SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of July 2015
FRESENIUS MEDICAL CARE AG & Co. KGaA
(Translation of registrant’s name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82
On July 29, 2015 Fresenius Medical Care AG & Co. KGaA (the “Company”) issued an Investor News announcing its second quarter results for the period ending June 30, 2015. A copy of the Investor News is furnished as Exhibit 99.1.
The attached Investor News contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our second quarter 2015 consolidated financial results presented in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, we have used non-GAAP financial measure of (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, and (b) free cash flow. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-GAAP financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures are included in the attached Investor News in a separate statement setting forth the reconciliation and in the Cash Flow Statement.
The Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATE: July 30, 2015
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FRESENIUS MEDICAL CARE AG & Co. KGaA, |
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a partnership limited by shares, represented by: |
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FRESENIUS MEDICAL CARE MANAGEMENT AG, its |
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General Partner |
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By: |
/s/ RICE POWELL |
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Name: |
Rice Powell |
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Title: |
Chief Executive Officer and |
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Chairman of the Management Board |
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of the General Partner |
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By: |
/s/ MICHAEL BROSNAN |
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Name: |
Michael Brosnan |
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Title: |
Chief Financial Officer and |
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Member of the Management Board |
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of the General Partner |
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3
Exhibit 99.1
July 30, 2015
INVESTOR
NEWS
Fresenius Medical Care reports
second quarter 2015 results and confirms guidance for full year 2015
· Second quarter performance on track to achieve full year guidance for 2015
· Strong year to date revenue and earnings growth
· International performance mainly masked by currencies in the second quarter
· Strong year to date cash flow generation
Second quarter 2015 key figures:
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Net revenue |
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$ |
4,199 million |
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+9 |
% |
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Operating income (EBIT) |
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$ |
547 million |
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-2 |
% |
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Net income1 |
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$ |
241 million |
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+3 |
% |
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Basic earnings per share |
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$ |
0.79 |
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+2 |
% |
First half 2015 key figures:
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Net revenue |
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$ |
8,159 million |
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+10 |
% |
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Operating income (EBIT) |
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$ |
1,051 million |
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+5 |
% |
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Net income1 |
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$ |
450 million |
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+3 |
% |
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Basic earnings per share |
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$ |
1.48 |
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+2 |
% |
Rice Powell, chief executive officer of Fresenius Medical Care stated: “Our second quarter 2015 results showed a positive underlying performance. We are pleased with our revenue and earnings growth considering the negative currency impact on our International operations in the second quarter. We have made further progress with the integration of our Care Coordination operations. Our performance is in line with our full year guidance for 2015 and we are confident to achieve our long-term targets for 2020.”
Second quarter 2015
Revenue
Net revenue for the second quarter of 2015 increased by 9% to $4,199 million (+15% at constant currency) as compared to the second quarter of 2014. Organic revenue growth
1 attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
2
worldwide was 8%. Net Health Care revenue grew by 13% to $3,345 million (+18% at constant currency). The dialysis product revenue decreased by 4% to $854 million as compared to the second quarter of 2014 mainly due to negative currency developments in the International product business. On a constant currency basis the dialysis product revenue increased by 8%.
North America revenue for the second quarter of 2015 increased by 17% to $2,946 million. Organic revenue growth was 7%. Net Health Care revenue grew by 17% to $2,722 million with a same market treatment growth of 4%. Net Dialysis Care revenue increased by 6% to $2,254 million while the Care Coordination revenue increased by 149% to $468 million (organic growth of 24%). Dialysis product revenue increased by 9% to $224 million as compared to the second quarter of 2014.
International revenue decreased by 4% to $1,247 million. On a constant currency basis revenue increased by 14%. Organic revenue growth was 9%. Net Health Care revenue decreased by 1% to $623 million (+18% at constant currency). Dialysis product revenue decreased by 6% to $624 million (+10% at constant currency).
International segments:
Europe, Middle East and Africa (EMEA) revenue decreased by 15% to $668 million (+4% at constant currency). Organic revenue growth was 5%. Net Health Care revenue decreased by 17% to $309 million (+3% at constant currency). Dialysis product revenue decreased by 14% to $359 million (+5% at constant currency).
Asia-Pacific revenue increased by 22% to $376 million (+32% at constant currency). Organic revenue growth was 12%. Net Health Care revenue increased by 37% to $164 million (+55% at constant currency). Dialysis product revenue increased by 12% to $212 million (+18% at constant currency).
Latin America revenue increased by 2% to $203 million (+22% at constant currency). Organic revenue growth was 19%. Net Health Care revenue increased by 6% to $150 million (+25% at constant currency). Dialysis product revenue decreased by 8% to $53 million (+15% at constant currency).
3
Earnings
Operating income (EBIT) decreased by 2% from $556 million in the second quarter of 2014 to $547 million in the second quarter of 2015.
Operating income for North America for the second quarter of 2015 was $428 million, an increase of 7% as compared to the second quarter of 2014.
In the International segments, operating income for the second quarter of 2015 decreased by 11% to $217 million as compared to $243 million in the second quarter of 2014.
International segments:
Operating income for EMEA for the second quarter of 2015 was $134 million, a decrease of 20% as compared to the second quarter of 2014. Operating income for Asia-Pacific for the second quarter of 2015 was $67 million, an increase of 22% as compared to the second quarter of 2014. Operating income for Latin America for the second quarter of 2015 was $16 million, a decrease of 20% as compared to the second quarter of 2014.
Net interest expense for the second quarter of 2015 was $102 million as compared to $98 million in the second quarter of 2014 which mainly reflects the financing costs of the acquisitions made in the second half of 2014.
