Exhibit 99.27
Page 1
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| 2283247 CANADA INC. | | Calgary/Canada | | | 100,0 | |
| 3099351 CANADA INC. | | Calgary/Canada | | | 100,0 | |
| A/O BAYER | | Moscow/Russian Federation | | | 100,0 | |
| AgrEvo Benelux BV | | Haren/Netherlands | | | 100,0 | |
| AgrEvo South Africa (Pty) Ltd. | | Isando/South Africa | | | 100,0 | |
| Asia Sunseeds Co. Ltd. | | Beijing/PR China | | | 60,0 | |
| Avantcoat S.L. | | Barcelona/Spain | | | 100,0 | |
| Aventis CropScience China Limited | | Quarry Bay/Hong Kong | | | 100,0 | |
| Bayer (China) Limited | | Beijing/PR China | | | 100,0 | |
| Bayer (Malaysia) Sdn. Bhd. | | Kuala Lumpur/Malaysia | | | 100,0 | |
| Bayer (Proprietary) Limited | | Isando/South Africa | | | 100,0 | |
| Bayer (Schweiz) AG | | Zurich/Switzerland | | | 100,0 | |
| Bayer (Sichuan) Animal Health Co. Ltd. | | Sichuan/PR China | | | 70,0 | |
| Bayer 04 Immobilien GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer 04 Leverkusen Fußball GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer 04 Mobilien GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer A/S | | Lyngby/Denmark | | | 100,0 | |
| Bayer AB | | Gothenburg/Sweden | | | 100,0 | |
| Bayer ABS Limited | | Baroda/India | | | 51,0 | |
| Bayer ACI Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer ACSH Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer AEH Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer AGCO Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer Agriculture Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer Antwerpen N.V. | | Antwerp/Belgium | | | 100,0 | |
| Bayer AS | | Oslo/Norway | | | 100,0 | |
| Bayer Australia Limited | | Pymble/Australia | | | 99,9 | |
| Bayer Austria Gesellschaft m.b.H. | | Vienna/Austria | | | 100,0 | |
| Bayer B.V. | | Mijdrecht/Netherlands | | | 100,0 | |
| Bayer Beteiligungsverwaltungsgesellschaft mbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Biologicals S.r.l. | | Milan/Italy | | | 100,0 | |
| Bayer BioScience GmbH | | Potsdam/Germany | | | 100,0 | |
| Bayer BioScience N.V. | | Ghent/Belgium | | | 100,0 | |
| Bayer Bitterfeld GmbH | | Greppin/Germany | | | 100,0 | |
| Bayer Bulgaria EOOD | | Sofia/Bulgaria | | | 100,0 | |
| Bayer Business Services GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Business Solutions GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Canadian Holdings Inc. | | Toronto/Canada | | | 100,0 | |
| Bayer Capital Corporation B.V. | | Mijdrecht/Netherlands | | | 100,0 | |
| Bayer Chemicals AG | | Leverkusen/Germany | | | 100,0 | |
| Bayer Chemicals Corporation | | Pittsburgh/USA | | | 100,0 | |
| Bayer Coatings Systems Shanghai Co. Ltd. | | Beijing/PR China | | | 100,0 | |
| Bayer Corn Seeds SA | | Lyon/France | | | 100,0 | |
| Bayer Corporate and Business Services LLC | | Pittsburgh/USA | | | 100,0 | |
| Bayer Corporation | | Pittsburgh/USA | | | 100,0 | |
| Bayer Cotton Seed International Inc. | | North Carolina/USA | | | 51,0 | |
| Bayer CropScience (Malaysia) Sdn Bhd | | Kuala Lumpur/Malaysia | | | 100,0 | |
| Bayer CropScience (Portugal)-Produtos para a Agricultura Lda | | Carnaxide/Portugal | | | 100,0 | |
| Bayer CropScience (Private) Limited | | Karachi/Pakistan | | | 75,5 | |
| Bayer CropScience (Thailand) Company Limited | | Bangkok/Thailand | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 2
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Bayer CropScience Aktiengesellschaft | | Monheim/Germany | | | 100,0 | |
| Bayer CropScience B.V. | | Mijdrecht/Netherlands | | | 100,0 | |
| Bayer CropScience Beteiligungsgesellschaft mbh | | Frankfurt/Germany | | | 100,0 | |
| Bayer CropScience Cotton Pty Ltd | | East Hawthorn/Australia | | | 100,0 | |
| Bayer CropScience d.o.o. (Slovenia) | | Ljubljana/Slovenia | | | 100,0 | |
| Bayer CropScience Deutschland GmbH | | Langenfeld/Germany | | | 100,0 | |
| Bayer CropScience France S.A.S. | | Lyon/France | | | 100,0 | |
| Bayer CropScience GmbH | | Frankfurt/Germany | | | 100,0 | |
| Bayer CropScience Hangzhou Company Ltd. | | Hangzhou/PR China | | | 75,0 | |
| Bayer CropScience Hellas SA | | Athens/Greece | | | 100,0 | |
| Bayer CropScience Holding Inc. | | North Carolina/USA | | | 100,0 | |
| Bayer CropScience Holding SA | | Lyon/France | | | 100,0 | |
| Bayer CropScience Holdings | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer CropScience Holdings Inc. | | Calgary/Canada | | | 100,0 | |
| Bayer CropScience Holdings Pty Ltd | | East Hawthorn/Australia | | | 100,0 | |
| Bayer CropScience Inc. | | Calgary/Canada | | | 100,0 | |
| Bayer CropScience Inc. | | Triangle Park/USA | | | 100,0 | |
| Bayer CropScience K.K. | | Tokyo/Japan | | | 100,0 | |
