Annual Report 2012 Fresenius Group according to U.S. GAAP (PDF, 3.63 MB)

231 Pages·2012·3.63 MB·English

T ABLE OF CONTENTS
2 To our shareholders 103 Overall assessment of the 122 Consolidated financial statements
6 1 00 years of Fresenius business situation 123 Consolidated statement of income
8 S ummary of the fiscal year 103 Opportunities and risk report 123 Consolidated statement of
10 Fresenius share 103 Opportunities management comprehensive income
15 C orporate governance declaration 103 Risk management 124 Consolidated statement of
and report 104 Risk areas financial position
36 Business segments 111 Assessment of overall risk 125 Consolidated statement of cash flows
36 Fresenius Medical Care 111 Corporate rating 126 Consolidated statement of
40 Fresenius Kabi 111 S ubsequent events changes in equity
44 Fresenius Helios 111 Outlook 128 Consolidated segment reporting
48 Fresenius Vamed 112 General and mid-term 130 Notes
outlook (see detailed register on page 130)
113 Future markets 131 General notes
113 Economic outlook 149 Notes on the consolidated
ANNUAL REPORT 2012 52 Management report 114 Health care sector and statement of income
(see detailed register on page 52) markets 154 Notes on the consolidated
53 O perations and business 118 Group sales and earnings statement of financial position
environment 118 Sales and earnings by 181 Other notes
53 G roup structure and business business segment 205 Notes in accordance with the
57 C orporate performance 119 Financing German Commercial Code
criteria, goals, and strategy 119 Investments (HGB)
59 O verall business development 120 Procurement
67 Results of operations, financial 120 Research and development
position, assets and liabilities 121 Corporate structure and
67 Results of operations organization 207 Auditor’s report
12 72 Financial position 121 Planned changes in
0
2 77 Assets and liabilities human resources and
rt 79 N on-financial performance indicators the social area
o
p and other success factors 121 Dividend 208 Report of the Supervisory Board
e
R 79 Employees
ual 83 Research and development 214 Boards
n
n 88 Procurement 214 Supervisory Board
A
· 9926 R Qeusapliotyn smibainliatyg,e emnevinrtonmental 216 FMraenseangieums eSnEt &B Coaor. dK G aA
A
a management, sustainability Fresenius Management SE
G
K 101 S ales, marketing, 218 Supervisory Board
Co. and logistics Fresenius Management SE
&
E
S 219 Glossary
s
u
ni 222 Index
e
s
e
r
F
T ABLE OF CONTENTS
2 To our shareholders 103 Overall assessment of the 122 Consolidated financial statements
6 1 00 years of Fresenius business situation 123 Consolidated statement of income
8 S ummary of the fiscal year 103 Opportunities and risk report 123 Consolidated statement of
10 Fresenius share 103 Opportunities management comprehensive income
15 C orporate governance declaration 103 Risk management 124 Consolidated statement of
and report 104 Risk areas financial position
36 Business segments 111 Assessment of overall risk 125 Consolidated statement of cash flows
36 Fresenius Medical Care 111 Corporate rating 126 Consolidated statement of
40 Fresenius Kabi 111 S ubsequent events changes in equity
44 Fresenius Helios 111 Outlook 128 Consolidated segment reporting
48 Fresenius Vamed 112 General and mid-term 130 Notes
outlook (see detailed register on page 130)
113 Future markets 131 General notes
113 Economic outlook 149 Notes on the consolidated
ANNUAL REPORT 2012 52 Management report 114 Health care sector and statement of income
(see detailed register on page 52) markets 154 Notes on the consolidated
