Merck Consolidated Cash Flow Statement Audited

Profit after tax

579.0

618.0¹

Depreciation / amortization / impairment losses / write-ups

1,396.6

1,597.4

Changes in inventories

140.6

–75.3

Changes in trade accounts receivable

186.2

–3.7

Changes in trade accounts payable

198.8

–119.3

Changes in provisions

378.6

–418.7¹

Changes in other assets and liabilities

–383.5

–150.0¹

Neutralization of gain / loss on disposals of assets

–31.6

–208.8

Other non-cash income and expenses

7.5

31.6

Net cash flows from operating activities

[55]

2,472.2

1,271.2

Investments in intangible assets

–144.2

–79.7

Investments in property, plant and equipment

–329.1

–366.3

Acquisitions

–20.6

–161.0

Investments in non-current financial assets

–42.4

–10.5

Disposal of non-current assets

93.6

787.4

Purchase / sale of marketable securities

10.4

–4.7

Changes in other financial assets

–725.6

–1,061.2

Net cash flows from investing activities

[56]

–1,157.9

–896.0

Dividend payments

–102.6

–86.8

Profit transfers to E. Merck KG and changes in reserves

–304.5

–326.5

Payments from transactions with no change of control

–15.0

–

Changes in liabilities to E. Merck KG

10.6

77.3

Repayment of bonds

–1,000.0

–20.8

New borrowings of other current and non-current financial liabilities

37.5

16.8

Repayments of other current and non-current financial liabilities

–145.4

–44.1

Net cash flows from financing activities

[57]

–1,519.4

–384.1

Changes in cash and cash equivalents

–205.1

–8.9

Changes in cash and cash equivalents due to currency translation

–3.0

1.8

Cash and cash equivalents as of January 1

937.8

943.7

Cash and cash equivalents as of December 31

729.7

936.6

Plus  cash and cash equivalents included in assets held for sale

–

1.2

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

[37]

729.7

937.8