EX-99.2 3 a18-11081_4ex99d2.htm EX-99.2

Exhibit 99.2

 

 

Fresenius Medical Care AG & Co. KGaA

 

COMPLETE OVERVIEW OF THE RESULTS FOR THE FIRST QUARTER 2018

 

May 3, 2018

 


 

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

Reconciliation excluding special items

 

page 10

 

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



 

Statement of earnings

 

 

 

Three months ended March 31

 

 

 

 

 

 

 

 

 

Change

 

in € million, except share data, unaudited

 

2018

 

2017

 

Change

 

at cc

 

Health Care Services

 

3,209

 

3,769

 

-14.9

%

-2.8

%

Health Care Products

 

767

 

779

 

-1.5

%

6.4

%

Total revenue

 

3,976

 

4,548

 

-12.6

%

-1.2

%

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

2,773

 

2,956

 

-6.2

%

6.6

%

Gross profit

 

1,203

 

1,592

 

-24.4

%

-15.7

%

Selling, general and administrative

 

692

 

924

 

-25.1

%

-16.2

%

Research and development

 

32

 

32

 

-0.7

%

5.0

%

Income from equity method investees

 

(18

)

(15

)

20.3

%

21.7

%

Operating income (EBIT)

 

497

 

651

 

-23.7

%

-15.2

%

 

 

 

 

 

 

 

 

 

 

Interest income

 

(24

)

(29

)

-15.8

%

-13.6

%

Interest expense

 

104

 

121

 

-14.2

%

-6.9

%

Interest expense, net

 

80

 

92

 

-13.8

%

-4.8

%

Income before taxes

 

417

 

559

 

-25.4

%

-16.9

%

Income tax expense

 

87

 

182

 

-52.0

%

-47.1

%

Net income

 

330

 

377

 

-12.5

%

-2.4

%

Less: Net income attributable to noncontrolling interests

 

51

 

69

 

-25.7

%

-14.4

%

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

 

279

 

308

 

-9.6

%

0.3

%

 

 

 

 

 

 

 

 

 

 

Operating income (EBIT)

 

497

 

651

 

-23.7

%

-15.2

%

Depreciation and amortization

 

175

 

190

 

-7.9

%

2.1

%

EBITDA

 

672

 

841

 

-20.1

%

-11.3

%

EBITDA margin

 

16.9

%

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

306,453,070

 

306,241,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

0.91

 

1.01

 

-9.7

%

0.2

%

Basic earnings per ADS

 

0.45

 

0.50

 

-9.7

%

0.2

%

 

 

 

 

 

 

 

 

 

 

In percent of revenue

 

 

 

 

 

 

 

 

 

Costs of revenue

 

69.7

%

65.0

%

 

 

 

 

Gross profit

 

30.3

%

35.0

%

 

 

 

 

Operating income (EBIT)

 

12.5

%

14.3

%

 

 

 

 

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

 

7.0

%

6.8

%

 

 

 

 

 

2



 

Segment information

 

 

 

Three months ended March 31

 

 

 

 

 

 

 

 

 

Change

 

unaudited

 

2018

 

2017

 

Change

 

at cc

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Revenue in € million

 

3,976

 

4,548

 

-12.6

%

-1.2

%

Operating income (EBIT) in € million

 

497

 

651

 

-23.7

%

-15.2

%

Operating income margin in %

 

12.5

%

14.3

%

 

 

 

 

Delivered EBIT in € million

 

446

 

582

 

-23.5

%

-15.3

%

Days sales outstanding (DSO)(1)

 

85

 

81

 

 

 

 

 

Employees (full-time equivalents)

 

114,831

 

110,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Revenue in € million

 

2,774

 

3,375

 

-17.8

%

-5.1

%

Operating income (EBIT) in € million

 

362

 

526

 

-31.1

%

-21.4

%

Operating income margin in %

 

13.1

%

15.6

%

 

 

 

 

Delivered EBIT in € million

 

314

 

459

 

-31.7

%

-22.3

%

Days sales outstanding (DSO)(1)

 

73

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

 

 

Revenue per dialysis treatment in US$(2)

 

348

 

342

 

1.5

%

n.a.

 

Cost per dialysis treatment in US$(3)

 

288

 

276

 

4.2

%

n.a.

