3. Special items

The consolidated statements of income for the years 2008 and 2009 include special items relating to the acquisition of APP. The tables below reconcile adjusted earnings to earnings according to US GAAP.

in million € Other financial result Net income attributable to Fresenius SE
Earnings 2009, adjusted   514
Mandatory Exchangeable Bonds (mark-to-market) - 37 - 26
Contingent Value Rights (mark-to-market) 6 6
Earnings 2009 according to US GAAP   494

in million € Other financial result Net income attributable to Fresenius SE
Earnings 2009, adjusted   514
Mandatory Exchangeable Bonds (mark-to-market) - 37 - 26
Contingent Value Rights (mark-to-market) 6 6
Earnings 2009 according to US GAAP   494

in million € EBIT Other financial result Net income attributable to Fresenius SE
Earnings 2008, adjusted 1,727   450
Purchase accounting adjustments      
In-process R & D - 272   - 272
Inventory step-up - 35   - 22
Foreign exchange gain 57   41
Other financial result      
Mandatory Exchangeable Bonds (mark-to-market)   28 20
Contingent Value Rights (mark-to-market)   75 75
One-time financing expenses   - 35 - 22
Earnings 2008 according to US GAAP 1,477   270

in million € EBIT Other financial result Net income attributable to Fresenius SE
Earnings 2008, adjusted 1,727   450
Purchase accounting adjustments      
In-process R & D - 272   - 272
Inventory step-up - 35   - 22
Foreign exchange gain 57   41
Other financial result      
Mandatory Exchangeable Bonds (mark-to-market)   28 20
Contingent Value Rights (mark-to-market)   75 75
One-time financing expenses   - 35 - 22
Earnings 2008 according to US GAAP 1,477   270

Acquired in-process R & D activities were fully depreciated under US GAAP accounting principles valid at the closing date.

The inventory step-up reflects the excess of fair value over book value of acquired semi-finished and finished products. The amount was realized in line with the sale of the respective products.

For further information regarding Mandatory Exchangeable Bonds (MEB), Contingent Value Rights (CVR) and one-time financing expenses see note 10, Other financial result.

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4. Sales

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