Bayer AG - Stockholders' Newsletter First Quarter 2007

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Financial Statements

Bayer Group Consolidated Balance Sheets

	March 31, 2006	March 31, 2007	Dec. 31, 2006
€ million
Noncurrent assets
Goodwill	2,546	8,183	8,227
Other intangible assets	4,656	15,448	15,807
Property, plant and equipment	7,339	8,740	8,867
Investments in associates	776	517	532
Other financial assets	1,227	1,177	1,094
Other receivables	140	184	165
Deferred taxes	1,301	1,005	1,205
	17,985	35,254	35,897
Current assets
Inventories	4,774	6,327	6,153
Trade accounts receivable	5,436	6,759	5,802
Other financial assets	526	238	401
Other receivables	1,403	1,356	1,217
Claims for tax refunds	446	550	581
Cash and cash equivalents	3,026	6,143	2,915
Assets held for sale and discontinued operations	2,832	346	2,925
	18,443	21,719	19,994

Total assets	36,428	56,973	55,891

Stockholders’ equity
Capital stock of Bayer AG	1,870	1,957	1,957
Capital reserves of Bayer AG	2,942	4,028	4,028
Other reserves	7,222	9,855	6,782
	12,034	15,840	12,767
Equity attributable to minority interest	71	66	84
	12,105	15,906	12,851

Noncurrent liabilities
Provisions for pensions and other post-employment benefits	5,961	6,156	6,543
Other provisions	1,670	1,506	1,464
Financial liabilities	7,418	14,626	14,723
Other liabilities	469	402	449
Deferred taxes	293	4,397	4,346
	15,811	27,087	27,525
Current liabilities
Other provisions	2,809	4,571	3,765
Financial liabilities	1,309	3,673	5,078
Trade accounts payable	1,610	2,289	2,369
Tax liabilities	283	463	400
Other liabilities	1,608	2,826	3,055
Liabilities directly related to assets held for sale and discontinued operations	893	158	848
	8,512	13,980	15,515

Total stockholders’ equity and liabilities	36,428	56,973	55,891