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Revenue in € million

 

636

 

614

 

3.6

%

5.9

%

Operating income (EBIT) in € million

 

109

 

114

 

-4.8

%

-4.3

%

Operating income margin in %

 

17.1

%

18.7

%

 

 

 

 

Delivered EBIT in € million

 

108

 

114

 

-4.8

%

-4.2

%

Days sales outstanding (DSO)(1)

 

103

 

102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Revenue in € million

 

392

 

378

 

3.7

%

13.5

%

Operating income (EBIT) in € million

 

74

 

82

 

-9.3

%

-3.8

%

Operating income margin in %

 

19.0

%

21.7

%

 

 

 

 

Delivered EBIT in € million

 

72

 

80

 

-10.0

%

-4.7

%

Days sales outstanding (DSO)(1)

 

117

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Revenue in € million

 

170

 

177

 

-4.0

%

17.4

%

Operating income (EBIT) in € million

 

14

 

14

 

-2.0

%

10.2

%

Operating income margin in %

 

8.3

%

8.1

%

 

 

 

 

Delivered EBIT in € million

 

14

 

14

 

-1.9

%

10.3

%

Days sales outstanding (DSO)(1)

 

129

 

133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Revenue in € million

 

4

 

4

 

-21.4

%

-20.9

%

Operating income (EBIT) in € million

 

(62

)

(85

)

-26.6

%

-23.8

%

Delivered EBIT in € million

 

(62

)

(85

)

-26.6

%

-23.8

%

 


(1) Concurrent with the implementation of IFRS 15 and IFRS 9 prior year data has been adjusted to conform to the current year’s presentation.

(2) Excl. the effects from the VA Agreement and IFRS 15 implementation, incl. these adjustments revenue per dialysis treatment was $371 for the three months ended March 31, 2017.

(3) Excl. the effects from IFRS 15 implementation, incl. IFRS 15 cost per dialysis treatment was $290 for the three months ended March 31, 2017.

 

3



 

Balance sheet

 

 

 

March 31

 

December 31

 

 

 

2018

 

2017

 

in € million, except net leverage ratio

 

(unaudited)

 

(audited)

 

Assets

 

 

 

 

 

Current assets

 

6,844

 

6,374

 

Goodwill and intangible assets

 

12,517

 

12,787

 

Other non-current assets

 

4,796

 

4,864

 

Total assets

 

24,157

 

24,025

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

Current liabilities

 

5,428

 

5,300

 

Non-current liabilities

 

7,818

 

7,897

 

Total equity

 

10,911

 

10,828

 

Total liabilities and equity

 

24,157

 

24,025

 

 

 

 

 

 

 

Equity/assets ratio

 

45

%

45

%

 

 

 

 

 

 

Debt

 

 

 

 

 

Short-term debt

 

1,011

 

760

 

Short-term debt from related parties

 

41

 

9

 

Current portion of long-term debt and capital lease obligations

 

872

 

884

 

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

 

5,797

 

5,795

 

Total debt

 

7,721

 

7,448

 

Cash and cash equivalents

 

846

 

978

 

Total net debt

 

6,875

 

6,470

 

 

 

 

 

 

 

Annualized EBITDA(1)

 

 

 

 

 

Operating income (EBIT)

 

2,199

 

2,372

 

Depreciation and amortization

 

717

 

731

 

Non-cash charges

 

51

 

51

 

Annualized EBITDA

 

2,967

 

3,154

 

 

 

 

 

 

 

Net leverage ratio

 

2.3

 

2.1

 

 


(1) EBITDA : including largest acquisitions and divestitures.

 

4



 

Cash flow statement

 

 

 

Three months ended

 

 

 

March 31

 

in € million, unaudited

 

2018

 

2017

 

Operating activities

 

 

 

 

 

Net income

 

330

 

377

 

Depreciation / amortization

 

175

 

190

 

Change in working capital and other non-cash items

 

(550

)

(397

)

Net cash provided by, (used in) operating activities

 

(45

)

170

 

In percent of revenue

 

-1.1

%

3.7

%

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Purchases of property, plant and equipment

 

(221

)

(197

)

Proceeds from sale of property, plant and equipment

 

3

 

2

 

Capital expenditures, net

 

(218

)

(195

)

 

 

 

 

 

 

Free cash flow

 

(263

)

(25

)

In percent of revenue

 

-6.6

%

-0.6

%

 

 

 

 

 

 

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

 

(181

)

(160

)

Proceeds from divestitures

 

 

 

Acquisitions and investments, net of divestitures

 

