Fresenius Medical Care AG & Co. KGaA (FMS)
Filed: 30 Apr 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 |
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| April 30, 2008 |
Fresenius Medical Care Reports Strong Start For 2008 and Confirms Outlook for Full Year
Summary First Quarter 2008:
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Net revenue |
| $ | 2,512 million |
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| + 8 | % |
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Operating income (EBIT) |
| $ | 389 million |
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| + 7 | % |
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Net income |
| $ | 186 million |
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| + 16 | % |
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Earnings per share |
| $ | 0.63 |
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| + 15 | % |
Bad Homburg, Germany – Fresenius Medical Care AG & Co. KGaA (“the Company”), the world’s largest provider of dialysis products and services, today announced its results for the first quarter of 2008.
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 1 of 14 |
Revenue
Net revenue for the first quarter 2008 increased by 8% to $2,512 million (4% at constant currency) compared to the first quarter 2007. Organic revenue growth worldwide was 5%. Dialysis services revenue grew by 5% to $1,844 million (3% at constant currency) in the first quarter of 2008. Dialysis product revenue increased by 19% to $667 million (10% at constant currency) in the same period.
North Americarevenue increased by 2% to $1,668 million. Dialysis services revenue grew by 1% to $1,495 million. Excluding effects of the divestiture of the perfusion business in spring 2007, dialysis services revenue increased by 3%. Average revenue per treatment for the U.S. clinics was at $326 in the first quarter 2008 compared to $ 329 for the first quarter of 2007 and $325 for the fourth quarter of 2007. Versus the fourth quarter of 2007, this development was based on an increase in underlying reimbursement rates and an increase in EPO utilization. Dialysis product revenue increased by 12% to $172 million well above market and was led by strong sales of all of our major products, the 2008K hemodialysis machines, concentrates, dialyzers and the phosphate binding drug PhosLo.
Internationalrevenue was $844 million, an increase of 23% (10% at constant currency) compared to the first quarter of 2007. Dialysis services revenue reached $349 million, an increase of 26% (13% at constant currency). Dialysis product revenue rose by 22% to $495 million (9% at constant currency), led by strong dialyzer and dialysis machine sales.
Earnings
Operating income (EBIT)increased by 7% to $389 million compared to $365 million in the first quarter 2007. Operating margin decreased from 15.7% in the first quarter of 2007 to 15.5% in the first quarter of 2008 reflecting mainly the increased expenditures for our corporate research and development activities and the expansion in the International dialysis services business.
In North America, the operating margin increased by 60 basis points from 15.8% to 16.4% in the first quarter of 2008. The strong underlying business was supported by the increase in underlying reimbursement rates, dialysis services cost containment and a continued strong performance of renal products and PhosLo. This was partially offset by a lower utilization and reduced reimbursement rates for EPO.
In the International segment, the operating margin decreased by 60 basis points to 17.0% mainly due to the growth in the dialysis care business through an increased number of De Novo clinics and associated start-up costs.
Net interest expense for the first quarter 2008 was $83 million compared to $95 million in the same quarter of 2007. This positive development was mainly attributable to lower average interest rates.
Income tax expense was $114 million for the first quarter of 2008 compared to $103 million in the first quarter of 2007, reflecting effectivetax rates of 37.3% and 38.0%, respectively.
Net income for the first quarter 2008 was $186 million, an increase of 16%.
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 2 of 14 |
Earnings per share (EPS) for the first quarter of 2008 rose by 15% to $0.63 per ordinary share compared to $0.54 for the first quarter of 2007. The weighted average number of shares outstanding for the first quarter of 2008 was approximately 296.6 million shares compared to 295.2 million shares for the first quarter of 2007. The increase in shares outstanding resulted from stock option exercises in 2007 and in the first quarter 2008.
Cash Flow
In the first quarter of 2008, the Company generated $192 million incash from operations, representing approximately 8% of revenue. The cash flow generation was primarily affected by an increase in Days Sales Outstanding (DSO) in the first quarter of 2008 compared to 2007 and higher income tax payments.
A total of $154 million was spent forcapital expenditures, net of disposals.Free Cash Flow before acquisitions was $38 million compared to $174 million in the first quarter of 2007 on a reported basis. A total of $32 million in cash was used foracquisitions net of divestitures.Free Cash Flow after acquisitions and divestitures was $6 million compared to $84 million in the first quarter last year.
