Fresenius : Annual Report 2020 (IFRS) (PDF, 9.98 MB)

2020

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 311,000 employees have dedicated themselves to the service of health in over 100 countries worldwide.

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Fresenius | Annual Report 2020

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GROUP IN FIGURES
€ in millions	2020	2019 1	2018	2017	2016
Sales and earnings
Sales	36,277	35,409	33,530	33,886	29,471
EBITDA 2	7,132	7,104	6,055	6,267	5,517
EBIT 2	4,612	4,688	4,561	4,830	4,302
Net income 3	1,796	1,879	1,871	1,816	1,560
Depreciation and amortization	2,520	2,416	1,430	1,437	1,215
Earnings per share in € 3	3.22	3.37	3.37	3.28	2.85
Cash flow and balance sheet
Operating cash flow	6,549	4,263	3,742	3,937	3,585
Operating cash flow as % of sales	18.1%	12.0%	11.2%	11.6%	12.2%
Total assets	66,646	67,006	56,703	53,133	46,697
Non-current assets	50,874	51,742	41,913	40,529	34,953
Equity 4	26,023	26,580	25,008	21,720	20,849
Equity ratio 4	39%	40%	44%	41%	45%
Net debt	24,076	25,604	16,275	17,406	13,201
Net debt / EBITDA 5, 6	3.44	3.61	2.71	2.84	2.33
Investments 7	3,300	5,086	3,249	8,680	2,559
Profitability
EBIT margin 2	12.7%	13.2%	13.6%	14.3%	14.6%
Return on equity after taxes (ROE) 3	10.6%	11.2%	12.1%	13.3%	12.3%
Return on operating assets (ROOA) 5	7.3%	7.6%	9.0%	9.4%	10.0%
Return on invested capital (ROIC) 5	6.5%	6.7%	8.3%	8.0%	8.5%
Dividend per share in €	0.88 8	0.84	0.80	0.75	0.62
Employees (December 31)	311,269	294,134	276,750	273,249	232,873

• 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; 2016, 2017, 2018, 2019, 2020 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 69 to 71.

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Fresenius | Annual Report 2020

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TARGETS, RESULTS, AND OUTLOOK

Fresenius Group

Sales growth

(in constant currency)

Net income 3 growth (in constant currency)

Investments in property, plant and equipment

Liquidity and capital management

Cash flow margin

Net debt

TARGETS 2020 1

+3% to +6% -4% to +1%

6% to 7% of sales

• 1 Before special items; including expected COVID-19 effects (updated in Juy 2020; more information within table achieved Group targets on p. 63)

• 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

RESULTS 2020

5% -3%

7% of sales

Cash flow margin 12% to 14% Net debt/EBITDA Around the top-end of the self-imposed target corridor of 3.0 x to 3.5 x4	18.1%	10% to 12% Around the top-end of the self-imposed target corridor of 3.0x to3.5x4
3.44 x

OUTLOOK 2021 2

Low-to-mid single-digit percentage growth

At least broadly stable

~ 6% of sales

Fresenius | Annual Report 2020