Fresenius Medical Care AG & Co. KGaA (FMS)
Filed: 31 Oct 07, 12:00am
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| Fresenius Medical Care AG & Co. KGaA | |
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| Investor Relations | |
Investor News |
| Else-Kröner-Str. 1 | |
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| D-61352 Bad Homburg | |
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| Contact: |
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| Oliver Maier | |
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| Phone: | + 49 6172 609 2601 |
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| Fax: | + 49 6172 609 2301 |
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| E-mail: | ir@fmc-ag.com |
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| North America: | |
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| Terry L. Proveaux | |
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| Phone: | + 1 800 948 2538 |
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| Fax: | + 1 615 345 5605 |
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| E-mail: | ir@fmc-ag.com |
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| Internet: | www.fmc-ag.com |
October 31, 2007
Fresenius Medical Care Reports Strong Third Quarter and
Nine Months 2007 Results; Outlook Now Confirmed at Upper End
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Summary Third Quarter 2007: |
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Net revenue |
| $ | 2,426 million |
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| + 9 | % |
Operating income (EBIT) |
| $ | 397 million |
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| + 14 | % |
Net income |
| $ | 181 million |
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| + 30 | % |
Earnings per share |
| $ | 0.61 |
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| + 29 | % |
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Summary First Nine Months 2007: |
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Net revenue |
| $ | 7,151 million |
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| + 16 | % |
Operating income (EBIT) |
| $ | 1,152 million |
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| + 19 | % |
Net income |
| $ | 520 million |
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| + 35 | % |
Earnings per share |
| $ | 1.76 |
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| + 34 | % |
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 1 of 19 |
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 third quarter and nine months of 2007.
Third Quarter 2007:
Revenue
Net revenue for the third quarter 2007 increased by 9% to $2,426 million (6% at constant currency) compared to the third quarter 2006. Organic revenue growth worldwide was 6%. Dialysis Services revenue grew by 6% to $1,801 million (4% at constant currency) in the third quarter of 2007. Dialysis Product revenue increased by 18% to $625 million (12% at constant currency) in the same period.
North Americarevenue increased by 3% to $1,660 million. Dialysis Services revenue grew by 1% to $1,494 million. Excluding effects of the divestiture of the perfusion business, Dialysis Service revenue increased by 3%. Average revenue per treatment for the U.S. clinics increased by 1% to $327 in the third quarter 2007 compared to $324 for the same quarter in 2006. Dialysis Product revenue increased by 18% to $167 million led by strong sales of our 2008K hemodialysis machines and the phosphate binding drug PhosLo.
Internationalrevenue was $766 million, an increase of 23% (14% at constant currency) compared to the third quarter of 2006. Dialysis Services revenue reached $307 million, an increase of 32% (23% at constant currency). Dialysis Product revenue rose by 18% to $459 million (9% at constant currency), led by strong sales of hemodialysis machines, peritoneal dialysis products and dialyzers.
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 2 of 19 |
Earnings
Operating income (EBIT)increased by 14% to $397 million compared to $349 million in the third quarter 2006. Operating income for the third quarter 2006 includes costs of $7 million related to costs of restructuring and a gain of $1 million from the divestiture of dialysis clinics in conjunction with the acquisition of Renal Care Group. Excluding these effects, operating income for the third quarter 2007 increased by 12%, resulting in an operating margin of 16.4%. For the third quarter 2006 the operating margin was 15.9%.
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Operating income (EBIT) |
| 2007 |
| 2006 |
| Growth |
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Operating income (EBIT) |
| 397 |
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| 349 |
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| + 14 | % |
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Cost of restructuring |
| — |
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| 7 |
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Gain from divestiture |
| — |
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| (1 | ) |
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Operating income (EBIT) before one-time items |
| 397 |
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| 355 |
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| + 12 | % |
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In North America, the operating margin increased from 16.3% (excluding the effects of one-time items) by 70 basis points to 17.0% due to revenue rate improvements, the new PhosLo business and higher product sales which more than offset higher personnel expenses. In the International segment, the operating margin decreased by 60 basis points to 17.6% mainly due to higher growth in the emerging markets and the effect of returning to normal plant maintenance from the shortened schedule in the prior year.
Net interest expense for the third quarter 2007 was $95 million compared to $100 million in the same quarter of 2006. This positive development was mainly attributable to a lower debt level in combination with lower average interest rates and the recognition of interest income related to the collection of overdue receivables. Interest expense was impacted by $5 million ($3 million, net after taxes) as a result of the write-off of deferred financing costs related to the repayment of a portion of the Company’s senior credit agreement in connection with the issuance of $500 million senior notes.
