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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bayer Ord | LSE:BYR | London | Ordinary Share | DE000BAY0017 | REG SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 55.93 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
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 END QRTGGMMMNMRGFZG
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