Asset and liability structure

The total assets of the Group rose by € 338 million (2 %) to € 20,882 million (December 31, 2008: € 20,544 million). In constant currency, this was an increase of 3 %. The growth of the balance sheet was mainly due to the expansion of existing business activities. Inflation had no significant impact on the assets of Fresenius in 2009.

Non-current assets were € 15,519 million (2008: € 15,466 million). The increase was driven by additions to property, plant and equipment.

Current assets rose by 6 % to € 5,363 million (2008: € 5,078 million). Within current assets, trade accounts receivable rose by 1 % to € 2,509 million (2008: € 2,477 million); the increase was well below the growth of 15 % in sales. At 65 days, average days sales outstanding was 6 days lower than in 2008; reductions were achieved across all business segments. Inventories rose by 10 % to € 1,235 million (2008: € 1,127 million). The 48 days scope of inventory in 2009 was unchanged compared to 2008. The ratio of inventories to total assets slightly increased to 5.9 % as of December 31, 2009 (December 31, 2008: 5.5 %).

Shareholders’ equity, including noncontrolling interest, rose by 10 %, or € 709 million, to € 7,652 million (2008: € 6,943 million). Group net income (net income attributable to Fresenius SE) increased shareholders’ equity by € 494 million. The equity ratio, including noncontrolling interest, rose to 36.6 % as of December 31, 2009 (December 31, 2008: 33.8 %).

The liabilities and equity side of the balance sheet shows a solid financing structure. Shareholders’ equity of the Group, including noncontrolling interest, covers 49 % of non-current assets (2008: 45 %). Shareholders’ equity, noncontrolling interest, and long-term liabilities cover all non-current assets and inventories.

Long-term liabilities were € 9,702 million as of December 31, 2009, an increase of 3 % (December 31, 2008: € 9,432 million). Short-term liabilities declined by 15 % to € 3,528 million (2008: € 4,169 million).

The Group has no significant accruals. The largest single accrual is to cover the settlement of fraudulent conveyance claims and all other legal matters relating to the National Medical Care transaction in 1996 that resulted from the bankruptcy of W.R. Grace. The accrual amounts to US$ 115 million (€ 80 million). Please see here for details.

Assets and Liabilities – five-year overview


in million € 2009 2008 2007 2006 2005
1 Including noncontrolling interest.
Total assets 20,882 20,544 15,324 15,024 11,594
Shareholders’ equity 1 7,652 6,943 6,059 5,728 5,130
as % of total assets 1 37 34 40 38 44
Shareholders’ equity 1 / non-current assets, in % 49 45 55 52 64
Debt 8,299 8,787 5,699 5,872 3,502
as % of total assets 40 43 37 39 30
Gearing in % 103 121 88 98 63

in million € 2009 2008 2007 2006 2005
1 Including noncontrolling interest.
Total assets 20,882 20,544 15,324 15,024 11,594
Shareholders’ equity 1 7,652 6,943 6,059 5,728 5,130
as % of total assets 1 37 34 40 38 44
Shareholders’ equity 1 / non-current assets, in % 49 45 55 52 64
Debt 8,299 8,787 5,699 5,872 3,502
as % of total assets 40 43 37 39 30
Gearing in % 103 121 88 98 63

Group debt was € 8,299 million (2008: € 8,787 million). Its relative weight in the balance sheet declined to 39.7 % (2008: 42.8 %). Approximately 57 % of the Group’s debt is in US dollars. Liabilities due in less than one year were € 550 million (2008: € 1,262 million), while liabilities with a remaining tenor of one to five years and over five years were € 7,749 million (2008: € 7,525 million).

The net debt to equity ratio including noncontrolling interest (gearing) has improved and is 103.0 % (2008: 121.2 %). The return on equity after taxes (equity attributable to shareholders of Fresenius SE) rose to 12.0 % (2008: 10.5 %). The return on total assets after taxes and before noncontrolling interest increased to 4.8 % in 2009 (2008: 4.0 %); figures for 2009 adjusted for the effects of the mark-to-market accounting of the MEB and the CVR; figures for 2008 pro forma APP Pharmaceuticals and before special items relating to the acquisition.

The table below shows other key assets and capital ratios:

in million € Dec 31, 2009 Dec 31, 2008
1 2008: Pro forma APP Pharmaceuticals and before special items related to the acquisition.
Debt / EBITDA 1 3.2 3.8
Net debt / EBITDA 1 3.0 3.6
EBITDA / interest ratio 1 4.5 4.0

in million € Dec 31, 2009 Dec 31, 2008
1 2008: Pro forma APP Pharmaceuticals and before special items related to the acquisition.
Debt / EBITDA 1 3.2 3.8
Net debt / EBITDA 1 3.0 3.6
EBITDA / interest ratio 1 4.5 4.0

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