Explanatory Notes Notes to the Statements of Cash Flows Operating cash flows were reduced by the payout of the Monsanto stock options in the amount of €352 million. There was an outflow of €45,290 million for the acquisition of Monsanto, net of €2,657 million in cash from Monsanto. The sale of further Covestro shares resulted in a net cash inflow of €1,107 million. The issue of bonds and further net borrowings resulted in an inflow of €29,151 million, and capital increases in a net inflow of €8,986 million. In addition, there was an outflow of €2,403 million for dividend payments.