Cash flow Bayer AG

Equities

BAYN

DE000BAY0017

Pharmaceuticals

Real-time Estimate Tradegate Other stock markets 08:40:07 15/01/2025 GMT			5-day change	1st Jan Change
19.71 ^EUR	+0.55%		+0.32%	+2.14%

09:18am	Bayer suffers next PCB defeat in the US – waiting for the highest court in the land	DP
07:23am	After Asundexian setback: Bayer optimistic about new blockbusters	RE

05eff02c62b4fe780ef477c12267a.HNDgq6PRhTHGNaKjAVXeL7eRuv6Wp5-XowL8c-4mDZ8.SYOU6MmG_FKnVOHGShOyZdbn3KHUlvz74m-zRqVrW7JqkY_qxuDqUJFt8w

Published financial data: BAYER AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	43.54B	41.4B	44.08B	50.74B	47.64B
Total Revenues	43.54B	41.4B	44.08B	50.74B	47.64B
Cost of Goods Sold, Total	16.28B	15.73B	17.04B	18.89B	19.75B
Gross Profit	27.27B	25.67B	27.04B	31.85B	27.89B
Selling General & Admin Expenses, Total	14.86B	13.89B	14.61B	16.04B	14.71B
R&D Expenses	5.32B	4.88B	5.33B	6.17B	5.84B
Other Operating Expenses	357M	28M	27M	528M	-457M
Other Operating Expenses, Total	20.54B	18.8B	19.96B	22.73B	20.09B
Operating Income	6.73B	6.88B	7.07B	9.12B	7.8B
Interest Expense, Total	-1.7B	-1.5B	-1.29B	-1.06B	-1.13B
Interest And Investment Income	325M	202M	346M	379M	484M
Net Interest Expenses	-1.38B	-1.3B	-940M	-679M	-650M
Income (Loss) On Equity Invest.	160M	-96M	49M	-150M	-335M
Currency Exchange Gains (Loss)	58M	-216M	-385M	-219M	-449M
Other Non Operating Income (Expenses)	-3M	102M	23M	-844M	-788M
EBT, Excl. Unusual Items	5.57B	5.37B	5.82B	7.23B	5.58B
Restructuring Charges	-	-52M	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-208M	-2.24B	-	-734M	-6.69B
Gain (Loss) On Sale Of Investments	-1M	541M	-39M	-450M	-11M
Gain (Loss) On Sale Of Assets	473M	34M	86M	-	-
Asset Writedown	-34M	92M	132M	1.69B	152M
Insurance Settlements	53M	-	-	-	-
Legal Settlements	-344M	-13.33B	-3.69B	-791M	-889M
Other Unusual Items	-2.63B	-7.66B	-262M	-2.28B	240M
EBT, Incl. Unusual Items	2.88B	-17.25B	2.05B	4.67B	-1.62B
Income Tax Expense	450M	-1.69B	1.02B	504M	1.32B
Earnings From Continuing Operations	2.43B	-15.56B	1.02B	4.17B	-2.94B
Earnings Of Discontinued Operations	1.68B	5.07B	-	-	-
Net Income to Company	4.11B	-10.49B	1.02B	4.17B	-2.94B
Minority Interest	-19M	-8M	-22M	-16M	1M
Net Income - (IS)	4.09B	-10.5B	1B	4.15B	-2.94B
Net Income to Common Incl Extra Items	4.09B	-10.5B	1B	4.15B	-2.94B
Net Income to Common Excl. Extra Items	2.41B	-15.57B	1B	4.15B	-2.94B
Per Share Items
Net EPS - Basic	4.17	-10.68	1.02	4.22	-2.99
Basic EPS - Continuing Operations	2.46	-15.85	1.02	4.22	-2.99
Basic Weighted Average Shares Outstanding	982M	982M	982M	982M	982M
Net EPS - Diluted	4.17	-10.69	1.02	4.22	-2.99
Diluted EPS - Continuing Operations	2.46	-15.85	1.02	4.22	-2.99
Diluted Weighted Average Shares Outstanding	982M	982M	982M	982M	982M
Normalized Basic EPS	3.53	3.41	3.68	4.58	3.55
Normalized Diluted EPS	3.53	3.41	3.68	4.58	3.55
Dividend Per Share	2.8	2	2	2.4	0.11