Income tax expense was $135 million for the second quarter of 2015, which translates into an effective tax rate of 30.4%. On an adjusted basis the tax rate for the second quarter of 2014 was 34.8%.2
Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA for the second quarter of 2015 was $241 million, an increase of 3% compared to $234 million for the second quarter of 2014 and in line with our full year guidance for 2015.
Basic earnings per share (EPS) for the second quarter of 2015 was $0.79, an increase of 2% compared to the corresponding number for the second quarter of 2014. The weighted average number of shares outstanding for the second quarter of 2015 was approximately 304.2 million shares, compared to approximately 301.8 million shares for the second quarter
2 The tax rate in the second quarter of 2014 was influenced by a special tax impact which resulted in an expense of $18 million.
4
of 2014. The increase in shares outstanding resulted from stock option exercises during the second quarter of 2015.
Cash flow
In the second quarter of 2015, the company generated $385 million, representing 9.2% of revenue, in net cash provided by operating activities, compared to the corresponding figure of last year of $449 million.
A total of $214 million was spent for capital expenditures, net of disposals. Free cash flow was $171 million compared to $231 million in the second quarter of 2014.
A total of $55 million in cash was spent for acquisitions, net of divestitures. Free cash flow after investing activities was $116 million as compared to ($66) million in the second quarter of 2014.
First half 2015
Revenue and earnings
Net revenue for the first half of 2015 increased by 10% to $8,159 million (+16% at constant currency) as compared to the first half of 2014. Organic revenue growth worldwide was 8%.
Operating income (EBIT) for the first half of 2015 was $1,051 million as compared to $1,001 million in the first half of 2014. This represents an increase of 5% on a reported basis.
Net interest expense for the first half of 2015 was $204 million as compared to $195 million in the first half of 2014.
Income tax expense for the first half of 2015 was $273 million, which translates into an effective tax rate of 32.2%. On an adjusted basis the tax rate for the first half of 2014 was
5
32.3%.3 For the full year, the company expects the tax rate to be on the lower end of its guidance range of 33 to 34%.
For the first half of 2015, net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA was $450 million, up by 3% from the corresponding number of $439 million for the first half of 2014.
In the first half of 2015, basic earnings per share (EPS) was $1.48, an increase of 2% compared to the corresponding number for the first half of 2014. The weighted average number of shares outstanding during the first half of 2015 was approximately 303.9 million shares.
Cash flow
In the first half of 2015, the company generated $832 million in net cash provided by operating activities, representing 10.2% of revenue, as compared to $562 million for the same period in 2014.
A total of $411 million was spent for capital expenditures, net of disposals. Free cash flow for the first half of 2015 was $421 million as compared to $147 million in the first half of 2014.
A total of $66 million in cash was spent for acquisitions and investments, net of divestitures. Free cash flow after investing activities was $355 million as compared to a ($285) million in the first half of 2014.
Employees
As of June 30, 2015, Fresenius Medical Care had 102,893 employees (full-time equivalents) worldwide, compared to 94,401 employees at the end of June 2014. This increase of ~8,500 employees was mainly attributable to acquisitions as well as our continued organic growth.
3 The tax rate in the second quarter of 2014 was influenced by a special tax impact which resulted in an expense of $18 million.
6
Balance sheet structure
The company´s total assets of $25,410 million remained on a similar level (Dec. 31, 2014: $25,447 million). Current assets were virtually flat at $6,702 million (Dec. 31, 2014: $6,725 million). Non-current assets remained almost unchanged at $18,708 million (Dec. 31, 2014: $18,722 million). Total equity increased by 2% to $10,182 million (Dec. 31, 2014: $10,028 million). The equity ratio was 40% as compared to 39% at the end of 2014. Total debt was $9,270 million (Dec. 31, 2014: $9,532 million). As of June 30, 2015, the debt/EBITDA ratio was 3.0 (Dec. 31, 2014: 3.1).
Please refer to the attachments for a complete overview of the results for the second quarter and first half of 2015 and the reconciliation of non-GAAP financial measures included in this release to the most comparable GAAP financial measures.
Outlook4 confirmed
For the 2015 outlook the company expects revenue to grow at 5-7%, which at constant currency is a growth rate of 10-12%. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA is expected to increase by 0-5% in 2015.
The company expects to spend around $1.0 billion on capital expenditures and around $400 million on acquisitions in 2015. The debt/EBITDA ratio is expected to be around 3.0 by the end of 2015.
For the 2016 projections we expect revenue to increase around 7-10% (previously 9-12%). This is due to the fact that we expect some of the initiatives in Care Coordination operations to be delayed into the following years. The net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA is still expected to grow by 15-20% (unchanged).
As disclosed in the company’s long-term target for 2020, the company expects revenue to grow at an average annual growth rate of approximately 10% and net income attributable to shareholders in the high single digits.
4 The outlook/projection provided for 2015/2016 is based on current exchange rates. Savings from the global efficiency program are included, while potential acquisitions are not. In addition the outlook reflects further operating cost investments within the Care Coordination business for future growth in line with our 2020 strategy.
7
Conference call
Fresenius Medical Care will hold a conference call to discuss the results of the second quarter 2015 on Thursday, July 30, 2015 at 3.30 p.m. CEDT/ 9.30 a.m. EDT. The company invites investors to follow the live webcast of the call at the company’s website www.freseniusmedicalcare.com in the “Investors/Events” section. A replay will be available shortly after the call.
Fresenius Medical Care is the world’s largest provider of products and services for individuals with renal diseases of which more than 2.6 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,421 dialysis clinics, Fresenius Medical Care provides dialysis treatments for 289,610 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with the core business, the company focuses on expanding the range of additional medical services in the field of care coordination.
For more information about Fresenius Medical Care, visit the company’s website at www.freseniusmedicalcare.com.
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.
