拜耳集团Bayer AG (BAYZF) 2011年年度报告「OTC」.pdf

1、 Key Data Our Mission Chairmans Letter.1Building on our strengths MAgAZine Research is key.18 Active partnershops.24 Opening up new markets.30 Highlights 2011.36to our stockholders Executive Council.40 Report of the Supervisory Board.42 Investor Information.48 coMBined MAnAgeMent reportof the BAyer

2、group And BAyer Ag.54 consolidAted finAnciAl stAteMents of the BAyer group .150 responsiBility stAteMent .267 Auditors report .268 further inforMAtion.270 The Bayer Group At Home Throughout The World Five-Year Financial Summary Financial Calendar,Masthead,Disclaimer A n n u A l r e p o r t 2011cover

3、 pictureBayer HealthCare has a major research focus in the area of cardiology.Bayer scientists are working on newapproaches to the treatment of cardiovascular diseases.The companys product offering also includes innovative injection systems for removing blood clots and deposits from blood vessels.Ou

4、r picture shows Bayer employees Hieu Le and Kristin Green in thelaboratory inMinneapolis,Minnesota,United States,with a simulation of blood cells.For direct access to a chapter,simply click on its name.Key Data Table 1.1 20102011Change million million%Bayer GroupSales35,08836,528+4.1EBIT 12,7304,149

5、+52.0EBIT before special items 24,4525,025+12.9EBITDA36,2866,918+10.1EBITDA before special items 27,1017,613+7.2EBITDA margin before special items 420.2%20.8%Income before income taxes1,7213,363+95.4Net income1,3012,470+89.9Earnings per share()51.572.99+90.4Core earnings per share()64.194.83+15.3Gro

6、ss cash?ow 74,7715,172+8.4Net cash?ow 85,7735,060 12.4Net?nancial debt7,9177,013 11.4Capital expenditures as per segment table1,6211,666+2.8Research and development expenses3,0532,932 4.0Dividend per Bayer AG share()1.501.65+10.0HealthCare Sales16,91317,169+1.5EBIT 1,8613,191+71.5EBIT before special