Net Cash Provided by (Used in) Operating, Investing and Financing Activities

The operating cash flow (total) declined by 2.7% in 2018, to €7,917 million. Covestro was still included in the prior-year period. The operating cash flow from continuing operations was up 19.8% from the previous year.

The net cash outflow for investing activities in 2018 amounted to €34,152 million (2017: €432 million). 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 inflow of €7,291 million from the divestments to BASF. Additions to property, plant and equipment and intangible assets in 2018 resulted in a cash outflow of €2,593 million (2017: €2,366 million). Cash inflows from sales of property, plant and equipment and intangible assets amounted to €230 million (2017: €241 million). The net cash inflow from noncurrent and current financial assets amounted to €5,717 million (2017: €1,230 million), and included net inflows of €2,909 million from the sale and repurchase of Covestro shares.

There was a net cash inflow of €23,432 million (2017: net cash outflow of €1,881 million) for financing activities. Net borrowings amounted to €17,819 million (2017: net loan repayments of €2,479 million). Cash outflows for dividend payments amounted to €2,407 million (2017: €2,364 million). Net interest payments – including payments for and receipts from interest-rate swaps – increased to €919 million (2017: €732 million). Capital increases resulted in an inflow of €8,986 million.

The change in financial liabilities is presented in the following table:

Financial Liabilities

 

 

 

 

Cash flows

 

Noncash changes

 

 

 

 

Dec. 31, 2017

 

 

 

Acquisition

 

Currency effects

 

New contracts

 

Fair value changes1

 

Dec. 31, 2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1

Including discount effects

Bonds and notes / promissory notes

 

12,436

 

16,803

 

5,596

 

648

 

 

(81)

 

35,402

Liabilities to banks

 

534

 

3,352

 

1,072

 

(93)

 

 

 

4,865

Liabilities under finance leases

 

238

 

(43)

 

133

 

9

 

62

 

 

399

Liabilities from derivatives

 

240

 

(1)

 

1

 

(1)

 

 

(67)

 

172

Other financial liabilities

 

970

 

(2,292)

 

1,855

 

14

 

 

9

 

556

Total

 

14,418

 

17,819

 

8,657

 

577

 

62

 

(139)

 

41,394

Compare to Last Year