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Investments and acquisitions

In 2013, the Fresenius Group continued its growth path and invested €3,827 million (2012: €4,179 million). Investments in property, plant and equipment increased to €1,073 million (2012: €1,007 million). At 5.3% of sales (2012: 5.2%), that was in line with the targeted level of approximately 5%. This was well above the depreciation level of €843 million and serves as the basis for enabling expansion and preserving the Company’s value over the long term. A total of €2,754 million was invested in acquisitions (2012: €3,172 million). Of the total capital expenditure in 2013, 28% was invested in property, plant and equipment, 72% was spent on acquisitions.

INVESTMENTS AND ACQUISITIONS


€ in millions20132012Change
Investment in property, plant and equipment1,0731,0077%
thereof maintenance49%50%
thereof expansion51%50%
Investment in property, plant and equipment as % of sales5.35.2
Acquisitions2,7543,172-13%
Total investments and acquisitions3,8274,179-8%

€ in millions20132012Change
Investment in property, plant and equipment1,0731,0077%
thereof maintenance49%50%
thereof expansion51%50%
Investment in property, plant and equipment as % of sales5.35.2
Acquisitions2,7543,172-13%
Total investments and acquisitions3,8274,179-8%

The table below shows the distribution of investments by business segment.

INVESTMENTS BY BUSINESS SEGMENT


€ in millions20132012Thereof property, plant and equipmentThereof acquisitionsChange% of total
Fresenius Medical Care9871,934563424-49%26%
Fresenius Kabi4481,153317131-61%12%
Fresenius Helios2,3577591722,185--%61%
Fresenius Vamed27551116-51%1%
Corporate / Other1827810-2-97%0%
Total3,8274,1791,0732,754-8%100%

€ in millions20132012Thereof property, plant and equipmentThereof acquisitionsChange% of total
Fresenius Medical Care9871,934563424-49%26%
Fresenius Kabi4481,153317131-61%12%
Fresenius Helios2,3577591722,185--%61%
Fresenius Vamed27551116-51%1%
Corporate / Other1827810-2-97%0%
Total3,8274,1791,0732,754-8%100%

The chart below shows the regional breakdown.

The cash outflows for acquisitions related to all four business segments.

Fresenius Medical Care mainly invested in the acquisition of dialysis clinics and the expansion of the laboratory services business.

Fresenius Kabi acquired production sites in India and China as well as compounding centers in Germany.

Fresenius Helios has made advances in the amount of €2.18 billion under a fiduciary arrangement for the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG. In addition, Fresenius Helios acquired a hospital in North Rhine-Westphalia.

Fresenius Vamed purchased three hospitals in the Czech Republic.

The main investments in property, plant and equipment were as follows:

  • modernization of existing, and equipping of new, dialysis clinics at Fresenius Medical Care
  • optimization and expansion of production facilities, primarily in Germany, North America, France, and China for Fresenius Medical Care, and for Fresenius Kabi, primarily in Europe, the United States, and Asia
  • hospital modernization at Fresenius Helios. The most significant individual projects were the hospitals in Hamburg, Damp, and Krefeld.

Investments in property, plant and equipment of €309 million will be made in 2014, to continue with major ongoing investment projects on the reporting date. These are investment obligations mainly for hospitals at Fresenius Helios as well as investments to expand and optimize production facilities for Fresenius Medical Care and Fresenius Kabi. These projects will be financed from operating cash flow.

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