-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MV7xCzP8ZpKHRPYG/D26aD56Lqwo25KXZ0xTxD8StlXaAhNbv/3gkEo905q1QRVL cRupqjhVGByTbI7Rbuq6QQ== 0001156973-05-000621.txt : 20050504 0001156973-05-000621.hdr.sgml : 20050504 20050504061133 ACCESSION NUMBER: 0001156973-05-000621 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050405 FILED AS OF DATE: 20050504 DATE AS OF CHANGE: 20050504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRESENIUS MEDICAL CARE CORP CENTRAL INDEX KEY: 0001019600 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14444 FILM NUMBER: 05796871 BUSINESS ADDRESS: STREET 1: ELSE-KRONER STRASSE 1 CITY: BAD HOMBURG STATE: 2M ZIP: D-61352 BUSINESS PHONE: 0114961726092525 MAIL ADDRESS: STREET 1: ELSE-KRONER STRASSE 1 CITY: BAD HOMBURG STATE: 2M ZIP: D-61352 6-K 1 f00969e6vk.htm FORM 6-K e6vk
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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 May 2005

FRESENIUS MEDICAL CARE CORPORATION

(Translation of registrant’s 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.

Form 20-F þ          Form 40-F 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)(1): ___

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): ___

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.

Yes o          No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82



 


TABLE OF CONTENTS

EXHIBITS
SIGNATURES
EXHIBIT 99.1


Table of Contents

     On May 4, 2005 Fresenius Medical Care AG (the “Company”) issued a press release announcing its earnings results for the quarter ended March 31, 2005. A copy of the press release is furnished as Exhibit 99.1.

     The attached press release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s 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 first quarter 2005 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) operating income excluding depreciation, amortization, and minority interests, and (b) free cash flow. These non-GAAP measures are provided to enhance the user’s 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 press release.

     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.

     EXHIBITS

     Exhibit 99.1 Earning press release dated May 4, 2005

 


Table of Contents

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: May 4, 2005
         
  Fresenius Medical Care
Aktiengesellschaft
 
 
  By:   /s/ Dr. Ben Lipps    
    Name:   Dr. Ben Lipps   
    Title:   Chief Executive Officer and
Chairman of the Management Board 
 
 
         
     
  By:   /s/ Lawrence A. Rosen    
    Name:   Lawrence A. Rosen   
    Title:   Chief Financial Officer   
 

 

EX-99.1 2 f00969exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1

(FRESENIUS LOGO)

             
Investor News   Fresenius Medical Care AG
Investor Relations

Else-Kröner-Str. 1
D-61352 Bad Homburg
 
           
    Contact:
 
           
    Oliver Maier
  Phone:   + 49 6172 609 2601    
  Fax:   + 49 6172 609 2301    
    E-mail: ir-fms@fmc-ag.com
 
           
    North America:
    Heinz Schmidt
  Phone:   + 1 781 402 9000    
      Ext.: 4518    
  Fax:   + 1 781 402 9741    
    E-mail: ir-fmcna@fmc-ag.com
 
           
    Internet: http://www.fmc-ag.com
 
           
    May 04, 2005

Fresenius Medical Care Reports First Quarter 2005 Results;
Solid Start into the Year 2005

Summary First Quarter 2005:

                 
Net Revenue
  $1,609 million     + 10 %
Operating income (EBIT)
  $220 million     + 11 %
Net income
  $107 million     + 18 %
Operating Cash Flow
  $138 million     - 19 %
Free Cash Flow
  $98 million     - 25 %

 

Fresenius Medical Care AG, May 04, 2005   1 of 13

 


 

Bad Homburg, Germany – Fresenius Medical Care AG (“the Company”) (Frankfurt Stock Exchange: FME, FME3) (NYSE: FMS, FMS-p), the world’s largest provider of Dialysis Products and Services, today announced the results for the first quarter 2005.

Revenue

Total revenue for the first quarter 2005 increased by 10% (9% at constant currency) to $1,609 million. Total organic revenue growth worldwide was 7%. Consolidation resulting from FIN 46R interpretation added 2% to the revenue growth. Dialysis Care revenue grew by 10% to $1,162 million (9% at constant currency) in the first quarter of 2005. Dialysis Product revenue increased by 11% to $447 million (7% at constant currency) in the same period.

North America revenue increased by 9% to $1,088 million, compared to $1,003 million in the same period last year. Dialysis Care revenue increased by 8% to $968 million. The average revenue per treatment for the U.S. clinics increased by 2.5% to $293 in the first quarter 2005 (Q1 2004: $286). Same-store treatment growth was 3.8%. Dialysis Product revenue increased by 16% to $120 million.

