• 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.