EX-99.2 3 a16-15708_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

Fresenius Medical Care AG & Co. KGaA

 

COMPLETE OVERVIEW OF THE RESULTS FOR THE SECOND QUARTER

AND HALF YEAR 2016

August 1, 2016

 

Investor Relations

phone: +49 6172 609 2525

fax: +49 6172 609 2301

email: ir@fmc-ag.com

 

Content:

 

Statement of earnings

 

page 2

Segment information

 

page 3

Balance Sheet

 

page 4

Cash flow

 

page 5

Revenue development

 

page 6

Key metrics

 

page 7

Quality data

 

page 8

Reconciliation

 

page 9

 

Disclaimer

 

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.

 

Copyright by Fresenius Medical Care AG & Co. KGaA

 



 

 

Statement of earnings

 

 

 

Three months ended June 30

 

Six months ended June 30

 

in US$ million, except share data, unaudited

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care revenue

 

3,697

 

3,454

 

7.0

%

7,222

 

6,743

 

7.1

%

Less: patient service bad debt provision

 

126

 

109

 

15.2

%

236

 

216

 

9.5

%

Net Health Care revenue

 

3,571

 

3,345

 

6.8

%

6,985

 

6,527

 

7.0

%

Dialysis products revenue

 

849

 

854

 

-0.5

%

1,641

 

1,632

 

0.6

%

Total net revenue

 

4,420

 

4,199

 

5.3

%

8,626

 

8,159

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

3,021

 

2,902

 

4.2

%

5,910

 

5,678

 

4.1

%

Gross profit

 

1,399

 

1,297

 

7.8

%

2,716

 

2,481

 

9.5

%

Selling, general and administrative

 

732

 

723

 

1.3

%

1,491

 

1,378

 

8.2

%

Research and development

 

39

 

34

 

12.4

%

76

 

65

 

16.5

%

Income from equity method investees

 

(13

)

(7

)

98.2

%

(32

)

(13

)

146.5

%

Operating income (EBIT)

 

641

 

547

 

17.2

%

1,181

 

1,051

 

12.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(17

)

(13

)

32.2

%

(28

)

(73

)

-61.0

%

Interest expense

 

119

 

115

 

4.2

%

236

 

277

 

-14.8

%

Interest expense, net

 

102

 

102

 

0.5

%

208

 

204

 

1.8

%

Income before taxes

 

539

 

445

 

21.0

%

973

 

847

 

14.9

%

Income tax expense

 

169

 

135

 

24.4

%

306

 

273

 

12.2

%

Net income

 

370

 

310

 

19.6

%

667

 

574

 

16.2

%

Less: Net income attributable to noncontrolling interests

 

76

 

69

 

10.7

%

145

 

124

 

17.1

%

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

 

294

 

241

 

22.1

%

522

 

450

 

15.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

641

 

547

 

17.2

%

1,181

 

1,051

 

12.4

%

Depreciation and amortization

 

194

 

181

 

7.3

%

376

 

357

 

5.4

%

EBITDA

 

835

 

728

 

14.8

%

1,557

 

1,408

 

10.6

%

EBITDA margin

 

18.9

%

17.3

%

 

 

18.1

%

17.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

305,507,271

 

304,172,400

 

 

 

305,416,228

 

303,929,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.96

 

$

0.79

 

21.6

%

$

1.71

 

$

1.48

 

15.3

%

Basic earnings per ADS

 

$

0.48

 

$

0.40

 

21.6

%

$

0.85

 

$

0.74

 

15.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In percent of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

68.4

%

69.1

%

 

 

68.5

%

69.6

%

 

 

Gross profit

 

31.6

%

30.9

%

 

 

31.5

%

30.4

%

 

 

Operating income (EBIT)

 

14.5

%

13.0

%

 

 

13.7

%

12.9

%

 

 

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

 

6.6

%

5.7

%

 

 

6.1

%

5.5

%

 

 

 

2



 

Segment information

 

 

 

Three months ended June 30

 

Six months ended June 30

 

unaudited

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

4,420

 

4,199

 

5.3

%

8,626

 

8,159

 

5.7

%

Operating income (EBIT) in US$ million

 

