Europe. Despite the difficult economic environment of 2009, Bayer Group reported that last year was one of the best for its business.Earnings, before interest, taxes, depreciation and amortization (Ebitda), was US$ 8,754 million, reporting the third highest level in Bayer's history. Net cash flow rose 49 percent to a record $7.27 billion.
Regarding the 2009 balance sheet, Werner Wenning, Chairman of the Board of Directors, said "we succeeded in a difficult environment, and we are optimistic for the future".
MaterialScience's businesses did not report such a good balance sheet, as they fell by 24.7%, as they were dominated by the effects of the global economic and financial crisis. Sales decreased 22.8% to $10,172 million, up from $13,172 in 2008. This decrease was due to the fact that sales prices were almost equal to or lower than before and to the fall in volumes. "Considering that worldwide sales fell sharply in early 2009, the business recovered remarkably as the year progressed," Wenning said.
Coatings, adhesives and the specialty unit declined by 19.5%.
