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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 : Financial tables

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05/06/2020 | 03:14am EDT

Fresenius Medical Care AG & Co. KGaA

COMPLETE OVERVIEW OF THE FIRST QUARTER 2020

May 6, 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

May 6, 2020

Statement of earnings

in € million, except share data, unaudited

Three months ended March 31

2020

2019

Change

Change

at cc

Health Care Services

3,595

3,317

8.4%

6.5%

Health Care Products

893

816

9.6%

9.3%

Total revenue

4,488

4,133

8.6%

7.1%

Costs of revenue

3,077

2,867

7.3%

6.0%

Gross profit

1,411

1,266

11.5%

9.5%

Selling, general and administrative

854

720

18.6%

16.9%

(Gain) loss related to divestitures of Care Coordination activities

(24)

-

n.a.

n.a.

Research and development

46

29

60.6%

58.3%

Income from equity method investees

(20)

(20)

1.9%

1.9%

Operating income

555

537

3.5%

1.1%

Operating income margin in %

12.4%

13.0%

Interest income

(9)

(28)

-68.7%

-68.3%

Interest expense

113

136

-16.8%

-18.0%

Interest expense, net

104

108

-3.4%

-4.9%

Income before taxes

451

429

5.2%

2.6%

Income tax expense

100

101

-0.4%

-2.8%

Net income

351

328

6.9%

4.3%

Net income attributable to noncontrolling interests

68

57

18.7%

15.2%

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

283

271

4.4%

2.0%

Operating income

555

537

3.5%

1.1%

Depreciation, amortization and impairment loss

401

362

10.6%

8.6%

EBITDA

956

899

6.3%

4.1%

EBITDA margin in %

21.3%

21.8%

Weighted average number of shares

297,842,343

306,659,364

Basic earnings per share

€0.95

€0.88

7.5%

5.0%

Basic earnings per ADS

€0.47

€0.44

7.5%

5.0%

Statement of earnings

page 2 of 11

May 6, 2020

Segment information

unaudited

Three months ended March 31

2020

2019

Change

Change

at cc

Total

Revenue in € million

4,488

4,133

8.6%

7.1%

Operating income in € million

555

537

3.5%

1.1%

Operating income margin in %

12.4%

13.0%

Delivered Operating Income in € million

487

480

1.7%

-0.6%

Days sales outstanding (DSO)

77

83

Employees (full-time equivalents)

121,403

118,308

North America

Revenue in € million

3,186

2,887

10.4%

7.2%

Operating income in € million

463

372

24.4%

21.1%

Operating income margin in %

14.5%

12.9%

Delivered Operating Income in € million

398

319

24.9%

21.6%

Days sales outstanding (DSO)

65

72

EMEA

Revenue in € million

679

653

4.0%

4.1%

Operating income in € million

101

138

-26.7%

-26.6%

Operating income margin in %

14.9%

21.1%

Delivered Operating Income in € million

100

136

-26.4%

-26.4%

Days sales outstanding (DSO)

98

96

Asia-Pacific

Revenue in € million

443

428

3.6%

2.6%

Operating income in € million

77

95

-18.9%

-19.5%

Operating income margin in %

17.3%

22.1%

Delivered Operating Income in € million

75

93

-19.0%

-19.5%

Days sales outstanding (DSO)

103

117

Latin America

Revenue in € million

168

161

4.1%

24.4%

Operating income in € million

7

11

-39.8%

-39.5%

Operating income margin in %

4.1%

7.1%

Delivered Operating Income in € million

7

11

-39.3%

-39.2%

Days sales outstanding (DSO)

133

120

Corporate

Revenue in € million

12

4

187.0%

182.0%

Operating income in € million

(93)

(79)

16.7%

16.2%

Delivered Operating Income in € million

(93)

(79)