641

 

547

 

17.2

%

1,181

 

1,051

 

12.4

%

Operating income margin in %

 

14.5

%

13.0

%

 

 

13.7

%

12.9

%

 

 

Delivered EBIT in US$ million

 

565

 

478

 

18.1

%

1,036

 

927

 

11.7

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

70

 

71

 

 

 

Employees (full-time equivalents)

 

 

 

 

 

 

 

106,556

 

102,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

3,168

 

2,946

 

7.5

%

6,212

 

5,717

 

8.6

%

Operating income (EBIT) in US$ million

 

513

 

428

 

19.8

%

949

 

768

 

23.6

%

Operating income margin in %

 

16.2

%

14.5

%

 

 

15.3

%

13.4

%

 

 

Delivered EBIT in US$ million

 

439

 

362

 

21.3

%

809

 

649

 

24.5

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

54

 

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue per dialysis treatment in US$

 

352

 

346

 

1.5

%

350

 

344

 

1.6

%

Cost per dialysis treatment in US$

 

282

 

286

 

-1.2

%

282

 

287

 

-1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

676

 

668

 

1.3

%

1,307

 

1,297

 

0.8

%

Operating income (EBIT) in US$ million

 

139

 

134

 

3.9

%

269

 

275

 

-2.2

%

Operating income margin in %

 

20.6

%

20.1

%

 

 

20.6

%

21.2

%

 

 

Delivered EBIT in US$ million

 

139

 

133

 

3.7

%

267

 

274

 

-2.4

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

105

 

110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

397

 

376

 

5.5

%

771

 

729

 

5.8

%

Operating income (EBIT) in US$ million

 

75

 

67

 

11.7

%

140

 

152

 

-7.6

%

Operating income margin in %

 

18.9

%

17.8

%

 

 

18.2

%

20.8

%

 

 

Delivered EBIT in US$ million

 

73

 

65

 

12.7

%

137

 

148

 

-7.4

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

103

 

113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

175

 

203

 

-13.7

%

328

 

401

 

-18.1

%

Operating income (EBIT) in US$ million

 

16

 

16

 

3.5

%

27

 

34

 

-19.1

%

Operating income margin in %

 

9.3

%

7.8

%

 

 

8.3

%

8.4

%

 

 

Delivered EBIT in US$ million

 

16

 

16

 

5.0

%

27

 

34

 

-18.7

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

147

 

135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

4

 

6

 

-29.8

%

8

 

15

 

-48.3

%

Operating income (EBIT) in US$ million

 

(102

)

(98

)

4.2

%

(204

)

(178

)

15.1

%

Delivered EBIT in US$ million

 

(102

)

(98

)

4.3

%

(204

)

(178

)

15.1

%

 

3



 

Balance sheet

 

 

 

June 30

 

December 31

 

in US$ million, except debt/EBITDA ratio

 

2016

 

2015

 

 

 

(unaudited)

 

(audited)

 

Assets

 

 

 

 

 

Current assets

 

7,277

 

6,768

 

Goodwill and Intangible assets

 

14,260

 

13,863

 

Other non-current assets

 

5,016

 

4,734

 

Total assets

 

26,553

 

25,365

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

Current liabilities

 

4,920

 

4,149

 

Long-term liabilities

 

9,580

 

9,692

 

Noncontrolling interests subject to put provisions and other temporary equity

 

1,224

 

1,028

 

Total equity

 

10,829

 

10,496

 

Total liabilities and equity

 

26,553

 

25,365

 

 

 

 

 

 

 

Equity/assets ratio

 

41

%

41

%

 

 

 

 

 

 

Debt

 

 

 

 

 

Short-term debt

 

705

 

109

 

Short-term debt from related parties

 

3

 

19

 

Current portion of long-term debt and capital lease obligations

 

675

 

664

 

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

 

7,702

 

7,854

 

Total debt

 

9,085

 

8,646

 

 

 

 

 

 

 

Debt/EBITDA ratio

 

2.8

 

2.8

 

 

In accordance with ASU 2015-17 (Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes) as of December 31, 2015 deferred taxes previously recorded in current assets and liabilities have been reclassified to noncurrent assets and liabilities in the amount of US$216 million and US$36 million, respectively.  As a result of deferred tax netting, noncurrent assets and liabilities were then adjusted in the amount of US$168 million.

