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FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
FY Q4 2010 Investor Conference Call Presentation Charts
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FY Q4 2010 Investor Conference Call Presentation Charts

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FY Q4 2010 Investor Conference Call Presentation Charts

FY Q4 2010 Investor Conference Call Presentation Charts

Published in: Investor Relations
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  • 1.  
  • 2. Disclaimer This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup 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.
  • 3. Operating Performance on Track Bayer achieved group financial targets in 2010, sales up 13% (8%) to record €35.1bn, adj. EBITDA up 10% at €7.1bn, Core EPS up 15.1% at €4.19, proposed DPS of €1.50 Strong year at MaterialScience – HealthCare and CropScience below expectations, adj. EBITDA margin at MaterialScience +750bpts, HealthCare lost 190bpts, CropScience drastically down by 420bpts Net income diminished by high special charges, €1.7bn special charges mainly due to impairments/write-downs, litigation, reported EPS at €1.57 down 8% Strong operating cash flow – net financial debt reduced, net cash flow up 7% to record €5.8bn, net debt lowered by €1.8bn to €7.9bn Good business momentum in Q4 2010, reported EBIT impacted by one-offs, adj. sales up 8%, adj. EBITDA up 12%, Core EPS up 6% at €0.95, reported EBIT declined 86% due to €954m special charges Innovation pipeline with significant progress, Xarelto Einstein DVT, Rocket AF data presented, submitted in EU, US Confidence for 2011: Core EPS expected to increase by about 10%
  • 4. 4th Quarter 2010 – Strong Finish to a Solid Year Sales in € million % portfolio & currency adj. +8% EBITDA pre-special items in € million +12% Core EPS in € +6% Net Cash Flow in € million +10% Q4´09 Q4´10 9,012 7,872 Q4´09 Q4´10 1,689 1,513 Q4´09 Q4´10 0.95 0.90 Q4´09 Q4´10 1,941 1,766
  • 5. 4th Quarter 2010 – Reported EBIT Impacted by Special Items In € million -67 -135 -67 -135 Litigation -56 -180 -62 -199 Restructuring -56 -825 -32 Impairments -405 - Schering Brand -202 - Sagopilone / Bonefos -218 - Women’s Health & others EBITDA Effect EBIT Effect Q4 2010 Q4 2009 - 79 -85 Q4 2009 Others Q4 2010
  • 6. 4th Quarter 2010 – Reported Earnings Development In € million  -0.18 0.18 Earnings per share -86 51 366 EBIT 4 -237 -248 Non-operating results  -186 118 Pre-tax income  -145 153 Net income Δ% Q4 2009 Q4 2010
  • 7. 4th Quarter 2010 – Maintained Strong Business Momentum in Emerging Markets Latin America Eastern Europe Africa & Middle East Emerging Asia³ Emerging Economies Emerging Economies ¹ +19% Others² +4% USA -1% 10% 38% 32% 20% Western Europe +4% Q4 2010 Group sales by region Group €9,012m; +8% ~1,300 +24% ~1,200 +17% ~400 +11% ~500 +22% ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia minus Japan, Australia, New Zealand In € million, Δ% yoy Fx adjusted
  • 8. Fiscal 2010 – Record Net Cash Flow and Significantly Lower Debt Q4’10 Net Debt Development In € million -1.2 Q3´10 Q4´10 9.1 7.9 GCF oFCF 1,414 Invest- ments 524 1,417 Δ % y-o-y +37% +11% NCF 1,941 +10% +6% GCF oFCF 4,771 Invest- ments 1,514 4,259 Δ % y-o-y +2% +12% NCF 5,773 +7% -4% FY’10 -1.8 Q4´09 Q4´10 7.9 9.7 In € billion
  • 9. 4th Quarter 2010 – Top-Line Growth in All Segments ¹ Environmental Science/BioScience In € million, ( ) = Fx & portfolio adjusted Δ % 2010 2009 Δ % (adj.) 2010 2009 +79 266 149 +16 (+8) 1,367 1,177 Crop Protection -76 4 17 +29 (+20) 286 221 ES/BS ¹ +5 830 789 +7 (+2) 2,897 2,698 Pharma -16 308 365 +7 (+1) 1,571 1,466 Consumer Health adj. EBITDA Sales 297 270 1,138 203 166 1,154 2,016 1,398 4,164 MaterialScience CropScience HealthCare +63 +18 (+10) 1,653 +46 +28 (+22) 2,584 +7 (+1) -1 4,468
  • 10. Pharma Pipeline – Significant Progress Achieved
    • Bonefos, Sagopilone, L-19 SIP
    Terminations
    • Successful completion of two major phase III studies in chronic indications: EINSTEIN-DVT and ROCKET-AF
    • Filing in SPAF in the US/EU and DVT treatment in EU
    Xarelto
    • Successful completion of the phase III program (VIEW) in wet AMD
    • Positive data from the phase III COPERNICUS study in CRVO
    VEGF Trap-Eye
    • Beyaz, Safyral, Natazia, Vardenafil ODT
    Approvals
