EX-99.2 3 a20-1281_5ex99d2.htm EX-99.2

Exhibit 99.2

 

 

Fresenius Medical Care AG & Co. KGaA

 

COMPLETE OVERVIEW OF THE RESULTS FOR THE FOURTH QUARTER

AND FULL YEAR 2019

February 20, 2020

 

Investor Relations

phone: +49 6172 609 2525

email: ir@fmc-ag.com

 

Content:

 

 

 

Statement of earnings

page 2

Segment information

page 3

Balance sheet

page 4

Cash flow

page 5

Revenue development

page 6

Key metrics

page 7

Quality data

page 8

Reconciliation

page 9

Reconciliation adjusted results

page 10

Outlook 2020

page 11

 

Disclaimer

 

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.

 

 

Copyright by Fresenius Medical Care AG & Co. KGaA

 

February 20, 2020

 

1


 

Statement of earnings

 

 

 

Three months ended December 31

 

Twelve months ended December 31

 

in € million, except share data

 

2019

 

2018

 

Change

 

Change
at cc

 

2019

 

2018

 

Change

 

Change
at cc

 

Health Care Services

 

3,607

 

3,413

 

5.7

%

3.5

%

13,872

 

13,264

 

4.6

%

0.8

%

Health Care Products

 

973

 

887

 

9.6

%

8.1

%

3,605

 

3,283

 

9.8

%

8.0

%

Total revenue

 

4,580

 

4,300

 

6.5

%

4.4

%

17,477

 

16,547

 

5.6

%

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

3,126

 

2,920

 

7.1

%

5.1

%

12,081

 

11,392

 

6.0

%

2.7

%

Gross profit

 

1,454

 

1,380

 

5.3

%

3.0

%

5,396

 

5,155

 

4.7

%

1.1

%

Selling, general and administrative

 

815

 

733

 

10.9

%

8.1

%

3,061

 

2,885

 

6.1

%

2.9

%

(Gain) loss related to divestitures of Care Coordination activities

 

(15

)

21

 

n.a.

 

n.a.

 

(29

)

(809

)

(96.4

)%

(96.6

)%

Research and development

 

49

 

34

 

44.9

%

42.7

%

168

 

114

 

47.3

%

44.0

%

Income from equity method investees

 

(11

)

(21

)

(49.3

)%

(49.6

)%

(74

)

(73

)

0.5

%

0.1

%

Operating income

 

616

 

613

 

0.5

%

(2.1

)%

2,270

 

3,038

 

(25.3

)%

(28.2

)%

Operating income margin in %

 

13.5

%

14.3

%

 

 

 

 

13.0

%

18.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(15

)

(116

)

(87.2

)%

(86.9

)%

(62

)

(147

)

(58.2

)%

(58.5

)%

Interest expense

 

117

 

174

 

(32.5

)%

(33.6

)%

491

 

448

 

9.5

%

5.8

%

Interest expense, net

 

102

 

58

 

78.3

%

74.4

%

429

 

301

 

42.6

%

37.4

%

Income before taxes

 

514

 

555

 

(7.5

)%

(10.0

)%

1,841

 

2,737

 

(32.8

)%

(35.5

)%

Income tax expense

 

109

 

63

 

72.5

%

68.3

%

402

 

511

 

(21.4

)%

(24.4

)%

Net income

 

405

 

492

 

(17.8

)%

(20.0

)%

1,439

 

2,226

 

(35.4

)%

(38.0

)%

Net income attributable to noncontrolling interests

 

62

 

67

 

(8.0

)%

(10.9

)%

239

 

244

 

(2.0

)%

(6.9

)%

Net income attributable to shareholders of FMC-AG & Co. KGaA

 

343

 

425

 

(19.4

)%

(21.5

)%

1,200

 

1,982

 

(39.5

)%

(41.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

616

 

613

 

0.5

%

(2.1

)%

2,270

 

3,038

 

(25.3

)%

(28.2

)%

Depreciation, amortization and impairment loss

 

435

 

256

 

70.0

%

65.8

%

1,593

 

789

 

101.8

%

94.4

%

EBITDA

 

1,051

 

869

 

21.0

%

17.9

%

3,863

 

3,827

 

0.9

%

-2.9

%

EBITDA margin in %

 

22.9

%

20.2

%

 

 

 

 

22.1

%

23.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

299,304,206

 

306,858,573

 

 