 

4



 

Cash flow statement

 

 

 

Three months ended
June 30

 

Six months ended
June 30

 

in US$ million, unaudited

 

2016

 

2015

 

2016

 

2015

 

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

370

 

310

 

667

 

574

 

Depreciation / amortization

 

194

 

181

 

376

 

357

 

Change in working capital and other non-cash items

 

114

 

(106

)

(186

)

(99

)

Net cash provided by operating activities

 

678

 

385

 

857

 

832

 

In percent of revenue

 

15.3

%

9.2

%

9.9

%

10.2

%

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(256

)

(217

)

(506

)

(418

)

Proceeds from sale of property, plant and equipment

 

4

 

3

 

8

 

7

 

Capital expenditures, net

 

(252

)

(214

)

(498

)

(411

)

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

426

 

171

 

359

 

421

 

In percent of revenue

 

9.6

%

4.1

%

4.2

%

5.2

%

 

 

 

 

 

 

 

 

 

 

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

 

(213

)

(79

)

(304

)

(101

)

Proceeds from divestitures

 

146

 

24

 

147

 

35

 

Acquisitions and investments, net of divestitures

 

(67

)

(55

)

(157

)

(66

)

Free cash flow after investing activities

 

359

 

116

 

202

 

355

 

 

5



 

Revenue development

 

in US$ million, unaudited

 

2016

 

2015

 

Change

 

Change
at cc

 

Organic
growth

 

Same market
treatment
growth(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,420

 

4,199

 

5.3

%

6.6

%

6.0

%

 

 

Net Health Care

 

3,571

 

3,345

 

6.8

%

7.9

%

7.0

%

3.1

%

Dialysis products

 

849

 

854

 

-0.5

%

1.7

%

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

3,168

 

2,946

 

7.5

%

7.5

%

6.8

%

 

 

Net Health Care

 

2,938

 

2,722

 

8.0

%

8.0

%

7.1

%

3.0

%

Thereof Net Care Coordination revenue

 

564

 

468

 

20.6

%

20.6

%

17.1

%

 

 

Thereof Net Dialysis Care revenue

 

2,374

 

2,254

 

5.3

%

5.3

%

4.9

%

3.0

%

Dialysis products

 

230

 

224

 

2.4

%

2.4

%

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

676

 

668

 

1.3

%

2.6

%

-0.1

%

 

 

Net Health Care

 

331

 

309

 

7.0

%

9.4

%

3.1

%

3.4

%

Dialysis products

 

345

 

359

 

-3.6

%

-3.2

%

-2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

397

 

376

 

5.5

%

5.9

%

6.5

%

 

 

Net Health Care

 

177

 

164

 

7.9

%

2.5

%

3.9

%

5.0

%

Dialysis products

 

220

 

212

 

3.6

%

8.6

%

8.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

175

 

203

 

-13.7

%

8.6

%

16.6

%

 

 

Net Health Care

 

125

 

150

 

-16.7

%

8.8

%

18.7

%

1.5

%

Dialysis products

 

50

 

53

 

-4.9

%

7.9

%

10.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

4

 

6

 

-29.8

%

-30.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

8,626

 

8,159

 

5.7

%

7.6

%

6.6

%

 

 

Net Health Care

 

6,985

 

6,527

 

7.0

%

8.6

%

7.2

%

3.5

%

Dialysis products

 

1,641

 

1,632

 

0.6

%

4.0

%

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

6,212

 

5,717

 

8.6

%

8.6

%

7.1

%

 

 

Net Health Care

 

5,770

 

5,293

 

9.0

%

9.0

%

7.3

%

3.5

%

Thereof Net Care Coordination revenue

 

1,086

 

902

 

20.4

%

20.4

%

17.0

%

 

 

Thereof Net Dialysis Care revenue

 

4,684

 

4,391

 

6.7

%

6.7

%

5.3

%

3.5

%

Dialysis products

 

442

 

424

 

