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Bayer Group got off to a successful start to 2011

April 28/2011

(Bayer) -- All three subgroups contributed to the strong start to the year with sales and earnings increases, Bayer CEO Dr. Marijn Dekkers explained on Thursday when the companys first-quarter results were released. He was especially pleased at how well the season had begun at CropScience. MaterialScience achieved significant growth compared with the prior-year quarter, which was still hampered by the financial and economic crisis, and HealthCare also posted a solid performance. Dekkers expressed his optimism for the year as a whole: We are raising our Group sales and earnings forecast for this year, mainly because of the improvement we expect at CropScience.

Sales of the Bayer Group climbed by 13.2 percent in the first quarter of 2011, to EUR 9.415 million (Q1 2010: EUR 8.316 million). Despite the positive business trend, the operating result (EBIT) improved by only 4.0 percent to EUR 1.148 million (Q1 2010: EUR 1.104 million).

Earnings were diminished by special charges of EUR 442 million (Q1 2010: EUR 77 million). Of this figure, the restructuring measures already announced at CropScience and HealthCare accounted for EUR 248 million. Charges of EUR 194 million were taken mainly for an intended settlement program in connection with litigations concerning genetically modified rice in the United States.

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