SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of October 2015
FRESENIUS MEDICAL CARE AG & Co. KGaA
(Translation of registrants name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82
On October 29, 2015 Fresenius Medical Care AG & Co. KGaA (the Company) issued an Investor News announcing its third quarter results for the period ending September 30, 2015. A copy of the Investor News is furnished as Exhibit 99.1.
The attached Investor News contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a companys performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our third quarter 2015 consolidated financial results presented in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, we have used non-GAAP financial measure of (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, and (b) free cash flow. These non-GAAP measures are provided to enhance the users overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-GAAP financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures are included in the attached Investor News in a separate statement setting forth the reconciliation and in the Cash Flow Statement.
The Exhibit attached hereto, shall not be deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATE: October 29, 2015
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FRESENIUS MEDICAL CARE AG & Co. KGaA, |
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a partnership limited by shares, represented by: |
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FRESENIUS MEDICAL CARE MANAGEMENT AG, its |
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General Partner |
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By: |
/s/ RICE POWELL |
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Name: |
Rice Powell |
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Title: |
Chief Executive Officer and |
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Chairman of the Management Board |
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of the General Partner |
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By: |
/s/ MICHAEL BROSNAN |
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Name: |
Michael Brosnan |
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Title: |
Chief Financial Officer and |
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Member of the Management Board |
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of the General Partner |
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3
Exhibit 99.1
October 29, 2015
INVESTOR
NEWS
Fresenius Medical Care reports
third quarter 2015 results and confirms guidance for full year 2015
· 2015 outlook confirmed
· Strong organic growth and very positive earnings development in North America
· Strong growth dynamic in Care Coordination activities
· International performance furthermore impacted by currency fluctuations
· EBIT and net income1 influenced by one-time items2
Third quarter 2015 key figures:
Net revenue |
|
$ |
4,231 million |
|
+3 |
% |
Operating income (EBIT) |
|
$ |
614 million |
|
+4 |
% |
Operating income (EBIT) excluding one-time items2 |
|
$ |
632 million |
|
+5 |
% |
Net income1 |
|
$ |
262 million |
|
-3 |
% |
Net income excluding one-time items1,2 |
|
$ |
284 million |
|
+2 |
% |
Basic earnings per share |
|
$ |
0.86 |
|
-4 |
% |
First nine months 2015 key figures:
Net revenue |
|
$ |
12,390 million |
|
+8 |
% |
Operating income (EBIT) |
|
$ |
1,665 million |
|
+5 |
% |
Operating income (EBIT) excluding one-time items2 |
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$ |
1,683 million |
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+5 |
% |
Net income1 |
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$ |
713 million |
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0 |
% |
Net income excluding one-time items 1,2 |
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$ |
735 million |
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+3 |
% |
Basic earnings per share |
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$ |
2.34 |
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0 |
% |
Rice Powell, chief executive officer of Fresenius Medical Care stated: With the dynamic growth in our Care Coordination business and our continued strong operating performance in our core businesses, we are well positioned for future success. We are very satisfied with our accomplishments in the third quarter despite the unfavorable currency impacts. We confirm our outlook for the full year 2015 and remain focused to further strengthen our business to deliver high quality care for our patients.
1 attributable for shareholders of Fresenius Medical Care AG & Co. KGaA
2 For detailed information on one-time items please refer to the table on page 18 of this investor news.
2
Third quarter 2015
Revenue
Net revenue for the third quarter of 2015 increased by 3% to $4,231 million (+9% at constant currency) as compared to the third quarter of 2014. Organic revenue growth worldwide was 6%. Net Health Care revenue grew by 6% to $3,402 million (+10% at constant currency). After two very strong quarters in the product business, we are closer to a normalized organic revenue level. Dialysis product revenue was down by 9% to $829 million as compared to the third quarter of 2014 mainly due to a negative currency impact in the three International segments. On a constant currency basis, the dialysis product revenue increased by 2%.
North America revenue for the third quarter of 2015 increased by 11% to $3,013 million. Organic revenue growth was 6%. Net Health Care revenue grew by 12% to $2,794 million with a same market treatment growth of 5%. Net Dialysis Care revenue increased by 6% to $2,314 million and Care Coordination revenue increased by 56% to $480 million (organic growth of 17%). Dialysis product revenue increased by 3% to $219 million as compared to the third quarter of 2014.
International revenue decreased by 12% to $1,213 million (an increase of 5% on a constant currency basis). Organic revenue growth was 6%. While the underlying organic revenue developed positively, the currency translation resulted in a negative impact. Net Health Care revenue decreased by 13% to $608 million (+6% at constant currency). Dialysis product revenue decreased by 12% to $605 million (+3% at constant currency).
International segments:
Europe, Middle East and Africa (EMEA) revenue decreased by 16% to $659 million (+2% at constant currency). Organic revenue growth was 2%. Net Health Care revenue decreased by 16% to $309 million (+3% at constant currency). Dialysis product revenue decreased by 16% to $350 million (stable at constant currency).
Asia-Pacific revenue decreased by 2% to $378 million (+9% at constant currency). Organic revenue growth was 10%. Net Health Care revenue decreased by 9% to $168 million (+4% at constant currency). Dialysis product revenue increased by 3% to $210 million (+13% at constant currency).
3
Latin America revenue decreased by 18% to $176 million (+7% at constant currency). Organic revenue growth was 13%. Net Health Care revenue decreased by 12% to $131 million (+12% at constant currency). Dialysis product revenue decreased by 33% to $44 million (a decrease of 6% at constant currency). The regional performance was impacted by the divestiture of our dialysis service business in Venezuela.
