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MarketScreener Homepage  >  Equities  >  Xetra  >  Fresenius Medical Care AG & Co. KGaA    FME   DE0005785802

FRESENIUS MEDICAL CARE AG & CO. KGAA

(FME)
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Fresenius Medical Care : COMPLETE OVERVIEW OF THE RESULTS FOR THE FOURTH QUARTER February 20, 2020

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02/19/2020 | 06:52pm EDT

Fresenius Medical Care AG & Co. KGaA

COMPLETE OVERVIEW OF THE RESULTS FOR THE FOURTH QUARTER

AND FULL YEAR 2019

February 20, 2020

Investor Relations

phone: +49 6172 609 2525

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 adjusted results

page 10

Outlook 2020

page 11

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 of 11

February 20, 2020

Statement of earnings

in € million, except share data

Three months ended December 31

2019

2018

Change

Change

at cc

Health Care Services

3,607

3,413

5.7%

3.5%

Health Care Products

973

887

9.6%

8.1%

Total revenue

4,580

4,300

6.5%

4.4%

Costs of revenue

3,126

2,920

7.1%

5.1%

Gross profit

1,454

1,380

5.3%

3.0%

Selling, general and administrative

815

733

10.9%

8.1%

(Gain) loss related to divestitures of Care Coordination activities

(15)

21

n.a.

n.a.

Research and development

49

34

44.9%

42.7%

Income from equity method investees

(11)

(21)

(49.3%)

(49.6%)

Operating income

616

613

0.5%

(2.1%)

Operating income margin in %

13.5%

14.3%

Interest income

(15)

(116)

(87.2%)

(86.9%)

Interest expense

117

174

(32.5%)

(33.6%)

Interest expense, net

102

58

78.3%

74.4%

Income before taxes

514

555

(7.5%)

(10.0%)

Income tax expense

109

63

72.5%

68.3%

Net income

405

492

(17.8%)

(20.0%)

Net income attributable to noncontrolling interests

62

67

(8.0%)

(10.9%)

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

343

425

(19.4%)

(21.5%)

Operating income

616

613

0.5%

(2.1%)

Depreciation, amortization and impairment loss

435

256

70.0%

65.8%

EBITDA

1,051

869

21.0%

17.9%

EBITDA margin in %

22.9%

20.2%

Weighted average number of shares

299,304,206

306,858,573

Basic earnings per share

€1.14

€1.38

(17.3%)

(19.5%)

Basic earnings per ADS

€0.57

€0.69

(17.3%)

(19.5%)

Twelve months ended December 31

2019

2018

Change

Change

at cc

13,872

13,264

4.6%

0.8%

3,605

3,283

9.8%

8.0%

17,477

16,547

5.6%

2.2%

12,081

11,392

6.0%

2.7%

5,396

5,155

4.7%

1.1%

3,061

2,885

6.1%

2.9%

(29)

(809)

(96.4%)

(96.6%)

168

114

47.3%

44.0%

(74)

(73)

0.5%

0.1%

2,270

3,038

(25.3%)

(28.2%)

13.0%

18.4%

(62)

(147)

(58.2%)

(58.5%)

491

448

9.5%

5.8%

429

301

42.6%

37.4%

1,841

2,737

(32.8%)

(35.5%)

402

511

(21.4%)

(24.4%)

1,439

2,226

(35.4%)

(38.0%)

239

244

(2.0%)

(6.9%)

1,200

1,982

(39.5%)

(41.8%)

2,270

3,038

(25.3%)

(28.2%)

1,593

789

101.8%

94.4%

3,863

3,827

0.9%

-2.9%

22.1%

23.1%

302,691,397

306,541,706

€3.96

€6.47

(38.7%)

(41.1%)

€1.98

€3.23

(38.7%)

(41.1%)

