2 Science For A Better Life Bayer is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. As an inventor company, we set trends in research-intensive areas. Our products and services are designed to benefit people and improve their quality of life. At the same time we aim to create value through innovation, growth and high earning power. We are committed to the principles of sustainable development and to our social and ethical responsibilities as a corporate citizen. Cover picture Bayer HealthCare has a major research focus in the area of cardiology. Bayer scientists are working on new approaches to the treatment of cardiovascular diseases. The company s product offering also includes innovative injection systems for removing blood clots and deposits from blood vessels. Our picture shows Bayer employees Hieu Le and Kristin Green in the laboratory in Minneapolis, Minnesota, United States, with a simulation of blood cells.
3 Key Data [Table 1.1] Change million million % Bayer Group Sales 35,088 36, EBIT 1 2,730 4, EBIT before special items 2 4,452 5, EBITDA 3 6,286 6, EBITDA before special items 2 7,101 7, EBITDA margin before special items % 20.8% Income before income taxes 1,721 3, Net income 1,301 2, Earnings per share ( ) Core earnings per share ( ) Gross cash flow 7 4,771 5, Net cash flow 8 5,773 5, Net financial debt 7,917 7, Capital expenditures as per segment table 1,621 1, Research and development expenses 3,053 2, Dividend per Bayer AG share ( ) HealthCare Sales 16,913 17, EBIT 1,861 3, EBIT before special items 2 3,030 3, EBITDA 3 4,116 4, EBITDA before special items 2 4,405 4, EBITDA margin before special items % 27.4% Gross cash flow 7 2,948 3, Net cash flow 8 3,320 3, CropScience Sales 6,830 7, EBIT EBIT before special items , EBITDA , EBITDA before special items 2 1,293 1, EBITDA margin before special items % 22.8% Gross cash flow Net cash flow 8 1, MaterialScience Sales 10,154 10, EBIT EBIT before special items EBITDA 3 1,356 1, EBITDA before special items 2 1,356 1, EBITDA margin before special items % 10.8% Gross cash flow 7 1, Net cash flow In some cases, the sum of the figures given in this report may not precisely equal the stated totals and percentages may not be exact due to rounding. 1 EBIT = operating result as shown in the income statement 2 EBIT before special items and EBITDA before special items are not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. The company considers EBITDA before special items to be a more suitable indicator of operating performance since it is not affected by depreciation, amortization, impairments or special items. By reporting this indicator, the company aims to give readers a clearer picture of the results of operations and ensure greater compara bility of data over time. See also Combined Management Report, Chapter 4.2 Calculation of EBIT(DA) Before Special Items. 3 EBITDA = EBIT plus amortization and impairment losses on intangible assets and depreciation and impairment losses on property, plant and equipment, minus impairment loss reversals. 4 The EBITDA margin before special items is calculated by dividing EBITDA before special items by sales. 5 Earnings per share as defined in IAS 33 = net income divided by the average number of shares. For details see Note  to the consolidated financial statements. 6 Core earnings per share are not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. The company considers that this indicator gives readers a clearer picture of the results of operations and ensures greater comparability of data over time. The calculation of core earnings per share is explained in the Combined Management Report, Chapter Gross cash flow = income after taxes, plus income taxes, plus non-operating result, minus income taxes paid or accrued, plus depreciation, amortization and impairment losses, minus impairment loss reversals, plus / minus changes in pension provisions, minus gains / plus losses on retirements of noncurrent assets, minus gains from the remeasurement of already held assets in step acquisitions. The change in pension provisions includes the elimination of non-cash components of the operating result (EBIT). It also contains benefit payments during the year. For details see Combined Management Report, Chapter 4.5 Liquidity and Capital Expenditures of the Bayer Group. 8 Net cash flow = cash flow from operating activities according to IAS 7
4 The Bayer Group Bayer Bayer AG defines common values, goals and strategies for the entire Group. The subgroups and service companies operate independently, led by the management holding company. The Corporate Center supports the Group Management Board in its task of strategic leadership. Bayer HealthCare Bayer HealthCare is among the world s foremost innovators in the field of pharmaceutical and medical products. This subgroup s mission is to research, develop, manufacture and market innovative products that improve the health of people and animals throughout the world. Read more on page 68ff. Bayer CropScience Bayer CropScience, with its highly effective products, pioneering innovations and keen customer focus, holds global leadership positions in crop protection and non-agricultural pest control. The company also has major activities in seeds and plant traits. Read more on page 74ff. Bayer MaterialScience KEY DATA THE BAYER GROUP Bayer MaterialScience is a renowned supplier of high-tech polymers and develops innovative solutions for a broad range of applications relevant to everyday life. Products holding leading positions on the world market account for a large proportion of its sales. Read more on page 77ff. SERVICE COMPANIES Bayer Business Services is the Bayer Group s global competence center for it and business services. Its portfolio is focused on services in the core areas of it infrastructure and applications, procurement and logistics, human resources and management services, and finance and accounting. Bayer Technology Services, the global technological backbone and a major innovation driver of the Bayer Group, is engaged in process development and in process and plant engineering, construction and optimization. bts is the gateway to the Bayer Group for young engineers. Currenta offers services for the chemical industry including utility supply, waste management, infrastructure, safety, security, analytics and vocational training.