Payout Ratio	63.82	-26.21	199.3	47.83	-80.89
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	10.56B	9.93B	8.34B	12.7B	11.33B
EBITA	9.08B	8.7B	7.19B	11.52B	10.12B
EBIT	6.73B	6.88B	7.07B	9.12B	7.8B
EBITDAR	10.85B	10.2B	8.63B	13.15B	11.79B
Effective Tax Rate - (Ratio)	15.62	9.79	50.05	10.79	-81.49
Current Domestic Taxes	1.09B	718M	604M	912M	359M
Current Foreign Taxes	704M	569M	1.02B	1.66B	884M
Total Current Taxes	1.79B	1.29B	1.63B	2.57B	1.24B
Total Deferred Taxes	-1.34B	-2.98B	-602M	-2.07B	78M
Normalized Net Income	3.46B	3.35B	3.61B	4.5B	3.49B
Interest Capitalized	45M	34M	30M	38M	53M
Interest on Long-Term Debt	-	-	-	-	72M
Non-Cash Pension Expense	146M	92M	62M	78M	125M
Supplemental Operating Expense Items
Selling and Marketing Expenses	12.12B	11.62B	12.27B	13.55B	12.57B
General and Administrative Expenses	2.59B	2.17B	2.26B	2.49B	2.14B
Research And Development Expense From Footnotes	5.35B	8.53B	5.72B	7.4B	5.63B
Net Rental Expense, Total	293M	271M	286M	447M	461M
Imputed Operating Lease Interest Expense	102M	82.26M	72.87M	94.98M	101M
Imputed Operating Lease Depreciation	191M	189M	213M	352M	360M
Stock-Based Comp., Other (Total)	303M	63M	238M	365M	153M
Total Stock-Based Compensation	303M	63M	238M	365M	153M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	3.18B	4.19B	4.56B	5.17B	5.91B
Short Term Investments	928M	1.31B	669M	32M	755M
Trading Asset Securities, Total	1.29B	6.38B	2.51B	4.95B	3.92B
Total Cash And Short Term Investments	5.4B	11.88B	7.74B	10.15B	10.59B
Accounts Receivable, Total	11.68B	9.56B	10.05B	10.32B	9.35B
Other Receivables	3.17B	2.59B	2.93B	3.13B	3.17B
Notes Receivable	-	-	-	-	-
Total Receivables	14.85B	12.14B	12.98B	13.45B	12.52B
Inventory	10.77B	10.96B	11.31B	13.64B	13.95B
Other Current Assets, Total	1.53B	673M	545M	521M	500M
Total Current Assets	32.56B	35.66B	32.58B	37.76B	37.56B
Gross Property Plant And Equipment	24.38B	23.63B	26.19B	28.34B	29.26B
Accumulated Depreciation	-11.9B	-11.92B	-13.5B	-14.66B	-15.94B
Net Property Plant And Equipment	12.48B	11.71B	12.69B	13.67B	13.32B
Long-term Investments	1.98B	2B	2.61B	2.9B	3.06B
Goodwill	39.13B	36.08B	40.11B	39.65B	32.3B
Other Intangibles, Total	29.22B	21.64B	21.96B	20.42B	19.82B
Accounts Receivable Long-Term	-	1M	24M	24M	23M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	4.58B	4.69B	4.58B	5.6B	5.47B
Deferred Charges Long-Term	5.52B	4.42B	4.31B	3.8B	3.56B
Other Long-Term Assets, Total	799M	853M	1.38B	1.06B	1.15B
Total Assets	126B	117B	120B	125B	116B
Liabilities
Accounts Payable, Total	6.43B	5.68B	6.79B	7.54B	7.46B
Accrued Expenses, Total	3.19B	2.57B	3.5B	3.57B	2.5B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	1.88B	8.36B	4.16B	7.58B	6.54B
Current Portion of Leases	299M	212M	236M	282M	294M
Current Income Taxes Payable	758M	2.27B	686M	1.06B	619M
Unearned Revenue Current, Total	3.35B	3.63B	4.09B	4.2B	3.91B
