Fresenius Medical Care AG & Co. KGaA (FMS)
Filed: 20 Feb 08, 12:00am
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Investor News | Fresenius Medical Care AG & Co. KGaA | |
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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 L. Morris | |
| 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 | |
February 20, 2008
Fresenius Medical Care Reports Excellent Fourth Quarter and Full Year 2007 Results and Provides Strong Outlook for 2008
The Company clearly exceeded its financial targets, achieved record earnings and proposes its 11th consecutive annual dividend increase.
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Summary Fourth Quarter 2007: |
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Net revenue |
| $ | 2,569 million |
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| + 9 | % | |
Operating income (EBIT) |
| $ | 428 million |
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| + 21 | % | |
Net income |
| $ | 197 million |
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| + 30 | % | |
Earnings per share |
| $ | 0.67 |
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| + 29 | % | |
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Summary Full Year 2007: |
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Net revenue |
| $ | 9,720 million |
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| + 14 | % | |
Operating income (EBIT) |
| $ | 1,580 million |
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| + 20 | % | |
Net income |
| $ | 717 million |
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| + 34 | % | |
Earnings per share |
| $ | 2.43 |
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| + 33 | % | |
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Dividend Proposal | Ordinary Share |
| € | 0.54 |
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| + 15 | % |
| Preference Share |
| € | 0.56 |
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| + 14 | % |
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 fourth quarter and full year of 2007.
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Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 1 of 18 |
Fourth Quarter 2007:
Revenue
Net revenue for the fourth quarter 2007 increased by 9% to $2,569 million (6% at constant currency) compared to the fourth quarter 2006. Organic revenue growth worldwide was 4%. Dialysis Services revenue grew by 6% to $1,856 million (4% at constant currency) in the fourth quarter of 2007. Dialysis Product revenue increased by 18% to $713 million (10% at constant currency) in the same period.
North Americarevenue increased by 3% to $1,706 million. Dialysis Services revenue grew by 1% to $1,526 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 decreased by 1% to $325 in the fourth quarter 2007 compared to $328 for the same quarter in 2006. At the same time, due to extremely good cost containment, the comparable costs per treatment decreased by 2% to $266 per treatment also contributing to a further margin expansion of 70 basis points in North America. Dialysis Product revenue increased by 17% to $180 million again well above market led by strong sales of our 2008K hemodialysis machines, peritoneal dialysis products and the phosphate binding drug PhosLo.
Internationalrevenue was $863 million, an increase of 24% (12% at constant currency) compared to the fourth quarter of 2006. Organic revenue growth of the international segment was 7%. Dialysis Services revenue reached $331 million, an increase of 35% (22% at constant currency). Dialysis Product revenue rose by 18% to $533 million (7% at constant currency), led by strong peritoneal dialysis products and dialyzers.
Earnings
Operating income (EBIT)increased by 21% to $428 million compared to $354 million in the fourth quarter 2006. Operating income for the fourth quarter 2006 includes costs of $25 million related to restructuring costs and in-process R&D. Excluding these effects, operating income for the fourth quarter 2007 increased by 13%. The operating margin improved from 16.1% in the fourth quarter 2006 excluding the one-time costs to 16.6% in 2007.
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Operating income (EBIT) before one-time items |
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| 2007 |
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| 2006 |
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| % Change |
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Operating income (EBIT) |
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| 428 |
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| 354 |
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| + 21 | % |
Cost of restructuring and in-process R&D |
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| — |
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| 25 |
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Operating income (EBIT) before one-time items |
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| 428 |
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| 379 |
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| + 13 | % |
In North America, the operating margin increased from 17.1% (excluding the effects of one-time items) by 70 basis points to 17.8% due to the new PhosLo business, higher product sales and decreased operating costs per treatment. In the International segment, the operating margin also increased by 70 basis points to 18.4% mainly due to higher growth in the emerging markets and increased efficiencies.
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Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 2 of 18 |
Net interest expense for the fourth quarter 2007 was $90 million compared to $96 million in the same quarter of 2006. This positive development was mainly attributable to lower average interest rates and a lower debt level.
Income tax expense was $135 million for the fourth quarter of 2007 compared to $99 million in the fourth quarter of 2006, reflecting effectivetax rates of 39.8% and 38.5%, respectively.
Net income for the fourth quarter 2007 was $197 million, an increase of 30%. Net income increased by 16% when compared to the fourth quarter 2006 excluding the effects of one-time items in 2006.
