Free Cash Flow of the Merck Group

XLS

€ million

Jan.–June
2011

Jan.–June
2010

Net cash flows from operating activities

577.1

744.9

Purchase of intangible assets

–24.9

–31.0

Purchase of property, plant and equipment

–160.8

–155.9

Acquisitions

10.1

Investments in financial assets

–4.3

–21.4

Disposal of non-current assets

551.7

15.0

Purchase/sale of marketable securities

–30.2

–0.5

Free cash flow

898.5

551.2

 

 

 

Acquisition-related payments

16.4

Payments related to divestments (paid = + / received = –)

–471.2

15.4

Underlying free cash flow

443.7

566.5