Vamed annual-report-2021

ANNUAL REPORT
2021
CONTENT
VAMED
Foreword by the Executive Board 2
Report of the Supervisory Board 4
Corporate Bodies of VAMED AG 5
The VAMED Value Chain and Life Cycle 6
Project Business 8
Service Business 12
VAMED in Figures 20
VAMED AG Group Report
Structure of the VAMED Group 22
Group Management Report 23
Consolidated Financial Statements 43
Notes to the Consolidated Financial Statements 49

FOREWORD BY THE EXECUTIVE BOARD
FOREWORD BY THE EXECUTIVE

BOARD
The global COVID-19 pandemic has been with us for contracting for the Wiener Neustadt Regional Hos-
two years now – and continues to be a major challenge, pital, which is one of the largest individual contracts
especially for the healthcare sector. in VAMED’s history, to an entirely new telemedicine
Never in this century the importance of a functioning service that will provide access to healthcare in partic-
health system has been more evident than during the ular for people in rural regions with a lack of medical
pandemic. The lockdowns and the accompanying services. This project is part of a number of new orders
massive consequences for the overall economy was from Africa, which include further expansion of health-
triggered almost entirely on the hospital occupancy care in Angola and modernisation and biomedical
rates. Health has therefore become the most strategi- equipment for maternity clinics in Kenya. Orders from
cally important sector among the economic sectors. Papua New Guinea, Mongolia and Guyana also show
As a healthcare provider with a range of services that the broad regional distribution of incoming orders.
spans the globe and is unique in this extent, VAMED
has been and still remains in particular demand. We Ensuring the smooth running of technical opera-
have specific responsibility towards our staff, business tions in a hospital is an essential prerequisite for a
partners and, above all, the people entrusted to us in functioning healthcare facility. For the past two
acute care, rehabilitation, nursing and health tourism years, VAMED’s technicians have been maintaining
facilities. In 2021, VAMED has again lived up to its uninterrupted technical operational management
reputation as a reliable partner despite all challenging in the hospitals supported by them during the
circumstances. COVID-19 pandemic – sometimes under the most
Supply shortages, huge increases in construction difficult conditions and in regions that have been very
costs, restricted lending, international travel restric- severely affected. These extraordinary achievements
tions and quarantine regulations all had a detrimental have been the best testimonial for numerous new
impact on the Project Business in particular. In terms orders as well as extensions of existing orders we
of Total Operational Management, the area of health received in the reporting year.
tourism services was also affected by temporary clo- In 2021, VAMED provided technical services in 840
sures and measures mandated by the authorities in healthcare facilities with a total of around 227,000
2021. In the Service Business, the additional protective beds. Furthermore, the company was responsible
and hygienic measures had an adverse effect on work for the Total Operational Management services of
in all areas and led to higher costs. 100 healthcare facilities with 15,000 beds during the
reporting period.
New peaks in the order backlog
Fit for the future
Despite the difficult general conditions still prevailing
overall, the company developed according to plan in VAMED has also made itself fi t for the future with
2021. The investment in the “currency” of trust has regard to organisational terms in 2021. VAMED will
paid off and is fructified. Even though we have not be streamlined and pooled regionally by creating five
reached the pre-crisis level from 2019 this year yet, the management and competence hubs distributed for
key corporate figures show a significant improvement. the Project and Service Businesses worldwide. This
The order books have filled up once again and the will enable us to continue to respond optimally to the
order backlog has reached a new high of EUR 3.5 needs of our customers in future, while at the same
billion. Orders for healthcare projects from all over time increasing efficiency and saving costs. In the
the world contributed to this, and VAMED was able reporting year, the first two management and com-
to enter the market in three additional countries, even petence centers were established in Africa and the
in a year in which international travel was still severely Middle East as part of this project.
affected. This brings the number of countries in which
VAMED is active to 98.
Incoming orders for 2021 reflect the diversity of
VAMED’s services. They range from the general
2 VAMED ANNUAL REPORT 2021

FOREWORD BY THE EXECUTIVE BOARD
Utilizing opportunities
The pandemic has ruthlessly exposed the deficits in With life cycle models and tailor-made solutions for
the health system, but it has also helped to speed project financing, VAMED has decades of experience
up processes and developments. VAMED is inten- and can fulfill these requirements perfectly.
sively occupied in future topics surrounding medical
care. In 2021, outpatient rehabilitation services were The fact that VAMED was once again able to position
greatly expanded, enabling easy access to medically itself as a reliable partner in the healthcare sector
required rehabilitation alongside work. The site Vienna in 2021 is owed in particular to our staff, to whom
Oberlaa was expanded to become VAMED’s first fully we would like to express our gratitude at this point
integrated healthcare location – from prevention to for their commitment that has been so important in
acute care, rehabilitation and nursing, including a serving healthcare needs worldwide. We would also
telemedicine service. VAMED’s digitalisation initia- like to thank our customers, partners and sharehold-
tives also cover patient services for digital assistance ers for the trust and support they have shown in our
systems that support Ambient Assisted Living (AAL) company. Our very special thanks go to the outgoing
and digital rehabilitation services. Chairman of the Supervisory Board this financial year,
In the Project Business, demand for healthcare facili- Dr. Gerd Krick. His foresight and focus on long-term
ties as an expansion of the global health infrastructure success have left a lasting mark on VAMED over the
will increase in the upcoming years. At the same time, past 25 years and enabled our company to follow an
national economies face major challenges in financing outstanding growth path.
these projects considering tight budgets.
Mag. Gottfried Koos MMag. Andrea Raffaseder Dr. Ernst Wastler DI (FH) Andreas Wortmann, M.Sc.
Member of the Executive Board Member of the Executive Board Chairman of the Executive Board Member of the Executive Board
VAMED ANNUAL REPORT 2021 3

REPORT OF THE SUPERVISORY BOARD
REPORT OF THE SUPERVISORY

BOARD
According to the current resolution, the Supervisory VAMED segment in the consolidated financial state-
Board currently consists of four shareholder representa- ments of the majority shareholder. The consolidated
tives, namely Dkfm. Stephan STURM, KR Karl SAMSTAG, financial statements most recently approved of the
Mag. Andreas SCHMIDRADNER and Dr. Robert HINK, majority shareholder were also presented to the
who were all elected to serve on the Supervisory Board Supervisory Board.
until the end of the Annual General Meeting resolving The Supervisory Board has established an Audit
upon the discharging of the Executive and Supervisory Comittee to review the financial statements of
Boards for the 2022 financial year. VAMED Aktiengesellschaft as well as the (condensed)
subgroup financial statements of the VAMED Group,
In addition to the manifold challenges in connection which, after its meeting held on March 4, 2022, recom-
with the worldwide COVID-19 pandemic – ongoing mended to the Supervisory Board the approval of the
since 2020 – in all VAMED markets, the focus of the financial statements following a comprehensive review.
Supervisory Board’s deliberations in the 2021 finan-
cial year was on activities to strengthen the VAMED The Supervisory Board therefore approved the Annual
Group’s market position in the healthcare economies Financial Statements and the Management Report of
of Central Europe and internationally, in particular VAMED Aktiengesellschaft, which are thus adopted
by creating 5 globally distributed management and pursuant to Section 96 (4) of the Austrian Stock Cor-
competence hubs. poration Act.
The Executive Board reported to the Supervisory The Supervisory Board concurs with the proposal of
Board in writing and orally on the future business the Executive Board on the appropriation of the net
policy and the future development of the net assets, profit for the year.
financial position and results of operations of VAMED The Supervisory Board proposes to appoint PwC
Aktiengesellschaft and the VAMED Group, as well as Wirtschaftsprüfung GmbH, 1220 Vienna, Donau-
on the course of business transactions and the sit- City-Straße 7, as auditors for the Annual Financial
uation of the company and the VAMED Group as a Statements 2022 of VAMED Aktiengesellschaft.
whole. The formal approval of the Supervisory Board
was granted in those business cases where this was We would like to thank and show our appreciation
required by the provisions of the Austrian Stock Cor- to the staff for their work in the 2021 financial year.
poration Act, the Articles of Association or the Rules
of Procedure. Special thanks and recognition are due to
Dr. Gerd Krick, who resigned as Chairman of the
The Annual Financial Statements and the Management Supervisory Board after 25 years and will continue
Report of VAMED Aktiengesellschaft were audited by to support VAMED Aktiengesellschaft as “Honorary
PwC Wirtschaftsprüfung GmbH, Vienna, and received Chairman of the Supervisory Board”.
an unqualified audit opinion.
With regard to the preparation of separate consoli-

dated financial statements, the Executive Board made
use of the exemption provision of Section 245 of the Vienna, March 24, 2022
Austrian Commercial Code, according to which no
separate consolidated financial statements had to
be prepared due to the inclusion in the consolidated
financial statements of the majority shareholder;
the Supervisory Board was informed of (abridged) Stephan Sturm
subgroup financial statements corresponding to the Chairman of the Supervisory Board

CORPORATE BODIES OF VAMED
CORPORATE BODIES
OF VAMED AG
The Executive Board
CHAIRMAN OF THE EXECUTIVE BOARD Dr. Ernst Wastler
MEMBER OF THE EXECUTIVE BOARD Mag. Gottfried Koos
MEMBER OF THE EXECUTIVE BOARD MMag. Andrea Raffaseder
MEMBER OF THE EXECUTIVE BOARD DI (FH) Andreas Wortmann, M.Sc.
The Supervisory Board

CHAIRMAN Dr. Gerd Krick (until July 8, 2021)
Chairman of the Supervisory Board of Fresenius SE & Co. KGaA
(until May 21, 2021)
Chairman of the Supervisory Board of Fresenius Management SE
(until May 21, 2021)
Dkfm. Stephan Sturm (from July 8, 2021)

Chairman of the Executive Board of Fresenius Management SE,
of the general partner of Fresenius SE & Co. KGaA
DEPUTY CHAIRMAN Dkfm. Stephan Sturm (until July 8, 2021)
KR Karl Samstag (from July 8, 2021)

CEO of Bank Austria Creditanstalt AG (retired)
MEMBERS Dr. Robert Hink

Secretary General of the Austrian Association of Municipalities
(retired)
KR Karl Samstag (until July 8, 2021)
Mag. Andreas Schmidradner

Consultant to the Executive Board of B & C Industrieholding GmbH
DELEGATED BY THE Mag. (FH) Thomas Hehle

WORKS COUNCIL
DI (FH) Harald Steer, M.Sc.
Ing. Robert Winkelmayer
HONORARY CHAIRMAN Dr. Gerd Krick (from July 8, 2021)

Honorary Chairman of the Supervisory Board of Fresenius SE & Co.
KGaA, Honorary Chairman of the Supervisory Board of Fresenius
Management SE

THE VAMED VALUE CHAIN AND LIFE CYCLE
THE VAMED VALUE CHAIN

AND LIFE CYCLE
The international healthcare group VAMED is active in all areas of healthcare,

including prevention, acute care, rehabilitation and nursing, with a comprehen-
sive range of services of the Project and Service Business. This unique combi-
nation of project and service expertise enables to plan and construct health-
care facilities in an integrated manner throughout the entire life cycle and to
keep these available and operational.
health. care. vitality.

The VAMED service portfolio is all about health. The
concept of "health.care.vitality" stands for all the dif-
ferent fields in connection with health and well-being
of those people VAMED is working for around the
world – from prevention and acute care to rehabilita-
tion and nursing. PREVENTION
A strong partner throughout the entire

life cycle of healthcare facilities
VAMED’s activities in these areas are segmented into
projects and technical services. In the context of its
projects, VAMED provides planning, construction
and equipment services for healthcare facilities, sus-
tainable training for specialist staff, and digitalisation ACUTE CARE
for healthcare services. With its High-End Services,
VAMED supports healthcare facilities in technical,
commercial and infrastructural fields. It sets priorities
in cases where VAMED does not assume responsibility
for complete technical management, e.g., in support
for biomedical equipment, supply of sterile goods and
digitalisation of hospital processes.
REHABILITATION
Thanks to its uniquely broad range of services and
value chain, VAMED always keeps an eye on the inter-
action of all processes in patient care – today, as well as
for future generations. VAMED draws on four decades
of experience in the construction and operation of
healthcare facilities worldwide.
VAMED’s responsibility for healthcare projects with the
NURSING
life cycle model thus does not end with the successful
handover and training of the staff, but rather forms
a sustainable cycle in the healthcare sector with the
subsequent availability of all facilities and systems

THE VAMED VALUE CHAIN AND LIFE CYCLE
as well as operational management: from consulting to world include the best minds in health facility consult-
project development, planning and financial engineering ing and planning, financial engineering experts, highly
to project management and construction, and in the life experienced project and hospital managers, IT specialists,
cycle again for expansion/renewal and reinvestment of building engineers and high-end biomedical equipment
healthcare facilities. technicians as well as medical staff from all healthcare
disciplines. These multidisciplinary skills enable VAMED
The people behind the success to design and implement healthcare systems and facilities
VAMED’s companies bring together teams from a wide in a long-term and holistic manner like no other company
range of professions. Staff members from all over the and to maintain availability for these on a continuous basis.
PROJECT BUSINESS SERVICE BUSINESS
PROJECT
TOTAL
PROJECT MANAGEMENT HIGH-END
CONSULTING PLANNING OPERATIONAL
DEVELOPMENT AND SERVICES
MANAGEMENT
CONSTRUCTION
EC T DE VELOPME
PR O J NT
FI
&
N
W N
AN
AL
NE I O
R E A NS
CI
NG
P
EX
LIFE CYCLE
CONS TRUC
OP NAGEMENT
TION A L
ER A
TIO
MA
S
CE I
CO
RV MI M
E
DS ON
SSI
EN
I GH - H IN G

PROJECT BUSINESS
PROJECT BUSINESS
Four decades of experience, well over 1,000 successfully implemented healthcare
projects on five continents and a worldwide excellent reputation for customer-
specific solutions, cost and schedule compliance as well as reliability – these are
the success factors for VAMED’s Project Business.
VAMED Standortentwicklung und Engineering GmbH (Project Business Central Europe) and VAMED Engineering
GmbH (Project Business international) are responsible for VAMED’s Project Business.
Comprehensive services
VAMED supervises healthcare projects from the project idea to the commissioning stage – as well as throughout
the entire operation if requested. In this context, not only the experience gained from each and every one of
the projects implemented worldwide plays an essential role, but also the fact that VAMED successfully manages
operations itself too. After all, people who run healthcare facilities themselves are already well aware of the
requirements of operational management during the planning and construction stages.
In project development, VAMED offers its customers tailor-made solutions. The project idea forms the corner-
stone for the concept. Based on this, VAMED develops an individually tailored, customised solution in several
phases that puts the project on the right track in the healthcare market in terms of functionality, technology
and finances. Among other things, the project’s chances of implementation are examined, decision-making
bases are prepared in detailed analysis, project concept and economic viability, and the healthcare facility
is planned, constructed and ultimately put into operation.
In times of tight budgets, needs-based financing concepts are becoming increasingly important.
In this area, too, VAMED offers professional support based on many years
of experience in successfully implemented projects.
Here, VAMED can rely on an established international network of financ-

ing partners and on experience in integrating funds from programmes
of national and international funding and development banks.
Pioneer in the field of PPP models in the healthcare sector

VAMED has particular expertise in the implementation of healthcare facil-
ities in form of Public Private Partnership (PPP) models. With this, the core General Hospitals Angola
competencies of medicine and care remain with the public partner and
the risks for financing, implementation and availability are borne by the
private partner within the scope of a long-term cooperation. VAMED can
already point to a total of 27 such reference projects, including the largest
PPP project in the German healthcare sector, the University Hospital
Schleswig-Holstein.
Biomedical equipment
VAMED is also an expert and reliable partner in the field of biomedical
equipment. The services range from the planning of the entire biomedical
equipment to procurement, delivery, installation, training and manage-
ment through to responsibility for the entire life cycle of the medical
technology equipment.

PROJECT BUSINESS
HIGHLIGHTS 2021
Strong increase in order intake

• VAMED wins the general contracting for the Wiener Neustadt Provincial Hospital in Austria
• Contract for the construction of a General Hospital in Kimbe, Papua New Guinea
• Contract for the construction of three general hospitals in Angola
• Turnkey construction of the Hohenlohe Hospital in Öhringen in Germany
• Orders for supply, installation and training of biomedical equipment
Focus on health in Africa

Rehabilitation Center Oberndorf, Austria
• V
AMED also supported the government programme in Angola in 2021 to
expand the health infrastructure and was commissioned with the turnkey
construction of three general hospitals and the project development of
four further regional hospitals
• T
he modernisation and redesign of 20 maternity clinics will make an
important contribution to reducing infant mortality in Kenya
• In Ghana, people will gain access to low-threshold telemedical

healthcare in rural regions with poor medical services with the
help of VAMED
Handover of healthcare facilities

• Newly constructed healthcare facilities were
commissioned in the reporting year despite the
pandemic-related challenges of the last two
years
o E xpansion of the Rehabilitation

Clinics in Oberndorf, Montafon,
Gars am Kamp and the expansion
of the Salzkammergut Hospital
Sana Hospitals Landkreis Biberach, Germany Vöcklabruck in Austria
o The turnkey of the Sanaklinikum

Biberach and the Helios
St. Johannes Hospital in
Duisburg in Germany
o The turnkey of the 200-bed

hospital in Songino Khairkhan
in Mongolia
Biomedical equipment
o The construction of a new
outpatient clinic was successfully
Building Information Modeling (BIM) completed at Hospital Suroeste in
Córdoba, Argentina, with a focus
on diagnostic imaging and surgery

PROJECT BUSINESS
Life cycle models and needs-based financing

concepts are becoming increasingly important
VAMED’s life cycle and multi-project financing mod-
els make an important contribution to the expansion
of urgently needed healthcare infrastructure and
combine VAMED’s 40 years of experience in the
construction and operation of healthcare facilities VAMED Rehabilitation Clinic/Baltic Sea Resort Damp, Germany
with the benefits of tailor-made financing solutions

as well as cost and schedule security.
Current lighthouse projects include:

• The University Hospital Schleswig-Holstein – the
largest Public Private Partnership project and life
cycle project in the German healthcare system.
Together with a partner, VAMED is responsible
for the planning and realisation of new construc-
tion as well as the renovation of old buildings
during ongoing operations at this University
University Hospital Vienna, Austria
Hospital. In addition, VAMED is entrusted with
the technical operational management until 2044
• The Reem Hospital in Abu Dhabi – a non-Euro-

pean life cycle project of VAMED comprising a
modern outpatient primary care center and an
acute care hospital with an integrated rehabilita-
tion clinic
Hospital Suroeste, Córdoba, Argentina
Maternity Clinic Kenya
University Hospital Schleswig-Holstein, Germany
Hospital Villa Tunari, Bolivia

PROJECT BUSINESS
Kimbe General Hospital, Papua New Guinea
Hohenlohe Hospital, Germany
Anton Proksch Institute Vienna, Austria
Reem Hospital, Abu Dhabi, UAE
Songi Hospital, Mongolia

SERVICE BUSINESS
Technical operational management Vienna General Hospital, Austria
Sterile material supply
“Team Gesund” – Medical Center Vienna Oberlaa, Austria

SERVICE BUSINESS
SERVICE BUSINESS
As an integrated healthcare provider, VAMED offers all services for healthcare
facilities worldwide.
VAMED’s Service Business has steadily gained in importance over the past years. This trend continued in
2021. VAMED’s Service Business – divided into three lead companies – combines both High-End Services and
Total Operational Management. VAMED Technical Services GmbH (VTS) is in charge of VAMED’s High-End Service
Business, while VAMED Management und Service GmbH (VMS) is responsible for Total Operational Management.
VAMED-KMB Krankenhausmanagement und Betriebsführungsges.m.b.H provides operational management
services with a focus on building, construction and biomedical equipment, information and communication
technology, as well as infrastructural and commercial services for the Vienna Health Association with its main
customer being the Vienna General Hospital.
HIGHLIGHTS 2021
New orders for High-End Services
• New orders resp. the extension of existing orders from Austria, Germany, Italy, Spain and the UK, among
others, where IHSS is building and operating a new medical device reprocessing facility for University
Hospital Southampton
IT services gain in importance

• Development of telemedical healthcare for regions with poor medical services
Expansion of outpatient rehabilitation

• Opening of two new locations in Austria and another location in Switzerland
First Campus Rehab in Germany

• Opening of Campus Rehab Bleicherode in 2021
First fully integrated health location

• VAMED’s first fully integrated healthcare location in Vienna Oberlaa expanded: The offer
includes prevention, acute medicine, rehabilitation, nursing and telemedical services
Growing need for training

• The nursing school operated by VAMED Mediterra in Mělník, Czech Republic, trained
around 50% more nurses in the 2021/22 academic year than when it was taken over in 2018

SERVICE BUSINESS
HIGH-END SERVICES
The increasingly complex biomedical equipment in The importance of IT and digitalisation along VAMED’s
healthcare facilities worldwide also raises the require- entire value chain has also grown steadily. A massive
ments related to maintaining ongoing availability. In digitalisation process has begun in the health sec-
the field of High-End Services, VAMED’s specialists tor, not least due to the ongoing findings from the
ensure uninterrupted operation. The importance of COVID-19 pandemic. VAMED is also available as an
these services for medical care became clearly visible expert partner in these areas with many international
during the coronavirus pandemic. Since the outbreak testimonials and many years of experience.
of the pandemic, VAMED staff members have made
a significant contribution to maintaining operations VAMED-KMB Krankenhausmanagement und
in the hospitals they are in charge of under the most Betriebsführungsges.m.b.H., Vienna
difficult conditions, e.g. by repairing ventilators that (VAMED-KMB)
had already been taken out of service and by pushing The Vienna General Hospital – Medical University
ahead with the technical retrofitting of emergency Campus (AKH) is one of the largest hospitals in
equipment. Europe.
VAMED-KMB has been responsible for smooth
VAMED currently provides technical services for technical operational management since 1986 and
approximately 227,000 beds in around 840 hospitals thereby offers not only risk minimisation as well as
spread across four continents covering a wide geo- legal and budget security, but also long-term value
graphic range, in countries such as Austria, Germany, maintenance.
Belgium, the Netherlands, Italy, Switzerland, Spain, With its highly qualified staff, VAMED-KMB is one of
Czech Republic, United Kingdom, Peru, Ghana, South the largest service providers worldwide. It provides
Africa, United Arab Emirates and Malaysia. value-added business management services with a
focus on building, construction and biomedical equip-
VAMED’s portfolio of High-End Services includes the ment, information and communication technology as
complete management of biomedical equipment, the well as infrastructural and commercial services. In
whole hospital operating technology, sterile supplies, addition, it is also responsible for the care of around
as well as IT development and equipment. 50,000 biomedical devices. The company operates the
vehicle fleet including patient transport, supports the
In technical operational management, a highly qualified documentation of patient medical histories and, last
team performs all maintenance services in partnership but not least, performs tasks in waste management,
with the customers, takes care of the legally required environmental economics and energy management.
documentation and optimises economic efficiency. Planning and project management of new buildings,
The aim is to offer sustainable solutions for managing additions and conversions during ongoing hospital
biomedical equipment that are tailored to the existing operations are also carried out by VAMED-KMB.
organisation in the hospital. Reinvestment decisions
are supported objectively as they are independent of
individual manufacturers. A comparable performance
profile is implemented in operational technology.
The area of sterile goods processing is given the highest

priority in day-to-day hospital operations. VAMED’s
range of services here extends from controlling the
reprocessing of reusable medical devices to highly
sensitive technological diagnostic and intervention
systems such as endoscopes. This requires perfect
quality management and constant control of results
even under high time pressures.
VAMED offers a variety of training opportunities in order
to meet the growing demand for well-trained profes-
sionals, especially in biomedical equipment and care.