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Net income before one-time items |
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| 2007 |
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| 2006 |
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| % Change |
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Net income |
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| 197 |
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| 152 |
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| + 30 | % |
Cost of restructuring and in-process R&D |
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| — |
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| 18 |
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Net income before one-time items |
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| 197 |
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| 170 |
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| + 16 | % |
Earnings per share (EPS) for the fourth quarter of 2007 rose by 29% to $0.67 per ordinary share compared to $0.52 for the fourth quarter of 2006. The weighted average number of shares outstanding for the fourth quarter of 2007 was approximately 296.3 million shares compared to 295.0 million shares for the fourth quarter of 2006. The increase in shares outstanding resulted from stock option exercises in 2007.
Cash Flow
In the fourth quarter of 2007, the Company generated $309 million incash from operations, representing approximately 12% of revenue, clearly ahead of our target. The extremely strong cash flow generation was primarily supported by higher earnings and a stable working capital.
A total of $184 million was spent forcapital expenditures, net of disposals.Free Cash Flow before acquisitions was $125 million compared to $266 million in the fourth quarter of 2006 on a reported basis. A total of $118 million in cash was used foracquisitions.
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Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 3 of 18 |
Full Year 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 full year 2007 are not directly comparable with the results of the full year 2006.
Revenue and Earnings
Net revenue for 2007 was $9,720 million, up 14% from 2006. At constant currency, net revenue rose by 12%. Organic growth was 6% in 2007.
Operating income (EBIT) increased by 20% to $1,580 million compared to $1,318 million in 2006. Operating income for the full year 2006 includes cost of $37 million as a result of restructuring, the transformation of the Company’s legal form and in-process R&D, and a gain from the clinic divestitures of $40 million.
Excluding these items, operating income for 2007 increased also by 20%. This performance resulted in an operating margin of 16.3% compared to 15.5% for the year 2006.
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Operating income (EBIT) before one-time items |
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| 2007 |
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| 2006 |
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| % Change |
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Operating income (EBIT) |
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| 1,580 |
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| 1,318 |
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| + 20 | % |
Cost of restructuring, transformation and in-process R&D |
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| — |
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| 37 |
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Gain from divestiture |
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| — |
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| (40 | ) |
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Operating income (EBIT) before one-time items |
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| 1,580 |
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| 1,315 |
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| + 20 | % |
Net interest expense for the full year 2007 was $371 million compared to $351 million in 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 $466 million for the full year compared to $413 million in 2006, reflectingtax rates of 38.5% and 42.8%, respectively. The tax rate for 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 2006 was at 39.8%.
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Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 4 of 18 |
For the full year 2007,net income was $717 million, up 34% from 2006. Net income for 2007 increased by 25% compared to 2006 excluding the effects of one-time items in 2006.
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Net income before one-time items |
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| 2007 |
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| 2006 |
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| % Change |
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Net income |
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| 717 |
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| 537 |
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| + 34 | % |
Cost of restructuring, transformation and in-process R&D |
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| — |
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| 24 |
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Write-off FME prepaid financing fees |
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| — |
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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 |
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| 717 |
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| 574 |
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| + 25 | % |
For the full year 2007,earnings per ordinary share rose by 33% to $2.43. The weighted average number of shares outstanding during 2007 was approximately 295.7 million.
Cash Flow
Cash from operations during the full year 2007 was $1,200 million compared to $908 million for 2006 on a reported basis. Excluding the effects of one-time items, cash from operations was $1,106 million for 2006. The increase compared to prior year was mainly due to increased earnings.
A total of $549 million was used forcapital expenditures, net of disposals.Free Cash Flow before acquisitions for 2007 was $651 million compared to $458 million in 2006. The underlying Free Cash Flow before acquisitions and the effects of one-time items for 2006 was $656 million. A total of $228 million in cash was used foracquisitions, net of divestitures.Free Cash Flow after acquisitions for the full year 2007 was $423 million.
Please refer to the attachments for a complete overview on the fourth quarter and the full year 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 December 31, 2007, Fresenius Medical Care treated 173,863 patients worldwide, which represents a 6% increase in patients compared to last year. North America provided dialysis treatments for 121,431 patients, an increase of 3%. Including 33 clinics managed by Fresenius Medical Care North America, the number of patients in North America was 123,273. The International segment served 52,432 patients, an increase of 15% over last year.
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Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 5 of 18 |
As of December 31, 2007, the Company operated a total of 2,238clinics worldwide. This is comprised of 1,602 clinics in North America, an increase of 3%, and 636 clinics in the International segment, an increase of 16%.
Fresenius Medical Care delivered approximately 26.44 million dialysistreatments worldwide during 2007. This represents an increase of 11% year over year. North America accounted for 18.45 million treatments, an increase of 9%, and the International segment delivered 7.99 million treatments, an increase of 16% over last year.
Employees
As of December 31, 2007, Fresenius Medical Care had 61,406 employees (full-time equivalents) worldwide compared to 56,803 employees at the end of 2006. The increase of 4,603 employees is primarily due to continued organic growth in the U.S. and acquisitions in Asia.
