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03-01-2011

Bayer: Fiscal 2010

In 2010 sales of the Bayer Group, Leverkusen, Germany, climbed by 12.6% to EUR 35,088 million (2009: EUR 31,168 million). Adjusted for currency and portfolio effects (Fx&p adj.), sales were up by 8.0%. Earnings before interest, taxes, depreciation and amortization (Ebitda) – before special items – rose by 9.7% to EUR 7,101 million (2009: EUR 6,472 million), with currency effects having a positive impact of some EUR 0.4 billion. The operating result (Ebit) before special items advanced by 18.0% to EUR 4,452 million (2009: EUR 3,772 million).

Net income of the Bayer Group for 2010 was held back considerably by special charges of EUR 1,722 million (2009: EUR 766 million). After special items, Ebit declined by 9.2% to EUR 2,730 million (2009: EUR 3,006 million). Net income came in at EUR 1,301 million (2009: EUR 1,359 million), down 4.3% year on year. By contrast, core earnings per share advanced by a substantial 15.1% to EUR 4.19 (2009: EUR 3.64).

Gross cash flow rose by 2.4% to EUR 4,771 million (2009: EUR 4,658 million), with net cash flow advancing by 7.4% to EUR 5,773 million (2009: EUR 5,375 million). Strict capital discipline enabled net financial debt to be reduced by 18.3% to EUR 7,917 million (2009: EUR 9,691 million).

At MaterialScience sales climbed by 35.0% (Fx&p adj. 30.1%) to EUR 10,154 million (2009: EUR 7,520 million). Business with raw materials for foams (polyurethanes) expanded by 27.8% (Fx&p adj.), thanks largely to much higher volumes in all product groups and regions. The largest increases in absolute terms were registered in Europe and Asia/Pacific. Sales of high-performance plastics (polycarbonate) advanced by 42.9% (Fx adj.). This growth was mainly the result of considerable volume and price increases for granules. Business with raw materials for coatings, adhesives and specialties improved by 27.2% (Fx adj.) year on year thanks to significant growth in volumes.

Ebitda before special items of MaterialScience tripled to EUR 1,356 million (2009: EUR 446 million), mainly due to much higher volumes.

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Company profile

Covestro Deutschland AG

Kaiser-Wilhelm-Allee 60
DE 51373 Leverkusen
Tel.: 0214 60092000

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