5 2011: Bayer achieves financial and innovation targets It is a great pleasure to present to you Bayer s Annual Report for 2011, a very successful year for our company. For me, it was the first full year as ceo of Bayer. What continues to motivate me more than anything else is the opportunity to contribute to the realization of this company s fascinating mission Bayer: Science For A Better Life. I share this passion with our many employees in all regions of the world. We all work every day to build on our position as a world-class inventor company that improves the lives of many people with its innovative products and solutions. As we do so, we continue to benefit from the global drivers. An increasing, aging population and growing affluence in the emerging markets are boosting the demand for innovative health care solutions. The world s food supply also needs to be increased. And given the limited amount of arable land, that means continuing to raise harvest yields with new crop protection and seed products. Our plastics business also benefits from the global trends, because innovative materials and resource efficiency are more important than ever. Now let s take a look at our business performance. Although the global economic recovery lost momentum in 2011, it was nevertheless a very good year for Bayer. Group sales rose by a currency- and portfolio-
6 adjusted 5.5 percent to 36.5 billion exceeding the record set in We substantially improved the operating result, with ebit of 4.1 billion (plus 52 percent) and ebitda before special items of 7.6 billion (plus 7 percent). The nearly 90 percent increase in our net income, to 2.5 billion, was also a very satisfactory development. Core earnings per share climbed by more than 15 percent. We achieved the Group targets that we raised after the first quarter. Business in our three subgroups was driven by different factors. HealthCare showed only modest growth, but its operating result improved significantly. As in the previous year, the Pharmaceuticals segment was hampered by the efforts of many countries to reduce health system costs. Intense competition from generic products also presented an ongoing challenge. That makes it all the more positive that our cost management was successful and that our Consumer Health segment outperformed the market. Boosted by improved weather conditions in the major growing regions and good prices for agricultural commodities, our CropScience subgroup posted encouraging sales growth and an even better increase in earnings compared with a relatively weak MaterialScience, however, clearly experienced the increasing volatility in the global economy. In 2010, this subgroup had re-attained its precrisis sales level more quickly than expected, and continued to expand in the early part of But in the fourth quarter, particularly, we felt the impact of the cooling economy and the growing burden of high energy and raw material costs. As a result, MaterialScience posted continuing sales growth but a drop in the operating result. In 2011 as a whole, however, we were operationally successful and also made key progress on strategic topics. Of central importance is our 2
8 innovative capability. Only by maintaining this at a high level can we do justice to our mission Bayer: Science For A Better Life. And only then will we hold our own in the international competitive arena. Our innovative capability made important advances in all three subgroups in HealthCare aims to make a steady contribution to improving human health. Still, there is an unmet or partially unmet treatment need for some two thirds of known diseases. And in this respect we were especially successful in We currently have four drug products with blockbuster potential at an advanced stage of development. This is good news for patients and also for Bayer, as each of these products could achieve peak annual sales in excess of 1 billion. They include the eye medicine vegf Trap-Eye and the cancer drugs Alpharadin and regorafenib. And we can confirm the peak sales potential of more than 2 billion per year for our innovative anticoagulant Xarelto following its approval in new indications in the United States, the e.u. and Japan. At CropScience we have stepped up our BioScience activities, which comprise modern technologies for seeds and plant traits. In this area we plan to approximately double research and development (r & d) expenditures by 2015 to 400 million. We will increase the entire annual r & d budget of CropScience by some 20 percent within this time span, to more than 850 million. We are also continuing to launch successful new crop protection products. A good example is the Xpro family of fungicides introduced in The novel Xpro technology improves disease control in cereals and has positive effects on plant physiology, which in turn increases stress tolerance and boosts grain yields. We believe this product family has a peak annual sales potential of more than 300 million. MaterialScience continues to focus on cost and process technology leader ship. For example, in November 2011 we officially opened our new 250,000-tons-per-year tdi facility in Shanghai. The innovative technology 4
