Bayer Group Consolidated Statements of Cash Flows

	1st Quarter 2007	1st Quarter 2008
€ million
Income from continuing operations after taxes	656	762
Income taxes	301	306
Non-operating result	218	275
Income taxes paid	(343)	(364)
Depreciation and amortization	599	712
Change in pension provisions	(96)	(94)
(Gains) losses on retirements of noncurrent assets	12	3
Non-cash effects of the remeasurement of acquired assets (inventory work-down)	64	51
Gross cash flow	1,411	1,651

Decrease (increase) in inventories	(213)	(251)
Decrease (increase) in trade accounts receivable	(1,011)	(1,038)
(Decrease) increase in trade accounts payable	(114)	(196)
Changes in other working capital, other non-cash items	302	362
Net cash provided by (used in) operating activities (net cash flow), continuing operations	375	528
Net cash provided by (used in) operating activities (net cash flow), discontinued operations	38	0
Net cash provided by (used in) operating activities (net cash flow) (total)	413	528

Cash outflows for additions to property, plant, equipment and intangible assets	(201)	(288)
Cash inflows from sales of property, plant, equipment and other assets	18	16
Cash inflows (outflows) from divestitures less divested cash	4,673	(40)
Cash inflows (outflows) from acquisitions less acquired cash	(22)	(246)
Cash inflows (outflows) from noncurrent financial assets	5	27
Interest and dividends received	93	74
Cash inflows (outflows) from current financial assets	23	(7)
Net cash provided by (used in) investing activities (total)	4,589	(464)

Capital contributions	0	0
Bayer AG dividend, dividend payments to minority stockholders, reimbursements of advance capital gains tax payments	(9)	(9)
Issuances of debt	444	397
Retirements of debt	(1,954)	(120)
Interest paid	(245)	(137)
Net cash provided by (used in) financing activities (total)	(1,764)	131

Change in cash and cash equivalents due to business activities (total)	3,238	195

Cash and cash equivalents at beginning of period	2,915	2,531

Change in cash and cash equivalents due to changes in scope of consolidation	(1)	0
Change in cash and cash equivalents due to exchange rate movements	(9)	(9)

Cash and cash equivalents at end of period	6,143	2,717