EX-99.2 3 a20-23140_4ex99d2.htm EX-99.2

Exhibit 99.2

 

 

Fresenius Medical Care AG & Co. KGaA

 

COMPLETE OVERVIEW OF THE SECOND QUARTER AND

FIRST HALF YEAR 2020

 

July 30, 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

 

July 30, 2020

 

1


 

Statement of earnings

 

 

 

Three months ended June 30

 

Six months ended June 30

 

in € million, except share data, unaudited

 

2020

 

2019

 

Change

 

Change 
at cc

 

2020

 

2019

 

Change

 

Change 
at cc

 

Health Care Services

 

3,614

 

3,455

 

4.6

%

4.0

%

7,209

 

6,773

 

6.4

%

5.2

%

Health Care Products

 

943

 

890

 

6.0

%

7.5

%

1,836

 

1,705

 

7.7

%

8.3

%

Total revenue

 

4,557

 

4,345

 

4.9

%

4.7

%

9,045

 

8,478

 

6.7

%

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

3,121

 

3,014

 

3.6

%

3.7

%

6,198

 

5,881

 

5.4

%

4.8

%

Gross profit

 

1,436

 

1,331

 

7.9

%

7.0

%

2,847

 

2,597

 

9.7

%

8.2

%

Selling, general and administrative

 

738

 

795

 

-7.2

%

-7.4

%

1,593

 

1,516

 

5.1

%

4.2

%

(Gain) loss related to divestitures of Care Coordination activities

 

(5

)

(11

)

-59.7

%

-59.8

%

(29

)

(11

)

153.7

%

147.9

%

Research and development

 

51

 

48

 

4.4

%

3.4

%

96

 

77

 

25.3

%

23.8

%

Income from equity method investees

 

(4

)

(22

)

-82.6

%

-82.7

%

(24

)

(43

)

-42.8

%

-42.9

%

Operating income

 

656

 

521

 

25.8

%

24.0

%

1,211

 

1,058

 

14.5

%

12.4

%

Operating income margin in %

 

14.4

%

12.0

%

 

 

 

 

13.4

%

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(11

)

2

 

n.a.

 

n.a.

 

(20

)

(26

)

-23.0

%

-22.0

%

Interest expense

 

103

 

112

 

-8.2

%

-8.2

%

216

 

248

 

-12.9

%

-13.5

%

Interest expense, net

 

92

 

114

 

-19.6

%

-19.7

%

196

 

222

 

-11.7

%

-12.5

%

Income before taxes

 

564

 

407

 

38.6

%

36.2

%

1,015

 

836

 

21.5

%

19.0

%

Income tax expense

 

137

 

92

 

48.6

%

46.1

%

237

 

193

 

23.0

%

20.5

%

Net income

 

427

 

315

 

35.7

%

33.3

%

778

 

643

 

21.0

%

18.5

%

Net income attributable to noncontrolling interests

 

76

 

61

 

24.8

%

22.2

%

144

 

118

 

21.8

%

18.8

%

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

 

351

 

254

 

38.3

%

36.0

%

634

 

525

 

20.8

%

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

656

 

521

 

25.8

%

24.0

%

1,211

 

1,058

 

14.5

%

12.4

%

Depreciation, amortization and impairment loss

 

410

 

387

 

6.0

%

5.3

%

811

 

749

 

8.2

%

6.9

%

EBITDA

 

1,066

 

908

 

17.4

%

16.0

%

2,022

 

1,807

 

11.9

%

10.1

%

EBITDA margin in %

 

23.4

%

20.9

%

 

 

 

 

22.4

%

21.3

%

 

 

 

 

Weighted average number of shares

 

292,733,283

 

303,456,178

 

 

 

 

 

295,287,813

 

305,048,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

1.20

 

0.84

 

43.4

%

41.0

%

2.15

 

1.72

 

24.8

%

22.4

%

Basic earnings per ADS

 

0.60

 

0.42

 

43.4

%

41.0

%

1.07

 

0.86

 

24.8

%

22.4

%

 

Statement of earnings

 

2


 

Segment information

 

 

 

Three months ended June 30

 

Six months ended June 30

 

unaudited

 

2020

 

2019

 

Change

 

Change
at cc

 

2020

 

2019

 

Change

 

Change
at cc

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

4,557

 

4,345

 

4.9

%

4.7

%

9,045

 

