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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

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

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