Study Figure 13.6. Write a short report on Bayer’s management of its cash flows over the period reported.

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Figure 13.6 Bayer Group's consolidated statement of cash flows Income after taxes Income taxes 2014 million 3,443 1.082 Financial result 981 Income taxes paid or accrued Depreciation, amortization and impairments (1,315) 2,936 Change in pension provisions (337) (Gains) losses on retirements of non-current assets Gross cash flow 30 6,820 Decrease (increase) in inventories Decrease (increase) in trade accounts receivable (741) (1.094) (Decrease) increase in trade accounts payable 518 Changes in other working capital, other non-cash items 307 Net cash provided by (used in) operating activities (net cash flow) 5,810 Cash outflows for additions to property, plant, equipment and intangible assets (2,371) Cash inflows from sales of property, plant, equipment and other assets Cash inflows from divestitures 143 304 Cash inflows from (outflows for) non-current financial assets (10) Cash outflows for acquisitions less acquired cash (13,545)