9 used at this plant reduces solvent input by roughly 80 percent and energy consumption by up to 60 percent compared with conventional facilities of the same size. This represents a major advance, particularly from an environmental standpoint. For the current year, we again plan to spend approximately 3 billion on research and development in line with the high level of recent years. In addition to innovation which of course includes commercializing new products as effectively as possible another major factor for our future success is our presence in the dynamic emerging markets. Examples of our actions to enhance that presence are the transfer of the Polycarbonates business unit s headquarters to Shanghai and of the Primary Care unit s headquarters to Beijing. These relocations are in keeping with the continuing shift in the market focus of these units toward Asia. Also noteworthy is our operational success in the emerging markets, where sales moved ahead by 9 percent in So we resolutely pursued our strategy of targeted investment in our innovative capability and in emerging regional markets. We are creating the necessary financial flexibility through the restructuring program we communicated in November 2010 to improve efficiency and reduce internal complexity. This program is proceeding as planned according to the principle of more innovation, less administration. Yet amid all our efforts to achieve growth, we are always mindful of the long-term implications of what we do. Our renewed inclusion in both the European and the global Dow Jones Sustainability Index is testimony to our leadership in this field. Last year we also turned our attention to important aspects of our corporate culture. Having introduced our new values at the end of
10 using the acronym life, we focused in 2011 on workforce diversity. With our markets outside of Europe and North America gaining in importance, we are aiming to better reflect this by increasingly entrusting leadership roles to employees from the emerging regions. At the same time we are endeavoring to better tap the potential of the many highly qualified women throughout the world. To this end we have set ourselves the goal of raising the proportion of women in our five highest management grade levels from currently around 22 percent toward 30 percent by All in all, despite ongoing challenges in 2011, our business was successful and we continued to evolve as a company. On behalf of my colleagues on the Board of Management, I would like to personally thank our employees throughout the world for making this success possible. Ultimately it is their dedication and their contributions that are bringing us closer to our goals. Now let me look to the future. The outlook for the global economy in 2012 and especially for the eurozone is marked by uncertainty. But the specific opportunities and challenges for us as a company are becoming clear. In HealthCare, we are about to launch a number of highly promising products, but their successful commercialization naturally demands increased marketing expenses. And we will continue to experience pressure on prices from cost-saving measures in many countries health systems and from generic competition. At CropScience, our performance will depend partly on whether the attractive price levels for agricultural commodities persist. We also face the task of maintaining our focus on advanced seed technologies without abandoning our traditionally strong position in crop protection. 6
11 MaterialScience is particularly dependent on the general economic trend and on energy and raw material costs. The challenge here is to be flexible in everything we do, from how we run our production facilities to the investment decisions that determine our long-term development. To support the subgroups we must ensure that the programs we have initiated throughout Bayer are resolutely implemented. This applies to continuous improvement in the area of human resources and to our programs to increase efficiency and reduce complexity. We achieved a good deal of success in We identified our future opportunities and challenges and are prepared to address them. That is how we ensure that Bayer can consistently exploit its exciting growth potential. We count on your continuing support in the pursuit of these objectives. Sincerely, Dr. Marijn Dekkers Chairman of the Board of Management of Bayer AG 7
14 10 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011
15 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 11 THE MACULA: This part of the retina of the eye contains some eight million photoreceptor cells that are responsible for visual acuity and also for color vision. Degeneration of the macula can lead to a loss of central or straight-ahead vision. Innovation Bayer s researchers use science to improve people s quality of life. That s what our mission Bayer: Science For A Better Life is all about. New products are strengthening our position as a world-ranking inventor company. In 2012 as in 2011 Bayer will invest some 3 billion to research and develop these products.
