2000 operating profit up 20% at Bayer

Ahead of its annual press conference on March 15, Bayer of Germany hasposted full-year 2000 operating profit from ongoing operations (but excluding exceptional items) of 3.34 billion euros ($3.11 billion), an increase of 20.1%, and total group sales of 30.97 billion euros, up 13.4%. Turnover from continuing operations, ie adjusted for the flotation of Agfa in 1999, the planned sale of its 50% stake in joint venture EC Erdolchemie and the reduction of its holding in the DyStar group, increased 21.2% to 29.99 billion euros.

However, Bayer added that net income fell 9.3% to 1.82 billion euros, noting that the decline was principally due to the significant contribution to earnings made by Agfa in 1999. The group's capital expenditure rose slightly in 2000 to 2.65 billion euros and costs of acquisitions during the year reached 4.16 billion euros while R&D costs increased 6.3% to 2.39 billion euros. As to what the latter was spent on will be revealed at the press conference, to be held in Leverkusen, when Bayer will report on how its individual divisions performed in 2000. Observers are particularly interested to see how health care fared.

....reduces board size