Asset and Financial Position of the Bayer Group

Statement of Cash Flows

Bayer Group Summary Statements of Cash Flows

 

 

Q2 2017

 

Q2 2018

 

H1 2017

 

H1 2018

 

 

€ million

 

€ million

 

€ million

 

€ million

2017 figures restated

Net cash provided by (used in) operating activities, continuing operations

 

1,901

 

2,240

 

2,452

 

2,898

Net cash provided by (used in) operating activities, discontinued operations

 

412

 

 

702

 

Net cash provided by (used in) operating activities (total)

 

2,313

 

2,240

 

3,154

 

2,898

Net cash provided by (used in) investing activities (total)

 

(1,178)

 

(37,925)

 

(2,314)

 

(39,983)

Net cash provided by (used in) financing activities (total)

 

(549)

 

35,746

 

62

 

35,165

Change in cash and cash equivalents due to business activities

 

586

 

61

 

902

 

(1,920)

Cash and cash equivalents at beginning of period

 

2,224

 

5,338

 

1,899

 

7,436

Change due to exchange rate movements and to changes in scope of consolidation

 

(37)

 

(388)

 

(28)

 

(505)

Cash and cash equivalents at end of period

 

2,773

 

5,011

 

2,773

 

5,011

Net cash provided by operating activities

  • In the second quarter of 2018, the net cash provided by operating activities (total) declined by 3.2% to €2,240 million. Covestro was still included in the prior-year quarter. The net cash provided by operating activities in continuing operations rose by 17.8% to €2,240 million due mainly to a decline in cash tied up in working capital.
  • Operating cash flow (total) declined by 8.1% in the first half of 2018, to €2,898 million. Covestro was still included in the prior-year period. The net cash provided by operating activities in continuing operations rose by 18.2% to €2,898 million due mainly to lower additions to cash tied up in working capital.

Net cash used in investing activities

  • Cash outflows for property, plant and equipment and intangible assets were 3.6% lower in the second quarter of 2018 at €459 million (Q2 2017: €476 million) and included €121 million (Q2 2017: €142 million) at Pharmaceuticals, €45 million (Q2 2017: €31 million) at Consumer Health, €174 million (Q2 2017: €135 million) at Crop Science and €9 million (Q2 2017: €5 million) at Animal Health. The prior-year figures included €92 million at Covestro.
  • There was an outflow of €45,290 million for the acquisition of Monsanto, net of €2,657 million in cash acquired from Monsanto.
  • There was a net cash inflow of €1,107 million from the acquisition and sale of Covestro shares. There was a net inflow of €2,162 million from the sale of Covestro shares, while the acquisition of shares held by the Bayer Pension Trust – to be used to repay the convertible bond maturing in 2020 – resulted in an outflow of €1,055 million.
  • The net cash inflow from current financial assets amounted to €6,424 million (Q2 2017: outflow of €776 million).
  • Cash outflows for property, plant and equipment and intangible assets were 9.3% lower in the first half of 2018 at €808 million (H1 2017: €891 million) and included €340 million (H1 2017: €294 million) at Pharmaceuticals, €73 million (H1 2017: €55 million) at Consumer Health, €237 million (H1 2017: €234 million) at Crop Science and €14 million (H1 2017: €11 million) at Animal Health. The prior-year figures included €166 million at Covestro.
  • There was a total net cash inflow of €2,909 million from the acquisition and sale of Covestro shares.
  • The net cash inflow from current financial assets amounted to €2,712 million (H1 2017: net cash outflow of €1,359 million).

Net cash used in financing activities

  • In the second quarter of 2018, there was a net cash inflow of €35,746 million for financing activities, mainly from the issuance of bonds and from further net borrowings totaling €29,151 million (Q2 2017: €1,014 million).
  • Capital increases resulted in an inflow of €8,986 million.
  • There was an outflow of €2,403 million for dividend payments.
  • The figure for the prior-year quarter included a net inflow of €1,045 million from the sale of Covestro shares while that company remained fully consolidated.
  • In the first half of 2018, there was a net cash inflow of €35,165 million for financing activities, mainly from the issuance of bonds and from further net borrowings totaling €28,644 million (H1 2017: €270 million).
  • The figure for the prior-year period included a net inflow of €2,505 million from the sale of Covestro shares while that company remained fully consolidated.
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