8,478

 

6.7

%

5.8

%

Operating income in € million

 

656

 

521

 

25.8

%

24.0

%

1,211

 

1,058

 

14.5

%

12.4

%

Operating income margin in %

 

14.4

%

12.0

%

 

 

 

 

13.4

%

12.5

%

 

 

 

 

Delivered Operating Income in € million

 

580

 

460

 

26.0

%

24.2

%

1,067

 

940

 

13.6

%

11.6

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

53

 

77

 

 

 

 

 

Employees (full-time equivalents)

 

 

 

 

 

 

 

 

 

124,736

 

119,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

3,240

 

3,061

 

5.8

%

3.7

%

6,426

 

5,948

 

8.0

%

5.4

%

Operating income in € million

 

609

 

429

 

42.1

%

39.3

%

1,073

 

801

 

33.9

%

30.9

%

Operating income margin in %

 

18.8

%

14.0

%

 

 

 

 

16.7

%

13.5

%

 

 

 

 

Delivered Operating Income in € million

 

535

 

372

 

44.1

%

41.3

%

934

 

690

 

35.2

%

32.2

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

30

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

687

 

648

 

6.0

%

8.0

%

1,366

 

1,301

 

5.0

%

6.1

%

Operating income in € million

 

78

 

96

 

-19.5

%

-18.6

%

179

 

235

 

-23.7

%

-23.3

%

Operating income margin in %

 

11.3

%

14.9

%

 

 

 

 

13.1

%

18.0

%

 

 

 

 

Delivered Operating Income in € million

 

77

 

94

 

-19.1

%

-18.3

%

177

 

232

 

-23.4

%

-23.1

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

92

 

101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

450

 

458

 

-1.7

%

-1.8

%

893

 

886

 

0.9

%

0.3

%

Operating income in € million

 

63

 

69

 

-8.7

%

-9.5

%

140

 

164

 

-14.6

%

-15.3

%

Operating income margin in %

 

14.1

%

15.1

%

 

 

 

 

15.7

%

18.5

%

 

 

 

 

Delivered Operating Income in € million

 

62

 

67

 

-7.4

%

-8.1

%

137

 

160

 

-14.1

%

-14.7

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

113

 

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

170

 

172

 

-1.6

%

23.9

%

338

 

334

 

1.1

%

24.2

%

Operating income in € million

 

11

 

6

 

85.5

%

110.0

%

18

 

17

 

2.9

%

11.4

%

Operating income margin in %

 

6.4

%

3.4

%

 

 

 

 

5.3

%

5.2

%

 

 

 

 

Delivered Operating Income in € million

 

11

 

6

 

83.7

%

107.5

%

18

 

17

 

3.4

%

11.8

%

Days sales outstanding (DSO)

 

 

 

 

 

 

 

 

 

139

 

116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

10

 

6

 

98.8

%

96.2

%

22

 

9

 

137.3

%

133.6

%

Operating income in € million

 

(105

)

(79

)

32.9

%

32.5

%

(199

)

(159

)

24.8

%

24.3

%

Delivered Operating Income in € million

 

(105

)

(79

)

33.0

%

32.6

%

(199

)

(159

)

24.9

%

24.4

%

 

Segment information

 

3


 

Balance sheet

 

 

 

June 30

 

December 31

 

in € million, except for net leverage ratio, unaudited

 

2020

 

2019

 

Assets

 

 

 

 

 

Current assets

 

8,182

 

7,165

 

Goodwill and intangible assets

 

15,508

 

15,444

 

Right of use assets

 

4,428

 

4,325

 

Other non-current assets

 

6,072

 

6,001

 

Total assets

 

34,190

 

32,935

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

Current liabilities

 

8,064

 

7,059

 

Non-current liabilities

 

12,803

 

12,649

 

Total equity

 

13,323

 

13,227

 

Total liabilities and equity

 

34,190

 

32,935

 

 

 

 

 

 

 

Equity/assets ratio

 

39

%

40

%

 

 

 

 

 

 

Debt and lease liabilities

 

 

 

 

 

Short-term debt

 

876

 

1,150

 

Short-term debt from related parties

 

3

 

22

 

Current portion of long-term debt

 

1,513

 

1,447

 

Current portion of long-term lease liabilities

 

622

 

622

 

Current portion of long-term lease liabilities from related parties

 

21

 

