Chairman’s Letter
Notes
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Financial Statements
34. Net cash provided by (used in) investing activities
In fiscal 2006 there was a net cash outflow of €14,730 million (2005: €1,741 million) for investing activities, consisting principally of €15,246 million in disbursements for the Schering acquisition. The latter amount comprised the purchase price for the 96.2 percent of the shares of Bayer Schering Pharma AG, Germany* acquired through December 31, 2006, less acquired cash of €1,025 million. A total of €75 million was paid to acquire the biotech company Icon Genetics and the U.S. company Metrika. Further details of acquisitions and divestitures are given in Note [7.2].
Cash outflows for additions to property, plant and equipment and intangible assets in 2006 came to €1,876 million (2005: €1,389 million). The 2006 figure includes €137 million in capital expenditures of Schering. Also included are the acquisition of the European marketing rights to the hypertension products Pritor® and PritorPlus® and payments in connection with the expansion of the production facilities for polymers at Caojing, near Shanghai, China.
Sales of property, plant and equipment and other assets resulted in a cash inflow of €185 million (2005: €105 million), while the inflow from divestitures amounted to €489 million (2005: €293 million). An advance payment of €395 million on the sale of the Diagnostics business, which was completed at the start of 2007, was received at the end of 2006.
Cash inflows from noncurrent financial assets totaling €850 million (2005: €1,189 million) mainly related to the sale of the 49.9 percent interest in GE Bayer Silicones to the existing joint venture partner General Electric and the repayment by the Symrise chemical group of a vendor loan granted in connection with the divestiture of the Haarmann & Reimer group in 2002.
In the previous year, cash outflows for investing activities mainly comprised the payment of approximately €1.9 billion for the Roche consumer health business. Receipts from noncurrent financial assets came to €1.2 billion, mainly from the scheduled repayment of loans by LANXESS and the expiration of derivative contracts. Cash inflows from divestitures in 2005 totaled €293 million and resulted largely from the sale of the plasma operations in the United States.
Cash outflows for additions to property, plant and equipment and intangible assets in 2006 came to €1,876 million (2005: €1,389 million). The 2006 figure includes €137 million in capital expenditures of Schering. Also included are the acquisition of the European marketing rights to the hypertension products Pritor® and PritorPlus® and payments in connection with the expansion of the production facilities for polymers at Caojing, near Shanghai, China.
Sales of property, plant and equipment and other assets resulted in a cash inflow of €185 million (2005: €105 million), while the inflow from divestitures amounted to €489 million (2005: €293 million). An advance payment of €395 million on the sale of the Diagnostics business, which was completed at the start of 2007, was received at the end of 2006.
Cash inflows from noncurrent financial assets totaling €850 million (2005: €1,189 million) mainly related to the sale of the 49.9 percent interest in GE Bayer Silicones to the existing joint venture partner General Electric and the repayment by the Symrise chemical group of a vendor loan granted in connection with the divestiture of the Haarmann & Reimer group in 2002.
In the previous year, cash outflows for investing activities mainly comprised the payment of approximately €1.9 billion for the Roche consumer health business. Receipts from noncurrent financial assets came to €1.2 billion, mainly from the scheduled repayment of loans by LANXESS and the expiration of derivative contracts. Cash inflows from divestitures in 2005 totaled €293 million and resulted largely from the sale of the plasma operations in the United States.
*
The names "Bayer Schering Pharma" or "Schering" as used in this publication always refer to Bayer Schering Pharma AG, Berlin, Germany, or its predecessor, Schering AG, Berlin, Germany, respectively.
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