I conti di fine 2009. Si fa molta fatica nella chimica "pura" a vedere una crescita dei volumi o dei prezzi, mentre il pharma e l'agribusiness fanno meglio.
Inoltre il target di calo dell'EBITDA non superiore del 5% nel 2009 è stato sforato: il risultato finale è di - 6,6%. Il calo del fatturato, in misura pari al 5,3%, è stato invece in linea con il target. Per il 2010, il forecast parla di un fatturato in crescita del 5% e di un EBITDA in risalita nella fascia dell'high single digit.
- FEBRUARY 26, 2010, 10:39 A.M. ET
Bayer's Net Profit Rises
By ALLISON CONNOLLY
FRANKFURT—Chemical and pharmaceutical company Bayer AG said it expects sales and profit growth this year after fourth quarter and 2009 results fell short of expectations.
The company said net profit after minorities for the quarter ended December was €153 million ($207.4 million), up from €106 million a year earlier. Analysts had expected net profit of €303 million. Still, negative currency effects reduced earnings during the quarter by €80 million.
Fourth-quarter revenue slipped to €7.87 billion from €7.92 billion a year earlier, missing analysts' estimates of nearly €7.92 billion.
Chief Executive Officer Werner Wenning told a press conference Friday that although 2010 brings "considerable uncertainty," he's optimistic.
Health-care sales remained strong. Bayer plans to reply to the U.S. Food and Drug Administration's "complete response letter" on anticlotting drug Xarelto for patients undergoing hip or knee replacement surgery in the second half of the year. It also plans first filings for its use in preventing stroke in patients with atrial fibrillation and for the treatment of deep-vein thrombosis in the second half of the year.
The beleaguered MaterialScience business showed improvement during the fourth quarter, helped by lower raw material and energy costs and savings from restructuring. Sales grew 1% during the quarter after adjusting for currency effects but sales were down nearly 23% on the year due to lower prices and volumes.
For 2009, the company missed its target of keeping the decline in earnings before interest, taxes, depreciation and amortization, or Ebitda, before special items to 5%, with Ebitda falling 6.6% during the year to €6.47 billion.
Charges related to the integration of Schering, restructuring measures and litigation costs reduced earnings by €766 million in 2009. While 2010 sales fell 5.3% to €31.2 billion, the figure was in line with the company's forecast of sales between €31 billion and €32 billion.
Mr. Wenning forecast adjusted sales growth of more than 5% this year, with earnings before interest, taxes, depreciation and amortization, or Ebitda, before special items rising toward €7 billion.
The company said it plans to use core earnings per share for its dividend policy and as an indicator for earnings forecasts. The company proposed a dividend for 2009 of €1.40 per share, matching the 2008 level.
UniCredit analyst Andreas Heine said Bayer's forecast for this year fell short of his estimates. He said it relies on a recovery in the MaterialScience business, for which Bayer only expects first-quarter earnings on par with the fourth quarter, though with slightly higher sales. Heine said the outlook for 2012 underscores Bayer's confidence for coming years but is inline with consensus.
One trader said the figures were a bit lower than analysts had hoped, enough to "keep the stock in check compared to the rest of the market." However, improvements during the quarter and the brighter outlook may provide some support for the shares, he said.
speriamo sia di buon augurio...
