Outlook
Group Outlook 2022
For FY/22, Fresenius projects sales growth1 in a mid-single-digit percentage range in constant currency. Net income2,3 is expected to grow in a low-single-digit percentage range in constant currency. Implicitly, net income2 for the Group excluding Fresenius Medical Care is expected to grow in a low-single-digit percentage range in constant currency.
Without further acquisitions, Fresenius projects an improvement of the net debt/EBITDA4 ratio (December 31, 2021: 3.51x5) into the self-imposed target corridor of 3.0x to 3.5x by the end of 2022.
Assumptions for guidance FY/22
COVID-19 will continue to impact Fresenius’ operations in 2022. The extent of the impact on the Group is to a large degree dependent on the vaccination coverage in Fresenius’ relevant markets and the potential evolution of new virus mutants.
Fresenius closely monitors the development of the COVID-19 pandemic and the associated various containment measures enacted in the Company’s relevant markets. Fresenius expects COVID-19 case numbers to decline from spring 2022 onwards and consequently the number of elective treatments and staff availability to improve. A possible significant deterioration of the situation associated with further containment measures that could have a significant and direct impact on the health care sector without any appropriate compensation is not reflected in the Group’s FY/22 guidance.
Headwinds from cost inflation are reflected. However, Fresenius expects no significant acceleration of inflation effects and supply chain challenges versus the current environment. The Management Board assumes an unchanged corporate tax rate in the United States.
Furthermore, the assumptions for Fresenius Medical Care's FY/22 guidance are also fully applicable to Fresenius Group's FY/22 guidance.
All of these assumptions are subject to considerable uncertainty.
1 FY/21 base: €37,520 million
2 Net income attributable to shareholders of Fresenius SE & Co. KGaA
3 FY/21 base: €1,867 million; before special items; FY/22: before special items
4 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; excluding further potential acquisitions; before special items; including lease liabilities
5 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities
| Fiscal year 20211 | Results 2021 | Outlook 20222 | |
|---|---|---|---|
Fresenius Group | |||
Sales growth (in constant currency) | Mid single-digit percentage growth | 5% | Mid single-digit percentage growth |
Net income3 growth (in constant currency) | Around the top-end of low single-digit percentage growth | 5% | Low single-digit percentage growth |
Fresenius Medical Care4 | |||
Sales growth (in constant currency) | Expecting to be at the lower end of the guidance range of low-to-mid single-digit percentage growth | 2% | Low-to-mid single-digit percentage growth |
Net income5 growth (in constant currency) | Expecting to be at the lower end of the guidance range of high-teens to mid-twenties percentage decline | -23% | Low-to-mid single-digit percentage growth |
Fresenius Kabi | |||
Sales growth (organic) | Low-to-mid single-digit percentage growth | 4% | Low single-digit percentage growth |
EBIT growth (in constant currency) | Around the top end of the low single-digit percentage guidance range | 7% | Decline in high single- to low double-digit percentage range |
Fresenius Helios | |||
Sales growth (organic) | Mid single-digit percentage growth | 7% | Low-to-mid single-digit percentage growth |
EBIT growth (in constant currency) | High single-digit percentage growth | 10% | Mid single-digit percentage growth |
Fresenius Vamed | |||
Sales growth (organic) | Mid-to-high single-digit percentage growth | 11% | High single- to low double-digit percentage growth |
EBIT | High double-digit € million amount | €101 million | Returning to absolute pre-COVID levels (2019: €134 million) |
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1 Before special items; including expected COVID-19 effects (updated in November 2021)
2 Before special items, including expected COVID-19 effects
3 Net income attributable to shareholders of Fresenius SE & Co. KGaA
4 These targets are based on the 2021 results excluding the costs related to FME25 of € 49 million (for Net Income). They are based on the outlined assumptions, in constant currency and exclude special items. Special items include further costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.
5 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
As of February 22, 2022