31.07.2018
Fresenius Medical Care AG & Co. KGaA DE0005785802
DGAP-News: Fresenius Medical Care continues to grow in the second quarter and confirms outlook for 2018
DGAP-News: Fresenius Medical Care AG & Co. KGaA / Key word(s): Half Year
Results/Quarter Results
Fresenius Medical Care continues to grow in the second quarter and confirms
outlook for 2018
31.07.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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- Healthy organic growth across the board, North American Products business
continues strong growth
- Underlying Care Coordination margin improved
- Results continue to be impacted by strong currency headwinds
- Calcimimetics continue to evolve
- Divestiture of Sound Inpatient Physicians successfully closed
- NxStage acquisition expected to close in the second half of 2018
Key figures (IFRS)> [1]
EUR million Q2 Q2 Grow- Gro- H1 H1 Growt- Grow-
2018 2017 th wth 2018 2017 h yoy th
yoy yoy- yoy,
, cc
cc
Revenue Revenue 4,214 4,471 (6%) 2% 8,189 9,019 (9%) 0%
on a comp. 4,214 4,340 (3%) 5% 8,189 8,749 (6%) 3%
basis1 Revenue 4,214 4,342 (3%) 5% 8,189 8,651 (5%) 4%
adjusted1
Operating 1,401 583 140% 162- 1,898 1,235 54% 68%
income (EBIT) 568 583 (3%) % 1,078 1,235 (13%) (5%)
EBIT on a comp. 568 591 (4%) 4% 1,078 1,144 (6%) 3%
basis1 EBIT 2%
adjusted1
Net 994 269 270% 303- 1,273 577 121% 141%
income[1][2] 308 269 15% % 599 577 4% 13%
Net income on a 273 274 0% 22% 517 523 (1%) 7%
comp. basis1,2 6%
Net income
adjusted1,2 1.
#footnote_2
Basic EPS (EUR) 3.24 0.88 270% 303- 4.15 1.88 121% 141%
%
EPS on a comp. 1.00 0.88 15% 22% 1.96 1.88 4% 13%
basis1
EPS adjusted1 0.89 0.89 0% 6% 1.69 1.71 (1%) 7%
cc = at constant currency, EPS = earnings per share
Rice Powell, Chief Executive Officer of Fresenius Medical Care, stated: "In
the second quarter, we have seen solid growth resulting in a strong net
income increase of 22 percent at constant currency - excluding the positive
impact of the successful and efficient closing of the Sound Inpatient
Physicians divestment. On the back of the strong development of our Products
business and continued growth of our Services business, we expect growth to
further accelerate in the second half of 2018."
Strong Products growth
Revenue in the second quarter of 2018 was again significantly impacted by
foreign currency effects, resulting in a 2% increase at constant currency to
EUR 4,214 million
(-6% at current rates). Adjusting the second quarter of 2017 for the impact
from the IFRS 15 implementation, revenue in the second quarter of 2018 was
up by 5% at constant currency. Health Care Services revenue increased by 1%
at constant currency to EUR 3,385 million, driven by growth in same market
treatments and contributions from acquisitions, partially offset by the
effects from the implementation of IFRS 15. Excluding the negative effects
from the implementation of IFRS 15 Health Care Service revenue increased by
4% at constant currency. Health Care Products revenue grew by 6% at constant
currency to EUR 829 million. The increase was driven by higher sales of
hemodialysis products and renal pharmaceuticals. Organic growth for Health
Care Services was 3% and for Health Care Products 6%. Dialysis treatments
increased by 3%, mainly as a result of growth in same-market treatments.
In the first half of 2018, revenue was stable at constant currency with EUR
8,189 million
(-9% at current rates). Excluding the effect from the implementation of IFRS
15 revenue was up by 3% at constant currency. Health Care Services revenue
decreased by 1% at constant currency (-11% at current rates) based on a
strong comparable first half of 2017 and unfavourably affected by the
implementation of IFRS 15 and the VA Agreement. Health Care Products revenue
increased by 6% at constant currency (flat at current rates).
Significant contribution from divestitures of Care Coordination activities
Total operating income (EBIT) reached EUR 1,401 million, an increase of 162%
at constant currency (+140% at current rates) in the second quarter of 2018.
