| Fresenius Medical Care AG & Co. KGaA | |
| Investor Relations | |
Investor News | Else-Kröner-Str. 1 | |
D-61352 Bad Homburg | ||
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| Contact: | |
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| Oliver Maier | |
| Phone: | + 49 6172 609 2601 |
| Fax: | + 49 6172 609 2301 |
| E-mail: | ir@fmc-ag.com |
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| North America: | |
| Terry Proveaux | |
| Phone: | + 1 800 948 2538 |
| Fax: | + 1 615 345 5605 |
| E-mail: | ir@fmc-ag.com |
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| Internet: www.fmc-ag.com | |
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| May 2, 2007 |
Fresenius Medical Care Reports Outstanding Start For 2007 and Confirms Outlook for Full Year
Summary First Quarter 2007:
Net revenue |
| $ | 2,321 million |
|
| + 33 | % |
Operating income (EBIT) |
| $ | 365 million |
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| + 50 | % |
Net income |
| $ | 160 million |
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| + 38 | % |
Earnings per share |
| $ | 1.63 |
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| + 37 | % |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 1 of 16 |
Bad Homburg, Germany – Fresenius Medical Care AG & Co. KGaA (“the Company”), the world’s largest provider of Dialysis Products and Services, today announced its results for the first quarter of 2007.
The operations of Renal Care Group (RCG) are included in the Company’s consolidated statements of income and cash flows from April 1, 2006, therefore, the current quarter’s results are not directly comparable with the first quarter’s results for 2006.
Revenue
Net revenue for the first quarter 2007 compared to the first quarter 2006 increased by 33% to $2,321 million (31% at constant currency). Organic revenue growth worldwide was 9%. Dialysis Services revenue grew by 38% to $1,760 million (37% at constant currency) in the first quarter of 2007. Dialysis Product revenue increased by 18% to $560 million (13% at constant currency) in the same period.
North America revenue increased by 37% to $1,637 million. Dialysis Services revenue increased by 40% to $1,483 million. Average revenue per treatment for the U.S. clinics increased by 6% to $329 in the first quarter 2007 compared to $310 for the same quarter in 2006. Dialysis Product revenue increased by 14% to $153 million led by strong sales of our 2008K hemodialysis machines and the phosphate binding drug PhosLo.
International revenue was $684 million, an increase of 24% (17% at constant currency) compared to the first quarter of 2006. Dialysis Services revenue reached $277 million, an increase of 30% (24% at constant currency). Dialysis Product revenue rose by 20% to $407 million (12% at constant currency), led by strong sales of dialyzers and peritoneal dialysis products.
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 2 of 16 |
Earnings
Operating income (EBIT) increased by 50% to $365 million compared to $244 in the first quarter 2006. This translates into an operating margin of 15.7%. For the first quarter 2006, the operating margin was 14.0%.
Compared with the first quarter 2006, the operating margin in North America increased by 200 basis points to 15.8%, due to the consolidation of RCG, revenue rate improvements, the new PhosLo business and higher product sales. In the International segment, the operating margin increased by 30 basis points to 17.6%. The continued strong operational performance in the International segment was driven by increased product sales in all regions.
Net interest expense for the first quarter 2007 was $95 million compared to $56 million in the same quarter of 2006. This increase is entirely attributable to the debt financing for the RCG acquisition.
Income tax expense was $103 million for the first quarter of 2007 compared to $71 million in the first quarter of 2006, reflecting effective tax rates of 38.0% and 37.9%, respectively.
Net income for the first quarter 2007 was $160 million, an increase of 38%. Net income increased by 28% when compared to the first quarter 2006 excluding one-time effects in 2006.
Earnings per share (EPS) for the first quarter of 2007 rose by 37% to $1.63 per ordinary share ($0.54 per American Depositary Share (ADS)) compared to $1.19 ($0.40 per ADS) for the first quarter of 2006. The weighted average number of shares outstanding for the first quarter of 2007 was approximately 98.4 million shares compared to 97.8 million shares for the first quarter of 2006. The increase in shares outstanding results from stock option exercises in 2006 and in the first quarter 2007.