8
Please note: In 2015, we aligned the disclosure of segments to reflect changes in the way we manage our business. The former International segment is now sub-divided in EMEA (Europe, Middle East, Africa) segment, Asia-Pacific segment and Latin America segment.
Statement of earnings
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Three months ended
June 30 |
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Six months ended
June 30 |
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in US$ million, except share data, unaudited |
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2015 |
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2014 |
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Change |
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2015 |
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2014 |
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Change |
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Health Care revenue |
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3,454 |
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3,014 |
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14.6 |
% |
6,743 |
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5,859 |
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15.1 |
% |
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Less: patient service bad debt provision |
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109 |
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65 |
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68.6 |
% |
216 |
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128 |
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68.6 |
% |
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Net Health Care revenue |
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3,345 |
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2,949 |
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13.4 |
% |
6,527 |
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5,731 |
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13.9 |
% |
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Dialysis products revenue |
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854 |
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886 |
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-3.6 |
% |
1,632 |
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1,667 |
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-2.2 |
% |
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Total net revenue |
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4,199 |
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3,835 |
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9.5 |
% |
8,159 |
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7,398 |
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10.3 |
% |
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Costs of revenue |
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2,902 |
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2,624 |
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10.6 |
% |
5,678 |
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5,104 |
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11.2 |
% |
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Gross profit |
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1,297 |
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1,211 |
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7.1 |
% |
2,481 |
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2,294 |
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8.2 |
% |
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Selling, general and administrative |
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723 |
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631 |
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14.6 |
% |
1,378 |
|
1,250 |
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10.2 |
% |
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Research and development |
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34 |
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31 |
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12.3 |
% |
65 |
|
61 |
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7.7 |
% |
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Income from equity method investees |
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(7 |
) |
(7 |
) |
13.9 |
% |
(13 |
) |
(18 |
) |
-29.7 |
% |
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Operating income (EBIT) |
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547 |
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556 |
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-1.7 |
% |
1,051 |
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1,001 |
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5.0 |
% |
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Interest income |
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(13 |
) |
(13 |
) |
2.1 |
% |
(73 |
) |
(28 |
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158.2 |
% |
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Interest expense |
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115 |
|
111 |
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3.4 |
% |
277 |
|
223 |
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24.3 |
% |
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Interest expense, net |
|
102 |
|
98 |
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3.6 |
% |
204 |
|
195 |
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4.8 |
% |
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Income before taxes |
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445 |
|
458 |
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-2.8 |
% |
847 |
|
806 |
|
5.1 |
% |
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Income tax expense |
|
135 |
|
177 |
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-23.6 |
% |
273 |
|
278 |
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-1.9 |
% |
|
Net income |
|
310 |
|
281 |
|
10.4 |
% |
574 |
|
528 |
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8.7 |
% |
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Less: Net income attributable to noncontrolling interests |
|
69 |
|
47 |
|
46.7 |
% |
124 |
|
89 |
|
39.3 |
% |
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Net income attributable to shareholders of FMC AG & Co. KGaA |
|
241 |
