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Earnings structure

We achieved excellent earnings growth rates in 2012. Group net income (before special items)1 rose by 22% to €938 million (2011: €770 million). Currency translation had a positive effect, leading to growth in constant currency of 17%. Earnings per share (before special items)1 rose to €5.42 (2011: €4.73). This represents an increase of 15% at actual rates and of 10% in constant currency. The weighted average number of shares was 173 million. The lower increase in earnings per share compared to Group net income is mainly the result of the higher number of shares following the capital increase of May 2012.

Including special items, Group net income2 was €926 million (2011: €690 million) and earnings per share were €5.35 (2011: €4.24).

Inflation had no significant effect on results of operations in 2012.

Group EBITDA3 rose by 13% in constant currency and by 19% at actual rates to €3,851 million (2011: €3,237 million). Group EBIT3 increased by 14% in constant currency and by 20% at actual rates to €3,075 million (2011: €2,563 million).

The EBIT development by business segment was as follows:

  • Fresenius Medical Care increased EBIT by 22% to €1,813 million (2011: €1,491 million). Included are special collection efforts for services performed in prior years. The EBIT margin improved from 16.5% to 16.9%, primarily due to the improved operating margin in North America.
  • Fresenius Kabi increased EBIT by 16% to €934 million (2011: €803 million). Strong EBIT growth was particularly driven by excellent earnings growth in North America and the emerging markets. The EBIT margin improved to 20.6% (2011: 20.3%).
  • Fresenius Helios achieved excellent EBIT growth of 19% to €322 million (2011: €270 million). The EBIT margin was 10.1%. It was at the previous year’s level despite the consolidation of new hospitals, which lead to an initial EBIT margin dilution as expected. The progress made by our hospitals is shown in the clinic development plan. It includes all hospitals that have been part of Fresenius Helios’ hospital portfolio for less than 5 years.
  • Fresenius Vamed increased EBIT to €51 million (2011: €44 million). The EBIT margin of 6.0%, was at the previous year’s level.
1Net 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. 2Net income attributable to shareholders of Fresenius SE & Co. KGaA 32012 adjusted for one-time costs (€6 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as for other one-time costs (€86 million) at Fresenius Medical Care.
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