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 3 of 16 |
Cash Flow
In the first quarter of 2007, the Company generated $283 million in cash from operations, representing 12% of revenue. The strong cash flow generation was primarily supported by increased earnings.
A total of $109 million was spent for capital expenditures, net of disposals. Free Cash Flow before acquisitions was $174 million compared to $97 million in the first quarter of 2006. A total of $90 million in cash was used for acquisitions. Free Cash Flow after acquisitions was $84 million compared to $87 million last year excluding the acquisition of Renal Care Group.
Please refer to the attachments for a complete overview on the first quarter of 2007 and the reconciliation of non-GAAP financial measures included in this release to the most comparable GAAP financial measures.
Patients – Clinics – Treatments
As of March 31, 2007, Fresenius Medical Care treated 169,216 patients worldwide, which represents a 27% increase in patients compared to last year. North America provided dialysis treatments for 118,732 patients, an increase of 32%. Including 32 clinics managed by Fresenius Medical Care North America, the number of patients in North America was 120,603. The International segment served 50,484 patients, an increase of 17% over last year.
As of March 31, 2007, the Company operated a total of 2,194 clinics worldwide. This is comprised of 1,574 clinics in North America, an increase of 35%, and 620 clinics in the International segment, an increase of 16%.
Fresenius Medical Care delivered approximately 6.41 million dialysis treatments worldwide, which represents an increase of 28% year over year. North America accounted for 4.48 million treatments, an increase of 33%, and the International segment delivered 1.93 million treatments, an increase of 17% over last year.
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 4 of 16 |
Employees
As of March 31, 2007, Fresenius Medical Care employed 59,076 people (full-time equivalents) worldwide compared to 56,803 employees at the end of 2006. The increase of 2,273 employees is primarily due to the acquisition of Jiate Excelsior Co. Ltd. in Taiwan (announced in January 2007) and continued organic growth in the U.S.
Debt/EBITDA Ratio
The ratio of debt to Earnings before Interest, Taxes and Amortization (EBITDA) decreased from 3.81 at the end of the first quarter of 2006 to 3.09 at the end of the first quarter 2007. At the end of 2006, the debt/EBITDA ratio was 3.23.
Rating
In the first quarter 2007, Standard & Poor’s Ratings Services revised its outlook of the Company to stable from negative. At the same time, the ‘BB’ long-term corporate credit ratings on Fresenius Medical Care were affirmed.
Moody’s upgraded Fresenius Medical Care Senior Secured Credit Facility from Ba2 to Ba1.
Fresenius Medical Care Proposes Share Split of 1:3
On March 21, 2007, the Company announced that it will propose a share split for both classes of shares (ordinary and preference) in the ratio of 1:3 at the next Annual General Meeting being held on May 15, 2007. If approved by the Shareholders, the Company expects the split to become effective in the third quarter of 2007.
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 5 of 16 |
Outlook for 2007 Confirmed
For the full year 2007, the Company confirms its outlook and expects to achieve revenue of approximately $9.4 billion. This represents an increase of 11%.
Net income is projected to be in the range of $675 million and $695 million in 2007. This represents an increase of between 18% and 21% on an adjusted basis as compared to 2006 after one-time effects. On a reported basis, this translates into an increase in net income of between 26% and 29%.
In addition, the Company expects spending on capital expenditures and acquisitions to be approximately $650 million in 2007. The debt/EBITDA ratio is projected to be below 3.0 by the end of 2007.
Ben Lipps, Chief Executive Officer of Fresenius Medical Care, commented: “We are pleased to again deliver exceptionally strong financial results for the first quarter of 2007. Our strong performance was driven by our continuous quality improvement initiatives at the local clinical level, by cost leadership at the regional level, and by our commitment to advance our strategic objectives at the corporate level. The advantages of being the world’s only vertically-integrated dialysis provider are increasingly evident as we compete in the global marketplace.”
