Summary of the fiscal year
SALES
Consolidated sales increased by 13% to €15,972 million in 2010 (2009: €14,164 million). Excellent organic growth of 7% was achieved, while acquisitions contributed 1%. Currency translation had a positive effect of 5%.
- In North America, sales increased by 9% in constant currency and 8% organically. This was mainly due to the successful business operations of APP Pharmaceuticals.
- In Europe, sales grew by 7% in constant currency, with organic sales contributing 6%.
- Emerging markets continued to post strong organic growth rates, achieving 7% in Asia-Pacific and 11% in Latin America.
EARNINGS
Operating income (EBIT) grew by 18% to €2,418 million (2009 adjusted: €2,054 million). All the business segments contributed to this substantial growth with double-digit rates. The EBIT margin reached a record level of 15.1% (2009: 14.5%).
| € in millions | 2010 | 2009 | Change | Change in constant currency |
|---|---|---|---|---|
| 1 Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the MEB and the CVR | ||||
| EBIT | 2,418 | 2,054 | 18% | 13% |
| Net interest | -566 | -580 | 2% | 6% |
| Income taxes, adjusted | -609 | -463 | -32% | -26% |
| Noncontrolling interest | -583 | -497 | -17% | -12% |
| Net income1 | 660 | 514 | 28% | 23% |
- Group net interest was -€566 million (2009: -€580 million). Lower average interest rates had a positive effect while currency translation had a negative effect due to the strong US$ against the Euro.
- Net income1 grew by an excellent 28% to €660 million. Earnings per ordinary and preference share each rose by 28%.
CASH FLOW
Operating cash flow grew by 23% to €1,911 million. This was mainly driven by strong earnings growth and tight working capital management.
- Operating cash flow margin was 12.0% (2009: 11.0%).
- Cash flow before acquisitions and dividends increased strongly to €1,178 million (2009: €891 million).
- We achieved cash flow of €345 million after acquisitions and dividends (2009: €389 million). 2010 was impacted by higher acquisition spending at Fresenius Medical Care compared to 2009.
BALANCE SHEET
Total assets rose by 13% to €23,577 million. In constant currency, the increase was 7%. Shareholders’ equity, including noncontrolling interest, increased by 18% to €8,844 million.
- The equity ratio, including noncontrolling interest, increased to 37.5%.
- Group debt increased to €8,784 million (December 31, 2009: €8,299 million). In constant currency, the increase was 1%.
- The net debt/EBITDA ratio improved to 2.6 (December 31, 2009: 3.0).
Fresenius group in figures
Fresenius shares