[35] Net cash flows from financing activities Audited

Disclosed dividend payments and transfers of profits in accordance with the Articles of Association were broken down as follows in the fiscal year:

XLS

€ million

2008

2007

Dividend payments

 

 

 

 

Dividends to shareholders

–206.8

 

–67.8

 

Dividends to minority shareholders

–5.7

–212.5

–9.2

–77.0

 

 

 

 

 

Net profits transferred
by Merck KGaA to E. Merck KG

 

 

 

 

Profit transfer in accordance with the Articles of Association from E. Merck KG to Merck KGaA

1.8

 

–2.1

 

Profit transfer in accordance with the Articles of Association from Merck KGaA to E. Merck KG

–126.5

 

–65.1

 

Withdrawals by E. Merck KG from the reserves/profit carried forward by Merck KGaA

–80.3

–205.0

–438.2

–505.4

Profit transfer
from Merck & Cie KG to E. Merck KG

 

–34.9

 

–30.4

 

 

 

 

 

Total dividend payments and profit transfers

 

–452.4

 

–612.8

Free cash flow after dividend payments and profit transfers totaled € –14.0 million (2007:
€ –2,085.9 million).