The Company’s total assets grew by 8% year-on-year from $15.821 BN to $17.095 BN. Fixed assets rose by 8% to $11.94 BN at the end of 2010. This corresponds to approximately 70% of the Company’s total assets, as in the previous year. The increase in our assets in absolute terms is mainly attributable to investments in property, plant and equipment as well as acquisitions.

Fixed assets include goodwill of $8.14 BN, mainly from the acquisition of Renal Care Group in 2005 as well as the founding of Fresenius Medical Care in 1996. The increase in goodwill compared to the previous year ($7.51 BN) was primarily the result of acquisitions undertaken in the year under review. Property, plant and equipment went up 4% to $2.53 BN in 2010, mainly due to capital expenditures ($516 M) and acquisitions ($70 M), less depreciation ($433 M) and divestitures ($26 M). Further information on this can be found in the  “Capital expenditures and acquisitions” section.

Current assets rose by 9% to $5.15 BN (11% in constant currency). Key drivers were the increase in cash and cash equivalents, in trade accounts receivable and in other assets. By the end of 2010, the Group’s inventories were down 2% to $809 M. In constant currency terms, the inventories remained virtually unchanged. This positive development is mainly due to the decrease in days of inventory outstanding.

Trade accounts receivable went up by 13% to $2.57 BN in 2010, corresponding to a 15% rise in constant currency terms. This was more than the revenue growth of 7% in 2010 and reflects the increase in days sales outstanding. For further information, please see the  “Financial situation” section.

The liabilities side of the balance sheet saw an 11% increase in shareholders’ equity to $7.52 BN compared to $6.80 BN in 2009. This rise was mainly driven by Group earnings (net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA) of $979 M and changes in exercising stock options of $102 M. Shareholders’ equity was reduced by dividendDividendPortion of a company’s profits. The profit to be distributed divided by the number of outstanding shares shows the dividend per share. The dividend is paid to shareholders usually once a year in the form of cash, stock or tangible assets. payouts for 2009 amounting to $232 M and by currency translation effects of $111 M. In the period under review, the equity ratio rose by one percentage point to 44%.

Debt including minorities of other shareholders with put-options increased to $9.57 BN compared to $9.02 BN in the previous year. Financial liabilities amounted to $5.88 BN (2009: $5.57 BN), $1,570 M of which were attributable to short-term borrowings (2009: $484 M). Medium to long-term financial liabilities amounted to $4.31 BN compared to $5.08 BN in 2009. 75% of financial liabilities are U.S. dollar denominated, compared to 77% in the previous year.

The Group has no significant accruals. The largest single accrual of $115 M covers a special charge for the final settlement of fraudulent conveyance claims and all other legal matters in connection with the National Medical Care transaction in 1996 resulting from the bankruptcy of W.R. Grace. Please see note 18 of the financial report.