Earnings
Operating income (EBIT) increased by 4% from $590 million in the third quarter of 2014 to $614 million in the third quarter of 2015. Operating income, excluding one-time items, increased by 5% from $601 million to $632 million; adjusted for: a negative impact ($26 million) from the divestiture of the dialysis service business in Venezuela, a negative impact due to the closing of a manufacturing plant in the third quarter of 2014 ($11 million) and a positive impact of $8 million from the sale of our European marketing rights for certain renal pharmaceuticals to our joint venture Vifor Fresenius Medical Care Renal Pharma. The sale of remaining marketing rights is being recognized as they are transferred at the country level. Therefore, we anticipate additional gains will be realized in the fourth quarter of 2015.
Operating income for North America for the third quarter of 2015 was $515 million, an increase of 25% as compared to the third quarter of 2014.
International segments:
Operating income for EMEA for the third quarter of 2015 was $130 million, a decrease of 14% as compared to the third quarter of 2014. Operating income, excluding one-time items, was $122 million. Operating income for Asia-Pacific for the third quarter of 2015 was $68 million, a decrease of 25% as compared to the third quarter of 2014. Operating income for Latin America for the third quarter of 2015 was ($8 million). Operating income, excluding one-time items, was $18 million.
Net interest expense for the third quarter of 2015 was with $100 million at the same level as compared to the third quarter of 2014.
Income tax expense was $168 million for the third quarter of 2015, which translates into an effective tax rate of 32.8%. This compares to income tax expense of $162 million and a tax rate of 32.9% for the third quarter of 2014.
4
Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA for the third quarter of 2015 was $262 million, a decrease of 3% compared to $271 million for the third quarter of 2014. Net income attributable to noncontrolling interest increased to $84 million ($58 million in the third quarter of 2014) due to the strong earnings development in North America. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA for the third quarter of 2015, excluding one-time items, increased by 2% to $284 million.
Basic earnings per share (EPS) for the third quarter of 2015 was $0.86, a decrease of 4% compared to the corresponding number for the third quarter of 2014. The weighted average number of shares outstanding for the third quarter of 2015 was approximately 304.7 million shares, compared to approximately 302.7 million shares for the third quarter of 2014. The increase in shares outstanding resulted from stock option exercises during the last twelve months.
Cash flow
In the third quarter of 2015, the company generated $579 million, representing roughly 14% of revenue, in net cash provided by operating activities, compared to the corresponding figure of last year of $712 million.
A total of $224 million was spent for capital expenditures, net of disposals. Free cash flow was $355 million compared to $488 million in the third quarter of 2014.
A total of $57 million in cash was spent for acquisitions and investments, net of divestitures. Free cash flow after investing activities was $298 million as compared to ($125) million in the third quarter of 2014.
5
First nine months 2015
Revenue and earnings
Net revenue for the first nine months of 2015 increased by 8% to $12,390 million (+13% at constant currency) as compared to the first nine months of 2014. Organic revenue growth worldwide was 7%.
Operating income (EBIT) for the first nine months of 2015 was $1,665 million as compared to $1,591 million in the first nine months of 2014. This represents an increase of 5%. Operating income, excluding one-time items, increased by 5% to $1,683 million.
Net interest expense for the first nine months of 2015 was $304 million as compared to $294 million in the first nine months of 2014.
Income tax expense for the first nine months of 2015 was $441 million, which translates into an effective tax rate of 32.4%. This compares to income tax expense of $440 million and a tax rate of 33.9% for the first nine months of 2014. For the full year, the company expects the tax rate to be on the lower end of its guidance range of 33 to 34%.
For the first nine months of 2015, net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA was stable at $713 million ($710 million in the same period in the previous year). Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA excluding one-time items for the first nine months of 2015 increased by 3% to $735 million.
In the first nine months of 2015, basic earnings per share (EPS) remained stable with $2.34 as compared to the corresponding number for the first nine months of 2014 ($2.35). The weighted average number of shares outstanding during the first nine months of 2015 was approximately 304.2 million shares.
Cash flow
In the first nine months of 2015, the company generated $1,412 million in net cash provided by operating activities, representing 11.4% of revenue, as compared to $1,274 million for the same period in 2014.
6
A total of $636 million was spent for capital expenditures, net of disposals. Free cash flow for the first nine months of 2015 was $776 million as compared to $635 million in the first nine months of 2014.
A total of $124 million in cash was spent for acquisitions and investments, net of divestitures. Free cash flow after investing activities was $652 million as compared to ($410) million in the first nine months of 2014.
Employees
As of September 30, 2015, Fresenius Medical Care had 102,591 employees (full-time equivalents) worldwide, compared to 97,327 employees at the end of September 2014. This increase was mainly attributable to acquisitions as well as to our continued organic growth.
Balance sheet structure
The company´s total assets were stable at $25,414 million (Dec. 31, 2014: $25,447 million). Current assets were comparable at $6,760 million (Dec. 31, 2014: $6,725 million). Non-current assets were slightly down at $18,654 million (Dec. 31, 2014: $18,722 million). Total equity increased by 2% to $10,243 million (Dec. 31, 2014: $10,028 million). The equity ratio was 40% as compared to 39% at the end of 2014. Total debt was $9,093 million (Dec. 31, 2014: $9,532 million). As of September 30, 2015, the debt/EBITDA ratio was 2.9 (Dec. 31, 2014: 3.1).
Please refer to the attachments for a complete overview of the results for the third quarter and first nine months of 2015 and the reconciliation of non-GAAP financial measures included in this release to the most comparable GAAP financial measures.
