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Reconciliation to Group net income
- Sales
- Earnings structure
- Reconciliation to Group net income
- Development of other major items in the statement of income
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Reconciliation to Group net income
The Group’s U.S. GAAP financial results as of December 31, 2013 include a special item. Net income attributable to shareholders of Fresenius SE & Co. KGaA in 2013 was adjusted for the integration costs for Fenwal. Group net income in 2012 was adjusted for a non-taxable investment gain and other one-time costs at Fresenius Medical Care, as well as one-time costs related to the public takeover offer (offer) to the shareholders of Rhön-Klinikum AG. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S. GAAP.
RECONCILIATION
enlarge| € in millions | Q1 – 4 / 2013 before special items | Fenwal integration costs | Q1 – 4 / 2013 according to U.S. GAAP (incl. special items) | Q1 – 4 / 2012 before special items | Non-taxable investment gain at Fresenius Medical Care | One-time costs related to the takeover offer to the shareholders of Rhön- Klinikum AG | Other one-time costs at Fresenius Medical Care | Q1 – 4 / 2012 according to U.S. GAAP (incl. special items) |
| Sales | 20,331 | 20,331 | 19,290 | 19,290 | ||||
| EBIT | 3,045 | -54 | 2,991 | 3,075 | 0 | -6 | -86 | 2,983 |
| Investment gain | 0 | 0 | 0 | 109 | 109 | |||
| Interest result | -584 | -584 | -666 | -666 | ||||
| Other financial result | 0 | 0 | 0 | -35 | -35 | |||
| Net income before taxes | 2,461 | -54 | 2,407 | 2,409 | 109 | -41 | -86 | 2,391 |
| Income taxes | -683 | 14 | -669 | -702 | 12 | 31 | -659 | |
| Net income | 1,778 | -40 | 1,738 | 1,707 | 109 | -29 | -55 | 1,732 |
| Less noncontrolling interest | -727 | -727 | -769 | -75 | 38 | -806 | ||
| Net income1 | 1,051 | -40 | 1,011 | 938 | 34 | -29 | -17 | 926 |
STATEMENT OF INCOME (SUMMARY)
| € in millions | 2013 | 2012 | Change | Change in constant currency |
| Sales | 20,331 | 19,290 | 5% | 8% |
| Cost of goods sold | -13,948 | -13,002 | -7% | -10% |
| Gross profit | 6,383 | 6,288 | 2% | 4% |
| Selling, general, and administrative expenses | -3,044 | -3,000 | -1% | -4% |
| Research and development expenses | -348 | -305 | -14% | -17% |
| EBIT (operating result) | 2,991 | 2,983 | 0% | 3% |
| Investment gain | 0 | 109 | -100% | -100% |
| Net interest | -584 | -666 | 12% | 10% |
| Other financial result | 0 | -35 | 100% | 100% |
| Income taxes | -669 | -659 | -2% | -5% |
| Noncontrolling interest in profit | -727 | -806 | 10% | 7% |
| Net income (before special items)1 | 1,051 | 938 | 12% | 14% |
| Net income2 | 1,011 | 926 | 9% | 11% |
| Earnings per ordinary share in € (before special items)1 | 5.88 | 5.42 | 8% | 11% |
| Earnings per ordinary share in €2 | 5.66 | 5.35 | 6% | 8% |
| EBITDA | 3,834 | 3,759 | 2% | 5% |
| Depreciation and amortization | 843 | 776 | 9% | 12% |
| 1Net income attributable to the shareholders of Fresenius SE & Co. KGaA; 2013 before integration costs for Fenwal (€ 40 million); 2012 before a non-taxable investment gain (€ 34 million) and other one-time costs (€ 17 million) at Fresenius Medical Care as well as one-time costs (€ 29 million) related to the offer to the shareholders of Rhön-Klinikum AG 2Net income attributable to the shareholders of Fresenius SE & Co. KGaA | ||||
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Development of other major items in the statement of income