16.8%

16.3%

Segment information

page 3 of 11

May 6, 2020

Balance sheet

in € million, except net leverage ratio, unaudited

March 31

December 31

2020

2019

Assets

Current assets

7,856

7,165

Goodwill and intangible assets

15,727

15,444

Right of use assets

4,401

4,325

Other non-current assets

6,088

6,001

Total assets

34,072

32,935

Liabilities and equity

Current liabilities

8,602

7,007

Non-current liabilities

12,200

12,701

Total equity

13,270

13,227

Total liabilities and equity

34,072

32,935

Equity/assets ratio

39%

40%

Debt and lease liabilities

Short-term debt

1,507

1,150

Short-term debt from related parties

521

22

Current portion of long-term debt

1,965

1,447

Current portion of long-term lease liabilities

630

622

Current portion of long-term lease liabilities from related parties

17

17

Long-term debt, less current portion

5,803

6,458

Long-term lease liabilities, less current portion

4,030

3,960

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

104

106

Total debt and lease liabilities

14,577

13,782

Minus: Cash and cash equivalents

(1,405)

(1,008)

Total net debt and lease liabilities

13,172

12,774

Reconciliation of annualized adjusted EBITDA and net leverage

ratio to the most directly comparable IFRS financial measures

Net income

1,461

1,439

Income tax expense

401

402

Interest income

(42)

(62)

Interest expense

468

491

Depreciation and amortization

1,590

1,553

Adjustments 1

93

110

Annualized adjusted EBITDA

3,971

3,933

Net leverage ratio

3.3

3.2

1 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Amended 2012 Credit Agreement (2020: €5 M; 2019: -€71 M), non-cash charges, primarily related to pension expense (2020: €46 M; 2019: €46 M), impairment loss (2020: €42 M; 2019: €40 M) and NxStage related transaction costs (2019: €95 M).

Balance sheet

page 4 of 11

May 6, 2020

Cash flow statement

Three months ended

in € million, unaudited

March 31

2020

2019

Operating activities

Net income

351

328

Depreciation / amortization / impairment loss

401

362

Change in working capital and other non-cash items

(168)

(614)

Net cash provided by (used in) operating activities

584

76

In percent of revenue

13.0%

1.8%

Investing activities

Purchases of property, plant and equipment

(282)

(201)

Proceeds from sale of property, plant and equipment

2

2

Capital expenditures, net

(280)

(199)

Free cash flow

304

(123)

In percent of revenue

6.8%

-3.0%

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

intangible assets

(38)

(1,829)

Proceeds from divestitures

6

11

Acquisitions and investments, net of divestitures

(32)

(1,818)

Free cash flow after investing activities

272

(1,941)

Cash flow

page 5 of 11

May 6, 2020

Revenue development

Same

in € million, unaudited

market

Change

Organic

treatment

2020

2019

Change

at cc

growth

growth1

Three months ended March 31

Total revenue

4,488

4,133

8.6%

7.1%

3.8%

Health Care Services

3,595

3,317

8.4%

6.5%

4.1%

3.4%

Thereof Dialysis Care revenue

3,198

2,957

8.1%

6.4%

3.6%

3.4%

Thereof Care Coordination revenue

397

360

10.1%

7.5%

9.0%

Health Care Products

893

816

9.6%

9.3%

2.3%

North America

3,186

2,887

10.4%

7.2%

3.2%

Health Care Services

2,908

2,680

8.5%

5.4%

3.0%

3.1%

Thereof Dialysis Care revenue

2,571

2,372

8.4%

5.2%

2.3%

3.1%

Thereof Care Coordination revenue

337

308

9.3%

6.1%

9.1%

Health Care Products

278

207

34.4%

30.5%

6.4%

EMEA

679

653

4.0%

4.1%

3.0%

Health Care Services

341

324

5.3%

5.6%

4.3%

2.4%

Health Care Products

338

329

2.7%

2.7%

1.7%

Thereof Dialysis Products

314

310

1.2%

1.1%

0.1%

Thereof Non-Dialysis Products

24

19

28.9%

28.8%

28.8%

Asia-Pacific

443

428

3.6%

2.6%

1.9%

Health Care Services

218

199

9.7%

7.6%

6.5%

5.9%

Thereof Dialysis Care revenue

158

147

7.8%

4.7%

5.7%

5.9%

Thereof Care Coordination revenue

60

52

15.0%

15.8%

8.5%

Health Care Products

225

229

-1.7%

-1.7%

-1.8%

Thereof Dialysis Products

220

229

-3.7%

-3.7%

-3.8%

Thereof Non-Dialysis Products

5

-

n.a.

n.a.

n.a.