|
234 |
|
3.0 |
% |
450 |
|
439 |
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2.6 |
% |
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|
|
|
|
|
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|
|
|
|
|
|
|
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|
Operating income (EBIT) |
|
547 |
|
556 |
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-1.7 |
% |
1,051 |
|
1,001 |
|
5.0 |
% |
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Depreciation and amortization |
|
181 |
|
169 |
|
7.1 |
% |
357 |
|
336 |
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6.2 |
% |
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EBITDA |
|
728 |
|
725 |
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0.4 |
% |
1,408 |
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1,337 |
|
5.3 |
% |
|
EBITDA margin |
|
17.3 |
% |
18.9 |
% |
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|
17.3 |
% |
18.1 |
% |
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Weighted average number of shares |
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|
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Ordinary shares |
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304,172,400 |
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301,781,895 |
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|
303,929,089 |
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301,637,274 |
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|
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Basic earnings per share |
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$ |
0.79 |
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$ |
0.77 |
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2.2 |
% |
$ |
1.48 |
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$ |
1.46 |
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1.8 |
% |
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Basic earnings per ADS |
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$ |
0.40 |
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$ |
0.39 |
|
2.2 |
% |
$ |
0.74 |
|
$ |
0.73 |
|
1.8 |
% |
|
|
|
|
|
|
|
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|
|
|
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In percent of revenue |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue |
|
69.1 |
% |
68.4 |
% |
|
|
69.6 |
% |
69.0 |
% |
|
|
|
Gross profit |
|
30.9 |
% |
31.6 |
% |
|
|
30.4 |
% |
31.0 |
% |
|
|
|
Operating income (EBIT) |
|
13.0 |
% |
14.5 |
% |
|
|
12.9 |
% |
13.5 |
% |
|
|
|
Net income attributable to shareholders of FMC AG & Co. KGaA |
|
5.7 |
% |
6.1 |
% |
|
|
5.5 |
% |
5.9 |
% |
|
|
9
Segment and other information
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|
Three months ended
June 30 |
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Six months ended
June 30 |
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|
unaudited |
|
2015 |
|
2014 |
|
Change |
|
2015 |
|
2014 |
|
Change |
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|
|
|
|
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|
|
|
|
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Total |
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|
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Revenue in US$ million |
|
4,199 |
|
3,835 |
|
9.5 |
% |
8,159 |
|
7,398 |
|
10.3 |
% |
|
Operating income (EBIT) in US$ million |
|
547 |
|
556 |
|
-1.7 |
% |
1,051 |
|
1,001 |
|
5.0 |
% |
|
Operating income margin in % |
|
13.0 |
% |
14.5 |
% |
|
|
12.9 |
% |
13.5 |
% |
|
|
|
Delivered EBIT in US$ million |
|
478 |
|
509 |
|
-6.1 |
% |
927 |
|
912 |
|
1.7 |
% |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
71 |
|
73 |
|
|
|
|
Employees (full-time equivalents) |
|
|
|
|
|
|
|
102,893 |
|
94,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
2,946 |
|
2,521 |
|
16.8 |
% |
5,717 |
|
4,914 |
|
16.3 |
% |
|
Operating income (EBIT) in US$ million |
|
428 |
|
401 |
|
6.9 |
% |
768 |
|
736 |
|
4.4 |
% |
|
Operating income margin in % |
|
14.5 |
% |
15.9 |
% |
|
|
13.4 |
% |
15.0 |
% |
|
|
|
Delivered EBIT in US$ million |
|
362 |
|
355 |
|
1.9 |
% |
649 |
|
651 |
|
-0.2 |
% |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
51 |
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per dialysis treatment in US$ |
|
346 |
|
338 |
|
2.4 |
% |
344 |
|
339 |
|
1.5 |
% |
|
Cost per dialysis treatment in US$ |
|
286 |
|
277 |
|
3.1 |
% |
287 |
|
281 |
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
1,247 |
|
1,297 |
|
-3.9 |
% |
2,427 |
|
2,458 |
|
-1.3 |
% |
|
Operating income (EBIT) in US$ million |
|
217 |
|
243 |
|
-10.7 |
% |
461 |
|
423 |
|
8.8 |
% |
|
Operating income margin in % |
|
17.4 |
% |
18.7 |
% |
|
|
19.0 |
% |
17.2 |
% |
|
|
|
Delivered EBIT in US$ million |
|
214 |
|
242 |
|
-11.2 |
% |
456 |
|
419 |
|
8.5 |
% |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
115 |
|
107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
668 |
|
790 |
|
-15.4 |
% |
1,297 |
|
1,522 |
|
-14.8 |
% |
|
Operating income (EBIT) in US$ million |
|
134 |
|
168 |
|
-20.2 |
% |
275 |
|
296 |
|
-7.0 |
% |
|
Operating income margin in % |
|
20.1 |
% |
21.3 |
% |
|
|
21.2 |
% |
19.5 |
% |
|
|
|
Delivered EBIT in US$ million |
|
133 |
|
168 |
|
-20.4 |
% |
274 |
|
294 |
|
-7.0 |
% |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
110 |
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
376 |
|
309 |
|
21.9 |
% |
729 |
|
552 |
|
32.3 |
% |
|
Operating income (EBIT) in US$ million |
|
67 |
|
55 |
|
21.8 |
% |
152 |
|
89 |
|
70.0 |
% |
|
Operating income margin in % |
|
17.8 |
% |
17.8 |
% |
|
|
20.8 |
% |
16.2 |
% |
|
|
|
Delivered EBIT in US$ million |
|
65 |
|
54 |
|
21.0 |
% |
148 |
|
87 |
|
70.2 |
% |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
113 |
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
203 |
|
198 |
|
2.1 |
% |
401 |
|
384 |
|
4.3 |
% |
|
Operating income (EBIT) in US$ million |
|
16 |
|
20 |
|
-20.1 |
% |
34 |
|
38 |
|
-12.2 |
% |
|
Operating income margin in % |
|
7.8 |
% |
9.9 |
% |
|
|
8.4 |
% |
9.9 |
% |
|
|
|
Delivered EBIT in US$ million |
|
16 |
|
20 |
|
-21.2 |
% |
34 |
|
38 |
|
-12.7 |
% |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
135 |
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
6 |
|
17 |
|
-61.0 |
% |
15 |
|
26 |
|
-43.6 |
% |
|
Operating income (EBIT) in US$ million |
|
(98 |
) |
(88 |
) |
12.4 |
% |
(178 |
) |
(158 |
) |
12.0 |
% |
|
Delivered EBIT in US$ million |
|
(98 |
) |
(88 |
) |
12.4 |
% |
(178 |
) |
(158 |
) |
12.1 |
% |
10
Balance sheet
|
|
|