 

 

 

302,691,397

 

306,541,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.14

 

$

1.38

 

(17.3

)%

(19.5

)%

$

3.96

 

$

6.47

 

(38.7

)%

(41.1

)%

Basic earnings per ADS

 

$

0.57

 

$

0.69

 

(17.3

)%

(19.5

)%

$

1.98

 

$

3.23

 

(38.7

)%

(41.1

)%

 

2


 

Segment information

 

 

 

Three months ended December 31

 

Twelve months ended December 31

 

 

 

2019

 

2018

 

Change

 

Change
at cc

 

2019

 

2018

 

Change

 

Change
at cc

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

4,580

 

4,300

 

6.5

%

4.4

%

17,477

 

16,547

 

5.6

%

2.2

%

Operating income in € million

 

616

 

613

 

0.5

%

(2.1

)%

2,270

 

3,038

 

(25.3

)%

(28.2

)%

Operating income margin in %

 

13.5

%

14.3

%

 

 

 

 

13.0

%

18.4

%

 

 

 

 

Delivered Operating Income in € million

 

554

 

546

 

1.6

%

(1.0

)%

2,031

 

2,794

 

(27.3

)%

(30.1

)%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

73

 

75

 

 

 

 

 

Employees (full-time equivalents)

 

 

 

 

 

 

 

 

 

120,659

 

112,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

3,174

 

2,981

 

6.5

%

3.1

%

12,195

 

11,570

 

5.4

%

(0.1

)%

Operating income in € million

 

515

 

492

 

4.8

%

1.6

%

1,794

 

2,665

 

(32.7

)%

(35.8

)%

Operating income margin in %

 

16.2

%

16.5

%

 

 

 

 

14.7

%

23.0

%

 

 

 

 

Delivered Operating Income in € million

 

456

 

428

 

6.5

%

3.3

%

1,569

 

2,434

 

(35.6

)%

(38.5

)%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

58

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue per dialysis treatment in US$

 

349

 

358

 

(2.7

)%

n.a.

 

352

 

354

 

(0.5

)%

n.a.

 

Cost per dialysis treatment in US$ (1)

 

292

 

288

 

1.6

%

n.a.

 

296

 

289

 

2.3

%

n.a.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

709

 

679

 

4.5

%

3.7

%

2,693

 

2,587

 

4.1

%

4.2

%

Operating income in € million

 

114

 

97

 

16.9

%

17.3

%

448

 

399

 

12.4

%

12.7

%

Operating income margin in %

 

16.1

%

14.4

%

 

 

 

 

16.6

%

15.4

%

 

 

 

 

Delivered Operating Income in € million

 

113

 

97

 

17.6

%

18.0

%

443

 

395

 

12.3

%

12.6

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

96

 

98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

499

 

454

 

9.8

%

6.6

%

1,859

 

1,689

 

10.0

%

7.1

%

Operating income in € million

 

75

 

86

 

(12.9

)%

(14.4

)%

329

 

304

 

8.2

%

5.8

%

Operating income margin in %

 

15.0

%

18.8

%

 

 

 

 

17.7

%

18.0

%

 

 

 

 

Delivered Operating Income in € million

 

73

 

83

 

(12.4

)%

(13.9

)%

321

 

295

 

8.7

%

6.4

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

113

 

116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

193

 

182

 

6.3

%

23.6

%

709

 

686

 

3.3

%

20.9

%

Operating income in € million

 

15

 

5

 

189.1

%

200.6

%

43

 

29

 

47.4

%

35.2

%

Operating income margin in %

 

7.6

%

2.8

%

 

 

 

 

6.0

%

4.2

%

 

 

 

 

Delivered Operating Income in € million

 

15

 

5

 

194.1

%

205.8

%

42

 

29

 

47.3

%

35.0

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

127

 

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

5

 

4

 

31.5

%

31.4

%

21

 

15

 

36.7

%

36.5

%

Operating income in € million

 

(103

)

(67

)

52.8

%

52.3

%

(344

)

(359

)

(4.1

)%

(5.0

)%

Delivered Operating Income in € million

 

(103

)

(67

)

52.9

%

52.4

%

(344

)

(359

)

(4.1

)%

(4.9

)%

 


(1) 2019 excluding the effects from the implementation of IFRS 16.

