0001104659-16-152324.txt : 20161027 0001104659-16-152324.hdr.sgml : 20161027 20161027061102 ACCESSION NUMBER: 0001104659-16-152324 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20161027 FILED AS OF DATE: 20161027 DATE AS OF CHANGE: 20161027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fresenius Medical Care AG & Co. KGaA CENTRAL INDEX KEY: 0001333141 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32749 FILM NUMBER: 161953807 BUSINESS ADDRESS: STREET 1: ELSE-KROENER STRASSE 1 CITY: BAD HOMBURG STATE: 2M ZIP: 61352 BUSINESS PHONE: 011-49-6172-6090 MAIL ADDRESS: STREET 1: ELSE-KROENER STRASSE 1 CITY: BAD HOMBURG STATE: 2M ZIP: 61352 6-K 1 a16-20215_46k.htm 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

 

For the month of October 2016

 

FRESENIUS MEDICAL CARE AG & Co. KGaA

(Translation of registrant’s name into English)

 

Else-Kröner Strasse 1

61346 Bad Homburg

Germany

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x

Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes o

No x

 

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

 

 

 


 

On October 27, 2016 Fresenius Medical Care AG & Co. KGaA (the “Company”) issued an Investor News announcing its third quarter results for the period ending September 30, 2016. A copy of the Investor News is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.

 

The attached Investor News contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our third quarter 2016 consolidated financial results presented in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, we have used non-GAAP financial measure of (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, and (b) free cash flow. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-GAAP financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures are included in the attached Investor News in a separate statement setting forth the reconciliation and in the Cash Flow Statement.

 

The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

DATE: October 27, 2016

 

 

FRESENIUS MEDICAL CARE AG & Co. KGaA, a partnership limited by shares, represented by:

 

 

 

FRESENIUS MEDICAL CARE MANAGEMENT AG, its General Partner

 

 

 

 

 

 

 

By:

/s/ RICE POWELL

 

 

Name:

Rice Powell

 

 

Title:

Chief Executive Officer and Chairman of the Management Board of the General Partner

 

 

 

 

 

 

 

By:

/s/ MICHAEL BROSNAN

 

 

Name:

Michael Brosnan

 

 

Title:

Chief Financial Officer and Member of the Management Board of the General Partner

 

3

 EX-99.1 2 a16-20215_4ex99d1.htm INVESTOR NEWS DATED OCTOBER 27, 2016

Exhibit 99.1

 

INVESTOR

 

NEWS

 

Third quarter 2016

 

October 27, 2016

 

 


 

 

Fresenius Medical Care AG & Co. KGaA

 

COMPLETE OVERVIEW OF THE RESULTS FOR THE THIRD QUARTER AND NINE MONTHS 2016

October 27, 2016

 

 

Investor Relations

phone: +49 6172 609 2525

fax: +49 6172 609 2301

email: ir@fmc-ag.com

 

Content:

 

 

 

Statement of earnings

page 9

Segment information

page 10

Balance sheet

page 11

Cash flow

page 12

Revenue development

page 13

Key metrics

page 14

Quality data

page 15

Reconciliation

page 16

 

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

 

1


 

Fresenius Medical Care reports strong third quarter and confirms full year guidance

 

·                  Group revenue +9% (+9% at constant currency), driven by a strong performance in Health Care services

 

·                  EBIT growth in line with revenue growth, supported by very good development in Latin America and Asia-Pacific

 

·                  Significant net income growth of 27% (+17% excluding special items1)

 

·                  Care Coordination with positive growth momentum (revenue +29%) and improved sequential margin of 5% (+60 basis points) in line with expectations

 

·                  Full year 2016 guidance confirmed

 

Key figures — third quarter and first nine months 2016:

 

$ million

 

Q3 2016

 

Q3 2015

 

Growth
yoy

 

9m 2016

 

9m 2015

 

Growth
yoy

 

Net revenue

 

4,598

 

4,231

 

+9

%

13,224

 

12,390

 

+7

%

Operating income (EBIT)

 

670

 

614

 

+9

%

1,851

 

1,665

 

+11

%

Net income2

 

333

 

262

 

+27

%

855

 

713

 

+20

%

Net income (excl. special items)1,2

 

333

 

284

 

+17

%

855

 

735

 

+16

%

Basic earnings per share (in $)

 

1.09

 

0.86

 

+26

%

2.80

 

2.34

 

+19

%

 

“We are very pleased with our performance in the third quarter of 2016, which is the result of a strong execution in all regions, the success of our Global Efficiency Program as well as further expansion of our global footprint,” said Rice Powell, Chief Executive Officer of Fresenius Medical Care. “Care Coordination services maintain excellent growth momentum which will help us to extend our range of health care services even further. Based on our strong result for the third quarter, we hereby confirm our guidance for the full-year 2016.”