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 3 of 19 |
Income tax expense was $115 million for the third quarter of 2007 compared to $105 million in the third quarter of 2006, reflecting effectivetax rates of 38.0% and 42.3%, respectively. In the third quarter 2006, the tax rate had been impacted by a tax audit in Germany. Excluding this impact, the tax rate was at 39.1%.
Net income for the third quarter 2007 was $181 million, an increase of 30%. Net income increased by 27% when compared to the third quarter 2006 excluding the effects of one-time items in 2006.
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Net income before one-time items |
| 2007 |
| 2006 |
| Growth |
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Net income |
| 181 |
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| 139 |
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| + 30 | % |
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Cost of restructuring |
| — |
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| 5 |
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Gain from divestiture |
| — |
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| (1 | ) |
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Net income before one-time items |
| 181 |
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| 143 |
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| + 27 | % |
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Earnings per share (EPS) for the third quarter of 2007 rose by 29% to $0.61 per ordinary share compared to $0.47 for the third quarter of 2006. The weighted average number of shares outstanding for the third quarter of 2007 was approximately 295.8 million shares compared to 294.5 million shares for the third quarter of 2006. The increase in shares outstanding resulted from stock option exercises in 2006 and in the first nine months of 2007.
Cash Flow
In the third quarter of 2007, the Company generated $382 million incash from operations, representing approximately 16% of revenue. The strong cash flow generation was primarily supported by earnings and reduction of working capital.
A total of $123 million was spent forcapital expenditures, net of disposals.Free Cash Flow before acquisitions was $259 million compared to $40 million in the third quarter of 2006 on a reported basis. A total of $24 million in cash was used foracquisitions, net of divestitures.Free Cash Flow after acquisitions was $235 million compared to $32 million in the third quarter of 2006.
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 4 of 19 |
Nine Months Ended September 30, 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 results for the first nine months are not directly comparable with the results of the first nine months for 2006.
Revenue and Earnings
Net revenue for the nine months ended September 30, 2007 was $7,151 million, up 16% from the same period in 2006. At constant currency, net revenue rose by 14%. Organic growth was 7% in the first nine months of 2007.
Operating income (EBIT) increased by 19% to $1,152 million compared to $964 million in the first nine months of 2006. Operating income for the nine months ended September 30, 2006 includes costs of $12 million as a result of restructuring and the transformation of the Company’s legal form, and a gain from the clinic divestitures of $40 million.
Excluding these items, operating income for the nine months 2007 increased by 23%. This performance resulted in an operating margin of 16.1% compared to 15.2% in the same period of 2006.
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Operating income (EBIT) |
| 2007 |
| 2006 |
| Growth |
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Operating income (EBIT) |
| 1,152 |
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| 964 |
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| + 19 | % |
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Cost of restructuring and transformation |
| — |
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| 12 |
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Gain from divestiture |
| — |
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| (40 | ) |
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Operating income (EBIT) before one-time items |
| 1,152 |
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| 936 |
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| + 23 | % |
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 5 of 19 |
Net interest expense for the nine months ended September 30, 2007 was $281 million compared to $255 million in the same period of 2006. The increase was mainly the result of additional interest expense partially offset by the write-off in 2006 of deferred financing costs related to the 2003 senior credit facility of $15 million, both in conjunction with the financing of the RCG acquisition.
Income tax expense was $331 million for the nine months compared to $314 million in the same period in 2006, reflectingtax rates of 38.0% and 44.3%, respectively. The tax rate for the first nine months of 2006 was impacted by tax payments in the U.S mainly related to the gain on the divestiture of dialysis clinics in the U.S. Excluding this impact, the effective tax rate for the first nine months 2006 was at 40.3%.
For the nine months ended September 30, 2007,net income was $520 million, up 35% from the same period in 2006. Net income for the nine months of 2007 increased by 28% compared to the same period 2006 excluding the effects of one-time items in 2006.
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Net income before one-time items |
| 2007 |
| 2006 |
| Growth |
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Net income |
| 520 |
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| 385 |
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| + 35 | % |
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Cost of restructuring and transformation |
| — |
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| 7 |
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Write-off FME prepaid financing fees |
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| 9 |
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Loss from divestiture |
| — |
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| 4 |
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Net income before one-time items |
| 520 |
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| 405 |
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| + 28 | % |
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 6 of 19 |
For the nine months ended September 30, 2007,earnings per ordinary share rose by 34% to $1.76. The weighted average number of shares outstanding during the nine months 2007 was approximately 295.4 million.
Cash Flow
Cash from operations for the first nine months of 2007 was $890 million compared to $465 million for the same period in 2006 on a reported basis. Excluding the effects of one-time items, cash from operations was $663 million for the nine months of 2006. The increase compared to prior year was mainly due to increased earnings and a reduction in working capital.
