Bayer AG reported financial results for Q3 2012. Group sales increased 5.5% adjusted for currency and portfolio effects to €9.7 billion. EBIT declined 23.7% to €0.8 billion due to special items including litigation costs. HealthCare sales grew 5.5% adjusted, with pharmaceutical sales up 6.1% led by new products. CropScience sales increased 12.8% adjusted due to strong demand and new products. The company confirmed its full-year outlook.
Rockwool International A/S reported financial results for the first quarter of 2012. Net sales increased 11% compared to the same period in 2011. Earnings before interest and taxes (EBIT) increased 48% to DKK 154 million. The company expects full year 2012 net sales to increase 5% and profit after minority interests to be between DKK 650-700 million. Capital expenditures for 2012 are forecast to be DKK 1,300 million, excluding acquisitions.
Royal Wessanen reported its Q3 2012 results. Revenue was €138.5 million, a 0.2% decrease from Q3 2011 on an autonomous basis. Grocery sales grew but Health Food Stores saw disappointing developments. The company is assessing its structure and costs to reduce complexity and improve efficiency. For 2012, Wessanen expects net financing costs of €3-4 million, an effective tax rate of around 35%, capital expenditures of €6-8 million, and depreciation/amortization of €10-11 million.
Credit Suisse reported strong results for the first half of 2004, with net income of CHF 3.318 billion. Private banking saw continued growth in net new assets and corporate and retail banking benefited from gains on interest rate derivatives. Wealth and asset management performed well due to private equity gains and steady fees. While revenues declined at Credit Suisse First Boston, expenses were reduced in line. The outlook remains dependent on economic and market conditions.
Cadila Healthcare reported strong results for the second quarter of fiscal year 2011. Net sales increased 21.2% year-over-year to 1,106 crore, ahead of analyst estimates, driven by growth in the domestic formulation, US, and Brazil businesses. Operating profit margin expanded to 21.2% compared to 18.9% in the prior year quarter, due to a favorable product mix and lower selling, general, and administrative expenses. Net profit grew 29.5% to 171 crore. For fiscal year 2011, the company reiterated its guidance of 27-28% revenue growth to 4,300-4,600 crore and a 100 basis point improvement in operating profit margin.
ONGC reported higher than expected results for the fourth quarter of fiscal year 2010 driven by increased net realizations and other operating income. Earnings before interest, taxes, depreciation, and amortization were above estimates due to higher other income. Depreciation costs were also higher than expected. The company maintained an accumulate rating and target price of Rs1,233 based on the positive impact of increased gas prices and potential for further reforms in the oil and gas sector.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and the target price to Rs 3,200, maintaining an "Accumulate" rating given macro concerns.
This annual report summarizes Tele2's financial results for 2008. Key highlights include:
- Net sales of SEK 39.5 billion and EBITDA of SEK 8.2 billion.
- 24.5 million total customers across 11 countries at the end of 2008.
- Continued strong growth in Russia, adding 1.8 million new customers to reach 10.4 million total.
- Proposes a total dividend of SEK 5 per share, including an ordinary dividend of SEK 3.50 per share and a special dividend of SEK 1.50 per share.
Larsen & Toubro (L&T) reported a 17.8% year-over-year increase in net sales to Rs. 9,330.8 crore for the second quarter of FY2011, exceeding estimates. However, operating margins of 10.8% were below expectations due to higher staff costs. Net profit of Rs. 650.2 crore was marginally above estimates. While top-line growth was strong, margins were impacted by costs, resulting in net profit slightly surpassing estimates. Order inflows were in line with expectations.
Rockwool International A/S reported financial results for the first quarter of 2012. Net sales increased 11% compared to the same period in 2011. Earnings before interest and taxes (EBIT) increased 48% to DKK 154 million. The company expects full year 2012 net sales to increase 5% and profit after minority interests to be between DKK 650-700 million. Capital expenditures for 2012 are forecast to be DKK 1,300 million, excluding acquisitions.
Royal Wessanen reported its Q3 2012 results. Revenue was €138.5 million, a 0.2% decrease from Q3 2011 on an autonomous basis. Grocery sales grew but Health Food Stores saw disappointing developments. The company is assessing its structure and costs to reduce complexity and improve efficiency. For 2012, Wessanen expects net financing costs of €3-4 million, an effective tax rate of around 35%, capital expenditures of €6-8 million, and depreciation/amortization of €10-11 million.
Credit Suisse reported strong results for the first half of 2004, with net income of CHF 3.318 billion. Private banking saw continued growth in net new assets and corporate and retail banking benefited from gains on interest rate derivatives. Wealth and asset management performed well due to private equity gains and steady fees. While revenues declined at Credit Suisse First Boston, expenses were reduced in line. The outlook remains dependent on economic and market conditions.
Cadila Healthcare reported strong results for the second quarter of fiscal year 2011. Net sales increased 21.2% year-over-year to 1,106 crore, ahead of analyst estimates, driven by growth in the domestic formulation, US, and Brazil businesses. Operating profit margin expanded to 21.2% compared to 18.9% in the prior year quarter, due to a favorable product mix and lower selling, general, and administrative expenses. Net profit grew 29.5% to 171 crore. For fiscal year 2011, the company reiterated its guidance of 27-28% revenue growth to 4,300-4,600 crore and a 100 basis point improvement in operating profit margin.
