Asset and Financial Position of the Bayer Group

Asset and Capital Structure

Bayer Group Summary Statements of Financial Position

 

 

Dec. 31,
2017

 

March 31,
2018

 

June 30,
2018

 

Change

 

 

€ million

 

€ million

 

€ million

 

%

Noncurrent assets

 

45,014

 

42,225

 

98,713

 

+133.8

Assets held for sale

 

2,081

 

3,132

 

3,720

 

+18.8

Other current assets

 

27,992

 

30,037

 

34,097

 

+13.5

Current assets

 

30,073

 

33,169

 

37,817

 

+14.0

Total assets

 

75,087

 

75,394

 

136,530

 

+81.1

Equity

 

36,861

 

38,384

 

47,219

 

+23.0

Noncurrent liabilities

 

24,633

 

23,912

 

62,549

 

+161.6

Liabilities directly related to assets held for sale

 

111

 

520

 

669

 

+28.7

Other current liabilities

 

13,482

 

12,578

 

26,093

 

+107.4

Current liabilities

 

13,593

 

13,098

 

26,762

 

+104.3

Liabilities

 

38,226

 

37,010

 

89,311

 

+141.3

Total equity and liabilities

 

75,087

 

75,394

 

136,530

 

+81.1

  • Between March 31, 2018, and June 30, 2018, total assets increased by €61.1 billion to €136.5 billion, mainly due to the acquisition of Monsanto.
  • Noncurrent assets increased by €56.5 billion to €98.7 billion. Intangible assets of €27.1 billion – mainly comprising patents and technologies (€17.4 billion), research projects (€4.3 billion) and trademarks (€4.2 billion) – and property, plant and equipment of €6.3 billion were acquired in connection with the acquisition. Goodwill of €23 billion was additionally recognized. Investments accounted for using the equity method declined by €2.1 billion, largely through the sale of further Covestro shares.
  • Total current assets increased by €4.6 billion to €37.8 billion. Among the items acquired from Monsanto were receivables of €7.2 billion and inventories of €4.9 billion. Other financial assets declined by €5.8 billion to €1.6 billion, mainly due to their utilization in financing the acquisition. Assets held for sale, which were related to the acquisition of Monsanto and the planned divestment of the prescription dermatology business of Consumer Health, increased by €0.6 billion.
  • Equity rose by €8.8 billion compared with March 31, 2018, to €47.2 billion. In April 2018, the investment firm Temasek subscribed to 31 million new Bayer shares, for total gross proceeds of €3 billion. In June 2018, we raised €6.0 billion in net proceeds from a capital increase out of authorized capital against cash contributions and with subscription rights for existing Bayer stockholders. Equity was increased by €0.8 billion through income after income taxes, by €1.0 billion through currency effects recognized outside profit or loss, by €0.3 billion through the change in the fair value of equity instruments recognized at fair value, and by €0.1 billion through the decline in pension provisions recognized outside profit or loss. By contrast, the dividend payment of €2.4 billion reduced equity. The equity ratio decreased to 34.6% as of June 30, 2018 (March 31, 2018: 50.9%).
  • Liabilities rose by €52.3 billion as of June 30, 2018, to €89.3 billion. Financial liabilities of €8.7 billion, reimbursement obligations of €3.3 billion and other liabilities of €2.9 billion were assumed in connection with the acquisition. Furthermore, deferred tax liabilities of €8.0 billion were recognized in connection with the acquisition due to the measurement of the acquired assets and liabilities at fair value. Noncurrent liabilities rose by €38.6 billion overall to €62.5 billion. In particular, the newly issued bonds and the loans obtained to finance the acquisition led to increases of €23.2 billion and €13.8 billion in the respective line items in the statement of financial position. Current liabilities increased by €13.7 billion to €26.8 billion.
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