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 6 of 16 |
Conference Call
Fresenius Medical Care will hold a conference call to discuss the results of the first quarter of 2007 on Wednesday, May 2, 2007, at 3.30pm CEDT / 9.30am EDT. The Company invites investors to view the live webcast of the conference call at the Company’s website www.fmc-ag.com in the “Investor Relations” section. A replay will be available shortly after the call.
Fresenius Medical Care 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 1,500,000 individuals worldwide. Through its network of 2,194 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to 169,216 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. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME, FME3) and the New York Stock Exchange (FMS, FMS/P).
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 & 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.
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 7 of 16 |
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| Three Months Ended |
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Fresenius Medical Care |
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Statements of Earnings |
| 2007 |
| 2006 |
| % Change |
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(in US-$ thousands, except share and per share data) |
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(unaudited) |
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Net revenue |
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Dialysis Care |
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| 1,760,354 |
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| 1,272,533 |
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| 38.3 | % |
Dialysis Products |
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| 560,317 |
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| 474,397 |
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| 18.1 | % |
Total net revenue |
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| 2,320,671 |
|
| 1,746,930 |
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| 32.8 | % |
Cost of revenue |
|
| 1,536,320 |
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| 1,168,640 |
|
| 31.5 | % |
Gross profit |
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| 784,351 |
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| 578,290 |
|
| 35.6 | % |
Selling, general and administrative |
|
| 406,319 |
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| 321,671 |
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| 26.3 | % |
Research and development |
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| 13,342 |
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| 12,774 |
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| 4.4 | % |
Operating income (EBIT) |
|
| 364,690 |
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| 243,845 |
|
| 49.6 | % |
Interest income |
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| (3,582 | ) |
| (4,809 | ) |
| -25.5 | % |
Interest expense |
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| 98,493 |
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| 61,004 |
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| 61.5 | % |
Interest expense, net |
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| 94,911 |
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| 56,195 |
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| 68.9 | % |
Earnings before income taxes and minority interest |
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| 269,779 |
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| 187,650 |
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| 43.8 | % |
Income tax expense |
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| 102,566 |
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| 71,133 |
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| 44.2 | % |
Minority interest |
|
| 6,935 |
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| 480 |
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Net income |
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| 160,278 |
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| 116,037 |
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| 38.1 | % |
Operating income (EBIT) |
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| 364,690 |
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| 243,845 |
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| 49.6 | % |
Depreciation and amortization |
|
| 84,912 |
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| 61,258 |
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| 38.6 | % |
EBITDA |
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| 449,602 |
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| 305,103 |
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| 47.4 | % |
Total bad debt expenses |
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| 48,681 |
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| 29,622 |
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Earnings per ordinary share |
| $ | 1.63 |
| $ | 1.19 |
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| 37.0 | % |
Earnings per ordinary ADS |
| $ | 0.54 |
| $ | 0.40 |
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| 37.0 | % |
Weighted average number of shares |
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Ordinary shares |
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| 97,149,891 |
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| 96,629,422 |
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Preference shares |
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| 1,238,750 |
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| 1,144,162 |
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Percentages of revenue |
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Cost of revenue |
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| 66.2 | % |
| 66.9 | % |
