Bayer Group - Investor-Relations

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268 INDEPENDENT AUDITOR’S REPORT BAYER ANNUAL REPORT 2011 Independent Auditor’s Report To Bayer Aktiengesellschaft, Leverkusen REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS We have audited the accompanying consolidated fi nancial statements of Bayer Aktiengesellschaft, Leverkusen, and its subsidiaries, which comprise the consolidated income statement and statement of comprehensive income, the consolidated statement of fi nancial position, the consolidated statement of cash fl ows, the consolidated statement of changes in equity and the notes to the consolidated fi nancial statements for the business year from January 1, 2011 to December 31, 2011. Board of Management’s Responsibility for the Consolidated Financial Statements The Board of Management of Bayer Aktiengesellschaft is responsible for the preparation of these consolidated fi nancial statements. This responsibility includes that these consolidated fi nancial statements are prepared in accordance with International Financial Reporting Standards, as adopted by the e.u., and the additional requirements of German commercial law pursuant to § (Article) 315a Abs. (paragraph) 1�hgb (“Handelsgesetzbuch”: German Commercial Code) and that these consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and results of operations of the group in accordance with these requirements. The Board of Management is also responsible for the internal controls Management deems necessary to enable the preparation of consolidated fi nancial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit. We conducted our audit in accordance with §�317�hgb and German generally accepted standards for the audit of fi nancial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (idw) and additionally observed the International Standards on Auditing (isa). Accordingly, we are required to comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated fi nancial statements are free from material misstatement. An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the consolidated fi nancial statements. The selection of audit procedures depends on the auditor’s professional judgment. This includes the assessment of the risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error. In assessing those risks, the auditor considers the internal control system relevant to the entity’s preparation of consolidated fi nancial statements that give a true and fair view. The aim of this is to plan and perform audit procedures that are appropriate in the given circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Management, as well as evaluating the overall presentation of the consolidated fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
BAYER ANNUAL REPORT 2011 INDEPENDENT AUDITOR’S REPORT 269 Audit Opinion According to §�322 Abs.�3 Satz (sentence) 1�hgb, we state that our audit of the consolidated fi nancial statements has not led to any reservations. In our opinion, based on the fi ndings of our audit, the consolidated fi nancial statements comply, in all material respects, with ifrss, as adopted by the e.u., and the additional requirements of German commercial law pursuant to §�315a Abs.�1�hgb and give a true and fair view of the net assets and fi nancial position of the Group as at December 31, 2011 as well as the results of operations for the business year then ended, in accordance with these requirements. REPORT ON THE COMBINED MANAGEMENT REPORT We have audited the accompanying group management report of Bayer Aktiengesellschaft for the business year from January 1, 2011 to December 31, 2011, which is combined with the management report of the company. The Board of Management of Bayer Aktiengesellschaft is responsible for the preparation of the combined management report in accordance with the requirements of German commercial law applicable pursuant to §�315a Abs.�1�hgb. We conducted our audit in accordance with §�317 Abs.�2�hgb and German generally accepted standards for the audit of the combined management report promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (idw). Accordingly, we are required to plan and perform the audit of the combined management report to obtain reasonable assurance about whether the combined management report is consistent with the consolidated fi nancial statements and the audit fi ndings, as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development. According to §�322 Abs.�3 Satz 1 hgb, we state that our audit of the combined management report has not led to any reservations. In our opinion, based on the fi ndings of our audit of the consolidated fi nancial statements and combined management report, the combined management report is consistent with the consolidated fi nancial statements, as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development. Essen, February 23, 2012 PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Armin Slotta Anne Böcker Wirtschaftsprüfer Wirtschaftsprüferin
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BAYER ANNUAL REPORT 2011 2011
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Key Data [Table 1.1] 2010 2011 Chan
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2011: Bayer achieves fi nancial and
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innovative capability. Only by main
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using the acronym life, we focused
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10 BUILDING ON OUR STRENGTHS BAYER
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38 CONTENTS Contents CHAIRMAN’S L
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150 CONSOLIDATED FINANCIAL STATEMEN
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Bayer Group - Investor-Relations

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