RNS Number:9110R
Bayer AG
11 November 2003
Bayer AG
Interim Report for the First Three Quarters
Sales and EBIT in line with expectations
Sales up 4.6 percent before portfolio and currency effects
Net debt reduced to Euro6.9 billion
Levitra(R) successfully launched in the United States
Group sales in the third quarter of 2003 declined by 8.4 percent to Euro6,834
million in what continued to be a difficult business environment. The decrease
was mainly due to adverse currency parities and several divestitures. Before
portfolio and currency effects, sales grew by 4.6 percent, buoyed primarily by
the Pharmaceuticals and Biological Products, and Polyurethanes, Coatings and
Fibers segments.
Third-quarter EBIT amounted to Euro21 million. The Euro858 million figure for the same
period of 2002 contained Euro909 million in proceeds from the sale of Haarmann &
Reimer. Before special items, EBIT improved by Euro36 million, or 52.9 percent, to
Euro104 million, largely thanks to higher earnings in HealthCare.
EBIT for the first three quarters of 2003 was Euro1,550 million, compared to Euro1,950
million in the same period of 2002. Before special items, EBIT in the first nine
months improved by Euro474 million, or 53.4 percent, to Euro1,361 million. Through
strict capital discipline, net debt was reduced by Euro828 million in the third
quarter to Euro6,930 million; during the first nine months, therefore, net debt was
brought down by Euro1,931 million using the operating cash flow and proceeds from
divestitures.
We do not anticipate a sustained economic recovery before the end of the year.
Earnings in HealthCare will be hampered by high launch costs for Levitra(R). In
CropScience we expect full-year EBIT to be slightly below the figure for the
first three quarters due to seasonal factors. Earnings in Polymers and Chemicals
are not expected to improve in the near term.
In connection with the comprehensive strategic realignment of our portfolio, we
will review the valuation of all relevant assets in the fourth quarter; this may
lead to a charge against fourth-quarter earnings. However, such a charge would
not impair our ability to pay a dividend for the year.
We expect EBIT before these special items to increase by a double-digit
percentage from the previous year as forecast.
Performance by Business Area
Our business activities are grouped together in the HealthCare, CropScience,
Polymers and Chemicals business areas, comprising the following reporting
segments:
Business Area Segments
HealthCare Pharmaceuticals, Biological Products;
Consumer Care, Diagnostics;
Animal Health
CropScience CropScience
Polymers Plastics, Rubber;
Polyurethanes, Coatings, Fibers
Chemicals Chemicals
HealthCare
Disregarding portfolio changes, the HealthCare subgroup turned in a pleasing
performance in the third quarter. Despite unfavorable exchange rates and the
sale of the household insecticides business, year-on-year sales were steady at
Euro2,259 million. In local currencies and before portfolio changes, sales rose by
10.9 percent. EBIT improved by Euro88 million to Euro216 million.
Even after negative currency effects, business of the Pharmaceuticals and
Biological Products segment expanded by 8.4 percent in the third quarter of 2003
to Euro1,210 million. The sales increase in local currencies amounted to 16.5
percent. This segment thus continued the positive trend of the second quarter,
with both the Pharmaceuticals and Biological Products divisions contributing to
the increase. Positive developments included the increase in market share for
the Factor VIII drug Kogenate(R) and the very successful launch of Levitra(R) in
the United States in September 2003. Levitra(R), our new medicine to treat
erectile dysfunction, had already captured an approximately 14 percent share of
new prescriptions in the United States by the 43rd calendar week of the year.
The product is now registered in nearly 60 countries. Levitra(R) is on the
market in the United States, Europe, numerous South American countries, New
Zealand and Australia. The patent disputes with Pfizer are ongoing.
EBIT increased to Euro40 million in the third quarter. This growth in earnings
resulted mainly from the optimization of production processes in Biological
Products, the cost-structure programs in Pharmaceuticals and the favorable
business trend. The special items largely comprised restructuring charges.
The U.S. Food and Drug Administration approved the once-daily formulation Cipro
(R) XR to treat complicated urinary tract infections. We have also taken an
important step in the field of cancer research: a Raf kinase inhibitor that is
being developed jointly with U.S.-based Onyx Pharmaceuticals Inc. has reached
Phase III clinical testing for the treatment of advanced renal cell carcinoma.
As part of our ongoing portfolio management, we plan to divest the plasma
business of the Biological Products Division. These activities are shown under
discontinuing operations. The Kogenate(R) business is not affected by this
decision.
