EX-99.2 3 tm2310519d2_ex99-2.htm EXHIBIT 99.2
Exhibit 99.2

 

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Content: Statement of earnings page 2 Segment information page 3 Balance sheet page 4 Cash flow page 5 page 6 Key metrics page 7 page 8 Outlook 2023 page 9 Disclaimer Copyright by Fresenius Medical Care AG & Co. KGaA email: ir@fmc-ag.com phone: +49 6172 609 2525 Revenue development by segment Reconciliation results excl. special items 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. Fresenius Medical Care AG & Co. KGaA May 9, 2023 COMPLETE OVERVIEW OF THE FIRST QUARTER 2023 Investor Relations

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Statement of earnings in € million, except share data, unaudited 2023 2022 Change Change at cc Total revenue 4,704 4,548 3.4% 1.7% Costs of revenue 3,555 3,374 5.4% 3.6% Selling, general and administrative expenses 782 790 -1.0% -3.2% Research and development expenses 56 50 12.3% 10.3% Income from equity method investees (28) (10) 162.4% 161.5% Other operating income (117) (129) -8.8% 8.9% Other operating expense 195 125 55.1% 81.3% Operating income 261 348 -24.9% -27.8% Operating income excl. special items and PRF 1 354 390 -9.4% -12.7% Interest income (12) (14) -14.4% -6.5% Interest expense 95 83 13.8% 11.2% Interest expense, net 83 69 19.5% 14.8% Income before income taxes 178 279 -36.0% -38.4% Income tax expense 45 67 -33.3% -35.7% Net income 133 212 -36.8% -39.2% Net income attributable to noncontrolling interests 47 55 -12.8% -16.4% Net income attributable to shareholders of FMC AG & Co. KGaA 86 157 -45.1% -47.2% Net income attributable to shareholders of FMC AG & Co. KGaA excl. special items and PRF 1 154 197 -21.6% -24.2% Operating income 261 348 -24.9% -27.8% Depreciation, amortization and impairment loss 438 419 4.5% 1.8% EBITDA 699 767 -8.9% -11.6% Weighted average number of shares 293,413,449 293,007,109 Basic earnings per share €0.29 €0.54 -45.2% -47.2% Basic earnings per ADS €0.15 €0.27 -45.2% -47.2% In percent of revenue Operating income margin 5.5% 7.6% Operating income margin excl. special items and PRF 1 7.5% 8.6% EBITDA margin 14.9% 16.9% 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended March 31, Statement of earnings page 2 of 9 May 9, 2023

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Segment information unaudited 2023 2022 Change Change at cc Total Revenue in € million 4,704 4,548 3.4% 1.7% Operating income in € million 261 348 -24.9% -27.8% Operating income margin 5.5% 7.6% Operating income in € million excl. special items and PRF 1 354 390 -9.4% -12.7% Operating income margin excl. special items and PRF 1 7.5% 8.6% Days sales outstanding (DSO) 2 76 68 Employees (headcount) 125,231 130,177 Care Delivery segment Revenue in € million 3,756 3,647 3.0% 0.7% Operating income in € million 284 298 -4.4% -8.5% Operating income margin 7.6% 8.2% Operating income in € million excl. special items and PRF 1 302 310 -2.5% -6.4% Operating income margin excl. special items and PRF 1 8.0% 8.5% Days sales outstanding (DSO) 2 71 60 Care Enablement segment Revenue in € million 1,311 1,267 3.4% 3.4% Operating income in € million (24) 69 n.a. n.a. Operating income margin -1.9% 5.5% Operating income in € million excl. special items and PRF 1 69 96 -28.6% -31.9% Operating income margin excl. special items and PRF 1 5.2% 7.6% Days sales outstanding (DSO) 2 92 100 Inter-segment eliminations 3 Revenue in € million (363) (366) -1.2% -2.3% Operating income in € million (9) (9) 6.9% 1.3% Corporate Operating income in € million 10 (10) n.a n.a Operating income in € million excl. special items and PRF 1 (8) (7) 13.7% -14.7% 2 2022 includes DSO as of December 31, 2022. 3 The Company transfers products between segments at fair market value. The associated internal revenues and expenses and any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are eliminated upon consolidation and are included within “Inter-segment eliminations”. 1 For a reconciliation of special items, please refer to the table on page 8. cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FMC AG & Co. KGaA include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS and at constant exchange rates to show changes in these metrics 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". Three months ended March 31, Segment information page 3 of 9 May 9, 2023

