{
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  "docSlug": "bfe5b154acd0199b",
  "documentTitle": "200917 Credit Suisse Basic Materials Conference",
  "authorId": "CreditSuisse",
  "authorName": "Bayer",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
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  "pageNumber": 5,
  "pageCount": 20,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "kpi_dashboard",
  "function": "quantify_impact",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "Includes a bar chart showing the progression of cost synergies from 2018 to 2022.",
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  "components": [
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      "kind": "callout",
      "text": "Now expect ~70% of the synergy target complete by end of 2020 vs. original target of 55%",
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      "kind": "chart",
      "text": "Annual Cost Synergies progression from H2 2018 to 2022e",
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      "kind": "disclaimer",
      "text": "1 Net EBITDA impact before special items, net of estimated dissynergies such as termination of selected distribution agreements as well as sales disruptions. 2 Majority of expected one time costs of ~1.3bn to achieve synergies expected to be recorded as special items. Applied FX rate of USD/EUR of 1.15",
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      "kind": "list",
      "text": "Crop Science functions advancing rapidly with organizational integration; selections essentially complete. Support functions to be completed in alignment with Bayer 2022 project. Cultural Integration: Continued high levels of employee engagement; ~75%. Cost Synergies: Now expect ~70% of the synergy target complete by end of 2020 vs. original target of 55%. Focused on headcount, IT and infrastructure savings.",
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      "kind": "list",
      "text": "Four countries to generate >60% of the sales synergies: U.S.A., Brazil, Argentina and Mexico. Bayer Plus program generating incremental sales in the U.S. in first season.",
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      "text": "Annual Cost Synergies: €870m",
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      "kind": "title",
      "text": "Integration and synergies ahead of plan in Crop Science",
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      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "The company presents its four core pillars for Crop Science and highlights its R&D investment and profitability.",
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      "confidence": 0.8,
      "parentBeatName": "Turn",
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  "loops": [
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      "position": 0,
      "objective": "Why we are doing this",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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