Following the first two successfully concluded Baycol(R) trials in Texas and
Mississippi in March and April of this year, the number of rhabdomyolysis cases
resolved by settlement increased substantially. As of November 6, 2003, 1,811
cases had been settled for payments totaling US$ 659 million. Moreover, Bayer is
in settlement negotiations with several hundred further plaintiffs. Bayer
remains willing to settle those cases in which plaintiffs suffered serious
side-effects due to our product. As of November 6, 2003, 11,459 cases remain
pending. Where facts have been developed in the course of the litigation it so
far appears that the vast majority of plaintiffs did not suffer serious
side-effects.
Should the U.S. plaintiffs in the Baycol(R) litigation or in the
phenylpropanolamine (PPA) product liability litigation substantially prevail
despite the existing meritorious defenses, it is possible that Bayer could face
payments that exceed its insurance coverage. The same is true should an
unexpectedly sharp increase in settlement cases occur in the Baycol(R)
litigation. PPA, which was widely used as an active ingredient in appetite
suppressants and cough-and-cold medications by many manufacturers, was
voluntarily replaced by Bayer and other producers in the U.S. in 2000 after a
recommendation by the U.S. Food and Drug Administration.
The Consumer Care and Diagnostics segment continued to develop well in the third
quarter. Despite the divestment of the household insecticides business and the
strength of the euro, reported sales moved back by only 10.1 percent to Euro845
million. In local currencies and before portfolio effects, sales climbed by 5.3
percent, with the Consumer Care and Diagnostics divisions expanding by 3.3 and
7.2 percent, respectively. The U.S. business drove growth of the Consumer Care
Division, which was mainly due to the very positive performance of the One-A-Day
(R) Weight Smart vitamin line introduced at the beginning of the year. Also
making pleasing gains was the analgesic Aleve(R), which grew faster than the
U.S. market for non-prescription pain relievers. Both the Professional Testing
and Self-Testing units of the Diagnostics Division posted good growth year on
year. In the Self-Testing business, the improvement over the preceding quarters
was chiefly attributable to new product launches in the Ascensia(R) line in a
number of countries. We expect these newly launched blood glucose measurement
systems to further improve our position in the self-testing market. In
Professional Testing all product groups performed encouragingly, with the ADVIA
(R) product line fairing especially well. Our position should again be
strengthened by the launches of the ADVIA(R) IMS800i laboratory diagnostics
system and the BNP heart failure assay for the ADVIA(R) Centaur system.
EBIT improved by 20.9 percent compared to the third quarter of 2002, to Euro133
million, helped by special items and particularly the enhanced performance of
the Professional Testing unit.
The Animal Health segment was also hampered by negative currency effects.
Third-quarter sales fell by 8.5 percent in euros but remained steady in local
currencies.
EBIT dropped by 15.7 percent to Euro43 million, largely because of unfavorable
currency parities and heightened competition in the United States. These effects
were only partly offset by strict cost management.
CropScience
The third quarter saw a year-on-year fall of 14.3 percent, or Euro188 million, in
CropScience sales to Euro1,125 million. In local currencies and adjusted for the
absence of the products divested to comply with antitrust conditions, sales rose
by 3.5 percent. Products containing our most important active ingredient,
imidacloprid, continued to enjoy strong sales, as in the first half of the year
- particularly our seed treatment product Gaucho(R), which made further gains in
the important U.S., German and Italian markets. Business in Europe was impaired
by sustained drought conditions that led to lower demand for fungicides. Sales
increased significantly in North America due to heavy demand for fungicides and
insecticides. In the third quarter we obtained registration there for our new
insecticides Poncho(R) and Calypso(R). Business in South America was impacted by
negative currency and portfolio effects. Sales in the first three quarters
increased by 33.4 percent, or Euro1,091 million, to Euro4,353 million as a result of
the Aventis CropScience acquisition.
EBIT improved to minus Euro134 million in the third quarter despite the sales
decline and restructuring charges, margins for the former Aventis CropScience
products having been impaired in the same period last year by factors related to
the acquisition. EBIT for the first nine months improved from minus Euro53 million
to Euro342 million, while EBITDA rose to Euro920 million, compared to Euro299 million in
the first three quarters of 2002. This yields an EBITDA margin of 21.1 percent,
compared to 9.2 percent a year ago.
