Merck 2008 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2008 Merck annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 153

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153

Notes to the
Cash Flow Statement:
see page 124
Cash Flow Statement
€ million Note 2008 2007
Profit after tax 379.1 3,520.2
Depreciation/amortization and impairment losses
(non-current assets) 1,215.3 923.6
Changes in inventories –225.5 –170.5
Changes in trade receivables –268.1 –152.6
Changes in trade payables 189.3 131.2
Changes in provisions –71.0 53.2
Changes in other assets and liabilities –187.3 –330.2
Gains/Losses on disposals of assets –4.0 –3,481.3
Other non-cash income and expenses –3.8 724.7
Net cash flows from operating activities [33] 1,024.0 1,218.3
thereof: Discontinued Operations – 36.9
Purchase of intangible assets –140.9 –121.1
Purchase of property, plant and equipment –394.7 –282.8
Acquisitions and investments in other financial assets –78.2 –7,318.0
Disposal of non-current assets 35.7 4,995.8
Changes in securities –7.5 34.7
Changes in other financial assets 503.9 –36.1
Net cash flows from investing activities [34] –81.7 –2,727.5
thereof: Discontinued Operations – 4,797.9
Dividend payments –212.5 –77.0
Capital increase including amounts due to stock option plans 0.2 2,038.4
Profit transfers to E. Merck KG and changes in reserves –239.9 –535.8
Changes in liabilities to E. Merck KG –291.0 396.4
Bonds issued – 497.9
Changes in current and non-current financial liabilities 76.5 –827.1
Net cash flows from financing activities [35] –666.7 1,492.8
thereof: Discontinued Operations – –7.8
Changes in cash and cash equivalents 275.6 –16.4
Changes in cash and cash equivalents due to currency translation–9.5–17.1
Cash and cash equivalents as of January 1 426.6 460.1
Cash and cash equivalents as of December 31 [36] 692.7 426.6
76 | Merck Annual Report 2008