A total of $364 million was used forcapital expenditures, net of disposals.Free Cash Flow before acquisitions for the nine months of 2007 was $526 million compared to $192 million in the same period in 2006. The underlying Free Cash Flow before acquisitions and the effects of one-time items for the first nine months of 2006 was $390 million. A total of $110 million in cash was used foracquisitions, net of divestitures.
Please refer to the attachments for a complete overview on the third quarter and first nine months 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 September 30, 2007, Fresenius Medical Care treated 172,227 patients worldwide, which represents a 7% increase in patients compared to last year. North America provided dialysis treatments for 120,607 patients, an increase of 3%. Including 33 clinics managed by Fresenius Medical Care North America, the number of patients in North America was 122,479. The International segment served 51,620 patients, an increase of 16% over last year.
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 7 of 19 |
As of September 30, 2007, the Company operated a total of 2,221clinics worldwide. This is comprised of 1,591 clinics in North America, an increase of 3%, and 630 clinics in the International segment, an increase of 16%.
Fresenius Medical Care delivered approximately 19.6 million dialysistreatments worldwide during the first nine months of 2007. This represents an increase of 13% year over year. North America accounted for 13.7 million treatments, an increase of 11%, and the International segment delivered 5.9 million treatments, an increase of 16% over last year.
Employees
As of September 30, 2007, Fresenius Medical Care had 60,625 employees (full-time equivalents) worldwide compared to 56,803 employees at the end of 2006. The increase of 3,822 employees is primarily due to acquisitions in Asia 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 3.44 at the end of the third quarter of 2006 to 2.88 at the end of the third quarter 2007. At the end of 2006, the debt/EBITDA ratio was 3.23.
Rating
There have been no ratings changes in the third quarter 2007, Standard & Poor’s Ratings Services rates the Company’s corporate credit rating as ‘BB’ with a ‘stable’ outlook.
Moody’s rates the Company’s corporate credit rating as ‘Ba2’ with a ‘positive’ outlook.
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 8 of 19 |
Issuance of 10 Year Senior Notes
At the beginning of the third quarter 2007, Fresenius Medical Care issued Senior Notes due 2017 in the amount of $500 million. The coupon is 6 7/8%. Proceeds were used to reduce indebtedness under the Company’s senior secured bank credit facility and other, short-term debt.
Outlook for 2007 Confirmed
The Company confirms its outlook for the full year 2007 and expects to achieverevenue of more than $9.5 billion. This represents an increase of at least 12%.
Net incomewas projected to be in the range of $685 million to $705 million in 2007. Based on the strong performance in the third quarter, the Company now expects the net income to be at the upper end of this guidance.
In addition, the Company still expectsspending on capital expendituresandacquisitions to be approximately $650 million in 2007. Thedebt/EBITDA ratiois projected to be below 3.0 by the end of 2007.
For 2010, Fresenius Medical Care continues to expect revenue of more than $11.5 billion. Earnings after tax are projected to grow in the low- to mid-teens per year.
Ben Lipps, Chief Executive Officer of Fresenius Medical Care, commented: “Third quarter performance continues the strong trend of this year and was clearly outstanding considering the temporary US regulatory challenges. The North American segment achieved operating margins at the high end of its target. The International segment continues its strong double-digit revenue growth even during the Summer Quarter. We continued to grow above market in our product business on a worldwide basis. Cash flow from operations was very strong and clearly ahead of our expectations. We are clearly on track to achieve our targets for the current year and for 2010.”
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 9 of 19 |
Video Webcast
Fresenius Medical Care will hold an analyst meeting at its headquarters in Bad Homburg, Germany, to discuss the results of the third quarter and the first nine months of 2007 on Wednesday, October 31, 2007, at 3.15pm CET / 10.15am EDT. The Company invites investors to view the live webcast of the meeting at the Company’s websitewww.fmc-ag.com in the “Investor Relations” section. A replay will be available shortly after the meeting.
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 2,221 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to 172,227 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.
