Merck 2014 Annual Report Download - page 176

171CONSOLIDATED FINANCIAL STATEMENTS → Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT
€million Note 2014 2013
Profit after tax 1,164.8 1,209.1
Depreciation / amortization / impairment losses / reversals of impairments 1,360.9 1,458.4
Changes in inventories 20.9 – 58.4
Changes in trade accounts receivable – 33.0 – 45.0
Changes in trade accounts payable 52.8 128.2
Changes in provisions – 341.6 – 203.0
Changes in other assets and liabilities 471.3 – 260.4
Neutralization of gains / losses on disposal of assets – 9.3 – 27.5
Other non-cash income and expenses 18.7 24.1
Net cash flows from operating activities → 53 2,705.5 2,225.5
Payments for investments in intangible assets –143.3 –109.6
Payments from the disposal of intangible assets1 2.1 0.3
Payments for investments in property, plant and equipment – 480.9 – 407.0
Payments from the disposal of property, plant and equipment1 14.0 260.0
Payments for investments in financial assets1 – 3,143.3 – 975.2
Payments for the obtainment of control over AZ Electronic Materials S.A. less acquired
cash and cash equivalents –1,419.3 –
Payments for other acquisitions – –15.1
Payments from the disposal of other financial assets1 3,508.6 372.1
Payments from the divestment of the Discovery and Development Solutions business field 20.9 –
Net cash flows from investing activities → 54 – 1,641.2 – 874.5
Dividend payments to MerckKGaA, Darmstadt, Germany, shareholders –122.8 –109.9
Dividend payments to non-controlling interests – 3.1 – 3.7
Dividend payments to E. MerckKG, Darmstadt, Germany – 382.7 – 304.5
Payments from new borrowings of financial liabilities from E. MerckKG, Darmstadt, Germany 139.4 128.8
Payments from transactions with no change of control – 351.3 – 0.3
Repayment of bonds – – 750.0
Payments from the issuance of bonds 1,482.9 –
Payments from new borrowings of other current and non-current financial liabilities 322.6 64.6
Repayments of other current and non-current financial debt liabilities – 324.5 – 97.7
Net cash flows from financing activities 760.5 – 1,072.7
Changes in cash and cash equivalents 1,824.8 278.3
Changes in cash and cash equivalents due to currency translation 72.9 – 27.2
Cash and cash equivalents as of January 1 980.8 729.7
Cash and cash equivalents as of December 31 2,878.5 980.8
Plus cash and cash equivalents included in assets held for sale – –
Cash and cash equivalents as of December 31 (consolidated balance sheet) → 35 2,878.5 980.8
1 Previous year’s figures have been adjusted, see “Notes to the consolidated cash flow statement”.