Other Current Liabilities	7.31B	14B	9.94B	10.85B	8.15B
Total Current Liabilities	23.22B	36.73B	29.4B	35.08B	29.46B
Long-Term Debt	35.96B	32.27B	35.55B	32.84B	37.23B
Long-Term Leases	952M	925M	929M	952M	944M
Unearned Revenue Non Current	756M	743M	810M	602M	467M
Pension & Other Post Retirement Benefits	8.21B	8.45B	7.18B	4.39B	4.01B
Deferred Tax Liability Non Current	3.76B	1.33B	931M	727M	790M
Other Non Current Liabilities	5.89B	5.9B	12.27B	11.36B	10.28B
Total Liabilities	78.74B	86.35B	87.07B	85.95B	83.18B
Common Stock, Total	2.52B	2.52B	2.52B	2.52B	2.52B
Retained Earnings	26.24B	13.06B	13.34B	17.23B	12.18B
Comprehensive Income and Other	18.59B	14.95B	17.16B	19.02B	18.24B
Total Common Equity	47.34B	30.52B	33.02B	38.77B	32.93B
Minority Interest	180M	175M	148M	153M	151M
Total Equity	47.52B	30.7B	33.17B	38.93B	33.08B
Total Liabilities And Equity	126B	117B	120B	125B	116B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	982M	982M	982M	982M	982M
ECS Total Common Shares Outstanding	982M	982M	982M	982M	982M
Book Value / Share	48.18	31.07	33.61	39.47	33.52
Tangible Book Value	-21.01B	-27.2B	-29.04B	-21.29B	-19.19B
Tangible Book Value Per Share	-21.38	-27.68	-29.56	-21.67	-19.54
Total Debt	39.09B	41.77B	40.87B	41.65B	45.01B
Net Debt	33.69B	29.88B	33.13B	31.5B	34.42B
Debt Equivalent of Unfunded Proj. Benefit Obligation	7.73B	7.96B	6.26B	3.58B	3.06B
Debt Equivalent Oper. Leases	2.34B	2.17B	2.29B	3.58B	3.69B
Minority Interest, Total (Incl. Fin. Div)	180M	175M	148M	153M	151M
Equity Method Investments, Total	522M	491M	629M	893M	850M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	2.53B	2.65B	2.01B	2.7B	2.52B
Inventories - Work In Process, Total	8.12B	8.21B	9.16B	10.72B	11.29B
Inventories - Others	116M	99M	139M	221M	140M
Land - (BS)	8.36B	9.07B	9.83B	10.48B	10.74B
Machinery, Total	11.76B	11.99B	13.24B	14.58B	15.35B
Full Time Employees	98.74K	95.96K	95.95K	97.92K	96.93K
Accumulated Allowance for Doubtful Accounts (Supple)	681M	621M	654M	700M	642M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	4.09B	-10.5B	1B	4.15B	-2.94B
Depreciation & Amortization - CF	1.86B	1.62B	1.49B	1.54B	1.59B
Amortization of Goodwill and Intangible Assets - (CF)	2.35B	1.82B	117M	2.4B	2.32B
Depreciation & Amortization, Total	4.21B	3.44B	1.61B	3.95B	3.91B
(Gain) Loss From Sale Of Asset	-448M	-126M	-217M	-1.69B	-152M
Asset Writedown & Restructuring Costs	1.15B	9.82B	1.45B	2.55B	6.11B
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Net Cash From Discontinued Operations	206M	334M	-	-	-
Other Operating Activities, Total	-2.46B	-6.74B	194M	828M	2.26B
Change In Accounts Receivable	14M	695M	-61M	269M	689M
Change In Inventories	-103M	-900M	-173M	-2.17B	-430M
Change In Accounts Payable	759M	-347M	854M	612M	82M
Change in Other Net Operating Assets	786M	9.22B	436M	-1.41B	-4.41B
Cash from Operations	8.21B	4.9B	5.09B	7.09B	5.12B
Capital Expenditure	-2.65B	-2.42B	-2.61B	-2.95B	-2.75B