International revenue was $521 million, up 14% from the first quarter of 2004 (8% at constant currency). Dialysis Care revenue reached $194 million, an increase of 22% (16% at constant currency). Dialysis Product revenue increased by 10% to $327 million (4% at constant currency).

Earnings

Operating income (EBIT) increased by 11% to $220 million resulting in an operating margin of 13.7% (Q1 2004: 13.6%).

Compared with the first quarter 2004, the operating margin in North America remained nearly unchanged at 13.4%. On a comparable basis (excluding FIN 46R consolidations) the operating margin in North America was at 13.7% compared to 13.5% in the first quarter 2004. In our International segment the margin increased by 20 basis points to 15.8% compared to the first quarter in the previous year.

 

Fresenius Medical Care AG, May 04, 2005   2 of 13

 


 

Group net interest expenses decreased by 9% to $42 million, compared to $47 million last year. This positive development was mainly attributable to a lower debt level in combination with lower interest rates.

Income tax expense was $70 million versus $60 million in the first quarter 2004, reflecting an effective tax rate of 39.2% compared to 39.4% in the first quarter of last year.

Net income in the first quarter 2005 was $ 107 million, an increase of 18%.

Earnings per share (EPS) in the first quarter 2005 rose by 18% to $1.11 per ordinary share ($0.37 per ADS), compared to $0.94 ($0.31 per ADS) in the first quarter of 2004. The weighted average number of shares outstanding was approximately 96.3 million.

Cash Flow

In the first quarter of 2005, the Company generated $138 million in net cash from operations compared to $171 million last year. The decrease was mainly due to higher income tax payments in North America.

A total of $40 million (net of disposals) was spent for capital expenditures. This resulted in a Free Cash Flow before acquisitions of $98 million compared to $130 million in the first quarter of 2004. The Free Cash Flow performance was driven by the increase in net income. The days sales outstanding (DSO) remained unchanged at 84 days in the first quarter 2005 compared to the fourth quarter 2004. Compared with the first quarter of the previous year DSO were reduced by 2 days.

A total of $22 million in cash was spent for acquisitions. The Free Cash Flow after acquisitions decreased by 13% to $76 million compared to $88 million last year.

For a complete overview of the first quarter 2005, please refer to the appendix.

 

Fresenius Medical Care AG, May 04, 2005   3 of 13

 


 

Patients — Clinics — Treatments

At the end of the first quarter 2005, Fresenius Medical Care served about 125,900 patients worldwide which represents an increase of 5%. North America provided dialysis treatments for ~87,000 patients (+4%) and the International segment for ~38,900 patients (+6%).

As of March 31, 2005, the Company operated a total of 1,630 clinics worldwide (1,140 clinics/+2% in North America and 490 clinics/+8% International).

Fresenius Medical Care AG performed approximately 4.72 million treatments, which represents an increase of 3% year over year. North America accounted for 3.25 million treatments (+3%) and the International segment for 1.47 million (+5%).

Outlook 2005

For the year 2005, the Company confirms its outlook before the impact of the Renal Care Group acquisition. The Company expects a revenue growth at constant currency between six and nine percent and net income growth in the low double-digit range.

Ben Lipps, Chief Executive Officer of Fresenius Medical Care, commented: “Our results for the first quarter 2005 show a solid start for the year. We are pleased that all regions and business segments grew at or above market. Revenue growth in Europe and North America evidenced continued strong momentum. With this solid foundation we have initiated plans to increase our investments in the core dialysis business to assure strong financial growth.”

 

Fresenius Medical Care AG, May 04, 2005   4 of 13

 


 

Webcast of Analyst Meeting

Instead of a Conference Call only, Fresenius Medical Care will also host an Analyst Meeting on May 04, 2005 at 2.30 pm CET / 8.30 am EDT at its headquarters in Bad Homburg. The Company invites investors to listen to the live video webcast of the meeting at the Company’s website www.fmc-ag.com in the “Investor Relations” section. A replay will be available shortly after the meeting.

If you would like to participate via telephone, please call the following number on the day and at the time mentioned above:

+1 (706) 645 9185 (U.S./Canada and International Callers).

Fresenius Medical Care AG is the world’s largest, integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure, a condition that affects more than 1,300,000 individuals worldwide. Through its network of approximately 1,630 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides Dialysis Treatment to approximately 125,900 patients around the globe. Fresenius Medical Care is also the world’s leading provider of Dialysis Products such as hemodialysis machines, dialyzers and related disposable products. For more information about Fresenius Medical Care, visit the Company’s website at www.fmc-ag.com.

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’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release.

