Fresenius Medical Care : Quarterly Financial Report Q1 2021 Financial tables

Fresenius Medical Care AG & Co. KGaA

COMPLETE OVERVIEW OF THE FIRST QUARTER 2021

	May 6, 2021
	Investor Relations
	phone: [phone]
	email: [e-mail]
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
Outlook 2021	page 9

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

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May 6, 2021

Statement of earnings

in € million, except share data, unaudited	Three months ended March 31
	2021	2020	Change	Change
	at cc
Health Care Services	3,325	3,595	-7.5%	0.7%
Health Care Products	885	893	-0.9%	4.3%
Total revenue	4,210	4,488	-6.2%	1.4%
Costs of revenue	3,003	3,097	-3.0%	5.1%
Gross profit	1,207	1,391	-13.2%	-6.9%
Selling, general and administrative	712	810	-12.1%	-5.9%
Research and development	49	46	5.9%	10.1%
Income from equity method investees	(28)	(20)	36.0%	36.5%
Operating income	474	555	-14.6%	-8.3%
Operating income margin	11.3%	12.4%
Interest income	(15)	(9)	74.3%	85.1%
Interest expense	91	113	-19.2%	-13.3%
Interest expense, net	76	104	-27.0%	-21.6%
Income before taxes	398	451	-11.7%	-5.2%
Income tax expense	94	100	-6.7%	-0.1%
Net income	304	351	-13.1%	-6.7%
Net income attributable to noncontrolling interests	55	68	-18.1%	-10.6%
Net income attributable to shareholders of FMC-AG & Co. KGaA	249	283	-11.9%	-5.8%
Operating income	474	555	-14.6%	-8.3%
Depreciation, amortization and impairment loss	388	401	-3.1%	4.2%
EBITDA	862	956	-9.8%	-3.1%
EBITDA margin	20.5%	21.3%
Weighted average number of shares	292,878,085	297,842,343
Basic earnings per share	€0.85	€0.95	-10.5%	-4.2%
Basic earnings per ADS	€0.42	€0.47	-10.5%	-4.2%

Statement of earnings

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May 6, 2021

Segment information

unaudited	Three months ended March 31
	2021	2020	Change	Change
	at cc
Total
Revenue in € million	4,210	4,488	-6.2%	1.4%
Operating income in € million	474	555	-14.6%	-8.3%
Operating income margin	11.3%	12.4%
Days sales outstanding (DSO)	60	77
Employees (full-time equivalents)	124,995	121,403
North America
Revenue in € million	2,899	3,186	-9.0%	-0.6%
Operating income in € million	399	463	-14.0%	-6.3%
Operating income margin	13.7%	14.5%
Days sales outstanding (DSO)	43	65
EMEA
Revenue in € million	670	679	-1.3%	1.5%
Operating income in € million	80	101	-20.9%	-20.5%
Operating income margin	11.9%	14.9%
Days sales outstanding (DSO)	85	98
Asia-Pacific
Revenue in € million	471	443	6.4%	9.6%
Operating income in € million	85	77	11.0%	13.6%
Operating income margin	18.1%	17.3%
Days sales outstanding (DSO)	102	103
Latin America
Revenue in € million	159	168	-5.3%	16.9%
Operating income in € million	7	7	-3.2%	2.5%
Operating income margin	4.2%	4.1%
Days sales outstanding (DSO)	128	133
Corporate
Revenue in € million	11	12	-4.0%	1.7%
Operating income in € million	(97)	(93)	3.3%	7.4%

Segment information

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May 6, 2021

Balance sheet

in € million, except for net leverage ratio, unaudited	March 31	December 31
	2021	2020
Assets
Current assets	7,789	7,275
Goodwill and intangible assets	15,041	14,340
Right of use assets	4,268	4,130
Other non-current assets	6,061	5,944
Total assets	33,159	31,689
Liabilities and equity
Current liabilities	7,243	6,160
Non-current liabilities	12,716	13,198
Total equity	13,200	12,331
Total liabilities and equity	33,159	31,689
Equity/assets ratio	40%	39%
Debt and lease liabilities
Short-term debt from unrelated parties	1,127	63
Short-term debt from related parties	14	17
Current portion of long-term debt	785	1,008
Current portion of long-term lease liabilities from unrelated parties	617	588
Current portion of long-term lease liabilities from related parties	21	21
Long-term debt, less current portion	6,315	6,800
Long-term lease liabilities from unrelated parties, less current portion	3,907	3,764
Long-term lease liabilities from related parties, less current portion	114	119
Total debt and lease liabilities	12,900	12,380
Minus: Cash and cash equivalents	(1,073)	(1,082)
Total net debt and lease liabilities	11,827	11,298
Reconciliation of annualized adjusted EBITDA and net leverage
ratio to the most directly comparable IFRS financial measures
Net income	1,390	1,435
Income tax expense	494	501
Interest income	(48)	(42)
Interest expense	388	410
Depreciation and amortization	1,575	1,587
Adjustments 1	253	249
Annualized adjusted EBITDA	4,052	4,140
Net leverage ratio	2.9	2.7

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 (2021: €6 M), non-cash charges, primarily related to pension expense (2021: €49 M; 2020: €50 M) and impairment loss (2021: €198 M; 2020: €199 M).

Balance sheet

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May 6, 2021

Cash flow statement

Three months ended

in € million, unaudited	March 31
	2021	2020
Operating activities
Net income	304	351
Depreciation / amortization / impairment loss	388	401
Change in working capital and other non-cash items	(484)	(168)
Net cash provided by (used in) operating activities	208	584
In percent of revenue	4.9%	13.0%
Investing activities
Purchases of property, plant and equipment and capitalized development
costs	(184)	(282)
Proceeds from sale of property, plant and equipment	5	2
Capital expenditures, net	(179)	(280)
Free cash flow	29	304
In percent of revenue	0.7%	6.8%
Acquisitions and investments, net of cash acquired, and purchases of
intangible assets	(106)	(37)
Investments in debt securities	(11)	(1)
Proceeds from divestitures	2	(2)
Proceeds from sale of debt securities	70	8
Free cash flow after investing activities	(16)	272

Cash flow

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May 6, 2021