Please refer to the attachments for a complete overview on the first quarter of 2008 and the reconciliation of non-GAAP financial measures included in this release to the most comparable GAAP financial measures.
Patients – Clinics – Treatments
As of March 31, 2008, Fresenius Medical Care treated 177,059 patients worldwide, which represents a 5% increase in patients compared to the same period last year. North America provided dialysis treatments for 122,691 patients, an increase of 3%. Including 32 clinics managed by Fresenius Medical Care North America, the number of patients in North America was 124,403. The International segment served 54,368 patients, an increase of 8% over last year.
As of March 31, 2008, the Company operated a total of 2,297clinics worldwide. This is comprised of 1,640 clinics in North America, an increase of 4%, and 657 clinics in the International segment, an increase of 6%.
Fresenius Medical Care delivered approximately 6.72 million dialysistreatments worldwide during the first quarter of 2008. This represents an increase of 5% year over the same quarter last year. North America accounted for 4.65 million treatments, an increase of 4%, and the International segment delivered 2.08 million treatments, an increase of 8% over last year.
Employees
As of March 31, 2008, Fresenius Medical Care had 62,504 employees (full-time equivalents) worldwide compared to 61,406 employees at the end of 2007. The increase of approximately 1,100 employees is primarily due to the Company’s overall growth in business.
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 3 of 14 |
Debt/EBITDA Ratio
The ratio of debt to Earnings before Interest, Taxes and Amortization (EBITDA) decreased from 3.09 at the end of the first quarter 2007 to 2.82 at the end of the first quarter 2008. At the end of 2007, the debt/EBITDA ratio was 2.84.
Rating
Standard & Poor’s has assigned upgraded debt and recovery ratings to the Company’s unsecured debt issues in the first quarter of 2008. The Company’s corporate credit rating as ‘BB’ with a ‘stable’ outlook remained unchanged.
Moody’s continued to rate the Company’s corporate credit rating as ‘Ba2’ with a ‘positive’ outlook in the first quarter of 2008.
Outlook for 2008 fully confirmed
For the full year 2008, the Company confirms its outlook and expects to achieverevenue of more than $10.4 billion, an increase of more than 7%.
Net incomeis projected to be between $805 million and $825 million in 2008, an increase of 12% to 15%.
In addition, the Company expects to spend $650 to $750 million oncapital expendituresand $150 to $250 million onacquisitions. Thedebt/EBITDA ratiois projected 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: “We are pleased to have a strong start into the year, which is fully in line with our expectations and guidance. We have made good progress on our growth initiatives and continue to expand our global products and services presence. We also have expanded our corporate research activities that will benefit our future. Our new product launches in International and North America, along with the ongoing capacity expansions, provide the basis for the continued growth. We also expect the trend of anemia outcomes in the U.S. to improve further. We are confident to achieve our targets for 2008.”
Conference Call
Fresenius Medical Care will hold a conference call to discuss the results of the first quarter of 2008 on Wednesday, April 30, 2008, at 3.30 p.m. CEDT / 9.30 a.m. EDT. The Company invites investors to listen to the live webcast of the call at the Company’s websitewww.fmc-ag.com in the “Investor Relations” section. A replay will be available shortly after the meeting.