7
Outlook3 confirmed
For the 2015 outlook the company expects revenue to grow at 5-7%, which at constant currency is a growth rate of 10-12%. Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA is expected to increase by 0-5% in 2015.
The company expects to spend around $1.0 billion on capital expenditures and around $300 million on acquisitions in 2015. The debt/EBITDA ratio is expected to be around 3.0 by the end of 2015.
In addition we confirm our 2016 projections. We expect revenue to increase around 7-10% (at constant currency) and net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA to grow by 15-20%.
We expect the progress in our business to be consistent with our long-term targets.
3 The outlook/projection provided for 2015/2016 is based on current exchange rates. Savings from the global efficiency program are included, while potential acquisitions are not. In addition the outlook reflects further operating cost investments within the Care Coordination business for future growth in line with our 2020 strategy.
8
Conference call
Fresenius Medical Care will hold a conference call to discuss the results of the third quarter 2015 on Thursday, October 29, 2015 at 3.30 p.m. CET/ 10.30 a.m. EDT. The company invites investors to follow the live webcast of the call at the companys website www.freseniusmedicalcare.com in the Investors/Events & Presentations section. A replay will be available shortly after the call.
Fresenius Medical Care is the worlds largest provider of products and services for individuals with renal diseases of which more than 2.6 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,402 dialysis clinics, Fresenius Medical Care provides dialysis treatments for 290,250 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 companys 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. KGaAs 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.
9
Statement of earnings
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Three months ended September 30 |
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Nine months ended September 30 |
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in US$ million, except share data, unaudited |
|
2015 |
|
2014 |
|
Change |
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2015 |
|
2014 |
|
Change |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care revenue |
|
3,506 |
|
3,277 |
|
7.0 |
% |
10,249 |
|
9,136 |
|
12.2 |
% |
Less: patient service bad debt provision |
|
104 |
|
80 |
|
30.5 |
% |
320 |
|
208 |
|
54.0 |
% |
Net Health Care revenue |
|
3,402 |
|
3,197 |
|
6.4 |
% |
9,929 |
|
8,928 |
|
11.2 |
% |
Dialysis products revenue |
|
829 |
|
916 |
|
-9.5 |
% |
2,461 |
|
2,583 |
|
-4.8 |
% |
Total net revenue |
|
4,231 |
|
4,113 |
|
2.9 |
% |
12,390 |
|
11,511 |
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Costs of revenue |
|
2,849 |
|
2,825 |
|
0.9 |
% |
8,527 |
|
7,929 |
|
7.5 |
% |
Gross profit |
|
1,382 |
|
1,288 |
|
7.3 |
% |
3,863 |
|
3,582 |
|
7.9 |
% |
Selling, general and administrative |
|
742 |
|
671 |
|
10.6 |
% |
2,120 |
|
1,922 |
|
10.3 |
% |
Research and development |
|
35 |
|
30 |
|
15.6 |
% |
100 |
|
91 |
|
10.3 |
% |
Income from equity method investees |
|
(9 |
) |
(3 |
) |
161.9 |
% |
(22 |
) |
(22 |
) |
0.4 |
% |
Operating income (EBIT) |
|
614 |
|
590 |
|
4.0 |
% |
1,665 |
|
1,591 |
|
4.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest income |
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(6 |
) |
(12 |
) |
-44.1 |
% |
(80 |
) |
(40 |
) |
99.3 |
% |
Interest expense |
|
106 |
|
111 |
|
-4.3 |
% |
384 |
|
334 |
|
14.8 |
% |
Interest expense, net |
|
100 |
|
99 |
|
0.3 |
% |
304 |
|
294 |
|
3.3 |
% |
Income before taxes |
|
514 |
|
491 |
|
4.7 |
% |
1,361 |
|
1,297 |
|
4.9 |
% |
Income tax expense |
|
168 |
|
162 |
|
4.2 |
% |
441 |
|
440 |
|
0.3 |
% |
Net income |
|
346 |
|
329 |
|
5.0 |
% |
920 |
|
857 |
|
7.3 |
% |
Less: Net income attributable to noncontrolling interests |
|
84 |
|
58 |
|
43.0 |
% |
207 |
|
147 |
|
40.8 |
% |
Net income attributable to shareholders of FMC AG & Co. KGaA |
|
262 |
|
271 |
|
-3.1 |
% |
713 |
|
710 |
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
614 |
|
590 |
|
4.0 |
% |
1,665 |
|
1,591 |
|
4.6 |
% |
Depreciation and amortization |
|
179 |
|
177 |
|
1.4 |
% |
537 |
|
514 |
|
4.5 |
% |
EBITDA |
|
793 |
|
767 |
|
3.4 |
% |
2,202 |
|
2,105 |
|
4.6 |
% |
EBITDA margin |
|
18.7 |
% |
18.7 |
% |
|
|
17.8 |
% |
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
304,738,291 |
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302,711,512 |
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|
|
304,201,787 |
