EX-99.2 3 tm2211486d2_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

 

 

Fresenius Medical Care AG & Co. KGaA

 

COMPLETE OVERVIEW OF THE FIRST QUARTER 2022

 

May 4, 2022

 

 

Investor Relations

 

phone: +49 6172 609 2525

 

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 results excl. special items page 9
   
Outlook 2022 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 various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, 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

 

in € million, except share data, unaudited  Three months ended March 31 
   2022   2021   Change   Change at cc 
Health Care Services   3,607    3,325    8.5%   2.6%
Health Care Products   941    885    6.4%   3.3%
Total revenue   4,548    4,210    8.0%   2.7%
Costs of revenue   3,290    3,003    9.5%   4.1%
Gross profit   1,258    1,207    4.3%   -0.6%
Selling, general and administrative   870    712    22.4%   16.8%
Research and development   50    49    2.1%   -0.9%
Income from equity method investees   (10)   (28)   -62.2%   -62.0%
Operating income   348    474    -26.7%   -30.2%
Operating income margin   7.6%   11.3%          
Interest income   (14)   (15)   -7.5%   -7.2%
Interest expense   83    91    -8.9%   -13.1%
Interest expense, net   69    76    -9.2%   -14.3%
Income before taxes   279    398    -30.0%   -33.2%
Income tax expense   67    94    -28.9%   -31.7%
Net income   212    304    -30.4%   -33.7%
Net income attributable to noncontrolling interests   55    55    -1.7%   -8.4%
Net income attributable to shareholders of FMC-AG & Co. KGaA   157    249    -36.8%   -39.3%
Operating income   348    474    -26.7%   -30.2%
Depreciation, amortization and impairment loss   419    388    7.9%   2.5%
EBITDA   767    862    -11.1%   -15.5%
EBITDA margin   16.9%   20.5%          
Weighted average number of shares   293,007,109    292,878,085           
Basic earnings per share  €0.54   €0.85    -36.8%   -39.4%
Basic earnings per ADS  €0.27   €0.42    -36.8%   -39.4%

 

Statement of earnings  page 2 of 8       May 4, 2022

 

 

 

 

 

 

Segment information

  

unaudited  Three months ended March 31 
   2022   2021   Change   Change at cc 
Total                
Revenue in € million   4,548    4,210    8.0%   2.7%
Operating income in € million   348    474    -26.7%   -30.2%
Operating income margin   7.6%   11.3%          
Days sales outstanding (DSO)   69    60           
Employees (full-time equivalents)   122,635    124,995           
North America                    
Revenue in € million   3,171    2,899    9.4%   1.8%
Operating income in € million   304    399    -23.7%   -28.7%
Operating income margin   9.6%   13.7%          
Days sales outstanding (DSO)   58    43           
EMEA                    
Revenue in € million   674    670    0.7%   2.6%
Operating income in € million   61    80    -23.3%   -18.8%
Operating income margin   9.1%   11.9%          
Days sales outstanding (DSO)   84    85           
Asia-Pacific                    
Revenue in € million   507    471    7.6%   4.1%
Operating income in € million   99    85    15.9%   14.1%
Operating income margin   19.5%   18.1%          
Days sales outstanding (DSO)   95    102           
Latin America                    
Revenue in € million   183    159    15.4%   15.3%
Operating income in € million   11    7    67.7%   50.8%
Operating income margin   6.1%   4.2%          
Days sales outstanding (DSO)   126    128           
Corporate                    
Revenue in € million   13    11    12.0%   7.5%
Operating income in € million   (127)   (97)   32.7%   30.2%

 

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".

 

Segment information  page 3 of 8       May 4, 2022

 

 

 

 

 

Balance sheet

 

in € million, except for net leverage ratio, unaudited  March 31   December 31 
   2022   2021 
Assets          
Current assets   8,039    7,967 
Goodwill and intangible assets   16,109    15,821 
Right of use assets   4,274    4,316 
Other non-current assets   6,302    6,263 
Total assets   34,724    34,367 
Liabilities and equity          
Current liabilities   6,377    7,258 
Non-current liabilities   13,808    13,130 
Total equity   14,539    13,979 
Total liabilities and equity   34,724    34,367 
Equity/assets ratio   42%   41%
Debt and lease liabilities          
Short-term debt from unrelated parties   970    1,178 
Short-term debt from related parties   145    78 
Current portion of long-term debt   59    668 
Current portion of lease liabilities from unrelated parties   650    640 
Current portion of lease liabilities from related parties   22    21 
Long-term debt, less current portion   7,452    6,647 
Lease liabilities from unrelated parties, less current portion   3,951    3,990 
Lease liabilities from related parties, less current portion   94    98 
Total debt and lease liabilities   13,343    13,320 
Minus: Cash and cash equivalents   (1,173)   (1,482)
Total net debt and lease liabilities   12,170    11,838 
Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures          
Net income   1,127    1,219 
Income tax expense   326    353 
Interest income   (72)   (73)
Interest expense   345    353 
Depreciation and amortization   1,611    1,586 
Adjustments1   173    125 
Annualized adjusted EBITDA   3,510    3,563 
Net leverage ratio   3.5    3.3 

 

1 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2022: €9 M; 2021: €13 M), non-cash charges, primarily related to pension expense (2022: €50 M; 2021: €49 M), impairment loss (2022: €43 M; 2021: €38 M), as well as costs related to the FME25 Program (2022: € 50M; 2021: €25 M) and the impacts related to the War in Ukraine (2022: €21 M).