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 4 of 14 |
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 2,297 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to 177,059 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 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, April 30, 2008 | 5 of 14 |
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Fresenius Medical Care |
| Three Months Ended |
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Statements of Earnings |
| March 31, |
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(in US-$ thousands, except |
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share and per share data) |
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(unaudited) |
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Net revenue |
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Dialysis Care |
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| 1,844,287 |
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| 1,760,354 |
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| 4.8 | % |
Dialysis Products |
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| 667,437 |
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| 560,317 |
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| 19.1 | % |
Total net revenue |
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| 2,511,724 |
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| 2,320,671 |
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| 8.2 | % |
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Cost of revenue |
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| 1,656,425 |
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| 1,536,320 |
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| 7.8 | % |
Gross profit |
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| 855,299 |
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| 784,351 |
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| 9.0 | % |
Selling, general and administrative |
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| 447,510 |
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| 406,319 |
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| 10.1 | % |
Research and development |
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| 19,118 |
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| 13,342 |
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| 43.3 | % |
Operating income (EBIT) |
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| 388,671 |
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| 364,690 |
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| 6.6 | % |
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Interest income |
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| (5,380 | ) |
| (3,582 | ) |
| 50.2 | % |
Interest expense |
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| 88,198 |
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| 98,493 |
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| -10.5 | % |
Interest expense, net |
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| 82,818 |
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| 94,911 |
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| -12.7 | % |
Earnings before income taxes and minority interest |
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| 305,853 |
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| 269,779 |
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| 13.4 | % |
Income tax expense |
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| 114,097 |
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| 102,566 |
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| 11.2 | % |
Minority interest |
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| 5,883 |
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| 6,935 |
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Net income |
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| 185,873 |
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| 160,278 |
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| 16.0 | % |
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Operating income (EBIT) |
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| 388,671 |
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| 364,690 |
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| 6.6 | % |
Depreciation and amortization |
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| 96,626 |
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| 84,912 |
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| 13.8 | % |
EBITDA |
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| 485,297 |
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| 449,602 |
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| 7.9 | % |
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Total bad debt expenses |
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| 49,146 |
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| 48,681 |
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Earnings per ordinary share |
| $ | 0.63 |
| $ | 0.54 |
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| 15.4 | % |
Earnings per ordinary ADS |
| $ | 0.63 |
| $ | 0.54 |
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| 15.4 | % |
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Weighted average number of shares |
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Ordinary shares |
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| 292,786,583 |
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| 291,449,673 |
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Preference shares |
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| 3,779,822 |
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| 3,716,250 |
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Percentages of revenue |
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Cost of revenue |
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| 65.9 | % |
| 66.2 | % |
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Gross profit |
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| 34.1 | % |
| 33.8 | % |
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Selling, general and administrative |
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| 17.8 | % |
| 17.5 | % |
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Research and development |
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| 0.8 | % |
| 0.6 | % |
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Operating income (EBIT) |
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| 15.5 | % |
| 15.7 | % |
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Interest expense, net |
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| 3.3 | % |
| 4.1 | % |
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Earnings before income taxes and minority interest |
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| 12.2 | % |
| 11.6 | % |
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Income tax expense |
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| 4.5 | % |
| 4.4 | % |
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Minority interest |
