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 %

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).
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