Statement of earnings

page 2 of 11

February 20, 2020

Segment information

Three months ended December 31

Twelve months ended December 31

2019

2018

Change

Change

2019

2018

Change

Change

at cc

at cc

Total

Revenue in € million

4,580

4,300

6.5%

4.4%

17,477

16,547

5.6%

2.2%

Operating income in € million

616

613

0.5%

(2.1%)

2,270

3,038

(25.3%)

(28.2%)

Operating income margin in %

13.5%

14.3%

13.0%

18.4%

Delivered Operating Income in € million

554

546

1.6%

(1.0%)

2,031

2,794

(27.3%)

(30.1%)

Days sales outstanding (DSO)

73

75

Employees (full-time equivalents)

120,659

112,658

North America

Revenue in € million

3,174

2,981

6.5%

3.1%

12,195

11,570

5.4%

(0.1%)

Operating income in € million

515

492

4.8%

1.6%

1,794

2,665

(32.7%)

(35.8%)

Operating income margin in %

16.2%

16.5%

14.7%

23.0%

Delivered Operating Income in € million

456

428

6.5%

3.3%

1,569

2,434

(35.6%)

(38.5%)

Days sales outstanding (DSO)

58

60

U.S.

Revenue per dialysis treatment in US$

349

358

(2.7%)

n.a.

352

354

(0.5%)

n.a.

Cost per dialysis treatment in US$ 1

292

288

1.6%

n.a.

296

289

2.3%

n.a.

EMEA

Revenue in € million

709

679

4.5%

3.7%

2,693

2,587

4.1%

4.2%

Operating income in € million

114

97

16.9%

17.3%

448

399

12.4%

12.7%

Operating income margin in %

16.1%

14.4%

16.6%

15.4%

Delivered Operating Income in € million

113

97

17.6%

18.0%

443

395

12.3%

12.6%

Days sales outstanding (DSO)

96

98

Asia-Pacific

Revenue in € million

499

454

9.8%

6.6%

1,859

1,689

10.0%

7.1%

Operating income in € million

75

86

(12.9%)

(14.4%)

329

304

8.2%

5.8%

Operating income margin in %

15.0%

18.8%

17.7%

18.0%

Delivered Operating Income in € million

73

83

(12.4%)

(13.9%)

321

295

8.7%

6.4%

Days sales outstanding (DSO)

113

116

Latin America

Revenue in € million

193

182

6.3%

23.6%

709

686

3.3%

20.9%

Operating income in € million

15

5

189.1%

200.6%

43

29

47.4%

35.2%

Operating income margin in %

7.6%

2.8%

6.0%

4.2%

Delivered Operating Income in € million

15

5

194.1%

205.8%

42

29

47.3%

35.0%

Days sales outstanding (DSO)

127

119

Corporate

Revenue in € million

5

4

31.5%

31.4%

21

15

36.7%

36.5%

Operating income in € million

(103)

(67)

52.8%

52.3%

(344)

(359)

(4.1%)

(5.0%)

Delivered Operating Income in € million

(103)

(67)

52.9%

52.4%

(344)

(359)

(4.1%)

(4.9%)

  • 2019 excluding the effects from the implementation of IFRS 16.

Segment information

page 3 of 11

February 20, 2020

Balance sheet

in € million, except net leverage ratio

December 31

December 31

December 31

2019

2019

2018

Assets

Current assets

7,165

7,847

Goodwill and intangible assets

15,444

12,891

Right of use assets

4,325

-

Other non-current assets

6,001

5,504

Total assets

32,935

26,242

Liabilities and equity

Current liabilities

7,007

6,268

Non-current liabilities

12,701

7,072

Total equity

13,227

12,902

Total liabilities and equity

32,935

26,242

Equity/assets ratio

40%

49%

excluding IFRS 16

implementation

Debt and lease liabilities

Short-term debt

1,150

1,150

1,205

Short-term debt from related parties

22

22

189

Current portion of long-term debt

1,447

1,435

1,107

Current portion of long-term lease liabilities

622

-

-

Current portion of long-term lease liabilities from related parties

17

-

-

Long-term debt, less current portion

6,458

6,378

5,045

Long-term lease liabilities, less current portion

3,960

-

-

Long-term lease liabilities from related parties, less current portion

106

-

-

Total debt and lease liabilities

13,782

8,985

7,546

Minus: Cash and cash equivalents

(1,008)

