Merck Annual Report 2012 - Free cash flow (optimized for printing)

Merck’s strong operational performance in 2012 as well as effective working capital management generated a record free cash flow of € 2,040 million (2011: € 1,436 million), up 42.0%.

XLS

Merck Group | Free cash flow

€ million

2012

2011

Change

1	Neutralization of gain/loss on disposal of assets, other non-cash income and expenses
2	Investments in intangible assets, acquisitions, investments in non-current financial assets, disposal of non-current assets, purchase/sale of marketable securities

Profit after tax

579.0

618.0

–39.0

Depreciation / amortization / impairment losses / write-ups

1,396.6

1,597.4

–200.8

Changes in working capital

525.6

–198.3

723.9

Changes in provisions

378.6

–418.7

797.3

Changes in other assets / liabilities

–383.5

–150.0

–233.5

Others¹

–24.1

–177.2

153.1

Net cash flow from operating activities

2,472.2

1,271.2

1,201.0

Investments in property, plant and equipment

–329.1

–366.3

37.2

Others²

–103.2

531.5

–634.7

Free cash flow

2,039.9

1,436.4

603.5

Development of free cash flow