Management report

2009 was a successful year for the Fresenius Group. We again achieved record levels in sales and earnings across all business segments. Our debt ratios were substantially improved thanks to very good cash flow development.

Management report
Operations and business environment
Group structure and business
Management and control
Key products, services, and business processes
Important markets and competitive position
Legal and economic factors
Capital, shareholders, statutes
Corporate performance criteria, goals, and strategy
Strategy and goals
Overall business development
Economic environment
Health care industry
The Management Board ’s assessment of the general economic developments and those in the health care sector for Fresenius
Significant factors affecting operating performance
The Management Board ’s assessment of business results
Comparison of the actual business results with the forecasts
Results of operations, financial position, assets and liabilities
Results of operations
Sales
Earnings structure
Reconciliation to adjusted earnings
Development of other major items in the statement of income
Value added
Financial position
Financial management policies and goals
Financing
Effect of off-balance-sheet financing
Liquidity analysis
Dividend
Cashflow analysis
Investments and acquisitions
Assets and liabilities
Asset and liability structure
Currency and interest risk management
Non-financial performance indicators and other success factors
Employees
Human resources management
Talent management
Job application management
Idea management
Vocational training management
Profit-sharing scheme and stock option plan
Research and development
Fresenius Medical Care
Fresenius Kabi
Fresenius Biotech
Procurement
Fresenius Medical Care
Fresenius Kabi
Fresenius Helios
Quality management
Fresenius Medical Care
Fresenius Kabi
Fresenius Helios
Fresenius Vamed
Responsibility, environmental management, sustainability
Fresenius Medical Care
Fresenius Kabi
Fresenius Helios
Fresenius Vamed
Sales, marketing, and logistics
Overall assessment of the business situation
Opportunities and risk report
Opportunities management
Risk management
Risk areas
General economic risks
Risks in the general operating frame work
Risks in the health care sector
Operating risks
Assessment of overall risk
Corporate rating
Subsequent events
Outlook
General and mid-term outlook
Future markets
Economic outlook
Health care sector and markets
Group sales and earnings
Sales and earnings by business segment
Financing
Investments
Procurement
Research and development
Corporate structure and organization
Planned changes in human resources and the social area
Dividend

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