Merck 2008 Annual Report Download - page 129

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Notes to the cash flow statement
[33] Net cash flows from operating activities
Tax payments in 2008 totaled € 289.6 million (2007: € 209.0 million). Interest expense
totaled € 95.7 million (2007: € 302.8 million) and interest income totaled € 49.9 million
(2007: € 51.6 million). The increase in trade accounts receivable is due to the fact that
the program to sell receivables was discontinued in 2008.
[34] Net cash flows from investing activities
A total of € 78.2 million was used for acquisitions and investments in other financial
assets. Of this amount, € 6.9 million was used to acquire SeQuant AB, of Umea, Sweden,
€ 4.6 million to acquire Litec-LLL GmbH of Greifswald, Germany, and € 30.2 million
to acquire Bio-Fyt Pharma N.V., of Sint-Jans-Molenbeek, Belgium. In addition, additional
holdings in PT Merck Tbk of Jakarta, Indonesia, were acquired for € 10.2 million.
In vestments in other financial assets totaled € 26.3 million.
€ million SeQuant AB
Litec-LLL
GmbH PT Merck Tbk
Bio-Fyt
Pharma N.V.
Purchase price 6.9 5.6 10.2 32.6
Cash and cash equivalents acquired - –1.0 – –2.4
Net cash outflows 6.9 4.6 10.2 30.2
There were no cash inflows from disposals of Group companies in 2008.
The decline in other financial assets is due to the withdrawal of € 497.9 million from
a monetary investment for financing purposes.
124 | Merck Annual Report 2008