ONGC reported higher than expected results for the fourth quarter of fiscal year 2010 driven by increased net realizations and other operating income. Earnings before interest, taxes, depreciation, and amortization were above estimates due to higher other income. Depreciation costs were also higher than expected. The company maintained an accumulate rating and target price of Rs1,233 based on the positive impact of increased gas prices and potential for further reforms in the oil and gas sector.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and the target price to Rs 3,200, maintaining an "Accumulate" rating given macro concerns.
This annual report summarizes Tele2's financial results for 2008. Key highlights include:
- Net sales of SEK 39.5 billion and EBITDA of SEK 8.2 billion.
- 24.5 million total customers across 11 countries at the end of 2008.
- Continued strong growth in Russia, adding 1.8 million new customers to reach 10.4 million total.
- Proposes a total dividend of SEK 5 per share, including an ordinary dividend of SEK 3.50 per share and a special dividend of SEK 1.50 per share.
Larsen & Toubro (L&T) reported a 17.8% year-over-year increase in net sales to Rs. 9,330.8 crore for the second quarter of FY2011, exceeding estimates. However, operating margins of 10.8% were below expectations due to higher staff costs. Net profit of Rs. 650.2 crore was marginally above estimates. While top-line growth was strong, margins were impacted by costs, resulting in net profit slightly surpassing estimates. Order inflows were in line with expectations.
BHEL reported revenue growth of 19.1% year-over-year for the third quarter of FY2012, while margins contracted. Profit growth was subdued at 2% due to higher costs. Order inflows declined compared to the first half, as the company faced order cancellations and increased competition. While the stock valuation seems reasonable, structural issues in the power sector pose challenges to BHEL's long-term growth prospects. The analyst maintains a Neutral rating given concerns over declining order book growth and earnings pressure going forward.
Ideagen reported preliminary results that exceeded expectations, with revenue of £2.3m, adjusted PBT of £0.5m, and net cash of £0.8m. Ideagen has rebranded and restructured its recent acquisitions under a single Ideagen brand focused on content management. It expects continued organic and acquisition growth in the fragmented UK market. The company delivered results ahead of forecasts and maintains a net cash position, setting a positive tone for future performance.
Interim report 2 2010, Media and analyst presentation, Nordea BankNordea Bank
Nordea reported its second quarter results for 2010. Key highlights include:
- Net interest income was up 1% from the previous quarter. Customer business remained strong with income from corporate and household segments increasing.
- Net fee and commission income was up 13% due to higher income from corporate finance and continued strong performance in savings.
- Result from items at fair value decreased 38% from the previous quarter due to lower contributions from Treasury and Capital Markets.
- Credit quality continued to improve with net loan losses down 6% from the previous quarter and impaired loans decreasing slightly. Outlook for 2010 expects further decreases in loan losses.
Orchid Chemicals reported subdued 4QFY2010 results with net sales of Rs285.7cr, up 19.1% but below expectations. The company reported an operating loss of Rs407.2cr due to one-time write-offs of Rs390cr. Excluding write-offs, the operating loss was Rs17.2cr. The company announced a special dividend of Rs10/share. For FY2011, Orchid expects net sales of Rs1,472cr, an 84% increase year-over-year, and operating margins of 20%. However, the brokerage expects lower sales and margins for FY2011 compared to the company's guidance and maintains a Neutral rating on
Sterlite Industries reported lower than expected results for the first quarter of fiscal year 2011. Net revenue grew 30.6% year-over-year to Rs5,925 crore, below Angel Research estimates, due to lower production from planned maintenance shutdowns and resource issues. EBITDA grew 48.3% to Rs1,452 crore but margins expanded less than expected. Net profit increased 49.9% to Rs1,008 crore, also below estimates. Segment performance was mixed, with copper improving but aluminum declining due to cost pressures. The results were impacted by higher costs and lower production than anticipated.
1. Santander reported solid results for 2011, with net interest income and fees increasing by 6.0% over 2010.
2. However, larger provisions for loan losses, which increased by 3.0% over 2010, prevented profits from feeding through.
3. As a result, attributable profit was 5,351 million euros, lower than in 2010 due to the larger provisions made.
- XING saw strong member growth in German-speaking countries in H1 2012, reinforcing its position as the largest business network in the region.
- Total revenues increased 12% to €35.9 million in H1 2012, though operating results declined slightly to €9.9 million due to accelerated investments.
- The company's vertical divisions saw a 28% increase in revenues to €11.7 million. New features are expected to drive further financial growth.
- At the AGM in June, shareholders approved the introduction of a regular dividend, with the first payout of €0.56 per share occurring after the meeting.
Deccan Chronicle Holdings reported quarterly results below estimates due to political unrest in Andhra Pradesh. Revenue grew 6.3% year-over-year to Rs191.7 crore, below estimates, due to weak circulation and advertising revenue. Earnings declined 20.2% to Rs6.5 crore due to lower revenue and higher taxes, despite gross margin expansion from lower paper costs. The analyst maintains a Buy rating but lowers revenue and earnings estimates and the target price to Rs193 per share based on discounted valuation of the print business and IPL team.
