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| Best of NAMA 2026 |
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FULL YEAR: BAYER'S SALES DOWN 6%, REPORTS A LOSS OF $3.3 BILLION
Mar. 6, 2024
Source: Bayer news release
Looking at the company's performance in 2023, CFO Wolfgang Nickl said: "We achieved the revised outlook on all key financial metrics."
Group sales came in at 47.637 billion euros, down 1.2 percent on a currency- and portfolio-adjusted basis (Fx & portfolio adj.). EBITDA before special items fell by 13.4 percent to 11.706 billion euros. This figure included a negative currency effect of 375 million euros (2022: positive currency effect of 429 million euros).
Due to lower target attainment, the expense for the Group-wide short-term incentive program declined across all divisions, falling by around 1 billion euros overall. In addition, the expense for the long-term incentive program was around 0.4 billion euros lower than in the previous year.
The EBITDA margin before special items came in at 24.6 percent, down 2.0 percentage points against the prior year. EBIT amounted to 612 million euros (2022: 7.012 billion euros) after net special charges of 6.977 billion euros (2022: 2.245 billion euros). The special charges mainly resulted from impairment losses, which were primarily attributable to the Crop Science Division.
Net income came in at minus 2.941 billion euros (2022: plus 4.150 billion euros). Core earnings per share decreased by 19.5 percent to 6.39 euros.
Free cash flow declined by 57.9 percent to 1.311 billion euros. Net financial debt as of December 31 increased by 8.5 percent against year-end 2022, to 34.498 billion euros. Cash inflows from operating activities and positive currency effects were unable to fully offset the outflow for the dividend payment and the settlement payments for the litigations in the United States.
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