- Sales
- Earnings structure
- Reconciliation to Group net income
- Development of other major items in the statement of income
- Value added
Development of other major items in the statement of income
Group gross profit rose to €6,288 million, exceeding the previous year’s gross profit of €5,374 million by 17% (12% in constant currency). Gross margin was 32.6% (2011: 32.8%). The cost of sales rose by 18% to €13,002 million (2011: €10,987 million). Cost of sales as a percentage of Group sales remained nearly unchanged at 67.4% in 2012 compared to 67.2% in 2011. Selling, general, and administrative expenses consisted primarily of personnel costs, marketing and distribution costs, and depreciation and amortization. These expenses rose by 18% to €3,000 million (2011: €2,544 million). Their ratio as a percentage of Group sales increased to 15.6% (2011: 15.5%). Depreciation and amortization was €776 million (2011: €674 million). The ratio as a percentage of sales was 4.0% (2011: 4.1%). Personnel costs increased to €6,732 million (2011: €5,555 million). The personnel cost ratio amounted to 34.9% (2011: 34.0%).
The chart below shows the earnings structure in 2012.
Group net interest was -€666 million (2011: -€531 million). Lower average interest rates were offset by higher incremental debt due to acquisition financing and currency translation effects.
The other financial result of -€35 million comprises the one-time costs for the offer to the shareholders of RHÖNKLINIKUM AG, primarily related to financing commitments.
The Group tax rate (before special items) decreased to 29.1% (2011: 30.7%).
Noncontrolling interest rose to €806 million from €638 million in 2011. Of this, 93% was attributable to the noncontrolling interest in Fresenius Medical Care.
The table below shows the profit margin development.
in % | 2012 | 20112 | 2010 | 2009 | 20083 |
---|---|---|---|---|---|
1 2012 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. 2009 – 2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights. 2 2011 sales were adjusted by -€161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America. 3 2008 adjusted for special items relating to the acquisition of Fresenius Kabi USA (formerly APP Pharmaceuticals) 4 2012 adjusted for a non-taxable investment gain (€109 million) and other one-time costs (€86 million) at Fresenius Medical Care as well as for one-time costs (€41 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. | |||||
EBITDA margin | 20.01 | 19.8 | 19.1 | 18.5 | 17.9 |
EBIT margin | 15.91 | 15.7 | 15.1 | 14.5 | 14.0 |
Return on sales (before taxes and noncontrolling interest) | 12.54 | 12.41 | 11.61 | 10.41 | 10.5 |
Reconciliation to Group net income
Value added