annualreport2008.bayer.com (Textversion)


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Bayer Group Key Data

 

2007

2008

Change

 

€ million

€ million

%

Bayer Group

   

Sales

32,385

32,918

+1.6

EBITDA1

5,866

6,266

+6.8

EBITDA before special items

6,777

6,931

+2.3

EBIT2

3,154

3,544

+12.4

EBIT before special items

4,287

4,342

+1.3

Income before income taxes

2,234

2,356

+5.5

Net income

4,711

1,719

-63.5

Earnings per share (€)3

5.84

2.22

-62.0

Core earnings per share (€)4

3.80

4.17

+9.7

Gross cash flow5

4,784

5,295

+10.7

Net cash flow6

4,281

3,608

-15.7

Capital expenditures as per segment table

1,891

1,982

+4.8

Research and development expenses

2,578

2,653

+2.9

Dividend per Bayer AG share (€)

1.35

1.40

+3.7

    

Bayer HealthCare

   

External sales

14,807

15,407

+4.1

EBITDA1

3,065

3,692

+20.5

EBITDA before special items

3,792

4,157

+9.6

EBIT2

1,564

2,181

+39.5

EBIT before special items

2,492

2,764

+10.9

Gross cash flow5

2,389

3,045

+27.5

Net cash flow6

2,010

2,259

+12.4

Capital expenditures as per segment table

593

610

+2.9

    

Bayer CropScience

   

External sales

5,826

6,382

+9.5

EBITDA1

1,204

1,450

+20.4

EBITDA before special items

1,324

1,603

+21.1

EBIT2

656

918

+39.9

EBIT before special items

786

1,084

+37.9

Gross cash flow5

961

1,192

+24.0

Net cash flow6

1,040

736

-29.2

Capital expenditures as per segment table

223

314

+40.8

    

Bayer MaterialScience

   

External sales

10,435

9,738

-6.7

EBITDA1

1,542

1,041

-32.5

EBITDA before special items

1,606

1,088

-32.3

EBIT2

1,042

537

-48.5

EBIT before special items

1,117

586

-47.5

Gross cash flow5

1,228

850

-30.8

Net cash flow6

1,147

782

-31.8

Capital expenditures as per segment table

889

831

-6.5

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.

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 the notes to the financial statements.

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 here.

5 Gross cash flow = income from continuing operations after taxes, plus income taxes, plus/minus non-operating result, minus income taxes paid or accrued, 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.

6 Net cash flow = cash flow from operating activities according to IAS 7


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