Significant factors affecting operating performance

In 2009, the Fresenius Group’s positive development was again driven to a large extent by the very good operating development in all business segments.

The Group’s annual financial statements were also affected by a number of acquisitions, partly from 2008. This was mainly due to the full-year consolidation of APP Pharmaceuticals in the US as well as Fresenius Kabi Oncology (formerly Dabur Pharma). Both companies were consolidated for the first time as of September 1, 2008. In addition, Fresenius Medical Care acquired a number of dialysis clinics and Fresenius Helios acquired five hospitals.

The annual financial statements for 2009 include the 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. The annual financial statements for 2008 in addition include further special items resulting from the acquisition of APP Pharmaceuticals. These mainly relate to the amortization of acquired in-process R & D activities, which resulted in a noncash charge of € 272 million. The adjusted earnings figures for 2008 and 2009 represent the Group’s business operations in the given reporting period.

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