 

Revenue & earnings

 

Net revenue for the third quarter improved by 9% and reached $4,598 million (+9% at constant currency), mainly driven by a strong performance in Health Care services. Contributing revenues of $3,734 (+10%), Health Care services was largely supported by an improvement in US revenue per treatment (+$3) as well as a strong organic growth. Dialysis

 

1  2015 basis adjusted for special items (net income effect): divestiture of dialysis service business in Venezuela (-$27m), sale of European marketing rights for certain renal pharmaceuticals (+$5m)

2  Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

 

2


 

products revenue increased by 4% to $864 million in the third quarter, mainly driven by higher sales of machines, dialyzers and products for acute care.

 

Net revenue in the first nine months of 2016 increased by 7% (Health Care services revenue +8%/+9% at constant currency; dialysis products revenue +2%/+4% at constant currency).

 

In the third quarter, operating income (EBIT) increased by 9% to $670 million, in line with revenue growth. The operating income margin increased by 10 basis points to 14.6%, underlining a stable earnings quality. The increase in EBIT margin was mainly driven by the positive development in Latin America after the divestiture of our dialysis service business in Venezuela in the previous year’s third quarter as well as a strong performance in Asia-Pacific. The EBIT margin in North America was impacted by higher personnel expenses for dialysis services, partially offset by lower costs for health care supplies and a higher volume with commercial payers.

 

For the first nine months of 2016, operating income (EBIT) increased by 11% to $1,851 million.

 

Net interest expense in the third quarter remained at the previous year’s level ($100 million). For the first nine months of 2016, net interest expense increased by 1% to $308 million, mainly due to lower interest income as a result of the repayment of interest bearing notes receivables in the fourth quarter of 2015, partially offset by a lower debt level.

 

Income tax expense decreased by 2% to $164 million in the third quarter. This translates into an effective tax rate of 28.8%, a decrease of 400 basis points compared to the third quarter of 2015 (32.8%). This decrease was mainly driven by a lower tax expense as a result of released tax liabilities in the third quarter of 2016 due to tax audit settlements with tax authorities, as well as a favorable impact from the prior-year non-tax deductible loss from the divestiture of our dialysis service business in Venezuela.

 

For the first nine months of 2016, income tax expense increased to $471 million, translating into an effective tax rate of 30.5% (-190 basis points).

 

Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA increased by 27% to $333 million in the third quarter. Excluding the 2015 impacts of (i) the after tax loss, $26.9 million, from the divestment of our dialysis service business in Venezuela and (ii) the realized portion of the after tax gain, $4.8 million, from the sale of our European marketing rights for certain renal pharmaceuticals to our joint venture, Vifor Fresenius Medical Care Renal

 

3


 

Pharma, net income increased from $284 million to $333 million (+17%) in the third quarter. Based on approximately 306.0 million shares (weighted average number of shares outstanding), basic earnings per share (EPS) increased from $0.86 to $1.09 (+26%); EPS excluding special items increased from $0.93 to $1.09 (+17%).

 

For the first nine months of 2016, net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA increased by 20% to $855 million.

 

Segment development

 

In the third quarter, North America revenue increased by 10% to $3,300 million (72% of total revenue). Health Care services revenue grew by 10% to $3,068 million, of which Care Coordination contributed $618 million (+29%), supported by significant organic revenue growth of 24%. Dialysis care revenue contributed $2,450 million (+6%), driven by increased revenue per treatment and higher volumes of dialysis treatments with commercial payers. Dialysis products revenue grew by 7% to $232 million, due to increased product sales (especially machines and dialyzers). Operating income in North America came in at $536 million (+4%). The operating income margin of 16.2% was in line with the second quarter of 2016, but weaker than the previous year’s third quarter (-90 basis points). This decline was mainly attributable to higher personnel expenses, a cost impact related to the vesting of long term incentive plan grants and growth in lower-margin Care Coordination, partially offset by lower cost for health care supplies. The operating income margin in Care Coordination came in at 5.0%, an increase of 60 basis points over the second quarter 2016, but below the previous year’s third quarter margin of 6.8%.

 

For the first nine months of 2016, North America revenue increased by 9% to $9,512 million. Operating income increased by 16% to $1,486 million.

