(23) Cash flow from investing activities
In the previous year, payments for investments in intangible assets included an upfront payment in a mid-double-digit million-euro amount in connection with the acquisition of Chord Therapeutics SA, Switzerland.
Payments from the disposal of intangible assets in fiscal 2023 primarily resulted from the disposal of the rights to a non-strategic brand in the Healthcare business sector and a portfolio of licenses and patents in the Electronics business sector.
Payments for acquisitions less acquired cash and cash equivalents in the previous year were primarily attributable to the acquisition of Exelead Inc., United States; M Chemicals Inc., Korea; and Erbi Biosystems Inc., United States (see Note (6) “Acquisitions and divestments”).
Net cash outflows for investments in financial assets mainly resulted from short-term investments in securities and term deposits that did not meet the requirements for classification as cash and cash equivalents.
Net cash inflows from the disposal of other financial assets primarily resulted from repayments of short-term investments in securities and term deposits as well as from contingent consideration (see Note (36) “Other financial assets”).
The payments made for and received from the acquisition and the disposal of non-financial assets resulted from the short-term investment of available funds in marketable greenhouse gas emissions certificates.