Dividends
The Company will continue to follow an earnings-driven dividend policy. For the eleventh consecutive year, shareholders can expect to receive anincreased annual dividend for the fiscal year 2007. At the Annual General Meeting to be held on May 20, 2008, shareholders will be asked to approve a dividend of €0.54 per ordinary share, an increase of 15% from 2006 (€0.47) and €0.56 per preference share, an increase of 14% from 2006 (€0.49).
Debt/EBITDA Ratio
The ratio of debt to Earnings before Interest, Taxes and Amortization (EBITDA) decreased from 3.23 at the end of 2006 to 2.84 at the end of 2007.
Rating
There have been no rating changes in the fourth 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, February 20, 2008 | 6 of 18 |
Refinancing of Trust Preferred Securities
At the beginning of February, we refinanced our Capital Trust II and III Trust Preferred Securities. They were mandatorily redeemable after a period of ten years, expiring on February 1, 2008. The stated amount of Capital Trust II was $450 million, with a fixed interest rate of 7 7/8%; the stated amount of Capital Trust III totaled DM300 million, with an interest rate of 7 3/8%. Fresenius Medical Care’s existing financing facilities were utilized to affect the refinancing.
Outlook for 2008
For the full year 2008, the Company expects to achieverevenue of more than $10.4 billion, an increase of more than 7%.
Net incomeis expected to be between $805 million and $825 million in 2008, an increase of 12% to 15%.
The Company expects to spend $650 to $750 millionon capital expendituresand $150 to $250 million onacquisitions. Thedebt/EBITDA ratiois expected to decrease below 2.8 by the end of 2008.
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: “Our excellent performance in 2007 achieving record revenue and earnings for the year reflects the strong demand for our products and services worldwide. Both, the North American segment and the International segment contributed to this outstanding performance. Overall, we continued to grow above market in our global product business and are the leading provider of dialysis services in all four major regions in the world. We are pleased to have again exceeded our guidance in 2007 and are proposing to deliver our eleventh consecutive dividend increase to our shareholders. We have made good progress on our growth initiatives and with our global presence, we are confident to continue our strong performance in 2008.”
Video Webcast
Fresenius Medical Care will hold an analyst meeting at its headquarters in Bad Homburg, Germany, to discuss the results of the fourth quarter and the full year of 2007 on Wednesday, February 20, 2008, at 3.15pm CET / 9.15am EST. 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 1,600,000 individuals worldwide. Through its network of 2,238 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to 173,863 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).
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Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 7 of 18 |
For more information about Fresenius Medical Care visit the Company’s website atwww.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, February 20, 2008 | 8 of 18 |
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Fresenius Medical Care |
| Three Months Ended |
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| Twelve Months Ended |
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(in US-$ thousands, except |
| 2007 |
| 2006 |
| % Change |
| 2007 |
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Net revenue |
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Dialysis Care |
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| 1,856,331 |
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| 1,749,326 |
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| 6.1 | % |
| 7,213,000 |
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| 6,377,390 |
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| 13.1 | % |
Dialysis Products |
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| 712,957 |
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| 603,025 |
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| 18.2 | % |
| 2,507,314 |
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| 2,121,648 |
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| 18.2 | % |
Total net revenue |
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| 2,569,288 |
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| 2,352,351 |
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| 9.2 | % |
| 9,720,314 |
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| 8,499,038 |
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| 14.4 | % |
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Cost of revenue |
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| 1,673,172 |
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| 1,532,894 |
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| 9.2 | % |
| 6,364,519 |
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| 5,621,482 |
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| 13.2 | % |
Gross profit |
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| 896,116 |
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| 819,457 |
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| 9.4 | % |
| 3,355,795 |
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| 2,877,556 |
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| 16.6 | % |
Selling, general and administrative |
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| 445,469 |
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| 451,808 |
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| -1.4 | % |
| 1,709,150 |
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| 1,548,369 |
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| 10.4 | % |
Gain on sale of dialysis clinics |
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| — |
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| — |
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| (40,233 | ) |
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Research and development |
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| 22,977 |
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| 13,946 |
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| 64.8 | % |
| 66,523 |
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| 51,293 |
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| 29.7 | % |
Operating income (EBIT) |
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| 427,670 |
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| 353,703 |
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| 20.9 | % |
| 1,580,122 |
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| 1,318,127 |
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| 19.9 | % |
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Interest income |
