Notes to the Consolidated Cash Flow Statement
The consolidated cash flow statement presents the changes in cash and cash equivalents as a result of cash inflows and outflows from operating, investing and financing activities. Further information on cash flows can be found in the explanation of cash and cash equivalents (see Note  “Cash and cash equivalents”). The amount of undrawn borrowing facilities that could be tapped for future operating activities and to meet obligations is disclosed in Note  “Financial liabilities / Capital management”.
The cash flows reported by Group companies in non-functional currencies are in principle translated at average exchange rates. Cash and cash equivalents are translated at the closing rates. The impact of foreign exchange rate changes is disclosed separately under changes in cash and cash equivalents.
(33) Net cash flows from operating activities
In 2016, tax payments totaled € 841 million (2015: € 865 million). Tax refunds totaled € 63 million (2015: € 161 million). Interest paid totaled € 327 million (2015: € 297 million). Interest received amounted to € 22 million (2015: € 54 million).
The neutralization of the profits / losses from the disposal of assets mainly comprises the gain on the sale of the rights to Kuvan®.
(34) Net cash flows from investing activities and financing activities
In 2016, an amount of € 156 million, including acquired cash of € 4 million, was paid for the acquisition of BioControl Systems, Inc., USA. In 2015, this item mainly included the acquisition of the Sigma-Aldrich Corporation, USA, amounting to € 13,454 million.
Net cash outflows from investments in current and non-current financial assets amounting to € 344 million (2015: € 1,741 million) mainly resulted from the purchase of short-term investments in securities not classified as cash and cash equivalents.
Cash inflows from the divestment of assets held for sale included the upfront payment amounting to € 340 million received in January 2016 for the sale of the rights to Kuvan®.
Cash inflows from investing activities include € 24 million from discontinued operations in relation to those business activities of Sigma-Aldrich that were acquired with a view to resale in 2015 (see Note  “Acquisitions, assets held for sale and disposal groups”).
Net cash flows from financing activities contained the repayment of two bonds amounting to € 272 million. The repayment of other current and non-current financial debt mainly related to the repayment of bank loans to finance the acquisition of the Sigma-Aldrich Corporation, USA.