53 O perations and business 118 Group sales and earnings statement of financial position
environment 118 Sales and earnings by 181 Other notes
53 G roup structure and business business segment 205 Notes in accordance with the
57 C orporate performance 119 Financing German Commercial Code
criteria, goals, and strategy 119 Investments (HGB)
59 O verall business development 120 Procurement
67 Results of operations, financial 120 Research and development
position, assets and liabilities 121 Corporate structure and
67 Results of operations organization 207 Auditor’s report
12 72 Financial position 121 Planned changes in
0
2 77 Assets and liabilities human resources and
rt 79 N on-financial performance indicators the social area
o
p and other success factors 121 Dividend 208 Report of the Supervisory Board
e
R 79 Employees
ual 83 Research and development 214 Boards
n
n 88 Procurement 214 Supervisory Board
A
· 9926 R Qeusapliotyn smibainliatyg,e emnevinrtonmental 216 FMraenseangieums eSnEt &B Coaor. dK G aA
A
a management, sustainability Fresenius Management SE
G
K 101 S ales, marketing, 218 Supervisory Board
Co. and logistics Fresenius Management SE
&
E
S 219 Glossary
s
u
ni 222 Index
e
s
e
r
F
F INANCIAL CALENDAR
Report on 1st quarter 2013
Conference call, Live webcast April 30, 2013
Annual General Meeting, Frankfurt am Main, Germany May 17, 2013
FRESENIUS MEDICAL CARE FRESENIUS KABI Payment of dividend 1 May 20, 2013
Report on 1st half 2013
Conference call, Live webcast July 30, 2013
DIALySIS PRODUCTS, INFUSION THERAPy, IV DRUGS, Report on 1st – 3rd quarters 2013
DIALySIS CARE CLINICAL NUTRITION, Conference call, Live webcast November 5, 2013
MEDICAL DEVICES /
1 Subject to prior approval by the Annual General Meeting
TRANSFUSION TECHNOLOGy
FRESENIUS GROUP IN FIGURES (U.S. GAAP)
2012 2011 2012 2011
€ in millions 2012 2011 2010 2009 2008 US$ in millions US$ in millions Change € in millions € in millions Change
Sales and Earnings Sales 13,800 12,571 1 10% 4,539 3,964 15%
Sales 19,290 16,361 1 15,972 14,164 12,336 EBIT 2,329 2 2,075 12% 934 803 16% F RESENIUS SHARE / ADR
EBITDA 3,851 2 3,237 3,057 2,616 2,260 3 Net income 3 1,118 2 1,071 4% 444 354 25%
EBIT 3,075 2 2,563 2,418 2,054 1,727 3 Operating cash flow 2,039 1,446 41% 596 462 29%
Net income (before special items) 4 938 770 660 514 450 Capital expenditure / Ordinary share ADR
Depreciation and amortization 776 674 639 562 783 acquisitions 2,561 2,614 - 2% 1,153 188 --
Securities identification no. 578 560 CUSIP 35804M105
Earnings per share in € (before special items) 4 5.42 4.73 4.08 3.18 2.85 R & D expenses 112 111 1% 194 162 20%
Ticker symbol FRE Ticker symbol FSNUy
Cash flow and Balance sheet Employees (December 31) 90,866 83,476 9% 30,214 24,106 25%
ISIN DE0005785604 ISIN US35804M1053
Operating cash flow 2,438 1,689 1,911 1,553 1,074
Bloomberg symbol FRE GR Structure Sponsored Level 1 ADR
Operating cash flow in % of sales 12.6% 10.3% 12.0% 11.0% 8.7%
Reuters symbol FREG.de Ratio 8 ADR = 1 Share
Total assets 30,664 26,321 23,577 20,882 20,544
Main trading location Frankfurt / Xetra Trading location OTC-market
Non-current assets 22,551 19,170 17,142 15,519 15,466
FRESENIUS HELIOS FRESENIUS VAMED
Equity 5 12,758 10,577 8,844 7,491 6,943
Net debt 10,143 9,164 8,015 7,879 8,417
Net debt / EBITDA 2.6 6 2.8 2.6 3.0 3.6 7
HOSPITAL OPERATION ENGINEERING AND SERVICES
Equity ratio 5 42% 40% 38% 36% 34% Corporate Headquarters Postal address Contact for shareholders Contact for journalists
FOR HOSPITALS AND
