Summary of the fiscal year

SALES

Consolidated sales increased by 3% to €16,522 million in 2011 (2010: €15,972 million). Organic sales growth of 4% was achieved, while acquisitions contributed 2%. Currency translation had a negative effect of 3%.

EARNINGS

Operating income (EBIT) grew by 6% to €2,563 million (2010 adjusted: €2,418 million). All business segments contributed to this substantial growth. The EBIT margin increased to excellent 15.5% (2010: 15.1%). Earnings per share¹ rose by 16% to €4.73 (2010: €4.08).

CASHFLOW

Operating cash flow was €1,689 million. Strong earnings growth was offset by increased working capital requirements due to business expansion. Cash flow before acquisitions and dividends was €931 million (2010: €1,178 million).

BALANCE SHEET

Total assets rose by 12% to €26,321 million. Due to strong earnings growth and the maturity of the MEB, total shareholder’s equity, including noncontrolling interest, increased by 20% to €10,577 million. The net debt/EBITDA ratio of 2.8 (December 31, 2010: 2.6) was within the target corridor.

FRESENIUS HIGHLIGHTS 2011