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The Management Board’s assessment of the business results

The Management Board is of the opinion that the Fresenius Group’s performance in 2013 was excellent – with sales growth across all business segments. Fresenius Medical Care achieved organic sales growth of 5%. Net income remained nearly unchanged due to lower reimbursement rates for Medicare dialysis patients based on budget cuts in the United States (sequestration). Fresenius Kabi benefitted from growing global demand. Supply constraints at competitors in the United States again led to a better than expected development in this region. Significant price cuts in China and restrictions in the use of blood volume substitutes had an adverse effect.

Organic sales growth was 5%. EBIT was on previous year’s level and includes costs of €31 million (net of Calea book gain) to meet FDA requirements at the Grand Island, USA, and Kalyani, India, plants. Fresenius Helios achieved solid organic sales growth of 3% and clearly improved its earnings. Fresenius Vamed successfully completed the year with sales of more than €1 billion for the first time and increased earnings.



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