Cash flows and net debt

Operating activities in 2014 resulted in cash inflows of €811 million (2013: €716 million). Profit from continuing operations was lower in 2014, however, the comparative for 2013 included a non-cash gain from deferred tax of €124 million, which is reversed on the line Other changes. Cash outflows for discontinued opera-tions of €88 million mainly related to a settlement of a case following the divestment of Organon BioSciences in 2007.

In Q1, a €825 million bond was repaid from existing resources. In November 2014, a €500 million bond was issued at a coupon of 1.75 percent, maturing in 2024.

Net debt at year-end 2014 was slightly up on 2013 (€1,529 million). During Q4 2014, net debt decreased to €1,606 million (Q3 2014: €1,801 million), mainly due to lower operating working capital.