• Economic environment
• Health care industry
• The Management Board’s assessment of the effect of general economic developments
• Significant factors affecting operating performance
• The Management Board’s assessment of the business results
• Comparison of the actual business results with the forecasts

Significant factors affecting operating performance

In 2012, the Fresenius Group’s positive development was again driven to a large extent by the very good operating development in all business segments. Acquisitions, mainly at Fresenius Medical Care and Fresenius Helios, further strengthened organic growth. Fresenius Kabi has successfully closed the acquisition of Fenwal Holdings, Inc. The company was consolidated as of December 2012.