Summary of the fiscal year
SALES
Consolidated sales increased by 15 % to € 14,164 million in 2009 (2008: € 12,336 million). Excellent organic growth of 8 % was achieved, while acquisitions contributed 5 %. Currency translation effects had a positive impact of 2 %.
- In North America, sales increased by 16 % in constant currency. This was mainly due to the consolidation of APP Pharmaceuticals from September 2008.
- In Europe, sales grew by 11 % in constant currency, with organic sales contributing 7 %.
- In emerging markets, strong organic growth rates continued, achieving 9 % in Asia-Pacific and 12 % in Latin America.
EARNINGS
Operating income (EBIT) grew by 19 % to € 2,054 million (2008 adjusted: € 1,727 million). All the business segments contributed to this substantial growth. The EBIT margin increased to 14.5 % (2008 adjusted: 14.0 %).
Earnings
| in million € | 2009 | 2008 | Change | Change in constant currency |
|---|---|---|---|---|
| 1 Before special items relationg to the APP acquisition. | ||||
| 2 Net income attributable to Fresenius SE; adjusted for the effects of mark-to-market accounting of the MEB and the CVR. | ||||
| EBIT | 2,054 | 1,727 1 | 19 % | 17 % |
| Net interest | - 580 | - 431 | - 35 % | - 35 % |
| Income taxes, adjusted | - 463 | - 433 | - 7 % | - 5 % |
| Noncontrolling interest | - 497 | - 413 | - 20 % | - 16 % |
| Net income, adjusted | 514 2 | 450 1 | 14 % | 14 % |
- Group net interest was € -580 million (2008: € - 431 million). The increase compared to the prior-year figure is due to incremental debt related mainly to the acquisition of APP Pharmaceuticals.
- Adjusted net income2 grew by an excellent 14 % to € 514 million. Adjusted earnings per ordinary and preference share each rose by 12 %.
CASHFLOW
Operating cash flow grew by 45 % to € 1,553 million driven by strong earnings growth and tight working capital management.
- The operating cash flow margin increased to 11.0 % (2008: 8.7 %).
- Cash flow before acquisitions and dividends increased strongly to € 891 million (2008: € 338 million), mainly due to lower net capital expenditure in property, plant and equipment.
- After acquisitions and dividends we also achieved excellent cash flow of € 389 million.
BALANCE SHEET
Total assets rose by 2 % to € 20,882 million. In constant currency, the increase was 3 %. Shareholders’ equity, including non-controlling interest, increased by 10 % to € 7,652 million.
- The equity ratio, including non-controlling interest, increased to 36.6 %.
- Group debt decreased to € 8,299 million (December 31, 2008: € 8,787 million), amongst others due to the repayment of debt from free cash flow.
- The net debt / EBITDA ratio improved significantly to 3.0 (December 31, 2008: 3.6).
To our shareholders
Fresenius shares