 

Balance sheet  page 4 of 8       May 4, 2022

 

 

 

 

 

Cash flow statement

 

in € million, unaudited  Three months ended March 31 
   2022   2021 
Operating activities          
Net income   212    304 
Depreciation / amortization / impairment loss   419    388 
Change in working capital and other non-cash items   (472)   (484)
Net cash provided by (used in) operating activities   159    208 
In percent of revenue   3.5%   4.9%
Investing activities          
Purchases of property, plant and equipment and capitalized development costs   (162)   (184)
Proceeds from sale of property, plant and equipment   2    5 
Capital expenditures, net   (160)   (179)
Free cash flow   (1)   29 
In percent of revenue   0.0%   0.7%
Acquisitions and investments, net of cash acquired, and purchases of intangible assests   (36)   (106)
Investments in debt securities   (43)   (11)
Proceeds from divestitures   14    2 
Proceeds from sale of debt securities   13    70 
Free cash flow after investing activities   (53)   (16)

 

Cash flow   page 5 of 8       May 4, 2022

 

 

 

 

 

Revenue development

 

                       Same 
                       market 
               Change   Organic   treatment 
in € million, unaudited  2022   2021   Change   at cc   growth   growth1 
                         
Three months ended March 31,                       
Total revenue   4,548    4,210    8.0%   2.7%   1.5%     
Health Care Services   3,607    3,325    8.5%   2.6%   1.1%   -1.4%
Health Care Products   941    885    6.4%   3.3%   3.2%     
North America   3,171    2,899    9.4%   1.8%   0.3%     
Health Care Services   2,889    2,643    9.3%   1.7%   0.0%   -2.1% 2 
Health Care Products   282    256    10.3%   2.7%   2.7%     
EMEA   674    670    0.7%   2.6%   2.0%     
Health Care Services   344    332    3.6%   5.0%   4.2%   -0.8%
Health Care Products   330    338    -2.2%   0.2%   -0.1%     
Asia-Pacific   507    471    7.6%   4.1%   3.6%     
Health Care Services   236    228    3.5%   2.2%   1.2%   1.6%
Health Care Products   271    243    11.5%   5.9%   5.9%     
Latin America   183    159    15.4%   15.3%   15.6%     
Health Care Services   130    115    13.2%   15.1%   15.5%   -1.8%
Health Care Products   53    44    21.0%   15.9%   15.9%     
Corporate   13    11    12.0%   7.5%          
Health Care Services   8    7    11.2%   4.2%          
Health Care Products   5    4    13.2%   13.1%          

 

1 Same market treatment growth = organic growth less price effects

2 U.S. (excl. Mexico), same market treatment growth North America: -2.0% for the three months ended March 31, 2022.

 

Revenue development  page 6 of 8       May 4, 2022

 

 

 

 

 

 

Key metrics Dialysis Care Services

 

unaudited  Three months ended March 31, 2022 
       Growth           Growth       Growth 
   Clinics   in %   De novos   Patients   in %   Treatments   in % 
Total   4,153    1%   9    343,493    0%   12,858,103    -1%
North America   2,692    1%   6    207,238    -1%   7,814,534    -1%
EMEA   819    1%   1    65,973    2%   2,437,934    0%
Asia-Pacific   393    -2%   2    33,523    1%   1,179,567    1%
Latin America   249    1%   -    36,759    0%   1,426,068    -3%

 

Key metrics  page 7 of 8       May 4, 2022

 

 

 

 

 

 

Quality data1

 

in % of patients  North America   EMEA   Latin America   Asia-Pacific 
   Q1 2022   Q1 2021   Q1 2022   Q1 2021   Q1 2022   Q1 2021   Q1 2022   Q1 2021 
Kt/V ≥ 1.2   97    97    93    93    92    91    95    93 
Hemoglobin = 10-12 g/dl   70    69    81    81    49    48    52    50 
Calcium = 8.4-10.2 mg/dl   84    81    79    78    74    74    72    71 
Albumin ≥ 3.5 g/dl   84    80    89    90    90    89    89    89 
Phosphate ≤ 5.5 mg/dl   57    58    78    79    77    76    63    63 
Patients without catheter (after 90 days)   78    79    76    77    77    78    79    81 
in days                                        
Days in hospital per patient year (global basis)   10.7    11.1    (Q1 2021)                          

 

1 Definitions cf. Annual Report 2021, Section "Non-Financial Group Report"

 

Quality data  page 8 of 8       May 4, 2022