Good progress with the acquisition of Monsanto Another record year for Bayer - cpp - chemical plants & processes

Good progress with the acquisition of Monsanto

Another record year for Bayer

Werner Baumann, Chairman of the Board of Management of Bayer AG, at the Financial News Conference in Leverkusen on February 22, 2017
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Bayer had a very successful year in 2016, both strategically and operationally. “We again posted a record operating performance – and are making good progress with the agreed acquisition of Monsanto as well,” Management Board Chairman Werner Baumann said at the Financial News Conference in Leverkusen. Pharmaceuticals once again posted encouraging sales and earnings growth. Consumer Health recorded sales growth on a currency- and portfolio-adjusted basis, while earnings were down. At Crop Science, currency- and portfolio-adjusted sales and clean EBITDA remained steady despite the persistently difficult market environment. Animal Health posted currency- and portfolio-adjusted sales growth, while earnings were on a par with the prior-year level. Covestro raised earnings sharply, while sales attained the prior-year level after adjustment for currency and portfolio effects. “We have every reason to be optimistic about the future and started the new business year well,” said Baumann. He raised the prospect of further growth in sales and earnings in 2017.

Bayer last year took a major strategic step forward with the agreed acquisition of Monsanto, said Baumann. “This transaction is the perfect fit for our strategy of seeking leadership positions with our Life Science activities in attractive, innovation-driven markets.” Once the businesses have been combined, Bayer would be able to create substantial additional value in the long term through more innovation, stronger growth and greater efficiency. At a special meeting in December 2016, Monsanto’s stockholders approved the transaction. Bayer has also made progress in the necessary antitrust proceedings and has already applied for clearance from some two-thirds of around 30 authorities. Bayer and Monsanto are working closely with the authorities. Bayer remains confident of closing the transaction before the end of 2017.
Sales of the Bayer Group increased in 2016 by 1.5 (Fx & portfolio adj. 3.5 )  % to 46,769 million euros (2015: 46,085 million euros). EBITDA before special items advanced by 10.2 % to 11,302 million euros (2015: 10,256 million euros). EBIT rose by 12.8 % to 7042 million (2015: EUR 6241 million) after special charges of 1088 million euros (2015: 819 million euros). These resulted mainly from impairment losses on intangible assets, charges in connection with efficiency improvement programs and costs for the integration of acquired businesses.
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