Cash Flow Statement

Profit after tax

344.2

194.6

Depreciation/amortization/impairment losses/write ups

353.0

246.4

Changes in inventories

–62.7

–20.6

Changes in trade accounts receivable

–30.6

–197.3

Changes in trade accounts payable

–109.8

–15.3

Changes in provisions

25.8

–28.9

Changes in other assets and liabilities

–68.2

103.5

Neutralization of gain/loss on disposals of assets

–164.1

–0.9

Other non-cash income and expenses

–2.6

–2.7

Net cash flows from operating activities

284.9

278.7

Purchase of intangible assets

–9.3

–14.0

Purchase of property, plant and equipment

–74.9

–64.7

Acquisitions

–

–

Investments in financial assets

–0.6

–7.8

Disposal of non-current assets

485.4

3.9

Purchase/sale of marketable securities

–40.2

–1.3

Changes in financial assets covering pensions

–1.3

–1.9

Changes in other financial assets

–254.8

1,355.4

Net cash flows from investing activities

104.3

1,269.5

Dividend payments

–

–2.5

Profit transfers to E. Merck KG and changes in reserves

–104.8

–49.4

Changes in liabilities to E. Merck KG

–19.8

21.1

Bonds issued

–

3,181.7

Changes in current and non-current financial liabilities

–22.8

–15.7

Net cash flows from financing activities

–147.4

3,135.2

Changes in cash and cash equivalents

241.8

4,683.4

Changes in cash and cash equivalents due to currency translation

–8.0

7.9

Cash and cash equivalents as of January 1 (Group balance sheet)

943.7

541.4

Plus cash and cash equivalents previously in assets held for sale

1.2

–

Cash and cash equivalents as of March 31

1,178.7

5,232.7