SERVICE BUSINESS

SERVICE BUSINESS
Telemedicine
Revigo Therapy Center Zurich Airport, Switzerland
VITALITY Residence Am Kurpark Vienna, Austria
Montafon Rehabilitation Clinic, Austria
Vienna Baumgarten Rehabilitation Clinic, Austria
St. Martins Spa & Lodge, Austria
VAMED Campus Rehab Bleicherode, Germany

SERVICE BUSINESS
TOTAL OPERATIONAL MANAGEMENT
VAMED Management und Service GmbH (VMS) is responsible for the comprehensive range of rehabilitation ser-
vices, making VAMED one of the leading companies in this segment. The area of Total Operational Management
also includes services in acute care and nursing, as well as in prevention, where VAMED offers medical-therapeutic
methods and comprehensive applications with thermal spa and health tourism resorts in Austria and Germany
to improve the physical and mental well-being of its guests.
VMS operational management worldwide Digital rehabilitation provides the option of treating
VMS is currently entrusted with operational manage- patients comprehensively, continuously and effec-
ment services in around 100 healthcare facilities with tively, even during physical appointments with the
a total of 15,000 beds spread across three continents. doctor or clinic.
VAMED’s operational management services in acute
care as well as in rehabilitation and nursing facilities Integrated approaches (Campus Rehabs) are also
also provide it with unique healthcare expertise. It is a promising concept, such as the VAMED Campus
able to draw on the knowledge and experience of Rehab in Bleicherode, which opened in June 2021,
around 10,300 doctors, therapists and nurses. The where inpatient rehabilitation is located on the campus
cross-linking of medical expertise takes place at the of the specialist orthopaedic clinic, thereby enabling
International Medical Board. patients to undergo rehabilitation at the same location
directly following acute care.
Comprehensive services for rehabilitation and
nursing Another important area of post-acute care is nursing,
VAMED relies on a combination of modern medicine, with the aim of making residents at the facilities feel at
personalised and individually tailored rehabilitation home and caring for them in their everyday lives with
goals, as well as personal attention in its rehabilitation full dedication and medical as well as nursing exper-
facilities in order to minimise disease and accident-re- tise. VAMED operates nursing facilities in Austria,
lated restrictions as far as possible. Using the most Germany and the Czech Republic.
modern resource-oriented approaches, such as the
ICF concept (International Classification of Function- In Austria, VAMED also operates two residences for
ing, Disability and Health) or the CHES (Computer elderly people in Vienna and Innsbruck. The residents
Based Health Evaluation System), patients are left live their lives according to their own preferences at
able to achieve the best possible, evidence-based the VITALITY residences. Individual and accessible
functional improvement to increase their own activity apartments, a stylish ambience, an extensive cultural
and participation in all areas of life, including after programme and a wide range of sporting activities
severe illnesses. enable residents to live their lives autonomously with
the security of being able to access medical care if
VAMED operates rehabilitation facilities in Austria, necessary.
Germany, the Czech Republic and Switzerland, as well
as outside Europe, for example in the United Arab VAMED’s medical services also include acute hos-
Emirates and Kuwait. pitals and clinics in Austria, Germany and the Czech
Republic.
In addition to the tried and tested inpatient reha-
bilitation clinics, outpatient rehabilitation service The site Vienna Oberlaa was expanded to become
options close to home are also becoming increasingly VAMED’s first fully integrated healthcare location.
important. VAMED has significantly expanded this The range of services extends from prevention and
offer, and hybrid and telerehabilitation are also being acute care to rehabilitation, nursing and telemedical
developed. In this context, the coronavirus pandemic consultation options.
presents itself as a great opportunity to rethink and
redesign healthcare.

SERVICE BUSINESS
Rehabilitation facilities for Nursing facilities for
• Neurology and Neurological Early Rehabilitation Inpatient care and short-term care, in particular
• Neuropediatrics • Basic nursing
• Orthopedics and Traumatology • Medical treatment and nursing
• Haematology and Oncology • Comprehensive social care
• Child and Adolescent Oncology • Day-structuring measures
• Family-oriented Therapy • Care for dementia patients
• Psychosomatics • Special care for people with serious neurological

disorders (persistent vegetative state), patients
• Cardiology with psychatric or gerontopsychiatric diseases,
addictive disorders
• Geriatrics
• Hearing disorders, Tinnitus and Vertigo
• Gastroenterology
• Nephrology
• Pneumology, Pulmonology
• Metabolic diseases
• Post-COVID
Mělník Nursing School, Czech Republic
VITALITY Residence Veldidenapark Innsbruck, Austria

SERVICE BUSINESS
VAMED Rehabilitation Clinic Bad Salzdetfurth, Germany
VAMED Rehabilitation Clinic Zihlschlacht, Switzerland
Therme Wien Med, Outpatient Rehab, Austria
la pura women’s health resort Kamptal, Austria
VAMED Clinic Geesthacht, Germany
VAMED Clinic Hattingen, Germany

VAMED IN FIGURES
SERVICING HEALTHCARE
WORLDWIDE
EUR 3.5
BILLION
98 ORDER BACKLOG
COUNTRIES
143,000 STAFF MEMBERS

INPATIENTS AND FROM
117
PATIENTS AT VAMED
HEALTHCARE FACILITIES
NATIONS
46
LIFE CYCLE
PROJECTS
TOTAL
OPERATIONAL
MANAGEMENT FOR
15,000
BEDS 10,300
MEDICAL STAFF

VAMED IN FIGURES
500
APPRENTICES IN
25 DIFFERENT
APPRENTICESHIP
TRADES
COOPERATION
WITH
15 5
UNIVERSITY CONTINENTS
HOSPITALS
MORE THAN
27 1,000
PPP PROJECTS HEALTH PROJECTS
COMPLETED
WORLDWIDE
24,100
TECHNICAL SERVICES
FOR
227,000 PEOPLE
BEDS

GROUP REPORT
STRUCTURE
OF THE VAMED GROUP
PROJECT BUSINESS SERVICE BUSINESS
CENTRAL EUROPE INTERNATIONAL AKH AND CENTRAL EUROPE & INTERNATIONAL

WiGev, VIENNA
VAMED VAMED-KMB
VAMED VAMED VAMED
Standortentwicklung Krankenhaus-
ENGINEERING Technical Management und
und Engineering management und
GmbH, Services GmbH, Service GmbH,
GmbH, Betriebsführungs-
Vienna Vienna Vienna
Vienna ges.m.b.H., Vienna

GROUP REPORT
GROUP MANAGEMENT
REPORT 2021
The global economy remained under the influence of the COVID-19 pandemic throughout 2021. The first
COVID-19 vaccinations started in Europe at the end of December 2020, bringing with them the hope
that immunisation of large parts of the population would lead to a rapid normalisation of the economic
environment and business performance. This hope was not fulfilled, at least not to the extent expected,
and so 2021 was once again characterised by lockdowns, travel restrictions and, in some cases, official
closures of tourism businesses, especially in spring and late autumn.
Despite these difficult overall conditions and the unexpected course of the COVID-19 pandemic,
VAMED was able to improve its result after the sharp declines of the previous year due to the
coronavirus.
Under the pandemic conditions still prevailing, the company recorded an 11% increase in sales revenues
to EUR 2.3 billion. EBIT amounted to EUR 100.7 million.
The favorable developments in the order backlog with an increase of 14% to EUR 3.5 billion as well as
the order intake of around EUR 1.3 billion, despite the adverse circumstances, form a solid basis for
further growth.
1. Economic Report
1.1. Health sector also with low incomes, a lack of or inadequate infra-
structure as well as an increasing shortage of health
The health sector ranks among the most important professionals are further tasks that need to be tackled
economic sectors worldwide. A health system with and for which innovative solutions need to be found.
functioning acute medical care and a widely available
rehabilitation system is an important pillar for the 1.2. Business model
economy. It helps people stay employed and able to
maintain themselves. Investments in health are there- VAMED does not face any direct competitor covering
fore an important contribution to growth, employment a comparable portfolio of services over the entire life
and prosperity. cycle of a healthcare facility.
2021 marked the second exceptional year in a row for VAMED operates in 98 countries on 5 continents and
the health sector. Funds earmarked for the long-term has implemented more than 1,000 projects since it
expansion of the health system had to be reallocated was founded in 1982.
to the immediate fight against the pandemic, and
construction projects were postponed or could not The company provides technical services for approxi-
be commissioned due to a lack of available funding. mately 227,000 beds in 840 hospitals and is entrusted
While 2020 and most of 2021 were dedicated to imme- with Total Operational Management of 100 healthcare
diate pandemic response and emergency measures, facilities with a total of around 15,000 beds. VAMED's
global economies will need to focus intensively on the range of services covers the entire value chain in the
further development of their health systems once the healthcare sector – from project development, plan-
pandemic is under control again. ning and turnkey construction to maintenance and the
execution of highly specialised technical, commercial
Post-COVID challenges in 2021 and beyond include and infrastructural services as well as Total Operational
massive cost pressures on health facilities, as well as Management in prevention and acute care as well as
building up more capacity in many regions, the lack in rehabilitation and nursing.
of which was clearly evident in the pandemic. Access
to adequate healthcare in urban centers as well as in This comprehensive expertise enables VAMED to keep
rural areas, the affordability of healthcare for people even complex healthcare facilities available efficiently

GROUP REPORT
throughout their entire life cycle. VAMED is a pioneer Project Business

in the field of Public Private Partnership (PPP) models The VAMED Project Business comprises consulting,
for hospitals and other healthcare facilities. The ref- development and planning, financing management as
erence projects also include the largest PPP project well as project management and turnkey construction
in the German health sector, the University Hospital of healthcare facilities.
Schleswig-Holstein.
VAMED's expertise in the field of biomedical equip-
With its business divisions, the company covers all ment, which in many cases includes not only project
areas of healthcare from prevention and health tourism management, planning and procurement of biomed-
to acute care, rehabilitation and nursing. VAMED is one ical equipment, but also installation and training, is
of the leading private providers of post-acute health- also appreciated worldwide. VAMED is also a leader
care in Central Europe, especially in the rehabilitation in Public Private Partnership (PPP) models.
and nursing segments. With VAMED Vitality World, the
VAMED Group is also the largest operator of thermal Public and private partners establish a joint project
spas and health resorts in Austria. company that plans, builds, finances and operates
hospitals or other health facilities. To date, VAMED
1.3. O
rder situation and sales performance can cite 27 PPP models as references.
Despite the difficulties related to COVID-19, order intake Impact of the pandemic
in the Project Business was EUR 1,290 million or 27.8% VAMED Project Business continued to suffer from the
above the previous year's value, and the order backlog consequences of the COVID-19 pandemic in 2021. While
at the end of the year increased by 13.7% to EUR 3,473 travel in Europe had improved during the year, travel to
million. Sales increased by 11.1% to EUR 2,297 million non-European destinations, supply chains and project
in the reporting period. execution continued to be affected. This also led to
restrictions in the acquisition of new orders. In addition,
The individual business divisions showed the following VAMED was confronted with COVID-19-related changes
development: in the prioritisation of health projects on the part of the
contracting authorities, and the granting of loans was
in T€ 2021 2020 Change generally handled in a more restrictive manner.
Project Business 717,146 633,390 13.2%
The Project Business was also affected by the more
Service Business 1,579,682 1,434,299 10.1%
difficult and more expensive working conditions in
Total 2,296,828 2,067,689 11.1% construction due to COVID-19 hygiene concepts, as
well as rising construction prices worldwide. There
Geographically, Europe continued to be the strongest were therefore delays in projects in some regions
region, accounting for 83% of total sales. Africa, Asia during the reporting period.
and Latin America generated 8%, 5% and 4% of total
sales respectively. The following section provides information on
major projects in selected markets of VAMED's
1.4. Business segments in detail Project Business.
Europe
In Austria, VAMED realized renovation, enlargement
and new construction work at the Vienna General
83% Europe Hospital .
8% Africa
5% Asia This resulted in further project call-offs in 2021, includ-
4% Latin America ing completion of the birthing area and the prepara-
tion of the infrastructure for a parent and child center.
The newly built ward for addiction disorders of the
Anton Proksch Institute in Vienna was opened in Sep-
tember 2021. This completed the first of three phases
of a comprehensive renewal of the Institute. The new
ward offers a total of 45 inpatient therapy places,

GROUP REPORT
therapy and seminar rooms, a therapy garden and The construction of the Central Institute of Mental
sports facilities on an area of 2,000 m2. Furthermore, Health in Mannheim was also delayed due to the
an inpatient offer of 242 beds and an expansion of pandemic. Completion is now planned for mid-2024.
the outpatient treatment capacities are planned.
At the end of December, VAMED was awarded the
The expansion of the inpatient rehabilitation clinic for contract for the turnkey construction of the Hohenlohe
psychiatric rehabilitation was successfully completed Hospital in Öhringen, having previously supported the
in Oberndorf near Salzburg in November 2021. In the hospital in the planning phase.
new mental health center, 60 patients can receive reha-
bilitative treatment, and another 4 beds are available The company was also commissioned with the turnkey
for accompanying persons. State-of-the-art therapy construction of a radiotherapy/radiation oncology
and treatment rooms were built on 6,000 m2 for indi- facility at the University Hospital in Bonn.
vidual and group therapy sessions. The rehabilitation
clinic now has a total of 124 beds. VAMED is responsible for project management plan-
ning and general contracting services as well as bio-
The expansion of the Montafon Rehabilitation Clinic medical equipment management for Helios Kliniken
in Vorarlberg was also completed in 2021. This means in Germany.
that an additional 62 beds are available for psychiatric
rehabilitation and 8 beds for accompanying persons. In The shell of the construction project in Krasnodar was
total, the facility now offers 223 beds for orthopaedics, completed in Russia and the expansion work started.
cardiology, neurology and psychiatric rehabilitation. VAMED was awarded a contract in Turkmenistan for
planning, equipping, installing and commissioning
The extension of the Gars am Kamp Lower Austrian biomedical equipment as well as training local staff.
Rehabilitation Center for psychiatric rehabilitation by
25 beds was already put into operation in January 2021. Africa
One focus of VAMED's international Project Business
In March 2021, the annex at the Neurological Ther- in 2021 remained the expansion of healthcare in Africa.
apy Center Kapfenberg (NTK) in Styria was officially
opened. The expansion was implemented in record The government in Angola is currently focusing on
time despite the pandemic. This created space for the expanding the health infrastructure. In this context,
nursing of 24 additional patients in one of Austria's VAMED will build three more general hospitals. In
leading facilities for neurological early rehabilitation. addition, the company was commissioned with the first
This means that the NTK now has 77 inpatient beds. phase of planning services for another four regional
hospitals.
In Lower Austria, the construction contract for part of
the new St. Pölten University Hospital (Building D) is In Kenya, VAMED has already successfully modernised
proceeding according to plan, and in September 2021 maternity clinics at several locations and furnished
VAMED was presented as the general contractor for the them with biomedical equipment. At the beginning
new provincial hospital to be built in Wiener Neustadt. of the year, the company received an order for 20 more
maternity clinics.
In Germany, the contract for the planning, construction
(new construction, modernization and renovation) of In Ghana, a project was commissioned that will provide
the University Hospital Schleswig-Holstein at the two access to low-threshold telemedical healthcare, espe-
sites in Kiel and Lübeck is designed as a life cycle cially for people in rural regions with poor supplies in
model and also includes technical operational man- healthcare.
agement including maintenance until 2044. Following
the successful handover of the newly constructed The construction work for the five polyclinics in Ghana
central hospitals at both sites, the conversion of the was largely completed despite pandemic-related
existing buildings is currently underway. delays, and the delivery and installation of biomedical
equipment has begun. The construction of the Urology
The contract for the planning and construction of a Center in Korle Bu is largely on schedule despite lim-
central clinic in Biberach was delayed due to COVID-19; ited supply chains. Construction has begun on another
completion took place in 2021 and the handover was ten regional hospitals, each with 40 beds.
performed at the end of July 2021.

GROUP REPORT
In Ivory Coast, the construction of four turnkey hos- proton therapy and a cyclotron in Indonesia, was able
pitals is at an advanced stage despite severe delays to proceed with COVID-19 related delays.
caused by COVID-19, with two hospitals (Méagui,
San Pedro) already completed and the installation of In Papua New Guinea, work on the modernisation and
biomedical equipment also underway. turnkey expansion of Boram Hospital is progressing
rapidly and VAMED was awarded another contract in
For long stretches of the reporting period, entry into 2021. The company will build a 110-bed turnkey hospi-
Senegal was only possible with special permission. tal and provide biomedical equipment in Kimbe, one
The project in Dalal Jamm could nevertheless be of the largest and fastest growing cities in the country.
continued.
Latin America
Mozambique is not only in a state of emergency due VAMED has been continuously expanding its market
to the COVID-19 pandemic, but also due to a natural position in Latin America for several years. The con-
disaster triggered by a cyclone. Work on Buzi and struction of the Hospital Suroeste was completed in
Sussundenga Hospital, which started in September Argentina, as was the installation of the biomedical
2020, could be resumed after a short interruption equipment. The existing construction contracts in
following the cyclone. Bolivia are also running again after delays. The start
of patient operations at Villa Tunari General Hospital
Middle and Far East is underway.
On the Arabian Peninsula, phase 1 of the Reem Hos-
pital in Abu Dhabi was handed over and operations In Nicaragua, VAMED is working on the turnkey con-
are running according to plan. This healthcare facility struction of a regional hospital in Ocotal.
is an important reference project outside Europe as
a "VAMED life cycle project", which includes not only Construction of the Sangre Grande General Hospital
construction but also Total Operational Management in Trinidad and Tobago continued without significant
for 20 years. In the Al Reem district, a mother and child delays.
hospital, a day clinic, a large outpatient and diagnostic
area and a rehabilitation facility with a total of 219 beds Technical Services
are being built on an area of around 49,000 m2. In the Services Business, VAMED offers a broad port-
folio of services for healthcare facilities which ensure
Existing orders in the United Arab Emirates, Jordan that it is successful worldwide.
and Oman are running according to plan, but with
restricted supply chains. VAMED's range of services has a modular structure
and covers all areas of technical, commercial and infra-
Furthermore, VAMED has been awarded the contract structural facility management for healthcare facilities
for the biomedical equipment for the veterinary clinic – from the maintenance of buildings to the provision of
at Sea World Abu Dhabi and had already successfully services and equipment, through the management of
installed the first devices by the end of 2021. biomedical equipment facilities and technical opera-
tions management to Total Operational Management.
Asia – Pacific In addition, VAMED is responsible for energy man-
VAMED has been operating successfully in significant agement, waste management, building and grounds
Asian markets for decades. Current order executions maintenance and security services.
in China, Mongolia, Sri Lanka, Malaysia, Papua New
Guinea, Vietnam and Thailand are largely on sched- The area of highly specialised services (High-End
ule. In Mongolia, VAMED handed over the newly built Services) includes, among other things, the com-
200-bed hospital in Ulaanbaatar's Songino Khairkhan plete management of biomedical equipment, the
district, and a new order for the delivery of biomedical entire hospital operating technology as well as sterile
equipment came from the National Cancer Center in goods processing. VAMED also offers internationally
Ulaanbaatar. sought-after expertise in the increasingly important
field of highly specialised IT services in the healthcare
The Presidential Hospital Jakarta Proton Therapy sector. VAMED's services in the field of digitalisation
Center project, which includes the review of the mas- are also becoming increasingly important, such as the
ter plan and the design, delivery and installation of a use of state-of-the-art technologies in operational
center for nuclear medicine and radiotherapy including management or Building Information Modeling (BIM),

GROUP REPORT
where VAMED plays a pioneering role in the hospital Hospital and the Donaustadt Hospital (previously
sector. With this broad range of services, VAMED Sozialmedizinisches Zentrum Ost - Donauspital).
ensures that healthcare facilities are optimally man- In Austria, VAMED is responsible for the technical oper-
aged and operated throughout their entire life cycle, ation of a total of 45 hospitals with around 14,700 beds.
from construction to the end of primary use and/or
their modernisation and expansion. Furthermore, In Germany, VAMED and its consortium partner
VAMED offers purchasing and logistics services in the continued the technical operation of the University
healthcare sector and contributes to minimising logis- Hospital Schleswig-Holstein with a total of around
tics costs and ensuring the required quality of nursing 2,400 beds at the Kiel and Lübeck sites. Technical
by optimising processes. Numerous national and inter- operations management (biomedical equipment, hos-
national certificates and awards provide evidence that pital operations technology and central sterilisation)
VAMED meets the highest quality standards. for the German Helios hospitals was also continued.
A total of 441 healthcare facilities with around 142,700
VAMED's portfolio also includes education and train- beds are under technical management in Germany.
ing programmes in the healthcare sector, which are
also offered internationally, from Africa to the Middle In Spain, VAMED is responsible for the management
East and Asia. and maintenance of biomedical equipment for the
Quirónsalud Clinics. During the reporting period,
An overview is provided below of the most important VAMED was awarded the contract for the manage-
developments in key markets of VAMED's Service ment of biomedical equipment for a university hospital
Business. in Barcelona. A total of 45 hospitals with 7,700 beds and
39 outpatient health centers are managed in Spain.
In the field of technical operational management,
VAMED is in charge of about 840 healthcare facili- In Switzerland, VAMED provides technical services for
ties with around 227,000 beds worldwide. Service 36 healthcare facilities with 4,400 beds.
delivery in the area of technical services continued
to run according to plan and without interruption In Italy, the Group manages 138 health facilities with
in 2021 even under COVID-19 conditions, although around 41,700 beds. The projects of the Liguria regional
under conditions that remained difficult and with the tender (7 hospital districts), which were awarded to
associated increase in costs. H.C. Hospital Consulting in 2020, were successfully
launched in 2021. The regional tender in Venetia was
VAMED's technicians made a significant contribution also won. This involves a total of 10 hospital districts. The
to ensure the availability of technical facilities and projects will be rolled out successively from Q1/2022.
biomedical equipment for the treatment of patients
through their efforts during the COVID-19 pandemic. In the UK, VAMED provides technical services to 48
healthcare facilities with 7,700 beds.
The development in the provision of sterile services
varied from region to region due to the lower capac- Outside Europe, VAMED provides technical services
ity of hospitals for elective surgeries as a result of among other countries in Ghana, Libya, Malaysia, Peru,
COVID-19. South Africa and the United Arab Emirates.
In 2021, VAMED was able to win significant new con- In Tonga, VAMED has successfully implemented the
tracts in the field of Technical Services in Germany, contract for the introduction of an IT-based health-
Italy, the United Kingdom, Switzerland and Spain. care system, the system is already in use in the capital
Nuku'alofa, with roll-out to the islands planned for 2022
In Austria, VAMED successfully continued its decades- depending on restoration of the internet connection
long partnership with the University Hospital Vienna after the volcanic eruption.
in 2021.
Another ongoing digitalisation project of VAMED is
VAMED has been entrusted with the technical man- the development of a digital healthcare strategy for
agement of the University Hospital Vienna since 1986. ten Central Asian countries.
Within the framework of the first PPP life cycle model
in Vienna, VAMED is also responsible for the technical
management of radiation oncology at the Hietzing

GROUP REPORT
Total Operational Management In the rehabilitation sector, the expansion of outpa-

VAMED is responsible for Total Operational Man- tient rehabilitation services continued in 2021 and work
agement of 100 healthcare facilities with a total of was done to develop digital and hybrid rehabilitation
around 15,000 beds worldwide. The company was services.
able to further expand its position as one of the
leading rehabilitation providers in Europe in 2021 and In Austria, two new outpatient rehabilitation centers
has inpatient and outpatient healthcare facilities in were commissioned at the Eisenstadt and Wörgl sites in
Austria, Germany, Switzerland and the Czech Republic the 2021 financial year. This increased VAMED's range
in the post-acute healthcare sector. The impact of the of outpatient rehabilitation services in Austria to six
COVID-19 pandemic on post-acute facilities varied due locations overall. In addition, the range of psychiatric
to different regional developments and targets. Tighter rehabilitation services was expanded. Rehabilitation
hygiene regulations were in force in all facilities during services for this indication have also been offered at
the reporting period and the safety concepts to prevent the Montafon Rehabilitation Clinic and at the Oberndorf
COVID-19 infections were continuously updated. Rehabilitation Center since the 2021 financial year.
In contrast to 2020, there were no temporary pan- In Switzerland, VAMED opened an outpatient reha-
demic-related closures of rehabilitation facilities in bilitation facility at Zurich Airport in cooperation with
the reporting period. a partner.
In Austria, the Oberndorf Hospital was part of the The concept of Campus Rehab is an increasingly
COVID-19 healthcare service for the federal province sought-after growth model in the rehabilitation sector.
of Salzburg. The Upper Austrian Gmundnerberg VAMED has been successfully implementing the model
and Enns Rehabilitation Clinics were included in the of integrated nursing facilities for around ten years
COVID-19 care of patients after completion of their already in several projects in Austria. This approach
illness in the 1st quarter of 2021, with Enns additionally is characterised by combining an acute hospital with
included from the end of November. a rehabilitation clinic at one site. This is the optimum
way of ensuring the continuous care chain of acute
In Burgenland, the province has reorganised the treatment followed by immediate rehabilitation. The
provision of nursing and, in accordance with the pol- first such model in Germany, the VAMED Campus Reha
icy decision to have all province-owned health and Bleicherode in Thuringia, was able to start operations
social care facilities managed by the province alone, in June and offers inpatient rehabilitation after knee,
has decided to bring the nursing facilities previously hip and spinal operations in a separate wing of the
operated in a Public Private Partnership with VAMED Helios Specialist Clinic for Orthopaedics.
into a new nursing model and to operate these itself
from January 1, 2022. In Switzerland, VAMED is also planning to implement
this model in Bodan at the Hospital Campus in Mün-
In Germany, health facilities were able to continue sterlingen, and another project is being planned with
operating at limited capacity during the ongoing pan- Kantonsspital Winterthur.
demic. Occupancy has increased again following the
relaxation of the measures during the year. However, In the Czech Republic, VAMED Mediterra Hospitals
during the phases of increased incidences of infection, provide acute care, rehabilitation and long-term
the decline in elective procedures was also noticeable nursing services in eight facilities with more than
in the rehabilitation utilisation. 1,000 beds. The nursing college acquired in 2018 was
training around 160 students to become nurses as at
VAMED's rehabilitation facilities recorded declines the reporting date, 45% more than at the take-over
in occupancy rates in Switzerland also due to the of the facility.
postponement of elective procedures in phases with
increased incidences of COVID-19 infections. After successfully building up its market presence in
the High-End Services Business in the UK, VAMED also
In the Czech Republic, VAMED Mediterra was tem- plans to regain a foothold in the rehabilitation sector.
porarily affected by the postponement of elective VAMED's major Total Operational Management pro
procedures. jects outside Europe include the Reem Hospital life
cycle project in Abu Dhabi and the Al Argan Rehabil-
itation Hospital in Kuwait.