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Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 10 of 19 |
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Fresenius Medical Care |
| Three Months Ended |
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| Nine Months Ended |
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(in US-$ thousands, except |
| 2007 |
| 2006 |
| % Change |
| 2007 |
| 2006 |
| % Change |
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Net revenue |
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Dialysis Care |
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| 1,800,771 |
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| 1,703,866 |
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| 5.7 | % |
| 5,356,669 |
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| 4,628,064 |
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| 15.7 | % |
Dialysis Products |
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| 625,371 |
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| 530,459 |
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| 17.9 | % |
| 1,794,357 |
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| 1,518,623 |
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| 18.2 | % |
Total net revenue |
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| 2,426,142 |
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| 2,234,325 |
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| 8.6 | % |
| 7,151,026 |
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| 6,146,687 |
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| 16.3 | % |
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Cost of revenue |
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| 1,588,201 |
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| 1,483,561 |
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| 7.1 | % |
| 4,691,347 |
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| 4,088,588 |
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| 14.7 | % |
Gross profit |
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| 837,941 |
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| 750,764 |
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| 11.6 | % |
| 2,459,679 |
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| 2,058,099 |
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| 19.5 | % |
Selling, general and administrative |
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| 425,590 |
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| 391,403 |
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| 8.7 | % |
| 1,263,681 |
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| 1,096,561 |
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| 15.2 | % |
Gain on sale of dialysis clinics |
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| — |
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| (1,258 | ) |
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| — |
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| (40,233 | ) |
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Research and development |
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| 15,639 |
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| 11,814 |
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| 32.4 | % |
| 43,546 |
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| 37,347 |
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| 16.6 | % |
Operating income (EBIT) |
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| 396,712 |
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| 348,805 |
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| 13.7 | % |
| 1,152,452 |
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| 964,424 |
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| 19.5 | % |
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Interest income |
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| (8,705 | ) |
| (4,497 | ) |
| 93.6 | % |
| (19,048 | ) |
| (14,844 | ) |
| 28.3 | % |
Interest expense |
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| 103,538 |
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| 104,071 |
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| -0.5 | % |
| 300,367 |
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| 269,914 |
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| 11.3 | % |
Interest expense, net |
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| 94,833 |
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| 99,574 |
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| -4.8 | % |
| 281,319 |
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| 255,070 |
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| 10.3 | % |
Earnings before income taxes and minority interest |
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| 301,879 |
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| 249,231 |
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| 21.1 | % |
| 871,133 |
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| 709,354 |
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| 22.8 | % |
Income tax expense |
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| 114,750 |
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| 105,357 |
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| 8.9 | % |
| 331,097 |
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| 314,401 |
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| 5.3 | % |
Minority interest |
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| 6,371 |
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| 4,685 |
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| 20,320 |
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| 10,231 |
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Net income |
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| 180,758 |
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| 139,189 |
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| 29.9 | % |
| 519,716 |
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| 384,722 |
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| 35.1 | % |
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Operating income (EBIT) |
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| 396,712 |
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| 348,805 |
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| 13.7 | % |
| 1,152,452 |
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| 964,424 |
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| 19.5 | % |
Depreciation and amortization |
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| 89,368 |
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| 79,416 |
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| 12.5 | % |
| 259,861 |
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| 221,258 |
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| 17.4 | % |
EBITDA |
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| 486,080 |