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| (9,540 | ) |
| (5,588 | ) |
| 70.7 | % |
| (28,588 | ) |
| (20,432 | ) |
| 39.9 | % |
Interest expense |
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| 99,268 |
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| 101,764 |
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| -2.5 | % |
| 399,635 |
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| 371,678 |
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| 7.5 | % |
Interest expense, net |
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| 89,728 |
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| 96,176 |
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| -6.7 | % |
| 371,047 |
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| 351,246 |
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| 5.6 | % |
Earnings before income taxes and minority interest |
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| 337,942 |
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| 257,527 |
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| 31.2 | % |
| 1,209,075 |
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| 966,881 |
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| 25.0 | % |
Income tax expense |
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| 134,555 |
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| 99,088 |
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| 35.8 | % |
| 465,652 |
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| 413,489 |
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| 12.6 | % |
Minority interest |
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| 5,973 |
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| 6,415 |
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| 26,293 |
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| 16,646 |
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Net income |
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| 197,414 |
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| 152,024 |
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| 29.9 | % |
| 717,130 |
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| 536,746 |
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| 33.6 | % |
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Operating income (EBIT) |
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| 427,670 |
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| 353,703 |
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| 20.9 | % |
| 1,580,122 |
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| 1,318,127 |
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| 19.9 | % |
Depreciation and amortization |
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| 103,468 |
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| 87,440 |
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| 18.3 | % |
| 363,329 |
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| 308,698 |
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| 17.7 | % |
EBITDA |
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| 531,138 |
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| 441,143 |
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| 20.4 | % |
| 1,943,451 |
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| 1,626,825 |
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| 19.5 | % |
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Total bad debt expenses |
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| 49,235 |
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| 48,456 |
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| 201,998 |
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| 177,285 |
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Earnings per ordinary share |
| $ | 0.67 |
| $ | 0.52 |
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| 29.3 | % | $ | 2.43 |
| $ | 1.82 |
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| 32.9 | % |
Earnings per ordinary ADS |
| $ | 0.67 |
| $ | 0.52 |
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| 29.3 | % | $ | 2.43 |
| $ | 1.82 |
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| 32.9 | % |
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Weighted average number of shares |
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Ordinary shares |
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| 292,545,441 |
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| 291,376,746 |
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| 291,929,141 |
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| 290,621,904 |
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Preference shares |
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| 3,772,720 |
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| 3,655,326 |
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| 3,739,470 |
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| 3,575,376 |
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Percentages of revenue |
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Cost of revenue |
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| 65.1 | % |
| 65.2 | % |
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| 65.5 | % |
| 66.1 | % |
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Gross profit |
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| 34.9 | % |
| 34.8 | % |
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| 34.5 | % |
| 33.9 | % |
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Selling, general and administrative |
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| 17.3 | % |
| 19.2 | % |
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| 17.6 | % |
| 18.2 | % |
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Gain on sale of dialysis clinics |
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| 0.0 | % |
| 0.0 | % |
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| 0.0 | % |
| -0.5 | % |
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Research and development |
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| 0.9 | % |
| 0.6 | % |
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| 0.7 | % |
| 0.6 | % |
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Operating income (EBIT) |
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| 16.6 | % |
| 15.0 | % |
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| 16.3 | % |
| 15.5 | % |
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Interest expense, net |
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| 3.5 | % |
| 4.1 | % |
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| 3.8 | % |
| 4.1 | % |
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Earnings before income taxes and minority interest |
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| 13.2 | % |
| 10.9 | % |