 

Fresenius Medical Care AG, May 04, 2005   5 of 13

 


 

FRESENIUS MEDICAL CARE AG
 
STATEMENT OF EARNINGS
(in US-$ thousands, except share and
per share data)
(unaudited)

                         
    Three months ended March 31,  
       
    2005     2004     % Change  
Net revenue
                       
Dialysis Care
    1,162,461       1,057,750       9.9 %
Dialysis Products
    446,542       401,306       11.3 %
Total net revenue
    1,609,003       1,459,056       10.3 %
 
                       
Cost of revenue
    1,070,034       977,098       9.5 %
Gross profit
    538,969       481,958       11.8 %
Selling, general and administrative
    305,738       271,469       12.6 %
Research and development
    13,248       12,301       7.7 %
Operating income (EBIT)
    219,983       198,188       11.0 %
 
                       
Interest income
    (2,245 )     (2,874 )     (21.9 %)
Interest expense
    44,532       49,577       (10.2 %)
Interest expense, net
    42,287       46,703       (9.5 %)
Earnings before income taxes and minority interest
    177,696       151,485       17.3 %
Income tax expense
    69,643       59,697       16.7 %
Minority interest
    582       679       (14.3 %)
Net income
    107,471       91,109       18.0 %
 
                       
Operating income (EBIT)
    219,983       198,188       11.0 %
Depreciation and amortization
    59,711       56,842       5.0 %
EBITDA
    279,694       255,030       9.7 %
 
                       
Total bad debt expenses
    29,983       30,204          
 
                       
Earnings per Ordinary share
    $1.11       $0.94       17.9 %
Earnings per Ordinary ADS
    $0.37       $0.31       17.9 %
 
                       
Earnings per Preference share
    $1.13       $0.96       17.6 %
Earnings per Preference ADS
    $0.38       $0.32       17.6 %
 
                       
Weighted average number of shares
                       
Ordinary shares
    70,000,000       70,000,000          
Preference shares
    26,330,125       26,215,699          
 
                       
Percentages of revenue
                       
Cost of revenue
    66.5%       67.0%          
Gross profit
    33.5%       33.0%          
Selling, general and administrative
    19.0%       18.6%          
Research and development
    0.8%       0.8%          
Operating income (EBIT)
    13.7%       13.6%          
Interest expense, net
    2.6%       3.2%          
Earnings before income taxes and minority interest
    11.0%       10.4%          
 
                       
Income tax expense
    4.3%       4.1%          
Minority interest
    0.0%       0.0%          
Net income
    6.7%       6.2%          
EBITDA
    17.4%       17.5%          

 

Fresenius Medical Care AG, May 04, 2005   6 of 13

 


 

FRESENIUS MEDICAL CARE AG
SEGMENT AND OTHER INFORMATION
(in US-$ million)
(unaudited)
                         
    Three months ended March 31,
     
    2005   2004*   % Change
             
Net revenue
                       
North America
    1,088       1,003       8.5 %
International
    521       456       14.0 %
Total net revenue
    1,609       1,459       10.3 %
 
Operating income (EBIT)
                       
North America
    146       136       7.8 %
International
    82       71       15.6 %
Corporate
    (8 )     (9 )     (2.2 %)
Total operating income (EBIT)
 
    220       198       11.0 %
 
Operating income in percentage of revenue
                       
North America
    13.4 %     13.5 %        
International
    15.8 %     15.6 %        
Total
    13.7 %     13.6 %        
 
Employees
                       
Full-time equivalents (March 31 compared to Dec.31)
    44,957       44,526          
RECONCILIATION OF NON US-GAAP
FINANCIAL MEASURES TO THE MOST DIRECTLY
COMPARABLE US-GAAP FINANCIAL MEASURES
(in US-$ million)
(unaudited)
                         
    Three months ended March 31,
     
    2005   2004*   % Change
             
Segment information North America
                       
Net revenue
    1,088       1,003          
Costs of revenue and research and development
    785       729          
Selling, general and administrative
    157       138          
Costs of revenue and operating expenses
    942       867          
Operating income (EBIT)
    146       136          
 
Annualized EBITDA
                       
Operating income (EBIT) last twelve months
    874       690          
Depreciation and amortization last twelve months
    236       212          
Non cash charges
    11       10          
Annualized EBITDA
    1,121       912          
 
The management responsibility for the Mexican business has been transferred from the segment International to the segment North America starting January 1, 2005. 2004 segment information has been restated accordingly.

