Financial Statements

Bayer Group Consolidated Statements of Cash Flows

  [Table 25]
  1st Quarter
2014
1st Quarter
2015
  € million € million
Income after income taxes 1,425 1,309
Income taxes 512 415
Financial result 159 274
Income taxes paid or accrued (544) (643)
Depreciation, amortization and impairments 649 806
Change in pension provisions (117) (87)
(Gains) losses on retirements of noncurrent assets (36) (14)
Gross cash flow 2,048 2,060
     
Decrease (increase) in inventories (334) 65
Decrease (increase) in trade accounts receivable (1,886) (1,935)
(Decrease) increase in trade accounts payable (310) (491)
Changes in other working capital, other non-cash items 645 1,025
Net cash provided by (used in) operating activities (net cash flow) 163 724
     
Cash outflows for additions to property, plant, equipment and intangible assets (357) (345)
Cash inflows from the sale of property, plant, equipment and other assets 16 25
Cash inflows from divestitures
Cash inflows from (outflows for) noncurrent financial assets (4) (259)
Cash outflows for acquisitions less acquired cash (1,857) (33)
Interest and dividends received 16 11
Cash inflows from (outflows for) current financial assets 6 5
Net cash provided by (used in) investing activities (2,180) (596)
     
Dividend payments and withholding tax on dividends (5)
Issuances of debt 4,455 2,521
Retirements of debt (1,377) (2,844)
Interest paid including interest-rate swaps (61) (92)
Interest received from interest-rate swaps 3 10
Cash outflows for the purchase of additional interests in subsidiaries (1)
Net cash provided by (used in) financing activities 3,019 (410)
     
Change in cash and cash equivalents due to business activities 1,002 (282)
     
Cash and cash equivalents at beginning of period 1,662 1,853
     
Change in cash and cash equivalents due to changes in scope of consolidation 3
Change in cash and cash equivalents due to exchange rate movements (33) 33
     
Cash and cash equivalents at end of period 2,631 1,607
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