• Sales
• Earnings structure
• Reconciliation to Group net income
• Development of other major items in the statement of income
• Value added

Reconciliation to Group net income

The table above shows the special items and the reconciliation from net income (before special items) to earnings according to U.S. GAAP.

The Group’s U.S. GAAP financial results as of December 31, 2012 include special items. Net income attributable to shareholders of Fresenius SE & Co. KGaA in 2012 was adjusted for a non-taxable investment gain and other one-time costs at Fresenius Medical Care, as well as one-time costs related to the public takeover offer (offer) to the shareholders of RHÖN-KLINIKUM AG. Net income for 2011 includes special items relating to the acquisition of APP Pharmaceuticals.

The Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) were recognized as liabilities. The repayment value of the CVR and the derivative elements of the MEB were measured at market prices. The change in value (mark-to-market accounting) resulted either in a gain or an expense until the end of maturity. As the CVR were delisted in March 2011, the effect relates solely to the first quarter of 2011. Since Adjusted EBITDA for the CVR measuring period did not exceed the threshold amount, no amounts were paid on the CVRs and the CVRs expired valueless. The MEB came to maturity on August 14, 2011, therefore no further effect occured after the third quarter of 2011. Upon maturity, the MEB was mandatorily converted into 15,722,644 ordinary shares of Fresenius Medical Care AG & Co. KGaA.