(1,008)

(2,146)

Total net debt and lease liabilities

12,774

7,977

5,400

Reconciliation of adjusted EBITDA and net leverage ratio to the

most directly comparable IFRS financial measures

Net income

1,439

1,509

2,226

Income tax expense

402

429

511

Interest income

(62)

(62)

(147)

Interest expense

491

319

448

Depreciation and amortization

1,553

854

725

Adjustments 1

110

110

(722)

Adjusted EBITDA

3,933

3,159

3,041

Net leverage ratio

3.2

2.5

1.8

1 Acquisitions and divestitures made within the reporting period with a purchase price above a €50 M threshold as defined in the Amended 2012 Credit Agreement (2019: -€71 M; 2018: -€23 M), non-cash charges, primarily related to pension expense (2019: €46 M; 2018: €45 M), impairment loss (2019: €40 M; 2018: €65 M), (gain) loss related to divestitures of Care Coordination activities with a sales price above €50 M (2018: -€809 M) and NxStage related transaction costs (2019: €95 M).

Balance sheet

page 4 of 11

February 20, 2020

Cash flow statement

in € million

Operating activities

Net income

Depreciation / amortization / impairment loss Change in working capital and other non-cash items Net cash provided by (used in) operating activities In percent of revenue

Three months ended

Twelve months ended

December 31

December 31

2019

2018

2019

2018

405

492

1,439

2,226

435

256

1,593

789

(69)

(50)

(465)

(953)

771

698

2,567

2,062

16.8%

16.2%

14.7%

12.5%

Investing activities

Purchases of property, plant and equipment

(337)

(325)

(1,125)

(1,057)

Proceeds from sale of property, plant and equipment

0

24

12

54

Capital expenditures, net

(337)

(301)

(1,113)

(1,003)

Free cash flow

434

397

1,454

1,059

In percent of revenue

9.5%

9.2%

8.3%

6.4%

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

intangible assets

(208)

(117)

(2,233)

(925)

Proceeds from divestitures

4

16

60

1,683

Acquisitions and investments, net of divestitures

(204)

(101)

(2,173)

758

Free cash flow after investing activities

230

296

(719)