 

EMEA revenue increased by 2% to $675 million in the third quarter of 2016 (+4% at constant currency). Health Care services revenue for the EMEA segment increased by 8% (+10% at constant currency) to $335 million. This was mainly the result of contributions from acquisitions (8%), partially offset by the negative effect of exchange rate fluctuations (2%). Dialysis treatments increased by 9% in the third quarter. Dialysis products revenue decreased by 3% (-1% at constant currency) to $340 million. The decrease was driven by lower sales of renal drugs (whose marketing rights were sold in 2015) and dialyzers, partially offset by higher sales of machines and bloodlines. Operating income in the EMEA segment decreased by 4% to $125 million in the third quarter due to the prior-year impact from the gain resulting from the sale of European marketing rights for certain renal pharmaceuticals, an unfavorable impact from manufacturing costs as well as higher bad debt expense. This was partially offset by

 

4


 

favorable foreign exchange effects. The operating income margin decreased to 18.5% (-120 basis points).

 

For the first nine months of 2016, EMEA revenue increased by 1% to $1,982 million (+4% at constant currency) and operating income decreased by 3% to $395 million.

 

Asia-Pacific revenue grew by 13% (+8% at constant currency) to $427 million in the third quarter. The region recorded $192 million in Health Care services revenue, based on an increase of 5% in dialysis treatments. With an 11% growth in revenue to $235 million (+12% at constant currency), the product business showed an excellent sales performance across the entire dialysis products range. Operating income showed a significant increase (+25%) to $85 million. The operating income margin increased substantially to 19.8% (+190 basis points). This was primarily driven by the positive impact from overall business growth and favorable foreign exchange effects.

 

For the first nine months of 2016, Asia-Pacific revenue grew by 8% to $1,198 million (+8% at constant currency) and operating income increased by 3% to $225 million.

 

Latin America delivered revenue of $192 million, an increase of 9% and an impressive improvement of 27% at constant currency. Health Care services revenue increased by 6% to $139 million (+31% at constant currency) as a result of higher organic revenue per treatment primarily driven by a retrospective reimbursement rate increase, contributions from acquisitions and growth in same market treatments, partially offset by the effect of the divested dialysis care business in Venezuela. Dialysis treatments increased by 1% in the third quarter. Dialysis products revenue increased by 19% to $53 million (+18% at constant currency), as a result of higher sales of dialyzers, concentrates and bloodlines. Operating income came in at $20 million supported by the impact from higher revenue in the region, partially offset by unfavorable foreign currency effects and higher costs mainly related to inflation. The operating margin increased to 10.5%.

 

For the first nine months of 2016, Latin America revenue decreased by 10% to $520 million (+13% at constant currency) and operating income increased by 86% to $47 million.

 

Cash flow

 

In the third quarter of 2016, the company generated $439 million in net cash provided by operating activities, representing 9.5% of revenue ($579 million in the third quarter of 2015). The decrease was primarily attributable to a discretionary cash contribution of $100 million to Fresenius Medical Care’s pension plan assets in the United States. The number

 

5


 

of DSO (days sales outstanding) came in at 72 days, an increase of 2 days compared to the second quarter of 2016.

 

In the first nine months of 2016, the company generated net cash provided by operating activities of $1,296 million, representing 9.8% of revenue.

 

Employees

 

As of September 30, 2016, Fresenius Medical Care had 108,851 employees (full-time equivalents) worldwide, compared to 102,591 employees at the end of September 2015. This increase of 6% was primarily attributable to our continued organic growth.

 

Recent events: Acquisition of Sandor Nephro Services in India

 

In September 2016, Fresenius Medical Care acquired 85% of equity interest in the Indian dialysis group Sandor Nephro Services from a group of investors. Established in 2011, Sandor Nephro Services is India’s second largest dialysis care provider. Under the brand name “Sparsh Nephrocare” the company operates a network of more than 50 dialysis centers across the country. With the acquisition, Fresenius Medical Care has clearly strengthened its core business in one of the fastest growing economies of the world. Sandor Nephro Services is expected to generate revenue of around $3 million in full year 2016. Fresenius Medical Care expects the investment to be accretive in 2017 on earnings after tax.

 

Outlook 2016 confirmed

 

Based on the positive business development in the first nine months 2016, Fresenius Medical Care confirms its full year outlook 2016. The company expects a currency-adjusted revenue growth between +7% and +10% for 2016. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA is expected to increase by +15% to +20% over the previous year.

 

6


 

Conference call

 

Fresenius Medical Care will hold a conference call to discuss the results of the third quarter & first nine months 2016 on Thursday, October 27, 2016 at 3.30 p.m. CEDT/ 9.30 a.m. EDT. The company invites investors to follow the live webcast of the call at the company’s website www.freseniusmedicalcare.com in the “Investors/Events” section. A replay will be available shortly after the call.