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Balance sheet in € million, except for net leverage ratio, unaudited March 31, December 31, 2023 2022 Assets Current assets 8,562 8,203 Goodwill and intangible assets 16,895 17,310 Right-of-use assets 4,052 4,187 Other non-current assets 5,992 6,054 Total assets 35,501 35,754 Liabilities and equity Current liabilities 6,492 6,467 Non-current liabilities 13,782 13,838 Total equity 15,227 15,449 Total liabilities and equity 35,501 35,754 Equity/assets ratio 43% 43% Debt and lease liabilities Short-term debt from unrelated parties 700 665 Short-term debt from related parties 13 4 Current portion of long-term debt 697 694 Current portion of lease liabilities from unrelated parties 633 650 Current portion of lease liabilities from related parties 25 24 Long-term debt, less current portion 7,328 7,171 Lease liabilities from unrelated parties, less current portion 3,741 3,875 Lease liabilities from related parties, less current portion 129 130 Total debt and lease liabilities 13,266 13,213 Minus: Cash and cash equivalents (1,224) (1,274) Total net debt and lease liabilities 12,042 11,939 Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures Net income 816 895 Income tax expense 303 325 Interest income (66) (68) Interest expense 372 360 Depreciation and amortization 1,716 1,718 Adjustments1 358 320 Annualized adjusted EBITDA 3,499 3,550 Net leverage ratio 3.4 3.4 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 (2023: -€17 M; 2022: -€22 M), non-cash charges, primarily related to pension expense (2023: €53 M; 2022: €54 M), impairment loss (2023: €141 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2023: €150 M; 2022: €155 M), Legal Form Conversion Costs (2023: €2 M), Legacy Portfolio Optimization (2023: €60 M), Net Gain Related to InterWell Health (2023: -€114 M; 2022: -€114 M), Humacyte Investment Remeasurement (2023: €80 M; 2022: €103 M), Hyperinflation in Turkiye (2023: €5 M; 2022: €5 M) and the Impacts Related to the War in Ukraine (2023: -€2 M; 2022: €19 M). Balance sheet page 4 of 9 May 9, 2023

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Cash flow statement in € million, unaudited 2023 2022 Operating activities Net income 133 212 Depreciation, amortization and impairment loss 438 419 Change in working capital and other non-cash items (428) (472) Net cash provided by (used in) operating activities 143 159 In percent of revenue 3.0% 3.5% Investing activities Purchases of property, plant and equipment and capitalized development costs (142) (162) Proceeds from sale of property, plant and equipment 1 2 Capital expenditures, net (141) (160) Free cash flow 2 (1) In percent of revenue 0.0% 0.0% Acquisitions and investments, net of cash acquired, and purchases of intangible assets (4) (36) Investments in debt securities (45) (43) Proceeds from divestitures 12 14 Proceeds from sale of debt securities 15 13 Free cash flow after investing activities (20) (53) Three months ended March 31, Cash flow page 5 of 9 May 9, 2023

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in € million, unaudited 2023 2022 Change Change at cc Organic growth Same market treatment growth1 Three months ended March 31, Total revenue 4,704 4,548 3.4% 1.7% 2.4% Care Delivery segment 3,756 3,647 3.0% 0.7% 1.5% 0.0% Thereof: U.S. 3,003 2,930 2.5% -2.0% -1.1% -0.3% Thereof: International 753 717 4.9% 11.8% 12.2% 0.5% Care Enablement segment 1,311 1,267 3.4% 3.4% 3.4% Inter-segment eliminations (363) (366) -1.2% -2.3% in € million, unaudited Care Delivery segment Care Enablement segment Inter-segment eliminations Total Three months ended March 31, 2023 Health care services revenue 3,713 — — 3,713 Health care products revenue 43 948 — 991 Inter-segment revenue — 363 (363) — Revenue 3,756 1,311 (363) 4,704 Three months ended March 31, 2022 Health care services revenue 3,607 — — 3,607 Health care products revenue 40 901 — 941 Inter-segment revenue — 366 (366) — Revenue 3,647 1,267 (366) 4,548 Reconciliation of health care services and health care products revenue to new segments 1 Same market treatment growth = organic growth less price effects Revenue development by segment Revenue development by segment page 6 of 9 May 9, 2023

