1.7 Cash flow statement

1.7 Cash flow statement

The evolution of cash flow generated by bio-pharmaceuticals activities is affected by the following:

  • Cash flow from operating activities amounted to € 882 million, of which € 893 million from continuing operations, compared to € 1 098 million in 2018 and stemming from underlying net profitability, offset with a higher need of commercial and development inventory and higher trade receivables after a strong Q4 net sales performance.
  • Cash flow from investing activities showed an outflow of € 235 million (continuing operations), compared to € 320 million in 2018. The outflow is related to investment in assets such as midazolam acquired from Proximagen, offset with the sale of non-core assets.
  • Cash flow from financing activities has an outflow of € 605 million, which includes the dividend paid to UCB shareholders (€ 228 million), the acquisition of treasury shares (€ 77 million) and the repayment of borrowings (€ 118 million) and EMTN bonds (€ 75 million).