Bosch reported strong results for 2QCY2010, with net sales growing 36% year-over-year to Rs. 1,700 cr, in line with expectations. Operating profit margin expanded by 122 basis points due to lower raw material costs and staff expenses. Net profit for the quarter grew 11% to Rs. 210 cr, broadly in line with estimates. Bosch maintained its Accumulate rating on the stock, expecting continued growth in auto demand to boost earnings in the coming years.
Bajaj Electricals reported a 35.2% year-over-year growth in net sales for the first quarter of fiscal year 2011, driven by strong growth in lighting and consumer durables. However, operating margins declined to 8.4% from 10% in the previous year due to higher raw material costs. Net profit increased 37.3% despite a decline in operating margins, aided by lower interest costs. Management expects sales growth of over 20% for fiscal year 2011 but anticipates pressure on margins to continue in the next quarter before improving in the second half of the year.
Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
This document provides a financial analysis of Cipla Ltd, an Indian pharmaceutical company, including:
- A summary of the company's latest yearly and quarterly results showing declines in EBDITA but growth in adjusted PAT.
- A valuation matrix comparing the company's stock to industry ratios like P/E and P/Book Value.
- An analysis of the company's return on equity over the past 5 years, showing an increase in reported PAT/PBT to 2.31 in March 2011.
- Sections analyzing the company's income statement, balance sheet, cashflow statement, quarterly results, and various financial ratios over time.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
Kindred Healthcare announced plans to acquire RehabCare Group for approximately $35 per share, or $1.3 billion total including assumed net debt. The transaction is expected to close on or about June 30, 2011 and will be substantially accretive to Kindred's earnings and cash flows. Kindred has identified $40 million in annual cost and operating synergies from the deal.
Reliance Industries reported lower-than-expected earnings for 1QFY2011. While net operating income rose 86.7% year-over-year due to growth in refining revenues, EBITDA was below estimates due to lower petrochemical sales volumes and refining margins. Net profit grew 32.3% year-over-year, meeting estimates. The analyst maintains a 'Buy' rating based on the company's growth outlook and believes it is undervalued relative to its peers.
Bajaj Electricals reported a 19.3% year-over-year increase in quarterly revenue to Rs. 784 crore, slightly ahead of estimates. Revenue growth was driven primarily by the consumer durables division which saw 35.6% growth. However, net profit declined 21.1% to Rs. 37 crore due to additional taxes and a loan write-off. The company maintained a strong order backlog of Rs. 932 crore. While growth outlook remains positive, the analyst maintains a neutral rating given the recent run-up in stock price and expects the stock to trade around 10-12 times estimated earnings.
El documento resume las razones por las cuales los mercados financieros no han sufrido una hecatombe mayor tras el resultado del referéndum del Brexit que favoreció la salida del Reino Unido de la Unión Europea. Entre las razones se encuentran que el referéndum no es vinculante, que las empresas pueden adaptarse a los cambios y que los mercados ya esperaban este resultado. Además, el autor argumenta que la Unión Europea podría fortalecerse a largo plazo mientras que el Reino Unido enfrenta mayores incertid
Tesla es una compañía de Silicon Valley que diseña, fabrica y vende vehículos eléctricos y sistemas de almacenamiento de energía. Salió a bolsa en 2010 y desde entonces su valoración ha aumentado significativamente a 35.000 millones de dólares. Tesla también ha desarrollado baterías Powerwall y Powerpack para almacenar energía renovable en hogares e instalaciones.
BHEL reported revenue growth of 19.1% year-over-year for the third quarter of FY2012, while margins contracted. Profit growth was subdued at 2% due to higher costs. Order inflows declined compared to the first half, as the company faced order cancellations and increased competition. While the stock valuation seems reasonable, structural issues in the power sector pose challenges to BHEL's long-term growth prospects. The analyst maintains a Neutral rating given concerns over declining order book growth and earnings pressure going forward.
Ideagen reported preliminary results that exceeded expectations, with revenue of £2.3m, adjusted PBT of £0.5m, and net cash of £0.8m. Ideagen has rebranded and restructured its recent acquisitions under a single Ideagen brand focused on content management. It expects continued organic and acquisition growth in the fragmented UK market. The company delivered results ahead of forecasts and maintains a net cash position, setting a positive tone for future performance.
Interim report 2 2010, Media and analyst presentation, Nordea BankNordea Bank
Nordea reported its second quarter results for 2010. Key highlights include:
- Net interest income was up 1% from the previous quarter. Customer business remained strong with income from corporate and household segments increasing.
- Net fee and commission income was up 13% due to higher income from corporate finance and continued strong performance in savings.
- Result from items at fair value decreased 38% from the previous quarter due to lower contributions from Treasury and Capital Markets.
- Credit quality continued to improve with net loan losses down 6% from the previous quarter and impaired loans decreasing slightly. Outlook for 2010 expects further decreases in loan losses.
