Assets and liabilities

Asset and liability structure

The Group’s total assets decreased by 4% (-5% in constant currency) to €43,550 million (Dec. 31, 2023: €45,284 million). The decrease is mainly due to divestments. Inflation had no significant impact on the assets of Fresenius in 2024.

Current assets decreased by 9% (-9% in constant currency) to €11,446 million (Dec. 31, 2023: €12,520 million). Within current assets, trade accounts receivable and other receivables decreased by 5% (-4% in constant currency) to €3,500 million (Dec. 31, 2023: €3,673 million). At 60 days, average days revenue outstanding was below the previous year’s level (61 days).

Inventories increased by 2% (1% in constant currency) to €2,573 million (Dec. 31, 2023: €2,517 million). The scope of inventory in 2024 was 63 days (Dec. 31, 2023: 62 days). The ratio of inventories to total assets increased to 5.9% (Dec. 31, 2023: 5.6%).

Non-current assets decreased by 2% (-3% in constant currency) to €32,104 million (Dec. 31, 2023: €32,764 million). The goodwill and intangible assets in the amount of €17,507 million (Dec. 31, 2023: €17,620 million) has proven sustainable. The addition to the goodwill from acquisitions was €0 million (2023: €3 million) in fiscal year 2024.

Shareholders’ equity increased by 3% (2% in constant currency) to €20,290 million (Dec. 31, 2023: €19,651 million). Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity. The equity ratio improved to 46.6% (Dec. 31, 2023: 43.4%).

The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity, including noncontrolling interests, covers 63% of non-current assets (Dec. 31, 2023: 60%). Shareholders’ equity, noncontrolling interests, and long-term liabilities in total cover all non-current assets and inventories.

Long-term liabilities decreased by 13% (-13% in constant currency) to €14,251 million (Dec. 31, 2023: €16,303 million). Short-term liabilities decreased by 3% (-4% in constant currency) to €9,009 million (Dec. 31, 2023: €9,330 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 personnel expenses, for claims with deductibles, for warranties and claims, for interest liabilities from income taxes, and for litigation and other legal risks.

Group debt¹ decreased by 14% (-14% in constant currency) to €13,577 million (Dec. 31, 2023: €15,830 million). Its relative weight in the balance sheet was 31% (Dec. 31, 2023: 35%). Approximately 3% of the Group’s debt is denominated in U.S. dollars. Liabilities due in less than one year were €2,772 million (Dec. 31, 2023: €2,581 million), while liabilities due in more than one year were €10,805 million (Dec. 31, 2023: €13,249 million).

Group net debt decreased by 15% (-15% in constant currency) to €11,295 million (Dec. 31, 2023: €13,268 million).

The net debt to equity ratio including noncontrolling interests (gearing) is 56% (Dec. 31, 2023: 68%).

The return on equity after taxes² (equity attributable to shareholders of Fresenius SE & Co. KGaA) was 8.9% (Dec. 31, 2023: 7.9%). The return on total assets after taxes and before noncontrolling interests¹ was 3.8% (2023: 3.2%).

Working capital³ amounted to €4,514 million (2023: €4,478 million). This corresponds to 21% of revenue (2023: 22%).

Group ROIC was 6.2%⁴ (2023: 5.2%⁴). Within the position invested capital, goodwill of €15.1 billion had a significant effect on the calculation of ROIC. ROIC excluding goodwill was 12.6%⁴ (2023: 10.1%⁴).

It is important to take into account that approximately 75% of the goodwill is attributable to the strategically significant acquisitions of

• HELIOS Kliniken in 2006,
• APP Pharmaceuticals in 2008,
• Hospitals of Rhön-Klinikum AG in 2014,
• Quirónsalud and the biosimilars business in 2017, and
• Ivenix and mAbxience in 2022.

Those have significantly strengthened the competitive position of the Fresenius Group.

The WACC (weighted average cost of capital) of the business segments was 5.24% (2023: 5.74%).

¹ includes financial liabilities (short- and long-term), bonds and lease liabilities; 2023 additionally includes convertible bonds

² Before special items

³ Trade receivables and inventories less trade payables and advance payments received

⁴ Before special items; pro forma acquisitions / divestitures
For a detailed overview of special items please see the reconciliation table.