36. Cash and cash equivalents

Cash and cash equivalents comprise cash, checks and balances with banks. In accordance with IAS 7 (Cash Flow Statements) this item also includes securities with original maturities of up to three months, reflecting their high liquidity. Cash and cash equivalents amounted to €2,531 million as of December 31, 2007 (2006: €2,915 million). Cash of €755 million (2006: €799 million) has been deposited in escrow accounts. This amount comprises €695 million (2006: €710 million) transferred to a guarantee account in light of the resolved squeeze-out of the remaining minority stockholders of Schering, and €60 million (2006: €89 million) to be used exclusively for payments relating to antitrust fines and civil law settlements.

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