Fresenius SE & Co. KGaA
Investor Relations & Sustainability
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The Group’s total assets decreased by 1% (increased by 5% in constant currency) to €66,646 million (Dec. 31, 2019: €67,006 million). The decrease is mainly due to currency translation effects, which outweigh the increase due to the expansion of business activities. Inflation had no significant impact on the assets of Fresenius in 2020.
Current assets increased by 3% (10% in constant currency) to €15,772 million (Dec. 31, 2019: €15,264 million). Within current assets, trade accounts receivable and other receivable decreased by 3% to €6,937 million (Dec. 31, 2019: €7,176 million). At 71 days, average days sales outstanding was below the previous year’s level (75 days).
Inventories increased by 9% to €3,945 million (Dec. 31, 2019: €3,633 million). The scope of inventory in 2020 was 62 days (Dec. 31, 2019: 63 days). The ratio of inventories to total assets increased to 5.9% (Dec. 31, 2019: 5.4%).
Non-current assets decreased by 2% (increased by 3% in constant currency) to €50,874 million (Dec. 31, 2019: €51,742 million). The increase due to acquisitions and new rights of use under leases was offset mainly by negative currency effects and depreciation and amortization. The goodwill and intangible assets in the amount of €30,335 million (Dec. 31, 2019: €31,606 million) has proven sustainable with the exception of the impaired goodwill of Fresenius Medical Care in Latin America. The decrease is mainly due to currency translation effects. The addition to the goodwill from acquisitions was €548 million in fiscal year 2020. Please see the Notes for further information.
Shareholders’ equity decreased by 2% (increased by 6% in constant currency) to €26,023 million (Dec. 31, 2019: €26,580 million). The decrease is mainly due to currency translation effects. Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity by €1,707 million. The equity ratio was 39.0% (Dec. 31, 2019: 39.7%).
The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity including noncontrolling interests, covers 51% of non-current assets (Dec. 31, 2019: 51%). Shareholders’ equity, noncontrolling interests, and long-term liabilities cover all non-current assets and 65% of inventories.
Long-term liabilities increased by 3% (6% in constant currency) to €27,407 million (Dec. 31, 2019: €26,490 million). Short-term liabilities decreased by 5% (- 1% in constant currency) to €13,216 million (Dec. 31, 2019: €13,936 million).
The Group has neither provisions nor accruals that are of major significance as individual items. Other provisions and accruals result mainly from provisions for self-insurance programs, for personnel expenses, for warranties and claims, and for litigation and other legal risks.
Group debt decreased by 5% (- 2% in constant currency) to €25,913 million (Dec. 31, 2019: €27,258 million). Its relative weight in the balance sheet was 39% (Dec. 31, 2019: 41%). Approximately 32% of the Group’s debt is denominated in U.S. dollars. Liabilities due in less than one year were €3,670 million (Dec. 31, 2019: €5,508 million), while liabilities due in more than one year were €22,243 million (Dec. 31, 2019: €21,750 million).
|€ in millions||2020||2019||2018||2017||2016|
|as % of total assets1||39||40||44||41||45|
|Shareholders’ equity1 / non-current assets, in %||51||51||60||54||60|
|as % of total assets||39||41||33||36||32|
|Gearing1 in %||93||96||65||80||63|
|1 Including noncontrolling interests|
Group net debt decreased by 6% (- 4% in constant currency) to €24,076 million (Dec. 31, 2019: €25,604 million) due to the excellent cash flow development.
The net debt to equity ratio including noncontrolling interests (gearing) is 93% (Dec. 31, 2019: 96%).
The return on equity after taxes1 (equity attributable to shareholders of Fresenius SE & Co. KGaA) decreased to 10.6% (Dec. 31, 2019: 11.2%). The return on total assets after taxes and before noncontrolling interests1 was 4.6% and remained on the prior year’s level (2019: 4.6%).
Group ROIC was 6.5%2 (2019: 6.7%2), and Group ROOA was 7.3%2 (2019: 7.6%2). Estimated COVID-19 effects had a negative impact of 30 basis points on ROICROIC (Return on Invested Capital)Calculated by: (EBIT - taxes) / Invested capital. Invested capital = total assets + accumulated amortization of goodwill - deferred tax assets - cash and cash equivalents - trade accounts payable - accruals (without pension accruals) - other liabilities not bearing interest. and 40 basis points on ROOA. Within the position invested capital, the goodwill of €26.6 billion had a significant effect on the calculation of ROIC. It is important to take into account that approximately 66% of the goodwill is attributable to the strategically significant acquisitions of
Those have significantly strengthened the competitive position of the Fresenius Group.
1 Before special items
2 Before special items; pro forma closed acquisitions/divestitures
In 2020, the Fresenius Group’s return on invested capital (ROIC) exceeded our cost of capital. The WACC (weighted average cost of capital) of Fresenius Medical Care was 5.08%; the WACC of the other business segments was 5.40%.
|Dec. 31, 20201,2||Dec. 31, 20191,2||Dec. 31, 20181,2||Dec. 31, 20171,2||Dec. 31, 20162|
|Debt / EBITDA||3.6||3.8||3.2||3.1||2.7|
|Net debt / EBITDA3||3.4||3.6||2.7||2.8||2.3|
|Net debt / EBITDA4||3.4||3.6||2.7||2.8||2.4|
|EBITDA / financial result1||10.9||9.9||10.6||9.6||9.5|
|1 Before special items|
|2 For pro forma acquisitions, the missing pro forma EBITDA for the full 12 months is included. For divestments, the EBITDA contribution of the last 12 months is deducted.|
|3 At LTM average exchange rates for both net debt and EBITDA|
|4 Net debt at year-end exchange rate; EBITDA at LTM average exchange rates|
|For a detailed overview of special items please see the reconciliation tables.|
|Fresenius Medical Care1, 2||6.6||6.5||8.2||7.6|
|Fresenius Kabi1, 2||8.5||9.5||9.2||10.5|
|1 Pro forma acquisitions|
|2 Before special items|
For a detailed overview of special items please see the reconciliation tables.
The nominal value of all foreign currency hedging contracts was €3,230 million as of December 31, 2020. These contracts had a fair value of - €70 million. The nominal value of interest rate hedging contracts was €1 million. These contracts had a fair value of around - €43 thousand. Please see the Opportunities and Risk Report and the Notes for further information.
Overall assessment of the business situation