Bayer-Geschäftsbericht 2018 A Zusammengefasster Lagebericht 1 Fehler! Kein Text mit angegebener Formatvorlage im Dokument. Annual Report RESTRICTED Bayer Annual Report 2020 Five-Year Summary 2 Five-Year Summary € million 2016 2017 2018 2019 2020 Bayer Group financial KPIs Sales 34,943 35,015 36,742 43,545 41,400 EBITDA1 8,801 8,563 9,695 9,529 (2,910) EBITDA before special items1 9,318 9,288 8,969 11,474 11,461 EBITDA margin before special items1 26.7% 26.5% 24.4% 26.3% 27.7% EBIT1 5,738 5,903 3,454 4,162 (16,169) EBIT before special items1 6,826 7,130 6,013 6,975 7,095 Income before income taxes 4,773 4,577 1,886 2,853 (17,250) Net income (from continuing and discontinued operations) 4,531 7,336 1,695 4,091 (10,495) Earnings per share (from continuing and discontinued operations) (€)1 5.44 8.29 1.80 4.17 (10.68) Core earnings per share (from continuing operations) (€)1 6.67 6.64 5.60 6.38 6.39 Free cash flow 5,806 5,202 4,652 4,214 1,343 Net financial debt 11,778 3,595 35,679 34,068 30,041 Capital expenditures (newly capitalized) 2,627 2,418 2,368 2,920 3,138 Return on Capital Employed (ROCE) (%) 10.3 10.8 4.0 3.7 – 16,5 Bayer AG Total dividend payment 2,233 2,402 2,611 2,751 1,965 Dividend per share (€) 2.70 2.80 2.80 2.80 2.00 Bayer Group nonfinancial KPIs2 Number of smallholder farmers in LMICs who have received support (million) – – – 42 45 Number of women in LMICs who have gained access to modern contraception (million) – – – 38 40 Number of people in underserved communities whose self-care needs have been supported by Bayer interventions (million) – – – 41 43 Scope 1 & 2 greenhouse gas emissions (million t) – – – 3.76 3.58 Scope 3 greenhouse gas emissions from relevant categories (million t) – – – 8.87 7.88 Off-setting of remaining Scope 1 & 2 greenhouse gas emissions (million t) – – – 0.0 0.20 Innovation Research and development expenses3 4,405 4,504 5,105 5,301 7,126 Ratio of R&D expenses to sales – Crop Science (%)4 11.7 11.7 13.0 11.3 10.4 Ratio of R&D expenses to sales – Pharmaceuticals (%)4 16.7 16.2 15.5 15.6 15.5 Ratio of R&D expenses to sales – Consumer Health (%)4 3.9 3.9 4.1 3.9 3.8 Employees Number of employees5 (Dec. 31) 99,592 99,820 107,894 103,824 99,538 Personnel expenses (including pension expenses) (€ million) 9,459 9,528 10,778 11,788 9,769 Safety & Environmental Protection Recordable Incident Rate (RIR) for Bayer employees 0.40 0.45 0.40 0.46 0.32 Process Safety Incident Rate (PSI-R) – – – 0.10 0.08 Total energy consumption (terajoules) 26,243 25,832 28,903 39,212 35,858 6 Energy efficiency (kWh / €1,000) 209 205 219 250 241 Hazardous waste generated (thousand t) 428 485 303 316 305 Water use (million m³) 93 98 42 59 57 2019 figures restated; figures for 2016 – 2018 as last reported 1 For definitions of the indicators see A 2.3. 2 For more information see A 1.2.1 3 The increase in research and development expenses in 2020 was mainly due to special charges in connection with the impairment charges at Crop Science. 4 R&D expenses before special items 5 Employees calculated as full-time equivalents (FTEs) 6 Quotient of total energy consumption and external sales Bayer Annual Report 2020 At a Glance 3 Fiscal 2020: Bayer delivers robust performance despite pandemic – foundation laid for future growth // Group sales at €41.4 billion, impacted by negative currency effects of €1.9 billion (Fx & p adj. + 0.6%) // EBITDA before special items unchanged at €11.5 billion – currency effects offset by stringent cost management // Crop Science and Pharmaceuticals report stable operational business, Consumer Health sees strong growth // Core earnings per share at €6.39 (+ 0.2%) // Earnings per share at – €10.68, impacted by litigation provisions and impairments // Net financial debt improves to €30.0 billion // Proposed dividend of €2.00 per share // Portfolio and innovation capabilities strengthened // Outlook for 2021: positive momentum and solid operational growth – stable earnings at constant currencies Bayer Annual Report 2020 Contents 4 Contents To our Stockholders Chairman’s Letter __________________________________________ 6 Board of Management __________________________________ 12 Report of the Supervisory Board _____________________ 13 Investor Information _____________________________________ 21 About this Report _________________________________________ 25 A Combined Management Report 1. Fundamental Information About the Group _____ 27 3.1.2 Corporate Outlook ____________________________________ 100 1.1 Corporate Profile and Structure ________________________ 27 3.2 Opportunity and Risk Report _________________________ 101 1.1.1 Corporate Profile _______________________________________ 27 3.2.1 Group-wide Opportunity and 1.1.2 Corporate Structure ____________________________________ 27 Risk Management