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| 12.4 | % |
| 11.4 | % |
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Income tax expense |
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| 5.2 | % |
| 4.2 | % |
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| 4.8 | % |
| 4.9 | % |
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Minority interest |
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| 0.2 | % |
| 0.3 | % |
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| 0.3 | % |
| 0.2 | % |
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Net income |
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| 7.7 | % |
| 6.5 | % |
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| 7.4 | % |
| 6.3 | % |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
| 20.7 | % |
| 18.8 | % |
|
|
|
| 20.0 | % |
| 19.1 | % |
|
|
|
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 9 of 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| Three Months Ended |
|
|
| Twelve Months Ended |
|
|
| ||||||||||
(in US-$ million) |
| 2007 |
| 2006 |
| % Change |
| 2007 |
| 2006 |
| % Change |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 1,706 |
|
| 1,658 |
|
| 2.9 | % |
| 6,663 |
|
| 6,025 |
|
| 10.6 | % |
International |
|
| 863 |
|
| 694 |
|
| 24.4 | % |
| 3,057 |
|
| 2,474 |
|
| 23.6 | % |
Total net revenue |
|
| 2,569 |
|
| 2,352 |
|
| 9.2 | % |
| 9,720 |
|
| 8,499 |
|
| 14.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 304 |
|
| 260 |
|
| 16.6 | % |
| 1,130 |
|
| 965 |
|
| 17.1 | % |
International |
|
| 159 |
|
| 123 |
|
| 29.0 | % |
| 544 |
|
| 440 |
|
| 23.5 | % |
Corporate |
|
| (35 | ) |
| (29 | ) |
| 17.0 | % |
| (94 | ) |
| (87 | ) |
| 7.9 | % |
Total operating income (EBIT) |
|
| 428 |
|
| 354 |
|
| 20.9 | % |
| 1,580 |
|
| 1,318 |
|
| 19.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income in percentage of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 17.8 | % |
| 15.7 | % |
|
|
|
| 17.0 | % |
| 16.0 | % |
|
|
|
International |
|
| 18.4 | % |
| 17.7 | % |
|
|
|
| 17.8 | % |
| 17.8 | % |
|
|
|
Total |
|
| 16.6 | % |
| 15.0 | % |
|
|
|
| 16.3 | % |
| 15.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding one-time items1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 304 |
|
| 284 |
|
| 6.9 | % |
| 1,130 |
|
| 958 |
|
| 18.0 | % |
International |
|
| 159 |
|
| 123 |
|
| 29.0 | % |
| 544 |
|
| 440 |
|
| 23.5 | % |
Corporate |
|
| (35 | ) |
| (28 | ) |
| 24.7 | % |
| (94 | ) |
| (83 | ) |
| 12.5 | % |
Total operating income (EBIT) |
|
| 428 |
|
| 379 |
|
| 12.8 | % |
| 1,580 |
|
| 1,315 |
|
| 20.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income in percentage of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
| 17.8 | % |
| 17.1 | % |
|
|
|
| 17.0 | % |
| 15.9 | % |
|
|
|
International |
|
| 18.4 | % |
| 17.7 | % |
|
|
|
| 17.8 | % |
| 17.8 | % |
|
|
|
Total |
|
| 16.6 | % |
| 16.1 | % |
|
|
|
| 16.3 | % |
| 15.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalents |
|
|
|
|
|
|
|
|
|
|
| 61,406 |
|
| 56,803 |
|
|
|
|
1)One-time costs associated with restructuring costs, in-process R&D, the transformation of legal form and the gain on FTC mandated sale of clinics in 2006.
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 10 of 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| Three Months Ended |
|
|
| Twelve Months Ended |
|
|
| ||||||||||
(in US-$ million) |
| 2007 |
| 2006 |
| % Change |
| 2007 |
| 2006 |
| % Change |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating performance excluding one-time items1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
| 428 |
|
| 354 |
|
| 21 | % |
| 1,580 |
|
| 1,318 |
|
| 20 | % |
One-time items2) |
|
| — |
|
| 25 |
|
|
|
|
| — |
|
| (3 | ) |
|
|
|
Operating income (EBIT) excluding one-time items1) |
|
| 428 |
|
| 379 |
|
| 13 | % |
| 1,580 |
|
| 1,315 |
|
| 20 | % |
Percent of revenue |
|
| 16.6 | % |
| 16.1 | % |
|
|
|
| 16.3 | % |
| 15.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
| 197 |
|
| 152 |
|
| 30 | % |
| 717 |
|
| 537 |
|
| 34 | % |
One-time items2) |
|
| — |
|
| 18 |
|
|
|
|
| — |
|
| 37 |
|
|
|
|
Net income excluding one-time items1) |
|
| 197 |
|
| 170 |
|
| 16 | % |
| 717 |
|
| 574 |
|
| 25 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment information North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 1,706 |
|
| 1,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue and research and development |
|
| 1,141 |
|
| 1,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
| 261 |
|
| 281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
| 1,402 |
|
| 1,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) |
|
| 304 |
|
| 260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time items2) |
|
| — |
|
| 24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) excluding one-time items1) |
|
| 304 |
|
| 284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of revenue |
|
| 17.8 | % |
| 17.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products revenue incl. and excl. internal sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products revenue incl. internal sales |
|
| 310 |
|
| 284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
less internal sales |
|
| (130 | ) |
| (131 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products external sales |
|
| 180 |
|
| 153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products revenue incl. internal sales |
|
| 608 |
|
| 501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
less internal sales |
|
| (75 | ) |
| (51 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products external sales |
|
| 533 |
|
| 450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash flow from operating activities to EBITDA3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total EBITDA |
|
|
|
|
|
|
|
|
|
|
| 1,943 |
|
| 1,627 |
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
| (371 | ) |
| (351 | ) |
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
| (466 | ) |
| (413 | ) |
|
|
|
Change in working capital and other non cash items |
|
|
|
|
|
|
|
|
|
|
| 94 |
|
| 45 |
|
|
|
|
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
| 1,200 |
|
| 908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized EBITDA4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (EBIT) last twelve months |
|
|
|
|
|
|
|
|
|
|
| 1,580 |
|
| 1,367 |
|
|
|
|
Depreciation and amortization last twelve months |
|
|
|
|
|
|
|
|
|
|
| 363 |
|
| 326 |
|
|
|
|
Non cash charges |
|
|
|
|
|
|
|
|
|
|
| 41 |
|
| 35 |
|
|
|
|
Annualized EBITDA |
|
|
|
|
|
|
|
|
|
|
| 1,984 |
|
| 1,728 |
|
|
|
|
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 restructuring costs, in-process R&D, the transformation of legal form and the gain on FTC mandated sale of clinics as well as 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 2006: Pro forma numbers including RCG, before FTC mandated divestitures, excluding one-time costs for the acquisition.
