- 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
RECONCILIATION
2012 | 2011 | |||||
---|---|---|---|---|---|---|
€ in millions | EBIT | Investment gain | Other financial result | Net income | Other financial result | Net income |
Earnings (before special items) | 3,075 | 938 | 770 | |||
One-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG | -6 | -4 | ||||
Other one-time costs at Fresenius Medical Care | -86 | -17 | ||||
Non-taxable investment gain at Fresenius Medical Care | 109 | 34 | ||||
Other financial result | ||||||
One-time costs for financing commitments related to the offer to the shareholders of RHÖN-KLINIKUM AG | -35 | -25 | ||||
Mandatory Exchangeable Bonds (MEB) (mark-to-market accounting) | -105 | -85 | ||||
Contingent Value Rights (CVR) (mark-to-market accounting) | 5 | 5 | ||||
Earnings according to US-GAAP | 2,983 | 926 | 690 |
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.
STATEMENT OF INCOME (SUMMARY)
€ in millions | 2012 | 2011 | Change | Change in constant currency |
---|---|---|---|---|
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 2012: including one-time costs (€6 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as other one-time costs (€86 million) at Fresenius Medical Care. 3 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. 4 Net income attributable to shareholders of Fresenius SE & Co. KGaA | ||||
Sales1 | 19,290 | 16,361 | 18% | 13% |
Cost of goods sold | -13,002 | -10,987 | -18% | -14% |
Gross profit | 6,288 | 5,374 | 17% | 12% |
Selling, general, and administrative expenses | -3,000 | -2,544 | -18% | -13% |
Research and development expenses | -305 | -267 | -14% | -12% |
EBIT (operating result)2 | 2,983 | 2,563 | 16% | 11% |
Investment gain | 109 | 0 | ||
Net interest | -666 | -531 | -25% | -19% |
Other financial result | -35 | -100 | 65% | 65% |
Income taxes | -659 | -604 | -9% | -4% |
Noncontrolling interest in profit | -806 | -638 | -26% | -19% |
Net income (before special items)3 | 938 | 770 | 22% | 17% |
Net income4 | 926 | 690 | 34% | 28% |
Earnings per ordinary share in € (before special items)3 | 5.42 | 4.73 | 15% | 10% |
Earnings per ordinary share in €4 | 5.35 | 4.24 | 26% | 21% |
EBITDA2 | 3,759 | 3,237 | 16% | 11% |
Depreciation and amortization | 776 | 674 | 15% | 11% |
Earnings structure
Development of other major items in the statement of income