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Consolidated Cash Flow Statement


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€ million Note 2015 2014
Profit after tax 1,124.1 1,164.8
Depreciation / amortization / impairment losses / reversals of impairments 1,510.9 1,360.9
Changes in inventories – 90.0 20.9
Changes in trade accounts receivable1 – 84.5 – 94.8
Changes in trade accounts payable 166.5 52.8
Changes in provisions 214.7 – 341.6
Changes in other assets and liabilities1 – 636.3 533.1
Neutralization of gains / losses on disposal of assets – 42.0 – 9.3
Other non-cash income and expenses 31.8 18.7
Net cash flows from operating activities ➞ 34 2,195.2 2,705.5
thereof: from discontinued operations 5.6
 
Payments for investments in intangible assets – 179.1 – 143.3
Payments from the disposal of intangible assets 27.4 2.1
Payments for investments in property, plant and equipment – 513.9 – 480.9
Payments from the disposal of property, plant and equipment 8.9 14.0
Payments for investments in financial assets –1 ,740.8 – 3,143.3
Payments for acquisitions less acquired cash and cash equivalents – 13,482.3 – 1,419.3
Payments from the disposal of other financial assets 3,858.0 3,508.6
Payments from the divestment of assets held for sale 86.0 20.9
Net cash flows from investing activities ➞ 35 – 11,935.8 – 1,641.2
thereof: from discontinued operations 84.4
 
Dividend payments to shareholders of Merck KGaA, Darmstadt, Germany – 129.2 – 122.8
Dividend payments to non-controlling interests – 3.6 – 3.1
Dividend payments to E. Merck KG, Darmstadt, Germany – 435.0 – 382.7
Payments from new borrowings of financial liabilities from E. Merck KG, Darmstadt, Germany 560.0 610.0
Repayments of financial liabilities to E. Merck KG, Darmstadt, Germany – 483.6 – 470.6
Payments for the acquisition of non-controlling interests – 351.3
Repayments of bonds – 1,737.7
Payments from issuance of bonds 5,756.3 1,482.9
Payments from new borrowings of other current and non-current financial liabilities 4,106.5 322.6
Repayments of other current and non-current financial debt liabilities – 469.9 – 324.5
Net cash flows from financing activities ➞ 35 7,163.8 760.5
thereof: from discontinued operations
 
Changes in cash and cash equivalents – 2,576.8 1,824.8
Changes in cash and cash equivalents due to currency translation 530.5 72.9
Cash and cash equivalents as of January 1 2,878.5 980.8
Cash and cash equivalents as of December 31 832.2 2,878.5
Plus cash and cash equivalents included in assets held for sale
Cash and cash equivalents as of December 31 (consolidated balance sheet) ➞ 24 832.2 2,878.5
1
Previous year’s figures have been adjusted, see Notes to the consolidated cash flow statement.