June 30 |
|
December 31 |
|
|
in US$ million, except debt/EBITDA ratio |
|
2015 |
|
2014 |
|
|
|
|
(unaudited) |
|
(audited) |
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
6,702 |
|
6,725 |
|
|
Goodwill and Intangible assets |
|
13,940 |
|
13,951 |
|
|
Other non-current assets |
|
4,768 |
|
4,771 |
|
|
Total assets |
|
25,410 |
|
25,447 |
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
Current liabilities |
|
3,615 |
|
3,477 |
|
|
Long-term liabilities |
|
10,753 |
|
11,117 |
|
|
Noncontrolling interests subject to put provisions |
|
860 |
|
825 |
|
|
Total equity |
|
10,182 |
|
10,028 |
|
|
Total liabilities and equity |
|
25,410 |
|
25,447 |
|
|
|
|
|
|
|
|
|
Equity/assets ratio |
|
40 |
% |
39 |
% |
|
|
|
|
|
|
|
|
Debt |
|
|
|
|
|
|
Short-term borrowings |
|
116 |
|
133 |
|
|
Short-term borrowings from related parties |
|
58 |
|
5 |
|
|
Current portion of long-term debt and capital lease obligations |
|
298 |
|
314 |
|
|
Long-term debt and capital lease obligations, less current portion |
|
8,798 |
|
9,080 |
|
|
Total debt |
|
9,270 |
|
9,532 |
|
|
|
|
|
|
|
|
|
Debt/EBITDA ratio |
|
3.0 |
|
3.1 |
|
Cash flow statement
|
|
|
Three months ended
June 30 |
|
Six months ended
June 30 |
|
|
in US$ million, unaudited |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
Net income |
|
310 |
|
281 |
|
574 |
|
528 |
|
|
Depreciation / amortization |
|
181 |
|
169 |
|
357 |
|
336 |
|
|
Change in working capital and other non-cash items |
|
(106 |
) |
(1 |
) |
(99 |
) |
(302 |
) |
|
Net cash provided by operating activities |
|
385 |
|
449 |
|
832 |
|
562 |
|
|
In percent of revenue |
|
9.2 |
% |
11.7 |
% |
10.2 |
% |
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(217 |
) |
(220 |
) |
(418 |
) |
(419 |
) |
|
Proceeds from sale of property, plant and equipment |
|
3 |
|
2 |
|
7 |
|
4 |
|
|
Capital expenditures, net |
|
(214 |
) |
(218 |
) |
(411 |
) |
(415 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
171 |
|
231 |
|
421 |
|
147 |
|
|
In percent of revenue |
|
4.1 |
% |
6.0 |
% |
5.2 |
% |
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired, and purchases of intangible assets |
|
(79 |
) |
(298 |
) |
(101 |
) |
(435 |
) |
|
Proceeds from divestitures |
|
24 |
|
1 |
|
35 |
|
3 |
|
|
Acquisitions, net of divestitures |
|
(55 |
) |
(297 |
) |
(66 |
) |
(432 |
) |
|
Free cash flow after investing activities |
|
116 |
|
(66 |
) |
355 |
|
(285 |
) |
11
Revenue development
|
in US$ million, unaudited |
|
2015 |
|
2014 |
|
Change |
|
Change
at cc |
|
Organic
growth |
|
Same market
treatment
growth1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
4,199 |
|
3,835 |
|
9.5 |
% |
15.5 |
% |
7.8 |
% |
|
|
|
Net Health Care |
|
3,345 |
|
2,949 |
|
13.4 |
% |
17.6 |
% |
7.4 |
% |
4.1 |
% |
|
Dialysis products |
|
854 |
|
886 |
|
-3.6 |
% |
8.4 |
% |
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
2,946 |
|
2,521 |
|
16.8 |
% |
16.8 |
% |
7.4 |
% |
|
|
|
Net Health Care |
|
2,722 |
|
2,316 |
|
17.5 |
% |
17.5 |
% |
7.2 |
% |
3.9 |
% |
|
Thereof Net Care Coordination revenue |
|
468 |
|
188 |
|
148.7 |
% |
148.7 |
% |
23.9 |
% |
|
|
|
Thereof Net Dialysis Care revenue |
|
2,254 |
|
2,128 |
|
5.9 |
% |
5.9 |
% |
5.8 |
% |
3.9 |
% |
|
Dialysis products |
|
224 |
|
205 |
|
9.5 |
% |
9.5 |
% |
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
1,247 |
|
1,297 |
|
-3.9 |
% |
13.7 |
% |
8.8 |
% |
|
|
|
Net Health Care |
|
623 |
|
633 |
|
-1.5 |
% |
17.8 |
% |
8.2 |
% |
4.7 |
% |
|
Dialysis products |
|
624 |
|
664 |
|
-6.2 |
% |
9.7 |
% |
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
668 |
|
790 |
|
-15.4 |
% |
4.4 |
% |
4.9 |
% |
|
|
|
Net Health Care |
|
309 |
|
371 |
|
-16.9 |
% |
3.4 |
% |
4.3 |
% |
3.8 |
% |
|
Dialysis products |
|
359 |
|
419 |
|
-14.2 |
% |
5.3 |
% |
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
376 |
|
309 |
|
21.9 |
% |
32.1 |
% |
12.5 |
% |
|
|
|
Net Health Care |
|
164 |
|
120 |
|
37.4 |
% |
54.8 |
% |
5.4 |
% |
3.3 |
% |
|
Dialysis products |
|
212 |
|
189 |
|
12.1 |
% |
17.7 |
% |
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
203 |
|
198 |
|
2.1 |
% |
21.9 |
% |
18.9 |
% |
|
|
|
Net Health Care |
|
150 |
|
142 |
|
6.1 |
% |
24.5 |
% |
20.2 |
% |
6.8 |
% |
|
Dialysis products |
|
53 |
|
56 |
|
-7.8 |
% |
15.2 |
% |
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
6 |
|
17 |
|
-61.0 |
% |
-51.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
8,159 |
|
7,398 |
|
10.3 |
% |
16.0 |
% |
7.7 |
% |
|
|
|
Net Health Care |
|
6,527 |
|
5,731 |
|
13.9 |
% |
17.9 |
% |
7.1 |
% |
4.0 |
% |
|
Dialysis products |
|
1,632 |
|
1,667 |
|
-2.2 |
% |
9.4 |
% |
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
5,717 |
|
4,914 |
|
16.3 |
% |
16.3 |
% |
6.9 |
% |
|
|
|
Net Health Care |
|
5,293 |
|
4,517 |
|
17.2 |
% |
17.2 |
% |
6.9 |
% |
3.8 |
% |
|
Thereof Net Care Coordination revenue |
|
902 |
|
337 |
|
167.3 |
% |
167.3 |
% |
30.7 |
% |
|
|
|
Thereof Net Dialysis Care revenue |
|
4,391 |
|
4,180 |
|
5.1 |
% |
5.1 |
% |
5.0 |
% |
3.8 |
% |
|
Dialysis products |
|
424 |
|
397 |
|
6.9 |
% |
6.9 |
% |
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
2,427 |
|
2,458 |
|
-1.3 |
% |
15.8 |
% |
9.3 |
% |
|
|
|
Net Health Care |
|
1,234 |
|
1,214 |
|
1.7 |
% |
20.7 |
% |
7.9 |
% |
4.5 |
% |
|
Dialysis products |
|
1,193 |
|
1,244 |
|
-4.1 |
% |
11.1 |
% |
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
1,297 |
|
1,522 |
|
-14.8 |
% |
4.5 |
% |
4.9 |
% |
|
|
|
Net Health Care |
|
610 |
|
729 |
|
-16.3 |
% |
3.5 |
% |
4.3 |
% |
4.0 |
% |
|
Dialysis products |
|
687 |
|
793 |
|
-13.4 |
% |
5.4 |
% |
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
729 |
|
552 |
|
32.3 |
% |
42.5 |
% |
14.9 |
% |
|
|
|
Net Health Care |
|
328 |
|
207 |
|
58.2 |
% |
76.6 |
% |
5.5 |
% |
3.0 |
% |
|
Dialysis products |
|
401 |
|
345 |
|
16.6 |
% |
21.8 |
% |
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
401 |
|
384 |
|
4.3 |
% |
22.6 |
% |
18.9 |
% |
|
|
|
Net Health Care |
|
296 |
|
278 |
|
6.6 |
% |
24.0 |
% |
18.7 |
% |
6.4 |
% |
|
Dialysis products |
|
105 |
|
106 |
|
-1.8 |
% |
18.9 |
% |
19.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
15 |
|
26 |
|
-43.6 |
% |
-30.8 |
% |
|
|
|
|
1 same market treatment growth = organic growth less price effects
cc = constant currency. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure at Constant Exchange Rates or Constant Currency to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. Once we translate the local currency revenues for the Constant Currency, we then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage at Constant Currency.
