• Economic environment
• Health care industry
• The Management Board ’s assessment of the general economic developments
• Significant factors affecting operating performance
• The Management Board ’s assessment of business results
• Comparison of the actual business results with the forecasts

The Management Board ’s assessment of business results

The Management Board is of the opinion that the Fresenius Group performed very well in 2009 – with sales and earnings improvements in all business segments. The two business segments Fresenius Medical Care and Fresenius Kabi profited from the continued strong demand for their products and services and generally outperformed the market. This was reflected in sustained strong organic sales growth of 8 % at both business segments, and significant increases in earnings. Fresenius Helios also achieved excellent organic growth of 7 % and further improved its earnings. Fresenius Vamed was able to report an organic growth of 15 % and a further strong earnings increase in 2009 and achieved in the project business an important all-time high in order intake and order backlog.