| Bayer CropScience Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer CropScience Limited | | Mumbai/India | | | 71,1 | |
| Bayer CropScience LLC | | Triangle Park/USA | | | 100,0 | |
| Bayer CropScience LLP | | Astana/Kazakhstan | | | 100,0 | |
| Bayer CropScience LP | | Triangle Park/USA | | | 100,0 | |
| Bayer CropScience Ltd. | | Seoul/South Korea | | | 100,0 | |
| Bayer CropScience Ltda. | | Sao Paulo/Brazil | | | 100,0 | |
| Bayer CropScience Nufarm Limited | | Cambridge/United Kingdom | | | 75,0 | |
| Bayer CropScience Nufarm SA | | Lyon/France | | | 100,0 | |
| Bayer CropScience Pty Limited | | East Hawthorn/Australia | | | 100,0 | |
| Bayer CropScience s.a.-n.v. | | Brussels/Belgium | | | 100,0 | |
| Bayer CropScience S.L. | | Valencia/Spain | | | 100,0 | |
| Bayer CropScience S.r.l. | | Milan/Italy | | | 100,0 | |
| Bayer Cropscience SA | | Bogota/Colombia | | | 100,0 | |
| Bayer CropScience SA | | Lyon/France | | | 100,0 | |
| Bayer CropScience Taiwan Ltd. | | Taipei/Taiwan | | | 100,0 | |
| Bayer CropScience Vermögensverwaltungsgesellschaft mbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer CropScience, Inc. | | Laguna/Philippines | | | 100,0 | |
| Bayer d.o.o. | | Belgrade/Serbia/Montenegro | | | 100,0 | |
| BAYER d.o.o. | | Zagreb/Croatia | | | 100,0 | |
| Bayer de México, S.A. de C.V. | | Mexico/Mexico | | | 100,0 | |
| Bayer Diagnostics Betriebsverpachtungs-GmbH | | Fernwald/Germany | | | 100,0 | |
| Bayer Diagnostics Europe Ltd. | | Dublin/Ireland | | | 100,0 | |
| Bayer Diagnostics India Limited | | Baroda/India | | | 51,0 | |
| Bayer Diagnostics Manufacturing (Sudbury) Limited | | Newbury/United Kingdom | | | 100,0 | |
| Bayer Diagnostics Manufacturing Limited | | Newbury/United Kingdom | | | 100,0 | |
| Bayer Diagnostics Manufacturing Limited | | Swords/Ireland | | | 100,0 | |
| Bayer Diagnostics S.A.S. | | Puteaux/France | | | 99,9 | |
| Bayer Diagnostics S.r.l. | | Milan/Italy | | | 100,0 | |
| Bayer East Africa Ltd. | | Nairobi/Kenya | | | 51,7 | |
| Bayer Environmental Science S.A.S. | | Lyon/France | | | 100,0 | |
| Bayer Far East Service Company Limited | | Hong Kong | | | 96,0 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 3
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Bayer Finance Corporation | | Wilmington/USA | | | 100,0 | |
| Bayer Finance S.A. | | Luxembourg | | | 100,0 | |
| Bayer Foreign Sales Corporation | | Bridgetown/Barbados | | | 100,0 | |
| Bayer Gastronomie GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Gesellschaft für Beteiligungen mbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Guangyi Panel Co. Ltd. | | Beijing/PR China | | | 92,3 | |
| Bayer HealthCare AG | | Leverkusen/Germany | | | 100,0 | |
| Bayer Healthcare Co. Ltd. | | Beijing/PR China | | | 100,0 | |
| Bayer HealthCare Limited | | Hong Kong | | | 100,0 | |
| Bayer HealthCare LLC | | Pittsburgh/USA | | | 100,0 | |
| Bayer Hellas AG | | Athens/Greece | | | 100,0 | |
| Bayer Hispania, S.A. | | Barcelona/Spain | | | 100,0 | |
| BAYER HUNGARIA Kft. | | Budapest/Hungary | | | 100,0 | |
| Bayer Ilac Fabrikalari Anonim Sireti | | Istanbul/Turkey | | | 99,9 | |
| Bayer Inc. | | Etobicoke/Canada | | | 100,0 | |
| Bayer Industry Services GmbH & Co. OHG | | Leverkusen/Germany | | | 100,0 | |
| Bayer Innovation GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer International Comm.V. | | Antwerp/Belgium | | | 100,0 | |
| Bayer International S.A. | | Fribourg/Switzerland | | | 99,7 | |
| Bayer Iranchemie AG | | Tehran/Iran | | | 99,7 | |
| Bayer Jinling Polyurethane Company Ltd. | | Beijing/PR China | | | 55,0 | |
| Bayer Kimya Üretim ve Hizmet Limited Sirketi | | Istanbul/Turkey | | | 99,8 | |
| Bayer Korea Ltd. | | Seoul/South Korea | | | 100,0 | |
| Bayer Limited | | Swords/Ireland | | | 100,0 | |
| Bayer Ltd. | | Kiew/Ukraina | | | 99,9 | |
| Bayer Ltd. | | Tokyo/Japan | | | 100,0 | |
| Bayer Maghreb S.A. | | Casablanca/Marocco | | | 99,8 | |
| Bayer MaterialScience AG | | Leverkusen/Germany | | | 100,0 | |
| Bayer MaterialScience Customer Services GmbH & Co. KG | | Leverkusen/Germany | | | 100,0 | |
| Bayer MaterialScience Limited | | Hong Kong | | | 100,0 | |
| Bayer MaterialScience LLC | | Pittsburgh/USA | | | 100,0 | |
| Bayer MaterialScience Private Limited | | New Delhi/India | | | 100,0 | |
| Bayer MaterialScience S.r.l. | | Milan/Italy | | | 100,0 | |
| Bayer Medical Ltd. | | Tokyo/Japan | | | 100,0 | |
| Bayer Middle East, Ltd. | | Cairo/Egypt | | | 93,0 | |
| Bayer New Zealand Limited | | Auckland/New Zeeland | | | 100,0 | |
| Bayer Oy | | Espoo/Finland | | | 100,0 | |
| Bayer Pakistan (Private) Limited | | Karachi/Pakistan | | | 99,9 | |
| Bayer Panama, S.A. | | Ciudad de Panama/Panama | | | 100,0 | |