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Gross profit |
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| 33.8 | % |
| 33.1 | % |
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Selling, general and administrative |
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| 17.5 | % |
| 18.4 | % |
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Research and development |
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| 0.6 | % |
| 0.7 | % |
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Operating income (EBIT) |
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| 15.7 | % |
| 14.0 | % |
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Interest expense, net |
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| 4.1 | % |
| 3.2 | % |
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Earnings before income taxes and minority interest |
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| 11.6 | % |
| 10.7 | % |
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Income tax expense |
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| 4.4 | % |
| 4.1 | % |
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Minority interest |
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| 0.3 | % |
| 0.0 | % |
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Net income |
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| 6.9 | % |
| 6.6 | % |
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EBITDA |
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| 19.4 | % |
| 17.5 | % |
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Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 8 of 16 |
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| Three Months Ended |
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Fresenius Medical Care |
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Segment and Other Information |
| 2007 |
| 2006 |
| % Change |
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(in US-$ million) |
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(unaudited) |
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Net revenue |
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North America |
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| 1,637 |
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| 1,194 |
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| 37.1 | % |
International |
|
| 684 |
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| 553 |
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| 23.6 | % |
Total net revenue |
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| 2,321 |
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| 1,747 |
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| 32.8 | % |
Operating income (EBIT) |
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North America |
|
| 258 |
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| 164 |
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| 57.4 | % |
International |
|
| 121 |
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| 96 |
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| 26.0 | % |
Corporate |
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| (14 | ) |
| (16 | ) |
| -10.7 | % |
Total operating income (EBIT) |
|
| 365 |
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| 244 |
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| 49.6 | % |
Operating income in percentage of revenue |
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North America |
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| 15.8 | % |
| 13.8 | % |
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International |
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| 17.6 | % |
| 17.3 | % |
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Total |
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| 15.7 | % |
| 14.0 | % |
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Excluding one-time items 1) |
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Operating income (EBIT) |
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North America |
|
| 258 |
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| 164 |
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| 57.4 | % |
International |
|
| 121 |
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| 96 |
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| 26.0 | % |
Corporate |
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| (14 | ) |
| (16 | ) |
| -8.6 | % |
Total operating income (EBIT) |
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| 365 |
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| 244 |
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| 49.3 | % |
Operating income in percentage of revenue |
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North America |
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| 15.8 | % |
| 13.8 | % |
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International |
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| 17.6 | % |
| 17.3 | % |
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Total |
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| 15.7 | % |
| 14.0 | % |
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Employees |
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Full-time equivalents |
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(March 31 compared to Dec. 31) |
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| 59,076 |
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| 56,803 |
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1) One-time costs associated with the transformation of legal form in 2006. |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 9 of 16 |
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Fresenius Medical Care |
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Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measures |
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| 2007 |
| 2006 |
