Explanatory Notes

Related Parties

Related parties as defined in IAS 24 (Related Party Disclosures) are those legal entities and natural persons that are able to exert influence on Bayer AG and its subsidiaries or over which Bayer AG or its subsidiaries exercise control or joint control or have a significant influence. They include, in particular, nonconsolidated subsidiaries, joint ventures and associates included in the consolidated financial statements at cost of acquisition or using the equity method, post-employment benefit plans and the corporate officers of Bayer AG.

Sales to related parties were not material from the viewpoint of the Bayer Group. As was the case on December 31, 2017, liabilities to joint ventures amounted to €0.2 billion, and primarily pertained to the joint venture Casebia Therapeutics Limited Liability Partnership, Ascot, United Kingdom, which was established together with CRISPR Therapeutics AG, Basel, Switzerland.

In May 2018, Bayer AG acquired a 6.8% interest in Covestro from Bayer Pension Trust at market value for a total amount of €1.1 billion to repay the exchangeable bond that matures in 2020.

Covestro ceased to be recognized as an associate in May 2018. In this connection, receivables from associates declined by €0.1 billion to €0.0 billion

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