1,817

Cash flow

page 5 of 11

February 20, 2020

Revenue development

Same

in € million

market

Change

Organic

treatment

2019

2018

Change

at cc

growth

growth1

Three months ended December 31

Total revenue

4,580

4,300

6.5%

4.4%

5.2%

Health Care Services

3,607

3,413

5.7%

3.5%

5.4%

3.4%

Thereof Dialysis Care revenue

3,214

3,062

5.0%

2.9%

5.1%

3.4%

Thereof Care Coordination revenue

393

351

11.9%

8.3%

8.2%

Health Care Products

973

887

9.6%

8.1%

4.5%

North America

3,174

2,981

6.5%

3.1%

4.5%

Health Care Services

2,893

2,746

5.3%

2.0%

4.6%

3.4%2

Thereof Dialysis Care revenue

2,568

2,455

4.6%

1.3%

4.2%

3.4%2

Thereof Care Coordination revenue

325

291

11.5%

7.8%

8.5%

Health Care Products

281

235

19.7%

15.8%

3.7%

EMEA

709

679

4.5%

3.7%

3.5%

Health Care Services

352

331

6.4%

5.4%

5.2%

2.7%

Health Care Products

357

348

2.7%

2.1%

2.0%

Thereof Dialysis Products

337

330

2.3%

1.7%

1.5%

Thereof Non-Dialysis Products

20

18

9.3%

9.3%

9.3%

Asia-Pacific

499

454

9.8%

6.6%

6.3%

Health Care Services

230

207

11.2%

6.8%

6.4%

7.3%

Thereof Dialysis Care revenue

162

147

10.3%

5.3%

6.2%

7.3%

Thereof Care Coordination revenue

68

60

13.4%

10.5%

6.7%

Health Care Products

269

247

8.6%

6.4%

6.3%

Latin America

193

182

6.3%

23.6%

19.0%

Health Care Services

132

129

3.1%

25.1%

20.7%

3.6%

Health Care Products

61

53

14.0%

19.9%

15.0%

Corporate

5

4

31.5%

31.4%

Twelve months ended December 31

Total revenue

17,477

16,547

5.6%

2.2%

5.2%

Health Care Services

13,872

13,264

4.6%

0.8%

5.2%

3.5%

Thereof Dialysis Care revenue

12,447

11,420

9.0%

5.2%

5.7%

3.5%

Thereof Care Coordination revenue

1,425

1,844

(22.7%)

(26.3%)

0.4%

Health Care Products

3,605

3,283

9.8%

8.0%

5.1%

North America

12,195

11,570

5.4%

(0.1%)

4.4%

Health Care Services

11,157

10,725

4.0%

(1.4%)

4.3%

3.7%2

Thereof Dialysis Care revenue

9,973

9,089

9.7%

4.0%

5.0%

3.7%2

Thereof Care Coordination revenue

1,184

1,636

(27.6%)

(31.4%)

(1.0%)

Health Care Products

1,038

845

22.9%

16.5%

5.8%

EMEA

2,693

2,587

4.1%

4.2%

3.8%

Health Care Services

1,354

1,274

6.3%

6.5%

5.6%

3.4%

Health Care Products

1,339

1,313

2.0%

2.0%

2.2%

Thereof Dialysis Products

1,263

1,239

2.0%

2.0%

2.2%

Thereof Non-Dialysis Products

76

74

2.8%

2.8%

2.8%

Asia-Pacific

1,859

1,689

10.0%

7.1%

7.0%

Health Care Services

862

776

11.1%

6.7%

6.3%

7.1%

Thereof Dialysis Care revenue

621

568

9.3%

4.3%

6.0%

7.1%

Thereof Care Coordination revenue

241

208

15.9%

13.3%

7.2%

Health Care Products

997

913

9.1%

7.5%

7.5%

Latin America

709

686

3.3%

20.9%

17.3%

Health Care Services

499

489

2.0%

24.6%

20.5%

2.4%

Health Care Products

210

197

6.5%

11.6%

9.6%

Corporate

21

15

36.7%

36.5%

  • same market treatment growth = organic growth less price effects
  • U.S. (excl. Mexico), same market treatment growth North America: 3.0% for the three months and 3.3% for the twelve months ended December 31, 2019

Revenue development

page 6 of 11

February 20, 2020

Key metrics North America segment

Three months ended December 31

Twelve months ended December 31

2019

2018

Change

Change

2019

2018

Change

Change

at cc

at cc

Dialysis

Revenue in € million

2,849

2,690

5.9%

2.5%

11,011

9,934

10.8%

5.1%

Operating income in € million

476

498

(4.3%)

(7.2%)

1,737

1,752

(0.9%)

(5.5%)

Operating income margin in %

16.7%

18.5%

15.8%

17.6%

Delivered Operating Income in € million

424

437

(2.9%)

(5.8%)

1,532

1,540

(0.6%)

(5.1%)

Care Coordination

Revenue in € million

325

291

11.5%

7.8%

1,184

1,636

(27.6%)

(31.4%)

Operating income in € million

39

(6)

n.a.

n.a.

57

913

(93.7%)

(94.0%)

Operating income margin in %

12.1%

(2.0%)

4.8%

55.8%

Delivered Operating Income in € million

32

(9)

n.a.

n.a.

