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More than 6,500 people attended
the Annual Stockholders’ Meeting in Cologne to hear
about current developments at Bayer.
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More than 6,500 stockholders, stockholders'
nominees and guests attended the 51st Annual Stockholders' Meeting
of Bayer AG at the Cologne Exhibition Center. Some 36 percent
of the 1.87 billion capital stock was represented. Following
a speech of welcome by Supervisory Board Chairman Dr. Manfred
Schneider, Management Board Chairman Werner Wenning reported
on the company's performance. The Board of Management and Supervisory
Board then took questions from stockholders and their nominees.
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The foyer was dominated by
the Bayer colors and an exhibition marking the 50th anniversary
of Makrolon® polycarbonate from Bayer Polymers.
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In the discussion that followed the CEO's
address, shareholders offered words of praise and recognition
for the tremendous feat accomplished by management and workforce
in reorganizing the Bayer Group - despite criticism and dissatisfaction
with the operating profit for 2002. They also expressed contentment
with the ambitious goals Bayer has set itself for the future.
"We are impressed by the speed with which you reorganized
the enterprise to create a 'new Bayer,' and we also congratulate
you on the initial success of your efforts to better manage
working capital," commented a spokesperson of the DWS investment
fund. "But now you need to translate Bayer's market leadership
in many areas into top performance," she added.
Several stockholders asked how the company plans
to improve its operating result. Werner Wenning emphasized
that Bayer is already on the right track, pointing to the
first quarter of 2003. "After all," he said, "the
figures so far available are a clear indication of our operating
performance in the first few months of this year."
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Numerous Bayer publications
added to the information offering for stockholders.
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The representative of a bank wanted to
know which were now Bayer's
top-performing businesses. He believed that in 2002 these
were Animal Health and Consumer Care, whereas in 2001 they
were H.C. Starck, Coatings and Colorants, Crop Protection
and Pharmaceuticals. Wenning replied that with the exception
of Coatings and Colorants, which recorded a gratifying earnings
performance in 2002 as well, this assessment was currently
correct. He added however that in evaluating the operating
performance of the CropScience business, it must be kept in
mind that earnings figures were distorted by high exceptional
and one-time charges. "I am convinced that in the medium
term this business will become very profitable again."
Wenning said the success of Animal Health stems from excellent
management and a particularly strong position in the companion
animals market. This division has traditionally had a high
operating margin and benefits especially from the continuing
success of the flea-control product Advantage®. As a cyclical
business, H.C. Starck is currently suffering from weak global
demand from the electronics industry, and the mobile communications
sector in particular. An economic recovery would allow Starck
to improve its earnin gs
performance once again.
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