17

 

Long-term debt, less current portion

 

6,274

 

6,458

 

Long-term lease liabilities, less current portion

 

4,039

 

3,960

 

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

 

130

 

106

 

Total debt and lease liabilities

 

13,478

 

13,782

 

Minus: Cash and cash equivalents (1)

 

(1,889

)

(1,008

)

Total net debt and lease liabilities

 

11,589

 

12,774

 

 

 

 

 

 

 

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

 

 

 

 

 

Net income

 

1,574

 

1,439

 

Income tax expense

 

446

 

402

 

Interest income

 

(56

)

(62

)

Interest expense

 

459

 

491

 

Depreciation and amortization

 

1,608

 

1,553

 

Adjustments (2)

 

97

 

110

 

Annualized adjusted EBITDA

 

4,128

 

3,933

 

 

 

 

 

 

 

Net leverage ratio

 

2.8

 

3.2

 

 


(1) The increase in cash and cash equivalents as of June 30, 2020 was primarily related to federal relief funding and advanced payments under the CARES Act and other COVID-19 relief.

 

Balance sheet

 

4


 

Cash flow statement

 

 

 

Three months ended June 30

 

Six months ended June 30

 

in € million, unaudited

 

2020

 

2019

 

2020

 

2019

 

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

427

 

315

 

778

 

643

 

Depreciation / amortization / impairment loss

 

410

 

387

 

811

 

749

 

Change in working capital and other non-cash items

 

1,482

 

150

 

1,314

 

(464

)

Net cash provided by (used in) operating activities

 

2,319

 

852

 

2,903

 

928

 

In percent of revenue

 

50.9

%

19.6

%

32.1

%

10.9

%

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(218

)

(296

)

(500

)

(497

)

Proceeds from sale of property, plant and equipment

 

2

 

3

 

4

 

4

 

Capital expenditures, net

 

(216

)

(293

)

(496

)

(493

)

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

2,103

 

559

 

2,407

 

435

 

In percent of revenue

 

46.1

%

12.9

%

26.6

%

5.1

%

 

 

 

 

 

 

 

 

 

 

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

 

(69

)

(94

)

(108

)

(1,923

)

Proceeds from divestitures

 

5

 

11

 

11

 

23

 

Acquisitions and investments, net of divestitures

 

(64

)

(83

)

(97

)

(1,900

)

Free cash flow after investing activities

 

2,039

 

476

 

2,310

 

(1,465

)

 

Cash flow

 

5


 

Revenue development

 

 

 

 

 

 

 

 

 

 

 

 

 

Same

 

 

 

 

 

 

 

 

 

 

 

 

 

market

 

 

 

 

 

 

 

 

 

Change

 

Organic

 

treatment

 

in € million, unaudited

 

2020

 

2019

 

Change

 

at cc

 

growth

 

growth(1)

 

Three months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,557

 

4,345

 

4.9

%

4.7

%

4.4

%

 

 

Health Care Services

 

3,614

 

3,455

 

4.6

%

4.0

%

3.8

%

2.4

%

Thereof Dialysis Care revenue

 

3,224

 

3,120

 

3.3

%

2.8

%

2.2

%

2.4

%

Thereof Care Coordination revenue

 

390

 

335

 

16.4

%

14.4

%

19.9

%

 

 

Health Care Products

 

943

 

890

 

6.0

%

7.5

%

6.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

3,240

 

3,061

 

5.8

%

3.7

%

3.7

%

 

 

Health Care Services

 

2,951

 

2,789

 

5.8

%

3.7

%

3.7

%

1.8

%(2)

Thereof Dialysis Care revenue

 

2,602

 

2,511

 

3.6

%

1.6

%

0.8

%

1.8

%(2)

Thereof Care Coordination revenue

 

349

 

278

 

25.5

%

23.0

%

31.8

%

 

 

Health Care Products

 

289

 

272

 

6.2

%

4.0

%

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

687

 

648

 

6.0

%

8.0

%

6.9

%

 

 

Health Care Services

 

341

 

335

 

1.7

%

4.5

%

4.2

%

3.3

%

Health Care Products

 

346

 

313

 

10.6

%

11.8

%

9.9

%

 

 

Thereof Dialysis Products

 

324

 

296

 

9.5

%

10.8

%

8.7

%

 

 

Thereof Non-Dialysis Products

 

22

 