16 12 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011
17 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 13 CROSS-SECTION OF A FIBER: A scanning electron micrograph shows the honeycomb structure of wheat. Marketing Inventions need to be translated into new products that people appreciate. That means innovation requires successful marketing. Only then can we earn the resources to invest in our future and come up with more inventions that will ensure sustained growth.
18 14 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011
19 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 15 POLYCARBONATE GRANULES: This high-tech material from Bayer can be found the world over. Customers range from the automotive and electrical / electronics industries to the construction and medical equipment sectors. Presence Demand for our innovative products is gaining particular momentum in the emerging markets. We are seizing this opportunity to systematically and sustainably expand our presence in these countries. But that doesn t mean abandoning our traditional markets. Because these remain a major factor in our success.
20 16 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011 Innovation Raising innovative capability through investment in research and development > page 18 Marketing Strengthening distribution and product marketing > page 24 Presence Expanding our presence in the emerging markets > page 30
21 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 17 Profitable growth More innovation, less administration: this initiative is a key ingredient of our future success. That s why we have consistently aligned our subgroups toward continuous efficiency improvement. This is also in line with the company values we call life : along with L for Leadership, I for Integrity and F for Flexibility, these also include E for Efficiency. We intend to free up resources that we urgently need to achieve profitable growth. For example, we expect complexity and bureaucracy reduction to yield annual savings of 800 million by We will invest about half of this amount in researching and developing innovative products, commercializing them and building our presence in the emerging markets. Read more about specific examples of innovation, marketing and presence from our three subgroups on the following pages.
22 18 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011 In a laboratory in Minneapolis, Minnesota, u.s., Bayer researchers Diana Dutcher and Mark Hilse demonstrate on a model of blood vessels how thrombi and deposits can be removed by a minimally invasive procedure using a catheter.
23 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 19 Raising innovative capability through investment in research and development Research is key
24 20 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011 Bayer HealthCare // Advances in medicine depend on innovation. The health care field accounts for some two thirds of Bayer s research and development expenses. The aim is to discover better treatment options, especially in view of the aging population. At the same time, it is important to improve the efficiency of government health systems. And the company plans to help achieve that aim in the future, partly by stepping up the development of integrated product and service packages in the areas of disease prevention, diagnosis and treatment including secondary prevention of cardiovascular illness. A test laboratory of Bayer HealthCare in Minneapolis, Minnesota, United States. Development engineer Diana Dutcher carefully inserts an ultra-fine catheter into a glass tube set up on a table. The tube is filled with a red, jelly-like mass to simulate a blood clot, or thrombus, in a leg artery. Behind Dutcher, a compressor can be heard pumping a drug through the catheter. After a few minutes the jelly-like substance becomes visibly more fluid. Shortly afterwards a salt solution passes through the catheter, creating a vacuum. The jelly dissolves and is sucked out through the catheter. Now the tube is clear. Dutcher is pleased with the result. She has just tested a new injection system for dissolving thrombi. Says Dutcher: The procedure is virtually painless for the patient and only takes about fifteen minutes. The new catheter is due to be launched soon in Europe and subsequently in the United States. Dr. Jörg Reinhardt, Chief Executive Officer of Bayer HealthCare, on the subgroup s strategy Comprehensive solutions for our health» Health systems worldwide are experiencing a profound transformation. The global population has passed seven billion, emerging markets are maturing, and higher life expectancy means the proportion of elderly people is growing. This is giving rise to greater medical need at a time when many health systems are reaching their financial limits. The key to addressing these challenges is innovation, which is the only way to create new value for society in the future. Today, Bayer HealthCare is well positioned, with a strong portfolio of innovative products and an outstanding pipeline of new developments. One example, of course, is Xarelto and further highly innovative medicines will follow over the next few months. To add more value for physicians and patients, we now plan to think beyond the scope of individual products and increasingly develop innovative solutions. In the cardiovascular area, for example, such solutions could start with prevention, encompass diagnosis and treatment where disease does occur, and also protect against recurrence a truly comprehensive approach to health care.