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| 428,221 |
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| 13.5 | % |
| 1,412,313 |
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| 1,185,682 |
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| 19.1 | % |
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Total bad debt expenses |
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| 53,127 |
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| 50,981 |
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| 152,762 |
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| 128,829 |
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Earnings per ordinary share |
| $ | 0.61 |
| $ | 0.47 |
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| 29.3 | % | $ | 1.76 |
| $ | 1.31 |
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| 34.4 | % |
Earnings per ordinary ADS |
| $ | 0.61 |
| $ | 0.47 |
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| 29.3 | % | $ | 1.76 |
| $ | 1.31 |
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| 34.4 | % |
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Weighted average number of shares |
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Ordinary shares |
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| 292,062,414 |
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| 290,888,289 |
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| 291,721,451 |
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| 290,367,524 |
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Preference shares |
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| 3,747,548 |
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| 3,650,988 |
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| 3,728,265 |
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| 3,548,433 |
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Percentages of revenue |
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Cost of revenue |
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| 65.5 | % |
| 66.4 | % |
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| 65.6 | % |
| 66.5 | % |
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Gross profit |
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| 34.5 | % |
| 33.6 | % |
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| 34.4 | % |
| 33.5 | % |
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Selling, general and administrative |
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| 17.5 | % |
| 17.5 | % |
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| 17.7 | % |
| 17.8 | % |
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Gain on sale of dialysis clinics |
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| — |
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| -0.1 | % |
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| — |
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| -0.7 | % |
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Research and development |
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| 0.6 | % |
| 0.5 | % |
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| 0.6 | % |
| 0.6 | % |
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Operating income (EBIT) |
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| 16.4 | % |
| 15.6 | % |
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| 16.1 | % |
| 15.7 | % |
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Interest expense, net |
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| 3.9 | % |
| 4.5 | % |
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| 3.9 | % |
| 4.1 | % |
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Earnings before income taxes and minority interest |
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| 12.4 | % |
| 11.2 | % |
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| 12.2 | % |
| 11.5 | % |
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Income tax expense |
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| 4.7 | % |
| 4.7 | % |
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| 4.6 | % |
| 5.1 | % |
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Minority interest |
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| 0.3 | % |
| 0.2 | % |
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| 0.3 | % |
| 0.2 | % |
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Net income |
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| 7.5 | % |
| 6.2 | % |
|
|
|
| 7.3 | % |
| 6.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
| 20.0 | % |
| 19.2 | % |
|
|
|
| 19.7 | % |
| 19.3 | % |
|
|
|
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 11 of 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| Three Months Ended |
|
|
|
|
| Nine Months Ended |
|
|
|
| |||||||
(in US-$ million) |
| 2007 |
| 2006 |
| % Change |
| 2007 |
| 2006 |
| % Change |
| ||||||
| |||||||||||||||||||
Net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 1,660 |
|
| 1,613 |
|
| 2.9 | % |
| 4,957 |
|
| 4,367 |
|
| 13.5 | % |
International |
|
| 766 |
|
| 621 |
|
| 23.3 | % |
| 2,194 |
|
| 1,780 |
|
| 23.3 | % |
Total net revenue |
|
| 2,426 |
|
| 2,234 |
|
| 8.6 | % |
| 7,151 |
|
| 6,147 |
|
| 16.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 283 |
|
| 257 |
|
| 10.0 | % |
| 826 |
|
| 704 |
|
| 17.3 | % |
International |
|
| 135 |
|
| 113 |
|
| 19.3 | % |
| 386 |
|
| 318 |
|
| 21.4 | % |
Corporate |
|
| (21 | ) |
| (21 | ) |
| -1.6 | % |
| (60 | ) |
| (58 | ) |
| 3.2 | % |
Total operating income (EBIT) |
|
| 397 |
|
| 349 |
|
| 13.7 | % |
| 1,152 |
|
| 964 |
|
| 19.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating incomein percentage of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 17.0 | % |
| 15.9 | % |
|
|
|
| 16.7 | % |
| 16.1 | % |
|
|
|
International |
|
| 17.6 | % |
| 18.2 | % |
|
|
|
| 17.6 | % |
| 17.8 | % |
|
|
|
Total |
|
| 16.4 | % |
| 15.6 | % |
|
|
|
| 16.1 | % |
| 15.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding one-time items1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 283 |
|
| 263 |
|
| 7.6 | % |
| 826 |
|
| 674 |
|
| 22.6 | % |
International |
|
| 135 |
|
| 113 |
|
| 19.3 | % |
| 386 |
|
| 318 |
|
| 21.4 | % |
Corporate |
|
| (21 | ) |
| (21 | ) |
| -0.8 | % |
| (60 | ) |
| (56 | ) |
| 6.5 | % |
Total operating income (EBIT) |
|
| 397 |
|
| 355 |
|
| 11.8 | % |
| 1,152 |
|
| 936 |
|
| 23.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income in percentage of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 17.0 | % |
| 16.3 | % |
|
|
|
| 16.7 | % |
| 15.4 | % |
|
|
|
International |
|
| 17.6 | % |
| 18.2 | % |
|
|
|
| 17.6 | % |
| 17.8 | % |
|
|
|
Total |
|
| 16.4 | % |
| 15.9 | % |
|
|
|
| 16.1 | % |
| 15.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Sep. 30 compared to Dec. 31) |
|
|
|
|
|
|
|
|
|
|
| 60,625 |
|
| 56,803 |
|
|
|
|
1) One-time costs associated with the transformation of legal form, restructuring costs and the gain on FTC mandated sale of clinics in 2006.
