Merck Consolidated Cash Flow Statement 

Profit after tax

629.0

641.5

Depreciation/amortization/impairment losses/write-ups

1,597.4

1,257.9

Changes in inventories

–75.3

38.0

Changes in trade accounts receivable

–3.7

–187.0

Changes in trade accounts payable

–119.3

117.5

Changes in provisions

–431.0

–73.6

Changes in other assets and liabilities

–148.7

97.8

Neutralization of gain/loss on disposals of assets

–208.8

–102.4

Other non-cash income and expenses

31.6

–7.1

Net cash flows from operating activities

[36]

1,271.2

1,782.6

Purchase of intangible assets

–79.7

–104.2

Purchase of property, plant and equipment

–366.3

–396.2

Acquisitions

–161.0

–4,843.7

Investments in financial assets

–10.5

–16.0

Disposal of non-current assets

787.4

54.8

Purchase/sale of marketable securities

–4.7

0.2

Changes in financial assets covering pensions

–3.5

–8.6

Changes in other financial assets

–1,057.7

1,431.3

Net cash flows from investing activities

[37]

–896.0

–3,882.4

Dividend payments

–86.8

–86.1

Profit transfers to E. Merck KG and changes in reserves

–326.5

–261.1

Changes in liabilities to E. Merck KG

77.3

150.6

Bonds issued

–

3,181.7

Repayment of bonds

–20.8

–500.0

New borrowings of other current and non-current financial liabilities

16.8

84.4

Repayments of other current and non-current financial liabilities

–44.1

–32.0

Net cash flows from financing activities

[38]

–384.1

2,537.5

Changes in cash and cash equivalents

–8.9

437.7

Changes in cash and cash equivalents due to currency translation

1.8

–34.2

Cash and cash equivalents as of January 1

943.7

541.4

Cash and cash equivalents as of December 31

936.6

944.9

Plus / less cash and cash equivalents included in assets held for sale

1.2

–1.2

Cash and cash equivalents as of December 31 (consolidated balance sheet)

[39]

937.8

943.7