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Cash flow analysis

The cash flow statement shows a sustainable development, as can be seen from the chart above. Cash flow increased by 25% to €2,567 million (2011: €2,054 million). This was mainly due to the Group’s excellent earnings1 performance. In 2012, the change in working capital was -€129 million (2011: -€445 million), mainly due to business expansion.

CASH FLOW STATEMENT (SUMMARY)


€ in millions 2012 2011 Change Margin
The detailed cash flow statement is shown in the consolidated financial statements.
Earnings after tax 1,732 1,328 30%  
Depreciation and amortization 776 674 15%  
Change in pension provisions 59 52 13%  
Cash flow 2,567 2,054 25% 13.3%
Change in working capital -129 -445 71%  
Change in mark-to-market valuation of the MEB and CVR 0 80 -100%  
Operating cash flow 2,438 1,689 44% 12.6%
Property, plant and equipment -970 -783 -24%  
Proceeds from the sale of property, plant and equipment 18 25 -28%  
Cash flow before acquisitions and dividends 1,486 931 60% 7.7%
Cash used for acquisitions/proceeds from disposals -2,299 -1,314 -75%  
Dividends -446 -365 -22%  
Cash flow after acquisitions and dividends -1,259 -748 -68%  
Cash provided by/used for financing activities (without dividends paid) 1,521 607 151%  
Effect of exchange rate changes on cash and cash equivalents -12 7 --  
Change in cash and cash equivalents 250 -134 --  

€ in millions 2012 2011 Change Margin
The detailed cash flow statement is shown in the consolidated financial statements.
Earnings after tax 1,732 1,328 30%  
Depreciation and amortization 776 674 15%  
Change in pension provisions 59 52 13%  
Cash flow 2,567 2,054 25% 13.3%
Change in working capital -129 -445 71%  
Change in mark-to-market valuation of the MEB and CVR 0 80 -100%  
Operating cash flow 2,438 1,689 44% 12.6%
Property, plant and equipment -970 -783 -24%  
Proceeds from the sale of property, plant and equipment 18 25 -28%  
Cash flow before acquisitions and dividends 1,486 931 60% 7.7%
Cash used for acquisitions/proceeds from disposals -2,299 -1,314 -75%  
Dividends -446 -365 -22%  
Cash flow after acquisitions and dividends -1,259 -748 -68%  
Cash provided by/used for financing activities (without dividends paid) 1,521 607 151%  
Effect of exchange rate changes on cash and cash equivalents -12 7 --  
Change in cash and cash equivalents 250 -134 --  

Operating cash flow was €2,438 million in 2012 (2011: €1,689 million). This was mainly driven by strong earnings growth and tight working capital management, especially regarding trade accounts receivable, including overdue receivables from Spain and Portugal. The cash flow margin clearly improved to 12.6% as compared to the previous year’s margin of 10.3%. Operating cash flow was more than sufficient to meet all financing needs for investing activities excluding acquisitions, whereby cash used for capital expenditure was €970 million, and proceeds from the sale of property, plant and equipment were €18 million (2011: €783 million and €25 million, respectively).

Cash flow before acquisitions and dividends increased by 60% to €1,486 million (2011: €931 million). This was sufficient to finance the Group dividends of €446 million. Group dividends consisted of dividend payments of €155 million to the shareholders of Fresenius SE & Co. KGaA, payments of €210 million by Fresenius Medical Care to its shareholders, and dividends paid to third parties of €146 million (primarily relating to Fresenius Medical Care). These payments were offset by the dividend of €65 million, which Fresenius SE & Co. KGaA received as a shareholder of Fresenius Medical Care. Net acquisition expenditures of €2,299 million were financed by cash flow, by debt, and the May 2012 capital increase.

The cash inflow from financing activities (without dividend payments) was €1,521 million (2011: €607 million). In 2012, it was predominantly characterized by refinancing measures and the debt and equity financing of acquisitions. Cash and cash equivalents as of December 31, 2012, were €885 million (December 31, 2011: €635 million).

1Net income attributable to shareholders of Fresenius SE & Co. KGaA
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