Sale of Property, Plant, and Equipment	283M	329M	373M	1.13B	215M
Cash Acquisitions	-410M	-2.26B	-1.34B	-89M	-662M
Divestitures	2.55B	4.17B	-6M	2.29B	8M
Investment in Marketable and Equity Securities, Total	-575M	-4.03B	4.3B	-2.98B	-306M
Other Investing Activities, Total	135M	134M	137M	218M	-21M
Cash from Investing	-671M	-4.07B	855M	-2.38B	-3.52B
Long-Term Debt Issued, Total	7.46B	10.89B	6.59B	6.63B	16.28B
Total Debt Issued	7.46B	10.89B	6.59B	6.63B	16.28B
Long-Term Debt Repaid, Total	-11.76B	-6.42B	-9.04B	-7.6B	-13.03B
Total Debt Repaid	-11.76B	-6.42B	-9.04B	-7.6B	-13.03B
Issuance of Common Stock	-	-	-	-	23M
Repurchase of Common Stock	-	-	-	-10M	-24M
Common Dividends Paid	-2.61B	-2.75B	-1.99B	-1.98B	-2.38B
Common & Preferred Stock Dividends Paid	-2.61B	-2.75B	-1.99B	-1.98B	-2.38B
Other Financing Activities, Total	-1.48B	-1.29B	-1.2B	-1.25B	-1.55B
Cash from Financing	-8.39B	423M	-5.64B	-4.22B	-679M
Foreign Exchange Rate Adjustments	6M	-240M	35M	112M	-185M
Miscellaneous Cash Flow Adjustments	-20M	-7M	39M	3M	-
Net Change in Cash	-867M	1.01B	373M	607M	736M
Supplemental Items
Cash Interest Paid	1.52B	1.3B	1.23B	1.3B	1.54B
Cash Income Tax Paid (Refund)	2.56B	1.06B	2.16B	2.03B	1.77B
Levered Free Cash Flow	5.51B	14.83B	-1.38B	5.85B	1.52B
Unlevered Free Cash Flow	6.57B	15.77B	-579M	6.51B	2.23B
Change In Net Working Capital	-498M	-10.38B	4.23B	557M	3.96B
Net Debt Issued / Repaid	-4.3B	4.47B	-2.45B	-974M	3.25B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.33	3.53	3.73	4.65	4.04
Return on Total Capital	4.83	5.41	6.03	7.37	6.14
Return On Equity %	5.19	-39.83	3.2	11.56	-8.17
Return on Common Equity	5.17	-40.03	3.15	11.56	-8.2
Margin Analysis
Gross Profit Margin %	62.62	62.01	61.33	62.78	58.55
SG&A Margin	34.12	33.54	33.15	31.6	30.89
EBITDA Margin %	24.25	23.99	18.92	25.04	23.79
EBITA Margin %	20.86	21	16.31	22.71	21.23
EBIT Margin %	15.46	16.61	16.04	17.98	16.37
Income From Continuing Operations Margin %	5.58	-37.59	2.32	8.21	-6.18
Net Income Margin %	9.39	-25.35	2.27	8.18	-6.17
Net Avail. For Common Margin %	5.54	-37.61	2.27	8.18	-6.17
Normalized Net Income Margin	7.95	8.08	8.2	8.87	7.32
Levered Free Cash Flow Margin	12.64	35.82	-3.14	11.52	3.19
Unlevered Free Cash Flow Margin	15.09	38.09	-1.31	12.83	4.68
Asset Turnover
Asset Turnover	0.34	0.34	0.37	0.41	0.4
Fixed Assets Turnover	3.43	3.42	3.61	3.85	3.53
Receivables Turnover (Average Receivables)	3.72	3.9	4.5	4.98	4.84
Inventory Turnover (Average Inventory)	1.49	1.46	1.53	1.51	1.43
Short Term Liquidity
Current Ratio	1.4	0.97	1.11	1.08	1.27
Quick Ratio	0.87	0.65	0.7	0.67	0.78
Operating Cash Flow to Current Liabilities	0.35	0.13	0.17	0.2	0.17
Days Sales Outstanding (Average Receivables)	98.04	93.86	81.17	73.26	75.34
Days Outstanding Inventory (Average Inventory)	245.57	251.47	238.5	241.1	254.93
Average Days Payable Outstanding	142.93	138.17	130.81	123.37	13