Efectos de la activación de los receptores opioides tipo μ

4.1. Cash flow (gross)

Cash flow (gross) in € 000s 2007 Previous year

Net income (including net income relating to minority interest) 106,668 92,463 Cash flow (gross) due to depreciation and amortization (+) / write-ups (-) of non-current assets 101,722 63,903 Cash flow (gross) due to increase (+) / decrease (-) in non-current provisions 3,350 6,343 Cash flow (gross) due to gains (-) / losses (+) on disposals of non-current assets -10,551 -9,477

Total 201,189 153,232

4.2. Cash flow from operating activities

Cash flow provided by operating activities in € 000s 2007 Previous year

Gross cash flow 201,189 153,232

Cash flow due to changes in inventories -69,248 -20,956

Cash flow due to changes in trade accounts receivable -80,573 -43,199

Cash flow due to changes in other receivables / prepaid expenses -21,241 -34,107

Cash flow due to changes in current securities -2,937 -21

Cash flow due to changes in deferred tax assets -8,318 -111

Cash flow due to changes in current provisions 22,242 2,802

Cash flow due to changes in trade accounts payable 29,781 -19,561

Cash flow due to changes in other liabilities / deferred income 26,466 -51,688

Cash flow due to changes in deferred tax liabilities 3,104 604

Total 100,465 -13,005

Cash flow from operating activities consists of changes in items not affected by capital expenditure, financing, changes in exchange rates from the conversion of foreign financial statements or through the scope of consolidation and measurement- related changes in positions covered.

By adjusting the cash flow from operating activities for special effects from payments made and still outstanding from acquisitions and disposals, the result for the reporting year is an adjusted cash flow from operating activitiesin the amount of € 92.9 million (previous year: € 61.8 million).

Adjusted operating cash flow in € 000s 2007 Previous year

Operating cash flow 100,465 -13,005

Cash flow influence on outstanding liabilities and payments from the acquisition of the

SANKYO branded product package in the fourth quarter of 2005 29,000 38,900

Cash flow influence on outstanding liabilities from the acquisition of the

MAKIZ group in the third quarter of 2007 -29,947 0

Cash flow influence on outstanding liabilities from the sale of STADA’s sales companies

in the USA in the third quarter of 2006 1,397 23,886

Cash flow influence on outstanding liabilities from the sale and payments received for the

Defibrotide products in the fourth quarter of 2006 -8,000 12,000

Total 92,915 61,781

4.3. Cash flow from investing activities

Cash flow from investing activities in € 000s 2007 Previous year

Payments for the acquisition of consolidated companies (after deducting acquired cash and cash equivalents) -155,064 -484,807 Payments for significant purchases of intangible assets for current expansion of the

product portfolio (as a rule in the reporting year) -6,100 0

Payments for purchases of other intangible assets -59,105 -54,078

Payments for purchases of property, plant and equipment -42,011 -26,431

Payments for purchases of financial assets -3,965 -12,966

Proceeds from the disposals of consolidated companies (after deducting possible

disposed cash and cash equivalents) 9,753 30,289

Proceeds from significant sales of intangible assets from

the disposal of launched products 2,300 9,451

Proceeds from the disposals of intangible assets 7,638 6,220

Proceeds from the disposals of items of property, plant and equipment 325 10,829

Proceeds from the disposals of financial assets 5,187 18,592

Total -241,042 -502,901

Cash flow from investment activities reflects the cash outflows for investments reduced by the inflows from disposals. This amounted to € -241.0 million in the reporting year (previous year: € -502.9 million).

In the table on cash flow from investing activities, the influence of changes in the balance sheet by companies consolidated for the first time is disclosed in a separate line. There, exclusively payments made for the acquisition of consolidated companies (acquisition price after deducting possible acquired cash and cash equivalents) in the reporting year are shown. In fiscal year 2007, these payments related to the acquisition prices of the companies purchased in the context of the acquisition of the MAKIZ group as well as of the Forum Bioscience group – less funds adopted (€ 104.4 million or € 50.7 million) if applicable. Disclosure of the previous year of payments made for the acquisition of consolidated companies resulted mainly from the takeover of the Hemofarm group.

