FY/2023 Results
Financial Results
FY/2023 Results
Fresenius closes 2023 with a strong fourth quarter and expects accelerated earnings growth in 2024 due to increasing momentum from #FutureFresenius
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Fresenius achieves the raised outlook for FY/23. Strong fourth quarter with continued good development of the Operating Companies Fresenius Kabi and Fresenius Helios and progress in the turnaround of the Investment Company Fresenius Vamed.
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Group 2024 outlook: Organic revenue growth expected between 3% and 6%; EBIT expected to grow between 4% and 8%.
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Improvement leverage ratio: expected to be within the target corridor of 3.0x to 3.5x by the end of 2024.
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Revenue of €22.3 billion in FY/23: Strong organic Group revenue growth of 6%; Group EBIT increased 2% in constant currency to €2.3 billion; excellent Group operating cashflow totaled €2.1 billion.
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Group cost savings target significantly exceeded by ~40% in 2023 – FY/25 structural productivity savings target raised to ~€400 million at EBIT level (before: ~€350 million).
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Group revenue increased organically by 5% in Q4; Group EBIT increased by 8% in constant currency.
Fresenius Kabi with excellent organic revenue growth of 7% in Q4 at top-end of structural growth band and EBIT margin of 14.1% within structural band. -
Fresenius Helios with strong organic revenue growth of 5% in Q4 at top-end of structural growth band and excellent EBIT margin of 11.6 % well above structural margin band.
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Fresenius Vamed’s transformation progressing well; ongoing operational improvement with positive EBIT in second consecutive quarter.
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Ongoing divestments: Sale of fertility services group Eugin successfully completed in January 2024.
Selected Key Figures Q4/2023
GROUP REVENUE
€ 5678 m
+ 5% 2
Q4/22: €5,670 m
GROUP EBIT 1
€ 634 m
+8% 3
Q4/22: €559 m
GROUP CASHFLOW
€ 1272 m
+4%
Q4/22: €1,225 m
1 Before special items
2 Organic revenue growth
3 In constant currency
Revenue by business segment
| € in millions | Q4/23 | Q4/22 | Change | Growth at constant rates | Organic growth | Acquisitions | Divestitures | % of total revenue1 |
|---|---|---|---|---|---|---|---|---|
Fresenius Kabi | 1,996 | 2,036 | -2% | 9% | 7%1 | 0% | 2% | 35% |
Fresenius Helios | 3,188 | 3,031 | 5% | 5% | 5% | 0% | 0% | 56% |
Fresenius Vamed | 595 | 712 | -16% | -17% | -5%2 | 0% | -12% | 9% |
Total | 5,678 | 5,670 | 0% | 4% | 5% | 0% | -1% | 100% |
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1 To show the underlying business development, the organic growth definition was adjusted to fully exclude the significant inflation accounting effects in Argentina; according to old methodology organic growth for Fresenius Kabi overall would have been Q4:14%.
2 Calculated from continued business