GROUP REPORT
In Saudi Arabia, VAMED was commissioned with Total 1.5. Earnings, assets and financial position
Operational Management of a healthcare facility with
a focus on long-term nursing. 1.5.1. Results of operations
VAMED Vitality World Following the fall in sales revenues in the previous year
Based on decades of experience in the health due to coronavirus, an 11.1% increase in revenue from
sector, VAMED is building a bridge between pre- EUR 2,068 million to EUR 2,297 million was recorded
ventive medicine and health tourism with VAMED in the 2021 financial year.
Vitality World which includes eight thermal spas and
health resorts. The VAMED Vitality World facilities The operating result (EBIT ) recovered signifi-
were among the business divisions most affected by cantly from EUR 28.5 million to EUR 100.7 million.
the COVID-19 pandemic due to continuous closures
from the beginning of the year until mid-May, as well Earnings before taxes and non-controlling interests
as in the traditionally strong season from the end of (EBT) of EUR 90.4 million were ultimately EUR 81.4
November until mid-December. The additional spe- million higher than in the previous year.
cial hygiene and protection measures during summer
operations had a negative impact despite the positive Taxes on income and earnings increased by around
bookings. EUR 15.3 million to approximately EUR 19.8 million.
The tax rate in relation to EBT is 21.8%.
1.5.2. Assets and liabilities

Dec. 31, Dec. 31,
in T€ 2021 % 2020 %
ASSETS
Current assets 1,284,814 46.0% 1,245,318 45.8%
Property, plant and equipment, right-of-use assets from leases,
goodwill and intangible assets 1,299,756 46.5% 1,224,980 45.1%
Other non-current assets 209,968 7.5% 246,075 9.1%
Total assets 2,794,538 100.0% 2,716,373 100.0%
EQUITY AND LIABILITIES
Current liabilities 1,052,247 37.6% 1,026,350 37.8%
Non-current liabilities 686,231 24.6% 635,796 23.4%
Shareholder's equity 1,056,060 37.8% 1,054,227 38.8%
Total equity and liabilities 2,794,538 100.0% 2,716,373 100.0%
Investments
The VAMED Group made the following investments in Additions to property, plant and equipment mainly
property, plant and equipment and intangible assets: relate to replacement and renewal investments in
VAMED's hospitals and rehabilitation facilities.
in T€ 2021 2020
Property, plant and
equipment 73,080 91,783
Other intangible assets 6,803 3,018
Total 79,883 94,801

GROUP REPORT
1.5.3. Financial position
in T€ 2021 2020 Change

Order intake (Project Business) 1,289,881 1,009,684 27.8%
Sales 2,296,828 2,067,689 11.1%
Earnings before interest, tax, depreciation and amortisation (EBITDA) 190,504 113,294 68.2%
EBITDA margin 8.3% 5.5%
Earnings before interest and tax (EBIT) 100,711 28,521 -
EBIT margin 4.4% 1.4%
Earnings before taxes and non-controlling interests (EBT) 90,445 9,017 -
EBT margin 3.9% 0.4%
Profit attributable to shareholders of VAMED AG 66,508 1,806 -
Total assets 2,794,538 2,716,373 2.9%
Shareholder's equity 1,056,060 1,054,227 0.2%
Equity ratio 37.8% 38.8%
2. Non-financial performance indicators • Ability of the company to use and further

develop the experience gained from projects as
From the very beginning, sustainability and social a “learning organisation”
responsibility have been essential elements of
VAMED's activities and part of our daily practice as • The willingness of management to demand
a healthcare provider. With its unique value chain, performance and promote high performers,
VAMED has played a major role in the sustainable understood as a commitment
development of healthcare in numerous countries
and has ensured that access to adequate healthcare • Innovation leadership from the experience of
is made possible or ensured for everyone, often more than 1,000 projects implemented success-
under the most difficult conditions. The well-being fully worldwide
of patients, people in care, and guests in the facilities
operated by VAMED is at the heart of everything • Life cycle approach and sustainability
VAMED represents.
VAMED is well aware of the impact of its business
VAMED ensures smooth operation and permanent operations on society and the environment. The
availability of the healthcare facilities it manages with following topics were identified as important key
its high-end services. priorities, which are explained in more detail below:
VAMED's successes and its potential for the future are • Patient well-being and patient safety
essentially based on the following key factors:
• Digitalisation and innovation
• Unique overall competence in healthcare
• Attractiveness as an employer
• High performance abilities of staff due to train-
ing, expertise and project experience and the • Protection of human rights
willingness to cooperate across all organisational
and geographical boundaries • Ethics and compliance
• An international focus as the basis for developing • Protection of nature as the basis of life
customised solutions all over the world
• Optimal customer benefit through product and

producer neutrality

GROUP REPORT
2.1. Patient well-being and patient safety Quality management

VAMED aligns its internal processes with established
The safety of patients depends directly on the quality of quality standards such as ISO 9001 or the sector-specific
the treatments or the products used, and also indirectly standard of quality management in healthcare EN 15224
on the provision of operational management services. and ISO 13485 as well as with the EFQM standards. In
addition, the company has certified several healthcare
VAMED is one of the leading private providers of post- facilities according to international standards such as
acute care in Central Europe, thereby strengthening JCI, ISO or the German QMS-REHA (BAR). All inpatient
access to the corresponding services, especially in the rehabilitation facilities in Germany must be certified
rehabilitation segment. The outpatient rehabilitation according to a procedure recognised by the Bundes
offer was expanded in 2021. The outpatient services arbeitsgemeinschaft für Rehabilitation e.V. (BAR). All
enable easily accessible, extra-occupational, medically certifications form the basis for continuous process
required rehabilitation. Existing facilities were also sup- improvement at VAMED's healthcare facilities.
plemented to include therapy approaches for further
indications. After numerous rehabilitation facilities were
Quality standard ISO 9001 ISO 13485 JCI or other
temporarily closed in 2020 due to the COVID-19 pan-
demic, business operations were largely uninterrupted in Number of
certified units 31 13 135
2021. In order to ensure safe access to health services for
patients and employees in the course of the COVID-19 Number of
certified units (%) 74% 100% 56%
pandemic, comprehensive prevention concepts were
drawn up, measures were implemented and these For the ISO 13485 standard, the % rate is related to the applicable
were adapted in accordance with the epidemiological facilities; for the JCI or other heading, the % rate is related to the total
number of companies.
course, all based on the legal requirements. In addition,
a Corona Crisis Team, which has been meeting regularly
since the beginning of 2020, reviews the validity and In Germany, the rehabilitation clinics are accredited
application of preventive measures. according to the requirements of the Federal Working
Group for Rehabilitation (Bundesarbeitsgemeinschaft
Healthcare in crisis situations für Rehabilitation - BAR), as required by law, and certi-
As an internationally active healthcare company, fied according to the quality seal Medical Rehabilitation
VAMED must be crisis-proof and react flexibly in all in Certified Quality of the Association of Private Clinics
areas. High-performance as well as resilient emergency in Schleswig-Holstein e.V. (Verband der Privatkliniken
systems and programmes have been established in the in Schleswig-Holstein e.V. - VPKSH). One exception is
divisions in order to enable full access to services and a geriatric clinic that is certified according to the DIN
seamless care for their patients. EN ISO 9001/Geriatrics quality seal.
Structured crisis management comes into effect All rehabilitation facilities in Austria are or will be sub-
immediately in critical situations. This comprises the ject to at least one certification (ISO, JCI, QMS-Reha).
Executive Board, key staff units and the executive
management teams from the lead companies. A cri- In acute care, geriatric care and project management,
sis unit meets immediately after an incident becomes all processes are regularly checked for their suitabil-
known and initiates all necessary measures. VAMED's ity and adapted if necessary. In accordance with the
healthcare facilities have emergency and outage con- guidelines of the Federal Working Group, VAMED, in
cepts as well as crisis communication plans, which have Germany, implements all relevant measures to increase
been developed in cooperation with local emergency patient safety in post-acute care facilities – including
services. In addition, the company creates all the patient surveys, complaints management and regular
necessary conditions to ensure the safety of facilities internal audits of all areas. The company receives feed-
and infrastructure, not only for its own facilities but back on the quality of structures, processes and results
also for those hospitals for which VAMED provides from the funding agencies, e.g. as part of the quality
facility management services. The tried-and-tested assurance of the German pension insurance agency
crisis management system has increased the speed (Deutsche Rentenversicherung) or the statutory health
of response to individual COVID-19-related incidents insurance funds. In all VAMED healthcare facilities,
and has made it possible e.g. to supply those facilities patients receive appropriate informational material
particularly affected with additional protective equip- and patient training to ensure long-term treatment
ment at short notice. success. Complaint reporting systems are also in place

GROUP REPORT
in some healthcare facilities. In the Project Business, Hygiene management in rehabilitation and nursing
the lead companies set guidelines for all subsidiaries, When it comes to hygiene in rehabilitation clinics and
which are reviewed in annual audits. nursing facilities, one of VAMED's tasks is to ensure
the highest possible level of protection for everyone,
In geriatrics and elderly care as well as in palliative without compromising on individual rehabilitation or
care, VAMED relies on the recognised methodological nursing. Protecting patients from infectious diseases
concept of “salutogenesis”. The approach is based on is a top priority during their stay. The health facilities
a clear understanding of the individual processes to follow systematic guidelines from day one to prevent
promote and maintain the health and well-being of the infections from breaking out or spreading. Clearly
residents in order to be able to lead a self-determined defined procedures are followed and compliance with
life in dignity. Quality of life and the feeling of security hygiene regulations is strictly controlled.
and belonging are placed at the center in nursing and
care. VAMED's hygiene standards in Germany are based on
the recommendations of the KRINKO (Commission
VAMED employs specially-trained staff for quality and for Hospital Hygiene and Infection Prevention) at the
risk management in order to raise staff awareness of RKI (Robert Koch Institute). These recommendations
quality requirements. As staff units, they report directly take into account all legal requirements for hygiene.
to the management. Quality officers also conduct In German health facilities, the Head of Hospital
training in their facilities, thereby involving all staff in Hygiene (the central hygiene officer) coordinates the
the quality management systems. This way, the qual- hygiene specialists and sets overarching standards in
ity officers ensure that the workforce fulfils its duty consultation with the CMO (Chief Medical Officer).
of nursing. VAMED already informs its staff about its One of the most important hygiene measures is hand
particular understanding of quality in the induction disinfection. VAMED follows WHO guidelines on this.
concepts and introductory events. Hygiene specialists, doctors and nurses with special
responsibility for hygiene implement hospital hygiene
Audits and recertifications measures throughout the entire Group. In VAMED's
Regular internal audits and external recertifications Austrian healthcare facilities, the Federal Hospitals
take place in order to ensure compliance with the Act (Bundeskrankenanstaltengesetz) forms the basis
quality standards. Quality management audits for the management of hygiene plans, hygiene inspec-
are conducted once a year in accordance with the ISO tions, and the deployment of hygiene specialists and
regulations in the certified healthcare facilities as well physicians with special responsibility for hygiene.
as in other VAMED facilities. Internal audits are carried Hygiene inspections in the facilities were intensified
out systematically and cover all areas of the company in the wake of the COVID-19 pandemic. Hand hygiene
and, in terms of content, cover at a minimum those and the correct wearing of protective equipment were
topics that are required by the certified standards, i.e. also recurrent topics.
all quality management processes. In addition to the
ISO certifications, audits are also carried out by the Patient information
external control bodies. Information for patients is provided in various ways,
e.g. in the room folder, with the treatment contract,
Guidelines and regulations via educational brochures, data protection statements,
VAMED sets out ethical standards in its own mission the website, the house regulations and the mission
statement and in the Code of Conduct, the Clinical statement. Welcome talks and training sessions are
Code of Conduct and the Code of Conduct for also offered. Online information sources are avail-
Business Partners. VAMED's internal guidelines are able even before arrival. The treatment objective
derived from regulatory requirements imposed on is discussed and evaluated with the patients at the
healthcare facilities throughout Europe. In addition admission and discharge interview.
to legal requirements and the requirements of the
funding agencies, VAMED also follows international Personalised and individually tailored
standards such as ISO or EFQM, expert standards and rehabilitation goals
medical guidelines. All internal guidelines are regularly VAMED uses modern and resource-oriented approaches
reviewed and updated as necessary. Employees can in rehabilitation, such as the ICF concept (International
obtain information on the guidelines via intranet. Classification of Functioning, Disability and Health) or
the computer-based evaluation system CHES (Computer
Based Health Evaluation System). This enables patients

GROUP REPORT
to achieve the best possible and evidence-based func- rehabilitation services. In addition, pilot projects have
tional improvement to increase activity and participation been launched and are being evaluated on an ongoing
in all areas of life, including after severe illness. basis. In the Project Business, the company uses digital
solutions, known as virtual Building Information Model-
In addition, the findings on the quality of treatment, e.g. ing (BIM) concepts, to simulate and optimise the entire
at the rehabilitation facilities in Germany, are published life cycle (planning, development, construction and
on the website qualitätskliniken.de. This way, patients operation) within the planning phase for a healthcare
can find out about the central quality parameters of facility. In addition, internal digitalisation projects are
the various clinics before they are admitted. implemented in the areas of Project Business, High-
The VAMED International Medical Board (IMB) ensures End Services and Total Operational Management.
opportunities for discussion between VAMED physi-
cians from Austria, Germany, the Czech Republic and The management approach is regularly monitored
Switzerland. Within VAMED, quality and safety are using standard controlling processes. In addition, the
coordinated between medical specialist groups and strategic digitalisation business segment continuously
at management conferences. surveys and reports on the status of the respective
initiatives and projects in the business unit and the
Patient satisfaction management of the strategic digitalisation business
VAMED records patient satisfaction in the health- segment regularly reports on progress to the Executive
care facilities in an ongoing and structured process. Board.
The evaluation takes place weekly or monthly. The
company collects data for this purpose, evaluates it VAMED uses common trend and innovation stud-
internally and implements appropriate measures to ies, e.g. the Gartner Hype Cycle, and the results of
improve patient satisfaction. Patient surveys can take the Allensbach study also in 2021 to formulate and
place both during the stay and after discharge, and evaluate strategies for digitalisation in the healthcare
in some facilities both are implemented. This gives market. This included the increased use of tele-health
facilities a comprehensive picture of overall patient applications and apps in 2021. In addition, local pub-
satisfaction. lications and trend analyses are taken into account.
Reporting systems are used for critical incidents and Digital support for treatments
near misses, such as an electronic CIRS system (Criti VAMED makes rehabilitation and aftercare services
cal Incident Reporting System). Critical events can accessible to patients with digital solutions largely free
be reported anonymously here. The reports are pro- from barriers: telemedicine products allow services to
cessed by a committee established for this purpose. be provided flexibly and independent of location. This
In addition, systems are also used for improvement allows the company to contribute towards improving
suggestions, material vigilance (material safety) and healthcare, especially in structurally weak regions. The
pharmacovigilance (drug safety). Thanks to these sys- company has developed digital treatment pathways,
tems, a timely response to potential sources of danger evaluated technical solutions and launched pilot pro
or complaints can be made to the required extent and jects in the field of digital tele-rehabilitation aftercare
in accordance with internal quality standards. services.
2.2. Digitalisation and innovation COVID-19 and digital solutions

Specific projects were implemented in the international
Digitalisation is playing an increasingly important field in connection with COVID-19. This includes the
role in healthcare, whether in healthcare facilities, in development of a COVID-19 management platform
direct contact with patients or in production. It drives that was made available to clients. For the healthcare
innovative technologies and treatment concepts and facilities operated by VAMED, existing digital solutions
can contribute to solving numerous challenges in the made it possible to offer online services such as virtual
healthcare sector, and help provide added value for consultations, online videos and trainings at short notice.
customers and patients.
Data protection
VAMED has established a strategic business seg- For VAMED, the protection of the personal data of
ment of digitalisation and is implementing numerous its guests, patients, staff and business partners is of
digitalisation initiatives and projects. For example, it utmost importance. Trust in the diligent protection of
develops patient services for digital assistance systems data forms the basis of a successful relationship with
that support ambient assisted living (AAL) and digital patients and business partners.

GROUP REPORT
The loss of sensitive data or non-compliance with data Recruiting

protection-related laws, regulations and standards VAMED's business model is highly diversified – this
could damage VAMED's reputation as well as the entire places special demands on staff recruitment. The
company. In order to comply with these requirements, recruitment process is tailored to the individual require-
the company has implemented comprehensive data ments of each position.
protection management systems that provide for the
appropriate technical and organisational measures The Group Human Resources Division manages the
and controls to protect personal data. human resources work for the business units. As the
framework conditions in the individual countries in
VAMED has its progress in data protection man- which VAMED is active vary considerably, it actively
agement evaluated and documented annually by involves the persons responsible in the countries on site.
an external law firm. In 2021, the division focused on
updating directories and revising the erasure concept In Austria, the management of the VAMED companies
for processing activities. and the human resources managers of the rehabilita-
VAMED has established an annual e-learning pro- tion and nursing facilities actively participate in the
gramme on data protection, which is mandatory for respective collective bargaining negotiations in order
all staff members. In addition, training sessions are to ensure the best justifiable framework conditions
held on an ad hoc basis. The mandatory e-learning for the staff and the company. Similarly, collective
and re-certifications of data protection officers took agreements are overpaid in all companies and mar-
place successfully in 2021. ket-specific salaries are evaluated on an ongoing basis.
2.3. Employees Attracting new talent

One of the biggest challenges is to find and retain
In 2021, the consolidated companies of the VAMED qualified staff. A staff referral programme was devised
Group employed an average of 1,983 wage earners, to counter this. Permanent employees of some com-
17,148 salaried employees and 444 apprentices (2020: panies in Austria and Germany receive benefits for
1,888 wage earners, 16,951 salaried employees and recruiting new staff, linked to the duration of the new
387 apprentices). employment relationship. Certain groups of staff,
e.g. members of the Human Resources department,
Working conditions are excluded from participating in the programme.
Fair working conditions are an essential part of Cooperation with various training institutions such as
VAMED's mission statement. The corporate culture schools, universities and technical colleges in specific
is characterised by the diversity of people, open fields has been strengthened in order to counteract
dialogue, mutual appreciation, respect, caring, clear the shortage of skilled workers in a timely and efficient
goals and decisive leadership. The values, strategies manner. In the Czech Republic, VAMED runs a nursing
and goals should be tangible through open, intensive school, which has been able to increase the number of
and direct communication. students significantly in recent years. In addition, the
apprenticeship concepts are continuously revised in
Based on the pandemic experience from 2020, more order to train the necessary skilled workers ourselves.
flexible gliding time agreements were made in 2021 for VAMED increasingly uses digital recruitment channels
the lead companies and all companies at the VAMED to attract qualified professionals from abroad.
headquarters site in Austria together with the works
council and a home office guideline was issued. More Guidelines and regulations
flexible working was also made possible in the Austrian VAMED has defined detailed guidelines and standards
healthcare companies by granting extended reference on working conditions and working hours. Compliance
periods for average working hours. with these requirements is reviewed on an ongoing
basis. In the 2021 reporting year, new regulations were
Work/life balance issued due to the COVID-19 pandemic, e.g. on working
Ensuring a good work/life balance is an essential factor from home, hygiene at the workplace and business trips.
in showing appreciation of staff performance. This was
taken into account at the division's headquarters in The minimum salaries for the respective job groups are
Vienna, e.g. by extending home office options and determined in the form of wage bands and collective
framework working hours. agreements in the majority of the facilities and loca-
tions in Switzerland, the Czech Republic, Germany and

GROUP REPORT
Austria. These include the exclusion of non-objective and education on applicable COVID-19 regulations,
differentiation in pay, e.g. on the basis of gender. In particularly in the area of hygiene. VAMED has also
Austria, every employer who continuously employs digitised required and obligatory training and further
more than 150 workers is legally obliged to prepare education measures.
an income report every two years. In particular, the
report must show the number of women and men in VAMED staff members have access to their own
the respective collective bargaining or – if available – academy. The courses and training it offers not only
company employment groups as well as the respective adresses technical issues, but also topics such as per-
average salary. It must also be made available to the sonal development as well as leadership, social and
respective works council. methodological skills. In addition, various knowledge
platforms, including the International Medical Board
Dialogue and feedback formats (IMB), pool the expertise of around 1,300 physicians
Staff appraisals are an essential part of VAMED's man- working for VAMED. In the wake of the COVID-19 pan-
agement culture. In addition to providing essential demic, some courses and events were digitised and
insights and measures for further successful cooper- face-to-face seminars were postponed to later dates
ation, the necessary training and further education as a result of guidelines and regulatory requirements.
needs also emerge from the detailed discussions. This
is summarised in an education plan and the corre- The company's own training, education and continuing
sponding training and further education programme education programmes are evaluated on an ongoing
is drawn up on the basis of this. This ranges from basis. Adaptation and improvement measures are
specialised training in the health sector and charac- developed and implemented as necessary.
ter-building seminars to customised language training
and IT seminars. In addition, the personnel development processes are
continuously optimised towards further digitalisation.
Training and further education offers
The expertise and project experience of employees The long-term success of the programmes is evidenced
play an essential role in VAMED's success, not least by the fact that the HCM programme, which has been
due to the diverse nature of the activities in the areas in place since 2004, has had around 130 graduates to
of High-End Service Business, Total Operational date. Of the graduates who are currently still active,
Management and Project Management. Promoting more than 70% have now taken at least one further
the further development of staff in a targeted manner career step.
is therefore highly relevant for all areas. Key success
factors of human resources management include indi- Occupational health and safety management
vidually adapted personnel development measures The health and safety of employees are firmly anchored
and an extensive, needs-oriented training programme, within VAMED's corporate culture and mission
which is broadly diversified due to the multi-layered statement.
structure of the division. In the context of strategic
human resources planning, VAMED identifies employ- Staff and, for the most part, patients and customers
ees with special potential and promotes their further are covered by a holistic concept for occupational
individual development. This is done for applicants in health and safety. Due to a broad range of services
the form of trainee programmes and for high potentials and various responsibilities, implementation is organ-
already employed and identified in the company in ised very differently throughout the segment – both
the context of the VAMED Human Capital Manage- nationally and internationally. All sites are subject to
ment Programme (HCM Programme), focusing on the the respective local regulations and laws related to
assumption of management and specialist roles. occupational health and safety. Compliance with these
regulations is also ensured at the local level.
VAMED increasingly uses digital elements such as
e-learning when designing new training offers. Employ- Different legal and also internal guidelines and direc-
ees can access combined knowledge and expertise via tives play a significant role in occupational health and
a variety of knowledge platforms. In addition, VAMED safety due to VAMED's decentralised organisation. The
also has the possibility of developing and rolling out Code of Conduct covers the areas of Project Business,
micro-learning solutions independently. The majority technical services and Total Operational Management.
of these short training modules are available online In addition, the Clinical Code of Conduct regulates the
and have enabled fast and up-to-date precise training areas of rehabilitation and nursing as well as medical staff.

GROUP REPORT
All new staff members receive safety training right at In some facilities, additional psychological nursing was
the beginning of their employment in order to prevent offered or bonuses were paid to employees with direct
work-related injuries and accidents. patient contact for the particular stress caused during
the pandemic.
Risk management is a fixed component in the area of
health and safety and has also been taken into account Regular occupational health and safety inspections are
as such in the organisational structure. In Austria, for carried out at VAMED's sites. Work-related incidents
example, a certified risk manager has been appointed are not only subject to mandatory reporting, but also
to ensure expertise in this area. The respective work- trigger a revision of the existing work processes as well
place-specific risks in Austria were identified, analysed, as any proposed changes and their implementation.
evaluated and reduced to an acceptable level through Corresponding internal guidelines are available. The
targeted measures in the process organisation. This aim is to minimise risks and prevent the recurrence
was done in close coordination with the department of hazards. Therefore, all incidents are subjected to
heads. With regard to COVID-19, specific attention was a structured evaluation by means of a root cause
paid to the reduction of risks in relation to the danger analysis including the corresponding action planning.
of infection as well as the physical and psychological The measures are prioritised in terms of technical,
burden of dealing with the overall situation. Corre- organisational and personnel criteria. The effective-
sponding documentation can be found in the health ness testing is carried out by the responsible safety
and safety documents. specialist on site. A corresponding procedural instruc-
tion was implemented in order to ensure a holistically
In Austria, the Safety Technical Center of VAMED Tech- structured approach.
nical Services employs several safety specialists. This
center is responsible for the safety-related supervision During the reporting period, an evaluation of mental
of VAMED's facilities. In order to maintain and develop stress at the workplace was carried out by an external
expertise, all safety professionals are subject to a provider for the lead companies at company headquar-
focused training programme adapted to the respec- ters in order to derive further findings for improving
tive needs of the organisation. The management of the working conditions. The results are expected to be
safety center is also qualified as a certified quality, safety, available in early 2022 so that appropriate measures
risk and environmental manager as well as a lead auditor. can be developed.
Switzerland has its own safety officers who are VAMED is currently collecting locally relevant key fig-
responsible for occupational safety and data pro- ures that may result from occupational accidents. In the
tection. There is also a dedicated CIRS circle: this is future, changes in occupational health management
a committee of different divisions to analyse critical will also increasingly be evaluated.
and near-critical situations, to work out solutions and
to implement these. 2.4. Protection of human rights
The Czech Republic not only has safety officers, but According to the United Nations Universal Declaration
also the legally required categorisation of work into of Human Rights, everyone has the right to a standard
safety levels. This categorisation is carried out by of living adequate for health and well-being. This
the company's own staff responsible for this. The includes adequate healthcare. As a global healthcare
categories determine which protective clothing the provider, VAMED improves access to affordable,
employer must provide for the respective workplace high-quality healthcare in many countries.
and the framework within which occupational health
examinations must take place. As part of its corporate responsibility, VAMED respects
and promotes human rights in accordance with
Where logistically possible, COVID-19 testing was international standards. Two essential aspects are of
offered to workers free of charge on site and vacci- particular importance here according to the Group's
nations were carried out centrally by the companies. field of activity:
Masks, protective equipment and sufficient facilities
for disinfection were provided. Maintaining minimum • Since it was founded in 1982, VAMED has imple-
distances in the offices was supported by a rotation mented more than 1,000 projects, thereby con
principle and working from home. tributing to providing patients worldwide with
access to healthcare facilities.

