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View Annual Report 2011 ANNUAL REPORT C ONTENT 2 To our shareholders 101 Overall assessment of the 121 Consolidated financial statements 6 Summary of the fiscal year business situation 122 Consolidated statement of income 8 Fresenius share 101 Opportunities and risk report 123 Consolidated statement of 14 Corporate governance declaration 101 Opportunities management comprehensive income and report 101 Risk management 124 Consolidated statement of 34 Business segments 102 Risk areas financial position 34 Fresenius Medical Care 109 Assessment of overall risk 126 Consolidated statement of cash flows 38 Fresenius Kabi 109 Corporate rating 128 Consolidated statement of 42 Fresenius Helios 109 Subsequent events changes in equity 46 Fresenius Vamed 110 Outlook 130 Consolidated segment reporting 110 General and mid-term 134 Notes 11 outlook (see detailed register on page 134) 111 Future markets 135 General notes 50 Management report 112 Economic outlook 150 Notes on the consolidated (see detailed register on page 50) 113 Health care sector and statement of income 51 Operations and business markets 155 Notes on the consolidated environment 116 Group sales and earnings statement of financial position 51 Group structure and business 117 Sales and earnings by 182 Other notes 55 Corporate performance business segment 207 Notes in accordance with the criteria, goals, and strategy 117 Financing German Commercial Code 57 Overall business development 118 Investments (HGB) 65 Results of operations, financial 118 Procurement position, assets and liabilities 119 Research and development 65 Results of operations 120 Corporate structure and 70 Financial position organization 209 Auditor’s report 75 Assets and liabilities 120 Planned changes in 77 Non-financial performance indicators human resources and and other success factors the social area 77 Employees 120 Dividend 210 Report of the Supervisory Board 81 Research and development 88 Procurement 217 Boards 91 Quality management 217 Supervisory Board 95 Responsibility, environmental Fresenius SE & Co. KGaA management, sustainability 219 Management Board 100 Sales, marketing, Fresenius Management SE and logistics 220 Supervisory Board Fresenius Management SE 221 Glossary 224 Index FRESENIUS group IN FIGURES (U.S. GAAP) € in millions 2011 2010 2009 2008 2007 Sales and Earnings Sales 16,522 15,972 14,164 12,336 11,358 EBITDA 3,237 3,057 2,616 2,260 2,030 EBIT 2,563 2,418 2,054 1,727 1 1,609 Net income 2 770 1 660 1 514 1 450 1 410 Depreciation and amortization 674 639 562 783 421 Earnings per share in € 4.73 1 4.08 1 3.18 1 2.85 1 2.64 Cash flow and Balance sheet Operating cash flow 1,689 1,911 1,553 1,074 1,296 Operating cash flow in % of sales 10.2% 12.0% 11.0% 8.7% 11.4% Total assets 26,321 23,577 20,882 20,544 15,324 Non-current assets 19,170 17,142 15,519 15,466 11,033 Equity 3 10,577 8,844 7,491 6,943 6,059 Net debt 9,164 8,015 7,879 8,417 5,338 Net debt / EBITDA 6 2.8 2.6 3.0 3.6 2.6 Equity ratio 3 40% 38% 36% 34% 40% Investments 4 2,395 1,402 931 4,617 1,318 Profitability EBIT margin 15.5% 15.1% 14.5% 14.0% 1 14.2% Return on equity after taxes (ROE) 6, 7 12.9% 13.3% 12.1% 10.5% 12.0% Return on operating assets (ROOA) 6 10.9% 11.6% 10.5% 9.8% 11.4% Return on invested capital (ROIC) 6 8.8% 8.9% 8.2% 7.3% 8.4% Dividend per share in € 0.95 5 0.86 0.75 0.70 0.66 Employees (December 31) 149,351 137,552 130,510 122,217 114,181 1 2008 before special items from the APP acquisition; 4 Investments in property, plant and equipment and intangible assets, acquisitions 2009 to 2011, adjusted for the effects of the mark-to-market accounting of the 5 Proposal MEB and the CVR. Both are non-cash items. 6 2008, pro forma APP Pharmaceuticals and excluding special items from the 2 Net income attributable to Fresenius SE & Co. KGaA APP acquisition 3 Equity, including noncontrolling interest 7 2009 to 2011, adjusted for the effects of the mark-to-market accounting of the MEB and the CVR You will find a 10-year overview on our website: www.fresenius.com under “Investor Relations”. FRESENIUS medical care FRESENIUS kabi Dialysis products, INFUSION therapy, IV DRUGS, Dialysis care clinical NUTRITION, Medical devices / TRANSFUSION technology 2011 2010 2011 2010 US$ in millions US$ in millions Change € in millions € in millions Change Sales 12,795 12,053 6% 3,964 3,672 8% EBIT 2,075 1,924 8% 803 737 9% Net income 1 1,071 979 9% 354 294 20% Operating cash flow 1,446 1,368 6% 462 567 - 19% Capital expenditure / acquisitions 2,614 1,314 99% 188 205 - 8% R & D expenses 111 97 15% 162 143 13% Employees (December 31) 83,476 77,4 42 8% 24,106 22,851 5% FRESENIUS HELIOS FRESENIUS vamed Hospital operation ENGINEERING AND Services FOR hospitals AND other