| % Change |
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(in US-$ million) |
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(unaudited) |
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Operating performance excluding one-time items1) |
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Operating income (EBIT) |
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| 365 |
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| 244 |
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| 50 | % |
One-time items2) |
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| — |
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| — |
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Operating income (EBIT) excluding one-time items1) |
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| 365 |
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| 244 |
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| 49 | % |
Percent of revenue |
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| 15.7 | % |
| 14.0 | % |
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Net income |
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| 160 |
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| 116 |
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| 38 | % |
One-time items2) |
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| — |
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| 9 |
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Net income excluding one-time items1) |
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| 160 |
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| 125 |
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| 28 | % |
Segment information North America |
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Net revenue |
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| 1,637 |
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| 1,194 |
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Costs of revenue and research and development |
|
| 1,114 |
|
| 839 |
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Selling, general and administrative |
|
| 264 |
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| 190 |
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Costs of revenue and operating expenses |
|
| 1,378 |
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| 1,029 |
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Operating income (EBIT) |
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| 258 |
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| 164 |
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Percent of revenue |
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| 15.8 | % |
| 13.8 | % |
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Dialysis Products revenue incl. and excl. internal sales |
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North America |
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Dialysis Products revenue incl. internal sales |
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| 281 |
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| 225 |
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less internal sales |
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| (128 | ) |
| (91 | ) |
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Dialysis Products external sales |
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| 153 |
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| 134 |
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International |
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Dialysis Products revenue incl. internal sales |
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| 459 |
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| 377 |
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less internal sales |
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| (52 | ) |
| (37 | ) |
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Dialysis Products external sales |
|
| 407 |
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| 340 |
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Reconciliation of cash flow from operating activities to EBITDA3) |
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Total EBITDA |
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| 450 |
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| 305 |
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Interest expense, net |
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| (95 | ) |
| (56 | ) |
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Income tax expense |
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| (103 | ) |
| (71 | ) |
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Change in working capital and other non cash items |
|
| 31 |
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| (16 | ) |
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Net cash provided by operating activities |
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| 283 |
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| 162 |
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Annualized EBITDA4) |
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Operating income (EBIT) last twelve months |
|
| 1,436 |
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| 1,256 |
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Depreciation and amortization last twelve months |
|
| 332 |
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| 333 |
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Non cash charges |
|
| 36 |
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| 17 |
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Annualized EBITDA |
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| 1,804 |
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| 1,606 |
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1) These non US-GAAP financial measures are provided to assist readers in evaluation of Fresenius Medical Care’s underlying operating performance. |
