Key Data

Bayer Group Key Data

	3rd Quarter 2008	3rd Quarter 2009	Change	First Nine Months 2008	First Nine Months 2009	Change	Full Year 2008
	€ million	€ million	%	€ million	€ million	%	€ million
Sales	7,948	7,392	-7.0	24,995	23,296	-6.8	32,918

Change in sales
Volume	+2.5%	-2.8%		+5.6%	-6.4%		+2.8%
Price	+2.6%	-4.4%		+1.6%	-2.2%		+1.6%
Currency	-4.0%	+0.6%		-5.1%	+1.8%		-3.4%
Portfolio	+0.9%	-0.4%		+0.6%	0.0%		+0.6%

EBITDA¹	1,334	1,326	-0.6	5,163	4,696	-9.0	6,266
Special items	(159)	(173)		(411)	(263)		(665)
EBITDA before special items	1,493	1,499	+0.4	5,574	4,959	-11.0	6,931

EBITDA margin before special items	18.8%	20.3%		22.3%	21.3%		21.1%

EBIT²	684	646	-5.6	3,132	2,640	-15.7	3,544
Special items	(207)	(191)		(504)	(315)		(798)
EBIT before special items	891	837	-6.1	3,636	2,955	-18.7	4,342

EBIT margin before special items	11.2%	11.3%		14.5%	12.7%		13.2%

Non-operating result	(276)	(262)	+5.1	(813)	(888)	-9.2	(1,188)

Net income	277	249	-10.1	1,613	1,206	-25.2	1,719
Earnings per share (€)³	0.37	0.30	-18.9	2.06	1.52	-26.2	2.22
Core earnings per share (€)⁴	0.85	0.78	-8.2	3.46	2.74	-20.8	4.17

Gross cash flow⁵	1,171	1,172	+0.1	4,144	3,629	-12.4	5,295

Net cash flow⁶	1,234	1,517	+22.9	2,651	3,609	+36.1	3,608

Cash outflows for capital expenditures	492	420	-14.6	1,127	1,080	-4.2	1,759

Research and development expenses	662	692	+4.5	1,943	2,012	+3.6	2,653

Depreciation and amortization	650	680	+4.6	2,031	2,056	+1.2	2,722

Number of employees at end of period⁷	108,600	108,800	+0.2	108,600	108,800	+0.2	108,600
Personnel expenses (including pension expenses)	1,887	1,906	+1.0	5,739	5,854	+2.0	7,491
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 more a 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. See also Calculation of EBIT(DA) Before Special Items. 2 EBIT = operating result as per income statements 3 Earnings per share as defined in IAS 33 = net income divided by the average number of shares. For details see Explanatory Notes. 4 Core earnings per share is not defined in the International Financial Reporting Standards and should therefore be regarded only as supplementary information. The company believes 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 on Bayer Stock. 5 Gross cash flow = income from continuing operations after taxes, plus income taxes, plus/minus non-operating result, minus income taxes paid or accrued, 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 Liquidity and Capital Resources. 6 Net cash flow = cash flow from operating activities according to IAS 7 7 Number of employees in full-time equivalents