17

 

28.8

%

29.2

%

29.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

450

 

458

 

-1.7

%

-1.8

%

-0.7

%

 

 

Health Care Services

 

196

 

210

 

-6.8

%

-8.8

%

-6.5

%

1.2

%

Thereof Dialysis Care revenue

 

155

 

153

 

1.1

%

-1.9

%

4.0

%

1.2

%

Thereof Care Coordination revenue

 

41

 

57

 

-28.0

%

-27.4

%

-33.4

%

 

 

Health Care Products

 

254

 

248

 

2.6

%

4.1

%

4.0

%

 

 

Thereof Dialysis Products

 

254

 

248

 

2.5

%

3.9

%

3.8

%

 

 

Thereof Non-Dialysis Products

 

0

 

 

n.a.

 

n.a.

 

n.a.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

170

 

172

 

-1.6

%

23.9

%

17.6

%

 

 

Health Care Services

 

119

 

121

 

-1.1

%

25.9

%

17.8

%

3.6

%

Health Care Products

 

51

 

51

 

-3.0

%

19.2

%

17.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

10

 

6

 

98.8

%

96.2

%

 

 

 

 

Health Care Services

 

7

 

 

n.a.

 

n.a.

 

 

 

 

 

Health Care Products

 

3

 

6

 

-23.9

%

-24.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

9,045

 

8,478

 

6.7

%

5.8

%

4.2

%

 

 

Health Care Services

 

7,209

 

6,773

 

6.4

%

5.2

%

3.9

%

2.8

%

Thereof Dialysis Care revenue

 

6,422

 

6,078

 

5.7

%

4.6

%

2.9

%

2.8

%

Thereof Care Coordination revenue

 

787

 

695

 

13.2

%

10.8

%

13.5

%

 

 

Health Care Products

 

1,836

 

1,705

 

7.7

%

8.3

%

5.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

6,426

 

5,948

 

8.0

%

5.4

%

3.6

%

 

 

Health Care Services

 

5,859

 

5,469

 

7.1

%

4.5

%

3.3

%

2.4

%(2)

Thereof Dialysis Care revenue

 

5,173

 

4,883

 

5.9

%

3.3

%

1.5

%

2.4

%(2)

Thereof Care Coordination revenue

 

686

 

586

 

17.0

%

14.1

%

19.0

%

 

 

Health Care Products

 

567

 

479

 

18.4

%

15.5

%

7.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

1,366

 

1,301

 

5.0

%

6.1

%

5.0

%

 

 

Health Care Services

 

682

 

659

 

3.5

%

5.0

%

4.3

%

2.8

%

Health Care Products

 

684

 

642

 

6.6

%

7.1

%

5.7

%

 

 

Thereof Dialysis Products

 

638

 

606

 

5.3

%

5.8

%

4.3

%

 

 

Thereof Non-Dialysis Products

 

46

 

36

 

28.8

%

29.0

%

29.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

893

 

886

 

0.9

%

0.3

%

0.4

%

 

 

Health Care Services

 

414

 

409

 

1.2

%

-0.8

%

-0.5

%

2.9

%

Thereof Dialysis Care revenue

 

313

 

300

 

4.4

%

1.3

%

4.8

%

2.9

%

Thereof Care Coordination revenue

 

101

 

109

 

-7.5

%

-6.8

%

-14.1

%

 

 

Health Care Products

 

479

 

477

 

0.5

%

1.3

%

1.2

%

 

 

Thereof Dialysis Products

 

474

 

477

 

-0.5

%

0.3

%

0.1

%

 

 

Thereof Non-Dialysis Products

 

5

 

 

n.a.

 

n.a.

 

n.a.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

338

 

334

 

1.1

%

24.2

%

17.3

%

 

 

Health Care Services

 

240

 

236

 

1.9

%

27.2

%

18.7

%

4.2

%

Health Care Products

 

98

 

98

 

-0.7

%

16.9

%

14.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

22

 

9

 

137.3

%

133.6

%

 

 

 

 

Health Care Services

 

14

 

 

n.a.

 

n.a.

 

 

 

 

 

Health Care Products

 

8

 

9

 

-6.1

%

-6.3

%

 

 

 

 

 


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

 

(2)         U.S. (excl. Mexico), same market treatment growth North America: 2.1% for the three months and 2.6% for the six months ended June 30, 2020.