GROUP REPORT
• VAMED is working hard to create safe working IT Security Guidelines must be repeated annually,
conditions for employees in the various healthcare thereby ensuring that the level of information remains
facilities everywhere within its sphere of influence. sufficiently high in long term.
VAMED enacted a guideline on the protection of VAMED also expects its suppliers and business
human rights in the reporting year. The company partners to comply with ethical standards of conduct
underlines its responsibility to protect human rights towards staff members, society and environment in
in this and declares that it will continue to develop their daily business.
its efforts to protect human rights. A human rights
risk analysis was also introduced. The guideline sets VAMED's business activities in the respective country
a framework for identifying opportunities and risks form the basis for the payment of taxes. It is a matter
in connection with the protection of human rights of course for VAMED to comply with the tax laws and
in operational activities as well as with regard to the regulations of the countries in which it operates, to pay
procedure to be followed when human rights violations the resulting levies on time, and thereby to contribute
are identified or suspected in an internal division as to the public finances of these countries. Compliance
well as in the supply chain. An appropriate grievance with applicable tax laws and the protection of its repu
mechanism and a human rights organisation with a tation with government authorities and the public help
human rights committee and human rights officers support VAMED's relevant business processes.
have been established.
2.6. Environmental management
A code of conduct for business partners was already
introduced in 2017 and was further adapted in the VAMED's responsibility as a healthcare group also
reporting year. One essential component is VAMED's extends to protecting nature as the basis for life and
expectation towards its business partner to comply using its resources with care. In doing so, VAMED
with human rights, environmental protection and continuously keeps national and international regula-
sustainability regulations. tions on environmental and climate protection in mind.
Internal policies, guidelines and standard operating
A corresponding guideline was also introduced with procedures are updated accordingly as required. The
the further development of the business partner audits company also expects its suppliers to treat nature and
which regulates a risk-based audit of all business its resources with care and responsibility, as laid down
partners. in the Code of Conduct for Business Partners.
2.5. Ethics and compliance Water management

VAMED plans, builds and operates healthcare facili-
VAMED is committed to respect ethical standards ties where an adequate supply of fresh water is es-
(compliance rules) in its conduct towards staff mem- sential for patient well-being and hygiene. Health fa-
bers, customers, suppliers and other business partners. cilities that are built on our behalf use construction
To ensure this, a group-wide compliance management and installation techniques that enable optimal water
system has been created to ensure compliance with management compliant with the respective local
all commitments as laid down in the VAMED Code of regulations. At the same time, intelligent water man-
Conduct. The Code of Conduct covers the areas of agement must under no circumstances undermine
Project Business, Technical Services and Total Oper- hygiene measures or jeopardise patient welfare. The
ational Management. largest users of freshwater are rehabilitation clinics
with therapy pools, e.g. in the field of orthopaedics,
Interaction between medical staff and patients is gov- and facilities that sterilise used medical instruments.
erned by the VAMED Clinical Code of Conduct, which
communicates to staff the high ethical standards in VAMED ensures strict compliance with the respective
the responsible operation of healthcare facilities. Fur- local guidelines on water and wastewater by means
thermore, training courses on IT security are held on of local management systems, process owners, and
an ongoing basis. New staff members joining VAMED instructions for action. The internal policies, guidelines
are obliged to complete the training courses rele- and standard operating procedures are adapted to
vant to them in the form of e-learning modules. The the applicable regulatory requirements.
e-learning modules on the VAMED Code of Conduct,
VAMED Clinical Code of Conduct as well as on the

GROUP REPORT
Since fresh water use is extremely significant in terms The healthcare facilities built by VAMED itself use
of compliance with hygiene measures and therefore construction and installation techniques that allow
patient safety, no substantial reductions in water con- for optimal resource management adapted to local
sumption are applied. In long term, the division aims regulations. The provision of technical management
to maintain a constant water consumption. Secondary services is a major business division for VAMED. One
use of water is not considered a priority because of focus of our work is to ensure the longevity of technical
the hygiene aspects to be observed. systems through maintenance and repair.
An adequate water supply is a major challenge in An innovative containerised purification plant of an

developing countries, unlike the situation in indus- Upper Austrian manufacturer treats the wastewater of
trialised countries with good infrastructure and strict the new hospital in Point Fortin, Trinidad and Tobago,
regulation. The legal requirements for water quality built by VAMED ENGINEERING GmbH, in a fully bio-
in the countries outside of Europe where VAMED is logical process. This consists of a 40-foot ISO standard
active in the Project Business are often not compara- container, a pumping station and excess sludge dewa-
ble with the high standards required e.g. to operate a tering. The technology used, known as Moving Bed
healthcare facility in Europe. The same applies to the Bio-Reactor (MBBR), is based on bio-chips: bacteria
treatment of wastewater. Many projects require the adhere to this and biological purification takes place.
use of fresh water and wastewater treatment plants. With the help of a special separation process, the solids
The projects outside of Europe are implemented settle and the biologically treated wastewater can flow
according to the World Health Organisation (WHO) out. The use of this biopurification plant is in line with
guidelines for water quality. VAMED aligns the high VAMED's principle of using sustainable, resource-saving
quality standards for the facilities to be built with the solutions as far as possible, also in economically and
requirements of the international project financiers infrastructurally disadvantaged regions.
and already implements these at the planning phase.
Climate protection – energy and emissions man-
VAMED makes sure that water-saving technologies of agement
the latest generation are used in the Project Business. The respective executive management team is directly
The future operators and employees receive compre- responsible for the energy and emission management
hensive training. Participants learn e.g. how they can of VAMED's healthcare facilities. The effectiveness of
save water most effectively. In the markets outside of energy management is measured in the certified divi-
Europe, VAMED's Project Business includes the use of sions through regular independent audits as part of
fully biological purification plants to treat wastewater. ISO 50001 certification.
Waste and recycling management A pilot project was initiated in the reporting year aimed
Waste generated in all business processes is disposed at collecting data on Scope 3 emissions of the eco-
of in accordance with regional, national and indus- nomic activities of the consolidated VAMED healthcare
try-specific regulations. The respective executive facilities in Germany, Austria, Switzerland and the
management team of health facilities is responsible for Czech Republic in future in addition to the data on
compliance. Recyclable waste is processed in required Scope 1 and Scope 2 emissions.
recycling processes. Other waste is disposed of via
composting, waste incineration or landfill. In the case CO2-neutral power supply
of clinical or hazardous waste, the individual facilities The majority of VAMED's consolidated healthcare
cooperate with local disposal companies. These carry facilities in Austria are supplied with CO2-neutral
out disposal in accordance with the law. electricity from hydropower. Energy is also to a small
extent procured from the company's own combined
The most important legal basis for waste management in heat and power plants in Germany. Swiss healthcare
Austria is the Waste Management Act (Abfallwirtschafts- facilities procure regional electricity, some of which
gesetz – AWG 2002). The AWG 2002 is supplemented in comes from renewable sources.
the federal provinces by provincial laws to include local
aspects such as the fees to be paid. There is also some LEED standard for VAMED
legislation under European law. All these regulations As part of its project developments for new functional
create the legal framework for ensuring a functioning buildings, VAMED advises on processes and the
waste management system in Austria. awarding of contracts for services in accordance with
the specifications of the sustainability standard LEED

GROUP REPORT
(Leadership in Energy and Environmental Design) public clients the opportunity for realising investment
and then incorporates these into energy-conscious projects and of strengthening economic efficiency in
construction up to the LEED Gold level. the health sector. The realisation of these types of mod-
els requires targeted further development and further
3. Risk report combination of core competencies from the service
sector and the Project Business based on VAMED's
3.1. General risk report broad international experience. The associated risks
VAMED has developed professional project control- are adequately safeguarded by quality management,
ling and project management as essential core com- professional knowledge management and a compre-
petencies in both, the Project Business and Service hensive development programme for staff members
Business. The company counters the general risks and managers.
associated with the Project Business and Service
Business with a sophisticated system for identifying, The risks from cybercrime that have increasingly
assessing and minimising risks that is adapted to the emerged in recent years are identified, assessed and
respective business activity. This system for adequate managed within the framework of the Information Risk
prevention of default, liquidity and cash flow risks con- Management (IRM) Forum, in coordination with the
sists of organisational measures (e.g. standards for risk IT, Compliance and Data Protection departments.
calculation when preparing tenders, risk assessments This takes place for all divisions and processes of the
prior to order acceptance, ongoing project controls with VAMED Group's business activities and is supported
project supervision meetings and continuously updated by the Executive Board.
risk assessment, regular budget tracking), quality assur-
ance measures (cross-business unit quality standards, in If a risk event occurs despite comprehensive risk minimi-
particular in accordance with ISO 9001, EN 15224 and sation measures, a crisis management system regulates
ISO 13485 as well as EFQM, JCI, ISO and the German the course of action in a clearly defined step-by-step
QMS-REHA (BAR) and financial measures (credit checks, plan. Regular and systematic training is provided on
dunning procedures, advance payments as collateral, this system. In particular as part of its responsibility as
documentary credits and secured loans, secure invest- an operator of healthcare facilities, VAMED provides
ments, adequate balance sheet provisions)). detailed plans and safety measures for its patients,
guests and staff as well as for maintaining the func-
Hedging transactions are concluded to an extent tionality of the healthcare facilities under its care.
appropriate to the respective project scope and
duration in order to collateralise receivables in foreign 3.2. Special risk report
currency or to hedge future purchases of goods and The global market for projects and services for hos-
services in foreign currency. pitals and other healthcare facilities continued to be
influenced significantly by the COVID-19 pandemic in
The complexity of high-quality services in the national 2021. The market for hospital and biomedical equip-
and international healthcare markets results in relatively ment projects was e.g. characterised by delays and
long development times with a correspondingly high postponements. These were accompanied by general
cost risk. VAMED is able to significantly shorten these delays in project execution, not least due to travel
common market development periods through spe- and quarantine restrictions caused by COVID-19 and
cific experience, standardised process models, knowl- supply chain constraints. The sharp rise in construction
edge databases and comprehensive interdisciplinary costs also had a negative impact. Furthermore, the
expertise, thereby significantly reducing the cost risk. COVID-19 pandemic in the Service Business led to
The noticeable cost pressure in healthcare systems lower demand for rehabilitation and high-end services
worldwide is reflected above all in the hospital sector. due to postponed elective surgeries.
In Europe, the acute healthcare sector is still dominated
by considerations of reducing bed capacities, closing or The current political crisis in Russia/Ukraine cannot yet
merging hospitals and implement specialist hospitals. be assessed in terms of its effects. A geopolitical and
VAMED takes this development into account with holistic geo-economic escalation would, of course, also have
realisation models including financing (e.g. life cycle and a significant negative impact on VAMED.
innovative PPP models along the entire value chain of
the VAMED Group). Appropriate sharing of opportuni-
ties and risks with public partners/legal entities and a
concentration on the respective core competence give

GROUP REPORT
4. Supplementary report of processes that are indirectly controlled by med-

ical and care activities and that harbour additional
No events of special significance for the VAMED Group's efficiency potentials. VAMED plays an innovative
assets, earnings and financial position occurred after the and leading role in the further development of these
end of the financial year. Future effects of the political processes. In addition to services, the infrastructural
crisis in Russia/Ukraine mentioned in point 3.2 cannot adaptation of healthcare facilities is also in demand
yet be estimated. in the established target markets, particularly within
the framework of life-cycle and PPP models. In the
5. Outlook established healthcare markets of Central Europe,
we expect solid growth once the COVID-19-related
Holistic realisation models (such as PPP and life-cycle restrictions have been lifted. Demand will continue
projects) will continue to play a major role in deter- to rise here, driven by demographic trends and an
mining VAMED's business activities in Europe in the increasing need for investment and modernisation in
coming years. Outside Europe, the focus will be on public health facilities, and by the fact that financing
tailor-made solutions and customer-oriented financing under PPP models is a reliable and predictable alter-
solutions for healthcare facilities along the VAMED native when budgets are tight.
value chain. VAMED will pay particular attention to the
development of integrated care models. VAMED's focus in the emerging healthcare markets
remains on creating efficient and needs-based health-
In organisational terms, VAMED will be streamlined care for people. The current crisis has clearly high-
and consolidated regionally by creating five manage- lighted existing weaknesses, meaning that national
ment and competence hubs distributed globally for economies must address the further development
the Project and Service Business worldwide. of their health systems more intensively than it has
been the case previously. Where the development
VAMED will continue its successful path with its unique of primary care structures has been completed, it is
portfolio of services in the areas of prevention, acute therefore important to push ahead with the expansion
care, rehabilitation and nursing in the 2022 financial of secondary care and to create tertiary care structures
year. as well as teaching and research facilities within the
framework of “Centers of Excellence”. Professional
In the field of post-acute care, VAMED is mainly active in services according to European standards are also
Germany, Austria, Switzerland and the Czech Republic in demand in many markets in Asia, the Middle East
and has become a leading private provider in this field and Africa. VAMED's core competencies in the Project
in Central Europe over the past years. Further expan- and Service Business are therefore also in demand
sion is being sought in the range of post-acute services in the emerging markets. Customer-oriented offers
in Europe, particularly in the UK. VAMED meets the in the areas of prevention, acute care, rehabilitation
demand for extra-occupational rehabilitation close and nursing are also attracting increasing interest in
to the patient's home by expanding the range of out- these markets.
patient rehabilitation services and by digitalisation
initiatives to promote hybrid and tele-rehabilitation. VAMED has been able to establish an excellent national
and international reputation in recent years thanks to
We expect that there will be a need for catch-up in its comprehensive service portfolio, professionalism
projects and services for hospitals and other healthcare and reliability.
facilities due to the COVID-19-related postponements
and that corresponding growth rates will be possible The COVID-19 pandemic has accelerated many pro-
as a result. In medium term, growth should level off cesses in the company and provided the impetus to
again in the low single-digit range. break new ground. For instance, digitalisation was
further advanced and possibilities were developed
VAMED generally distinguishes between established to control, plan and commission projects remotely.
and emerging healthcare markets. VAMED's Service External services that were not provided due to the
Business is in particular demand in the established pandemic were replaced by in-house services. The
healthcare markets with increasing cost pressures experience gained in dealing with the pandemic
as well as cost awareness. In addition to efficiency worldwide was incorporated into the preparation
gains through professional technical, infrastructural of hygiene and protection concepts for all services
or commercial management, there are a large number in the VAMED value chain. The development of a

GROUP REPORT
telemedical health platform is aimed at contributing models consisting of acute and post-acute services.
towards improved access to low-threshold medical In 2022, we want to continue to live up to our reputation
treatment in remote regions. and the trust that our partners and customers at home
VAMED is well positioned with these insights and and abroad place in our expertise and our commitment
experiences. to costs, deadlines and quality. The pursuit of innova-
tive paths and the development of quality solutions as
We expect dynamic development overall once again well as their successful implementation will continue
over the medium term in the emerging markets. The to be our top priorities in the future. VAMED will
demand for efficient and needs-based primary health- continue in 2022 to use and further expand its entire
care is e.g. growing in the first instance e.g. in Africa international network of subsidiaries and joint ventures
and Latin America. in Central and Eastern Europe, the Middle East, as well
as in Asia, Africa, Latin America and Australia, with
In other markets, such as China, South East Asia and the entire value chain for all customers and partners
the Middle East, infrastructure needs to be further – for the purposes of health and quality, which should
developed and new supply structures created. VAMED benefit all patients and all staff members.
is very well positioned here with its integrated care
Vienna, March 4, 2022 The Executive Board
Dr. Ernst Wastler

Chairman of the Executive Board
Mag. Gottfried Koos MMag. Andrea Raffaseder DI (FH) Andreas Wortmann, M.Sc.
Member of the Executive Board Member of the Executive Board Member of the Executive Board

GROUP REPORT
CONSOLIDATED FINANCIAL
STATEMENTS 2021
CONSOLIDATED INCOME STATEMENT 46
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 46
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 47
CONSOLIDATED CASH FLOW STATEMENT 48
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 49
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 51
Condensed SUBGROUP FINANCIAL STATEMENTS

of VAMED AKTIENGESELLSCHAFT, VIENNA for the
financial year from January 1 to December 31, 2021
The condensed subgroup financial statements of VAMED Aktiengesellschaft correspond to

the segment financial statements “Fresenius Vamed” in the consolidated financial statements
of Fresenius SE & Co. KGaA, Bad Homburg v.d.H., Germany, prepared in accordance with IFRS
and are referred to in the following as the “VAMED Group’s consolidated financial statements”.

GROUP REPORT
VAMED CONSOLIDATED
INCOME STATEMENT
January 1 to December 31, in T€ Note 2021 2020
Sales 3 2,296,828 2,067,689
Cost of sales 4,5 -2,063,818 -1,921,621
Gross profit 233,010 146,068
Selling and general administrative expenses 6 -156,915 -159,293

Other expenses 7 -2,948 -1,745
Other income 7 27,564 43,491
Earnings before interest and tax (EBIT) 100,711 28,521
Interest income 8 6,707 5,585
Interest expenses 9 -16,973 -25,089
Earnings before income taxes (EBT) 90,445 9,017
Taxes on income 10 -19,762 -4,421
Earnings after taxes (EAT) = net income 70,683 4,596
Non-controlling interests 11 -4,175 -2,790
Profit attributable to shareholders of VAMED Aktiengesellschaft 66,508 1,806
VAMED CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
January 1 to December 31, in T€ Note 2021 2020
Other comprehensive income
Items which will be reclassified into net income in subsequent years 4,391 -2,893
Currency translation differences 4,391 -2,893
Items which will not be reclassified to profit or loss in subsequent years -42,761 -1,904
Actuarial gains (losses)
on defined benefit pensions plans 7,722 589
Changes in fair value from equity instruments -66,320 -2,735
Other items (mainly severance pay provisions) 617 95
Income tax on positions that are not reclassified 15,220 147
Other comprehensive income, net -38,370 -4,797
Comprehensive income 32,313 -201
Total comprehensive income attributable to non-controlling interests -4,350 -2,760
Total comprehensive income attributable to the shareholders of
VAMED Aktiengesellschaft 27,963 -2,961

GROUP REPORT
VAMED CONSOLIDATED STATEMENT

OF FINANCIAL POSITION
ASSETS
As at December 31, in T€ Note 2021 2020
Cash and cash equivalents 12 68,394 88,728
Trade accounts receivable,
less allowances for doubtful receivables 13 456,497 401,007
Accounts receivable from and loans to related parties 14 80,264 90,258
Inventories 15 87,346 79,992
Other current assets 16 592,313 585,333
Total current assets 1,284,814 1,245,318
Property, plant and equipment 17 497,648 461,281
Right-of-use assets from leases 29 477,988 442,149
Goodwill 18 299,793 298,025
Other intangible assets 18 24,327 23,525
Deferred taxes 10 16,216 12,720
Other non-current assets 16 193,752 233,355
Total non-current assets 1,509,724 1,471,055
Total Assets 2,794,538 2,716,373
LIABILITIES
As at December 31, in T€ Note 2021 2020
Trade payables 19 240,491 195,851
Current liabilities to related parties 20 18,254 21,897
Current provisions and other current liabilities 21, 22 592,663 575,709
Short-term borrowings 23 12,187 13,473
Short-term borrowings from related parties 23 111,426 143,813
Current portion of non-current liabilities from borrowings 23 8,521 12,351
Current portion of non-current liabilities from leases 29 43,765 41,575
Current provisions for income taxes 24 24,940 21,681
Total current liabilities 1,052,247 1,026,350
Non-current liabilities from borrowings, less the current portion 23 27,230 22,277
Non-current liabilities from leases, less the current portion 29 445,168 411,253
Non-current liabilities to and borrowings from related parties 23 72,406 41,603
Non-current provisions and other non-current liabilities 21, 22 75,576 67,131
Pension provisions 25 41,348 50,122
Non-current provisions for income taxes 24 255 274
Deferred taxes 10 24,248 43,136
Total non-current liabilities 686,231 635,796
Non-controlling interests 18,215 15,404
Subscribed capital 26 10,000 10,000
Capital reserves 26 588,738 589,093
Other reserves 26 507,949 470,027
Accumulated other comprehensive income 27 -68,842 -30,297
Shareholders’ equity attributable to shareholders of
VAMED Aktiengesellschaft 1,037,845 1,038,823
Total equity 1,056,060 1,054,227
Total equity and liabilities 2,794,538 2,716,373

GROUP REPORT
VAMED CONSOLIDATED CASH FLOW

STATEMENT
January 1 to December 31, in T€ 2021 2020
Reconciliation of earnings after taxes (EAT)
to cash received from operating activities
Depreciation 89,793 84,773
Change in deferred taxes -5,804 -9,171
Gain/loss on disposal of fixed assets -304 -273
Other expenses/income not recognised as cash 76 -455
Changes in assets and liabilities, net of effects from businesses acquired or disposed of
Trade accounts receivable, net -63,537 -18,061
Inventories -7,354 4,793
Prepaid expenses and other current and non-current assets -5,131 137,221
Receivables/payables from/to related parties 10,597 -35,745
Trade accounts payables, provisions and other
current and non-current liabilities 58,302 -89,167
Tax provisions 3,238 -722
Cash flow from operating activities 150,560 77,789
Acquisition of property, plant and equipment and intangible assets -79,883 -94,801
Disposal of property, plant and equipment 1,483 18,733
Acquisition of shares in affiliated companies and participations, net -1,002 -5,550
Disposal of participations 34 37
Proceeds from/repayment of borrowings to affiliated companies -15,378 0
Cash flow from investing activities -94,746 -81,581
Proceeds from/repayment of short-term loans 1,444 1,828
Proceeds from/repayment of borrowings from related parties -1,584 111,983
Proceeds from/repayment of long-term debt from borrowings -761 -17,501
Repayment of liabilities from leases -46,239 -43,431
Dividend payments -27,780 -22,800
Change in other non-controlling interests -1,228 -857
Cash flow from financing activities -76,148 29,222
Net change in cash and cash equivalents -20,334 25,430
Cash and cash equivalents at the beginning of the year 88,728 63,298
Cash and cash equivalents at the end of the year 68,394 88,728
Including cash and cash equivalents with restrictions on disposal 14,671 19,611

GROUP REPORT
VAMED CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY
Shareholders’
equity
attributable
to the
Accumulated shareholders
Reserves
other of VAMED Non- Total
January 1 to December 31, Subscribed Capital Other comprehensive Aktien controlling shareholders’
in T€ capital reserves reserves income gesellschaft interest equity
As of December 31, 2019 10,000 239,078 492,145 -25,530 715,693 13,502 729,195
Stock options of the parent
company 0 0 -455 0 -455 0 -455
Currency translation
differences 0 0 0 -2,795 -2,795 -98 -2,893
ctuarial gains (losses)
A
from defined benefit
pension plans 0 0 0 137 137 0 137
Changes in fair value

from equity instruments 0 0 0 -2,051 -2,051 0 -2,051
O ther items
(mainly severance pay
provisions) 0 0 0 -58 -58 68 10
Effect of changes in the scope

of consolidation and non-
controlling interests 0 0 132 0 132 0 132
Allocation to or release
from reserves 0 350,015 -801 0 349,214 0 349,214
Dividends 0 0 -22,800 0 -22,800 -858 -23,658
Net income 0 0 1,806 0 1,806 2,790 4,596
As of December 31, 2020 10,000 589,093 470,027 -30,297 1,038,823 15,404 1,054,227
Stock options of the parent
company 0 0 76 0 76 0 76

differences 0 0 0 4,179 4,179 212 4,391
ctuarial gains (losses)

A
from defined benefit
pension plans 0 0 0 6,485 6,485 0 6,485
Changes in fair value

from equity instruments 0 0 0 -49,740 -49,740 0 -49,740
O ther items
(mainly severance pay
provisions) 0 0 0 531 531 -37 494
Effect of changes in the scope

of consolidation and non-
controlling interests 0 0 -427 0 -427 -311 -738
Allocation to or release
from reserves 0 -355 -455 0 -810 0 -810
Dividends 0 0 -27,780 0 -27,780 -1,228 -29,008
Net income 0 0 66,508 0 66,508 4,175 70,683
As of December 31, 2021 10,000 588,738 507,949 -68,842 1,037,845 18,215 1,056,060