(181

)

(160

)

Free cash flow after investing activities

 

(444

)

(185

)

 

5



 

Revenue development

 

 

 

 

 

 

 

 

 

 

 

 

 

Same

 

 

 

 

 

 

 

 

 

 

 

 

 

market

 

 

 

 

 

 

 

 

 

Change

 

Organic

 

treatment

 

in € million, unaudited

 

2018

 

2017

 

Change

 

at cc

 

growth

 

growth(1)

 

Three months ended March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

3,976

 

4,548

 

-12.6

%

-1.2

%

2.8

%

 

 

Health Care Services

 

3,209

 

3,769

 

-14.9

%

-2.8

%

2.0

%

2.3

%

Thereof Dialysis Care revenue

 

2,648

 

3,058

 

-13.4

%

-1.3

%

4.2

%

2.3

%

Thereof Care Coordination revenue

 

561

 

711

 

-21.2

%

-9.3

%

-7.9

%

 

 

Health Care Products

 

767

 

779

 

-1.5

%

6.4

%

6.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

2,774

 

3,375

 

-17.8

%

-5.1

%

1.3

%

 

 

Health Care Services

 

2,590

 

3,165

 

-18.2

%

-5.5

%

1.3

%

2,3

%

Thereof Dialysis Care revenue

 

2,075

 

2,474

 

-16.1

%

-3.2

%

4.0

%

2,3

%

Thereof Care Coordination revenue

 

515

 

691

 

-25.5

%

-14.0

%

-8.7

%

 

 

Health Care Products

 

184

 

210

 

-12.1

%

1.4

%

1.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

636

 

614

 

3.6

%

5.9

%

4.1

%

 

 

Health Care Services

 

314

 

303

 

3.6

%

5.7

%

1.7

%

2.4

%

Health Care Products

 

322

 

311

 

3.6

%

6.2

%

6.4

%

 

 

Thereof Dialysis Products

 

302

 

290

 

4.2

%

7.0

%

7.3

%

 

 

Thereof Non-Dialysis Products

 

20

 

21

 

-6.1

%

-5.7

%

-5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

392

 

378

 

3.7

%

13.5

%

7.0

%

 

 

Health Care Services

 

184

 

169

 

8.5

%

20.0

%

5.5

%

4.2

%

Thereof Dialysis Care revenue

 

138

 

149

 

-7.6

%

2.3

%

4.0

%

4.2

%

Thereof Care Coordination revenue

 

46

 

20

 

129.6

%

153.6

%

15.7

%

 

 

Health Care Products

 

208

 

209

 

-0.2

%

8.3

%

8.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

170

 

177

 

-4.0

%

17.4

%

15.8

%

 

 

Health Care Services

 

121

 

132

 

-8.4

%

14.7

%

12.4

%

1.1

%

Health Care Products

 

49

 

45

 

8.7

%

25.4

%

25.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

4

 

4

 

-21.4

%

-20.9

%

 

 

 

 

 


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

 

cc = constant currency. Changes in revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items include the impact of changes in foreign currency exchange rates. We calculate these non-IFRS financial measures at constant exchange rates to show changes in our revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items without giving effect to period-to-period currency fluctuations. Under IFRS, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term “Constant Currency”.

 

We believe that the non-IFRS 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, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items from period to period. However we 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 into euro. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-IFRS revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items and changes in revenue, operating income, net income attributable to shareholders of FMC- AG & Co. KGaA and other items prepared in accordance with IFRS. 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, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items prepared in accordance with IFRS. We present the growth rate derived from IFRS measures next to the growth rate derived from non-IFRS measures such as revenue, operating income, net income attributable to shareholders of FMC-AG & Co. KGaA and other items. As 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 March 31

 

 

 

 

 

 

 

 

 

Change

 

unaudited

 

2018

 

2017

 

Change

 

at cc

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Revenue in € million

 

2,259

 

2,684

 

-15.8

%

-2.8

%

Operating income (EBIT) in € million

 

349

 

527

 

-33.7

%

-24.4

%

Operating income margin in %

 

15.4

%

19.6

%

 

 

 

 

Delivered EBIT in € million

 

304

 

467

 

-34.9

%

-25.9

%

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Revenue in € million

 

515

 

691

 

-25.5

%

-14.0

%

Operating income (EBIT) in € million

 

13

 

(1

)

-1684.8

%

-1929.5

%

Operating income margin in %

 