 

3


 

Balance sheet

 

 

 

December 31

 

December 31

 

December 31

 

in € million, except net leverage ratio

 

2019

 

2019

 

2018

 

Assets

 

 

 

 

 

 

 

Current assets

 

7,165

 

 

 

7,847

 

Goodwill and intangible assets

 

15,444

 

 

 

12,891

 

Right of use assets

 

4,325

 

 

 

 

Other non-current assets

 

6,001

 

 

 

5,504

 

Total assets

 

32,935

 

 

 

26,242

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

Current liabilities

 

7,007

 

 

 

6,268

 

Non-current liabilities

 

12,701

 

 

 

7,072

 

Total equity

 

13,227

 

 

 

12,902

 

Total liabilities and equity

 

32,935

 

 

 

26,242

 

 

 

 

 

 

 

 

 

Equity/assets ratio

 

40

%

 

 

49

%

 

 

 

 

 

excluding IFRS 16

 

 

 

 

 

 

 

implementation

 

 

 

Debt and lease liabilities

 

 

 

 

 

 

 

Short-term debt

 

1,150

 

1,150

 

1,205

 

Short-term debt from related parties

 

22

 

22

 

189

 

Current portion of long-term debt

 

1,447

 

1,435

 

1,107

 

Current portion of long-term lease liabilities

 

622

 

 

 

Current portion of long-term lease liabilities from related parties

 

17

 

 

 

Long-term debt, less current portion

 

6,458

 

6,378

 

5,045

 

Long-term lease liabilities, less current portion

 

3,960

 

 

 

Long-term lease liabilities from related parties, less current portion

 

106

 

 

 

Total debt and lease liabilities

 

13,782

 

8,985

 

7,546

 

Minus: Cash and cash equivalents

 

(1,008

)

(1,008

)

(2,146

)

Total net debt and lease liabilities

 

12,774

 

7,977

 

5,400

 

 

 

 

 

 

 

 

 

Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures

 

 

 

 

 

 

 

Net income

 

1,439

 

1,509

 

2,226

 

Income tax expense

 

402

 

429

 

511

 

Interest income

 

(62

)

(62

)

(147

)

Interest expense

 

491

 

319

 

448

 

Depreciation and amortization

 

1,553

 

854

 

725

 

Adjustments (1)

 

110

 

110

 

(722

)

Adjusted EBITDA

 

3,933

 

3,159

 

3,041

 

 

 

 

 

 

 

 

 

Net leverage ratio

 

3.2

 

2.5

 

1.8

 

 


(1) Acquisitions and divestitures made within the reporting period with a purchase price above a €50 M threshold as defined in the Amended 2012 Credit Agreement (2019: -€71 M; 2018: -€23 M), non-cash charges, primarily related to pension expense (2019: €46 M; 2018: €45 M), impairment loss (2019: €40 M; 2018: €65 M), (gain) loss related to divestitures of Care Coordination activities with a sales price above €50 M (2018: -€809 M) and NxStage related transaction costs (2019: €95 M).

 

4


 

Cash flow statement

 

 

 

Three months ended
December 31

 

Twelve months ended
December 31

 

in € million

 

2019

 

2018

 

2019

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

405

 

492

 

1,439

 

2,226

 

Depreciation / amortization / impairment loss

 

435

 

256

 

1,593

 

789

 

Change in working capital and other non-cash items

 

(69

)

(50

)

(465

)

(953

)

Net cash provided by (used in) operating activities

 

771

 

698

 

2,567

 

2,062

 

In percent of revenue

 

16.8

%

16.2

%

14.7

%

12.5

%

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(337

)

(325

)

(1,125

)

(1,057

)

Proceeds from sale of property, plant and equipment

 

0

 

24

 

12

 

54

 

Capital expenditures, net

 

(337

)

(301

)

(1,113

)

(1,003

)

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

434

 

397

 

1,454

 

1,059

 

In percent of revenue

 

9.5

%

9.2

%

8.3

%

6.4

%

 

 

 

 

 

 

 

 

 

 

Acquisitions and investments, net of cash acquired, and purchases of intangible assets

 

(208

)

(117

)

(2,233

)

(925

)

Proceeds from divestitures

 

4

 

16

 

60

 

1,683

 

Acquisitions and investments, net of divestitures

 

(204

)

(101

)

(2,173

)

758

 

Free cash flow after investing activities

 

230

 

296

 

(719

)

1,817

 

 

5


 

Revenue development

 

 

 

 

 

 

