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Reconciliation to Group net income

RECONCILIATION


  2011 2010
€ in millions Other financial result Net income Other financial result Net income
1 Net income attributable to Fresenius SE & Co. KGaA adjusted for the special items relating to the acquisition of APP Pharmaceuticals
2 The special items are included in the column “Corporate/Other” in the segment reporting.
3 Net income attributable to Fresenius SE & Co. KGaA
Net income1   770   660
Other financial result:2        
Mandatory Exchangeable Bonds (MEB) (mark-to-market accounting) -105 -85 -98 -70
Contingent Value Rights (CVR) (mark-to-market accounting) 5 5 32 32
Earnings according to U.S. GAAP3 -100 690 -66 622

  2011 2010
€ in millions Other financial result Net income Other financial result Net income
1 Net income attributable to Fresenius SE & Co. KGaA adjusted for the special items relating to the acquisition of APP Pharmaceuticals
2 The special items are included in the column “Corporate/Other” in the segment reporting.
3 Net income attributable to Fresenius SE & Co. KGaA
Net income1   770   660
Other financial result:2        
Mandatory Exchangeable Bonds (MEB) (mark-to-market accounting) -105 -85 -98 -70
Contingent Value Rights (CVR) (mark-to-market accounting) 5 5 32 32
Earnings according to U.S. GAAP3 -100 690 -66 622

The table above shows the special items relating to the acquisition of APP Pharmaceuticals in the reconciliation from net income1 to earnings according to U.S. GAAP.

The Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) were recognized as liabilities. The repayment value of the CVR and the derivative elements of the MEB were measured at market prices. The change in value (mark-to-market accounting) resulted either in a gain or an expense until the end of maturity. As the CVR were delisted in March 2011, the effect relate solely to the first quarter of 2011. Since Adjusted EBITDA for the CVR measuring period did not exceed the threshold amount, no amounts were paid on the CVRs and the CVRs expired valueless. The MEB came to maturity on August 14, 2011, therefore no further effect will occur after the third quarter of 2011. Upon maturity, the MEB was converted into 15,722,644 ordinary shares of Fresenius Medical Care AG & Co. KGaA.

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