The strongest contributor was the gain related to the divestitures of Care
Coordination activities. The significant contribution of EUR 833 million
also includes the positive effect of gains from currency translation
adjustments. Adjusting for the gain as well as the prior year impact from
the VA Agreement, EBIT grew by 2% at constant currency (-4% at current
rates) with an EBIT margin of 13.5%.
In the first half of 2018, EBIT increased by 68% at constant currency to EUR
1,898 million (+54% at current rates). Adjusted for the effects described
above, EBIT increased by 3% at constant currency (-6% at current rates) and
the EBIT margin was 13.2%.
Net income attributable to shareholders of Fresenius Medical Care AG & Co.
KGaA was exceptionally strong in the second quarter of 2018 with EUR 994
million (+270% at current rates), mainly driven by the gain related to the
divestitures of Care Coordination activities. Excluding the gain related to
the divestitures of Care Coordination activities, the increase in net income
attributable to shareholders of Fresenius Medical Care AG & Co. KGaA was 22%
at constant currency (+15% at current rates). Further adjusting for the
prior year impact from the VA Agreement and the positive effect from the
U.S. Tax Reform, net income attributable to shareholders of Fresenius
Medical Care AG & Co. KGaA grew by 6% on a constant currency basis to EUR
273 million (flat at current rates). Based on the number of approximately
306.4 million shares (weighted average number of shares outstanding), basic
earnings per share (EPS) amounted to EUR 3.24 (+270% at current rates). On a
comparable basis the company generated an EPS of EUR 1.00, up by 22% at
constant currency and 15% at current rates. On an adjusted basis EPS
increased by 6% to EUR 0.89 at constant currency (flat at current rates).
For the first half of 2018, net income attributable to shareholders of
Fresenius Medical Care AG & Co. KGaA increased by 141% at constant currency
(+121% at current rates) to EUR 1,273 million, mainly driven by the gain
related to the divestitures of Care Coordination activities. Adjusted for
this effect, net income attributable to shareholders of Fresenius Medical
Care AG & Co. KGaA reached EUR 599 million, an increase of 13% at constant
currency (+4% at current rates). Further adjusting for the prior year impact
from the VA Agreement and the positive effect from the U.S. Tax Reform, net
income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
reached EUR 517 million in the first half of 2018, an increase of 7% at
constant currency (-1% at current rates).
Organic growth across all Reporting Segments
North America revenue, which represents 71% of total revenue in the second
quarter of 2018, was stable at constant currency and reached EUR 2,971
million (-8% at current rates). Excluding the effect from the implementation
of IFRS 15 revenue was up by 4% at constant currency. Organic growth was 3%.
Dialysis Care revenue increased by 4% to EUR 2,232 million at constant
currency (-4% at current rates). The growth at constant currency was mainly
driven by an increase in organic revenue per treatment, same market
treatment growth and contributions from acquisitions, to some extent diluted
by the implementation of IFRS 15 and the VA Agreement in the prior year.
Adjusted for the implementation of IFRS 15, Dialysis Care revenue increased
by 7% at constant currency. Organic revenue per treatment increased by 4%,
same-market treatments grew by 2% and acquisitions contributed 1%. At
constant currency, Care Coordination revenue decreased by 18% (-24% at
current rates), driven by the shift of calcimimetic drugs into the clinical
environment and the implementation of IFRS 15, partially offset by improved
performance in certain services prior to divestiture. Excluding the effect
from the implementation of IFRS 15 Care Coordination revenue decreased by
10% at constant currency.
In the U.S., the average revenue per treatment, adjusted for the
implementation of IFRS 15 and excluding the 2017 impact of the VA Agreement,
increased by USD 13 from USD 341 to USD 354. The increase was mainly driven
by the introduction of calcimimetic drugs in the clinical environment, which
is still evolving. The increase was partially offset by lower revenue from
commercial payors, as expected, and higher implicit price concessions (IFRS
15).
Cost per treatment in the U.S., adjusted for the implementation of IFRS 15,
increased by USD 14 from USD 272 to USD 286. This development was largely a
result of the introduction of calcimimetic drugs in the clinical environment
as well as increased property and other occupancy related costs, partially
offset by lower costs for health care supplies.
At constant currency, Health Care Products revenue showed a strong increase
of 10% to EUR 210 million due to higher sales of renal pharmaceuticals,
machines and hemodialysis concentrates. Lower external sales in peritoneal
dialysis products affected the overall positive development.