| Bayer Pharma d.o.o. | | Ljubljana/Slovenia | | | 100,0 | |
| Bayer Pharma Maroc S.A. | | Casablanca/Marocco | | | 49,0 | *) |
| Bayer Pharma S.A.S. | | Puteaux/France | | | 99,9 | |
| Bayer Pharmaceuticals Corporation | | West Haven/USA | | | 100,0 | |
| Bayer Pharmaceuticals Private Limited | | Mumbai/India | | | 100,0 | |
| Bayer Philippines, Inc. | | Laguna/Philippines | | | 100,0 | |
| Bayer Polimeros S.L. | | Barcelona/Spain | | | 100,0 | |
| Bayer Polychem (India) Limited | | Thane/India | | | 100,0 | |
| Bayer Polymers Shanghai Co. Ltd. | | Shanghai/PR China | | | 90,0 | |
| Bayer Polyols S.N.C. | | Puteaux/France | | | 100,0 | |
| Bayer Polyurethanes (Shanghai) Co. Ltd. | | Shanghai/PR China | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 4
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Bayer Polyurethanes B.V. | | Rotterdam/Netherlands | | | 100,0 | |
| Bayer Polyurethanes Taiwan Ltd. | | Taipei/Taiwan | | | 94,9 | |
| Bayer Portugal, S.A. | | Carnaxide/Portugal | | | 99,9 | |
| Bayer Public Limited Company | | Newbury/United Kingdom | | | 100,0 | |
| Bayer Puerto Rico Inc. | | Guaynabo/Puerto Rico | | | 100,0 | |
| Bayer S.A. | | Asuncion/Paraguay | | | 93,3 | |
| Bayer S.A. | | Bogota/Colombia | | | 99,9 | |
| Bayer S.A. | | Buenos Aires/Argentina | | | 99,9 | |
| Bayer S.A. | | Caracas/Venezuela | | | 100,0 | |
| Bayer S.A. | | Colón/Panama | | | 100,0 | |
| Bayer S.A. | | Guatemala City/Guatemala | | | 99,9 | |
| Bayer S.A. | | Lima/Peru | | | 94,9 | |
| Bayer S.A. | | Managua/Nicaragua | | | 100,0 | |
| Bayer S.A. | | Quito/Ecuador | | | 100,0 | |
| Bayer S.A. | | San José/Costa Rica | | | 100,0 | |
| Bayer S.A. | | San Salvador/El Salvador | | | 100,0 | |
| Bayer S.A. | | Santiago de Chile/Chile | | | 100,0 | |
| Bayer S.A. | | Santo Domingo/Dominican Republic | | | 99,9 | |
| Bayer S.A. | | Sao Paulo/Brazil | | | 99,9 | |
| Bayer S.A. de C.V. | | Tegucigalpa/Honduras | | | 99,6 | |
| Bayer S.A.-N.V. | | Brussels/Belgium | | | 99,9 | |
| Bayer S.A.S. | | Puteaux/France | | | 99,9 | |
| Bayer S.p.A. | | Milan/Italy | | | 100,0 | |
| BAYER s.r.o. | | Prague/Czech Republic | | | 100,0 | |
| Bayer SA | | Montevideo/Uruguay | | | 100,0 | |
| Bayer Sante S.A.S. | | Puteaux/France | | | 99,9 | |
| Bayer Seeds Ltda. | | Patos de Minas/Brazil | | | 100,0 | |
| Bayer Sewon Ltd. | | Kimhae-city/Republic Korea | | | 100,0 | |
| Bayer Sheet Europe GmbH | | Darmstadt/Germany | | | 100,0 | |
| Bayer Sheet Europe N.V. | | Tielt/Belgium | | | 100,0 | |
| Bayer Sheet Europe S.p.A. | | Milan/Italy | | | 90,0 | |
| Bayer South East Asia Pte Ltd. | | Singapore | | | 100,0 | |
| BAYER SP.Z.O.O. | | Warsaw/Poland | | | 100,0 | |
| Bayer Taiwan Company Ltd. | | Taipei/Taiwan | | | 99,9 | |
| Bayer Technology Service (Shanghai) Co. Ltd. | | Shanghai/PR China | | | 100,0 | |
| Bayer Technology Services GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Thai Company Limited | | Bangkok/Thailand | | | 99,9 | |
| Bayer Türk Kimya Sanayi Limited Sirketi | | Istanbul/Turkey | | | 99,9 | |
| Bayer UK Limited | | Newbury/United Kingdom | | | 100,0 | |
| Bayer Vietnam Ltd. | | Lot/Vietnam | | | 100,0 | |
| Bayer Vital GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Yakuhin, Ltd. | | Osaka/Japan | | | 100,0 | |
| Bayer, spol. s.r.o. | | Bratislava/Slovakia | | | 100,0 | |
| Bayer-Handelsgesellschaft mbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer-Kaufhaus GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer-Roche LLC | | Morris Township/USA | | | 100,0 | |
| Bayfin GmbH | | Leverkusen/Germany | | | 100,0 | |
| BAYPO Limited Partnership | | Wilmington/USA | | | 100,0 | |
| BaySystems Iberia, S.L. | | Tarragona/Spain | | | 100,0 | |
| BCS Tianjin Company Ltd. | | Tianjin/PR China | | | 73,8 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 5
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Bilag Industries Private Ltd. | | Gujarat/India | | | 91,2 | |
| Biogenetic Technologies BV | | Rotterdam/Netherlands | | | 100,0 | |
| BIPPO Corporation | | Wilmington/USA | | | 100,0 | |
| Borchers France S.A. | | Castres/France | | | 99,9 | |
| Borchers GmbH | | Langenfeld/Germany | | | 100,0 | |
| CaseTech GmbH & Co. KG | | Bomlitz/Germany | | | 100,0 | |
| Chemie-Beteiligungsaktiengesellschaft | | Glarus/Switzerland | | | 100,0 | |
| Chemion Logistik GmbH | | Leverkusen/Germany | | | 100,0 | |
| Company 113 Corporation | | Springfield/USA | | | 100,0 | |
| Cooper Land Company of New Jersey, Inc. | | Tarrytown/USA | | | 100,0 | |
| Corporación Bonima S.A. de C.V. | | Ilopango/El Salvador | | | 99,1 | |
| C-Qentec Diagnostics Pty. Ltd. | | Epping/Australia | | | 100,0 | |
| Cropsa Ltda. | | Bogota/Colombia | | | 99,9 | |
| CROPSA S.A.C. | | Lima/Peru | | | 100,0 | |
