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Conduct Quantitative Analyses of the Companies (financial)
Present a comprehensive financial statement analysis of the target acquisitions. Prepare the common size statements and all the ratios and amounts for the measures given below for the most recent year for both of your companies and present in a clear tabular form.  Then discuss each category given below.

Prepare common-size financial statements for both target acquisitions
Complete both a horizontal and vertical analysis for each target acquisition
Compare the common-size financial statements between the two companies using cross-sectional analysis
Calculate and interpret relevant profitability, solvency, liquidity, leverage, market value ratios for each company that will be useful in comparing the target acquisition

For each company, graphically trend the net income and cash flow from operations over the last five years. Based on a comparison of the income statement to the statement of cash flows, what accounts explain the greatest differences between net income (loss) and cash flow from operations.  Comment on the quality of the earnings numbers.
Calculate and interpret the net present value (NPV) of the companies’ annual free cash flow (FCF) for a 5 year period (NPER) taking into account a constant growth rate (which will need to be calculated), and a discount rate that is equal to your companies weighted average cost of capital (WACC), which is 7%.We will conduct a quantitative analysis for the company Monsanto (Round up) and Bayer, which has a directional strategy focused on expanding the company through horizontal integration. The company does a great job keeping close watch on its cash position and consistently maintains a positive cash flow; is very solvent; controls its overhead expenses; has solid marketing and sales, production, and human resources performance metrics, and fosters a culture of strategic thinkers. Historically, your company has expanded through a combination of organic (new startups) and inorganic growth and feels it’s time to consider acquisition opportunities.
In this project, the Board is looking to engage in a friendly acquisition of a company that will not only increase its market share, but allow it to penetrate new markets and increase the company’s abilities to meet current and future consumer needs and expectations. Since management’s attitude is to pursue a friendly acquisition as opposed to a hostile takeover, your team may consider looking at conglomerates that have experienced significant growth through inorganic growth (acquisitions) and may now be looking to refocus on their core business and are willing to consider divesting some of its businesses that are within your industry.
There could be other companies that are under financial duress and receptive to acquisition offers. Your team is a part of the corporate mergers and acquisition (M&A) department and has been assigned the task of identifying two potential acquisition targets. Since your Board is committed to a strategy of horizontally integration, you will be looking for possible acquisitions from within your industry. You are aware that the Board strategizes and supports green technology in companies that are guided by core values. You will be performing a preliminary analysis of the companies under consideration, and then ultimately recommend one of the companies move forward for a more in-depth valuation by M&A Department.

Conduct Quantitative Analyses of the Companies (financial)

Present a comprehensive financial statement analysis of the target acquisitions. Prepare the common size statements and all the ratios and amounts for the measures given below for the most recent year for both of your companies and present in a clear tabular form. Then discuss each category given below.

Prepare common-size financial statements for both target acquisitions

Complete both a horizontal and vertical analysis for each target acquisition

Compare the common-size financial statements between the two companies using cross-sectional analysis

Calculate and interpret relevant profitability, solvency, liquidity, leverage, market value ratios for each company that will be useful in comparing the target acquisition

For each company, graphically trend the net income and cash flow from operations over the last five years. Based on a comparison of the income statement to the statement of cash flows, what acBayer AG Financial Statements 2019 Bayer AG Financial Statements 2019 1

Ber so

Bayer AG Financial Statements

ContentsBayer AG Financial Statements 2019 2

Contents

Income Statements 3

Statements of Financial Position 4

Notes 5

Changes to and Information on the Corporate Structure 5

Accounting Policies 5

Recognition and Valuation Principles 6

Notes to the Income Statements 9

1. Sales 9

2. Other operating income 9

3. Other operating expenses 10

4. Income from investments in affiliated

companies – net 10

5. Interest income/expense – net 11

6. Other financial income/expense – net 12

7. Income taxes 12

8. Other taxes 13

9. Cost of materials 13

10. Personnel expenses/employees 13

11. Stock-based compensation 14

12. Valuation write-downs 15

Notes to the Statements of Financial Position 16

13. Intangible assets 16

14. Property, plant and equipment 16

15. Investments 17

16. Inventories 18

17. Trade accounts receivable 18

18. Accounts receivable from subsidiaries 18

19. Other assets 19

20. Receivables and other assets maturing in

more than one year 19

21. Deferred charges 19

22. Surplus from offsetting 19

23. Equity 20

24. Provisions for pensions 22

25. Other provisions 22

26. Bonds and promissory notes 23

27. Trade accounts payable 23

28. Payables to subsidiaries 23

29. Miscellaneous liabilities 24

30. Further information on liabilities 24

31. Deferred income 24

Other Information 25

32. Contingent liabilities 25

33. Other financial commitments 27

34. Derivatives/hedging relationships 28

35. Legal risks 31

36. Related parties 33

37. Disclosures pursuant to Section 6b

Paragraph 2 of the German Energy Act 33

38. Audit fees 33

39. Events of particular significance after the end

of the fiscal year 34

40. Total compensation of the Board of Management

and the Supervisory Board and loans 34

41. Proposal for the use of the distributable profit 35

Responsibility Statement 36

Independent Auditor’s Report 37

Governance Bodies 45

Financial Calendar/Masthead 48

The management report of Bayer AG is combined with the manage-
ment report of the Bayer Group. The Combined Management Report
is published in Bayer’s Annual Report for 2019. The financial state-
ments and the Combined Management Report of the Bayer Group
and Bayer AG for fiscal 2019 have been submitted to the operator of
the Federal Gazette and are accessible via the Company Register
website.

Income StatementsBayer AG Financial Statements 2019 3

Income Statements

€ million Note 2018 2019

Net sales [1] 14,647 14,833

Cost of goods sold (8,219) (7,882)

Gross profit 6,428 6,951

Selling expenses (4,509) (4,524)

Research and development expenses (2,331) (2,131)

General administration expenses (1,056) (1,409)

Other operating income [2] 268 481

Other operating expenses [3] (115) (123)

Operating income (1,315) (755)

Income from investments in affiliated




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