Q2 2015 conference_call_2015-07-29_final_slideshare
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Transcript of Q2 2015 conference_call_2015-07-29_final_slideshare
Investor Conference CallQ2 2015 Results
July 29, 2015 / Marijn Dekkers, CEO
• Q2 2015 Investor Conference Call • Marijn Dekkers Page 1
DisclaimerThis presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer Group or subgroup management.
Various known and unknown risks, uncertainties and other factors could lead tomaterial 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 areavailable on the Bayer website at www.bayer.com.
The company assumes no liability whatsoever to update these forward-lookingstatements or to conform them to future events or developments.
• Q2 2015 Investor Conference Call • Marijn Dekkers Page 2
Page 3
Q2 2015 –Continued Operational and Strategic Progress
Further organic growth and significantly improved earnings
Portfolio transformation into a pure Life Science company underway
Preparations for the flotation of MaterialScience fully on track
Agreement on the disposal of Diabetic Care business signed
Innovation pipeline continued to progress
Full-year 2015 Group Guidance for operating performance of continuing operations confirmed
• Q2 2015 Investor Conference Call • Marijn Dekkers
Page 4
EBITin € million
+28%
1,833
1,435
Salesin € million% currency & portfolio adj.
+4%
12,090
10,228
EBITDAbefore special itemsin € million
+33%
2,899
2,176
Core EPSin €
+34%
1.98
1.48
Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14
Q2 2015 –Bayer Significantly Improves Earnings
• Q2 2015 Investor Conference Call • Marijn Dekkers
Q2 2015 –Cash Flow And Net Debt Development
Page 5
-€0.2bn 21.1GCF oFCF
2,173
CapEx
600 1,350
∆y-o-y +31% +29%
NCF
1,950
+24% -14%March 31, 2015 June 30, 2015
21.3
• Q2 2015 Investor Conference Call • Marijn Dekkers
Cash Flow in € million, ∆% yoy Fx adj.
Net Debtin € billion
Q2 2015 – HealthCare: All Businesses Contributed To Strong Performance
Page 6
Pharma+18% (+11%)
ConsumerHealth46% (+4%)
36%
HealthCare €5,908m; +28% (+8%)
3,4922,416
Price2%
Volume+7%
Fx+8%
Portfolio+12%
927 1077
387 598
+16%
+55%
1,314
1,675 +28%
284 +53%
952
1,213 +27%
668
433
EBITDA EBIT
780 +17%
• Q2 2015 Investor Conference Call • Marijn Dekkers
Salesin € million, ∆% yoy, () = Fx & portf. adj.
Earningsbefore special items, in € million, ∆% yoy
Q2‘14 Q2‘15 Q2‘14 Q2‘15
Q2 2015 – Pharma:Launch Products Drive Growth
Page 7
+11%Launch productsXarelto +43%Eylea +49%Stivarga +33%Xofigo +31%Adempas
Established productsKogenate +14%Mirena +11%Betaferon -9%Yaz family -10%Nexavar +7%
Salesin € million∆% Fx & portfolio adj.
Q2‘14 Q2‘15
2,960
3,492
1,051
• Q2 2015 Investor Conference Call • Marijn Dekkers
Q2 2015 – HealthCare: All Businesses Contributed To Strong Performance
Page 8
Pharma+18% (+11%)
ConsumerHealth46% (+4%)
36%
HealthCare €5,908m; +28% (+8%)
3,4922,416
Price2%
Volume+7%
Fx+8%
Portfolio+12%
927 1077
387 598
+16%
+55%
1,314
1,675 +28%
284 +53%
952
1,213 +27%
668
433
EBITDA EBIT
780 +17%
• Q2 2015 Investor Conference Call • Marijn Dekkers
Salesin € million, ∆% yoy, () = Fx & portf. adj.
Earningsbefore special items, in € million, ∆% yoy
Q2‘14 Q2‘15 Q2‘14 Q2‘15
Q2 2015 – CropScience: Steady in Weaker Market Environment
Page 9
Crop Protection+6% (-3%)
Environmental Science+27% (+7%)
Seeds+27% (+11%)
CropScience €2,723m; +10% (-1%)
Price+0%
Volume-1%
Fx+10%
Portfolio+1%
2,137
Q2‘14 Q2‘15 Q2‘14 Q2‘15
615
733 +19%
470
599 +27%
251
335
• Q2 2015 Investor Conference Call • Marijn Dekkers
Salesin € million, ∆% yoy, () = Fx & portf. adj.
EBITDA EBIT
Earningsbefore special items, in € million, ∆% yoy
+168%
Q2 2015 – MaterialScience: Earnings greatly improved
Page 10**CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
CAS**+16% (+6%)
MaterialScience €3,185m; +11% (0%)
Price-6%
Volume+7%
Fx+11%
Portfolio0%
1,638828
IO***2% (-3%)
270
506 +87%
126
337561
158
• Q2 2015 Investor Conference Call • Marijn Dekkers
Polyurethanes+7% (-3%)
Polycarbonates+19% (+5%)
Salesin € million, ∆% yoy, () = Fx & portf. adj.
EBITDA EBIT
Earningsbefore special items, in € million, ∆% yoy
Q2‘14 Q2‘15 Q2‘14 Q2‘15
Q2 2015 – Group Guidance For Operating Performance Of Continuing Operations Confirmed
Page 11
2014restated
2015Original guidance
2015Update July
Fx effect
Sales €41.3bnLow-single-digit %
increase~ €46bn
Low-single-digit % increase~ €47bn
~ +7%
EBITDAbefore special items
€8.7bn Low-to-mid-teens % increase
High-teens % increase ~ +5%
core EPS €5.89 Low-teens % increase
High-teens % increase ~ +5%
∆% Fx and portfolio adjusted
Assuming end Q2’15 Fx ratesOutlook depends on specific planning assumptions as detailed in the Annual Report• Q2 2015 Investor Conference Call • Marijn Dekkers