2.6

%

-0.1

%

 

 

 

 

Delivered EBIT in € million

 

10

 

(8

)

-228.3

%

-248.1

%

 

Key metrics Care Coordination

 

 

 

Three months ended March 31

 

 

 

 

 

 

 

 

 

Change

 

unaudited

 

2018

 

2017

 

Change

 

at cc

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Member months under medical cost management(1)

 

165,672

 

141,950

 

16.7

%

 

 

Medical cost under management (in € million)(1)

 

1,186

 

1,004

 

18.1

%

36.3

%

Care Coordination patient encounters(1)

 

1,957,694

 

1,608,179

 

21.7

%

 

 

 


(1) The 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 BPCI and ESCO metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

 

Key metrics Dialysis Care Services

 

 

 

Three months ended March 31, 2018

 

 

 

 

 

Growth

 

 

 

 

 

Growth

 

 

 

Growth

 

unaudited

 

Clinics

 

in %

 

De novos

 

Patients

 

in %

 

Treatments

 

in %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

3,790

 

4

%

35

 

322,253

 

4

%

12,154,164

 

3

%

North America

 

2,419

 

4

%

24

 

197,339

 

4

%

7,473,764

 

3

%

EMEA

 

754

 

4

%

2

 

63,114

 

5

%

2,387,160

 

5

%

Asia-Pacific

 

385

 

2

%

9

 

30,194

 

2

%

1,060,114

 

2

%

Latin America

 

232

 

0

%

 

 

31,606

 

5

%

1,233,126

 

4

%

 

7



 

Quality data(1)

 

 

 

North America

 

EMEA

 

Latin America

 

Asia-Pacific

 

in % of patients

 

Q1 2018

 

Q1 2017

 

Q1 2018

 

Q1 2017

 

Q1 2018

 

Q1 2017

 

Q1 2018

 

Q1 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kt/v > 1.2

 

98

 

98

 

95

 

95

 

92

 

93

 

96

 

96

 

Hemoglobin = 10-12 g/dl

 

72

 

72

 

83

 

82

 

52

 

52

 

57

 

59

 

Calcium = 8.4-10.2 mg/dl

 

85

 

84

 

80

 

77

 

78

 

78

 

74

 

75

 

Albumin > 3.5 g/dl

 

79

 

78

 

88

 

88

 

90

 

90

 

89

 

87

 

Phosphate < 5.5 mg/dl

 

62

 

63

 

81

 

79

 

76

 

75

 

68

 

67

 

Patients without catheter (after 90 days)

 

82

 

83

 

80

 

81

 

80

 

81

 

87

 

89

 

in days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days in hospital per patient year

 

10.2

 

10.2

 

7.6

 

7.9

 

4.0

 

4.0

 

3.6

 

4.0

 

 


(1) Definitions cf. Annual Report 2017, Section “Non-Financial Group Report”

 

8



 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

 

 

 

Three months ended

 

 

 

March 31

 

in € million, unaudited

 

2018

 

2017

 

Delivered EBIT reconciliation

 

 

 

 

 

Total

 

 

 

 

 

Operating income (EBIT)

 

497

 

651

 

less noncontrolling interests

 

(51

)

(69

)

Delivered EBIT

 

446

 

582

 

 

 

 

 

 

 

North America

 

 

 

 

 

Operating income (EBIT)

 

362

 

526

 

less noncontrolling interests

 

(48

)

(67

)

Delivered EBIT

 

314

 

459

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

Operating income (EBIT)

 

349

 

527

 

less noncontrolling interests

 

(45

)

(60

)

Delivered EBIT

 

304

 

467

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

Operating income (EBIT)

 

13

 

(1

)

less noncontrolling interests

 

(3

)

(7

)

Delivered EBIT

 

10

 

(8

)

 

 

 

 

 

 

EMEA

 

 

 

 

 

Operating income (EBIT)

 

109

 

114

 

less noncontrolling interests

 

(1

)

0

 

Delivered EBIT

 

108

 

114

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

Operating income (EBIT)

 

74

 

82

 

less noncontrolling interests

 

(2

)

(2

)

Delivered EBIT

 

72

 

80

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

Operating income (EBIT)

 

68

 

79

 

less noncontrolling interests

 

(2

)

(2

)

Delivered EBIT

 

66

 

77

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

Operating income (EBIT)

 

6

 

3

 

less noncontrolling interests

 

