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 October 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.

 

Form 20-F x

Form 40-F 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)(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.

 

Yes o

No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82

 

 

 



 

On October 29, 2015 Fresenius Medical Care AG & Co. KGaA (the “Company”) issued an Investor News announcing its third quarter results for the period ending September 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 third 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: October 29, 2015

 

 

FRESENIUS MEDICAL CARE AG & Co. KGaA,

 

a partnership limited by shares, represented by:

 

 

 

FRESENIUS MEDICAL CARE MANAGEMENT AG, its

 

General Partner

 

 

 

 

 

By:

/s/ RICE POWELL

 

 

 

 

 

Name:

Rice Powell

 

 

 

 

 

 

Title:

Chief Executive Officer and

 

 

Chairman of the Management Board

 

 

of the General Partner

 

 

 

 

 

 

By:

/s/ MICHAEL BROSNAN

 

 

 

 

 

Name:

Michael Brosnan

 

 

 

 

 

 

Title:

Chief Financial Officer and

 

 

 

Member of the Management Board

 

 

 

of the General Partner

 

3




Exhibit 99.1

 

October 29, 2015

 

INVESTOR

 

NEWS

 

Fresenius Medical Care reports

 

third quarter 2015 results and confirms guidance for full year 2015

 

GRAPHIC

 



 

·                  2015 outlook confirmed

 

·                  Strong organic growth and very positive earnings development in North America

 

·                  Strong growth dynamic in Care Coordination activities

 

·                  International performance furthermore impacted by currency fluctuations

 

·                  EBIT and net income1 influenced by one-time items2

 

Third quarter 2015 key figures:

 

Net revenue

 

$

4,231 million

 

+3

%

Operating income (EBIT)

 

$

614 million

 

+4

%

Operating income (EBIT) excluding one-time items2

 

$

632 million

 

+5

%

Net income1

 

$

262 million

 

-3

%

Net income excluding one-time items1,2

 

$

284 million

 

+2

%

Basic earnings per share

 

$

0.86

 

-4

%

 

First nine months 2015 key figures:

 

Net revenue

 

$

12,390 million

 

+8

%

Operating income (EBIT)

 

$

1,665 million

 

+5

%

Operating income (EBIT) excluding one-time items2

 

$

1,683 million

 

+5

%

Net income1

 

$

713 million

 

0

%

Net income excluding one-time items 1,2

 

$

735 million

 

+3

%

Basic earnings per share

 

$

2.34

 

0

%

 

Rice Powell, chief executive officer of Fresenius Medical Care stated: “With the dynamic  growth in our Care Coordination business and our continued strong operating performance in our core businesses, we are well positioned for future success. We are very satisfied with our accomplishments in the third quarter despite the unfavorable currency impacts. We confirm our outlook for the full year 2015 and remain focused to further strengthen our business to deliver high quality care for our patients.

 


1  attributable for shareholders of Fresenius Medical Care AG & Co. KGaA

2  For detailed information on one-time items please refer to the table on page 18 of this investor news.

 

2



 

Third quarter 2015

 

Revenue

 

Net revenue for the third quarter of 2015 increased by 3% to $4,231 million (+9% at constant currency) as compared to the third quarter of 2014. Organic revenue growth worldwide was 6%. Net Health Care revenue grew by 6% to $3,402 million (+10% at constant currency). After two very strong quarters in the product business, we are closer to a normalized organic revenue level. Dialysis product revenue was down by 9% to $829 million as compared to the third quarter of 2014 mainly due to a negative currency impact in the three International segments. On a constant currency basis, the dialysis product revenue increased by 2%.

 

North America revenue for the third quarter of 2015 increased by 11% to $3,013 million. Organic revenue growth was 6%. Net Health Care revenue grew by 12% to $2,794 million with a same market treatment growth of 5%. Net Dialysis Care revenue increased by 6% to $2,314 million and Care Coordination revenue increased by 56% to $480 million (organic growth of 17%). Dialysis product revenue increased by 3% to $219 million as compared to the third quarter of 2014.

 

International revenue decreased by 12% to $1,213 million (an increase of 5% on a constant currency basis). Organic revenue growth was 6%. While the underlying organic revenue developed positively, the currency translation resulted in a negative impact. Net Health Care revenue decreased by 13% to $608 million (+6% at constant currency). Dialysis product revenue decreased by 12% to $605 million (+3% at constant currency).

 

International segments:

 

Europe, Middle East and Africa (EMEA) revenue decreased by 16% to $659 million (+2% at constant currency). Organic revenue growth was 2%. Net Health Care revenue decreased by 16% to $309 million (+3% at constant currency). Dialysis product revenue decreased by 16% to $350 million (stable at constant currency).

 

Asia-Pacific revenue decreased by 2% to $378 million (+9% at constant currency). Organic revenue growth was 10%. Net Health Care revenue decreased by 9% to $168 million (+4% at constant currency). Dialysis product revenue increased by 3% to $210 million (+13% at constant currency).

 

3



 

Latin America revenue decreased by 18% to $176 million (+7% at constant currency). Organic revenue growth was 13%. Net Health Care revenue decreased by 12% to $131 million (+12% at constant currency). Dialysis product revenue decreased by 33% to $44 million (a decrease of 6% at constant currency). The regional performance was impacted by the divestiture of our dialysis service business in Venezuela.

 

Earnings

 

Operating income (EBIT) increased by 4% from $590 million in the third quarter of 2014 to $614 million in the third quarter of 2015. Operating income, excluding one-time items, increased by 5% from $601 million to $632 million; adjusted for: a negative impact ($26 million) from the divestiture of the dialysis service business in Venezuela, a negative impact due to the closing of a manufacturing plant in the third quarter of 2014 ($11 million) and a positive impact of $8 million from the sale of our European marketing rights for certain renal pharmaceuticals to our joint venture Vifor Fresenius Medical Care Renal Pharma. The sale of remaining marketing rights is being recognized as they are transferred at the country level. Therefore, we anticipate additional gains will be realized in the fourth quarter of 2015.

 

Operating income for North America for the third quarter of 2015 was $515 million, an increase of 25% as compared to the third quarter of 2014.

 

International segments:

 

Operating income for EMEA for the third quarter of 2015 was $130 million, a decrease of 14% as compared to the third quarter of 2014. Operating income, excluding one-time items, was $122 million. Operating income for Asia-Pacific for the third quarter of 2015 was $68 million, a decrease of 25% as compared to the third quarter of 2014. Operating income for Latin America for the third quarter of 2015 was ($8 million). Operating income, excluding one-time items, was $18 million.

 

Net interest expense for the third quarter of 2015 was with $100 million at the same level as compared to the third quarter of 2014.

 

Income tax expense was $168 million for the third quarter of 2015, which translates into an effective tax rate of 32.8%. This compares to income tax expense of $162 million and a tax rate of 32.9% for the third quarter of 2014.

 

4



 

Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA for the third quarter of 2015 was $262 million, a decrease of 3% compared to $271 million for the third quarter of 2014. Net income attributable to noncontrolling interest increased to $84 million ($58 million in the third quarter of 2014) due to the strong earnings development in North America. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA for the third quarter of 2015, excluding one-time items, increased by 2% to $284 million.

 

Basic earnings per share (EPS) for the third quarter of 2015 was $0.86, a decrease of 4% compared to the corresponding number for the third quarter of 2014. The weighted average number of shares outstanding for the third quarter of 2015 was approximately 304.7 million shares, compared to approximately 302.7 million shares for the third quarter of 2014. The increase in shares outstanding resulted from stock option exercises during the last twelve months.

 

Cash flow

 

In the third quarter of 2015, the company generated $579 million, representing roughly 14% of revenue, in net cash provided by operating activities, compared to the corresponding figure of last year of $712 million.

 

A total of $224 million was spent for capital expenditures, net of disposals. Free cash flow was $355 million compared to $488 million in the third quarter of 2014.

 

A total of $57 million in cash was spent for acquisitions and investments, net of divestitures. Free cash flow after investing activities was $298 million as compared to ($125) million in the third quarter of 2014.

 

5



 

First nine months 2015

 

Revenue and earnings

 

Net revenue for the first nine months of 2015 increased by 8% to $12,390 million (+13% at constant currency) as compared to the first nine months of 2014. Organic revenue growth worldwide was 7%.

 

Operating income (EBIT) for the first nine months of 2015 was $1,665 million as compared to $1,591 million in the first nine months of 2014. This represents an increase of 5%. Operating income, excluding one-time items, increased by 5% to $1,683 million.

 

Net interest expense for the first nine months of 2015 was $304 million as compared to $294 million in the first nine months of 2014.

 

Income tax expense for the first nine months of 2015 was $441 million, which translates into an effective tax rate of 32.4%. This compares to income tax expense of $440 million and a tax rate of 33.9% for the first nine months of 2014. 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 nine months of 2015, net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA was stable at $713 million ($710 million in the same period in the previous year). Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA excluding one-time items for the first nine months of 2015 increased by 3% to $735 million.

 

In the first nine months of 2015, basic earnings per share (EPS) remained stable with $2.34 as compared to the corresponding number for the first nine months of 2014 ($2.35). The weighted average number of shares outstanding during the first nine months of 2015 was approximately 304.2 million shares.

 

Cash flow

 

In the first nine months of 2015, the company generated $1,412 million in net cash provided by operating activities, representing 11.4% of revenue, as compared to $1,274 million for the same period in 2014.

 

6



 

A total of $636 million was spent for capital expenditures, net of disposals. Free cash flow for the first nine months of 2015 was $776 million as compared to $635 million in the first nine months of 2014.

 

A total of $124 million in cash was spent for acquisitions and investments, net of divestitures. Free cash flow after investing activities was $652 million as compared to ($410) million in the first nine months of 2014.

 

Employees

 

As of September 30, 2015, Fresenius Medical Care had 102,591 employees (full-time equivalents) worldwide, compared to 97,327 employees at the end of September 2014. This increase was mainly attributable to acquisitions as well as to our continued organic growth.

 

Balance sheet structure

 

The company´s total assets were stable at $25,414 million (Dec. 31, 2014: $25,447 million). Current assets were comparable at $6,760 million (Dec. 31, 2014: $6,725 million). Non-current assets were slightly down at $18,654 million (Dec. 31, 2014: $18,722 million). Total equity increased by 2% to $10,243 million (Dec. 31, 2014: $10,028 million). The equity ratio was 40% as compared to 39% at the end of 2014. Total debt was $9,093 million (Dec. 31, 2014: $9,532 million). As of September 30, 2015, the debt/EBITDA ratio was 2.9 (Dec. 31, 2014: 3.1).

 

Please refer to the attachments for a complete overview of the results for the third quarter and first nine months of 2015 and the reconciliation of non-GAAP financial measures included in this release to the most comparable GAAP financial measures.

 

7



 

Outlook3 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 $300 million on acquisitions in 2015. The debt/EBITDA ratio is expected to be around 3.0 by the end of 2015.

 

In addition we confirm our 2016 projections. We expect revenue to increase around 7-10% (at constant currency) and net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA to grow by 15-20%.

 

We expect the progress in our business to be consistent with our long-term targets.

 


3 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.

 

8



 

Conference call

 

Fresenius Medical Care will hold a conference call to discuss the results of the third quarter 2015 on Thursday, October 29, 2015 at 3.30 p.m. CET/ 10.30 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 & Presentations” 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 3,402 dialysis clinics, Fresenius Medical Care provides dialysis treatments for 290,250 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.

 

9



 

Statement of earnings

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, except share data, unaudited

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care revenue

 

3,506

 

3,277

 

7.0

%

10,249

 

9,136

 

12.2

%

Less: patient service bad debt provision

 

104

 

80

 

30.5

%

320

 

208

 

54.0

%

Net Health Care revenue

 

3,402

 

3,197

 

6.4

%

9,929

 

8,928

 

11.2

%

Dialysis products revenue

 

829

 

916

 

-9.5

%

2,461

 

2,583

 

-4.8

%

Total net revenue

 

4,231

 

4,113

 

2.9

%

12,390

 

11,511

 

7.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

2,849

 

2,825

 

0.9

%

8,527

 

7,929

 

7.5

%

Gross profit

 

1,382

 

1,288

 

7.3

%

3,863

 

3,582

 

7.9

%

Selling, general and administrative

 

742

 

671

 

10.6

%

2,120

 

1,922

 

10.3

%

Research and development

 

35

 

30

 

15.6

%

100

 

91

 

10.3

%

Income from equity method investees

 

(9

)

(3

)

161.9

%

(22

)

(22

)

0.4

%

Operating income (EBIT)

 

614

 

590

 

4.0

%

1,665

 

1,591

 

4.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(6

)

(12

)

-44.1

%

(80

)

(40

)

99.3

%

Interest expense

 

106

 

111

 

-4.3

%

384

 

334

 

14.8

%

Interest expense, net

 

100

 

99

 

0.3

%

304

 

294

 

3.3

%

Income before taxes

 

514

 

491

 

4.7

%

1,361

 

1,297

 

4.9

%

Income tax expense

 

168

 

162

 

4.2

%

441

 

440

 

0.3

%

Net income

 

346

 

329

 

5.0

%

920

 

857

 

7.3

%

Less: Net income attributable to noncontrolling interests

 

84

 

58

 

43.0

%

207

 

147

 

40.8

%

Net income attributable to shareholders of FMC AG & Co. KGaA

 

262

 

271

 

-3.1

%

713

 

710

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

614

 

590

 

4.0

%

1,665

 

1,591

 

4.6

%

Depreciation and amortization

 

179

 

177

 

1.4

%

537

 

514

 

4.5

%

EBITDA

 

793

 

767

 

3.4

%

2,202

 

2,105

 

4.6

%

EBITDA margin

 

18.7

%

18.7

%

 

 

17.8

%

18.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

304,738,291

 

302,711,512

 

 

 

304,201,787

 

301,999,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.86

 

$

0.89

 

-3.8

%

$

2.34

 

$

2.35

 

-0.3

%

Basic earnings per ADS

 

$

0.43

 

$

0.45

 

-3.8

%

$

1.17

 

$

1.18

 

-0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In percent of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

67.3

%

68.7

%

 

 

68.8

%

68.9

%

 

 

Gross profit

 

32.7

%

31.3

%

 

 

31.2

%

31.1

%

 

 

Operating income (EBIT)

 

14.5

%

14.3

%

 

 

13.4

%

13.8

%

 

 

Net income attributable to shareholders of FMC AG & Co. KGaA

 

6.2

%

6.6

%

 

 

5.8

%

6.2

%

 

 

 

10



 

Segment and other information

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

unaudited

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

4,231

 

4,113

 

2.9

%

12,390

 

11,511

 

7.6

%

Operating income (EBIT) in US$ million

 

614

 

590

 

4.0

%

1,665

 

1,591

 

4.6

%

Operating income margin in %

 

14.5

%

14.3

%

 

 

13.4

%

13.8

%

 

 

Delivered EBIT in US$ million

 

530

 

532

 

-0.3

%

1,458

 

1,444

 

1.0

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

71

 

72

 

 

 

Employees (full-time equivalents)

 

 

 

 

 

 

 

102,591

 

97,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

3,013

 

2,710

 

11.2

%

8,730

 

7,624

 

14.5

%

Operating income (EBIT) in US$ million

 

515

 

413

 

24.7

%

1,284

 

1,149

 

11.7

%

Operating income margin in %

 

17.1

%

15.2

%

 

 

14.7

%

15.1

%

 

 

Delivered EBIT in US$ million

 

435

 

358

 

21.6

%

1,085

 

1,008

 

7.5

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

52

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue per dialysis treatment in US$

 

347

 

342

 

1.4

%

345

 

340

 

1.5

%

Cost per dialysis treatment in US$

 

272

 

280

 

-2.6

%

282

 

280

 

0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

1,213

 

1,386

 

-12.5

%

3,639

 

3,843

 

-5.3

%

Operating income (EBIT) in US$ million

 

190

 

269

 

-29.5

%

649

 

692

 

-6.1

%

Operating income margin in %

 

15.6

%

19.4

%

 

 

17.9

%

18.0

%

 

 

Delivered EBIT in US$ million

 

186

 

266

 

-29.8

%

641

 

686

 

-6.4

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

115

 

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

659

 

784

 

-16.0

%

1,956

 

2,306

 

-15.2

%

Operating income (EBIT) in US$ million

 

130

 

151

 

-13.9

%

405

 

447

 

-9.3

%

Operating income margin in %

 

19.7

%

19.2

%

 

 

20.7

%

19.4

%

 

 

Delivered EBIT in US$ million

 

129

 

150

 

-14.1

%

403

 

445

 

-9.4

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

112

 

102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

378

 

387

 

-2.3

%

1,107

 

938

 

18.0

%

Operating income (EBIT) in US$ million

 

68

 

90

 

-24.8

%

219

 

179

 

22.4

%

Operating income margin in %

 

17.9

%

23.2

%

 

 

19.8

%

19.1

%

 

 

Delivered EBIT in US$ million

 

65

 

88

 

-25.5

%

213

 

175

 

22.1

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

111

 

115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

176

 

215

 

-18.2

%

576

 

599

 

-3.8

%

Operating income (EBIT) in US$ million

 

(8

)

28

 

-129.4

%

25

 

66

 

-61.5

%

Operating income margin in %

 

-4.7

%

12.9

%

 

 

4.4

%

11.0

%

 

 

Delivered EBIT in US$ million

 

(8

)

28

 

-129.7

%

25

 

66

 

-61.8

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

132

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

5

 

17

 

-63.4

%

21

 

44

 

-51.3

%

Operating income (EBIT) in US$ million

 

(91

)

(92

)

-0.7

%

(268

)

(250

)

7.3

%

Delivered EBIT in US$ million

 

(91

)

(92

)

-0.7

%

(268

)

(250

)

7.4

%

 

11



 

Balance sheet

 

 

 

September 30

 

December 31

 

in US$ million, except debt/EBITDA ratio

 

2015

 

2014

 

 

 

(unaudited)

 

(audited)

 

Assets

 

 

 

 

 

Current assets

 

6,760

 

6,725

 

Goodwill and Intangible assets

 

13,879

 

13,951

 

Other non-current assets

 

4,775

 

4,771

 

Total assets

 

25,414

 

25,447

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

Current liabilities

 

3,935

 

3,477

 

Long-term liabilities

 

10,276

 

11,117

 

Noncontrolling interests subject to put provisions and other temporary equity

 

960

 

825

 

Total equity

 

10,243

 

10,028

 

Total liabilities and equity

 

25,414

 

25,447

 

 

 

 

 

 

 

Equity/assets ratio

 

40

%

39

%

 

 

 

 

 

 

Debt

 

 

 

 

 

Short-term borrowings

 

101

 

133

 

Short-term borrowings from related parties

 

64

 

5

 

Current portion of long-term debt and capital lease obligations

 

577

 

314

 

Long-term debt and capital lease obligations, less current portion

 

8,351

 

9,080

 

Total debt

 

9,093

 

9,532

 

 

 

 

 

 

 

Debt/EBITDA ratio

 

2.9

 

3.1

 

 

Cash flow statement

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, unaudited

 

2015

 

2014

 

2015

 

2014

 

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

346

 

329

 

920

 

857

 

Depreciation / amortization

 

179

 

177

 

537

 

514

 

Change in working capital and other non-cash items

 

54

 

206

 

(45

)

(97

)

Net cash provided by operating activities

 

579

 

712

 

1,412

 

1,274

 

In percent of revenue

 

13.7

%

17.3

%

11.4

%

11.1

%

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(230

)

(227

)

(647

)

(646

)

Proceeds from sale of property, plant and equipment

 

6

 

3

 

11

 

7

 

Capital expenditures, net

 

(224

)

(224

)

(636

)

(639

)

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

355

 

488

 

776

 

635

 

In percent of revenue

 

8.4

%

11.9

%

6.3

%

5.5

%

 

 

 

 

 

 

 

 

 

 

Acquisitions and investments, net of cash acquired, and purchases of intangible assets

 

(65

)

(614

)

(166

)

(1,049

)

Proceeds from divestitures

 

8

 

1

 

42

 

4

 

Acquisitions and investments, net of divestitures

 

(57

)

(613

)

(124

)

(1,045

)

Free cash flow after investing activities

 

298

 

(125

)

652

 

(410

)

 

12



 

Revenue development for third quarter

 

in US$ million, unaudited

 

2015

 

2014

 

Change

 

Change
at cc

 

Organic
growth

 

Same market
treatment
growth
1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,231

 

4,113

 

2.9

%

8.6

%

5.8

%

 

 

Net Health Care

 

3,402

 

3,197

 

6.4

%

10.5

%

6.4

%

4.9

%

Dialysis products

 

829

 

916

 

-9.5

%

2.3

%

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

3,013

 

2,710

 

11.2

%

11.2

%

5.9

%

 

 

Net Health Care

 

2,794

 

2,498

 

11.9

%

11.9

%

6.1

%

4.9

%

Thereof Net Care Coordination revenue

 

480

 

307

 

56.3

%

56.3

%

16.8

%

 

 

Thereof Net Dialysis Care revenue

 

2,314

 

2,191

 

5.6

%

5.6

%

5.2

%

4.9

%

Dialysis products

 

219

 

212

 

3.2

%

3.2

%

3.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

1,213

 

1,386

 

-12.5

%

4.5

%

5.7

%

 

 

Net Health Care

 

608

 

699

 

-13.0

%

5.5

%

7.4

%

4.9

%

Dialysis products

 

605

 

687

 

-12.0

%

3.5

%

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

659

 

784

 

-16.0

%

1.7

%

2.4

%

 

 

Net Health Care

 

309

 

367

 

-15.7

%

3.3

%

4.2

%

3.9

%

Dialysis products

 

350

 

417

 

-16.2

%

0.4

%

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

378

 

387

 

-2.3

%

8.9

%

9.8

%

 

 

Net Health Care

 

168

 

183

 

-8.5

%

4.4

%

5.7

%

4.2

%

Dialysis products

 

210

 

204

 

3.3

%

12.9

%

11.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

176

 

215

 

-18.2

%

6.7

%

12.6

%

 

 

Net Health Care

 

131

 

149

 

-11.8

%

12.4

%

16.9

%

7.2

%

Dialysis products

 

45

 

66

 

-32.6

%

-6.2

%

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

5

 

17

 

-63.4

%

-56.6

%

 

 

 

 

 


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.

 

13



 

Revenue development for nine months

 

in US$ million, unaudited

 

2015

 

2014

 

Change

 

Change
at cc

 

Organic
growth

 

Same market
treatment
growth
1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

12,390

 

11,511

 

7.6

%

13.4

%

7.0

%

 

 

Net Health Care

 

9,929

 

8,928

 

11.2

%

15.2

%

6.9

%

4.4

%

Dialysis products

 

2,461

 

2,583

 

-4.8

%

6.9

%

7.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

8,730

 

7,624

 

14.5

%

14.5

%

6.6

%

 

 

Net Health Care

 

8,087

 

7,015

 

15.3

%

15.3

%

6.6

%

4.1

%

Thereof Net Care Coordination revenue

 

1,382

 

644

 

114.5

%

114.5

%

25.4

%

 

 

Thereof Net Dialysis Care revenue

 

6,705

 

6,371

 

5.3

%

5.3

%

5.1

%

4.1

%

Dialysis products

 

643

 

609

 

5.6

%

5.6

%

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

3,639

 

3,843

 

-5.3

%

11.7

%

8.0

%

 

 

Net Health Care

 

1,842

 

1,913

 

-3.7

%

15.1

%

7.8

%

4.8

%

Dialysis products

 

1,797

 

1,930

 

-6.9

%

8.4

%

8.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

1,956

 

2,306

 

-15.2

%

3.5

%

4.1

%

 

 

Net Health Care

 

919

 

1,095

 

-16.1

%

3.4

%

4.4

%

4.2

%

Dialysis products

 

1,037

 

1,211

 

-14.4

%

3.7

%

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

1,107

 

938

 

18.0

%

28.6

%

13.1

%

 

 

Net Health Care

 

496

 

391

 

26.9

%

42.8

%

5.6

%

3.4

%

Dialysis products

 

611

 

547

 

11.7

%

18.5

%

16.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

576

 

599

 

-3.8

%

16.9

%

16.2

%

 

 

Net Health Care

 

427

 

427

 

0.2

%

19.9

%

18.1

%

6.8

%

Dialysis products

 

149

 

172

 

-13.6

%

9.3

%

11.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

21

 

44

 

-51.3

%

-41.0

%

 

 

 

 

 


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.

 

14



 

Additional information segment North America

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

unaudited

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue in US$ million

 

480

 

307

 

56.3

%

1,382

 

644

 

114.5

%

Operating income (EBIT) in US$ million

 

33

 

17

 

90.9

%

85

 

47

 

79.9

%

Operating income margin in %

 

6.8

%

5.6

%

 

 

6.1

%

7.3

%

 

 

Delivered EBIT in US$ million

 

22

 

13

 

69.2

%

52

 

38

 

37.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue in US$ million

 

2,533

 

2,403

 

5.4

%

7,348

 

6,980

 

5.3

%

Operating income (EBIT) in US$ million

 

482

 

396

 

21.9

%

1,199

 

1,102

 

8.8

%

Operating income margin in %

 

19.1

%

16.5

%

 

 

16.3

%

15.8

%

 

 

Delivered EBIT in US$ million

 

413

 

345

 

19.8

%

1,033

 

970

 

6.4

%

 

Key metrics Dialysis Care services

 

 

 

Nine months ended September 30, 2015

 

unaudited

 

Clinics

 

Growth
in %

 

De novos

 

Patients

 

Growth
in %

 

Treatments

 

Growth
in %

 

Total

 

3,402

 

2

%

77

 

290,250

 

3

%

33,220,246

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

2,205

 

2

%

55

 

180,251

 

3

%

20,586,228

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

648

 

2

%

14

 

53,887

 

2

%

6,110,036

 

2

%

Asia-Pacific

 

320

 

1

%

6

 

25,995

 

3

%

2,822,942

 

21

%

Latin America

 

229

 

-4

%

2

 

30,117

 

-1

%

3,701,040

 

7

%

 

Key metrics Care Coordination

 

 

 

Nine months ended September 30, 2015

 

unaudited

 

2015

 

2014

 

Growth in %

 

North America

 

 

 

 

 

 

 

Member months under medical cost management

 

92,985

 

11,326

 

721

%

Medical cost under management (in US$ million)

 

815

 

97

 

741

%

Care Coordination patient encounters

 

3,774,941

 

877,437

 

330

%

 

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.

 

15



 

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.

 

Quality data

 

 

 

North America

 

EMEA

 

Latin America

 

Asia-Pacific

 

in % of patients

 

Q3 2015

 

Q2 2015

 

Q3 2015

 

Q2 2015

 

Q3 2015

 

Q2 2015

 

Q3 2015

 

Q2 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clinical Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Pool Kt/v > 1.2

 

98

 

97

 

96

 

96

 

96

 

97

 

97

 

97

 

No catheter (> 90 days)

 

83

 

83

 

82

 

82

 

83

 

83

 

91

 

91

 

Hemoglobin = 10-12 g/dl

 

72

 

72

 

77

 

77

 

51

 

55

 

60

 

58

 

Hemoglobin = 10-13 g/dl

 

78

 

77

 

77

 

77

 

69

 

69

 

68

 

66

 

Albumin > 3.5 g/dl1)

 

81

 

82

 

92

 

91

 

90

 

89

 

88

 

90

 

Phosphate < 5.5 mg/dl

 

65

 

64

 

78

 

76

 

76

 

76

 

71

 

69

 

Calcium = 8.4-10.2 mg/dl

 

84

 

83

 

77

 

75

 

76

 

76

 

75

 

75

 

Hospitalization days

 

8.6

 

8.7

 

9.6

 

9.6

 

3.5

 

3.4

 

4.1

 

4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demographics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average age (in years)

 

62

 

62

 

64

 

64

 

58

 

59

 

64

 

64

 

Average time on dialysis (in years)

 

4.0

 

4.1

 

5.5

 

5.5

 

5.0

 

5.0

 

4.9

 

4.9

 

Average body weight (in kg)

 

82

 

82

 

72

 

72

 

68

 

67

 

60

 

61

 

Prevalence of diabetes (in%)

 

61

 

61

 

29

 

29

 

25

 

25

 

40

 

40

 

 


1) International standard BCR CRM470

 

16



 

Reconciliation of non U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, unaudited

 

2015

 

2014

 

2015

 

2014

 

Delivered EBIT reconciliation

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

614

 

590

 

1,665

 

1,591

 

less noncontrolling interests

 

(84

)

(58

)

(207

)

(147

)

Delivered EBIT

 

530

 

532

 

1,458

 

1,444

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

515

 

413

 

1,284

 

1,149

 

less noncontrolling interests

 

(80

)

(55

)

(199

)

(141

)

Delivered EBIT

 

435

 

358

 

1,085

 

1,008

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

33

 

17

 

85

 

47

 

less noncontrolling interests

 

(11

)

(4

)

(33

)

(9

)

Delivered EBIT

 

22

 

13

 

52

 

38

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

482

 

396

 

1,199

 

1,102

 

less noncontrolling interests

 

(69

)

(51

)

(166

)

(132

)

Delivered EBIT

 

413

 

345

 

1,033

 

970

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

190

 

269

 

649

 

692

 

less noncontrolling interests

 

(4

)

(3

)

(8

)

(6

)

Delivered EBIT

 

186

 

266

 

641

 

686

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

130

 

151

 

405

 

447

 

less noncontrolling interests

 

(1

)

(1

)

(2

)

(2

)

Delivered EBIT

 

129

 

150

 

403

 

445

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

68

 

90

 

219

 

179

 

less noncontrolling interests

 

(3

)

(2

)

(6

)

(4

)

Delivered EBIT

 

65

 

88

 

213

 

175

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(8

)

28

 

25

 

66

 

less noncontrolling interests

 

 

 

 

 

Delivered EBIT

 

(8

)

28

 

25

 

66

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(91

)

(92

)

(268

)

(250

)

less noncontrolling interests

 

 

 

 

 

Delivered EBIT

 

(91

)

(92

)

(268

)

(250

)

 

 

 

 

 

 

 

 

 

 

Reconciliation of net cash provided by operating activities to EBITDA1)

 

 

 

 

 

 

 

 

 

Total EBITDA

 

 

 

 

 

2,202

 

2,105

 

Interest expense, net

 

 

 

 

 

(304

)

(294

)

Income tax expense

 

 

 

 

 

(441

)

(440

)

Change in working capital and other non-cash items

 

 

 

 

 

(45

)

(97

)

Net cash provided by operating activities

 

 

 

 

 

1,412

 

1,274

 

 

 

 

 

 

 

 

 

 

 

Annualized EBITDA2)

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

 

 

 

 

2,333

 

2,265

 

Depreciation and amortization

 

 

 

 

 

724

 

684

 

Non-cash charges

 

 

 

 

 

74

 

50

 

Annualized EBITDA

 

 

 

 

 

3,131

 

2,999

 

 


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.

 

17



 

Reconciliation of non U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, unaudited

 

2015

 

2014

 

2015

 

2014

 

Operating performance excluding one-time items

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

614

 

590

 

1,665

 

1,591

 

One-time items

 

18

 

 

 

18

 

 

 

Divestiture of dialysis service business in Venezuela

 

26

 

 

 

26

 

 

 

Sale of European marketing rights for certain renal pharmaceuticals1

 

(8

)

 

 

(8

)

 

 

Closing of a manufacturing plant

 

 

 

11

 

 

 

11

 

Operating income (EBIT) excluding one-time items

 

632

 

601

 

1,683

 

1,602

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

515

 

413

 

1,284

 

1,149

 

One-time items

 

 

 

 

 

Operating income (EBIT) excluding one-time items

 

515

 

413

 

1,284

 

1,149

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

190

 

269

 

649

 

692

 

One-time items

 

18

 

 

18

 

 

Operating income (EBIT) excluding one-time items

 

208

 

269

 

667

 

692

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

130

 

151

 

405

 

447

 

One-time items

 

(8

)

 

(8

)

 

Operating income (EBIT) excluding one-time items

 

122

 

151

 

397

 

447

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

68

 

90

 

219

 

179

 

One-time items

 

 

 

 

 

Operating income (EBIT) excluding one-time items

 

68

 

90

 

219

 

179

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(8

)

28

 

25

 

66

 

One-time items

 

26

 

 

26

 

 

Operating income (EBIT) excluding one-time items

 

18

 

28

 

51

 

66

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(91

)

(92

)

(268

)

(250

)

One-time items

 

 

11

 

 

11

 

Operating income (EBIT) excluding one-time items

 

(91

)

(81

)

(268

)

(239

)

 

 

 

 

 

 

 

 

 

 

Net income

 

262

 

271

 

713

 

710

 

One-time items

 

22

 

 

 

22

 

 

 

Divestiture of dialysis service business in Venezuela

 

27

 

 

 

27

 

 

 

Sale of European marketing rights for certain renal pharmaceuticals1

 

(5

)

 

 

(5

)

 

 

Closing of a manufacturing plant

 

 

 

7

 

 

 

7

 

Net income excluding one-time items

 

284

 

278

 

735

 

717

 

 


1 to our Joint Venture Vifor Fresenius Medical Care Renal Pharma

 

18



 

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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