| Deerfield Urethane, Inc. | | South Deerfield/USA | | | 100,0 | |
| Deltapur S.p.A. | | Mussolente/Italy | | | 100,0 | |
| Dorlastan Fibers & Monofil GmbH | | Dormagen/Germany | | | 100,0 | |
| Dorlastan Fibers LLC | | South Carolina/USA | | | 100,0 | |
| Drugofa GmbH | | Cologne/Germany | | | 100,0 | |
| DuBay Polymer GmbH | | Hamm/Germany | | | 50,0 | |
| DYNEVO GmbH | | Leverkusen/Germany | | | 100,0 | |
| DyStar Holding Company | | Wilmington/USA | | | 100,0 | |
| EPUREX Films GmbH & Co. KG | | Bomlitz/Germany | | | 100,0 | |
| Erste K-W-A Beteiligungsgesellschaft mbH | | Leverkusen/Germany | | | 100,0 | |
| EUROPIGMENTS, S.L. | | Vilasar Mar/Spain | | | 52,0 | |
| Euroservices Bayer GmbH | | Leverkusen/Germany | | | 100,0 | |
| Euroservices Bayer S.L. | | Barcelona/Spain | | | 100,0 | |
| Generics Holding GmbH | | Leverkusen/Germany | | | 100,0 | |
| genoptera LLC | | South San Francisco/USA | | | 60,0 | |
| Gesellschaft für Wohnen und Gebäudemanagement mbH | | Leverkusen/Germany | | | 99,6 | |
| Gigas Grundstücks-Vermietungs-GmbH & Co., Objekt Monheim KG | | Düsseldorf/Germany | | | 95,0 | |
| Gustafson LLC | | Plano/USA | | | 100,0 | |
| GVW Garnveredlungswerke GmbH | | Goch/Germany | | | 99,9 | |
| H. C. Starck (Thailand) Company Limited | | Rayong/Thailand | | | 95,0 | |
| H. C. Starck GmbH | | Goslar/Germany | | | 99,9 | |
| H. C. Starck Inc. | | Newton/USA | | | 100,0 | |
| H.C. Starck (West Horndon) Ltd. | | Essex/United Kingdom | | | 100,0 | |
| H.C. Starck Ceramics GmbH & Co. KG | | Selb/Germany | | | 100,0 | |
| H.C. Starck Hermsdorf GmbH | | Hermsdorf/Germany | | | 100,0 | |
| H.C. Starck Hermsdorf Vermögensverwaltungs-GmbH & Co. KG | | Hermsdorf/Germany | | | 100,0 | |
| H.C. Starck Holding Inc. | | Ohio/USA | | | 100,0 | |
| H.C. Starck Ltd. | | Wiltshire/United Kingdom | | | 100,0 | |
| H.C. Starck-V TECH Ltd. | | Tokyo/Japan | | | 100,0 | |
| Hennecke GmbH | | Leverkusen/Germany | | | 100,0 | |
| Hild Samen GmbH | | Marbach/Germany | | | 100,0 | |
| Hybrid Rice International Pvt. Ltd. | | Gurgaon/India | | | 100,0 | |
| IAB Ionenaustauscher GmbH Bitterfeld | | Greppin/Germany | | | 100,0 | |
| ISL-Chemie GmbH & Co. KG | | Kürten/Germany | | | 100,0 | |
| KG III Augusta Grundstücksverwaltungsgesellschaft mbH & Co. | | Mainz/Germany | | | 49,0 | +) |
| KVK Stefes Agro A/S | | Copenhagen/Denmark | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 6
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| KVP Pharma+Veterinär-Produkte GmbH | | Kiel/Germany | | | 100,0 | |
| LANXESS (Pty) Ltd. | | Isando/South Africa | | | 100,0 | |
| LANXESS (Thailand) Company Limited | | Rayong/Thailand | | | 100,0 | |
| LANXESS (Wuxi) Chemicals Co. Ltd. | | Wuxi/PR China | | | 100,0 | |
| LANXESS Accounting GmbH | | Leverkusen/Germany | | | 100,0 | |
| LANXESS AG | | Leverkusen/Germany | | | 100,0 | |
| LANXESS B.V. | | Ede/Netherlands | | | 100,0 | |
| LANXESS Belgien GmbH | | Leverkusen/Germany | | | 100,0 | |
| LANXESS Buna GmbH | | Marl/Germany | | | 100,0 | |
| LANXESS Chemical (Shanghai) Company Limited | | Shanghai/PR China | | | 100,0 | |
| LANXESS Chemicals S.L. | | Barcelona/Spain | | | 100,0 | |
| LANXESS Corporation | | Pittsburgh/USA | | | 100,0 | |
| LANXESS Deutschland GmbH | | Leverkusen/Germany | | | 100,0 | |
| LANXESS Distribution GmbH | | Cologne/Germany | | | 100,0 | |
| LANXESS Elastomeres SAS | | Lillebonne/France | | | 99,9 | |
| LANXESS Emulsion Rubber S.A.S. | | Puteau Cedex/France | | | 100,0 | |
| LANXESS Europe GmbH & Co. KG | | Leverkusen/Germany | | | 100,0 | |
| LANXESS Holding Hispania, S.L. | | Barcelona/Spain | | | 100,0 | |
| LANXESS HONG KONG LIMITED | | Hong Kong | | | 100,0 | |
| LANXESS INC | | Sarnia/Canada | | | 100,0 | |
| LANXESS India Private Limited | | New Delhi/India | | | 100,0 | |
| LANXESS Industria de Produtos Quimicos e Plasticos Ltda | | Sao Paulo/Brazil | | | 100,0 | |
| LANXESS International SA | | Fribourg/Switzerland | | | 100,0 | |
| LANXESS International Trading Shanghai Co. Ltd. | | Shanghai/PR China | | | 100,0 | |
| LANXESS K.K. | | Tokyo/Japan | | | 100,0 | |
| LANXESS Kautschuk GmbH | | Dormagen/Germany | | | 100,0 | |
| LANXESS Limited | | Newbury/United Kingdom | | | 100,0 | |
| LANXESS Mining (Proprietary) Limited | | Isando/South Africa | | | 100,0 | |
| LANXESS N.V. | | Antwerp/Belgium | | | 100,0 | |
| LANXESS Pte. Ltd. | | Singapore | | | 100,0 | |
| LANXESS Pty. Ltd. | | Pymble/Australia | | | 100,0 | |
| LANXESS Rubber N.V. | | Zwijndrecht/Belgium | | | 100,0 | |
| LANXESS S.A. | | Buenos Aires/Argentina | | | 100,0 | |
| LANXESS S.A. de C.V. | | Mexico/Mexico | | | 100,0 | |
| LANXESS S.A.S. | | Puteaux/France | | | 99,8 | |
| LANXESS S.r.l. | | Milan/Italy | | | 100,0 | |
