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Earnings structure

We achieved excellent earnings growth rates in 2011. Group net income1 rose by 17% to €770 million (2010: €660 million). Currency translation had a negative effect, leading to growth in constant currency of 18%. Earnings per share1 rose to €4.73 (2010: €4.08). This represents an increase of 16% at actual rates and of 17% in constant currency. Including special items, Group net income2 was €690 million (2010: €622 million) and earnings per share were €4.24 (2010: €3.85). Inflation had no significant effect on results of operations in 2011.

Group EBITDA rose by 8% in constant currency and by 6% at actual rates to €3,237 million (2010: €3,057 million). Group EBIT increased by 9% in constant currency and by 6% at actual rates to €2,563 million (2010: €2,418 million).

STATEMENT OF INCOME (SUMMARY)


€ in millions 2011 2010 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 Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals. Both are non-cash items.
2 Net income attributable to Fresenius SE & Co. KGaA
Sales 16,522 15,972 3% 6%
Cost of goods sold -10,883 -10,646 -2% -5%
Gross profit 5,639 5,326 6% 8%
Selling, general and administrative expenses -2,809 -2,664 -5% -8%
Research and development expenses -267 -244 -9% -11%
EBIT (operating result) 2,563 2,418 6% 9%
Net interest -531 -566 6% 4%
Other financial result -100 -66 -52% -52%
Income taxes -604 -581 -4% -7%
Noncontrolling interest in profit -638 -583 -9% -13%
Net income1 770 660 17% 18%
Net income2 690 622 11% 12%
Earnings per ordinary share in €1 4.73 4.08 16% 17%
Earnings per ordinary share in €2 4.24 3.85 10% 11%
EBITDA 3,237 3,057 6% 8%
Depreciation and amortization 674 639 5% 8%

€ in millions 2011 2010 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 Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals. Both are non-cash items.
2 Net income attributable to Fresenius SE & Co. KGaA
Sales 16,522 15,972 3% 6%
Cost of goods sold -10,883 -10,646 -2% -5%
Gross profit 5,639 5,326 6% 8%
Selling, general and administrative expenses -2,809 -2,664 -5% -8%
Research and development expenses -267 -244 -9% -11%
EBIT (operating result) 2,563 2,418 6% 9%
Net interest -531 -566 6% 4%
Other financial result -100 -66 -52% -52%
Income taxes -604 -581 -4% -7%
Noncontrolling interest in profit -638 -583 -9% -13%
Net income1 770 660 17% 18%
Net income2 690 622 11% 12%
Earnings per ordinary share in €1 4.73 4.08 16% 17%
Earnings per ordinary share in €2 4.24 3.85 10% 11%
EBITDA 3,237 3,057 6% 8%
Depreciation and amortization 674 639 5% 8%

The EBIT development by business segment was as follows:

  • Fresenius Medical Care increased EBIT by 3% to €1,491 million (2010: €1,451 million). The EBIT margin improved from 16.0% to 16.2%, primarily due to the improved operating margin in North America. This was largely a result of the positive development of pharmaceutical costs.
  • Fresenius Kabi increased EBIT by 9% to €803 million (2010: €737 million). All regions contributed to the strong EBIT growth. The EBIT margin improved to 20.3% (2010: 20.1%).
  • In 2011, Fresenius Helios achieved an excellent EBIT growth of 15% to €270 million (2010: €235 million) due to the very good progress at the established clinics and the earnings improvement at those clinics covered by the restructuring plan. The latter are clinics which have been in the Fresenius Helios portfolio for less than five years. The EBIT margin rose to 10.1% (2010: 9.3%).
  • Fresenius Vamed increased EBIT to €44 million (2010: €41 million). The EBIT margin improved to 6.0% (2010: 5.8%).
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