Total operating income for the North America segment was EUR 1,286 million
in the second quarter of 2018, an increase of 200% at constant currency
(+174% at current rates). This increase was mainly driven by the gain
related to divestitures of Care Coordination activities. Adjusted for this
impact and the 2017 effects from the VA Agreement, operating income (EBIT)
was EUR 453 million compared to EUR 471 million in the second quarter of
2017. The adjusted operating income margin was stable at 15.2%.
For the first half of 2018, North America revenue decreased by 3% at
constant currency to EUR 5,746 million (-13% at current rates). Adjusted for
the implementation of IFRS 15 (EUR 270 million), revenue increased by 1% at
constant currency (-9% at current rates). Mainly driven by the gain related
to divestitures of Care Coordination activities, operating income went up by
83% at constant currency (+66% at current rates) to EUR 1,648 million in the
first half of 2018.
As of the end of June 2018, the company was treating 199,527 patients (+3%)
at its 2,439 clinics (+4%) in North America. Dialysis treatments increased
by 3%.
EMEA revenue increased by 5% at constant currency (+2% at current rates) to
EUR 652 million in the second quarter of 2018, mainly driven by the positive
development in Health Care Services revenue and Health Care Products
revenue, which increased by 5% and 4%, respectively, at constant currency.
The increase in Health Care Services revenue was driven by same-market
treatment growth and acquisitions. Dialysis Products revenue grew by 5% at
constant currency (+2% at current rates) to EUR 319 million, due to higher
sales of dialyzers, machines, bloodlines, products for acute care treatments
and renal pharmaceuticals.
Non-dialysis Products revenue decreased by 8% at constant currency (-8% at
current rates) to EUR 18 million, primarily due to slightly lower sales
volumes.
Operating income was EUR 105 million in the second quarter of 2018. The
operating income margin decreased from 17.6% to 16.1%, mainly due to
unfavorable impacts from lower income from equity method investees, higher
personnel costs in certain countries and an increase in bad debt expenses.
For the first half of 2018, EMEA revenue increased by 5% at constant
currency to EUR 1,288 million (+3% at current rates), while operating income
of EUR 214 million was 5% below last year's level at constant currency (-6%
at current rates).
As of the end of June 2018, the company had 63,589 patients (+4%) being
treated at 758 clinics (+4%) in the EMEA region. Dialysis treatments
increased by 4%.
Asia-Pacific revenue grew by 7% at constant currency to EUR 422 million (+1%
at current rates) in the second quarter of 2018. Health Care Services
revenue in the region increased by 7% at constant currency to EUR 191
million (flat at current rates). Care Coordination activities contributed
EUR 49 million (+32% at constant currency, +24% at current rates) to Health
Care Services revenue. This strong Care Coordination growth in Asia Pacific
was mainly related to acquisitions and a strong organic revenue growth.
Health Care Products showed again a solid business performance, growing 6%
at constant currency to revenues of EUR 231 million (+2% at current rates).
This growth was mainly driven by higher sales of hemodialysis products,
partially offset by lower sales of products for acute care treatments.
Operating income reached the same level as the previous year's quarter (EUR
78 million). The operating income margin decreased slightly to 18.4%, driven
by unfavorable foreign currency impacts and increased costs for the business
growth, mainly in China.
For the first half of 2018, Asia-Pacific revenue increased by 10% at
constant currency to EUR 814 million. Operating income decreased by 1% at
constant currency with EUR 152 million (-5% at current rates).
As of the end of June 2018, the company had 30,578 patients (+2%) being
treated at 385 clinics in Asia-Pacific. Dialysis treatments increased by 2%.
Latin America delivered revenue of EUR 164 million in the second quarter of
2018, an improvement of 11% at constant currency (-10% at current rates).
This growth was mainly due to a strong growth in Health Care Services (+15%
at constant currency) driven by an increase in organic revenue per
treatment, acquisitions and growth in same market treatments. Health Care
Products revenue in Latin America increased by 2% at constant currency to
EUR 46 million, due to higher sales of machines and peritoneal dialysis
products and negatively affected by lower sales of dialyzers. With an
operating income of EUR 11 million the segment generated an operating income
on previous year's level. The operating income margin remained at 6.8%.
For the first half of 2018, Latin America revenue increased by 14% at
constant currency to EUR 334 million (-7% at current rates). Operating
income was EUR 25 million, an increase of 5% at constant currency (-6% at
current rates).