 

Revenue development

 

6


 

Key metrics North America segment

 

 

 

Three months ended June 30

 

Six months ended June 30

 

unaudited

 

2020

 

2019

 

Change

 

Change
at cc

 

2020

 

2019

 

Change

 

Change
at cc

 

Dialysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

2,891

 

2,783

 

3.9

%

1.8

%

5,740

 

5,362

 

7.1

%

4.4

%

Operating income in € million

 

567

 

428

 

32.5

%

30.0

%

984

 

760

 

29.3

%

26.4

%

Operating income margin in %

 

19.6

%

15.4

%

 

 

 

 

17.1

%

14.2

%

 

 

 

 

Delivered Operating income in € million

 

503

 

373

 

35.0

%

32.4

%

863

 

657

 

31.2

%

28.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue in € million

 

349

 

278

 

25.5

%

23.0

%

686

 

586

 

17.0

%

14.1

%

Operating income in € million

 

42

 

1

 

n.a.

 

n.a.

 

89

 

41

 

119.2

%

114.0

%

Operating income margin in %

 

12.0

%

0.3

%

 

 

 

 

13.0

%

6.9

%

 

 

 

 

Delivered Operating income in € million

 

32

 

(1

)

n.a.

 

n.a.

 

71

 

33

 

116.5

%

111.3

%

 

Key metrics Dialysis Care Services

 

 

 

Six months ended June 30

 

unaudited

 

Clinics

 

Growth
in %

 

De novos

 

Patients

 

Growth
in %

 

Treatments

 

Growth
in %

 

Total

 

4,036

 

1

%

60

 

347,683

 

2

%

26,526,147

 

4

%

North America

 

2,614

 

1

%

33

 

212,149

 

2

%

16,303,730

 

4

%

EMEA

 

797

 

2

%

13

 

67,220

 

2

%

5,056,261

 

2

%

Asia-Pacific

 

380

 

-5

%

11

 

31,893

 

0

%

2,284,425

 

2

%

Latin America

 

245

 

6

%

3

 

36,421

 

8

%

2,881,731

 

11

%

 

Key metrics Care Coordination

 

 

 

Six months ended June 30

 

unaudited

 

2020

 

2019

 

Change

 

Change
at cc

 

North America

 

 

 

 

 

 

 

 

 

Member months under medical cost management(1)

 

345,675

 

336,256

 

2.8

%

 

 

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

 

2,259

 

2,174

 

3.9

%

1.4

%

Care Coordination patient encounters

 

384,017

 

550,233

 

-30.2

%

 

 

 


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

 

Key metrics

 

7


 

Quality data(1)

 

 

 

North America

 

EMEA

 

Latin America

 

Asia-Pacific

 

in % of patients

 

Q2 2020

 

Q2 2019

 

Q2 2020

 

Q2 2019

 

Q2 2020

 

Q2 2019

 

Q2 2020

 

Q2 2019

 

Kt/V > 1.2

 

97

 

97

 

93

 

94

 

90

 

90

 

94

 

96

 

Hemoglobin = 10-12 g/dl

 

73

 

71

 

82

 

82

 

46

 

49

 

52

 

56

 

Calcium = 8.4-10.2 mg/dl

 

81

 

83

 

77

 

79

 

75

 

76

 

72

 

73

 

Albumin > 3.5 g/dl(1)

 

80

 

80

 

89

 

89

 

90

 

92

 

89

 

90

 

Phosphate < 5.5 mg/dl

 

57

 

60

 

77

 

79

 

77

 

76

 

65

 

64

 

Patients without catheter (after 90 days)

 

80

 

82

 

77

 

79

 

79

 

80

 

81

 

85

 

in days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days in hospital per patient year

 

9.8

 

11.0

 

7.3

 

7.9

 

3.9

 

4.2

 

2.6

 

2.7

 

 


(1) Definitions cf. Annual Report 2019, Section “Non-Financial Group Report”

 

Quality data

 

8


 

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

 

 

 

Three months ended June 30

 

Six months ended June 30

 

in € million, unaudited

 

2020

 

2019

 

2020

 

2019

 

Delivered Operating Income reconciliation

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Operating income

 

656

 

521

 

1,211

 

1,058

 

less noncontrolling interests

 

(76

)

(61

)

(144

)

(118

)

Delivered Operating Income

 

580

 

