Asset and liability structure
The Group’s total assets increased by 6% (4% in constant currency) to €76,415 million (Dec. 31, 2021: €71,942 million). The increase is mainly due to the expansion of business activities and currency translation effects. Inflation had no significant impact on the assets of Fresenius in 2022.
Current assets increased by 5% (4% in constant currency) to €18,279 million (Dec. 31, 2021: €17,461 million). Within current assets, trade accounts receivable and other receivables decreased by 1% to €7,008 million (Dec. 31, 2021: €7,045 million). At 65 days, average days revenue outstanding was below the previous year’s level (70 days).
Inventories increased by 15% to €4,833 million (Dec. 31, 2021: €4,218 million). The scope of inventory in 2022 was 64 days (Dec. 31, 2021: 63 days). The ratio of inventories to total assets increased to 6.3% (Dec. 31, 2021: 5.9%).
Non-current assets increased by 7% (4% in constant currency) to €58,136 million (Dec. 31, 2021: €54,501 million). The increase due to acquisitions and new rights of use under leases was offset mainly by depreciation and amortization. The goodwill and intangible assets in the amount of €35,843 million (Dec. 31, 2021: €32,774 million) has proven sustainable. The increase is mainly due to currency translation effects as well as acquisitions at Fresenius Medical Care and Fresenius Kabi. The addition to the goodwill from acquisitions was €1,536 million in fiscal year 2022.
Balance Sheet Overview
Download(XLS, 36 KB)| € in millions | Dec. 31, 2022 | Dec. 31, 2021 | Growth |
|---|---|---|---|
| ASSETS | |||
| Current assets | 18,279 | 17,461 | 5% |
| thereof trade accounts receivables | 7,008 | 7,045 | -1% |
| thereof inventories | 4,833 | 4,218 | 15% |
| thereof cash and cash equivalents | 2,749 | 2,764 | -1% |
| thereof other current assets | 3,689 | 3,434 | 7% |
| Non-current assets | 58,136 | 54,501 | 7% |
| thereof property, plant and equipment | 12,919 | 12,569 | 3% |
| thereof goodwill and other intangible assets | 35,843 | 32,774 | 9% |
| thereof right-of-use-assets | 5,922 | 6,014 | -2% |
| Total assets | 76,415 | 71,962 | 6% |
| LIABILITIES AND SHAREHOLDERS´ EQUITY | |||
| Liabilities | 44,197 | 42,674 | 4% |
| thereof trade accounts payable | 2,070 | 2,039 | 2% |
| thereof accruals and other short-term liabilities | 10,488 | 10,594 | -1% |
| thereof debt | 27,763 | 27,155 | 2% |
| thereof lease liabilities | 6,592 | 6,590 | 0% |
| thereof other non-current liabilities / liabilities to related parties | 3,876 | 2,886 | 34% |
| Noncontrolling interests | 11,803 | 10,290 | 15% |
| Total Fresenius SE & Co. KGaA shareholders´ equity | 20,415 | 18,998 | 7% |
| Total shareholders' equity | 32,218 | 29,288 | 10% |
| Total liabilities and shareholders´ equity | 76,415 | 71,962 | 6% |
Assets and liabilities-five-year overview
Download(XLS, 36 KB)| € in millions | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Total assets | 76,415 | 71,962 | 66,646 | 67,006 | 56,703 |
| Shareholders’ equity1 | 32,218 | 29,288 | 26,023 | 26,580 | 25,008 |
| as % of total assets1 | 42% | 41% | 39% | 40% | 44% |
| Shareholders’ equity1 / non-current assets, in % | 56% | 54% | 51% | 51% | 60% |
| Debt | 27,763 | 27,155 | 25,913 | 27,258 | 18,984 |
| as % of total assets | 36% | 38% | 39% | 41% | 33% |
| Gearing1 in % | 78% | 83% | 93% | 96% | 65% |
| 1 Including noncontrolling interests | |||||
Shareholders’ equity increased by 10% (7% in constant currency) to €32,218 million (Dec. 31, 2021: €29,288 million). The increase is due to the net income as well as currency translation effects. Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity by €1,372 million. The equity ratio was 42.2% (Dec. 31, 2021: 40.7%).
The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity, including noncontrolling interests, covers 56% of non-current assets (Dec. 31, 2021: 54%). Shareholders’ equity, noncontrolling interests, and long-term liabilities cover all non- current assets and 96% of inventories.
