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Asset and liability structure

The total assets of the Group rose by 17% to €30,664 million (Dec. 31, 2011: €26,321 million). In constant currency, this was an increase of 18%. 15% of the increase in total assets can be mainly attributed to the acquisitions at Fresenius Medical Care, Fresenius Kabi, and by Fresenius Helios. The expansion of the existing business accounted for 3%. Inflation had no significant impact on the assets of Fresenius in 2012.

ASSETS AND LIABILITIES – FIVE-YEAR OVERVIEW


€ in millions 2012 2011 2010 2009 2008
1 Including noncontrolling interest
Total assets 30,664 26,321 23,577 20,882 20,544
Shareholders’ equity1 12,758 10,577 8,844 7,491 6,943
as % of total assets1 42 40 38 36 34
Shareholders’ equity1/non-current assets, in % 57 55 52 48 45
Debt 11,028 9,799 8,784 8,299 8,787
as % of total assets 36 37 37 40 43
Gearing in % 80 87 91 105 121

€ in millions 2012 2011 2010 2009 2008
1 Including noncontrolling interest
Total assets 30,664 26,321 23,577 20,882 20,544
Shareholders’ equity1 12,758 10,577 8,844 7,491 6,943
as % of total assets1 42 40 38 36 34
Shareholders’ equity1/non-current assets, in % 57 55 52 48 45
Debt 11,028 9,799 8,784 8,299 8,787
as % of total assets 36 37 37 40 43
Gearing in % 80 87 91 105 121

Non-current assets increased by 18% to €22,551 million (Dec. 31, 2011: €19,170 million). The increase was mainly driven by additions to property, plant and equipment, to intangible assets, and acquisitions. The goodwill increase due to acquisitions was €2,561 million. The goodwill in the amount of €15,014 million (Dec. 31, 2011: €12,699 million) has proven sustainable.

Current assets were at €8,113 million (Dec. 31, 2011: €7,151 million). Within current assets, trade accounts receivable rose by 13% to €3,650 million (Dec. 31, 2011: €3,234 million). At 67 days, average days sales outstanding was below the previous year’s level of 72 days. Through strict accounts receivable management, we were able to improve days sales outstanding despite the continued difficult financial operating environment. Overdue receivables from Spain and Portugal were collected.

Inventories rose by 7% to €1,840 million (Dec. 31, 2011: €1,717 million). The scope of inventory in 2012 decreased to 50 days (Dec. 31, 2011: 57 days) due to our inventory management and the omission of necessary prefinancing of projects at Fresenius Vamed since these were finalized in 2012. The ratio of inventories to total assets decreased to 6.0% as of December 31, 2012 (Dec. 31, 2011: 6.5%).

Shareholders’ equity, including noncontrolling interest, rose by 21%, or €2,181 million, to €12,758 million (Dec. 31, 2011: €10,577 million). Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity by €926 million. The €1,014 million capital increase in the second quarter of 2012 also had an effect. The equity ratio, including noncontrolling interest, rose to 41.6% as of December 31, 2012 (Dec. 31, 2011: 40.2%).

The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity, including noncontrolling interest, covers 57% of non-current assets (Dec. 31, 2011: 55%). Shareholders’ equity, noncontrolling interest, and long-term liabilities cover all non-current assets and inventories.

Long-term liabilities increased by 30% to €12,310 million as of December 31, 2012 (Dec. 31, 2011: €9,439 million). Short-term liabilities decreased by 13% to €5,198 million (Dec. 31, 2011: €5,988 million). This was mainly due to Fresenius Medical Care’s refinancing measures in 2012.

The Group has no accruals that are of material significance as individual items. The largest single accrual is to cover the settlement of fraudulent conveyance claims and all other legal matters relating to the National Medical Care transaction in 1996 that resulted from the bankruptcy of W.R. Grace. The accrual amounts to US$115 million (€87 million). Please see in the Notes for further information.

Group debt rose by 13% to €11,028 million (Dec. 31, 2011: €9,799 million). In constant currency, the increase was 14%. Its relative weight in the balance sheet was 36.0% (Dec. 31, 2011: 37.2%). Approximately 54% of the Group’s debt is in U.S. dollars. Liabilities due in less than 1 year were €728 million (Dec. 31, 2011: €2,026 million), while liabilities with a remaining term of 1 to 5 years and over 5 years were €10,300 million (Dec. 31, 2011: €7,773 million).

The net debt to equity ratio including noncontrolling interest (gearing) is 79.5% (Dec. 31, 2011: 86.6%). The return on equity after taxes (equity attributable to shareholders of Fresenius SE & Co. KGaA) was 12.3% (Dec. 31, 2011: 12.9%). The return on total assets after taxes and before noncontrolling interest of 5.6% improved slightly (2011: 5.3%). The return on assets for 2012 was adjusted for a non-taxable investment gain and other one-time costs at Fresenius Medical Care related to the amendment of the agreement for Venofer and the donation to the American Society of Nephrology, as well as for one-time costs for the offer to the shareholders of RHÖN-KLINIKUM AG (2011: adjusted for the effects of the mark-to-market accounting of the MEB and CVR).

The table below provides a 5-year overview of other key assets and capital ratios.

€ in millions Dec. 31, 20121 Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 20082
1 Before special items 2 Pro-forma Fresenius Kabi USA (formerly APP Pharmaceuticals) and excluding special items
Debt/EBITDA 2.8 3.0 2.9 3.2 3.8
Net debt/EBITDA 2.6 2.8 2.6 3.0 3.6
EBITDA/interest ratio 5.8 6.1 5.4 4.5 4.0

€ in millions Dec. 31, 20121 Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 20082
1 Before special items 2 Pro-forma Fresenius Kabi USA (formerly APP Pharmaceuticals) and excluding special items
Debt/EBITDA 2.8 3.0 2.9 3.2 3.8
Net debt/EBITDA 2.6 2.8 2.6 3.0 3.6
EBITDA/interest ratio 5.8 6.1 5.4 4.5 4.0

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