4.0

%

4.0

%

4.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

1,307

 

1,297

 

0.8

%

3.9

%

2.0

%

 

 

Net Health Care

 

632

 

610

 

3.6

%

7.6

%

3.3

%

3.6

%

Dialysis products

 

675

 

687

 

-1.6

%

0.5

%

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

771

 

729

 

5.8

%

7.9

%

8.6

%

 

 

Net Health Care

 

345

 

328

 

5.2

%

2.6

%

4.1

%

5.9

%

Dialysis products

 

426

 

401

 

6.2

%

12.3

%

12.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

328

 

401

 

-18.1

%

7.0

%

14.3

%

 

 

Net Health Care

 

238

 

296

 

-19.6

%

8.8

%

17.3

%

1.8

%

Dialysis products

 

90

 

105

 

-13.8

%

2.0

%

6.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

8

 

15

 

-48.3

%

-48.3

%

 

 

 

 

 


(1) same market treatment  growth = organic growth less price effects

 

cc = constant currency. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure at Constant Exchange Rates or Constant Currency to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. Once we translate the local currency revenues for the Constant Currency, we then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage at Constant Currency.

 

We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure Constant Currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on a company’s revenue from period to period. However, we also believe that the usefulness of data on Constant Currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue and significantly impact our performance. We therefore limit our use of Constant Currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on Constant Currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

 

6



 

Key metrics North America segment

 

 

 

Three months ended June 30

 

Six months ended June 30

 

unaudited

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

Care Coordination

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue in US$ million

 

564

 

468

 

20.6

%

1,086

 

902

 

20.4

%

Operating income (EBIT) in US$ million

 

25

 

37

 

-32.1

%

35

 

52

 

-32.3

%

Operating income margin in %

 

4.4

%

7.8

%

 

 

3.2

%

5.8

%

 

 

Delivered EBIT in US$ million

 

17

 

24

 

-30.8

%

18

 

30

 

-38.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue in US$ million

 

2,604

 

2,478

 

5.1

%

5,126

 

4,815

 

6.5

%

Operating income (EBIT) in US$ million

 

488

 

391

 

24.6

%

914

 

716

 

27.6

%

Operating income margin in %

 

18.7

%

15.8

%

 

 

17.8

%

14.9

%

 

 

Delivered EBIT in US$ million

 

422

 

338

 

24.9

%

791

 

619

 

27.5

%

 

 

Key metrics Care Coordination

 

 

 

Six months ended June 30

 

unaudited

 

2016

 

2015

 

Growth in
%

 

North America

 

 

 

 

 

 

 

Member months under medical cost management(1)

 

184,767

 

44,592

 

314

%

Medical cost under management (in US$ million)(1)

 

1,318

 

463

 

185

%

Care Coordination patient encounters

 

2,645,771

 

2,542,304

 

4

%

 


(1) The 2016 metrics may be understated due to a physician mapping issue related to the BPCI program within a CMS system which has not yet been resolved. Additionally, data presented for the metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

 

Key metrics Dialysis Care Services

 

 

 

Six months ended June 30

 

unaudited

 

Clinics

 

Growth
in %

 

De novos

 

Patients

 

Growth
in %

 

Treatments

 

Growth
in %

 

Total

 

3,504

 

2

%

49

 

301,548

 

4

%

22,821,121

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

2,249

 

2

%

25

 

186,096

 

4

%

14,221,402

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

700

 

8

%

12

 

58,528

 

9

%

4,312,717

 

7

%

Asia-Pacific

 

324

 

1

%

8

 

27,007

 

4

%

1,949,115

 

5

%

Latin America

 

231

 

-7

%

4

 

29,917

 

-7

%

2,337,887

 

-6

%

 

7



 

Quality data

 

 

 

North America

 

EMEA

 

Latin America

 

Asia-Pacific

 

in % of patients

 

Q2 2016

 

Q1 2016

 

Q2 2016

 

Q1 2016

 

Q2 2016

 

Q1 2016

 

Q2 2016

 

Q1 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clinical Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Pool Kt/v > 1.2

 

98

 

98

 

96

 

96

 

92

 

92

 

97

 

97

 