In addition, investments in intangible assets for the short-term expansion of the product portfolio were incurred in the amount of € 6.1 million in 2007 (previous year: € 0.0 million). Acquisition-related sales growth is also principally associated with such investments in the reporting year.

Thus, € 161.2 million were used in total for acquisitions in 2007 (previous year: € 484.8 million) (payments for capital expendi- ture for the purchase of consolidated companies after deducting possibly acquired cash and cash equivalents plus payments for material purchases of intangible assets for the short-term expansion of the product portfolio).

Proceeds from the sale of consolidated companies related, in the reporting year, to the selling prices from the sales of Multivita d.o.o. and Symbiofarm d.o.o., in the previous year primarily to the sales of STADA Inc. at the time.

4.4. Cash flow from financing activities

Cash flow from financing activities in € 000s 2007 Previous year

Payments to shareholders (dividend distribution) -36,047 -20,818

Payments for the redemption of bonds and finance facilities -135,786 -128,000 Proceeds from additions to shareholders’ equity / share capital of STADA Arzneimittel AG 1,208 12,366 Proceeds from additions to shareholders’ equity / capital reserve of STADA Arzneimittel AG 6,436 65,872

Proceeds from the issue of bonds and finance facilities 263,167 645,879

Total 98,978 575,299

Cash flow from financing activities encompasses changes in financial liabilities, as well as dividend payments or additions to shareholder’s equity or related transaction costs.

Proceeds from additions to shareholders’ equity / capital reserve of STADA Arnzneimittel AG relate to proceeds from capital increases through the exercise of warrants 2000/2015 (see 3.14.).

4.5. Net cash flow for the period

Net cash flow for the period in € 000s 2007 Previous year

Cash flow from operating activities 100,465 -13,005

Cash flow from investing activities -241,042 -502,901

Cash flow from financing activities 98,978 575,299

Changes in cash and cash equivalents (sub-total) -41,599 59,393

Other changes in shareholders’ equity/currency translation 15,372 13,248

Influence on changes in the balance sheet by companies consolidated for the first time -21,723 -15,968

Net cash flow for the period, i.e. of the reporting year 2007, is the balance of cash inflows and outflows from operating activities, financing activities and investing activities, as well as from other changes in shareholders’ equity and from currency translation as well as the influence of changes in the balance sheet by companies consolidated for the first time. This developed to € 48.0 mil- lion in 2007 (previous year: € 56.7 million) and resulted in cash and cash equivalents of € 81.5 million at December 31, 2007 (previous year: € 129.4 million).

Cash and cash equivalents include cash and call deposits with a maximum remaining term of 90 days as well as short-term and highly liquid financial investments that can be converted to cash immediately and are subject only to minor price fluctuation risks.

4.6. Free cash flow for the period

Free cash flow for the period in € 000s 2007 Previous year

Cash flow from operating activities 100,465 -13,005

Cash flow from investing activities -241,042 -502,901

Total -140,577 -515,906

Free cash flowincludes cash flow from operating activities and cash flow from investing activities and is therefore significantly shaped by investments and disposals.

Free cash flowadjusted for the effects from disposals and investments is as follows:

Adjusted free cash flow for the period in € 000s 2007 Previous year

Adjusted cash flow from operating activities (see 4.2.) 92,915 61,781

Cash flow from investing activities -241,042 -502,901

+ Payments made for the acquisition of consolidated companies (after deducting acquired cash and cash equivalents) 155,064 484,807 + Payments for significant investments in intangible assets for the short-term expansion of the

product portfolio (as a rule in the reporting year) 6,100 0

Proceeds from the disposals of consolidated companies (after deducting possible

disposed cash and cash equivalents) 9,753 30,289

Proceeds from significant sales of intangible assets from

the disposal of launched products 2,300 9,451

Adjusted free cash flow for the period 984 3,947

4.7. Additional disclosures on cash flow

Payments of income taxes and interest in the 2007 reporting period totaled € 39.8 million and € 45.0 million, respectively. The relevant receipts from interest-bearing transactions amounted to € 10.1 million.

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1) Sales were generated from transactions with other segments for the segments of Generics (€ 25,682 thousand), Branded Products (€ 3,643 thousand), Commercial Business (€ 143 thousand), and Group holdings/other (€ 203,334 thousand).