Five-Year Financial Summary

Bayer-Konzern	2003	2004	2005	2006	2007
€ million
Net sales	28,567	23,278	24,701	28,956	32,385
Sales outside Germany	85.8%	86.9%	84.4%	84.4%	85.1%
EBIT¹	(1,119)	1,875	2,514	2,762	3,154
Income (loss) before income taxes	(1,994)	1,222	1,912	1,980	2,234
Income (loss) after taxes	(1,349)	682	1,595	1,695	4,716
Noncurrent assets	18,232	16,859	20,130	35,897	34,712
of which goodwill and other intangible assets	6,514	5,952	7,688	24,034	22,770
of which property, plant and equipment	9,937	7,662	8,321	8,867	8,819
Current assets²	17,673	15,972	16,592	17,069	16,582
Inventories	5,885	4,738	5,504	6,153	6,217
Receivables and other current assets	9,054	7,664	7,798	8,001	7,834
Cash and cash equivalents	2,734	3,570	3,290	2,915	2,531
Financial liabilities	9,426	9,191	8,952	19,801	14,198
Noncurrent	7,378	7,025	7,185	14,723	12,911
Current	2,048	2,166	1,767	5,078	1,287
Interest expense – net	(353)	(229)	(338)	(728)	(701)
equity	(9.7)%	6.1%	14.4%	14.1%	31.8%
Gross cash flow¹	2,864	2,885	3,114	3,913	4,784
Capital expenditures (total)	1,739	1,275	1,400	1,939	1,905
Depreciation and amortization	2,634	1,933	1,758	2,086	2,478
Personnel expenses (including pension expenses)	7,906	6,026	5,318	6,630	7,571
Number of employees (Dec. 31)³	115,400	91,700	82,600	106,000	106,200
Research and development expenses	2,404	1,927	1,729	2,297	2,578
Stockholders’ equity including minority interest (total)	12,336	10,943	11,157	12,851	16,821
Capital stock	1,870	1,870	1,870	1,957	1,957
Reserves	11,704	8,227	9,287	10,894	14,864
Net income (loss)	(1,361)	685	1,597	1,683	4,711
Minority interest	123	111	80	84	87
Liabilities (total)	23,013	26,645	25,565	43,040	34,557
Total assets	37,445	37,588	36,722	55,891	51,378
Equity ratio	32.9%	29.1%	30.4%	23.0%	32.7%

Bayer AG
Net income (loss)	(185)	274	613	1,250	1,928
Allocation to (from) retained earnings	(550)	(128)	(81)	486	896
Total dividend payment	365	402	694	764	1,032
Dividend per share (€)	0.50	0.55	0.95	1.00	1.35

figures for 2003 through 2005 as reported, 2006 figures restated
1 for definition see footnotes to Bayer Group Key Data
2 excluding discontinued operations
3 2003 – 2004: headcount
2005 – 2007: full-time equivalents