25 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 21 Bayer employee Frank Schaell at the Xarelto tablet coating machine in the Leverkusen solids plant 66.4% HealthCare Minimally invasive or keyhole surgical procedures of this kind can be used to remove thrombi and deposits or widen blood vessels. However, it s better if the blood flow isn t obstructed in the first place because blockages in the vessels of the heart, brain or lung can be life-threatening. A heart attack, stroke or pulmonary embolism can have chronic effects and severely impair a person s quality of life. Strategic focus on innovation Today, cardiovascular disease is already among the most frequent causes of death worldwide, comments Bayer HealthCare ceo Dr. Jörg Reinhardt. The medical need in this area will continue to increase due to global demographic change. He says a comprehensive approach is essential to address this challenge for the long term. We need to view cardiovascular diseases in a broader context. Apart from education on achieving a healthier lifestyle, prevention plays an increasingly important role. But when an acute illness does occur, treatment needs to be fast and thorough. After that, the important thing is to prevent secondary illness and to improve and sustain the quality of life. Part of our strategy is to gradually step up the development of integrated packages to sustainably improve the treatment of cardiovascular diseases. This type of approach will also help to keep health care costs at a reasonable level in the future, Reinhardt explains. One way to do this is by endeavoring to prevent various types of venous and arterial thromboses. If certain risk factors are present, action can be taken to prevent the formation of a thrombus that could block a blood vessel. For example, patients undergoing major surgery are given anticoagulants as a precaution against venous thrombosis or pulmonary embolism. Another use for such medicines is to prevent strokes in people with atrial fibrillation. More than six 24.7% CropScience 8.1% MaterialScience 0.8% Reconciliation Shares of research and development expenses 2011 subgroups and reconciliation (other companies)
26 22 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011 million people in Europe and over 2.2 million in the u.s., for example, suffer from this common type of cardiac rhythm disorder. In atrial fibrillation, the two atria of the heart no longer contract rhythmically or in synchronization with the heart ventricles. As a result, blood may accumulate in the atria, causing small blood clots to form. If one of these thrombi finds its way into a brain artery, a stroke may occur. The blockage in the artery reduces the regular flow of blood, resulting in an inadequate supply of oxygen to the affected parts of the brain. If a stroke is suspected, a rapid response is required because immediate medical attention maximizes the patient s chances of recovery. Bayer researchers Prof. Johannes-Peter Stasch (right), Dr. Stephan Vettel (center) and Dr. Dieter Neuser in the Wuppertal laboratory with a model of a lung
27 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 23 DR. JÖRG REINHARDT, CHIEF EXECUTIVE OFFICER OF BAYER HEALTHCARE We can contribute to the efficiency of health systems by providing innovative products that deliver sustainable improvements in health care. But even if prompt treatment can be provided, a proportion of patients will be left with residual impairment after a stroke. The problems can include paralysis, difficulty talking, and memory loss. Roughly 80 percent of strokes are caused by blockage of a brain artery. And according to a report by the Atrial Fibrillation Expert Network, a research organization sponsored by the German Ministry of Education and Research in Berlin, atrial fibrillation is identified as the cause of stroke in between 20 and 30 percent of hospitalized stroke patients. The development of novel drug entities to treat cardiovascular disorders has long been one of the main focuses of research at Bayer, explains Professor Andreas Busch, Head of Research and Early Development and a member of the Bayer HealthCare Executive Committee. In the future, our research and development program will continue to target the provision of innovative drug entities for serious cardiovascular disorders with the aim of improving the current therapeutic standard, extending patient survival and increasing patients quality of life, Busch adds. Prevention, diagnosis and therapy Serious cardiovascular disorders require medical attention. Yet everyone can contribute to staying healthy and avoiding secondary illness by adopting an appropriate lifestyle. Regular physical activity, a balanced diet and avoiding nicotine can help to