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| 0.2 | % |
| 0.3 | % |
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Net income |
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| 7.4 | % |
| 6.9 | % |
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EBITDA |
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| 19.3 | % |
| 19.4 | % |
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 6 of 14 |
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Fresenius Medical Care |
| Three Months Ended |
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Segment and Other Information |
| March 31, |
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(in US-$ million) |
| 2008 |
| 2007 |
| % Change |
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(unaudited) |
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Net revenue |
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North America |
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| 1,668 |
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| 1,637 |
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| 1.9 | % |
International |
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| 844 |
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| 684 |
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| 23.4 | % |
Total net revenue |
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| 2,512 |
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| 2,321 |
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| 8.2 | % |
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Operating income (EBIT) |
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North America |
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| 273 |
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| 258 |
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| 5.5 | % |
International |
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| 143 |
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| 121 |
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| 18.8 | % |
Corporate |
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| (27 | ) |
| (14 | ) |
| 89.9 | % |
Total operating income (EBIT) |
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| 389 |
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| 365 |
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| 6.6 | % |
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Operating income in percentage of revenue |
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North America |
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| 16.4 | % |
| 15.8 | % |
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International |
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| 17.0 | % |
| 17.6 | % |
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Total |
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| 15.5 | % |
| 15.7 | % |
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Employees |
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Full-time equivalents |
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| 62,504 |
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| 61,406 |
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 7 of 14 |
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Fresenius Medical Care |
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Reconciliation of non US-GAAP |
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financial measures to the most |
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directly comparable US-GAAP |
| Three Months Ended |
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(in US-$ million) |
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| 2008 |
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| 2007 |
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Segment information |
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North America |
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Net revenue |
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| 1,668 |
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| 1,637 |
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Costs of revenue and research and development |
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| 1,128 |
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| 1,114 |
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Selling, general and administrative |
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| 267 |
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| 264 |
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Costs of revenue and operating expenses |
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| 1,395 |
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| 1,378 |
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Operating income (EBIT) |
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| 273 |
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| 258 |
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Percent of revenue |
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| 16.4 | % |
| 15.8 | % |
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Dialysis Products revenue incl. and excl. internal sales |
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North America |
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Dialysis Products revenue |
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incl. internal sales |
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| 303 |
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| 281 |
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less internal sales |
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| (131 | ) |
| (128 | ) |
Dialysis Products external sales |
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| 172 |
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| 153 |
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International |
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Dialysis Products revenue |
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incl. internal sales |
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| 566 |
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| 459 |
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less internal sales |
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| (71 | ) |
| (52 | ) |
Dialysis Products external sales |
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| 495 |
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| 407 |
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Reconciliation of cash flow from operating activities to EBITDA1) |
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Total EBITDA |
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| 485 |
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| 450 |
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Interest expense, net |
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| (83 | ) |
| (95 | ) |
Income tax expense |
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| (114 | ) |
| (103 | ) |
Change in working capital and other non cash items |