Investments 8 4,179 2,395 1,402 931 4,617 Else-Kröner-Straße 1 Fresenius SE & Co. KGaA Investor Relations Corporate Communications
Profitability OTHER HEALTH CARE FACILITIES ments BGaedrm Haonmyburg v. d. H. 6G1e3rm46a nByad Homburg v. d. H. TTeelleefpahxo: n e: ++++ 4499 6611 7722 66 0088--2264 3878 TTeelleepfahxo: n e: ++++ 4499 6611 7722 66 0088--2232 0924
ERBetIuTr mn aorng einquity after taxes (ROE) 4 1152.9.3%% 2 1152..97%% 1135..31%% 1142..51%% 1140..05%% 37 € in mill2i0o1n2s € in mil2li0o1n1s Change € in mill2i0o1n2s € in mil2li0o1n1s Change ss seg e-mail: [email protected] e-mail: [email protected]
Return on operating assets (ROOA) 11.0% 2 10.9% 11.6% 10.5% 9.8% 7 Sales 3,200 2,665 20% 846 737 15% sine
Return on invested capital (ROIC) 9.0% 2 8.8% 8.9% 8.2% 7.3% 7 EBIT 322 270 19% 51 44 16% bu
DEmivpidloeynede pse (rD sehcaerme biner € 31) 1691,.31204 9 149,03.9551 137,05.8562 1300,5.7105 1220,2.7107 NOpete rinatcionmg ec a3sh flow 224030 216943 - 2185%% 3355 - 3843 1423%% s of the CCohmairmmearnci aolf Rtheeg iSsutepre: rBviasdo rHyo Bmobaurdrg: Dv.r .d G. Her.d; HKRriBc k11852
e
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. Capital expenditure / ur General Partner: Fresenius Management SE
2 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) acquisitions 759 202 -- 55 10 -- fig Registered Office and Commercial Register: Bad Homburg v. d. H.; HRB 11673
at Fresenius Medical Care. Order intake n / a n / a 657 604 9% ey Management Board: Dr. Ulf M. Schneider (President and CEO), Dr. Francesco De Meo, Dr. Jürgen Götz, Mats Henriksson, Rice Powell, Stephan Sturm, Dr. Ernst Wastler
3 2008 adjusted for special items relating to the acquisition of Fresenius Kabi USA (formerly APP Pharmaceuticals) K Chairman of the Supervisory Board: Dr. Gerd Krick
4 Net income attributable to shareholders of Fresenius SE & Co. KGaA, 2012 adjusted for a non-taxable investment gain (€ 34 million) and other one-time costs Employees (December 31) 42,881 37,198 15% 4,432 3,724 19%
(€ 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. < The German version of this Annual Report is legally binding.
2009 – 2011 adjusted for the effects of mark-to-market accounting of the MEB and the CVR.
2008 adjusted for special items relating to the acquisition of Fresenius Kabi USA (formerly APP Pharmaceuticals) The Annual Report, the financial statements of Fresenius SE & Co. KGaA, and the consolidated statements in accordance with IFRS accounting principles
5 Including noncontrolling interest are available on our website and may be obtained upon request at Investor Relations.
1 2011 sales were adjusted by - US$ 224 million according to a U.S. GAAP accounting change
6 Before special items
7 Pro-forma Fresenius Kabi USA (formerly APP Pharmaceuticals) and excluding special items 2 Before special items you will find further information and current news about our company on our website at: http: // www.fresenius.com.
3 Net income attributable to the parent company of the respective business segment
8 Investments in property, plant and equipment, and intangible assets, acquisitions
9 P roposal Forward-looking statements:
This Annual Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us
you will find a 10-year overview on our website: www.fresenius.com under “Investor Relations.” at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the risk report and the SEC filings of
Fresenius Medical Care AG & Co. KGaA – the actual results could differ materially from the results currently expected.