 

Fresenius Medical Care AG, May 04, 2005   7 of 13

 


 

FRESENIUS MEDICAL CARE AG
BALANCE SHEET
(in US-$ million)
                 
    March 31,   December 31,
    2005   2004
         
    (unaudited)    
Assets
               
Current assets
    2,468       2,446  
Intangible assets
    4,039       4,047  
Other non-current assets
    1,387       1,469  
Total assets
    7,894       7,962  
 
Shareholders’ equity and liabilities
               
Current liabilities
    1,867       1,938  
Long-term liabilities
    2,312       2,389  
Shareholders’ equity
    3,715       3,635  
Total shareholders’ equity and liabilities
    7,894       7,962  
 
Equity/assets ratio:
    47 %     46 %
 
Debt
               
Short-term borrowings
    326       419  
Short-term borrowings from related parties
    6       6  
Current portion of long-term debt and capital lease obligations
    241       230  
Long-term debt and capital lease obligations, less current portion
    526       545  
Trust Preferred Securities
    1,244       1,279  
Total debt
    2,343       2,479  

 

Fresenius Medical Care AG, May 04, 2005   8 of 13

 


 

FRESENIUS MEDICAL CARE AG
CASH FLOW STATEMENT
(in US-$ million)
(unaudited)
                 
    Three months ended March 31,
     
     
    2005   2004
         
Operating activities
               
Net income
    107       91  
Depreciation/amortization
    60       57  
Change in working capital and other non cash items
    (29 )     23  
Cash Flow from operating activities
    138       171  
 
Investing activities
               
Purchases of property, plant and equipment
    (44 )     (43 )
Proceeds from sale of property, plant and equipment
    4       2  
Capital expenditures, net
    (40 )     (41 )
Free Cash Flow
    98       130  
 
Acquisitions, net of cash acquired
    (22 )     (42 )
Free Cash Flow after investing activities
    76       88  
 
Financing activities
               
Change in accounts receivable securitization program
    (71 )     (113 )
Change in intercompany debt
          50  
Change in other debt
    (16 )     (14 )
Proceeds from exercise of stock options
    4        
Cash Flow from financing activities
    (83 )     (77 )
 
Effects of exchange rates on cash
    (1 )     (2 )
Net increase (decrease) in cash
    (8 )     9  
 
Cash at beginning of period
    59       48  
Cash at end of period
    51       57  

 

Fresenius Medical Care AG, May 04, 2005   9 of 13

 


 

FRESENIUS MEDICAL CARE AG

QUARTERLY PERFORMANCE SCORECARD – REVENUE
(in US-$ thousands, except per-treatment revenue)

                                 
    Three months ended March 31,  
    2005     cc     2004*     cc  
North America
                               
Net revenue
    1,088,184               1,002,601          
Growth year-over-year
    8.5 %             7.2 %        
 
                               
Dialysis Care
    968,561               899,351          
Growth year-over-year
    7.7 %             9.0 %        
U.S. per treatment
    293               286          
Per treatment
    291               284          
Sequential growth
    1.0 %             2.2 %        
Growth year-over-year
    2.4 %             2.8 %        
 
                               
Dialysis Products
                               
incl. internal sales
    207,678               195,918          
less internal sales
    (88,055 )             (92,668 )        
External sales
    119,623               103,250          
 
                               
Dialysis Products
                               
incl. internal sales
    207,678               195,918          
Growth year-over-year
    6.0 %             0.6 %        
External sales
    119,623               103,250          
Growth year-over-year
    15.9 %             (6.1 )%        
 
                               
International
                               
Net revenue
    520,818               456,455          
Growth year-over-year
    14.1 %     8.4 %     25.2 %     9.9 %
 
                               
Dialysis Care
    193,900               158,398          
Growth year-over-year
    22.4 %     16.0 %     32.9 %     17.0 %
Per treatment
    132       125       113       100  
Sequential growth
    2.2 %             7.7 %        
Growth year-over-year
    16.8 %     10.7 %     19.2 %     5.0 %
 
                               
Dialysis Products
                               
incl. internal sales
    367,322               331,090          
less internal sales
    (40,404 )             (33,033 )        
External sales
    326,918               298,057          
 
                               
Dialysis Products
                               
incl. internal sales
    367,322               331,090          
Growth year-over-year
    10.9 %     5.4 %     22.1 %     7.0 %
External sales
    326,918               298,057          
Growth year-over-year
    9.7 %     4.4 %     21.5 %     6.4 %


cc = at constant exchange rates
 
*   The management responsibility of the Mexican business has been transferred from the segment International to the segment North America starting January 1, 2005. 2004 segment information has been restated accordingly.