0

 

0

 

Delivered EBIT

 

6

 

3

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

Operating income (EBIT)

 

14

 

14

 

less noncontrolling interests

 

0

 

0

 

Delivered EBIT

 

14

 

14

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

Operating income (EBIT)

 

(62

)

(85

)

less noncontrolling interests

 

0

 

0

 

Delivered EBIT

 

(62

)

(85

)

 

 

 

 

 

 

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

 

 

 

 

 

Total EBITDA

 

672

 

841

 

Interest expense, net

 

(80

)

(92

)

Income tax expense

 

(87

)

(182

)

Change in working capital and other non-cash items

 

(550

)

(397

)

Net cash provided by operating activities

 

(45

)

170

 

 


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

 

9



 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

 

 

 

Three months ended

 

 

 

March 31

 

in € million, unaudited

 

2018

 

2017

 

 

 

 

 

 

 

Operating performance excluding special items

 

 

 

 

 

Revenue

 

 

 

 

 

Total

 

 

 

 

 

Revenue

 

3,976

 

4,548

 

VA Agreement(1)

 

 

 

(100

)

Effect from IFRS 15 implementation

 

 

 

(139

)

Revenue adjusted and excluding special items

 

3,976

 

4,309

 

 

 

 

 

 

 

Health Care Sevices revenue

 

3,209

 

3,769

 

VA Agreement

 

 

 

(100

)

Effect from IFRS 15 implementation

 

 

 

(139

)

Health Care Services revenue adjusted and excluding special items

 

3,209

 

3,530

 

 

 

 

 

 

 

North America

 

 

 

 

 

Revenue

 

2,774

 

3,375

 

VA Agreement

 

 

 

(100

)

Effect from IFRS 15 implementation

 

 

 

(139

)

Revenue adjusted and excluding special items

 

2,774

 

3,136

 

 

 

 

 

 

 

Health Care Sevices revenue

 

2,590

 

3,165

 

VA Agreement

 

 

 

(100

)

Effect from IFRS 15 implementation

 

 

 

(139

)

Health Care Services revenue adjusted and excluding special items

 

2,590

 

2,926

 

 

 

 

 

 

 

Dialysis Care Services revenue

 

2,075

 

2,474

 

VA Agreement

 

 

 

(100

)

Effect from IFRS 15 implementation

 

 

 

(88

)

Dialysis Care Services revenue adjusted and excluding special items

 

2,075

 

2,286

 

 

 

 

 

 

 

Care Coordination revenue

 

515

 

691

 

Effect from IFRS 15 implementation

 

 

 

(51

)

Care Coordination revenue adjusted

 

515

 

640

 

 

 

 

 

 

 

Operating income (EBIT)

 

 

 

 

 

Total

 

 

 

 

 

Operating income (EBIT)

 

497

 

651

 

VA Agreement

 

 

 

(99

)

Initial Sound Valuation Impact (2)

 

13

 

 

 

Operating income (EBIT) adjusted and excluding special items

 

510

 

552

 

 

 

 

 

 

 

North America

 

 

 

 

 

Operating income (EBIT)

 

362

 

526

 

VA Agreement

 

 

 

(99

)

Initial Sound Valuation Impact

 

13

 

 

 

Operating income (EBIT) adjusted and excluding special items

 

375

 

427

 

 

 

 

 

 

 

Dialysis operating income (EBIT)

 

349

 

527

 

VA Agreement

 

 

 

(99

)

Dialysis operating income (EBIT) excluding special items

 

349

 

428

 

 

 

 

 

 

 

Care Coordination operating income (EBIT)

 

13

 

(1

)

Initial Sound Valuation Impact

 

13

 

 

 

Care Coordination operating income (EBIT) adjusted

 

26

 

(1

)

 

 

 

 

 

 

Net income (3)

 

279

 

308

 

VA Agreement

 

 

 

(59

)

U.S. Tax Reform(4)

 

(48

)

 

 

Initial Sound Valuation Impact

 

13

 

 

 

Net income(3) adjusted and excluding special items

 

244

 

249

 

 


(1) VA Agreement: Agreement with the United States Departments of Veterans Affairs and Justice

(2) Initial increase in valuation of Sound Pysicians`share based payment program caused by sale of Sound Physicians

(3) Attributable to shareholders of FMC AG & Co. KGaA

(4) U.S. Tax Reform: impacts from U.S. tax reform

 

10