Bayer AG - Stockholders' Newsletter First Quarter 2006

Bayer Group Key Data

	1st Quarter	1st Quarter	Full Year
	2005	2006	Change	2005
EUR million

Net sales	6,704	7,494	+11.8%	27,383

Change in sales
Volume	+2%	+4%		+1%
Price	+8%	+2%		+7%
Currency	-2%	+5%		+1%
Portfolio	+8%	+1%		+9%

EBITDA¹	1,437	1,552	+8.0%	4,647
Special items	(138)	(128)		(435)
EBITDA before special items	1,575	1,680	+6.7%	5,082

Operating result (EBIT)	1,004	1,108	+10.4%	2, 812
Special items	(138)	(128)		(488)
Operating result (EBIT) before special items	1,142	1,236	+8.2%	3,300

Return on sales	15.0%	14.8%		10.3%

Non-operating result	(131)	(213)	-62.6%	(613)

Net income	652	600	-8.0%	1,597
Earnings per share (EUR)²	0.89	0.82		2.19

Gross cash flow³	1,101	1,190	+8.1%	3,477

Net cash flow⁴	(226)	128	•	3,542

Capital expenditures (total)	181	419	+131.5%	1,389

Research and development expenses	423	454	+7.3%	1,886

Depreciation and amortization	433	444	+2.5%	1,835

Number of employees at end of period	93,300	93,600	+0.3%	93,700
Personnel expenses	1,509	1,617	+7.2%	5,912


1	EBITDA = operating result (EBIT) plus depreciation and amortization

2	Earnings per share = as defined in IAS 33: net income divided by the average number of shares outstanding (730.34 million shares)

3	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 period.

4	Net cash flow = cash flow from operating activities according to IAS 7

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