GROUP REPORT
NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS
GENERAL NOTES
1. General 18. Goodwill and other intangible assets

I. Group structure 19. Trade accounts payables
II. Basis of the presentation 20. Trade accounts payables to related parties
III. Summary of material accounting and 21. Provisions
measurement principles
22. Other current and non-current liabilities
IV. Critical accounting policies
23. Financial liabilities
2. Acquisitions and divestments
24. Provisions for income taxes
25. Pensions and similar obligations
NOTES TO THE INCOME 26. Shareholders’ equity
STATEMENT 27. Accumulated other comprehensive income
3. Sales
4. Cost of sales OTHER NOTES
5. Personnel expenses
28. Guarantees and contingent liabilities
6. Selling and general administrative expenses
29. Leasing
7. Other expenses and income
30. Financial instruments
8. Interest income
31. Additional information on capital
9. Interest expenses
management
10. Income taxes
32. Segment reporting
11. Non-controlling interests
33. Related party transactions
34. Subsequent events
NOTES TO THE STATEMENT OF 35. Remuneration Report

FINANCIAL POSITION 36. Information on the Supervisory Board
37. Auditor’s fees
12. Cash and cash equivalents
38. Participations
13. Trade accounts receivable
14. Accounts receivable from and loans to related
parties
15. Inventories
16. Other current and non-current assets
17. Property, plant and equipment

GROUP REPORT
GENERAL NOTES
1. General
I. Group structure are presented in thousands of euros (T€). This may

result in minor deviations in totals or percentages due
The VAMED Group is a global provider of healthcare to rounding.
services. The headquarters and the registered office
of the parent company VAMED Aktiengesellschaft are The VAMED Group’s consolidated financial
located in 1230 Vienna, Sterngasse 5. statements differ from the applicable International
Financial Reporting Standards (IFRS) and the inter-
Under company law, VAMED Aktiengesellschaft (also pretations of the International Financial Reporting
referred to as VAMED AG or VAG in the following) Interpretations Committee (IFRIC) in the following
is 77% owned by Fresenius ProServe GmbH (also respects:
referred to as FPS in the following), Bad Homburg
v.d.H., a wholly-owned subsidiary of Fresenius SE & • The goodwill resulting from the acquisition of the
Co. KGaA (also referred to as FSE in the following), VAMED Group at the level of the parent company
Bad Homburg v.d.H., 13% by IMIB Immobilien und FSE is included in the VAMED consolidated finan-
Industriebeteiligungen GmbH, Vienna, and 10% by cial statements (push-down accounting).
B & C Beteiligungsmanagement GmbH, Vienna.
Fresenius is a global healthcare group with products • Goodwill from acquisitions of other segments of
and services for dialysis, hospitals and outpatient FSE is included in the VAMED Group’s consoli-
medical care. Other fields of work include the operation dated financial statements at the values specified
of hospitals as well as engineering and services for by FSE (push-down accounting) or results from the
hospitals and other healthcare facilities. In addition difference between the acquisition price and the
to the activities of FSE, the operating activities in the amortised carrying amounts. In total, the goodwill
financial year were distributed among the following from the above circumstances amounts to € 205.7
legally independent divisions (subgroups): million.
• Fresenius Medical Care • Minority interests of the Fresenius company FNT

• Fresenius Kabi Rehaklinik-Beteiligungsgesellschaft mbH are not
• Fresenius Helios reported in the VAMED Group’s consolidated
• Fresenius Vamed financial statements as required by the parent com-
pany. As at the reporting date, the value of these
General notes on the consolidated financial state- minority interests amounts to € 7.6 million.
ments of the VAMED Group
VAMED AG is included in the consolidated financial • A simplified presentation is used for the consoli-
statements of Fresenius SE & Co. KGaA, with its reg dated cash flow statement.
istered office in 61352 Bad Homburg v.d.H., Germany,
and makes use of the exemption provision of section • These notes to the VAMED Group’s consolidated
245 of the Commercial Code (UGB). Pursuant to section financial statements (“Notes”) have been prepared
315a of the German Commercial Code, FSE prepares only to the extent that, in the opinion of the VAMED
consolidated financial statements in accordance with Group, they are necessary for an understanding of
IFRS in the German language and is subsequently also the statement of financial position and the income
referred to as the “parent” or “parent company”. statement and do not purport to be complete for
the purposes of the International Financial Repor-
The subgroup financial statements of VAMED AG are ting Standards (IFRS).
therefore prepared on a voluntary basis; they essen-
tially correspond to the segment presentation for the The company wordings for the abbreviations used in
“Fresenius Vamed“ business segment in the consoli- the Notes can be found in the schedule of participa-
dated financial statements according to IFRS of FSE. tions. This is sorted alphabetically within the groups
“fully consolidated companies” and “associated com-
The reporting and functional currency of the VAMED panies and non-consolidated companies” according
Group is the euro. For reasons of clarity, the figures to the abbreviations used within the group.

GROUP REPORT
Those companies that are included in FSE’s con- Any remaining positive difference is capitalised as
solidated financial statements via FSE’s scope of goodwill and subjected to an impairment test at least
consolidation are also shown as affiliated and not once a year.
consolidated. All intra-group sales, expenses and income as well
as all intra-group receivables and liabilities are offset
II. Basis of the presentation against each other.
The VAMED Group’s consolidated financial statements There were no significant intercompany profits to
are prepared in accordance with the guidelines of the be eliminated in the reporting year from intra-group
parent company (in particular with regard to the appli- deliveries to fixed assets and inventories.
cation of IFRS, materiality thresholds, determination
of the scope of consolidation) and are included in the Deferred tax assets and liabilities are recognised on
published consolidated financial statements of FSE consolidation-related temporary differences.
according to IFRS as the “Fresenius Vamed” segment.
Non-controlling interests are recognised as “non-con-
In order to improve the clarity of presentation, various trolling interests” in the capital subject to consolida-
items of the VAMED consolidated statement of finan- tion. Profits and losses attributable to minority interests
cial position and the VAMED Group’s consolidated are shown separately in the income statement.
income statement have been combined. These are
disclosed separately in the Notes to the financial Companies not included in the VAMED Group’s con-
statements, insofar as they provide information to solidated financial statements are accounted for at
the recipients of the VAMED Group’s consolidated acquisition cost or at fair value.
financial statements.
b) Scope of consolidation
The VAMED Group’s consolidated statement of finan- In addition to VAMED AG, the consolidated financial
cial position contains the disclosures required by IAS 1, statements of the VAMED Group also include all mate-
Presentation of Financial Statements, and is structured rial companies over which VAMED AG exercises con-
according to the maturity of assets and liabilities. The trol or a significant influence in accordance with IFRS
VAMED Group’s consolidated income statement is 10. VAMED AG controls an entity to the extent that
prepared using the cost of sales method. it has power over the entity. This means that VAMED
AG has existing rights that give it the current ability
III. Summary of material accounting and to direct the relevant activities of the company. These
measurement principles are activities that have a significant impact on the com-
pany’s return on investment. In addition, VAMED AG
a) Consolidation principles is exposed to, or has rights to, variable returns from
The financial statements of the companies included its involvement with the company. Furthermore, it has
in the VAMED Group’s consolidated financial state- the ability to influence these returns through its power
ments have been prepared in accordance with uniform over the company.
accounting and measurement principles. Acquisitions
are accounted for using the purchase method. As a rule, associated companies are companies in
which VAMED AG directly or indirectly holds more
Capital consolidation is carried out by offsetting the than 20% and less than 50% of the voting rights and
carrying amounts of the investments against the pro has the power to exercise significant influence over
rata remeasured shareholders’ equity of the subsidiar- the financial and operating policies. Associated com-
ies at the time of acquisition. The assets and liabilities panies are accounted for using the equity method.
as well as non-controlling interests are recognised at Investments not classified as associates are accounted
their fair values. The amortised carrying amounts are for at acquisition cost or fair value.
recognised for acquisitions within the group.

GROUP REPORT
At the end of the 2021 financial year, the VAMED

Group’s consolidated financial statements include 24
(2020: 25) Austrian and 112 (2020: 110) foreign compa-
nies in addition to VAMED AG.
The following companies were consolidated for the

first time in the 2021 financial year:
Foundation/ Effective
Abbreviation Company name and registered office acquisition date
VHP-FIN VAMED Health Projects Finland Oy, Helsinki, Finland Foundation Jan. 1, 2021
VHP-IT VAMED HEALTH PROJECT ITALY S.R.L., Florence, Italy Foundation Jan. 1, 2021
Special purpose entities (SPEs) would have to be con-

solidated if a company of the VAMED Group exercises on list prices, reimbursement agreements or govern-
a controlling influence over that company (i.e. risks and ment regulations. These reimbursement arrangements
opportunities are essentially assigned to the VAMED are usually agreed with third parties such as health
Group). insurance funds or insurance companies. Contractually
agreed deductions from discounts or rebates are taken
Companies of the VAMED Group are involved for into account as necessary to calculate the expected
a limited longer-term period in project companies reimbursement amounts.
established specifically for this purpose for the con-
struction and operation of thermal spas. These project Sales from services are generally recognised at the
companies are SPEs in which VAMED does not exercise time the service is rendered. At this point, the client is
a controlling influence and are therefore not consoli- obliged to pay for the services already provided. Sales
dated. In this context, VAMED AG accounts for financial revenues from product deliveries are recognised when
instruments and investments in associates. The SPEs the customer obtains control over the product; either
finance themselves mainly through borrowed capital, after transfer of title to the customer, after installation
profit participation rights and investment grants. The and provision of the necessary technical training at the
value of assets and liabilities related to these project customer’s premises, or at another point in time that
companies is immaterial. The VAMED Group did not clearly defines control.
make any payments to these companies other than
those contractually agreed. From today’s perspective, Performance obligations from long-term manu-
no significant risk of loss is discernible from these pro- facturing contracts are generally fulfilled over a
ject companies due to existing contractual regulations. period of time. Revenue recognition in these cases
is based on the degree of completion. The degree
The complete shareholdings of VAMED AG are dis- of completion is determined either based on the
closed in detail in the Notes to the financial statements. ratio of costs already incurred to the estimated
total cost volume of the contract, the contractually
c) Disclosure agreed milestones or the progress of performance,
Disclosure of the items in the VAMED Group’s con- depending on which method is more suitable
solidated financial statements is based on the struc- for estimating progress with the performance.
ture of the parent company’s consolidated financial
statements according to IFRS. Sales are shown net of VAT.
d) Revenue recognition principles e) Government grants and impact of the

Revenue is recognised in accordance with IFRS 15, COVID-19 pandemic
Revenue from Contracts with Customers. Government grants are generally only recognised in
the statement of financial position if there is reasonable
Sales from services and product deliveries are invoiced assurance that the conditions attached to them will
in accordance with the usual contractual agreements be complied with and that the grants will be received.
with customers, patients and third parties involved. The grants are initially recognised as liabilities when
For healthcare services, the transaction price is based they are granted and are released to income over the

GROUP REPORT
useful life of the asset in line with depreciation. Grants f) Impairment

related to expenses are recognised in profit or loss The VAMED Group tests the carrying amounts of its
and are generally offset in the periods in which the property, plant and equipment, its intangible assets
expenses are incurred that are to be compensated and right-of-use assets arising from leases, and its other
by the grants. non-current assets for impairment whenever events or
changes in circumstances indicate that the carrying
The VAMED Group’s financial statements as of amount is higher than the net disposal proceeds or the
December 31, 2021 continued to be affected by the value in use. The net disposal proceeds are the fair value
impact of the COVID-19 pandemic. The Project Busi- less costs directly attributable to the sale. The value in
ness experienced significant delays and cost increases use is the sum of the discounted expected future cash
due to material and resource bottlenecks, interrupted flows of the assets concerned. If no own future cash
supply chains, travel restrictions (especially in the first flows can be allocated to these assets, impairment is
half of the year), material price increases and disrup- tested using the cash flows of the corresponding small-
tions to project execution. In the Service Business, est cash generating units (CGUs).
some capacities in rehabilitation clinics remained
unused, especially in the first half of the year and at If the reasons for the impairment no longer apply and
the end of the year, as fewer referrals were made due there is a change in the estimate of the amount, the
to COVID-19. Health tourism facilities in Austria and impairment loss is reversed up to the amount of the
Germany were temporarily closed by the authorities amortised cost, with the exception of impairment losses
or their operation was significantly impaired due to on goodwill.
COVID-19 restrictions.
Assets held for sale are recognised at the lower of car-
Various governments have provided economic aid rying amount and fair value less costs to sell. No further
programmes in regions where VAMED operates to scheduled depreciation and amortisation is applied to
counteract the consequences of the pandemic for these assets. No assets of this type are to be reported
businesses and to support healthcare providers and in the reporting year.
patients. The related reimbursement payments and
subsidies received by VAMED have been accounted g) Capitalised interest
for in accordance with the terms and conditions set The VAMED Group capitalises interest on borrowed
out in local laws and regulations. capital to the extent that it is attributable to the acqui-
sition, construction or production of qualiﬁed assets.
The VAMED Group received grants from several No interest on borrowed capital was capitalised in the
governments under various COVID-19 programmes. reporting periods presented.
All funds received from grants fulfil the respective
conditions. The VAMED Group is committed and h) Income taxes
obliged to comply with all requirements set forth in Current income taxes are calculated on the basis of the
the grant funding agreements. current profits for the financial year as at the reporting
date and the legal situation currently applicable in the
Despite the compensation and reimbursements individual countries. Expected and paid additional tax
received in various countries, the VAMED Group was expenses and tax income for previous years are also
affected by the impact of the COVID-19 pandemic on taken into account.
the global economy and financial markets as well as
by effects related to lockdowns. Deferred tax assets and liabilities are determined for
the future consequences attributable to temporary
differences between the financial statement carrying
amounts in the VAMED Group’s consolidated financial
statements for existing assets and total liabilities &
shareholders’ equity and their respective tax bases. In
addition, deferred tax assets are recognised on conso-
lidation measures affecting profit or loss. Deferred tax
assets also include claims for tax reductions resulting
from the use probably expected of existing loss car-
ryforwards. The recoverability of deferred tax assets
from tax loss carryforwards or their usability is assessed

GROUP REPORT
on basis of the VAMED Group’s profit planning and Inventories of raw materials, consumables and sup-
concrete tax strategies that can be implemented. plies, merchandise and services not yet invoiced are
valued either at acquisition or manufacturing cost
Deferred tax assets are measured using the tax rates (calculated using the average cost or FIFO method)
expected to apply to the period when an asset is rea- or at the lower net realisable value.
lised or a liability is settled. The tax rates used are
those that are applicable or will soon be applicable j) Property, plant and equipment
as at the reporting date. Property, plant and equipment are measured at acqui-
sition or manufacturing cost less accumulated depreci-
The recoverability of the carrying amount of a deferred ation. Ongoing maintenance and repair expenses are
tax asset is reviewed at each reporting date. The basis recognised immediately as expenses. Costs for the
for assessing the recoverability of deferred tax assets replacement of components or for general overhauls
is management’s estimate of the extent to which of property, plant and equipment are capitalised if it
deferred tax assets are likely to be realised. The realisa- is probable that the future economic benefits will be
tion of deferred tax assets depends on the generation accrued to the VAMED Group and the costs can be
of future taxable profits during the periods in which measured reliably. Depreciation is implemented using
tax measurement differences are reversed and tax loss the straight-line method over the estimated useful
carryforwards can be utilised. This takes into account lives of the assets, which range from 1 to 60 years for
the expected reversal of existing deferred tax liabilities buildings and improvements and from 1 to 23 years
and future taxable profits. for technical equipment, machinery and fixtures and
fittings.
The carrying amount of the deferred tax asset is re-
cognised to the extent that it is probable that sufficient k) Intangible assets with a determinable useful life
taxable profit will be available to allow the deferred tax In the VAMED Group, intangible assets with determi-
asset to be utilised, either in part or in full. nable useful lives resulting from consolidation proce-
dures, such as customer relationships, are amortised
The VAMED Group recognises tax assets and liabilities on a straight-line basis over their respective remaining
arising from tax items subject to uncertainty to the useful lives (usually 1 to 10 years) and tested for impair-
extent that it is probable that the tax will be recov- ment. All other intangible assets are amortised over
ered or paid. The VAMED Group recognises interest their respective estimated useful lives of between
in connection with income tax obligations as interest 1 and 20 years.
expense and other surcharges as general administra-
tive expenses. Permanent impairments are taken into account
through unscheduled depreciation and amortisation.
The VAMED Group is subject to tax audits in If the reasons for the impairment no longer apply, the
Austria, Germany and other countries both currently impairment loss is reversed up to the amount of the
and in the future. Different interpretations of tax laws amortised cost.
can lead to additional tax payments or tax refunds
for previous years. In order to determine income tax l) Goodwill and intangible assets with undetermi-
items or receivables due to the uncertainty of tax nable useful lives
assessments, management makes assumptions based In order to assess the recoverability of separately iden-
on the applicable tax laws of the respective countries tifiable intangible assets with undeterminable useful
and their interpretation. The assumptions are adjusted lives, the VAMED Group compares the fair values of
in the period in which there is sufficient evidence to these intangible assets with their carrying amounts.
justify changing the previous assumptions. The fair value of an intangible asset is determined
using a discounted cash flow method and, where
i) Inventories and contract assets appropriate, other methods. As at the reporting date,
Inventories include those assets that are held for sale no intangible assets with undeterminable useful lives
in the ordinary course of business (finished goods), are were recognised in assets.
in the process of production for sale (work in progress),
or are consumed in the production process or in the Goodwill is not amortised but tested for impairment
rendering of services (raw materials and supplies). annually and additionally during the year if certain
Contract assets relate to customer orders where sales events occur (impairment test). For the purpose of
are recognised over the term of the contract. the annual impairment test of goodwill, the VAMED

GROUP REPORT
Group has defined groups of cash-generating units Liabilities from leases

(CGUs) and determined the carrying amount of each Liabilities from leases are recognised at the present
CGU by allocating the assets and liabilities. A CGU value of the subsequent payments:
is usually determined one level below the segment
level according to operational control (“management • Fixed lease payments,
approach”).
• Variable lease payments linked to an index or
At least once a year, the value in use of each group interest rate,
of CGUs is compared with their carrying amount. The
recoverable amount of a CGU is determined as the • Expected payments from residual value guarantees,
value in use using a discounted cash flow method
based on the expected cash flows of the CGU. If the • Exercise price of call options if exercise has been
value in use of the CGU is lower than the carrying assessed as reasonably certain,
amount and the fair value less costs to sell is not
estimated to be higher than the value in use, the dif- • Lease payments in renewal periods if the exercise of
ference is first recognised in the goodwill of the CGU renewal options has been assessed as reasonably
as an impairment loss. certain and
For the goodwill of the “Fresenius Vamed” business • Contractual penalties for termination of the lease if
segment reported in the VAMED Group’s consoli- its term takes into account that a termination option
dated financial statements in accordance with the will be exercised.
parent company’s requirements, the impairment test
is performed for the “Project Business” and “Service The VAMED Group is required by IFRS 16 to make
Business” CGUs. discretionary decisions affecting the measurement of
lease liabilities and right-of-use assets under leases.
If the purchase price allocation results in a negative Discretionary decisions include determining which
difference (“lucky buy”, badwill), this must be reco- contracts are within the scope of IFRS 16, estimating
gnised immediately in profit or loss after a further the contract term and determining the incremental
review of the measurements. interest rate.
The recoverability of the goodwill included in the By assessing whether an option is considered “reason-
VAMED Group’s statement of financial position was ably certain”, the VAMED Group determines whether
verified. Significant impairment losses on goodwill and which future costs based on renewal and/or ter-
were therefore not necessary in the 2021 and 2020 mination options are included in the lease liabilities
financial years. and in the right-of-use assets. In the measurement,
the VAMED Group has to consider all relevant facts
m) Leasing and circumstances that create an economic incentive
A lease is an agreement that conveys the right to use for the Group to exercise or not to exercise an option.
an asset for an agreed period of time in return for This includes all expected changes in facts and circum-
consideration. stances (for example, contract, property, company or
market-specific factors) from the inception of the lease
The VAMED Group has decided not to apply the pro- to the exercise date of the option. Options not exer-
visions of IFRS 16 to leases with a total lease term of cised are reported as potential future cash outflows.
twelve months or less (short-term leases) or to leases
of low-value assets. These leases are excluded from Lease payments are discounted at the implicit interest
the statement of financial position and their lease rate underlying the lease, if determinable. Otherwise,
payments are recognised as an expense over the discounting is carried out at the incremental borrowing
lease term. rate.
IFRS 16 is not applied to leases of intangible assets. Lease liabilities are subsequently measured at amor-
tised cost using the effective interest method. In
addition, lease liabilities are adjusted in the event of
remeasurements or changes in lease contracts.

GROUP REPORT
The incremental borrowing rate is determined at the n) Financial instruments

inception of the lease or when there is a correspon- Financial instruments involve all contracts that give
ding change in an existing lease. The interest rate is rise to a financial asset of one company and a financial
determined on the basis of the following components: liability or equity instrument of another company.
available reference interest rates, group risk margins,
credit risk margins, country risk margins, handling mar- Purchases or sales of financial assets are recognised
gins and other risk margins. No separation is made in as at the trade date. Furthermore, the VAMED Group
contracts which, in addition to leasing components, does not make use of the option to designate financial
also contain non-lease components that are not shown liabilities at fair value through profit or loss upon initial
separately from the leasing components. Each lease recognition (fair value option). For selected equity
component is accounted for as one lease together with instruments that are not held for sale, the VAMED
the related other performance components. Group makes use of the option to recognise changes
in fair value directly in shareholders’ equity.
Right-of-use assets from leases
Right-of-use assets from leases are measured at acqui- The categorisation of financial instruments is based
sition cost, which is comprised as follows: on the analysis of business model conditions and cash
flow conditions provided by IFRS 9, Financial Instru-
• Liabilities from leases, ments. The following categories are relevant for the
VAMED Group: financial assets/liabilities measured at
• Initial direct costs incurred upon entering into the amortised cost, financial assets/liabilities measured at
contract, fair value through profit or loss, and assets measured
at fair value recognised directly in equity.
• Lease payments made at or before the commence-
ment of the lease and Cash and cash equivalents
Cash and cash equivalents include cash and short-term
• Expected payments from restoration obligations, investments with a maturity of up to three months. The
risk of fluctuations in value is insignificant.
• Less lease incentives received.
Trade accounts receivable and other receivables
Right-of-use assets from leases are amortised on a Trade accounts receivable and other receivables
straight-line basis over the shorter of the lease term are recognised at nominal values less credit losses
and the useful life of the underlying asset. In the event expected over the total term.
of a transfer of ownership at the end of the contract
term or a reasonably certain exercise of a purchase Write-downs
option, right-of-use assets from leases are amortised The recognition of impairments according to IFRS 9
on a straight-line basis over the useful life of the under- is based on an expected credit loss model (ECL). The
lying asset. In addition, right-of-use assets to leases VAMED Group recognises allowances for expected
are reduced by any impairment losses and modified credit losses for financial assets measured at amortised
by certain adjustments. cost, contract assets and lease receivables.
Right-of-use assets from leases are divided into the
following classes in accordance with the Group-spe- The VAMED Group records allowances for expected
cific classification of property, plant and equipment: credit losses (allowances for doubtful receivables)
mainly for trade accounts receivable and contract
• Right-of-use assets: Land assets. The expected credit losses are adjusted at
the respective reporting date to reflect changes in
• Right-of-use assets: Buildings and improvements credit risk since the initial recognition of the respective
instrument.
• Right-of-use assets: Machinery and equipment
For trade accounts receivable, the VAMED Group
In addition to the right-of-use assets listed, advance recognises credit defaults expected over the entire
payments made on right-of-use assets are reported term in accordance with the simplified procedure.
separately. Right-of-use assets from leases and liabili-
ties from leases are reported separately from property,
plant and equipment and other financial liabilities in
the consolidated statement of financial position.