 

Fresenius Medical Care AG, May 04, 2005   10 of 13

 


 

FRESENIUS MEDICAL CARE AG

QUARTERLY PERFORMANCE SCORECARD — DIALYSIS CARE VOLUME

                 
    Three months ended March 31,  
    2005     2004*  
North America
               
Number of treatments
    3,250,110       3,170,088  
Treatments per day
    42,205       40,642  
Per day sequential growth
    0.4 %     0.3 %
Per day year-over-year growth
    3.8 %     3.3 %
of which:
               
- Acquisitions
    1.0 %     1.2 %
- Same store growth year-over-year
    3.8 %     2.9 %
- Adjustment for closed/sold facilities, yield and other
    (1.0 )%     (0.8 )%
 
               
International
               
Number of treatments
    1,466,672       1,399,400  
Same store growth year-over-year
    5.6 %     5.6 %

FRESENIUS MEDICAL CARE AG

QUARTERLY PERFORMANCE SCORECARD – EXPENSES

                 
    Three months ended March 31,  
    2005     2004*  
North America
               
Costs of revenue and operating expenses
               
Percent of revenue
    86.6 %     86.5 %
Selling, general and administrative
               
Percent of revenue
    14.4 %     13.7 %
Bad debt expenses
               
Percent of revenue
    2.7 %     2.7 %
Dialysis Care operating expenses/Treatment (in US-$)
    253       248  
Sequential growth
    1.5 %     3.7 %
Growth year-over-year
    1.9 %     2.2 %
 
               
Total Group
               
Costs of revenue and operating expenses
               
Percent of revenue
    86.3 %     86.4 %
Selling, general and administrative
               
Percent of revenue
    19.0 %     18.6 %
Effective tax rate
    39.2 %     39.4 %


*   The management responsibility for the Mexican business has been transferred from the segment International to the segment North America starting January 1, 2005. 2004 segment information has been restated accordingly.

 

Fresenius Medical Care AG, May 04, 2005   11 of 13

 


 

FRESENIUS MEDICAL CARE AG

QUARTERLY PERFORMANCE SCORECARD — CASH FLOW/INVESTING ACTIVITIES
(in US-$ thousands,
except number of de novos)

                 
    Three months ended
March 31,
 
    2005     2004*  
Total Group
               
Operating Cash Flow
    138,475       171,322  
Percent of revenue
    8.6 %     11.7 %
 
               
Free Cash Flow, before acquisitions
    98,430       130,408  
Percent of revenue
    6.1 %     8.9 %
 
               
Acquisitions, net
    21,988       42,401  
 
               
Capital expenditures, net
    40,045       40,914  
Percent of revenue
    2.5 %     2.8 %
 
               
Maintenance
    20,537       18,757  
Percent of revenue
    1.3 %     1.3 %
 
               
Growth
    19,508       22,157  
Percent of revenue
    1.2 %     1.5 %
 
               
Number of de novos
    23       14  
North America
    13       7  
International
    10       7  

FRESENIUS MEDICAL CARE AG

QUARTERLY PERFORMANCE SCORECARD — BALANCE SHEET

                 
    Three months ended
March 31,
 
    2005     2004*  
Total Group
               
Debt (in US-$ million)
    2,343       2,651  
Debt/EBITDA
    2.1       2.6  
 
               
North America
               
Days sales outstanding
    66       71  
Sequential development
    (1.5 )%     (1.4 )%
Year-over-year development
    (7.0 )%     (10.1 )%
 
               
International
               
Days sales outstanding
    123       121  
Sequential development
    3.4 %     (4.7 )%
Year-over-year development
    1.7 %     (11.0 )%


*   The management responsibility for the Mexican business has been transferred from the segment International to the segment North America starting January 1, 2005. 2004 segment information has been restated accordingly.

 

Fresenius Medical Care AG, May 04, 2005   12 of 13

 


 

FRESENIUS MEDICAL CARE AG

QUARTERLY PERFORMANCE SCORECARD

                 
    Three months
    ended
    March 31,
     
    2005   2004
         
Clinical Performance
               
North America
               
Urea reduction > = 65%
    91 %     90 %
Single Pool Kt/v > 1.2
    94 %     94 %
Hemoglobin > = 11g/dl
    81 %     77 %
Albumin > = 3.5 g/dl*
    78 %     78 %
Hospitalization Days per Patient (FY 2004 vs. FY 2003)
    13.1       13.4  
 
Demographics
               
North America
               
Average age (yr)
    61       61  
Average time on dialysis (yr)
    3.4       3.3  
Average body weight (kg)
    77       76  
Prevalence of diabetes
    52 %     52 %
 
International standard BCR CRM470

 

Fresenius Medical Care AG, May 04, 2005   13 of 13

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