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[May 2004]
Bayer Reports on First Quarter
"Bayer got off to a good start in 2004. Our performance in the first quarter confirms that the company is on the right track," said Werner Wenning, Chairman of the Board of Management, commenting on the company's performance. With first quarter sales of €7.362 billion, Bayer AG (Leverkusen, Germany) matched the high level of the previous year (€7.356 billion) despite the substantial appreciation of the euro.
EBIT before special items, at €827 million, also approximated to the previous year's high level of €841 million. This was achieved mainly through earnings improvements in MaterialScience and Lanxess. EBIT after special items, at €820 million, was below the Q1 2003 figure of €1.096 billion. However, the prior figure contained one-time gains of €255 million. After income taxes of €257 million, group net income amounted to €400 million (Q1 2003: €586 million).
Bayer reconfirmed that it expects reported EBITDA and EBIT before special items to increase by more than 10% in 2004. Possible risks result from the economic situation and especially the volatility of raw material prices.
ENDS