 

Please refer to our statement of earnings included at the end of this news and to the attachments as separate excel- and PDF-files for a complete overview of the results for the third quarter/first nine months 2016.

 

Fresenius Medical Care is the world’s largest provider of products and services for individuals with renal diseases, of which around 2.8 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,579 dialysis clinics, Fresenius Medical Care provides dialysis treatments for 306,366 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with the core business, the company focuses on expanding the range of additional medical services in the field of care coordination.

 

For more information about Fresenius Medical Care, visit the Company’s website at www.freseniusmedicalcare.com.

 

Disclaimer

 

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

 

7


 

Statement of earnings

 

 

 

Three months ended September 30

 

Nine months ended September 30

 

in US$ million, except share data, unaudited

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care revenue

 

3,839

 

3,506

 

9.5

%

11,061

 

10,249

 

7.9

%

Less: patient service bad debt provision

 

105

 

104

 

0.8

%

341

 

320

 

6.7

%

Net Health Care revenue

 

3,734

 

3,402

 

9.8

%

10,720

 

9,929

 

8.0

%

Dialysis products revenue

 

864

 

829

 

4.2

%

2,504

 

2,461

 

1.8

%

Total net revenue

 

4,598

 

4,231

 

8.7

%

13,224

 

12,390

 

6.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

3,126

 

2,849

 

9.7

%

9,036

 

8,527

 

6.0

%

Gross profit

 

1,472

 

1,382

 

6.5

%

4,188

 

3,863

 

8.4

%

Selling, general and administrative

 

787

 

742

 

6.0

%

2,278

 

2,120

 

7.4

%

Research and development

 

44

 

35

 

25.6

%

120

 

100

 

19.7

%

Income from equity method investees

 

(29

)

(9

)

221.3

%

(61

)

(22

)

177.1

%

Operating income (EBIT)

 

670

 

614

 

9.2

%

1,851

 

1,665

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(10

)

(6

)

51.8

%

(38

)

(80

)

-51.8

%

Interest expense

 

110

 

106

 

3.7

%

346

 

384

 

-9.6

%

Interest expense, net

 

100

 

100

 

0.6

%

308

 

304

 

1.4

%

Income before taxes

 

570

 

514

 

10.9

%

1,543

 

1,361

 

13.4

%

Income tax expense

 

164

 

168

 

-2.5

%

471

 

441

 

6.6

%

Net income

 

406

 

346

 

17.4

%

1,072

 

920

 

16.6

%

Less: Net income attributable to noncontrolling interests

 

73

 

84

 

-13.0

%

217

 

207

 

5.0

%

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

 

333

 

262

 

27.0

%

855

 

713

 

20.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

670

 

614

 

9.2

%

1,851

 

1,665

 

11.2

%

Depreciation and amortization

 

197

 

179

 

9.3

%

573

 

537

 

6.7

%

EBITDA

 

867

 

793

 

9.2

%

2,424

 

2,202

 

10.1

%

EBITDA margin

 

18.8

%

18.7

%

 

 

18.3

%

17.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

305,972,432

 

304,738,291

 

 

 

305,602,983

 

304,201,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.09

 

$

0.86

 

26.5

%

$

2.80

 

$

2.34

 

19.4

%

Basic earnings per ADS

 

$

0.54

 

$

0.43

 

26.5

%

$

1.40

 

$

1.17

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In percent of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

68.0

%

67.3

%

 

 

68.3

%

68.8

%

 

 

Gross profit

 

32.0

%

32.7

%

 

 

31.7

%

31.2

%

 

 

Operating income (EBIT)

 

14.6

%

14.5

%

 

 

14.0

%

13.4

%

 

 

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

 

7.2

%

6.2

%

 

 

6.5

%

5.8

%

 

 

 

8


 

Segment information

 

 

 

Three months ended September 30

 

Nine months ended September 30

 

unaudited

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

4,598

 

4,231

 

8.7

%

13,224

 

12,390

 

6.7

%

Operating income (EBIT) in US$ million

 

670

 

614

 

9.2

%

1,851

 

1,665

 

11.2

%

Operating income margin in %

 

14.6

%

14.5

%

 

 

14.0

%

13.4

%

 

 

Delivered EBIT in US$ million

 

597

 

530

 

12.7

%

1,634

 

1,458

 

12.1

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

72

 

71

 

 

 

Employees (full-time equivalents)

 

 

 

 

 

 

 

108,851

 

102,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

3,300

 

