In 2012, tax payments totaled € 580.5 million (2011: € 436.0 million). Tax refunds totaled € 18.6 million (2011: € 78.3 million). Interest paid totaled € 303.6 million (2011: € 238.7 million). The increase was due to the sale of two interest rate swaps involving a cash outflow of € 41.7 million. Interest received amounted to € 59.9 million (2011: € 75.5 million). A focus on working capital management increased cash flow from operating activities by € 525.6 million. Within the scope of a Contractual Trust Arrangement in Germany, € 250.0 million was transferred to Merck Pensionstreuhand e.V., Darmstadt (trustee) (2011: € 520.0 million). This led to a corresponding decline in pension provisions and to a decrease in cash flows from operating activities.
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