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Significant factors affecting operating performance

In 2011, the Fresenius Group’s positive development was again driven to a large extent by the very good operating development in all business segments. Acquisitions, mainly at Fresenius Medical Care, further strengthened organic growth.

The annual financial statements for 2011 include for the last time special effects of the mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals in 2008. The special effects were also included in the annual financial statements 2010. The adjusted earnings figures represent the Group’s business operations in the given reporting period.

As the CVR were delisted in March 2011, the effect relates solely to Q1 2011. As the MEB came to maturity on August 14, 2011, no further effect will occur after Q3 2011.