Summary of the Fiscal Year

Consolidated sales increased by 9% to € 12,336 million in 2008. Excellent organic growth of 8% was achieved, while acquisitions contributed 5% to growth. Currency translation effects reduced sales by 4%. 

• In North America, sales increased by 9% in constant currency due to a good organic growth of 5%. Net acquisitions contributed 4%.
• In Europe, sales grew by 14%, with organic sales contributing 9%.
• In emerging markets, strong organic growth rates continued, achieving 17% in Asia-Pacific and 18% in Latin America. 

EARNINGS

Operating income (EBIT) adjusted for special items relating to the acquisition of APP Pharmaceuticals grew by 11% to € 1,727 million (2007: € 1,609 million). All the business segments contributed to this substantial growth.

in million €	2008	2007	Change	Change in constant currency
EBIT, adjusted	1,727	1,609	7%	11%
Net interest	-431	-368	-17%	-20%
Income taxes	-442	-448	1%	-3%
Minority interest	-404	-383	-5%	-10%
Net income, adjustedt	450	410	10%	13%

• Group net interest was € -431 million (2007: € -368 million). The change compared to the prior-year figure is mainly due to the financing of the APP acquisition.
• Net income before special items relating to the APP acquisition was € 450 million, an excellent increase of 13%. Adjusted earnings per ordinary and preference share rose by 11%.