health care facilities 2011 2010 2011 2010 € in millions € in millions Change € in millions € in millions Change Sales 2,665 2,520 6% 737 713 3% EBIT 270 235 15% 44 41 7% Net income 1 163 131 24% 34 30 13% Operating cash flow 294 311 - 5% - 83 47 -- Capital expenditure / acquisitions 202 179 13% 10 14 - 29% Order intake n / a n / a 604 625 - 3% Key figures of the business segments figures Key Employees (December 31) 37,198 33,321 12% 3,724 3,110 20% < 1 Net income attributable to the parent company of the respective business segment Fresenius is a health care group providing products and services for dialysis, hospitals and the medical care of patients at home. In addition, Fresenius focuses on hospital operation, as well as on engineering and services for hospitals and other health care facilities. Approximately 150,000 employees have dedicated themselves to the service of health in about 100 countries worldwide. 2 To Our Shareholders To Our Shareholders To To Our Shareholders: 2011 was an excellent year for Fresenius, with new records for sales and earnings. In the United States, our largest market, the new Medicare end-stage renal disease pro- spective payment system was implemented. Fresenius Medical Care managed this challenge exceptionally well. Fresenius Kabi exceeded its strong 2010 fiscal year results with outstanding sales and earnings growth. Fresenius Helios once again posted a healthy increase in organic sales and further improved its operating margin, leading to an impressive increase in earnings. Fresenius Vamed also delivered solid sales and earn- ings growth despite difficult market conditions caused by political unrest in the Middle East / North Africa region. Our strategy is to expand our global presence not only through organic growth, but also through acquisitions, so I would like to highlight the major transactions we announced or completed last year. To Our Shareholders 3 To Our Shareholders To The acquisition of Liberty Dialysis Holdings will further underline Fresenius Medical Care’s leading dialysis services position in the United States, while the acquisition of American Access Care Holdings significantly bolsters our position in vascular access management, a vital part of dialysis care. Fresenius Medical Care has also increased its market presence in dialysis services outside the United States, especially in Eastern Europe, with the acquisition of International Dialysis Centers. Fresenius Helios substantially expanded in the German hospital market with two major acquisitions. The Damp Hospital Group in northern Germany and a maximum care hospital in Duisburg fit Fresenius Helios’ strategy perfectly and complement its regional hospital network. We plan to swiftly and successfully integrate the newly acquired companies into the Group this year. In January 2011, we successfully converted our preference shares into ordinary shares. Creating a single share class considerably enhanced the attractiveness of our stock, while increasing trading liquidity and the index-relevant free float. The stock’s DAX30 ranking in market capitalization improved from 26th to 19th, and in turnover from 34th to 29th. The trading volume increased by 17 percent. 4 To Our Shareholders To Our Shareholders To Fresenius continued its trend of strong growth in 2011. Group sales rose by 6 percent in constant currency to € 16.5 billion. We posted even stronger growth in Group net income before special items, achieving an increase of 18 percent in constant currency to € 770 million. We also reached a record EBIT margin of 15.5 percent. Looking ahead, we see attractive growth opportunities. In 2012, on a constant-currency basis, Group sales are projected to grow by 10 to 13 percent and Group net income by 8 to 11 percent. In addition, we have set ourselves an ambitious mid-term financial goal, aiming for Group net income of more than € 1 billion in 2014, which will require average annual earnings growth of approximately 10 percent. We expect average annual organic sales growth of 6 to 9 percent, based on the increasing worldwide demand for high-quality, affordable health care. Small and mid-sized acquisitions will continue to complement our organic growth. To realize our goals, we will diligently pursue our long-term strategy, which is based on medical innovation, market leadership, and the global rollout of our products and services portfolio. Operational excellence and commercial prudence will continue to be top priorities. To Our Shareholders 5 To Our Shareholders To Fresenius marks its 100th anniversary this year. We have always dedicated our knowl- edge and experience to the best possible care for our patients, and we will continue to do so in the future.
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