Latin America

168

161

4.1%

24.4%

17.1%

Health Care Services

121

114

5.0%

28.5%

19.7%

4.9%

Health Care Products

47

47

1.8%

14.2%

10.5%

Corporate

12

4

187.0%

182.0%

Health Care Services

7

-

n.a.

n.a.

Health Care Products

5

4

16.9%

16.9%

1same market treatment growth = organic growth less price effects

Revenue development

page 6 of 11

May 6, 2020

Key metrics North America segment

Three months ended March 31

unaudited

2020

2019

Change

Change

at cc

Dialysis

Revenue in € million

2,849

2,579

10.5%

7.3%

Operating income in € million

416

332

25.2%

21.8%

Operating income margin in %

14.6%

12.9%

Delivered Operating Income in € million

359

285

26.1%

22.8%

Care Coordination

Revenue in € million

337

308

9.3%

6.1%

Operating income in € million

47

40

18.1%

14.8%

Operating income margin in %

14.0%

13.0%

Delivered Operating Income in € million

39

34

14.7%

11.5%

Key metrics Dialysis Care Services

Three months ended March 31, 2020

unaudited

Clinics

Growth

De novos

Patients

Growth

Treatments

Growth

in %

in %

in %

Total

4,002

1%

27

348,703

4%

13,179,096

5%

North America

2,597

1%

15

213,221

4%

8,096,332

5%

EMEA

786

1%

6

66,843

2%

2,511,370

1%

Asia-Pacific

376

-6%

5

31,337

-1%

1,145,897

4%

Latin America

243

5%

1

37,302

12%

1,425,497

11%

Key metrics Care Coordination

Three months ended March 31

unaudited

2020

2019

Change

Change

at cc

North America

Member months under medical cost management1

171,525

170,903

0.4%

Medical cost under management (in € million)1

1,116

1,071

4.2%

1.2%

Care Coordination patient encounters

207,241

272,353

-23.9%

1Data 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

May 6, 2020

Quality data1

in % of patients

North America

EMEA

Latin America

Asia-Pacific

Q1 2020

Q1 2019

Q1 2020

Q1 2019

Q1 2020

Q1 2019

Q1 2020

Q1 2019

Kt/V 1.2

97

97

94

95

96

97

98

99

Hemoglobin = 10-12 g/dl

70

70

82

82

50

49

55

56

Calcium = 8.4-10.2 mg/dl

80

85

79

79

75

77

74

74

Albumin ≥ 3.5 g/dl1)

80

81

89

89

90

91

88

90

Phosphate ≤ 5.5 mg/dl

59

60

80

80

76

76

63

66

Patients without catheter

(after 90 days)

81

83

78

79

79

80

83

85

in days

Days in hospital per patient year

10.2

11.1

7.5

7.8

4.2

4.3

2.3

3.0

1Definitions cf. Annual Report 2018, Section "Non-Financial Group Report"

Quality data

page 8 of 11

May 6, 2020

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

in € million, unaudited

Three months ended

March 31

2020

2019

Delivered Operating Income reconciliation

Total

Operating income

555

537

less noncontrolling interests

(68)

(57)

Delivered Operating Income

487

480

North America

Operating income

463

372

less noncontrolling interests

(65)

(53)

Delivered Operating Income

398

319

Dialysis

Operating income

416

332

less noncontrolling interests

(57)

(47)

Delivered Operating Income

359

285

Care Coordination

Operating income

47

40

less noncontrolling interests

(8)

(6)

Delivered Operating Income

39

34

EMEA

Operating income

101

138

less noncontrolling interests

(1)

(2)

Delivered Operating Income

100

136

Asia-Pacific

Operating income

77

95

less noncontrolling interests

(2)