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 11 of 18 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| December 31, |
| December 31, |
| ||
(in US-$ million) |
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Assets |
|
|
|
|
|
|
|
Current assets |
|
| 3,859 |
|
| 3,412 |
|
Intangible assets |
|
| 7,936 |
|
| 7,554 |
|
Other non-current assets |
|
| 2,375 |
|
| 2,079 |
|
Total assets |
|
| 14,170 |
|
| 13,045 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity and liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
| 3,026 |
|
| 2,376 |
|
Long-term liabilities |
|
| 5,569 |
|
| 5,799 |
|
Shareholders’ equity |
|
| 5,575 |
|
| 4,870 |
|
Total shareholders’ equity and liabilities |
|
| 14,170 |
|
| 13,045 |
|
|
|
|
|
|
|
|
|
Equity/assets ratio: |
|
| 39 | % |
| 37 | % |
|
|
|
|
|
|
|
|
Debt |
|
|
|
|
|
|
|
Short-term borrowings |
|
| 217 |
|
| 331 |
|
Short-term borrowings from related parties |
|
| 2 |
|
| 5 |
|
Current portion of long-term debt and capital lease obligations |
|
| 85 |
|
| 160 |
|
Current portion of Trust Preferred Securities |
|
| 670 |
|
| — |
|
Long-term debt and capital lease obligations, less current portion |
|
| 4,004 |
|
| 3,829 |
|
Trust Preferred Securities |
|
| 664 |
|
| 1,254 |
|
Total debt |
|
| 5,642 |
|
| 5,579 |
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 12 of 18 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| 2007 |
| 2006 |
| ||
Twelve Months Ended December 31, |
|
|
|
|
| ||
|
|
|
|
|
| ||
Operating activities |
|
|
|
|
|
|
|
Net income |
|
| 717 |
|
| 537 |
|
Depreciation / amortization |
|
| 363 |
|
| 309 |
|
Change in working capital and other non cash items |
|
| 120 |
|
| 126 |
|
Net tax payments related to clinic divestitures and RCG acquisition |
|
| — |
|
| (64 | ) |
Cash Flow from operating activities |
|
| 1,200 |
|
| 908 |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
| (580 | ) |
| (467 | ) |
Proceeds from sale of property, plant and equipment |
|
| 31 |
|
| 17 |
|
Capital expenditures, net |
|
| (549 | ) |
| (450 | ) |
Free Cash Flow |
|
| 651 |
|
| 458 |
|
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
| (258 | ) |
| (4,307 | ) |
Proceeds from divestitures |
|
| 30 |
|
| 516 |
|
Free Cash Flow after investing activities |
|
| 423 |
|
| (3,333 | ) |
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
Change in accounts receivable securitization program |
|
| (181 | ) |
| 172 |
|
Change in intercompany debt |
|
| (3 | ) |
| (16 | ) |
Change in other debt |
|
| 19 |
|
| 3,035 |
|
Proceeds from exercise of stock options |
|
| 47 |
|
| 54 |
|
Proceeds from conversion of preference shares into ordinary shares |
|
| — |
|
| 307 |
|
Cash paid for repurchase preferred stock |
|
| (8 | ) |
| — |
|
Change in minority interest |
|
| (27 | ) |
| (15 | ) |
Dividends paid |
|
| (188 | ) |
| (154 | ) |
Cash Flow from financing activities |
|
| (341 | ) |
| 3,383 |
|
|
|
|
|
|
|
|
|
Effects of exchange rates on cash |
|
| 4 |
|
| 24 |
|
Net increase in cash |
|
| 86 |
|
| 74 |
|
|
|
|
|
|
|
|
|
Cash at beginning of period |
|
| 159 |
|
| 85 |
|
Cash at end of period |
|
| 245 |
|
| 159 |
|
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 13 of 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
| Three Months Ended |
| Twelve Months Ended |
| ||||||||
(in US-$ million) |
| 2007 |
| 2006 |
| 2007 |
| 2006 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net cash provided by operating activities adjusted |
|
| 309 |
|
| 443 |
|
| 1,200 |
|
| 1,106 |
|
Tax payments for prior years |
|
| — |
|
| — |
|
| — |
|
| (99 | ) |
RCG acquisition |
|
| — |
|
| — |
|
| — |
|
| (99 | ) |
Net cash provided by operating activities |
|
| 309 |
|
| 443 |
|
| 1,200 |
|
| 908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (net) |