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301,999,288 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.86 |
|
$ |
0.89 |
|
-3.8 |
% |
$ |
2.34 |
|
$ |
2.35 |
|
-0.3 |
% |
Basic earnings per ADS |
|
$ |
0.43 |
|
$ |
0.45 |
|
-3.8 |
% |
$ |
1.17 |
|
$ |
1.18 |
|
-0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In percent of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue |
|
67.3 |
% |
68.7 |
% |
|
|
68.8 |
% |
68.9 |
% |
|
|
Gross profit |
|
32.7 |
% |
31.3 |
% |
|
|
31.2 |
% |
31.1 |
% |
|
|
Operating income (EBIT) |
|
14.5 |
% |
14.3 |
% |
|
|
13.4 |
% |
13.8 |
% |
|
|
Net income attributable to shareholders of FMC AG & Co. KGaA |
|
6.2 |
% |
6.6 |
% |
|
|
5.8 |
% |
6.2 |
% |
|
|
10
Segment and other information
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
unaudited |
|
2015 |
|
2014 |
|
Change |
|
2015 |
|
2014 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
4,231 |
|
4,113 |
|
2.9 |
% |
12,390 |
|
11,511 |
|
7.6 |
% |
Operating income (EBIT) in US$ million |
|
614 |
|
590 |
|
4.0 |
% |
1,665 |
|
1,591 |
|
4.6 |
% |
Operating income margin in % |
|
14.5 |
% |
14.3 |
% |
|
|
13.4 |
% |
13.8 |
% |
|
|
Delivered EBIT in US$ million |
|
530 |
|
532 |
|
-0.3 |
% |
1,458 |
|
1,444 |
|
1.0 |
% |
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
71 |
|
72 |
|
|
|
Employees (full-time equivalents) |
|
|
|
|
|
|
|
102,591 |
|
97,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
3,013 |
|
2,710 |
|
11.2 |
% |
8,730 |
|
7,624 |
|
14.5 |
% |
Operating income (EBIT) in US$ million |
|
515 |
|
413 |
|
24.7 |
% |
1,284 |
|
1,149 |
|
11.7 |
% |
Operating income margin in % |
|
17.1 |
% |
15.2 |
% |
|
|
14.7 |
% |
15.1 |
% |
|
|
Delivered EBIT in US$ million |
|
435 |
|
358 |
|
21.6 |
% |
1,085 |
|
1,008 |
|
7.5 |
% |
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
52 |
|
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per dialysis treatment in US$ |
|
347 |
|
342 |
|
1.4 |
% |
345 |
|
340 |
|
1.5 |
% |
Cost per dialysis treatment in US$ |
|
272 |
|
280 |
|
-2.6 |
% |
282 |
|
280 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
1,213 |
|
1,386 |
|
-12.5 |
% |
3,639 |
|
3,843 |
|
-5.3 |
% |
Operating income (EBIT) in US$ million |
|
190 |
|
269 |
|
-29.5 |
% |
649 |
|
692 |
|
-6.1 |
% |
Operating income margin in % |
|
15.6 |
% |
19.4 |
% |
|
|
17.9 |
% |
18.0 |
% |
|
|
Delivered EBIT in US$ million |
|
186 |
|
266 |
|
-29.8 |
% |
641 |
|
686 |
|
-6.4 |
% |
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
115 |
|
108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
659 |
|
784 |
|
-16.0 |
% |
1,956 |
|
2,306 |
|
-15.2 |
% |
Operating income (EBIT) in US$ million |
|
130 |
|
151 |
|
-13.9 |
% |
405 |
|
447 |
|
-9.3 |
% |
Operating income margin in % |
|
19.7 |
% |
19.2 |
% |
|
|
20.7 |
% |
19.4 |
% |
|
|
Delivered EBIT in US$ million |
|
129 |
|
150 |
|
-14.1 |
% |
403 |
|
445 |
|
-9.4 |
% |
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
112 |
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
378 |
|
387 |
|
-2.3 |
% |
1,107 |
|
938 |
|
18.0 |
% |
Operating income (EBIT) in US$ million |
|
68 |
|
90 |
|
-24.8 |
% |
219 |
|
179 |
|
22.4 |
% |
Operating income margin in % |
|
17.9 |
% |
23.2 |
% |
|
|
19.8 |
% |
19.1 |
% |
|
|
Delivered EBIT in US$ million |
|
65 |
|
88 |
|
-25.5 |
% |
213 |
|
175 |
|
22.1 |
% |
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
111 |
|
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
176 |
|
215 |
|
-18.2 |
% |
576 |
|
599 |
|
-3.8 |
% |
Operating income (EBIT) in US$ million |
|
(8 |
) |
28 |
|
-129.4 |
% |
25 |
|
66 |
|
-61.5 |
% |
Operating income margin in % |
|
-4.7 |
% |
12.9 |
% |
|
|
4.4 |
% |
11.0 |
% |
|
|
Delivered EBIT in US$ million |
|
(8 |
) |
28 |
|
-129.7 |
% |
25 |
|
66 |
|
-61.8 |
% |
Days sales outstanding (DSO) |
|
|
|
|
|
|
|
132 |
|
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue in US$ million |
|
5 |
|
17 |
|
-63.4 |
% |
21 |
|
44 |
|
-51.3 |
% |
Operating income (EBIT) in US$ million |
|
(91 |
) |
(92 |
) |
-0.7 |
% |
(268 |
) |
(250 |
) |
7.3 |
% |
Delivered EBIT in US$ million |
|
(91 |
) |
(92 |
) |
-0.7 |
% |
(268 |
) |
(250 |
) |
7.4 |
% |
11
Balance sheet
|
|
September 30 |
|
December 31 |
|
in US$ million, except debt/EBITDA ratio |
|
2015 |
|
2014 |
|
|
|
(unaudited) |
|
(audited) |
|
Assets |
|
|
|
|
|
Current assets |
|
6,760 |
|
6,725 |
|
Goodwill and Intangible assets |
|
13,879 |
|
13,951 |
|
Other non-current assets |
|
4,775 |
|
4,771 |
|
Total assets |
|
25,414 |
|
25,447 |
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
Current liabilities |
|
3,935 |
|
3,477 |
|
Long-term liabilities |
|
10,276 |
|
11,117 |
|
Noncontrolling interests subject to put provisions and other temporary equity |
|
960 |
|
