search results for 
Logo

Cash flow analysis

Cash flow was €2,608 million (2012: €2,567 million) and above the previous year’s level. The change in working capital was - €288 million (2012: - €129 million), mainly due to business expansion.

Operating cash flow was €2,320 million in 2013 (2012: €2,438 million). The decrease relates primarily to a one-time payment (US$ 100 million) by Fresenius Medical Care regarding the amendment of the supply agreement for the iron product Venofer. The cash flow margin was 11.4% (2012: 12.6%). Operating cash flow was more than sufficient to meet all financing needs for investing activities excluding acquisitions, whereby cash used for capital expenditure was €1,071 million, and proceeds from the sale of property, plant and equipment were €24 million (2012: €970 million and €18 million, respectively).

Cash flow STATEMENT (SUMMARY)


€ in millions20132012ChangeMargin
Earnings after tax1,7381,7320%
Depreciation and amortization8437769%
Change in pension provisions2759- 54%
Cash flow2,6082,5672%12.8%
Change in working capital- 288- 129- 123%
Operating cash flow2,3202,438- 5%11.4%
Property, plant and equipment- 1,071- 970- 10%
Proceeds from the sale of property, plant and equipment241833%
Cash flow before acquisitions and dividends1,2731,486- 14%6.3%
Cash used for acquisitions / proceeds from disposals- 2,556- 2,299- 11%
Dividends- 491- 446- 10%
Cash flow after acquisitions and dividends- 1,774- 1,259- 41%
Cash provided by / used for financing activities (without dividends paid)1,7961,52118%
Effect of exchange rate changes on cash and cash equivalents- 43- 12--
Change in cash and cash equivalents- 21250- 108%

€ in millions20132012ChangeMargin
Earnings after tax1,7381,7320%
Depreciation and amortization8437769%
Change in pension provisions2759- 54%
Cash flow2,6082,5672%12.8%
Change in working capital- 288- 129- 123%
Operating cash flow2,3202,438- 5%11.4%
Property, plant and equipment- 1,071- 970- 10%
Proceeds from the sale of property, plant and equipment241833%
Cash flow before acquisitions and dividends1,2731,486- 14%6.3%
Cash used for acquisitions / proceeds from disposals- 2,556- 2,299- 11%
Dividends- 491- 446- 10%
Cash flow after acquisitions and dividends- 1,774- 1,259- 41%
Cash provided by / used for financing activities (without dividends paid)1,7961,52118%
Effect of exchange rate changes on cash and cash equivalents- 43- 12--
Change in cash and cash equivalents- 21250- 108%

Cash flow before acquisitions and dividends was €1,273 million (2012: €1,486 million). This was sufficient to finance the Group dividends of €491 million. Group dividends consisted of dividend payments of €196 million to the shareholders of Fresenius SE & Co. KGaA, payments of €230 million by Fresenius Medical Care to its shareholders, and dividends paid to third parties of €136 million (primarily relating to Fresenius Medical Care). These payments were offset by the dividend of €71 million, which Fresenius SE & Co. KGaA received as a shareholder of Fresenius Medical Care. Net acquisition expenditures of €2,556 million were financed by cash flow and by debt.

The cash inflow from financing activities (without dividend payments) was €1,796 million (2012: €1,521 million). In 2013, it was predominantly characterized by refinancing measures, the debt financing of acquisitions, and the share buy-back of Fresenius Medical Care. Cash and cash equivalents as of December 31, 2013 were €864 million (December 31, 2012: €885 million).

Back to:
Dividend
Continue reading:
Investments and acquisitions

QUICKFINDER

History

Tools