37

894

(95.9%)

(96.1%)

Key metrics Dialysis Care Services

Twelve months ended December 31, 2019

Clinics

Growth

De novos

Patients

Growth

Treatments

Growth

in %

in %

in %

Total

3,994

2%

123

345,096

4%

52,148,107

4%

North America

2,579

2%

74

211,064

3%

32,138,448

4%

EMEA

781

1%

23

66,217

2%

10,042,109

3%

Asia-Pacific

400

2%

23

33,005

5%

4,579,220

5%

Latin America

234

2%

3

34,810

6%

5,388,330

6%

Key metrics Care Coordination

Twelve months ended December 31

2019

2018

Change

Change

at cc

North America

Member months under medical cost management1

645,273

639,329

0.9%

Medical cost under management (in € million)1

4,226

4,196

0.7%

(4.5%)

Care Coordination patient encounters1

1,004,250

4,407,598

(77.2%)

  • Data presented for the ESCO metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

Key metrics

page 7 of 11

February 20, 2020

Quality data1

in % of patients

North America

EMEA

Latin America

Asia-Pacific

Q4 2019

Q4 2018

Q4 2019

Q4 2018

Q4 2019

Q4 2018

Q4 2019

Q4 2018

Kt/v ≥ 1.2

97

97

94

95

91

91

95

96

Hemoglobin = 10-12 g/dl

71

72

82

82

50

53

56

58

Calcium = 8.4-10.2 mg/dl

81

86

79

81

76

75

74

74

Albumin ≥ 3.5 g/dl1)

81

81

89

90

91

90

87

89

Phosphate ≤ 5.5 mg/dl

60

62

80

81

76

75

63

67

Patients without catheter

(after 90 days)

81

83

78

79

79

80

83

86

in days

Days in hospital per patient year

10.3

10.8

7.5

7.8

4.3

4.2

2.6

3.3

  • Definitions cf. Annual Report 2018, Section"Non-Financial Group Report"

Quality data

page 8 of 11

February 20, 2020

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

in € million

Three months ended

Twelve months ended

December 31

December 31

2019

2018

2019

2018

Delivered Operating Income reconciliation

Total

Operating income

616

613

2,270

3,038

less noncontrolling interests

(62)

(67)

(239)

(244)

Delivered Operating Income

554

546

2,031

2,794

North America

Operating income

515

492

1,794

2,665

less noncontrolling interests

(59)

(64)

(225)

(231)

Delivered Operating Income

456

428

1,569

2,434

Dialysis

Operating income

476

498

1,737

1,752

less noncontrolling interests

(52)

(61)

(205)

(212)

Delivered Operating Income

424

437

1,532

1,540

Care Coordination

Operating income

39

(6)

57

913

less noncontrolling interests

(7)

(3)

(20)

(19)

Delivered Operating Income

32

(9)

37

894

EMEA

Operating income

114

97

448

399

less noncontrolling interests

(1)

0

(5)

(4)

Delivered Operating Income

113

97

443

395

Asia-Pacific

Operating income

75

86

329

304

less noncontrolling interests

(2)

(3)

(8)

(9)

Delivered Operating Income

73

83

321

295

Dialysis

Operating income

65

73

300

270

less noncontrolling interests

(2)

(3)

(7)

(7)

Delivered Operating Income

63

70

293

263

Care Coordination

Operating income

10

13

29

34

less noncontrolling interests

0

0

(1)

(2)

Delivered Operating Income

10

13

28

32

Latin America

Operating income

15

5

43

29

less noncontrolling interests

0

0

(1)

0

Delivered Operating Income

15

5

42

29

Corporate

Operating income

(103)

(67)

(344)

(359)

less noncontrolling interests

0

0

0

0

Delivered Operating Income

(103)

(67)

(344)

(359)

Reconciliation

page 9 of 11

February 20, 2020

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

financial measures

in € million, except share data

(Gain) loss related

(Gain) loss related

Change

Cost

to divestitures of

Results

to divestitures of

FCPA

Results

Change

(adjusted

Results

IFRS 16

NxStage

NxStage optimization

Care Coordination

2019

Results

Sound H11

Care Coordination

related

2018

(adjusted

results)

