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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

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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