Comparison of the actual business results with the forecasts

As the summary below shows, Fresenius achieved or exceeded all targets for 2009 that were set when it published its annual financial statements for 2008 in February 2009. We had assumed that strong demand for our products and services would continue despite the difficult macroeconomic environment. This proved to be the case.

The achieved sales growth of 13 % in constant currency was above our forecast of more than 10 %. Growth of 14 % in adjusted net income1 at constant currency also surpassed our target of about 10 %. All sales and earnings targets for the business segments were also fully achieved or exceeded.

Achieved Group Targets 2009


  Targets for 2009
announced in
February 2009
Achieved in
2009
1 Net income attributable to Fresenius SE; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals.
Sales (growth, in constant currency) > 10 % 13 %
Net income, adjusted (growth, in constant currency) 1 ~ 10 % 14 %
Capital expenditure € 700 – 750 million € 671 million

  Targets for 2009
announced in
February 2009
Achieved in
2009
1 Net income attributable to Fresenius SE; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) relating to the acquisition of APP Pharmaceuticals.
Sales (growth, in constant currency) > 10 % 13 %
Net income, adjusted (growth, in constant currency) 1 ~ 10 % 14 %
Capital expenditure € 700 – 750 million € 671 million

Fresenius invested € 671 million in property, plant and equipment in 2009. That was below the budgeted range of € 700 to 750 million due to the cautious investment policy pursued by the business segments. We also clearly exceeded our guidance for operating cash flow with a cash flow rate of 11 %. We had forecast a cash flow rate at the 2008 level of 8.7 %.

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