Orchid Chemicals reported subdued 4QFY2010 results with net sales of Rs285.7cr, up 19.1% but below expectations. The company reported an operating loss of Rs407.2cr due to one-time write-offs of Rs390cr. Excluding write-offs, the operating loss was Rs17.2cr. The company announced a special dividend of Rs10/share. For FY2011, Orchid expects net sales of Rs1,472cr, an 84% increase year-over-year, and operating margins of 20%. However, the brokerage expects lower sales and margins for FY2011 compared to the company's guidance and maintains a Neutral rating on
Sterlite Industries reported lower than expected results for the first quarter of fiscal year 2011. Net revenue grew 30.6% year-over-year to Rs5,925 crore, below Angel Research estimates, due to lower production from planned maintenance shutdowns and resource issues. EBITDA grew 48.3% to Rs1,452 crore but margins expanded less than expected. Net profit increased 49.9% to Rs1,008 crore, also below estimates. Segment performance was mixed, with copper improving but aluminum declining due to cost pressures. The results were impacted by higher costs and lower production than anticipated.
1. Santander reported solid results for 2011, with net interest income and fees increasing by 6.0% over 2010.
2. However, larger provisions for loan losses, which increased by 3.0% over 2010, prevented profits from feeding through.
3. As a result, attributable profit was 5,351 million euros, lower than in 2010 due to the larger provisions made.
- XING saw strong member growth in German-speaking countries in H1 2012, reinforcing its position as the largest business network in the region.
- Total revenues increased 12% to €35.9 million in H1 2012, though operating results declined slightly to €9.9 million due to accelerated investments.
- The company's vertical divisions saw a 28% increase in revenues to €11.7 million. New features are expected to drive further financial growth.
- At the AGM in June, shareholders approved the introduction of a regular dividend, with the first payout of €0.56 per share occurring after the meeting.
Deccan Chronicle Holdings reported quarterly results below estimates due to political unrest in Andhra Pradesh. Revenue grew 6.3% year-over-year to Rs191.7 crore, below estimates, due to weak circulation and advertising revenue. Earnings declined 20.2% to Rs6.5 crore due to lower revenue and higher taxes, despite gross margin expansion from lower paper costs. The analyst maintains a Buy rating but lowers revenue and earnings estimates and the target price to Rs193 per share based on discounted valuation of the print business and IPL team.
Bosch reported strong results for 2QCY2010, with net sales growing 36% year-over-year to Rs. 1,700 cr, in line with expectations. Operating profit margin expanded by 122 basis points due to lower raw material costs and staff expenses. Net profit for the quarter grew 11% to Rs. 210 cr, broadly in line with estimates. Bosch maintained its Accumulate rating on the stock, expecting continued growth in auto demand to boost earnings in the coming years.
Bajaj Electricals reported a 35.2% year-over-year growth in net sales for the first quarter of fiscal year 2011, driven by strong growth in lighting and consumer durables. However, operating margins declined to 8.4% from 10% in the previous year due to higher raw material costs. Net profit increased 37.3% despite a decline in operating margins, aided by lower interest costs. Management expects sales growth of over 20% for fiscal year 2011 but anticipates pressure on margins to continue in the next quarter before improving in the second half of the year.
Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
This document provides a financial analysis of Cipla Ltd, an Indian pharmaceutical company, including:
- A summary of the company's latest yearly and quarterly results showing declines in EBDITA but growth in adjusted PAT.
- A valuation matrix comparing the company's stock to industry ratios like P/E and P/Book Value.
- An analysis of the company's return on equity over the past 5 years, showing an increase in reported PAT/PBT to 2.31 in March 2011.
- Sections analyzing the company's income statement, balance sheet, cashflow statement, quarterly results, and various financial ratios over time.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
Kindred Healthcare announced plans to acquire RehabCare Group for approximately $35 per share, or $1.3 billion total including assumed net debt. The transaction is expected to close on or about June 30, 2011 and will be substantially accretive to Kindred's earnings and cash flows. Kindred has identified $40 million in annual cost and operating synergies from the deal.
Reliance Industries reported lower-than-expected earnings for 1QFY2011. While net operating income rose 86.7% year-over-year due to growth in refining revenues, EBITDA was below estimates due to lower petrochemical sales volumes and refining margins. Net profit grew 32.3% year-over-year, meeting estimates. The analyst maintains a 'Buy' rating based on the company's growth outlook and believes it is undervalued relative to its peers.
Bajaj Electricals reported a 19.3% year-over-year increase in quarterly revenue to Rs. 784 crore, slightly ahead of estimates. Revenue growth was driven primarily by the consumer durables division which saw 35.6% growth. However, net profit declined 21.1% to Rs. 37 crore due to additional taxes and a loan write-off. The company maintained a strong order backlog of Rs. 932 crore. While growth outlook remains positive, the analyst maintains a neutral rating given the recent run-up in stock price and expects the stock to trade around 10-12 times estimated earnings.
El documento resume las razones por las cuales los mercados financieros no han sufrido una hecatombe mayor tras el resultado del referéndum del Brexit que favoreció la salida del Reino Unido de la Unión Europea. Entre las razones se encuentran que el referéndum no es vinculante, que las empresas pueden adaptarse a los cambios y que los mercados ya esperaban este resultado. Además, el autor argumenta que la Unión Europea podría fortalecerse a largo plazo mientras que el Reino Unido enfrenta mayores incertid
Tesla es una compañía de Silicon Valley que diseña, fabrica y vende vehículos eléctricos y sistemas de almacenamiento de energía. Salió a bolsa en 2010 y desde entonces su valoración ha aumentado significativamente a 35.000 millones de dólares. Tesla también ha desarrollado baterías Powerwall y Powerpack para almacenar energía renovable en hogares e instalaciones.