 

 

 

 

 

 

 

Same

 

 

 

 

 

 

 

 

 

 

 

 

 

market

 

 

 

 

 

 

 

 

 

Change

 

Organic

 

treatment

 

in € million

 

2019

 

2018

 

Change

 

at cc

 

growth

 

growth(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,580

 

4,300

 

6.5

%

4.4

%

5.2

%

 

 

Health Care Services

 

3,607

 

3,413

 

5.7

%

3.5

%

5.4

%

3.4

%

Thereof Dialysis Care revenue

 

3,214

 

3,062

 

5.0

%

2.9

%

5.1

%

3.4

%

Thereof Care Coordination revenue

 

393

 

351

 

11.9

%

8.3

%

8.2

%

 

 

Health Care Products

 

973

 

887

 

9.6

%

8.1

%

4.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

3,174

 

2,981

 

6.5

%

3.1

%

4.5

%

 

 

Health Care Services

 

2,893

 

2,746

 

5.3

%

2.0

%

4.6

%

3.4

%(2)

Thereof Dialysis Care revenue

 

2,568

 

2,455

 

4.6

%

1.3

%

4.2

%

3.4

%(2)

Thereof Care Coordination revenue

 

325

 

291

 

11.5

%

7.8

%

8.5

%

 

 

Health Care Products

 

281

 

235

 

19.7

%

15.8

%

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

709

 

679

 

4.5

%

3.7

%

3.5

%

 

 

Health Care Services

 

352

 

331

 

6.4

%

5.4

%

5.2

%

2.7

%

Health Care Products

 

357

 

348

 

2.7

%

2.1

%

2.0

%

 

 

Thereof Dialysis Products

 

337

 

330

 

2.3

%

1.7

%

1.5

%

 

 

Thereof Non-Dialysis Products

 

20

 

18

 

9.3

%

9.3

%

9.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

499

 

454

 

9.8

%

6.6

%

6.3

%

 

 

Health Care Services

 

230

 

207

 

11.2

%

6.8

%

6.4

%

7.3

%

Thereof Dialysis Care revenue

 

162

 

147

 

10.3

%

5.3

%

6.2

%

7.3

%

Thereof Care Coordination revenue

 

68

 

60

 

13.4

%

10.5

%

6.7

%

 

 

Health Care Products

 

269

 

247

 

8.6

%

6.4

%

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

193

 

182

 

6.3

%

23.6

%

19.0

%

 

 

Health Care Services

 

132

 

129

 

3.1

%

25.1

%

20.7

%

3.6

%

Health Care Products

 

61

 

53

 

14.0

%

19.9

%

15.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

5

 

4

 

31.5

%

31.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

17,477

 

16,547

 

5.6

%

2.2

%

5.2

%

 

 

Health Care Services

 

13,872

 

13,264

 

4.6

%

0.8

%

5.2

%

3.5

%

Thereof Dialysis Care revenue

 

12,447

 

11,420

 

9.0

%

5.2

%

5.7

%

3.5

%

Thereof Care Coordination revenue

 

1,425

 

1,844

 

(22.7

)%

(26.3

)%

0.4

%

 

 

Health Care Products

 

3,605

 

3,283

 

9.8

%

8.0

%

5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

12,195

 

11,570

 

5.4

%

(0.1

)%

4.4

%

3.7

%(2)

Health Care Services

 

11,157

 

10,725

 

4.0

%

(1.4

)%

4.3

%

 

 

Thereof Dialysis Care revenue

 

9,973

 

9,089

 

9.7

%

4.0

%

5.0

%

3.7

%(2)

Thereof Care Coordination revenue

 

1,184

 

1,636

 

(27.6

)%

(31.4

)%

(1.0

)%

 

 

Health Care Products

 

1,038

 

845

 

22.9

%

16.5

%

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

2,693

 

2,587

 

4.1

%

4.2

%

3.8

%

 

 

Health Care Services

 

1,354

 

1,274

 

6.3

%

6.5

%

5.6

%

3.4

%

Health Care Products

 

1,339

 

1,313

 

2.0

%

2.0

%

2.2

%

 

 

Thereof Dialysis Products

 

1,263

 

1,239

 

2.0

%

2.0

%

2.2

%

 

 

Thereof Non-Dialysis Products

 

76

 

74

 

2.8

%

2.8

%

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

1,859

 

1,689

 