System ____________________________ 101 1.2 Strategy and Management _____________________________ 32 3.2.2 Opportunity and Risk Status __________________________ 105 1.2.1 Strategy and Targets ___________________________________ 32 3.2.3 Overall Assessment of Opportunities and Risks 1.2.2 Sustainability Management ____________________________ 37 by the Board of Management _________________________ 114 1.2.3 Management Systems __________________________________ 39 1.3 Focus on Innovation __________________________________ 40 4. Corporate Governance Report ___________________ 115 1.4 Commitment to Employees ____________________________ 57 4.1 Declaration by Corporate Management 1.5 Procurement and Supplier Management_______________ 62 Pursuant to Sections 289f and 315d of the 1.6 Product Stewardship ___________________________________ 64 German Commercial Code ____________________________ 115 1.7 Environmental Protection and Safety __________________ 67 4.2 Compliance ___________________________________________ 119 4.3 Disclosures Pursuant to Sections 289b 2. Report on Economic Position ______________________ 71 Through e and 315b and c of the German 2.1 Overview of Business Performance ____________________ 71 Commercial Code _____________________________________ 121 2.1.1 Economic Position and Target Attainment ____________ 71 4.4 Compensation Report ________________________________ 121 2.1.2 Key Events ______________________________________________ 72 4.4.1 Compensation of the Board of Management _________ 122 2.1.3 Economic Environment _________________________________ 76 4.4.2 Compensation and Benefits Granted and Their 2.2 Earnings; Asset and Financial Position Allocation to Members of the Board of Management 140 of the Bayer Group _____________________________________ 77 4.4.3 Development of Board of Management 2.2.1 Earnings Performance of the Bayer Group ____________ 77 Compensation Relative to Employee Compensation 2.2.2 Business Development by Division ____________________ 82 and the Financial Performance of the Company _____ 143 2.2.3 Value-Based Performance _____________________________ 90 4.4.4 Compensation of the Supervisory Board _____________ 145 2.2.4 Asset and Financial Position of the Bayer Group ______ 91 4.4.5 Further Information ___________________________________ 147 2.3 Alternative Performance Measures Used 4.5 Takeover-Relevant Information _______________________ 147 by the Bayer Group _____________________________________ 96 5. Information on Bayer AG ___________________________ 149 3. Report on Future Perspectives and 5.1 Earnings Performance of Bayer AG __________________ 149 on Opportunities and Risks _________________________ 99 5.2 Asset and Financial Position of Bayer AG ____________ 152 3.1 Future Perspectives ____________________________________ 99 5.3 Forecast, Opportunities and Risks for Bayer AG _____ 154 3.1.1 Economic Outlook ______________________________________ 99 5.4 Nonfinancial and Other Disclosures by Bayer AG ____ 155 Bayer Annual Report 2020 Contents 5 B Consolidated Financial Statements Bayer Group Consolidated Income Statements _____________ 156 21. Equity __________________________________________________ 207 Bayer Group Consolidated Statements 22. Provisions for pensions and of Comprehensive Income ___________________________________ 157 other post-employment benefits ______________________ 209 Bayer Group Consolidated Statements 23. Other provisions _______________________________________ 218 of Financial Position _________________________________________ 158 24. Financial liabilities ____________________________________ 221 Bayer Group Consolidated Statements 25. Trade accounts payable ______________________________ 223 of Changes in Equity _________________________________________ 159 26. Other liabilities ________________________________________ 223 Bayer Group Consolidated Statements of Cash Flows _____ 160 27. Financial instruments _________________________________ 224 27.1 Financial instruments by category ____________________ 224 Notes to the Consolidated Financial Statements 27.2 Maturity analysis ______________________________________ 230 of the Bayer Group ___________________________________________ 161 27.3 Information on derivatives ____________________________ 231 1. General information ___________________________________ 161 28. Leases _________________________________________________ 234 2. Effects of new financial reporting standards _________ 161 29. Contingent liabilities and 3. Reporting policies, methods and other financial commitments __________________________ 236 critical accounting estimates _________________________ 164 30. Legal risks _____________________________________________ 237 4. Segment reporting ____________________________________