Fresenius SE & Co. KGaA
Consolidated statement of cash flows
| January 1 to December 31, € in millions | Note | 2013 | 2012 |
| Operating activities | |||
| Net income | 1,738 | 1,732 | |
| Adjustments to reconcile net income to cash and cash equivalents provided by operating activities | |||
| Depreciation and amortization | 17, 18, 19 | 843 | 776 |
| Gain on sale of investments and divestitures | 2 | -55 | 0 |
| Change in deferred taxes | 12 | 2 | -22 |
| Gain / loss on sale of fixed assets | -14 | 11 | |
| Changes in assets and liabilities, net of amounts from businesses acquired or disposed of | |||
| Trade accounts receivable, net | 15 | 18 | -193 |
| Inventories | 16 | -268 | -37 |
| Other current and non-current assets | 17 | 78 | -68 |
| Accounts receivable from / payable to related parties | -8 | -23 | |
| Trade accounts payable, accrued expenses and other short-term and long-term liabilities | 48 | 284 | |
| Accruals for income taxes | -62 | -22 | |
| Net cash provided by operating activities | 2,320 | 2,438 | |
| Investing activities | |||
| Purchase of property, plant and equipment | -1,071 | -970 | |
| Proceeds from sales of property, plant and equipment | 24 | 18 | |
| Acquisitions and investments, net of cash acquired and net purchases of intangible assets | 2,
31 | -2,703 | -2,500 |
| Proceeds from sale of investments and divestitures | 147 | 201 | |
| Net cash used in investing activities | -3,603 | -3,251 | |
| Financing activities | |||
| Proceeds from short-term loans | 22 | 1,088 | 161 |
| Repayments of short-term loans | 22 | -319 | -168 |
| 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 | 3,810 | 2,937 |
| Repayments of long-term debt and capital lease obligations | 22 | -2,042 | -3,881 |
| Proceeds from the issuance of bearer ordinary shares | 26 | 0 | 1,014 |
| Payments of additional costs of the capital increase | 26 | 0 | -16 |
| Proceeds from the issuance of Senior Notes | 23 | 500 | 1,755 |
| Repayments of liabilities from Senior Notes | 23 | -1,150 | 0 |
| Payments for the share buy-back program of Fresenius Medical Care | 26 | -385 | 0 |
| Changes of accounts receivable securitization program | 22 | 142 | -290 |
| Proceeds from the exercise of stock options | 33 | 152 | 140 |
| Dividends paid | -491 | -446 | |
| Change in noncontrolling interest | 25 | -2 | -131 |
| Exchange rate effect due to corporate financing | 2 | - | |
| Net cash provided by financing activities | 1,305 | 1,075 | |
| Effect of exchange rate changes on cash and cash equivalents | -43 | -12 | |
| Net increase / decrease in cash and cash equivalents | -21 | 250 | |
| Cash and cash equivalents at the beginning of the reporting period | 14 | 885 | 635 |
| Cash and cash equivalents at the end of the reporting period | 14 | 864 | 885 |
The following notes are an integral part of the consolidated financial statements.
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Consolidated statement of changes in equity
Consolidated statement of changes in equity