3,013

 

9.6

%

9,512

 

8,730

 

9.0

%

Operating income (EBIT) in US$ million

 

536

 

515

 

4.0

%

1,486

 

1,284

 

15.7

%

Operating income margin in %

 

16.2

%

17.1

%

 

 

15.6

%

14.7

%

 

 

Delivered EBIT in US$ million

 

466

 

435

 

7.2

%

1,276

 

1,085

 

17.6

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

55

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue per dialysis treatment in US$

 

350

 

347

 

1.0

%

350

 

345

 

1.4

%

Cost per dialysis treatment in US$

 

278

 

273

 

1.9

%

281

 

282

 

-0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

675

 

659

 

2.5

%

1,982

 

1,956

 

1.4

%

Operating income (EBIT) in US$ million

 

125

 

130

 

-3.5

%

395

 

405

 

-2.6

%

Operating income margin in %

 

18.5

%

19.7

%

 

 

19.9

%

20.7

%

 

 

Delivered EBIT in US$ million

 

124

 

129

 

-3.6

%

393

 

403

 

-2.7

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

108

 

112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

427

 

378

 

13.0

%

1,198

 

1,107

 

8.2

%

Operating income (EBIT) in US$ million

 

85

 

68

 

25.4

%

225

 

219

 

2.5

%

Operating income margin in %

 

19.8

%

17.9

%

 

 

18.7

%

19.8

%

 

 

Delivered EBIT in US$ million

 

83

 

65

 

26.6

%

220

 

213

 

3.0

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

110

 

111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

192

 

176

 

9.2

%

520

 

576

 

-9.8

%

Operating income (EBIT) in US$ million

 

20

 

-8

 

n.a.

 

47

 

25

 

85.8

%

Operating income margin in %

 

10.5

%

-4.7

%

 

 

9.1

%

4.4

%

 

 

Delivered EBIT in US$ million

 

20

 

-8

 

n.a.

 

47

 

25

 

87.5

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

144

 

132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in US$ million

 

4

 

5

 

-43.0

%

12

 

21

 

-46.7

%

Operating income (EBIT) in US$ million

 

(96

)

(91

)

5.6

%

(302

)

(268

)

11.9

%

Delivered EBIT in US$ million

 

(96

)

(91

)

5.7

%

(302

)

(268

)

11.9

%

 

9


 

Balance sheet

 

 

 

September 30

 

December 31

 

in US$ million, except debt/EBITDA ratio

 

2016

 

2015

 

 

 

(unaudited)

 

(audited)

 

Assets

 

 

 

 

 

Current assets

 

7,218

 

6,768

 

Goodwill and Intangible assets

 

14,307

 

13,863

 

Other non-current assets

 

5,133

 

4,734

 

Total assets

 

26,658

 

25,365

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

Current liabilities

 

5,254

 

4,149

 

Long-term liabilities

 

8,943

 

9,692

 

Noncontrolling interests subject to put provisions and other temporary equity

 

1,223

 

1,028

 

Total equity

 

11,238

 

10,496

 

Total liabilities and equity

 

26,658

 

25,365

 

 

 

 

 

 

 

Equity/assets ratio

 

42

%

41

%

 

 

 

 

 

 

Debt

 

 

 

 

 

Short-term debt

 

721

 

109

 

Short-term debt from related parties

 

99

 

19

 

Current portion of long-term debt and capital lease obligations

 

891

 

664

 

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

 

7,174

 

7,854

 

Total debt

 

8,885

 

8,646

 

 

 

 

 

 

 

Debt/EBITDA ratio

 

2.6

 

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.

 

10


 

Cash flow statement

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, unaudited

 

2016

 

2015

 

2016

 

2015

 

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

406

 

346

 

1,072

 

920

 

Depreciation / amortization

 

197

 

179

 

573

 

537

 

Change in working capital and other non-cash items

 

(164

)

54

 

(349

)

(45

)

Net cash provided by operating activities

 

439

 

579

 

1,296

 

1,412

 

In percent of revenue

 

9.5

%

13.7

%

9.8

%

11.4

%

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(242

)

(230

)

(748

)

(647

)

Proceeds from sale of property, plant and equipment

 

6

 

6

 

14

 

11

 

Capital expenditures, net

 

(236

)

(224

)

(734

)

(636

)

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

203

 

355

 

562

 

776

 

In percent of revenue

 

4.4

%

8.4

%

4.3

%

6.3

%

 

 

 

 

 

 

 

 

 

 

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

 

(83

)

(65

)

(387

)

(166

)

Proceeds from divestitures

 

