CONSOLIDATED CASH FLOW STATEMENT

January 1 to December 31, in million €	Note	2007	2006

Cash provided by/used for operating activities
Net income		410	330
Minority interest	23	383	305
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities
Cash inflow from hedging		–	9
Depreciation and amortization	14, 15, 16	421	399
Loss on sale of investments		0	2
Change in deferred taxes	9	12	77
Gain/Loss on sale of fixed assets		-1	14
Change in assets and liabilities, net of amounts from businesses acquired or disposed of
Change in trade accounts receivable, net	12	-112	-86
Change in inventories	13	-125	-49
Change in prepaid expenses and other current and non-current assets	14	76	-101
Change in accounts receivable from/payable to related parties		-1	4
Change in trade accounts payable, accruals and other short-term and long-term liabilities		152	187
Change in accruals for income taxes		81	13
Tax payments related to divestitures and acquisitions		0	-52
Cash provided by operating activities		1,296	1,052
Cash provided by/used for investing activities
Purchase of property, plant and equipment		-704	-589
Proceeds from the sale of property, plant and equipment		38	18
Acquisitions and investments, net of cash acquired	2, 29	-444	-3,657
Proceeds from divestitures	2	52	438
Cash used for investing activities		-1,058	-3,790
Cash provided by/used for financing activities
Proceeds from short-term borrowings	19	175	54
Repayments of short-term borrowings	19	-108	-70
Repayments of borrowings from related parties		0	-1
Proceeds from long-term debt and liabilities from capital lease obligations	19	224	3,323
Repayments of long-term debt and liabilities from capital lease obligations	19	-495	-1,514
Proceeds from liabilities from Senior Notes	20	353	978
Repayments of liabilities from Senior Notes	20	0	-314
Changes of accounts receivable facility	19	-132	137
Proceeds from the exercise of stock options	31	55	75
Proceeds from the conversion of Fresenius Medical Care’s preference shares into ordinary shares		0	258
Dividends paid		-205	-171
Change in minority interest	23	–	1
Exchange rate effect due to corporate financing		11	4
Cash provided by/used for financing activities		-122	2,760
Effect of exchange rate changes on cash and cash equivalents		-16	-13
Net increase in cash and cash equivalents		100	9
Cash and cash equivalents at the beginning of the year	11	261	252
Cash and cash equivalents at the end of the year	11	361	261

The following Notes are an integral part of the Consolidated Financial Statements.