No catheter (> 90 days)

 

84

 

85

 

81

 

 

82

 

82

 

82

 

91

 

91

 

Hemoglobin = 10-12 g/dl

 

73

 

72

 

77

 

78

 

52

 

52

 

58

 

58

 

Hemoglobin = 10-13 g/dl

 

78

 

77

 

77

 

77

 

69

 

68

 

66

 

66

 

Albumin > 3.5 g/dl(1)

 

81

 

82

 

90

 

91

 

90

 

90

 

87

 

89

 

Phosphate < 5.5 mg/dl

 

63

 

64

 

76

 

78

 

77

 

75

 

71

 

70

 

Calcium = 8.4-10.2 mg/dl

 

83

 

84

 

73

 

74

 

74

 

76

 

75

 

74

 

Hospitalization days

 

10.0

 

10.0

 

9.4

 

9.4

 

3.6

 

3.5

 

4.0

 

4.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demographics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average age (in years)

 

62

 

62

 

64

 

64

 

59

 

59

 

64

 

64

 

Average time on dialysis (in years)

 

3.9

 

3.9

 

5.6

 

5.6

 

5.2

 

5.1

 

5.0

 

5.0

 

Average body weight (in kg)

 

83

 

83

 

73

 

73

 

68

 

68

 

63

 

61

 

Prevalence of diabetes (in%)

 

61

 

61

 

32

 

32

 

25

 

25

 

44

 

41

 

 


(1) International standard BCR CRM470

 

8



 

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

 

 

 

Three months ended
June 30

 

Six months ended
June 30

 

in US$ million, unaudited

 

2016

 

2015

 

2016

 

2015

 

Delivered EBIT reconciliation

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

641

 

547

 

1,181

 

1,051

 

less noncontrolling interests

 

(76

)

(69

)

(145

)

(124

)

Delivered EBIT

 

565

 

478

 

1,036

 

927

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

513

 

428

 

949

 

768

 

less noncontrolling interests

 

(74

)

(66

)

(140

)

(119

)

Delivered EBIT

 

439

 

362

 

809

 

649

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

25

 

37

 

35

 

52

 

less noncontrolling interests

 

(8

)

(13

)

(17

)

(22

)

Delivered EBIT

 

17

 

24

 

18

 

30

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

488

 

391

 

914

 

716

 

less noncontrolling interests

 

(66

)

(53

)

(123

)

(97

)

Delivered EBIT

 

422

 

338

 

791

 

619

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

139

 

134

 

269

 

275

 

less noncontrolling interests

 

 

(1

)

(2

)

(1

)

Delivered EBIT

 

139

 

133

 

267

 

274

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

75

 

67

 

140

 

152

 

less noncontrolling interests

 

(2

)

(2

)

(3

)

(4

)

Delivered EBIT

 

73

 

65

 

137

 

148

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

16

 

16

 

27

 

34

 

less noncontrolling interests

 

 

 

 

 

Delivered EBIT

 

16

 

16

 

27

 

34

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(102

)

(98

)

(204

)

(178

)

less noncontrolling interests

 

 

 

 

 

Delivered EBIT

 

(102

)

(98

)

(204

)

(178

)

 

 

 

 

 

 

 

 

 

 

Reconciliation of net cash provided by operating activities to EBITDA(1)

 

 

 

 

 

 

 

 

 

Total EBITDA

 

 

 

 

 

1,557

 

1,408

 

Interest expense, net

 

 

 

 

 

(208

)

(204

)

Income tax expense

 

 

 

 

 

(306

)

(273

)

Change in working capital and other non-cash items

 

 

 

 

 

(186

)

(99

)

Net cash provided by operating activities

 

 

 

 

 

857

 

832

 

 

 

 

 

 

 

 

 

 

 

Annualized EBITDA(2)

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

 

 

 

 

2,466

 

2,325

 

Depreciation and amortization

 

 

 

 

 

739

 

723

 

Non-cash charges

 

 

 

 

 

89

 

69

 

Annualized EBITDA

 

 

 

 

 

3,294

 

3,117

 

 


(1) EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments.

(2) EBITDA: including largest acquisitions.

 

9