Design concept / Realization: Hilger & Boie Design, Wiesbaden
Print: Ziegler GmbH & Co. KG, Neckarbischofsheim, Germany
F INANCIAL CALENDAR
Report on 1st quarter 2013
Conference call, Live webcast April 30, 2013
Annual General Meeting, Frankfurt am Main, Germany May 17, 2013
FRESENIUS MEDICAL CARE FRESENIUS KABI Payment of dividend 1 May 20, 2013
Report on 1st half 2013
Conference call, Live webcast July 30, 2013
DIALySIS PRODUCTS, INFUSION THERAPy, IV DRUGS, Report on 1st – 3rd quarters 2013
DIALySIS CARE CLINICAL NUTRITION, Conference call, Live webcast November 5, 2013
MEDICAL DEVICES /
1 Subject to prior approval by the Annual General Meeting
TRANSFUSION TECHNOLOGy
FRESENIUS GROUP IN FIGURES (U.S. GAAP)
2012 2011 2012 2011
€ in millions 2012 2011 2010 2009 2008 US$ in millions US$ in millions Change € in millions € in millions Change
Sales and Earnings Sales 13,800 12,571 1 10% 4,539 3,964 15%
Sales 19,290 16,361 1 15,972 14,164 12,336 EBIT 2,329 2 2,075 12% 934 803 16% F RESENIUS SHARE / ADR
EBITDA 3,851 2 3,237 3,057 2,616 2,260 3 Net income 3 1,118 2 1,071 4% 444 354 25%
EBIT 3,075 2 2,563 2,418 2,054 1,727 3 Operating cash flow 2,039 1,446 41% 596 462 29%
Net income (before special items) 4 938 770 660 514 450 Capital expenditure / Ordinary share ADR
Depreciation and amortization 776 674 639 562 783 acquisitions 2,561 2,614 - 2% 1,153 188 --
Securities identification no. 578 560 CUSIP 35804M105
Earnings per share in € (before special items) 4 5.42 4.73 4.08 3.18 2.85 R & D expenses 112 111 1% 194 162 20%
Ticker symbol FRE Ticker symbol FSNUy
Cash flow and Balance sheet Employees (December 31) 90,866 83,476 9% 30,214 24,106 25%
ISIN DE0005785604 ISIN US35804M1053
Operating cash flow 2,438 1,689 1,911 1,553 1,074
Bloomberg symbol FRE GR Structure Sponsored Level 1 ADR
Operating cash flow in % of sales 12.6% 10.3% 12.0% 11.0% 8.7%
Reuters symbol FREG.de Ratio 8 ADR = 1 Share
Total assets 30,664 26,321 23,577 20,882 20,544
Main trading location Frankfurt / Xetra Trading location OTC-market
Non-current assets 22,551 19,170 17,142 15,519 15,466
FRESENIUS HELIOS FRESENIUS VAMED
Equity 5 12,758 10,577 8,844 7,491 6,943
Net debt 10,143 9,164 8,015 7,879 8,417
Net debt / EBITDA 2.6 6 2.8 2.6 3.0 3.6 7
HOSPITAL OPERATION ENGINEERING AND SERVICES
Equity ratio 5 42% 40% 38% 36% 34% Corporate Headquarters Postal address Contact for shareholders Contact for journalists
FOR HOSPITALS AND
Investments 8 4,179 2,395 1,402 931 4,617 Else-Kröner-Straße 1 Fresenius SE & Co. KGaA Investor Relations Corporate Communications
Profitability OTHER HEALTH CARE FACILITIES ments BGaedrm Haonmyburg v. d. H. 6G1e3rm46a nByad Homburg v. d. H. TTeelleefpahxo: n e: ++++ 4499 6611 7722 66 0088--2264 3878 TTeelleepfahxo: n e: ++++ 4499 6611 7722 66 0088--2232 0924
ERBetIuTr mn aorng einquity after taxes (ROE) 4 1152.9.3%% 2 1152..97%% 1135..31%% 1142..51%% 1140..05%% 37 € in mill2i0o1n2s € in mil2li0o1n1s Change € in mill2i0o1n2s € in mil2li0o1n1s Change ss seg e-mail: [email protected] e-mail: [email protected]
Return on operating assets (ROOA) 11.0% 2 10.9% 11.6% 10.5% 9.8% 7 Sales 3,200 2,665 20% 846 737 15% sine
Return on invested capital (ROIC) 9.0% 2 8.8% 8.9% 8.2% 7.3% 7 EBIT 322 270 19% 51 44 16% bu
DEmivpidloeynede pse (rD sehcaerme biner € 31) 1691,.31204 9 149,03.9515 137,05.8562 1300,5.7105 1220,2.7107 NOpete rinatcionmg ec a3sh flow 224030 216943 - 2185%% 3355 - 3843 1423%% s of the CCohmairmmearnci aolf Rtheeg iSsutepre: rBviasdo rHyo Bmobaurdrg: Dv.r .d G. Her.d; HKRriBc k11852
e
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. Capital expenditure / ur General Partner: Fresenius Management SE
2 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) acquisitions 759 202 -- 55 10 -- fig Registered Office and Commercial Register: Bad Homburg v. d. H.; HRB 11673
