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Consensus

The company is covered by various German and international financial analysts. The most recent analyst consensus is given below. It is based on the estimates of 20 major banks consulted by Vara Research.

This web page may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Consensus earnings estimates are based on earnings projections made by securities analysts who cover Bayer. Any opinions, forecasts, estimates, projections or predictions regarding Bayer's performance made by the analysts (and, therefore, the Consensus estimate numbers) are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of Bayer or its management. Bayer does not by providing these estimates imply its endorsement of or concurrence with such information, conclusions or recommendations. Bayer assumes no liability for the accuracy of such estimates and undertakes no obligation to update or revise such estimates.

   

Q3 2008 Consensus Estimates

  

in € million

Average

 

Sales

7,837

 

Underlying EBITDA

1,538

 

Underlying EBIT

868

 

Reported EBIT

716

 

Pre-tax Income

468

 

Reported Net Income

312

 

Reported EPS (€ / share)

0.40

 

Core EPS (€ / share)

0.82

 

Status: October 17, 2008

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Disclaimer:
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business develop-ments of the relevant company. Such estimates and forecasts cannot be independ-ently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

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