Recent financial statements for The Hoechst Group, a German conglomerate with operations in agriculture, chemicals, pharmaceuticals, and veterinary products are presented as follows:

THE HOECHST GROUP Consolidated Balance Sheet (in millions of Euros) As of 12/31
	Year 2	Year 1
Intangible assets	€45,231	€45,600
Property, plant & equipment	38,874	47,583
Investments	22,008	22,686
Noncurrent assets	106,113	115,869
Inventories	16,521	20,217
Receivables & prepaid items	43,890	44,724
Liquid assets	1,173	1,905
Current assets	61,584	66,846
Total assets	€167,697	€182,715
Equity of Hoechst AG stockholders	€49,797	€48,036
Minority interests	7,740	9,291
Stockholders' equity	57,537	57,327
Provisions for pensions & similar obligations	20,649	20,730
Other provisions	26,253	28,428
Provisions	46,902	49,158
Corporate debt	37,527	49,845
Liabilities & deferred income	25,731	26,385
Total stockholders' equity & liabilities	€167,697	€182,715

THE HOECHST GROUP Consolidated Statement of Profit & Loss (in millions of Euros) For Year Ended 12/31
	Year 2	Year 1
Net sales	€131,112	€156,300
Cost of goods sold	(76,599)	(94,599)
Gross profit	54,513	61,701
Distribution & selling costs	(26,820)	(30,618)
Research & development costs	(11,460)	(11,970)
General & administrative costs	(8,040)	(8,424)
Other operating income	6,993	5,502
Other operating expense	(5,673)	(5,232)
Operating profit	9,513	10,959
Result on sale & transfer of business	192	912
Investment income, net	3,186	927
Interest expense, net	(3,111)	(3,057)
Other financial expense, net	(471)	(270)
Profit before taxes on income	9,309	9,471
Taxes on income	(2,832)	(4,149)
Income before minority interests	6,477	5,322
Minority interests	(792)	(1,293)
Net income	€5,685	€4,029

The following additional information was contained in the company's footnotes:

Depreciation expense of €6,570 in Year 2 was included in the cost of goods sold.

Amortization of intangible assets totaled €3,000 in Year 2 and was included in "General and Administrative Costs."

A gain on the sale of investments of €900 in Year 2 was included in "Investment income, net."

There were no sales or repurchases of Hoechst capital stock during Year 2.

Required
Prepare a statement of cash flow for The Hoechst Group for Year 2 using the indirect method.

Use a negative sign with answers to indicate a decrease in cash.

THE HOECHST GROUP Statement of Cash Flow For the Year Ended Year 2
(in millions of Euros)
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Add:	Depreciation expense
	Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Less:	Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Inventories
Receivables and prepaid items
Provisions for pension
Other provisions
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Intangible assets
Property and equipment
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Corporate debt
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Cash flow from operationsNet incomeAmortizationGain on sale of investmentsLiabilities and deferred incomeCash flow from investingInvestmentsCash flow from financingDividends paid
Minority interests
Decrease in liquid assets