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Asset and liability structure

The total assets of the Group rose by €2,744 million (12%) to €26,321 million (Dec. 31, 2010: €23,577 million). In constant currency, this was an increase of 10%. 6% of the increase of total assets is attributable to acquisitions that were effected during 2011, especially by Fresenius Medical Care. The expansion of the existing business accounted for 4%. Inflation had no significant impact on the assets of Fresenius in 2011.

ASSETS AND LIABILITIES – FIVE -YEAR OVERVIEW


€ in millions 2011 2010 2009 2008 2007
1 Including noncontrolling interest
Total assets 26,321 23,577 20,882 20,544 15,324
Shareholders’ equity1 10,577 8,844 7,491 6,943 6,059
as % of total assets1 40 38 36 34 40
Shareholders’ equity1/non-current assets, in % 55 52 48 45 55
Debt 9,799 8,784 8,299 8,787 5,699
as % of total assets 37 37 40 43 37
Gearing in %1 87 91 105 121 88

€ in millions 2011 2010 2009 2008 2007
1 Including noncontrolling interest
Total assets 26,321 23,577 20,882 20,544 15,324
Shareholders’ equity1 10,577 8,844 7,491 6,943 6,059
as % of total assets1 40 38 36 34 40
Shareholders’ equity1/non-current assets, in % 55 52 48 45 55
Debt 9,799 8,784 8,299 8,787 5,699
as % of total assets 37 37 40 43 37
Gearing in %1 87 91 105 121 88

Non-current assets increased by 12% to €19,170 million (Dec. 31, 2010: €17,142 million). The increase was driven mainly by additions to property, plant and equipment and to intangible assets. The goodwill in the amount of €12,669 million (Dec. 31, 2010: €11,464 million) has proven itself to be sustainable.

Current assets were at €7,151 million (Dec. 31, 2010: €6,435 million). Within current assets, trade accounts receivable rose by 10% to €3,234 million (Dec. 31, 2010: €2,935 million). At 72 days, average days sales outstanding was above the previous year’s level of 68 days. Through strict accounts receivable management we were able to keep average days sales outstanding stable despite the continued difficult financial operating environment. The increase in the average days sales outstanding is mostly related to the expansion of our existing business.

Inventories rose by 22% to €1,717 million (Dec. 31, 2010: €1,411 million). Scope of inventory in 2011 increased to 58 days (Dec. 31, 2010: 48 days), mainly attributable to provisioning of inventories due to an increase in market demand as well as the prefinancing of projects at Fresenius Vamed. Those projects will be finalized in 2012. The ratio of inventories to total assets increased slightly to 6.5% as of December 31, 2011 (Dec. 31, 2010: 6.0%).

Shareholders’ equity, including noncontrolling interest, rose by 20%, or €1,733 million, to €10,577 million (Dec. 31, 2010: €8,844 million). Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity by €690 million. In addition, the maturity of the Mandatory Exchangeable Bonds also increased this amount. The equity ratio, including noncontrolling interest, rose to 40.2% as of December 31, 2011 (Dec. 31, 2010: 37.5%).

The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity, including noncontrolling interest, covers 55% of non-current assets (Dec. 31, 2010: 52%). Shareholders’ equity, noncontrolling interest, and long-term liabilities cover all non-current assets and 49% of inventories.

Long-term liabilities increased by 7% to €9,439 million as of December 31, 2011 (Dec. 31, 2010: €8,813 million). Short-term liabilities increased by 5% to €5,988 million (Dec. 31, 2010: €5,711 million). This was mainly due to the fact that parts of Fresenius Medical Care’s 2006 credit agreement will be maturing in 2012. This was partially offset by the Mandatory Exchangeable Bonds of €554 million and the Trust Preferred Securities of €468 million, which matured in 2011.

The Group has no significant accruals. The largest single accrual is to cover the settlement of fraudulent conveyance claims and all other legal matters relating to the National Medical Care transaction in 1996 that resulted from the bankruptcy of W.R. Grace. The accrual amounts to US$115 million (€89 million). Please see the Notes for further information.

Group debt rose to €9,799 million (Dec. 31, 2010: €8,784 million). In constant currency, the increase was 9%. Its relative weight in the balance sheet declined slightly to 37.2% (Dec. 31, 2010: 37.3%). Approximately 56% of the Group’s debt is in U.S. dollars. Liabilities due in less than one year were €2,026 million (Dec. 31, 2010: €1,496 million), while liabilities with a remaining tenor of one to five years and over five years were €7,773 million (Dec. 31, 2010: €7,288 million).

The net debt to equity ratio including noncontrolling interest (gearing) has improved and is 86.6% (Dec. 31, 2010: 90.6%). The return on equity after taxes (equity attributable to shareholders of Fresenius SE & Co. KGaA) was 12.9% (Dec. 31, 2010: 13.3%). The return on total assets after taxes and before noncontrolling interest of 5.3% remained at the previous year’s level; the above figures have been adjusted for the effects of the mark-to-market accounting of the MEB and the CVR.

The table below provides a five-year overview of other key assets and capital ratios.

€ in millions Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 20081 Dec. 31, 2007
1 Pro-forma APP Pharmaceuticals and excluding special items
Debt/EBITDA 3.0 2.9 3.2 3.8 2.8
Net debt/EBITDA 2.8 2.6 3.0 3.6 2.6
EBITDA/interest ratio 6.1 5.4 4.5 4.0 5.5

€ in millions Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 20081 Dec. 31, 2007
1 Pro-forma APP Pharmaceuticals and excluding special items
Debt/EBITDA 3.0 2.9 3.2 3.8 2.8
Net debt/EBITDA 2.8 2.6 3.0 3.6 2.6
EBITDA/interest ratio 6.1 5.4 4.5 4.0 5.5

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