The integration of Aventis CropScience has continued successfully in 2003 and is
now at an advanced stage.
Polymers
Sales of Polymers declined by 5.4 percent in the third quarter, to Euro2,456
million, mainly due to adverse currency effects. EBIT was sharply down, at minus
Euro11 million.
Business in the Plastics and Rubber segment decreased by 10.9 percent to Euro1,170
million, largely because of the weakness of the U.S. dollar. In local currencies
and adjusted to reflect the divestment of PolymerLatex, sales fell by 3.1
percent, hampered as before by the absence of an economic recovery in Europe.
Despite the overall trend, however, there was encouraging growth in
polycarbonate sales in the Greater China region as important customers such as
the automotive and electronics industries continued their expansion in the Far
East.
The main reasons for the significant decline in EBIT, to minus Euro50 million, were
sustained pressure on prices - partly because Asian competitors were able to
exploit their currency advantages - and high raw material costs. Special items
diminished earnings by Euro23 million, with the closure of a production line for
butadiene rubber (BR) at the site in Marl, Germany, accounting for Euro12 million.
Our acquisition of the remaining shares of Makroform GmbH on July 15, 2003
strengthens our position as a leading supplier of polycarbonate sheet.
Sales of the Polyurethanes, Coatings and Fibers segment remained steady year on
year at Euro1,286 million. Business was up by 6.0 percent in local currencies. The
MDI business continued to expand, with high capacity utilization and sales up
12.0 percent in the third quarter. Despite a squeeze on prices, the TDI business
rebounded from its low level of the second quarter to grow 7.2 percent
year-on-year in the third quarter. The drop in sales of coatings materials was
largely currency-related.
EBIT improved to Euro39 million in the third quarter, largely thanks to the
strength of the MDI business. For this segment, too, competitive pressure from
outside Europe was a negative factor. EBIT contains Euro9 million in special items,
including a Euro7 million charge for the closure of the polyether site at
Institute, West Virginia, United States.
Chemicals
Chemicals sales fell by 24.1 percent in the third quarter of 2003, to Euro839
million. Adjusted for portfolio changes and measured in local currencies,
business remained nearly steady, with sales gains for Industrial Chemicals and
H.C. Starck in particular.
With margins impaired by unfavorable currency parities, EBIT from continuing
operations declined by Euro24 million to Euro13 million.
To further optimize our portfolio, we sold Walothen GmbH to the Wihuri group of
Finland effective November 1, 2003.
Performance by Region
There was still no tangible improvement in the economic situation of the euro
zone in the third quarter of 2003. Investment and private consumption remained
weak, while the continuing strength of the euro made it more difficult for many
export-oriented companies to offer competitive prices. Against this background,
sales of our European companies decreased by 10.5 percent to Euro3,065 million.
This decline and the lower margins, particularly on export business, caused EBIT
to fall to minus Euro151 million.
The U.S. economy received strong stimulus from the government's economic policy,
with GDP growing surprisingly fast since the beginning of the year. Although
sales of our North American companies dipped by 1.7 percent in euros, business
was up by 8.9 percent in local currencies. As in the preceding quarters, the
increase in HealthCare earnings led to a significant improvement in EBIT, to Euro92
million.
An economic uptrend was also apparent in most of the Asia/Pacific countries.
Third-quarter sales of our companies in that region grew by 4.5 percent in local
currencies and declined by 5.6 percent in euros. Our business in China remains
the growth driver in this region. EBIT for the Asia/Pacific region increased by
Euro14 million to Euro43 million.
The economy appears to be stabilizing this year in most parts of our Latin
America/Africa/Middle East region. The substantial decline in the sales of our
companies in this region, which fell by 21.9 percent to Euro610 million, was
primarily due to the sale of the household insecticides business and factors
relating to CropScience. EBIT also declined significantly, to Euro86 million.
Liquidity and Capital Resources
The consolidated financial statements for the first three quarters of 2003 have
been prepared as for the year 2002 according to the rules of the International
Accounting Standards Board (IASB), London. Reference should be made as
appropriate to the notes to the 2002 statements.
