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Fresenius SE & Co. KGaA
Consolidated statement of cash flows

January 1 to December 31, € in millions Note 2011 2010
Operating activities      
Net income   1,328 1,205
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities      
Depreciation and amortization 16, 17, 18 674 639
Change in deferred taxes 11 81 11
Gain/loss on sale of fixed assets   -3 1
Changes in assets and liabilities, net of amounts from businesses acquired or disposed of      
Trade accounts receivable, net 14 -222 -275
Inventories 15 -264 -81
Other current and non-current assets 16 -114 57
Accounts receivable from/payable to related parties   23 6
Trade accounts payable, accrued expenses and other short-term and long-term liabilities   165 346
Accruals for income taxes   21 2
Net cash provided by operating activities   1,689 1,911
Investing activities      
Purchase of property, plant and equipment   -783 -754
Proceeds from sales of property, plant and equipment   25 21
Acquisitions and investments, net of cash acquired and net purchases of intangible assets 2, 32 -1,326 -615
Proceeds from investments and divestitures   12 111
Net cash used in investing activities   -2,072 -1,237

January 1 to December 31, € in millions Note 2011 2010
Operating activities      
Net income   1,328 1,205
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities      
Depreciation and amortization 16, 17, 18 674 639
Change in deferred taxes 11 81 11
Gain/loss on sale of fixed assets   -3 1
Changes in assets and liabilities, net of amounts from businesses acquired or disposed of      
Trade accounts receivable, net 14 -222 -275
Inventories 15 -264 -81
Other current and non-current assets 16 -114 57
Accounts receivable from/payable to related parties   23 6
Trade accounts payable, accrued expenses and other short-term and long-term liabilities   165 346
Accruals for income taxes   21 2
Net cash provided by operating activities   1,689 1,911
Investing activities      
Purchase of property, plant and equipment   -783 -754
Proceeds from sales of property, plant and equipment   25 21
Acquisitions and investments, net of cash acquired and net purchases of intangible assets 2, 32 -1,326 -615
Proceeds from investments and divestitures   12 111
Net cash used in investing activities   -2,072 -1,237

January 1 to December 31, € in millions Note 2011 2010
The following notes are an integral part of the consolidated financial statements.
Financing activities      
Proceeds from short-term loans 21 146 233
Repayments of short-term loans 21 -191 -196
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 21 543 541
Repayments of long-term debt and capital lease obligations 21 -936 -1,185
Proceeds from the issuance of Senior Notes 22 1,471 242
Changes of accounts receivable securitization program 21 18 223
Proceeds from the exercise of stock options 34 99 121
Redemption of trust preferred securities of Fresenius Medical Care Capital Trusts 24 -470 0
Dividends paid   -365 -329
Change in noncontrolling interest 26 -73 -3
Exchange rate effect due to corporate financing   - 1
Net cash provided by/used in financing activities   242 -352
Effect of exchange rate changes on cash and cash equivalents   7 27
Net decrease/increase in cash and cash equivalents   -134 349
Cash and cash equivalents at the beginning of the reporting period 13 769 420
Cash and cash equivalents at the end of the reporting period 13 635 769

January 1 to December 31, € in millions Note 2011 2010
The following notes are an integral part of the consolidated financial statements.
Financing activities      
Proceeds from short-term loans 21 146 233
Repayments of short-term loans 21 -191 -196
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 21 543 541
Repayments of long-term debt and capital lease obligations 21 -936 -1,185
Proceeds from the issuance of Senior Notes 22 1,471 242
Changes of accounts receivable securitization program 21 18 223
Proceeds from the exercise of stock options 34 99 121
Redemption of trust preferred securities of Fresenius Medical Care Capital Trusts 24 -470 0
Dividends paid   -365 -329
Change in noncontrolling interest 26 -73 -3
Exchange rate effect due to corporate financing   - 1
Net cash provided by/used in financing activities   242 -352
Effect of exchange rate changes on cash and cash equivalents   7 27
Net decrease/increase in cash and cash equivalents   -134 349
Cash and cash equivalents at the beginning of the reporting period 13 769 420
Cash and cash equivalents at the end of the reporting period 13 635 769

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