| LANXESS Shanghai Pigments Co. Ltd. | | Shanghai/PR China | | | 100,0 | |
| LANXESS Styrenics, S.L. | | Tarragona/Spain | | | 100,0 | |
| LANXESS Yaxing Chemical (Weifang) Company Ltd. | | Weifang/PR China | | | 55,0 | |
| Laserlite Australia Pty. Ltd. | | Pymble/Australia | | | 100,0 | |
| Mediterranean Seeds Ltd. | | Zio/Israel | | | 100,0 | |
| MultiPUR S.A.S.U. | | Puteaux/France | | | 99,9 | |
| Novochem 2000, S.A. | | Alcantarilla/Spain | | | 54,9 | |
| Nunhems Chile S.A. | | Santiago de Chile/Chile | | | 100,0 | |
| Nunhems do Brasil Comercio de Sementes Ltda | | Campinas/Brazil | | | 100,0 | |
| Nunhems Mag Holland Kft. | | Szolnok/Hungary | | | 100,0 | |
| Nunhems Mexico S.A. de C.V. | | Queretaro/Mexico | | | 99,0 | |
| Nunhems Nasiona SpolKa z.o.o. | | Poznan/Poland | | | 100,0 | |
| Nunhems Seeds Private Ltd. | | Haryana/India | | | 100,0 | |
| Nunhems Semillas SA | | Valencia/Spain | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 7
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(1) Companies included in the consolidated statements (Art. 294 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Nunhems Tohumculuk Limited Sirketi | | Antalya/Tukey | | | 100,0 | |
| Nunhems USA, Inc. | | Morgan Hill/USA | | | 100,0 | |
| Nunhems Zaden B.V. | | Nunhems/Netherlands | | | 100,0 | |
| Nunza B.V. | | Nunhems/Netherlands | | | 100,0 | |
| OOO Bayer CropScience | | Moscow/Russia | | | 100,0 | |
| Pallas Versicherung Aktiengesellschaft | | Leverkusen/Germany | | | 100,0 | |
| pbi Home & Garden Limited | | Enfield/United Kingdom | | | 100,0 | |
| Pharbenia S.r.l. | | Milan/Italy | | | 100,0 | |
| Plant Gentics System International NV | | Den Haag/Netherlands | | | 100,0 | |
| Proagro Seed Company Pvt. Ltd. | | Gurgaon/India | | | 100,0 | |
| Probis GmbH | | Bomlitz/Germany | | | 100,0 | |
| PT Bayer Indonesia | | Jakarta/Indonesia | | | 98,5 | |
| PT Bayer Kimia Farmasindo | | Jakarta/Indonesia | | | 100,0 | |
| PT Bayer Urethanes Indonesia | | Jakarta/Indonesia | | | 99,9 | |
| Química Farmacéutica Bayer, S.A. | | Barcelona/Spain | | | 100,0 | |
| Rhein Chemie (Qingdao) Co. Limited | | Qing Dao/PR China | | | 90,0 | |
| Rhein Chemie Corporation | | Trenton/USA | | | 100,0 | |
| Rhein Chemie Japan Ltd. | | Tokyo/Japan | | | 100,0 | |
| Rhein Chemie Rheinau GmbH | | Mannheim/Germany | | | 100,0 | |
| SC Bayer SRL | | Bucuresti/Romania | | | 100,0 | |
| Semences Nunhems SARL | | Soucelles/France | | | 100,0 | |
| Sementi Nunhems Srl. | | Sr. Agata/Italy | | | 100,0 | |
| Sheffield Plastics Inc. | | Sheffield/USA | | | 100,0 | |
| Société de Conditionnement Bayer S.A.R.L. | | Marle-sur-Serre/France | | | 99,9 | |
| Sportrechte Vermarktungs- und Verwertungs-GmbH & Co. oHG | | Leverkusen/Germany | | | 100,0 | |
| STWB Inc. | | New York/USA | | | 100,0 | |
| Sumika Bayer Urethane Co., Ltd. | | Amagasaki/Japan | | | 60,0 | |
| Sunseeds Holding Ltd. | | Port Louis/Mauritius | | | 100,0 | |
| Suomen Tectrade Oy | | Turku/Finland | | | 100,0 | |
| Sybron Chemical Holdings Inc. | | Wilmington/USA | | | 100,0 | |
| Sybron Chemical Industries Nederland B.V.-EDE | | Ede/Netherlands | | | 100,0 | |
| Sybron Chemicals Holdings B.V. | | Ede/Netherlands | | | 100,0 | |
| Sybron Chemicals Inc. | | New Jersey/USA | | | 100,0 | |
| Sybron Chemicals International Holdings Ltd. | | London/United Kingdom | | | 100,0 | |
| Sybron Kimyasal Ürünler Ticaret Limited Sirketi | | Besiktas Istanbul/Turkey | | | 100,0 | |
| Tectrade A/S | | Otterup/Denmark | | | 100,0 | |
| TravelBoard GmbH | | Leverkusen/Germany | | | 100,0 | |
| UIM Agrochemicals Pty. Ltd. | | East Hawthorn/Australia | | | 100,0 | |
| UIM Consolidated Ltd. | | East Hawthorn/Australia | | | 100,0 | |
| Viterion TeleHealthcare LLC | | Tarrytown/USA | | | 51,0 | |
| Wolff Cellulosics GmbH & Co. KG | | Bomlitz/Germany | | | 100,0 | |
| Wolff Walsrode Aktiengesellschaft | | Walsrode/Germany | | | 100,0 | |
| Zweite K-W-A Beteiligungsgesellschaft mbH | | Leverkusen/Germany | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
| |
| *) | | under uniform control of Bayer AG |
Page 8
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(2) Joint ventures consolidated on a pro rate basis (Art. 310 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Bayer-Shell Isocyanates N.V. | | Antwerp/Belgium | | | 50,0 | |
| BayOne Urethane Systems LLC | | St. Louis/USA | | | 50,0 | |
| Chrome International South Africa (Pty) Ltd | | Newcastle/South Africa | | | 50,0 | |
| Exatec, LLC | | Wilmington/USA | | | 50,0 | |
| INDURISK RÜCKVERSICHERUNG AG | | Luxembourg | | | 50,0 | |
Page 9
Investments in subsidiaries and other companies
