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Asset and liability structure

The total assets of the Group rose by 7% to €32,758 million (Dec. 31, 2012: €30,664 million). In constant currency, this was an increase of 11%. The increase in total assets can be mainly attributed to advances made in the amount of €2.18 billion under a fiduciary arrangement for the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG. The expansion of the existing business accounted for 3%. Inflation had no significant impact on the assets of Fresenius in 2013.

Non-current assets increased by 10% to €24,786 million (Dec. 31, 2012: €22,551 million). The increase was due mainly to advances made mentioned above. The goodwill in the amount of €14,826 million (Dec. 31, 2012: €15,014 million) has proven sustainable. The change compared to the previous year is mainly due to currency effects.

Current assets were €7,972 million (Dec. 31, 2012: €8,113 million). Within current assets, trade accounts receivable decreased by 5% to €3,474 million (Dec. 31, 2012: €3,650 million). At 63 days, average days sales outstanding was below the previous year’s level of 67 days. Through strict accounts receivable management, we were able to improve days sales outstanding.

Inventories rose by 9% to €2,014 million (Dec. 31, 2012: €1,840 million). The scope of inventory in 2013 increased to 53 days (Dec. 31, 2012: 50 days). The ratio of inventories to total assets remained at the previous year’s level of 6.1% (Dec. 31, 2012: 6.0%).

Shareholders’ equity, including noncontrolling interest, rose by 4%, or €502 million, to €13,260 million (Dec. 31, 2012: €12,758 million). Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity by €1,011 million. The equity ratio, including noncontrolling interest, was 40.5% as of December 31, 2013 (Dec. 31, 2012: 41.6%).

The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity, including noncontrolling interest, covers 53% of non-current assets (Dec. 31, 2012: 57%). Shareholders’ equity, noncontrolling interest, and long-term liabilities cover all non-current assets and 97% of inventories.

Long-term liabilities increased by 6% to €13,003 million as of December 31, 2013 (Dec. 31, 2012: €12,310 million). Short-term liabilities increased by 16% to €6,023 million (Dec. 31, 2012: €5,198 million). The increase was mainly due to the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG.

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 (€83 million). Please see the Notes for further information.

Group debt rose by 16% to €12,804 million (Dec. 31, 2012: €11,028 million). Of this amount, €2.18 billion are advances made under a fiduciary arrangement for the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG. In constant currency, the increase was 19%. Its relative weight in the balance sheet was 39% (Dec. 31, 2012: 36%). Approximately 46% of the Group’s debt is in U.S. dollars.

Liabilities due in less than 1 year were €1,820 million (Dec. 31, 2012: €728 million), while liabilities with a remaining term of 1 to 5 years and over 5 years were €10,984 million (Dec. 31, 2012: €10,300 million).

The net debt to equity ratio including noncontrolling interest² (gearing) is 74% (Dec. 31, 2012: 80%). The return on equity after taxes (equity attributable to shareholders of Fresenius SE & Co. KGaA) was 12.8% (Dec. 31, 2012: 12.3%). The return on total assets after taxes and before noncontrolling interest of 5.8% improved slightly (2012: 5.6%). The return on assets for 2013 was calculated before special items. These include the integration costs for Fenwal.

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

ASSETS AND LIABILITIES - FIVE-YEAR OVERVIEW


€ in millions20132012201120102009
Total assets32,75830,66426,32123,57720,882
Shareholders’ equity113,26012,75810,5778,8447,491
as % of total assets14142403836
Shareholders’ equity1 / non-current assets, in %5357555248
Debt12,80411,0289,7998,7848,299
as % of total assets3936373740
Gearing in %742808791105

€ in millions20132012201120102009
Total assets32,75830,66426,32123,57720,882
Shareholders’ equity113,26012,75810,5778,8447,491
as % of total assets14142403836
Shareholders’ equity1 / non-current assets, in %5357555248
Debt12,80411,0289,7998,7848,299
as % of total assets3936373740
Gearing in %742808791105

Group ROIC was 8.8% (2012: 9.0%), and Group ROOA was 10.6% (2012: 11.0%). The strong earnings growth corresponds with an increase in total assets. This increase is a result of the expansion of the existing business and acquisitions. Within the position invested capital, the goodwill of €14.8 billion had a significant effect on the calculation of ROIC. It is important to take into account that approximately 64% of the goodwill is attributable to the strategically significant acquisitions of National Medical Care in 1996, Renal Care Group and HELIOS Kliniken in 2006, APP Pharmaceuticals in 2008, and Liberty Dialysis Holdings in 2012. Those have significantly strengthened the competitive position of the Fresenius Group.

The summary shows ROIC and ROOA by business segment:

ROICROOA
in %2013201220132012
Fresenius Medical Care7.78.110.511.4
Fresenius Kabi9.910.311.912.3
Fresenius Helios29.08.49.38.2
Fresenius Vamed1--11.612.8
Group28.89.010.611.0

ROICROOA
in %2013201220132012
Fresenius Medical Care7.78.110.511.4
Fresenius Kabi9.910.311.912.3
Fresenius Helios29.08.49.38.2
Fresenius Vamed1--11.612.8
Group28.89.010.611.0

In 2013, the Fresenius Group delivered a return on invested capital (ROIC) of 8.8%, substantially exceeding our cost of capital. The WACC (weighted average cost of capital) of Fresenius Medical Care was 6.2%, the WACC of the other business segments was 5.3%

Dec. 31, 20131Dec. 31, 20122Dec. 31, 2011Dec. 31, 2010Dec. 31, 2009
Debt / EBITDA2.72.83.02.93.2
Net debt / EBITDA2.52.62.82.63.0
EBITDA / interest ratio6.75.86.15.44.5

Dec. 31, 20131Dec. 31, 20122Dec. 31, 2011Dec. 31, 2010Dec. 31, 2009
Debt / EBITDA2.72.83.02.93.2
Net debt / EBITDA2.52.62.82.63.0
EBITDA / interest ratio6.75.86.15.44.5

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