Sistem peredaran darah bertugas mengangkut nutrien, oksigen, dan hormon ke seluruh tubuh, serta membawa bahan buangan darah ke organ tertentu. Ia terdiri daripada jantung, darah, arteri, vena, dan kapilari yang saling berhubung melalui litar peredaran kardiopulmonari dan sistemik."
- The company reported revenue growth of 3% for Q4 and 2% for the full year, though operative EBIT declined slightly for both periods due to higher fixed costs.
- The Paper segment performed strongly, with revenue growth of 7% for Q4 driven by higher sales volumes. However, results were negatively impacted by weak performance from the titanium dioxide joint venture.
- For the full year, the company expects revenue growth in local currencies and operative EBIT to be significantly higher than 2012, as it continues restructuring through its "Fit for Growth" program.
- Deutsche Telekom reported Q1 2012 results with group revenue of €14.4 billion, a 1.1% decline year-over-year, but an improved organic decline of 1.7%. Adjusted EBITDA was stable at €4.5 billion.
- In Germany, revenue declined 2.3% organically due to lower voice and wholesale revenues, but adjusted EBITDA margin improved further to 40.7% due to cost savings. Mobile data revenue grew 20% and smartphone sales were strong.
- In the US, revenues declined 2.3% in US dollars but adjusted EBITDA grew 8% to US$1.3 billion due to cost reductions, with the margin improving
1) Grocery operations continued to perform well with normalized EBIT up to €3.3 million.
2) The divestment of ABC is progressing as planned with signing targeted for late Q4.
3) Grocery revenue was up 14% and normalized EBIT increased 50% due to higher sales, margin growth, and lower marketing costs.
The document provides an overview and financial results of Deutsche Telekom for Q3 2011. Key highlights include:
- Group revenue decreased 4.1% to €11 billion, adjusted EBITDA decreased 2.7% to €3.9 billion.
- Germany achieved the highest adjusted EBITDA margin of 41.5% due to opex reductions of €0.3 billion.
- The US saw adjusted EBITDA growth of 9.2% and an improved adjusted EBITDA margin of 27.8%.
- Full year 2011 guidance was re-iterated.
Stora Enso reported financial results for Q2 2012. Operational EBIT was EUR 141 million, similar to Q1 2012 levels. Cash flow from operations improved to EUR 246 million. Strategic investments are progressing to transform the company, including a new pulp mill in Uruguay and board machine in Sweden. Guidance for Q3 2012 expects sales similar to Q2 2012 and operational EBIT at similar or slightly higher levels.
Bayer is a global enterprise with core competencies in the fields of health careabhayjadaun
The document summarizes information about Bayer AG, a global life sciences company with core businesses in health care, agriculture, and high-performance materials. Bayer has over 111,000 employees worldwide and generated €35.1 billion in sales in 2010. The company is committed to sustainable development and social responsibility. It operates independently managed subgroups and service companies overseen by a management holding company.
Vodafone Group Plc announced its half-yearly results for the six months ended 30 September 2008. Revenue increased 17.1% to £19.9 billion driven by acquisitions, though organic revenue growth was only 0.9%. Adjusted operating profit grew 10.5% to £5.8 billion due to revenue growth and a lower effective tax rate, partially offset by higher customer investment costs. Free cash flow increased 15.9% to £3.1 billion. The company increased its full-year free cash flow guidance to £5.2-5.7 billion due to improved operational performance and foreign exchange benefits.
Wessanen reported revenue of €711 million in 2012, a 0.7% increase over 2011. EBIT before exceptionals was €19 million, down from €23.7 million in 2011. The Grocery segment continued to perform well with 4.6% autonomous growth in 2012. However, performance in the Health Food Stores and IZICO segments was disappointing. A broad restructuring was initiated to build a more integrated European company.
- The company reported revenues of 1.232 billion euro in the first half of 2012, up 23% from the same period in 2011. However, EBITDA declined 37% to 76 million euro due to losses in the engineering and plant construction division.
- The order backlog remained strong at 24.938 billion euro as of August 2012, providing visibility for future work.
- For the full year 2012, the company targets revenue growth and an improvement in return on sales to around 5%, excluding any extraordinary events.
- The company reported revenues of 1.232 billion euro in the first half of 2012, up 23% from the same period in 2011. However, EBITDA declined 37% to 76 million euro due to losses in the engineering and plant construction division.
- The order backlog remained strong at 24.938 billion euro as of August 2012, providing visibility for future work.
- For the full year 2012, the company targets revenue growth and an improvement in return on sales to around 5%, excluding any extraordinary events.
This document summarizes the financial results of Ageas for the first half of 2013. Some key points:
- Insurance net profit was EUR 329 million, up 9% from the first half of 2012, driven by better non-life results.
- Group net profit was EUR 472 million, up 55% from the first half of 2012, with contributions from both insurance and the general account.
- Insurance solvency remained stable at 206% while shareholders' equity was impacted by changes in unrealized gains and losses.
- The general account net result was EUR 143 million, driven by transactions related to an RPI agreement and call option.