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unaudited Clinics Growth in % yoy Net change in clinics 1 Patients Growth in % yoy Treatments Growth in % yoy Total 4,060 -2% (56) 343,067 0% 12,843,574 0% Thereof: U.S. 2,636 -2% (35) 206,197 1% 7,709,803 0% Thereof: International 1,424 -3% (21) 136,870 -1% 5,133,771 -1% yoy = year-on-year Key metrics Care Delivery segment Three months ended March 31, 2023 1 Net change in clinics (acquired, de novo, combined, closed and sold) in comparison to December 31, 2022. Key metrics page 7 of 9 May 9, 2023

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in € million, except share data, unaudited Results 2023 FME25 Program Legal Form Conversion Costs Legacy Portfolio Optimiza-tion 1 Humacyte Investment Remeasure-ment Sum of special items Results 2023 excl.special items Results 2022 FME25 Program Humacyte Investment Remeasure-ment Ukraine War2 Provider Relief Funding (PRF) Sum of special items and PRF Results 2022 excl. special items and PRF Change Change at cc Three months ended March 31, Total revenue 4,704 — 4,704 4,548 — 4,548 3.4% 1.7% EBITDA 699 22 2 60 (19) 65 764 767 28 3 21 (16) 36 803 -4.9% -7.7% Total operating income 261 26 2 84 (19) 93 354 348 33 3 22 (16) 42 390 -9.4% -12.7% Care Delivery segment 284 17 — 1 — 18 302 298 20 — 8 (16) 12 310 -2.5% -6.4% Care Enablement segment (24) 10 — 83 — 93 69 69 13 — 14 — 27 96 -28.6% -31.9% Inter-segment eliminations (9) — — — — — (9) (9) ———— — (9) 6.9% 1.3% Corporate 10 (1) 2 — (19) (18) (8) (10) — 3 — — 3 (7) 13.7% -14.7% Interest expense, net 83 — 83 69 — 69 19.5% 14.8% Income tax expense 45 6 1 23 (5) 25 70 67 9 0 3 (4) 8 75 -8.3% -11.6% Net income attributable to noncontrolling interests 47 — 47 55 ——— (6) (6) 49 -3.1% -7.1% Net income3 86 20 1 61 (14) 68 154 157 24 3 19 (6) 40 197 -21.6% -24.2% Basic earnings per share €0.29 €0.07 €0.00 €0.21 €(0.04) €0.24 €0.53 €0.54 €0.08 €0.01 €0.06 €(0.02) €0.13 €0.67 -21.7% -24.3% 1 Costs mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in Q1 2023. 3 Attributable to shareholders of FMC AG & Co. KGaA 2 Bad debt expense in Russia and Ukraine and accruals for certain risks associated with allowances on inventories related to the Ukraine War. Special items Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparability with the Company's outlook Results excl. special items Special items and PRF Reconciliation results excl. special items page 8 of 9 May 9, 2023

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Outlook 2023 Spalte1 Results 2022 Outlook 2023 (at Constant Currency) Revenue1 €19,398 M low to mid-single digit percentage rate growth Operating income1 €1,540 M flat to high-single digit percentage rate decline 1 Outlook 2023 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2022 and excludes special items. Special items include further costs related to the FME25 program, Legal Form Conversion Costs, Legacy Portfolio Optimization, Humacyte Investment Remeasurement and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. The growth rates are based on the results 2022 excluding the costs related to the FME25 program (€204 M for operating income), Net Gain Related to InterWell Health (-€56 M for operating income), Humacyte Investment Remeasurement (€103 M for operating income), Hyperinflation in Turkiye (€5 M for operating income) and the Impacts Related to the War in Ukraine (€49 M for operating income). Additionally, the results 2022 were adjusted for the Provider Relief Funding (-€277 M for operating income). Outlook 2023 page 9 of 9 May 9, 2023