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2013 Consolidated Financial Statement and Management Report 2013 Consolidated Financial Statements and Management Report of Fresenius SE & Co. KGaA, Bad Homburg v. d. H. at December 31, 2013 applying Section 315a HGB in accordance with International Financial Reporting Standards TABLE OF CONTENTS 2 Fundamental information about the Group 38 Outlook 2 The Group‘s business model 38 General and mid-term outlook 3 Management and control 39 Future markets 3 Key products and services 40 Health care sector and markets 4 Important markets and competitive position 42 Group sales and earnings 4 Legal and economic factors 43 Sales and earnings by business segment 4 Capital, shareholders, articles of association 44 Financing 5 Goals and strategy 44 Investments 6 Corporate performance criteria 44 Procurement 7 Research and development 44 Research and development 10 Employees 45 Corporate structure and organization 12 Procurement 45 Planned changes in human resources and the social area 14 Quality management 45 Dividend 16 Responsibility, environmental management, sustainability 19 Sales, marketing, and logistics 46 Opportunities and risk report 46 Opportunities management 20 Report on economic position 46 Risk management 20 Health care industry 47 Risk areas 20 The dialysis market 54 Assessment of overall risk 22 The market for infusion therapy and clinical nutrition, intra- venously administered drugs, medical devices, and transfu- sion technology 55 Consolidated financial statements 23 The German hospital market 56 Consolidated statement of income 24 The market for projects and services for hospitals and other 56 Consolidated statement of comprehensive income health care facilities 57 Consolidated statement of financial position 24 Overall business development 58 Consolidated statement of cash flows 24 The Management Board’s assessment of the effect 60 Consolidated statement of changes in equity of general economic developments and those in the 62 Consolidated segment reporting health care sector for Fresenius 64 Notes 25 Signifi cant factors affecting operating performance 25 The Management Board’s assessment of the business results 142 Compensation Report Management Report 25 Comparison of the actual business results with the forecasts 26 Results of operations, fi nancial position, assets and liabilities 151 Auditor’s Report 26 Results of operations 30 Financial position 35 Assets and liabilities 152 Report of the Supervisory Board 37 Corporate rating 158 Boards 38 Subsequent events 162 Glossary 38 Overall assessment of the business situation 2 Management Report MANAGEMENT REPORT. 2013 was a successful year for Fresenius. We fully met our guidance, exceeding € 20 billion in sales and € 1 billion in earnings for the first time. At 11.4%, our cash flow margin was strong. FUNDAMENTAL INFORMATION ABOUT ▶ Fresenius Kabi specializes in infusion therapies, intra- THE GROUP venously administered drugs (IV drugs), and clinical nutrition. The company is also a supplier of medical THE GROUP‘S BUSINESS MODEL devices and products in the area of transfusion technol- Fresenius is a global health care group in the legal form of an ogy. SE & Co. KGaA (a partnership limited by shares). We offer ▶ At the end of 2013, Fresenius Helios operated a total of products and services for dialysis, hospitals, and outpatient 74 hospitals with more than 23,000 beds in Germany. medical care. In addition, Fresenius focuses on hospital oper- ▶ Fresenius Vamed manages projects and provides services ations. We also manage projects and provide services for hos- for hospitals and other health care facilities. pitals and other health care facilities worldwide. ▶ The segment Corporate / Other comprises the holding activ- The operating business comprises the business seg- ities of Fresenius SE & Co. KGaA and the IT service pro- ments, all of which are legally independent entities man- vider Fresenius Netcare, which operates mainly for Group aged by the operating parent company Fresenius companies. Fresenius Biotech, a division active in Management Report SE & Co. KGaA. This structure has not changed in the report- research and development in the fi eld of antibody thera- ing period. pies, was sold with effect from June 28, 2013. As announced in December 2012, Fresenius will focus on its ▶ Fresenius Medical Care offers products and services for four established business segments going forward. In patients with chronic kidney failure. As of December 31, addition, Corporate / Other includes the consolidation 2013, Fresenius Medical Care treated 270,122 patients measures conducted among the business segments. at 3,250 dialysis clinics. The Fresenius Group operates globally and all business seg- ments have a regional and decentralized structure. Respon- GROUP STRUCTURE sibilities are clearly defi ned in line with the Company’s “entrepreneur in the enterprise” management principle. Fresenius SE & Co. KGaA Additionally, management accountability is reinforced by an earnings-oriented and target-linked compensation system. 