|
| (184 | ) |
| (177 | ) |
| (549 | ) |
| (450 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow adjusted |
|
| 125 |
|
| 266 |
|
| 651 |
|
| 656 |
|
Tax payments for prior years |
|
| — |
|
| — |
|
| — |
|
| (99 | ) |
RCG acquisition |
|
| — |
|
| — |
|
| — |
|
| (99 | ) |
Free Cash Flow |
|
| 125 |
|
| 266 |
|
| 651 |
|
| 458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures adjusted |
|
| — |
|
| — |
|
| 30 |
|
| — |
|
RCG acquisition |
|
| — |
|
| 9 |
|
| — |
|
| 516 |
|
Divestitures |
|
| — |
|
| 9 |
|
| 30 |
|
| 516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions adjusted |
|
| (118 | ) |
| (115 | ) |
| (258 | ) |
| (159 | ) |
RCG acquisition |
|
| — |
|
| (3 | ) |
| — |
|
| (4,148 | ) |
Acquisitions |
|
| (118 | ) |
| (118 | ) |
| (258 | ) |
| (4,307 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow after acquisitions and divestitures adjusted |
|
| 7 |
|
| 151 |
|
| 423 |
|
| 497 |
|
Tax payments for prior years |
|
| — |
|
| — |
|
| — |
|
| (99 | ) |
RCG acquisition |
|
| — |
|
| 6 |
|
| — |
|
| (3,731 | ) |
Free Cash Flow after acquisitions and divestitures |
|
| 7 |
|
| 157 |
|
| 423 |
|
| (3,333 | ) |
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 14 of 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
|
| ||||
Three months ended December 31, |
| 2007 |
| cc |
| 2006 |
| cc |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 1,705,741 |
|
|
|
|
| 1,658,076 |
|
|
|
|
Growth year-over-year |
|
| 2.9 | % |
|
|
|
| 38.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Care |
|
| 1,525,799 |
|
|
|
|
| 1,504,896 |
|
|
|
|
Growth year-over-year |
|
| 1.4 | % |
|
|
|
| 43.5 | % |
|
|
|
U.S. per treatment |
|
| 325 |
|
|
|
|
| 328 |
|
|
|
|
Per treatment |
|
| 321 |
|
|
|
|
| 325 |
|
|
|
|
Sequential growth |
|
| -0.6 | % |
|
|
|
| 1.2 | % |
|
|
|
Growth year-over-year |
|
| -1.3 | % |
|
|
|
| 8.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 310,017 |
|
|
|
|
| 283,866 |
|
|
|
|
Growth year-over-year |
|
| 9.2 | % |
|
|
|
| 19.6 | % |
|
|
|
External sales |
|
| 179,942 |
|
|
|
|
| 153,180 |
|
|
|
|
Growth year-over-year |
|
| 17.5 | % |
|
|
|
| 5.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 863,483 |
|
|
|
|
| 694,274 |
|
|
|
|
Growth year-over-year |
|
| 24.4 | % |
| 12.3 | % |
| 20.1 | % |
| 14.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Care |
|
| 330,532 |
|
|
|
|
| 244,430 |
|
|
|
|
Growth year-over-year |
|
| 35.2 | % |
| 22.2 | % |
| 17.5 | % |
| 12.6 | % |
Per treatment |
|
| 160 |
|
| 145 |
|
| 138 |
|
| 133 |
|
Sequential growth |
|
| 4.4 | % |
|
|
|
| 4.7 | % |
|
|
|
Growth year-over-year |
|
| 15.5 | % |
| 4.4 | % |
| 8.8 | % |
| 4.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 607,807 |
|
|
|
|
| 501,055 |
|
|
|
|
Growth year-over-year |
|
| 21.3 | % |
| 9.3 | % |
| 18.9 | % |
| 12.4 | % |
External sales |
|
| 532,951 |
|
|
|
|
| 449,844 |
|
|
|
|
Growth year-over-year |
|
| 18.5 | % |
| 7.0 | % |
| 21.5 | % |
| 14.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cc = at constant exchange rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 15 of 18 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Three months ended December 31, |
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
North America |
|
|
|
|
|
|
|
Number of treatments |
|
| 4,752,697 |
|
| 4,540,797 |
|
Treatments per day |
|
| 59,409 |
|
| 57,475 |
|
Per day sequential growth |
|
| 0.3 | % |
| 0.9 | % |
Per day year-over-year growth |
|
| 3.4 | % |
| 32.2 | % |
- Acquisition RCG |
|
| 0.0 | % |
| 32.9 | % |
- FTC divestitures |
|
| 0.0 | % |
| -3.2 | % |
- Other acquisitions |
|
| 0.6 | % |
| 0.5 | % |
- Same market growth year-over-year |
|
| 3.0 | % |
| 2.3 | % |
- Adjustments for closed/sold facilities, yield and other |
|
| -0.2 | % |
| -0.3 | % |
