Bayer CropScience to hit sales, margin target early

04 September 2008 11:18  [Source: ICIS news]

LONDON (ICIS news)--Bayer CropScience is likely to hit its 25% EBITDA (earnings before interest, tax, depreciation and amortisation) margin target in 2008, a year earlier than planned, and invest around €3.4bn in research and development between 2008 and 2012, the company said on Thursday.

The world’s second largest crop protection products maker said it planned to bring 10 new crop protection active ingredients to market over the period with combined target peak sales of €1bn.

An earlier target to achieve sales of €2bn from active ingredients launched since 2000 was likely to be achieved in 2009, two years earlier than expected, Bayer CropScience said.

The underlying 25% EBITDA margin target was also originally set for 2009.

In the first six months of 2008, the crop protection products leader boosted sales 19%, adjusted for exchange rates and portfolio effects, to €3.78bn. The sales rise was driven by higher volumes and prices.

EBITDA before special items increased by 24% to €1.21bn.

($1 = €0.69)

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By: Nigel Davis
+44 20 8652 3214

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