31% 100% 100% 77% Fresenius has an international sales network and maintains Fresenius Fresenius Fresenius Fresenius about 90 production sites. Large production sites are located Medical Care Kabi Helios Vamed Management Report Fundamental information about the Group 3 in the United States, China, Japan, Germany, and Sweden. The Supervisory Board of Fresenius SE & Co. KGaA has six Production plants are also located in other European coun- shareholder representatives and six employee representa- tries and in Latin America, Asia-Pacifi c, and South Africa. tives. A Nomination Committee of the Supervisory Board of Fresenius SE & Co. KGaA has been instituted for election pro- MANAGEMENT AND CONTROL posals for the shareholder representatives. Its activities are In the legal form of a KGaA, the Company’s corporate bodies aligned with the provisions of law and the Corporate Gover- are the General Meeting, the Supervisory Board, and the nance Code. The shareholder representatives are elected by general partner, Fresenius Management SE. Fresenius Man- the Annual General Meeting. The European works council agement SE is wholly owned by the Else Kröner-Fresenius- elects the employee representatives to the Supervisory Board Stiftung. The KGaA has a two-tier management system – of Fresenius SE & Co. KGaA. management and control are strictly separated. The Supervisory Board must meet at least twice per cal- The general partner, represented by its Management endar half-year. Board, conducts the business and represents the Company The Supervisory Board of Fresenius SE & Co. KGaA has in dealings with third parties. The Management Board has two permanent committees: the Audit Committee, consisting seven members. According to the Management Board’s rules of fi ve members, and the Nomination Committee, consisting of procedure, each member is accountable for his or her of three members. The members of the committees are listed own area of responsibility. However, the members have joint on page 159 of this annual report. The Company’s annual respon sibility for the management of the Group. In addition corporate governance declaration describes the procedures to the Supervisory Board of Fresenius SE & Co. KGaA, Frese- of the Supervisory Board’s committees. The declaration can nius Management SE has its own Supervisory Board. The be found on our website www.fresenius.com, see Who we Management Board is required to report to the Supervisory are − Corporate Governance. Board The description of both the compensation structure and of Fresenius Management SE regularly, in particular on its individual amounts paid to the Management Board and Super- corporate policy and strategies, business profi tability, current visory Board of Fresenius Management SE, and the Super- operations, and any other matters that could be of signifi - visory Board of Fresenius SE & Co. KGaA, are included in the cance for the Company’s profi tability and liquidity. The Super- Compensation Report on pages 142 to 150 of this fi nancial visory Board of Fresenius Management SE also advises and report. The Compensation Report is part of the Group’s supervises the Management Board in its management of Management Report. the Company. It is prohibited from managing the Company directly. However, the Management Board’s rules of proce- KEY PRODUCTS AND SERVICES dure require it to obtain the approval of the Supervisory Board Fresenius Medical Care offers a comprehensive range of prod- of Fresenius Management SE for specifi c activities. ucts for hemodialysis and peritoneal dialysis, and provides The members of the Management Board are appointed dialysis care at its own dialysis clinics in more than 45 coun- and dismissed by the Supervisory Board of Fresenius Manage- tries. Dialyzers, dialysis machines, and renal pharmaceuticals ment SE. Appointment and dismissal is in accordance with are among the most important product lines. These products Article 39 of the SE Regulation. The articles of association of are sold to Group clinics as well as to external dialysis care Management Report Fresenius Management SE also provide that deputy members providers in more than 120 countries. In the United States, of the Management Board may be appointed. the company also performs clinical laboratory tests. Fresenius The Supervisory Board of Fresenius SE & Co. KGaA Kabi offers a comprehensive product range for clinical nutri- advises and supervises the management of the Company’s tion and infusion therapy as well as an extensive portfolio of business by the general partner, reviews the annual fi nancial statements
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