Long-term liabilities increased by 11% (9% in constant currency) to €30,539 million (Dec. 31, 2021: €27,612 million). Short-term liabilities decreased by 9% (-11% in constant currency) to €13,658 million (Dec. 31, 2021: €15,062 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 increased by 2% (1% in constant currency) to €27,763 million (Dec. 31, 2021: €27,155 million). Its relative weight in the balance sheet was 36% (Dec. 31, 2021: 38%). Approximately 28% of the Group’s debt is denominated in U.S. dollars. Liabilities due in less than one year were €3,036 million (Dec. 31, 2021: €4,772 million), while liabilities due in more than one year were €24,727 million (Dec. 31, 2021: €22,383 million).
Other non-current liabilities / liabilities to related parties increased by 34% to €3,876 million. This increase resulted mainly from higher liabilities from put options entered into in connection with acquisitions made in 2022, mainly InterWell and mAbxience.
Group net debt increased by 3% (1% in constant currency) to €25,014 million (Dec. 31, 2021: €24,391 million). The net debt to equity ratio including noncontrolling interests (gearing) is 78% (Dec. 31, 2021: 83%).
The return on equity after taxes1 (equity attributable to shareholders of Fresenius SE & Co. KGaA) was 8.5% (Dec. 31, 2021: 9.8%). The return on total assets after taxes and before noncontrolling interests1 was 3.5% (2021: 4.0%).
Group 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. was 5.1%2 (2021: 5.9% 2). Group ROOA was 5.7%2 (2021: 6.5%2). Estimated COVID-19 effects had a negative impact of 80 basis points on ROIC and a negative impact of 90 basis points on ROOAROOA (Return on Operating Assets)Calculated as the ratio of EBIT to operating assets (average). Operating assets = total assets - deferred tax assets - trade accounts payable - cash held in trust - payments received on account - approved subsidies.. Within the position invested capital, the goodwill of €31.4 billion had a significant effect on the calculation of ROIC.
1 Before special itemsBefore special itemsIn order to measure the operating performance extending over several periods, key performance measures are adjusted by special items, where applicable. Adjusted measures are labelled with “before special items”. A reconciliation table is available within the respective quarterly or annual report and presents the composition of special items.
2 Before special items; pro forma acquisitions / divestitures
It is important to take into account that approximately 65% of the goodwill is attributable to the strategically significant acquisitions of
- National Medical Care in 1996,
- Renal Care Group and HELIOS Kliniken in 2006,
- APP Pharmaceuticals in 2008,
- Liberty DialysisDialysisForm of renal replacement therapy where a semipermeable membrane – in peritoneal dialysis the peritoneum of the patient, in hemo dialysis the membrane of the dialyzer – is used to clean a patient’s blood. Holdings in 2012,
- Hospitals of Rhön-Klinikum AG in 2014,
- Quirónsalud and the biosimilarsBiosimilarsA biosimilar is a drug that is “similar” to another biologic drug already approved. business in 2017,
- NxStage in 2019, as well as
- Eugin Group in 2021
- Ivenix, mAbxience and InterWell Health in 2022.
Those have significantly strengthened the competitive position of the Fresenius Group.
The WACC (weighted average cost of capital) of Fresenius Medical Care was 6.05%; the WACC of the other business segments was 5.65%.
Five-year overview financing key figures1,2
Download(XLS, 36 KB)| Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Debt / EBITDA | 4.0 | 4.0 | 3.6 | 3.8 | 3.2 |
| Net debt / EBITDA3 | 3.7 | 3.5 | 3.4 | 3.6 | 2.7 |
| Net debt / EBITDA4 | 3.6 | 3.6 | 3.4 | 3.6 | 2.7 |
| EBITDA / financial result | 12.8 | 13.6 | 10.9 | 9.9 | 10.6 |
| 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 | |||||
ROIC and ROOA by Business Segments
Download(XLS, 38 KB)| ROIC | ROOA | |||
|---|---|---|---|---|
| in % | 2022 | 2021 | 2022 | 2021 |
| Fresenius Medical Care1,2 | 4.1 | 5.2 | 5.3 | 6.2 |
| Fresenius Kabi1,2 | 7.8 | 8.8 | 7.9 | 9.4 |
| Fresenius Helios1,2 | 5.4 | 5.2 | 6.0 | 5.9 |
| Fresenius Vamed2 | 1.1 | 4.5 | 0.8 | 4.3 |
| Group1,2 | 5.1 | 5.9 | 5.7 | 6.5 |
| 1 Pro forma acquisitions (includes adjustments for acquisitions in the respective reporting period with a purchase price above a certain level) | ||||
| 2 Before special items | ||||
Currency and interest risk contracts
The nominal value of all foreign currency hedging contracts was €4,420 million as of December 31, 2022. These contracts had a fair value of €28 million.