prevent arteriosclerosis, high blood pressure and diabetes. These diseases are considered to be risk factors for strokes, heart attacks and other cardiovascular conditions. Regular medical check-ups round out the individual s personal prevention program. These give the physician an opportunity to identify hypertension and high levels of blood glucose or cholesterol at an early stage and to prescribe medication if required. For patients who have already had a heart attack or stroke, a healthy lifestyle and supplementary medical care are particularly important in order to avoid another blockage of a vital blood vessel. The physician can also initiate additional measures if he / she suspects that the cardiovascular system is being compromised by factors such as atrial fibrillation or narrowed vessels, for example. Increasing the efficiency of health systems We can contribute to the efficiency of health systems by providing innovative products that deliver sustainable improvements in health care, says Reinhardt. Dr. Jane Barlow, Vice President of u.s. health care company Medco Health Solutions, agrees that Bayer HealthCare is on the right track with its focus on value: Health systems worldwide are in a process of transformation. While there s no doubt of the need for new medicines, cost efficiency is also a growing consideration. This overarching approach to health care issues is important. With their focus on creating real value, companies like Bayer make a significant contribution to improving both the effectiveness and efficiency of health systems.
28 24 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011 Farmer José Uribe Estrada and Miguel Angel Baltazar Canizal (left) from Bayer CropScience assess the quality of the broccoli crop at the Sanabria farm in Valle de Santiago, Mexico.
29 BAYER ANNUAL REPORT 2011 BUILDING ON OUR STRENGTHS 25 Strengthening distribution and product marketing Active partnerships
30 26 BUILDING ON OUR STRENGTHS BAYER ANNUAL REPORT 2011 Bayer CropScience // Innovative products raise the quality of life making it all the more important that they reach the customer efficiently. Bayer CropScience is finding new ways to strengthen and improve its distribution and marketing activities along the entire value chain from seed to shelf. The hand-picked broccoli florets from Mexican vegetable processor and exporter MarBran are a lush green color just the way demanding consumers in Europe, North America and Japan like them. The vegetables are produced and processed in Mexico. More than 150 growers ensure a constant yearround supply. At the MarBran processing plant at Jaral del Progreso in Guana juato State, the delicate florets are carefully shaped by hand, then blanched and frozen. Our business is based on meeting the highest quality standards, which is why we were immediately interested when Bayer CropScience explained to us how its food chain partnerships work, says Fermín Vaca, Operations Manager at MarBran. This project enables us to enhance our commitment to safety and quality through out the production process. Food chain partnerships are part of the marketing and distribution concept with which Bayer CropScience supports the food industry around the world. The company s aim is to provide targeted solutions from seed to shelf for its customers benefit. Bayer CropScience ceo Sandra E. Peterson describes Sandra E. Peterson, Chief Executive Officer of Bayer CropScience, on the subgroup s strategy Shaping our industry s future together» The agricultural industry is at the center of unprecedented and highly complex global challenges. Markets and prices are more unpredictable than ever, new technologies are opening up new possibilities, regulations are increasing in complexity, and normal weather fluctuations are being exacerbated by the extreme effects of climate change. At the same time, the world s population is increasing, and with it the demand for food and renewable raw materials. But arable land is limited, and millions of people are still going hungry. Our mission at Bayer CropScience is to develop solutions for this hungry planet by smartly deploying our resources, sharpening the market focus of our portfolio, better understanding our customers needs and fully exploiting our innovative potential in both chemistry and biology. But no one is going to solve the great global challenges single-handedly. It will take a detailed understanding of the issues along the entire value chain with scientific expertise and entrepreneurial skills and the ability to join with others in driving the development of this immensely exciting industry. And it s precisely in those areas that the true strength of our company lies.
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