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| (96 | ) |
| 31 |
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Net cash provided by operating activities |
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| 192 |
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| 283 |
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Annualized EBITDA |
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Operating income (EBIT) last twelve months |
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| 1,604 |
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| 1,436 |
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Depreciation and amortization last twelve months |
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| 375 |
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| 332 |
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Non cash charges |
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| 41 |
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| 36 |
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Annualized EBITDA |
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| 2,020 |
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| 1,804 |
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1)EBITDA is the basis for determining compliance with certain covenants in Fresenius Medical Care’s long-term debt instruments.
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 8 of 14 |
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Fresenius Medical Care |
| March 31, |
| December 31, |
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Balance Sheet |
| (unaudited) |
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(in US-$ million) |
| 2008 |
| 2007 |
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Assets |
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Current assets |
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| 4,054 |
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| 3,859 |
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Intangible assets |
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| 8,019 |
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| 7,936 |
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Other non-current assets |
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| 2,520 |
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| 2,375 |
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Total assets |
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| 14,593 |
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| 14,170 |
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Shareholders’ equity and liabilities |
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Current liabilities |
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| 2,886 |
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| 3,026 |
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Long-term liabilities |
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| 5,897 |
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| 5,569 |
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Shareholders’ equity |
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| 5,810 |
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| 5,575 |
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Total shareholders’ equity and liabilities |
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| 14,593 |
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| 14,170 |
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Equity/assets ratio: |
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| 40 | % |
| 39 | % |
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Debt |
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Short-term borrowings |
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| 707 |
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| 217 |
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Short-term borrowings from related parties |
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| 11 |
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| 2 |
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Current portion of long-term debt and capital lease obligations |
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| 119 |
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| 85 |
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Current portion of Trust Preferred Securities |
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| — |
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| 670 |
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Long-term debt and capital lease obligations, less current portion |
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| 4,156 |
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| 4,004 |
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Trust Preferred Securities, less current portion |
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| 697 |
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| 664 |
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Total debt |
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| 5,690 |
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| 5,642 |
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Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 9 of 14 |
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Fresenius Medical Care |
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Cash Flow Statement |
| 2008 |
| 2007 |
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Three Months Ended March 31, |
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(in US-$ million) |
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(unaudited) |
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Operating activities |
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Net income |
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| 186 |
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| 160 |
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Depreciation / amortization |
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| 97 |
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| 85 |
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Change in working capital and other non cash items |
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| (91 | ) |
| 38 |
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Cash Flow from operating activities |
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| 192 |
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| 283 |
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Investing activities |
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Purchases of property, plant and equipment |
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| (160 | ) |
| (117 | ) |
Proceeds from sale of property, plant and equipment |
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| 6 |
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| 8 |
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Capital expenditures, net |
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| (154 | ) |
| (109 | ) |
Free Cash Flow |
