Merck Consolidated Cash Flow Statement Audited

Profit after tax

1,209.1

579.0

Depreciation/amortization/impairment losses/reversals of impairments

1,458.4

1,396.6

Changes in inventories

–58.4

140.6

Changes in trade accounts receivable

–45.0

186.2

Changes in trade accounts payable

128.2

198.8

Changes in provisions

–203.0

378.6

Changes in other assets and liabilities

–260.4

–383.5

Neutralization of gain/loss on disposals of assets

–27.5

–31.6

Other non-cash income and expenses

24.1

7.5

Net cash flows from operating activities

[53]

2,225.5

2,472.2

Investments in intangible assets

–109.6

–144.2

Investments in property, plant and equipment

–407.0

–329.1

Acquisitions

–15.1

–20.6

Investments in non-current financial assets

–15.0

–72.4¹

Investments in current financial assets

–625.6

–685.2¹

Disposal of non-current assets

297.8

93.6

Net cash flows from investing activities

[54]

–874.5

–1,157.9

Dividend payments to Merck KGaA shareholders

–109.9

–96.9¹

Dividend payments to non-controlling interests

–3.7

–5.7¹

Dividend payments to E. Merck KG

–304.5

–326.5¹

New borrowings of financial liabilities from E. Merck KG

128.8

32.6¹

Payments from transactions with no change of control

–0.3

–15.0

Repayment of bonds

–750.0

–1,000.0

New borrowings of other current and non-current financial liabilities

64.6

37.5

Repayments of other current and non-current financial debt liabilities

–97.7

–145.4

Net cash flows from financing activities

–1,072.7

–1,519.4

Changes in cash and cash equivalents

278.3

–205.1

Changes in cash and cash equivalents due to currency translation

–27.2

–3.0

Cash and cash equivalents as of January 1

729.7

937.8

Cash and cash equivalents as of December 31

980.8

729.7

Plus cash and cash equivalents included in assets held for sale

–

–

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

[35]

980.8

729.7