825 |
|
Total equity |
|
10,243 |
|
10,028 |
|
Total liabilities and equity |
|
25,414 |
|
25,447 |
|
|
|
|
|
|
|
Equity/assets ratio |
|
40 |
% |
39 |
% |
|
|
|
|
|
|
Debt |
|
|
|
|
|
Short-term borrowings |
|
101 |
|
133 |
|
Short-term borrowings from related parties |
|
64 |
|
5 |
|
Current portion of long-term debt and capital lease obligations |
|
577 |
|
314 |
|
Long-term debt and capital lease obligations, less current portion |
|
8,351 |
|
9,080 |
|
Total debt |
|
9,093 |
|
9,532 |
|
|
|
|
|
|
|
Debt/EBITDA ratio |
|
2.9 |
|
3.1 |
|
Cash flow statement
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
in US$ million, unaudited |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
346 |
|
329 |
|
920 |
|
857 |
|
Depreciation / amortization |
|
179 |
|
177 |
|
537 |
|
514 |
|
Change in working capital and other non-cash items |
|
54 |
|
206 |
|
(45 |
) |
(97 |
) |
Net cash provided by operating activities |
|
579 |
|
712 |
|
1,412 |
|
1,274 |
|
In percent of revenue |
|
13.7 |
% |
17.3 |
% |
11.4 |
% |
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(230 |
) |
(227 |
) |
(647 |
) |
(646 |
) |
Proceeds from sale of property, plant and equipment |
|
6 |
|
3 |
|
11 |
|
7 |
|
Capital expenditures, net |
|
(224 |
) |
(224 |
) |
(636 |
) |
(639 |
) |
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
355 |
|
488 |
|
776 |
|
635 |
|
In percent of revenue |
|
8.4 |
% |
11.9 |
% |
6.3 |
% |
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
Acquisitions and investments, net of cash acquired, and purchases of intangible assets |
|
(65 |
) |
(614 |
) |
(166 |
) |
(1,049 |
) |
Proceeds from divestitures |
|
8 |
|
1 |
|
42 |
|
4 |
|
Acquisitions and investments, net of divestitures |
|
(57 |
) |
(613 |
) |
(124 |
) |
(1,045 |
) |
Free cash flow after investing activities |
|
298 |
|
(125 |
) |
652 |
|
(410 |
) |
12
Revenue development for third quarter
in US$ million, unaudited |
|
2015 |
|
2014 |
|
Change |
|
Change at cc |
|
Organic growth |
|
Same market treatment growth1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
4,231 |
|
4,113 |
|
2.9 |
% |
8.6 |
% |
5.8 |
% |
|
|
Net Health Care |
|
3,402 |
|
3,197 |
|
6.4 |
% |
10.5 |
% |
6.4 |
% |
4.9 |
% |
Dialysis products |
|
829 |
|
916 |
|
-9.5 |
% |
2.3 |
% |
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
3,013 |
|
2,710 |
|
11.2 |
% |
11.2 |
% |
5.9 |
% |
|
|
Net Health Care |
|
2,794 |
|
2,498 |
|
11.9 |
% |
11.9 |
% |
6.1 |
% |
4.9 |
% |
Thereof Net Care Coordination revenue |
|
480 |
|
307 |
|
56.3 |
% |
56.3 |
% |
16.8 |
% |
|
|
Thereof Net Dialysis Care revenue |
|
2,314 |
|
2,191 |
|
5.6 |
% |
5.6 |
% |
5.2 |
% |
4.9 |
% |
Dialysis products |
|
219 |
|
212 |
|
3.2 |
% |
3.2 |
% |
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
1,213 |
|
1,386 |
|
-12.5 |
% |
4.5 |
% |
5.7 |
% |
|
|
Net Health Care |
|
608 |
|
699 |
|
-13.0 |
% |
5.5 |
% |
7.4 |
% |
4.9 |
% |
Dialysis products |
|
605 |
|
687 |
|
-12.0 |
% |
3.5 |
% |
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
659 |
|
784 |
|
-16.0 |
% |
1.7 |
% |
2.4 |
% |
|
|
Net Health Care |
|
309 |
|
367 |
|
-15.7 |
% |
3.3 |
% |
4.2 |
% |
3.9 |
% |
Dialysis products |
|
350 |
|
417 |
|
-16.2 |
% |
0.4 |
% |
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
378 |
|
387 |
|
-2.3 |
% |
8.9 |
% |
9.8 |
% |
|
|
Net Health Care |
|
168 |
|
183 |
|
-8.5 |
% |
4.4 |
% |
5.7 |
% |
4.2 |
% |
Dialysis products |
|
210 |
|
204 |
|
3.3 |
% |
12.9 |
% |
11.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
176 |
|
215 |
|
-18.2 |
% |
6.7 |
% |
12.6 |
% |
|
|
Net Health Care |
|
131 |
|
149 |
|
-11.8 |
% |
12.4 |
% |
16.9 |
% |
7.2 |
% |
Dialysis products |
|
45 |
|
66 |
|
-32.6 |
% |
-6.2 |
% |
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
5 |
|
17 |
|
-63.4 |
% |
-56.6 |
% |
|
|
|
|
1 same market treatment growth = organic growth less price effects
cc = constant currency. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure at Constant Exchange Rates or Constant Currency to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. Once we translate the local currency revenues for the Constant Currency, we then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage at Constant Currency.
We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure Constant Currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on a companys revenue from period to period. However, we also believe that the usefulness of data on Constant Currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue and significantly impact our performance. We therefore limit our use of Constant Currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on Constant Currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.
