Consolidated Cash Flow Statement

Profit after tax

269.0

175.1¹

Depreciation/amortization/impairment losses/write-ups

354.4

342.7

Changes in inventories

–21.0

7.0

Changes in trade accounts receivable

–134.2

–44.2

Changes in trade accounts payable

–39.5

26.1

Changes in provisions

22.7

24.4¹

Changes in other assets and liabilities

71.9

–52.3¹

Neutralization of gain/loss on disposals of assets

–4.4

–10.1

Other non-cash income and expenses

–3.1

3.2

Net cash flows from operating activities

515.7

471.9

Investments in intangible assets

–28.9

–29.1

Investments in property, plant and equipment

–37.5

–50.7

Acquisitions

–

–

Investments in non-current financial assets

–19.4

–5.6

Disposal of non-current assets

8.7

31.4

Purchase/sale of marketable securities

–

1.7

Changes in other financial assets

–247.2

370.2

Net cash flows from investing activities

–324.3

318.0

Dividend payments

–1.9

–0.7

Profit transfers to E. Merck KG and changes in reserves

–98.7

–69.0

Changes in liabilities to E. Merck KG

52.5

–10.0

Repayment of bonds

–

–500.0

Changes in current and non-current financial liabilities

–58.6

–58.2

Net cash flows from financing activities

–106.7

–637.9

Changes in cash and cash equivalents

84.7

152.0

Changes in cash and cash equivalents due to currency translation

–0.4

–3.0

Cash and cash equivalents as of January 1

729.7

937.8

Cash and cash equivalents as of March 31

814.0

1,086.8