2019

Implementation

operations

costs

costs

activities

adjusted

2018

activities

charge

adjusted

results)

at cc

Three months ended December 31

Total revenue

4,580

40

(74)

4,546

4,300

(6)

4,294

5.9%

3.8%

Health Care Services

3,607

(1)

3,606

3,413

(6)

3,407

5.9%

3.6%

Health Care Products

973

40

(73)

940

887

887

5.9%

4.5%

North America

3,174

40

(74)

3,140

2,981

(6)

2,975

5.5%

2.1%

Health Care Services

2,893

(1)

2,892

2,746

(6)

2,740

5.5%

2.1%

Thereof Dialysis Care

2,568

(1)

2,567

2,455

2,455

4.5%

1.2%

Thereof Care Coordination

325

325

291

(6)

285

13.8%

10.0%

Health Care Products

281

40

(73)

248

235

235

5.7%

2.1%

EBITDA

1,051

(191)

(25)

2

41

(15)

863

869

0

21

2

892

(3.2%)

(5.7%)

Total operating income

616

(8)

0

2

60

(15)

655

613

0

21

2

636

2.9%

0.1%

North America

515

(5)

1

2

54

(15)

552

492

0

21

513

7.7%

4.2%

Dialysis

476

(2)

1

2

54

531

498

498

6.6%

3.2%

Care Coordination

39

(3)

(15)

21

(6)

0

21

15

44.8%

37.2%

EMEA

114

(2)

2

114

97

97

17.3%

17.7%

Asia-Pacific

75

0

4

79

86

86

(7.9%)

(9.6%)

Dialysis

65

0

4

69

73

73

(4.6%)

(6.2%)

Care Coordination

10

0

10

13

13

(26.2%)

(28.6%)

Latin America

15

(1)

14

5

5

178.3%

188.9%

Corporate

(103)

0

(1)

0

(104)

(67)

2

(65)

62.0%

61.4%

Interest expense, net

102

(44)

(20)

38

58

58

(34.9%)

(35.9%)

Income tax expense

109

11

5

1

16

5

147

63

0

4

49

116

26.1%

22.7%

Net income attributable to

noncontrolling interests

62

62

67

0

67

(8.0%)

(10.9%)

Net income2

343

25

15

1

44

(20)

408

425

0

17

(47)

395

3.5%

0.5%

Basic earnings per share

€ 1.14

€ 0.08

€ 0.05

€ 0.01

€ 0.15

(€ 0.07)

€ 1.36

€ 1.38

€ 0.00

€ 0.06

(€ 0.15)

€ 1.29

6.1%

3.0%

Twelve months ended December 31

17,477

Total revenue

115

(263)

17,329

16,547

(521)

16,026

8.1%

4.7%

Health Care Services

13,872

(12)

13,860

13,264

(521)

12,743

8.8%

4.8%

Health Care Products

3,605

115

(251)

3,469

3,283

3,283

5.7%

4.1%

North America

12,195

115

(263)

12,047

11,570

(521)

11,049

9.0%

3.4%

Health Care Services

11,157

(12)

11,145

10,725

(521)

10,204

9.2%

3.5%

Thereof Dialysis Care

9,973

(12)

9,961

9,089

9,089

9.6%

3.9%

Thereof Care Coordination

1,184

1,184

1,636

(521)

1,115

6.2%

0.7%

Health Care Products

1,038

115

(251)

902

845

845

6.9%

1.3%

EBITDA

3,863

(774)

(57)

24

55

(29)

3,082

3,827

(23)

(809)

77

3,072

0.3%

(3.4%)

Total operating income

2,270

(75)

15

24

91

(29)

2,296

3,038

(14)

(809)

77

2,292

0.2%

(3.8%)

North America

1,794

(59)

19

24

83

(29)

1,832

2,665

(14)

(809)

1,842

(0.5%)

(5.2%)

Dialysis

1,737

(51)

19

24

83

1,812

1,752

1,752

3.4%

(1.4%)

Care Coordination

57

(8)

