BAYZF - Bayer AG Non-GAAP EPS of Euro1.22 revenue of Euro11.04B; narrows FY23 guidance

2023-08-08 02:00:48 ET

• Bayer AG press release ( OTCPK:BAYZF ): Q2 Non-GAAP EPS of €1.22.
• Revenue of €11.04B (-13.9% Y/Y).
• EBITDA before special items: €2.5 billion (– 24.5%).
• Free cash flow at minus €0.5 billion.
• Group outlook for 2023 lowered : For full-year 2023, we now anticipate sales of between €48.5 billion and €49.5 billion on a currencyadjusted basis (previous forecast: €51 billion to €52 billion). This now corresponds to a decline of 2% to 3% on a currency- and portfolio-adjusted basis (previous forecast: increase of 2% to 3%). EBITDA before special items is now expected to come in at €11.3 billion to €11.8 billion on a currency-adjusted basis (previous forecast: €12.5 billion to €13.0 billion). In addition, we now anticipate core earnings per share of €6.20 to €6.40 on a currency-adjusted basis (previous forecast: €7.20 to €7.40). Compared with the currency-adjusted forecast above, our guidance based on the closing rates as of June 30, 2023, only projects a significant impact from currency effects with respect to sales. Based on these exchange rates, we now expect to generate sales of €46.8 billion to €47.8 billion in 2023 (previous forecast: €50 billion to €51 billion), which now corresponds to a decline of 2% to 3% on a currency- and portfolio-adjusted basis (previous forecast: increase of 2% to 3%). Overall, it should be noted that a 1% appreciation (depreciation) of the euro against all other currencies would decrease (increase) sales by some €400 million on an annual basis.

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