Gross cash flow decreased by Euro70 million, or 11.5 percent, in the third quarter
of 2003, chiefly as a result of higher income tax payments. Net cash flow, at
Euro1,193 million, was down Euro204 million but still at a high level. A significant
component of the operating cash flow was a Euro558 million decline in accounts
receivable during the third quarter, resulting mainly from seasonal effects in
the CropScience business area and strict receivables management. Net cash flow
in the first three quarters amounted to Euro2,323 million, after disbursements of
Euro231 million made following a settlement reached with U.S. authorities in the
context of an investigation into pharmaceutical product prices. A cash outflow
of Euro51 million pertained to the discontinuing plasma operations. (In 2002, a
Euro102 million cash outflow pertained to the plasma operations, and a Euro100 million
inflow to Haarmann & Reimer).
Net cash used in investing activities came to Euro272 million in the third quarter.
Here, cash outflows of Euro454 million for capital expenditures were partially
offset by Euro164 million in inflows from asset sales and divestments. Interest and
other financial receipts amounted to Euro18 million. Net cash used in investing
activities in the third quarter of the previous year included disbursements in
connection with the acquisition of Aventis CropScience. In the first three
quarters, investing activities provided net cash of Euro677 million, with a Euro15
million outflow pertaining to discontinuing operations. (In 2002, a Euro9 million
cash outflow pertained to the plasma operations, and a Euro69 million outflow to
Haarmann & Reimer).
Financing activities resulted in a net cash outflow of Euro469 million in the third
quarter, including primarily Euro384 million in loan repayments and Euro91 million in
interest paid after taxes. Net cash of Euro1,571 million was used in financing
activities in the first nine months, with a cash inflow of Euro66 million
pertaining to discontinuing operations. (In 2002, a Euro109 million cash inflow
pertained to the plasma operations, and a Euro1 million outflow to Haarmann &
Reimer).
Cash and cash equivalents increased from the third quarter of 2002 by Euro1,462
million to Euro2,171 million. Including marketable securities and other
instruments, the Group had liquid assets of Euro2,203 million on September 30,
2003.
Earnings Performance
Reported EBIT declined by Euro837 million in the third quarter of 2003, to Euro21
million, though before special items EBIT increased by 52.9 percent to Euro104
million. Special items for the third quarter mainly comprised restructuring
charges. Earnings for the same period of 2002 contained proceeds of Euro909 million
from the sale of the Haarmann & Reimer group.
The non-operating result improved by Euro30 million to minus Euro211 million, largely
because of a Euro39 million reduction in net interest expense, to Euro93 million.
The Bayer Group reported a pre-tax loss of Euro190 million for the quarter. After
accounting for tax income of Euro74 million and minority interests, a net loss of
Euro123 million was recorded. Net income for the first three quarters amounted to
Euro591 million.
We terminated our research agreement with Millennium Pharmaceuticals on October
31, 2003, as planned, and sold our interest in this biotech company in the
fourth quarter. The divestiture proceeds of more than US$ 300 million will be
used to further reduce net debt.
Asset and CApital STructure
Total assets decreased by Euro1.9 billion compared with the beginning of 2003, to
Euro39.7 billion.
Intangible assets shrank by Euro0.9 billion to Euro8.0 billion. Property, plant and
equipment decreased by Euro1.1 billion, with Euro0.9 billion in capital expenditures
offset by Euro1.3 billion in depreciation and amortization and Euro0.3 billion in
retirements. Negative currency effects diminished property, plant and equipment
by Euro0.4 billion.
The total of inventories and receivables dropped by Euro1.3 billion, or 7.9
percent, to Euro14.8 billion, with inventories up 0.5 percent, to Euro6.4 billion, but
trade accounts receivable down by 4.3 percent, to Euro5.3 billion. Other
receivables declined by 25.2 percent to Euro3.2 billion, as the assets earmarked
for divestment and since divested in connection with the Aventis CropScience
acquisition were still included in this item at the end of 2002. Liquid assets
grew by Euro1.4 billion to Euro2.2 billion, particularly due to the operating cash
flow. Total current assets increased by Euro0.1 billion compared with December 31,
2002, to Euro17.0 billion.
Stockholders' equity declined by Euro0.6 billion to Euro14.7 billion. A Euro0.6 billion
allocation out of net income was offset by the Euro0.6 billion dividend payment for
2002 along with a further Euro0.6 billion reduction, resulting mainly from currency
translations, which was not recognized in net income.
Equity coverage of total assets rose by 0.2 percentage points compared to the
end of 2002, to 37.0 percent.