We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure Constant Currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on a company’s revenue from period to period. However, we also believe that the usefulness of data on Constant Currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue and significantly impact our performance. We therefore limit our use of Constant Currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on Constant Currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.
12
Additional information North America Segment
|
|
|
Three months ended
June 30 |
|
Six months ended
June 30 |
|
|
unaudited |
|
2015 |
|
2014 |
|
Change |
|
2015 |
|
2014 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care Coordination |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue in US$ million |
|
468 |
|
188 |
|
148.7 |
% |
902 |
|
337 |
|
167.3 |
% |
|
Operating income (EBIT) in US$ million |
|
37 |
|
17 |
|
113.1 |
% |
52 |
|
30 |
|
73.7 |
% |
|
Operating income margin in % |
|
7.8 |
% |
9.1 |
% |
|
|
5.8 |
% |
8.9 |
% |
|
|
|
Delivered EBIT in US$ million |
|
24 |
|
14 |
|
67.5 |
% |
30 |
|
25 |
|
20.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue in US$ million |
|
2,478 |
|
2,333 |
|
6.2 |
% |
4,815 |
|
4,577 |
|
5.2 |
% |
|
Operating income (EBIT) in US$ million |
|
391 |
|
384 |
|
2.1 |
% |
716 |
|
706 |
|
1.4 |
% |
|
Operating income margin in % |
|
15.8 |
% |
16.4 |
% |
|
|
14.9 |
% |
15.4 |
% |
|
|
|
Delivered EBIT in US$ million |
|
338 |
|
341 |
|
-0.9 |
% |
619 |
|
626 |
|
-1.0 |
% |
Key metrics Dialysis Care Services
|
|
|
Six months ended June 30, 2015 |
|
|
unaudited |
|
Clinics |
|
Growth
in % |
|
De novos |
|
Patients |
|
Growth
in % |
|
Treatments |
|
Growth
in % |
|
|
Total |
|
3,421 |
|
3 |
% |
71 |
|
289,610 |
|
3 |
% |
21,907,899 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
2,205 |
|
2 |
% |
52 |
|
177,718 |
|
2 |
% |
13,527,268 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
648 |
|
2 |
% |
13 |
|
53,546 |
|
1 |
% |
4,023,243 |
|
1 |
% |
|
Asia-Pacific |
|
320 |
|
3 |
% |
4 |
|
26,024 |
|
4 |
% |
1,862,018 |
|
32 |
% |
|
Latin America |
|
248 |
|
7 |
% |
2 |
|
32,322 |
|
10 |
% |
2,495,370 |
|
10 |
% |
Key metrics Care Coordination
|
|
|
Six months ended June 30, 2015 |
|
|
unaudited |
|
2015 |
|
2014 |
|
Growth in% |
|
|
North America |
|
|
|
|
|
|
|
|
Member months under medical cost management |
|
34,995 |
|
6,470 |
|
441 |
% |
|
Medical cost under management (in US$ million) |
|
371 |
|
55 |
|
570 |
% |
|
Care Coordination patient encounters |
|
2,542,309 |
|
188,402 |
|
1249 |
% |
13
Restated numbers excluding Care Coordination (U.S.)5
|
|
|
2015 |
|
2014 |
|
|
in US$, unaudited |
|
Q2 |
|
Q1 |
|
FY |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
|
Revenue per dialysis treatment |
|
346 |
|
341 |
|
342 |
|
346 |
|
342 |
|
338 |
|
339 |
|
|
Cost per dialysis treatment |
|
286 |
|
288 |
|
280 |
|
277 |
|
280 |
|
277 |
|
285 |
|
5Restated numbers for previous quarters, for Care Coordination.
Member months under medical cost management
Member months under medical cost management is calculated by multiplying the number of members who are included in value and risk-based reimbursement programs, such as Medicare Advantage plans or other value-based programs in the U.S., by the corresponding number of months these members participate in those programs (“Member Months”). An increase in patient membership may indicate future earnings or losses as our performance is determined through these managed care programs.
Medical cost under management
Medical cost under management represents the management of medical costs associated with our patient membership in value and risk-based programs. For ESCO, BPCI and other shared savings programs, this is calculated by multiplying the Member Months in each program by the benchmark of expected medical cost per member per month. The sub-capitation and MA-CSNPs calculation multiplies the premium per member of the program per month by the number of Member Months associated with the plan, as noted above.