This document summarizes Pfizer's fourth quarter 2007 earnings teleconference. It reports that Pfizer exceeded its 2007 revenue and EPS guidance. Key highlights included:
- Revenue increased 4% year-over-year in Q4 2007 and 1% for full year 2007. Adjusted diluted EPS increased 21% in Q4 2007 and 7% for full year.
- New products like Chantix, Lyrica and Sutent grew substantially and partially offset declines from products that lost exclusivity.
- 2008 guidance was increased, with revenue range increased and bottom end of EPS guidance also increased.
- Cost reduction initiatives continued to reduce expenses, with further savings expected in 2008.
Dover Corporation reported a 16% increase in EPS to $0.88 for Q3 2007 compared to $0.76 for Q3 2006. Revenue increased 15% to $1.84 billion. For the first nine months of 2007, EPS increased 11% to $2.36 while revenue increased 15% to $5.37 billion. The company achieved organic growth of 3.3% and acquisition growth of 9.6% in Q3. Looking ahead, Dover expects continued solid business in Q4 but with moderating growth and restructuring charges of $0.02-0.03 per share.
1) The document cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties.
2) It provides highlights of Santander's 2012 performance including sustained pre-provision profit generation, significant efforts to strengthen provisions, continued improvement in its core capital ratio, and improved liquidity position through deleveraging and repaying LTRO borrowings.
3) Santander made a large effort to strengthen provisions, especially in Spain, with total group provisions reaching EUR 19 billion and the coverage ratio increasing substantially.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5.0% qoq. Annual revenue growth guidance remained unchanged.
3) The brokerage firm revised down its target price for Infosys to INR 3,200 per share and recommended accumulating the stock.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst expects challenges in meeting the upper end of annual guidance given macro concerns and lowered 2Q guidance. Estimates were cut and the target price was revised downwards to Rs 3,200.
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1. Bayer AG
Q3 2012 Analyst and Investor Briefing Investor Relations
51368 Leverkusen
October 30, 2012 Germany
www.investor.bayer.com
Bayer on track for a successful 2012
Upward trend at HealthCare and CropScience continues
Group sales €9.7 billion (Fx & portfolio adj. +5.5%)
Price +0.6%, volume +4.9%, currency +6.5%, portfolio -0.5%
EBIT €0.8 billion (-23.7%)
Net special items totaled minus €356 million. Included here were €205 million in further accounting
measures taken – mainly based on additional claims asserted but not filed in court – for all cases in
connection with the oral contraceptive Yasmin/YAZ of which we are currently aware and which we
consider to be worthy of settlement (venous clot injuries). Other special charges were restructuring
expenses of €134 million and impairment losses of €68 million on intangible assets. Special gains of
€53 million resulted from adjustments of entitlements to “other post-employment benefits” in the U.S.
EBITDA before special items €1.8 billion (+2.2%)
Additional allocations of about €110 million to our long-term stock-based incentive programs
Positive currency effects of around €160 million overall
Net income €0.5 billion (-17.8%)
Further progress with innovation pipeline
Group forecast for 2012 confirmed
Group Key Figures
Euro million Q3 2011 Q3 2012 % y-o-y Consensus**
Sales 8,670 9,665 11.5 / 5.5* 9,312
EBITDA 1,731 1,582 (8.6) 1,745
EBITDA before special items 1,805 1,845 2.2 1,845
EBIT 1,099 838 (23.7) 1,080
Net special items (75) (356) (93)
EBIT before special items 1,174 1,194 1.7 1,172
Non-operating result (224) (172) 23.2 (197)
Income taxes (229) (132) 42.4
Net income 642 528 (17.8) 643
EPS (Euro/share) 0.78 0.64 (17.9) 0.78
Core EPS (Euro/share) 1.12 1.20 7.1 1.15
Gross cash flow 1,327 1,023 (22.9)
Delta working capital 250 966
Net cash flow 1,577 1,989 26.1
CapEx (cash relevant) 354 486 37.3
Operating free cash flow 1,223 1,503 22.9
June 30, Sept. 30,
Euro million
2012 2012 *) Currency and portfolio adjusted sales
Net financial debt 7,911 6,805 growth
**) Consensus figures as of October 17, 2012
Net pension liability 9,346 9,734 provided by Vara Research GmbH
Q3 2012 Analyst and Investor Briefing Page 1
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com
2. Bayer Group Forecast
Based on the exchange rates prevailing at the end of the third quarter, we confirm the sales and earnings
forecast for the full year 2012 that we raised in July.
For the full year 2012, we continue to anticipate a currency- and portfolio-adjusted sales increase of
between 4% and 5%. This would result in Group sales of between approximately €39 billion and €40 billion.
As before, we plan to increase EBITDA before special items by a high-single-digit percentage. We
continue to expect to raise core earnings per share by about 10%.
In addition to the special charges already recognized, we anticipate further expenses of €0.2 billion for
ongoing restructuring programs in the fourth quarter of 2012.
HealthCare
HealthCare’s top priority remains to successfully commercialize the new pharmaceutical products.
We continue to expect sales to increase by between 3% and 4% after adjusting for currency and portfolio
effects. We plan to improve EBITDA before special items by a mid- to high-single-digit percentage to
which high positive currency effects will contribute.
We forecast sales of the Pharmaceuticals segment to move slightly higher on a currency- and portfolio-
adjusted basis, with EBITDA before special items rising by a mid-single-digit percentage.
