€ million

Note

2007

2006

Profit after tax

3,520.2

1,001.3

Depreciation/amortization and impairment losses (non-current assets)

923.6

303.0

Changes in inventories

–170.5

–139.5

Changes in trade receivables

–152.6

–152.5

Changes in trade payables

131.2

17.4

Changes in provisions

53.2

132.4

Changes in other assets and liabilities

–330.2

53.7

Gains /Losses on disposals of assets

–3,481.3

–403.7

Other non-cash income and expenses

724.7

–0.4

Net cash flows from operating activities

[33]

1,218.3

811.7

thereof: Discontinued Operations

36.9

198.9

Purchase of intangible assets

–121.1

–56.6

Purchase of property, plant and equipment

–282.8

–253.2

Acquisitions and investments in other financial assets

–7,318.0

–1,651.1

Disposal of non-current assets

4,995.8

72.1

Changes in securities

34.7

3.7

Changes in other financial assets

–36.1

423.4

Net cash flows from investing activities

[34]

–2,727.5

–1,461.7

thereof: Discontinued Operations

4,797.9

–76.5

Dividend payments

–77.0

–49.7

Capital increase

2,038.4

2.4

Profit transfers to E. Merck OHG and changes in reserves

–535.8

–229.4

Changes in liabilities to E. Merck OHG

396.4

–146.1

Bonds issued

497.9

–

Changes in current and non-current financial liabilities

–827.1

227.3

Other changes from financing activities

–

–

Net cash flows from financing activities

[35]

1,492.8

–195.5

thereof: Discontinued Operations

–7.8

–4.6

Changes in cash and cash equivalents

–16.4

–845.5

Changes in cash and cash equivalents due to currency translation

–17.1

–16.1

Cash and cash equivalents as of January 1

460.1

1,321.7

Cash and cash equivalents as of December 31

[36]

426.6

460.1