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 12 of 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| Three Months Ended |
|
|
| Nine Months Ended |
|
|
| ||||||||||
(in US-$ million) |
| 2007 |
| 2006 |
| % Change |
| 2007 |
| 2006 |
| % Change |
| ||||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating performance excluding one-time items1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
| 397 |
|
| 349 |
|
| 14 | % |
| 1,152 |
|
| 964 |
|
| 19 | % |
One-time items2) |
|
| — |
|
| 6 |
|
|
|
|
| — |
|
| (28 | ) |
|
|
|
Operating income (EBIT) excluding one-time items1) |
|
| 397 |
|
| 355 |
|
| 12 | % |
| 1,152 |
|
| 936 |
|
| 23 | % |
Percent of revenue |
|
| 16.4 | % |
| 15.9 | % |
|
|
|
| 16.1 | % |
| 15.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
| 181 |
|
| 139 |
|
| 30 | % |
| 520 |
|
| 385 |
|
| 35 | % |
One-time items2) |
|
| — |
|
| 4 |
|
|
|
|
| — |
|
| 20 |
|
|
|
|
Net income excluding one-time items1) |
|
| 181 |
|
| 143 |
|
| 27 | % |
| 520 |
|
| 405 |
|
| 28 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 1,660 |
|
| 1,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue and research and development |
|
| 1,102 |
|
| 1,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
| 275 |
|
| 258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
| 1,377 |
|
| 1,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of dialysis clinics |
|
| — |
|
| (1 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
| 283 |
|
| 257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time items2) |
|
| — |
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) excluding one-time items1) |
|
| 283 |
|
| 263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of revenue |
|
| 17.0 | % |
| 16.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products revenue incl. and excl. internal sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products revenue incl. internal sales |
|
| 297 |
|
| 268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
less internal sales |
|
| (130 | ) |
| (127 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products external sales |
|
| 167 |
|
| 141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products revenue incl. internal sales |
|
| 524 |
|
| 439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
less internal sales |
|
| (65 | ) |
| (50 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products external sales |
|
| 459 |
|
| 389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash flow from operating activities to EBITDA3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total EBITDA |
|
|
|
|
|
|
|
|
|
|
| 1,412 |
|
| 1,186 |
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
| (281 | ) |
| (255 | ) |
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
| (331 | ) |
| (314 | ) |
|
|
|
Change in working capital and other non cash items |
|
|
|
|
|
|
|
|
|
|
| 90 |
|
| (152 | ) |
|
|
|
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
| 890 |
|
| 465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized EBITDA4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) last twelve months |
|
|
|
|
|
|
|
|
|
|
| 1,533 |
|
| 1,332 |
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
last twelve months |
|
|
|
|
|
|
|
|
|
|
| 347 |
|
| 289 |
|
|
|
|
Non cash charges |
|
|
|
|
|
|
|
|
|
|
| 37 |
|
| 26 |
|
|
|
|
Annualized EBITDA |
|
|
|
|
|
|
|
|
|
|
| 1,917 |
|
| 1,647 |
|
|
|
|
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, restructuring costs, the gain on FTC mandated sale of clinics and the write-off of deferred financing costs related to the 2003 senior credit facility in 2006 as applicable.
3)EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments.
4)EBITDA 2007: Excluding restructuring costs and in-process R&D. EBITDA 2006: Pro forma numbers including RCG, before FTC mandated divestitures, excluding one-time costs for the acquisition.
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 13 of 19 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| September 30, |
| December 31, |
| ||
(in US-$ million) |
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Assets |
|
|
|
|
|
|
|
Current assets |
|
| 3,760 |
|
| 3,412 |
|
Intangible assets |
|
| 7,711 |
|
| 7,554 |
|
Other non-current assets |
|
| 2,291 |
|
| 2,079 |
|
Total assets |
|
| 13,762 |
|
| 13,045 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity and liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
| 2,923 |
|
| 2,376 |
|
Long-term liabilities |
|
| 5,511 |
|
| 5,799 |
|
Shareholders’ equity |
|
| 5,328 |
|
| 4,870 |
|
Total shareholders’ equity and liabilities |
|
| 13,762 |
|
| 13,045 |
|
|
|
|
|
|
|
|
|
Equity/assets ratio: |
|
| 39 | % |
| 37 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
|
|
|
|
|
Short-term borrowings |
|
| 76 |
|
| 331 |
|
Short-term borrowings from related parties |
|
| 46 |
|
| 5 |
|
Current portion of long-term debt and capital lease obligations |
|
| 46 |
|
| 160 |
|
Current portion of Trust Preferred Securities |
|
| 665 |
|
| — |
|
Long-term debt and capital lease obligations, less current portion |
|
| 4,032 |
|
| 3,829 |
|
Trust Preferred Securities |
|
| 648 |
|
| 1,254 |
|
Total debt |
|
| 5,513 |
|
| 5,579 |
|
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 14 of 19 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| 2007 |
| 2006 |
| ||
Nine Months Ended September 30, |
|
|
|
|
|
|
|
(in US-$ million) |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
Net income |
|
| 520 |
|
| 385 |
|
Depreciation / amortization |
|
| 260 |
|
| 221 |
|
Change in working capital and other non cash items |
|
| 110 |
|
| (66 | )* |
Net tax payments related to clinic divestitures and RCG acquisition |
|
| — |
|
| (75 | ) |
Cash Flow from operating activities |
|
| 890 |
|
| 465 |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
| (385 | ) |
| (288 | ) |
Proceeds from sale of property, plant and equipment |
|
| 21 |
|
| 15 |
|
Capital expenditures, net |
|
| (364 | ) |
| (273 | ) |
Free Cash Flow |
|
| 526 |
|
| 192 |
|
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
| (140 | ) |
| (4,189 | ) |
Proceeds from divestitures |
|
| 30 |
|
| 507 |
|
Free Cash Flow after investing activities |
|
| 416 |
|
| 3,490 |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
Change in accounts receivable securitization program |
|
| (266 | ) |
| 193 |
|
Change in intercompany debt |
|
| 39 |
|
| 10 |
|
Change in other debt |
|
| 54 |
|
| 3,115 |
|
Proceeds from exercise of stock options |
|
| 33 |
|
| 48 |
|
Proceeds from conversion of preference |
|
|
|
|
|
|
|
shares into ordinary shares |
|
| — |
|
| 307 |
|
Change in minority interest |
|
| (15 | ) |
| (7 | ) |
Dividends paid |
|
| (188 | ) |
| (154 | ) |
Cash Flow from financing activities |
|
| (343 | ) |
| 3,512 |
|
|
|
|
|
|
|
|
|
Effects of exchange rates on cash |
|
| 6 |
|
| 21 |
|
Net increase in cash |
|
| 79 |
|
| 43 |
|
|
|
|
|
|
|
|
|
Cash at beginning of period |
|
| 159 |
|
| 85 |
|
Cash at end of period |
|
| 238 |
|
| 128 |
|
* Including $24 million of payments related to the RCG acquisition and $99 million related to tax payments for prior years.