(acc. to Art. para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(3) Non-consolidated subsidiaries included at their equity values (Art. 312 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Aerovance, Inc. | | Berkeley/USA | | | 19,8 | |
| DIC Bayer Polymer Ltd. | | Tokyo/Japan | | | 50,0 | |
| GE Bayer Silicones GmbH & Co. KG | | Erkrath/Germany | | | 49,9 | |
| GE Bayer Silicones Verwaltungs-GmbH | | Erkrath/Germany | | | 49,9 | |
| Gebr. Borchers AG | | Goslar/Germany | | | 100,0 | |
| H.C.S.T. Corp. | | New York/USA | | | 100,0 | |
| Lyondell Bayer Manufacturing Maasvlakte VOF | | Rotterdam/Netherlands | | | 50,0 | |
| Miles, S.A. Guatemala Branch | | Guatemala City/Guatemala | | | 100,0 | |
| Palthough Industries (1998) Ltd. | | Kibbuz Ramat Yochanan/Israel | | | 20,0 | |
| PO JV, LP | | Delaware/USA | | | 42,7 | |
| Polygal Plastics Industries Ltd. | | Kibbuz Ramat Hashofet/Israel | | | 25,8 | |
Page 10
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(4) Subsidiaries not included in the consolidated financial statements (Art. 296 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| 1. BBSV GmbH | | Leverkusen/Germany | | | 100,0 | |
| 1. BCheV GmbH | | Leverkusen/Germany | | | 100,0 | |
| 1. BCrSV GmbH | | Leverkusen/Germany | | | 100,0 | |
| 1. BPOV GmbH | | Leverkusen/Germany | | | 100,0 | |
| 2. BHCV GmbH | | Leverkusen/Germany | | | 100,0 | |
| Abuakwa Formulation Plant Limited | | Kumasi/Ghana | | | 51,0 | |
| AF Personalpartner GmbH | | Bomlitz/Germany | | | 81,5 | |
| Agreva GmbH | | Frankfurt/Germany | | | 100,0 | |
| AgrEvo (Thailand) Limited | | Bangkok/Thailand | | | 99,9 | |
| AgrEvo East Africa Ltd. | | Nairobi/Kenya | | | 100,0 | |
| AgrEvo Middle East (Cyprus) Ltd. | | Limassol/Cyprus | | | 100,0 | |
| AgrEvo Tanzania Ltd. | | Dar es Salaam/Tanzania | | | 100,0 | |
| AgrEvo Verwaltungsgesellschaft mbH | | Frankfurt/Germany | | | 100,0 | |
| Ausbildungsinitiative Rheinland GmbH | | Leverkusen/Germany | | | 100,0 | |
| Aventis CropScience Boliviana Ltda. | | Santa Cruz de la Sierra/Bolivia | | | 100,0 | |
| Aventis CropScience Honduras SA de CV | | Tegucigalpa/Honduras | | | 100,0 | |
| Aventis CropScience Malawi Ltd. | | Blantyre/Malawi | | | 100,0 | |
| Baycare S.r.l. | | Milan/Italy | | | 100,0 | |
| Baydiag Ltda. | | Sao Paulo/Brazil | | | 100,0 | |
| Bayer ACP Limited | | Cambridge/United Kingdom | | | 99,0 | |
| Bayer Algerie S.P.A. | | El Biar Alger/Algeria | | | 79,6 | |
| Bayer Animal Health (Pty) Ltd. | | Isando/South Africa | | | 100,0 | |
| Bayer CropScience (OHQ) (Malaysia) Sdn Bhd | | Kuala Lumpur/Malaysia | | | 100,0 | |
| Bayer CropScience Cameroun SARL | | Douala/Cameroon | | | 100,0 | |
| Bayer CropScience Cote D’Ivoire SA | | Abidjan/Cote d’Ivoire | | | 99,8 | |
| Bayer CropScience Ireland Limited | | Swords/Ireland | | | 100,0 | |
| Bayer CropScience Ltd. | | Dhaka/Bangladesh | | | 60,0 | |
| Bayer CropScience SA | | Panama City/Panama | | | 100,0 | |
| Bayer CropScience Seeds Pty Ltd | | Toowoomba/Australia | | | 100,0 | |
| Bayer CropScience Superannuation Pty. Ltd. | | East Hawthorn/Australia | | | 100,0 | |
| Bayer CropScience Zimbabwe (Private) Limited | | Harare/Zimbabwe | | | 100,0 | |
| Bayer Environmental Health (Malaysia) Sdn Bhd | | Kuala Lumpur/Malaysia | | | 100,0 | |
| Bayer Environmental Health Singapore Private Limited | | Singapore | | | 100,0 | |
| Bayer Generikaprodukte GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer HealthCare S.r.l. | | Milan/Italy | | | 100,0 | |
| Bayer Industry Services Geschäftsführungs-GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer International Service G.m.b.H. | | Leverkusen/Germany | | | 100,0 | |
| Bayer Kenya Ltd. | | Nairobi/Kenya | | | 100,0 | |
| Bayer Laboratories Limited | | Bangkok/Thailand | | | 99,7 | |
| Bayer M&BE Limited | | Cambridge/United Kingdom | | | 100,0 | |
| Bayer MaterialScience CustomerServicesGeschäftsführungs-GmbH | | Leverkusen/Germany | | | 100,0 | |
| Bayer Mining Holdings (Pty) Ltd. | | Isando/South Africa | | | 100,0 | |
| Bayer Namibia (Proprietary) Limited | | Windhoek/Namibia | | | 100,0 | |
| Bayer Pharma d.o.o. | | Zagreb/Croatia | | | 100,0 | |
| Bayer Pharma d.o.o. Sarajevo | | Sarajevo/Bosnia and Herzegovina | | | 100,0 | |
| Bayer SH Limited | | Cambridge/United Kingdom | | | 91,7 | |
| Bayer Verwaltungsgesellschaft für Anlagevermögen m.b.H. | | Leverkusen/Germany | | | 99,9 | |
| Bayer Zimbabwe (Private) Limited | | Harare/Zimbabwe | | | 100,0 | |
| BAYHEALTH S.L. | | Barcelona/Spain | | | 100,0 | |
| Bayropharm Medica, S.L. | | Barcelona/Spain | | | 100,0 | |
| BAYROPHARM S.L. | | Barcelona/Spain | | | 100,0 | |
| BCS (Private) Limited | | Karachi/Pakistan | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
Page 11
