (VOC) excluding methane number of shares. For details see Note [16] to the consolidated financial 13 Ozone-depleting substances (ODS) in CFC-11 equivalents EBITDA3 1,236 1,101 – 10.9 statements. 14 Energy efficiency: quotient of total energy consumption and manufactured EBITDA before special items 2 1,263 1,072 – 15.1 6 Core earnings per share are not defined in the International Financial Report- sales volume. For MaterialScience, only manufactured sales volumes that ing Standards. By reporting this indicator, the company aims to give readers also form the basis for calculating MaterialScience-specific emissions are EBITDA margin before special items 4 11.0% 9.5% a clear picture of the results of operations and ensure comparability of data taken into account. Gross cash flow 7 952 887 – 6.8 over time. The calculation of core earnings per share is explained in the Com- bined Management Report, Chapter 16.3 “Core Earnings Per Share.” Net cash flow 8 735 977 + 32.9 » TABLE OF CONTENTS Continuous growth in­our­Anniversary­Year 2013 was a special year for Bayer. The 150th anniversary of our ­company’s­founding­prompted­us­to­celebrate­the­benefits­of­Bayer­ innovations. These have helped millions of people around the world, including patients, customers, consumers, employees and sharehold- ers. We not only celebrated Bayer’s long-term successes with our stakeholders in 2013 but also added more innovative products to our portfolio­and­posted­record­financial­results.­And­we­are­committed­ to­continue­with­this­approach.­Our­mission­“Bayer:­­Science­For­A­ Better Life” remains our driving force. Bayer’s products help to overcome urgent societal needs. In 1863 the global population was 2.5 billion and life expectancy around 40 years;­now­there­are­over­7 billion people, and there are expected to be over 9 billion by 2050.
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