GROUP REPORT
For cash and cash equivalents, the VAMED Group p) Legal costs
recognises credit losses expected to occur in the In the normal course of business, the VAMED Group is
next 12 months (12-month ECL) in accordance with subject to litigation and court proceedings regarding
the general approach. Due to their short-term maturity, various aspects of its business. The VAMED Group
this corresponds to the total term ECL. A significant regularly analyses relevant information and makes the
increase in credit risk is calculated using available necessary provisions for obligations that could result
qualitative and quantitative information. Based on from such proceedings, including estimated fees for
the corporate ratings performed by rating agencies, legal advice. The VAMED Group uses both its internal
the VAMED Group classifies the counterparty risk for legal department and external resources for these
cash and cash equivalents as low. analyses. The recognition of a provision for litigation is
based on the probability of an unfavourable outcome
Creditor and financial instrument-specific analyses for the VAMED Group and the possibility of being able
are carried out to determine impairments. Expected to reasonably estimate a loss amount.
default rates, current financial stability and for-
ward-looking economic conditions are included. If The filing of a lawsuit or the formal assertion of a claim
there is objective evidence that expected future cash or the announcement of such a lawsuit or the assertion
flows are impaired, a financial asset is classified as of a claim does not necessarily indicate that accrual of
impaired (with impaired credit rating). As a rule, this a loss is appropriate.
is the case after 360 days overdue at the latest.
q) Provisions
In the event of default by a counterparty, all assets Provisions for taxes and other obligations are reco-
against that counterparty are classified as impaired. gnised when there is a present obligation to a third
The definition of default is based on customary party as a result of a past event, the future payment is
payment behaviour in the respective business and probable and the amount can be reliably estimated.
geographical regions.
Provisions for warranties and claims are estimated
Derivative financial instruments based on past experience.
Derivative financial instruments, essentially forward
exchange contracts and interest rate swaps, are In addition to the calculation for the current year, the
recognised as assets and liabilities at fair value in income tax provisions also include obligations for
the consolidated statement of financial position. previous years.
The effective portion of changes in the fair value of
derivatives classified as cash flow hedges is recognised Non-current provisions with a remaining term of more
directly in equity (accumulated other comprehensive than one year are recognised at their settlement
income) until the hedged item is realised. The ineffec- amount discounted to the reporting date.
tive portion of cash flow hedges is recognised in profit
or loss in the current period. The changes in the fair r) Provisions for pensions and similar obligations
value of derivatives without a hedging relationship, i.e. The actuarial measurement of pension provisions is
derivatives for which hedge accounting is not applied, carried out in accordance with IAS 19, Employee Bene-
are recognised in profit or loss periodically. fits (revised in 2011), using the projected unit credit
method for retirement benefit obligations, while also
Embedded derivatives that contain a financial liabi- taking into account future wage, salary and pension
lity as the base contract are separated from the base trends.
contract and accounted for separately unless their
economic characteristics and risks are closely related The VAMED Group’s measurement date for determin-
to the economic characteristics and risks of the base ing the financing status is 31 December for all plans.
contract. These embedded derivatives are measured The net interest expense (net interest income) is deter-
at fair value, and changes in market value are recog- mined by multiplying the net liability (net asset) at the
nised in profit or loss. beginning of the period by the interest rate underlying
the discounting of the gross defined benefit obligation
o) Liabilities at the beginning of the period. The pension provision
Liabilities are generally measured at amortised cost results from the pension obligation less the market
as at the reporting date, which generally corresponds value of the plan assets.
with the repayment amount.

GROUP REPORT
The remeasurement component includes, on the one s) Share-based compensation plans

hand, the actuarial gains and losses from the mea- The total value of the stock options issued by FSE
surement of the defined benefit pension obligation. It to the members of the Executive Board and senior
also includes the difference between the actual return executives of the VAMED Group as of the issue date
on plan assets and the return used to calculate the was determined using an option pricing model and is
net interest expense at the beginning of the period. distributed over the vesting period of the stock option
plans with an effect on profit or loss.
All remeasurement effects are recognised directly in
other comprehensive income. They are not reclassified The phantom stocks or performance shares issued to
to the income statement in subsequent periods. The members of the Executive Board and senior execu-
components of net pension expense are recognised tives of the VAMED Group, which are settled by cash
in profit and loss for the period. payment, are valued as of the respective measure-
ment date using the Monte Carlo simulation. The
corresponding liability is recognised pro rata over the
vesting period of the phantom stock or performance
share programmes based on the value of the phantom
stocks or performance shares as at the respective
reporting date.
t) Foreign currency translation

The reporting and functional currency is the euro. The
assets and liabilities of the foreign subsidiaries whose
functional currency is not the euro are translated at
year-end exchange rates. Expenses and income are
translated at the average exchange rate. Currency
translation differences are recognised directly in
equity (accumulated other comprehensive income).
Gains and losses from the translation of foreign cur-

rency positions, insofar as they are not of an equity
nature, are recognised as “Other expenses” or “Other
income”. There were expenses of T€ 1,180 (2020:
T€ 323) and income of T€ 550 (2020: T€ 502) under
this heading in the financial year.
The exchange rates of major currencies on which the

currency translation is based developed as follows:
Period-end exchange rate Average rate
Dec. 31, 2021 Dec. 31, 2020 2021 2020

AED (United Arab Emirates dirham) per € 4.160 4.507 4.344 4.195
ARS (Argentine peso) per € 116.780 102.900 112.522 81.042
BOB (Bolivian boliviano) per € 7.841 8.440 8.154 7.885
CHF (Swiss franc) per € 1.033 1.080 1.081 1.071
CZK (Czech crown) per € 24.860 26.245 25.640 26.453
GBP (British pound) per € 0.840 0.899 0.860 0.890
MYR (Malaysian ringgit) per € 4.718 4.934 4.902 4.796
OMR (Omani rial) per € 0.436 0.472 0.455 0.440
RUB (Russian rouble) per € 85.300 91.467 87.153 82.725
TTD (Trinidad dollar) per € 7.701 8.266 8.021 7.726
USD (US dollar) per € 1.133 1.227 1.183 1.142

GROUP REPORT
u) Fair value hierarchy IAS 1

The three-level fair value hierarchy under IFRS 13, Fair In January 2020, the IASB published Amendments
Value Measurement, classifies financial assets and lia- to IAS 1, Classification of Liabilities as Current and
bilities carried at fair value based on the inputs used Non-current. The amendments clarify under which
to measure the fair value. Level 1 therefore comprises circumstances liabilities with an uncertain settle-
observable data, such as listed market prices on active ment date are classified as current or non-current.
markets. The amendments explain, among other things, that
classification depends on the rights that apply at the
Level 2 is assigned to all price data that are directly reporting date and defines under which circumstances
or indirectly observable on the market and represent liabilities can be settled with cash, other economic
unlisted market prices in active markets. resources or equity instruments. On July 15, 2020, the
IASB deferred the effective date by one year to give
Level 3 represents all non-observable values for which entities more time to implement any classification
no or only few market data are available and which changes resulting from the amendments to IAS 1. The
therefore require the development of the company’s amendments to IAS 1 are now effective for financial
own assumptions. years beginning on or after January 1, 2023. Earlier
application is permitted. The VAMED Group is cur-
v) Use of estimates rently assessing the impact of the amendments to IAS
The preparation of the VAMED Group’s consolidated 1 on the consolidated financial statements.
financial statements in accordance with IFRS requires
management to make estimates and assumptions IFRS 17
that affect the reported amounts of assets and total The IASB adopted IFRS 17, Insurance Contracts in May
liabilities and shareholders’ equity and disclosure of 2017. The VAMED Group assumes that IFRS 17 will
contingent assets and liabilities at the reporting date have no impact on the VAMED Group’s consolidated
and the reported amounts of revenues and expenses financial statements.
during the financial year. Actual profits may differ from
these estimates. Estimates and discretionary decisions The endorsement of IFRS 17 and the amendments to
are required in particular for the items receivables, IAS 1 by the European Commission are still pending.
inventories, contract assets, investments, deferred tax
assets, right-of-use assets and liabilities from leases, According to the VAMED Group’s assessment, there
pension provisions and other provisions, as well as for are no other IFRS standards or interpretations not yet
the impairment test of goodwill. effective that are expected to have a material impact
on the consolidated financial statements.
w) Receivables management
The companies of the VAMED Group continuously IV. Critical accounting policies
review the financial situation of their customers and
require collateral in form of advance payments, letters The following accounting policies and topics are, in
of credit or bank guarantees in most business cases, the opinion of the VAMED Group’s management,
in particular in connection with construction projects. critical to the consolidated financial statements in the
current economic environment. The influences and
x) Newly applied statements judgements as well as the uncertainties affecting them
In the financial year, those IFRS were applied that are are also material to an understanding of the VAMED
mandatory for financial years beginning on January 1, Group’s present and future operating profits.
2021.
a) Impairment of goodwill
No new standards material to the VAMED Group’s Goodwill accounts for a significant part of the VAMED
business activities were applied for the first time in Group’s total assets. As at December 31, 2021 and
the 2021 financial year. December 31, 2020, the carrying amount of goodwill
was € 299.8 million and € 298.0 million, respectively.
y) New statements not yet applied This corresponded to 10.7% and 11.0% of the total
The International Accounting Standards Board (IASB) assets and 28.4% and 28.3% of shareholders’ equity
has issued the following new or amended standards, respectively.
which are to be applied at the earliest for financial
years beginning on or after January 1, 2022:

GROUP REPORT
Goodwill is tested for impairment at least once a year c) Allowances for expected bad debt losses
– or when events occur or changes indicate that the Trade accounts receivable is a significant statement of
carrying amounts of these assets may no longer be financial position item and the allowances for expected
recoverable. bad debts require extensive estimation and judge-
ment by local management. Current and non-current
The recoverable amounts in the form of values in use trade accounts receivable after allowances amounted
of the group of CGUs are compared with their carrying to € 489.2 million in 2021 and € 421.0 million in 2020.
amounts in order to determine any potential impair-
ment of this goodwill. The value in use of the CGUs The allowances for doubtful debts amounted to € 19.4
is determined by applying a discounted cash flow million as at December 31, 2021 and € 19.5 million as
method including the specific weighted average cost at December 31, 2020.
of capital (WACC). A number of assumptions are made
to determine the discounted future cash inflows. These d) Contract assets
relate in particular to future sales prices, sales volumes Contract assets included in other current assets are
and costs. The budgets for the next three years as well a material item in the VAMED Group’s consolidated
as projections for years four to ten and correspon- financial statements. The accounting for contract
ding growth rates for all subsequent years are used assets – especially in connection with long-term con-
to determine the cash inflows. These growth rates are struction contracts – requires extensive estimates and
1.0% with a planned tax rate of 24.7%. The WACC (after judgements by local management. See also Note 1.
income taxes) applied in the VAMED Group is 5.60%. Basic principles – III. Summary of material accounting
Country-specific adjustments were not necessary. If and measurement principles – d) Revenue recognition
the value in use of the CGU is lower than the carrying principles.
amount, the difference is first recognised in the good-
will of the CGU as an impairment loss. An increase in 2. Acquisitions and divestments
the WACC by 0.5 percentage points would not have
led to an impairment in the financial year. Regarding the companies acquired and included
in the scope of consolidation in the repor t-
A prolonged downturn in the healthcare sector with ing year, please refer to the list under Note
lower than expected sales prices and/or higher than 1. Basic principles – III. Summar y of material
expected costs for the provision of services or the accounting and measurement principle s –
execution of construction projects could negatively b) Scope of consolidation.
affect the VAMED Group’s estimates of future cash
flows of certain segments. Furthermore, changes in
the macroeconomic environment could influence
the discount rate. The possible consequence would
be that the future operating profits of the VAMED
Group would be affected by additional impairment
of goodwill.
b) Legal contingent liabilities

The VAMED Group is not involved in any legal dis-
putes arising from its business activities, the outcome
of which could have a material effect on the financial
position, results of operations and cash flows of the
VAMED Group. See also Note 1. Basic principles – III.
Summary of material accounting and measurement
principles – p) Legal costs.

GROUP REPORT

GROUP REPORT
NOTES TO THE INCOME

STATEMENT
(All values with the exception of employee figures in T€)
3. Sales 5. Personnel expenses
Sales from contracts with customers resulted from the The cost of sales, selling and general administrative
following activities: expenses included personnel expenses of T€ 879,700
2021 2020 and T€ 826,846 in 2021 and 2020 respectively.
Project Business 717,146 633,390 2021 2020
Service Business 1,579,682 1,434,299 Wages and salaries 713,062 667,774
Sales 2,296,828 2,067,689 Social security contributions;
expenses for pensions
(incl. expenses for severance
The breakdown of sales by region was as follows: payments) and other
miscellaneous expenses 166,638 159,072
2021 2020
Personnel expenses 879,700 826,846
Austria 518,253 461,713
Germany 1,016,846 1,024,745
Rest of Europe 387,702 328,011
The average number of employees in the VAMED sub-
group during the year was spread across the following
Africa 172,792 80,183
functional areas:
Latin America 82,167 36,685
2021 2020
Asia 119,068 136,352
Sales 2,296,828 2,067,689 Production and service 18,425 18,079
General administration 1,044 1,020
As at December 31, the VAMED Group had perfor- Sales and marketing 106 127
mance obligations that were not fulfilled or partially Total employees (headcount) 19,575 19,226
fulfilled and are expected to be fulfilled and recognised
in sales over the coming years:
Transaction price of the unfulfilled 6. Selling and general administrative
or partially fulfilled performance expenses
in € million obligations
2022 839.7 The selling and general administrative expenses break
2023 864.9 down as follows:
2024 724.3 2021 2020
2025 928.8 Selling expenses 22,268 29,350
2026 269.6 General administrative
Subsequent 348.2 expenses 134,647 129,943
Total 3,975.5 Selling and general
administrative expenses 156,915 159,293
4. C
ost of sales
The cost of sales was made up as follows:
2021 2020
Personnel 780,205 736,468
Material and services
purchased as well as
depreciation and amortisation 1,283,613 1,185,153
Cost of sales 2,063,818 1,921,621

GROUP REPORT
7. Other expenses and income
Other expenses mainly include the effects of exchange The corporate income tax rate in Austria was 25% in
rate changes, losses from the disposal of property, the reporting year, which was unchanged from the
plant and equipment, expenses from participations, previous year.
money transaction fees, fees for bank guarantees
and expenses from the remeasurement of guarantee The reconciliation of the expected tax expense to
obligations. the tax expense reported in the consolidated income
statement is shown below.
Other income mainly includes income from equity
instruments measured at fair value through profit or The expected tax expense was calculated by applying
loss, gains from the disposal of property, plant and the corporate tax rate to the profit before income taxes
equipment and intangible assets, exchange rate gains, and before non-controlling interests.
insurance compensation, income from the remeasure-
ment of guarantees and miscellaneous other income. 2021 2020
Expected income tax
8. Interest income expense calculated 22,611 2,254
Increase or decrease in
Interest income results in particular from investments income tax due to:
Non-deductible
with FSE, from loans to non-consolidated affiliated operating expenses 1,694 1,584
companies, from interest on bank balances, from
Tax rate differences
interest on arrears and from the compounding of abroad -3,249 -699
non-current assets.
Tax-exempt income -2,631 -941
9. Interest expenses Taxes for previous years 2,241 3,305

Other -904 -1,082
The interest expenses result in particular from local Income taxes according to
and project-related interim financing, from interest the income statement 19,762 4,421
expenses paid to Fresenius companies in connec- Effective tax rate 21.8% 49.0%
tion with the acquisition of participations, from the
discounting of non-current assets and from interest
expenses from leases.
10. Income taxes
The tax expense in the reporting years is composed

as follows:
2021 2020
Deferred Income Deferred Income
Current tax tax tax Current tax tax tax
Austria 8,092 6,066 14,158 -3,807 1,856 -1,951
Germany 12,533 -13,549 -1,016 13,008 -10,236 2,772
Rest of the world 6,301 319 6,620 3,825 -225 3,600
Total 26,926 -7,164 19,762 13,026 -8,605 4,421

GROUP REPORT
Deferred taxes
The tax effect from temporary measurement differ-
ences leading to deferred tax assets and liabilities
results mainly from the measurement of statement of
financial position items related to long-term manu-
facturing agreements (receivables, contract assets
and project-related provisions), the measurement of
equity instruments (participations) at fair value and the
measurement of pension and other personnel related
provisions.
As at the reporting date, deferred tax assets of

T€ 16,216 and deferred tax liabilities of T€ 24,248 were
reported, resulting in a net deferred tax liability of
T€ 8,032.
As at the reporting date, deferred tax assets on loss

carryforwards amounting to T€ 30,884 were reco-
gnised. In the previous year, the value amounted to
T€ 16,615. The loss carryforwards are recoverable
according to plan calculations and are expected to
be utilised according to plan in the next few years.

11. Non-controlling interests
If non-controlling interests of other shareholders exist

in fully consolidated subsidiaries, the corresponding
shares of profit or loss are reported in this item.

GROUP REPORT
DISCLOSURES ON THE
STATEMENT OF FINANCIAL
POSITION
Notes on current assets (all values in T€)
12. Cash and cash equivalents
As at December 31, 2021 and 2020, cash and cash

equivalents included restricted items of T€ 14,671 and
T€ 19,611 respectively.
13. T
rade accounts receivable
The credit risk categories of trade accounts receivable

from contracts with customers and their impairments
are presented below:
2021 2020
of which of which credit of which of which credit
Total overdue impaired Total overdue impaired
Trade
receivables 474,071 117,183 37,601 420,266 105,470 38,576
Less impairment
of receivables -17,574 -9,863 -11,860 -19,259 -5,941 -12,219
Trade
accounts receivable, net 456,497 107,320 25,741 401,007 99,529 26,357
14. A
ccounts receivable from and loans to 15. Inventories
related parties
As at December 31, inventories consisted of the
As at December 31, receivables were composed as following:
follows:
2021 2020 2021 2020

Trade accounts receivable 51,103 69,943 Raw materials and supplies 15,740 13,297
Receivables from financing Work in process 68,188 62,391
and other settlements 29,161 20,315
Finished products 3,418 4,304
Accounts receivable from
and loans to related parties 80,264 90,258
Inventories 87,346 79,992
As at December 31, 2021 and 2020, this item included The companies of the VAMED Group have undertaken
receivables from the Group companies FPS and FSE to purchase or procure goods and services worth
as well as the Fresenius Kabi, Helios and Medical Care T€ 92,170 at specified terms and conditions, of which
segments in the amount of T€ 57,063 and T€ 58,826, T€ 70,596 is earmarked for purchases or procurements
respectively. in the 2022 financial year as of December 31. The
term of these agreements will not exceed ten years.
Purchase commitments that are accompanied by equi-
valent acceptance commitments from customers are
not recognised.

GROUP REPORT
Furthermore, there are conditional acceptance obli-

gations to suppliers in connection with construction
projects, the fulfilment of which is linked to the com-
pletion of the projects with the end customers and for
which no amount is therefore reported.
16. Other current and non-current assets
As at December 31, other assets consisted of the

following:
2021 2020
Short-term Long-term Total Short-term Long-term Total
Advance payments 36,975 0 36,975 46,634 0 46,634
Receivables from tax authorities 36,917 123 37,040 28,270 123 28,393
Accruals and deferrals 13,286 8,204 21,490 14,038 9,842 23,880
Contract assets 426,772 0 426,772 414,924 0 414,924
Other miscellaneous assets 58,435 20,759 79,194 61,965 20,731 82,696
Other non-financial assets, net 572,385 29,086 601,471 565,831 30,696 596,527
Deposits and collateral provided 19,873 653 20,526 18,315 826 19,141
Participations and long-term loans 0 127,710 127,710 0 178,112 178,112
Non-current trade accounts

receivable 0 32,707 32,707 0 20,059 20,059
Other miscellaneous assets 55 3,596 3,651 1,187 3,662 4,849
Other financial assets, net 19,928 164,666 184,594 19,502 202,659 222,161
Other assets, net 592,313 193,752 786,065 585,333 233,355 818,688
Write-downs 1,414 1,851 3,265 143 265 408
Other assets, gross 593,727 195,603 789,330 585,476 233,620 819,096
Contract assets result predominantly from manufac- The item “Participations and long-term loans” includes
turing agreements where revenue is earned over a the investments in associates and in non-consolidated
period of time. companies as well as long-term loans to non-consol-
idated companies.
Prepayments received that were directly attributable
to individual projects were deducted from the gross The adjustment of fair values led to a change in
values of the contract assets. non-current assets (see also Note 27. Accumulated
other comprehensive income).
As at December 31, 2021 and 2020, these advance
payments received, deducted from contract assets,
amounted to T€ 521,219 and T€ 763,107, respectively.

GROUP REPORT
Notes on non-current assets (all values in T€)
17. Property, plant and equipment
As at December 31, 2021 and 2020, the acquisition and

manufacturing costs and accumulated depreciation of
property, plant and equipment were as follows:
As at Changes in Additions/ Currency As at

Procurement and manufacturing January 1, the consol- Reclass- translation December 31,
costs 2021 idation scope ifications Disposals differences 2021
Land and land facilities 38,675 0 25 -234 76 38,542
Buildings and improvements 536,926 0 51,695 -784 2,227 590,064
Machinery and equipment 197,115 0 18,947 -6,125 2,117 212,054
Construction in progress 43,428 0 1,771 -400 294 45,093
Total 816,144 0 72,438 -7,543 4,714 885,753

January 1, the consol- Reclass- translation December 31,
Depreciation 2021 idation scope ifications Disposals differences 2021
Land and land facilities 0 0 0 0 0 0
Buildings and improvements 219,620 0 18,605 -505 474 238,194
Machinery and equipment 135,243 0 19,220 -5,893 1,341 149,911
Construction in progress 0 0 0 0 0 0
Total 354,863 0 37,825 -6,398 1,815 388,105

Procurement and manufacturing January 1, the consol- Reclass- translation December
costs 2020 idation scope ifications Disposals differences 31, 2020
Land and land facilities 42,264 0 117 -3,666 -40 38,675
Buildings and improvements 506,023 0 61,159 -28,978 -1,278 536,926
Machinery and equipment 186,328 1,097 21,063 -10,597 -776 197,115
Construction in progress 34,856 0 9,156 -533 -51 43,428
Total 769,471 1,097 91,495 -43,773 -2,145 816,144

GROUP REPORT

January 1, the consol- Reclass- translation December
Depreciation 2020 idation scope ifications Disposals differences 31, 2020
Land and land facilities 0 0 0 0 0 0
Buildings and improvements 216,459 0 17,835 -14,512 -162 219,620
Machinery and equipment 127,520 0 18,368 -10,255 -389 135,243
Construction in progress 0 0 0 0 0 0
Total 343,979 0 36,203 -24,767 -551 354,863
December 31, December 31,

Carrying amounts 2021 2020
Land and land facilities 38,542 38,675
Buildings and improvements 351,870 317,306
Machinery and equipment 62,143 61,872
Construction in progress 45,093 43,428
Total 497,648 461,281
Depreciation and amortisation are included in the cost

of sales and in the selling and general and administra-
tive expenses in line with the use of the assets.

GROUP REPORT
18. Goodwill and other intangible assets
As at December 31, 2021 and 2020, the manufacturing

costs and accumulated amortisation of intangible
assets were as follows:
Procurement and manufacturing January 1, the consol- Reclass- translation December 31,
costs 2021 idation scope ifications Disposals differences 2021
Goodwill
(not subject to scheduled
amortisation) 299,107 0 7 0 1,824 300,938
Other (to be depreciated
according to schedule) 63,537 0 7,593 -1,472 772 70,430
Total 362,644 0 7,600 -1,472 2,596 371,368

January 1, the consol- Reclass- translation December 31,
Depreciation 2021 idation scope ifications Disposals differences 2021
Goodwill
amortisation) 1,082 0 63 0 0 1,145
according to schedule) 40,012 0 7,051 -1,325 365 46,103
Total 41,094 0 7,114 -1,325 365 47,248

Goodwill
amortisation) 295,769 4,246 162 -93 -977 299,107
according to schedule) 62,937 18 3,517 -2,520 -415 63,537
Total 358,706 4,264 3,679 -2,613 -1,392 362,644

Goodwill
amortisation) 992 0 90 0 0 1,082
according to schedule) 35,729 0 6,869 -2,515 -71 40,012
Total 36,721 0 6,959 -2,515 -71 41,094
December 31, December 31,

Carrying amounts 2021 2020
Goodwill
amortisation) 299,793 298,025
Other (to be depreciated according
to schedule) 24,327 23,525
Total 324,120 321,550

GROUP REPORT
Notes on liabilities and shareholders’ equity (all

values with the exception of percentages in T€)
19. T
rade accounts payables
Trade accounts payables result primarily from the

Project Business.
20. Trade accounts payables to affiliated

companies
Liabilities of T€ 15,985 relate to companies within

the scope of consolidation of FSE and of T€ 2,269 to
non-consolidated affiliated companies (in the previous
year T€ 19,362 and T€ 2,535 respectively).
21. Provisions
As at December 31, current and non-current provisions

consisted of the following:
2021 2020
Personnel expenses 105 37,381 37,486 567 40,286 40,853
Guarantees 5,852 399 6,251 4,337 539 4,876
Other miscellaneous provisions 41,617 4,497 46,114 61,775 7,773 69,548
Provisions 47,574 42,277 89,851 66,679 48,598 115,277
The provisions developed as follows in the financial

year:
As at As at
January 1, Consumption/ December 31,
2021 Allocations Reclassification Reversal 2021
Personnel expenses 40,853 436 -3,140 -663 37,486
Guarantees 4,876 1,745 -370 0 6,251
Other miscellaneous provisions 69,548 19,860 -31,584 -11,710 46,114
Provisions 115,277 22,041 -35,094 -12,373 89,851
Provisions for personnel expenses include, in particu- The provisions for guarantees relate to provisions
lar, provisions for severance payments and anniversary for guarantee claims from construction and service
bonuses. projects.
The remaining other provisions relate in particular to

project-related provisions.