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 15 of 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care | |||||||||||||
Three months ended September 30, |
| 2007 |
| cc |
| 2006 |
| cc |
| ||||
(in US-$ thousands, except per-treatment revenue) |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 1,660,462 |
|
|
|
|
| 1,613,083 |
|
|
|
|
Growth year-over-year |
|
| 2.9 | % |
|
|
|
| 38.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Care |
|
| 1,493,793 |
|
|
|
|
| 1,472,107 |
|
|
|
|
Growth year-over-year |
|
| 1.5 | % |
|
|
|
| 42.0 | % |
|
|
|
U.S. per treatment |
|
| 327 |
|
|
|
|
| 324 |
|
|
|
|
Per treatment |
|
| 323 |
|
|
|
|
| 321 |
|
|
|
|
Sequential growth |
|
| -0.2 | % |
|
|
|
| 2.2 | % |
|
|
|
Growth year-over-year |
|
| 0.6 | % |
|
|
|
| 8.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 296,897 |
|
|
|
|
| 268,012 |
|
|
|
|
Growth year-over-year |
|
| 10.8 | % |
|
|
|
| 19.5 | % |
|
|
|
External sales |
|
| 166,669 |
|
|
|
|
| 140,976 |
|
|
|
|
Growth year-over-year |
|
| 18.2 | % |
|
|
|
| 7.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 765,681 |
|
|
|
|
| 621,243 |
|
|
|
|
Growth year-over-year |
|
| 23.2 | % |
| 14.4 | % |
| 13.2 | % |
| 10.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Care |
|
| 306,978 |
|
|
|
|
| 231,759 |
|
|
|
|
Growth year-over-year |
|
| 32.5 | % |
| 22.8 | % |
| 10.2 | % |
| 9.3 | % |
Per treatment |
|
| 153 |
|
| 142 |
|
| 132 |
|
| 131 |
|
Sequential growth |
|
| 3.0 | % |
|
|
|
| 0.3 | % |
|
|
|
Growth year-over-year |
|
| 15.9 | % |
| 7.4 | % |
| 1.8 | % |
| 1.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 523,856 |
|
|
|
|
| 438,575 |
|
|
|
|
Growth year-over-year |
|
| 19.4 | % |
| 10.6 | % |
| 12.4 | % |
| 9.4 | % |
External sales |
|
| 458,704 |
|
|
|
|
| 389,484 |
|
|
|
|
Growth year-over-year |
|
| 17.8 | % |
| 9.4 | % |
| 15.1 | % |
| 11.8 | % |
cc = at constant exchange rates
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 16 of 19 |
|
|
|
|
|
|
|
|
Fresenius Medical Care | |||||||
Three months ended September 30, |
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
North America |
|
|
|
|
|
|
|
Number of treatments |
|
| 4,621,343 |
|
| 4,498,590 |
|
Treatments per day |
|
| 59,248 |
|
| 56,940 |
|
Per day sequential growth |
|
| 0.6 | % |
| -0.5 | % |
Per day year-over-year growth |
|
| 4.1 | % |
| 31.1 | % |
of which: |
|
|
|
|
|
|
|
- Acquisition RCG |
|
| — |
|
| 32.9 | % |
- FTC divestitures |
|
| — |
|
| -3.2 | % |
- Other acquisitions |
|
| 0.7 | % |
| 0.7 | % |
- Same market growth year-over-year |
|
| 3.0 | % |
| 1.8 | % |
- Adjustments for closed/sold facilities, yield and other |
|
| 0.4 | % |
| -1.1 | % |
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Number of treatments |
|
| 2,003,872 |
|
| 1,752,795 |
|
Same market growth year-over-year |
|
| 4.9 | % |
| 7.1 | % |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Expenses |
|
|
|
|
|
|
|
Three months ended September 30, |
|
| 2007 |
|
| 2006 |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue1) |
|
| 83.0 | % |
| 84.2 | % |
Gain on sale of dialysis clinics |
|
|
|
|
|
|
|
Percent of revenue |
|
| — |
|
| -0.1 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue1) |
|
| 16.5 | % |
| 16.0 | % |
Bad debt expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 3.0 | % |
| 3.1 | % |
Dialysis Care operating expenses/Treatment (in US-$) |
|
| 268 |
|
| 268 |
|
Sequential growth |
|
| 0.2 | % |
| 1.9 | % |
Growth year-over-year |
|
| -0.1 | % |
| 5.7 | % |
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue2) |
|
| 83.6 | % |
| 84.4 | % |
Gain on sale of dialysis clinics |
|
|
|
|
|
|
|
Percent of revenue |
|
| — |
|
| -0.1 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue2) |
|
| 17.5 | % |
| 17.5 | % |
Effective tax rate |
|
| 38.0 | % |
| 42.3 | % |
1)Includes 0.4% RCG restructuring costs in 2006.
