Overall assessment of the business situation

Based on the current burdens and restrictions caused by the COVID-19 pandemic, the Management Board estimates that the situation will only begin to recede in the second half of 2021. This assumption is subject to considerable uncertainty. The FY/21 earnings are, hence, expected to be very meaningfully impacted by COVID-19 effects. In particular, the significant acceleration of mortality among dialysis patients due to COVID-19 is expected to have a material impact on Fresenius Medical Care’s results and hence on Fresenius Group’s net income growth.

The accelerated impact of excess mortality caused by COVID-19 will persist in 2021. Accordingly, Fresenius Medical Care expects a significant adverse annualization effect on the number of dialysis treatments performed.

Despite the challenges posed by the COVID-19 pandemic, the Management Board continues to assess the business outlook of the Fresenius Group as positive. We continue to see steadily growing demand for our products, services, and therapies worldwide.

Assets and liabilities