46

 

8

 

193

 

42

 

Acquisitions and investments, net of divestitures

 

(37

)

(57

)

(194

)

(124

)

Free cash flow after investing activities

 

166

 

298

 

368

 

652

 

 

11


 

Revenue development

 

in US$ million, unaudited

 

2016

 

2015

 

Change

 

Change
at cc

 

Organic
growth

 

Same market 
treatment 
growth1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,598

 

4,231

 

8.7

%

9.2

%

7.4

%

 

 

Net Health Care

 

3,734

 

3,402

 

9.8

%

10.3

%

7.8

%

3.0

%

Dialysis products

 

864

 

829

 

4.2

%

4.8

%

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

3,300

 

3,013

 

9.6

%

9.6

%

7.4

%

 

 

Net Health Care

 

3,068

 

2,794

 

9.8

%

9.8

%

7.4

%

3.3

%2

Thereof Net Care Coordination revenue

 

618

 

480

 

29.0

%

29.0

%

24.0

%

 

 

Thereof Net Dialysis Care revenue

 

2,450

 

2,314

 

5.8

%

5.8

%

4.0

%

2.7

%

Dialysis products

 

232

 

219

 

6.5

%

6.5

%

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

675

 

659

 

2.5

%

4.1

%

1.7

%

 

 

Net Health Care

 

335

 

309

 

8.3

%

10.3

%

3.2

%

3.8

%

Dialysis products

 

340

 

350

 

-2.6

%

-1.4

%

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

427

 

378

 

13.0

%

8.2

%

8.4

%

 

 

Net Health Care

 

192

 

168

 

15.0

%

3.2

%

3.8

%

4.3

%

Dialysis products

 

235

 

210

 

11.4

%

12.1

%

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

192

 

176

 

9.2

%

27.5

%

28.2

%

 

 

Net Health Care

 

139

 

131

 

6.0

%

30.6

%

31.5

%

2.0

%

Dialysis products

 

53

 

45

 

18.6

%

18.2

%

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

4

 

5

 

-43.0

%

-43.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

13,224

 

12,390

 

6.7

%

8.2

%

6.9

%

 

 

Net Health Care

 

10,720

 

9,929

 

8.0

%

9.2

%

7.3

%

3.3

%

Dialysis products

 

2,504

 

2,461

 

1.8

%

4.3

%

5.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

9,512

 

8,730

 

9.0

%

9.0

%

7.1

%

 

 

Net Health Care

 

8,838

 

8,087

 

9.3

%

9.3

%

7.3

%

3.7

%3

Thereof Net Care Coordination revenue

 

1,704

 

1,382

 

23.4

%

23.4

%

19.2

%

 

 

Thereof Net Dialysis Care revenue

 

7,134

 

6,705

 

6.4

%

6.4

%

4.8

%

3.2

%

Dialysis products

 

674

 

643

 

4.9

%

4.9

%

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

1,982

 

1,956

 

1.4

%

3.9

%

2.5

%

 

 

Net Health Care

 

967

 

919

 

5.1

%

8.5

%

3.3

%

3.7

%

Dialysis products

 

1,015

 

1,037

 

-2.0

%

-0.1

%

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

1,198

 

1,107

 

8.2

%

8.0

%

8.4

%

 

 

Net Health Care

 

538

 

496

 

8.5

%

2.8

%

3.7

%

4.9

%

Dialysis products

 

660

 

611

 

8.0

%

12.2

%

12.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

520

 

576

 

-9.8

%

13.3

%

18.6

%

 

 

Net Health Care

 

377

 

427

 

-11.7

%

15.5

%

21.8

%

1.9

%

Dialysis products

 

143

 

149

 

-4.2

%

6.8

%

10.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

12

 

21

 

-46.7

%

-46.8

%

 

 

 

 

 

1 same market treatment  growth = organic growth less price effects

² U.S. (excl. Mexico), same market treatment growth North America: 2.7%

³ U.S. (excl. Mexico), same market treatment growth North America: 3.2%

 

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

 

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

 

12


 

Key metrics North America segment

 

 

 

Three months ended September 30

 

Nine months ended September 30

 

unaudited

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue in US$ million

 

618

 

480

 

29.0

%

1,704

 

1,382

 

23.4

%

Operating income (EBIT) in US$ million

 

31

 

33

 

-5.2

%

66

 

85

 

-21.9

%

Operating income margin in %

 

5.0

%

6.8

%

 

 

3.9

%

6.1

%

 

 

Delivered EBIT in US$ million

 

26

 

22

 

15.6

%

44

 

52

 

