Fresenius SE & Co. KGaA
Consolidated statement of cash flows
| January 1 to December 31, € in millions | Note | 2012 | 2011 |
|---|---|---|---|
| The following notes are an integral part of the consolidated financial statements. | |||
| Operating activities | |||
| Net income | 1,732 | 1,328 | |
| Adjustments to reconcile net income to cash and cash equivalents provided by operating activities | |||
| Depreciation and amortization | 17, 18, 19 | 776 | 674 |
| Change in deferred taxes | 12 | -22 | 81 |
| Gain / loss on sale of fixed assets | 11 | -3 | |
| Changes in assets and liabilities, net of amounts from businesses acquired or disposed of | |||
| Trade accounts receivable, net | 15 | -193 | -222 |
| Inventories | 16 | -37 | -264 |
| Other current and non-current assets | 17 | -68 | -114 |
| Accounts receivable from / payable to related parties | -23 | 23 | |
| Trade accounts payable, accrued expenses and other short-term and long-term liabilities | 284 | 165 | |
| Accruals for income taxes | -22 | 21 | |
| Net cash provided by operating activities | 2,438 | 1,689 | |
| Investing activities | |||
| Purchase of property, plant and equipment | -970 | -783 | |
| Proceeds from sales of property, plant and equipment | 18 | 25 | |
| Acquisitions and investments, net of cash acquired and net purchases of intangible assets | 2, 33 | -2,500 | -1,326 |
| Proceeds from divestitures | 201 | 12 | |
| Net cash used in investing activities | -3,251 | -2,072 | |
| Financing activities | |||
| Proceeds from short-term loans | 22 | 161 | 146 |
| Repayments of short-term loans | 22 | -168 | -191 |
| Proceeds from short-term loans from related parties | - | - | |
| Repayments of short-term loans from related parties | - | - | |
| Proceeds from long-term debt and capital lease obligations | 22 | 2,937 | 543 |
| Repayments of long-term debt and capital lease obligations | 22 | -3,881 | -936 |
| Proceeds from the issuance of bearer ordinary shares | 28 | 1,014 | 0 |
| Payments of additional costs of the capital increase | 28 | -16 | 0 |
| Proceeds from the issuance of Senior Notes | 23 | 1,755 | 1,471 |
| Changes of accounts receivable securitization program | 22 | -290 | 18 |
| Proceeds from the exercise of stock options | 35 | 140 | 99 |
| Redemption of trust preferred securities of Fresenius Medical Care Capital Trusts | 25 | 0 | -470 |
| Dividends paid | -446 | -365 | |
| Change in noncontrolling interest | 27 | -131 | -73 |
| Exchange rate effect due to corporate financing | - | - | |
| Net cash provided by financing activities | 1,075 | 242 | |
| Effect of exchange rate changes on cash and cash equivalents | -12 | 7 | |
| Net increase / decrease in cash and cash equivalents | 250 | -134 | |
| Cash and cash equivalents at the beginning of the reporting period | 14 | 635 | 769 |
| Cash and cash equivalents at the end of the reporting period | 14 | 885 | 635 |
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Consolidated statement of changes in equity
Consolidated statement of changes in equity