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(4) Subsidiaries not included in the consolidated financial statements (Art. 296 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| BCS CR s.r.o. | | Brno/Czech Republic | | | 100,0 | |
| BCS Romania Srl | | Bucharest/Romania | | | 100,0 | |
| BCS S.A. | | Navarrete/Dominican Republic | | | 99,9 | |
| BCS, S.A. | | San Jose/Costa Rica | | | 100,0 | |
| Burrill Agbio Capital Fund Annex Limited Partnership | | Wilmington/USA | | | 76,2 | |
| Burrill Agbio Capital Fund II, Limited Partnership | | Wilmington/USA | | | 99,0 | |
| Burrill Agbio Capital Fund Limited Partnership | | Wilmington/USA | | | 76,2 | |
| Cambridge Animal & Public Health Ltd. | | Cambridge/United Kingdom | | | 99,0 | |
| CaseTech Geschäftsführungs-GmbH | | Walsrode/Germany | | | 100,0 | |
| CENTROFARMA — Indústria e Comércio de Produtos Farmacéuticos, Lda. | | Carnaxide/Portugal | | | 100,0 | |
| Chemdyes Pakistan (Private) Limited | | Karachi/Pakistan | | | 99,9 | |
| Chemische Fabrik Altherzberg GmbH | | Goslar/Germany | | | 100,0 | |
| Chemische Fabriken Oker und Braunschweig AG | | Goslar/Germany | | | 97,8 | |
| Comercial Andinas Ltda. | | Casablancam/Chile | | | 99,7 | |
| Comercial Farmacéutica Interamericana, S.A. | | San José/Costa Rica | | | 100,0 | |
| Comercial Interamericana, S.A. | | Guatemala City/Guatemala | | | 100,0 | |
| Comercial Interamericana, S.A. | | Santo Domingo/Dominican Republic | | | 100,0 | |
| Comercial Interamericana, S.A. de C.V. | | Tegucigalpa/Honduras | | | 100,0 | |
| Corp. Farmaceutica Interamericana, S.A. | | Managua/Nicaragua | | | 100,0 | |
| CropScience Tanzania Limited | | Arusha/Tanzania | | | 100,0 | |
| CropScience Uganda Limited | | Kampala/Uganda | | | 100,0 | |
| Dritte BV GmbH | | Leverkusen/Germany | | | 100,0 | |
| DV Dämmstoffe GmbH | | Leverkusen/Germany | | | 100,0 | |
| Ehrfeld Mikrotechnik BTS GmbH i.G. | | Wendelsheim/Germany | | | 100,0 | |
| EPUREX Films Geschäftsführungs-GmbH | | Walsrode/Germany | | | 100,0 | |
| Farbenfabriken Bayer GmbH | | Leverkusen/Germany | | | 100,0 | |
| Farmaco Ltda. | | Sao Paulo/Brazil | | | 93,5 | |
| FBC Industrial Chemical Ltd. | | Cambridge/United Kingdom | | | 100,0 | |
| FBC Overseas Holdings Ltd. | | Cambridge/United Kingdom | | | 99,0 | |
| GENUS Grundstücks- und Vermietungsgesellschaft mbH & Co.KG | | Düsseldorf/Germany | | | 95,0 | |
| Gerhard Peter GmbH | | Bomlitz/Germany | | | 100,0 | |
| GP Grenzach Produktions GmbH | | Leverkusen/Germany | | | 100,0 | |
| GVC Gesellschaft für Venture Capital Beteiligungen mbH | | Leverkusen/Germany | | | 100,0 | |
| H.C. Starck AB | | Helsingborg/Sweden | | | 100,0 | |
| H.C. Starck Ceramics Geschäftsführungs-GmbH | | Selb/Germany | | | 100,0 | |
| H.C. Starck Hermsdorf Vermögensverw. Geschäftsführungs GmbH | | Hermsdorf/Germany | | | 100,0 | |
| Hennecke-Maruka Asia Pte Ltd | | Singapore | | | 60,0 | |
| Immobilière Avenue Louise et Rue de Livourne S.A. | | Brussels/Belgium | | | 100,0 | |
| Innovative Dutch Electro Ceramics Pilot Production B.V. | | Petten/Netherlands | | | 63,5 | |
| ISL-Chemie Geschäftsführungs-GmbH | | Leverkusen/Germany | | | 100,0 | |
| Job@ctive GmbH | | Leverkusen/Germany | | | 100,0 | |
| Kyrgyz Agra Investment Company Ltd. | | Nicosia/Cyprus | | | 61,4 | |
| LANXESS Europe Geschäftsführungs-GmbH | | Leverkusen/Germany | | | 100,0 | |
| Milborrow Animal Health (Proprietary) Limited | | Isando/South Africa | | | 100,0 | |
| Mincape (Pty) Ltd. | | Isando/South Africa | | | 100,0 | |
| Mineracao Comisa Ltda. | | Sao Paulo/Brazil | | | 99,9 | |
| Mineraçâo Cromina Ltda. | | Sao Paulo/Brazil | | | 100,0 | |
| Molypress Deutschland GmbH | | Hermsdorf/Germany | | | 100,0 | |
| Myanmar Aventis CropScience Ltd. | | Yangon/Myanmar | | | 100,0 | |
| Pau Seeds Inc. | | Boone/USA | | | 100,0 | |
| PharmAgro GmbH | | Leverkusen/Germany | | | 100,0 | |
| Previbayer Sociedade de Previdencia Privada | | Sao Paulo/Brazil | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
Page 12
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(4) Subsidiaries not included in the consolidated financial statements (Art. 296 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Proagro Hybrid International Ltd. | | Mumbai/India | | | 100,0 | |
| Químicas Unidas S.A. | | Habana/Cuba | | | 100,0 | |
| Reldy Ltd. | | Cambridge/United Kingdom | | | 100,0 | |
| Rhone-Poulenc (Caribbean) Ltd. | | Kingston/Jamaica | | | 100,0 | |
| Rhone-Poulenc Agro (Thailand) Company Limited | | Bangkok/Thailand | | | 99,5 | |
| Sedagri Ltd. | | Cambridge/United Kingdom | | | 100,0 | |
| Société Civile Immobilière de l’Immeuble Bayer | | Puteaux/France | | | 80,0 | |
| Société Immobilière DISTRI, S.A. | | Puteaux/France | | | 100,0 | |