-15.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue in US$ million

 

2,682

 

2,533

 

5.9

%

7,808

 

7,348

 

6.3

%

Operating income (EBIT) in US$ million

 

505

 

482

 

4.6

%

1,420

 

1,199

 

18.4

%

Operating income margin in %

 

18.8

%

19.1

%

 

 

18.2

%

16.3

%

 

 

Delivered EBIT in US$ million

 

440

 

413

 

6.8

%

1,232

 

1,033

 

19.2

%

 

Key metrics Care Coordination

 

 

 

Nine months ended September 30

 

unaudited

 

2016

 

2015

 

Growth in
%

 

North America

 

 

 

 

 

 

 

Member months under medical cost management1)

 

281,964

 

111,867

 

152

%

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

 

2,036

 

965

 

111

%

Care Coordination patient encounters

 

4,057,022

 

3,774,936

 

7

%

 

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

 

 

 

Nine months ended September 30

 

unaudited

 

Clinics

 

Growth
in %

 

De 
novos

 

Patients

 

Growth
in %

 

Treatments

 

Growth
in %

 

Total

 

3,579

 

5

%

80

 

306,366

 

5

%

34,654,614

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

2,277

 

3

%

49

 

187,611

 

4

%

21,551,727

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

701

 

8

%

15

 

59,233

 

10

%

6,594,063

 

8

%

Asia-Pacific

 

369

 

15

%

12

 

29,358

 

13

%

2,956,107

 

5

%

Latin America

 

232

 

1

%

4

 

30,164

 

0

%

3,552,717

 

-4

%

 

13


 

Quality data

 

 

 

North America

 

EMEA

 

Latin America

 

Asia-Pacific

 

in % of patients

 

Q3 2016

 

Q2 2016

 

Q3 2016

 

Q2 2016

 

Q3 2016

 

Q2 2016

 

Q3 2016

 

Q2 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clinical Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Pool Kt/v > 1.2

 

97

 

98

 

96

 

96

 

93

 

92

 

x

 

97

 

No catheter (> 90 days)

 

86

 

84

 

81

 

81

 

81

 

82

 

x

 

91

 

Hemoglobin = 10-12 g/dl

 

73

 

73

 

77

 

77

 

52

 

52

 

x

 

58

 

Hemoglobin = 10-13 g/dl

 

79

 

78

 

77

 

77

 

67

 

69

 

x

 

66

 

Albumin > 3.5 g/dl1)

 

77

 

81

 

91

 

90

 

88

 

90

 

x

 

87

 

Phosphate < 5.5 mg/dl

 

64

 

63

 

76

 

76

 

76

 

77

 

x

 

71

 

Calcium = 8.4-10.2 mg/dl

 

84

 

83

 

75

 

73

 

75

 

74

 

x

 

75

 

Hospitalization days

 

9.8

 

10.0

 

9.4

 

9.4

 

3.7

 

3.6

 

x.x

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demographics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average age (in years)

 

63

 

62

 

64

 

64

 

58

 

59

 

x

 

64

 

Average time on dialysis (in years)

 

4.0

 

3.9

 

5.6

 

5.6

 

5.2

 

5.2

 

x.x

 

5.0

 

Average body weight (in kg)

 

83

 

83

 

72

 

73

 

68

 

68

 

x

 

63

 

Prevalence of diabetes (in%)

 

61

 

61

 

32

 

32

 

26

 

25

 

x

 

44

 

 

1) International standard BCR CRM470

 

14


 

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

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, unaudited

 

2016

 

2015

 

2016

 

2015

 

Delivered EBIT reconciliation

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

670

 

614

 

1,851

 

1,665

 

less noncontrolling interests

 

(73

)

(84

)

(217

)

(207

)

Delivered EBIT

 

597

 

530

 

1,634

 

1,458

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

536

 

515

 

1,486

 

1,284

 

less noncontrolling interests

 

(70

)

(80

)

(210

)

(199

)

Delivered EBIT

 

466

 

435

 

1,276

 

1,085

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

31

 

33

 

66

 

85

 

less noncontrolling interests

 

(5

)

(11

)

(22

)

(33

)

Delivered EBIT

 

26

 

22

 

44

 

52

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

505

 

482

 

1,420

 

1,199

 

less noncontrolling interests

 

(65

)

(69

)

(188

)

(166

)

Delivered EBIT

 

440

 

413

 

1,232

 

1,033

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

125

 

130

 

395

 

405

 

less noncontrolling interests

 

(1

)

(1

)

(2

)

(2

)

Delivered EBIT

 

124

 

129

 

393

 