(29)

20

913

(14)

(809)

90

(77.6%)

(78.8%)

EMEA

448

(5)

4

447

399

399

12.2%

12.5%

Asia-Pacific

329

(4)

4

329

304

304

8.2%

5.7%

Dialysis

300

(3)

4

301

270

270

11.5%

8.8%

Care Coordination

29

(1)

28

34

34

(18.4%)

(19.1%)

Latin America

43

(3)

40

29

29

37.4%

24.2%

Corporate

(344)

(4)

(4)

0

(352)

(359)

77

(282)

25.0%

23.8%

Interest expense, net

429

(172)

(71)

186

301

(21)

280

(33.4%)

(35.5%)

Income tax expense

402

27

23

6

24

20

502

511

3

(136)

49

427

17.6%

13.0%

Net income attributable to

noncontrolling interests

239

239

244

0

244

(2.2%)

(7.1%)

Net income2

1,200

70

63

18

67

(49)

1,369

1,982

4

(673)

28

1,341

2.1%

(2.0%)

Basic earnings per share

€ 3.96

€ 0.23

€ 0.21

€ 0.06

€ 0.22

(€ 0.16)

€ 4.52

€ 6.47

€ 0.01

(€ 2.20)

€ 0.09

€ 4.37

3.4%

(0.7%)

  • Contribution of Sound Physicians
  • Attributable to shareholders ofFMC-AG & Co. KGaA

Reconciliation adjusted results

page 10 of 11

February 20, 2020

Outlook 2020

Revenue1

Operating income1

Delivered Operating Income1

Net income1,2

Basic earnings per share growth1,2at constant currency

Capital expenditures

Acquisitions and investments3

Net cash provided by (used in) operating activities in % of revenue

Free cash flow in % of revenue

Net leverage ratio

ROIC

Dividend per share4

Employees5

Research and development expenses

Outlook 2020

Results 2019

(at constant currency)

€17,477 M

mid to high single digit growth rate

€2,356 M

mid to high single digit growth rate

€2,117 M

mid to high single digit growth rate

€1,236 M

mid to high single digit growth rate

assessed based on expected

  • development of net income and shares
    outstanding

€1.1 BN

€1.1 - €1.3 BN

€2.2 BN

€0.5 - €0.7 BN

14.7%

> 12.5%

8.3%

> 5%

3.2

< 3.5

6.1%

≥ 6.0%

assessed based on expected

€1.20

development of net income and shares

outstanding

120,659

> 124,000

€168 M

€210 - €230 M

  • Outlook 2020 excl. special items. Special items are effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. Growth rates are based on the adjusted results 2019 including the effects of the operations of the NxStage acquisition and the IFRS 16 implementation.
  • Net income attributable to shareholders ofFMC-AG & Co. KGaA.
    3Excluding investments in debt securities.
    4Results 2019: proposal to be approved by the Annual General Meeting on May 19, 2020. 5Full-time equivalents.

Outlook

page 11 of 11

February 20, 2020

Disclaimer

FMC - Fresenius Medical Care AG & Co. KGaA published this content on 19 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 February 2020 22:50:04 UTC


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Financials (USD)
Sales 2020 21 506 M - -
Net income 2020 1 548 M - -
Net Debt 2020 14 274 M - -
P/E ratio 2020 14,6x
Yield 2020 1,83%
Capitalization 22 634 M 22 604 M -
EV / Sales 2020 1,72x
EV / Sales 2021 1,61x
Nbr of Employees 124 736
Free-Float 65,1%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 96,61 $
Last Close Price 77,29 $
Spread / Highest target 48,5%
Spread / Average Target 25,0%
Spread / Lowest Target -17,7%
EPS Revisions
Managers
NameTitle
Rice Powell Chairman-Management Board
Dieter Schenk Chairman-Supervisory Board
Helen Giza Chief Financial Officer
Olaf Schermeier CEO-Global Research & Development
Franklin W. Maddux Global Chief Medical Officer
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