Bayer AG - Focus sul perpetual XS0225369403
Mantengo una promessa fatta a Cangiante nel 3D dei titoli perpetui per il monitoraggio di questo bond di Bayer ed inizio facendo disclosure perché ne ho.
Prendo le mosse intanto dalla trimestrale Q4/2008 e dai conti di fine anno presentati da Bayer, nonché dal forecast per il 2009 per fare il punto della situazione dell'emitttente, riservandomi poi di approfondire il discorso sulle caratteristiche tecniche del perpetual, anche recuperando una parte dei materiali postati a suo tempo sul FOL.
Bayer è un colosso che sta fra il farmaceutico ed il chimico, con una fetta non irrilevante nelle attività cd di agribusiness.
Posto i risultati e nel pomeriggio li commento...
Bayer posts profit rise but cuts 2009 forecast
Demand for plastics erodes; division drags down overall performance
By
Aude Lagorce, MarketWatch
Last update: 5:18 a.m. EST March 3, 2009
LONDON (MarketWatch) -- Bayer AG, Germany's largest drugmaker, on Tuesday reported a 58% increase in fourth-quarter profit, but cut its financial forecast for 2009 as demand for the plastics it produces collapses amid the global recession.
Net income for the three months to Dec. 31 improved to 106 million euros ($134 million) from 67 million euros earned in the year-earlier quarter.
But adjusted earnings before interest, taxes, depreciation and amortization, the figure that analysts use to measure the company's performance, fell 4.6% to 1.36 billion euros, missing their consensus forecast by a whisker.
Sales slipped 1.5% to 7.92 billion euros, dragged down by the performance of the chemicals unit that's called MaterialScience.
Bayer proposed to raise its annual dividend to 1.40 euro a share from 1.35 euro last year, but cautioned that sales will decline and earnings may fall in 2009.
In particular the chemicals unit, which supplies foams and plastics to the automobile industry, will suffer a "severe drop" in sales and earnings before items, the company warned. Demand for new cars has collapsed in the past few months, forcing all top carmakers to slash production rates. As a result, many of their suppliers have been forced to take similar measures.
On Tuesday Bayer said the chemicals division had an even weaker-than-expected start to the year, which forced it to shorten working hours.
Bayer shares fell 2.3% in Frankfurt morning trading. Bayer shares have dropped 29% over the last 12 months.
Healthcare strong; MaterialScience collapses
Not all units performed poorly in the quarter.
Sales at the health care business rose 8.9% to 4.14 billion euros and operating profit before special items climbed 30% to 759 million euros.
At the CropScience division, which manufactures herbicides and other agricultural products, sales inched 2.3% higher to 1.35 billion euros and operating profit before special items rose 23.3% to 53 million euros.
It was the performance of the MaterialScience division that dragged down the group's results. Sales fell 20.3% to 2.06 billion euros and the business reported an operating loss before special items of 86 million euros compared to a profit of 241 million euros a year earlier.
Last week, German rival BASF AG said it swung to a net loss for the quarter after its plastics division saw a 24% decline in sales.
In 2009, Bayer said it expects revenue to grow between 3% and 5% at its health care division and between 2% and 3% at the crop science business.
Meanwhile the severe drop in sales and earnings at the chemicals division will lead to a 5% drop in group earnings before interest, taxes, depreciation and amortization as well as special items in 2009.
Group sales are seen slipping to 32 billion euros from 32.9 billion euros in 2008.
The company also said it wants to cut debt to 10 billion euros by the end of the year, helped by the scheduled conversion of the 2.3 billion euro mandatory convertible bond and improvements to working capital