As of the end of June 2018, the company was treating 31,494 patients (+4%)
at 233 clinics in Latin America (+1%). Dialysis treatments increased by 4%.
Net interest expense was EUR 84 million compared to EUR 95 million in the
second quarter of 2017, a decrease of 6% at constant currency (-11% at
current rates). The decrease was driven by a replacement of high
interest-bearing senior notes by debt instruments at lower rates as well as
a decreased debt level. Income tax expense was EUR 262 million for the
second quarter of 2018, which translates into an effective tax rate of
19.9%, compared to last year's Q2 with a tax rate of 30.8%. The strong
reduction was largely driven by the U.S. Tax Reform and the gain related to
divestitures of Care Coordination activities.
Strong cash flow generation
In the second quarter of 2018, the company generated EUR 656 million of
operating cash flow, compared to EUR 883 million provided by operating
activities in last year's second quarter. This decrease was mainly driven by
increased accounts receivable related to the addition of calcimimetics into
the Medicare ESRD payment bundle and unfavorable foreign currency effects.
The number of days sales outstanding (DSOs) decreased sequentially by three
days compared with Q1 2018 to reach 82 days. Free cash flow (Net cash used
in operating activities, after capital expenditures, before acquisitions and
investments) amounted to EUR 429 million for the three months ended June 30,
2018 compared to EUR 690 million for the same period of 2017. Free cash flow
in percent of revenue was 10.2% and 15.4% for the three months ended June
2018 and 2017, respectively.
Sound Physicians divestiture successfully closed
On June 28, Fresenius Medical Care announced the closing of the divestiture
of Sound Inpatient Physicians Holdings, LLC to an investment consortium led
by Summit Partners. In the second half of 2017, the Sound Physicians
business generated revenue of EUR 559 million and a net income of EUR 38
million. The 2017 basis has been adjusted accordingly for measuring the
performance against the 2018 outlook.
Closing of NxStage Medical acquisition expected for second half 2018
In August 2017, Fresenius Medical Care signed an agreement with NxStage
Medical, a U.S.-based medical technology and services company, to acquire
all outstanding shares of NxStage Medical through a merger. The merger,
which has been approved by NxStage's board, NxStage stockholders and
authorities in Germany, is still subject to regulatory approval by the
Federal Trade Commission under the Hart-Scott-Rodino Act. Fresenius Medical
Care has exercised its contractual right under the merger agreement to
extend the original closing deadline by 90 days from August 7, 2018 to
November 5, 2018. Fresenius Medical Care expects to close the transaction in
2018.
Employees
As of June 30, 2018, Fresenius Medical Care had 111,263 employees (full-time
equivalents) worldwide, compared to 112,163 employees at the end of June
2017. This decrease was mainly attributable to divestitures of certain Care
Coordination activities.
Outlook 2018
The company expects revenue [3] growth between 5% and 7% at constant
currency. Net income on a comparable basis [4] is expected to increase by
13% to 15% at constant currency and on an adjusted basis4, [5] to increase
by 7% to 9% at constant currency.
The targets exclude the effect from the planned acquisition of NxStage
Medical and the gain (loss) related to divestitures of Care Coordination
activities.
Conference call
Fresenius Medical Care will host a conference call to discuss the results of
the second quarter today at 3:30 p.m. CEDT / 9:30 a.m. EDT. Details will be
available on the company's website www.freseniusmedicalcare.com in the
"Investors/Events" section. A replay will be available shortly after the
call.
Please refer to our statement of earnings included at the end of this news
and to the attachments as separate PDF-files for a complete overview of the
results for the second quarter of 2018.
Fresenius Medical Care is the world's largest provider of products and
services for individuals with renal diseases of which around 3.2 million
patients worldwide regularly undergo dialysis treatment. Through its network
of 3,815 dialysis clinics, Fresenius Medical Care provides dialysis
treatments for 325,188 patients around the globe. Fresenius Medical Care is
also the leading provider of dialysis products such as dialysis machines or
dialyzers. Along with its core business, the company provides related
medical services in the field of Care Coordination. Fresenius Medical Care
is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock
Exchange (FMS).
For more information 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.