13
Revenue development for nine months
in US$ million, unaudited |
|
2015 |
|
2014 |
|
Change |
|
Change at cc |
|
Organic growth |
|
Same market treatment growth1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
12,390 |
|
11,511 |
|
7.6 |
% |
13.4 |
% |
7.0 |
% |
|
|
Net Health Care |
|
9,929 |
|
8,928 |
|
11.2 |
% |
15.2 |
% |
6.9 |
% |
4.4 |
% |
Dialysis products |
|
2,461 |
|
2,583 |
|
-4.8 |
% |
6.9 |
% |
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
8,730 |
|
7,624 |
|
14.5 |
% |
14.5 |
% |
6.6 |
% |
|
|
Net Health Care |
|
8,087 |
|
7,015 |
|
15.3 |
% |
15.3 |
% |
6.6 |
% |
4.1 |
% |
Thereof Net Care Coordination revenue |
|
1,382 |
|
644 |
|
114.5 |
% |
114.5 |
% |
25.4 |
% |
|
|
Thereof Net Dialysis Care revenue |
|
6,705 |
|
6,371 |
|
5.3 |
% |
5.3 |
% |
5.1 |
% |
4.1 |
% |
Dialysis products |
|
643 |
|
609 |
|
5.6 |
% |
5.6 |
% |
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
3,639 |
|
3,843 |
|
-5.3 |
% |
11.7 |
% |
8.0 |
% |
|
|
Net Health Care |
|
1,842 |
|
1,913 |
|
-3.7 |
% |
15.1 |
% |
7.8 |
% |
4.8 |
% |
Dialysis products |
|
1,797 |
|
1,930 |
|
-6.9 |
% |
8.4 |
% |
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
1,956 |
|
2,306 |
|
-15.2 |
% |
3.5 |
% |
4.1 |
% |
|
|
Net Health Care |
|
919 |
|
1,095 |
|
-16.1 |
% |
3.4 |
% |
4.4 |
% |
4.2 |
% |
Dialysis products |
|
1,037 |
|
1,211 |
|
-14.4 |
% |
3.7 |
% |
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
1,107 |
|
938 |
|
18.0 |
% |
28.6 |
% |
13.1 |
% |
|
|
Net Health Care |
|
496 |
|
391 |
|
26.9 |
% |
42.8 |
% |
5.6 |
% |
3.4 |
% |
Dialysis products |
|
611 |
|
547 |
|
11.7 |
% |
18.5 |
% |
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
576 |
|
599 |
|
-3.8 |
% |
16.9 |
% |
16.2 |
% |
|
|
Net Health Care |
|
427 |
|
427 |
|
0.2 |
% |
19.9 |
% |
18.1 |
% |
6.8 |
% |
Dialysis products |
|
149 |
|
172 |
|
-13.6 |
% |
9.3 |
% |
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
21 |
|
44 |
|
-51.3 |
% |
-41.0 |
% |
|
|
|
|
1 same market treatment growth = organic growth less price effects
cc = constant currency. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure at Constant Exchange Rates or Constant Currency to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. Once we translate the local currency revenues for the Constant Currency, we then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage at Constant Currency.
We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure Constant Currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on a companys revenue from period to period. However, we also believe that the usefulness of data on Constant Currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue and significantly impact our performance. We therefore limit our use of Constant Currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both Constant Currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on Constant Currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.
14
Additional information segment North America
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
unaudited |
|
2015 |
|
2014 |
|
Change |
|
2015 |
|
2014 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care Coordination |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue in US$ million |
|
480 |
|
307 |
|
56.3 |
% |
1,382 |
|
644 |
|
114.5 |
% |
Operating income (EBIT) in US$ million |
|
33 |
|
17 |
|
90.9 |
% |
85 |
|
47 |
|
79.9 |
% |
Operating income margin in % |
|
6.8 |
% |
5.6 |
% |
|
|
6.1 |
% |
7.3 |
% |
|
|
Delivered EBIT in US$ million |
|
22 |
|
13 |
|
69.2 |
% |
52 |
|
38 |
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue in US$ million |
|
2,533 |
|
2,403 |
|
5.4 |
% |
7,348 |
|
6,980 |
|
5.3 |
% |
Operating income (EBIT) in US$ million |
|
482 |
|
396 |
|
21.9 |
% |
1,199 |
|
1,102 |
|
8.8 |
% |
Operating income margin in % |
|
19.1 |
% |
16.5 |
% |
|
|
16.3 |
% |
15.8 |
% |
|
|
Delivered EBIT in US$ million |
|
413 |
|
345 |
|
19.8 |
% |
1,033 |
|
970 |
|
6.4 |
% |
Key metrics Dialysis Care services
|
|
Nine months ended September 30, 2015 |
|
unaudited |
|
Clinics |
|
Growth in % |
|
De novos |
|
Patients |
|
Growth in % |
|
Treatments |
|
Growth in % |
|
Total |
|
3,402 |
|
2 |
% |
77 |
|
290,250 |
|
3 |
% |
33,220,246 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
2,205 |
|
2 |
% |
55 |
|
180,251 |
|
3 |
% |
20,586,228 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
648 |
|
2 |
% |
14 |
|
53,887 |
|
2 |
% |
6,110,036 |
|
2 |
% |
Asia-Pacific |
|
320 |
|
1 |
% |
6 |
|
25,995 |
|
3 |
% |
2,822,942 |
|
21 |
% |
Latin America |
|
229 |
|
-4 |
% |
2 |
|
30,117 |
|
-1 |
% |
3,701,040 |
|
7 |
% |
Key metrics Care Coordination
|
|
Nine months ended September 30, 2015 |
|
unaudited |
|
2015 |
|
2014 |
|
Growth in % |
|
North America |
|
|
|
|
|
|
|
Member months under medical cost management |
|
92,985 |
|
11,326 |
|
721 |
% |
Medical cost under management (in US$ million) |
|
815 |
|
97 |
|
741 |
% |
Care Coordination patient encounters |
|
3,774,941 |
|
877,437 |
|
330 |
% |
Member months under medical cost management
Member months under medical cost management is calculated by multiplying the number of members who are included in value and risk-based reimbursement programs, such as Medicare Advantage plans or other value-based programs in the U.S., by the corresponding number of months these members participate in those programs (Member Months). An increase in patient membership may indicate future earnings or losses as our performance is determined through these managed care programs.