| Stapleford Services Ltd. | | Cambridge/United Kingdom | | | 99,0 | |
| Stefes Import/Export GmbH | | Kerpen/Germany | | | 100,0 | |
| Suberit Kork GmbH | | Mannheim/Germany | | | 100,0 | |
| Sybron Chemicals UK Ltd. | | Oldham/United Kingdom | | | 100,0 | |
| Trustee of the CropScience Pension Fund Ltd. | | Cambridge/United Kingdom | | | 100,0 | |
| TWINAGRO LIMITED | | Newbury/United Kingdom | | | 100,0 | |
| Vapeltar, A.I.E. | | Barcelona/Spain | | | 60,0 | |
| Vierte BV GmbH | | Leverkusen/Germany | | | 100,0 | |
| Visible Genetics B.V. | | Amsterdam/Netherlands | | | 100,0 | |
| Visible Genetics Israel Ltd. | | Tel Aviv/Israel | | | 100,0 | |
| Visible Genetics UK Ltd. | | Buckinghamshire/United Kingdom | | | 100,0 | |
| W. Hawley & Son Limited | | Newbury/United Kingdom | | | 100,0 | |
| Whiffen Chemicals Ltd. | | Cambridge/United Kingdom | | | 100,0 | |
| Wolff Cellulosics Geschäftsführungs-GmbH | | Walsrode/Germany | | | 100,0 | |
| ZAO Rhone-Poulenc AO | | Moscow/Russian Federation | | | 100,0 | |
| | |
| +) | | voting-right different from effective interest |
Page 13
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(5) Associated companies not included at their equity values (Art. 311 para. 2 GCC)
| | | | | | | |
| | | | | Effective |
| | | | | interest |
| Name of the company | | Place of business | | in % |
| Axxam Srl | | Milan/Italy | | | 24,5 | |
| BAYDEG Kautschukchemikalien GmbH | | Leverkusen/Germany | | | 50,0 | |
| Bayer DAS (Private) Limited | | Karachi/Pakistan | | | 50,0 | |
| Bayer IMSA, S.A. de C.V. | | Mistras/Mexico | | | 50,0 | |
| Bayer Unterstützungskasse GmbH | | Leverkusen/Germany | | | 100,0 | |
| BaySecur GmbH | | Leverkusen/Germany | | | 49,0 | |
| BaySports-Travel GmbH | | Leverkusen/Germany | | | 50,0 | |
| Bioregion Halle-Leipzig Management GmbH | | Halle/Germany | | | 24,0 | |
| BÜFA Polyurethane GmbH & Co. KG | | Oldenburg/Germany | | | 50,0 | |
| BÜFA Polyurethane Verwaltungs GmbH | | Oldenburg/Germany | | | 100,0 | |
| Burrill Nutraceuticals Capital Fund Limited Partnership | | Wilmington/USA | | | 33,0 | |
| Canadian Electronic Powders Corp. | | Pointe-Claire/Canada | | | 29,0 | |
| CMPA | | Beziers/France | | | 25,0 | |
| Coopers Environmental Health Pty Ltd. | | Pomona Gardens/South Africa | | | 30,0 | |
| Cotton Growers Services Pty. Ltd. | | Wee Waa/Australia | | | 50,0 | |
| DISALFARM, S.A. | | Barcelona/Spain | | | 33,3 | |
| Eigenjagd Logemann/Wolff GbR | | Walsrode/Germany | | | 45,5 | |
| EMP-Estrusione Materiali Plastici S.A. | | Stabio/Switzerland | | | 42,2 | |
| ESAR SA | | Paris/France | | | 49,8 | |
| Exatec Geschäftsführungs-GmbH | | Bergisch Gladbach/Germany | | | 100,0 | |
| Exatec GmbH & Co. KG | | Bergisch Gladbach/Germany | | | 50,0 | |
| Farmanet S.A. | | Buenos Aires/Argentina | | | 20,0 | |
| Faserwerke Hüls GmbH | | Marl/Germany | | | 50,0 | |
| GE Bayer Silicones B.V. | | Bergen op Zoom/Netherlands | | | 100,0 | |
| GE Bayer Silicones Holding GmbH | | Leverkusen/Germany | | | 100,0 | |
| GE Bayer Silicones S.r.l. | | Milan/Italy | | | 100,0 | |
| Gigas Grundstücks-Vermietungsgesellschaft mbH | | Düsseldorf/Germany | | | 20,0 | |
| Ginger GmbH | | Ludwigshafen/Germany | | | 22,0 | |
| Gründer- und Innovationszentrum Leverkusen GmbH | | Leverkusen/Germany | | | 25,0 | |
| Hidrax Ltda. | | Taboao da Serra/Brazil | | | 39,0 | |
| Konsortium Hennecke GmbH, W+K Industrie Technik GmbH&Co. GbR | | Sankt Augustin/Germany | | | 50,0 | |
| Kyrghyz Agro Investment | | Bishkek/Kirgisistan | | | 51,0 | |
| Millenium Materials Technologies Fund II Ltd. | | Tel Aviv/Israel | | | 20,0 | |
| Omnexus N.V. | | Amsterdam/Netherlands | | | 22,0 | |
| PharmaNetics, Inc | | Morrisville/USA | | | 21,8 | |
| PYCO SA | | Mont de Marsan/France | | | 47,0 | |
| Quimidroga Plasticos, S.A. | | Barcelona/Spain | | | 40,0 | |
| Sauerstoff- und Stickstoffrohrleitungsgesellschaft mbH | | Krefeld/Germany | | | 50,0 | |
| Schein Pharmaceutical Canada, Inc. | | Toronto/Canada | | | 50,0 | |
| Solavista GmbH & Co. KG | | Potsdam/Germany | | | 50,0 | |
| Solavista Verwaltungs GmbH | | Potsdam/Germany | | | 50,0 | |
| SuNyx GmbH | | Leverkusen/Germany | | | 35,9 | |
| Teijin-Bayer Polytec Ltd. | | Tokyo/Japan | | | 50,0 | |
| Tribel Trat de Resid Indust B Roxo S/A | | Belford Roxo/Brazil | | | 50,0 | |
| Wenkem SA (Proprietary) Limited | | Midrand/South Africa | | | 24,9 | |
Page 14
Investments in subsidiaries and other companies
(acc. to Art. 313 para. 2 German Commercial Code <GCC>)
Dec. 31, 2004
(6) Other material interests
| | | | | |
| | | | | Effective |
| | | | | interest |
| Name of company | | Place of business | | in % |
| CuraGen Corporation | | West Haven/USA | | 6,4 |
| LION Bioscience AG | | Heidelberg/Germany | | 11,3 |