Liabilities fell by Euro0.9 billion to Euro22.5 billion, chiefly due to a decline in
trade accounts payable and to the disbursements made following the settlement
reached with U.S. authorities in the context of an investigation into
pharmaceutical product prices. Gross financial liabilities dropped by Euro0.5
billion, to Euro9.1 billion.
Net debt declined by Euro1.9 billion in the first three quarters, to Euro6.9 billion.
Capital Expenditures
As in the previous quarters, we again spent considerably less for intangible
assets, property, plant and equipment in the third quarter of 2003 than in the
corresponding period last year. Capital expenditures were down by 37.2 percent,
to Euro384 million. Total capital spending in the first nine months of 2003 fell by
27.2 percent to Euro1,184 million. At 57.2 percent of our Euro2,069 million scheduled
depreciation and amortization, the level of capital expenditures was in line
with our planning. Europe accounted for capital spending of Euro778 million, 60.4
percent of which went for our sites in Germany.
Employees
On September 30, 2003, the Bayer Group had 117,300 employees, 5,300 fewer than
at the start of the year. Headcount was reduced by 2,200 in Europe, 1,100 in
North America, 1,400 in Asia/Pacific and 600 in Latin America/Africa/Middle
East.
Personnel expenses were down by 11.8 percent in the third quarter, to Euro1,940
million, and by 4.3 percent in the first three quarters as a whole, to Euro5,898
million.
Bayer Group Highlights
Euro million 3rd Quarter First Three Quarters
2002 2003 Change 2002 2003 Change
Net sales 7,459 6,834 - 8.4% 22,196 21,446 - 3.4%
of which discontinuing 362 159 1,155 452
operations
Change in sales
Volume + 6% + 5% 0% + 4%
Price - 1% 0% - 3% + 1%
Currency - 8% - 6% - 4% - 9%
Portfolio changes + 11% - 7% + 4% + 1%
EBITDA1 1,639 753 - 54.1% 4,161 3,635 - 12.6%
Operating result (EBIT) 858 21 - 97.6% 1,950 1,550 - 20.5%
of which discontinuing 875 (19) 889 (42)
operations
of which special items 790 (83) 1,063 189
Return on sales 11.5% 0.3% 8.8% 7.2%
Net income (loss) 656 (123) * 1,472 591 - 59.9%
Earnings per share 0.90 (0.17) 2.02 0.81
(Euro)
Gross cash flow2 611 541 - 11.5% 2,206 3,032 + 37.4%
Net cash flow3 1,397 1,193 - 14.6% 2,730 2,323 - 14.9%
Capital expenditures 611 384 - 37.2% 1,627 1,184 - 27.2%
Depreciation and 781 732 - 6.3% 2,211 2,085 - 5.7%
amortization
Number of employees 123,500 117,300 - 5.0%
(as of September 30)
Personnel expenses 2,200 1,940 - 11.8% 6,166 5,898 - 4.3%
2002 figures restated
1 EBITDA = operating result (EBIT) plus depreciation and
amortization
2 Gross cash flow = operating result (EBIT) plus depreciation and amortization, less gains on retirements of
noncurrent assets,
less income taxes, and adjusted for changes in long-term provisions
3 Net cash flow = cash flow from operating activities
according to IAS 7
Balance Sheet
Structure
(Euro) million Sept. 30, 2002 Sept. 30, 2003 Dec. 31, 2002
Noncurrent assets 25,337 21,666 23,513
Current assets 17,884 17,031 16,890
Deferred taxes and 1,262 1,048 1,289
deferred charges
Stockholders' equity 16,131 14,713 15,335
Minority stockholders' 152 137 120
interest
Liabilities 24,979 22,461 23,320
Deferred taxes and 3,221 2,434 2,917
deferred income
Total assets 44,483 39,745 41,692
Bayer Group Consolidated Statements of Changes in Stockholders' Equity (Summary)
Euro million Capital stock Retained Net Currency Miscel- Total
and reserves earnings income translation laneous
adjustment items
December 31, 2001 4,812 9,841 965 759 545 16,922
Dividend payment (657) (657)
Allocation to retained 286 (308) (22)
earnings
Exchange differences (1,043) (1,043)
Other changes in (541) (541)
stockholders' equity
Net income 1,472 1,472
September 30, 2002 4,812 10,127 1,472 (284) 4 16,131
December 31, 2002 4,812 10,076 1,060 (593) (20) 15,335
Dividend payment (657) (657)