at Fresenius Medical Care. Order intake n / a n / a 657 604 9% ey Management Board: Dr. Ulf M. Schneider (President and CEO), Dr. Francesco De Meo, Dr. Jürgen Götz, Mats Henriksson, Rice Powell, Stephan Sturm, Dr. Ernst Wastler
3 2008 adjusted for special items relating to the acquisition of Fresenius Kabi USA (formerly APP Pharmaceuticals) K Chairman of the Supervisory Board: Dr. Gerd Krick
4 Net income attributable to shareholders of Fresenius SE & Co. KGaA, 2012 adjusted for a non-taxable investment gain (€ 34 million) and other one-time costs Employees (December 31) 42,881 37,198 15% 4,432 3,724 19%
(€ 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. < The German version of this Annual Report is legally binding.
2009 – 2011 adjusted for the effects of mark-to-market accounting of the MEB and the CVR.
2008 adjusted for special items relating to the acquisition of Fresenius Kabi USA (formerly APP Pharmaceuticals) The Annual Report, the financial statements of Fresenius SE & Co. KGaA, and the consolidated statements in accordance with IFRS accounting principles
5 Including noncontrolling interest are available on our website and may be obtained upon request at Investor Relations.
1 2011 sales were adjusted by - US$ 224 million according to a U.S. GAAP accounting change
6 Before special items
7 Pro-forma Fresenius Kabi USA (formerly APP Pharmaceuticals) and excluding special items 2 Before special items you will find further information and current news about our company on our website at: http: // www.fresenius.com.
3 Net income attributable to the parent company of the respective business segment
8 Investments in property, plant and equipment, and intangible assets, acquisitions
9 P roposal Forward-looking statements:
This Annual Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us
you will find a 10-year overview on our website: www.fresenius.com under “Investor Relations.” at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the risk report and the SEC filings of
Fresenius Medical Care AG & Co. KGaA – the actual results could differ materially from the results currently expected.
Design concept / Realization: Hilger & Boie Design, Wiesbaden
Print: Ziegler GmbH & Co. KG, Neckarbischofsheim, Germany
Fresenius is a health care group providing products and services for dialysis, hospitals,
and the medical care of patients at home. In addition, Fresenius focuses on hospital
operation, as well as on engineering and services for hospitals and other health care
facilities. Approximately 170,000 employees have dedicated themselves to the service
of health in about 100 countries worldwide.
2 To Our Shareholders
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To Our Shareholders:
2012 marked our 100th anniversary. As a leading global health care group we are dedicated to
the advancement of medicine and human health – values we have upheld ever since our founding
as a small pharmacy lab in 1912.
Our corporate culture has been vital to this success. Fresenius strives to seize the opportunities
created by constant change. We make bold decisions that move the company forward while
staying true to our values and principles. We are committed to innovation, entrepreneurship, and
decentralized management structures. We have successfully expanded our business worldwide
by maintaining a global view and remaining responsive to the demands of our local markets.
We also stand for continuity, demonstrated in long-term value creation, solid financial manage-
ment, compliance with all applicable laws and regulations, adherence to the highest ethical
standards, and stable management. To sum it up, this culture has made us a reliable partner for
the health care industry around the globe.
The Group’s dynamic growth of recent years proves the value of these principles: In the last
decade alone, Fresenius has nearly tripled sales and increased net income more than eight-fold.
Today, each of our four business segments is among the leaders in its respective markets.
