Bayer group sales up by 5.2 percent
All subgroups contributed to this increase. EBIT improved by 11.6 percent to EUR 5,506 million (2013: EUR 4,934 million). Earnings were diminished by special charges of EUR 438 million (2013: EUR 839 million).
EBIT before special items advanced by 3.0 percent to EUR 5,944 million (2013: EUR 5,773 million). EBITDA before special items increased by 4.9 percent to EUR 8,812 million (2013: EUR 8,401 million), despite negative currency effects of around EUR 410 million or 4 percent.
The good sales development was accompanied by higher R&D and selling expenses. Net income moved forward by 7.4 percent to EUR 3,426 million (2013: EUR 3,189 million) and core earnings per share by 7.3 percent to EUR 6.02 (2013: EUR 5.61).
Gross cash flow climbed by 16.9 percent to EUR 6,820 million (2013: EUR 5,832 million), while net cash flow rose by 12.4 percent to EUR 5,810 million (2013: EUR 5,171 million).
Net financial debt increased by EUR 12.9 billion to EUR 19.6 billion compared with December 31, 2013. CFO Johannes Dietsch explained that Bayer last year had placed several bonds on the market, some of them with a large volume, to finance the company's acquisitions. ■