Outlook for Bayer AG

For Bayer AG we expect sales of approximately €15 billion and an operating loss in the region of €2 billion in 2019. These numbers comprise both Bayer AG’s own operational business and the businesses leased from Bayer Pharma AG and Bayer CropScience AG. In addition, the earnings of most Bayer subsidiaries in Germany are transferred directly to Bayer AG under profit and loss transfer agreements. Also, specific intra-company dividend measures ensure the availability of sufficient distributable income. On account of the interdependencies between Bayer AG and its subsidiaries, the outlook for the Bayer Group thus largely also reflects the expectations for Bayer AG. In the coming year, based on these factors, we expect Bayer AG to report a distributable profit that will again enable our stockholders to adequately participate in the Bayer Group’s earnings.