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Consolidated Cash Flow Statement

12.15 KBEXCEL
€ million Note 2019 2018
Profit after tax   1,324 3,396
Depreciation/amortization/impairment losses/reversals of impairment losses   1,944 1,812
Changes in inventories   -324 -172
Changes in trade accounts receivable   -47 -109
Changes in trade accounts payable/refund liabilities   201 104
Changes in provisions   153 199
Changes in other assets and liabilities   -391 -288
Neutralization of gains/losses on disposal of fixed assets and other disposals   -57 -2,733
Other non-cash income and expenses   53 11
Net cash flows from operating activities 9 2,856 2,219
thereof: from discontinued operation 5 24
       
Payments for investments in intangible assets   -208 -106
Proceeds from the disposal of intangible assets   23 67
Payments for investments in property, plant and equipment   -813 -910
Proceeds from the disposal of property, plant and equipment   31 31
Payments for investments in financial assets   -196 -75
Payments for acquisitions less acquired cash and cash equivalents (net)   -5,020
Proceeds from the disposal of other financial assets   140 55
Payments for the acquisition of non-financial assets   -500
Proceeds from the disposal of non-financial assets   501
Payments for the disposal of assets held for sale   -130
Proceeds from the disposal of assets held for sale less transferred cash and cash equivalents   20 3,129
Net cash flows from investing activities 10 -6,153 2,191
thereof: from discontinued operation 5 -129 3,042
       
Dividend payments to shareholders of Merck KGaA, Darmstadt, Germany   -162 -162
Dividend payments to non-controlling interests   -12 -13
Profit withdrawal by E. Merck KG, Darmstadt, Germany   -515 -593
Proceeds from new borrowings of financial debt from E. Merck KG, Darmstadt, Germany   406 375
Repayment of financial debt to E. Merck KG, Darmstadt, Germany   -418 -319
Repayment of bonds   -1,290 -323
Proceeds from the issuance of bonds   3,482
Payments from new borrowings of other current and non-current financial debt   1,193 32
Repayment of other current and non-current financial debt   -782 -1,821
Net cash flows from financing activities 41 1,902 -2,825
thereof: from discontinued operation 5 5
       
Changes in cash and cash equivalents   -1,395 1,586
Changes in cash and cash equivalents due to currency translation   5 -5
Cash and cash equivalents as of January 1   2,170 589
Cash and cash equivalents as of December 31 (consolidated balance sheet) 35 781 2,170