Summary of the fiscal year

SALES

Consolidated sales increased by 13% to €15,972 million in 2010 (2009: €14,164 million). Excellent organic growth of 7% was achieved, while acquisitions contributed 1%. Currency translation had a positive effect of 5%.

  • In North America, sales increased by 9% in constant currency and 8% organically. This was mainly due to the successful business operations of APP Pharmaceuticals.
  • In Europe, sales grew by 7% in constant currency, with organic sales contributing 6%.
  • Emerging markets continued to post strong organic growth rates, achieving 7% in Asia-Pacific and 11% in Latin America.

EARNINGS

Operating income (EBIT) grew by 18% to €2,418 million (2009 adjusted: €2,054 million). All the business segments contributed to this substantial growth with double-digit rates. The EBIT margin reached a record level of 15.1% (2009: 14.5%).

€ in millions 2010 2009 Change Change in
constant
currency
1 Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the MEB and the CVR
EBIT 2,418 2,054 18% 13%
Net interest -566 -580 2% 6%
Income taxes, adjusted -609 -463 -32% -26%
Noncontrolling interest -583 -497 -17% -12%
Net income1 660 514 28% 23%

€ in millions 2010 2009 Change Change in
constant
currency
1 Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the MEB and the CVR
EBIT 2,418 2,054 18% 13%
Net interest -566 -580 2% 6%
Income taxes, adjusted -609 -463 -32% -26%
Noncontrolling interest -583 -497 -17% -12%
Net income1 660 514 28% 23%

  • Group net interest was -€566 million (2009: -€580 million). Lower average interest rates had a positive effect while currency translation had a negative effect due to the strong US$ against the Euro.
  • Net income1 grew by an excellent 28% to €660 million. Earnings per ordinary and preference share each rose by 28%.

CASH FLOW

Operating cash flow grew by 23% to €1,911 million. This was mainly driven by strong earnings growth and tight working capital management.

  • Operating cash flow margin was 12.0% (2009: 11.0%).
  • Cash flow before acquisitions and dividends increased strongly to €1,178 million (2009: €891 million).
  • We achieved cash flow of €345 million after acquisitions and dividends (2009: €389 million). 2010 was impacted by higher acquisition spending at Fresenius Medical Care compared to 2009.

BALANCE SHEET

Total assets rose by 13% to €23,577 million. In constant currency, the increase was 7%. Shareholders’ equity, including noncontrolling interest, increased by 18% to €8,844 million.



  • The equity ratio, including noncontrolling interest, increased to 37.5%.
  • Group debt increased to €8,784 million (December 31, 2009: €8,299 million). In constant currency, the increase was 1%.
  • The net debt/EBITDA ratio improved to 2.6 (December 31, 2009: 3.0).
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