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17. Other current and non-current assets

As of December 31, other current and non-current assets comprised the following:

  2012 2011
€ in millions   thereof
short-term
  thereof
short-term
Investments, securities and long-term loans 762 55 847 9
Tax receivables 257 235 311 287
Accounts receivable resulting from German hospital law 164 149 101 82
Capitalized debt financing costs 106 11 98 9
Leasing receivables 81 36 72 29
Advances made 75 74 77 76
Prepaid rent and insurance 61 61 48 48
Prepaid expenses 56 25 45 18
Assets held for sale 55 55 0 0
Derivative financial instruments 53 52 54 52
Deposits 52 20 44 16
Discounts 47 47 143 143
Accounts receivable from management contracts in hospitals 13 13 8 8
Other assets 622 493 530 414
Other assets, gross 2,404 1,326 2,378 1,191
less allowances 8 7 9 7
Other assets, net 2,396 1,319 2,369 1,184

  2012 2011
€ in millions   thereof
short-term
  thereof
short-term
Investments, securities and long-term loans 762 55 847 9
Tax receivables 257 235 311 287
Accounts receivable resulting from German hospital law 164 149 101 82
Capitalized debt financing costs 106 11 98 9
Leasing receivables 81 36 72 29
Advances made 75 74 77 76
Prepaid rent and insurance 61 61 48 48
Prepaid expenses 56 25 45 18
Assets held for sale 55 55 0 0
Derivative financial instruments 53 52 54 52
Deposits 52 20 44 16
Discounts 47 47 143 143
Accounts receivable from management contracts in hospitals 13 13 8 8
Other assets 622 493 530 414
Other assets, gross 2,404 1,326 2,378 1,191
less allowances 8 7 9 7
Other assets, net 2,396 1,319 2,369 1,184

As of December 31, 2012, investments, securities and long-term loans comprised investments of €484 million (2011: €537 million), mainly regarding the joint venture between Fresenius Medical Care and Galenica Ltd., that were accounted for under the equity method. In 2012, income of €14 million (2011: €22 million) resulting from this valuation was included in selling, general and administrative expenses in the consolidated statement of income. Moreover, investments, securities and long-term loans included €182 million financial assets available for sale as of December 2012 (2011: €26 million). Furthermore, investments, securities and long-term loans comprised €181 million as of December 31, 2011 that Fresenius Medical Care loaned to Renal Advantage Partners, LLC.

The receivables resulting from the German hospital law primarily contain approved but not yet received earmarked subsidies of the Fresenius Helios operations. The approval is evidenced in a letter written by the granting authorities that Fresenius Helios has already received.

Depreciation on other non-current assets in an amount of €2 million was recognized in the fiscal year 2012 (2011: depreciation in an immaterial amount).

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16. Inventories

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