To Our Shareholders 3
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Our history of growth continued in 2012, with sales and earnings setting new records. Group
sales rose by 13 percent in constant currency to € 19.3 billion. Net income before special items
reached € 938 million, an increase of 17 percent in constant currency. We also achieved a record
EBIT margin of 15.9 percent.
All business segments grew at double-digit rates in both sales and EBIT, posting significant
organic sales growth and taking advantage of opportunities created by market consolidation.
With the acquisition of Fenwal Holdings, Fresenius Kabi now enjoys a leading position world-
wide in transfusion technology. The acquisition of the Damp Group significantly strengthened
Fresenius Helios’ hospital network in Northern Germany.
Our goal of combining RHÖN-KLINIKUM AG with Fresenius Helios unfortunately did not mate-
rialize. Pooling these two companies’ strengths would have enabled us to develop new, forward-
looking approaches to health care in Germany. Following our unsuccessful takeover bid, we
evaluated alternative transaction structures to achieve our initial goals with a manageable level of
risk. None proved viable. In the interest of clarity for all parties, and in keeping with our tradition
of sound and disciplined acquisition decisions, we have not submitted a second takeover offer
to RHÖN-KLINIKUM AG shareholders.
At the end of 2012, we announced the decision to discontinue our Fresenius Biotech business
with its two antibodies ATG-Fresenius S and Removab. We are currently exploring a sale of
Fresenius Biotech while simultaneously assessing the equally viable option of retaining the
immunosuppressive drug ATG-Fresenius S within the Group. This product has been well estab-
lished in the hospital market for decades and is consistently profitable. Fresenius will divest
the Removab business, resulting in a positive effect on Group earnings starting this year. Going
forward, we will focus on our four established business segments, which offer significant growth
opportunities.
4 To Our Shareholders
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Looking back on 2012, I would like to express my sincere appreciation and gratitude to our
employees for their dedication and outstanding work. Thanks to their extraordinary efforts and
commitment, Fresenius had another year of great progress and achievement.
With a century’s worth of experience and knowledge, Fresenius is well positioned to meet
the challenges of the future and to capitalize on the growth prospects created by increasing
demand for high-quality health care around the world. We foresee a number of significant
opportunities:
▶ We expect further dynamic growth in emerging markets. With the number of dialysis patients
in these countries growing at double-digit rates, Fresenius Medical Care will continue to
expand its dialysis product and service business. Emerging markets will also offer above-
average growth for Fresenius Kabi. Developing health care systems in these countries drive
increasing demand for nutrition and infusion products.
▶ T he rising trend towards generic drugs worldwide will benefit Fresenius. Generics are
indispensable to affordable and high-quality health care since they are significantly cheaper
than branded drugs.
▶ Hospital privatizations continue to represent a growth opportunity for Fresenius, allowing
us to strengthen our leading position in the German hospital market.
▶ We meet increasing global demand for high-performance health care facilities with project
design and process solutions that raise medical standards and improve efficiency.
For all our growth opportunities, we must strive to keep our products and services affordable.
With aging populations in many countries, the affordability of health care poses an increas-
ing challenge. To meet this objective, we will continue to reduce costs, optimize processes,
and harness economies of scale.
4 To Our Shareholders To Our Shareholders 5 6 100 Years of Fresenius
To O ders 1 00 YEARS OF FRESENIUS
ur S ehol
hare Shar
hold Our
ers To
Looking back on 2012, I would like to express my sincere appreciation and gratitude to our Looking ahead, we have set ambitious financial goals for 2013. On a constant currency basis,
employees for their dedication and outstanding work. Thanks to their extraordinary efforts and Group sales are expected to grow by 7 to 10 percent, and net income before special items by
commitment, Fresenius had another year of great progress and achievement. 7 to 12 percent. We will integrate our recent acquisitions swiftly and thoroughly into the Group,
continue to generate high organic growth, and strive for operational excellence.
With a century’s worth of experience and knowledge, Fresenius is well positioned to meet
the challenges of the future and to capitalize on the growth prospects created by increasing Helping seriously ill people and promoting medical progress is at the heart of everything we
demand for high-quality health care around the world. We foresee a number of significant do. We will continue to pursue this goal in the future. Our values, experience, and knowledge
opportunities: have served our company well for the past 100 years. Fresenius is entering its second century
with confidence and commitment.