15
Medical cost under management
Medical cost under management represents the management of medical costs associated with our patient membership in value and risk-based programs. For ESCO, BPCI and other shared savings programs, this is calculated by multiplying the Member Months in each program by the benchmark of expected medical cost per member per month. The sub-capitation and MA-CSNPs calculation multiplies the premium per member of the program per month by the number of Member Months associated with the plan, as noted above.
Care Coordination patient encounters
Care Coordination patient encounters represents the total patient encounters and procedures conducted by certain of our Care Coordination activities. Specifically, Care Coordination Patient Encounters is the sum of all encounters and procedures completed during the period by Sound Inpatient Physicians, Inc (Sound), MedSpring Urgent Care (MedSpring), Fresenius Vascular Care, and National Cardiovascular Partners (NCP) as well as patients in our Fresenius Medical Care Rx Bone Mineral Metabolism program.
Quality data
|
|
North America |
|
EMEA |
|
Latin America |
|
Asia-Pacific |
|
in % of patients |
|
Q3 2015 |
|
Q2 2015 |
|
Q3 2015 |
|
Q2 2015 |
|
Q3 2015 |
|
Q2 2015 |
|
Q3 2015 |
|
Q2 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Pool Kt/v > 1.2 |
|
98 |
|
97 |
|
96 |
|
96 |
|
96 |
|
97 |
|
97 |
|
97 |
|
No catheter (> 90 days) |
|
83 |
|
83 |
|
82 |
|
82 |
|
83 |
|
83 |
|
91 |
|
91 |
|
Hemoglobin = 10-12 g/dl |
|
72 |
|
72 |
|
77 |
|
77 |
|
51 |
|
55 |
|
60 |
|
58 |
|
Hemoglobin = 10-13 g/dl |
|
78 |
|
77 |
|
77 |
|
77 |
|
69 |
|
69 |
|
68 |
|
66 |
|
Albumin > 3.5 g/dl1) |
|
81 |
|
82 |
|
92 |
|
91 |
|
90 |
|
89 |
|
88 |
|
90 |
|
Phosphate < 5.5 mg/dl |
|
65 |
|
64 |
|
78 |
|
76 |
|
76 |
|
76 |
|
71 |
|
69 |
|
Calcium = 8.4-10.2 mg/dl |
|
84 |
|
83 |
|
77 |
|
75 |
|
76 |
|
76 |
|
75 |
|
75 |
|
Hospitalization days |
|
8.6 |
|
8.7 |
|
9.6 |
|
9.6 |
|
3.5 |
|
3.4 |
|
4.1 |
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demographics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average age (in years) |
|
62 |
|
62 |
|
64 |
|
64 |
|
58 |
|
59 |
|
64 |
|
64 |
|
Average time on dialysis (in years) |
|
4.0 |
|
4.1 |
|
5.5 |
|
5.5 |
|
5.0 |
|
5.0 |
|
4.9 |
|
4.9 |
|
Average body weight (in kg) |
|
82 |
|
82 |
|
72 |
|
72 |
|
68 |
|
67 |
|
60 |
|
61 |
|
Prevalence of diabetes (in%) |
|
61 |
|
61 |
|
29 |
|
29 |
|
25 |
|
25 |
|
40 |
|
40 |
|
1) International standard BCR CRM470
16
Reconciliation of non U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
in US$ million, unaudited |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Delivered EBIT reconciliation |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
614 |
|
590 |
|
1,665 |
|
1,591 |
|
less noncontrolling interests |
|
(84 |
) |
(58 |
) |
(207 |
) |
(147 |
) |
Delivered EBIT |
|
530 |
|
532 |
|
1,458 |
|
1,444 |
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
515 |
|
413 |
|
1,284 |
|
1,149 |
|
less noncontrolling interests |
|
(80 |
) |
(55 |
) |
(199 |
) |
(141 |
) |
Delivered EBIT |
|
435 |
|
358 |
|
1,085 |
|
1,008 |
|
|
|
|
|
|
|
|
|
|
|
Care Coordination |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
33 |
|
17 |
|
85 |
|
47 |
|
less noncontrolling interests |
|
(11 |
) |
(4 |
) |
(33 |
) |
(9 |
) |
Delivered EBIT |
|
22 |
|
13 |
|
52 |
|
38 |
|
|
|
|
|
|
|
|
|
|
|
Dialysis |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
482 |
|
396 |
|
1,199 |
|
1,102 |
|
less noncontrolling interests |
|
(69 |
) |
(51 |
) |
(166 |
) |
(132 |
) |
Delivered EBIT |
|
413 |
|
345 |
|
1,033 |
|
970 |
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
190 |
|
269 |
|
649 |
|
692 |
|
less noncontrolling interests |
|
(4 |
) |
(3 |
) |
(8 |
) |
(6 |
) |
Delivered EBIT |
|
186 |
|
266 |
|
641 |
|
686 |
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
130 |
|
151 |
|
405 |
|
447 |
|
less noncontrolling interests |
|
(1 |
) |
(1 |
) |
(2 |
) |
(2 |
) |
Delivered EBIT |
|
129 |
|
150 |
|
403 |
|
445 |
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
68 |
|
90 |
|
219 |
|
179 |
|
less noncontrolling interests |
|
(3 |
) |
(2 |
) |
(6 |
) |
(4 |
) |
Delivered EBIT |
|
65 |
|
88 |
|
213 |
|
175 |