2) One-time costs associated with the transformation of legal form of $0.4 million and the write-off of deferred financing costs of $9 million after tax related to the 2003 senior credit facility in 2006. |
3) EBITDA is the basis for determing compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments. |
4) EBITDA 2007: Pro forma numbers including RCG, after FTC mandated divestitures, excluding restructuring costs and in-process R&D and excluding the gain from the sale of dialysis clinics. EBITDA 2006: Pro forma numbers including RCG, before FTC mandated divestitures, excluding one-time costs for the acquisition. |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 10 of 16 |
Fresenius Medical Care |
| March 31, |
| December 31, |
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(in US-$ million) |
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| (unaudited) |
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| (audited) |
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Assets |
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Current assets |
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| 3,462 |
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| 3,412 |
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Intangible assets |
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| 7,632 |
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| 7,554 |
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Other non-current assets |
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| 2,156 |
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| 2,079 |
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Total assets |
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| 13,250 |
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| 13,045 |
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Shareholders’ equity and liabilities |
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Current liabilities |
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| 3,028 |
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| 2,376 |
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Long-term liabilities |
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| 5,169 |
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| 5,799 |
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Shareholders’ equity |
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| 5,053 |
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| 4,870 |
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Total shareholders’ equity and liabilities |
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| 13,250 |
|
| 13,045 |
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Equity/assets ratio: |
|
| 38 | % |
| 37 | % |
Debt |
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Short-term borrowings |
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| 380 |
|
| 331 |
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Short-term borrowings from related parties |
|
| 22 |
|
| 5 |
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Current portion of long-term debt and capital lease obligations |
|
| 154 |
|
| 160 |
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Current portion of Trust Preferred Securities |
|
| 648 |
|
| — |
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Long-term debt and capital lease obligations, less current portion |
|
| 3,744 |
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| 3,829 |
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Trust Preferred Securities, less current portion |
|
| 621 |
|
| 1,254 |
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Total debt |
|
| 5,569 |
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| 5,579 |
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Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 11 of 16 |
Fresenius Medical Care |
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Cash Flow Statement |
| 2007 |
| 2006 |
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Three Months Ended March 31, |
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(in US-$ million) |
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(unaudited) |
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Operating activities |
|
|
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Net income |
|
| 160 |
|
| 116 |
|
Depreciation / amortization |
|
| 85 |
|
| 61 |
|
Change in working capital and other non cash items |
|
| 38 |
|
| (15 | ) |
Cash Flow from operating activities |
|
| 283 |
|
| 162 |
|
Investing activities |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
| (117 | ) |
| (70 | ) |
Proceeds from sale of property, plant and equipment |
|
| 8 |
|
| 5 |
|
Capital expenditures, net |
|
| (109 | ) |
| (65 | ) |
Free Cash Flow |
|
| 174 |
|
| 97 |
|
Acquisitions, net of cash acquired |
|
| (90 | ) |
| (3,951 | ) |
Free Cash Flow after investing activities |
|
| 84 |
|
| (3,854 | ) |
Financing activities |
|
|
|
|
|
|
|
Change in accounts receivable securitization program |
|
| 35 |
|
| 296 |
|
Change in intercompany debt |
|
| 17 |
|
| 221 |
|
Change in other debt |
|
| (86 | ) |
| 3,288 |
|
Proceeds from exercise of stock options |
|
| 4 |
|
| 14 |
|
Proceeds from conversion of preference shares into ordinary shares |
|
| — |
|
| 309 |
|
Change in minority interests |
|
| (6 | ) |
| — |
|
Cash Flow from financing activities |
|
| (36 | ) |
| 4,128 |
|
Effects of exchange rates on cash |
|
| 1 |
|
| 5 |
|
Net increase in cash |
|
| 49 |
|
| 279 |
|
Cash at beginning of period |
|
| 159 |
|
| 85 |
|
Cash at end of period |
|
| 208 |
|
| 364 |
|
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 12 of 16 |
Fresenius Medical Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Revenue |
| 2007 |
| cc |
| 2006 |
| cc |
| ||||
|
|
|
|
| |||||||||
Three months ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in US-$ thousands, except per treatment revenue) |
