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Comparison of the actual business results with the forecasts

For 2012, we had assumed that strong demand for our products and services would continue despite ongoing cost-containment efforts in the health care sector. This proved to be the case.

The table below shows our initial guidance for 2012 as communicated in February 2012, and the guidance updates provided over the course of the year. Due to the excellent operating results, we raised both our sales and earnings outlook twice in 2012.

Group sales growth1 in constant currency of 13% is fully within the targeted range of 12% to 14% sales growth in constant currency. Net income (before special items)2 increased by 17% in constant currency and exceeds our earnings outlook of 14% to 16%, which was raised in June 2012. Fresenius Kabi, Fresenius Helios, and Fresenius Vamed also fully achieved or even exceeded their sales and earnings guidance, which was also increased over the course of the year. At the end of October 2012, Fresenius Medical Care confirmed the sales and earnings targets at the lower end of the indicated range. The company fully met its revised guidance.

The Group’s cost positions in 2012 developed as expected. Cost of sales as a percentage rate of sales remained close to the previous year’s level. Operating expenses as a percentage rate of sales improved slightly. We also increased our R & D expenses as planned. At 4%, they are fully within the targeted range of approximately 4% to 5% of our product sales.

In 2012, Fresenius invested €1,007 million in property, plant and equipment (2011: €783 million), equivalent to about 5% of Group sales. That was well in line with the budgeted level of about 5% as percentage of sales.

Our operating cash flow increased to €2,438 million (2011: €1,689 million). The cash flow margin improved to 12.6% and clearly exceeded our guidance. We had expected a cash flow rate similar to the previous year’s level of 10.3%.

ACHIEVED GROUP TARGETS 2012


Group Targets for 2012 announced in February 2012 Increased guidance announced in April 2012 Increased guidance announced in June 2012 Achieved in 2012
1 2011 sales were adjusted by -€161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America. 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA, adjusted for a non-taxable investment gain (€34 million) and other one-time costs (€17 million) at Fresenius Medical Care as well as for one-time costs (€29 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG. 2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights.
Sales (growth, in constant currency)1 10% -13% upper end of range 12% -14% 13%
Net income (growth, in constant currency)2 8% -11% 12% -15% 14% -16% 17%

Group Targets for 2012 announced in February 2012 Increased guidance announced in April 2012 Increased guidance announced in June 2012 Achieved in 2012
1 2011 sales were adjusted by -€161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America. 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA, adjusted for a non-taxable investment gain (€34 million) and other one-time costs (€17 million) at Fresenius Medical Care as well as for one-time costs (€29 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG. 2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights.
Sales (growth, in constant currency)1 10% -13% upper end of range 12% -14% 13%
Net income (growth, in constant currency)2 8% -11% 12% -15% 14% -16% 17%

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