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Number of treatments |
|
| 2,066,472 |
|
| 1,765,471 |
|
Same market growth year-over-year |
|
| 6.2 | % |
| 9.1 | % |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Expenses |
|
|
|
|
|
|
|
Three months ended December 31, |
|
| 2007 |
|
| 2006 |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue1) |
|
| 82.2 | % |
| 84.3 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue1) |
|
| 15.3 | % |
| 17.0 | % |
Bad debt expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 2.7 | % |
| 2.9 | % |
Dialysis Care operating expenses/Treatment (in US-$) |
|
| 263 |
|
| 267 |
|
Sequential growth |
|
| -2.0 | % |
| -0.5 | % |
Growth year-over-year |
|
| -1.7 | % |
| 4.4 | % |
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue2) |
|
| 83.4 | % |
| 85.0 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue2) |
|
| 17.3 | % |
| 19.2 | % |
Effective tax rate |
|
| 39.8 | % |
| 38.5 | % |
1) 2006 includes 1.4% restructuring costs and in-process R&D.
2) 2006 includes 1.1% restructuring costs, in-process R&D and costs for the transformation of legal form.
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 16 of 18 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Three months ended December 31, |
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Total Group |
|
|
|
|
|
|
|
Operating Cash Flow |
|
| 309,371 |
|
| 442,839 |
|
Percent of revenue |
|
| 12.0 | % |
| 18.8 | % |
|
|
|
|
|
|
|
|
Free Cash Flow before acquisitions |
|
| 124,846 |
|
| 265,606 |
|
Percent of revenue |
|
| 4.9 | % |
| 11.3 | % |
|
|
|
|
|
|
|
|
Acquisitions, net |
|
| 118,285 |
|
| 117,745 |
|
|
|
|
|
|
|
|
|
Divestitures |
|
| — |
|
| (9,012 | ) |
|
|
|
|
|
|
|
|
Capital expenditures, net |
|
| 184,525 |
|
| 177,234 |
|
Percent of revenue |
|
| 7.2 | % |
| 7.5 | % |
|
|
|
|
|
|
|
|
Maintenance |
|
| 87,327 |
|
| 75,640 |
|
Percent of revenue |
|
| 3.4 | % |
| 3.2 | % |
|
|
|
|
|
|
|
|
Growth |
|
| 97,198 |
|
| 101,594 |
|
Percent of revenue |
|
| 3.8 | % |
| 4.3 | % |
|
|
|
|
|
|
|
|
Number of de novos |
|
| 17 |
|
| 26 |
|
North America |
|
| 10 |
|
| 18 |
|
International |
|
| 7 |
|
| 8 |
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Three months ended December 31, |
|
| 2007 |
|
| 2006 |
|
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Debt (in US-$ million) |
|
| 5,642 |
|
| 5,579 |
|
Debt/EBITDA |
|
| 2.8 |
|
| 3.2 |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 58 |
|
| 59 |
|
Sequential development |
|
| 1.8 | % |
| 1.7 | % |
Year-over-year development |
|
| -1.7 | % |
| -6.3 | % |
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 110 |
|
| 119 |
|
Sequential development |
|
| -3.5 | % |
| -2.5 | % |
Year-over-year development |
|
| -7.6 | % |
| -0.8 | % |
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 17 of 18 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Three months ended September 30, |
| 2007 |
| 2006 | 1) | ||
|
|
|
|
|
| ||
Clinical Performance |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Single Pool Kt/v > 1.2 |
|
| 95 | % |
| 95 | % |
Hemoglobin >= 11g/dl |
|
| 80 | % |
| 83 | % |
Albumin >= 3.5 g/dl2) |
|
| 80 | % |
| 80 | % |
Hospitalization days per patient3) (12 months ending Dec 31,) |
|
| 9.9 |
|
| 10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demographics |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Average age (yr) |
|
| 62 |
|
| 62 |
|
Average time on dialysis (yr) |
|
| 3.5 |
|
| 3.5 |
|
Average body weight (kg) |
|
| 79 |
|
| 78 |
|
Prevalence of diabetes |
|
| 53 | % |
| 52 | % |
1) Q4 2006 data: without former RCG facilities
2) International standard BCR CRM470
3) Hospitalization data without former RCG facilities
|
|
Fresenius Medical Care AG & Co. KGaA, February 20, 2008 | 18 of 18 |