460

 

1,067

 

940

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

 

 

Operating income

 

609

 

429

 

1,073

 

801

 

less noncontrolling interests

 

(74

)

(57

)

(139

)

(111

)

Delivered Operating Income

 

535

 

372

 

934

 

690

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income

 

567

 

428

 

984

 

760

 

less noncontrolling interests

 

(64

)

(55

)

(121

)

(103

)

Delivered Operating Income

 

503

 

373

 

863

 

657

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income

 

42

 

1

 

89

 

41

 

less noncontrolling interests

 

(10

)

(2

)

(18

)

(8

)

Delivered Operating Income

 

32

 

(1

)

71

 

33

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

 

 

 

 

 

 

 

 

Operating income

 

78

 

96

 

179

 

235

 

less noncontrolling interests

 

(1

)

(2

)

(2

)

(3

)

Delivered Operating Income

 

77

 

94

 

177

 

232

 

 

 

 

 

 

 

 

 

 

 

Asia-Pacific

 

 

 

 

 

 

 

 

 

Operating income

 

63

 

69

 

140

 

164

 

less noncontrolling interests

 

(1

)

(2

)

(3

)

(4

)

Delivered Operating Income

 

62

 

67

 

137

 

160

 

 

 

 

 

 

 

 

 

 

 

Dialysis

 

 

 

 

 

 

 

 

 

Operating income

 

70

 

64

 

144

 

154

 

less noncontrolling interests

 

(2

)

(1

)

(3

)

(4

)

Delivered Operating Income

 

68

 

63

 

141

 

150

 

 

 

 

 

 

 

 

 

 

 

Care Coordination

 

 

 

 

 

 

 

 

 

Operating income

 

(7

)

5

 

(4

)

10

 

less noncontrolling interests

 

1

 

(1

)

0

 

0

 

Delivered Operating Income

 

(6

)

4

 

(4

)

10

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

Operating income

 

11

 

6

 

18

 

17

 

less noncontrolling interests

 

0

 

0

 

0

 

0

 

Delivered Operating Income

 

11

 

6

 

18

 

17

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

Operating income

 

(105

)

(79

)

(199

)

(159

)

less noncontrolling interests

 

0

 

0

 

0

 

0

 

Delivered Operating Income

 

(105

)

(79

)

(199

)

(159

)

 

Reconciliation

 

9


 

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

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss related

 

 

 

 

 

Change

 

 

 

 

 

 

 

 

 

Cost

 

to divestitures of

 

Results

 

Change

 

(adjusted

 

 

 

Results

 

Results

 

NxStage

 

optimization

 

Care Coordination

 

2019

 

(adjusted

 

results)

 

in € million, except share data, unaudited

 

2020

 

2019

 

costs

 

costs

 

activities

 

adjusted

 

results)

 

at cc

 

Three months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

4,557

 

4,345

 

 

 

 

 

 

 

4,345

 

4.9

%

4.7

%

EBITDA

 

1,066

 

908

 

4

 

3

 

(11

)

904

 

18.0

%

16.6

%

Total operating income

 

656

 

521

 

4

 

3

 

(11

)

517

 

27.0

%

25.1

%

North America

 

609

 

429

 

4

 

3

 

(11

)

425

 

43.7

%

40.9

%

Dialysis

 

567

 

428

 

4

 

3

 

 

 

435

 

30.5

%

28.0

%

Care Coordination

 

42

 

1

 

 

 

 

 

(11

)

(10

)

n.a.

 

n.a.

 

EMEA

 

78

 

96

 

 

 

 

 

 

 

96

 

-19.5

%

-18.6

%

Asia-Pacific

 

63

 

69

 

 

 

 

 

 

 

69

 

-8.7

%

-9.5

%

Dialysis

 

70

 

64

 

 

 

 

 

 

 

64

 

8.0

%

6.5

%

Care Coordination

 

(7

)

5

 

 

 

 

 

 

 

5

 

n.a.

 

n.a.

