Fresenius : Annual Report 2021 (IFRS) (PDF, 12.61 MB)

Media Hub	Group in figures	Targets, results, and outlook	Fresenius strategy	Business segments	Table of contents

2021

ANNUAL REPORT

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Fresenius is a global health care Group providing products and services for dialysis, hospitals, and outpatient medical care. In addition, Fresenius focuses on hospital opera- tions. We also manage projects and provide services for hospitals and other health care facilities worldwide. More than 300,000 employees have dedicated themselves to the service of health in over 100 countries worldwide.

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Fresenius | Annual Report 2021

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GROUP IN FIGURES

€ in millions

Sales and earnings

Sales

EBITDA 2

EBIT 2

Net income 3

Depreciation and amortization 2

Earnings per share in € 3

Cash flow and balance sheet

Operating cash flow

Operating cash flow as % of sales

Total assets

Non-current assets

Equity 4

Equity ratio 4

Net debt

Net debt / EBITDA5,6

Investments 7

Profitability

EBIT margin 2

Return on equity after taxes (ROE)3

Return on operating assets (ROOA)5

Return on invested capital (ROIC)5

Dividend per share in €

Employees (December 31)

1. Including IFRS 16 effect
2. Before special items
3. Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items
4. Including noncontrolling interests
5. Before special items; 2017, 2018, 2019, 2020, 2021 pro forma acquisitions
6. At average exchange rates for both net debt and EBITDA
7. Investments in property, plant and equipment, and intangible assets, acquisitions
8. Proposal

For a detailed overview of special items please see the reconciliation tables on pages 74 to 76.

2021	2020	2019 1	2018	2017
37,520	36,277	35,409	33,530	33,886
6,854	7,132	7,104	6,055	6,267
4,252	4,612	4,688	4,561	4,830
1,867	1,796	1,879	1,871	1,816
2,602	2,520	2,416	1,430	1,437
3.35	3.22	3.37	3.37	3.28
5,078	6,549	4,263	3,742	3,937
13.5	18.1%	12.0%	11.2%	11.6%
71,962	66,646	67,006	56,703	53,133
54,501	50,874	51,742	41,913	40,529
29,288	26,023	26,580	25,008	21,720
41%	39%	40%	44%	41%
24,391	24,076	25,604	16,275	17,406
3.51	3.44	3.61	2.71	2.84
3,117	3,300	5,086	3,249	8,680
11.3%	12.7%	13.2%	13.6%	14.3%
9.8%	10.6%	11.2%	12.1%	13.3%
6.5%	7.3%	7.6%	9.0%	9.4%
5.9%	6.5%	6.7%	8.3%	8.0%
0.92 8	0.88	0.84	0.80	0.75
316,078	311,269	294,134	276,750	273,249

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TARGETS, RESULTS, AND OUTLOOK

		TARGETS 2021 1	RESULTS 2021		OUTLOOK 2022 2
Fresenius Group
Sales growth	Mid single-digit	5%		Mid single-digit
(in constant currency)	percentage growth		percentage growth
Net income 3 growth	Around the top-end of	5%		Low single-digit
(in constant currency)	low single-digit percentage growth		percentage growth
Investments in property,	~ 6%of sales	5% of sales		~ 6%of sales
plant and equipment
Liquidity and capital management
Cash flow margin	10% to12%	13.5%		10% to12%
		Around the top-end			Without further acquisitions,
		of the self-imposed target corridor	3.51 ×		we project an improvement into
Net debt / EBITDA	of 3.0 × to 3.5 × 4		the self-imposed target corridor

1. Before special items; including expected COVID-19 effects (updated in November 2021; more information within table of achieved Group targets on p. 68)
2. Before special items, including expected COVID-19 effects
3. Net income attributable to shareholders of Fresenius SE & Co. KGaA
4. At average expected exchange rates for both net debt and EBITDA; excluding further potential acquisitions; before special items

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Targets, results, and outlook

Fresenius strategy

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TARGETS, RESULTS, AND OUTLOOK

		TARGETS 2021 1	RESULTS 2021		OUTLOOK 2022 2
Business segments
Fresenius Medical Care 3
		Expecting to be at the lower end
Sales growth	of the guidance range of low-to-	2%		Low-to-midsingle-digit
(in constant currency)	mid single-digitpercentage growth		percentage growth
		Expecting to be at the lower end
		of the guidance range
Net income 4 growth	of high-teens to mid-twenties	-23%		Low-to-midsingle-digit
(in constant currency)	percentage decline		percentage growth
Fresenius Kabi
Sales growth		Low-to-midsingle-digit			4%		Low single-digit
(organic)	percentage growth		percentage growth
		Around the top end of the			Decline in high single- to
EBIT growth	low single-digit percentage	7%		low double-digit
(in constant currency)	guidance range		percentage range
Fresenius Helios
Sales growth		Mid single-digit			7%		Low-to-midsingle-digit
(organic)	percentage growth		percentage growth
EBIT growth	High single-digit	10%		Mid single-digit
(in constant currency)	percentage growth		percentage growth
Fresenius Vamed
Sales growth		Mid-to-highsingle-digit			11%		High single- to low double-digit
(organic)	percentage growth		percentage growth
							Returning to
		High double-digit	€ 101 million		absolute pre-COVID levels
EBIT	€ million amount		(2019: € 134 million)

1. Before special items, including estimated COVID-19 effects (updated in November 2021, more information within table of achieved Group targets on p. 68)
2. Before special items, including estimated COVID-19 effects
3. These targets are based on the 2021 results excluding the costs related to FME25 of € 49 million (for Net Income). They are based on the outlined assumptions, in constant
   currency­ and exclude special items. Special items include further costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not
   foreseeable­ in size or impact at the time of giving guidance.
4. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

Fresenius | Annual Report 2021

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