Management Report Results of Operations, Financial Position, Assets and Liabilities Financial Position 
The Fresenius SE dividend accounted for € 89 million (2006: € 76 million). Cash and cash equivalents amounted to € 361 million as of December 31, 2007 (December 31, 2006: € 261 million).
Investments and acquisitions
The Fresenius Group invested € 1,318 million in 2007 (2006: € 4,314 million). Investment in property, plant and equipment, and in intangible assets was € 705 million (2006: € 600 million). This was well above the level of depreciation of € 421 million, constituting the basis for preserving the Company’s value over the long term and for expansion. Of the total investment volume in 2007, about 53% was spent on maintenance investments and about 47% on expansion investments. € 613 million was invested in acquisitions (2006: € 3,714 million, mainly for the acquisition of Renal Care Group). Of the total investment volume, 53% was invested in property, plant and equipment, and in intangible assets. 47% was spent on acquisitions.
The table shows the distribution of investments for each business segment. The chart shows the regional breakdown.
The cash outflow for acquisitions related mainly to the expansion of our global dialysis care business and to renal pharmaceuticals at Fresenius Medical Care. At Fresenius Kabi, acquisitions were made both to increase its international presence and to extend the market position and product portfolio. At Fresenius Helios, the expenditure was primarily for the acquisition of hospitals.
The main investments in property, plant and equipment, and in intangible assets were as follows:
- Start-up of new dialysis clinics, primarily in the United States, and expansion and modernization of existing clinics
- Expansion and optimization of production sites at Fresenius Medical Care and Fresenius Kabi
- Hospital modernization at Fresenius Helios. The largest single investment was the construction of the new clinic in Berlin-Buch which was finalized in 2007.
Investments in property, plant and equipment of € 89 million will be made in 2008 to continue with the major investment projects already underway on the reporting date. These are chiefly investment obligations for hospitals at Fresenius Helios as well as investments to expand and optimize production plants. These projects will be financed from operating cash flow.
| INVESTMENTS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in million € | 2007 | 2006 | Thereof property, plant and equipment and intangible assets |
Thereof acquisitions |
Change | % of total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fresenius Medical Care | 680 | 3,933 | 423 | 257 | -83% | 52% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fresenius Kabi | 294 | 127 | 116 | 178 | 131% | 22% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fresenius ProServe | 328 | 245 | 153 | 175 | 34% | 25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| - thereof Fresenius Helios | 323 | 214 | 149 | 174 | 51% | – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| - thereof Fresenius Vamed | 10 | 5 | 4 | 6 | 100% | – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate/Other | 16 | 9 | 13 | 3 | 78% | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 1,318 | 4,314 | 705 | 613 | -69% | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