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 1,636,573 |
|
|
|
|
| 1,193,517 |
|
|
|
|
Growth year-over-year |
|
| 37.1 | % |
|
|
|
| 9.7 | % |
|
|
|
Dialysis Care |
|
| 1,483,255 |
|
|
|
|
| 1,059,244 |
|
|
|
|
Growth year-over-year |
|
| 40.0 | % |
|
|
|
| 9.4 | % |
|
|
|
U.S. per treatment |
|
| 329 |
|
|
|
|
| 310 |
|
|
|
|
Per treatment |
|
| 325 |
|
|
|
|
| 307 |
|
|
|
|
Sequential growth |
|
| -0.1 | % |
|
|
|
| 2.6 | % |
|
|
|
Growth year-over-year |
|
| 5.9 | % |
|
|
|
| 5.4 | % |
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 280,825 |
|
|
|
|
| 224,713 |
|
|
|
|
Growth year-over-year |
|
| 25.0 | % |
|
|
|
| 8.2 | % |
|
|
|
External sales |
|
| 153,318 |
|
|
|
|
| 134,273 |
|
|
|
|
Growth year-over-year |
|
| 14.2 | % |
|
|
|
| 12.2 | % |
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 684,098 |
|
|
|
|
| 553,413 |
|
|
|
|
Growth year-over-year |
|
| 23.6 | % |
| 16.8 | % |
| 6.3 | % |
| 12.0 | % |
Dialysis Care |
|
| 277,099 |
|
|
|
|
| 213,289 |
|
|
|
|
Growth year-over-year |
|
| 29.9 | % |
| 24.1 | % |
| 10.0 | % |
| 15.2 | % |
Per treatment |
|
| 144 |
|
| 137 |
|
| 130 |
|
| 136 |
|
Sequential growth |
|
| 3.7 | % |
|
|
|
| 1.8 | % |
|
|
|
Growth year-over-year |
|
| 10.8 | % |
| 5.8 | % |
| -2.0 | % |
| 2.6 | % |
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 459,116 |
|
|
|
|
| 377,277 |
|
|
|
|
Growth year-over-year |
|
| 21.7 | % |
| 14.2 | % |
| 2.7 | % |
| 8.7 | % |
External sales |
|
| 407,000 |
|
|
|
|
| 340,124 |
|
|
|
|
Growth year-over-year |
|
| 19.7 | % |
| 12.2 | % |
| 4.0 | % |
| 10.1 | % |
cc = at constant exchange rates |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 13 of 16 |
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Dialysis Care Volume |
| 2007 |
| 2006 |
| ||
|
|
| |||||
Three months ended March 31, |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Number of treatments |
|
| 4,481,077 |
|
| 3,375,906 |
|
Treatments per day |
|
| 58,191 |
|
| 43,838 |
|
Per day sequential growth |
|
| 1.2 | % |
| 0.8 | % |
Per day year-over-year growth |
|
| 32.7 | % |
| 3.9 | % |
of which: |
|
|
|
|
|
|
|
- Acquisition RCG |
|
| 32.6 | % |
| 0.0 | % |
- FTC divestitures |
|
| -3.2 | % |
| 0.0 | % |
- Other acquisitions |
|
| 1.2 | % |
| 1.4 | % |
- Same market growth year-over-year |
|
| 2.8 | % |
| 2.4 | % |
- Adjustments for closed/sold facilities, yield and other |
|
| -0.7 | % |
| 0.1 | % |
International |
|
|
|
|
|
|
|
Number of treatments |
|
| 1,929,275 |
|
| 1,645,938 |
|
Same market growth year-over-year |
|
| 6.3 | % |
| 10.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Expenses |
| 2007 |
| 2006 |
| ||
|
|
| |||||
Three months ended March 31, |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 84.2 | % |
| 86.2 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue |
|
| 16.1 | % |
| 15.9 | % |
Bad debt expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 2.9 | % |
| 2.9 | % |
Dialysis Care operating expenses/Treatment (in US-$) |
|
| 272 |
|
| 263 |
|
Sequential growth |
|
| 1.8 | % |
| 3.0 | % |
Growth year-over-year |
|
| 3.3 | % |
| 4.1 | % |
Total Group |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue1) |
|
| 84.3 | % |
| 86.0 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue1) |
|
| 17.5 | % |
| 18.4 | % |
Effective tax rate |
|
| 38.0 | % |
| 37.9 | % |
1) Includes one-time costs associated with the transformation of legal form in 2006. |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 14 of 16 |
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Cash Flow/Investing Activities |
| 2007 |
| 2006 |
| ||
|
|
| |||||
Three months ended March 31, |
|
|
|
|
|
|
|
(in US-$ thousands, except number of de novos) |
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Operating Cash Flow |
|
| 282,754 |
|
| 161,660 |
|
Percent of revenue |
|
| 12.2 | % |
| 9.3 | % |
Free Cash Flow before acquisitions |
|
| 174,111 |
|
| 96,788 |
|
Percent of revenue |
|
| 7.5 | % |
| 5.5 | % |
Acquisitions, net |
|
| 89,930 |
|
| 3,950,974 |
|
Capital expenditures, net |
|
| 108,643 |
|
| 64,872 |
|
Percent of revenue |
|
| 4.7 | % |
| 3.7 | % |
Maintenance |
|
| 52,932 |
|
| 20,407 |
|
Percent of revenue |
|
| 2.3 | % |
| 1.2 | % |
Growth |
|
| 55,712 |
|
| 44,465 |
|
Percent of revenue |
|
| 2.4 | % |
| 2.5 | % |
Number of de novos |
|
| 18 |
|
| 16 |
|
North America |
|
| 12 |
|
| 9 |
|
International |
|
| 6 |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Balance Sheet |
| 2007 |
| 2006 |
| ||
|
|
| |||||
Three months ended March 31, |
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Debt (in US-$ million) |
|
| 5,569 |
|
| 6,117 |
|
Debt/EBITDA |
|
| 3.1 |
|
| 3.8 |
|
North America |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 57 |
|
| 60 |
|
Sequential development |
|
| -3.4 | % |
| -4.8 | % |
Year-over-year development |
|
| -5.0 | % |
| -9.1 | % |
International |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 114 |
|
| 117 |
|
Sequential development |
|
| -4.2 | % |
| -2.5 | % |
Year-over-year development |
|
| -2.6 | % |
| -4.9 | % |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 15 of 16 |
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard |
| 2007 |
| 2006 1) |
| ||
|
|
| |||||
Three months ended March 31, |
|
|
|
|
|
|
|
Clinical Performance |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Single Pool Kt/v > 1.2 |
|
| 93 | % |
| 93 | % |
Hemoglobin >= 11g/dl |
|
| 82 | % |
| 82 | % |
Albumin >= 3.5 g/dl 2) |
|
| 79 | % |
| 79 | % |
Hospitalization days per patient 3) (12 months ending March 31) |
|
| 11.3 |
|
| 11.6 |
|
Demographics |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Average age (yr) |
|
| 62 |
|
| 61 |
|
Average time on dialysis (yr) |
|
| 3.4 |
|
| 3.4 |
|
Average body weight (kg) |
|
| 78 |
|
| 77 |
|
Prevalence of diabetes |
|
| 52 | % |
| 52 | % |
1) Q1 2006 data: without former RCG facilities |
2) International standard BCR CRM470 |
3) Hospitalization data without former RCG facilities |
Fresenius Medical Care AG & Co. KGaA, May 2, 2007 | 16 of 16 |