Net Cash Provided by (Used in) Operating Activities

Following the switch to a different value management concept, the gross cash flow is no longer used as an indicator. The previous disclosure of “income taxes paid or accrued” is replaced by “income taxes paid.” This has also resulted in amendments to “Changes in other Working capital is the difference between short-term current assets and short-term liabilities; it is calculated by deducting short-term liabilities from current assets (excluding cash and cash equivalents). In the statement of cash flows, the change in working capital is one of the variables used to assess a company’s financial health. The objective of working capital management is to reduce working capital by minimizing the “financing gap” caused by the time lapse between the disbursement of funds (= payment for necessary raw materials) and the receipt of funds for the finished product. , other noncash items.”

The transfers of bonds with a total value of €450 million (2015: €300 million) to pension funds and of Covestro shares with a value of €337 million to Bayer Pension Trust e.V. were noncash transactions and therefore did not result in operating cash outflows.