GROUP REPORT
22. O
ther current and non-current liabilities
As at December 31, other

liabilities consisted of the following:
2021 2020
Liabilities within the scope of
social security 9,718 0 9,718 8,608 0 8,608
Tax liabilities 30,858 199 31,057 34,724 123 34,847
Accrued liabilities 14,448 110 14,558 14,676 872 15,548
Contract liabilities 39,931 13,624 53,555 55,905 0 55,905
Personnel liabilities 50,891 0 50,891 42,238 0 42,238
Non-current portion of trade
accounts payables 0 4,229 4,229 0 3,192 3,192
Derivative financial instruments 724 0 724 81 43 124
Accruals for deliveries and
services 162,652 0 162,652 159,358 0 159,358
Other miscellaneous liabilities 235,867 15,137 251,004 193,440 14,303 207,743
Other liabilities 545,089 33,299 578,388 509,030 18,533 527,563
23. Financial liabilities
a) Short-term borrowings from third parties

The loans relate to short-term interim financing.
b) Short and long-term loans from related parties

This item includes in particular the short-term and
long-term loans from FPS and FSE.
c) Liabilities from long-term loans

As at December 31, long-term loans consisted of the
following:
2021 2020
Long-term loans 8,521 27,230 35,751 12,351 22,277 34,628

GROUP REPORT
24. Provisions for income taxes

2021 2020
Current and non-current provisions for income taxes Pension obligations
include the expected tax charges (less prepayments at the beginning of the year 131,495 130,180
made). Changes in the consolidation
scope 0 661
25. Pensions and similar obligations Currency translation
differences 3,990 386
The majority of the defined benefit obligations are Service costs 3,660 4,543
outsourced to pension funds. Entitlement to benefits
Prior service costs -1,079 -1,463
(pension) is dependent on length of service and active
remuneration. The provisions shown relate to active Interest expense 697 718
beneficiaries and former employees or their surviving Employee contributions 2,527 2,441
dependants. Transition (Transfer) 9,042 5,698
Gains (-) and losses (+)
In addition to the defined benefit plans, there are also from the remeasurement 530 -1,231
defined contribution plans for which payments are of which empirical
made to pension funds (depending on the employees’ adjustments 3,510 -4
own contributions). There is no further obligation for of which change in financial
these plans beyond the current contribution payment, and demographic
therefore no provisions or liabilities are recognised assumptions -2,980 -1,227
for them. Pension payments -11,954 -10,438
Plan adjustments 0 0
The provision values are determined by external
Pension obligations
experts. at the end of the year 138,908 131,495
of which vested 103,913 94,953
The changes in pension obligations, changes in plan
assets and the funded status of the pension plans are Market value of plan assets
at beginning of year 81,373 79,535
presented below. The pension payments in the change
in pension obligation include payments from the bene- Changes in the consolidation
scope 0 0
fit plans financed by funds and financed by provisions.
In contrast, pension payments in the change in plan Currency translation
differences 3,590 298
assets only include payments made through pension
funds. Interest income from plan
assets 291 312
Gains (+) and losses (-)
from the remeasurement 8,596 -139
Employer contributions 3,500 3,228
Employee contributions 2,527 2,441
Transition (Transfer) 9,042 5,707
Pension payments -11,359 -10,009
Market value of plan assets
at the end of the year 97,560 81,373
Funded status
as of December 31 41,348 50,122

GROUP REPORT
The plan assets are neither used by the employees Sensitivity analysis
of the VAMED subgroup nor are they invested in the Any increase or decrease in the key actuarial assump-
VAMED subgroup. tions by 0.5 percentage points would have the follow-
ing effects on the pension obligation as at December
The calculated pension obligations are based on 31, 2021:
the following weighted average assumptions as at
December 31:
Changes in pension 0.5% points 0.5% points
2021 2020 provisions Increase Decrease
Interest rate 0.57% 0.53% Interest rate -7,946 8,752
Salary increases 1.39% 1.29% Salary increases 1,039 -1,005
Pension trend 0.60% 0.62% Pension trend 5,586 -2,833
The sensitivity calculations are based on the average

In the year under review, the defined benefit plans term of the pension obligations determined as at
resulted in pension expenses of T€ 2,987 (2020: T€ 3,486) December 31, 2021. The calculations were carried out
in the VAMED Group, which are broken down as in isolation for the actuarial parameters classified as
follows: material in order to show the effects separately on the
present value of the pension obligations calculated as
2021 2020 at December 31, 2021.
Service costs 2,581 3,080
Net interest expense 406 406
The following table shows the expected future pen-
Pension costs 2,987 3,486
sion payments:
Expected pension
The pension expense is allocated to the cost of sales Financial years payments
as well as to the selling and general administrative
2022 7,473
expenses as personnel expenses. This depends on
the area in which the beneficiary is employed. 2023 6,703
2024 7,358
The calculated pension cost for the current year 2025 6,497
(“NPPC” – Net Periodic Pension Cost) is based on
2026 5,955
the following weighted average assumptions (corre-
sponding to the reporting date measurement as at 2027 until 2031 30,394
December 31 of the previous year): For the next
10 years Total 64,380
2021 2020
Interest rate 0.53% 0.55%
Salary increases 1.29% 1.59%
Pension trend 0.62% 0.65%
The gains/losses from the remeasurement of plan

assets result from the difference between the
expected interest income (based on the interest rate
used to determine the present values of the pension
obligations in the previous year) and the actual net
investment income in the reporting year.

GROUP REPORT
26. Shareholders’ equity
Investment policy and strategy for the plan assets Subscribed capital
The plan assets are managed exclusively by the pen- There was no change in the subscribed capital in the
sion funds according to their investment strategy and financial year.
are broken down as follows:
Capital reserves
2021 2020 This item includes the capital reserve from the con-
Equity funds 40.31% 38.67% solidated financial statements of VAMED AG as of
December 31, 2007 (according to the Austrian Com-
Pension funds 27.64% 29.22%
mercial Code – UGB), the increase resulting from the
Real estate funds 17.67% 16.67%
initial recognition of goodwill (at the level of the parent
Other 14.38% 15.43% company), and the capital reserve of a subsidiary
not available for distribution. Also included are the
changes in value from the fair value measurement of
The fair value of the parts of the plan assets non-controlling interests with put options.
reported as ‘Other’ is calculated according to
Level 1 and Level 2 (‘Fair Value Measurement’; In the 2018 financial year, a subordinated registered
approx. 58% and 42% respectively). bond in the amount of € 200 million was issued within
the Group to finance the acquisition of the Post-
Acute business in Germany. Furthermore, in the 2020
Defined contribution pension plans financial year, existing intra-Group financing was also
Total expenses from defined contribution plans replaced by subordinated registered bonds raised
in the VAMED subgroup amounted to T€ 4,480 in the within the Group. These financings represent share-
financial year (2020: T€ 3,989). holders’ equity and are therefore recognised in the
capital reserve.
The largest share is attributable to the plans existing
in Austria and Germany. Other reserves
The other reserve includes the net profit achieved in
the financial year and in previous years by the compa-
nies included in the consolidated financial statements,
insofar as this was not distributed.
Dividends
Under Austrian stock corporation law, the statement
of financial position profit as shown in VAMED AG’s
annual financial statements prepared in accordance
with the Austrian Commercial Code (UGB) is the basis
for the distribution of dividends to shareholders.
27. Accumulated other comprehensive
income
before before Tax Tax after after
taxes taxes effect effect taxes Taxes
January 1, Dec. 31, January 1, Dec. 31, January 1, Dec. 31,
2021 Change 2021 2021 Change 2021 2021 2021
differences -3,646 4,179 533 0 0 0 -3,646 533
Actuarial gains (losses) on
defined benefit pensions
plans -36,064 7,722 -28,342 7,052 -1,237 5,815 -29,012 -22,527
Changes in fair value from
equity instruments 15,637 -66,320 -50,683 -3,909 16,580 12,671 11,728 -38,012
Other items (mainly
severance pay provisions) -12,232 654 -11,578 2,865 -123 2,742 -9,367 -8,836
Accumulated other
comprehensive income -36,305 -53,765 -90,070 6,008 15,220 21,228 -30,297 -68,842

GROUP REPORT
OTHER NOTES
(all values in T€)
28. Guarantees and contingent liabilities 29. Leasing
Contingent liabilities The VAMED Group leases land, buildings and improve-
There are contingent liabilities from the assumption of ments, technical equipment and machinery as well as
guarantees and similar obligations (mainly in connec- IT and office equipment under various rental and lease
tion with various construction and service projects) in agreements.
an assessable amount of a maximum of € 33.6 million
(2020: € 30.3 million). In addition, there are contingent Leasing in the consolidated income statement
liabilities for which no measurement could be made at The following table shows the effects of the leases
the reporting date due to the circumstances and for on the consolidated income statement for the 2021
which no value is therefore stated. financial year:
2021 2020
Legal procedures
In the year under review, the companies of the VAMED Depreciation and
amortisation of right-of-use
Group were not involved in any legal disputes (either assets from leases 44,853 41,611
as claimant or as defendant) of material importance
Expenses from short-term
for the further development of business. All foresee- leases 3,377 3,579
able risks from other legal proceedings are covered
Expenses from leases of low-
by allowances and provisions or existing insurance value assets 2,912 2,525
policies.
Expenses from variable lease
payments 1,746 2,100
Interest expenses from lease
liabilities 7,453 6,709

GROUP REPORT
Leasing in the consolidated statement of financial

position
As at December 31, the acquisition costs and the
accumulated depreciation and amortisation of the
right-of-use assets from leases were as follows:

Right-of-use assets: Land 29,555 0 602 -28 61 30,190
Right-of-use assets: Buildings and
improvements 450,860 0 64,229 -6,310 7,860 516,639
Right-of-use assets: Machinery and
equipment 39,871 0 15,336 -7,419 651 48,439
Right-of-use assets from leases 520,286 0 80,167 -13,757 8,572 595,268

Right-of-use assets: Land 1,051 0 649 -4 11 1,707
improvements 61,546 0 34,636 -1,930 1,271 95,523
equipment 15,540 0 9,568 -5,340 282 20,050
Right-of-use assets from leases 78,137 0 44,853 -7,274 1,564 117,280

Right-of-use assets: Land 30,551 0 269 -1,269 4 29,555
improvements 349,804 25,937 83,265 -7,099 -1,047 450,860
equipment 29,690 54 14,133 -3,913 -93 39,871
Right-of-use assets from leases 410,045 25,991 97,667 -12,281 -1,136 520,286

Right-of-use assets: Land 447 0 645 -41 0 1,051
improvements 31,955 0 31,815 -2,109 -115 61,546
equipment 9,909 0 9,151 -3,449 -71 15,540
Right-of-use assets from leases 42,311 0 41,611 -5,599 -186 78,137

GROUP REPORT
30. Financial instruments
As at As at Measurement of financial instruments

December December The main methods and assumptions used in deter-
Carrying amounts 31, 2021 31, 2020
mining the fair values of financial instruments are
Right-of-use assets: Land 28,483 28,504 explained below:
Right-of-use assets:
Buildings and Cash and cash equivalents are carried at amortised
improvements 421,116 389,314
cost, which generally corresponds to the market value.
Right-of-use assets:
Machinery and equipment 28,389 24,331
Short-term financial instruments, such as trade
Right-of-use assets from accounts receivable and payable as well as short-term
leases 477,988 442,149
borrowings, are recognised at amortised cost, which
is a reasonable estimate of market value due to the
short terms of these instruments.
As at December 31, 2021, the lease liabilities consisted Fair values of equity instruments traded in an active
of T€ 43,765 current portion and T€ 445,168 non-current market are based on the prices listed at the reporting
portion (2020: T€ 41,575 and T€ 411,253 respectively). date. The fair values of other equity instruments are
determined using observable market information or
Leasing in the consolidated cash flow statement discounted cash flow models.
The total cash outflow from leases amounted to
T€ 58,462 in the 2021 financial year (2020: T€ 52,436). Derivatives consisting mainly of interest rate swaps and
forward exchange contracts are measured as follows:
In the consolidated cash flow statement, the interest Interest rate swaps are valued by discounting the
component of the recognised leases is reported under future cash flows on the basis of the market interest
cash flow from operating activities, while the repay- rates applicable on the reporting date for the remai-
ment component is reported under cash flow from ning term of the contracts. To determine the fair values
financing activities. of forward exchange contracts, the contracted forward
rate is compared with the forward rate at the reporting
date for the remaining term of the respective contract.
The resulting value is discounted to the reporting date
taking into account current market interest rates of the
respective currency.
The calculation of the fair values of the derivative

financial instruments is based on significant other
observable inputs. Derivative financial instruments
are measured at fair value in each reporting period,
consequently the carrying amounts at the reporting
date correspond to the fair values.
Derivatives without an accounting hedging relation-

ship, i.e. derivatives for which hedge accounting is not
applied, are also used exclusively to hedge economic
risks and are not concluded for speculative purposes.
The current portion due for derivatives is reported in
the consolidated statement of financial position under
other current assets or under current provisions and
other current liabilities. The portion not currently due
recognised as an asset or liability is included in other
non-current assets or in non-current provisions and
other non-current liabilities.

GROUP REPORT
Market risk component of the forward exchange contracts as the

The VAMED Group’s international business activities in hedging instrument in cash flow hedges and applies
numerous currencies give rise to risks from exchange a hedge ratio of 1:1 to the designated risks.
rate fluctuations. In addition, interest rate risks from
variable interest rates can arise from long-term finan- Credit risk
cial liabilities. To manage currency and interest rate With respect to financial instruments, the VAMED
risks, the VAMED Group enters into certain hedging Group is exposed to the risk that contracting parties
transactions with banks of impeccable credit stan- may fail to meet their performance obligations. The
ding or with the Treasury department of the parent maximum credit risk from derivatives results from
company. the sum of derivatives with a positive market value
at the reporting date. The maximum credit risk from
The VAMED Group ensures that hedge accounting is non-derivative financial instruments corresponds to
in line with the Group risk management objectives and the total value of all receivables.
strategy and that a qualitative and forward-looking
approach is applied when assessing the effectiveness The VAMED Group is exposed to a material risk of
of hedge transactions. default on trade accounts receivable. This risk is coun-
tered by intensive credit assessment throughout the
When hedging risks, the VAMED Group pays attention project phase, consistent receivables management,
to the economic relationship between the hedging insurance and (as far as possible) outsourcing of the
instrument and the hedged item as well as to a high financing risk.
hedge ratio of the hedged risks. This is ensured by the
fact that the contract specifications of the interest rate Liquidity risk
and foreign exchange contracts largely correspond to Liquidity risk is defined as the risk that a company
the parameters of the corresponding risk positions. may not be able to meet its financial obligations. The
Therefore, the VAMED Group’s result for the year was VAMED Group’s management controls the group’s
only marginally affected by the ineffectiveness of liquidity by means of effective working capital and
hedge transactions. Credit default risks as well as time cash management. The VAMED Group’s management
shifts of underlying transactions are possible sources is convinced that the existing credit facilities as well
of ineffectiveness. The VAMED Group does not enter as cash inflows from operating activities and other
into derivative financial instruments for speculative short-term financing sources are sufficient to cover
purposes. the Group’s foreseeable liquidity needs.
For financial reporting purposes, the reporting cur- 31. A

dditional information on capital
rency is the euro. Therefore, translation risks arising management
from changes in exchange rates between the euro and
the local currencies in which the financial statements of The VAMED Group has a sound financial profile. The
the foreign subsidiaries are prepared affect the annual need for borrowed capital (in the form of intra-group
result reported in the consolidated financial state- loans and bank loans) was mainly caused by the
ments and the presentation of the financial position. acquisition of new companies. The need for borrowed
capital in the Project Business is usually low due to the
In addition, there are transaction risks of indivi- advance payments received and the payments based
dual Group companies, which result primarily from on construction progress.
purchases, sales, projects and services invoiced in
foreign currencies as well as from intra-Group sales In the 2020 and 2021 financial years, COVID-19
of products and services to other Group companies led to additional short-term financing require-
in different currency zones. As a result, the subsi- ments, which were mainly covered by intra-group
diaries are affected by changes in the exchange rates financing. In addition, in order to sustainably
between the invoicing currencies and the currencies strengthen the shareholders’ equit y of the
in which they conduct their local business activities. VAMED Group, existing intra-group loans amounting
The VAMED Group uses forward exchange contracts to € 350 million were converted into intra-group sub-
exclusively to hedge existing or expected transaction ordinated registered bonds in the 2020 financial year,
risks. The VAMED Group only designates the spot which are reported in the capital reserve.

GROUP REPORT
Due to the company’s diversification within the health 36. Information on the Supervisory Board
sector and its strong market position in global, growing
and non-cyclical markets, the cash flows generated are The Supervisory Board consisted of the following
essentially predictable and sustainable. Most of the persons in the reporting year:
VAMED Group’s customers have a high credit rating.
In addition, the down payments and collateral agreed Supervisory Board
in most business cases ensure the predictability of Dr. Gerd Krick, Chairman (until July 8, 2021)
cash flows. Dkfm. Stephan Sturm, Chairman
(from July 8, 2021; Deputy Chairman before that date)
32. Segment reporting Dr. Robert Hink
KR Karl Samstag
The segmentation of the VAMED Group with the “Pro- (Deputy Chairman from July 8, 2021)
ject Business“ and “Service Business“ divisions follows Mag. Andreas Schmidradner
the internal organisational and reporting structures as
of December 31, of the reporting year (management Employee representatives
approach). Mag. (FH) Thomas Hehle
DI (FH) Harald Steer, M.Sc.
Inter-divisional sales and revenues are generally made Ing. Robert Winkelmayer
at prices that would also be agreed with third par-
ties outside the Group. Administrative services are The remuneration of the Supervisory Board is deter-
charged via service agreements. mined by the Annual General Meeting of VAMED AG
and amounted to T€ 113 in the reporting year (2020:
33. R
elated party transactions T€ 135).
There were no business relationships between com-

panies of the VAMED Group and members of the
Executive Board or members of the Supervisory Board
of VAMED AG or the Fresenius Group in the year under
review.
34. Subsequent
events
There have been no material changes in the VAMED

Group’s corporate situation or in the industry environ-
ment since the end of the financial year. There are also
no major changes planned currently in the structure,
administration or legal form of the VAMED Group or
in the area of human resources.
35. Remuneration Report
The total remuneration of the Executive Board

amounted to T€ 2,733 (2020: T€ 2,488).
No loans or advance payments on future remuneration

components were granted to members of the Execu-
tive Board of VAMED AG in the financial year.

GROUP REPORT
37. Auditor’s fees
In the reporting periods presented, the fees listed

below for the auditor PwC Wirtschaftsprüfung GmbH,
Vienna, and all other auditors engaged in its network
were recognised as expenses.
2021 2020
of which of which
Total Austria Total Austria
Audit of the financial statements 1,438 367 1,278 358
Tax consultancy services 0 0 0 0
Other services 15 15 2 2
Auditor’s fee, total 1,453 382 1,280 360
38. Shareholdings
The shareholdings are listed in the appendix to the

Notes.
Vienna, March 4, 2022 The Executive Board
Dr. Ernst Wastler

Chairman of the Executive Board
Mag. Gottfried Koos MMag. Andrea Raffaseder DI (FH) Andreas Wortmann, M.Sc.
Member of the Executive Board Member of the Executive Board Member of the Executive Board

GROUP REPORT

GROUP REPORT
VAMED GROUP PARTICIPATIONS

(excluding indirect participations, participations of less than 10% and defunct or non-operating companies)
Fully consolidated companies:
Abbreviation Company name and registered office Capital share %
VAG VAMED Aktiengesellschaft, Vienna, Austria

ALM ALMEDA, a.s., Neratovice, Czech Republic 100.00
API API Betriebs gemeinnützige GmbH, Vienna, Austria 60.00
AVN-GB AVENSYS UK GROUP LIMITED, Kidderminster, United Kingdom 100.00
AVN-TR AVENSYS UK TRAINING LIMITED, Kidderminster, United Kingdom 100.00
AVN-UK AVENSYS UK LTD, Kidderminster, United Kingdom 100.00
CLP Centrum léčby pohybového aparátu, s.r.o., Prague, Czech Republic 100.00
D-HCM Casemanagement Reha GmbH, Hamburg, Germany 77.00
D-MBG MVZ Medizinisches Versorgungszentrum in Bad Berleburg GbR, Bad Berleburg, Germany 100.00
D-MKA MVZ Medizinisches Versorgungszentrum Kappeln GmbH, Kappeln, Germany 100.00
D-RSH Betriebsführungsgesellschaft Schloß Schönhagen GmbH, Schönhagen, Germany 99.40
D-TAG allgäu resort GmbH, Bad Grönenbach, Germany 94.90
D-TDA ostsee resort damp GmbH, Damp, Germany 100.00
HCC H.C. Hospital Consulting S.p.A., Bagno a Ripoli (Florence), Italy 100.00
HI hospitalia international gmbh, Bad Homburg v.d.H., Germany 100.00
HSB Heilbad Sauerbrunn Betriebsgesellschaft m.b.H., Bad Sauerbrunn, Austria 95.00
HTB HERMED Technische Beratungs GmbH, Kirchheimbolanden, Germany 100.00
HTB-BE Hermed Medrott Medical BVBA, Antwerp, Belgium 100.00
HTB-CH HERMED Medizintechnik Schweiz AG, Rapperswil-Jona, Switzerland 64.00
HTB-ES HERMED INGENIERÍA CLÍNICA ESPAÑA, S.L.U., Madrid, Spain 100.00
HTB-GB HERMED BIOMEDICAL ENGINEERING UK LIMITED, London, United Kingdom 100.00
HTB-HR HERMED Servis medicinske opreme d.o.o., Zagreb, Croatia 100.00
HTB-NL Hermed Medrott Medical B.V., Oostvoorne, The Netherlands 100.00
ICL Instruclean GmbH, Essen, Germany 94.90
ICL-AT Instruclean Austria GmbH, Vienna, Austria 100.00
IFK-DA Internat für Körperbehinderte Damp gGmbH, Damp, Germany 100.00
IHSS IHSS LIMITED, London, United Kingdom 100.00
MED MEDITERRA s.r.o., Prague, Czech Republic 100.00
MED-H VAMED MEDITERRA a.s., Prague, Czech Republic 100.00
MEL Mĕlnická zdravotní, a.s., Mělník, Czech Republic 100.00
NET MEDNET s.r.o., Prague, Czech Republic 100.00
NFM Niederösterreichische Facility Management GmbH, Wiener Neustadt, Austria 60.00
NSZ Nemocnice sv. Zdislavy, a.s., Velké Meziříčí, Czech Republic 100.00
NTG Neurologisches Therapiezentrum Gmundnerberg GmbH, Altmünster, Austria 60.00
NTK Neurologisches Therapiezentrum Kapfenberg GmbH, Kapfenberg, Austria 90.00
NTV Nemocnice Tanvald, s.r.o., Tanvald, Czech Republic 0.30
PKS GmbH PKS Privatklinik Salzburg GmbH, Salzburg, Austria 100.00

GROUP REPORT
PKS KG PKS Privatklinik Salzburg GmbH & Co KG, Salzburg, Austria 100.00
RBB Rehaklinik Wien Baumgarten Betriebs-GmbH, Vienna, Austria 100.00
RDU Rehaklinik Dussnang AG, Fischingen, Switzerland 100.00
RKB Rehabilitationszentrum Kitzbühel Betriebs-GmbH, Kitzbühel, Austria 100.00
RKE Rehaklinik Enns GmbH, Enns, Austria 67.00
RMB Rehabilitationsklinik im Montafon Betriebs-GmbH, Schruns, Austria 100.00
ROB GmbH Rehabilitationszentrum Oberndorf Betriebs-GmbH, Oberndorf bei Salzburg, Austria 100.00
ROB KG Rehabilitationszentrum Oberndorf Betriebs-GmbH & Co KG,
Oberndorf bei Salzburg, Austria 100.00
RSE Rehaklink Seewis AG, Seewis im Prättigau, Switzerland 100.00
RZS Rehaklinik Zihlschlacht AG, Zihlschlacht-Sitterdorf, Switzerland 100.00
SED MEDITERRA – Sedlčany, s.r.o., Sedlčany, Czech Republic 100.00
STC Seniorenzentrum St. Corona am Schöpfl Betriebsgesellschaft m.b.H., Vienna, Austria 100.00
TBS Therme Seewinkel Betriebsgesellschaft m.b.H., Frauenkirchen, Austria 100.00
TMD TEMAMED Medizintechnische Dienstleistungs GmbH, Kirchheimbolanden, Germany 100.00
UKK VAMED UKK Projektgesellschaft m.b.H., Berlin, Germany 100.00
UKP ARGE UK St. Pölten, Vienna, Austria 60.00
VBT-MO VAMED VSB-Betriebstechnik Mitte-Ost GmbH, Leipzig, Germany 100.00
VBT-N VAMED VSB-Betriebstechnik Nord GmbH, Leezen, Germany 100.00
VBT-SW VAMED VSB-Betriebstechnik Süd-West GmbH, Krefeld, Germany 100.00
VCA-D VAMED Care Deutschland GmbH, Damp, Germany 100.00
VCG VAMED CARE gemeinnützige Betriebs-GmbH, Vienna, Austria 100.00
VE VAMED ENGINEERING GmbH, Vienna, Austria 100.00
VE-D VAMED Engineering Deutschland GmbH, Bad Homburg v.d. Höhe, Germany 100.00
VFP-SCH VAMED Fachpflege Schleswig GmbH, Schleswig, Germany 94.90
VGH-D VAMED Gesundheit Holding Deutschland GmbH, Damp, Germany 99.90
VGR-N VAMED Grundstücksverwaltung Nord GmbH & Co. KG, Damp, Germany 94.90
VGR-O VAMED Grundstücksverwaltung Ost GmbH & Co. KG, Damp, Germany 94.90
VGR-S VAMED Grundstücksverwaltung Süd GmbH, Damp, Germany 94.90
VGR-W VAMED Grundstücksverwaltung West GmbH & Co. KG, Damp, Germany 94.90
VHP VAMED Health Project GmbH, Berlin, Germany 100.00
VHP-CH VAMED Health Project Schweiz AG, Zihlschlacht-Sitterdorf, Switzerland 100.00
VHP-CZ VAMED Health Projects CZ s.r.o., Prague, Czech Republic 100.00
VHP-FIN VAMED Health Projects Finland Oy, Helsinki, Finland 100.00
VHP-IT VAMED HEALTH PROJECT ITALY S.R.L., Florence, Italy 100.00
VHP-MY VAMED HEALTH PROJECTS MALAYSIA SDN. BHD., Petaling Jaya, Malaysia 100.00
VHP-UK VAMED HEALTH PROJECTS UK LIMITED, London, United Kingdom 100.00

