Stockholders’ equity
(total, i.e. including discontinued operations)
10,943
11,157
+2.0
Total assets (total, i.e.
including discontinued operations)
37,588
36,722
-2.3
Debt/equity ratio (total,
i.e. including discontinued operations)
2.43
2.29
-5.9
Capital expenditures
977
1,388
+42.1
Employees at year end
91,700
93,700
+2.2
Personnel expenses
6,026
5,912
-1.9
Research and development
expenses
1,927
1,886
-2.1
Bayer AG
2004
2005
Change
%
Total dividend payment
in EUR million
402
694
+72.6
Dividend per share in EUR
0.55
0.95
+72.6
*
EBITDA = operating result
(EBIT) plus depreciation and amortization
Earnings per share = as
defined in IAS 33: net income divided by the average number
of shares outstanding (730.34 million shares)
Gross cash flow = operating
result (EBIT) plus depreciation and amortization, minus
income taxes, minus gains/plus losses on retirements of
noncurrent assets, plus/minus changes in pension provisions.
The latter item includes the elimination of non-cash components
of the operating result. It also contains benefit payments
during the year.
Net
cash flow = cash flow from operating activities
according to IAS 7