Allocation to retained 403 (403) 0
earnings
Exchange differences (675) (675)
Other changes in 119 119
stockholders' equity
Net income 591 591
September 30, 2003 4,812 10,479 591 (1,268) 99 14,713
Bayer Group Consolidated Balance Sheets (Summary)
Euro million Sept. 30, Sept. 30, Dec. 31,
2002 2003 2002
Assets
Noncurrent assets
Intangible assets 10,512 8,010 8,879
Property, plant and 12,704 11,387 12,436
equipment
Investments 2,121 2,269 2,198
25,337 21,666 23,513
Current assets
Inventories 6,706 6,375 6,342
Receivables and other
assets
Trade acounts 6,134 5,302 5,542
receivable
Other receivables and 4,308 3,151 4,210
other assets
10,442 8,453 9,752
Liquid assets 736 2,203 796
17,884 17,031 16,890
Deferred taxes 915 618 967
Deferred charges 347 430 322
44,483 39,745 41,692
of which discontinuing 902 815 853
operations
Stockholders' Equity and Liabilities
Stockholders' equity
Capital stock and 4,812 4,812 4,812
reserves
Retained earnings 10,127 10,479 10,076
Net income 1,472 591 1,060
Other comprehensive
income
Currency translation (284) (1,268) (593)
adjustment
Miscellaneous items 4 99 (20)
16,131 14,713 15,335
Minority stockholders' 152 137 120
interest
Liabilities
Long-term liabilities
Long-term financial 7,268 6,960 7,318
liabilities
Miscellaneous 108 80 92
long-term liabilities
Provisions for 4,946 5,112 4,925
pensions and other
post-employment
benefits
Other long-term 1,298 1,277 1,215
provisions
13,620 13,429 13,550
Short-term liabilities
Short-term financial 5,272 2,656 2,841
liabilities
Trade accounts payable 2,285 1,749 2,534
Miscellaneous 2,101 2,100 2,138
short-term liabilities 1,701 2,527 2,257
Short-term provisions 11,359 9,032 9,770
24,979 22,461 23,320
of which discontinuing 90 98 81
operations
Deferred taxes 2,803 1,867 2,453
Deferred income 418 567 464
44,483 39,745 41,692
The statements for the first three
quarters are unaudited.
Bayer Group Consolidated Statements of Income (Summary)
Euro million 3rd Quarter First Three Quarters
2002 2003 2002 2003
Net sales 7,459 6,834 22,196 21,446
of which discontinuing 362 159 1,155 452
operations
Cost of goods sold (4,524) (4,199) (13,108) (12,329)
Gross profit 2,935 2,635 9,088 9,117
Selling expenses (1,757) (1,497) (5,048) (4,688)
Research and (640) (639) (1,842) (1,766)
development expenses
General administration (391) (427) (1,063) (1,197)
expenses
Other operating income 1,048 225 1,786 942
Other operating (337) (276) (971) (858)
expenses
Operating result (EBIT) 858 21 1,950 1,550
of which discontinuing 875 (19) 889 (42)
operations
Non-operating result (241) (211) (354) (559)
Income (loss) before 617 (190) 1,596 991
income taxes
Income taxes 44 74 (115) (385)
Income (loss) after 661 (116) 1,481 606
taxes
Minority stockholders' (5) (7) (9) (15)
interest
Net income (loss) 656 (123) 1,472 591
Earnings per share 0.90 (0.17) 2.02 0.81
(Euro)
Bayer Group Summary Cash Flow Statements
Euro million 3rd Quarter First Three Quarter
2002 2003 2002 2003
Gross cash flow* 611 541 2,206 3,032
Changes in working 786 652 524 (709)
capital
Net cash provided by 1,397 1,193 2,730 2,323
operating activities
Net cash provided by (2,729) (272) (7,135) 677
(used in) investing
activities
Net cash provided by 1,190 (469) 4,394 (1,571)
(used in) financing
activities
Changes in cash and (142) 452 (11) 1,429
cash equivalents due
to business activities
Cash and cash 840 1,728 719 767
equivalents at
beginning of period
Change due to exchange 11 (9) 1 (25)
rate movementsand to
changes in scope of
consolidation
Cash and cash 709 2,171 709 2,171
equivalents at end of
third quarter
Marketable securities 27 32 27 32
and other instruments
Liquid assets as per 736 2,203 736 2,203
balance sheets
* for definition see
Bayer Group Highlights
This information is provided by RNS
The company news service from the London Stock Exchange
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