Net Cash Provided by (Used in) Financing Activities

In 2016 there was a net cash outflow of €350 million (2015: €3,974 million) for financing activities. Net loan repayments amounted to €730 million (2015: €2,929 million).

Cash outflows for dividend payments amounted to €2,126 million (2015: €1,869 million). Net interest payments – including payments for and receipts from interest-rate swaps – rose to €794 million (2015: €652 million). The net inflow of €3,952 million from the mandatory convertible notes is reflected as a capital contribution of €3,300 million and a borrowing of €652 million. In 2015, the proceeds from the stock market flotation of Covestro AG accounted for a €1,490 million cash inflow.

The transfer of Covestro shares with a value of €337 million to Bayer Pension Trust e.V. was a noncash transaction and therefore did not result in a financing cash inflow.