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Group sales and earnings

With its international production and sales platform and its market-oriented products and services, the Fresenius Group is well positioned for continued growth in the coming years. Specific opportunities for profitable growth are indicated by the developments described in the section Health Care Sector and Markets.

While our traditional markets in Europe and North America are growing at average low- to mid-single-digit rates, we see stronger growth potential in the Asia-Pacific region and in Latin America. Here, the demand for our life-saving and life-sustaining products continues to be high as access to medical care is still limited. This will also be reflected in sales.

In 2014, we expect to increase Group sales by 12% to 15% in constant currency. Besides organic sales growth in all business segments, sales growth is driven by the first-time consolidation of the acquired hospitals from Rhön-Klinikum AG.

We expect to increase Group net income¹ by 2% to 5% in constant currency. The earnings forecast primarily reflects lower reimbursement rates for Medicare dialysis patients and substantial uncertainties regarding the IV drug shortage situation in the U.S. market.

GROUP FINANCIAL TARGETS


Targets 2014Fiscal year 2013
Sales growth (in constant currency)12% – 15%€20,331 m
Net income1, growth (in constant currency)2% – 5%€1,051 m
Capital expenditure~ 6% of sales€1,073 m
DividendProfit-driven dividend policyProposal + 14% per share

Targets 2014Fiscal year 2013
Sales growth (in constant currency)12% – 15%€20,331 m
Net income1, growth (in constant currency)2% – 5%€1,051 m
Capital expenditure~ 6% of sales€1,073 m
DividendProfit-driven dividend policyProposal + 14% per share

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