Key Data

Bayer Group Key Data

	2nd Quarter 2007	2nd Quarter 2008	Change	1st Half 2007	1st Half 2008	Change	Full Year 2007
	€ million	€ million	%	€ million	€ million	%	€ million
Sales	8,217	8,511	+3.6	16,552	17,047	+3.0	32,385

Change in sales
Volume	+4.7%	+8.1%		+6.2%	+7.0%		+5.6%
Price	+0.7%	+1.4%		+0.3%	+1.2%		+0.5%
Currency	-2.9%	-6.4%		-3.7%	-5.6%		-3.6%
Portfolio	+19.5%	+0.5%		+19.6%	+0.4%		+9.3%

EBITDA¹	1,572	1,774	+12.8	3,346	3,829	+14.4	5,866
Special items	(234)	(122)		(450)	(252)		(911)
EBITDA before special items	1,806	1,896	+5.0	3,796	4,081	+7.5	6,777

EBITDA margin before special items	22.0%	22.3%		22.9%	23.9%		20.9%

EBIT²	917	1,105	+20.5	2,092	2,448	+17.0	3,154
Special items	(268)	(143)		(468)	(297)		(1.133)
EBIT before special items	1,185	1,248	+5.3	2,560	2,745	+7.2	4,287

EBIT margin before special items	14.4%	14.7%		15.5%	16.1%		13.2%

Non-operating result	(257)	(262)	-1.9	(475)	(537)	-13.1	(920)

Net income	660	574	-13.0	3,469	1,336	-61.5	4,711
Earnings per share (€)³	0.83	0.73		4.27	1.69		5.84
Core earnings per share (€)⁴	1.03	1.18		2.28	2.62		3.80

Gross cash flow⁵	1,187	1,322	+11.4	2,598	2,973	+14.4	4,784

Net cash flow⁶	816	889	+8.9	1.191	1.417	+19.0	4,281

Cash outflows for capital expenditures	440	347	-21.1	641	635	-0.9	1,860

Research and development expenses	650	648	-0.3	1.275	1.281	+0.5	2.578

Depreciation and amortization	655	669	+2.1	1.254	1.381	+10.1	2.712

Number of employees at end of period⁷	104,600	107,100	+2.4	104,600	107,100	+2.4	106,200
Personnel expenses	1,894	1,864	-1.6	3,792	3,852	+1.6	7,571

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 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 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 Investor Information.
5 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 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