GROUP REPORT
Fully consolidated companies:
VIDL-D VAMED Gesundheit IDL Deutschland GmbH, Damp, Germany 100.00

VKI-GE VAMED Kids in Pflege Geesthacht GmbH, Geesthacht, Germany 100.00
VKL-BB VAMED Klinik Bad Berleburg GmbH, Bad Berleburg, Germany 94.90
VKL-D VAMED Kliniken Deutschland GmbH, Damp, Germany 100.00
VKL-DA VAMED Ostseeklinik Damp GmbH, Damp, Germany 100.00
VKL-GE VAMED Klinik Geesthacht GmbH, Geesthacht, Germany 94.90
VKL-HA VAMED Klinik Hattingen GmbH, Hattingen, Germany 100.00
VKL-HG VAMED Klinik Hagen-Ambrock GmbH, Hagen, Germany 100.00
VKL-HO VAMED Klinik Hohenstücken GmbH, Brandenburg an der Havel, Germany 100.00
VKL-KI VAMED Klinik Kipfenberg GmbH, Kipfenberg, Germany 100.00
VKL-PUL VAMED Klinik Schloss Pulsnitz GmbH, Pulsnitz, Germany 94.90
VKMB VAMED-KMB Krankenhausmanagement und Betriebsführungsges.m.b.H., Vienna, Austria 100.00
VKP VAMED Krankenhausmanagement und Projekt GmbH, Vienna, Austria 100.00
VL-M VAMED VSB-Logistik Mitte GmbH, Erfurt, Germany 100.00
VL-N VAMED VSB-Logistik Nord GmbH, Schwerin, Germany 100.00
VL-O VAMED VSB-Logistik Ost GmbH, Bad Saarow, Germany 100.00
VLO-D VAMED Logistik Deutschland GmbH, Damp, Germany 100.00
VLR-KRO VAMED Leben am Rosenberg Kronach GmbH, Kronach, Germany 100.00
VMS VAMED Management und Service GmbH, Vienna, Austria 100.00
VMS-CH VAMED Management und Service Schweiz AG, Zihlschlacht-Sitterdorf, Switzerland 100.00
VMS-D VAMED Management und Service GmbH Germany, Berlin, Germany 100.00
VMT-M VAMED VSB-Medizintechnik Mitte GmbH, Erfurt, Germany 100.00
VMT-N VAMED VSB-Medizintechnik Nord GmbH, Stralsund, Germany 100.00
VMT-NO VAMED VSB-Medizintechnik Nord-Ost GmbH, Bad Saarow, Germany 100.00
VMT-SW VAMED VSB-Medizintechnik Süd-West GmbH, Berlin, Germany 100.00
V-NL VAMED Nederland B.V., Arnhem, Netherlands 100.00
VPF-D VAMED Pflege Deutschland GmbH, Damp, Germany 100.00
VPH-F VAMED Projets Hospitaliers Internationaux France S.A.S, Courbevoie, France 100.00
VRE-D VAMED Real Estate Deutschland GmbH, Damp, Germany 100.00
VRE-NO VAMED Reinigung Nord Ost GmbH, Damp, Germany 100.00
VRE-SW VAMED Reinigung Süd West GmbH, Damp, Germany 100.00
VRKL-AH VAMED Rehaklinik Ahrenshoop GmbH, Ahrenshoop, Germany 100.00
VRKL-BB VAMED Rehaklinik Bad Berleburg GmbH, Bad Berleburg, Germany 94.90
VRKL-BE VAMED Rehaklinik Bad Ems GmbH, Bad Ems, Germany 94.90
VRKL-BER VAMED Rehaklinik Berching GmbH, Berching, Germany 94.90
VRKL-BG VAMED Rehaklinik Bad Grönenbach GmbH, Bad Grönenbach, Germany 94.90
VRKL-BL VAMED Rehaklinik Bergisch-Land GmbH, Wuppertal, Germany 100.00

GROUP REPORT
VRKL-BS VAMED Rehaklinik Bad Salzdetfurth GmbH, Bad Salzdetfurth, Germany 94.90
VRKL-DA VAMED Rehaklinik Damp GmbH, Damp, Germany 100.00
VRKL-LE VAMED Rehaklinik Lehmrade GmbH, Damp, Germany 100.00
VRKL-SCH VAMED Rehaklinik Schwedenstein GmbH, Pulsnitz, Germany 100.00
VRKL-SS VAMED Rehaklinik Schloss Schönhagen GmbH, Damp, Germany 100.00
VRZ-BLO VAMED Campus Reha Bleicherode GmbH, Damp, Germany 100.00
VRZ-D VAMED Rehazentren Deutschland GmbH, Damp, Germany 100.00
VRZ-ERF VAMED Campus Reha Erfurt GmbH, Erfurt, Germany 100.00
VRZ-FFO VAMED Rehazentrum Frankfurt (Oder) GmbH, Frankfurt (Oder), Germany 100.00
VRZ-HA VAMED Rehazentrum Harburg GmbH, Hamburg, Germany 100.00
VRZ-HIL VAMED Rehazentrum Hildesheim GmbH, Hildesheim, Germany 100.00
VRZ-KRE VAMED Rehazentrum Krefeld GmbH, Damp, Germany 100.00
VRZ-LÜ VAMED Rehazentrum Lübeck GmbH, Lübeck, Germany 100.00
VRZ-NO VAMED Rehazentrum Norderstedt GmbH, Norderstedt, Germany 100.00
VRZ-ULM VAMED Rehazentrum Ulm GmbH, Ulm, Germany 100.00
VSB VAMED Service- und Beteiligungsges. m.b.H., Berlin, Germany 95.00
VSB-BPS VAMED VSB-BPS GmbH, Berlin, Germany 100.00
VSC-NO VAMED Service & Catering Nord Ost GmbH, Damp, Germany 100.00
VSC-SW VAMED Service & Catering Süd West GmbH, Damp, Germany 100.00
VSG VAMED Standortentwicklung und Engineering GmbH, Vienna, Austria 100.00
VSH VAMED VSB-Sicherheit GmbH, Erfurt, Germany 100.00
VSP-ER VAMED Senioren- und Pflegeheim Erfurt GmbH, Erfurt, Germany 94.90
VSP-HE VAMED Senioren- und Pflegeheim Hettstedt GmbH, Hettstedt, Germany 100.00
VST VAMED VSB-Sterilgutversorgung GmbH, Berlin, Germany 100.00
VSW VAMED VSB-Sterilgutversorgung West GmbH, Wuppertal, Germany 100.00
VTE VAMED VSB-Technik GmbH, Damp, Germany 100.00
VTS VAMED Technical Services GmbH, Vienna, Austria 100.00
The company names correspond to the respective local registration, the country names to ISO 3166.

GROUP REPORT
VAMED GROUP PARTICIPATIONS

(excluding indirect participations, participations of less than 10% and defunct or non-operating companies)
Associated companies and non-consolidated companies:
ANIS ANIS-ANregiomed-Instruclean-Services GmbH, Ansbach, Germany 49.00

ARW Ambulante Rehabilitation Wörgl GmbH, Wörgl, Austria 60.00
CFS Casalis Facility Services GmbH, Kassel, Germany 49.00
D-RKL Tagesklinik am Kurpark Lüneburg GmbH, Lüneburg, Germany 37.00
D-RSK Sport-REHA-Kiel GmbH, Kiel, Germany 36.00
ELB ELBLAND Sterilgutgesellschaft mbH, Meißen, Germany 49.00
FMS Facility Management Schleswig-Holstein GmbH, Kiel, Germany 50.00
GOK Gemeinnützige Oberndorfer Krankenhausbetriebsgesellschaft m.b.H.,
Oberndorf bei Salzburg, Austria 49.00
GRB Gesundheitsresort Gars Betriebs GmbH, Gars am Kamp, Austria 19.14
GRG Gesundheitsresort Gars GmbH, Gars am Kamp, Austria 17.00
HUH Hainan Unicare Hospital Co, Ltd, Haikou, China 30.00
KHR GmbH PPP – Radioonkologie KHR SZO GmbH, Vienna, Austria 19.00
KHR KG PPP – Radioonkologie KHR SZO GmbH & Co KG, Vienna, Austria 19.00
LKV LKV Krankenhaus Errichtungs- und Vermietungs-GmbH, Linz, Austria 49.00
MSK-H MSK GROUP HOLDINGS COMPANY LIMITED, Bangkok, Thailand 13.35
NRZ Neurologisches Rehabilitationszentrum "Rosenhügel" Errichtungs- und Betriebs-GmbH, Vienna,
Austria 49.00
OCB Oberndorfer Catering Betriebs-GmbH, Oberndorf bei Salzburg, Austria 49.00
PSZ Psychosomatisches Zentrum Eggenburg GmbH, Eggenburg, Austria 29.00
RIH RIHH OpCo Holdings (DIFC) Ltd, Dubai, United Arab Emirates 12.00
RVB Rehabilitationszentrum St. Veit im Pongau Betriebs-GmbH, St. Veit im Pongau, Austria 76.00
RZO Rheuma-Zentrum Wien-Oberlaa GmbH, Vienna, Austria 49.00
SEN S.EN.AL.PA. S.P.A., Venice, Italy 21.40
SSZ Soukromá stredni zdravotnická škola Mělník, o.p.s., Mělník, Czech Republic 100.00
TBG ‘TBG’ Thermenzentrum Geinberg Betriebsgesellschaft m.b.H., Geinberg, Austria 18.00
TGMZ TGMZ Team Gesund Medizin Zentren GmbH, Vienna, Austria 60.00
THG “THG” Thermenzentrum Geinberg Errichtungs-GmbH, Linz, Austria 27.34
THL THL Therme Laa a.d. Thaya – Projektentwicklungs- und Errichtungsgesellschaft m.b.H.,
Laa a.d. Thaya, Austria 19.96
TLG GMBH Aqua Dome Tirol Therme Längenfeld GMBH, Längenfeld, Austria 12.31
TLG KG Aqua Dome Tirol Therme Längenfeld GMBH & CO KG, Längenfeld, Austria 12.31
TWB GmbH Tauern SPA World Betriebs-GmbH, Kaprun, Austria 20.99
TWB KG Tauern SPA World Betriebs-GmbH & Co KG, Kaprun, Austria 19.07
TWE GmbH Tauern SPA World Errichtungs-GmbH, Kaprun, Austria 20.99
TWE KG Tauern SPA World Errichtungs-GmbH & Co KG, Kaprun, Austria 19.07
TWO GmbH Therme Wien Ges.m.b.H., Vienna, Austria 19.99
TWO KG Therme Wien GmbH & Co KG, Vienna, Austria 19.99
UKS VAMED / DIF UKSH PPP GmbH, Frankfurt am Main, Germany 10.00

GROUP REPORT
VAROM VAMED ROMANIA S.R.L., Bucharest, Romania 100.00

VBC VAMED Business Consulting GmbH, Vienna, Austria 100.00
VBH “Vamed B&H” d.o.o. Banja Luka, Banja Luka, Bosnia and Herzegovina 100.00
VCT VAMED Construction (Thailand) Co., Ltd, Bangkok, Thailand 48.95
VE (M) VAMED ENGINEERING (M) SDN. BHD., Kuala Lumpur, Malaysia 30.00
VE (P) PRINSAMED – PROJECTOS INTERNACIONAIS DE SAÚDE UNIPESSOAL LDA, Lisbon, Portugal 100.00
VE (U) TOV “VAMED UKRAINE”, Kyiv, Ukraine 100.00
VE-GAB VAMED GABON SAS, Libreville, Gabon 100.00
VHC VAMED Healthcare Co. Ltd, Beijing, China 100.00
VHP-ES VAMED HEALTH PROJECTS SPAIN, S.L., Madrid, Spain 100.00
VHP-GH VAMED HEALTH PROJECTS GHANA LTD, Accra, Ghana 100.00
VHP-ID PT VAMED HEALTH PROJECTS INDONESIA, Jakarta, Indonesia 99.00
VHP-TH Vamed Health Projects (Thailand) Co., Ltd, Bangkok, Thailand 99.94
VHP-V VAMED HEALTH PROJECTS VIETNAM LLC, Hanoi City, Vietnam 100.00
VHS-ZA VAMED HEALTHCARE SERVICES SA (PTY) LTD, Johannesburg, South Africa 85.00
VHT VAMED Healthcare Services (Thailand) Ltd, Bangkok, Thailand 49.00
VIH VAMED International Hospital Management and Consulting (Beijing) Co., Ltd, Beijing, China 100.00
VME VAMED Middle East Healthcare Management and Consultancy Services LLC,
Abu Dhabi, United Arab Emirates 49.00
VMR Health Institution – Institute for diagnostics “VAMED” Novi Sad, Novi Sad, Serbia 75.00
VMS-CZ VAMED CZ s.r.o., Prague, Czech Republic 100.00
VMS-SA VAMED KSA Management and Service LLC, Riyadh, Saudi Arabia 75.00
VMS-UK VAMED MANAGEMENT AND SERVICE UK LIMITED, Kidderminster, United Kingdom 100.00
VPC VAMED Project CR d.o.o., Zagreb, Croatia 100.00
VPL VAMED Polska Sp. z o.o., Warsaw, Poland 100.00
V-RU OOO VAMED, Moscow, Russian Federation 100.00
VSK “VAMED Services Kosovo” L.L.C., Pristina, Kosovo 100.00
VSS VAMED Shared Services GmbH, Vienna, Austria 100.00
V-TR VAMED TURKEY MÜHENDİSLİK İNŞAAT TAAHHÜT MEDİKAL SAĞLIK HİZMETLERİ
LİMİTED ŞİRKETİ, Ankara, Turkey 100.00
VUE VAMED Umwelt und Energie GmbH, Linz, Austria 100.00
The company names correspond to the respective local registration, the country names to ISO 3166.

GROUP REPORT
INDEPENDENT AUDITOR'S REPORT
Opinion Emphasis of Matter – Accounting Policies
We have audited the "condensed subgroup financial We draw attention to the disclosure under “General
statements" of VAMED Aktiengesellschaft, Vienna, notes on the financial statements of the VAMED
which comprise the consolidated income statement, Group” in the group notes, which states that the
the consolidated statement of comprehensive income, condensed subgroup financial statements were pre-
the consolidated balance sheet as at 31 December pared in accordance with the guidelines of the parent
2021, the consolidated cash flow statement and the company, Fresenius SE & Co KGaA, Bad Homburg
consolidated statement of changes in equity for the v.d.H., Germany, in particular regarding the applica-
financial year ending on the reporting date, as well as tion of IFRSs, materiality thresholds, determination
the comments and other disclosures included in the of the consolidated group. The accounting policies
group notes. of Fresenius SE & Co. KGaA, Bad Homburg v.d.H.,
Germany, are based on IFRS as adopted by the EU.
In our opinion, the accompanying condensed sub- For the purposes of the condensed subgroup financial
group financial statements are prepared, in all material statements, material deviations from these principles
respects, in accordance with the accounting policies are presented in the section “General notes on the
as presented in the 2021 consolidated financial state- financial statements of the VAMED Group” section of
ments of Fresenius SE & Co KGaA, Bad Homburg the condensed subgroup financial statements. As a
v.d.H., Germany. result, the condensed subgroup financial statements
may not be suitable for another purpose.
Basis for Opinion
Our opinion is not modified in respect of this matter.
We conducted our audit in accordance with the Inter-
national Standards on Auditing (ISA). Our responsi- Responsibilities of Management and the
bilities under those standards are further described Supervisory Board for the Condensed
in the “Auditor’s Responsibilities for the Audit of the Subgroup Financial Statements
Condensed Subgroup Financial Statements” section
of our report. We are independent of the subgroup Management is responsible for the preparation of the
in accordance with the ethical requirements that are condensed subgroup financial statements in accor-
relevant to our audit of the condensed subgroup finan- dance with the accounting policies as presented in
cial statements in Austria, and we have fulfilled our the notes to the consolidated financial statements
other ethical responsibilities in accordance with these of Fresenius SE & Co KGaA, Bad Homburg v.d.H.,
requirements. We believe that the audit evidence we Germany. Furthermore, management is responsible
have obtained until the date of this report is sufficient for such internal control as management determines
and appropriate to provide a basis for our opinion by is necessary to enable the preparation of condensed
this date. subgroup financial statements that are free from
material misstatement, whether due to fraud or error.
As provided under section 275 para. 2 UGB (Austrian
Company Code) (liability provision regarding the In preparing the condensed subgroup financial state-
audit of financial statements of large companies), our ments, management is responsible for assessing the
responsibility and liability towards the Company and subgroup’s ability to continue as a going concern,
any third parties arising from the audit are limited to disclosing, as applicable, matters relating to going
a total of EUR 12 million. concern and using the going concern basis of account-
ing unless management either intends to liquidate the
subgroup or to cease operations, or has no realistic
alternative but to do so.
The Supervisory Board is responsible for overseeing

the subgroup’s financial reporting process.

GROUP REPORT
Auditor’s Responsibilities for the Audit of the • conclude on the appropriateness of management’s
Condensed Subgroup Financial Statements use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
Our objectives are to obtain reasonable assurance a material uncertainty exists related to events or
regarding whether the condensed subgroup financial conditions that may cast significant doubt on the
statements as a whole are free from material misstate- subgroup’s ability to continue as a going concern.
ment, whether due to fraud or error, and to issue an If we conclude that a material uncertainty exists,
auditor’s report that includes our opinion. Reasonable we are required to draw attention in our auditor’s
assurance is a high level of assurance, but is not a report to the related disclosures in the condensed
guarantee that an audit conducted in accordance with subgroup financial statements or, if such disclo-
the ISAs will always detect a material misstatement sures are inadequate, to modify our opinion. Our
when it exists. Misstatements can arise from fraud or conclusions are based on the audit evidence
error and are considered material if, individually or in obtained up to the date of our auditor’s report.
the aggregate, they could reasonably be expected to However, future events or conditions may cause the
influence the economic decisions of users taken on subgroup to cease to continue as a going concern.
the basis of these condensed consolidated financial
statements. • obtain sufficient appropriate audit evidence
regarding the financial information of the entities or
As part of an audit in accordance with the ISAs, we business activities within the subgroup to express
exercise professional judgement and maintain pro- an opinion on the condensed subgroup financial
fessional skepticism throughout the audit. statements. We are responsible for the direc-
tion, supervision, and performance of the group
We also: audit. We remain solely responsible for our audit
opinion.
• identify and assess the risks of material mis-
statement of the condensed subgroup financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of internal control.
• obtain an understanding of the internal control

relevant to the audit in order to design audit pro-
cedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion
on the effectiveness of the subgroup’s internal
control.
• the reasonableness of accounting estimates and

related disclosures made by management, if any,
based on the accounting policies as presented
in the consolidated financial statements 2021 of
Fresenius SE & Co. KGaA, Bad Homburg v.d.H.,
Germany.

GROUP REPORT
We communicate with the Supervisory Board regard-

ing, among other matters, the planned scope and tim-
ing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
Vienna
March 4, 2022
PwC Wirtschaftsprüfung GmbH
signed: signed:
Mag. Dr. Anton Pichler Mag. Dr. Aslan Milla
Austrian Certified Public Accountant Austrian Certified Public Accountant
This report is a translation of the original report in German, which is the legally binding version. Publication and
sharing with third parties of the condensed subgroup financial statements together with our auditor’s report
is only allowed if the condensed subgroup financial statements are identical with German audited version.
This independent auditor’s report is only applicable to the German condensed subgroup financial statements
presented on pages 43 to 87.

Disclaimer
This annual report also includes forward-looking statements based on current assumptions and estimates that are made to the
best of its knowledge by the management of VAMED AG. If the underlying premises for these forecasts fail to materialize or risks
indicated in the risk report arise, actual results may deviate from these estimates. We do not assume any warranty or liability that
the future development or actual results will coincide with the assumptions and estimates contained in this annual report. It is
neither our intention nor do we assume any separate obligation to update forward-looking statements in order to reflect events or
developments occurring after the date of this annual report.
Calculation differences may arise when rounded amounts and percentages are summed.
The annual report was prepared with the greatest possible diligence to ensure that the information provided in all parts is correct
and complete. Nevertheless, rounding, typesetting and printing errors cannot be completely excluded.
Layout:
PROJEKT21:mediendesigngmbh
Pictures:
Alexander Dewor, Anja Kutter, Christian Houdek, Fotomentum, Helios, Hermed, Hocoma Switzerland, IHSS Ltd., Instruclean GmbH,
Manfred Witt, Martin Raffeiner, Michael Mutzberg, Oliver Schleyer, Outline Pictures, Pfluegl, Sabine Klimt, Sascha Genennig,
Schruns, shutterstock, Theresa Wey, University Hospital Schleswig-Holstein, VAMED Group, VAMED Mediterra, Wolfram Schroll,
ZOOM_VP
VAMED Aktiengesellschaft
Sterngasse 5
1230 Vienna
Austria
office@vamed.com
www.vamed.com

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Vamed annual-report-2021

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ANNUAL REPORT

Foreword by the Executive Board 2

Report of the Supervisory Board 4

Corporate Bodies of VAMED AG 5

The VAMED Value Chain and Life Cycle 6

VAMED AG Group Report

Structure of the VAMED Group 22

Group Management Report 23

Consolidated Financial Statements 43

Notes to the Consolidated Financial Statements 49

FOREWORD BY THE EXECUTIVE

2 VAMED ANNUAL REPORT 2021

VAMED ANNUAL REPORT 2021 3

REPORT OF THE SUPERVISORY

With regard to the preparation of separate consoli-

4 VAMED ANNUAL REPORT 2021

MEMBER OF THE EXECUTIVE BOARD Mag. Gottfried Koos

MEMBER OF THE EXECUTIVE BOARD MMag. Andrea Raffaseder

MEMBER OF THE EXECUTIVE BOARD DI (FH) Andreas Wortmann, M.Sc.

The Supervisory Board

Dkfm. Stephan Sturm (from July 8, 2021)

DEPUTY CHAIRMAN Dkfm. Stephan Sturm (until July 8, 2021)

KR Karl Samstag (from July 8, 2021)

MEMBERS Dr. Robert Hink

KR Karl Samstag (until July 8, 2021)

Mag. Andreas Schmidradner

DELEGATED BY THE Mag. (FH) Thomas Hehle

Ing. Robert Winkelmayer

HONORARY CHAIRMAN Dr. Gerd Krick (from July 8, 2021)

VAMED ANNUAL REPORT 2021 5

THE VAMED VALUE CHAIN

The international healthcare group VAMED is active in all areas of healthcare,

health. care. vitality.

A strong partner throughout the entire

6 VAMED ANNUAL REPORT 2021

PROJECT BUSINESS SERVICE BUSINESS

VAMED ANNUAL REPORT 2021 7

Here, VAMED can rely on an established international network of financ-

Pioneer in the field of PPP models in the healthcare sector

8 VAMED ANNUAL REPORT 2021

Strong increase in order intake

• Contract for the construction of three general hospitals in Angola

• Turnkey construction of the Hohenlohe Hospital in Öhringen in Germany

• Orders for supply, installation and training of biomedical equipment

Focus on health in Africa

• In Ghana, people will gain access to low-threshold telemedical

Handover of healthcare facilities

o E xpansion of the Rehabilitation

o The turnkey of the Sanaklinikum

o The turnkey of the 200-bed

VAMED ANNUAL REPORT 2021 9

Life cycle models and needs-based financing

with the benefits of tailor-made financing solutions

Current lighthouse projects include:

• The Reem Hospital in Abu Dhabi – a non-Euro-

Hospital Suroeste, Córdoba, Argentina

Maternity Clinic Kenya

University Hospital Schleswig-Holstein, Germany

Hospital Villa Tunari, Bolivia

10 VAMED ANNUAL REPORT 2021

o E xpansion of the Rehabilitation

o The turnkey of the Sanaklinikum

• The Reem Hospital in Abu Dhabi – a non-Euro-

• Psychosomatics • Special care for people with serious neurological

2. Non-financial performance indicators • Ability of the company to use and further

• Optimal customer benefit through product and