Group sales and earnings

With its international production and sales platform and its market-oriented products and services, the Fresenius Group is excellently positioned for continued growth in the coming years. Specific opportunities for profitable growth are indicated by the developments described in the section “Health Care Sector and Markets”. In 2010, we therefore expect to increase Group sales by 7 to 9 % in constant currency.

While our traditional markets in Europe and North America are growing at average low to mid single-digit rates, we see stronger growth potential in the Asia-Pacific region and in Latin America. Here the demand for our life-saving and life-sustaining products continues to be high as access to medical care is still limited. This will also be reflected in sales.

We expect to increase Group net income once again in 2010. We aim to achieve this through the growth in sales discussed and by ongoing measures to optimize costs. Despite a market environment which continues to be marked by cost containment and price pressure, we expect to increase net income 1 by 8 to 10 % in constant currency.

Group Financial Targets


  Targets 2010 Fiscal year 2009
1 Net income attributable to Fresenius SE; adjusted for 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.
Sales, growth (in constant currency) 7 − 9 % € 14,164 million
Net income, growth1 (in constant currency) 8 – 10 % € 514 million
Capital expenditure ~ 5 % of sales € 671 million
Dividend Earnings-driven
dividend policy
Proposal:
+ 7 % per
ordinary and
preference share

  Targets 2010 Fiscal year 2009
1 Net income attributable to Fresenius SE; adjusted for 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.
Sales, growth (in constant currency) 7 − 9 % € 14,164 million
Net income, growth1 (in constant currency) 8 – 10 % € 514 million
Capital expenditure ~ 5 % of sales € 671 million
Dividend Earnings-driven
dividend policy
Proposal:
+ 7 % per
ordinary and
preference share

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