Management Report

9. Growth and Innovation

Our expenses for research and development rose by 11.0% (Fx adj.) in the first quarter of 2015 to €956 million (q1 2014: €820 million). Capital expenditures for property, plant and equipment and intangible assets amounted to €345 million (q1 2014: €357 million).

Research and Development Expenses in the 1st Quarter of 2015
Capital Expenditures in the 1st Quarter of 2015

The Emerging Markets once again accounted for a disproportionate share of currency-adjusted sales growth in the first quarter of 2015. For reporting purposes we have defined the Emerging Markets as Asia (excluding Japan), Latin America, Eastern Europe, Africa and the Middle East.

Sales in the Emerging Markets advanced by 11.4% (Fx adj.) in the first quarter of 2015 to €4,168 million (q1 2014: €3,538 million). All regions contributed to this development. The Emerging Markets’ share of total sales was slightly higher than in the previous year at 34.4% (q1 2014: 33.5%).

Sales Development in the 1st Quarter of 2015
Last updated: April 30, 2015  Copyright © Bayer AG
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