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
(8 |
) |
28 |
|
25 |
|
66 |
|
less noncontrolling interests |
|
|
|
|
|
|
|
|
|
Delivered EBIT |
|
(8 |
) |
28 |
|
25 |
|
66 |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
(91 |
) |
(92 |
) |
(268 |
) |
(250 |
) |
less noncontrolling interests |
|
|
|
|
|
|
|
|
|
Delivered EBIT |
|
(91 |
) |
(92 |
) |
(268 |
) |
(250 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by operating activities to EBITDA1) |
|
|
|
|
|
|
|
|
|
Total EBITDA |
|
|
|
|
|
2,202 |
|
2,105 |
|
Interest expense, net |
|
|
|
|
|
(304 |
) |
(294 |
) |
Income tax expense |
|
|
|
|
|
(441 |
) |
(440 |
) |
Change in working capital and other non-cash items |
|
|
|
|
|
(45 |
) |
(97 |
) |
Net cash provided by operating activities |
|
|
|
|
|
1,412 |
|
1,274 |
|
|
|
|
|
|
|
|
|
|
|
Annualized EBITDA2) |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
2,333 |
|
2,265 |
|
Depreciation and amortization |
|
|
|
|
|
724 |
|
684 |
|
Non-cash charges |
|
|
|
|
|
74 |
|
50 |
|
Annualized EBITDA |
|
|
|
|
|
3,131 |
|
2,999 |
|
1) EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Cares long-term debt instruments.
2) EBITDA: including largest acquisitions.
17
Reconciliation of non U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
in US$ million, unaudited |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Operating performance excluding one-time items |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
614 |
|
590 |
|
1,665 |
|
1,591 |
|
One-time items |
|
18 |
|
|
|
18 |
|
|
|
Divestiture of dialysis service business in Venezuela |
|
26 |
|
|
|
26 |
|
|
|
Sale of European marketing rights for certain renal pharmaceuticals1 |
|
(8 |
) |
|
|
(8 |
) |
|
|
Closing of a manufacturing plant |
|
|
|
11 |
|
|
|
11 |
|
Operating income (EBIT) excluding one-time items |
|
632 |
|
601 |
|
1,683 |
|
1,602 |
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
515 |
|
413 |
|
1,284 |
|
1,149 |
|
One-time items |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) excluding one-time items |
|
515 |
|
413 |
|
1,284 |
|
1,149 |
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
190 |
|
269 |
|
649 |
|
692 |
|
One-time items |
|
18 |
|
|
|
18 |
|
|
|
Operating income (EBIT) excluding one-time items |
|
208 |
|
269 |
|
667 |
|
692 |
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
130 |
|
151 |
|
405 |
|
447 |
|
One-time items |
|
(8 |
) |
|
|
(8 |
) |
|
|
Operating income (EBIT) excluding one-time items |
|
122 |
|
151 |
|
397 |
|
447 |
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
68 |
|
90 |
|
219 |
|
179 |
|
One-time items |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) excluding one-time items |
|
68 |
|
90 |
|
219 |
|
179 |
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
(8 |
) |
28 |
|
25 |
|
66 |
|
One-time items |
|
26 |
|
|
|
26 |
|
|
|
Operating income (EBIT) excluding one-time items |
|
18 |
|
28 |
|
51 |
|
66 |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
(91 |
) |
(92 |
) |
(268 |
) |
(250 |
) |
One-time items |
|
|
|
11 |
|
|
|
11 |
|
Operating income (EBIT) excluding one-time items |
|
(91 |
) |
(81 |
) |
(268 |
) |
(239 |
) |
|
|
|
|
|
|
|
|
|
|
Net income |
|
262 |
|
271 |
|
713 |
|
710 |
|
One-time items |
|
22 |
|
|
|
22 |
|
|
|
Divestiture of dialysis service business in Venezuela |
|
27 |
|
|
|
27 |
|
|
|
Sale of European marketing rights for certain renal pharmaceuticals1 |
|
(5 |
) |
|
|
(5 |
) |
|
|
Closing of a manufacturing plant |
|
|
|
7 |
|
|
|
7 |
|
Net income excluding one-time items |
|
284 |
|
278 |
|
735 |
|
717 |
|
1 to our Joint Venture Vifor Fresenius Medical Care Renal Pharma
18
CONTACT
Fresenius Medical Care AG & Co. KGaA
Investor Relations
61352 Bad Homburg v. d. H.
Germany
www.freseniusmedicalcare.com
Oliver Maier
Head of Investor Relations &
Corporate Communications
Tel. +49 6172 609 2601
Fax +49 6172 609 2301
email: ir@fmc-ag.com
Published by
Fresenius Medical Care AG & Co. KGaA
Investor Relations
Annual reports, interim reports and further
information on the company are also available on our website.
Please visit us at www.freseniusmedicalcare.com
For printed material, please contact Investor Relations.
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