Consolidated statement of cash flows

January 1 to December 31, in million € Note 2009 2008
Operating activities      
Net income   991 683
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities      
Depreciation and amortization 16, 17, 18 562 783
Change in deferred taxes 11 11 113
Gain on sale of fixed assets   - 71
Changes in assets and liabilities, net of amounts from businesses acquired or disposed of      
Trade accounts receivable, net 14 - 7 - 230
Inventories 15 - 92 - 107
Other current and non-current assets 16 - 96 - 102
Accounts receivable from / payable to related parties   - 4 - 10
Trade accounts payable, accrued expenses and other short-term and long-term liabilities   122 15
Accruals for income taxes   66 0
Net cash provided by operating activities   1,553 1,074
Investing activities      
Purchase of property, plant and equipment   - 677 - 759
Proceeds from sales of property, plant and equipment   15 23
Acquisitions and investments, net of cash acquired and net purchases of intangible assets 2, 32 - 236 - 3,053
Proceeds from divestitures   9 96
Net cash used in investing activities   - 889 - 3,693

January 1 to December 31, in million € Note 2009 2008
Operating activities      
Net income   991 683
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities      
Depreciation and amortization 16, 17, 18 562 783
Change in deferred taxes 11 11 113
Gain on sale of fixed assets   - 71
Changes in assets and liabilities, net of amounts from businesses acquired or disposed of      
Trade accounts receivable, net 14 - 7 - 230
Inventories 15 - 92 - 107
Other current and non-current assets 16 - 96 - 102
Accounts receivable from / payable to related parties   - 4 - 10
Trade accounts payable, accrued expenses and other short-term and long-term liabilities   122 15
Accruals for income taxes   66 0
Net cash provided by operating activities   1,553 1,074
Investing activities      
Purchase of property, plant and equipment   - 677 - 759
Proceeds from sales of property, plant and equipment   15 23
Acquisitions and investments, net of cash acquired and net purchases of intangible assets 2, 32 - 236 - 3,053
Proceeds from divestitures   9 96
Net cash used in investing activities   - 889 - 3,693

January 1 to December 31, in million € Note 2009 2008
Financing activities      
Proceeds from short-term borrowings 21 73 141
Repayments of short-term borrowings 21 - 296 - 186
Proceeds from long-term debt and capital lease obligations 21 700 2,417
Repayments of long-term debt and capital lease obligations 21 - 1,288 - 231
Proceeds from the issuance of Senior Notes 22 753 0
Repayments of liabilities from Senior Notes 22 - 100 0
Redemption of trust preferred securities of Fresenius Medical Care Capital Trusts 24 0 - 461
Proceeds from the issuance of bearer ordinary shares 27 0 143
Proceeds from the issuance of bearer preference shares 27 0 146
Payments of additional costs of capital increase 27 0 - 6
Proceeds from the issuance of mandatory exchangeable bonds 23 0 554
Changes of accounts receivable securitization program 21 - 233 309
Proceeds from the exercise of stock options 34 56 43
Dividends paid   - 275 - 245
Change in noncontrolling interest 26 - 2 - 2
Exchange rate effect due to corporate financing   1 2
Net cash used in / provided by financing activities   - 611 2,624
Effect of exchange rate changes on cash and cash equivalents   - 3 4
Net increase in cash and cash equivalents   50 9
Cash and cash equivalents at the beginning of the reporting period 13 370 361
Cash and cash equivalents at the end of the reporting period 13 420 370

January 1 to December 31, in million € Note 2009 2008
Financing activities      
Proceeds from short-term borrowings 21 73 141
Repayments of short-term borrowings 21 - 296 - 186
Proceeds from long-term debt and capital lease obligations 21 700 2,417
Repayments of long-term debt and capital lease obligations 21 - 1,288 - 231
Proceeds from the issuance of Senior Notes 22 753 0
Repayments of liabilities from Senior Notes 22 - 100 0
Redemption of trust preferred securities of Fresenius Medical Care Capital Trusts 24 0 - 461
Proceeds from the issuance of bearer ordinary shares 27 0 143
Proceeds from the issuance of bearer preference shares 27 0 146
Payments of additional costs of capital increase 27 0 - 6
Proceeds from the issuance of mandatory exchangeable bonds 23 0 554
Changes of accounts receivable securitization program 21 - 233 309
Proceeds from the exercise of stock options 34 56 43
Dividends paid   - 275 - 245
Change in noncontrolling interest 26 - 2 - 2
Exchange rate effect due to corporate financing   1 2
Net cash used in / provided by financing activities   - 611 2,624
Effect of exchange rate changes on cash and cash equivalents   - 3 4
Net increase in cash and cash equivalents   50 9
Cash and cash equivalents at the beginning of the reporting period 13 370 361
Cash and cash equivalents at the end of the reporting period 13 420 370

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Statement of changes in equity

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