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| 38 |
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| 174 |
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Acquisitions, net of cash acquired |
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| (71 | ) |
| (90 | ) |
Proceeds from divestitures |
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| 39 |
|
| — |
|
Acquisitions net of divestitures |
|
| (32 | ) |
| (90 | ) |
Free Cash Flow after investing activities |
|
| 6 |
|
| 84 |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
Change in accounts receivable securitization program |
|
| 492 |
|
| 35 |
|
Change in intercompany debt |
|
| 8 |
|
| 17 |
|
Change in other debt |
|
| 141 |
|
| (86 | ) |
Redemption of Trust Preferred Securities |
|
| (678 | ) |
| — |
|
Proceeds from exercise of stock options |
|
| 7 |
|
| 4 |
|
Change in minority interest |
|
| (8 | ) |
| (6 | ) |
Cash Flow from financing activities |
|
| (38 | ) |
| (36 | ) |
|
|
|
|
|
|
|
|
Effects of exchange rates on cash |
|
| 7 |
|
| 1 |
|
Net increase in cash |
|
| (25 | ) |
| 49 |
|
|
|
|
|
|
|
|
|
Cash at beginning of period |
|
| 245 |
|
| 159 |
|
Cash at end of period |
|
| 220 |
|
| 208 |
|
|
|
Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 10 of 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
|
| ||||
Three months ended March 31, |
| 2008 |
| cc |
| 2007 |
| cc |
| ||||
(in US-$ thousands, except per-treatment revenue) |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 1,667,541 |
|
|
|
|
| 1,636,573 |
|
|
|
|
Growth year-over-year |
|
| 1.9 | % |
|
|
|
| 37.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Care |
|
| 1,495,241 |
|
|
|
|
| 1,483,255 |
|
|
|
|
Growth year-over-year |
|
| 0.8 | % |
|
|
|
| 40.0 | % |
|
|
|
U.S. per treatment |
|
| 326 |
|
|
|
|
| 329 |
|
|
|
|
Per treatment |
|
| 322 |
|
|
|
|
| 325 |
|
|
|
|
Sequential growth |
|
| 0.3 | % |
|
|
|
| -0.1 | % |
|
|
|
Growth year-over-year |
|
| -0.9 | % |
|
|
|
| 5.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 302,870 |
|
|
|
|
| 280,825 |
|
|
|
|
Growth year-over-year |
|
| 7.9 | % |
|
|
|
| 25.0 | % |
|
|
|
External sales |
|
| 172,299 |
|
|
|
|
| 153,318 |
|
|
|
|
Growth year-over-year |
|
| 12.4 | % |
|
|
|
| 14.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
| 843,995 |
|
|
|
|
| 684,098 |
|
|
|
|
Growth year-over-year |
|
| 23.4 | % |
| 10.4 | % |
| 23.6 | % |
| 16.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Care |
|
| 349,045 |
|
|
|
|
| 277,099 |
|
|
|
|
Growth year-over-year |
|
| 26.0 | % |
| 13.0 | % |
| 29.9 | % |
| 24.1 | % |
Per treatment |
|
| 168 |
|
| 151 |
|
| 144 |
|
| 137 |
|
Sequential growth |
|
| 5.1 | % |
|
|
|
| 3.7 | % |
|
|
|
Growth year-over-year |
|
| 17.1 | % |
| 5.0 | % |
| 10.8 | % |
| 5.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dialysis Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
incl. internal sales |
|
| 566,214 |
|
|
|
|
| 459,116 |
|
|
|
|
Growth year-over-year |
|
| 23.3 | % |
| 10.1 | % |
| 21.7 | % |
| 14.2 | % |
External sales |
|
| 494,950 |
|
|
|
|
| 407,000 |
|
|
|
|
Growth year-over-year |
|
| 21.6 | % |
| 8.7 | % |
| 19.7 | % |
| 12.2 | % |
cc = at constant exchange rates
|
|
Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 11 of 14 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
| ||
Three months ended March 31, |
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
North America |
|
|
|
|
|
|
|
Number of treatments |
|
| 4,647,996 |
|
| 4,481,077 |
|
Treatments per day |
|
| 60,364 |
|
| 58,191 |
|
Per day sequential growth |
|
| 1.6 | % |
| 1.2 | % |
Per day year-over-year growth |
|
| 3.7 | % |
| 32.7 | % |
Same market growth year-over-year |
|
| 2.7 | % |
| 2.8 | % |
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Number of treatments |
|
| 2,075,783 |
|
| 1,929,275 |
|
Same market growth year-over-year |
|
| 7.1 | % |
| 6.3 | % |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Expenses |
|
|
|
|
|
|
|
Three months ended March 31, |
|
| 2008 |
|
| 2007 |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 83.6 | % |
| 84.2 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue |
|
| 16.0 | % |
| 16.1 | % |
Bad debt expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 3.0 | % |
| 2.9 | % |
Dialysis Care operating expenses/Treatment (in US-$) |
|
| 271 |
|
| 272 |
|
Sequential growth |
|
| 3.2 | % |
| 1.8 | % |
Growth year-over-year |
|
| -0.3 | % |
| 3.3 | % |
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Costs of revenue and operating expenses |
|
|
|
|
|
|
|
Percent of revenue |
|
| 84.5 | % |
| 84.3 | % |
Selling, general and administrative |
|
|
|
|
|
|
|
Percent of revenue |
|
| 17.8 | % |
| 17.5 | % |
Effective tax rate |
|
| 37.3 | % |
| 38.0 | % |
|
|
Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 12 of 14 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
| ||
Three months ended March 31, |
| 2008 |
| 2007 |
| ||
(in US-$ thousands, except number of de novos) |
|
|
|
|
| ||
|
|
|
|
|
| ||
Total Group |
|
|
|
|
|
|
|
Operating Cash Flow |
|
| 191,945 |
|
| 282,754 |
|
Percent of revenue |
|
| 7.6 | % |
| 12.2 | % |
|
|
|
|
|
|
|
|
Free Cash Flow before acquisitions |
|
| 37,499 |
|
| 174,111 |
|
Percent of revenue |
|
| 1.5 | % |
| 7.5 | % |
|
|
|
|
|
|
|
|
Acquisitions net of divestitures |
|
| 31,620 |
|
| 89,930 |
|
|
|
|
|
|
|
|
|
Capital expenditures, net |
|
| 154,446 |
|
| 108,643 |
|
Percent of revenue |
|
| 6.1 | % |
| 4.7 | % |
|
|
|
|
|
|
|
|
Maintenance |
|
| 78,652 |
|
| 52,932 |
|
Percent of revenue |
|
| 3.1 | % |
| 2.3 | % |
|
|
|
|
|
|
|
|
Growth |
|
| 75,794 |
|
| 55,712 |
|
Percent of revenue |
|
| 3.0 | % |
| 2.4 | % |
|
|
|
|
|
|
|
|
Number of de novos |
|
| 44 |
|
| 18 |
|
North America |
|
| 29 |
|
| 12 |
|
International |
|
| 15 |
|
| 6 |
|
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
|
|
|
Quarterly Performance Scorecard - Balance Sheet |
|
|
|
|
|
|
|
Three months ended March 31, |
|
| 2008 |
|
| 2007 |
|
|
|
|
|
|
|
|
|
Total Group |
|
|
|
|
|
|
|
Debt (in US-$ million) |
|
| 5,690 |
|
| 5,569 |
|
Debt/EBITDA |
|
| 2.8 |
|
| 3.1 |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 60 |
|
| 58 |
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Days sales outstanding |
|
| 107 |
|
| 109 |
|
|
|
Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 13 of 14 |
|
|
|
|
|
|
|
|
Fresenius Medical Care |
|
|
|
|
| ||
Three months ended March 31, |
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Clinical Performance |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Single Pool Kt/v > 1.2 |
|
| 95 | % |
| 93 | % |
Hemoglobin >= 11g/dl |
|
| 74 | % |
| 82 | % |
Albumin >= 3.5 g/dl1) |
|
| 80 | % |
| 79 | % |
Phosphate 3.5-5.5mg/dl |
|
| 53 | % |
| 51 | % |
Hospitalization days per patient2) (12 months ending March 31,) |
|
| 10.7 |
|
| 11.3 |
|
|
|
|
|
|
|
|
|
Demographics |
|
|
|
|
|
|
|
North America (U.S.) |
|
|
|
|
|
|
|
Average age (yr) |
|
| 62 |
|
| 62 |
|
Average time on dialysis (yr) |
|
| 3.5 |
|
| 3.4 |
|
Average body weight (kg) |
|
| 79 |
|
| 78 |
|
Prevalence of diabetes |
|
| 53 | % |
| 52 | % |
1) International standard BCR CRM470
2) Hospitalization data without former RCG facilities
|
|
Fresenius Medical Care AG & Co. KGaA, April 30, 2008 | 14 of 14 |