Care Coordination patient encounters
Care Coordination patient encounters represents the total patient encounters and procedures conducted by certain of our Care Coordination activities. Specifically, Care Coordination Patient Encounters is the sum of all encounters and procedures completed during the period by Sound Inpatient Physicians, Inc (“Sound”), MedSpring Urgent Care (“MedSpring”), Fresenius Vascular Care, and National Cardiovascular Partners (“NCP”) as well as patients in our Fresenius Medical Care Rx Bone Mineral Metabolism program.
14
Quality data
|
|
|
North America |
|
EMEA |
|
Latin America |
|
Asia-Pacific |
|
|
in % of patients |
|
Q2 2015 |
|
Q1 2015 |
|
Q2 2015 |
|
Q1 2015 |
|
Q2 2015 |
|
Q1 2015 |
|
Q2 2015 |
|
Q4 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Pool Kt/v > 1.2 |
|
97 |
|
97 |
|
96 |
|
96 |
|
97 |
|
80 |
|
97 |
|
97 |
|
|
No catheter (> 90 days) |
|
83 |
|
85 |
|
82 |
|
83 |
|
83 |
|
82 |
|
91 |
|
92 |
|
|
Hemoglobin = 10-12 g/dl |
|
72 |
|
72 |
|
77 |
|
76 |
|
55 |
|
50 |
|
58 |
|
59 |
|
|
Hemoglobin = 10-13 g/dl |
|
77 |
|
77 |
|
77 |
|
76 |
|
69 |
|
65 |
|
66 |
|
67 |
|
|
Albumin > 3.5 g/dl1) |
|
82 |
|
83 |
|
91 |
|
91 |
|
89 |
|
89 |
|
90 |
|
91 |
|
|
Phosphate < 5.5 mg/dl |
|
64 |
|
64 |
|
76 |
|
79 |
|
76 |
|
74 |
|
69 |
|
68 |
|
|
Calcium = 8.4-10.2 mg/dl |
|
83 |
|
84 |
|
75 |
|
75 |
|
76 |
|
76 |
|
75 |
|
75 |
|
|
Hospitalization days |
|
8.7 |
|
9.0 |
|
9.6 |
|
9.6 |
|
3.4 |
|
3.2 |
|
4.1 |
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demographics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average age (in years) |
|
62 |
|
62 |
|
65 |
|
65 |
|
59 |
|
58 |
|
64 |
|
64 |
|
|
Average time on dialysis (in years) |
|
4.1 |
|
4.1 |
|
5.5 |
|
5.5 |
|
5.0 |
|
4.9 |
|
4.9 |
|
4.8 |
|
|
Average body weight (in kg) |
|
82 |
|
82 |
|
72 |
|
72 |
|
67 |
|
68 |
|
61 |
|
60 |
|
|
Prevalence of diabetes (in%) |
|
61 |
|
60 |
|
29 |
|
29 |
|
25 |
|
19 |
|
40 |
|
40 |
|
1) International standard BCR CRM470
15
Reconciliation of non U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures
|
|
|
Three months ended
June 30 |
|
Six months ended
June 30 |
|
|
in US$ million, unaudited |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
Delivered EBIT reconciliation |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
547 |
|
556 |
|
1,051 |
|
1,001 |
|
|
less noncontrolling interests |
|
(69 |
) |
(47 |
) |
(124 |
) |
(89 |
) |
|
Delivered EBIT |
|
478 |
|
509 |
|
927 |
|
912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
428 |
|
401 |
|
768 |
|
736 |
|
|
less noncontrolling interests |
|
(66 |
) |
(46 |
) |
(119 |
) |
(85 |
) |
|
Delivered EBIT |
|
362 |
|
355 |
|
649 |
|
651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Care Coordination |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
37 |
|
17 |
|
52 |
|
30 |
|
|
less noncontrolling interests |
|
(13 |
) |
(3 |
) |
(22 |
) |
(5 |
) |
|
Delivered EBIT |
|
24 |
|
14 |
|
30 |
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
391 |
|
384 |
|
716 |
|
706 |
|
|
less noncontrolling interests |
|
(53 |
) |
(43 |
) |
(97 |
) |
(80 |
) |
|
Delivered EBIT |
|
338 |
|
341 |
|
619 |
|
626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
217 |
|
243 |
|
461 |
|
423 |
|
|
less noncontrolling interests |
|
(3 |
) |
(1 |
) |
(5 |
) |
(4 |
) |
|
Delivered EBIT |
|
214 |
|
242 |
|
456 |
|
419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
134 |
|
168 |
|
275 |
|
296 |
|
|
less noncontrolling interests |
|
(1 |
) |
— |
|
(1 |
) |
(2 |
) |
|
Delivered EBIT |
|
133 |
|
168 |
|
274 |
|
294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
67 |
|
55 |
|
152 |
|
89 |
|
|
less noncontrolling interests |
|
(2 |
) |
(1 |
) |
(4 |
) |
(2 |
) |
|
Delivered EBIT |
|
65 |
|
54 |
|
148 |
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
16 |
|
20 |
|
34 |
|
38 |
|
|
less noncontrolling interests |
|
— |
|
— |
|
— |
|
— |
|
|
Delivered EBIT |
|
16 |
|
20 |
|
34 |
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
(98 |
) |
(88 |
) |
(178 |
) |
(158 |
) |
|
less noncontrolling interests |
|
— |
|
— |
|
— |
|
— |
|
|
Delivered EBIT |
|
(98 |
) |
(88 |
) |
(178 |
) |
(158 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by operating activities to EBITDA1) |
|
|
|
|
|
|
|
|
|
|
Total EBITDA |
|
|
|
|
|
1,408 |
|
1,337 |
|
|
Interest expense, net |
|
|
|
|
|
(204 |
) |
(195 |
) |
|
Income tax expense |
|
|
|
|
|
(273 |
) |
(278 |
) |
|
Change in working capital and other non-cash items |
|
|
|
|
|
(99 |
) |
(302 |
) |
|
Net cash provided by operating activities |
|
|
|
|
|
832 |
|
562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized EBITDA2) |
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
2,325 |
|
2,220 |
|
|
Depreciation and amortization |
|
|
|
|
|
723 |
|
669 |
|
|
Non-cash charges |
|
|
|
|
|
69 |
|
51 |
|
|
Annualized EBITDA |
|
|
|
|
|
3,117 |
|
2,940 |
|
1) EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments.