  • 11. 4th Quarter 2010 – Top-Line Growth in All Segments ¹ Environmental Science/BioScience In € million, ( ) = Fx & portfolio adjusted Δ % 2010 2009 Δ % (adj.) 2010 2009 +79 266 149 +16 (+8) 1,367 1,177 Crop Protection -76 4 17 +29 (+20) 286 221 ES/BS ¹ +5 830 789 +7 (+2) 2,897 2,698 Pharma -16 308 365 +7 (+1) 1,571 1,466 Consumer Health adj. EBITDA Sales 297 270 1,138 203 166 1,154 2,016 1,398 4,164 MaterialScience CropScience HealthCare +63 +18 (+10) 1,653 +46 +28 (+22) 2,584 +7 (+1) -1 4,468
  • 12. Fiscal 2010 – Group Performance vs. Targets
    • Raised to >15% in Q1
    +15% € 4.19 ~10% Core EPS
    • Record net and oFCF
    -€1.8bn € 7.9bn reduce Net debt increase towards €7bn >5% Fx and portfolio adj. 2010 Outlook adj. EBITDA Sales
    • Raised to above €7bn in Q1
    • € 0.4bn positive currency effects
    +10% € 7.1bn +8% 2010 Δ
    • Record sales driven by recovery at MaterialScience and positive currency effects
    € 35.1bn Comments 2010 actual
  • 13. Fiscal 2010 – Subgroup Performance vs. Targets *EBITDA = pre-exceptional items
    • Updated to reflect weak market dynamics in 1H
    • Sales slightly below, EBITDA* substantial decline
    • Met Q4 guidance of higher sales (+10%)
    -14% 1,293 small increase EBITDA* MaterialScience +30% 10,154 +>10% Sales -1% 6,830 above market, i.e. 4% Sales +2% 16,913 market growth at least Sales -1% 4,405 increase EBITDA* substantial increase 2010 Outlook EBITDA* CropScience HealthCare in € million
    • Significant recovery of sales and earnings
    • Outlook raised in Q1, Q2 and Q3
    • Sales approx. €10bn, EBITDA* >€1.3bn
    +204% 1,356 adj. Δ
    • Updated in Q2/Q3 to reflect US genericization of Yaz
    • Sales small increase and EBITDA* at prior year
    Comments 2010 actual
  • 14. Outlook 2011 – Planning Assumptions 3.5 2.0 3.1 4.2 5.0 % 4 3 2 1 5.2 5
    • Positive prospects for economic growth
    • Asian emerging markets continue to drive growth
    • Recovery continues at a slower pace in industrialized countries
    • Global economic/political risks remain high
    • $/€ 1.40, 1% appreciation of Euro lowers sales by ~€70m and EBITDA by ~€20m
    • Crude oil: average $80/bbl
    World Europe North America Latin America Asia/Pacific Africa/Middle East Change of GDP
  • 15. Outlook 2011 – Planning Assumptions Expected 2011 Global Market Development 5 % Electro/electronic Positive development, high-single digit growth 31 % Rx-pharma Mid-single digit growth, driven by emerging markets 10 % OTC-pharma Demand improving, up to 4% growth 3 % Diabetes care Globally 1%, US markets remain challenging 3 % Animal Health Above average year, about 4% growth 18 % Agrochemicals/ Seeds Positive development, mid-single digit growth ¹, mainly volume driven 6 % Automotive Further recovery, mid-single digit growth 5 % Construction Economic pick-up expected, mid-single digit growth 5 % Furniture/wood Ongoing recovery, low-single digit growth 14 % Others Group sales break-down in % ¹assumes normal weather conditions
  • 16. 2011 Group Outlook Sales Δ Fx and portfolio adjusted, EBITDA pre-special items Outlook depends on specific planning assumptions as detailed in the 2010 annual report ~€5 ~10% +15% € 4.19 Core EPS ~€8bn improve towards €7.5bn +10% € 7.1bn adj. EBITDA Sales ~5% 4-6% +8% € 35.1bn Δ 2011E … 2012E 2010
  • 17. Outlook 2011 – R&D and CapEx Budgets CropScience 0.7bn 1% MaterialScience 0.2bn HealthCare 2.1bn thereof Pharma 1.8bn MaterialScience 0.6bn HealthCare 0.4bn Reconciliation 0.05bn 67% 24% 8% Reconciliation 0.2bn 26% 18% 44% 12% CropScience 0.3bn CapEx (PPE) 2011E: ~€1.5bn R&D 2011E: ~€3.1bn
  • 18. 2011 Guidance by Subgroup Outlook based on Fx and portfolio adj. sales and EBITDA pre-special items Outlook depends on specific planning assumptions as detailed in the 2010 annual report Mid-single digit increase of sales and overproportional growth of adj. EBITDA Q1 2011: Sales level with, adj. EBITDA above Q4’10 MaterialScience At least mid-single digit percent higher sales and overproportional growth of adj. EBITDA CropScience Consumer Health Pharma HealthCare Low- to mid-single digit increase of sales and improvement of adj. EBITDA-margin Mid-single digit growth of sales and adj. EBITDA Low- to mid-single digit increase of sales and small increase of adj. EBITDA
  • 19. Science For A Better Life

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