10.0

%

7.1

%

7.0

%

 

 

Health Care Services

 

862

 

776

 

11.1

%

6.7

%

6.3

%

7.1

%

Thereof Dialysis Care revenue

 

621

 

568

 

9.3

%

4.3

%

6.0

%

7.1

%

Thereof Care Coordination revenue

 

241

 

208

 

15.9

%

13.3

%

7.2

%

 

 

Health Care Products

 

997

 

913

 

9.1

%

7.5

%

7.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

709

 

686

 

3.3

%

20.9

%

17.3

%

 

 

Health Care Services

 

499

 

489

 

2.0

%

24.6

%

20.5

%

2.4

%

Health Care Products

 

210

 

197

 

6.5

%

11.6

%

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

21

 

15

 

36.7

%

36.5

%

 

 

 

 

 


(1)                                 same market treatment growth = organic growth less price effects

(2)                                 U.S. (excl. Mexico), same market treatment growth North America: 3.0% for the three months and 3.3% for the twelve months ended December 31, 2019

 

6


 

Key metrics North America segment

 

 

 

Three months ended December 31

 

Twelve months ended December 31

 

 

 

2019

 

2018

 

Change

 

Change
at cc

 

2019

 

2018

 

Change

 

Change
at cc

 

Dialysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

2,849

 

2,690

 

5.9

%

2.5

%

11,011

 

9,934

 

10.8

%

5.1

%

Operating income in € million

 

476

 

498

 

(4.3

)%

(7.2

)%

1,737

 

1,752

 

(0.9

)%

(5.5

)%

Operating income margin in %

 

16.7

%

18.5

%

 

 

 

 

15.8

%

17.6

%

 

 

 

 

Delivered Operating Income in € million

 

424

 

437

 

(2.9

)%

(5.8

)%

1,532

 

1,540

 

(0.6

)%

(5.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

325

 

291

 

11.5

%

7.8

%

1,184

 

1,636

 

(27.6

)%

(31.4

)%

Operating income in € million

 

39

 

(6

)

n.a.

 

n.a.

 

57

 

913

 

(93.7

)%

(94.0

)%

Operating income margin in %

 

12.1

%

(2.0

)%

 

 

 

 

4.8

%

55.8

%

 

 

 

 

Delivered Operating Income in € million

 

32

 

(9

)

n.a.

 

n.a.

 

37

 

894

 

(95.9

)%

(96.1

)%

 

Key metrics Dialysis Care Services

 

 

 

Twelve months ended December 31, 2019

 

 

 

Clinics

 

Growth
in %

 

De novos

 

Patients

 

Growth
in %

 

Treatments

 

Growth
in %

 

Total

 

3,994

 

2

%

123

 

345,096

 

4

%

52,148,107

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

2,579

 

2

%

74

 

211,064

 

3

%

32,138,448

 

4

%

EMEA

 

781

 

1

%

23

 

66,217

 

2

%

10,042,109

 

3

%

Asia-Pacific

 

400

 

2

%

23

 

33,005

 

5

%

4,579,220

 

5

%

Latin America

 

234

 

2

%

3

 

34,810

 

6

%

5,388,330

 

6

%

 

Key metrics Care Coordination

 

 

 

Twelve months ended December 31

 

 

 

2019

 

2018

 

Change

 

Change
at cc

 

North America

 

 

 

 

 

 

 

 

 

Member months under medical cost management(1)

 

645,273

 

639,329

 

0.9

%

 

 

Medical cost under management (in € million)(1)

 

4,226

 

4,196

 

0.7

%

(4.5

)%

Care Coordination patient encounters(1)

 

1,004,250

 

4,407,598

 

(77.2

)%

 

 

 


(1) Data presented for the ESCO metrics are subject to finalization by CMS, which may result in changes from previously reported metrics.