 

Latin America

 

11

 

6

 

 

 

 

 

 

 

6

 

85.5

%

110.0

%

Corporate

 

(105

)

(79

)

 

 

0

 

 

 

(79

)

33.1

%

32.7

%

Interest expense, net

 

92

 

114

 

 

 

 

 

 

 

114

 

-19.6

%

-19.7

%

Income tax expense

 

137

 

92

 

1

 

1

 

(2

)

92

 

50.3

%

47.8

%

Net income attributable to noncontrolling interests

 

76

 

61

 

 

 

 

 

 

 

61

 

24.8

%

22.2

%

Net income(1)

 

351

 

254

 

3

 

2

 

(9

)

250

 

40.3

%

37.9

%

Basic earnings per share

 

1.20

 

0.84

 

0.01

 

0.00

 

(0.03

)

0.82

 

45.4

%

43.0

%

Six months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

9,045

 

8,478

 

 

 

 

 

 

 

8,478

 

6.7

%

5.8

%

EBITDA

 

2,022

 

1,807

 

20

 

7

 

(11

)

1,823

 

10.9

%

9.2

%

Total operating income

 

1,211

 

1,058

 

20

 

7

 

(11

)

1,074

 

12.8

%

10.8

%

North America

 

1,073

 

801

 

20

 

7

 

(11

)

817

 

31.4

%

28.4

%

Dialysis

 

984

 

760

 

20

 

7

 

 

 

787

 

25.0

%

22.2

%

Care Coordination

 

89

 

41

 

 

 

 

 

(11

)

30

 

204.7

%

197.4

%

EMEA

 

179

 

235

 

 

 

 

 

 

 

235

 

-23.7

%

-23.3

%

Asia-Pacific

 

140

 

164

 

 

 

 

 

 

 

164

 

-14.6

%

-15.3

%

Dialysis

 

144

 

154

 

 

 

 

 

 

 

154

 

-5.8

%

-7.0

%

Care Coordination

 

(4

)

10

 

 

 

 

 

 

 

10

 

n.a.

 

n.a.

 

Latin America

 

18

 

17

 

 

 

 

 

 

 

17

 

2.9

%

11.4

%

Corporate

 

(199

)

(159

)

 

 

0

 

 

 

(159

)

25.0

%

24.5

%

Interest expense, net

 

196

 

222

 

 

 

 

 

 

 

222

 

-11.7

%

-12.5

%

Income tax expense

 

237

 

193

 

5

 

2

 

(2

)

198

 

20.4

%

18.0

%

Net income attributable to noncontrolling interests

 

144

 

118

 

 

 

 

 

 

 

118

 

21.8

%

18.8

%

Net income(1)

 

634

 

525

 

15

 

5

 

(9

)

536

 

18.3

%

16.0

%

Basic earnings per share

 

2.15

 

1.72

 

0.05

 

0.02

 

(0.03

)

1.76

 

22.2

%

19.8

%

 


(1) Attributable to shareholders of FMC-AG & Co. KGaA

 

10


 

Outlook 2020

 

 

 

 

 

Outlook 2020

 

 

 

Results 2019

 

(at Constant Currency)

 

Revenue(1)

 

€17,477 M

 

mid to high single digit growth rate

 

Operating income(1)

 

€2,356 M

 

mid to high single digit growth rate

 

Delivered Operating Income(1)

 

€2,117 M

 

mid to high single digit growth rate

 

Net income(1),(2)

 

€1,236 M

 

mid to high single digit growth rate

 

Basic earnings per share growth(1),(2) at Constant Currency

 

 

assessed based on expected development of net income and shares outstanding

 

Capital expenditures

 

€1.1 BN

 

€1.1 - €1.3 BN

 

Acquisitions and investments(3)

 

€2.2 BN

 

€0.5 - €0.7 BN

 

Net cash provided by (used in) operating activities in % of revenue

 

14.7%

 

> 12.5%

 

Free cash flow in % of revenue

 

8.3%

 

> 5%

 

Net leverage ratio

 

3.2

 

< 3.5

 

ROIC

 

6.1%

 

> 6.0%

 

Dividend per share(4)

 

€1.20

 

assessed based on expected development of net income and shares outstanding

 

Employees(5)

 

124,736

 

> 124,000

 

Research and development expenses

 

€168 M

 

€210 - €230 M

 

 


(1)    Outlook 2020 inclusive of anticipated COVID-19 effects and excluding special items. Special items are effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. Growth rates based on adjusted results 2019 including IFRS 16 implementation and NxStage operations.

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

(3)    Excluding investments in debt securities.

(4)    Results 2019: proposal to be approved by the 2020 Annual General Meeting.

(5)   Full-time equivalents.

 

Outlook

 

11