403

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

85

 

68

 

225

 

219

 

less noncontrolling interests

 

(2

)

(3

)

(5

)

(6

)

Delivered EBIT

 

83

 

65

 

220

 

213

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

20

 

(8

)

47

 

25

 

less noncontrolling interests

 

—

 

—

 

—

 

—

 

Delivered EBIT

 

20

 

(8

)

47

 

25

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(96

)

(91

)

(302

)

(268

)

less noncontrolling interests

 

—

 

—

 

—

 

—

 

Delivered EBIT

 

(96

)

(91

)

(302

)

(268

)

 

 

 

 

 

 

 

 

 

 

Reconciliation of net cash provided by operating activities to EBITDA1)

 

 

 

 

 

 

 

 

 

Total EBITDA

 

 

 

 

 

2,424

 

2,202

 

Interest expense, net

 

 

 

 

 

(308

)

(304

)

Income tax expense

 

 

 

 

 

(471

)

(441

)

Change in working capital and other non-cash items

 

 

 

 

 

(349

)

(45

)

Net cash provided by operating activities

 

 

 

 

 

1,296

 

1,412

 

 

 

 

 

 

 

 

 

 

 

Annualized EBITDA2)

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

 

 

 

 

2,519

 

2,333

 

Depreciation and amortization

 

 

 

 

 

755

 

724

 

Non-cash charges

 

 

 

 

 

101

 

74

 

Annualized EBITDA

 

 

 

 

 

3,375

 

3,131

 

 

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.

 

15


 

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

 

 

 

Three months ended
September 30

 

Nine months ended
September 30

 

in US$ million, unaudited

 

2016

 

2015

 

2016

 

2015

 

Operating performance excluding one-time items

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

670

 

614

 

1,851

 

1,665

 

Special items

 

—

 

18

 

—

 

18

 

Divestiture of dialysis service business in Venezuela

 

—

 

26

 

—

 

26

 

Sale of European marketing rights for certain renalpharmaceuticals1

 

—

 

(8

)

—

 

(8

)

 

 

 

 

 

 

 

 

 

 

Operating income (EBIT) excluding special items

 

670

 

632

 

1,851

 

1,683

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

536

 

515

 

1,486

 

1,284

 

Special items

 

—

 

—

 

—

 

—

 

Operating income (EBIT) excluding special items

 

536

 

515

 

1,486

 

1,284

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

125

 

130

 

395

 

405

 

Special items

 

—

 

(8

)

—

 

(8

)

Operating income (EBIT) excluding special items

 

125

 

122

 

395

 

397

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

85

 

68

 

225

 

219

 

Special items

 

—

 

—

 

—

 

—

 

Operating income (EBIT) excluding special items

 

85

 

68

 

225

 

219

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

20

 

(8

)

47

 

25

 

Special items

 

—

 

26

 

—

 

26

 

Operating income (EBIT) excluding special items

 

20

 

18

 

47

 

51

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

(96

)

(91

)

(302

)

(268

)

Special items

 

—

 

—

 

—

 

—

 

Operating income (EBIT) excluding special items

 

(96

)

(91

)

(302

)

(268

)

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Delivered EBIT

 

597

 

530

 

1,634

 

1,458

 

Special items

 

0

 

18

 

0

 

18

 

Delivered EBIT excluding special items

 

597

 

548

 

1,634

 

1,476

 

 

 

 

 

 

 

 

 

 

 

Net income2

 

333

 

262

 

855

 

713

 

Special items

 

—

 

22

 

—

 

22

 

Divestiture of dialysis service business in Venezuela

 

—

 

27

 

—

 

27

 

Sale of European marketing rights for certain renal pharmaceuticals1

 

—

 

(5

)

—

 

(5

)

Net income excluding special items2

 

333

 

284

 

855

 

735

 

 

1 to our Joint Venture Vifor Fresenius Medical Care Renal Pharma

2 attributable to shareholders of FMC AG & Co. KGaA

 

16


 

CONTACT

 

Fresenius Medical Care AG & Co. KGaA

Investor Relations

 

61352 Bad Homburg v. d. H.

Germany

www.freseniusmedicalcare.com

 

Oliver Maier

Head of Investor Relations &

Corporate Communications

Tel. +49 6172 609 2601

Fax +49 6172 609 2301

email: ir@fmc-ag.com

 

Published by

Fresenius Medical Care AG & Co. KGaA

Investor Relations

 

Annual reports, interim reports and further

information on the company are also available on our website.

Please visit us at www.freseniusmedicalcare.com

 

For printed material, please contact Investor Relations.

 

17

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