(2)

Delivered Operating Income

75

93

Dialysis

Operating income

75

89

less noncontrolling interests

(2)

(2)

Delivered Operating Income

73

87

Care Coordination

Operating income

2

6

less noncontrolling interests

0

0

Delivered Operating Income

2

6

Latin America

Operating income

7

11

less noncontrolling interests

0

0

Delivered Operating Income

7

11

Corporate

Operating income

(93)

(79)

less noncontrolling interests

0

0

Delivered Operating Income

(93)

(79)

Reconciliation

page 9 of 11

May 6, 2020

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

in € million, except share data, unaudited

Change

Cost

Results

Change

(adjusted

Results

Results

NxStage optimization

2019

(adjusted

results)

2020

2019

costs

costs

adjusted

results)

at cc

Three months ended March 31

Total revenue

4,488

4,133

4,133

8.6%

7.1%

EBITDA

956

899

16

4

919

4.0%

1.9%

Total operating income

555

537

16

4

557

-0.3%

-2.5%

North America

463

372

16

4

392

18.1%

15.0%

Dialysis

416

332

16

4

352

18.2%

15.0%

Care Coordination

47

40

40

18.1%

14.8%

EMEA

101

138

138

-26.7%

-26.6%

Asia-Pacific

77

95

95

-18.9%

-19.5%

Dialysis

75

89

89

-15.9%

-16.8%

Care Coordination

2

6

6

-64.0%

-59.8%

Latin America

7

11

11

-39.8%

-39.5%

Corporate

(93)

(79)

(79)

16.9%

16.4%

Interest expense, net

104

108

108

-3.4%

-4.9%

Income tax expense

100

101

4

1

106

-5.3%

-7.6%

Net income attributable to

noncontrolling interests

68

57

57

18.7%

15.2%

Net income1

283

271

12

3

286

-1.0%

-3.3%

Basic earnings per share

€ 0.95

€ 0.88

€ 0.04

€ 0.01

€ 0.93

2.0%

-0.4%

1Attributable to shareholders of FMC-AG & Co. KGaA

Reconciliation adjusted results

page 10 of 11

May 6, 2020

Outlook 2020

Results 2019

Outlook 2020

(at Constant Currency)

Revenue1

€17,477

M

mid to high single digit growth rate

Operating income1

€2,356

M

mid to high single digit growth rate

Delivered Operating Income1

€2,117

M

mid to high single digit growth rate

Net income1,2

€1,236

M

mid to high single digit growth rate

Basic earnings per share growth1,2at Constant Currency

Capital expenditures

Acquisitions and investments3Net cash provided by (used in) operating activities in % of revenue Free cash flow in % of revenue Net leverage ratio

ROIC

Dividend per share4

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

Employees5

120,659

> 124,000

Research and development expenses

€168 M

€210 - €230 M

  1. Outlook 2020 excl. the impact from theCOVID-19 pandemic and 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 based on adjusted results 2019 including IFRS 16 implementation and NxStage operations.
  2. Net income attributable to shareholders ofFMC-AG & Co. KGaA.
  3. Excluding investments in debt securities.
  4. Results 2019: proposal to be approved by the 2020 Annual General Meeting.
  5. Full-timeequivalents.

Outlook

page 11 of 11

May 6, 2020

Disclaimer

FMC - Fresenius Medical Care AG & Co. KGaA published this content on 05 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2020 07:13:04 UTC


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Financials (USD)
Sales 2020 21 508 M - -
Net income 2020 1 540 M - -
Net Debt 2020 14 291 M - -
P/E ratio 2020 15,1x
Yield 2020 1,78%
Capitalization 23 228 M 23 228 M -
EV / Sales 2020 1,74x
EV / Sales 2021 1,63x
Nbr of Employees 124 736
Free-Float 65,0%
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Technical analysis trends FRESENIUS MEDICAL CARE AG & CO. KGAA
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 99,11 $
Last Close Price 79,32 $
Spread / Highest target 44,5%
Spread / Average Target 24,9%
Spread / Lowest Target 0,73%
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