2)Includes 0.3% RCG restructuring costs in 2006.
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 17 of 19 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Cash Flow/Investing Activities |
|
|
|
|
|
|
|
| |||||||
Three months ended September 30, |
|
| 2007 |
|
| 2006 |
|
(in US-$ thousands, except number of de novos) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Operating Cash Flow |
|
| 382,472 |
|
| 152,566 |
|
Percent of revenue |
|
| 15.8 | % |
| 6.8 | % |
|
|
|
|
|
|
|
|
Free Cash Flow before acquisitions |
|
| 258,653 |
|
| 40,168 |
|
Percent of revenue |
|
| 10.7 | % |
| 1.8 | % |
|
|
|
|
|
|
|
|
Acquisitions, net |
|
| 25,672 |
|
| 9,638 |
|
|
|
|
|
|
|
|
|
Proceeds from divestitures |
|
| 2,045 |
|
| 1,307 |
|
|
|
|
|
|
|
|
|
Capital expenditures, net |
|
| 123,819 |
|
| 112,397 |
|
Percent of revenue |
|
| 5.1 | % |
| 5.0 | % |
|
|
|
|
|
|
|
|
Maintenance |
|
| 53,193 |
|
| 43,174 |
|
Percent of revenue |
|
| 2.2 | % |
| 1.9 | % |
|
|
|
|
|
|
|
|
Growth |
|
| 70,626 |
|
| 69,223 |
|
Percent of revenue |
|
| 2.9 | % |
| 3.1 | % |
|
|
|
|
|
|
|
|
Number of de novos |
|
| 23 |
|
| 16 |
|
North America |
|
| 14 |
|
| 9 |
|
International |
|
| 9 |
|
| 7 |
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Balance Sheet |
|
|
|
|
|
|
|
Three months ended September 30, |
|
| 2007 |
|
| 2006 |
|
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Debt (in US-$ million) |
|
| 5,513 |
|
| 5,672 |
|
Debt/EBITDA |
|
| 2.9 |
|
| 3.4 |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 57 |
|
| 58 |
|
Sequential development |
|
| -1.7 | % |
| -1.7 | % |
Year-over-year development |
|
| -1.7 | % |
| -7.9 | % |
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 114 |
|
| 122 |
|
Sequential development |
|
| 1.8 | % |
| 2.5 | % |
Year-over-year development |
|
| -6.6 | % |
| — |
|
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 18 of 19 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard |
|
|
|
|
|
|
|
Three months ended September 30, |
|
| 2007 |
|
| 20061) |
|
|
|
|
|
|
|
|
|
Clinical Performance |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Single Pool Kt/v > 1.2 |
|
| 95 | % |
| 95 | % |
Hemoglobin >= 11g/dl |
|
| 80 | % |
| 81 | % |
Albumin >= 3.5 g/dl2) |
|
| 80 | % |
| 80 | % |
Hospitalization days per patient3) (12 months ending Sep. 30,) |
|
| 11.1 |
|
| 11.5 |
|
|
|
|
|
|
|
|
|
Demographics |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Average age (yr) |
|
| 62 |
|
| 61 |
|
Average time on dialysis (yr) |
|
| 3.5 |
|
| 3.5 |
|
Average body weight (kg) |
|
| 78 |
|
| 77 |
|
Prevalence of diabetes |
|
| 53 | % |
| 52 | % |
1) Q3 2006 data: without former RCG facilities
2) International standard BCR CRM470
3) Hospitalization data without former RCG facilities
|
|
Fresenius Medical Care AG & Co. KGaA, October 31, 2007 | 19 of 19 |