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November 2008
Interim report for the third quarter of 2008 - Bayer optimistic about future business trend
Sales rise by 2.0 percent to EUR 7,948 million (Q3 2007: EUR 7,793 million)
HealthCare and CropScience improve earning power / MaterialScience earnings significantly lower / Group EBITDA before special items down 4.2 percent to EUR 1,493 million (Q3 2007: EUR 1,559 million) / Group EBIT before special items down 6.5 percent to EUR 891 million (Q3 2007: EUR 953 million) / Full-year guidance for 2008 confirmed / Continued earnings growth predicted for 2009
Following a strong performance in the third quarter, the Bayer Group confirms its targets for 2008. “Despite the difficult environment we expect in the fourth quarter, we are confirming our guidance for 2008 as a whole,” Management Board Chairman Werner Wenning stressed during a conference call on Wednesday. “We are also confident about the future development of the business and aim to grow earnings again next year,” he added. The company continued on its path of growth after a very successful first half, increasing sales in the third quarter by 2.0 percent to EUR 7,948 million (Q3 2007: EUR 7,793 million). Business expanded by a gratifying 5.1 percent on a currency- and portfolio-adjusted basis, Wenning explained. While sales were up in HealthCare and particularly CropScience, business at MaterialScience held steady year on year in a difficult market environment.
Earnings were diminished by an increase of some EUR 230 million in energy and raw material costs at MaterialScience and by negative exchange rate effects amounting to about EUR 110 million. Even the improved earning power of HealthCare and CropScience did not suffice to completely offset these factors. Group earnings before interest, taxes, depreciation and amortization (EBITDA), before special items, declined by EUR 66 million, or 4.2 percent, to EUR 1,493 million (Q3 2007: EUR 1,559 million). The underlying operating result (EBIT) moved 6.5 percent lower, to EUR 891 million (Q3 2007: EUR 953 million).
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Earnings were diminished by an increase of some EUR 230 million in energy and raw material costs at MaterialScience and by negative exchange rate effects amounting to about EUR 110 million. Even the improved earning power of HealthCare and CropScience did not suffice to completely offset these factors. Group earnings before interest, taxes, depreciation and amortization (EBITDA), before special items, declined by EUR 66 million, or 4.2 percent, to EUR 1,493 million (Q3 2007: EUR 1,559 million). The underlying operating result (EBIT) moved 6.5 percent lower, to EUR 891 million (Q3 2007: EUR 953 million).
For more information please visit BAYNEWS:
