Exhibit No. | ||||
10 | .6 | Amendment No. 3 dated as of August 9, 2011 to Fifth Amended and Restated Transfer and Administration Agreement. | ||
10 | .7 | Amendment No. 3 dated August 9, 2011 to Amended and Restated Receivables Purchase Agreement. | ||
31 | .1 | Certification of Chief Executive Officer and Chairman of the Management Board of the Companys General Partner Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31 | .2 | Certification of Chief Financial Officer and member of the Management Board of the Companys General Partner Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of Chief Executive Officer and Chairman of the Management Board of the Companys General Partner and Chief Financial Officer and member of the Management Board of the Companys General Partner Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (this exhibit accompanies this report as required by the Sarbanes-Oxley Act of 2002 and is not to be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended). | ||
101 | The following financial statements as of and for the six-month period ended June 30, 2011 from FMC-AG & Co. KGaAs Report on Form 6-K for the month of August 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Shareholders Equity and (vi) Notes to Consolidated Financial Statements. |
i
ii
| changes in governmental and commercial insurer reimbursement for our complete products and services portfolio, including the new expanded Medicare reimbursement system for dialysis services; | |
| changes in utilization patterns for pharmaceuticals and in our costs of purchasing pharmaceuticals; | |
| the outcome of ongoing government investigations; | |
| the influence of private insurers and managed care organizations; | |
| the impact of recently enacted and possible future health care reforms; | |
| product liability risks; | |
| the outcome of ongoing potentially material litigation; | |
| risks relating to the integration of acquisitions and our dependence on additional acquisitions; | |
| the impact of currency fluctuations; | |
| introduction of generic or new pharmaceuticals that compete with our pharmaceutical products; | |
| changes in raw material and energy costs; and | |
| the financial stability and liquidity of our governmental and commercial payors. |
1
2
3
4
For the three months |
For the six months |
|||||||||||||||
ended June 30, | ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Total revenue
|
||||||||||||||||
North America
|
$ | 2,029 | $ | 2,028 | $ | 4,009 | $ | 3,988 | ||||||||
International
|
1,163 | 919 | 2,217 | 1,842 | ||||||||||||
Corporate
|
4 | | 8 | | ||||||||||||
Totals
|
3,196 | 2,947 | 6,234 | 5,830 | ||||||||||||
Inter-segment revenue
|
||||||||||||||||
North America
|
2 | 1 | 4 | 2 | ||||||||||||
International
|
| | | | ||||||||||||
Totals
|
2 | 1 | 4 | 2 | ||||||||||||
Total net revenue
|
||||||||||||||||
North America
|
2,027 | 2,027 | 4,005 | 3,986 | ||||||||||||
International
|
1,163 | 919 | 2,217 | 1,842 | ||||||||||||
Corporate
|
4 | | 8 | | ||||||||||||
Totals
|
3,194 | 2,946 | 6,230 | 5,828 | ||||||||||||
Amortization and depreciation
|
||||||||||||||||
North America
|
67 | 63 | 135 | 127 | ||||||||||||
International
|
43 | 33 | 83 | 70 | ||||||||||||
Corporate
|
26 | 25 | 54 | 49 | ||||||||||||
Totals
|
136 | 121 | 272 | 246 | ||||||||||||
Operating income
|
||||||||||||||||
North America
|
348 | 332 | 661 | 640 | ||||||||||||
International
|
203 | 173 | 374 | 324 | ||||||||||||
Corporate
|
(41 | ) | (38 | ) | (80 | ) | (72 | ) | ||||||||
Totals
|
510 | 467 | 955 | 892 | ||||||||||||
Interest income
|
16 | 8 | 26 | 14 | ||||||||||||
Interest expense
|
(91 | ) | (76 | ) | (172 | ) | (149 | ) | ||||||||
Income tax expense
|
(149 | ) | (129 | ) | (273 | ) | (257 | ) | ||||||||
Net Income
|
286 | 270 | 536 | 500 | ||||||||||||
Less: Net Income attributable to Noncontrolling interests
|
(25 | ) | (22 | ) | (55 | ) | (41 | ) | ||||||||
Net Income attributable to FMC-AG & Co. KGaA
|
$ | 261 | $ | 248 | $ | 481 | $ | 459 | ||||||||
5
Key Indicators for Consolidated Financial Statements | ||||||||||||||||
For the three months |
||||||||||||||||
ended |
Change in % | |||||||||||||||
June 30, |
at constant |
|||||||||||||||
2011 | 2010 | as reported | exchange rates | |||||||||||||
Number of treatments
|
8,384,473 | 7,749,584 | 8% | |||||||||||||
Same market treatment growth in %
|
3.9% | 4.3% | ||||||||||||||
Revenue in $ million
|
3,194 | 2,946 | 8% | 5% | ||||||||||||
Gross profit as a % of revenue
|
35.1% | 34.3% | ||||||||||||||
Selling, general and administrative costs as a % of revenue
|
18.6% | 17.8% | ||||||||||||||
Net income attributable to FMC-AG & Co. KGaA in
$ million
|
261 | 248 | 5% |
6
7
Key Indicators for North America Segment | ||||||||||||
For the three months |
||||||||||||
ended |
||||||||||||
June 30, | ||||||||||||
2011 | 2010 | Change in % | ||||||||||
Number of treatments
|
5,379,508 | 5,189,159 | 4% | |||||||||
Same market treatment growth in %
|
3.2% | 4.2% | ||||||||||
Revenue in $ million
|
2,027 | 2,027 | 0% | |||||||||
Depreciation and amortization in $ million
|
67 | 63 | 6% | |||||||||
Operating income in $ million
|
348 | 332 | 5% | |||||||||
Operating income margin in %
|
17.2% | 16.4% |
8
Key Indicators for International Segment | ||||||||||||||||
For the three months |
||||||||||||||||
ended |
Change in % | |||||||||||||||
June 30, |
at constant |
|||||||||||||||
2011 | 2010 | as reported | exchange rates | |||||||||||||
Number of treatments
|
3,004,965 | 2,560,425 | 17% | |||||||||||||
Same market treatment growth in %
|
5.2% | 4.4% | ||||||||||||||
Revenue in $ million
|
1,163 | 919 | 26% | 15% | ||||||||||||
Depreciation and amortization in $ million
|
43 | 33 | 28% | |||||||||||||
Operating income in $ million
|
203 | 173 | 17% | |||||||||||||
Operating income margin in %
|
17.5% | 18.8% |
9
Key Indicators for Consolidated Financial Statements | ||||||||||||||||
For the six months |
||||||||||||||||
ended |
Change in % | |||||||||||||||
June 30, |
at constant |
|||||||||||||||
2011 | 2010 | as reported | exchange rates | |||||||||||||
Number of treatments
|
16,559,315 | 15,258,148 | 9% | |||||||||||||
Same market treatment growth in %
|
4.1% | 4.3% | ||||||||||||||
Revenue in $ million
|
6,230 | 5,828 | 7% | 5% | ||||||||||||
Gross profit as a % of revenue
|
34.6% | 33.9% | ||||||||||||||
Selling, general and administrative costs as a % of revenue
|
18.7% | 17.9% | ||||||||||||||
Net income attributable to FMC- AG & Co. KGaA in
$ million
|
481 | 459 | 5% |
10
Key Indicators for North America Segment | ||||||||||||
For the six months |
||||||||||||
ended |
||||||||||||
June 30, | ||||||||||||
2011 | 2010 | Change in % | ||||||||||
Number of treatments
|
10,621,160 | 10,223,675 | 4% | |||||||||
Same market treatment growth in %
|
3.5% | 4.2% | ||||||||||
Revenue in $ million
|
4,005 | 3,986 | 0% | |||||||||
Depreciation and amortization in $ million
|
135 | 127 | 6% | |||||||||
Operating income in $ million
|
661 | 640 | 3% | |||||||||
Operating income margin in %
|
16.5% | 16.1% |
11
Key Indicators for International Segment | ||||||||||||||||
For the six months |
||||||||||||||||
ended |
Change in % | |||||||||||||||
June 30, |
at constant |
|||||||||||||||
2011 | 2010 | as reported | exchange rates | |||||||||||||
Number of treatments
|
5,938,155 | 5,034,473 | 18% | |||||||||||||
Same market treatment growth in %
|
5.4% | 4.3% | ||||||||||||||
Revenue in $ million
|
2,217 | 1,842 | 20% | 14% | ||||||||||||
Depreciation and amortization in $ million
|
83 | 70 | 19% | |||||||||||||
Operating income in $ million
|
374 | 324 | 15% | |||||||||||||
Operating income margin in %
|
16.9% | 17.6% |
12
13
14
June 30, |
December 31, |
|||||||
2011 | 2010 | |||||||
North America days sales outstanding
|
59 | 54 | ||||||
International days sales outstanding
|
121 | 116 | ||||||
FMC-AG & Co. KGaA average days sales outstanding
|
82 | 76 | ||||||
15
16
17
For the six months |
||||||||
ended June 30, | ||||||||
2011 | 2010 | |||||||
($ in millions) | ||||||||
Total EBITDA
|
$ | 1,227 | $ | 1,137 | ||||
Interest expense (net of interest income)
|
(146 | ) | (135 | ) | ||||
Income tax expense, net
|
(273 | ) | (257 | ) | ||||
Change in deferred taxes, net
|
53 | (1 | ) | |||||
Changes in operating assets and liabilities
|
(388 | ) | (112 | ) | ||||
Stock compensation expense
|
15 | 14 | ||||||
Other items, net
|
(1 | ) | (3 | ) | ||||
Net cash provided by (used in) operating activities
|
$ | 487 | $ | 643 | ||||
18
2011 | ||
($ in millions) | ||
Net Revenues
|
> $13,000 | |
Net Income attributable to FMC-AG & Co. KGaA
|
$1,070 - $1,090 | |
Debt/EBITDA
|
< 3.0x | |
Capital Expenditures in % of revenue
|
~ 5% | |
Acquisitions
|
~ $1,900 |
19
20
For the three months |
For the six months |
|||||||||||||||
ended June 30, | ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net revenue:
|
||||||||||||||||
Dialysis Care
|
$ | 2,361,563 | $ | 2,224,321 | $ | 4,646,879 | $ | 4,395,105 | ||||||||
Dialysis Products
|
832,489 | 721,878 | 1,583,561 | 1,433,223 | ||||||||||||
3,194,052 | 2,946,199 | 6,230,440 | 5,828,328 | |||||||||||||
Costs of revenue:
|
||||||||||||||||
Dialysis Care
|
1,651,399 | 1,554,649 | 3,317,593 | 3,096,330 | ||||||||||||
Dialysis Products
|
420,726 | 379,942 | 755,821 | 756,098 | ||||||||||||
2,072,125 | 1,934,591 | 4,073,414 | 3,852,428 | |||||||||||||
Gross profit
|
1,121,927 | 1,011,608 | 2,157,026 | 1,975,900 | ||||||||||||
Operating (income) expenses:
|
||||||||||||||||
Selling, general and administrative
|
594,480 | 525,584 | 1,165,928 | 1,043,321 | ||||||||||||
Research and development
|
26,783 | 21,373 | 52,932 | 44,462 | ||||||||||||
Income from equity method investees
|
(8,880 | ) | (1,914 | ) | (16,462 | ) | (3,627 | ) | ||||||||
Operating income
|
509,544 | 466,565 | 954,628 | 891,744 | ||||||||||||
Other (income) expense:
|
||||||||||||||||
Interest income
|
(15,579 | ) | (8,244 | ) | (26,000 | ) | (14,083 | ) | ||||||||
Interest expense
|
90,183 | 76,468 | 172,169 | 149,732 | ||||||||||||
Income before income taxes
|
434,940 | 398,341 | 808,459 | 756,095 | ||||||||||||
Income tax expense
|
148,856 | 129,075 | 273,260 | 256,603 | ||||||||||||
Net income
|
286,084 | 269,266 | 535,199 | 499,492 | ||||||||||||
Less: Net income attributable to noncontrolling interests
|
25,323 | 20,997 | 53,737 | 40,107 | ||||||||||||
Net income attributable to FMC-AG & Co. KGaA
|
$ | 260,761 | $ | 248,269 | $ | 481,462 | $ | 459,385 | ||||||||
Basic income per ordinary share
|
$ | 0.86 | $ | 0.83 | $ | 1.59 | $ | 1.53 | ||||||||
Fully diluted income per ordinary share
|
$ | 0.86 | $ | 0.82 | $ | 1.58 | $ | 1.52 | ||||||||
21
For the three months |
For the six months |
|||||||||||||||
ended June 30, | ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net Income
|
$ | 286,084 | $ | 269,266 | $ | 535,199 | $ | 499,492 | ||||||||
Gain (loss) related to cash flow hedges
|
(1,855 | ) | (55,489 | ) | 2,129 | (72,951 | ) | |||||||||
Actuarial gains (losses) on defined benefit pension plans
|
1,782 | 1,220 | 3,565 | 2,410 | ||||||||||||
Gain (loss) related to foreign currency translation
|
47,405 | (184,969 | ) | 166,358 | (309,906 | ) | ||||||||||
Income tax benefit (expense) related to components of other
comprehensive income
|
(4,696 | ) | 14,271 | (8,847 | ) | 19,152 | ||||||||||
Other comprehensive income (loss), net of tax
|
42,636 | (224,967 | ) | 163,205 | (361,295 | ) | ||||||||||
Total comprehensive income
|
$ | 328,720 | $ | 44,299 | $ | 698,404 | $ | 138,197 | ||||||||
Comprehensive income attributable to noncontrolling interests
|
26,080 | 21,212 | 54,762 | 39,207 | ||||||||||||
Comprehensive income attributable to FMC-AG & Co. KGaA
|
$ | 302,640 | $ | 23,087 | $ | 643,642 | $ | 98,990 | ||||||||
22
June 30, |
December 31, |
|||||||
2011 | 2010 | |||||||
(unaudited) | (audited) | |||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 449,253 | $ | 522,870 | ||||
Trade accounts receivable less allowance for doubtful accounts
of $284,171 in 2011 and $277,139 in 2010
|
2,947,033 | 2,573,258 | ||||||
Accounts receivable from related parties
|
114,873 | 113,976 | ||||||
Inventories
|
976,893 | 809,097 | ||||||
Prepaid expenses and other current assets
|
985,154 | 783,231 | ||||||
Deferred taxes
|
348,731 | 350,162 | ||||||
Total current assets
|
5,821,937 | 5,152,594 | ||||||
Property, plant and equipment, net
|
2,656,984 | 2,527,292 | ||||||
Intangible assets
|
696,707 | 692,544 | ||||||
Goodwill
|
8,902,372 | 8,140,468 | ||||||
Deferred taxes
|
91,284 | 93,168 | ||||||
Investment in equity method investees
|
344,986 | 250,373 | ||||||
Other assets and Notes Receivables
|
538,364 | 238,222 | ||||||
Total assets
|
$ | 19,052,634 | $ | 17,094,661 | ||||
Liabilities and shareholders equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 490,799 | $ | 420,637 | ||||
Accounts payable to related parties
|
135,836 | 121,887 | ||||||
Accrued expenses and other current liabilities
|
1,687,871 | 1,537,423 | ||||||
Short-term borrowings and other financial liabilities
|
760,957 | 670,671 | ||||||
Short-term borrowings from related parties
|
161,363 | 9,683 | ||||||
Current portion of long-term debt and capital lease obligations
|
606,177 | 263,982 | ||||||
Company-obligated mandatorily redeemable preferred securities of
subsidiary Fresenius Medical Care Capital Trusts holding solely
Company-guaranteed debentures of subsidiaries
current portion
|
| 625,549 | ||||||
Income tax payable
|
120,877 | 117,542 | ||||||
Deferred taxes
|
29,774 | 22,349 | ||||||
Total current liabilities
|
3,993,654 | 3,789,723 | ||||||
Long-term debt and capital lease obligations, less current
portion
|
5,585,103 | 4,309,676 | ||||||
Other liabilities
|
273,255 | 294,015 | ||||||
Pension liabilities
|
211,099 | 190,150 | ||||||
Income tax payable
|
180,931 | 200,581 | ||||||
Deferred taxes
|
580,866 | 506,896 | ||||||
Total liabilities
|
10,824,908 | 9,291,041 | ||||||
Noncontrolling interests subject to put provisions
|
306,723 | 279,709 | ||||||
Shareholders equity:
|
||||||||
Preference shares, no par value, 1.00 nominal value,
12,356,880 shares authorized, 3,963,293 issued and
outstanding
|
4,449 | 4,440 | ||||||
Ordinary shares, no par value, 1.00 nominal value,
373,436,220 shares authorized, 298,964,667 issued and
outstanding
|
369,986 | 369,002 | ||||||
Additional paid-in capital
|
3,368,938 | 3,339,781 | ||||||
Retained earnings
|
4,058,893 | 3,858,080 | ||||||
Accumulated other comprehensive (loss) income
|
(31,865 | ) | (194,045 | ) | ||||
Total FMC-AG & Co. KGaA shareholders equity
|
7,770,401 | 7,377,258 | ||||||
Noncontrolling interests not subject to put provisions
|
150,602 | 146,653 | ||||||
Total equity
|
7,921,003 | 7,523,911 | ||||||
Total liabilities and equity
|
$ | 19,052,634 | $ | 17,094,661 | ||||
23
For the six months |
||||||||
ended June 30, | ||||||||
2011 | 2010 | |||||||
Operating Activities:
|
||||||||
Net income
|
$ | 535,199 | $ | 499,492 | ||||
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
Depreciation and amortization
|
272,273 | 245,365 | ||||||
Change in deferred taxes, net
|
53,336 | (747 | ) | |||||
(Gain) loss on sale of investments
|
(115 | ) | (1,852 | ) | ||||
(Gain) loss on sale of fixed assets
|
(818 | ) | (86 | ) | ||||
Compensation expense related to stock options
|
14,631 | 13,712 | ||||||
Cash outflow from hedging
|
(58,581 | ) | | |||||
Changes in assets and liabilities, net of amounts from
businesses acquired:
|
||||||||
Trade accounts receivable, net
|
(263,509 | ) | (94,298 | ) | ||||
Inventories
|
(120,325 | ) | (33,482 | ) | ||||
Prepaid expenses, other current and non-current assets
|
(78,091 | ) | (91,264 | ) | ||||
Accounts receivable from related parties
|
(2,164 | ) | 128,263 | |||||
Accounts payable to related parties
|
6,108 | (133,600 | ) | |||||
Accounts payable, accrued expenses and
|
||||||||
other current and non-current liabilities
|
155,153 | 129,381 | ||||||
Income tax payable
|
(26,534 | ) | (17,421 | ) | ||||
Net cash provided by (used in) operating activities
|
486,563 | 643,463 | ||||||
Investing Activities:
|
||||||||
Purchases of property, plant and equipment
|
(238,384 | ) | (226,635 | ) | ||||
Proceeds from sale of property, plant and equipment
|
8,088 | 8,582 | ||||||
Acquisitions and investments, net of cash acquired, and
purchases of intangible assets
|
(1,122,458 | ) | (291,247 | ) | ||||
Proceeds from divestitures
|
| 7,867 | ||||||
Net cash provided by (used in) investing activities
|
(1,352,754 | ) | (501,433 | ) | ||||
Financing Activities:
|
||||||||
Proceeds from short-term borrowings and other financial
liabilities
|
69,252 | 72,674 | ||||||
Repayments of short-term borrowings and other financial
liabilities
|
(99,760 | ) | (65,870 | ) | ||||
Proceeds from short-term borrowings from related parties
|
146,494 | | ||||||
Proceeds from long-term debt and capital lease obligations (net
of debt issuance costs and other hedging costs of $72,926 in
2011 and $10,218 in 2010)
|
1,660,189 | 828,735 | ||||||
Repayments of long-term debt and capital lease obligations
|
(211,568 | ) | (495,003 | ) | ||||
Redemption of trust preferred securities
|
(653,760 | ) | | |||||
Increase (decrease) of accounts receivable securitization program
|
130,000 | 86,000 | ||||||
Proceeds from exercise of stock options
|
31,741 | 28,084 | ||||||
Dividends paid
|
(280,649 | ) | (231,967 | ) | ||||
Distributions to noncontrolling interests
|
(61,735 | ) | (67,562 | ) | ||||
Contributions from noncontrolling interests
|
12,290 | 14,850 | ||||||
Net cash provided by (used in) financing activities
|
742,494 | 169,941 | ||||||
Effect of exchange rate changes on cash and cash equivalents
|
50,080 | (40,345 | ) | |||||
Cash and Cash Equivalents:
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(73,617 | ) | 271,626 | |||||
Cash and cash equivalents at beginning of period
|
522,870 | 301,225 | ||||||
Cash and cash equivalents at end of period
|
$ | 449,253 | $ | 572,851 | ||||
24
Total |
||||||||||||||||||||||||||||||||||||||||
Accumulated |
FMC-AG & |
Noncontrolling |
||||||||||||||||||||||||||||||||||||||
Preference Shares | Ordinary Shares |
Additional |
Other |
Co. KGaA |
interests not |
|||||||||||||||||||||||||||||||||||
Number of |
No par |
Number of |
No par |
paid in |
Retained |
comprehensive |
shareholders |
subject to put |
Total |
|||||||||||||||||||||||||||||||
shares | value | shares | value | capital | earnings | income (loss) | equity | provisions | Equity | |||||||||||||||||||||||||||||||
Balance at December 31, 2009
|
3,884,328 | $ | 4,343 | 295,746,635 | $ | 365,672 | $ | 3,243,466 | $ | 3,111,530 | $ | (49,724 | ) | $ | 6,675,287 | $ | 123,103 | $ | 6,798,390 | |||||||||||||||||||||
Proceeds from exercise of options and related tax effects
|
72,840 | 97 | 2,532,366 | 3,330 | 98,819 | | | 102,246 | | 102,246 | ||||||||||||||||||||||||||||||
Compensation expense related to stock options
|
| | | | 27,981 | | | 27,981 | | 27,981 | ||||||||||||||||||||||||||||||
Dividends paid
|
| | | | | (231,967 | ) | | (231,967 | ) | | (231,967 | ) | |||||||||||||||||||||||||||
Purchase/ sale of noncontrolling interests
|
| | | | (6,263 | ) | | | (6,263 | ) | 17,295 | 11,032 | ||||||||||||||||||||||||||||
Contributions from / to noncontrolling interests
|
| | | | | | | | (54,225 | ) | (54,225 | ) | ||||||||||||||||||||||||||||
Changes in fair value of noncontrolling interests subject to put
provisions
|
| | | | (24,222 | ) | | | (24,222 | ) | | (24,222 | ) | |||||||||||||||||||||||||||
Net income
|
| | | | | 978,517 | | 978,517 | 58,040 | 1,036,557 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
| | | | | | (144,321 | ) | (144,321 | ) | 2,440 | (141,881 | ) | |||||||||||||||||||||||||||
Comprehensive income
|
| | | | | | | 834,196 | 60,480 | 894,676 | ||||||||||||||||||||||||||||||
Balance at December 31, 2010
|
3,957,168 | $ | 4,440 | 298,279,001 | $ | 369,002 | $ | 3,339,781 | $ | 3,858,080 | $ | (194,045 | ) | $ | 7,377,258 | $ | 146,653 | $ | 7,523,911 | |||||||||||||||||||||
Proceeds from exercise of options and related tax effects
|
6,125 | 9 | 685,666 | 984 | 29,196 | | | 30,189 | | 30,189 | ||||||||||||||||||||||||||||||
Compensation expense related to stock options
|
| | | | 14,631 | | | 14,631 | | 14,631 | ||||||||||||||||||||||||||||||
Dividends paid
|
| | | | | (280,649 | ) | | (280,649 | ) | | (280,649 | ) | |||||||||||||||||||||||||||
Purchase/ sale of noncontrolling interests
|
| | | | 596 | | | 596 | (7,071 | ) | (6,475 | ) | ||||||||||||||||||||||||||||
Contributions from / to noncontrolling interests
|
| | | | | | | | (23,787 | ) | (23,787 | ) | ||||||||||||||||||||||||||||
Changes in fair value of noncontrolling interests subject to put
provisions
|
| | | | (15,266 | ) | | | (15,266 | ) | | (15,266 | ) | |||||||||||||||||||||||||||
Net income
|
| | | | | 481,462 | | 481,462 | 34,328 | 515,790 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
| | | | | | 162,180 | 162,180 | 479 | 162,659 | ||||||||||||||||||||||||||||||
Comprehensive income
|
| | | | | | | 643,642 | 34,807 | 678,449 | ||||||||||||||||||||||||||||||
Balance at June 30, 2011
|
3,963,293 | $ | 4,449 | 298,964,667 | $ | 369,986 | $ | 3,368,938 | $ | 4,058,893 | $ | (31,865 | ) | $ | 7,770,401 | $ | 150,602 | $ | 7,921,003 | |||||||||||||||||||||
25
1. | The Company and Basis of Presentation |
2. | Acquisitions |
26
3. | Related Party Transactions |
a) | Service and Lease Agreements |
b) | Products |
27
c) | Financing Provided by and to Fresenius SE and the General Partner |
4. | Inventories |
June 30, |
December 31, |
|||||||
2011 | 2010 | |||||||
Raw materials and purchased components
|
$ | 167,437 | $ | 158,163 | ||||
Work in process
|
73,639 | 56,345 | ||||||
Finished goods
|
620,132 | 475,641 | ||||||
Health care supplies
|
115,685 | 118,948 | ||||||
Inventories
|
$ | 976,893 | $ | 809,097 | ||||
28
5. | Other Assets and Notes Receivables |
6. | Short-Term Borrowings, Other Financial Liabilities and Short-Term Borrowings from Related Parties |
June 30, |
December 31, |
|||||||
2011 | 2010 | |||||||
Borrowings under lines of credit
|
$ | 111,841 | $ | 131,791 | ||||
Accounts receivable facility
|
640,000 | 510,000 | ||||||
Other financial liabilities
|
9,116 | 28,880 | ||||||
Short-term borrowings and other financial liabilities
|
760,957 | 670,671 | ||||||
Short-term borrowings from related parties (see Note 3.c.)
|
161,363 | 9,683 | ||||||
Short-term borrowings, Other financial liabilities and
Short-term borrowings from related parties
|
$ | 922,320 | $ | 680,354 | ||||
7. | Long-term Debt and Capital Lease Obligations |
June 30, |
December 31, |
|||||||
2011 | 2010 | |||||||
Amended 2006 Senior Credit Agreement
|
$ | 3,474,088 | $ | 2,953,890 | ||||
Senior Notes
|
1,929,959 | 824,446 | ||||||
Euro Notes
|
289,060 | 267,240 | ||||||
EIB Agreements
|
366,960 | 351,686 | ||||||
Capital lease obligations
|
15,652 | 15,439 | ||||||
Other
|
115,561 | 160,957 | ||||||
6,191,280 | 4,573,658 | |||||||
Less current maturities
|
(606,177 | ) | (263,982 | ) | ||||
$ | 5,585,103 | $ | 4,309,676 | |||||
29
Maximum Amount |
||||||||||||||||
Available | Balance Outstanding | |||||||||||||||
June 30, |
December 31, |
June 30, |
December 31, |
|||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revolving Credit
|
$ | 1,200,000 | $ | 1,200,000 | $ | 669,397 | $ | 81,126 | ||||||||
Term Loan A
|
1,275,000 | 1,335,000 | 1,275,000 | 1,335,000 | ||||||||||||
Term Loan B
|
1,529,691 | 1,537,764 | 1,529,691 | 1,537,764 | ||||||||||||
$ | 4,004,691 | $ | 4,072,764 | $ | 3,474,088 | $ | 2,953,890 | |||||||||
30
8. | Stock Options |
31
9. | Earnings Per Share |
For the three months |
For the six months |
|||||||||||||||
ended June 30, | ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Numerators:
|
||||||||||||||||
Net income attributable to FMC-AG & Co. KGaA
|
$ | 260,761 | $ | 248,269 | $ | 481,462 | $ | 459,385 | ||||||||
less:
|
||||||||||||||||
Dividend preference on Preference shares
|
28 | 25 | 55 | 51 | ||||||||||||
Income available to all classes of shares
|
$ | 260,733 | $ | 248,244 | $ | 481,407 | $ | 459,334 | ||||||||
Denominators:
|
||||||||||||||||
Weighted average number of:
|
||||||||||||||||
Ordinary shares outstanding
|
298,559,749 | 296,104,554 | 298,427,098 | 295,926,583 | ||||||||||||
Preference shares outstanding
|
3,958,515 | 3,899,075 | 3,957,978 | 3,894,560 | ||||||||||||
Total weighted average shares outstanding
|
302,518,264 | 300,003,629 | 302,385,076 | 299,821,143 | ||||||||||||
Potentially dilutive Ordinary shares
|
2,336,573 | 1,775,499 | 2,095,345 | 1,594,139 | ||||||||||||
Potentially dilutive Preference shares
|
21,174 | 49,206 | 20,432 | 46,919 | ||||||||||||
Total weighted average Ordinary shares outstanding assuming
dilution
|
300,896,322 | 297,880,053 | 300,522,443 | 297,520,722 | ||||||||||||
Total weighted average Preference shares outstanding assuming
dilution
|
3,979,689 | 3,948,281 | 3,978,410 | 3,941,479 | ||||||||||||
Basic income per Ordinary share
|
$ | 0.86 | $ | 0.83 | $ | 1.59 | $ | 1.53 | ||||||||
Plus preference per Preference shares
|
0.01 | | 0.02 | 0.02 | ||||||||||||
Basic income per Preference share
|
$ | 0.87 | $ | 0.83 | $ | 1.61 | $ | 1.55 | ||||||||
Fully diluted income per Ordinary share
|
$ | 0.86 | $ | 0.82 | $ | 1.58 | $ | 1.52 | ||||||||
Plus preference per Preference shares
|
| 0.01 | 0.01 | 0.02 | ||||||||||||
Fully diluted income per Preference share
|
$ | 0.86 | $ | 0.83 | $ | 1.59 | $ | 1.54 | ||||||||
32
10. | Employee Benefit Plans |
Three months ended |
Six months ended |
|||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$ | 2,735 | $ | 1,915 | $ | 5,357 | $ | 3,965 | ||||||||
Interest cost
|
6,139 | 5,521 | 12,175 | 11,188 | ||||||||||||
Expected return on plan assets
|
(4,275 | ) | (4,366 | ) | (8,550 | ) | (8,732 | ) | ||||||||
Amortization of unrealized losses
|
1,801 | 1,221 | 3,601 | 2,411 | ||||||||||||
Net periodic benefit costs
|
$ | 6,400 | $ | 4,291 | $ | 12,583 | $ | 8,832 | ||||||||
11. | Mandatorily Redeemable Trust Preferred Securities |
12. | Noncontrolling Interests Subject to Put Provisions |
33
June 30, |
December 31, |
|||||||
2011 | 2010 | |||||||
Beginning balance
|
$ | 279,709 | $ | 231,303 | ||||
Contributions to noncontrolling interests
|
(18,435 | ) | (38,964 | ) | ||||
Purchase/ sale of noncontrolling interests
|
6,819 | 28,969 | ||||||
Contributions from noncontrolling interests
|
3,409 | 5,289 | ||||||
Changes in fair value of noncontrolling interests
|
15,266 | 24,222 | ||||||
Net income
|
19,409 | 28,839 | ||||||
Other comprehensive income (loss)
|
546 | 51 | ||||||
Ending balance
|
$ | 306,723 | $ | 279,709 | ||||
13. | Commitments and Contingencies |
34
35
36
37
38
14. | Financial Instruments |
June 30, 2011 | December 31, 2010 | |||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Non-derivatives
|
||||||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 449,253 | $ | 449,253 | $ | 522,870 | $ | 522,870 | ||||||||
Accounts Receivable
|
3,061,906 | 3,061,906 | 2,687,234 | 2,687,234 | ||||||||||||
Long-term Notes Receivable
|
234,215 | 239,701 | | | ||||||||||||
Liabilities
|
||||||||||||||||
Accounts payable
|
626,635 | 626,635 | 542,524 | 542,524 | ||||||||||||
Short-term borrowings
|
760,957 | 760,957 | 670,671 | 670,671 | ||||||||||||
Short-term borrowings from related parties
|
161,363 | 161,363 | 9,683 | 9,683 | ||||||||||||
Long term debt, excluding Amended 2006 Senior Credit Agreement,
Euro Notes and Senior Notes
|
498,173 | 498,173 | 528,082 | 528,082 | ||||||||||||
Amended 2006 Senior Credit Agreement
|
3,474,088 | 3,467,077 | 2,953,890 | 2,937,504 | ||||||||||||
Senior Notes
|
1,929,959 | 1,957,191 | 824,446 | 880,366 | ||||||||||||
Euro Notes
|
289,060 | 297,205 | 267,240 | 276,756 | ||||||||||||
Trust Preferred Securities
|
| | 625,549 | 643,828 | ||||||||||||
Noncontrolling interests subject to put provisions
|
306,723 | 306,723 | 279,709 | 279,709 |
39
40
41
June 30, 2011 | December 31, 2010 | |||||||||||||||
Assets(2) | Liabilities(2) | Assets(2) | Liabilities(2) | |||||||||||||
Derivatives in cash flow hedging
relationships(1)
|
||||||||||||||||
Current
|
||||||||||||||||
Foreign exchange contracts
|
77,491 | (3,070 | ) | 3,703 | (51,816 | ) | ||||||||||
Interest rate contracts
|
| (35,838 | ) | | (51,604 | ) | ||||||||||
Non-current
|
||||||||||||||||
Foreign exchange contracts
|
12 | | 810 | (486 | ) | |||||||||||
Interest rate contracts
|
| (27,301 | ) | | (73,221 | ) | ||||||||||
Total
|
$ | 77,503 | $ | (66,209 | ) | $ | 4,513 | $ | (177,127 | ) | ||||||
Derivatives not designated as hedging
instruments(1)
|
||||||||||||||||
Current
|
||||||||||||||||
Foreign exchange contracts
|
17,243 | (15,889 | ) | 3,517 | (20,751 | ) | ||||||||||
Non-current
|
||||||||||||||||
Foreign exchange contracts
|
7,414 | (7,202 | ) | 509 | (213 | ) | ||||||||||
Total
|
$ | 24,657 | $ | (23,091 | ) | $ | 4,026 | $ | (20,964 | ) | ||||||
(1) | As of June 30, 2011, the valuation of the Companys derivatives was determined using Significant Other Observable Inputs (Level 2) in accordance with the fair value hierarchy levels established in U.S. GAAP. | |
(2) | Derivative instruments are marked to market each reporting period resulting in carrying amounts being equal to fair values at the reporting date. |
42
Amount of Gain or |
Amount of (Gain) or |
|||||||||||||||||
(Loss) Recognized in OCI |
Loss Reclassified |
|||||||||||||||||
on Derivatives |
from AOCI in |
|||||||||||||||||
(Effective Portion) |
Location of (Gain) or |
Income |
||||||||||||||||
for the six months |
Loss Reclassified from |
(Effective Portion) |
||||||||||||||||
Derivatives in Cash Flow |
ended June 30, |
AOCI in Income |
for the six months ended June 30, | |||||||||||||||
Hedging Relationships | 2011 | 2010 | (Effective Portion) | 2011 | 2010 | |||||||||||||
Interest rate contracts
|
$ | 9,478 | $ | (52,710 | ) | Interest income/expense | $ | | $ | | ||||||||
Foreign exchange contracts
|
(7,945 | ) | (22,130 | ) | Costs of Revenue | 596 | 1,889 | |||||||||||
$ | 1,533 | $ | (74,840 | ) | $ | 596 | $ | 1,889 | ||||||||||
Amount of (Gain) or Loss Recognized in Income |
||||||||||
on Derivatives |
||||||||||
Location of (Gain) or Loss |
for the six months ended |
|||||||||
Derivatives not Designated |
Recognized in Income |
June 30, | ||||||||
as Hedging Instruments | on Derivative | 2011 | 2010 | |||||||
Foreign exchange contracts
|
Selling, general and administrative expense |
$ | (24,714 | ) | $ | 42,864 | ||||
Interest income/expense | 5,559 | (9,247 | ) | |||||||
$ | (19,155 | ) | $ | 33,617 | ||||||
15. | Business Segment Information |
43
North |
Segment |
|||||||||||||||||||
America | International | Total | Corporate | Total | ||||||||||||||||
Three months ended June 30, 2011
|
||||||||||||||||||||
Net revenue external customers
|
$ | 2,027,419 | $ | 1,162,448 | $ | 3,189,867 | $ | 4,185 | $ | 3,194,052 | ||||||||||
Inter segment revenue
|
1,815 | | 1,815 | (1,815 | ) | | ||||||||||||||
Revenue
|
2,029,234 | 1,162,448 | 3,191,682 | 2,370 | 3,194,052 | |||||||||||||||
Depreciation and amortization
|
(66,555 | ) | (42,822 | ) | (109,377 | ) | (26,912 | ) | (136,289 | ) | ||||||||||
Operating income
|
348,457 | 203,144 | 551,601 | (42,057 | ) | 509,544 | ||||||||||||||
Income (loss) from equity method investees
|
8,849 | 31 | 8,880 | | 8,880 | |||||||||||||||
Capital expenditures, acquisitions and investments
|
74,555 | 797,637 | 872,192 | 32,692 | 904,884 | |||||||||||||||
Three months ended June 30, 2010
|
||||||||||||||||||||
Net revenue external customers
|
$ | 2,026,582 | $ | 919,524 | $ | 2,946,106 | $ | 93 | $ | 2,946,199 | ||||||||||
Inter segment revenue
|
1,263 | | 1,263 | (1,263 | ) | | ||||||||||||||
Revenue
|
2,027,845 | 919,524 | 2,947,369 | (1,170 | ) | 2,946,199 | ||||||||||||||
Depreciation and amortization
|
(63,004 | ) | (33,508 | ) | (96,512 | ) | (24,395 | ) | (120,907 | ) | ||||||||||
Operating income
|
332,097 | 173,095 | 505,192 | (38,627 | ) | 466,565 | ||||||||||||||
Income (loss) from equity method investees
|
1,887 | 27 | 1,914 | | 1,914 | |||||||||||||||
Capital expenditures, acquisitions and investments
|
71,316 | 93,608 | 164,924 | 163,478 | 328,402 |
44
North |
Segment |
|||||||||||||||||||
America | International | Total | Corporate | Total | ||||||||||||||||
Six months ended June 30, 2011
|
||||||||||||||||||||
Net revenue external customers
|
$ | 4,004,707 | $ | 2,217,681 | $ | 6,222,388 | $ | 8,052 | $ | 6,230,440 | ||||||||||
Inter segment revenue
|
3,509 | | 3,509 | (3,509 | ) | | ||||||||||||||
Total net revenue
|
4,008,216 | 2,217,681 | 6,225,897 | 4,543 | 6,230,440 | |||||||||||||||
Depreciation and amortization
|
(134,782 | ) | (83,171 | ) | (217,953 | ) | (54,320 | ) | (272,273 | ) | ||||||||||
Operating Income
|
660,563 | 374,154 | 1,034,717 | (80,089 | ) | 954,628 | ||||||||||||||
Income (loss) from equity method investees
|
16,367 | 95 | 16,462 | | 16,462 | |||||||||||||||
Segment
assets(1)
|
11,415,424 | 5,541,670 | 16,957,094 | 2,095,540 | 19,052,634 | |||||||||||||||
thereof investments in equity method investees
|
339,230 | 5,756 | 344,986 | | 344,986 | |||||||||||||||
Capital expenditures, acquisitions and
investments(2)
|
462,425 | 838,413 | 1,300,838 | 60,004 | 1,360,842 | |||||||||||||||
Six months ended June 30, 2010
|
||||||||||||||||||||
Net revenue external customers
|
$ | 3,986,270 | $ | 1,841,747 | $ | 5,828,017 | $ | 311 | $ | 5,828,328 | ||||||||||
Inter segment revenue
|
1,828 | | 1,828 | (1,828 | ) | | ||||||||||||||
Total net revenue
|
3,988,098 | 1,841,747 | 5,829,845 | (1,517 | ) | 5,828,328 | ||||||||||||||
Depreciation and amortization
|
(126,715 | ) | (70,067 | ) | (196,782 | ) | (48,583 | ) | (245,365 | ) | ||||||||||
Operating Income
|
640,003 | 324,025 | 964,028 | (72,284 | ) | 891,744 | ||||||||||||||
Income (loss) from equity method investees
|
3,577 | 50 | 3,627 | | 3,627 | |||||||||||||||
Segment assets
|
11,281,830 | 3,948,045 | 15,229,875 | 769,689 | 15,999,564 | |||||||||||||||
thereof investments in equity method investees
|
16,543 | 3,478 | 20,021 | | 20,021 | |||||||||||||||
Capital expenditures, acquisitions and
investments(3)
|
144,883 | 178,858 | 323,741 | 194,141 | 517,882 |
(1) | If production was still managed within the segments, as it was in 2010, segment assets would have been $12,403,823 in North America, $6,153,751 in International and $495,060 in Corporate in 2011. | |
(2) | North America and International acquisitions exclude $6,000 and $1,731, respectively, of non-cash acquisitions for 2011. | |
(3) | International and Corporate acquisitions exclude $8,884 and $2,125 of non-cash acquisitions for 2010. |
45
16. | Supplementary Cash Flow Information |
Six months ended |
||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
Supplementary cash flow information:
|
||||||||
Cash paid for interest
|
$ | 108,898 | $ | 128,915 | ||||
Cash paid for income
taxes(1)
|
$ | 242,776 | $ | 261,695 | ||||
Cash inflow for income taxes from stock option exercises
|
$ | 4,980 | $ | 2,378 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Details for acquisitions:
|
||||||||
Assets acquired
|
$ | (874,302 | ) | $ | (186,560 | ) | ||
Liabilities assumed
|
37,555 | 11,303 | ||||||
Noncontrolling interest
|
1,441 | 5,741 | ||||||
Notes assumed in connection with acquisition
|
1,731 | 11,009 | ||||||
Cash paid
|
(833,575 | ) | (158,507 | ) | ||||
Less cash acquired
|
12,435 | 1,678 | ||||||
Net cash paid for acquisitions
|
$ | (821,140 | ) | $ | (156,829 | ) | ||
(1) | Net of tax refund |
17. | Subsequent Events |
46
18. | Supplemental Condensed Combining Information |
For the six months ended June 30, 2011 | ||||||||||||||||||||||||||||
Issuer | Guarantors | |||||||||||||||||||||||||||
FMC US |
FMC-AG & |
Non-Guarantor |
Combining |
Combined |
||||||||||||||||||||||||
Finance | Co. KGaA | D-GmbH | FMCH | Subsidiaries | Adjustment | Total | ||||||||||||||||||||||
Net revenue
|
$ | | $ | | $ | 934,792 | $ | | $ | 6,676,858 | $ | (1,381,210 | ) | $ | 6,230,440 | |||||||||||||
Cost of revenue
|
| | 584,172 | | 4,848,221 | (1,358,979 | ) | 4,073,414 | ||||||||||||||||||||
Gross profit
|
| | 350,620 | | 1,828,637 | (22,231 | ) | 2,157,026 | ||||||||||||||||||||
Operating expenses (income):
|
||||||||||||||||||||||||||||
Selling, general and administrative
|
2 | 36,236 | 97,705 | (52,627 | ) | 1,070,828 | (2,678 | ) | 1,149,466 | |||||||||||||||||||
Research and development
|
| | 34,212 | | 18,720 | | 52,932 | |||||||||||||||||||||
Operating (loss) income
|
(2 | ) | (36,236 | ) | 218,703 | 52,627 | 739,089 | (19,553 | ) | 954,628 | ||||||||||||||||||
Other (income) expense:
|
||||||||||||||||||||||||||||
Interest, net
|
(1,936 | ) | 40,063 | 3,809 | 62,721 | 47,235 | (5,723 | ) | 146,169 | |||||||||||||||||||
Other, net
|
| (611,365 | ) | 144,905 | (332,306 | ) | | 798,766 | | |||||||||||||||||||
Income (loss) before income taxes
|
1,934 | 535,066 | 69,989 | 322,212 | 691,854 | (812,596 | ) | 808,459 | ||||||||||||||||||||
Income tax expense (benefit)
|
715 | 53,604 | 60,749 | (3,982 | ) | 291,583 | (129,409 | ) | 273,260 | |||||||||||||||||||
Net Income (loss)
|
1,219 | 481,462 | 9,240 | 326,194 | 400,271 | (683,187 | ) | 535,199 | ||||||||||||||||||||
Net Income attributable to noncontrolling interests
|
| | | | | 53,737 | 53,737 | |||||||||||||||||||||
Net income (loss) attributable to the FMC-AG & Co. KGaA
|
$ | 1,219 | $ | 481,462 | $ | 9,240 | $ | 326,194 | $ | 400,271 | $ | (736,924 | ) | $ | 481,462 | |||||||||||||
47
For the six months ended June 30, 2010 | ||||||||||||||||||||||||||||
Issuer | Guarantors | |||||||||||||||||||||||||||
FMC |
FMC-AG & |
Non-Guarantor |
Combining |
Combined |
||||||||||||||||||||||||
Finance III | Co. KGaA | D-GmbH | FMCH | Subsidiaries | Adjustment | Total | ||||||||||||||||||||||
Net revenue
|
$ | | $ | | $ | 784,670 | $ | | $ | 6,181,531 | $ | (1,137,873 | ) | $ | 5,828,328 | |||||||||||||
Cost of revenue
|
| | 501,977 | | 4,477,730 | (1,127,279 | ) | 3,852,428 | ||||||||||||||||||||
Gross profit
|
| | 282,693 | | 1,703,801 | (10,594 | ) | 1,975,900 | ||||||||||||||||||||
Operating expenses (income):
|
||||||||||||||||||||||||||||
Selling, general and administrative
|
8 | 63,750 | 72,357 | 45,197 | 869,660 | (11,278 | ) | 1,039,694 | ||||||||||||||||||||
Research and development
|
| | 30,255 | | 14,207 | | 44,462 | |||||||||||||||||||||
Operating (loss) income
|
(8 | ) | (63,750 | ) | 180,081 | (45,197 | ) | 819,934 | 684 | 891,744 | ||||||||||||||||||
Other (income) expense:
|
||||||||||||||||||||||||||||
Interest, net
|
(360 | ) | 12,953 | 1,429 | 27,293 | 90,660 | 3,674 | 135,649 | ||||||||||||||||||||
Other, net
|
| (573,536 | ) | 127,397 | (289,983 | ) | | 736,122 | | |||||||||||||||||||
Income (loss) before income taxes
|
352 | 496,833 | 51,255 | 217,493 | 729,274 | (739,112 | ) | 756,095 | ||||||||||||||||||||
Income tax expense (benefit)
|
100 | 37,448 | 51,352 | (28,561 | ) | 299,439 | (103,175 | ) | 256,603 | |||||||||||||||||||
Net Income (loss)
|
252 | 459,385 | (97 | ) | 246,054 | 429,835 | (635,937 | ) | 499,492 | |||||||||||||||||||
Net Income attributable to noncontrolling interests
|
| | | | | 40,107 | 40,107 | |||||||||||||||||||||
Net income (loss) attributable to the FMC-AG & Co. KGaA
|
$ | 252 | $ | 459,385 | $ | (97 | ) | $ | 246,054 | $ | 429,835 | $ | (676,044 | ) | $ | 459,385 | ||||||||||||
48
At June 30, 2011 | ||||||||||||||||||||||||||||
Issuer | Guarantors |
Non- |
||||||||||||||||||||||||||
FMC US |
FMC-AG & |
Guarantor |
Combining |
Combined |
||||||||||||||||||||||||
Finance | Co. KGaA | D-GmbH | FMCH | Subsidiaries | Adjustment | Total | ||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 6 | $ | 170 | $ | 83 | $ | | $ | 448,994 | $ | | $ | 449,253 | ||||||||||||||
Trade accounts receivable, less allowance for doubtful accounts
|
| | 185,556 | | 2,761,477 | | 2,947,033 | |||||||||||||||||||||
Accounts receivable from related parties
|
1,274,828 | 3,627,849 | 994,836 | 670,736 | 3,885,243 | (10,338,619 | ) | 114,873 | ||||||||||||||||||||
Inventories
|
| | 237,033 | | 848,191 | (108,331 | ) | 976,893 | ||||||||||||||||||||
Prepaid expenses and other current assets
|
| 155,071 | 28,824 | 150 | 839,367 | (38,258 | ) | 985,154 | ||||||||||||||||||||
Deferred taxes
|
| 7,916 | | | 329,305 | 11,510 | 348,731 | |||||||||||||||||||||
Total current assets
|
1,274,834 | 3,791,006 | 1,446,332 | 670,886 | 9,112,577 | (10,473,698 | ) | 5,821,937 | ||||||||||||||||||||
Property, plant and equipment, net
|
| 444 | 181,039 | | 2,585,221 | (109,720 | ) | 2,656,984 | ||||||||||||||||||||
Intangible assets
|
| 350 | 67,731 | | 628,626 | | 696,707 | |||||||||||||||||||||
Goodwill
|
| | 66,294 | | 8,836,078 | | 8,902,372 | |||||||||||||||||||||
Deferred taxes
|
| 6,061 | 5,913 | | 116,957 | (37,647 | ) | 91,284 | ||||||||||||||||||||
Other assets
|
| 7,705,852 | 651,219 | 10,386,845 | (7,315,138 | ) | (10,545,428 | ) | 883,350 | |||||||||||||||||||
Total assets
|
$ | 1,274,834 | $ | 11,503,713 | $ | 2,418,528 | $ | 11,057,731 | $ | 13,964,321 | $ | (21,166,493 | ) | $ | 19,052,634 | |||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Accounts payable
|
$ | 310 | $ | 940 | $ | 36,144 | $ | | $ | 453,405 | $ | | $ | 490,799 | ||||||||||||||
Accounts payable to related parties
|
101 | 1,398,600 | 1,006,740 | 1,546,648 | 6,591,570 | (10,407,823 | ) | 135,836 | ||||||||||||||||||||
Accrued expenses and other current liabilities
|
20,394 | 100,155 | 130,097 | 1,835 | 1,455,500 | (20,110 | ) | 1,687,871 | ||||||||||||||||||||
Short-term borrowings
|
| 104 | 723 | | 760,130 | | 760,957 | |||||||||||||||||||||
Short-term borrowings from related parties
|
| | | | 107,530 | 53,833 | 161,363 | |||||||||||||||||||||
Current portion of long-term debt and capital lease obligations
|
| 67,051 | | 416,505 | 122,621 | | 606,171 | |||||||||||||||||||||
Company obligated mandatorily redeemable preferred securities of
subsidiary Fresenius Medical Care Capital Trusts holding solely
Company-guaranteed debentures of subsidiaries
current portion
|
| | | | | | | |||||||||||||||||||||
Income tax payable
|
715 | 82,593 | | | 43,292 | (5,723 | ) | 120,877 | ||||||||||||||||||||
Deferred taxes
|
| | 8,420 | | 37,030 | (15,676 | ) | 29,774 | ||||||||||||||||||||
Total current liabilities
|
21,520 | 1,649,443 | 1,182,124 | 1,964,988 | 9,571,078 | (10,395,499 | ) | 3,993,654 | ||||||||||||||||||||
Long term debt and capital lease obligations, less current
portion
|
1,194,595 | 1,277,715 | | 1,186,259 | 5,211,148 | (3,284,614 | ) | 5,585,103 | ||||||||||||||||||||
Long term borrowings from related parties
|
| 791,139 | 224,040 | | 3,776 | (1,018,955 | ) | | ||||||||||||||||||||
Other liabilities
|
| 7,202 | 11,877 | | 201,250 | 52,926 | 273,255 | |||||||||||||||||||||
Pension liabilities
|
| 6,670 | 162,306 | | 42,123 | | 211,099 | |||||||||||||||||||||
Income tax payable
|
| 1,143 | | | 55,178 | 124,610 | 180,931 | |||||||||||||||||||||
Deferred taxes
|
| | | | 597,347 | (16,481 | ) | 580,866 | ||||||||||||||||||||
Total liabilities
|
1,216,115 | 3,733,312 | 1,580,347 | 3,151,247 | 15,681,900 | (14,538,013 | ) | 10,824,908 | ||||||||||||||||||||
Noncontrolling interests subject to put provisions
|
| | | | 306,723 | | 306,723 | |||||||||||||||||||||
Total FMC-AG & Co. KGaA shareholders equity
|
58,719 | 7,770,401 | 838,181 | 7,906,484 | (2,174,904 | ) | (6,628,480 | ) | 7,770,401 | |||||||||||||||||||
Noncontrolling interests not subject to put provisions
|
| | | | 150,602 | | 150,602 | |||||||||||||||||||||
Total equity
|
58,719 | 7,770,401 | 838,181 | 7,906,484 | (2,024,302 | ) | (6,628,480 | ) | 7,921,003 | |||||||||||||||||||
Total liabilities and equity
|
$ | 1,274,834 | $ | 11,503,713 | $ | 2,418,528 | $ | 11,057,731 | $ | 13,964,321 | $ | (21,166,493 | ) | $ | 19,052,634 | |||||||||||||
49
At December 31, 2010 | ||||||||||||||||||||||||||||
Issuer | Guarantors | |||||||||||||||||||||||||||
FMC |
FMC-AG & |
Non-Guarantor |
Combining |
Combined |
||||||||||||||||||||||||
Finance III | Co. KGaA | D-GmbH | FMCH | Subsidiaries | Adjustment | Total | ||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 123 | $ | 147,177 | $ | 225 | $ | | $ | 342,401 | $ | 32,944 | $ | 522,870 | ||||||||||||||
Trade accounts receivable, less allowance for doubtful accounts
|
| | 157,755 | | 2,415,503 | | 2,573,258 | |||||||||||||||||||||
Accounts receivable from related parties
|
16,542 | 2,418,066 | 667,484 | 441,601 | 2,826,527 | (6,256,244 | ) | 113,976 | ||||||||||||||||||||
Inventories
|
| | 184,948 | | 711,053 | (86,904 | ) | 809,097 | ||||||||||||||||||||
Prepaid expenses and other current assets
|
1 | 111,594 | 11,341 | 50 | 662,188 | (1,943 | ) | 783,231 | ||||||||||||||||||||
Deferred taxes
|
| 14,221 | | | 317,644 | 18,297 | 350,162 | |||||||||||||||||||||
Total current assets
|
16,666 | 2,691,058 | 1,021,753 | 441,651 | 7,275,316 | (6,293,850 | ) | 5,152,594 | ||||||||||||||||||||
Property, plant and equipment, net
|
| 390 | 168,939 | | 2,458,364 | (100,401 | ) | 2,527,292 | ||||||||||||||||||||
Intangible assets
|
| 428 | 65,684 | | 626,432 | | 692,544 | |||||||||||||||||||||
Goodwill
|
| | 65,315 | | 8,075,153 | | 8,140,468 | |||||||||||||||||||||
Deferred taxes
|
| 9,463 | 4,693 | | 121,875 | (42,863 | ) | 93,168 | ||||||||||||||||||||
Other assets
|
494,231 | 7,201,295 | 644,523 | 9,320,731 | (6,581,295 | ) | (10,590,890 | ) | 488,595 | |||||||||||||||||||
Total assets
|
$ | 510,897 | $ | 9,902,634 | $ | 1,970,907 | $ | 9,762,382 | $ | 11,975,845 | $ | (17,028,004 | ) | $ | 17,094,661 | |||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Accounts payable
|
$ | | $ | 5,738 | $ | 22,387 | $ | | $ | 392,512 | $ | | $ | 420,637 | ||||||||||||||
Accounts payable to related parties
|
229 | 952,141 | 670,613 | 1,538,658 | 3,210,393 | (6,250,147 | ) | 121,887 | ||||||||||||||||||||
Accrued expenses and other current liabilities
|
15,866 | 122,000 | 94,978 | 2,054 | 1,292,562 | 9,963 | 1,537,423 | |||||||||||||||||||||
Short-term borrowings
|
| 121 | | | 670,550 | | 670,671 | |||||||||||||||||||||
Short-term borrowings from related parties
|
| | | | 2,004 | 7,679 | 9,683 | |||||||||||||||||||||
Current portion of long-term debt and capital lease obligations
|
| 106,862 | | 101,145 | 55,975 | | 263,982 | |||||||||||||||||||||
Company obligated mandatorily redeemable preferred securities of
subsidiary Fresenius Medical Care Capital Trusts holding solely
Company-guaranteed debentures of subsidiaries
current portion
|
| | | | 625,549 | | 625,549 | |||||||||||||||||||||
Income tax payable
|
24 | 54,366 | | | 62,504 | 648 | 117,542 | |||||||||||||||||||||
Deferred taxes
|
| | 5,513 | | 27,143 | (10,307 | ) | 22,349 | ||||||||||||||||||||
Total current liabilities
|
16,119 | 1,241,228 | 793,491 | 1,641,857 | 6,339,192 | (6,242,164 | ) | 3,789,723 | ||||||||||||||||||||
Long term debt and capital lease obligations, less current
portion
|
494,231 | 870,348 | | 1,357,745 | 4,069,605 | (2,482,253 | ) | 4,309,676 | ||||||||||||||||||||
Long term borrowings from related parties
|
| 334,428 | 208,368 | 494,231 | 400,883 | (1,437,910 | ) | | ||||||||||||||||||||
Other liabilities
|
| 73,382 | 11,241 | | 184,542 | 24,850 | 294,015 | |||||||||||||||||||||
Pension liabilities
|
| 4,933 | 143,362 | | 41,855 | | 190,150 | |||||||||||||||||||||
Income tax payable
|
| 1,057 | | | 75,055 | 124,469 | 200,581 | |||||||||||||||||||||
Deferred taxes
|
| | | | 522,521 | (15,625 | ) | 506,896 | ||||||||||||||||||||
Total liabilities
|
510,350 | 2,525,376 | 1,156,462 | 3,493,833 | 11,633,653 | (10,028,633 | ) | 9,291,041 | ||||||||||||||||||||
Noncontrolling interests subject to put provisions
|
| | | | 279,709 | | 279,709 | |||||||||||||||||||||
Total FMC-AG & Co. KGaA shareholders equity
|
547 | 7,377,258 | 814,445 | 6,268,549 | (84,170 | ) | (6,999,371 | ) | 7,377,258 | |||||||||||||||||||
Noncontrolling interests not subject to put provisions
|
| | | | 146,653 | | 146,653 | |||||||||||||||||||||
Total equity
|
547 | 7,377,258 | 814,445 | 6,268,549 | 62,483 | (6,999,371 | ) | 7,523,911 | ||||||||||||||||||||
Total liabilities and equity
|
$ | 510,897 | $ | 9,902,634 | $ | 1,970,907 | $ | 9,762,382 | $ | 11,975,845 | $ | (17,028,004 | ) | $ | 17,094,661 | |||||||||||||
50
For the six months ended June 30, 2011 | ||||||||||||||||||||||||||||
Issuer | Guarantors | |||||||||||||||||||||||||||
FMC US |
FMC-AG & |
Non-Guarantor |
Combining |
Combined |
||||||||||||||||||||||||
Finance | Co. KGaA | D-GmbH | FMCH | Subsidiaries | Adjustment | Total | ||||||||||||||||||||||
Operating Activities:
|
||||||||||||||||||||||||||||
Net income (loss)
|
$ | 1,219 | $ | 481,462 | $ | 9,240 | $ | 326,194 | $ | 400,271 | $ | (683,187 | ) | $ | 535,199 | |||||||||||||
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
|
||||||||||||||||||||||||||||
Equity affiliate income
|
| (358,305 | ) | | (332,306 | ) | | 690,611 | | |||||||||||||||||||
Depreciation and amortization
|
| 682 | 22,927 | 5,769 | 249,455 | (6,560 | ) | 272,273 | ||||||||||||||||||||
Change in deferred taxes, net
|
| 15,286 | 1,572 | | 41,884 | (5,406 | ) | 53,336 | ||||||||||||||||||||
(Gain) loss on sale of fixed assets and investments
|
| | 58 | | (991 | ) | | (933 | ) | |||||||||||||||||||
(Gain) loss on investments
|
| 1,833 | | | | (1,833 | ) | | ||||||||||||||||||||
Compensation expense related to stock options
|
| 14,631 | | | | | 14,631 | |||||||||||||||||||||
Cash outflow from hedging
|
| | | | (58,581 | ) | | (58,581 | ) | |||||||||||||||||||
Changes in assets and liabilities, net of amounts from
businesses acquired:
|
||||||||||||||||||||||||||||
Trade accounts receivable, net
|
| | (21,238 | ) | | (242,271 | ) | | (263,509 | ) | ||||||||||||||||||
Inventories
|
| | (33,466 | ) | | (104,067 | ) | 17,208 | (120,325 | ) | ||||||||||||||||||
Prepaid expenses and other current and non-current assets
|
| (28,927 | ) | (19,192 | ) | (44,068 | ) | 13,341 | 755 | (78,091 | ) | |||||||||||||||||
Accounts receivable from / payable to related parties
|
(612 | ) | (688,780 | ) | (65,753 | ) | 6,577 | 760,710 | (8,198 | ) | 3,944 | |||||||||||||||||
Accounts payable, accrued expenses and other current and
non-current liabilities
|
2,976 | (38,526 | ) | 45,519 | (218 | ) | 145,157 | 245 | 155,153 | |||||||||||||||||||
Income tax payable
|
715 | 23,075 | | (3,982 | ) | (32,506 | ) | (13,836 | ) | (26,534 | ) | |||||||||||||||||
Net cash provided by (used in) operating activities
|
4,298 | (577,569 | ) | (60,333 | ) | (42,034 | ) | 1,172,402 | (10,201 | ) | 486,563 | |||||||||||||||||
Investing Activities:
|
||||||||||||||||||||||||||||
Purchases of property, plant and equipment
|
| (133 | ) | (16,484 | ) | | (231,968 | ) | 10,201 | (238,384 | ) | |||||||||||||||||
Proceeds from sale of property, plant and equipment
|
| | 22 | | 8,066 | | 8,088 | |||||||||||||||||||||
Disbursement of loans to related parties
|
| 377,936 | 100 | (798,172 | ) | | 420,136 | | ||||||||||||||||||||
Acquisitions and investments, net of cash acquired, and net
purchases of intangible assets
|
| (25,128 | ) | (3,611 | ) | | (1,867,825 | ) | 774,106 | (1,122,458 | ) | |||||||||||||||||
Proceeds from divestitures
|
| | | | | | | |||||||||||||||||||||
Net cash provided by (used in) investing activities
|
| 352,675 | (19,973 | ) | (798,172 | ) | (2,091,727 | ) | 1,204,443 | (1,352,754 | ) | |||||||||||||||||
Financing Activities:
|
||||||||||||||||||||||||||||
Short-term borrowings, net
|
310 | 102,267 | 80,150 | (299 | ) | (66,442 | ) | | 115,986 | |||||||||||||||||||
Long-term debt and capital lease obligations, net
|
(62,102 | ) | 305,359 | | 152,115 | 1,473,385 | (420,136 | ) | 1,448,621 | |||||||||||||||||||
Redemption of trust preferred securities
|
| | | | (653,760 | ) | | (653,760 | ) | |||||||||||||||||||
Increase (decrease) of accounts receivable securitization program
|
| | | | 130,000 | | 130,000 | |||||||||||||||||||||
Proceeds from exercise of stock options
|
| 26,762 | | | 4,979 | | 31,741 | |||||||||||||||||||||
Dividends paid
|
| (280,649 | ) | | | 22 | (22 | ) | (280,649 | ) | ||||||||||||||||||
Capital increase (decrease)
|
57,500 | | | 688,390 | 28,216 | (774,106 | ) | | ||||||||||||||||||||
Distributions to noncontrolling interest
|
| | | | (61,735 | ) | | (61,735 | ) | |||||||||||||||||||
Contributions from noncontrolling interest
|
| | | | 12,290 | | 12,290 | |||||||||||||||||||||
Net cash provided by (used in) financing activities
|
(4,292 | ) | 153,739 | 80,150 | 840,206 | 866,955 | (1,194,264 | ) | 742,494 | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
| (75,852 | ) | 14 | | 125,896 | 22 | 50,080 | ||||||||||||||||||||
Cash and Cash Equivalents:
|
||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
6 | (147,007 | ) | (142 | ) | | 73,526 | | (73,617 | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period
|
| 147,177 | 225 | | 375,468 | | 522,870 | |||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 6 | $ | 170 | $ | 83 | $ | | $ | 448,994 | $ | | $ | 449,253 | ||||||||||||||
51
For the six months ended June 30, 2010 | ||||||||||||||||||||||||||||
Issuer | Guarantors | |||||||||||||||||||||||||||
FMC |
FMC-AG & |
Non-Guarantor |
Combining |
Combined |
||||||||||||||||||||||||
Finance III | Co. KGaA | D-GmbH | FMCH | Subsidiaries | Adjustment | Total | ||||||||||||||||||||||
Operating Activities:
|
||||||||||||||||||||||||||||
Net income (loss)
|
$ | 252 | $ | 459,385 | $ | (97 | ) | $ | 246,054 | $ | 429,835 | $ | (635,937 | ) | $ | 499,492 | ||||||||||||
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
|
||||||||||||||||||||||||||||
Equity affiliate income
|
| (307,027 | ) | | (289,983 | ) | | 597,010 | | |||||||||||||||||||
Depreciation and amortization
|
| 726 | 19,048 | 444 | 236,173 | (11,026 | ) | 245,365 | ||||||||||||||||||||
Change in deferred taxes, net
|
| (13,919 | ) | 435 | | 15,046 | (2,309 | ) | (747 | ) | ||||||||||||||||||
(Gain) loss on sale of fixed assets and investments
|
| | 3 | | (1,941 | ) | | (1,938 | ) | |||||||||||||||||||
(Gain) loss on investments
|
| | 28 | | | (28 | ) | | ||||||||||||||||||||
Compensation expense related to stock options
|
| 13,712 | | | | | 13,712 | |||||||||||||||||||||
Changes in assets and liabilities, net of amounts from
businesses acquired:
|
||||||||||||||||||||||||||||
Trade accounts receivable, net
|
| | (9,466 | ) | | (84,832 | ) | | (94,298 | ) | ||||||||||||||||||
Inventories
|
| | (18,613 | ) | | (21,876 | ) | 7,007 | (33,482 | ) | ||||||||||||||||||
Prepaid expenses and other current and non-current assets
|
| (126,932 | ) | (9,920 | ) | 45,925 | (132,358 | ) | 132,021 | (91,264 | ) | |||||||||||||||||
Accounts receivable from / payable to related parties
|
239 | 215,521 | 56,183 | 18,897 | (517,889 | ) | 221,712 | (5,337 | ) | |||||||||||||||||||
Accounts payable, accrued expenses and other current and
non-current liabilities
|
(21 | ) | (294 | ) | 27,060 | (43 | ) | 97,637 | 5,042 | 129,381 | ||||||||||||||||||
Income tax payable
|
15 | 30,431 | | (28,561 | ) | (21,801 | ) | 2,495 | (17,421 | ) | ||||||||||||||||||
Net cash provided by (used in) operating activities
|
485 | 271,603 | 64,661 | (7,267 | ) | (2,006 | ) | 315,987 | 643,463 | |||||||||||||||||||
Investing Activities:
|
||||||||||||||||||||||||||||
Purchases of property, plant and equipment
|
| (199 | ) | (13,920 | ) | | (225,035 | ) | 12,519 | (226,635 | ) | |||||||||||||||||
Proceeds from sale of property, plant and equipment
|
| 9 | 603 | | 7,970 | | 8,582 | |||||||||||||||||||||
Disbursement of loans to related parties
|
| 239,804 | 89 | (149,883 | ) | (327,341 | ) | 237,331 | | |||||||||||||||||||
Acquisitions and investments, net of cash acquired, and net
purchases of intangible assets
|
| (2,759 | ) | (2,129 | ) | | (157,663 | ) | (128,696 | ) | (291,247 | ) | ||||||||||||||||
Proceeds from divestitures
|
| | | | 7,867 | | 7,867 | |||||||||||||||||||||
Net cash provided by (used in) investing activities
|
| 236,855 | (15,357 | ) | (149,883 | ) | (694,202 | ) | 121,154 | (501,433 | ) | |||||||||||||||||
Financing Activities:
|
||||||||||||||||||||||||||||
Short-term borrowings, net
|
| | (49,319 | ) | | 56,123 | | 6,804 | ||||||||||||||||||||
Long-term debt and capital lease obligations, net
|
| (146,576 | ) | | 157,150 | 560,489 | (237,331 | ) | 333,732 | |||||||||||||||||||
Increase (decrease) of accounts receivable securitization program
|
| | | | 86,000 | | 86,000 | |||||||||||||||||||||
Proceeds from exercise of stock options
|
| 25,706 | | | 2,378 | | 28,084 | |||||||||||||||||||||
Dividends paid
|
(495 | ) | (231,967 | ) | | | (5,795 | ) | 6,290 | (231,967 | ) | |||||||||||||||||
Capital increase (decrease)
|
| | | | 4,014 | (4,014 | ) | | ||||||||||||||||||||
Distributions to noncontrolling interest
|
| | | | (67,562 | ) | | (67,562 | ) | |||||||||||||||||||
Contributions from noncontrolling interest
|
| | | | 14,850 | | 14,850 | |||||||||||||||||||||
Net cash provided by (used in) financing activities
|
(495 | ) | (352,837 | ) | (49,319 | ) | 157,150 | 650,497 | (235,055 | ) | 169,941 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
| (81,980 | ) | (28 | ) | | 41,639 | 24 | (40,345 | ) | ||||||||||||||||||
Cash and Cash Equivalents:
|
||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(10 | ) | 73,641 | (43 | ) | | (4,072 | ) | 202,110 | 271,626 | ||||||||||||||||||
Cash and cash equivalents at beginning of period
|
108 | 24 | 194 | | 300,899 | | 301,225 | |||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 98 | $ | 73,665 | $ | 151 | $ | | $ | 296,827 | $ | 202,110 | $ | 572,851 | ||||||||||||||
52
53
54
Votes |
||||||||||
(in percentage of |
||||||||||
shares actually |
||||||||||
voting) | ||||||||||
Resolution | In Favor | Opposed | ||||||||
TOPIC 1
|
Resolution on the approval of the annual financial statements of Fresenius Medical Care AG & Co. KGaA for the fiscal year 2010 | 99.99 | % | 0.01 | % | |||||
TOPIC 2
|
Resolution on the allocation of distributable profit | 99.98 | % | 0.02 | % | |||||
TOPIC 3
|
Resolution on the approval of the actions of the General Partner(1) | 99.95 | % | 0.05 | % | |||||
TOPIC 4
|
Resolution on the approval of the actions of the members of the Supervisory Board(1) | 99.94 | % | 0.06 | % | |||||
TOPIC 5
|
Resolution on the approval of the revised system of compensation of the Management Board members of the General Partner | 99.71 | % | 0.29 | % | |||||
TOPIC 6
|
Election of the auditors and consolidated group auditors for the fiscal year 2011(1) | 99.65 | % | 0.35 | % | |||||
TOPIC 7.1
|
Election of Mr. Dr. Gerd Krick to the Supervisory Board(1) | 81.60 | % | 18.40 | % | |||||
TOPIC 7.2
|
Election of Mr. Dr. Dieter Schenk to the Supervisory Board(1) | 75.57 | % | 24.43 | % | |||||
TOPIC 7.3
|
Election of Mr. Prof. Dr. Bernd Fahrholz to the Supervisory Board(1) | 81.56 | % | 18.44 | % | |||||
TOPIC 7.4
|
Election of Mr. Dr. Walter L. Weisman to the Supervisory Board and to the Joint Committee(1) | 80.06 | % | 19.94 | % | |||||
TOPIC 7.5
|
Election of Mr. William P. Johnston to the Supervisory Board and to the Joint Committee(1) | 99.50 | % | 0.50 | % | |||||
TOPIC 7.6
|
Election of Mr. Rolf. A. Classon to the Supervisory Board(1) | 97.09 | % | 2.91 | % | |||||
TOPIC 8
|
Resolution on modifications of the remuneration of the Supervisory Board and its committees and on the corresponding amendments to Articles 13 and 13e of the Articles of Association | 94.20 | % | 5.80 | % |
55
Votes |
||||||||||
(in percentage of |
||||||||||
shares actually |
||||||||||
voting) | ||||||||||
Resolution | In Favor | Opposed | ||||||||
TOPIC 9
|
Resolution on the cancellation of conditional capitals and a corresponding amendment to the Articles of Association as well as on authorizing the granting of options to managerial staff members (Führungskräfte) and members of the management of Fresenius Medical Care AG & Co. KGaA or an affiliate (Stock Option Program 2011) and the creation of conditional capital to provide for the Stock Option Program 2011 and a corresponding amendment to the Articles of Association | 98.86 | % | 1.14 | % | |||||
TOPIC 10
|
Resolution on the authorization to purchase and use treasury shares pursuant to section 71(1) No. 8 AktG and on the exclusion of subscription rights | 99.13 | % | 0.87 | % |
(1) | Under the German Stock Corporation Act § 285 and § 136, 106,673,961 shares were not entitled to vote on TOPIC 3, TOPIC 4, TOPIC 6 and TOPIC 7. |
56
Exhibit No. | ||||
10 | .1 | English convenience translation of the Articles of Association (Satzung) of the Registrant.(1) | ||
10 | .2 | English convenience translation of the Stock Option Plan 2011 of Fresenius Medical Care AG & Co. KGaA.(1) | ||
10 | .3 | Amendment No. 5 dated as of July 6, 2011 to Bank Credit Agreement and Term Loan Credit Agreement.(1) | ||
10 | .4 | Supplemental Indenture dated as of June 20, 2011 to Indenture dated as of July 2, 2007.(1) | ||
10 | .5 | English convenience translation of the Phantom Stock Plan 2011 of Fresenius Medical Care AG & Co. KGaA.(1) | ||
10 | .6 | Amendment No. 3 dated as of August 9, 2011 to Fifth Amended and Restated Transfer and Administration Agreement.(2) | ||
10 | .7 | Amendment No. 3 dated August 9, 2011 to Amended and Restated Receivables Purchase Agreement.(2) | ||
31 | .1 | Certification of Chief Executive Officer and Chairman of the Management Board of the Companys General Partner Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2) | ||
31 | .2 | Certification of Chief Financial Officer and member of the Management Board of the Companys General Partner Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2) | ||
32 | .1 | Certification of Chief Executive Officer and Chairman of the Management Board of the Companys General Partner and Chief Financial Officer and member of the Management Board of the Companys General Partner Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (this exhibit accompanies this report as required by the Sarbanes-Oxley Act of 2002 and is not to be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended).(2) | ||
101 | The following financial statements as of and for the six-month period ended June 30, 2011 from FMC-AG & Co. KGaAs Report on Form 6-K for the month of August 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Shareholders Equity and (vi) Notes to Consolidated Financial Statements.(2) |
(1) | Filed as an exhibit to the Registrants Report on Form 6-K for the month of August 2011, filed August 2, 2011, and incorporated herein by reference. |
(2) | Filed herewith. |
57
Title: | Chief Executive Officer and |
Title: | Chief Financial Officer and |
58
2
3
4
5
NMC FUNDING CORPORATION, | ||||
as Transferor | ||||
By: Name: |
/s/ Mark Fawcett
|
|||
Title: | Vice President & Treasurer | |||
NATIONAL MEDICAL CARE, INC., as | ||||
Collection Agent | ||||
By: Name: |
/s/ Mark Fawcett
|
|||
Title: | Vice President & Treasurer |
WESTLB AG, NEW YORK BRANCH, as Agent, an | ||||
Administrative Agent and as a Bank Investor | ||||
By: Name: |
/s/ Matthew F. Tallo
|
|||
Title: | Executive Director | |||
By: Name: |
/s/ Vesselina Koleva
|
|||
Title: | Director | |||
COMPASS US ACQUISITION LLC, | ||||
as a Conduit Investor | ||||
By: Name: |
/s/ Doris J. Hearn
|
|||
Title: | Vice President |
THE BANK OF NOVA SCOTIA, as an | ||||
Administrative Agent and as a Bank Investor | ||||
By: Name: Title: |
/s/ John Frazell
Director |
|||
LIBERTY STREET FUNDING LLC, | ||||
as a Conduit Investor | ||||
By: Name: |
/s/ Jill A. Russo
|
|||
Title: | Vice President |
By: Name: |
/s/ Sam Pilcer
|
|||
Title: | Managing Director | |||
By: Name: |
/s/ Konstantina Kourmpetis
|
|||
Title: | Managing Director |
By: Name: |
/s/ Sam Pilcer
|
|||
Title: | Managing Director | |||
By: Name: |
/s/ Konstantina Kourmpetis
|
|||
Title: | Managing Director |
BARCLAYS BANK PLC, as an Administrative Agent | ||||
By: Name: Title: |
/s/ Jamie Pratt
Director |
|||
SALISBURY RECEIVABLES COMPANY, LLC, | ||||
as a Conduit Investor and a Bank Investor | ||||
By: Name: |
/s/ John McCarthy
|
|||
Title: | Vice President |
ROYAL BANK OF CANADA, as an | ||||
Administrative Agent and as a Bank Investor | ||||
By: Name: |
/s/ Janine D. Marsini
|
|||
Title: | Authorized Signatory | |||
By: Name: |
/s/ Edward V. Westerman
|
|||
Title: | Authorized Signatory | |||
OLD LINE FUNDING, LLC, | ||||
as a Conduit Investor | ||||
By: Name: |
/s/ Janine D. Marsini
|
|||
Title: | Authorized Signatory |
Bank Investor | Commitment | |||
WestLB AG, New York Branch |
$ | 189,600,000.00 | ||
The Bank of Nova Scotia |
$ | 164,000,000.00 | ||
Credit Agricole Corporate and Investment Bank, New York |
$ | 164,000,000.00 | ||
Salisbury Receivables Company, LLC |
$ | 141,200,000.00 | ||
Royal Bank of Canada |
$ | 141,200,000.00 | ||
TOTAL |
$ | 800,000,000.00 |
Conduit Investor | Related Group Limit | |||
Compass US Acquisition LLC |
$ | 189,600,000.00 | ||
Liberty Street Funding LLC |
$ | 164,000,000.00 | ||
Atlantic Asset Securitization LLC |
$ | 164,000,000.00 | ||
Salisbury Receivables Company, LLC |
$ | 141,200,000.00 | ||
Old Line Funding, LLC |
$ | 141,200,000.00 | ||
TOTAL |
$ | 800,000,000.00 |
2
2
2
2
2
2
2
WestLB, AG, New York Branch, as Administrative Agent and Agent 7 World Trade Center 250 Greenwich Street New York, NY 10007 |
Barclays Bank PLC as Administrative Agent 745 7th Avenue, 16 Floor New York, NY, 10019 |
|
Credit Agricole Corporate and Investment Bank, New York, as Administrative Agent 1301 Avenue of the Americas New York, New York 10019 |
Royal Bank of Canada as Administrative Agent 1 Liberty Plaza, 5th Floor New York, New York 10006 |
|
The Bank of Nova Scotia as Administrative Agent 711 Louisiana, Suite 1400 Houston, Texas 77002 |
2
FRESENIUS | MEDICAL CARE HOLDINGS, INC. | FRESENIUS MEDICAL CARE AG | ||||
& Co. KGaA | ||||||
represented by | ||||||
Fresenius Medical Care Management AG | ||||||
(General Partner) | ||||||
By: Name: |
/s/ Mark Fawcett
|
By: Name: |
/s/ Dr. Ben Lipps
|
|||
Title:
|
Vice President &Asst. Treasurer | Title: | Member of the Management Board CEO | |||
By: Name: |
/s/ Dr. Rainer Runte
|
|||||
Title: | Member of the Management Board CAO |
2
2
3
NMC FUNDING CORPORATION, | ||||||
as Purchaser | ||||||
By: | /s/ Mark Fawcett
|
|||||
Name: Mark Fawcett | ||||||
Title: Vice President & Treasurer | ||||||
NATIONAL MEDICAL CARE, INC., | ||||||
as Seller | ||||||
By: | /s/ Mark Fawcett
|
|||||
Name: Mark Fawcett | ||||||
Title: Vice President & Treasurer |
2
3
4
5
6
3.1k(iv) Tradenames:
|
Fresenius Medical Care North America | |
Spectra Renal Management | ||
Renal Care Group | ||
National Nephrology Associates | ||
TruBlu Logistics (FUSA Mfg) | ||
Mergers:
|
On April 2, 2004, Renal Care Group, Inc. completed its acquisition of National Nephrology Associates, Inc. | |
On March 31, 2006, FMCH completed the acquisition of Renal Care Group, Inc. | ||
On November 29, 2007, FMCH completed the acquisition of Renal Solutions, Inc. | ||
On February 29, 2008, FMCH completed the acquisition of MAX Well Medical, Inc., which was subsequently merged on April 14, 2009 into its subsidiary, Specialty Care Pharmacy, LLC, and renamed Fresenius Medical Care Rx, LLC |
7
I, | Ben J. Lipps, certify that: |
1. | I have reviewed this report on Form 6-K of Fresenius Medical Care AG & Co. KGaA (the Report). |
2. | Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared; | |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and | |
d) | disclosed in this Report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
By: |
/s/ Dr. Ben
J. Lipps
|
1. | I have reviewed this report on Form 6-K of Fresenius Medical Care AG & Co. KGaA (the Report); |
2. | Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and | |
d) | disclosed in this Report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of registrants board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
By: |
/s/ Michael
Brosnan
|
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
By: |
/s/ Dr. Ben
J. Lipps
|
By: |
/s/ Michael
Brosnan
|
Financial Instruments (Details 2) (USD $)
In Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Designated As Hedging Instrument [Member] | Interest Income Expense [Member] | Interest Rate Contract Dollar [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $ 0 | $ 0 |
Nondesignated as Hedging Instrument [Member] | Interest Income Expense [Member] | Foreign Exchange Contract [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 5,559 | (9,247) |
Designated As Hedging Instrument [Member] | Cost Of Sale [Member] | Foreign Exchange Contract [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 596 | 1,889 |
Nondesignated as Hedging Instrument [Member] | Selling, General and Administrative Expense [Member] | Foreign Exchange Contract [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | (24,714) | 42,864 |
Designated As Hedging Instrument [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 1,533 | (74,840) |
Amount of (Gain) or Loss Recognized in Income on Derivatives | 596 | 1,889 |
Designated As Hedging Instrument [Member] | Interest Rate Contract Dollar [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 9,478 | (52,710) |
Designated As Hedging Instrument [Member] | Foreign Exchange Contract [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | (7,945) | (22,130) |
Nondesignated as Hedging Instrument [Member]
|
||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $ (19,155) | $ 33,617 |
Consolidated Statements of Comprehensive Income (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Consolidated Statements of Comprehensive Income | ||||
Net Income | $ 286,084 | $ 269,266 | $ 535,199 | $ 499,492 |
(Loss) gain related to cash flow hedges | (1,855) | (55,489) | 2,129 | (72,951) |
Actuarial gains (losses) on defined benefit pension plans | 1,782 | 1,220 | 3,565 | 2,410 |
(Loss) gain related to foreign currency translation | 47,405 | (184,969) | 166,358 | (309,906) |
Income tax (expense) benefit related to components of other comprehensive income | (4,696) | 14,271 | (8,847) | 19,152 |
Other comprehensive income (loss), net of tax | 42,636 | (224,967) | 163,205 | (361,295) |
Total comprehensive income | 328,720 | 44,299 | 698,404 | 138,197 |
Comprehensive income attributable to noncontrolling interests | (26,080) | (21,212) | (54,762) | (39,207) |
Comprehensive income attributable to the Company | $ 302,640 | $ 23,087 | $ 643,642 | $ 98,990 |
Supplementary Cash Flow Information
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Cash Flow Information |
16. Supplementary Cash Flow Information The following additional information is provided with respect to the consolidated statements of cash flows:
|
Document and Entity Information (USD $)
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Document and Entity Information [Abstract] | |
Document period end date | Jun. 30, 2011 |
Amendment flag | false |
Entity registrant name | FRESENIUS MEDICAL CARE AG & Co. KGaA |
Entity current reporting status | Yes |
Entity voluntary filers | Yes |
Entity central index key | 0001333141 |
Document type | 6-K |
Current fiscal year end date | --12-31 |
Entity filer category | Large Accelerated Filer |
Entity well known seasoned issuer | Yes |
Entity common stock shares outstanding | 298,964,667 |
Entity public float | $ 14,499,694,419 |
Document Fiscal Year Focus | 2011 |
Document Fiscal Period Focus | Q2 |
Inventories (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||
Inventories (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure Tables [Text Block] |
|
Commitments and Contingencies (Details) (Insurance Claims [Member], USD $)
In Thousands |
Jun. 30, 2011
|
---|---|
Insurance Claims [Member]
|
|
Loss Contingencies [Line Items] | |
Loss Contingency Accrual Carrying Value Current | $ 115,000 |
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Other Assets and Notes Receivable
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Notes to Consolidated Financial Statements [Abstract] | |
Loans Notes Trade And Other Receivables Disclosure [Text Block] | 5. Other Assets and Notes Receivables
During the first quarter of 2011, the Company loaned $294,000 to Renal Advantage Partners LLC, the parent company of Renal Advantage, Inc., a provider of dialysis services, which included a $60,000 conversion right for a 49% minority equity interest in Renal Advantage Partners LLC. The conversion right was exercised and became effective May 1, 2011. The remaining loan is classified within “Other assets and Notes Receivables” in the balance sheet and the participation received resulting from the exercise of the conversion right is classified within “Investment in equity method investees.” Additionally, the Company has entered into agreements to provide renal products and pharmaceutical supplies as well as other services to Renal Advantage Partners LLC and Liberty Dialysis, Inc. On August 2, 2011, the Company announced its plans to acquire 100% of Liberty Dialysis Holdings, Inc, the owner of all of the business of Liberty Dialysis and owner of the remaining 51% stake in Renal Advantage, Inc. See Note 17, “Subsequent Events.”
|
Short-term Borrowings, Other Finanacial Liabilties and Short-term Borrowings from Related Parties (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
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Short Term Debt (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term debt |
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Inventories (Details) (USD $)
In Thousands |
Jun. 30, 2011
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Dec. 31, 2010
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Inventories (Details) [Abstract] | ||
Raw materials and purchased components | $ 167,437 | $ 158,163 |
Work in process | 73,639 | 56,345 |
Finished goods | 620,132 | 475,641 |
Health care supplies | 115,685 | 118,948 |
Inventories | 976,893 | 809,097 |
Recorded Unconditional Purchase Obligation [Line Items] | ||
Recorded Unconditional Purchase Obligation | $ 70,771 |
Subsequent Events
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6 Months Ended |
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |
Subsequent Events [Text Block] | 17. Subsequent Events Acquisitions Liberty Dialysis On August 2, 2011, the Company announced its plans to acquire 100% of Liberty Dialysis Holdings, Inc, the owner of all of the business of Liberty Dialysis and owner of a 51% stake in Renal Advantage, Inc.. Fresenius Medical Care currently owns a 49% stake in Renal Advantage. The total investment for Fresenius Medical Care including the assumption of incremental debt will be approximately $1,700,000. The transaction remains subject to clearance under the Hart–Scott–Rodino Antitrust Improvements Act and is expected to close in early 2012. On completion, the acquired operations would add approximately 260 dialysis outpatient dialysis clinics to Fresenius Medical Care´s network in the U.S and approximately $1,000,000 in annual revenue before the anticipated divestiture of some centers as a condition of the transaction. The transaction will be financed from cash flow from operations and debt and is expected to be accretive to earnings in the first year after closing of the transaction. American Access Care On August 2, 2011, the Company announced its plans to acquire the U.S. based company American Access Care Holdings, LLC (AAC). AAC operates 28 freestanding out-patient interventional radiology centers throughout 12 states in the U.S. primarily dedicated to the vascular access needs of dialysis patients. The transaction remains subject to clearance under the Hart–Scott–Rodino Antitrust Improvements Act and is expected to close in the fourth quarter of 2011. On completion, the acquired operations will add approximately $175,000 in annual revenue and are expected to be accretive to earnings in the first year after closing of the transaction. The transaction will be financed from cash flow from operations and available borrowing capacity. |
Employee Benefit Plans
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 10. Employee Benefit Plans The Company currently has two principal pension plans, one for German employees, the other covering employees in the United States, the latter of which was curtailed in 2002. Plan benefits are generally based on years of service and final salary. As there is no legal requirement in Germany to fund defined benefit plans, the Company's pension obligations in Germany are unfunded. Each year FMCH, a wholly-owned subsidiary of the Company and its principal North American subsidiary, contributes to the plan covering United States employees at least the minimum required by the Employee Retirement Income Security Act of 1974, as amended. The following table provides the calculations of net periodic benefit cost for the three- and six-month periods ended June 30, 2011 and 2010.
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The Company, Basis of Presentation, Healthcare Reform and Summary of Significant Accounting Policies
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation The Company Fresenius Medical Care AG & Co. KGaA (“FMC-AG & Co. KGaA” or the “Company”), a German partnership limited by shares (Kommanditgesellschaft auf Aktien), is the world's largest kidney dialysis company, operating in both the field of dialysis services and the field of dialysis products for the treatment of end-stage renal disease (“ESRD”). The Company's dialysis business is vertically integrated, providing dialysis treatment at dialysis clinics it owns or operates and supplying these clinics with a broad range of products. In addition, the Company sells dialysis products to other dialysis service providers. In the United States, the Company also performs clinical laboratory testing and provides inpatient dialysis services and other services under contract to hospitals. In this report, “FMC-AG & Co. KGaA,” or the “Company,” “we,” “us” or “our” refers to the Company or the Company and its subsidiaries on a consolidated basis, as the context requires. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements at June 30, 2011 and for the three- and six-month periods ended June 30, 2011 and 2010 contained in this report are unaudited and should be read in conjunction with the consolidated financial statements contained in the Company's 2010 Annual Report on Form 20-F. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments are of a normal recurring nature. The accounting policies applied in the accompanying consolidated financial statements are the same as those applied in the consolidated financial statements as at and for the year ended December 31, 2010, contained in the Company's 2010 Annual Report on Form 20-F, unless indicated otherwise. The results of operations for the six-month period ended June 30, 2011 are not necessarily indicative of the results of operations for the year ending December 31, 2011. Certain items in the prior periods's comparative consolidated financial statements have been reclassified to conform to the current period's presentation.
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Supplemental Condensed Combining Information (Tables)
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Supplemental Condensed Combining Information (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income statement information segregated by issuers and guarantors |
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Statement of cash flows information segregated by issuers and guarantors |
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Long-term Debt and Capital Lease Obligations
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt and Capital Lease Obligations | 7. Long-term Debt and Capital Lease Obligations As of June 30, 2011 and December 31, 2010, long-term debt and capital lease obligations consisted of the following:
Amended 2006 Senior Credit Agreement The following table shows the available and outstanding amounts under the Amended 2006 Senior Credit Agreement at June 30, 2011 and December 31, 2010:
In addition, at June 30, 2011 and December 31, 2010, the Company had letters of credit outstanding in the amount of $180,766 and $121,518, respectively, which are not included above as part of the balance outstanding at those dates but which reduce available borrowings under the revolving credit facility. Senior Notes Senior Notes Issued February 2011 On February 3, 2011, Fresenius Medical Care US Finance, Inc. (“US Finance”), a wholly-owned subsidiary of the Company, issued $650,000 aggregate principal amount of senior unsecured notes with a coupon of 5.75% (the “5.75% Senior Notes”) at an issue price of 99.060% and FMC Finance VII S.A. (“Finance VII”), a wholly-owned subsidiary of the Company, issued €300,000 aggregate principal amount ($412,350 at date of issuance) of senior unsecured notes with a coupon 5.25% (the “5.25% Senior Notes”) at par. The 5.75% Senior Notes had a yield to maturity of 5.875%. Both the 5.75% Senior Notes and the 5.25% Senior Notes are due February 15, 2021. US Finance and Finance VII may redeem the 5.75% Senior Notes and 5.25% Senior Notes, respectively, at any time at 100% of principal plus accrued interest and a premium calculated pursuant to the terms of the applicable indenture. The holders of the 5.75% Senior Notes and the 5.25% Senior Notes have a right to request that the respective issuers of the notes repurchase the applicable issue of notes at 101% of principal plus accrued interest upon the occurrence of a change of control of the Company followed by a decline in the rating of the respective notes. The Company used the net proceeds of approximately $1,035,000 to repay indebtedness outstanding under its accounts receivable facility and the revolving credit facility of the Amended 2006 Senior Credit Agreement, for acquisitions, including payments under our recent acquisition of International Dialysis Centers announced on January 4, 2011 (see Note 2), and for general corporate purposes to support our renal dialysis products and services business. The 5.75% Senior Notes and the 5.25% Senior Notes are guaranteed on a senior basis jointly and severally by the Company, Fresenius Medical Care Holdings, Inc. (“FMCH”) and Fresenius Medical Care Deutschland GmbH (“D-GmbH”) (together, the “Guarantor Subsidiaries”) . 6⅞% Senior Notes On June 20, 2011, US Finance acquired substantially all of the assets of FMC Finance III S.A. (“FMC Finance III”) and assumed the obligations of FMC Finance III under its $500,000 6⅞% Senior Notes due 2017 (the “6⅞% Senior Notes“) and the related indenture. The guarantees of the Company and the Guarantor Subsidiaries for the 6⅞% Senior Notes have not been amended and remain in full force and effect.
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Noncontrolling Interests Subject to Put Provisions
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests Subject to Put Provisions | 12. Noncontrolling Interests Subject to Put Provisions The Company has potential obligations to purchase the noncontrolling interests held by third parties in certain of its consolidated subsidiaries. These obligations are in the form of put provisions and are exercisable at the third-party owners' discretion within specified periods as outlined in each specific put provision. If these put provisions were exercised, the Company would be required to purchase all or part of third-party owners' noncontrolling interests at the appraised fair value at the time of exercise. The methodology the Company uses to estimate the fair values of the noncontrolling interest subject to put provisions assumes the greater of net book value or a multiple of earnings, based on historical earnings, development stage of the underlying business and other factors. The estimated fair values of the noncontrolling interests subject to these put provisions can also fluctuate and the implicit multiple of earnings at which these noncontrolling interest obligations may ultimately be settled could vary significantly from our current estimates depending upon market conditions. As of June 30, 2011 and December 31, 2010 the Company's potential obligations under these put options are $306,723 and $279,709, respectively, of which, at June 30, 2011, $93,482 were exercisable. No options were exercised during the first six months of 2011. Following is a roll forward of noncontrolling interests subject to put provisions for the six months ended June 30, 2011 and the year ended December 31, 2010:
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Stock Options
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |
Stock Options | 8. Stock Options Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2011 On May 12, 2011, the Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2011 (the “2011 Plan”) was established by resolution of the Company's Annual General Meeting ("AGM") with a conditional capital increase up to €12,000 subject to the issue of up to twelve million non-par value bearer ordinary shares with a nominal value of €1.00 each. Under the 2011 Plan, up to twelve million options can be issued, each of which can be exercised to obtain one ordinary share, with up to two million options designated for members of the Management Board of the General Partner, up to two and a half million options designated for members of management boards of direct or indirect subsidiaries of the Company and up to seven and a half million options designated for managerial staff members of the Company and such subsidiaries. The Company may issue new shares to fulfill the stock option obligations or the Company may issue shares that it has acquired or which the Company itself has in its own possession. With respect to participants who are members of the General Partner's Management Board, the General Partner's Supervisory Board has sole authority to grant stock options and exercise other decision making powers under the 2011 Plan (including decisions regarding certain adjustments and forfeitures). The General Partner has such authority with respect to all other participants in the 2011 Plan. Options under the 2011 Plan can be granted on the last Monday in July and/or the first Monday in December during the life of the plan. The exercise price of options granted under the 2011 Plan shall be the average stock exchange price on the Frankfurt Stock Exchange of the Company's ordinary shares during the 30 calendar days immediately prior to each grant date. Options granted under the 2011 Plan have an eight-year term and can be exercised only after a four-year vesting period. The vesting of options granted is subject to achievement of performance targets measured over a four-year period beginning with the first day of the year of the grant. For each such year, the performance target is achieved if the Company's adjusted basic income per ordinary share (“Adjusted EPS”), as calculated in accordance with the 2011 Plan, increases by at least 8% year over year during the vesting period or, if this is not the case, the compounded annual growth rate of the Adjusted EPS reflects an increase of at least 8% per year of the adjusted EPS during the four-year vesting period beginning with the Adjusted EPS for the year of grant as compared to the Adjusted EPS for the year preceding such grant. At the end of the vesting period, one-fourth of the options granted are forfeited for each year in which the performance target is not met or exceeded. Vesting of the portion or portions of a grant for a year or years in which the performance target is met does not occur until completion of the four-year vesting period. Options granted under the 2011 Plan to US participants are non-qualified stock options under the United States Internal Revenue Code of 1986, as amended. Options under the 2011 Plan are not transferable by a participant or a participant's heirs, and may not be pledged, assigned, or disposed of otherwise. Fresenius Medical Care AG & Co. KGaA Phantom Stock Plan 2011 The Fresenius Medical Care AG & Co. KGaA Phantom Stock Plan 2011 (the “2011 Phantom Stock Plan”) was established in the second quarter of 2011. Awards of phantom stock under the 2011 Phantom Stock Plan can be granted on the last Monday in July and/or the first Monday in December. Phantom stock awards under the 2011 Phantom Stock Plan entitles the holders to receive payment in Euro from the Company upon exercise of the phantom stock. The payment per Phantom Stock share in lieu of the issuance of such stock shall be based upon the stock exchange price on the Frankfurt Stock Exchange of one of the Company's ordinary shares on the exercise date. Phantom stock will be granted over a five year period of time and all phantom stock will have a five-year term but can be exercised only after a four-year vesting period, or as otherwise expressly stated in the plan, beginning with the first day of the year of the grant. The vesting of the phantom stock granted is subject to achievement of performance targets measured over a four-year period. For each such year, the performance target is achieved if the Company's adjusted EPS, as calculated in accordance with the 2011 Phantom Stock Plan (“Adjusted EPS”), increases by at least 8% year over year during the vesting period or, if this is not the case, the compounded annual growth rate of the Adjusted EPS reflects an increase of at least 8% per year of the Adjusted EPS during the four-year vesting period beginning with Adjusted EPS for the year of grant as compared to Adjusted EPS for the year preceding such grant. At the end of the vesting period, one-fourth of the phantom stock granted are forfeited for each year in which the performance target is not met or exceeded. Vesting of the portion or portions of a grant for a year or years in which the performance target is met does not occur until completion of the four-year vesting period. Other stock option plans On May 12, 2011, the remaining conditional capitals of the employee's participation plan of 1996 and the Stock Option Program from 1998 were cancelled by resolution of the Company's AGM. Both plans have expired and no further bonds can be converted or stock options exercised.
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Financial Instrument (Tables)
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Jun. 30, 2011
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Financial Instruments (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Derivative Financial Instruments |
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Derivative Financial Instruments Valuation |
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Effect of Derivatives on the Consolidated Financial Statements |
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Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 6. Short-Term Borrowings, Other Financial Liabilities and Short-Term Borrowings from Related Parties As of June 30, 2011 and December 31, 2010, short-term borrowings, other financial liabilities and short-term borrowings from related parties consisted of the following:
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Supplementary Cash Flow Information (Details) (USD $)
In Thousands |
6 Months Ended | |
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Jun. 30, 2011
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Jun. 30, 2010
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Supplementary cash flow information: | ||
Cash paid for interest | $ 108,898 | $ 128,915 |
Cash paid for income taxes, net of tax refund | 242,776 | 261,695 |
Cash inflow for income taxes from stock option exercises | 4,980 | 2,378 |
Supplemental disclosures of cash flow information, details for acquisitions: | ||
Assets acquired | (874,302) | (186,560) |
Liabilities assumed | 37,555 | 11,303 |
Noncontrolling interest | 1,441 | 5,741 |
Notes assumed in connection with acquisition | 1,731 | 11,009 |
Cash paid | (833,575) | (158,507) |
Less cash acquired | 12,435 | 1,678 |
Net cash paid for acquisitions | $ (821,140) | $ (156,829) |
Acquisitions And Investments
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6 Months Ended |
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |
Acquisitions and Investments | 2. Acquisitions On January 4, 2011, the Company announced the signing of a purchase agreement to acquire International Dialysis Centers (“IDC”), Euromedic International's (“Euromedic”) dialysis service business for €529,214 (approximately $764,873 as of June 30, 2011). The increase over the original purchase price of €485,000 reflects adjustments for the seller's final cash and debt positions at closing and the effects of the delay in closing resulting from the regulatory approval process. IDC treats over 8,200 hemodialysis patients predominantly in Central and Eastern Europe and operates a total of 70 clinics in nine countries. With the exception of Portugal, where the review is still ongoing, closing occurred on June 30, 2011 following final regulatory approvals by the relevant anti-trust authorities which includes a mandate for the divestiture of five of the acquired clinics. The Company recorded the acquired assets and liabilities at book value as of June 30, 2011, as it was unable to perform a preliminary review to determine an initial purchase price allocation due to the late date of the closing. The difference of approximately €455,631 ($658,523 at June 30, 2011) between the purchase price and the seller's book values of its assets and liabilities has been recorded by the Company as goodwill. The Company expects to complete the purchase price allocation by the end of 2011. |
Short-term Borrowings and Other Financial Liabilities and Short-term Borrowings from Related Parties (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||
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Jun. 30, 2011
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Dec. 31, 2010
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Jun. 30, 2011
Fresenius SE [Member]
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Jun. 30, 2011
General Partner [Member]
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Short Term Borrowings Other Financial Liabilities And Short Term Borrowings From Related Parties (Details) [Abstract] | ||||
Borrowings under lines of credit | $ 111,841 | $ 131,791 | ||
Accounts receivable facility | 640,000 | 510,000 | ||
Other financial liabilities | 9,116 | 28,880 | ||
Related Party Transaction Rate | 0.245% | 1.335% | ||
Short-term borrowings and other financial liabilities | 760,957 | 670,671 | ||
Short Term Borrowings Due To Related Parties Current | 161,363 | 9,683 | ||
Short-term borrowings, Other financial liabilities and Short-term borrowings from related parties | $ 922,320 | $ 680,354 |
Noncontrolling Interests Subject To Put Provisions (Tables)
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Jun. 30, 2011
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Noncontrolling Interests Subject To Put Provisions (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests Subject to Put Provisions | 12. Noncontrolling Interests Subject to Put Provisions The Company has potential obligations to purchase the noncontrolling interests held by third parties in certain of its consolidated subsidiaries. These obligations are in the form of put provisions and are exercisable at the third-party owners' discretion within specified periods as outlined in each specific put provision. If these put provisions were exercised, the Company would be required to purchase all or part of third-party owners' noncontrolling interests at the appraised fair value at the time of exercise. The methodology the Company uses to estimate the fair values of the noncontrolling interest subject to put provisions assumes the greater of net book value or a multiple of earnings, based on historical earnings, development stage of the underlying business and other factors. The estimated fair values of the noncontrolling interests subject to these put provisions can also fluctuate and the implicit multiple of earnings at which these noncontrolling interest obligations may ultimately be settled could vary significantly from our current estimates depending upon market conditions. As of June 30, 2011 and December 31, 2010 the Company's potential obligations under these put options are $306,723 and $279,709, respectively, of which, at June 30, 2011, $93,482 were exercisable. No options were exercised during the first six months of 2011. Following is a roll forward of noncontrolling interests subject to put provisions for the six months ended June 30, 2011 and the year ended December 31, 2010:
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Business Segment Information (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Dec. 31, 2010
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Entity-Wide Information, Revenue from External Customer [Line Items] | |||||
Net revenue external customers | $ 3,194,052 | $ 2,946,199 | $ 6,230,440 | $ 5,828,328 | |
Inter - segment revenue | 0 | 0 | 0 | 0 | |
Segment depreciation and amortization | (136,289) | (120,907) | (272,273) | (245,365) | |
Operating income | 509,544 | 466,565 | 954,628 | 891,744 | |
Segment assets | 19,052,634 | 19,052,634 | 17,094,661 | ||
Capital expenditures, acquisitions and investments | 904,884 | 328,402 | 1,360,842 | 517,882 | |
Segment Total [Member]
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Entity-Wide Information, Revenue from External Customer [Line Items] | |||||
Net revenue external customers | 3,189,867 | 2,946,106 | 6,222,388 | 5,828,017 | |
Inter - segment revenue | 1,815 | 1,263 | 3,509 | 1,828 | |
Segment revenue | 3,191,682 | 2,947,369 | 6,225,897 | 5,829,845 | |
Segment depreciation and amortization | (109,377) | (96,512) | (217,953) | (196,782) | |
Operating income | 551,601 | 505,192 | 1,034,717 | 964,028 | |
Segment assets | 16,957,094 | 15,229,875 | 16,957,094 | 15,229,875 | |
thereof investments in equity method investees | 344,986 | 20,021 | 344,986 | 20,021 | |
Capital expenditures, acquisitions and investments | 872,192 | 164,924 | 1,300,838 | 323,741 | |
North America [Member]
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Entity-Wide Information, Revenue from External Customer [Line Items] | |||||
Net revenue external customers | 2,027,419 | 2,026,582 | 4,004,707 | 3,986,270 | |
Inter - segment revenue | 1,815 | 1,263 | 3,509 | 1,828 | |
Segment revenue | 2,029,234 | 2,027,845 | 4,008,216 | 3,988,098 | |
Segment depreciation and amortization | (66,555) | (63,004) | (134,782) | (126,715) | |
Operating income | 348,457 | 332,097 | 660,563 | 640,003 | |
Segment assets | 11,415,424 | 11,281,830 | 11,415,424 | 11,281,830 | |
thereof investments in equity method investees | 339,230 | 16,543 | 339,230 | 16,543 | |
Capital expenditures, acquisitions and investments | 74,555 | 71,316 | 462,425 | 144,883 | |
Exclusion of non-cash acquisitions | 6,000 | 6,000 | |||
International [Member]
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Entity-Wide Information, Revenue from External Customer [Line Items] | |||||
Net revenue external customers | 1,162,448 | 919,524 | 2,217,681 | 1,841,747 | |
Inter - segment revenue | 0 | 0 | 0 | 0 | |
Segment revenue | 1,162,448 | 919,524 | 2,217,681 | 1,841,747 | |
Segment depreciation and amortization | (42,822) | (33,508) | (83,171) | (70,067) | |
Operating income | 203,144 | 173,095 | 374,154 | 324,025 | |
Segment assets | 5,541,670 | 3,948,045 | 5,541,670 | 3,948,045 | |
thereof investments in equity method investees | 5,756 | 3,478 | 5,756 | 3,478 | |
Capital expenditures, acquisitions and investments | 797,637 | 93,608 | 838,413 | 178,858 | |
Exclusion of non-cash acquisitions | 1,731 | 8,884 | 1,731 | 8,884 | |
Corporate [Member]
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Entity-Wide Information, Revenue from External Customer [Line Items] | |||||
Net revenue external customers | 4,185 | 93 | 8,052 | 311 | |
Inter - segment revenue | (1,815) | (1,263) | (3,509) | (1,828) | |
Segment revenue | 2,370 | (1,170) | 4,543 | (1,517) | |
Segment depreciation and amortization | (26,912) | (24,395) | (54,320) | (48,583) | |
Operating income | (42,057) | (38,627) | (80,089) | (72,284) | |
Segment assets | 2,095,540 | 769,689 | 2,095,540 | 769,689 | |
thereof investments in equity method investees | 0 | 0 | 0 | 0 | |
Capital expenditures, acquisitions and investments | 32,692 | 163,478 | 60,004 | 194,141 | |
Exclusion of non-cash acquisitions | $ 2,125 | $ 2,125 |
Related Party Transactions
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6 Months Ended |
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Jun. 30, 2011
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Notes to Consolidated Financial Statements [Abstract] | |
Related Party Transactions | 3. Related Party Transactions a) Service and Lease Agreements The Company's parent, Fresenius SE & Co. KGaA, is a German partnership limited by shares resulting from the change of legal form effective January 28, 2011, of Fresenius SE, a European Company (Societas Europaea), and which, prior to July 13, 2007, was called Fresenius AG, a German stock corporation. In these Consolidated Financial Statements, Fresenius SE refers to that company as a partnership limited by shares, effective on and after January 28, 2011, as well as both before and after the conversion of Fresenius AG from a stock corporation into a European Company. Fresenius SE owns 100% of the share capital of Fresenius Medical Care Management AG, the Company's general partner (“General Partner”) and is the Company's largest shareholder owning approximately 35.7% of the Company's voting shares as of June 30, 2011. In August 2008, a subsidiary of Fresenius SE issued Mandatory Exchangeable Bonds in the aggregate principal amount of €554,400. These are due on August 14, 2011 when they will be mandatorily exchangeable into ordinary shares of the Company. Upon maturity, the issuer must deliver a certain number of the Company's ordinary shares to the bond holders. As a result, Fresenius SE's holding of the Company's ordinary shares may decrease to approximately 30-31%. The Company is party to service agreements with Fresenius SE and certain of its affiliates (collectively the “Fresenius SE Companies”) to receive services, including, but not limited to: administrative services, management information services, employee benefit administration, insurance, information technology services, tax services and treasury management services. During the six-month periods ended June 30, 2011 and 2010, amounts charged by Fresenius SE to the Company under the terms of these agreements were $34,251 and $32,099, respectively. The Company also provides certain services to the Fresenius SE Companies, including research and development, central purchasing and warehousing. The Company charged $3,144 and $3,269 for services rendered to the Fresenius SE Companies during the first six months of 2011 and 2010 respectively. Under real estate operating lease agreements entered into with the Fresenius SE Companies, which are leases for the corporate headquarters in Bad Homburg, Germany and production sites in Schweinfurt and St. Wendel, Germany, the Company paid the Fresenius SE Companies $12,910 and $9,689 during the six-month periods ended June 30, 2011 and 2010, respectively. The majority of the leases expire in 2016 and contain renewal options. The Company's Articles of Association provide that the General Partner shall be reimbursed for any and all expenses in connection with management of the Company's business, including remuneration of the members of the General Partner's supervisory board and the General Partner's management board. The aggregate amount reimbursed to the General Partner was $6,108 and $4,983, respectively, for its management services during the six-month periods ended June 30, 2011 and 2010. b) Products For the first six months of 2011 and 2010, the Company sold products to the Fresenius SE Companies for $9,812 and $7,184 respectively. During the same periods, the Company made purchases from the Fresenius SE Companies in the amount of $25,989 and $22,553, respectively. Also, the Company has entered into agreements to provide renal products and pharmaceutical supplies to equity method investees. Under these agreements, the Company sold $3,332 of products to equity method investees during the first six months of 2011. In addition to the purchases noted above, the Company currently purchases heparin supplied by APP Pharmaceuticals Inc. (“APP Inc.”), through an independent group purchasing organization (“GPO”). APP Inc. is wholly-owned by Fresenius Kabi AG, a wholly-owned subsidiary of Fresenius SE. The Company has no direct supply agreement with APP Inc. and does not submit purchase orders directly to APP Inc. During the six-month periods ended June 30, 2011 and 2010, Fresenius Medical Care Holdings, Inc. (“FMCH”) acquired approximately $12,869 and $15,591, respectively, of heparin from APP Inc. through the GPO contract, which was negotiated by the GPO at arm's length on behalf of all members of the GPO. c) Financing Provided by and to Fresenius SE and the General Partner On June 30, 2011, the Company borrowed €104,400 ($150,889 at June 30, 2011) from Fresenius SE at 2.45% with repayment due July 31, 2011. On July 31, 2011, the amount was increased to €109,300 ($155,682 at July 31, 2011) and the note extended to August 31, 2011 at an interest rate of 2.558%.
In January 2011, the Company reached a court settlement with the German tax authorities on a disallowed impairment charge recognized in 1997. As the Company was party to a German trade tax group with Fresenius SE and certain of Fresenius SE's other affiliates for fiscal years 1997 - 2001, the Company and Fresenius SE had entered into an agreement on how to allocate potential tax effects of the disallowed impairment charge, including interest on prepayments, upon resolution between the Company and the German tax authorities. As a result, the Company recognized €2,560 ($3,592 as of June 30, 2011) as a tax expense for interest payable to Fresenius SE in 2011. Throughout 2010, the Company, under its cash pooling agreement, made cash advances to Fresenius SE. The balance outstanding at December 31, 2010 of €24,600 ($35,554 as of December 31, 2010) was fully repaid on January 3, 2011 at an interest rate of 1.942%. On August 19, 2009, the Company borrowed €1,500 ($2,168 as of June 30, 2011) from the General Partner at 1.335%. The loan repayment, originally due on August 19, 2010, was extended until August 19, 2011. During 2009, the Company reclassified an account payable to Fresenius SE in the amount of €77,745 to short-term borrowings from related parties. The amount represents taxes payable by the Company arising from the period 1997-2001 during which German trade taxes were paid by Fresenius SE on behalf of the Company. Of this amount, €5,747 ($8,306 at June 30, 2011) was outstanding at June 30, 2011 at an interest rate of 6% and will be repaid in 2011. |
Stock Options (Details) (EUR €)
In Thousands, except Per Share data, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2011
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock no par value (in Euros) | € 1 |
Stock Option 2011 Plan [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Conditional capital increase | € 12,000 |
Common stock no par value (in Euros) | € 1.00 |
Stock option expiration period | eight years |
Stock option vesting period | four years |
Performance target, EPS minimum increase | 8.00% |
Phantom Stock 2011 Plan [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option expiration period | five years |
Stock option vesting period | four years |
Performance target, EPS minimum increase | 8.00% |
Long-term Debt and Capital Lease Obligations (Tables)
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Jun. 30, 2011
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Long Term Debt and Capital Lease Obligations (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt |
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2006 Senior Credit Agreement Table |
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Business Segment Information (Tables)
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Jun. 30, 2011
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Business Segment Information (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information by segment |
|
Long-term Debt and Capital Lease Obligations (Details)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
|
Jun. 30, 2011
Amended 2006 Senior Credit Agreement [Member]
USD ($)
|
Dec. 31, 2010
Amended 2006 Senior Credit Agreement [Member]
USD ($)
|
Jun. 30, 2011
Term Loan A [Member]
USD ($)
|
Dec. 31, 2010
Term Loan A [Member]
USD ($)
|
Jun. 30, 2011
Term Loan B [Member]
USD ($)
|
Dec. 31, 2010
Term Loan B [Member]
USD ($)
|
Jun. 30, 2011
Revolving Credit Facility [Member]
USD ($)
|
Dec. 31, 2010
Revolving Credit Facility [Member]
USD ($)
|
Jun. 30, 2011
Senior Notes [Member]
USD ($)
|
Dec. 31, 2010
Senior Notes [Member]
USD ($)
|
Jun. 30, 2011
Senior Notes February 2011 [Member]
USD ($)
|
Jun. 30, 2011
Senior Notes 5.75 Percent [Member]
USD ($)
|
Jun. 30, 2011
Senior Notes 5.25 Percent [Member]
USD ($)
|
Jun. 30, 2011
Senior Notes 5.25 Percent [Member]
EUR (€)
|
Jun. 30, 2011
Euro Notes [Member]
USD ($)
|
Dec. 31, 2010
Euro Notes [Member]
USD ($)
|
Jun. 30, 2011
EIB Agreements [Member]
USD ($)
|
Dec. 31, 2010
EIB Agreements [Member]
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||
Senior Credit Agreement | $ 3,474,088 | $ 2,953,890 | ||||||||||||||||||
Senior Long Term Notes | 1,929,959 | 824,446 | 289,060 | 267,240 | 366,960 | 351,686 | ||||||||||||||
Capital lease obligations | 15,652 | 15,439 | ||||||||||||||||||
Other | 115,561 | 160,957 | ||||||||||||||||||
Long-term debt and capital lease obligations | 6,191,280 | 4,573,658 | ||||||||||||||||||
Less current maturities | 606,177 | 263,982 | ||||||||||||||||||
Total long-term debt less current maturities | 5,585,103 | 4,309,676 | ||||||||||||||||||
Maximum amount available | 4,004,691 | 4,072,764 | 1,275,000 | 1,335,000 | 1,529,691 | 1,537,764 | 1,200,000 | 1,200,000 | ||||||||||||
Balance outstanding | 3,474,088 | 2,953,890 | 1,275,000 | 1,335,000 | 1,529,691 | 1,537,764 | 669,397 | 81,126 | ||||||||||||
Line of credit outstanding which reduces available borrowings under the revolving credit facility | 180,766 | 121,518 | ||||||||||||||||||
Senior Notes Issued February 2011 [Abstract] | ||||||||||||||||||||
Issuance date | 2011-02-03 | |||||||||||||||||||
Issuer | Fresenius Medical Care US Finance, Inc. | FMC Finance VII S.A. | FMC Finance VII S.A. | |||||||||||||||||
Face amount | 650,000 | 412,350 | 300,000 | |||||||||||||||||
Stated interest rate | 5.75% | 5.25% | 5.25% | |||||||||||||||||
Effective interest rate | 5.875% | |||||||||||||||||||
Maturity date | Feb. 15, 2021 | Feb. 15, 2021 | Feb. 15, 2021 | |||||||||||||||||
Call feature | US Finance and Finance VII may redeem the 5.75% Senior Notes and 5.25% Senior Notes, respectively, at any time at 100% of principal plus accrued interest and a premium calculated pursuant to the terms of the applicable indenture. The holders of the 5.75% Senior Notes and the 5.25% Senior Notes have a right to request that the respective issuers of the notes repurchase the applicable issue of notes at 101% of principal plus accrued interest upon the occurrence of a change of control of the Company followed by a decline in the rating of the respective notes. | |||||||||||||||||||
Proceeds from debt issuance | $ 1,035,000 |
Employee Benefit Plans (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
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Employee Benefit Plans (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the components of net periodic benefit cost |
|
Mandatorily Redeemable Trust Preferred Securities
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Notes to Consolidated Financial Statements [Abstract] | |
Mandatorily Redeemable Trust Preferred Securities [Text Block] | 11. Mandatorily Redeemable Trust Preferred Securities On June 15, 2011, the Company redeemed the Trust Preferred Securities that became due on that date and that were issued in 2001 by Fresenius Medical Care Capital Trust IV and V in the amount of $225,000 and €300,000, respectively, primarily with funds obtained under existing credit facilities.
|
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