Financial Statements

Bayer Group Consolidated Statements of Cash Flows

	1st Quarter 2008	1st Quarter 2009
	€ million	€ million
Income from continuing operations after taxes	762	424
Income taxes	306	215
Non-operating result	275	334
Income taxes paid or accrued	(364)	(332)
Depreciation and amortization	712	688
Change in pension provisions	(94)	(117)
(Gains) losses on retirements of noncurrent assets	3	(3)
Non-cash effects of the remeasurement of acquired assets (inventory work-down)	51	0
Gross cash flow	1,651	1,209

Decrease (increase) in inventories	(251)	118
Decrease (increase) in trade accounts receivable	(1,038)	(672)
(Decrease) increase in trade accounts payable	(196)	(432)
Changes in other working capital, other non-cash items	362	470

Net cash provided by (used in) operating activities (net cash flow), continuing operations	528	693
Net cash provided by (used in) operating activities (net cash flow), discontinued operations	0	0
Net cash provided by (used in) operating activities (net cash flow) (total)	528	693

Cash outflows for additions to property, plant, equipment and intangible assets	(288)	(290)
Cash inflows from sales of property, plant, equipment and other assets	16	15
Cash inflows from (outflows for) divestitures	(40)	0
Cash inflows from (outflows for) noncurrent financial assets	27	137
Cash outflows for acquisitions less acquired cash	(246)	0
Interest and dividends received	74	64
Cash inflows from (outflows for) current financial assets	(7)	(4)
Net cash provided by (used in) investing activities (total)	(464)	(78)

Capital contributions	0	0
Dividend payments and withholding tax on dividends	(9)	(4)
Issuances of debt	397	2,361
Retirements of debt	(120)	(536)
Interest paid	(137)	(169)
Net cash provided by (used in) financing activities (total)	131	1,652

Change in cash and cash equivalents due to business activities (total)	195	2,267

Cash and cash equivalents at beginning of period	2,531	2,094

Change in cash and cash equivalents due to changes in scope of consolidation	0	2
Change in cash and cash equivalents due to exchange rate movements	(9)	2

Cash and cash equivalents at end of period	2,717	4,365