In the Consumer Health segment, we anticipate that sales will grow by a mid-single-digit percentage
on a currency- and portfolio-adjusted basis and that EBITDA before special items will increase by a high-
single-digit percentage.
CropScience
As before, we anticipate that sales will advance by approximately 10% on a currency- and portfolio-
adjusted basis and that EBITDA before special items will improve by approximately 20%.
We continue to predict above-market growth.
MaterialScience
At MaterialScience, we anticipate a significant currency- and portfolio-adjusted sales gain and
significantly higher EBITDA before special items in the fourth quarter of 2012 compared to the weak
prior-year quarter.
For the full year 2012, we now expect sales to show a small currency- and portfolio-adjusted increase
(previously: to remain level with the prior year) and continue to expect EBITDA before special items to
remain level with the prior year.
Further assumptions for 2012:
CapEx: approx. €1.5 billion for property, plant and equipment and €0.4 billion for intangible assets
Planned D&A: approx. €2.6 billion, including €1.3 billion amortization of intangibles
R&D: approx. €3.0 billion
Non-operating result: minus €0.7 billion to minus €0.8 billion
Income tax-rate: approx. 25%
The sales and earnings forecast for 2013 is given in Chapter 11.4 of the Annual Report 2011.
Q3 2012 Analyst and Investor Briefing Page 2
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com
3. HealthCare
Euro million Q3 2011 Q3 2012 % y-o-y Consensus**
Sales 4,200 4,719 12.4 / 5.5* 4,543
Pharmaceuticals 2,420 2,734 13.0 / 6.1*
Consumer Health 1,780 1,985 11.5 / 4.7*
EBITDA before special items 1,226 1,297 5.8 1,272
Pharmaceuticals 768 827 7.7
Consumer Health 458 470 2.6
2011 figures for Pharmaceuticals and Consumer Health restated
*) Currency and portfolio adjusted sales growth
**) Consensus figures as of October 17, 2012 provided by Vara Research GmbH
Best Selling Pharmaceutical Products
Euro million Q3 2011 Q3 2012 % y-o-y % y-o-y Fx
Kogenate 257 300 16.7 8.9
of which USA 70 95 35.7 20.3
Betaferon / Betaseron 289 292 1.0 (6.1)
of which USA 126 150 19.0 4.8
YAZ product family 275 277 0.7 (4.0)
of which USA 48 54 12.5 2.7
Nexavar 177 199 12.4 4.2
of which USA 45 55 22.2 7.7
Mirena 137 183 33.6 22.5
of which USA 71 113 59.2 41.5
Adalat 156 171 9.6 (0.3)
of which USA 2 0
Aspirin Cardio 102 124 21.6 13.0
of which USA 0 0
Glucobay 88 122 38.6 23.5
of which USA 0 0
Avalox / Avelox 103 119 15.5 6.8
of which USA 16 14 (12.5) (26.9)
Xarelto 20 81
of which USA 3 14
Levitra 75 75 0.0 (1.9)
of which USA 20 19 (5.0) (6.0)
Cipro / Ciprobay 53 65 22.6 17.3
of which USA -2 3
Zetia 45 55 22.2 8.1
of which USA 0 0
Diane 47 52 10.6 9.9
of which USA 0 0
Fosrenol 31 47 51.6 36.5
of which USA 0 0
%y-o-y Fx: Currency adjusted sales growth
Q3 2012 Analyst and Investor Briefing Page 3
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com
4. Price +1.5%, volume +4.0%, currency +7.1%, portfolio -0.2%
At Pharmaceuticals, growth was achieved mainly in North America and in the emerging markets, especially
China.
Kogenate developed positively, with growth driven by increased shipments to our distribution partner during
this quarter and by higher volumes resulting from tender businesses in Australia.
Global sales of Betaferon receded mainly due to a decline in Europe.
YAZ product family was hampered by generic competition, especially in Western Europe. Sales gains in the
Asia/Pacific and LatAm regions only partly compensated for this effect.
Nexavar mainly driven by business in China and the U.S.
Sales of Mirena increased mainly on higher volumes in the U.S.
Glucobay, Aspirin Cardio and Avelox benefited from continued extension of our marketing activities in China.
Xarelto with launches in further countries and indications. Strongest sales growth in Germany and the U.S.
Sales of Cipro benefited from a government contract in the United Kingdom.
Consumer Health mainly driven by Consumer Care and Animal Health. Consumer Care (€984 million,
+5.1% Fx & portf. adj.), Medical Care (€661 million, +1.0% Fx & portf. adj.) and Animal Health (€340 million,
+11.3% Fx & portf. adj.). Business developed especially well in the emerging markets and in North America.
Increase in EBITDA before special items at HealthCare largely attributable to good business development
in the Pharmaceuticals segment and positive currency effects.