Statemen-
t of
earnings
in EUR Three
million, months
except ended June
share 30
data,
unaudite-
d
2018 2017 C- Cha-
h- nge
a- at
n- cc
g-
e
Health 3,385 3,649 -- 0.5-
Care 7- %
Services .-
2-
%
Health 829 822 0- 6.1-
Care .- %
Products 8-
%
Revenue 4,214 4,471 -- 1.6-
5- %
.-
8-
%
Revenue 4,214 4,340 -- 4.6-
on a 2- %
comparab- .-
le basis 9-
%
Revenue 4,214 4,342 -- 4.6-
adjusted 3- %
.-
0-
%
Costs of 2,910 2,976 -- 5.8-
revenue 2- %
.-
2-
%
Gross 1,304 1,495 -- -6.-
profit 1- 8%
2-
.-
8-
%
Selling, 715 904 -- -15-
general 2- .3%
and 0-
administ- .-
rative 9-
%
(Gain) (833) (4) n- n.a-
loss .- .
related a-
to .
divestit-
ures of
Care
Coordina-
tion
activiti-
es
Research 38 35 7- 11.-
and .- 0%
developm- 3-
ent %
Income (17) (23) -- -27-
from 2- .6%
equity 8-
method .-
investee- 0-
s %
Operatin- 1,401 583 1- 161-
g income 4- .7%
(EBIT) 0-
.-
2-
%
Operatin- 568 583 -- 3.9-
g income 2- %
(EBIT) .-
on a 6-
comparab- %
le basis
Operatin- 568 591 -- 2.4-
g income 4- %
(EBIT) .-
adjusted 0-
%
Interest 84 95 -- -5.-
expense, 1- 6%
net 1-
.-
2-
%
Income 1,317 488 1- 194-
before 6- .2%
taxes 9-
.-
7-
%
Income 262 150 7- 90.-
tax 3- 8%
expense .-
8-
%
Net 1,055 338 2- 240-
income 1- .3%
2-
.-
3-
%
Less: 61 69 -- -4.-
Net 1- 0%
income 1-
attribut- .-
able to 5-
noncontr- %
olling
interest-
s
Net 994 269 2- 303-
income1 6- .2%
9-
.-
9-
%
Net 308 269 1- 21.-
income1 4- 7%
on a .-
comparab- 5-
le basis %
Net 273 274 -- 6.1-
income1 0- %
adjusted .-
3-
%
Operatin- 1,401 583 1- 161-
g income 4- .7%
(EBIT) 0-
.-
2-
%
Deprecia- 180 186 -- 3.0-
tion and 3- %
amortiza- .-
tion 1-
%
EBITDA 1,581 769 1- 124-
0- .6%
5-
.-
5-
%
EBITDA 37.5% 17.2%
margin
Weighted 306,355,571 306,523,865
average
number
of
shares
Basic 3.24 0.88 2- 303-
earnings 7- .4%
per 0-
share .-
(EUR) 1-
%
EPS on a 1.00 0.88 1- 21.-
comparab- 4- 7%
le basis .-
6-
%
EPS 0.89 0.89 -- 6.2-
adjusted 0- %
.-
3-
%
In
percent
of
revenue
Costs of 69.0% 66.6%
revenue
Gross 31.0% 33.4%
profit
Operatin- 33.3% 13.0%
g income
(EBIT)
Net 23.6% 6.0%
income1
1
Attribut-
able to
sharehol-
ders of
FMC AG &
Co. KGaA
For a
reconcil-
iation
of
adjusted
figures,
please
refer to
the
table at
the end
of the
press
release.
Statemen-
t of
earnings
in EUR Six months
million, ended June
except 30
share
data,
unaudite-
d
2018 2017 C- Cha-
h- nge
a- at
n- cc
g-
e
Health 6,594 7,418 -- -1.-
Care 1- 1%
Services 1-
.-
1-
%
Health 1,595 1,601 -- 6.3-
Care 0- %
Products .-
3-
%
Revenue 8,189 9,019 -- 0.2-
9- %
.-
2-
%
Revenue 8,189 8,749 -- 3.3-
on a 6- %
comparab- .-
le basis 4-
%
Revenue 8,189 8,651 -- 4.4-
adjusted 5- %
.-
3-
%
Costs of 5,682 5,932 -- 6.2-
revenue 4- %
.-
2-
%
Gross 2,507 3,087 -- -11-
profit 1- .4%
8-
.-
8-
%
Selling, 1,393 1,827 -- -16-
general 2- .6%
and 3-
administ- .-
rative 7-
%
(Gain) (820) (4) n- n.a-
loss .- .
related a-
to .
