44 of 53

34. Net cash provided by (used in) investing activities

Net cash outflow for investing activities in 2008 amounted to €3,089 million (2007: €3,186 million net inflow).

Cash outflows for additions to property, plant and equipment and intangible assets in 2008 came to €1,759 million (2007: €1,860 million). Disbursements for property, plant and equipment and intangible assets included those for the expansion of the production site for polymer products in Shanghai, China, and the acquisition of the hematology portfolio of Maxygen Inc. Receipts from the sale of property, plant and equipment and other assets amounted to €167 million (2007: €165 million).

The net cash outflow relating to divestitures amounting to €41 million in 2008 principally includes tax payments in connection with the divestment of the diagnostics business and a subsequent purchase price payment from the sale of Wolff Walsrode.

In addition, acquisitions resulted in cash outflows of €1,617 million (2007: €491 million). The main acquisitions were those of Possis Medical Inc., United States, the eastern European OTC business of Sagmel Inc., the OTC business of the Topsun group, China, and of Direvo Biotech AG, Germany. Cash outflows for acquisitions also included €695 million related to the acquisition of the remaining shares of Bayer Schering Pharma AG. Following registration of the squeeze-out, the remaining minority stockholders received a cash compensation payment of €98.98 per share. Further details of acquisitions and divestitures are given in Notes [6.2] and [6.3], respectively.

Cash outflows for noncurrent financial assets amounted to €390 million (2007: inflow of €70 million).

back to overview