CropScience
Euro million Q3 2011 Q3 2012 % y-o-y Consensus**
Sales 1,379 1,641 19.0 / 12.8* 1,534
Crop Protection / Seeds 1,265 1,511 19.4 / 13.1*
Environmental Science 114 130 14.0 / 8.8*
EBITDA before special items 165 189 14.5 201
*) Currency and portfolio adjusted sales growth
**) Consensus figures as of October 17, 2012 provided by Vara Research GmbH
LatAm/Africa/
Europe North America Asia/Pacific
Middle East
Q3 2012
Euro % y-o-y Euro % y-o-y Euro % y-o-y Euro % y-o-y
million Fx million Fx million Fx million Fx
CropScience 414 18.2 279 16.5 325 2.3 623 10.8
Crop Protection 361 16.7 199 10.7 286 2.6 567 10.5
%y-o-y Fx: Currency adjusted sales growth
Price +0.6%, volume +12.2%, currency +7.3%, portfolio -1.1%
Sales development at CropScience maintained nearly the same momentum as in the preceding quarters.
Business was supported by the positive market conditions, which in turn benefited from factors such as the
persistently high prices for agricultural commodities.
Crop Protection with sales of €1,414 million (+11.7% Fx & portf. adj.) developed positively in all product
groups and regions. Herbicides at €360 million (+4.3% Fx & portf. adj.), fungicides at €361 million (+15.5%
Fx & portf. adj.), insecticides at €376 million (+7.5% Fx & portf. adj.) and SeedGrowth (formerly Seed
Treatment) at €317 million (+23.7% Fx & portf. adj.).
Q3 2012 Analyst and Investor Briefing Page 4
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com
5. Performance of Crop Protection in Europe mainly driven by strong SeedGrowth sales in Germany, France
and the United Kingdom. Significant gains at herbicides. Fungicide and insecticide sales developed well.
Crop Protection achieved strong growth in North America. Business developed particularly well in the U.S.,
especially in SeedGrowth. The drought in the U.S. had no material effect on our business so far.
The moderate sales growth of the Crop Protection business in Asia/Pacific was largely attributable to
increases for herbicides and SeedGrowth products. Sales in China and Australia improved considerably,
while business in Japan and Thailand was below the high level of the prior-year period.
Crop Protection in LatAm/Africa/Middle East was mainly driven by increases in LatAm, especially Brazil,
where the fungicides business developed especially well. Business with herbicides declined. In Argentina we
saw a sharp rise in sales of insecticides. Overall positive performance in Africa and the Middle East.
Sales of Seeds (formerly BioScience) climbed by a substantial 39.1% (Fx & portfolio adj.) to €97 million.
Growth was driven by the business in North America, particularly with canola seed. Sales of Nunhems
vegetable seeds were level with the previous year.
At Environmental Science (€130 million, +8.8% Fx adj.) business with products for professional users
expanded by a double-digit percentage. Sales of products for private customers remained level year on year.
The increase in EBITDA before special items at CropScience was attributable above all to higher volumes
and to favorable currency effects. The progress made with our efficiency improvement programs also had a
positive impact on earnings. However, manufacturing and selling expenses increased.
MaterialScience
Euro million Q3 2011 Q2 2012 Q3 2012 % y-o-y Consensus**
Sales 2,768 2,962 2,992 8.1 / 2.9* 2,916
Polyurethanes 1,352 1,528 1,572 16.3 / 10.2*
Polycarbonates 749 728 720 (3.9) / (10.5)*
CAS 494 526 512 3.6 / 2.8*
Industrial Operations 173 180 188 8.7 / 4.6*
EBITDA before special items 348 385 333 (4.3) 354
CAS: Coatings, Adhesives, Specialties; Sales split for Q3’2011 and Q2’2012 restated
*) Currency and portfolio adjusted sales growth
**) Consensus figures as of October 17, 2012 provided by Vara Research GmbH
Price -0.4%, volume +3.3%, currency +5.9%, portfolio -0.7%
Sales growth was due to higher volumes overall. Volumes were flat with the prior year in Europe, while there
was a gratifying increase in the other regions. Selling price increases in the LatAm/Africa/Middle East,
Europe and North America regions nearly offset declines in Asia/Pacific.
Sales growth at Polyurethanes driven by higher volumes in all product groups and regions. We also
achieved price increases in all regions except North America. Prices for TDI and MDI were up, while prices
for polyether were below the prior-year period.
Sales at Polycarbonates declined compared to the strong prior-year quarter. This was attributable to lower
selling prices and volumes in both product groups.
Sales of Coatings, Adhesives, Specialties increased due to higher volumes in all regions. Prices as a
whole were somewhat below the prior-year period.
EBITDA before special items at MaterialScience declined largely as the result of increases in raw material
and energy costs and a slight drop in selling prices. These factors were only partly offset by volume growth,
savings from efficiency improvement measures, and positive currency effects.
Q3 2012 Analyst and Investor Briefing Page 5
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com
6. Bayer Investor Relations contacts:
Dr. Alexander Rosar (+49-214-30-81013)
Dr. Jürgen Beunink (+49-214-30-65742)
Peter Dahlhoff (+49-214-30-33022)
Fabian Klingen (+49-214-30-35426)
Judith Nestmann (+49-214-30-66836)
Dr. Olaf Weber (+49-214-30-33567)
Forward-looking statements
This announcement 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.
Q3 2012 Analyst and Investor Briefing Page 6
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com
7. Key figures for Q3’2012
Q3 2012 Analyst and Investor Briefing Page 7
Bayer AG, Investor Relations, 51368 Leverkusen, www.investor.bayer.com