divestit-
ures of
Care
Coordina-
tion
activiti-
es
Research 70 67 3- 8.2-
and .- %
developm- 4-
ent %
Income (34) (38) -- -8.-
from 9- 2%
equity .-
method 0-
investee- %
s
Operatin- 1,898 1,235 5- 68.-
g income 3- 4%
(EBIT) .-
7-
%
Operatin- 1,078 1,235 -- -4.-
g income 1- 9%
(EBIT) 2-
on a .-
comparab- 7-
le basis %
Operatin- 1,078 1,144 -- 2.6-
g income 5- %
(EBIT) .-
adjusted 7-
%
Interest 164 188 -- -5.-
expense, 1- 2%
net 2-
.-
5-
%
Income 1,734 1,047 6- 81.-
before 5- 6%
taxes .-
6-
%
Income 349 332 5- 15.-
tax .- 4%
expense 0-
%
Net 1,385 715 9- 112-
income 3- .3%
.-
7-
%
Less: 112 138 -- -9.-
Net 1- 1%
income 8-
attribut- .-
able to 6-
noncontr- %
olling
interest-
s
Net 1,273 577 1- 141-
income1 2- .4%
0-
.-
6-
%
Net 599 577 3- 12.-
income1 .- 9%
on a 9-
comparab- %
le basis
Net 517 523 -- 7.2-
income1 1- %
adjusted .-
2-
%
Operatin- 1,898 1,235 5- 68.-
g income 3- 4%
(EBIT) .-
7-
%
Deprecia- 355 376 -- 2.6-
tion and 5- %
amortiza- .-
tion 5-
%
EBITDA 2,253 1,611 3- 53.-
9- 0%
.-
9-
%
EBITDA 27.5% 17.9%
margin
Weighted 306,404,051 306,383,373
average
number
of
shares
Basic 4.15 1.88 1- 141-
earnings 2- .3%
per 0-
share .-
(EUR) 6-
%
EPS on a 1.96 1.88 3- 12.-
comparab- .- 9%
le basis 9-
%
EPS 1.69 1.71 -- 7.2-
adjusted 1- %
.-
2-
%
In
percent
of
revenue
Costs of 69.4% 65.8%
revenue
Gross 30.6% 34.2%
profit
Operatin- 23.2% 13.7%
g income
(EBIT)
Net 15.5% 6.4%
income1
1
Attribut-
able to
sharehol-
ders of
FMC AG &
Co. KGaA
For a
reconcil-
iation
of
adjusted
figures,
please
refer to
the
table at
the end
of the
press
release.
Reconciliation of non-IFRS
financial measures to the most
directly comparable IFRS financial
measures
in EUR million, unaudited Three Six
months months
ended June ended
30 June 30
2018 2017 2018 2017
Operating performance on a
comparable basis and adjusted
Revenue 4,214 4,471 8,189 9,019
Effect from IFRS 15 implementation (131) (270)
Revenue on a comparable basis 4,214 4,340 8,189 8,749
VA Agreement1 2 (98)
Revenue adjusted 4,214 4,342 8,189 8,651
Operating income (EBIT) 1,401 583 1,898 1,235
(Gain) loss related to divestitures (833) (820)
of Care Coordination activities
Operating income (EBIT) on a 568 583 1,078 1,235
comparable basis
VA Agreement1 8 (91)
Operating income (EBIT) adjusted 568 591 1,078 1,144
Net income2 994 269 1,273 577
(Gain) loss related to divestitures (686) (674)
of Care Coordination activities
Net income2 on a comparable basis 308 269 599 577
VA Agreement1 5 (54)
U.S. Tax Reform3 (35) (82)
Net income2 adjusted 273 274 517 523
1 VA Agreement: Agreement with the
United States Departments of
Veterans Affairs and Justice
2 Attributable to shareholders of
FMC AG & Co. KGaA
3 U.S. Tax Reform: impacts from
U.S. tax reform
[1] For a detailed reconciliation, please refer to the table at the end of
the press release
[2] Net income attributable to shareholders of Fresenius Medical Care AG &
Co. KGaA
[3] 2017 adjusted for the effect of IFRS 15 implementation and the
contribution of Sound Physicians in H2 2017
[4] Attributable to shareholders of Fresenius Medical Care AG & Co. KGaA,
adjusted for the contribution from Sound Physicians in H2 2017
[5] VA Agreement, Natural Disaster Costs, FCPA related charge, U.S. Tax
Reform
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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
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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