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Cash flow analysis

The cash flow statement shows a sustainable development, as can be seen from the chart. Cash flow increased by 9% to €2,054 million (2010: €1,886 million). This was mainly due to the Group’s excellent earnings1 performance. In 2011, the change in working capital was -€445 million (2010: -€13 million), mainly due to business expansion.





CASH FLOW STATEMENT (SUMMARY)


€ in millions 2011 2010 Change Margin
The detailed cash flow statement is shown in the consolidated financial statements.
Earnings after tax 1,328 1,205 10%  
Depreciation and amortization 674 639 5%  
Change in pension provisions 52 42 24%  
Cash flow 2,054 1,886 9% 12.4%
Change in working capital -445 -13 --  
Change in mark-to-market valuation of the MEB and CVR 80 38 111%  
Operating cash flow 1,689 1,911 -12% 10.2%
Property, plant and equipment -783 -754 -4%  
Proceeds from the sale of property, plant and equipment 25 21 19%  
Cash flow before acquisitions and dividends 931 1,178 -21% 5.6%
Cash used for acquisitions/proceeds from disposals -1,314 -504 -161%  
Dividends -365 -329 -11%  
Cash flow after acquisitions and dividends -748 345 -- --
Cash provided by/used for financing activities (without dividends paid) 607 -23 --  
Effect of exchange rate changes on cash and cash equivalents 7 27 -74%  
Change in cash and cash equivalents -134 349 -138%  

€ in millions 2011 2010 Change Margin
The detailed cash flow statement is shown in the consolidated financial statements.
Earnings after tax 1,328 1,205 10%  
Depreciation and amortization 674 639 5%  
Change in pension provisions 52 42 24%  
Cash flow 2,054 1,886 9% 12.4%
Change in working capital -445 -13 --  
Change in mark-to-market valuation of the MEB and CVR 80 38 111%  
Operating cash flow 1,689 1,911 -12% 10.2%
Property, plant and equipment -783 -754 -4%  
Proceeds from the sale of property, plant and equipment 25 21 19%  
Cash flow before acquisitions and dividends 931 1,178 -21% 5.6%
Cash used for acquisitions/proceeds from disposals -1,314 -504 -161%  
Dividends -365 -329 -11%  
Cash flow after acquisitions and dividends -748 345 -- --
Cash provided by/used for financing activities (without dividends paid) 607 -23 --  
Effect of exchange rate changes on cash and cash equivalents 7 27 -74%  
Change in cash and cash equivalents -134 349 -138%  

Operating cash flow was €1,689 million in 2011 (2010: €1,911 million). The cash flow margin of 10.2% was below the extraordinary previous year’s margin of 12.0%. Operating cash flow was more than sufficient to meet all the financing needs for investing activities excluding acquisitions, whereby cash used for capital expenditure was €783 million, and proceeds from the sale of property, plant and equipment were €25 million (2010: €754 million and €21 million, respectively).

Cash flow before acquisitions and dividends was €931 million (2010: €1,178 million). This was sufficient to finance the Group dividends of €365 million. Group dividends consisted of dividend payments of €140 million to the shareholders of Fresenius SE & Co. KGaA, payments of €197 million by Fresenius Medical Care to its shareholders, and dividends paid to third parties of €97 million. These payments were offset by the dividend of €69 million which Fresenius SE & Co. KGaA received as a shareholder of Fresenius Medical Care. Almost one third of net acquisition expenditure of €1,314 million was financed by cash flow, the remainder by debt.

The cash inflow from financing activities (without dividend payments) was €607 million (2010: -€23 million). In 2011, it was predominantly characterized by the partial debt financing of acquisitions. Cash and cash equivalents as of December 31, 2011, were €635 million (December 31, 2010: €769 million).

1 Net income attributable to Fresenius SE & Co. KGaA

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