 

7


 

Quality data(1)

 

 

 

North America

 

EMEA

 

Latin America

 

Asia-Pacific

 

in % of patients

 

Q4 2019

 

Q4 2018

 

Q4 2019

 

Q4 2018

 

Q4 2019

 

Q4 2018

 

Q4 2019

 

Q4 2018

 

Kt/v > 1.2

 

97

 

97

 

94

 

95

 

91

 

91

 

95

 

96

 

Hemoglobin = 10-12 g/dl

 

71

 

72

 

82

 

82

 

50

 

53

 

56

 

58

 

Calcium = 8.4-10.2 mg/dl

 

81

 

86

 

79

 

81

 

76

 

75

 

74

 

74

 

Albumin > 3.5 g/dl(1)

 

81

 

81

 

89

 

90

 

91

 

90

 

87

 

89

 

Phosphate < 5.5 mg/dl

 

60

 

62

 

80

 

81

 

76

 

75

 

63

 

67

 

Patients without catheter (after 90 days)

 

81

 

83

 

78

 

79

 

79

 

80

 

83

 

86

 

in days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days in hospital per patient year

 

10.3

 

10.8

 

7.5

 

7.8

 

4.3

 

4.2

 

2.6

 

3.3

 

 


(1) Definitions cf. Annual Report 2018, Section “Non-Financial Group Report”

 

8


 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31

 

December 31

 

in € million

 

2019

 

2018

 

2019

 

2018

 

Delivered Operating Income reconciliation

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income

 

616

 

613

 

2,270

 

3,038

 

less noncontrolling interests

 

(62

)

(67

)

(239

)

(244

)

Delivered Operating Income

 

554

 

546

 

2,031

 

2,794

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income

 

515

 

492

 

1,794

 

2,665

 

less noncontrolling interests

 

(59

)

(64

)

(225

)

(231

)

Delivered Operating Income

 

456

 

428

 

1,569

 

2,434

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income

 

476

 

498

 

1,737

 

1,752

 

less noncontrolling interests

 

(52

)

(61

)

(205

)

(212

)

Delivered Operating Income

 

424

 

437

 

1,532

 

1,540

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income

 

39

 

(6

)

57

 

913

 

less noncontrolling interests

 

(7

)

(3

)

(20

)

(19

)

Delivered Operating Income

 

32

 

(9

)

37

 

894

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income

 

114

 

97

 

448

 

399

 

less noncontrolling interests

 

(1

)

0

 

(5

)

(4

)

Delivered Operating Income

 

113

 

97

 

443

 

395

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income

 

75

 

86

 

329

 

304

 

less noncontrolling interests

 

(2

)

(3

)

(8

)

(9

)

Delivered Operating Income

 

73

 

83

 

321

 

295

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income

 

65

 

73

 

300

 

270

 

less noncontrolling interests

 

(2

)

(3

)

(7

)

(7

)

Delivered Operating Income

 

63

 

70

 

293

 

263

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income

 

10

 

13

 

29

 

34

 

less noncontrolling interests

 

0

 

0

 

(1

)

(2

)

Delivered Operating Income

 

10

 

13

 

28

 

32

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income

 

15

 

5

 

43

 

29

 

less noncontrolling interests

 

0

 

0

 

(1

)

0

 

Delivered Operating Income

 

15

 

5

 

42

 

29

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income

 

(103

)

(67

)

(344

)

(359

)

less noncontrolling interests

 

0

 

0

 

0

 

0

 

Delivered Operating Income

 

(103

)

(67

)

(344

)

(359

)

 

9


 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures in

 € million, except share data

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss related

 

 

 

 

 

 

 

(Gain) loss related

 

 

 

 

 

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

Cost

 

to divestitures of

 

Results

 

 

 

 

 

to divestitures of

 

FCPA

 

Results

 

Change

 

(adjusted

 

 

 

Results

 

IFRS 16

 

NxStage

 

NxStage

 

optimization

 

Care Coordination

 

2019

 

Results

 

 

 

Care Coordination

 

related

 

2018

 

(adjusted

 

results)

 

 

 

2019

 

Implementation

 

operations

 

costs

 

costs

 

activities

 

adjusted

 

2018

 

Sound H1(1)

 

activities

 

charge

 

adjusted

 

results)

 

at cc

 

Three months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,580

 

40

 

(74

)

 

 

 

 

 

 

4,546

 

4,300

 

(6

)

 

 

 

 

4,294

 

5.9

%

3.8

%

Health Care Services

 

3,607

 

 

 

(1

)

 

 

 

 

 

 

3,606

 

3,413

 

(6

)

 

 

 

 

3,407

 

5.9

%

3.6

%

Health Care Products

 

973

 

40

 

(73

)

 

 

 

 

 

 

940

 

887

 

 

 

 

 

 

 

887

 

5.9

%

4.5

%

North America

 

3,174

 

40

 

(74

)

 

 

 

 

 

 

3,140

 

2,981

 

(6

)