01.12.2016
Fresenius Medical Care AG & Co. KGaA DE0005785802
DGAP-News: Fresenius Medical Care AG & Co. KGaA will focus on IFRS reporting and discontinue U.S. GAAP financial statements
DGAP-News: Fresenius Medical Care AG & Co. KGaA / Key word(s): Miscellaneous
Fresenius Medical Care AG & Co. KGaA will focus on IFRS reporting and
discontinue U.S. GAAP financial statements
01.12.2016 / 09:04
The issuer is solely responsible for the content of this announcement.
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Fresenius Medical Care AG & Co. KGaA will focus its reporting on financial
statements in accordance with International Financial Reporting Standards
(IFRS) in Euro currency starting with the 2017 fiscal year on January 1,
2017. The company will then no longer provide U.S. GAAP financial
information.
Fresenius Medical Care AG & Co. KGaA, as a publicly traded company based in
a European Union member country, is required to prepare and publish its
consolidated financial statements in accordance with IFRS in Euro, pursuant
to Section 315a of the German Commercial Code (HGB).
In addition to this compulsory IFRS accounting, Fresenius Medical Care AG &
Co. KGaA was required to publish consolidated U.S. GAAP financial
statements by its so called Pooling Agreement. However, an amendment to
this pooling agreement was approved at the 2016 Annual General Meeting of
Fresenius Medical Care AG & Co. KGaA. This amendment allows for the
preparation and reporting of financial statements under U.S. GAAP or IFRS
to the Securities and Exchange Commission. In the interest of streamlining
the management and accounting, Fresenius Medical Care Group will
concentrate its reporting, including its filings with the U.S. Securities
and Exchange Commission, on financial statements in accordance with IFRS
starting with the 2017 fiscal year on January 1, 2017.
For fiscal year 2016, Fresenius Medical Care AG & Co. KGaA will, as in past
years, provide both U.S. GAAP and IFRS consolidated financial statements.
The discontinuation of U.S. GAAP reporting will not affect the sponsored
Level 2 American Depositary Receipt (ADR) program of Fresenius Medical Care
AG & Co. KGaA in the United States. The ADRs will continue to trade under
the FMS US ticker on the New York Stock Exchange.
No significant differences between IFRS and U.S. GAAP financial statements
Past reporting showed only limited differences between the consolidated
U.S. GAAP and IFRS accounts of Fresenius Medical Care AG & Co. KGaA. We
provide historic IFRS figures and a currency reconciliation for Fresenius
Medical Care on our Investor Relations website.
Fresenius Medical Care is the world's largest provider of products and
services for individuals with renal diseases, of which around 2.8 million
patients worldwide regularly undergo dialysis treatment. Through its
network of 3,579 dialysis clinics, Fresenius Medical Care provides dialysis
treatments for 306,366 patients around the globe. Fresenius Medical Care is
also the leading provider of dialysis products such as dialysis machines or
dialyzers. Along with the core business, the company focuses on expanding
the range of additional medical services in the field of care coordination.
For more information about Fresenius Medical Care, visit the Company's
website at www.freseniusmedicalcare.com.
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.
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01.12.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Fresenius Medical Care AG & Co. KGaA
Else-Kröner-Straße 1
61352 Bad Homburg
Germany
Phone: +49 (0) 6172- 609 2525
Fax: +49 (0) 6172- 609 2301
E-mail: [email protected]
Internet: www.freseniusmedicalcare.com
ISIN: DE0005785802, ,
WKN: 578580, 578583
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange; NYSE
End of News DGAP News Service
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525791 01.12.2016
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