▶ We expect further dynamic growth in emerging markets. With the number of dialysis patients
in these countries growing at double-digit rates, Fresenius Medical Care will continue to
expand its dialysis product and service business. Emerging markets will also offer above- We remain grateful for your continued trust and support.
average growth for Fresenius Kabi. Developing health care systems in these countries drive
increasing demand for nutrition and infusion products.
▶ T he rising trend towards generic drugs worldwide will benefit Fresenius. Generics are
indispensable to affordable and high-quality health care since they are significantly cheaper
than branded drugs. Dr. Ulf M. Schneider 100 years ago, Dr. Eduard Fresenius set the cor­
▶ H ospital privatizations continue to represent a growth opportunity for Fresenius, allowing Chairman of the Management Board
us to strengthen our leading position in the German hospital market. nerstone of our business. In the laboratory of his
▶ We meet increasing global demand for high-performance health care facilities with project
Frankfurt pharmacy he started a small pharma­
design and process solutions that raise medical standards and improve efficiency.
ceutical company that became the global health
For all our growth opportunities, we must strive to keep our products and services affordable.
With aging populations in many countries, the affordability of health care poses an increas-
care group Fresenius. Entrepreneuri al thinking
ing challenge. To meet this objective, we will continue to reduce costs, optimize processes,
and harness economies of scale. combined with the courage to seize opportunities
and make pioneering strategic decisions – this
has always been the success formula for our
dynamic growth.
4 To Our Shareholders To Our Shareholders 5 6 100 Years of Fresenius
To O ders 1 00 YEARS OF FRESENIUS
ur S ehol
hare Shar
hold Our
ers To
Looking back on 2012, I would like to express my sincere appreciation and gratitude to our Looking ahead, we have set ambitious financial goals for 2013. On a constant currency basis,
employees for their dedication and outstanding work. Thanks to their extraordinary efforts and Group sales are expected to grow by 7 to 10 percent, and net income before special items by
commitment, Fresenius had another year of great progress and achievement. 7 to 12 percent. We will integrate our recent acquisitions swiftly and thoroughly into the Group,
continue to generate high organic growth, and strive for operational excellence.
With a century’s worth of experience and knowledge, Fresenius is well positioned to meet
the challenges of the future and to capitalize on the growth prospects created by increasing Helping seriously ill people and promoting medical progress is at the heart of everything we
demand for high-quality health care around the world. We foresee a number of significant do. We will continue to pursue this goal in the future. Our values, experience, and knowledge
opportunities: have served our company well for the past 100 years. Fresenius is entering its second century
with confidence and commitment.
▶ We expect further dynamic growth in emerging markets. With the number of dialysis patients
in these countries growing at double-digit rates, Fresenius Medical Care will continue to
expand its dialysis product and service business. Emerging markets will also offer above- We remain grateful for your continued trust and support.
average growth for Fresenius Kabi. Developing health care systems in these countries drive
increasing demand for nutrition and infusion products.
▶ T he rising trend towards generic drugs worldwide will benefit Fresenius. Generics are
indispensable to affordable and high-quality health care since they are significantly cheaper
than branded drugs. Dr. Ulf M. Schneider 100 years ago, Dr. Eduard Fresenius set the cor­
▶ H ospital privatizations continue to represent a growth opportunity for Fresenius, allowing Chairman of the Management Board
us to strengthen our leading position in the German hospital market. nerstone of our business. In the laboratory of his
▶ We meet increasing global demand for high-performance health care facilities with project
Frankfurt pharmacy he started a small pharma­
design and process solutions that raise medical standards and improve efficiency.
ceutical company that became the global health
For all our growth opportunities, we must strive to keep our products and services affordable.
With aging populations in many countries, the affordability of health care poses an increas-
care group Fresenius. Entrepreneuri al thinking
ing challenge. To meet this objective, we will continue to reduce costs, optimize processes,
and harness economies of scale. combined with the courage to seize opportunities
and make pioneering strategic decisions – this
has always been the success formula for our
dynamic growth.