Bayer Group Key Data

	2006	2007	Change
	€ million	€ million	%
Bayer Group
Net sales	28,956	32,385	+11.8
EBITDA¹	4,675	5,866	+25.5
EBITDA before special items	5,584	6,777	+21.4
EBIT²	2,762	3,154	+14.2
EBIT before special items	3,479	4,287	+23.2
Income before income taxes	1,980	2,234	+12.8
Net income	1,683	4,711	•
Earnings per share (€)³	2.22	5.84	•
Gross cash flow⁴	3,913	4,784	+22.3
Net cash flow⁵	3,928	4,281	+9.0
Capital expenditures as per segment table	1,739	1,891	+8.7
Research and development expenses	2,297	2,578	+12.2
Dividend per Bayer AG share (€)	1.00	1.35	+35.0

Bayer HealthCare
Net external sales	11,724	14,807	+26.3
EBITDA¹	1,947	3,065	+57.4
EBITDA before special items	2,613	3,792	+45.1
EBIT²	1,313	1,564	+19.1
EBIT before special items	1,715	2,492	+45.3
Gross cash flow⁴	1,720	2,389	+38.9
Net cash flow⁵	1,526	2,010	+31.7
Capital expenditures as per segment table	576	593	+3.0

Bayer CropScience
Net external sales	5,700	5,826	+2.2
EBITDA¹	1,166	1,204	+3.3
EBITDA before special items	1,204	1,324	+10.0
EBIT²	584	656	+12.3
EBIT before special items	641	786	+22.6
Gross cash flow⁴	900	961	+6.8
Net cash flow⁵	898	1,040	+15.8
Capital expenditures as per segment table	197	223	+13.2

Bayer MaterialScience
Net external sales	10,161	10,435	+2.7
EBITDA¹	1,499	1,542	+2.9
EBITDA before special items	1,677	1,606	-4.2
EBIT²	992	1.042	+5.0
EBIT before special items	1,210	1,117	-7.7
Gross cash flow⁴	1,166	1,228	+5.3
Net cash flow⁵	1,281	1,147	-10.5
Capital expenditures as per segment table	753	889	+18.1

1 EBITDA = EBIT plus amortization of intangible assets and depreciation of property, plant and equipment. EBITDA, EBITDA before special items and EBITDA margin are not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. The company considers underlying EBITDA to be a more suitable indicator of operating performance since it is not affected by depreciation, amortization, write-downs/write-backs or special items. The company also believes that this indicator gives readers a clearer picture of the results of operations and ensures greater comparability of data over time. The underlying EBITDA margin is calculated by dividing underlying EBITDA by sales.
2 EBIT as shown in the income statement.
3 Earnings per share as defined in IAS 33 = net income divided by the average number of shares. For details see Note [16] to the financial statements. For details on core earnings per share click here.
4 Gross cash flow = income from continuing operations after taxes, plus income taxes, plus/minus non-operating result, minus income taxes paid, plus depreciation, amortization and write-downs, minus write-backs, plus/minus changes in pension provisions, minus gains/plus losses on retirements of noncurrent assets, plus non-cash effects of the remeasurement of acquired assets. The change in pension provisions includes the elimination of non-cash components of the operating result. It also contains benefit payments during the year. For details see Note [25].
5 Net cash flow = cash flow from operating activities according to IAS 7