2) EBITDA: including largest acquisitions.
16
Disclosure Changes
|
Old |
|
New |
|
|
|
|
|
|
|
|
|
1.) Segment reporting |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Total |
|
Plus delivered EBIT |
|
Revenue |
|
Revenue |
|
|
Operating income (EBIT) |
|
Operating income (EBIT) |
|
|
Operating income margin |
|
Operating income margin |
|
|
./. |
|
Delivered EBIT |
|
|
Days sales outstanding (DSO) |
|
Days sales outstanding (DSO) |
|
|
Employees (full-time equivalents) |
|
Employees (full-time equivalents) |
|
|
|
|
|
|
|
|
North America |
|
North America |
|
|
|
Revenue |
|
Revenue |
|
Changes in data in North America (no revenue & cost per treatment, but delivered EBIT) |
|
Operating income (EBIT) |
|
Operating income (EBIT) |
|
|
Operating income margin |
|
Operating income margin |
|
|
./. |
|
Delivered EBIT |
|
|
Revenue per treatment |
|
./. |
|
|
Cost per treatment |
|
./. |
|
|
Days sales outstanding |
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
|
U.S. |
|
U.S. |
|
Now revenue/tmt only reflecting the dialysis treatments |
|
Revenue per treatment |
|
Revenue per dialysis treatment |
|
|
Cost per treatment |
|
Cost per dialysis treatment |
|
|
|
|
|
|
|
|
International |
|
EMEA |
|
|
|
Revenue |
|
Revenue |
|
The segment International is now sub-divided into the segments EMEA, Asia-Pacific and Latin America (excluding revenue per treatment, including delivered EBIT) to reflect changes in the way we manage our business. |
|
Operating income (EBIT) |
|
Operating income (EBIT) |
|
|
Operating income margin |
|
Operating income margin |
|
|
./. |
|
Delivered EBIT |
|
|
Days sales outstanding (DSO) |
|
Days sales outstanding (DSO) |
|
|
Revenue per treatment |
|
./. |
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
Revenue |
|
|
|
|
Operating income (EBIT) |
|
|
|
|
Operating income margin |
|
|
|
|
Delivered EBIT |
|
|
|
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
Revenue |
|
|
|
|
Operating income (EBIT) |
|
|
|
|
Operating income margin |
|
|
|
|
Delivered EBIT |
|
|
|
|
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
Corporate |
|
|
|
Revenue |
|
Revenue |
|
Plus delivered EBIT so that delivered EBIT adds up |
|
Operating income |
|
Operating income (EBIT) |
|
|
./. |
|
Delivered EBIT |
|
|
|
|
|
|
|
|
2.) Additional information North America Segment |
|
|
|
|
|
|
|
|
|
North America |
|
North America |
|
|
|
Dialysis products revenue |
|
Dialysis products revenue |
|
Further breakdown of revenue, operating income (EBIT) and delivered EBIT into Care Coordination and Dialysis |
|
Net Health Care revenue |
|
Net Health Care revenue |
|
|
-Thereof Care Coordination revenue |
|
-Thereof Net Care Coordination revenue |
|
|
-Thereof Net Dialysis Care revenue |
|
-Thereof Net Dialysis Care revenue |
|
|
|
|
|
|
|
./. |
|
Net Care Coordination revenue |
|
|
./. |
|
Net Dialysis revenue |
|
|
|
|
|
|
|
Operating income (EBIT) |
|
Operating income (EBIT) |
|
|
./. |
|
-Care Coordination operating income (EBIT) |
|
|
./. |
|
-Dialysis operating income (EBIT) |
|
|
|
|
|
|
|
Operating income margin |
|
Operating income margin |
|
|
./. |
|
-Care Coordination operating income margin |
|
|
./. |
|
-Dialysis operating income margin |
|
|
|
|
|
|
|
./. |
|
Delivered EBIT |
|
|
./. |
|
-Care Coordination delivered EBIT |
|
|
./. |
|
-Dialysis delivered EBIT |
|
|
|
|
|
|
|
|
3.) North America Care Coordination - new business metrics |
|
|
|
|
|
|
|
|
./. |
|
Member months under medical cost management |
|
New business metrics that we think reflect the development of Care Coordination most appropriate |
|
./. |
|
Medical cost under management (in US$) |
|
|
./. |
|
Care Coordination patient encounters (in US$) |
|
17
CONTACT
Fresenius Medical Care AG & Co. KGaA
Investor Relations
61352 Bad Homburg v. d. H.
Germany
www.freseniusmedicalcare.com
Oliver Maier
Head of Investor Relations &
Corporate Communications
Tel. +49 6172 609 2601
Fax +49 6172 609 2301
email: ir@fmc-ag.com
Published by
Fresenius Medical Care AG & Co. KGaA
Investor Relations
Annual reports, interim reports and further
information on the company are also available on our website.
Please visit us at www.freseniusmedicalcare.com
For printed material, please contact Investor Relations.
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